l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Annual Report
2020
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Cover image: Manuel Meurisse
CONTENTS
CEO Update
Corporate Directory
Directors’ Report
Auditors’ Independence Report
Financial Statements
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 Auditors’ Report
Shareholder information
3
5
7
18
19
20
21
22
23
24
52
53
59
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
ANNUAL REPORT 2020 1
21%
Revenue
increase
Network
increase of
over
50%
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
2 Field Solutions Holdings Limited and Controlled Entities
Photo: Heiko Otto
Field Solutions Holdings Limited
ABN 92 111 460 121
30 June 2020
l
y
n
o
CEO Update
Dear Shareholders,
e
s
u
l
a
n
o
s
r
e
p
I am pleased to report to you on our FY 19/20 results.
It has been an extraordinary year, with drought and
bushfires to deal with, and the continually changing
and ongoing impact of the global COVID-19 epidemic.
Despite these impacts and uncertainty we have been
able to navigate the year and grow the business.
Importantly, FSG is proud to be able to provide ongoing
support to the businesses, agribusiness and residents
of rural, regional and remote Australia through these
difficult times.
In late 2019, FSG was successfully awarded a series of
contracts to build telecommunication networks across
5 Southern Queensland Local Government areas. On
completion of the builds FSG telecommunication assets
will service a coverage footprint of approximately 81,000
km2, also being the largest non-NBN fixed wireless
network in Australia.
FSG was awarded construction funding under the
Federal Government’s Mobile Black Spot Program
Round 5. This is a significant milestone for FSG
and its network growth. It is the first time that a
non-Tier 1 Telecommunications Carrier has been
included in the program. In securing this funding,
FSG has formed a strategic partnership with Optus
allowing both organisations to work together to build
telecommunications infrastructure in rural, regional and
remote Australia.
r
o
F
COVID-19 continues to impact projects and timing of
revenue across FY 19/20 to FY 20/21. Local and Global
impacts to supply chains and the working of government
has seen FSG’s large construction projects delayed by 4
months. The management team has put in place a range
of operational measures to control cost and protect staff
in line with Government guidelines and continue to work
with our customers to find mutual solutions during these
difficult times.
During the course of FY 19/20, FSG successfully
integrated its latest acquisitions of Ordnance Networks
and IP Transit businesses into our national network and
productised the offerings into FSG. Both acquisitions
have delivered FSG customers across enterprise and
government market segments. Strategically, FSG is
now well placed to target larger and more complex
opportunities in both these segments.
I would like to thank our Directors, for their continued
support over another 12 months of managed growth. Our
FY 19/20 financials reflect both the disrupted economic
times and the integration of our acquisitions and
improved operational efficiencies and growth. We have
seen organic growth across the business in both revenue
(21%) and EBITDA (300%).
FY 19/20 delivered our 3rd year of significant positive
cashflow of $2.230m. This highlights the strength of our
underlying regionally focused Retail Service Provider
businesses (JustISP and ANT Communications) as
we continue our financial investment in building our
networks across Australia.
FSG invested some $1.867K cash into infrastructure this
year which will continue to bring in incremental high margin
revenues on our own network for many years to come.
Operational Overview
Operationally, FY 19/20 has been a steady year
of organic subscriber growth. Our NSW and QLD
construction teams have been well utilised in growing
our networks and we experienced a surge in connection
activity based on many people working from home and
families home schooling during the second half of the
year as a result of COVID-19.
Our carrier team has completed a number of critical
upgrades of our backhaul networks across NSW and
QLD. These upgrades delivered cost and operational
efficiencies, FSG network capacity has been increased by
over 50%.
During FY 19/20 FSG’s relationship with NBNco resulted
in FSG successfully completing onboarding for NBNco’s
Enterprise Ethernet™ and Business Satellite Services™.
Each of these products delivers new revenue streams for
FSG and provides the ability to expand reach and quality
of services whilst concurrently reducing operational
overheads and costs.
FY 19/20 has seen FSG provide services to the
Queensland, Northern Territory and New South Wales
Governments. These contact wins and opportunities
are based on the strength and location of FSG’s rural
networks and is proof our medium to long term strategy
to construct new networks is on point and allowing FSG
to attract revenues from multiple sources.
ANNUAL REPORT 2020 3
Field Solutions Holdings Limited
ABN 92 111 460 121
30 June 2020
CEO Update continued
I look forward to sharing an exciting FY20/21 with you
all, and delivering true broadband to the business,
agribusiness and residents of rural, regional and remote
Australia.
Everyone at FSG is fully engaged with the growth
potential and development opportunities ahead for the
company, and importantly, the support we are providing
as an essential service for rural, regional and remote
Australia. We hope you will continue to be part of our
journey.
Finally, I would like to thank our Board, shareholders, staff
and business partners of FSG, for without your significant
contribution and support we would not be where we are
today.
Stay healthy, stay safe and stay connected.
Andrew Roberts
Group Managing Director and CEO
Outlook
I have stated this every year, and again this year, FSG
would not have chosen the listed path if there was not
something special and challenging about our business
model. The world has been extremely impacted by
COVID-19, and our focus remains on serving rural,
regional and remote Australia during this time. We are
determined to continue to support these communities
with exceptional products and services in FY 20/21.
Supported by the Queensland Government, FSG have a
tremendous amount of network to build across southern
Queensland during FY 20/21. Whilst exciting, we are still
navigating COVID-19 delays, however we expect all builds
to be well underway, with a number completed and
operational by the end of FY20/21. These new networks
are significant for FSG and will cement our position as
the leading telecommunications carrier for regional, rural
and remote Australia.
Commencing in FY 20/21, and partnering with the
Australian Federal Government and Optus, will be our
mobile blackspot infrastructure construction in the
Narromine and Warren Shires in NSW.
New networks deliver FSG exciting new revenue and
service opportunities. FY 20/21 will see us grow our
regional revenues and attract futher Government
and Enterprise revenues utilising our regional
telecommunications assets.
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
4 Field Solutions Holdings Limited and Controlled Entities
Field Solutions Holdings Limited
ABN 92 111 460 121
30 June 2020
l
y
n
o
Corporate Directory
e
s
u
l
a
n
o
s
r
e
p
r
o
F
GENERAL INFORMATION
The financial statements cover Field Solutions
Holdings Limited as a Consolidated Group consisting
of Field Solutions Holdings Limited and the entities it
controlled at the end of, or during, the year. The financial
statements are presented in Australian dollars, which
is Field Solutions Holdings Limited’s functional and
presentation currency.
Field Solutions Holdings Limited is a listed public
company limited by shares, incorporated and domiciled
in Australia. Its registered office and principal place of
business are:
Registered office
c/- KPMG
33 George Street
Launceston
TAS 7250
Australia
Principal place of business
Suite 38
23 Narabang Way
Belrose
NSW 2085
Australia
A description of the nature of the Group’s operations
and its principal activities are included in the Directors’
report, which is not part of the financial statements.
The financial statements were authorised for issue, in
accordance with a resolution of Directors, on 31 August
2020. The Directors have the power to amend and
reissue the financial statements.
Directors at 30 June 2020
n Dr Kenneth Carr
n Mr Andrew Roberts
n Mr Mithila Ranawake
n Ms Wendy Tyberek
n Dr Phillip Carter
Company Secretary
n Mr Graham Henderson (joint)
(appointed 5 December 2019)
n Ms Wendy Tyberek (joint)
(appointed 5 December 2019)
n Mr Sinead Teague
(Resigned 5 December 2019)
Auditors
Hall Chadwick
Level 40, 2 Park Street
SYDNEY NSW 2000
Tel: (02) 9263 2600
Stock exchange listing
Field Solutions Holdings Limited shares are listed on the
Australian Securities Exchange (ASX code: FSG).
Automic – share registry
Level 5, 126 Phillip Street
SYDNEY NSW 2000
Tel: +61 2 9698 5414
Website - www.fieldsolutions-group.com
Corporate governance statement
The directors and management are committed to
conducting the business of Field Solutions Holdings
Limited in an ethical manner and in accordance with
the highest standards of corporate governance. The
Company has adopted and has substantially complied
with the ASX Corporate Governance Principles and
Recommendations (Third Edition) (‘Recommendations’)
to the extent appropriate to the size and nature of
the Group’s operations. The Corporate Governance
Statement, which sets out the corporate governance
practices that were in operation during the financial year
and identifies and explains any recommendations that
have not been followed, which is approved at the same
time as the Annual Report can be found at:
www.fieldsolutions-group.com/governance-documents/
ANNUAL REPORT 2020 5
Australia’s
leading
rural &
remote ISP
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
6 Field Solutions Holdings Limited and Controlled Entities
Photo: Charles D
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020Directors’ Report continued
Field Solutions Holdings Limited
ABN 92 111 460 121
30 June 2020
l
y
n
o
Directors’ Report
Your Directors present their report, together with the financial statements, on the consolidated entity (referred
to hereafter as the ‘Group’) consisting of Field Solutions Holdings Limited (referred to hereafter as the
‘Company’ or ‘parent entity’) and the entities it controlled at the end of, or during, the year ended 30 June 2020.
e
s
u
l
a
n
o
s
r
e
p
r
o
F
GENERAL INFORMATION
Directors
The following persons were Directors of Field Solutions
Holdings during or since the beginning of the financial
year up to the date of this report.
Dr Kenneth Carr
Mr Andrew Roberts
Mr Mithila Ranawake
Ms Wendy Tyberek
Dr Phillip Carter
Appointed
2 May 2014
13 March 2017
23 November 2010
5 October 2018
21 February 2019
Operating and Financial review
Principal Activities
The principal activities of the consolidated group
(Group) during the financial year were to develop and
deliver communications products and services.
These activities in detail are:
n Telecommunications services designing, building
and operating telecommunications networks in
rural, regional and remote Australia.
n Operating its Retail Service Provider, JustISP,
delivering true broadband solutions to residents,
business and agribusiness in rural, regional and
remote Australia.
n Operating its Retail Service Provider, ANT
Communications, delivering broadband solutions
to residents and business customers.
n Operating its VOIP retail and wholesale business,
FreshTel, delivering VOIP retail and wholesale VOIP
solutions.
n Operating its Field Wholesale B2B business,
delivering data and voice services to retail service
providers, internet service providers and managed
service providers.
n Providing communications software development
and maintenance services.
Our business model and objectives
Key elements and underlying objectives of our business
model are:
n To deliver “true broadband” being the provision of
symmetric services to rural, regional and remote
communities
n To ‘not rely’ on the current 3G/4G and future 5G
technologies for the delivery of broadband in rural,
regional and remote Australia
n To work in partnership with each local community
to service their exact telecommunications
requirements
n To ensure local support services are in place in
each regional community
n To deliver long term, multi-use telecommunication
assets in rural, regional and remote communities
FSG operates as a telecommunications carrier and retail
service provider, building infrastructure in partnership
with each local government and local community and
deploying telecommunications assets deep into rural,
remote and regional Australia. These infrastructure assets
service the technology needs for agribusiness, business
and residents, and are sold through retail brands JustISP
and ANT Communications.
The Group also delivers wholesale services to selected
partners, agents and resellers that focus on servicing
other wireless internet service providers and systems
integrators located in rural, regional and remote Australia.
Today, the Group operates network in Tasmania, New
South Wales, Victoria, Northern Territory and Queensland.
COVID-19 Impact
COVID-19 has impacted the business and timing of
revenue across FY 19/20 to FY 20/21. Local and Global
impacts to our supply chains and the working of
government has seen FSG’s large construction projects
delayed by 4 months. The management team have put
in place a range of operational measures to control cost
and protect staff in line with Government guidelines.
ANNUAL REPORT 2020 7
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Servicing
5
states
/territories
8 Field Solutions Holdings Limited and Controlled Entities
Photo: Shivam Dewan
Directors’ Report continued
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Review of operations
The revenue for the Group was $10,618,939 (2019:
$8,787,743) representing an increase of 21%. The
Group reported a positive EBITDA of $639,207 (2019:
positive $158,731) and Cashflows from Operations of
$2,229,636 (2019: $945,146). The increase in EBITDA
(300%) and Cashflows from Operations (136%) from
prior year represents expanded increased operations
and improvement in operational efficiencies. During the
period the Group deployed and expanded its carrier
network across NSW, QLD, VIC and NT.
Likely developments and expected results of operations
The Group is well placed to continue its recent growth
trajectory in FY 20/21 and is expected to generate an
increase in revenue consistent with prior years.
Our intention for FY 20/21 is to grow our regional
revenues and attract further Government and Enterprise
revenues utilising our regional telecommunications
assets.
Together with the above organic and grant assisted
grow, the the Group will be evaluating accretive
acquisition opportunities.
Significant changes in the state of affairs
There were no significant changes in the company’s state
of affairs during the year ended 30 June 2020.
Dividends Paid or Recommended
There were no dividends paid, recommended or declared
during the current or previous financial year.
Matters subsequent to the end of the financial year
No matter or circumstance has arisen since 30 June
2020 that has significantly affected, or may significantly
affect the Group’s operations, the results of those
operations, or the Group’s state of affairs in future
financial years.
Likely developments and expected results of operations
Information on likely developments in the operations of
the Group and the expected results of operations have
not been included in this report.
Environmental regulation
The Group is not subject to any significant environmental
regulation under Australian Commonwealth or State law.
Meetings of Directors
The number of meetings of the Company’s Board of Directors (‘the Board’) held during the year ended 30 June 2020,
and the number of meetings attended by each Director were:
Mr Mithila Nath Ranawake
Dr Kenneth Carr
Mr Andrew Roberts
Ms Wendy Tyberek
Dr Phillip Carter
Full Board
Nomination and Remuneration
Committee
Audit and Risk Committee
Attended
Eligible to attend
Attended
Held
Attended
Held
11
12
12
12
12
12
12
12
12
12
2
2
-
-
1
2
2
-
-
1
4
-
-
4
2
4
-
-
4
2
Held: represents the number of meetings held during the time the Director held office.
