More annual reports from LaserBond Limited:
2023 ReportANNUAL REPORT
2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
WHAT WE DO
SERVICES
DIVISION
Repair and refurbishing
worn or damaged
machine parts
Exposure to recurring
service problems leads
to research for better
solutions & product
opportunities
RESEARCH &
DEVELOPMENT
New cladding materials
and application
technologies
A wide range
of customers and
industries seeking better
than new repair of (mostly)
wear related machinery
maintenance problems
Technology developed
in collaboration with
researchers and industry
partners
TECHNOLOGY
DIVISION
Design, manufacture,
licensing & support of
tailored cladding
systems
Global METS OEM
partners who are seeking
strategic advantage from
high performance wear
components
PRODUCTS
DIVISION
Specialised surface
engineered components
for OEM partners and
end users.
2
LASERBOND | ANNUAL REPORT 2023
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
CONTENTS
About LaserBond
Financial Snapshot
Chairman’s Letter
Chief Executive Officer’s Review of Operations
Directors’ Report
Remuneration Report
Directors’ Declaration
Auditor’s Independence Declaration
Independent Auditor’s Report
Financial Report
Statement of Profit or Loss
Statement of Financial Position
Statement of Cash Flows
Statement of Changes in Equity
Shareholder Information
Corporate Directory
4
5
6
8
21
22
27
28
29
32
33
34
35
36
53
55
3
LASERBOND | ANNUAL REPORT 2023 About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
ABOUT LASERBOND
LaserBond dramatically extends life and enhances the
performance of high-wearing components in capital-intensive
industries. It is a specialist surface engineering Company founded
in 1992 by Gregory Hooper in conjunction with his parents Rex
& Lillian Hooper. In 1994, the current CEO, Wayne Hooper, joined
the Company. The Company focuses on the development and
application of materials using advanced additive manufacturing
technologies. The wear of components can have a profound
effect on the productivity and total cost of ownership of capital
equipment. Almost all components fail at the surface, through
a combination of abrasion, erosion, corrosion, cavitation, heat,
and impact, so a tailored surface metallurgy can be used to
dramatically extend life and enhance performance.
LaserBond’s technology has applications across many industries
where surface engineering can deliver significant cost-effective
improvements in productivity and/or lower total cost of
equipment ownership. They include resources and energy,
agriculture, fluid handling, steel and aluminium production,
heavy transport, advanced manufacturing, defence and
infrastructure construction.
Our growth has been built on the pursuit of leadership in
innovation and technology and this is supported by a strong
marketing and sales function that identifies industry sectors,
customers and components, equipment or applications that
benefit from our technologies.
Our customers are typically internationally recognised Original
Equipment Manufacturers (OEMs) and large end users in capital-
intensive heavy industries that endure high costs whenever their
equipment is out of production for maintenance.
Work Health and Safety benefits are often realised because
of the maintenance of equipment and replacement of worn
parts is often carried out in potentially hazardous environments
(e.g., on mine sites) and/or involves handling of difficult and
heavy components. Many of our customers recognise that by
reducing the frequency of required maintenance, the utilisation
of LaserBond’s services significantly lowers the risk of
injury to personnel.
Environmental benefits arise from LaserBond’s ability to
remanufacture and provide performance improvements to
machin e parts that would have typically been scrapped and
replaced with new parts. The typical carbon footprint for a
LaserBond remanufactured part is less than 1% of a new part, and
with life improvements of between 2 to 20 times of a standard
part, a carbon footprint of much less than 1% is achieved.
LaserBond currently operates from facilities in New South
Wales, Queensland, South Australia, and Victoria and licenses its
technology to international partners.
4
LASERBOND | ANNUAL REPORT 2023
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FINANCIAL SNAPSHOT
REVENUE INCREASE of 25.7% from
$30.7 m in FY22 to
$38.6 m in FY23
EBITDA for the year was
$10.2 m, up by
17.5% from FY22.
CASH FLOW continue to grow from
$4.24 m in FY22 to
$7.70 m in FY23
WORKING CAPITAL increased by 34.1% from
$12.27 m in FY22 to
$16.45 m in FY23
5
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
CHAIRMAN’S LETTER
Dear Shareholder
Reflecting on the past year, LaserBond has made significant
progress in all areas of its business, developing offshore markets,
and capturing the interest and trust of potential and existing
customers, whilst achieving further double-digit increases in all
earnings metrics in our operations. Once again, our Products and
Services divisions performed strongly, confirming the underlying
strength of the business over a protracted time frame.
Over the past 18 months, LaserBond has expanded the
board with the addition of two non-executive Directors.
These appointments have been made to assist with scaling
the business. A particular emphasis is on strategy, strategy
execution, and personnel, all of which are required to maintain
the next level of growth by exploiting the unique IP that the
Company has developed.
Our business development activities are building confidence with
existing customers and opening new relationships with domestic
and international customers. These markets are large and highly
competitive, and, we have learnt from existing and prospective
customers, that the superior LaserBond offering rates very highly.
Our focus is to capture and monetarise these opportunities.
The Company continues to identify acquisition targets both
domestically and internationally to expand our core products
and services division.
Financial Highlights
I am pleased to report that revenue from continuing operations
increased by 25.7% to $38.61 million, reflecting the underlying
growth in the business and, overall, the preservation of gross
profit margins during a period of rapid inflation and consequent
higher input costs. This increased revenue, combined with
rigorous cost management, enabled our highest after-tax profit
to date, with a 31.1% increase on last year to $4.76 million.
Earnings Summary
FY23
Strong cash flows from operations, along with a decrease in
debt associated with equipment finance, bolstered the balance
sheet to render our position the strongest in our 30-year history.
Working capital sits at $16.45 million, representing a 34.1%
increase on FY22. The strength of this financial position will
enable the business to fund near and medium-term activities
to accelerate growth. While our Technology division was unable
to recognise expected revenue due to timing, changes in scope
and supply chain issues, the revenue will be delivered this
financial year. We are confident that our technology is of world-
class standard and it will not only deliver one-off equipment
revenue but, in most cases, long-tailed recurring revenue
for ongoing technical support and consumables relating to
operating the equipment.
Outlook
Despite the ongoing uncertainty in both the domestic and
global economies, LaserBond’s core product offering has
not been impacted. While we are not immune from overall
economic forces our core services remain in demand in both
boom and bust times.
LaserBond’s current order book remains strong, with the
seemingly unlimited opportunities for our applications,
products and technologies remaining healthy. The consistently
high financial and operational performance of the business
demonstrates the material strength of an operating base that
has been refined and honed-in response to rapidly changing
external conditions, developing an agility that is critical for
success in today’s global trading environment. Not least, its
success is a validation of the relevance and value of its offering
to a customer base spread across multiple market sectors.
LaserBond remains committed to strong revenue growth in
FY24, to ensure our FY25 $60 million target is achieved.
Revenue from Continuing Operations
$38.61M
up 25.7% from
EBITDA
Net Profit Before Tax
Net Profit After Tax1
$10.2M
$6.37M
$4.76M
up 17.5% from
up 19.4% from
up 31.1% from
FY22
$30.71M
$8.68M
$5.33M
$3.63M
1In FY22, profit after tax was impacted by a tax adjustment in the prior year that related to an instant asset write-off being claimed by the Company. This adjustment has no impact on
tax liabilities. Further details can be found under Note 4 of the financial statements.
6
LASERBOND | ANNUAL REPORT 2023
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Report
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Report
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Dividend
Having assessed capital requirements for the business for
the near to medium term, the board has declared a dividend
payment of 0.8 cents per share for the second half of FY23,
bringing the total fully franked dividend for the year to 1.6
cents per share. In the four years to FY23, dividends paid
have increased by a compound annual growth rate of 15.5%.
In determining to declare a dividend for FY23, the Board
considered the strength of the balance sheet, the excellent
performance of the operations and the need for capital to fund
the implementation of its ongoing expansion strategy.
On behalf of my fellow directors, I would like to acknowledge
another stellar performance from our employees. We
have achieved an enormous body of work in FY23,
enhancing the productivity of Australian operations
and making further inroads into international
expansion. The large proportion of employees
who are also shareholders is proof of
the commitment to excellence in
everything we do.
My gratitude also goes to our shareholders
who continue to share our vision for
LaserBond and our confidence that we can
achieve that vision. We know that competition for
capital is fierce, and we will respect the investment you
have made and continue to strive to realise the enormous
potential of our business.
I am confident that we have the right strategy, and a balance
sheet that can support targeted growth. We have a powerful
and unique combination of resources to build LaserBond.
Philip Suriano
Chairman
7
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
CHIEF EXECUTIVE OFFICER’S REVIEW OF OPERATIONS
OVERVIEW
FINANCIAL PERFORMANCE
LaserBond has consistently set higher benchmarks for revenue,
EBITDA and profit after tax for the last five years. In FY23, driven
by a quantum increase in Services revenue and a solid increase
in the Products division, total revenue increased by 25.7% from
$30.71 million in FY22 to $38.61 million. This revenue increase
continues the 24.5% uplift between FY21 and FY22, showing
unabated demand for our products, services, and technologies,
and further supporting the premise of our FY25 revenue target
of $60 million. Furthermore, the compound annual growth
rate for revenue over the four years to FY23 reached 14.2%
through a period of difficult trading conditions. Equally, despite
inflationary cost pressures, the gross profit margin for the group
of 53% has remained broadly consistent with prior years.
Earnings before interest, tax, depreciation, and amortisation for
the year were $10.20 million, up by 17.5% on the $8.67 million
achieved in FY22. Over the four years to FY23, EBITDA has risen by
a compound annual growth rate of 20.1%. Before tax profit was
$6.37 million, representing a 19.4% increase over the $5.33 million
achieved in FY22 and a compound annual growth rate since
FY19 of 13.5%. After tax profit was 31.1% higher with $4.76 million
compared with $3.63 million in FY22. Consistent with all other
earnings metrics, profit after tax increased by a compound annual
growth rate of 14.1% over the four years to FY23.
Over the 12 months, earnings per share increased 22.9% to
4.34c in FY23, while dividends declared for the period were
increased by 14.3% to 1.6 cents.
LaserBond’s FY23 performance did much to cement its position
as a critical supplier and innovator to a diversity of market
sectors that are fundamental to Australia’s economic stability
and prosperity. Despite the difficult trading environment of the
past few years, we have achieved another year of double-digit
percentage earnings growth, progressed new applications
from R&D to commercialisation and revenue generation,
derived an excellent performance from the recently acquired
Queensland facility, progressed plans to expand our local
footprint into Western Australia, and increased brand awareness
and appreciation for the quality of our products, services and
technologies in offshore markets.
LaserBond operates under a highly differentiated business
model when compared with other industry players, both here
and offshore. Rather than marketing off-the-shelf products
that may or may not fully meet the needs of customers, the
LaserBond model caters directly to customer need with
bespoke solutions that can be adapted, developed, and
commercialised for wider application to solve common, but
unsolved industry problems. We build our markets with an
intricate understanding of underlying demand, rather than
a focus on supply. Hence, over decades, our R&D focus has
introduced numerous new applications and products that
directly address market needs with sophisticated products and
services that are experiencing continually increasing demand.
Similarly, our Technology division offers a diversified revenue
stream derived from the equipment and services that we have
invested in and developed for wide application. While we
continue to navigate some hurdles, largely relating to supply
chain and customer timing issues with a couple of projects, we
expect those challenges to be resolved in the current financial
year, enabling the recognition of revenue that was forecast to
be collected in FY23.
As with all businesses now, we have had to manage wages
pressures and labour shortages. However, as a business that
relies on skilled labour across its operations, the focus on
augmenting our workforce with appropriately skilled employees
is a continual one, as is the management of incremental wage
increases to build them into our cost base, maintain margins
and avoid the impact of a future quantum leap in salaries.
During the year, our aim to expand LaserBond’s operations
into the Western Australian market was progressed, with two
potential opportunities identified that will be further explored
and analysed in FY24. Moreover, an opportunity to establish a
LaserBond facility in close proximity to a major global customer
in North America has emerged and we are actively evaluating
the benefits and risks of locating a facility in that market.
Our initial position is that while such a move advances our
international expansion plans for products and technologies, it
also opens up possibilities for a similar level of expansion in our
Services division, which could operate from the same location
and capitalise on local customer relationships in other areas of
the business. However, there is much work to be done so that
an informed decision, based on a full understanding of the
commercial rationale, can be reached.
