Greenpower Energy Limited
ABN 22 000 002 111
Consolidated Annual Report
For the Year Ended 30 June 2017
Greenpower Energy Limited
ABN 22 000 002 111
For the Year Ended 30 June 2017
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
15
16
17
18
19
20
21
45
46
52
Greenpower Energy Limited
ABN 22 000 002 111
Directors’ Report
30 June 2017
Your directors present their report on the Company and its controlled entities for the financial year ended 30 June
2017.
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 (cid:150) Appointed 29 February 2016, Resigned 6 December 2016, Reappointed 28 March 2017
Mr. Timothy Wall (cid:150) Appointed 23 May 2016, Resigned 28 March 2017
Mr. Simon Peters (cid:150) Appointed 6 December 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 WA State St. John Council Chairman
until 2016.
163,477,516 Ordinary Shares and 4,000,000 Unlisted 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 2017
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(cid:146)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
Nil Ordinary Shares and Nil 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(cid:146)s Company Directors
and AIRA’s Diploma of Investor Relations
Mr Wall is an experienced professional with a strong
background as a (cid:147)hands on(cid:148) 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 Ordinary Shares and 13,000,000 Unlisted Options
Non-Executive Director.
Other current directorships
in listed entities
Nil
2
Greenpower Energy Limited
ABN 22 000 002 111
Directors’ Report
30 June 2017
Information on directors continued
Simon Peters
Qualifications
Experience
Interest in shares and
options
Special responsibilities
Other directorships in listed
entities held in the previous
three years
BEng (Mining) MAusIMM (Hons)
Simon is a highly qualified Mining Engineer and Executive
Manager with 16 years international and Australian experience
covering mining, feasibility studies, sensitive permitting and
approvals, mineral
planning,
exploration,
development resource definition and Project development.
strategic
More recently Simon was project executive for an ASX listed
entity Astron Ltd and a Director of 3 subsidiaries including a
joint venture subsidiary involved in funding and commissioning
an African mineral sands operation and gold exploration
programs. He has gained experience in production of
industrial minerals, iron ore and gold and has held senior
operational and management positons within Rio Tinto and
Henry Walker Eltin. He holds a Bachelor of Engineering
(mining) with Honors from Federation University Australia and
an unrestricted WA Quarry Managers Certificate.
Simon is a partner of Sustainable Project Services which
provides strategic & technical management consultancy
advice to government, mining and agricultural sectors.
75,000 Ordinary Shares and 3,000,000 Unlisted Options
Non-Executive Director
Managing Director of E2 Metals Limited since 27 June 2016
3
Greenpower Energy Limited
ABN 22 000 002 111
Directors’ Report
30 June 2017
Principal Activities
The principal activities of the Group during the financial year were the research and development of its Coal
to Liquid project, exploration for Lithium in Guyana and the hypersaline Brine project in the Northern Territory.
The principal activities of the Greenpower Energy Limited and its subsidiaries ((cid:147)Greenpower(cid:148)) during the
financial year relating to these were:
Northern Territory (cid:150) Pretoria Project:
(cid:149) As at 30 June 2017 Greenpower holds an Application for Exploration License 31496 and 8 Exploration
Licenses (EL-31459 through to EL-31466) in the Northern Territory. The initial target was to secure title
in order to test underground supercritical brine reservoirs, disclosed in previous petroleum exploration,
for lithium presence.
(cid:149) Greenpower announced on 3 March 2017 that initial reconnaissance surface sampling indicated an
extensive surface potassium clay occurrence with Potash potential. Greenpower has been working
through it options to extend the program while the company awaits grant of the above Licence
applications.
(cid:149) It is envisaged that future exploration will include Greenpower seeking to test known underground
brine reservoirs for Lithium potential.
(cid:149) Greenpower is planning a sampling program in August 2017.
Guyana Lithium / Tantalum Project:
(cid:149) As announced on 1 May 2017 Greenpower completed funding Phase 1 operations for the Guyana
Morabisi Project Area, for which exploration was undertaken by its partner Guyana Strategic Metals
Inc ((cid:147)GSM(cid:148)).
(cid:149) As assays became available Greenpower announced the results of the sampling from Phase 1 which
included Lithium, Tantalum and rare earth elements in the Robello area. Greenpower has evaluated
its options in Guyana in terms of both the Phase 2 plan and to potentially increasing its footprint in
Guyana. Executive Director Gerry King and Greenpower(cid:146)s geology consultant John Watts have now
returned from Guyana from high level discussions with the Guyanese Government and undertook
extensive reviews of the potential Phase 2 operations with GSM.
(cid:149) Subsequent to the end of the quarter Greenpower announced on July 28th that it had exercised its
option to progress with funding Phase 2 of the Morabisi project with field activities to commence in
August 2017.
Victoria:
(cid:149) As at 30 June 2017 Greenpower held an application for an Exploration License for an area situated
near Moe township, in the Latrobe Valley, Victoria. (Greenpower previously held Exploration Licenses
4500, 4877 and 5227, also in the Latrobe Valley, Victoria).
(cid:149) The Group then intends to hold the new licence until the Company(cid:146)s coal to liquid technology has
been advanced to the degree necessary to resort to this deposit, if necessary by converting to
Retention licenses.
(cid:149) 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.
