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OmegaFlex, Inc.2011 ANNUAL REPORT
ABN 42 144 745 782
About MACA
Incorporated in 2002, MACA is a well
established mining services business that
provides mine to mill contract mining
services for open pit mining including
loading and hauling, drilling and blasting,
crushing and screening and civil works.
MACA specialises in providing services
predominantly to mid-size mining projects
across a range of commodities, and
currently employs a workforce in excess of
500 employees and sub-contractors.
The company has enjoyed sound financial
performance throughout its life.
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MACA Limited
ABN 42 144 745 782
Company Secretary
Jon Carcich
Directors
Andrew Edwards
Non Executive Chairman
Chris Tuckwell
Managing Director
Ross Williams
Finance Director
Geoff Baker
Operations Director
Joe Sweet
Non Executive Director
Karen Field
Non Executive Director
Registered Office
c/o Bentleys (WA) Pty Ltd
Level 1
12 Kings Park Road
WEST PERTH WA 6005
Telephone (08) 9226 4500
Facsimile (08) 9226 4300
Solicitors
Steinepreis Paganin
Lawyers and Consultants
Level 4, The Read Buildings
16 Milligan Street
PERTH WA 6000
Auditor
Moore Stephens
Level 3
12 St Georges Terrace
PERTH WA 6000
Share Registry
Computershare Investor
Services Pty Ltd
Level 2
45 St Georges Terrace
PERTH WA 6000
Stock Exchange Listings
MACA Limited shares are
listed on the Australian
Securities Exchange
ASX Code
MLD
Website Address
www.maca.net.au
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Corporate Directory
Highlights
Chairman’s Address
Managing Director’s Review of Operations
Director’s Report
Corporate Governance
Financial Report
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HIGHLIGHTS
FINANCIAL
OPERATIONAL
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Pro-forma Net Profit After Tax $29.7m
Statutory Net Profit After Tax $28.7m
(cid:116)(cid:1) (cid:53)(cid:80)(cid:85)(cid:66)(cid:77)(cid:1)(cid:51)(cid:70)(cid:87)(cid:70)(cid:79)(cid:86)(cid:70)(cid:1)(cid:74)(cid:79)(cid:68)(cid:83)(cid:70)(cid:66)(cid:84)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:5)(cid:19)(cid:21)(cid:26)(cid:15)(cid:19)(cid:78)
(cid:116)(cid:1) (cid:53)(cid:80)(cid:85)(cid:66)(cid:77)(cid:1)(cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:18)(cid:1)(cid:66)(cid:85)(cid:1)(cid:23)(cid:68)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:1)
fully franked
(cid:116)(cid:1) (cid:36)(cid:80)(cid:79)(cid:85)(cid:83)(cid:66)(cid:68)(cid:85)(cid:1)(cid:69)(cid:86)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:74)(cid:79)(cid:68)(cid:83)(cid:70)(cid:66)(cid:84)(cid:70)(cid:69)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)
client base expanded
(cid:116)(cid:1) (cid:42)(cid:78)(cid:81)(cid:83)(cid:80)(cid:87)(cid:70)(cid:69)(cid:1)(cid:41)(cid:70)(cid:66)(cid:77)(cid:85)(cid:73)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:52)(cid:66)(cid:71)(cid:70)(cid:85)(cid:90)(cid:1)(cid:74)(cid:79)(cid:69)(cid:74)(cid:68)(cid:66)(cid:85)(cid:80)(cid:83)(cid:84)
(cid:116)(cid:1) (cid:52)(cid:74)(cid:72)(cid:79)(cid:74)(cid:71)(cid:74)(cid:68)(cid:66)(cid:79)(cid:85)(cid:1)(cid:74)(cid:78)(cid:81)(cid:83)(cid:80)(cid:87)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:74)(cid:79)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)
safety culture
TOTAL REVENUE
PRO FORMA EBITDA
PRO FORMA NPAT
$m
$m
$m
FY09-FY11 CAGR 73%
FY09-FY11 CAGR 71%
FY09-FY11 CAGR 60%
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FY09
FY10
FY11
FY09
FY10
FY11
FY09
FY10
FY11
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2
CHAIRMAN’S ADDRESS
It gives me great pleasure to present the Annual Report for
MACA for the year ended 30 June 2011, the Company’s
first such report as a publicly listed entity.
MACA was listed on the ASX in November last year
following an initial public offering of 60 million shares
at $1.00 per share. Since listing, the Company’s
shares have traded in the range of $1.40 to $2.96,
and at the date of this report were trading at $2.08,
a healthy premium to the prospectus offer price and
a recognition of MACA’s successful transition from
private to public ownership.
I am pleased to advise that pro forma net profit after
tax adjusted for a once off share based payment for
the 2011 financial year was $29.7 million (statutory
28.7 million) and earnings per share 19.7 cents. This
was 28% above MACA’s prospectus forecast and an
81% increase on the previous year. The Company has
declared a final dividend of 3 cents per share, bringing
the total for the year to 6 cents per share, consistent
with the prospectus forecast.
This financial performance was generated from the
continued provision of contract mining and crushing
services to a range of clients in iron ore, gold and
base metals projects in Western Australia. Earlier
this calendar year the Company was awarded its
first contracts outside of Western Australia to supply
mining and crushing services at the Peculiar Knob
Direct Shipping Ore Project near Cooper Pedy in South
Australia. In addition, the Company formed MACA
Civil (in which it has a 60% interest) to provide more
detailed civil engineering services to both the mining
and public sectors and this business commenced its
first project in May 2011.
These successes represent important progressions
in MACA’s objective to position itself for sustainable
growth. Mining activity in Australia is expected to
remain strong and MACA is well positioned to take
advantage of this. The Company is in a strong financial
position, with cash on hand in excess of $50 million,
and an order book which currently stands at $1.3
billion. Further, MACA’s reputation and attention to
workplace safety makes it well placed to deal with
the expected key industry challenge of securing the
required people.
At Board level, I am delighted to welcome Karen Field
as a newly appointed director. Karen brings to the
Board more than 30 years mining industry experience
in operational and executive roles as well as listed
company experience from other boards.
I would like to thank the management team led by the
Managing Director, Chris Tuckwell, for their untiring
effort during the year. This has been critical to the
success MACA has enjoyed. I would also like to thank
my fellow directors for their support and contribution to
the Board’s important role.
We look forward to continuing strong shareholder
returns in the coming year and beyond.
Through a strong focus on client relationships and
service quality, the Company has also been successful
in achieving contract extensions and the award of a
significant, long term mining services contract from
Regis Resources Limited at the proposed Garden Well
Gold Project.
Andrew Edwards
Chairman
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3
MANAGING DIRECTOR’S
REVIEW OF OPERATIONS
I am pleased to deliver my first annual report to shareholders of MACA Limited
following the successful initial public offering in October, 2010.
In its first publicly listed year MACA has continued to progress its operational and
financial capabilities and has delivered a strong result for the year.
This performance has been driven by several factors:
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costs being significantly lower than forecast;
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(cid:116)(cid:1) (cid:66)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:86)(cid:70)(cid:69)(cid:1)(cid:71)(cid:80)(cid:68)(cid:86)(cid:84)(cid:1)(cid:80)(cid:79)(cid:1)(cid:68)(cid:77)(cid:74)(cid:70)(cid:79)(cid:85)(cid:1)(cid:83)(cid:70)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:73)(cid:74)(cid:81)(cid:84)(cid:28)(cid:1)(cid:66)(cid:79)(cid:69)
(cid:116)(cid:1) (cid:80)(cid:86)(cid:83)(cid:1)(cid:70)(cid:78)(cid:81)(cid:77)(cid:80)(cid:90)(cid:70)(cid:70)(cid:84)(cid:1)(cid:88)(cid:73)(cid:80)(cid:1)(cid:73)(cid:66)(cid:87)(cid:70)(cid:1)(cid:70)(cid:78)(cid:67)(cid:83)(cid:66)(cid:68)(cid:70)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:8)(cid:84)(cid:1)(cid:68)(cid:86)(cid:77)(cid:85)(cid:86)(cid:83)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:88)(cid:80)(cid:83)(cid:76)(cid:74)(cid:79)(cid:72)(cid:1)(cid:74)(cid:79)(cid:1)(cid:66)(cid:1)(cid:84)(cid:66)(cid:71)(cid:70)(cid:1)(cid:78)(cid:66)(cid:79)(cid:79)(cid:70)(cid:83)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:78)(cid:66)(cid:76)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:1)(cid:84)(cid:74)(cid:72)(cid:79)(cid:74)(cid:71)(cid:74)(cid:68)(cid:66)(cid:79)(cid:85)(cid:1)
contribution to the continued improvement of our business.
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4
MANAGING DIRECTOR’S REVIEW OF OPERATIONS
HIGHLIGHTS
60% increase in
revenue to $249.2m
81% increase in pro forma
NPAT to $29.7m
(Statutory NPAT of 28.7m)
Order book at $1.3b as at
June 2011 with $255m
revenue for financial year
2012 secured
Total dividend for
the year 6 cents
fully franked.
DIVIDEND
OPERATIONS
On the 19th August 2011, the board of MACA Limited
declared a final dividend for the financial year ending
2011 of 3.0 cents per share, and this brings the full year
dividend to 6.0 cents per share fully franked.
Contracts commenced and continuation of works from
July 2010 include by sector:
Iron Ore
Mining services and crushing and screening services for
(cid:116)(cid:1) (cid:36)(cid:83)(cid:80)(cid:84)(cid:84)(cid:77)(cid:66)(cid:79)(cid:69)(cid:84)(cid:1)(cid:51)(cid:70)(cid:84)(cid:80)(cid:86)(cid:83)(cid:68)(cid:70)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:43)(cid:66)(cid:68)(cid:76)(cid:1)(cid:41)(cid:74)(cid:77)(cid:77)(cid:84)(cid:1)(cid:111)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:86)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)
OPERATING CASH FLOW AND CAPITAL EXPENDITURE
(cid:116)(cid:1) (cid:52)(cid:74)(cid:79)(cid:80)(cid:84)(cid:85)(cid:70)(cid:70)(cid:77)(cid:1)(cid:46)(cid:74)(cid:69)(cid:88)(cid:70)(cid:84)(cid:85)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:66)(cid:85)(cid:1)(cid:44)(cid:80)(cid:80)(cid:77)(cid:66)(cid:79)(cid:80)(cid:80)(cid:76)(cid:66)(cid:1)(cid:111)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:86)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)
Operating cash flow for the 12 months ending 30 June
2011 was $57.8 million.
Capital expenditure for the financial year was $34
million and was primarily driven by purchasing new and
replacement equipment. This expenditure was funded
through a combination of cash and finance via commercial
hire purchase agreements.
Equipment was purchased to replace certain equipment
which had previously been hired, to meet increased
activity levels and for new contract works.
(cid:116)(cid:1) (cid:34)(cid:85)(cid:77)(cid:66)(cid:84)(cid:1)(cid:42)(cid:83)(cid:80)(cid:79)(cid:1)(cid:66)(cid:85)(cid:1)(cid:49)(cid:66)(cid:83)(cid:69)(cid:80)(cid:80)(cid:1)(cid:111)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:86)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)
Gold
Mining services for
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(cid:116)(cid:1) (cid:36)(cid:83)(cid:70)(cid:84)(cid:68)(cid:70)(cid:79)(cid:85)(cid:1)(cid:40)(cid:80)(cid:77)(cid:69)(cid:1)(cid:66)(cid:85)(cid:1)(cid:45)(cid:66)(cid:87)(cid:70)(cid:83)(cid:85)(cid:80)(cid:79)(cid:1)(cid:111)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:86)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)
(cid:116)(cid:1) (cid:51)(cid:70)(cid:72)(cid:74)(cid:84)(cid:1)(cid:51)(cid:70)(cid:84)(cid:80)(cid:86)(cid:83)(cid:68)(cid:70)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:46)(cid:80)(cid:80)(cid:77)(cid:66)(cid:83)(cid:85)(cid:1)(cid:56)(cid:70)(cid:77)(cid:77)(cid:1)(cid:111)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:86)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)
Base Metals
Mining services for
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(cid:116)(cid:1) (cid:46)(cid:66)(cid:72)(cid:70)(cid:77)(cid:77)(cid:66)(cid:79)(cid:1)(cid:46)(cid:70)(cid:85)(cid:66)(cid:77)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:56)(cid:74)(cid:77)(cid:86)(cid:79)(cid:66)(cid:1)(cid:111)(cid:1)(cid:84)(cid:86)(cid:84)(cid:81)(cid:70)(cid:79)(cid:84)(cid:74)(cid:80)(cid:79)
BALANCE SHEET AND GEARING
In October 2010 the Company completed an Initial Public
Offering of its shares to provide a solid foundation for
expansion and to enable the company to fund future projects.
Cash on hand at 30 June 2011 was $50.6 million and the
Group maintained a net cash position.
ORDER BOOK
MACA Limited has grown its work-in-hand position in
the last year to record levels from both a value and
tenure perspective.
The Company had work-in-hand of $1,356 million as at
30 June 2011 and an average contract term of 39 months
over 10 projects.
Projects due to commence in FY2012 are by sector:
Iron Ore
Mining services for
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Crushing and screening services for
(cid:116)(cid:1) (cid:56)(cid:49)(cid:40)(cid:1)(cid:51)(cid:70)(cid:84)(cid:80)(cid:86)(cid:83)(cid:68)(cid:70)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:49)(cid:70)(cid:68)(cid:86)(cid:77)(cid:74)(cid:66)(cid:83)(cid:1)(cid:44)(cid:79)(cid:80)(cid:67)(cid:1)(cid:9)(cid:46)(cid:66)(cid:83)(cid:68)(cid:73)(cid:1)(cid:19)(cid:17)(cid:18)(cid:19)(cid:10)
Gold
Mining services for
(cid:116)(cid:1) (cid:51)(cid:70)(cid:72)(cid:74)(cid:84)(cid:1)(cid:51)(cid:70)(cid:84)(cid:80)(cid:86)(cid:83)(cid:68)(cid:70)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:40)(cid:66)(cid:83)(cid:69)(cid:70)(cid:79)(cid:1)(cid:56)(cid:70)(cid:77)(cid:77)(cid:1)(cid:9)(cid:52)(cid:70)(cid:81)(cid:85)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:18)(cid:10)
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5
MANAGING DIRECTOR’S REVIEW OF OPERATIONS
MINING
CRUSHING
The division revenue of $225 million represents
90% of the total year revenue and was all derived
from continuing operations throughout the year. The
revenue growth has been significant as the company
has bedded down projects that were commenced in the
second half of the previous financial year. A key driver
behind the revenue growth is the number, diversity and
tenure of the projects – average contracted work-in-
hand is over 39 months, and with possible extensions
is over 46 months. Total material movement was 36%
greater than the previous financial year.
Division revenue of $25 million is the remainder of the
year’s operating revenue and was also derived from
continuing operations. This year has seen an increase in
the tonnes crushed and screened of 41% over last year
to 4.5mt. It is expected there will be a further increase
towards the end of the 2012 financial year. Contracted
work-in-hand is over 36 months and with potential
extensions is over 42 months.
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MANAGING DIRECTOR’S REVIEW OF OPERATIONS
CIVIL
HUMAN RESOURCES
The company during the year formed a joint venture
company ‘MACA Civil Pty Ltd’ in which MACA Limited
owns 60%. The entity has been set up to deliver a more
detailed civil engineering service to both existing and new
mining base clients, and also within the public sector. The
company is pleased to report that the division’s first project
(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:46)(cid:66)(cid:74)(cid:79)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:84)(cid:1)(cid:37)(cid:70)(cid:81)(cid:66)(cid:83)(cid:85)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:56)(cid:70)(cid:84)(cid:85)(cid:70)(cid:83)(cid:79)(cid:1)(cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:1)(cid:111)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)
(cid:40)(cid:66)(cid:84)(cid:68)(cid:80)(cid:90)(cid:79)(cid:70)(cid:1)(cid:34)(cid:77)(cid:77)(cid:74)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1)(cid:111)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:68)(cid:80)(cid:78)(cid:78)(cid:70)(cid:79)(cid:68)(cid:70)(cid:69)(cid:1)(cid:77)(cid:66)(cid:85)(cid:70)(cid:1)(cid:74)(cid:79)(cid:1)(cid:46)(cid:66)(cid:90)(cid:1)(cid:19)(cid:17)(cid:18)(cid:18)(cid:15)
MACA remains focused on the attraction and retention of
quality employees.
As at 30 June 2011 the Group had a total workforce of
approximately 500 employees and subcontractors within
the company and joint ventures, including 16 apprentices
reflecting a strong commitment to ongoing development
and training.
HEALTH, SAFETY AND ENVIRONMENT
MACA has always been dedicated to achieving the highest
possible performance in occupational health and safety
across all its business units.
The company manages risk through continual
measurement and review (proactive processes) including
quarterly audits across all sites, and compliance to our
(cid:68)(cid:70)(cid:83)(cid:85)(cid:74)(cid:71)(cid:74)(cid:70)(cid:69)(cid:1)(cid:48)(cid:68)(cid:68)(cid:86)(cid:81)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:66)(cid:77)(cid:1)(cid:41)(cid:70)(cid:66)(cid:77)(cid:85)(cid:73)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:52)(cid:66)(cid:71)(cid:70)(cid:85)(cid:90)(cid:1)(cid:46)(cid:66)(cid:79)(cid:66)(cid:72)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)
Systems (AS/NZS: 4801) and Environmental Management
Systems (ISO: 14001).
Our continued focus on health and safety through our
audit and compliance vigilance has seen our Lost Time
Injury Frequency Rate (LTIFR) reduce over the last 18
months to well below the industry standard, as illustrated
in the following graph.
People and Safety Performance
OUTLOOK
Although the mining services sector remains very
competitive, the company is well positioned operationally
and financially to pursue further work.
We are in constant discussions with both existing and
potential new clients in relation to contract extensions and
new work to maintain our strong growth profile for the
2012 year and beyond.
This is evidenced in the very strong order book over the
next few years.
Our aim is to continuously improve the business by
focusing on delivering a quality product which will give our
shareholders value.
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20
15
10
5
0
Chris Tuckwell
Managing Director
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300
200
100
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Jun-0 8
D ec-0 8
Jun-0 9
D ec-0 9
Jun-1 0
D ec-1 0
Jun-1 1
Employee Numbers
LTIFR
LTIFR (Industry)
Industry source – Dept of Mines
and Petroleum Resources Safety
QUALITY MANAGEMENT
(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:80)(cid:67)(cid:85)(cid:66)(cid:74)(cid:79)(cid:70)(cid:69)(cid:1)(cid:66)(cid:68)(cid:68)(cid:83)(cid:70)(cid:69)(cid:74)(cid:85)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:74)(cid:85)(cid:84)(cid:1)(cid:50)(cid:86)(cid:66)(cid:77)(cid:74)(cid:85)(cid:90)(cid:1)(cid:46)(cid:66)(cid:79)(cid:66)(cid:72)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)
Systems (ISO: 9001) during the year and continues to
develop its systems to support growth.
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7
DIRECTOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2011
Your Directors present their report on MACA Limited (MACA) and its controlled entities (‘Consolidated’ or ‘Group’) for the financial year ended
30 June 2011.
Directors
The following persons were directors of the Company in office at any time during or since the end of the year except as stated otherwise:
Mr Hugh Andrew Edwards
Non Executive Chairman (appointed 1 October 2010)
Mr Christopher Mark Tuckwell
Managing Director (appointed 20 September 2010)
Mr Geoffrey Alan Baker
Operations Director
Mr Ross Campbell Williams
Finance Director
Mr Joseph Ronald Sweet
Non Executive Director (appointed 20 September 2010)
Mrs Karen Lesley Field
Non Executive Director (appointed 11 June 2011)
Mr David John Edwards
(resigned 20 September 2010)
Mr James Edward Moore
(resigned 20 September 2010)
Mr Francis Joseph Maher
(resigned 20 September 2010)
Information on Directors
Andrew Edwards
B Com, FCA
Chairman, Non Executive Director
Special Responsibilities:
Member of Remuneration Committee
Member of Audit Committee
Mr Edwards is a former Managing Partner of Price Waterhouse Coopers (PwC), Perth Office, a former national Vice President of the Securities
Institute of Australia (now the Financial Services Institute of Australasia) and a former President of the Western Australia division of the Institute of
Chartered Accountants in Australia (“ICAA”). Andrew is a Fellow of the ICAA and has served as state councillor of the ICAA.
Directorships of other publicly listed companies held in the last three years:
Company
Period of Directorship
Mermaid Marine Australia Limited
Since December 2009
Nido Petroleum Limited
Since December 2009
Aspire Mining Limited
Since July 2011
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DIRECTOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2011
Chris Tuckwell
B Eng
Managing Director
Special Responsibilities:
Member of Remuneration Committee
Mr Tuckwell is a qualified construction engineer with 28 years experience in the mining sector. Chris has been Chief Executive Officer of MACA for
over 4 years. Previously Chris spent 14 years working for Ausdrill and other organisations in mainly off-shore positions including 9 years in Africa as
a Shareholder Representative in a number of joint ventures, as a Country Manager overseas and as a General Manager for Ausdrill in Australia.
Directorships of other publicly listed companies held in the last three years:
None.
Ross Williams
Finance Director / Chief Financial Officer
Special Responsibilities:
None.
Mr Williams is a founding shareholder of MACA. Ross is responsible for all financial facets of the Company including capital management, finance,
financial reporting and corporate strategy. Ross also has 15 years banking experience having held executive positions with a major Australian bank.
Ross is a past Fellow of the Australian Institute of Banking and Finance and holds a Post Graduate Diploma in Financial Services Management from
Macquarie University.
Directorships of other publicly listed companies held in the last three years:
None.
Geoff Baker
Operations Director
Special Responsibilities:
Chairman of the Board (up until 1 October 2010)
Member of Remuneration Committee (resigned 20 September 2010)
Mr Baker is a founding shareholder of MACA. Geoff is responsible for the operations including planning, operating strategy, capital expenditure and
delivery of safety and financial outcomes on all projects. Geoff has worked in the sector for 36 years.
Directorships of other publicly listed companies held in the last three years:
None.
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DIRECTOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2011
Joseph (Joe) Sweet
B Eng
Non Executive Director
Special Responsibilities:
Chair – Remuneration Committee
Member of Audit Committee
Mr Sweet has extensive mining contracting and civil contracting experience and was the Managing Director of BGC Australia Pty Ltd from 1988 to
1997 and Managing Director of BGC Contracting Pty Ltd from 1997 to 1999. Joe held senior management roles and Board positions within the
Bell Group from 1969 to 1988.
Directorships of other publicly listed companies held in the last three years:
None.
Karen Field
B Ec
Non Executive Director
Special Responsibilities:
Chair of Audit Committee
Mrs Field has been involved in the minerals industry for over 30 years and has a strong background in strategic planning, project management
and human resources. Karen has held operational and executive positions in a variety of mining industry sectors throughout Australia and in
South America.
Directorships of other publicly listed companies held in the last three years:
Company
Period of Directorship
Sipa Resources Limited
Perilya Limited
Since 2004
2007 - 2009
David Edwards
Executive Director – resigned 20 September 2010
Special Responsibilities:
None.
Mr Edwards is a founding shareholder of MACA. Dave is responsible for business development, estimation of required services and negotiating project
contracts. Dave has worked in the mining services sector since 1978 and has held general managerial positions with major mining and civil contractors.
Dave remains a senior executive of MACA, currently in the role of Business Development Manager.
Directorships of other publicly listed companies held in the last three years:
None.
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DIRECTOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2011
James Moore
Non Executive Director – resigned 20 September 2010
Special Responsibilities:
Remuneration Committee – resigned 20 September 2010
Mr Moore was a founding shareholder who resigned from the board to allow other appointments to be made .
Directorships of other publicly listed companies held in the last three years:
None.
Frank Maher
B Bus (Acc)
Non Executive Director – resigned 20 September 2010
Special Responsibilities:
Remuneration Committee – resigned 20 September 2010
Mr Maher was a founding shareholder who resigned from the board to allow other appointments to be made .
Directorships of other publicly listed companies held in the last three years:
None.
Company Secretary
Jon Carcich
B Com, CA
Mr Carcich provides MACA with Company Secretarial services. Jon is a director of Bentleys (WA) Pty Ltd and has over 17 years experience in
the areas of financial and executive management, accounting, business and taxation services, and is a member of the Institute of Chartered
Accountants of Australia.
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DIRECTOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2011
Principal Activities and Any Significant Changes in Nature
The principal activities of the Group during the financial year were the contracting of mining services to the mining and resources industry.
The following significant changes in the nature of the principal activities occurred during the financial year:
(cid:116)(cid:1) (cid:53)(cid:73)(cid:70)(cid:1)(cid:81)(cid:86)(cid:83)(cid:68)(cid:73)(cid:66)(cid:84)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:18)(cid:17)(cid:17)(cid:6)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:70)(cid:84)(cid:85)(cid:1)(cid:74)(cid:79)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:49)(cid:77)(cid:66)(cid:79)(cid:85)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:28)
(cid:116)(cid:1) (cid:53)(cid:73)(cid:70)(cid:1)(cid:81)(cid:86)(cid:83)(cid:68)(cid:73)(cid:66)(cid:84)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:18)(cid:17)(cid:17)(cid:6)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:70)(cid:84)(cid:85)(cid:1)(cid:74)(cid:79)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:36)(cid:83)(cid:86)(cid:84)(cid:73)(cid:74)(cid:79)(cid:72)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:28)(cid:1)(cid:66)(cid:79)(cid:69)
(cid:116)(cid:1) (cid:53)(cid:73)(cid:70)(cid:1)(cid:81)(cid:86)(cid:83)(cid:68)(cid:73)(cid:66)(cid:84)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:18)(cid:17)(cid:17)(cid:6)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:70)(cid:84)(cid:85)(cid:1)(cid:74)(cid:79)(cid:1)(cid:46)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:7)(cid:1)(cid:36)(cid:74)(cid:87)(cid:74)(cid:77)(cid:1)(cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
Apart from listing on the ASX via an Initial Public Offering, there were no other significant changes in the nature of the Group’s principal activities
during the financial year.