8
LASERBOND | ANNUAL REPORT 2023
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Independent Auditor’s
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Corporate
Directory
40
35
30
25
20
15
10
5
0
12
10
8
6
4
2
0
8
6
4
2
0
Revenue ($m)
Net Profit After Tax ($m)
19.96
12.87
17.33
12.18
10.92
10.49
11.26
11.80
13.38
18.65
FY19
FY20
FY21
FY22
FY23
1H
2H
EBITDA ($m)
2.84
2.07
FY19
3.44
2.75
FY20
3.29
3.10
FY21
5.58
4.62
FY23
5.31
3.37
FY22
8
6
4
2
0
8
6
4
2
0
1.63
1.18
FY19
1.65
1.16
FY20
2.11
1.52
FY22
1.65
1.19
FY21
1H
2H
Earnings Per Share (cents)
1.72
1.25
FY19
1.72
1.22
FY20
1.72
1.24
FY21
1.96
1.57
FY22
1H
2H
1H
2H
Profit Before Tax ($m)
Dividends for Period (cents)
3.63
3.47
2.23
1.61
FY19
2.19
1.67
1.58
1.70
1.86
2.74
FY20
FY21
FY22
FY23
2.0
1.5
1.0
0.5
0.0
0.50
0.60
0.80
0.60
0.50
0.50
0.60
0.60
0.80
FY19
FY20
FY21
FY22
FY23
1H
2H
1H
2H
LASERBOND | ANNUAL REPORT 2023
9
2.76
2.00
FY23
2.51
1.83
FY23
0.80
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
Cash Flows from Ops ($m)
Working Capital ($m)
20
15
10
5
0
25
20
15
10
5
0
12
10
8
6
4
2
0
8
7
6
5
4
3
2
1
0
3.5
2.8
2.1
1.4
2.33
1.76
FY19
3.69
0.58
FY20
Net Cash Flows ($m)
2.12
3.75
3.02
1.67
1.73
FY21
2.57
FY22
3.96
FY23
1H
2H
0.50
0.7
1.38
1.20
0.31
0.47
2.74
0.0
-0.1
10
8
6
4
2
0
-0.57
-0.31
-0.29
FY19
FY20
FY21
FY22
FY23
1H
2H
Cash on Hand ($m)
2.19
4.00
4.91
5.68
8.93
FY19
FY20
FY21
FY22
FY23
10
6.07
7.26
8.79
12.27
16.45
FY19
FY20
FY21
FY22
FY23
Net Tangible Assets (c /sh)
10.60
12.80
14.80
19.30
22.30
FY19
FY20
FY21
FY22
FY23
Debt ($m)
4.79
7.84
4.54
4.91
2.85
3.57
5.91
4.75
3.99
FY19
FY20
FY21
FY22
FY23
HP & Finance Leases
Lease Liabilities
LASERBOND | ANNUAL REPORT 2023 About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
Cash flows from operations achieved a substantial increase
of 81.6% from $4.24 million in FY22 to $7.70 million in FY23
and have risen over the four years to FY23 by a compound
annual growth rate of 17.7%. This uplift has boosted net cash
flows for the year by more than fourfold to $3.25 million from
$0.78 million in FY22. In turn, these cashflows have led to
correspondingly large increases for the year in cash on hand
and working capital, which have increased by 57.1% to $8.93
million and 34.1% to $16.45 million respectively. Net tangible
assets per share rose by 15.7% from 19.3 cents in FY 22 to 22.3
cents in FY23. LaserBond carries no debt outside of equipment
finance and facility leases. Equipment finance debt decreased
16% from $4.75 million to $3.99 million during the year.
However, as a result of renewed facility leasing agreements in
New South Wales and South Australia, total hire purchase and
lease obligations have increased by 27.4% to $11.83 million.
The strength of the balance sheet is a solid financial base from
which to fund the acceleration of the domestic and offshore
expansion strategy.
OPERATIONAL PERFORMANCE
The Services division achieved quantum increases in both
revenue and EBITDA, while the Products division earned a
significant increase in revenue with a drop in EBITDA that
reflected inflationary pressures on agreed prices with large
customers, as outlined in the half year report. Prices have been
and continue to be renegotiated with Product Division margins
expected to be restored for the current year. Having been
fully integrated into LaserBond’s operations in FY22, the newly
acquired Queensland facility has performed as forecast, with
excellent contributions to revenue and profitability. Equally
pleasing is the achievement of reduced lead times largely
due to recruitment and training. Fifteen skilled migrants were
recruited, trained, and employed in the business progressively
between August and March. The shorter lead times have
enabled increases in orders.
While the Technology division was not able to recognise
revenue on two large technology sales, due to issues associated
with timing, changes of scope and supply chain issues,
tremendous progress in opening new offshore markets has
been made over FY23 with several negotiations continuing.
The two delayed projects will deliver revenue in FY24, and
the pipeline of opportunities is expected to deliver continued
growth in Technology sales.
A priority for FY24 will be to extract the full value from our suite
of products, services, and technologies with a focus on business
development in specific markets to build awareness of, and
confidence in, the LaserBond brand and the superiority of its
innovations and core offering.
11
LASERBOND | ANNUAL REPORT 2023 About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
Services Division
The Services division achieved a 50.7% uplift in revenue from
$13.70 million in FY22 to $20.64 million. Over the four years to
FY23, Services revenue grew by a compound annual growth
rate of 16.6%. The growth reflects the full-year contribution of
revenue from the new Queensland acquisition after settlement
on 31 January 2022.
Similarly, Services division EBITDA rose by 77.8% from $3.64
million in FY22 to $6.47 million in FY23 and by 47.1% in 2H23
over the previous corresponding period. Services EBITDA
increased by a compound annual growth rate of 25.9% since
FY19. These stellar results represent the clearing of backlogs and
increased orders as the new skilled migrant workers boosted
capacity across all state-based operations. The Queensland site
delivered excellent earnings, more than justifying its purchase
in FY22, with high market penetration, an excellent base of loyal
customers, a steady stream of work and low lead times.
Overall, the division continues to perform well with consistently
high throughput and a continuous stream of new orders. Given
the quality of the specialist laser cladding services offered
by LaserBond, margins have largely been preserved despite
vigorous inflation over the last 12 months.
Additional Services work and revenue are expected to be
derived by expanding LaserBond’s cladding applications for a
broader range of industry sectors.
25
20
15
10
5
0
8
7
6
5
4
3
2
1
0
Services Revenue ($m)
10.95
7.92
5.78
9.69
FY22
FY23
5.48
5.69
FY19
5.94
6.89
FY20
6.19
5.45
FY21
1H
2H
Services EBITDA ($m)
2.08
1.94
FY20
1.34
1.23
FY19
1.44
1.55
FY21
2.33
1.31
FY22
1H
2H
3.43
3.04
FY23
12
LASERBOND | ANNUAL REPORT 2023 About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
Products Revenue ($m)
4.34
4.80
FY19
4.81
4.36
FY20
Products EBITDA ($m)
1.39
1.26
FY19
1.73
1.23
FY20
20
15
10
5
0
6
5
4
3
2
1
0
7.46
7.50
FY22
2.68
2.34
FY22
6.62
6.33
FY21
1H
2H
2.09
1.99
FY21
1H
2H
8.89
8.94
FY23
2.46
2.09
FY23
Products Division
Revenue in the Products division increased by 19.1% from
$14.96 million in FY22 to $17.83 million. Since FY19, revenue
has grown by a compound annual growth rate of 18.2%, while
EBITDA grew 14.4% pa over the same period.
EBITDA declined by 9.5% from $5.02 million in FY22 to $4.54
million in FY23 due to the impact of inflation on agreed pricing
with original equipment manufacturing customers. New pricing
has been and is in the process of being agreed with major
customers which will translate into a return to traditional gross
margins for the business unit in FY24. However, despite this
lower EBITDA result, the Products division has returned a 14.4%
compound annual growth rate for the years between
FY19 and FY23.
Over the year, the Products division achieved increased
productivity, reducing lead times, and increasing sales, with
the arrival of additional employees to optimise equipment
capacity. It has also derived increasing levels of revenue from the
commercialisation of R&D activities, providing it with a compelling
competitive advantage in local and international markets.
LaserBond’s products, using proprietary cladding applications,
such as steel mill rolls and rotary feeders have been well
received in offshore markets, particularly in North America,
with existing customers reporting that they are far superior
to any locally sourced laser-clad rolls in the market. As further
testimony of our growing reputation and market penetration,
these customers have provided product performance
references to other steel mills and competitors with whom they
collaborate. These references have been unsolicited and are
based solely on our products and the service we provide.
Given our existing customer base in North America and the
increasing interest in the quality of our products, consideration
is being given to establishing a local LaserBond facility near the
operations of one of our global customers in the US to better
support their growth aspirations and reduce their shipping
costs. Equally, we understand that we would be awarded more
work from many existing North American customers who are
keen to maintain margins by reducing costs, such as freight.
While a proper due diligence process will underpin any decision
about offshore operations, anecdotally we believe that such a
move may have the potential to capture a body of work that is
currently not being awarded to LaserBond because of logistic
issues. Being a local supplier would open possibilities to supply
existing global customers as well as target new ones, not least
for LaserBond’s steel mill products. In addition, we would also
attract work and build revenue in the Services division.
13
LASERBOND | ANNUAL REPORT 2023 About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Technology Division
Our Technology division was subjected to a host of travel
restrictions, site restrictions and border closures as Australia and
the global economy shut down in response to the pandemic.
With FY23 as the first full year unshackled by these restrictions
and adverse trading conditions, and valuable assistance from
Austrade, the business unit made excellent headway in building
and enhancing relationships with customers in targeted
countries overseas. The negative EBITDA for the division reflects
the investment made in developing new markets with high
value customers.
The two large technology sales to a North American licensee
and Curtin University in Western Australia, that were expected
to generate revenue during FY23, have continued to be
hampered by supply chain issues, timing considerations and, in
one case, a revision of the operational scope of the laser cell in
response to altered requirements. These sales, with combined
equipment revenue of approximately $2.5 million, are now
expected to recognise revenue in FY24, once the issues are
resolved and the customers take control of their cells. Further
revenue of approximately $0.5 million is estimated to be
collected for the sale of additional consumables for these cells
as well as ongoing licence fees.
An additional technology sale to Swinburne University in
Victoria is expected to be commissioned late in the first half of
FY24 with revenue following soon after completion. For both
the Swinburne University and the Curtin University projects, we
are supplying the cells outside of a licence agreement, as we
collaborate with them on industry solutions.
They provide useful entry points into local markets, particularly,
the Curtin University project, which increases access to Western
Australian industry. These projects, as well as interaction with
a range of reputable tertiary and research institutions, are
testimony to LaserBond’s recognised leadership in the research
and development of new technologies to solve a range of
problems across multiple markets.
A tangible success resulting from an ambitious marketing and
business development campaign over the past 18 months is
an agreement with an Indian firm, signed in June this year, for a
laser cladding cell. Cementing this success, is another potential
sale to a large offshore original equipment manufacturer that
could possibly see revenue recognised in FY24.
In addition, LaserBond is being contracted to provide services
to businesses in operating, maintaining, and optimising their
existing cells. While original equipment manufacturers are
increasingly manufacturing laser cladding cells, the level of
expertise and understanding of functionality does not permit
an adequate level of after-sales support and advice. While
LaserBond’s main focus is to procure high-value equipment
sales, the after-sales support will be instrumental in building
brand value and future sales, as we extend awareness of these
elevated capabilities in target offshore markets as well as locally.
Most importantly, the pipeline for technology sales is strong,
with numerous discussions at various stages underway.
Technology Revenue ($m)
Technology EBITDA ($m)
2.5
2.0
1.5
1.0
0.5
0.0
14
1.95
0.10
FY22
2H
8.890.12
0.02
FY23
4.80
0.18
4.36
0.05
6.33
FY20
FY21
1H
0.8
0.6
0.4
0.2
0
-0.2
-0.4
-0.6
-0.04
-0.04
-0.02
-0.06
0.52
-0.02
FY20
FY21
6.33
1H
FY22
2H
-0.30
FY23
LASERBOND | ANNUAL REPORT 2023
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INNOVATION
Since the inception of LaserBond more than 30 years ago, a
core tenet of the business imperative has been to develop
new products and technologies for new and existing markets
and stay ahead of the curve in new applications and industry
solutions. This approach has involved LaserBond identifying
potential opportunities as well as being sought by businesses
wanting LaserBond to diagnose the root cause of problems and
develop a means to rectify them. An example of LaserBond’s
innovation product leadership is its ability to provide crack-
free coatings of extremely wear resistant layers, despite there
being a common view in the marketplace that they are not
possible, based on failures with other suppliers. LaserBond has
experienced great success with its crack-free wear coatings and
continually delights its customers with its results. The business’s
R&D approach now places it ahead of its competitors, providing
it with a valuable sustainable, inimitable competitive advantage.
