For the financial year ended
31 December 2023
OUR ASPIRATION
To turn the future of mining into reality as
the most sought-after company in our field.
ABN 75 622 581 935
CONTENTS
WE ARE DRA GLOBAL
PERFORMANCE AT A GLANCE
CHAIR’S REVIEW
CEO’S REPORT
OPERATIONAL REVIEW
LEADERSHIP
PEOPLE
SUSTAINABILITY
FINANCIAL REVIEW
DIRECTORS’ REPORT
REMUNERATION REPORT
FINANCIAL STATEMENTS
3
10
12
14
17
32
37
41
49
57
63
80
SHAREHOLDER INFORMATION,
CORPORATE DIRECTORY, GLOSSARY 142
You can view all the document in our Annual Report suite at
www.draglobal.com/investors
ABOUT THIS REPORT
This Annual Report is a summary of DRA Global’s operations
and financial results for the financial year ended
31 December 2023. All references to ‘DRA’, ‘the Company’,
‘the Group’, ‘we’, ‘us’ and ‘our’ refers to DRA Global Limited
(ACN 622 581 935) and the entities it controls unless
stated otherwise.
References in this report to a ‘year’ are to the financial year
ended 31 December 2023 unless stated otherwise. All dollar
figures are in Australian dollars unless stated otherwise.
ACKNOWLEDGEMENT OF COUNTRY
DRA acknowledges and pays respect to all Traditional
Owners and First Nation People that accommodate our
operations around the world.
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WE ARE DRA GLOBAL
WE ARE DRA GLOBAL
We are a global multi-disciplinary engineering, project delivery and operations management group focused on the mining,
We are a global multi-disciplinary engineering, project delivery and operations management group focused on the mining,
minerals and metals industry.
minerals and metals industry.
Our teams have deep subject matter expertise in mining, minerals and metals processing and related non-process infrastructure
Our teams have deep subject matter expertise in mining, minerals and metals processing and related non-process infrastructure
including sustainability, water and energy solutions for the mining sector.
including sustainability, water and energy solutions for the mining sector.
We deliver advisory, engineering and project delivery services throughout the capital project lifecycle from concept through to
We deliver advisory, engineering and project delivery services throughout the capital project lifecycle from concept through to
operational readiness and commissioning as well as ongoing operations and maintenance services.
operational readiness and commissioning as well as ongoing operations and maintenance services.
40 YEARS
40 YEARS
SPECIALISING IN THE MINING,
SPECIALISING IN THE MINING,
MINERALS AND METALS INDUSTRY
MINERALS AND METALS INDUSTRY
4,200 PEOPLE
4,200 PEOPLE
WORLDWIDE
WORLDWIDE
14 OFFICES
14 OFFICES
ACROSS THE GLOBE
ACROSS THE GLOBE
8,000
8,000
COMPLETED PROJECTS,
COMPLETED PROJECTS,
STUDIES AND MANAGED
STUDIES AND MANAGED
SERVICES SOLUTIONS
SERVICES SOLUTIONS
CREATING REAL VALUE
CREATING REAL VALUE
We are driven by our purpose to create real value by fulfilling the aspirations of our people, clients, shareholders, and communities.
We are driven by our purpose to create real value by fulfilling the aspirations of our people, clients, shareholders, and communities.
In other words, we exist to deliver long-term value to all our stakeholders.
In other words, we exist to deliver long-term value to all our stakeholders.
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OUR STRATEGY
OUR STRATEGY
Our purpose is underpinned by our strategy to achieve sustainable long-term growth of our business so that it consistently improves
Our purpose is underpinned by our strategy to achieve sustainable long-term growth of our business so that it consistently improves
in value over time.
in value over time.
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OUR VALUES
OUR VALUES
Our people are the cornerstone of our business. While our strategy outlines what we do to achieve our purpose, our people are
Our people are the cornerstone of our business. While our strategy outlines what we do to achieve our purpose, our people are
guided by values of safety, integrity, excellence, trust and courage each and every day.
guided by values of safety, integrity, excellence, trust and courage each and every day.
SAFETY INTEGRITY EXCELLENCE TRUST COURAGE PEOPLE
SAFETY INTEGRITY EXCELLENCE TRUST COURAGE PEOPLE
DRA Global Annual Report ABN 75 622 581 935
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DRA Global Annual Report ABN 75 622 581 935
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OUR WORK
We operate across two distinct, but interconnected, capabilities – Projects and Operations – within three regions.
OUR SERVICES
Our business model covers the full project lifecycle, offering optimal solutions that are tailored to meet clients’ needs.
AMER
North and South America
EMEA
Europe, the Middle East and Africa
APAC
Asia Pacific
Our core business focuses on delivering services to a diverse client base, from junior miners to global Tier-1, multi-commodity
clients exclusively in the mining, minerals and metals industry.
PROJECTS
DRA Projects provide mine-to-port project delivery services
across our regions specifically for the engineering design,
project management and construction management of
mine assets.
OPERATIONS
As companies look for innovative ways to reduce operating
and maintenance costs and improve productivity, DRA
Operations offer a unique business model for mineral
processing throughout the world.
Our team of talented professionals draw on comprehensive
knowledge and extensive experience to deliver fit-for-purpose
engineering solutions. From scoping and pre-feasibility to
final handover our people add value across the entire
lifecycle of a project.
Our design capabilities and excellent project management
skills ensure the successful implementation of projects
across multiple countries, commodities and sectors.
We are a leader in this sector, adding value to mining
operations by meeting the unique needs of its clients. From
coal, chromite, and ferrous metals, to diamonds, gold, and
platinum group metals, we offer a wide range of services
designed to make mineral processing requirements more
cost-effective while maintaining product quality, plant
integrity and worker safety.
ORIGINATE
PROJECT DEVELOPMENT
• Front-end solutions
• Mineral economics evaluation
and advisory
• Concept development
• Preliminary economic assessments
• Study development
• Feasibility studies
• Economic and project evaluation
• Estimating and planning
• Project risk assessment
• Sustainability solutions
DELIVER
PROJECT DELIVERY AND EXECUTION
OPTIMISE
OPERATIONS AND MAINTENANCE
• Front-end engineering design
• Plant operations and maintenance
• Engineering design
• Maintenance and operations advisory
• Procurement
• Detailed design
• Operational assessment
• Management and data systems
• Project management
• Asset integrity management
• Construction management
• Commissioning
• Commercial contract management
• Capital portfolio delivery
• Sustainable project solutions
• Brownfield improvements and
plant modifications
• Sustaining capital
• Process optimisation
• Sustainability solutions
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
GEOGRAPHICALLY DIVERSE
Although our roots began in South Africa nearly 40 years ago, we have emerged as a global player covering all major mining
jurisdictions and all significant commodities. We now operate across five continents and undertake projects throughout the world.
COMMODITIES
• Precious metals
• Base metals
• Rare Earths
• Bulk commodities
• Precious stones
• Thermal and
metallurgical coal
• Battery minerals
• Nuclear fuels
• Industrial minerals
• Mineral sands
CAPABILITIES
• Minerals and metals
processing
• Mining
• Non-process infrastructure
• Construction management
• Electrical, control
and instrumentation
• Water
• Energy
• Engineering
• Advisory
• Operations and
maintenance
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BRISBANE
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
OUR STRATEGY
The Roadmap to 2025 is our global strategic direction and key priorities to help us reach our full potential as a company.
Our aspiration to turn the future of mining into reality as the most sought-after company in our field will drive us towards
where we want to be by the end of 2025.
Underpinned by our values, our aspiration guides the way we work together to achieve our purpose of creating real value for our
people, clients, shareholders and communities.
OUR PEOPLE
OUR CLIENTS
OUR SHAREHOLDERS
OUR COMMUNITIES
We foster a supportive and
inspiring work culture where
our people can thrive and
grow while doing meaningful
work that helps them fulfil
their career goals.
As a trusted partner, we
create more value for our
clients than our competitors
through a differentiated
approach that helps to shape
the future of the mining
industry and grow our brand
in the market.
We strive to deliver long-term
success of our business so
that it consistently improves
in value over time by
applying sound principles
of governance and risk
management to support
quality of earnings in a
sustainable way.
We strive to deliver the
resource commodities
that economies need,
while sourcing, extracting,
and processing in a way
that leaves a positive,
sustainable impact in
our communities through
innovative engineering.
OUR ASPIRATION IS SUPPORTED BY FIVE PILLARS
OUR STRATEGIC PILLARS
CLIENT
PORTFOLIO
PERFORMANCE
TALENT
INNOVATION
SUSTAINABLE
DRA
CLIENT
INNOVATION
Deepen our relationships and drive continuous improvement
in our client experience.
Leverage our pioneering thinking and technical expertise to
build true competitive differentiation that makes us unique in
the industry.
PORTFOLIO PERFORMANCE
Successfully deliver projects and operations by driving a
culture of continuous improvement.
Drive engineering excellence through the application of
reliable and scalable project delivery processes and
systems to help us achieve strong financial results and a
safe workplace.
TALENT
Cultivate a culture of trust that will help us attract, engage and
retain people who will contribute to our high-performing teams.
Drive authentic, collaborative and responsible leadership
which will help us become a magnet for talent by embracing
innovative future ways of work.
SUSTAINABLE DRA
Redesign our ESG strategy and action plan to help us make
progress in the implementation of our strategic intent.
Consider the principles of ESG in our decision-making while
leveraging our strong technical capabilities to assist clients
with sustainability solutions.
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STRATEGIC GROWTH INITIATIVES
The global mining industry is dynamic, with complex challenges that require innovative solutions. As a leading service provider,
we need to constantly adapt to better serve our clients and meet the demands of this changing landscape.
We work across three horizons to defend and grow our current business in our core markets, expand our services and offerings,
and seed options for the future.
ROADMAP TO 2025 - THREE HORIZONS
NEAR TERM
Horizon
New services and offerings
Horizon
LONGER TERM
Seed options for the future
Horizon
CURRENT
Defend and grow current businesses
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
2023 HIGHLIGHTS
• Culture of continuous safety improvement
delivered a 39 per cent reduction in
TRIFR to 0.32. However, the Group’s
LTIFR declined by 15 per cent to 0.15.
• Significant turnaround in operating
and financial performance, with FY23
Underlying EBIT of $51.4 million,
up >600 per cent from $7.0 million
in FY22.
• Revenue stable at $885 million,
however significant improvement in
quality of earnings delivered underlying
NPAT of $31.6 million.
• Dividend of 11 cents per share
declared in relation to FY23 performance.
• Major business units, EMEA Projects
and Minopex, exceeded budget
expectations. AMER growth strategy
rapidly advancing, with refocused APAC
business returning to earnings stability.
• Adjusted basic earnings per share of
29 cents compared to a loss of 80 cents
per share in FY22.
• Net cash of $127.7 million, up from
$51.3 million in the prior year, with debt
repayments significantly reducing
gearing to well within target levels.
• Backlog increased to $885 million
with ongoing focus on core capabilities
resulting in continued positive
business outlook.
PERFORMANCE
AT A GLANCE
$885 MILLION
Revenue ($’m)
885
895
$21.8 MILLION
NPAT ($’m)
(21.4)
21.8
$51.4 MILLION
Underlying EBIT ($’m)
51.4
7.0
$127.7 MILLION
Net cash ($’m)
127.7
51.3
FY23
FY22
10 10
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DRA Global Annual Report ABN 75 622 581 935
In 2023, DRA built upon its foundation to support growth into
2024, made significant progress in optimising its business
portfolio and enhanced its strategic positioning to pursue
new opportunities in a changing market.
YEAR IN REVIEW
On behalf of the DRA Board, I extend our heartfelt
condolences to those affected by the tragic passing of an
employee of one of our contractor partners as a result of
a fatal injury at the Moyeath Project site in Saudi Arabia in
July 2023. Any loss of life is a devastating reminder of the
absolute importance of constant vigilance and attention to
safe operating practices.
DRA is values-based, with people and safety being at the
heart of the organisation. The wellbeing of the workforce
is paramount, especially when it comes to ensuring that
people return home safely at the end of each workday.
Your Directors will continue to embed a strong safety
culture through active and ongoing oversight and setting
clear expectations and behaviours to help reduce risk at
the frontline.
The focus in 2023 has been to deliver a strong operating
performance, aiming for incremental growth in revenue
and profitability sourced from sustainable earnings, and
driving improved shareholder value through prudent capital
management and an improved balance sheet.
DRA has achieved improved financial results, with the
delivery of an Underlying EBIT of $51.4 million and a
year-end cash position of $178.8 million. Net gearing has
reduced significantly from 21 per cent in FY22 to just
7 per cent due to DRA group debt reducing to $51.1 million.
Overall, the 2023 financial results have culminated in a
robust balance sheet with $266.2 million of net assets at
year end.
BOARD CHANGES
During 2023, the composition of the Board of Directors
changed to be more aligned with the next phase of the DRA
group strategic and operating objectives.
Mr James Smith was appointed as Managing Director. Mr
Charles Pettit was appointed as Non-Executive Director in
July 2023, while Ms Lindiwe Mthimunye and Mr Valentine
Coetzee were appointed Non-Executive Directors in
October 2023. Mr Darren Naylor was appointed Executive
Director in October 2023. Mr Coetzee has since transitioned
to Executive Director to head up the Group’s process and
technology activities.
Ms Mthimunye was also appointed as Chair of the Audit and
Risk Committee, bringing extensive experience and skills in
governance, finance and business to the role.
I was appointed a Non-Executive Director and Chairman
in October 2023. My first encounter with DRA was in the
mid 1990’s at which time it was a relatively small scale
but impressive organisation servicing the mining sector in
South Africa. It has since grown to be a highly regarded
international service provider with over 4,200 employees
operating worldwide. I’m now privileged to be part of
a dynamic, global organisation, backed by 40 years of
operational excellence, and very much look forward to
leading DRA as Chairman.
CHAIR’S REVIEW
On behalf of DRA Global Limited (DRA) Directors, I am
pleased to present the Company’s Annual Report for the
year ended 31 December 2023.
I would like to acknowledge and commend the leadership
team and the many thousand employees worldwide for
their dedication and efforts in achieving impressive financial
results and strong operating outcomes for the year ended
31 December 2023.
Despite ongoing uncertainties in the global economy, DRA
has successfully demonstrated its ongoing commitment
towards creating sustainable long-term value, with a
continued focus on financial discipline.
DRA recorded a net profit after tax of $21.8 million in FY23
versus a loss of $21.4 million in the previous year. After
several years of no dividend returns for shareholders, your
Directors are delighted to declare a dividend of 11 cents per
share which represents 30 per cent of the 2023 full year net
profit after tax.
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I would like to acknowledge Mr Peter Mansell, Mr Jonathan
Velloza, Mr Paul Lombard, Mr Les Guthrie and Mrs Sandra
Bell, who resigned from their respective positions on
the Board in October 2023, for their contribution to the
Company during their tenure.
My first encounter with DRA was in the
mid 1990’s at which time it was a relatively
small scale but impressive organisation
servicing the mining sector in South Africa.
It has since grown to be a highly regarded
international service provider with over
4,200 employees operating worldwide.
I’m now privileged to be part of a dynamic,
global organisation, backed by 40 years of
operational excellence, and very much look
forward to leading DRA as Chairman.
LOOKING AHEAD
In the near term, DRA faces market fluidity due to anticipated
commodity price volatility, especially in nickel, lithium, and
PGM markets. Challenges include possible slowdown in
Chinese demand for minerals and global geopolitical tensions.
However, investments in critical minerals, driven by initiatives
such as the US Inflation Reduction Act and EU Critical
Minerals Act, should positively impact capital expenditure
within the minerals sector providing a flow on affect for
demand of DRA services.
Australia and America are rich with critical minerals and
the business units located in those regions are expected to
drive the majority of growth in revenue and business activity
for the Group.
Competition for skilled talent remains high into 2024 and the
Group remains committed to being an employer of choice
within all its business units.
In 2024, DRA will continue to pursue profitable growth across
all operations and business units, with initiatives targeting
improved employee retention, broader regional growth
opportunities, investment in innovation and ensuring the
ongoing delivery of high-quality services to our clients.
Once again, I want to thank our leadership team and all
employees worldwide for their hard work and commitment
throughout 2023. I would also like to extend my thanks to all
clients, partners and suppliers for entrusting us to be their
global partner.
On behalf of your Board of Directors, I express appreciation
to our shareholders for their continued support, and I look
forward to connecting with you at the Annual General
Meeting in May 2024.
Finally, I must also thank my fellow Directors for their ongoing
support, cooperation and diligent uptake of all matters DRA
without which the seamless transition of Board changes could
not have occurred.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
While our ongoing safety focus has resulted in a 39 per cent
improvement in TRIFR this year, we were reminded about
the importance of ongoing vigilance by a fatal incident in our
SENET business. In July 2023, an employee of one of our
contractor partners was fatally injured while working at the
Moyeath Project in Saudi Arabia. My deepest sympathies
remain with their family, friends and colleagues.
This tragedy underscores the importance of our commitment
to continually enhance our safety culture and processes,
ensuring that every individual returns home safely each day.
RETURN TO FINANCIAL STABILITY
Following decisions made in FY22, the Group returned to
financial stability with consistent revenue generation and a
clear business focus on quality of earnings.
The Group’s revenue for the year was $885.2 million,
compared to $894.7 million in FY22. We achieved an
Underlying EBIT of $51.4 million, up from $7.0 million in
FY22, and a strong statutory EBIT outcome of $47.9 million,
up from $1.5 million in FY22. This result was driven by
revenue growth across new contracts and contract extensions
across our business units combined with a greater focus
on gross margin and cost discipline. Our prior year result
included significant fixed-price construction contract losses
related to the G&S Engineering business which was
subsequently divested in the prior year.
Our financial stability and positive cash flow generation
enabled a significant reduction in Group debt from $83.1
million to $51.1 million (including lease liabilities and other
financial liabilities). The Group fully repaid the Global Banking
Facility and partial repayment of the Group’s Revolving Credit
Facility during the year, both of which were fully drawn at the
end of FY22.
The strong financial outcomes and a focus on cash conversion
improved our net cash position from $51.3 million to $127.7
million at financial year end. These positive outcomes have
allowed us to declare a dividend of 11 cents per share,
equivalent to 30 per cent of our FY23 NPAT. This represents
our first dividend declaration as a listed company.
OPERATIONAL PERFORMANCE PROVIDES
SOLID FOOTING
The Group delivered new contract awards and extensions
totalling $781.0 million during the year and an improved
backlog of $885.0 million at the end of the year.
In the EMEA region, we achieved substantial growth with
reported revenue of $289.9 million, marking a 15 per cent
increase from $251.4 million in FY22. EMEA Projects, known
for its strong project delivery reputation and demonstrated
capabilities, delivered a consistent performance and
maintained stable margins.
In recognition of the significant mining opportunities in
Tanzania, EMEA Projects expanded its service offerings
with a new office, Thamani Projects, in Dar Es Salaam.
Thamani Projects will serve as the regional East African
hub, providing engineering, construction, and project
management services to clients in the mining, infrastructure,
and energy sectors.
Our SENET business experienced margin pressure in its
traditional markets as competition for project opportunities
increased. In response, optimisation activities have been
initiated and new business development opportunities are
being explored to leverage SENET’s core capabilities and
reposition the business for future success.
CREATING A SUSTAINABLE FUTURE, TOGETHER
In FY23, we prioritised the development of innovative
mining and process solutions, emphasising sustainability
as a crucial factor in technical decisions. Our Sustainability
Solutions approach emerged as a valuable service,
integrated into project proposals and tender submissions
to assist clients in implementing sustainability into their
projects and daily operations. Through client collaboration,
we have worked to create comprehensive enterprise-wide
programs, addressing ESG and sustainability targets.
We also continued to enhance our corporate sustainability
performance and refine our sustainability strategy
throughout the year. In the sustainability section of this
report, you can read more about how we have contributed
to the United Nations Sustainable Development Goals and
our inaugural emissions report.
LOOKING AHEAD
The Group’s overall pipeline remains strong with $4.1 billion
of near and longer-term opportunities at various stages of
development, diversified across Projects and Operations
and by geography and commodity.
During the year, we won several flagship projects that
align with our strategic intent to lead the future of mining,
including new projects and extensions in copper, nickel,
lithium, rare earths, PGM’s, gold, uranium and a variety of
bulk commodities. These projects, among others, enable
DRA to be part of producing the metals and minerals
required to support a more sustainable future.
In pursuing our next phase of growth, we will direct
resources towards new areas of growth opportunity that
will redefine our industry and set us up for long-term value
creation as a thought-leader in our markets.
I am confident that with this stable operating and financial
foundation, combined with an existing $885 million in
committed pipeline, we are well placed to build upon the
positive outcomes delivered for all of our stakeholders.
Once again, I must thank our leadership teams, the
thousands of employees, our clients and suppliers around
the world for their ongoing support and collaboration
throughout the year.
As we move into 2024, I especially look forward to
celebrating our 40th anniversary with all our stakeholders.
James Smith
Chief Executive Officer and Managing Director
Minopex experienced notable progress, reporting revenue
of $358.2 million, a 9 per cent increase from $327.4 million
in FY22, with an EBIT contribution of $22.1 million, up 27
per cent from $17.4 million in FY22. During the period,
Minopex maintained margins while safely delivering existing
operations and maintenance contracts and securing
extensions to expiring contracts.
In APAC, we reported revenue of $146.7 million, down
39 per cent from $241.9 million in FY22, for an EBIT
contribution to the Group of $8.7 million (compared to a loss
of $61.0 million in FY22). With legacy issues successfully
resolved, the APAC business recorded a positive EBIT for
the first time in two years and expects continued operating
stability, with a focus on revenue growth. The ongoing
EPCM business secured new work with major clients,
maintaining a focus on sustaining the positive momentum
achieved in FY23.
The AMER business experienced substantial growth,
reporting revenue of $90.4 million, a 22 per cent increase
from $74.1 million in FY22. The EBIT contribution to the
Group was $8.2 million, an 86 per cent increase from
$4.4 million in FY22. Our geographic footprint improved,
with strengthened capacity in North and South America and
continued organic growth in our studies and project delivery
services. Importantly, the AMER business secured its first full
EPCM delivery contracts in North America during the period.
In FY23, employee retention strategies delivered positive
outcomes for the Group. We also sought to empower our
people through a strong focus on leadership development
and career path progression. Within the context of a tight
labour market, we will continue to develop and grow our
diverse, global workforce in a positive and inclusive culture
that supports our high-performing teams.
LEADERSHIP CHANGES
In November 2023, we made changes to our leadership
structure to better align the Company to its next phase of
growth. The Executive Committee expanded with the
appointments of JC Heslinga, Rashid Kader, Pierre Julien
and Darren Naylor, each of whom bring a wealth of operational
experience and technical expertise.
Through an analysis of the Company’s strategic positioning
and growth objectives, we identified opportunities and
challenges that necessitated a reposition of our portfolios.
This realignment aims to better meet market requirements
and drive collaboration along our capability lines.
I look forward to working with the expanded Executive
Committee to support the Group in driving and expanding
our existing capabilities globally and moving us forward into
the next phase of growth to realise the full potential of DRA.
INNOVATION
Innovation and technology are key to driving our progress.
Our digital transformation is well underway with the rise of
AI and Large Language Models accelerating our exploration
of innovative ways to optimise the way that we work and the
solutions we deliver to our clients.
In June 2023, the NeuroMine Mining Insights Centre
commenced operations, leveraging data science and AI for
real-time monitoring, analytics, and expert domain-driven
insights from a central location. This initiative underscores the
Group’s dedication to innovation and continuous improvement,
aiming to deliver enhanced value to our stakeholders.
CEO’S REPORT
I am immensely proud of our dedicated teams for delivering a
turnaround in the Group’s operating and financial performance
and robust cash generation. This marked turnaround has
resulted in a significantly strengthened balance sheet, and
I thank our 4,200 talented people for their exceptional
contributions throughout the year. Their collective efforts
have been instrumental in delivering these strong results.
As we approach 40 years of excellence in 2024, we remain
steadfast in our commitment to being industry leaders,
continuing to deliver exceptional results for our clients
across the globe and achieving our aspiration of turning
the future of mining into reality as the most sought-after
company in our field.
OUR PEOPLE’S HEALTH AND SAFETY REMAINS
A CORE FOCUS
Our culture of continuous safety improvement is driven by
our people’s unwavering commitment to our core value of
safety and living an actively caring culture. We remained
focused on active leadership participation and ongoing
awareness programs to help reduce risk at the frontline.
The Group’s lost time injury frequency rate (LTIFR) was
0.15 (FY22: 0.13) and the total recordable injury frequency
rate (TRIFR) improved to 0.32 (FY22: 0.52).
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
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OPERATIONAL REVIEW
After 40-years in operation, the DRA Group has built an extensive track-record of successfully completed projects, studies and
managed services solutions worldwide. Our robust operational performance over the past year reflects a high demand for our
services throughout the full project lifecycle in the mining, minerals and metals industry.
Our AMER business has demonstrated robust growth,
particularly with the North America team achieving a
record-breaking $95.5 million in new contracts. Notably,
North America secured its inaugural full-service EPCM
contract - the largest contract signed in the region to date.
DRA successfully secured the engineering and support
contract contract for the Allkem Nemaska Lithium mine
in Northern Quebec and was awarded a Global Services
Agreement for the same client, positioning DRA as a
significant player in the lithium market and a key partner for
lithium project development. Our commitment to excellence
extended to strengthening our geographical footprint and
client relationships in Western Canada and the United
States, resulting in new and significant study awards.
Both our Chile and Peru offices experienced significant
growth during the period. We strengthened our current
client relationships by securing repeat business and
added four new Tier-1 clients to our portfolio. The Chile
office's significant growth has positioned AMER for more
complex projects and advisory services. This success
during the period has further enhanced DRA’s market
share in South America.
GROUP SECURES $781 MILLION IN NEW
CONTRACTS AND EXTENSIONS
We remained focused on developing quality client
relationships and seeking new opportunities, which saw us
secure $781 million in new contracts and extensions across
the Group by year end. Additionally, we enter FY24 with a
backlog of $885 million of work-in-hand.
EMEA Projects secured a number of new projects, including
Ivanhoe’s Kamoa-Kakula Phase 3, Platreef Phase 1 and
Phase 2, Northam Platinum’s Zondereinde Western Block
Extension Services Project, Fuchs Lubricant Plant EPCM,
services at South32’s Wessels Mine and Arcelor Mittal Liberia
Ph2 extension services. EMEA Projects also received
contract awards for the Kabanga Nickel Concentrator and
Hydrometallurgical Refinery definitive feasibility study, and
the Early Works phase for Allied Gold’s Kurmuk Gold Project.
Minopex was awarded the O&M contract at the African
Rainbow Minerals Bokoni Plant. This followed the successful
completion of an eight-month refurbishment contract at the
same facility through our EnSerSa subsidiary, showing our
commitment to excellence in project execution on plant
refurbishments. Additionally, Minopex successfully renewed
the Ad’Duwayhi O&M contract and expanded its operations,
securing the O&M contract for the power plant and technical
support for the Mansourah Masarrah Project. In the Middle
East, DRA's regional presence has expanded, with a
growing pipeline of opportunities moving into FY24.
The APAC business continues to prioritise sustainable,
long-term partnerships with key clients, including Bravus
Mining and Resources, Pilbara Minerals, Lynas Rare Earths,
BHP, Newmont and Northern Star Resources. Over the
period, APAC established a strong position in the critical and
battery minerals sectors, where the demand for technical
expertise in early project development remains high. Our
successful track-record of delivering engineering studies
in lithium, vanadium, rare earths, copper and PGM’s is
attracting new clients, including Richmond Vanadium
Technology, Azure Minerals, American Lithium, Podium
Minerals, Covalent Lithium and Xanadu Mines.
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DRA Global Annual Report ABN 75 622 581 935
PROJECTS YEAR IN REVIEW
In FY23, the Group delivered projects, studies and consulting assignments across a wide range of commodities, generating
$477 million of revenue.
EMEA PROJECTS OVERVIEW
As an established and highly regarded business with robust
and diverse capabilities, EMEA Projects maintained stability
throughout the period and continued to deliver excellent
outcomes and capital project successes for our clients.
One notable achievement was the Bokoni Early Ounces
Project for African Rainbow Minerals (ARM). EMEA Projects
provided EPCM services, while Minopex handled the
rehabilitation and commissioning services for the UG2
Plant, which had been in care and maintenance. The
collaborative efforts of EMEA Projects, Minopex and ARM
resulted in this project’s timely completion within 10 months.
In FY23, EMEA Projects successfully reconstructed a
crushed ore stockpile conveyor for Newmont at the Ahafo
Gold Mine in under six months. Phase 2 of the Kamoa-
Kakula Mining Complex in the Democratic Republic of
Congo was commissioned and completed two months
ahead of schedule and within budget; an important
milestone in establishing one of the world’s richest copper
mining complexes. DRA Projects also completed work for
the Kamoa-Kakula Phase 3 Debottlenecking, Assmang
Black Rock Gloria Mine, Newmont Ahafo South RO Plant,
Mimosa’s Plant Optimisation, Zimplats Ngezi 3rd Stream
Concentrator and Ngezi Bihma Mine, Anglo Platinum
Mogalakwena CPR Demo Plant and Amandelbult
Scavenger Bank Upgrade Project.
EMEA Projects completed various studies in copper, gold,
lithium, manganese, nickel, PGM and uranium across
multiple countries. The current pipeline remains strong,
with more than 50 per cent of the studies undertaken
advancing into the feasibility phase. There is a noticeable
demand for studies in battery metals, reflected in contract
awards for lithium, nickel, copper and manganese.
Recognising the significant mining opportunities in Tanzania,
EMEA Projects expanded its service offerings with a new
office, Thamani Projects, in Dar Es Salaam. Thamani Projects
will serve as the East African hub, providing engineering,
construction, and project management services to clients
across the region in the mining, infrastructure and
energy sectors.
18
In FY23, SENET continued to build its presence in precious
and base metals and capitalised on its solvent extraction
and electrowinning capabilities. Aiming to be the leader
for energy transition metal projects, SENET strengthened
its hydrometallurgy capability, specifically in the solvent
extraction market.
Noteworthy work included the Townsville Energy Chemicals
Hub Project for Queensland Pacific Metals, where SENET
was involved in the definitive feasibility study and considered
a key technology supplier for the SX portion of the plant.
SENET successfully completed the feasibility study for the
Cinovec Lithium Project in the Czech Republic and undertook
definitive feasibility studies for various gold projects such as
Cora Gold’s Sanankoro, Allied Gold’s Sadiola and Kurmuk,
and the Ibaera Gold bankable feasibility study for the Black
Volta Project.
SENET also achieved milestones in ongoing projects,
completing Stage 3 of the Ar Rjum Gold Project for Ma’aden
in Saudi Arabia and supporting Ma’aden’s Independent Peer
Review phase. Future plans for the Ar Rjum Project include
a Techno Economic Assessment to be completed in Q1 2024.
Additionally, SENET was engaged by African Rainbow
Minerals for a definitive feasibility study.
SENET continued self-performing works on the SMPP and
EC&I aspects of the AMAK Mining Moyeath Copper Zinc
Concentrator Project in Saudi Arabia. Meanwhile, progress
continued on the Tizert Copper Concentrator Project in
Morocco for the Managem Group, with civil construction
work having commenced in November 2023.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
KEY EMEA STUDIES ACTIVITY
APENSU UG AND AHAFO MINE –
STAGE 2B FEASIBILITY STUDIES
DRA was appointed principal consultant by Newmont Ghana
Gold Limited to develop the Stage 2B feasibility study for the
Apensu Underground Mine development and Tertiary Mill
Installation at the Ahafo Mine in Kenyasi, Ghana.
The Apensu Underground (UG) and Ahafo Enhancement
Recovery Project (AERP) involves the underground mining
of three primary ore bodies; Apensu North, Main and South
(Apensu UG). To accommodate Apensu UG ore’s finer grind
requirements, several in-plant upgrades and modifications
are required.
The Apensu UG Mine is expected to contribute an additional
3.6 Mtpa to the existing throughput of 6.6 Mtpa. The
infrastructure scope includes ventilation, refrigeration, ore
crushing and metal removal facility, services and utilities,
buildings and workshops and the expansion of the existing
161kV substation and MV reticulation network.
Scheduled to commence in July 2025, the execution works
are expected to be completed by December 2028.
AR RJUM GOLD – BANKABLE FEASIBILITY STUDY
The Ar Rjum Gold Project is a new mine development that
comprises three open pit mining operations with associated
waste dumps and ore stockpile, a 6.0 Mtpa processing
plant, tailings management facilities, and supporting
infrastructure including water supply, power supply and
maintenance facilities in Saudi Arabia.
DRA was engaged for Stage 3 to upgrade the formally
completed definitive feasibility study to meet the Ma’aden
stage gate requirements for a bankable feasibility study. The
scope of services included a review and acceptance of the
previous definitive feasibility study stage work, completion
of remaining definition studies, value engineering, BFS level
engineering, costing and project valuation, study report
preparation, coordination, and consolidation of study input
by others, procurement activities, and next stage planning
and scope preparation and an IPR review.
A further study phase will continue to consider further
optimisations that could result in improvements to the
project business case.
BLACK VOLTA GOLD – BANKABLE FEASIBILITY STUDY
SENET was engaged by Ibaera Capital to update their
Black Volta Gold Project feasibility study in North-West
Ghana, Africa.
The capital and operating costs were developed by SENET
based on a suitable plant design and size to accommodate
the plant throughput with a number of improvements
being developed.
20
DRA team working at Zondereinde, South Africa
CINOVEC LITHIUM – DEFINITIVE FEASIBILITY STUDY
DRA successfully completed the feasibility study for the
Cinovec Lithium Chemical Plant, to be constructed in the
Krušné Hore Mountains, Czech Republic.
The Cinovec Project is designed to process 2.25 Mtpa of ore
and primarily produce 25,164 tpa of battery grade lithium
carbonate product through roasting and hydrometallurgical
processes. Certain by-products, including cassiterite
concentrate, wolframite concentrate and scheelite concentrate,
may also be produced.
Financial modelling and value improvement engineering
activities are currently being undertaken by DRA.
DCM PGM RECOVERY – PRE-FEASIBILITY STUDY
DRA successfully completed a pre-feasibility study for the
PGM Recovery Plant for Dwarsrivier Chrome Mine (DCM) in
the Limpopo province, South Africa.
DCM currently produces chrome-rich products for various
markets, with the tailings from this process still containing
high PGM grades. The pre-feasibility study aimed to develop
a cost-effective, fit-for-purpose PGM recovery processing
plant. This was based on previous study results, as well as
extensive test work campaigns to evaluate and confirm that
these PGMs can be economically extracted through a
flotation process.
LIFEZONE METALS KABANGA NICKEL PROJECT –
DEFINITIVE FEASIBILITY STUDY
DRA was appointed as principal consultant to develop a
definitive feasibility study for Kabanga Nickel Project in
North-West Tanzania, Africa, on behalf of Lifezone Metals.
The project aims to establish a new underground nickel,
copper and cobalt mine, initially producing at a rate of
1.7 Mtpa which rapidly ramped up to 3.4 Mtpa. Downstream
from the mine operation is the concentrator plant, as well as
a multi-metals hydrometallurgical refinery, with the goal of
producing final metals through in-country beneficiation.
The project is divided into two distinct sites, with mining and
concentrating taking place at the Kabanga site, adjacent the
Tanzania/Burundi border. Metals refining occurs at the Kahama
Special Economic Zone, located 330km southwest of the
Kabanga site.
The scope of work includes all mine related underground
and surface infrastructure, two 1.7 Mtpa concentrator plant
modules, site wide and bulk infrastructure for both sites,
external power and roads supporting both sites, and two
hydrometallurgical refinery modules producing final nickel,
copper and cobalt metals.
SADIOLA GOLD PROJECT – DEFINITIVE FEASIBILITY STUDY
In 2021, Allied Gold engaged SENET and DRA to complete a
definitive feasibility study update and FEED on a new 10 Mtpa
processing plant to be built adjacent to the existing oxides
plant at Sadiola Gold Mine in south-western Mali,
approximately 30km from the Senegalese border.
The plant is owned by SEMOS which is majority-owned by
Allied Gold. The new plant will treat sulphide ore once the
oxides resource has been exhausted. While execution of
the SSP has been deferred, a price update was completed
in FY23 following a change to the process design.
TOURO COBRE SAN RAFAEL PROJECT
SENET was engaged by Atalaya Mining Plc to provide
capital and operational cost estimate updates for the Touro
Copper Project in the A Coruña province of the Galicia
region, Spain.
The project entails a phased approach to the development
of the plant, including the determination of capital and
operating costs, with an option to increase the plant
throughput over time and allowing the client to assess the
project feasibility on this basis.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
PLATREEF PHASE 1 PROJECT
DRA provided comprehensive EPCM services, aligning with
the phased development plan of Platreef’s Phase 1 Project.
DRA actively constructed specialised surface infrastructure
tailored to meet the requirements of the mining contractor.
Additionally, we were involved in the development of
overarching site-wide surface infrastructure to facilitate the
smooth operation of the entire mine and concentrator plant.
The engineering and the procurement process was near
completion towards the end of 2023, and construction was
underway in the mining, concentrator and general
infrastructure areas. Early procurement had commenced
with some of the critical areas for Phase 2. The project is in
setup phase with capital approval imminent.
SADIOLA GOLD PROJECT
In 2023, SENET successfully installed a new 20tpd oxygen
plant at the Sadiola Gold Mine, skillfully managing the
logistics of relocating the plant from France to a facility
adjacent to the existing process plant at Sadiola Gold Mine
in south-western Mali.
SENET also generated a cost estimate for installing a
crushing and milling circuit at the Sadiola Gold Mine to
enable the treatment of sulphide ores in one of the existing
oxides trains. The circuit will use an existing 7MW ball mill
procured from 2012, which had been stored in France.
Additionally, a tertiary crushing circuit will be employed to
feed the ball mill with crushed sulphide ore. Slurry from the
cyclone overflow will be treated in one of the existing leach
trains in the oxides plant. The project moved into execution,
with contractor establishment onsite planned for Q1 2024.
TIZERT COPPER PROJECT
In November 2022, Group Managem awarded SENET the
EPCM contract for the Tizert Copper Project in Morocco.
Design and engineering of the project, as well as the
procurement of equipment, are in progress. Site earthworks
and civil construction have commenced, with the
involvement of local contractors.
KEY EMEA PROJECT ACTIVITY
DER BROCHEN 240KTPM PROJECT
DRA was awarded the EPCM contract for the Der Brochen
South Shaft Project by Rustenburg Platinum Limited, a
subsidiary of Anglo-American Platinum, following the
successful completion of the feasibility study and the interim
phase in 2021.
The scope of work includes establishing a 200,000 tonnes
per month mine with all relevant surface and underground
infrastructure as a replacement shaft for the existing
Mototolo Lebowa Shaft, which is nearing end of life.
The main infrastructure consists of a ±4.5 km overland
conveyor system with a ROM silo, 100t ROM stockpile
and surge bin before connecting into the existing 240 ktpm
Mototolo concentrator.
Bulk earthworks construction continued during 2023, with
the primary focus on the 4x barrel decline box cut to provide
early access to the mining operations to commence the
on-reef mining operations while the project continues to
establish the surface infrastructure.
The first civil works commenced at the 100kt North ROM
stockpile in March 2023. The SMPP installation will
commence during Q1 2024 and will continue into 2025.
KAMOA-KAKULA PHASE 3 PROJECT
After successfully completing the pre-feasibility study and
basic engineering phase in early 2022, DRA was awarded
the execution scope of work for the Kamoa-Kakula
Phase 3 Project in June 2022. This project will see the
Kamoa-Kakula mine ramping up to 14 Mtpa.
The project scope entails EPCM services related to the
5 Mtpa concentrator, underground and surface mining
infrastructure, bulk services and site infrastructure and
backfill plants.
The project is on-track, with the infrastructure as well as
the concentrator progressing well and under construction.
