Greenpower Energy Limited
ABN 22 000 002 111
Consolidated Annual Report
For the Year Ended 30 June 2016
Greenpower Energy Limited
ABN 22 000 002 111
For the Year Ended 30 June 2016
CONTENTS
Directors' Report
Consolidated Financial Statements
Auditor's Independence Declaration
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Directors' Declaration
Independent Audit Report
ASX Additional Information
Page
1
17
18
19
20
21
22
23
47
48
50
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
Your directors present their report on the Company and its controlled entities for the financial year ended 30 June
2016.
Directors
The following persons were Directors of Greenpower Energy Limited for part of the financial year and up to the
date of this report:
Names
Mr. Gerard King
Mr. Edwin Bulseco – Appointed 29 February 2016
Mr. Timothy Wall – Appointed 23 May 2016
Mr. Alan Flavelle – Resigned 30 June 2016
Mr. Ronald McCullough – Resigned 29 February 2016
Mr. Takanao Mitsui – Resigned 29 February 2016
Information on directors
Gerard King
Qualifications
Experience
Interest in shares and
options
Special responsibilities
Other current directorships
in listed entities
LLB
After graduating in law (LLB) from the University of Western
Australia in 1963, Gerard commenced articles with (Sir) John
Lavan (Lavan & Walsh) in Perth, being admitted as a solicitor
in 1965, into the law firm partnership in 1966, and became its
senior partner in 1978. Under Gerard, Lavan & Walsh
eventually became Phillips Fox, Perth in 1985.
Throughout his career, Gerard has practised in the legal areas
of commercial property, banking/finance, revenue/tax,
corporate compliance, and mining law. He taught mortgage
and other debt security drafting at UWA law school for 5 years,
joined the Taxation Institute of Australia, and the Australian
Mining and Petroleum Lawyers Association and gave papers
on revenue, strata title, prospectuses, document drafting and
other topics. Gerard served on the Law Society of WA Council,
and its committees. He was involved in the management of his
law firm from 1968 to 1991, and attended two law firm
management courses at the University of New England.
Gerard has been a company director of Australasian Shopping
Centres Property Trust, 1977 to 1980, Australian Mining
Investments Ltd., 1983 to 2002, as well as other public
companies, and is currently Chairman of Astron Limited, since
1985. He was Chairman of WA St. John Ambulance Service
Board 1987 to 1996, and is currently WA State St. John
Council Chairman.
168,977,516 Ordinary Shares and 10,000,000 Options
Chairman and Executive Director
Gerard King is a Director of Astron Limited since 5 November
1985
1
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
Information on directors continued
Edwin Bulseco
Qualifications
Experience
Bachelor of Commerce
Edwin Bulseco has a wealth of experience in capital markets
and corporate strategic planning. From 2010 to 2014 Edwin
served as senior equity research analyst at two of Australia’s
oldest stockbrokers. Edwin is currently a Director of Corporate
Finance at a boutique Corporate Advisory firm gaining
exposure to a broad range of sectors including Technology,
Energy and Resources. Prior to working in capital markets
Edwin held various internal consulting, corporate/strategic
planning and commercial roles with Royal Dutch Shell.
Interest in shares and
options
7,010,030 Ordinary Shares and 10,000,000 Options
Special responsibilities
Non-Executive Director.
Other current directorships
in listed entities
Edwin Bulseco has been a Non-Executive Director of
Transcendence Technologies Ltd since 8 June 2016
Timothy Wall
Qualifications
Experience
Chartered Accountant, Graduate of AICD’s Company Directors
and AIRA's Diploma of Investor Relations
Mr Wall is an experienced professional with a strong
background as a “hands on” COO & CFO with a specific focus
on Investor Relations & Capital Markets.
Mr Wall brings experience as a Finance Director, NED, COO,
& CFO serving on a number of boards including ASX & AIM
(London) listed companies and across a range of industries but
generally focused on emerging technologies/innovation.
Interest in shares and
options
Special responsibilities
Nil
Non-Executive
Director.
Other current directorships
in listed entities
Nil
2
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
Information on directors continued
Alan Flavelle
Qualifications
Experience
Interest in shares and
options
Special responsibilities
Other directorships in listed
entities held in the previous
three years
BSc, FAIMM, MSPE
1958-1968: Alan was employed by the Bureau of Mineral
Resources [a federal government agency] as a geophysicist
and worked in all states of Australia, New Guinea, Canada and
the USA.
1969-70: He was employed by West Australian Petroleum, a
Perth based affiliate of Chevron as an exploration expert in oil
exploration activities in Western Australia.
1971-1980: He became the senior partner in the Layton Group,
at that time the largest earth science consulting group based in
Australia, and worked on projects in Australia, New Guinea,
Philippines, Malaysia, Thailand, Taiwan, Japan, India, USA
and Argentina.
1981-present: Alan has worked as an independent consultant,
resource developer and adviser to companies at the technical
director level including jobs like:
Coalbed Methane: Alan became involved in coal seam natural
gas (CSG) development in 1984 when he visited USA on a fact
finding mission. From 1985-1990 he worked on CSG
developments in Queensland and was instrumental in
introducing Mitsubishi Gas and Chemical to CSG technology.
The company then took over the Queensland assets. From
1991-2000 he investigated a number of CSG development
opportunities in Vietnam, South Korea, South Africa, and
Japan as well as Australia. From 2001 to the present he has
directed a major investigation for CSG opportunities in Europe
and Central Asia. Several projects which have been acquired
in France and Italy. A second major project aimed at identifying
CSG opportunities in Western Australia was started in 2003
and is ongoing.
3,130,160 Ordinary Shares
Chairman - Executive Director
Nil
3
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
Information on directors continued
Ronald McCullough
Qualifications
Experience
M.B.A., B.E. (Hons), FAustIMM
Ronald Hugh McCullough is an Honours graduate in
Engineering from the University of Western Australia. He also
completed a Master of Business Administration at UWA.
Subsequently, Ron has been involved in civil engineering
design, and the construction of various major engineering
works in Western Australia, including water supply dams,
major water reticulation and suburban infrastructure projects.
Ron has extensive mining experience, including bauxite and
coal mining. Ron has investigated the development of a private
power station and the exploitation of coal bed methane
deposits in the Gunnedah basin on NSW. While involved with
the Maitland Main Collieries, which held an authorisation to
develop a large coal deposit at Glennies Creek, near Singleton
in the Hunter Valley, NSW Ron managed all necessary
environmental impact studies, authority compliance
requirements, mine construction and operation feasibility
studies and then obtained a mining lease for the deposit.
Ron became involved in the sand mining industry in Western
Australia with the development, in 1994, and management until
2005 of a silica sand mining and exporting operation at Albany
in Western Australia, on behalf of Japanese corporations.
2,487,741 Ordinary Shares
Non-Executive Director.
Nil
Interest in shares and
options
Special responsibilities
Other current directorships
in listed entities
4
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
Information on directors continued
Takanao ‘Tony’ Mitsui
Qualifications
B.Ec
MBA
Experience
In April 1965, Tony joined Tomen Corporation, (then called
Toyo Menka Kaisha, one of the large, multi-faceted Japanese
Trading Houses) in the Steel Department in the Osaka Head
Office. From 1968 to 1971 he worked in the Metals and
Minerals Department of Toyo Menka. In 1971 he was posted to
Toyo Menka’s Sydney office, returning to Tokyo in 1973, to join
the Coal Department. In 1977 he was posted to the
Vancouver, Canada office of Toyo Menka.
In 1981, Tony returned to Tokyo to head the Thermal Coal
Section. In 1985 he was appointed General Manager, Metals
and Minerals for Tomen Australia. In 1990, he moved to
General Manager Coal and Iron Ore Department, Tokyo Head
Office of Tomen Corporation. In 1995 he returned to Australia
as Managing Director of Tomen Australia. In 2001 he returned
to Tokyo as a Corporate Auditor in the Tomen Head Office.
In April 2006, Tomen Corporation merged with Toyota Tsusho,
the trading arm of Toyota. Tony remains an adviser to Toyota
Tsusho in
Tokyo.
Interest in shares and
options
120,000 Ordinary
Shares
Special responsibilities
Non-Executive
Director.
Other current directorships
in listed entities
Nil
Directors have been in office since the start of the financial year to the date of this report unless otherwise
stated.
5
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
Principal Activities
The principal activities of the Group during the financial year related principally to the development of its Coal
to Liquid project while maintaining core exploration licences with the potential to supply feedstock and
integrate with the Coal to Liquid project.
The principal activities of the company during the financial year relating to these were:
Coal to Liquid Project ‘CTL’:
• In November 2013 Greenpower signed an agreement with US-Thermaquatica Inc., to jointly test and
develop the Oxidative Hydrothermal Dissolution (OHD) process for the conversion of coals to liquids.
OHD is a patented process for the conversion of coals to liquids, the rights to which are owned by US
firm Thermaquatica Inc. The arrangement allows Greenpower to receive an exclusive license to
develop and apply the OHD process on a commercial scale within Australia and New Zealand in
exchange for contributing USD $2m towards research on extraction of the products from the OHD
liquid.