4
Greenpower Energy Limited
ABN 22 000 002 111
Directors’ Report
30 June 2017
Coal to Liquid Project (cid:145)CTL(cid:146):
(cid:149) In November 2013 Greenpower signed a (cid:145)research and option(cid:146) agreement with US-based
Thermaquatica Inc., to jointly test and develop the Oxidative Hydrothermal Dissolution (OHD) process
for the conversion of coal to liquids. OHD is a patented process for the conversion of coals to liquids,
the rights to which are owned by Thermaquatica Inc. The arrangement provided for 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 into extraction of
the products from the OHD liquid. On 12 May 2017 Greenpower and Thermaquatica signed off on the
conversion of the research and option agreement to an exclusive license agreement for Australia and
New Zealand.
(cid:149) OHD is a novel and environmentally friendly technology for the conversion of coal and other solid
organic material into low molecular weight, water soluble chemical products, with no greenhouse gases
created in the process. 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.
(cid:149) During the year Greenpower concentrated on developing its understanding of the potential and
marketability of the bio-stimulant output from the OHD process.
- As such ongoing plant trials are being undertaken by Monash University which continued to report
encouraging results. Studies to date have confirmed that the OHD bio-stimulant fertiliser delivers
positive yield results and the studies have concluded that the OHD bio-stimulant enhances
reproductive activity in plants that produce flower and seeds. These studies have lead Greenpower
to focus on crop cereal and horticultural markets.
- HRL Technology Group have been engaged and progressed with the detailed designs and costing
of an OHD pilot plant in Victoria. HRL are currently working with Thermaquatica in the USA on
specific tests designed to further the understanding of the process for the development of the pilot
plant in Australia.
- Greenpower is working with several consultants with respect to plant design, costings, market
scope and co-funding opportunities (including government co-funding) and in so doing the
company is working towards finalising a OHD Commercialisation Plan.
- Thermaquatica are assisting by continuing their research while undertaking to increase the output
quantity of liquor to cater for the increased level of testing to be carried out by HRL and the Monash
University programs.
(cid:149) Greenpower plans to demonstrate the process works at a commercial scale, which necessitates the
building of a industrial scale Demonstration Plant, and then commence commercial production of the
converted liquid, and marketing of it as a plant growth bio-stimulant. Commercialisation plant
engineering design and detailed planning work has now been substantially carried out in Melbourne.
(cid:149) In order to develop the project Greenpower will need to raise finance and or issue equity to provide
sufficient funding to build the 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.
5
Greenpower Energy Limited
ABN 22 000 002 111
Directors’ Report
30 June 2017
Corporate:
(cid:149) During the year Greenpower Energy Limited had engaged Patersons Corporate Finance and then
Xcel Capital to provide ongoing advisory services including capital management. During the year
Greenpower successfully raised $4,555,540 net of costs.
(cid:149) Greenpower had previously applied for an advanced finding to include the research funded by
Greenpower Energy and undertaken by Thermaquatica at the University of Southern Illinois USA in
the Group(cid:146)s Research and Development application, this was rejected by Innovation Australian in April
2016, and again, on review. After further reviewing the application with Greenpower Energy(cid:146)s R&D
consultants and specialist legal counsel, Greenpower has taken the final avenue and is applying to the
Administrative Appeals Tribunal for a review. The appeal is at a preliminary stage.
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:
(cid:149) On 28 July 2017, it was announced that Greenpower would exercise its option to proceed to Phase 2 of the
Lithium Morabisi Project. This entails agreeing to the budgeted expenditure, payment of USD100,000 to
Guyana Strategic Metals Inc. and the issuance of 17,500,000 Greenpower ordinary shares in accordance
with the Heads of Agreement.
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.
Likely Developments and Expected Results from Operations
The Company expects to complete its Commercialisation plan for the Coal to Liquids project, continue to
develop potential OHD markets through its Monash University programs, progress the pilot plan and funding;
complete Phase II of the Guyana Lithium & Tantalum project; and in the Northern Territory sample the surface
potassium clays and investigate the underground brine reservoirs.
Non-Audit Services
There were no non-audit services during the year (2016: Nil).
Auditors Independence Declaration
The lead auditors(cid:146) independence declaration for the year ended 30 June 2017 has been received and can be
found on page 15 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.
6
Greenpower Energy Limited
ABN 22 000 002 111
Directors’ Report
30 June 2017
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 2016 to 30 June 2017 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 with broad experience including clients ranging from multinationals to
listed public companies, other business financial and taxation services. He is currently in Public Practice.
Business Review
Operating Results
The loss after providing for income tax amounted to $2,320,120 (2016: $2,873,530). The loss included
$577,097 in share based payments expense (2016: $196,315) while the 2016 loss included an impairment
against the carrying value of the Tenements held of $1,324,439. Current year exploration and development
expenses increased by $222,611 which included the Morabisi Phase 1 expenditure and OHD program, where
the Group(cid:146)s policy is to expense exploration and initial expenditures. Administration costs increased to
$748,612 (2016: $430,068) which was impacted by increased consultancy support and the costs of business,
they would not be anticipated to increase in 2018. Overall expenditure will increase in 2018 with the:
- development of the CTL project including consultancy to identify potential markets, completion of the
commercialisation plan, research and pilot plant design costs
- agreement to fund Phase 2 of the Morasibi Lithium and Tantalum project
- exploration and research with the Pretoria Project
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, 6 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 Simon Peters
Directors’ Meetings
Eligible to attend Number attended
6
6
3
3
6
6
3
3
7
Greenpower Energy Limited
ABN 22 000 002 111
Directors’ Report
30 June 2017
Remuneration Report (AUDITED)
The key management personnel of the Group consisted of the following directors and other persons:
- Gerard King - Executive Chairman
- Edwin Bulseco (cid:150) Non-Executive Director
- Timothy Wall (cid:150) Non-Executive Director
- Simon Peters (cid:150) Non-Executive
- Matthew Suttling - CFO/Company Secretary
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.