Commissioning of the concentrator is due to commence
in Q1 2024, with C3 commissioning during Q2 2024. The
Kakula Backfill Plant was successfully commissioned in
November 2023. Engineering on the next phase of the
Backfill Plant has commenced, with works expected to be
completed by 2025.
Mining UG and surface infrastructure projects are progressing
according to schedule, and aligning with the mining access
dates by others. The overall Phase 3 Project completion is
currently forecasted for October 2025.
MOYEATH COPPER-ZINC CONCENTRATOR PROJECT
In 2023, SENET secured the self-perform electrical, control
and instrumentation scope, using the client’s procured tools
and materials and employing local labour.
SENET had previously been awarded the contract for the
design and execution of the Moyeath Copper-Zinc Project
located in Saudi Arabia, by Al Masane Al Kobra Mining Co
(AMAK) in 2021. SENET was also awarded the self-perform
structural, mechanical, piping and platework portion of the
contract in 2022. Site construction is well advanced and is
scheduled to produce first concentrate during Q1 2024.
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TWO RIVERS PLATINUM MERENSKY PROJECT
Having completed the UG2 concentrator in 2007 and being
awarded the EPCM services contract for the Merensky
Concentrator Plant in 2022, DRA continued its engagement
with African Rainbow Minerals and Implats at the Two
Rivers Platinum Mine.
The Merensky Concentrator will run in parallel with the
existing UG2 concentrator at a similar capacity of 200
ktpm. The scope includes the overland conveyor section,
the ROM silo, primary crushing, a combined secondary
and tertiary crushing, screening building, two mill silos
and the concentrator plant. Other scope includes tailings
lines, overhead line relocations and infrastructure work to
complete a fully standalone concentrator operation.
Engineering, procurement and fabrication are in the final
stages of completion, while construction is well underway.
Commissioning is scheduled for Q1 2024.
ZONDEREINDE WESTERN EXTENSION PHASE 1 PROJECT
DRA was appointed by Northam Platinum as the main EPCM
provider for the Western Extension of the Zondereinde
complex, which includes a new shaft and all associated
infrastructure to support the next 30 years of mining.
The new shaft has been raise-bored to surface and
equipping is progressing well with expected completion
of the Men and Material shaft by June 2025. The rock
shaft piloting is well underway with completion scheduled
for June 2028. Supporting surface infrastructure will be
executed as per the schedule which includes surface and
underground works.
The project is scheduled for completion in 2030.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
APAC PROJECTS OVERVIEW
KEY APAC STUDIES ACTIVITY
Mt Weld expansion, Australia
The APAC business continued to enhance its stability and
foster growth, achieving a total of 501,000 engineering
hours in studies, design, field surveillance and
commissioning support during the year.
APAC solidified its strong position as the engineering
services company of choice for Australian companies
investing in Africa by securing key projects, include OreCorp’s
Nyanzaga Project in Tanzania, Atlantic Lithium in Ghana
and Allied Gold with their projects in Mali and Ethiopia.
APAC has a strong value proposition for a successful ASX
into Africa strategy, aligning its local engineering expertise
strongly with the African execution businesses of SENET
and EMEA Projects. APAC is growing its market share in this
sector and has a solid foundation to continue this momentum.
In June 2023, the Australian Government released its
Critical Minerals Strategy 2023-2030. Our front-end study
capability has enabled us to establish new clients in the sector.
APAC also continues to support Australia’s metallurgical
coal industry, being engaged by Whitehaven Coal to develop
its Vickery Extension Project, and ongoing development work
with Bravus Mining and Resources at its Carmichel mine.
KHARMAGTAI COPPER-GOLD PROJECT –
PRE-FEASIBILITY STUDY
DRA was awarded a contract to execute a pre-feasibility
study for Xanadu Mines, who are developing the 15 Mtpa
Kharmagtai Copper-Gold Project in Mongolia.
The scope of work includes the process plant flowsheet
development, infrastructure and NPI, and development of
the water and energy strategy.
KURMUK GOLD PROJECT – DEFINITIVE FEASIBILITY STUDY
DRA was appointed to update the definitive feasibility study,
which was completed by another company, for the Kurmuk
Gold Project in Ethiopia, as well as the FEED for critical
activities for fast-track project execution.
The definitive feasibility study update increased the throughput
of the plant from the 4.3 Mtpa in the original definitive
feasibility study to 6 Mtpa to support an updated mining plan
and increased resource.
The scope covers all disciplines and includes the process
plant design and engineering, and non-process infrastructure.
DRA is currently involved in the early works for the
establishment of key infrastructure needed to support critical
activities and moving forward into the EPCM execution.
RICHMOND VANADIUM – BANKABLE FEASIBILITY STUDY
DRA was engaged to develop a bankable feasibility study
for Richmond Vanadium Technology, an ASX listed
company developing a vanadium pentoxide project in
Queensland, Australia.
Richmond Vanadium Technology’s project is one of the
largest undeveloped oxide vanadium resources in the world.
The scope of work includes the process plant, non-process
infrastructure, location studies and clean energy solutions
and is due for completion late-2024.
TONOPAH LITHIUM CLAIMS PROJECT AND FALCHANI
LITHIUM PROJECT – PRE-FEASIBILITY STUDY
DRA has been engaged under contract by American Lithium
to deliver a pre-feasibility study for two projects; the Tonopah
Lithium Claims Project in Nevada, USA, and the Falchani
Lithium Project in Peru, South America.
The scope of work includes overseeing the test work program,
further developing the preliminary engineering design
delivered under the Preliminary Economic Assessment
executed by DRA.
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KEY APAC PROJECT ACTIVITY
KCGM GROWTH PROJECT INTEGRATED OWNER’S TEAM
In FY23, DRA was awarded the contract on Northern Star’s
KCGM Growth Project as the technical partner for an
Integrated Owner’s Team.
The scope of work encompassed the FEED, construction
and commissioning phases of the project. As the Owner’s
Engineer, we provide engineering technical expertise,
guiding the EPC contractor as well as providing support in
field engineering and commissioning planning.
MT KEITH NICKEL DEBOTTLENECKING
DRA has been engaged by BHP Nickel West to provide
execution and field engineering support services to the
expansion project for their Mt Keith Nickel Operations in
Western Australia. These services are in addition to the
detail engineering design services that were completed in
April 2023.
Upon completion in December 2024, DRA will have
provided approximately 150,000 hours of studies, design,
and field engineering services to BHP since 2021.
MT WELD EXPANSION PROJECT
DRA maintained its collaboration with Lynas Rare Earths,
having secured the detailed engineering design contract
for the Mt Weld Expansion Project—a project for which we
are also delivering field engineering during the construction
phase. This contract followed our successful completion
of the scoping study for the expansion, which extended
through subsequent study and detailed design phases.
Upon its completion in March 2024, DRA will have contributed
approximately 120,000 hours of studies, design, field
surveillance and commissioning services since 2021.
NYANZAGA GOLD PROJECT
In FY23, DRA was awarded a contract for the Early Contractor
Involvement (ECI) for the EPCM package for the Nyanzaga
Gold Project in Tanzania, Africa.
In partnership with SENET, the APAC team led the ECI scope
of work which included a review of the definitive feasibility
study process flowsheet, and the early engineering and design
work to develop all components required for an executable
EPCM contract.
PILGANGOORA LITHIUM CONCENTRATOR
In 2023, DRA continued its project for Pilbara Minerals,
where it is engaged to deliver detailed design services for
the Pilgangoora Concentrator under two upgrade scopes -
P680 and P1000. The scope of work includes increasing the
nameplate capacity of the Pilgangoora operations from
480 ktpa of spodumene concentrate to 5 Mtpa ROM Feed
and 1 Mtpa of spodumene concentrate.
Upon completion in March 2024, DRA will have provided
more the 350,000 hours of studies, design, field surveillance
and commissioning services to Pilbara Minerals since 2017.
TANAMI LEACH TRAIN PROJECT
DRA continued its engagement with Newmont on the
Tanami Leach Train project in 2023. The scope of services
included detailed engineering, design and procurement
support for a new 3.5 Mtpa leach and absorption circuit to
be constructed at the Granites Processing Plant at the
Newmont Tanami Operation, as well as supporting
infrastructure for the site.
VICKERY EXPANSION PROJECT
DRA secured a major design package with Whitehaven
Coal for its greenfields Vickery Extension Project in New
South Wales, Australia.
DRA is executing the detailed engineering and design, and
post Whitehaven’s financial investment decision will provide
technical and project support services during the tendering,
construction and commissioning phases for the Vickey Coal
Handling and Preparation Plant.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
AMER PROJECTS OVERVIEW
KEY AMER STUDIES ACTIVITY
Throughout the year, both the North and South America
businesses have experienced sustained growth. Our strong
project and operational performance underscores a significant
enhancement in the recognition of the DRA brand, our
exceptional technical capabilities and the increasing demand
for our business-case-based approach to projects.
Notably, the North American team successfully executed
studies for clients, including Dundee Precious Metals Loma
Larga, Sigma Lithium Grota do Cirila and Kinross Gold
Great Bear, while the South American team executed
studies and projects in Brazil, Colombia, Chile, Ecuador
and Peru.
South America is continuing to work with large copper mining
operations such as Antamina, Antapaccay, Cerro Verde,
Collahuasi, Escondida, Las Bambas, Quellaveco plus other
iron ore, polymetallic and lithium producers in the region.
In Peru, DRA maintained its commitment to the development
of coarse particle flotation plants, providing detailed
engineering and commissioning support for an ongoing
project initiated from a feasibility study in 2019. Simultaneously,
DRA advanced a conceptual study and pilot plant design
for another Tier-1 copper mine, making progress in the
pre-feasibility study and environmental permits.
In the domain of in-pit crushing and conveying systems,
DRA continued owner’s engineering for a significant EPC
contract, optimising operations for a large copper mine.
Building on its proficiency, DRA was awarded pre-feasibility
and detailed design services for a similar system at another
major copper mining company in 2023.
Furthermore, DRA sustained its presence in Master Service
Agreements, supporting four large copper mines in Peru
and Chile, and adding an advisory master services agreement
for a key client in Chile.
KINROSS GOLD GREAT BEAR PROJECT –
PRE-FEASIBILITY STUDY
In 2023, following the successful completion of the initial
scoping study, DRA was awarded the pre-feasibility study for
the Kinross Gold Great Bear project. The project is currently
in progress, and ongoing discussions with the client are
underway regarding the feasibility stage of the project.
Previously, in 2022, DRA was awarded the scoping study
for the process plant and infrastructure on the Great Bear
project. Described as a generational asset, the Great Bear
project stands as Kinross’ flagship development project.
LOMA LARGA CONCENTRATOR PROJECT –
FEASIBILITY STUDY
DRA delivered a feasibility study for the Loma Larga
concentrator portion of the project during the period. DRA
was previously engaged in 2017 as the full feasibility
engineer by INV Metals, the previous owner, and came
into the project as the incumbent with strong Ecuadorian
contractor and supply chain experience.
TAILINGS AND WASTE CO-DISPOSAL –
PRE-FEASIBILITY STUDY
DRA continued to develop a pre-feasibility study for the
co-disposal of tailings and waste for a major copper mine
in Peru. The study scope includes tailings dewatering,
waste and dewatered tailings mixing, transportation in large
materials handling systems, spreading and a pilot plant.
This study is scheduled to be completed in 2024.
WHABOUCHI CONCENTRATOR PROJECT –
PRE-FEASIBILITY AND FEASIBILITY STUDY
In April 2021, DRA was engaged to conduct a pre-feasibility
and feasibility study for the continuation of Nemaska Lithium’s
Whabouchi Concentrator Project - a long-life, high-tonnage
hard-rock lithium mining operation in Canada.
In May 2023, DRA was awarded the contract for engineering
and procurement services for the project. The construction
support scope is currently in final negotiations for the FEL 4
engineering and procurement contract, which involves setting
up an integrated owner–EPCM team to be co-located in
DRA’s Montreal office.
Construction completion and commissioning of the project is
scheduled for 2024.
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CEO and Managing Director, James Smith, and
Managing Director South America, Enrique Valdivia
Mineral Park open pit copper mine, USA
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KEY AMER PROJECT ACTIVITY
GROTO DO CIRILO PROJECT
Leveraging its extensive experience in lithium processing
and expertise in NI 43-101 compliance, DRA was awarded
the NI 43-101 compliant feasibility study for the second phase
of the Groto do Cirilo spodumene mining project in Brazil.
The flowsheet uses a unique technology known as dense
media separation (DMS) which DRA has delivered on more
than 50 projects globally.
LAS TRUCHAS PROJECT
In 2019, ArcelorMital awarded DRA the initial feasibility
study for its new Las Truchas iron ore concentrator. By 2023,
DRA successfully finalised the engineering and procurement
phase of the project. Ongoing discussions with the client
are underway regarding the next phase of the project.
MINERAL PARK RESTART CONCENTRATOR PROJECT
In 2022, DRA was engaged by Elko Mining Group, a
subsidiary of a Canadian private equity group, to complete
a basic engineering program plan for an Arizona rebuild –
an ambitious 55,000 tpd copper/molybdenum concentrator.
The scope included early contractor engagement for
construction optimisation and the creation of a final budget
for construction decision.
In October 2023, DRA secured the contract for full EPCM
delivery and has fully ramped-up the execution phase of
the project.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
OPERATIONS YEAR IN REVIEW
In FY23, the Group operated several processing facilities across a range of commodities, generating $409 million of revenue.
The underground mining operations division continued to show strong performance at its two existing sites and one new site
in South Africa.
In June 2023, the NeuroMine Mining Insights Centre, South
Africa officially opened for operation. The mining insights
centre harnesses the power of data science and artificial
intelligence, offering real-time monitoring, analytics and
expert domain-driven insights from a single, central location.
This important initiative reflects the Group’s commitment to
innovation and continuous improvement in delivering value
to our stakeholders.
NeuroMine Mining Insights Centre, South Africa
Kroondal 2 platinum concentrator plant, South Africa
EMEA OPERATIONS OVERVIEW
Despite challenging macroeconomic conditions within the
sector, Minopex successfully renewed all its existing contracts.
This notable success underscores our unwavering
commitment to excellence, client satisfaction and consistent
high-quality service delivery.
In FY23, Minopex demonstrated exceptional commitment to
HSE excellence across its operations, achieving significant
milestones that underscore our dedication to excellence.
Notably, 11 Minopex business units maintained an injury-
free record, and 17 Minopex business units reported no LTI
for the year.
Kroondal Quality Lab Services reached a significant
milestone - a decade of LTI-free operations - while Tanzania
Quality Lab Services and Sedibeng Operations were close
behind at nine and five years, respectively. Other units such
as Ad-Duwayhi, Kroondal 1 and Baobab Operations also
reported substantial periods without LTIs. We achieved a
remarkable reduction in total recordable injuries and total
injuries by 49 per cent and 54 per cent from the previous
year, respectively.
Our commitment to maintaining the highest standards of
operational safety and health was further evident as our
surface operations retained ISO45001:2018 Occupational
Health and Safety Management Systems certification.
We also made significant progress in extending this
certification to our mining operations, with one of our largest
underground mining units being awarded certification during
the year. These accomplishments reflect our unwavering
focus on safety, health and environmental stewardship,
setting a robust foundation for sustainable growth and
operational excellence.
Minopex has demonstrated exceptional operational
performance across its portfolio of contracts and various
business units, with more than 80 per cent surpassing
their key performance indicators. This achievement has
significantly contributed to our clients surpassing their
revenue and business plan objectives by leveraging
efficiencies and enhanced value propositions. Notably,
operations including Sibanye Kroondal 1, Sibanye Kroondal 2,
Ad Duwayhi and Elandsfontein have recorded strong
operational performance for the period.
It is important to recognise that certain client operations
faced mining challenges, leading to constrains in ore feed to
plants and impacted the attainment of our key performance
indicators. By adopting a value generation model that
emphasises digitisation and technology, Minopex has not
only improved operational performance but also facilitated
increased revenue and cost reductions for our clients.
Minopex’s underground mining business, UMM, continued its
operations at the Phalabora Mining Company’s copper mine
and Gold Fields South Deep mine. UMM also secured a new
contract at Ekapa Diamonds at the Dutoit Span Shaft in
Kimberley, South Africa, which was a strategic expansion effort.
Minopex was awarded the O&M contract at the African
Rainbow Minerals Bokoni plant. This followed the successful
completion of an eight-month refurbishment contract at
the same facility through our EnSerSa subsidiary, showing
our commitment to excellence in project execution on
plant refurbishments.
28
KEY EMEA PLANT OPERATIONS ACTIVITY
KEY EMEA MINING OPERATIONS
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AD’DUWAYHI GOLD PLANT
In 2023, Minopex secured an extension for operations at the
Ad’Duwayhi carbon-in-leach gold plant. Since its initiation
in 2012, Minopex has actively supported a prominent Tier-1
client in this domain.
BOKONI CONCENTRATOR PLANT
In 2023, Minopex’s subsidiary EnSerSa secured the
contract to refurbish the UG2 platinum concentrator,
situated in the Limpopo Province, South Africa. Working in
collaboration with EMEA Projects, Minopex completed the
refurbishment project in eight months and within budget.
In December 2023, the contract for operations and
maintenance of the process plant was initiated, which
extended beyond the initial refurbishment phase.
SEDIBENG IRON ORE DENSE MEDIA SEPARATION
(DMS) PLANT
In September 2023, Minopex successfully renewed its
operations contract for the DMS plant at the Sedibeng Iron
Ore Mine in the Northern Cape Province, South Africa.
The renewal is the first extension since the inception of
the contract and signifies the strong partnership between
Minopex and Sedibeng.
GAMSBERG ZINC CONCENTRATOR PLANT
Minopex’s contract for the Gamsberg concentrator was
renewed, and the scope expanded, for an additional five
years. This marks the first renewal since commencement of
commercial production in March 2019.
Situated in the Northern Cape province, South Africa, the
Gamsberg concentrator is currently undergoing a Phase II
expansion to double its mine capacity to 8 Mtpa of ROM ore.
KROONDAL 1 AND KROONDAL 2 PLATINUM
CONCENTRATOR PLANTS
Minopex’s O&M contract with Sibanye-Stillwater for
Kroondal 1 and Kroondal 2 were renewed past its initial
term as evergreen contracts in January 2023, following
20 years of successful stewardship for both concentrators.
In the challenging PGM sector where cost efficiency is vital,
both renewals highlight the concentrators’ consistent
performance among the sector’s lowest rand-per-ton cost
process operations.
SOUTH AFRICA ORE BENEFICIATION (SAOB) PLANT
Minopex successfully renewed its O&M contract for the
SAOB metallurgical plant in the Ba-Phalaborwa municipality,
South Africa.
Operational since 2018 and designed for the recovery of
magnetite, this renewal is the first extension of the contract
since its inception. Despite challenges with logistical
constraints in the region, Minopex has ensured the
sustained and enhanced efficiency of this operation.
UMM currently has a workforce of 55 people at Ekapa,
with plans to increase this number to 75 people by January
2024. The expanded team will be responsible for ore
development and fulfilling the original scope of the decline
extension to the 1200 level.
While the contract was initially focused on decline
development, in response to economic challenges affecting
diamond prices, UMM adjusted the scope to include the
establishment of a block cave section. Additionally, substantial
re-support work was also undertaken to ensure the safety of
the section.
At the Gold Field’s South Deep site, UMM’s responsibilities
for the roof support contract was expanded to include
operation and maintenance of longhole production rigs. With
two longhole production drill rigs new in operation, UMM
has enhanced the efficiency and effectiveness of mining
operations at South Deep.
APAC OPERATIONS OVERVIEW
The APAC business continues to operate the Carmichael
coal handling and preparation plant (CHPP), a contract that
was awarded to DRA by Bravus Mining and Resources in
2022 following the successful completion of the EPC contract
for the CHP and CPP.
Bravus Mining and Resources’ Carmichael mine, Australia
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KEY APAC PLANT ACTIVITY
CARMICHAEL CHPP FACILITY
DRA currently has a workforce of 60 people at the Carmichael
CHPP facility in Central Queensland, Australia. The facility
comprises a 1,500t/h raw coal bypass circuit, a 1,250 t/h
coal preparation plant, a stockpiling/reclaiming system and
a train load out (TLO) facility.
Under the contract, DRA is responsible for supplying
the equipment to operate the CHPP as well as provide
stockpile management and reclaiming services at the
TLO facility. Additionally, DRA is tasked with providing
maintenance planning, scheduling, and fulfilling all
maintenance requirements.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
OUTLOOK
DRA delivered a strong operational performance in FY23 across the Group, with a significant improvement in new contract awards
and extensions of $781 million during the year. With certain projects in EMEA nearing expected completion during FY24, the
Group’s revenue outlook for H2 FY24 is dependent on the ongoing rate of new contract awards. However, this outlook remains
robust at present with the year-on-year backlog improving to $885 million as at the beginning of FY24.
The Group’s overall pipeline remains strong with $4.1 billion of near and longer-term opportunities at various stages of development,
diversified across Projects and Operations, by geography and commodity. It includes a balance of future facing minerals and
metals to support the global demand in battery technologies and renewable infrastructure as well as the traditional commodities
such as gold, base metals and iron ore. Our proven experience across the full spectrum of precious metals, base metals, bulk
commodities, battery minerals and rare earth metals positions us well to deliver for our current and future clients.
EMEA
APAC
The APAC engineering and project delivery teams sustained
profitable performance, underpinned by a diverse range of
commodities and projects in gold, lithium and base metals,
which is further encouraged by the Australian Government’s
Critical Minerals Strategy which was released during FY23.
The focus remains on growing our O&M presence, marked
by the successful execution of our first O&M contract and
pursuit of new opportunities in 2024. We are advancing
numerous opportunities in the gold, lithium, rare earth metals
and base metals areas, capitalising on our unique Australia-
into-Africa positioning, enabling project development and
engineering in Australia with robust execution capabilities
in Africa.
AMER
The North America team continues to achieve consistent
growth across a range of commodities with an increased
focus on future-facing minerals in Canada and the USA.
The portfolio of activity continues to mature through the
project development lifecycle, with a near-term focus on full
delivery projects. Positive project development in the USA
is expected, driven by the US Government’s Inflation
Reduction Act.
The team in South America is consolidating and targeting
key clients and projects following rapid growth in recent
years. The focus remains on engineering studies and
brownfield projects, predominantly base metals, for large
mining companies in relatively politically stable South
American jurisdictions where our deep experience has
been demonstrated to clients.
The strong performance of EMEA Projects is expected to
continue in the near term, with several key projects nearing
completion phase in 2024. Our deep strategic relationships
with African mining clients solidifies our strong presence in
the region, establishing us as the leading project delivery
provider across Africa. Additionally, the Middle East region
and Europe are starting to deliver an increasing number of
opportunities for FY24 and beyond as we continue to focus
on these regions.
The PGM sector is likely to be challenged in the near term
as depressed commodity pricing reduces capital expenditure.
Project capital expenditure in battery minerals and base
metals continues to be robust, driven by increasing use within
renewable energy and electrification project applications.
The market continues to offer increasing opportunities for
downstream processing, and EMEA Projects is well positioned
with niche hydrometallurgical capability, particularly in solvent
extraction and electrowinning. Additionally, continuing
brownfield expansions within our core client base and an
improvement in capital expenditure on gold projects and
certain bulk commodities will provide further opportunities.
The outlook for EMEA Projects to deliver for our current and
future clients remains strong, considering the breadth of skills
and experience across the commodity spectrum.
The capabilities of the SENET business within certain niche
areas, such as solvent extraction and electrowinning,
continues to position us favourably within copper and gold
project opportunities throughout the Democratic Republic of
the Congo, Zambia and East, West and North Africa.
MINOPEX
Our Minopex business leveraged its key client relationships,
alongside the EMEA Projects pipeline, to develop and
secure outsourced O&M opportunities. The Minopex team
has incorporated several differentiating capabilities, including
underground mining operations, energy and power
management solutions, hydrometallurgical process capability,
and small plant build-own-operate solutions, creating
additional pipeline opportunities. The experience and
capability of our Minopex team in EMEA will be used to
expand O&M opportunities globally.
30
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Zondereinde, South Africa
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FY24 AND BEYOND
Competition for skilled talent remains high into FY24,
making our commitment on being an employer of choice
within the engineering industry a high priority. We strive to
develop and grow our diverse, global workforce in a positive
and inclusive culture that supports our high-performing teams.
The outlook for the key commodity markets we operate
in remains fluid in the near-term due to expected volatility
in commodity prices. Anticipated challenges from certain
macroeconomic headwinds include a continued slowdown
in Chinese demand and various geopolitical tensions that
are emerging across the world. Incentivised investment
in critical minerals, driven by initiatives such as the US
Inflation Reduction Act and EU Critical Minerals Act, will
continue to positively impact capital expenditure in key
regions and commodities.
While interest rates and inflation have recently shown signs
of slowing, the impact on rising capital and operating costs
will likely continue to have flow-on effects on funding future
projects and our pipeline. Capital flows continue to migrate
towards exploration, development projects and operations
focused on the critical minerals for the energy transition,
despite near-term commodity price volatility. Significant focus
in Australia as well as the Americas is expected to positively
impact our growth business units over the medium term.
Continued focus on improving the Group’s quality of earnings
and operating cash flow generation, together with strengthening
of the balance sheet, remains a near-term focus for the Board
and Management team. The Board and Management are
committed to successfully delivering the Roadmap to 2025,
with a focus on innovation, collaboration and strategic growth,
ultimately delivering positive outcomes for clients, people,
communities and shareholders.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
LEADERSHIP
BOARD OF DIRECTORS
SAM RANDAZZO
Independent Non-Executive
Director and Chair
Appointed 4 October 2023
JAMES SMITH
Chief Executive Officer
and Managing Director
Appointed 27 July 2023
Sam Randazzo is a chartered accountant in Australia and
mineral resources industry professional with more than 35
years’ experience. Sam has held several senior leadership
positions, including executive and non-executive directorships,
chairman, CEO, CFO and company secretary for publicly
listed companies on the ASX, TSX, JSE and AIM stock markets.
James Smith has more than 25 years’ experience in the
mining, industrial and financial sectors. Originally a process
engineer in the mining industry, James has held various
consulting, investment advisory and operational leadership
positions. Prior to taking on the CEO role, James was EVP
and Managing Director of Minopex.
In addition, Sam has extensive operational experience in
project identification, merger and acquisitions, initial and
secondary public offerings, capital raisings in international
markets, corporate finance, feasibility studies and project
development.
He has also worked for companies involved in the mining,
exploration, engineering and construction of gold, diamonds,
base metals, mineral sands, coal and uranium projects.
He has extensive experience in strategy development and
execution, operational excellence, mergers and acquisitions
and organisational leadership within the mining and
industrial sectors.
James holds a Bachelor of Engineering (Chemical) from
WITS University (cum laude).
OTHER LISTED COMPANY DIRECTORSHIPS
OTHER LISTED COMPANY DIRECTORSHIPS
None
None
FORMER LISTED COMPANY DIRECTORSHIPS
MC Mining Limited, Bardoc Gold Limited
SPECIAL RESPONSIBILITIES
Member of the Audit & Risk Committee, Member of the
Major Project Approvals Committee
32
CHARLES PETTIT
Non-Executive Director
Appointed 1 July 2023
DARREN NAYLOR
Executive Director
Appointed 5 October 2023
Charles Pettit is the CEO and Founder of Apex Partners,
a holding company that makes long term investments in
engineering, equipment and industrial distribution businesses.
Prior to founding Apex, Charles founded and was the CEO
of Torre Industries Ltd and Stellar Capital Partners Ltd,
both JSE-listed industrial businesses. Charles has also
held senior roles for Close Brothers Corporate Finance and
AfrAsia Corporate Finance.
He holds a BCom (Hons) from the University of Cape Town
and is a qualified CFA charter holder.
Darren Naylor has more than 25 years’ experience across
various industrial sectors, of which more than 15 are
specialised in the engineering, mining and metals industry
across Africa and Australia.
During this time, Darren was responsible for managing
numerous multi-disciplinary mining studies and projects and
operated at both senior executive and board levels.
He holds a B-Tech in Marketing from the University of
Johannesburg and an MBA with distinction from Henley
Business School.
OTHER LISTED COMPANY DIRECTORSHIPS
OTHER LISTED COMPANY DIRECTORSHIPS
None
None
SPECIAL RESPONSIBILITIES
Member of the Audit & Risk Committee, Member of the
Major Project Approvals Committee
VAL COETZEE
Executive Director
Appointed 25 October 2023
LINDIWE MTHIMUNYE
Independent
Non-Executive Director
Appointed 25 October 2023
Val Coetzee is a qualified engineer and leader in the mining
and mineral services industries. Val has held the position
of metallurgist and technical manager at Impala Platinum
and De Beers Consolidated, where he was responsible for
overseeing new greenfield projects.
Val has played a vital role in the global expansion of the
Group during his 15 years tenure. Val is currently the
Director Process & Technology, supporting our EMEA and
SAMER business units.
He holds a Bachelor of Engineering in Chemical Engineering
from the University of Stellenbosch and a Master of
Engineering Mining (Mineral Economics) from the University
of the Witwatersrand.
Lindiwe Mthimunye is a chartered accountant in South
Africa with extensive experience in governance, finance
and business.
During her career, Lindiwe has held senior positions in the
investment banking and oil and gas industries, including the
position of chief financial officer.
She has served on the Board of various listed and
unlisted companies.
OTHER LISTED COMPANY DIRECTORSHIPS
Metrofile Holdings Limited, SABVest Capital Limited,
Blue Label Telecoms Limited
OTHER LISTED COMPANY DIRECTORSHIPS
None
SPECIAL RESPONSIBILITIES
Chair of the Major Project Approvals Committee
FORMER LISTED COMPANY DIRECTORSHIPS
Woolworths Holdings Limited, Group 5 Limited
SPECIAL RESPONSIBILITIES
Chair of the Audit & Risk Committee
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33
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
EXECUTIVE COMMITTEE
JAMES SMITH
Chief Executive Officer
and Managing Director
MICHAEL SUCHER
Chief Financial Officer
James Smith joined DRA in 2018 and was appointed Chief
Executive Officer in October 2022.
Michael Sucher joined DRA in 2021 and was appointed
Chief Financial Officer in September 2022.
James has more than 25 years’ experience in the mining,
industrial and financial sectors. Originally a process
engineer in the mining industry, James has held various
consulting, investment advisory and operational leadership
positions. Prior to taking on the CEO role, James was EVP
and Managing Director of Minopex.
He has extensive experience in strategy development and
execution, operational excellence, mergers and acquisitions
and organisational leadership within the mining and
industrial sectors.
James holds a Bachelor of Engineering (Chemical) from
WITS University (cum laude).
Michael has more than 20 years’ experience in the
accounting and resources sectors, and possesses extensive
skills and experience in financial accounting, reporting,
governance and business process improvement.
He held senior leadership roles in the corporate and
divisional finance teams at BHP and South32 in Australia
and North America.
ALISTAIR HODGKINSON
Chief Operating Officer
BRONWYN BAKER
Chief Corporate Services Officer
Alistair Hodgkinson joined DRA in 2007 and was appointed
Chief Operating Officer in 2021.
Bronwyn Baker joined DRA in 2021 and was appointed
Chief Corporate Services Officer in September 2022.
Alistair has a wealth of experience in engineering and
project delivery for large scale mining and minerals
processing for greenfields and brownfields resources
projects throughout Africa and the Middle East.
Bronwyn has more than 20 years’ experience in senior roles
in the mining industry and leading diverse business services
teams, with expertise in human resources, organisation
development, business strategy, and culture transformation.
His experience extends across a range of commodities,
including platinum group metals, gold, base metals and
iron ore.
She is passionate about using science-based approaches
to create a work environment where employees and teams
can grow and thrive.
Bronwyn left the Company in February 2024.
34
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DRA Global Annual Report ABN 75 622 581 935
D
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PEOPLE
Our people, around 4,200 globally, are the cornerstone of our business.
Not only do we aim to be a magnet for the industry’s top talent, but we also aim to be the place where our people learn, grow
and gain experience that will fulfil their career aspirations.
We provide a supportive and connected work culture so that our people enjoy coming to work, are doing meaningful work and
are progressing in their careers. We also offer fair remuneration and invest in development programs to build capability and
drive performance.
ATTRACTING AND RETAINING TOP TALENT
We aim to be a magnet for the industry’s top talent and
attract the right people with the right skills for the right roles.
The talent market is active and increasingly competitive.
In FY23, we continued to work on our attraction and
retention strategies through strategic workforce planning,
talent attraction strategies, referral programs and internal
talent management.
In FY23, we saw 54 new graduates join the DRA Group
and 23 existing graduates were promoted internally.
Across the globe, we partnered with universities and
professional associations to build awareness of the DRA
brand and attract students to start their professional
careers at DRA.
Talent retention is equally critical to the success of our
business. We continually review our strategies to retain
employees and build skills for the future through succession
planning. To enhance our approach to supporting our
people fulfil their career aspirations, we implemented a
Career Path Framework to give our people more insight
into career opportunities and provide clarity around role
progression at DRA.
We also prioritised career conversations with leadership
and, wherever possible, promoted from within the
organisation. Our voluntary turnover reduced from
14.6 per cent to 11.8 per cent which is positive indicator.
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DRA Global Annual Report ABN 75 622 581 935
D
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Toronto, Canada
PROMOTING INCLUSION AND DIVERSITY
At DRA, we value inclusion and diversity, equal opportunity,
collaboration, sharing knowledge and supporting each other
in the workplace and community.
Our commitment includes providing a workplace free of
discrimination and unfair bias, where everyone has an
opportunity and where each person is valued, respected and
supported for their different attributes, skills and experience.
Our values and behaviours underpin how we expect our
people to act and treat everyone.
At the end of FY23, our workforce consisted of 77 per cent
male and 23 per cent female, with 23 per cent of new hires at
DRA filled by women.
In South Africa, we confirmed our continued commitment
to inclusivity and empowerment of designated groups by
proudly retaining our Level 4 B-BBEE scorecard rating
for EMEA Projects and Level 2 B-BBEE scorecard rating
for Minopex.
OUR PEOPLE AND CULTURE POLICIES
We have a comprehensive set of policies and frameworks
that drive our purpose, values and behaviours.
Our Code of Conduct outlines how we carry out business and
behave in an ethical manner. It also defines the standard of
behaviours expected from all our directors, senior leaders,
employees and contractors.
Our Diversity and Inclusion standard and policy confirms our
commitment to equal opportunity and building an inclusive
culture that supports and celebrates all our people. This is
supported by an e-learning course to help educate our people
about the expected standard of behaviour.
Our Speak Up standard outlines how to report any suspected
unacceptable conduct and provides protection for those who
make a report. DRA will not tolerate any retaliation against
those who speak up.
Our standards and policies are available on
www.draglobal.com/about/corporate-governance
Johannesburg, South Africa
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CREATING MEANINGFUL EMPLOYEE EXPERIENCES
In November 2022, we sought insights from our people about
working at DRA via a global Employee Engagement Survey
to inform our people strategies and create an employee
experience that aligns with the needs of our people.
The survey saw increased participation, with a 75 per cent
response rate and an overall engagement score of 77.
Positive improvements were observed across all engagement
drivers in the 2022 survey, indicating a sustained sense of
camaraderie, unity and purpose among our people.
Notably, there were significant gains in areas of recognition,
feedback and work-life balance, aligning with our key focus
areas for FY23. The survey findings also indicated an increase
in confidence among our people regarding the implementation
of comprehensive action plans in response to their feedback.
While these positive trends are encouraging, there is a
continued need to enhance career discussions, feedback
and wellbeing across Group, and several initiatives were
undertaken to address these specific areas in FY23.
In November 2023, we initiated the FY23 Employee
Engagement Survey which saw a good response rate of
76 per cent and an engagement score of 77 which were
both above the industry benchmark and an improvement
on the results from the year prior. The survey results will be
cascaded throughout the business, and areas of focus and
action plans will be developed and implemented in FY24.
EMPOWERING LEADERS OF TODAY
AND TOMORROW
Empowering our leaders of today and tomorrow through
access to professional development and learning opportunities
is important in our business.
In collaboration with the NeuroLeadership Institute, we
continued to deliver the CONNECT program, focused on
enhancing the quality of conversations. More than 300
leaders took part in the program to build their leadership
skills and equip them to have meaningful career and
performance discussions.
More than 3,300 e-training courses were completed globally
by year end, including almost 2,500 LinkedIn Learning
courses and more than 200 courses on the internal learning
management platform, REACH.
REMUNERATION AND REWARD
Recognising the buoyant and competitive job market, a
market analysis and salary reviews are regularly undertaken
to ensure DRA remains competitive and to recognise and
reward our people with fair remuneration.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
D
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SUSTAINABILITY
We are uniquely positioned to be a strategic advisor to our clients. Our deep technical expertise, coupled with our years of experience
in the mining, minerals and metals industry and our capabilities across the value chain, provide a distinctive end-to-end perspective.
We help our clients work towards world class sustainable mines of the future that minimise their physical and environmental
footprint while simultaneously delivering value to their shareholders, employees, people, and the local communities they operate
in. To achieve this, we consider the impacts across the entire mining value chain and strive to find sustainable solutions that
balance the economic, environmental and social factors.
Along with our clients, we operate in a critical part of the mining value chain and recognise the essential role we play in transitioning
to a low-carbon and resource-efficient future for all. We see data and digitalisation as pivotal tools to model, monitor and manage
this transition. With almost 40 years of real-world engineering and operational data at our disposal, we are excited about the
opportunities that stem from adding a sustainability lens to these data.
HELPING OUR CLIENTS ACHIEVE THEIR
SUSTAINABILITY GOALS
Having successfully delivered projects across five continents
with varying climates, cultures and conditions, we are deeply
aware of social, environmental and economic disparities
across the globe.
During FY23, we continued to develop innovative mining and
process solutions for our clients from concept to execution,
with sustainability objectives as an essential driver of crucial
technical decisions.
Our Sustainability Solutions team offers a value-adding
service for all appropriate project proposals and tender
submissions to help our clients operationalise sustainability
as part of daily business. Our team collaborates with clients
to develop enterprise-wide programs, aligning with net-zero
goals and addressing ESG and sustainability targets.
BUILDING A SUSTAINABLE DRA
Sustainability features prominently in our client facing projects,
operations, and advisory work, and we continue to enhance
our corporate sustainability performance and refine our
sustainability strategy throughout the year.
We believe in taking a stakeholder-led approach to
sustainability that will allow us to set the best path forward.
Our stakeholder engagement includes, but is not limited to,
regular meetings and engagements with our clients, partners,
consultants and suppliers, the AGM with our shareholders,
regular performance reviews and development meetings
with our workforce, including our annual Employee
Engagement Survey.
As a result of these discussions and engagements, we are
consciously incorporating environmental and social factors
into our decision-making, building a stronger reputation
through our business ethics and integrity and encouraging
our people to be accountable in creating strong corporate
governance and leadership throughout FY23.
In FY23, we worked on developing a better understanding
the United Nations Sustainable Development Goals, targets
and indicators and how we might be able to positively
contribute to their advancement.
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41
DRA Global Annual Report ABN 75 622 581 935
ENVIRONMENT
In the past year, our commitment to sustainability and
environmental stewardship has remained at the forefront of
our operations, even as we navigated the complexities of our
global presence and the inherent challenges of managing
emissions across diverse geographical landscapes.
ESTABLISHING OUR BASELINE
This inaugural emissions report provides a transparent
overview of our current environmental footprint, focusing
on the key areas that drive our impact: Scope 1 and
Scope 2 emissions.
EMISSION AND ENERGY DATA
By establishing this baseline, we lay the groundwork for future
reporting and set the stage for targeted strategies to reduce
our carbon footprint. It is a critical step towards our long-
term sustainability goals, offering insights that will guide our
efforts to improve energy efficiency and minimise emissions
across our operations.
We have adopted a straightforward and robust approach to
quantify our greenhouse gas (GHG) emissions, focusing on
significant sources within our operational control.
