Annual Report
2015-2016
Clean Seas Tuna Limited
ABN 61 094 380 435
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Kingfish at sea, Port Lincoln South Australia
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Table of Contents
Company Overview .............................................................................................................................................02
Chairman’s & Managing Director’s Report ..........................................................................................10
Director’s Report ......................................................................................................................................................17
Auditor’s Independence Declaration ........................................................................................................33
Corporate Governance Statement ............................................................................................................ 34
Consolidated Statement of Profit or Loss & Other Comprehensive Income .................35
Consolidated Statement of Financial Position ..................................................................................36
Consolidated Statement of Changes in Equity .................................................................................37
Consolidated Statement of Cash Flows ................................................................................................. 38
Notes to the Consolidated Financial Statements ............................................................................39
Directors’ Declaration ..........................................................................................................................................74
Independent Auditor’s Report .......................................................................................................................75
ASX Additional Information ........................................................................................................................... 78
Corporate Directory .............................................................................................................................................80
Cover Image: Crispy skin Hiramasa Kingfish
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1 | 1 | The quality of Clean Seas unique South Australian grown Hiramasa Kingfish is quite outstanding, and we are well positioned to grow our business both locally and overseas with this fine example of culinary excellence.Fingerling’s transferred to sea at approx 75 days Company Overview
Background
Clean Seas is Australia’s only commercial producer of
Clean Seas Yellowtail Kingfish are indigenous to these
Kingfish and is renowned around the world for the
remote, crystal clear waters, with our current brood
exceptional quality of our fish.
stock bred from fish sourced only an hour or so from our
Formed in 2000, and publicly listed in 2005, Clean Seas
has become the largest producer of aquaculture Kingfish
current operations.
outside Japan. As well as our superb quality, we are
World Class Product
Hiramasa Kingfish’s firm white-to-light-pink flesh boasts
a sweet, rich, clean flavour of consistently high standard.
Hiramasa Kingfish has long been renowned as a superb
sashimi fish, but it’s increasingly being acclaimed
worldwide for its extraordinary versatility.
recognised for our innovations in Kingfish farming, and
our reliability in supplying fresh fish to markets all over
the world 52 weeks of the year.
Location
Based in Port Lincoln, South Australia, Clean Seas
operates from 2 main locations. Our hatchery is located at
Arno Bay and our sea farm operations are located in the
Spencer Gulf, just off Port Lincoln and at Arno Bay. The
Spencer Gulf’s rugged, untamed coastline enjoys a cool,
temperate, Mediterranean-style climate, which provides
ideal conditions to grow our premium quality Kingfish.
Hiramasa Kingfish at Stokehouse restaurant, Melbourne, Victoria
Clean Seas staff inspect fish at sea
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3 | Clean Seas is committed to continual innovation and improvement through R&D to ensure the highest quality while improving sustainability and reducing environmental impact in the process. 3 | Clean Seas hatchery site, Arno Bay, South Australia Company Overview
Research and Development
Our Hatchery
Clean Seas considers research fundamental to product
At our Arno Bay hatchery, the cycle of life commences
quality, sustainability and business success.
with eggs from our selectively bred brood stock.
Never content with the status quo, Clean Seas is
committed to continual innovation and improvement
through R&D to ensure the highest quality, while
improving sustainability and reducing environmental
impact in the process.
Our team of experts collaborates extensively with world
leading institutions and our proprietary studies have
resulted in halving dependence on fish meal and fish oil
in feeds, significantly lowering the Fish In Fish Out Ratio
The eggs are carefully transferred to an incubator where
they hatch just 48 hours later, at which time the new
larvae are gently bathed before being transferred to
custom-designed larval rearing tanks.
For the next 21 days, the larvae enjoy a diet of live feeds
(rotifers and artemia) until they are 0.1 grams. They are
then transferred to the nursery for weaning, where they
move to a specially formulated feed which replicates the
ideal diet they would eat in the wild. They remain in this
nursery until they reach a weight of up to 35grams, at
– a key contributor to environmental sustainability.
which point they are transferred to sea.
Live food being prepared for larval Kingfish
Kingfish eggs being assessed for viability prior to hatching
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5 | Clean Seas Hiramasa Kingfish are expertly grown in the pristine waters of South Australia’s Spencer Gulf.5 | Fingerlings in transit to sea Company Overview
Farm Operations
From approximately 75 days after hatching,
Hiramasa Kingfish reside in the crisp, cool waters
of the Spencer Gulf. These waters are replenished
year round by the cold currents that flow from the
Southern Ocean, creating a unique environment to
Hiramasa Kingfish are harvested quickly and
efficiently to minimise stress, utilising modern
equipment that instantly stuns the fish in an
Ikejime-like manner. Once stunned and bled the
fish are immediately placed in chilled seawater to
grow these special fish.
protect the quality.
While at sea, they continue to be fed specially
formulated feed which is balanced for optimal
nutrition and growth. Safeguarded against
predators and encountering minimal stress
along the way (which is key to producing healthy,
delicious fish) , our fish remain at sea until they are
16-24 months and are harvested humanely once
they reach the highly sought after sashimi grade
size of 3.5+kgs
Truly a beautiful fish
Harvest vessel alongside sea pen
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7 | Increasingly, Hiramasa Kingfish is being acclaimed by chefs for its extraordinary versatility; whether served raw, cured, smoked, grilled, fried, roasted or poached. 7 | Hiramasa Kingfish Carpacio, The Atlantic, Melbourne Australia. Company Overview
Why Clean Seas Hiramasa Kingfish is the
ultimate in Culinary Excellence
Hiramasa is the Japanese word for the species, where
Clean Seas currently has independent sustainability
it is highly prized as a superb sashimi fish. Increasingly
certification from Friend of the Sea and has embarked
though, Hiramasa Kingfish is being acclaimed for its
on the process of obtaining Aquaculture Stewardship
extraordinary versatility; whether served raw, cured,
Council accreditation to compliment this, further
smoked, grilled, fried, roasted or poached. Little wonder
demonstrating our commitment to sustainability.
then that chef’s worldwide revere Hiramasa for its
unparalleled quality and consistency and have come to
rely on fresh deliveries direct from South Australia twice
weekly, 52 weeks of the year.
Its high fat content is superbly moist unadorned as
sashimi, yet rich enough to hold its own when paired
with more robust flavours. This high fat content also
ensures that Hiramasa’s skin crisps brilliantly too. The
versatility of Hiramasa Kingfish makes it a fish for
every season.
Hiramasa Kingfish at Cafe Sydney, Sydney, New South Wales
Hiramasa Kingfish at Cafe Sydney, Sydney, New South Wales
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9 | Clean Seas experienced a challenging year in FY16. While there were pleasing outcomes due to strong sales growth, establishment of a strategic alliance for distribution in China, Hong Kong and South Korea and ongoing excellent Kingfish survival rates, health and growth, there were also challenges associated with having a structural imbalance of Kingfish inventory levels.9 | Kingfish fingerlings is sea pen, Spencer Gulf Chairman’s & Managing Director’s Report
Paul Steere
Chairman
David J Head
Managing Director & CEO
Chairman’s and Managing Director’s Report
For the year ended 30 June 2016
On behalf of the Board and management, we are pleased
to present the eleventh Annual Report of Clean Seas Tuna
In FY16 Clean Seas reported a full year loss after tax of
$8.98 million. This reflects a:
•
•
First half loss after tax of $10.8 million; and a
Second half profit after tax of $1.8 million
Limited (‘Clean Seas’).
Clean Seas experienced a challenging year in FY16.
While there were pleasing outcomes due to strong
sales growth, establishment of a strategic alliance for
distribution in China, Hong Kong and South Korea and
ongoing excellent Kingfish survival rates, health and
The results include a write-down of Biological Assets and
Inventories of $10.5 million during the year to deal with
the structural imbalance between Inventory and Sales.
The majority of the write down ($8.6m) was recognised
in the first half, leading to an improved second half result
of $1.8 million profit after tax.
growth, there were also challenges associated with
The FY16 underlying profit before tax of $0.6 million
having a structural imbalance of Kingfish inventory levels.
compares to last year’s underlying profit before tax of
David Head commenced as Managing Director and CEO
$1.0 million. These amounts are summarised as follows;
in January 2016 and has undertaken a strategic review of
the business which is discussed below.
Reconciliation – Statutory to Underlying
Statutory net profit after tax
Add / (Deduct);
Biological Assets and Inventory write-down
R&D tax incentive refund – Tax expense credit
Capital raising expense – Tax expense
AusIndustry Commercial Ready Deferred Grant
FY16
$’000
(8,982)
10,479
(946)
FY15
$’000
4,108
-
(3,075)
-
-
Underlying profit before tax
551
1,033
FY14
$’000
9,156
-
(2,778)
219
(3,953)
2,644
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Chairman’s & Managing Director’s Report
Sales Volumes Increased 84%, on top of 92%
growth in previous year
Clean Seas has continued to achieve outstanding
•
Incentivised pricing of a proportion of fresh fish
Kingfish sales growth rates. After growth in FY15 of 92%,
into non-core markets so as to not disrupt our core
sales volumes grew a further 84% in FY16 to slightly
market pricing;
over 2,000 tonnes. Encouragingly, during this period of
significant sales growth, the Company has maintained its
farm gate prices in Australia and in its key
European markets.
Structural Imbalance
•
Around 750 tonnes have been frozen and processed
into a variety of formats and sold at a range
of discounted prices – but always outside our
traditional markets. Part of this inventory is being
used for a market entry into the China, Hong Kong
and Korean markets;
The structural imbalance in FY16 resulted from high
•
The balance has been retained in the live fish
levels of fingerling intakes in 2013 and 2014. At the time,
inventory as this provides the next highest
the Company was in the early stages of recovery from
(practical) return after the above options, and whilst
Taurine Deficient Feed, which had led to high mortality
it will mean higher operating and feed costs over
rates in 2012 of 77%. Improvements in feed quality and
fish husbandry led to vastly improved survival rates and
above trend growth in FY16. The increased production,
combined with longer than expected lead times to re-
enter export markets which were abandoned during the
Taurine crisis, resulted in significant overstocking of live
fish compared to the slower growth of market demand.
Management of Stock Overhang
Correction of the excess inventory position is being
managed through several mechanisms, balanced to
minimise losses and maximise returns:
the next 18 months, it will deliver the highest returns
and limit the risk of damage to our existing markets.
Our biomass is expected to return to balance during FY18
as the remaining excess stock is reduced, our brand and
marketing strategies are ramped up, and domestic and
export markets are progressively expanded.
The risk of future production and sales imbalances will
be reduced through a combination of improved growth
monitoring and planning systems and the expansion
of the market for smaller fish to provide a more cost
effective channel to deal with any future excess
inventory before the fish grow to full size.
Annual Sales
Tonnage Sales
Domestic
Export
Total Tonnes
FY16
FY15
FY14
Growth
Growth
FY16 v F15
FY15 v F14
1,094
924
2,018
827
271
1,098
471
100
571
+32%
+241%
+84%
+65%
+76%
+171%
+92%
+83%
Revenue from Kingfish Sales
$30.001m
$18.185m
$9.917m
11 |
Chairman’s & Managing Director’s Report
Strategic Initiatives
The Company has completed the first stage of its
•
Post-harvest and logistics initiatives targeted to
strategic review and significant profit improvement
achieve savings of more than $1.0 million p.a.;
initiatives have been identified for implementation from
FY17. These initiatives include:
•
Continuing product development to leverage
planned post-harvest initiatives including
•
A new brand strategy and campaign to position
development of value added retail and super
Clean Seas Australian Hiramasa as a Premium
frozen products;
Seafood with a proposition of Culinary Excellence
supported by its unique Provenance;
•
Leveraging in house infrastructure at Arno Bay
for targeted research to underpin improving
•
This new positioning will also underpin a phased
Feed Conversion Ratios and diet formulations for
increase in Farm Gate prices for those markets that
inclusion in contractual arrangements with feed
have previously been price driven;
suppliers; and
•
Accreditation by the internationally renowned
•
Strengthening the Senior Executive team
Aquaculture Stewardship Council to strengthen
Clean Seas environmental and social credentials and
provide an early adopter competitive advantage in
Australia and key export markets;
•
An activation program targeting leading dining
establishments and their chefs to be implemented
in key global markets to leverage the new
brand positioning;
The second phase of the strategic review will continue
to investigate lower cost of production opportunities
including automation, new farm locations and the
impact of warmer water farming.
Considerable work has been undertaken over the past
six months, and whilst on-going evaluation of these
opportunities will continue, finalisation of this part of
the strategic review will take place once the new General
•
The customer activation program will be based on
Manager of Aquaculture is on board.
a market segmentation profile being developed by
Clean Seas utilising a range of international data
bases, that identifies dining establishments by
country, by city, by location, by cuisine, by price
range and other relevant attributes;
Hiramasa Kingfish at Union Dining, Melbourne, Victoria
Sea pen, Port Lincoln, South Australia
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Chairman’s & Managing Director’s Report
Marketing & Brands
Our Hiramasa Kingfish brand has suffered from brand
Plans are well advanced to develop our own in-house
confusion in several markets, failed to establish a
post-harvest processing facilities utilising state of the
compelling brand proposition and has been positioned
art processing technology. The facility is expected to
as a lower cost replacement product in US and Southern
deliver annualised savings of more than $1 million. It will
European markets.
After extensive assessment, we have concluded that
the Brand Proposition should be “Australian Hiramasa”,
positioned as a Premium Seafood with a proposition of
Culinary Excellence backed by a strong South Australian
Provenance claim.
provide additional flexibility and facilitate development
of a range of product and process areas including
rapid freezing technologies. In-house facilities are also
expected to improve a number of aspects of product
quality including reducing delivery times for fresh
product from marine harvest to market.
In the coming year we will develop a brand campaign
in Australia and selected export markets including
Feed Optimisation
laboratory and field based assessments with Chefs,
Feed remains the largest cost of farming Australian
wine/food writers and professional panellists and
Hiramasa Kingfish and relatively small improvements
kitchen based performance testing to develop handling,
in feed conversion and growth rates can translate into
preparation and cooking protocols.
significant improvements in profitability.
To further support the new positioning of the Hiramasa
The Arno Bay Hatchery is an ideal facility for Feed Trials
Brand we will seek accreditation by the internationally
with up to 20 tanks available year-round, allowing
renowned Aquaculture Stewardship Council (ASC)
comparative testing of a range of different feed formulas
to strengthen Clean Seas environmental and social
in identical conditions. The Company’s professionally
credentials in addition to our current Friend of the
designed and managed trials have delivered a number of
Sea accreditation. ASC accreditation will demonstrate
valuable outcomes for Clean Seas to date, including the
our compliance with international sustainability and
solution to the Taurine Deficient Feed issue.
environmental standards thus providing a competitive
advantage in Australia and key export markets.
Post-Harvest Processing /
Product Development
We will continue to leverage the in-house infrastructure
at Arno Bay for targeted research to optimise fish health
and growth rates, and to underpin improved Feed
Conversion Ratios and diet formulations for inclusion in
contractual arrangements with feed suppliers.
Clean Seas currently outsources its post-harvest
processing to a range of contractors in South Australia,
Management team
New South Wales and Vietnam. Outsourced processing
is relatively expensive, restricts our capacity to respond
to market demand, limits our capacity for product
development and makes it harder to control product
quality across the supply chain.
Clean Seas has a talented and dedicated workforce and
senior executive team, however our review has identified
the need to strengthen leadership in Aquaculture,
Processing, Logistics, Product Development and Human
Resources management.
13 |
| 14 Our plans in FY17 and FY18 for a new brand marketing campaign, a new customer activation campaign across multiple international markets, managing significant farm gate price increases across our markets and a new product development program has resulted in the need to expand our Sales and Marketing resources. As a result, we intend to strengthen the management team in the coming months through the recruitment of a General Manager Aquaculture, a General Manager Sales, a Marketing & Product Development Manager and a Processing Manager. Litigation – Taurine Deficient FeedWe announced in July 2016 the receipt of the Independent Expert Forensic Accountant’s Report in support of our litigation against Gibson’s Limited, trading as Skretting Australia, in relation to Taurine deficient feed supplied from December 2008 to July 2012. This report assessed the quantum of the Group’s claim to be in the range of $34.5 million to $39.1 million plus interest and costs. Gibson’s Limited is defending the proceedings and has denied all liability to the Group. A trial date is yet to be set. Costs of advancing this litigation claim have been expensed as incurred.We intend to pursue the claim vigorously and we will update shareholders as the process progresses.Yellowtail Kingfish Biomass Increased 9%Total biomass increased 9% from June 2015 to be 2,508 tonnes at June 2016. This followed a 76% increase over the previous 12 months. With sales forecast to be up to 2,500 tonnes in FY17 and the other initiatives summarised above, biomass is expected to return to balance during FY18 and no further write-downs are expected in FY17.Southern Bluefin TunaAs previously reported, the Company has maintained a reduced level of research and development activity in relation to Southern Bluefin Tuna. Options for the future development of these activities continues to be under review and the Company continues to retain broodstock for the option of accelerating the propagation program at a later stage.5,0004,0003,0002,0001,0000 TONNESKingfish Biomass at June 3020083,20320094,12720102,90720111,70620121,o71201347820141,30920152,30420162,508Chairman’s & Managing Director’s Report 15 | We remain very grateful to the continued support of our customers and you, our loyal supportive shareholders.15 | Hiramasa Kingfish at Sokyo restaurant, Sydney, New South Wales Chairman’s & Managing Director’s Report
Outlook
Appreciation
Clean Seas is targeting sales volumes in FY17 of up to
David Head took up his role as Managing Director in
2,500 tonnes, a 20% + increase from the 2,018 tonnes
January and has been directly involved in the litigation
in FY16. The Company expects improvement in average
progression and the significant contract with China,
farmgate pricing in FY17 as a result of the new brand
Korean and Hong Kong in addition to carrying out a
positioning, targeted activation programs and ASC
review of the strategic imperatives along with new
accreditation. Over subsequent years the Company
initiatives including the underlying rationales for
expects to further increase sales to 3,000 tonnes and
such strategies.
beyond. The Group currently has the water leases and
licences and hatchery capacity to produce up to 6,000
tonnes per annum. The Board and management look
forward to a full recovery from the Structural Imbalance
issues that have impacted the FY16 results, and further
success in the development of the Clean Seas business in
FY17 and beyond. Full details of the results for FY16 can be
found in the attached Consolidated
Financial Statements.
The Board notes that the inherent operational risks in
aquaculture may impact future results.
We are pleased to support and record our appreciation
of David’s continuing stewardship of the company. We
also record our appreciation of the service of Craig Foster
as CEO until January, who continued after that date to
undertake discrete project work on a consultancy basis.
The Board extends its appreciation to all the executive
team in a very busy year challenged further by the
stock overhang.
Similarly we remain very grateful to the continued
support of our customers and you, our loyal supportive
shareholders
Paul Steere
Chairman
David J Head
Managing Director & CEO
Hatchery site, Arno Bay, South Australia
Kingfish at sea, Port Lincoln, South Australia
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Clean Seas Tuna Limited | Directors’ Report
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
1
Directors’ Report
Directors’ Report
The Directors of Clean Seas Tuna Limited (‘Clean Seas’) present their Report together with the
financial statements of the Consolidated Entity, being Clean Seas Tuna Limited (‘the Company’) and
its Controlled Entity (‘the Group’) for the for the year ended 30 June 2016.
Directors
The following persons held office as Directors of Clean Seas during or since the end of the financial
year:
• Mr Paul Steere – Chairman;
• Mr Nick Burrows;
• Dr Hagen Stehr;
• Mr Marcus Stehr; and
• Mr David Head – Appointed 28 January 2016
• Mr Paul Robinson – Alternate Director for Dr Hagen Stehr.
Company Secretary
The following person was Company Secretary of Clean Seas during and since the end of the
financial year:
• Mr Wayne Materne
Principal activities
The principal activities of the consolidated Group during the financial year were:
• The propagation of Hiramasa Yellowtail Kingfish, producing fingerlings for sale and growout;
• The growout of Hiramasa Yellowtail Kingfish for harvest and sale; and
• Research and development activities for the future aquaculture production of Southern Bluefin
Tuna.
The Group continues to enhance its operations through new research and the application of world’s
best practice techniques to deliver Hiramasa Yellowtail Kingfish of premium quality.
There have been no significant changes in the nature of these activities during the year.
Review of operations and financial results
The Board and Management of Clean Seas report a loss after tax for the year of $8.982 million. This
compares to a $4.108 million profit in FY15 and encompasses a first half FY16 after tax loss of
$10.820 million. This result in FY16 was largely due to a $10.5 million write-down of Biological
Assets and Inventory which was necessary to address a structural imbalance between biomass and
sales levels.
Significant positive outcomes of the FY16 year included:
•
Sales volumes increased 84% to 2,018 tonnes;
• Revenue increased 63% to $30.1 million;
• Achieved a second half FY16 profit after tax of $1.8 million;
17 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
2
Directors’ Report | Clean Seas Tuna Limited
• Establishment of a strategic alliance with Beston Global Food Company for the distribution of
Yellowtail Kingfish in China, Hong Kong and South Korea with an initial sale of 176 tonnes
(whole weight equivalent) in June 2016
• Continued excellent Yellowtail Kingfish survival rates, health and growth;
• Yellowtail Kingfish biomass at year end increased 9% to 2,508 tonnes; and
• The company has completed the first stage of its strategic review and significant profit
improvement initiatives have been identified for implementation from FY17.
Sales expansion was achieved in the key Australian and European markets with strong sales of fresh
Hiramasa Kingfish to premium markets reflecting continued recognition of the quality of our
product.
Clean Seas is also now re-entering the American and Asian markets as part of its growth strategy,
with both fresh and frozen products being targeted at premium market segments. Sales expansion in
these markets, combined with continued growth in our established Australian and European
markets, is a key focus in FY17.
Fish husbandry costs increased 20% to $20.9 million, which is directly attributable to the increase in
biomass. Other costs also increased for the same reason.
The $10.5 million FY16 write-down has provided the opportunity to utilise entry level pricing in
some new markets in order to more quickly build product awareness and grow market share. The
Company recognises however the need to increase such prices as critical mass is established.
Research and development activities into Southern Bluefin Tuna continued during the year
including an Australia-wide search for juvenile growout and monitoring of offshore breakthroughs
with Atlantic Bluefin Tuna in particular. Options for the future development of these activities
continue to be under review.
The Independent Expert Forensic Accountant’s Report was received in July 2016 in support of our
litigation against Gibson’s Limited, trading as Skretting Australia, in relation to taurine deficient feed
supplied from December 2008 to July 2012. This report assesses the quantum of the Group’s claim
to be in the range of $34.5 million to $39.1 million plus interest and costs. Gibson’s Limited is
defending the proceedings and has denied all liability to the Group. A trial date is yet to be set. As
noted in the accounts, no amounts have been included for potential compensation to be received or
potential costs in undertaking this litigation. Costs of advancing this litigation claim have been
expensed as incurred.
Si(cid:21)nificant c(cid:22)an(cid:21)es in t(cid:22)e state of affairs
Mr David Head was appointed Managing Director and Chief Executive Officer with effect from 28
January 2016. Mr Head’s initial focus has been on the continued expansion of domestic and export
markets utilising excess inventory identified as at 31 December 2015 to open up strategic new
market and opportunities for the company. Concurrently, he has been coordinating a
comprehensive strategic review which will lead to Clean Seas maximising its first mover advantage
in Hiramasa Kingfish aquaculture production in Australia.
Dr Craig Foster retired as Chief Executive Officer in January 2016 at the conclusion of his 4 year
contract with the company. Dr Foster’s contribution in identifying and resolving the dietary
| 18
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
3
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
(cid:10)
Clean Seas Tuna Limited | Directors’ Report
deficiency and consequential losses was essential to the company’s survival and the company is
grateful for his significant contributions during his tenure
(cid:7)vents arisin(cid:21) since t(cid:22)e end of t(cid:22)e reportin(cid:21) period
There are no matters or circumstances that have arisen since the end of the year that have
significantly affected or may significantly affect either:
•
•
•
the entity’s operations in future financial years;
the results of those operations in future financial years; or
the entity’s state of affairs in future financial years.
other than the Independent Expert engaged for the Gibson’s litigation quantifying in July 2016 the
company’s significant claim as detailed above.
