More annual reports from Fleetwood Limited:
2023 Report2018 Annual Report
CONTENTS
Corporate Directory
Group Structure
Board of Directors
Executive Officers
Chairman’s Letter
Managing Director’s Review
Financial Report 2018
Directors’ Report
Directors’ Declaration
Auditor’s Independence Declaration
Independent Auditor’s Report
ASX Additional Information
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5
6
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16
48
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CORPORATE DIRECTORY
DIRECTORS
Phillip Campbell
Brad Denison
Jeff Dowling
Adrienne Parker
Mark Southey
COMPANY SECRETARIES
Elizabeth Maynard
Andrew Wackett
AUDITOR
Grant Thornton
BANKER
Westpac Banking Corporation
REGISTERED OFFICE
& PRINCIPAL PLACE
OF BUSINESS
21 Regal Place
East Perth, WA 6004
T: (08) 9323 3300
F: (08) 9202 1106
E: info@fleetwood.com.au
SHARE REGISTRY
Computershare
Level 11
172 St Georges Terrace
Perth, WA 6000
T: (08) 9323 2000
F: (08) 9323 2033
E: www.investorcentre.com/contact
2
MODULAR
ACCOMMODATION
Design, manufacture and supply of
accommodation for the affordable
housing, education, corrections
and mining industries.
GROUP STRUCTURE
VILLAGE
OPERATIONS
PARTS AND
ACCESSORIES
Operation of accommodation
Manufacture and distribution of
villages - Searipple in Karratha and
recreational and commercial vehicle
Osprey in South Hedland.
parts and accessories.
3
BOARD OF DIRECTORS
PHILLIP CAMPBELL
Non-Executive Director, Chairman
Mr Campbell was appointed as non-executive director on
12 August 2016, and thereafter as Chairman of the Board
on 24 August 2016.
Mr Campbell is an independent and experienced director,
having been involved with a number of listed and unlisted
entities in capacities including managing director and
chairman. He has a proven track record of guiding
businesses through challenging and volatile environments
to restore and enhance shareholder value.
Mr Campbell’s business experience includes dealing with
domestic and international companies across a range of
BRAD DENISON
Managing Director
Mr Denison was appointed Managing Director on
1 August 2014. Prior to this, Mr Denison was Chief Financial
Officer and Company Secretary for 12 years.
Mr Denison has significant corporate experience in
commercial and complex projects, finance, risk and
mergers and acquisitions.
Mr Denison holds a Bachelor of Commerce (Accounting)
from Curtin University and is a fellow of CPA Australia.
Mr Denison did not hold any other directorships with listed
entities in the last three years.
industries including resources, construction, and
ADRIENNE PARKER
manufacturing. He holds a Bachelor of Engineering from
the University of Queensland, a Diploma of Corporate
Finance from the University of NSW/ Institute of
Non-Executive Director, Chair of Nominations
and Diversity Committee
Ms Parker was appointed as non-executive director on
Management, and is a graduate member of the Australian
23 August 2017, and thereafter as Chair of the Nominations
Institute of Company Directors.
and Diversity Committee.
Mr Campbell is currently a non-executive director and
Ms Parker is a partner in the global law firm, Pinsent Masons,
chairman of Vmoto Limited, and in the last three years held
and specialises in major construction, engineering and
the position of non-executive director of ASX listed Farm
resources projects, including disputes in the infrastructure,
Pride Foods Limited (resigned 30 September 2016).
mining, oil and gas and transport sectors.
Ms Parker’s experience includes both domestic and
international front end negotiations advising all parties on
procurement strategies, risk assessment and management,
and project delivery. Ms Parker has also acted in many large
scale complex disputes involving mining projects, processing
plants, oil and gas facilities, and major commercial building
and infrastructure projects.
Ms Parker is a Governing Board Member, Deputy Chair and
Member of the Remuneration and Nominations Committee
of the Perth Public Art Foundation Inc, a Board Member of
the UWA Centenary Trust and a past President of the WA
Chapter of National Association of Women in Construction.
She is also a member of the Joint Law Council of Australia
and Law Society of WA, Construction and Infrastructure Law
Committee. Ms Parker did not hold any other directorships
with listed entities in the last three years.
Ms Parker holds a Bachelor of Laws from the University of
Western Australia.