• OHD is a novel and environmentally friendly technology for the conversion of coal and other solid
organic material into low molecular weight, water soluble products. Many of the initial products are
potentially useful for producing polymers as well as other hydrocarbon based products. The process
works by taking the initial macromolecular solid material such as coal and causing a reaction with small
amounts of oxygen in high temperature and high pressure water.
• Testing of samples of Victorian Brown Coal shipped to Thermaquatica’s laboratory has continued
during the year. Monash University and other consultants have been engaged as part of an ongoing
test program researching the benefits of some of the output for agricultural and other purposes which
is an exciting development and jointly funded by Commonwealth Research Grants.
• Greenpower has been developing potential markets for the output which has incorporated the Monash
findings and could have significant potential.
• Pilot plant engineering work has commenced in Australia. The Group needs to demonstrate the
process works at a commercial scale which necessitates the building of a pilot plant. It can then carry
on a profitable commercial business selling the liquid so produced.
• In order to develop the project Greenpower will need to raise finance and or issue equity to provide
sufficient funding to build the pilot plant. Greenpower is also actively reviewing and applying for
available Government initiatives including Grants and engaging Research and Development
consultants to assist in compliance and application for research and development refunds.
Victoria:
• As at 30 June 2016 the group held three Mineral exploration licenses in the Gippsland Basin (Latrobe
Valley), namely EL 4500 “Korumburra” and EL 5227 “Athlone” both held in the name of subsidiary
Greenpower Natural Gas Pty Ltd and EL 4877 “Mirboo” held in the name of subsidiary Sawells Pty Ltd.
• In previous years the Group has renewed the licences and announced inferred resources from drilling
down-hole geophysical logging and core analysis. Subsequent to year end the Group decided to
relinquish all three licenses due to the length of time held and haphazard area shaping that reductions
have caused over the years and apply for a fresh license covering the most accessible and geologically
well-defined area of the lignite deposit.
6
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
• The Group then intends to hold the fresh licence(s) until the Company’s coal to liquid technology
has been advanced to the degree necessary to resort to this deposit, if necessary by converting to
Retention licenses.
• Exploration of the license(s) can also be broadened in the meantime to include other minerals of
interest that may be able to be exploited to add value for shareholders.
Corporate:
• During the year Greenpower Energy Limited engaged Patersons Corporate Finance (‘PCF”) to
recapitalise the Group. PCF assisted in issuing equity enabling the Group to finalise the Thermaquatica
“OHC” Coal to Liquid Technology commitment, pay outstanding creditors and extinguish the Group
debt. The advisory services are ongoing and subsequent to year end additional funds have been
raised.
• Greenpower is focused on reviewing a number of other funding opportunities and ensuring corporate
costs are not excessive.
• Greenpower applied for an advanced finding to include the research undertaken by Thermaquatica
at the University of Southern Illinois USA in the Group Research and Development application, this
was rejected by Innovation Australian in April 2016. The Group has now appealed this finding; the
appeal is ongoing. There is no negative financial impact to the appeal however a successful appeal
should be beneficial to the Group.
No significant change in the nature of these activities occurred during the year.
Governance Arrangements
Greenpower Energy seeks to ensure the reporting of Mineral Resources and Ore Reserves is in
accordance with Industry best practice and Listing Rules. All current Mineral Resources and Ore
Reserves have been compiled by independent consultants recognised for their expertise in the estimation
of coal resources and reserves. The Estimates have been reviewed by an independent consultant
considered to be a Competent Person under the JORC Code 2012 to ensure that the resource reports
comply with the listing rules.
Matter Subsequent to the end of the Financial Year
Subsequent to the year end of the Group:
• On 29 July 2016 the Group announced a capital raising to raise $675,000 before costs over two tranches.
$347,652 net of costs has been raised in the first tranch with a balance of $265,500 (the second tranch)
expected to be finalised in October 2016.
• On 20 September 2016 the Group announced that it had signed a binding heads of agreement with Guyana
Strategic Metals Inc. to acquire (at the company’s discretion) percentage interests from 10% up to 74%,
depending on exploration results interest in the Guyanese Morabisi Project prospective for Lithium and
Tantalum. Refer to the separate ASX announcement 22 September 2016.
No other matters or circumstances have arisen since the end of the financial year which significantly affected
or may significantly affect the operations of the Group, the results of those operations or the state of affairs
of the Group in future financial years.
7
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
Likely Developments and Expected Results from Operations
The Company expects to maintain the present status and level of operations.
Non-Audit Services
There were no non-audit services during the year (2015: Nil).
Auditors Independence Declaration
The lead auditors’ independence declaration for the year ended 30 June 2016 has been received and can be
found on page 17 of the financial report. The auditor William Buck Audit (WA) Pty Ltd continues in office in
accordance with Section 327 of the Corporations Act 2001.
Environmental Regulations
The Group's operations to date are not regulated by any significant environmental regulation under the law
of the Commonwealth or of a state or territory. The Directors have considered compliance with the National
Greenhouse and Energy Reporting Act 2007 which requires entities to report on annual greenhouse gas
emissions and energy use. For the measurement period 1 July 2015 to 30 June 2016 the directors have
assessed that there are no current reporting requirements, but may be required to do so in the future.
Dividends Paid or Declared
No dividends were paid or declared since the start of the financial year.
Company Secretary
Mr Matthew Suttling, B.Ec CA was appointed Company Secretary of Greenpower Energy Limited on 1 May
2007. He is a Chartered Accountant. His experience is broad based including clients ranging from
multinationals to listed public companies, audit, other business financial and taxation services. He is currently
in Public Practice.
8
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
Business Review
Operating Results
The loss after providing for income tax amounted to $2,873,530 (2015: $701,717). The 2016 loss included
an impairment against the carrying value of the Tenements held of $1,324,439 (2015: $1,038) and completion
of the commitments on the OHD Coal to Liquid ('CTL') project where the Group’s policy is to expense
exploration and initial expenditures. Administration costs were consistent with the prior year and would not
be anticipated to increase in 2017. The significant expenditure during the year was the license payments on
the OHD CTL project of $776,607 (2015: $349,432) which reflects the Group’s strategy to developing a clean
and efficient CTL technology that will integrate with the inferred resources held within the Group’s Victorian
tenements. Development of the CTL projects is ongoing specifically to identify potential markets and working
towards completion of feasibility studies to enable the Group to consider building a pilot plant in Victoria. The
Group has engaged specialists to provide independent guidance as to the strengths of the CTL processes
and technology. The Directors are committed to carefully utilising current resources, reviewing potentially
markets for output, partners and other funding initiatives.
Meetings of Directors
During the financial year, 9 meetings of directors were held. Attendances by each director during the year
were as follows:
Mr Gerard King
Mr Edwin Belseco
Mr Timothy Wall
Mr Alan Flavelle
Mr Ronald McCullough
Mr Takanao Mitsui
Remuneration Report (AUDITED)
Directors' Meetings
Eligible to attend Number attended
9
4
1
9
5
5
9
2
1
9
5
5
The key management personnel of the Group consisted of the following directors and other persons:
The information provided in this remuneration report has been audited as required by Section 308(3C) of the
Corporation Act 2001.
This report details the nature and amount of remuneration for each director of Greenpower Energy Limited,
and for the executives of the Group.
9
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
Service Agreements
Currently Greenpower Energy Limited does not have any service agreements in place with key management
personnel.
Use of Remuneration Consultants
During the year the Directors did not utilise the services of remuneration consultants in determining the
amount of remuneration for each Director and Executive.
Voting and Comments Made at the Company’s 2015 Annual General Meeting
The Company passed the motion approving the 2015 remuneration report with 66.15% of the votes received
and cast at the meeting (after eliminating excluded votes). The company did not receive any specific feedback
at the AGM or throughout the year on its remuneration practices.
Share-Based Compensation
No Options over shares in Greenpower Energy Limited were granted during the year in accordance with the
Company Employee Share Option Plan ("ESOP"). The ESOP is designed to provide long-term incentives for
executives to deliver long-term shareholder returns. Participation in the plan is at the board’s discretion and
no individual has a contractual right to participate in the plan or to receive any guaranteed benefits.
No ordinary shares in the company were provided as a result of the exercise of remuneration options to any
director of Greenpower Energy Limited or other key management personnel of the group.
Further to the Group capital raising approved by the shareholders at an extraordinary general meeting held
on 27 April 2016, 25,010,000 options were issued to Key Management Personnel on 2 May 2016.
Additional information
No performance based bonuses have been paid to key management personnel during the financial year. It
is the intent of the board to include performance bonuses as part of remuneration packages when mine
production commences.
For non-executive Directors the aggregate pool limit approved by shareholders as Directors Fees is $100,000
as approved at the 2009 Annual General Meeting.
10
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
Details of Remuneration
Details of remuneration of the directors and key management personnel of the group are set out below:
2016
Short-term benefits
Share-based payments
Total
Post employment
benefits
Gerard King
Edwin Bulseco 1.
Timothy Wall 2.
Alan Flavelle 3.
