Flexiroam Limited ABN 47 090 671 819 and its Controlled Entities
APPENDIX 4E
RESULTS FOR ANNOUNCEMENT TO THE MARKET
% INCREASE /
(DECREASE)
YEAR ENDED
31 MAR 2022
YEAR ENDED
31 MAR 2021
Revenue from ordinary activities
Loss after tax from ordinary activities attributable to
members
Net loss for the period attributable to members
45.6%
71.9%
71.9%
$
$
3,668,121
2,520,003
(4,193,159)
(2,439,481)
(4,193,159)
(2,439,481)
DIVIDEND INFORMATION
Dividend – current reporting period
Dividend – previous reporting period
Nil
Nil
Nil
Nil
AMOUNT PER SHARE
FRANKED AMOUNT
PER SHARE
TANGIBLE ASSET BACKING PER ORDINARY SHARE
Tangible asset backing per ordinary share – previous
reporting period
Tangible asset backing per ordinary share – current
reporting period
SHARES
CENTS
500,647,030
601,295,275
(0.68)
(0.34)
Additional Appendix 4E disclosures can be found in the Notes to the Flexiroam Limited Financial Report for Year Ended 31 March 2022 and
Results for Year Ended 31 March 2022 lodged with the ASX on 19th May 2022.
FLEXIROAM
ANNUAL
REPORT
2022
Consolidated Annual Financial Report
for the Year Ended 31 March 2022
TABLE OF
CONTENTS
CEO MESSAGE FOR SHAREHOLDERS
DIRECTORS’ REPORT
AUDITOR’S INDEPENDENCE DECLARATION
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF CASH FLOWS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DIRECTORS’ DECLARATION
INDEPENDENT AUDITOR’S REPORT
ASX INFORMATION
CORPORATE INFORMATION
1
4
14
15
16
17
18
19
41
42
46
49
FLEXIROAM ANNUAL REPORT 2022
CEO MESSAGE FOR
SHAREHOLDERS
Dear Shareholders,
It is my pleasure to present Flexiroam’s Annual Report for the 2022 fiscal year (FY22), a year that reflects a transitional
period where the Company underwent significant changes to position itself for long term global growth. Throughout the
year we built out a global team, established partnerships to grow both our Travel and Solutions businesses, and made
important engineering enhancements to build a scalable platform. We also delivered exceptional improvements in our
operating and financial metrics and signed highly scalable IoT connectivity solutions across multiple verticals, in line with
our strategic growth plan.
NEW LEADERSHIP TEAM DRIVING GLOBAL GROWTH
During FY22 we welcomed a number of new team members to our business to drive technology enhancements and
to capitalise on the growing IoT market globally. We appointed key members to our leadership team, each with strong
industry experience, adding significant value to the business with a mix of skill sets that complement each other. We also
made the decision to build an Engineering Hub in Eastern Europe to enable us to evolve and scale our Solutions business.
PRODUCT AND INFRASTRUCTURE ENHANCEMENTS
During the first half of FY22 our team focused on enhancing our infrastructure, including launching a new corporate
website and improving the user experience of our webshop for Travel customers. We also integrated our App with travel
booking partners, introduced a centralised account management system, and enhanced our CORE Operating system.
A significant milestone was reached in December, when we launched our Plug & Play IoT offering that is tailored to
devices with long life cycles that use small volumes of data. Plug & Play powers IoT devices with 500mb of data with 10
years validity for an upfront cost, which can be topped up as required if the data allowance is exhausted.
We developed a white label product for both the Travel and Solutions businesses, providing resellers with the ability
to launch their own connectivity brand that is powered by Flexiroam. The solution is integrated via an API and allows
customers to sell both physical SIM’s and eSIM’s under their own brand to build their customer base. White labelling
encourages our clients to prioritise the roll out of this new solution, while Flexiroam grows a long-term recurring revenue
stream.
During Q4, we enhanced our Solutions portal, where clients manage their Flexiroam accounts and their clients’ usage and
provisioning. Key upgrades included improving client autonomy, to allow clients to control and manage the allocation and
provisioning of their data. These changes free up time for the Flexiroam Product team to focus on building new products
and strengthening our infrastructure, as clients are able to manage their own accounts in real time, creating a better and
more engaged user experience.
PARTNERSHIPS UNDERPIN TRAVEL RECOVERY
In addition to enhancing our infrastructure, we formed partnerships to significantly increase our potential customer base.
We have a long-standing and growing relationship with Mastercard, where eligible Mastercard holders at participating
banks can redeem Flexiroam data packs.
In September, we joined the AirAsia BIG Rewards Program, as a Merchant Partner in Indonesia. Big Rewards is Southeast
Asia’s leading points platform, with 25 million users. Recognising that Flexiroam provides an important solution for
travellers, AirAsia elected to extend the partnership to also include Thailand and the Philippines, making the offering
available to more of their members.
We also forged partnerships with major travel insurance companies to increase our customer base and increase market
awareness amongst travellers. We signed agreements with Tune Protect EMEIA & Malaysia, and leading South African
insurance provider Discovery Health. Data packs are bundled with all of their insurance policies, boosting our potential
customer base in their respective markets.
1
CEO MESSAGE FOR SHAREHOLDERS
To further broaden our profile and user base, we partnered with The Athletics Association and the Association of Tennis
Professionals, providing global roaming data for their athletes, coaches and members. We expanded our social media
presence through the support of numerous Olympic athletes and Test Cricketers with a substantial social media following,
incentivising members to refer our Global Data Plans to family, friends and followers.
SOLUTIONS DEALS TO GROW RECURRING REVENUE IN FY23
Following our initial move into the large IoT market in FY21, FY22 saw the significant expansion of our client base,
geographical coverage and Solutions verticals. We continued to penetrate the mobile point-of-sale (mPOS) market in
SouthEast Asia, securing contracts with leading providers GHL, Revenue Group, Pine Labs, Razer Merchant Services and
Wave Rewards. Malaysia has acted as an initial base to prove our credentials as a connectivity supplier and following
that we are expanding our footprint both within the existing agreements and by signing new partners including Seven7
Perfection to provide connectivity in Singapore. We have a strong pipeline of further mPOS deals and aim to leverage our
success to grow into global markets, with both our current and new customers.
In addition to mPOS, our team successfully delivered Solutions to various other IoT verticals. In Q2, we renewed our
international connectivity agreement with Korean Air, providing guaranteed connectivity to download flight plans, weather
forecasts and other critical updates, and provide a staff communication platform.
Having launched our Plug & Play IoT offering in December 2021, we closed our first deal with Europe-based IoT system
integrator Thingsdata, in January 2022. Thingsdata are purchasing SIM cards and data packs to power data sensors and
equipment as an added service to its customers. We also signed white label data reseller agreements with Global Wireless
Telecom, catering to travel customers and BP Mobile, to power their Second Phone Number App. These opportunities
have been a great foundation for our white label proposition, and I look forward to further growth in this space in FY23.
The final quarter of FY22 saw us broaden our reach into several new Solutions verticals. We entered the maritime
connectivity vertical via a contract with Nearshore Networks, a top independent global maritime connectivity solutions
supplier to energy markets. The wearables market offers opportunities for growth, and we entered this market via a
contract with Lutikey, to supply IoT connectivity to their smart devices. We also expanded our IoT reach to cover the
transport telematics market and the Bicycle System Platform verticals, signing connectivity agreements with Asia Mobiliti
and Cycledios, respectively. The opportunity from these new verticals is massive, and our initial contracts provide ideal
case studies, which are driving increased interest from potential customers.
OPERATIONAL UPDATES
During FY22, we reshaped our Customer Service team and restructured our systems and processes. As a result, our core
metrics transformed throughout the year; our average first response time to customer queries reduced from 5-6 hours to
less than 10 minutes, our customer satisfaction is now stable at 98%, and our recently implemented NPS demonstrates
positive customer sentiment. Building out a high-quality customer support function enables us to scale in the future, while
continuing to deliver high levels of service.
We also undertook a thorough review of our marketing efforts, with the aim of increasing efficiency, in addition to bringing
Digital Marketing expertise into the business. The results have been pleasing; our cost per install (CPI) has reduced from
US$2.86 to US$0.43; our monthly installs increased from 2k at the start of the year, to 83k in March 2022; and return on
advertising spend has increased from US$0.14 to US$3.78 per dollar spent. We now have a much deeper understanding
of the strategies that yield revenue for the business which stand us in good stead for FY23 and beyond.
It is great to see subscriber numbers, active users and paying users increasing as a result of our marketing initiatives,
which are attracting new customers to our Travel business, with new user revenue consistently growing month on month.
Data sold has doubled over the last 6 months, with data utilisation up 3x over the same period.
2
CEO MESSAGE FOR SHAREHOLDERS
STRONG FINANCIAL PERFORMANCE
FY22 delivered a solid set of financial results that are in line with our budget and business plan that we set at the
beginning of the fiscal year, slightly over delivering on both revenue and EBITDA forecasts.
Revenue improved by 40% to A$3.69M (FY21: A$2.63M), underpinned by our efforts to capitalise on the increase in global
travel and initial revenue from the Solutions business, as onboarded contracts begin to roll out. Gross Profit of A$1.48M
increased 250%, delivering an EBITDA loss of A$3.98M, A$173k better than budget.
Cash receipts increased 95% to A$3.45M (FY21: A$1.77M), with each quarter showing strong underlying growth, ending
the year with a strong cash balance of A$4.2M, which supports our growth plans. During FY22, two capital raises took
place, raising a total of A$4.25M. A$1.5M was conducted at A$0.04 per share, an 18% premium to the stock’s closing price
and the remaining A$2.75M at a discount of 4% to the last closing price of A$0.05 on 7 February 2022 and a premium
of 2% to the 20-day volume weighted average price (VWAP) of FRX shares. Both equity raises took place with no fees
incurred by the Company. This highlights the confidence investors have in our growth prospects, with the most recent
raise receiving strong participation from our management team.
SCALABLE AND RECURRING IOT SOLUTIONS UNDERPINS POSITIVE OUTLOOK
Across Q3 and Q4 of FY22, the business signed 15 Solutions contracts, which will all be generating cash and revenue
from Q1 FY23. These deals will add approximately $2 million of annualised revenue in total once fully rolled out and
deployed. Three of our new partners are multi-Billion-dollar companies that provide ample opportunity for our partnership
to grow and expand over time.
Twelve months after expanding into the Solutions business, recurring Solutions revenue has increased to 12% of total
revenue in Q4 FY22 and will continue to grow as more contracts are progressively rolled out.
Data usage from Travel users has increased to pre-pandemic levels, including 11% revenue growth during the traditionally
quieter March quarter, and I expect the strong growth in usage to continue into FY23. To improve margins as we scale,
the team is focused on reducing our data costs, on our journey to building a profitable and sustainable business. Our
increasing scale improves our ability to negotiate favourable terms with network operators and aggregators. We will
also be implementing a multi IMSI strategy to better facilitate network switching to optimise our margin over time, while
maintaining the same excellent level of performance and coverage for our customers.
Following a year of transition, we are very well positioned to capitalise on a growing pipeline of Solutions opportunities.
To capture market demand, our engineering team will be developing new features and solutions as we expand our reach
across new verticals and use cases. Given the ramp up in our Solutions verticals and the ongoing improvements in travel
metrics, I am confident that we will deliver at least 100% increase in revenue, to A$7.2M in FY23.
APPRECIATION
I am proud of the outcomes that our team has delivered in FY22 to position the business for long term global growth.
Through hard work and dedication, we have improved our infrastructure to provide the ability to scale to billions of
devices globally and secured contracts that will underpin our growth in FY23.
I would like to thank the Board, Leadership Team and all the members of the Flexiroam family for their efforts during the
year and for their commitment to our success. On behalf of the Board, I would like to thank our investors for supporting
our business. Our company is well positioned for success and I am filled with confidence, inspiration, and gratitude for
where we are heading as we begin to write a new chapter in Flexiroam’s story.
3
DIRECTORS’ REPORT
The Directors of Flexiroam Limited (‘the Company’) and its controlled entities submit herewith their report together with
the financial statements of the company (‘the Group’) for the year ended 31 March 2022.
1. DIRECTORS
The names and particulars of the directors of the Company during or since the end of the year 31 March 2022 are:
MARC BARNETT (Appointed 22 February 2021)
Non-Executive Director, re-designated as an Executive Director and CEO effective from 27 April 2021
Marc Barnett has extensive experience in sales, commercial operations, finance and change management, and brings
over 12 years’ experience in C-suite roles across the Asia-Pacific region, with multinational corporations and high growth
start-ups.
Marc Barnett was most recently Chief Executive Officer of video-on-demand service iflix, until its acquisition by Tencent
in June 2020, having joined as Chief Operating Officer in 2016. He accelerated iflix’s growth to deliver 50 million app
downloads with 25 million monthly active users, rapidly expanding the business to 32 markets spanning Asia, the Middle
East and Africa.
Marc Barnett held senior leadership roles at Microsoft and nineMSN. As part of the Microsoft Asia-Pacific Executive
Leadership Team, he developed the go-to-market strategy for over 100 sales staff across 13 markets in the region. He
represented the interests of Nine Entertainment Co and Microsoft in Joint Ventures.
Marc Barnett has not held directorships in any other Australian listed companies during the past three financial years.
JEFREY ONG (Appointed 18 March 2015)
Executive Director and CEO, transitioned to newly created role of Chief Innovation Officer on 27 April 2021, re-
designated as Non-Executive Director effective from 1 April 2022
Jefrey has over 15 years of experience in the telecommunications industry and has co-founded three different technology-
based companies. He is currently a Director of Flexiroam Sdn Bhd, and Realmstack Sdn Bhd. (formerly known as Reapfield
Technology Sdn Bhd).
Jefrey is a graduate from Chaplain College with a Bachelor Degree in Computer Science.
Jefrey has not held directorships in any other Australian listed companies during the past three financial years.
TAT SENG KOH (Appointed 3 September 2018)
Non-Executive Director, re-designated as an Executive Director effective from 2 November 2020, moved back into the
role of Non-Executive Director on 27 April 2021
Tat Seng Koh has extensive experience in investment banking and corporate finance. He has successfully listed many
companies on stock exchanges and raised funds in the debt and equity market.
He was instrumental in the listing of MayAir Group plc and PureCircle Ltd on the AIM Market, London Stock Exchange in
2015 and 2007 respectively. He held the position of Executive Director/Group Chief Financial Officer of MayAir Group
plc and was the Group Chief Financial Officer of PureCircle Ltd. Prior to joining PureCircle Ltd, Tat Seng was Head of
Corporate Finance at Avenue Securities Sdn Bhd (a member of the ECM Libra Avenue Group) and Associate Director
of Corporate Finance of CIMB Investment Bank Berhad, a leading investment bank in Malaysia. He started his career at
Coopers & Lybrand (now known as PWC) upon obtaining his bachelor’s degree in accounting from University of Malaya in
1990. He is a member of the Malaysian Institute of Accountants and was a member of the Listing Committee of the Labuan
International Financial Exchange, a wholly owned subsidiary of Bursa Malaysia Berhad.
Tat Seng has not held directorships in any other Australian listed companies during the past three financial years.
4
DIRECTORS’ REPORT
1. DIRECTORS — CONTINUED
TUCK YIN CHOY (Appointed 13 May 2019, resigned 7 July 2021)
Non-Executive Director
Tuck Yin has extensive experience in international sales and marketing, currently serving as Global Sales Manager for
one of Germany’s largest iron and steel industrial technology companies, a role he has held for more than 10 years. He
is highly experienced in cross-cultural relationships and communication globally and brings an analytical and systematic
approach to decision making and problem solving.
Tuck Yin holds a Bachelor of Economics (Accounting) degree from La Trobe University (1992).
Tuck Yin has not held directorships in any other Australian listed companies during the past three financial years.
ONG THIAN CHOY (Appointed 1 October 2019)
Non-Executive Director
Ong Thian Choy is the founder and president of the Reapfield Group which started in 1984. Today, Reapfield Properties
is one of the leading real estate agencies in Malaysia, with a network of more than 600 real estate agents in Malaysia.
In his 36 years of real estate experience, Mr Ong Thian Choy was instrumental in the development of a robust business
management structure to professionalise the delivery of real estate services in the country.
Ong Thian Choy has not held directorships in any other Australian listed companies during the past three financial years.
The above-named directors held office during and since the end of the year 31 March 2022, unless otherwise stated.
2. COMPANY SECRETARY
NATALIE TEO (Appointed 14 February 2020)
Natalie Teo graduated with a Masters in Accounting from Curtin University in Western Australia and holds a Graduate
Diploma in Applied Corporate Governance with the Governance Institute of Australia. Ms Teo is a Chartered Secretary
and an Associate of the Governance Institute of Australia.
She is currently the secretary to several ASX-listed entities and is working with a firm which provides company secretarial
and accounting services to both listed and unlisted entities.
3. PRINCIPAL ACTIVITIES
The Group is involved in telecommunications and Internet of Things (IoT) connectivity. There have been no significant
changes in the nature of the activities during the year.
4. REVIEW OF OPERATIONS
The information and analysis about the Group’s financial performance in financial year 2022 are detailed in the Financial
Performance section beginning on page 3 of this annual report.
The details on the appointment and resignation of directors in the 2022 financial year are disclosed elsewhere in the
Director’s Report beginning on page 4.
5. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Since the appointment of the new CEO in April 2021, the Company has experienced significant organisational changes,
including a major shift in the management and operational teams. The Company has been transformed to a data-
driven company and is committed to provide transparency and visibility to its shareholders. The Company enhanced its
infrastructure, to ensure that the Company has the ability to scale to billions of devices globally, and to allow various IoT
verticals to embed connectivity into their applications.
The Company also made key additions to its global team and focussed on developing key IoT connectivity solutions. The
number of employees increased from 17 at the end of March 2021 to 37 at the end of March 2022.
5
DIRECTORS’ REPORT
5. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS — CONTINUED
During FY22, the Company successfully raised a total of A$4.25 million before costs. On 22 October 2021, the Company
placed 37,500,000 of ordinary fully paid shares, raising proceeds of A$1.5 million from existing professional and
sophisticated investors, including two current large shareholders of the Company. The raising was conducted at A$0.04
per share, an 18% premium to the stock’s closing price. There were no fee payables on the placement.
Another placement to accelerate growth initiatives was conducted on 15 February 2022, via the placement of 57,291,670
fully paid ordinary shares at an issue price of A$0.048 per share, raising A$2.75 million, with no fees payable. The offer
price represented a discount of 4% to the last closing price of A$0.05 on 7 February 2022 and a premium of 2% to the
20-day volume weighted average price (VWAP) of FRX shares.
During FY22, the Company issued 5,856,575 fully paid ordinary shares under its Employee Incentive Plan for nil monetary
consideration to an eligible employee (Joining Shares), to 4 of new management team members. On 23 August 2021, the
Company issued 10,000,000 CEO Options, 10,000,000 CEO Performance Rights and 2 Executive Performance Rights
subject to vesting conditions.
6. SIGNIFICANT EVENTS AFTER BALANCE DATE
Effective 1st of April 2022, Jef Ong, founder and Chief Innovation Officer transitioned into the role of Non-Executive
Director. He will cease to be an employee of the Company and be entitled to an annual Director’s fee of A$60,000
(inclusive of statutory superannuation) and will be subject to retirement by rotation and re-election pursuant to the
Constitution of the Company.
7. LIKELY DEVELOPMENTS AND EXPECTED RESULTS
The Company has seen data usage from Travel users significantly increase to levels approaching pre-pandemic levels,
including 11% revenue growth during the traditionally quiet March Quarter, and expects the strong growth in usage to
continue into FY23. To improve margins as the Company scales, in FY23 the Company is going to focus on reducing data
costs, towards the objective of building a profitable business. The Company will be implementing a multi IMSI strategy to
optimise margins, while maintaining the same excellent level of performance for customers.
The Company is very well positioned to capitalise on a growing list of Solutions opportunities. To capture the market
demand, the Company will continue to develop new features and solutions to accommodate expansion across new
verticals and use cases.