Furthering this ethos, a Technical Product
Development Manager has been recruited with a remit
to identify industry wear problems and work with
the R&D team to solve them. A dedicated Business
Development Manager will then work with customers
to implement these solutions and expand their sales to
a wider customer base. These roles are in addition to
the existing sales team, aiming to build new revenue
streams based on the expertise of the R&D team.
In FY23, LaserBond invested $0.45 million in its R&D program
compared with $0.54 million in FY22. The decreases in R&D
spending over the last two years reflect the retirement of one
of the co-founders and in no way represent a declining focus
on the area. We are currently recruiting an additional material
scientist for our laboratory in New South Wales to support the
growing demand for solutions, which we expected to be further
augmented by the new Technical Product Development Manager.
The team is progressing several collaborative projects that are
expected to generate revenue from new products and services
in the near future. Revenue from the commercialisation of five
proprietary coating applications has doubled over the past few
years, and further gains are expected from the newly instituted
process of actively identifying industry problems, developing
solutions, and commercialising them to build new
sources of revenue.
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
R&D Investment ($m)
0.55
0.68
0.68
0.51
0.45
FY19
FY20
FY21
FY22
FY23
LASERBOND | ANNUAL REPORT 2023
15
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
PEOPLE
In a tight labour market resourcing our facilities with an adequate
number of appropriately skilled operators and machinists to
cover afternoon shifts and fully optimise the capacity of the
operations is an ongoing priority. Local recruitment of skilled
personnel is a prime focus but has been increasingly difficult in
an era of near-full employment. Having successfully employed
six workers under skilled visa applications in FY17, in FY20 the
Company commenced recruitment of a further 15 skilled visa
applicants who, after some Covid-related delays, joined the
Company and became operational between late August 2022
and March 2023. In August this year, the process began for a
third time, seeking another eight skilled migrants to be shared
across the four sites. The Company assists the migrants with
temporary accommodation and transportation requirements
while they adapt to their new environment, building the trust
and loyalty that underpins its high level of employee retention.
This commitment to LaserBond is magnified by our efforts to
assist them with applications for permanent residency once they
have lived and worked here for the requisite period of time and
the migration of their families to Australia.
Notwithstanding the skilled migrant visa applications, LaserBond
continues to advertise positions locally and aims to attract
employees through apprenticeship and trainee programs.
We have increased marketing, including to local schools, and
introduced work experience programs. Current apprentices
are being supported to complete their training in a shorter
timeframe with a higher qualification and can access an above-
award pay rate to incentivise employee retention and motivation.
Support is also available to existing unskilled employees
for upskilling and we have engaged a registered training
organisation to conduct apprentice training on-site, reducing the
need to travel to a TAFE. Continuing employee increases have
also allowed increased opportunities for rotation and training of
apprentices across a greater diversity of skills, translating into a
more multi-skilled and flexible workforce.
A recent employee survey revealed that 75% of the workforce
is actively engaged in their workplace, with 91% claiming that
they are dedicated to their work and 80% stating that they intend
to continue working in the organisation for the foreseeable
future. These are encouraging results given the vast amount of
work that has been put through our facilities over the past few
years as we concurrently catch up with backlogs from supply
chain constraints and increase productivity to grow revenue We
continue to focus on improving engagement and retention.
HEALTH AND SAFETY
LaserBond has an enviable safety record that is based on a
culture and internal structure designed to protect people at work
without undermining productivity. Our accredited integrated
management system sets out safety parameters and standards
which are continually reinforced with all employees, ensuring
integration of the concept and practicalities of safe work
methods in everything we do from small orders to large projects.
At board level, safety is a primary agenda item and it is built into
KPI’s and performance appraisals across the organisation.
In the three decades of our operation, LaserBond has had
an excellent safety record, despite a continuing increase in
employee numbers. More recently, our growth has necessitated
an acceleration in expanding the workforce to support demand
and increase productivity, yet over this period, our safety
performance has strengthened.
SUSTAINABILITY
Sustainability is at the core of LaserBond’s business offering –
to extend wear life and reduce the demand for high energy
intensity, carbon emitting manufacturing of new parts and
equipment using valuable natural resources. Not only do
we control what we can control, with our own sustainability
management practices embedded in our operations, we offer
our customers, across a diversity of heavy industry market
sectors, a means of reducing their carbon footprint and
conserving resources. Central to the LaserBond R&D team, in
developing new applications, products and technologies, is
the concept of a cleaner environment, minimising the impact
of customers’ operations and facilitating the attainment of
customer sustainability goals through lower energy and water
usage, recycling and waste management. If we could measure
our contribution to the sustainability targets of our customers
and combine it with the effect of our internal efforts, the
compounding positive impact of LaserBond’s influence on
environment preservation would no doubt be tremendous
relative to the size of the business.
Increasingly over the last few decades, we have witnessed
growing concern about the preservation of finite natural
resources and the pollution we create in a highly industrialised
global economy. Some governments have moved faster than
others in taking action to promote sustainable practices,
as have some businesses, but there is no doubt that the
sustainability movement is gathering momentum, with greater
regulatory and legislative requirements as well as the effect
of rising shareholder activism and a growing commitment to
sustainable investing. We are committed to our own actions
in this space, but what we offer our customers is a solution
that encompasses high functionality, cost efficiency, and the
social and environmental benefits that come with lowering our
impact on the globe.
STRATEGY
The board regularly reviews LaserBond’s strategy in the context
of its continued relevance and flexibility in guiding the priorities
and activities to grow shareholder returns in an ever-changing
global marketplace. As a blueprint for our growth to date, it
has served us well and much was achieved in FY23 as outlined
below. Our FY24 strategic priorities build on the gains we have
made this year to extend our brand and reputation into large
offshore markets, continue to innovate to stay ahead of the
market and build revenue in all three divisions.
17
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
Strategic Objective
Strategic Objective
GEOGRAPHIC EXPANSION -
push existing and new products into
new domestic and offshore markets
CAPACITY AND CAPABILITY -
invest in people and equipment to
improve margins and build productivity
FY23 Progress
FY23 Progress
❖ Progressed investigations into potential acquisition
❖ Installed and commissioned a new automated
targets in WA
❖ Expanded sales and marketing efforts in
offshore markets
❖ Grew service division sales, based on the proximity of
our facilities to customers
FY24 Plans
❖ Reach closure with potential acquisition targets for the
planned LaserBond presence in WA
❖ Consider expansion internationally, with investigation
into a facility in North America to support our global
Products division with additional benefits for the
Services division through up-selling opportunities and
close proximity to North American customers
LaserBond® system in NSW
❖ Further invested in large CNC turning and cylindrical
grinding equipment commissioned in NSW
❖ Commenced commissioning of new turning and
grinding equipment across QLD, SA, and VIC facilities
❖ Onboarded 15 skilled migrants from August to
March, enabling additional shifts at all facilities
and greater productivity
❖ Continued to enhance a strong culture of safety,
innovation, and commitment to excellence
FY24 Plans
❖ Invest in people and training and introduce more
shifts to best utilise existing equipment capacity
across all facilities
❖ Invest in equipment, both new and upgraded, and
automate processes to improve efficiency, including
a large Horizontal Borer for VIC, increased thermal
spray and milling capabilities in SA, and improved
efficiencies with laser cladding cells in QLD
18
LASERBOND | ANNUAL REPORT 2023 About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
Strategic Objective
Strategic Objective
PRODUCT DEVELOPMENT -
innovate, build R&D capability and stay
ahead of the market
TECHNOLOGY LICENSING -
build a suite of technologies for sale under
long-tailed licensing arrangements
FY23 Progress
FY23 Progress
❖ Achieved strong growth in services division revenue
following concentration on marketing applications to
a broader range of industry sectors
❖ Progressed R&D priorities
❖ Developed a new role and recruited an
employee to identify potential R&D opportunities by
solving industry problems
FY24 Plans
❖ Continue to invest in research and development
activities and projects to remain ahead of the
market for surface engineering equipment,
applications, and capabilities
❖ Continue expanding Services division applications
for a broader range of industry sectors
❖ Increased sales and marketing activities
globally, opening up several opportunities
in international markets.
❖ Progressed other technology licensing negotiations
FY24 Plans
❖ Deliver the North American, Curtin University,
Swinburne University and Indian cells in FY24
❖ Secure another two licensing agreements with the
aim of at least one recognising revenue in FY24
❖ Devote more resources to offshore marketing to
increase technology licensing sales
19
LASERBOND | ANNUAL REPORT 2023 About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
OUTLOOK
Fortunately, forecasts of a global economic recession have not
materialised, with growth rates slowing against persistently high
inflation and corresponding increases in interest rates, rather
than falling into negative territory. While recovery is predicted
to be subdued, there is cautious confidence emerging in some
major economies based on positive developments, such as the
earlier-than-expected reopening of China, improved consumer
confidence, resolution of supply chain constraints, lower
shipping costs, and predictions of a moderate pace of recovery
as inflation moderates and interest rates settle.
On the home front, Australia has also defied negative growth
predictions by continuing to grow, albeit at a lower rate, with
an interesting intersection of economic indicators, such as
stubborn inflation and the many successive interest rate rises
to counter it, increased close of living pressures, including
food and energy, improving consumer confidence, a thriving
resources industry, record low unemployment and a tight
labour market, albeit one that is expected to soften.
Against this backdrop, LaserBond continues to experience
increasing demand for its products and services for existing
markets and expects further income from the planned
extension of its cladding applications into new markets, as well
as increased momentum in offshore markets for its products,
services, and technologies. As a provider of productivity
improving, total cost reducing and more sustainable solutions
to a diversity of market sectors, including those delivering
essential services, we see no sign of abatement in the rate of
demand from our customers.
In both FY22 and FY23, revenue increases were in the vicinity
of 25%, with a compound annual growth rate of 14.2% since
2019. We currently enjoy a 97% rate of repeat business from
a customer base that understands the value of our expertise
and the superiority of our products and technologies. If we add
the plans for growth with new offerings in receptive markets,
combined with a strong balance sheet and good cash flows to
support it, we believe that our revenue target of $60 million in
FY25 remains achievable.
I echo the sentiments of the Chair in thanking our committed
employees and loyal shareholders and look forward to the
next time I can update you on progress with the exciting
opportunities in front of us to continue the LaserBond expansion.
Chief Executive Officer and Executive Director
Wayne Hooper
20
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
DIRECTORS’ REPORT
The directors present their report together with the financial
statements of LaserBond Limited for the financial year ended
30th June 2023.
PRINCIPAL ACTIVITY
LaserBond is a specialist surface engineering Company that
focuses on the development and application of materials using
advanced additive manufacturing technologies to increase
operating performance and life of wearing components in
capital-intensive industries. Within these industries, the wear
of components can have a profound effect on the productivity
and total cost of ownership of their capital equipment. Almost
all components fail at the surface, through a combination of
abrasion, erosion, corrosion, cavitation, heat and impact, so a
tailored surface metallurgy can be used to dramatically extend
life and enhance performance.
LaserBond currently operates from facilities in New South Wales,
Queensland, South Australia, and Victoria.
REVIEW OF OPERATIONS & FINANCIAL RESULTS,
EXPLANATION OF RESULTS AND OUTLOOK
Please refer to the CEO’s Review of Operations from page 10.
DIRECTORS AND COMPANY SECRETARY
Details of the Company’s directors who have held office during
the current financial year are:
Director
Position Held
In Office Since
Philip Suriano
Chairman / Non-Executive
Director
6 May 2008
Ian Neal
Non-Executive Director
9 May 2022
Dagmar Parsons
Non-Executive Director
30 January 2023
Wayne Hooper
CEO / Executive Director
21 April 1994
Matthew Twist
CFO / Executive Director
30 June 2020
Matthew Twist
Company Secretary
30 March 2009
INFORMATION ON DIRECTORS AND COMPANY
SECRETARY (CURRENTLY HOLDING OFFICE)
Philip Suriano GAICD – Chairman / Non-Executive Director,
Audit, Risk, Nomination and Remuneration Committee member
Philip’s professional career spans corporate banking, finance and
media. He commenced his career in corporate banking with the
Commonwealth Bank (formerly the State Bank of Victoria). Philip
then moved across into the Australian media industry working
in roles spanning operations, sales and marketing with Network
Ten in Melbourne, followed by an in-house marketing/sales role
within the Victor Smorgon Group before moving to Sydney as
the National Sales Director at MCN (the sales and marketing
arm of Foxtel). Since then, Philip has spent the last 17 years in
corporate advisory/finance and held various board roles.