Significant Changes in State of Affairs
The following significant changes in the state of affairs of the parent entity occurred during the financial year:
(cid:116)(cid:1) (cid:48)(cid:79)(cid:1)(cid:19)(cid:1)(cid:52)(cid:70)(cid:81)(cid:85)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:69)(cid:1)(cid:22)(cid:23)(cid:13)(cid:24)(cid:20)(cid:24)(cid:13)(cid:20)(cid:18)(cid:22)(cid:1)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:66)(cid:83)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:5)(cid:18)(cid:1)(cid:70)(cid:66)(cid:68)(cid:73)(cid:1)(cid:85)(cid:80)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:1)(cid:18)(cid:17)(cid:17)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:49)(cid:77)(cid:66)(cid:79)(cid:85)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:28)
(cid:116)(cid:1) (cid:48)(cid:79)(cid:1)(cid:19)(cid:1)(cid:52)(cid:70)(cid:81)(cid:85)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:69)(cid:1)(cid:18)(cid:13)(cid:19)(cid:17)(cid:23)(cid:13)(cid:22)(cid:17)(cid:22)(cid:1)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:66)(cid:83)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:5)(cid:18)(cid:1)(cid:70)(cid:66)(cid:68)(cid:73)(cid:1)(cid:85)(cid:80)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:1)(cid:18)(cid:17)(cid:17)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:36)(cid:83)(cid:86)(cid:84)(cid:73)(cid:74)(cid:79)(cid:72)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:28)
(cid:116)(cid:1) (cid:48)(cid:79)(cid:1)(cid:20)(cid:1)(cid:52)(cid:70)(cid:81)(cid:85)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:69)(cid:1)(cid:20)(cid:22)(cid:13)(cid:24)(cid:25)(cid:23)(cid:13)(cid:20)(cid:19)(cid:23)(cid:1)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:66)(cid:83)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:5)(cid:18)(cid:1)(cid:70)(cid:66)(cid:68)(cid:73)(cid:1)(cid:85)(cid:80)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:79)(cid:80)(cid:79)(cid:14)(cid:68)(cid:80)(cid:79)(cid:85)(cid:83)(cid:80)(cid:77)(cid:77)(cid:74)(cid:79)(cid:72)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:70)(cid:84)(cid:85)(cid:1)(cid:74)(cid:79)(cid:1)(cid:46)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:7)(cid:1)(cid:36)(cid:74)(cid:87)(cid:74)(cid:77)(cid:1)
(cid:1) (cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:28)
(cid:116)(cid:1) (cid:48)(cid:79)(cid:1)(cid:18)(cid:23)(cid:85)(cid:73)(cid:1)(cid:52)(cid:70)(cid:81)(cid:85)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:84)(cid:81)(cid:77)(cid:74)(cid:85)(cid:1)(cid:74)(cid:85)(cid:84)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:80)(cid:79)(cid:1)(cid:66)(cid:1)(cid:18)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:21)(cid:15)(cid:23)(cid:23)(cid:1)(cid:67)(cid:66)(cid:84)(cid:74)(cid:84)(cid:1)(cid:83)(cid:70)(cid:84)(cid:86)(cid:77)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:19)(cid:17)(cid:13)(cid:20)(cid:19)(cid:20)(cid:13)(cid:17)(cid:25)(cid:22)(cid:1)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:66)(cid:83)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:28)
(cid:116)(cid:1) (cid:48)(cid:79)(cid:1)(cid:19)(cid:25)(cid:1)(cid:48)(cid:68)(cid:85)(cid:80)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:69)(cid:1)(cid:20)(cid:22)(cid:13)(cid:17)(cid:17)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:66)(cid:83)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:5)(cid:18)(cid:1)(cid:70)(cid:66)(cid:68)(cid:73)(cid:1)(cid:85)(cid:80)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:73)(cid:80)(cid:77)(cid:69)(cid:70)(cid:83)(cid:84)(cid:1)(cid:66)(cid:84)(cid:1)(cid:81)(cid:66)(cid:83)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:8)(cid:84)(cid:1)(cid:5)(cid:23)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1)
Initial Public Offering.
Changes in controlled entities:
The following purchase acquisitions were part of a group restructure to facilitate listing on the Australian Securities Exchange (“ASX”) to enable
further expansion:
(cid:116)(cid:1) (cid:48)(cid:79)(cid:1)(cid:19)(cid:1)(cid:52)(cid:70)(cid:81)(cid:85)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:13)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1)(cid:18)(cid:17)(cid:17)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:69)(cid:1)(cid:68)(cid:66)(cid:81)(cid:74)(cid:85)(cid:66)(cid:77)(cid:1)(cid:80)(cid:71)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:49)(cid:77)(cid:66)(cid:79)(cid:85)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:13)(cid:1)(cid:66)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:9)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:74)(cid:85)(cid:84)(cid:1)(cid:84)(cid:86)(cid:67)(cid:84)(cid:74)(cid:69)(cid:74)(cid:66)(cid:83)(cid:90)(cid:1)(cid:46)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:7)(cid:1)(cid:36)(cid:74)(cid:87)(cid:74)(cid:77)(cid:1)(cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:1)
(cid:1) (cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:10)(cid:1)(cid:78)(cid:80)(cid:84)(cid:85)(cid:77)(cid:90)(cid:1)(cid:74)(cid:79)(cid:87)(cid:80)(cid:77)(cid:87)(cid:70)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:83)(cid:66)(cid:68)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:71)(cid:1)(cid:78)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:84)(cid:70)(cid:83)(cid:87)(cid:74)(cid:68)(cid:70)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:78)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:83)(cid:70)(cid:84)(cid:80)(cid:86)(cid:83)(cid:68)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:69)(cid:86)(cid:84)(cid:85)(cid:83)(cid:90)(cid:13)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:66)(cid:1)(cid:81)(cid:86)(cid:83)(cid:68)(cid:73)(cid:66)(cid:84)(cid:70)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:74)(cid:69)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:26)(cid:19)(cid:13)(cid:22)(cid:19)(cid:20)(cid:13)(cid:23)(cid:21)(cid:18)(cid:28)
(cid:116)(cid:1) (cid:48)(cid:79)(cid:1)(cid:19)(cid:1)(cid:52)(cid:70)(cid:81)(cid:85)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:13)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1)(cid:18)(cid:17)(cid:17)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:69)(cid:1)(cid:68)(cid:66)(cid:81)(cid:74)(cid:85)(cid:66)(cid:77)(cid:1)(cid:80)(cid:71)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:36)(cid:83)(cid:86)(cid:84)(cid:73)(cid:74)(cid:79)(cid:72)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:13)(cid:1)(cid:66)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:78)(cid:80)(cid:84)(cid:85)(cid:77)(cid:90)(cid:1)(cid:74)(cid:79)(cid:87)(cid:80)(cid:77)(cid:87)(cid:70)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:83)(cid:66)(cid:68)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)
(cid:1) (cid:80)(cid:71)(cid:1)(cid:78)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:84)(cid:70)(cid:83)(cid:87)(cid:74)(cid:68)(cid:70)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:78)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:83)(cid:70)(cid:84)(cid:80)(cid:86)(cid:83)(cid:68)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:69)(cid:86)(cid:84)(cid:85)(cid:83)(cid:90)(cid:13)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:66)(cid:1)(cid:81)(cid:86)(cid:83)(cid:68)(cid:73)(cid:66)(cid:84)(cid:70)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:74)(cid:69)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:18)(cid:13)(cid:19)(cid:17)(cid:23)(cid:13)(cid:22)(cid:17)(cid:22)(cid:15)
Events Subsequent To Balance Date
(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:45)(cid:74)(cid:78)(cid:74)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:80)(cid:76)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:83)(cid:80)(cid:77)(cid:1)(cid:80)(cid:71)(cid:1)(cid:51)(cid:74)(cid:87)(cid:70)(cid:83)(cid:77)(cid:70)(cid:66)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:1)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:18)(cid:1)(cid:43)(cid:86)(cid:77)(cid:90)(cid:1)(cid:19)(cid:17)(cid:18)(cid:18)(cid:1)(cid:85)(cid:73)(cid:83)(cid:80)(cid:86)(cid:72)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:84)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:66)(cid:1)(cid:71)(cid:86)(cid:83)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1)(cid:19)(cid:23)(cid:15)(cid:23)(cid:24)(cid:6)(cid:1)(cid:85)(cid:66)(cid:76)(cid:74)(cid:79)(cid:72)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:45)(cid:74)(cid:78)(cid:74)(cid:85)(cid:70)(cid:69)(cid:8)(cid:84)(cid:1)
(cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:70)(cid:84)(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:23)(cid:17)(cid:6)(cid:15)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:66)(cid:78)(cid:80)(cid:86)(cid:79)(cid:85)(cid:1)(cid:81)(cid:66)(cid:74)(cid:69)(cid:1)(cid:67)(cid:90)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:74)(cid:84)(cid:1)(cid:66)(cid:69)(cid:69)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)(cid:66)(cid:77)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:70)(cid:84)(cid:85)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:5)(cid:21)(cid:17)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)(cid:15)
No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the
operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years.
Dividends Paid or Recommended
Dividends paid or declared for payment since the end of the previous financial year are as follows:
Dividends
Amount Per Share
Franked Amount Per Share
Final dividend for 2011
Interim dividend for 2011 (Mar 11)
Final dividend for 2010
Final dividend for 2009
3.0 cents
3.0 cents
5.78 cents
4.45 cents
3.0 cents
3.0 cents
5.78 cents1
4.45 cents2
The Directors have determined to pay a final fully franked dividend based on the June 2011 full year result of 3.0c per share on 21 Sept 2011.
The Company paid an interim fully franked dividend for the 2011 half year of 3.0c per share on 31 March 2011.
1 The Company paid a fully franked dividend for the 2010 financial year of 5.78c per share on 10 July 2010.
2 The Company paid a fully franked dividend for the 2009 financial year of 4.45c per share on 9 July 2009.
Dividend Reinvestment Plan
There is no dividend reinvestment plan in place as at 30 June 2011.
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P
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A
U
N
N
A
1
1
0
2
D
E
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A
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12
DIRECTOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2011
Review of Operations
A summary of key financial indicators is set out in the table below.
Although it has a been a very competitive environment, the Group, though active capital management and high utilisation and availability of its
extensive mining fleet, has been able to maintain margins whilst preparing to develop growth.
A review of, and information about the operations of the consolidated entity for the financial year and the results of those operations are set out in
the Chairman’s Address and the Managing Director’s Review of Operations in this Annual Report.
FY 2011
FY 2010
Change
Revenue
EBITDA (Proforma1)
EBIT (Proforma1)
Net Profit Before Tax (Proforma1)
Net Profit After Tax (Proforma1)
Less Share Based Payment2
Net Profit After Tax (Statutory)
Less Non-Controlling Interest3
Net Profit After Tax (Attributable to members)
Operating Cashflow
Dividend (Cents)
Basic earnings per share (Cents)
(cid:5)(cid:19)(cid:21)(cid:26)(cid:15)(cid:19)(cid:78)
(cid:5)(cid:18)(cid:22)(cid:22)(cid:15)(cid:20)(cid:78)
(cid:5)(cid:23)(cid:25)(cid:15)(cid:19)(cid:78)
(cid:5)(cid:21)(cid:22)(cid:15)(cid:21)(cid:78)
(cid:5)(cid:21)(cid:19)(cid:15)(cid:21)(cid:78)
(cid:5)(cid:19)(cid:26)(cid:15)(cid:24)(cid:78)
(cid:5)(cid:17)(cid:15)(cid:26)(cid:78)
(cid:5)(cid:19)(cid:25)(cid:15)(cid:24)(cid:78)
(cid:5)(cid:18)(cid:15)(cid:24)(cid:78)
(cid:5)(cid:19)(cid:24)(cid:15)(cid:18)(cid:78)
(cid:5)(cid:22)(cid:24)(cid:15)(cid:25)(cid:78)
6.0
19.7
(cid:5)(cid:20)(cid:24)(cid:15)(cid:25)(cid:78)
(cid:5)(cid:19)(cid:21)(cid:15)(cid:21)(cid:78)
(cid:5)(cid:19)(cid:19)(cid:15)(cid:24)(cid:78)
(cid:5)(cid:18)(cid:23)(cid:15)(cid:21)(cid:78)
–
(cid:5)(cid:18)(cid:22)(cid:15)(cid:23)(cid:78)
(cid:5)(cid:21)(cid:15)(cid:24)(cid:78)
(cid:5)(cid:18)(cid:18)(cid:15)(cid:24)(cid:78)
(cid:5)(cid:19)(cid:18)(cid:15)(cid:20)(cid:78)
5.78
10.45
(cid:83)
(cid:83)
(cid:83)
(cid:83)
(cid:83)
(cid:83)
(cid:83)
(cid:83)
(cid:83)
(cid:83)
Notes
1 Proforma results exclude share based payment expense as described in note 2 below and include non-controlling interests per note 3 below;
2 Share based payment expense of $946,769 arising from the pre IPO issues of ordinary shares to Mr C Tuckwell;
3 Non-controlling interest which became wholly owned by MACA Limited in September 2010 as part of the group restructure to facilitate listing on the Australian
Securities Exchange.
Future Developments
The Directors are of the opinion that the new financial year will be a period of continued growth. The Chairman’s Address and the Managing
Director’s Review of Operations include an indication in general terms of likely developments in the operations of the Group.
Outlook
The board and management of MACA Limited are committed to the following key initiatives – focusing on solid revenue growth, developing the
Company’s work in hand position, expanding the portfolio of clients and maintaining margins.
Environmental Issues
The MACA Group is aware of its environmental obligations with regard to its principal activities and ensures it complies with all regulations.
Directors’ Interest in Shares
The relevant interest of each director in the share capital of the Company at the date of this report is as follows:
Geoff Baker
Ross Williams
Chris Tuckwell
Joseph Sweet
Andrew Edwards
Karen Field
Total
Ordinary Shares
21,000,000
9,000,000
1,000,000
100,000
20,000
–
31,120,000
Interest
(cid:18)(cid:21)(cid:15)(cid:17)(cid:17)(cid:6)
(cid:23)(cid:15)(cid:17)(cid:17)(cid:6)
(cid:17)(cid:15)(cid:23)(cid:24)(cid:6)
(cid:17)(cid:15)(cid:17)(cid:24)(cid:6)
(cid:17)(cid:15)(cid:17)(cid:18)(cid:6)
–
20.75%
Options
Total
Total Interest
–
–
–
–
–
–
–
21,000,000
9,000,000
1,000,000
100,000
20,000
–
(cid:18)(cid:21)(cid:15)(cid:17)(cid:17)(cid:6)
(cid:23)(cid:15)(cid:17)(cid:17)(cid:6)
(cid:17)(cid:15)(cid:23)(cid:24)(cid:6)
(cid:17)(cid:15)(cid:17)(cid:24)(cid:6)
(cid:17)(cid:15)(cid:17)(cid:18)(cid:6)
–
31,120,000
20.75%
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A
U
N
N
A
1
1
0
2
D
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13
DIRECTOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2011
Meetings of Directors
The number of director’s meetings which directors were eligible to attend (including Committee meetings) and the number attended by each
director during the year ended 30 June 2011 were as follows:
DIRECTOR’S MEETINGS
COMMITTEE MEETINGS
Number eligible
to attend
Number
attended
Number eligible
to attend
Number
attended
Number eligible
to attend
Number
attended
Audit Committee2
Remuneration Committee
Andrew Edwards
Chris Tuckwell
Ross Williams
Geoff Baker
Joseph Sweet
Karen Field
Dave Edwards1
James Moore1
Frank Maher1
8
8
13
13
8
–
5
5
5
8
8
13
13
8
–
5
5
5
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
3
3
–
1
3
–
–
1
1
3
3
–
1
3
–
–
1
1
1 No longer a director – see page 10 to 11 for detail.
2 The first formal meeting of this committee was held in August 2011 following the appointment of Mrs Karen Field to the Board. Prior to that audit and risk related matters
were addressed either by the full board or by the Non-Executive Directors as appropriate.
Indemnifying Officers or Auditor
During the financial year the Company paid a premium in respect of a contract insuring the directors of the Company, the company secretary and
all executive and non-executive directors of the Company and any related body corporate against a liability incurred as such a director, company
secretary or executive officer to the extent permitted by the Corporations Act 2001.
The Company has not otherwise, during or since the end of the financial year, except to the extent permitted by law, indemnified or agreed
to indemnify an officer or auditor of the Company or of any related body corporate against a liability incurred as such by an officer or auditor.
In accordance with a confidentiality clause under the insurance policy, the amount of the premium paid to insurers has not been disclosed.
This is permitted under s300(9) of the Corporations Act 2001.
Proceedings on Behalf of Company
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is
a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings.
The Company was not a party to any such proceedings during the year.
Non-Audit Services
No non-audit services were provided during the year by the auditor to the Company or any related body corporate.
Auditors Independence Declaration
The auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 19 and forms part of the
directors report for the financial year ended 30 June 2011.
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P
E
R
L
A
U
N
N
A
1
1
0
2
D
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14
REMUNERATION REPORT
FOR THE YEAR ENDED 30 JUNE 2011
A. Details of the Key Management Personnel (“KMP”)
The KMP of the Group during and since the end of the financial year comprise the company directors (as detailed in the beginning of the Director’s
Report) and the following senior executive officers. Except as noted, these persons held their current position for the whole of the financial year and
since the end of the financial year:
Name of KMP
David Edwards
Tim Gooch1
Mitch Wallace
Andrew Sarich2
Position
Business Development Manager
Mining Manager
Plant Manager
General Manager – MACA Civil
1 Commenced 20th June 2011
2 Commenced 1st March 2011
B. Remuneration Policy
The Remuneration Committee reviews the remuneration packages of all KMP on an annual basis and makes recommendations to the Board.
Remuneration is benchmarked against comparable industry packages and is adjusted to recognise the specific performance of both the company
and the individual.
C. Non-Executive Directors Fees
Non-Executive Directors fees are determined within an aggregate directors fee pool which is periodically recommended for approval to shareholders.
(cid:53)(cid:73)(cid:70)(cid:1)(cid:68)(cid:86)(cid:83)(cid:83)(cid:70)(cid:79)(cid:85)(cid:1)(cid:66)(cid:72)(cid:72)(cid:83)(cid:70)(cid:72)(cid:66)(cid:85)(cid:70)(cid:1)(cid:69)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:84)(cid:1)(cid:71)(cid:70)(cid:70)(cid:1)(cid:81)(cid:80)(cid:80)(cid:77)(cid:1)(cid:74)(cid:84)(cid:1)(cid:5)(cid:20)(cid:22)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)(cid:15)
Fees paid to Non-Executive Directors are set at levels which reflect both the responsibilities of, and time commitments required from, each
Non-Executive Director to discharge their duties. Non-Executive Director fees are reviewed annually by the Board to ensure they are appropriate
for the duties performed, including Board committee duties, and are in line with the market. Other than statutory superannuation, Non-Executive
Directors are not entitled to retirement benefits.
D. Senior Executives
The nature and amount of compensation for executive KMP is designed to retain and motivate individuals on a market competitive basis.
The compensation structure for executive directors and KMP comprise two components – a base salary package (including superannuation and
other benefits) and a variable cash bonus for short term incentives (STI). This is made up of a combination of profit performance targets, delivered
safety targets and equipment specific targets.
The base salary package takes into account a number of factors including available market information on similar positions, length of service and
the experience, responsibilities and contribution of the employee concerned.
(cid:53)(cid:73)(cid:70)(cid:1)(cid:52)(cid:53)(cid:42)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:80)(cid:79)(cid:70)(cid:79)(cid:85)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:16)(cid:18)(cid:18)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:86)(cid:81)(cid:1)(cid:85)(cid:80)(cid:1)(cid:19)(cid:22)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:67)(cid:66)(cid:84)(cid:70)(cid:1)(cid:84)(cid:66)(cid:77)(cid:66)(cid:83)(cid:90)(cid:1)(cid:81)(cid:66)(cid:68)(cid:76)(cid:66)(cid:72)(cid:70)(cid:1)(cid:69)(cid:70)(cid:81)(cid:70)(cid:79)(cid:69)(cid:70)(cid:79)(cid:85)(cid:1)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:44)(cid:46)(cid:49)(cid:15)
The Remuneration Committee assesses whether the performance conditions are achieved and makes recommendations to the Board.
E. Relationship Between the Remuneration Policy and Company Performance
The Company was officially quoted on the ASX on 3rd November 2010.
The table below sets out summary information about the Company’s statutory earnings and movements in shareholder wealth in the year ended
30 June 2011, being the first year in which it has operated as a listed company.
(cid:47)(cid:70)(cid:85)(cid:1)(cid:81)(cid:83)(cid:80)(cid:71)(cid:74)(cid:85)(cid:1)(cid:67)(cid:70)(cid:71)(cid:80)(cid:83)(cid:70)(cid:1)(cid:85)(cid:66)(cid:89)(cid:1)(cid:9)(cid:5)(cid:78)(cid:10)
(cid:47)(cid:70)(cid:85)(cid:1)(cid:81)(cid:83)(cid:80)(cid:71)(cid:74)(cid:85)(cid:1)(cid:66)(cid:71)(cid:85)(cid:70)(cid:83)(cid:1)(cid:85)(cid:66)(cid:89)(cid:1)(cid:9)(cid:5)(cid:78)(cid:10)
Offer price under the prospectus
Share price at end of first day of trading on ASX
Share price at 30 June 2011
Interim dividend (fully franked)
Final dividend (fully franked)
Basic earnings per share
41.4
28.7
(cid:5)(cid:18)(cid:15)(cid:17)(cid:17)
(cid:5)(cid:18)(cid:15)(cid:21)(cid:22)
(cid:5)(cid:19)(cid:15)(cid:21)(cid:22)
3cps
3cps
19.7
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N
N
A
1
1
0
2
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15
REMUNERATION REPORT
FOR THE YEAR ENDED 30 JUNE 2011
F. Key Terms of Employment Contracts
Contracts for service between the Company or company within the Group and KMP are on a continuing basis, the terms of which are not expected
to change in the immediate future. The notice period for termination varies from one to three months.
All contracts with senior executives may be terminated by either party giving the required notice and subject to termination payments (being the
remuneration for the termination notice period) as detailed below:
Chris Tuckwell – Managing Director
The company and the employee are required to give 3 months notice of termination.
Ross Williams – Finance Director
The company and the employee are required to give 3 months notice of termination.
Geoff Baker – Operations Director
The company and the employee are required to give 3 months notice of termination.
David Edwards – Business Development Manager
The company and the employee are required to give 3 months notice of termination.
Tim Gooch – Mining Manager
The company and the employee are required to give 3 months notice of termination.
Mitch Wallace – Plant Manager
The company and the employee are required to give 1 months notice of termination.
Andrew Sarich – General Manager MACA Civil
The company and the employee are required to give 3 months notice of termination.
G. KMP Compensation
Employment Details of Members of Key Management Personnel and Other Executives
The following table provides employment details of persons who were, during the financial year, members of key management personnel of the
consolidated Group, and to the extent different, among the five Group executives or company executives receiving the highest remuneration.
The table also illustrates the proportion of remuneration that was performance and non-performance based and the proportion of remuneration
received in the form of options.
Proportions of elements of
remuneration related to performance
Proportions of elements
of remuneration not
related to performance
Position held as at 30 June 2011
and any change during the year
Non-Salary
Cash-Based
Incentives
Shares /
Units
Options /
Rights
Fixed Salary /
Fees
Total
Group KMP
Executive
Chris Tuckwell
Managing Director
Appointed as Director 20/09/10
Ross Williams
Finance Director
Geoff Baker
Operations Director
David Edwards
Business Development Manager
Resigned as Director 20/09/10
Tim Gooch
Mining Manager
Mitchell Wallace Plant Manager
Andrew Sarich
General Manager – MACA Civil
Non-Executive
Andrew Edwards Chairman, Non-Executive Director
Joseph Sweet
Non-Executive Director
Karen Field
Non-Executive Director
James Moore
Resigned as Director 20/09/10
Frank Maher
Resigned as Director 20/09/10
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1
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16
(cid:24)(cid:15)(cid:19)(cid:17)(cid:6)
(cid:18)(cid:25)(cid:15)(cid:23)(cid:20)(cid:6)
(cid:18)(cid:25)(cid:15)(cid:18)(cid:21)(cid:6)
(cid:18)(cid:25)(cid:15)(cid:18)(cid:21)(cid:6)
–
–
–
–
–
–
–
–
(cid:23)(cid:18)(cid:15)(cid:26)(cid:17)(cid:6)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(cid:20)(cid:17)(cid:15)(cid:26)(cid:17)(cid:6)
(cid:25)(cid:18)(cid:15)(cid:20)(cid:24)(cid:6)
(cid:25)(cid:18)(cid:15)(cid:25)(cid:23)(cid:6)
(cid:25)(cid:18)(cid:15)(cid:25)(cid:23)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:15)(cid:17)(cid:6)
REMUNERATION REPORT
FOR THE YEAR ENDED 30 JUNE 2011
The following table of benefits and payments details, in respect to the financial year, the components of remuneration for each member of the key
management personnel of the consolidated Group and, to the extent different, the five Group executives and five company executives receiving the
highest remuneration.
TABLE OF BENEFITS AND PAYMENTS FOR THE YEAR ENDED 30 JUNE 2011.