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 and legal advisors. 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(cid:146)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 high 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
allocated 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(cid:146) interests
with shareholder interests, the directors are encouraged to hold shares in the Company and can participate
in the employee option plan.
8
Greenpower Energy Limited
ABN 22 000 002 111
Directors’ Report
30 June 2017
Service Agreements
Greenpower Energy Limited has implemented service agreements with key management personnel. The
major provision of the agreements related to the remuneration are set out below:
- Confirmation of the executive and non-executive fees payable
- Employment conditions with the Greenpower Energy and the consultant and their consulting entity
- Termination is dependent on with or without cause where termination payments are limited by the
Corporations Act or the ASX Listing rules to a maximum of 12 months remuneration with an inclusive
6 month notice period or zero with cause.
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(cid:146)s 2016 Annual General Meeting
The Company passed the motion approving the 2016 remuneration report with 94.03% 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
During the year 23,000,000 unlisted options were issued to directors and consultants of Greenpower Energy
Limited as approved at the EGM held on 23 January 2017. No additional options over shares in Greenpower
Energy Limited were granted during the year in accordance with the Company Employee Share Option Plan
("ESOP").
The options are issued to provide long-term incentives for executives and consultants to deliver long-term
shareholder returns. Participation in the plan is at the board(cid:146)s discretion and no individual has a contractual
right to participate in the plan or to receive any guaranteed benefits.
During the year 25,010,000 ordinary shares in the company were issued as a result of the exercise of
remuneration options to directors of Greenpower Energy Limited or other key management personnel of the
group.
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.
9
Greenpower Energy Limited
ABN 22 000 002 111
Directors’ Report
30 June 2017
Details of Remuneration
Details of remuneration of the directors and key management personnel of the group are set out below:
2017
Short-term benefits
Share-based payments
Total
Post employment
benefits
Gerard King
Edwin Bulseco 1.
Timothy Wall 2.
Simon Peters 3.
Matthew Suttling
2016
Gerard King
Edwin Bulseco 1.
Timothy Wall 2.
Alan Flavelle 4.
Ronald McCullough 5.
Takanao Mitsui 5.
Matthew Suttling
Cash salary
$
Cash profit share
$
Cash Bonus
$
Cash Benefits
$
Superannuation
$
Equity
$
Options
$
$
78,000
24,000
38,000
21,000
54,166
215,166
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
58,823
-
209,452
44,117
44,117
136,823
24,000
247,452
65,117
98,283
356,509
571,675
Short-term benefits
Post employment
benefits
Share-based payments
Total
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
1. Edwin Bulseco appointed as a Director on 29 February 2016, resigned on 6 December 2016 and was reappointed
28 March 2017
2. Timothy Wall was appointed as a Director on 23 May 2016 and resigned on 28 March 2017
3. Simon Peters was appointed as a Director on 6 December 2016
4. Alan Flavelle resigned as a Director on 30 June 2016
5. 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
Simon Peters
KMP
Matthew Suttling
Fixed
Remuneration
%
At Risk Long
Term
Remuneration
%
57
100
15
32
55
43
-
85
68
45
10
Greenpower Energy Limited
ABN 22 000 002 111
Directors’ Report
30 June 2017
Other transactions with Key Management Personnel
Greenpower has engaged Xcel Capital to provide an ongoing corporate advisory role. The corporate advisory
services mandate is on essentially the same terms as Greenpower(cid:146)s previous service provider and includes
the same team. Director Edwin Bulseco is a principal of Xcel Capital, however is not engaged on the
Greenpower account. Greenpower incurred capital raising costs of $63,598 and advisory fees of $28,500
during the year. There were no other Key Management personnel related party transactions during the year.
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 2017
Directors
Gerard King #1.
Edwin Bulseco #2.
Timothy Wall
Simon Peters
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
168,977,516 10,000,000 (15,000,000)
7,010,030 10,000,000 (17,010,030)
-
-
-
75,000
-
-
251,730 5,010,000
(1,900,000)
176,314,276 25,010,000
(33,910,030)
- 163,977,516
-
-
-
-
75,000
-
-
3,361,730
- 167,414,246
# Net change other are ordinary shares movements as follows:
#1. A related party of Gerard King, Pandora Nominees Pty Ltd transferred 10,000,000 shares to
Alan Flavelle and disposed 5,000,000 shares on market.
#2. On market disposals during the year.
Details of Options Issued During the year:
30 June 2017
Directors
Gerard King
Edwin Bulseco
Timothy Wall
Timothy Wall
Simon Peters
Other KMP
Matthew Suttling
Grant Date
Number
Granted
Value per
Option $
Value of
options at
grant date
Number
lapsed
during the
year
4,000,000
23 January 2017
-
-
23 January 2017 10,000,000
23 January 2017 3,000,000
23 January 2017 3,000,000
0.015
-
0.017
0.015
0.015
58,823
-
165,334
44,117
44,117
23 January 2017
3,000,000
0.015
44,117
-
-
-
-
-
-
11
Greenpower Energy Limited
ABN 22 000 002 111
Directors’ Report
30 June 2017
30 June 2017
Directors
Gerard King
Edwin Bulseco
Timothy Wall
Timothy Wall
Simon Peters
Other KMP
Matthew Suttling
Exercise
Price
Cents
Vesting and first
exercise date
Last exercise
date
-
0.022 23 January 2017
-
0.025 23 January 2017
0.022 23 January 2017
0.022 23 January 2017
1 January 2019
-
1 January 2019
1 January 2019
1 January 2019
0.022 23 January 2017
1 January 2019
The options granted in the year ended 30 June 2017 were issued and paid at $Nil and are exercisable at
as per the table below. They vested immediately.
