IDT AUSTRALIA LIMITED
ACN 006 522 970
Annual Report
For the Year ended
30 June 2023
IDT Australia Limited
Letter from Chair and Chief Executive Officer
30 June 2023
We are pleased to present the Annual Report for IDT Australia Limited (IDT) for the year ended 30 June 2023 with our Company
reporting early positive signs that the strategic pivot initiated over the past year is paying off.
This is demonstrated in the growth of our three key business verticals in the financial year 2023 (FY23), which we regard as a more
accurate reflection of IDT’s operational performance. While total statutory revenue declined by 42% over the previous corresponding
period (pcp) to $7 million, revenue from the key verticals, which include Active Pharmaceutical Ingredients (API), Specialty Orals and
Advanced Therapies, have increased by 25% over the pcp to $6.4 million.
Additionally, the number of commercial contracts has reached the highest since FY21 – a clear indication that our turnaround strategy
is gaining strong market traction and stimulating demand for our unique offering.
It’s worth noting that the previous year’s results were skewed by government payments related to COVID-19 worth circa $6 million,
which makes comparing the two years’ results less than straight forward.
Embracing New Market Opportunities
Moving forward, the growth path ahead for IDT is clear and well defined. The strategic transformation program allows our Company to
leverage our established expertise and capitalise on emerging opportunities within rapidly expanding markets.
These include the emerging psychedelic therapies market for treatment-resistant depression and the fast growing medicinal cannabis
market, which is now subject to tighter regulatory standards which gives IDT a significant advantage in a competitive market. Our
Specialty Orals vertical stands to benefit from these advancements.
Another key achievement during the financial year was securing the sterile license extension that enables IDT’s Advanced Therapies
vertical to scale up production and supply drugs for clinical trials. Our Advanced Therapies sterile facility is one of a few of its kind in the
region that can produce cutting edge medications, such as those used in the latest cancer treatments.
Simultaneously, the successful establishment of our Specialty Orals and Advanced Therapies verticals, which oversee the production of
finished dosage forms (FDFs), has breathed new life into our API business. This business division contributes the essential ingredient for
FDFs. With increasing demand for comprehensive manufacturing solutions, IDT's integrated approach minimises the risks associated
with clients using multiple manufacturing partners.
Positioned for Further Growth
The early success of IDT’s strategic pivot provides a solid foundation for continued success in the new financial year and beyond. The
investments we made in FY23 as part of the business reset has enabled IDT to substantially grow the pipeline of potential sales leads
across all three verticals.
The recent $7 million capital raise via a share placement to institutional and sophisticated investors and share purchase plan to existing
shareholders ensures the Company is well-funded to execute on its turnaround strategy.
These achievements give us confidence in the outlook for IDT. We are excited about what the next 12 months will deliver as the
Company is well placed to return to growth, and we hope that investors will share our enthusiasm for the promising future ahead.
On behalf of the board and management, we also like to take the opportunity to thank shareholders for their patience and continued
support as we embark on an exciting and new phase of growth for IDT.
Mark Simari
Chairman
Paul McDonald
Chief Executive Officer
1
IDT Australia Limited
Contents
30 June 2023
Corporate directory
Directors' report
Auditor's independence declaration
Statement of profit or loss and other comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Directors' declaration
Independent auditor's review report to the members of IDT Australia Limited
Shareholder information
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IDT Australia Limited
Corporate directory
30 June 2023
Directors
Mark Simari - Executive Chairman
Geoffrey Sam, OAM - Non-Executive Director
Jane Ryan - Non-Executive Director
Company Secretary
Mark Licciardo
Notice of annual general meeting
The details of the annual general meeting of IDT Australia Limited are:
Registered Office and
Principal Place of Business
Share Register
Auditor
Bankers
45 Wadhurst Drive
BORONIA, VICTORIA, 3155
Telephone +61 3 9801 8888
Facsimile +61 3 9837 6445
Link Market Services Limited
Tower 4, 727 Collins Street
MELBOURNE, VICTORIA, 3008
Grant Thornton Audit Pty Ltd
Tower 5, Collins Square
727 Collins Street
Melbourne VIC 3008
National Australia Bank Limited
Level 28, 500 Bourke Street,
MELBOURNE, VICTORIA, 3000
Stock exchange listing
IDT Australia Limited shares are listed on the Australian Securities Exchange (ASX
code: IDT)
Website
www.idtaus.com.au
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IDT Australia Limited
Directors' report
30 June 2023
The directors present their report, together with the financial statements for IDT Australia Limited (referred to hereafter as
the 'Company') for the year ended 30 June 2023.
Directors and Company Secretary
The following persons were directors of the Company during the whole of the financial year and up to the date of this report,
unless otherwise stated:
Director
Mark Simari - Chair
Jane Ryan - Non-Executive Director
Geoffrey Sam - Non-Executive Director
Alan Fisher – Chair
Michael Kotsanis - Non-Executive Director
Hugh Burrill - Non-Executive Director
Company Secretary
Mark Licciardo
Ancila Desai
Comment
Appointed as Non-Executive Director 10 October 2022 and
subsequently appointed Chair 1 January 2023
Appointed 10 October 2022
Resigned 31 December 2022
Resigned 28 November 2022
Resigned 10 October 2022
Comment
Appointed 3 October 2022
Resigned 2 October 2022
Information about the Directors holding office at 30 June 2023:
Mark Simari
Qualifications: Bachelor of Business (Accounting)
Experience: Mark is an experienced and accomplished professional in the health industry and has over 15 years’ Board
experience in a diverse range of organisations. Mark is currently Chairman of Careteq Limited (ASX:CTQ), Tali Digital Limited
(ASX: TD1) and was the co-Founder of Paragon Care (ASX:PGC) and Managing Director from 2008 to 2018 and recently
Non-executive Director from 2019 to 2022. He was instrumental in Paragon Care becoming one of the largest independent
healthcare suppliers in the Australian and New Zealand Markets, creating a healthcare platform spanning across capital
equipment, consumables, devices and service and maintenance.
Other Current Directorships: Executive Director of Careteq Limited and Non-Executive Director of Tali Digital Limited.
Former Directorships in Last 3 Years: Non-Executive Director of Paragon Care Ltd.
Responsibilities: Non-Executive Chairman of the Board, Chairman of Audit & Risk Committee, Member of Remuneration
and Nomination Committee.
Equity interests in Company: 585,976 Fully Paid Ordinary Shares
Jane Ryan
Qualifications: BSc (Hons) PhD, MAICD
Experience: Dr Jane Ryan has over 30 years of international experience in the pharmaceutical and biotechnology industries
where she has held executive roles in management of research and development programs as well as business development
and alliance management. Jane has worked in Australia, the United States and United Kingdom. Throughout her career, she
has led many successful fundraising campaigns and licensing initiatives including the winning of a $230 million US
Government contract.
Other Current Directorships: Non-Executive Director of Anatara Lifesciences Ltd and Bionomics Ltd.
Former Directorships in Last 3 Years: Non-Executive Director of Robotic Surgery Evolutions Ltd
Responsibilities: Non-Executive Director, Chair of Remuneration and Nomination Committee, Member of Audit & Risk
Committee
Equity interests in Company: 79,366 Fully Paid Ordinary Shares
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IDT Australia Limited
Directors' report
30 June 2023
Geoffrey Sam OAM
Qualifications: BCom (UNSW), MHA (UNSW), MA (Econ&SocStudies) (Manchester UK), FAICD
Experience: Geoff is currently the Chairperson and independent Non-executive Director of Earlypay Ltd (ASX:EPY) and
independent Non-executive Director of Paragon Care Ltd (ASX:PGC). He has also held previous independent Non-executive
Board positions with listed companies Money 3 Ltd, Hutchinsons Childcare Services Ltd and was Managing Director of Nova
Health Ltd. He is the Co-Founder and Board member of Healthe Care Australia Pty Ltd, a privately owned health care
company comprising a portfolio of 18 hospitals.
Other Current Directorships: Non-Executive Director of Earlypay Ltd, Paragon Care Ltd and Change Financial Ltd.
Former Directorships in Last 3 Years: Nil
Responsibilities: Non-Executive Director, Member of Audit & Risk Committee, Member of Remuneration and Nomination
Committee.
Equity interests in Company: 816,745 Fully Paid Ordinary Shares
Information about the Secretary
Mark Licciardo
Qualifications: Bachelor of Business degree in accounting, Graduate Diploma in Governance and Fellow of the Chartered
Governance Institute, the Governance Institute of Australia and the Australian Institute of Company Directors.
Experience: Mark Licciardo is the founder of Mertons Corporate Services, now part of Acclime Australia and is responsible
for Acclime Australia’s Listed Services Division. He is also an ASX-experienced director and chair of public and private
companies, with expertise in the listed investment, infrastructure, bio-technology and digital sectors. He currently serves as
a director on a number of Australian company boards including ASX listed Frontier Digital Ventures (ASX:FDV) and Weebit-
Nano (ASX:WBT), as well as foreign controlled entities and private companies. During his executive career, Mark held roles
in banking and finance, funds management, investment and infrastructure development businesses, including being the
Company Secretary for ASX:100 companies Transurban Group and Australian Foundation Investment Company Limited
Meetings of directors
The number of meetings of the Company's Board of Directors ('the Board') and of each Board committee held during the
year ended 30 June 2023, and the number of meetings attended by each director were:
Full Board
Nomination and
Remuneration Committee
Audit and Risk Committee
Attended
Held
Attended
Held
Attended
Held
Mark Simari
Jane Ryan
Geoff Sam
Alan Fisher
Hugh Burrill
Michael Kotsanis
8
11
8
6
3
5
8
11
8
6
3
5
1
1
1
1
1
1
1
1
1
1
1
1
3
5
2
-
2
2
3
5
3
-
2
2
Held: represents the number of meetings held during the time the director held office or was a member of the relevant
committee.
Principal activities
The principal activities of the Company through the course of the year were the supply of products and provision of research
and development and other technical services within the pharmaceutical and allied industries.
Results
The comprehensive loss for the company for the year ended 30 June 2023 after providing for income tax amounted to $6.0
million (30 June 2022: loss of $1.2 million).
Financial position
The Company’s operating cash outflows for the year was $7.9 million (30 June 2022: $2.9 million inflow) and reported closing
cash balance of $4.4 million at 30 June 2023 (30 June 2022: $9.2 million). This cash balance is further supported by an
unutilised facility of $5 million with National Australia Bank Ltd, which is next due for renewal on 31 October 2025. These
cash reserves and debt facility are available to support the Company’s execution of strategies and projects and to extend
production and manufacturing capabilities. On 21 July 2023 the Company also issued 30,769,354 Ordinary shares raising
$2.0 million before costs as part of a rights issue to shareholders. On 4 August 2023 the Company issued further 15,984,389
Ordinary shared raising $1.04mil before costs as part of the share placements Tranche 2.
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IDT Australia Limited
Directors' report
30 June 2023
Review of operations
IDT Australia recorded growth across its three key business verticals in the financial year 2023 (FY23), namely the
manufacture of Active Pharmaceutical Ingredients (API), Specialty Orals and Advanced Therapies, with the number of
commercial contracts reaching a two-year high. This success followed the implementation of the Company’s strategic pivot
to focus on the integration of end-to-end pharmaceutical manufacturing.