Short-Term Benefits
Post-Employment
Benefits
Long-Term
Benefits
Equity-Settled Share-
Based Payments
Salary,
Fees and
Leave
Profit
Share and
Bonuses1
Non-
Monetary
$
$
$
Other
$
Pension
& Super
$
Other
$
Incentive
Plans
$
LSL
$
Shares /
Units
Options /
Rights
Cash-Settled
Share-Based
Payments
Termination
Benefits
$
$
$
$
Total
$
–
–
–
–
–
–
–
–
436,922
110,000
399,227
315,799
399,266
92,500
80,000
92,500
FY 2011
Executive Directors
Chris Tuckwell
Appointed as Director 20/09/10
Geoff Baker
Ross Williams
David Edwards
Resigned as Director 20/09/10
Non-Executive Directors
Andrew Edwards
Appointed as Director 01/10/10
Joseph Sweet
Appointed as Director 20/09/10
Karen Field
Appointed as Director 11/06/11
James Moore
Resigned as Director 20/09/10
Frank Maher
Resigned as Director 20/09/10
Other Executives
Tim Gooch
Commenced 20/06/11
90,000
45,407
–
–
–
–
Mitchell Wallace
260,000
Andrew Sarich
Commenced 01/03/11
61,538
Total for KMP for 2011
FY 2010
Executive Directors
Geoff Baker
David Edwards
Ross Williams
Non-Executive Directors
James Moore
Frank Maher
Chief Executive Officer
267,278
267,300
183,500
68,750
68,750
56,400
–
–
–
–
Chris Tuckwell
340,000
148,072
Other Executives
Mitchell Wallace
186,138
34,251
Total for KMP for 2010
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
5,003
30,957
9,244
–
5,231
28,422
4,397
8,100
–
–
5,217
4,190
–
–
–
–
–
–
–
–
2,823
23,400
1,598
5,538
5,669
6,592
–
–
9,910
16,515
8,207
6,592
–
–
6,592
30,600
2,701
16,752
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
946,769
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
213,725
–
–
–
–
–
–
35,490
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,529,651
500,971
429,452
509,888
98,100
45,407
–
5,217
4,190
–
291,713
68,674
3,483,263
341,697
342,642
266,325
8,207
6,592
525,264
239,842
1,730,569
1 Refer section below
2 David Edwards was granted 500,000 options during the year which represents 2.7 % of the value of his remuneration for the year.
3 Mitchell Wallace was granted 200,000 options during the year which represents 1.7 % of the value of his remuneration for the year.
The Option values at grant date were determined using the Black-Scholes method.
These options have a 3 year service, but no performance, vesting condition and were issued as part of a wider issue of options to employees designed to incentivise
staff to remain with the Company.
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17
REMUNERATION REPORT
FOR THE YEAR ENDED 30 JUNE 2011
Cash Bonuses, Performance-related Bonuses and Share-based Payments
The terms and conditions relating to options and bonuses granted as remuneration during the year to KMP and other executives during the year are
as follows:
Group KMP
Remuneration
Type
Grant
Date
Grant Value
$
Reason
for Grant
Percentage
Vested / Paid
During Year
%
Percentage
Forfeited
During Year
%
Percentage
Remaining as
Unvested
%
Expiry Date
for Vesting
or Payment
Range of Possible
Values Relating to
Future Payments
$
Chris Tuckwell
David Edwards
Mitchell Wallace
Shares
Options
Options
04.09.2010
946,769
Note 1 (a)
02.11.2010
130,392
Note 1 (b)
02.11.2010
52,156
Note 1 (b)
100
10
10
–
–
–
–
90
90
–
02.11.2013
02.11.2013
0
n/a
n/a
Note 1 (a) – The shares have been granted having completed 3 years continued employment with MACA Limited and its subsidiaries and subject to the individual meeting
predetermined performance criteria.
Note 1 (b) – These options were issued as part of a wider issue of options to employees designed to incentivise staff to remain with the Company. The options are subject
to the completion of 3 years continued employment at which time they will vest.
Note 2 – The dollar value of the percentage vested / paid during the period has been reflected in the table of benefits and payments.
Options and Rights Granted
Grant Details
For the Financial Year Ended 30 June 2011
Overall
Date
No.
Value1
$
Exercised
No.
Exercised
$
Lapsed
No.
Lapsed
$
Vested
No.
Vested
%
Unvested
%
Lapsed
%
Group KMP
David Edwards
02.11.2010 500,000 130,392
Mitchell Wallace
02.11.2010 200,000
52,156
–
700,000 182,548
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
100
100
–
–
–
–
1 The Option values at grant date were determined using the Black-Scholes method.
Description of Share Options Granted to KMP as Remuneration
During the financial year 700,000 share options were issued to the following KMP. No options were issued to directors during the year.
Name
David Edwards
Mitchell Wallace
Number of
Options Issued
Issuing
Entity
Number of Ordinary
Shares Under Option
500,000
200,000
MACA Limited
MACA Limited
500,000
200,000
At the date of this report there are 4,178,030 unissued shares under option pursuant to options issued to employees on 2 November 2010.
(cid:53)(cid:73)(cid:70)(cid:84)(cid:70)(cid:1)(cid:80)(cid:81)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:88)(cid:70)(cid:83)(cid:70)(cid:1)(cid:72)(cid:83)(cid:66)(cid:79)(cid:85)(cid:70)(cid:69)(cid:1)(cid:80)(cid:79)(cid:1)(cid:19)(cid:1)(cid:47)(cid:80)(cid:87)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:73)(cid:66)(cid:87)(cid:70)(cid:1)(cid:66)(cid:79)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:1)(cid:87)(cid:66)(cid:77)(cid:86)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:17)(cid:15)(cid:19)(cid:24)(cid:21)(cid:22)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:66)(cid:79)(cid:1)(cid:70)(cid:89)(cid:70)(cid:83)(cid:68)(cid:74)(cid:84)(cid:70)(cid:1)(cid:81)(cid:83)(cid:74)(cid:68)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:18)(cid:15)(cid:18)(cid:22)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:15)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:80)(cid:81)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)
vest three years from the date of issue and are subject to continuous employment conditions of three years from the date of issue of the options.
H. Short Term Incentive (STI) Payments
Key management personnel below were granted cash bonuses for the 2011 financial year as noted above. The respective amounts were subject to
specific targets being achieved.
These performance targets related to the following areas of the business and were selected for their critical importance to the Group’s success:
(cid:116)(cid:1) (cid:39)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:111)(cid:1)(cid:78)(cid:70)(cid:70)(cid:85)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:8)(cid:84)(cid:1)(cid:42)(cid:49)(cid:48)(cid:1)(cid:71)(cid:80)(cid:83)(cid:70)(cid:68)(cid:66)(cid:84)(cid:85)(cid:1)(cid:47)(cid:49)(cid:34)(cid:53)(cid:1)(cid:83)(cid:70)(cid:84)(cid:86)(cid:77)(cid:85)(cid:1)(cid:111)(cid:1)(cid:88)(cid:70)(cid:74)(cid:72)(cid:73)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:22)(cid:17)(cid:6)
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(cid:53)(cid:73)(cid:70)(cid:1)(cid:83)(cid:70)(cid:78)(cid:86)(cid:79)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:81)(cid:66)(cid:68)(cid:76)(cid:66)(cid:72)(cid:70)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:46)(cid:66)(cid:79)(cid:66)(cid:72)(cid:74)(cid:79)(cid:72)(cid:1)(cid:37)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:111)(cid:1)(cid:46)(cid:83)(cid:1)(cid:36)(cid:73)(cid:83)(cid:74)(cid:84)(cid:1)(cid:53)(cid:86)(cid:68)(cid:76)(cid:88)(cid:70)(cid:77)(cid:77)(cid:28)(cid:1)(cid:39)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1)(cid:37)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:111)(cid:1)(cid:46)(cid:83)(cid:1)(cid:51)(cid:80)(cid:84)(cid:84)(cid:1)(cid:56)(cid:74)(cid:77)(cid:77)(cid:74)(cid:66)(cid:78)(cid:84)(cid:28)(cid:1)(cid:48)(cid:81)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:37)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:111)(cid:1)(cid:46)(cid:83)(cid:1)(cid:40)(cid:70)(cid:80)(cid:71)(cid:71)(cid:1)(cid:35)(cid:66)(cid:76)(cid:70)(cid:83)(cid:28)(cid:1)
(cid:66)(cid:79)(cid:69)(cid:1)(cid:35)(cid:86)(cid:84)(cid:74)(cid:79)(cid:70)(cid:84)(cid:84)(cid:1)(cid:37)(cid:70)(cid:87)(cid:70)(cid:77)(cid:80)(cid:81)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:46)(cid:66)(cid:79)(cid:66)(cid:72)(cid:70)(cid:83)(cid:1)(cid:111)(cid:1)(cid:46)(cid:83)(cid:1)(cid:37)(cid:66)(cid:87)(cid:74)(cid:69)(cid:1)(cid:38)(cid:69)(cid:88)(cid:66)(cid:83)(cid:69)(cid:84)(cid:1)(cid:74)(cid:79)(cid:68)(cid:77)(cid:86)(cid:69)(cid:70)(cid:69)(cid:1)(cid:66)(cid:1)(cid:68)(cid:66)(cid:84)(cid:73)(cid:1)(cid:67)(cid:80)(cid:79)(cid:86)(cid:84)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:80)(cid:79)(cid:70)(cid:79)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:19)(cid:22)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:67)(cid:66)(cid:84)(cid:70)(cid:1)(cid:84)(cid:66)(cid:77)(cid:66)(cid:83)(cid:90)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:19)(cid:17)(cid:18)(cid:18)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:15)
(cid:34)(cid:77)(cid:77)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:76)(cid:70)(cid:90)(cid:1)(cid:81)(cid:70)(cid:83)(cid:71)(cid:80)(cid:83)(cid:78)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1)(cid:74)(cid:79)(cid:69)(cid:74)(cid:68)(cid:66)(cid:85)(cid:80)(cid:83)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:78)(cid:70)(cid:66)(cid:84)(cid:86)(cid:83)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:70)(cid:77)(cid:74)(cid:72)(cid:74)(cid:67)(cid:74)(cid:77)(cid:74)(cid:85)(cid:90)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:84)(cid:73)(cid:80)(cid:83)(cid:85)(cid:1)(cid:85)(cid:70)(cid:83)(cid:78)(cid:1)(cid:74)(cid:79)(cid:68)(cid:70)(cid:79)(cid:85)(cid:74)(cid:87)(cid:70)(cid:84)(cid:1)(cid:88)(cid:70)(cid:83)(cid:70)(cid:1)(cid:78)(cid:70)(cid:85)(cid:1)(cid:69)(cid:86)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:83)(cid:70)(cid:84)(cid:86)(cid:77)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:74)(cid:79)(cid:1)(cid:18)(cid:17)(cid:17)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:80)(cid:84)(cid:84)(cid:74)(cid:67)(cid:77)(cid:70)(cid:1)
amounts being paid.
This Directors’ report, incorporating the remuneration report, is signed in accordance with a resolution of the Board of Directors.
On behalf of the Directors,
CHRIS TUCKWELL
Managing Director
Dated at Perth this 20th of September 2011
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18
AUDITOR’S INDEPENDENCE DECLARATION
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19
CORPORATE GOVERNANCE
FOR THE YEAR ENDED 30 JUNE 2011
The Board of Directors of MACA Limited (the Company) is responsible for the corporate governance of the consolidated entity. The Board guides
and monitors the business and affairs of the Company on behalf of the shareholders by whom they are elected and to whom they are accountable.
The Australian Stock Exchange Listing Rule 4.10.3 requires companies to disclose the extent to which they have complied with the ASX
Corporate Governance Principles and Recommendations with 2010 Amendments (2nd Edition) released on 2 August 2007 (‘ASX Principles’).
Where recommendations have not been followed, the Company must identify the recommendations which have not been followed and give
reasons for not following them. The Company’s corporate governance practices for the year ended 30 June 2011 are outlined in this Corporate
Governance Statement. Where, after due consideration, the Company’s corporate governance practices depart from a recommendation, the
Board has offered full disclosure and reason for the adoption of its own practice, in compliance with the “if not, why not” regime.
Principle 1 – Lay solid foundations for management and oversight.
Companies should establish and disclose the respective roles and responsibilities of board and management.
Recommendation 1.1
Companies should establish the functions reserved to the board and those delegated to senior executives and disclose those functions.
The Company has established and disclosed (on its website) its Board Charter in accordance with this recommendation. The Board Charter
establishes the relationship between the Board and management and describes their respective functions and responsibilities.
Details of the functions and responsibilities of the Board, Chairman and matters delegated to senior executives are set out in sections 1 to 6 of the
Board Charter. The roles and responsibilities of the Company’s Board and senior executives are consistent with those set out in ASX Principle 1.
Recommendation 1.2
Companies should disclose the process for evaluating the performance of senior executives.
The Board undertakes a review of the Managing Director’s performance, at least annually. Targets are approved by the Board after they have
been established between the Board’s Remuneration Committee and the Managing Director. These targets are aligned to overall business goals
and the Company’s requirements of the position.
All executives of MACA Limited are subject to a formal review. Key performance targets are the same as for the Managing Director (and the
requirements of these positions).
The Managing Director, in conjunction with the Remuneration Committee, carries out a full evaluation of each executive’s performance against
the agreed targets once a year. Performance pay components of executives’ packages are dependent on the outcome of the evaluation.
Recommendation 1.3
Companies should provide the information indicated in the Guide to reporting on Principle 1.
The Company has made the relevant material available in its Corporate Governance Statement within its website disclosure, in accordance with
this recommendation.
Principle 2 – Structure the board to add value
Companies should have a board of effective composition, size and commitment to adequately discharge its responsibilities and duties.
Recommendation 2.1
A majority of the board should be independent directors.
The Company does not conform to Recommendation 2.1 as the board structure currently comprises three non-executive directors including the
Chairman, and three executive directors.
This equal representation of executive and non-executive directors is considered by the Board to be a reasonable balance given the Company’s
size and circumstances, in particular, in recognition of its recent transition to a publicly listed company and the current importance of the existing
executive directors to MACA’s continued success.
The directors in office at the date of this report, the year of each director’s appointment and each director’s status as a Non-Executive or Executive
Director are set out on pages 8 to 11 in the Director’s Report.
In assessing the independence of each director the Board considers, amongst other things, whether the director:
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(cid:1)
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(cid:1) (cid:116)(cid:1) (cid:88)(cid:74)(cid:85)(cid:73)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:77)(cid:66)(cid:84)(cid:85)(cid:1)(cid:85)(cid:73)(cid:83)(cid:70)(cid:70)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:84)(cid:1)(cid:73)(cid:66)(cid:84)(cid:1)(cid:67)(cid:70)(cid:70)(cid:79)(cid:1)(cid:66)(cid:1)(cid:81)(cid:83)(cid:74)(cid:79)(cid:68)(cid:74)(cid:81)(cid:66)(cid:77)(cid:1)(cid:80)(cid:71)(cid:1)(cid:66)(cid:1)(cid:78)(cid:66)(cid:85)(cid:70)(cid:83)(cid:74)(cid:66)(cid:77)(cid:1)(cid:81)(cid:83)(cid:80)(cid:71)(cid:70)(cid:84)(cid:84)(cid:74)(cid:80)(cid:79)(cid:66)(cid:77)(cid:1)(cid:66)(cid:69)(cid:87)(cid:74)(cid:84)(cid:80)(cid:83)(cid:1)(cid:80)(cid:83)(cid:1)(cid:66)(cid:1)(cid:78)(cid:66)(cid:85)(cid:70)(cid:83)(cid:74)(cid:66)(cid:77)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:86)(cid:77)(cid:85)(cid:66)(cid:79)(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:80)(cid:83)(cid:1)(cid:66)(cid:79)(cid:80)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1)(cid:72)(cid:83)(cid:80)(cid:86)(cid:81)(cid:1)
(cid:1)
(cid:1) (cid:78)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:13)(cid:1)(cid:80)(cid:83)(cid:1)(cid:66)(cid:79)(cid:1)(cid:70)(cid:78)(cid:81)(cid:77)(cid:80)(cid:90)(cid:70)(cid:70)(cid:1)(cid:78)(cid:66)(cid:85)(cid:70)(cid:83)(cid:74)(cid:66)(cid:77)(cid:77)(cid:90)(cid:1)(cid:66)(cid:84)(cid:84)(cid:80)(cid:68)(cid:74)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:84)(cid:70)(cid:83)(cid:87)(cid:74)(cid:68)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)(cid:74)(cid:69)(cid:70)(cid:69)(cid:28)(cid:1)
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20
CORPORATE GOVERNANCE
FOR THE YEAR ENDED 30 JUNE 2011
Recommendation 2.1 (Continued)
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(cid:1)
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Director’s ability to act in the best interests of the Company.
Applying the above criteria, the Board has determined that Mr Andrew Edwards, Mr Joseph Sweet and Mrs Karen Field are independent directors.
Recommendation 2.2
The chair should be an independent director.
The Board has determined that the Company’s Chairman, Mr Andrew Edwards is an independent director.
Recommendation 2.3
The roles of the chair and chief executive officer should not be exercised by the same individual.
The roles of Chairman of the Board and Managing Director are held by different individuals.
Recommendation 2.4
The board should establish a nomination committee.
The Board has not formed a separate Nomination Committee. The Board as a whole fulfils the role of a Nomination Committee. To assist the Board
to carry out the nomination committee function, it has documented and formalised its nomination related responsibilities in its Board Charter.
This approach is considered by the Board to be appropriate given the Company’s size and current circumstances.
Recommendation 2.5
Companies should disclose the process for evaluating the performance of the board, its committees and individual directors.
In accordance with its Charter the Board will undertake an annual evaluation of its effectiveness as a whole and in committee against a broad range
of good practice criteria. The first such evaluation will be undertaken during the coming twelve months and the Board may involve an external
facilitator for this purpose. The individual performance of each Board member is reviewed by the Chairman prior to each being considered for
re-election. The Chairman’s performance is evaluated periodically by the Board.
Recommendation 2.6
Companies should provide the information indicated in the Guide to Reporting on Principle 2.
The Company has made the relevant material available in the Corporate Governance Statement within its website disclosure, in accordance with
this recommendation, including the following policies and procedures.
In determining the independence of directors, materiality is assessed on a case-by-case basis with consideration of the nature, circumstances
and activities of the directors having regard to the guidelines the Board uses to assess the independence of directors under recommendation 2.1,
rather than by applying general materiality thresholds.
It is a policy of the Board that each has the right to seek independent professional advice at the company’s expense, subject to prior approval of
the Chairman which will not be unreasonably withheld.
The Board’s policy and procedure for the selection, nomination and appointment of new directors and the re-election of incumbent directors is
as follows:
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Company’s Managing Director. When a vacancy exists or there is a need for particular skills, the Board determines the selection criteria based
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(cid:1)
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background, experience, professional skills, personal qualities, whether the nominee’s skills and experience will augment the existing Board,
and their availability to commit themselves to the Board’s activities. The Board then appoints the most suitable candidate. Board candidates
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(cid:1)
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21
CORPORATE GOVERNANCE
FOR THE YEAR ENDED 30 JUNE 2011
Principle 3 – Promote ethical and responsible decision-making
Companies should actively promote ethical and responsible decision-making.
Recommendation 3.1
Companies should establish a code of conduct and disclose the code or a summary of the code as to the practices necessary to maintain confidence
in the company’s integrity; the practices necessary to take into account their legal obligations and the reasonable expectations of their stakeholders;
and the responsibility and accountability of individuals for reporting and investigating reports of unethical practices.
The Company has established and disclosed (on its website) its Code of Conduct in accordance with this recommendation. It is a policy of the Board
that the Code of Conduct applies to directors, officers, employees and consultants of the Company.
The Code of Conduct is regularly reviewed and updated as necessary to ensure it reflects the high ethical standards of conduct necessary to maintain
confidence in the Company’s integrity.
Recommendation 3.2
Companies should establish a policy concerning diversity and disclose the policy or a summary of that policy. The policy should include requirements
for the board to establish measurable objectives for achieving gender diversity for the board to assess annually both the objectives and progress in
achieving them.
The Company has made the relevant material available in its Corporate Governance Statement within its website disclosure, in accordance with
this recommendation.
Recommendation 3.3
Companies should disclose in each annual report the measureable objectives for achieving gender diversity, set by the board in accordance with
the diversity policy and progress towards achieving them. This requirement becomes effective for annual reports from 30 June 2012 onwards.
The Company is still considering the measureable objectives and will include these in its next annual report.
Recommendation 3.4
Companies should disclose in each annual report the proportion of women employees in the whole organisation, women in senior executive positions
and women on the board.
The proportion of women employees in the organisation as of 30 June 2011 is:
(cid:42)(cid:79)(cid:1)(cid:88)(cid:73)(cid:80)(cid:77)(cid:70)(cid:1)(cid:80)(cid:83)(cid:72)(cid:66)(cid:79)(cid:74)(cid:84)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)
In senior executive positions
(cid:48)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:1)
(cid:18)(cid:20)(cid:6)
–
(cid:18)(cid:24)(cid:6)
Recommendation 3.5
Companies should provide the information indicated in the Guide to reporting on Principle 3.
The Company has made the relevant material available in the Corporate Governance Statement within its Annual Report and its website disclosure
in accordance with this recommendation.
Principle 4 – Safeguard integrity in financial reporting
Companies should have a structure to independently verify and safeguard the integrity of their financial reporting.
Recommendation 4.1
The board should establish an audit committee.
The Board has established an Audit Committee and a separate Risk Committee. The responsibilities of the Audit and Risk Committees are set out
in the Audit and Risk Committees Charter, which is available on the Company’s website.
Recommendation 4.2
The audit committee should be structured so that it:
(cid:1) (cid:116)(cid:1) (cid:68)(cid:80)(cid:79)(cid:84)(cid:74)(cid:84)(cid:85)(cid:84)(cid:1)(cid:80)(cid:79)(cid:77)(cid:90)(cid:1)(cid:80)(cid:71)(cid:1)(cid:79)(cid:80)(cid:79)(cid:14)(cid:70)(cid:89)(cid:70)(cid:68)(cid:86)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:69)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:84)(cid:1)
(cid:1) (cid:116)(cid:1) (cid:68)(cid:80)(cid:79)(cid:84)(cid:74)(cid:84)(cid:85)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:66)(cid:1)(cid:78)(cid:66)(cid:75)(cid:80)(cid:83)(cid:74)(cid:85)(cid:90)(cid:1)(cid:80)(cid:71)(cid:1)(cid:74)(cid:79)(cid:69)(cid:70)(cid:81)(cid:70)(cid:79)(cid:69)(cid:70)(cid:79)(cid:85)(cid:1)(cid:69)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:84)(cid:1)
(cid:1) (cid:116)(cid:1) (cid:74)(cid:84)(cid:1)(cid:68)(cid:73)(cid:66)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1)(cid:67)(cid:90)(cid:1)(cid:66)(cid:79)(cid:1)(cid:74)(cid:79)(cid:69)(cid:70)(cid:81)(cid:70)(cid:79)(cid:69)(cid:70)(cid:79)(cid:85)(cid:1)(cid:68)(cid:73)(cid:66)(cid:74)(cid:83)(cid:13)(cid:1)(cid:88)(cid:73)(cid:80)(cid:1)(cid:74)(cid:84)(cid:1)(cid:79)(cid:80)(cid:85)(cid:1)(cid:68)(cid:73)(cid:66)(cid:74)(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:67)(cid:80)(cid:66)(cid:83)(cid:69)(cid:1)(cid:1)
(cid:1) (cid:116)(cid:1) (cid:73)(cid:66)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:77)(cid:70)(cid:66)(cid:84)(cid:85)(cid:1)(cid:85)(cid:73)(cid:83)(cid:70)(cid:70)(cid:1)(cid:78)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:84)(cid:1)
The Audit Committee established by the Board is structured in accordance with this recommendation. The members of the Audit Committee as at
the date of this report are:
(cid:1) (cid:116)(cid:1) (cid:46)(cid:83)(cid:84)(cid:1)(cid:44)(cid:66)(cid:83)(cid:70)(cid:79)(cid:1)(cid:39)(cid:74)(cid:70)(cid:77)(cid:69)(cid:1)(cid:9)(cid:36)(cid:73)(cid:66)(cid:74)(cid:83)(cid:81)(cid:70)(cid:83)(cid:84)(cid:80)(cid:79)(cid:10)(cid:13)(cid:1)(cid:74)(cid:79)(cid:69)(cid:70)(cid:81)(cid:70)(cid:79)(cid:69)(cid:70)(cid:79)(cid:85)(cid:1)(cid:79)(cid:80)(cid:79)(cid:14)(cid:70)(cid:89)(cid:70)(cid:68)(cid:86)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:69)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:9)(cid:36)(cid:73)(cid:66)(cid:74)(cid:83)(cid:81)(cid:70)(cid:83)(cid:84)(cid:80)(cid:79)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:18)(cid:18)(cid:1)(cid:43)(cid:86)(cid:79)(cid:70)(cid:13)(cid:1)(cid:19)(cid:17)(cid:18)(cid:18)(cid:10)(cid:1)
(cid:1) (cid:116)(cid:1) (cid:46)(cid:83)(cid:1)(cid:34)(cid:79)(cid:69)(cid:83)(cid:70)(cid:88)(cid:1)(cid:38)(cid:69)(cid:88)(cid:66)(cid:83)(cid:69)(cid:84)(cid:13)(cid:1)(cid:74)(cid:79)(cid:69)(cid:70)(cid:81)(cid:70)(cid:79)(cid:69)(cid:70)(cid:79)(cid:85)(cid:1)(cid:79)(cid:80)(cid:79)(cid:14)(cid:70)(cid:89)(cid:70)(cid:68)(cid:86)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:69)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)
(cid:1) (cid:116)(cid:1) (cid:46)(cid:83)(cid:1)(cid:43)(cid:80)(cid:84)(cid:70)(cid:81)(cid:73)(cid:1)(cid:52)(cid:88)(cid:70)(cid:70)(cid:85)(cid:13)(cid:1)(cid:74)(cid:79)(cid:69)(cid:70)(cid:81)(cid:70)(cid:79)(cid:69)(cid:70)(cid:79)(cid:85)(cid:1)(cid:79)(cid:80)(cid:79)(cid:14)(cid:70)(cid:89)(cid:70)(cid:68)(cid:86)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:69)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)
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22
CORPORATE GOVERNANCE
FOR THE YEAR ENDED 30 JUNE 2011
Recommendation 4.3
The audit committee should have a formal charter.
The Audit Committee has a formal Audit and Risk Committee charter which is disclosed on the Company’s website. This charter will be separated
in due course to have both aan Audit Committee charter and Risk Committee charter.