(cid:9)i(cid:24)ely developments(cid:4) (cid:16)usiness strate(cid:21)ies and prospects
The company has completed the first stage of its strategic review and significant profit improvement
initiatives have been identified for implementation from FY17. These initiatives include:
• A new brand strategy and campaign to position Clean Seas Australian Hiramasa as a Premium
Seafood with a proposition of Culinary Excellence supported by its unique Provenance,
• An activation program targeting leading dining establishments and their chefs will be
implemented in key global markets to leverage the new brand positioning,
• The customer activation program will be based on a market segmentation profile being
developed by Clean Seas utilising a range of international databases that identifies dining
establishments by country, by city, by location, by cuisine, by price range and other relevant
attributes.
• This new positioning will also underpin a phased increase in Farm Gates for those markets that
had previously been price driven,
• Aquaculture Stewardship Council Accreditation to strengthen Clean Seas environmental and
social credentials and provide an early adopter competitive advantage in Australia and key
export markets,
Post-harvest and logistics initiatives targeted to achieve savings in excess of $1 million p.a.,
•
• Continuing product development to leverage planned post-harvest initiatives including
•
•
development of value added retail and super frozen products,
Leveraging in house infrastructure at Arno Bay for targeted research to underpin improving
FCRs and diet formulations for inclusion in contractual arrangements with feed suppliers, and
Strengthening the Senior Executive team, including the recruitment of a General Manager of
Aquaculture.
The second phase of the strategic review will continue to investigate lower cost of production
opportunities including automation, new farm locations and the impact of warmer water farming.
Considerable work has been undertaken over the past six months however, whilst on-going
evaluation of these opportunities including potential small scale trials will continue. Finalisation of
this part of the strategic review will take place once the new General Manager of Aquaculture is on
board.
Clean Seas is targeting sales volumes in FY17 of up to 2,500 tonnes, a 20%+ increase from the
2,018 tonnes in FY16. Over subsequent years the company expects to further increase sales to 3,000
tonnes and beyond. The Group currently has the water leases and licences and hatchery capacity to
produce up to 6,000 tonnes per annum.
19 |
(cid:8)nformation on Directors and Senior (cid:10)ana(cid:21)ement
Mr Paul Steere – Chairman, Independent Non-Executive Director
Mr Steere was appointed to the Company Board on 20 May 2010 and was appointed Chairman
effective 22 May 2012. He is also Chairman of the Remuneration and Nominations Committee and
a member of the Finance, Audit and Risk Management (‘FARM’) Committee.
Mr Steere was Chief Executive of New Zealand King Salmon for 15 years from 1994 to 2009. NZ
King Salmon is the leading aquaculture company in New Zealand and globally the largest Chinook
salmon farmer with an international reputation for quality, service, process/product innovation and
Prior to joining NZ King Salmon, Mr Steere served in senior executive roles with the NZ Dairy
Board and a British International Trader, including a range of sole charge stewardship and
professionalism.
Directorships.
Mr Steere remains a Director of NZ King Salmon and also holds the following positions:
• Chair of Nelson Airport Limited;
• Chair of Allan Scott Family Winemakers Limited of Marlborough NZ;
• Government appointed Councillor of the Nelson Marlborough Institute of Technology; and
• Director of Kaynemaile Limited, a company producing unique ring linked curtains for
architectural applications and aquaculture farm netting.
Mr Steere is a member of the New Zealand Institute of Directors.
Dr Hagen Stehr – Non-Executive Director
Appointed to the Company Board at incorporation in September 2000, Dr Stehr continues as one
of the founding Directors. Dr Stehr was Chairman from September 2000 to December 2009.
Dr Stehr’s extensive knowledge of and experience in the fishing and aquaculture industries are well
documented, having been a co-founder of the world’s first Southern Bluefin Tuna offshore ranching
industry in 1990 and a major player in the Tuna industry since 1960 in Australia and other parts of
the world.
In addition to being a Director of Australian Tuna Fisheries Pty Ltd (a major shareholder in Clean
Seas), Stehr Group Pty Ltd and Sanchez Tuna Pty Ltd, Dr Stehr is currently:
• Chairman of the Australian Maritime and Fisheries Academy (Australian Fisheries Academy
Ltd) since 1997, a major institution for training of fishermen and seafarers;
• Board member of Primary Industries Skills Council SA Inc;
• Member of the Australian Maritime Safety Authority (AMSA) Advisory Committee; and
• Member of the Waite Independent Industry Leaders Club.
Dr Stehr has previously also held the following positions:
•
Founding member of Australian Bight Seafood in 1971;
• Chair of the South Australian Marine Finfish Farmers Association Inc, the peak body for the
sea farming industry;
• Chairman of the South Australian Fishing and Seafood Industry Training Council for over 20
years, being the longest serving Chairman;
• Member of the South Australian Government’s Aquaculture Advisory Committee;
Founding Board member of the Australian Tuna Boat Owners Association (now Australian
•
•
Southern Bluefin Tuna Industry Association Ltd); and
Founder of Fishing Industry House.
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
(cid:10)
Directors’ Report | Clean Seas Tuna Limited
(cid:8)nformation on Directors and Senior (cid:10)ana(cid:21)ement
Mr Paul Steere – Chairman, Independent Non-Executive Director
Mr Steere was appointed to the Company Board on 20 May 2010 and was appointed Chairman
effective 22 May 2012. He is also Chairman of the Remuneration and Nominations Committee and
a member of the Finance, Audit and Risk Management (‘FARM’) Committee.
Mr Steere was Chief Executive of New Zealand King Salmon for 15 years from 1994 to 2009. NZ
King Salmon is the leading aquaculture company in New Zealand and globally the largest Chinook
salmon farmer with an international reputation for quality, service, process/product innovation and
professionalism.
Prior to joining NZ King Salmon, Mr Steere served in senior executive roles with the NZ Dairy
Board and a British International Trader, including a range of sole charge stewardship and
Directorships.
Mr Steere remains a Director of NZ King Salmon and also holds the following positions:
• Chair of Nelson Airport Limited;
• Chair of Allan Scott Family Winemakers Limited of Marlborough NZ;
• Government appointed Councillor of the Nelson Marlborough Institute of Technology; and
• Director of Kaynemaile Limited, a company producing unique ring linked curtains for
architectural applications and aquaculture farm netting.
Mr Steere is a member of the New Zealand Institute of Directors.
Dr Hagen Stehr – Non-Executive Director
Appointed to the Company Board at incorporation in September 2000, Dr Stehr continues as one
of the founding Directors. Dr Stehr was Chairman from September 2000 to December 2009.
Dr Stehr’s extensive knowledge of and experience in the fishing and aquaculture industries are well
documented, having been a co-founder of the world’s first Southern Bluefin Tuna offshore ranching
industry in 1990 and a major player in the Tuna industry since 1960 in Australia and other parts of
the world.
In addition to being a Director of Australian Tuna Fisheries Pty Ltd (a major shareholder in Clean
Seas), Stehr Group Pty Ltd and Sanchez Tuna Pty Ltd, Dr Stehr is currently:
• Chairman of the Australian Maritime and Fisheries Academy (Australian Fisheries Academy
Ltd) since 1997, a major institution for training of fishermen and seafarers;
• Board member of Primary Industries Skills Council SA Inc;
• Member of the Australian Maritime Safety Authority (AMSA) Advisory Committee; and
• Member of the Waite Independent Industry Leaders Club.
Dr Stehr has previously also held the following positions:
•
• Chair of the South Australian Marine Finfish Farmers Association Inc, the peak body for the
Founding member of Australian Bight Seafood in 1971;
sea farming industry;
• Chairman of the South Australian Fishing and Seafood Industry Training Council for over 20
years, being the longest serving Chairman;
• Member of the South Australian Government’s Aquaculture Advisory Committee;
•
Founding Board member of the Australian Tuna Boat Owners Association (now Australian
Southern Bluefin Tuna Industry Association Ltd); and
Founder of Fishing Industry House.
•
| 20
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Directors’ Report
(cid:11)
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
6
Dr Stehr also;
•
In 1997 became a Justice of the Peace and was awarded the Officer of the Order of Australia
(AO) for services to the Seafood Industry;
In 2000 was awarded the Australian Centenary Medal;
In 2009 was awarded Icon of the Sea for services to the Fishing Industry of Australia and
sustainability of Southern Bluefin Tuna;
In 2010 received an honorary doctorate from the University of the Sunshine Coast in
recognition of his internationally significant contribution to sustainable fishing industries;
In 2013 was inducted to the National Seafood Industry Hall of Fame; and
In 2014 was awarded the title of Food Ambassador for South Australia by the South Australian
Government.
•
•
•
•
•
Mr Marcus Stehr - Non-Executive Director
Mr Stehr was appointed to the Company Board on incorporation in September 2000. He is also a
member of the FARM Committee and the Remuneration and Nominations Committee.
Mr Stehr’s technical qualifications include Master Class 4 Fishing/Trading Skippers certificates,
MED 1 and Dive Master certificates. Commercial qualifications include business management
courses spanning post graduate studies in Business and completion of the Company Director’s
Course. He is a Graduate Member of the Australian Institute of Company Directors.
Mr. Stehr has accumulated 25 years hands on experience in marine finfish aquaculture operations
encompassing Tuna, Kingfish and Mulloway.
In addition to being a Director of Australian Tuna Fisheries Pty Ltd (a major shareholder in Clean
Seas), Stehr Group Pty Ltd and Sanchez Tuna Pty Ltd, Mr Stehr makes a strong contribution to the
Australian fishing and aquaculture industries as:
• Board member of the Australian Southern Bluefin Tuna Industry Association Ltd; and
• Director of the Australian Maritime and Fisheries Academy (Australian Fisheries Academy
Ltd); and
Industry member of Southern Bluefin Tuna Fishery Management Advisory Committee.
•
He has also previously held the following positions;
• Board member of the South Australian Marine Finfish Farmers Association Inc; and
• Deputy member of the South Australian Government’s Aquaculture Advisory Committee.
Mr Nick Burrows – Independent Non-Executive Director
Mr Burrows was appointed to the Company Board on 18 April 2012. He is also Chairman of the
FARM Committee and a member of the Remuneration and Nominations Committee.
Mr Burrows is a respective Fellow of the Australian Institute of Company Directors, Institute of
Chartered Accountants Australia, Governance Institute of Australia Ltd and the Financial Services
Institute of Australasia and is a Chartered Accountant and Registered Company Auditor.
Mr Burrows was Chief Financial Officer and Company Secretary of Tassal Group Limited for 21
years from 1988 to 2009 and accordingly brings to the Board the benefits of an extensive and
contemporary senior executive ASX200 aquaculture listed entity background.
Mr Burrows’ Directorship background encompasses a multi-sector portfolio of Chair, Non-
Executive Directorship and Board Committee positions spanning local and state government, not-
for-profit and major private companies. He is:
• Chairman of TasTAFE;
• Non-Executive Director of Tasmanian Water & Sewerage Corporation Pty Ltd;
21 |
• Non-Executive Director of Metro Tasmania Pty Ltd;
• Non-Executive Director of Australian Seafood Industries Pty Ltd;
• Director of Value Adviser Associates; and
• Member of the Australian China Business Council – Tasmanian Chapter.
He also has significant experience as an Audit and Risk Committee member across his multi-sector
Board portfolio.
Mr Burrows has had a long involvement with Governance Institute of Australia including serving
as National President and is currently serving on the Tasmanian Branch Council.
Mr Paul Robinson – Non-Executive Alternate Director
Mr Robinson was appointed Alternate Director for Dr Hagen Stehr in December 2005. He is also a
consultant to the FARM Committee.
Mr Robinson is a Fellow of the Institute of Chartered Accountants with fifteen years experience as a
partner of a leading international accounting practice. He is Chairman and Non-Executive Director
for a number of private property and investment companies. He was appointed a Non-Executive
Director of Australian Tuna Fisheries Pty Ltd, a major Clean Seas shareholder which is associated
with Dr Hagen Stehr, in May 2006. He is also a Director of PSMMR Pty Ltd which provides
consulting services to Clean Seas.
Mr David Head – Managing Director and Chief Executive Officer
Mr Head was appointed as Managing Director and Chief Executive Officer on 28 January 2016.
He has over 25 years experience as a CEO, Non-Executive Director and Corporate Advisor in a
wide range of industry sectors in Australia, New Zealand, Asia and Europe in public and privately
owned companies. This includes Chief Executive roles at Pepsi, Lion Nathan, Calum Textile Group
and Leigh Mardon Group.
Mr Head has extensive Board experience as both Non-Executive and Executive Director including
previously as Non-Executive Director of ASX listed Snack Brands Limited. He is currently a
Director of Fairtrade Australia and New Zealand Limited.
Mr Wayne Materne – Company Secretary and Chief Financial Officer
Mr Materne was appointed Company Secretary and Chief Financial Officer of Clean Seas on 22
August 2014.
Mr Materne is a Fellow of CPA Australia and a Graduate Member of the Australian Institute of
Company Directors. He has extensive experience in CFO and senior finance roles in the
agribusiness and manufacturing sectors with ASX listed and unlisted companies. This includes
experience in livestock, forestry and wine / viticulture with companies including Elders, SA
Forestry Corporation, Southcorp and Nepenthe.
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
6
Directors’ Report | Clean Seas Tuna Limited
• Non-Executive Director of Metro Tasmania Pty Ltd;
• Non-Executive Director of Australian Seafood Industries Pty Ltd;
• Director of Value Adviser Associates; and
• Member of the Australian China Business Council – Tasmanian Chapter.
He also has significant experience as an Audit and Risk Committee member across his multi-sector
Board portfolio.
Mr Burrows has had a long involvement with Governance Institute of Australia including serving
as National President and is currently serving on the Tasmanian Branch Council.
Mr Paul Robinson – Non-Executive Alternate Director
Mr Robinson was appointed Alternate Director for Dr Hagen Stehr in December 2005. He is also a
consultant to the FARM Committee.
Mr Robinson is a Fellow of the Institute of Chartered Accountants with fifteen years experience as a
partner of a leading international accounting practice. He is Chairman and Non-Executive Director
for a number of private property and investment companies. He was appointed a Non-Executive
Director of Australian Tuna Fisheries Pty Ltd, a major Clean Seas shareholder which is associated
with Dr Hagen Stehr, in May 2006. He is also a Director of PSMMR Pty Ltd which provides
consulting services to Clean Seas.
Mr David Head – Managing Director and Chief Executive Officer
Mr Head was appointed as Managing Director and Chief Executive Officer on 28 January 2016.
He has over 25 years experience as a CEO, Non-Executive Director and Corporate Advisor in a
wide range of industry sectors in Australia, New Zealand, Asia and Europe in public and privately
owned companies. This includes Chief Executive roles at Pepsi, Lion Nathan, Calum Textile Group
and Leigh Mardon Group.
Mr Head has extensive Board experience as both Non-Executive and Executive Director including
previously as Non-Executive Director of ASX listed Snack Brands Limited. He is currently a
Director of Fairtrade Australia and New Zealand Limited.
Mr Wayne Materne – Company Secretary and Chief Financial Officer
Mr Materne was appointed Company Secretary and Chief Financial Officer of Clean Seas on 22
August 2014.
Mr Materne is a Fellow of CPA Australia and a Graduate Member of the Australian Institute of
Company Directors. He has extensive experience in CFO and senior finance roles in the
agribusiness and manufacturing sectors with ASX listed and unlisted companies. This includes
experience in livestock, forestry and wine / viticulture with companies including Elders, SA
Forestry Corporation, Southcorp and Nepenthe.
| 22
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Directors’ Report
(cid:13)
Directors(cid:38) meetin(cid:21)s
The number of Board meetings and meetings of Board Committees held during the year, and the
number of meetings attended by each Director is as follows:
(cid:17)oard (cid:24)eetin(cid:33)s
F(cid:16)(cid:26)(cid:24) Committee (cid:2)2(cid:3)
(cid:26)emuneration and (cid:25)ominations
Committee
(cid:19)irector(cid:46)s name
(cid:16)
(cid:17)
(cid:16)
(cid:17)
(cid:16)
(cid:17)
(cid:35)(cid:40)(cid:59)(cid:50) (cid:37)(cid:58)(cid:44)(cid:44)(cid:56)(cid:44)
(cid:33)(cid:48)(cid:42)(cid:49) (cid:22)(cid:59)(cid:56)(cid:56)(cid:53)(cid:61)(cid:57)
(cid:28)(cid:40)(cid:46)(cid:44)(cid:52) (cid:37)(cid:58)(cid:44)(cid:47)(cid:56) (cid:4)(cid:12)(cid:5)
(cid:32)(cid:40)(cid:56)(cid:42)(cid:59)(cid:57) (cid:37)(cid:58)(cid:44)(cid:47)(cid:56)
(cid:12)(cid:13)
(cid:12)(cid:13)
(cid:12)(cid:13)
(cid:12)(cid:13)
(cid:12)(cid:13)
(cid:12)(cid:13)
(cid:12)(cid:11)
(cid:12)(cid:11)
(cid:16)
(cid:16)
(cid:8)
(cid:16)
(cid:16)
(cid:16)
(cid:8)
(cid:16)
(cid:13)
(cid:13)
(cid:8)
(cid:13)
(cid:13)
(cid:13)
(cid:8)
(cid:13)
(cid:24)(cid:40)(cid:60)(cid:48)(cid:43) (cid:28)(cid:44)(cid:40)(cid:43) (cid:4)(cid:14)(cid:5)
(cid:13)
(cid:4)(cid:12)(cid:5) (cid:35)(cid:40)(cid:59)(cid:50) (cid:36)(cid:53)(cid:41)(cid:48)(cid:52)(cid:57)(cid:53)(cid:52) (cid:40)(cid:58)(cid:58)(cid:44)(cid:52)(cid:43)(cid:44)(cid:43) (cid:13) (cid:22)(cid:53)(cid:40)(cid:56)(cid:43) (cid:51)(cid:44)(cid:44)(cid:58)(cid:48)(cid:52)(cid:46)(cid:57) (cid:40)(cid:52)(cid:43) (cid:16) (cid:26)(cid:21)(cid:36)(cid:32) (cid:51)(cid:44)(cid:44)(cid:58)(cid:48)(cid:52)(cid:46)(cid:57) (cid:41)(cid:63) (cid:48)(cid:52)(cid:60)(cid:48)(cid:58)(cid:40)(cid:58)(cid:48)(cid:53)(cid:52) (cid:40)(cid:57) (cid:21)(cid:50)(cid:58)(cid:44)(cid:56)(cid:52)(cid:40)(cid:58)(cid:44) (cid:24)(cid:48)(cid:56)(cid:44)(cid:42)(cid:58)(cid:53)(cid:56) (cid:45)(cid:53)(cid:56) (cid:28)(cid:40)(cid:46)(cid:44)(cid:52)
(cid:15)
(cid:13)
(cid:17)
(cid:8)
(cid:8)
(cid:37)(cid:58)(cid:44)(cid:47)(cid:56)(cid:9)
(cid:4)(cid:13)(cid:5) (cid:26)(cid:21)(cid:36)(cid:32) (cid:23)(cid:53)(cid:51)(cid:51)(cid:48)(cid:58)(cid:58)(cid:44)(cid:44) (cid:48)(cid:57) (cid:58)(cid:47)(cid:44) (cid:26)(cid:48)(cid:52)(cid:40)(cid:52)(cid:42)(cid:44)(cid:7) (cid:21)(cid:59)(cid:43)(cid:48)(cid:58) (cid:40)(cid:52)(cid:43) (cid:36)(cid:48)(cid:57)(cid:49) (cid:32)(cid:40)(cid:52)(cid:40)(cid:46)(cid:44)(cid:51)(cid:44)(cid:52)(cid:58) (cid:23)(cid:53)(cid:51)(cid:51)(cid:48)(cid:58)(cid:58)(cid:44)(cid:44)(cid:9)
(cid:4)(cid:14)(cid:5) (cid:21)(cid:54)(cid:54)(cid:53)(cid:48)(cid:52)(cid:58)(cid:44)(cid:43) (cid:13)(cid:19) (cid:30)(cid:40)(cid:52)(cid:59)(cid:40)(cid:56)(cid:63) (cid:13)(cid:11)(cid:12)(cid:17)(cid:7) (cid:47)(cid:53)(cid:61)(cid:44)(cid:60)(cid:44)(cid:56) (cid:61)(cid:40)(cid:57) (cid:48)(cid:52)(cid:60)(cid:48)(cid:58)(cid:44)(cid:43) (cid:58)(cid:53) (cid:40)(cid:58)(cid:58)(cid:44)(cid:52)(cid:43) (cid:13) (cid:22)(cid:53)(cid:40)(cid:56)(cid:43) (cid:51)(cid:44)(cid:44)(cid:58)(cid:48)(cid:52)(cid:46)(cid:57) (cid:40)(cid:57) (cid:53)(cid:41)(cid:57)(cid:44)(cid:56)(cid:60)(cid:44)(cid:56) (cid:54)(cid:56)(cid:48)(cid:53)(cid:56) (cid:58)(cid:53) (cid:42)(cid:53)(cid:51)(cid:51)(cid:44)(cid:52)(cid:42)(cid:48)(cid:52)(cid:46)
(cid:40)(cid:57) (cid:32)(cid:40)(cid:52)(cid:40)(cid:46)(cid:48)(cid:52)(cid:46) (cid:24)(cid:48)(cid:56)(cid:44)(cid:42)(cid:58)(cid:53)(cid:56) (cid:40)(cid:52)(cid:43) (cid:23)(cid:25)(cid:34)(cid:9)
Where:
column A is the number of meetings the Director was entitled to attend
column B is the number of meetings the Director attended
(cid:14)nissued s(cid:22)ares under option
There are no unissued ordinary shares of Clean Seas under option at the date of this report.
S(cid:22)ares issued durin(cid:21) or since t(cid:22)e end of t(cid:22)e year as a result of e(cid:36)ercise
During or since the end of the financial year, the Company has not issued ordinary shares as a result
of the exercise of options.
Remuneration Report (cid:2)audited(cid:3)
The Directors of Clean Seas Tuna Limited (‘the Group’) present the Remuneration Report for Non-
Executive Directors and other Key Management Personnel, prepared in accordance with the
Corporations Act 2001 and the Corporations Regulations 2001.
The Remuneration Report is set out under the following main headings:
a Principles used to determine the nature and amount of remuneration
b Details of remuneration
c Service agreements
d Bonuses included in remuneration; and
e Other information.
a Principles used to determine t(cid:22)e nature and amount of remuneration
The principles of the Group’s executive strategy and supporting incentive programs and frameworks
are:
•
•
•
to align rewards to business outcomes that deliver value to shareholders;
to drive a high performance culture by setting challenging objectives and rewarding high
performing individuals; and
to ensure remuneration is competitive in the relevant employment market place to support the
attraction, motivation and retention of executive talent.
23 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
(cid:14)
Directors’ Report | Clean Seas Tuna Limited
The Board has established a Remuneration and Nominations Committee which operates in
accordance with its charter as approved by the Board and is responsible for determining and
reviewing compensation arrangements for the Directors and the Executive Team.
The Committee engages independent remuneration consultants to provide any necessary
information to assist in the discharge of its responsibilities. No such consultant was engaged during
the year.
(cid:33)(cid:53)(cid:52)(cid:8)(cid:25)(cid:62)(cid:44)(cid:42)(cid:59)(cid:58)(cid:48)(cid:60)(cid:44) (cid:24)(cid:48)(cid:56)(cid:44)(cid:42)(cid:58)(cid:53)(cid:56) (cid:36)(cid:44)(cid:51)(cid:59)(cid:52)(cid:44)(cid:56)(cid:40)(cid:58)(cid:48)(cid:53)(cid:52)
In accordance with best practice corporate governance, the remuneration of Non-Executive
Directors is structured separately from that of Executive Directors and Senior Executives.
The Company’s Non-Executive Directors receive only fees (including statutory superannuation) for
their services and the reimbursement of reasonable expenses. The Board reviews its fees to ensure
the Company’s Non-Executive Directors are fairly remunerated for their services, recognising the
level of skill and experience required to conduct the role and to have in place a fee scale which
enables the Company to attract and retain talented Non-Executive Directors.
The advice of independent remuneration consultants is taken from time to time so as to establish
that Directors’ fees are in line with market standards. No remuneration consultants were retained
this financial year.
Non-Executive Directors do not receive any shares, options or other securities in addition to their
remuneration and are not eligible to participate in any Company share plans or any other incentive
plans that may be in operation. They do not receive any retirement benefits other than compulsory
superannuation where applicable.
The aggregate remuneration paid to all the Non-Executive Directors (inclusive of statutory
superannuation) may not exceed the current “fee pool” limit of $360,000. This ‘fee pool’ is only
available to Non-Executive Directors, as Board membership is taken into account in determining
the remuneration paid to Executive Directors as part of their normal employment conditions.