ANNUAL REPORT 2020 9
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
INFORMATION RELATING TO DIRECTORS AND COMPANY SECRETARY
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Ken Carr
Chairman and Non-Executive Director
(PhD Bus Adm. MBA)
Dr Carr is a seasoned, non-
executive director and chair,
having held CEO/MD roles in 5
ASX listed companies primarily in
the, telecoms, banking, payments
and electronic manufacturing
sectors and non-executive director roles in 3 others,
including 2 as chair.
He is currently a non-executive director of Wakenby
limited (ASX: WAK). Dr Carr first joined the Freshtel
board in February 2010. He has formerly held CEO and
Board positions on several listed entities in Australia
and overseas, most recently as CEO of Intec Limited
Mithila Nath Ranawake
Non-Executive Director
(BBus, MBA, CPA, FAICD)
Mr Ranawake was elected to the
Freshtel board on 23 November
2010. Mr Ranawake has over
20 years of experience in the
telecommunications industry
in Asia Pacific, Australia, India
and China, combined with a strong background in
finance, mergers and acquisitions, information systems,
sales, change management, strategy and business
development acquired across a number of industries.
In his most recent role Mr Ranawake was the chief
financial officer of Konekt Limited, an ASX listed
workplace health solutions provider. Prior to that he
was the CFO of Consistel Group in Singapore where
he was instrumental in raising funds from Intel Capital
Andrew Roberts
Executive Director
(AICD)
Mr Roberts is a business executive
/ entrepreneur with over 25 years’
experience in the IT industry
in Australia, New Zealand, Asia
Pacific, and the United Kingdom.
He has extensive strategic IT and
commercial experience in business aggregation, business
analysis/strategy, sales, marketing, professional services,
operations and general management. Mr Roberts has
10 Field Solutions Holdings Limited and Controlled Entities
(ASX:ITQ), and prior was Managing Director of Rubik
Financial Limited (ASX:RFL). Previously he has held
senior executive positions at IBM, AT&T, and Lucent
Technologies and British Telecom. His main experience
is related to corporate restructuring and transformation,
which has included several JVs and mergers and
acquisitions in many countries. Dr Carr left the Board in
February 2013 and re-joined Freshtel on 2 May 2014.
The board considers Dr Ken Carr to be an independent
director as Dr Carr is free from any business or other
relationship that could materially interfere with, or
reasonably be perceived to materially interfere with, the
independent exercise of his judgement.
and JAFCO Asia. Prior to joining Consistel, Mithila was
the CFO of LongReach Group Limited, an ASX listed
Australian telecommunications equipment manufacturer
and vendor, where he was involved in raising capital and
managing its merger. He has held senior management
positions in Telstra Corporation, British Telecom
and Marconi. Mr Ranawake also has several years of
experience in gas, electric and petroleum industries.
The board considers Mithila Nath Ranawake to be
an independent director as Mr Ranawake is free
from any business or other relationship that could
materially interfere with, or reasonably be perceived to
materially interfere with, the independent exercise of his
judgement.
direct experience in building and growing IT and cloud-
based companies from start-up to sale.
He has previously been a director of Comops Limited
(ASX: COM) and was recently head of strategy and cloud
operations at Rubik Financial Limited (ASX: RFL). Mr
Roberts was also the deputy chair of the Young and Well
Cooperative Research Council, a federally funded not-
for-profit organisation focusing on the use of technology
to assist wellbeing in young people’s lives.
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020Directors’ Report continued
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Wendy Tyberek
Finance Director and Company Secretary (joint)
(CA, AICD, BBus)
Ms Tyberek is a chartered
accountant with over 25 years
experience in financial business
management and related
technologies in Australia and the
UK.
Wendy is the Finance Director and CFO and leads
the finance team for FSG, responsible for the finance,
Dr Phillip Carter
Non-Executive Director
(PhD, MAppFin, BEng, SFFIN, FAICD)
Phillip is a joint managing director
of Kestrel Capital Pty Ltd. He has
extensive experience developing
and financing technology rich
industrials in Australia, Europe
and the United States of America.
As chairman of Prism Group Holdings (a developer of
enterprise management information systems software),
he led the restructure and turnaround of its global
operations and subsequent sale of the business to a US
compliance and reporting functions within the group.
She is a hands-on CFO focussed on achieving results and
has extensive experience in leading teams to develop
and deliver financially successful technology-based
solutions to private and public-sector enterprises. Her
previous roles have included senior positions with MYOB,
Comops (ASX:COM), Solution 6 and Deloitte
competitor, delivering significant returns to investors.
Previously, Phillip headed a leading United Kingdom
technology consulting and investment advisory practice
and managed the InterTechnology Fund, recognised
by the European Private Equity and Valuations
Capital Association (EVCA) as one of the most active
development capital funds in Europe. Other current
directorships: Kestrel Growth Companies Limited, Tambla
Limited and Chant West Holdings Limited.
Mr Graham Henderson
Company Secretary (joint)
(Brecon, B.A.,M.A., M.Hist. FGIA)
Mr Henderson has had many years’
experience in the management of
public companies, both listed and
not for profit entities. He joined
Freshtel Holdings as Company Secretary in September
2010, and acted as CFO until the acquisition by Field
Solutions in April 2017.
ANNUAL REPORT 2020 11
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020Directors’ Report continued
l
personnel
l
y
n
o
e
s
u
a
n
o
s
r
e
p
r
o
F
REMUNERATION REPORT (AUDITED)
The remuneration report details the key management
personnel remuneration arrangements for the Group, in
accordance with the requirements of the Corporations
Act 2001 and its Regulations.
Key management personnel are those persons having
authority and responsibility for planning, directing
and controlling the activities of the entity, directly or
indirectly, including all directors.
The remuneration report is set out under the following
main headings:
n Principles used to determine the nature and
amount of remuneration
n Details of remuneration
n Share-based compensation
n Additional disclosures relating to key management
Principles used to determine the nature and
amount of remuneration
The objective of the Group’s executive reward framework
is to ensure reward for key management personnel
(KMP) performance is competitive and appropriate for
the results delivered. The framework aligns executive
reward for the achievement of strategic objectives
and the creation of value for shareholders, and it is
considered to conform to the market best practice for
the delivery of reward. The Board of Directors (‘the
Board’) ensures that executive reward satisfies the
following key criteria for good reward governance
practices:
n competitiveness and reasonableness
n acceptability to shareholders
n performance linkage / alignment of executive
compensation
n transparency
The Nomination and Remuneration Committee is
responsible for determining and reviewing remuneration
arrangements for its directors and executives.
The remuneration policy of Field Solutions Holdings
Limited has been designed to align key management
personnel (KMP) objectives with shareholder and
business objectives by providing a fixed remuneration
component and having regard to the current incentive
to achieve and earnings milestones pursuant to the
acquisition of Field Solutions Group Pty Ltd and other
businesses where short term incentives (STI’s) are
offered.
The Board has established an employee share option
plan (ESOP) which was presented for review and
ratification at the 2017 AGM. The Board believes that
the current remuneration policy, together with the
ESOP to be appropriate and effective in its ability
12 Field Solutions Holdings Limited and Controlled Entities
to attract and retain high-quality KMP to run and
manage the consolidated Group, as well as to provide
goal congruence between directors, executives and
shareholders. During the year the group granted a
further 12,770,752 share options to KMP. Refer to Note 24
for further information.
The Board’s policy for determining the nature and
amount of remuneration for KMP of the consolidated
Group is as follows:
n All KMP receive a base salary (based on factors
such as length of service and experience),
superannuation, STI and become eligible to
participate in the Company ESOP (subject to
Board invitation).
n Other performance incentives (such as STI’s) are
generally only paid once pre-determined key
performance indicators have been met.
n Incentives in the form of ESOP options and shares
are intended to align the interests of KMP and the
Company with those of shareholders.
n The remuneration committee reviews KMP
packages annually by reference to the
consolidated Group’s performance, executive
performance and comparable information from
industry sectors.
The performance of KMP is measured against criteria
agreed annually with each executive and is based on
individual and by reference to the consolidated Group’s
performance. All bonuses and incentives must be linked
to predetermined performance criteria. The policy is
designed to attract the highest calibre of executives and
reward them for performance / results leading to long
term growth in shareholder wealth.
KMP receive a superannuation guarantee contribution
required by the government, which is currently 9.5% of
the individual’s average weekly ordinary time earnings
(AWOTE).
Other than the entitlements provided under the Group’s
defined contribution superannuation arrangements, KMP
do not receive any other retirement benefits.
All remuneration paid to KMP is valued at the cost to the
company and expensed.
The Board’s policy is to remunerate KMP (including
non-executive directors) at market rates for time,
commitment and responsibilities. The board currently
determines payments to KMP and reviews their
remuneration annually, based on market practice, duties
and accountability. Independent external advice is
sought when required. The maximum aggregate amount
of fees that can be paid to non-executive directors is
subject to approval by shareholders at the annual general
meeting.
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020Directors’ Report continued
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Options granted under the ESOP do not carry dividend
or voting rights. The board is responsible for determining
any conditions attaching to the options (including issue
price, exercise price, vesting conditions, and conditions
of exercise).
Engagement of Remuneration Consultants
The Board did not engage any remuneration consultants
during the financial year. The Board will consider the
appropriateness of appointing a remuneration consultant
during FY21 to review the elements of KMP remuneration
and to provide appropriate recommendations.
Performance based Remuneration
KPIs for management and other staff are set annually, in
consultation with the Board Remuneration Committee.
The measures are specifically tailored to the area each
individual is involved in and has a level of control over.
The KPIs target areas are those the Board believes
hold greater potential for Group expansion and profit,
covering financial and non-financial as well as short and
long-term goals. The level set for each KPI is based on
budgeted figures for the Group and, in some instances,
relevant industry standards.
Performance against KPIs is assessed annually, with
any KPI related bonuses being awarded based on
achievement of the relevant KPIs (see below for further
information regarding cash bonuses). Following the
assessment, the KPIs are reviewed by the Board in
light of the desired and actual outcomes, and their
efficiency is assessed in relation to the Group’s goals
and shareholder wealth, before the KPIs are set for the
following year.
In determining whether or not a KPI has been achieved,
Field Solutions Holdings Limited bases the assessment
on audited figures and quantitative and qualitative data.
Relationship between Remuneration Policy and Company
Performance
The remuneration policy has been tailored to increase
goal congruence between shareholders, directors and
executives. Two methods have been applied to achieve
this aim, the first being a performance based bonus
based on KPIs, and the second being the establishment
of an ESOP (under which KMP are eligible participants,
subject to Board invitation) to encourage the alignment
of personal and shareholder interests.
The Board is of the opinion that the above remuneration
policy will enhance company performance going
forward.
Performance Conditions Linked to Remuneration
The Group seeks to emphasise reward incentives
for results and continued commitment to the Group
through the provision of cash bonus reward schemes, in
particular the incorporation of incentive payments based
on the achievement of Group budgets. The Group does
not currently have any cash bonus rewards schemes
tied to the company’s share price, preferring at this
stage to align such cash bonus rewards to operational
performance.
The objective of the reward schemes is to both reinforce
the short and long-term goals of the Group and
provide a common interest between management and
shareholders.
The satisfaction of the KPIs is based on a review of the
audited financial statements of the Group.
ANNUAL REPORT 2020 13
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020Directors’ Report continued
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the Group for the 2020 year are set out in the following
tables.
Short-term
benefits
Cash salary
and fees
$
55,000
48,000
48,000
295,000
165,000
18,000
-
39,350
213,757
882,107
Long-term
benefits
Share-based
payments
Performance
based
Cash
bonus
$
Non-
monetary
$
Super-
annuation
$
Long service
leave
$
Equity-
settled
$
%
remuneration
$
Total
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,225
4,560
4,560
20,531
-
-
-
-
19,017
53,893
-
-
-
-
-
-
-
-
-
-
33,263
33,263
-
31,461
33,263
-
-
-
-
-
-
-
-
-
-
-
93,488
85,823
52,560
346,992
198,263
18,000
-
39,350
6,725
137,975
-
239,499
- 1,073,975
Non-Executive
Directors:
Dr Kenneth Carr
Mr Mithila Nath
Ranawake
Dr Philip Carter
Executive Directors:
Mr Andrew Roberts
Ms Wendy Tyberek
Secretary:
Ms Sinead Teague(a)
Ms Wendy Tyberek
Mr Graham Henderson(c)
Other KMP
Mr Philippe Benoliel(b)
(a) Resigned 5 December 2019. Ms Teague is engaged through the Automic Group to provide company secretarial services to the Company and
does not form part of management.
(b) Appointed Chief Operating Officer on 7 August 2019.
(c) Appointed Joint Company Secretary 5 December 2019.
Details of the remuneration of key management personnel of the Group for the 2019 year are set out in the following tables.
r
o
F
Non-Executive
Directors:
Dr Kenneth Carr
Mr Mithila Nath
Ranawake
Dr Philip Carter(b)
Executive Directors:
Mr Andrew Roberts
Ms Wendy Tyberek
Secretary:
Ms Sinead Teague(a)
Mr Graham Henderson
Short-term
benefits
Cash salary
and fees
$
55,000
48,000
18,530
295,000
165,000
27,000
20,000
628,530
Long-term
benefits
Share-based
payments
Performance
based
Cash
bonus
$
Non-
monetary
$
Super-
annuation
$
Long service
leave
$
Equity-
settled
$
%
remuneration
$
Total
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,225
4,560
-
20,531
-
-
-
30,316
-
-
-
-
-
-
-
-
33,263
33,263
-
-
33,263
-
-
99,789
-
-
-
-
-
-
-
-
93,488
85,823
18,530
315,531
198,263
27,000
20,000
758,635
(a) Ms Teague is engaged through the Automic Group to provide company secretarial services to the Company and does not form part of management.
(b) Appointed Director on 21 February 2019.