While total revenue was down 42% in FY23 compared to the previous corresponding period (pcp) to $7 million and net loss
after tax increased to $8.5 million (FY22 loss of $1.2 million), the previous year’s result was significantly bolstered by
government COVID-19 related payments that were worth circa $6 million. In fact, such government payments and assistance
were even higher in FY21 at circa $12 million.
Additionally, increased investments relating to IDT Australia’s strategic pivot to return the Company to growth, such as the
expansion of its sales and marketing team, weighed on the bottom line in FY23.
Importantly, these investments have already started producing results. The full-year revenue from IDT Australia’s three key
business verticals have collectively increased by 24.8% over the pcp to $6.4 million, with the Company demonstrating
quarter-on-quarter growth throughout the 2023 fiscal year along with a strong pipeline of potential sales leads, which sets
the Company up for further success in the current financial year. Additional details on its key verticals are outlined below.
Specialty Orals
Specialty Orals is the largest contributor to Group revenue in FY23. Revenue from this this vertical increased 13.0% over the
pcp to $4.6 million, with the growth reflecting how well positioned the business is to capitalise on two large and growing
opportunities – Medicinal Cannabis and Psychedelic Therapies.
Medicinal Cannabis
Our medicinal cannabis manufacturing volumes continued to expand and has added significant growth to the Specialty Orals
vertical. IDT Australia has identified future expansion opportunities and increased line capacity within our manufacturing
facilities.
Further, the Company has developed internal medicinal cannabis assets and looks to extract value from these assets and
the knowhow we have built. The new TGA regulation of the industry from 1 July 2023 to ensure sustainable growth for the
sector will also benefit IDT Australia as we stand prepared to actively support the industry with Good Manufacturing Practice
(GMP) manufacturing.
Psychedelic Therapies
IDT Australia welcomes the inclusion of psychedelics to Australia’s Special Access Scheme (SAS) program. The Company
has developed synthetic process to manufacture both psilocybin and MDMA and continues to build supply opportunities as
it continues to seek domestic and international collaborators.
IDT Australia holds relevant licences and has qualified manufacturing facilities ready with capacity. We see future growth to
the business through GMP manufacture of psychedelics. We have played a significant role in providing compounding
development and GMP manufacturing for an efficacy trial in treatment-resistant depression.
API Manufacturing
This is IDT Australia’s most established vertical, which is currently undergoing a revival following years of underperformance.
Revenue from API improved 48.3% over the pcp to $1.7 million as this vertical is complementary to Speciality Orals and
Advanced Therapies.
This integration increases its strategic value when compared to API being a standalone business, as it was in the past. Drug
developers who are looking for a contract manufacturer for their high value treatments are increasingly favouring to partner
companies like IDT Australia who can offer a more complete end-to-end solution.
Advanced Therapies
IDT Australia completed a sterile license extension in April 2023 to include clinical trial manufacture and release. This is a
significant step in our journey to establish the Company as a leading manufacturer of advanced therapies and has allowed
us to progress to small volume clinical trials through to blinding and labelling. This business vertical recorded revenue of over
$200K in FY23 as we continue to receive interest in our sterile manufacturing and to collaborate with research groups within
the advanced therapies space to assist in drug translation of medicine opportunities to biotech and large pharmaceutical
development programs.
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IDT Australia Limited
Directors' report
30 June 2023
We have several project proposals for sterile injectable product development and GMP manufacturing for clinical trials. IDT
Australia estimates revenue will continue to grow until we reach capacity within the advanced therapies/sterile facility.
Continuous Improvement
IDT Australia remains mindful of the increased headwinds of costs coming from services, suppliers, distributions, and
investment into staff. We are committed to improving operations onboarding digital systems to expedite release of
manufactured product compliantly. IDT Australia completed the implementation of a digital quality management system
(eQMS) to enhance the quality of operations and improve efficiency. IDT Australia will continue to evaluate options to improve
performance and drive down operating costs.
Material Business Risks to Strategy and Financial Performance in Future Periods
The Company has identified a number of material risks that may affect the success of the business over the coming periods,
including some that are not directly within its control. The Company’s risk management approach involves the ongoing
assessment, monitoring and reporting of risks that could impede the Company’s progress in delivering its strategic priorities.
These risks are outlined below, although it is important to note that as IDT Australia’s business continues to grow and evolve,
these risks and the Company’s risk profile may change.
Customer acquisition and retention
Continued growth in revenue and profitability of the Company depends on a number of factors, including its ability to attract
new customers on a sufficiently profitable basis, and retaining and increasing revenue from existing customers. Revenue
growth is particularly dependent on the Company’s reputation and ability to offer specialised expertise and manufacturing
capabilities, on top of the provision of consistently high-quality customer service.
Regulatory changes and compliance risks
IDT Australia operates in a highly regulated industry. The laws and regulations that govern the development, manufacture,
distribution and sale of medicines are subject to constant review by governments and responsible authorities. Any change
to the rules for the industry may have a positive or negative effect on the Company. Additionally, IDT Australia is subject to
ongoing regulatory audits to maintain its GMP certification. Should the Company fail to pass any of these audits, it may lose
its certification, which will have a material negative impact on its business.
Competition
The industry that IDT Australia operates in is subject to competitive pressures, both domestically and internationally. These
competitors may have different cost structures and capabilities, which may provide them a competitive advantage over IDT
Australia. Further, some of IDT Australia’s offshore competitors may not be subject to the same rules and regulations that
the Company is required to operate under. Depending on the circumstances, this may put IDT Australia at a significant
disadvantage or advantage. Other competitive risks faced by the Company include price competition, competitor marketing
campaigns, and mergers or acquisitions by competitors and possible new entrants to the Company’s industry. The risks may
have a negative impact on IDT Australia’s growth and financial performance.
Changes in technology
The Company operates in an industry in which technology evolves rapidly with medical advances. This means treatment
preferences and trends are also constantly changing, and this could impact on customer demands for IDT Australia’s
offerings. To maintain its growth, the Company has to ensure it remains at the cutting edge of drug manufacturing
technologies and its ability to do so may be constrained by factors including its available capacity, resources and capital to
invest in innovation and design. This may adversely impact on the Company’s financial performance.
Cyber security risks
IDT Australia retains a significant amount of sensitive customer and third-party information. These parties have high
expectations regarding the protection of their information. Additionally, the legal and regulatory environment surrounding
information security and privacy is increasingly complex and demanding. Failures or breaches of data protection systems
can result in reputational damage, regulatory impositions and financial loss, including claims for compensation by customers
or penalties by telecommunications regulators or other authorities. While IDT Australia exercises due care in protecting
customer data, it is possible that these measures will not be enough to prevent unauthorised access to its systems and
technologies.
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IDT Australia Limited
Directors' report
30 June 2023
Loss of key personnel
The Company’s ability to be productive, profitable and competitive, and to implement its growth strategy, depends on the
continued employment and performance of senior executives and management. IDT Australia’s performance also depends
on its ability to attract and retain skilled workers with the relevant industry and technical experience. The loss of a number of
key personnel or the inability to attract additional personnel may have an adverse impact on its financial and operating
performance.
Access to capital and debt
IDT Australia’s ability to fund future growth and profitability may be affected by its ability to access funding from equity
investors, credit markets and other financial institutions. This access is dependent on several factors, such as the Company’s
financial performance, but may also include factors that are outside its control, such as general economic and financial
conditions. There is a risk that the Company may be unable to access debt or equity funding when required on favourable
terms, or at all.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Company performance
The table below sets out summary information about the Company’s earnings and movements in shareholder wealth for the
five years ended 30 June 2023.
Revenue
Net profit / (loss) before tax (1)
Net profit / (loss) after tax
Share price at start of year
Share price at end of year
Final dividend
Basic earnings per share
Diluted earnings per share
# Shares on issue, 30 June
Market capitalisation, 30 June
2023
$000
2022
$000
2021
$000
2020
$000
2019
$000
7,032
(9,776)
(8,498)
$0.12
$0.07
-
(3.5c)
(3.5c)
304,583,39
7
$19.80m
12,130
(1,876)
(1,160)
$0.33
$0.12
-
(0.5c)
(0.5c)
241,021,79
7
$27.72m
15,989
966
2,103
$0.17
$0.33
-
0.9c
0.9c
239,860,17
0
$77.95m
14,169
(1,919)
(1,919)
$0.17
$0.17
-
(0.8c)
(0.8c)
239,313,03
2
$39.49m
12,130
(6,083)
(6,083)
$0.10
$0.17
-
(2.5c)
(2.5c)
236,359,10
3
$39.00m
Likely developments and expected results of operations
Information on likely developments in the operations of the Company and the expected results of operations have not been
included in this report because the directors believe it would be likely to result in unreasonable prejudice to the Company.
Environmental regulation
The Company is not subject to any significant environmental regulation under Australian Commonwealth or State law.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf
of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility
on behalf of the Company for all or part of those proceedings.
Indemnity and insurance of officers
The Company has indemnified the directors and executives of the Company for costs incurred, in their capacity as a director
or executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the directors and executives of the
Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits
disclosure of the nature of the liability and the amount of the premium.
Indemnity and insurance of auditor
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
Company or any related entity against a liability incurred by the auditor.
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IDT Australia Limited
Directors' report
30 June 2023
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company
or any related entity.
Non-audit services
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor
are outlined in note 27 to the financial statements.
The directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by another
person or firm on the auditor's behalf), is compatible with the general standard of independence for auditors imposed by the
Corporations Act 2001.
The directors are of the opinion that the services as disclosed in note 27 to the financial statements do not compromise the
external auditor's independence requirements of the Corporations Act 2001 for the following reasons:
●
all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity
of the auditor; and
none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code
of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including
reviewing or auditing the auditor's own work, acting in a management or decision-making capacity for the Company,
acting as advocate for the Company or jointly sharing economic risks and rewards.
●
Auditor
Grant Thornton Audit Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out
immediately after this directors' report.
Rounding of amounts
The Company is a company of the kind referred to in ASIC Corporations (Rounding in Financials / Directors’ Reports)
Instrument 2016/191, dated 24 March 2016, and accordingly the amounts in the Directors’ Report and the Half Year Financial
Report are rounded off to the nearest thousand dollars, unless otherwise indicated.
Matters subsequent to the end of the financial year
On 21 July 2023 the Company issued 30,769,354 Ordinary shares raising $2.0 million before costs as part of a rights issue
to shareholders.
On 26 July 2023 the National Australia Bank (NAB) loan facility was increased from $2.5mil to $5.0mil and the term of the
facility was extended to 31 October 2025.
On 1 August 2023, at the Extraordinary General Meeting of the shareholders, the following director options were approved
by the shareholders: Mark Simari 6,000,000 shares, Jane Ryan 3,000,000 shares and Geoff Sam 3,000,000 shares.
On 4 August 2023 the Company issued further 15,984,389 Ordinary shared raising $1.04mil before costs as part of the share
placements Tranche 2.
No other matter or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly affect the
Company's operations, the results of those operations, or the Company's state of affairs in future financial years.
Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the Company, in accordance
with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
●
●
●
Principles used to determine the nature and amount of remuneration
Details of remuneration
Additional disclosures relating to key management personnel
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IDT Australia Limited
Directors' report
30 June 2023
Principles used to determine the nature and amount of remuneration
The objective of the Company's executive reward framework is to ensure reward for performance is competitive and
appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives
and the creation of value for shareholders, and it is considered to conform to the market best practice for the delivery of
reward. The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward
governance practices:
●
●
●
●
competitiveness and reasonableness
acceptability to shareholders
performance linkage / alignment of executive compensation
transparency
The Nomination and Remuneration Committee is responsible for determining and reviewing remuneration arrangements for
its directors and executives. The performance of the Company depends on the quality of its directors and executives. The
remuneration philosophy is to attract, motivate and retain high performance and high quality personnel.
The Nomination and Remuneration Committee has engaged an external remuneration consultant to structure an executive
remuneration framework from FY2024 onwards. The Company used HaRe group in relation to this remuneration
recommendation services. HaRe Group was paid $19,900 during the financial year.
The reward framework is designed to align executive reward to shareholders' interests. The Board have considered that it
should seek to enhance shareholders' interests by:
●
●
having economic profit as a core component of plan design
focusing on sustained growth in shareholder wealth, consisting of dividends and growth in share price, and delivering
constant or increasing return on assets as well as focusing the executive on key non-financial drivers of value
attracting and retaining high calibre executives
●
Additionally, the reward framework should seek to enhance executives' interests by:
●
●
●
rewarding capability and experience
reflecting competitive reward for contribution to growth in shareholder wealth
providing a clear structure for earning rewards
In accordance with best practice corporate governance, the structure of non-executive director and executive director
remuneration is separate.
Non-executive directors' remuneration
IDT has a small and focussed Board which works closely with Executive management. Fees and payments to Directors
reflect the demands made on, and the responsibilities of, the Directors. Directors’ fees are reviewed annually by the
Remuneration and Nomination Committee, considering comparative remuneration data for the industry and size of the
Company to attract Directors with relevant expertise in our industry as well as Australian capital markets.
The Non-Executive Directors’ annual base fee is currently $70,000 and the Chair $120,000, inclusive of superannuation
contributions, as required under the Australian superannuation guarantee legislation. Total Non-Executive Directors’ fees
are determined within an aggregate Directors’ fee pool limit, periodically referred for approval by shareholders. The current
maximum aggregate Directors’ fee pool for Non-Executive Directors is $400,000.
Executive remuneration
The Company aims to reward executives based on their position and responsibility, with a level and mix of remuneration
which has both fixed and variable components.
The executive remuneration and reward framework has four components:
●
●
●
●
base pay and non-monetary benefits
short-term performance incentives
share-based payments
other remuneration such as superannuation and long service leave
The combination of these comprises the executive's total remuneration.
Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed annually by the
Nomination and Remuneration Committee based on individual and business unit performance, the overall performance of
the Company and comparable market remunerations.
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IDT Australia Limited
Directors' report
30 June 2023
Executives may receive their fixed remuneration in the form of cash or other fringe benefits (for example motor vehicle
benefits) where it does not create any additional costs to the Company and provides additional value to the executive.
The short-term incentives ('STI') program is designed to align the targets of the business units with the performance hurdles
of executives. STI payments are granted to executives based on specific annual targets and key performance indicators
('KPI's') being achieved. KPI's include profit contribution, customer satisfaction, leadership contribution and product
management.
The performance targets are set and approved by the Board at the beginning of the year. These targets include meeting set
key objectives at the beginning of the year and individual achievement are measured against the target.
The long-term incentives ('LTI') include long service leave and share-based payments. Shares are awarded to executives
over a period of three years based on long-term incentive measures. These include increase in shareholders value relative
to the entire market and the increase compared to the Company's direct competitors. The Nomination and Remuneration
Committee reviewed the long-term equity-linked performance incentives specifically for executives during the year ended 30
June 2023.
Entity performance and link to remuneration
Remuneration for certain individuals is directly linked to the performance of the Company. A portion of cash bonus and
incentive payments are dependent on defined earnings per share targets being met. The remaining portion of the cash bonus
and incentive payments are at the discretion of the Nomination and Remuneration Committee. Refer to the section Company
performance above in the Directors report for details of the earnings and total shareholders return for the last five years.
An agreed set of protocols were put in place to ensure that the remuneration recommendations would be free from undue
influence from key management personnel. These protocols include requiring that the consultant not communicate with
affected key management personnel without a member of the Nomination and Remuneration Committee being present, and
that the consultant not provide any information relating to the outcome of the engagement with the affected key management
personnel. The Board is also required to make inquiries of the consultant's processes at the conclusion of the engagement
to ensure that they are satisfied that any recommendations made have been free from undue influence. The Board is satisfied
that these protocols were followed and as such there was no undue influence.
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the Company are set out in the following tables.
11
IDT Australia Limited
Directors' report
30 June 2023
2023
Non-Executive Directors:
M. Simari, Chair1
J Ryan2
G Sam3
A Fisher, Chair4
H Burrill5
M Kotsanis6
Other Key Management
Personnel:
P McDonald, Chief Executive
Officer7
Mr Vasanthakumar, Chief
Financial Officer8
P Thiyageas, Quality Director9
J Sosic, Operations Director10
A Nesci, Commercial &
Portfolio Director11
D Sparling, Chief Executive
Officer12
A Desai, Chief Financial
Officer13
C Kagiaros, Head of People
and Culture14
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary
Cash
Non-
Super-
Long
service
and fees
$
bonus
$
monetary
$
annuation
$
leave
$
Shares
granted
as
compensati
on
$
Total
$
75,618
63,348
46,254
54,299
17,345
25,915
-
-
-
-
-
-
-
-
-
-
-
-
-
6,652
4,857
5,701
1,821
2,721
-
-
-
-
-
-
-
-
-
-
-
-
75,618
70,000
51,111
60,000
19,166
28,636
290,636
16,800
15,588
30,622
16,885
93,025
463,556
152,700
155,032
16,667
1,000
1,000
-
18,300
-
-
200,000
1,000
473,150
-
104,661
19,200
-
-
-
16,139
16,383
1,750
21,105
24,773
7,524
2,588
2,846
278
1,000
52,521
-
191,727
227,782
18,695
-
-
-
60,024
282,129
-
-
497,923
131,385
92,534
1,768,159
10,889
49,889
-
33,888
7,881
147,929
-
22,597
-
111,304
206,570 2,229,032
1 Mr Simari was appointed Non-executive director on 10 October 2022 and Chair on 1 January 2023
2 Ms Ryan was appointed Non-executive director on 28 January 2022
3 Mr Sam was appointed Non-executive director on 10 October 2022
4 Mr Fisher was Non-executive Director (Chair) until 31 December 2022
5 Mr Burrill was Non-executive Director until 10 October 2022
6 Mr Kotsanis was Non-executive Director until 28 November 2022
7 Mr McDonald was appointed CEO from Head of Quality on 15 September 2022
8 Mr Vasanthakumar was appointed CFO on 28 September 2022
9 Ms Thiyageas was appointed Quality Director from Operations Manager on 01 November 2022
10 Mr Sosic was appointed Operations Director on 01 June 2023
11 Ms Nesci was appointed Commercial & Portfolio Director from Interim Head of Operations on 01 November 2022 until 16
June 2023
12 Mr Sparling was CEO until 13 September 2022
13 Mrs Desai was CFO until 14 October 2023
14 Mr Kagiaros was Head of People and Culture until 25 November 2022.
Short term incentive bonuses were paid on 28 July 2022 for performance in the FY22 financial year. Further a $1,000 cash
bonus was paid on 13 December 2022 for Mr McDonald, Mr Vasanthakumar, Ms Thiyages and Ms Nesci as part of a
Company wide payment made to all staff at IDT.
12
IDT Australia Limited
Directors' report
30 June 2023
2022
Non-Executive Directors:
A Fisher, Chair
H Burrill
M Kotsanis
J Ryan1
M Sontrop2
Other Key Management
Personnel:
D Sparling, Chief Executive
Officer
A Desai, Chief Financial Officer
P McDonald, Head of Quality
and Development
C Kagiaros, Head of People
and Culture3
J Sosic, Vice President
Operations, Supply and
Infrastructure4
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary
Cash
Non-
Super-
Long
service
and fees
$
bonus
$
monetary
$
annuation
$
leave
$
Shares
granted
as
compensati
on
$
Total
$
109,091
63,636
63,636
27,020
24,215
-
-
-
-
-
354,750
240,000
163,325
46,560
-
-
-
-
-
-
-
10,909
6,364
6,364
2,702
2,421
-
-
-
-
-
-
-
-
-
-
120,000
70,000
70,000
29,722
26,636
27,500
25,106
10,526
1,296
104,200
72,000
660,301
384,962
200,000
17,783
23,299
20,000
704
60,000
321,786
175,000
-
-
17,500
824
53,600
246,924
149,432
1,406,780
36,080
263,748
1,969
25,268
10,907
129,773
-
13,350
-
198,388
289,800 2,128,719
1 Ms Ryan was appointed Non-executive director on 28 January 2022.
2 Ms Sontrop was Non-executive director until 16 November 2021.
3 Mr Kagiaros was appointed Head of People and Culture on 1 September 2021.
4 Mr Sosic was Vice President Operations, Supply and Infrastructure until 29 November 2021.
Short-term incentive bonuses were paid on 17 August 2021 for performance in the FY21 financial year.
Summary of the total incentives paid in relation to achievement of objectives established at the beginning of the previous
financial year:
Name
D Sparling2
A Desai2
P McDonald1
C Kagiaros2,3,4
Potential of fixed
remuneration
Achievement of objectives
set at the start of the year
2023
2022
2023
2022
50.00%
20.00%
20.00%
20.00%
50.00%
20.00%
20.00%
20.00%
-
40.00%
39.50%
36.50%
-
40.00%
39.50%
36.50%
1 Mr McDonald was Head of Quality and Development until 14 September 2022 where his potential short term incentive was
set at 20%. Upon Mr McDonald's appointment as CEO from 15 September 22, the potential short term incentive was set at
50%.
2 Mr Sparling, Ms Desai and Mr Kagiaros are no longer with the Company.
3 Mr Kagiaros’s bonus was prorated as he was employed by IDT from 1 September 2021 as an ELT Member.
4 Mr Kagiaros’ bonus was prorated because he was appointed in the role for only part of the financial year ended 30 June
2022.
13
IDT Australia Limited
Directors' report
30 June 2023
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the Company held during the financial year by each director and other members of key management
personnel of the Company, including their personally related parties, are set out below:
2023
Ordinary shares
Non-executive Directors
M Kotsanis1
M Simari
J Ryan
G Sam
A Fisher1
H Burrill1
Other key management personnel
P McDonald
M Vasanthakumar
P Thiyageas
A Nesci1
D Sparling1
A Desai1
C Kagiaros1
Balance at
the start of
the year
Shares
issued
to employees
Other
changes
during
the year
Disposals/
other
Balance at
the end of
the year
-
115,000
-
-
-
-
-
-
-
865,106
-
-
-
2,031,000
690,000
418,000
4,119,106
-
-
-
-
-
-
-
-
-
1,525,000
-
861,000
984,000
-
-
-
3,370,000
-
-
355,206
79,366
355,206
-
-
-
-
-
13,157
-
-
-
-
-
1,495,244
-
(115,000)
-
-
-
-
-
-
-
-
-
-
(984,000)
(2,031,000)
(690,000)
(418,000)
(4,238,000)
-
-
355,206
79,366
355,206
-
-
-
-
2,390,106
13,157
861,000
-
-
-
-
4,746,350
1 Mr Kotsanis, Mr Fisher, Mr Burrill, Ms Neci, Mr Sparling, Ms Desai and Mr Kagiaros were not in office at the end of the
financial year and accordingly their shareholdings as at 30 June 2023 are not disclosed.