Annual Directors’ fees are currently set at $120,000 for the Chairman of the Board and $60,000 for
all other Directors. No separate fees are paid for Board Committee membership(cid:9)
(cid:37)(cid:44)(cid:52)(cid:48)(cid:53)(cid:56) (cid:25)(cid:62)(cid:44)(cid:42)(cid:59)(cid:58)(cid:48)(cid:60)(cid:44) (cid:36)(cid:44)(cid:51)(cid:59)(cid:52)(cid:44)(cid:56)(cid:40)(cid:58)(cid:48)(cid:53)(cid:52)
The remuneration structure adopted by the Group for FY16 consists of the following components:
•
•
•
fixed remuneration being annual salary and benefits
short term incentives, being cash bonuses; and
long term incentive, being share based remuneration, in the case of the Managing Director and
CEO
The Remuneration and Nominations Committee assess the appropriateness of the nature and
amount of remuneration on a periodic basis by reference to recent employment market conditions
with the overall objective of ensuring maximum stakeholder benefit from the retention of a high
quality Executive Team.
| 24
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Directors’ Report
(cid:15)
The payment of bonuses is reviewed by the Remuneration and Nominations Committee annually as
part of the review of executive remuneration and a recommendation is put to the Board for
approval. All bonuses must be linked to pre-determined performance criteria.
(cid:37)(cid:47)(cid:53)(cid:56)(cid:58) (cid:38)(cid:44)(cid:56)(cid:51) (cid:29)(cid:52)(cid:42)(cid:44)(cid:52)(cid:58)(cid:48)(cid:60)(cid:44) (cid:4)(cid:37)(cid:38)(cid:29)(cid:5)
The Group’s performance measures involve the use of annual performance objectives, metrics and
performance appraisals. Financial targets are based on profit before tax or profit contribution. Non-
financial targets are based on strategic goals set in relation to the main priorities for the position.
The performance measures are set annually after consultation with the Directors and executives and
are specifically tailored to the areas where each executive has a level of control. The measures target
areas the Board believes hold the greatest potential for business improvement, expansion and profit
and cover financial and non-financial measures.
The Key Performance Indicators (‘KPI’s’) for the Executive Team in FY16 are summarised as
follows:
• Managing Director and CEO (David Head – from 28 January 2016): Pre-tax profit in H2FY16,
sales targets, clearance of excess stock, development of China market entry strategy and
strategic review of the business.
• Chief Executive (Craig Foster – to 28 January 2016): Economic Food Conversion Ratio for
yellowtail kingfish, profit contribution from yellowtail kingfish and aquaculture produced
Southern Bluefin Tuna juvenile numbers;
• CFO and Company Secretary: Consolidated NPBT and personal targets related to the position;
and
• General Manager – Sales & Marketing: Consolidated NPBT and personal targets related to the
position;
(cid:31)(cid:53)(cid:52)(cid:46) (cid:38)(cid:44)(cid:56)(cid:51) (cid:29)(cid:52)(cid:42)(cid:44)(cid:52)(cid:58)(cid:48)(cid:60)(cid:44) (cid:4)(cid:31)(cid:38)(cid:29)(cid:5)
A share based LTI was applicable to the previous Chief Executive (Dr Craig Foster), based on an
entitlement to Performance Rights, being rights to acquire shares at a specified price, if the VWAP
of Clean Seas shares ranged above a specified range in the month of June 2015. These share price
levels were not achieved and therefore no entitlement to Performance Rights arose.
A share based LTI for the new Managing Director and CEO (Mr David Head) will be submitted to
the 2016 Annual General Meeting for approval.
(cid:35)(cid:44)(cid:56)(cid:45)(cid:53)(cid:56)(cid:51)(cid:40)(cid:52)(cid:42)(cid:44) (cid:36)(cid:44)(cid:60)(cid:48)(cid:44)(cid:61)(cid:57)
Management have regular annual performance reviews in accordance with established procedures.
Pursuant to the Board’s and Board Committee’s respective Charters, the Board conducts annual
evaluations of its performance, the performance of its Committees, the Chairman, individual
Directors and the key governance processes that support the Board’s work. The respective Board
Committee Charters also require the Committees to evaluate their performance and composition at
least annually to determine whether they are functioning effectively by reference to current best
practice. This evaluation is presented to the Board for review(cid:9)
25 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
10
Directors’ Report | Clean Seas Tuna Limited
(cid:39)(cid:53)(cid:58)(cid:48)(cid:52)(cid:46) (cid:40)(cid:52)(cid:43) (cid:42)(cid:53)(cid:51)(cid:51)(cid:44)(cid:52)(cid:58)(cid:57) (cid:51)(cid:40)(cid:43)(cid:44) (cid:40)(cid:58) (cid:58)(cid:47)(cid:44) (cid:23)(cid:53)(cid:51)(cid:54)(cid:40)(cid:52)(cid:63)(cid:64)(cid:57) (cid:50)(cid:40)(cid:57)(cid:58) (cid:21)(cid:52)(cid:52)(cid:59)(cid:40)(cid:50) (cid:27)(cid:44)(cid:52)(cid:44)(cid:56)(cid:40)(cid:50) (cid:32)(cid:44)(cid:44)(cid:58)(cid:48)(cid:52)(cid:46)
The Group received 100% ‘yes’ votes on a show of hands on its Remuneration Report for the
financial year ending 30 June 2015. The Company received no specific feedback on its
Remuneration Report at the Annual General Meeting.
(cid:23)(cid:53)(cid:52)(cid:57)(cid:44)(cid:55)(cid:59)(cid:44)(cid:52)(cid:42)(cid:44)(cid:57) (cid:53)(cid:45) (cid:54)(cid:44)(cid:56)(cid:45)(cid:53)(cid:56)(cid:51)(cid:40)(cid:52)(cid:42)(cid:44) (cid:53)(cid:52) (cid:57)(cid:47)(cid:40)(cid:56)(cid:44)(cid:47)(cid:53)(cid:50)(cid:43)(cid:44)(cid:56) (cid:61)(cid:44)(cid:40)(cid:50)(cid:58)(cid:47)
In considering the Group’s performance and benefits for shareholder wealth, the Board have regard
to the following measures in respect of the current financial year and the previous four financial
years:
(cid:21)tem
(cid:22)(cid:40)(cid:57)(cid:48)(cid:42) (cid:25)(cid:35)(cid:37) (cid:4)(cid:42)(cid:44)(cid:52)(cid:58)(cid:57)(cid:5)
(cid:35)(cid:56)(cid:53)(cid:45)(cid:48)(cid:58) (cid:10) (cid:4)(cid:50)(cid:53)(cid:57)(cid:57)(cid:5) (cid:41)(cid:44)(cid:45)(cid:53)(cid:56)(cid:44) (cid:58)(cid:40)(cid:62) (cid:4)(cid:2)(cid:64)(cid:11)(cid:11)(cid:11)(cid:5)
(cid:35)(cid:56)(cid:53)(cid:45)(cid:48)(cid:58) (cid:10) (cid:4)(cid:50)(cid:53)(cid:57)(cid:57)(cid:5) (cid:40)(cid:45)(cid:58)(cid:44)(cid:56) (cid:58)(cid:40)(cid:62) (cid:4)(cid:2)(cid:64)(cid:11)(cid:11)(cid:11)(cid:5)
(cid:33)(cid:44)(cid:58) (cid:21)(cid:57)(cid:57)(cid:44)(cid:58)(cid:57) (cid:4)(cid:2)(cid:64)(cid:11)(cid:11)(cid:11)(cid:5)
(cid:37)(cid:47)(cid:40)(cid:56)(cid:44) (cid:54)(cid:56)(cid:48)(cid:42)(cid:44) (cid:40)(cid:58) (cid:14)(cid:11) (cid:30)(cid:59)(cid:52)(cid:44) (cid:4)(cid:42)(cid:44)(cid:52)(cid:58)(cid:57)(cid:5)
2016
201(cid:11)
201(cid:10)(cid:2)(cid:4)(cid:3)
2013(cid:2)(cid:4)(cid:3)
2012
(cid:4)(cid:11)(cid:9)(cid:19)(cid:12)(cid:5)
(cid:4)(cid:20)(cid:7)(cid:20)(cid:13)(cid:19)(cid:5)
(cid:4)(cid:19)(cid:7)(cid:20)(cid:19)(cid:13)(cid:5)
(cid:15)(cid:13)(cid:7)(cid:20)(cid:12)(cid:18)
(cid:14)(cid:9)(cid:15)
(cid:11)(cid:9)(cid:14)(cid:18)
(cid:12)(cid:7)(cid:11)(cid:14)(cid:14)
(cid:15)(cid:7)(cid:12)(cid:11)(cid:19)
(cid:16)(cid:12)(cid:7)(cid:19)(cid:20)(cid:20)
(cid:16)(cid:9)(cid:20)
(cid:11)(cid:9)(cid:20)(cid:15)
(cid:17)(cid:7)(cid:16)(cid:20)(cid:18)
(cid:20)(cid:7)(cid:12)(cid:16)(cid:17)
(cid:15)(cid:18)(cid:7)(cid:18)(cid:20)(cid:12)
(cid:15)(cid:9)(cid:20)
(cid:4)(cid:16)(cid:9)(cid:12)(cid:19)(cid:5)
(cid:4)(cid:14)(cid:13)(cid:7)(cid:15)(cid:11)(cid:16)(cid:5)
(cid:4)(cid:13)(cid:19)(cid:7)(cid:14)(cid:11)(cid:12)(cid:5)
(cid:13)(cid:20)(cid:7)(cid:15)(cid:14)(cid:14)
(cid:12)(cid:9)(cid:14)
(cid:4)(cid:17)(cid:9)(cid:13)(cid:16)(cid:5)
(cid:4)(cid:14)(cid:11)(cid:7)(cid:18)(cid:16)(cid:11)(cid:5)
(cid:4)(cid:14)(cid:11)(cid:7)(cid:18)(cid:16)(cid:11)(cid:5)
(cid:16)(cid:15)(cid:7)(cid:16)(cid:15)(cid:11)
(cid:13)(cid:9)(cid:13)
(cid:4)(cid:6)(cid:5) (cid:36)(cid:44)(cid:57)(cid:58)(cid:40)(cid:58)(cid:44)(cid:43) (cid:58)(cid:53) (cid:56)(cid:44)(cid:45)(cid:50)(cid:44)(cid:42)(cid:58) (cid:42)(cid:47)(cid:40)(cid:52)(cid:46)(cid:44) (cid:48)(cid:52) (cid:36)(cid:3)(cid:24) (cid:58)(cid:40)(cid:62) (cid:48)(cid:52)(cid:42)(cid:44)(cid:52)(cid:58)(cid:48)(cid:60)(cid:44) (cid:56)(cid:44)(cid:45)(cid:59)(cid:52)(cid:43) (cid:40)(cid:42)(cid:42)(cid:53)(cid:59)(cid:52)(cid:58)(cid:48)(cid:52)(cid:46)
| 26
Clean Seas Tuna Limited | Directors’ Report
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Directors’ Report | Clean Seas Tuna Limited
| 28
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Directors’ Report
13
d Bonuses included in remuneration
Details of the short-term incentive cash bonuses awarded as remuneration to each Key Management
Personnel for FY16, the percentage of the available bonus that was awarded in the financial year and
the percentage that was forfeited because the performance criteria were not achieved is set out
below. No part of the bonus carries forward to future years. The awarded bonuses have been
recognised in FY16 and will be paid in FY17.
Other Key Management Personnel
David (cid:28)ead
Craig Foster
(cid:39)ayne Materne
Miles Toomey
e Other information
Included in
remuneration ($’000)
Percentage vested
during the year
Percentage forfeited
during the year
80
-
-
-
100(cid:3)
-
-
-
-
100(cid:3)
100(cid:3)
100(cid:3)
Shares held by (cid:30)ey Management Personnel
The number of ordinary shares in the Company during the 2016 reporting period held by each of
the Group’s Key Management Personnel, including their related parties, is set out below:
Year ended 30 June 2016 – Shares’000
Personnel
P Steere
(cid:33) Burrows
(cid:28) Stehr (1)
M Stehr
P Robinson
D (cid:28)ead (1)
C Foster (2)
(cid:39) Materne
M Toomey
Totals
Balance at start
of year
Granted as
remuneration
Received on
exercise
Other changes
Held at the end of
reporting period
(cid:14)(cid:15)(cid:17)
(cid:14)31
100,31(cid:15)
(cid:17)30
1,(cid:17)(cid:15)0
-
(cid:14),(cid:14)16
-
-
108,099
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
800
-
-
3,881
((cid:14),(cid:14)16)
-
-
265
(cid:14)(cid:15)(cid:17)
(cid:14)31
101,11(cid:15)
(cid:17)30
1,(cid:17)(cid:15)0
3,881
-
-
-
108,364
(1) Changes are on market purchases
(2) Retired during FY16 and reporting discontinued
None of the shares included in the table above are held nominally by Key Management Personnel.
No options to acquire shares are held by Key Management Personnel.
(cid:34)ther Transactions with (cid:30)ey Management Personnel
The Group's related parties comprise its key management and entities associated with key
management.
The largest shareholder in Clean Seas Tuna Limited is Australian Tuna Fisheries Pty Ltd (ATF).
ATF and its associated entities controlled 9.1% of issued shares at 30 June 2016 (2015: 9.1%) and it
is associated with Stehr Group Pty Ltd and Sanchez Tuna Pty Ltd.
All transactions with related parties are negotiated on a commercial arms length basis. These
transactions were as follows:
29 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
14
Directors’ Report | Clean Seas Tuna Limited
Australian Tuna Fisheries Pty Ltd:
• Receipts for ice, expenses, SBT quota lease and contract labour
• Payments for towing, contract labour, fish feed, marina and net shed rent, fish
and electricity
Stehr Group Pty Ltd
• Payments for office rent
PSMMR Pty Ltd (associated with Paul Robinson – Alternate Director)
• Payments for consulting services
2016
$’000
2015
$’000
11
380
13
56
11
326
10
36
The following balances are outstanding as at the reporting date in relation to transactions with
related parties:
Current Payables
• Australian Tuna Fisheries Pty Ltd
• PSMMR Pty Ltd
End of audited Remuneration Report.
2016
$’000
3(cid:16)
15
2015
$’000
18
-
(cid:13)n(cid:42)ironmental le(cid:30)islation
The Group’s operations are subject to Commonwealth and State regulations governing marine and
hatchery operations, processing, land tenure and use, environmental requirements including site
specific environmental licences, permits and statutory authorisations, workplace health and safety
and trade and export.
The Group’s management regularly and routinely monitor compliance with the relevant
environmental regulations and compliance is regularly reported to the Board.
The Group has well established procedures to monitor and manage compliance with existing
environmental regulations and new regulations as they come into force.
The Directors believe that all regulations have been met during the period covered by this Annual
Financial Report and are not aware of any significant environmental incidents arising from the
operations of the consolidated entity during the financial year.
Further information in relation to specific regulated areas of the operation is as follows:
• The Arno Bay and Port Augusta Hatcheries are licenced to operate under an Aquaculture Land
based Category C License issued by the South Australian Minister for Agriculture, Food and
Fisheries under the Aquaculture Act 2001. The licensee is required to comply with the
requirements of all statutes, regulations, by-laws, ordinances, rules, notices or orders lawfully
given pursuant to the Aquaculture Act 2001, Aquaculture Regulations 2005, Environment
Protection (Water Quality) Policy 2003 and the Livestock Act 1997. Clean Seas has not
recorded any breaches of the license requirements.
• The Group operates 29 marine aquaculture licenses issued by The South Australian Minister
for Agriculture, Food and Fisheries under the Aquaculture Act 2001. The licensee is required
to comply with the requirements of all statutes, regulations, by-laws, ordinances, rules, notices
or orders lawfully given pursuant to the Aquaculture Act 2001, Aquaculture Regulations 2005,
| 30
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Directors’ Report
15
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
16
(cid:22)oundin(cid:30) of amounts
Clean Seas is a type of Company referred to in ASIC Class Order 2016/191 and therefore the
amounts contained in this report and in the financial report have been rounded to the nearest $1,000
(where rounding is applicable), or in certain cases, to the nearest dollar under the option permitted
in the Class Order.
Signed in accordance with a resolution of the Directors.
Paul Steere
Chairman
31 August 2016
Environment Protection (Water Quality) Policy 2003 and the Livestock Act 1997. There have
been no material recorded breaches of the license requirements with temporary approval
having been received to carry additional biomass in the Port Lincoln licences.
(cid:16)ndemnities (cid:30)i(cid:42)en to and insurance (cid:37)remiums (cid:37)aid for (cid:12)irectors and officers
Under rules 50 and 51 of the Company’s Constitution, each of the Company’s Directors, the
Company Secretary and every other person who is an officer is indemnified to the extent permitted
by law and Directors and Officers Liability Insurance has been implemented. The terms of the
insurance contract prohibit the Company from disclosing the level of premium paid.
Each Director and the Company Secretary has entered into a Deed of Indemnity and Access which
indemnifies a Director or officer against liabilities arising as a result of acting as a Director or officer
subject to certain exclusions and provides for related legal costs to be paid by the Company. The
Deed requires the Company to maintain an insurance policy against any liability incurred by a
Director or officer in his or her capacity as a Director or officer during that person’s term of office
and seven years thereafter. It also provides a Director or officer with a right of access to Board
papers and other documentation while in office and for seven years thereafter.
(cid:19)on(cid:3)audit ser(cid:42)ices
During the year, Grant Thornton, the Company’s auditors, performed certain other services in
addition to their statutory audit duties.
The Board has considered the non-audit services provided during the year by the auditor and, in
accordance with written advice provided by resolution of the FARM Committee, is satisfied that the
provision of those non-audit services during the year is compatible with, and did not compromise,
the auditor independence requirements of the Corporations Act 2001 for the following reasons:
•
•
all non-audit services were subject to the corporate governance procedures adopted by the
Company and have been reviewed by the FARM Committee to ensure they do not impact
upon the impartiality and objectivity of the auditor; and
the non-audit services do not undermine the general principles relating to auditor
independence as set out in APES 110 Code of Ethics for Professional Accountants, as they did not
involve reviewing or auditing the auditor’s own work, acting in a management or decision-
making capacity for the Company, acting as an advocate for the Company or jointly sharing
risks and rewards.
Details of the amounts paid to the auditors of the Company, Grant Thornton, and its related
practices for audit and non-audit services provided during the year are set out in Note 25 to the
Financial Statements.
A copy of the Auditor’s Independence Declaration as required under s307C of the Corporations Act
2001 is included on page 20 of this financial report and forms part of this Directors’ Report.
(cid:21)roceedin(cid:30)s of (cid:25)ehalf of the (cid:11)om(cid:37)an(cid:44)
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is
a party, for the purpose of taking responsibility on behalf of the Company for all or part of those
proceedings.
31 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
16
Directors’ Report | Clean Seas Tuna Limited
(cid:22)oundin(cid:30) of amounts
Clean Seas is a type of Company referred to in ASIC Class Order 2016/191 and therefore the
amounts contained in this report and in the financial report have been rounded to the nearest $1,000
(where rounding is applicable), or in certain cases, to the nearest dollar under the option permitted
in the Class Order.
Signed in accordance with a resolution of the Directors.
Paul Steere
Chairman
31 August 2016
| 32
Clean Seas Tuna Limited | Auditor’s Independence Declaration
Auditor’s Independence Declaration
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
Level 1,
67 Greenhill Rd
Wayville SA 5034
Correspondence to:
GPO Box 1270
Adelaide SA 5001
T 61 8 8372 6666
Level 1,
F 61 8 8372 6677
67 Greenhill Rd
E info.sa@au.gt.com
Wayville SA 5034
W www.grantthornton.com.au
Correspondence to:
GPO Box 1270
Adelaide SA 5001
T 61 8 8372 6666
F 61 8 8372 6677
E info.sa@au.gt.com
W www.grantthornton.com.au
(cid:36)(cid:56)(cid:39)(cid:44)(cid:55)(cid:50)(cid:53)(cid:183)(cid:54)(cid:3)(cid:44)(cid:49)(cid:39)(cid:40)(cid:51)(cid:40)(cid:49)(cid:39)(cid:40)(cid:49)(cid:38)(cid:40)(cid:3)(cid:39)(cid:40)(cid:38)(cid:47)(cid:36)(cid:53)(cid:36)(cid:55)(cid:44)(cid:50)(cid:49)(cid:3)
(cid:3)
(cid:55)(cid:50)(cid:3)(cid:55)(cid:43)(cid:40)(cid:3)(cid:39)(cid:44)(cid:53)(cid:40)(cid:38)(cid:55)(cid:50)(cid:53)(cid:54)(cid:3)(cid:50)(cid:41)(cid:3)(cid:38)(cid:47)(cid:40)(cid:36)(cid:49)(cid:3)(cid:54)(cid:40)(cid:36)(cid:54)(cid:3)(cid:55)(cid:56)(cid:49)(cid:36)(cid:3)(cid:47)(cid:44)(cid:48)(cid:44)(cid:55)(cid:40)(cid:39)(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:44)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:22)(cid:19)(cid:26)(cid:38)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:36)(cid:70)(cid:87)(cid:3)(cid:21)(cid:19)(cid:19)(cid:20)(cid:15)(cid:3)(cid:68)(cid:86)(cid:3)(cid:79)(cid:72)(cid:68)(cid:71)(cid:3)
(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:38)(cid:79)(cid:72)(cid:68)(cid:81)(cid:3)(cid:54)(cid:72)(cid:68)(cid:86)(cid:3)(cid:55)(cid:88)(cid:81)(cid:68)(cid:3)(cid:47)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:72)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:20)(cid:25)(cid:15)(cid:3)(cid:44)(cid:3)(cid:71)(cid:72)(cid:70)(cid:79)(cid:68)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:15)(cid:3)
(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:72)(cid:86)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:80)(cid:92)(cid:3)(cid:78)(cid:81)(cid:82)(cid:90)(cid:79)(cid:72)(cid:71)(cid:74)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:73)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:69)(cid:72)(cid:72)(cid:81)(cid:29)(cid:3)
(cid:36)(cid:56)(cid:39)(cid:44)(cid:55)(cid:50)(cid:53)(cid:183)(cid:54)(cid:3)(cid:44)(cid:49)(cid:39)(cid:40)(cid:51)(cid:40)(cid:49)(cid:39)(cid:40)(cid:49)(cid:38)(cid:40)(cid:3)(cid:39)(cid:40)(cid:38)(cid:47)(cid:36)(cid:53)(cid:36)(cid:55)(cid:44)(cid:50)(cid:49)(cid:3)
(cid:55)(cid:50)(cid:3)(cid:55)(cid:43)(cid:40)(cid:3)(cid:39)(cid:44)(cid:53)(cid:40)(cid:38)(cid:55)(cid:50)(cid:53)(cid:54)(cid:3)(cid:50)(cid:41)(cid:3)(cid:38)(cid:47)(cid:40)(cid:36)(cid:49)(cid:3)(cid:54)(cid:40)(cid:36)(cid:54)(cid:3)(cid:55)(cid:56)(cid:49)(cid:36)(cid:3)(cid:47)(cid:44)(cid:48)(cid:44)(cid:55)(cid:40)(cid:39)(cid:3)
(cid:68)
(cid:3)
(cid:44)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:22)(cid:19)(cid:26)(cid:38)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:36)(cid:70)(cid:87)(cid:3)(cid:21)(cid:19)(cid:19)(cid:20)(cid:15)(cid:3)(cid:68)(cid:86)(cid:3)(cid:79)(cid:72)(cid:68)(cid:71)(cid:3)
(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:38)(cid:79)(cid:72)(cid:68)(cid:81)(cid:3)(cid:54)(cid:72)(cid:68)(cid:86)(cid:3)(cid:55)(cid:88)(cid:81)(cid:68)(cid:3)(cid:47)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:72)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:20)(cid:25)(cid:15)(cid:3)(cid:44)(cid:3)(cid:71)(cid:72)(cid:70)(cid:79)(cid:68)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:15)(cid:3)
(cid:69)
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(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:72)(cid:86)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:80)(cid:92)(cid:3)(cid:78)(cid:81)(cid:82)(cid:90)(cid:79)(cid:72)(cid:71)(cid:74)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:73)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:69)(cid:72)(cid:72)(cid:81)(cid:29)(cid:3)
(cid:81)(cid:82)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:89)(cid:72)(cid:81)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:3)(cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:36)(cid:70)(cid:87)(cid:3)(cid:21)(cid:19)(cid:19)(cid:20)(cid:3)
(cid:76)(cid:81)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:30)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:68)
(cid:3)
(cid:81)(cid:82)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:89)(cid:72)(cid:81)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:3)(cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:36)(cid:70)(cid:87)(cid:3)(cid:21)(cid:19)(cid:19)(cid:20)(cid:3)
(cid:76)(cid:81)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:30)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:42)(cid:53)(cid:36)(cid:49)(cid:55)(cid:3)(cid:55)(cid:43)(cid:50)(cid:53)(cid:49)(cid:55)(cid:50)(cid:49)(cid:3)(cid:36)(cid:56)(cid:39)(cid:44)(cid:55)(cid:3)(cid:51)(cid:55)(cid:60)(cid:3)(cid:47)(cid:55)(cid:39)(cid:3)
(cid:38)(cid:75)(cid:68)(cid:85)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:68)(cid:81)(cid:87)(cid:86)(cid:3)
(cid:69)
(cid:81)(cid:82)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:89)(cid:72)(cid:81)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:81)(cid:92)(cid:3)(cid:68)(cid:83)(cid:83)(cid:79)(cid:76)(cid:70)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:70)(cid:82)(cid:71)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:83)(cid:85)(cid:82)(cid:73)(cid:72)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:70)(cid:82)(cid:81)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:17)(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:42)(cid:53)(cid:36)(cid:49)(cid:55)(cid:3)(cid:55)(cid:43)(cid:50)(cid:53)(cid:49)(cid:55)(cid:50)(cid:49)(cid:3)(cid:36)(cid:56)(cid:39)(cid:44)(cid:55)(cid:3)(cid:51)(cid:55)(cid:60)(cid:3)(cid:47)(cid:55)(cid:39)(cid:3)
(cid:38)(cid:75)(cid:68)(cid:85)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:68)(cid:81)(cid:87)(cid:86)(cid:3)
(cid:45)(cid:3)(cid:47)(cid:3)(cid:43)(cid:88)(cid:80)(cid:83)(cid:75)(cid:85)(cid:72)(cid:92)(cid:3)
(cid:51)(cid:68)(cid:85)(cid:87)(cid:81)(cid:72)(cid:85)(cid:3)(cid:178)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:9)(cid:3)(cid:36)(cid:86)(cid:86)(cid:88)(cid:85)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:3)
(cid:3)
(cid:36)(cid:71)(cid:72)(cid:79)(cid:68)(cid:76)(cid:71)(cid:72)(cid:15)(cid:3)(cid:22)(cid:20)(cid:3)(cid:36)(cid:88)(cid:74)(cid:88)(cid:86)(cid:87)(cid:3)(cid:21)(cid:19)(cid:20)(cid:25)
(cid:3)
(cid:3)
(cid:45)(cid:3)(cid:47)(cid:3)(cid:43)(cid:88)(cid:80)(cid:83)(cid:75)(cid:85)(cid:72)(cid:92)(cid:3)
(cid:51)(cid:68)(cid:85)(cid:87)(cid:81)(cid:72)(cid:85)(cid:3)(cid:178)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:9)(cid:3)(cid:36)(cid:86)(cid:86)(cid:88)(cid:85)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:3)
(cid:3)
(cid:36)(cid:71)(cid:72)(cid:79)(cid:68)(cid:76)(cid:71)(cid:72)(cid:15)(cid:3)(cid:22)(cid:20)(cid:3)(cid:36)(cid:88)(cid:74)(cid:88)(cid:86)(cid:87)(cid:3)(cid:21)(cid:19)(cid:20)(cid:25)
(cid:3)
Grant Thornton Audit Pty Ltd ACN 130 913 594
(cid:3)
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context
requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal
entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s
acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities.
