G reenpow erEnerg y
G REEN P O W EREN ERG YL I M I TED
[A B N 22 000 002 111]
113th A N N UA L REP O RT
2012
G REEN P O W EREN ERG YL I M I TED
env ironm enta llyfriendlyenerg ysources, such a sconv entiona lg a sa ndg eoth erm a lsourcesin
W estern A ustra lia , a ndlow em ission coa lliquifa ction, in Victoria , a ndS outh
A ustra lia
I M P O RTA N TI N F O RM A TI O N
1. D efinitions
C erta in a bbrev ia tionsa ndoth erdefinedterm sa reusedth roug h outth isReport. D efinedterm s
a reg enera llyidentifia blebyth euseof a n upperca sefirstletter. D eta ilsof th edefinitionsa nd
a bbrev ia tionsuseda resetouton pa g e[x]of th eReport. A lla m ountsof m oneya resta tedin
A ustra lia n dolla rsunlessoth erw isespecified.
2. D ispla yon w ebsite
w w w .g reenpow erenerg y.com .a u
3. C a utiona rySta tem ent
Th isReportm a yconta in forw a rdlooking sta tem entsth a ta resubjectto riskfa ctorsa ssocia ted
w ith a m ong stoth erth ing s, th eeconom ic a ndbusinesscircum sta ncesoccurring from tim eto
tim ein th eloca tions, a ndbusinesssectorsin w h ich G reenpow erm a yopera te. I tisbeliev ed
th a tth eexpecta tionsreflectedin th esesta tem entsa rerea sona blebutth eym a ybea ffected
bya w idera ng eof v a ria blesw h ich couldca usea ctua lresultsto differfrom th osecurrently
projected.
G REEN P O W EREN ERG YL I M I TED
C O RP O RA TE DI REC TO RY
D I REC TO RS:
C H I EF EXEC UTI VE O F F I C ER& C O M P A N Y
P RI N C I P A L P L A C E O F B US I N ES S
A la n F la v elle(C h a irm a n)
Joh n W a tts,B .S c (H ons, G eo), F A I M M , C P
G era rdK ing
Rona ldM cC ulloug h (N on-E xecutiv e)
G eo, F I M M , C E ng .
1stF loor, 46 O rdS treet
Ta ka na o (Tony) M itsui(N on-E xecutiv e)
W estP erth W A
6 005
C O M P A N YS EC RETA RY:
A UD I TO RS :
M a tth ew S uttling
P .O . B ox106 1,
N ew portB ea ch
N SW 2106
A ustra lia
P h one:+ 6 1425215349
E -m a il:m a tt@ suttling .com
REG I S TERED O F F I C E:
1stF loor, 46 O rdS treet
W estP erth W A
6 005
B D O
A udit(W A ) P tyLtd
128 H a yS treet
S ubia co W A
6 008 A ustra lia
P h one:+ 6 18 9 38 08 400
S H A RE REG I STRY:
C om putersh a reI nv estorS erv icesP tyLim ited
452 Joh nston S treet
P h one:+ 6 1-2 9 28 6 5555
Ya rra F a llsVI C 306 7 A ustra lia
F a x:+ 6 1-29 28 6 559 9
P h one:+ 6 1-3-9 4155023
B A N K ERS
F a x:+ 1300137 341
S O L I C I TO RS :
C om m onw ea lth B a nkof A ustra lia
P riceS iera kow skiLa w yers
48 M a rtin P la ce
S ydneyN SW 2000
Lev el24, 44S tG eorg esTerra ce
P erth W A
6 000A ustra lia
P O S TA L A D D RES S
P O
B ox16 6 4
F rem a ntleW A
6 9 59
Th eunissenTrollip La w yers
Lev el31, RB S Tow er
8 8 P h illip S treetS ydney2000
W EB S I TE:
w w w .g reenpow erenerg y.com .a u
2012 REP O RTF RO M TH E B O A RD
O VERVI EW
th e4th fullyea rof opera tion sincelisting itssh a reson th eA ustra lia n S ecuritiesE xch a ng e(A SX), in
M a rch 2008 .
th yea ra ndw a s
Th eh ig h lig h tsof th eyea runderrev iew h a v ebeen:
Th esubsta ntia lcom pletion of th era tiona lisa tion a ndresourcea ssessm entof itsLa trobeVa lley
(Victoria ) lig nite(brow n coa l) deposittenem ents;a nd
Th enea rrea lisa tion of itsobjectiv eto securea w orka bletech nolog yto conv ertLa trobeVa lley
lig niteinto refina blecrudeoil, in a com pletelyenv ironm enta llya ccepta blew a y I .e. w ith low
ca rbon dioxideem issions.
A dditiona lly:
-in byUI L to itsW estern A ustra lia n unconv entiona lg a sexplora tion
tenem ent, E P 447 h a sm a desubsta ntia lprog ress;
O neof itstw o S outh
yea r, w a sprelim ina rilyev a lua ted;
A g ov ernm entg ra ntto a ssistexplora tion of itsW estern A ustra lia n g eoth erm a lexplora tion
tenem entsh a sbeen a w a rded.
A ustra lia n h ydroca rbon explora tion a pplica tions(P E L 145), g ra ntedla st
TH E D I REC TC O A L -TO -L I Q UI D S TEC H N O L O G YQ UES T
A sprev iouslyreported, follow ing th ea cquisition of itslig nitebea ring propertiesin th eLa trobeVa lley,
G reenpow ercom m encedresea rch into possibletech nolog iesforth eenv ironm enta llyclea n usa g eof
th eresource. M a nypa stev a lua tionsh a dsh ow n clea rlyth a tLa trobeVa lleylig nitew a sem inently
suita bleforconv ersion into h ydroca rbon liquids. A m ong stth esew ereth etria lsconductedbyE xxon in
th e19 8 0sin itsB a ytow n (Texa s) la bora tories. O th ertria lsh a v ea lso supportedth esefinding s.
C onv ersion of coa lto liquidsh a sbeen ca rriedoutth roug h outth e20th ecentury, com m ercia llyin
G erm a nya ndS outh
yea rsin a sea rch fora processw h ich w ouldsubsta ntia llyreduceorelim ina teC O 2 em issions.
h ig h em issionsof C O 2. G reenpow erh a sspentsev era l
A frica , butin a llca sesw ith
La styea rw ereportedon such a processbeing dev elopedbya N orth
a ppea redto conform to ourrequirem entsa ndth a tG reenpow erw a sneg otia ting fora licenseto useth e
tech nolog y, w h en rea dyto use, in A ustra lia . G reenpow erh a snow suspendedneg otia tionsw ith th e
univ ersityconcerned, w h ileitneg otia tesw ith a noth erpa rty.
A m erica n Univ ersityw h ich
A tth esa m etim eG reenpow erh a d, sinceea rlyin th eyea runderrev iew , been exa m ining a pa tented
processfordirectconv ersion of coa lto h ydroca rbon liquidsw h ich
E lectric G loba lResea rch . S ubsequentto yea rend(A ug ust2012) G reenpow era nnouncedth esig ning
of a n a g reem entw ith G E w h ich g ra ntsG reenpow erth eexclusiv erig h tin A ustra lia a ndN ew Zea la ndto
testth en useth eG E tech nolog y. Th estepsunderth eA g reem entcontem pla teth a tfirstG reenpow er
w illh a v eLa trobeVa lleylig nitetestedin th eG E la bora toriesforitsa m ena bilityto th eG E process, a nd
th en G reenpow erw illbuilda ndopera tea pilotpla ntto testa ndsca leup th eprocess, w ith potentia lto
th en buildfullsca lepla nts.
h a sbeen dev elopedbyG enera l
focus, from processdev elopm entto com m ercia lity.
L A TRO B E VA L L EY(VI C TO RI A ) L I G N I TE P RO P ERTI ES .
Th ecom pa nycontinuesto h oldth reeexplora tion licensesin th eonsh oreG ippsla ndB a sin.
Th esea ndth ew orkon th em during th eyea ra re
EL s4500 a nd5227
E L4500 a ndE L5227 cov erlig niteoccurrencesto th ew estof M oeTow nsh ip. F iv erota rym uddrill
h olesin 4500 a ndth reein 5227 w erecom pletedin S eptem ber2011 a ndtw o coreh olesin 4500
w erecom pletedin D ecem ber2011. Th ecoresw erea na lyseda ndconsulta ntseng a g edto
com pletea JO RC S ta nda rdC oa lResource seebelow . D rilling a nddow n h oleg eoph ysica l
lling prog ra m w a sused, w ith drilling a ndg eoph ysica lda ta
from prev iousexplorersto ca lcula teth eJO RC Resource.
EL 48 7 7
Tw o a ircoredrillh olesh a v ebeen com pletedin th enorth -w estpa rtof th etenem ent. [A sa nnounced
a tth ebeg inning of th eyea runderrev iew , a lth oug h th ew h oleof E L 48 7 7 h a dprev iouslybeen
contra ctedto besold, th esa lea rra ng em entsw erere-neg otia tedin July2011 so th a tth ebuyer
beca m eA ustra lia n E nerg yC om pa nyLtd. (A E C ), a ndG reenpow erreta inedth erig h tto keep a nd
explorea substa ntia lpa rtof th ew estern endof 48 7 7 . A lth oug h depositsof $400,000 w erepa id
underth econtra cts, A E C didnotm a keth epa ym entsduein a ccorda ncew ith th eS a leA g reem ents
a ndth usa rra ng em entsa renow being im plem entedto term ina teth econtra ct, lea v ing G reenpow er
a sunencum beredow nerof th etenem ent.]
ResourceDefinition
E L4500, E L48 7 7 a ndE L5227 cov erlig niteoccurrencesto th ew estof M oeTow nsh ip. P rev ious
explora tion byoth ercom pa niesh a ssh ow n substa ntia llig nitetonna g esin a discreteba sin cov eredby
E L4500 a ndE L48 7 7 (w estern pa rt). A sm a llpa rtof th isba sin isloca tedw ith in E L5210, a tenem ent
ow nedbyoth erpa rties. A secondba sin loca tedto th ew estof th a toneiscov eredentirelybyE L5227 . A
306 M tlig niteResourceh a sbeen identifiedin E L4500 a nda 136 M tlig niteResourcein E L5227 .
Th eG roup th ush a sa tota lof 442M tof JO RC com plia ntI nferredlig niteResourcew ith in itstenem ents
in th etw o ba sins. Th esew illbea ddedto byth ecurrentResourcedefinition prog ra m in E L48 7 7 .
[A sm a llexplora tion license(E L 48 6 0) reportedla styea r, w h ich
w ith Reg a lResourcesLtd. w a sv olunta rilyrelinquish edduring th eyea runderrev iew a fterth ejoint
v enture
a ndG reenpow erdecidedth isa rea w a snotcoreto oura ctiv ities.]
h a dbeen th esubjectof a jointv enture
O TH ERC O N TI N UI N G RES O URC E D EVEL O P M EN TS
W estern A ustra lia n Unconv entiona lG a s EP 447
G reenpow erh olds100% of th einterestin P etroleum E xplora tion P erm it447 , loca tedin th eN orth P erth
B a sin, encom pa ssing th esh utin W a lyering tig h tg a sfield. A sh a sbeen reported, th ecom pa nyh a s
enteredinto a F a rm -I n A g reem entw ith
in tig h tg a sexplora tion a ndproduction a ndw h ich isnow
seism ic surv eyov erth eea stern a ndnorth ern section of E P 447 .
A m erica n priv a teequityg roup UI L LLC , w h ich specia lises
w orking tow a rdscom m encem entof a 2D
N orth
UI L h a sm a deprepa ra tionsfora tenem ent-w ide2D seism ic surv eyduring th efirstqua rterof 2013.
La ndh oldercom pensa tion a g reem entsh a v ebeen sig neda nda ccessa g reem entsm a dew ith th e
P a rm elia pipelinea uth ority. E nv ironm enta la ndh erita g esurv eysa recom pleteda ndh a v ebeen
subm ittedto D M P .
UI L isin neg otia tionsw ith seism ic contra ctorsa nda surv eysta rt-up da teisa nticipa tedea rlynextyea r.
A n a pplica tion h a sbeen g ra ntedbyth eD M P fora 12 m onth extension of E P 447 until2013to a llow for
sta tutoryrequirem entsforN a tiv eTitlenotifica tion forsurv eylinesw h ich extendbeyondth ebounda ries
of E P 447 into currentlyv a ca ntg round. A furth er5yea rtenureterm w illbea ppliedforin ea rly2013.
S outh Ea stW estern A ustra lia n G eoth erm a lExplora tion G EP s37 & 38
G reenpow era ppliedfora ndw a sa w a rdedtw o g eoth erm a lexplora tion perm itsnea rE spera ncein
W estern A ustra lia . Th ecom pa nysig neda g ov ernm entco-fundeddrilling g ra ntof $120,000forits
E spera nceg eoth erm a lproject. Th eg ra nth a sbeen prov idedon a dolla rfordolla rba sisunderth e
W estern A ustra lia n Roya ltiesforReg ionsE xplora tion I ncentiv eS ch em e. Th efunding w illbeusedfor
tenem ents.
tw o drillh ol
S outh
A ustra lia n H ydroca rbon Explora tion
P EL 145a ndP EL A 146
S incelisting , th eC om pa nyh a sh eldtw o a pplica tionsforP etroleum E xplora tion Licenses, one(145) in
th eW illoch ra B a sin, ea stof P ortA ug usta , th eoth er(146 ) in th eE rom a ng a B a sin, im m edia telysouth of
th eC ooperB a sin.
Th isfina ncia lyea rw orkon P E L 145h a scontinueda ndda ta from g roundw a terdrilling a ndm inera l
explora tion h a sbeen a na lysed. To th esouth of P E L 145, a na lysisof resistiv ityda ta sh ow sth a ttertia ry
a g elig niteextendsov era n a rea of a tlea st100km 2.
C ooperB a sin, w a scom m encedduring th equa rter, a ndh a sbeen relea sedto th eA S X.
ydroca rbon potentia lof P E LA 146 , loca tedon th esouth ern m a rg in of th e
M A N A G EM EN T
a ndE xecutiv eE fficerJoh n W a tts
supportfrom N on E xecutiv eD irectorsRon M cC ulloug h a ndTonyM itsui, a ccounta nt/secreta ryM a tt
S uttling tog eth erw ith externa lconsulta ntsJoh n K a ra ja s, G ordon Th om son, M a rtyG orba rtya ndD a v id
M cLea n.
E xecutiv eC h a irm a n A la n F la v elle, M a na g ing D irectorG erryK ing
ctiv ityw ith a ble
indiv idua lba ckg roundsa ndqua lifica tionsa reincludedelsew h erein th eA nnua lReport.
A ltog eth er, m a na g em entisrepresentedbyfourdirectors, th esecreta rya ndfourconsulta nts w h ich
includesth reeg eolog ists, th reeeng ineers, a fuela nda m icrow a v escientist, a n a ccounta nta nda
la w yer w h o in a g g reg a teh a v e, h undredsof yea rsof experiencein com pa nieseng a g edin coa l, oil
a ndg a sexplora tion a ndproduction.
RP O S E:
G reenpow erw h ich w a sinitia llyincorpora teda sG unneda h C ollieryC om pa nyLim ited, m ining coa la t
w h en itsoldth em inein 19 9 7 , h a snow a sitsm ission to becom ea producerof env ironm enta llyfriendly
energ ysources, such a sconv entiona lg a sin W estern A ustra lia a ndS outh
A ustra lia , g eoth erm a lenerg y
in W estern A ustra lia , a ndlig nitecoa lto liquidin Victoria . Th eprim a rypurposeof th eG roup now isto
dev elop itslicensedtech nolog ya ndexplorea nddev elop itsexisting resources.
G reenpow erEnerg yL im ited
A B N 22 000 002 111
C onsolida tedA nnua lReport
F orth eYea rEnded30 June2012
C onsolida ted
G reenpow erEnerg yL im ited
A B N 22 000 002 111
F orth eYea rEnded30 June2012
C O N TEN TS
D irectors' Report
C onsolida tedF ina ncia lSta tem ents
A uditor'sI ndependenceD ecla ra tion
C onsolida tedI ncom eS ta tem ent
C onsolida tedSta tem entof C om preh ensiv eIncom e
C onsolida tedSta tem entof F ina ncia lP osition
C onsolida tedSta tem entsof C h a ng esin E quity
C onsolida tedSta tem entof C a sh F low s
N otesto th eC onsolida tedF ina ncia lS ta tem ents
D irectors' D ecla ra tion
I ndependentA uditReport
A S X A dditiona lI nform a tion
P a g e
1
13
14
15
16
17
18
19
55
56
58
G reenpow erEnerg yL im ited
A B N 22 000 002 111
D irectors' Report
30 June2012
Yourdirectors presentth eirreporton th e com pa ny a ndits controlledentities forth e fina ncia l yea rended30
June2012.
I nform a tion on directors
Th ena m esof ea ch person w h o h a sbeen a directorduring th eyea ra ndto th eda teof th isreporta re:
A la n F la v elle
Q ua lifica tions
E xperience
B S c, F A I M M , M S P E
19 58 -19 6 8 :A la n w a sem ployedbyth eB urea u of M inera l
Resources[a federa lg ov ernm enta g ency]a sa g eoph ysicist
a ndw orkedin a llsta tesof A ustra lia , N ew G uinea , C a na da a nd
th eUS A .
19 6 9 -7 0:H ew a sem ployedbyW estA ustra lia n P etroleum , a
P erth ba seda ffilia teof C h ev ron a sa n explora tion expertin oil
explora tion a ctiv itiesin W estern A ustra lia .
19 7 1-19 8 0:H ebeca m eth eseniorpa rtnerin th eLa yton G roup,
a tth a ttim eth ela rg estea rth scienceconsulting g roup ba sedin
A ustra lia , a ndw orkedon projectsin A ustra lia , N ew G uinea ,
P h ilippines, M a la ysia , Th a ila nd, Ta iw a n, Ja pa n, I ndia , US A
a ndA rg entina .
19 8 1-present:A la n h a sw orkeda sa n independentconsulta nt,
resourcedev elopera nda dv iserto com pa niesa tth etech nica l
directorlev elincluding jobslike:
C oa lbedM eth a ne:A la n beca m einv olv edin coa lsea m na tura l
g a s(C S G ) dev elopm entin 19 8 4w h en h ev isitedUS A on a fa ct
finding m ission. F rom 19 8 5-19 9 0 h ew orkedon C S G
dev elopm entsin Q ueensla nda ndw a sinstrum enta lin
introducing M itsubish iG a sa ndC h em ica lto C S G tech nolog y.
Th ecom pa nyth en tookov erth eQ ueensla nda ssets. F rom
19 9 1-2000 h einv estig a teda num berof C S G dev elopm ent
opportunitiesin Vietna m , South K orea , S outh
Ja pa n a sw ella sA ustra lia . F rom 2001 to th epresenth eh a s
directeda m a jorinv estig a tion forC S G opportunitiesin E urope
a ndC entra lA sia . Sev era lprojectsw h ich
h a v ebeen a cquired
in F ra ncea ndIta ly. A secondm a jorprojecta im eda tidentifying
C S G opportunitiesin W estern A ustra lia w a ssta rtedin 2003
a ndisong oing .
3,130,16 0 O rdina ryS h a res
A frica , a nd
C h a irm a n - E xecutiv eD irector
A la n F la v ellew a sform erlya D irectorin E uropea n G a sLim ited
a ppointedin D ecem ber19 9 9 a ndresig ning on 2 S eptem ber
2009
I nterestin sh a resa nd
options
S pecia lresponsibilities
O th erdirectorsh ipsin listed
entitiesh eldin th eprev ious
th reeyea rs
1
G reenpow erEnerg yL im ited
A B N 22 000 002 111
D irectors' Report
30 June2012
I nform a tion on directorscontinued
G era rdK ing
Q ua lifica tions
E xperience
I nterestin sh a resa nd
options
S pecia lresponsibilities
O th ercurrentdirectorsh ips
in listedentities
LLB
A fterg ra dua ting in la w (LLB ) from th eUniv ersityof W estern
A ustra lia in 19 6 3, G era rdcom m enceda rticlesw ith (S ir) Joh n
La v a n (La v a n & W a lsh ) in P erth , being a dm itteda sa solicitor
in 19 6 5, into th ela w firm pa rtnersh ip in 19 6 6 , a ndbeca m eits
seniorpa rtnerin 19 7 8 . UnderG era rd, La v a n & W a lsh
ev entua llybeca m eP h illipsF ox, P erth in 19 8 5.
Th roug h outh isca reer, G era rdh a spra ctisedin th eleg a la rea s
of com m ercia lproperty, ba nking /fina nce, rev enue/ta x,
corpora tecom plia nce, a ndm ining la w . H eta ug h tm ortg a g e
a ndoth erdebtsecuritydra fting a tUW A la w sch oolfor5yea rs,
joinedth eTa xa tion I nstituteof A ustra lia , a ndth eA ustra lia n
M ining a ndP etroleum La w yersA ssocia tion a ndg a v epa pers
on rev enue, stra ta title, prospectuses, docum entdra fting a nd
oth ertopics. G era rdserv edon th eLa w S ocietyof W A C ouncil,
a nditscom m ittees. H ew a sinv olv edin th em a na g em entof h is
la w firm from 19 6 8 to 19 9 1, a nda ttendedtw o la w firm
m a na g em entcoursesa tth eUniv ersityof N ew E ng la nd.
G era rdh a sbeen a com pa nydirectorof A ustra la sia n S h opping
C entresP ropertyTrust, 19 7 7 to 19 8 0, A ustra lia n M ining
I nv estm entsLtd., 19 8 3to 2002, a sw ella soth erpublic
com pa nies, a ndiscurrentlyC h a irm a n of A stron Lim ited, since
19 8 5. H ew a sC h a irm a n of W A S t. Joh n A m bula nceS erv ice
B oa rd19 8 7 to 19 9 6 , a ndiscurrentlyW A S ta teS t. Joh n
C ouncilC h a irm a n.
21,9 7 7 ,516 O rdina ryS h a res
E xecutiv eD irector
G era rdK ing isa D irectorof A stron Lim itedsince5N ov em ber
19 8 5
2
G reenpow erEnerg yL im ited
A B N 22 000 002 111
D irectors' Report
30 June2012
I nform a tion on directorscontinued
Rona ldM cC ulloug h
Q ua lifica tions
E xperience
I nterestin sh a resa nd
options
S pecia lresponsibilities
O th ercurrentdirectorsh ips
in listedentities
M .B .A ., B .E . (H ons), F A ustI M M
Rona ldH ug h M cC ulloug h isa n H onoursg ra dua tein
E ng ineering from th eUniv ersityof W estern A ustra lia . H ea lso
com pleteda M a sterof B usinessA dm inistra tion a tUW A .
S ubsequently, Ron h a sbeen inv olv edin civ ileng ineering
desig n, a ndth econstruction of v a riousm a joreng ineering
w orksin W estern A ustra lia , including w a tersupplyda m s,
m a jorw a terreticula tion a ndsuburba n infra structureprojects.
Ron h a sextensiv em ining experience, including ba uxitea nd
coa lm ining . Ron h a sinv estig a tedth edev elopm entof a priv a te
pow ersta tion a ndth eexploita tion of coa lbedm eth a ne
depositsin th eG unneda h ba sin on N SW . W h ileinv olv edw ith
th eM a itla ndM a in C ollieries, w h ich
dev elop a la rg ecoa ldeposita tG lenniesC reek, nea rS ing leton
in th eH unterVa lley, N SW Ron m a na g eda llnecessa ry
env ironm enta lim pa ctstudies, a uth oritycom plia nce
requirem ents, m ineconstruction a ndopera tion fea sibility
studiesa ndth en obta ineda m ining lea seforth edeposit.
h elda n a uth orisa tion to
Ron beca m einv olv edin th esa ndm ining industryin W estern
A ustra lia w ith th edev elopm ent, in 19 9 4, a ndm a na g em entuntil
2005of a silica sa ndm ining a ndexporting opera tion a tA lba ny
in W estern A ustra lia , on beh a lf of Ja pa nesecorpora tions.