2023 Tranche
Grant Date
Share price
per
agreement
($)
Issue price
($)
Share price
($)
Number of
loan backed
shares
Expected
repayment
date
Fair value
of one
share
based
payment
($)
Fair Value
($)
09/03/2023
P McDonald
A Nesci
09/03/2023
P Thiyageas 09/03/2023
$0.061
$0.061
$0.061
$0.061
$0.061
$0.061
$0.061 1,525,000 09/03/2028
984,000 09/03/2028
$0.061
861,000 09/03/2028
$0.061
0.0375 57,187.50
0.0375 36,900.00
0.0375 32,287.50
2022
Ordinary Shares
Non-executive Directors
M Kotsanis
M Sontrop 1
Other key management personnel
D Sparling
A Desai
P McDonald
C Kagiaros
J Sosic 1
Balance at
the start of
the year
Shares
issued
to employees
Other
changes
during
the year
Disposals/
other
Balance at
the end of
the year
-
115,000
275,000
-
2,936,621
490,000
483,125
150,000
1,546,292
5,996,038
-
-
-
-
521,000
360,000
300,000
268,000
-
1,449,000
-
-
-
-
(1,426,621)
(160,000)
81,981
-
-
(1,504,640)
-
-
(275,000)
-
-
-
-
-
(1,546,292)
(1,821,292)
-
115,000
-
-
2,031,000
690,000
865,106
418,000
-
4,119,106
14
IDT Australia Limited
Directors' report
30 June 2023
1 Ms Sontrop and Mr Sosic were both not in office at the end of the financial year and accordingly their shareholdings as at
30 June 2022 are not disclosed.
2022 Tranche
Grant date
Share price
per
agreement
($)
Issue price
($)
Share price
($)
Number of
loan backed
shares
Expected
repayment
date
Fair value
of one
share
based
payment
($)
Fair Value
($)
D Sparling
A Desai
P McDonald
C Kagiaros
03/03/2022
03/03/2022
03/03/2022
03/03/2022
$0.200
$0.200
$0.200
$0.200
$0.200
$0.200
$0.200
$0.200
$0.200
$0.200
$0.200
$0.200
521,000 03/03/2027
360,000 03/03/2027
300,000 03/03/2027
268,000 03/03/2027
0.1305 67,990.50
0.1305 46,980.00
0.1305 39,150.00
0.1305 34,974.00
1,449,000
0.5220 189,094.50
This concludes the remuneration report, which has been audited.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
Mark Simari
Chair
28 August 2023
15
Grant Thornton Audit Pty Ltd
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GPO Box 4736
Melbourne VIC 3001
T +61 3 8320 2222
Auditor’s Independence Declaration
To the Directors of IDT Australia Limited
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit
of IDT Australia Limited for the year ended 30 June 2023, I declare that, to the best of my knowledge and belief,
there have been:
a
b
no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to
the audit; and
no contraventions of any applicable code of professional conduct in relation to the audit.
Grant Thornton Audit Pty Ltd
Chartered Accountants
M A Cunningham
Partner – Audit & Assurance
Melbourne, 28 August 2023
www.grantthornton.com.au
ACN-130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389.
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16
#10104015v1w
IDT Australia Limited
Statement of profit or loss and other comprehensive income
For the year ended 30 June 2023
Revenue
Sales revenue
Other income
Total revenue
Expenses
Raw materials and consumables used
Employee benefits expense
Depreciation and amortisation expense
Professional fees
Utilities and Maintenance expenses
Other expenses
Total expenses
Loss before income tax benefit
Income tax benefit
Loss after income tax benefit for the year attributable to the owners of IDT
Australia Limited
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Property revaluation net of tax
Other comprehensive income for the year, net of tax
Total comprehensive income for the year attributable to the owners of IDT
Australia Limited
Basic earnings per share
Diluted earnings per share
Note
2023
$000
2022
$000
5
6,935
97
7,032
12,105
25
12,130
(2,181)
(7,248)
(1,039)
(596)
(3,210)
(2,534)
(16,808)
(1,440)
(6,308)
(1,536)
(372)
(3,323)
(1,027)
(14,006)
(9,776)
(1,876)
1,278
716
(8,498)
(1,160)
2,457
2,457
-
-
7
22
(6,041)
(1,160)
Cents
Cents
8
8
(3.48)
(3.48)
(0.48)
(0.48)
The above statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
17
IDT Australia Limited
Statement of financial position
As at 30 June 2023
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Contract assets
Inventories
Current tax assets
Total current assets
Non-current assets
Property, plant and equipment
Intangibles
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Contract liabilities
Borrowings
Employee benefits
Total current liabilities
Non-current liabilities
Employee benefits
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity
Note
30 June
2023
$000
Restated
30 June
2022
$000
Restated
1 July
2021
$000
9
10
11
12
13
15
17
16
18
18
4,433
3,333
190
1,372
415
9,743
9,214
2,784
49
1,102
716
13,865
6,928
9,357
-
528
453
17,266
18,546
-
18,546
16,215
-
16,215
16743
120
16,863
28,289
30,080
34,129
1,867
829
740
546
3,982
1,253
517
881
490
3,141
4,413
766
617
636
6,432
166
166
314
314
445
445
4,148
3,455
6,877
24,141
26,625
27,252
19
21
22
54,929
10,773
(41,561)
51,189
8,499
(33,063)
51,189
7,966
(31,903)
24,141
26,625
27,252
The Company has made a retrospective restatement as a consequence of an error in accordance with AASB 108 and
therefore in line with AASB101 has restated the comparative figures as set out in Note 1.
The above statement of financial position should be read in conjunction with the accompanying notes
18
IDT Australia Limited
Statement of changes in equity
For the year ended 30 June 2023
Contributed
Equity
$000
Asset
Revaluation
Reserve
$000
Share based
Payment
Reserve
$000
Accumulated
Losses
$000
Total equity
$000
Balance at 1 July 2021
51,189
3,897
4,069
(31,540)
27,615
Adjustment for correction of error
-
-
-
(363)
(363)
Balance at 1 July 2021 - restated
51,189
3,897
4,069
(31,903)
27,252
Loss after income tax benefit for the year
Other comprehensive income for the year, net
of tax
Total comprehensive income for the year
Transactions with owners in their capacity as
owners:
Share based payments expense
Proceeds repayment limited recourse loans
-
-
-
-
-
-
-
-
-
-
-
-
-
(1,160)
(1,160)
-
-
(1,160)
(1,160)
218
315
-
-
218
315
Balance at 30 June 2022 Restated
51,189
3,897
4,602
(33,063)
26,625
Contributed
Equity
$000
Asset
Revaluation
Reserve
$000
Share based
Payment
Reserve
$000
Accumulated
Losses
$000
Total equity
$000
Balance at 1 July 2022
51,189
3,897
4,602
(33,063)
26,625
Loss after income tax benefit for the year
Other comprehensive income for the year, net
of tax
Total comprehensive income for the year
Transactions with owners in their capacity as
owners:
Equity Capital raised
Share based payment expense
Cancellation of loan funded shares
Costs of raising Capital
-
-
-
-
2,457
2,457
-
-
-
(8,498)
(8,498)
-
2,457
(8,498)
(6,041)
3,784
-
-
(44)
-
-
-
-
-
363
(546)
-
-
-
-
-
3,784
363
(546)
(44)
Balance at 30 June 2023
54,929
6,354
4,419
(41,561)
24,141
The above statement of changes in equity should be read in conjunction with the accompanying notes
19
IDT Australia Limited
Statement of cash flows
For the year ended 30 June 2023
Cash flows from operating activities
Receipts from customers (inclusive of GST)
Payments to suppliers and employees (inclusive of GST)
Interest and other costs of finance received / (paid)
Income tax refund received
Note
2023
$000
2022
$000
6,917
(15,626)
91
716
16,544
(14,189)
(22)
528
Net cash (used in)/from operating activities
23
(7,902)
2,861
Cash flows from investing activities
Payments for property, plant and equipment
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of equity
Proceeds from borrowings
Repayment of borrowings
Net cash from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
19
(522)
(522)
(912)
(912)
3,784
1,234
(1,375)
315
1,354
(1,332)
3,643
337
(4,781)
9,214
2,286
6,928
Cash and cash equivalents at the end of the financial year
9
4,433
9,214
The above statement of cash flows should be read in conjunction with the accompanying notes
20
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 1. Significant accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies
have been consistently applied to all the years presented, unless otherwise stated.
1.1 Statement of Compliance
These financial statements are general purpose financial statements prepared in accordance with the Corporations Act 2001,
Australian Accounting Standards and Interpretations, and comply with International Financial Reporting Standards and other
requirements of the law.
For the purposes of preparing the financial statements, the Company is a for-profit entity.
1.2 Basis of Preparation
These financial statements have been prepared under the basis of historical cost, except for certain financial instruments,
intangible assets and land and buildings that are measured at fair value.
Historical cost is generally based on fair values of the consideration given in exchange for goods and services, being the
price that would be received in an orderly transaction at the measurement date, regardless of whether that price is directly
observable or estimated using another technique.
A fair value measurement of a non-financial asset considers the Company’s ability to generate economic benefits through
use of the asset in its highest or best use or by selling it through an orderly transaction.
In estimating the fair value of an asset or liability, the Company considers the characteristics market participants would take
into account when pricing the asset or liability at measurement date. Fair value has been used in these financial statements
except for transactions within the scope of AASB 2 Share Based Payments, AASB 16 Leases and measurements that have
some similarities to fair value but are not fair value, such as net realisable value in AASB 102 Inventories or fair value less
cost to dispose in AASB 136 Impairment of Assets.
For financial reporting purposes fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which
the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in
its entirety, described as follows:
●
●
●
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access
at the measurement date;
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability,
either directly or indirectly; and
Level 3 inputs are unobservable inputs for the asset or liability.
All amounts are presented in Australian dollars unless otherwise noted.
1.3 Impairment of Non-Current Assets
For all except goodwill and indefinite life intangibles, non-financial assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for
the amount by which the asset’s carrying value exceeds its recoverable amount. Recoverable amount is the higher of an
asset’s fair value less costs of disposal and value-in-use. The value-in-use is the based on the market capitalisation of the
company.
1.4 New or amended Accounting Standards and Interpretations adopted
The Company has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian
Accounting Standards Boards (‘AASB’) that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not mandatory have not yet been adopted.
1.5 Foreign Currency Translation
Transactions in currencies other than the Company’s functional currency are recognised at the rates of exchange prevailing
at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are
translated at the rates prevailing at that date.