The options have been valued using Black Scholes methodology, the Black Scholes assumptions and
details are outlined below:
Number of options in series
Underlying share price
Exercise price
Expected volatility
Option life
Expiry date
Dividend yield
Interest rate
Unlisted options
13,000,000
$0.026
$0.022
100%
1.93 years
01 January 2019
0.00%
2.75%
Unlisted options
10,000,000
$0.026
$0.025
100%
2.99 years
23 January 2020
0.00%
2.75%
Options Held by KMP
Opening
Balance
Granted as
remuneration
On exercise
of options
Expired
Vested and
Exercisable
Vested and Un-
exercisable
Gerard King
Edwin Bulseco
Timothy Wall
Simon Peters
Matthew Suttling
10,000,000
10,000,000
-
-
5,160,000
4,000,000 10,000,000
- 10,000,000
-
13,000,000
-
3,000,000
3,000,000 5,010,000
-
-
-
-
150,000
4,000,000
-
13,000,000
3,000,000
3,000,000
25,160,000
23,000,000 25,010,000
150,000
23,000,000
-
-
-
-
-
-
On 23 January 2017 23,000,000 KMP Options were issued as approved by the Extraordinary General
Meeting held on 23 January 2017. 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. Refer above tables for
the exercise price of the options.
12
Greenpower Energy Limited
ABN 22 000 002 111
Directors’ Report
30 June 2017
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(cid:146)s development, as such no link between remuneration
and financial performance currently exists.
The table below sets out summary information about the Group(cid:146)s earnings and movement in share price for
the five years to 30 June 2017:
Income
Net loss before tax
Net loss after tax benefit
Share Price at end of year (cents)
Basic and diluted loss per share
2017
$
49,659
2016
$
12,418
(2,411,036) (2,873,530)
(2,320,120) (2,873,530)
0.5
(0.87)
0.2
(0.02)
2013
$
2015
$
31,042
2014
$
21,982
396,073
(806,434) (1,726,517) (1,121,806)
(701,717) (1,726,517) (1,212,490)
0.1
(1.46)
0.9
(0.76)
0.2
(1.87)
Long Term Benefits and Termination Benefits
The Group(cid:146)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(cid:146) Independence Declaration
The lead auditors(cid:146) independence declaration for the year ended 30 June 2017 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.
13
Greenpower Energy Limited
ABN 22 000 002 111
Directors’ Report
30 June 2017
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
13/10/2016
23/01/2017
23/01/2017
13/10/2019
01/01/2019
23/01/2020
1.0
2.2
2.5
85,100,000
28,400,000
10,000,000
123,500,000
Sign off details
Signed in accordance with a resolution of the Board of Directors:
Director: ................................................................................................................................................
Gerard King
Dated this 31st day of August 2017
14
Greenpower Energy Limited
ABN 22 000 002 111
Consolidated Income Statement
For the Year Ended 30 June 2017
Other income
Interest income
Occupancy costs
Administrative costs
Exploration and Tenement costs
Impairment of Tenements
Finance costs
Profit (loss) before income tax
Income tax 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
13
2017
$
30,613
19,046
(12,420)
(1,105,447)
(1,342,828)
-
-
(2,411,036)
5
90,916
2016
$
3,510
8,908
(11,385)
(626,843)
(899,630)
(1,324,439)
(23,651)
(2,873,530)
-
(2,320,120)
(2,873,530)
(2,320,120)
(2,873,530)
6
6
(0.25)
(0.25)
(0.87)
(0.87)
The above consolidated income statement should be read in conjunction
with the accompanying notes.
16
Greenpower Energy Limited
ABN 22 000 002 111
Consolidated Statement of Comprehensive Income
For the Year Ended 30 June 2017
Net loss for the year
Other comprehensive income:
Items that may be reclassified to profit or loss
Reclassification adjustment on disposal of available for sale 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
2017
$
2016
$
(2,320,120)
(2,873,530)
375,785
42,029
375,785
42,029
(1,944,335)
(2,831,501)
(1,944,335)
(2,831,501)
(1,944,335)
(2,831,501)
The above consolidated statement of comprehensive income should be read in conjunction with the
accompanying notes.
17
Greenpower Energy Limited
ABN 22 000 002 111
Consolidated Statement of Financial Position
As at 30 June 2017
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
2017
$
2016
$
7
8
3,714,845
24,569
668,042
35,017
3,739,414
703,059
9
10
11
13
30,000
1,082
8,320
340,732
268,902
1,407
-
-
270,309
270,309
973,368
973,368
14
208,068
219,766
208,068
219,766
-
-
208,068
219,766
3,911,480
753,602
15
16
17
69,872,680 64,701,662
544,313 11,205,611
(66,505,513) (75,153,671)
3,911,480
753,602
The above consolidated statement of financial position should be read in conjunction with the accompanying
notes.