Carbon Emissions
Region
tCO2-e
MJ
Scope 1
8.5%
Scope1
Scope 2
Total
EMEA
APAC
EMEA
APAC
269
3,862,164.48
-
-
2,658
9,201,998.12
246
1,494,638.78
3,173
14,558,801.38
TOTAL GHG
EMISSIONS SPLIT
BY SCOPE
91.5%
Scope 2
In FY23, our Scope 1 and Scope 2 emissions were
3,173 tCO2-e. Scope 2 emissions from purchased
electricity comprised 91.5 per cent of total emissions3.
Our Scope 1 (direct impact) emissions includes fuel used
in company owned vehicles, but 48 per cent of our Scope
1 emissions in EMEA emanates from the need to operate
diesel generators to ensure uninterrupted operations during
loadshedding in South Africa.
Our Scope 2 (indirect impact) emissions, derived from
the indirect consumption of purchased electricity, highlight
the challenges and opportunities in managing our carbon
footprint beyond our direct control. As tenants in corporate
premises, our influence over building energy efficiency
is limited.
Our emissions data underscores the significant role of our
EMEA operations in our overall emissions profile, with the
bulk of our emissions originating from this region. Notably,
our AMER operations have not been included in this year’s
report. It is anticipated that we will include data from this
region once it is practical and relevant to do so. However,
this omission is not material to our overall results, given
the predominant contribution of our EMEA operations to
our emissions and energy footprint.
LOOKING FORWARD
Our strategy for managing energy consumption and emissions
will continue to evolve, reflecting our ongoing commitment
to environmental sustainability and operational excellence.
We recognise the challenges posed by our reliance on
diesel generators in South Africa and are actively exploring
alternative solutions to reduce our direct emissions while
maintaining operational continuity. We aim to not only minimise
our environmental impact but also to lead by example in the
corporate sector, demonstrating that responsible energy
management and emissions reduction are not only feasible
but integral to the future of sustainable business practices.
This baseline report paves the way for our continuous
improvement, setting a clear direction for our environmental
sustainability journey.
1 Australian National Greenhouse Accounts Factors:2023 were used for Scope 1 emissions factors.
2 Australian National Greenhouse Accounts Factors:2023 and ESKOM Holdings SOC Ltd were used for grid factors for Scope 2 emissions in APAC
and South Africa respectively.
3 Calculations are based on data received from the individual Business Units and are unaudited.
42
HEALTH, SAFETY AND WELLBEING
Our people are the cornerstone of our business, and safeguarding their health, safety and wellbeing remains our highest priority.
We are committed to conducting business in a responsible way, with focus on protecting the health, safety and wellbeing of our
people, contractors and communities in which we operate. Our approach involves actively caring for our people in everything we
do, maintaining a robust culture of safety and continually improving our safety performance.
The Actively Caring campaign, another initiative, aimed to
foster a stronger safety culture by encouraging our people to
go beyond their regular duties for the wellbeing and safety
of themselves and others. Recognising and reinforcing acts
of active caring aimed to instil a collective responsibility for
safety and create a work environment where everyone is
committed to preventing accidents, injuries, and incidents.
In FY23, an elevated safety leadership engagement program
was introduced to enhance and increase leadership involvement
in promoting a safety-oriented culture. The program was
designed to create a positive safety culture where leaders
play a central role in promoting, supporting and continuously
improving safety practices throughout the organisation.
We have clear mandatory minimum performance standards
and frameworks to identify, assess and manage safety risks
and their potential impacts, and monitor the health of our
workforce. Furthermore, we have 12 mental first aiders and
more than 110 first aiders across the Group who support
our workforce.
Our Health and Safety Policy is available at
www.draglobal.com/about/sustainability
KEEPING OUR PEOPLE SAFE AND WELL
During FY23, our strategic wellbeing initiatives were centred
on comprehensive wellness planning, addressing both
legislated psychosocial and sexual harassment provisions.
Our commitment extends to supporting initiatives that focus on
promoting healthy lifestyle choices, building resilience, creating
a supportive culture and giving back to the community.
As part of our commitment to employee wellbeing, we offer a
range of voluntary health promotion services and programs
designed to address major non-work-related health risks.
These include health screenings, wellbeing webinars,
employee events and health campaigns. These initiatives
aim to support our people in making healthy lifestyle choices
and managing health risks beyond the workplace.
Throughout the year, mental health awareness was prioritised,
with interactive employee engagements that explored topics
such as mental health in the workplace, stress and burnout
and platforms. At DRA, our people, their families and
dependants have access to a free and confidential Employee
Assistance Program, underlining our commitment to mental
health support.
SAFETY PERFORMANCE
Throughout the Group, we disclosed a LTIFR of 0.15,
reflecting a 15 per cent increase compared to FY22, and
a TRIFR of 0.32, indicating a 39 per cent improvement
from FY22.
14,493,828 reported person-hours on 22 projects during the
year, with 16 being LTI-free, and 7,178,343 reported person-
hours on 27 maintenance and operation sites, with 25 being
LTI-free.
PERSON-HOURS, LTIFR AND TRIFR
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CREATING A CULTURE OF SAFETY
Our focus was on enhancing operational efficiency, ensuring
frontline employee safety and increasing leadership visibility.
To do this, we work closely with contractors and business
partners to align our safety culture and expectations.
In FY23, we conducted awareness campaigns addressing
safety topics, including the desired behaviours based on the
Material Risk Standard and the DRA Life-Saving Rules. The
objective was to further enhance a culture of safety where
adherence to these principles becomes second nature,
reducing the risk of incidents and promoting a healthy and
safe working environment.
In addition, we implemented an initiative to increase
awareness and reporting of high potential incidents.
Reporting high potential incidents allows us to systematically
identify and mitigate risks before they escalate, helping create
a safer work environment and minimising the likelihood of
severe incidents.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
SUPPORTING LOCAL SUPPLY CHAINS
The quality of our supply chains directly impacts our
ability to deliver our services. We are committed to sound
procurement practices by ensuring our supplier selection
processes have set criteria, including the quality of goods
and services, technical capability, timeliness of delivery, cost,
adherence to safety, health and environmental requirements,
any transformational objectives of the countries where we
operate, and are aligned to our values and ethical standards.
Where possible, we support local suppliers that operate
businesses in the regions where we operate.
Our Modern Slavery Statement is available at
www.draglobal.com/about/corporate-governance
SUPPLIER DEVELOPMENT
We are deeply aware of social, environmental, and economic
disparities across the world and in the places where we
operate. We endeavour to leave a positive legacy by
supporting local people, enhancing livelihoods, and
contributing to the upliftment of communities.
We work with our clients to identify the appropriate local
suppliers of goods and services where possible on a
project-by-project basis, in keeping with local laws
and regulations.
We have provided interest-free loans and supplier
development incubator investments to qualifying local
businesses in Africa who provide services to the mining
industry. In FY23, we provided financial support to four
small businesses, Form Force (Pty) Ltd, One Line Project
Solutions (Pty) Ltd, Leoka Engineering (Pty) Ltd and
Ditsogo Group (Pty) Ltd, to the value of $435,351.
GIVING BACK TO COMMUNITY
Each year, our teams generously donated their time to
volunteer and raise money in support of local charities,
not-for-profits and community-funded organisations.
In South America, our team organised a Christmas
donation campaign for Westfalia Kinderdorf Children
Village, offering support to 90 vulnerable children.
The team hosted a Christmas show, including lunch
boxes and gifts for the children.
In collaboration with Engineers Without Borders, our North
American team arranged a winter clothing drive, with all
proceeds going to Covenant House Toronto. For 40 years,
Covenant House Toronto has been supporting homeless,
trafficked or at-risk youth.
Our APAC teams actively participated in fundraisers
throughout the year, raising around $2,500 for local charities
and community-funded organisations. One such organisation,
Cancer Council WA, funds vital cancer research, runs life-
saving prevention programs and provides support to the
thousands of families affected by cancer each year.
RECYCLE, REUSE, REDUCE
We actively promote and encourage our people to contribute
to a positive environmental impact by engaging in recycling
and waste reduction practices at our office buildings.
Our recycling programs in APAC and AMER go beyond
environmental benefits, with funds raised from recyclables
being donated to local charities as part of our annual
fundraising efforts.
SOCIAL INVESTMENT
We have a long-standing commitment to investing in
local communities, implementing community upliftment
initiatives and contributing to the social, economic
and institutional development of the countries and
communities where we operate.
As part of DRA Project’s Community Social Investment
initiative, we supported three beneficiaries in collaboration
with our clients during the period. On 22 September 2023,
we officially handed over a newly constructed sports field
in Limpopo, South Africa, to the Bangwannate Disable
Project – a venture undertaken in partnership with Ivanplats.
Additionally, we also provided funds to the Makopole
Secondary School in partnership with Anglo Platinum and
Resthaven to cover the costs of building a shelter.
Minopex contributed $97,000 to various beneficiaries in the
areas of Limpopo, Northern Cape, Mpumalanga, North West
Province, South Africa, throughout the year.
BUILDING AN INCLUSIVE AND DIVERSE
WORKFORCE
We value inclusion and diversity, equal opportunity,
collaboration and knowledge sharing in the workplace.
In FY23, we partnered with Bravus Mining and Resources
to accelerate the development, training, and employment
of First Nations peoples in central Queensland, Australia.
Our First Nations Traineeship Program actively recruits
Aboriginal and Torres Strait Islander people for critical
mining roles that support the operations of the 10Mpta
Carmichael mine.
Additionally, in collaboration with Foran Mining Corporation,
we funded six scholarships for students who live in the
indigenous communities surrounding the McIlvenna Bay
Project near Saskatchewan, Canada. The scholarships
aim to develop skills relevant to the mining industry and
the community. Beyond financial support, students also
received mentorship from our leadership teams, providing
industry insights and career guidance to enhance their
professional development.
Both initiatives recognise the value of cultural diversity
within the mining industry and prioritises the involvement of
Traditional Owners.
Perth, Australia
Santiago, South America
Saskatchewan, Canada
COMMUNITY
In almost 40 years of operation, alongside our dedication to clients and people, our commitment to the communities where we
operate remains one of our highest priorities. Our approach involves investing in communities and local supply chains through
meaningful community engagement and building capacity for lasting local economic self-sufficiency.
While we collaborate with our clients and community organisations throughout the year to support local initiatives, we also
stand united with communities during times of tragedy.
When a severe earthquake struck various towns in Morocco on 8 September 2023, the SENET team working on the Tizert
Copper Project, together with the client, promptly provided aid and supplies to local villages and people impacted by the
devastating event. Our team raised a generous amount of money, enabling the distribution of 150 food parcels to those in need.
44
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CORPORATE GOVERNANCE STATEMENT
DRA is dual listed on the ASX and JSE, with its primary listing on the ASX. Accordingly, DRA is required to publicly report its
application of the ASX Corporate Governance Council Corporate Governance Principles and Recommendations.
For FY23, we reviewed our corporate governance practices against the Corporate Governance Principles and Recommendations
(Fourth Edition).
DRA’s Corporate Governance Statement reflects its corporate governance practices for the financial year ended 31 December 2023
and was approved by the Board on 27 March 2024.
The FY23 Corporate Governance Statement has been lodged with the ASX and is available at
www.draglobal.com/about/corporate-governance
CORPORATE GOVERNANCE
DRA’s corporate governance structure and processes support the delivery of our strategic direction, and is critical to fulfilling our
stakeholders’ expectations, achieving sustainable long-term success for our business, and promoting investor confidence.
The Board, Executive Committee and senior leaders have an ongoing commitment to maintaining effective corporate governance
frameworks and practices that facilitate the long-term success and stability of the Company.
CORPORATE GOVERNANCE STRUCTURE
DRA’s corporate governance structure consists of a Board of Directors, whose role is to fulfill its obligations to generate value
for shareholders, provide strategic guidance to the Company, and the affairs of the Company while promoting a culture which
supports its core values.
As outlined in the Board Charter, the Board also has responsibilities to employees, clients, suppliers and to the welfare of the
communities in which we operate.
During 2023, the Board used its five sub-committees to assist with discharging responsibilities:
• Nomination and Governance Committee;
• People, Culture and Remuneration Committee;
• Audit and Risk Committee;
• Sustainability, Health, Safety, Environment and Community Committee; and
• Major Project Approvals Committee.
In October 2023, the Board undertook an evaluation of it structure and processes. Due to the Company’s size and the nature
of its operations, the Board decided to consolidate the work previously carried out by certain committees into scheduled Board
meetings. As a result, the role of the Nomination and Governance, People, Culture and Remuneration and Sustainability, Health,
Safety, Environment and Community Committees are now overseen by the full Board.
46
OVERVIEW OF DRA’S GOVERNANCE FRAMEWORK
STAKEHOLDERS
REGULATORS
BUSINESS PARTNERS
SHAREHOLDERS
EMPLOYEES
COMMUNITY
BOARD
AUDIT AND RISK
COMMITTEE
MAJOR PROJECTS
APPROVAL COMMITTEE
DELEGATION OF AUTHORITY
CHIEF EXECUTIVE OFFICER
EXECUTIVE AND MANAGEMENT
STRATEGY
RISK MANAGEMENT
CULTURE AND VALUES
POLICIES AND STANDARDS
EXTERNAL AUDIT
INTERNAL AUDIT
STRONG FOUNDATIONS OF GOVERNANCE
We seek to apply contemporary governance standards in a
manner that is consistent with our culture and values. This is
underpinned by our four governance foundations of integrity,
transparency, stewardship and accountability.
OPERATING WITH INTEGRITY
DRA’s Code of Conduct defines the standards of behaviour
that we expect from our Directors, management and our people,
based on our values. It embodies our commitment to good
corporate governance and responsible business practice.
We are committed to working in accordance and in compliance
with relevant laws and regulations in all jurisdictions of operation,
and we expect all parties to uphold the behaviours and standards.
In FY23, we continued to strengthen our commitment
to honest and ethical behaviour by communicating our
expectations to our people and business partners. As part of
our communications, we also reminded our people that it’s
okay to raise concerns and speak up about unacceptable
behaviours or conduct that do not align with our values.
DRA’s Speak Up Policy and Standard outlines how to raise
concerns about unacceptable conduct and how matters
will be managed. The Board, Executive Committee and
senior leaders are committed to ensuring that individuals
can report matters of suspected unacceptable conduct
without fear of reprisal or detrimental treatment, and that
all reports made under the standard are treated seriously
and confidentially.
MAINTAINING TRANSPARENCY
We endeavour to be transparent about our structure,
operations and performance to all our stakeholders.
Policies and standards that support our commitment to
transparency include Fair Competition, Market Disclosure
and Communication, Securities Trading, Conflicts of Interest
and the Code of Conduct.
RESPONSIBLE STEWARDSHIP
Fundamental to our purpose is the recognition that DRA is
managed for the benefit of its shareholders, considering the
interests of other stakeholders. Our strategy provides direction
on how we attain shareholder value over time. External
and internal audits are conducted to provide independent
assurance on the control and performance of DRA.
TAKING ACCOUNTABILITY
Enabling the right people to make effective and efficient
decisions is a cornerstone of good corporate governance.
In FY23, we reviewed of our decision-making processes,
including our risk appetite and Delegation of Authority
Framework. Our Code of Conduct also outlines our
expected standard of accountability and appropriate actions
that may take place when the right processes or standards
are not followed.
Our charters and policies are available at
www.draglobal.com/about/corporate-governance
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D
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FINANCIAL REVIEW
FINANCIAL PERFORMANCE
Three consecutive halves of strong financial performance readily demonstrate the return to financial stability.
Description
Revenue
EBITDA
EBIT
NPAT
Basic earnings per share
Headline basic EPS
Adjusted basic EPS
Underlying EBITDA
Underlying EBIT
Underlying NPAT*
Cash and cash equivalents
Debt**
Net cash
Net asset value per share
Unit
$’M
$’M
$’M
$’M
Cents
Cents
Cents
$’M
$’M
$’M
$’M
$’M
$’M
Cents
FY23
885.2
59.9
47.9
21.8
36
42
29
63.4
51.4
31.6
178.8
51.1
127.7
485
FY22
Change (%)
894.7
18.8
1.5
(21.4)
(44)
(2)
(80)
24.3
7.0
0.8
134.4
83.1
51.3
466
(1%)
219%
3,090%
202%
182%
1,989%
137%
161%
634%
3,851%
33%
(38%)
149%
4%
* Prior year Underlying NPAT restated to exclude valuation allowance against deferred tax assets.
** Debt includes drawn bank financing facilities, lease liabilities and other financial liabilities.
A) REVENUE AND EARNINGS
DRA generates its revenue through the provision of consulting services, including the assessment of mineral projects through
to the completion of feasibility studies, engineering design and construction of mining, mineral and metals processing assets,
procurement and construction management of mining projects. We also generate revenue through the provision of operation
and maintenance services of mining related operations.
DRA’s revenue for the year was $885.2 million, compared to $840.9 million in the previous reporting period (excluding $53.8
million revenue from the G&S Engineering business in FY22).
The Group’s 5% year-on-year revenue growth and meaningful step-up in earnings was driven by growth from contracts and
extensions across business units and supported by increasing client capital investment across geographies and sectors,
particularly relating to the global energy transition and critical minerals. EMEA achieved year-on-year revenue growth of 15%,
Minopex achieved 9% and AMER achieved 22%. APAC has stabilised after the successful divestment of the G&S Engineering
business in the prior year.
Our revenue continues to be well diversified geographically and across service offerings, commodities and clients. With offices and
presence around the globe, we were able to provide local experience to our clients while leveraging our teams of professionals to
best service clients. This diversification strategy has enabled the Group to absorb the underperforming parts of the business
and stands it in good stead for steady growth in future years.
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DRA Global Annual Report ABN 75 622 581 935
FY23 REVENUE OUTCOME
COMMODITY
%
SEGMENT
%
Precious Metals: 33%
Base Metals: 30%
Thermal Coal: 7%
Battery Minerals: 7%
Metallurgical Coal: 7%
Bulk Commodities: 6%
Precious Stones: 4%
Rare Earths: 3%
Industrial Minerals: 2%
Other: 1%
EMEA: 33%
APAC: 17%
Minopex: 40%
AMER: 10%
The Group delivered a strong FY23 statutory EBIT outcome of $47.9 million, up from $1.5 million in the previous reporting period.
The statutory NPAT outcome of $21.8 million, when compared to a loss of $21.4 million in the previous reporting period, reflects
the Group’s sustained return to both operational and financial performance.
DRA internally reports consolidated financial information on an Underlying Earnings basis to better reflect business performance.
Certain adjustments are made to Group statutory outcomes to derive Underlying Earnings. The reconciliation of statutory to
Underlying Earnings:
$’M
Statutory
Underlying earnings adjustments:
Fair value gain on UPRs
Impairment goodwill and intangibles
G&S Engineering business loss on sale
(non-recurring)
Legal costs related to pre-IPO disputes
Pre-IPO dispute settlements
Deferred tax asset valuation allowance
Underlying earnings
Depreciation and amortisation
Underlying EBITDA
EBIT
FY23
47.9
(3.6)
3.5
-
3.6
-
-
51.4
12.0
63.4
FY22
1.5
-
(17.9)
23.0
2.7
2.3
(4.6)
-
7.0
17.3
24.3
NPAT
FY23
21.8
-
(3.6)
3.5
-
2.5
-
7.4
31.6
FY22 (i)
(21.4)
-
(17.9)
23.0
2.7
1.6
(3.2)
16.0
0.8
(i) Prior year underlying NPAT restated to include deferred tax asset valuation allowance, consistent with FY23.
Underlying EBIT increased to $51.4 million, from $7.0 million in the previous reporting period. The result was driven by
revenue growth across new contracts and contract extensions across business units. The high global inflationary environment
continues to impact on the cost of doing business, which the Group has offset by targeted cost-saving initiatives across the
Group for stable operating margins.
50
GROUP PERFORMANCE (HALF-ON-HALF)
UNDERLYING EBIT
(A$M)
UNDERLYING EBIT MARGIN
%
23.4
23.5
27.9
5 .6
5.5
6.0
(16.4)
(3.4)
H1 FY22
H2 FY22
H1 FY23
H2 FY23
H1 FY22
H2 FY22
H1 FY23
H2 FY23
DRA continues to incur or provide for costs in relation to legal disputes, including litigation commenced pre-IPO, as well as other
legacy matters. The current year includes $22.0 million in relation to such costs and provisioning for credit losses in relation to
legacy matters. The outcomes of such legal matters have the potential to positively or negatively impact (relative to current
provisioning) DRA’s financial performance.
SEGMENT OPERATING PERFORMANCE
EMEA reported revenue of $289.9 million (up 15% from
$251.4 million in FY22) with an EBIT contribution of
$45.3 million (up 7%, compared to $42.5 million in FY22).
The EMEA business is highly regarded in the region,
with robust and diverse capabilities delivering consistent
performance and stable margins. Furthermore, the region is
benefiting from client investment in capital projects across
a range of commodities, with both factors contributing to
revenue and EBIT growth during the year.
Minopex reported revenue of $358.2 million (up 9% from FY22
of $327.4 million), for an EBIT contribution of $22.1 million
(up 27%, compared to $17.4 million in FY22). During the
period, Minopex maintained margins while safely delivering
existing O&M contracts and securing extensions to expiring
contracts. A continued focus on business development
activities resulted in the award of a one-off refurbishment
contract of a UG2 platinum concentrator in South Africa.
APAC reported revenue of $146.7 million (down 39% from
$241.9 million in FY22), for an EBIT contribution to the Group
of $8.7 million (compared to a loss of $61.0 million in FY22).
APAC returned to stability and profitability during the year
with the successful divestment of the G&S Engineering
business in FY22. The ongoing EPCM business successfully
secured new work with major clients and remains focused
on continuing the positive momentum achieved in FY23.
AMER reported revenue of $90.4 million (up 22% from
$74.1 million in FY22), for an EBIT contribution to the Group
of $8.2 million (up 86%, compared to $4.4 million in FY22).
Both North and South America are experiencing strong
demand for engineering and project delivery services, and
the improved result is a result of a ramp-up of key projects
at improved margins.
B) WORK-IN-HAND
Work-in-hand as at 31 December 2023 was $885 million
(up from $858 million in FY22), which represents secured work
not yet performed in relation to the next and subsequent
financial years. Work-in-hand composition is consistent with
DRA’s focus on quality of earnings, comprising comparatively
less EPC and fixed-price construction work and higher-margin
core EPCM and O&M work. The Group continues to win new
work and extensions on key projects in line with budget
expectations.
C) FINANCIAL POSITION
DRA’s net cash position improved from $51.3 million at
31 December 2022 to $127.7 million at financial year end,
driven by the strong financial outcomes and a focus on
cash conversion.
A significant reduction in Group debt from $83.1 million to
$51.1 million (including lease liabilities and other financial
liabilities) was achieved through the full repayment of the
Group’s Global Banking Facility and partial repayment of the
Group’s Revolving Credit Facility (RCF), both of which were
fully drawn at the end of FY22. An outstanding balance of
$18.7 million remains on the existing RCF, which is due to
mature in FY24 and expected to be extended during
Q2 FY24.
The Group’s Capital Management Strategy is structured
around delivering value for our shareholders. Net asset value
per share increased by 4%, from $4.66 per share to $4.85
per share, a direct result of significantly improved profitability
as well as diligent working capital management for stronger
liquidity and lower levels of debt. Net gearing reduced
significantly from 21% in FY22 to 7% at the end of FY23.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
RISK MANAGEMENT
Delivering DRA’s strategy and sustainable long-term value to our shareholders requires comprehensive risk management practices.
These practices enable the Board and management to make strategic decisions about where to take risks to realise opportunities
while enhancing and preserving value.
Our Risk Management Framework, which is aligned to International Standard ISO 31000 for risk management, provides a whole of
business approach and sets out the process for identifying, evaluating, monitoring, reviewing and reporting of risk to help us achieve
our plans and objectives.
We have three discrete risk environments - strategic, operational and project - with functional support in place to set direction and
guide management of risk and opportunity.
GROUP RISK SUPPORT FRAMEWORK
Risks are managed in the context of the risk appetite, as approved by the Board, which provides guidance on risk tolerability across
the Group. The Audit and Risk Committee assists the Board with oversight of the Group’s risk management practices and
material risks.
STRATEGIC RISK
Strategic risk refers to events
that will affect the achievement
of DRA’s strategy and
business objectives. This
includes both negative and
positive impacts.
Group
Risk Support
PROJECT RISK
Project risk is anything that might have
an impact on DRA’s ability to get the
project or operation completed in line
with the contract.
OPERATIONAL RISK
Operational risk refers to the effective
management of DRA business units
internal process, people and systems and
the achievement of the business unit goals.
STRATEGIC RISKS
DRA operates across multiple geographical locations and is
exposed to global and local risk factors that may impact the
delivery of our strategy.
Our strategic risks are reviewed each year in line with the
dynamic industry and economic environments in which
we operate.
In FY23, we identified 11 strategic risks that could influence
the sustainability of our business. These risks with an outline
of our response are set out in no particular order and are not
an exhaustive list of risks that may impact DRA.
EMERGING RISKS
Risks are managed in the context of the risk appetite, as
approved by the Board, which provides guidance on risk
tolerability across the Group. The Audit and Risk Committee
assists the Board with oversight of the Group’s risk
management practices and material risks.
In FY23, DRA identified various factors influencing our risk
and opportunity landscape, these included:
• Geopolitical shifts with increased conflict
and uncertainty;
• Climate change and sustainability with a focus on
efficient use of resources, demand for critical resources
and mining innovation;
•
The social/human dimension and the importance
of diversity, equity and transparency in business and
community decision-making;
• Rising costs of living and doing business and interest rates
• Rapidly growing technology, digital and data economy,
the use of generative AI and autonomous systems; and
•
Increase in the regulatory environment with greater
focus on privacy and ESG requirements.
This complex landscape highlights the importance of a whole
of business approach to risk management to proactively analyse
the impact of these factors on our strategic and operational
objectives, so we can react and respond effectively.
52
RISK AND CONTEXT
OUR RESPONSE
Attract, develop and retain talent
It’s vital to have the right people to deliver
safe and predictable performance.
We recognise that having resource capacity and capability is core to our
business. Our priorities include:
In 2023, we were able to implement
several mitigations which in turn aided a
reduction in our staff turnover.
• embedding consistent systems and processes to empower employees and
enhance productivity;
• having a well-defined employee value proposition to attract and engage top talent;
• mapping competencies to enable access to people with the right expertise;
• implementing the ‘DNA of DRA’ program to guide our culture; and
• leadership and mentoring programs to strengthen our capability.
Material litigation
DRA continues to face increasing
competition in a number of its markets,
which may impact client contracting
terms, margins and the consequence
of increased risk.
We are aware that sometimes a
commercial dispute could occur
which cannot be resolved and results
in litigation.
Harm to our people
A safe and healthy work environment is
fundamental to living our values.
The nature of our work means some
of our people work on sites and in
locations where they are at higher risk of
experiencing incidents, including life-
changing events which have the potential
to cause physical or psychological harm.
Access to capital
An inability to access capital could
adversely impact the Group’s ability to
meet its growth ambitions and meet
other funding requirements, as and
when required.
We strive to resolve any dispute with minimal impact. This involves:
• actively engaging in stakeholder and client dialogue;
• contract reviews and oversight to ensure we agree to acceptable contract terms;
• a focus on early intervention related to contract issues or potential disputes; and
• internal and external legal support with advice on commercial negotiation, as
well as relevant laws and regulations.
We are committed to protecting the health, safety and wellbeing of our
staff, contractors and other relevant stakeholders at all times. We support
this through:
• comprehensive and consistent health and safety policies, standards and systems
designed to prevent and mitigate potential exposure to health, safety and
security risks;
• investigating actual and potential significant events that could lead to injury or harm;
• regularly reviewing and auditing our health and safety systems and processes;
• being prepared with emergency, incident and crisis management plans; and
• having an effective and reliable global travel support program.
Our approach to managing access to capital is addressed through active
treasury management, including:
• a comprehensive Treasury Framework;
• maintaining policies which define appropriate financial controls and governance;
• undertaking a disciplined capital allocation process; and
• targeting and maintaining an appropriately balanced debt and equity capital
structure, including having access to various potential sources of funding.
Safe, reliable and efficient operations
A failure to deliver safe, reliable
and efficient operations could
prevent us from delivering on our strategic
objectives and impact shareholder value.
DRA builds resilience and predictability
into our business by keeping our people
safe and healthy, applying our operating
and project management processes and
providing quality services to our clients.
We continuously improve our project and operational management so we
can deliver stable and predictable performance. To do this we:
• embed and continuously verify and improve our safety and risk management
systems across our business;
• review and improve the effectiveness of our project and operational management
by implementing fit-for-purpose and consistent practices, standards and controls;
• have established contract oversight and management to support good commercial
outcomes; and
• conduct assurance and review activities to identify improvement opportunities.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
RISK AND CONTEXT
OUR RESPONSE (continued)
Geopolitical and sovereign country
DRA operates across multiple geographical
locations. Some of the jurisdictions within
which DRA operates are subject to political
instability as well as sovereign, human
rights and security risks.
Changes in government, regulation,
tax and currency volatility in overseas
jurisdictions has the potential to impact
our performance and financial returns.
We ensure our people have a comprehensive understanding of the overseas
jurisdiction before entering it through:
• our Code of Conduct and Compliance Management Framework which
encompasses antibribery and corruption, human rights, sanctions, business
partner due diligence, entity governance as well as detailed specific requirements
and approvals for entry into a country or jurisdiction;
• regularly monitoring our tax and financial risks, plus engaging specialist
independent advice and assurance; and
• closely monitoring current and potential geographies’ political, economic and
In circumstances where heightened risk
emerges, appropriate response strategies
are implemented to protect our people
and business.
Drive growth and commercialise opportunities
social conditions on an ongoing basis.
With demand for certain commodities
expected to increase, a focus on
sustainability and advances in technology,
DRA is purposeful in preparing for future
markets and growth opportunities.
Continuing to assess strategic options to capture optimum long-term
shareholder value remains in focus for DRA. We are:
• continuing our efforts in winning and maintaining quality contracts to enable
organic growth;
• establishing our innovation hub;
• monitoring the mining services market and leveraging new technologies such AI;
• assessing opportunities for commodity diversification; and
• continuing to build client and stakeholder relationships.
Cyber
The growing volume and complexity of
cybercrime is increasing.
Our cybersecurity program improves the handling of cyber security risks,
which includes:
DRA could experience business
interruptions to critical IT services or other
breaches of its information systems that
could lead to loss of intellectual property.
• continuing to invest in systems, tools and infrastructure to protect our assets;
• having layered security techniques, including endpoint and perimeter protection;
• ongoing security education and awareness campaigns;
• penetration testing and supporting independent assurance of our control
framework; and
• business resilience plans for cyber-related scenarios.
Share price and market capitalisation
The potential undervaluation of our shares
and market capitalisation could cause
forced borrowings in lieu of equity capital
support as well as investor dissatisfaction.
We aim to foster a positive relationship with our shareholders and build
investor confidence. Mitigation includes:
• regular market updates;
• informative half-year and annual reporting;
• investor and shareholder engagement strategies; and
• resolving legacy litigation.
54
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RISK AND CONTEXT
Workplace culture
OUR RESPONSE (continued)
As a multinational company, fostering
behaviours that are aligned to DRA’s
values can be challenging.
By fostering an understanding of our global footprint and the evolving needs
of our people, business and broader stakeholders, we are able to identify
strategies that are conducive to our aspired culture. To do this we:
Over time, this may constrain
performance, create value erosion and
reputational damage.
• actively assess our culture through annual employee surveys which act as
health check-ups;
• implementing our “DNA of DRA” program to guide our desired culture;
• continued to communicate and educate our people about the DRA values
and Code of Conduct to create awareness of the expected behaviours;
• renewed our leadership program to strengthen alignment to our preferred culture
and behaviours; and
• embedded an inclusive and diverse workplace strategy that incorporates our
Inclusion and Diversity Policy and Standard, which sets out our commitments
and approach.
Social license to operate
A failure to meet evolving societal
expectations for ESG performance could
damage our reputation and negatively
impact our license to operate.
We strive to balance economic outcomes with social and environmental
outcomes, both now and into the future. In our decision-making, we look to
minimise ESG impacts, respect human rights and create enduring social,
environmental and economic value for all our stakeholders through:
This could limit our ability to access
capital, retain and attract employees
and grow our business in existing and
new jurisdictions.
• working to build strong, positive and meaningful relationships with local
communities;
• developing an alignment towards the GRI standards;
• establishing ESG champions in each of our business units;
• contributing to pragmatic ESG strategies and plans in partnership with our clients;
• looking for opportunities to contribute to global climate change and make a
difference to the communities we work in; and
• identify opportunities of circular economy to minimise waste, carbon emissions
and other pollutants.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
DIRECTORS’ REPORT
The Directors present their report, together with the financial statements, on the consolidated entity (referred to as the ‘Group’)
consisting of DRA Global Limited and the entities it controlled at the end of, or during, the financial year ended 31 December 2023.
DIRECTORS
The following persons were Directors of DRA during FY23 and up to the date of this report, unless stated otherwise:
• Sam Randazzo, Chairman and Independent Non-Executive Director (appointed 4 October 2023)
• James Smith, Chief Executive Officer and Managing Director (appointed 27 July 2023)
• Lindiwe Mthimunye, Independent Non-Executive Director (appointed 25 October 2023)
• Charles Pettit, Non-Executive Director (appointed 1 July 2023)
• Darren Naylor, Executive Director (appointed 5 October 2023)
• Val Coetzee, Executive Director (appointed 25 October 2023)
• Peter Mansell, Chair and Independent Non-Executive Director (resigned 4 October 2023)
• Lee (Les) Guthrie, Independent Non-Executive Director (resigned 4 October 2023)
• Paulus (Paul) Lombard, Independent Non-Executive Director (resigned 4 October 2023)
• Jonathan (Johnny) Velloza, Independent Non-Executive Director (resigned 24 October 2023)
• Sandra Bell, Independent Non-Executive Director (appointed 27 July 2023, resigned 4 October 2023)
Particulars of their qualifications, experience, special responsibilities and any directorships of other listed companies held within
the last three years are set out in this Annual Report, under Leadership on pages 32 to 34 and form part of this Directors’
Report, other than for Directors who resigned during FY23 whose details are as follows:
PETER MANSELL
Chair and Independent Non-Executive Director
Appointed 16 September 2019 (resigned 4 October 2023)
LEE (LES) GUTHRIE
Independent Non-Executive Director
Appointed 2 January 2020 (resigned 4 October 2023)
Peter Mansell has more than 20 years’ experience as
a director of listed and unlisted Australian and foreign
companies, including ASX 100 companies, which he brings
to his role as Chair of DRA Global.
For more than 35 years, Peter practised law in South Africa
and Australia. He also has significant experience in
managing large organisations, covering a broad range of
industries and sectors including mining, media, agribusiness,
energy, engineering services, oil and gas, and technology
across Australia, Europe, Africa and North America.
Peter is a Fellow of the Australian Institute of Company
Directors and has served as its WA President. He holds a
Bachelor of Commerce, Bachelor of Laws, and a Higher
Diploma in Tax Law from the University of Witwatersand.
OTHER CURRENT LISTED DIRECTORSHIPS:
• Ora Banda Mining (ASX)
FORMER LISTED DIRECTORSHIPS:
• Energy Resources of Australia (ASX)
• DRA Global Limited
SPECIAL RESPONSIBILITIES:
• Chair of the Nomination and Governance Committee
• Member of the Audit and Risk Committee
Les Guthrie is an engineer with more than 45 years’
experience in project delivery and has held senior project
management and senior corporate executive roles for major
engineering and resources companies in the UK, Australia,
North America and Asia. His significant experience and
knowledge are important contributions to the DRA Board.
Additionally, Les is a director of ASX-listed resources
companies Neometals and Australian Mines. He is also
the Principal and Managing Director of Bedford Road
Associates, an independent consultancy providing advice
and support for the development and delivery of major
capital expenditure projects.
Les is a member of the Australian Institute of Company
Directors. He holds a Bachelor of Science (Engineering and
Marketing) from the University of the West of Scotland.
OTHER CURRENT LISTED DIRECTORSHIPS:
• Neometals Ltd (ASX)
• Advanced Braking Technology Limited (ASX)
FORMER LISTED DIRECTORSHIPS:
• DRA Global Limited
SPECIAL RESPONSIBILITIES:
• Chair of the People, Culture and Remuneration Committee
• Member of the Major Project Approvals Committee
• Member of the Sustainability, Health, Safety, Environment
and Community Committee
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DRA Global Annual Report ABN 75 622 581 935
JOHNNY VELLOZA
Independent Non-Executive Director
Appointed 1 January 2022 (resigned 24 October 2023)
Johnny Velloza brings 30 years’ experience as a mining
engineer to the DRA Board, with strong credentials in open
pit and underground operations throughout Africa, Chile and
Australia and across a range of commodities including iron
ore, copper, cobalt, gold and diamonds.
Johnny has held senior operational and management roles
in global resources companies. He has worked across the
full mining value chain including exploration, feasibility
studies, developing and commissioning new mines and
managing mining operations, and obtained capital markets
and capital raising experience.
Johnny is currently the CEO of Kobaloni Energy and a Non-
Executive Director of AIM-listed Zanaga Iron Ore and South
Africa’s National Sea Rescue Institute.
Johnny holds a Higher Diploma (Mining Engineering)
from the Technikon Witswatersrand, a Bachelor of
Technology (Mining Engineering) from the University of
Johannesburg and a Bachelor of Commerce from the
University of South Africa.
OTHER CURRENT LISTED DIRECTORSHIPS:
• Zanaga Iron Ore Company Limited (BVI) (AIM)
FORMER LISTED DIRECTORSHIPS:
• DRA Global Limited
SPECIAL RESPONSIBILITIES:
• Chair of the Major Project Approvals Committee
• Member of the Audit and Risk Committee
• Member of the Sustainability, Health, Safety, Environment
and Community Committee
PAUL LOMBARD
Independent Non-Executive Director
Appointed 1 May 2021 (resigned 4 October 2023)
Paul Lombard brings 37 years’ experience in the fields of
infrastructure engineering, project financing and planning,
management consulting and restructuring of entities to the
DRA Board.
Paul has extensive experience working throughout Africa as
project leader or planning expert for transportation sector
projects, funded by multi-lateral entities, governments and
regional economic organisations, and as an engineering
executive in Africa, the Middle East and Asia.
During his 30-year tenure at Aurecon, Paul served on the
Executive Committee as the Managing Director (Africa and
Middle East) and subsequently as Managing Director (Asia
and Middle East).
Paul is a Professional Engineer and member of the South
African Institution of Civil Engineering. He attended Purdue
University in the USA as a Fulbright scholar where he was
awarded a PhD and obtained a Master of Science Civil
Engineering, both in Urban and Transportation Engineering.
He also holds a Bachelor of Engineering (Civil) (cum laude)
from the University of Pretoria.
OTHER CURRENT LISTED DIRECTORSHIPS:
• None
FORMER LISTED DIRECTORSHIPS:
• DRA Global Limited
SPECIAL RESPONSIBILITIES:
• Chair of the Sustainability, Health, Safety, Environment
and Community Committee
• Member of the People, Culture and Remuneration
• Member of the Major Project Approvals Committee
SANDRA BELL
Independent Non-Executive Director
Appointed 27 July 2023 (resigned 4 October 2023)
Sandra Bell has served as a director on numerous private
energy sector companies in New Zealand and the United
States including upstream energy, conventional and
renewable power generation, petrochemicals, and
energy retailing.
Sandra is a CAANZ Chartered Accountant and a CA/CPA
in Alberta, Canada, a Graduate of the Australian Institute
of Company Directors and a Fellow of the Institute of
Chartered Secretaries and Administrators (UK).
She holds a Bachelor of Business Studies (Accountancy)
from Massey University New Zealand.