JEFF DOWLING
Non-Executive Director, Chair of Audit Committee and
Remuneration Committee
Mr Dowling was appointed as non-executive director on
1 July 2017, and thereafter as Chair of the Audit Committee
and Remuneration Committee on 26 July 2017.
Mr Dowling holds a Bachelor of Commerce from the
University of Western Australia, and is a Fellow of the
Institute of Chartered Accountants, the Australian Institute
of Company Directors and the Financial Services Institute of
Australasia.
Mr Dowling is a highly experienced corporate leader with
over 40 years’ experience in professional services with Ernst
& Young, and is a non-executive director on both listed
and unlisted corporations. Mr Dowling’s experience centres
around finance, risk and financial transactions derived from
acting as lead partner on numerous large public company
audits, capital raisings and transactions. As a non-executive
director on a number of ASX listed companies he has been
involved with various corporate acquisitions and takeovers,
debt restructures and equity raisings.
Mr Dowling is currently the Chair of S2 Resources Limited,
non-executive director and Audit Chair of NRW Holdings
Limited and Chair of Battery Minerals Limited.
In the last three years, Mr Dowling held the position of director
with the following listed companies: Chair of Sirius Resources
NL (resigned 23 September 2015), non-executive director of
Pura Vida Energy NL (resigned 16 May 2016), and non-
executive director of Atlas Iron Limited (resigned 4 May 2016).
4
MARK SOUTHEY
Non-Executive Director
Mr Southey was appointed as non-executive director on
10 October 2018. Mr Southey is based in Sydney and holds
a Bachelor of Science (Hons) in Engineering with Business
Studies from the University of Portsmouth and has an MBA
from the University of Sydney Business School.
Mr Southey is a highly experienced senior executive with
extensive global experience in the manufacturing, industrial
technology and natural resources sectors. Mr Southey has
previously held senior executive positions with Honeywell
and ABB both in Australia and internationally, and more
recently was part of the global executive leadership team
within WorleyParsons where he held the position of Group
Managing Director for the Minerals, Metals and Chemicals
Sector.
Mr Southey is currently a non-executive director of ASX
listed Arafura Resources Limited. Mr Southey has not held
any other directorships with listed entities in the last three
years.
EXECUTIVE OFFICERS
ANDREW WACKETT
JARROD WARING
Chief Executive Officer, Modular Accommodation
Mr Waring was promoted to the role of Chief Executive
Officer of Fleetwood Modular Accommodation on
8 November 2017. Joining Fleetwood on 14 February 2012,
Mr Waring has held several general management roles within
the business overseeing the growth and development of its
national operations and market expansion strategies in both
the education and affordable housing sectors in Australia.
Prior to joining Fleetwood, Mr Waring held a number of
senior management roles in both the public and private
sectors in Australia and Asia with proven leadership and
people management skills gained over the past 20 years in
manufacturing and the execution of turnaround and
growth strategies.
Mr Waring holds a Bachelor of Economics and Marketing
from Swinburne University, is a Board Member of prefabAUS
and an Executive Member of the Modular Building Industry
Association Australia.
MANNY LARRE
Chief Executive Officer, Parts & Accessories
Mr Larre commenced at Fleetwood on 20 September 2011.
Prior to his appointment, Mr Larre held various senior
Chief Financial Officer, Company Secretary
Mr Wackett commenced as Chief Financial Officer on 12 June
executive roles in the automotive and consumer products
industries over a 25 year period. During that time, Mr Larre
2017. Prior to this appointment Mr Wackett was a Division
gained significant operational and commercial experience
Director of Macquarie Securities Group for 20 years.
with large Australian and international listed and private
During that time, Mr Wackett gained significant commercial
companies, leading several companies through operational
experience with large Australian and international listed
turnarounds. At Fleetwood he has held several senior
entities, developed an in depth knowledge of corporate
executive roles from General Manager of Flexiglass through
governance, and statutory financial requirements, and has
to CEO of Parts & Accessories, gaining further experience
proven financial and leadership skills in guiding business,
with business acquisitions and sales.
departments and teams in the formulation and execution of
Mr Larre holds a Bachelor of Engineering from RMIT
financial strategies. Prior to Macquarie, Mr Wackett worked
University in Melbourne and further studies in Management.
at Wesfarmers Limited for over six years. Mr Wackett holds
a Bachelor of Commerce from the University of Western
DOMINIC LETTS
Australia, is a Certified Practicing Accountant and a Fellow
of the Financial Services Institute of Australasia.