18
Greenpower Energy Limited
ABN 22 000 002 111
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2017
2017
Balance at 1 July 2016
Loss for the year
Revaluation
Reclassification adjustment on
disposal of available for sale assets
Total comprehensive income for
the year
Reclassification adjustment of capital
profit reserve
Shares issued during the year (net of
costs)
Options exercised
Options expired
Options issued
Contributed
Equity
$
Accumulated
Losses
$
Capital
Profits
Reserve
$
Option
Reserve
$
Financial
Assets
Reserve
$
Total
$
(75,153,671)
(2,320,120)
-
10,314,793
-
-
473,960
-
-
416,858
-
(29,740)
753,602
(2,320,120)
(29,740)
64,701,662
-
-
-
-
-
375,785
(1,944,335)
-
-
10,314,793
(10,314,793)
3,658,341
1,512,677
-
-
-
-
277,700
-
-
-
-
-
(240,477)
(277,700)
577,197
532,980
(375,785)
-
(405,525)
(2,349,860)
-
-
-
-
-
-
3,658,341
1,272,200
-
577,197
11,333
3,911,480
-
-
-
-
-
Balance at 30 June 2017
69,872,680
(66,505,513)
2016
Balance at 1 July 2015
Loss for the year
Revaluation
Total comprehensive income for
the year
Shares issued during the year (net of
costs)
Options issued
Contributed
Equity
$
Accumulated
Losses
$
Capital
Profits
Reserve
$
Option
Reserve
$
Financial
Assets
Reserve
$
Total
$
63,398,286
-
-
(72,280,141)
(2,873,530)
-
10,314,793
-
-
277,600
-
-
374,829
-
42,029
2,085,367
(2,873,530)
42,029
-
(2,873,530)
1,303,376
-
-
-
-
-
-
-
-
196,360
42,029
(2,831,501)
-
-
1,303,376
196,360
Balance at 30 June 2016
64,701,662
(75,153,671)
10,314,793
473,960
416,858
753,602
The above consolidated statement of changes in equity should be read in conjunction with the accompanying
notes.
19
Greenpower Energy Limited
ABN 22 000 002 111
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Payments to suppliers and employees
Other income received
Interest received
Interest paid
Income tax benefit received
Net cash provided by (used in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of exploration assets
Purchase of intangible assets
Proceeds from disposal of investments
Net cash provided 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
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
2017
$
2016
$
(1,834,524)
8,402
19,046
-
90,916
(1,282,921)
-
8,908
(4,009)
104,905
18(a)
(1,716,160)
(1,173,117)
(15,732)
(8,320)
231,374
-
-
97,958
207,322
97,958
4,555,641
-
428,421
450,000
4,555,641
878,421
3,046,803
668,042
(196,738)
864,780
7
3,714,845
668,042
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
20
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
1 Corporate Information
The financial report of Greenpower Energy Limited for the year ended 30 June 2017 was authorised for issue
in accordance with a resolution of the Directors on 31 August 2017 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)
Principles of Consolidation
Subsidiaries
The Group financial statements consolidate those of the Parent Company and all of its subsidiaries as
of 30 June 2017. 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.
21
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
(c)
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.
(d)
Other Income
Other income 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.
(e)
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.
22
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
(f)
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.
(g)
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.
(h)
Property, Plant and Equipment
Each class of plant and equipment is carried at cost 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
3-4 Years
23
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
(i)
Exploration and Evaluation Assets
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(cid:146)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.
(j)
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.
(k)
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.
(l)
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.
24
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
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.
(m)
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 day payment terms.
(n)
Provisions
Provisions for legal claims 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.
(o)
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.
25
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
(p)
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.
(q)
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(cid:146)s intellectual property.
Key judgments - exploration and evaluation assets
The Group has not capitalised expenditure relating to exploration and evaluation during the year other
than initial acquisition costs. At year end no impairment has been brought to account against 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 $30,000 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.
26
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
(r)
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.
(s) 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 2017. 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
AASB 9
Financial
Instruments
AASB 15
Revenue from
contracts with
customers
Nature of change
Impact
AASB 9 addresses the classification,
measurement and de-recognition of financial
assets and financial liabilities, impairment of
financial assets and hedge accounting.
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.
Given the nature of the
Company(cid:146)s financial
assets and financial
liabilities, the Company
does not expect the
impact to be significant.
Based on the Company(cid:146)s
assessment, the impact
is not expected to be
significant.
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.
(t)
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.
27
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
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
- Other income
5
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):
Weighted average number of ordinary shares outstanding during the year
number used in calculating:
basic EPS
diluted EPS
2017
$
2016
$
25,090
25,090
24,105
24,105
2017
$
22,211
8,402
30,613
2016
$
3,510
-
3,510
2017
$
2016
$
1,944,334
2,873,530
1,944,334
2,873,530
2017
2016
911,524,250 332,132,739
911,524,250 332,132,739
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 2017 or 2016).
The weighted average number of ordinary shares has been utilised in the calculation of basic and diluted
loss per share.
76,820,822 of potential ordinary shares have not been considered in calculating Diluted EPS as they are
anti-dilutive.
6 Income Tax Expense
(a) The major components of tax expense (income) comprise:
Research and development refund received
2016
$
2017
$
(90,916)
(90,916)
-
-
28
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
(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 27.5% (2016: 30%)
- the Group
Add/Less tax effect of:
- losses not brought to account
- Research and development refund received
Income tax attributable to parent entity
(c)
Unrecognised temporary differences
Deferred Tax Assets at 27.5% (2016: 30%)
Losses not brought to account
2017
$
2016
$
(663,035)
(862,059)
(663,035)
(862,059)
753,951
90,916
862,059
-
-
-
2017
$
2016
$
205,139
1,816,593
82,372
1,527,872
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.