GTIL is not an Australian related entity to Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme
Grant Thornton Audit Pty Ltd ACN 130 913 594
applies.
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context
requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal
entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s
acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities.
GTIL is not an Australian related entity to Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme
applies.
33 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
18
Corporate Governance Statement
Corporate Governance Statement
Corporate Governance Statement | Clean Seas Tuna Limited
The Board is committed to achieving and demonstrating the highest standards of corporate
governance. As such, Clean Seas Tuna Limited and its Controlled Entity (‘the Group’) have
adopted the third edition of the Corporate Governance Principles and Recommendations which was released
by the ASX Corporate Governance Council on 27 March 2014 and became effective for financial
years beginning on or after 1 July 2014.
The Group’s Corporate Governance Statement for the financial year ending 30 June 2016 is dated
as at 30 June 2016 and was approved by the Board on 31 August 2016. The Corporate Governance
Statement is available on Clean Seas’ website at www.cleanseas.com.au/main/investor-
information/corporate-governance.
| 34
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
20
Clean Seas Tuna Limited | Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Profit or Loss and
Consolidated Statement of Profit or Loss
Other Comprehensive Income
and Other Comprehensive Income
(cid:14)or the (cid:44)ear ended (cid:7)(cid:4) (cid:17)une (cid:6)(cid:4)(cid:5)(cid:8)
Revenue
(cid:34)ther income
(cid:33)et gain arising from changes in fair value of (cid:40)ellowtail (cid:30)ingfish
Fish husbandry expense
(cid:25)mployee benefits expense
Fish processing and selling expense
Cost of goods sold – Fro(cid:64)en inventory
(cid:39)rite-down to net realisable value - Fro(cid:64)en inventory
Depreciation and amortisation expense
(cid:34)ther expenses
Profit (cid:8) (Loss) (cid:38)efore finance items and tax
Finance costs
Finance income
Profit (cid:8) (Loss) (cid:38)efore tax
(cid:29)ncome tax benefit (cid:9) (expense)
Profit (cid:8) (Loss) for the year from continuing operations
Other comprehensive income for the year, net of tax
Total comprehensive income (cid:8) (loss) for the year
(cid:30)otes
6
(cid:17)
1(cid:14)
21(cid:8)1
1(cid:15)
8
8
(cid:19)
2016
$’000
30,089
4(cid:16)3
1,986
(20,894)
(6,293)
((cid:16),026)
(2,148)
(1,24(cid:16))
(1,821)
(2,959)
(9,840)
(95)
(cid:16)
(9,928)
946
(8,982)
-
(8,982)
201(cid:15)
(cid:2)(cid:66)000
18,(cid:14)81
1,(cid:15)36
11,3(cid:17)8
(1(cid:17),3(cid:17)2)
((cid:15),(cid:17)(cid:14)(cid:15))
(3,8(cid:17)0)
(102)
((cid:14)8)
(1,(cid:17)0(cid:15))
(1,62(cid:19))
(cid:19)2(cid:14)
((cid:17))
116
1,033
3,0(cid:17)(cid:15)
(cid:14),108
-
(cid:14),108
Profit for the year and total comprehensive income for the year
are attributable to owners of the parent(cid:8)
(8,982)
(cid:14),108
(cid:23)arnings per share from continuing operations(cid:19)
Basic earnings per share (cents per share)
Diluted earnings per share (cents per share)
23(cid:8)1
23(cid:8)1
(0(cid:7)81)
(0(cid:7)81)
0(cid:8)3(cid:17)
0(cid:8)3(cid:17)
Note: This statement should be read in conjunction with the notes to the financial statements.
35 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Consolidated Statement of Financial Position | Clean Seas Tuna Limited
21
Consolidated Statement of
Consolidated Statement of Financial Position
Financial Position
As at 30 June 2016
Assets
Current
Cash and cash equivalents
Trade and other receivables
Inventories
Prepayments
Biological assets
Current assets
Non-current
Property, plant and equipment
Biological assets
Intangible assets
Non-current assets
TOTAL ASSETS
Liabilities
Current
Trade and other payables
Borrowings
Provisions
Current liabilities
Non-current
Borrowings
Provisions
Non-current liabilities
TOTAL LIABILITIES
Net assets
Notes
2016
$’000
2015
$’000
10
11
13
14
15
16
17
18
19
20
19
20
598
3,699
4,088
188
25,036
33,609
13,003
244
3,027
16,274
49,883
3,101
3,063
545
6,709
68
189
257
6,966
42,917
1,513
6,240
2,451
209
27,598
38,011
13,262
244
3,027
16,533
54,544
1,791
166
556
2,513
84
48
132
2,645
51,899
Equity
Equity attributable to owners of the Parent:
•
•
share capital
retained earnings
Total equity
22
157,736
157,736
(114,819)
(105,837)
42,917
51,899
Note: This statement should be read in conjunction with the notes to the financial statements.
| 36
Clean Seas Tuna Limited – Consolidated Financial Statements
Clean Seas Tuna Limited | Consolidated Statement of Changes in Equity
For the year ended 30 June 2016
22
Consolidated Statement of
Consolidated Statement of Changes in Equity
Changes in Equity
For the year ended 30 June 2016
Balance at 1 July 2014
Transfer – expired options
Profit for the year
Other comprehensive income
Balance at 30 June 2015
Loss for the year
Other comprehensive income
Balance at 30 June 2016
Notes
Share
capital
$’000
157,736
-
-
-
157,736
-
-
157,736
Share option
reserve
$’000
1,054
(1,054)
-
-
-
-
-
-
Retained
earnings
$’000
(110,999)
1,054
4,108
-
(105,837)
(8,982)
-
(114,819)
Total
equity
$’000
47,791
-
4,108
-
51,899
(8,982)
-
42,917
Note: This statement should be read in conjunction with the notes to the financial statements.
37 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Consolidated Statement of Cash Flows | Clean Seas Tuna Limited
23
Consolidated Statement of
Consolidated Statement of Cash Flows
Cash Flows
For the year ended 30 June 2016
Operating activities
Receipts from customers
Payments to suppliers excluding feed
Payments for feed
Payments to employees
R&D tax incentive refund
Net cash used in operating activities
24
Investing activities
Purchase of property, plant and equipment
Proceeds from disposals of property, plant and equipment
Interest received
Net cash used in investing activities
Financing activities
Proceeds from borrowings
Repayment of borrowings
Interest paid
Net cash from financing activities
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
8
10
Note: This statement should be read in conjunction with the notes to the financial statements.
Notes
2016
$’000
2015
$’000
26,674
(14,405)
(14,521)
(6,133)
6,031
(2,354)
17,665
(10,316)
(13,054)
(5,545)
4,167
(7,083)
(1,391)
(1,585)
-
7
6
116
(1,384)
(1,463)
8,580
(5,669)
(88)
2,823
(915)
1,513
598
455
(314)
(7)
134
(8,412)
9,925
1,513
| 38
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
24
Notes to the Consolidated
Notes to the Consolidated Financial
Financial Statements
Statements
(cid:26)ature o(cid:37) o(cid:46)erat(cid:40)on(cid:49)
1
Clean Seas Tuna Limited and its subsidiary’s (‘the Group’) principal activities include finfish sales
and tuna operations. These activities comprise the following:
• Finfish sales – The propagation, growout and sale of Yellowtail Kingfish; and
• Tuna operations – Research and development activities to produce juveniles of Southern
Bluefin Tuna
(cid:22)enera(cid:42) (cid:40)n(cid:37)or(cid:43)at(cid:40)on and (cid:49)tate(cid:43)ent o(cid:37) (cid:34)o(cid:43)(cid:46)(cid:42)(cid:40)an(cid:34)e
2
The consolidated general purpose financial statements of the Group have been prepared in
accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and
other authoritative pronouncements of the Australian Accounting Standards Board (‘AASB’).
Compliance with Australian Accounting Standards results in full compliance with the International
Financial Reporting Standards (‘IFRS’) as issued by the International Accounting Standards Board
(‘IASB’). Clean Seas Tuna Limited is a for-profit entity for the purpose of preparing the financial
statements.
Clean Seas Tuna Limited is the Group’s Ultimate Parent Company and is an ASX listed Public
Company (ASX: CSS) incorporated and domiciled in Australia. The address of its registered office
and its principal place of business is 7 North Quay Boulevard, Port Lincoln South Australia 5606
Australia.
The consolidated financial statements for the year ended 30 June 2016 were approved and
authorised for issue by the Board of Directors on 31 August 2016.
3
(cid:19)han(cid:38)e(cid:49) (cid:40)n a(cid:34)(cid:34)ount(cid:40)n(cid:38) (cid:46)o(cid:42)(cid:40)(cid:34)(cid:40)e(cid:49)
3(cid:6)1 (cid:26)e(cid:53) and re(cid:52)(cid:40)(cid:49)ed (cid:49)tandard(cid:49) that are e(cid:37)(cid:37)e(cid:34)t(cid:40)(cid:52)e (cid:37)or the(cid:49)e (cid:37)(cid:40)nan(cid:34)(cid:40)a(cid:42) (cid:49)tate(cid:43)ent(cid:49)
A number of new and revised standards became effective for the first time to annual periods
beginning on or after 1 July 2015. Information on the more significant standard(s) is presented
below.
(cid:21)(cid:21)(cid:35)(cid:22) 2015(cid:8)4 Amendments to Australian Accounting Standards – Financial Reporting Requirements
for Australian Groups with a Foreign Parent
AASB 2015-4 amends AASB 128 Investments in Associates and Joint Ventures to ensure that its reporting
requirements on Australian groups with a foreign parent align with those currently available in
AASB 10 Consolidated Financial Statements for such groups. AASB 128 will now only require the
ultimate Australian entity to apply the equity method in accounting for interests in associates and
joint ventures, if either the entity or the group is a reporting entity, or both the entity and group are
reporting entities.
39 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
25
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
AASB 2015-4 is applicable to annual reporting periods beginning on or after 1 July 2015.
The adoption of this amendment has not had a material impact on the Group.
3(cid:6)2 (cid:17)(cid:34)(cid:34)ount(cid:40)n(cid:38) (cid:30)tandard(cid:49) (cid:40)(cid:49)(cid:49)ued (cid:33)ut not yet e(cid:37)(cid:37)e(cid:34)t(cid:40)(cid:52)e and not (cid:33)e(cid:40)n(cid:38) ado(cid:46)ted
ear(cid:42)y (cid:33)y the (cid:22)rou(cid:46)
The accounting standards that have not been early adopted for the year ended 30 June 2016, but will
be applicable to the Group in future reporting periods, are detailed below. Apart from these
standards, other accounting standards that will be applicable in future periods have been reviewed,
however they have been considered to be insignificant to the Group.
At the date of authorisation of these financial statements, certain new standards, amendments and
interpretations to existing standards have been published but are not yet effective, and have not
been adopted early by the Group. Management anticipates that all of the relevant pronouncements
will be adopted in the Group's accounting policies for the first period beginning after the effective
date of the pronouncement. Information on new standards, amendments and interpretations that
are expected to be relevant to the group’s financial statements is provided below.
AASB 139 Financial Instruments: Recognition and Measurement (1 January 2018)
AASB 9 introduces new requirements for the classification and measurement of financial assets and
liabilities and includes a forward-looking ‘expected loss’ impairment model and a substantially-
changed approach to hedge accounting.
These requirements improve and simplify the approach for classification and measurement of
financial assets compared with the requirements of AASB 139. The main changes are:
a Financial assets that are debt instruments will be classified based on: (i) the objective of the
entity’s business model for managing the financial assets; and (ii) the characteristics of the
contractual cash flows.
b Allows an irrevocable election on initial recognition to present gains and losses on investments in
equity instruments that are not held for trading in other comprehensive income (instead of in
profit or loss). Dividends in respect of these investments that are a return on investment can be
recognised in profit or loss and there is no impairment or recycling on disposal of the instrument.
c Introduces a ‘fair value through other comprehensive income’ measurement category for
particular simple debt instruments.
d Financial assets can be designated and measured at fair value through profit or loss at initial
recognition if doing so eliminates or significantly reduces a measurement or recognition
inconsistency that would arise from measuring assets or liabilities, or recognising the gains and
losses on them, on different bases.
e Where the fair value option is used for financial liabilities the change in fair value is to be
accounted for as follows:
• the change attributable to changes in credit risk are presented in Other Comprehensive Income
(OCI)
• the remaining change is presented in profit or loss
If this approach creates or enlarges an accounting mismatch in the profit or loss, the effect of the
changes in credit risk are also presented in profit or loss. Otherwise, the following requirements
have generally been carried forward unchanged from AASB 139 into AASB 9:
• classification and measurement of financial liabilities; and
• derecognition requirements for financial assets and liabilities
| 40
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
26
AASB 9 requirements regarding hedge accounting represent a substantial overhaul of hedge
accounting that enable entities to better reflect their risk management activities in the financial
statements.
Furthermore, AASB 9 introduces a new impairment model based on expected credit losses. This
model makes use of more forward-looking information and applies to all financial instruments that
are subject to impairment accounting.
The entity is yet to undertake a detailed assessment of the impact of AASB 9.
AASB 1057 Application of Australian Accounting Standards (1 January 2016)
In May 2015, the AASB decided to revise Australian Accounting Standards that incorporate IFRSs
to minimise Australian-specific wording even further. The AASB noted that IFRSs do not contain
application paragraphs that identify the entities and financial reports to which the Standards (and
Interpretations) apply. As a result, the AASB decided to move the application paragraphs
previously contained in each Australian Accounting Standard (or Interpretation), unchanged, into a
new Standard AASB 1057 Application of Australian Accounting Standards.
When this Standard is first adopted for the year ending 30 June 2017, there will be no impact on the
financial statements.
AASB 15 Revenue from Contracts with Customers (1 January 2018)
AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15 (1
January 2018)
AASB 2015-8 Amendments to Australian Accounting Standards – Effective Date of AASB 15
(1 January 2017)
AASB 15:
• replaces AASB 118 Revenue, AASB 111 Construction Contracts and some revenue-related
Interpretations:
− establishes a new revenue recognition model
− changes the basis for deciding whether revenue is to be recognised over time or at a point in
time
− provides new and more detailed guidance on specific topics (e.g. multiple element
arrangements, variable pricing, rights of return, warranties and licensing)
− expands and improves disclosures about revenue
In May 2015, the AASB issued ED 260 Income of Not-for-Profit Entities, proposing to replace the
income recognition requirements of AASB 1004 Contributions and provide guidance to assist not-
for-profit entities to apply the principles of AASB 15. The ED was open for comment until 14
August 2015 and the AASB is currently in the process of redeliberating its proposals with the aim of
releasing the final amendments in late 2016.
AASB 2014-5 incorporates the consequential amendments arising from the issuance of AASB 15.
AASB 2015-8 amends the mandatory application date of AASB 15 Revenue from Contracts with
Customers so that AASB 15 is required to be applied for annual reporting periods beginning on or
after 1 January 2018 instead of 1 January 2017. It also defers the consequential amendments that
were originally set out in AASB 2014-5 Amendments to Australian Accounting Standards arising from
AASB 15.
The entity is yet to undertake a detailed assessment of the impact of AASB 15. However, based on
the entity’s preliminary assessment, the Standard is not expected to have a material impact on the
transactions and balances recognised in the financial statements when it is first adopted for the year
ending 30 June 2019.
41 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
27
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
AASB 16 Leases (1 January 2019)
AASB 16:
• replaces AASB 117 Leases and some lease-related Interpretations
• requires all leases to be accounted for ‘on-balance sheet’ by lessees, other than short-term and low
value asset leases
• provides new guidance on the application of the definition of lease and on sale and lease back
accounting
• largely retains the existing lessor accounting requirements in AASB 117
• requires new and different disclosures about leases
The entity is yet to undertake a detailed assessment of the impact of AASB 16. However, based on
the entity’s preliminary assessment, the likely impact on the first time adoption of the Standard for
the year ending 30 June 2020 includes:
• there will be a significant increase in lease assets and financial liabilities recognised on the balance
sheet
• the reported equity will reduce as the carrying amount of lease assets will reduce more quickly
than the carrying amount of lease liabilities
• EBIT in the statement of profit or loss and other comprehensive income will be higher as the
implicit interest in lease payments for former off balance sheet leases will be presented as part of
finance costs rather than being included in operating expenses
• operating cash outflows will be lower and financing cash flows will be higher in the statement of
cash flows as principal repayments on all lease liabilities will now be included in financing
activities rather than operating activities. Interest can also be included within financing activities.
AASB 2014-4 Amendments to Australian Accounting Standards – Clarification of Acceptable
Methods of Depreciation and Amortisation (1 January 2016)
The amendments to AASB 116 prohibit the use of a revenue-based depreciation method for
property, plant and equipment. Additionally, the amendments provide guidance in the application
of the diminishing balance method for property, plant and equipment.
The amendments to AASB 138 present a rebuttable presumption that a revenue-based amortisation
method for intangible assets is inappropriate. This rebuttable presumption can be overcome (i.e. a
revenue-based amortisation method might be appropriate) only in two (2) limited circumstances:
1
The intangible asset is expressed as a measure of revenue, for example when the
predominant limiting factor inherent in an intangible asset is the achievement of a revenue threshold
(for instance, the right to operate a toll road could be based on a fixed total amount of revenue to be
generated from cumulative tolls charged); or
2
of the intangible asset are highly correlated.
When these amendments are first adopted for the year ending 30 June 2017, there will be no
material impact on the transactions and balances recognised in the financial statements.
When it can be demonstrated that revenue and the consumption of the economic benefits
AASB 2015-1 Amendments to Australian Accounting Standards – Annual Improvements to
Australian Accounting Standards 2012-2014 Cycle (1 January 2016)
These amendments arise from the issuance of Annual Improvements to IFRSs 2012-2014 Cycle in
September 2014 by the IASB. Among other improvements, the amendments clarify that when an
entity reclassifies an asset (or disposal group) directly from being held for sale to being held for
distribution (or vice-versa), the accounting guidance in paragraphs 27-29 of AASB 5 Non-current
Assets Held for Sale and Discontinued Operations does not apply. The amendments also state that
when an entity determines that the asset (or disposal group) is no longer available for immediate
distribution or that the distribution is no longer highly probable, it should cease held-for-
distribution accounting and apply the guidance in paragraphs 27-29 of AASB 5.
| 42
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
28
When these amendments are first adopted for the year ending 30 June 2017, there will be no
material impact on the financial statements.
AASB 2015-2 Amendments to Australian Accounting Standards – Disclosure Initiative:
Amendments to AASB 101 (1 January 2016)
The Standard makes amendments to AASB 101 Presentation of Financial Statements arising from
the IASB’s Disclosure Initiative project.
The amendments:
• clarify the materiality requirements in AASB 101, including an emphasis on the potentially
detrimental effect of obscuring useful information with immaterial information
• clarify that AASB 101’s specified line items in the statement(s) of profit or loss and other
comprehensive income and the statement of financial position can be disaggregated
• add requirements for how an entity should present subtotals in the statement(s) of profit and loss
and other comprehensive income and the statement of financial position
• clarify that entities have flexibility as to the order in which they present the notes, but also
emphasise that understandability and comparability should be considered by an entity when
deciding that order
• remove potentially unhelpful guidance in AASB 101 for identifying a significant accounting policy
When these amendments are first adopted for the year ending 30 June 2017, there will be no
material impact on the financial statements.
AASB 2016-2 Amendments to Australian Accounting Standards – Disclosure Initiative:
Amendments to AASB 107 (1 January 2017)
AASB 2016-2 amends AASB 107 Statement of Cash Flows to require entities preparing financial
statements in accordance with Tier 1 reporting requirements to provide disclosures that enable users
of financial statements to evaluate changes in liabilities arising from financing activities, including
both changes arising from cash flows and non-cash changes.
When these amendments are first adopted for the year ending 30 June 2018, there will be no
material impact on the financial statements.
(cid:30)u(cid:43)(cid:43)ary o(cid:37) a(cid:34)(cid:34)ount(cid:40)n(cid:38) (cid:46)o(cid:42)(cid:40)(cid:34)(cid:40)e(cid:49)
(cid:11)
(cid:11)(cid:6)1 (cid:27)(cid:52)era(cid:42)(cid:42) (cid:34)on(cid:49)(cid:40)derat(cid:40)on(cid:49)
The consolidated financial statements have been prepared using the significant accounting policies
and measurement bases summarised below.
(cid:11)(cid:6)2 (cid:18)a(cid:49)(cid:40)(cid:49) o(cid:37) (cid:34)on(cid:49)o(cid:42)(cid:40)dat(cid:40)on
The Group financial statements consolidate those of the Parent Company and its subsidiary as of 30
June 2016. The Parent controls a subsidiary if it is exposed, or has rights, to variable returns from
its involvement with the subsidiary and has the ability to affect those returns through its power over
the subsidiary. All subsidiaries have a reporting date of 30 June.