Ronald McCullough 4.
Takanao Mitsui 4.
Matthew Suttling
2015
Alan Flavelle
Gerard King
Ronald McCullough
Takanao Mitsui
Matthew Suttling
Cash salary
$
Cash profit share
$
Cash Bonus
$
Non-cash Benefits
$
Superannuation
$
Equity
$
Options
$
$
60,000
12,000
6,000
131,808
-
-
50,000
259,808
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,192
-
-
-
12,192
-
-
-
-
-
-
-
-
43,626
43,626
-
-
-
-
103,626
55,626
6,000
144,000
-
-
21,856
71,856
109,108
381,108
Short-term benefits
Post employment
benefits
Share-based payments
Total
Cash salary
$
Cash profit share
$
Cash Bonus
$
Non-cash Benefits
$
Superannuation
$
Equity
$
Options
$
131,808
60,000
-
-
50,000
241,808
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,192
-
-
-
-
12,192
-
-
-
-
-
-
$
144,000
60,000
-
-
50,000
254,000
-
-
-
-
-
-
1. Edwin Bulseco was appointed as a Director on 29 February 2016
2. Timothy Wall was appointed as a Director on 23 May 2016
3. Ronald McCullough and Tony Mitsui resigned 29 February 2016
The following table provides employment details of persons who were, during the financial year, members of
key management personnel of the Group. The table also illustrates the proportion of remuneration that was
fixed and at risk.
Directors
Gerard King
Edwin Bulseco
Timothy Wall
Alan Flavelle
Ronald McCullough
Takanao Mitsui
KMP
Matthew Suttling
Fixed
Remuneration
%
At Risk Long
Term
Remuneration
%
100
100
100
100
100
100
100
-
-
-
-
-
-
-
11
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
Remuneration Policy
As the Group develops it will be implementing the following remuneration guidelines. The remuneration policy
of Greenpower Energy Limited has been designed to align director and executive objectives with shareholder
and business objectives by providing a fixed remuneration component and offering specific long-term
incentives based on key performance areas affecting the Group's financial results. The board of Greenpower
Energy Limited believes the remuneration policy to be appropriate and effective in its ability to attract and
retain the best executives and directors to run and manage the Group, as well as create goal congruence
between directors, executives and shareholders.
The board's policy for determining the nature and amount of remuneration for the board members and senior
executives of the Group is as follows:
The remuneration policy, setting the terms and conditions for the executive directors and other senior
executives was developed by the board. All executives receive a base salary (which is based on
factors such as length of service and experience) and superannuation where applicable. The board
reviews executive packages annually by reference to the Group’s performance, executive
performance and comparable information from industry sectors and other listed companies in similar
industries.
The board may exercise discretion in relation to approving incentives, bonuses and options. The
policy is designed to attract and retain the highest calibre of executives and reward them for
performance that results in long term growth in shareholder wealth.
Executives will also be entitled to participate in future employee share and option arrangements.
The executive directors and executives receive a superannuation guarantee contribution required by
the government, which is currently 9.5%, and do not receive any other retirement benefits. Some
individuals may choose to sacrifice part of their salary to increase payments towards superannuation.
All remuneration paid to directors and executives is valued at the cost to the Group and expensed.
Shares given to directors and executives are valued as the difference between the market price of
those shares and the amount paid by the director or executive. Options are valued using appropriate
methodologies.
The board policy is to remunerate non-executive directors at market rates for comparable companies
for time, commitment and responsibilities. The board determines payments to the non-executive
directors and reviews their remuneration annually, based on market practice, duties and
accountability. Independent external advice is sought when required. No such advice was obtained
during the year. Fees for non-executive directors are not linked to the performance of the Group.
However, to align directors’ interests with shareholder interests, the directors are encouraged to hold
shares in the Company and are able to participate in the employee option plan.
Other transactions with Key Management Personnel
During the year ended 30 June 2015 a Director, Gerard King, had loaned the Group $420,000 on commercial
terms to meet its short term Coal to Liquid project commitments and working capital. This loan was repaid by
the issue of 140,000,000 ordinary shares on 27 April 2016. Interest was payable by the Group at 5.75% being
the underlying bank loan rate and totalled $19,222. The loan was repayable on demand.
12
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
Key Management Personnel Share and Option Holdings
The number of ordinary shares in Greenpower Energy Limited held by each key management person of the
Group during the financial year is as follows:
30 June 2016
Directors
Gerard King #1.
Edwin Bulseco #2.
Timothy Wall
Alan Flavelle
Ronald McCullough
Takanao Mitsui
Other KMP
Matthew Suttling #2.
Balance at
beginning of
year
On exercise
of options
Net Change
Other #
Balance at
resignation
date
Balance at
end of year
28,977,516
-
-
3,130,160
2,487,741
120,000
- 140,000,000
7,010,030
-
-
-
-
-
-
-
-
-
- 168,977,516
7,010,030
-
-
-
-
3,130,160
-
2,487,741
-
120,000
83,910
-
167,820
34,799,327
- 147,177,850
-
251,730
5,737,901 176,239,276
# Net change other are ordinary shares issued on 2 May 2016 at $0.003 per share as follows:
#1. 140,000,000 ordinary shares issued to a related party of Gerard King, Pandora Nominees Pty
Ltd in lieu of a loan repayment of $420,000 as approved by shareholders at the General Meeting
held on 27 April 2016.
#2. Ordinary shares purchased through the Rights issue.
Details of Options Issued During the year:
30 June 2016
Directors
Gerard King
Edwin Bulseco
Timothy Wall
Alan Flavelle
Ronald McCullough
Takanao Mitsui
Other KMP
Matthew Suttling
Grant Date
Number
Granted
Value per
Option $
Value of
options at
grant date
Number
lapsed
during the
year
2 May 2016 10,000,000
10,000,000
2 May 2016
-
-
-
-
-
-
-
-
0.004
0.004
-
-
-
-
43,636
43,636
-
-
-
-
2 May 2016
5,010,000
0.004
21,861
-
-
-
-
-
-
-
13
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
30 June 2016
Directors
Gerard King
Edwin Bulseco
Timothy Wall
Alan Flavelle
Ronald McCullough
Takanao Mitsui
Other KMP
Matthew Suttling
Exercise
Price Cents
Vesting and
first exercise
date
Last exercise
date
0.5
0.5
2 May 2016
2 May 2016
-
-
-
-
2 May 2020
2 May 2020
-
-
-
-
0.5
2 May 2016
2 May 2020
Further to the Group capital raising approved by the shareholders at an extraordinary general meeting
held on 27 April 2016, 25,010,000 options were issued to Key Management Personnel on 2 May 2016.
The options granted in the year ended 30 June 2016 were issued and paid at $0.000001 and are
exercisable at $0.005 per option with an expiry date of on or before 2 May 2020. They vested immediately.
The options have been valued using Black Scholes methodology at $0.0044 per option issued. The Black
Scholes assumptions are outlined below:
Number of options in series
Underlying share price
Exercise price
Expected volatility
Option life
Dividend yield
Interest rate
Unlisted options
45,000,000
$0.006
$0.005
100%
4 years
0.00%
1.50%
Options Held by KMP
Gerard King
Edwin Bulseco
Matthew Suttling
Opening
Balance
Granted as
remuneration
On exercise
of options
Expired
Vested and
Exercisable
Vested and Un-
exercisable
-
-
300,000
10,000,000
10,000,000
5,010,000
300,000
25,010,000
-
-
-
-
-
-
150,000
10,000,000
10,000,000
5,160,000
150,000
25,160,000
-
-
-
-
On 2 May 2016 45,000,000 Options were issued as approved by the Extraordinary General Meeting held
on 27 April 2016. No further Options were issued during the year. No options have been granted to the
directors or KMP since the end of the financial year. Options granted carry no dividend or voting rights.
When exercisable, each option is convertible into one ordinary share. The exercise price of options is
$0.005. No options were exercised during the year.
14
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
Performance-based Remuneration
The Group currently has no performance based remuneration component built into director and executive
remuneration packages due to the stage of the Group’s development, no link between remuneration and
financial performance currently exists.
The table below sets out summary information about the Group’s earnings and movement in share price for
the five years to 30 June 2016:
Income
Net loss before tax
Net loss after tax benefit
Share Price at end of year (cents)
Basic and diluted loss per share
2016
$
12,418
(2,873,530)
(2,873,530)
0.5
(0.87)
Long Term Benefits and Termination Benefits
2015
$
31,042
2014
$
21,982
2013
$
2012
$
396,073
181,053
(806,434) (1,726,517) (1,121,806) (1,296,759)
(701,717) (1,726,517) (1,212,490) (1,516,481)
0.4
(2.09)
0.2
(1.87)
0.9
(0.76)
0.1
(1.46)
The Group’s Employee Share and Option Plan aligns remuneration with at risk long term benefits. The Group
has no long term benefits payable or termination benefits due.
End of Audited Remuneration Report
Indemnifying Officers or Auditors
No indemnities have been given or insurance premiums paid, during or since the end of the financial year,
for any person who is or has been an officer or auditor of the Group.