OTHER CURRENT LISTED DIRECTORSHIPS:
• None
FORMER LISTED DIRECTORSHIPS:
• DRA Global Limited
SPECIAL RESPONSIBILITIES:
• Chair of the Audit and Risk Committee
• Member of the Nominations and Governance Committee
• Member of the People, Culture and
Remuneration Committee
DIRECTORS’ INTERESTS IN THE SHARES AND
OPTIONS OF THE COMPANY
The interests of the Directors in the shares and options of
DRA at the date of this report are as follows:
Director
Sam Randazzo
James Smith
Lindiwe Mthimunye
Charles Pettit
Darren Naylor
Val Coetzee
Ordinary shares
Options
-
-
633,584
673,743
-
12,116,517
460,144
197,178
-
-
217,742
-
58
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COMPANY SECRETARY
ANDREW BICKLEY
Appointed 13 March 2023
Andrew Bickley has more than 15 years of experience as a
company secretary and governance professional for Australian
and global organisations, having worked for listed companies,
professional services firms and statutory agencies in the legal,
telecommunications, health and resources sectors.
Andrew holds a Bachelor of Laws from the University of
Essex, a Graduate Diploma in Legal Practice from the
College of Law and a Graduate Diploma in Applied Corporate
Governance from the Governance Institute of Australia and
is a Fellow of both the Governance Institute of Australia and
the Institute of Chartered Secretaries and Administrators.
PRINCIPAL ACTIVITIES
DRA, listed on the ASX and JSE, is a multi-disciplinary
engineering, project management and operations
management group focused on the mining, minerals and
metals sector. DRA has expertise in mining, minerals and
metals processing and related non-process infrastructure
including water and energy solutions for the mining industry.
DRA delivers advisory, engineering and project delivery
services as well as ongoing operations, maintenance and
shutdown services. DRA has an extensive global track-
record, spanning more almost four decades and more
than 8,000 studies and projects as well as operations and
maintenance solutions across a wide range of commodities.
OPERATING AND FINANCIAL REVIEW
Information on the operations and financial position of the
Group and its business strategies and prospects is set out
in the review of operations and activities on 17 to 31 and
49 to 51 and forms part of this Directors’ Report.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There were no significant changes in the state of affairs for
the Company during the 2023 financial year.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS
OF OPERATIONS
The Group plans to continue providing diversified advisory,
engineering, project delivery and operation and maintenance
services globally. Further information is set out in the review
of operations and activities on pages 17 to 31 and forms
part of this Directors’ Report.
DIVIDENDS
On 27 March 2024, the Board declared an unfranked dividend
of 11 cents per share in respect of FY23 profits, to be paid in
May 2024.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
MEETINGS OF DIRECTORS
The number of meetings of the Company’s Board of Directors held during the year ended 31 December 2023, and the number of
meetings attended by each Director are as follows:
Board
Audit and Risk
Committee
People,
Culture and
Remuneration
Sustainability,
Health, Safety,
Environment
and Community
Committee
Nominations
and Governance
Committee
Major Project
Approvals
Committee
M
3
5
1
6
2
1
8
8
8
8
3
A
3
5
1
5
2
1
7
7
8
8
3
M
1
A
1
N/A
N/A
1
1
N/A
N/A
N/A
N/A
N/A
3*
1
1
1
N/A
N/A
N/A
N/A
N/A
3*
1
M
N/A
N/A
N/A
N/A
N/A
N/A
2
2
N/A
2
N/A
A
N/A
N/A
N/A
N/A
N/A
N/A
2
2
N/A
2
N/A
M
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1
1
1
A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1
1
1
N/A
N/A
M
N/A
N/A
N/A
N/A
N/A
N/A
1
N/A
N/A
1
N/A
A
N/A
N/A
N/A
N/A
N/A
N/A
1
N/A
N/A
1
N/A
M
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1
1
1
A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1
1
1
N/A
N/A
Sam Randazzo
James Smith
Lindiwe Mthimunye
Charles Pettit
Darren Naylor
Val Coetzee
Peter Mansell
Lee (Les) Guthrie
Paul Lombard
Johnny Velloza
Sandra Bell
M -
The number of meetings held during the period the Director was a member of the Board or Committee.
A -
The number of meetings attended by the Director as a member of the Board or Committee.
Chair
Member
* Two meetings attended as Chair, one meeting attended as a member.
ENVIRONMENTAL REGULATION
The Group is subject to environmental regulation in respect
of its Project and Operations business activities in different
countries. The Group aims to ensure the appropriate
standard of environmental care is achieved, and in doing
so that it is aware of and is in compliance with relevant
environmental legislation.
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
No other matters or circumstances have arisen that have
significantly affected or may significantly affect the operations
of DRA Global Limited, the results of those operations, or the
state of affairs of DRA Global Limited in subsequent years that
is not otherwise disclosed in this report.
SHARES UNDER OPTION
The number of unissued ordinary shares of DRA Global
Limited under option at the date of this report are detailed in
the following table:
Exercise
Grant
Expiry date
price Number
FY21 Share Option Plan
01 April 2026
FY22 Share Option Plan
30 March 2027
$0.00
$0.00
724,854
867,226
FY23 Share Option Plan
30 June 2028
$0.00 1,414,227
FY23 STI Share Option Plan 31 March 2026
$0.00
393,096
Total 3,399,403
No person entitled to exercise the options had or has any
right by virtue of the option to participate in any share issue
of the Company or of any other entities.
Details of options granted to Directors and KMP are disclosed
in the Remuneration Report on pages 63 to 79. In addition,
the following options were granted to officers who are among
the five highest remunerated officers of the Company and the
Group, but are not KMP and therefore not disclosed in the
Remuneration Report.
Name of
Officer
Grant
Pierre Julien
FY23 Share Option Plan
FY23 STI Share Option Plan
Exercise
price Number
$0.00
$0.00
126,187
19,332
60
SHARES ISSUED ON THE EXERCISE OF OPTIONS
There were 557,490 ordinary shares of DRA issued on the
exercise of options during the year ended 31 December 2023
and up to the date of this Directors’ Report.
AUDITOR’S INDEPENDENCE DECLARATION
The auditor’s independence declaration as required under
section 307C of the Corporations Act 2001 is set out on
page 134.
REMUNERATION REPORT (AUDITED)
The audited Remuneration Report is set out on pages 63
to 79 and forms part of this Directors’ Report.
ROUNDING OF AMOUNTS
The Company is of a kind referred to in Corporations
Instrument 2016/191, issued by the Australian Securities
and Investments Commission, relating to ‘rounding-off’.
Amounts in this report have been rounded off in accordance
with that Corporations Instrument to the nearest thousand
dollars ($’000 or $K), or in certain cases, the nearest dollar.
SIGNING
This report is made in accordance with a resolution of the
Board of Directors.
Sam Randazzo
James Smith
Chairman
Chief Executive Officer and
Managing Director
28 March 2024
INDEMNITY AND INSURANCE OF OFFICERS
In accordance with DRA’s Constitution, except as may be
prohibited by the Corporations Act 2001, every officer of the
Group shall be indemnified out of the property of the Group
against any liability incurred by him or her in his or her
capacity as officer of the Group or any related corporation in
respect of any act or omission whatsoever and howsoever
occurring or in defending any proceedings, whether civil or
criminal. The contracts of insurance contain confidentiality
provisions that preclude disclosure of the premiums paid,
the nature of the liability covered by the policies, the limit of
liability and the name of the insurer.
INDEMNITY AND INSURANCE OF AUDITOR
To the extent permitted by law, the Company has agreed to
indemnify its auditor, BDO Audit (WA) Pty Ltd, as part of the
terms of its audit engagement agreement against claims by
third parties arising from DRA Global Limited’s breach of
their agreement. No payment has been made to indemnify
BDO Audit (WA) Pty Ltd during or since the end of the
financial year.
PROCEEDINGS ON BEHALF OF THE COMPANY
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.
NON-AUDIT SERVICES
Details of the amounts paid or payable to the auditor for
non-audit services provided during the reporting period by
the auditor are outlined in note 38 to the financial statements.
The Directors are satisfied that the provision of non-audit
services during the financial year ended 31 December 2023 by
the auditor (or by another person or firm on the auditor’s
behalf) is compatible with the general standard of
independence for auditors imposed by the Corporations
Act 2001.
The Directors are of the opinion that the services as disclosed
in note 38 to the financial statements do not compromise the
external auditor’s independence requirements of the
Corporations Act 2001 for the following reasons:
•
•
all non-audit services have been reviewed and approved
to ensure that they do not impact the integrity and
objectivity of the auditor; and
none of the services undermine the general principles
relating to auditor independence as set out in APES 110
Code of Ethics for Professional Accountants issued by
the Accounting Professional and Ethical Standards Board,
including reviewing or auditing the auditor’s own work,
acting in a management or decision-making capacity for
the Company, acting as advocate for the Company or
jointly sharing economic risks and rewards.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
REMUNERATION REPORT
INTRODUCTION
This Remuneration Report (Report) has been prepared in accordance with section 300A of the Corporations Act 2001 (Cth) (Act)
and accounting standards. The Report outlines the remuneration approach and arrangements for the Key Management Personnel
(KMP) of DRA Global Limited (DRA or the Group) for the financial year ended 31 December 2023. This Report contains the
following main sections:
1. Who is covered by this Remuneration Report
2. Remuneration governance
3. Remuneration philosophy
4. Executive KMP remuneration arrangements
5. Non-Executive Directors’ remuneration
6. Executive Director remuneration
7. FY23 Remuneration outcomes and links to performance
8. Executive KMP employment contracts
9. Details of remuneration
1. WHO IS COVERED BY THIS REMUNERATION REPORT
For the purpose of this Report, KMP is defined as those persons who have authority and responsibility for planning, directing and
controlling the Group’s activities, including Executive KMP and Non-Executive Directors of DRA.
The table below shows the KMP of the Group at any time during the financial year ended 31 December 2023 and, unless otherwise
stated, were KMP for the entire period.
Name
NON-EXECUTIVE DIRECTOR (NED)
Position
Peter Mansell
Lee (Les) Guthrie
Paulus (Paul) Lombard
Jonathan (Johnny) Velloza
Sandra Bell
Charles Pettit
Sam Randazzo
Lindiwe Mthimunye
Valentine (Val) Coetzee*
EXECUTIVE KMP
James Smith
Michael Sucher
Alistair Hodgkinson
Darren Naylor
Non-Executive Chair (until 4 October 2023)
NED (until 4 October 2023)
NED (until 4 October 2023)
NED (until 24 October 2023)
NED (appointed 27 July 2023 – until 4 October 2023)
NED (appointed 1 July 2023)
Non-Executive Chair (appointed 4 October 2023)
NED (appointed 25 October 2023)
NED (appointed 25 October 2023)
Managing Director (appointed 27 July 2023)
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Executive Director (appointed 5 October 2023)
Executive Vice President Asia Pacific
* On 7 March 2024, DRA announced that Mr Val Coetzee accepted the position of Director Process and Technology with the Company,
commencing on that date. Mr Coetzee will continue as an Executive Director of the Company from 7 March 2024.
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DRA Global Annual Report ABN 75 622 581 935
2. REMUNERATION GOVERNANCE
KMP remuneration decision making is guided by DRA’s remuneration governance framework as follows:
The following diagram sets out the mix of fixed and “at-risk” remuneration for Executive KMP at maximum opportunity level for FY23.
FY23 Executive KMP Remuneration Mix (at maximum opportunity)
Board
The Board to fulfil its responsibilities in relation to people, culture and remuneration matters:
• Meet with external consultants and senior management attending Board meetings throughout the year,
by invitation where their input is required.
• Maintain oversight of KMP remuneration arrangements and approve the remuneration arrangements of
Executive KMP, including fixed and at-risk elements (Short Term Incentive (STI) and Long Term Incentive
(LTI) plans).
• Proposes the aggregate remuneration of NEDs for shareholder approval and sets remuneration for
individual NEDs.
• Executive KMPs are not present during any Board discussions about their own remuneration arrangements.
To ensure the Board is fully informed when making remuneration decisions, it may seek external,
independent remuneration advice. Remuneration consultants may be engaged either directly by the
Board or senior management.
External Remuneration
Consultants
During FY23, the Company engaged consultants, including Deloitte, Godfrey Remuneration Group,
The Reward Practice Pty Ltd, Old Mutual Limited and Aon Hewitt, to provide remuneration services with
respect to Australia and South Africa benchmarking data and market insights for Executive KMP and
NED remuneration.
No remuneration recommendations as defined in section 9B of the Act were provided by the consultants
during the period.
3. REMUNERATION PHILOSOPHY
The Company’s remuneration philosophy provides for appropriate remuneration packages in order to attract, develop and retain
talented people who are aligned with DRA’s aspirations, strategy and values. The DRA KMP remuneration arrangements are
guided by the following principles:
• Total remuneration quantum should be market competitive - target the middle to upper quartile of the markets that DRA operates in;
• There should be a mix of cash and equity awards so that over time executives and employees are aligned with the long-term
strategy and growth in shareholder value;
• Remuneration outcomes should reflect good corporate governance aligned to the Group’s values and risk appetite; and
• Executives should be rewarded fairly in alignment with performance against agreed short and long-term objectives.
4. EXECUTIVE KMP REMUNERATION ARRANGEMENTS
Executive remuneration is comprised of both fixed and at-risk remuneration components. The at-risk remuneration component
is delivered through the STI and LTI plans. The purpose of each remuneration component, how each component is delivered
and how each component links to performance is summarised below:
Remuneration component
Purpose
Delivered through
Link to performance
Total Fixed Remuneration
(TFR)
STI plan
LTI plan
Recognise responsibilities and
proficiency of the employee.
Fixed remuneration which is
benchmarked against the 50th
percentile of the market, with
total remuneration including at-
risk components benchmarked
between the 50th and 75th
percentile.
Reviewed annually considering
the sustained performance of the
individual and the Company.
Reward for the achievement of
annual objectives and sustained
business value.
Annual cash award unless Board
discretion is applied (i.e. grant of
share options).
STI awards are based on
performance against set KPIs that
are critical to the success of DRA.
Reward for retention and
long-term shareholder value
creation and encourage
ownership behaviours.
Annual zero exercise price
options (ZEPOs) awarded
under the Company’s Incentive
Option Plan.
Vesting is dependent on
employee service and the
Group’s performance of TSR and
EPS growth, typically measured
over a three-year period.
64
CEO
35%
25%
40%
Other Executive KMP
(average)
40%
24%
36%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90% 100%
Fixed
STI
LTI
TOTAL FIXED REMUNERATION
Executive KMP TFR comprises base salary, superannuation (where legislated) and fixed benefits. It is designed to recognise the
responsibilities and proficiency of the executive employee.
TFR is reviewed by the Board at least annually against external benchmarks. The Company benchmarks fixed remuneration
against the median of relevant markets for talent (in consideration of factors such as industry sectors, span of operations,
revenue and market capitalisation).
STI PLAN
The following table details the STI arrangements for Executive KMP:
What is the purpose?
An annual at-risk cash award designed to motivate and reward executive employees to achieve annual objectives
and create sustained business performance.
Who is eligible?
How is it paid?
What is the
incentive opportunity?
What is the
performance period?
How is performance
assessed?
Remuneration contemplated under the STI plan is considered payment for performance, as any payment made
under the STI plan is considered at-risk as it is subject to the achievement of specific KPIs during the financial year.
Executive employees engaged on a permanent or fixed/maximum term contract basis who have been employed
for the full performance period, with a pro-rata award permitted at the Board’s discretion for service of six or more
months during the performance period.
Award is delivered in cash unless Board discretion is applied (i.e. grant of share options).
STI incentive opportunity expressed as a percentage of TFR as below:
CEO
Other Executive KMP
Target opportunity
Maximum opportunity*
50% of TFR
30 - 45% of TFR
72% of TFR
43 - 65% of TFR
*Represents the award payable where stretch targets are achieved on every KPI.
The DRA financial year is from 1 January to 31 December.
Depending on the Executive KMP’s role, STI performance is measured against Balanced Scorecards (BSC)
comprising a diverse range of financial and non-financial measures, individual performance (i.e. specific individual
goal achievements and demonstration of company values). The assessment also involves the application of a
Business Modifier (BM).
The Board sets the KPIs and targets for the Group BSC and the CEO sets the KPIs and targets for business unit
(BU) BSC, taking into consideration the budget, company strategy and expectations, appropriate benchmarks,
and economic conditions. The BSC includes KPIs relating to:
• Safety
• Portfolio Performance
• Talent
• Innovation
• Sustainability
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
How is performance
assessed? (continued)
Although BSC measures are effective in measuring performance, they may not always capture all aspects of
performance throughout the year. The BM, based on Board discretion, adjusts the overall BSC outcome
considering overall Group performance outcomes or other factors not contemplated in the BSC. Depending on
the factors considered, the outcome may be positive or negative, and it can be applied to Executive KMP on an
individual or Group basis. The default BM score is 1.0 and can range from 0 to 1.25.
The percentage of the Target Award to pay out is determined by considering the following:
Role
Group (CEO, CFO, COO)
BU (EVP)
Group BSC
Business Unit
BSC
Individual
Performance
BM (Applied to
BSC)
80%
16%
-
64%
20%
20%
0 to 1.25
0 to 1.25
The CEO does not make recommendations to the Board regarding their own remuneration.
What STI award
is determined?
For each KPI, the performance targets are set at various levels resulting in different levels of STI outcomes
as below:
STI outcomes (as a percentage of weighted score in relation to the KPI)
Threshold
Target
Stretch
0%
100%
120%
What is the gateway?
In order for an employee to qualify for an at-risk STI award the following gateways must be satisfied:
• Group level: minimum levels of underlying EBIT, and balanced scorecard performance must be
achieved; and
• Individual level: a participant‘s performance must meet expectations during the performance
assessment in relation to demonstration of leadership skills, etc.
Cessation of
employment
The Board determines the at-risk STI award (if any) to be paid to executive employees in any year. No STI award
is payable in the event an executive employee ceases to be employed by the Group before an STI payment is
made, subject to Board discretion.
LTI PLAN
The following table outlines the FY23 LTI arrangements in detail:
What is the purpose?
The plan is designed to reward executives for the creation of long-term shareholder value, support retention and
attraction, and encourage ownership behaviours.
How is it paid?
What is the
LTI opportunity?
What is the
performance period?
How is performance
assessed?
LTI award is delivered in zero exercise price options (ZEPOs) which will vest after the set performance period.
Vested options must be exercised within two years of vesting.
LTI incentive opportunity/value is set as a percentage of TFR as below:
CEO
Other Executive KMP
Maximum opportunity*
115% of TFR
90% of TFR
*Represents the value of the options awarded which could vest if stretch targets are achieved for set
performance measures.
For FY23 awards, the performance period is from 1 April 2023 to 31 March 2026.
The number of ZEPOs to vest is subject to DRA and the individual Executive KMP meeting the following
performance measures over the performance period as below:
Measure
Service - remain employed by the Company until 31 March 2026
Compound Annual Growth Rate (CAGR) in Earnings Per Share (EPS)
Absolute Total Shareholder Return (TSR)
Relative TSR (DRA CAGR vs. a ranked peer group of ASX-listed companies agreed by the
Board at the commencement of the performance period)
Relative TSR (DRA CAGR vs. the FTSE/JSE mid-cap index)
Weighting
50%
25%
15%
5%
5%
66
How the LTI vesting
is determined?
Target performance against these measures is set by the Board each year at the time of the grant. Where threshold
performance is not achieved at the end of the vesting period, no awards shall vest and awarded ZEPOs will expire.
Pro-rata vesting of an award will occur if only one performance criteria is achieved.
LTI vesting is subject to the following sliding scale where applicable:
Service
Threshold: N/A
Target / Stretch: Remain employed by the Company until 31 March 2026
EPS
Threshold: CAGR is 2% or above
Target: CAGR is 4% or above
Stretch: CAGR is 6% or greater
Absolute TSR
Threshold: CAGR is 5% or above
Target: CAGR is 10% or above
Stretch: CAGR is 15% or greater
Relative TSR against a peer group of ASX-listed companies
Threshold: 40th percentile of peer group
Target: 50th percentile of peer group
Stretch: 75th percentile of peer group
Relative TSR against the FTSE/JSE Mid Cap index
Threshold: 99% of the index
Target: 100% of the index
Stretch: 2% premium over the index
0%
100%
25%
50%
100%
25%
50%
100%
25%
50%
100%
25%
50%
100%
Cessation of
employment
No ZEPOs awarded under the LTI shall vest in the event that an Executive employee ceases to be employed by
the Company before the vesting date, unless the Board decides otherwise.
5. NON-EXECUTIVE DIRECTORS’ REMUNERATION
Remuneration of NEDs reflects the demands and responsibilities of their role and is reflective of the required skills and experience
to execute Board and governance responsibilities.
As approved by shareholders at the AGM on 20 May 2021, the maximum aggregate fee DRA can pay NEDs is $900,000 per annum.
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jurisdictions where superannuation is not required to be paid) for NEDs for FY23.
As approved by shareholders at the FY23 AGM, the Board may approve NEDs to receive a portion of their annual remuneration
(excluding superannuation and any payment made in lieu of receiving superannuation in jurisdictions where superannuation is
not required) in ZEPOs. This facility was not enacted in FY23.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NED FEES JANUARY 2023 UNTIL OCTOBER 2023
NED Fee
Base fee
Chair
FY23
$216,000
FY22
$216,000
Other Directors
FY23
$108,000
FY22
$108,000
Committee fee
Nil - included in base fee
Nil - included in base fee
In October 2023, NED remuneration was restructured with the appointment of the new Directors. NEDs will be paid cash for the
full amount of their annual remuneration. NEDs will no longer receive a portion of their annual remuneration in ZEPOs.
NED FEES OCTOBER 2023 UNTIL DECEMBER 2023
NED Fee
Base fee
Chair
FY23
$85,586
Other Directors
FY23
$63,669
(ZAR 780,000)
Committee fee
Nil - included in base fee
Nil - included in base fee
6. EXECUTIVE DIRECTOR REMUNERATION
Darren Naylor was appointed as an Executive Director on 5 October 2023. No remuneration is paid in respect of the Executive
Director role. The remuneration shown throughout the Remuneration Report relates to Mr Naylor’s Executive Vice President
Asia Pacific role only.
7. FY23 REMUNERATION OUTCOMES AND LINKS TO PERFORMANCE
COMPANY PERFORMANCE
The following table summarises key measures of Group performance for FY23 and the previous four financial years.
Sales revenue
EBIT
Profit after tax
Share price range ($)(1)
(1) As reported on the ASX.
FY23
$’000
885,180
47,611
21,802
1.30-2.10
FY22
$’000
894,732
1,482
(21,435)
1.88-3.40
FY21
$’000
1,186,370
65,555
53,454
3.20-4.69
FY20
$’000
938,249
39,014
25,619
-
FY19
$’000
1,033,219
59,004
36,009
-
The factors that are considered to affect shareholder value are summarised below:
Share price at financial year end ($) (1)
Total dividends declared during the year
(cents per share)
Basic earnings per share
(cents per share)
Diluted earnings per share
(cents per share)
(1) As reported on the ASX.
FY23
1.60
-
36.11
33.52
FY22
2.00
-
(43.96)
(43.96)
FY21
3.35
-
87.10
58.81
FY20
FY19
-
-
27.90
27.79
-
-
43.78
43.78
68
FIXED REMUNERATION OUTCOMES FOR FY23
The following sets out FY23 remuneration compared to FY22.
FY23 Executive KMP fixed remuneration outcomes
FY23 TFR
James Smith, MD and CEO
Michael Sucher, CFO
Alistair Hodgkinson, COO
Darren Naylor, EVP APAC
$475,884(2)
(ZAR 5,830,000)(1)
$431,903(1)
$433,372(3)
$444,866(2)
(ZAR 5,450,000)(1)
$421,108(1)
$422,577(3)
FY22 TFR
$482,245
(ZAR 5,500,000)
$415,292
$441,072
(ZAR 5,000,004)
(1) Effective 1 January 2023.
(2) Contracted in ZAR, AUD conversion explained by the ZAR to AUD exchange rate decline over FY23.
(3) Increased 1 July 2023 due to an increase in minimum statutory super guarantee percentage.
STI OUTCOMES FOR FY23
Payments made under the at-risk STI Plan are triggered by achieving gateway levels of Group Underlying EBIT, balanced
scorecard performance, and individual performance results. The Company and Executive KMPs achieved the gateways for FY23.
As outlined on pages 65 to 66, STI performance is measured against BSCs comprising a diverse range of financial and non-financial
measures, individual measures and the application of a business modifier.
BALANCED SCORECARD OUTCOMES
Group BSC
APAC BU BSC
Safety and
Portfolio
Performance
TM
TM
Clients
Talent
Innovation
Sustainability
TM
OT
AM
TT
TT
BT
BT
BT
Legend: BT - Below threshold TT - Between threshold and target OT - On target TM - Between target and maximum AM - Above maximum
BUSINESS MODIFIER OUTCOMES
The BM, based on Board discretion, adjusts the overall BSC outcome considering overall Group and/or BU performance outcomes
or other factors not contemplated in the BSC. Depending on the factors considered, the outcome may be positive or negative,
and it can be applied to Executive KMP on an individual or Group basis.
The CEO was awarded a BM of 1.2, based on the following evaluation. The initial modifier was set at 1.0, but due to the fatality
event, it was adjusted to 0.8. However, it was subsequently raised to 1.2, taking into account the positive financial results achieved
and the CEO’s efforts to align BU’s and DRA’s leadership, in order to better suit the DRA operating model.
A BM of 1.0, was applied to the Group BSC for the CFO and COO based on the following evaluation. The initial modifier was
set at 1.0, but due to the fatality event, it was adjusted to 0.8. However, it was raised back to 0.95 (CFO) and 1.0 (COO)
acknowledging the positive financial results achieved.
A BM of 1.1 was applied to the Group BSC and APAC BSC for the EVP APAC.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
STI OUTCOME
The following table outlines the STI outcomes for Executive KMP, including the portion of maximum STI that was earned and
forfeited in relation to FY23
9. DETAILS OF REMUNERATION
Details of the statutory remuneration of KMP of the Group are set out in the following tables:
FY23 fixed remuneration
FY23 variable remuneration
Cash
salary and
fees
$
Super-
annuation
$
Non-
monetary
benefits
$
Other short-
term
benefits
$
Annual
and long
service
leave
$
Term-
ination
benefits
$
Cash
bonus
(STI)
$
Equity
settled
(LTI)
$
Total Rem-
uneration
oppor-
tunity
$
Non-Executive Directors:
Peter Mansell (1)
Les Guthrie (1)
Paul Lombard (1)
Johnny Velloza (2)
Sandra Bell (3)
Charles Pettit (4)
Sam Randazzo (5)
Lindiwe Mthimunye (6)
Val Coetzee (6)
Executive KMP:
James Smith
Michael Sucher
Alistair Hodgkinson
Darren Naylor (8)
159,602
79,801
88,390
95,101
25,391
-
20,848
11,862
11,862
475,885
405,973
444,865
94,235
1,913,815
17,472
8,736
-
-
2,793
-
2,293
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
644
25,581
26,346
4,650
101,493(7)
37,778
-
6,283
63,923
-
1,108
5,758
3,382
34,285
-
15,717
105,519
113,361
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
177,074
88,537
88,390
95,101
28,184
-
23,141
11,862
11,862
282,866
231,761
1,016,737
119,721
159,519
208,598
188,897
35,093
35,543
855,480
880,027
187,979
646,278
615,720
3,464,374
(1) Peter Mansell, Les Guthrie and Paul Lombard resigned as Directors on 4 October 2023. Remuneration is shown until this date.
(2) Johnny Velloza resigned as a Director on 24 October 2023. Remuneration is shown until this date.
(3) Sandra Bell was engaged as a Director on 11 July 2023 and resigned on 4 October 2023. Remuneration is shown for this period.
(4) Charles Pettit was appointed as a Director on 1 July 2023 and has elected not to receive remuneration for his role as a Director.
(5) Sam Randazzo was appointed as a Non-Executive Chair on 4 October 2023. Remuneration is shown from this date.
(6) Lindiwe Mthimunye and Val Coetzee were appointed as Directors on 25 October 2023. Remuneration is shown from this date.
(7) Payment relates to a retention award that was contracted to Michael Sucher in March 2022 prior to his appointment to the role of CFO.
The retention period ended in January 2023 and the award was paid in February 2023.
(8) Darren Naylor was appointed as an Executive Director on 5 October 2023. No remuneration is paid in respect of the Executive Director role.
The remuneration shown is from the 5 October 2023 and relates to Mr Naylor’s Executive Vice President Asia Pacific role only.
Executive KMP
James Smith
Michael Sucher
Alistair Hodgkinson
Darren Naylor
Business
Modifier +/-
Individual
Performance %
1.2
0.95
1.0
1.1
100
100
109
105
Overall STI
Outcome
% of Target
118.9
98.3
104.2
109.5
Total STI
Award
$
282,866
119,721
208,598
35,093(1)
Percentage of
maximum STI
Awarded
%
Percentage of
maximum STI
Forfeited %
82.6
45.5
72.4
86.2
17.4
54.5
27.6
13.8
(1) Darren Naylor was appointed as an Executive Director on 5 October 2023. The STI award shown is pro-rated from 5 October 2023 and relates
to Mr Naylor’s Executive Vice President Asia Pacific role only.
LTI OUTCOMES FOR FY23
The 2020 LTI plan performance period ran from 1 April 2020 to 31 March 2023. The number of options to vest as at 31 March 2023
was subject to the company meeting the following performance criteria:
Performance
Measure
Absolute Total Shareholder
Return (aTSR) (CAGR)
Earnings Per Share (EPS)
Growth
Total
Weighting
Threshold
KPI
Options to
Vest
Target KPI
Options
to Vest
Stretch KPI
Options to
Vest
50%
50%
100%
2%
2%
12.5%
12.5%
25%
4%
4%
25%
25%
50%
8%
8%
50%
50%
100%
As of 31 March 2023, DRA’s TSR measured over the performance period was -50 per cent, and EPS measured over the same
period was -4.9 per cent. These results fall below the threshold KPI of 2 per cent therefore, no options vested under the 2020
LTI plan.
8. EXECUTIVE KMP EMPLOYMENT CONTRACTS
Remuneration and other terms of employment for Executive KMP are formalised in employment contracts. The employment
contracts specify the components of remuneration, benefits and notice periods. Participation in STI and LTI plans are subject
to the Board’s discretion.
The following outlines the details of contracts with Executive KMP:
Executive KMP
James Smith
Michael Sucher
Alistair Hodgkinson
Position
MD and CEO
CFO
COO
Darren Naylor
EVP APAC
Terms of Agreement
Notice period
No fixed term
No fixed term
No fixed term
No fixed term
6 months*
6 months*
6 months*
3 months by employee /
6 months by Company
*Notice by either the Company or themselves.
An Executive KMP has no entitlement to termination payments in the event of removal for misconduct.
Should any Executive KMP not provide sufficient notice, they will forfeit the monetary equivalent (calculated based on fixed
remuneration) of any shortfall in the notice period.
70
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FY22 fixed remuneration
FY22 variable remuneration
Cash salary
and fees
$
Super-
annuation
$
Non-
monetary
benefits
$
Other
short-term
benefits
$
Annual
and long
service
leave
$
Term-
ination
benefits
$
Cash
bonus
(STI)
$
Equity
settled
(LTI)
$
Total Rem-
uneration
oppor-
tunity
$
Non-Executive Directors:
Peter Mansell
Les Guthrie (1)
Paul Lombard (2)
Johnny Velloza (2)
Executive KMP:
James Smith (3)
Michael Sucher (4)
Alistair Hodgkinson
188,000
125,694
103,869
103,632
397,945
306,000
441,072
18,960
12,799
-
-
-
-
-
-
-
-
18,538
-
3,528
7,384
1,666,212
50,297
10,912
-
-
-
-
-
-
-
-
-
-
-
-
3,709
17,314
34,594
55,617
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
48,000
24,001
24,001
23,999
171,179
48,766
132,692
254,960
162,494
127,870
127,631
572,833
394,146
615,742
472,638
2,255,676
(1) In addition to NED fees, Les Guthrie received a payment of $31,696 for undertaking the Acting Chief Executive Officer role for the period
from 28 February 2022 to 10 March 2022.
(2) NED fee includes minor payroll correction relating to FY21.
(3) James Smith was appointed Interim CEO on 11 March 2022. Remuneration is shown from this date.
(4) Michael Sucher was appointed Acting CFO on 21 March 2022. Remuneration is shown from this date.
The proportions of remuneration which are fixed and linked to performance are as follows:
Non-Executive Directors:
Peter Mansell
Les Guthrie
Paul Lombard
Johnny Velloza
Sandra Bell
Charles Pettit
Sam Randazzo
Lindiwe Mthimunye
Val Coetzee
Executive KMP:
James Smith
Michael Sucher
Alistair Hodgkinson
Darren Naylor
Fixed remuneration
At risk – STI
At risk - LTI
FY23
FY22
FY23
FY22
FY23
FY22
100%
100%
100%
100%
100%
-
100%
100%
100%
49.4%
67.4%
54.8%
64.4%
100%
100%
100%
100%
N/A
-
N/A
N/A
N/A
70%
88%
78%
N/A
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
27.8%
14.0%
23.7%
19.3%
0%
0%
0%
N/A
22.8%
18.6%
21.5%
16.3%
30%
12%
22%
N/A
72
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The following tables show how much each Executive KMP’s at-risk STI cash bonus was awarded and how much was forfeited
in FY23 and FY22:
FY23 award accrued in FY23
James Smith
Michael Sucher
Alistair Hodgkinson
Darren Naylor (1)
Total opportunity*
Awarded*
$
342,637
263,071
288,273
40,710
%
82.6
45.5
72.4
86.2
Awarded
$
Forfeited
%
Forfeited
$
282,866
119,721
208,598
35,093
17.4
54.5
27.6
13.8
59,771
143,349
79,676
5,616
(1) Darren Naylor was appointed as an Executive Director on 5 October 2023. The STI award shown is pro-rated from the 5 October 2023 and
relates to Mr Naylor’s Executive Vice President Asia Pacific role only.
FY22 award accrued in FY22
James Smith
Michael Sucher
Alistair Hodgkinson
Total opportunity*
Awarded*
$
308,750
227,785
308,750
%
-
-
-
Awarded
$
Forfeited
%
Forfeited
$
-
-
-
100
100
100
308,750
227,785
308,750
*The Total opportunity dollar value is determined based on maximum at-risk STI opportunity calculated as a percentage of fixed remuneration
pro-rated for the period served as an Executive KMP in the financial year. The Awarded Percentage reflects percentage of total opportunity and
not the actual at-risk STI opportunity. Refer to “STI Plan” section for an understanding of the maximum at-risk STI opportunities.
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73
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
SHARE-BASED PAYMENTS
ISSUE OF SHARE OPTIONS/ZEPOS
The number of share options held by KMP, including the movements in share options held during FY23 is as follows.
Balance at
the start of
the year
Granted as
part of
remuneration (1)
Fair value
of granted
options
as part of
remuneration
$
Exercised
(Price Paid
per option
$0.00)
Value of
options at
exercise
$ Forfeited
Vested
balance at
end of the
year
Unvested
balance at
the end of
the year
Non-Executive Directors:
Peter Mansell
Les Guthrie
Paul Lombard
Johnny Velloza
Sandra Bell
Charles Pettit
Sam Randazzo
Lindiwe Mthimunye
Val Coetzee
Executive KMP:
James Smith
Michael Sucher
Alistair Hodgkinson
Darren Naylor
-
-
-
-
-
-
-
-
-
8,421
4,211
4,211
4,210
-
-
-
-
-
14,274(2)
7,138(2)
7,138(2)
7,136(2)
-
-
-
-
-
8,421
4,211
4,211
4,210
-
-
-
-
-
16,000
8,001
8,001
7,999
-
-
-
-
-
-
-
-
-
-
-
-
-
-
365,716
124,482
366,987
245,546(6)
312,529
220,339
225,989
-
536,143(3)
377,992(3)
387,684(3)
-
70,000(4)
133,000
79,732(5)
-
70,000(4)
13,902(7)
-
-
133,000
79,732(5)
20,853
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
528,513
344,821
443,244
231,644
(1) The fair value of these options at grant date is calculated in accordance with AASB 2 Share-based Payment. The fair value of these options
is allocated as share-based payment expense over the vesting period.
(2) Options were granted under the NED Share Option plan during the year as part of the remuneration for the period 1 July 2022 to
31 December 2022.
(3) Options were granted under the FY23 LTI Share Option plan during the year as part of remuneration.
(4) Options exercised under the One-off Share Option Plan.
(5) Options were forfeited due to the FY20 LTI Share Option plan not vesting.
(6) Options reported as at Darren Naylor’s appointment date of 5 October 2023. Options detailed in the table are in consideration for
Mr Darren Naylor’s role as an employee, and not as an Executive Director.
(7) Options vested and exercised under the employee STIZ Option Plan.
Plan /
Offer Tranche
Number
Granted
Grant
date
Vesting
date
Expiry
date
Exercise
Price
Value per
option
at grant
date
Performance
Achieved
%
Vested
Non-Executive Directors:
NED Share
Option Plan (a)
NED Share
Option Plan (a)
NED Share
Option Plan (a)
NED Share
Option Plan (a)
Peter Mansell
Les Guthrie
Paul Lombard
Johnny Velloza
Executive KMP:
1
1
1
1
8,421 30/01/2023 30/01/2023 30/01/2025
4,211
30/01/2023 30/01/2023 30/01/2025
4,211
30/01/2023 30/01/2023 30/01/2025
4,210 30/01/2023 30/01/2023 30/01/2025
$0
$0
$0
$0
$1.69
N/A
100%
$1.69
N/A
100%
$1.69
N/A
100%
$1.69
N/A
100%
Plan /
Offer
Tranche
Number
Granted Grant date
Vesting
date Expiry date
Exercise
Price
Value per
option
at grant
date
Performance
Achieved
%
Vested
James Smith
One-off Share
Option Plan (b)
FY20 LTI Share
Option Plan (c)
FY20 LTI Share
Option Plan (c)
FY21 LTI Share
Option Plan (d)
FY21 LTI Share
Option Plan (d)
FY22 LTI Share
Option Plan (e)
FY22 LTI Share
Option Plan (e)
FY22 LTI Share
Option Plan (e)
FY22 LTI Share
Option Plan (e)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
A
70,000
14/05/2020 30/06/2022 30/06/2024
ATSR Tranche 1
39,866
31/12/2020 31/03/2023 31/03/2025
EPS Tranche 2
39,866
31/12/2020 31/03/2023 31/03/2025
ATSR Tranche 1
35,378 (1) 29/06/2021 31/03/2024 31/03/2026
EPS Tranche 2
35,378 (1) 29/06/ 2021 31/03/2024 31/03/2026
ATSR Tranche 1
43,569
16/12/2022 31/03/2025 31/03/2027
RTSR ASX Tranche 2
14,523
16/12/2022 31/03/2025 31/03/2027
RTSR JSE Tranche 3
14,523
16/12/2022 31/03/2025 31/03/2027
EPS Tranche 4
72,614
16/12/2022 31/03/2025 31/03/2027
Service Tranche 1 156,265
04/05/2023 31/03/2026 31/03/2028
ATSR Tranche 2
46,880
04/05/2023 31/03/2026 31/03/2028
RTSR ASX Tranche 3
15,626
04/05/2023 31/03/2026 31/03/2028
RTSR JSE Tranche 4
15,626
04/05/2023 31/03/2026 31/03/2028
EPS Tranche 5
78,132
04/05/2023 31/03/2026 31/03/2028
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$4.00
$1.66
$3.97
$1.98
$3.90
$1.07
$1.27
$1.19
$2.00
$1.93
$1.21
$1.41
$0.32
$1.93
N/A
100%
Below
Threshold
Below
Threshold
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
0%
0%
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
(1) On 27 March 2024 the Board resolved to approve the issuance of options when vesting occurs on 31 March 2024, as follows:
Tranche 1 - nil, Tranche 2 - 58.1%.