All transactions and balances between Group companies are eliminated on consolidation, including
unrealised gains and losses on transactions between Group companies. Where unrealised losses on
intra-group asset sales are reversed on consolidation, the underlying asset is also tested for
impairment from a group perspective. Amounts reported in the financial statements of subsidiaries
43 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
29
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
have been adjusted where necessary to ensure consistency with the accounting policies adopted by
the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the
year are recognised from the effective date of acquisition, or up to the effective date of disposal, as
applicable.
(cid:11)(cid:6)3 (cid:18)u(cid:49)(cid:40)ne(cid:49)(cid:49) (cid:34)o(cid:43)(cid:33)(cid:40)nat(cid:40)on
The Group applies the acquisition method in accounting for business combinations. The
consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of
the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued
by the Group, which includes the fair value of any asset or liability arising from a contingent
consideration arrangement. Acquisition costs are expensed as incurred.
The Group recognises identifiable assets acquired and liabilities assumed in a business combination
regardless of whether they have been previously recognised in the acquiree’s financial statements
prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their
acquisition-date fair values.
Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the
excess of the sum of: (a) fair value of consideration transferred, (b) the recognised amount of any
non-controlling interest in the acquire, and (c) acquisition-date fair value of any existing equity
interest in the acquiree, over the acquisition-date fair values of identifiable net assets. If the fair
values of identifiable net assets exceed the sum calculated above, the excess amount (ie gain on a
bargain purchase) is recognised in profit or loss immediately.
(cid:11)(cid:6)(cid:11) Fore(cid:40)(cid:38)n (cid:34)urren(cid:34)y tran(cid:49)(cid:42)at(cid:40)on
(cid:26)unctional and presentation currency
The consolidated financial statements are presented in Australian Dollars (‘$AUD’), which is also
the functional currency of the Parent Company.
(cid:26)oreign currency transactions and balances
Foreign currency transactions are translated into the functional currency of the respective Group
entity, using the exchange rates prevailing at the dates of the transactions (spot exchange rate).
Foreign exchange gains and losses resulting from the settlement of such transactions and from the
re-measurement of monetary items at year end exchange rates are recognised in profit or loss.
Non-monetary items are not retranslated at year-end and are measured at historical cost (translated
using the exchange rates at the date of the transaction), except for non-monetary items measured at
fair value which are translated using the exchange rates at the date when fair value was determined.
(cid:11)(cid:6)(cid:12) (cid:30)e(cid:38)(cid:43)ent re(cid:46)ort(cid:40)n(cid:38)
The Group has identified its operating segments based on the internal reports that are reviewed and
used by the Board of Directors in assessing performance and determining the allocation of
resources. The Group’s two operating segments are:
• Finfish Sales: All finfish grow out and sales other than propagated Southern Bluefin Tuna.
Currently the segment includes Yellowtail Kingfish, Mulloway and some wild caught Tuna.
All fish produced are aggregated as one reportable segment as the fish are similar in nature,
| 44
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
30
they are grown and distributed to similar types of customers and they are subject to a
similar regulatory environment.
• Tuna Operations: Propagated Southern Bluefin Tuna operations are treated as a separate
segment. All costs associated with the breeding, grow out and sales of SBT are aggregated
into one reportable segment. This segment is currently scaled back apart from some
strategic research projects.
Each of these operating segments is managed separately as they require different technologies,
resources and capabilities and are at a different stage of development. All inter-segment transfers
are carried out at arm's length prices.
The measurement policies the Group uses for segment reporting under AASB 8 are the same as
those used in its financial statements.
Corporate assets which are not directly attributable to the business activities of any operating
segment are not allocated to a segment.
There have been no changes from prior periods in the measurement methods used to determine
reported segment profit or loss.
(cid:11)(cid:6)6 (cid:29)e(cid:52)enue
Revenue arises from the sale of goods and the rendering of services. It is measured by reference to
the fair value of consideration received or receivable, excluding sales taxes, rebates, and trade
discounts.
(cid:35)ale of goods
Sale of goods is recognised when the Group has transferred to the buyer the significant risks and
rewards of ownership.
Rendering of services
Revenue from the rendering of a service is recognised upon the delivery of the service to the
customers.
Interest and dividend income
Interest income and expenses are reported on an accrual basis using the effective interest method.
(cid:11)(cid:6)(cid:14) (cid:27)(cid:46)erat(cid:40)n(cid:38) e(cid:54)(cid:46)en(cid:49)e(cid:49)
Operating expenses are recognised in profit or loss upon utilisation of the service or at the date of
their origin.
(cid:11)(cid:6)(cid:15) (cid:18)orro(cid:53)(cid:40)n(cid:38) (cid:34)o(cid:49)t(cid:49)
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying
asset are capitalised during the period of time that is necessary to complete and prepare the asset for
its intended use or sale. Other borrowing costs are expensed in the period in which they are
incurred and reported in finance costs (see Note 8).
45 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
31
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
(cid:23)ntan(cid:38)(cid:40)(cid:33)(cid:42)e a(cid:49)(cid:49)et(cid:49)
(cid:11)(cid:6)(cid:16)
Recognition of intangible assets
Acquired intangi(cid:16)le assets
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and
install the specific software. Acquired fish quotas and water leases and licences are capitalised on
the basis of costs incurred to acquire. Brand names and customer lists acquired in a business
combination that qualify for separate recognition are recognised as intangible assets at their fair
values (see Note 4.3).
(cid:35)ubsequent measurement
All intangible assets are accounted for using the cost model whereby capitalised costs are amortised
on a straight-line basis over their estimated useful lives, where these assets are considered finite.
Residual values and useful lives are reviewed at each reporting date. In addition, they are subject to
impairment testing as described in Note 4.12.
The following useful lives are applied:
•
•
Primary Industries and Regions South Australia (PIRSA) water leases and licences: indefinite
Southern Bluefin Tuna quota: indefinite
When an intangible asset is disposed of, the gain or loss on disposal is determined as the difference
between the proceeds and the carrying amount of the asset, and is recognised in profit or loss within
other income or other expenses.
(cid:11)(cid:6)10 (cid:28)ro(cid:46)erty(cid:4) (cid:46)(cid:42)ant and e(cid:47)u(cid:40)(cid:46)(cid:43)ent
(cid:29)and and buildings
Freehold land and buildings are recognised at their cost less accumulated depreciation and
impairment losses.
As no finite useful life for land can be determined, related carrying amounts are not depreciated.
Plant and equipment
Plant and equipment is initially recognised at acquisition cost or manufacturing cost, including any
costs directly attributable to bringing the assets to the location and condition necessary for it to be
capable of operating in the manner intended by the Group’s management. Plant and equipment
also includes leasehold property held under a finance lease (see Note 4.11). These assets are
subsequently measured using the cost model, being cost less subsequent depreciation and
impairment losses.
Depreciation is recognised on a straight-line basis to write down the cost less estimated residual
value of buildings, plant and equipment. The following depreciation rates are applied:
buildings: 2.5% - 5%
vessels: 5% – 7.5%
cages and nets: 10% - 33%
•
•
•
• motor vehicles: 12.5% - 15%
•
computers: 25% - 33%
•
other plant and equipment: 5% - 33%
| 46
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
32
In the case of leasehold property, expected useful lives are determined by reference to comparable
owned assets or over the term of the lease, if shorter.
Material residual value estimates and estimates of useful life are updated as required, but at least
annually.
Gains or losses arising on the disposal of property, plant and equipment are determined as the
difference between the disposal proceeds and the carrying amount of the assets and are recognised
in profit or loss within other income or other expenses.
(cid:11)(cid:6)11 (cid:25)ea(cid:49)ed a(cid:49)(cid:49)et(cid:49)
(cid:26)inance leases
The economic ownership of a leased asset is transferred to the lessee if the lessee bears substantially
all the risks and rewards of ownership of the leased asset. Where the Group is a lessee in this type
of arrangement, the related asset is recognised at the inception of the lease at the fair value of the
leased asset or, if lower, the present value of the lease payments plus incidental payments, if any. A
corresponding amount is recognised as a finance lease liability. Leases of land and buildings are
classified separately and are split into a land and a building element, in accordance with the relative
fair values of the leasehold interests at the date the asset is recognised initially.
See Note 4.10 for the depreciation methods and useful lives for assets held under finance lease. The
corresponding finance lease liability is reduced by lease payments net of finance charges. The
interest element of lease payments represents a constant proportion of the outstanding capital
balance and is charged to profit or loss, as finance costs over the period of the lease.
(cid:32)perating leases
All other leases are treated as operating leases. Where the Group is a lessee, payments on operating
lease agreements are recognised as an expense on a straight-line basis over the lease term.
Associated costs, such as maintenance and insurance, are expensed as incurred.
(cid:11)(cid:6)12 (cid:23)(cid:43)(cid:46)a(cid:40)r(cid:43)ent te(cid:49)t(cid:40)n(cid:38) o(cid:37) other (cid:40)ntan(cid:38)(cid:40)(cid:33)(cid:42)e a(cid:49)(cid:49)et(cid:49) and (cid:46)ro(cid:46)erty(cid:4) (cid:46)(cid:42)ant and
e(cid:47)u(cid:40)(cid:46)(cid:43)ent
For impairment assessment purposes, assets are grouped at the lowest levels for which there are
largely independent cash inflows (cash-generating units). As a result, some assets are tested
individually for impairment and some are tested at cash-generating unit level. Goodwill is allocated
to those cash-generating units that are expected to benefit from synergies of the related business
combination and represent the lowest level within the Group at which management monitors
goodwill.
Cash-generating units to which goodwill has been allocated (determined by the Group’s
management as equivalent to its operating segments) are tested for impairment at least annually. All
other individual assets or cash-generating units are tested for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset’s or cash-generating unit’s
carrying amount exceeds its recoverable amount, which is the higher of fair value less costs to sell
and value-in-use. To determine the value-in-use, management estimates expected future cash flows
from each cash-generating unit and determines a suitable interest rate in order to calculate the
present value of those cash flows. The data used for impairment testing procedures are directly
47 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
33
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
linked to the Group’s latest approved budget, adjusted as necessary to exclude the effects of future
reorganisations and asset enhancements. Discount factors are determined individually for each
cash-generating unit and reflect management’s assessment of respective risk profiles, such as market
and asset-specific risks factors.
Impairment losses for cash-generating units reduce first the carrying amount of any goodwill
allocated to that cash-generating unit. Any remaining impairment loss is charged pro rata to the
other assets in the cash-generating unit. With the exception of goodwill, all assets are subsequently
reassessed for indications that an impairment loss previously recognised may no longer exist. An
impairment charge is reversed if the cash-generating unit’s recoverable amount exceeds its carrying
amount.
(cid:11)(cid:6)13 F(cid:40)nan(cid:34)(cid:40)a(cid:42) (cid:40)n(cid:49)tru(cid:43)ent(cid:49)
Recognition, Initial (cid:30)easurement and Derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the
contractual provisions of the financial instrument, and are measured initially at fair value adjusted by
transactions costs, except for those carried at fair value through profit or loss, which are measured
initially at fair value. Subsequent measurement of financial assets and financial liabilities are
described below.
Financial assets are derecognised when the contractual rights to the cash flows from the financial
asset expire, or when the financial asset and all substantial risks and rewards are transferred. A
financial liability is derecognised when it is extinguished, discharged, cancelled or expires.
Classification and (cid:35)ubsequent (cid:30)easurement of (cid:26)inancial (cid:21)ssets
For the purpose of subsequent measurement, financial assets other than those designated and
effective as hedging instruments are classified into the following categories upon initial recognition:
loans and receivables
financial assets at Fair Value Through Profit or Loss (‘FVTPL’)
•
•
• Held-To-Maturity (‘HTM’) investments; or
• Available-For-Sale (‘AFS’) financial assets
All financial assets except for those at FVTPL are subject to review for impairment at least at each
reporting date to identify whether there is any objective evidence that a financial asset or a group of
financial assets is impaired. Different criteria to determine impairment are applied for each category
of financial assets, which are described below.
All income and expenses relating to financial assets that are recognised in profit or loss are
presented within finance costs, finance income or other financial items, except for impairment of
trade receivables which is presented within other expenses.
(cid:7)oans and recei(cid:34)a(cid:16)les
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. After initial recognition, these are measured at amortised cost
using the effective interest method, less provision for impairment. Discounting is omitted where
the effect of discounting is immaterial. The Group’s trade and most other receivables fall into this
category of financial instruments.
| 48
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
34
Individually significant receivables are considered for impairment when they are past due or when
other objective evidence is received that a specific counterparty will default. Receivables that are not
considered to be individually impaired are reviewed for impairment in groups, which are determined
by reference to the industry and region of a counterparty and other shared credit risk characteristics.
The impairment loss estimate is then based on recent historical counterparty default rates for each
identified group.
Financial assets at F(cid:14)(cid:12)P(cid:7)
Financial assets at FVTPL include financial assets that are either classified as held for trading or that
meet certain conditions and are designated at FVTPL upon initial recognition. All derivative
financial instruments fall into this category, except for those designated and effective as hedging
instruments, for which the hedge accounting requirements apply (see below).
Assets in this category are measured at fair value with gains or losses recognised in profit or loss.
The fair values of financial assets in this category are determined by reference to active market
transactions or using a valuation technique where no active market exists.
(cid:5)(cid:12)(cid:8) in(cid:34)estments
HTM investments are non-derivative financial assets with fixed or determinable payments and fixed
maturity other than loans and receivables. Investments are classified as HTM if the Group has the
intention and ability to hold them until maturity.
HTM investments are measured subsequently at amortised cost using the effective interest method.
If there is objective evidence that the investment is impaired, determined by reference to external
credit ratings, the financial asset is measured at the present value of estimated future cash flows.
Any changes to the carrying amount of the investment, including impairment losses, are recognised
in profit or loss.
AFS financial assets
AFS financial assets are non-derivative financial assets that are either designated to this category or
do not qualify for inclusion in any of the other categories of financial assets.
All AFS financial assets are measured at fair value. Gains and losses are recognised in other
comprehensive income and reported within the AFS reserve within equity, except for impairment
losses and foreign exchange differences on monetary assets, which are recognised in profit or loss.
When the asset is disposed of or is determined to be impaired the cumulative gain or loss recognised
in other comprehensive income is reclassified from the equity reserve to profit or loss and presented
as a reclassification adjustment within other comprehensive income. Interest calculated using the
effective interest method and dividends are recognised in profit or loss within ‘finance income’ (see
Note 4.6).
Reversals of impairment losses for AFS debt securities are recognised in profit or loss if the reversal
can be objectively related to an event occurring after the impairment loss was recognised. For AFS
equity investments impairment reversals are not recognised in profit loss and any subsequent
increase in fair value is recognised in other comprehensive income.
49 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
35
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
Classification and subsequent measurement of financial liabilities
The Group’s financial liabilities include borrowings, trade and other payables and derivative financial
instruments.
Financial liabilities are measured subsequently at amortised cost using the effective interest method,
except for financial liabilities held for trading or designated at FVTPL, that are carried subsequently
at fair value with gains or losses recognised in profit or loss. All derivative financial instruments that
are not designated and effective as hedging instruments are accounted for at FVTPL.
All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported
in profit or loss are included within finance costs or finance income.
Derivative financial instruments and hedge accounting
Derivative financial instruments are accounted for at FVTPL except for derivatives designated as
hedging instruments in cash flow hedge relationships, which requires a specific accounting
treatment. To qualify for hedge accounting, the hedging relationship must meet several strict
conditions with respect to documentation, probability of occurrence of the hedged transaction and
hedge effectiveness.
For the reporting periods under review, the Group has designated certain forward currency
contracts as hedging instruments in cash flow hedge relationships. These arrangements have been
entered into to mitigate currency exchange risk arising from sales denominated in foreign currency.
All derivative financial instruments used for hedge accounting are recognised initially at fair value
and reported subsequently at fair value in the statement of financial position.
To the extent that the hedge is effective, changes in the fair value of derivatives designated as
hedging instruments in cash flow hedges are recognised in other comprehensive income and
included within the cash flow hedge reserve in equity. Any ineffectiveness in the hedge relationship
is recognised immediately in profit or loss.
At the time the hedged item affects profit or loss, any gain or loss previously recognised in other
comprehensive income is reclassified from equity to profit or loss and presented as a reclassification
adjustment within other comprehensive income. However, if a non-financial asset or liability is
recognised as a result of the hedged transaction, the gains and losses previously recognised in other
comprehensive income are included in the initial measurement of the hedged item.
If a forecast transaction is no longer expected to occur any related gain or loss recognised in other
comprehensive income is transferred immediately to profit or loss. If the hedging relationship
ceases to meet the effectiveness conditions, hedge accounting is discontinued and the related gain or
loss is held in the equity reserve until the forecast transaction occurs.
(cid:11)(cid:6)1(cid:11) (cid:23)n(cid:52)entor(cid:40)e(cid:49)
Inventories are stated at the lower of cost and net realisable value. Cost includes all expenses
directly attributable to the manufacturing process as well as suitable portions of related production
overheads, based on normal operating capacity. Costs of ordinarily interchangeable items are
assigned using the first in, first out cost formula. Net realisable value is the estimated selling price in
the ordinary course of business less any applicable selling expenses.
| 50
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
36
(cid:11)(cid:6)1(cid:12) (cid:23)n(cid:34)o(cid:43)e ta(cid:54)e(cid:49)
Tax expense recognised in profit or loss comprises the sum of deferred tax and current tax not
recognised in other comprehensive income or directly in equity.
Current income tax assets and/or liabilities comprise those obligations to, or claims from, the
Australian Taxation Office (‘ATO’) and other fiscal authorities relating to the current or prior
reporting periods that are unpaid at the reporting date. Current tax is payable on taxable profit,
which differs from profit or loss in the financial statements. Calculation of current tax is based on
tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting
period.
Deferred income taxes are calculated using the liability method on temporary differences between
the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not
provided on the initial recognition of goodwill or on the initial recognition of an asset or liability
unless the related transaction is a business combination or affects tax or accounting profit. Deferred
tax on temporary differences associated with investments in subsidiaries and joint ventures is not
provided if reversal of these temporary differences can be controlled by the Group and it is
probable that reversal will not occur in the foreseeable future.
Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to
apply to their respective period of realisation, provided they are enacted or substantively enacted by
the end of the reporting period.
Deferred tax assets are recognised to the extent that it is probable that they will be able to be utilised
against future taxable income, based on the Group’s forecast of future operating results which is
adjusted for significant non-taxable income and expenses and specific limits to the use of any
unused tax loss or credit. Deferred tax liabilities are always provided for in full. The Group does
not currently recognise deferred tax assets and liabilities due to uncertainty regarding the utilisation
of prior year losses in future years.
Deferred tax assets and liabilities are offset only when the Group has a right and intention to set off
current tax assets and liabilities from the same taxation authority.
Changes in deferred tax assets or liabilities are recognised as a component of tax income or expense
in profit or loss, except where they relate to items that are recognised in other comprehensive
income (such as the revaluation of land) or directly in equity, in which case the related deferred tax
is also recognised in other comprehensive income or equity, respectively.
Clean Seas Tuna Limited and its wholly-owned Australian controlled entity have implemented the
tax consolidation legislation from 1 July 2007. As a consequence, these entities are taxed as a single
entity and the deferred tax assets and liabilities of these entities are set off in the consolidated
financial statements.
(cid:11)(cid:6)16 (cid:19)a(cid:49)h and (cid:34)a(cid:49)h e(cid:47)u(cid:40)(cid:52)a(cid:42)ent(cid:49)
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-
term, highly liquid investments that are readily convertible into known amounts of cash and which
are subject to an insignificant risk of changes in value.
51 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
37
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
(cid:11)(cid:6)1(cid:14) (cid:26)on(cid:5)(cid:34)urrent a(cid:49)(cid:49)et(cid:49) and (cid:42)(cid:40)a(cid:33)(cid:40)(cid:42)(cid:40)t(cid:40)e(cid:49) (cid:34)(cid:42)a(cid:49)(cid:49)(cid:40)(cid:37)(cid:40)ed a(cid:49) he(cid:42)d (cid:37)or (cid:49)a(cid:42)e and
d(cid:40)(cid:49)(cid:34)ont(cid:40)nued o(cid:46)erat(cid:40)on(cid:49)
When the Group intends to sell a non-current asset or a group of assets (a disposal group), and if
sale within twelve (12) months is highly probable, the asset or disposal group is classified as ‘held for
sale’ and presented separately in the statement of financial position. Liabilities are classified as ‘held
for sale’ and presented as such in the statement of financial position if they are directly associated
with a disposal group.
Assets classified as ‘held for sale’ are measured at the lower of their carrying amounts immediately
prior to their classification as held for sale and their fair value less costs to sell. However, some
‘held for sale’ assets such as financial assets or deferred tax assets, continue to be measured in
accordance with the Group's accounting policy for those assets. Once classified as ‘held for sale’,
the assets are not subject to depreciation or amortisation.
Any profit or loss arising from the sale or re-measurement of discontinued operations is presented
as part of a single line item, profit or loss from discontinued operations.
(cid:11)(cid:6)1(cid:15) (cid:20)(cid:47)u(cid:40)ty and re(cid:49)er(cid:52)e(cid:49)
Share capital represents the fair value of shares that have been issued. Any transaction costs
associated with the issuing of shares are deducted from share capital, net of any related income tax
benefits.
Retained earnings include all current and prior period retained profits.
All transactions with owners of the Parent are recorded separately within equity.
(cid:11)(cid:6)1(cid:16) (cid:20)(cid:43)(cid:46)(cid:42)oyee (cid:33)ene(cid:37)(cid:40)t(cid:49)
(cid:35)hort(cid:8)term employee benefits
Short-term employee benefits are benefits, other than termination benefits, that are expected to be
settled wholly within twelve (12) months after the end of the period in which the employees render
the related service. Examples of such benefits include wages and salaries, non-monetary benefits
and annual leave. Short-term employee benefits are measured at the undiscounted amounts
expected to be paid when the liabilities are settled.
(cid:32)ther long(cid:8)term employee benefits
The Group’s liabilities for long service leave are included in other long term benefits as they are not
expected to be settled wholly within twelve (12) months after the end of the period in which the
employees render the related service. They are measured at the present value of the expected future
payments to be made to employees. The expected future payments incorporate anticipated future
wage and salary levels, experience of employee departures and periods of service, and are discounted
at rates determined by reference to market yields at the end of the reporting period on high quality
corporate bonds (2015: government bonds) that have maturity dates that approximate the timing of
the estimated future cash outflows. Any re-measurements arising from experience adjustments and
changes in assumptions are recognised in profit or loss in the periods in which the changes occur.
The Group presents employee benefit obligations as current liabilities in the statement of financial
position if the Group does not have an unconditional right to defer settlement for at least twelve
(12) months after the reporting period, irrespective of when the actual settlement is expected to take
place.
| 52
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
38
Post(cid:8)employment (cid:22)enefit Plans
The Group provides post-employment benefits through various defined contribution plans.
Defined Contribution Plans
The Group pays fixed contributions into independent entities in relation to various plans for
individual employees. The Group has no legal or constructive obligations to pay contributions in
addition to its fixed contributions, which are recognised as an expense in the period that relevant
employee services are received.
(cid:11)(cid:6)20 (cid:30)hare(cid:5)(cid:33)a(cid:49)ed e(cid:43)(cid:46)(cid:42)oyee re(cid:43)unerat(cid:40)on
The Group does not currently operate equity-settled share-based remuneration plans for its
employees.
All goods and services received in exchange for the grant of any share-based payment are measured
at their fair values. Where employees are rewarded using share-based payments, the fair values of
employees’ services are determined indirectly by reference to the fair value of the equity instruments
granted. This fair value is appraised at the grant date and excludes the impact of non-market vesting
conditions (for example profitability and sales growth targets and performance conditions).
All share-based remuneration is ultimately recognised as an expense in profit or loss with a
corresponding credit to share option reserve. If vesting periods or other vesting conditions apply,
the expense is allocated over the vesting period, based on the best available estimate of the number
of share options expected to vest.
Non-market vesting conditions are included in assumptions about the number of options that are
expected to become exercisable. Estimates are subsequently revised if there is any indication that
the number of share options expected to vest differs from previous estimates. Any cumulative
adjustment prior to vesting is recognised in the current period. No adjustment is made to any
expense recognised in prior periods if share options ultimately exercised are different to that
estimated on vesting.
Upon exercise of share options, the proceeds received net of any directly attributable transaction
costs are allocated to share capital.