2,48 7 ,7 41 O rdina ryS h a res
N on E xecutiv eD irector. Th erea reno specia lresponsibilities
Rona ldM cC ulloug h isa D irectorof A stron Lim itedsince21
A ug ust2006
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I nform a tion on directorscontinued
Ta ka na o M itsui
Q ua lifica tions
E xperience
I nterestin sh a resa nd
options
S pecia lresponsibilities
O th ercurrentdirectorsh ips
in listedentities
B .E c M B A
I n A pril19 6 5, TonyjoinedTom en C orpora tion, (th en ca lled
Toyo M enka K a ish a , oneof th ela rg e, m ulti-fa cetedJa pa nese
Tra ding H ouses) in th eSteelD epa rtm entin th eO sa ka H ea d
O ffice. F rom 19 6 8 to 19 7 1 h ew orkedin th eM eta lsa nd
M inera lsD epa rtm entof Toyo M enka . I n 19 7 1h ew a spostedto
th eC oa lD epa rtm ent. I n 19 7 7 h ew a spostedto th e
Va ncouv er, C a na da officeof Toyo M enka .
I n 19 8 1, Tonyreturnedto Tokyo to h ea dth eTh erm a lC oa l
S ection. I n 19 8 5h ew a sa ppointedG enera lM a na g er, M eta ls
a ndM inera lsforTom en A ustra lia . I n 19 9 0, h em ov edto
G enera lM a na g erC oa la ndI ron O reD epa rtm ent, Tokyo H ea d
O fficeof Tom en C orpora tion. I n 19 9 5h ereturnedto A ustra lia
a sM a na g ing D irectorof Tom en A ustra lia . I n 2001 h ereturned
to Tokyo a sa C orpora teA uditorin th eTom en H ea dO ffice.
I n A pril2006 , Tom en C orpora tion m erg edw ith Toyota Tsush o,
th etra ding a rm of Toyota . Tonyrem a insa n a dv iserto Toyota
Tsush o in Tokyo.
120,000 O rdina ryS h a res
N on E xecutiv eD irector. Th erea reno specia lresponsibilities
N il
D irectorsh a v e been in officesince th e sta rtof th e fina ncia lyea rto th e da te of th isreportunlessoth erw ise
sta ted.
P rincipa lA ctiv ities
Th e principa l a ctiv ities of th e G roup during th e fina ncia l yea r w ere da ta
m a intena nce a nd m a na g em entof, a nd, in som e ca ses, contra cting w ith th ird pa rties to explore in joint
v enture th e v a rious resource explora tion perm its a ndlicenses h eldby th e com pa ny orits subsidia ries in
Victoria , S outh
A ustra lia a ndW estern A ustra lia .
g a th ering in respectof,
Th eh ig h lig h tsof th eyea runderrev iew h a v ebeen
Th e substa ntia lcom pletion of th e ra tiona lisa tion a ndresource a ssessm entof itsLa trobe Va lley
(Victoria ) lig nite (brow n coa l) deposittenem ents. F urth erto th e com pletion of th is w ork th e G roup
reporteditsm a iden JO RC lig niteResourceof 442M t.
4
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P rincipa lA ctiv itiescontinued
Th eprog ression of itsobjectiv eto securea w orka bletech nolog yto conv ertLa trobeVa lleylig nite
into refina blecrudeoil, in a env ironm enta llya ccepta blew a y I .e. w ith low ca rbon dioxideem issions.
D uring th e yea r under rev iew th e G roup h a s been exa m ining
conv ersion of coa l to h ydroca rbon liquids w h ich
h a s been dev eloped by G enera l E lectric G loba l
Resea rch . S ubsequentto yea r end (A ug ust2012) G reenpow er a nnounced th e sig ning of a n
a g reem entw ith
G E w h ich g ra nts G reenpow erth e exclusiv e rig h tin A ustra lia a ndN ew Zea la ndto
test, th en useth eG E tech nolog y. Th estepsunderth eA g reem entcontem pla teth a tfirstG reenpow er
w ill h a v e La trobe Va lley lig nite testedin th e G E la bora tories forits a m ena bility to th e G E process,
th en G reenpow erm a ybuilda ndopera tea pilotpla ntto testa ndsca le up th e process, w ith potentia l
to th en buildfullsca lepla nts.
a pa tented process for direct
Th is h a s been a sig nifica ntdev elopm entfor G reenpow er E nerg y Lim ited a nd w ill becom e th e
ntto com m ercia lty.
-in by UI L to its W estern A ustra lia n unconv entiona l g a s explora tion
tenem ent, E P 447
h a s m a de substa ntia lprog ress. UI L h a s m a de prepa ra tionsfora tenem ent-w ide
2D seism ic surv eyduring th efirstqua rterof 2013. La ndh oldercom pensa tion a g reem entsh a v ebeen
sig ned a nd a ccess a g reem ents m a de w ith th e P a rm elia pipeline a uth ority. E nv ironm enta l a nd
h erita g esurv eysa recom pleteda ndh a v ebeen subm ittedto D M P .
O ne of its tw o S outh
A ustra lia n h ydroca rbon explora tion a pplica tions (P E L 145), g ra nted la st
yea rw a sprelim ina rilyev a lua teda ndw orkisong oing .
A $120,000 W A
G ov ernm entg ra ntto a ssistexplora tion of its W estern A ustra lia n g eoth erm a l
explora tion tenem entsh a sbeen a w a rded.
N o sig nifica ntch a ng ein th ena tureof th esea ctiv itiesoccurredduring th eyea r.
M a tterS ubsequentto th eendof th eF ina ncia lYea r
S ubsequentto yea rendth eG roup:
A nnounced th e sig ning of a n a g reem entw ith
exclusiv e rig h tin A ustra lia
tech nolog y.
g ra nts G reenpow er E nerg y Lim ited th e
a ndN ew Zea la ndto test, th en use th e G E dev elopedC oa l to Liquids
G E w h ich
Th eG roup receiv ed$411,37 3from th esa leof O th erF ina ncia lA ssetsto prov idew orking ca pita la nd
receiv eda loa n from a D irectorG era rdK ing fora periodof up to 12 m onth son a n interestfreeba sis
of $250,000 to prov ide ca pita lforinitia lcostsa ssocia tedw ith th e C oa lto Liquidsprojectsig nedw ith
G enera lE lectric.
N o oth er m a tters or circum sta nces h a v e a risen since th e end of th e fina ncia l yea r w h ich sig nifica ntly
a ffectedorm a ysig nifica ntlya ffectth e opera tionsof th e G roup, th e resultsof th ose opera tionsorth e sta te
of a ffa irsof th eG roup in futurefina ncia lyea rs.
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L ikelyDev elopm ents
O th erth a n inform a tion disclosedelsew h ere in th isa nnua lreport, inform a tion on likelydev elopm entsin th e
opera tionsof th eG roup a ndth e expectedresultsof th oseopera tionsin futurefina ncia lyea rsh a snotbeen
includedin th isdirectors' reportbeca useth edirectorsbeliev e, on rea sona bleg rounds, th a tto include such
inform a tion w ouldbelikelyto resultin unrea sona bleprejudiceto th eG roup.
A uditorsI ndependenceD ecla ra tion
Th e lea da uditorsindependence decla ra tion forth e yea rended30 June 2012 h a sbeen receiv eda ndca n
be foundon pa g e 13 of th e fina ncia l report. Th e a uditorB D O
A udit(W A ) P ty Ltdcontinues in office in
a ccorda ncew ith S ection 327 of th eC orpora tionsA ct2001.
Env ironm enta lI ssues
Th eG roup'sopera tionsto da te a re notreg ula tedbya nysig nifica ntenv ironm enta lreg ula tion underth e la w
of th eC om m onw ea lth orof a sta teorterritory. Th eD irectorsh a v econsideredcom plia ncew ith th eN a tiona l
G reenh ouse a ndE nerg y Reporting A ct2007
w h ich requires entities to reporton a nnua l g reenh ouse g a s
em issions a ndenerg y use. F orth e m ea surem entperiod1 July 2011 to 30 June 2012 th e directors h a v e
a ssessedth a tth erea reno currentreporting requirem ents, butm a yberequiredto do so in th efuture.
N on-a uditserv ices
Th eboa rdof directors, in a ccorda ncew ith a dv icefrom th ea uditcom m ittee, issa tisfiedth a tth eprov ision of
non-a uditserv ices during th e yea ris com pa tible w ith th e g enera l sta nda rdof independence fora uditors
im posedbyth eC orpora tionsA ct2001. Th edirectorsa resa tisfiedth a tth eserv icesdisclosedbelow didnot
com prom iseth eexterna la uditor'sindependenceforth efollow ing rea sons:
a ll non a uditserv ices a re rev iew ed a nd a pprov ed by th e D irectors prior to com m encem entto
ensureth eydo nota dv erselya ffectth einteg ritya ndobjectiv ityof th ea uditor;a nd
th e na ture of th e serv ices prov ideddo notcom prom ise th e g enera l principles rela ting to a uditor
independence a ssetoutin A P E S 110:C ode of E th icsforP rofessiona lA ccounta ntsissuedbyth e
A ccounting P rofessiona la ndE th ica lS ta nda rdsB oa rd.
Th e follow ing feesfornon-a uditserv icesw ere pa id/pa ya ble to th e externa la uditorsduring th e yea rended
30 June2012:
C orpora tesecreta ria l
2012
2011
$
$
-
-
59 7
59 7
6
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B usinessrev iew
O pera ting Results
Th e loss a fterprov iding forincom e ta xa m ounted to $ 1,516 ,48 1 (2011:($5,433,6 29 )). Th e 2012 loss
reflecting increa seddrilling a ctiv itiestog eth erw ith expensesincurredin th e C oa lto Liquidprojecta ndth e
g explora tion a ndinitia l expenditures. Th e loss w a s a dv ersely a ffectedby th e
relinquish m entof tenem entsa m ounting to $407 ,312 (2011:$5,109 ,8 07 ).
D iv idendspa idordecla red
N o div idendsw erepa idordecla redsinceth esta rtof th efina ncia lyea r.
M eeting sof Directors
D uring th efina ncia lyea r, 11 m eeting sof directorsw ereh eld.
w erea sfollow s:
A ttenda ncesbyea ch directorduring th eyea r
D irectors'
M eeting s
Elig ibleto
a ttend
N um ber
a ttended
M rA la n F la v elle
M rG era rdK ing
M rRona ldM cC ulloug h
M rTa ka na o M itsui
11
11
11
11
11
11
11
11
C om pa nyS ecreta ry
M rM a tth ew Suttling , B .E c C A
2007 . H e is a C h a rtered A ccounta nt. H is experience is broa d ba sed including clients ra ng ing
m ultina tiona ls to listed public com pa nies, a udit, oth er business fina ncia l a nd ta xa tion serv ices. H e is
currentlyin P ublic P ra ctice.
w a sa ppointedC om pa nyS ecreta ryof G reenpow erE nerg yLim itedon 1 M a y
from
Rem unera tion Report(A UD I TED )
Th e inform a tion prov idedin th is rem unera tion reporth a s been a uditeda srequiredby S ection 308 (3C ) of
th eC orpora tion A ct2001.
Th isreportdeta ilsth ena turea nda m ountof rem unera tion forea ch directorof G reenpow erE nerg yLim ited,
a ndforth eexecutiv esof th eG roup.
S erv iceA g reem ents
C urrently G reenpow er E nerg y Lim ited does noth a v e a ny serv ice a g reem ents in pla ce w ith key
m a na g em entpersonnel.
7
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Rem unera tion Reportcontinued(A UD I TED )
S h a re-B a sedC om pensa tion
N o O ptionsov ersh a resin G reenpow erE nerg yLim itedw ereg ra ntedduring th eyea rin a ccorda ncew ith th e
h a d
C om pa ny E m ployee S h a re O ption P la n ("E SO P ") a s th e E S O P
expireda ndth enew E SO P w a snotpa sseda tth e2011 A G M . Th eD irectorspla n to im plem enta n upda ted
E S O P
w ill be desig ned to prov ide long -term incentiv es for executiv es to deliv er long -term
w h ich com m enced 17
A pril 2007
w h ich
rig h tto pa rticipa tein th epla n orto receiv ea nyg ua ra nteedbenefits.
O ptionsg ra ntedunderth eorig ina lE SO P ca rryno div idendorv oting rig h ts. W h en exercisa ble, ea ch option
isconv ertibleinto one ordina rysh a re. Th eexercise priceof optionsisba sedon th eprice a tg ra ntda te. N o
optionsw ereexercisedduring th eyea r.
N o ordina rysh a resin th ecom pa nyw ereprov ideda sa resultof th eexerciseof rem unera tion optionsto a ny
directorof G reenpow erE nerg yLim itedoroth erkeym a na g em entpersonnelof th eg roup.
D eta ilsof O ptionsG ra nted, Vesteda ndF orfeited
N a m e
Joh n W a tts
M a tth ew S uttling
Yea r
g ra nted
% Vested
F orfeited/
Rescinded
2011
2010
2011
2010
2009
100
100
100
100
100
-
-
-
-
-
A dditiona linform a tion
P erform a nceincom ea sa proportion of tota lcom pensa tion.
N o perform a nceba sedbonusesh a v ebeen pa idto keym a na g em entpersonnelduring th efina ncia lyea r. I t
is th e intentof th e boa rdto include perform a nce bonuses a s pa rtof rem unera tion pa cka g es w h en m ine
production com m ences.
F or non executiv e D irectors th e a g g reg a te pool lim ita pprov ed by sh a reh olders a s D irectors F ees is
$100,000 a sa pprov eda tth e2009
A nnua lG enera lM eeting .
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Rem unera tion Reportcontinued(A UD I TED )
D eta ilsof Rem unera tion (continued)
Th e follow ing ta ble prov idesem ploym entdeta ilsof personsw h o w ere, during th e fina ncia lyea r, m em bers
of keym a na g em entpersonnelof th e G roup. Th e ta ble a lso illustra testh e proportion of rem unera tion th a t
w a sfixeda nda trisk.
F ixed
Rem unera tion
A tRisk L ong
Term
Rem unera tion
%
%
100
100
-
-
100
-
-
-
-
-
D irectors
A la n F la v elle
G era rdK ing
Rona ldM cC ulloug h
Ta ka na o M itsui
K M P
Joh n W a tts
Rem unera tion P olicy
A s th e G roup dev elops itw ill be im plem enting th e follow ing rem unera tion g uidelines. Th e rem unera tion
policy of G reenpow erE nerg y Lim itedh a s been desig nedto a lig n directora ndexecutiv e objectiv es w ith
sh a reh oldera nd business objectiv es by prov iding a fixedrem unera tion com ponenta nd offering specific
long -term incentiv esba sedon keyperform a nce a rea sa ffecting th e G roup'sfina ncia lresults. Th e boa rdof
G reenpow erE nerg yLim itedbeliev esth erem unera tion policyto be a ppropria te a ndeffectiv e in itsa bilityto
a ttra cta ndreta in th e bestexecutiv esa nddirectors to run a ndm a na g e th e G roup, a s w ell a screa te g oa l
cong ruencebetw een directors, executiv esa ndsh a reh olders.
Th e boa rd's policy fordeterm ining th e na ture a nd a m ountorrem unera tion forth e boa rd m em bers a nd
seniorexecutiv esof th eG roup isa sfollow s:
Th e rem unera tion policy, setting th e term s a nd conditions forth e executiv e directors a nd oth er
seniorexecutiv esw a sdev elopedbyth eboa rd. A llexecutiv esreceiv ea ba sesa la ry(w h ich isba sed
a s leng th of serv ice a nd experience) a nd supera nnua tion. Th e boa rd rev iew s
on fa ctors such
com pa ra bleinform a tion from industrysectorsa ndoth erlistedcom pa niesin sim ila rindustries.
Th e boa rdm a y exercise discretion in rela tion to a pprov ing incentiv es, bonuses a ndoptions. Th e
policy is desig ned to a ttra cta nd reta in th e h ig h estca libre of executiv es a nd rew a rd th em for
perform a nceth a tresultsin long term g row th in sh a reh olderw ea lth .
E xecutiv esw illa lso beentitledto pa rticipa tein futureem ployeesh a rea ndoption a rra ng em ents.
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Rem unera tion Reportcontinued(A UD I TED )
Rem unera tion P olicycontinued
Th e executiv e directors a ndexecutiv es receiv e a supera nnua tion g ua ra ntee contribution required
byth e g ov ernm ent, w h ich iscurrently9 % , a nddo notreceiv e a nyoth erretirem entbenefits. S om e
indiv idua ls m a y ch oose to sa crifice pa rt of th eir sa la ry to increa se pa ym ents tow a rds
supera nnua tion.
A llrem unera tion pa idto directorsa ndexecutiv esisv a lueda tth e costto th e G roup a ndexpensed.
S h a resg iv en to directorsa ndexecutiv esa re v a lueda s th e difference betw een th e m a rketprice of
th ose sh a res a nd th e a m ountpa id by th e director or executiv e. O ptions a re v a lued using
a ppropria tem eth odolog ies.
Th e boa rd policy is to rem unera te non executiv e directors a tm a rketra tes for com pa ra ble
com pa niesfortim e, com m itm enta ndresponsibilities. Th e boa rddeterm ines pa ym entsto th e non
executiv e directorsa ndrev iew sth eirrem unera tion a nnua lly, ba sedon m a rketpra ctice, dutiesa nd
a ccounta bility. I ndependentexterna la dv ice issoug h tw h en required. N o such a dv ice w a sobta ined
during th e yea r. F ees fornon executiv e directors a re notlinkedto th e perform a nce of th e G roup.
h oldsh a resin th eC om pa nya nda rea bleto pa rticipa tein th eem ployeeoption pla n.
P erform a nce-ba sedRem unera tion
Th e G roup currently h a s no perform a nce ba sedrem unera tion com ponentbuiltinto directora ndexecutiv e
rem unera tion pa cka g es.
E ndof A uditedRem unera tion Report
I ndem nifying O fficersorA uditors
N o indem nitiesh a v e been g iv en orinsura nce prem ium spa id, during orsince th eendof th e fina ncia lyea r,
fora nyperson w h o isorh a sbeen a n officerora uditorof th eG roup.
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O ptions
Unissuedsh a resunderoption
A tth e da te of th isreport, th e unissuedordina rysh a resof G reenpow erE nerg yLim itedunderoption a re a s
follow s:
G ra ntD a te
30 S eptem ber2011
10 A ug ust2010
30 June2009
Da teof Expiry
30 Septem ber2016
10A ug ust2015
30 June2014
ExerciseP rice N um berunderO ption
0.050
0.051
0.100
450,000
250,000
1,200,000
1,9 00,000
N o sh a resw ereissuedon exerciseof O ptionsduring th eyea r.
P roceeding son B eh a lf of C om pa ny
N o person h a sa ppliedforlea v eof C ourtunderS 237 of th eC orpora tionsA ct2001 to bring proceeding son
beh a lf of th eC om pa nyorinterv ene in a nyproceeding sto w h ich th eC om pa nyisa pa rtyforth epurposeof
ta king responsibilityon beh a lf of th eC om pa nyfora llora nypa rtof th oseproceeding s.
Th eC om pa nyw a snota pa rtyto a nysuch proceeding sduring th eperiod.
S ig n off deta ils
S ig nedin a ccorda ncew ith a resolution of th eB oa rdof D irectors:
D irector:G era rdK ing .............................................................................................................................