ELIZABETH MAYNARD
General Counsel, Company Secretary
Elizabeth Maynard commenced as General Counsel and
Company Secretary on 3 September 2018. Prior to her
Executive General Manager, Village Operations
Mr Letts was appointed as Executive General Manager
Village Operations on 1 January 2018. Prior to this, Mr Letts
fulfilled General Manager and Operations Manager roles at
Fleetwood for 9 years.
Before joining Fleetwood, Mr Letts served as an Army Officer.
Mr Letts holds a Master of Human Resources Management
appointment, Ms Maynard spent a number of years in private
and Industrial Relations from the University of Newcastle, a
practice as a Corporate/ M&A lawyer with a top-tierAustralian
Bachelor of Arts from the University of New South Wales and
law firm advising clients in a variety of sectors on domestic
is a Graduate of the Australian Institute of Company Directors.
and cross-border transactional and commercial matters.
Ms Maynard also has significant international experience,
having spent over three years working in Singapore and the
Asia-Pacific region at a top-tier UK law firm.
Ms Maynard holds a Bachelor of Laws (Hons) and a Bachelor
of Commerce (Accounting) from the University of Notre
Dame Australia.
5
CHAIRMAN’S LETTER
Dear Shareholder,
On behalf of the Board, I have pleasure in presenting Fleetwood’s Annual
Report for the financial year ending 30 June 2018.
I would also like to take this opportunity to thank the Managing Director,
Brad Denison, and his management team on a very solid performance. They
have delivered on the company’s turnaround strategy.
Importantly, Fleetwood has sold its loss making Flexiglass and Caravan
Manufacturing businesses, acquired complementary businesses in its Modular
Accommodation and Parts & Accessories businesses, and successfully
completed a $60 million equity raising.
Fleetwood is now repositioned for growth and FY19 will be about integrating
our recent acquisitions and delivery of further positive results.
Sincerely,
Phillip Campbell
Non-Executive Chairman
Fleetwood Corporation Limited
6
MANAGING DIRECTOR’S REVIEW
REVIEW OF OPERATIONS
Over the last four years, Fleetwood’s executive team
have been working on an array of initiatives designed
to restore your company to solid profitability with a
strong balance sheet.
Following completion of the sale of the caravan
manufacturing business, which is expected to occur
between December 2018 and March 2019, the
company is expected to be in a position to report
strong EBITDA from continuing operations.
Along with many other significant achievements over
TRADING RESULTS
this four-year journey, four corporate transactions
negotiated in the second half of the 2018 financial year
have signalled the finalisation of this turnaround plan.
In February 2018, Fleetwood sold its loss-making
ute canopy and tray business, Flexiglass to Aeroklas
Australia for $7 million.
This preceded the sale of Fleetwood’s loss-making
Caravan Manufacturing business in June 2018 to Apollo
Tourism & Leisure Ltd for $1 million in goodwill plus raw
materials and finished goods required for Apollo to
commence manufacture in Brisbane.
Following a successful capital raise in July 2018,
Fleetwood acquired Sydney-based Modular Building
Systems for $34.2 million and Melbourne-based
Northern RV for $10 million.
Excluding operating losses and asset write-downs
associated with Flexiglass and Caravan Manufacturing,
Fleetwood generated underlying EBIT of $18.8 million,
compared to $22.7 million in FY17.
The reduction in underlying EBIT in FY18 compared
to FY17 was predominantly the result of a change
in procurement method by the Victorian Education
Department to a rental model as opposed to a straight
sale model in the final quarter of the financial year.
Procurement has returned to the straight sale model so
far in FY19.
In addition, the Modular Accommodation business was
impacted to a lesser degree by lower volume from the
affordable retirement sector, particularly into the fourth
quarter, and establishment of two new factories in
The operating businesses Fleetwood will now move
Melbourne to meet a higher future level of anticipated
forward with have prospects to generate positive
demand.
contributions into FY19 and beyond. In addition to
this, the balance sheet is strong and the company is
carrying no net debt.
Permanent modular primary
school in Yallourn, Victoria.
7
MANAGING DIRECTOR’S REVIEW (continued)
Following announcement of the
sale of Flexiglass and the Caravan
Manufacturing business, Fleetwood
has treated those businesses as
discontinued operations in the
statutory accounts.
If these businesses had been
treated as continuing operations,
underlying FY18 EBIT would have
been $5.5 million which is in-line with
Fleetwood’s announcement released
on 8 May 2018.