Auditors’ Independence Declaration
The lead auditors’ independence declaration for the year ended 30 June 2016 has been received and can
be found on page 17 of the financial report.
Proceedings on Behalf of Company
No person has applied for leave of Court under s237 of the Corporations Act 2001 to bring proceedings on
behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of
taking responsibility on behalf of the Company for all or any part of those proceedings.
The Company was not a party to any such proceedings during the period.
15
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Report
30 June 2016
Options
Unissued shares under option
At the date of this report, the unissued ordinary shares of Greenpower Energy Limited under option are as
follows:
Date Options
Granted
Expiry
Date
Exercise
Price Cents
Number under
Option
30/09/2011
03/05/2016
30/09/2016
03/05/2020
5.0
0.5
450,000
45,000,000
45,450,000
Sign off details
Signed in accordance with a resolution of the Board of Directors:
Director: ................................................................................................................................................
Gerard King
Dated this 30th day of September 2016
16
Greenpower Energy Limited
ABN 22 000 002 111
Consolidated Income Statement
For the Year Ended 30 June 2016
Other income
Interest income
Occupancy costs
Administrative costs
Exploration and Tenement costs
Impairment of Tenements
Share based payments
Finance costs
Depreciation and amortisation
Profit (loss) before income tax
Income tax (expense)/benefit
Loss after income tax
Loss attributable to owners of Greenpower Energy Limited
Loss per share:
Basic loss per share (cents)
Diluted loss per share (cents)
Note
4
2016
$
12,418
-
(11,385)
(430,068)
(899,630)
13
(1,324,439)
(196,315)
(23,651)
(460)
(2,873,530)
5
-
2015
$
22,124
8,918
(12,210)
(405,173)
(406,727)
(1,038)
-
(11,190)
(1,138)
(806,434)
104,717
(2,873,530)
(701,717)
(2,873,530)
(701,717)
6
6
(0.87)
(0.87)
(0.76)
(0.76)
The above consolidated income statement should be read in conjunction
with the accompanying notes.
18
Greenpower Energy Limited
ABN 22 000 002 111
Consolidated Statement of Comprehensive Income
For the Year Ended 30 June 2016
Net loss for the year
Other comprehensive income:
Items that may be reclassified to profit or loss
Net gain/(loss) on revaluation of financial assets
Other comprehensive income for the year, net of tax
Total comprehensive loss for the year
Total comprehensive loss attributable to:
Owners of Greenpower Energy Limited
2016
$
2015
$
(2,873,530)
(701,717)
42,029
(296,075)
42,029
(296,075)
(2,831,501)
(977,792)
(2,831,501)
(977,792)
(2,831,501)
(977,792)
The above consolidated statement of comprehensive income should be read in conjunction with the
accompanying notes.
19
Greenpower Energy Limited
ABN 22 000 002 111
Consolidated Statement of Financial Position
As at 30 June 2016
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Available for sale assets
Plant and equipment
Intangible assets
Exploration and evaluation assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Reserves
Accumulated losses
TOTAL EQUITY
Note
2016
$
2015
$
7
8
9
10
11
13
668,042
35,017
864,780
118,314
703,059
983,094
268,902
1,407
-
-
321,322
1,731
136
1,324,439
270,309
1,647,628
973,368
2,630,722
14
219,766
545,355
219,766
545,355
-
-
219,766
545,355
753,602
2,085,367
15
16
17
64,701,662 63,398,286
11,205,611 10,967,222
(75,153,671) (72,280,141)
753,602
2,085,367
The above consolidated statement of financial position should be read in conjunction with the accompanying
notes.
20
Greenpower Energy Limited
ABN 22 000 002 111
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2016
2016
Balance at 1 July 2015
Loss for the year
Revaluation
Total comprehensive income for
the year
Transactions with owners in
their capacity as owners:
Contributions of equity net of
transaction costs
Contributed
Equity
$
Accumulated
Losses
$
Capital
Profits
Reserve
$
Option
Reserve
$
Financial
Assets
Reserve
$
Total
$
63,398,286 (72,280,141) 10,314,793
-
-
(2,873,530)
-
-
-
-
(2,873,530)
1,303,376
-
-
-
277,600
-
-
374,829
-
42,029
2,085,367
(2,873,530)
42,029
-
42,029
(2,831,501)
196,360
-
1,499,736
Balance at 30 June 2016
64,701,662 (75,153,671)
10,314,793
473,960
416,858
753,602
2015
Balance at 1 July 2014
Loss for the year
Revaluation
Total comprehensive income for
the year
Contributed
Equity
$
Accumulated
Losses
$
Capital
Profits
Reserve
$
Option
Reserve
$
Financial
Assets
Reserve
$
Total
$
63,398,286 (71,578,424) 10,314,793
-
-
(701,717)
-
-
-
277,600
-
-
670,904
-
(296,075)
3,083,159
(701,717)
(296,075)
-
(701,717)
-
-
(296,075)
(997,792)
Balance at 30 June 2015
63,398,286 (72,280,141)
10,314,793
277,600
374,829
2,085,367
The above consolidated statement of changes in equity should be read in conjunction with the accompanying
notes.
21
Greenpower Energy Limited
ABN 22 000 002 111
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Payments to suppliers and employees
Interest received
Finance costs
Income tax benefit received
Net cash provided by (used in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from disposal of investments
Net cash used by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issue of shares and options net of transaction costs
Proceeds from issue of Converting loans
Loan proceeds from related parties
Net cash used by financing activities
Net increase (decrease) in cash and cash equivalents held
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of financial year
Note
2016
$
2015
$
(1,282,921)
8,908
(4,009)
104,905
(796,078)
8,730
(1,935)
-
18(a)
(1,173,117)
(789,283)
97,958
850,000
97,958
850,000
20(d)
428,421
450,000
-
-
-
420,000
878,421
420,000
(196,738)
864,780
480,717
384,063
7
668,042
864,780
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
22
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
2 Summary of Significant Accounting Policies continued
1 Corporate Information
The financial report of Greenpower Energy Limited for the year ended 30 June 2016 was authorised for issue
in accordance with a resolution of the Directors on 30 September 2016 and covers Greenpower Energy
Limited as an individual entity as well as the consolidated entity consisting of Greenpower Energy Limited
and its subsidiaries as required by the Corporations Act 2001.
The financial report is presented in the Australian currency.
Greenpower Energy Limited is a for profit company limited by shares incorporated in Australia whose shares
are publicly traded on the Australian Securities Exchange.
2 Summary of Significant Accounting Policies
(a) Basis of Preparation
The financial report is a general purpose financial statement that has been prepared in accordance
with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative
pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result
in a financial report containing relevant and reliable information about transactions, events and
conditions. The financial statements and notes comply with International Financial Reporting
Standards. Material accounting policies adopted in the preparation of this financial report are presented
below and have been consistently applied unless otherwise stated.
The financial report has been prepared on an accruals basis and is based on historical costs, modified,
where applicable, by the measurement at fair value of selected non-current assets, financial assets
and financial liabilities.
(b) Going Concern
For the year ended 30 June 2016 the group recorded a consolidated loss of $2,873,530 (2015:
$701,717) and at that date the net operating cash out flows were $1,173,117 (2015: $789,283). The
company had net current assets of $483,293 (2015: $437,739).
These conditions could indicate a material uncertainly that may cast significant doubt about the Group’s
ability to continue as a going concern, however notwithstanding this the accounts have been prepared
on a going concern basis.
The directors have assessed the Group’s operating and research costs along with future commitments
for tenement exploration costs in order to establish the future funding requirements for the Group. As
at 30 June 2016 the group has cash of $668,042 as well as shares held in an ASX listed entity with a
value of $268,902. Subsequent to year end the Group announced a share issue to raise before costs
$675,000 which the group anticipates will sufficient to satisfy its current obligations. To date $347,652
has been received with a balance of $265,500 expected to be finalised in October 2016.
The Group sees significant potential in the ongoing development of its Coal to Liquid project. In the
event that this strategy cannot be implemented successfully then the going concern basis of accounting
may not be appropriate with the result that the group may be required to realise its assets and
extinguish its liabilities other than in the normal course of business and at amounts different from that
stated in the financial report.
23
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
2 Summary of Significant Accounting Policies continued
The financial report does not include any adjustments relating to the recoverability and classification of
recorded asset amounts or to the amounts and classification of liabilities that might be necessary
should the Group not continue as a going concern.
(c) Principles of Consolidation
Subsidiaries
The Group financial statements consolidate those of the Parent Company and all of its subsidiaries as
of 30 June 2016. The Parent controls a subsidiary if it is exposed, or has rights, to variable returns from
its involvement with the subsidiary and has the ability to affect those returns through its power over the
subsidiary.
All transactions and balances between Group companies are eliminated on consolidation, including
unrealised gains and losses on transactions between Group companies. Amounts reported in the
financial statements of subsidiaries have been adjusted where necessary to ensure consistency with
the accounting policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year
are recognised from the effective date of acquisition, or up to the effective date of disposal, as
applicable.