Recommendation 4.4
Companies should provide the information indicated in the Guide to reporting on Principle 4.
The Company has made the relevant material, being the formal charter of the Audit and Risk Committees and information on procedures for the
selection and appointment of the external auditor and rotation of external audit engagement partners, available on its website, in accordance with
this recommendation.
Principle 5 – Make timely and balanced disclosure and balanced disclosure
Companies should promote timely and balanced disclosure of all material matters concerning the company.
Recommendation 5.1
Companies should establish written policies designed to ensure compliance with ASX Listing Rule disclosure requirements and to ensure
accountability at a senior executive level for that compliance and disclose those policies or a summary of those policies.
The Company’s Continuous Disclosure Policy is available on the Company’s website. This policy sets out the Company’s procedures to enable
accurate, timely, clear and adequate disclosure to the market in accordance with the Listing Rules. The Board regularly reviews its disclosure
practices to ensure the market is kept informed of price sensitive or significant information in accordance with the Listing Rules. The Company
Secretary is responsible for communications with, and coordinating disclosure of information to, the ASX in a timely manner. The Board and
Managing Director determine whether information is to be disclosed to the ASX and the Company Secretary is responsible for monitoring
compliance with the Continuous Disclosure Policy.
Recommendation 5.2
Companies should provide the information indicated in the Guide to reporting on Principle 5.
The Company has made the relevant material, being its Continuous Disclosure Policy, available on its website, in accordance with this recommendation.
Principle 6 – Respect the rights of shareholders
Companies should respect the rights of shareholders and facilitate the effective exercise of those rights.
Recommendation 6.1
Companies should design a communications policy for promoting effective communication with shareholders and encouraging their participation
at general meetings and disclose their policy or a summary of that policy.
The Company’s Shareholder Communications Strategy, which is available on the Company’s website, is as follows.
Introduction
The Company will communicate all major developments affecting operations to investors through the Annual Report, half-year and full year results
announcements, formal disclosures to the ASX (i.e. company announcements), letters to Shareholders when appropriate, the Company website
and the Annual General Meeting (“AGM”). The AGM also provides an important opportunity for investors to ask questions, express views and
respond to Board proposals.
Company Announcements
The Company will endeavour to post all announcements made to the ASX on its website on the day the announcement is made. This includes all
announcements made under the Company’s Continuous Disclosure Policy.
Where the Company is unable to place an announcement on its website on the same day that the announcement is made the Company will
endeavour to post the announcement on its website as soon as is reasonably practicable thereafter.
Notices of Meeting and Explanatory Information
The full text of each Notice of Meeting (including any accompanying explanatory information) is posted on the Company’s website at the time the
Notice is sent to Shareholders.
Historical Information
The above information will be posted and maintained on its website for at least three years from the date of release.
Recommendation 6.2
Companies should provide the information indicated in the Guide to reporting on Principle 6.
The Company has made the relevant material, being its Shareholder Communications Policy, on its website in accordance with this recommendation.
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CORPORATE GOVERNANCE
FOR THE YEAR ENDED 30 JUNE 2011
Principle 7 – Recognise and manage risk
Companies should establish a sound system of risk oversight and management and internal control.
Recommendation 7.1
Companies should establish policies for the oversight and management of material business risks and disclose a summary of those policies.
The Company has established and disclosed (on its website) its Risk Management Policy in accordance with this recommendation. The Board is
responsible for the Company’s system of internal controls relating to the operational, administrative and financial aspects of the Company’s activities.
The Board oversees the establishment, implementation and monitoring of the Company’s risk management system. Implementation of the risk
management system and day-to-day management of risk is the responsibility of the Managing Director, with the assistance of senior management,
as required.
Recommendation 7.2
The board should require management to design and implement the risk management and internal control system to manage the company’s
material business risks and report to it on whether those risks are being managed effectively. The board should disclose that management has
reported to it as to the effectiveness of the company’s management of its material business risks.
The Board has established a risk management system under which risks are reported to management throughout the Company with significant
risks being reported to the Board.
The Managing Director is to report to the Board as to the effectiveness of the Company’s management of its material business risks regularly.
Recommendation 7.3
The Board should disclose whether it has received assurance from the chief executive officer (or equivalent) and the chief financial officer
(or equivalent) that the declaration provided in accordance with section 295A of the Corporations Act is founded on a sound system of risk
management and internal control and that the system is operating effectively in all material respects in relation to financial reporting risks.
The Managing Director and Chief Financial Officer have confirmed in writing to the Board that the declaration provided in accordance with s295A
of the Corporations Act is founded on a sound system of risk management and internal compliance and control systems which, in all material
respects, implement the policies which have been adopted by the Board either directly or through delegation to senior executives and those
such systems are operating effectively and efficiently in all material respects in relation to financial reporting risks.
Recommendation 7.4
Companies should provide the information indicated in the Guide to reporting on Principle 7.
The Company has made the relevant material available in the Corporate Governance Statement within its Annual Report and its website disclosure,
in accordance with this recommendation.
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CORPORATE GOVERNANCE
FOR THE YEAR ENDED 30 JUNE 2011
Principle 8: Remunerate fairly and responsibly
Companies should ensure that the level and composition of remuneration is sufficient and reasonable and that its relationship to performance is clear.
Recommendation 8.1
The board should establish a remuneration committee.
The Board has established a Remuneration Committee. The responsibilities of the Remuneration Committee are set out in the Remuneration
Committee Charter, which is available on the Company’s website.
Recommendation 8.2
The remuneration committee should be structured so that it:
(cid:116)(cid:1) (cid:68)(cid:80)(cid:79)(cid:84)(cid:74)(cid:84)(cid:85)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:66)(cid:1)(cid:78)(cid:66)(cid:75)(cid:80)(cid:83)(cid:74)(cid:85)(cid:90)(cid:1)(cid:80)(cid:71)(cid:1)(cid:74)(cid:79)(cid:69)(cid:70)(cid:81)(cid:70)(cid:79)(cid:69)(cid:70)(cid:79)(cid:85)(cid:1)(cid:69)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:84)
(cid:116)(cid:1) (cid:74)(cid:84)(cid:1)(cid:68)(cid:73)(cid:66)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1)(cid:67)(cid:90)(cid:1)(cid:66)(cid:79)(cid:1)(cid:74)(cid:79)(cid:69)(cid:70)(cid:81)(cid:70)(cid:79)(cid:69)(cid:70)(cid:79)(cid:85)(cid:1)(cid:68)(cid:73)(cid:66)(cid:74)(cid:83)
(cid:116)(cid:1) (cid:73)(cid:66)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:77)(cid:70)(cid:66)(cid:84)(cid:85)(cid:1)(cid:85)(cid:73)(cid:83)(cid:70)(cid:70)(cid:1)(cid:78)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:84)
The members of the Remuneration Committee at the date of this report are:
(cid:116)(cid:1) (cid:46)(cid:83)(cid:1)(cid:43)(cid:80)(cid:84)(cid:70)(cid:81)(cid:73)(cid:1)(cid:52)(cid:88)(cid:70)(cid:70)(cid:85)(cid:1)(cid:9)(cid:36)(cid:73)(cid:66)(cid:74)(cid:83)(cid:78)(cid:66)(cid:79)(cid:10)(cid:13)(cid:1)(cid:74)(cid:79)(cid:69)(cid:70)(cid:81)(cid:70)(cid:79)(cid:69)(cid:70)(cid:79)(cid:85)(cid:1)(cid:79)(cid:80)(cid:79)(cid:14)(cid:70)(cid:89)(cid:70)(cid:68)(cid:86)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:69)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:9)(cid:36)(cid:73)(cid:66)(cid:74)(cid:83)(cid:78)(cid:66)(cid:79)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:19)(cid:17)(cid:1)(cid:52)(cid:70)(cid:81)(cid:85)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:13)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:10)(cid:28)
(cid:116)(cid:1) (cid:46)(cid:83)(cid:1)(cid:34)(cid:79)(cid:69)(cid:83)(cid:70)(cid:88)(cid:1)(cid:38)(cid:69)(cid:88)(cid:66)(cid:83)(cid:69)(cid:84)(cid:13)(cid:1)(cid:74)(cid:79)(cid:69)(cid:70)(cid:81)(cid:70)(cid:79)(cid:69)(cid:70)(cid:79)(cid:85)(cid:1)(cid:79)(cid:80)(cid:79)(cid:14)(cid:70)(cid:89)(cid:70)(cid:68)(cid:86)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:69)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:28)(cid:1)(cid:66)(cid:79)(cid:69)
(cid:116)(cid:1) (cid:46)(cid:83)(cid:1)(cid:36)(cid:73)(cid:83)(cid:74)(cid:84)(cid:1)(cid:53)(cid:86)(cid:68)(cid:76)(cid:88)(cid:70)(cid:77)(cid:77)(cid:13)(cid:1)(cid:46)(cid:66)(cid:79)(cid:66)(cid:72)(cid:74)(cid:79)(cid:72)(cid:1)(cid:37)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:1)
The number of Committee meetings that were held during the reporting period and the attendance of the Committee members at those meetings
are set out on page 14 of the Directors’ Report.
Recommendation 8.3
Companies should clearly distinguish the structure of Non-Executive Directors’ remuneration from that of Executive Directors and Senior Executives.
The Company’s non-executive directors receive fees as remuneration for acting as a director of the Company and, if applicable, acting as a
chairperson of a standing Committee of the Board. Further details regarding Non-Executive Directors’ remuneration are set out in the
Remuneration Report on pages 15 to 18.
The Company’s executive directors and senior management are remunerated in accordance with the principles described in the Remuneration
Policy set out in the Remuneration Report on pages 15 to 18. Further details regarding senior executive remuneration are set out in the
Remuneration Report on pages 15 to 18.
Recommendation 8.4
Companies should provide the information indicated in the Guide to reporting on Principle 8.
The Company has made the relevant material available in the Corporate Governance Statement within its Annual Report and its website disclosure,
in accordance with this recommendation.
It is the Company’s policy to prohibit executives from entering into transactions or arrangements which limit the economic risk of participating in
unvested entitlements under any equity-based remuneration schemes.
For further information on the corporate governance policies adopted by the Company, refer to the ‘Investor Centre’ and ‘Corporate Governance’
tab on the Company’s website.
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2011
Revenue
Other income
Direct costs
Finance costs
Share based payment expense
Other expenses from ordinary activities
Profit before income tax
Income tax expense
Profit for the year
Other comprehensive income:
Net gain on revaluation of financial assets
Other comprehensive income for the year, net of tax
Total comprehensive income for the year
Profit attributable to:
Non-controlling interest
Members of the parent entity
Total comprehensive income attributable to:
Non-controlling interest
Members of the parent entity
Earnings per share:
Basic earnings per share (cents)
Diluted earnings per share (cents)
The accompanying notes form part of these financial accounts.
Note
2011
$
2010
$
2
2
3
4
9
9
249,226,125
150,603,296
9,257,378
4,535,279
(205,984,171)
(126,394,447)
(3,039,185)
(1,073,124)
(6,953,938)
41,433,085
(12,712,282)
28,720,803
(1,274,321)
–
(5,744,138)
21,725,669
(6,119,305)
15,606,364
308,435
308,435
26,038
26,038
29,029,238
15,632,402
1,641,277
27,079,526
28,720,803
1,744,414
27,284,824
29,029,238
19.70
19.31
3,866,947
11,739,517
15,606,364
3,879,869
11,752,533
15,632,402
10.45
10.34
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 30 JUNE 2011
Note
2011
$
2010
$
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Inventory
Other assets
TOTAL CURRENT ASSETS
NON CURRENT ASSETS
Trade and other receivables
Financial assets
Investments accounted for using the equity method
Property, plant and equipment
Deferred tax assets
TOTAL NON CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Borrowings
Current tax liabilities
Short–term provisions
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities
Borrowings
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Retained Earnings
Parent Interest
Non-controlling Interest
TOTAL EQUITY
The accompanying notes form part of these financial accounts.
10
11
12
11
13
14
16
17
18
19
17
20
17
19
50,562,835
28,668,554
2,111,373
405,560
81,748,322
–
3,293,820
500,000
70,328,304
1,511,741
75,633,865
157,382,187
25,019,976
18,153,494
4,033,644
2,564,689
49,771,803
401,171
18,966,017
19,367,188
69,138,991
88,243,196
21
35,570,541
740,902
52,007,826
88,319,267
(76,071)
88,243,196
5,861,047
34,832,363
–
1,249,877
41,943,287
5,831
2,853,125
–
48,733,781
473,030
52,065,767
94,009,054
26,684,001
11,715,019
959,226
1,576,765
40,935,011
281,152
18,275,562
18,556,714
59,491,725
34,517,329
134
154,188
23,550,348
23,704,670
10,812,659
34,517,329
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2011
Issued
Capital
$
Retained
Earnings
Financial
Assets
Reserve
$
$
Option
Reserve
$
Non-
Controlling
Interests
$
Total
$
BALANCE AT 1 JULY 2009
134
14,329,450
141,073
Profit for the period
SUB-TOTAL
Other comprehensive income:
Revaluation of Investment
–
–
–
11,739,417
26,068,867
–
–
–
13,115
SUB-TOTAL
134
26,068,867
154,188
Dividends paid or provided for
–
(2,518,519)
–
BALANCE AT 30 JUNE 2010
134
23,550,348
154,188
BALANCE AT 1 JULY 2010
134
23,550,348
154,188
Profit for the period
SUB-TOTAL
–
27,079,526
–
134
50,629,874
154,188
Other comprehensive income:
Revaluation of Investment
–
–
205,298
SUB-TOTAL
Shares issued
Cost of capital raising
Options issued
134
50,629,874
359,486
37,153,276
(1,583,003)
–
–
–
–
–
–
–
Acquisition of non-controlling interest
134
12,377,952
255,058
Dividends paid
–
(11,000,000)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
126,356
–
–
9,414,270
23,884,927
3,866,947
15,606,364
13,281,217
39,491,291
12,923
26,038
13,294,140
39,517,329
(2,481,481)
(5,000,000)
10,812,659
34,517,329
10,812,659
34,517,329
1,641,277
28,720,803
12,453,936
63,238,132
103,137
308,435
12,557,073
63,546,567
–
–
–
37,153,276
(1,583,003)
126,356
(12,633,144)
–
–
(11,000,000)
BALANCE AT 30 JUNE 2011
35,570,541
52,007,826
614,544
126,356
(76,071)
88,243,196
The accompanying notes form part of these financial accounts.
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28
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2011
Net cash provided by operating activities
25 (B)
57,778,488
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers and employees
Dividends received
Interest received
Interest paid
Income tax (paid) / refund
CASH FLOW FROM INVESTING ACTIVITIES
Net cash acquired from purchase of subsidiary
Proceeds from sale of investments
Purchase of investments
Proceeds from sale of property, plant and equipment
Purchase of property, plant and equipment
Repayments of / (Loans) to Related Parties
Net cash used in investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from share issue
Repayment of borrowings
Dividends paid
Dividends paid to non controlling interests
Note
2011
$
2010
$
262,519,309
141,362,282
(192,614,862)
(112,048,669)
168,750
1,517,903
(3,039,185)
(10,773,427)
230,073
–
(500,000)
409,091
168,750
324,637
(1,274,321)
(7,186,372)
21,346,307
–
414,637
(538,453)
444,252
(19,158,948)
(16,714,806)
750,000
(750,000)
(18,269,784)
(17,144,370)
33,417,133
(17,224,049)
(11,000,000)
–
–
(7,195,666)
(2,518,519)
(2,481,481)
Net cash provided by (used in) financing activities
5,193,084
(12,195,666)
Net increase / (decrease) in cash held
Cash and cash equivalents at beginning of financial year
44,701,788
5,861,047
Cash and cash equivalents at end of financial year
25 (A)
50,562,835
(7,993,729)
13,854,776
5,861,047
The accompanying notes form part of these financial accounts.
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29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
These consolidated financial statements and notes represent those of MACA Limited and Controlled Entities (the “consolidated group” or “group”).
The separate financial statements of the parent entity, MACA Limited, have not been presented within this financial report as permitted by the
Corporations Act 2001. The financial statements were authorised for issue on 20 September 2011 by the Directors of the company.
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation
The financial statements are general purpose financial statements that has been prepared in accordance with Australian Accounting Standards,
Australian Accounting Interpretations, other authorative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.
Australian Accounting Standards set out in accounting policies that the AASB has concluded would result in financial statements containing relevant
and reliable information about transactions, events and conditions. Compliance with Australian Accounting Standards ensures that the financial
statements and notes also comply with International Financial Reporting Standards as issued by the IASB. Material accounting policies adopted
in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated.
These financial statements have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the
measurement at fair value of selected non-current assets, financial assets and financial liabilities.
A. Principles of Consolidation
The consolidated financial statements incorporate the assets, liabilities and results of entities controlled by MACA Limited at the end of the reporting
period. A controlled entity is any entity over which MACA Limited has the ability to govern the financial and operating policies so as to obtain benefits
from the entity’s activities.
Where controlled entities have entered or left the Group during the year, the financial performance of those entities is included only for the period
of the year that they were controlled. A list of controlled entities is contained in Note 15 to the financial statements.
In preparing the consolidated financial statements, all inter-group balances and transactions between entities in the consolidated group have been
eliminated in full on consolidation.
Non-controlling interests, being the equity in a subsidiary not attributable, directly or indirectly, to a parent, are shown separately within the equity
section of the consolidated statement of financial position and statement of comprehensive income. The non-controlling interests in the net assets
comprise their interests at the date of the original business combination and their share of changes in equity since that date.
Business Combinations
Business combinations occur where an acquirer obtains control over one or more businesses.
A business combination is accounted for by applying the acquisition method, unless it is a combination involving entities or businesses under
common control. The acquisition method requires that for each business combination one of the combining entities must be identified as the
acquirer (ie. parent entity). The business combination will be accounted for as at the acquisition date, which is the date that control over the
acquiree is obtained by the parent entity. At this date, the parent shall recognise, in the consolidated accounts, and subject to certain limited
exceptions, the fair value of the identifiable assets acquired and liabilities assumed. In addition, contingent liabilities of the acquiree will be
recognised where a present obligation has been incurred and its fair value can be reliably measured.
The acquisition may result in the recognition of goodwill or a gain from a bargain purchase. The method adopted for the measurement of goodwill
(cid:88)(cid:74)(cid:77)(cid:77)(cid:1)(cid:74)(cid:78)(cid:81)(cid:66)(cid:68)(cid:85)(cid:1)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:78)(cid:70)(cid:66)(cid:84)(cid:86)(cid:83)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:66)(cid:79)(cid:90)(cid:1)(cid:79)(cid:80)(cid:79)(cid:14)(cid:68)(cid:80)(cid:79)(cid:85)(cid:83)(cid:80)(cid:77)(cid:77)(cid:74)(cid:79)(cid:72)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:70)(cid:84)(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:67)(cid:70)(cid:1)(cid:83)(cid:70)(cid:68)(cid:80)(cid:72)(cid:79)(cid:74)(cid:84)(cid:70)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:70)(cid:1)(cid:88)(cid:73)(cid:70)(cid:83)(cid:70)(cid:1)(cid:77)(cid:70)(cid:84)(cid:84)(cid:1)(cid:85)(cid:73)(cid:66)(cid:79)(cid:1)(cid:18)(cid:17)(cid:17)(cid:6)(cid:1)(cid:80)(cid:88)(cid:79)(cid:70)(cid:83)(cid:84)(cid:73)(cid:74)(cid:81)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:70)(cid:84)(cid:85)(cid:1)(cid:74)(cid:84)(cid:1)(cid:73)(cid:70)(cid:77)(cid:69)(cid:1)
in the acquiree.
The acquisition date fair value of the consideration transferred for a business combination plus the acquisition date fair value of any previously
held equity interest shall form the cost of the investment in the separate financial statements. Consideration may comprise the sum of the assets
transferred by the acquirer, liabilities incurred by the acquirer to the former owners of the acquiree and the equity interests issued by the acquirer.
Fair value uplifts in the value of pre-existing equity holdings are taken to the statement of comprehensive income. Where changes in the value
of such equity holdings had previously been recognised in other comprehensive income, such amounts are recycled to profit or loss.
Included in the measurement of consideration transferred is any asset or liability resulting from a contingent consideration arrangement.
Any obligation incurred relating to contingent consideration is classified as either a financial liability or equity instrument, depending upon the
nature of the arrangement. Rights to refunds of consideration previously paid are recognised as a receivable. Subsequent to initial recognition,
contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent
consideration classified as an asset or a liability is remeasured each reporting period to fair value through the statement of comprehensive
income unless the change in value can be identified as existing at acquisition date.
All transaction costs incurred in relation to the business combination are expensed to the statement of comprehensive income.
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30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
B. Investments in Associates
(cid:34)(cid:84)(cid:84)(cid:80)(cid:68)(cid:74)(cid:66)(cid:85)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:74)(cid:70)(cid:84)(cid:1)(cid:66)(cid:83)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:74)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:88)(cid:73)(cid:74)(cid:68)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:81)(cid:1)(cid:73)(cid:66)(cid:84)(cid:1)(cid:84)(cid:74)(cid:72)(cid:79)(cid:74)(cid:71)(cid:74)(cid:68)(cid:66)(cid:79)(cid:85)(cid:1)(cid:74)(cid:79)(cid:71)(cid:77)(cid:86)(cid:70)(cid:79)(cid:68)(cid:70)(cid:1)(cid:85)(cid:73)(cid:83)(cid:80)(cid:86)(cid:72)(cid:73)(cid:1)(cid:73)(cid:80)(cid:77)(cid:69)(cid:74)(cid:79)(cid:72)(cid:13)(cid:1)(cid:69)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:77)(cid:90)(cid:1)(cid:80)(cid:83)(cid:1)(cid:74)(cid:79)(cid:69)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:77)(cid:90)(cid:13)(cid:1)(cid:19)(cid:17)(cid:6)(cid:1)(cid:80)(cid:83)(cid:1)(cid:78)(cid:80)(cid:83)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:87)(cid:80)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)
power of the company. Investments in associates are accounted for in the financial statements by applying the equity method of accounting whereby
the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the Group’s share of net assets of the associate
company. In addition the Group’s share of the profit or loss of the associate company is included in the Group’s profit or loss.
The carrying amount of the investment includes goodwill relating to the associate. Any excess of the Group’s share of the net fair value of the
associate’s identifiable assets, liabilities and contingent liabilities over the cost of the investment is excluded from the carrying amount of the
investment and is instead included as income in the determination of the investor’s share of the associate’s profit or loss in the period in which
the investment is acquired.
Profits and losses resulting from transactions between the Group and the associate are eliminated to the extent of the relation to the Group’s
investment in the associate.
When the Group’s share of losses in an associate equals or exceeds its interest in the associate, the Group discontinues recognising its share of further
losses unless it has incurred legal or constructive obligations or made payments on behalf of the associate. When the associate subsequently makes
profits, the Group will resume the recognition of its share of those profits once its share of the profits equals the share of the losses not recognised.
Details of the Group’s investments in associates are shown at Note 14.
C. Income Tax
The income tax expense (revenue) for the year comprises current income tax expense (income) and deferred tax expense (income).
Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using applicable income tax rates enacted,
or substantially enacted, as at the end of the reporting period. Current tax liabilities (assets) are therefore measured at the amounts expected to be
paid to (recovered from) the relevant taxation authority.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well unused tax losses.
Current and deferred income tax expense (income) is charged or credited directly to equity instead of the profit or loss when the tax relates to items
that are credited or charged directly to equity.
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements. Deferred tax assets also result where amounts have been fully expensed but future tax deductions
are available. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination,
where there is no effect on accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is
settled, based on tax rates enacted or substantively enacted at the end of the reporting period. Their measurement also reflects the manner in
which management expects to recover or settle the carrying amount of the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable
profit will be available against which the benefits of the deferred tax asset can be utilised.
Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures, deferred tax assets and
liabilities are not recognised where the timing of the reversal of the temporary difference can be controlled and it is not probable that the reversal
will occur in the foreseeable future.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net settlement or simultaneous
realisation and settlement of the respective asset and liability will occur. Deferred tax assets and liabilities are offset where a legally enforceable right
of set-off exists, the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity
or different taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability
will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.
D. Inventories
Inventories are measured at the lower of cost or net realisable value. The cost of manufactured products includes direct materials, direct labour
and an appropriate portion of variable and fixed overheads. Overheads are applied on the basis of normal operating capacity. Costs are assigned
on the basis of weighted average costs.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
E. Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost or fair value as indicated less, where applicable, any accumulated depreciation and
impairment losses.
Property
Freehold land and buildings are shown at their fair value (being the amount for which an asset could be exchanged between knowledgeable
willing parties in an arm’s length transaction), based on periodic, but at least triennial, valuations by external independent valuers, less subsequent
depreciation for buildings.
Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation surplus in equity. Decreases that offset
previous increases of the same asset are charged against fair value reserves directly in equity, all other decreases are charged to the statement of
comprehensive income. Each year the difference between depreciation based on the revalued carrying amount of the asset charged to the statement
of comprehensive income and depreciation based on the asset’s original cost is transferred from the revaluation reserve to retained earnings.
Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated
to the revalued amount of the asset.
Plant and equipment
Plant and equipment are measured on the cost basis and therefore carried at cost less accumulated depreciation and any accumulated impairment.
In the event the carrying amount of plant and equipment greater than the estimated recoverable amount, the carrying amount is written down
immediately to the estimated recoverable amount and the impairment losses are recognised either in the profit or loss or as a revaluation decrease
if the impairment losses relate to a revalued asset. A formal assessment of recoverable amount is made when impairment indicators are present
(refer to Note 1h for details of impairment).
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these
assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset’s employment and
subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts.
The cost of fixed assets constructed within the consolidated group includes the cost of materials, direct labour, borrowing costs and an appropriate
proportion of fixed and variable overheads.
Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance
are charged to the statement of comprehensive income during the financial period in which they are incurred.