In addition, a provision of $4 million has been taken for factory closure
costs. These are shown in discontinued operations in the table below.
$ Million (unless stated)
2018
2017
Change
RESULTS SUMMARY
Revenue
Underlying EBITDA
Depreciation and Amortisation
Underlying EBIT
Finance costs
Pre-tax profit
Tax expense (benefit)
267.0
262.4
25.2
6.3
18.8
1.2
17.6
5.4
12.2
29.0
6.3
22.7
0.8
21.9
6.7
15.2
2%
-13%
0%
-17%
56%
-20%
-20%
-19%
n/a
n/a
The Caravan Manufacturing assets
Underlying NPAT
have been written down by $7.4
million in the second half to their
estimated realisable value.
Loss from discontinued operations
Statutory NPAT
(25.7)
(6.2)
(13.5)
9.0
$ Million (unless stated)
2018
2017
Change
Revenue
Parts and Accessories
Modular Accommodation
Village Operations
Unallocated
Intersegment eliminations
Total revenue
Underlying EBIT
Parts and Accessories
Modular Accommodation
Village Operations
Unallocated
Total underlying EBIT
66.6
179.3
27.9
0.2
(7.0)
67.2
175.8
26.3
0.3
(7.3)
267.0
262.4
3.6
10.1
9.1
2.6
15.2
6.9
(4.0)
(2.1)
(18.8)
22.7
-1%
2%
6%
-36%
n/a
-2%
39%
-34%
32%
n/a
-17%
The above table excludes the discontinued resource sector rental, Flexiglass and
Caravan Manufacturing businesses.
8
The divisional breakdown
shown (left) demonstrates
that strong earnings in
Village Operations and
Parts & Accessories
were offset by Modular
Accommodation.
Fleetwood’s original manufacturing facility based in Bendigo, is our
largest and most versatile facility in Victoria, covering more than 16,700m2.
CASHFLOW AND DEBT
Net cash of $0.6 million compared to FY17 net cash of $0.4 million and
Cashflow from operations of
H1 FY18 net debt of $12.7 million. The movement in net debt is detailed
$17.9 million was ahead of FY17
below.
$ Million (unless stated)
EBITDA
Interest paid (net)
Tax
Working capital (and other)
Operating cashflow
Net capex
Free cashflow
Financing cashflows
Opening net cash (debt)
Closing net cash (debt)
$5.9 million, and was driven by strong
debtor management and improved
working capital management in the
Recreational Vehicle division in the
fourth quarter of the year.
Net capex is primarily related to new
educational hire classrooms and the
ongoing upgrade of Fleetwood’s ERP
system. Capex is expected to reduce
substantially in FY19.
FY18
25.2
(1.1)
1.0
(7.2)
17.9
(14.6)
3.3
(3.1)
0.4
0.6
FY17
29.0
(0.9)
(0.1)
(22.2)
5.9
(8.6)
(2.7)
0.0
3.1
0.4
9
Modular Accommodation
While education demand ran at a strong rate in the
first half of FY18, over the fourth quarter, order flow in
Victoria shifted from units manufactured for immediate
sale to units manufactured for rental ahead of the
Victorian state budget announcement, which was
delivered on 1 May 2018.
In addition, the business was impacted to a lesser
degree by lower volume from the affordable retirement
sector, particularly into the fourth quarter, and
establishment of two new factories in Melbourne to
meet a higher future level of anticipated demand.
While these had a negative impact on the second half
of FY18, a series of modest project wins in the Western
Australian resource sector saw this part of the business
return to profitability.
The Victorian state budget has confirmed a significant
increase in education-spend and the announcement is
a positive overall sign in respect of FY19 demand.
10
The business is also expecting to see a greater
advantage of the large NSW Government school-
contribution from rental income in FY19.
spend announced over the medium term.
The acquisition of MBS is an exciting development for
Fleetwood paid $34.2 million (plus a potential earnout)
the Modular Accommodation business. MBS settled on
for MBS and the business generated $9.4 million in
8 August 2018 and gives Fleetwood a strong foothold
EBIT for FY18.
in the key Sydney market where Fleetwood did not
have representation.
Whilst remaining confident of increased future
spending in key sectors, future profitability will remain
There is a near-term modular cell pipeline of over
subject to the timing of contract
2,000 cells for the NSW Government plus possible
awards.
expansion into other geographic regions.