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)
2017
$
3,559,004
155,841
2016
$
515,594
152,448
3,714,845
668,042
2017
$
2016
$
3,714,845
668,042
3,714,845
668,042
The effective interest rate on short-term bank deposits was 1.95% (2016: 2.3%).
(a)
Short term deposit
Short term deposits are held as a security for various bank guarantees.
29
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
8
Trade and Other Receivables
CURRENT
Other receivables
(a)
Other Receivables
Note
2017
$
2016
$
8(a)
24,569
35,017
24,569
35,017
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
2017
$
2016
$
30,000
268,902
30,000
268,902
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 2017 and 30 June 2016, 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 (cid:150) Level 1
(a)
Reconciliation of Available-for-Sale Financial Assets
Opening Balance
Net gain/(loss) on revaluation of financial assets
Proceeds on disposal
2017
$
2016
$
30,000
268,902
30,000
268,902
2017
$
268,902
(7,528)
(231,374)
2016
$
321,322
42,029
(94,449)
30,000
268,902
30
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
10 Plant and Equipment
PLANT AND EQUIPMENT
Office equipment
At cost
Accumulated depreciation
Total office equipment
Total plant and equipment
(a) Movements in Carrying Amounts
2017
$
2016
$
5,796
(4,714)
1,082
1,082
5,796
(4,389)
1,407
1,407
Movement in the carrying amounts for each class of plant and equipment between the beginning and
the end of the current financial year:
Balance at 30 June 2017
Balance at the beginning of year
Additions
Depreciation expense
Balance at 30 June 2017
Balance at 30 June 2016
Balance at the beginning of year
Additions
Depreciation expense
Balance at 30 June 2016
Office
Equipment
$
1,407
-
(325)
1,082
1,731
-
(324)
1,407
31
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
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 2017
Opening balance
Additions
Amortisation
Closing value at 30 June 2017
Year ended 30 June 2016
Opening balance
Additions
Amortisation
Closing value at 30 June 2016
(b)
Intangible Assets
Note
12(b)
2017
$
2016
$
8,320
-
13,249
(13,249)
8,320
8,320
-
-
Other intangible
assets - Website
$
-
8,320
-
8,320
136
-
(136)
-
Intangible assets are represented by capitalised costs of the Group(cid:146)s website development.
12 Controlled Entities
Principal Activity
Country of
incorporation
Percentage
Owned
2017
Percentage
Owned
2016
Subsidiaries of parent entity:
Greenpower Group Ltd
GCC Asset Holdings Pty Ltd
Northern Exploration Pty Ltd #
Sawells Pty Ltd
Greengrowth Bio-Stimulants Pty Ltd Non-trading
Non-trading
Greenpower Chemicals Pty Ltd ^
Investment
Investment
Exploration NT
Coal Exploration VIC
Australia
Australia
Australia
Australia
Australia
Australia
100
100
100
100
100
100
# Northern Exploration Pty Ltd (formerly Greenpower Natural Gas Pty Ltd)
^ Greenpower Chemicals Pty Ltd (formerly Greenpower Latrobe CTL Pty Ltd)
100
100
100
100
100
100
32
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
13 Exploration and Evaluation Assets
NON-CURRENT
Exploration permits
Movements in Other Assets
Year ended 30 June 2017
Opening balance
Additions
Balance at 30 June 2017
Year ended 30 June 2016
Opening balance
Impairment of Tenements
Balance at 30 June 2016
Exploration permits
Note
2017
$
2016
$
340,732
-
Exploration
permits
$
Total
$
-
340,732
-
340,732
340,732
340,732
1,324,439 1,324,439
(1,324,439) (1,324,439)
-
-
Greenpower currently has one Exploration Licence application in Victoria and 9 applications in the Northern
Territory.
Greenpower(cid:146)s partner Guyana Strategic Metals Inc hold an exploration licence in the Lithium and Tantalum
project area of Morabisi.
14 Trade and Other Payables
CURRENT
Trade payables
Other payables
2017
$
2016
$
82,525
125,543
123,624
96,142
208,068
219,766
33
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
15 Issued Capital
1,025,999,976 (2016: 608,899,976) Ordinary Shares
2017
$
2016
$
69,872,680 64,701,662
69,872,680 64,701,662
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 2017
At the beginning of year
Shares issued during the year
Cost of listing shares
Balance at 30 June 2017
Year ended 30 June 2016
At the beginning of year
Shares issued during the year
Cost of listing shares
Balance at 30 June 2016
No. of shares
$
608,899,976
417,100,000
-
1,025,999,976
64,701,662
5,762,677
(591,659)
69,872,680
92,465,787
516,434,189
-
608,899,976
63,398,286
1,549,303
(245,927)
64,701,662
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 2017, the Group’s strategy, which was
unchanged from 2016, 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.