Ian Neal - Non-Executive Director, Audit, Risk, Nomination and
Remuneration Committee member
Ian’s professional background is in financial markets,
commencing as an equities analyst and moving to various
banking positions until establishing Nanyang Ventures. Ian is
a Chairman for The Executive Connection where he mentors
CEOs. He is a life member of the Financial Services Institute
of Australia, a previous National President of the Securities
Institute of Australia and was a member of the first Corporate
Governance Council which established the Corporate
Governance Guidelines. Ian was a director of Prime Media
Group Ltd from July 2008 to May 2021.
Dagmar Parsons GAICD – Non-Executive Director, Audit, Risk,
Nomination and Remuneration Committee member
Dagmar has worked with major national and multinational
entities in senior executive and non-executive director positions,
driving critical market success by providing strategic direction,
visionary leadership, and innovative thinking. As a mechanical
engineer, she has an in-depth knowledge of engineering,
manufacturing, construction and service industry environments
in the infrastructure, oil and gas, power, paper and steel
sectors. Dagmar has considerable experience in transforming
and growing complex businesses across diverse corporate,
operational, and entrepreneurial roles in Australia, Asia and
Europe. Ms Parsons is the Non-Executive Chairman of Advanced
Braking Technology Limited. She holds Masters Degrees in
Mechanical Engineering and Environmental Engineering
Technologies, and a Masters in Business Administration.
Wayne Hooper GAICD – Executive Director, Chief Executive Officer
Wayne is a professional engineer with 40 years of management
and technical experience within a range of industries. His
engineering experience includes design, maintenance, and
project management. He started his career within the electricity
generation industry, followed by FMCG production and other
high-volume manufacturing industries. Prior to joining the
Company in 1994, Wayne held senior roles in marketing within
the building products industry. Wayne holds degrees in science,
engineering (Honours Class 1) and an MBA.
Matthew Twist GIA (Cert) – Executive Director, Company Secretary.
Matthew Twist has over 25 years of financial management
experience, encompassing financial and operational control
and systems development in manufacturing companies.
Matthew has been the Company’s Chief Financial Officer since
March 2007 and was appointed Company Secretary in March
2009. Matthew has a Certificate in Governance Practice and is
an affiliated member of the Governance Institute of Australia.
21
LASERBOND | ANNUAL REPORT 2023 About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
REMUNERATION REPORT
The directors present the LaserBond Limited 2023 remuneration report, outlining key aspects of our remuneration policy and
framework, and remuneration awarded this year. The report is structured as follows:
(a) Key management personnel (KMP) covered in this report.
(b) Remuneration policy and link to performance
(c) Link between remuneration and performance
(d) KMP remuneration
(e) Contractual arrangements for executive KMP’s
(f ) Non-executive director arrangements
(a) Key management personnel (KMP) covered in this report
All directors of the Company and the Company Secretary are considered key management personnel (KMPs) for the management of
its affairs and are covered by this report.
(b) Remuneration policy and link to performance
Remuneration levels for KMPs are competitively set to attract, motivate, and retain appropriately qualified and experienced personnel.
Remuneration levels are reviewed annually by the Board through the Remuneration Committee including a reference to the
Company’s performance.
The remuneration policy attempts to align rewards with the achievement of strategic objectives and the creation of value for
shareholders. Please refer to the Corporate Governance Statement on our website, http://www.laserbond.com.au/investor-relations/
governance-statement.html , for details.
(c) Link between remuneration and performance
The Company only provides remuneration to non-executive directors through fixed cash fees, paid quarterly. The following table
shows the gross revenue, profits, and dividends for the last five years for the Company as well as the share prices at the end of the
respective financial years.
2023
$
2022
$
2021
$
2020
$
2019
$
Revenue
38,612,404
30,711,118
24,664,453
22,177,264
22,667,200
Net Profit after Tax
4,758,549
3,628,751
2,838,114
2,805,061
2,809,404
Share price at year-
end (Cents)
Dividends paid
(Cents)
75.00
1.6
66.00
1.2
94.50
1.2
39.50
1.0
39.00
0.9
22
LASERBOND | ANNUAL REPORT 2023 About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
(d) KMP Remuneration
The following table shows details of the remuneration expense recognised for the Company’s key management personnel (KMP) for
the current and previous financial years. KMPs received a fixed remuneration during the year ended 30 June 2023 and 30 June 2022.
Salaries and fees
Superannuation
Share-based payments
Long Service Leave
Wayne Hooper
Philip Suriano1
Ian Neal1
Dagmar Parsons1
Matthew Twist
Totals
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
340,308
315,924
90,000
30,000
60,000
10,000
25,000
-
182,914
170,842
668,222
526,767
34,335
27,429
-
-
-
-
-
-
19,093
16,909
53,428
44,338
-
-
-
37,800
-
-
-
-
1,000
37,800
1,000
75,600
-
-
-
-
-
-
-
-
-
-
-
-
1 Non-Executive Director remuneration includes only fees related to their non-executive director remuneration. Any additional consulting fees related to the support of executive
functions are reported in Note 16 (b).
(e) Contractual arrangements for executive KMPs
KMPs who are active employees of the Company are hired following current human resources policies and procedures, and each is
required to have employment contracts, job descriptions and key performance indicators relevant to their roles and responsibilities.
(f) Non-executive director arrangements
Arrangements with non-executive directors are based on the Company’s commitment to developing a board with a blend of skills,
experience, and attributes appropriate for business goals and strategic plans. All non-executive directors are paid fixed quarterly cash fees.
23
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
(g) Shares held by key management personnel
The number of ordinary shares in the Company during the 30 June 2023 financial year held by each of the Company’s key
management personnel, including their related parties, is set out below:
Name
Balance 30 June 2022
Granted as
remuneration
Wayne Hooper
Philip Suriano
Ian Neal
Matthew Twist
11,064,295
896,182
25,000
113,973
-
-
-
1,190
Bought / (Sold)
335,0001
-
-
-
Dividend
Reinvestment
Balance 30 June 2023
-
16,847
-
-
11,399,295
913,029
25,000
115,163
1 These 335,000 shares were a director’s off-market transfer to a self-managed super fund to take advantage of the government’s “Downsizer Contribution” incentive. No change in
overall stock holdings occurred between the director and their spouse. Refer to the ASX Announcement dated 26 August 2022 for more details.
(h) Loans to key management personnel
The Company allows its employees to take short-term loans and this facility is also available to its key management personnel. The
Company’s loans to key management personnel during the year were $Nil (2022: $Nil). The loans to key management personnel are
generally for a short-term, unsecured and interest-free.
END OF REMUNERATION REPORT.
DIRECTOR’S MEETINGS
During the financial year ended 30th June 2023, the number of meetings held, and attended, by each director were as follows:
Please refer to the Corporate Governance Statement at http://www.laserbond.com.au/investor-relations/governance-statement.html
for further information.
Director
Board Meetings
Audit and Risk Committee
Nomination and Remuneration
Committee
Eligible
Attended
Eligible
Attended
Eligible
Attended
Philip Suriano
Ian Neal
Dagmar Parsons
Wayne Hooper
Matthew Twist
10
10
4
10
10
10
10
4
10
10
3
3
1
-
1
3
3
1
-
1
2
2
2
-
-
2
2
2
-
-
24
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
INSURANCE OF DIRECTORS’ AND AUDITORS’
In accordance with the provisions of the Corporations Act 2001,
the Company has insured the directors and officers against
liabilities incurred in their role as directors and officers of the
Company. The terms of the insurance policy, including the
premium, are subject to confidentiality clauses and therefore
the Company is prohibited from disclosing the nature of the
liabilities covered and the premium paid.
No insurance premiums have been paid or indemnities have
been provided in respect of the auditors.
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.
No proceedings have been brought or intervened in on behalf
of the Company with leave of the court under section 237 of
the Corporations Act 2001.
AUDIT AND NON-AUDIT SERVICES
The Audit and Risk Committee is satisfied that no non-audit
services have been provided by the Company’s auditor, LNP
Audit and Assurance, for the financial year ended 30 June 2023
and therefore, the auditor’s independence requirements of the
Corporations Act 2001 has not been compromised.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
During the financial year there was no significant change in the
state of affairs of the Company other than that referred to in the
financial statements of notes thereto.
FUTURE DEVELOPMENTS
Any future developments required to be disclosed as per ASX
Listings Rules have either been disclosed previously or are
included in commentary or notes to this report. Any future
items required to be disclosed will be done according to
current listing rule requirements.
ENVIRONMENTAL REGULATION
The Company’s operations are not regulated by any significant
environmental regulation under a law of the Commonwealth or
of a state or territory.
MATTERS SUBSEQUENT TO THE END OF THE
FINANCIAL YEAR
The final dividend has been recommended and will be paid as
detailed below.
No other matters or circumstances have arisen that have
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 which has not already been reflected in
the financial report.
DIVIDENDS
2022 final dividends of 0.8 cents per share and 2023 interim
dividends of 0.8 cents per share were paid during the year. The
directors have recommended the payment of a final dividend
for FY2023 of 0.8 cents per fully paid ordinary share (FY2022:
0.8c), fully franked based on the tax paid at 25.0%. The dividend
is expected to be paid on 6th of October 2023.
Subject to the Company continuing to develop in accordance
with future plans, the Board expects to continue to maintain
future dividends.
25
LASERBOND | ANNUAL REPORT 2023 About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
AUDITORS’ INDEPENDENCE DECLARATION
A copy of the auditors’ independence declaration as required
under section 307C of the Corporations Act 2001 is set out
on page 28.
Signed in accordance with a resolution of the Board of Directors.
Director
Wayne Hooper
Dated this 24th day of August 2023
CORPORATE GOVERNANCE
The directors of the Company support and adhere to the
principles of corporate governance, recognising the need for
the highest standard of corporate behaviour and accountability.
A review of the Company’s corporate governance practices
was undertaken during the year. As a result, new practices
were adopted, and existing practices were optimised to reflect
industry best practice. In compliance with the “if not, why not”
reporting regime, where the Company’s corporate governance
practices do not follow a recommendation, the Board has
explained its reasons for not following the recommendation
and disclosed what, if any, alternative practices the Company
has adopted instead of those in the recommendation.
A description of the Company’s current corporate governance
practices is set in the Company’s Corporate Governance
Statement which can be viewed at: http://www.laserbond.com.
au/investor-relations/governance-statement.html
26
LASERBOND | ANNUAL REPORT 2023 About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
DIRECTORS’ DECLARATION
The directors of the Company declare that:
1. The financial statements and notes, as set out on pages 33
to 52 are in accordance with the Corporations Act 2001 and:
a. Comply with Accounting Standards, the Corporations
Regulations 2001 and other mandatory professional
reporting requirements; and
b. Give a true and fair view of the financial position as
of 30th June 2023 and of the performance for the
financial year ended on that date of the Company.
2. In the directors’ opinion there are reasonable grounds to
believe that the Company will be able to pay its debts as
and when they become due and payable.
Note 1 confirms that the financial statements also comply with
International Financial Reporting Standards as issued by the
International Accounting Standards Board.
The directors have been given the declarations by the Chief
Executive Officer and Chief Financial Officer required by Section
295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the
Board of Directors.
Director
Wayne Hooper
Dated this 24th day of August 2023
27
LASERBOND | ANNUAL REPORT 2023 About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
ABN 65 155 188 837
L8 309 Kent Street Sydney NSW 2000
L24 570 Bourke Street Melbourne VIC 3000
L14 167 Eagle Street Brisbane QLD 4000
1300 551 266
www.lnpaudit.com
AAUUDDIITTOORR’’SS IINNDDEEPPEENNDDEENNCCEE DDEECCLLAARRAATTIIOONN
UUNNDDEERR SSEECCTTIIOONN 330077CC OOFF TTHHEE CCOORRPPOORRAATTIIOONNSS AACCTT 22000011
TTOO TTHHEE DDIIRREECCTTOORRSS OOFF LLAASSEERRBBOONNDD LLIIMMIITTEEDD
As lead auditor of LaserBond Limited for the year ended 30 June 2023, I declare that, to the best of my
knowledge and belief, there have been:
1.
no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in
relation to the audit; and
2.
no contraventions of any applicable code of professional conduct in relation to the audit.