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,
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
Executive KMP:
Executive KMP:
Plan /
Offer
Tranche
Number
Granted Grant date
Vesting
date Expiry date
Exercise
Price
Value per
option
at grant
date
Performance
Achieved
%
Vested
Plan /
Offer
Tranche
Number
Granted Grant date
Vesting
date Expiry date
Exercise
Price
Value per
option
at grant
date
Performance
Achieved
%
Vested
Michael Sucher
FY22 LTI Share
Option Plan (e)
FY22 LTI Share
Option Plan (e)
FY22 LTI Share
Option Plan (e)
FY22 LTI Share
Option Plan (e)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
ATSR Tranche 1
RTSR ASX Tranche 2
RTSR JSE Tranche 3
EPS Tranche 4
37,345
12,448
12,448
62,241
16/12/2022 31/03/2025 31/03/2027
16/12/2022 31/03/2025 31/03/2027
16/12/2022 31/03/2025 31/03/2027
16/12/2022 31/03/2025 31/03/2027
Service Tranche 1
110,169 04/05/2023 31/03/2026 31/03/2028
ATSR Tranche 2
33,051 04/05/2023 31/03/2026 31/03/2028
RTSR ASX Tranche 3
11,017 04/05/2023 31/03/2026 31/03/2028
RTSR JSE Tranche 4
11,017 04/05/2023 31/03/2026 31/03/2028
EPS Tranche 5
55,085 04/05/2023 31/03/2026 31/03/2028
Alistair Hodgkinson
One-off Share
Option Plan (b)
FY20 LTI Share
Option Plan (c)
FY20 LTI Share
Option Plan (c)
FY21 LTI Share
Option Plan (d)
FY21 LTI Share
Option Plan (d)
FY22 LTI Share
Option Plan (e)
FY22 LTI Share
Option Plan (e)
FY22 LTI Share
Option Plan (e)
FY22 LTI Share
Option Plan (e)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
A
70,000
14/05/2020 30/06/2022 30/06/2024
ATSR Tranche 1
39,866
31/12/2020 31/03/2023 31/03/2025
EPS Tranche 2
39,866
31/12/2020 31/03/2023 31/03/2025
ATSR Tranche 1
46,387 (1) 29/06/2021 31/03/2024 01/03/2026
EPS Tranche 2
46,386 (1) 29/06/2021 31/03/2024 31/03/2026
ATSR Tranche 1
37,345
16/12/2022 31/03/2025 31/03/2027
RTSR ASX Tranche 2
12,448
16/12/2022 31/03/2025 31/03/2027
RTSR JSE Tranche 3
12,448
16/12/2022 31/03/2025 31/03/2027
EPS Tranche 4
62,241
16/12/2022 31/03/2025 31/03/2027
Service Tranche 1 112,995
4/05/2023 31/03/2026 31/03/2028
ATSR Tranche 2
33,899
4/05/2023 31/03/2026 31/03/2028
RTSR ASX Tranche 3
11,299
4/05/2023 31/03/2026 31/03/2028
RTSR JSE Tranche 4
11,299
4/05/2023 31/03/2026 31/03/2028
EPS Tranche 5
56,497
4/05/2023 31/03/2026 31/03/2028
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1.07
$1.27
$1.19
$2.00
$1.93
$1.21
$1.41
$0.32
$1.93
$4.00
$1.66
$3.97
$1.98
$3.90
$1.07
$1.27
$1.19
$2.00
$1.93
$1.21
$1.41
$0.32
$1.93
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
N/A
100%
Below
Threshold
Below
Threshold
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
0%
0%
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
(1) On 27 March 2024 the Board resolved to approve the issuance of options when vesting occurs on 31 March 2024, as follows:
Tranche 1 - nil, Tranche 2 - 58.1%.
76
Darren Naylor
FY21 LTI Share
Option Plan (d)
FY21 LTI Share
Option Plan (d)
FY22 LTI Share
Option Plan (e)
FY22 LTI Share
Option Plan (e)
FY22 LTI Share
Option Plan (e)
FY22 LTI Share
Option Plan (e)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
FY23 LTI Share
Option Plan (f)
FY23 STIZ Plan
(g)
FY23 STIZ Plan
(g)
ATSR Tranche 1
35,378 (1) 29/06/2021 31/03/2024 01/03/2026
EPS Tranche 2
35,378 (1) 29/06/2021 31/03/2024 31/03/2026
ATSR Tranche 1
18,672
16/12/2022 31/03/2025 31/03/2027
RTSR ASX Tranche 2
6,224
16/12/2022 31/03/2025 31/03/2027
RTSR JSE Tranche 3
6,224
16/12/2022 31/03/2025 31/03/2027
EPS Tranche 4
31,120
16/12/2022 31/03/2025 31/03/2027
Service Tranche 1
42,373
04/05/2023 31/03/2026 31/03/2028
ATSR Tranche 2
12,712
04/05/2023 31/03/2026 31/03/2028
RTSR ASX Tranche 3
4,237
04/05/2023 31/03/2026 31/03/2028
RTSR JSE Tranche 4
4,237
04/05/2023 31/03/2026 31/03/2028
EPS Tranche 5
21,187
04/05/2023 31/03/2026 31/03/2028
Tranche 1
13,902
01/06/2023
01/11/2023
01/11/2025
Tranche 2
13,902
01/06/2023 01/04/2024 01/04/2026
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1.98
$3.90
$1.07
$1.27
$1.19
$2.00
$1.67
$1.08
$1.22
$0.27
$1.67
$1.67
$1.67
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
N/A
100%
TBD
Nil
(1) On 27 March 2024 the Board resolved to approve the issuance of options when vesting occurs on 31 March 2024, as follows:
Tranche 1 - nil, Tranche 2 - 58.1%.
TBD - To be determined, N/A - Not applicable
(a) Certain NEDs have elected to sacrifice cash payment of 20 per cent of their annual remuneration (excluding superannuation
and any payment made in lieu of receiving superannuation in jurisdictions where superannuation is not required to be paid) and,
with shareholder approval obtained on 17 May 2022, receive that part of their remuneration through the issue of options
under DRA’s Incentive Option Plan in respect of the period from 1 July 2022 to 31 December 2022. There are no vesting
conditions attached to these options as the options are issued in lieu of a cash remuneration entitlement.
(b) The Company granted a one-off share option offer to James Smith, Alistair Hodgkinson and other employees on 14 May 2020.
The options vested on 30 June 2022 and were subject to the employees remaining employed by the Company. The fair value
per option at grant date is determined using an internal valuation based on an earnings multiples method and market
conditions at the grant date.
(c) FY20 LTI Share Option Plan - Performance Period: 1 April 2020 to 31 March 2023, three years. A straight-line vesting
schedule will be used to determine vesting outcomes between threshold, target and stretch targets. No ZEPOs are
awarded in the event that an executive employee ceases to be employed by the Company before the vesting date, subject
to Board discretion.
Performance Measure
aTSR (CAGR) Tranche 1
EPS Growth Tranche 2
Total
Weighting
Threshold
KPI
50%
50%
100%
2%
2%
Options to
Vest
%
12.5%
12.5%
25%
Target
KPI
4%
4%
Options to
Vest
%
25%
25%
50%
Stretch
KPI
8%
8%
Options to
Vest
%
50%
50%
100%
(d) FY21 LTI Share Option Plan - Performance Period: 1 April 2021 to 31 March 2024, three years. A straight-line vesting
schedule will be used to determine vesting outcomes between threshold, target and stretch targets. No ZEPOs are
awarded in the event that an executive employee ceases to be employed by the Company before the vesting date, subject
to Board discretion.
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77
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
Performance Measure
aTSR (CAGR) Tranche 1
EPS Growth Tranche 2
Total
Weighting
Threshold
KPI
Options to
Vest %
Target
KPI
Options to
Vest %
Stretch
KPI
Options to
Vest %
50%
50%
100%
2%
2%
12.5%
12.5%
25%
4%
4%
25%
25%
50%
8%
8%
50%
50%
100%
(e) FY22 LTI Share Option Plan - Performance Period: 1 October 2022 to 31 March 2025, two and half years. A straight-line
vesting schedule will be used to determine vesting outcomes between threshold, target and stretch targets. No ZEPOs
are awarded in the event that an executive employee ceases to be employed by the Company before the vesting date,
subject to Board discretion.
Performance Measure
aTSR (CAGR) Tranche 1
rTSR to ASX Peer Group (CAGR)
Tranche 2
rTSR to All Share JSE Mid Cap Index
(CAGR) Tranche 3
EPS Growth Tranche 4
Total
Weighting
Threshold
KPI
Options
to Vest
%
Target KPI
Options
to Vest
%
Stretch KPI
Options
to Vest
%
30%
10%
10%
50%
100%
5%
7.5%
10%
15%
15%
30%
40th
percentile
of the peer
group
TSR equal
to (CAGR) to
99% of the
index
2%
50th
percentile
of the peer
group
TSR equal
to (CAGR) to
index growth
4%
2.5%
2.5%
12.5%
25%
75th
percentile
of the peer
group
2% TSR
premium
(CAGR) over-
index
6%
5%
5%
25%
50%
10%
10%
50%
100%
(f) FY23 LTI Share Option Plan - Performance Period: 1 April 2023 to 31 March 2026, three years. A straight-line vesting schedule
will be used to determine vesting outcomes between threshold, target and stretch targets. No ZEPOs are awarded in the
event that an executive employee ceases to be employed by the Company before the vesting date, subject to Board discretion.
Performance
Weighting
Threshold
KPI
Options to
Vest
%
Service Tranche 1
50%
N/A
N/A
Options
to Vest
%
Stretch KPI
Options
to Vest
%
50%
N/A
N/A
Target KPI
Service-
remain
employed
by the
Company
until 31 Mar
2026
aTSR (CAGR) Tranche 2
rTSR to ASX Peer Group (CAGR)
Tranche 3
rTSR to All Share JSE Mid Cap Index
(CAGR) Tranche 4
EPS Growth Tranche 5
Total
15%
5%
5%
25%
100%
5%
3.75%
10%
7.5%
15%
15%
40th
percentile
of the peer
group
TSR equal
to (CAGR) to
99% of the
index
2%
50th
percentile
of the peer
group
TSR equal
to (CAGR) to
index growth
4%
1.25%
1.25%
6.25%
25%
75th
percentile
of the peer
group
2% TSR
premium
(CAGR) over-
index
6%
2.5%
2.5%
12.5%
50%
5%
5%
25%
100%
(g) The Company granted options under the STIZ Share Option Plan to Darren Naylor and other non-KMP employees to partially
settle their FY22 STI entitlement via options instead of cash. Two tranches of options were granted both subject to the
employees remaining employed by the Company. No ZEPOs are awarded in the event that an executive employee ceases
to be employed by the Company before the vesting date, subject to Board discretion.
Performance Measure
Service Tranche 1
Service Tranche 2
78
Weighting Target KPI
50%
50%
Remain employed by the Company from 1 June 2023
to 1 November 2023
Remain employed by the Company from 1 June 2023
to 1 April 2024
Options to
Vest %
50%
50%
SHAREHOLDINGS
The number of ordinary shares in the Company held during the financial year by each Director and Executive KMP of the Group,
including their related parties.
Balance at the start
of the year
Additions
Disposals
Other changes
during year
Balance at the end
of the year
Ordinary shares
Non-Executive
Directors:
Peter Mansell
Les Guthrie
Paul Lombard
Johnny Velloza
Sandra Bell
Charles Pettit
Sam Randazzo
Lindiwe Mthimunye
Val Coetzee
Executive KMP:
James Smith
Michael Sucher
Alistair Hodgkinson
Darren Naylor
71,777
16,912
9,364
4,211
-(1)
1,590,862(4)
-(6)
-(7)
197,178(7)
563,584
-
667,505
446,242(10)
8,421(8)
4,211(8)
4,211(8)
4,210(8)
-
-
-
-
-
70,000(8)
-
70,000(8)
13,902(8)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
80,198(2)
21,123(2)
13,575(2)
8,421(3)
-(2)
10,525,655(5)
12,116,517
-
-
-
-
10,000(9)
-
-
-
-
197,178
633,584
10,000
737,505
460,144
(1) Sandra Bell was appointed as a Director on 27 July 2023, the balance is at this date.
(2) Peter Mansell, Les Guthrie, Paul Lombard and Sandra Bell resigned as Directors on 4 October 2023, the balance is at this date.
(3) Johnny Velloza resigned as a Director on 24 October 2023, the balance is at this date.
(4) Charles Pettit was appointed as a Director on 1 July 2023, the balance is at this date.
(5) Off-market purchase of shares during the year.
(6) Sam Randazzo was appointed as Non-Executive Chair on 4 October 2023, the balance is at this date.
(7) Lindiwe Mthimunye and Val Coetzee were appointed as Directors on 25 October 2023, the balance is at this date.
(8) Shares issued on exercise of options.
(9) On-market purchase of shares during the year.
(10) Darren Naylor was appointed as an Executive Director on 5 October 2023, the balance is at this date.
OTHER TRANSACTIONS WITH KMP
During the financial year, Quality Labs Pty Ltd, a subsidiary of DRA transacted with TN Ceramics (Pty) Ltd for the provision of
locally sourced ceramic consumable goods. Total value transacted was $62,996. TN Ceramics (Pty) Ltd is controlled by a family
trust where James Smith (CEO) is a trustee and beneficiary of the trust. The transaction is based on normal arms-length
commercial terms and conditions.
LOANS TO KMP AND THEIR RELATED PARTIES
Loans were advanced to certain employees including two Executive KMP during FY22 to facilitate employees meeting their
income tax obligations when the One-off Share Options vested during the year.
The terms and conditions of the loans are:
• The loan incurred an annual interest rate of 6.5 per cent.
• Loan and Interest repayments were deducted equally over ten months via payroll deductions which started in October 2022.
• Should the employee’s employment terminate for any reason prior to the loan being repaid, the Company shall be entitled to
set-off and/or to deduct any amount due by the employee to the Company in respect of the loan from any amount payable to
the employee by the Company.
FY23
FY22
Balance at the
start of the year
$
Interest paid and payable
for the year
$
Balance at the
end of the year
$
Highest indebtedness
during the year
$
87,256
-
1,604
1,784
-
87,256
87,256
125,320
There are no other transactions and balances with KMP and or their related parties.
THIS CONCLUDES THE REMUNERATION REPORT, WHICH HAS BEEN AUDITED.
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79
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the year ended 31 December
Revenue
Cost of sales
Gross profit
Other income
Other losses
Revaluation of Upside Participation Rights (UPRs)
General and administrative expenses
Impairment losses
Net expected credit loss
Profit from equity accounted investments
Operating profit
Finance income
Finance costs
Profit/(loss) before income tax
Income tax expense
Profit/(loss) after income tax
Profit/(loss) for the period is attributable to:
Non-controlling interests
Owners of DRA Global Limited
Earnings/(loss) per share
Basic earnings/(loss) per share
Diluted earnings/(loss) per share
The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes.
Note
3
4
5
22
17
6
33
7
7
8
9
9
2023
$000
2022
$000
885,180
(677,384)
207,796
10,922
(525)
3,635
894,732
(745,275)
149,457
8,070
(140)
17,865
(163,617)
(147,223)
(3,500)
(7,500)
639
47,850
6,295
(6,534)
(22,996)
(3,706)
155
1,482
6,467
(9,133)
47,611
(1,184)
(25,809)
21,802
2,107
19,695
21,802
Cents
36.11
33.52
(20,251)
(21,435)
437
(21,872)
(21,435)
Cents
(43.96)
(43.96)
80
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CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
For the year ended 31 December
Profit/(loss) after income tax
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss net of tax
Other reserves
Exchange differences on translation of foreign operations
Other comprehensive (loss)/income
Total comprehensive income/(loss)
Total comprehensive income attributable to:
Non-controlling interests
Owners of DRA Global Limited
2023
$000
2022
$000
21,802
(21,435)
33
(9,491)
-
1,601
(9,458)
1,601
12,344
(19,834)
2,137
10,207
437
(20,271)
12,344
(19,834)
The above consolidated statement of other comprehensive income should be read in conjunction with the accompanying notes.
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81
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December
Non-
controlling
interests
$’000
Total equity
$’000
8,947
2,107
30
2,137
-
-
-
(2,578)
8,506
9,201
437
-
437
-
-
(355)
(336)
-
8,947
253,366
21,802
(9,458)
12,344
-
3,069
-
(2,578)
266,201
266,076
(21,435)
1,601
(19,834)
7,852
(88)
(355)
(336)
51
253,366
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Contract assets
Inventories
Financial assets at fair value through profit or loss
Other financial assets measured at amortised cost
Current income tax assets
Total current assets
Non-current assets
Investments accounted for using the equity method
Other financial assets measured at amortised cost
Property, plant and equipment
Right-of-use assets
Intangible assets
Deferred tax assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Contract liabilities
Interest-bearing borrowings
Lease liabilities
Current income tax liabilities
Employee benefits
Provisions
Other financial liabilities
Total current liabilities
Non-current liabilities
Interest-bearing borrowings
Lease liabilities
Deferred tax liabilities
Employee benefits
Other financial liabilities
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Retained earnings
Equity attributable to the owners of DRA Global Limited
Non-controlling interests
Total equity
*Refer to notes 10 and 11 for further information on the restatement.
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
82
10
11
3
12
13
8
33
13
14
15
16
8
18
3
19
15
8
20
21
22
19
15
8
20
22
23
25
35
Note
2023
$000
Restated*
2022
$000
178,838
139,355
31,869
2,895
1,888
191
8,455
134,437
158,867
23,081
3,501
3,119
32,745
9,282
Balance at 1 January 2023
Profit after income tax
Other comprehensive (loss)/income
Total comprehensive (loss)/income
Transactions with owners in their capacity as owners:
New shares issued (note 23, note 25)
Share-based payments expense (note 37)
Transfer from reserves to retained earnings (note 25)
Dividends paid to non-controlling interests
Issued capital
$’000
Reserves
$’000
168,632
(86,276)
-
-
-
750
-
-
-
-
(9,491)
(9,491)
(750)
3,069
(2,704)
-
Retained
profits
$’000
162,063
19,695
3
19,698
-
-
2,704
-
363,491
365,032
Balance at 31 December 2023
169,382
(96,152)
184,465
Balance at 1 January 2022
(Loss)/profit after income tax
Other comprehensive income
Total comprehensive income/(loss)
Transactions with owners in their capacity as owners:
Sale of settlement shares (note 23)
Reversal of share-based payments expense (note 37)
Acquisition of minority interests
Dividends paid to non-controlling interests
Others
160,780
(87,840)
-
-
-
7,852
-
-
-
-
-
1,601
1,601
-
(88)
-
-
51
183,935
(21,872)
-
(21,872)
-
-
-
-
-
Balance at 31 December 2022
168,632
(86,276)
162,063
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
2,717
6,716
13,300
26,157
75,924
52,010
176,824
540,315
77,699
32,638
19,821
3,935
7,958
49,943
52,648
-
2,321
-
13,822
22,098
84,393
56,133
178,767
543,799
86,226
32,868
1,618
3,590
4,072
33,218
45,306
3,635
244,642
210,533
-
26,175
1,362
753
1,182
29,472
274,114
266,201
169,382
(96,152)
184,465
257,695
8,506
266,201
52,079
22,179
4,933
709
-
79,900
290,433
253,366
168,632
(86,276)
162,063
244,419
8,947
253,366
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83
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1
NOTE 2
NOTE 3
NOTE 4
NOTE 5
NOTE 6
NOTE 7
NOTE 8
NOTE 9
NOTE 10
NOTE 11
NOTE 12
NOTE 13
NOTE 14
NOTE 15
NOTE 16
NOTE 17
NOTE 18
NOTE 19
Basis of preparation
Segment reporting
Revenue
Other income
Other losses
Expenses
Finance income and costs
Income tax
Earnings per share
Cash and cash equivalents
Trade and other receivables
Financial assets measured at fair
value through profit or loss
Other financial assets at
amortised cost
Property, plant and equipment
Leases
Intangible assets
Impairment testing
Trade and other payables
Interest-bearing borrowings
NOTE 20
Employee benefits
86
87
90
93
94
95
96
96
99
100
101
101
102
103
105
106
108
109
110
111
NOTE 21
NOTE 22
NOTE 23
NOTE 24
NOTE 25
NOTE 26
NOTE 27
NOTE 28
NOTE 29
NOTE 30
NOTE 31
NOTE 32
NOTE 33
NOTE 34
NOTE 35
NOTE 36
NOTE 37
NOTE 38
NOTE 39
NOTE 40
Provisions
Other financial liabilities
Issued capital
Dividends
Reserves
Financial instruments
Fair value measurement of
financial assets and liabilities
Contingent liabilities
Commitments
Related party transactions
Parent entity information
Interests in subsidiaries
Interests in associates
Interests in joint operations
Non-controlling interests
Cash flow information
Share-based payments
Remuneration of auditors
New standards and
interpretations
Events after reporting period
112
113
113
114
114
115
119
120
122
122
123
123
124
125
125
127
127
131
132
132
Cash flows from operating activities
Receipts from customers
Payments to suppliers and employees
Finance income received
Finance cost paid
Income tax paid
Net cash flows from/(used in) operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Proceeds from sale of property, plant and equipment and software
Payments for intangible assets
Proceeds from financial assets
Dividends received from associates
Payments to non-controlling interest holders
Payment of contingent consideration in relation to the acquisition of UMM
Proceeds from sale of G&S Engineering assets and liabilities (net of transaction costs)
Net cash flows from investing activities
Cash flows from financing activities
Proceeds from borrowings
Repayment of interest bearing borrowings
Repayment of lease liabilities
Dividend paid to non-controlling interests
Proceeds from sale of settlement shares
Payments for share buy-backs
Net cash flows used in financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Net foreign exchange difference
Cash and cash equivalents at the end of the financial year
*Refer to notes 10 and 11 for further information on the restatement.
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Note
2023
$000
886,809
(787,564)
99,245
4,895
(6,534)
(21,912)
75,694
(5,201)
775
(668)
16,223
-
(633)
-
-
10,496
4,709
(34,460)
(5,140)
(2,578)
-
-
(37,469)
48,721
134,437
(4,320)
178,838
36
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19
19
15
10
Restated*
2022
$000
923,375
(937,459)
(14,084)
2,787
(2,774)
(22,116)
(36,187)
(5,704)
523
(1,034)
13,021
213
-
(2,134)
1,980
6,865
19,615
(6,268)
(6,777)
(288)
7,852
(16,266)
(2,132)
(31,454)
163,269
2,622
134,437
84
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85
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. BASIS OF PREPARATION
NOTE 1. BASIS OF PREPARATION (CONTINUED)
INTRODUCTION
DRA Global Limited (DRA or the Company) is a for-profit company limited by shares incorporated and domiciled in Australia with a
primary listing on the Australian Securities Exchange (ASX) and a secondary listing on the Johannesburg Stock Exchange (JSE).
The address of the Company’s registered office is 256 Adelaide Terrace, Perth WA 6000, Australia.
The consolidated financial statements of the Company comprise the Company and its controlled entities (the Group) for the year
ended 31 December 2023 were approved and authorised for issue by the Board of Directors on 28 March 2024. The Directors
have the power to amend and reissue the financial statements.
DRA is an international multi-disciplinary engineering, project management and operations management group predominantly
focused on the mining, minerals and metals industry. DRA has expertise in mining, minerals and metals processing and related
non-process infrastructure, including ESG, water and energy solutions for the mining industry. DRA delivers advisory, engineering
and project delivery services throughout the capital project lifecycle from concept through to operational readiness and
commissioning as well as ongoing operations and maintenance services.
BASIS OF PREPARATION
The consolidated financial statements are general purpose financial statements which:
• 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) and International Financial
Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB);
• have been prepared on a historical cost basis, except for certain financial assets and liabilities which are required to be
measured at fair value;
• are presented in Australian dollars which is the presentation currency of the Group’s operations, and all values are rounded
to the nearest thousand dollars ($’000 or $K) unless otherwise stated, in accordance with ASIC Corporations Instrument
2016/191;
• presents reclassified comparative information where required for consistency with the current year’s presentation;
• adopts all new and amended Accounting Standards and Interpretations issued by the AASB that are relevant to the Group and
effective for reporting periods beginning on or before 1 January 2023; and
• does not early adopt Accounting Standards and Interpretations that have been issued or amended but are not yet effective.
The accounting policies have been applied consistently throughout the Group for the purposes of this Financial Report.
BASIS OF CONSOLIDATION
The consolidated financial statements comprise the financial statements of the Group. A list of significant controlled entities
(subsidiaries) at year end is contained in note 32. The financial statements of subsidiaries are prepared for the same reporting
period as the parent entity, using consistent accounting policies.
Changes in the Group’s interest in a subsidiary that does not result in a loss of control are accounted for as equity transactions.
FOREIGN CURRENCY TRANSLATION
The financial statements are presented in Australian dollars, which is DRA Global Limited’s functional and presentation currency.
Transactions denominated in foreign currencies are initially recorded in the functional currency using the exchange rate ruling at
the date of the underlying transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the
rate of exchange at year end. Exchange gains or losses on retranslation are included in the consolidated statement of profit or loss.
The results and financial position of foreign operations that have a functional currency different from the presentation currency are
translated into the presentation currency as follows:
• assets and liabilities are translated at the closing rate at the reporting date;
• income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative
effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the
transactions); and
• all resulting exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any investments in foreign entities are recognised in other
comprehensive income. When a foreign operation is sold, the associated exchange differences are reclassified to the statement
of profit or loss as part of the gain or loss on sale.
86
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MATERIAL ACCOUNTING POLICIES
The carrying amount of certain assets and liabilities are determined based on estimates and assumptions of future events. The
key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of these
assets and liabilities recognised in the financial statements are described in the following notes:
Note
3. Revenue
8.
Income Tax
Underlying estimates and assumptions
Revenue recognition.
Calculation of provision for income tax and recognition of the deferred tax asset.
13. Other financial assets at amortised cost
Expected credit losses associated with trade receivables, contract assets and financial assets.
14. Property, plant and equipment
Asset useful lives.
17.
Impairment testing
21. Provisions
26. Financial Instruments
Recoverable amount of Cash Generating Units (CGUs).
Future obligations and probability of outflow.
Expected credit losses associated with trade receivables, contract assets and financial assets.
NOTE 2. SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker
(CODM), being the Executive Committee.
The CODM considers the business both from a service and geographic perspective and has identified four reportable segments
in accordance with the requirements of AASB 8 Operating Segments. The Group aggregates two or more operating segments
into a single reportable operating segment when the Group has assessed and determined the aggregated operating segments
share similar economic and geographical characteristics, such as the type of customers for the Group’s services, similar expected
growth rates and regulatory environment.
The reportable segments are disclosed in greater detail in the current year. The EMEA segment is reported separately between
EMEA and Minopex (previously one segment) and APAC and AMER separately (previously one segment).
The engineering-related services segments consist of engineering, project delivery and operations management services
predominantly to the mining industries. The comparatives period has been adjusted to disclose them on the same basis as the
current year figures.
Three separate segments are reported, being:
• Europe, Middle East and Africa (EMEA), including SENET and Water entities;
• Australia and Asia Pacific (APAC); and
• North and South America (AMER).
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The Minopex segment provides bespoke operations and plant maintenance services to mines, mainly in Africa.
Group and unallocated items represent Group centre functions, comprising of Group finance, information technology, company
secretarial, corporate development and consolidation adjustments (e.g. intersegment eliminations).
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2. SEGMENT REPORTING (CONTINUED)
NOTE 2. SEGMENT REPORTING (CONTINUED)
2023
Revenue
Segment revenue
Inter-segment revenue
Total external revenue
Earnings before income and tax (EBIT)
Finance income
Finance expense
Profit/(loss) before income tax
Income tax expense
Profit after income tax
Material items include:
Revaluation of UPRs
Depreciation of property,
plant and equipment
Depreciation of right-of-use assets
Amortisation of intangible assets
Impairment of goodwill
Share-based payment expense
Share of net profit of associates
Expected credit gain/(loss) on loan receivable
measured at amortised cost
Assets
Segment assets
Total assets
Segment assets include:
Investments in associates
Acquisition of non-current assets
Liabilities
Segment liabilities
Total liabilities
EMEA
$’000
Minopex
$’000
APAC
$’000
AMER
$’000
Group and
unallocated
items
$’000
296,568
(6,709)
289,859
45,342
3,031
(1,145)
47,228
-
(1,433)
(2,646)
(1,105)
(3,500)
(876)
639
324
360,203
(2,032)
358,171
22,083
946
(105)
22,924
-
(1,712)
(405)
(501)
-
(503)
-
-
148,089
(1,367)
146,722
8,676
135
(1,397)
7,414
-
(489)
(1,471)
(126)
-
(239)
-
-
91,204
(776)
90,428
8,219
44
(175)
8,088
-
(968)
(863)
-
-
27,521
(27,521)
-
(36,470)
2,139
(3,712)
(38,043)
3,635
(208)
(78)
(62)
-
(356)
(2,277)
-
-
-
(10,047)
164,375
124,043
91,700
55,636
104,561
-
1,230
-
3,437
-
10,774
-
888
2,717
326
82,862
60,669
47,696
31,562
51,325
Total
$’000
923,585
(38,405)
885,180
47,850
6,295
(6,534)
47,611
(25,809)
21,802
3,635
(4,810)
(5,463)
(1,794)
(3,500)
(4,251)
639
(9,723)
540,315
540,315
2,717
16,655
274,114
274,114
2022
Revenue
Segment revenue
Inter-segment revenue
Total external revenue
Earnings before income and tax (EBIT)
Finance income
Finance expense
Profit/(loss) before income tax
Income tax expense
Loss after income tax
Material items include:
Revaluation of UPRs
Depreciation expense of property,
plant and equipment
Depreciation of right-of-use assets
Amortisation of intangible assets
Impairment of goodwill
Impairment of intangibles
Share-based payment reversal
Share of net profit of associates
Expected credit loss on loan receivable
measured at amortised cost
Assets
Segment assets
Total assets
Segment assets include:
Investments in associates
Acquisition of non-current assets
Liabilities
Segment liabilities
Total liabilities
EMEA
$’000
Minopex
$’000
APAC
$’000
AMER
$’000
Group and
unallocated
items
$’000
265,282
(13,908)
251,374
42,531
4,802
(4,212)
43,121
330,601
242,534
(3,203)
(654)
327,398
241,880
17,397
(61,007)
522
(76)
53
(141)
17,843
(61,095)
74,194
(114)
74,080
4,428
4
(205)
4,227
37,610
(37,610)
-
(1,867)
1,086
(4,499)
(5,280)
Total
$’000
950,221
(55,489)
894,732
1,482
6,467
(9,133)
(1,184)
(20,251)
(21,435)
-
-
-
-
17,865
17,865
(1,490)
(2,811)
(3,576)
-
(4,093)
-
155
-
(2,006)
(196)
(822)
-
-
-
-
(875)
(1,714)
(2,556)
(464)
(15,705)
(3,198)
-
-
-
(581)
(723)
(3)
-
-
-
-
-
(171)
(104)
(61)
-
-
88
-
(5,962)
(6,390)
(4,926)
(15,705)
(7,291)
88
155
(1,822)
(2,697)
201,581
134,507
82,944
40,844
83,923
-
3,765
-
3,087
-
659
-
1,924
2,321
172
77,018
55,603
35,424
19,567
102,821
543,799
543,799
2,321
9,607
290,433
290,433
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,
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3. REVENUE
(I) DISAGGREGATION OF EXTERNAL REVENUE BY MAJOR SERVICE LINES:
2023
Revenue recognised over time:
Projects
Operations
2022
Revenue recognised over time:
Projects
Operations
EMEA
$’000
Minopex
$’000
APAC
$’000
AMER
$’000
Total
$’000
281,991
7,868
289,859
-
358,171
358,171
104,213
42,509
146,722
90,428
-
90,428
476,632
408,548
885,180
243,379
7,995
251,374
-
327,398
327,398
170,624
71,256
241,880
68,536
5,544
74,080
482,539
412,193
894,732
(II) TOTAL EXTERNAL REVENUE BY SUBSIDIARY GEOGRAPHICAL LOCATION IS AS FOLLOWS:
South Africa
Australia
Canada
Peru
Lesotho
Democratic Republic of the Congo
Saudi Arabia
Liberia
Mozambique
Rest of world
2023
$’000
2022
$’000
514,310
146,722
52,596
27,588
35,883
23,969
21,714
18,477
9,546
34,375
465,345
241,927
44,607
20,000
34,629
21,338
18,800
5,817
10,876
31,393
885,180
894,732
The presentation of external revenue by geographical locations has been amended during the period to simplify the presentation
and aid understanding. Where applicable, comparative amounts have been reclassified to ensure comparability.
RECOGNITION AND MEASUREMENT
The Group provides project and operation services to its clients. Revenue is recognised when control of the goods or services
are transferred to the client at an amount that reflects the consideration to which the Group is expected to be entitled in exchange
for those goods or services. The Group has concluded that it is the principal in its revenue arrangements because it controls the
goods and services before transferring them to the client.
PROJECT REVENUE
The Group derives project revenue through provision of consulting services that includes the assessment of mineral projects
through the completion of feasibility studies and design and construction of mineral process plants. These activities involve
extensive engineering expertise in the engineering disciplines of process, electrical and instrumentation, mechanical, civil,
structural and infrastructure as well as the associated disciplines of project management, materials handling and procurement.
These projects generally contain one performance obligation due to the highly integrated activities, that in combination, forms
the deliverable of the contract for the client. The activities cannot easily be distinguished from one another. In rare circumstances,
some projects will have multiple performance obligations. For these contracts, the total value of the contract will be allocated to
the individual performance obligations based on a standalone selling price.
The Group measures revenue on the basis of the effort expended relative to the total expected effort to complete the service.
Revenue on reimbursable contracts is recognised using an input method in measuring progress of the service because there is
a direct relationship between the Group’s effort (i.e., based on the labour hours or costs incurred) and the transfer of service to
the customer. For lump sum contracts, the Group considers the terms of the contract, internal models and other sources when
estimating the projected total cost and stage of completion. The performance obligation is satisfied over time and payment is
usually due upon receipt of the equipment by the customer or as subcontractor services are performed, depending on the terms
of the contract. Payment terms are usually within 30 to 60 days.
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NOTE 3. REVENUE (CONTINUED)
OPERATION REVENUE
The Group derives operation revenue from fixed-term contracts involving the operation and maintenance of mineral process plants,
which includes associated services relating to metallurgical quality management, control and analysis as well as process optimisation.
Under these contracts, the services are delivered through the provision of labour and specialist capabilities in systems integration,
recruitment and human resource management, skills development and training, purchasing and cost control, stores and asset
management, health and safety and environmental management. These services provided are the performance obligation in
respect of each contract.
The contracts are typically structured at a fixed price per month over the contract period. Additional costs incurred on behalf of a
client on an ad-hoc basis are recoverable from the client on a reimbursable basis. These additional costs are a separate distinct
performance obligation per the contract.
Performance obligations are fulfilled over time as the Group largely enhances assets which the client controls. Operation revenue is
recognised when the services are rendered based on the amount of the expected transaction price allocated to each performance
obligation noted above. Typically this is based a schedule of rates or a cost plus basis.
COSTS TO FULFIL A CONTRACT
Costs incurred prior to the commencement of a contract may arise due to mobilisation or site setup costs. Where these costs are
expected to be recovered, they are capitalised and amortised over the course of the contract consistent with the transfer of
service to the client.
VARIABLE CONSIDERATION
It is common for contracts to include performance bonuses or penalties assessed against the timeliness or cost effectiveness of
work completed or other performance related indicators. Where consideration in respect of a contract is variable, the expected
value of revenue is only recognised when any uncertainty associated with the variable consideration is subsequently resolved.
Variable consideration is typically billed based on the achievability of agreed metrics based on clearly defined parameters. Once
achieved, the Group invoices the client for the agreed amount. In relation to variable consideration, the expected value of
revenue is only recognised when it is highly probable that a significant reversal will not occur. Expected revenue is recognised
consistently in a contract based on the expected value method or the most likely amount method whichever is more appropriate.
WARRANTY AND DEFECT LIABILITY
Generally, contracts include defect and warranty periods following completion of the project. These obligations are not deemed to
be separate performance obligations and are therefore estimated and included in the total costs of the contracts. Where required,
amounts are recognised according to AASB 137 Provisions, Contingent Liabilities and Contingent Assets.
LIABILITIES AND CONTINGENT ASSETS
A provision is made for the difference between the expected cost of fulfilling a contract and the expected unearned portion of the
Group’s transaction price where the forecast costs are greater than the forecast revenue.
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FINANCING COMPONENTS
The Group does not expect to have any contracts where the period between the transfer of goods or services to the client and
payment by the client exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time
value of money.
CONTRACT MODIFICATION
The accounting for contract modifications is dependent on whether the contract modification is accounted for as a separate
contract or not under the principles set out in AASB 15 Revenue from Contracts with Customers (AASB 15).
The Group accounts for the modification as a separate contract if the scope of contract increases because of the addition of
goods and services that are distinct, and the price of the contract increases by an amount of consideration that reflects the
Group’s stand-alone selling prices of the additional goods or services, and any other appropriate adjustments to that price to
reflect the circumstances of the particular contract.
Other than the above, all other contract modifications are not accounted for as a separate contract. The effect of the contract
modification has on the transaction price, and on the Group‘s measure of progress towards a complete satisfaction of the
performance obligation, is recognised as an adjustment to revenue on a cumulative basis at the date of the contract modification.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3. REVENUE (CONTINUED)
SIGNIFICANT JUDGEMENTS AND ESTIMATES
EXPECTED COSTS TO COMPLETE
For project revenue recognised using an input method based on costs incurred, management is required to estimate the expected
forecast costs to complete. Fundamental to this calculation, is a reliable estimate of the total forecast costs to complete the project.
The Group estimates the forecast costs to complete based on the budget derived from the tender process and reassessed at each
reporting period end by the project manager based on the best available information and the current progress of the project.
VARIABLE CONSIDERATION
In determining transaction price (total contract revenue), variable consideration including bonuses, penalties, claims, and contract
variations are only included to the extent it is highly probable that a significant reversal in revenue will not occur in the future.
Each claim or contract variation, until they are approved, are subject to a level of uncertainty, both in terms of the amounts that
the customer will pay and the collection thereof, which usually depends on the outcome of negotiations between the parties or
decisions taken by judicial or arbitration bodies.The Group considers all the relevant information for each individual claim or
contract variation such as the contract terms, business and negotiating practices of the industry, the Group’s historical experiences
with similar contracts, inputs from external and internal experts and consideration of those factors that affect the variable
consideration that are out of the control of the Group or other supporting evidence.
ASSESSMENT OF COLLECTABILITY OF CONSIDERATION FROM CUSTOMERS
Revenue is only recognised when it is probable that the Group will collect the consideration to which it will be entitled. In evaluating
whether collectability of an amount of consideration is probable, the Group considers the customer’s ability and intention to pay
that amount of consideration when it is due in accordance with AASB 15. If the collectability of an amount of consideration
condition is not probable, the Group shall continue to assess the contract to determine whether the condition is subsequently met.
ASSETS AND LIABILITIES RELATED TO CONTRACTS WITH CLIENTS
The Group has recognised the following assets and liabilities related to contracts with clients:
Current assets
Contract assets - projects
Contract assets - operations
Expected credit loss allowance (note 26)
Current liabilities
Contract liabilities - projects
Contract liabilities - operations
2023
$’000
2022
$’000
21,222
10,832
(185)
31,869
32,638
-
32,638
14,576
9,110
(605)
23,081
32,212
656
32,868
RECOGNITION AND MEASUREMENT
CONTRACT ASSETS AND LIABILITIES
Contract assets and contract liabilities refer to what is commonly known as ‘unbilled or accrued revenue’ and ‘deferred revenue’
respectively. Contract assets represent the Group’s right to consideration which is conditional on something other than the
passage of time (for example, the Group’s future performance). If the Group’s right to an amount of consideration is unconditional
(other than the passage of time), the contract asset is reclassified as a receivable.
For the expected credit losses policy, refer to note 26.
Contract liabilities arise where payment is received from the customer ahead of scheduled transfer of goods and services to the client.