Depreciation
The depreciable amount of all fixed assets including buildings and capitalised lease assets, but excluding freehold land, is depreciated on a
diminishing value and / or straight line basis over the asset’s useful life to the consolidated group commencing from the time the asset is held
ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives
of the improvements.
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset
(cid:45)(cid:70)(cid:66)(cid:84)(cid:70)(cid:73)(cid:80)(cid:77)(cid:69)(cid:1)(cid:74)(cid:78)(cid:81)(cid:83)(cid:80)(cid:87)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)
(cid:49)(cid:77)(cid:66)(cid:79)(cid:85)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:70)(cid:82)(cid:86)(cid:74)(cid:81)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)
(cid:45)(cid:80)(cid:88)(cid:1)(cid:87)(cid:66)(cid:77)(cid:86)(cid:70)(cid:1)(cid:81)(cid:80)(cid:80)(cid:77)(cid:1)
(cid:46)(cid:80)(cid:85)(cid:80)(cid:83)(cid:1)(cid:87)(cid:70)(cid:73)(cid:74)(cid:68)(cid:77)(cid:70)(cid:84)(cid:1)
Depreciation Rate
(cid:19)(cid:15)(cid:22)(cid:6)
(cid:19)(cid:15)(cid:22)(cid:6)(cid:1)(cid:111)(cid:1)(cid:22)(cid:17)(cid:6)
(cid:18)(cid:25)(cid:15)(cid:24)(cid:22)(cid:6)(cid:1)(cid:111)(cid:1)(cid:20)(cid:24)(cid:15)(cid:22)(cid:6)
(cid:18)(cid:25)(cid:15)(cid:24)(cid:22)(cid:6)(cid:1)(cid:111)(cid:1)(cid:22)(cid:17)(cid:6)
The asset’s residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the
statement of comprehensive income. When revalued assets are sold, amounts included in the revaluation surplus relating to that asset are
transferred to retained earnings.
F. Leases
Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership that is
transferred to entities in the consolidated group, are classified as finance leases.
Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the
present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of
the lease liability and the lease interest expense for the period.
Leased assets are depreciated on a straight-line basis over the shorter of their estimated useful lives or the lease term.
Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the periods
in which they are incurred.
Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
G. Financial Instruments
Initial recognition and measurement
Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument. For financial
assets, this is equivalent to the date that the company commits itself to either the purchase or sale of the asset (ie trade date accounting is adopted).
Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is classified ‘at fair value through profit
or loss’, in which case transaction costs are expensed to profit or loss immediately.
Classification and subsequent measurement
Finance instruments are subsequently measured at either of fair value, amortised cost using the effective interest rate method, or cost.
Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all
unlisted securities, including recent arm’s length transactions, reference to similar instruments and option pricing models.
Amortised cost is calculated as:
(cid:66)(cid:15)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1)(cid:66)(cid:78)(cid:80)(cid:86)(cid:79)(cid:85)(cid:1)(cid:66)(cid:85)(cid:1)(cid:88)(cid:73)(cid:74)(cid:68)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:66)(cid:84)(cid:84)(cid:70)(cid:85)(cid:1)(cid:80)(cid:83)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:77)(cid:74)(cid:66)(cid:67)(cid:74)(cid:77)(cid:74)(cid:85)(cid:90)(cid:1)(cid:74)(cid:84)(cid:1)(cid:78)(cid:70)(cid:66)(cid:84)(cid:86)(cid:83)(cid:70)(cid:69)(cid:1)(cid:66)(cid:85)(cid:1)(cid:74)(cid:79)(cid:74)(cid:85)(cid:74)(cid:66)(cid:77)(cid:1)(cid:83)(cid:70)(cid:68)(cid:80)(cid:72)(cid:79)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)(cid:28)
(cid:67)(cid:15)(cid:1) (cid:77)(cid:70)(cid:84)(cid:84)(cid:1)(cid:81)(cid:83)(cid:74)(cid:79)(cid:68)(cid:74)(cid:81)(cid:66)(cid:77)(cid:1)(cid:83)(cid:70)(cid:81)(cid:66)(cid:90)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:28)
c. plus or minus the cumulative amortisation of the difference, if any, between the amount initially recognised and the maturity amount calculated
(cid:1) (cid:86)(cid:84)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:70)(cid:71)(cid:71)(cid:70)(cid:68)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:70)(cid:84)(cid:85)(cid:1)(cid:78)(cid:70)(cid:85)(cid:73)(cid:80)(cid:69)(cid:28)(cid:1)(cid:66)(cid:79)(cid:69)
d. less any reduction for impairment.
The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that
exactly discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the
expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial
asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying value with a consequential
recognition of an income or expense in profit or loss.
The Group does not designate any interests in subsidiaries, associates or joint venture entities as being subject to the requirements of accounting
standards specifically applicable to financial instruments.
i. Financial assets at fair value through profit or loss
Financial assets are classified at ‘fair value through profit or loss’ when they are either held for trading for the purpose of short-term profit
taking, derivatives not held for hedging purposes, or when they are designated as such to avoid an accounting mismatch or to enable
performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance
with a documented risk management or investment strategy. Such assets are subsequently measured at fair value with changes in carrying
value being included in profit or loss.
ii. Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are
subsequently measured at amortised cost.
Loans and receivables are included in current assets, except for those which are not expected to mature within 12 months after the end of the
reporting period. (All other loans and receivables are classified as non-current assets.)
iii. Held-to-maturity investments
(cid:1) (cid:41)(cid:70)(cid:77)(cid:69)(cid:14)(cid:85)(cid:80)(cid:14)(cid:78)(cid:66)(cid:85)(cid:86)(cid:83)(cid:74)(cid:85)(cid:90)(cid:1)(cid:74)(cid:79)(cid:87)(cid:70)(cid:84)(cid:85)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:66)(cid:83)(cid:70)(cid:1)(cid:79)(cid:80)(cid:79)(cid:14)(cid:69)(cid:70)(cid:83)(cid:74)(cid:87)(cid:66)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:66)(cid:84)(cid:84)(cid:70)(cid:85)(cid:84)(cid:1)(cid:85)(cid:73)(cid:66)(cid:85)(cid:1)(cid:73)(cid:66)(cid:87)(cid:70)(cid:1)(cid:71)(cid:74)(cid:89)(cid:70)(cid:69)(cid:1)(cid:78)(cid:66)(cid:85)(cid:86)(cid:83)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:71)(cid:74)(cid:89)(cid:70)(cid:69)(cid:1)(cid:80)(cid:83)(cid:1)(cid:69)(cid:70)(cid:85)(cid:70)(cid:83)(cid:78)(cid:74)(cid:79)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:81)(cid:66)(cid:90)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:13)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:74)(cid:85)(cid:1)(cid:74)(cid:84)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)
Group’s intention to hold these investments to maturity. They are subsequently measured at amortised cost.
(cid:1) (cid:41)(cid:70)(cid:77)(cid:69)(cid:14)(cid:85)(cid:80)(cid:14)(cid:78)(cid:66)(cid:85)(cid:86)(cid:83)(cid:74)(cid:85)(cid:90)(cid:1)(cid:74)(cid:79)(cid:87)(cid:70)(cid:84)(cid:85)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:66)(cid:83)(cid:70)(cid:1)(cid:74)(cid:79)(cid:68)(cid:77)(cid:86)(cid:69)(cid:70)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:79)(cid:80)(cid:79)(cid:14)(cid:68)(cid:86)(cid:83)(cid:83)(cid:70)(cid:79)(cid:85)(cid:1)(cid:66)(cid:84)(cid:84)(cid:70)(cid:85)(cid:84)(cid:13)(cid:1)(cid:70)(cid:89)(cid:68)(cid:70)(cid:81)(cid:85)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:80)(cid:84)(cid:70)(cid:1)(cid:88)(cid:73)(cid:74)(cid:68)(cid:73)(cid:1)(cid:66)(cid:83)(cid:70)(cid:1)(cid:70)(cid:89)(cid:81)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:78)(cid:66)(cid:85)(cid:86)(cid:83)(cid:70)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:74)(cid:79)(cid:1)(cid:18)(cid:19)(cid:1)(cid:78)(cid:80)(cid:79)(cid:85)(cid:73)(cid:84)(cid:1)(cid:66)(cid:71)(cid:85)(cid:70)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)
end of the reporting period. (All other investments are classified as current assets.)
If during the period the Group sold or reclassified more than an insignificant amount of the held-to-maturity investments before maturity, the
entire held-to-maturity investments category would be tainted and reclassified as available-for-sale.
iv. Available-for-sale financial assets
Available-for-sale financial assets are non-derivative financial assets that are either not suitable to be classified into other categories of financial
assets due to their nature, or they are designated as such by management. They comprise investments in the equity of other entities where
there is neither a fixed maturity nor fixed or determinable payments.
Available-for-sale financial assets are included in non-current assets, except for those which are expected to mature within 12 months after the
end of the reporting period. (All other financial assets are classified as current assets.)
v. Financial liabilities
Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost.
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
E
T
I
M
I
L
A
C
A
M
33
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
Impairment
At the end of each reporting period, the Group assesses whether there is objective evidence that a financial instrument has been impaired.
In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether an
impairment has arisen. Impairment losses are recognised in profit or loss. Also, any cumulative decline in fair value previously recognised in other
comprehensive income is reclassified to profit or loss at this point.
De-recognition
Financial assets are de-recognised where the contractual rights to receipt of cash flows expires 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
de-recognised where the related obligations are either 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 consideration paid, including the transfer of non-cash assets or liabilities
assumed, is recognised in profit or loss.
H. Impairment of Assets
At the end of each reporting period, the Group assesses whether there is any indication that an asset may be impaired. The assessment will include
the consideration of external and internal sources of information including dividends received from subsidiaries, associates or jointly controlled
entities deemed to be out of pre-acquisition profits. If such an indication exists, an impairment test is carried out on the asset by comparing the
recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, to the asset’s carrying value. Any
excess of the asset’s carrying value over its recoverable amount is recognised immediately in profit or loss, unless the asset is carried at a revalued
amount in accordance with another standard (e.g. in accordance with the revaluation model in AASB 116). Any impairment loss of a revalued
asset is treated as a revaluation decrease in accordance with that other standard.
Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating
unit to which the asset belongs.
I. Functional and presentation currency
The functional currency of each of the Group’s entities is measured using the currency of the primary economic environment in which that entity
operates. The consolidated financial statements are presented in Australian dollars which is the parent entity’s functional and presentation currency.
J. Employee Benefits
Provision is made for the Group’s liability for employee benefits arising from services rendered by employees to the end of the reporting period.
Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is
settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made
for those benefits. In determining the liability, consideration is given to employee wages increases and the probability that the employee may satisfy
vesting requirements. Those cash outflows are discounted using market yields on national government bonds with terms to maturity that match the
expected timing of cash flows.
Equity-settled compensation
The Group operates equity-settled share-based payment employee share and option schemes. The fair value of the equity to which employees
become entitled is measured at grant date and recognised as an expense over the vesting period, with a corresponding increase to an equity
account. Share-based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity
instruments issued, if it is determined the fair value of the good or services cannot be reliably measured, and are recorded at the date the goods
or services are received. The corresponding amount is shown in the option reserve.
The fair value of shares is ascertained as the market bid price. The fair value of options is ascertained using a Black–Scholes pricing model
which incorporates all market vesting conditions. The number of shares and options expected to vest is reviewed and adjusted at the end of
each reporting period such that the amount recognised for services received as consideration for the equity instruments granted shall be
based on the number of equity instruments that eventually vest.
K. Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow
of economic benefits will result and that outflow can be reliably measured.
Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the reporting period.
L. Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original
maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the
statement of financial position.
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
E
T
I
M
I
L
A
C
A
M
34
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
M. Revenue and Other Income
Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and volume rebates
allowed. Any consideration deferred is treated as the provision of finance and is discounted at a rate of interest that is generally accepted in the
market for similar arrangements. The difference between the amount initially recognised and the amount ultimately received is interest revenue.
Revenue from the sale of goods is recognised at the point of delivery as this corresponds to the transfer of significant risks and rewards of ownership
of the goods and the cessation of all involvement in those goods.
Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets, is the rate inherent in the instrument.
All dividends received shall be recognised as revenue when the right to receive the dividend has been established.
Revenue recognition relating to the provision of services is determined with reference to the stage of completion of the transaction at the end of
the reporting period and where outcome of the contract can be estimated reliably. Stage of completion is determined with reference to the services
performed to date as a percentage of total anticipated services to be performed. Where the outcome cannot be estimated reliably, revenue is
recognised only to the extent that related expenditure is recoverable.
All revenue is stated net of the amount of goods and services tax (GST).
N. Trade and Other Payables
Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the Group during
the reporting period which remains unpaid. The balance is recognised as a current liability with the amount being normally paid within 30 days of
recognition of the liability.
O. Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to
prepare for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended
use or sale.
All other borrowing costs are recognised in income in the period in which they are incurred.
P. Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the
Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the
expense. Receivables and payables in the statement of financial position are shown inclusive of GST.
Cash flows are presented in the statement of cashflows on a gross basis, except for the GST component of investing and financing activities,
which are disclosed as operating cash flows.
Q. Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial
year.
When the Group applies an accounting policy retrospectively, makes a retrospective restatement or reclassifies items in its financial statements,
a statement of financial position as at the beginning of the earliest comparative period will be disclosed.
R. Critical Accounting Estimates and Judgments
The directors evaluate estimates and judgments incorporated into the financial statements based on historical knowledge and best available
current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained
both externally and within the Group.
Key estimates
i. Impairment
The Group assesses impairment at the end of each reporting period by evaluating conditions and events specific to the Group that may be
indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value-in-use calculations which incorporate
various key assumptions.
ii. Taxation
Balances disclosed in the financial statements and the notes thereto, related to taxation are based on the best estimates of directors.
These estimates take into account both the financial performance and position of the Group as they pertain to current income taxation
legislation, and the directors understanding thereof. No adjustment has been made for pending or future taxation legislation. The current
income tax position represents that directors’ best estimate, pending an assessment by the Australian Taxation Office.
Key judgments
i. Environmental Issues
Balances disclosed in the financial statements and notes thereto are not adjusted for any pending or enacted environmental legislation,
and the directors understanding thereof. At the current stage of the Group’s development and its current environmental impact the
directors believe such treatment is reasonable and appropriate.
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
E
T
I
M
I
L
A
C
A
M
35
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 2 – REVENUE AND OTHER INCOME
Note
2011
$
2010
$
Revenue from Continuing Operations:
Sales revenue
– Sales
Other revenue
– Interest received
– Dividends received
– Other revenue
Total Revenue
Other Income
– Gain / (Loss) on sale of plant and equipment
– Gain / (Loss) on sale of investments
– Discount on acquisition
– Other income
Total Other Income
NOTE 3 – PROFIT FOR THE YEAR
Expenses:
Depreciation and amortisation
– Plant and equipment
– Motor vehicles
– Other
240,701,472
240,701,472
148,425,365
148,425,365
1,517,903
168,750
6,838,000
8,524,653
324,637
168,750
1,684,544
2,177,931
249,226,125
150,603,296
647,290
–
234,452
8,375,636
9,257,378
(202,069)
113,301
–
4,624,047
4,535,279
21,512,415
1,275,518
4,276
10,229,658
813,818
7,499
Total depreciation and amortisation expense
22,792,209
11,050,975
Employee benefits expense
– Direct labour
– Payroll tax
– Superannuation
– Employee entitlements accrual
– Share based payment
– Other
Total employee benefits expense
Repairs, service and maintenance
Materials and supplies
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
E
T
I
M
I
L
A
C
A
M
36
43,872,536
19,562,537
1,708,774
2,669,497
3,755,200
1,073,125
225,882
53,305,024
17,408,125
32,696,444
1,077,476
1,161,240
1,169,455
–
94,747
23,065,455
13,690,852
4,805,922
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 4 – INCOME TAX EXPENSE
(A) The components of tax expense comprise:
Current
Deferred
(B) The prima facie tax on profit from ordinary activities before
income tax is reconciled to the income tax as follows:
Prima facie tax payable on profit from ordinary activities
(cid:67)(cid:70)(cid:71)(cid:80)(cid:83)(cid:70)(cid:1)(cid:74)(cid:79)(cid:68)(cid:80)(cid:78)(cid:70)(cid:1)(cid:85)(cid:66)(cid:89)(cid:1)(cid:66)(cid:85)(cid:1)(cid:20)(cid:17)(cid:6)(cid:1)(cid:9)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1)(cid:20)(cid:17)(cid:6)(cid:10)
(cid:1)
Add tax effect of:
– non-deductible depreciation
– dividend imputation
– other non-allowable items
– other taxable items
Less tax effect of:
Note
2011
$
2010
$
13,394,455
17(C)
(682,173)
12,712,282
6,185,648
(66,343)
6,119,305
12,429,926
6,517,701
15,837
600,268
524,574
1,353,212
15,200
345,506
143,612
755,556
– franking credits on dividends received
(2,000,892)
(1,151,686)
– prior year adjustment
– other deductible items
Income tax attributable to the entity
(10,524)
(200,119)
12,712,282
–
(506,584)
6,119,305
The applicable weighted average effective tax rate as
(cid:1)
(cid:20)(cid:17)(cid:15)(cid:24)(cid:6)
(cid:1)
(cid:19)(cid:25)(cid:6)
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
E
T
I
M
I
L
A
C
A
M
37
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 5 – BUSINESS COMBINATIONS
(cid:48)(cid:79)(cid:1)(cid:19)(cid:1)(cid:52)(cid:70)(cid:81)(cid:85)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:13)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:45)(cid:74)(cid:78)(cid:74)(cid:85)(cid:70)(cid:69)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1)(cid:18)(cid:17)(cid:17)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:69)(cid:1)(cid:68)(cid:66)(cid:81)(cid:74)(cid:85)(cid:66)(cid:77)(cid:1)(cid:80)(cid:71)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:49)(cid:77)(cid:66)(cid:79)(cid:85)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:1)(cid:9)(cid:66)(cid:79)(cid:69)(cid:1)(cid:74)(cid:85)(cid:84)(cid:1)(cid:84)(cid:86)(cid:67)(cid:84)(cid:74)(cid:69)(cid:74)(cid:66)(cid:83)(cid:90)(cid:1)(cid:46)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:36)(cid:74)(cid:87)(cid:74)(cid:77)(cid:1)(cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:1)
(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:10)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:66)(cid:1)(cid:81)(cid:86)(cid:83)(cid:68)(cid:73)(cid:66)(cid:84)(cid:70)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:74)(cid:69)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:26)(cid:19)(cid:13)(cid:22)(cid:19)(cid:20)(cid:13)(cid:23)(cid:21)(cid:18)(cid:15)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:81)(cid:86)(cid:83)(cid:68)(cid:73)(cid:66)(cid:84)(cid:70)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:84)(cid:66)(cid:85)(cid:74)(cid:84)(cid:71)(cid:74)(cid:70)(cid:69)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:26)(cid:19)(cid:13)(cid:22)(cid:19)(cid:20)(cid:13)(cid:23)(cid:21)(cid:18)(cid:1)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:66)(cid:83)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:45)(cid:74)(cid:78)(cid:74)(cid:85)(cid:70)(cid:69)(cid:1)(cid:66)(cid:85)(cid:1)
(cid:5)(cid:18)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:15)(cid:1)
(cid:47)(cid:70)(cid:85)(cid:1)(cid:66)(cid:84)(cid:84)(cid:70)(cid:85)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:49)(cid:77)(cid:66)(cid:79)(cid:85)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:1)(cid:66)(cid:85)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:84)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:69)(cid:66)(cid:85)(cid:70)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:5)(cid:20)(cid:21)(cid:13)(cid:20)(cid:19)(cid:20)(cid:13)(cid:24)(cid:24)(cid:22)(cid:15)(cid:1)(cid:54)(cid:79)(cid:69)(cid:70)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:83)(cid:74)(cid:79)(cid:68)(cid:74)(cid:81)(cid:77)(cid:70)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:20)(cid:1)(cid:35)(cid:86)(cid:84)(cid:74)(cid:79)(cid:70)(cid:84)(cid:84)(cid:1)(cid:36)(cid:80)(cid:78)(cid:67)(cid:74)(cid:79)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:13)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:49)(cid:77)(cid:66)(cid:79)(cid:85)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)
Ltd is the accounting acquirer in the business combination. Therefore the transaction has been accounted for as a reverse acquisition. Fair value
of the consideration transferred has been determined by reference to the fair value of issued shares in MACA Plant Pty Ltd immediately prior to
the business combination.
The purchase acquisition was part of a group restructure to facilitate listing on the Australian Securities Exchange to enable further expansion.
The major classes of assets and liabilities comprising the acquisition of the Company as at the date of the acquisition are as follows:
Cash and cash equivalents
Trade and other receivables
Other assets
Financial assets
Property, plant and equipment
Deferred tax assets
Trade and other payables
Financial liabilities
Current tax liabilities
Provisions
Deferred tax liabilities
Consideration paid:
2 September 2010
$
4,331,688
34,474,805
392,500
3,150,000
52,462,379
692,199
(22,361,633)
(33,340,670)
(3,259,948)
(1,879,544)
(338,001)
34,323,775
Ordinary shares (92,523,641 shares)
92,523,641
(cid:48)(cid:79)(cid:1)(cid:19)(cid:1)(cid:52)(cid:70)(cid:81)(cid:85)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:13)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:81)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1)(cid:18)(cid:17)(cid:17)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:69)(cid:1)(cid:68)(cid:66)(cid:81)(cid:74)(cid:85)(cid:66)(cid:77)(cid:1)(cid:80)(cid:71)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:36)(cid:83)(cid:86)(cid:84)(cid:73)(cid:74)(cid:79)(cid:72)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:13)(cid:1)(cid:66)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)(cid:74)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:84)(cid:70)(cid:83)(cid:87)(cid:74)(cid:68)(cid:70)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:78)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)
(cid:66)(cid:79)(cid:69)(cid:1)(cid:83)(cid:70)(cid:84)(cid:80)(cid:86)(cid:83)(cid:68)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:69)(cid:86)(cid:84)(cid:85)(cid:83)(cid:90)(cid:13)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:66)(cid:1)(cid:81)(cid:86)(cid:83)(cid:68)(cid:73)(cid:66)(cid:84)(cid:70)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:74)(cid:69)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:18)(cid:13)(cid:19)(cid:17)(cid:23)(cid:13)(cid:22)(cid:17)(cid:22)(cid:15)
The purchase acquisition was part of a group restructure to facilitate listing on the Australian Securities Exchange which will enable further
(cid:70)(cid:89)(cid:81)(cid:66)(cid:79)(cid:84)(cid:74)(cid:80)(cid:79)(cid:15)(cid:1)(cid:53)(cid:73)(cid:83)(cid:80)(cid:86)(cid:72)(cid:73)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:18)(cid:17)(cid:17)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:69)(cid:1)(cid:68)(cid:66)(cid:81)(cid:74)(cid:85)(cid:66)(cid:77)(cid:1)(cid:80)(cid:71)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:36)(cid:83)(cid:86)(cid:84)(cid:73)(cid:74)(cid:79)(cid:72)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:13)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:81)(cid:1)(cid:73)(cid:66)(cid:84)(cid:1)(cid:80)(cid:67)(cid:85)(cid:66)(cid:74)(cid:79)(cid:70)(cid:69)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:83)(cid:80)(cid:77)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:15)
(cid:53)(cid:73)(cid:70)(cid:1)(cid:81)(cid:86)(cid:83)(cid:68)(cid:73)(cid:66)(cid:84)(cid:70)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:84)(cid:66)(cid:85)(cid:74)(cid:84)(cid:71)(cid:74)(cid:70)(cid:69)(cid:1)(cid:67)(cid:90)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:18)(cid:13)(cid:19)(cid:17)(cid:23)(cid:13)(cid:22)(cid:17)(cid:22)(cid:1)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:66)(cid:83)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:66)(cid:79)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:1)(cid:81)(cid:83)(cid:74)(cid:68)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:18)(cid:1)(cid:70)(cid:66)(cid:68)(cid:73)(cid:15)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:1)(cid:81)(cid:83)(cid:74)(cid:68)(cid:70)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:67)(cid:66)(cid:84)(cid:70)(cid:69)(cid:1)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:78)(cid:66)(cid:83)(cid:76)(cid:70)(cid:85)(cid:1)
price on date of purchase.
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
E
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A
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38
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 5 – BUSINESS COMBINATIONS (CONTINUED)
Purchase consideration:
Cash consideration
Equity issued as consideration
Total purchase
Fair value of assets acquired (see below)
Discount on acquisition
Investment in subsidiary
Assets and liabilities held at acquisition date
Cash and cash equivalents
Trade and other receivables
Property, plant and equipment
Trade and other payables
Financial liabilities
Current tax liabilities
Purchase consideration settled in cash
Cash and cash equivalents in subsidiary acquired
Cash inflow on acquisition
$
1,206,505
–
1,206,505
1,206,505
1,440,957
(234,452)
1,206,505
230,073
434,560
10,126,733
(19,309)
(9,246,439)
(84,661)
1,440,957
-
230,073
230,073
(cid:49)(cid:83)(cid:80)(cid:71)(cid:74)(cid:85)(cid:1)(cid:67)(cid:70)(cid:71)(cid:80)(cid:83)(cid:70)(cid:1)(cid:74)(cid:79)(cid:68)(cid:80)(cid:78)(cid:70)(cid:1)(cid:85)(cid:66)(cid:89)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:83)(cid:70)(cid:87)(cid:70)(cid:79)(cid:86)(cid:70)(cid:1)(cid:83)(cid:70)(cid:84)(cid:86)(cid:77)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:84)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:36)(cid:83)(cid:86)(cid:84)(cid:73)(cid:74)(cid:79)(cid:72)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:1)(cid:66)(cid:78)(cid:80)(cid:86)(cid:79)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:80)(cid:1)(cid:5)(cid:22)(cid:26)(cid:22)(cid:13)(cid:17)(cid:21)(cid:26)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:5)(cid:18)(cid:13)(cid:22)(cid:22)(cid:25)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1)(cid:83)(cid:70)(cid:84)(cid:81)(cid:70)(cid:68)(cid:85)(cid:74)(cid:87)(cid:70)(cid:77)(cid:90)(cid:1)
are included in the consolidated statement of comprehensive income for the year ended 30 June 2011.