21
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 1. Significant accounting policies (continued)
Foreign exchange gains and losses resulting from settlement of such transactions and translation at period end exchange
rates of foreign currency monetary assets and liabilities are recognised in the Statement of Profit or Loss and Other
Comprehensive Income.
1.6 Rounding of Amounts
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191,
dated 24 March 2016, issued by the Australian Securities and Investments Commission, relating to the "rounding off" of
amounts in the financial statements. Amounts in the financial statements have been rounded off in accordance with that
Class Order to the nearest thousand dollars, or in certain cases, to the nearest dollar.
1.7 Reclassification of Contract Assets
The Company classifies billable work-in-progress not yet invoiced as Contract Assets. The amount at 30 June 2023 is
$190,284 (2022: $49,383) and has been restated from Inventory to Contract Assets in the Statement of Financial Position.
This does not impact on the Profit or Cash flows.
1.8 Revenue recognition
Accounting policy for revenue from contracts with customers
Revenue arises mainly from development and manufacturing of Active Pharmaceutical Ingredients (API) and Finished Dose
Forms (FDF). To determine whether to recognise revenue, the Company follows a 5-step process:
(1) Identifying the contract with a customer
(2) Identifying the performance obligations
(3) Determining the transaction price
(4) Allocating the transaction price to the performance obligations
(5) Recognising revenue when/as performance obligations are satisfied.
Revenue is recognised either at a point in time or over time, when the Company satisfies performance obligations by
transferring the promised goods or services to its customers.
The Company recognises contract liabilities for consideration received in respect to unsatisfied performance obligations and
reports these amounts as other liabilities in the statement of financial position. Similarly, if the Company satisfies a
performance obligation before it receives the consideration, the Company recognises either a contract asset or a receivable
in its statement of financial position, depending on whether something other than the passage of time is required before the
consideration is due.
The Company has two key types of arrangements with Clients; 1) Fee for Service Revenue generated in accordance with a
Scope of Works agreed with clients before project commencement and recognised over the term of the project as specific
performance obligations are completed (i.e. over time), 2) Manufacturing activities, particularly manufacture of Active
Pharmaceutical Ingredients, conducted based on supply agreements and purchase orders received from clients. Revenue
from these activities is recognised after product has been released by Quality Assurance and shipped in accordance with
client instructions (i.e. point in time). It must also be probable that the economic benefits of the transaction will flow to the
Company and the amount of revenue can be measured reliably.
In some instances the Company acts as an agent for the customer and incurs the cost of freight of the goods. The freight
charges are on-charged to the customer and this revenue is recognised when the transfer of goods occurs.
1.9 Income tax
The income tax expense or benefit for the period is the tax payable / receivable on the current period’s taxable income /
(loss) based on the notional income tax rate adjusted by changes in deferred tax assets and liabilities attributable to
temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements,
and unused tax losses.
Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity.
The Company incurs eligible expenditure which supports a R&D Tax Incentive Claim, refundable by the Australian
Government at 43.5% for entities with a tax loss and revenues less than $20 million. There are no unfulfilled conditions or
other contingencies in relation to this incentive. This receivable balance is accounted for as a current tax asset and income
tax expense / (benefit).
22
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 1. Significant accounting policies (continued)
1.10 Cash at bank and on hand
For purposes of the statement of cash flows, cash and cash equivalents include bank deposits which are readily convertible
to cash on hand and which are used in the cash management function on a day-to-day basis.
1.11 Total trade and other receivables
Trade receivables represent amounts receivable relating to the provision of goods and services pursuant to a valid purchase
order or contract for product or services. Receivables are recognised at the full value receivable and do not require re-
measurement because they are due for settlement within 60 days of invoice date.
The Company has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss
allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue.
1.12 Current Tax Assets
The Company incurs eligible expenditure to support a R&D Tax Incentive Claim. The estimated amount of claim is recognised
as a current tax asset and income tax expense / (benefit) in the year that the R&D was incurred.
1.13 Inventories
Inventories are valued at the lower of cost and net realisable value with the cost determined on a first-in-first-out basis. Net
realisable value reflects the estimated selling price in the ordinary course of business less the estimated costs of completion
and costs necessary to make the sale.
Subsequent to initial measurement, balances held in inventory are reviewed at least annually and a provision raised where
future use is no longer considered probable, principally due to reasons of obsolescence or product dating.
1.14 Property, Plant and Equipment
Freehold land and buildings are shown at revalued amounts being the fair value (level 3) at date of revaluation less
subsequent depreciation for buildings. The most recent fair value measurement by independent valuers was 31 December
2022. The valuation conforms to Australian Valuation Standards and was calculated based on the fair value of the land and
depreciated replacement cost of the buildings. As revaluations are performed regularly, carrying amounts do not differ
materially from those that would be determined using fair values at the end of each reporting period.
The revaluation increase arising on the revaluation of land and buildings is accumulated in the revaluation reserve within
equity. Decreases that offset previous increases of the same asset are recognised against revaluation reserve directly in
equity; all other decreases are to be recognised in profit or loss.
Plant and equipment, including Right of Use Assets, are measured at cost less accumulated depreciation and any impairment
adjustments which may have been identified. The cost of non-current assets constructed or developed by the Company
includes the costs of all materials used in construction, direct labour on the project and an appropriate proportion of directly
attributable variable and fixed overheads.
AASB 16 Leases provides the lessee with the choice of whether to recognise short-term or low value leases on the balance
sheet. Under the Company’s policy, photocopiers and printers are treated as short term or low value leases, which qualify
for the low value lease exemption.
Depreciation is recognised so as to write off the cost or valuation of assets, other than land, over their estimated useful lives,
net of their residual values, using the straight-line method, as follows:
- Buildings
- Plant & Equipment
40 years
3-15 years
Estimated useful lives, residual values and depreciation methods are reviewed at the end of each reporting period, with the
effect of any changes in estimate accounted for on a prospective basis.
Plant is regularly overhauled through an ongoing cyclical maintenance program. Routine operating maintenance, repair costs
and minor renewals are charged as expenses as incurred.
23
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 1. Significant accounting policies (continued)
An item of property, plant and equipment is derecognised upon disposal or where no future economic benefits are expected
to arise from continued use. Any gain or loss arising on disposal or retirement is determined as the difference between the
sales proceeds and the carrying amount of the asset and is recognised in the profit or loss.
1.15 Intangible Assets
a) Internally generated Intangible Assets
Research expenditure is recognised as an expense as incurred.
An internally generated intangible asset arising from development is recognised as a non-current asset where all of the
following conditions can be demonstrated:
●
●
●
●
●
technical feasibility of completing the project that it will be available for use or sale;
intention to complete the intangible asset and use it or sell it;
the intangible asset will generate probable future economic benefits for the Company;
availability of adequate technical, financial and other resources to complete the development; and
the ability to measure reliably the expenditure attributable to the development of the asset.
The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date
the asset first met the recognition criteria listed above. Development expenditures that do not meet all of these criteria are
recognised in profit or loss in the period in which incurred.
Development costs previously recognised as an expense may not be recognised as an asset in a subsequent period.
Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation
from the date the intangible asset first meets the recognition criteria. The estimated useful life and amortisation method are
reviewed at the end of each reporting period, with the effect of any change accounted for on a prospective basis.
b) Impairment of intangible assets
Assets with finite lives are subject to amortisation and are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. Intangible assets that have an indefinite useful life
are not subject to amortisation and are tested annually for impairment or more frequently if events or changes in
circumstances indicate that they may be impaired. An impairment loss is recognised in the statement of comprehensive
income for the amount by which the asset’s carrying amount 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 impairment, assets are
grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units), other than goodwill
that is monitored at the segment level. Impairment losses recognised in respect of cash generating units are allocated first
to reduce the carrying amount of any goodwill allocated to cash generating units, and then to reduce the carrying amount of
the other assets in the unit on a pro-rata basis.
1.16 Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets
are recovered or liabilities settled. The relevant tax rate is applied to the cumulative amounts of deductible and taxable
temporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary differences
arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised in relation to
temporary differences 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 or loss.
Deferred tax assets will only be 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. In addition to the above deferred
tax assets recognised, the Company has further unrecognised tax losses relating to prior period tax losses.
1.17 Contract liabilities
Fee for Service Revenue generated in accordance with a Scope of Works agreed with clients before project commencement
and recognised over the term of the project as specific performance obligations are completed (i.e. over time). In some cases
the client may pay for services before the work is conducted and this revenue is deferred until earned.
24
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 1. Significant accounting policies (continued)
Contractual milestones have been received in accordance with the Company’s long-term distribution agreements. As such
milestones relate to the performance of the contract, revenue is recognised over the term of the distribution contract.
1.18 Employee Benefits
The provision for employee entitlements represents annual leave, vested long service leave and an estimate of the future
value of long service leave which has not yet vested but is expected to be payable to employees.
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and long service
leave when it is probable that settlement will be required and they can be reliably measured.
Liabilities recognised in respect of short term employee benefits are classified as current liabilities and measured at their
nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities recognised in respect of
long-term employee benefits are classified as non-current liabilities and measured at the present value of the estimated
future outflows to be made by the Company in respect of services provided by employees up to reporting date.
1.19 Share-based Payments
Directors, Executive Management and selected staff may be offered shares in the Company at the current market value at
the date of issue, funded by an interest free limited recourse loan from the Company. These limited recourse loan funded
shares are measured and accounted for as options in accordance with the substance, and no asset is recognise for the loan.
Grants within the framework of the Employee Share Plan (ESP) are determined by the CEO together with the Remuneration
and Nomination Committee and are subject to approval by the Board.
Amounts disclosed for emoluments relating to these shares are the assessed fair values at issue date determined using the
Binomial method taking into account the share price at grant date and expected price volatility of the underlying share, the
expected dividend yield and the risk-free interest rate for the term of the arrangement.
The ESP provides an annual value of up to $1,000 of shares may be issued to eligible employees for no consideration. The
value of shares issued is recognised in the income statement as employee benefit costs at the time the shares are granted.
Such shares may not be sold until the earlier of three years after issue or cessation of employment with the Company.
In all other respects ESP shares rank equally with other fully-paid ordinary shares on issue.
1.20 Earnings Per Share
(i) Basic Earnings per Share - Basic earnings per share is determined by dividing the profit or loss attributable to equity
holders of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number
of ordinary shares outstanding during the financial year.
(ii) Diluted Earnings per Share - Diluted earnings per share adjusts the figures used in the determination of basic earnings
per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential
ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation
to dilutive potential ordinary shares.
1.21 Operating Segments
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Chief Executive Officer of IDT Australia Limited. The Company has identified
one reportable segment, that is: Development and Manufacture of Active Pharmaceutical Ingredients (API) and Finished
Dose Forms (FDF). The segment details are therefore fully reflected in the body of the financial statements.
1.22 Restatement of Comparative Figures
The Company has restated its comparatives for the year ended 30 June 2022 in these statements after identifying revenue
which was inappropriately recognised as revenue in the year ended 30 June 2021 and 30 June 2020. Revenue was
recognised prior to control of certain inventory items passing to the customer.