The potential risks associated with the Group’s business are outlined below.
Competitive market
The industry in which the Company operates in is a highly dynamic and competitive market and is subject to both
domestic and global competition, comprised of telecommunication companies and resellers of travel SIMs. Some of
the Company’s competitors, are telecommunication companies that are large organisations with greater financial,
technical and human resources.
While the Company undertakes all reasonable due diligence in its business decisions and operations, the Company
has no influence or control over the activities or actions of its competitors, whose activities or actions may negatively
impact the operating and financial performance of the Company. Notwithstanding stiff competition, the Company
continues to respond with a customer-focused strategy, constant research and development into technology, high
quality products and services, and improvements to cost structures.
Future capital needs
The Company may require additional funding in the future to support its operational needs and market growth plans.
Changes to operational requirements, market conditions and business opportunities could mean further funding may
be required by the Company at an earlier stage than is currently anticipated. Any inability to obtain additional funding,
if required, may have a material adverse effect on the Company’s financial condition and performance and may lead
to the Company’s ability to continue as a going concern.
6
DIRECTORS’ REPORT
7. LIKELY DEVELOPMENTS AND EXPECTED RESULTS — CONTINUED
Cyber security
A cyber-security breach on the FlexiroamX App could render the FlexiroamX App unavailable for use by customers
or customers’ personal information could be compromised. An attack may happen without warning and would range
in severity.
The Company has in place necessary cyber security measures to minimise and manage such attacks, however there
can be no assurance that such security strategies will be effective. Unavailability of the FlexiroamX App could harm
the Company’s reputation and lead to a loss of revenue, while a compromise on customers’ information could hinder
the Company’s ability to retain existing customers or attract new customers, which could have a material adverse
impact on the Company’s business.
Dependence on third party network providers
The Company’s business model is reliant upon third party network providers and the performance of those networks.
The Company has support measures in place in the event of any network downtime or disruption, aiming to provide
customers with the best possible solution and user experience. However, any network downtime or disruption could
materially impact connectivity, and this may affect customer confidence and impact sales of the Company.
Currency risk
The Company derives the majority of its revenue in US dollars and has cost exposure mainly in US dollars, Australian
dollars and Malaysian Ringgit. Accordingly, changes in the exchange rate between US dollars, Australian dollars and
Malaysian Ringgit will have a direct effect on the performance of the Company.
Government policy changes and legal risk
The Company’s customers are situated globally and the Company’s network covers over 200 countries. The
Company’s operations in the countries in which it operates will be governed by the applicable laws and regulations
in those countries. Breaches or non-compliance with these laws and regulations could result in penalties and other
liabilities. These may have a material adverse impact on the assets, operations, performance, growth prospects and
share price of the Company. Any governmental action or policy changes in relation to aspects such as access to
customers, intellectual property protection, trade restrictions and taxation may also adversely affect the Company.
In addition, there is a commercial risk that legal action may be taken against the Company in relation to commercial
matters.
8. ENVIRONMENTAL LEGISLATION
The entity is not subject to any significant environmental legislation.
9. MEETINGS OF DIRECTORS
The number of meetings of the company’s Board of Directors attended by each Director during the year ended 31 March
2022 was:
DIRECTOR
Marc Barnett
Jefrey Ong
Tat Seng Koh
Tuck Yin Choy
Ong Thian Choy
MEETINGS HELD
WHILE IN OFFICE
MEETINGS
ATTENDED
13
13
13
4
13
13
12
13
4
13
The Board of Directors approved 11 circular resolutions during the year ended 31 March 2022 which were signed by all
Directors of the Company.
7
DIRECTORS’ REPORT
10. REMUNERATION REPORT (AUDITED)
This report outlines the remuneration arrangements in place for Directors and other Key Management Personnel of the
Group.
10.1 KEY MANAGEMENT PERSONNEL DISCLOSED IN THIS REPORT
i) Marc Barnett (Executive Director and Chief Executive Officer effective from 27 April 2021);
ii) Jefrey Ong (Non-Executive Director, effective from 1 April 2022);
iii) Tat Seng Koh (Non-Executive Director, effective from 27 April 2021);
iv) Tuck Yin Choy (Non-Executive Director, resigned 7 July 2021);
v) Ong Thian Choy (Non-Executive Director);
10.2 REMUNERATION GOVERNANCE
Due to its size, the Company does not have a Remuneration Committee. The Board has not used remuneration consultants
in determining the remuneration of Key Management Personnel. The compensation of Key Management Personnel is
reviewed by the Board annually.
The Board assesses the appropriateness of the nature and amount of remuneration of such persons on a periodic basis
by reference to relevant employment market conditions with the overall objective of ensuring maximum shareholder
benefit from retention of high quality Key Management Personnel. External advice on remuneration matters is sought
whenever the Board deems it necessary but has not been sought during the reporting period.
The remuneration of the Key Management Personnel is not dependent on the satisfaction of a performance condition
other than as set out in this report.
10.3 NON-EXECUTIVE DIRECTOR REMUNERATION
The Board seeks to set remuneration of Non-Executive Directors at a level which provides the Company with the ability
to attract and retain Directors of the highest calibre, whilst incurring a cost which is appropriate at this stage of the
Company’s development.
The Directors had resolved that Non-Executive Directors’ fees range up to A$36,000 per annum for each Non-Executive
Director.
In addition, Non-Executive Directors are entitled to be paid reasonable travelling, accommodation and other expenses
incurred as a consequence of their attendance at meetings of Directors and otherwise in the execution of their duties as
Directors.
The maximum annual aggregate non-executive directors’ fee pool limit is A$250,000 and was approved by shareholders
at the annual general meeting held on 30 November 2011.
10.4 EXECUTIVE REMUNERATION
The following table discloses the contractual arrangements with the Group’s Key Management Personnel.
a. Key Terms of Remuneration
COMPONENT
Fixed remuneration
Contract duration
CEO DESCRIPTION
A$350,000 per annum
3 years commencing 27 April 2021
Notice by the individual/company
6 months
Other entitlements
Annual and personal leave, Incentive benefit
8
DIRECTORS’ REPORT
10. REMUNERATION REPORT (AUDITED) — CONTINUED
b. Summary of amounts paid to key management personnel
The table below discloses the compensation of the Key Management Personnel of the Group during the year ended 31
March 2022.
YEAR ENDED
31 MAR 2022
SHORT-TERM
EMPLOYEE
BENEFITS
SALARY &
FEES
$
POST-
EMPLOYMENT
SUPERANNUA-
TION
$
BONUS
$
SHARE-BASED
PAYMENTS
$
TOTAL
$
PERCENTAGE OF
TOTAL REMUNER-
ATION FOR THE
YEAR LINKED TO
PERFORMANCE
%
Directors — Flexiroam Limited
Jefrey Ong
Tat Seng Koh
Tuck Yin Choy
165,123
61,488
8,219
Thian Choy Ong
36,000
Marc Barnett
327,322
Directors — Flexiroam Sdn Bhd
Si Pin Lim
2022 Total
-
598,152
-
-
-
-
-
-
-
14,081
34,909
214,113
16.3
-
-
-
62,264
9,000
36,000
-
-
-
868,485
1,195,807
72.6
776
781
-
-
-
-
-
15,638
903,394
1,517,184
-
59.5
YEAR ENDED
31 MAR 2021
SHORT-TERM
EMPLOYEE
BENEFITS
SALARY &
FEES
$
POST-
EMPLOYMENT
SUPERANNUA-
TION
SHARE-BASED
PAYMENTS
$
$
TOTAL
$
BONUS
$
PERCENTAGE OF
TOTAL REMUNER-
ATION FOR THE
YEAR LINKED TO
PERFORMANCE
%
Directors — Flexiroam Limited
Jefrey Ong
Tat Seng Koh
Tuck Yin Choy
139,515
35,966
19,178
Thian Choy Ong
21,000
Marc Barnett
3,750
Directors — Flexiroam Sdn Bhd
Si Pin Lim
-
792
-
-
-
-
-
5,902
3,297
1,822
-
-
-
15,000
161,209
0.5
15,000
54,263
15,000
36,000
15,000
36,000
-
-
3,750
-
-
-
-
-
-
2021 Total
219,409
792
11,021
60,000
291,222
0.5
No member of key management personnel appointed during the year received a payment as part of his or her consideration
for agreeing to hold the position (31 March 2022: $nil).
9
DIRECTORS’ REPORT
10. REMUNERATION REPORT (AUDITED) — CONTINUED
c. Employee share option plan
The Company has issued 5,856,575 fully paid ordinary shares under its Employee Incentive Plan for nil monetary
consideration (Joining Shares) to 4 of new management team members. The options were granted as remuneration
during the current financial year.
10.5 EQUITY HOLDINGS OF KEY MANAGEMENT PERSONNEL
a. Fully paid ordinary shares
Fully paid ordinary shares issued by Flexiroam Limited to Key Management Personnel are as follows:
31 MAR 2022
BALANCE AT
1 APR 2021
ALLOTMENT /
PURCHASE OF
SHARES
DISPOSAL
OF SHARES
NET OTHER
CHANGES
BALANCE AT
31 MAR 2022
BALANCE HELD
NOMINALLY
NUMBER
NUMBER
NUMBER
NUMBER
NUMBER
NUMBER
Directors — Flexiroam Limited
Jefrey Ong
62,021,186
-
Tat Seng Koh
39,222,162
3,750,000
Thian Choy Ong
81,943,089
Tuck Yin Choy
609,756
Directors — Flexiroam Sdn Bhd
Si Pin Lim
4,500,000
-
-
-
b. Share options held by key management personnel
DIRECTORS
GRANT
DATE
EXERCISE
PRICE
Jefrey Ong
31 October 2019
Tat Seng Koh
31 October 2019
Thian Choy Ong
31 October 2019
1 200,000 options are held through indirect shares
$0.12
$0.12
$0.12
c. Performance rights
-
-
-
-
-
-
-
-
-
-
62,021,186
42,972,162
-
-
81,943,089
1,943,089
609,756
4,500,000
-
-
NUMBER
12,282,286
4,792,000
12,200,0001
FAIR
VALUE
EXPIRY
DATE
$nil
$nil
$nil
31 October 2022
31 October 2022
31 October 2022
During the year ended 31 March 2022 no share performance rights were granted or exercised by key management
personnel. Below securities were approved subject to vesting conditions.
DIRECTORS
GRANT
DATE
EXERCISE
PRICE
NUMBER
FAIR
VALUE
EXPIRY
DATE
Marc Barnett
19 August 2021
Marc Barnett
19 August 2021
Jefrey Ong
19 August 2021
$nil
$nil
$nil
20,000,000
$0.040
23 August 2023
1
1
$175,000
23 August 2023
$60,000
23 August 2023
10
DIRECTORS’ REPORT
10. REMUNERATION REPORT (AUDITED) — CONTINUED
10.6 VOTING AND COMMENTS MADE AT THE COMPANY’S 2021 ANNUAL GENERAL MEETING
The Company received 99.89% votes, of those shareholders who exercised their right to vote, in favour of the remuneration
reports for the 2021 financial period. The Company did not receive any specific feedback at the AGM or throughout the
period on its remuneration practices.
10.7 LOANS TO KEY MANAGEMENT PERSONNEL
There were no loans to key management personnel.
(This is the end of the Audited Remuneration Report)
11
DIRECTORS’ REPORT
11. INDEMNITY AND INSURANCE OF OFFICERS
During the financial year, the total amount of indemnity coverage and insurance premium paid for directors and officers
of the Company were $1,000,000 and $41,250 respectively.
12. INDEMNITY AND INSURANCE OF AUDITORS
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
company or any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the
company or any related entity.
13. PROCEEDINGS ON BEHALF OF COMPANY
No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any proceedings
to which the Company is party for the purpose of taking responsibility on behalf of the Company for all or any part of these
proceedings. The Company was not a party to any such proceedings during the year.
14. INTERESTS IN THE SHARES, OPTIONS AND PERFORMANCE RIGHTS OF THE COMPANY AND
RELATED BODIES CORPORATE
The following relevant interests in shares and options of the Company or a related body corporate were held by the
Directors as at the date of this report.
FULLY PAID
ORDINARY SHARES
NUMBER
SHARE
OPTIONS
NUMBER
PERFORMANCE
RIGHTS
NUMBER
DIRECTORS
Directors — Flexiroam Limited
Marc Barnett
Jefrey Ong
Tat Seng Koh
Tuck Yin Choy
Thian Choy Ong
-
20,000,001
-
62,021,186
42,972,162
609,756
81,943,089
12,282,286
4,792,000
-
12,200,000
1
-
-
-
-
Directors — Flexiroam Sdn Bhd
Si Pin Lim
4,500,000
-
15. SHARE OPTIONS
At the date of this report, unissued ordinary shares of the Company under option are:
GRANT DATE
EXPIRY DATE
EXERCISE PRICE
NUMBER
31 October 2019
31 October 2022
$0.12
65,620,842
12
DIRECTORS’ REPORT
16. NON-AUDIT SERVICES
The Company may decide to employ the auditor on assignments additional to their statutory audit duties where the
auditor’s expertise and experience with the Company are important.
During the year, no fees have been paid or payable for non-audit services provided by the auditor of the parent entity, its
related practices and non-related audit firms.
17. DIVIDENDS
No dividends were paid during the year and no recommendation is made as to dividends.
18. AUDITOR’S INDEPENDENCE DECLARATION
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is included
in this Annual Financial Report.
Marc Barnett
Chief Executive Officer
Signed on this 19th day in May 2022
13
AUDITOR’S INDEPENDENCE DECLARATION
AUDITOR’S INDEPENDENCE DECLARATION
UNDER SECTION 307C OF THE CORPORATIONS ACT 2001
As lead auditor of the audit of Flexiroam Limited for the year ended 31 March 2022, I declare that,
to the best of my knowledge and belief, there have been:
(cid:120)
(cid:120)
no contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
no contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Flexiroam Limited and the entities it controlled during the year.
Rothsay Audit & Assurance Pty Ltd
Daniel Dalla
Director
19 May 2022
14
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2022
Revenue
Cost of sales
Cost of sales – expired volume commitment
Gross profit / (loss)
Interest received
Foreign exchange losses
Other income
Gain on disposal of plant and equipment
Administration and operating expenses
Selling and marketing expenses
Research and development
Staff costs
Bad debts written off
Depreciation and amortisation
Plant and equipment written off
Finance expenses
NOTES
6
YEAR ENDED
31 MAR 2022
$
YEAR ENDED
31 MAR 2021
$
3,668,121
(2,190,356)
-
1,477,765
7,869
(201,255)
23,761
-
(1,055,193)
(1,061,660)
(415,815)
(2,596,698)
(183,420)
(16,958)
(1,480)
(170,075)
2,520,003
(357,667)
(3,148,706)
(986,370)
1,459
(216,711)
105,246
2,462
(558,594)
(273,363)
(107,650)
(295,597)
(7,536)
(25,608)
(19,386)
(57,833)
Loss before income tax
(4,193,159)
(2,439,481)
Income tax expense
14
-
-
Loss for the year
(4,193,159)
(2,439,481)
Other comprehensive income
Items that may be re-classified to profit or loss:
Foreign exchange translation
Total other comprehensive income, net of tax
26,971
26,971
1,114,111
1,114,111
Total comprehensive loss for the year
(4,166,188)
(1,325,370)
Loss per share (basic and diluted)
17
(0.80) cents
(0.60) cents
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction
with the accompanying notes.
15
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
NOTES
AS AT
31 MAR 2022
$
AS AT
31 MAR 2021
$
CURRENT ASSETS
Cash at bank
Fixed deposits with licensed bank
Trade and other receivables
Inventory
Other assets
Total current assets
NON-CURRENT ASSETS
Plant and equipment
Intangible assets
Total non-current assets
Total Assets
CURRENT LIABILITIES
Trade and other payables
Deferred revenue
Lease liability
Total current liabilities
Total Liabilities
Net Liabilities
EQUITY
Issued capital
Reserves
Accumulated losses
Total equity
7
7
9
10
11
12
13
15
16
3,161,565
1,049,782
66,356
280,337
68,090
4,626,130
29,742
58,315
88,057
4,714,187
4,824,325
1,880,708
-
6,705,033
6,705,033
(1,990,846)
46,883,390
(1,798,753)
(47,075,483)
(1,990,846)
2,809,608
-
116,005
321,190
130,876
3,377,679
28,875
-
28,875
3,406,554
4,756,585
2,029,804
3,434
6,789,823
6,789,823
(3,383,269)
42,427,553
(2,628,505)
(43,182,317)
(3,383,269)
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
16
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2022
ISSUED
CAPITAL
$
OPTION &
PERFORMANCE
RIGHTS RESERVE
FOREX
TRANSLATION
RESERVE
ACCUMULATED
LOSS
$
$
$
BALANCE AT 1 APRIL 2020
Loss for the year
Other comprehensive income for the year
Total comprehensive income/(loss) for the year
Shares issued during the year
Share issue costs
BALANCE AT 31 MARCH 2021
BALANCE AT 1 APRIL 2021
Loss for the year
Other comprehensive income for the year
Total comprehensive income/(loss) for the year
Performance rights to employees
Shares issued during the year
Share issue costs
Options lapsed
BALANCE AT 31 MARCH 2022
TOTAL
$
(5,118,746)
(2,439,481)
1,114,111
(1,325,370)
3,180,847
(120,000)
39,366,706
299,993
(4,042,609)
-
-
-
-
-
-
1,114,111
1,114,111
-
-
(40,742,836)
(2,439,481)
-
(2,439,481)
-
-
-
-
-
3,180,847
(120,000)
42,427,553
299,993
(2,928,498)
(43,182,317)
(3,383,269)
42,427,553
299,993
(2,928,498)
-
-
-
-
4,250,000
205,837
-
46,883,390
-
-
-
1,308,611
-
(205,837)
(299,993)
1,102,744
-
26,971
26,971
-
-
-
-
(43,182,317)
(4,193,159)
-
(4,193,159)
-
-
-
299,993
(3,383,269)
(4,193,159)
26,971
(4,166,188)
1,308,611
4,250,000
-
-
(2,901,527)
(47,075,483)
(1,990,846)
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
17
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR
ENDED 31 MARCH 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers and employees
Interest paid
Interest received
Net cash flows used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of plant and equipment
Purchase of intangible assets
Proceeds from disposal of plant and equipment
Net cash flows (used in)/provided by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of share capital
Payments for share issue costs
Borrowings - payments
Net cash flows from financing activities
NOTES
YEAR ENDED
31 MAR 2022
YEAR ENDED
31 MAR 2021
$
$
8
9
3,445,259
(5,820,089)
(170,075)
7,869
(2,537,036)
(11,458)
(66,801)
-
(78,259)
4,250,000
-
(4,628)
4,245,372
1,772,456
(2,254,603)
(57,833)
1,459
(538,521)
-
-
2,335
2,335
3,017,347
(120,000)
(8,982)
2,888,365
Net increase in cash and cash equivalents
1,630,077
2,352,179
CASH AND CASH EQUIVALENTS AT THE BEGINNING
OF THE YEAR
Foreign exchange fluctuations on opening cash balances
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
7
2,809,608
615,741
(228,338)
4,211,347
(158,312)
2,809,608
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
18
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
1. REPORTING ENTITY
These financial statements and notes of Flexiroam Limited (“the Company”) and its subsidiaries (collectively “the Group”)
comprise the consolidated financial statements for the Group. For the purpose of preparing the consolidated financial
statements, the Company is a for-profit entity and is domiciled in Australia. The Group is involved in the telecommunications
and Internet of Things (IoT) connectivity industry.
2. ADOPTION OF NEW AND REVISED AUSTRALIAN ACCOUNTING STANDARDS
2.1 STANDARDS AND INTERPRETATIONS APPLICABLE TO 31 MARCH 2022
In the year ended 31 March 2022, the Directors have reviewed all of the new and revised Standards and Interpretations
issued by the AASB that are relevant to the Company and effective for the current year reporting period.