(cid:41)(cid:66)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:83)(cid:70)(cid:84)(cid:86)(cid:77)(cid:85)(cid:84)(cid:1)(cid:83)(cid:70)(cid:77)(cid:66)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:80)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:49)(cid:77)(cid:66)(cid:79)(cid:85)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:1)(cid:67)(cid:70)(cid:70)(cid:79)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:80)(cid:77)(cid:74)(cid:69)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:18)(cid:1)(cid:43)(cid:86)(cid:77)(cid:90)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:13)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:80)(cid:77)(cid:74)(cid:69)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:83)(cid:70)(cid:87)(cid:70)(cid:79)(cid:86)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:80)(cid:77)(cid:74)(cid:69)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:72)(cid:83)(cid:80)(cid:86)(cid:81)(cid:1)(cid:88)(cid:80)(cid:86)(cid:77)(cid:69)(cid:1)(cid:73)(cid:66)(cid:87)(cid:70)(cid:1)
(cid:67)(cid:70)(cid:70)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:84)(cid:66)(cid:78)(cid:70)(cid:1)(cid:66)(cid:84)(cid:1)(cid:74)(cid:85)(cid:1)(cid:68)(cid:86)(cid:83)(cid:83)(cid:70)(cid:79)(cid:85)(cid:77)(cid:90)(cid:1)(cid:84)(cid:85)(cid:66)(cid:79)(cid:69)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:80)(cid:77)(cid:74)(cid:69)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:81)(cid:83)(cid:80)(cid:71)(cid:74)(cid:85)(cid:1)(cid:67)(cid:70)(cid:71)(cid:80)(cid:83)(cid:70)(cid:1)(cid:85)(cid:66)(cid:89)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:67)(cid:74)(cid:79)(cid:70)(cid:69)(cid:1)(cid:72)(cid:83)(cid:80)(cid:86)(cid:81)(cid:1)(cid:88)(cid:80)(cid:86)(cid:77)(cid:69)(cid:1)(cid:73)(cid:66)(cid:87)(cid:70)(cid:1)(cid:67)(cid:70)(cid:70)(cid:79)(cid:1)(cid:5)(cid:21)(cid:18)(cid:13)(cid:24)(cid:19)(cid:17)(cid:13)(cid:17)(cid:17)(cid:22)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:70)(cid:79)(cid:69)(cid:70)(cid:69)(cid:1)
30 June 2011.
NOTE 6 – AUDITORS’ REMUNERATION
Remuneration of the parent entity auditors for:
– Auditing or reviewing the financial report
Note
2011
$
2010
$
75,000
75,000
55,000
55,000
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
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A
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39
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 7 – INTERESTS OF KEY MANAGEMENT PERSONNEL (KMP)
Note
2011
$
2010
$
Refer to the remuneration report contained in the director’s report for
details of the remuneration paid or payable to each member of the
Group’s key management personnel for the year ended 30 June 2011.
The totals of remuneration paid to KMP of the company and Group
during the year are as follows:
Short-term employee benefits
Post-employment benefits
Other long-term benefits
Share based payments
2,428,962
88,317
–
965,984
3,483,263
1,666,702
63,867
–
–
1,730,569
A. KMP Options and Rights Holdings
The number of options over ordinary shares held by each KMP of the Group during the financial year is as follows:
Balance at
beginning
of year
Granted as
remuneration
during the year
Exercised
during
the year
Other changes
during the year
Balance at
the end of
the year
Vested
during
the year
Vested and
exercisable
Vested and
unexercisable
30 June 2011
David John Edwards
James Edward Moore
Francis Joseph Maher
Geoffrey Alan Baker
Ross Campbell Williams
Christopher Mark Tuckwell
(cid:34)(cid:79)(cid:69)(cid:83)(cid:70)(cid:88)(cid:1)(cid:41)(cid:86)(cid:72)(cid:73)(cid:1)(cid:38)(cid:69)(cid:88)(cid:66)(cid:83)(cid:69)(cid:84)
Joseph Ronald Sweet
Karen Lesley Field
Mitch Wallace
Andrew Sarich
30 June 2010
David John Edwards
James Edward Moore
Francis Joseph Maher
Geoffrey Alan Baker
Ross Campbell Williams
Chris Tuckwell
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
500,000
–
–
–
–
–
–
–
–
200,000
–
700,000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
500,000
–
–
–
–
–
–
–
–
200,000
–
700,000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
E
T
I
M
I
L
A
C
A
M
40
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
B. KMP Shareholdings
The number of ordinary shares in MACA Limited held by each KMP of the Group during the financial year is as follows:
Balance at
beginning
of year*
Granted as
remuneration
during the year
Increase
other
Issued on
exercise of options
during the year
Other changes
during the year
Balance at
end of year
30 June 2011
David John Edwards
Geoffrey Alan Baker
20,984,361
20,984,361
Francis Joseph Maher
20,984,361
James Edward Moore
20,984,361
Ross Campbell Williams
9,792,702
Christopher Mark Tuckwell
(cid:34)(cid:79)(cid:69)(cid:83)(cid:70)(cid:88)(cid:1)(cid:41)(cid:86)(cid:72)(cid:73)(cid:1)(cid:38)(cid:69)(cid:88)(cid:66)(cid:83)(cid:69)(cid:84)
Joseph Ronald Sweet
Karen Lesley Field
Mitchell Wallace
Andrew Sarich
–
–
–
–
–
–
–
–
–
–
–
4,504,445
4,504,445
4,504,445
4,504,445
2,102,074
946,769
203,231
–
–
–
–
–
–
–
–
–
–
93,730,146
946,769
20,323,085
-
-
-
-
-
-
-
-
-
-
-
-
(4,488,806)
21,000,000
(4,488,806)
21,000,000
(6,488,806)
19,000,000
(6,488,806)
19,000,000
(2,894,776)
9,000,000
(150,000)
1,000,000
20,000
20,000
100,000
100,000
–
–
–
–
40,000
40,000
(24,840,000)
90,160,000
* Balance at beginning of year differs from balance at end of the previous year due to a corporate restructure
Balance at
beginning
of year
Granted as
remuneration
during the year
Issued on
exercise of options
during the year
Other changes
during the year
Balance at
end of year
30 June 2010
David John Edwards
James Edward Moore
Francis Joseph Maher
Geoffrey Alan Baker
Ross Campbell Williams
Christopher Mark Tuckwell
Other KMP Transactions
30
30
30
30
14
–
134
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
30
30
30
30
14
–
134
There have been no other transactions involving equity instruments other than those described in the tables above. For details of other transactions
with KMP, refer to Note 31: Related Party Transactions.
T
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O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
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A
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A
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41
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 8 – DIVIDENDS
Distributions paid:
(cid:42)(cid:79)(cid:85)(cid:70)(cid:83)(cid:74)(cid:78)(cid:1)(cid:71)(cid:86)(cid:77)(cid:77)(cid:90)(cid:1)(cid:71)(cid:83)(cid:66)(cid:79)(cid:76)(cid:70)(cid:69)(cid:1)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:66)(cid:83)(cid:90)(cid:1)(cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:17)(cid:15)(cid:17)(cid:20)(cid:1)(cid:9)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1)(cid:5)(cid:18)(cid:25)(cid:13)(cid:24)(cid:26)(cid:22)(cid:10)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)
(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:1)(cid:71)(cid:83)(cid:66)(cid:79)(cid:76)(cid:70)(cid:69)(cid:1)(cid:66)(cid:85)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:85)(cid:66)(cid:89)(cid:1)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:20)(cid:17)(cid:6)(cid:1)(cid:9)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1)(cid:20)(cid:17)(cid:6)(cid:10)
(cid:19)(cid:17)(cid:18)(cid:17)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:77)(cid:1)(cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:1)(cid:9)(cid:71)(cid:86)(cid:77)(cid:77)(cid:90)(cid:1)(cid:71)(cid:83)(cid:66)(cid:79)(cid:76)(cid:70)(cid:69)(cid:10)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:17)(cid:15)(cid:17)(cid:22)(cid:24)(cid:25)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:1)(cid:81)(cid:66)(cid:74)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:19)(cid:17)(cid:18)(cid:18)
Note
2011
$
2010
$
4,500,000
6,500,000
11,000,000
2,518,519
–
2,518,519
Total dividends per share for the period1
0.06
0.0578
1 The dividend and net tangible asset backing per share for the comparative period
are restated to reflect a comparative share capital.
(cid:49)(cid:83)(cid:80)(cid:81)(cid:80)(cid:84)(cid:70)(cid:69)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:77)(cid:1)(cid:71)(cid:86)(cid:77)(cid:77)(cid:90)(cid:1)(cid:71)(cid:83)(cid:66)(cid:79)(cid:76)(cid:70)(cid:69)(cid:1)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:66)(cid:83)(cid:90)(cid:1)(cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:17)(cid:15)(cid:17)(cid:20)(cid:1)(cid:9)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1)(cid:5)(cid:19)(cid:19)(cid:13)(cid:20)(cid:25)(cid:25)(cid:10)(cid:1)
(cid:81)(cid:70)(cid:83)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:1)(cid:71)(cid:83)(cid:66)(cid:79)(cid:76)(cid:70)(cid:69)(cid:1)(cid:66)(cid:85)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:85)(cid:66)(cid:89)(cid:1)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:20)(cid:17)(cid:6)(cid:1)(cid:9)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1)(cid:20)(cid:17)(cid:6)(cid:10)
4,500,000
3,000,000
Balance of franking account at year end adjusted for credits arising from
payment of provision of income tax and debits arising for income tax and
dividends recognised as receivables, franking credits that may be prevented
from distribution in subsequent financial year as per the income tax return
at 30 June 2011 being the latest tax year end to balance date.
20,426,473
12,789,003
Subsequent to year end the franking account would be reduced by the
proposed dividend
(1,928,571)
(1,285,714)
NOTE 9 – EARNINGS PER SHARE
A. Reconciliation of earnings to profit and loss
Profit
Profit attributable to non controlling interest
Earnings used to calculate basic EPS
Earnings used in the calculation of dilutive EPS
B. Weighted average number of ordinary shares outstanding during
the year in calculating basic EPS
Weighted average number of dilutive options outstanding
Weighted average number of ordinary shares outstanding during
the year used in calculating dilutive EPS
NOTE 10 – CASH AND CASH EQUIVALENTS
28,720,803
(1,641,277)
27,079,526
27,079,526
15,606,364
(3,866,947)
11,739,417
11,739,417
137,452,900
112,384,510
2,781,538
1,123,845
140,234,438
113,508,355
Cash at bank
25
50,562,835
5,861,047
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 11 – TRADE AND OTHER RECEIVABLES
CURRENT
Trade debtors
Amounts receivable from director related entities
NON CURRENT
Other
A. Credit risk
Note
2011
$
2010
$
28,668,554
–
28,668,554
34,596,380
235,983
34,832,363
–
5,831
The Group has no significant concentration of credit risk with respect to any single counterparty or group of counterparties other than those
receivables specifically provided for and mentioned within Note 11. The class of assets described as “trade and other receivables” is considered
to be the main source of credit risk related to the Group.
The following table details the Group’s trade and other receivables exposed to credit risk (prior to collateral and other credit enhancements) with
ageing analysis and impairment provided for thereon. Amounts are considered as ‘past due’ when the debt has not been settled, with the terms
and conditions agreed between the Group and the customer or counterparty to the transaction. Receivables that are past due are assessed for
impairment by ascertaining solvency of the debtors and are provided for where there are specific circumstances indicating that the debt may
not be fully repaid to the Group.
The balance of receivables that remain within initial trade terms (as detailed in the table) are considered to be of acceptable credit quality.
Gross amount
(cid:5)
Past due
and impaired
(cid:5)
Past due but not impaired
(months overdue) < 1 month
(cid:5)
Within initial
trade terms
(cid:5)
30 June 2011
Trade and term receivables
28,577,564
Other receivables
Total
30 June 2010
–
28,577,564
Trade and term receivables
34,832,363
Other receivables
Total
–
34,832,363
–
–
–
–
–
–
8,650,092
–
8,650,092
19,927,472
19,927,472
12,267,421
22,564,942
–
–
12,267,421
22,564,942
Neither the Group nor parent entity holds any financial assets with terms that have been renegotiated, but which would otherwise be past due
or impaired.
B. Financial assets classified as loans and receivables
Trade and other receivables
– Total current
– Total non-current
Note
2011
$
2010
$
28,668,554
34,832,363
–
5,831
28,668,554
34,838,194
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 12 – OTHER ASSETS
CURRENT
Prepayments
Loan Receivables – MACA Crushing Pty Ltd
Note
2011
$
2010
$
405,560
–
405,560
499,877
750,000
1,249,877
The loan was unsecured, with no fixed terms for repayment and bore interest at a rate as decided upon from time to time.
NOTE 13 – FINANCIAL ASSETS
NON CURRENT
Available for Sale Financial Assets:
Shares in listed corporations, at fair value
3,293,820
3,293,820
2,853,125
2,853,125
NOTE 14 – INVESTMENTS ACCOUNTING FOR USING THE EQUITY METHOD
Name
Principal Activities
Country of
Incorporation
Riverlea Corporation Pty Ltd
Civil Contracting
Australia
NOTE 15 – CONTROLLED ENTITIES
Ownership Interest
Carrying Amounts
of Investment
2011
2010
2011
2010
Shares
Ord
%
33.3
%
–
$
500,000
$
–
Country of Incorporation
Percentage Owned (%)*
2011
2010
Australia
–
–
Australia
Australia
Australia
Australia
(cid:18)(cid:17)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:6)
(cid:18)(cid:17)(cid:17)(cid:6)
(cid:23)(cid:17)(cid:6)
(cid:22)(cid:17)(cid:15)(cid:21)(cid:6)
–
–
–
Parent entity:
MACA Limited
Subsidiaries:
Mining and Civil Australia Pty Ltd
MACA Plant Pty Ltd
MACA Crushing Pty Ltd
MACA Civil Pty Ltd
* Percentage of voting power in proportion to ownership
Acquisition of Controlled Entities
During the 2011 financial year the parent entity, MACA Limited acquired interests in the above mentioned entities. Refer to details of these
transactions in Note 5: Business Combinations. MACA Civil Pty Ltd was incorporated during the current financial year.
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44
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 16 – PROPERTY, PLANT & EQUIPMENT
LAND AND BUILDINGS
Total land and buildings at cost
PLANT AND EQUIPMENT
Plant and equipment – at cost
Accumulated depreciation
Motor vehicles – at cost
Accumulated depreciation
Leased plant and equipment – at cost
Accumulated depreciation
Low value pool – at cost
Accumulated depreciation
Leasehold improvements – at cost
Accumulated depreciation
Total plant and equipment
Total property, plant and equipment
A. Movements in Carrying Amounts
Note
2011
$
2010
$
–
338,341
120,351,402
(52,705,689)
67,645,713
5,875,606
(3,476,112)
2,399,494
1,440,000
(1,440,000)
–
52,315
(42,276)
10,039
291,962
(18,904)
273,058
69,605,233
(24,112,412)
45,492,821
5,070,712
(2,333,981)
2,736,731
1,440,000
(1,440,000)
–
46,492
(38,000)
8,492
164,922
(7,526)
157,396
70,328,304
70,328,304
48,395,440
48,733,781
Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year
Consolidated:
(cid:5)
(cid:5)
(cid:5)
(cid:5)
(cid:5)
(cid:5)
Land and
Buildings
Plant and
equipment
Motor
vehicles
Leased plant
& equipment
Low value
pool
Leasehold
improvements
Total
(cid:5)
Opening balance at 1 July 2009
338,341
12,320,522
966,226
–
6,961
44,582
13,810,159
Additions
Disposals
Additions through acquisition of entities
Revaluation increments / (decrements)
–
43,893,930 2,587,915
133,527
5,096
134,317
46,621,258
–
–
–
(491,973)
(3,592)
–
–
–
–
–
–
–
–
–
–
(17,230)
(512,795)
–
–
–
–
Depreciation expense
– (10,229,658)
(813,818)
(133,527)
(3,565)
(4,273)
(11,184,841)
Capitalised borrowing cost and depreciation
–
–
–
–
–
–
–
Balance at 30 June 2010
338,341 45,492,821 2,736,731
Opening balance at 1 July 2010
338,341 45,492,821 2,736,731
Additions
Disposals
– 43,354,628 1,080,800
(338,341)
(103,842)
(132,044)
Additions through acquisition of entities
Revaluation increments / (decrements)
–
–
–
–
–
–
Depreciation expense
– (21,097,894) (1,285,993)
Capitalised borrowing cost and depreciation
–
–
–
Balance at 30 June 2011
–
67,645,713
2,399,494
–
–
–
–
–
–
–
–
–
8,492
157,396 48,733,781
8,492
157,396 48,733,781
5,823
127,040 44,568,291
–
–
–
–
–
–
(574,227)
–
–
(4,276)
(11,378)
(22,399,541)
–
–
–
10,039
273,058 70,328,304
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 17 – TAX
(A) Liabilities
CURRENT
Income tax
NON-CURRENT
Deferred tax liability comprises:
Prepayments
Other
Total
(B) Assets
NON-CURRENT
Deferred tax assets comprises:
Provisions
Other
Total
(C) Reconciliations
i. Gross Movements
The overall movement in the deferred tax account is as follows:
Opening balance
(Charge) / Credit to income statement
(Charge) / Credit to equity
Closing balance
ii. Deferred Tax Liabilities
The movement in deferred tax liabilities for each temporary
difference during the year is as follows:
Other:
Opening balance
Charge / (Credit) to income statement
Charge / (Credit) to equity
Closing balance
iii. Deferred Tax Liabilities
The movement in deferred tax assets for each temporary
difference during the year is as follows:
Provisions:
Opening balance
Credit to income statement
Closing balance
Other:
Opening balance
Credit to equity
Closing balance
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1
0
2
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Note
2011
$
2010
$
4,033,644
959,226
97,500
303,671
401,171
1,011,846
499,895
1,511,741
191,878
682,173
236,519
1,110,570
281,152
(143,357)
263,376
401,171
473,030
530,416
1,003,446
–
499,895
499,895
149,963
131,189
281,152
473,030
–
473,030
136,694
66,343
(11,159)
191,878
195,630
74,363
11,159
281,152
332,324
140,706
473,030
–
–
–
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
Note
2011
$
2010
$
NOTE 18 – TRADE AND OTHER PAYABLES
CURRENT
Unsecured Liabilities:
Trade creditors
Sundry creditors and accruals
Creditors are non-interest bearing and settled at various terms up to 45 days.
Financial liabilities at amortised cost classified as trade and other payables
Trade and other payables
- Total current
- Total non-current
NOTE 19 – BORROWINGS
CURRENT
Secured Liabilities:
Finance lease liability
NON-CURRENT
Secured Liabilities
Finance lease liability
A. Total current and non-current secured liabilities:
Finance lease liability
22
B. The carrying amounts of non-current assets pledged as security are:
Finance lease liability
NOTE 20 – PROVISIONS
CURRENT
Employee Entitlements
A. Movement in provisions:
Consolidated:
Opening balance as at 1 July 2010
Additional provisions
Amounts used
Closing balance as at 30 June 2011
B. Provision for employee benefits
20,305,705
4,714,271
25,019,976
24,857,421
1,826,580
26,684,001
25,019,976
26,684,001
–
–
25,019,976
26,684,001
18,153,494
18,153,494
11,715,019
11,715,019
18,966,017
18,966,017
37,119,511
37,119,511
33,728,148
33,728,148
18,275,562
18,275,562
29,990,581
29,990,581
28,704,306
28,704,306
2,564,689
1,576,765
Employee
Entitlements
1,576,765
3,868,705
2,880,781
2,564,689
Total
1,576,765
3,868,705
2,880,781
2,564,689
A provision has been recognised for employee benefits relating to statutory leave for employees. The measurement and recognition criteria for
employee benefits have been included in Note 1.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 21 – ISSUED CAPITAL
150,000,000 (2010:134) fully paid ordinary shares with no par value
35,570,541
No.
No.
134
(132)
56,737,315
1,206,505
(2)
35,786,326
946,769
20,323,085
35,000,000
150,000,000
A. Ordinary shares:
At the beginning of the reporting period
Converted into 2 shares on incorporation
Shares issued during the year
- 2 September 2010 Acquisition of MACA Plant Pty Ltd
- 2 September 2010 Acquisition of MACA Crushing Pty Ltd
- 2 September 2010 Redemption of nominees shares
- 3 September 2010 Acquisition of minority interest in
Mining and Civil Australia Pty Ltd
- 4 September 2010 Share based payments
- 16 September 2010 Share split
- 28 October 2010 Initial Public Offering
At reporting date
The company has no authorised share capital.
Ordinary shares participate in dividends and the proceeds on winding up of the
parent entity in proportion to the number of shares held.
At the shareholders’ meetings each ordinary share is entitled to one vote when
a poll is called, otherwise each shareholder has one vote on a show of hands.
B. Capital Management:
Management controls the capital of the Group in order to maintain a prudent
debt to equity ratio, provide the shareholders with adequate returns and ensure
that the Group can fund its operations and continue as a going concern.
The Group’s debt and capital includes ordinary share capital and financial
liabilities, supported by financial assets.
There are no externally imposed capital requirements.
Management effectively manages the Group’s capital by assessing the Group’s
financial risks and adjusting its capital structure in response to changes in
these risks and in the market. These responses include the management
of debt levels, distributions to shareholders and share issues.
134
134
–
–
–
–
–
–
–
–
134
Note
28
10
2011
$
37,119,511
(50,562,835)
(13,443,324)
88,243,196
74,799,872
2010
$
29,990,581
(5,861,047)
24,129,534
34,517,329
58,646,863
(cid:1)
(cid:9)(cid:18)(cid:25)(cid:6)(cid:10)
(cid:1)
(cid:21)(cid:18)(cid:6)
Total borrowings
Less cash and cash equivalents
Net debt
Total equity
Total capital
Gearing ratio
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 22 – CAPITAL & LEASING COMMITMENTS
A. Capital expenditure commitments
Capital expenditure commitments contracted for:
Plant and equipment purchases
Payable
- not later than 12 months
- between 12 months and 5 years
- greater than 5 years
Minimum Commitments
B. Finance lease commitments
Payable – minimum lease payments
- not later than 12 months
- between 12 months and 5 years
- greater than 5 years
Minimum less payments
Less: Future Finance Charges
C. Operating lease commitments
Non-cancellable operating leases contracted
for but not capitalised in the accounts:
Payable – minimum lease payments
- not later than 12 months
- between 12 months and 5 years
- greater than 5 years
Note
2011
$
2010
$
34,484,290
34,484,290
–
–
34,484,290
20,176,062
20,184,262
–
40,360,324
(3,240,814)
19
37,119,510
–
–
–
–
–
13,404,632
19,951,622
–
33,356,254
(3,365,673)
29,990,581
1,062,324
651,824
–
2,726,438
3,149,863
–
1,714,148
5,876,301
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 23 – CONTINGENT LIABILITIES AND CONTINGENT ASSETS
There are no contingent assets or liabilities.
NOTE 24 – OPERATING SEGMENTS
The group information presented in the financial report is the information that is reviewed by the Board of Directors (Chief operating decision maker)
in assessing performance and determining the allocation of resources.
Identification of Reportable Segment
The Group identifies its operating segments based on internal reports that are reviewed and used by the Board of Directors (chief operating decision
maker) in assessing performance and determining the allocation of resources.
The Group operates predominantly in one business and geographical segment being the provision of contract mining services to the mining industry
throughout Western Australia. The financial information in the Statement of Comprehensive Income and the Statement of Financial Position is the
same as that presented to the chief operating decision maker.
Basis of Accounting for Purposes of Reporting by Operating Segments
Accounting Policies Adopted
Unless otherwise stated, all amounts reported to the Board of Directors as the chief operating decision maker, is in accordance with accounting
policies that are consistent to those adopted in the financial statements of the Company.
Inter-segment transactions
Inter-segment loans payable and receivable are initially recognised at the consideration received net of transaction costs. If inter-segment loans
receivable and payable are not on commercial terms, these are not adjusted to fair value based on market interest rates. This policy represents
a departure from that applied to the statutory financial statements.
Segment assets
Where an asset is used across multiple segments, the asset is allocated to the segment that receives the majority of economic value from the asset.
In the majority of instances, segment assets are clearly identifiable on the basis of their nature and physical location.
Unless indicated otherwise in the segment assets note, investments in financial assets, deferred tax assets and intangible assets have not been
allocated to operating segments.
Segment liabilities
Liabilities are allocated to segments where there is direct nexus between the incurrence of the liability and the operations of the segment.
Borrowings and tax liabilities are generally considered to relate to the Group as a whole and are not allocated. Segment liabilities include trade
and other payables and certain direct borrowings.