14 Field Solutions Holdings Limited and Controlled Entities
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020Directors’ Report continued
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
Share-based compensation
Issue of shares
Options
Performance Rights
Shareholding
Ordinary shares
Dr Kenneth Carr
Mr Mithila Nath Ranawake
Mr Andrew Roberts
Ms Wendy Tyberek
Dr Phillip Carter
Mr Philippe Benoliel
Mr Graham Henderson
Option holding
Shares issued to Directors and other key management personnel as part of compensation during the year ended 30
June 2020 are disclosed above.
There were 12,770,752 options over ordinary shares issued KMP as part of compensation for the period ended 30 June
2020.
There were 39,000,000 performance rights issued to KMP as part of compensation for the period ended 30 June
2020. These performance rights have been issued in accordance with the terms of the performance rights plan.
Additional disclosures relating to key management personnel
The number of shares in the Company held during the financial year by each Director and other members of key
management personnel of the Group, including their personally related parties, is set out below:
Balance at
the start of
the year
Received
as part of
remuneration
Additions
Disposals/
other
3,000,000
2,066,667
192,063,635
189,000,809
-
-
600,000
386,731,111
-
-
-
-
-
-
-
-
-
-
19,924,771
20,104,771
62,500,000
1,917,203
400,000
104,846,745
Balance at
the end of
the year
3,000,000
2,066,667
211,988,406
209,105,580
62,500,000
1,917,203
1,000,000
497,577,856
-
-
-
-
-
-
-
-
There were 33,777,752 options over ordinary shares in the Company held during the financial year by each Director and
other key management personnel of the Group, including their personally related parties
r
o
F
Grant date
13 December 2018
13 December 2018
13 December 2018
30 March 2020
30 March 2020
30 March 2020
Expiry date
13 December 2021
13 December 2021
13 December 2021
30 June 2021
30 June 2022
30 June 2023
Exercise price
$0.03
$0.045
$0.06
$0.03
$0.045
$0.06
Number under option
9,000,000
6,000,000
6,000,000
4,256,917
4,256,917
4,256,918
33,770,752
ANNUAL REPORT 2020 15
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020Directors’ Report continued
There were 39,000,000 performance rights over ordinary shares in the Company held during the financial year by
each Director and other key management personnel of the Group, including their personally related parties
Balance at
the start of
the year
Received
as part of
remuneration
Conversion to
shares
Disposals/
other
Balance at
the end of
the year
-
-
39,000,000
39,000,000
-
-
-
-
39,000,000
39,000,000
Other Transactions with KMP and/or their Related Parties
During the year Convergent Technology Holdings Pty Ltd (Andrew Roberts and Wendy Tyberek) converted 390,405
convertible notes into 19,520,250 ordinary shares and Kestrel Growth Companies Ltd (Phillip Carter) converted 1,250,000
convertible notes into 62,500,000 ordinary shares. These shares are included in the Shareholding table above.
This concludes the remuneration report, which has been audited.
Shares under option
There were 2,433,290 unissued ordinary shares of Field Solutions Holdings Limited based on options outstanding at
the date of this report. Options holders do not have any rights to participate in any issues of shares or other interests
in the company or any other entity. Details of the options granted, apart from those held by Directors and KMP, are set
out below. For details of options issued to directors and executives as remuneration, refer to the Remuneration report.
Expiry date
Exercise price
30 Sept 2020
$0.125
Number under option
2,433,290
2,433,290
Shares issued on the exercise of options
There were no shares of Field Solutions Holdings Limited issued as a result of the exercise of options during the year ended
30 June 2020 and up to the date of this report.
Performance rights
There were 9,000,000 unissued performance rights over ordinary shares of Field Solutions Holdings Limited based on
options outstanding at the date of this report. Options holders do not have any rights to participate in any issues of
shares or other interests in the company or any other entity. Details of the options granted, apart from those held by
Directors and KMP, are set out below. For details of options issued to directors and executives as remuneration, refer
to the Remuneration report.
Performance rights
Performance rights
Mr Andrew Roberts
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Grant date
1 April 2017
Grant date
1 July 2018
Number under option
9,000,000
9,000,000
Indemnity and insurance of officers
The Company has indemnified the directors and executives of the Company for costs incurred, in their capacity as a
director or executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the directors and executives
of the Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance
prohibits disclosure of the nature of the liability and the amount of the premium.
16 Field Solutions Holdings Limited and Controlled Entities
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020Directors’ Report continued
l
y
n
o
e
s
u
Indemnity and insurance of auditor
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.
Proceedings on behalf of the Company
No person has applied to the Court under section
237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the Company, or to intervene
in any proceedings to which the Company is a party
for the purpose of taking responsibility on behalf of the
Company for all or part of those proceedings.
Officers of the Company who are former partners of Hall
Chadwick
There are no officers of the Company who are former
partners of Hall Chadwick.
Auditor’s independence declaration
A copy of the auditor’s independence declaration as
required under section 307C of the Corporations Act
2001 is set out immediately after this Directors’ report.
Auditor
Hall Chadwick continues in office in accordance with
section 327 of the Corporations Act 2001.
This report is made in accordance with a resolution
of Directors, pursuant to section 298(2)(a) of the
Corporations Act 2001.
l
Non-audit services
There were no non-audit services provided during the
financial year by the auditor.
a
n
o
s
r
e
p
r
o
F
On behalf of the Directors
Ken Carr
Director
Mithila Ranawake
Director
28 August 2020
Australia
ANNUAL REPORT 2020 17
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020Directors’ Report continued
Auditors’ Independence Report
FIELD SOLUTIONS HOLDINGS LIMITED
ABN 92 111 460 121
AND ITS CONTROLLED ENTITIES
AUDITOR’S INDEPENDENCE DECLARATION
UNDER SECTION 307C OF THE CORPORATIONS ACT 2001
TO THE DIRECTORS OF FIELD SOLUTIONS HOLDINGS LIMITED
In accordance with Section 307C of the Corporations Act 2001, I am pleased to provide the
following declaration of independence to the directors of Field Solutions Holdings Limited. As
the lead audit partner for the audit of the financial report of Field Solutions Holdings Limited
for the year ended 30 June 2020, I declare that, to the best of my knowledge and belief,
there have been no contraventions of:
the auditor independence requirements as set out in the Corporations Act 2001 in
relation to the audit; and
any applicable code of professional conduct in relation to the audit.
l
y
n
o
e
s
u
(i)
(ii)
l
a
n
o
s
r
e
p
Hall Chadwick (NSW)
Level 40, 2 Park Street
Sydney NSW 2000
Sandeep Kumar
Partner
Dated: 31 August 2020
r
o
F
A Member of PrimeGlobal
An Association of Independent
Accounting Firms
18 Field Solutions Holdings Limited and Controlled Entities
SYDNEY · PENRITH · MELBOURNE · ADELAIDE · PERTH · DARWIN · BRISBANE
Liability limited by a scheme approved under Professional Standards Legislation
www.hallchadwick.com.au
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Field Solutions Holdings Limited
ABN 92 111 460 121
l
y
n
o
Financial Statements
for the year ended 30 June 2020
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Photo: Lynda Hinton
ANNUAL REPORT 2020 19
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2020
l
y
n
o
Revenue
e
s
u
l
a
n
o
s
r
e
p
Expenses
Employee benefit expense
Depreciation and amortisation
Communication and ISP Costs
Other Direct Costs
Occupancy cost
Share Based Payments
Loss on conversion of convertible notes to equity
Administration
Profit/(loss) before income tax expense
(Income tax expense)/benefit
Profit/(loss) after income tax expense for the year attributable to the Owners
of Field Solutions Holdings Limited
Other comprehensive income for the year, net of tax
Total comprehensive income/(loss) for the year attributable to the Owners of
Field Solutions Holdings Limited
Consolidated Group
Note
2020
$
2019
$
4
10,618,939
8,787,743
(2,217,928)
(1,717,956)
(5,024,563)
(759,624)
(114,135)
(137,975)
(390,405)
(1,426,816)
(2,215,224)
(1,195,583)
(4,659,657)
(321,805)
(361,308)
(84,184)
-
(1,041,257)
(1,170,463)
(1,091,275)
25
6
5
952,504
557,212
(217,959)
(534,063)
-
-
(217,959)
(534,063)
Cents
Cents
30
30
(0.05)
(0.04)
(0.12)
(0.11)
Basic earnings per share
Diluted earnings per share
r
o
F
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction
with the accompanying notes
20 Field Solutions Holdings Limited and Controlled Entities
Field Solutions Holdings LimitedABN 92 111 460 121
Consolidated statement of financial position
For the year ended 30 June 2020
l
y
n
o
Assets
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Current assets
Cash and cash equivalents
Trade and other receivables
Income tax
Total current assets
Non-current assets
Property, plant and equipment
Right of Use Asset
Intangibles
Deferred tax Asset
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Lease Liabilities
Short-term borrowings
Employee benefits
Total current liabilities
Non-current liabilities
Deferred tax
Lease Liabilities
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Retained profits
Total equity
Consolidated Group
Note
2020
$
2019
$
7
8
5
9
15
10
5
12
15
13
14
5
15
432,726
1,205,901
1,022,250
2,660,877
5,397,914
652,038
1,708,725
393,313
8,151,990
367,218
1,140,000
484,048
1,991,266
4,722,216
-
1,673,563
205,741
6,601,520
10,812,867
8,592,786
1,948,997
1,125,006
177,931
236,910
202,089
2,565,927
-
1,558,084
225,137
2,908,227
179,553
506,441
685,994
10,602
-
10,602
3,251,921
2,918,829
7,560,946
5,673,957
16
17
18
8,358,058
318,007
(1,115,119)
6,318,776
252,341
(897,160)
7,560,946
5,673,957
The above consolidated statement of financial position should be read in conjunction with the
accompanying notes
ANNUAL REPORT 2020 21
Field Solutions Holdings LimitedABN 92 111 460 121
Consolidated statement of changes in equity
For the year ended 30 June 2020
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Consolidated Group
Balance at 1 July 2018
Loss after income tax expense for the year
Other comprehensive income for the year, net of tax
Total comprehensive loss for the year
Issued capital from capital raise
Issued capital asset acquisition
Transfer of lapsed options
Issued capital share based payment
Share reserve – Option valuation
Balance at 30 June 2019
Consolidated Group
Balance at 1 July 2019
Loss after income tax expense for the year
Other comprehensive income for the year, net of tax
Total comprehensive loss for the year
Issued capital from capital raise
Issued capital asset acquisition
Issued Capital shares from escrow
Issued capital share based payment
Issue of performance rights share
Share reserve – Option valuation and performance rights
Balance at 30 June 2020
Issued
capital
$
Reserves
$
Retained
profits
$
Total equity
$
6,318,776
182,553
(393,097)
6,108,232
-
-
-
-
-
-
-
-
-
-
-
(534,063)
-
(534,063)
-
(534,063)
(534,063)
-
-
(30,000)
-
99,788
-
-
30,000
-
-
-
-
-
-
99,788
6,318,776
252,341
(897,160)
5,673,957
Issued
capital
$
Reserves
$
Retained
profits
$
Total equity
$
6,318,776
252,341
(897,160)
5,673,957
-
-
-
-
333,056
1,640,405
65,821
-
-
-
-
-
-
-
(65,821)
131,487
(217,959)
-
(217,959)
-
(217,959)
(217,959)
-
-
-
-
-
-
333,056
-
1,640,405
-
131,487
8,358,058
318,007
(1,115,119)
7,560,946
The above consolidated statement of changes in equity should be read in conjunction with the
accompanying notes
22 Field Solutions Holdings Limited and Controlled Entities
Field Solutions Holdings LimitedABN 92 111 460 121
Consolidated statement of cash flows
For the year ended 30 June 2020
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
Cash flows from operating activities
Receipts from customers
Payment to suppliers and employees
Interest paid
Refund / (payment) of income tax
Net cash from operating activities
Cash flows from investing activities
Payment for purchase of business, net of cash acquired
Payments for property, plant and equipment
Payments for intangibles
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of shares
Costs of raising capital
Payment of leases
Proceeds from short-term borrowings
Repayment of short-term borrowings
Net cash from financing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Cash and cash equivalents at the end of the financial year
Consolidated Group
Note
2020
$
2019
$
10,619,034
(8,693,365)
(91,714)
395,681
8,963,231
(8,576,226)
(58,857)
616,999
28
2,229,636
945,146
11
9
10
15
(52,847)
(1,309,738)
(544,894)
-
(2,378,016)
(228,422)
(1,907,479)
(2,606,438)
-
-
-
1,742,139
(184,055)
(171,610)
250,000
(335,039)
(256,649)
1,558,084
65,508
367,218
(103,207)
470,425
7
432,726
367,218
r
o
F
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
ANNUAL REPORT 2020 23
Field Solutions Holdings LimitedABN 92 111 460 121
Notes to the consolidated financial statements
For the year ended 30 June 2020
l
y
n
o
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the
preparation of the financial statements are set out below.
These policies have been consistently applied to all the
years presented, unless otherwise stated.
e
s
u
Basis of preparation
These general purpose financial statements have been
prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australian
Accounting Standards Board (‘AASB’) and the
Corporations Act 2001, as appropriate for for-profit
oriented entities. These financial statements also comply
with International Financial Reporting Standards as issued
by the International Accounting Standards Board (‘IASB’).
l
a
n
o
s
r
e
p
r
o
F
Historical cost convention
The financial statements have been prepared under the
historical cost convention, except for, where applicable,
the revaluation of available-for-sale financial assets,
financial assets and liabilities at fair value through profit
or loss, investment properties, certain classes of property,
plant and equipment and derivative financial instruments.
Critical accounting estimates
The preparation of the financial statements requires
the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the
process of applying the Group’s accounting policies.
The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates
are significant to the financial statements, are disclosed
in note 2.
Parent entity information
In accordance with the Corporations Act 2001, these
financial statements present the results of the Group
only. Supplementary information about the parent entity
is disclosed in Note 23.