LLNNPP AAuuddiitt aanndd AAssssuurraannccee PPttyy LLttdd
AArrcchhaannaa KKuummaarr
DDiirreeccttoorr
SSyyddnneeyy 2233 AAuugguusstt 22002233
Liability limited by a scheme approved under Professional Standards Legislation
28
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
ABN 65 155 188 837
L8 309 Kent Street Sydney NSW 2000
L24 570 Bourke Street Melbourne VIC 3000
L14 167 Eagle Street Brisbane QLD 4000
1300 551 266
www.lnpaudit.com
IINNDDEEPPEENNDDEENNTT AAUUDDIITTOORR’’SS RREEPPOORRTT
TTOO TTHHEE MMEEMMBBEERRSS OOFF LLAASSEERRBBOONNDD LLIIMMIITTEEDD
RREEPPOORRTT OONN TTHHEE AAUUDDIITT OOFF TTHHEE FFIINNAANNCCIIAALL RREEPPOORRTT
OOppiinniioonn
We have audited the financial report of LaserBond 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, the
statement of changes in equity and the statement of cash flows for the year then ended, notes comprising a
summary of significant accounting policies and other explanatory information and the Directors’ Declaration of
the Company.
In our opinion the accompanying financial report of the Company, is in accordance with the Corporations Act
2001, including:
a) Giving a true and fair view of the Company’s financial position as at 30 June 2023 and of its financial
performance for the year ended on that date; and
b) Complying with Australian Accounting Standards and the Corporations Regulations 2001.
BBaassiiss ffoorr OOppiinniioonn
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 Statements section
of our report. We are independent of the Company in accordance with the Corporations Act 2001 and the ethical
requirements of the Accounting Professional and Ethical Standards Board’s APES110 Code of Ethics for
Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the
financial report in Australia; and we have 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.
KKeeyy AAuuddiitt MMaatttteerrss
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial report of the current year. These matters were addressed in the context of our audit of the
financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on
these matters. For each matter below, our description of how our audit addressed the matter is provided in that
context.
We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material misstatement of the
financial statements. The results of our audit procedures, including the procedures performed to address the
matters below, provide the basis for our audit opinion on the accompanying financial report.
Liability limited by a scheme approved under Professional Standards Legislation
29
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
KKeeyy AAuuddiitt MMaatttteerr
HHooww oouurr aauuddiitt aaddddrreesssseedd tthhee mmaatttteerr
AAsssseessssmmeenntt ooff CCaarrrryyiinngg VVaalluuee ooff ggooooddwwiillll
OOuurr pprroocceedduurreess iinncclluuddeedd::
Goodwill at 30 June 2023 resulting from a past acquisition
of a business was $6,260,968.
Management assessed the recoverable amount of
goodwill relating to each cash generating unit (CGU) at 30
June 2023. The recoverable amount of CGU is determined
on a value in use basis, the assessment incorporates a
range of assumptions, including discount rates, growth
rates, and the timing and amounts of cashflows.
This a key audit matter due to the material value of
goodwill and the degree of subjectivity, judgement and
estimation required with the assessment.
Our procedures included, among others:
•
Evaluating the “value in use” discounted cash flow
models developed by management for each cash
generating unit to assess the recoverable amount of
goodwill, including critically assessing the following
assumptions:
(a) the discount rate;
(b) the revenue growth rate;
(c) other growth rate assumptions; and
(d) the timing and amounts of forecasted cash
flows.
•
•
•
•
Testing on a sample basis mathematical accuracy of
forecasting of the cash flows of each cash generating
unit.
Consideration of the assumptions used in comparison
with publicly available data.
Assessing company’s impairment testing model by
subjecting the key assumptions to sensitivity analysis
and stress test.
Assessing the appropriateness and adequacy of the
relevant disclosures made in the financial statements.
OOtthheerr iinnffoorrmmaattiioonn
The Directors are responsible for the other information. The other information comprises the information
included in the annual report for the year ended 30 June 2023, but does not include the financial report and the
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 upon 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.
DDiirreeccttoorrss’’ RReessppoonnssiibbiilliittiieess
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 cease operations, or have no
realistic alternative but to do so.
AAuuddiittoorr’’ss RReessppoonnssiibbiilliittiieess ffoorr tthhee AAuuddiitt ooff tthhee FFiinnaanncciiaall RReeppoorrtt
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
30
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control.
•
•
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Directors.
Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting in the
preparation of the financial report. We also conclude, based on the audit evidence obtained, whether
a material uncertainty exists related to events and conditions that may cast significant doubt on the
entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in the auditor’s report to the disclosures in the financial report about the
material uncertainty or, if such disclosures are inadequate, to modify the opinion on the financial
report. However, future events or conditions may cause an entity to cease to continue as a going
concern.
Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats
or safeguards applied.
From the matters communicated to the Directors, we determine those matters that were of most significance
in the audit of the financial report of the current year and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
OOppiinniioonn oonn tthhee RReemmuunneerraattiioonn RReeppoorrtt
We have audited the Remuneration Report included in pages 22 to 24 of the Directors' Report for the year ended
30 June 2023.
In our opinion, the Remuneration Report of LaserBond Limited for the year ended 30 June 2023, complies with
section 300A of the Corporations Act 2001.
31
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
32
LASERBOND | ANNUAL REPORT 2023 About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
Statement of Profit or Loss and Other Comprehensive Income
for the Year Ended 30th June 2023
2023
2022
FINANCIAL REPORT
Revenue
Cost of sales
Gross Profit
Other income
Advertising & promotional expenses
Depreciation & amortisation
Employment expenses
Administration expenses
Repairs & maintenance
Finance Costs
Research & development
Other expenses
Profit before income tax expense
Income tax expense
Note
21
2
3
4
4
$
38,612,404
(18,149,392)
20,463,012
517,538
(227,822)
(3,267,536)
(5,443,711)
(3,772,018)
(535,280)
(622,980)
(453,537)
(290,551)
6,367,115
(1,608,566)
$
30,711,119
(14,009,933)
16,701,186
457,376
(188,560)
(2,902,203)
(4,509,889)
(2,651,014)
(259,148)
(443,991)
(508,836)
(363,550)
5,331,371
(1,702,620)
Profit after income tax expense
4,758,549
3,628,751
Other comprehensive income
-
-
Total comprehensive income attributable to
members of LaserBond Limited
4,758,549
3,628,751
Earnings per share for profit attributable to members:
Basic and diluted earnings per share
(cents)
5
4.341
3.531
This Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the
accompanying notes.
27 | P a g e
33
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
Statement of Financial Position
As of 30th June 2023
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Inventories
Total current assets
NON-CURRENT ASSETS
Property, plant, and equipment
Deferred tax assets
Rental Bond
Intangible assets
Total non-current assets
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Current Tax Liabilities
Employee benefits
Financial liabilities
Total current liabilities
NON-CURRENT LIABILITIES
Financial liabilities
Deferred Tax Liabilities
Employee benefits
Total non-current liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Retained earnings
TOTAL EQUITY
Note
6
7
8
10a
9
11
13
13
10b
2023
$
8,929,215
9,442,622
7,343,427
25,715,264
18,798,257
759,123
43,777
6,516,030
26,117,187
2022
$
5,683,812
9,773,596
5,589,899
21,047,307
16,367,296
632,398
37,500
6,418,611
23,455,805
51,832,451
44,503,112
4,689,060
254,710
1,994,607
2,325,409
9,263,786
9,508,197
1,834,342
155,568
11,498,107
4,263,545
110,014
1,823,267
2,577,877
8,774,703
6,708,326
1,422,202
89,769
8,220,297
20,761,893
16,995,000
31,070,558
27,508,112
12
18,782,492
12,288,066
31,070,558
18,226,957
9,281,155
27,508,112
This Statement of Financial Position should be read in conjunction with the accompanying notes.
34
28 | P a g e
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
Statement of Cash Flows
for the Year Ended 30th June 2023
CASH FLOWS FROM OPERATING
ACTIVITIES
Receipts from customers
Payments to suppliers and employees
Interest paid
Interest received
Income taxes paid, net
Net cash inflow from operating
activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Payments for plant and equipment
Payment for acquisition
Loans to employees
Net cash outflow from investing
activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from the issue of shares
Payments for share issue costs
Payments for hire purchase assets and
finance leases
Dividends paid
Net cash (outflow) / inflow from
financing activities
INCREASE IN CASH AND CASH
EQUIVALENTS
Cash and cash equivalents at the
beginning of the year
Note
2023
$
42,356,033
(32,911,005)
(622,980)
60,733
(1,178,455)
18
7,704,326
(1,328,688)
-
(1,261)
(1,327,427)
-
(10,738)
(1,903,146)
(1,217,612)
(3,131,496)
3,245,403
5,683,812
2022
$
30,558,799
(25,777,187)
(443,991)
1,206
(94,990)
4,243,837
(1,897,140)
(8,940,039)
(24,159)
(10,861,338)
11,127,101
(691,579)
(2,112,386)
(929,678)
7,393,458
775,957
4,907,855
CASH AND CASH EQUIVALENTS AT END
OF YEAR
8,929,215
5,683,812
This Statement of Cash Flows should be read in conjunction with the accompanying notes.
29 | P a g e
35
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
Statement of Changes in Equity
for the Year Ended 30th June 2023
Issued
capital
$
Retained
earnings
$
Total equity
$
Opening Balance at 1st July 2021
7,378,717
6,882,958
14,261,675
Profit for the year
-
3,628,751
Issue of Share Capital, net of cost
10,848,240
-
Dividends paid/payable during the year
-
(1,230,554)
3,628,751
10,848,240
(1,230,554)
Closing Balance at 30th June 2022
18,226,957
9,281,155
27,508,112
Profit for the year
Issue of Share Capital, net of cost
Dividends paid/payable during the year
-
555,535
-
4,758,549
-
(1,751,638)
4,758,549
555,535
(1,751,638)
Closing Balance at 30th June 2023
18,782,492
12,288,066
31,070,558
This Statement of Changes in Equity should be read in conjunction with the accompanying notes.
36
30 | P a g e
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
Corporate Information
LaserBond Limited is a for-profit listed public Company, incorporated and domiciled in Australia. The nature of the operations and
principal activities of the Company are described in the Directors’ Report.
General Information and Statement of Compliance
The financial report was authorised for issue in accordance with a resolution of the directors on 24th August 2023. These general-
purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations and
the Corporations Act 2001 and comply with International Financial Reporting Standards as issued by the International Accounting
Standards Board (IASB). The financial report has been prepared on accruals basis.
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
a) Revenue and other income
Revenue from contracts with customers
The core principle of AASB 15 is that revenue is recognised on a basis that reflects the transfer of promised goods or services to
customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods or services.
Revenue is recognised by applying a five-step model as follows: (i) Identifying the contract with a customer; (ii) Identifying the
performance obligations; (iii) determining the transaction price; (iv) allocating the transaction price to the performance
obligations; and (v) recognising revenue when/as performance obligation(s) are satisfied.
Revenue from the sale of goods and services
Revenue from the sale of goods to customers is recognised when control of the goods has transferred to the customer, being the
point in time when the goods are received by the customer. Revenue from services is recognised at the point the services are
provided.
Interest
Revenue from interest is recognised on an accrual basis and is mainly derived from cash at bank.
Other Income
Revenue from other income streams is recognised when the Company either receives it or becomes entitled to it.
b) Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-
makers. The chief operating decision makers, who are responsible for allocating resources and assessing the performance of the
operating segments, have been identified as the Board.
c) Income Tax
The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on the income
tax rates enacted or substantively enacted at the end of the reporting period, adjusted by changes in deferred tax assets and
liabilities attributable to temporary differences and to unused tax losses.
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. Deferred tax is not accounted for if it arises from initial recognition
of an asset or liability in a transaction other than a business combination that at the time of the transaction does not affect either
accounting or taxable profit or loss.
Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the reporting date and
are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.
Deferred tax assets and liabilities are recognised for all temporary differences, between carrying amounts of assets and liabilities
for financial reporting purposes and their respective tax bases and are determined using tax rates (and laws) that have been
enacted or substantially enacted by the reporting date and are expected to apply when the related deferred income tax asset is
realised, or the deferred income tax liability is settled.
Deferred tax assets are only recognised for deductible temporary differences and unused tax losses if it is probable that future
taxable amounts will be available to utilise those temporary differences and losses.
31 | P a g e
37
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
NOTE 1 (i): STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
d) Foreign Currency Translation
The functional and presentation currency of the Company is Australian dollars. Foreign currency transactions are translated into
the functional currency using the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated
in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. Foreign exchange gains and losses
resulting from settling foreign currency transactions, as well as from restating foreign currency denominated monetary assets and
liabilities, are recognised in the Statement of Profit or Loss and Other Comprehensive Income. Non-monetary items measured at
fair value in a foreign currency are translated using the exchange rates at the date when fair value was determined.
e) Comparative Information
Where necessary, comparative amounts have been reclassified and repositioned for consistency with current year accounting
policy and disclosures. If there are any such changes, details on the nature and reason for the amounts that may have been
reclassified and repositioned for consistency with current year accounting policy and disclosures, where considered material, are
referred to separately in the financial statements or notes thereto.
f) Cash and Cash Equivalents
For cash flow statement presentation purposes, cash and cash equivalents includes cash on hand, deposits held at call with
financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
g) Financial Instruments
Financial instruments are recognised initially on the date that the Company becomes party to the contractual provisions of the
instrument. On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for
instruments measured at fair value through profit or loss where transaction costs are expensed as incurred).