Subsidiaries are accounted for in the Parent entity financial statements at cost. A list of subsidiary
entities is contained in Note 12 to the financial statements. All subsidiaries entities have a 30 June
financial year end.
(d) Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
Directors. The Directors are responsible for allocating resources and assessing the performance of the
operating segments.
(e) Revenue and Other Income
Revenue is recognised at the fair value of the consideration received or receivable.
Interest revenue is recognised as interest accrues using the effective interest method. The effective
interest method uses the effective interest rate which is the rate that exactly discounts the estimated
future cash receipts over the expected life of the financial asset.
Dividends received are accounted for when received.
24
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
(f)
Income Tax
The income tax expense for the period is the tax payable on the current period's taxable income based
on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and
liabilities attributable to temporary differences between the tax base of assets and liabilities and their
carrying amounts in the financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for all temporary differences, between carrying
amounts of assets and liabilities for financial reporting purposes and their respective tax bases, at the
tax rates expected to apply when the assets are recovered or liabilities settled, based on those tax
rates which are enacted or substantively enacted for each jurisdiction. Exceptions are made for certain
temporary differences arising on initial recognition of an asset or a liability if they arose in a transaction,
other than a business combination, that at the time of the transaction did not affect either accounting
profit or taxable profit.
Deferred tax assets are only recognised for deductible temporary differences and unused tax losses if
it is probable that future taxable amounts will be available to utilise those temporary differences and
losses.
Deferred tax assets and liabilities are not recognised for temporary differences between the carrying
amount and tax bases of investments in subsidiaries, associates and interests in joint ventures where
the parent entity is able to control the timing of the reversal of the temporary differences and it is
probable that the differences will not reverse in the foreseeable future.
Greenpower Energy Limited and its wholly owned subsidiaries have implemented the tax consolidation
legislation. As a consequence, these entities are taxed as a single entity and the deferred tax assets
and liabilities of these entities are set off in the consolidated financial statements. Current and deferred
tax is recognised in profit or loss except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other
comprehensive income or directly in equity.
(g)
Impairment of Assets
At each reporting date the Group assesses whether there is any indication that individual assets are
impaired. Where impairment indicators exist, the recoverable amount is determined and impairment
losses are recognised in the income statement where the asset's carrying value exceeds its
recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell
and value in use. For the purpose of assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset.
Where it is not possible to estimate the recoverable amount for an individual asset, recoverable amount
is determined for the cash generating unit to which the asset belongs.
(h) Cash and Cash Equivalents
For the purposes of the Statement of Cash Flows, cash and cash equivalents includes cash on hand
and at bank, deposits held at call with financial institutions, other short term, highly liquid investments
with maturities of three months or less that are readily convertible to known amounts of cash and which
are subject to an insignificant risk of changes in value and bank overdrafts.
25
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
(i)
Property, Plant and Equipment
Each class of plant and equipment is carried at cost or fair value as indicated less, where applicable,
any accumulated depreciation and impairment losses. Cost includes expenditure that is directly
attributable to the asset.
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in
excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis
of the expected net cash flows that will be received from the asset's employment and subsequent
disposal. The expected net cash flows have not been discounted to their present values in determining
recoverable amounts.
Depreciation
The depreciable amount of all fixed assets is depreciated on a straight-line basis over the asset's useful
life to the Group commencing from the time the asset is held ready for use. Leasehold improvements
are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives
of the improvements.
Depreciation methods, useful lives and residual values are reviewed at each reporting date and
adjusted if appropriate.
Depreciation on other assets is calculated on a straight line basis over the estimated useful life of the
asset as follows:
Class of Asset
Office Equipment
(j)
Exploration and Evaluation Assets
3-4 Years
Exploration and evaluation expenditure is generally written off in the year incurred, except for
acquisition of exploration properties which is capitalised and carried forward.
When production commences, any accumulated costs for the relevant area of interest which have been
capitalised and carried forward will be amortised over the life of the area according to the rate of
depletion of the economically recoverable resources.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing
to carry forward costs in relation to the area of interest. The carrying value of any capitalised
expenditure is assessed by the Directors each year to determine if any provision should be made for
the impairment of the carrying value. The appropriateness of the Group’s ability to recover these
capitalised costs has been assessed at year end and the Directors are satisfied that the value is
recoverable.
The carrying value of capitalised exploration and evaluation expenditure is assessed for impairment at
an overall level whenever facts and circumstances suggest that the carrying amount of the assets may
exceed recoverable amount. An impairment exists when the carrying amount of the assets exceed the
estimated recoverable amount. The assets are then written down to their recoverable amount. Any
impairment losses are recognised in the income statement.
26
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
(k)
Intangibles
Intangible assets being website development is recorded at cost, it has a finite life and is carried at
cost less any accumulated amortisation and impairment losses. It has an estimated useful life of
between one and three years. It is assessed annually for impairment.
Amortisation is based on the cost of an asset less its residual value. Amortisation is recognised in profit
or loss on a straight-line basis over the estimated useful lives of intangible assets from the date that
they are available for use. Amortisation methods, useful lives and residual values are reviewed at each
reporting date and adjusted if appropriate.
(l)
Fair Values
Fair values may be used for financial asset and liability measurement as well as for sundry disclosures.
Fair values for financial instruments traded in active markets are based on quoted market prices at
reporting date. The quoted market price for financial assets is the current bid price.
The carrying value less impairment provision of trade receivables and payables are assumed to
approximate their fair values due to their short term nature.
(m) Investments and Available for Sale Assets
All investments and available for sale assets are initially stated at cost, being the fair value of
consideration given plus acquisition costs. Purchases and sales of investments are recognised on trade
date which is the date on which the Group commits to purchase or sell the asset. Accounting policies
for each category of investments and available for sale assets subsequent to initial recognition are set
out below.
Available-for-sale Financial Assets
Available-for-sale
financial assets, comprising principally marketable equity securities, are
non-derivatives that are either designated in this category or not classified in any of the other
categories. They are included in non-current assets unless management intends to dispose of the
investment within 12 months of the reporting date. Investments are designated as available-for-sale if
they do not have fixed maturities and fixed or determinable payments and management intends to hold
them for the medium to long term. Impairment testing is performed annually.
After initial recognition, available-for-sale investments are measured at fair value. Gains or losses are
recognised in other comprehensive income and presented as a separate component of equity until the
investment is sold, collected or otherwise disposed of, or until the investment is determined to be
impaired, at which time the cumulative gain or loss previously reported in equity is included in profit or
loss.
Loans and Receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. After initial recognition, these are measured at amortised cost
using the effective interest method, less provision for impairment.
Individually significant receivables are considered for impairment when they are past due or when
other objective evidence is received that a specific counterparty will default.
27
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
(n)
Trade and Other Payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the
year end and which are unpaid. These amounts are unsecured and have 30-90 day payment terms.
(o) Provisions
Provisions for legal claims, service warranties and make good obligations are recognised when the
Group has a present legal or constructive obligation as a result of a past event, it is probable that an
outflow of economic resources will be required to settle the obligation and the amount can be reliably
estimated. Provisions are not recognised for future operating losses.
Where the effect of the time value of money is material, provisions are determined by discounting the
expected future cash flows at a pre-tax rate that reflects current market assessments of the time value
of money and, where appropriate, the risks specific to the liability.
(p) Contributed Equity
Ordinary shares are classified as equity.
Costs directly attributable to the issue of new shares are shown as a deduction from the equity
proceeds, net of any income tax benefit. Costs directly attributable to the issue of new shares
associated with the acquisition of a business are included as part of the purchase consideration.
(q) Earnings per Share
Basic Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to owners of Greenpower
Energy Limited by the weighted average number of ordinary shares outstanding during the financial
year, adjusted for bonus elements in ordinary shares during the year.
Diluted Earnings per Share
Earnings used to calculate diluted earnings per share are calculated by adjusting the basic earnings
by the after tax effect of dividends and interest associated with dilutive potential ordinary shares. The
weighted average number of shares used is adjusted for the weighted average number of ordinary
shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary
shares.
(r)
Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to
changes in presentation for the current financial year.
28
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
(s) Goods and Services Tax (GST)
Revenues and expenses are recognised net of GST except where GST incurred on a purchase of
goods and services is not recoverable from the taxation authority, in which case the GST is recognised
as part of the cost of acquisition of the asset or as part of the expense item.
Receivables and payables are stated with the amount of GST included. The net amount of GST
recoverable from, or payable to, the taxation authority is included as part of receivables or payables in
the statement of financial position.
Cash flows are included in the Statement of Cash Flows on a gross basis and the GST component of
cash flows arising from investing and financing activities, which is recoverable from, or payable to, the
taxation authority, are classified as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable
to, the taxation authority.
(t)
Critical accounting estimates and judgements
The directors evaluate estimates and judgements incorporated into the financial report based on
historical knowledge and best available current information. Estimates assume a reasonable
expectation of future events and based on current trends and economic data, obtained both externally
and from within the Group.