Principles of consolidation
The consolidated financial statements incorporate the
assets and liabilities of all subsidiaries of Field Solutions
Holdings Limited (‘Company’ or ‘parent entity’) as at
30 June 2020 and the results of all subsidiaries for the
year then ended. Field Solutions Holdings Limited and
its subsidiaries together are referred to in these financial
statements as the ‘Group’.
Subsidiaries are all those entities over which the Group
has control. The Group controls an entity when the
Group is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability
to affect those returns through its power to direct the
activities of the entity. Subsidiaries are fully consolidated
24 Field Solutions Holdings Limited and Controlled Entities
from the date on which control is transferred to the
Group. They are de-consolidated from the date that
control ceases.
Intercompany transactions, balances and unrealised
gains on transactions between entities in the Group are
eliminated. Unrealised losses are also eliminated unless
the transaction provides evidence of the impairment of
the asset transferred. Accounting policies of subsidiaries
have been changed where necessary to ensure
consistency with the policies adopted by the Group.
The acquisition of subsidiaries is accounted for using
the acquisition method of accounting. A change in
ownership interest, without the loss of control, is
accounted for as an equity transaction, where the
difference between the consideration transferred and the
book value of the share of the non-controlling interest
acquired is recognised directly in equity attributable to
the parent.
Where the Group loses control over a subsidiary, it
derecognises the assets including goodwill, liabilities
and non-controlling interest in the subsidiary together
with any cumulative translation differences recognised
in equity. The Group recognises the fair value of
the consideration received and the fair value of any
investment retained together with any gain or loss in
profit or loss.
Revenue
Communication Services
Customers usually pay in advance for communication
services on a monthly basis, typically at the
commencement of the month. Customers typically
pay for hardware and other equipment at the time
of sale. Revenue from the sale of handsets and other
equipment is recognised when control of the handset and
other equipment has transferred to the customer. The
transactions price is determined at the rates stipulated in
the contract with the customer.
Telecommunication Infrastructure
The Group has been engaged by a number of councils
to assist with building infrastructure across a number of
shires. Contracts typically involve a number of separate
performance obligations and the transaction price is
allocated across these performance obligations. The
performance obligations are typically aligned with the
respective milestones. Where amounts are received in
advance of fulfilment of those respective performance
obligations the Group recognises a contract liability. A
contract asset is recognised where the performance
obligations have been satisfied but not yet billed due
to a milestone payment. The Group considers cost-to-
cost method an appropriate measure of progress for the
Field Solutions Holdings LimitedABN 92 111 460 121
Notes to the consolidated financial statements continued
l
y
n
o
Interest
e
s
u
completion of the performance obligation. The cost-to-
cost method is based on the proportion of the contract
costs incurred for the work performed to date relative
to the estimated total contract costs. Once an invoice is
issued, the corresponding contract asset is reclassified to
trade receivables. No significant financing components
have been identified in the contracts with the councils
as the period between meeting of the performance
obligation and milestone payments.
Interest revenue is recognised as interest accrues using
the effective interest method. This is a method of
calculating the amortised cost of a financial asset and
allocating the interest income over the relevant period
using the effective interest rate, which is the rate that
exactly discounts estimated future cash receipts through
the expected life of the financial asset to the net carrying
amount of the financial asset.
l
a
n
o
s
r
e
p
Other revenue
Other revenue is recognised when it is received or when
the right to receive payment is established.
Income tax
The income tax expense or benefit for the period is the
tax payable on that period’s taxable income based on the
applicable income tax rate for each jurisdiction, adjusted
by the changes in deferred tax assets and liabilities
attributable to temporary differences, unused tax losses
and the adjustment recognised for prior periods, where
applicable.
Deferred tax assets and liabilities are recognised for
temporary differences at the tax rates expected to be
applied when the assets are recovered or liabilities are
settled, based on those tax rates that are enacted or
substantively enacted, except for:
r
o
F
n When the deferred income tax asset or liability
arises from the initial recognition of goodwill or
an asset or liability in a transaction that is not a
business combination and that, at the time of the
transaction, affects neither the accounting nor
taxable profits; or
n When the taxable temporary difference is
associated with interests in subsidiaries, associates
or joint ventures, and the timing of the reversal can
be controlled and it is probable that the temporary
difference will not reverse in the foreseeable future.
Deferred tax assets are recognised for deductible
temporary differences and unused tax losses only if it is
probable that future taxable amounts will be available to
utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised
deferred tax assets are reviewed at each reporting
date. Deferred tax assets recognised are reduced to the
extent that it is no longer probable that future taxable
profits will be available for the carrying amount to be
recovered. Previously unrecognised deferred tax assets
are recognised to the extent that it is probable that there
are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where
there is a legally enforceable right to offset current tax
assets against current tax liabilities and deferred tax
assets against deferred tax liabilities; and they relate to
the same taxable authority on either the same taxable
entity or different taxable entities which intend to settle
simultaneously.
Tax Consolidation
The company and its wholly-owned Australian resident
entities have formed a tax consolidated Group and
are therefore taxed as a single entity from that date.
The head entity within the tax-consolidated Group is
Field Solutions Holdings Limited. Tax expense/income,
deferred tax liabilities and deferred tax assets arising
from temporary differences of the members of the
tax-consolidated Group are recognised in the separate
financial statements of the members of the tax-
consolidated Group using the “separate taxpayer within
group” approach by reference to the carrying amounts
in the separate financial statements of each entity
and the tax values applying under tax consolidation.
Current tax liabilities and assets and deferred tax
assets arising from unused tax losses and relevant tax
credits of the members of the tax-consolidated Group
are recognised by the Company (as head entity in the
tax-consolidated Group). Due to the existence of a tax
funding arrangement between the entities in the tax
consolidated Group, amounts are recognised as payable
to or receivable by the Company and each member of
the Group in relation to the tax contribution amounts
paid or payable between the Parent Entity and the other
members of the tax consolidated Group in accordance
with the arrangement.
Current and non-current classification
Assets and liabilities are presented in the statement
of financial position based on current and non-current
classification.
An asset is classified as current when: it is either
expected to be realised or intended to be sold or
consumed in the Group’s normal operating cycle; it is
held primarily for the purpose of trading; it is expected
to be realised within 12 months after the reporting
period; or the asset is cash or cash equivalent unless
restricted from being exchanged or used to settle a
liability for at least 12 months after the reporting period.
All other assets are classified as non-current.
A liability is classified as current when: it is either
expected to be settled in the Group’s normal operating
ANNUAL REPORT 2020 25
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
cycle; it is held primarily for the purpose of trading; it is
due to be settled within 12 months after the reporting
period; or there is no unconditional right to defer the
settlement of the liability for at least 12 months after the
reporting period. All other liabilities are classified as non-
current.
Deferred tax assets and liabilities are always classified as
non-current.
Cash and cash equivalents
Cash and cash equivalents includes cash on hand,
deposits held at call with financial institutions, other
short-term, highly liquid investments with original
maturities of three months or less that are readily
convertible to known amounts of cash and which are
subject to an insignificant risk of changes in value.
Property, plant and equipment
Plant and equipment is stated at historical cost less
accumulated depreciation and impairment. Historical
cost includes expenditure that is directly attributable to
the acquisition of the items.
Depreciation is calculated on a straight-line basis to
write off the net cost of each item of property, plant and
equipment (excluding land) over their expected useful
lives as follows:
Property, Plant and equipment
Fixtures and fittings
Motor Vehicles
3-25 years
3-10 years
3-5 years
The residual values, useful lives and depreciation
methods are reviewed, and adjusted if appropriate, at
each reporting date.
Leasehold improvements and plant and equipment under
lease are depreciated over the unexpired period of the
lease or the estimated useful life of the assets, whichever
is shorter.
r
o
F
An item of property, plant and equipment is
derecognised upon disposal or when there is no future
economic benefit to the Group. Gains and losses
between the carrying amount and the disposal proceeds
are taken to profit or loss. Any revaluation surplus
reserve relating to the item disposed of is transferred
directly to retained profits. Employee costs and
consulting costs associated with consulting and installing
certain specialised assets during the year ended 30 June
2020 are appropriately capitalised.
Intangible assets
Intangible assets acquired as part of a business
combination, other than goodwill, are initially measured
at their fair value at the date of the acquisition. Intangible
assets acquired separately are initially recognised at cost.
Indefinite life intangible assets are not amortised and are
subsequently measured at cost less any impairment. Finite
26 Field Solutions Holdings Limited and Controlled Entities
life intangible assets are subsequently measured at cost
less amortisation and any impairment. The gains or losses
recognised in profit or loss arising from the derecognition
of intangible assets are measured as the difference
between net disposal proceeds and the carrying amount
of the intangible asset. The method and useful lives of
finite life intangible assets are reviewed annually. Changes
in the expected pattern of consumption or useful life are
accounted for prospectively by changing the amortisation
method or period. Employee costs and consulting
costs associated with consulting and installing certain
specialised assets during the year ended 30 June 2020
are appropriately capitalised
Customer contracts
Customer contracts acquired in a business combination
or asset acquisition contract are amortised on a straight-
line basis over the period of their expected benefit, being
their finite life of 2-5 years.
Intellectual Property
IP acquired in a business combination or asset
acquisition contract is amortised on a straight-line basis
over the period of their expected benefit, being their
finite life of 2-5 years.
Impairment of non-financial assets
Goodwill and other intangible assets that have an
indefinite useful life are not subject to amortisation and
are tested annually for impairment, or more frequently
if events or changes in circumstances indicate that
they might be impaired. Other non-financial assets are
reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not
be recoverable. An impairment loss is recognised for the
amount by which the asset’s carrying amount exceeds its
recoverable amount.
Recoverable amount is the higher of an asset’s fair value
less costs of disposal and value-in-use. The value-in-use
is the present value of the estimated future cash flows
relating to the asset using a pre-tax discount rate specific
to the asset or cash-generating unit to which the asset
belongs. Assets that do not have independent cash flows
are grouped together to form a cash-generating unit.
Trade and other payables
These amounts represent liabilities for goods and
services provided to the Group prior to the end of the
financial year and which are unpaid. Due to their short-
term nature, they are measured at amortised cost and
are not discounted. The amounts are unsecured and are
usually paid within 30 days of recognition.
Employee benefits
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary
benefits, annual leave and long service leave expected to
be settled wholly within 12 months of the reporting date
are measured at the amounts expected to be paid when
the liabilities are settled.
Other long-term employee benefits
The liability for annual leave and long service leave not
expected to be settled within 12 months of the reporting
date are measured at the present value of expected
future payments to be made in respect of services
provided by employees up to the reporting date using
the projected unit credit method. Consideration is given
to expected future wage and salary levels, experience of
employee departures and periods of service. Expected
future payments are discounted using market yields at
the reporting date on national government bonds with
terms to maturity and currency that match, as closely as
possible, the estimated future cash outflows.
Fair value measurement
When an asset or liability, financial or non-financial,
is measured at fair value for recognition or disclosure
purposes, the fair value is based on the price that would
be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the
measurement date; and assumes that the transaction will
take place either: in the principal market; or in the absence
of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market
participants would use when pricing the asset or liability,
assuming they act in their economic best interests.
For non-financial assets, the fair value measurement is
based on its highest and best use. Valuation techniques
that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, are
used, maximising the use of relevant observable inputs
and minimising the use of unobservable inputs.
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.
Business combinations
The acquisition method of accounting is used to account
for business combinations regardless of whether equity
instruments or other assets are acquired.
The consideration transferred is the sum of the
acquisition-date fair values of the assets transferred,
equity instruments issued or liabilities incurred by the
acquirer to former owners of the acquiree and the
amount of any non-controlling interest in the acquiree.
For each business combination, the non-controlling
interest in the acquiree is measured at either fair value or
at the proportionate share of the acquiree’s identifiable
net assets. All acquisition costs are expensed as incurred
to profit or loss.
On the acquisition of a business, the Group assesses
the financial assets acquired and liabilities assumed for
appropriate classification and designation in accordance
with the contractual terms, economic conditions, the
Group’s operating or accounting policies and other
pertinent conditions in existence at the acquisition-date.
Where the business combination is achieved in stages,
the Group re-measures its previously held equity interest
in the acquiree at the acquisition-date fair value and
the difference between the fair value and the previous
carrying amount is recognised in profit or loss.
Contingent consideration to be transferred by the
acquirer is recognised at the acquisition-date fair value.
Subsequent changes in the fair value of the contingent
consideration classified as an asset or liability is
recognised in profit or loss. Contingent consideration
classified as equity is not re-measured and its
subsequent settlement is accounted for within equity.
The difference between the acquisition-date fair value
of assets acquired, liabilities assumed and any non-
controlling interest in the acquiree and the fair value of
the consideration transferred and the fair value of any
pre-existing investment in the acquiree is recognised
as goodwill. If the consideration transferred and the
pre-existing fair value is less than the fair value of
the identifiable net assets acquired, being a bargain
purchase to the acquirer, the difference is recognised
as a gain directly in profit or loss by the acquirer on
the acquisition-date, but only after a reassessment of
the identification and measurement of the net assets
acquired, the non-controlling interest in the acquiree,
if any, the consideration transferred and the acquirer’s
previously held equity interest in the acquirer.
Business combinations are initially accounted for on a
provisional basis. The acquirer retrospectively adjusts
the provisional amounts recognised and also recognises
additional assets or liabilities during the measurement
period, based on new information obtained about the
facts and circumstances that existed at the acquisition-
date. The measurement period ends on either the earlier
of (i) 12 months from the date of the acquisition or (ii)
when the acquirer receives all the information possible to
determine fair value.
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the
profit attributable to the Owners of Field Solutions
Holdings Limited, excluding any costs of servicing equity
ANNUAL REPORT 2020 27
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
other than ordinary shares, by the weighted average
number of ordinary shares outstanding during the
financial year, adjusted for bonus elements in ordinary
shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in
the determination of basic earnings per share to take
into account the after income tax effect of interest and
other financing costs associated with dilutive potential
ordinary shares and the weighted average number of
shares assumed to have been issued for no consideration
in relation to dilutive potential ordinary shares.