Financial assets
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the
classification of the financial assets.
Classification and subsequent measurement
On initial recognition, the Company classifies its financial assets at amortised cost. Financial assets are not reclassified subsequent
to their initial recognition unless the Company changes its business model for managing financial assets.
Assets measured at amortised cost are financial assets where the business model is to hold assets to collect contractual cash flows
and the contractual terms give rise on specified dates to cash flows are solely payments of principal and interest on the principal
amount outstanding. The Company's financial assets measured at amortised cost comprise trade and other receivables and cash
and cash equivalents in the statement of financial position. Subsequent to initial recognition, these assets are carried at amortised
cost using the effective interest rate method less provision for impairment.
Interest income, foreign exchange gains or losses and impairment are recognised in profit or loss. Gain or loss on derecognition is
recognised in profit or loss.
Recognition and initial measurement
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active
market. They are included in current assets, except for those with maturities greater than 12 months after the reporting date, which
are classified as non-current assets. They are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method less provision for impairment. Trade receivables are generally due for settlement within 30 to 90
days from the date of the invoice.
Derecognition
Financial assets are derecognised where the contractual rights to receipt of cash flows expire, or the asset is transferred to another
party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset.
Financial liabilities are derecognised where the related obligations are discharged, cancelled, or expired. The difference between
the carrying value of the financial liability extinguished or transferred to another party and the fair value of the consideration paid,
including the transfer of non-cash assets or liabilities assumed, is recognised in profit or loss.
Impairment of financial assets
Impairment of financial assets is recognised on an expected credit loss (ECL) basis for financial assets measured at amortised cost.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when
estimating ECL, the Company considers reasonable and supportable information that is relevant and available without undue cost
or effort. This includes both quantitative and qualitative information and analysis based on the Company's historical experience
and informed credit assessment and including forward-looking information.
38
32 | P a g e
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
NOTE 1 (i): STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Credit losses are measured as the present value of the difference between the cash flows due to the Company in accordance with
the contract and the cash flows expected to be received. This is applied using a probability-weighted approach.
Impairment of trade receivables has been determined using the simplified approach in AASB 9 which uses an estimation of lifetime
expected credit losses. The Company has determined the probability of non-payment of the receivable and contract assets and
multiplied this by the amount of the expected loss arising from default.
Financial liabilities
The Company measures all financial liabilities initially at fair value less transaction costs, subsequently financial liabilities are
measured at amortised cost using the effective interest rate method. The financial liabilities of the Company comprise trade
payables. and finance lease liabilities.
h)
Inventory
Raw materials, finished goods and work in progress are stated at the lower of cost and net realisable value. The cost of work in
progress comprises direct materials, direct labour, and any external sub-contract costs. Net realisable value is the estimated selling
price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
i) Property, Plant and Equipment
Property plant and Equipment are measured at cost less depreciation and any impairment losses.
Depreciation on property, plant and equipment is calculated on a reducing balance basis using the following rates:
- Plant and equipment 4.5% - 65%
- Motor Vehicles 18.75% - 30%
- Development equipment 20% - 50%
j) Intangible assets
Patents
Patents are recognised and amortised from the date at which the patent was granted. Patent expenditures are amortised at 10%
per annum.
Software
Software costs are recorded and amortised from the date on which the software is installed for use. Software expenditures are
amortised at 40%-70% per annum.
Goodwill
Goodwill on acquisitions of a business (note 10) is included in intangible assets. Goodwill is not amortised, but it is tested for
impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at
cost less accumulated impairment losses.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-
generating units or groups of cash-generating units that are expected to benefit from the business combination in which the
goodwill arose.
k) Impairment of Non-Financial Assets
Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are
largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets that
suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
l) Leases
Leases of plant and equipment, where the Company as lessee has substantially all the risks and rewards of ownership, are classified
as finance liabilities. Financed assets are capitalised at their inception at the fair value of the leased equipment or, if lower, the
present value of the minimum lease payments. Each lease payment is allocated between the liability and finance costs. The finance
cost is charged to the income statement over the lease period to produce a constant periodic rate of interest on the remaining
balance of the liability for each period.
33 | P a g e
39
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
NOTE 1 (i): STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Right of use assets
The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available
for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
re-measurement of lease liabilities. The cost of right-of-use assets includes the value of the lease liability recognised, initial direct
costs incurred, and lease payments made at or before the relevant commencement date less any lease incentives received. Unless
the Company is reasonably certain to obtain ownership of the leased asset at the end of the relevant lease term, the recognised
right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the relevant lease term.
Right-of-use assets are subject to impairment.
Lease liabilities
At the commencement date of the relevant lease, the Company recognises lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments)
less any lease incentives receivable, variable lease payments that depend on an index or a rate (initially measured using the index
or rate as at the relevant commencement date), and amounts expected to be paid under residual value guarantees. The lease
payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments
of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The Company applies
the practical expedient to not separate non-lease components from lease components and instead accounts for each lease
component and any associated lease components as a single lease component.
The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period on which the
event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the relevant lease
commencement date if the interest rate implicit in the lease is not readily determinable. After the relevant commencement date,
the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition,
the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-
substance fixed lease payments, or a change in the assessment to purchase the underlying asset.
Significant judgements
The Company has made the following significant judgements with respect to its leases as lessee:
Determining the lease term of contracts with renewal options
The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option
to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease if it is
reasonably certain not to be exercised.
Under its facility premises leases, the Company can exercise the option to extend the term of the lease. The Company applies
judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors
that create an economic incentive for it to exercise the renewal. After the commencement date, the Company reassesses the lease
term specifically if there is a significant event or change in circumstances that are within its control and affect its ability to exercise
(or not to exercise) the option to renew (i.e., a change in business strategy). The Company has included reasonably certain renewal
options as part of the lease term for one of its facility premises leases for a further 5 years.
Determining the incremental borrowing rate
The Company has applied judgement to determine the incremental borrowing rate, which affects the amount of lease liabilities
or right-of-use assets recognised. The Company reassesses and applies the incremental borrowing rate on a lease-by-lease basis
at the relevant lease commencement date based on the term of the lease (or the remaining term of the lease at the initial date of
application). The Company’s equipment financing rate was used as a base rate in the Company’s judgment.
m) Issued Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in
equity as a deduction, net of tax, from the proceeds.
n) Goods and Services Tax
Revenues, expenses, and assets are recognised net of the amount of associated GST unless the GST incurred is not recoverable
from the Australian Taxation Office. In this case, it is recognised as part of the cost of acquisition of the asset or as part of the
expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable
from, or payable to, the Australian Taxation Office is included with other receivables or payables in the balance sheet.
40
34 | P a g e
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
NOTE 1 (i): STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which
are recoverable from, or payable to the taxation authority, are presented as operating cash flow.
o) Employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be wholly
settled within 12 months after the end of the period in which the employees render the related service are recognised in respect
of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the
liabilities are settled. The liability for annual leave and long service leave is recognised in the provision for employee benefits. All
other short-term employee benefit obligations are presented as payables.
The liability for employee entitlements that are not expected to be settled within 12 months after the end of the period in which
employees render the related service is recognised in the provision for employee benefits and measured as the present value of
expected future payments to be made in respect of services provided by employees up to the end of the reporting period using
the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee
departures, and periods of service. Discount rates are based on the market yield on Commonwealth Government Securities with
maturity dates close to the expected date the employee will reach 10 years of service.
The obligations are presented as current liabilities in the Statement of Financial Position if the entity does not have an
unconditional right to defer settlement for at least twelve months after the reporting date, regardless of when the actual
settlement is expected to occur.
The current provision for employee benefits includes accrued annual leave and long service leave. For long service leave it covers
all unconditional entitlements where employees have completed the required period of service and those where employees are
entitled to pro-rata payments in certain circumstances. Where employees have completed the required period of service, this
entire amount is presented as current, since the Company does not have an unconditional right to defer settlement for any of
these obligations. However, based on past experiences, the Company does not expect all employees to take the full amount of
accrued leave or require payment within the next 12 months.
(i)
Share-based payments
Share-based compensation benefits are provided to employees via an employee share scheme. The fair value of options granted
under the employee share scheme is recognised as an employee benefits expense with a corresponding increase in equity. The
total amount to be expensed is determined by reference to the fair value of the shares granted, including the impact of any vesting
conditions.
Vesting conditions are included in assumptions about the number of options that are expected to vest. The total expense is
recognised over the vesting period, which is the period over which all the specified vesting conditions are to be satisfied. At the
end of each period, the entity revises its estimates of the number of shares that are expected to vest based on the vesting
conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment
to equity.
p) Dividends
Provision is made for any dividend declared, being appropriately authorised and no longer at the discretion of the entity, on or
before the end of the financial year but not distributed at the reporting date.
q) Earnings per share
(i) Basic Earnings per share
Basic earnings per share is calculated by dividing:
-
-
The profit attributable to members 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, adjusted for bonus elements
in ordinary shares issued during the year.
(ii) Diluted Earnings per share
There are no outstanding ordinary shares therefore diluted earnings per share is the same as basic earnings per share.
r) Government Grants
Government grants are recognised at fair value where there is reasonable assurance that the grant will be received, and all grant
conditions will be met. Grants relating to expense items are recognised as income over the periods necessary to match the grant
to the costs they are compensating. Government grants relating to assets are initially taken to deferred income and then offset
against the carrying amount of the asset when construction of the asset has been completed.
35 | P a g e
41
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
NOTE 1 (i): STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
s) New and amended Standards adopted by the Entity
The Company has adopted all standards and amendments issued for reporting periods commencing 1 July 2021. The adoption of
the standards and amendments did not have any impact on the amounts recognised in prior periods and are not expected to
significantly affect the current or future periods.
t)
Impact of Standards Issued but not yet applied by the Entity
Certain new accounting standards and amendments to standards have been published that are not mandatory for reporting
periods commencing 1 July 2022 and have not been early adopted by the Company. These standards are not expected to have a
material impact on the Company in the current or future reporting periods and on foreseeable transactions.
u) Critical accounting estimates and judgement
In applying the Company’s accounting policies, several estimates and assumptions have been made concerning the future. The
directors base their judgements and estimates on historical experience and various other factors they believe to be reasonable
under the circumstances, but which are inherently uncertain and unpredictable. As a result, actual results could differ from those
estimates. The main areas where a higher degree of judgement arises or where assumptions and estimates are significant to the
financial statements are:
(a) Carrying value of Goodwill – note 9
NOTE 2: OTHER INCOME
Grant Income
Government Rebates / Subsidies
Other
NOTE 3: AUDITOR REMUNERATION
Profit before Income Tax from continuing operations includes the
following specific expenses:
Auditors Remuneration
Audit Services – audit and review of Financial Reports
Non-Audit Services
NOTE 4: INCOME TAX
Reconciliation of Income Tax Expense from continuing operations
Profit before Income Tax expense
Prima Facie Tax at the Australian tax rate of 25.0% (2021: 26.0%)
Tax effect of timing differences
R&D Tax Concession
Net Non-Deductible Expenses
Other Deductible Expenses
Net adjustment relating to prior year income tax provisions (a)
Total income tax expenses
2023
$
58,948
205,234
253,356
517,538
109,477
-
109,477
6,367,115
1,591,779
-
(40,869)
63,268
(2,685)
(2,927)
1,608,566
2022
$
190,628
122,512
144,236
457,376
93,200
22,000
115,200
5,331,371
1,332,843
146,539
(46,150)
29,091
(172,895)
413,192
1,702,620
(a)
Included in the 2022 balance is an adjustment for prior year income tax expense amounting to $563,448 which relates
largely to the impact of the cash benefit available for the instant asset write-off being claimed by the Company. This
adjustment has no impact on tax liabilities.
42
36 | P a g e
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
NOTE 5: EARNINGS PER SHARE
Profit after tax
Basic and diluted earnings per share (cents)
There are no current options to affect diluted earnings per share.