In addition, the business is well-positioned to take
Gateway Lifestyle Housing:
Fleetwood has been providing Gateway Lifestyle Group with the supply and installation of
its modular homes delivering to Gateway’s residential communities in NSW, QLD and VIC.
11
Village Operations
Fleetwood’s Village Operations segment has
continued to benefit from increased shutdown-related
accommodation demand in Karratha during FY18, with
EBIT for FY18 of $9.1 million up 32% when compared to
FY17.
Demand for FIFO accommodation from operational
workers is expected to remain relatively consistent into
the first half of FY19 and in addition, the company has
reached agreement with major resource companies for
periodic shutdowns expected to occur during FY19.
Notwithstanding this, resource companies have
signalled new accommodation capacity to come
on-line in the Karratha market and accordingly,
Fleetwood’s Village Operations result may be impacted
into the second half of FY19.
However, this additional capacity is being brought
on-line ahead of an expected period of construction
activity in the region in FY20, and accordingly
Fleetwood’s longer-term outlook for Searipple Village
remains sound.
Osprey Village in South Hedland, WA
12
Parts and Accessories
Fleetwood settled the sale of Flexiglass in February
2018, which has resulted in the Parts and Accessories
segment being comprised solely of Camec in the FY18
reported segment numbers from continuing operations.
Despite declining retail sales rates in the recreational
vehicles industry, Camec has grown its share of the
market through a dedicated focus on customer service
and innovative product design. This has resulted in
stable revenue in FY18.
Full-year EBIT of $3.6 million was a 39% improvement
on the previous corresponding period of $2.6 million.
This was driven by higher gross margins and flat
operating costs.
The improvements made over the last three years
give the Board confidence that the present earnings
trajectory will continue into FY19.
The acquisition of Melbourne-based NRV in August
2018, which specialises in the provision of plumbing
and electrical labour and parts to the production lines
of mid-tier caravan OEMs, is expected to drive earnings
growth in FY19.
NRV gives Camec the opportunity to further
integrate with key OEM customers, particularly in the
Campbellfield production hub in Melbourne. It also
benefits from the increasing trend towards direct
caravan imports into Australia as all imports must
be certified to Australian plumbing and electrical
standards.
Fleetwood paid $10 million (plus a potential earnout)
for NRV and the business generated $4.7 million in
EBIT for FY18.
13
CORPORATE COSTS
DIVIDENDS
Corporate costs grew by $2 million in FY18 due to the
Given the recent capital raising combined with overall
payment of 2017 executive bonuses, fees associated
FY18 earnings, no final dividend has been declared.
with increased corporate activity and increased staff
numbers.
Fleetwood is expected to incur additional annual
The company has a significant franking account
balance to support future dividends.
costs of approximately $1.9 million in respect of the
FY19 PRIORITIES AND OUTLOOK
acquisitions of MBS and NRV.
DISCONTINUED BUSINESSES
Caravan Manufacturing
The Caravan Manufacturing business generated
operating losses of $12.1 million in FY18 as announced
to the ASX in May 2018. In addition, provisions and
Key priorities for FY19 include the integration of
recent acquisitions MBS and NRV, achieving second
completion on the sale of the Caravan Manufacturing
business and improving cash generation and returns.
In particular, Fleetwood will pursue further
diversification of its modular business by targeting
further detention and education works. Fleetwood
impairments totalling $15.2 million were incurred during
is also actively focusing on other sectors that lend
the year ($3.8 million in H1 and $11.4 million in H2).
themselves to modular construction.
First close on the sale to Apollo was achieved on
9 August 2018 with the payment for goodwill of
$1 million. Fleetwood and Apollo are now in the second
phase of the sale being a transition period following
which Apollo will purchase agreed raw materials and
finished goods stock from Fleetwood. The transition
period is expected to conclude early in the second half
of FY19.
While Fleetwood expects to incur further operating
losses from discontinued operations, the overall exit
from this business is forecast to be cash positive for
the group.
Flexiglass
Flexiglass incurred trading losses of $1.4 million before
its sale in February 2018. In addition, provisions and
impairments totalling $4.7 million were incurred on the
exit from this business.
Resource sector rental operations
Operating losses of $0.5 million and impairment of
$0.9 million were incurred during FY18 as residual
assets continue to be sold. Assets held for sale fell
from $20.2 million to $9.2 million over the course of
the year.