Goods and Services Tax (‘GST’) and other similar
taxes
Revenues, expenses and assets are recognised net of
the amount of associated GST, unless the GST incurred
is not recoverable from the tax authority. In this case it
is recognised as part of the cost of the acquisition of the
asset or as part of the expense.
Receivables and payables are stated inclusive of the
amount of GST receivable or payable. The net amount
of GST recoverable from, or payable to, the tax authority
is included in other receivables or other payables in the
statement of financial position.
Cash flows are presented on a gross basis. The GST
components of cash flows arising from investing or
financing activities which are recoverable from, or
payable to the tax authority, are presented as operating
cash flows. Commitments and contingencies are
disclosed net of the amount of GST recoverable from, or
payable to, the tax authority.
Financial Instruments
Initial recognition and measurement
Financial assets and financial liabilities are recognised
when the Group becomes a party to the contractual
provisions to the instrument. For financial assets, this
is the date that the Group commits itself to either the
purchase or sale of the asset (i.e. trade date accounting
is adopted).
Financial instruments (except for trade receivables) are
initially measured at fair value plus transaction costs,
except where the instrument is classified “at fair value
through profit or loss”, in which case transaction costs
are expensed to profit or loss immediately. Where
available, quoted prices in an active market are used to
determine fair value. In other circumstances, valuation
techniques are adopted.
Trade receivables are initially measured at the transaction
price if the trade receivables do not contain a significant
financing component or if the practical expedient was
applied as specified in AASB 15.63.
28 Field Solutions Holdings Limited and Controlled Entities
Classification and subsequent measurement
Financial liabilities
Financial instruments are subsequently measured at:
n amortised cost; or
n fair value through profit or loss.
A financial liability is measured at fair value through
profit and loss if the financial liability is:
n a contingent consideration of an acquirer in a
business combination to which AASB 3: Business
Combinations applies;
n held for trading; or
n initially designated as at fair value through profit
or loss.
All other financial liabilities are subsequently measured at
amortised cost using the effective interest method.
The effective interest method is a method of calculating
the amortised cost of a debt instrument and of allocating
interest expense in profit or loss over the relevant period.
The effective interest rate is the internal rate of return
of the financial asset or liability. That is, it is the rate
that exactly discounts the estimated future cash flows
through the expected life of the instrument to the net
carrying amount at initial recognition.
A financial liability is held for trading if:
n it is incurred for the purpose of repurchasing or
repaying in the near term;
n part of a portfolio where there is an actual pattern
of short-term profit taking; or
n a derivative financial instrument (except for a
derivative that is in a financial guarantee contract
or a derivative that is in a effective hedging
relationships).
n Any gains or losses arising on changes in fair
value are recognised in profit or loss to the extent
that they are not part of a designated hedging
relationship are recognised in profit or loss.
n The change in fair value of the financial liability
attributable to changes in the issuer’s credit
risk is taken to other comprehensive income
and are not subsequently reclassified to profit
or loss. Instead, they are transferred to retained
earnings upon derecognition of the financial
liability. If taking the change in credit risk in other
comprehensive income enlarges or creates an
accounting mismatch, then these gains or losses
should be taken to profit or loss rather than other
comprehensive income.
A financial liability cannot be reclassified.
Financial assets
Financial assets are subsequently measured at:
n amortised cost;
n fair value through profit or loss.
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
l
y
n
o
e
s
u
a
n
o
s
r
e
p
r
o
F
Measurement is on the basis of two primary criteria:
n the contractual cash flow characteristics of the
financial asset; and
n the business model for managing the financial
assets.
A financial asset that meets the following conditions is
subsequently measured at amortised cost:
n the financial asset is managed solely to collect
contractual cash flows; and
n the contractual terms within the financial asset
give rise to cash flows that are solely payments
of principal and interest on the principal amount
outstanding on specified dates.
By default, all other financial assets that do not meet
the measurement conditions of amortised cost are
subsequently measured at fair value through profit or
loss.
l
The Group initially designates a financial instrument as
measured at fair value through profit or loss if:
n it eliminates or significantly reduces a
measurement or recognition inconsistency (often
referred to as “accounting mismatch”) that would
otherwise arise from measuring assets or liabilities
or recognising the gains and losses on them on
different bases;
n it is in accordance with the documented risk
management or investment strategy, and
information about the groupings was documented
appropriately, so that the performance of the
financial liability that was part of a group of
financial liabilities or financial assets can be
managed and evaluated consistently on a fair value
basis;
n it is a hybrid contract that contains an embedded
derivative that significantly modifies the cash flows
otherwise required by the contract.
The initial designation of the financial instruments to
measure at fair value through profit or loss is a one-time
option on initial classification and is irrevocable until the
financial asset is derecognised.
Derecognition
Derecognition refers to the removal of a previously
recognised financial asset or financial liability from the
statement of financial position.
Derecognition of financial liabilities
A liability is derecognised when it is extinguished (i.e.
when the obligation in the contract is discharged,
cancelled or expires). An exchange of an existing
financial liability for a new one with substantially
modified terms, or a substantial modification to
the terms of a financial liability is treated as an
extinguishment of the existing liability and recognition of
a new financial liability.
The difference between the carrying amount of the
financial liability derecognised and the consideration paid
and payable, including any non-cash assets transferred
or liabilities assumed, is recognised in profit or loss.
Derecognition of financial assets
A financial asset is derecognised when the holder’s
contractual rights to its cash flows expires, or the asset is
transferred in such a way that all the risks and rewards of
ownership are substantially transferred.
All of the following criteria need to be satisfied for
derecognition of financial asset:
n the right to receive cash flows from the asset has
expired or been transferred;
n all risk and rewards of ownership of the asset have
been substantially transferred; and
n the Group no longer controls the asset (i.e. the
Group has no practical ability to make a unilateral
decision to sell the asset to a third party).
On derecognition of a financial asset measured at
amortised cost, the difference between the asset’s
carrying amount and the sum of the consideration
received and receivable is recognised in profit or loss.
On derecognition of a debt instrument classified as at
fair value through other comprehensive income, the
cumulative gain or loss previously accumulated in the
investment revaluation reserve is reclassified to profit or
loss.
On derecognition of an investment in equity which was
elected to be classified under fair value through other
comprehensive income, the cumulative gain or loss
previously accumulated in the investment revaluation
reserve is not reclassified to profit or loss, but is
transferred to retained earnings.
Compound instruments (convertible notes) issued by the
Group are classified as either financial liabilities or equity
in accordance with the substance of the arrangements.
An option that is convertible and that will be settled
by the exchange of a fixed amount of cash or another
financial asset for a fixed number of the Group’s own
equity instruments will be classified as equity.
The fair value of the liability component is estimated on
date of issue. This is done by using the prevailing market
interest rate of the same kind of instrument. This amount
is recognised using the effective interest method as a
liability at amortised cost until conversion or the end of
life of the instrument.
The equity portion is calculated by deducting the
liability amount from the fair value of the instrument as a
whole. The equity portion is not remeasured after initial
recognition. Equity will remain as such until the option is
exercised. When the option is exercised a corresponding
ANNUAL REPORT 2020 29
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
amount will be transferred to share capital. If the option
lapses without the option being exercised the balance in
equity will be recognised in profit or loss.
Costs of the transaction of the issue of convertible
instruments are proportionally allocated to the equity
and liability. Transaction costs in regards to the liability
are included in the carrying amount of the liability and
are amortised over its life using the effective interest
method. Transaction cost in equity is directly recognised
in equity.
Impairment
The Group recognises a loss allowance for expected
credit losses on:
n financial assets that are measured at amortised
cost.
Loss allowance is not recognised for:
n financial assets measured at fair value through
profit or loss; or
Expected credit losses are the probability-weighted
estimate of credit losses over the expected life of a
financial instrument. A credit loss is the difference
between all contractual cash flows that are due and all
cash flows expected to be received, all discounted at the
original effective interest rate of the financial instrument.
The Group uses the simplified approaches to impairment,
as applicable under AASB 9: Financial Instruments.
Simplified approach
The simplified approach does not require tracking of
changes in credit risk at every reporting period, but
instead requires the recognition of lifetime expected
credit loss at all times. This approach is applicable to:
n trade receivables or contract assets that result
from transactions within the scope of AASB 15:
Revenue from Contracts with Customers and
which do not contain a significant financing
component; and
n lease receivables.
In measuring the expected credit loss, a provision matrix
for trade receivables was used taking into consideration
various data to get to an expected credit loss (i.e.
diversity of customer base, appropriate groupings of
historical loss experience, etc).
Recognition of expected credit losses in financial
statements
At each reporting date, the Group recognises the
movement in the loss allowance as an impairment gain
or loss in the statement of profit or loss and other
comprehensive income.
The carrying amount of financial assets measured at
amortised cost includes the loss allowance relating to
that asset.
30 Field Solutions Holdings Limited and Controlled Entities
Going Concern
The financial statements of the Consolidated Group
have been prepared on the going concern basis. As
at 30 June 2020 the Group had working capital of
$94,950 (2019 negative $897,160) and reported a loss
after tax of $217,959 (2019: loss after tax of $534,063).
The Consolidated Group expects that net cash inflows
from operating activities will be sufficient to cover the
costs of operating. Contracted construction activity has
increased the business profitability and future projects
will be funded by a combination of debt and capital raise
where required being based on specific defined project
requirements. The directors are of the opinion that it is
reasonable to believe that the Group will be able to pay
its debts as and when they fall due and therefore the
going concern basis is appropriate.
COVID-19
Judgement has been exercised in considering the
impacts that the Coronavirus (COVID-19) pandemic
has had, or may have, on the group based on known
information. This consideration extends to the nature of
the services offered, customers, supply chain, staffing
and geographic regions in which the Group operates.
Leases (the Group as lessee)
The Group as lessee
At inception of a contract, the Group assesses if the
contract contains or is a lease. If there is a lease present,
a right-of-use asset and a corresponding lease liability
is recognised by the Group where the Group is a lessee.
However all contracts that are classified as short-term
leases (lease with remaining lease term of 12 months or
less) and leases of low value assets are recognised as an
operating expense on a straight-line basis over the term
of the lease.
Initially the lease liability is measured at the present value
of the lease payments still to be paid at commencement
date. The lease payments are discounted at the interest
rate implicit in the lease. If this rate cannot be readily
determined, the Group uses the incremental borrowing
rate.
Lease payments included in the measurement of the
lease liability are as follows:
n fixed lease payments less any lease incentives;
n variable lease payments that depend on an index
or rate, initially measured using the index or rate at
the commencement date;
n the amount expected to be payable by the lessee
under residual value guarantees
n the exercise price of purchase options, if the lessee
is reasonably certain to exercise the options;
n lease payments under extension options if lessee is
reasonably certain to exercise the options; and
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
n payments of penalties for terminating the lease, if
the lease term reflects the exercise of an option to
terminate the lease.
The right-of-use assets comprise the initial measurement
of the corresponding lease liability as mentioned above,
any lease payments made at or before the commencement
date as well as any initial direct costs. The subsequent
measurement of the right-of-use assets is at cost less
accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the lease term
or useful life of the underlying asset whichever is the
shortest.
Where a lease transfers ownership of the underlying
asset or the cost of the right-of-use asset reflects that
the Group anticipates to exercise a purchase option, the
specific asset is depreciated over the useful life of the
underlying asset.
New Accounting Policies
Leases
The Group has adopted AASB 16 Leases retrospectively
with the cumulative effect of initially applying AASB 16
recognised at 1 July 2019. In accordance with AASB 16,
the comparatives for the 2019 reporting period have not
been restated. The Group has recognised a lease liability
and right-of-use asset for all leases (with the exception
for short term and low value leases) recognised as
operating leases under AASB 117 Leases where the Group
is the lessee.
There has been no significant change from prior year
treatment for leases where the Group is a lessor.
The lease liabilities are measured at the present value of
the remaining lease payments. The Group’s incremental
borrowing rate as at 1 July 2019 was used to discount the
lease payments.
The right of use assets for leased equipment was
measured at its carrying amount as if AASB 16: Leases
had been applied since the commencement date,
but discounted using the Group’s weighted average
incremental borrowing rate on 1 July 2019.
The right of use assets for the remaining leases were
measured and recognised in the statement of financial
position as at 1 July 2019 by taking into consideration
the lease liability, prepaid- and accrued lease payments
previously recognised as at 1 July 2019 (that are related
to the lease).
The following practical expedients have been used by
the Group in applying AASB 16 for the first time
n for a portfolio of leases that have reasonably
similar characteristics, a single discount rate has
been applied.
n leases that have remaining lease term of less than
12 months as at 1 July 2019 have been accounted
for in the same was as short-term leases
n The use of hindsight to determine lease terms on
contracts that have options to extend or terminate
n applying AASB 16 to leases previously identified as
leases under AASB 117: Leases and Interpretation
4: Determining whether an arrangement contains
a lease without reassessing whether they are, or
contain, a lease at the date of initial application
n not applying AASB 16 to leases previously not
identified as containing a lease under AASB 117
and Interpretation 4.
NOTE 2. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires
management to make judgements, estimates and
assumptions that affect the reported amounts in the
financial statements. Management continually evaluates
its judgements and estimates in relation to assets,
liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements, estimates and
assumptions on historical experience and on other
various factors, including expectations of future events,
management believes to be reasonable under the
circumstances. The resulting accounting judgements and
estimates will seldom equal the related actual results.
The judgements, estimates and assumptions that have
a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities (refer to
the respective notes) within the next financial year are
discussed below.
Share-based payment transactions
The Group measures the cost of equity-settled
transactions with employees by reference to the fair
value of the equity instruments at the date at which
they are granted. The fair value is determined by using
either the Binomial or Black-Scholes model taking
into account the terms and conditions upon which the
instruments were granted. The accounting estimates
and assumptions relating to equity-settled share-
based payments would have no impact on the carrying
amounts of assets and liabilities within the next annual
reporting period but may impact profit or loss and
equity.