(a) Weighted Average Shares on Issue
Opening Balance as of 1st July 2022
Shares issued on 7th October 2022
Shares issued on 13th February 2023
Shares issued on 31st March 2023
Closing Balance as of 30th June 2023
NOTE 6: TRADE AND OTHER RECEIVABLES
Trade Receivables
Provision for expected credit losses
Loans – Employees
Prepayments and other receivables (a)
FINANCIAL REPORT
2023
$
4,758,549
4.341
2022
$
3,628,751
3.531
No. of Shares
109,301,609
Weighted No.
109,301,609
314,034
45,534
310,818
228,858
17,091
77,492
109,971,995
109,625,050
2023
$
8,685,547
(105,000)
1,363
860,712
9,442,622
2022
$
8,862,893
(80,000)
9,553
981,150
9,773,596
Total
$,000
8,581
862
9,443
8,783
991
9,774
(a) Balances include progress payments on patent applications and insurances.
Gross
Amount
$,000
Past due
(and
impaired)
$,000
8,581
862
9,443
8,783
991
9,774
105
-
105
80
-
80
Within Trade Terms (not impaired)
<30
$,000
3,260
-
3,260
4,336
991
5,327
31-60
$,000
61-90
$,000
2,916
1,077
2,916
1,077
2,160
-
2,160
1,031
-
1,031
>90
$,000
1,223
-
1,223
1,176
-
1,176
2023
Trade receivables
Other receivables
2022
Trade receivables
Other receivables
Standard customer credit terms are 30 to 90 days depending on the customer. The Company applies the simplified approach to
provide expected credit losses as prescribed by AASB9, which permits the use of the lifetime expected loss provision for all trade
receivables. The expected credit loss rate has been estimated and determined based on historic experience of sales and bad debts.
NOTE 7: INVENTORY
Stock on Hand – Raw Materials
Stock on Hand – Finished Goods
Work in Progress
2023
$
3,746,311
247,752
3,349,364
7,343,427
2022
$
3,203,961
160,820
2,225,118
5,589,899
37 | P a g e
43
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
NOTE 8: PROPERTY, PLANT & EQUIPMENT
Work in Progress
Prepayments of Plant and Equipment Assets
Plant & Equipment
At Cost
Less Accumulated Depreciation
Office Equipment
At Cost
Less Accumulated Depreciation
Motor Vehicles
At Cost
Less Accumulated Depreciation
Right of Use Assets
At Cost
Less Accumulated Depreciation
FINANCIAL REPORT
2023
$
377,546
2022
$
1,540,688
415,691
384,122
20,643,180
(10,179,395)
10,463,785
350,352
(263,849)
86,503
830,836
(537,471)
293,365
10,505,756
(3,344,389)
7,161,367
18,346,413
(8,212,482)
10,133,931
324,804
(216,896)
107,908
640,077
(492,063)
148,014
6,737,451
(2,684,798)
4,052,653
TOTAL PROPERTY, PLANT & EQUIPMENT
18,798,257
16,367,296
(a) Movements in Carrying
Amounts
Work in
Progress
Plant &
Equipment
Office
Equipment
Motor
Vehicles
Right of Use
Assets
Total
2023 Financial Year
Balance at the beginning of the
year
Additions / Transfer In
Disposal of Asset / Transfer Out
Depreciation Expense
Carrying Amount at the end of the
year
2022 Financial Year
Balance at the beginning of the
year
Additions
Sale / Disposal of Asset
Depreciation Expense
Carrying Amount at the end of the
year
(b) Asset Additions financed
$
$
$
$
$
$
1,540,668
10,518,053
107,908
148,014
4,052,653
16,367,296
-
(1,163,122)
-
2,407,859
(2)
(2,046,434)
28,796
(7)
(50,194)
190,459
-
(45,108)
4,195,234
-
(1,086,520)
6,822,348
(1,163,131)
(3,228,256)
377,546 10,879,476
86,503
293,365
7,161,367 18,798,257
$
$
$
$
$
$
1,157,971
8,225,522
74,871
118,472
4,414,547
13,991,383
382,697
-
-
4,045,599
-
(1,753,068)
100,267
(13,477)
(53,753)
74,315
-
(44,773)
655,419
-
(1,017,313)
5,258,297
(13,477)
(2,868,907)
1,540,668
10,518,053
107,908
148,014
4,052,653
16,367,296
The values of assets purchased utilising finance leases or hire purchase
agreements during the year:
44
2023
$
550,469
2022
$
-
38 | P a g e
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
NOTE 9: INTANGIBLES
Goodwill
Patents and Trademarks
At Cost
Less Accumulated Amortisation
Software
At Cost
Less Accumulated Amortisation
FINANCIAL REPORT
2023
$
6,260,968
267,760
(36,932)
230,828
62,845
(38,611)
24,234
2022
$
6,260,968
128,094
(10,841)
117,253
62,845
(22,455)
40,390
TOTAL INTANGIBLES
6,516,030
6,418,611
(a) Movements in Carrying Amounts
Goodwill
Patents &
Trademarks
Software
Total
2023 Financial Year
Balance at the beginning of the year
Additions
Disposal of Asset
Depreciation Expense
Carrying Amount at the end of the year
2022 Financial Year
Balance at the beginning of the year
Additions
Depreciation Expense
Carrying Amount at the end of the year
$
6,260,968
-
-
-
6,260,968
$
-
6,260,968
-
6,260,968
$
117,253
142,897
(6,198)
(23,124)
230,828
$
49,050
79,044
(10,841)
117,253
$
40,390
-
-
(16,156)
24,234
$
28,262
34,583
(22,455)
40,390
$
6,418,611
142,897
(6,198)
(39,280)
6,516,030
$
77,312
6,374,595
(33,297)
6,418,611
Significant estimates and judgement – Carrying value of Goodwill
The company determines whether goodwill is impaired at least at each reporting date. This requires an estimation of the
recoverable amount of the cash generating units (CGU)to which goodwill has been allocated, using value in use discounted cash
flow methodology. The value in use calculation requires the directors to estimate the future cash flows expected to arise from
the cash generating unit and a suitable discount rate in order to calculate present value. Where the future cash flows are less
than expected, a material impairment loss may arise.
NOTE 10: DEFERRED TAX
a) Deferred Tax Asset
Deferred tax assets comprise temporary differences attributable to:
Employee Benefits
Accruals
Deferred tax assets expected to be recovered within 12 months
Deferred tax assets expected to be recovered after 12 months
2023
$
537,544
221,579
759,123
519,356
239,767
759,123
2022
$
478,259
154,139
632,398
436,570
195,828
632,398
39 | P a g e
45
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
Employee
Benefits
$
414,571
63,688
478,259
59,285
537,544
Expense
Accruals
$
118,571
35,568
154,139
67,440
221,579
2023
$
1,834,342
1,794,269
94,322
28,157
1,905,689
866,623
4,689,060
Total
$
533,142
99,256
632,398
126,725
759,123
2022
$
1,422,202
1,845,124
75,269
28,556
1,570,373
744,223
4,263,544
At June 2021
(Charged) / credited
- to profit or loss
At June 2022
(Charged) / credited
- to profit or loss
At June 2023
b) Deferred Tax Liability
Deferred tax liabilities comprise temporary differences attributable to:
Depreciation of fixed assets
NOTE 11: TRADE AND OTHER PAYABLES
Trade Payables
Superannuation
Dividends
Deferred Income
Other payables and accrued Expenses
NOTE 12: CONTRIBUTED EQUITY
Issued and Paid Up Capital
Opening Balance
Issued Shares
(a) Ordinary Shares
2023
Shares
109,301,609
670,386
109,971,955
2023
$
18,226,957
555,536
18,782,493
2022
Shares
96,055,413
13,246,196
109,301,609
2022
$
7,378,717
10,848,240
18,226,957
Date
Details
1st July 2020
Opening Balance
8th October 2021
8th November 2021
23rd December 2021
28th January 2022
8th April 2022
Dividend Reinvestment Plan
Director Non-Cash Remuneration
Capital Raise
Share Placement Plan
Dividend Reinvestment Plan
Employee Share Plan
No. Shares
96,055,413
167,844
80,000
11,494,253
1,295,447
208,652
-
Issue Price
(Cents per
Share)
81.29
94.50
87.00
87.00
83.54
$
7,378,717
132,921
74,350
9,361,997
1,085,137
167,995
25,840
30th June 2022
Closing Balance
109,301,609
18,226,957
7th October 2022
13th February 2023
31st March 2023
Dividend Reinvestment Plan
Employee Share Plan
Dividend Reinvestment Plan
314,034
45,534
310,818
85.48
84.00
85.54
266,275
28,963
260,297
30th June 2023
Closing Balance
109,971,955
18,782,493
Issue costs above are less transactional fees arising from the issue.
46
40 | P a g e
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
(b) Capital Risk Management
Management effectively manages the Company’s capital by assessing the Company’s financial risks and adjusting its financial
structure in response to those risks. These responses include the management of debt levels and distributions to shareholders.
The Company has no borrowings and no externally imposed capital requirements. In order to maintain or adjust the capital
structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares
or sell assets to reduce debt.
NOTE 13: FINANCIAL LIABILITIES
Current Liabilities
Hire purchase and finance lease
Lease Liabilities (AASB 16)
Non-Current Liabilities
Hire purchase and finance lease
Lease Liabilities (AASB 16)
2023
$
1,688,563
636,846
2,325,409
2,302,556
7,205,641
9,508,197
2022
$
1,308,399
1,269,478
2,577,877
3,441,090
3,267,236
6,708,326
11,833,606
9,286,203
Included in the lease liabilities balances are finance costs of $251,051 (2022: $293,815).
NOTE 14: CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS
Apart from security deposit guarantees of $245,102 with CBA for three of the leased premises, the directors are not aware of any
contingent liabilities that would have an effect on these financial statements. (2022: $245,102).
The Company has committed to $1,263,317 of fixed asset purchases of which, $415,707 has been recognised in Prepayments of
Assets classified in Property, plant, and equipment (Note 8) as of 30 June 2023.
The Company has received a proposed Statement of Claim related to an employee’s injury in 2015 on assets at our Victorian facility.
At the time of this injury, the employee was employed by United Surface Technologies Pty Ltd, the previous owner of the Victoria
assets. The claim against LaserBond has been disputed.
The Company did not have any contingent liabilities or capital commitments as of 30 June 2023.
NOTE 15: RELATED PARTY TRANSACTIONS
Transactions with related parties are on normal commercial terms and conditions no more favourable than those available to other
parties unless otherwise stated.
(a) Other Related Parties
Labour Costs
Payroll persons related to executive directors
Contribution to superannuation funds on behalf of other related
parties
2023
$
153,587
37,880
191,167
2022
$
173,998
40,184
254,366
Note: this is exclusive of executive director remuneration which is included in the remuneration report within the Directors’
Report of this Annual Report.
(b) Key Management Personnel Transactions
Consultants
Hawkesdale Group
5,368
26,875
These consultant fees are paid to non-executive director-related entities and relate to services to support executive functions. Fees
relative to a non-executive director’s board fees are included in the remuneration report within the Directors’ Report of this Annual
Report. Hawkesdale Group provided consultancy services related to sales support and strategy development. This is a director-
related entity.
41 | P a g e
47
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
NOTE 16: KEY MANAGEMENT PERSONNEL
The key management personnel of the Company for management of its affairs are all executive directors and the Company
Secretary.
(a) Remuneration
Details in relation to the remuneration of the key management personnel of the Company for management of its affairs are
included in the remuneration Report within the Directors’ Report of this Annual Report.
(b) Options Held
There were no options held on 30 June 2023 or 30 June 2022. There were no options issued during the financial year.
Shares Held as
of 30th June
2022
Issued
Purchased
(DRP)
Purchased /
(Sold)
Shares Held as
of 30th June
2023
(c) Shares Held
Interest
Wayne Hooper Direct
Wayne Hooper Indirect
Philip Suriano Indirect
Ian Neal Indirect
Dagmar Parsons
Matthew Twist Direct
Interest
Wayne Hooper Direct
Wayne Hooper Indirect
Philip Suriano Indirect
Ian Neal Indirect
Matthew Twist Direct
NOTE 17: DIVIDENDS
9,768,797
1,295,498
896,182
25,000
-
113,973
12,099,450
Shares Held as
at 30th June
2021
9,768,797
1,295,498
843,565
-
73,973
11,981,833
Declared 2023 fully franked interim ordinary dividend of 0.8 (2022:
0.60) cents per share franked at the tax rate of 25.0% (2022: 25.0%)
Declared 2022 fully franked final ordinary dividend of 0.80 (2021:
0.60) cents per share franked at the tax rate of 25.0% (2021: 26.0%)
Total dividends per share for the period
Dividends paid in cash or satisfied by the issues of shares under
the dividend reinvestment plan during the year were as follows:
Paid in cash
Satisfied by the issue of shares
-
-
-
-
-
1,190
1,190
-
-
16,847
-
-
-
16,847
(335,000)
670,000
-
-
-
-
335,000
9,433,797
1,965,498
913,029
25,000
-
115,163
12,452,487
Issued
Purchased
(DRP)
Purchased /
(Sold)
Shares Held as
at 30th June
2022
-
-
40,000
-
40,000
80,000
-
-
12,617
-
-
12,617
-
-
-
25,000
-
25,000
2023
$
9,768,797
1,295,498
896,182
25,000
113,973
12,099,450
2022
$
877,290
654,558
874,348
576,332
1.60 cents
1.20 cents
1,217,213
534,425
1,751,638
927,459
303,431
1,230,890
Dividends not recognised during the reporting period
Since year-end, the directors have recommended the payment of a final dividend of 0.8 cents per fully paid ordinary share (2022:
0.8) fully franked based on tax paid at 25.0%. The aggregate amount of the proposed dividend expected to be paid on the 6th of
October 2023 out of retained earnings as of 30 June 2023 but not recognised as a liability at year-end is $879,776. The debit
expected to the franking account arising from this dividend is $219,944.