2.2 STANDARDS AND INTERPRETATIONS IN ISSUE NOT YET ADOPTED
The Directors have also reviewed all new Standards and Interpretations that have been issued but are not yet effective
for the year ended 31 March 2022.
There are no other material impact of the new and revised Standards and Interpretations on the Group and therefore no
change is necessary to Group accounting policies.
3. GOING CONCERN
These financial statements have been prepared on the going concern basis, which contemplates the continuity of normal
business activities and the realisation of assets and settlement of liabilities in the normal course of business.
As disclosed in the financial statements, the Group incurred an operating loss of $4,193,159 for the year ended 31 March
2022 (31 March 2021 loss: $2,439,481) and a net cash outflow from operating activities amounting to $2,537,036 (31 March
2021 outflow: $538,521). As at 31 March 2022, the Group has a net current asset deficiency of $2,078,903 (31 March 2021:
$3,412,144) and net asset deficiency of $1,990,846 (31 March 2021: $3,383,269). The ability of the Group to continue as
a going concern is dependent on the Group achieving positive operating cash flows and/or securing additional funding
through capital raising to continue to fund its operational and marketing activities. These conditions indicate the existence
of a material uncertainty that may cast significant doubt about the Group’s ability to continue as going concern.
The Directors are satisfied that the going concern basis of preparation is appropriate and there are reasonable grounds
to believe that the Group will continue as a going concern due to the following factors:
The Directors are confident in the outlook of improved financial performance of the business to deliver future profitable
operations; and/or
The Company is able to raise further capital based on historical success. The Company has raised $4.25 million
through share placement as disclosed in Note 15 to the financial statements.
Should the Group not be able to continue as a going concern, it may be required to realise its assets and discharge
its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial
statements. The financial report does not include any adjustments relating to the recoverability and classification of
recorded asset amounts or liabilities that might be necessary should the Group not continue as a going concern.
19
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4. SIGNIFICANT ACCOUNTING POLICIES
4.1 BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE
These general-purpose financial statements have been prepared in accordance with the Corporations Act 2001, Australian
Accounting Standards and Interpretations, and comply with other requirements of the law.
Australian Accounting Standards are equivalent to International Financial Reporting Standards (“IFRS”). Compliance with
Australian Accounting Standards ensures that these financial statements comply with International Financial Reporting
Standards. Material accounting policies adopted in the preparation of these financial statements are presented below and
have been consistently applied unless otherwise stated.
Except for the cash flow information, the financial statements have been prepared on an accruals basis and are based
on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial
assets and financial liabilities.
4.2 BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the
Company and its subsidiaries. Control is achieved when the Company:
has power over the investee;
is exposed, or has rights, to variable returns from its involvement in with the investee; and
has the ability through its power to affect its returns.
The Company reassess whether or not it controls an investee if facts and circumstances indicate that there are changes
to one or more of the three elements listed above.
When the Company has less than a majority of the voting rights of an investee, it has the power over the investee when
the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The
Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights are
sufficient to give it power, including,
the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote
holders;
potential voting rights held by the Company, other vote holders or other parties; rights arising from other contractual
arrangements; and
any additional facts and circumstances that indicate that the Company has, or does not have, the current ability
to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous
shareholder meetings.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the
Company loses control of the subsidiary. Specifically income and expenses of a subsidiary acquired or disposed of during
the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the
Company gains control until the date when the Company ceases to control the subsidiary.
4.3 SIGNIFICANT ACCOUNTING POLICIES ADOPTED
The following significant accounting policies have been adopted in the preparation and presentation of the financial
report:
a. Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The Chief Operating Decision Maker, who is responsible for allocating resources and assessing performance of
the operating segments, has been identified as the Board of Directors of the Company.
b. Foreign currency translation
The functional currency of the Company and subsidiaries are measured using the currency of the primary economic
environment in which the Company and subsidiaries operate; being Australian Dollars, Malaysian Ringgit, and US Dollars
respectively. However, as the majority of the Company’s shareholder base is Australian, these financial statements are
presented in Australian Dollars.
Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates ruling at
the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate
of exchange ruling at the balance date.
20
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4. SIGNIFICANT ACCOUNTING POLICIES — CONTINUED
All exchange differences in the consolidated financial report are taken to profit or loss with the exception of differences on
foreign currency borrowings that provide a hedge against a net investment in a foreign entity. These are taken directly to
equity until the disposal of the net investment, at which time they are recognised in profit or loss. Tax charges and credits
attributable to exchange differences on those borrowings are also recognised in equity.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange
rate as at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated
using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities
carried at fair value are reported as part of the fair value gain or loss.
As at the balance sheet date the assets and liabilities of the Group are translated into the presentation currency of
Flexiroam Limited at the rate of exchange ruling at the balance date and income and expense items are translated at the
average exchange rate for the period, unless exchange rates fluctuated significantly during that period, in which case the
exchange rates at the dates of the transactions are used.
The exchange differences arising on the translation are taken directly to a separate component of equity, being recognised
in the foreign currency translation reserve.
c. Revenue recognition
Revenue is measured at fair value of the consideration received or receivable. Amounts disclosed as revenue are net of
returns, trade allowances, rebates and amounts collected on behalf of third parties. The Group recognises revenue when
a customer obtains control of a good and/or services and thus has the ability to direct the use and obtain benefits from
the goods and/or services.
Telecommunication revenue
Revenues from the sale of x-licenses are recognised over time based on customer usage or upon expiration of the
validity period of the data or expected breakage in proportion to the pattern of rights exercised by the customer;
Revenue from the sale of data roaming plans is recognised over time based on customer usage or upon expiration of
the validity period of the data or expected breakage in proportion to the pattern of rights exercised by the customer;
Revenues from sale of Flexiroam credits are deferred until the credits are converted to data plans and over time based
on the customer usage or upon expiration of the validity period of the data;
Revenues from sale of gift cards are deferred until the gift cards are redeemed and over time based on the customer
usage or upon expiration of the validity period of the data; and
Revenues from the sale of vouchers to corporate customers are recognised upon redemption and utilisation of data
or upon expiry of the validity period of the vouchers.
Solutions revenue
Revenues from the recurring plans are recognised over time based as they are mostly monthly subscription.
Interest income
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group
and the amount of revenue can be reliably measured. Interest income is accrued on a time basis, by reference to the
principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial asset to that assets’ net carrying amount on initial recognition.
d. Cash and cash equivalents
Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are
readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
21
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4. SIGNIFICANT ACCOUNTING POLICIES — CONTINUED
e. Trade and other receivables
Trade receivables are measured on initial recognition at fair value and are subsequently measured at amortised cost
using the effective interest rate method, less any allowance for expected credit losses. Trade receivables are generally
due for settlement within periods ranging from 14 days to 90 days.
The consolidated entity has applied the simplified approach to measuring expected credit losses, which uses a lifetime
expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days
overdue.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
f. Inventories
Inventories are valued at the lower of cost and net realisable value. Costs of inventories are determined on a first-in-first-
out basis. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion
and costs necessary to make the sale.
g. Financial instruments
Recognition and initial measurement
Financial instruments, incorporating financial assets and financial liabilities, are recognised when the Company becomes
a party to the contractual provisions of the instrument. Trade date accounting is adopted for financial assets that are
delivered within timeframes established by marketplace convention.
Financial instruments are initially measured at fair value plus transaction costs where the instrument is not classified as at
fair value through profit or loss. Financial instruments are then classified and measured as set out below.
Classification and subsequent measurement
All financial instruments of the Company are subsequently measured at amortised cost, using the effective interest rate
method.
Amortised cost
Amortised cost is calculated as a) the amount at which the financial asset or liability is measured at initial recognition;
b) less principal repayments; c) plus or minus the cumulative amortisation of the difference, if any, between the amount
initially recognised and the maturity amount calculated using the effective interest method; and d) less any reduction for
impairment.
Effective interest rate method
The effective interest method is used to allocate interest income or interest expense over the relevant period and is
equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs
and other premiums or discounts) through the expected life of the financial instrument to the net carrying amount of
the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the
carrying value with a consequential recognition of an income or expense in profit or loss.
Derecognition
Financial instruments are derecognised where the contractual rights to receipt of cash flows expires or the asset is
transferred to another party whereby the Group no longer has any significant continuing involvement in the risks
and benefits associated with the asset. Financial liabilities are derecognised where the related obligations are either
discharged, cancelled or expired. The difference between the carrying value of the financial liability extinguished or
transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities
assumed, is recognised in profit or loss.
Fair value
Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied
to determine the fair value for all unlisted securities, including recent arm’s length transactions, reference to similar
instruments and option pricing models.
22
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4. SIGNIFICANT ACCOUNTING POLICIES — CONTINUED
Impairment of financial assets
The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are either
measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance
depends upon the consolidated entity’s assessment at the end of each reporting period as to whether the financial
instrument’s credit risk has increased significantly since initial recognition, based on reasonable and supportable
information that is available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected
credit loss allowance is estimated. This represents a portion of the asset’s lifetime expected credit losses that is attributable
to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where
it is determined that credit risk has increased significantly, the loss allowance is based on the asset’s lifetime expected
credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted
present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.
For financial assets measured at fair value through other comprehensive income, the loss allowance is recognised within
other comprehensive income. In all other cases, the loss allowance is recognised in profit or loss.
h. Plant and equipment
Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Such cost
includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred.
Similarly, when each major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment
as a replacement only if it is eligible for capitalisation.
Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:
Plant and equipment
5 - 10 years
The assets’ residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each
financial year end.
Impairment
The carrying values of plant and equipment are reviewed for indicators of impairment at each balance date, with
recoverable amount being estimated when events or changes in circumstances indicate that the carrying value may be
impaired.
The recoverable amount of plant and equipment is the higher of fair value less costs to sell and value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset.
For an asset that does not generate largely independent cash inflows, recoverable amount is determined for the cash-
generating unit to which the asset belongs, unless the asset’s value in use can be estimated to approximate fair value.
An impairment exists when the carrying value of an asset or cash-generating unit exceeds its estimated recoverable
amount. The asset or cash-generating unit is then written down to its recoverable amount.
For plant and equipment, impairment losses are recognised in the consolidated statement of profit or loss and other
comprehensive income in the cost of sales line item.
Derecognition and disposal
An item of plant and equipment is derecognised upon disposal or when no further future economic benefits are expected
from its use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognised.
i. Intangible assets
Expenditure incurred on research activities and internally generated goodwill is recognised in profit or loss as and when
it is incurred.
An internally generated intangible asset is recognised only if the item is identifiable, and it is probable that the expected
future economic benefits will flow to the entity, and the cost can be measured reliably.
23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4. SIGNIFICANT ACCOUNTING POLICIES — CONTINUED
Intangible assets with finite useful lives are stated at cost less accumulated amortisation and accumulated impairment
losses, if any. Intangible assets are amortised on a straight-line method over their estimated useful lives, as follows:
Intangible assets
5 - 10 years
j. Trade and other payables
Trade payables and other payables are carried at amortised cost and represent liabilities for goods and services provided
to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make
future payments in respect of the purchase of these goods and services. Trade and other payables are presented as
current liabilities unless payment is not due within 12 months.
k. Goods and services tax
Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except:
i. where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost
of acquisition of an asset or as part of an item of expense; or
ii. for receivables and payables, which are recognised inclusive of GST. The net amount of GST recoverable from the
taxation authority is included as part of receivables.
Cash flows are included in the cash flow statement on a gross basis. The GST component of cash flows arising from
investing and financial activities which is recoverable from, or payable to, the taxation authority is classified as operating
cash flows.
l. Income tax
Current tax
Current tax is calculated by reference to the amount of income taxes payable to or recoverable in respect of the taxable
profit or tax loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively
enacted by reporting date. Current tax for current and prior periods is recognised as a liability (or asset) to the extent that
it is unpaid (or refundable).
Deferred tax
Deferred tax is accounted for using the liability method. Temporary differences are differences between the tax base of
an asset or liability and its carrying amount in the statement of financial position. The tax base of an asset or liability is the
amount attributed to that asset or liability for tax purposes.
In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised
to the extent that it is probable that sufficient taxable amounts will be available against which deductible temporary
differences or unused tax losses and tax offsets can be utilised.
However, deferred tax assets and liabilities are not recognised if the temporary differences giving rise to them arise from
the initial recognition of assets and liabilities (other than as a result of a business combination) which affects neither taxable
income nor accounting profit. Furthermore, a deferred tax liability is not recognised in relation to taxable temporary
differences arising from the initial recognition of goodwill.
Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries,
branches and associates, and interests in joint ventures except where the Group is able to control the reversal of
the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets arising from deductible temporary differences associated with these investments and interest are
only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the
benefits of the temporary differences and they are expected to reverse in the foreseeable future.
Deferred tax liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability
giving rise to them are realised or settled, based on the tax rates (and tax laws) that have been enacted or substantively
enacted by reporting date.
The measurement of deferred tax liabilities and assets reflects the tax consequence that would follow from the manner in
which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authorities and
the Group intends to settle its current tax assets and liabilities on a net basis.
24
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4. SIGNIFICANT ACCOUNTING POLICIES — CONTINUED
Current and deferred tax for the period
Current and deferred tax is recognised as an expense or income in the consolidated statement of profit or loss and other
comprehensive income, except when it relates to items credited or debited directly to equity, in which case the deferred
tax is also recognised directly in equity, or where it arises from the initial accounting for a business combination, in which
case it is taken into account in the determination of goodwill or excess.
m. Issued capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are
shown in equity as a deduction, net of tax, from the proceeds.
n. Share-based payment transactions
Equity settled transactions
The Group provides benefits to employees of Flexiroam Sdn Bhd in the form of share-based payments, whereby
employees render services in exchange for shares (equity-settled transactions).
There is currently one plan in place to provide these benefits which is the Performance Rights Plan.
The cost of these equity-settled transactions with employees of Flexiroam Sdn Bhd is measured by reference to the
market price of the shares traded on ASX at the date at which they are issued.
In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions linked to
the price of the shares of Flexiroam Limited (market conditions).
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period
in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees
become fully entitled to the award (the vesting period).
The cumulative expense recognised for equity-settled transactions at each balance date until vesting date reflects:
i. the extent to which the vesting period has expired; and
ii. the Group’s best estimate of the number of equity instruments that will ultimately vest.
No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions
is included in the determination of fair value at grant date. The profit or loss charge or credit for a period represents the
movement in cumulative expense recognised as at the beginning and end of that period.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is only conditional upon
a market condition.
If the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been
modified. In addition, an expense is recognised for any modification that increases the total fair value of the share-based
payment arrangement, or is otherwise beneficial to the employee, as measured at the date of modification.
o. Parent entity financial information
The financial information for the parent entity, Flexiroam Limited, disclosed in Note 19 has been prepared on the same
basis as the consolidated financial statements, except as set out below .
Investments in subsidiaries
Investments in subsidiaries are accounted for at cost in the parent entity’s financial statements.
Share-bared payments
The grant by the Company of shares over its equity instruments to the employees of subsidiary undertakings in the Group
is treated as a capital contribution to that subsidiary undertaking.
p. Employee benefits
Short term benefits
Wages, salaries, bonuses and social security contributions are recognised as an expense in the year which the associated
services are rendered by employees of the Company.
Defined contribution plans
As required by law, companies in Malaysia make contributions to the Employees Provident Fund (EPF). Such contributions
are recognised as an expense in profit or loss as incurred.
25
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4. SIGNIFICANT ACCOUNTING POLICIES — CONTINUED
q. Earnings/Loss per share
Basic earnings per share is calculated as net profit attributable to members of the parent, adjusted to exclude any costs
of servicing equity (other than dividends) and preference share dividends, divided by the weighted average number of
ordinary shares, adjusted for any bonus element.
Diluted earnings per share is calculated as net profit attributable to members of the parent, adjusted for:
costs of servicing equity (other than dividends) and preference share dividends;
the after-tax effect of dividends and interest associated with dilutive potential ordinary shares that have been
recognised as expenses;
other non-discretionary changes in revenues or expenses during the period that would result from the dilution of
potential ordinary shares, divided by the weighted average number of ordinary shares and dilutive potential ordinary
shares, adjusted for any bonus element.
r. Critical accounting judgements and key sources of estimation uncertainty
The Directors make a number of estimates and assumptions in preparing general purpose financial statements. The
resulting accounting estimates, will, by definition, seldom equal the related actual results. The estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which
the estimates are revised and future periods if relevant.
Recognition of revenue from expected breakage
Revenue from expected breakage amounts are recognised in proportion to the pattern of rights exercised by the customer.
The Group has determined the breakage ratio using pattern of rights exercised by the customer based on the average
historical data in the last 2 years. The total breakage revenue is then computed based on amount of data utilised but not
expired during the year.
5. FINANCIAL RISK MANAGEMENT
a. Categories of financial instruments
FINANCIAL ASSETS
Cash and cash equivalents
Fixed deposits with licensed bank
Trade and other receivables
FINANCIAL LIABILITIES
Trade and other payables
b. Capital risk management
AS AT
31 MAR 2022
$
AS AT
31 MAR 2021
$
3,161,565
1,049,782
66,356
2,809,608
-
116,005
4,824,325
4,756,585
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while
maximising the return to stakeholders through the optimisation of the debt and equity balance. The Group’s overall
strategy remains unchanged from 2021.
The capital structure of the Group consists of cash and cash equivalents and equity attributable to equity holders of the
parent, comprising issued capital, reserves and retained earnings. None of the Group’s entities are subject to externally
imposed capital requirements.
Operating cash flows are used to maintain and expand operations, as well as to make routine expenditures such as tax,
dividends and general administrative outgoings. Gearing levels are reviewed by the Board on a regular basis in line
with its target gearing ratio, the cost of capital and the risks associated with each class of capital.
26
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5. FINANCIAL RISK MANAGEMENT — CONTINUED
c. Financial risk management objective and policies
The Group’s overall financial risk management objective is to ensure that the Group creates value for its shareholders
while minimising potential adverse effects on the performance of the Group. The Group’s financial risk management
policies were established to ensure the adequacy of financial resources for business development and in managing its
credit, interest, liquidity, and cash flow risks.
d. Market risk
Foreign currency risk
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The functional
currency of the Company and subsidiary are measured using the currency of the primary economic environment in which
the Company and subsidiary operates; being Australian Dollars, Malaysian Ringgit, and US Dollars respectively. However,
as the majority of the Company’s shareholder base is Australian, these financial statements are presented in Australian
dollars.
There has been no change to the Group’s exposure to market risks or the manner in which it manages and measures the
risk from the previous period.
Foreign currency risk management
The Group undertakes certain transactions denominated in foreign currencies, hence exposures to exchange rate
fluctuations arise.
The carrying amounts of the Group’s foreign currency denominated monetary assets and liabilities at the balance date
expressed in Australian dollars are as follows:
FINANCIAL ASSETS
Cash and cash equivalents
Fixed deposits with licensed bank
Trade and other receivables
FINANCIAL LIABILITIES
Trade and other payables
AS AT
31 MAR 2022
$
AS AT
31 MAR 2021
$
2,838,152
1,049,780
39,223
2,557,598
-
87,746
4,704,681
4,694,788
Foreign currency sensitivity analysis
The Group is exposed to Malaysian Ringgit (RM) and US Dollars (USD) currency fluctuations.
The following table details the Group’s sensitivity to a 0.5% increase and decrease in the Australian Dollar (AUD) against
the Malaysian Ringgit (RM) and US Dollars (USD). 0.5% is the sensitivity rate used when reporting foreign currency risk
internally to key management personnel and represents management’s assessment of the possible change in foreign
exchange rate. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and
adjusts their translation at the period end for a 0.5% change in foreign currency rates.
A positive number indicates an increase in profit or loss and other equity where the Australian Dollar strengthens
against the respective currency. For a weakening of the Australian Dollar against the respective currency there would
be an equal and opposite impact on the profit and other equity and the balances below would be negative.