D a tedth is28 th da yof S eptem ber2012
12
(cid:204)»·(cid:230) ıŁ Œ(cid:237)Ł(cid:238) (cid:236)Œ(cid:240)(cid:240)
(cid:218)¿¤(cid:230) ıŁ Œ(cid:237)Ł(cid:238) (cid:236)Œ(cid:240)(cid:239)
'''(cid:242)(cid:190)…–(cid:242)‰–‡(cid:242)¿«
(cid:237)Ł ˝‹¿‹•–† ˝‹fi»»‹
˝«(cid:190)•¿‰–(cid:244) (cid:201)(cid:223) Œ(cid:240)(cid:240)Ł
—(cid:209) (cid:222)–¤ Ø(cid:240)(cid:240) (cid:201)»›‹ —»fi‹‚ (cid:201)(cid:223) ŒŁØ(cid:238)
(cid:223)«›‹fi¿·•¿
(cid:238)Ł ˝»(cid:176)‹»‡(cid:190)»fi (cid:238)(cid:240)(cid:239)(cid:238)
(cid:217)fi»»†(cid:176)–'»fi (cid:219)†»fi„§ (cid:212)•‡•‹»…
(cid:204)‚» (cid:222)–¿fi… –” (cid:220)•fi»‰‹–fi›
(cid:239)(cid:231) (cid:216)«fi‹›”–fi… (cid:221)·–›»
—(cid:219)——(cid:219)˛(cid:211)(cid:215)(cid:210)(cid:204) (cid:217)˛(cid:209)˚(cid:219) (cid:201)(cid:223) Œ(cid:240)(cid:239)(cid:239)
(cid:220)»¿fi ˝•fi›(cid:244)
(cid:220)(cid:219)(cid:221)(cid:212)(cid:223)˛(cid:223)(cid:204)(cid:215)(cid:209)(cid:210) (cid:209)(cid:218) (cid:215)(cid:210)(cid:220)(cid:219)—(cid:219)(cid:210)(cid:220)(cid:219)(cid:210)(cid:221)(cid:219) (cid:222)˙ (cid:201)(cid:223)˙(cid:210)(cid:219) (cid:222)(cid:223)˝(cid:218)(cid:209)˛(cid:220) (cid:204)(cid:209) (cid:204)(cid:216)(cid:219) (cid:220)(cid:215)˛(cid:219)(cid:221)(cid:204)(cid:209)˛˝ (cid:209)(cid:218)
(cid:217)˛(cid:219)(cid:219)(cid:210)—(cid:209)(cid:201)(cid:219)˛ (cid:219)(cid:210)(cid:219)˛(cid:217)˙ (cid:212)(cid:215)(cid:211)(cid:215)(cid:204)(cid:219)(cid:220)
(cid:223)› ·»¿… ¿«…•‹–fi –” (cid:217)fi»»†(cid:176)–'»fi (cid:219)†»fi„§ (cid:212)•‡•‹»… ”–fi ‹‚» §»¿fi »†…»… (cid:237)(cid:240) (cid:214)«†» (cid:238)(cid:240)(cid:239)(cid:238)(cid:244) (cid:215) …»‰·¿fi» ‹‚¿‹(cid:244) ‹–
‹‚» (cid:190)»›‹ –” ‡§ (cid:181)†–'·»…„» ¿†… (cid:190)»·•»”(cid:244) ‹‚»fi» ‚¿“» (cid:190)»»† †– ‰–†‹fi¿“»†‹•–†› –”(cid:230)
¡
¡
‹‚» ¿«…•‹–fi •†…»(cid:176)»†…»†‰» fi»fl«•fi»‡»†‹› –” ‹‚» (cid:221)–fi(cid:176)–fi¿‹•–†› (cid:223)‰‹ (cid:238)(cid:240)(cid:240)(cid:239) •† fi»·¿‹•–† ‹– ‹‚» ¿«…•‹(cid:229)
¿†…
¿†§ ¿(cid:176)(cid:176)·•‰¿(cid:190)·» ‰–…» –” (cid:176)fi–”»››•–†¿· ‰–†…«‰‹ •† fi»·¿‹•–† ‹– ‹‚» ¿«…•‹(cid:242)
(cid:204)‚•› …»‰·¿fi¿‹•–† •› •† fi»›(cid:176)»‰‹ –” (cid:217)fi»»†(cid:176)–'»fi (cid:219)†»fi„§ (cid:212)•‡•‹»… ¿†… ‹‚» »†‹•‹•»› •‹ ‰–†‹fi–··»… …«fi•†„ ‹‚»
(cid:176)»fi•–…(cid:242)
(cid:201)(cid:223)˙(cid:210)(cid:219) (cid:222)(cid:223)˝(cid:218)(cid:209)˛(cid:220)
(cid:220)•fi»‰‹–fi
(cid:222)(cid:220)(cid:209) (cid:223)«…•‹ ł(cid:201)(cid:223)(cid:247) —‹§ (cid:212)‹…
—»fi‹‚(cid:244) (cid:201)»›‹»fi† (cid:223)«›‹fi¿·•¿
(cid:222)(cid:220)(cid:209) (cid:223)«…•‹ ł(cid:201)(cid:223)(cid:247) —‹§ (cid:212)‹… (cid:223)(cid:222)(cid:210) Ø(cid:231) (cid:239)(cid:239)(cid:238) (cid:238)Ł(cid:236) ØŁØ •› ¿ ‡»‡(cid:190)»fi –” ¿ †¿‹•–†¿· ¿››–‰•¿‹•–† –” •†…»(cid:176)»†…»†‹ »†‹•‹•»› '‚•‰‚ ¿fi» ¿·· ‡»‡(cid:190)»fi› –” (cid:222)(cid:220)(cid:209) ł(cid:223)«›‹fi¿·•¿(cid:247) (cid:212)‹… (cid:223)(cid:222)(cid:210) ØØ (cid:240)º(cid:240)
(cid:239)(cid:239)(cid:240) (cid:238)غ(cid:244) ¿† (cid:223)«›‹fi¿·•¿† ‰–‡(cid:176)¿†§ ·•‡•‹»… (cid:190)§ „«¿fi¿†‹»»(cid:242) (cid:222)(cid:220)(cid:209) (cid:223)«…•‹ ł(cid:201)(cid:223)(cid:247) —‹§ (cid:212)‹… ¿†… (cid:222)(cid:220)(cid:209) ł(cid:223)«›‹fi¿·•¿(cid:247) (cid:212)‹… ¿fi» ‡»‡(cid:190)»fi› –” (cid:222)(cid:220)(cid:209) (cid:215)†‹»fi†¿‹•–†¿· (cid:212)‹…(cid:244) ¿ ¸(cid:213) ‰–‡(cid:176)¿†§ ·•‡•‹»…
(cid:190)§ „«¿fi¿†‹»»(cid:244) ¿†… ”–fi‡ (cid:176)¿fi‹ –” ‹‚» •†‹»fi†¿‹•–†¿· (cid:222)(cid:220)(cid:209) †»‹'–fi(cid:181) –” •†…»(cid:176)»†…»†‹ ‡»‡(cid:190)»fi ”•fi‡›(cid:242) (cid:212)•¿(cid:190)•·•‹§ ·•‡•‹»… (cid:190)§ ¿ ›‰‚»‡» ¿(cid:176)(cid:176)fi–“»… «†…»fi —fi–”»››•–†¿· ˝‹¿†…¿fi…›
(cid:212)»„•›·¿‹•–† ł–‹‚»fi ‹‚¿† ”–fi ‹‚» ¿‰‹› –fi –‡•››•–†› –” ”•†¿†‰•¿· ›»fi“•‰»› ·•‰»†›»»›(cid:247) •† »¿‰‚ ˝‹¿‹» –fi (cid:204)»fifi•‹–fi§ –‹‚»fi ‹‚¿† (cid:204)¿›‡¿†•¿(cid:242)
(cid:239)(cid:237)
G reenpow erEnerg yL im ited
A B N 22 000 002 111
C onsolida tedI ncom eS ta tem ent
F orth eYea rEnded30 June2012
C onsolida ted
O th errev enue
O th erincom e
O ccupa ncycosts
A dm inistra tiv ecosts
E xplora tion a ndTenem entcosts
Losson disposa lof tenem ents
I m pa irm entg a in/(loss) of oth erfina ncia la ssets
D eprecia tion a nda m ortisa tion expense
N ote
14
2012
$
32,245
148 ,8 08
(11,6 9 8 )
(38 9 ,7 8 0)
(6 47 ,6 21)
(407 ,312)
(16 ,6 6 6 )
(4,7 35)
2011
Resta ted
$
17 ,8 07
227 ,156
(8 ,39 1)
(315,6 55)
(46 1,7 21)
(5,109 ,8 07 )
(7 5,8 05)
(2,6 18 )
I ncom e(loss) beforeincom eta xes
I ncom eta x(expense)/benefit
(1,29 6 ,7 59 )
(219 ,7 22)
(5,7 29 ,034)
29 5,405
4
L ossbeforeincom eta xes
(1,516 ,48 1)
(5,433,6 29 )
L ossa ttributa bleto ow nersof G reenpow er
Energ yL im ited
(1,516 ,48 1)
(5,433,6 29 )
L osspersh a re:
B a sic losspersh a re(cents)
5
(2.09 )
(8 .57 )
Th ea bov econsolida tedincom esta tem entsh ouldberea din conjunction w ith th ea ccom pa nying notes.
14
G reenpow erEnerg yL im ited
A B N 22 000 002 111
C onsolida tedS ta tem entof C om preh ensiv eIncom e
F orth eYea rEnded30 June2012
C onsolida ted
N ote
2012
$
2011
Resta ted
$
N etlossforth eperiod
(1,516 ,48 1)
(5,433,6 29 )
O th ercom preh ensiv eincom e:
N et(loss)/g a in on rev a lua tion of
fina ncia la ssets
O th ercom preh ensiv eincom efor
th eyea r, netof ta x
Tota lcom preh ensiv elossforth e
yea r
Tota lcom preh ensiv elossa ttributa ble
to:
O w nersof G reenpow erE nerg y
Lim ited
(7 25,8 7 6 )
1,37 3,408
(7 25,8 7 6 )
1,37 3,408
(2,242,357 )
(4,06 0,221)
(2,242,357 )
(4,06 0,221)
(2,242,357 )
(4,06 0,221)
Th ea bov econsolida tedsta tem entof com preh ensiv eincom esh ouldberea din conjunction w ith th e
a ccom pa nying notes.
15
G reenpow erEnerg yL im ited
A B N 22 000 002 111
C onsolida tedS ta tem entof F ina ncia lP osition
A sA t30 June2012
C onsolida ted
N ote
2012
$
2011
Resta ted
$
1 July2010 *
$
A S S ETS
C URREN TA S S ETS
C a sh a ndca sh equiv a lents
Tra dea ndoth erreceiv a bles
7
8
319 ,36 0
40,431
506 ,18 4
9 5,29 8
421,217
7 6 ,6 6 3
TO TA L C URREN TA S S ETS
359 ,7 9 1
6 01,48 2
49 7 ,8 8 0
N O N -C URREN TA S SETS
O th erfina ncia la ssets
P roperty, pla nta ndequipm ent 10
11
D eferredta x
12
I nta ng iblea ssets
E xplora tion a ndev a lua tion a ssets 14
9
TO TA L N O N -C URREN T
A S S ETS
TO TA L A S S ETS
L I A B I L I TI ES
C URREN TL I A B I L I TI ES
Tra dea ndoth erpa ya bles
3,19 4,8 55
4,448
9 0,6 8 2
4,8 04
2,125,47 7
4,208 ,16 2
3,030
310,405
8 ,407
2,7 32,7 8 9
2,8 27 ,8 37
-
15,000
-
8 ,012,59 6
5,420,26 6
7 ,26 2,7 9 3 10,8 55,433
5,7 8 0,057
7 ,8 6 4,27 5 11,353,313
TO TA L C URREN TL I A B I L I TI ES
19 1,6 9 3
333,7 8 9
15
19 1,6 9 3
333,7 8 9
8 0,511
8 0,511
N O N -C URREN TL I A B I L I TI ES
D eferredta x
TO TA L N O N -C URREN T
L I A B I L I TI ES
TO TA L L I A B I L I TI ES
N ETA S S ETS
16
9 0,6 8 2
310,405
15,000
9 0,6 8 2
310,405
28 2,37 5
6 44,19 4
15,000
9 5,511
5,49 7 ,6 8 2
7 ,220,08 1 11,257 ,8 02
EQ UI TY
C ontributedequity
Reserv es
A ccum ula tedlosses
TO TA L EQ UI TY
17
18
19
6 2,46 6 ,7 6 4 6 1,9 46 ,8 06
11,9 42,6 9 1 12,6 6 8 ,56 7
(6 7 ,39 5,29 2)
(6 8 ,9 11,7 7 3)
6 1,9 46 ,8 06
11,27 2,6 59
(6 1,9 6 1,6 6 3)
5,49 7 ,6 8 2
7 ,220,08 1 11,257 ,8 02
* F ordeta ilsreg a rding th e
resta tem enta sa resultof a n
errorrefernote
21
Th ea bov econsolida tedsta tem entof fina ncia lposition sh ouldberea din conjunction w ith th ea ccom pa nying
notes.
16
G reenpow erEnerg yL im ited
A B N 22 000 002 111
C onsolida tedS ta tem entof C h a ng esin Equity
F orth eYea rEnded30 June2012
C onsolida ted
2012
B a la ncea t1July2011
Lossforth eyea r
O th ercom preh ensiv eincom e
Tota lcom preh ensiv eincom efor
th eyea r
Tra nsa ctionsw ith ow nersin
th eirca pa citya sow ners
C ontribution of equity, netof
tra nsa ction costs
S ub-tota l
C ontributed
Equity
A ccum ula ted
L osses
$
$
C a pita l
P rofits
Reserv e
$
6 1,9 46 ,8 06
-
-
(6 7 ,39 5,29 2)
(1,516 ,48 1)
-
10,314,7 9 3
-
-
O ption
Reserv e
$
27 7 ,6 00
-
-
F ina ncia l
A ssets
Reserv e
$
Tota l
$
2,07 6 ,17 4
-
(7 25,8 7 6 )
7 ,220,08 1
(1,516 ,48 1)
(7 25,8 7 6 )
-
(1,516 ,48 1)
519 ,9 58
-
519 ,9 58
(1,516 ,48 1)
-
-
-
-
-
-
(7 25,8 7 6 )
(2,242,357 )
-
519 ,9 58
(7 25,8 7 6 )
(1,7 22,39 9 )
B a la ncea t30June2012
6 2,46 6 ,7 6 4 (6 8 ,9 11,7 7 3)
10,314,7 9 3
27 7 ,6 00
1,350,29 8
5,49 7 ,6 8 2
2011
C ontributed
Equity
A ccum ula ted
L osses
$
$
C a pita l
P rofits
Reserv e
$
O ption
Reserv e
$
F ina ncia l
A ssets
Reserv e
$
Tota l
$
B a la ncea t1July2010
6 1,9 46 ,8 06
(6 1,6 6 2,307 )
10,314,7 9 3
255,100
403,410
11,257 ,8 02
A djustm enton correction of error
(netof ta x)
21
-
(29 9 ,356 )
-
-
29 9 ,356
-
Resta tedtota lequitya tth e
beg inning of th efina ncia lyea r
Lossforth eyea r
O th ercom preh ensiv eincom e
Tota lcom preh ensiv eincom efor
th eyea r
Tra nsa ctionsw ith ow nersin
th eirca pa citya sow ners
S h a reba sedpa ym ent
tra nsa ctions
6 1,9 46 ,8 06
-
-
(6 1,9 6 1,6 6 3)
(5,433,6 29 )
-
10,314,7 9 3
-
-
255,100
-
-
7 02,7 6 6
-
1,37 3,408
11,257 ,8 02
(5,433,6 29 )
1,37 3,408
-
-
(5,433,6 29 )
-
-
-
-
1,37 3,408
(4,06 0,221)
22,500
-
22,500
S ub-tota l
6 1,9 46 ,8 06
(6 7 ,39 5,29 2)
10,314,7 9 3
27 7 ,6 00
2,07 6 ,17 4
7 ,220,08 1
B a la ncea t30June2011
6 1,9 46 ,8 06
(6 7 ,39 5,29 2)
10,314,7 9 3
27 7 ,6 00
2,07 6 ,17 4
7 ,220,08 1
Th ea bov econsolida tedsta tem entof ch a ng esin equitysh ouldberea din conjunction w ith th ea ccom pa nying
notes.
17
G reenpow erEnerg yL im ited
A B N 22 000 002 111
C onsolida tedS ta tem entof C a sh F low s
F orth eYea rEnded30 June2012
C onsolida ted
N ote
2012
$
2011
$
C a sh from opera ting a ctiv ities:
Receiptsfrom custom ers
P a ym entsto suppliersa nd
em ployees
I nterestreceiv ed
I ncom eta xesreceiv ed
-
6 4,8 39
(1,19 3,543)
33,6 42
55,8 19
(525,6 9 9 )
17 ,8 07
-
N etca sh prov idedby(usedin)
opera ting a ctiv ities
20
(1,104,08 2)
(443,053)
C a sh flow sfrom inv esting
a ctiv ities:
P roceedsfrom disposa lof
subsidia ry
P urch a seof property, pla nta nd
equipm ent
A cquisition of oth ernon current
a ssets
P roceedsfrom disposa lof
inv estm ents
D epositon sa leof tenem ent
N etca sh usedbyinv esting
a ctiv ities
C a sh flow sfrom fina ncing
a ctiv ities:
P roceedsfrom th eissueof
-
17 0,000
(2,550)
(3,246 )
-
(10,8 09 )
19 9 ,8 50
200,000
37 2,07 5
-
39 7 ,300
528 ,020
sh a resnetof tra nsa ction costs
519 ,9 58
N etca sh usedbyfina ncing
a ctiv ities
519 ,9 58
-
-
N etca sh increa se(decrea ses)
in ca sh a ndca sh equiv a lents
C a sh a ndca sh equiv a lentsa t
beg inning of yea r
C a sh a ndca sh equiv a lentsa t
endof yea r
(18 6 ,8 24)
8 4,9 6 7
506 ,18 4
421,217
7
319 ,36 0
506 ,18 4
Th ea bov econsolida tedsta tem entof ca sh flow ssh ouldberea din conjunction w ith th ea ccom pa nying notes.
18
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
1 C orpora teI nform a tion
Th e fina ncia l reportof G reenpow erE nerg y Lim itedforth e yea rended30 June 2012 w a s a uth orisedfor
issue in a ccorda nce w ith
a resolution of th e D irectors on 28 Septem ber2012 a nd cov ers G reenpow er
E nerg y Lim iteda sa n indiv idua lentity a sw ella sth e consolida tedentityconsisting of G reenpow erE nerg y
Lim iteda nditssubsidia riesa srequiredbyth eC orpora tionsA ct2001.
Th efina ncia lreportispresentedin th eA ustra lia n currency.
G reenpow erE nerg y Lim itedis a com pa ny lim itedby sh a res incorpora tedin A ustra lia w h ose sh a res a re
publiclytra dedon th eA ustra lia n S tockE xch a ng e.
2 S um m a ryof S ig nifica ntA ccounting P olicies
(a )
B a sisof P repa ra tion
Th e fina ncia lreportisa g enera lpurpose fina ncia lsta tem entth a th a s been prepa redin a ccorda nce
w ith
I nterpreta tions, oth er a uth orita tiv e
pronouncem entsof th eA ustra lia n A ccounting Sta nda rdsB oa rda ndth e C orpora tionsA ct2001.
A ustra lia n A ccounting Sta nda rds, A ustra lia n A ccounting
A ustra lia n A ccounting S ta nda rds setouta ccounting policies th a tth e A
h a s concluded w ould
resultin a fina ncia lreportconta ining relev a nta ndrelia bleinform a tion a bouttra nsa ctions, ev entsa nd
I nterna tiona l F ina ncia l Reporting
conditions. Th e fina ncia l sta tem ents a nd notes com ply w ith
S ta nda rds. M a teria l a ccounting policies a dopted in th e prepa ra tion of th is fina ncia l reporta re
presentedbelow
a ndh a v ebeen consistentlya ppliedunlessoth erw isesta ted.
A S B
Th e fina ncia l reporth a s been prepa red on a n a ccrua ls ba sis a nd a re ba sed on h istorica l costs,
m odified, w h ere a pplica ble, by th e m ea surem enta tfa ir v a lue of selected non-currenta ssets,
fina ncia la ssetsa ndfina ncia llia bilities.
(b)
P rinciplesof C onsolida tion
S ubsidia ries
Th e consolida ted fina ncia l sta tem ents com prise th e fina ncia l sta tem ents of G reenpow er E nerg y
Lim iteda nditssubsidia riesa t30 June ea ch yea r("th e G roup"). S ubsidia riesa re entitiesov erw h ich
th e G roup h a s th e pow erto g ov ern th e fina ncia l a ndopera ting policies g enera lly a ccom pa nying a
sh a reh olding of m ore th a n one h a lf of th e v oting rig h ts. P otentia l v oting rig h ts th a ta re currently
exercisa ble orconv ertible a re consideredw h en a ssessing control. C onsolida tedfina ncia lsta tem ents
include a llsubsidia riesfrom th e da te th a tcontrolcom m encesuntilth e da te th a tcontrolcea ses. Th e
fina ncia lsta tem entsof subsidia riesa re prepa redforth e sa m e reporting perioda sth e pa rent, using
consistenta ccounting policies.
A ll intercom pa ny ba la nces a nd tra nsa ctions, including unrea lised profits a rising from intra g roup
tra nsa ctions h a v e been elim ina ted. Unrea lised losses a re a lso elim ina ted unless costs ca nnotbe
recov ered.
M inority interests in th e results a ndequity of subsidia riesa re sh ow n sepa ra tely in th e consolida ted
incom esta tem enta ndsta tem entof fina ncia lposition respectiv ely.
19
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
2 S um m a ryof S ig nifica ntA ccounting P oliciescontinued
(b)
P rinciplesof C onsolida tion continued
S ubsidia riescontinued
S ubsidia ries a re a ccountedforin th e P a rententity fina ncia l sta tem ents a tcost. A listof subsidia ry
entities is conta inedin N ote 13 to th e fina ncia lsta tem ents. A llsubsidia riesentitiesh a v e a 30 June
fina ncia lyea rend.
(c)
S eg m entReporting
O pera ting seg m ents a re reportedin a m a nnerconsistentw ith th e interna lreporting prov idedto th e
D irectors. Th e D irectors a re responsible fora lloca ting resources a nda ssessing th e perform a nce of
th eopera ting seg m ents.
(d) Rev enuea ndO th erI ncom e
Rev enueisrecog niseda tth efa irv a lueof th econsidera tion receiv edorreceiv a ble.
Rev enue from th e rendering of serv ices is recog nised upon th e deliv ery of th e serv ice to th e
custom ers.
I nterestrev enue isrecog niseda sinteresta ccruesusing th e effectiv e interestm eth od. Th e effectiv e
interestm eth odusesth e effectiv e interestra tew h ich isth e ra te th a texa ctlydiscountsth e estim a ted
futureca sh receiptsov erth eexpectedlifeof th efina ncia la sset.
D iv idendsreceiv eda rea ccountedforw h en receiv ed.
A llrev enueissta tednetof th ea m ountof g oodsa ndserv icesta x(G ST).
(e)
I ncom eTa x
Th e incom e ta xexpense forth e periodis th e ta xpa ya ble on th e currentperiod's ta xa ble incom e
ba sed on th e na tiona l incom e ta xra te for ea ch jurisdiction a djusted by ch a ng es in deferred ta x
a ssets a nd lia bilities a ttributa ble to tem pora ry differences betw een th e ta xba se of a ssets a nd
lia bilitiesa ndth eirca rrying a m ountsin th efina ncia lsta tem ents, a ndto unusedta xlosses.
D eferred ta xa ssets a nd lia bilities a re recog nised fora ll tem pora ry differences, betw een ca rrying
a m ountsof a ssetsa ndlia bilitiesforfina ncia lreporting purposesa ndth eirrespectiv eta xba ses, a tth e
ta xra tesexpectedto a pply w h en th e a ssetsa re recov eredorlia bilitiessettled, ba sedon th ose ta x
ra tes w h ich
a re ena cted or substa ntiv ely ena cted for ea ch jurisdiction. E xceptions a re m a de for
certa in tem pora ry differencesa rising on initia lrecog nition of a n a ssetora lia bility if th ey a rose in a
tra nsa ction, oth erth a n a businesscom bina tion, th a ta tth etim eof th etra nsa ction didnota ffecteith er
a ccounting profitorta xa bleprofit.
D eferredta xa ssetsa re onlyrecog nisedfordeductible tem pora rydifferencesa ndunusedta xlosses
if itisproba bleth a tfutureta xa blea m ountsw illbea v a ila bleto utiliseth osetem pora rydifferencesa nd
losses.
20
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
2 S um m a ryof S ig nifica ntA ccounting P oliciescontinued
(e)
I ncom eTa xcontinued
D eferredta xa ssetsa ndlia bilitiesa re notrecog nisedfortem pora rydifferencesbetw een th eca rrying
a m ounta ndta xba sesof inv estm entsin subsidia ries, a ssocia tesa ndinterestsin jointv enturesw h ere
th e pa rententity is a ble to control th e tim ing of th e rev ersa l of th e tem pora ry differences a nditis
proba bleth a tth edifferencesw illnotrev ersein th eforeseea blefuture.
G reenpow er E nerg y Lim ited a nd its w h olly ow ned subsidia ries h a v e im plem ented th e ta x
consolida tion leg isla tion. A s a consequence, th ese entities a re ta xed a s a sing le entity a nd th e
deferredta xa ssetsa ndlia bilitiesof th eseentitiesa resetoff in th econsolida tedfina ncia lsta tem ents.
C urrenta nddeferredta xis recog nisedin profitorloss exceptto th e extentth a titrela tes to item s
recog nised in oth er com preh ensiv e incom e or directly in equity. I n th is ca se, th e ta xis a lso
recog nisedin oth ercom preh ensiv eincom eordirectlyin equity.
(f)
I m pa irm entof A ssets
A tea ch reporting da te th e G roup a ssessesw h eth erth ere isa nyindica tion th a tindiv idua la ssetsa re
im pa ired. W h ere im pa irm entindica torsexist, th e recov era ble a m ountisdeterm ineda ndim pa irm ent
losses a re recog nised in th e incom e sta tem entw h ere th e a sset's ca rrying
v a lue exceeds its
recov era ble a m ount. Th e recov era ble a m ountisth e h ig h erof a n a sset'sfa irv a lue lesscoststo sell
a ndv a lue in use. F orth e purpose of a ssessing v a lue in use, th e estim a tedfuture ca sh flow s a re
discounted to th eir presentv a lue using
a ssessm entsof th etim ev a lueof m oneya ndth erisksspecific to th ea sset.
a pre ta x discountra te th a treflects currentm a rket
W h ere itis notpossible to estim a te th e recov era ble a m ountfora n indiv idua l a sset, recov era ble
a m ountisdeterm inedforth eca sh g enera ting unitto w h ich th ea ssetbelong s.