Franking credits
Franking credits available for subsequent periods based on a tax rate
of 25.0% (2022: 25.0%)
2023
$
2022
$
4,029,203
3,454,761
42 | P a g e
48
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
NOTE 18: CASH FLOW INFORMATION
Reconciliation of profit after income tax to net cash flows from
operating activities
Profit after Income Tax for the year
Non-cash flows in operating surplus
Depreciation, Amortisation & Impairment
(Profit) / loss on disposal of property, plant & equipment
Changes in assets and liabilities
Decrease / (Increase) in trade and other receivables
(Increase) / Decrease in inventories
Decrease / (Increase) in deferred tax assets
(Increase) / Decrease in current tax assets
Increase / (Decrease) in trade and other payables
Increase / (Decrease) in current provisions
Increase / (Decrease) in current tax liabilities
Increase / (Decrease) in non-current provisions
Increase / (Decrease) in deferred tax liabilities
FINANCIAL REPORT
4,758,549
3,628,751
3,267,536
8,030
461,818
(1,753,528)
(126,725)
-
294,671
171,340
144,696
65,799
412,140
2,902,203
13,477
(3,967,088)
(2,152,705)
(99,256)
777,495
1,892,736
292,566
110,014
25,966
819,678
Net cash provided by operating activities
7,704,326
4,243,837
NOTE 19: FINANCIAL INSTRUMENTS
Financial Risk Management Policies
Activities undertaken may expose the Company to credit risk, liquidity risk and cash flow interest rate risk. The Company’s risk
management policies and objectives are therefore reviewed to minimise the potential impacts of these risks on the results of the
Company.
The Board of Directors monitors and manages the financial risk exposures of the Company and reviews the effectiveness of
internal controls relating to these risks. The overall risk management strategy seeks to assist the Company in meeting its financial
targets, while minimising potential adverse effects on financial performance, including the review of credit risk policies and
future cash flow requirements.
Maturity of financial liabilities on 30th June 2023
Within 1 Year
Trade and other payables
Hire Purchase / Finance Lease
Lease Liabilities (AASB16)
Total financial liabilities
$
4,689,060
1,688,563
636,846
7,014,469
Maturity of financial liabilities on 30th June 2022
Within 1 Year
Trade and other payables
Hire Purchase / Finance Lease
Lease Liabilities (AASB16)
Total financial liabilities
$
4,263,545
1,308,400
1,269,477
6,841,422
Greater than 1
Year
$
-
2,302,556
7,205,641
9,508,197
Greater than 1
Year
$
-
3,441,090
3,267,236
6,708,326
Total
$
4,689,060
3,991,119
7,842,487
16,522,666
Total
$
4,263,545
4,749,490
4,536,713
13,549,748
Credit Risk Exposure
The maximum exposure to credit risk, excluding the value of any collateral or other security, at the balance date to recognise
financial assets is the carrying amount, net of any provisions for doubtful debts, as disclosed in the balance sheet and notes to the
financial statements.
Liquidity Risk
Liquidity risk is the risk that the Company may encounter difficulties raising funds to meet commitments. The Company manages
this risk by monetary cash flow forecasts.
Net fair value of financial assets and liabilities
The carrying amount of cash, cash equivalents, and non-interest bearing monetary financial assets and liabilities (e.g., accounts
receivable and payable) are at approximate net fair value.
43 | P a g e
49
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
Sensitivity Analysis
The Company has performed a sensitivity analysis relating to its exposure to interest rate risk and foreign currency risk. This
sensitivity analysis demonstrates the effect on the current year’s results and equity which could result from a change in these risks.
Interest Rate Sensitivity Analysis:
The Company as of 30th June 2023 held a quantity of cash on hand in an interest-bearing bank account. The Director’s do not
consider that any reasonably possible movement in interest rates would cause a material effect on profit or equity.
Foreign Currency Risk Sensitivity Analysis:
The Company purchases certain raw materials from overseas due to non-availability in Australia or savings due to bulk buying
power overseas. The Company continues to expand its operation and has some overseas customers. 100% of those overseas
customers invoiced in foreign currency and 95% of overseas suppliers paid in foreign currency are affected by movement in the
US dollar exchange rate. To mitigate foreign currency risk for US dollar transactions the Company has a US dollar bank account.
Payments made from this US dollar account are from foreign customer deposits or transfers of cash at a time the exchange rate is
deemed positive (which is reviewed daily). The Directors do not consider that any reasonably possible movement in foreign
currency rates would cause a material effect on profit or equity.
NOTE 20: SHARE-BASED PAYMENTS
a) Employee Share Plan
A scheme under which shares may be issued by the Company to employees for no cash consideration was approved by
shareholders through the prospectus. Eligibility to participate is based on an employee being a full-time or part-time employee
of the Company (or any of its 100% owned subsidiaries), the employee is an Australian resident for income tax purposes and the
employee has been directly employed by the Company (or any of its 100% owned subsidiaries) for at least a period of 36
continuous months in a permanent position.
Each eligible employee will be entitled to a maximum of $1,000 of fully paid ordinary shares annually, with the number of shares
calculated based on the closing price of the Company on the day each issue is formally passed by the Board. Offers under the
scheme are at the discretion of the Board. Shares issued are vested for a period of three years from the date of issue, with one-third
released annually on each anniversary date of the Board approved issue date. If employment is ceased for any reason any shares
still currently vested and not released will be forfeited by the employee. Shares are issued as fully paid ordinary shares and rank
equally with existing shares on issue.
Number of new shares issued under the plan to participating
employees: (refer to Note 12 (a) for detail of the issue)
2023
45,534
2022
-
Due to the level of shares vested and not released but forfeited by employees, no new shares were required to be issued under
the employee share plan in the twelve months to 30 June 2022.
b) Non-Executive Director Remuneration (Non-Cash)
Up until 30 June 2021, Non-Executive Directors were paid quarterly fixed fees, reviewed annually. Further, if a Non-Executive
Director held their Board position for the full twelve months of each reporting period, they may have been eligible for non-cash
benefits of a fixed quantity of LaserBond shares, reviewed annually by the Board and based on approval by shareholders at a
general meeting.
c) Expenses arising from share-based payment
transactions
Shares Issued under the employee share plan
Shares Issued under Director Remuneration
2023
$
28,963
-
28,963
2022
$
25,840
75,600
101,440
50
44 | P a g e
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
NOTE 21: SEGMENT REPORTING
The Company has identified its operating segment based on internal reports that are reviewed and used by the executive directors
(chief decision makers) in assessing performance and determining the allocation of resources. The Company operates entirely
within Australia. Segment information for the reporting period is provided below.
Segment Definitions:
a) Services – the reclamation or repair of worn components for end users, or the manufacture of products that do not
incorporate LaserBond® cladding applications.
b) Products – the manufacture of products incorporating LaserBond® cladding applications.
c) Technology – the sale of LaserBond® cladding technology and associated licensing fees and consumables supply.
d) Research & Development – costs related to the ongoing development of new or improved technology, applications, and
products.
30 June 2023
Services
Products
Technology
R&D
20,644,496
17,827,054
140,854
55.7%
49.8%
53.9%
Total
38,612,404
53.0%
-
-
6,471,969
4,544,418
(445,644)
(373,865)
10,196,878
Depreciation & Amortisation
(1,726,016)
(1,490,465)
(301,701)
(260,526)
-
-
-
(562,227)
(51,055)
(3,267,536)
Profit Before Income Tax
4,444,252
2,793,427
(445,644)
(424,920)
6,367,115
Income tax expense
(1,122,780)
(705,721)
112,585
107,350
(1,608,566)
Profit after Income Tax
3,321,472
2,087,706
(333,059)
(317,570)
4,758,549
30 June 2022
Services
Products
Technology
R&D
13,699,219
14,964,100
2,047,800
51.6%
58.6%
42.5%
51,832,451
(31,070,558)
Total
30,711,119
54.4%
-
-
3,641,140
5,021,125
522,750
(508,656)
8,676,359
Revenue
Gross Profit
EBITDA
Interest
Assets
Liabilities
Revenue
Gross Profit
EBITDA
Interest
Depreciation & Amortisation
(1,370,763)
(1,497,328)
(211,623)
(231,162)
-
-
-
(442,785)
(34,112)
(2,902,203)
Profit Before Income Tax
2,058,754
3,292,635
522,750
(542,768)
5,331,371
Income tax expense
(657,481)
(1,051,532)
(166,945)
173,338
(1,702,620)
Profit after Income Tax
Assets
Liabilities
1,401,273
2,241,103
355,805
(369,430)
3,628,751
44,503,112
(16,995,000)
45 | P a g e
51
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Independent Auditor’s
Declaration
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
FINANCIAL REPORT
NOTE 21: MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
a) Dividends
The directors have recommended the payment of a final dividend of 0.8 cents per fully paid ordinary share (2022: 0.8) fully franked
based on tax paid at 25.0%. The aggregate amount of the proposed dividend is expected to be paid on the 6th of October 2023.
Subject to the Company continuing to develop in accordance with future plans, the Board expects to continue to maintain future
dividends.
No other matters or circumstances have arisen since the end of the financial year which significantly affected or could significantly
affect the operations of the Company, the results of those operations or the state of affairs of the Company.
b) Facility Lease – Altona Victoria
Before 30th June 2023, LaserBond signed a Heads of Agreement to re-lease the facility in Altona, Victoria. On the 10th of August
2023, the lease was signed for a term of three years, with two options of a further three years each. This transaction will add a new
asset and subsequent liability of $2,693,401 as per AASB 16 Leases requirements for right-of-use assets.
NOTE 22: ECONOMIC DEPENDENCY
Revenues of $16,793,974 (2022 - $15,002,017) that are contributed largely to the products segment are derived from two
independent customers.
52
46 | P a g e
LASERBOND | ANNUAL REPORT 2023
About
Laserbond
Financial
Snapshot
Chairman’s
Letter
CEO’s Review
of Operations
Directors’
Report
Remuneration
Report
Declaration
by Directors
Auditor’s Independence
Declaration
Independent Auditor’s
Report
Financial
Report
Notes to the Financial
Statements
Shareholder
Information
Corporate
Directory
1. Substantial Shareholders on 26th July 2023
Holder LaserBond Limited
Ms Diane Constance Hooper
Mr Wayne Edward Hooper
Mr Wayne Edward Hooper (W&D Hooper Investments Pty Ltd)
HSBC Custody Nominees (Australia) Limited
Mr Rex John Hooper
Mrs Lillian Hooper
2. Distribution of Shareholders as of 26th July 2023
SHAREHOLDER INFORMATION
Number of
Ordinary
Fully Paid
Shares Held
9,433,797
9,433,797
1,965,498
7,474,835
6,883,916
5,542,928
%
8.578
8.578
1.787
6.797
6.260
5.040
Holdings Ranges
1-1,000
1,001-5,000
5,001-10,000
10,001-100,000
100,001-9,999,999,999
Totals
Holders
416
878
339
555
111
2,299
Total Units
225,904
2,187,346
2,409,576
16,794,556
88,354,613
109,971,995
%
0.210
1.990
2.190
15.270
80.340
100.000
Holdings less than a marketable parcel 240
79,807
0.07257
3. Twenty Largest Shareholders as of 26th July 2023
Holder LaserBond Limited
Ms Diane Constance Hooper
Mr Wayne Edward Hooper
HSBC Custody Nominees (Australia) Limited
Mr Rex John Hooper
Mrs Lillian Hooper
Lornat Pty Ltd
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