27
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
RM & USD
DOWN 0.5%
AUD UP
0.5%
$
$
(LOSS)
$
RM & USD
UP 0.5%
AUD DOWN
0.5%
$
GAIN
$
31 MARCH 2022
FINANCIAL ASSETS
Cash and cash equivalents
Fixed deposits with licensed bank
Trade and other receivables
2,838,152
1,049,780
39,223
2,823,961
1,044,531
39,027
(14,191)
(5,249)
(196)
2,852,343
1,055,029
39,419
14,191
5,249
196
FINANCIAL LIABILITIES
Trade and other payables
31 MARCH 2021
FINANCIAL ASSETS
Cash and cash equivalents
Trade and other receivables
FINANCIAL LIABILITIES
Trade and other payables
4,704,560
4,728,083
23,523
4,681,037
(23,523)
2,557,598
2,544,810
(12,788)
2,570,386
87,746
87,307
(439)
88,185
12,788
439
4,694,788
4,718,262
23,474
4,671,314
(23,474)
Credit risk
Credit risk is the risk of default by clients and counterparties. Cash deposits and trade receivables may give rise to credit
risk which requires the loss to be recognised if a counterparty fails to perform as contracted. It is the Group’s policy
to monitor the financial standing of these counterparties on an on-going basis to ensure that the Group’s exposure to
credit risk is minimal. The Group has no material credit risk exposure as at 31 March 2022.
The following table provides information regarding cash and cash equivalents.
Cash and cash equivalents
Fixed deposits with licensed bank
NOTE
AS AT
31 MAR 2022
AS AT
31 MAR 2021
$
$
7
7
3,161,565
1,049,782
4,211,347
2,809,608
-
2,809,608
28
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5. FINANCIAL RISK MANAGEMENT — CONTINUED
Interest rate risk
The financial instruments which primarily expose the Group to interest rate risk are cash and cash equivalents. The
Group’s exposure to interest rate risk and the effective interest rate for classes of financial assets and financial liabilities
and its contractual cash flows is set out below:
EFFEC-
TIVE
INTEREST
RATE
NOTE
FLOATING
INTEREST
RATE
1 YEAR
OR LESS
1 TO 5
YEARS
NON-
INTEREST
BEARING
$
$
$
$
TOTAL
$
31 MARCH 2022
FINANCIAL ASSETS
Cash at bank
Fixed deposits with licensed bank
Trade and other receivables
FINANCIAL LIABILITIES
Trade and other payables
31 MARCH 2021
FINANCIAL ASSETS
Cash and cash equivalents
Trade and other receivables
FINANCIAL LIABILITIES
Trade and other payables
Lease liability
7
7
11
7
11
13
-
1.70% to
2.03%
-
-
-
-
-
4.3%
-
-
-
-
-
-
-
-
-
-
-
-
-
1,049,782
-
1,049,782
-
-
-
-
3,161,565
3,161,565
-
1,049,782
66,356
66,356
3,227,921 4,277,703
-
-
-
-
-
-
3,434
3,434
- 4,824,325 4,824,325
- 4,824,325 4,824,325
- 2,809,608 2,809,608
-
116,005
116,005
- 2,925,613 2,925,613
-
-
4,756,585 4,756,585
-
3,434
- 4,756,585 4,760,019
The sensitivity analyses have been determined based on the exposure to interest rates for both derivative and non-
derivative instruments at the balance sheet date and the stipulated change taking place at the beginning of the financial
year and held constant throughout the reporting period. A 50 basis point increase or decrease is used when reporting
interest rate risk internally to key management personnel and represents management’s assessment of the change in
interest rates.
At reporting date, if interest rates had been 50 basis points higher or lower and all other variables were held constant,
the Group’s profit after tax would increase by $nil and decrease by $nil respectively (31 March 2021: $nil).
Liquidity and cash flow risk
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate
liquidity risk management framework for the management of the Group’s short, medium and long-term funding and
liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, banking
facilities by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial
assets and liabilities.
29
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5. FINANCIAL RISK MANAGEMENT — CONTINUED
Fair values
The fair values of financial assets and financial liabilities are determined as follows:
the fair value of financial assets and financial liabilities with standard terms and conditions and traded on active liquid
markets are determined with reference to quoted market prices; and
the fair value of other financial assets and financial liabilities are determined in accordance with generally accepted
pricing models based on discounted cash flow analyses.
The Directors consider that the carrying amounts of financial assets and financial liabilities which are all recorded at
amortised cost less accumulated impairment charges in these financial statements approximate their fair values.
6. REVENUE
Corporate sales [a]
Consumer sales [b]
Solutions [c]
YEAR ENDED
31 MAR 2022
$
YEAR ENDED
31 MAR 2021
$
1,290,104
2,057,928
320,089
3,668,121
1,087,123
1,378,232
54,648
2,520,003
a Corporate sales consist of business to business transactions involving local and foreign travel agencies.
b Consumer sales consist of business to consumer transactions involving local and foreign travellers.
c Solutions sales consist of business-to-business transactions involving local and foreign partners.
7. CASH AND CASH EQUIVALENTS
Cash at bank
Fixed deposits with licensed bank
AS AT
31 MAR 2022
$
AS AT
31 MAR 2021
$
3,161,565
1,049,782
4,211,347
2,809,608
-
2,809,608
Fixed deposits of the Group and of the Company amounting to $1,049,782 and $nil respectively are deposited to
licensed bank.
The weighted average effective interest rates of the fixed deposits with licensed banks at the reporting date range
from 1.70% to 2.03% per annum.
The fixed deposits have maturity periods from 3 to 6 months.
30
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
8. CASH FLOW INFORMATION
Reconciliation of loss for the period to net cash flows from operating activities
Loss for the year
Depreciation and amortisation
Forex movements
Bad debts written off
Provision for share based payment
Plant and equipment written off
(Increase)/Decrease in trade and other receivables
Decrease in inventory
Decrease/(Increase) in other assets
Increase in trade and other payables
Decrease in deferred revenue
Net cash used in operating activities
AS AT
31 MAR 2022
$
AS AT
31 MAR 2021
$
(4,193,159)
16,958
156,566
183,420
1,308,611
1,480
(133,771)
40,853
62,786
168,316
(149,096)
(2,537,036)
(2,439,481)
25,608
1,445,689
7,536
-
19,386
33,546
95,175
(168)
2,363,815
(2,089,627)
(538,521)
31
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
9. PLANT AND EQUIPMENT
As at 31 March 2022, the Group’s plant and equipment consists of the following:
AT COST
As at 1 April 2020
Additions
Disposals/ Write-off/ Adjustment
Foreign exchange effects
As at 31 March 2021
Additions
Disposals/ Write-off/ Adjustment
Foreign exchange effects
As at 31 March 2022
ACCUMULATED DEPRECIATION
As at 1 April 2020
Depreciation expense
Disposals/ Write-off/ Adjustment
Foreign exchange effects
As at 31 March 2021
Depreciation expense
Disposals/ Write-off/ Adjustment
Foreign exchange effects
As at 31 March 2022
CARRYING AMOUNT
As at 31 March 2021
As at 31 March 2022
FURNITURE &
FITTINGS
$
OFFICE
EQUIPMENT
$
RENOVATION
$
TOTAL
$
13,533
-
(10,415)
(2,184)
934
-
-
5
939
10,601
871
(8,112)
(3,127)
233
87
-
(2)
318
701
621
32
121,009
-
(35,717)
(19,425)
65,867
11,458
(6,396)
296
71,225
69,503
11,586
(30,226)
(13,170)
37,693
9,252
(4,916)
75
42,104
28,174
29,121
135,684
-
(113,763)
(21,921)
-
-
-
-
-
116,818
2,532
(99,708)
(19,642)
-
-
-
-
-
-
-
270,226
-
(159,895)
(43,530)
66,801
11,458
(6,396)
301
72,164
196,922
14,989
(138,046)
(35,939)
37,926
9,339
(4,916)
73
42,422
28,875
29,742
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
10. INTANGIBLE ASSETS
As at 31 March 2022, the Group’s Intangible Assets consists of the following:
AT COST
At beginning of the financial year
Additions
Disposals/Write-off/Adjustment
Foreign exchange effects
At end of the financial Year
ACCUMULATED DEPRECIATION
At beginning of the financial year
Depreciation expenses
Disposals/Write-off/Adjustment
Foreign exchange effects
At end of the financial Year
CARRYING AMOUNT
11. TRADE AND OTHER PAYABLES
Other payables
Accruals
AS AT
31 MARCH 2022
AS AT
31 MARCH 2021
$
$
-
66,801
-
(1,045)
65,756
-
7,619
-
(178)
7,441
58,315
-
-
-
-
-
-
-
-
-
-
-
AS AT
31 MARCH 2022
AS AT
31 MARCH 2021
$
$
451,461
4,372,864
4,824,325
13,918
4,742,667
4,756,585
Trade payables are non-interest bearing and are normally settled within 30 to 90 days.
33
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
12. DEFERRED REVENUE
Corporate sales
Consumer sales
Solutions
Total
Reconciliation
Opening balance
Net (expense off)/additions
Foreign exchange translation effects
Closing balance
AS AT
31 MARCH 2022
AS AT
31 MARCH 2021
$
$
400,950
1,468,160
11,598
1,880,708
2,029,804
(184,427)
35,331
1,880,708
1,069,042
928,820
31,942
2,029,804
4,119,431
(1,297,525)
(792,102)
2,029,804
Advance billing to customer that give rise to provisions for unearned revenue in respect of services which have not
been rendered as at the end of the reporting period.
13. LEASE LIABILITY
Minimum hire purchase payments:
Within 12 months
Less: Future interest charges
Present value of hire purchase
Repayable as follows:
Current liabilities - within 1 year
AS AT
31 MARCH 2022
AS AT
31 MARCH 2021
$
$
-
-
-
-
-
3,485
3,485
(51)
3,434
3,434
3,434
Leased liability consists of borrowings and are secured by motor vehicles with a carrying value of $nil (31 March 2022:
$nil).
34
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
14. INCOME TAX
Current year tax
Income tax
Deferred tax
Current year deferred tax
YEAR ENDED
31 MARCH 2022
YEAR ENDED
31 MARCH 2021
$
$
-
-
-
-
Numerical reconciliation between tax expense and pre-tax net
profit
Loss before income tax
(4,193,159)
(2,439,481)
Income tax using the domestic corporation tax rate of 30%
(2021: 30%)
Overseas tax rates adjustment*
Increase in income tax expense due to:
Non-deductible expenses:
• Other
Add adjustments due to:
• Unused tax losses not recognised as deferred tax assets
Other timing differences not recognised
Income tax expense
Unrecognised deferred tax balances
• Tax losses
• Other timing differences not recognised
(1,257,948)
177,015
350,453
706,109
24,371
-
4,752,320
65,757
4,818,077
(731,844)
12,375
-
469,671
249,798
-
3,721,944
433,080
4,155,024
*The Malaysia and Hong Kong applicable tax rates for the current financial year are 24% and 16.5%, respectively. Tax
losses in Malaysia can only be carried forward for 7 years.
The Group has tax losses arising in Australia of $2,863,906 (31 March 2021: $2,555,245) that are available indefinitely
for offset against future taxable profits. The utilisation of the tax losses is subject to satisfying continuity of ownership
test or business continuity test.
35
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
15. ISSUED CAPITAL
NUMBER
$
Ordinary shares issued (net of share issue costs)
601,295,275
46,883,390
Reconciliation
BALANCE AT 1 APRIL 2020
Movements for the year
BALANCE AT 31 MARCH 2021
BALANCE AT 1 APRIL 2021
Share issue – 6 August 2021 [a]
Share issue – 6 September 2021 [b]
Share issue – 27 October 2021 [c]
Share issue – 4 January 2022 [d]
Share issue – 15 February 2022 [e]
305,204,293
195,442,737
500,647,030
39,366,706
3,060,847
42,427,553
500,647,030
42,427,553
1,500,000
1,000,000
37,500,000
3,356,575
57,291,670
51,000
34,000
1,500,000
120,837
2,750,000
BALANCE AT 31 MARCH 2022
601,295,275
46,883,390
a
b
c
d
e
On 6 August 2021, the Company issued a Joining grant of 1,500,000 ordinary fully paid shares at an issue price of
$0.034 per share to eligible employees pursuant to the Employee Incentive Plan approved by shareholders. The
issuance of shares is nil in cash consideration.
On 6 September 2021, the Company issued a Joining grant of 1,000,000 ordinary fully paid shares at an issue price
of $0.034 per share to eligible employees pursuant to the Employee Incentive Plan approved by shareholders. The
issuance of shares is nil in cash consideration.
On 27 October 2021, the Company successfully completed a capital raising of $1.5 million by the issue of 37,500,000
ordinary fully paid shares at an issue price of $0.040 each. The Placement is being undertaken within the Company’s
existing placement capacity pursuant to ASX Listing Rule 7.1 and 7.1A. The investor is not a related party of the
Company.
On 4 January 2022, the Company issued a Joining grant of 3,356,575 ordinary fully paid shares at an issue price
of $0.036 per share to eligible employees pursuant to the Employee Incentive Plan approved by shareholders. The
issuance of shares is nil in cash consideration.
On 15 February 2022, the Company successfully completed a capital raising of $2.75 million by the issue of 57,291,670
ordinary fully paid shares at an issue price of $0.048 each. The Placement is being undertaken within the Company’s
existing placement capacity pursuant to ASX Listing Rule 7.1 and 7.1A. The investor is not a related party of the
Company.
Fully paid ordinary shares carry one vote per share and carry the right to dividends. Ordinary shares participate in dividends
and the proceeds on winding up of the Company in proportion to the number of shares held. At the shareholders’
meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on
a show of hands.
Dividends
No dividends were paid or proposed during the year ended 31 March 2022 (31 March 2021: $nil).
36
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
16. RESERVES
Foreign currency translation reserve
The foreign currency exchange reserve is used to record exchange differences arising from the translation of the financial
statements of foreign subsidiaries. It is also used to record the effect of hedging net investments in foreign operations.
Option and performance rights reserve
This reserve is used to record the value of equity benefits of options and performance rights provided to employees and
directors.
17. LOSS PER SHARE
Basic loss per share amounts are calculated by dividing net loss for the year attributable to ordinary equity holders by the
weighted average number of ordinary shares outstanding during the year.
The following reflects the income and share data used in the basic loss per share computations:
YEAR ENDED
31 MARCH 2022
YEAR ENDED
31 MARCH 2021
$
$
Loss attributable to ordinary equity holders
(4,193,159)
(2,439,481)
Weighted average number of ordinary shares used as the
denominator in calculating basic earnings per share
Loss per share (basic and diluted)
18. RELATED PARTY TRANSACTIONS
a. Key management personnel
Compensation of key management personnel
Short-term employee benefits
Post-employment superannuation
NUMBER
NUMBER
526,083,050
403,488,025
CENTS
(0.80)
CENTS
(0.60)
YEAR ENDED
31 MARCH 2022
YEAR ENDED
31 MARCH 2021
$
$
598,152
15,638
613,790
280,201
11,021
291,222
37
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
18. RELATED PARTY TRANSACTIONS — CONTINUED
b. Subsidiaries
The consolidated financial statements include the financial statements of Flexiroam Limited:
NAME
Super Bonus Profit Sdn Bhd
Flexiroam Sdn Bhd
Flexiroam Asia Limited
Flexiroam Global - FZCO
COUNTRY OF
INCORPORATION
% EQUITY INTEREST
Malaysia
Malaysia
Hong Kong
United Arab Emirates
2022
100%
100%
100%
100%
2021
100%
100%
100%
-
Flexiroam Limited which was incorporated in Australia, is the legal parent of the Group.
19. LEGAL PARENT ENTITY INFORMATION
The following detailed information is related to the parent entity, Flexiroam Limited, as at 31 March 2022.
Current assets
Non-current assets
Total assets
Current liabilities
Total liabilities
Contributed equity
Accumulated losses
Reserves
Total equity
Loss for the year
Other comprehensive income for the year
Total comprehensive loss for the year
AS AT
31 MAR 2022
$
AS AT
31 MAR 2021
$
347,006
23,770,728
24,117,734
119,765
119,765
28,000,633
(5,004,918)
1,002,253
23,997,968
(1,375,129)
-
(1,375,129)
273,843
19,703,017
19,976,860
61,797
61,797
23,544,797
(3,929,727)
299,993
19,915,063
(235,150)
-
(235,150)
20. SIGNIFICANT EVENTS AFTER BALANCE DATE
Apart from the events disclosed in page 6, no other matter or circumstance has arisen since 31 March 2022 that has
significantly affected, or may significantly affect the consolidated entity’s operations, the results of those operations, or
the consolidated entity’s state of affairs in future financial years.
21. COMMITMENTS AND CONTINGENCIES
At the date of this report, there does not exist:
a. any charge on the assets of the Group which has arisen since the end of the financial year which secures the
liabilities of any other person; or
b. any contingent liability of the Group which has arisen since the end of the financial year.
No contingent liability or other liability has become enforceable or is likely to become enforceable within the period of
twelve months after the end of the financial year which will or may substantially affect the ability of the Company to meet
its obligations as and when they fall due.
38
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
22. AUDIT AND OTHER SERVICES
During the year, the following fees were paid or payable for services provided by the auditor of the Group, its related
practices and non-related audit firms:
Audit and other assurance services
Audit and review of financial statements
Rothsay
Component auditors
Total remuneration for audit and other assurance services
YEAR ENDED
31 MAR 2022
$
YEAR ENDED
31 MAR 2021
$
44,223
43,717
87,940
8,784
28,182
36,966
23. SEGMENT REPORTING
AASB 8 Operating Segments requires operating segments to be identified on the basis of internal reports about
the components of the group that are regularly reviewed by the chief operating decision maker in order to allocate
resources to the segment and to assess its performance.
The Group’s operating segments have been determined with reference to the monthly management accounts used
by the chief operating decision maker to make decisions regarding the Group’s operations and allocation of working
capital. Due to the size and nature of the Group, the Board as a whole has been determined as the chief operating
decision maker.
The chief operating decision makers have been reviewing operations and making decisions based on the supply and
provision of telecommunications and solutions as two operating units. Internal management accounts are consequently
prepared on this basis.
39
DIRECTORS’ DECLARATION
The Directors of the Group declare that:
1.
The financial statements, comprising the Consolidated Statement of Profit or Loss and Other Comprehensive Income,
Consolidated Statement of Financial Position, Consolidated Statement of Cash Flows, Consolidated Statements of
Changes in Equity, accompanying notes, are in accordance with the Corporations Act 2001 and:
a.
b.
complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional
reporting requirements; and
give a true and fair view of the financial position as at 31 March 2022 and of the performance for the period
ended on that date of the Group.
2.
3.
4.
In the Directors’ opinion, there are reasonable grounds to believe Flexiroam Limited and its controlled entities will be
able to pay its debts as and when they become due and payable.
Note 4 confirms that the financial statements also comply with International Financial Reporting Standards as issued
by the International Accounting Standards Board.
The Directors have been given the declarations as required by Section 295A of the Corporations Act for the period
ended 31 March 2022.