Key estimates - income taxes
The Group has not recognised deferred tax assets relating to carried forward tax losses as utilisation
of the tax losses also depends on the ability of the group to satisfy certain tests at the time the losses
are recouped. Due to the recent capital raising of the parent entity, there are some concerns that the
entity may fail to satisfy the continuity of ownership test and therefore has to rely on the same business
test. The probably of future profit and utilisation of income tax losses will be reliant on the successful
development of the group’s intellectual property.
Key judgments - exploration and evaluation assets
The Group has not capitalised expenditure relating to exploration and evaluation during the year and
has impaired the carrying value being the initial cost of Exploration Licenses acquired.
Key judgments - available-for-sale investments
The Group maintains a portfolio of securities with a carrying value of $268,902 at the end of the
reporting period. Certain individual investments have declined in value and impairment adjustments
have been brought to account against the financial assets reserve.
29
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
(u) New and Amended Accounting Policies Adopted by the Group
The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations
issued by the Australian Accounting Standards Board that are mandatory for the current reporting
period. The adoption of these Accounting Standards and Interpretations did not have any significant
impact on the financial performance or position of the Group.
Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory
have not been early adopted.
(v) New Accounting Standards for Application in Future Periods
Australian Accounting Standards and Interpretations that have recently been issued or amended but
are not yet mandatory, have not been early adopted by the Group for the annual reporting period ended
30 June 2016. The Group's assessment of the impact of these new or amended Accounting Standards
and Interpretations, most relevant to the Group, are set out below.
Title of standard
Nature of change
Impact
AASB 9 Financial
Instruments
AASB 9 addresses the
classification, measurement
and de-recognition of financial
assets and financial liabilities,
impairment of financial assets
and hedge accounting.
Given the nature of the
Company’s financial
assets and financial
liabilities, the Company
does not expect the
impact to be significant.
Based on the
Company’s
assessment, the
impact is not expected
to be significant.
AASB 15
Revenue from
contracts with
customers
An entity will recognise
revenue to depict the transfer
of promised goods or services
to customers in an amount
that reflects the consideration
to which the entity expects to
be entitled in exchange for
those goods or services.
This means that revenue will
be recognised when control of
goods or services is
transferred, rather than on
transfer of risks and rewards
as is currently the case under
AASB 118 Revenue.
Mandatory application
date/ Date adopted by
Company
Must be applied for
reporting periods
commencing on or after 1
January 2018. Therefore
the application date for the
company will be for the
reporting period
commencing on 1 July
2018.
Must be applied for annual
reporting periods
beginning on or after 1
January 2018. Therefore
the application date for the
Company will be for the
reporting period
commencing on 1 July
2018.
30
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
3 Auditors' Remuneration
Remuneration of the auditor of the parent entity for:
- Audit or review - William Buck Audit (WA) Pty Ltd
- Total remuneration for audit services
4 Other Income
- Gain on disposal of available for sale investments
5
Income Tax Expense
(a) The major components of tax expense (income) comprise:
Deferred tax expense
Other deferred tax
2016
$
2015
$
24,105
24,105
24,050
24,050
2016
$
3,510
3,510
2015
$
30,526
30,526
2016
$
2015
$
-
-
-
-
(b)
The prima facie tax benefit/(expense) from the loss before income tax is reconciled to the
income tax as follows:
Prima facie tax benefit on loss from ordinary activities before income
tax at 30% (2015: 30%)
- the Group
Add/Less tax effect of:
- losses not brought to account
- Research & development refund received
Income tax attributable to parent entity
(c) Unrecognised temporary differences
Deferred Tax Assets (at 30%)
Losses not brought to account
2016
$
2015
$
(862,059)
(210,515)
(862,059)
(210,515)
862,059
-
210,515
104,717
-
104,717
2016
$
2015
$
82,372
1,527,872
15,859
1,329,756
Deferred tax assets are only recognised for deductible temporary differences and unused tax losses if
it is probable that future taxable amounts will be available to utilise those temporary differences and
losses. Availability of losses is subject to passing the required tests under the ITAA 1997/1936.
31
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
6 Loss per Share
(a) Reconciliation of Loss used to calculate Loss per share
Loss
Loss used to calculate basic and diluted EPS
(b) Weighted average number of ordinary shares (diluted):
2016
$
2,873,530
2015
$
701,717
2,873,530
701,717
2016
2015
Weighted average number of ordinary shares outstanding during the year
number used in calculating basic EPS and dilutive EPS
332,132,739 92,465,787
332,132,739 92,465,787
Both the basic and diluted loss per share have been calculated using the loss attributable to shareholders
of the Parent Company as the numerator (ie no adjustments to loss were necessary in 2016 or 2015).
The weighted average number of ordinary shares has been utilised in the calculation of basic and diluted
loss per share.
7 Cash and Cash Equivalents
Cash at bank
Short-term bank deposits
Reconciliation of Cash
Cash at the end of the financial year as shown in the Statement
of Cash Flows is reconciled to items in the statement of financial
position as follows:
Cash and cash equivalents
Note
7(a)
2016
$
515,594
152,448
2015
$
715,660
149,120
668,042
864,780
2016
$
2015
$
668,042
864,780
668,042
864,780
The effective interest rate on short-term bank deposits was 2.3% (2015: 2.4%).
(a)
Short term deposit
Short term deposits are held as a security for various bank guarantees.
32
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
8 Trade and Other Receivables
CURRENT
Other receivables
(a) Other Receivables
Note
2016
$
2015
$
8(a)
35,017
118,315
35,017
118,315
Other receivables represent receivables due from the Australian Taxation Office and other amounts
which are not impaired and will be receivable.
9 Available-for-Sale Financial Assets
Available-for-Sale Financial Assets Comprise:
Listed investments
shares in listed corporations
Total available for sale assets at fair value
2016
$
2015
$
268,902
321,322
268,902
321,322
Available for sale assets comprise of investments in the ordinary issued capital of various entities. There are
no fixed returns or fixed maturity date attached to these investments.
Fair Value
Listed investments have been valued at the quoted market bid price at the end of the reporting period.
At 30 June 2016 and 30 June 2015, the aggregate fair values and carrying amounts of financial assets and
financial liabilities approximate their carrying amounts.
Available-for-sale financial instruments are recognised in the statement of financial position of the Group
according to the hierarchy stipulated in AASB 13.
Available-for-sale financial assets
ASX Listed equity shares – Level 1
(a) Reconciliation of Available-for-Sale Financial Assets
Opening Balance
Net gain/(loss) on revaluation of financial assets
Proceeds on disposal
2016
$
2015
$
268,902
321,322
268,902
321,322
2016
$
321,322
42,029
(94,449)
2015
$
617,397
(296,075)
-
268,902
321,322
33
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
10 Plant and Equipment
PLANT AND EQUIPMENT
Office equipment
At cost
Accumulated depreciation
Total office equipment
Total plant and equipment
Total plant and equipment
(a) Movements in Carrying Amounts
2016
$
2015
$
5,796
(4,389)
1,407
1,407
1,407
5,796
(4,065)
1,731
1,731
1,731
Movement in the carrying amounts for each class of plant and equipment between the beginning and
the end of the current financial year:
Office
Equipment
$
Balance at 30 June 2016
Balance at the beginning of year
Additions
Depreciation expense
Balance at 30 June 2016
Balance at 30 June 2015
Balance at the beginning of year
Additions
Depreciation expense
Balance at 30 June 2015
1,731
-
(324)
1,407
2,056
-
(325)
1,731
34
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
11
Intangible Assets
Other intangible assets
Cost
Accumulated amortisation and impairment
Net carrying value
Total Intangibles
(a) Movements in Carrying Amounts
Year ended 30 June 2016
Opening balance
Additions
Amortisation
Closing value at 30 June 2016
Year ended 30 June 2015
Opening balance
Additions
Amortisation
Closing value at 30 June 2015
(b)
Intangible Assets
Note
12(b)
2016
$
2015
$
13,249
(13,249)
13,249
(12,114)
-
-
136
136
Other intangible
assets - Website
$
136
-
(136)
-
949
-
(813)
136
Intangible assets are represented by capitalised costs of the Group’s website development.
12 Controlled Entities
Principal Activity
Country of
incorporation
Percentage
Owned
2016
Percentage
Owned
2015
Subsidiaries of parent entity:
Greenpower Group Ltd @
GCC Asset Holdings Pty Ltd
Greenpower Natural Gas Pty Ltd
Sawells Pty Ltd
Greengrowth Bio-Stimulants Pty Ltd # Non trading
Non trading
Greenpower Latrobe CTL Pty Ltd ^
Investment
Investment
Coal Exploration VIC
Coal Exploration VIC
Australia
Australia
Australia
Australia
Australia
Australia
100
100
100
100
100
100
@ Greenpower Group Limited registered on 26 January 2016
# Greengrowth Bio-Stimulants Pty Ltd (formerly Chimney Springs Pty Ltd)
^Greenpower Latrobe CTL Pty Ltd (formerly Greenpower Latrobe CTL Pty Ltd)
-
100
100
100
100
100
35
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
13 Exploration and Evaluation Assets
NON-CURRENT
Exploration permits
Movements in Other Assets
Year ended 30 June 2016
Opening balance
Impairment of Tenements
Balance at 30 June 2016
Year ended 30 June 2015
Opening balance
Impairment of Tenements
Balance at 30 June 2015
Exploration permits
Current permits as at 30 June 2016:
- Victoria - EL4500, EL 4877 and EL 5227
Note
2016
$
2015
$
-
1,324,439
Exploration
permits
$
Total
$
1,324,439 1,324,439
(1,324,439) (1,324,439)
-
-
1,325,477 1,325,477
(1,038)
(1,038)
1,324,439 1,324,439
Subsequent to year end the Group decided to relinquish all three licenses due to the length of time held and
haphazard area shaping that reductions have caused over the years and apply for a fresh license covering
the most accessible and geologically well-defined area of the lignite deposit.