(g )
C a sh a ndC a sh Equiv a lents
F orth epurposesof th eS ta tem entof C a sh F low s, ca sh a ndca sh equiv a lentsincludesca sh on h a nd
a nda tba nk, depositsh elda tca llw ith fina ncia linstitutions, oth ersh ortterm , h ig h lyliquidinv estm ents
w ith m a turities of th ree m onth s orless th a ta re rea dily conv ertible to know n a m ounts of ca sh
a nd
w h ich a resubjectto a n insig nifica ntriskof ch a ng esin v a luea ndba nkov erdra fts.
(h )
B usinessC om bina tions
Th e purch a se m eth od of a ccounting is used to a ccountfor a ll business com bina tions, including
businesscom bina tionsinv olv ing entitiesorbusinessesundercom m on control, reg a rdlessof w h eth er
equity instrum ents oroth era ssets a re a cquired. C ostis m ea sureda s th e fa irv a lue of th e a ssets
g iv en, equityinstrum entsissuedorlia bilitiesincurredora ssum eda tth e da te of exch a ng e pluscosts
directlya ttributa ble to th e a cquisition. W h ere equityinstrum entsa re issuedin a n a cquisition, th e fa ir
v a lue of th e instrum ents is th eirpublish edm a rketprice a s a tth e da te of exch a ng e unless, in ra re
circum sta nces, itca n be dem onstra ted th a tth e publish ed price a tth e da te of exch a ng e is a n
unrelia ble indica tor of fa ir v a lue a nd th a toth er ev idence a nd v a lua tion m eth ods prov ide a m ore
relia ble m ea sure of fa ir v a lue. Tra nsa ction costs a rising on th e issue of equity instrum ents a re
recog niseddirectlyin equity.
21
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C onsolida ted
2 S um m a ryof S ig nifica ntA ccounting P oliciescontinued
(h )
B usinessC om bina tionscontinued
I dentifia ble a ssets a cquired, lia bilities a ndconting entlia bilities a ssum edin a business com bina tion
a re m ea sured initia lly a tth eirfa irv a lues a tth e a cquisition da te, irrespectiv e of th e extentof a ny
m inorityinterest. Th e excessof th ecostof a cqui
identifia ble neta ssets a cquired is recordeda s g oodw ill. I f th e costof a cquisition is less th a n th e
erence
isrecog niseddirectlyin th eincom esta tem ent, butonlya ftera rea ssessm entof th eidentifica tion a nd
m ea surem entof th eneta ssetsa cquired.
W h eresettlem entof a nypa rtof ca sh considera tion isdeferred, th ea m ountspa ya blein th efuturea re
di
increm enta l borrow ing ra te, being th e ra te a tw h ich
independentfina ncierundercom pa ra bleterm sa ndconditions.
a sim ila rborrow ing couldbe obta inedfrom a n
(i)
P la nta ndEquipm ent
E a ch cla ssof pla nta ndequipm entisca rrieda tcostorfa irv a luea sindica tedless, w h erea pplica ble,
a ny a ccum ula ted deprecia tion a nd im pa irm entlosses. C ostincludes expenditure th a tis directly
a ttributa bleto th ea sset.
Th e ca rrying a m ountof pla nta ndequipm entis rev iew eda nnua lly by directors to ensure itisnotin
excess of th e recov era ble a m ountfrom th ese a ssets. Th e recov era ble a m ountis a ssessedon th e
ba sis of th e expected netca sh
flow s th a tw ill be receiv ed from th e a sset's em ploym enta nd
subsequentdisposa l. Th e expectednetca sh flow sh a v e notbeen discountedto th eirpresentv a lues
in determ ining recov era blea m ounts.
D eprecia tion
Th e deprecia ble a m ountof a ll fixeda ssets is deprecia tedon a stra ig h t-line ba sis ov erth e a sset's
useful life to th e G roup com m encing from th e tim e th e a ssetis h eld rea dy for use. Lea seh old
im prov em ents a re deprecia ted ov erth e sh orterof eith erth e unexpired period of th e lea se orth e
estim a tedusefulliv esof th eim prov em ents.
(j)
N on-currentA ssetsH eldforSa lea ndD iscontinuedO pera tions
N on-currenta ssetsa recla ssifieda sh eldforsa leif th eirca rrying a m ountw illberecov eredprincipa lly
a sa le tra nsa ction ra th er th a n th roug h continuing use a nd a sa le is considered h ig h ly
th roug h
proba ble. Th eya rem ea sureda tth elow erof th eirca rrying a m ounta ndfa irv a luelesscoststo sell.
A ssetscla ssifieda sh eldforsa lea renota m ortisedordeprecia ted.
N on-currenta ssetscla ssifieda sh eldforsa le a nda nya ssocia tedlia bilities a re presentedsepa ra tely
in th econsolida tedsta tem entof fina ncia lposition.
22
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C onsolida ted
2 S um m a ryof S ig nifica ntA ccounting P oliciescontinued
(k)
I nta ng ibles
I nta ng ible a ssetsbeing w ebsite dev elopm entisrecordeda tcost, ith a sa finite life a ndisca rrieda t
costless a ny a ccum ula ted a m ortisa tion a nd im pa irm entlosses. I th a s a n estim a ted useful life of
betw een onea ndth reeyea rs. I tisa ssesseda nnua llyforim pa irm ent.
A m ortisa tion is ba sedon th e costof a n a ssetless its residua l v a lue. A m ortisa tion is recog nisedin
profitorlosson a stra ig h t-lineba sisov erth eestim a tedusefulliv esof inta ng iblea ssetsfrom th eda te
th a tth eya re a v a ila ble foruse. A m ortisa tion m eth ods, usefulliv esa ndresidua lv a luesa re rev iew ed
a tea ch reporting da tea nda djustedif a ppropria te.
(l)
Explora tion, Ev a lua tion a ndDev elopm entExpenditure
E xplora tion, ev a lua tion a nd dev elopm entexpenditure incurred is a ccum ula ted in respectof ea ch
identifia ble a rea of interest. E xpenditure incurred during explora tion a nd th e ea rly sta g es of
ev a lua tion of new
a rea sof interestisw ritten off a sincurred, w ith th eexception of a cquisition costs.
W h ere th e D irectorsdecide to prog ressto dev elopm entin a n a rea of interesta llfurth erexpenditure
incurredrela ting to th ea rea w illbeca pita lised. Th esecostsa reonlyca rriedforw a rdto th eextentth a t
th eya reexpectedto berecoupedth roug h th esuccessfuldev elopm entof th ea rea orw h erea ctiv ities
in th e a rea h a v e notyetrea ch eda sta g e th a tperm its rea sona ble a ssessm entof th e existence of
econom ica llyrecov era blereserv es.
A ccum ula tedcostsin rela tion to a n a ba ndoneda rea a re w ritten off in fulla g a instprofitorlossin th e
yea rin w h ich th edecision to a ba ndon th ea rea ism a de.
W h en production com m ences, th e a ccum ula tedcostsforth e relev a nta rea of interesta re a m ortised
ov erth elifeof th ea rea a ccording to th era teof depletion of th eeconom ica llyrecov era blereserv es.
A reg ula r rev iew is underta ken of ea ch
continuing to ca rryforw a rdcostsin rela tion to th a ta rea of interest.
a rea of interestto determ ine th e a ppropria teness of
E xplora tion a nd ev a lua tion a ssets a re a ssessed for im pa irm entw h en fa cts a nd circum sta nces
sug g estth a tth eca rrying a m ountof a nyexplora tion a ndev a lua tion a ssetm a yexceeditsrecov era ble
a m ount. I m pa irm entindica torsinclude:
- Th eperiodforw h ich th e G roup h a sth erig h tto explore in th e specific a rea h a sexpiredduring
th eperiodorw illexpirein th enea rfuture, a ndisnotexpectedto berenew ed;
- S ubsta ntiv e expenditure on furth erexplora tion fora ndev a lua tion of m inera l resources in th e
specific a rea isneith erbudg etednorpla nned;
- E xplora tion fora ndev a lua tion of m inera l resources in th e specific a rea h a v e notled to th e
discov ery of com m ercia lly v ia ble qua ntities of m inera l resources a nd th e G roup h a s decided to
discontinuesuch a ctiv itiesin th especific a rea ;a nd
23
G reenpow erEnerg yL im ited
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N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
2 S um m a ryof S ig nifica ntA ccounting P oliciescontinued
(l)
Explora tion, Ev a lua tion a ndDev elopm entExpenditurecontinued
- S ufficientda ta exists to indica te th a t, a lth oug h a dev elopm entin th e specific a rea is likely to
proceed, th e ca rrying a m ountof th e explora tion a ndev a lua tion a ssetis unlikely to be recov eredin
fullfrom successfuldev elopm entorbysa le.
Th e recov era ble a m ountof th e explora tion a ndev a lua tion a sset(orth e ca sh -g enera ting unit(s)) to
w h ich ith a s been a lloca ted, being no la rg er th a n th e relev a nta rea of interest) is estim a ted to
determ ine th e extentof th e im pa irm entloss (if a ny). W h ere a n im pa irm entloss subsequently
rev erses, th e ca rrying a m ountof th e a ssetis increa sedto th e rev isedestim a te of its recov era ble
a m ount, butonly to th e extentth a tth e increa sed ca rrying a m ountdoes notexceed th e ca rrying
a m ountth a tw ouldh a v e been determ inedh a dno im pa irm entlossbeen recog nisedforth e a ssetin
prev iousyea rs.
W h erea decision ism a deto proceedw ith dev elopm entin respectof a pa rticula ra rea of interest, th e
relev a ntexplora tion a ndev a lua tion a ssetis testedforim pa irm enta ndis th en recla ssifiedto m ine
propertiesa nddev elopm ent.
C osts of site restora tion a re prov idedov erth e life of th e fa cility from w h en explora tion com m ences
a nda reincludedin th ecostsof th a tsta g e. S iterestora tion costsincludeth edism a ntling a ndrem ov a l
of m ining pla nt, equipm enta ndbuilding structures, w a ste rem ov a l, a ndreh a bilita tion of th e site in
a ccorda ncew ith cla usesof th em ining perm its. S uch costsh a v ebeen determ inedusing estim a tesof
futurecosts, currentleg a lrequirem entsa ndtech nolog yon a n undiscountedba sis.
A nych a ng esin th eestim a tesforth e costsa rea ccountedon a prospectiv e ba sis. I n determ ining th e
costsof siterestora tion, th ereisuncerta intyreg a rding th ena turea ndextentof th erestora tion dueto
com m unity expecta tions a ndfuture leg isla tion. A ccording ly th e costs h a v e been determ inedon th e
ba sisth a tth erestora tion w illbecom pletedw ith in oneyea rof a ba ndoning th esite.
(m )
I nv estm entsa ndO th erF ina ncia lA ssets
A ll inv estm ents a nd oth er fina ncia l a ssets a re initia lly sta ted a tcost, being th e fa ir v a lue of
considera tion g iv en plus a cquisition costs. P urch a ses a ndsa les of inv estm ents a re recog nisedon
tra de da te w h ich isth e da te on w h ich th e G roup com m itsto purch a se orsellth e a sset. A ccounting
policiesforea ch ca teg ory of inv estm entsa ndoth erfina ncia la ssetssubsequentto initia lrecog nition
a resetoutbelow .
A v a ila ble-for-sa leF ina ncia lA ssets
A v a ila ble-for-sa le fina ncia l a ssets, com prising
a re
non-deriv a tiv es th a ta re eith er desig na ted in th is ca teg ory or notcla ssified in a ny of th e oth er
ca teg ories. Th ey a re includedin non-currenta ssets unless m a na g em entintends to dispose of th e
inv estm entw ith in 12 m onth sof th ereporting da te. I nv estm entsa redesig na teda sa v a ila ble-for-sa leif
th ey do noth a v e fixedm a turities a ndfixedordeterm ina ble pa ym ents a ndm a na g em entintends to
h oldth em forth em edium to long term . Im pa irm enttesting isperform eda nnua lly.
principa lly m a rketa ble equity securities,
24
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F orth eYea rEnded30 June2012
C onsolida ted
2 S um m a ryof S ig nifica ntA ccounting P oliciescontinued
(m )
I nv estm entsa ndO th erF ina ncia lA ssetscontinued
L oa nsa ndReceiv a bles
N on currentloa nsa ndreceiv a blesinclude loa nsdue from rela tedpa rtiesrepa ya ble w ith in 36 5 da ys
of reporting da te. Th ese a re interestbea ring using a m a rketra te of interestfora sim ila rinstrum ent
w ith a sim ila rcreditra ting . Th eya reca rrieda ta m ortisedcostusing th eeffectiv einterestra tem eth od.
(n)
F a irVa lues
F a ir v a lues m a y be used for fina ncia l a sseta nd lia bility m ea surem enta s w ell a s for sundry
disclosures.
F a irv a luesforfina ncia linstrum entstra dedin a ctiv e m a rkets a re ba sedon quotedm a rketprices a t
reporting da te. Th equotedm a rketpriceforfina ncia la ssetsisth ecurrentbidprice.
Th e ca rrying v a lue less im pa irm entprov ision of tra de receiv a bles a nd pa ya bles a re a ssum ed to
a pproxim a te th eirfa irv a lues due to th eirsh ortterm na ture. Th e fa irv a lue of fina ncia l lia bilities for
disclosure purposes is estim a ted by discounting th e future contra ctua l ca sh
flow s a tth e current
m a rketinterestra teth a tisa v a ila bleto th eg roup forsim ila rfina ncia linstrum ents.
(o) Tra dea ndO th erP a ya bles
Tra de a ndoth erpa ya blesrepresentlia bilitiesforg oodsa ndserv icesprov idedto th e G roup priorto
th e yea renda ndw h ich
term s.
a re unpa id. Th ese a m ounts a re unsecureda nd h a v e 30-9 0 da y pa ym ent
(p)
P rov isions
P rov isions forleg a lcla im s, serv ice w a rra nties a ndm a ke g oodoblig a tionsa re recog nisedw h en th e
G roup h a sa presentleg a lorconstructiv eoblig a tion a sa resultof a pa stev ent, itisproba bleth a ta n
outflow of econom ic resourcesw illberequiredto settleth eoblig a tion a ndth ea m ountca n berelia bly
estim a ted. P rov isionsa renotrecog nisedforfutureopera ting losses.
W h ereth eeffectof th etim ev a lueof m oneyism a teria l, prov isionsa redeterm inedbydiscounting th e
expectedfuture ca sh flow s a ta pre ta xra te th a treflects currentm a rketa ssessm ents of th e tim e
v a lueof m oneya nd, w h erea ppropria te, th erisksspecific to th elia bility.
(q)
C ontributedEquity
O rdina rysh a resa recla ssifieda sequity.
C osts directly a ttributa ble to th e issue of new sh a res a re sh ow n a s a deduction from th e equity
proceeds, netof a ny incom e ta xbenefit. C osts directly a ttributa ble to th e issue of new sh a res
a ssocia tedw ith th ea cquisition of a businessa reincludeda spa rtof th epurch a seconsidera tion.
25
G reenpow erEnerg yL im ited
A B N 22 000 002 111
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F orth eYea rEnded30 June2012
C onsolida ted
2 S um m a ryof S ig nifica ntA ccounting P oliciescontinued
(r)
Ea rning sperSh a re
B a sic Ea rning sperS h a re
B a sic ea rning s persh a re is ca lcula tedby div iding th e profita ttributa ble to ow ners of G reenpow er
E nerg yLim itedbyth e w eig h teda v era g e num berof ordina rysh a resoutsta nding during th e fina ncia l
yea r, a djustedforbonuselem entsin ordina rysh a resduring th eyea r.
D ilutedEa rning sperS h a re
E a rning susedto ca lcula te dilutedea rning spersh a re a re ca lcula tedbya djusting th e ba sic ea rning s
byth ea fterta xeffectof div idendsa ndinteresta ssocia tedw ith dilutiv epotentia lordina rysh a res. Th e
w eig h teda v era g e num berof sh a res usedis a djustedforth e w eig h teda v era g e num berof ordina ry
sh a res th a tw ould be issued on th e conv ersion of a ll th e dilutiv e potentia l ordina ry sh a res into
ordina rysh a res.
(s)
G oodsa ndS erv icesTa x(G S T)
Rev enues a ndexpenses a re recog nisednetof G S Texceptw h ere G STincurredon a purch a se of
g oods a nd serv ices is notrecov era ble from th e ta xa tion a uth ority, in w h ich ca se th e G S T is
recog niseda spa rtof th ecostof a cquisition of th ea ssetora spa rtof th eexpenseitem .
Receiv a bles a nd pa ya bles a re sta ted w ith th e a m ountof G ST included. Th e neta m ountof G S T
recov era ble from , orpa ya ble to, th e ta xa tion a uth orityisincludeda spa rtof receiv a blesorpa ya bles
in th esta tem entof fina ncia lposition.
C a sh flow sa reincludedin th eca sh flow sta tem enton a g rossba sisa ndth eG S Tcom ponentof ca sh
flow s a rising from inv esting a nd fina ncing a ctiv ities, w h ich is recov era ble from , orpa ya ble to, th e
ta xa tion a uth oritya recla ssifieda sopera ting ca sh flow s.
C om m itm ents a nd conting encies a re disclosed netof th e a m ountof G S T recov era ble from , or
pa ya bleto, th eta xa tion a uth ority.
(t)
C om pa ra tiv eF ig ures
W h en required by A ccounting S ta nda rds, com pa ra tiv e fig ures h a v e been a djusted to conform to
ch a ng esin presenta tion forth ecurrentfina ncia lyea r.
26
G reenpow erEnerg yL im ited
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N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
2 S um m a ryof S ig nifica ntA ccounting P oliciescontinued
(u)
S ta nda rdsI ssuedbutnotyeteffectiv e
A num berof A ustra lia n a ccounting sta nda rds h a v e been issuedora m endeda nda re a pplica ble to
th e consolida tedg roup buta re notyeteffectiv e. Th e new
been a doptedin th eprepa ra tion of th efina ncia lreporta treporting da te.
A ustra lia n A ccounting S ta nda rdsh a v e not
9 :F ina ncia l I nstrum ents (issuedD ecem ber2009 a nda m endedD ecem ber2010) (a pplica ble
A A SB
fora nnua lreporting periodscom m encing on ora fter1 Ja nua ry2015)
Th is S ta nda rdis a pplica ble retrospectiv ely a ndincludes rev isedrequirem ents forth e cla ssifica tion
a ndm ea surem entof fina ncia linstrum ents, a sw ella srecog nition a ndderecog nition requirem entsfor
fina ncia l instrum ents. Th e G roup h a s notyetdeterm ined a ny potentia l im pa cton th e fina ncia l
sta tem ents.
Th ekeych a ng esm a deto a ccounting requirem entsinclude:
sim plifying th e cla ssifica tions of fina ncia l a ssetsinto th ose ca rrieda ta m ortisedcosta ndth ose
ca rrieda tfa irv a lue;
sim plifying th erequirem entsforem beddedderiv a tiv es;
rem ov ing th eta inting rulesa ssocia tedw ith h eld-to-m a turitya ssets;
rem ov ing th e requirem entsto sepa ra te a ndfa irv a lue em beddedderiv a tiv esforfina ncia la ssets
ca rrieda ta m ortisedcost;
a llow ing a n irrev oca bleelection on initia lrecog nition to presentg a insa ndlosseson inv estm ents
in equity instrum ents th a ta re noth eld for tra ding in oth er com preh ensiv e incom e. D iv idends in
respectof th ese inv estm entsth a ta re a return on inv estm entca n be recog nisedin profitorlossa nd
th ereisno im pa irm entorrecycling on disposa lof th einstrum ent;
a sth eya re initia llycla ssifiedba sedon:(a ) th eobje
th efina ncia la ssets;a nd(b) th ech a ra cteristicsof th econtra ctua lca sh flow s;a nd
requiring a n entityth a tch oosesto m ea surea fina ncia llia bilitya tfa irv a lueto presentth eportion
of th e ch a ng e in
incom e, exceptw h en th a tw ould crea te a n a ccounting m ism a tch . I f such
w ould be
crea tedorenla rg ed, th eentityisrequiredto presenta llch a ng esin fa irv a lue (including th eeffectsof
ch a ng esin th ecreditriskof th elia bility) in profitorloss.
a m ism a tch
27
G reenpow erEnerg yL im ited
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N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
2 S um m a ryof S ig nifica ntA ccounting P oliciescontinued
A A SB 1053: A pplica tion of Tiers of A ustra lia n A ccounting S ta nda rds a nd A A S B 2010 2:
A m endm ents to A ustra lia n A ccounting Sta nda rds a rising from Reduced D isclosure Requirem ents
[A A S B 1, 2, 3, 5, 7 , 8 , 101, 102, 107 , 108 , 110, 111, 112, 116 , 117 , 119 , 121, 123, 124, 127 , 128 ,
131, 133, 134, 136 , 137 , 138 , 140, 141, 1050 & 1052 a ndI nterpreta tions2, 4, 5, 15, 17 , 127 , 129 &
1052](a pplica blefora nnua lreporting periodscom m encing on ora fter1 July2013)
A A SB 1053 esta blish esa rev iseddifferentia lfina ncia lreporting fra m ew ork consisting of tw o tiersof
fina ncia lreporting requirem entsforth oseentitiesprepa ring g enera lpurposefina ncia lsta tem ents:
Tier1:A ustra lia n A ccounting Sta nda rds;a nd
Tier2:A ustra lia n A ccounting S ta nda rds ReducedD isclosureRequirem ents.
Tier2 of th e fra m ew ork com prises th e recog nition, m ea surem enta ndpresenta tion requirem ents of
Tier1, butconta inssig nifica ntlyfew erdisclosurerequirem ents.
Th efollow ing entitiesa rerequiredto a pplyTier1 reporting requirem ents(iefullI F RS ):
for-profitpriv a tesectorentitiesth a th a v epublic a ccounta bility;a nd
th eA ustra lia n G ov ernm enta ndsta te, territorya ndloca lg ov ernm ents.
S ince th e G roup isa for-profitpriv a te sectorentity th a th a spublic a ccounta bility, itdoes notqua lify
forth ereduceddisclosurerequirem entsforTier2 entities.
A A SB 1054:A ustra lia n A dditiona l D isclosures (a pplies to periods beg inning on ora fter1 Ja nua ry
2013)
Th isS ta nda rdisa sa consequenceof ph a se1 of th ejointTra ns-Ta sm a n C onv erg enceprojectof th e
A A SB
a ndF RS B .
Th is S ta nda rdreloca tes a ll A ustra lia n specific disclosures from oth ersta nda rds to one pla ce a nd
rev isesdisclosuresin th efollow ing a rea s:
com plia ncew ith
A ustra lia n A ccounting S ta nda rds;
th esta tutoryba sisorreporting fra m ew orkforfina ncia lsta tem ents;
w h eth erth efina ncia lsta tem entsa reg enera lpurposeorspecia lpurpose;
a uditfees;a nd
im puta tion credits.
Th isS ta nda rdisnotexpectedto im pa ctth eG roup.
28
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
2 S um m a ryof S ig nifica ntA ccounting P oliciescontinued
A A SB 10:C onsolida tedF ina ncia lS ta tem ents(issuedA ug ust2011) a nda ppliesto periodsbeg inning
on ora fter1 Ja nua ry2013
Th isS ta nda rdesta blish esa new controlm odelth a ta ppliesto a llentities. I trepla cespa rtsof A
127 C onsolida teda ndSepa ra te F ina ncia l S ta tem ents dea ling w ith th e a ccounting forconsolida ted
fina ncia lsta tem entsa ndI nterpreta tion 112C onsolida tion
S pecia lP urposeE ntities.