This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the
Directors by:
On behalf of the Board
Marc Barnett
Director
Signed on this 19th day in May 2022
41
INDEPENDENT AUDITOR’S REPORT
(cid:7)(cid:10)(cid:6)(cid:16)(cid:9)(cid:13)(cid:12)(cid:2)(cid:11)(cid:1)(cid:10)(cid:9)(cid:11)(cid:9)(cid:14)(cid:6)(cid:5)
INDEPENDENT AUDITOR’S REPORT
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(cid:40)(cid:43)(cid:34)(cid:41)(cid:50)(cid:35)(cid:40)(cid:43)(cid:38)(cid:15)
(cid:32)(cid:3) (cid:38)(cid:40)(cid:51)(cid:40)(cid:43)(cid:38) (cid:32) (cid:49)(cid:47)(cid:50)(cid:36) (cid:32)(cid:43)(cid:35) (cid:37)(cid:32)(cid:40)(cid:47) (cid:51)(cid:40)(cid:36)(cid:52) (cid:44)(cid:37) (cid:49)(cid:39)(cid:36) Company’s (cid:37)(cid:40)(cid:43)(cid:32)(cid:43)(cid:34)(cid:40)(cid:32)(cid:41) (cid:45)(cid:44)(cid:48)(cid:40)(cid:49)(cid:40)(cid:44)(cid:43) (cid:32)(cid:48) (cid:32)(cid:49) (cid:9)(cid:7) (cid:24)(cid:32)(cid:47)(cid:34)(cid:39) (cid:8)(cid:6)(cid:8)(cid:8) (cid:32)(cid:43)(cid:35) (cid:44)(cid:37) (cid:40)(cid:49)(cid:48)
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(cid:31)(cid:36) (cid:32)(cid:47)(cid:36) (cid:40)(cid:43)(cid:35)(cid:36)(cid:45)(cid:36)(cid:43)(cid:35)(cid:36)(cid:43)(cid:49) (cid:44)(cid:37) (cid:49)(cid:39)(cid:36) (cid:18)(cid:44)(cid:42)(cid:45)(cid:32)(cid:43)(cid:54) (cid:40)(cid:43) (cid:32)(cid:34)(cid:34)(cid:44)(cid:47)(cid:35)(cid:32)(cid:43)(cid:34)(cid:36) (cid:52)(cid:40)(cid:49)(cid:39) (cid:49)(cid:39)(cid:36) (cid:32)(cid:50)(cid:35)(cid:40)(cid:49)(cid:44)(cid:47) (cid:40)(cid:43)(cid:35)(cid:36)(cid:45)(cid:36)(cid:43)(cid:35)(cid:36)(cid:43)(cid:34)(cid:36) (cid:47)(cid:36)(cid:46)(cid:50)(cid:40)(cid:47)(cid:36)(cid:42)(cid:36)(cid:43)(cid:49)(cid:48) (cid:44)(cid:37)
(cid:49)(cid:39)(cid:36) (cid:7)(cid:23)(cid:25)(cid:24)(cid:23)(cid:25)(cid:13)(cid:27)(cid:20)(cid:23)(cid:22)(cid:26) (cid:6)(cid:14)(cid:27) (cid:5)(cid:3)(cid:3)(cid:4) (cid:32)(cid:43)(cid:35) (cid:49)(cid:39)(cid:36) (cid:36)(cid:49)(cid:39)(cid:40)(cid:34)(cid:32)(cid:41) (cid:47)(cid:36)(cid:46)(cid:50)(cid:40)(cid:47)(cid:36)(cid:42)(cid:36)(cid:43)(cid:49)(cid:48) (cid:44)(cid:37) (cid:49)(cid:39)(cid:36) (cid:17)(cid:34)(cid:34)(cid:44)(cid:50)(cid:43)(cid:49)(cid:40)(cid:43)(cid:38) (cid:27)(cid:47)(cid:44)(cid:37)(cid:36)(cid:48)(cid:48)(cid:40)(cid:44)(cid:43)(cid:32)(cid:41) (cid:32)(cid:43)(cid:35) (cid:19)(cid:49)(cid:39)(cid:40)(cid:34)(cid:32)(cid:41)
(cid:29)(cid:49)(cid:32)(cid:43)(cid:35)(cid:32)(cid:47)(cid:35)(cid:48) Board’s (cid:17)(cid:27)(cid:19)(cid:29) (cid:7)(cid:7)(cid:6) (cid:7)(cid:23)(cid:15)(cid:16) (cid:23)(cid:17) (cid:8)(cid:27)(cid:19)(cid:20)(cid:14)(cid:26) (cid:17)(cid:23)(cid:25) (cid:10)(cid:25)(cid:23)(cid:17)(cid:16)(cid:26)(cid:26)(cid:20)(cid:23)(cid:22)(cid:13)(cid:21) (cid:6)(cid:14)(cid:14)(cid:23)(cid:28)(cid:22)(cid:27)(cid:13)(cid:22)(cid:27)(cid:26) (cid:1)(cid:20)(cid:22)(cid:14)(cid:21)(cid:28)(cid:15)(cid:20)(cid:22)(cid:18) (cid:9)(cid:22)(cid:15)(cid:16)(cid:24)(cid:16)(cid:22)(cid:15)(cid:16)(cid:22)(cid:14)(cid:16)
(cid:12)(cid:27)(cid:13)(cid:22)(cid:15)(cid:13)(cid:25)(cid:15)(cid:26)(cid:2) (“the Code”) (cid:49)(cid:39)(cid:32)(cid:49) (cid:32)(cid:47)(cid:36) (cid:47)(cid:36)(cid:41)(cid:36)(cid:51)(cid:32)(cid:43)(cid:49) (cid:49)(cid:44) (cid:44)(cid:50)(cid:47) (cid:32)(cid:50)(cid:35)(cid:40)(cid:49) (cid:44)(cid:37) (cid:49)(cid:39)(cid:36) (cid:37)(cid:40)(cid:43)(cid:32)(cid:43)(cid:34)(cid:40)(cid:32)(cid:41) (cid:47)(cid:36)(cid:45)(cid:44)(cid:47)(cid:49) (cid:40)(cid:43) (cid:17)(cid:50)(cid:48)(cid:49)(cid:47)(cid:32)(cid:41)(cid:40)(cid:32)(cid:5) (cid:31)(cid:36) (cid:39)(cid:32)(cid:51)(cid:36)
(cid:32)(cid:41)(cid:48)(cid:44) (cid:37)(cid:50)(cid:41)(cid:37)(cid:40)(cid:41)(cid:41)(cid:36)(cid:35) (cid:44)(cid:50)(cid:47) (cid:44)(cid:49)(cid:39)(cid:36)(cid:47) (cid:36)(cid:49)(cid:39)(cid:40)(cid:34)(cid:32)(cid:41) (cid:47)(cid:36)(cid:48)(cid:45)(cid:44)(cid:43)(cid:48)(cid:40)(cid:33)(cid:40)(cid:41)(cid:40)(cid:49)(cid:40)(cid:36)(cid:48) (cid:40)(cid:43) (cid:32)(cid:34)(cid:34)(cid:44)(cid:47)(cid:35)(cid:32)(cid:43)(cid:34)(cid:36) (cid:52)(cid:40)(cid:49)(cid:39) (cid:49)(cid:39)(cid:36) (cid:18)(cid:44)(cid:35)(cid:36)(cid:5)
(cid:31)(cid:36) (cid:34)(cid:44)(cid:43)(cid:37)(cid:40)(cid:47)(cid:42) (cid:49)(cid:39)(cid:32)(cid:49) (cid:49)(cid:39)(cid:36) (cid:40)(cid:43)(cid:35)(cid:36)(cid:45)(cid:36)(cid:43)(cid:35)(cid:36)(cid:43)(cid:34)(cid:36) (cid:35)(cid:36)(cid:34)(cid:41)(cid:32)(cid:47)(cid:32)(cid:49)(cid:40)(cid:44)(cid:43) (cid:47)(cid:36)(cid:46)(cid:50)(cid:40)(cid:47)(cid:36)(cid:35) (cid:33)(cid:54) (cid:49)(cid:39)(cid:36) (cid:7)(cid:23)(cid:25)(cid:24)(cid:23)(cid:25)(cid:13)(cid:27)(cid:20)(cid:23)(cid:22)(cid:26) (cid:6)(cid:14)(cid:27) (cid:5)(cid:3)(cid:3)(cid:4)(cid:4) (cid:52)(cid:39)(cid:40)(cid:34)(cid:39) (cid:39)(cid:32)(cid:48)
(cid:33)(cid:36)(cid:36)(cid:43) (cid:38)(cid:40)(cid:51)(cid:36)(cid:43) (cid:49)(cid:44) (cid:49)(cid:39)(cid:36) (cid:35)(cid:40)(cid:47)(cid:36)(cid:34)(cid:49)(cid:44)(cid:47)(cid:48) (cid:44)(cid:37) (cid:49)(cid:39)(cid:36) (cid:18)(cid:44)(cid:42)(cid:45)(cid:32)(cid:43)(cid:54)(cid:4) (cid:52)(cid:44)(cid:50)(cid:41)(cid:35) (cid:33)(cid:36) (cid:40)(cid:43) (cid:49)(cid:39)(cid:36) (cid:48)(cid:32)(cid:42)(cid:36) (cid:49)(cid:36)(cid:47)(cid:42)(cid:48) (cid:40)(cid:37) (cid:38)(cid:40)(cid:51)(cid:36)(cid:43) (cid:49)(cid:44) (cid:49)(cid:39)(cid:36) (cid:35)(cid:40)(cid:47)(cid:36)(cid:34)(cid:49)(cid:44)(cid:47)(cid:48) (cid:32)(cid:48)
(cid:32)(cid:49) (cid:49)(cid:39)(cid:36) (cid:49)(cid:40)(cid:42)(cid:36) (cid:44)(cid:37) (cid:49)(cid:39)(cid:40)(cid:48) auditor’s (cid:47)(cid:36)(cid:45)(cid:44)(cid:47)(cid:49)(cid:5)
(cid:31)(cid:36) (cid:33)(cid:36)(cid:41)(cid:40)(cid:36)(cid:51)(cid:36) (cid:49)(cid:39)(cid:32)(cid:49) (cid:49)(cid:39)(cid:36) (cid:32)(cid:50)(cid:35)(cid:40)(cid:49) (cid:36)(cid:51)(cid:40)(cid:35)(cid:36)(cid:43)(cid:34)(cid:36) (cid:52)(cid:36) (cid:39)(cid:32)(cid:51)(cid:36) (cid:44)(cid:33)(cid:49)(cid:32)(cid:40)(cid:43)(cid:36)(cid:35) (cid:40)(cid:48) (cid:48)(cid:50)(cid:37)(cid:37)(cid:40)(cid:34)(cid:40)(cid:36)(cid:43)(cid:49) (cid:32)(cid:43)(cid:35) (cid:32)(cid:45)(cid:45)(cid:47)(cid:44)(cid:45)(cid:47)(cid:40)(cid:32)(cid:49)(cid:36) (cid:49)(cid:44) (cid:45)(cid:47)(cid:44)(cid:51)(cid:40)(cid:35)(cid:36) (cid:32) (cid:33)(cid:32)(cid:48)(cid:40)(cid:48)
(cid:37)(cid:44)(cid:47) (cid:44)(cid:50)(cid:47) (cid:44)(cid:45)(cid:40)(cid:43)(cid:40)(cid:44)(cid:43)(cid:5)
(cid:6)(cid:26)(cid:29)(cid:23)(cid:17)(cid:31)(cid:24)(cid:31) (cid:28)(cid:21) (cid:11)(cid:17)(cid:32)(cid:32)(cid:20)(cid:30) – (cid:11)(cid:17)(cid:32)(cid:20)(cid:30)(cid:24)(cid:17)(cid:25) (cid:15)(cid:27)(cid:18)(cid:20)(cid:30)(cid:32)(cid:17)(cid:24)(cid:27)(cid:32)(cid:33) (cid:13)(cid:20)(cid:25)(cid:17)(cid:32)(cid:20)(cid:19) (cid:32)(cid:28) (cid:8)(cid:28)(cid:24)(cid:27)(cid:22) (cid:4)(cid:28)(cid:27)(cid:18)(cid:20)(cid:30)(cid:27)
(cid:31)(cid:40)(cid:49)(cid:39)(cid:44)(cid:50)(cid:49) (cid:42)(cid:44)(cid:35)(cid:40)(cid:37)(cid:54)(cid:40)(cid:43)(cid:38) (cid:44)(cid:50)(cid:47) (cid:44)(cid:45)(cid:40)(cid:43)(cid:40)(cid:44)(cid:43)(cid:4) (cid:52)(cid:36) (cid:35)(cid:47)(cid:32)(cid:52) (cid:32)(cid:49)(cid:49)(cid:36)(cid:43)(cid:49)(cid:40)(cid:44)(cid:43) (cid:49)(cid:44) (cid:25)(cid:44)(cid:49)(cid:36) (cid:9) (cid:44)(cid:37) (cid:49)(cid:39)(cid:36) (cid:32)(cid:43)(cid:43)(cid:50)(cid:32)(cid:41) (cid:37)(cid:40)(cid:43)(cid:32)(cid:43)(cid:34)(cid:40)(cid:32)(cid:41) (cid:47)(cid:36)(cid:45)(cid:44)(cid:47)(cid:49)(cid:4) (cid:52)(cid:39)(cid:40)(cid:34)(cid:39)
(cid:43)(cid:44)(cid:49)(cid:36)(cid:48) (cid:32) (cid:41)(cid:44)(cid:48)(cid:48) (cid:37)(cid:44)(cid:47) (cid:49)(cid:39)(cid:36) (cid:54)(cid:36)(cid:32)(cid:47) (cid:44)(cid:37) (cid:2)(cid:10)(cid:4)(cid:7)(cid:14)(cid:9)(cid:4)(cid:7)(cid:11)(cid:14) (cid:32)(cid:43)(cid:35) (cid:32) (cid:35)(cid:36)(cid:37)(cid:40)(cid:34)(cid:40)(cid:36)(cid:43)(cid:34)(cid:54) (cid:40)(cid:43) (cid:43)(cid:36)(cid:49) (cid:32)(cid:48)(cid:48)(cid:36)(cid:49)(cid:48) (cid:44)(cid:37) (cid:2)(cid:7)(cid:4)(cid:14)(cid:14)(cid:6)(cid:4)(cid:13)(cid:10)(cid:12)(cid:5) (cid:30)(cid:39)(cid:36)(cid:48)(cid:36) (cid:34)(cid:44)(cid:43)(cid:35)(cid:40)(cid:49)(cid:40)(cid:44)(cid:43)(cid:48)
(cid:32)(cid:41)(cid:44)(cid:43)(cid:38) (cid:52)(cid:40)(cid:49)(cid:39) (cid:44)(cid:49)(cid:39)(cid:36)(cid:47) (cid:42)(cid:32)(cid:49)(cid:49)(cid:36)(cid:47)(cid:48) (cid:49)(cid:39)(cid:32)(cid:49) (cid:32)(cid:47)(cid:36) (cid:48)(cid:36)(cid:49) (cid:37)(cid:44)(cid:47)(cid:49)(cid:39) (cid:40)(cid:43) (cid:25)(cid:44)(cid:49)(cid:36) (cid:9)(cid:4) (cid:40)(cid:43)(cid:35)(cid:40)(cid:34)(cid:32)(cid:49)(cid:36) (cid:49)(cid:39)(cid:36) (cid:36)(cid:53)(cid:40)(cid:48)(cid:49)(cid:36)(cid:43)(cid:34)(cid:36) (cid:44)(cid:37) (cid:32) (cid:42)(cid:32)(cid:49)(cid:36)(cid:47)(cid:40)(cid:32)(cid:41)
(cid:50)(cid:43)(cid:34)(cid:36)(cid:47)(cid:49)(cid:32)(cid:40)(cid:43)(cid:49)(cid:54) (cid:49)(cid:39)(cid:32)(cid:49) (cid:42)(cid:32)(cid:54) (cid:34)(cid:32)(cid:48)(cid:49) (cid:48)(cid:40)(cid:38)(cid:43)(cid:40)(cid:37)(cid:40)(cid:34)(cid:32)(cid:43)(cid:49) (cid:35)(cid:44)(cid:50)(cid:33)(cid:49) (cid:32)(cid:33)(cid:44)(cid:50)(cid:49) (cid:49)(cid:39)(cid:36) Group’s (cid:32)(cid:33)(cid:40)(cid:41)(cid:40)(cid:49)(cid:54) (cid:49)(cid:44) (cid:34)(cid:44)(cid:43)(cid:49)(cid:40)(cid:43)(cid:50)(cid:36) (cid:32)(cid:48) (cid:32) (cid:38)(cid:44)(cid:40)(cid:43)(cid:38) (cid:34)(cid:44)(cid:43)(cid:34)(cid:36)(cid:47)(cid:43)
(cid:32)(cid:43)(cid:35) (cid:49)(cid:39)(cid:36)(cid:47)(cid:36)(cid:37)(cid:44)(cid:47)(cid:36) (cid:49)(cid:39)(cid:36) (cid:21)(cid:47)(cid:44)(cid:50)(cid:45) (cid:42)(cid:32)(cid:54)(cid:33)(cid:36) (cid:50)(cid:43)(cid:32)(cid:33)(cid:41)(cid:36) (cid:49)(cid:44) (cid:47)(cid:36)(cid:32)(cid:41)(cid:40)(cid:48)(cid:36) (cid:40)(cid:49)(cid:48) (cid:32)(cid:48)(cid:48)(cid:36)(cid:49)(cid:48) (cid:32)(cid:43)(cid:35) (cid:35)(cid:40)(cid:48)(cid:34)(cid:39)(cid:32)(cid:47)(cid:38)(cid:36) (cid:40)(cid:49)(cid:48) (cid:41)(cid:40)(cid:32)(cid:33)(cid:40)(cid:41)(cid:40)(cid:49)(cid:40)(cid:36)(cid:48) (cid:40)(cid:43) (cid:49)(cid:39)(cid:36) (cid:43)(cid:44)(cid:47)(cid:42)(cid:32)(cid:41)
(cid:34)(cid:44)(cid:50)(cid:47)(cid:48)(cid:36) (cid:44)(cid:37) (cid:33)(cid:50)(cid:48)(cid:40)(cid:43)(cid:36)(cid:48)(cid:48)(cid:5)
42
INDEPENDENT AUDITOR’S REPORT
(cid:5)(cid:8)(cid:4)(cid:13)(cid:6)(cid:11)(cid:10)(cid:2)(cid:9)(cid:1)(cid:8)(cid:6)(cid:9)(cid:6)(cid:12)(cid:4)(cid:3)
INDEPENDENT AUDITOR’S REPORT (continued)
(cid:7)(cid:16)(cid:22)(cid:1)(cid:2)(cid:21)(cid:15)(cid:17)(cid:20)(cid:1)(cid:9)(cid:14)(cid:20)(cid:20)(cid:16)(cid:18)(cid:19)
(cid:11)(cid:22)(cid:41) (cid:18)(cid:37)(cid:21)(cid:26)(cid:36) (cid:30)(cid:18)(cid:36)(cid:36)(cid:22)(cid:34)(cid:35) (cid:18)(cid:34)(cid:22) (cid:36)(cid:25)(cid:32)(cid:35)(cid:22) (cid:30)(cid:18)(cid:36)(cid:36)(cid:22)(cid:34)(cid:35) (cid:36)(cid:25)(cid:18)(cid:36)(cid:1) (cid:26)(cid:31) (cid:32)(cid:37)(cid:34) (cid:33)(cid:34)(cid:32)(cid:23)(cid:22)(cid:35)(cid:35)(cid:26)(cid:32)(cid:31)(cid:18)(cid:29) (cid:27)(cid:37)(cid:21)(cid:24)(cid:22)(cid:30)(cid:22)(cid:31)(cid:36)(cid:1) (cid:39)(cid:22)(cid:34)(cid:22) (cid:32)(cid:23) (cid:30)(cid:32)(cid:35)(cid:36) (cid:35)(cid:26)(cid:24)(cid:31)(cid:26)(cid:23)(cid:26)(cid:20)(cid:18)(cid:31)(cid:20)(cid:22) (cid:26)(cid:31)