Fair value measurement hierarchy
The Group is required to classify all assets and liabilities,
measured at fair value, using a three level hierarchy,
based on the lowest level of input that is significant to
the entire fair value measurement, being: Level 1: Quoted
ANNUAL REPORT 2020 31
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
prices (unadjusted) in active markets for identical
assets or liabilities that the entity can access at the
measurement date; Level 2: Inputs other than quoted
prices included within Level 1 that are observable for
the asset or liability, either directly or indirectly; and
Level 3: Unobservable inputs for the asset or liability.
Considerable judgement is required to determine what is
significant to fair value and therefore which category the
asset or liability is placed in can be subjective.
The fair value of assets and liabilities classified as level
3 is determined by the use of valuation models. These
include discounted cash flow analysis or the use of
observable inputs that require significant adjustments
based on unobservable inputs.
Estimation of useful lives of assets
The Group determines the estimated useful lives and
related depreciation and amortisation charges for its
property, plant and equipment and finite life intangible
assets. The useful lives could change significantly as a
result of technical innovations or some other event. The
depreciation and amortisation charge will increase where
the useful lives are less than previously estimated lives, or
technically obsolete or non-strategic assets that have been
abandoned or sold will be written off or written down.
Impairment of non-financial assets other than goodwill
and other indefinite life intangible assets
The Group assesses impairment of non-financial assets
other than goodwill and other indefinite life intangible
assets at each reporting date by evaluating conditions
specific to the Group and to the particular asset that
may lead to impairment. If an impairment trigger exists,
the recoverable amount of the asset is determined.
This involves fair value less costs of disposal or value-
in-use calculations, which incorporate a number of key
estimates and assumptions.
Income tax
The Group is subject to income taxes in the jurisdictions
in which it operates. Significant judgement is required
in determining the provision for income tax. There are
many transactions and calculations undertaken during
the ordinary course of business for which the ultimate
tax determination is uncertain. The Group recognises
liabilities for anticipated tax audit issues based on the
Group’s current understanding of the tax law. Where
the final tax outcome of these matters is different from
the carrying amounts, such differences will impact the
current and deferred tax provisions in the period in
which such determination is made.
32 Field Solutions Holdings Limited and Controlled Entities
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible
temporary differences only if the Group considers it is
probable that future taxable amounts will be available to
utilise those temporary differences and losses.
Employee benefits provision
As discussed in note 1, the liability for employee benefits
expected to be settled more than 12 months from the
reporting date are recognised and measured at the
present value of the estimated future cash flows to be
made in respect of all employees at the reporting date. In
determining the present value of the liability, estimates of
attrition rates and pay increases through promotion and
inflation have been taken into account.
Lease make good provision
A provision has been made for the present value
of anticipated costs for future restoration of leased
premises. The provision includes future cost estimates
associated with closure of the premises. The calculation
of this provision requires assumptions such as application
of closure dates and cost estimates. The provision
recognised for each site is periodically reviewed and
updated based on the facts and circumstances available
at the time. Changes to the estimated future costs for
sites are recognised in the statement of financial position
by adjusting the asset and the provision. Reductions in
the provision that exceed the carrying amount of the
asset will be recognised in profit or loss.
Warranty provision
In determining the level of provision required for
warranties the Group has made judgements in respect of
the expected performance of the products, the number
of customers who will actually claim under the warranty
and how often, and the costs of fulfilling the conditions
of the warranty. The provision is based on estimates
made from historical warranty data associated with
similar products and services.
Business combinations
As discussed in note 1, business combinations are initially
accounted for on a provisional basis. The fair value
of assets acquired, liabilities and contingent liabilities
assumed are initially estimated by the Group taking into
consideration all available information at the reporting
date. Fair value adjustments on the finalisation of the
business combination accounting is retrospective, where
applicable, to the period the combination occurred
and may have an impact on the assets and liabilities,
depreciation and amortisation reported.
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
NOTE 3. OPERATING SEGMENTS
The Group has identified its operating segments based
on internal reports that are reviewed and used by the
Board of Directors (chief operating decision makers) in
assessing performance and determining the allocation of
resources.
The Group operates only in one business segment and
has a single group of similar services and products,
being supply of communication and cloud services and
products.
The operating segment information is the same
information as provided throughout the financial
statements and therefore not duplicated.
NOTE 4. REVENUE
The Group has recognised the following amounts relating to revenue in the statement of profit or loss.
The Group has one operating segment, telecommunication and infrastructure services.
Continued operations
Telecommunication services
Telecommunication infrastructure
Other revenue
Other revenue
Consolidated Group
2020
$
2019
$
9,360,119
1,258,820
7,892,805
894,938
10,618,939
8,787,743
-
5
Revenue from telecommunication services is recognised over time. Infrastructure revenue is recognised at a point in
time as the performance obligations are satisfied.
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
ANNUAL REPORT 2020 33
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
NOTE 5. INCOME TAX EXPENSE/(BENEFIT)
Income tax expense/(benefit)
Current tax
Deferred tax
Adjustments
Income tax expense
Numerical reconciliation of income tax benefit and tax at the statutory rate
Profit/(loss) before income tax expense
l
Tax at the statutory tax rate of 27.5%
Income tax expense/(benefit)
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Share based payment not deductible
Impact of change in tax rate
Other non-deductible expenses
Benefit of R&D offset
R&D non-deductible expenses
Tax losses
Understatement for prior year and benefit of timing differences not previously recognised
l
y
n
o
e
s
u
a
n
o
s
r
e
p
r
o
F
Income tax expense/(benefit)
Deferred tax asset
Comprising:
Transaction cost of equity issue
Superannuation accrued not deductible
Annual leave provision
Provision for doubtful debts
Lease liabilities
Total
Provision for income tax
Deferred tax liability
Right of use assets
Property, plant and equipment tax cost base resetting
Difference between tax cost base and book value of assets
Total
34 Field Solutions Holdings Limited and Controlled Entities
Consolidated Group
2020
$
2019
$
(478,500)
(44,341)
(429,663)
(952,504)
(543,750)
(13,462)
-
(557,212)
(1,170,463)
(1,091,275)
(321,878)
(300,101)
(321,878)
(300,101)
37,944
12,332
146,185
(478,500)
302,500
(221,424)
(429,663)
27,442
-
102,357
(543,750)
343,570
(186,730)
-
(952,504)
(557,212)
393,313
205,741
39,112
17,360
52,543
106,361
177,937
393,313
76,036
17,237
61,913
47,555
-
205,741
(1,022,250)
(484,048)
179,553
10,602
169,530
2,261
7,763
-
2,391
8,211
179,553
10,602
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
Consolidated Group
2020
$
2019
$
38,838
52,876
91,714
-
58,857
58,857
390,405
-
Consolidated Group
2020
$
2019
$
432,726
367,218
NOTE 6. PROFIT FOR THE YEAR
Interest – AASB16 Leases
Interest – third parties
Total Interest Expense
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Cash at bank
Loss on conversion of convertible Notes to equity*
*The loss recognised on convertible notes is the difference between the fair value of the consideration given on derecognition of convertible
notes.
NOTE 7. CURRENT ASSETS - CASH AND CASH EQUIVALENTS
NOTE 8. CURRENT ASSETS - TRADE AND OTHER RECEIVABLES
The following table shows the movement in lifetime expected credit loss that has been recognised for trade and other
receivables in accordance with the simplified approach set out in AASB 9: Financial Instruments.
2020
Gross carrying amount
Expected credit loss allowance
Net carrying amount
2019
Gross carrying amount
Expected credit loss allowance
Net carrying amount
Current
$
Past Due
Total
$
< 30
31 – 60
61-90
> 90
448,315
150,946
51,290
42,491
921,940
1,614,982
-
-
-
-
(409,081)
448,315
150,946
51,290
42,491
512,859
(409,081)
1,205,901
596,672
86,740
19,450
6,728
603,340
1,312,930
-
-
-
-
(172,930)
(172,930)
596,672
86,740
19,450
6,728
403,410
1,140,000
Key judgements – Expected Credit Losses
Included in trade receivables > 90 days, approximately 95% relates to business customers that are considered
recoverable.
A provision of $409,081 has been taken up after an extensive assessment of the expected losses of all debtors.
While there is some uncertainty with timing of collection of the above trade receivables, directors are of the view
that the provision for impairment is adequately measured and recognised in accordance with AASB 9 and this will be
reassessed on an ongoing basis and at each reporting period.
Credit Risk
The Group has no significant concentration of credit risk with respect to any single counterparty or group of
counterparties other than those receivables specifically provided for and mentioned within Note 7. The class of assets
described as “trade and other receivables” is considered to be the main source of credit risk related to the Group.
ANNUAL REPORT 2020 35
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Movements in the carrying amounts for each class of property, plant and equipment between the beginning and the
end of the current financial year:
Notes to the consolidated financial statements continued
NOTE 9. NON-CURRENT ASSETS - PROPERTY, PLANT AND EQUIPMENT
Consolidated Group
2019
$
2018
$
7,007,258
5,638,571
(1,700,628)
(1,050,290)
5,306,630
4,588,281
363,029
343,642
(312,923)
(273,159)
50,106
70,483
113,304
(72,126)
41,178
113,304
(49,852)
63,452
5,397,914
4,722,216
Plant and
equipment
Fixtures and
Fittings
Motor Vehicles
Total
2,810,533
2,285,229
-
-
(507,482)
4,588,281
110,388
39,483
-
-
(79,388)
70,483
34,476
53,304
-
-
(24,328)
63,452
2,955,398
2,378,016
-
-
(611,198)
4,722,216
1,290,351
19,387
78,336
-
(650,338)
5,306,630
-
-
-
-
-
1,309,738
78,336
-
(39,764)
50,106
(22,274)
(712,376)
41,178
5,397,914
Plant and equipment - at cost
Less: Accumulated depreciation
Fixtures and fittings - at cost
Less: Accumulated depreciation
Motor vehicles - at cost
Less: Accumulated depreciation
l
Movements in Carrying Amounts
l
y
n
o
e
s
u
a
n
o
s
r
e
p
Additions through business combinations
Consolidated Group:
Balance at 1 July 2018
Additions
Disposals
Depreciation expense
Balance at 30 June 2019
Additions
Disposals
Additions through business combinations
Depreciation expense
Balance at 30 June 2020
r
o
F
36 Field Solutions Holdings Limited and Controlled Entities
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Consolidated Group
2020
$
2019
$
1,791,903
1,547,365
1,911,466
1,374,899
3,703,369
2,922,264
(1,994,644)
(1,248,701)
-
-
(1,994,644)
(1,248,701)
1,708,725
1,673,563
Computer
software and IP
Total
891,618
228,422
-
-
(165,855)
954,185
554,202
91,434
-
2,029,527
228,422
-
-
(584,386)
1,673,563
554,202
291,903
(6,969)
Customer
Contracts and
costs
1,137,909
-
-
-
(418,531)
719,378
-
200,469
(6,969)
(329,759)
(474,215)
(803,974)
583,119
1,125,606
1,708,725
Notes to the consolidated financial statements continued
NOTE 10. NON-CURRENT ASSETS - INTANGIBLES
Acquisitions through asset purchase
Computer software and IP
Less: Accumulated amortisation
Less: Impairment losses
Additions through business combinations
Consolidated Group:
Balance at 1 July 2018
Additions
Disposals
Amortisation expense
Balance at 30 June 2019
Additions
Disposals
Amortisation expense
Balance at 30 June 2020
Additions through business combinations
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Intangible assets include those acquired during the year from Ordnance Networks Pty Ltd and IP Transit Pty Ltd
including customer contracts and IP, in-house software developed including the wholesale portal and telco billing
system together with associated costs.
Included in Computer Software and IP - Product development costs
Expenditure on research activities is recognised as an expense in the income statement in the period in which it is
incurred. Where no internally generated intangible asset can be recognised, development expenditure is recognised as
an expense in the income statement in the period as incurred. An intangible asset arising from development (or from
the development phase of an internal project) is recognised if, and only if, all of the following are demonstrated:
n the technical feasibility of completing the intangible assets so that it will be available for use or sale
n the intention to complete the intangible asset to use or sell it
n the ability to use or sell the intangible asset
n how the intangible asset will generate probable future economic benefits
n the availability of adequate technical, financial and other resources to complete the development and to use or sell
the intangible asset, and
n the ability to measure reliably the expenditure attributable to the intangible asset dueing its development.
The expenditure capitalised includes the cost of direct labour and materials that are directly attributable to preparing
the asset for its intended use.
Product development assets are stated at cost less accumulated amortisation and impairment and are amortised on a
straight-line basis over their useful lives, which is up to a maximum of 5 years.
ANNUAL REPORT 2020 37
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
NOTE 11. BUSINESS COMBINATIONS
On 1 October 2019, the Group entered into a binding heads of agreement to acquire the assets of Ordnance Networks
Pty Ltd with effect from 1 July 2019. Ordnance Networks’ Network-as-a-Services platform simplifies the provisioning
and management of large networks and will power the core FSG national rural network to deliver new operational
efficiencies and cost savings.
The consideration for Ordnance Networks is comprised of: initial consideration of $200,000 paid as cash $53,317
and shares (7,048,486 shares Based on VWAP of $0.020810569, issued 28/2/2020 and escrowed for 12 months) and
deferred consideration of $200,000, subject to new revenue delivered for the year ending 30 June 2020 and minimum
contribution margins; and performance consideration of 20% of cumulative earnings contribution from Ordnance
Networks for 4 years ending 30 June 2023
On 1 October 2019, the Group entered into a binding heads of agreement to acquire the net assets of IP Transit Pty
Ltd with effect from 1 July 2019. IP Transit is a pioneer in wholesale on-demand internet connectivity for carriers and
content providers. The combination will allow FSG to will offer the IP Transit products, through its Field Wholesale
division as a cost-effective and flexible, national IP Transit service, which will be extended to include international
points of presence in early 2020.