A S B
Th e new control m odel broa dens th e situa tions w h en a n entity is considered to be controlled by
a noth erentity a nd includes new
g uida nce for a pplying th e m odel to specific situa tions, including
w h en a cting a sa m a na g erm a y g iv e control, th e im pa ctof potentia lv oting rig h ts a ndw h en h olding
lessth a n a m a jorityv oting rig h tsm a yg iv econtrol.
Th isS ta nda rdisnotexpectedto im pa ctth eG roup.
A A SB 11:JointA rra ng em ents(a ppliesto periodsbeg inning on ora fter1 Ja nua ry2013)
Th is S ta nda rd repla ces A A S B 131 I nterests in Joint Ventures a nd I nterpreta tion 113
Jointly-C ontrolledE ntities N on-m oneta ryC ontributionsbyVentures. A A S B 11 usesth e principle of
A S B 10 to define jointcontrol, a ndth erefore th e determ ina tion of w h eth erjointcontrol
control in A
existsm a ych a ng e. I n a ddition, A A S B 11 rem ov esth e option to a ccountforjointlycontrolledentities
(JC E s) using proportiona te consolida tion. I nstea d, a ccounting fora jointa rra ng em entis dependent
on th e na ture of th e rig h ts a ndoblig a tions a rising from th e a rra ng em ent. Jointopera tions th a tg iv e
th e v enturers a rig h tto th e underlying
a ssets a nd oblig a tions th em selv es is a ccounted for by
recog nising th esh a reof th osea ssetsa ndoblig a tions. Jointv enturesth a tg iv eth ev enturersa rig h tto
th e neta ssets is a ccounted for using th e equity m eth od. Th is m a y resultin a ch a ng e in th e
a ccounting forth ejointa rra ng em entsh eldbyth eG roup.
A A SB 12:D isclosures of I nterests in O th erE ntities (issued A ug ust2011) a nd a pplies to periods
beg inning on ora fter1 Ja nua ry2013
a rra ng em ents, a ssocia tes a ndstructuresentities. N ew disclosures h a v e been introduceda boutth e
judg em ents m a de by m a na g em entto determ ine w h eth ercontrol exists, a ndto require sum m a rised
inform a tion a boutjointa rra ng em ents, a ssocia tes a nd structured entities a nd subsidia ries w ith
non-controlling interests. Th e G roup h a s notyetdeterm ined a ny potentia l im pa cton th e fina ncia l
sta tem ents.
oint
A A SB 13:F a irVa lue M ea surem ent(issuedSeptem ber2011) a nda ppliesto periodsbeg inning on or
a fter1 Ja nua ry2013
Th isS ta nda rdesta blish esa sing le source of g uida nce underA
a ssets a nd lia bilities. A A S B 13 does notch a ng e w h en a n entity is required to use fa irv a lue, but
ra th er, prov idesg uida nce on h ow to determ ine fa irv a lue underA
w h en fa irv a lue isrequiredor
perm ittedbyA A S B . A pplica tion of th isdefinition m a y resultin differentfa irv a luesbeing determ ined
forth erelev a nta ssets. A
A S B 13 a lso expa ndsth edisclosurerequirem entsfora lla ssetsorlia bilities
ca rried a tfa ir v a lue. Th is includes inform a tion a boutth e a ssum ptions m a de a nd th e qua lita tiv e
im pa ctof th ose a ssum ptions on th e fa irv a lue determ ined. Th e G roup h a s notyetdeterm ineda ny
potentia lim pa cton th efina ncia lsta tem ents.
A S B fordeterm ining th e fa irv a lue of
A S B
29
G reenpow erEnerg yL im ited
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N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
2 S um m a ryof S ig nifica ntA ccounting P oliciescontinued
A A SB 2011 4: A m endm ents to A ustra lia n A ccounting S ta nda rds Rem ov e I ndiv idua l K ey
M a na g em entP ersonnel D isclosure Requirem ents (issued July 2011) a nd a pplica ble for a nnua l
reporting periodscom m encing on ora fter1July2013.
Th e m a in ch a ng e a rising from th is S ta nda rd is to rem ov e indiv idua l key m a na g em entpersonnel
(K M P ) disclosurerequirem entsfrom A A SB 124to elim ina teduplica tedinform a tion requiredunderth e
C orpora tion A ct2001.
Th is S ta nda rd a ffects presenta tion only a nd is th erefore notexpected to sig nifica ntly im pa ctth e
G roup.
A A SB 2011 9 :A m endm ents to A ustra lia n A ccounting Sta nda rds P resenta tion of I tem s of O th er
C om preh ensiv e I ncom e (issued S eptem ber 2011) a nd a pplica ble for a nnua l reporting periods
com m encing on ora fter1 July2012.
Th em a in ch a ng e a rising from th isS ta nda rdisth e requirem entforentitiesto g roup item spresented
in oth ercom preh ensiv e incom e (O C I ) on th e ba sis of w h eth erth ey a re potentia lly recla ssifia ble to
profitorlosssubsequently.
Th is S ta nda rd a ffects presenta tion only a nd is th erefore notexpected to sig nifica ntly im pa ctth e
G roup.
A A SB 2012 5: A nnua l I m prov em ents to A ustra lia n A ccounting S ta nda rds 2009 -2011 C ycle
N on-urg entbutnecessa ry ch a ng es to I F RS s (I A S 1, I A S 16
a pplica blefora nnua lreporting periodscom m encing on ora fter1 July2013.
I A S 32) (issued June 2012) a nd
&
Th em a in ch a ng e a rising from th isS ta nda rdisth e requirem entforentitiesto g roup item spresented
in oth ercom preh ensiv e incom e (O C I ) on th e ba sis of w h eth erth ey a re potentia lly recla ssifia ble to
profitorlosssubsequently.
Th is S ta nda rd a ffects presenta tion only a nd is th erefore notexpected to sig nifica ntly im pa ctth e
G roup.
A A SB 119 : E m ployee B enefits (reissued S eptem ber 2011) a nd a pplica ble for a nnua l reporting
periodscom m encing on ora fter1 Ja nua ry2013.
Th ese S ta nda rds introduce a num berof ch a ng es to a ccounting a ndpresenta tion of definedbenefit
pla ns. Th eG roup doesnoth a v ea nydefinedbenefitpla nsa ndso isnotim pa ctedbyth ea m endm ent.
30
G reenpow erEnerg yL im ited
A B N 22 000 002 111
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F orth eYea rEnded30 June2012
C onsolida ted
2 S um m a ryof S ig nifica ntA ccounting P oliciescontinued
A A SB 119 includesch a ng esto:
a . requireonlyth osebenefitsth a ta reexpectedto besettledw h ollybefore12 m onth sa fterth eend
of th e a nnua lreporting periodin w h ich th e em ployeesrenderth e rela tedserv ice to be cla ssifieda s
sh ort-term em ployee benefits. A ll oth erem ployee benefits a re to be cla ssified a s oth erlong -term
em ployeebenefits, post-em ploym entbenefitsorterm ina tion benefits, a sa ppropria te;a nd
b. th e a ccounting forterm ina tion benefitsth a trequire a n entity to recog nise a n oblig a tion forsuch
benefitsa tth eea rlierof:
c.
d.
a nd
w h ereth eterm ina tion isa ssocia tedw ith a restructuring of a ctiv itiesunderA A S B 137 :P rov isions,
e.
C onting entLia bilities a ndC onting entA ssets, a ndif ea rlierth a n th e firsttw o conditions w h en th e
rela tedrestructuring costsa rerecog nised.
fora n offerth a tm a ybew ith dra w n
fora n offerth a tca nnotbe w ith dra w n
w h en th e offeriscom m unica tedto a ffectedem ployees;
w h en th eem ployeea ccepts;
Th eG roup h a snotyetbeen a bleto rea sona blyestim a teth eim pa ctof th esech a ng esto A A S B 119 .
(v )
G oing C oncern
F orth eyea rended30 June2012 th eG roup incurreda netlossof $1,516 ,48 1 (2011:$5,433,6 29 ). A t
30 June2012, th eca sh ba la nce w a s$319 ,36 0 (2011:$506 ,18 4). Th ea ccountsh a v e been prepa red
on a g oing concern ba sis. Th e D irectors h a v e determ inedth a tfuture ca pita l ra ising s a nd/ora sset
tenem entsto a ch iev ea position w h ereth eyca n prov eexplora tion reserv es.
Th e a bilityof th e G roup to continue a sa g oing concern isdependentupon th e G roup ra ising furth er
com m itm ents.
Th e D irectors h a v e prepa red a ca sh
foreca stforth e foreseea ble future reflecting th e a bov e
m entioned expecta tions a nd th eir effectupon th e G roup. Th e a ch iev em entof th e foreca stis
dependentupon th efutureca pita lra ising a nd/orsa leof a ssets, th eoutcom eof w h ich isuncerta in.
flow
I n th e ev entth a tsufficientca pita l ra ising a nd/ora ssetsa les a ta n a m ounta ndtim ing necessa ry to
m eetth e future budg eted opera tiona l a nd inv esting a ctiv ities of th e G roup is unfa v oura ble th e
D irectorsbeliev eth a tth eyw illbea bleto conta in th eopera ting a ndinv estm enta ctiv itiessufficientlyto
ensureth a tth eG roup ca n m eetitsdebtsa sa ndw h en th eybecom eduea ndpa ya ble.
I n th e ev entth a tth e ev entsreferredto a bov e resultsin a neg a tiv e outcom e, th en th e g oing concern
ba sis of a ccounting m a y notbe a ppropria te w ith th e resultth a tth e G roup m a y h a v e to rea lise its
a ssets a nd exting uish its lia bilities oth er th a n in th e norm a l course of business a nd in a m ounts
differentfrom th a tsta tedin th efina ncia lreport.
Th efina ncia lreportdoesnotinclude a nya djustm entsrela ting to th erecov era bilityorcla ssifica tion of
recordeda m ountsorcla ssifica tion of lia bilitiesth a tm ig h tbenecessa rysh ouldth eG roup notbea ble
to continuea sa g oing concern.
31
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
2 S um m a ryof S ig nifica ntA ccounting P oliciescontinued
(w )
C ritica la ccounting estim a tesa ndjudg em ents
Th e directors ev a lua te estim a tes a nd judg em ents incorpora ted into th e fina ncia l reportba sed on
h istorica l know ledg e a nd besta v a ila ble currentinform a tion. E stim a tes a ssum e a rea sona ble
expecta tion of future ev ents a nd ba sed on currenttrends a nd econom ic da ta , obta ined both
externa llya ndfrom w ith in th eG roup.
K eyestim a tes- I m pa irm ent
Th e G roup a ssesses im pa irm enta tea ch reporting da te by ev a lua ting conditions specific to th e
G roup th a tm a y lea dto im pa irm entof a ssets. W h ere a n im pa irm enttrig g erexists, th e recov era ble
a m ountof th e a ssetis determ ined. Va lue-in-use ca lcula tions perform ed in a ssessing recov era ble
a m ountsincorpora tea num berof keyestim a tes.
Th e ca rrying a m ountof explora tion a ssets isdeem edrecov era ble ba sedon expecteddev elopm ent
orsa le.
K eyestim a tes- incom eta xes
Th eG roup h a snotrecog niseddeferredta xa ssetsrela ting to ca rriedforw a rdta xlossesa sutilisa tion
of th eta xlossesa lso dependson th ea bilityof th eg roup to sa tisfycerta in testsa tth etim eth elosses
a rerecouped. D ueto th erecentca pita lra ising of th epa rententity, th ere a resom econcernsth a tth e
entity m a y fa il to sa tisfy th e continuity of ow nersh ip testa nd th erefore h a s to rely on th e sa m e
businesstest.
K eyjudg m ents- explora tion a ndev a lua tion expenditure
Th e G roup h a s notca pita lised expenditure rela ting to explora tion a nd ev a lua tion during th e yea r
h ow ev erh a s ca rriedforw a rdth e initia l costof certa in E xplora tion Licenses w h ere itis considered
likelyto berecov era bleorw h ere th e a ctiv itiesh a v e notrea ch eda sta g ew h ich perm itsa rea sona ble
a ssessm entof th e existence of reserv es. W h ile th ere a re certa in a rea s of interestfrom w h ich no
reserv esh a v e been extra cted, th e directorsa re of th e continuedbelief th a tsuch expenditure sh ould
notbe w ritten off since fea sibility studies in such
a rea s h a v e notyetconcluded. S uch ca pita lised
expenditureisca rrieda tth eendof th ereporting perioda t$ 2,125,47 7 .
K eyjudg m ents- a v a ila ble-for-sa leinv estm ents
Th e G roup m a inta ins a portfolio of securitiesw ith a ca rrying v a lue of $ 3,19 4,8 55 a tth e endof th e
reporting period. C erta in indiv idua linv estm entsh a v e declinedin v a lue a ndim pa irm enta djustm ents
h a v ebeen broug h tto a ccount.
32
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30June2012
C onsolida ted
3 A uditors' Rem unera tion
Rem unera tion of th ea uditorof th e
pa rententityfor:
- A uditorrev iew
- Tota lrem unera tion fora udit
serv ices
- S ecreta ria lserv ices
- Tota lrem unera tion fornon-a udit
serv ices
4 I ncom eTa xExpense
N ote
2012
$
2011
$
28 ,311
27 ,8 15
28 ,311
27 ,8 15
-
-
59 7
59 7
(a ) Th ecom ponentsof ta xexpense/(benefit) com prise:
C urrentta x
O th erdeferredta x
N ote
2012
$
2011
$
-
-
219 ,7 22
(29 5,405)
219 ,7 22
(29 5,405)
(b) Th eprim a fa cieta xbenefit/(expense) from th elossbeforeincom eta xisreconciledto th e
incom eta xa sfollow s:
P rim a fa cieta xbenefiton loss
from ordina rya ctiv itiesbefore
incom eta xa t30%
30% )
(2011:
- th eG roup
2012
$
2011
$
39 1,16 6
1,8 52,36 4
39 1,16 6
1,8 52,36 4
A dd/Lessta xeffectof:
- lossesnotbroug h tto a ccount
17 1,444
2,147 ,7 6 9
I ncom eta xa ttributa bleto
pa rententity
(219 ,7 22)
29 5,405
33
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
4 I ncom eTa xExpensecontinued
(c) Unrecog nisedtem pora ry differences
2012
$
2011
$
D eferredTa xA ssets(a t30% )
Lossesnotbroug h tto a ccount
6 ,000
8 31,7 32
20,9 02
48 9 ,6 8 0
D eferredta xa ssetsa re onlyrecog nisedfordeductible tem pora rydifferencesa ndunusedta xlosses
if itisproba bleth a tfutureta xa blea m ountsw illbea v a ila bleto utiliseth osetem pora rydifferencesa nd
losses. A v a ila bilityof lossesissubjectto pa ssing th erequiredtestsunderth eI TA A 19 9 7 /19 36 .
5 Ea rning sperSh a re
(a ) Reconcilia tion of E a rning susedto ca lcula teE a rning spersh a re
2011
$
2012
$
Loss
1,516 ,48 1
5,433,6 29
Lossusedto ca lcula teba sic E P S
1,516 ,48 1
5,433,6 29
(b) W eig h teda v era g enum berof ordina rysh a res(diluted):
W eig h teda v era g enum berof ordina rysh a res
outsta nding during th eyea rN o usedin
ca lcula ting ba sic E P S a nddilutiv eE P S
2012
2011
7 2,56 9 ,252 6 3,420,120
7 2,56 9 ,252 6 3,420,120
6
K eyM a na g em entP ersonnelC om pensa tion
(a )
K eyM a na g em entP ersonnelC om pensa tion
Th e tota ls of rem unera tion pa idto key m a na g em entpersonnelof th e G roup during th e yea ra re a s
follow s:
S h ort-term em ployeebenefits
S h a re-ba sedpa ym ents
2012
$
326 ,6 8 6
-
2011
$
27 9 ,6 56
5,000
326 ,6 8 6
28 4,6 56
34
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
6
K eyM a na g em entP ersonnelC om pensa tion continued
(a )
K eyM a na g em entP ersonnelC om pensa tion continued
Th e Rem unera tion Reportconta ined in th e D irectors' Reportconta ins deta ils of th e rem unera tion
pa idorpa ya ble to ea ch m em berof th e G roup'skey m a na g em entpersonnelforth e yea rended30
June2012.
(b)
K eyM a na g em entP ersonnelS h a reh olding s
Th enum berof ordina rysh a resin G reenpow erE nerg yLim itedh eldbyea ch keym a na g em entperson
of th eG roup during th efina ncia lyea risa sfollow s:
B a la ncea t
beg inning of
yea r
O n exercise
of options
N etC h a ng e
O th er*
B a la ncea t
endof yea r
30 June2012
D irectors
A la n F la v elle
G era rdK ing
Rona ldM cC ulloug h
Ta ka na o M itsui
O th erK M P
Joh n W a tts
30 June2011
D irectors
A la n F la v elle
G era rdK ing
Rona ldM cC ulloug h
Ta ka na o M itsui
O th erK M P
Joh n W a tts
3,130,16 0
21,9 7 7 ,516
2,48 7 ,7 41
120,000
120,000
27 ,8 35,417
-
-
-
-
-
-
-
-
-
-
3,130,16 0
21,9 7 7 ,516
2,48 7 ,7 41
120,000
6 0,224
18 0,224
6 0,224 27 ,8 9 5,6 41
B a la ncea t
beg inning of
yea r
O n exercise
of options
N etC h a ng e
O th er*
B a la ncea t
endof yea r
3,130,16 0
21,9 7 7 ,516
2,48 7 ,7 41
120,000
-
27 ,7 15,417
-
-
-
-
-
-
-
-
-
-
3,130,16 0
21,9 7 7 ,516
2,48 7 ,7 41
120,000
120,000
120,000
120,000 27 ,8 35,417
* N etch a ng eoth errefersto sh a respurch a sedorsoldduring th efina ncia lyea r.
35
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
6
K eyM a na g em entP ersonnelC om pensa tion continued
(c)
K eym a na g em entpersonneloptionsa ndrig h tsh olding s
D eta ils of options prov ided a s rem unera tion a nd sh a res issued on th e exercise of such options
tog eth erw ith term sa ndconditionsof th eoptionsca n befoundin th eRem unera tion Reportw ith in th e
D irector'sReport.
B a la ncea t
beg inning
of yea r
G ra nteda s
rem un-
era tion
Exercised
O th er
ch a ng es
B a la ncea t
th eendof
yea r
Vested
during th e
yea r
Unv ested
a nd
exercisa ble
30 June2012
D irectors
A la n F la v elle
G era rdK ing
Rona ldM cC ulloug h
Ta ka na o M itsui
O th erK M P
Joh n W a tts
30 June2011
D irectors
A la n F la v elle
G era rdK ing
Rona ldM cC ulloug h
Ta ka na o M itsui
O th erK M P
Joh n W a tts
-
-
-
-
200,000
200,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
200,000
200,000
-
-
-
-
-
-
-
-
-
-
200,000
200,000
B a la ncea t
beg inning
of yea r
G ra nteda s
rem un-
era tion
Exercised
O th er
ch a ng es
B a la ncea t
th eendof
yea r
Vested
during th e
yea r
Unv ested
a nd
exercisa ble
1,450,000
400,000
400,000
400,000
-
-
-
-
100,000
100,000
2,7 50,000
100,000
-
-
-
-
-
-
(1,450,000)
(400,000)
(400,000)
(400,000)
-
-
-
-
-
200,000
(2,6 50,000)
200,000
-
-
-
-
-
-
-
-
-
-
200,000
200,000
(d)
O ption I nputs
N o O ptionsissuesforth eyea rended30 June2012.
O ption I nputsforth eyea rended30 June2011:
- N o C onsidera tion
- G ra ntD a te- 30 S eptem ber2011
- S h a reP rice- 5.0 cents
- D iv idendYield- 0 cents
- E xerciseP rice- 5.0 cents
- E xpiryD a te- 30 S eptem ber2016
- Vola tility- 16 0%
- RiskF reeRa te- 5%
36
G reenpow erEnerg y L im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
6
K eyM a na g em entP ersonnelC om pensa tion continued
(e)
L oa nsto K eyM a na g em entP ersonnel
Th erew ereno loa nsto keym a na g em entpersonnelduring th eyea r.
7
C a sh a ndC a sh Equiv a lents
C a sh a tba nk
S h ort-term ba nkdeposits
Reconcilia tion of C a sh
N ote
7 (a )
2012
$
17 1,104
148 ,256
2011
$
36 8 ,523
137 ,6 6 1
319 ,36 0
506 ,18 4
C a sh a tth eendof th efina ncia lyea ra ssh ow n in
th eca sh flow sta tem entisreconciledto item sin
th esta tem entof fina ncia lposition a sfollow s:
C a sh a ndca sh equiv a lents
2012
$
2011
$
319 ,36 0
506 ,18 4
319 ,36 0
506 ,18 4
Th eeffectiv einterestra teon sh ort-term ba nkdepositsw a s3.5%
(2011:3.8 % );th esedepositsa rea tca ll.
(a )
S h ortterm deposit
S h ortterm depositsa reh elda sa securityforv a riousba nkg ua ra ntees.
37
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
8 Tra dea ndO th erReceiv a bles
C URREN T
O th erreceiv a bles
(a )
O th erReceiv a bles
N ote
8 (a )
2012
$
2011
$
40,431
40,431
9 5,29 8
9 5,29 8
O th erreceiv a ble representreceiv a bles due from th e A ustra lia n Ta xa tion O ffice a ndoth era m ounts
w h ich a renotim pa ireda ndw illbereceiv a ble.
(b)
P a stduebutnotim pa ired
A sa t30 June 2012, oth erreceiv a bles w ere pa stdue butnotim pa ired. O th erreceiv a bles a re G ST
creditsa ndoth erprepa idcom pa nyta xba la ncesw h ich w illbereceiv edsubsequentto yea rend.
9
A v a ila ble-for-S a leF ina ncia lA ssets
A v a ila ble-for-S a leF ina ncia lA ssetsC om prise:
2012
$
2011
$
Listedinv estm ents
sh a resin listedcorpora tions
3,19 4,8 55
4,208 ,16 2
Tota loth erfina ncia la ssetsa tfa ir
v a lue
3,19 4,8 55
4,208 ,16 2
3,19 4,8 55
4,208 ,16 2
O th erfina ncia la ssetscom prise of inv estm entsin th e ordina ry issuedca pita lof v a riousentities. Th ere a re
no fixedreturnsorfixedm a turityda tea tta ch edto th eseinv estm ents. Th eim pa irm entlossforth isyea rw a s
$16 ,6 6 6 (2011:$7 5,8 05).
I m pa irm ent
A v a ila ble for sa le fina ncia l a ssets representsh a res listed on th e A S X, th e im pa irm entrepresents th e
reduction in m a rketv a lua tion of th efina ncia la ssetsa sa t30 June2012.