The error has been corrected by restating each of the affected financial statement line items for the prior periods, as follows:
25
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 1. Significant accounting policies (continued)
Balance Sheet (extract)
Contract liabilities
Accumulated losses
30 June 2022
(Increase)/
decrease
30 June 2022
(restated)
1 July 2021
(restated)
$000
$000
$000
$000
(154)
(32,700)
(363)
(363)
(517)
(33,063)
(766)
(31,903)
Note 2. Critical accounting judgements, estimates and assumptions
Preparation of these financial statements requires the Company to make estimates and judgements that may affect the
reported values of assets, liabilities, revenues and expenses. Management continually evaluates estimates and judgements
based on historical experience and other factors it believes to be reasonable under the circumstances, including expectations
of future events that may have a financial impact on the entity.
In preparing the financial statements, management has considered the impact of COVID-19 on the various balances,
including the carrying values of trade receivables and accounting estimates for which cash flow forecasts are required to be
prepared such as the recoverable amount of non-current assets.
The following critical judgements have been made in application of the Company's accounting policies and have the most
significant effect on amounts recognised in the Company’s financial statements.
Valuation of non-current assets (being property, plant and equipment and finite life intangibles assets)
The Company applies AASB 136 Impairment of Assets to test the carrying value of non-current assets and impairment.
Judgement is applied to make estimates of future cash flows to support assessment of the appropriateness of the carrying
value. Criteria considered include anticipated future sales prices, market size and expected share, future exchange rates
and the discount rate.
In making these judgements, the Company makes reasonable and supportable assumptions to represent management's
estimate of the conditions that will exist over the useful life of the asset. Amongst other factors the Company evaluates
technical feasibility, the cost to complete the project, existence of an attractive commercial market, potential launch dates
and sales expectations to conclude on the value of expected future economic benefits which would be expected to flow to
the entity in order to calculate discounted cash flows.
Balanced estimates of these criteria have been made but key sensitivities could include more competitive market conditions
which could result in higher than expected discounting required to achieve targeted market share.
At any time should the estimated value of future economic benefits relative to the asset’s carrying value be considered
insufficient relative to net book value, the Company would recognise impairment in accordance with AASB 136 Impairment
of Assets.
Income taxes
Deferred tax assets are recognised for deductible temporary differences and tax losses as management considers that it is
probable that future taxable profits will be available to utilise those temporary differences. The carrying amount of deferred
tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the asset to be recovered. The measurement of deferred tax liabilities
and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of
the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Provision for impairment of inventories
The provision for impairment of inventories assessment requires a degree of estimation and judgement. The level of the
provision is assessed by taking into account the usage of each item, product expiry date and other factors that affect inventory
obsolescence.
Share-based payments
The issuance of shares to employees are at market rates and funded by interest-free limited recourse loans to the Company.
The fair values of such arrangements utilises the Binomial method and therefore includes elements of judgment and estimate
in determining certain input factors such as an estimate of share price volatility.
26
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 2. Critical accounting judgements, estimates and assumptions (continued)
Timing of revenue recognition
Revenue is recognised either at a point in time or over time, when the Company satisfies performance obligations by
transferring the promised goods or services to its customers.
Note 3. Operating segments
The Company has identified one reportable segment, that is: Development and Manufacture of Active Pharmaceutical
Ingredients (API) and Finished Dose Forms (FDF). The segment details are therefore fully reflected in the body of the financial
statements. Refer to note 1 for further information on the accounting policy.
Note 4. Going concern
The financial statements have been prepared on a going concern basis, which contemplates continuity of normal business
activities and the realisation of assets and discharge of liabilities in the normal course of business.
Revenue for the full year ended 30 June 2023 was $7.0 million compared to $12.1 million (inclusive of a $5.8 million
government grant) for the full year ended 30 June 2022. The Company incurred an after-tax loss of $8.5 million for the
full year ended 30 June 2023, compared to a loss of $1.2 million for the full year ended 30 June 2022.
Cash at 30 June 2023 was $4.4 million (30 June 2022 $9.2 million) and net cash outflow for the full year ended 30 June 2023
was $4.8 million, compared to net cash inflow of $2.3 million for the full year ended 30 June 2022. The decrease in cash
inflow was primarily driven by a decrease in revenue as resources were invested into non-revenue generating activities such
as sterile facility qualifications. The sterile facility qualifications were completed, and the final license was issued by the TGA
on 24 March 2023. This license will advance our cash generating activities for the coming year. Currently the Company has
work orders, master service agreements, and forecast to fulfill in the coming year.
The cash balance as of 30 June 2023 is further supported by an unutilised debt facility of $5.0 million with the National
Australia Bank Ltd (‘NAB’) which is due for next renewal on 31 October 2025. A further $2.0 million has been raised in July
2023 through a Share Placement Program.
The Directors have considered a cash flow forecast and the projected revenue and are satisfied that the Company will
operate as a going concern and continue to meet its financial obligations for the foreseeable future.
Based on the cash flow forecast and the above funding arrangements, the Directors are satisfied that the going concern
basis of preparation is appropriate.
Note 5. Revenue
Service revenue recognised over time
Sale of goods transferred at a point in time
2023
$000
2022
$000
6,935
-
12,105
-
6,935
12,105
27
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 6. Expenses
Profit / (Loss) from ordinary activities before income tax expense includes the following
expenses:
Cost of goods sold
Depreciation of property, plant and equipment
Amortisation - Development costs
Repairs and maintenance
Net foreign currency (loss) / gain
Note 7. Income tax benefit
Numerical reconciliation of income tax benefit and tax at the statutory rate
Loss before income tax benefit
Tax at the statutory tax rate of 25% (2022: 26%)
Current year tax losses not recognised
Current year temporary differences not recognised
Partial recognition of historical/current year losses
Non-deductible expenses
Research and development tax concessions
Deferred tax losses not brought to account
Income tax benefit
The company income tax rate used in 2023 is 25% (2022: 26%).
Note 8. Earnings per share
2023
$000
2022
$000
3,192
1,039
-
883
(66)
760
1,416
120
1,385
34
2023
$000
2022
$000
(9,776)
(1,876)
(2,444)
2,251
(239)
(1,040)
194
-
-
(1,278)
(488)
-
-
-
51
(305)
26
(716)
2023
$000
2022
$000
Loss after income tax attributable to the owners of IDT Australia Limited
(8,498)
(1,160)
Weighted average number of ordinary shares used in calculating basic earnings per share
244,056,384 240,822,027
Weighted average number of ordinary shares used in calculating diluted earnings per share 244,056,384 240,822,027
Number
Number
Basic earnings per share
Diluted earnings per share
Note 9. Cash and cash equivalents
Current assets
Cash at bank and on hand
28
Cents
Cents
(3.48)
(3.48)
(0.48)
(0.48)
2023
$000
2022
$000
4,433
9,214
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 10. Trade and other receivables
Current assets
Trade receivables
Less: Allowance for expected credit losses
Other receivables
Prepayments
2023
$000
2022
$000
2,472
(224)
2,248
-
1,085
1,459
-
1,459
82
1,243
3,333
2,784
Allowance for expected credit losses
The ageing of the receivables and allowance for expected credit losses provided for above are as follows:
Age of receivables which are past due:
0-30 days
30-60 days
60-90 days
90+ days
2023
$000
2022
$000
1,677
454
117
-
1,404
55
-
-
2,248
1,459
The average collection period for invoices is 30-60 days from invoice date and interest is not charged on overdue balances.
Note 11. Inventories
Current assets
Raw Materials - at cost
Finished Goods
Less: Provision for stock obsolescence
Raw Materials - at cost
Balance at 1 July
Purchases during the year
Inventory recognised as expense during the year
Balance at 30 June
Finished Goods
Less: Provisions
Total inventory at 30 June
29
2023
$000
2022
$000
1,353
275
(256)
1,293
197
(388)
1,372
1,102
2023
$000
2022
$000
1,293
1,472
(1,412)
1,353
275
(256)
907
854
(468)
1,293
197
(388)
1,372
1,102
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 12. Current tax assets
Current assets
Income tax receivable
Note 13. Property, plant and equipment
Non-current assets
Land (at fair value)
Buildings (at fair value)
Plant and equipment - at cost
Less: Accumulated depreciation
Capital works in progress
2023
$000
2022
$000
415
716
2023
$000
2022
$000
11,125
3,388
14,513
26,516
(23,004)
521
4,033
4,380
6,985
11,365
43,072
(38,520)
298
4,850
18,546
16,215
Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial year are set out below:
Balance at 1 July 2022
Additions
Capital Work in Progress
Revaluation increments
Revaluation decrements
Transfers
Write off of assets
Depreciation expense
Balance at 30 June 2023
Balance at 1 July 2021
Revaluation
Additions
Disposals
Depreciation expense
Balance at 30 June 2022
Capital Work
in Progress
$000
Freehold
Land
$000
Buildings
$000
Plant &
Equipment
$000
Total
$000
298
223
-
-
-
-
-
-
521
4,380
-
-
6,745
-
-
-
-
6,985
-
-
-
(3,755)
285
-
(127)
4,552
504
-
-
-
-
(632)
(912)
16,215
727
-
6,745
(3,755)
285
(632)
(1,039)
11,125
3,388
3,512
18,546
Capital Work
in Progress
$000
Freehold
Land
$000
Buildings
$000
Plant &
Equipment
$000
Total
$000
4,380
-
-
-
-
7,165
-
-
-
(180)
4,989
-
799
-
(1,236)
16,743
-
888
-
(1,416)
4,380
6,985
4,552
16,215
209
-
89
-
-
298
30
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 13. Property, plant and equipment (continued)
Valuations of land and buildings
The basis of the valuation of freehold land and buildings is fair value. The freehold land and buildings were last revalued on
31 December 2022 based on independent assessments by Charter Kech Cramer a member of the Australian Property
Institute having recent experience in the location and category of land and buildings being valued. The directors do not
believe that there has been a material movement in fair value since the revaluation date. Valuations are based on current
prices for similar properties in the same location and condition.
The level 3 unobservable inputs and sensitivity are as follows:
Description
Unobservable inputs
Range
Land and buildings
Yield
5.5% - 6.5% range
Sensitivity
0.5% change would result in
an increase or decrease in
fair(or result in impairment)
value by $1,654,000
Land and buildings
Market Net Annual Income
$110 - $140 psm per annum 0.5% change would result in
an increase or decrease in
fair (or result in impairment)
value by $2,124,000
Security for Borrowings
The bank overdraft, lease and business loan facilities are secured by the following:
-A Registered Mortgage over property situated at 39 Wadhurst Drive, Boronia
-A Registered Mortgage over property situated at 41 Wadhurst Drive, Boronia
-A Registered Mortgage over property situated at 43-49 Wadhurst Drive, Boronia
-A Registered Mortgage over property situated at 51-57 Wadhurst Drive, Boronia
-A Registered Mortgage over property situated at 68 Wadhurst Drive, Boronia
Note 14. Deferred tax
Deferred Liability
The balance comprises temporary differences attributable to:
Depreciation
Asset revaluation
Prepayments
Other assets
Movements
Opening balance at 1 July
Increase/(Reduction) current tax expense
Restating opening balance of DTL due to reduced tax rate
Current year increase/(decrease) not recognised
Closing balance at 30 June
Deferred Tax Assets
The balance comprises temporary differences attributable to:
Employee entitlements, accruals and other
Tax losses
Movements
Opening balance at 1 July
Increase/(Reduction) current tax expense
Closing balance at 30 June
31
2023
$000
2022
$000
2,699
-
247
3
2,949
1,680
1,269
-
-
2,949
479
2,470
2,949
1,680
1,269
2,949
1,680
-
-
-
1,680
1,778
(98)
-
-
1,680
405
1,275
1,680
1,778
(98)
1,680
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 14. Deferred tax (continued)
As at 30 June 2023 the Company has gross carried forward tax losses amounting to $27m (2022: $18m) and a further
$12.3m (2022: $12.3m) capital losses which have not been recognised as assets in these financial statements.