Ultimate realisation of the value of the Group’s tenements is dependent upon successful exploitation or
sale.
14 Trade and Other Payables
CURRENT
Trade payables
Other payables
Related party loans
2016
$
2015
$
123,624
96,142
-
35,284
90,071
420,000
219,766
545,355
21(d)
36
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
15
Issued Capital
608,899,976 (2015: 92,465,787) Ordinary Shares
2016
$
2015
$
64,701,662 63,398,286
64,701,662 63,398,286
The Company has no authorised share capital or par value in respect of its issued shares.
Movements in ordinary share capital
Year ended 30 June 2016
At the beginning of year
Shares issued during the year
Cost of listing shares
Balance at 30 June 2016
Year ended 30 June 2015
At the beginning of year
Shares issued during the year
Cost of listing shares
Balance at 30 June 2015
No. of shares
$
92,465,787
516,434,189
-
608,899,976
63,398,286
1,549,303
(245,927)
64,701,662
92,465,787
-
-
63,398,286
-
-
92,465,787
63,398,286
Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to
the number of shares held.
At the shareholders meetings, each ordinary share is entitled to one vote when a poll is called; otherwise
each shareholder has one vote on a show of hands.
Capital Risk Management
The Group's and the parent entity's objectives when managing capital are to safeguard their ability to continue
as a going concern, so that they can continue to provide returns for shareholders and benefits for other
stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may pay dividends to shareholders, return
capital to shareholders, issue new shares or sell assets.
During 2016, the Group's strategy, which was unchanged from 2015, was to maintain minimum borrowings
outside of trade and other payables. During the previous year a loan on commercial terms from a Director
was received.
37
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
Cash and cash equivalents
Less: payables
Net cash
Total equity
Total capital
16 Reserves
Capital Realisation Reserve
Share Based Payments Reserve
Available For Sale Asset Reserve
Capital Realisation Reserve
Opening balance
Share Based Payments Reserve
Opening balance
Share based payments
Available For Sale Asset Reserve
Opening balance
Fair value adjustment
Income statement
Deferred tax in income statement
Deferred tax in statement of financial position
Total reserves
Capital Realisation Reserve
2016
$
2015
$
668,042
(219,766)
864,780
(545,355)
448,276
753,602
319,425
2,085,367
305,326
1,765,942
2016
$
2015
$
10,314,793 10,314,793
277,600
374,829
473,960
416,858
11,205,611 10,967,222
2016
$
2015
$
10,314,793 10,314,793
10,314,793 10,314,793
277,600
196,360
277,600
-
473,960
277,600
374,829
42,029
-
-
-
670,904
(296,075)
-
-
-
416,858
374,829
11,205,611 11,263,292
The capital realisation reserve records revaluation of capital.
Available For Sale Asset Reserve
The financial assets reserve recognises movements in fair value of available for sale financial assets.
38
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
16 Reserves continued
Share Based Payments Reserve
The share based payments reserve records items recognised as expenses on valuation of employee share
options.
Share options are issued for nil consideration. The exercise price of the share options is determined by the
Directors in their absolute discretion and set out in the Offer provided that the exercise price is not less than
the average Market Price on ASX on the five trading days prior to the day the Directors resolve to grant the
Options. Any options that are not exercised by fifth anniversary of their grant date will lapse. Upon exercise,
these options will be settled in ordinary fully paid shares of the Company. The Options can be exercised in
whole or part at any time up to and including the Expiry Date by lodging and Option Exercise Notice
accompanied by the payment of the exercise Price.
Summary of options granted under the Long Term Incentive Plan
The following table illustrates the number and the weighted average exercise price (WAEP) of and
movements in shares options under the long term incentive plan:
Outstanding at the beginning of the year
Granted during the year
Vested during the year
Lapsed/cancelled during the year
Forfeited during the year
Outstanding at the year end
Exercisable at the year end
2016
Number
700,000
45,000,000
-
(250,000)
-
45,450,000
45,450,000
2016
WAEP
2015
Number
2015
WAEP
0.05
0.005
-
-
-
700,000
-
-
-
-
700,000
700,000
.05
-
-
-
-
Weighted average remaining contractual life of share options
The weighted average remaining contractual life for the share options outstanding as at 30 June 2016 is 5
years (2015: 0.68 years).
Range of exercise price of share options
The exercise price for options outstanding at the end of the year is .005 to .05 (2015: .05 to .051) cents.
Weighted average fair value of share options
The weighted average fair value of options granted during the year is 0.000001 (2015: Nil).
Share option valuation
The fair value of the equity-settled share options granted under the LTIP is estimated at the date of grant
using a Black Scholes model, which takes into account factors including the options exercise price, the
volatility of the underlying share price, the risk-free interest rate, the market price of the underlying shares at
grant date, historical and expected dividends and the expected life of the option.
39
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
16 Reserves continued
The options were valued using Black Scholes with the below assumptions:
Number of options in series
Underlying share price
Exercise price
Expected volatility #
Option life
Dividend yield
Interest rate
Unlisted options
45,000,000
$0.006
$0.005
100%
4 years
0.00%
1.50%
# Expected volatility has been based on an evaluation of the historical volatility of the share price of similar
companies operating in the junior explorer mining industry, particularly over the historical period
commensurate with the expected term.
17 Accumulated Losses
Accumulated losses
Opening balance
Net loss for the period
Total
18 Cash Flow Information
2016
$
2015
$
(72,280,141) (71,578,424)
(2,873,530)
(701,717)
(75,153,671) (72,280,141)
(a) Reconciliation of Cash Flow from Operations with Loss after Income Tax
Net loss for the year
Cash flows excluded from loss attributable to operating activities
Non-cash flows in loss
Amortisation
Depreciation
Loss on impairment of tenement
Share based payments
Net (gain)/loss on disposal of investments
Income tax benefit
Changes in assets and liabilities, net of the effects of purchase and
disposal of subsidiaries
Decrease/(Increase) in receivables
Increase in trade payables and accruals
Net cash (outflow) from operating activities
2016
$
2015
$
(2,873,530)
(701,717)
136
324
1,324,439
196,315
(3,510)
-
813
325
1,038
-
-
(104,727)
83,298
99,411
(21,990)
36,975
(1,173,117)
(789,283)
40
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
19 Capital Commitments
Capital Expenditure Commitments
Capital expenditure commitments contracted for:
Exploration Permits
Coal to Liquids
Payable:
- not later than 12 months
- between 12 months and 5 years
20 Related Party Transactions
2016
$
2015
$
-
-
-
-
-
-
163,950
769,333
933,283
820,933
112,350
933,283
(a)
Parent entity
The ultimate parent entity within the Group is Greenpower Energy Limited.
(b) Subsidiaries
Interests in subsidiaries are set out in note 12.
(c) Compensation
The aggregate compensation made to directors and other members of key management personnel of
the consolidated entity is set out below:
Short-term employee benefits
Post-employment benefits
Long-term benefits
Share-based payments
2016
$
259,808
12,192
-
109,108
2015
$
241,808
12,192
-
-
381,108
254,000
(d)
Transactions and balances with related parties
All transactions between related parties are on normal commercial terms and conditions no more
favourable than those available to other parties unless otherwise stated.
During the year ended 30 June 2015 a Director, Gerard King, had loaned the Group $420,000 on
commercial terms to meet its short term Coal to Liquid project commitments and working capital. This
loan was repaid by the issue of 140,000,000 ordinary shares on 27 April 2016. Interest was payable
by the Group at 5.75% being the underlying bank loan rate and totalled $19,222. The loan was
repayable on demand.
41
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
21 Contingent liabilities and contingent assets
The Group had contingent liabilities at 30 June 2016 in respect of:
(i) Guarantees
The Group has provided bank guarantees in favour of the Minister of Energy and Resources with respect to
a security deposit and in favour of Minister of Energy and Resources Victoria with respect to a contract
performance at 30 June 2016. The total of these guarantees at 30 June 2016 was $20,000 with a financial
institution (30 June 2015: $20,000).
22 Financial Risk Management
(a)
Financial Risks
The main risks the Group is exposed to through its financial instruments are interest rate risk and
liquidity risk.
The Group manages liquidity risk by prudent monitoring of expenditure in line with available funds.