Initial adjusted consideration of $186,383 has been paid in and shares (8,956,170 at Based on VWAP of $0.020810569
issued 28/2/2020 and escrowed for 12 months ). Performance-based consideration based on new revenue delivered
for the year ending 30 June 2020, subject to minimum contribution margins will be assessed ongoing. The acquisition
comprised NTA $46,383 and customer contracts and IP of $140,000.
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Purchase Consideration:
- Cash
- Shares
Less:
Property, Plant and Equipment
Intangible Assets
Purchase Consideration:
- Shares
Less:
Cash
Trade and Other Receivables
Property, Plant and Equipment
Intangible Assets
Trade and Other Payables
Fair Value
$
53,317
146,683
200,000
48,097
151,903
200,000
Fair Value
$
186,383
186,383
52,667
65,996
30,239
140,000
(102,518)
186,383
38 Field Solutions Holdings Limited and Controlled Entities
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
NOTE 12. CURRENT LIABILITIES - TRADE AND OTHER PAYABLES
Trade Payables
Other payables
NOTE 13. SHORT-TERM BORROWINGS
Unsecured liabilities:
Borrowings from related parties (a)
Other short-term borrowings (b)
Convertible note from related party (c)
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
Employee benefits
Refer to Note 1 for the Group’s policy on employee benefits.
r
o
F
(a) These borrowings were provided by a director via way of a controlled entity. Interest is payable at the
benchmark interest rate. There is no fixed repayment date on these borrowings.
(b) The final repayment on this facility is due to be repaid in full 28 July 2022. Interest is payable at 1% per
fortnight.
(c) The convertible note was converted to ordinary shares at the extraordinary general meeting held on 30
April 2020.
NOTE 14. CURRENT LIABILITIES - EMPLOYEE BENEFITS
Consolidated Group
2020
$
2019
$
1,108,980
840,017
1,948,997
807,696
317,310
1,125,006
Consolidated Group
2020
$
2019
$
34,961
201,949
-
236,910
120,000
188,084
1,250,000
1,558,084
Consolidated Group
2020
$
2019
$
202,089
225,137
ANNUAL REPORT 2020 39
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
(i) AASB 16 related amounts recognised in the balance sheet
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
NOTE 15. LEASES
Right of use assets
Leased buildings:
Opening balance
Additions to right-of-use assets
Depreciation expense for the year
Net carrying amount
Leased equipment:*
Opening balance
Additions to right-of-use assets
Disposals of right-of-use assets
Depreciation expense for the year
Net carrying amount
Total right-of-use assets
Lease liabilities
Leased buildings:
Opening balance
Additions to lease liabilities
Net Principal reductions for the year
Net carrying amount
Leased equipment:
Opening balance
Additions to lease liabilities
Principal repayments for the year
Net carrying amount
Total lease liabilities
Current liabilities*
Non-current liabilities
*FY2019 leased equipment is included in Property, plant and equipment
*Current lease commitments reflect the lease commitments, net of future interest charges, due within 12 months.
40 Field Solutions Holdings Limited and Controlled Entities
30 June 2020
$
612,218
-
(135,807)
476,410
241,427
-
-
(65,800)
175,627
652,038
612,217
-
(124,411)
487,806
241,427
-
(44,859)
196,566
684,372
177,931
506,441
684,372
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
NOTE 16. EQUITY - ISSUED CAPITAL
l
y
n
o
Consolidated Group
2020
Shares
2019
Shares
2020
$
2019
$
Ordinary shares - fully paid
530,677,983
429,775,725
8,358,058
6,318,776
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Movements in ordinary share capital
Ordinary shares - fully paid, opening balance
Convertible Notes issued*
Issue of performance shares from shares previously quoted
Acquisition of business, shares escrowed
Ordinary shares - fully paid, closing balance
*Refer to Note 6 for further information
Ordinary shares
Consolidated Group
Issue
Date
2020
shares
2020
$
31/5/2020
10/12/2019
28/02/2020
429,775,725
82,020,250
2,400,000
16,004,656
530,677,983
6,318,776
1,640,405
65,821
333,056
8,358,058
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in
proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value
and the Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll
each share shall have one vote.
Share buy-back
There is no current on-market share buy-back.
Capital risk management
The Group’s objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can
provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to
reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is
calculated as total borrowings less cash and cash equivalents.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The Group would look to raise capital when an opportunity to invest in a business or company was seen as value
adding relative to the current Company’s share price at the time of the investment. The Group is actively pursuing
additional investments in the short term as it continues to integrate and grow its existing businesses in order to
maximise synergies.
The capital risk management policy remains unchanged from the 2019 Annual Report.
ANNUAL REPORT 2020 41
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
Consolidated Group
2020
$
2019
$
318,007
252,341
318,007
252,341
Consolidated Group
2020
$
2019
$
(897,160)
(217,959)
-
(393,097)
(534,063)
30,000
(1,115,119)
(897,160)
NOTE 19. EQUITY - DIVIDENDS
There were no dividends paid, recommended or declared during the current or previous financial year.
NOTE 17. EQUITY - RESERVES
Share based payments reserve
Total reserves
NOTE 18. EQUITY - RETAINED PROFITS
Retained profits at the beginning of the financial year
Profit/(loss) after income tax expense for the year
Transfer of lapsed options
Retained profits at the end of the financial year
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
42 Field Solutions Holdings Limited and Controlled Entities
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
NOTE 20. FINANCIAL INSTRUMENTS
Financial risk management objectives
The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk
and interest rate risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the
unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance
of the Group. The Group uses derivative financial instruments such as forward foreign exchange contracts to hedge
certain risk exposures. Derivatives are exclusively used for hedging purposes, i.e. not as trading or other speculative
instruments. The Group uses different methods to measure different types of risk to which it is exposed. These
methods include sensitivity analysis in the case of interest rate, foreign exchange and other price risks, ageing analysis
for credit risk and beta analysis in respect of investment portfolios to determine market risk.
Risk management is carried out by senior finance executives (‘finance’) under policies approved by the Board of
Directors (‘the Board’). These policies include identification and analysis of the risk exposure of the Group and
appropriate procedures, controls and risk limits. Finance identifies, evaluates and hedges financial risks within the
Group’s operating units. Finance reports to the Board on a monthly basis.
The totals for each category of financial instruments, measured in accordance with AASB 9 are as follows:
Consolidated Group
2020
$
2019
$
432,726
1,205,901
1,638,627
367,218
1,140,000
1,507,218
1,948,997
236,910
684,373
2,906,280
1,125,006
1,558,084
-
2,683,090
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Financial assets
Cash and cash equivalents
Trade receivables
Total financial Assets
Financial liabilities
Trade and other payables
Short-term borrowings
Lease liabilities
Total financial liabilities
Market risk
Foreign currency risk
Price risk
Interest rate risk
Sensitivity analysis
The Group is not exposed to any significant foreign currency risk.
The Group is not exposed to any significant price risk.
The sensitivity analysis reflects how net assets attributable to holders of redeemable shares would have been affected
by changes in the relevant risk variable that were reasonably possible at the reporting date.
Management has determined that there a fluctuation in interest rates is unlikely as current short-term lending is at
fixed interest rate. Therefore, the Group is not exposed to any significant interest risk.
Credit risk
The Group is not exposed to any significant credit risk.
Liquidity risk
ANNUAL REPORT 2020 43
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
The Group manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by
continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and
liabilities.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Financial Asset & Liability Maturity Analysis
Consolidated Group
2020
$
2019
$
2020
$
2019
$
2020
$
2019
$
2020
$
2019
$
Within 1 Year
1 to 5 Years
Over 5 Years
Total
Financial liabilities
due for payment
Trade and other
payables
Short-term
borrowings
Lease Liabilities
Total expected
outflows
Financial assets –
cash flows realisable
Cash and cash
equivalents
Trade and other
receivables
Total anticipated
inflows
Net (outflow)/
inflow on financial
instruments
1,984,997
1,125,006
236,910
1,558,084
-
-
177,932
-
506,441
2,399,839
2,683,090
506,441
432,726
367,218
1,205,901
1,140,000
1,638,627
1,507,218
-
-
-
(761,212) (1,175,872)
(506,441)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,984,997
1,125,006
236,910
1,558,084
684,373
-
2,906,280
2,683,090
432,726
367,218
1,205,901
1,140,000
1,638,627
1,507,218
- (1,267,653) (1,175,872)
r
o
F
44 Field Solutions Holdings Limited and Controlled Entities
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
NOTE 21. KEY MANAGEMENT PERSONNEL DISCLOSURES
Directors
The following persons were Directors of Field Solutions Holdings Limited during the financial year:
n Dr Kenneth Carr
n Mr Andrew Jake Roberts
n Mr Mithila Nath Ranawake
n Ms Wendy Tyberek
n Dr Phillip Carter
Other key management personnel
The following persons also had the authority and responsibility for planning, directing and controlling the major
activities of the Group, directly or indirectly, during the financial year:
n Mr Graham Henderson (joint Company Secretary)
n Mr Philippe Benoliel (COO)
Compensation
Refer to the remuneration report contained in the directors’ report for details of the remuneration paid or payable to
each member of the Group’s key management personnel (KMP) for the year ended 30 June 2020
The totals of remuneration paid to KMP of the company and the Group during the year are as follows:
Consolidated Group
2020
$
2019
$
882,107
53,893
137,975
1,073,975
610,000
30,316
99,789
740,105
Short-term employee benefits
Post-employment benefits
Share-based payments
Total KMP compensation
Short-term employee benefits
Post-employment benefits
Other long-term benefits
Share-based payments
These amounts include fees and benefits paid to the non-executive Chair and non-executive directors as well as all
salary, paid leave benefits, fringe benefits and cash bonuses awarded to executive directors and other KMP.
These amounts are the current-year’s estimated costs of providing for the Group’s defined benefits scheme post-
retirement, superannuation contributions made during the year and post-employment life insurance benefits.
These amounts represent long service leave benefits accruing during the year, long-term disability benefits and
deferred bonus payments.
These amounts represent the expense related to the participation of KMP in equity-settled benefit schemes as
measured by the fair value of the options, rights and shares granted on grant date. This amount includes 39,000,000
performance rights which have been granted as part of remuneration. Refer to the remuneration report for further
information.
ANNUAL REPORT 2020 45
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
Notes to the consolidated financial statements continued
NOTE 22. RELATED PARTY TRANSACTIONS
Field Solutions Holdings Limited is the parent entity.
Parent entity
Subsidiaries
Interests in subsidiaries are set out in note 26.
Key management personnel
Disclosures relating to key management personnel are set out in note 18 and the remuneration report included in the
Directors’ report.
Transactions with related parties
The Group’s related parties are only with key management. Unless otherwise stated, none of the transactions
incorporate special terms and no guarantees were given or received. Outstanding balances are usually settled in cash.
l
Amounts payable to related parties
Short-term borrowings:*
Loans from other key management personnel related entities:
Beginning of the year
Loans received
Repayments
Conversion to equity**
End of the year
*Refer to Note 11 for details of the loans.
**Refer to Note 6 for further information
2020
2019
1,370,000
250,000
(335,039)
(1,250,000)
34,961
-
120,000
-
-
120,000
l
y
n
o
e
s
u
a
n
o
s
r
e
p
r
o
F
46 Field Solutions Holdings Limited and Controlled Entities
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
NOTE 23. PARENT ENTITY INFORMATION
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Profit/(loss) after income tax
Total comprehensive income
Statement of financial position
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Total current assets
Total assets
Total current liabilities
Total liabilities
Equity
Issued capital
Capital raising cost
Share issue reserve
Retained profits
Total equity
Contingent liabilities
Capital commitments
Parent
2020
$
2019
$
266,466
(774,898)
266,466
(774,898)
Parent
2020
$
2019
$
937,349
885,969
2,407,159
2,486,745
981,282
924,925
981,282
924,925
1,455,954
-
139,470
701,207
1,122,886
(41,992)
122,252
480,346
2,296,631
1,683,492
The parent entity had no contingent liabilities as at 30 June 2020.
The parent entity had no capital commitments as at 30 June 2020.
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 1, except for
the following:
n Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
n Investments in associates are accounted for at cost, less any impairment, in the parent entity.
n Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an
indicator of an impairment of the investment.
ANNUAL REPORT 2020 47
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Notes to the consolidated financial statements continued
Notes to the consolidated financial statements continued
NOTE 24. OPTIONS
A summary of the movements of all Group options issues is as follows:
Options outstanding as at 30 June 2019
Granted during the year – Tranche 1
Granted during the year – Tranche 2
Granted during the year – Tranche 3
Exercised during the year
Lapsed during the year
Options outstanding as at 30 June 2020
Options exercisable as at 30 June 2020
Number
Weighted
Average Exercise
Price
33,433,290
4,256,918
4,256,917
4,256,917
-
(10,000,000)
36,204,042
$0.04500
$0.0600
$0.04500
$0.0300
-
-
$0.05000
36,204,042
-
Number
11,400,000
39,000,000
(2,400,000)
48,000,000
No options were exercised during the year ended 30 June 2020.
The weighted average remaining life of options outstanding at year-end was 1.82 years.
The weighted average fair value of options granted during the year was $6,725. These values were calculated using the
Black Scholes valuation method option pricing model applying the following inputs:
Weighted average exercise price:
Weighted average life of the option:
Expected share price volatility:
Risk-free interest rate:
$0.045
3 years
80%
2.00%
Historical volatility has been the basis for determining expected share price volatility as it is assumed that this is
indicative of future movements.
The life of the options is based on the historical exercise patterns, which may not eventuate in the future.
A summary of the movements of all Group performance rights is as follows:
Performance rights outstanding as at 30June 2019
Granted during the year - 15 May 2020
Converted to shares on 9 December 2019
Outstanding rights at 30 June 2020
NOTE 25. SHARE BASED PAYMENT
On 30 March 2020 the 12,770,752 ordinary share options have been issued to the KMP and amortised over the vesting
period of the options. On 30 April 2020 there were 39,000,000 granted to KMP.