Note 15. Trade and other payables
Current liabilities
Trade payables
Other payables
Refer to note 25 for further information on financial risk management.
Note 16. Borrowings
Current liabilities
Premium Funding
2023
$000
30 June 2022
$000
346
1,521
550
703
1,867
1,253
2023
$000
2022
$000
740
881
The company utilises a Premium Funding facility to pay its annual Insurance Premium. This facility has a 10 month term with
an interest rate applicable of 2.34%.
Note 17. Contract liabilities
Current liabilities
Contract prepayments
2023
$000
Restated
2022
$000
829
517
A prior period adjustment of $363,000 is included in the final restated balance of $517,000, refer to Note 1 for prior period
adjustment details.
Reconciliation
Reconciliation of the written down value at the beginning and end of the current and previous financial year are set out below:
Opening Balance
Payments received in advance
Transfer to revenue - included in opening balance
Transfer to revenue - performance obligations satisfied in previous periods
Prior period re-statement
Ending Balance
32
2023
$000
Restated
2022
$000
517
501
(189)
-
-
829
254
332
(643)
211
363
517
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 17. Contract liabilities (continued)
Unsatisfied performance obligations
The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied at the end of the
reporting period was $272 as at 30 June 2023 ($154 as at 30 June 2022) and is expected to be recognised as revenue in
future periods as follows:
(a) 272 during the Financial year 30 June 2024
(b) 328 as and when customer inventory is consumed
Within 6 months
6 to 12 months
12 to 18 months
Note 18. Employee benefits
Current liabilities
Employee entitlements
Non-current liabilities
Employee entitlements
Note 19. Issued capital
2023
$000
Restated
2022
$000
829
-
-
829
517
-
-
517
2023
$000
2022
$000
546
490
166
314
Ordinary shares - fully paid
304,583,397 241,021,797
54,929
51,189
The following movements in ordinary shares were recorded during the past two years are as follows:
2023
Shares
2022
Shares
2023
$000
2022
$000
Balance brought forward as at 1 July
Issuance of fully paid ordinary shares via placement –
Tranche 1
Cost of raising Capital
Employee share plan issues
Forfeited employee shares
30 June 2023 30 June 2022 30 June 2023 30 June 2022
Shares
Shares
$000
$000
241,021,797 239,860,170
51,189
51,189
60,938,678
-
5,871,922
(3,249,000)
-
-
1,601,630
(440,003)
3,784
(44)
-
-
-
-
-
-
304,583,397 241,021,797
54,929
51,189
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion
to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company
does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each
share shall have one vote.
33
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 20. Share-based payments
An employee share option plan (ESP) has been established by the Company and approved by shareholders at a general
meeting, whereby the Company may, at the discretion of the Board, grant options over ordinary shares in the Company to
certain key management personnel of the Company. The options are issued for nil consideration and are granted in
accordance with performance guidelines established by the Board.
The ESP was refreshed at the Annual General Meeting held on 28 November 2022.
During the year ended 30 June 2023, the Company issued 5,871,922 ordinary shares under the rules of the ESP (2022:
1,601,630).
Total expenses arising from share-based payment transactions recognised during the period as part of employee benefit
expenses were as follows:
Net value of shares issued/(forfeited) under employee share plan
(182)
319
2023
$000
2022
$000
Movement in number of shares under Employee Share Plan
Opening balance
Employee Share Plan granted during the year
Forfeited during the year
2023
$
2022
$
10,463,423
5,871,922
(3,249,000)
9,301,796
1,601,630
(440,003)
13,086,345 10,463,423
Set out below are summaries of options granted under the plan:
2023
Grant date
Expiry date
price
Exercise
Balance at
the start of
the year
Granted
Exercised
Expired/
forfeited/
other
Balance at
the end of
the year
23/02/2021
03/03/2022
09/03/2023
22/02/2026
02/03/2027
08/03/2023
$0.21
$0.20
$0.06
1,915,000
1,449,000
-
3,364,000
-
-
5,543,000
5,543,000
-
-
-
-
(1,585,000)
(1,149,000)
-
(2,734,000)
330,000
300,000
5,543,000
6,173,000
Weighted average exercise price
$0.21
$0.06
$0.00
$0.21
$0.08
The weighted average remaining contractual life of options outstanding at the end of the financial year was 4.53 years (2022:
4.09 years).
The fair value of options granted is estimated using the Black-Scholes option-pricing model. For the options on hand at the
end of the financial year, the valuation model inputs used to determine the fair value at the grant date, are as follows:
Grant date
Expiry date
23/02/2021
03/03/2022
09/03/2023
22/02/2026
02/03/2027
08/03/2023
Share price Exercise
at grant date
price
Expected
volatility
Dividend
Risk-free
Fair value
yield
interest rate at grant date
$0.21
$0.20
$0.06
$0.21
$0.20
$0.06
0.72%
0.95%
0.95%
-
-
-
0.60%
1.83%
3.50%
$0.210
$0.200
$0.061
34
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 21. Reserves
Asset revaluation reserve
Share-based payments reserve
2023
$000
2022
$000
6,354
4,419
3,897
4,602
10,773
8,499
Asset revaluation reserve
The reserve is used to recognise increments and decrements in the fair value of land and buildings, excluding investment
properties.
Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their
remuneration, and other parties as part of their compensation for services.
Note 22. Accumulated losses
Accumulated losses at the beginning of the financial year
Loss after income tax benefit for the year
Accumulated losses at the end of the financial year
2023
$000
2022
$000
(33,063)
(8,498)
(31,903)
(1,160)
(41,561)
(33,063)
Note 23. Reconciliation of loss after income tax to net cash (used in)/from operating activities
Loss after income tax benefit for the year
Adjustments for:
Depreciation and amortisation
Share-based payments
Change in operating assets and liabilities:
Increase/(decrease) in receivables
Increase/(decrease) in inventories
Increase/(decrease) in current tax asset
(Increase)/Decrease in payables
(Increase)/Decrease in other provisions
(Increase)/Decrease in unearned revenue
Net cash (used in)/from operating activities
Note 24. Dividends
2023
$000
2022
$000
(8,498)
(1,160)
(1,039)
182
(1,536)
319
997
270
1,172
(614)
200
(572)
7,101
(698)
(188)
(1,354)
277
100
(7,902)
2,861
There were no dividends paid, recommended or declared during the current or previous financial year.
Note 25. Financial risk management
Financial risks impacting the Company’s activities fall into three categories:
a) market risk – foreign exchange and interest rate
b) credit risk
c) liquidity risk
35
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 25. Financial risk management (continued)
Market risk
In order to minimise the impact of currency fluctuation it is Company policy to transact in Australian dollars wherever possible.
From time to time the Company also transacts in foreign currencies, particularly Euro and US dollars, which can give rise to
foreign exchange risk as exchange rates fluctuate. At reporting date the Company has $4.4 million Cash Reserves held in
its operating bank account and short term bank deposits. Forward cash flow forecasts do not project use of the bank debt
facilities. Therefore the Company does not foresee any increased borrowings or consequentially a material sensitivity to
interest rates.
The Company holds the following financial instruments:
Liquid Financial Assets
Cash and cash equivalents
Trade receivables and other
Total financial assets
Financial Liabilities
Trade and other payables
Borrowings, current and non-current
Total financial liabilities
Net financial position
2023
$000
2022
$000
4,433
3,333
7,766
(1,867)
(740)
(2,607)
9,214
2,257
11,471
(1,253)
(881)
(2,134)
5,159
9,337
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in a financial loss to the
Company. Credit risk is closely managed and the Company has procedures to deal with credit worthy counterparties.
Customer credit worthiness is reviewed on an ongoing basis and exposure to any one customer is monitored. Potential credit
loss is regularly reviewed and assessed and a provision for expected credit losses would be raised if there was any evidence
the debt was no longer collectible. The Company does not carry a material level of overdue debtor balances.
Liquidity risk
Liquidity risk arises from the financial liabilities of the Company and is the risk that the Company is not able to pay its financial
liabilities as when they fall due. The ultimate responsibility for liquidity risk management rests with the Board of Directors
which has established a framework for management of the Company’s requirements over time through continuous monitoring
of historical and anticipated cash flows and scenario analysis. The Company manages liquidity risk by maintaining cash
reserves and reserve borrowing facilities.
Rolling 18 month cash flow forecasts are prepared each month. Strategic planning also includes liquidity considerations and
based on current strategies, no funding shortfalls have been identified.
In addition to funds on deposit, the Company has $5 million undrawn banking facilities.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Note 26. Key management personnel disclosures
Remuneration arrangements in relation to Key Management Personnel (KMP) are disclosed in the Company’s 2023 Annual
Report.
The following table summarises cash bonuses paid to KMP in the reporting period following assessment of performance
against individual and Company objectives in place for the years ended 30 June 2023 and 30 June 2022.
No shares were issued within the framework of the Employee Share Plan during the period.
36
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 26. Key management personnel disclosures (continued)
Directors
The following persons were directors of IDT Australia Limited during the financial year:
Mark Simari - Chair
Jane Ryan - Non-Executive Director
Geoffrey Sam OAM - Non-Executive Director
Michael Kotsanis - Non-Executive Director
Hugh Burrill - Non-Executive Director
Alan Fisher - Non-Executive Director
Appointed as Non-Executive Director 10 October 2022 and
subsequently appointed Chair 1 January 2023
Appointed 10 October 2022
Resigned 28 November 2022
Resigned 10 October 2022
Resigned 31 December 2022
Other key management personnel
The following persons also had the authority and responsibility for planning, directing and controlling the major activities of
the Company, directly or indirectly, during the financial year:
P McDonald, Chief Executive Officer
Mr Vasanthakumar, Chief Financial Officer
P Thiyageas, Quality Director
J Sosic, Operations Director
A Nesci, Commercial & Portfolio Director
D Sparling, Chief Executive Officer
A Desai, Chief Financial Officer
C Kagiaros, Head of People and Culture
Compensation
The aggregate compensation made to directors and other members of key management personnel of the Company is set
out below:
Short-term employee benefits
Post-employment benefits
Long-term benefits
Share-based payments
2023
$
2022
$
1,851,936
147,929
22,597
206,570
1,486,340
112,226
14,683
312,900
2,229,032
1,926,149
Transactions of Directors and Key Management Personnel Concerning Shares
Aggregate numbers of shares acquired and disposed of by Directors or Key Management Personnel were as follows:
Ordinary shares issued to KMP
Ordinary shares forfeited by KMPs
Ordinary shares acquired
Ordinary shares sold
Ordinary shares sold after limited recourse loans repaid
2023
Shares
2022
Shares
3,370,000
3,139,000
-
-
-
1,449,000
-
81,981
160,000
1,426,621
Other than shares issued as described in note 20, the terms and conditions of other transactions relating to shares were on
the same basis as similar transactions with other shareholders.