(cid:11)(cid:6)21 (cid:28)ro(cid:52)(cid:40)(cid:49)(cid:40)on(cid:49)(cid:4) (cid:34)ont(cid:40)n(cid:38)ent (cid:42)(cid:40)a(cid:33)(cid:40)(cid:42)(cid:40)t(cid:40)e(cid:49) and (cid:34)ont(cid:40)n(cid:38)ent a(cid:49)(cid:49)et(cid:49)
Provisions for product warranties, legal disputes, onerous contracts or other claims are recognised
when the Group has a present legal or constructive obligation as a result of a past event, it is
probable that an outflow of economic resources will be required from the Group and amounts can
be estimated reliably. Timing or amount of the outflow may still be uncertain.
Restructuring provisions are recognised only if a detailed formal plan for the restructuring has been
developed and implemented, or management has at least announced the plan’s main features to
those affected by it. Provisions are not recognised for future operating losses.
Provisions are measured at the estimated expenditure required to settle the present obligation, based
on the most reliable evidence available at the reporting date, including the risks and uncertainties
associated with the present obligation. Where there are a number of similar obligations, the
likelihood that an outflow will be required in settlement is determined by considering the class of
53 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
39
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
obligations as a whole. Provisions are discounted to their present values, where the time value of
money is material.
Any reimbursement that the Group can be virtually certain to collect from a third party with respect
to the obligation is recognised as a separate asset. However, this asset may not exceed the amount
of the related provision.
No liability is recognised if an outflow of economic resources as a result of present obligation is not
probable. Such situations are disclosed as contingent liabilities, unless the outflow of resources is
remote in which case no liability is recognised.
(cid:11)(cid:6)22 (cid:18)(cid:40)o(cid:42)o(cid:38)(cid:40)(cid:34)a(cid:42) a(cid:49)(cid:49)et(cid:49)
Biological assets comprise live fish held for sale and broodstock.
Live fish held for sale are valued at their fair value less costs to sell in accordance with AASB141
Agriculture. Estimated fair values are based on actual selling prices achieved in the three weeks
following the reporting date and other relevant factors assessed as impacting fair value in
accordance with AASB141.
Broodstock are valued at their fair value less costs to sell in accordance with AASB141 Agriculture.
Estimated fair values take into account the valuation of live fish held for sale and estimated value as
broodstock. As the tuna research program is currently scaled back, the Board has adopted a
conservative approach by valuing southern bluefin tuna broodstock at market value.
In the Directors’ opinion, insurance cover is currently not available at commercially acceptable rates
for the live Yellowtail Kingfish held for sale or the broodstock. The Directors have therefore
chosen to actively manage the risks as the preferred alternative.
(cid:11)(cid:6)23 (cid:29)e(cid:49)ear(cid:34)h and de(cid:52)e(cid:42)o(cid:46)(cid:43)ent ta(cid:54) (cid:40)n(cid:34)ent(cid:40)(cid:52)e re(cid:37)und
Refund amounts received or receivable under the Federal Government’s Research and
Development Tax Incentive are recognised on an accrual basis. The corporate tax rate component is
recognised as a tax expense credit. Any additional component, being the incentive component, is
recognised as a government grant.
(cid:11)(cid:6)2(cid:11) (cid:22)ood(cid:49) and (cid:30)er(cid:52)(cid:40)(cid:34)e(cid:49) (cid:31)a(cid:54) (cid:2)(cid:22)(cid:30)(cid:31)(cid:3)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount
of GST incurred is not recoverable from the Tax Office. In these circumstances the GST is
recognised as part of the cost of acquisition of the asset or as part of an item of the expense.
Receivables and payables in the statement of financial position are shown inclusive of GST.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST
components of investing and financing activities, which are disclosed as operating cash flows.
(cid:11)(cid:6)2(cid:12) (cid:29)ound(cid:40)n(cid:38) o(cid:37) a(cid:43)ount(cid:49)
The Parent Entity has applied the relief available to it under ASIC Class Order 2016/191 and
accordingly, amounts in the financial statements and directors’ report have been rounded off to the
nearest $1,000, or in certain cases, the nearest dollar.
| 54
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
40
(cid:11)(cid:6)26 (cid:30)(cid:40)(cid:38)n(cid:40)(cid:37)(cid:40)(cid:34)ant (cid:43)ana(cid:38)e(cid:43)ent (cid:41)ud(cid:38)e(cid:43)ent (cid:40)n a(cid:46)(cid:46)(cid:42)y(cid:40)n(cid:38) a(cid:34)(cid:34)ount(cid:40)n(cid:38) (cid:46)o(cid:42)(cid:40)(cid:34)(cid:40)e(cid:49)
When preparing the financial statements, management undertakes a number of judgements,
estimates and assumptions about the recognition and measurement of assets, liabilities, income and
expenses.
(cid:35)ignificant management (cid:47)udgement
The following are significant management judgements in applying the accounting policies of the
Group that have the most significant effect on the financial statements.
Fair (cid:34)alue of li(cid:34)e fish held for sale
Management values live fish held for sale at their fair value less costs to sell in accordance with
AASB141 Agriculture. Estimated fair values are based on actual selling prices achieved in the three
weeks following the reporting date and other relevant factors assessed as impacting fair value in
accordance with AASB141. These estimates may vary from net sale proceeds ultimately achieved.
Research and de(cid:34)elopment ta(cid:36) incenti(cid:34)e refund
The estimated amount recognised is based on detailed analysis of expenditure incurred and advice
from the Group’s adviser. The actual amount to be claimed is finalised after completion of the
audited accounts and preparation of the Group’s income tax return.
Recognition of deferred ta(cid:36) assets
The extent to which deferred tax assets can be recognised is based on an assessment of the
probability of the Group’s future taxable income against which the deferred tax assets can be
utilised. In addition, significant judgement is required in assessing the impact of any legal or
economic limits or uncertainties in relevant tax jurisdictions (see Note 4.15).
(cid:25)stimation uncertainty
Information about estimates and assumptions that have the most significant effect on recognition
and measurement of assets, liabilities, income and expenses is provided below. Actual results may
be substantially different.
(cid:6)mpairment
In assessing impairment, management estimates the recoverable amount of each asset or cash-
generating unit based on expected future cash flows and uses an interest rate to discount them.
Estimation uncertainty relates to assumptions about future operating results and the determination
of a suitable discount rate (see Note 4.12).
(cid:13)seful li(cid:34)es of deprecia(cid:16)le assets
Management reviews its estimate of the useful lives of depreciable assets at each reporting date,
based on the expected utility of the assets. Uncertainties in these estimates relate to technical and
other forms of obsolescence.
(cid:6)n(cid:34)entories
Management estimates the net realisable values of inventories, taking into account the most reliable
evidence available at each reporting date. The future realisation of these inventories may be affected
by market-driven changes that may reduce future selling prices.
55 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
41
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
(cid:27)(cid:46)erat(cid:40)n(cid:38) (cid:30)e(cid:38)(cid:43)ent(cid:49)
(cid:12)
Management currently identifies the Group’s two segments as finfish sales and tuna operations as
detailed in Note 4.5. These operating segments are monitored by the Group’s chief operating
decision maker and strategic decisions are made on the basis of adjusted segment operating results.
Segment information for the reporting period is as follows:
(cid:29)evenue
(cid:26)rom external customers
(cid:26)rom other segments
Segment revenues
(cid:32)ther income
Net gain from changes in value of fish
(cid:26)ish husbandry expense
(cid:25)mployee benefits expense
(cid:26)ish processing and selling expense
(cid:26)ro(cid:63)en Inventory C(cid:32)(cid:27)(cid:35)
(cid:26)ro(cid:63)en Inventory (cid:21)d(cid:47)ustment to NR(cid:37)
Depreciation and amortisation
(cid:32)ther expenses
(cid:26)inance costs and income
Finfish
Sales
2016
$’000
30,089
(cid:8)
30,089
436
1,986
(20,894)
(6,283)
(7,026)
(2,148)
(1,247)
(1,721)
(2,735)
(cid:8)
Segment operating loss (cid:34)efore ta(cid:54)
(9,543)
Tuna
Operations (cid:32)nallocated
2016
$’000
2016
$’000
(cid:8)
(cid:8)
-
37
(cid:8)
(cid:8)
(10)
(cid:8)
(cid:8)
(cid:8)
(100)
(224)
(cid:8)
(297)
(cid:8)
(cid:8)
-
(cid:8)
(cid:8)
(cid:8)
(cid:8)
(cid:8)
(cid:8)
(cid:8)
(cid:8)
(cid:8)
(88)
(88)
Total
2016
$’000
30,089
(cid:8)
30,089
473
1,986
(20,894)
(6,293)
(7,026)
(2,148)
(1,247)
(1,821)
(2,959)
(88)
(9,928)
Segment assets 2016
48,723
411
598
49,732
(cid:29)evenue
(cid:26)rom external customers
(cid:26)rom other segments
Segment revenues
(cid:32)ther income
Net gain from changes in value of fish
(cid:26)ish husbandry expense
(cid:25)mployee benefits expense
(cid:26)ish processing and selling expense
Depreciation and amortisation
(cid:32)ther expenses
(cid:26)inance costs and income
Segment operating profit (cid:34)efore ta(cid:54)
Finfish
Sales
2015
$’000
18,481
(cid:8)
18,481
1,401
11,378
(17,372)
(5,678)
(3,870)
(1,571)
(1,368)
(7)
1,394
Tuna
Operations (cid:32)nallocated
2015
$’000
2015
$’000
(cid:8)
(cid:8)
-
135
(cid:8)
(cid:8)
(67)
(cid:8)
(134)
(411)
(cid:8)
(477)
(cid:8)
(cid:8)
-
(cid:8)
(cid:8)
(cid:8)
(cid:8)
(cid:8)
(cid:8)
(cid:8)
116
116
Total
2015
$’000
18,481
(cid:8)
18,481
1,536
11,378
(17,372)
(5,745)
(3,870)
(1,705)
(1,779)
109
1,033
Segment assets 2015
50,461
2,570
1,513
54,544
No segment liabilities are disclosed because there is no measure of segment liabilities regularly
reported to the chief operating decision maker. Unallocated operating income and expense consists
of net interest and unallocated assets consist of cash and cash equivalents.
| 56
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
42
Revenues from external customers in the Group’s domicile, Australia, as well as its major other
markets have been identified on the basis of the customer’s geographical location. Non-current
assets are allocated based on their physical location.
The Group’s revenues from external customers and its non-current assets are divided into the
following geographical areas:
(cid:21)ustralia
(cid:32)ther countries
Total
(cid:29)evenue
2016
$’000
Non-current assets
2016
$’000
(cid:29)evenue
2015
$’000
Non-current assets
2015
$’000
17,011
13,078
30,089
16,274
-
16,274
13,224
5,257
18,481
16,533
(cid:8)
16,533
During 2016 $3,027k or 10% (2015: $1,750k or 9%) of the Group’s revenues depended on a single
customer in the finfish sales segment.
(cid:29)e(cid:52)enue
6
Revenue for the reporting periods consist of the following:
(cid:35)ale of fresh fish products
(cid:35)ale of fro(cid:63)en fish products
(cid:32)ther revenue
(cid:27)ther (cid:40)n(cid:34)o(cid:43)e
(cid:14)
Other income for the reporting periods consist of the following:
R&D tax incentive refund (cid:64) 15(cid:3) incentive component
(cid:27)ain (cid:9) (loss) on disposal of property, plant and equipment
F(cid:40)nan(cid:34)e (cid:40)n(cid:34)o(cid:43)e and (cid:37)(cid:40)nan(cid:34)e (cid:34)o(cid:49)t(cid:49)
(cid:15)
Finance income for the reporting periods consist of the following:
Interest income from cash and cash equivalents
Finance costs for the reporting periods consist of the following:
Interest expenses for borrowings at amortised cost(cid:20)
•
finance leases
• other borrowings
2016
$’000
25,972
4,029
88
30,089
2015
$’000
18,122
63
296
18,481
2016
$’000
473
-
473
2016
$’000
7
7
2015
$’000
1,538
(2)
1,536
2015
$’000
116
116
2016
$’000
2015
$’000
7
88
95
7
(cid:8)
7
57 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
43
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
(cid:23)n(cid:34)o(cid:43)e ta(cid:54) e(cid:54)(cid:46)en(cid:49)e
(cid:16)
The major components of tax expense and the reconciliation of the expected tax expense based on
the domestic effective tax rate of 30% (2015: 30%) and the reported tax expense in profit or loss are
as follows:
Profit (cid:9) ((cid:29)oss) before tax
Domestic tax rate for Clean (cid:35)eas (cid:36)una (cid:29)imited
(cid:22)(cid:54)pected ta(cid:54) e(cid:54)pense (cid:8) (income)
(cid:21)d(cid:47)ustment for R&D tax incentive refund (cid:64) 30(cid:3) corporate tax rate component
Current year tax expense added to (cid:9) (offset against) prior year tax losses
(cid:21)d(cid:47)ustment for tax(cid:8)exempt income
(cid:19)ctual ta(cid:54) e(cid:54)pense (cid:8) (income)
(cid:36)ax expense comprises(cid:20)
• R&D tax incentive refund (cid:64) 30(cid:3) corporate tax rate component
• Deferred tax expense
Ta(cid:54) e(cid:54)pense (cid:8) (income)
2016
$’000
(9,928)
30(cid:3)
(2,978)
(946)
3,120
(142)
(946)
(946)
-
(946)
2015
$’000
1,033
30(cid:3)
310
(3,075)
151
(461)
(3,075)
(3,075)
(cid:8)
(3,075)
Due to uncertainty regarding the utilisation of prior year tax losses in future years, the tax losses are
not recognised as an asset. Carried forward tax losses as at 30 June 2016 are approximately $85.0
million (30 June 2015: $78.5 million).
10 (cid:19)a(cid:49)h and (cid:34)a(cid:49)h e(cid:47)u(cid:40)(cid:52)a(cid:42)ent(cid:49)
Cash and cash equivalents include the following components:
Cash at ban(cid:48) and in hand
Deposits at call
Total
11 (cid:31)rade and other re(cid:34)e(cid:40)(cid:52)a(cid:33)(cid:42)e(cid:49)
Trade and other receivables consist of the following:
(cid:36)rade receivables, gross
(cid:21)llowance credit losses
Trade receiva(cid:34)les
(cid:32)ther receivables
R&D (cid:36)ax Incentive Refund receivable
Total
2016
$’000
598
-
598
2016
$’000
3,426
(20)
3,406
293
-
3,699
2015
$’000
1,143
370
1,513
2015
$’000
1,444
(20)
1,424
203
4,613
6,240
All amounts are short-term. The net carrying value of trade receivables is considered a reasonable
approximation of fair value.
| 58
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
44
The movement in the allowance for credit losses can be reconciled as follows:
(cid:29)econciliation of allo(cid:53)ance credit losses
(cid:20)alance at 1 July
(cid:21)mounts written off (cid:9) (uncollectable)
Impairment loss
Impairment loss reversed
(cid:20)alance 30 June
2016
$’000
20
-
-
-
20
2015
$’000
20
(cid:8)
(cid:8)
(cid:8)
20
An analysis of unimpaired trade receivables that are past due is given in Note 31.3.
F(cid:40)nan(cid:34)(cid:40)a(cid:42) a(cid:49)(cid:49)et(cid:49) and (cid:42)(cid:40)a(cid:33)(cid:40)(cid:42)(cid:40)t(cid:40)e(cid:49)
12
12(cid:6)1 (cid:19)ate(cid:38)or(cid:40)e(cid:49) o(cid:37) (cid:37)(cid:40)nan(cid:34)(cid:40)a(cid:42) a(cid:49)(cid:49)et(cid:49) and (cid:42)(cid:40)a(cid:33)(cid:40)(cid:42)(cid:40)t(cid:40)e(cid:49)
Note 4.13 provides a description of each category of financial assets and financial liabilities and the
related accounting policies.
59 |
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
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.
| 60
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
47
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
48
12.2 Derivative financial instruments
cages, mortality counts and reconciliation of the perpetual records after physical counts and on cage
The Group from time to time uses forward foreign exchange contracts to mitigate exchange rate
exposure arising from forecast sales in EUR and other currencies. All forward exchange contracts
are designated as hedging instruments in cash flow hedges in accordance with AASB 139.
During FY16 no gains or losses were recognised in other comprehensive income or reclassified
from equity into profit or loss within revenue (2015: nil).
12.3 Other financial assets and liabilities
The carrying amount of the following financial assets and liabilities is considered a reasonable
approximation of fair value:
•
•
•
•
cash and cash equivalents;
trade and other receivables;
trade and other payables; and
borrowings.
Inventories
13
Inventories consist of the following:
Frozen fish products
Fish feed
Other
14 Biological assets - current
Live Yellowtail Kingfish – Held for Sale
Carrying amount at beginning of period
Adjusted for:
Gain from physical changes at fair value less costs to sell
Decrease due to harvest for sale as fresh
Net gain recognised in profit and loss
Decrease due to harvest for processing to frozen inventory
Carrying amount at end of period
2016
$’000
2,640
1,274
174
4,088
2016
$’000
27,598
22,116
(20,130)
1,986
(4,548)
25,036
2015
$’000
768
1,656
27
2,451
2015
$’000
17,001
25,621
(14,243)
11,378
(781)
27,598
The closing biomass comprised 2,508 tonnes at an average weight of 2.5kg. This comprised 1,730
tonnes of 2015 year class (YC15) at an average weight of 3.7kg and 778 tonnes of YC16 at an
average weight of 1.5kg (2015: 2,304 tonnes at 2.2kg comprising 1,517 tonnes of YC14 at 3.9kg and
787 tonnes of YC15 at 1.2kg). During FY16 harvests totalled 2,393 tonnes (FY15: 1,154 tonnes).
There is inherent uncertainty in the biomass estimate and resultant live fish valuation. This is
common to all such valuations and best practice methodology is used to facilitate reliable estimates.
Biomass is estimated using a model that simulates fish growth. Actual growth will invariably differ
to some extent, which is monitored and stock records adjusted via harvest counts and weights,
periodic sample weight checks, physical counts on transfer to sea cages and subsequent splitting of
61 |
closeout.
1(cid:12)
(cid:28)ro(cid:48)ert(cid:57)(cid:4) (cid:48)lant and e(cid:49)ui(cid:48)ment
Details of the Group’s property, plant and equipment and their carrying amount are as follows:
Land (cid:4)
(cid:38)lant (cid:4)
(cid:24)uildings
(cid:27)(cid:61)uipment
(cid:35)arina
Lease
(cid:26)ams (cid:4)
Fishponds
$’000
$’000
$’000
$’000
(cid:43)ransfers (cid:3) Other (cid:37)ovements
(2,000)
(364)
11,797
77
(7,961)
19,455
1,485
4,709
2,000
364
(cid:26)alance 30 (cid:34)une 2016
3,913
25,649
(cid:29)ross carrying amount
(cid:26)alance 1 (cid:34)uly 2015
Additions
Disposals
(cid:26)epreciation and impairment
(cid:26)alance 1 (cid:34)uly 2015
Disposals
(cid:43)ransfers (cid:3) Other (cid:37)ovements
Depreciation
(cid:26)alance 30 (cid:34)une 2016
Carrying amount 30 June 2016
(cid:29)ross carrying amount
(cid:26)alance 1 (cid:34)uly 2014
Additions
Disposals
(cid:43)ransfers (cid:3) Other (cid:37)ovements
(cid:26)epreciation and impairment
Disposals
Depreciation
(cid:26)alance 30 (cid:34)une 2015
Carrying amount 30 June 2015
Total
$’000
33,616
1,562
(5,616)
29,562
(cid:9)
(cid:9)
5,616
(1,821)
(16,559)
13,003
Total
$’000
32,072
1,700
(cid:9)
(156)
148
(1,705)
(20,354)
13,262
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(4,694)
(13,296)
(2,000)
(364)
(20,354)
3,832
(365)
(1,227)
2,686
(580)
(1,456)
(15,332)
10,317
2,000
364
Land (cid:4)
(cid:38)lant (cid:4)
(cid:24)uildings
(cid:27)(cid:61)uipment
$’000
$’000
(cid:35)arina
Lease
$’000
(cid:26)ams (cid:4)
Fishponds
$’000
2,000
364
(cid:9)
(cid:9)
(cid:9)
(cid:9)
11,854
287
(344)
17,854
1,413
344
(156)
(450)
(4,694)
7,103
148
(1,255)
(13,296)
6,159
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(2,000)
(364)
(cid:26)alance 30 (cid:34)une 2015
11,797
19,455
2,000
364
33,616
(cid:26)alance 1 (cid:34)uly 2014
(4,244)
(12,189)
(2,000)
(364)
(18,797)
All depreciation and impairment charges are included within depreciation, amortisation and
impairment of non-financial assets.
The Property, Plant and Equipment has been pledged as security for the Group’s bank borrowings
(see Note 19).
1(cid:13) Biological assets (cid:58) non-current
Finfish (cid:24)roodstoc(cid:55)
Carrying amount at beginning of period
(cid:40)urchases
(cid:42)ales
Carrying amount at end of period
2016
$’000
244
(cid:9)
(cid:9)
244
2015
$’000
244
(cid:9)
(cid:9)
244
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
48
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
cages, mortality counts and reconciliation of the perpetual records after physical counts and on cage
closeout.
1(cid:12)
Details of the Group’s property, plant and equipment and their carrying amount are as follows:
(cid:28)ro(cid:48)ert(cid:57)(cid:4) (cid:48)lant and e(cid:49)ui(cid:48)ment
Land (cid:4)
(cid:24)uildings
(cid:38)lant (cid:4)
(cid:27)(cid:61)uipment
(cid:35)arina
Lease
(cid:26)ams (cid:4)
Fishponds
$’000
$’000
$’000
$’000
(cid:29)ross carrying amount
(cid:26)alance 1 (cid:34)uly 2015
Additions
(cid:43)ransfers (cid:3) Other (cid:37)ovements
Disposals
11,797
77
(7,961)
(cid:9)
19,455
1,485
4,709
(cid:9)
(cid:26)alance 30 (cid:34)une 2016
3,913
25,649
2,000
(cid:9)
(2,000)
(cid:9)
(cid:9)
364
(cid:9)
(364)
(cid:9)
(cid:9)
Total
$’000
33,616
1,562
(5,616)
(cid:9)
29,562
(cid:26)epreciation and impairment
(cid:26)alance 1 (cid:34)uly 2015
Disposals
(cid:43)ransfers (cid:3) Other (cid:37)ovements
Depreciation
(cid:26)alance 30 (cid:34)une 2016
Carrying amount 30 June 2016
(cid:29)ross carrying amount
(cid:26)alance 1 (cid:34)uly 2014
Additions
(cid:43)ransfers (cid:3) Other (cid:37)ovements
Disposals
(4,694)
(13,296)
(2,000)
(364)
(20,354)
(cid:9)
3,832
(365)
(1,227)
2,686
(cid:9)
(580)
(1,456)
(15,332)
10,317
(cid:9)
2,000
(cid:9)
(cid:9)
(cid:9)
(cid:9)
364
(cid:9)
(cid:9)
(cid:9)
Land (cid:4)
(cid:24)uildings
(cid:38)lant (cid:4)
(cid:27)(cid:61)uipment
$’000
$’000
(cid:35)arina
Lease
$’000
(cid:26)ams (cid:4)
Fishponds
$’000
11,854
287
(344)
(cid:9)
17,854
1,413
344
(156)
2,000
364
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
5,616
(1,821)
(16,559)
13,003
Total
$’000
32,072
1,700
(cid:9)
(156)
(cid:26)alance 30 (cid:34)une 2015
11,797
19,455
2,000
364
33,616
(cid:26)epreciation and impairment
(cid:26)alance 1 (cid:34)uly 2014
(4,244)
(12,189)
(2,000)
(364)
(18,797)
Disposals
Depreciation
(cid:26)alance 30 (cid:34)une 2015
Carrying amount 30 June 2015
(cid:9)
(450)
(4,694)
7,103
148
(1,255)
(13,296)
6,159
(cid:9)
(cid:9)
(2,000)
(cid:9)
(cid:9)
(cid:9)
(364)
(cid:9)
148
(1,705)
(20,354)
13,262
All depreciation and impairment charges are included within depreciation, amortisation and
impairment of non-financial assets.
The Property, Plant and Equipment has been pledged as security for the Group’s bank borrowings
(see Note 19).