Unallocated items
The following items of revenue, expense, assets and liabilities are not allocated to operating segments as they are not considered part of the core
operations of any segment:
(cid:116)(cid:1) (cid:73)(cid:70)(cid:66)(cid:69)(cid:1)(cid:80)(cid:71)(cid:71)(cid:74)(cid:68)(cid:70)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:80)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1)(cid:66)(cid:69)(cid:78)(cid:74)(cid:79)(cid:74)(cid:84)(cid:85)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:70)(cid:89)(cid:81)(cid:70)(cid:79)(cid:69)(cid:74)(cid:85)(cid:86)(cid:83)(cid:70)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 24 – OPERATING SEGMENTS (CONTINUED)
Contract Mining Services
$
Total Operations
$
A. Segment performance
30 June 2011
Revenue
External sales
Interest revenue
Total segment revenue
Reconciliation of segment revenue to group revenue
Other revenue
Total group revenue
Segment net profit before tax
Reconciliation of segment result to net loss before tax:
Amounts not included in segment result but reviewed by the board:
- Other
Net profit before tax from continuing operations
30 June 2010
Revenue
External sales
Interest revenue
Total segment revenue
Reconciliation of segment revenue to group revenue
Other revenue
Total group revenue
Segment net profit before tax
Reconciliation of segment result to net loss before tax:
Amounts not included in segment result but reviewed by the board:
- other
Net profit before tax from continuing operations
240,701,472
240,701,472
1,517,903
1,517,903
242,219,275
242,219,275
–
–
43,528,872
7,006,750
249,226,125
43,528,872
–
–
(2,095,787)
41,433,085
148,425,365
148,425,365
324,637
324,637
148,750,002
148,750,002
–
–
24,208,849
1,853,294
150,603,296
24,208,849
–
–
(2,483,180)
21,725,669
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 24 – OPERATING SEGMENTS (CONTINUED)
B. Segment assets
30 June 2011
Segment assets
Segment asset increases for the period:
- capital expenditure
- acquisitions
Reconciliation of segment assets to group assets
Unallocated assets:
- cash
- financial assets
- deferred tax assets
Total group assets
30 June 2010
Segment assets
Segment asset increases for the period:
- capital expenditure
- acquisitions
Reconciliation of segment assets to group assets
Unallocated assets:
- cash
- financial assets
- deferred tax assets
Total group assets
C. Segment liabilities
30 June 2011
Segment liabilities
Reconciliation of segment liabilities to group liabilities
Unallocated assets:
- current tax liabilities
- deferred tax liabilities
Total group liabilities
30 June 2010
Segment liabilities
Reconciliation of segment liabilities to group liabilities
Unallocated assets:
- current tax liabilities
- deferred tax liabilities
Total group liabilities
D. All revenue is sourced from Australia
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
E
T
I
M
I
L
A
C
A
M
52
Contract Mining Services
$
Total Operations
$
101,513,791
101,513,791
19,158,948
19,158,948
–
–
19,158,948
19,158,948
–
–
–
–
50,562,835
3,793,820
1,511,741
157,382,187
84,821,852
84,821,852
16,714,806
16,714,806
–
–
16,714,806
16,714,806
–
–
–
–
5,861,047
2,853,125
473,030
94,009,054
64,704,176
64,704,176
–
–
–
4,033,644
401,171
69,138,991
58,251,347
58,251,347
–
–
–
959,226
281,152
59,491,725
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 25 – CASH FLOW INFORMATION
A. Reconciliation of Cash
Cash at the end of the financial year as shown in the
Statement of Cash Flows is reconciled to the related
items in the statement of financial position as follows:
Cash and cash equivalents
Bank overdraft
B. Reconciliation of Cash Flow from Operations
with Operating Profit after Income Tax
Operating profit after income tax
Non-cash flows in profit from ordinary activities
Depreciation and amortisation
Equity Adjustment
Net (gain) / loss on disposal of plant and equipment
Discount on acquisition of MACA Plant Pty Ltd
Share based payment
Changes in assets and liabilities
(Increase) / decrease in trade and other receivables
(Increase) / decrease in other assets
(Increase) / decrease in inventories
Increase / (decrease) in trade and other payables
Increase / (decrease) in income tax payable
Increase / (decrease) in deferred tax payable
Increase / (decrease) in provisions
Note
2011
$
2010
$
50,562,835
5,861,047
–
–
50,562,835
5,861,047
28,720,803
15,606,364
22,792,209
11,050,975
197,223
(647,290)
(234,452)
1,073,125
6,170,614
94,317
(1,867,684)
(1,664,027)
3,074,418
(918,692)
987,924
(11,159)
202,069
(113,301)
–
(28,382,665)
(247,877)
–
23,949,717
(1,000,724)
(55,184)
348,092
57,778,488
21,346,307
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
E
T
I
M
I
L
A
C
A
M
53
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 25 – CASH FLOW INFORMATION (CONTINUED)
C. Acquisition of Entities
(cid:1) (cid:48)(cid:79)(cid:1)(cid:19)(cid:1)(cid:52)(cid:70)(cid:81)(cid:85)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:13)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:45)(cid:74)(cid:78)(cid:74)(cid:85)(cid:70)(cid:69)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1)(cid:18)(cid:17)(cid:17)(cid:6)(cid:1)
of the issued capital of MACA Plant Pty Ltd, (including
its subsidiary Mining and Civil Australia Pty Ltd).
Purchase consideration, consisting of:
(cid:1)
(cid:14)(cid:1)(cid:42)(cid:84)(cid:84)(cid:86)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:26)(cid:19)(cid:13)(cid:22)(cid:20)(cid:19)(cid:13)(cid:23)(cid:21)(cid:18)(cid:1)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:66)(cid:83)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:5)(cid:18)
Total consideration
Fair value of issued shares in MACA Plant Pty Ltd
Total fair value of issued shares in MACA Plant Pty Ltd
(cid:1) (cid:48)(cid:79)(cid:1)(cid:19)(cid:1)(cid:52)(cid:70)(cid:81)(cid:85)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:13)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:81)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1)(cid:18)(cid:17)(cid:17)(cid:6)(cid:1)
of the issued capital of MACA Crushing Pty Ltd.
Purchase consideration, consisting of:
(cid:1)
(cid:14)(cid:1)(cid:42)(cid:84)(cid:84)(cid:86)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:18)(cid:13)(cid:19)(cid:17)(cid:23)(cid:13)(cid:22)(cid:17)(cid:22)(cid:1)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:66)(cid:83)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:5)(cid:18)
Total consideration
Cash consideration
Cash outflow
Assets and liabilities held at acquisition date:
Cash and cash equivalents
Trade and other receivables
Property, plant and equipment
Trade and other payables
Financial liabilities
Current tax liabilities
Fair value of previously held interest in MACA Plant Pty Ltd
Discount on consolidation
Minority equity interest in acquisitions
D. Acquisition of Entities
Note
2011
$
2010
$
–
92,523,641
92,523,641
92,523,641
92,523,641
1,206,505
1,206,505
–
–
230,073
434,560
10,126,733
(19,309)
(9,246,439)
(84,661)
1,440,957
–
(234,452)
–
1,206,505
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Share issue
(cid:26)(cid:19)(cid:13)(cid:22)(cid:19)(cid:20)(cid:13)(cid:23)(cid:21)(cid:18)(cid:1)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:66)(cid:83)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:88)(cid:70)(cid:83)(cid:70)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:69)(cid:1)(cid:66)(cid:85)(cid:1)(cid:5)(cid:18)(cid:1)(cid:70)(cid:66)(cid:68)(cid:73)(cid:1)(cid:66)(cid:84)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:74)(cid:69)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:86)(cid:83)(cid:68)(cid:73)(cid:66)(cid:84)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:49)(cid:77)(cid:66)(cid:79)(cid:85)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:1)(cid:9)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:74)(cid:85)(cid:84)(cid:1)(cid:84)(cid:86)(cid:67)(cid:84)(cid:74)(cid:69)(cid:74)(cid:66)(cid:83)(cid:90)(cid:1)(cid:46)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:1)
Civil Australia Pty Ltd). The share issue was based on the fair value of the company which was determined by a valuation of MACA Plant Pty
Ltd prior to the purchase.
(cid:1) (cid:18)(cid:13)(cid:19)(cid:17)(cid:23)(cid:13)(cid:22)(cid:17)(cid:22)(cid:1)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:66)(cid:83)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:88)(cid:70)(cid:83)(cid:70)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:69)(cid:1)(cid:66)(cid:85)(cid:1)(cid:5)(cid:18)(cid:1)(cid:70)(cid:66)(cid:68)(cid:73)(cid:1)(cid:66)(cid:84)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:74)(cid:69)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:86)(cid:83)(cid:68)(cid:73)(cid:66)(cid:84)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:36)(cid:83)(cid:86)(cid:84)(cid:73)(cid:74)(cid:79)(cid:72)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:67)(cid:66)(cid:84)(cid:70)(cid:69)(cid:1)
on the fair value of the company which was determined by a valuation of MACA Crushing Pty Ltd prior to the purchase. These amounts are
not reflected in the statement of cashflows.
946,769 ordinary shares were issued for no consideration to the Managing Director as a part of his long term incentive plan. The expense is
not reflected in the statement of cashflows.
(cid:1) (cid:21)(cid:13)(cid:23)(cid:17)(cid:19)(cid:13)(cid:26)(cid:26)(cid:20)(cid:1)(cid:80)(cid:81)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:88)(cid:70)(cid:83)(cid:70)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:70)(cid:78)(cid:81)(cid:77)(cid:80)(cid:90)(cid:70)(cid:70)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:66)(cid:79)(cid:1)(cid:70)(cid:89)(cid:70)(cid:83)(cid:68)(cid:74)(cid:84)(cid:70)(cid:1)(cid:81)(cid:83)(cid:74)(cid:68)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:18)(cid:15)(cid:18)(cid:22)(cid:1)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:70)(cid:78)(cid:81)(cid:77)(cid:80)(cid:90)(cid:70)(cid:70)(cid:1)(cid:80)(cid:81)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:84)(cid:68)(cid:73)(cid:70)(cid:78)(cid:70)(cid:1)(cid:66)(cid:84)(cid:1)(cid:66)(cid:1)(cid:81)(cid:66)(cid:83)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:74)(cid:83)(cid:1)(cid:77)(cid:80)(cid:79)(cid:72)(cid:1)(cid:85)(cid:70)(cid:83)(cid:78)(cid:1)
(cid:1)
(cid:74)(cid:79)(cid:68)(cid:70)(cid:79)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:81)(cid:77)(cid:66)(cid:79)(cid:15)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:70)(cid:89)(cid:81)(cid:70)(cid:79)(cid:84)(cid:70)(cid:1)(cid:66)(cid:78)(cid:80)(cid:86)(cid:79)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:18)(cid:19)(cid:23)(cid:13)(cid:20)(cid:22)(cid:23)(cid:1)(cid:74)(cid:84)(cid:1)(cid:79)(cid:80)(cid:85)(cid:1)(cid:83)(cid:70)(cid:71)(cid:77)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:84)(cid:85)(cid:66)(cid:85)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:68)(cid:66)(cid:84)(cid:73)(cid:71)(cid:77)(cid:80)(cid:88)(cid:84)(cid:15)
Debt
(cid:37)(cid:86)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:13)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1)(cid:81)(cid:77)(cid:66)(cid:79)(cid:85)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:70)(cid:82)(cid:86)(cid:74)(cid:81)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:66)(cid:79)(cid:1)(cid:66)(cid:72)(cid:72)(cid:83)(cid:70)(cid:72)(cid:66)(cid:85)(cid:70)(cid:1)(cid:71)(cid:66)(cid:74)(cid:83)(cid:1)(cid:87)(cid:66)(cid:77)(cid:86)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:18)(cid:22)(cid:13)(cid:18)(cid:17)(cid:23)(cid:13)(cid:22)(cid:21)(cid:17)(cid:1)(cid:9)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1)(cid:5)(cid:19)(cid:26)(cid:13)(cid:26)(cid:17)(cid:23)(cid:13)(cid:18)(cid:18)(cid:19)(cid:10)(cid:1)(cid:67)(cid:90)(cid:1)
means of hire purchase agreements. These acquisitions are not reflected in the cash flow statement.
(cid:1) (cid:53)(cid:73)(cid:70)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:84)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:36)(cid:83)(cid:86)(cid:84)(cid:73)(cid:74)(cid:79)(cid:72)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:1)(cid:83)(cid:70)(cid:84)(cid:86)(cid:77)(cid:85)(cid:70)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:81)(cid:77)(cid:66)(cid:79)(cid:85)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:70)(cid:82)(cid:86)(cid:74)(cid:81)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:66)(cid:79)(cid:1)(cid:66)(cid:72)(cid:72)(cid:83)(cid:70)(cid:72)(cid:66)(cid:85)(cid:70)(cid:1)(cid:71)(cid:66)(cid:74)(cid:83)(cid:1)(cid:87)(cid:66)(cid:77)(cid:86)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:18)(cid:17)(cid:13)(cid:18)(cid:19)(cid:23)(cid:13)(cid:24)(cid:22)(cid:20)
by means of hire purchase agreements. These acquisitions are not reflected in the cash flow statement.
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
E
T
I
M
I
L
A
C
A
M
54
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 26 – SHARE-BASED PAYMENTS
(cid:9)(cid:66)(cid:10)(cid:1) (cid:48)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:21)(cid:1)(cid:52)(cid:70)(cid:81)(cid:85)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:46)(cid:66)(cid:79)(cid:66)(cid:72)(cid:74)(cid:79)(cid:72)(cid:1)(cid:37)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:69)(cid:1)(cid:26)(cid:21)(cid:23)(cid:13)(cid:24)(cid:23)(cid:26)(cid:1)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:66)(cid:83)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:66)(cid:79)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:1)(cid:81)(cid:83)(cid:74)(cid:68)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:18)(cid:15)(cid:17)(cid:17)(cid:1)(cid:66)(cid:84)(cid:1)(cid:66)(cid:1)(cid:81)(cid:66)(cid:83)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:73)(cid:74)(cid:84)(cid:1)(cid:77)(cid:80)(cid:79)(cid:72)(cid:14)(cid:85)(cid:70)(cid:83)(cid:78)(cid:1)
incentive plan.
(b) On 2 November 2010, 4,602,993 options were granted to employees of the company under the MACA Limited Employee Incentive Option
(cid:52)(cid:68)(cid:73)(cid:70)(cid:78)(cid:70)(cid:1)(cid:66)(cid:85)(cid:1)(cid:66)(cid:79)(cid:1)(cid:70)(cid:89)(cid:70)(cid:83)(cid:68)(cid:74)(cid:84)(cid:70)(cid:1)(cid:81)(cid:83)(cid:74)(cid:68)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:5)(cid:18)(cid:15)(cid:18)(cid:22)(cid:1)(cid:70)(cid:66)(cid:68)(cid:73)(cid:15)(cid:1)(cid:53)(cid:73)(cid:70)(cid:84)(cid:70)(cid:1)(cid:80)(cid:81)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:66)(cid:83)(cid:70)(cid:1)(cid:84)(cid:86)(cid:67)(cid:75)(cid:70)(cid:68)(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:66)(cid:1)(cid:87)(cid:70)(cid:84)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:68)(cid:80)(cid:79)(cid:69)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:67)(cid:70)(cid:74)(cid:79)(cid:72)(cid:1)(cid:20)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:84)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:86)(cid:80)(cid:86)(cid:84)(cid:1)(cid:70)(cid:78)(cid:81)(cid:77)(cid:80)(cid:90)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)
(cid:1)
grant date and are exercisable after vesting on 2 November 2013 and expire on 1 January 2014.
Options granted to staff and key management personnel are as follows:
Grant Date: 2 November 2010
Number:
4,602,993
A summary of the movements of all company options issues is as follows:
Options outstanding as at 30 June 2009
Granted
Forfeited
Exercised
Expired
Options outstanding as at 30 June 2010
Granted
Forfeited
Exercised
Expired
Options outstanding as at 30 June 2011
Options exercisable as at 30 June 2011:
Options exercisable as at 30 June 2010:
Number
Weighted average
exercise price
–
–
–
–
–
–
4,602,993
(424,963)
–
–
4,178,030
–
–
–
–
–
–
–
–
1.15
1.15
–
–
1.15
–
–
(cid:34)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:69)(cid:66)(cid:85)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:70)(cid:89)(cid:70)(cid:83)(cid:68)(cid:74)(cid:84)(cid:70)(cid:13)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:88)(cid:70)(cid:74)(cid:72)(cid:73)(cid:85)(cid:70)(cid:69)(cid:1)(cid:66)(cid:87)(cid:70)(cid:83)(cid:66)(cid:72)(cid:70)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:1)(cid:81)(cid:83)(cid:74)(cid:68)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:80)(cid:81)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:70)(cid:89)(cid:70)(cid:83)(cid:68)(cid:74)(cid:84)(cid:70)(cid:69)(cid:1)(cid:69)(cid:86)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:5)(cid:47)(cid:74)(cid:77)(cid:1)
The weighted average remaining contractual life of options outstanding at year end was 2.5 years. The exercise price of outstanding shares at the
(cid:70)(cid:79)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:83)(cid:70)(cid:81)(cid:80)(cid:83)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:81)(cid:70)(cid:83)(cid:74)(cid:80)(cid:69)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:5)(cid:18)(cid:15)(cid:18)(cid:22)(cid:15)
The fair value of the options granted to employees is deemed to represent the value of the employee services received over the vesting period.
(cid:53)(cid:73)(cid:70)(cid:1)(cid:88)(cid:70)(cid:74)(cid:72)(cid:73)(cid:85)(cid:70)(cid:69)(cid:1)(cid:66)(cid:87)(cid:70)(cid:83)(cid:66)(cid:72)(cid:70)(cid:1)(cid:71)(cid:66)(cid:74)(cid:83)(cid:1)(cid:87)(cid:66)(cid:77)(cid:86)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:80)(cid:81)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:72)(cid:83)(cid:66)(cid:79)(cid:85)(cid:70)(cid:69)(cid:1)(cid:69)(cid:86)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:5)(cid:17)(cid:15)(cid:19)(cid:24)(cid:21)(cid:22)(cid:1)(cid:9)(cid:19)(cid:17)(cid:18)(cid:17)(cid:27)(cid:1)(cid:5)(cid:47)(cid:74)(cid:77)(cid:10)(cid:15)(cid:1)(cid:53)(cid:73)(cid:70)(cid:84)(cid:70)(cid:1)(cid:87)(cid:66)(cid:77)(cid:86)(cid:70)(cid:84)(cid:1)(cid:88)(cid:70)(cid:83)(cid:70)(cid:1)(cid:68)(cid:66)(cid:77)(cid:68)(cid:86)(cid:77)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:86)(cid:84)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:35)(cid:77)(cid:66)(cid:68)(cid:76)(cid:14)
Scholes option pricing model applying the following inputs:
(cid:56)(cid:70)(cid:74)(cid:72)(cid:73)(cid:85)(cid:70)(cid:69)(cid:1)(cid:66)(cid:87)(cid:70)(cid:83)(cid:66)(cid:72)(cid:70)(cid:1)(cid:70)(cid:89)(cid:70)(cid:83)(cid:68)(cid:74)(cid:84)(cid:70)(cid:1)(cid:81)(cid:83)(cid:74)(cid:68)(cid:70)(cid:27)(cid:1)
Weighted average life of the option: 3.2 years
(cid:23)(cid:26)(cid:15)(cid:26)(cid:24)(cid:6)
(cid:38)(cid:89)(cid:81)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:1)(cid:81)(cid:83)(cid:74)(cid:68)(cid:70)(cid:1)(cid:87)(cid:80)(cid:77)(cid:66)(cid:85)(cid:74)(cid:77)(cid:74)(cid:85)(cid:90)(cid:27)(cid:1)
4.86
Risk-free interest rate:
(cid:5)(cid:18)(cid:15)(cid:18)(cid:22)
(cid:41)(cid:74)(cid:84)(cid:85)(cid:80)(cid:83)(cid:74)(cid:68)(cid:66)(cid:77)(cid:1)(cid:87)(cid:80)(cid:77)(cid:66)(cid:85)(cid:74)(cid:77)(cid:74)(cid:85)(cid:90)(cid:1)(cid:73)(cid:66)(cid:84)(cid:1)(cid:67)(cid:70)(cid:70)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:67)(cid:66)(cid:84)(cid:74)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:69)(cid:70)(cid:85)(cid:70)(cid:83)(cid:78)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:70)(cid:89)(cid:81)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:1)(cid:81)(cid:83)(cid:74)(cid:68)(cid:70)(cid:1)(cid:87)(cid:80)(cid:77)(cid:66)(cid:85)(cid:74)(cid:77)(cid:74)(cid:85)(cid:90)(cid:1)(cid:66)(cid:84)(cid:1)(cid:74)(cid:85)(cid:1)(cid:74)(cid:84)(cid:1)(cid:66)(cid:84)(cid:84)(cid:86)(cid:78)(cid:70)(cid:69)(cid:1)(cid:85)(cid:73)(cid:66)(cid:85)(cid:1)(cid:85)(cid:73)(cid:74)(cid:84)(cid:1)(cid:74)(cid:84)(cid:1)(cid:74)(cid:79)(cid:69)(cid:74)(cid:68)(cid:66)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:71)(cid:86)(cid:85)(cid:86)(cid:83)(cid:70)(cid:1)(cid:78)(cid:80)(cid:87)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:15)
The life of the options is based on the historical exercise patterns, which may not eventuate in the future.
NOTE 27 – EVENTS AFTER THE BALANCE SHEET DATE
After balance date events include the following:
(cid:14)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:45)(cid:74)(cid:78)(cid:74)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:80)(cid:76)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:83)(cid:80)(cid:77)(cid:1)(cid:80)(cid:71)(cid:1)(cid:51)(cid:74)(cid:87)(cid:70)(cid:83)(cid:77)(cid:70)(cid:66)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:1)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:18)(cid:1)(cid:43)(cid:86)(cid:77)(cid:90)(cid:1)(cid:19)(cid:17)(cid:18)(cid:18)(cid:1)(cid:85)(cid:73)(cid:83)(cid:80)(cid:86)(cid:72)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:66)(cid:68)(cid:82)(cid:86)(cid:74)(cid:84)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:19)(cid:23)(cid:15)(cid:23)(cid:24)(cid:6)(cid:1)(cid:85)(cid:73)(cid:86)(cid:84)(cid:1)(cid:85)(cid:66)(cid:76)(cid:74)(cid:79)(cid:72)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:45)(cid:74)(cid:78)(cid:74)(cid:85)(cid:70)(cid:69)(cid:8)(cid:84)(cid:1)
(cid:1) (cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:70)(cid:84)(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:23)(cid:17)(cid:6)(cid:15)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:66)(cid:78)(cid:80)(cid:86)(cid:79)(cid:85)(cid:1)(cid:81)(cid:66)(cid:74)(cid:69)(cid:1)(cid:67)(cid:90)(cid:1)(cid:46)(cid:34)(cid:36)(cid:34)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:74)(cid:84)(cid:1)(cid:66)(cid:69)(cid:69)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)(cid:66)(cid:77)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:70)(cid:84)(cid:85)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:5)(cid:21)(cid:17)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)(cid:15)
No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the
operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years.
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
E
T
I
M
I
L
A
C
A
M
55
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 28 – FINANCIAL RISK MANAGEMENT
The Group’s financial instruments consist mainly of deposits with banks, local money market instruments, short-term investments, accounts
receivable and payable, loans to and from subsidiaries and leases.
The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these
financial statements, are as follows:
Financial Assets
Cash and cash equivalents
Loans and receivables
- Trade and other receivables
- Loan granted – MACA Crushing Pty Ltd
Available-for-sale financial assets:
- at fair value
- listed investments
Total Financial Assets
Financial Liabilities
Financial liabilities at amortised cost
- Trade and other payables
- Borrowings
Total Financial Liabilities
Financial Risk Management Policies
Note
2011
$
2010
$
10
50,562,835
5,861,047
11 (B)
12
28,668,554
–
28,668,554
34,838,194
750,000
35,588,194
13
18
19
3,293,820
82,525,209
2,853,125
44,302,366
25,019,976
37,119,511
62,139,487
26,684,001
29,990,581
56,674,582
The Board of Directors (“the Board”) is responsible for, amongst other issues, monitoring and managing financial risk exposures of the Group.
The Board monitors the Group’s financial risk management policies and exposures and approves financial transactions within the scope of its
authority. It also reviews the effectiveness of internal controls relating to commodity price risk, counterparty credit risk, currency risk, financing
risk and interest rate risk.
The Board’s overall risk management strategy seeks to assist the consolidated group in meeting its financial targets, while minimising potential
adverse effects on financial performance. Its functions include the review of the use of hedging derivative instruments, credit risk policies and
future cash flow requirements.
Specific Financial Risk Exposures and Management
The main risks the Group is exposed to through its financial instruments are credit risk, liquidity risk and market risk consisting of interest rate
risk, foreign currency risk and commodity and equity price risk.
A. Credit risk
Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could
lead to a financial loss to the Group.
Credit risk is managed through the maintenance of procedures (such procedures include the utilisation of systems for the approval, granting
and renewal of credit limits, regular monitoring of exposures against such limits and monitoring of the financial stability of significant customers
and counterparties), ensuring to the extent possible, that customers and counterparties to transactions are of sound credit worthiness. Such
monitoring is used in assessing receivables for impairment. Depending on the division within the Group, credit terms are generally 14 to 30
days from the invoice date.
Risk is also minimised through investing surplus funds in financial institutions that maintain a high credit rating, or in entities that the Committee
has otherwise cleared as being financially sound. Where the Group is unable to ascertain a satisfactory credit risk profile in relation to a
customer or counterparty, the risk may be further managed through insurance, title retention clauses over goods or obtaining security by
way of personal or commercial guarantees over assets of sufficient value which can be claimed against in the event of any default.
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
E
T
I
M
I
L
A
C
A
M
56
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 28 – FINANCIAL RISK MANAGEMENT (CONTINUED)
Credit Risk Exposures
The maximum exposure to credit risk by class of recognised financial assets at balance date, excluding the value of any collateral or other
security held, is equivalent to the carrying value and classification of those financial assets (net of any provisions) as presented in the statement
of financial position. Credit risk also arises through the provision of financial guarantees, as approved at Board level, given to parties securing the
liabilities of certain subsidiaries (refer Note 11 for details).
The Group has no significant concentration of credit risk with any single counterparty or group of counterparties. Details with respect to credit risk
of Trade and Other Receivables are provided in Note 11(a).
Trade and other receivables that are neither past due or impaired are considered to be of acceptable quality. Aggregates of such amounts are as
detailed in Note 11(a).