Cash and cash equivalents
Less: payables
Net cash
Total equity
Total capital
2017
$
2016
$
3,714,845
(208,068)
668,042
(219,766)
3,506,777
3,911,480
448,276
753,602
404,703
305,326
34
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
16 Reserves
Capital Realisation Reserve
Share Based Payments Reserve
Available For Sale Asset Reserve
Capital Realisation Reserve
Opening balance
Reclassification adjustment of profits earned in prior periods
Share Based Payments Reserve
Opening balance
Options exercised
Options expired
Share based payments
Available For Sale Asset Reserve
Opening balance
Fair value adjustment
Reclassification adjustment on disposal of available for sale assets
Deferred tax in income statement
Deferred tax in statement of financial position
Total reserves
Capital Realisation Reserve
2017
$
2016
$
- 10,314,793
473,960
416,858
532,980
11,333
544,313 11,205,611
2017
$
2016
$
10,314,793 10,314,793
-
(10,314,793)
- 10,314,793
473,960
(240,477)
(277,700)
577,197
277,600
-
-
196,360
532,980
473,960
416,858
(29,740)
(375,785)
-
-
374,829
42,029
-
-
-
11,333
416,858
544,313 11,205,611
The capital realisation reserve records profits on revalued assets realised in prior periods.
Available For Sale Asset Reserve
The financial assets reserve recognises movements in fair value of available for sale financial assets.
35
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
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 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
Exercised during the year
Lapsed/cancelled during the year
Forfeited during the year
Outstanding at the year end
Exercisable at the year end
45,450,000
23,000,000
-
(45,000,000)
(450,000)
-
35,000,000
35,000,000
Weighted average remaining contractual life of share options
2017
Number
2017
WAEP
2016
Number
700,000
45,000,000
-
0.005
0.02
-
-
-
(250,000)
-
45,450,000
45,450,000
2016
WAEP
0.05
0.005
-
-
-
The weighted average remaining contractual life for the share options outstanding as at 30 June 2017 is 2
years (2016: 5 years).
Range of exercise price of share options
The exercise price for options outstanding at the end of the year is .022 to .025 (2016: .005 to .05) cents.
Weighted average fair value of share options
The weighted average fair value of options granted during the year is 0.02 (2016: 0.000001).
36
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
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.
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
Expiry date
Dividend yield
Interest rate
Unlisted options
25,000,000
$0.026
$0.022
100%
1.93 years
01 January 2019
0.00%
2.75%
Unlisted options
10,000,000
$0.026
$0.025
100%
2.99 years
23 January 2020
0.00%
2.75%
# 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
Reclassification adjustments:
- Options lapsed transferred from reserves
- Reclassification adjustment of profits earned in prior periods
- Available for sale assets reserve transferred
Total
2017
$
2016
$
(75,153,671) (72,280,141)
(2,873,530)
(2,320,120)
277,700
10,314,793
375,785
-
-
-
(66,505,513) (75,153,671)
37
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
18 Cash Flow Information
(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
Fair value adjustment
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
(Decrease)/Increase in trade payables and accruals
Net cash (outflow) from operating activities
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
2017
$
2016
$
(1,944,335)
(2,873,530)
-
325
-
627,097
(375,785)
(22,211)
-
136
324
1,324,439
196,315
-
(3,510)
-
10,448
(11,699)
83,298
99,411
(1,716,160)
(1,173,117)
2017
$
2016
$
-
-
-
-
-
-
-
-
-
-
-
-
38
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
20 Related Party Transactions
(a)
(b)
(c)
Parent entity
The ultimate parent entity within the Group is Greenpower Energy Limited.
Subsidiaries
Interests in subsidiaries are set out in note 12.
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
2017
$
215,166
-
-
356,509
2016
$
259,808
12,192
-
109,108
571,675
381,108
(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 Greenpower engaged Xcel Capital to provide an ongoing corporate advisory role.
The corporate advisory services mandate is on essentially the same terms as Greenpower(cid:146)s
previous service provider and includes the same team. Director Edwin Bulseco is a principal of
Xcel Capital, however is not engaged on the Greenpower account. Greenpower incurred capital
raising costs of $63,598 and advisory fees of $28,500 during the year. As at 30 June 2017 $92,097
was due and payable (2016: $Nil).
21 Contingent liabilities and contingent assets
The Group had contingent liabilities at 30 June 2017 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 2017. The total of these guarantees at 30 June 2017 was $20,000 with a financial
institution (30 June 2016: $20,000).
22 Financial Risk Management
(a)
Financial Risks
The main risks the Group is exposed to through its financial instruments are interest rate risk and
liquidity risk.
The Group manages liquidity risk by prudent monitoring of expenditure in line with available funds.
39
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
(b)
Net Fair Values
Fair Value Measurement
The Group(cid:146)s fair values of financial instruments are categorised by the following levels:
(a) quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)
inputs other than quoted prices included within level 1 that are observable for the asset or
(b)
liability, either directly (as prices) or indirectly (derived from prices) (level 2), and
inputs for the asset or liability that are not based on observable market data (unobservable
(c)
inputs) (level 3).
(c)
Foreign Currency Risk
During the year ended 30 June 2017, as a result of a relationship with Thermaquatica Inc., a company
incorporated in the USA and its investment in Guyana (denominated in USD) the financial performance
of the Group was affected by movements in the AUD$/USD$ exchange rates. Greenpower has sort to
hedge this exposure by opening a USD account with the Commonwealth Bank, as at 30 June 2017
this account held USD 376,500. There is no formal foreign currency management policy, however the
Group monitors its foreign currency expenditure on an ongoing basis. There were no foreign currency
commitments as at 30 June 2017.
(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.