38
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
9
A v a ila ble-for-S a leF ina ncia lA ssetscontinued
(a ) Reconcilia tion of A v a ila ble-for-Sa leF ina ncia lA ssets
O pening B a la nce
I m pa irm ent
D isposa l
N et(loss)/g a in on rev a lua tion
of fina ncia la ssets
10 P roperty, P la nta ndEquipm ent
2012
$
4,208 ,16 2
(16 ,6 6 6 )
(209 ,7 6 9 )
2011
$
2,8 27 ,8 37
(7 5,8 05)
(39 0,000)
(7 8 6 ,8 7 2)
1,8 46 ,130
3,19 4,8 55
4,208 ,16 2
P LA N TA N D E Q UI P M E N T
O fficeequipm ent
A tcost
A ccum ula teddeprecia tion
Tota lofficeequipm ent
Tota lpla nta ndequipm ent
Tota lproperty, pla nta nd
equipm ent
2012
$
2011
$
5,7 9 6
(1,348 )
4,448
4,448
4,448
3,246
(216 )
3,030
3,030
3,030
(a )
M ov em entsin C a rrying A m ounts
M ov em entin th e ca rrying a m ounts forea ch cla ss of property, pla nta nd equipm entbetw een th e
beg inning a ndth eendof th ecurrentfina ncia lyea r:
B a la ncea t30 June2012
B a la ncea tth ebeg inning of yea r
A dditions
D eprecia tion expense
B a la ncea t30 June2012
B a la ncea t30 June2011
B a la ncea tth ebeg inning of yea r
A dditions
D eprecia tion expense
B a la ncea t30 June2011
O ffice
Equipm ent
$
3,030
2,550
(1,132)
4,448
-
3,246
(216 )
3,030
39
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
11 D eferredTa xA ssets
2012
$
2011
$
Th eba la ncecom prisestem pora ry
differencesa ttributa bleto:
Ta xlosses
9 0,6 8 2
310,405
12 I nta ng ibleA ssets
O th erinta ng iblea ssets
C ost
A ccum ula teda m ortisa tion a nd
im pa irm ent
N etca rrying v a lue
Tota lI nta ng ibles
N ote
2012
$
2011
$
12(b)
10,8 09
10,8 09
(6 ,005)
(2,402)
4,8 04
4,8 04
8 ,407
8 ,407
(a )
M ov em entsin C a rrying A m ounts
O th er
inta ng ible
a ssets
$
-
10,8 09
(2,402)
8 ,407
8 ,407
-
(3,6 03)
4,8 04
Yea rended30June2011
O pening ba la nce
A dditions
A m ortisa tion
C losing v a luea t30 June2011
Yea rended30June2012
O pening ba la nce
A dditions
A m ortisa tion
C losing v a luea t30 June2012
(b)
I nta ng ibleA ssets
40
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
13 C ontrolledEntities
C ountryof
incorpora tion
P ercenta g e
O w ned
P ercenta g e
O w ned
2012
2011
C ost
2012
$
C ost
2011
$
S ubsidia riesof pa rententity:
G C C A ssetH olding sP tyLtd
G C C M eth a neP tyLtd
G reenpow erN a tura lG a sP tyLtd
S a w ellsP tyLtd
A ustra lia
A ustra lia
A ustra lia
A ustra lia
100
100
100
100
-
100
100
100
100
-
2
2
301,000
2,000,000
2
2
301,000
2,000,000
2,301,004
2,301,004
14 Explora tion a ndEv a lua tion A ssets
O
N -C URRE N T
N
E xplora tion perm its
M ov em entsin O th erA ssets
2,125,47 7
2,7 32,7 8 9
Explora tion
perm its
$
Tota l
$
8 ,012,59 6
(207 ,438 )
8 ,012,59 6
(207 ,438 )
Yea rended30June2011
O pening ba la nce
D isposa lof Tenem ent
Relinquish m entof
Tenem ents
(5,07 2,36 9 ) (5,07 2,36 9 )
B a la ncea t30 June2011
2,7 32,7 8 9 2,7 32,7 8 9
Yea rended30June2012
O pening ba la nce
D epositon Tenem ent
Relinquish m entof
Tenem ents
2,7 32,7 8 9 2,7 32,7 8 9
(200,000)
(200,000)
(407 ,312)
(407 ,312)
B a la ncea t30 June2012
2,125,47 7 2,125,47 7
Th eD irectorsdeterm inedth a tth einform a tion a v a ila bledidnotjustifyseeking renew a lof E xplora tion
licenceE L 48 6 0 in Victoria , th eca rrying v a lueof $407 ,312 h a snow been expensed.
Explora tion perm its
C urrentperm itsa sa t30 June2012:
- Victoria - E L4500, E L 48 7 7 a ndE L 5227
- S outh
A ustra lia - S A P E LA 145a nd146
- W estern A ustra lia - E P 447 , G E P 37 a ndG E P 38
Ultim a terea lisa tion of th ev a lueof th ea bov etenem entsisdependentupon successfulexploita tion orsa le.
41
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
15 Tra dea ndO th erP a ya bles
C URRE N T
Tra depa ya bles
O th erpa ya bles
16 D eferredTa xL ia bilities
2012
$
2011
$
156 ,9 27
34,7 6 6
8 4,7 8 9
249 ,000
19 1,6 9 3
333,7 8 9
2012
$
2011
$
Th eba la ncecom prisestem pora rydifferences
a ttributa bleto:
F ina ncia la ssetsa tfa irv a lueth roug h profitorloss
9 0,6 8 2
310,405
17
I ssuedC a pita l
2012
$
2011
$
7 29 33138 (2011:6 3420120) O rdina ryS h a res
6 2,46 6 ,7 6 4 6 1,9 46 ,8 06
6 2,46 6 ,7 6 4 6 1,9 46 ,8 06
Th eC om pa nyh a sno a uth orisedsh a reca pita la m ounting to no pa rv a lue.
M ov em entsin ordina rysh a reca pita l
N ote N o. of sh a res
$
Yea rended30 June2012
A tth ebeg inning of yea r
S h a resissuedduring th eyea r
C ostof listing sh a res
B a la ncea t30 June2012
Yea rended30 June2011
A tth ebeg inning of yea r
S h a resissuedduring th eyea r
B a la ncea t30 June2011
6 3,420,120
9 ,513,018
-
7 2,9 33,138
6 1,9 46 ,8 06
523,216
(3,258 )
6 2,46 6 ,7 6 4
6 3,420,120
-
6 1,9 46 ,8 06
-
6 3,420,120
6 1,9 46 ,8 06
O rdina rysh a respa rticipa tein div idendsa ndth eproceedson w inding up of th epa rententityin proportion to
th enum berof sh a resh eld.
A tth e sh a reh oldersm eeting s, ea ch ordina ry sh a re isentitledto one v ote w h en a pollisca lled, oth erw ise
ea ch sh a reh olderh a sonev oteon a sh ow of h a nds.
42
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
17
I ssuedC a pita lcontinued
C a pita lRisk M a na g em ent
Th e G roup's a nd th e pa rententity's objectiv es w h en m a na g ing ca pita l a re to sa feg ua rd th eir a bility to
continuea sa g oing concern, so th a tth eyca n continue to prov idereturnsforsh a reh oldersa ndbenefitsfor
oth ersta keh oldersa ndto m a inta in a n optim a lca pita lstructureto reduceth ecostof ca pita l.
I n orderto m a inta in ora djustth e ca pita l structure, th e G roup m a y pa y div idends to sh a reh olders, return
ca pita lto sh a reh olders, issuenew sh a resorsella ssets.
C onsistentlyw ith oth ersin th e industry, th e G roup a ndth e pa rententitym onitorca pita lon th e ba sisof th e
g ea ring ra tio. Th is ra tio is ca lcula teda s netdebtdiv idedby tota l ca pita l. N etdebtis ca lcula teda s tota l
fina ncia lposition (including m inorityinterest) plusnetdebt.
D uring 2012, th eG roup'sstra teg y, w h ich w a sunch a ng edfrom 2011, w a sto m a inta in nilborrow ing soutside
of tra dea ndoth erpa ya bles.
2012
$
2011
$
Tota lpa ya bles
Less:ca sh a ndca sh equiv a lents
19 1,6 9 3
(319 ,36 0)
337 ,9 40
(506 ,18 4)
N etdebt
Tota lequity
Tota lca pita l
(127 ,6 6 7 )
5,49 7 ,6 8 2
(16 8 ,244)
7 ,220,08 1
5,37 0,015
7 ,051,8 37
43
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
18 Reserv es
2012
$
2011
$
C a pita lRea lisa tion Reserv e
S h a reB a sedP a ym entsReserv e
A v a ila bleF orS a leA ssetReserv e
10,314,7 9 3 10,314,7 9 3
27 7 ,6 00
2,07 6 ,17 4
27 7 ,6 00
1,350,29 8
11,9 42,6 9 1 12,6 6 8 ,56 7
C a pita lRea lisa tion Reserv e
O pening ba la nce
S h a reB a sedP a ym entsReserv e
O pening ba la nce
Tra nsfersin
A v a ila bleF orSa leA ssetReserv e
O pening ba la nce
F a irv a luea djustm ent
D eferredta xexpense/(benefit)
2012
$
2011
$
10,314,7 9 3 10,314,7 9 3
10,314,7 9 3 10,314,7 9 3
27 7 ,6 00
-
255,100
22,500
27 7 ,6 00
27 7 ,6 00
2,07 6 ,17 4
(9 45,59 8 )
219 ,7 22
7 02,7 6 6
1,6 6 8 ,8 13
(29 5,405)
1,350,29 8
2,07 6 ,17 4
Tota lreserv es
11,9 42,6 9 1 12,6 6 8 ,56 7
C a pita lRea lisa tion Reserv e
Th eca pita lrea lisa tion reserv erecordsrev a lua tion of ca pita l.
S h a reB a sedP a ym entsReserv e
Th esh a reba sedpa ym entsreserv erecordsitem srecog niseda sexpenseson v a lua tion of em ployeesh a re
options.
A v a ila bleF orSa leA ssetReserv e
Th efina ncia la ssetsreserv erecog nisesm ov em entsin fa irv a lueof a v a ila bleforsa lefina ncia la ssets.
44
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
19
A ccum ula tedL osses
2012
$
2011
$
(6 7 ,39 5,29 2)
(1,516 ,48 1)
(6 1,9 6 1,6 6 3)
(5,433,6 29 )
(6 8 ,9 11,7 7 3)
(6 7 ,39 5,29 2)
A ccum ula tedlosses
O pening ba la nce
N etlossforth eperiod
Tota l
20 C a sh F low
I nform a tion
Reconcilia tion of C a sh F low from O pera tionsw ith L ossa fterI ncom eTa x
2012
$
(1,516 ,48 1)
2011
$
(5,433,6 29 )
N etlossforth eyea r
C a sh flow sexcludedfrom lossa ttributa ble
to opera ting a ctiv ities
N on-ca sh flow sin loss
A m ortisa tion
D eprecia tion
F a irv a luea djustm ent
Losson relinquish m entof tenem ent
N et(g a in)/losson disposa lof inv estm ents
S h a reoptionsexpensed
3,6 03
1,132
16 ,6 6 6
407 ,312
(148 ,8 08 )
-
2,402
216
7 5,8 05
5,109 ,8 07
(159 ,39 3)
22,500
C h a ng esin a ssetsa ndlia bilities, netof
th eeffectsof purch a sea nddisposa lof
subsidia ries
D ecrea se/(I ncrea se) in receiv a bles
(D ecrea se)/I ncrea sein tra depa ya bles
a nda ccrua ls
I ncrea se/(decrea se) in deferredta xes
54,8 6 7
(18 ,6 35)
(142,09 5)
219 ,7 22
253,27 9
(29 5,405)
N etca sh (outflow ) from opera ting a ctiv ities
(1,104,08 2)
(443,053)
45
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
21 C orrection O f ErrorP riorYea r
(a ) Th e G roup h a s correcteda n errorfrom th e prioryea rw h ere th e O th erF ina ncia l A ssetReserv e w a s
broug h tto a ccountw ith outth e potentia l im pa ctof ta x. I n a ddition to th is a correction w a s perform edin
rela tion to a n im pa irm enta nda g a in rea lisedon disposa lof O th erF ina ncia lA ssets.
Th ea g g reg a teeffectof th ecorrection of th iserroron th ea nnua lfina ncia lsta tem entsisa sfollow s:
30 June
2011
I ncrea se/
D ecrea se
30 June
2011
Resta ted
30 June
2010
I ncrea se/
D ecrea se
1 July2010
Resta ted
$
$
$
$
$
$
B a la nceSh eet(extra ct)
D eferredta xa sset
D eferredta xlia bility
Reserv es
Reta inedea rning s
Tota lequity
I ncom eSta tem ent(extra ct)
I m pa irm entof oth erfina ncia l
a ssets
G a in on sa leof oth erfina ncia l
a ssets
Lossbeforeincom eta x
I ncom eta x(benefit)/expense
-
-
(13,110,128 )
6 7 ,8 36 ,8 53
7 ,220,08 1
310,405
(310,405)
310,405
-
-
(310,405)
441,56 1 (12,6 6 8 ,56 7 ) (10,9 7 3,303)
6 7 ,39 5,29 2 6 1,6 6 2,307
(441,56 1)
-
7 ,220,08 1 11,257 ,8 02
-
-
-
6 ,17 4,546
-
(26 8 ,19 5)
(26 8 ,19 5)
(18 3,16 7 )
(18 3,16 7 )
(451,36 2)
(445,512)
(29 5,405)
(451,36 2)
5,7 29 ,034
(29 5,405)
-
-
-
-
-
-
L ossforth eyea r
6 ,17 4,546
(7 40,9 17 )
5,433,6 29
22 C a pita lC om m itm ents
C a pita lExpenditureC om m itm ents
C a pita lexpenditurecom m itm ents
contra ctedfor:
E xplora tion P erm its
2012
$
2011
$
30,09 2,550 45,410,000
30,09 2,550 45,410,000
P a ya ble:
- notla terth a n 12m onth s
- betw een 12 m onth sa nd5yea rs
- g rea terth a n 5yea rs
9 27 ,8 00
1,500,000
29 ,16 4,7 50 27 ,9 10,000
16 ,000,000
-
30,09 2,550 45,410,000
15,000
(15,000)
15,000
(15,000)
(29 9 ,356 ) (11,27 2,6 59 )
6 1,9 6 1,6 6 3
29 9 ,356
-
-
-
-
-
-
-
11,257 ,8 02
-
-
-
-
-
-
46
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
23 Rela tedP a rtyTra nsa ctions
(a )
P a rententity
Th eultim a tepa rententityw ith in th eG roup isG reenpow erE nerg yLim ited.
(b)
S ubsidia ries
I nterestsin subsidia riesa resetoutin note13.
(c)
K eym a na g em entpersonnel
D isclosuresrela ting to keym a na g em entpersonnela resetoutin note6 .
(d) Tra nsa ctionsa ndba la ncesw ith rela tedpa rties
A ll tra nsa ctions betw een rela ted pa rties a re on norm a l com m ercia l term s a nd conditions no m ore
fa v oura bleth a n th osea v a ila bleto oth erpa rtiesunlessoth erw isesta ted.
(e)
B eneficia lH olding s
Th e direct, indirecta ndbeneficia lh olding of directorsa ndth eirdirector-rela tedentities in th e sh a re
a ndsh a reoptionsof th ecom pa nya sa t30June2012 w a s:
S h a res:
30,36 5,417 (2011:30,36 5,417 ) O rdina ry
47
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
24 F ina ncia lRisk M a na g em ent
(a )
F ina ncia lRisks
Th e m a in risks th e G roup is exposedto th roug h it's fina ncia l instrum ents a re interestra te risk a nd
liquidityrisk.
Th e G roup m a na g es liquidity risk by m onitoring foreca stca sh
un-utilisedborrow ing fa cilitiesa rem a inta ined.
flow s a nd ensuring th a ta dequa te
(b)
N etF a irVa lues
Th efa irv a luesof fina ncia la ssetsa ndfina ncia llia bilitiesa representedin th efollow ing ta blea ndca n
becom pa redto th eirca rrying v a luesa spresentedin th econsolida tedsta tem entof fina ncia lposition.
F a irv a luesa re th ose a m ountsa tw h ich a n a ssetcouldbe exch a ng ed, ora lia bilitysettled, betw een
know ledg ea ble, w illing pa rtiesin a n a
A ll fina ncia l a ssets a nd lia bilities h a v e been recog nised a tth e ba la nce da te a ta m ounts
a pproxim a ting th eirca rrying v a luew h ich estim a testh eirfa irv a luelessa nyprov ision forim pa irm ent.
I n orderto determ ine fa irv a lue m ea surem ents th e G roup uses quotes prices in a ctiv e m a rkets for
identica la ssetsa ndlia bilities.
2012
2011
N etC a rrying
Va lue
N etF a irv a lue
N etC a rrying
Va lue
N etF a irv a lue
$
$
$
$
319 ,36 0
319 ,36 0
506 ,18 4
506 ,18 4
40,431
40,431
9 5,29 8
9 5,29 8
F ina ncia la ssets
C a sh a ndca sh equiv a lents
Tra dea ndoth er
receiv a bles
A v a ila ble-for-sa lefina ncia l
a ssets:
a tfa irv a lue
- listedinv estm ents
3,19 4,8 55
3,19 4,8 55
4,208 ,16 2
4,208 ,16 2
Tota lfina ncia la ssets
3,554,6 46
3,554,6 46
4,8 09 ,6 44
4,8 09 ,6 44
F ina ncia llia bilities
Tra dea ndoth erpa ya bles
19 1,6 9 3
19 1,6 9 3
Tota lfina ncia llia bilities
19 1,6 9 3
19 1,6 9 3
333,7 8 9
333,7 8 9
333,7 8 9
333,7 8 9
(c)
F oreig n C urrencyRisk
Th eg roup isnotexposedto fluctua tionsin foreig n currencies.
48
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
24 F ina ncia lRisk M a na g em entcontinued
(d)
C reditRisk
Th eG roup h a sno sig nifica ntconcentra tionsof creditrisk oth erth a n ca sh a tba nk w h ich ish eldw ith
th e C om m onw ea lth
A A A ra ted A ustra lia n ba nks. Th e
m a xim um exposureto creditriska treporting da teisth eca rrying a m ount(netof prov ision of doubtful
debts) of th ose a ssets a s disclosedin th e sta tem entof fina ncia l position a ndnotes to th e fina ncia l
sta tem ents.
a nd W estpa c B a nk both
B a nk of A ustra lia
A s th e G roup does notpresently h a v e a ny debtors, lending , sig nifica ntstock lev els ora ny oth er
creditrisk, a form a lcreditriskm a na g em entpolicyisnotm a inta ined.
(e)
L iquidityrisk
Liquidityrisk isth e risk th a tth e G roup m a yencounterdifficultiesra ising fundsto m eetcom m itm ents
a ssocia tedw ith fina ncia linstrum ents(e.g . borrow ing repa ym ents). Th e G roup m a na g esliquidityrisk
by m onitoring foreca stca sh
flow s a nd ensuring th a ta dequa te unutilised borrow ing fa cilities a re
m a inta ined.
M a turitya na lysis
Yea rended30 June2012
Tra dea ndoth erpa ya bles
Yea rended30 June2011
Tra dea ndoth erpa ya bles
C a rrying
A m ount
C ontra ctua l
C a sh flow s
< 6 m th s
$
$
$
19 1,6 9 3
19 1,6 9 3
19 1,6 9 3
19 1,6 9 3
19 1,6 9 3
19 1,6 9 3
333,7 8 9
333,7 8 9
333,7 8 9
333,7 8 9
333,7 8 9
333,7 8 9
49
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
24 F ina ncia lRisk M a na g em entcontinued
S ensitiv itya na lysis
Th e follow ing ta bles sh ow th e m ov em ents in profitdue to h ig h er/low erinterestcosts from v a ria ble
interestra teca sh ba la nces.
+ .5%
(50ba sis
- .5%
(50 ba sis
points)
2012
$
2011
$
points)
2012
$
1,09 3
1,09 3
1,8 13
1,8 13
(1,09 3)
(1,09 3)
2011
$
(1,8 13)
(1,8 13)
C a sh a tba nk
(g )
P riceRisk
Th eG roup isexposedto equitysecuritiespricerisk. Th isa risesfrom inv estm entsh eldbyth eG roup
a ndcla ssifiedon th e sta tem entof fina ncia lposition a sa v a ila ble-for-sa le. N eith erth e G roup north e
pa rententitya reexposedto com m oditypricerisk.
To m a na g eitspriceriska rising from inv estm entsin equitysecurities, th eG roup reg ula rlyrev iew sth e
h olding sa ndm a inta insa portfolio w h ich th e D irectors believ e h a s s
equityinv estm entsa republiclytra deda nda relistedon th eA S X.
Th e m a xim um exposure to price risk from a n incom e sta tem entperspectiv e a treporting da te isth e
ca rrying a m ountof th einv estm ents.
+ 10%
2012
$
2011
$
- 30%
2012
$
2011
$
F ina ncia lA ssets
319 ,48 6
420,8 16
(9 58 ,457 )
(1,26 2,449 )
319 ,48 6
420,8 16
(9 58 ,457 )
(1,26 2,449 )
51
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
25 S eg m entReporting
S eg m entinform a tion ispresentedusing a 'm a na g em enta pproa ch ', i.e. seg m entinform a tion isprov idedon
th e sa m e ba sis a s inform a tion used for interna l reporting purposes by th e D irectors w h o m onitor th e
flow s w h ich is m ea sured in
seg m entperform a nce ba sed on th e opera ting profita nd loss a nd ca sh
F orm a na g em entpurposes, th e G roup h a sidentifiedonlyone reporta ble seg m enta sexplora tion a ctiv ities
underta ken in A ustra lia . Th isseg m entincludesa ctiv itiesa ssocia tedw ith th edeterm ina tion a nda ssessm ent
S eg m entperform a nce isev a lua tedba sedon th e opera ting profita ndlossa ndca sh flow sa ndism ea sured
in a ccorda ncew ith th e
Explora tion S eg m ent
S eg m entrev enue
Reconcilia tion of seg m entrev enueto tota lrev enuebeforeta x:
I nterestreceiv ed
O th er
Tota lrev enue
Explora tion S eg m ent
S eg m entresults(loss)
Reconcilia tion of seg m entresultsto netlossbeforeta x:
O th ercorpora tea nda dm inistra tion
I ncom eta x(expense)/benefit
N etlossa fterta x
Explora tion S eg m ent
S eg m entopera ting a ssets
Reconcilia tion of seg m enta ssets:
O th ercorpora tea nda dm inistra tion a ssets
Tota la ssets
Explora tion S eg m ent
S eg m entopera ting lia bilities
Reconcilia tion of seg m entlia bilities:
O th ercorpora tea nda dm inistra tion lia bilities
Tota l
2012
$
2011
$
-
-
32,245
148 ,8 08
17 ,8 07
227 ,156
18 1,053
244,9 6 3
(1,054,9 33)
(5,57 1,528 )
(422,8 7 9 )
(219 ,7 22)
(402,46 9 )
29 5,405
(1,516 ,48 1)
(5,433,6 29 )
2,125,47 7
2,7 32,7 8 9
3,6 54,58 0
5,131,48 6
5,7 8 0,057
7 ,8 6 4,27 5
51,27 4
44,48 5
231,101
59 9 ,7 09
28 2,37 5
6 44,19 4
52
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lS ta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
26 Ev entsA fterth eReporting Da te
S ubsequentto yea rendth eG roup:
A nnounced th e sig ning of a n a g reem entw ith
exclusiv e rig h tin A ustra lia
tech nolog y.
g ra nts G reenpow er E nerg y Lim ited th e
a nd N ew Zea la nd to test, th en use th e G E dev eloped C oa l to Liquids
G E w h ich
Th e G roup rea lised$411,37 3 from th e sa le of O th erF ina ncia lA ssetsto prov ide w orking ca pita la nd
receiv eda loa n from a D irectorG era rdK ing fora periodof up to 12 m onth son a n interestfreeba sis
of $250,000 to prov ide ca pita lforinitia lcostsa ssocia tedw ith th e C oa lto Liquidsprojectsig nedw ith
G enera lE lectric.
O th er th a n th is no m a tters or circum sta nces h a v e a risen since th e end of th e fina ncia l yea r w h ich
sig nifica ntly a ffected or m a y sig nifica ntly a ffectth e opera tions of th e com pa ny, th e results of th ose
opera tions, orth esta teof a ffa irsof th ecom pa nyin futurefina ncia lyea r.