(cid:32)(cid:37)(cid:34) (cid:18)(cid:37)(cid:21)(cid:26)(cid:36) (cid:32)(cid:23) (cid:36)(cid:25)(cid:22) (cid:23)(cid:26)(cid:31)(cid:18)(cid:31)(cid:20)(cid:26)(cid:18)(cid:29) (cid:34)(cid:22)(cid:33)(cid:32)(cid:34)(cid:36) (cid:32)(cid:23) (cid:36)(cid:25)(cid:22) (cid:20)(cid:37)(cid:34)(cid:34)(cid:22)(cid:31)(cid:36) (cid:33)(cid:22)(cid:34)(cid:26)(cid:32)(cid:21)(cid:3) (cid:16)(cid:25)(cid:22)(cid:35)(cid:22) (cid:30)(cid:18)(cid:36)(cid:36)(cid:22)(cid:34)(cid:35) (cid:39)(cid:22)(cid:34)(cid:22) (cid:18)(cid:21)(cid:21)(cid:34)(cid:22)(cid:35)(cid:35)(cid:22)(cid:21) (cid:26)(cid:31) (cid:36)(cid:25)(cid:22) (cid:20)(cid:32)(cid:31)(cid:36)(cid:22)(cid:40)(cid:36)
(cid:32)(cid:23) (cid:32)(cid:37)(cid:34) (cid:18)(cid:37)(cid:21)(cid:26)(cid:36) (cid:32)(cid:23) (cid:36)(cid:25)(cid:22) (cid:23)(cid:26)(cid:31)(cid:18)(cid:31)(cid:20)(cid:26)(cid:18)(cid:29) (cid:34)(cid:22)(cid:33)(cid:32)(cid:34)(cid:36) (cid:18)(cid:35) (cid:18) (cid:39)(cid:25)(cid:32)(cid:29)(cid:22)(cid:1) (cid:18)(cid:31)(cid:21) (cid:26)(cid:31) (cid:23)(cid:32)(cid:34)(cid:30)(cid:26)(cid:31)(cid:24) (cid:32)(cid:37)(cid:34) (cid:32)(cid:33)(cid:26)(cid:31)(cid:26)(cid:32)(cid:31) (cid:36)(cid:25)(cid:22)(cid:34)(cid:22)(cid:32)(cid:31)(cid:1) (cid:18)(cid:31)(cid:21) (cid:39)(cid:22) (cid:21)(cid:32) (cid:31)(cid:32)(cid:36)
(cid:33)(cid:34)(cid:32)(cid:38)(cid:26)(cid:21)(cid:22) (cid:18) (cid:35)(cid:22)(cid:33)(cid:18)(cid:34)(cid:18)(cid:36)(cid:22) (cid:32)(cid:33)(cid:26)(cid:31)(cid:26)(cid:32)(cid:31) (cid:32)(cid:31) (cid:36)(cid:25)(cid:22)(cid:35)(cid:22) (cid:30)(cid:18)(cid:36)(cid:36)(cid:22)(cid:34)(cid:35)(cid:3)
(cid:3)(cid:9)(cid:21) (cid:1)(cid:18)(cid:8)(cid:12)(cid:17) (cid:4)(cid:6)(cid:17)(cid:17)(cid:9)(cid:15) – (cid:5)(cid:9)(cid:19)(cid:9)(cid:13)(cid:18)(cid:9) (cid:5)(cid:9)(cid:7)(cid:14)(cid:10)(cid:13)(cid:12)(cid:17)(cid:12)(cid:14)(cid:13)
(cid:2)(cid:14)(cid:20) (cid:14)(cid:18)(cid:15) (cid:1)(cid:18)(cid:8)(cid:12)(cid:17) (cid:1)(cid:8)(cid:8)(cid:15)(cid:9)(cid:16)(cid:16)(cid:9)(cid:8) (cid:17)(cid:11)(cid:9) (cid:3)(cid:9)(cid:21) (cid:1)(cid:18)(cid:8)(cid:12)(cid:17) (cid:4)(cid:6)(cid:17)(cid:17)(cid:9)(cid:15)
(cid:16)(cid:25)(cid:22) Group’s (cid:34)(cid:22)(cid:38)(cid:22)(cid:31)(cid:37)(cid:22) (cid:26)(cid:35) (cid:24)(cid:22)(cid:31)(cid:22)(cid:34)(cid:18)(cid:36)(cid:22)(cid:21) (cid:23)(cid:34)(cid:32)(cid:30) (cid:36)(cid:25)(cid:22) (cid:35)(cid:18)(cid:29)(cid:22)(cid:35)
(cid:32)(cid:23) (cid:30)(cid:32)(cid:19)(cid:26)(cid:29)(cid:22) (cid:21)(cid:18)(cid:36)(cid:18) (cid:36)(cid:32) (cid:29)(cid:32)(cid:20)(cid:18)(cid:29) (cid:18)(cid:31)(cid:21) (cid:26)(cid:31)(cid:36)(cid:22)(cid:34)(cid:31)(cid:18)(cid:36)(cid:26)(cid:32)(cid:31)(cid:18)(cid:29)
(cid:36)(cid:34)(cid:18)(cid:38)(cid:22)(cid:29)(cid:29)(cid:22)(cid:34)(cid:35)(cid:3)
(cid:17)(cid:22) (cid:20)(cid:32)(cid:31)(cid:35)(cid:26)(cid:21)(cid:22)(cid:34) (cid:18)(cid:20)(cid:20)(cid:37)(cid:34)(cid:18)(cid:20)(cid:41) (cid:18)(cid:31)(cid:21) (cid:20)(cid:32)(cid:30)(cid:33)(cid:29)(cid:22)(cid:36)(cid:22)(cid:31)(cid:22)(cid:35)(cid:35) (cid:32)(cid:23)
(cid:18)(cid:30)(cid:32)(cid:37)(cid:31)(cid:36)(cid:35) (cid:34)(cid:22)(cid:20)(cid:32)(cid:24)(cid:31)(cid:26)(cid:35)(cid:22)(cid:21) (cid:18)(cid:35) (cid:34)(cid:22)(cid:38)(cid:22)(cid:31)(cid:37)(cid:22) (cid:36)(cid:32) (cid:19)(cid:22) (cid:18) (cid:28)(cid:22)(cid:41) (cid:18)(cid:37)(cid:21)(cid:26)(cid:36)
(cid:30)(cid:18)(cid:36)(cid:36)(cid:22)(cid:34) (cid:24)(cid:26)(cid:38)(cid:22)(cid:31) (cid:26)(cid:36)(cid:35) (cid:35)(cid:26)(cid:24)(cid:31)(cid:26)(cid:23)(cid:26)(cid:20)(cid:18)(cid:31)(cid:20)(cid:22) (cid:36)(cid:32) (cid:36)(cid:25)(cid:22) Group’s
(cid:23)(cid:26)(cid:31)(cid:18)(cid:31)(cid:20)(cid:26)(cid:18)(cid:29)
(cid:34)(cid:22)(cid:33)(cid:32)(cid:34)(cid:36)(cid:26)(cid:31)(cid:24) (cid:18)(cid:31)(cid:21) (cid:36)(cid:25)(cid:22) (cid:25)(cid:26)(cid:24)(cid:25) (cid:38)(cid:32)(cid:29)(cid:37)(cid:30)(cid:22) (cid:32)(cid:23)
(cid:36)(cid:34)(cid:18)(cid:31)(cid:35)(cid:18)(cid:20)(cid:36)(cid:26)(cid:32)(cid:31)(cid:35)(cid:3)
(cid:12)(cid:37)(cid:34) (cid:33)(cid:34)(cid:32)(cid:20)(cid:22)(cid:21)(cid:37)(cid:34)(cid:22)(cid:35) (cid:26)(cid:31)(cid:20)(cid:29)(cid:37)(cid:21)(cid:22)(cid:21) (cid:36)(cid:25)(cid:22) (cid:23)(cid:32)(cid:29)(cid:29)(cid:32)(cid:39)(cid:26)(cid:31)(cid:24)(cid:6)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:21)(cid:26)(cid:35)(cid:20)(cid:37)(cid:35)(cid:35)(cid:26)(cid:32)(cid:31)(cid:35) (cid:39)(cid:26)(cid:36)(cid:25)
(cid:10)(cid:22)(cid:29)(cid:21)
Group’s
(cid:30)(cid:18)(cid:31)(cid:18)(cid:24)(cid:22)(cid:30)(cid:22)(cid:31)(cid:36) (cid:18)(cid:31)(cid:21) (cid:36)(cid:25)(cid:22) (cid:20)(cid:32)(cid:30)(cid:33)(cid:32)(cid:31)(cid:22)(cid:31)(cid:36) (cid:18)(cid:37)(cid:21)(cid:26)(cid:36)(cid:32)(cid:34)(cid:35)
(cid:36)(cid:32) (cid:24)(cid:18)(cid:26)(cid:31) (cid:18)(cid:31) (cid:37)(cid:31)(cid:21)(cid:22)(cid:34)(cid:35)(cid:36)(cid:18)(cid:31)(cid:21)(cid:26)(cid:31)(cid:24) (cid:32)(cid:23) (cid:36)(cid:25)(cid:22) Group’s
(cid:34)(cid:22)(cid:38)(cid:22)(cid:31)(cid:37)(cid:22) (cid:34)(cid:22)(cid:20)(cid:32)(cid:24)(cid:31)(cid:26)(cid:36)(cid:26)(cid:32)(cid:31) (cid:33)(cid:34)(cid:32)(cid:20)(cid:22)(cid:35)(cid:35)(cid:22)(cid:35)(cid:7)
(cid:36)(cid:25)(cid:22)
(cid:13)(cid:22)(cid:34)(cid:23)(cid:32)(cid:34)(cid:30)(cid:22)(cid:21) (cid:39)(cid:18)(cid:29)(cid:28)(cid:36)(cid:25)(cid:34)(cid:32)(cid:37)(cid:24)(cid:25) (cid:23)(cid:32)(cid:34) (cid:18) (cid:35)(cid:18)(cid:30)(cid:33)(cid:29)(cid:22) (cid:32)(cid:23)
(cid:35)(cid:18)(cid:29)(cid:22)(cid:35) (cid:36)(cid:34)(cid:18)(cid:31)(cid:35)(cid:18)(cid:20)(cid:36)(cid:26)(cid:32)(cid:31)(cid:35)(cid:7)
(cid:16)(cid:22)(cid:35)(cid:36)(cid:22)(cid:21) (cid:18) (cid:35)(cid:18)(cid:30)(cid:33)(cid:29)(cid:22) (cid:32)(cid:23) (cid:35)(cid:18)(cid:29)(cid:22)(cid:35) (cid:36)(cid:34)(cid:18)(cid:31)(cid:35)(cid:18)(cid:20)(cid:36)(cid:26)(cid:32)(cid:31)(cid:35) (cid:36)(cid:32)
(cid:35)(cid:37)(cid:33)(cid:33)(cid:32)(cid:34)(cid:36)(cid:26)(cid:31)(cid:24) (cid:21)(cid:32)(cid:20)(cid:37)(cid:30)(cid:22)(cid:31)(cid:36)(cid:18)(cid:36)(cid:26)(cid:32)(cid:31)(cid:7)
(cid:16)(cid:22)(cid:35)(cid:36)(cid:22)(cid:21) (cid:36)(cid:25)(cid:22) (cid:18)(cid:20)(cid:20)(cid:37)(cid:34)(cid:18)(cid:20)(cid:41) (cid:32)(cid:23) (cid:35)(cid:18)(cid:29)(cid:22)(cid:35) (cid:20)(cid:37)(cid:36)(cid:2)(cid:32)(cid:23)(cid:23) (cid:18)(cid:36)
(cid:34)(cid:22)(cid:33)(cid:32)(cid:34)(cid:36)(cid:26)(cid:31)(cid:24) (cid:21)(cid:18)(cid:36)(cid:22)(cid:7)
(cid:16)(cid:22)(cid:35)(cid:36)(cid:22)(cid:21) (cid:36)(cid:25)(cid:22) (cid:20)(cid:32)(cid:30)(cid:33)(cid:29)(cid:22)(cid:36)(cid:22)(cid:31)(cid:22)(cid:35)(cid:35) (cid:18)(cid:31)(cid:21) (cid:18)(cid:20)(cid:20)(cid:37)(cid:34)(cid:18)(cid:20)(cid:41) (cid:32)(cid:23)
(cid:36)(cid:25)(cid:22) (cid:34)(cid:22)(cid:20)(cid:32)(cid:24)(cid:31)(cid:26)(cid:36)(cid:26)(cid:32)(cid:31) (cid:32)(cid:23) (cid:21)(cid:22)(cid:23)(cid:22)(cid:34)(cid:34)(cid:22)(cid:21) (cid:34)(cid:22)(cid:38)(cid:22)(cid:31)(cid:37)(cid:22)(cid:7) (cid:18)(cid:31)(cid:21)
(cid:36)(cid:25)(cid:22)
(cid:34)(cid:22)(cid:18)(cid:35)(cid:32)(cid:31)(cid:18)(cid:19)(cid:29)(cid:22)(cid:31)(cid:22)(cid:35)(cid:35)
(cid:14)(cid:22)(cid:38)(cid:26)(cid:22)(cid:39)(cid:22)(cid:21)
(cid:36)(cid:25)(cid:22)
(cid:34)(cid:22)(cid:38)(cid:22)(cid:31)(cid:37)(cid:22) (cid:34)(cid:22)(cid:20)(cid:32)(cid:24)(cid:31)(cid:26)(cid:35)(cid:22)(cid:21) (cid:26)(cid:31) (cid:18)(cid:20)(cid:20)(cid:32)(cid:34)(cid:21)(cid:18)(cid:31)(cid:20)(cid:22) (cid:39)(cid:26)(cid:36)(cid:25)
(cid:8)(cid:8)(cid:15)(cid:9) (cid:4)(cid:5)(cid:6) (cid:3)(cid:6)(cid:17)(cid:6)(cid:11)(cid:16)(cid:6) (cid:7)(cid:13)(cid:12)(cid:10) (cid:2)(cid:12)(cid:11)(cid:15)(cid:13)(cid:4)(cid:5)(cid:15)(cid:14) (cid:18)(cid:9)(cid:15)(cid:8)
(cid:2)(cid:16)(cid:14)(cid:15)(cid:12)(cid:10)(cid:6)(cid:13)(cid:14)(cid:1)
(cid:32)(cid:23)
(cid:17)(cid:22) (cid:25)(cid:18)(cid:38)(cid:22) (cid:18)(cid:29)(cid:35)(cid:32) (cid:18)(cid:35)(cid:35)(cid:22)(cid:35)(cid:35)(cid:22)(cid:21) (cid:36)(cid:25)(cid:22) (cid:18)(cid:33)(cid:33)(cid:34)(cid:32)(cid:33)(cid:34)(cid:26)(cid:18)(cid:36)(cid:22)(cid:31)(cid:22)(cid:35)(cid:35) (cid:32)(cid:23)
(cid:36)(cid:25)(cid:22) (cid:21)(cid:26)(cid:35)(cid:20)(cid:29)(cid:32)(cid:35)(cid:37)(cid:34)(cid:22)(cid:35) (cid:26)(cid:31)(cid:20)(cid:29)(cid:37)(cid:21)(cid:22)(cid:21) (cid:26)(cid:31) (cid:36)(cid:25)(cid:22) (cid:23)(cid:26)(cid:31)(cid:18)(cid:31)(cid:20)(cid:26)(cid:18)(cid:29) (cid:34)(cid:22)(cid:33)(cid:32)(cid:34)(cid:36)(cid:3)
43
INDEPENDENT AUDITOR’S REPORT
(cid:5)(cid:7)(cid:4)(cid:12)(cid:6)(cid:10)(cid:9)(cid:2)(cid:8)(cid:1)(cid:7)(cid:6)(cid:8)(cid:6)(cid:11)(cid:4)(cid:3)
INDEPENDENT AUDITOR’S REPORT (continued)
(cid:9)(cid:27)(cid:18)(cid:16)(cid:25) (cid:6)(cid:22)(cid:17)(cid:23)(cid:25)(cid:21)(cid:13)(cid:27)(cid:19)(cid:23)(cid:22)
(cid:19)(cid:28)(cid:25) (cid:24)(cid:29)(cid:38)(cid:25)(cid:23)(cid:40)(cid:35)(cid:38)(cid:39) (cid:21)(cid:38)(cid:25) (cid:38)(cid:25)(cid:39)(cid:36)(cid:35)(cid:34)(cid:39)(cid:29)(cid:22)(cid:32)(cid:25) (cid:26)(cid:35)(cid:38) (cid:40)(cid:28)(cid:25) (cid:35)(cid:40)(cid:28)(cid:25)(cid:38) (cid:29)(cid:34)(cid:26)(cid:35)(cid:38)(cid:33)(cid:21)(cid:40)(cid:29)(cid:35)(cid:34)(cid:2) (cid:19)(cid:28)(cid:25) (cid:35)(cid:40)(cid:28)(cid:25)(cid:38) (cid:29)(cid:34)(cid:26)(cid:35)(cid:38)(cid:33)(cid:21)(cid:40)(cid:29)(cid:35)(cid:34) (cid:23)(cid:35)(cid:33)(cid:36)(cid:38)(cid:29)(cid:39)(cid:25)(cid:39) (cid:40)(cid:28)(cid:25)
(cid:29)(cid:34)(cid:26)(cid:35)(cid:38)(cid:33)(cid:21)(cid:40)(cid:29)(cid:35)(cid:34) (cid:29)(cid:34)(cid:23)(cid:32)(cid:41)(cid:24)(cid:25)(cid:24) (cid:29)(cid:34) (cid:40)(cid:28)(cid:25) Group’s (cid:21)(cid:34)(cid:34)(cid:41)(cid:21)(cid:32) (cid:38)(cid:25)(cid:36)(cid:35)(cid:38)(cid:40) (cid:26)(cid:35)(cid:38) (cid:40)(cid:28)(cid:25) (cid:45)(cid:25)(cid:21)(cid:38) (cid:25)(cid:34)(cid:24)(cid:25)(cid:24) (cid:7)(cid:5) (cid:15)(cid:21)(cid:38)(cid:23)(cid:28) (cid:6)(cid:4)(cid:6)(cid:6)(cid:1) (cid:22)(cid:41)(cid:40) (cid:24)(cid:35)(cid:25)(cid:39) (cid:34)(cid:35)(cid:40)
(cid:29)(cid:34)(cid:23)(cid:32)(cid:41)(cid:24)(cid:25) (cid:40)(cid:28)(cid:25) (cid:26)(cid:29)(cid:34)(cid:21)(cid:34)(cid:23)(cid:29)(cid:21)(cid:32) (cid:38)(cid:25)(cid:36)(cid:35)(cid:38)(cid:40) (cid:21)(cid:34)(cid:24) (cid:35)(cid:41)(cid:38) auditor’s (cid:38)(cid:25)(cid:36)(cid:35)(cid:38)(cid:40) (cid:40)(cid:28)(cid:25)(cid:38)(cid:25)(cid:35)(cid:34)(cid:2)
(cid:16)(cid:41)(cid:38) (cid:35)(cid:36)(cid:29)(cid:34)(cid:29)(cid:35)(cid:34) (cid:35)(cid:34) (cid:40)(cid:28)(cid:25) (cid:26)(cid:29)(cid:34)(cid:21)(cid:34)(cid:23)(cid:29)(cid:21)(cid:32) (cid:38)(cid:25)(cid:36)(cid:35)(cid:38)(cid:40) (cid:24)(cid:35)(cid:25)(cid:39) (cid:34)(cid:35)(cid:40) (cid:23)(cid:35)(cid:42)(cid:25)(cid:38) (cid:40)(cid:28)(cid:25) (cid:35)(cid:40)(cid:28)(cid:25)(cid:38) (cid:29)(cid:34)(cid:26)(cid:35)(cid:38)(cid:33)(cid:21)(cid:40)(cid:29)(cid:35)(cid:34) (cid:21)(cid:34)(cid:24) (cid:21)(cid:23)(cid:23)(cid:35)(cid:38)(cid:24)(cid:29)(cid:34)(cid:27)(cid:32)(cid:45) (cid:43)(cid:25) (cid:24)(cid:35) (cid:34)(cid:35)(cid:40)
(cid:25)(cid:44)(cid:36)(cid:38)(cid:25)(cid:39)(cid:39) (cid:21)(cid:34)(cid:45) (cid:26)(cid:35)(cid:38)(cid:33) (cid:35)(cid:26) (cid:21)(cid:39)(cid:39)(cid:41)(cid:38)(cid:21)(cid:34)(cid:23)(cid:25) (cid:23)(cid:35)(cid:34)(cid:23)(cid:32)(cid:41)(cid:39)(cid:29)(cid:35)(cid:34) (cid:40)(cid:28)(cid:25)(cid:38)(cid:25)(cid:35)(cid:34)(cid:2)