(b) Net Fair Values
Fair Value Measurement
The Group’s fair values of financial instruments are categorised by the following levels:
(a) quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)
inputs other than quoted prices included within level 1 that are observable for the asset or
(b)
liability, either directly (as prices) or indirectly (derived from prices) (level 2), and
inputs for the asset or liability that are not based on observable market data (unobservable
(c)
inputs) (level 3).
(c)
Foreign Currency Risk
During the year ended 30 June 2016, as a result of a relationship with Thermaquatica Inc., a company
incorporated in the USA, the financial performance of the Group was affected by movements in the
AUD$/USD$ exchange rates. The Group did not seek to hedge this exposure. There is no formal
foreign currency management policy, however the Group monitors its foreign currency expenditure on
an ongoing basis. There are no foreign currency commitments as at 30 June 2016.
(d) Credit Risk
The Group has no significant concentrations of credit risk other than cash at bank which is held with
the Commonwealth Bank of Australia and Westpac Bank both AA- rated Australian banks. The
maximum exposure to credit risk at reporting date is the carrying amount (net of provision of doubtful
debts) of those assets as disclosed in the statement of financial position and notes to the financial
statements.
As the Group does not presently have any debtors, lending, significant stock levels or any other credit
risk, a formal credit risk management policy is not maintained.
42
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
22 Financial Risk Management continued
(e)
Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulties raising funds to meet commitments
associated with financial instruments (e.g. borrowing repayments). The Group manages liquidity risk
by monitoring forecast cash flows and ensuring that adequate unutilised borrowing facilities are
maintained.
Maturity analysis
Year ended 30 June 2016
Trade and other payables
Year ended 30 June 2015
Trade and other payables
(f)
Price Risk
Carrying
Amount
$
Contractual
Cash flows
$
< 6 months
$
6- 12
months
$
1- 5
years
$
> 5
years
$
Total
$
219,766
219,766
219,766
219,766
219,766
219,766
-
-
545,355
545,355
125,355
420,000
545,355
545,355
125,355
420,000
-
-
-
-
-
-
-
-
219,766
219,766
545,355
545,355
The Group is exposed to equity securities price risk. This arises from investments held by the Group
and classified on the statement of financial position as available-for-sale.
To manage its price risk arising from investments in equity securities, the Group regularly reviews the
holdings and maintains a portfolio which the Directors believe has strong core values. The Group’s
equity investments are publicly traded and are listed on the ASX.
The maximum exposure to price risk from an income statement perspective at reporting date is the
carrying amount of the investments.
Financial Assets
+ 20%
2016
$
53,780
53,780
2015
$
64,264
64,264
- 20%
2016
$
2015
$
(53,780)
(64,264)
(53,780)
(64,264)
43
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A
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
23 Segment Reporting
The Group operates predominantly in one business and geographical segment being Exploration activities
throughout Australia.
24 Parent entity
The following information has been extracted from the books and records of the parent, Greenpower Energy
Limited and has been prepared in accordance with Accounting Standards.
The financial information for the parent entity, Greenpower Energy Limited has been prepared on the same
basis as the consolidated financial statements except as disclosed below.
Investments in subsidiaries
Investments in subsidiaries, are accounted for at cost in the financial statements of the parent entity.
Consolidated Statement of Financial Position
Assets
Current assets
Non-current assets
Total Assets
Liabilities
Current liabilities
Total Liabilities
Equity
Issued capital
Accumulated losses
Capital Realisation Reserve
Share Based Payments Reserve
Total Equity
Consolidated Income Statement
Total loss for the year
Total comprehensive loss
2016
$
2015
$
607,064
366,210
887,299
1,743,423
973,274
2,630,722
219,766
545,355
219,766
545,355
64,701,662 63,398,286
(74,736,907) (71,905,312)
10,314,793 10,314,793
277,600
473,960
753,508
2,085,367
(2,831,596) (1,360,256)
(2,831,596)
(1,360,256)
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
Pursuant to Class Order 98/1418 Greenpower Energy Limited and its wholly owned subsidiaries (refer note
12) entered into a deed of cross guarantee. The effect to the deed is that Greenpower has guaranteed to
pay any deficiency in the event of winding up of any controlled entity or if they do not meet their obligations
under the terms of any debt subject to the guarantee. The controlled entities have given a similar guarantee
in the event that Greenpower is wound up or if it does not meet its obligations under the terms of any debt
subject to the guarantee.
45
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2016
24 Parent entity continued
Contingent liabilities of the parent entity.
The Directors are not aware of any contingent liabilities at reporting date.
Contractual commitments by the parent entity.
Capital expenditure commitments contracted for:
Coal to Liquids payable not later than 12 months
25 Events After the Reporting Date
Subsequent to the year end of the Group:
2016
$
2015
$
-
-
769,333
769,333
• On 29 July 2016 the Group announced a capital raising to raise $675,000 before costs over two tranches.
$347,652 net of costs has been raised in the first tranch with a balance of $265,500 (the second tranch)
expected to be finalised in October 2016.
• On 20 September 2016 the Group announced that it had signed a binding heads of agreement with Guyana
Strategic Metals Inc. to acquire (at the company’s discretion) percentage interests from 10% up to 74%,
depending on exploration results interest in the Guyanese Morabisi Project prospective for Lithium and
Tantalum. Refer to the separate ASX announcement 22 September 2016.
No other matters or circumstances have arisen since the end of the financial year which significantly
affected or may significantly affect the operations of the company, the results of those operations, or the
state of affairs of the company in future financial year.
26 Company Details
Registered office
The registered office of the company is:
Greenpower Energy Limited
1st Floor, 46 Ord Street
West Perth WA 6005
Principal place of business
The principal place of business is:
Greenpower Energy Limited
1st Floor, 46 Ord Street
West Perth WA 6005
46
Greenpower Energy Limited
ABN 22 000 002 111
Directors' Declaration
The directors of the company declare that:
1. the financial statements and notes, as set out on pages 18 to 46, are in accordance with the Corporations
Act 2001 and:
a. comply with Corporations Regulations 2001 and other mandatory professional reporting requirements,
Accounting Standards, which, as stated in accounting policy note 2 to the financial statements,
constitutes explicit and unreserved compliance with International Financial Reporting Standards (IFRS);
and
b. give a true and fair view of the financial position as at 30 June 2016 and of the performance for the year
ended on that date of the consolidated group.
2. the Chief Executive Officer and Chief Finance Officer have each declared that as required by Section 295A:
a.
the financial records of the company for the financial year have been properly maintained in accordance
with section 286 of the Corporations Act 2001;
b.
the financial statements and notes for the financial year comply with the Accounting Standards; and
c.
the financial statements and notes for the financial year give a true and fair view.
3. in the directors' opinion, there are reasonable grounds to believe that the company will be able to pay its
debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
Director ..................................................................
Dated 30 September 2016
47
Greenpower Energy Limited
ASX Additional Information
For the Year Ended 30 June 2016
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 20 September 2016.
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
There were 1,621 holders of less than a marketable parcel of ordinary shares.
20 Largest Optionholders
Pandora Nominees Pty Ltd
Allison Bulseco
Pheakes Pty Ltd
Stacey Tomsic
Suttling Family Trust
Mr Stephen Menzies
Mr Matthew Suttling
Mr John Watts
Unissued Equity Securities
Options issued 45,450,000.
Holders
Number of
Shares
174,739
860,837
1,591,070
9,044,972
688,228,358
870
290
188
261
235
1,844
699,899,976
Options
Number held
% of issued
options
10,000,000
10,000,000
10,000,000
9,990,000
5,010,000
200,000
150,000
100,000
22.00
22.00
22.00
21.98
11.03
0.44
0.33
0.22
45,450,000
100.00
50
Greenpower Energy Limited
ASX Additional Information
For the Year Ended 30 June 2016
20 Largest Shareholders
Pandora Nominees Pty Ltd
Clairault Investments Pty Limited
Golden Dawn Limited
Tregeare Pty Ltd
Alitime Nominees Pty Ltd
Elstree Capital Pty Ltd
AH Super Pty Ltd
Quintero Group Limited
Sacco Developments Australia Pty Limited
Malcora Pty Ltd
T T Nicholls Pty Ltd
C N Mcdonald Pty Ltd
Astron Limited
Richsham Nominees Pty Ltd
GAB Superannuation Fund Pty Ltd
S3 Consortium Pty Ltd
Mr Steven Stacey Bryson-Haynes
Mr Mark Jonathan Sandford + Mr Christopher John Sandford
Rimoyne Pty Ltd
Allison Maree Bulseco
Securities exchange
The Company is listed on the Australian Securities Exchange.
Ordinary shares
Number
held
140,000,000
33,350,000
33,333,333
28,977,516
20,000,000
17,741,948
16,666,666
16,666,666
14,666,499
11,975,992
10,375,000
10,000,000
9,513,018
9,333,333
8,819,170
8,666,666
8,333,333
7,666,666
7,500,000
7,010,030
420,595,836
% of issued
shares
20.00
4.76
4.76
4.14
2.86
2.53
2.38
2.38
2.10
1.71
1.48
1.43
1.36
1.33
1.26
1.24
1.19
1.10
1.07
1.00
60.08
51