27
P a rententity
Th e follow ing inform a tion h a s been extra cted from th e books a nd records of th e pa rent, G reenpow er
E nerg yLim iteda ndh a sbeen prepa redin a ccorda ncew ith
A ccounting S ta nda rds.
Th efina ncia linform a tion forth epa rententity, G reenpow erE nerg yLim itedh a sbeen prepa redon th esa m e
ba sisa sth econsolida tedfina ncia lsta tem entsexcepta sdisclosedbelow .
I nv estm entsin subsidia ries, a ssocia tesa ndjointv entures
I nv estm entsin subsidia ries, a ssocia tesa ndjointv entureentitiesa rea ccountedfora tcostin th efina ncia l
sta tem entsof th epa rententity. D iv idendsreceiv edfrom a ssocia tesa rerecog nisedin th epa rententityprofit
orloss, ra th erth a n being deductedfrom th eca rrying a m ountof th eseinv estm ents.
Ta xconsolida tion leg isla tion
G reenpow erE nerg yLim iteda nditsw h olly-ow nedA ustra lia n subsidia riesh a v eform eda n incom eta x
consolida tedg roup.
E a ch entity in th e ta xconsolida tedg roup a ccountsforth eirow n currenta nddeferredta xa m ounts. Th ese
-
(a ssets) a nd deferred ta xa ssets a rising from unused ta xlosses a nd ta xcredits in th e subsidia ries a re
im m edia telytra nsferredto th epa rententity.
Th eta xconsolida tedg roup h a senteredinto a ta xfunding a g reem entw h erebyea ch entityw ith in th eg roup
incom e. D ifferences betw een th e a m ounts of netta xa ssets a nd lia bilities derecog nised a nd th e net
a m ounts recog nised pursua ntto th e funding a g reem enta re recog nised a s eith er a contribution by, or
distribution to th eh ea dentity.
53
G reenpow erEnerg yL im ited
A B N 22 000 002 111
N otesto th eF ina ncia lSta tem ents
F orth eYea rEnded30 June2012
C onsolida ted
27
P a rententitycontinued
C onsolida tedSta tem entof F ina ncia l
P osition
A ssets
C urrenta ssets
N on-currenta ssets
Tota lA ssets
Lia bilities
C urrentlia bilities
Tota lLia bilities
E quity
I ssuedca pita l
A ccum ula tedlosses
C a pita lRea lisa tion Reserv e
S h a reB a sedP a ym entsReserv e
2012
$
2011
$
27 6 ,8 15
5,122,38 8
47 4,8 51
4,9 27 ,8 7 1
5,39 9 ,203
5,402,7 22
19 1,6 9 3
26 4,7 8 8
19 1,6 9 3
26 4,7 8 8
(6 7 ,8 51,6 47 )
6 2,46 6 ,7 6 4 6 1,9 46 ,8 06
(6 7 ,401,26 6 )
10,314,7 9 3 10,314,7 9 3
27 7 ,6 00
27 7 ,6 00
Tota lE quity
5,207 ,510
5,137 ,9 33
C onsolida tedIncom eS ta tem ent
Tota lprofitorlossforth eyea r
(450,38 1)
(6 ,335,7 7 5)
Tota lcom preh ensiv eincom e
(450,38 1)
(6 ,335,7 7 5)
28
C onting entL ia bilities
Th eD irectorsa renota w a reof a nyconting entlia bilitiesa tba la nceda te.
29
C om pa nyD eta ils
Reg isteredoffice
Th ereg isteredofficeof th ecom pa nyis:
G reenpow erE nerg yLim ited
1stF loor, 46 O rdS treet
W estP erth W A
6 005
P rincipa lpla ceof business
Th eprincipa lpla ceof businessis:
G reenpow erE nerg yLim ited
1stF loor, 46 O rdS treet
W estP erth W A
6 005
54
G reenpow erEnerg yL im ited
A B N 22 000 002 111
D irectors' D ecla ra tion
Th edirectorsof th ecom pa nydecla reth a t:
1. th efina ncia lsta tem entsa ndnotes, a ssetouton pa g es14to 54, a rein a ccorda ncew ith th e C orpora tions
A ct2001a nd:
a . com ply w ith
A ccounting S ta nda rds, w h ich , a s sta ted in a ccounting policy note 2 to th e fina ncia l
I nterna tiona l F ina ncia l Reporting
sta tem ents, constitutes explicita nd unreserv ed com plia nce w ith
S ta nda rds(I F RS );a nd
b.
g iv e a true a ndfa irv iew of th e fina ncia l position a s a t30 June 2012 a ndof th e perform a nce forth e
yea rendedon th a tda teof th ecom pa nya ndconsolida tedg roup.
2. th eC h ief E xecutiv eO fficera ndC h ief F ina nceO fficerh a v eea ch decla redth a ta srequiredbyS ection 29 5A :
a . th e fina ncia l records of th e com pa ny for th e fina ncia l yea r h a v e been properly m a inta ined in
a ccorda ncew ith section 28 6 of th eC orpora tionsA ct2001;
b. th efina ncia lsta tem entsa ndnotesforth efina ncia lyea rcom plyw ith th eA ccounting S ta nda rds;a nd
c. th efina ncia lsta tem entsa ndnotesforth efina ncia lyea rg iv ea truea ndfa irv iew .
3.
in th edirectors' opinion, th erea rerea sona bleg roundsto believ eth a tth ecom pa nyw illbea bleto pa yits
debtsa sa ndw h en th eybecom eduea ndpa ya ble.
Th isdecla ra tion ism a dein a ccorda ncew ith a resolution of th eB oa rdof D irectors.
D irector:G era rdK ing .............................................................................................................................
D a tedth is28 th da yof S eptem ber2012
55
(cid:204)»·(cid:230) ıŁ Œ(cid:237)Ł(cid:238) (cid:236)Œ(cid:240)(cid:240)
(cid:218)¿¤(cid:230) ıŁ Œ(cid:237)Ł(cid:238) (cid:236)Œ(cid:240)(cid:239)
'''(cid:242)(cid:190)…–(cid:242)‰–‡(cid:242)¿«
(cid:237)Ł ˝‹¿‹•–† ˝‹fi»»‹
˝«(cid:190)•¿‰–(cid:244) (cid:201)(cid:223) Œ(cid:240)(cid:240)Ł
—(cid:209) (cid:222)–¤ Ø(cid:240)(cid:240) (cid:201)»›‹ —»fi‹‚ (cid:201)(cid:223) ŒŁØ(cid:238)
(cid:223)«›‹fi¿·•¿
(cid:204)(cid:209) (cid:204)(cid:216)(cid:219) (cid:211)(cid:219)(cid:211)(cid:222)(cid:219)˛˝ (cid:209)(cid:218) (cid:217)˛(cid:219)(cid:219)(cid:210)—(cid:209)(cid:201)(cid:219)˛ (cid:219)(cid:210)(cid:219)˛(cid:217)˙ (cid:212)(cid:215)(cid:211)(cid:215)(cid:204)(cid:219)(cid:220)
˛»(cid:176)–fi‹ –† ‹‚» (cid:218)•†¿†‰•¿· ˛»(cid:176)–fi‹
(cid:201)» ‚¿“» ¿«…•‹»… ‹‚» ¿‰‰–‡(cid:176)¿†§•†„ ”•†¿†‰•¿· fi»(cid:176)–fi‹ –” (cid:217)fi»»†(cid:176)–'»fi (cid:219)†»fi„§ (cid:212)•‡•‹»…(cid:244) '‚•‰‚ ‰–‡(cid:176)fi•›»›
‹‚» ‰–†›–·•…¿‹»… ›‹¿‹»‡»†‹ –” ”•†¿†‰•¿· (cid:176)–›•‹•–† ¿› ¿‹ (cid:237)(cid:240) (cid:214)«†» (cid:238)(cid:240)(cid:239)(cid:238)(cid:244) ‹‚» ‰–†›–·•…¿‹»… ›‹¿‹»‡»†‹ –”
‰–‡(cid:176)fi»‚»†›•“» •†‰–‡»(cid:244) ‹‚» ‰–†›–·•…¿‹»… ›‹¿‹»‡»†‹ –” ‰‚¿†„»› •† »fl«•‹§ ¿†… ‹‚» ‰–†›–·•…¿‹»…
›‹¿‹»‡»†‹ –” ‰¿›‚ ”·–'› ”–fi ‹‚» §»¿fi ‹‚»† »†…»…(cid:244) †–‹»› ‰–‡(cid:176)fi•›•†„ ¿ ›«‡‡¿fi§ –” ›•„†•”•‰¿†‹
‹•‡» ‹– ‹•‡» …«fi•†„ ‹‚» ”•†¿†‰•¿· §»¿fi(cid:242)
(cid:204)‚» …•fi»‰‹–fi› –” ‹‚» ‰–‡(cid:176)¿†§ ¿fi» fi»›(cid:176)–†›•(cid:190)·» ”–fi ‹‚» (cid:176)fi»(cid:176)¿fi¿‹•–† –” ‹‚» ”•†¿†‰•¿· fi»(cid:176)–fi‹ ‹‚¿‹ „•“»› ¿
‹fi«» ¿†… ”¿•fi “•»' •† ¿‰‰–fi…¿†‰» '•‹‚ (cid:223)«›‹fi¿·•¿† (cid:223)‰‰–«†‹•†„ ˝‹¿†…¿fi…› ¿†… ‹‚» (cid:221)–fi(cid:176)–fi¿‹•–†› (cid:223)‰‹
(cid:238)(cid:240)(cid:240)(cid:239) ¿†… ”–fi ›«‰‚ •†‹»fi†¿· ‰–†‹fi–· ¿› ‹‚» …•fi»‰‹–fi› …»‹»fi‡•†» •› †»‰»››¿fi§ ‹– »†¿(cid:190)·» ‹‚» (cid:176)fi»(cid:176)¿fi¿‹•–†
–” ‹‚» ”•†¿†‰•¿· fi»(cid:176)–fi‹ ‹‚¿‹ „•“»› ¿ ‹fi«» ¿†… ”¿•fi “•»' ¿†… •› ”fi»» ”fi–‡ ‡¿‹»fi•¿· ‡•››‹¿‹»‡»†‹(cid:244)
'‚»‹‚»fi …«» ‹– ”fi¿«… –fi »fifi–fi(cid:242) (cid:215)† (cid:210)–‹» (cid:238)ł¿(cid:247)(cid:244) ‹‚» …•fi»‰‹–fi› ¿·›– ›‹¿‹»(cid:244) •† ¿‰‰–fi…¿†‰» '•‹‚ (cid:223)‰‰–«†‹•†„
˝‹¿†…¿fi… (cid:223)(cid:223)˝(cid:222) (cid:239)(cid:240)(cid:239) —fi»›»†‹¿‹•–† –” (cid:218)•†¿†‰•¿· ˝‹¿‹»‡»†‹›(cid:244) ‹‚¿‹ ‹‚» ”•†¿†‰•¿· ›‹¿‹»‡»†‹› ‰–‡(cid:176)·§ '•‹‚
(cid:215)†‹»fi†¿‹•–†¿· (cid:218)•†¿†‰•¿· ˛»(cid:176)–fi‹•†„ ˝‹¿†…¿fi…›(cid:242)
(cid:209)«fi fi»›(cid:176)–†›•(cid:190)•·•‹§ •› ‹– »¤(cid:176)fi»›› ¿† –(cid:176)•†•–† –† ‹‚» ”•†¿†‰•¿· fi»(cid:176)–fi‹ (cid:190)¿›»… –† –«fi ¿«…•‹(cid:242) (cid:201)» ‰–†…«‰‹»…
–«fi ¿«…•‹ •† ¿‰‰–fi…¿†‰» '•‹‚ (cid:223)«›‹fi¿·•¿† (cid:223)«…•‹•†„ ˝‹¿†…¿fi…›(cid:242) (cid:204)‚–›» ›‹¿†…¿fi…› fi»fl«•fi» ‹‚¿‹ '» ‰–‡(cid:176)·§
'•‹‚ fi»·»“¿†‹ »‹‚•‰¿· fi»fl«•fi»‡»†‹› fi»·¿‹•†„ ‹– ¿«…•‹ »†„¿„»‡»†‹› ¿†… (cid:176)·¿† ¿†… (cid:176)»fi”–fi‡ ‹‚» ¿«…•‹ ‹–
–(cid:190)‹¿•† fi»¿›–†¿(cid:190)·» ¿››«fi¿†‰» ¿(cid:190)–«‹ '‚»‹‚»fi ‹‚» ”•†¿†‰•¿· fi»(cid:176)–fi‹ •› ”fi»» ”fi–‡ ‡¿‹»fi•¿· ‡•››‹¿‹»‡»†‹(cid:242)
(cid:223)† ¿«…•‹ •†“–·“»› (cid:176)»fi”–fi‡•†„ (cid:176)fi–‰»…«fi»› ‹– –(cid:190)‹¿•† ¿«…•‹ »“•…»†‰» ¿(cid:190)–«‹ ‹‚» ¿‡–«†‹› ¿†… …•›‰·–›«fi»›
¿››»››‡»†‹ –” ‹‚» fi•›(cid:181)› –” ‡¿‹»fi•¿· ‡•››‹¿‹»‡»†‹ –” ‹‚» ”•†¿†‰•¿· fi»(cid:176)–fi‹(cid:244) '‚»‹‚»fi …«» ‹– ”fi¿«… –fi
»fifi–fi(cid:242) (cid:215)† ‡¿(cid:181)•†„ ‹‚–›» fi•›(cid:181) ¿››»››‡»†‹›(cid:244) ‹‚» ¿«…•‹–fi ‰–†›•…»fi› •†‹»fi†¿· ‰–†‹fi–· fi»·»“¿†‹ ‹– ‹‚»
(cid:176)fi–‰»…«fi»› ‹‚¿‹ ¿fi» ¿(cid:176)(cid:176)fi–(cid:176)fi•¿‹» •† ‹‚» ‰•fi‰«‡›‹¿†‰»›(cid:244) (cid:190)«‹ †–‹ ”–fi ‹‚» (cid:176)«fi(cid:176)–›» –” »¤(cid:176)fi»››•†„ ¿†
¿(cid:176)(cid:176)fi–(cid:176)fi•¿‹»†»›› –” ¿‰‰–«†‹•†„ (cid:176)–·•‰•»› «›»… ¿†… ‹‚» fi»¿›–†¿(cid:190)·»†»›› –” ¿‰‰–«†‹•†„ »›‹•‡¿‹»› ‡¿…»
(cid:190)§ ‹‚» …•fi»‰‹–fi›(cid:244) ¿› '»·· ¿› »“¿·«¿‹•†„ ‹‚» –“»fi¿·· (cid:176)fi»›»†‹¿‹•–† –” ‹‚» ”•†¿†‰•¿· fi»(cid:176)–fi‹(cid:242)
(cid:201)» (cid:190)»·•»“» ‹‚¿‹ ‹‚» ¿«…•‹ »“•…»†‰» '» ‚¿“» –(cid:190)‹¿•†»… •› ›«””•‰•»†‹ ¿†… ¿(cid:176)(cid:176)fi–(cid:176)fi•¿‹» ‹– (cid:176)fi–“•…» ¿ (cid:190)¿›•›
”–fi –«fi ¿«…•‹ –(cid:176)•†•–†(cid:242)
(cid:215)†…»(cid:176)»†…»†‰»
(cid:215)† ‰–†…«‰‹•†„ –«fi ¿«…•‹(cid:244) '» ‚¿“» ‰–‡(cid:176)·•»… '•‹‚ ‹‚» •†…»(cid:176)»†…»†‰» fi»fl«•fi»‡»†‹› –” ‹‚» (cid:221)–fi(cid:176)–fi¿‹•–†›
(cid:223)‰‹ (cid:238)(cid:240)(cid:240)(cid:239)(cid:242) (cid:201)» ‰–†”•fi‡ ‹‚¿‹ ‹‚» •†…»(cid:176)»†…»†‰» …»‰·¿fi¿‹•–† fi»fl«•fi»… (cid:190)§ ‹‚» (cid:221)–fi(cid:176)–fi¿‹•–†› (cid:223)‰‹ (cid:238)(cid:240)(cid:240)(cid:239)(cid:244)
'‚•‰‚ ‚¿› (cid:190)»»† „•“»† ‹– ‹‚» …•fi»‰‹–fi› –” (cid:217)fi»»†(cid:176)–'»fi (cid:219)†»fi„§ (cid:212)•‡•‹»…(cid:244) '–«·… (cid:190)» •† ‹‚» ›¿‡» ‹»fi‡› •”
(cid:222)(cid:220)(cid:209) (cid:223)«…•‹ ł(cid:201)(cid:223)(cid:247) —‹§ (cid:212)‹… (cid:223)(cid:222)(cid:210) Ø(cid:231) (cid:239)(cid:239)(cid:238) (cid:238)Ł(cid:236) ØŁØ •› ¿ ‡»‡(cid:190)»fi –” ¿ †¿‹•–†¿· ¿››–‰•¿‹•–† –” •†…»(cid:176)»†…»†‹ »†‹•‹•»› '‚•‰‚ ¿fi» ¿·· ‡»‡(cid:190)»fi› –” (cid:222)(cid:220)(cid:209) ł(cid:223)«›‹fi¿·•¿(cid:247) (cid:212)‹… (cid:223)(cid:222)(cid:210) ØØ (cid:240)º(cid:240)
(cid:239)(cid:239)(cid:240) (cid:238)غ(cid:244) ¿† (cid:223)«›‹fi¿·•¿† ‰–‡(cid:176)¿†§ ·•‡•‹»… (cid:190)§ „«¿fi¿†‹»»(cid:242) (cid:222)(cid:220)(cid:209) (cid:223)«…•‹ ł(cid:201)(cid:223)(cid:247) —‹§ (cid:212)‹… ¿†… (cid:222)(cid:220)(cid:209) ł(cid:223)«›‹fi¿·•¿(cid:247) (cid:212)‹… ¿fi» ‡»‡(cid:190)»fi› –” (cid:222)(cid:220)(cid:209) (cid:215)†‹»fi†¿‹•–†¿· (cid:212)‹…(cid:244) ¿ ¸(cid:213) ‰–‡(cid:176)¿†§ ·•‡•‹»…
(cid:190)§ „«¿fi¿†‹»»(cid:244) ¿†… ”–fi‡ (cid:176)¿fi‹ –” ‹‚» •†‹»fi†¿‹•–†¿· (cid:222)(cid:220)(cid:209) †»‹'–fi(cid:181) –” •†…»(cid:176)»†…»†‹ ‡»‡(cid:190)»fi ”•fi‡›(cid:242) (cid:212)•¿(cid:190)•·•‹§ ·•‡•‹»… (cid:190)§ ¿ ›‰‚»‡» ¿(cid:176)(cid:176)fi–“»… «†…»fi —fi–”»››•–†¿· ˝‹¿†…¿fi…›
(cid:212)»„•›·¿‹•–† ł–‹‚»fi ‹‚¿† ”–fi ‹‚» ¿‰‹› –fi –‡•››•–†› –” ”•†¿†‰•¿· ›»fi“•‰»› ·•‰»†›»»›(cid:247) •† »¿‰‚ ˝‹¿‹» –fi (cid:204)»fifi•‹–fi§ –‹‚»fi ‹‚¿† (cid:204)¿›‡¿†•¿(cid:242)
ºŒ
(cid:209)(cid:176)•†•–†
(cid:215)† –«fi –(cid:176)•†•–†(cid:230)
ł¿(cid:247)
‹‚» ”•†¿†‰•¿· fi»(cid:176)–fi‹ –” (cid:217)fi»»†(cid:176)–'»fi (cid:219)†»fi„§ (cid:212)•‡•‹»… •› •† ¿‰‰–fi…¿†‰» '•‹‚ ‹‚» (cid:221)–fi(cid:176)–fi¿‹•–†› (cid:223)‰‹
(cid:238)(cid:240)(cid:240)(cid:239)(cid:244) •†‰·«…•†„(cid:230)
ł•(cid:247)
(cid:238)(cid:240)(cid:239)(cid:238) ¿†… –” •‹› (cid:176)»fi”–fi‡¿†‰» ”–fi ‹‚» §»¿fi »†…»… –† ‹‚¿‹ …¿‹»(cid:229) ¿†…
ł••(cid:247) ‰–‡(cid:176)·§•†„ '•‹‚ (cid:223)«›‹fi¿·•¿† (cid:223)‰‰–«†‹•†„ ˝‹¿†…¿fi…› ¿†… ‹‚» (cid:221)–fi(cid:176)–fi¿‹•–†› ˛»„«·¿‹•–†› (cid:238)(cid:240)(cid:240)(cid:239)(cid:229)
¿†…
ł(cid:190)(cid:247)
‹‚» ”•†¿†‰•¿· fi»(cid:176)–fi‹ ¿·›– ‰–‡(cid:176)·•»› '•‹‚ (cid:215)†‹»fi†¿‹•–†¿· (cid:218)•†¿†‰•¿· ˛»(cid:176)–fi‹•†„ ˝‹¿†…¿fi…› ¿› …•›‰·–›»…
•† (cid:210)–‹» (cid:238)ł¿(cid:247)(cid:242)
(cid:219)‡(cid:176)‚¿›•› –” (cid:211)¿‹‹»fi
(cid:201)•‹‚–«‹ ‡–…•”§•†„ –«fi –(cid:176)•†•–†(cid:244) '» …fi¿' ¿‹‹»†‹•–† ‹– (cid:210)–‹» (cid:238)ł“(cid:247) •† ‹‚» †–‹»› ‹– ‹‚» ”•†¿†‰•¿·
›‹¿‹»‡»†‹›(cid:244) '‚•‰‚ •†…•‰¿‹»› ‹‚¿‹ ‹‚» ‰–†›–·•…¿‹»… »†‹•‹§ •†‰«fifi»… ¿ †»‹ ·–›› –” (cid:252)(cid:239)(cid:244)º(cid:239)Œ(cid:244)(cid:236)Ł(cid:239) …«fi•†„
‹‚» §»¿fi »†…»… (cid:237)(cid:240) (cid:214)«†» (cid:238)(cid:240)(cid:239)(cid:238) ¿†… '•·· †»»… ‹– fi¿•›» ”«fi‹‚»fi »fl«•‹§(cid:244) •››«» …»(cid:190)‹ –fi ›»·· ¿››»‹› •† –fi…»fi
‹– ‰–†‹•†«» •‹› –(cid:176)»fi¿‹•–†›(cid:242) (cid:204)‚•› ‰–†…•‹•–†(cid:244) ¿·–†„ '•‹‚ –‹‚»fi ‡¿‹‹»fi› ¿› ›»‹ ”–fi‹‚ •† (cid:210)–‹» (cid:238)ł“(cid:247)(cid:244)
•†…•‰¿‹» ‹‚» »¤•›‹»†‰» –” ¿ ‡¿‹»fi•¿· «†‰»fi‹¿•†‹§ ‹‚¿‹ ‡¿§ ‰¿›‹ ›•„†•”•‰¿†‹ …–«(cid:190)‹ ¿(cid:190)–«‹ ‹‚»
¿››»‹› ¿†… »¤‹•†„«•›‚ •‹› ·•¿(cid:190)•·•‹•»› •† ‹‚» †–fi‡¿· ‰–«fi›» –” (cid:190)«›•†»›› ¿‹ ¿‡–«†‹› ›‹¿‹»… •† ‹‚»
”•†¿†‰•¿· fi»(cid:176)–fi‹(cid:242)
˛»(cid:176)–fi‹ –† ‹‚» ˛»‡«†»fi¿‹•–† ˛»(cid:176)–fi‹
(cid:214)«†» (cid:238)(cid:240)(cid:239)(cid:238)(cid:242) (cid:204)‚» …•fi»‰‹–fi› –” ‹‚» ‰–‡(cid:176)¿†§ ¿fi» fi»›(cid:176)–†›•(cid:190)·» ”–fi ‹‚» (cid:176)fi»(cid:176)¿fi¿‹•–† ¿†… (cid:176)fi»›»†‹¿‹•–† –”
‹‚» ˛»‡«†»fi¿‹•–† ˛»(cid:176)–fi‹ •† ¿‰‰–fi…¿†‰» '•‹‚ ›»‰‹•–† (cid:237)(cid:240)(cid:240)(cid:223) –” ‹‚» (cid:221)–fi(cid:176)–fi¿‹•–†› (cid:223)‰‹ (cid:238)(cid:240)(cid:240)(cid:239)(cid:242) (cid:209)«fi
fi»›(cid:176)–†›•(cid:190)•·•‹§ •› ‹– »¤(cid:176)fi»›› ¿† –(cid:176)•†•–† –† ‹‚» ˛»‡«†»fi¿‹•–† ˛»(cid:176)–fi‹(cid:244) (cid:190)¿›»… –† –«fi ¿«…•‹ ‰–†…«‰‹»… •†
¿‰‰–fi…¿†‰» '•‹‚ (cid:223)«›‹fi¿·•¿† (cid:223)«…•‹•†„ ˝‹¿†…¿fi…›(cid:242)
(cid:209)(cid:176)•†•–†
(cid:215)† –«fi –(cid:176)•†•–†(cid:244) ‹‚» ˛»‡«†»fi¿‹•–† ˛»(cid:176)–fi‹ –” (cid:217)fi»»†(cid:176)–'»fi (cid:219)†»fi„§ (cid:212)•‡•‹»… ”–fi ‹‚» §»¿fi »†…»… (cid:237)(cid:240) (cid:214)«†»
(cid:238)(cid:240)(cid:239)(cid:238) ‰–‡(cid:176)·•»› '•‹‚ ›»‰‹•–† (cid:237)(cid:240)(cid:240)(cid:223) –” ‹‚» (cid:221)–fi(cid:176)–fi¿‹•–†› (cid:223)‰‹ (cid:238)(cid:240)(cid:240)(cid:239)(cid:242)
(cid:222)(cid:220)(cid:209) (cid:223)«…•‹ ł(cid:201)(cid:223)(cid:247) —‹§ (cid:212)‹…
(cid:201)¿§†» (cid:222)¿›”–fi…
(cid:220)•fi»‰‹–fi
—»fi‹‚(cid:244) (cid:201)»›‹»fi† (cid:223)«›‹fi¿·•¿
(cid:220)¿‹»… ‹‚•› (cid:238)Ł‹‚ …¿§ –” ˝»(cid:176)‹»‡(cid:190)»fi (cid:238)(cid:240)(cid:239)(cid:238)
ºØ
Greenpower Energy Limited
ASX Additional Information
For the Year Ended 30 June 2012
Consolidated
ASX Additional Information
Additional information required by the ASX Limited Listing Rules and not disclosed elsewhere in this report is set
out below. This information is effective as at 21 September 2012.