(cid:14)(cid:34) (cid:23)(cid:35)(cid:34)(cid:34)(cid:25)(cid:23)(cid:40)(cid:29)(cid:35)(cid:34) (cid:43)(cid:29)(cid:40)(cid:28) (cid:35)(cid:41)(cid:38) (cid:21)(cid:41)(cid:24)(cid:29)(cid:40) (cid:35)(cid:26) (cid:40)(cid:28)(cid:25) (cid:26)(cid:29)(cid:34)(cid:21)(cid:34)(cid:23)(cid:29)(cid:21)(cid:32) (cid:38)(cid:25)(cid:36)(cid:35)(cid:38)(cid:40)(cid:1) (cid:35)(cid:41)(cid:38) (cid:38)(cid:25)(cid:39)(cid:36)(cid:35)(cid:34)(cid:39)(cid:29)(cid:22)(cid:29)(cid:32)(cid:29)(cid:40)(cid:45) (cid:29)(cid:39) (cid:40)(cid:35) (cid:38)(cid:25)(cid:21)(cid:24) (cid:40)(cid:28)(cid:25) (cid:35)(cid:40)(cid:28)(cid:25)(cid:38)
(cid:29)(cid:34)(cid:26)(cid:35)(cid:38)(cid:33)(cid:21)(cid:40)(cid:29)(cid:35)(cid:34) (cid:21)(cid:34)(cid:24)(cid:1) (cid:29)(cid:34) (cid:24)(cid:35)(cid:29)(cid:34)(cid:27) (cid:39)(cid:35)(cid:1) (cid:23)(cid:35)(cid:34)(cid:39)(cid:29)(cid:24)(cid:25)(cid:38) (cid:43)(cid:28)(cid:25)(cid:40)(cid:28)(cid:25)(cid:38) (cid:40)(cid:28)(cid:25) (cid:35)(cid:40)(cid:28)(cid:25)(cid:38) (cid:29)(cid:34)(cid:26)(cid:35)(cid:38)(cid:33)(cid:21)(cid:40)(cid:29)(cid:35)(cid:34) (cid:29)(cid:39) (cid:33)(cid:21)(cid:40)(cid:25)(cid:38)(cid:29)(cid:21)(cid:32)(cid:32)(cid:45) (cid:29)(cid:34)(cid:23)(cid:35)(cid:34)(cid:39)(cid:29)(cid:39)(cid:40)(cid:25)(cid:34)(cid:40) (cid:43)(cid:29)(cid:40)(cid:28)
(cid:40)(cid:28)(cid:25) (cid:26)(cid:29)(cid:34)(cid:21)(cid:34)(cid:23)(cid:29)(cid:21)(cid:32) (cid:38)(cid:25)(cid:36)(cid:35)(cid:38)(cid:40) (cid:35)(cid:38) (cid:35)(cid:41)(cid:38) (cid:31)(cid:34)(cid:35)(cid:43)(cid:32)(cid:25)(cid:24)(cid:27)(cid:25) (cid:35)(cid:22)(cid:40)(cid:21)(cid:29)(cid:34)(cid:25)(cid:24) (cid:29)(cid:34) (cid:40)(cid:28)(cid:25) (cid:21)(cid:41)(cid:24)(cid:29)(cid:40) (cid:35)(cid:38) (cid:35)(cid:40)(cid:28)(cid:25)(cid:38)(cid:43)(cid:29)(cid:39)(cid:25) (cid:21)(cid:36)(cid:36)(cid:25)(cid:21)(cid:38)(cid:39) (cid:40)(cid:35) (cid:22)(cid:25) (cid:33)(cid:21)(cid:40)(cid:25)(cid:38)(cid:29)(cid:21)(cid:32)(cid:32)(cid:45)
(cid:33)(cid:29)(cid:39)(cid:39)(cid:40)(cid:21)(cid:40)(cid:25)(cid:24)(cid:2)
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(cid:29)(cid:34)(cid:26)(cid:35)(cid:38)(cid:33)(cid:21)(cid:40)(cid:29)(cid:35)(cid:34)(cid:1) (cid:43)(cid:25) (cid:21)(cid:38)(cid:25) (cid:38)(cid:25)(cid:37)(cid:41)(cid:29)(cid:38)(cid:25)(cid:24) (cid:40)(cid:35) (cid:38)(cid:25)(cid:36)(cid:35)(cid:38)(cid:40) (cid:40)(cid:28)(cid:21)(cid:40) (cid:26)(cid:21)(cid:23)(cid:40)(cid:2) (cid:20)(cid:25) (cid:28)(cid:21)(cid:42)(cid:25) (cid:34)(cid:35)(cid:40)(cid:28)(cid:29)(cid:34)(cid:27) (cid:40)(cid:35) (cid:38)(cid:25)(cid:36)(cid:35)(cid:38)(cid:40) (cid:29)(cid:34) (cid:40)(cid:28)(cid:29)(cid:39) (cid:38)(cid:25)(cid:27)(cid:21)(cid:38)(cid:24)(cid:2)
Directors’ (cid:10)(cid:16)(cid:26)(cid:24)(cid:23)(cid:22)(cid:26)(cid:19)(cid:14)(cid:19)(cid:20)(cid:19)(cid:27)(cid:28) (cid:17)(cid:23)(cid:25) (cid:27)(cid:18)(cid:16) (cid:5)(cid:19)(cid:22)(cid:13)(cid:22)(cid:15)(cid:19)(cid:13)(cid:20) (cid:10)(cid:16)(cid:24)(cid:23)(cid:25)(cid:27)
(cid:19)(cid:28)(cid:25) (cid:24)(cid:29)(cid:38)(cid:25)(cid:23)(cid:40)(cid:35)(cid:38)(cid:39) (cid:35)(cid:26) (cid:40)(cid:28)(cid:25) (cid:11)(cid:35)(cid:33)(cid:36)(cid:21)(cid:34)(cid:45) (cid:21)(cid:38)(cid:25) (cid:38)(cid:25)(cid:39)(cid:36)(cid:35)(cid:34)(cid:39)(cid:29)(cid:22)(cid:32)(cid:25) (cid:26)(cid:35)(cid:38) (cid:40)(cid:28)(cid:25) (cid:36)(cid:38)(cid:25)(cid:36)(cid:21)(cid:38)(cid:21)(cid:40)(cid:29)(cid:35)(cid:34) (cid:35)(cid:26) (cid:40)(cid:28)(cid:25) (cid:26)(cid:29)(cid:34)(cid:21)(cid:34)(cid:23)(cid:29)(cid:21)(cid:32) (cid:38)(cid:25)(cid:36)(cid:35)(cid:38)(cid:40) (cid:40)(cid:28)(cid:21)(cid:40) (cid:27)(cid:29)(cid:42)(cid:25)(cid:39) (cid:21)
(cid:40)(cid:38)(cid:41)(cid:25) (cid:21)(cid:34)(cid:24) (cid:26)(cid:21)(cid:29)(cid:38) (cid:42)(cid:29)(cid:25)(cid:43) (cid:29)(cid:34) (cid:21)(cid:23)(cid:23)(cid:35)(cid:38)(cid:24)(cid:21)(cid:34)(cid:23)(cid:25) (cid:43)(cid:29)(cid:40)(cid:28) (cid:40)(cid:28)(cid:25) (cid:9)(cid:41)(cid:39)(cid:40)(cid:38)(cid:21)(cid:32)(cid:29)(cid:21)(cid:34) (cid:9)(cid:23)(cid:23)(cid:35)(cid:41)(cid:34)(cid:40)(cid:29)(cid:34)(cid:27) (cid:18)(cid:40)(cid:21)(cid:34)(cid:24)(cid:21)(cid:38)(cid:24)(cid:39) (cid:21)(cid:34)(cid:24) (cid:40)(cid:28)(cid:25) (cid:5)(cid:10)(cid:12)(cid:11)(cid:10)(cid:12)(cid:6)(cid:14)(cid:8)(cid:10)(cid:9)(cid:13) (cid:4)(cid:7)(cid:14)
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(cid:43)(cid:28)(cid:25)(cid:40)(cid:28)(cid:25)(cid:38) (cid:24)(cid:41)(cid:25) (cid:40)(cid:35) (cid:26)(cid:38)(cid:21)(cid:41)(cid:24) (cid:35)(cid:38) (cid:25)(cid:38)(cid:38)(cid:35)(cid:38)(cid:2)
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(cid:40)(cid:28)(cid:25) (cid:27)(cid:35)(cid:29)(cid:34)(cid:27) (cid:23)(cid:35)(cid:34)(cid:23)(cid:25)(cid:38)(cid:34) (cid:22)(cid:21)(cid:39)(cid:29)(cid:39) (cid:35)(cid:26) (cid:21)(cid:23)(cid:23)(cid:35)(cid:41)(cid:34)(cid:40)(cid:29)(cid:34)(cid:27) (cid:41)(cid:34)(cid:32)(cid:25)(cid:39)(cid:39) (cid:40)(cid:28)(cid:25) (cid:24)(cid:29)(cid:38)(cid:25)(cid:23)(cid:40)(cid:35)(cid:38)(cid:39) (cid:25)(cid:29)(cid:40)(cid:28)(cid:25)(cid:38) (cid:29)(cid:34)(cid:40)(cid:25)(cid:34)(cid:24) (cid:40)(cid:35) (cid:32)(cid:29)(cid:37)(cid:41)(cid:29)(cid:24)(cid:21)(cid:40)(cid:25) (cid:40)(cid:28)(cid:25) (cid:12)(cid:38)(cid:35)(cid:41)(cid:36) (cid:35)(cid:38)
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Auditor’s Responsibility for the Audit of the Financial Report
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(cid:29)(cid:26) (cid:29)(cid:34)(cid:24)(cid:29)(cid:42)(cid:29)(cid:24)(cid:41)(cid:21)(cid:32)(cid:32)(cid:45) (cid:35)(cid:38) (cid:29)(cid:34) (cid:40)(cid:28)(cid:25) (cid:21)(cid:27)(cid:27)(cid:38)(cid:25)(cid:27)(cid:21)(cid:40)(cid:25)(cid:1) (cid:40)(cid:28)(cid:25)(cid:45) (cid:23)(cid:35)(cid:41)(cid:32)(cid:24) (cid:38)(cid:25)(cid:21)(cid:39)(cid:35)(cid:34)(cid:21)(cid:22)(cid:32)(cid:45) (cid:22)(cid:25) (cid:25)(cid:44)(cid:36)(cid:25)(cid:23)(cid:40)(cid:25)(cid:24) (cid:40)(cid:35) (cid:29)(cid:34)(cid:26)(cid:32)(cid:41)(cid:25)(cid:34)(cid:23)(cid:25) (cid:40)(cid:28)(cid:25) (cid:25)(cid:23)(cid:35)(cid:34)(cid:35)(cid:33)(cid:29)(cid:23)
(cid:24)(cid:25)(cid:23)(cid:29)(cid:39)(cid:29)(cid:35)(cid:34)(cid:39) (cid:35)(cid:26) (cid:41)(cid:39)(cid:25)(cid:38)(cid:39) (cid:40)(cid:21)(cid:31)(cid:25)(cid:34) (cid:35)(cid:34) (cid:40)(cid:28)(cid:25) (cid:22)(cid:21)(cid:39)(cid:29)(cid:39) (cid:35)(cid:26) (cid:40)(cid:28)(cid:29)(cid:39) (cid:26)(cid:29)(cid:34)(cid:21)(cid:34)(cid:23)(cid:29)(cid:21)(cid:32) (cid:38)(cid:25)(cid:36)(cid:35)(cid:38)(cid:40)(cid:2)
(cid:9) (cid:26)(cid:41)(cid:38)(cid:40)(cid:28)(cid:25)(cid:38) (cid:24)(cid:25)(cid:39)(cid:23)(cid:38)(cid:29)(cid:36)(cid:40)(cid:29)(cid:35)(cid:34) (cid:35)(cid:26) (cid:35)(cid:41)(cid:38) (cid:38)(cid:25)(cid:39)(cid:36)(cid:35)(cid:34)(cid:39)(cid:29)(cid:22)(cid:29)(cid:32)(cid:29)(cid:40)(cid:29)(cid:25)(cid:39) (cid:26)(cid:35)(cid:38) (cid:40)(cid:28)(cid:25) (cid:21)(cid:41)(cid:24)(cid:29)(cid:40) (cid:35)(cid:26) (cid:40)(cid:28)(cid:25) (cid:26)(cid:29)(cid:34)(cid:21)(cid:34)(cid:23)(cid:29)(cid:21)(cid:32) (cid:38)(cid:25)(cid:36)(cid:35)(cid:38)(cid:40) (cid:29)(cid:39) (cid:32)(cid:35)(cid:23)(cid:21)(cid:40)(cid:25)(cid:24) (cid:21)(cid:40) (cid:40)(cid:28)(cid:25)
(cid:9)(cid:41)(cid:24)(cid:29)(cid:40)(cid:29)(cid:34)(cid:27) (cid:21)(cid:34)(cid:24) (cid:9)(cid:39)(cid:39)(cid:41)(cid:38)(cid:21)(cid:34)(cid:23)(cid:25) (cid:18)(cid:40)(cid:21)(cid:34)(cid:24)(cid:21)(cid:38)(cid:24)(cid:39) (cid:10)(cid:35)(cid:21)(cid:38)(cid:24) (cid:43)(cid:25)(cid:22)(cid:39)(cid:29)(cid:40)(cid:25) (cid:21)(cid:40)(cid:8) (cid:43)(cid:43)(cid:43)(cid:2)(cid:21)(cid:41)(cid:21)(cid:39)(cid:22)(cid:2)(cid:27)(cid:35)(cid:42)(cid:2)(cid:21)(cid:41)(cid:3)(cid:13)(cid:35)(cid:33)(cid:25)(cid:2)(cid:21)(cid:39)(cid:36)(cid:44)(cid:2)
(cid:20)(cid:25) (cid:23)(cid:35)(cid:33)(cid:33)(cid:41)(cid:34)(cid:29)(cid:23)(cid:21)(cid:40)(cid:25) (cid:43)(cid:29)(cid:40)(cid:28) (cid:40)(cid:28)(cid:25) (cid:24)(cid:29)(cid:38)(cid:25)(cid:23)(cid:40)(cid:35)(cid:38)(cid:39) (cid:38)(cid:25)(cid:27)(cid:21)(cid:38)(cid:24)(cid:29)(cid:34)(cid:27)(cid:1) (cid:21)(cid:33)(cid:35)(cid:34)(cid:27)(cid:39)(cid:40) (cid:35)(cid:40)(cid:28)(cid:25)(cid:38) (cid:33)(cid:21)(cid:40)(cid:40)(cid:25)(cid:38)(cid:39)(cid:1) (cid:40)(cid:28)(cid:25) (cid:36)(cid:32)(cid:21)(cid:34)(cid:34)(cid:25)(cid:24) (cid:39)(cid:23)(cid:35)(cid:36)(cid:25) (cid:21)(cid:34)(cid:24) (cid:40)(cid:29)(cid:33)(cid:29)(cid:34)(cid:27)
(cid:35)(cid:26) (cid:40)(cid:28)(cid:25) (cid:21)(cid:41)(cid:24)(cid:29)(cid:40) (cid:21)(cid:34)(cid:24) (cid:39)(cid:29)(cid:27)(cid:34)(cid:29)(cid:26)(cid:29)(cid:23)(cid:21)(cid:34)(cid:40) (cid:21)(cid:41)(cid:24)(cid:29)(cid:40) (cid:26)(cid:29)(cid:34)(cid:24)(cid:29)(cid:34)(cid:27)(cid:39)(cid:1) (cid:29)(cid:34)(cid:23)(cid:32)(cid:41)(cid:24)(cid:29)(cid:34)(cid:27) (cid:21)(cid:34)(cid:45) (cid:39)(cid:29)(cid:27)(cid:34)(cid:29)(cid:26)(cid:29)(cid:23)(cid:21)(cid:34)(cid:40) (cid:24)(cid:25)(cid:26)(cid:29)(cid:23)(cid:29)(cid:25)(cid:34)(cid:23)(cid:29)(cid:25)(cid:39) (cid:29)(cid:34) (cid:29)(cid:34)(cid:40)(cid:25)(cid:38)(cid:34)(cid:21)(cid:32) (cid:23)(cid:35)(cid:34)(cid:40)(cid:38)(cid:35)(cid:32)
(cid:40)(cid:28)(cid:21)(cid:40) (cid:43)(cid:25) (cid:29)(cid:24)(cid:25)(cid:34)(cid:40)(cid:29)(cid:26)(cid:45) (cid:24)(cid:41)(cid:38)(cid:29)(cid:34)(cid:27) (cid:35)(cid:41)(cid:38) (cid:21)(cid:41)(cid:24)(cid:29)(cid:40)(cid:2)
44
INDEPENDENT AUDITOR’S REPORT
(cid:6)(cid:8)(cid:5)(cid:14)(cid:7)(cid:12)(cid:10)(cid:3)(cid:9)(cid:1)(cid:8)(cid:7)(cid:9)(cid:7)(cid:13)(cid:5)(cid:4)
INDEPENDENT AUDITOR’S REPORT (continued)
(cid:20)(cid:25) (cid:21)(cid:31)(cid:38)(cid:34) (cid:35)(cid:37)(cid:34)(cid:41)(cid:29)(cid:24)(cid:25) (cid:39)(cid:28)(cid:25) (cid:24)(cid:29)(cid:37)(cid:25)(cid:23)(cid:39)(cid:34)(cid:37)(cid:38) (cid:42)(cid:29)(cid:39)(cid:28) (cid:21) (cid:38)(cid:39)(cid:21)(cid:39)(cid:25)(cid:32)(cid:25)(cid:33)(cid:39) (cid:39)(cid:28)(cid:21)(cid:39) (cid:42)(cid:25) (cid:28)(cid:21)(cid:41)(cid:25) (cid:23)(cid:34)(cid:32)(cid:35)(cid:31)(cid:29)(cid:25)(cid:24) (cid:42)(cid:29)(cid:39)(cid:28) (cid:37)(cid:25)(cid:31)(cid:25)(cid:41)(cid:21)(cid:33)(cid:39) (cid:25)(cid:39)(cid:28)(cid:29)(cid:23)(cid:21)(cid:31)
(cid:37)(cid:25)(cid:36)(cid:40)(cid:29)(cid:37)(cid:25)(cid:32)(cid:25)(cid:33)(cid:39)(cid:38) (cid:37)(cid:25)(cid:27)(cid:21)(cid:37)(cid:24)(cid:29)(cid:33)(cid:27) (cid:29)(cid:33)(cid:24)(cid:25)(cid:35)(cid:25)(cid:33)(cid:24)(cid:25)(cid:33)(cid:23)(cid:25)(cid:2) (cid:21)(cid:33)(cid:24) (cid:39)(cid:34) (cid:23)(cid:34)(cid:32)(cid:32)(cid:40)(cid:33)(cid:29)(cid:23)(cid:21)(cid:39)(cid:25) (cid:42)(cid:29)(cid:39)(cid:28) (cid:39)(cid:28)(cid:25)(cid:32) (cid:21)(cid:31)(cid:31) (cid:37)(cid:25)(cid:31)(cid:21)(cid:39)(cid:29)(cid:34)(cid:33)(cid:38)(cid:28)(cid:29)(cid:35)(cid:38) (cid:21)(cid:33)(cid:24) (cid:34)(cid:39)(cid:28)(cid:25)(cid:37)