92
NOTE 3. REVENUE (CONTINUED)
REVENUE RECOGNISED IN RELATION TO CONTRACT LIABILITIES
Revenue recognised that was included in contract liabilities at the beginning of the year
Revenue recognised from performance obligations satisfied or partially satisfied in previous periods
REMAINING PERFORMANCE OBLIGATIONS (WORK-IN-HAND)
Project revenue
Operations revenue
Contracts in different operating segments have different lengths over which revenue is earned.
• Projects revenue
• Operations revenue
1 - 3 years
1 - 5 years
NOTE 4. OTHER INCOME
Employment Tax Incentive rebate
Government grants
Other
2023
$'000
32,868
-
32,868
2023
$'000
376,423
508,820
885,243
2022
$'000
23,392
-
23,392
2022
$'000
291,817
565,996
857,813
2023
$’000
8,038
897
1,987
10,922
2022
$’000
6,678
841
551
8,070
The presentation of certain items in the statement of profit or loss has been amended during the period to simplify the presentation
and aid understanding. Where applicable, comparative amounts have been reclassified to ensure comparability.
RECOGNITION AND MEASUREMENT
GOVERNMENT GRANTS
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be
received and the Group will comply with all attached conditions.
EMPLOYMENT TAX INCENTIVE REBATE
The Group recognises income from employment tax incentives in accordance with the requirements of the South African
Revenue Service (SARS). The employment tax incentive program allows qualifying employers to claim a tax incentive for
hiring eligible employees. The Group has assessed the eligibility of its employees and the corresponding incentive amount
based on the applicable legislation and regulations and recognised income in accordance with these requirements.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5. OTHER LOSSES
Profit on disposal of property, plant and equipment
Foreign exchange (loss)/gain
Revaluation of listed shares
Profit on foreign exchange currency (FEC) contracts
Loss on disposal of other financial assets
Loss on disposal of G&S Engineering assets and liabilities
2023
$’000
91
(485)
(131)
-
-
-
(525)
2022
$’000
133
4,582
(2,094)
158
(202)
(2,717)
(140)
The presentation of certain items in the statement of profit or loss has been amended during the period to simplify the presentation
and aid understanding. Where applicable, comparative amounts have been reclassified to ensure comparability.
SALE OF G&S ENGINEERING BUSINESS
On 11 May 2022, DRA announced that it was undertaking a review of its business portfolio to optimise shareholder value.
In FY22, management identified that the business of G&S Engineering Services Pty Ltd (G&S Engineering), a wholly owned
subsidiary of DRA, did not fit into the current strategy for the Group. The G&S Engineering business incurred the majority of
the fixed-price construction contract losses for the period.
A subsidiary of DRA entered into an agreement to dispose certain assets, liabilities and contracts of the G&S Engineering
business. The sale of G&S Engineering was completed on 10 September 2022. In the comparative period, the G&S Engineering
business is included in the APAC operating segment.
G&S ENGINEERING BUSINESS ASSETS AND LIABILITIES DISPOSAL
Loss on disposal of assets and liabilities in relation to the G&S Engineering business:
Proceeds (net of costs to sell)
Assets Disposed
Property, plant and equipment (including right-of-use assets)
Goodwill and intangible assets (net of impairment)
Inventories
Prepaid expenses
Liabilities Disposed
Lease liabilities
Employee benefits
Loss on disposal of G&S Engineering assets and liabilities
2022
$’000
1,980
7,360
899
323
105
8,687
(1,855)
(2,135)
(3,990)
(2,717)
94
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5. OTHER LOSSES (CONTINUED)
IMPAIRMENT OF ASSETS RECOGNISED IN 2022
Immediately before the classification of G&S Engineering assets and liabilities as a disposal group held for sale, the recoverable
amount was estimated for the identified disposal assets. An impairment loss of $18,903K was recognised in the comparative
period to reduce the carrying amount of intangible assets that formed part of the disposal group to their fair value less costs to sell.
Reclassification from goodwill and intangibles at net book value
Impairment loss
Intangible assets included in the disposal group
Goodwill
$’000
15,705
(15,705)
-
Customer
relationships
$’000
4,097
(3,198)
899
Total
$’000
19,802
(18,903)
899
LOSS CONTRIBUTION FROM G&S ENGINEERING BUSINESS
The G&S Engineering business did not qualify as a discontinued operation under AASB 5 Non-current Assets Held for Sale and
Discontinued Operations as the G&S Engineering business on its own did not represent a separate major line of business or
geographic area of DRA and therefore the results of G&S Engineering were included in continuing operations. An analysis of
the G&S Engineering business’ contribution to DRA’s results is as follows:
Revenue
Cost of sales
General and administrative expenses
Other losses
Finance income
Finance expense
Loss for the year before tax
NOTE 6. EXPENSES
Included in cost of sales and general and administrative expenses are expenses of the following nature:
Employee expenses
Expected credit reversal/(loss) on trade receivables and contract assets (note 26)
Expected credit loss on loan receivables measured at amortised cost (note 26)
Share-based payments expense/(reversal) (note 37)
Depreciation of property, plant and equipment (note 14)
Depreciation of right-of-use assets (note 15)
Amortisation of intangible assets (note 16)
Impairment of goodwill (note 17)
Impairment of other intangible assets (note 17)
2022
$’000
62,878
(88,743)
(22,306)
(1,578)
29
(2,105)
(51,825)
2023
$'000
2022
$'000
(412,938)
(437,544)
2,223
(9,723)
(4,251)
(4,810)
(5,463)
(1,794)
(3,500)
-
(1,009)
(2,697)
88
(5,962)
(6,390)
(4,926)
(15,705)
(7,291)
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 7. FINANCE INCOME AND COSTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 8. INCOME TAX (CONTINUED)
2023
$'000
2022
$'000
(II) DEFERRED TAX BALANCES
Finance income
Interest income on cash deposits
Interest income on other financial assets
Finance costs
Interest costs on interest-bearing liabilities
Interest costs on lease liabilities
Interest costs on other financial liabilities
Net finance costs
4,539
1,756
6,295
(3,782)
(1,422)
(1,330)
(6,534)
(239)
1,664
4,803
6,467
(3,494)
(1,508)
(4,131)
(9,133)
(2,666)
RECOGNITION AND MEASUREMENT
Finance income is recognised using the effective interest rate method. Finance costs are recognised as an expense when incurred.
NOTE 8. INCOME TAX
(I) INCOME TAX EXPENSE
Current tax on profits for the year
Adjustments for current tax of prior periods
Foreign withholding tax written off
Deferred tax - originating and reversing temporary differences
Adjustments for deferred tax of prior periods
Aggregate income tax expense
Reconciliation between income tax expense and pre-tax net profit
Profit/(loss) before income tax expense
Tax at the statutory tax rate of 30%
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Difference in overseas tax rates
Prior year tax losses derecognised
Non-deductible expenses listed below:
Controlled foreign company income
Employee related non-deductible expenses
Other non-deductible expenses
Non-assessable income listed below:
Fair value adjustments - UPRs
Government subsidies
Other non-assessable income
Adjustments for current and deferred taxes of prior periods
Foreign withholding tax written off when tax credit is not available
Tax credits/incentives (including foreign income tax credits)
Other items
Income tax expense
96
2023
$'000
20,615
1,384
3,029
2,156
(1,375)
25,809
47,611
14,283
(659)
10,116
240
182
1,361
(1,091)
(2,956)
125
9
3,029
96
1,074
25,809
2022
$'000
20,798
(726)
5,462
(3,673)
(1,610)
20,251
(1,184)
(355)
(486)
18,423
847
1,852
1,363
(5,359)
(2,053)
-
(2,336)
5,462
382
2,511
20,251
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Deferred tax assets
Deferred tax liabilities
Net deferred tax assets
Type of temporary difference:
Tax losses
Employee benefits liabilities
Allowance for expected credit losses
Contracts in progress
Lease liabilities
Property, plant and equipment and right-of-use assets
Provisions
Other items
Movements in Net deferred tax assets:
Opening balance
(Expensed)/credited to profit or loss
Foreign currency exchange adjustment
Closing balance
(III) TAX LOSSES
Unused tax losses for which no deferred tax asset has been recognised
Potential tax benefit at statutory tax rate
2023
$'000
52,010
(1,362)
50,648
2022
$'000
56,133
(4,933)
51,200
Net deferred tax
Recognised in statement
of profit or loss
2023
$'000
16,219
14,939
3,132
700
1,002
524
12,348
1,784
50,648
2022
$'000
28,431
9,064
4,261
3,096
884
98
7,148
(1,782)
51,200
2023
$'000
(12,212)
5,875
(1,129)
(2,396)
118
426
5,200
3,336
(782)
2023
$'000
51,200
(782)
230
50,648
2023
$'000
140,041
42,012
2022
$'000
5,034
(2,842)
3,042
2,709
(2,218)
6,576
(12,542)
5,524
5,283
2022
$'000
49,257
5,283
(3,340)
51,200
2022
$'000
61,412
18,423
The unused tax losses incurred that are not likely to generate sufficient taxable income in the foreseeable future. There is no expiry
date for the unused tax losses.
RECOGNITION AND MEASUREMENT
Income tax expense for the period comprises current and deferred tax.
CURRENT TAX ASSETS AND LIABILITIES
Current tax comprises normal income tax on companies. Current tax for current and prior periods is, to the extent unpaid,
recognised as a liability. If the amount already paid in respect of current and prior periods exceeds the amount due for those
periods, the excess is recognised as an asset.
Current tax assets/(liabilities) for the current and prior periods are measured at the amount expected to be recovered from/(paid to)
the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the reporting date.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is
subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 9. EARNINGS PER SHARE
(I) EARNINGS PER SHARE
Profit/(loss) after income tax
Non-controlling interest
Profit/(loss) attributable to the owners of DRA Global Limited
Basic earnings/(loss) per share
Diluted earnings/(loss) per share
RECOGNITION AND MEASUREMENT
2023
$’000
21,802
(2,107)
19,695
2022
$’000
(21,435)
(437)
(21,872)
Cents
Cents
36.11
33.52
(43.96)
(43.96)
Basic earnings per share (‘EPS’)
Basic EPS is calculated by dividing the profit attributable to owners of the Company by the weighted average number of ordinary
shares outstanding during the financial year.
Diluted earnings per share (‘EPS’)
Diluted EPS is calculated by dividing the profit attributable to owners of the Company by the weighted average number of
ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on
conversion of all the dilutive potential ordinary shares into ordinary shares.
(II) ADJUSTED BASIC EARNINGS PER SHARE (EXCLUDING REVALUATION OF UPRS)
Included in statement of profit or loss is the revaluation of UPRs which is driven by the Company’s share price and the remaining
life of the UPRs. The Directors are of the opinion that any gain or loss from revaluation of the UPRs is not representative of the
underlying operations of the Group. In order to provide a more accurate representation of the performance of the Group, a revised
basic earnings per share which excludes the gain or loss from revaluation of UPRs is provided in the table below:
Profit/(loss) attributable to the owners of DRA Global Limited
Revaluation of UPRs (note 22)
Profit/(loss) attributable to the owners of DRA Global Limited excluding revaluation of UPRs
Adjusted basic earnings/(loss) per share (excluding revaluation of UPRs)
Diluted adjusted basic earnings/(loss) per share (excluding revaluation of UPRs)
2023
$'000
19,695
(3,635)
16,060
2022
$'000
(21,872)
(17,865)
(39,737)
Cents
Cents
29.45
27.33
(79.87)
(79.87)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 8. INCOME TAX (CONTINUED)
DEFERRED TAX ASSETS AND LIABILITIES
A deferred tax liability is recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises
from the initial recognition of an asset or liability in a transaction which, at the time of the transaction, affects neither accounting
profit/(loss) nor taxable profit/(loss).
A deferred tax asset is recognised for all deductible temporary differences to the extent that it is probable that taxable profit will
be available against which the deductible temporary difference can be utilised. A deferred tax asset is not recognised when it
arises from the initial recognition of an asset or liability in a transaction which, at the time of the transaction, affects neither
accounting profit/(loss) nor taxable profit/(loss).
A deferred tax asset is recognised for the carry forward of unused tax losses to the extent that it is probable that future taxable
profit arising from Group’s operational performance will be available against which the unused tax losses can be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is
realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of
the reporting period.
Current and deferred taxes are recognised as income or an expense and included in profit or loss for the period, except to the
extent that the tax arises from:
• a transaction or event which is recognised, in the same or a different period, to other comprehensive income; or
• a business combination.
Deferred tax assets and liabilities are not recognised for temporary differences relating to investments in subsidiaries to the
extent that the Group is able to control timing of the reversal of the temporary differences and it is probable that they will not
reverse in the foreseeable future.
Current and deferred taxes are charged or credited to other comprehensive income if the tax relates to items that are credited or
charged, in the same or a different period, to other comprehensive income. Current and deferred taxes are charged or credited
directly to equity if the tax relates to items that are credited or charged, in the same or a different period, directly to equity.
Deferred tax assets and liabilities are always classified as non-current.
TAX CONSOLIDATION LEGISLATION
DRA Global Limited and its wholly-owned Australian controlled entities have implemented the tax consolidation legislation. The
parent entity, DRA Global Limited, and the controlled entities in the tax consolidated group account for their own current and
deferred tax amounts. These tax amounts are measured as if each entity in the tax consolidated group continues to be a stand-
alone taxpayer in its own right.
In addition to its own current and deferred tax amounts, the entity also recognises the current tax assets (or liabilities) and
the deferred tax assets arising from unused tax losses and unused tax credits assumed from controlled entities in the tax
consolidated group.
SIGNIFICANT JUDGEMENT AND ESTIMATES
UNCERTAIN TAX TREATMENTS
Judgement is required in determining the provision for income taxes due to the complexity of legislation. There are many
transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The
Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due, or when
the Group concludes it is not probable that the taxation authority will accept an uncertain tax treatment. Where the final tax
outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax
and deferred tax provisions in the period in which such determination is made.
The Group recognises the net future tax benefit related to deferred tax assets to the extent that it is probable that the deductible
temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred tax assets requires the
Group to make significant estimates related to expectations of future taxable income and probability of recoverability of the
deferred tax asset. Estimates of future taxable income are based on forecasted cash flows from operations and the application
of existing tax laws in each jurisdiction. Forecasted cash flows are based on the Board approved budget for the next year, as well
as a forecast for a further four years based on growth rates in line with projected inflation. To the extent that future cash flows and
taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the
reporting date could be impacted.
Deferred tax assets that relate to carried-forward tax losses of the Group are recognised on the basis that the Group will satisfy
applicable tax legislation requirements at the time of proposed recoupment of those tax losses. An assessment will be performed
at the time when those tax losses are utilised. To the extent that the tax losses will not be utilised in the foreseeable future, tax
losses are reversed in the statement of profit or loss and presented in the reconciliation between tax expense and pre-tax net
profit/ loss table, prior year tax losses derecognised line.
98
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99
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 9. EARNINGS PER SHARE (CONTINUED)
NOTE 11. TRADE AND OTHER RECEIVABLES
(III) HEADLINE EARNINGS PER SHARE
The presentation of headline earnings (and per share measure) is mandated under the Listings Requirements of the Johannesburg
Stock Exchange and is calculated in accordance with Circular 1/2023 ‘Headline Earnings’ issued by the South African Institute
of Chartered Accountants.
Profit/(loss) attributable to the owners of DRA Global Limited
Add back items required by Circular 1/2023:
Profit on disposal of property, plant and equipment
Impairment of goodwill and other intangible assets
Foreign translation currency reserve reclassified to profit
Taxation effects on adjustments
Headline earnings/(loss)
Basic headline earnings/(loss) per share
Diluted headline earnings/(loss) per share
(IV) WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES
2023
$'000
Gross
(118)
3,500
-
-
2023
$'000
Net
19,695
(91)
3,500
-
20
23,124
2022
$'000
Gross
(173)
22,996
(1)
-
2023
Cents
42.40
39.35
2022
$'000
Net
(21,872)
(133)
22,996
(1)
(2,106)
(1,116)
2022
Cents
(2.24)
(2.24)
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share
54,541,191
49,755,281
Adjustments for calculation of diluted earnings per share:
Options over ordinary shares
Weighted average number of ordinary shares used in calculating diluted earnings per share
Trade receivables
Less: expected credit loss allowance (note 26)
Net trade receivables
Retention debtors
Deposits and financial guarantees (i)
Other receivables
Total financial assets classified at amortised cost
Prepayments
Withholding taxes
2023
$'000
122,542
(11,359)
111,183
-
12,697
2,183
126,063
9,917
3,375
Restated*
2022
$'000
129,904
(12,282)
117,622
5,656
9,242
12,258
144,778
11,047
3,042
Total trade and other receivables
139,355
158,867
(i) During the year, financial guarantees of $8,019K (FY22 $7,755K) were reclassified from restricted cash within cash and cash equivalents to
trade and other receivables.
Certain receivables relating to legal claims have not been recognised in the statement of financial position where there is a low
probability that the claims will result in an inflow of economic benefits to the Group. The Directors are of the opinion that the
disclosure of any further information on this matter would be prejudicial to the interests of the Group.
RECOGNITION AND MEASUREMENT
Trade receivables are recognised and carried at original invoice amount less an allowance for any uncollectible amount. The
Group assesses on a forward-looking basis the expected credit losses (ECL). Refer to note 26 for further information on the
ECL policy and information on the credit risk.
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58,760,010
49,755,281
Deposits and financial guarantees relate to the deposits held as performance guarantee bonds on the various customer contracts.
They are measured at the ‘higher of’ the amount initially recognised less cumulative amortisation, and the expected credit loss.
The above table is a reconciliation of weighted average number of ordinary shares used as the denominator in calculating
earnings/(loss) per share, adjusted basic earnings/(loss) per share (excluding revaluation of UPRs) and headline earnings/
(loss) per share.
As the Group incurred a loss in FY22, the effect of options on issue and UPRs are considered to be antidilutive and thus not
considered in determining diluted earnings per share. UPRs expired on 31 December 2023 and were out of the money at the
time and are considered to be antidilutive. Thus they are not considered in determining diluted earnings per share for the period.
NOTE 10. CASH AND CASH EQUIVALENTS
Cash at bank and on hand (i)
2023
$'000
Restated*
2022
$'000
178,838
134,437
(i) During the year, financial guarantees of $8,019K (FY22 $7,755K) were reclassified from restricted cash within cash and cash equivalents to
trade and other receivables.
RECOGNITION AND MEASUREMENT
Cash comprises cash at bank and on hand and highly liquid cash deposits with short-term maturities that are readily convertible
to known amounts of cash with insignificant risk of change in value.
100
NOTE 12. FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS
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Listed shares
Shares in non-listed entities
2023
$'000
-
1,888
-
1,888
2022
$'000
158
2,164
797
3,119
RECOGNITION AND MEASUREMENT
Listed and non-listed shares are classified as financial assets at fair value through profit or loss. The investments are initially
recognised at fair value, with transaction costs recognised in the statement of profit or loss as incurred. Subsequently, they are
measured at fair value and any gains or losses are recognised in the statement of profit or loss as they arise. Refer to note 26
for further information on fair value measurement of financial assets and liabilities.
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101
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 13. OTHER FINANCIAL ASSETS AT AMORTISED COST
NOTE 14. PROPERTY, PLANT AND EQUIPMENT
Current assets
Loan receivable - at amortised cost (i) (ii)
Loans to employees - at amortised cost (iii)
Other loans
Non-current assets
Loan receivable - at amortised cost (i)
Loans to employees - at amortised cost (iii)
Other loans
2023
$'000
-
191
-
191
6,165
383
168
6,716
2022
$'000
31,969
701
75
32,745
-
-
-
-
(i) $6,165K (FY22: $15,217K) (net of expected credit loss) represents an unsecured loan that no longer bears interest. The loan is past its due
date and it is subordinated to the senior lenders of the borrower, thus disclosed as a non-current asset. Revised loan terms are being
negotiated with the borrower.
(ii) FY22 loan of $16,640K was repaid in August 2023.
(iii) These loans accrue interest at the prime lending rate in South Africa, currently 11.75% per annum. Since 1 January 2023, the repayment
date of the loans was amended to be proportionally repayable annually in December up to December 2026.
RECOGNITION AND MEASUREMENT
Financial assets with contractual cash flows representing Solely Payments of Principal and Interest (SPPI) and held within a
business model of ‘hold to collect’ contractual cash flows are accounted for at amortised cost using the effective interest method.
A financial asset is measured at amortised cost only if both of the following conditions are met: (i) it is held within a business
model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial
asset represent contractual cash flows that are solely payments of principal and interest.
SIGNIFICANT JUDGEMENTS AND ESTIMATES
The Group has assessed the credit losses associated with the above financial assets on a lifetime ECL and a forward looking
basis. This requires significant judgement in forming an estimate of the probability of default based upon information available
to the Group. Refer to note 26 for further information on the ECL policy and information on the credit risk.
102
Leasehold
improve-
ments
$’000
Buildings
$’000
Plant and
equipment
$’000
Furniture
and fixtures
$’000
Motor
vehicles
$’000
Site
establish-
ment
$’000
Total
$’000
31 December 2023
Cost
4,028
5,349
18,876
1,597
7,041
752
37,643
Accumulated depreciation
(1,223)
(1,758)
(14,152)
(1,210)
(5,586)
(414)
(24,343)
At the end of the financial year
2,805
3,591
4,724
387
1,455
338
13,300
31 December 2022
Cost
4,046
3,941
18,880
1,631
7,380
Accumulated depreciation
(1,032)
(1,337)
(12,713)
(1,135)
(6,120)
At the end of the financial year
3,014
2,604
6,167
496
1,260
1,044
(763)
281
36,922
(23,100)
13,822
RECONCILIATIONS
Reconciliations of the net book values at the beginning and end of the current and prior financial year are set out below:
Leasehold
improve-
ments
$’000
Buildings
$’000
Plant and
equipment
$’000
Furniture
and fixtures
$’000
Motor
vehicles
$’000
Site
establish-
ment
$’000
31 December 2023
At the beginning of the financial year
3,014
Additions
Disposals
Exchange differences
Depreciation expense
At the end of the financial year
-
-
(11)
(198)
2,805
31 December 2022
At the beginning of the financial year
3,094
Additions
Disposals
Exchange differences
Transfers between categories
Transfers to right-of-use assets
Transfers out (i)
Depreciation expense
At the end of the financial year
-
(74)
186
-
-
-
(192)
3,014
2,604
1,661
(5)
(148)
(521)
3,591
3,926
87
(615)
12
-
-
(229)
(577)
2,604
6,167
2,034
(53)
(239)
(3,185)
4,724
6,725
4,333
(578)
18
4,223
-
(4,508)
(4,046)
6,167
496
183
(86)
(11)
(195)
387
434
287
(12)
(11)
-
-
(29)
(173)
496
1,260
1,084
(292)
(49)
(548)
1,455
1,378
722
(18)
61
-
(28)
(22)
(833)
1,260
281
239
-
(19)
(163)
338
4,376
274
-
(5)
(4,223)
-
-
(141)
281
Depreciation policy – straight line basis
over useful life (years):
20 - 40
3 - 8
3 - 6
4 - 10
4 - 5
Varies(ii)
Total
$’000
13,822
5,201
(436)
(477)
(4,810)
13,300
19,933
5,703
(1,297)
261
-
(28)
(4,788)
(5,962)
13,822
(i) Includes assets relating to the G&S Engineering business and formed part of the disposal group of assets and liabilities for the G&S Engineering
sale transaction. Refer to note 5 for further information on the sale transaction.
(ii) Site establishment depreciation varies depending on life of mine or contract.
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103
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 14. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
NOTE 15. LEASES
RECOGNITION AND MEASUREMENT
The cost of an item of property, plant and equipment is recognised as an asset when:
• it is probable that future economic benefits associated with the item will flow to the Group; and
• the cost of the item can be measured reliably.
Costs include costs incurred initially to acquire or construct an item of property, plant and equipment and costs incurred subsequently
to add to and replace part of it.
If a replacement cost is recognised in the carrying amount of an item of property, plant and equipment, the carrying amount of the
replaced part is derecognised.
The initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located is also included
in the cost of property, plant and equipment, where the entity is obligated to incur such expenditure, and where the obligation
arises as a result of acquiring the asset or using it for purposes other than the production of inventories.
Major inspection costs which are a condition of the continuing use of an item of property, plant and equipment and which meet
the recognition criteria above are included as a replacement in the cost of the item of property, plant and equipment. Any remaining
inspection costs from the previous inspection are derecognised.
Property, plant and equipment is carried at cost less accumulated depreciation and any impairment losses. Refer to note 17 for
information on impairment.
Property, plant and equipment are depreciated on a straight line basis over their expected useful lives to their estimated residual
value. The depreciation charge for each period is recognised in the statement of profit or loss.
The residual value, useful life and depreciation rate of each asset are reviewed at the end of each reporting period. If the
expectations differ from previous estimates, the change is accounted for as a change in accounting estimate. The gain or loss
arising from the derecognition of an item of property, plant and equipment is included in the statement of profit or loss when the
item is derecognised. The gain or loss arising from the derecognition of an item of property, plant and equipment is determined
as the difference between the net disposal proceeds, if any, and the carrying amount of the item.
SIGNIFICANT JUDGEMENTS AND ESTIMATES
The Group depreciates its assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic
performance as well as expectations about future use and therefore requires significant judgement to be applied. The actual
lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and
maintenance programs.
The Group has lease contracts for various properties and motor vehicles with lease terms expiring from 3 to 8 years. Leases
generally provide the Group with a right of renewal at which time all terms are renegotiated. Lease payments comprise a base
amount plus an incremental contingent rental. Contingent rentals are based on either movements in the Consumer Price Index
or are subject to market rate review.
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year:
31 December 2023
Carrying amount at the beginning of the year
Additions
Depreciation
Exchange differences
Carrying amount at the end of the year
31 December 2022
Carrying amount at the beginning of the year
Additions
Terminations
Depreciation
Exchange differences
Transfers out (i)
Carrying amount the end of the year
Buildings
$’000
Vehicles
$’000
22,070
10,788
(5,437)
(1,264)
26,157
26,491
3,286
(933)
(6,067)
17
(724)
22,070
28
-
(26)
(2)
-
2,544
-
(373)
(323)
28
(1,848)
28
Total
$’000
22,098
10,788
(5,463)
(1,266)
26,157
29,035
3,286
(1,306)
(6,390)
45
(2,572)
22,098
(i) Includes assets relating to the G&S Engineering business and formed part of the disposal group of assets and liabilities for the G&S Engineering
sale transaction. Refer to note 5 for further information on the sale transaction.
Set out below are the carrying amounts of lease liabilities and the movements during the year:
Carrying amount at the beginning of the year
Additions
Interest incurred
Reduction through G&S Engineering disposal
Exchange differences
Repayment of lease liabilities (cash outflow)
Payments of lease interest (cash outflow)
Carrying amount at the end of the year
Current
Non-current
Expense relating to short term, low value and variable lease rentals is $1,540K (FY22: $1,702K).
2023
$'000
25,769
10,969
1,422
-
(1,488)
(5,140)
(1,422)
30,110
3,935
26,175
30,110
2022
$'000
32,714
2,331
1,508
(1,855)
(920)
(6,777)
(1,232)
25,769
3,590
22,179
25,769
104
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 15. LEASES (CONTINUED)
NOTE 16. INTANGIBLE ASSETS (CONTINUED)
RECOGNITION AND MEASUREMENT
When a contract is entered into, the Group assesses whether the contract contains a lease. A lease arises when the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At commencement
of the lease, the Group recognises a right-of-use asset representing its right to use the underlying leased asset and a lease
liability representing its obligation to make lease payments.
RIGHT-OF-USE ASSETS
Right-of-use assets are recognised at the commencement date of the lease, which is when the underlying assets are available
for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial
direct costs incurred, any make good costs, and lease payments made at or before the commencement date less any lease
incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the assets. The right-of-use assets are also subject to impairment.
LEASE LIABILITIES
Lease liabilities are recognised at the commencement date of the lease, measured at the present value of lease payments to
be made over the lease term using the Group’s incremental borrowing rate if the rate implicit in the lease cannot be readily
determined. Lease payments include fixed payments or variable lease payments that depend on an index or a rate, incorporating
the Group’s expectations of extension options. Option periods are only included in determining the lease term at inception when
they are reasonably certain to be exercised. After the commencement date, the amount of lease liabilities is increased to reflect
the accretion of interest and reduced for lease payments made. Lease liabilities are remeasured when there is a modification,
a change in the lease term, or changes in future lease payments arising from a change in rates or index used to determine
the payments.
SHORT TERM LEASES
Short term leases (lease term of 12 months or less) and leases of low value assets are recognised as an expense as incurred.
NOTE 16. INTANGIBLE ASSETS
31 December 2023
Cost
Accumulated amortisation and impairment
At the end of the financial year
31 December 2022
Cost
Accumulated amortisation and impairment
At the end of the financial year
Goodwill
$’000
108,714
(34,121)
74,593
112,360
(30,621)
81,739
Brand
names
$’000
Computer
software
$’000
Customer
relationships
$’000
Total
$’000
7,422
(7,211)
211
7,317
(6,182)
1,135
10,010
(8,890)
1,120
10,832
(9,354)
1,478
1,673
(1,673)
-
127,819
(51,895)
75,924
17,325
(17,284)
41
147,834
(63,441)
84,393
106
RECONCILIATIONS
Reconciliations of the net book values at the beginning and end of the current and prior financial year are set out below:
Goodwill
$’000
Brand
names
$’000
Computer
software
$’000
Customer
relationships
$’000
31 December 2023
At the beginning of the financial year
81,739
1,135
Additions
Disposals
Exchange differences
Impairment loss
Amortisation expense
At the end of the financial year
31 December 2022
-
-
(3,646)
(3,500)
-
74,593
-
-
105
-
(1,029)
211
At the beginning of the financial year
97,790
2,046
Additions
Disposals
Exchange differences
Impairment loss
Transfers out (i)
Amortisation expense
At the end of the financial year
Amortisation policy
-
-
(346)
-
(15,705)
-
81,739
-
-
118
-
-
(1,029)
1,135
1,478
669
(222)
(80)
-
(725)
1,120
1,665
1,035
(39)
(436)
-
-
(747)
1,478
41
-
-
(1)
-
(40)
-
10,749
-
(2)
634
(4,093)
(4,097)
(3,150)
41
Total
$’000
84,393
669
(222)
(3,622)
(3,500)
(1,794)
75,924
112,250
1,035
(41)
(30)
(4,093)
(19,802)
(4,926)
84,393
– straight line basis over useful life (years):
Indefinite
1 - 5
1 - 3
2 - 10
(i) Transferred goodwill and intangible assets related to the G&S Engineering business and form part of the disposal group of assets and liabilities
for the G&S Engineering sale transaction. Refer to note 5 for further information on the sale transaction
RECOGNITION AND MEASUREMENT
GOODWILL
Goodwill arising in a business combination represents the excess of the consideration transferred over the fair value of the
identifiable net assets acquired and liabilities assumed. All business combinations are accounted for by applying the acquisition
method. Any contingent consideration is recognised at fair value at the acquisition date. Negative goodwill arising on an
acquisition is recognised directly in the statement of profit or loss. Goodwill is not amortised, and is stated at cost less any
accumulated impairment losses. Any impairment losses recognised against goodwill cannot be reversed.
Non-controlling interest arising from a business combination is measured either at their share of the fair value of the assets
and liabilities of the acquiree or at fair value. The treatment is not an accounting policy choice but is selected for each
individual business combination.
BRAND NAMES AND CUSTOMER RELATIONSHIPS
Brand names and customer relationships acquired are recognised at fair value at the acquisition date.
They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
COMPUTER SOFTWARE
Computer software is initially measured at cost and amortised on a straight-line basis over the estimated useful life of each asset.
It is subsequently carried at cost less accumulated amortisation and impairment losses.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 17. IMPAIRMENT TESTING
NOTE 17. IMPAIRMENT TESTING (CONTINUED)
Goodwill is tested for impairment at least annually or when there are impairment indicators present at other times. At each
financial position date, in addition to goodwill, all non-current assets are reviewed for impairment if events or changes in
circumstances indicate they may be impaired. When an indicator of impairment exists, the Group makes an assessment of the
recoverable amount. An impairment charge is recognised in the statement of profit or loss for the amount by which the asset’s
carrying amount exceeds its recoverable amount.
Recoverable amount is determined for an individual asset, unless the asset’s recoverable value cannot be estimated as it
does not generate cash inflows that are largely independent of those from other assets or group of assets. In this case, the
recoverable amount is determined for the Cash Generating Unit (‘CGU’), being assets grouped at the lowest levels for which
there are separately identifiable cash flows.
For impairment testing, goodwill has been allocated to each CGU or group of CGUs expected to benefit from the business
combination’s synergies. The change in segment reporting, as disclosed in note 2, also had an impact on the CGU
determination. The EMEA segment is reported separately between EMEA Projects and Minopex (previously one segment)
and APAC and AMER separately (previously one segment). SENET CGU is included in EMEA segment. The SENET CGU
provides engineering-related services consisting of engineering, project delivery and operations management services
predominantly to the mining industries. Management has assessed that the lowest level at which goodwill is monitored is
APAC, SENET, EMEA Projects and Minopex CGUs, and is unchanged from 30 June 2023.
Previously impaired assets (excluding goodwill) are reviewed for possible reversal of previous impairment at each reporting
date. Impairment reversal cannot exceed the carrying amount that would have been determined (net of depreciation/
amortisation) had no impairment charge been recognised for the asset or CGU. Such reversal is recognised in the statement of
profit or loss. There were no reversals of impairment in the current or prior year.
The recoverable amounts of CGUs have been determined based on a value-in-use model.
KEY ESTIMATES
The key estimates and assumptions used to determine the value-in-use of CGUs are based on cash flow projections and
external information.
Key assumptions on which management has based its recoverable amount estimates:
CASH FLOW PROJECTIONS
The cash flow forecasts are principally based upon a two year business plan. The business plan includes projected revenues,
gross margins and expenses which have been determined based on past performance and management expectations for the
future. Expected market conditions in which each CGU operates have been considered in the business plan.
IMPAIRMENT CHARGES
Impairment indicators were identified for the SENET CGU as a result of the CGU’s performance. A value-in-use model was
prepared applying discounted cash flow techniques with the key estimates outlined above. At 31 December 2023, the Group
determined that the carrying value of the CGU exceeds recoverable value resulting in an impairment charge of $3,500K.
During the FY22, an impairment charge of $18,903K (consisting of $15,705K goodwill and $3,198K customer relationship
intangibles) was recognised to reduce the carrying amount of intangible assets to their recoverable value for the assets sold as
part of the G&S Engineering disposal. There was a further impairment of customer relationship intangibles that were acquired
during the acquisition of SENET and Prentec. As a result, an impairment charge of $4,093K was recognised.
SENSITIVITY TO CHANGES IN ASSUMPTIONS
Typically, changes in any one of the assumptions used (including operating performance) would be accompanied by a change
in another assumption which may have an offsetting impact. However, a sensitivity analysis has been performed for the
SENET CGU on individual variables, and is as follows:
• A 1% decrease in the discount rate would results in no impairment charge in the current year. An increase in the discount
rate is not deemed probable at this time given conservative estimates already applied.
• A 10% decrease in the future cash flows could results in the additional impairment charge of $2.8 million.
SIGNIFICANT JUDGEMENTS AND ESTIMATES
Assessment of indicators of impairment or impairment reversal and the determination of CGUs for impairment purposes
require significant judgement by management. Indicators of impairment may include changes in the Group’s operating and
economic assumptions, including those listed above. Estimates are made regarding the present value of future cash flows
based on internal budgets and forecasts.
APAC
SENET
EMEA
Projects
Minopex
Total
NOTE 18. TRADE AND OTHER PAYABLES
2023
Goodwill balance ($’000)
Risk-weighted pre-tax discount rate
Long term growth rates
2022
Goodwill balance ($’000)
Risk-weighted pre-tax discount rate
Long term growth rates
26,257
13.1%
2.8%
26,257
13.1%
2.5%
20,530
11,023
16,783
74,593
22.8%
4.6%
25,846
20.2%
4.5%
22.8%
4.6%
11,856
20.2%
4.5%
22.8%
4.6%
17,780
20.2%
4.5%
81,739
Trade payables
Accrued expenses
Payroll accruals
Retention payables
GST/VAT payables
Withholding tax liability
Other payables
2023
$'000
28,398
19,812
22,469
1,992
3,248
1,413
367
77,699
2022
$'000
37,132
18,109
23,842
202
4,428
-
2,513
86,226
Trade and other payables are initially measured at fair value, and are subsequently measured at amortised cost, using the
effective interest rate method.
108
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 19. INTEREST-BEARING BORROWINGS
NOTE 19. INTEREST-BEARING BORROWINGS (CONTINUED)
Current liabilities
Bank loans
Loan from non-controlling interests
Other borrowings
Non-current liabilities
Bank loans
Loan from non-controlling interests
2023
$'000
2022
$'000
18,750
-
1,071
19,821
-
-
-
19,821
616
347
655
1,618
51,762
317
52,079
53,697
At 31 December 2023, the Group had drawn $18,750K (FY22: $52,378K) of its committed Revolving Credit Facility (“RCF”)
and General Banking Facility (“GBF”) (“Facilities”) provided by Rand Merchant Bank on 31 August 2021. The RCF is repayable
by 31 August 2024.
The interest rate on the RCF is a variable rate that is based on the short-term money market benchmark rate that is offered by
banks to corporates in South Africa. The interest rate was 10.86% (FY22: 9.03%) per annum at the end of the period.
The GBF was notionally repaid in June 2023 and no further drawing was made during the year ended 31 December 2023.
The GBF facility is repayable by 30 June 2024. The interest rate is a variable rate that is based on the overnight lending
market rates for corporates in South Africa. The interest rate at the end of FY22 was 8.79% per annum. The security, financial
covenants and undertakings are the same as the RCF with no new added terms and conditions.
The bank facilities are secured by a first ranking security over the receivables, bank accounts, and insurance proceeds in
respect of any and all obligations owing by the Borrower (DRA Group Holdings Pty Ltd) to the bank under the facilities. The
guarantee and cession of security have been provided by 12 entities that are controlled by DRA Group Holdings Pty Ltd.
At the end of the year, the undrawn amount on the Group’s Facilities amounted to $29,375K (FY22: nil).
LOAN COVENANTS
The financial covenants on the Facilities are only measured for the latest 12-month period ended 31 December every year.
The Facilities are taken up and tested at the consolidated DRA Group Holdings Pty Ltd, a subsidiary of the Group, and are as
follows:
• Leverage ratio is less than two times.
• Equity value of DRA Group Holdings Pty Ltd Group is not less than ZAR 2 billion.
• Interest cover ratio is not less than four times.
As at 31 December 2023, the Group was not in breach of any loan covenants. Refer to note 26 for further information on
interest rate and liquidity risks.
RECOGNITION AND MEASUREMENT
Interest-bearing liabilities are recognised initially at fair value net of transaction costs, and subsequent to initial recognition
are recognised at amortised cost which is calculated using the effective interest rate method. Foreign currency liabilities are
carried at amortised cost and are translated at the exchange rates at reporting date. Gains and losses are recognised in the
statement of profit or loss when the liabilities are derecognised in addition to the amortisation process.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan. These fees are capitalised as
a prepayment for liquidity services and amortised over the period of the facility to which they relate.
CAPITAL RISK MANAGEMENT
The Group’s objectives when managing capital is to safeguard its ability to continue as a going concern, to provide returns for
shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets to reduce debt.
The Group’s strategy is to maintain sufficient liquidity (i.e., cash and borrowings) that will enable the Group to support growth
and increase return on capital employed. 20% is the target level of gearing (excluding lease liabilities). The gearing ratio at the
reporting date was as follows:
Total borrowings (excluding lease liabilities)
Total equity
Gearing ratio
2023
$'000
19,821
266,201
7%
2022
$'000
53,697
253,366
21%
The gearing ratio decreased from 21% to 7% as a result of repayment of various banking facilities during the year.