Voting Rights
Ordinary Shares
On a show of hands, every member present at a meeting in person or by proxy shall have one vote and upon a
poll each share shall have one vote.
Options
No voting rights.
Distribution Of Equity Security Holders
Holding
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,000 and over
Holders
896
312
217
269
51
Number of
Shares
178,314
929,333
1,877,390
8,861,099
61,087,002
1,745
72,933,138
There were 1,478 holders of less than a marketable parcel of ordinary shares.
20 Largest Optionholders
Mr John Karajas
Mr Matthew Suttling
Mr John Watts
Mr Stephen Menzies
Unissued Equity Securities
Options issued 1,900,000.
Options
Number held
% of issued
options
1,000,000
500,000
200,000
200,000
1,900,000
52.63
26.31
10.53
10.53
100.00
58
G reenpow erEnerg yL im ited
A S X A dditiona lI nform a tion
F orth eYea rEnded30 June2012
C onsolida ted
20 L a rg estS h a reh olders
Lodesta rInv estm entsLim ited
A stron Lim ited
N a rla ckP tyLtd
M rA la n Joh n F la v elle
LeiblerSupera nnua tion N om ineesP tyLtd
M rM ich a elP iperog lou
M sJa neM a ria n W a lker
M rRona ldM cculloug h & M rsS h irley
M cculloug h
M a na sota P tyLtd
Rokeba N om ineesP roprieta ryLim ited
M rM ich a elB ruceS m ith + M rsK a yS m ith
JP M org a n N om ineesA ustra lia Lim ited
M rC h ristoph erH osking + M rsM a rcia
H osking
P olh eim P tyLtd
M rG eokK h im G oh
M rS im on A ndrew P eters+ M rsE m m a
F ra ncesVog el
H S B C C ustodyN om ineesA ustra lia Lim ited
Incom eA /C >
O rdina rysh a res
N um berh eld
% of issued
sh a res
21,6 23,216
9 ,513,018
5,48 2,500
3,06 0,16 0
1,9 7 2,9 47
1,8 9 8 ,6 15
1,7 50,000
1,340,000
1,000,000
1,000,000
1,000,000
8 25,000
8 00,000
7 8 5,100
7 50,000
7 50,000
540,000
500,000
47 0,46 1
440,000
29 .6 5
13.04
7 .52
4.20
2.7 1
2.6 0
2.40
1.8 4
1.37
1.37
1.37
1.13
1.10
1.08
1.03
1.03
0.7 4
0.6 9
0.6 5
0.6 0
55,501,017
7 6 .12
S ecuritiesexch a ng e
Th eC om pa nyislistedon th eA ustra lia n S ecuritiesE xch a ng e.
59
C O RP O RA TE G O VERN A N C E
C O RP O RA TE G O VERN A N C E P O L I C Y
Th eB oa rdof D irectorsov erseesa ndm onitorsth ebusinessa nda ffa irsof th eG roup. To a ssist
th eB oa rdin disch a rg ing itsresponsibilities, th eB oa rdh a sa doptedth efollow ing principlesof
corpora teg ov erna nceth a ta reconsidered, h a v ing reg a rdsto costeffectiv eness, a ppropria tefor
th epresentsizea ndscopeof opera tionsof th eG roup a ndth a tunlessoth erw iseexpla ined,
follow sth eC orpora teG ov erna nceP rinciplesa ndRecom m enda tionsof th eA S X C orpora te
G ov erna nceC ouncilw h ich isch a iredbyth eA S X G roup (A S X).
P rinciple1:L a ysolidfounda tionsform a na g em enta ndov ersig h t.
B oa rdC h a rter
Th eB oa rdisresponsiblefor:
i) dev eloping , a pprov ing a ndm onitoring im plem enta tion bym a na g em entof corpora tepolicy,
stra teg ya ndperform a nceobjectiv es;
ii) dev eloping a ndm onitoring a doption of a ppropria teprinciplesof corpora teg ov erna nce;
iii) rev iew ing , ra tifying a ndm onitoring system sof a ccounta bility, riskm a na g em enta ndinterna l
control, codesof conducta ndleg a lcom plia nce;
iv )
a pprov ing a ndm onitoring m a na g em entim plem enta tion of fina ncia la ndoth erreporting ;
a pprov ing a ndm onitoring th eprog ressof m a jorca pita lexpenditure, ca pita lm a na g em ent,
v )
a nda cquisitionsa nddiv estm entsdeleg a tedto m a na g em entforim plem enta tion;
v i) rev iew ing a nda pprov ing businesspla ns, opera ting a ndca pita lbudg etsdev elopedbya ndfor
im plem enta tion bym a na g em ent;
v ii) rev iew ing , ra tifying a ndm onitoring system sim plem entedbym a na g em entforh ea lth , sa fety
a ndenv ironm entm a na g em enta ndcontrols;
v iii) a ppointing , rem ov a la ndev a lua ting th eperform a nceof th ech ief executiv eofficera ndsenior
executiv es;a nd
ix) selecting a nda ppointing new D irectorsto th eB oa rd, a ndev a lua ting th eperform a nceof a ll
m em bersof th eB oa rd.
Th eB oa rddeleg a tesresponsibilityforth eda yto da yopera tionsa nda dm inistra tion of th eG roup
to th eM a na g ing D irector.
w w w .g reenpow erenerg ylim ited.com .a u
P rinciple2:Structureth eB oa rdto a ddv a lue
C om position of th eB oa rd
Th ecom position of th eB oa rdisdeterm inedin a ccorda ncew ith th efollow ing principlesa nd
g uidelines:
i) th eB oa rdsh a llcom prisea tlea stth reeD irectors, increa sing w h erea dditiona lexpertiseis
considerednecessa ryin certa in a rea sto a m a xim um of sev en D irectors;
ii)
D irectorsa reinitia llya ppointedbyth eB oa rda nda resubjectto re-election a tth ea nnua l
g enera lm eeting bysh a reh oldersa tth ree-yea rlyinterv a ls, ora tth enexta nnua lg enera lm eeting
a fterth eirinitia la ppointm ent;
iii) to th eextentpra ctica blea ndh a v ing reg a rdsto th esta g eof dev elopm entof th eC om pa ny
a ndcost, th eB oa rdsh a llcom prisea m a jorityof non-executiv ea ndindependentD irectorsw ith
th eC h a irm a n being a non-executiv ea ndindependentperson;a nd
iv ) Th eB oa rdsh a llcom priseof D irectorsw ith a ra ng eof skillsa ndexperienceth a ta re
a ppropria tea ndca n a ssistth eD irectorsin perform ing th eirdutiesw ith in th escopeof th eG roup's
opera tions.
Th eB oa rdrev iew sitscom position reg ula rlyto ensureth a tith a sth ea ppropria tem ixof expertise
a ndexperience. W h erea v a ca ncyexists, forw h a tev errea son, orw h ereitisconsideredth a tth e
B oa rdw ouldbenefitfrom th eserv icesof a new D irectorw ith pa rticula rskillsa ndexpertise, th e
B oa rdselectsth a tnew D irectorfrom a ppropria teca ndida tesw ith relev a ntqua lifica tions, skills,
expertisea ndexperience.
Th eB oa rdpresentlyiscom posedof tw o N on-E xecutiv eD irectors, M rRona ldM cC ulloug h a ndM r
Ta ka na o M itsuia ndtw o E xecutiv eD irectors, M a na g ing D irector, M rG era rdK ing a ndM rA la n
F la v elle(C h a irm a n). M rG era rdK ing isa substa ntia lsh a reh olderunderth eA S X C orpora te
G ov erna nceC ouncilg uida nceisconsideredto benotindependent. C onsequently, th eC om pa ny
isnotcom plying w ith P rinciples2.1 a nd2.2 of th eC orpora teG ov erna nceP rinciplesa nd
Recom m enda tionsof th eA S X C orpora teG ov erna nceC ouncila tth isea rlysta g eof dev elopm ent
to conta in costs. W ith ea ch D irectorsh a reh oldersa ndh a v ing sig nifica ntindustryexperience, th e
B oa rdh a sth eexperiencea ndinterestto a ddv a lueforth ebenefitof a llsh a reh olders.
N om ina tion
G iv en th epresentsizeof th eG roup, th eexisting B oa rdstructureisa bleto m eetth eneedsof th e
G roup in th eexa m ina tion of selection a nda ppointm entpra cticesw ith outth eesta blish m entof a
nom ina tion com m itteeof th eB oa rda srecom m endedunderP rinciple2.4of th eC orpora te
G ov erna nceP rinciplesa ndRecom m enda tionsof th eA SX C orpora teG ov erna nceC ouncil.
w w w .g reenpow erenerg ylim ited.com .a u
I ndependentP rofessiona lA dv ice
D irectorsh a v eth erig h t, in connection w ith th eirdutiesa ndresponsibilitiesa sdirectors, to seek
independentprofessiona la dv icea tth eG roup'sexpense. P riora pprov a lof th eC h a irm a n is
required, w h ich w illnotbeunrea sona blyw ith h eld.
P erform a nceA ssessm ent
Th eB oa rdunderta kesa nnua lself- a ssessm entof itscollectiv eperform a ncea ndth eperform a nce
of th eC h a irm a n.
Th eC h a irm a n underta kesa n a nnua la ssessm entof th eperform a nceof indiv idua ldirectors. A ny
deficiencyidentifiedin a D irector'sperform a nceisa ddresseddirectlyw ith th erelev a ntD irector.
P rinciple3:P rom oteeth ica la ndresponsibledecision-m a king
C odeof C onduct
Eth ica lS ta nda rds
eth ica lsta nda rdsin a ddition to com plia ncew ith th eirleg a loblig a tionsa ndh a v ing reg a rdto th e
rea sona bleexpect
to a ctw ith integ ritya ndobjectiv ity, striv ing a ta lltim esto enh a nceth ereputa tion a ndperform a nce
of th eG roup.
A llD irectorsa ndem ployeesa reexpected
I n pa rticula r, D irectorsa ndem ployeesm usta ta lltim es:
-
m a na g esitua tionsw h ereth eirpersona linterestsm a yconflictw ith th einterestsof th e
G roup;
notta kea dv a nta g eof property, inform a tion orposition forpersona lg a in;
notcom petew ith th eG roup;
notusenon-public inform a tion exceptw h eredisclosureisa uth orisedorleg a llym a nda ted;
-
-
-
- dea lfa irlyw ith custom ers, suppliers, com petitorsa ndem ployees;
-
-
- reporta nyunla w fuloruneth ica lbeh a v iourknow ing th a tth eyw illh a v eproperprotection
com plyw ith la w sa ndreg ula tions, a nda ctiv elyprom otecom plia nce;a nd
byth eB oa rdw h en m a king such reportsin g oodfa ith .
w w w .g reenpow erenerg ylim ited.com .a u
S ecuritiesTra ding
Th eB oa rdh a sseta policyon dea ling w ith securitiesof th eC om pa ny. D irectorsa ndem ployees,
a ndth eirfa m ilym em bersa ndclosea ssocia tes, m a ynotbuy, sellorsubscribefora nysecurities
of th eC om pa ny, w h eth eron th eirow n a ccountoron beh a lf of a noth erperson w h ilein
possession of pricesensitiv einform a tion w h ich isnotg enera llya v a ila bleto th epublic. Th eym a y
notdea lin th esecuritiesof th eC om pa nyduring a tw o w eekperiodbeforeth erelea seto A SX of
th equa rterlyreport, th eh a lf yea rorfullyea rfina ncia lresults, th eh a lf yea rreportorth ea nnua l
reportof th eG roup untiloneda ya fterth erelea seof th osereportsorresultsto A SX. Th eym a y
nota lso dea lin securitiesof th eC om pa nyduring th eperiodw h en a m a teria ltra nsa ction isbeing
neg otia tedbyth eG roup ordrilling isbeing ca rriedoutuntiloneda ya ftera n a nnouncem enth a s
been m a deto A S X on th eresults.
D iv ersityP olicy
Th eB oa rdh a sesta blish eda policyconcerning div ersityrecog nising th ebenefitsth a titca n bring
to th eG roup. D iv ersityincludes, butisnotlim itedto, g ender, a g e, eth nicitya ndcultura l
ba ckg round. Th eG roup encoura g esa n env ironm entconduciv eto th ea ppointm entof w ell
qua lifiedem ployee, consulta nts, seniorm a na g em enta ndB oa rdca ndida tesso th a tth ereis
a ppropria tediv ersityto m a xim iseth ea ch iev em entof corpora teg oa ls.
Th eB oa rdh a ssetth efollow ing objectiv esfora ch iev ing div ersityin th enextfew yea rsa sth e
i)
ii)
iii)
30%
20%
20%
fem a lepa rticipa ntsin opera tionsa ndsupportpositions;
fem a lein seniorexecutiv epositions;
fem a lein B oa rdpositions.
P rincipa l4:S a feg ua rdinteg rityin fina ncia lreporting
A uditC om m ittee
Th eB oa rdh a snotesta blish eda n A uditC om m itteea nda ssuch G roup isnotin com plia ncew ith
P rinciple4.1 of th eA SX C orpora teG ov erna nceC ouncil. Th eB oa rdconsidersth a tth eG roup is
notof a size, nora reitsfina ncia la ffa irsof such com plexityto justifyth eform a tion of a n a udit
com m ittee. Th eB oa rda sa w h oleunderta kesth eselection a ndpropera pplica tion of a ccounting
policies, th eidentifica tion a ndm a na g em entof riska ndth erev iew of th eopera tion of th einterna l
controlsystem s. Th eB oa rdconsidersth a tth eexperiencea ndqua lifica tionsof th eB oa rdw ill
a ssureth einteg rityof th efina ncia lsta tem entsof th eG roup a ndth eindependenceof th eexterna l
a uditor.
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A uditC om m ittee(cont)
Th eB oa rdensuresth a tth ea uditorisinv itedto a ttenda llg enera lm eeting sof sh a reh olders.
Th eB oa rdin lieu of a n A uditC om m itteeisresponsiblefor:
i)
th eA ustra lia n S ecuritiesa ndI nv estm entsC om m ission;
sh a reh olders, A SX a nd
ii) rev iew ing th ea ccounting policies, interna lcontrols, pra cticesa nddisclosuresto a ssistth e
B oa rdin m a king inform eddecisions, w ith directa ccessto m a na g em ent;
iii) rev iew ing th escopea ndoutcom eof externa la udits, w ith directa ccessto externa la uditors;
iv ) nom ina ting externa la uditorsa ndrev iew ing th ea dequa cyof existing externa la udit
a rra ng em ents;
v ) ensuring th eindependenceof externa la uditorsa ndrev iew ing a nyoth erserv icesprov idedby
th em ;
v i)
v ii) reporting to th eB oa rdon itsm eeting sa ndth eresultsof a nya ssessm entsa ndrev iew s.
Th eB oa rdh a sra tifieda n A uditP olicyw h ich sta testh eserv icesth a tm a yorm a ynotnorm a llybe
A ccepta bleS erv ices
Th ea uditing firm m a yprov idea udita nda udit-rela tedserv icesth a ta reconsistentw ith th eroleof
a uditor, a lth oug h outsideth escopeof th ea uditrequiredunderth eC orpora tionsA ct2001. Th ese
includea udit-rela tedserv icesa ndrev iew srequiredbyth irdpa rties. E xa m plesinclude:
fina ncia la udits;
a uditsof reg ula toryreturns;
rev iew sunderta ken fortrusteesof conv ertiblenotes, ba nkers, jointv enturepa rtnersa nd
ow nersof roya ltya ndnetprofitinterests;a nd
rev iew sof th ea dequa cyof controlsa ndrecom m enda tionsforim prov em ents.
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Una ccepta bleS erv ices
Th ea uditing firm sh ouldnotprov ideserv icesth a ta reperceiv edto bem a teria llyin conflictw ith
th eroleof a uditor. Th eseincludeinv estig a tionsa ndconsulting a dv icea ndsubcontra cting of
opera tiona la ctiv itiesnorm a llyunderta ken bym a na g em ent, a ndw h ereth ea uditorm a yultim a tely
berequiredto expressa n opinion on itsow n w ork. E xa m plesinclude:
duedilig enceon potentia la cquisitionsorinv estm ents/div estm ents;
a dv iceon dea lstructuring a nda ssista ncein dea ldocum enta tion;
ta xpla nning a ndstra teg y;
desig ning orim plem enting new I Tsystem sorfina ncia lcontrols;
a dv iceon sa lesa ndpurch a sing contra cts;
book-keeping ;
v a lua tions;
executiv erecruitm enta nda ppointm ents;
seniorm a na g em entsecondm ents;a nd
interna la udita ctiv ities.
S erv icesS ubjectto S pecific A pprov a l
Th ea uditing firm m a ybeperm ittedto prov idenon-a uditserv icesth a ta renotperceiv edto be
m a teria llyin conflictw ith th eroleof a uditor, subjectto th eexpressa pprov a lof th eA udit
C om m ittee. E xa m plesinclude:
a dv iceon a ppropria tea ccounting sta nda rds;a nd
rev iew of leg isla tion a nda dv iceon itsa pplica tion to th eG roup.
Exception
A n exception ca n bem a deto th ea bov epolicyw h ereth ev a ria tion isin th einterestsof th eG roup
sta tem ents. A nysuch exception requiresth ea pprov a lof th eB oa rd.
P rinciple5:M a ketim elya ndba la nceddisclosure
concerning th eG roup, including itsfina ncia lposition, perform a nce, ow nersh ip a ndg ov erna nce.
C orpora tionsA ct2001 to th eM a na g ing D irectorto a ssessth etypeof inform a tion th a tneedsto
bedisclosed
a ssista nceof th eC om pa nyS ecreta ry, a refa ctua l, do notom itm a teria linform a tion a nda rein
com plia ncew ith th eListing Rulesa ndC orpora tionsA ct2001. I nform a tion w h ich isconsideredto
bepricesensitiv eisa pprov edbyth eB oa rdbeforeitsrelea se.
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P rinciple6 :Respectth erig h tsof sh a reh olders
sh a reh olders. Th eM a na g ing D irectora ndth eC om pa nySecreta ryov erseeth isprocessth roug h
professiona linv estors. P riorto such briefing s, inform a tion to beg iv en isfirstrelea sedto A S X a nd
la terbroa dca stto sh a reh olders/inv estorsw h o h a v ereg isteredth eirem a ila ddressw ith th eG roup.
P rinciple7 :Recog nisea ndm a na g erisk
B usinessRisk
Th eB oa rdm onitorsa ndreceiv esa dv icea srequiredon a rea sof opera tiona la ndfina ncia lrisk,
a ndconsidersa ppropria teriskm a na g em entstra teg ies.
S pecific a rea sof riskth a ta reidentifieda rereg ula rlyconsideredbyth eB oa rd. I ncludedin th ese
a rea sa reperform a nceof a ctiv ities, h um a n resources, h ea lth , sa fetya ndth eenv ironm ent,
continuousdisclosureoblig a tions, a ssetprotection a ndfina ncia lexposures.
Env ironm ent, H ea lth a ndS a fetyM a na g em ent
Th eB oa rdrecog nisesth eim porta nceof env ironm enta l, occupa tiona lh ea lth a ndsa fetyissues,
a ndiscom m ittedto th eh ig h eststa nda rdsof perform a nce. A llD irectorsa ndem ployeesa re
requiredto com plyw ith a llrelev a ntleg isla tion, continua llya ssessa ndim prov eth eim pa ctof th e
v enturepa rtners.
Th eB oa rdreg ula rlyrev iew sriskm a na g em entw ith th eM a na g ing D irectorw h o isrequiredto
reporton itseffectiv eness.
F ina ncia lReport
F ina ncia lC ontrollera rerequiredto presenta sta tem entw ith reg a rdto th einteg rityof th efina ncia l
sfina ncia lposition a ndth a topera tiona l
resultsa rein a ccorda ncew ith a pplica blea ccounting sta nda rdsa ndth eC orpora tionsA ct2001.
P rinciple8 :Rem unera tefa irlya ndresponsibly
Th eB oa rdh a snotesta blish eda Rem unera tion C om m ittee. Th eB oa rdrev iew sth erem unera tion
pa cka g esa ndpoliciesa pplica bleto a llD irectorsa ndseniorexecutiv eson a n a nnua lba sis. Th e
policyisforrem unera tion lev elsto becom petitiv elysetto reta in a nd/ora ttra ctqua lifieda nd
experiencedD irectorsa ndseniorexecutiv es. W h erenecessa ry, th eB oa rdobta insindependent
a dv iceon th ea ppropria tenessof rem unera tion pa cka g es.
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