1(cid:13) Biological assets (cid:58) non-current
Finfish (cid:24)roodstoc(cid:55)
Carrying amount at beginning of period
(cid:40)urchases
(cid:42)ales
Carrying amount at end of period
2016
$’000
244
(cid:9)
(cid:9)
244
2015
$’000
244
(cid:9)
(cid:9)
244
| 62
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
49
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
50
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
Intangible assets
1(cid:14)
Details of the Group’s intangible assets and their carrying amounts are as follows:
(cid:36)et carrying amount
(cid:26)alance at 1 (cid:34)uly 2015
Amortisation and impairment
(cid:36)et carrying amount 30 June 2016
(cid:26)alance at 1 (cid:34)uly 2014
Amortisation and impairment
Carrying amount 30 June 2015
(cid:38)(cid:31)(cid:40)S(cid:23)
Leases
and
Licences
$’000
Southern
(cid:24)luefin
Tuna
(cid:39)uota
$’000
2,827
(cid:9)
2,827
2,827
(cid:9)
2,827
200
(cid:9)
200
200
(cid:9)
200
Total
$’000
3,027
(cid:9)
3,027
3,027
(cid:9)
3,027
At each reporting date the Directors review intangible assets for impairment. No impairment was
assessed as necessary in 2016 (2015: nil).
1(cid:15) (cid:31)rade and other (cid:48)a(cid:57)ables
Trade and other payables consist of the following:
(cid:27)urrent:
•
•
trade paya(cid:48)les
related party paya(cid:48)les
• other paya(cid:48)les
Total trade and other payables
2016
$’000
2,202
52
847
3,101
2015
$’000
966
18
807
1,791
All amounts are short-term. The carrying values of trade payables and other payables are considered
to be a reasonable approximation of fair value.
1(cid:16) Borro(cid:55)ings
Borrowings consist of the following:
Current(cid:22)
• (cid:26)an(cid:57) (cid:43)rade Finance Facility
• Finance lease (note 30)
• Other (cid:73) insurance premium funding
Total borrowings – current
(cid:36)on(cid:9)current(cid:22)
• Finance lease (note 30)
Total borrowings – non(cid:9)current
2016
$’000
2,900
96
67
3,063
68
68
2015
$’000
(cid:9)
66
100
166
84
84
The Group has a secured $7.0m Trade Finance Facility with Commonwealth Bank of Australia. This
is an ongoing facility subject to annual review and is secured against all Group assets. As a
consequence of the unanticipated biological asset and inventory write-down at 31 December 2015,
63 |
the Company received a waiver on one of the banking covenants. This covenant has subsequently
been amended and the Company has satisfied all covenants at 30 June 2016.
2(cid:7) (cid:28)rovisions
The carrying amounts and movements in the provisions account are as follows:
Carrying amount 1 July 2015
Additional provisions
Amount utilised
Carrying amount 30 June 2016
Current employee benefit provision
(cid:36)on(cid:9)current employee benefit provision
(cid:23)nnual Leave
Long Service
Leave
$’000
$’000
278
301
(198)
381
381
(cid:9)
21 (cid:21)m(cid:48)lo(cid:57)ee remuneration
21.1 (cid:21)m(cid:48)lo(cid:57)ee benefits e(cid:56)(cid:48)ense
Expenses recognised for employee benefits are analysed below:
Total
$’000
604
332
(202)
734
545
189
2015
$’000
4,919
400
27
399
326
31
(4)
353
164
189
2016
$’000
5,327
427
130
409
6,293
5,745
21.2 (cid:30)hare-based em(cid:48)lo(cid:57)ee remuneration
As at 30 June 2016 the Group does not have a share-based payment scheme for employee
(cid:42)alaries and (cid:69)ages
(cid:42)uperannuation (cid:73) Defined contri(cid:48)ution plans
(cid:36)eave entitlement accrual adjustment
Other on(cid:9)costs
Total
remuneration.
22 (cid:21)(cid:49)uit(cid:57)
22.1 (cid:30)hare ca(cid:48)ital
The share capital of Clean Seas Tuna Limited consists only of fully paid ordinary shares; the shares
do not have a par value. All shares are equally eligible to receive dividends and the repayment of
capital and represent one vote at a shareholders’ meeting.
(cid:42)hares issued and fully paid:
• at (cid:48)eginning of the year
• share issue
2016
Shares
2015
Shares
2016
$’000
2015
$’000
1,105,282,736
1,105,282,736
157,736
157,736
(cid:9)
(cid:9)
(cid:9)
(cid:9)
Total contributed e(cid:61)uity at 30 June
1,105,282,736
1,105,282,736
157,736
157,736
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
50
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
the Company received a waiver on one of the banking covenants. This covenant has subsequently
been amended and the Company has satisfied all covenants at 30 June 2016.
2(cid:7) (cid:28)rovisions
The carrying amounts and movements in the provisions account are as follows:
(cid:23)nnual Leave
$’000
Long Service
Leave
$’000
Carrying amount 1 July 2015
Additional provisions
Amount utilised
Carrying amount 30 June 2016
Current employee benefit provision
(cid:36)on(cid:9)current employee benefit provision
278
301
(198)
381
381
(cid:9)
21 (cid:21)m(cid:48)lo(cid:57)ee remuneration
21.1 (cid:21)m(cid:48)lo(cid:57)ee benefits e(cid:56)(cid:48)ense
Expenses recognised for employee benefits are analysed below:
(cid:42)alaries and (cid:69)ages
(cid:42)uperannuation (cid:73) Defined contri(cid:48)ution plans
(cid:36)eave entitlement accrual adjustment
Other on(cid:9)costs
Total
Total
$’000
604
332
(202)
734
545
189
2015
$’000
4,919
400
27
399
326
31
(4)
353
164
189
2016
$’000
5,327
427
130
409
6,293
5,745
21.2 (cid:30)hare-based em(cid:48)lo(cid:57)ee remuneration
As at 30 June 2016 the Group does not have a share-based payment scheme for employee
remuneration.
22 (cid:21)(cid:49)uit(cid:57)
22.1 (cid:30)hare ca(cid:48)ital
The share capital of Clean Seas Tuna Limited consists only of fully paid ordinary shares; the shares
do not have a par value. All shares are equally eligible to receive dividends and the repayment of
capital and represent one vote at a shareholders’ meeting.
(cid:42)hares issued and fully paid:
• at (cid:48)eginning of the year
• share issue
2016
Shares
2015
Shares
2016
$’000
2015
$’000
1,105,282,736
1,105,282,736
157,736
157,736
(cid:9)
(cid:9)
(cid:9)
(cid:9)
Total contributed e(cid:61)uity at 30 June
1,105,282,736
1,105,282,736
157,736
157,736
| 64
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
51
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
52
23 (cid:21)arnings (cid:48)er share and dividends
23.1 (cid:21)arnings (cid:48)er share
Both the basic and diluted earnings per share have been calculated using the profit attributable to
shareholders of Clean Seas Tuna Limited as the numerator (ie no adjustments to profit were
necessary in 2016 or 2015).
The reconciliation of the weighted average number of shares for the purposes of diluted earnings
per share to the weighted average number of ordinary shares used in the calculation of basic
earnings per share is as follows:
Amounts in thousand shares:
• (cid:69)eighted average num(cid:48)er of shares used in (cid:48)asic earnings per share
1,105,283
1,105,283
• shares deemed to (cid:48)e issued for no consideration in respect of share (cid:48)ased
payments
(cid:9)
(cid:9)
(cid:44)eighted average number of shares used in diluted earnings per share
1,105,283
1,105,283
2016
2015
23.2 Dividends
Dividends (cid:40)aid and (cid:40)roposed
(cid:26)ividends declared during the year
23.3 (cid:22)ran(cid:43)ing credits
(cid:43)he amount of the fran(cid:57)ing credits availa(cid:48)le for su(cid:48)se(cid:63)uent reporting periods are:
• (cid:48)alance at the end of the reporting period
•
•
•
fran(cid:57)ing credits that (cid:69)ill arise from the payment of the amount of provision for
income ta(cid:70)
fran(cid:57)ing de(cid:48)its that (cid:69)ill arise from the payment of dividends recognised as a
lia(cid:48)ility at the end of the reporting period
fran(cid:57)ing credits that (cid:69)ill arise from the receipt of dividends recognised as
receiva(cid:48)les at the end of reporting period
2016
$’000
(cid:9)
2015
$’000
(cid:9)
(cid:38)arent
2016
$’000
2015
$’000
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
65 |
24 (cid:29)econciliation of cash flo(cid:55)s from o(cid:48)erating activities
(cid:38)rofit for the period
Adjustments for:
• depreciation, amortisation and impairment
• net interest received included in investing and financing
Net changes in (cid:69)or(cid:57)ing capital:
• change in inventories
• change in trade and other receiva(cid:48)les
• change in prepayments
• change in (cid:48)iological assets
• change in trade and other paya(cid:48)les
• change in other employee o(cid:48)ligations
• changes offset in investing
(cid:36)et cash from operating activities
2(cid:12) (cid:17)uditor remuneration
(cid:23)udit and review of financial statements
(cid:37)ther services
•
•
ta(cid:70)ation compliance
ta(cid:70)ation consulting
Total other service remuneration
Total auditor’s remuneration
2016
$’000
(8,982)
1,821
88
(1,637)
2,541
21
2,713
1,159
130
(208)
2016
$’000
73
12
30
42
115
2015
$’000
4,108
1,706
(109)
(1,639)
(1,193)
496
(10,597)
118
27
(cid:9)
2015
$’000
72
10
17
27
99
(2,354)
(7,083)
2(cid:13) (cid:29)elated (cid:48)art(cid:57) transactions and (cid:43)e(cid:57) management (cid:48)ersonnel disclosures
The Group's related parties comprise its key management and entities associated with key
management. The Remuneration Report in the Directors’ Report sets out the remuneration of
directors and specified executives.
The largest shareholder in Clean Seas Tuna Limited is Australian Tuna Fisheries Pty Ltd (ATF).
ATF and its associated entities controlled 9.1% of issued shares at 30 June 2016 (2015: 9.1%) and it
is associated with Stehr Group Pty Ltd and Sanchez Tuna Pty Ltd.
All transactions with related parties are negotiated on a commercial arms length basis. These
transactions were as follows:
Australian (cid:43)una Fisheries (cid:40)ty (cid:36)td:
• (cid:41)eceipts for ice, e(cid:70)penses, (cid:42)(cid:26)(cid:43) (cid:63)uota lease and contract la(cid:48)our
• (cid:40)ayments for to(cid:69)ing, contract la(cid:48)our, fish feed, marina and net shed rent, fish
and electricity
(cid:42)tehr Group (cid:40)ty (cid:36)td
• (cid:40)ayments for office rent
(cid:40)(cid:42)(cid:37)(cid:37)(cid:41) (cid:40)ty (cid:36)td (associated (cid:69)ith (cid:40)aul (cid:41)o(cid:48)inson (cid:73) Alternate Director)
• (cid:40)ayments for consulting services
2016
$’000
2015
$’000
11
380
13
56
11
326
10
36
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
52
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
24 (cid:29)econciliation of cash flo(cid:55)s from o(cid:48)erating activities
(cid:38)rofit for the period
Adjustments for:
• depreciation, amortisation and impairment
• net interest received included in investing and financing
Net changes in (cid:69)or(cid:57)ing capital:
• change in inventories
• change in trade and other receiva(cid:48)les
• change in prepayments
• change in (cid:48)iological assets
• change in trade and other paya(cid:48)les
• change in other employee o(cid:48)ligations
• changes offset in investing
(cid:36)et cash from operating activities
2(cid:12) (cid:17)uditor remuneration
(cid:23)udit and review of financial statements
(cid:37)ther services
•
ta(cid:70)ation compliance
ta(cid:70)ation consulting
•
Total other service remuneration
Total auditor’s remuneration
2016
$’000
(8,982)
1,821
88
(1,637)
2,541
21
2,713
1,159
130
(208)
2015
$’000
4,108
1,706
(109)
(1,639)
(1,193)
496
(10,597)
118
27
(cid:9)
(2,354)
(7,083)
2016
$’000
73
12
30
42
115
2015
$’000
72
10
17
27
99
2(cid:13) (cid:29)elated (cid:48)art(cid:57) transactions and (cid:43)e(cid:57) management (cid:48)ersonnel disclosures
The Group's related parties comprise its key management and entities associated with key
management. The Remuneration Report in the Directors’ Report sets out the remuneration of
directors and specified executives.
The largest shareholder in Clean Seas Tuna Limited is Australian Tuna Fisheries Pty Ltd (ATF).
ATF and its associated entities controlled 9.1% of issued shares at 30 June 2016 (2015: 9.1%) and it
is associated with Stehr Group Pty Ltd and Sanchez Tuna Pty Ltd.
All transactions with related parties are negotiated on a commercial arms length basis. These
transactions were as follows:
Australian (cid:43)una Fisheries (cid:40)ty (cid:36)td:
• (cid:41)eceipts for ice, e(cid:70)penses, (cid:42)(cid:26)(cid:43) (cid:63)uota lease and contract la(cid:48)our
• (cid:40)ayments for to(cid:69)ing, contract la(cid:48)our, fish feed, marina and net shed rent, fish
and electricity
(cid:42)tehr Group (cid:40)ty (cid:36)td
• (cid:40)ayments for office rent
(cid:40)(cid:42)(cid:37)(cid:37)(cid:41) (cid:40)ty (cid:36)td (associated (cid:69)ith (cid:40)aul (cid:41)o(cid:48)inson (cid:73) Alternate Director)
• (cid:40)ayments for consulting services
2016
$’000
2015
$’000
11
380
13
56
11
326
10
36
| 66
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
53
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
54
The following balances are outstanding as at the reporting date in relation to transactions with
related parties:
(cid:27)urrent (cid:40)aya(cid:48)les
• Australian (cid:43)una Fisheries (cid:40)ty (cid:36)td
• (cid:40)(cid:42)(cid:37)(cid:37)(cid:41) (cid:40)ty (cid:36)td
2016
$’000
37
15
2015
$’000
18
(cid:9)
The totals of remuneration paid or payable to the key management personnel of the Group during
the year are as follows:
(cid:42)hort(cid:9)term employee (cid:48)enefits
(cid:40)ost(cid:9)employment (cid:48)enefits
(cid:36)ong(cid:9)term (cid:48)enefits
(cid:43)ermination (cid:48)enefits
(cid:43)otal (cid:41)emuneration
2016
$’000
1,123
78
14
9
2015
$’000
906
62
7
99
1,224
1,074
The Remuneration Report contained in the Directors’ Report contains details of the remuneration
paid or payable to each member of the Group’s key management personnel for the year ended 30
June 2016.
2(cid:14) (cid:19)ontingent assets and liabilities
Clean Seas announced in June 2015 that it had commenced litigation against Gibson’s Limited,
trading as Skretting Australia, in relation to feed supplied from FY09 to FY12 which contained
insufficient taurine. This resulted in mortalities and suppressed growth in the Yellowtail Kingfish
stocks which caused substantial trading losses. In July 2016 Clean Seas announced that it had
received the Independent Expert Forensic Accountant’s Report which assessed the quantum of the
Group’s claim at $34.5 million to $39.1 million excluding interest and costs. Gibson’s Limited are
defending the proceedings and have denied all liability to the Group. A trial date is yet to be set. No
amounts have been recognised in these accounts in relation to potential compensation or future
litigation costs. The Group also has unrecognised carry forward tax losses. This contingent asset is
discussed in Note 9.
There are no other material contingent assets or liabilities.
2(cid:15) (cid:19)a(cid:48)ital commitments
(cid:40)roperty, plant and e(cid:63)uipment
2016
$’000
197
197
2015
$’000
50
50
Capital commitments relate to items of plant and equipment where funds have been committed but
the assets not yet received.
67 |
2(cid:16)
Interests in subsidiaries
2(cid:16).1 (cid:19)om(cid:48)osition of the (cid:23)rou(cid:48)
Set out below are details of the subsidy held directly by the Group:
(cid:36)ame of the Subsidiary
(cid:27)lean (cid:42)eas A(cid:63)uaculture
Gro(cid:69)out (cid:40)ty (cid:36)td
Country of incorporation
and principal place of
business
Australia
(cid:29)roup proportion of
ownership interests
(cid:38)rincipal activity
30 June 2016 30 June 2015
Gro(cid:69)out and sale of
(cid:46)ello(cid:69)tail (cid:35)ingfish
100(cid:3)
100(cid:2)
2(cid:16).2 Interests in unconsolidated structured entities
The Group has no interests in unconsolidated structured entities.
3(cid:7)
(cid:25)eases
3(cid:7).1 (cid:22)inance leases as lessee
The Group holds a number of motor vehicles under finance lease arrangements. The net carrying
amount of these assets is $173k (2015: $197k).
The Group’s finance lease liabilities, which are secured by the related assets held under finance
leases, are classified as follows:
2016
$’000
2015
$’000
96
68
66
84
Finance lease liabilities
(cid:27)urrent:
finance lease lia(cid:48)ilities
Non(cid:9)current:
finance lease lia(cid:48)ilities
•
•
follows:
30 June 2016
(cid:36)ease payments
Finance charges
(cid:36)et present values
30 June 2015
(cid:36)ease payments
Finance charges
(cid:36)et present values
Future minimum finance lease payments at the end of each reporting period under review were as
(cid:35)inimum lease payments due
(cid:44)ithin 1 year
1(cid:9)5 years
(cid:23)fter 5 years
$’000
$’000
$’000
103
(7)
96
72
(6)
66
70
(2)
68
87
(3)
84
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
Total
$’000
173
(9)
164
159
(9)
150
31
(cid:22)inancial instrument ris(cid:43)
31.1 (cid:29)is(cid:43) management ob(cid:42)ectives and (cid:48)olicies
The Group is exposed to various risks in relation to financial instruments. The Group’s financial
assets and liabilities by category are summarised in Note 12.1. The main types of risks are market
risk, credit risk and liquidity risk.
The Group’s risk management is coordinated at its head office, in close cooperation with the Board
of Directors, and focuses on actively managing those risks to secure the Group’s short to medium-
term cash flows.
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
54
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
Interests in subsidiaries
2(cid:16)
2(cid:16).1 (cid:19)om(cid:48)osition of the (cid:23)rou(cid:48)
Set out below are details of the subsidy held directly by the Group:
(cid:36)ame of the Subsidiary
(cid:27)lean (cid:42)eas A(cid:63)uaculture
Gro(cid:69)out (cid:40)ty (cid:36)td
Country of incorporation
and principal place of
business
Australia
(cid:29)roup proportion of
ownership interests
(cid:38)rincipal activity
30 June 2016 30 June 2015
Gro(cid:69)out and sale of
(cid:46)ello(cid:69)tail (cid:35)ingfish
100(cid:3)
100(cid:2)
2(cid:16).2 Interests in unconsolidated structured entities
The Group has no interests in unconsolidated structured entities.
(cid:25)eases
3(cid:7)
3(cid:7).1 (cid:22)inance leases as lessee
The Group holds a number of motor vehicles under finance lease arrangements. The net carrying
amount of these assets is $173k (2015: $197k).
The Group’s finance lease liabilities, which are secured by the related assets held under finance
leases, are classified as follows:
Finance lease liabilities
(cid:27)urrent:
finance lease lia(cid:48)ilities
•
Non(cid:9)current:
•
finance lease lia(cid:48)ilities
2016
$’000
2015
$’000
96
68
66
84
Future minimum finance lease payments at the end of each reporting period under review were as
follows:
30 June 2016
(cid:36)ease payments
Finance charges
(cid:36)et present values
30 June 2015
(cid:36)ease payments
Finance charges
(cid:36)et present values
(cid:35)inimum lease payments due
(cid:44)ithin 1 year
$’000
1(cid:9)5 years
$’000
(cid:23)fter 5 years
$’000
103
(7)
96
72
(6)
66
70
(2)
68
87
(3)
84
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
Total
$’000
173
(9)
164
159
(9)
150
(cid:22)inancial instrument ris(cid:43)
31
31.1 (cid:29)is(cid:43) management ob(cid:42)ectives and (cid:48)olicies
The Group is exposed to various risks in relation to financial instruments. The Group’s financial
assets and liabilities by category are summarised in Note 12.1. The main types of risks are market
risk, credit risk and liquidity risk.
The Group’s risk management is coordinated at its head office, in close cooperation with the Board
of Directors, and focuses on actively managing those risks to secure the Group’s short to medium-
term cash flows.
| 68
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
55
The Group does not engage in the trading of financial assets for speculative purposes nor does it
write options. The most significant financial risks to which the Group is exposed are described
below.
31.2 (cid:26)ar(cid:43)et ris(cid:43) anal(cid:57)sis
The Group is exposed to market risk through its use of financial instruments and specifically to
currency risk, interest rate risk and certain other price risks, which result from both its operating and
investing activities.
Foreign currency sensitivity
Most of the Group’s transactions are carried out in Australian dollars (AUD). Exposures to
currency exchange rates mainly arise from the Group’s overseas sales, which are currently primarily
denominated in Euro (EUR).
To mitigate the Group’s exposure to foreign currency risk, non-AUD cash flows are monitored,
customer payments are credited to foreign currency bank accounts and converted to AUD on a
managed basis and forward exchange contracts may be entered into in accordance with the Group’s
risk management policies. Where the amounts to be paid and received in a specific currency are
expected to largely offset one another, no further hedging activity is undertaken.
Foreign currency denominated financial assets and liabilities which expose the Group to currency
risk are disclosed below. The amounts shown are those reported to key management translated into
AUD at the closing rate:
30 June 2016
•
financial assets
financial lia(cid:48)ilities
•
Total e(cid:68)posure
30 June 2015
•
•
financial assets
financial lia(cid:48)ilities
Total e(cid:68)posure
Short term e(cid:68)posure
Long term e(cid:68)posure
(cid:27)(cid:43)(cid:40)
(cid:43)S(cid:26)
(cid:23)$’000
(cid:23)$’000
(cid:37)ther
(cid:23)$’000
(cid:27)(cid:43)(cid:40)
(cid:43)S(cid:26)
(cid:23)$’000
(cid:23)$’000
(cid:37)ther
(cid:23)$’000
1,205
(cid:9)
1,205
444
(cid:9)
444
407
(cid:9)
407
69
(cid:9)
69
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
The following table illustrates the sensitivity of profit and equity in regards to the Group’s financial
assets and financial liabilities and the AUD / EUR exchange rate ‘all other things being equal’. It
assumes a +/- 5% change in this exchange rate for the year ended at 30 June 2016 (2015: 5%). The
sensitivity analysis is based on the impact on the Group’s valuation of live fish held for sale.
(cid:38)rofit and (cid:27)(cid:61)uity
(cid:31)ncrease 5(cid:3) (cid:26)ecrease 5(cid:3)
(cid:31)ncrease (cid:11) ((cid:26)ecrease)
(cid:23)$’000
(cid:23)$’000
30 (cid:34)une 2016
30 (cid:34)une 2015
(550)
(500)
630
540
Exposures to foreign exchange rates vary during the year depending on the volume of overseas
transactions. Nonetheless, the analysis above is considered to be representative of the Group’s
exposure to currency risk.
69 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
56
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
(cid:33)nterest rate sensitivity
The Group’s policy is to minimise interest rate cash flow risk exposures on long-term financing.
31.3 (cid:19)redit ris(cid:43) anal(cid:57)sis
Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group
is exposed to this risk for various financial instruments, for example by granting trade credit to
customers and investing surplus funds. The Group’s maximum exposure to credit risk is limited to
the carrying amount of financial assets recognised at the reporting date, as summarised below:
Classes of financial assets
(cid:27)arrying amounts:
• cash and cash e(cid:63)uivalents
•
trade and other receiva(cid:48)les
2016
$’000
598
3,699
4,297
2015
$’000
1,513
6,240
7,753
The Group continuously monitors defaults of customers and other counterparties, identified either
individually or by group and incorporates this information into its credit risk controls. Where
available at reasonable cost, external credit ratings and/or reports on customers and other
counterparties are obtained and used. The Group’s policy is to deal only with creditworthy
counterparties.
The Group’s management considers that all of the above financial assets that are not impaired or
past due for each of the 30 June reporting dates under review are of good credit quality.
At 30 June, the Group has certain trade receivables that have not been settled by the contractual due
date but are not considered to be impaired. The amounts at 30 June analysed by the length of time
past due, are:
Not more three (3) months
(cid:37)ore than three (3) months (cid:48)ut not more than si(cid:70) (6) months
(cid:37)ore than si(cid:70) (6) months (cid:48)ut not more than one (1) year
(cid:37)ore than one (1) year
Total
2016
$’000
883
89
(cid:9)
(cid:9)
972
2015
$’000
262
2
(cid:9)
(cid:9)
264
In respect of trade and other receivables, the Group is not exposed to any significant credit risk
exposure to any single counterparty or any group of counterparties having similar characteristics.
Trade receivables consist of a large number of customers in various industries and geographical
areas. Based on historical information about customer default rates management consider the credit
quality of trade receivables that are not past due or impaired to be good.