NOTE 20. EMPLOYEE BENEFITS
Current liabilities
Employee benefits
Non-current liabilities
Employee benefits
2023
$'000
2022
$'000
49,943
33,218
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50,696
709
33,927
Movements in interest-bearing borrowings
Opening balance
Proceeds from borrowings
Repayment of interest-bearing borrowings (i)
Interest incurred
Interest repaid
Exchange differences
Closing balance
2023
$'000
2022
$'000
53,697
4,709
(35,093)
3,545
(3,545)
(3,492)
19,821
37,340
19,615
(2,627)
4,098
(4,098)
(631)
53,697
RECOGNITION AND MEASUREMENT
CURRENT EMPLOYEE BENEFITS
The employee benefits liabilities for wages and salaries including non-monetary benefits, incentives, annual leave and long
service leave are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the
Group has a present legal or constructive obligation to pay this amount as a result of past service provided and the obligation
can be estimated reliably.
NON-CURRENT EMPLOYEE BENEFITS
The employee benefits liabilities for long service leave is the amount of future benefit that employees have earned in return for
their service in the current and prior periods.The obligation is discounted to determine its present value. Remeasurements are
recognised in the statement of profit or loss in the period in which they arise.
(i) Repayment of interest-bearing borrowings includes repayment to the non-controlling interest holders of $633K and the bank loan repayment
of $34,460K.
110
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 22. OTHER FINANCIAL LIABILITIES
Current liabilities
UPRs (i)
Non-Current liabilities
Cash-settled share-based payment liability(ii)
2023
$'000
2022
$'000
-
3,635
1,182
1,182
-
3,635
(i) The UPRs expired at 31 December 2023 with the share price below the strike price. The UPRs have been revalued as at 31 December 2023
with a $3,635K gain (FY22: $17,865K gain) recorded in the statement of profit or loss.
(ii) Cash-settled share-based payment liability relates to the B-BBEE liability. Refer to note 37 for further details.
RECOGNITION AND MEASUREMENT
Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses are recognised in the
statement of profit or loss. Gain or loss on derecognition is also recognised in the statement of profit or loss.
NOTE 23. ISSUED CAPITAL
Ordinary shares at 1 January
New shares issued as a result of options
being exercised
Settlement shares (i)
2023
Number
2022
Number
2023
$'000
2022
$'000
54,410,498
54,165,974
168,632
160,780
427,951
244,524
-
-
750
-
-
7,852
168,632
Ordinary shares at 31 December
54,838,449
54,410,498
169,382
(i) During FY22, the Company sold 4,648,606 settlement shares at a price of ZAR 20 per share. The sale of the settlement shares
resulted in a cash inflow of $7,852K to the Group.
RECOGNITION AND MEASUREMENT
ORDINARY SHARES
Ordinary shares are issued and fully paid. They carry one vote per share and hold rights to dividends. Issued capital is recognised
at the fair value of the consideration received. When issued capital is repurchased, the amount of the consideration paid, including
directly attributable costs, is recognised as a deduction from total issued capital. Any transaction costs directly attributable to the
issue of ordinary shares are recognised directly in equity, net of tax, as a reduction of the share proceeds received.
NOTE 21. PROVISIONS
Loss-making contracts and claims
Warranty provision
Other
Movements in provisions
Movements in each provision during the current and prior financial year are set out below:
Carrying amount at the beginning of the year
Provisions made during the year
Provisions released during the year
Provisions used during the year
Exchange differences
Carrying amount at the end of the year
Loss-making
contracts and
claims
$'000
43,448
5,022
(1,756)
(7,367)
(604)
38,743
Warranty
provision
$'000
-
4,000
-
-
-
4,000
2023
$'000
38,743
4,000
9,905
52,648
Other
$'000
1,858
8,480
(62)
(308)
(63)
9,905
2022
$'000
43,448
-
1,858
45,306
Total
$'000
45,306
17,502
(1,818)
(7,675)
(667)
52,648
Where it is considered disclosure could prejudice the Group’s position in a dispute, as per the accounting standards, only the
high-level general nature of the dispute has been disclosed.
RECOGNITION AND MEASUREMENT
A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a
result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount
can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-
tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.
Where discounting is used, the increase in the provision due to the passage of time is recorded as a finance cost.
LOSS-MAKING CONTRACTS
The provision for loss-making contracts relates to expected unavoidable losses on projects. The calculation of the provision is
based on the additional losses expected to be incurred to complete the contracts per the agreed scope or the compensation
or penalties arising from failure to fulfil the contracts, whichever is lower. In determining the best estimate of a provision,
consideration is given to the amount that the Group would pay to settle the obligation at the end of the reporting period or
to transfer it to a third party at that time. The status of these contracts and the adequacy of provisions are assessed at each
reporting date. The timing of the provision settlement cannot be reliably measured. Refer to note 28 for further information on
contingent liabilities.
CLAIMS
Some contracts are subject to disputes and claims by the customers and counter-claims by the Group. A provision is recognised
when the Group has a present obligation (legal or constructive) as a result of a past event and where it is probable that resources
will be expected to settle the obligation and the amount of such obligations can be reliably estimated.. Refer to note 28 for
further information on contingent liabilities.
WARRANTY PROVISION
The provision for warranty relates to the estimated liabilities on certain contracts still under warranty or defect liability period at the
reporting date.
SIGNIFICANT JUDGEMENTS AND ESTIMATES
In determining the estimate of the provision for loss-making contracts and claims, management applies judgements to estimate
the costs to complete the onerous contracts which include estimation of labour, technical costs, penalties from the impact of
delays and productivity and costs associated with finalising the arbitration of the proceedings.
112
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 24. DIVIDENDS
There were no dividends declared or paid during FY23 or FY22.
On 27 March 2024 the Board resolved to declare an unfranked dividend of 11 cents per share in respect of FY23, to be paid in
May 2024.
RECOGNITION AND MEASUREMENT
Distributions to the Company’s shareholders are recognised as a liability in the Group’s financial statements in the period in which
the distributions are appropriately authorised and no longer at the discretion of the Company, on or before the end of the reporting
period but not distributed at the end of the reporting period.
FRANKING CREDITS
FORMER EXEMPTING ENTITY
As a result of previously meeting the definition of an “exempting entity” and currently being a “former exempting entity”, the franking
credit balance of DRA Global Limited Australian tax consolidated group (DRA TCG) has been converted to “exempting credits”.
A corporate tax entity is an “exempting entity” at a particular time if not less than 95% of membership interests are owned by a
foreign resident or a tax-exempt entity. A corporate tax entity is a “former exempting entity” if it has, at any time, ceased to be an
exempting entity and is not again an exempting entity.
Australian resident investors of DRA Global Limited are not entitled to a tax offset or credits on dividends franked with “exempting
credits”. Except in limited circumstances, foreign resident investors of DRA Global Limited will not qualify for withholding tax
exemption on dividends franked with “exempting credits”. Only certain non-resident shareholders may receive a benefit from
dividends franked with “exempting credits” by way of exemption from dividend withholding tax.
Exempting credits available
NOTE 25. RESERVES
Foreign currency reserve
Broad-Based Black Economic Empowerment Structure (B-BBEE) reserve
Share-based payment reserve
Share buy-back reserve
Balance at 1 January 2023
Exchange differences on translation of foreign operations
Share-based payment expense (note 37)
New shares issued as a result of options being exercised
Transfer from reserves to retained earnings (i)
Balance at 31 December 2023
Balance at 1 January 2022
Exchange differences on translation of foreign operations
Share-based payment reversal (note 37)
Other
Foreign
currency
reserve
$’000
18,070
(9,148)
-
-
-
8,922
16,469
1,601
-
-
2023
$'000
3,821
2022
$'000
3,821
2023
$'000
8,922
-
9,830
(114,904)
(96,152)
B-BBEE
reserve
$’000
Share-based
payment
reserve
$’000
Share buy-
back reserve
$’000
7,293
(114,904)
3,265
(343)
-
-
(2,922)
-
-
3,069
(750)
218
9,830
-
-
-
-
2022
$'000
18,070
3,265
7,293
(114,904)
(86,276)
Total
$’000
(86,276)
(9,491)
3,069
(750)
(2,704)
(114,904)
(96,152)
3,214
7,381
(114,904)
(87,840)
-
-
51
-
(88)
-
-
-
-
1,601
(88)
51
Balance at 31 December 2022
18,070
3,265
7,293
(114,904)
(86,276)
(i) During the year, Broad-Based Black Economic Empowerment (B-BBEE) reserve of $2,922K was released to retained earnings. This reserve
related to a historical B-BBEE structure in South Africa that has come to an end.
114
NOTE 25. RESERVES (CONTINUED)
RECOGNITION AND MEASUREMENT
FOREIGN CURRENCY RESERVE
Exchange differences arising on translation of foreign controlled entities are recognised in other comprehensive income and
accumulated in a separate reserve within equity. The cumulative amount is reclassified to the statement of profit or loss when
the investment is disposed of.
BROAD-BASED BLACK ECONOMIC EMPOWERMENT STRUCTURE RESERVE
The B-BBEE reserve was used to account for the liability in terms of B-BBEE legislation in South Africa. This reserve related to
a historical B-BBEE structure that has come to an end.
SHARE-BASED PAYMENT RESERVE
The reserve recognises the value of equity benefits provided to employees and directors as part of their remuneration as
compensation for services. For further information on share-based payments, refer to note 37.
SHARE BUY-BACK RESERVE
The Company acquired its own equity instruments as a result of a share buy-back. The consideration paid, including any directly
attributable incremental costs (net of income taxes) is deducted from equity contributable to the owners of the Company as a
share buy-back reserve.
NOTE 26. FINANCIAL INSTRUMENTS
FINANCIAL RISK MANAGEMENT OBJECTIVES
The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk and interest rate risk),
credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets
and seeks to minimise potential adverse effects on the financial performance of the Group. The Group uses different methods
to measure different types of risk to which it is exposed. These methods include:
• sensitivity analysis for interest rate and foreign exchange risk;
• ageing analysis for credit risk; and
• rolling cash flow forecasts for liquidity risk.
MARKET RISK
FOREIGN CURRENCY RISK
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily
with respect to the US Dollar (USD) and South African Rand (ZAR). Foreign exchange risk arises from future commercial
transactions, recognised assets and liabilities and investments in foreign operations by an operating entity that are denominated
in currencies other than its own functional currency (FC). Where possible the Group does not take on foreign exchange risk.
The Group manages its exposure to foreign currency risk by minimising excess foreign currency balances in overseas jurisdictions
not required for working capital, minimising contracting outside of its functional currencies and transferring foreign exchange
risks to clients where possible.
The Group’s significant exposure to foreign currency risk at the end of the reporting period, expressed in Australian dollars (AUD),
was as follows:
2023
Net financial assets
2022
Net financial assets
FEC contracts (notional amounts) (i)
USD held in
AUD FC
$’000
USD held
in CAD FC
$’000
USD held in
ZAR FC
$’000
ZAR held in
AUD FC
$’000
ZAR held in
CAD FC
$’000
ZAR held in
MZN FC
$’000
ZAR held in
USD FC
$’000
659
6,598
16,367
13,652
371
2,758
2,958
132
-
6,681
-
7,606
3,096
14,267
-
514
-
3,749
-
6,152
-
(i) Forward exchange contracts (FEC) were closed out during FY23.
As shown in the table above, the Group is primarily exposed to financial assets and liabilities denominated in USD and ZAR
held by entities in the Group that have different functional currencies. The significant exposure arises from changes in USD/CAD
(Canadian dollar), USD/ZAR, ZAR/AUD and ZAR/USD exchange rates.
The sensitivity of profit or loss to changes in exchange rates is shown below:
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 26. FINANCIAL INSTRUMENTS (CONTINUED)
NOTE 26. FINANCIAL INSTRUMENTS (CONTINUED)
USD/AUD exchange rate - increase 10%
USD/CAD exchange rate - increase 10%
USD/ZAR exchange rate - increase 10%
ZAR/AUD exchange rate - increase 10%
ZAR/CAD exchange rate - increase 10%
ZAR/MZN exchange rate - increase 10%
ZAR/USD exchange rate - increase 10%
Profit/(loss) before tax
2023
$’000
66
660
1,637
1,365
37
276
296
2022
$’000
13
668
761
1,427
51
375
-
A 10% weakening of the above exchanges rates would have the equal but opposite effect on the currencies to the amounts
shown above, on the basis of all other variables are held constant.
INTEREST RATE RISK
The Group’s main interest rate risk arises from long-term borrowings with variable rates, which expose the Group to cash flow
interest rate risk.
As at the reporting date, the Group had no long-term borrowings outstanding.
Net exposure to cash flow interest rate risk on bank loans (i)
7.41%
51,762
(i) The interest rate on bank loans is based on a variable interest rate (reset every 3 months) plus a fixed margin.
2022
Weighted average
interest rate %
2022
Balance
$’000
CREDIT RISK
Credit risk is the risk of financial loss due to counterparties to financial instruments not meeting their contractual obligation.
The Group manages and analyses the credit risk for each new client before standard payment and delivery terms and conditions
are offered. Credit risk arises from cash, cash equivalents and deposits with banks and financial institutions, as well as credit
exposures to trade clients, including outstanding receivables, loan receivables and committed transactions. The majority of Group’s
cash is held with major banks with a high quality credit rating (credit ratings between A to BBB-, Standard and Poor’s rating scale).
The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management
also considers the demographics of the Group’s customer base, including the default risk of the industry and country in which
customers operate, as these factors may have an influence on credit risk.
Group’s policy is that all customers who wish to trade on credit terms are subject to credit verification procedures including an
assessment of their financial position, past experience and industry reputation. In addition, receivable balances are monitored
on an ongoing basis with the result that the Group’s exposure to bad debts is minimised.
There are no significant concentrations of credit risk within the Group.
Financial assets exposed to credit risk at reporting date were as follows:
Contract assets
Cash and cash equivalents
Trade and other receivables (excluding prepayments and withholding tax)
Other financial assets at amortised cost
Other financial assets - FEC contracts
Note
3
10
11
13
12
2023
$'000
31,869
178,838
126,063
6,907
-
343,677
2022
$'000
23,081
134,437
144,778
32,745
158
335,199
Profit or loss is sensitive to higher/lower interest expense on bank loans. The sensitivity of profit or loss to changes in interest
rates is shown below:
The expected credit loss allowance was determined as follows for both trade receivables and contract assets:
Interest rates - increased by 25 basis points
Profit/(loss) before tax
2023
$’000
(89)
2022
$’000
(118)
Trade receivables
- Current
- More than 30 days past due
- More than 60 days past due
- More than 90 days past due
Contract assets
Expected credit loss rate
Gross carrying amount
Allowance for
expected credit losses
2023
%
0.98
0.60
2.49
42.85
0.58
2022
%
2.10
1.40
2.40
42.30
2.60
2023
$’000
2022
$’000
2023
$’000
2022
$’000
68,707
21,182
8,622
24,031
32,054
75,204
26,203
4,293
24,204
23,686
154,596
153,590
676
126
215
10,342
185
11,544
1,574
371
104
10,233
605
12,887
The expected credit loss rate varies between different maturity levels due to the composition of the balance in each age bracket.
Movements in the expected credit loss allowance for trade receivables and contract assets and during the current and prior
financial year are set out below:
116
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 26. FINANCIAL INSTRUMENTS (CONTINUED)
NOTE 26. FINANCIAL INSTRUMENTS (CONTINUED)
Opening balance
(Decrease)/increase in expected credit loss recognised in profit or loss
during the year
Receivables written off during the year as uncollectible
Exchange differences
Closing balance
Trade receivables
Contract assets
2023
$’000
2022
$’000
12,282
10,852
(1,747)
1,776
-
824
(471)
125
11,359
12,282
2023
$’000
605
(476)
-
56
185
$’000
1,026
(502)
-
81
605
SIGNIFICANT JUDGEMENTS AND ESTIMATES
The Group applies the AASB 9 Financial Instruments simplified approach to measuring expected credit losses which uses a
lifetime expected credit loss for all trade receivables and contract assets.
In determining the recoverability of trade receivables and contract assets, consideration is given to any change in the credit
quality of these financial assets from the date credit was granted up to the reporting date. The concentration of credit risk is
limited due to the customer base being large and geographically diverse.The Group has assessed expected credit losses,
including those counterparties who have been granted credit during the period, and no further expected credit loss allowance
is required. The expected loss rates are based on the corresponding historical credit losses experienced within this period. The
historical loss rates are adjusted to reflect current and forward-looking information (such as economic outlook and growth and
political risk) based on macroeconomic factors affecting the ability of the customers to settle amounts owed to the Group.
Other financial assets at amortised cost
The gross carrying amount of loans receivables at amortised cost and expected credit loss allowance are as follows:
2023
$'000
2022
$'000
Gross carrying amount
Performing (stage 1)
Under-performing (stage 2)
Non-performing (stage 3)
727
-
17,889
18,616
Performing
$'000
Under-
performing
$'000
Non-
performing
$'000
Expected credit loss allowance
Opening balance as at 1 January 2023
(Decrease)/increase in the expected credit loss allowance recognised in profit or loss
Utilised
Transfer between categories
Exchange differences
Closing balance as at 31 December 2023
Opening balance as at 1 January 2022
Increase in the expected credit loss allowance recognised in profit or loss
Utilised
Exchange differences
1,418
1,100
(324)
(800)
(261)
(33)
-
533
886
-
(1)
-
-
(1,100)
-
-
1,100
-
-
-
4,256
10,047
(3,407)
1,361
(548)
11,709
11,709
3,514
1,811
(1,066)
(3)
5,147
2,697
(1,066)
(4)
Closing balance as at 31 December 2022
1,418
1,100
4,256
6,774
The majority of the other financial assets at amortised cost relate to an unsecured loan that no longer bears interest.
The loan is past its due date and it is subordinated to the senior lenders of the borrower. Revised loan terms are being
negotiated with the borrower.
118
18,949
16,311
4,259
39,519
Total
$'000
6,774
9,723
(4,207)
-
(581)
SIGNIFICANT JUDGEMENTS AND ESTIMATES
The majority of the other financial assets at amortised cost relate to an unsecured loan that no longer bears interest. The loan
is considered to be ‘non-performing’ (credit impaired). Lifetime ECL are the expected credit losses that result from all possible
default events over the expected life of the financial instrument. Expected credit losses are the weighted average credit losses
with the probability of default as the weight.
LIQUIDITY RISK
Liquidity risk is the risk that an entity in the Group will not be able to meet its obligations as they become due.
The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans.
The Group’s liquidity risk is mitigated by the availability of funds to cover future commitments through the daily cash and cash
equivalents monitoring and review of available credit facilities.
The contractual cash flows including principal and estimated interest payments of financial liabilities in existence at the end of
the reporting period are as follows:
2023
Trade and other payables
Interest-bearing borrowings
Lease liabilities
Other financial liabilities
2022
Trade and other payables
Interest-bearing borrowings
Lease liabilities
Other financial liabilities
< 1 year $'000
1 - 5 years
$'000
> 5 years
$'000
77,699
23,468
5,070
-
106,237
86,226
5,910
5,161
3,635
-
-
19,476
1,182
20,658
-
56,119
14,754
-
-
-
10,264
-
10,264
-
-
12,020
-
100,932
70,873
12,020
NOTE 27. FAIR VALUE MEASUREMENT OF FINANCIAL ASSETS AND LIABILITIES
FAIR VALUE HIERARCHY
The fair value of financial assets and financial liabilities is estimated for recognition, measurement and disclosure purposes at
each balance date. Various methods are available to estimate the fair value of a financial instrument, and comprise:
• Level 1: calculated using quoted prices in active markets.
• Level 2: estimated using inputs other than quoted prices included in level 1 that are observable for the asset or liability,
either directly (as prices) or indirectly (derived from prices).
• Level 3: estimated using inputs for the asset or liability that are not based on observable market data.
The carrying amount of financial assets and liabilities recognised in the financial statements is deemed to be the fair value.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 27. FAIR VALUE MEASUREMENT OF FINANCIAL ASSETS AND LIABILITIES (CONTINUED)
NOTE 28. CONTINGENT LIABILITIES (CONTINUED)
Level 1
$’000
Level 2
$’000
Level 3
$’000
Total
$’000
(II) ACTUAL AND PENDING CLAIMS
MACH Energy
As reported previously in the Prospectus and Pre-Listing Statement of 28 May 2021, DRA (and three of its wholly owned
subsidiaries) are the subject of proceedings in the Supreme Court of New South Wales involving MACH Energy Australia Pty Ltd,
MACH Mount Pleasant Operations Pty Ltd and J.C.D Australia Pty Ltd (collectively, MACH Energy parties) in relation to the
design, construction and commissioning of a coal handling and preparation plant and a train load out facility for the Mount Pleasant
Project by G&S Engineering Services Pty Ltd and DRA Pacific Pty Ltd (then known as the Calibre/DRA Joint Venture) (CDJV).
The parties continue to refine their respective claims and defences, and are continuing to exchange evidence, with the matter
listed for a hearing with an estimated timeframe of eight weeks, commencing on 19 August 2024.
DRA has incurred, and is likely to incur additional, significant legal costs in these proceedings (whether or not DRA is ultimately
successful). As previously noted in the Prospectus, the maximum aggregate limit of potentially responsive insurance policies is
A$30,000K inclusive of defence costs.
The MACH contract has been treated as an onerous contract for accounting purposes and the amount recognised as a provision as
at 31 December 2023. If the proceedings continue to trial then, depending upon the findings in the judgement after trial (and any
appeals), a final award in favour of the MACH Energy parties may adversely impact DRA’s financial and operational performance.
Nokeng
As reported previously in the Prospectus and Pre-Listing Statement of 28 May 2021 and more recently in the ASX announcement
of 1 February 2023, there is an ongoing dispute between an unincorporated joint venture comprising DRA Projects SA (Pty) Ltd
and Group Five Construction (Pty) Ltd, and Nokeng Fluorspar Mine (Pty) Ltd.
The parties have executed an arbitration agreement dated 30 November 2023, for various disputes between the parties to be
determined in a single, consolidated arbitration. The parties are currently conferring on the timetable for the consolidated arbitration
but no hearing date has been set.
The contract has been treated as an onerous contract for accounting purposes and the amount recognised as a provision in
DRA’s financial statements as at 31 December 2023. If the arbitration proceedings continue to hearing then, depending on the
findings in the arbitral award (and any appeal), a final award in favour of Nokeng may adversely impact DRA’s financial and
operational performance. DRA has incurred, and is likely to incur additional legal costs in these proceedings (whether or not
DRA is ultimately successful).
Claim by former CEO
On 28 February 2023, lawyers for Mr Andrew Naudé, the former Managing Director and CEO of DRA, served on DRA and other
defendants an Originating Application for proceedings in the Federal Court of Australia. The proceedings are against the Company,
the then current Board of Directors, some members of management and another respondent. The total value of the claims have
not yet been fully quantified but, among other claims in respect of contraventions of the Fair Work Act, Australian Consumer Law
and the Corporations Act, includes claims for breaches of Mr Naudé’s contract of employment causing a loss of present and
future income under that contract.
If the proceedings commenced by Mr Naudé continue to trial then, depending upon the findings in the judgements after trial
(and any appeals), a final award in favour of Mr Naudé may adversely impact DRA’s financial and operational performance.
On 20 September 2023, DRA commenced separate proceedings against Mr Naudé. The proceedings brought by DRA concerns
alleged conduct by Mr Naudé stretching back several years and includes events occurring in the United Kingdom and South Africa.
DRA has incurred, and is likely to incur additional, significant legal costs in these proceedings (whether or not DRA is
ultimately successful).
2023
Financial assets at fair value through profit or loss
Listed shares
Total financial assets
2022
Financial assets at fair value through profit or loss
Derivative financial instruments - foreign exchange currency (FEC)
contracts
Listed shares
Shares in non-listed entities
Total financial assets
1,888
1,888
158
2,164
-
2,322
-
-
-
-
-
-
Financial liabilities at fair value through profit or loss
UPRs
Total financial liabilities
-
-
3,635
3,635
-
-
-
-
797
797
-
-
1,888
1,888
158
2,164
797
3,119
3,635
3,635
Listed shares
Fair value was calculated using the quoted closing share price as at the reporting date (level 1 in fair value hierarchy).
Upside Participation Rights (UPRs)
The fair value was calculated using an option pricing model with reference to the Company’s share price. The model took into
consideration that the holder of the UPRs had the right to the upside between the strike price ($3.10) and the cap ($6.50), such
that the payoff to the holder was capped at $3.40 (level 2 in the fair value hierarchy). The UPRs expired at 31 December 2023
with the share price below the strike price.
There were no transfers between levels during the financial year ended 31 December 2023.
NOTE 28. CONTINGENT LIABILITIES
The Group has commitments and contingencies arising in the ordinary course of business. These include performance guarantees
and letters of credit in respect of contractual performance obligations, litigation and claims in relation to projects.
These types of matters could result in various forms of cash outflows, including compensation by way of awards of damages or
cost reimbursement, as well as tax expenses, fines, penalties and other forms of cash outflows.
The Directors consider that it is not probable that the outcome of any individual matter will have a material adverse effect on the
net earnings or cash flows in any particular reporting period, other than where expressly stipulated below.
In performing this assessment, the Directors considered the nature of existing litigation or claims, the progress of matters,
existing law and precedent, the opinions and views of legal counsel and other advisors, the Group’s experience in similar cases
(where applicable), the experience of other companies, and other facts available to the Group at the time of assessment. The
Directors’ assessment of these factors may change over time as individual litigation or claims progress. Where it is considered
disclosure could prejudice the Group’s position in a dispute, as per the accounting standards, only the general nature of the
dispute has been disclosed below.
(I) GUARANTEES
The Group is, in the normal course of business, required to provide guarantees and letters of credit on behalf of controlled
entities, associates and related parties in respect of their contractual performance obligations. These guarantees and letters of
credit only give rise to a liability where the entity concerned fails to perform its contractual obligation. The bank guarantees
outstanding at balance date in respect of contractual performance was $12,882K (FY22: $9,661K).
120
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 28. CONTINGENT LIABILITIES (CONTINUED)
NOTE 31. PARENT ENTITY INFORMATION
Other matters
There are other actual and pending claims arising in the normal course of business. The Directors are of the opinion that
based on information currently available there is no material exposure to the Group arising from various actual and pending
claims at the statement of financial position date.
NOTE 29. COMMITMENTS
The Group is a lessee of various office properties as well as motor vehicles under non-cancellable lease agreements. Leases
are accounted for as lease liabilities under AASB 16 Leases. Refer to note 15 for further information.
NOTE 30. RELATED PARTY TRANSACTIONS
COMPENSATION OF KEY MANAGEMENT PERSONNEL
Short-term employee benefits
Long-term benefits
Share-based payments
2023
$
2022
$
2,178,513
11,736,708
145,990
615,720
209,257
(378,084)
2,940,223
1,567,881
Further disclosures relating to key management personnel are set out in the Remuneration Report.
LOANS TO RELATED PARTIES
Loans to key management personnel (i)
Result of the parent entity
Profit/(loss) after income tax
Total comprehensive income/(loss)
Financial position of the parent entity
Total current assets
Total assets (i)
Total current liabilities
Total liabilities
Total equity of the parent entity comprising of:
Issued capital
Reserves (ii)
Retained profits (ii)
Total equity
2023
$’000
2022
$’000
24,321
24,321
(223,240)
(223,240)
46,000
424,893
20,169
18,528
501,159
(105,047)
10,253
406,365
22,468
399,858
20,941
21,128
500,409
(107,611)
(14,068)
378,730
(i) In FY22, evidence of impairment was observed on the carrying value of investments in subsidiaries. As a result, an impairment charge of
$316,500k was recognised. No other evidence of impairment was observed.
(ii) FY22 reserves and retained profits for the parent entity were restated to include share buy-back and share-based payment reserve.
Parent entity guarantees in respect of debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 31 December 2023 (FY22: nil).
Contingent liabilities
Refer to note 28.
2023
$
-
2022
$
87,256
NOTE 32. INTERESTS IN SUBSIDIARIES
The ultimate parent entity of the Group is DRA Global Limited.
(i) In October 2022, Minopex Operations Management Pty Limited and DRA Group Holdings Pty Limited, subsidiaries of DRA provided a loan to
James Smith (MD & CEO) and Alistair Hodgkinson (COO), respectively. Each of the loans amounted to $62,740 with an interest charge of
$1,604 for each of the loans. The loans were fully repaid in July 2023.
Transactions with related parties
During the financial year, Quality Labs Pty Ltd, a subsidiary of DRA transacted with TN Ceramics (Pty) Ltd for the provision
of locally sourced ceramic consumable goods. TN Ceramics (Pty) Ltd is controlled by a family trust whereby James Smith
(CEO) is a trustee and beneficiary of the trust. Total value transacted was $62,996 (FY22: $106,944).
The transaction is based on normal arm’s-length commercial terms and conditions.
The consolidated financial statements incorporate the assets, liabilities and results of the following material controlled entities,
that were held in both the current and prior period unless otherwise stated:
Name
DRA Pacific Pty Ltd
DRA Operations (APAC) Pty Ltd
DRA Americas Inc. (Canada)
Minopex Lesotho Pty Ltd
DRA Projects Liberia Inc.
DRA Americas Peru S.A.C.
DRA Saudi Arabia LLC
DRA Projects Pty Ltd
DRA Projects SA Pty Ltd
DRA South Africa Projects Pty Ltd
Minerals Operations Executive Pty Ltd
New SENET Pty Ltd
UMM Contracting Services Pty Ltd
Principal place of business /
Country of incorporation
Australia
Australia
Canada
Lesotho
Liberia
Peru
Saudi Arabia
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
Ownership interest
2023
%
100
100
100
100
100
100
100
100
100
100
100
100
60
2022
%
100
100
100
100
100
100
100
100
100
100
100
100
60
122
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 32. INTERESTS IN SUBSIDIARIES (CONTINUED)
NOTE 34. INTERESTS IN JOINT OPERATIONS
RECOGNITION AND MEASUREMENT
Subsidiaries are entities controlled by the Company. The Group controls an entity if and only if the Group has:
• power over the entity;
• exposure, or rights, to variable returns from its involvement with the entity; and
• the ability to use its power over the entity to affect its returns.
The financial statements of subsidiaries are included in the consolidated financial report from the date control commences until
the date control ceases. On consolidation, the assets and liabilities of foreign operations are translated into Australian dollars
at the rate of the exchange prevailing at balance date, and their statement of profit or loss are translated at exchange rates
prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognised in
other comprehensive income.
Non-controlling interests in the net assets of consolidated subsidiaries are identified and recognised separately from the Group’s
interest therein, and are recognised within equity. The proportion of the loss of subsidiaries attributable to non-controlling interests
are allocated to the non-controlling interest even if this results in a debit balance being recognised for non-controlling interest.
Elimination of intragroup balances, and any unrealised gains and losses or income and expenses arising from intragroup
transactions, are undertaken in preparing the consolidated financial statements.
All investments are initially recognised at cost, being the fair value of the consideration given. Subsequently investments are carried
at cost less any impairment losses. Some assets have restrictions in relation to transfers within the Group. At 31 December 2023
restricted cash balances, where exchange controls prevent these balances from easily being distributed within the Group,
amounted to $19.2 million and was predominantly held in Morocco and Zimbabwe.
NOTE 33. INTERESTS IN ASSOCIATES
Name
LSL Consulting Pty Ltd
Tekpro Projects Pty Ltd
FineTech Minerals Pty Ltd
Caracle Creek International Consulting Pty Ltd
Caracle Creek International Consulting MinRes Pty Ltd
Caracle Creek International Consulting Coal Pty Ltd
Principal place of business /
Country of incorporation
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
Aggregate carrying amount of individually immaterial associates
Movement in the carrying amount of individually immaterial associates due to the Group’s share of:
Profit for the year
Dividends received
Ownership interest
2023
%
25.51
25.51
25
25
25
25
$'000
2,717
639
(243)
396
2022
%
25.51
25.51
25
25
25
25
$'000
2,321
155
(213)
(58)
RECOGNITION AND MEASUREMENT
An associate is an entity over which the Group has significant influence but not control or joint control. Significant influence is
the power to participate in the financial and operating decisions of the investee. Investments in associates are accounted for
using the equity method. They are initially recorded at cost, including the value of any goodwill on acquisition. In subsequent
periods, the carrying amount of the investment is adjusted to reflect the share of post-acquisition profit or loss and other
comprehensive income. After application of the equity method, the value of the investment is assessed for impairment if
there is objective evidence that an impairment of the investment may have occurred. Where the carrying value of an equity
accounted investment is reduced to nil after having applied equity accounting principles (and the Group has no legal or
constructive obligation to make further payments, nor has made payments on behalf of the associate), dividends received from
the associate will be recognised in share of profit/(loss) of equity accounted investments in the statement of profit or loss.
124
Name
Principal place of business /
Country of incorporation
Nokeng Joint Venture (Unincorporated)
South Africa
Ownership interest
2023
%
50
2022
%
50
RECOGNITION AND MEASUREMENT
To the extent the joint arrangement provides the Group with rights to the individual assets and obligations arising from the joint
arrangement, the arrangement is classified as a joint operation, and as such the Group recognises its:
• assets, including its share of any assets held jointly;
• liabilities, including its share of any liabilities incurred jointly;
• revenue from the sale of its share of the output arising from the joint operation;
• share of revenue from the sale of the output by the joint operation; and
• expenses, including its share of any expenses incurred jointly.
NOTE 35. NON-CONTROLLING INTERESTS
Name
Principal place of business / Country
of incorporation
UMM Contracting Services Pty Ltd
South Africa
CuCo SAS
Democratic Republic of the Congo
DRA Water Projects Pty Ltd
South Africa
South Africa
Ownership interest
2023
%
60
49
51
2022
%
60
49
51
Set out below is summarised financial information for each subsidiary that has non-controlling interests that are material to the
group. The amounts disclosed for each subsidiary are before inter-company eliminations.
Summarised statement of financial
position
Current assets
Current liabilities
Current net assets
Non-current assets
Non-current liabilities
Non-current net assets
Net assets
Accumulated NCI
UMM Contracting Services
Pty Ltd
CuCo SAS
DRA Water Projects
Pty Ltd
2023
$’000
15,910
(9,182)
6,728
1,252
-
1,252
7,980
3,748
2022
$’000
15,848
(9,390)
6,458
953
(317)
636
7,094
3,141
2023
$’000
4,989
(2,649)
2,340
-
-
-
2,340
971
2022
$’000
10,851
(6,979)
3,872
-
(318)
(318)
3,554
1,644
2023
$’000
2,949
(1,876)
1,073
3
-
3
1,076
2,554
2022
$’000
1,529
(3,180)
(1,651)
20
-
20
(1,631)
1,257
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 35. NON-CONTROLLING INTERESTS (CONTINUED)
Summarised statement of
comprehensive income
Revenue
Profit/(loss) for the period
Other comprehensive (loss)/income
Total comprehensive income/(loss)
Profit allocated to NCI
Dividends paid to NCI
Summarised statement of
cash flows
Cash flows from/(used-in)
operating activities
Cash flows (used in)/from
investing activities
Cash flows (used in)
financing activities
Net (decrease)/increase in cash and
cash equivalents
UMM Contracting Services
Pty Ltd
CuCo SAS
DRA Water Projects
Pty Ltd
2023
$’000
82,411
3,035
(543)
2,492
1,214
607
2022
$’000
77,573
2,923
(84)
2,839
1,169
-
2023
$’000
9,223
1,710
105
1,815
872
1,545
2022
$’000
19,991
2,324
278
2,602
1,185
326
2023
$’000
3,613
2,647
60
2,707
1,297
-
2022
$’000
4,331
(1,991)
19
(1,972)
(976)
-
UMM Contracting Services
Pty Ltd
CuCo SAS
DRA Water Projects
Pty Ltd
2023
$’000
2022
$’000
2023
$’000
2022
$’000
2023
$’000
2,113
2,839
3,839
3,517
1,923
-
-
-
-
(298)
(2,420)
(1,140)
(2,781)
(3,489)
(307)
1,699
1,058
28
(327)
1,298
2022
$’000
(22)
139
(555)
(438)
126
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 36. CASH FLOW INFORMATION
Reconciliation of profit/(loss) after income tax to net cash from/(used in) operating activities
Profit/(loss) after income tax
Adjustments for:
Impairment of loan receivable
Expected credit loss on loan receivables measured at amortised cost
Impairment of goodwill and other intangible assets
Net gain on disposal of other financial assets
Net gain on disposal of property, plant and equipment
Net fair value gain on other financial assets
Depreciation expense
Amortisation expense
Employee share-based payment expense/(reversal)
Non-cash finance (income)/expense
Other non-cash income
Non-cash foreign exchange gains
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables
(Increase)/decrease in contract assets
Decrease/(Increase) in inventories
Increase/(decrease) in trade and other payables
Increase in contract liabilities
Increase in provisions
Increase/(decrease) in current and deferred tax balances
Net cash from/(used in) operating activities
NOTE 37. SHARE-BASED PAYMENTS
The expense/(reversal) recognised for share-based payments during the year is shown below:
Non-Executive Directors Share Option Plan (i)
Employee Share Option Plan (ii)
One-off Share Option Plan (iii)
Cash-settled share-based payment expense (iv)
2023
$'000
2022
$'000
21,802
(21,435)
1,508
9,723
3,500
-
(91)
(3,635)
10,273
1,794
4,251
(1,385)
(508)
(4,749)
11,670
(9,188)
427
12,784
3,041
8,009
6,468
75,694
2023
$'000
-
3,069
-
1,182
4,251
2,697
-
22,996
1,079
(133)
(16,049)
12,352
4,926
(88)
2,677
-
(2,455)
(24,884)
38,996
(928)
(90,262)
9,476
28,790
(3,942)
(36,187)
2022
$'000
144
(536)
304
-
(88)
(I) NON-EXECUTIVE DIRECTORS SHARE OPTION PLAN
Non-Executive Directors (‘NEDs’) were entitled to sacrifice options up to a specific limit of their annual remuneration (excluding
superannuation and any payment made in lieu of receiving superannuation in jurisdictions where superannuation is not required
to be paid) in lieu of cash, and received that part of their remuneration through the issue of options. There were no vesting
conditions attached to the options issued. All options issued had nil exercise price. The plan was discontinued during the year
ended 31 December 2023. As such no options were granted for the FY23 service period.
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127
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 37. SHARE-BASED PAYMENTS (CONTINUED)
NOTE 37. SHARE-BASED PAYMENTS (CONTINUED)
Movement during the year
Balance
at the start
of the year
Granted
Forfeited
Expired
Vested
Balance
at the end
of the year
Options
exercised
Grant date
Expiry date
2023
30 January 2023
30 January 2025
-
25,264
2022
29 July 2022
29 July 2024
30 May 2022
30 May 2024
-
-
25,265
21,051
-
-
-
-
(25,264)
-
-
(25,265)
(21,051)
-
-
-
25,264
25,265
21,051
Options granted in FY23 were in relation to the 1 July 2022 to 31 December 2022 service period and include non-executive
directors who provided service during that time. For options exercised during the year, the weighted average share price was
$1.95 (FY22: $1.90).
(II) EMPLOYEE SHARE OPTION PLAN
The Employee Share Option Plan is designed to provide long-term incentives for senior managers and above to deliver long-term
shareholder returns. Under the plan, participants are granted options which only vest if certain performance conditions are met.
Participation in the plan is at the Board’s discretion and no individual has a contractual right to participate in the plan or to receive
any guaranteed benefits.
FY23 SHARE OPTION PLAN
During the year, the Company granted options to the value of $2,404K to employees. The FY23 Share Option Plan will vest
subject to the satisfaction of performance hurdles associated with following tranches: Earnings Per Share (EPS or Tranche 1)
(25% of the grant value); Absolute Total Shareholder Return (ATSR or Tranche 2) (15% of the grant value); Relative Total
Shareholder Return vs Peers (RTSR Peers or Tranche 3) (5% of the grant value); Relative Total Shareholder Return vs Index
(RTSR Index or Tranche 4) (5% of the grant value); and, continued employment with the Group (Retention or Tranche 5)
(50% of the grant value).