40
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
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 2017
Trade and other payables
Year ended 30 June 2016
Trade and other payables
(f)
Price Risk
Carrying
Amount
$
Contractual
Cash flows
$
< 6 months
$
6- 12
months
$
1- 5
years
$
> 5
years
$
Total
$
208,068
208,068
208,068
208,068
208,068
208,068
219,766
219,766
219,766
219,766
219,766
219,766
-
-
-
-
-
-
-
-
-
-
208,068
208,068
-
219,766
-
219,766
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(cid:146)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%
2017
$
6,000
6,000
2016
$
53,780
53,780
- 20%
2017
$
2016
$
(6,000)
(53,780)
(6,000)
(53,780)
41
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T
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
23 Segment Reporting
The Group operates predominantly in one business segment being Exploration activities. During the year end
30 June 2017 geographical Exploration was undertaking in Australia and Guyana (Guyana Exploration was
incurred via Greenpower(cid:146)s exploration partner Guyana Strategic Minerals Inc.).
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.
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
2017
$
2016
$
3,637,878
481,671
607,064
366,210
4,119,548
973,274
208,068
219,766
208,068
219,766
69,872,680 64,701,662
(66,494,180) (74,736,907)
- 10,314,793
473,960
532,980
3,911,480
753,508
(2,349,765) (2,831,596)
(2,349,765) (2,831,596)
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
Pursuant to ASIC Instrument 2016/785 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.
43
Greenpower Energy Limited
ABN 22 000 002 111
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2017
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:
2017
$
2016
$
-
-
-
-
(cid:149) On 28 July 2017, it was announced that Greenpower would exercise its option to proceed to Phase 2 of the
Lithium Morabisi Project. This entails agreeing to the budgeted expenditure, payment of USD100,000 to
Guyana Strategic Metals Inc. and the issuance of 17,500,000 Greenpower ordinary shares in accordance
with the Head of Agreement.
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.
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
44
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 16 to 44, 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 2017 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 31 August 2017
45
Greenpower Energy Limited
ASX Additional Information
For the Year Ended 30 June 2017
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 25 August 2017.
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 1,820 holders of less than a marketable parcel of ordinary shares.
20 Largest Option holders
EFI Management Pty Ltd
Mr Alan John Flavelle
Top Class Holdings Pty Ltd
Mr Dennis Mehmet Deniz + Mrs Aynur Nihal Deniz
Mr Paul Robert Dalla-Libera
Miss Jennifer Karen Krohn
Pandora Nominees Pty Ltd
Mr Edmund Norman Strong + Mrs Theresa Claire Strong
Mr Simon Peters
Mr Matthew Denis Suttling
Mr Daniel Robert Buzai + Ms Tingting Wu
Mr Theam Huah Yeoh
Mr Aaron Gill
Mrs Penelope Jane Gill
Wildbase Enterprises Pty Ltd
Mr John Adrian + Mrs Judith Margaret Watts
Mr Toni Sinozic + Mrs Anka Sinozic
Paros Super (Qld) Pty Ltd
Mr Pradeep Arundavaraja
Mr Domenic Marino
Holders
936
286
180
1,198
1,029
Number of
Shares
177,001
848,088
1,528,399
56,169,764
967,276,724
3,629
1,025,999,976
Options
Number held
% of issued
options
13,000,000
10,000,000
8,000,000
6,000,000
5,110,735
4,005,000
4,000,000
3,000,000
3,000,000
3,000,000
2,737,000
2,502,664
2,000,000
2,000,000
2,000,000
2,000,000
1,900,000
1,890,999
1,779,000
1,750,000
79,675,398
10.53%
8.10%
6.48%
4.86%
4.14%
3.24%
3.24%
2.43%
2.43%
2.43%
2.22%
2.03%
1.62%
1.62%
1.62%
1.62%
1.54%
1.53%
1.44%
1.42%
64.54
52
Greenpower Energy Limited
ASX Additional Information
For the Year Ended 30 June 2017
Unissued Equity Securities
Total options issued 123,500,000.
20 Largest Shareholders
Pandora Nominees Pty Ltd
Tregeare Pty Ltd
Mr Abdul Naser Siddiqui
Mr Dennis Mehmet Deniz + Mrs Aynur Nihal Deniz
Mr Toni Sinozic + Mrs Anka Sinozic
Hsbc Custody Nominees Australia Limited
C1 C2 Superannuation Pty Ltd
Mr Thomas Andrew Wood
Mr Niels Mosegaard + Ms Wannee Phetsakare
Precision Investments Pty Ltd
Astron Limited
Mrs Diane Beverley Tweedie + Mr Michael Clive Tweedie
Mr Earle Allon Richardson + Mrs Leanne Moya Walter
Mr Gangadhar Bevinakoppa + Dr Savitridevi Bevinakoppa
Packer Road Nominees Pty Ltd
T T Nicholls Pty Ltd
Dr Frank Udovicic + Mrs Mary Udovicic
Mr Sloane William Porth
Bilim Pty Limited
Mrs Xiaoli Cai
Securities exchange
The Company is listed on the Australian Securities Exchange.
Ordinary shares
Number
held
134,500,000
28,977,516
23,400,000
23,100,000
20,000,000
16,678,403
14,140,274
14,000,000
10,000,000
9,596,000
9,513,018
8,712,271
8,500,000
6,505,220
6,100,000
6,000,000
6,000,000
5,900,000
5,537,037
5,400,000
% of issued
shares
13.11
2.82
2.28
2.25
1.95
1.63
1.38
1.36
0.97
0.94
0.93
0.85
0.83
0.63
0.59
0.58
0.58
0.58
0.54
0.53
362,559,739133
35.33
53