14
The M-Link building for
Carey Baptist Grammar in Victoria
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16
17
18
19
20
21
22
23
24
25
26
27
differences
28
29
30
31
32
33
34
35
36
(continued)
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38
39
40
41
42
43
44
45
46
a
47
48
pages 16 and 17 49
50
51
52
53
54
55
1 Michael Hardy, Greg Tate and John Bond were not Directors during the period ending 30 June 2018
56
57
58
59
60
Remuneration Report (continued)
Clause 206J of the Corporation Act (Cth) 2001 prohibits the hedging of remuneration by key management personnel; as such the Board
does not directly impose any restrictions in relation to key management personnel limiting his or her exposure to risk in respect of share
units issued by the Company. No Director is a party to a contract whereby such person would have a right to call for or deliver shares in,
or debentures of or interests in a registered scheme made available by the Group.
Loans to key management personnel in connection with the LTIP totaling $2,804,790 (2017: $1,602,515) were outstanding at the end of
the reporting period. The value of shares in the Company held by the Share Trust exceeded the balance of loans outstanding at the end
of the reporting period. As the loans are non-recourse there is no fixed term, and no allowance for doubtful debts or impairment loss has
been recognised against them. The number of key management personnel included in the aggregate of loans is seven.
Mr. Denison had loans totaling $1,429,500 (2017: $863,319) made to him at the end of the reporting period, with the total loan remaining
outstanding at the end of the reporting period in connection with the LTIP. As the loan is non-recourse there is no fixed term, and no
allowance for doubtful debts or impairment loss has been recognised against it.
No share units issued during the year vested. 107,340 share units issued during the year were forfeited. No bonuses were forfeited
during the year because the person did not meet service or performance criteria.
The terms and conditions of employment of senior executives and key management personnel are governed by individual employment
contracts. Employment contracts are not limited in duration and do not contain termination payments. Each employment contract may
be terminated by either party upon the giving of three months notice. However, the Company may terminate an employment contract at
any time and without notice if serious misconduct has occurred.
End of Remuneration Report
Non-audit Services
The Directors are satisfied that the provision of non-audit services during the year by the auditor is compatible with the general standard
of independence for auditors imposed by the Corporations Act (Cth) 2001. The Directors are satisfied that the provision of non-audit
services by the auditors did not compromise the auditor independence requirement of the Corporations Act (Cth) 2001 for the following
reasons:
• all non-audit services have been reviewed by the Audit Committee to ensure that they do not impact impartiality and objectivity of
the auditor; and
• none of the services undermine the general principle relating to auditor independence as set out in the Corporations Act (Cth) 2001
or the Code of Conduct APES 110 Code of Ethics for Professional Accountants, as amended, issued by the Accounting Professional
and Ethical Standards board, including reviewing or auditing the auditors own work, acting in a management or a decision making
capacity for the Company, acting as advocate for the Company or jointly sharing economic risks and rewards.
Details of the amounts paid or payable to the auditor for non-audit services provided during the year by the auditor are outlined in note 25
to the financial statements.
Company Secretary
Mr. Andrew Wackett, who is Fleetwood’s Chief Financial Officer, was appointed interim Company Secretary on 5 July 2018. Yanya
O’Hara resigned as Company Secretary on 5 July 2018.
Corporate Governance Statement
In recognising the need for the highest standards of corporate behavior and accountability, the Directors of the Compnay support and
have adopted a corporate governance plan. Details of the Company’s corporate governance practices can be found on our website
www.fleetwoodcorporation.com.au/investors/Corporate-Governance.
Rounding
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 and
accordingly amounts in the financial report and Directors’ report have been rounded to the nearest one thousand dollars, unless
otherwise indicated.
Signed in accordance with a resolution of the Directors.
P Campbell
Non-Executive Chairman
24 August 2018
61
pages 16 to 47
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63
64
65
66
67
50 to 61
68
ASX Additional Information
as at 17 October 2018
Additional Information required by the Australian Securities Exchange Limited Listing Rules and not disclosed
elsewhere in this report is set out below:
Twenty largest shareholders
Name
HSBC Custody Nominees (Australia) Limited
National Nominees Limited
J P Morgan Nominees Australia Ltd
Citicorp Nominees Pty Ltd
Karrad Pty Ltd
Zero Nominees Pty Ltd
BNP Paribas Noms Pty Ltd
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