EPS performance will be assessed against compound annual growth rate targets set by the Board. The compound annual growth
rate is calculated by comparing the FY23 budgeted EPS compounded over a three year period. If the compound annual growth
rate is 6% or greater, the grant will become 100% performance qualified. 25% or 50% will vest if at least 2% or 4% compound
growth is achieved respectively.
ATSR performance is measured based on the volume weighted average share price (VWAP) of the Company over the 10-day
period up to and including 31 March 2023 compared to the 10-day VWAP until 31 March 2026 (inclusive) assuming dividends
are reinvested. If the ATSR is 15% or greater, the grant will become 100% performance qualified. 25% or 50% will vest if at least
5% or 10% of ATSR is achieved respectively.
RTSR Peers performance is measured based on the ATSR for the Company compared against a peer group of ASX-listed
companies for the period 1 April 2023 to 31 March 2026 and ranked in order. If DRA is in the 75th percentile of the peer group,
the grant will become 100% performance qualified. 25% or 50% will vest if DRA is in the 40th or 50th percentile respectively.
RTSR Index performance is measured based on the ATSR for the Company compared against the FTSE/JSE Mid Cap Index
(Index) performance for the period 1 April 2023 to 31 March 2026. If DRA’s ATSR is in excess of 2% of the Index, the grant will
become 100% performance qualified. 25% or 50% will vest if the ATSR is equal to 99% of the Index or the Index respectively.
Retention performance will vest if the participant remains employed by the Company from 1 April 2023 to 31 March 2026.
FY23 SHORT TERM INCENTIVE SHARE OPTION PLAN (STIZ)
During 2023, the Company granted short term incentive share options to the value of $1,389K to employees. The FY23 Short Term
Incentive Share Option Plan vests subject to the continued employment within the Group. Tranche 1 vested on 1 November 2023
(50%) and Tranche 2 will vest on 1 April 2024 (50%).
FY22 SHARE OPTION PLAN
In FY22, the Company granted options to the value of $1,456K to key employees. The FY22 Share Option Plan will vest subject
to the satisfaction of performance hurdles associated with following tranches: Earnings Per Share (EPS or Tranche 1) (50% of
the grant value); Absolute Total Shareholder Return (ATSR or Tranche 2) (30% of the grant value); Relative Total Shareholder
Return vs Peers (RTSR Peers or Tranche 3) (10% of the grant value); and, Relative Total Shareholder Return vs Index (RTSR
Index or Tranche 4) (10% of the grant value).
EPS performance will be assessed against compound annual growth rate targets set by the Board. The compound annual growth
rate is calculated by comparing the FY24 actual EPS to the FY23 budgeted EPS compounded over a two year period. If the
compound annual growth rate is 6% or greater, the grant will become 100% performance qualified. 25% or 50% will vest if at
least 2% or 4% compound growth is achieved respectively.
128
ATSR performance is measured based on the volume weighted average share price (VWAP) of the Company from 1 January 2022
up to and including 30 September 2022 compared to the 10-day VWAP until 31 March 2025 (inclusive) assuming dividends are
reinvested. If the ATSR is 15% or greater, the grant will become 100% performance qualified. 25% or 50% will vest if at least 5%
or 10% of ATSR is achieved respectively.
RTSR Peers performance is measured based on the ATSR for the Company compared against a peer group of ASX-listed
companies for the period 1 October 2022 to 31 March 2025 and ranked in order. If DRA is in the 75th percentile of the peer
group, the grant will become 100% performance qualified. 25% or 50% will vest if DRA is in the 40th or 50th percentile respectively.
RTSR Index performance is measured based on the ATSR for the Company compared against the FTSE/JSE Mid Cap Index
(Index) performance for the period 1 October 2022 to 31 March 2025. If DRA’s ATSR is in excess of 2% of the Index, the grant
will become 100% performance qualified. 25% or 50% will vest if the ATSR is equal to 99% of the Index or the Index respectively.
FY21 SHARE OPTION PLAN
In FY21, the Company granted options to the value of $5,935K to key employees where the number of options to be issued was
determined based on the Company’s share price after listing. The FY21 Share Option Plan will vest subject to satisfaction of
Absolute Total Shareholders Return (ATSR or Tranche 1) (50% of the grant value) and Earnings Per Share (EPS or Tranche 2)
(50% of the grant value) performance hurdles.
ATSR performance is measured based on the 10-day volume weighted average share price (VWAP) of the Company from date
of listing and compared to the 30-day VWAP until 31 March 2024 (inclusive) assuming dividends are reinvested. If the ATSR
from the date of listing to 31 March 2024 is 8% or greater, the grant will become 100% performance qualified. 25% or 50% will
vest if at least 2% or 4% of ATSR is achieved from the date of listing to 31 March 2024 respectively.
EPS performance will be assessed against compound annual growth rate targets set by the Board. The target set for FY21
Share Option Plan is 8% compound average growth rate. If the compound average growth rate over FY21 to FY23 is 8% or greater,
the grant will become 100% performance qualified. 25% or 50% will vest if at least 2% or 4% compound growth over the FY21
to FY23 performance period is achieved respectively.
MINNOVO OPTION PLAN
In September 2021, Minnovo options were issued to current employees who were previously shareholders of a subsidiary
acquired by DRA. The options were issued to retain and incentivise these key employees to remain with DRA for at least two
years. The options were subject to the employees remaining within the Group until 30 June 2023. All options vested during FY23.
FAIR VALUE OF EQUITY INSTRUMENTS
Share Options have been independently valued at the date of grant using Black-Scholes or Monte Carlo simulation methodologies.
The weighted average fair value of Options granted during the year was $1.31 (FY22: $1.57). The assumptions underlying the
Share Options valuations are:
Assumptions
Expected future volatility
Risk free rate
Dividend yield
FY23 STIZ
Tranche 1
FY23 STIZ
Tranche 2
FY23 Share
Option Plan
FY22 Share
Option Plan
FY21 Share
Option Plan (i)
40%
3.56%,
40%
3.56%,
3.62%, 3.80%
3.62%, 3.80%
NIL
NIL
40%
2.98%
3.69%
NIL
50%
3.24%
40%
(2020: 35%)
0.78%
(2020: 0.34%)
NIL
3% (2020: 3%)
(i) The number of options granted and fair value per option has been determined after the Company was listed on 9 July 2021. The share
price was determined based on 10-day volume weighted average share price of the Company from the date of listing.
Share options subject to vesting outstanding at the end of the year which have nil exercise prices.
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129
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 37. SHARE-BASED PAYMENTS (CONTINUED)
Grant date
Vesting date
Expiry date
Number of
options
2023
Number of
options
2022
Fair value on
grant date
FY20 Share Option Plan
Tranche 1
Tranche 2
FY21 Share Option Plan
Tranche 1
Tranche 2
31/12/2020
31/12/2020
31/03/2023
31/03/2023
31/03/2025
31/03/2025
-
-
532,728
532,728
29/06/2021
29/06/2021
31/03/2024
31/03/2024
01/04/2026
01/04/2026
362,427
362,427
405,469
405,469
$1.66
$3.97
$1.98
$3.90
Minnovo Option Plan
09/09/2021
30/06/2023
30/06/2025
-
150,000
$3.60
FY22 Share Option Plan
Tranche 1
Tranche 2
Tranche 3
Tranche 4
FY23 Share Option Plan
Tranche 1
Tranche 2
Tranche 3
Tranche 4
Tranche 5
16/12/2022
16/12/2022
16/12/2022
16/12/2022
31/03/2025
31/03/2025
31/03/2025
31/03/2025
30/03/2027
30/03/2027
30/03/2027
30/03/2027
433,342
260,005
86,668
86,668
464,733
278,840
92,947
92,947
$2.00
$1.07
$1.27
$1.19
05/04/2023,
06/07/2023
05/04/2023,
06/07/2023
05/04/2023,
06/07/2023
05/04/2023,
06/07/2023
05/04/2023,
06/07/2023
31/03/2026
30/06/2028
353,557
31/03/2026
30/06/2028
212,134
31/03/2026
30/06/2028
70,711
31/03/2026
30/06/2028
70,711
31/03/2026
30/06/2028
707,114
FY23 Short Term Incentive Share Option Plan
Tranche 1
Tranche 2
01/06/2023,
02/06/2023,
06/06/2023,
01/06/2023,
02/06/2023,
06/06/2023,
01/11/2023
31/03/2026
-
04/01/2024
31/03/2026
393,096
-
-
-
-
-
-
-
$1.67 - $1.93
$1.08 - $1.21
$1.22 - $1.41
$0.27 - $0.32
$1.67 - $1.93
$1.67
$1.67
NOTE 37. SHARE-BASED PAYMENTS (CONTINUED)
Reconciliation of the movement 2022
Grant
One-off Share Option Plan
FY20 Share Option Plan
FY21 Share Option Plan
Minnovo Option Plan
FY22 Share Option Plan
Balance at
the start of
the year
455,000
1,542,842
1,428,374
150,000
Movement during the year
Granted
Forfeited
Cancelled/
Expired
Vested
Balance
at the end
of the year
Exercisable
at the end
of the year
-
-
-
-
(50,000)
(477,386)
(617,436)
-
-
-
-
-
-
-
(405,000)
-
245,000
-
-
-
-
1,065,456
810,938
150,000
929,467
-
-
-
-
-
929,467
(III) ONE-OFF SHARE OPTION PLAN
On 14 May 2020, the Company granted a one-off share option offer to certain key employees in recognition of their significant
contribution to the Group. A total of 495,000 zero exercise price options (ZEPO) at a fair value of $4 per option were granted.
The ZEPOs vested on 30 June 2022. Vested options remain exercisable to 30 June 2024.
(IV) CASH-SETTLED SHARE-BASED PAYMENT EXPENSE
The South African Broad-Based Black Economic Empowerment Charter for the Mining and Minerals Industry 2018 has
significant influence on how South African mining companies approach procurement. In 2021 the Group restructured South
African operations in order to promote the objectives of the Broad-Based Black Economic Empowerment.This has resulted in
the issuance of put options to the private equity funds managed by Ascension Capital Partners Property Limited. In line with
AASB 2 Share-based payments, a put option is assessed as a cash-settled share-based payment expense with the financial
liability being recognised on the statement of financial position. The cash-settled share-based payment valuation is assessed
on an annual basis for the potential future liability with changes recorded in the statement of profit or loss.
RECOGNITION AND MEASUREMENT
The fair value of equity-settled share-based payments granted to employees under the Employee Incentive Scheme is recognised
as an employee benefit expense over the vesting period of the share-based payments, with a corresponding increase in equity.
The fair value is measured at the grant date of the share-based payments including any market performance condition and
the impact of any non-vesting conditions. At the end of each period, the Group revises its estimates of the number of options
that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to
original estimates in the statement of profit or loss with a corresponding adjustment to equity.
NOTE 38. REMUNERATION OF AUDITORS
The following fees were paid or payable for services provided by BDO, the auditor of the Company, and its network firms:
2023
$
2022
$
Reconciliation of the movement 2023
Audit and review of the statutory financial reports of the Group and subsidiaries
2,203,366
1,831,525
Grant
One-off Share Option Plan
FY20 Share Option Plan
FY21 Share Option Plan
Minnovo Option Plan
FY22 Share Option Plan
FY23 Share Option Plan
FY23 Short Term Incentive Share
Balance at
the start of
the year
-
1,065,456
810,938
150,000
929,467
Movement during the year
Granted
Forfeited
Cancelled/
Expired
Vested
Balance
at the end
of the year
Exercisable
at the end
of the year
-
-
-
-
-
-
(1,065,456)
(86,084)
-
(62,241)
(84,746)
-
-
-
-
-
-
-
-
-
-
-
724,854
-
-
-
(150,000)
-
120,000
-
-
867,226
1,414,227
-
-
-
1,498,973
Option Plan
-
831,656
(45,464)
(75,947)
(317,149)
393,096
273,540
130
Other assurance and agreed upon procedures services under other legislation or contractual
arrangements
Other services (i)
53,000
23,072
112,436
2,368,802
169,070
2,023,667
(i) The Group engages BDO to provide permitted non-audit services where there is a compelling reason to do so provided stringent independence
requirements are satisfied.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 39. NEW STANDARDS AND INTERPRETATIONS
NEW OR AMENDED ACCOUNTING STANDARDS AND INTERPRETATIONS ADOPTED
The Group has applied the following standards and amendments for the first time for the annual reporting period commencing
1 January 2023:
• AASB 2021-2 Amendments to AASs – Disclosure of Accounting Policies and Definition of Accounting Estimates
(Amendments to AASB 7, AASB 101, AASB 134 and AASB Practice Statement 2 and amendments to AASB 108).
• AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules
disclosure requirements.
In June 2023, the AASB issued AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform
– Pillar Two Model Rules and makes amendments to AASB 112 Income Taxes. The amendments will introduce a mandatory
temporary exception from the requirement to recognise and disclose deferred taxes arising from enacted or substantively
enacted tax law that implements the Pillar Two model rules. This exception has been applied by the Group in the current
period. The Group is currently in the process of assessing the exposure to this amendment.
Except for the amendments to AASB 112, other new or amended accounting standards and interpretations have not been
early adopted and are not expected to have a material impact on the financial position or performance of the Group.
The Group has reviewed these amendments and concluded that none had a significant impact on the Group.
NEW ACCOUNTING STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE
A number of new or amended accounting standards and interpretations have been recently issued by the Australian Accounting
Standards Board (AASB) but not yet effective.
NOTE 40. EVENTS AFTER REPORTING PERIOD
On 27 March 2024 the Board resolved to declare an unfranked dividend of 11 cents per share in respect of FY23, to be paid in
May 2024.
Other than the events disclosed elsewhere in this report, no additional matters or circumstances have arisen since the end of the
financial year, that may significantly affect the Group’s operations, the results of those operations or the state of affairs of the Group.
132
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DIRECTOR’S DECLARATION
In the Directors’ opinion:
• the consolidated financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
• the consolidated financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 1 to the financial statements;
• the consolidated financial statements and notes give a true and fair view of the Group’s financial position as at 31 December 2023
and of its performance for the financial year ended on that date; and
• there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors.
On behalf of the Directors
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Sam Randazzo
Chairman
28 March 2024
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133
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
AUDITOR DECLARATION OF INDEPENDENCE
DECLARATION OF INDEPENDENCE BY DEAN JUST TO THE DIRECTORS OF DRA GLOBAL LIMITED
INDEPENDENT AUDITOR’S REPORT
INDEPENDENT AUDITOR'S REPORT
As lead auditor of DRA Global Limited for the year ended 31 December 2023, I declare that, to the best
of my knowledge and belief, there have been:
Tel: +61 8 6382 4600
Level 9, Mia Yellagonga Tower 2
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
Fax: +61 8 6382 4601
5 Spring Street
Perth, WA 6000
www.bdo.com.au
PO Box 700 West Perth WA 6872
Australia
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
DECLARATION OF INDEPENDENCE BY DEAN JUST TO THE DIRECTORS OF DRA GLOBAL LIMITED
This declaration is in respect of DRA Global Limited and the entities it controlled during the period.
As lead auditor of DRA Global Limited for the year ended 31 December 2023, I declare that, to the best
of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
Dean Just
2. No contraventions of any applicable code of professional conduct in relation to the audit.
Director
This declaration is in respect of DRA Global Limited and the entities it controlled during the period.
BDO Audit (WA) Pty Ltd
Perth
28 March 2024
Dean Just
Director
BDO Audit (WA) Pty Ltd
Perth
28 March 2024
To the members of DRA Global Limited
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Report on the Audit of the Financial Report
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
(i)
Opinion
To the members of DRA Global Limited
INDEPENDENT AUDITOR’S REPORT
Report on the Audit of the Financial Report
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations Act 2001, in-
cluding:
Opinion
INDEPENDENT AUDITOR'S REPORT
We have audited the financial report of DRA Global Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 31 December 2023, the
consolidated statement of profit or loss, consolidated statement of other comprehensive income, the
To the members of DRA Global Limited
consolidated statement of changes in equity and the consolidated statement of cash flows for the year
then ended, and notes to the financial report, including material accounting policy information and the
directors’ declaration.
Report on the Audit of the Financial Report
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Opinion
We have audited the financial report of DRA Global Limited (the Company) and its subsidiaries (the Group), which
Act 2001, including:
comprises the consolidated statement of financial position as at 31 December 2023, the consolidated statement of
We have audited the financial report of DRA Global Limited (the Company) and its subsidiaries (the
profit or loss, consolidated statement of other comprehensive income, the consolidated statement of changes in equi-
Giving a true and fair view of the Group’s financial position as at 31 December 2023 and of its
(i)
Group), which comprises the consolidated statement of financial position as at 31 December 2023, the
ty and the consolidated statement of cash flows for the year then ended, and notes to the financial report, including
financial performance for the year ended on that date; and
consolidated statement of profit or loss, consolidated statement of other comprehensive income, the
material accounting policy information and the directors’ declaration.
consolidated statement of changes in equity and the consolidated statement of cash flows for the year
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
(ii)
then ended, and notes to the financial report, including material accounting policy information and the
Basis for opinion
directors’ declaration.
Giving a true and fair view of the Group’s financial position as at 31 December 2023 and of its financial perfor-
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
mance for the year ended on that date; and
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Act 2001, including:
Report section of our report. We are independent of the Group in accordance with the Corporations
(i)
Giving a true and fair view of the Group’s financial position as at 31 December 2023 and of its
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
financial performance for the year ended on that date; and
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report.
(ii)
We are independent of the Group in accordance with the Corporations Act 2001 and the ethical requirements of the
ethical responsibilities in accordance with the Code.
Basis for opinion
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including
We confirm that the independence declaration required by the Corporations Act 2001, which has been
Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
given to the directors of the Company, would be in the same terms if given to the directors as at the
fulfilled our other ethical responsibilities in accordance with the Code.
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
time of this auditor’s report.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the
Report section of our report. We are independent of the Group in accordance with the Corporations
directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
for our opinion.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
Key audit matters
ethical responsibilities in accordance with the Code.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
Key audit matters are those matters that, in our professional judgement, were of most significance in
the financial report of the current period. These matters were addressed in the context of our audit of the financial
We confirm that the independence declaration required by the Corporations Act 2001, which has been
our audit of the financial report of the current period. These matters were addressed in the context of
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
given to the directors of the Company, would be in the same terms if given to the directors as at the
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
time of this auditor’s report.
a separate opinion on these matters.
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Key audit matters
Basis for opinion
(ii)
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia
Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO
International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability
limited by a scheme approved under Professional Standards Legislation.
134
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International
Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme
a separate opinion on these matters.
approved under Professional Standards Legislation.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia
Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO
International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability
limited by a scheme approved under Professional Standards Legislation.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd
ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International
Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme
approved under Professional Standards Legislation.
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135
DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
Revenue from Contracts with Customers
Impairment Testing of Goodwill
Key audit matter
How the matter was addressed in our audit
Key audit matter
How the matter was addressed in our audit
The Group generates a significant portion of its
Our procedures included, but were not limited to the
Note 17 of the financial report discloses the carrying
Our procedures included, but were not limited to the
revenue from long-term customer contracts for design,
following:
procurement, construction and the operation and
maintenance of mineral process plants which take
various forms as disclosed in Note 3, of the financial
report.
Revenue recognition is a key audit matter due to the
significance of revenue generated from contracts with
customers and the accounting for certain revenue
streams involving significant levels of judgement
around:
Identification of the performance obligation
• Gaining an understanding of controls over
management’s processes in the preparation,
review and authorisation on monthly project
review reports;
• Obtaining an understanding of a sample of
contract terms and conditions and how these
reflect management’s estimate of revenue and
costs recognised;
•
Assessing forecast costs to complete (where
required) through discussion with project
Determining the transaction price
managers and finance personnel and enquiring as
Variable consideration taking into account
reversal constraints
to matters which may impact revenue
recognition;
•
•
•
• Measuring progress for completion under input
method.
•
•
•
•
Enquiring of any claims, disputes of legal issues
relating to contracts with customers;
Consulting with accounting technical specialists
on the principal vs agent considerations per AASB
15 Revenue from Contracts with Customers;
Testing a sample of actuals costs incurred on
contracts with customers to supporting
documentation;
Performing substantive testing on revenue
recognised during the year, agreeing revenue to
invoices, contracts with customers and receipts to
bank statements on a sample basis;
•
Assessing contractual entitlement relating to
contract modifications, variations and claims
recognised by reference against underlying
contracts; and
•
Considering the adequacy of the disclosures in
Note 3 of the financial report.
136
value of goodwill and the assumptions which have
following:
been used by the Group in testing for impairment.
•
Evaluating management’s determination of the
As required by Australian Accounting Standards, the
Group’s CGU’s to ensure they are appropriate,
Group has performed an annual impairment test for
including being at a level no higher than the
each cash generating unit (“CGU”) to which goodwill
operating segments of the Group;
has been allocated to determine whether the
recoverable amount exceeds or is below the carrying
amount. During 2023 there was a change to the CGU’s
to which goodwill is allocated.
Impairment testing of goodwill was assessed as being a
key audit matter as management’s assessment of the
recoverable amount is based on value in use (“VIU”)
cash flow forecasts which requires estimates and
judgements about future financial performance.
The VIU calculations include significant judgements
such as:
•
•
•
•
•
Discount rate
Contract pipeline
Forecasted cash flows
Cash generating unit (“CGU”) identification
Terminal value
• Gross profit margin
•
Evaluating the processes and controls in place
over the Groups budgeting process upon which the
VIU cash flow forecasts are based;
• Understanding the business processes undertaken
by management in assessing for impairment;
•
Assessing the accuracy of year one forecasts
against the board approved budget for FY24;
• Holding discussions with business unit
management to understand their project pipeline
and plans which support the budget used in
impairment testing;
•
Challenging key assumptions used in the VIU which
included forecast growth and forecast gross profit
margins by comparing them to historical results,
business trends, economic and industry forecasts;
•
•
•
•
Involving our internal valuation specialists in
assessing the discount rates applied to each CGU;
Testing the arithmetic accuracy of the VIU
models;
Performing sensitivity analysis to stress test the
recoverable amount using different key
assumptions; and
Considering the adequacy of disclosures in Note
17 of the financial report
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
D
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Provisions and Disclosure of Contingent Liabilities
Recoverability of Other Financial Assets
Key audit matter
How the matter was addressed in our audit
Key audit matter
How the matter was addressed in our audit
At 31 December 2023, the Group’s statement of
Our procedures included, but were not limited to the
At 31 December 2023, the Group’s statement of
Our procedures included, but were not limited to the
financial position includes a provision for loss making
following:
financial position includes other financial assets at
following:
contracts and claims and provision for warranty as
disclosed in Note 21.
•
Reviewing the minutes of the Group’s key
governance meetings (Audit & Risk Committee,
In addition, at times the Group is exposed to risks
Board of Directors) and discussing details in the
amortised cost as disclosed in Note 13. The Group’s
accounting policy on expected credit losses is stated in
Note 26.
•
Reviewing position papers prepared by
management on the recoverability of other
financial assets including the updated assessment
associated with claims, counterclaims, disputes and
Group risk register;
There is a significant level of estimation and
of expected credit losses;
litigation for its contracts with customers and
corporate activity that may be material.
There is a significant level of estimation and
judgement involved in the calculation of the provision.
The assessment of potential liabilities associated with
claims, counterclaims, disputes and litigation can
require significant judgement to be exercised based
•
•
Reviewing position papers prepared by
management on material provisions recognised;
Agreeing details included in management’s
position papers to relevant supporting
documentation and holding discussion with
external legal counsel on status of claims;
on the information available to the Group at the time.
•
Reviewing the year end provisions balance and
This was determined to be a key audit matter due to
the nature of the provisions recognised, significant
judgement required in estimating and its material
impact on the financial report.
obtaining support for movements in the provisions
during the year;
• Holding discussions with in-house legal counsel on
the status of certain matters relevant to the
provisions and contingent liabilities; and
•
Considering the adequacy of disclosures in Note
21 and Note 28 of the financial report.
judgement involved in the assessment of
recoverability of amounts including the calculation of
expected credit loss provisions based on information
available to the Group at the time.
This was determined to be a key audit matter due to
significant management judgement in the application
of assumptions surrounding the determination of
expected credit loss provisions, and the significance of
other financial assets and expected credit loss to the
financial position and performance of the Group.
•
•
•
Agreeing repayments of other financial assets to
supporting documentation;
Reviewing documentation supporting other
financial assets included in Note 13;
Examining supporting information available to the
Group at the time of the assessment supporting
managements expected credit loss calculations;
• Holding discussions with management and
challenging assumptions regarding the level of
provisioning of financial assets that demonstrate a
deterioration in credit risk;
•
Consulting with internal credit specialists on the
probability of default and loss given default inputs
used in the estimation of the provision for
expected credit losses on other financial assets;
and
•
Considering the adequacy of disclosures in Note
13 and Note 26 of the financial report.
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Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 31 December 2023, but does not include
the financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 63 to 79 of the directors’ report for the
year ended 31 December 2023.
In our opinion, the Remuneration Report of DRA Global Limited, for the year ended 31 December 2023,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit (WA) Pty Ltd
Dean Just
Director
Perth 28 March 2024
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
ADDITIONAL ASX INFORMATION
Additional information required by the Australian Securities Exchange and not shown elsewhere in the FY23 Annual Report is
detailed below. The information was current as at 12 March 2024.
NUMBER AND DISTRIBUTION OF EQUITY SECURITIES
The number of holders, by size of holding, in each class of equity securities is set out below:
ORDINARY SHARES
Range
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 over
Rounding
Total
ZEPOS
Total holders
654
218
59
121
58
Units
104,711
551,254
408,837
4,351,797
49,494,994
1,110
54,912,058
% Units
0.19
1.00
0.74
7.92
90.12
0.03
100.00
Range of units as of 8/3/2024
Unlisted options expiring 3/31/2026
Unlisted options expiring 4/01/2026
$0 exercise price
Range
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 Over
Rounding
Total
Total
holders
0
6
10
5
1
22
Units
% Units
0
27,123
79,009
153,302
212,370
0.00
5.75
16.75
32.49
45.01
0.00
Total
holders
9
104
17
3
0
Units
6,415
280,141
125,786
37,776
0
% Units
1.43
62.24
27.95
8.39
0.00
-0.01
471,804
100.00
133
450,118
100.00
Range of units as of 8/3/2024
Unlisted options expiring 30/06/2025
Range
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 Over
Rounding
Total
Total
holders
0
0
0
3
0
3
Units
% Units
0
0
0
0.00
0.00
0.00
90,000
100.00
0
0.00
0.00
90,000
100.00
Total
holders
0
0
0
6
3
9
Units
% Units
0
0
0
348,55
394,193
0.00
0.00
0.00
46.93
53.07
0.00
742,743
100.00
Range of units as of 8/3/2024
Unlisted options expiring 30/03/2027
Range
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 Over
Total
Total holders
0
0
0
6
3
9
Units
0
0
0
348,550
394,193
742,743
% Units
0.00
0.00
0.00
46.93
53.07
100.00
* ZEPO is a zero-exercise price option.
There were 511 holders of less than a marketable parcel of shares (238 shares or fewer) based on the closing price of shares on
the ASX on 12 March 2024.
EQUITY SECURITY HOLDERS
The names of the 20 largest holders of quoted equity securities (fully paid ordinary shares) are listed below:
Name of holder
Apex Partners Holdings Pty Ltd
*Gency Support Limited
Lion Steps (Pty) Ltd
Anchor High Equity Worldwide Snn Qi
Harrington Investment Holdings Pty Ltd
Kilmarnock Investments Holdings (Pty)
Citigroup Nominees Pty Limited
Woodmead Ashes (Pty) Ltd
Buttonwood Nominees Pty Ltd
Salt Rock Holdings
Vespera
Thestfield Pty Ltd
Thimsian Pty Ltd
Nabugraph Pty Ltd
Pro Liberi Investments Pty Ltd
Alistair Ruth (Pty) Ltd
Howgold Enterprises (Pty) Ltd
Gspc Trading And Refining (Pty) Ltd
Jdad Asset Holdings Pty Ltd
Vulcan Investment Holding Pty Ltd
Number of shares held
Percentage ownership
12,116,517
6,624,654
4,123,340
3,913,618
1,922,859
1,476,616
1,218,744
1,100,110
770,780
639,366
627,879
627,879
627,879
627,879
627,879
598,666
574,499
563,584
539,178
493,097
22.07%
12.06%
7.51%
7.13%
3.50%
2.69%
2.22%
2.00%
1.40%
1.16%
1.14%
1.14%
1.14%
1.14%
1.14%
1.09%
1.04%
1.02%
0.98%
0.89%
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
SUBSTANTIAL HOLDERS
The following shareholders have declared a relevant interest in the number of voting shares at the date of giving a substantial
shareholder notice under Part 6C.1 of the Corporations Act 2001 as at 8 March 2024.
Name of holder
Number of shares held
Percentage ownership
Apex Partners Holdings Pty Ltd
*Gency Support Limited
Lion Steps (Pty) Ltd
Anchor High Equity Worldwide Snn Qi
12,116,517
6,624,654
4,123,340
3,913,618
22.07%
12.06%
7.51%
7.13%
VOTING RIGHTS
The voting rights attaching to each class of equity securities are detailed below:
•
Fully paid ordinary shares – each holder present at a general meeting (whether in person, online, by proxy or by
representative) is entitled to one vote on a show of hands, or on a poll, one vote for each share subject to any voting
restrictions that may apply.
• Options – no voting rights.
ON-MARKET SHARE BUY-BACK
DRA is not currently conducting an on-market buy-back of its shares on the ASX or the JSE.
RESTICTED SECURITIES AND VOLUNTARILY ESCROWED SECURITIES
There are no securities on issue that are restricted securities or securities subject to voluntary escrow.
ASX WAIVER CONDITIONS
As part of DRA’s listing on the ASX, it obtained a confirmation from the ASX that the terms of the 25,000,000 UPRs proposed to
be issued (and now on issue) to BPESAM IV Limited and BPESAM IV N Limited by the Company are appropriate and equitable
for the purposes of ASX listing rule 6.1 on the following conditions.
The Company discloses the following in each annual report, annual audited financial accounts and half yearly report issued by
the Company in respect of any period during which any of the UPRs remain on issue or were converted or cancelled:
•
•
the number of UPRs on issue during the relevant period – there were 25,000,000 UPRs on issue during the reporting
period, the UPRs expired on 31 December 2023;
a summary of the terms and conditions of the UPRs, including without limitation the number of ordinary shares into which
they are convertible and the relevant milestones as per below;
• whether any of the UPRs were converted or cancelled during that period – no UPRs were converted or cancelled during the
reporting period, the UPRs expired on 31 December 2023; and
•
the number of UPRs converted during the period – zero UPRs were converted during the reporting period.
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SUMMARY OF TERMS AND CONDITIONS OF THE UPRS
Issuer
Initial holders
Initial grant
UPR value
Conversion to Shares
Cash settlement option
Commencement date
Expiry date
Exercise period
Early exercise
Automatic exercise
on the expiry date
Expert valuation
Minimum exercise
Liquidity event
DRA Global Limited.
BPESAM IV Limited and BPESAM IV N Limited.
25,000,000 UPRs.
The value of each UPR is determined as the 30-day VWAP of Shares minus $3.10.
The UPR value of each UPR is capped at $3.40, such that the maximum value of all UPRs
currently held is $85,000,000.
The UPRs convert into the shares based on the UPR value at the time of exercise, divided by
the 30-day VWAP of shares at the time of UPR exercise.
DRA may elect to settle the exercise of UPRs by payment of the UPR value using immediately
available funds.
Announcement of DRA’s FY21 full year financial results to the ASX. The holder will be released
from these escrow obligations with respect to 50 per cent of the UPRs if at any date from the
ASX listing the 30-day VWAP of shares exceeds the Offer Price by 25 per cent.
31 December 2023.
The UPRs may only be exercised between the commencement date and the expiry date.
The holders may elect to reduce up to 30 per cent of the UPRs prior to the expiry date if they
do not elect to reduce their UPR holding via the IPO offer.
If the UPRs have a UPR value greater than zero and have not been exercised prior to the
expiry date, then the UPRs are deemed to be exercised on the expiry date and
subsequently cancelled.
If the total value of the shares issued under or sold into the IPO offer or traded from the
ASX listing date to the expiry date is less than $20,000,000, and the UPRs have not been
fully exercised before the expiry date, the UPR value will be determined by an independent
expert based on a fair market valuation of a share rather than the 30-day VWAP.
The minimum number of UPRs that can be exercised at any one time is three million.
If DRA announces:
• receipt of a takeover bid under Chapter 6 of the Corporations Act 2001 to acquire all or a
majority of the shares, and that takeover bid is recommended by the DRA Board of Directors
or accepted by the holders of more than 50 per cent of the shares;
• a scheme of arrangement under Part 5.1 of the Corporations Act 2001 to acquire all of the
shares; or
• a transaction to acquire all (or a majority) of the business assets of DRA, the UPR holders
are entitled to an early exercise of their UPRs for shares (based on the price for shares
implied by the liquidity event described above) so that they may participate in the relevant
transaction as a shareholder.
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Adjustments
The ‘strike price’ ($3.10), ‘maximum cap’ ($6.50) or the number of UPRs (25,000,000)
(or a combination thereof) will be subject to adjustment in the following circumstances:
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• where DRA pays a dividend or capital distribution to the holders of shares;
• for bonus issues, share splits and share consolidations; and
• for pro-rata entitlement offers.
None of these adjustments increase the maximum value of the UPRs. There are no other
adjustments to the UPR terms and conditions.
DRA may buy back the UPRs at any time for cash consideration by paying the maximum
value of the UPRs to the UPR holders.
The UPRs may be transferred to a third-party purchaser, provided that DRA has a right of
first offer on the sale of the UPRs to a third-party. If DRA exercises that right it must purchase
the shares on the same terms as they were offered to the third-party.
Buy-back right
Transferability
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
GLOSSARY
AGM
Annual General Meeting
AMER
Americas
APAC
Asia Pacific
ASX
Australian Securities Exchange
B-BBEE Broad-Based Black Economic Empowerment
BU
Business Unit
CCSO
Chief Corporate Services Officer
CEO
CFO
COO
DFS
EBIT
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Definitive feasibility study
Earnings before interest and taxes
EBITDA Earnings before interest, taxes, depreciation
and amortisation
EMEA
Europe, the Middle East and Africa
EPC
EPCM
EPS
ESG
Engineering, procurement and construction
Engineering, procurement, and
construction management
Earnings per share
Environmental, social and governance
FEED
Front-end engineering design
H1
H2
HSE
IPO
JSE
KMP
kV
LTI
First half
Second half
Health, safety and environment
Initial public offering
Johannesburg Stock Exchange
Key Management Personnel
Kilovolts
Lost time injury
LTIFR
Lost time injury frequency rate
LTIP
Long-term incentive plan
MTPA Million tonnes per annum
NED
Non-Executive Director
NPAT
Net profit after tax
O&M
PGM
ROM
STI
TFR
Operations and maintenance
Platinum group metals
Run-of-mine
Short-term incentive
Total Fixed Remuneration
TRIFR
Total recordable injury frequency rate
TSR
TSX
UG
UPR
Total shareholder return
Toronto Stock Exchange
Underground
Upside Participation Rights
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DRA Global Annual Report ABN 75 622 581 935
DISCLAIMERS
CORPORATE DIRECTORY
FORWARD-LOOKING STATEMENTS
This report contains certain forward-looking statements (including financial forecasts) with respect to the financial condition, operations and
business of DRA Global and certain plans and objectives of the management of DRA Global. Such forward looking statements involve known and
unknown risks, uncertainties and other factors which because of their nature may cause the actual results or performance of DRA Global to be
materially different from the results or performance expressed or implied by such forward looking statements. Such forward looking statements
are based on numerous assumptions regarding DRA Global’s present and future business strategies and the political and economic environment
in which DRA Global will operate in the future, which may not be reasonable and are not guarantees or predictions of future performance. No
representation is made that any of these statements or forecasts will come to pass or that any forecast result will be achieved or that there is a
reasonable basis for any of these statements or forecasts. Forward-looking statements speak only as at the date of this report and, to the full
extent permitted by law, DRA Global and its Associates being its affiliates and related bodies corporate and each of their respective officers,
directors, employees and agents) and any adviser to DRA or an Associate disclaim any obligation or undertaking to release any updates or
revisions to information to reflect any change in any of the information contained in this report (including, but not limited to, any assumptions or
expectations set out in the report).
NON-IFRS FINANCIAL INFORMATION
DRA Global’s results are reported under the Australian Accounting Standards as issued by the Australian Accounting Standards Board which are
compliant with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. DRA Global
discloses certain non-IFRS measures including Earnings Per Share (excluding valuation of UPRs) and Headline Earnings Per Shares that are
not prepared in accordance with IFRS. These non-IFRS measures should only be considered in addition to and not as a substitute for, other
measures of financial performance prepared in accordance with IFRS.
NOT FINANCIAL PRODUCT ADVICE
This report is for information purposes only and is not a financial product or investment advice or a recommendation to acquire DRA Global
securities (or any interest in DRA Global securities) and does not take into consideration the investment objectives, financial situation or particular
needs of any particular investor. You should make your own assessment of an investment in DRA Global and should not rely on this report. In all
cases, you should conduct your own research and analysis of the financial condition, assets and liabilities, financial position and performance,
profits and losses, prospects and business affairs of DRA Global and its business, and the contents of this report. You should seek legal,
financial, tax and other advice appropriate to your jurisdiction.
AUDITOR
BDO Audit (WA) Pty Ltd
Level 9, Mia Yellagonga Tower 2, 5 Spring Street,
Perth WA 6000, Australia
PRINCIPAL BANKERS
HSBC Bank Australia (HSBC)
Level 1, 188-190 St Georges Terrace, Perth WA 6000, Australia
Rand Merchant Bank (RMB)
1 Merchant Place, Cnr Fredman Drive and Rivonia Road
Sandton, Johannesburg Gauteng 2196, South Africa
STOCK EXCHANGE LISTINGS
DRA Global Limited fully paid ordinary shares are listed on
the following exchanges.
• Australian Securities Exchange – ASX Code: DRA
• Johannesburg Stock Exchange – JSE Code: DRA
INCORPORATION
DRA Global Limited is incorporated in Australia as a public
company limited by shares.
• ACN 622 581 935
• ABN 75 622 581 935
Website and email contact
www.draglobal.com
info@draglobal.com
2024 ANNUAL GENERAL MEETING
DRA Global Limited’s Annual General Meeting is scheduled
for 28 May 2024 (subject to change) at a time and place
(in Johannesburg) to be announced.
DIRECTORS
Sam Randazzo, Chairman and Independent
Non-Executive Director
James Smith, Chief Executive Officer and Managing Director
Lindiwe Mthimunye, Independent Non-Executive Director
Charles Pettit, Non-Executive Director
Darren Naylor, Executive Director
Val Coetzee, Executive Director
CHIEF EXECUTIVE OFFICER
James Smith
CHIEF FINANCIAL OFFICER
Michael Sucher
CHIEF OPERATING OFFICER
Alistair Hodgkinson
CHIEF CORPORATE SERVICES OFFICER
Bronwyn Baker (until February 2024)
COMPANY SECRETARY
Andrew Bickley
REGISTERED OFFICE AND BUSINESS ADDRESS
Level 7, 256 Adelaide Terrace, Perth WA 6000, Australia
Telephone: +61 8 6163 5900
POSTAL ADDRESS
PO Box 3130, East Perth WA 6892, Australia
SHARE REGISTER
Computershare Investor Services Pty Ltd
Level 11, 172 St Georges Terrace, Perth WA 6000, Australia
Telephone: +61 8 9323 2000
and at
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196,
Gauteng, South Africa
Telephone: +27 11 370 5000
www.computershare.com
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DRA Global Annual Report ABN 75 622 581 935DRA Global Annual Report ABN 75 622 581 935
POSTAL ADDRESS PO Box 3130 / East Perth WA 6892 / Australia
TELEPHONE +61 (0)8 6163 5900
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