(cid:32)(cid:21)(cid:39)(cid:39)(cid:25)(cid:37)(cid:38) (cid:39)(cid:28)(cid:21)(cid:39) (cid:32)(cid:21)(cid:44) (cid:37)(cid:25)(cid:21)(cid:38)(cid:34)(cid:33)(cid:21)(cid:22)(cid:31)(cid:44) (cid:22)(cid:25) (cid:39)(cid:28)(cid:34)(cid:40)(cid:27)(cid:28)(cid:39) (cid:39)(cid:34) (cid:22)(cid:25)(cid:21)(cid:37) (cid:34)(cid:33) (cid:34)(cid:40)(cid:37) (cid:29)(cid:33)(cid:24)(cid:25)(cid:35)(cid:25)(cid:33)(cid:24)(cid:25)(cid:33)(cid:23)(cid:25) (cid:21)(cid:33)(cid:24) (cid:42)(cid:28)(cid:25)(cid:37)(cid:25) (cid:21)(cid:35)(cid:35)(cid:31)(cid:29)(cid:23)(cid:21)(cid:22)(cid:31)(cid:25)(cid:2) (cid:37)(cid:25)(cid:31)(cid:21)(cid:39)(cid:25)(cid:24)
(cid:38)(cid:21)(cid:26)(cid:25)(cid:27)(cid:40)(cid:21)(cid:37)(cid:24)(cid:38)(cid:3)
(cid:12)(cid:37)(cid:34)(cid:32) (cid:39)(cid:28)(cid:25) (cid:32)(cid:21)(cid:39)(cid:39)(cid:25)(cid:37)(cid:38) (cid:23)(cid:34)(cid:32)(cid:32)(cid:40)(cid:33)(cid:29)(cid:23)(cid:21)(cid:39)(cid:25)(cid:24) (cid:42)(cid:29)(cid:39)(cid:28) (cid:39)(cid:28)(cid:25) (cid:24)(cid:29)(cid:37)(cid:25)(cid:23)(cid:39)(cid:34)(cid:37)(cid:38)(cid:2) (cid:42)(cid:25) (cid:24)(cid:25)(cid:39)(cid:25)(cid:37)(cid:32)(cid:29)(cid:33)(cid:25) (cid:39)(cid:28)(cid:34)(cid:38)(cid:25) (cid:32)(cid:21)(cid:39)(cid:39)(cid:25)(cid:37)(cid:38) (cid:39)(cid:28)(cid:21)(cid:39) (cid:42)(cid:25)(cid:37)(cid:25) (cid:34)(cid:26) (cid:32)(cid:34)(cid:38)(cid:39)
(cid:38)(cid:29)(cid:27)(cid:33)(cid:29)(cid:26)(cid:29)(cid:23)(cid:21)(cid:33)(cid:23)(cid:25) (cid:29)(cid:33) (cid:39)(cid:28)(cid:25) (cid:21)(cid:40)(cid:24)(cid:29)(cid:39) (cid:34)(cid:26) (cid:39)(cid:28)(cid:25) (cid:26)(cid:29)(cid:33)(cid:21)(cid:33)(cid:23)(cid:29)(cid:21)(cid:31) (cid:37)(cid:25)(cid:35)(cid:34)(cid:37)(cid:39) (cid:34)(cid:26) (cid:39)(cid:28)(cid:25) (cid:23)(cid:40)(cid:37)(cid:37)(cid:25)(cid:33)(cid:39) (cid:35)(cid:25)(cid:37)(cid:29)(cid:34)(cid:24) (cid:21)(cid:33)(cid:24) (cid:21)(cid:37)(cid:25) (cid:39)(cid:28)(cid:25)(cid:37)(cid:25)(cid:26)(cid:34)(cid:37)(cid:25) (cid:39)(cid:28)(cid:25) (cid:30)(cid:25)(cid:44) (cid:21)(cid:40)(cid:24)(cid:29)(cid:39)
(cid:32)(cid:21)(cid:39)(cid:39)(cid:25)(cid:37)(cid:38)(cid:3) (cid:20)(cid:25) (cid:24)(cid:25)(cid:38)(cid:23)(cid:37)(cid:29)(cid:22)(cid:25) (cid:39)(cid:28)(cid:34)(cid:38)(cid:25) (cid:32)(cid:21)(cid:39)(cid:39)(cid:25)(cid:37)(cid:38) (cid:29)(cid:33) (cid:34)(cid:40)(cid:37) auditor’s (cid:37)(cid:25)(cid:35)(cid:34)(cid:37)(cid:39) (cid:40)(cid:33)(cid:31)(cid:25)(cid:38)(cid:38) (cid:31)(cid:21)(cid:42) (cid:34)(cid:37) (cid:37)(cid:25)(cid:27)(cid:40)(cid:31)(cid:21)(cid:39)(cid:29)(cid:34)(cid:33) (cid:35)(cid:37)(cid:25)(cid:23)(cid:31)(cid:40)(cid:24)(cid:25)(cid:38) (cid:35)(cid:40)(cid:22)(cid:31)(cid:29)(cid:23)
(cid:24)(cid:29)(cid:38)(cid:23)(cid:31)(cid:34)(cid:38)(cid:40)(cid:37)(cid:25) (cid:21)(cid:22)(cid:34)(cid:40)(cid:39) (cid:39)(cid:28)(cid:25) (cid:32)(cid:21)(cid:39)(cid:39)(cid:25)(cid:37) (cid:34)(cid:37) (cid:42)(cid:28)(cid:25)(cid:33)(cid:2) (cid:29)(cid:33) (cid:25)(cid:43)(cid:39)(cid:37)(cid:25)(cid:32)(cid:25)(cid:31)(cid:44) (cid:37)(cid:21)(cid:37)(cid:25) (cid:23)(cid:29)(cid:37)(cid:23)(cid:40)(cid:32)(cid:38)(cid:39)(cid:21)(cid:33)(cid:23)(cid:25)(cid:38)(cid:2) (cid:42)(cid:25) (cid:24)(cid:25)(cid:39)(cid:25)(cid:37)(cid:32)(cid:29)(cid:33)(cid:25) (cid:39)(cid:28)(cid:21)(cid:39) (cid:21) (cid:32)(cid:21)(cid:39)(cid:39)(cid:25)(cid:37)
(cid:38)(cid:28)(cid:34)(cid:40)(cid:31)(cid:24) (cid:33)(cid:34)(cid:39) (cid:22)(cid:25) (cid:23)(cid:34)(cid:32)(cid:32)(cid:40)(cid:33)(cid:29)(cid:23)(cid:21)(cid:39)(cid:25)(cid:24) (cid:29)(cid:33) (cid:34)(cid:40)(cid:37) (cid:37)(cid:25)(cid:35)(cid:34)(cid:37)(cid:39) (cid:22)(cid:25)(cid:23)(cid:21)(cid:40)(cid:38)(cid:25) (cid:39)(cid:28)(cid:25) (cid:21)(cid:24)(cid:41)(cid:25)(cid:37)(cid:38)(cid:25) (cid:23)(cid:34)(cid:33)(cid:38)(cid:25)(cid:36)(cid:40)(cid:25)(cid:33)(cid:23)(cid:25)(cid:38) (cid:34)(cid:26) (cid:24)(cid:34)(cid:29)(cid:33)(cid:27) (cid:38)(cid:34) (cid:42)(cid:34)(cid:40)(cid:31)(cid:24)
(cid:37)(cid:25)(cid:21)(cid:38)(cid:34)(cid:33)(cid:21)(cid:22)(cid:31)(cid:44) (cid:22)(cid:25) (cid:25)(cid:43)(cid:35)(cid:25)(cid:23)(cid:39)(cid:25)(cid:24) (cid:39)(cid:34) (cid:34)(cid:40)(cid:39)(cid:42)(cid:25)(cid:29)(cid:27)(cid:28) (cid:39)(cid:28)(cid:25) (cid:35)(cid:40)(cid:22)(cid:31)(cid:29)(cid:23) (cid:29)(cid:33)(cid:39)(cid:25)(cid:37)(cid:25)(cid:38)(cid:39) (cid:22)(cid:25)(cid:33)(cid:25)(cid:26)(cid:29)(cid:39)(cid:38) (cid:34)(cid:26) (cid:38)(cid:40)(cid:23)(cid:28) (cid:23)(cid:34)(cid:32)(cid:32)(cid:40)(cid:33)(cid:29)(cid:23)(cid:21)(cid:39)(cid:29)(cid:34)(cid:33)(cid:38)(cid:3)
(cid:12)(cid:19)(cid:26)(cid:25)(cid:27)(cid:29) (cid:25)(cid:24) (cid:29)(cid:20)(cid:19) (cid:12)(cid:19)(cid:23)(cid:30)(cid:24)(cid:19)(cid:27)(cid:15)(cid:29)(cid:21)(cid:25)(cid:24) (cid:12)(cid:19)(cid:26)(cid:25)(cid:27)(cid:29)
(cid:10)(cid:26)(cid:21)(cid:24)(cid:21)(cid:25)(cid:24) (cid:25)(cid:24) (cid:29)(cid:20)(cid:19) (cid:12)(cid:19)(cid:23)(cid:30)(cid:24)(cid:19)(cid:27)(cid:15)(cid:29)(cid:21)(cid:25)(cid:24) (cid:12)(cid:19)(cid:26)(cid:25)(cid:27)(cid:29)
(cid:20)(cid:25) (cid:28)(cid:21)(cid:41)(cid:25) (cid:21)(cid:40)(cid:24)(cid:29)(cid:39)(cid:25)(cid:24) (cid:39)(cid:28)(cid:25) (cid:37)(cid:25)(cid:32)(cid:40)(cid:33)(cid:25)(cid:37)(cid:21)(cid:39)(cid:29)(cid:34)(cid:33) (cid:37)(cid:25)(cid:35)(cid:34)(cid:37)(cid:39) (cid:29)(cid:33)(cid:23)(cid:31)(cid:40)(cid:24)(cid:25)(cid:24) (cid:29)(cid:33) (cid:39)(cid:28)(cid:25) directors’ (cid:37)(cid:25)(cid:35)(cid:34)(cid:37)(cid:39) (cid:26)(cid:34)(cid:37) (cid:39)(cid:28)(cid:25) (cid:44)(cid:25)(cid:21)(cid:37) (cid:25)(cid:33)(cid:24)(cid:25)(cid:24) (cid:7)(cid:5)
(cid:15)(cid:21)(cid:37)(cid:23)(cid:28) (cid:6)(cid:4)(cid:6)(cid:6)(cid:3)
(cid:13)(cid:33) (cid:34)(cid:40)(cid:37) (cid:34)(cid:35)(cid:29)(cid:33)(cid:29)(cid:34)(cid:33) (cid:39)(cid:28)(cid:25) (cid:37)(cid:25)(cid:32)(cid:40)(cid:33)(cid:25)(cid:37)(cid:21)(cid:39)(cid:29)(cid:34)(cid:33) (cid:37)(cid:25)(cid:35)(cid:34)(cid:37)(cid:39) (cid:34)(cid:26) (cid:12)(cid:31)(cid:25)(cid:43)(cid:29)(cid:37)(cid:34)(cid:21)(cid:32) (cid:14)(cid:29)(cid:32)(cid:29)(cid:39)(cid:25)(cid:24) (cid:26)(cid:34)(cid:37) (cid:39)(cid:28)(cid:25) (cid:44)(cid:25)(cid:21)(cid:37) (cid:25)(cid:33)(cid:24)(cid:25)(cid:24) (cid:7)(cid:5) (cid:15)(cid:21)(cid:37)(cid:23)(cid:28) (cid:6)(cid:4)(cid:6)(cid:6)
(cid:23)(cid:34)(cid:32)(cid:35)(cid:31)(cid:29)(cid:25)(cid:38) (cid:42)(cid:29)(cid:39)(cid:28) (cid:38)(cid:25)(cid:23)(cid:39)(cid:29)(cid:34)(cid:33) (cid:7)(cid:4)(cid:4)(cid:9) (cid:34)(cid:26) (cid:39)(cid:28)(cid:25) (cid:5)(cid:10)(cid:12)(cid:11)(cid:10)(cid:12)(cid:6)(cid:14)(cid:8)(cid:10)(cid:9)(cid:13) (cid:4)(cid:7)(cid:14) (cid:3)(cid:1)(cid:1)(cid:2)(cid:3)
(cid:12)(cid:19)(cid:28)(cid:26)(cid:25)(cid:24)(cid:28)(cid:21)(cid:16)(cid:21)(cid:22)(cid:21)(cid:29)(cid:21)(cid:19)(cid:28)
(cid:19)(cid:28)(cid:25) (cid:24)(cid:29)(cid:37)(cid:25)(cid:23)(cid:39)(cid:34)(cid:37)(cid:38) (cid:34)(cid:26) (cid:39)(cid:28)(cid:25) (cid:10)(cid:34)(cid:32)(cid:35)(cid:21)(cid:33)(cid:44) (cid:21)(cid:37)(cid:25) (cid:37)(cid:25)(cid:38)(cid:35)(cid:34)(cid:33)(cid:38)(cid:29)(cid:22)(cid:31)(cid:25) (cid:26)(cid:34)(cid:37) (cid:39)(cid:28)(cid:25) (cid:35)(cid:37)(cid:25)(cid:35)(cid:21)(cid:37)(cid:21)(cid:39)(cid:29)(cid:34)(cid:33) (cid:21)(cid:33)(cid:24) (cid:35)(cid:37)(cid:25)(cid:38)(cid:25)(cid:33)(cid:39)(cid:21)(cid:39)(cid:29)(cid:34)(cid:33) (cid:34)(cid:26) (cid:39)(cid:28)(cid:25)
(cid:17)(cid:25)(cid:32)(cid:40)(cid:33)(cid:25)(cid:37)(cid:21)(cid:39)(cid:29)(cid:34)(cid:33) (cid:17)(cid:25)(cid:35)(cid:34)(cid:37)(cid:39)
(cid:39)(cid:28)(cid:25) (cid:5)(cid:10)(cid:12)(cid:11)(cid:10)(cid:12)(cid:6)(cid:14)(cid:8)(cid:10)(cid:9)(cid:13) (cid:4)(cid:7)(cid:14) (cid:3)(cid:1)(cid:1)(cid:2)(cid:3) (cid:16)(cid:40)(cid:37)
(cid:37)(cid:25)(cid:38)(cid:35)(cid:34)(cid:33)(cid:38)(cid:29)(cid:22)(cid:29)(cid:31)(cid:29)(cid:39)(cid:44) (cid:29)(cid:38) (cid:39)(cid:34) (cid:25)(cid:43)(cid:35)(cid:37)(cid:25)(cid:38)(cid:38) (cid:21)(cid:33) (cid:34)(cid:35)(cid:29)(cid:33)(cid:29)(cid:34)(cid:33) (cid:34)(cid:33) (cid:39)(cid:28)(cid:25) (cid:17)(cid:25)(cid:32)(cid:40)(cid:33)(cid:25)(cid:37)(cid:21)(cid:39)(cid:29)(cid:34)(cid:33) (cid:17)(cid:25)(cid:35)(cid:34)(cid:37)(cid:39)(cid:2) (cid:22)(cid:21)(cid:38)(cid:25)(cid:24) (cid:34)(cid:33) (cid:34)(cid:40)(cid:37) (cid:21)(cid:40)(cid:24)(cid:29)(cid:39) (cid:23)(cid:34)(cid:33)(cid:24)(cid:40)(cid:23)(cid:39)(cid:25)(cid:24) (cid:29)(cid:33)
(cid:21)(cid:23)(cid:23)(cid:34)(cid:37)(cid:24)(cid:21)(cid:33)(cid:23)(cid:25) (cid:42)(cid:29)(cid:39)(cid:28) (cid:9)(cid:40)(cid:38)(cid:39)(cid:37)(cid:21)(cid:31)(cid:29)(cid:21)(cid:33) (cid:9)(cid:40)(cid:24)(cid:29)(cid:39)(cid:29)(cid:33)(cid:27) (cid:18)(cid:39)(cid:21)(cid:33)(cid:24)(cid:21)(cid:37)(cid:24)(cid:38)(cid:3)
(cid:29)(cid:33) (cid:21)(cid:23)(cid:23)(cid:34)(cid:37)(cid:24)(cid:21)(cid:33)(cid:23)(cid:25) (cid:42)(cid:29)(cid:39)(cid:28) (cid:38)(cid:25)(cid:23)(cid:39)(cid:29)(cid:34)(cid:33) (cid:7)(cid:4)(cid:4)(cid:9) (cid:34)(cid:26)
(cid:12)(cid:25)(cid:29)(cid:20)(cid:28)(cid:15)(cid:31)(cid:1)(cid:3)(cid:30)(cid:18)(cid:21)(cid:29)(cid:1)(cid:2)(cid:1)(cid:3)(cid:28)(cid:28)(cid:30)(cid:27)(cid:15)(cid:24)(cid:17)(cid:19)(cid:1)(cid:11)(cid:29)(cid:31)(cid:1)(cid:8)(cid:29)(cid:18)
(cid:11)(cid:21)(cid:33)(cid:29)(cid:25)(cid:31)(cid:1)(cid:11)(cid:21)(cid:31)(cid:31)(cid:21)
(cid:11)(cid:29)(cid:37)(cid:25)(cid:23)(cid:39)(cid:34)(cid:37)
(cid:18)(cid:44)(cid:24)(cid:33)(cid:25)(cid:44)(cid:2)(cid:1)(cid:5)(cid:8)(cid:1)(cid:15)(cid:21)(cid:44)(cid:1)(cid:6)(cid:4)(cid:6)(cid:6)
45
ASX INFORMATION
AS AT 31 MARCH 2022
Additional information required by the Australian Securities Exchange Limited Listing Rules and not disclosed elsewhere
in this report is set out below.
1. SUBSTANTIAL SHAREHOLDERS
NAME
CITICORP NOMINEES PTY LIMITED
MR THIAN CHOY ONG
MR KENN TAT ONG
MR KAY YIP NG
MICHAEL KING
NUMBER OF ORDINARY
SHARES HELD
PERCENTAGE OF
CAPITAL HELD
96,190,743
80,000,000
60,983,856
25,010,000
24,189,909
2. DISTRIBUTION OF SECURITY HOLDERS
RANGE
HOLDERS
UNITS
FULLY PAID ORDINARY SHARES
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 – over
37
36
146
609
323
1,151
12,601
112,297
1,277,769
26,749,281
573,143,327
601,295,275
LISTED OPTIONS EXERCISABLE AT $0.12 EACH ON OR BEFORE 31/10/2022
RANGE
HOLDERS
UNITS
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 – over
3
12
4
24
44
87
580
31,014
29,738
939,727
64,619,783
65,620,842
3. UNMARKETABLE PARCELS
Holding less than a marketable parcel of ordinary shares (being 11,111 shares as at 31 March 2022):
HOLDERS
275
UNITS
2,050,147
46
16.00
13.31
10.14
4.16
4.02
0.00%
0.02%
0.21%
4.45%
95.32%
100.00%
0.00%
0.05%
0.05%
1.43%
98.47%
100.00%
%
%
ASX INFORMATION AS AT 31 MARCH 2022
4. RESTRICTED SECURITIES OR SECURITES SUBJECT TO VOLUNTARY ESCROW
As at 31 March 2022, the Company had no restricted securities on issue.
As at 31 March 2022, the Company had no securities subject to voluntary escrow.
5. UNQUOTED SECURITIES
As at 31 March 2022, the Company had no unquoted securities on issue.
6. TWENTY LARGEST SHAREHOLDERS – ORDINARY SHARES
NAME
CITICORP NOMINEES PTY LIMITED
MR THIAN CHOY ONG
MR KENN TAT ONG
MR KAY YIP NG
MICHAEL KING
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
GENERAL TECHNOLOGY SDN BHD
BNP PARIBAS NOMINEES PTY LTD
MS PEK SAN YIP
MR THOMAS RICHARD HOOLE
TA SECURITIES HOLDINGS BERHAD
MR KIAN CHUNG CHIN
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
MR PAUL JASON WIDDIS
BNP PARIBAS NOMINEES PTY LTD SIX SIS LTD