Share based payment
Total
48 Field Solutions Holdings Limited and Controlled Entities
Fair Value
$
137,975
137,975
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
l
y
n
o
Name
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Notes to the consolidated financial statements continued
NOTE 26. INTERESTS IN SUBSIDIARIES
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 1:
FSG Assets Pty Ltd (previously Freshtel Australia Pty Ltd)
Freshtel Pty Ltd
FSG Infrastructure Pty Ltd (previously Voicedot Networks Pty Ltd)
FSG Construction Pty Ltd (previously Virbiage Pty Ltd)
Field Audit Pty Ltd
Field Solutions Group Pty Ltd
FSG RSP Pty Ltd
Field Solutions Technology Services Pty Ltd
FSG MSP Pty Ltd (previously IP Transit Pty Ltd)
NOTE 27. EVENTS AFTER THE REPORTING PERIOD
Ownership interest
Principal place of
business /
Country of
incorporation
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
2020
%
100%
100%
100%
100%
100%
100%
100%
100%
100%
2019
%
100%
100%
100%
100%
100%
100%
100%
100%
N/A
No matter or circumstance has arisen since 30 June 2020 that has significantly affected, or may significantly affect the
Group’s operations, the results of those operations, or the Group’s state of affairs in future financial years.
NOTE 28. RECONCILIATION OF PROFIT/(LOSS) AFTER INCOME TAX TO NET CASH FROM
OPERATING ACTIVITIES
Profit/(loss) after income tax expense for the year
Adjustments for:
Depreciation and amortisation
Increase/(decrease) in trade and other receivables
Share based payment
Loss on conversion of convertible notes
Increase in trade and other payables
Tax payable/(receivable)
Increase/ (decrease) in annual leave provision
Net cash from operating activities
Consolidated Group
2020
$
2019
$
(217,959)
(534,063)
1,717,956
131,898
137,975
390,405
649,231
(556,823)
(23,047)
1,195,583
206,807
99,788
-
(140,485)
59,787
57,731
2,229,636
945,146
Non-Cash Financing Activities:
During the year the Group converted 1,640,405 convertible notes to share capital. A loss on conversion amounting to
$390,405 was recognised.
NOTE 29. CONTINGENT LIABILITIES
There are no contingent liabilities as at 30 June 2020 and 30 June 2019.
ANNUAL REPORT 2020 49
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
l
y
n
o
a
n
o
s
r
e
p
r
o
F
Notes to the consolidated financial statements continued
Notes to the consolidated financial statements continued
Notes to the consolidated financial statements continued
NOTE 30. EARNINGS PER SHARE
Profit/(loss) after income tax attributable to the Owners of Field Solutions Holdings Limited
e
s
u
Weighted average number of ordinary shares used in calculating basic earnings per share
Weighted average number of ordinary shares used in calculating diluted earnings per share
Basic earnings per share
Diluted earnings per share
l
NOTE 31. COMMITMENTS
Non-cancellable operating leases commitments not capitalised in the financial statements:
Not later than one year
Later than one year but not later than five years
Later than five years
Total
*The 2020 information is presented in accordance with AASB16: Leases. Refer to Note 15 for further information.
The group had no other commitments at 30 June 2020.
NOTE 32. REMUNERATION OF AUDITORS
During the financial year the following fees were paid or payable for services provided by Hall Chadwick NSW Pty Ltd,
the auditor of the Company:
Auditing or review of the financial statements
Taxation services
Total
50 Field Solutions Holdings Limited and Controlled Entities
Consolidated Group
2020
$
2019
$
(217,959)
(534,063)
Number
Number
443,960,195
495,752,422
425,691,745
425,691,745
Cents
Cents
(0.050)
(0.040)
(0.120)
(0.110)
Consolidated Group
2020
$
N/A*
N/A*
N/A*
N/A*
2019
$
95,548
287,733
-
383,281
Consolidated Group
2020
$
2019
$
64,000
10,973
74,973
60,000
4,360
64,360
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes to the consolidated financial statements continued
NOTE 33. COMPANY DETAILS
The registered office and principal place of business of the Company are:
The amounts stated in the financial statements are equivalent to their fair values.
Registered office
KPMG
Level 2, 33 George Street
LAUNCESTON TAS 7250
AUSTRALIA
Principal place of business
Suite 38
23 Narabang Way
BELROSE NSW 2085
AUSTRALIA
NOTE 34. FAIR VALUE
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
ANNUAL REPORT 2020 51
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Directors’ declaration
In the Directors’ opinion:
n the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards,
the Corporations Regulations 2001 and other mandatory professional reporting requirements;
n the attached financial statements and notes comply with International Financial Reporting Standards as issued by
the International Accounting Standards Board as described in note 1 to the financial statements;
n the attached financial statements and notes give a true and fair view of the Group’s financial position as at 30 June
2020 and of its performance for the financial year ended on that date; and
n there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the Directors
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
Dr Kenneth Carr
Director and Chairman
Mr Mithila Nath Ranawake
Director
31 August 2020
Australia
r
o
F
52 Field Solutions Holdings Limited and Controlled Entities
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
FIELD SOLUTIONS HOLDINGS LIMITED AND CONTROLLED ENTITIES
ABN 92 111 460 121
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
FIELD SOLUTIONS HOLDINGS LIMITED
Opinion
We have audited the financial report of Field Solutions Holdings Limited and controlled
entities (the group), which comprises the consolidated statement of financial position as at
30 June 2020, the consolidated statement of profit or loss and other comprehensive
income, the consolidated statement of changes in equity and the consolidated statement of
cash flows for the year then ended, and notes to the consolidated financial statements,
including a summary of significant accounting policies and the directors’ declaration.
In our opinion, the accompanying financial report of Field Solutions Holdings Limited and
controlled entities is in accordance with the Corporations Act 2001, including:
a.
giving a true and fair view of the Group’s financial position as at 30 June 2020 and of
its financial performance for the year then ended; and
complying with Australian Accounting Standards and the Corporations Regulations
2001.
those Standards are
Basis for Opinion
We conducted our audit
in accordance with Australian Auditing Standards. Our
the Auditor’s
responsibilities under
further described
Responsibilities for the Audit of the Financial Report section of our report. We are
independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and
Ethical Standards Board’s APES 110: Code of Ethics for Professional Accountants (the
Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
in
We confirm that the independence declaration required by the Corporations Act 2001 has
been given to the directors of the Company.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial report for the year ended 30 June 2020. These
matters were addressed in the context of our audit of the financial report as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
l
y
n
o
e
s
u
b.
l
a
n
o
s
r
e
p
r
o
F
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Key Audit Matter
Revenue Recognition (Note 1 and Note 4)
The group has 2 main categories of revenue streams:
Communication
telecommunication
infrastructure.
services
and
typically at
Customers usually pay in advance for communications
services on a monthly basis,
the
commencement of the month. Customers typically pay
for hardware and other equipment at the time of sale.
Revenue from the sale of handsets and other equipment
is recognised when control of the hardware and other
the customer. The
equipment has
transactions price
the rate
stipulated in the contract with the customer.
to
is determined with as
transferred
In addition, the group has engaged by a number of
councils to assist with building infrastructure across a
number of shires. Contracts typically involve a number
of separate performance obligations and the transaction
price is allocated across these performance obligations.
How Our Audit Addressed the Key Audit
Matter
Our procedures included, amongst others:
We obtained an understanding of the key controls in
the revenue recognition cycle.
We sample tested revenue transactions throughout
the year to ensure that revenue was measured and
recognised in accordance with AASB 15: Revenue
from Contracts with Customers.
We assessed the appropriateness of the disclosures
in the financial statements in relation to the revenue.
The group recognised total communication services
revenue
telecommunication
infrastructure revenue of $1,258,820 for the year ended
30 June 2020.
$9,360,119
and
of
We focused on this area as a key audit matter given the
significance of the balance and that there is a risk that
revenue may not be recognised in accordance with the
revenue recognition principles as set out in AASB 15:
Revenue from Contracts with Customers.
Property, Plant and Equipment (Note 9)
The group has $5,397,914 of property, plant and
equipment at 30 June 2020.
Our procedures included amongst others:
Included in the additions, the company capitalised
consulting costs associated with constructing and
installing certain specialised assets during the year
ended 30 June 2020.
We focussed on this matter as a key audit matter as
property, plant and equipment is the most significant
asset of the group and critical to the operations of the
group.
We assessed the policies in place for capitalising
costs associated with constructing and installing
specialised assets.
costs
tested
supporting
We
documentation and payroll records on a sample
basis.
capitalised
to
We assessed the appropriateness of whether the
costs capitalised were eligible to be recognised as
assets in accordance with the accounting standard
AASB16: Property, Plant and Equipment.
We assessed the appropriateness of the disclosures
in the financial statements in relation to property,
plant and equipment.
54 Field Solutions Holdings Limited and Controlled Entities
Key Audit Matter
Intangible Assets (Note 10)
The group has $1,708,725 of intangible assets at 30
June 2020 which
is mainly comprised of costs
associated with development and enhancement of its
proprietary technology.
Included in the additions, the company capitalised
wages cost associated with developing proprietary
technology during the year ended 30 June 2020.
We focussed on this matter as a key audit matter as
intangibles is a significant asset of the group and critical
to the operations of the group.
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
How Our Audit Addressed the Key Audit
Matter
Our procedures included amongst others:
We assessed the policies in place for capitalising
costs associated with development and enhancement
of its proprietary technology.
costs
tested
We
supporting
documentation and payroll records on a sample
basis.
capitalised
to
We assessed the appropriateness of whether the
costs capitalised were eligible to be recognised as
assets in accordance with the accounting standards
AASB 138: Intangible Assets.
We assessed the appropriateness of the disclosures
in the financial statements in relation to the intangible
assets.
ANNUAL REPORT 2020 55
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Information Other than the Financial Report and Auditor’s Report Thereon
The directors are responsible for the other information. The other information comprises the
information included in the Group’s annual report for the year ended 30 June 2020 but does not
include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If,
based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit` conducted in accordance with Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial report, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
56 Field Solutions Holdings Limited and Controlled Entities
- Conclude on the appropriateness of the director’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the financial report or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events
in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the financial report. We are
responsible for the direction, supervision and performance of the Group audit. We remain solely
responsible for our audit opinion
We communicate with the directors regarding, amongst other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control th at
we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with the directors, we determine those matters that were most
significant to the audit of the financial report of the current period and are therefore key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matters
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
ANNUAL REPORT 2020 57
Report on the Remuneration Report
We have audited the remuneration report included in pages 12 to 16 of the directors’ report for the
year ended 30 June 2020.
In our opinion, the remuneration report of Field Solutions Holdings Limited, for the year ended 30
June 2020, complies with s 300A of the Corporations Act 2001.
Responsibilities
The directors of the company are responsible for the preparation and presentation of the
remuneration report in accordance with s 300A of the Corporations Act 2001. Our responsibility is to
express an opinion on the remuneration report, based on our audit conducted in accordance with
Australian Auditing Standards.
Hall Chadwick (NSW)
Level 40, 2 Park Street
Sydney NSW 2000
Sandeep Kumar
Partner
Dated: 31 August 2020
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
58 Field Solutions Holdings Limited and Controlled Entities
Field Solutions Holdings Limited
ABN 92 111 460 121
Shareholder information
l
y
n
o
The shareholder information set out below was applicable as at 30 June 2020.
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
e
s
u
l
CONVERGENT TECHNOLOGY HOLDINGS PTY LTD
KESTREL GROWTH COMPANIES LTD
HOLDREY PTY LTD
ELLENKAY PTY LTD
GBBM PTY LIMITED
SMC CAPITAL PTY LTD
MR RICHARD VICTOR GAZAL
RATT SUPERANNUATION PTY LTD
EXTREME OUTDOOR PTY LTD
ACTION SUPERANNUATION PTY LTD
MR RYAN ANTHONY SPILLANE
MR BRUCE MILTON WEISE & MRS BARBARA KATHLEEN WEISE
CITYSTYLE HOLDINGS PTY LTD
LIBERTY INVESTING PTY LTD
SOOTHJET PTY LIMITED
L & H MCGUIRE SUPER PTY LTD
MARTIN JAMES INVESTMENTS PTY LIMITED
GECKO TECHNOLOGIES PTY LTD
BASHA NOMINEES PTY LTD
DTD CAPITAL PTY LTD
JEC CAPITAL PTY LTD
SUPER COOPER FUND PTY LTD
MR MARK ANTHONY BETAR & MRS LYNETTE LEE BETAR
a
n
o
s
r
e
p
Unquoted equity securities
There are no unquoted equity securities.
Substantial holders
Substantial holders in the Company are set out below:
r
o
F
Ordinary shares
Number held
205,984,536
62,500,000
16,305,136
9,622,020
9,394,334
7,900,000
5,000,000
4,520,000
4,500,000
4,400,000
4,368,691
4,000,000
3,723,162
3,709,443
3,525,666
3,350,000
3,262,575
3,260,408
3,209,016
3,000,000
3,000,000
3,000,000
% total
shares
issued
40.21
12.20
3.18
1.88
1.83
1.54
0.98
0.88
0.88
0.86
0.85
0.78
0.73
0.72
0.69
0.65
0.64
0.64
0.63
0.59
0.59
0.59
374,534,987
73.11
Ordinary shares
Number held
% total
shares
issued
Convergent Technology
205,984,536
40.21
ANNUAL REPORT 2020 59
Field Solutions Holdings LimitedABN 92 111 460 12130 June 2020
Notes
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
60 Field Solutions Holdings Limited and Controlled Entities
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
l
y
n
o
e
s
u
l
a
n
o
s
r
e
p
r
o
F
Registered office
c/- KPMG
33 George Street
LAUNCESTON
TAS 7250
AUSTRALIA
Principal place of
business
Suite 38
23 Narabang Way
BELROSE NSW 2085
AUSTRALIA
www.fieldsolutions-group.com