The credit risk for cash and cash equivalents is considered negligible, since the counterparties are
reputable banks with high quality external credit ratings.
| 70
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
57
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
58
The following table shows the Levels within the hierarchy of non-financial assets measured at fair
value on a recurring basis at 30 June 2016:
30 June 2016
(cid:26)iological assets (cid:9) current
(cid:26)iological assets (cid:73) non(cid:9)current
(cid:42)outhern (cid:48)luefin tuna (cid:63)uota
(cid:43)otal
30 June 2015
(cid:26)iological assets (cid:9) current
(cid:26)iological assets (cid:73) non(cid:9)current
(cid:42)outhern (cid:48)luefin tuna (cid:63)uota
(cid:43)otal
Level 1
$’000
Level 3
$’000
Level 2
$’000
25,036
244
200
25,480
Level 2
$’000
27,598
244
200
28,042
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
Total
$’000
25,036
244
200
25,480
Total
$’000
27,598
244
200
28,042
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
Level 1
$’000
Level 3
$’000
The fair values of the biological assets are determined in accordance with Note 4.22.
33 (cid:19)a(cid:48)ital management (cid:48)olicies and (cid:48)rocedures
The Group’s capital management objectives are:
•
•
to ensure the Group’s ability to continue as a going concern; and
to provide an adequate return to shareholders
Management assesses the Group’s capital requirements in order to maintain an efficient overall
financing structure while avoiding excessive leverage. The Group manages the capital structure and
makes adjustments to it in the light of changes in economic conditions and the risk characteristics of
the underlying assets. In order to maintain or adjust the capital structure, the Group considers the
issue of new shares, dividends, return of capital to shareholders and sale of assets to reduce debt.
The Group has satisfied its covenant obligations for the Commonwealth Bank of Australia $7m
Trade Finance Facility at 30 June 2016.
31.4 (cid:25)i(cid:49)uidit(cid:57) ris(cid:43) anal(cid:57)sis
Liquidity risk is the risk that the Group might be unable to meet its obligations. The Group
manages its liquidity needs by monitoring scheduled debt servicing payments for long-term financial
liabilities as well as forecast cash inflows and outflows due in day-to-day business. The data used for
analysing these cash flows is consistent with that used in the contractual maturity analysis below.
Liquidity needs are monitored in various time bands, on a day-to-day and week-to-week basis, as
well as on the basis of a rolling monthly projection. Net cash requirements are compared to
available cash and borrowing facilities in order to determine headroom or any shortfalls. This
analysis shows that available borrowing facilities are expected to be sufficient over the lookout
period.
As at 30 June 2016, the Group’s non-derivative financial liabilities have contractual maturities
(including interest payments where applicable) as summarised below:
Current
(cid:36)on(cid:9)current
(cid:44)ithin 6 months
$’000
6 (cid:9) 12 months
$’000
1 (cid:9) 5 years
$’000
5(cid:7) years
$’000
30 June 2016
(cid:43)rade and other paya(cid:48)les
Finance lease o(cid:48)ligations
Other (cid:48)orro(cid:69)ings
Total
2,950
52
67
3,069
(cid:9)
51
2,900
2,951
(cid:9)
70
(cid:9)
70
This compares to the maturity of the Group’s non-derivative financial liabilities in the previous
reporting periods as follows:
Current
(cid:36)on(cid:9)current
(cid:44)ithin 6 months
$’000
6 (cid:9) 12 months
$’000
1 (cid:9) 5 years
$’000
5(cid:7) years
$’000
30 June 2015
(cid:43)rade and other paya(cid:48)les
Finance lease o(cid:48)ligations
Other (cid:48)orro(cid:69)ings
Total
1,791
36
100
1,927
(cid:9)
36
(cid:9)
36
(cid:9)
87
(cid:9)
87
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
The above amounts reflect the contractual undiscounted cash flows, which may differ to the
carrying values of the liabilities at the reporting date.
(cid:22)air value measurement
32
32.1 (cid:22)air value measurement of non-financial instruments
Financial assets and financial liabilities measured at fair value in the statement of financial position
are grouped into three levels of a fair value hierarchy. The three levels are defined based on the
observability of significant inputs to the measurement, as follows:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 2: inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly or indirectly
• Level 3: unobservable inputs for the asset or liability
71 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
58
Notes to the Consolidated Financial Statements | Clean Seas Tuna Limited
The following table shows the Levels within the hierarchy of non-financial assets measured at fair
value on a recurring basis at 30 June 2016:
30 June 2016
(cid:26)iological assets (cid:9) current
(cid:26)iological assets (cid:73) non(cid:9)current
(cid:42)outhern (cid:48)luefin tuna (cid:63)uota
(cid:43)otal
30 June 2015
(cid:26)iological assets (cid:9) current
(cid:26)iological assets (cid:73) non(cid:9)current
(cid:42)outhern (cid:48)luefin tuna (cid:63)uota
(cid:43)otal
Level 1
$’000
(cid:9)
(cid:9)
(cid:9)
(cid:9)
Level 1
$’000
(cid:9)
(cid:9)
(cid:9)
(cid:9)
Level 2
$’000
25,036
244
200
25,480
Level 2
$’000
27,598
244
200
28,042
Level 3
$’000
(cid:9)
(cid:9)
(cid:9)
(cid:9)
Level 3
$’000
(cid:9)
(cid:9)
(cid:9)
(cid:9)
Total
$’000
25,036
244
200
25,480
Total
$’000
27,598
244
200
28,042
The fair values of the biological assets are determined in accordance with Note 4.22.
33 (cid:19)a(cid:48)ital management (cid:48)olicies and (cid:48)rocedures
The Group’s capital management objectives are:
•
•
to ensure the Group’s ability to continue as a going concern; and
to provide an adequate return to shareholders
Management assesses the Group’s capital requirements in order to maintain an efficient overall
financing structure while avoiding excessive leverage. The Group manages the capital structure and
makes adjustments to it in the light of changes in economic conditions and the risk characteristics of
the underlying assets. In order to maintain or adjust the capital structure, the Group considers the
issue of new shares, dividends, return of capital to shareholders and sale of assets to reduce debt.
The Group has satisfied its covenant obligations for the Commonwealth Bank of Australia $7m
Trade Finance Facility at 30 June 2016.
| 72
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
Clean Seas Tuna Limited | Notes to the Consolidated Financial Statements
59
34 (cid:28)arent entit(cid:57) information
Information relating to Clean Seas Tuna Limited (‘the Parent Entity’):
Statement of financial position
(cid:27)urrent assets
(cid:43)otal assets
(cid:27)urrent lia(cid:48)ilities
(cid:43)otal lia(cid:48)ilities
Net assets
(cid:33)ssued capital
(cid:41)etained earnings
(cid:43)otal e(cid:63)uity
Statement of profit or loss and other comprehensive income
(cid:40)rofit for the year
Other comprehensive income
(cid:43)otal comprehensive income
2016
$’000
747
38,679
3,931
4,053
34,626
157,736
2015
$’000
5,595
37,660
1,045
1,073
36,587
157,736
(123,110)
(121,149)
34,626
36,587
(1,961)
(cid:9)
(1,961)
1,551
(cid:9)
1,551
The Parent Entity has capital commitments of $nil to purchase plant and equipment
(2015: $18k). Refer Note 28 for further details of the commitment.
The Parent Entity has not entered into a Deed of Cross Guarantee. Refer Note 27 in relation to
contingent assets and liabilities.
3(cid:12) (cid:28)ost-re(cid:48)orting date events
No adjusting or significant non-adjusting events have occurred between the reporting date and the
date of authorisation.
73 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
60
Directors’ Declaration | Clean Seas Tuna Limited
Directors’ Declaration
Directors’ Declaration
c
In the opinion of the Directors of Clean Seas Tuna Limited:
a The consolidated financial statements and notes of Clean Seas Tuna Limited are in
accordance with the Corporations Act 2001, including:
i Giving a true and fair view of its financial position as at 30 June 2016 and of its
performance for the financial year ended on that date; and
ii Complying with Australian Accounting Standards (including the Australian Accounting
Interpretations) and the Corporations Regulations 2001; and
b There are reasonable grounds to believe that Clean Seas Tuna Limited will be able to pay its
debts as and when they become due and payable.
d The Directors have been given the declarations required by Section 295A of the Corporations Act
2001 from the Chief Executive Officer and Chief Financial Officer for the financial year ended
30 June 2016.
e Note 2 confirms that the consolidated financial statements also comply with International
Financial Reporting Standards.
Signed in accordance with a resolution of the Directors:
Paul Steere
Chairman
Dated the 31st day of August 2016
| 74
(cid:3)
(cid:3)
(cid:47)(cid:72)(cid:89)(cid:72)(cid:79)(cid:3)(cid:20)(cid:15)(cid:3)
(cid:25)(cid:26)(cid:3)(cid:42)(cid:85)(cid:72)(cid:72)(cid:81)(cid:75)(cid:76)(cid:79)(cid:79)(cid:3)(cid:53)(cid:71)(cid:3)
(cid:58)(cid:68)(cid:92)(cid:89)(cid:76)(cid:79)(cid:79)(cid:72)(cid:3)(cid:54)(cid:36)(cid:3)(cid:24)(cid:19)(cid:22)(cid:23)(cid:3)
(cid:3)
(cid:38)(cid:82)(cid:85)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:87)(cid:82)(cid:29)(cid:3)(cid:3)
(cid:42)(cid:51)(cid:50)(cid:3)(cid:37)(cid:82)(cid:91)(cid:3)(cid:20)(cid:21)(cid:26)(cid:19)(cid:3)
(cid:36)(cid:71)(cid:72)(cid:79)(cid:68)(cid:76)(cid:71)(cid:72)(cid:3)(cid:54)(cid:36)(cid:3)(cid:24)(cid:19)(cid:19)(cid:20)(cid:3)
(cid:3)
(cid:55)(cid:3)(cid:25)(cid:20)(cid:3)(cid:27)(cid:3)(cid:27)(cid:22)(cid:26)(cid:21)(cid:3)(cid:25)(cid:25)(cid:25)(cid:25)(cid:3)
(cid:41)(cid:3)(cid:25)(cid:20)(cid:3)(cid:27)(cid:3)(cid:27)(cid:22)(cid:26)(cid:21)(cid:3)(cid:25)(cid:25)(cid:26)(cid:26)(cid:3)
(cid:40)(cid:3)(cid:76)(cid:81)(cid:73)(cid:82)(cid:17)(cid:86)(cid:68)(cid:35)(cid:68)(cid:88)(cid:17)(cid:74)(cid:87)(cid:17)(cid:70)(cid:82)(cid:80)(cid:3)
(cid:58)(cid:3)(cid:90)(cid:90)(cid:90)(cid:17)(cid:74)(cid:85)(cid:68)(cid:81)(cid:87)(cid:87)(cid:75)(cid:82)(cid:85)(cid:81)(cid:87)(cid:82)(cid:81)(cid:17)(cid:70)(cid:82)(cid:80)(cid:17)(cid:68)(cid:88)(cid:3)
(cid:3)
(cid:3)
(cid:47)(cid:72)(cid:89)(cid:72)(cid:79)(cid:3)(cid:20)(cid:15)(cid:3)
(cid:25)(cid:26)(cid:3)(cid:42)(cid:85)(cid:72)(cid:72)(cid:81)(cid:75)(cid:76)(cid:79)(cid:79)(cid:3)(cid:53)(cid:71)(cid:3)
(cid:58)(cid:68)(cid:92)(cid:89)(cid:76)(cid:79)(cid:79)(cid:72)(cid:3)(cid:54)(cid:36)(cid:3)(cid:24)(cid:19)(cid:22)(cid:23)(cid:3)
(cid:3)
(cid:38)(cid:82)(cid:85)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:87)(cid:82)(cid:29)(cid:3)(cid:3)
(cid:42)(cid:51)(cid:50)(cid:3)(cid:37)(cid:82)(cid:91)(cid:3)(cid:20)(cid:21)(cid:26)(cid:19)(cid:3)
(cid:36)(cid:71)(cid:72)(cid:79)(cid:68)(cid:76)(cid:71)(cid:72)(cid:3)(cid:54)(cid:36)(cid:3)(cid:24)(cid:19)(cid:19)(cid:20)(cid:3)
(cid:3)
(cid:55)(cid:3)(cid:25)(cid:20)(cid:3)(cid:27)(cid:3)(cid:27)(cid:22)(cid:26)(cid:21)(cid:3)(cid:25)(cid:25)(cid:25)(cid:25)(cid:3)
(cid:41)(cid:3)(cid:25)(cid:20)(cid:3)(cid:27)(cid:3)(cid:27)(cid:22)(cid:26)(cid:21)(cid:3)(cid:25)(cid:25)(cid:26)(cid:26)(cid:3)
(cid:40)(cid:3)(cid:76)(cid:81)(cid:73)(cid:82)(cid:17)(cid:86)(cid:68)(cid:35)(cid:68)(cid:88)(cid:17)(cid:74)(cid:87)(cid:17)(cid:70)(cid:82)(cid:80)(cid:3)
(cid:58)(cid:3)(cid:90)(cid:90)(cid:90)(cid:17)(cid:74)(cid:85)(cid:68)(cid:81)(cid:87)(cid:87)(cid:75)(cid:82)(cid:85)(cid:81)(cid:87)(cid:82)(cid:81)(cid:17)(cid:70)(cid:82)(cid:80)(cid:17)(cid:68)(cid:88)(cid:3)
(cid:3)
(cid:3)
Clean Seas Tuna Limited | Independent Auditor’s Report
(cid:3)
Independent Auditor’s Report
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:44)(cid:49)(cid:39)(cid:40)(cid:51)(cid:40)(cid:49)(cid:39)(cid:40)(cid:49)(cid:55)(cid:3)(cid:36)(cid:56)(cid:39)(cid:44)(cid:55)(cid:50)(cid:53)(cid:183)(cid:54)(cid:3)(cid:53)(cid:40)(cid:51)(cid:50)(cid:53)(cid:55)(cid:3)
(cid:55)(cid:50)(cid:3)(cid:55)(cid:43)(cid:40)(cid:3)(cid:48)(cid:40)(cid:48)(cid:37)(cid:40)(cid:53)(cid:54)(cid:3)(cid:50)(cid:41)(cid:3)(cid:38)(cid:47)(cid:40)(cid:36)(cid:49)(cid:3)(cid:54)(cid:40)(cid:36)(cid:54)(cid:3)(cid:55)(cid:56)(cid:49)(cid:36)(cid:3)(cid:47)(cid:44)(cid:48)(cid:44)(cid:55)(cid:40)(cid:39)(cid:3)
(cid:3)
(cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)
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Independent Auditor’s Report | Clean Seas Tuna Limited
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(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:76)(cid:72)(cid:86)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:44)(cid:81)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:68)(cid:86)(cid:3)
(cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:81)(cid:82)(cid:87)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:17)(cid:3)(cid:3)
(cid:3)
(cid:69)(cid:3)
(cid:3)(cid:3)
(cid:3)
| 76
Clean Seas Tuna Limited | Independent Auditor’s Report
(cid:3)
(cid:3)
(cid:3)
(cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:3)
(cid:58)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:183)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:72)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3)
(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:20)(cid:25)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:3)(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:72)(cid:83)(cid:68)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:83)(cid:85)(cid:72)(cid:86)(cid:72)(cid:81)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:22)(cid:19)(cid:19)(cid:36)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)
(cid:36)(cid:70)(cid:87)(cid:3)(cid:21)(cid:19)(cid:19)(cid:20)(cid:17)(cid:3)(cid:50)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:76)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:91)(cid:83)(cid:85)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:81)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:15)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)
(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:70)(cid:82)(cid:81)(cid:71)(cid:88)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:17)(cid:3)
(cid:3)
(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:183)(cid:86)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)
(cid:44)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:38)(cid:79)(cid:72)(cid:68)(cid:81)(cid:3)(cid:54)(cid:72)(cid:68)(cid:86)(cid:3)(cid:55)(cid:88)(cid:81)(cid:68)(cid:3)(cid:47)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:72)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)
(cid:21)(cid:19)(cid:20)(cid:25)(cid:15)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:76)(cid:72)(cid:86)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:22)(cid:19)(cid:19)(cid:36)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:36)(cid:70)(cid:87)(cid:3)(cid:21)(cid:19)(cid:19)(cid:20)(cid:17)(cid:3)
(cid:3)
(cid:3)
(cid:42)(cid:53)(cid:36)(cid:49)(cid:55)(cid:3)(cid:55)(cid:43)(cid:50)(cid:53)(cid:49)(cid:55)(cid:50)(cid:49)(cid:3)(cid:36)(cid:56)(cid:39)(cid:44)(cid:55)(cid:3)(cid:51)(cid:55)(cid:60)(cid:3)(cid:47)(cid:55)(cid:39)(cid:3)
(cid:38)(cid:75)(cid:68)(cid:85)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:68)(cid:81)(cid:87)(cid:86)(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:45)(cid:3)(cid:47)(cid:3)(cid:43)(cid:88)(cid:80)(cid:83)(cid:75)(cid:85)(cid:72)(cid:92)(cid:3)
(cid:51)(cid:68)(cid:85)(cid:87)(cid:81)(cid:72)(cid:85)(cid:3)(cid:16)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:9)(cid:3)(cid:36)(cid:86)(cid:86)(cid:88)(cid:85)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)
(cid:3)
(cid:36)(cid:71)(cid:72)(cid:79)(cid:68)(cid:76)(cid:71)(cid:72)(cid:15)(cid:3)(cid:22)(cid:20)(cid:3)(cid:36)(cid:88)(cid:74)(cid:88)(cid:86)(cid:87)(cid:3)(cid:21)(cid:19)(cid:20)(cid:25)(cid:3)
(cid:3)
(cid:3)
77 |
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
ASX Additional Information | Clean Seas Tuna Limited
64
ASX Additional Information
ASX Additional Information
Additional information required by the ASX Limited Listing Rules and not disclosed
elsewhere in this report is set out below. The information is effective as at 19 August 2016.
Ordinar(cid:57) share ca(cid:48)ital (cid:2)(cid:49)uoted(cid:3)
1,105,282,736 fully paid ordinary shares are held by 7,647 shareholders.
(cid:30)ubstantial shareholders
The number of shares held by substantial shareholders and their associates are set out
below:
(cid:42)hareholder
Australian Tuna Fisheries Pty Ltd:
Num(cid:48)er of (cid:42)hares
101,114,972
(cid:32)oting (cid:29)ights
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 fully paid share
shall have one vote.
(cid:26)istribution of e(cid:61)uity security holders – (cid:37)rdinary shares
Holding
1 (cid:9) 1,000
1,001 (cid:9) 5,000
5,001 (cid:9) 10,000
10,001 (cid:9) 100,000
100,001(cid:7)
Total
(cid:36)umber of holders
534
1,088
922
3,547
1,556
7,647
There were 2,611 holders of less than a marketable parcel of 10,639 ordinary shares, holding
a total of 11,550,882 ordinary shares.
| 78
Clean Seas Tuna Limited | ASX Additional Information
Clean Seas Tuna Limited – Consolidated Financial Statements
For the year ended 30 June 2016
65
Twenty (20) largest shareholders
Australian (cid:43)una Fisheries (cid:40)ty (cid:36)td
(cid:34) (cid:40) (cid:37)organ Nominees Australia (cid:36)imited
(cid:32)(cid:42)(cid:26)(cid:27) (cid:27)ustody Nominees (Australia) (cid:36)imited
(cid:27)iticorp Nominees (cid:40)ty (cid:36)imited
(cid:37)r (cid:45)ianghui (cid:27)hen
(cid:37)r (cid:34)ason (cid:27)onrad (cid:42)(cid:63)uire (cid:23)(cid:43)he (cid:34)as(cid:63)ui A(cid:11)(cid:27)(cid:24)
(cid:37)r (cid:29)rmanno Feliciani
(cid:41)o(cid:69)e (cid:32)eaney (cid:42)uper Fund (cid:40)ty (cid:36)td (cid:23)(cid:41)o(cid:69)e (cid:32)eaney (cid:42)uper Fund A(cid:11)(cid:27)(cid:24)
(cid:37)r (cid:34)amie (cid:36)e(cid:69)is
4 (cid:29)yes (cid:36)imited (cid:23)(cid:44)orsley Family A(cid:11)(cid:27)(cid:24)
(cid:37)r (cid:32)agen (cid:32)einz (cid:42)tehr (cid:3) (cid:37)rs Anna (cid:42)tehr (cid:23)(cid:32) (cid:3) A (cid:42)tehr (cid:42)uper Fund A(cid:11)(cid:27)(cid:24)
(cid:37)r (cid:37)ichael (cid:34)ohn O(cid:4)Neill (cid:3) (cid:37)rs (cid:41)e(cid:48)ecca (cid:34)oan O(cid:4)Neill (cid:23)(cid:40)rotea (cid:42)oft(cid:69)are (cid:42)tf (cid:42)(cid:11)F A(cid:11)(cid:27)(cid:24)
(cid:44)alpole (cid:29)nterprises (cid:40)ty (cid:36)td
(cid:41)dl(cid:57) (cid:40)ty (cid:36)td (cid:23)(cid:41)ed (cid:36)a(cid:57)e (cid:42)(cid:11)F A(cid:11)(cid:27)(cid:24)
(cid:37)r (cid:26)ruce (cid:37)aton
(cid:32)ans And Del(cid:69)yn (cid:40)ty (cid:36)imited
(cid:42)implot Australia (cid:40)ty (cid:36)imited
(cid:37)r (cid:36)eon Gaffney
(cid:37)rs (cid:32)ui(cid:9)(cid:27)hen (cid:43)sai
(cid:37)rdinary shares
(cid:36)umber of
shares held
(cid:38)ercentage
of issued
shares
93,665,903
56,184,974
17,552,069
17,073,047
12,199,668
11,500,000
10,833,333
9,000,000
8,800,000
8,750,000
7,199,069
7,100,000
6,106,704
6,000,000
5,936,863
5,349,465
5,231,250
5,050,665
4,700,000
8(cid:10)5(cid:2)
5(cid:10)1(cid:2)
1(cid:10)6(cid:2)
1(cid:10)5(cid:2)
1(cid:10)1(cid:2)
1(cid:10)0(cid:2)
1(cid:10)0(cid:2)
0(cid:10)8(cid:2)
0(cid:10)8(cid:2)
0(cid:10)8(cid:2)
0(cid:10)7(cid:2)
0(cid:10)6(cid:2)
0(cid:10)6(cid:2)
0(cid:10)5(cid:2)
0(cid:10)5(cid:2)
0(cid:10)5(cid:2)
0(cid:10)5(cid:2)
0(cid:10)5(cid:2)
0(cid:10)4(cid:2)
(cid:46)ong (cid:33)nternational (cid:33)nvestments (cid:40)ty (cid:36)td (cid:23)(cid:46)ong (cid:42)(cid:11)F A(cid:11)(cid:27)(cid:24)
Total
4,449,465
302,682,475
0(cid:10)4(cid:2)
27(cid:10)4(cid:3)
(cid:30)ecurities (cid:21)(cid:56)change
The Company is listed on the Australian Securities Exchange.
On (cid:26)ar(cid:43)et Bu(cid:57) Bac(cid:43)
There is no current on market buy back.
79 |
Corporate Directory
Directors
Paul Steere
Independent Non-Executive Chairman
Nick Burrows
Independent Non-Executive Director
Dr Hagen Stehr AO
Non-Executive Director
Marcus Stehr
Non-Executive Director
David Head
Managing Director and Chief Executive Officer
Paul Robinson
Alternate Non-Executive Director for H Stehr
Company secretary
Wayne Materne
Executives
David Head
Managing Director and Chief Executive Officer
Wayne Materne
Chief Financial Officer & Company Secretary
Principal registered office
in Australia
7 North Quay Boulevard,
Port Lincoln SA 5606
Ph: (08) 8621 2900
Fax: (08) 8621 2990
Email: reception@cleanseas.com.au
Share register
Boardroom Pty Ltd
Level 12, 225 George Street / GPO Box 3993
Sydney NSW 2000
Ph: 1300 737 760 / +612 9290 9600
Fax: 1300 653 459
Email: enquiries@boardroomlimited.com.au
Auditor
Grant Thornton Audit Pty Ltd
Level 1, 67 Greenhill Road
Wayville SA 5034
Stock exchange listing
Clean Seas Tuna Limited shares are listed
on the Australian Securities Exchange (ASX: CSS)
Website address
www.cleanseas.com.au
Corporate Directory | Clean Seas Tuna Limited
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