Aggregate numbers of shares of IDT Australia Limited held directly, indirectly or beneficially by Directors or KMP holding
office at balance date were as follows:
37
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 26. Key management personnel disclosures (continued)
Ordinary shares
2023
2022
4,746,350
4,199,106
There were no other transactions or contracts between the Company and Directors and Key Management Personnel in 2023
(2022: nil).
Note 27. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by Grant Thornton, the auditor of the
Company:
Audit services -
Audit or review of the financial statements
Other services
2023
$
2022
$
143,784
98,000
23,711
55,331
167,495
153,331
Other services
During the year Grant Thornton was paid for non-audit services in relation to Taxation and R&D Tax incentive scheme related
services.
Note 28. Related party transactions
Key management personnel
Disclosures relating to key management personnel are set out in note 26 and the remuneration report included in the
directors' report.
Transactions with related parties
There were no transactions with related parties during the current and previous financial year.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at the current and previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Note 29. Commitments and contingencies
The directors are of the opinion that there are no significant commitments and contingencies requiring disclosure for the
company as at 30 June 2023.
38
IDT Australia Limited
Notes to the financial statements
30 June 2023
Note 30. Events after the reporting period
On 21 July 2023 the Company issued 30,769,354 Ordinary shares raising $2.0 million before costs as part of a rights issue
to shareholders.
On 26 July 2023 the National Australia Bank (NAB) loan facility was increased from $2.5mil to $5.0mil and the term of the
facility was extended to 31 October 2025.
On 1 August 2023, at the Extraordinary General Meeting of the shareholders, the following director options were approved
by the shareholders: Mark Simari 6,000,000 shares, Jane Ryan 3,000,000 shares and Geoff Sam 3,000,000 shares.
On 4 August 2023 the Company issued further 15,984,389 Ordinary shared raising $1.04mil before costs as part of the share
placements Tranche 2.
No other matter or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly affect the
Company's operations, the results of those operations, or the Company's state of affairs in future financial years.
39
IDT Australia Limited
Directors' declaration
30 June 2023
In the directors' opinion:
●
●
●
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 1 to the financial statements;
the attached financial statements and notes give a true and fair view of the Company's financial position as at 30 June
2023 and of its performance for the financial year ended on that date; and
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
Mark Simari
Chair
28 August 2023
40
Grant Thornton Audit Pty Ltd
Level 22 Tower 5
Collins Square
727 Collins Street
Melbourne VIC 3008
GPO Box 4736
Melbourne VIC 3001
T +61 3 8320 2222
Independent Auditor’s Report
To the Members of IDT Australia Limited
Report on the audit of the financial report
Opinion
We have audited the financial report of IDT Australia Limited (the Company), which comprises the statement
of financial position as at 30 June 2023, the statement of profit or loss and other comprehensive income,
statement of changes in equity and statement of cash flows for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies, and the Directors’ declaration.
In our opinion, the accompanying financial report of the Company is in accordance with the Corporations Act
2001, including:
a
b
Giving a true and fair view of the Company’s financial position as at 30 June 2023 and of its
performance for the year ended on that date; and
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Company in accordance with the auditor independence
requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and
Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
www.grantthornton.com.au
ACN-130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389.
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or
refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL).
GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member
firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one
another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127
556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards
Legislation.
41
w
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
Key audit matter
How our audit addressed the key audit matter
Revenue & Contract liabilities – Note 1.8, Note 1.17, Note
5 and Note 17
In the financial year ended 30 June 2023, the Company
Our procedures included, amongst others:
recorded revenue of $6,935,000.
The Company offers several products and services to its
• Obtaining an understanding of the processes and controls
used by the Company in evaluating contracts under the
customers that require different patterns of revenue
five-step model of AASB 15 Revenue from Contracts with
recognition due to varying contractual terms, which impact the
Customers;
identification of performance obligations and the determination
of how the Company satisfies those obligations.
• Reviewing revenue recognition policies of the Company’s
recurring and non-recurring revenue streams to ensure
This is a key audit matter due to the financial significance to
compliance with AASB 15;
the statement of profit or loss and other comprehensive
• Selecting a sample of revenue transactions to verify that
income and the judgement involved in determining
appropriate revenue recognition for these various services.
revenue was being recognised in accordance with revenue
recognition policies;
• Analytically reviewing all revenue streams and
investigating movements outside our expectations with
management;
• Completed cutoff testing to verify the revenue recognised
and associated costs in relation to these transactions are
accounting for in the correct periods under AASB 15
Revenue from Contracts with Customers;
•
Testing the accuracy of deferred income recorded by the
Company during the year; and
• Evaluating the disclosures in the financial statements for
appropriateness and consistency with accounting
standards.
Carrying value of land and buildings – Note 1.14 and Note
13
As at 30 June 2023, the Company’s carrying value of land and
Our procedures included, amongst others:
buildings totalled $14,513,000.
• Obtaining the most recent valuation reports at
Land and buildings are carried under the revaluation model
31 December 2022 and assessing completeness, accuracy
under AASB 116 Property, Plant and Equipment, whereby
and reasonableness of key inputs and assumptions
valuations are obtained cyclically, and revaluations are taken
applied in the calculations in accordance with AASB 116
through the asset valuation reserve.
Property, Plant and Equipment;
This area is a key audit matter due to the judgement involved
in determining whether the fair value of the land and buildings
is materially appropriate.
• Engaging our internal valuation experts to review the
independent valuation report to check whether the inputs
are reasonable;
• Evaluating the competence, capabilities, and objectivity of
Management’s expert who completed the valuation; and
• Reviewing Management‘s assessment of fair value of land
and buildings at 30 June 2023 to ensure the valuation at
31 December is still relevant.
42
Grant Thornton Audit Pty Ltd
Going Concern– Note 4
For the year ended 30 June 2023 the Company recorded a
Our procedures included, amongst others:
loss after tax of $8,498,000 and operating cash outflows of
$7,902,000. At year end, the Company had $4,433,000 of
cash on hand, which in the opinion of the Directors will
support the Company’s funding requirements for twelve
months from the date of this report.
Accordingly, testing the availability of sufficient funding for the
Company to meet its obligations is considered a key part of
our going concern assessment.
This has been assessed as a key audit matter due to the
judgement required by management in preparing their
forecasts evaluating their ability to continue as a going
concern.
• Collating the results of our inquiries, observations,
analytical procedures, and other testing procedures in
order to form a conclusion on whether the Company’s
ability to continue as a going concern is still present
through the year-end;
• Assessing the cash flow forecast prepared by
management for at least 12 months from the anticipated
date of signing the financial statements and evaluating the
reasonableness of inputs and assumptions used in the
forecast;
• Analysing and challenging key assumptions in
IDT Australia Limited’s budget for the twelve-month period
from the expected date of signing;
• Discussing with management their future plans for the
Company;
• Reviewing ASX announcements to gather an
understanding of the strategy of the business;
•
Inquiring of management as to whether they are aware of
any events or conditions beyond the period of
Management’s assessment that may cast significant doubt
on IDT Australia Limited’s ability to continue as a going
concern; and
• Evaluating the disclosures in the financial statements for
appropriateness and consistency with accounting
standards.
Information other than the financial report and auditor’s report thereon
The Directors are responsible for the other information. The other information comprises the information included
in the Company’s annual report for the year ended 30 June 2023, but does not include the financial report and
our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the financial report
The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the Directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the Directors are responsible for assessing the Company’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no
realistic alternative but to do so.
43
Grant Thornton Audit Pty Ltd
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar2_2020.pdf.This
description forms part of our auditor’s report.
Report on the remuneration report
Opinion on the remuneration report
We have audited the Remuneration Report included in pages 9 to 15 of the Directors’ report for the year
ended 30 June 2023.
In our opinion, the Remuneration Report of IDT Australia Limited, for the year ended 30 June 2023 complies
with section 300A of the Corporations Act 2001.
Responsibilities
The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
Grant Thornton Audit Pty Ltd
Chartered Accountants
M A Cunningham
Partner – Audit & Assurance
Melbourne, 28 August 2023
44
Grant Thornton Audit Pty Ltd
IDT Australia Limited
Shareholder information
30 June 2023
The shareholder information set out below was applicable as at 1 August 2023.
Distribution of equitable securities
Analysis of number of equitable security holders by size of holding:
1 to 1,000
1,001 to 5,000
5,001 to 10,000
10,001 to 100,000
100,001 and over
Holding less than a marketable parcel
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
Ordinary shares
Number
of holders
% of total
shares
issued
442
1,244
580
1,097
328
12.00
33.70
15.70
29.70
8.90
3,691
100.00
-
-
Ordinary shares
Number held
% of total
shares
issued
32,408,366
23,682,196
23,554,937
18,933,201
13,755,534
9,978,904
9,690,316
6,029,710
5,502,672
5,280,723
3,990,331
3,457,737
3,000,000
2,961,539
2,650,752
2,616,539
2,461,539
2,373,299
2,153,847
2,086,539
8.19
5.98
5.95
4.78
3.47
2.52
2.45
1.52
1.39
1.33
1.01
0.87
0.76
0.75
0.67
0.66
0.62
0.60
0.54
0.53
176,568,681
44.59
ONE MANAGED INVT FUNDS LTD - SANDON CAPITAL INV LTD A/C
MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LIMITED
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
ONE FUND SERVICES LTD - SANDON CAPITAL INV LTD A/C
UBS NOMINEES PTY LTD
CITICORP NOMINEES PTY LIMITED
MR ANTHONY JOHN HUNTLEY
INVIA CUSTODIAN PTY LIMITED - GRAEME LESLIE BLACKMAN A/C
KEISER INVESTMENTS PTY LTD - GANN FAMILY RETIREMENT A/C
PICHERIT'S FARM PTY LTD - HUNTLEY SUPER FUND A/C
MR ROBERT DARIUS FRASER - FRASER FAMILY A/C
INVIA CUSTODIAN PTY LIMITED - PAULENE BLACKMAN A/C
BUTTONWOOD NOMINEES PTY LTD
MS MELISSA MARY STEPHENS
WARBONT NOMINEES PTY LTD - UNPAID ENTREPOT A/C
PAUL MCDONALD
ON ON FOR DON PTY LTD - MAC FAMILY A/C
NEWECONOMY COM AU NOMINEES PTY LIMITED - 900 ACCOUNT
MR ALISTAIR DAVID STRONG
TIDE RIDER PTY LTD
Unquoted equity securities
There are no unquoted equity securities.
45
IDT Australia Limited
Shareholder information
30 June 2023
Substantial holders
Substantial holders in the Company are set out below:
Sandon Capital Pty Ltd
Regal Funds Management Pty Limited and assoc
One Funds Management Ltd, One Fund Services Ltd
Anthony Huntley and associated entities
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
Number held
50,418,489
43,578,939
31,777,934
12,828,815
% of total
shares
issued
12.74
11.01
8.03
3.24
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.
There are no other classes of equity securities.
46
IDT Australia Limited
45 Wadhurst Drive, Boronia,
Victoria, 3155, Australia
www.idtaus.com.au