(cid:36)(cid:83)(cid:70)(cid:69)(cid:74)(cid:85)(cid:1)(cid:83)(cid:74)(cid:84)(cid:76)(cid:1)(cid:83)(cid:70)(cid:77)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:67)(cid:66)(cid:77)(cid:66)(cid:79)(cid:68)(cid:70)(cid:84)(cid:1)(cid:73)(cid:70)(cid:77)(cid:69)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:67)(cid:66)(cid:79)(cid:76)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:80)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:74)(cid:79)(cid:84)(cid:85)(cid:74)(cid:85)(cid:86)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:66)(cid:83)(cid:70)(cid:1)(cid:80)(cid:79)(cid:77)(cid:90)(cid:1)(cid:74)(cid:79)(cid:87)(cid:70)(cid:84)(cid:85)(cid:70)(cid:69)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:68)(cid:80)(cid:86)(cid:79)(cid:85)(cid:70)(cid:83)(cid:81)(cid:66)(cid:83)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:66)(cid:1)(cid:52)(cid:85)(cid:66)(cid:79)(cid:69)(cid:66)(cid:83)(cid:69)(cid:1)(cid:7)(cid:1)(cid:49)(cid:80)(cid:80)(cid:83)(cid:84)(cid:1)(cid:83)(cid:66)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)
of at least AA-.
B. Liquidity risk
Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its obligations related to
financial liabilities. The Group manages this risk through the following mechanisms:
(cid:14)(cid:1) (cid:81)(cid:83)(cid:70)(cid:81)(cid:66)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:71)(cid:80)(cid:83)(cid:88)(cid:66)(cid:83)(cid:69)(cid:1)(cid:77)(cid:80)(cid:80)(cid:76)(cid:74)(cid:79)(cid:72)(cid:1)(cid:68)(cid:66)(cid:84)(cid:73)(cid:1)(cid:71)(cid:77)(cid:80)(cid:88)(cid:1)(cid:66)(cid:79)(cid:66)(cid:77)(cid:90)(cid:84)(cid:74)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:83)(cid:70)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:85)(cid:80)(cid:1)(cid:74)(cid:85)(cid:84)(cid:1)(cid:80)(cid:81)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:66)(cid:77)(cid:13)(cid:1)(cid:74)(cid:79)(cid:87)(cid:70)(cid:84)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:68)(cid:85)(cid:74)(cid:87)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:28)
(cid:14)(cid:1) (cid:78)(cid:80)(cid:79)(cid:74)(cid:85)(cid:80)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:86)(cid:79)(cid:69)(cid:83)(cid:66)(cid:88)(cid:79)(cid:1)(cid:68)(cid:83)(cid:70)(cid:69)(cid:74)(cid:85)(cid:1)(cid:71)(cid:66)(cid:68)(cid:74)(cid:77)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:28)
(cid:14)(cid:1) (cid:80)(cid:67)(cid:85)(cid:66)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:71)(cid:86)(cid:79)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:66)(cid:1)(cid:87)(cid:66)(cid:83)(cid:74)(cid:70)(cid:85)(cid:90)(cid:1)(cid:80)(cid:71)(cid:1)(cid:84)(cid:80)(cid:86)(cid:83)(cid:68)(cid:70)(cid:84)(cid:28)
(cid:14)(cid:1) (cid:78)(cid:66)(cid:74)(cid:79)(cid:85)(cid:66)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:1)(cid:83)(cid:70)(cid:81)(cid:86)(cid:85)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:68)(cid:83)(cid:70)(cid:69)(cid:74)(cid:85)(cid:1)(cid:81)(cid:83)(cid:80)(cid:71)(cid:74)(cid:77)(cid:70)(cid:28)
(cid:14)(cid:1) (cid:78)(cid:66)(cid:79)(cid:66)(cid:72)(cid:74)(cid:79)(cid:72)(cid:1)(cid:68)(cid:83)(cid:70)(cid:69)(cid:74)(cid:85)(cid:1)(cid:83)(cid:74)(cid:84)(cid:76)(cid:1)(cid:83)(cid:70)(cid:77)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:66)(cid:84)(cid:84)(cid:70)(cid:85)(cid:84)(cid:28)
(cid:14)(cid:1) (cid:80)(cid:79)(cid:77)(cid:90)(cid:1)(cid:74)(cid:79)(cid:87)(cid:70)(cid:84)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:84)(cid:86)(cid:83)(cid:81)(cid:77)(cid:86)(cid:84)(cid:1)(cid:68)(cid:66)(cid:84)(cid:73)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:78)(cid:66)(cid:75)(cid:80)(cid:83)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:74)(cid:79)(cid:84)(cid:85)(cid:74)(cid:85)(cid:86)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:28)(cid:1)(cid:66)(cid:79)(cid:69)
- comparing the maturity profile of financial liabilities with the realisation profile of financial assets.
The Group’s policy is to ensure that all hire purchase agreements entered into, are over a period that will ensure that adequate cash flows will be
available to meet repayments.
The tables below reflect an undiscounted (except for finance lease liabilities) contractual maturity analysis for financial liabilities. Financial
guarantee liabilities are treated as payable on demand since the Group has no control over the timing of any potential settlement of the liabilities.
Cash flows realised from financial assets reflect management’s expectation as to the timing of realisation. Actual timing may therefore differ from
that disclosed. The timing of cash flows presented in the table to settle financial liabilities reflects the earliest contractual settlement dates and
does not reflect management’s expectations that banking facilities will be rolled forward.
Credit Risk Exposures
Financial liabilities
due for payment
Within 1 Year
1 to 5 Years
Over 5 Years
Total
2011
2010
2011
2010
2011
2010
2011
2010
$
$
$
$
Trade and other payables
25,019,976
26,684,001
–
–
Finance lease liabilities
18,153,494
11,715,019
18,966,017
18,275,562
Total contractual outflows
43,173,470
38,399,020
18,966,017
18,275,562
Total expected outflows
43,173,470
38,399,020
18,966,017
18,275,562
Financial assets:
cash flows realisable
Cash and cash
equivalents
Trade, term and
loans receivables
Other investments
50,562,835
5,861,047
28,668,554
34,832,363
–
–
–
–
–
– 3,293,820 2,853,125
Total anticipated inflows
79,231,389 40,693,410 3,293,820 2,853,125
Net (outflow) / inflow
on financial instruments
36,057,919
2,294,390
(15,672,197)
(15,422,437)
Financial assets pledged as collateral
No financial assets have been pledged as security for debt.
$
–
–
–
–
–
–
–
–
–
–
$
–
–
–
–
–
–
–
–
–
$
$
25,019,976
26,684,001
37,119,511
29,990,581
62,139,487
56,674,582
62,139,487
56,674,582
50,562,835
5,861,047
28,668,554
34,832,363
3,293,820
2,853,125
82,525,209
43,546,535
20,385,722
(13,128,047)
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
E
T
I
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I
L
A
C
A
M
57
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 28 – FINANCIAL RISK MANAGEMENT (CONTINUED)
C. Market Risk
i. Interest rate risk
The Group’s exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of changes in market
interest rates and the effective weighted average interest rates on those financial assets and financial liabilities, is as follows:
Floating Interest Rate
Fixed Interest Rate
Non-interest Bearing
Total
Weighted Average
Effective Interest Rate
Within 1 Year
1 to 5 Years
2011
$
2010
$
2011
$
2010
$
2011
$
2010
$
2011
$
2010
$
2011
$
2010
$
2011
%
2010
%
Financial Assets:
Cash
50,562,835 5,861,047
Trade and other
receivables
–
–
Total Financial Assets 50,562,835 5,861,047
–
–
–
–
–
–
–
–
–
–
–
– 50,562,835
5,861,047
3.88
3.36
–
28,668,554
34,832,363
28,668,554
34,832,363
N/A
N/A
– 28,668,554 34,832,363 79,231,389 40,693,410
Financial Liabilities:
Finance lease
–
– 20,176,062 13,404,632 20,184,262 19,951,622
–
– 40,360,324 33,356,254
7.35
7.5
Trade and other
payables
Total Financial
Liabilities
ii. Price Risk
–
–
–
–
–
–
–
25,019,976
26,684,001
25,019,976
26,684,001
N/A
N/A
–
20,176,062
13,404,632
20,184,262
19,951,622
25,019,976
26,684,001
65,380,300
60,040,255
The Group is also exposed to securities price risk on investments held for trading or for medium to longer terms. The risk associated with these
investments has been assessed as reasonably not having a significant impact on the Group.
iii. Foreign Exchange Risk
The group is not exposed to fluctuations in foreign currencies.
Net Fair Values
Fair value estimation
The fair values of financial assets and financial liabilities are those amounts at which an asset could be exchanged, or a liability settled, between
knowledgeable, willing parties in an arm’s length transaction. The fair values of financial assets and financial liabilities approximate the carrying
values in the financial statements.
Fair values derived may be based on information that is estimated or subject to judgment, where changes in assumptions may have a material
impact on the amounts estimated. Where possible, valuation information used to calculate fair value is extracted from the market, with more reliable
information available from markets that are actively traded. In this regard, fair values for listed securities are obtained from quoted market bid prices.
Where securities are unlisted and no market quotes are available, fair value is obtained using discounted cash flow analysis and other valuation
techniques commonly used by market participants.
Financial Instruments Measured at Fair Value
The financial instruments recognised at fair value in the statement of financial position have been analysed and classified using a fair value hierarchy
reflecting the significance of the inputs used in making the measurements. The fair value hierarchy consists of the following levels:
(cid:14)(cid:1) (cid:82)(cid:86)(cid:80)(cid:85)(cid:70)(cid:69)(cid:1)(cid:81)(cid:83)(cid:74)(cid:68)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:66)(cid:68)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:78)(cid:66)(cid:83)(cid:76)(cid:70)(cid:85)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:74)(cid:69)(cid:70)(cid:79)(cid:85)(cid:74)(cid:68)(cid:66)(cid:77)(cid:1)(cid:66)(cid:84)(cid:84)(cid:70)(cid:85)(cid:84)(cid:1)(cid:80)(cid:83)(cid:1)(cid:77)(cid:74)(cid:66)(cid:67)(cid:74)(cid:77)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(cid:9)(cid:45)(cid:70)(cid:87)(cid:70)(cid:77)(cid:1)(cid:18)(cid:10)(cid:28)(cid:1)
- inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly
(cid:1) (cid:9)(cid:69)(cid:70)(cid:83)(cid:74)(cid:87)(cid:70)(cid:69)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:81)(cid:83)(cid:74)(cid:68)(cid:70)(cid:84)(cid:10)(cid:1)(cid:9)(cid:45)(cid:70)(cid:87)(cid:70)(cid:77)(cid:1)(cid:19)(cid:10)(cid:28)(cid:1)(cid:66)(cid:79)(cid:69)
- inputs for the asset or liability that are not based on observable market data (unobservable inputs) Level 3
Included within Level 1 for the current and previous reporting periods are listed investments. The fair value of these assets have been based on the
closing quoted bid prices at the end of the reporting period, excluding transaction costs. The Group does not have other material instruments within
the fair value hierarchy.
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
E
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A
C
A
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58
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 29 – PARENT INFORMATION
The following information has been extracted from the books and records of the parent and has been prepared in accordance with
Accounting Standards.
STATEMENT OF FINANCIAL PERFORMANCE
Note
2011
$
2010
$
ASSETS
Current assets
TOTAL ASSETS
LIABILITIES
Current liabilities
TOTAL LIABILITIES
EQUITY
Issued capital
Option reserve
(Accumulated losses) / Retained profits
TOTAL EQUITY
STATEMENT OF FINANCIAL PERFORMANCE
(Loss) / Profit for the year
Total comprehensive income
Guarantees
33,256,379
127,487,525
4,754,029
46,553,248
252,783
252,783
15,692,545
33,968,107
127,594,019
126,356
(485,633)
127,234,742
134
–
12,585,007
12,585,141
(484,633)
(484,633)
10,265,390
10,265,390
MACA Limited has not entered into any guarantees, in the current or previous financial year, in relation to the debts of its subsidiaries.
Contingent liabilities
There are no contingent liabilities as at 30 June 2011 (2010: none).
Contractual commitments
Plant and equipment
Not longer than 1 year
Longer than 1 year and not longer than 5 years
Longer than 5 years
Total
NOTE 30 – COMPANY DETAILS
The registered office is:
MACA Limited
C/- Level 1, 12 King’s Park Road
West Perth, Western Australia 6005
The principal place of business is:
MACA Limited
96 Ewing Street
Welshpool, Western Australia, 6106
–
–
–
–
94,474
–
–
94,474
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
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A
C
A
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59
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 31 – RELATED PARTY TRANSACTIONS
A. The Group’s main related parties are as follows:
i. Key management personnel:
Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly,
including any director (whether executive or otherwise) of that entity, are considered key management personnel.
For details of disclosures relating to key management personnel, refer to Note 7: Interests of Key Management Personnel (KMP).
Information regarding individual directors and executives remuneration is provided in the Remuneration Report included in the
Director’s Report.
ii. Entities subject to significant influence by the Group
An entity which has the power to participate in the financial and operating policy decisions of an entity, but does not have control over those
policies, is an entity which holds significant influence. Significant influence may be gained by share ownership, statute or agreement.
For details of interest held in associated companies, refer to Note 14.
iii. Other related parties
Other related parties include entities over which key management personnel exercise significant influence.
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties
unless otherwise stated.
Transactions with related parties:
Other related parties:
Key management person
and/or related party
Transaction
2011
$
2010
$
Partnership comprising entities controlled by
(cid:46)(cid:83)(cid:1)(cid:40)(cid:15)(cid:35)(cid:66)(cid:76)(cid:70)(cid:83)(cid:13)(cid:46)(cid:83)(cid:1)(cid:51)(cid:15)(cid:56)(cid:74)(cid:77)(cid:77)(cid:74)(cid:66)(cid:78)(cid:84)(cid:13)(cid:1)(cid:46)(cid:83)(cid:1)(cid:43)(cid:15)(cid:46)(cid:80)(cid:80)(cid:83)(cid:70)(cid:1)(cid:7)(cid:1)(cid:46)(cid:83)(cid:1)(cid:39)(cid:15)(cid:46)(cid:66)(cid:73)(cid:70)(cid:83)(cid:15)
Partnership comprising entities controlled by Mr G.Baker,
(cid:46)(cid:83)(cid:1)(cid:1)(cid:51)(cid:15)(cid:56)(cid:74)(cid:77)(cid:77)(cid:74)(cid:66)(cid:78)(cid:84)(cid:13)(cid:1)(cid:46)(cid:83)(cid:1)(cid:43)(cid:15)(cid:46)(cid:80)(cid:80)(cid:83)(cid:70)(cid:13)(cid:1)(cid:46)(cid:83)(cid:1)(cid:37)(cid:15)(cid:38)(cid:69)(cid:88)(cid:66)(cid:83)(cid:69)(cid:84)(cid:1)(cid:7)(cid:1)(cid:46)(cid:83)(cid:1)(cid:39)(cid:15)(cid:46)(cid:66)(cid:73)(cid:70)(cid:83)(cid:15)
Expense – rent on Ewing St Business premises.
252,000
176,000
Expense – rent on Sheffield Rd Workshop premises.
84,900
–
ADT Western Australia Pty Ltd – a company controlled
by former directors Mr J.Moore and Mr F.Maher.
Expense – hire of equipment and purchase
of equipment, parts and services.
1,580,113
797,304
(cid:38)(cid:82)(cid:86)(cid:74)(cid:81)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:41)(cid:80)(cid:77)(cid:69)(cid:74)(cid:79)(cid:72)(cid:84)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:1)(cid:111)(cid:1)(cid:66)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:83)(cid:80)(cid:77)(cid:77)(cid:70)(cid:69)(cid:1)
by former directors Mr J.Moore and Mr F.Maher.
(cid:40)(cid:66)(cid:85)(cid:70)(cid:88)(cid:66)(cid:90)(cid:1)(cid:38)(cid:82)(cid:86)(cid:74)(cid:81)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:49)(cid:66)(cid:83)(cid:85)(cid:84)(cid:1)(cid:7)(cid:1)(cid:52)(cid:70)(cid:83)(cid:87)(cid:74)(cid:68)(cid:70)(cid:84)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:1)(cid:111)(cid:1)
a company controlled by current directors Mr G.Baker
and Mr R.Williams and former directors Mr D.Edwards,
Mr F.Maher and Mr J.Moore.
(cid:40)(cid:66)(cid:85)(cid:70)(cid:88)(cid:66)(cid:90)(cid:1)(cid:38)(cid:82)(cid:86)(cid:74)(cid:81)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:49)(cid:66)(cid:83)(cid:85)(cid:84)(cid:1)(cid:7)(cid:1)(cid:52)(cid:70)(cid:83)(cid:87)(cid:74)(cid:68)(cid:70)(cid:84)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:1)(cid:111)(cid:1)
a company controlled by current directors Mr G.Baker
and Mr R.Williams and former directors Mr D.Edwards,
Mr F.Maher and Mr J.Moore.
Amounts payable at year end arising
from the above transactions (Receivables Nil)
ADT Western Australia Pty Ltd – a company controlled
by former directors Mr J.Moore and Mr F.Maher.
(cid:38)(cid:82)(cid:86)(cid:74)(cid:81)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:41)(cid:80)(cid:77)(cid:69)(cid:74)(cid:79)(cid:72)(cid:84)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:1)(cid:111)(cid:1)(cid:66)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:83)(cid:80)(cid:77)(cid:77)(cid:70)(cid:69)(cid:1)
by former directors Mr J.Moore and Mr F.Maher.
(cid:40)(cid:66)(cid:85)(cid:70)(cid:88)(cid:66)(cid:90)(cid:1)(cid:38)(cid:82)(cid:86)(cid:74)(cid:81)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:49)(cid:66)(cid:83)(cid:85)(cid:84)(cid:1)(cid:7)(cid:1)(cid:52)(cid:70)(cid:83)(cid:87)(cid:74)(cid:68)(cid:70)(cid:84)(cid:1)(cid:49)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:1)(cid:111)(cid:1)
a company controlled by current directors Mr G.Baker
and Mr R.Williams and former directors Mr D.Edwards,
Mr F.Maher and Mr J.Moore.
Expense – hire and purchase of equipment.
1,983,871
554,023
Expense – hire of equipment and purchase
of equipment, parts and services.
1,094,587
164,871
Revenue – sale of equipment
240,000
360,000
Transaction
2011
$
2010
$
116,091
69,127
–
24,964
123,048
–
T
R
O
P
E
R
L
A
U
N
N
A
1
1
0
2
D
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A
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A
M
60
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
NOTE 32 – NEW ACCOUNTING STANDARDS FOR APPLICATION IN FUTURE PERIODS
A. New Accounting Standards for Application in Future Periods
The AASB has issued new and amended Accounting Standards and Interpretations that have mandatory application dates for future reporting
periods and which the Group has decided not to early adopt. A discussion of those future requirements and their impact on the Group is as follows:
(cid:116)(cid:1) (cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:26)(cid:27)(cid:1)(cid:39)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:42)(cid:79)(cid:84)(cid:85)(cid:83)(cid:86)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:9)(cid:37)(cid:70)(cid:68)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:10)(cid:1)(cid:9)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:66)(cid:79)(cid:79)(cid:86)(cid:66)(cid:77)(cid:1)(cid:83)(cid:70)(cid:81)(cid:80)(cid:83)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:81)(cid:70)(cid:83)(cid:74)(cid:80)(cid:69)(cid:84)(cid:1)(cid:68)(cid:80)(cid:78)(cid:78)(cid:70)(cid:79)(cid:68)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:79)(cid:1)(cid:80)(cid:83)(cid:1)(cid:66)(cid:71)(cid:85)(cid:70)(cid:83)(cid:1)(cid:18)(cid:1)(cid:43)(cid:66)(cid:79)(cid:86)(cid:66)(cid:83)(cid:90)(cid:1)(cid:19)(cid:17)(cid:18)(cid:20)(cid:10)(cid:15)
This Standard is applicable retrospectively and includes revised requirements for the classification and measurement of financial instruments,
as well as recognition and derecognition requirements for financial instruments. The Group has not yet determined any potential impact on the
financial statements.
The key changes made to accounting requirements include:
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:111)(cid:1) (cid:84)(cid:74)(cid:78)(cid:81)(cid:77)(cid:74)(cid:71)(cid:90)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:77)(cid:66)(cid:84)(cid:84)(cid:74)(cid:71)(cid:74)(cid:68)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:66)(cid:84)(cid:84)(cid:70)(cid:85)(cid:84)(cid:1)(cid:74)(cid:79)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:80)(cid:84)(cid:70)(cid:1)(cid:68)(cid:66)(cid:83)(cid:83)(cid:74)(cid:70)(cid:69)(cid:1)(cid:66)(cid:85)(cid:1)(cid:66)(cid:78)(cid:80)(cid:83)(cid:85)(cid:74)(cid:84)(cid:70)(cid:69)(cid:1)(cid:68)(cid:80)(cid:84)(cid:85)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:85)(cid:73)(cid:80)(cid:84)(cid:70)(cid:1)(cid:68)(cid:66)(cid:83)(cid:83)(cid:74)(cid:70)(cid:69)(cid:1)(cid:66)(cid:85)(cid:1)(cid:71)(cid:66)(cid:74)(cid:83)(cid:1)(cid:87)(cid:66)(cid:77)(cid:86)(cid:70)(cid:28)
(cid:111)(cid:1) (cid:84)(cid:74)(cid:78)(cid:81)(cid:77)(cid:74)(cid:71)(cid:90)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:83)(cid:70)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:70)(cid:78)(cid:67)(cid:70)(cid:69)(cid:69)(cid:70)(cid:69)(cid:1)(cid:69)(cid:70)(cid:83)(cid:74)(cid:87)(cid:66)(cid:85)(cid:74)(cid:87)(cid:70)(cid:84)(cid:28)
(cid:111)(cid:1) (cid:83)(cid:70)(cid:78)(cid:80)(cid:87)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:85)(cid:66)(cid:74)(cid:79)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:83)(cid:86)(cid:77)(cid:70)(cid:84)(cid:1)(cid:66)(cid:84)(cid:84)(cid:80)(cid:68)(cid:74)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:73)(cid:70)(cid:77)(cid:69)(cid:14)(cid:85)(cid:80)(cid:14)(cid:78)(cid:66)(cid:85)(cid:86)(cid:83)(cid:74)(cid:85)(cid:90)(cid:1)(cid:66)(cid:84)(cid:84)(cid:70)(cid:85)(cid:84)(cid:28)
(cid:111)(cid:1) (cid:83)(cid:70)(cid:78)(cid:80)(cid:87)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:83)(cid:70)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:84)(cid:70)(cid:81)(cid:66)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:71)(cid:66)(cid:74)(cid:83)(cid:1)(cid:87)(cid:66)(cid:77)(cid:86)(cid:70)(cid:1)(cid:70)(cid:78)(cid:67)(cid:70)(cid:69)(cid:69)(cid:70)(cid:69)(cid:1)(cid:69)(cid:70)(cid:83)(cid:74)(cid:87)(cid:66)(cid:85)(cid:74)(cid:87)(cid:70)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:66)(cid:84)(cid:84)(cid:70)(cid:85)(cid:84)(cid:1)(cid:68)(cid:66)(cid:83)(cid:83)(cid:74)(cid:70)(cid:69)(cid:1)(cid:66)(cid:85)(cid:1)(cid:66)(cid:78)(cid:80)(cid:83)(cid:85)(cid:74)(cid:84)(cid:70)(cid:69)(cid:1)(cid:68)(cid:80)(cid:84)(cid:85)(cid:28)
– allowing an irrevocable election on initial recognition to present gains and losses on investments in equity instruments that are not held for
trading in other comprehensive income. Dividends in respect of these investments that are a return on investment can be recognised in
(cid:1) (cid:81)(cid:83)(cid:80)(cid:71)(cid:74)(cid:85)(cid:1)(cid:80)(cid:83)(cid:1)(cid:77)(cid:80)(cid:84)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:83)(cid:70)(cid:1)(cid:74)(cid:84)(cid:1)(cid:79)(cid:80)(cid:1)(cid:74)(cid:78)(cid:81)(cid:66)(cid:74)(cid:83)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:80)(cid:83)(cid:1)(cid:83)(cid:70)(cid:68)(cid:90)(cid:68)(cid:77)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:79)(cid:1)(cid:69)(cid:74)(cid:84)(cid:81)(cid:80)(cid:84)(cid:66)(cid:77)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:74)(cid:79)(cid:84)(cid:85)(cid:83)(cid:86)(cid:78)(cid:70)(cid:79)(cid:85)(cid:28)
– requiring financial assets to be reclassified where there is a change in an entity’s business model as they are initially classified based on:
(cid:1)
– requiring an entity that chooses to measure a financial liability at fair value to present the portion of the change in its fair value due to
(cid:9)(cid:66)(cid:10)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:80)(cid:67)(cid:75)(cid:70)(cid:68)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:70)(cid:79)(cid:85)(cid:74)(cid:85)(cid:90)(cid:8)(cid:84)(cid:1)(cid:67)(cid:86)(cid:84)(cid:74)(cid:79)(cid:70)(cid:84)(cid:84)(cid:1)(cid:78)(cid:80)(cid:69)(cid:70)(cid:77)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:78)(cid:66)(cid:79)(cid:66)(cid:72)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:66)(cid:84)(cid:84)(cid:70)(cid:85)(cid:84)(cid:28)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:9)(cid:67)(cid:10)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:73)(cid:66)(cid:83)(cid:66)(cid:68)(cid:85)(cid:70)(cid:83)(cid:74)(cid:84)(cid:85)(cid:74)(cid:68)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:83)(cid:66)(cid:68)(cid:85)(cid:86)(cid:66)(cid:77)(cid:1)(cid:68)(cid:66)(cid:84)(cid:73)(cid:1)(cid:71)(cid:77)(cid:80)(cid:88)(cid:84)(cid:28)(cid:1)(cid:66)(cid:79)(cid:69)
changes in the entity’s own credit risk in other comprehensive income, except when that would create an accounting mismatch. If such a
mismatch would be created or enlarged, the entity is required to present all changes in fair value (including the effects of changes in the
credit risk of the liability) in profit or loss.
(cid:116)(cid:1) (cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:19)(cid:17)(cid:17)(cid:26)(cid:111)(cid:18)(cid:21)(cid:27)(cid:1)(cid:34)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:79)(cid:1)(cid:42)(cid:79)(cid:85)(cid:70)(cid:83)(cid:81)(cid:83)(cid:70)(cid:85)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:111)(cid:1)(cid:49)(cid:83)(cid:70)(cid:81)(cid:66)(cid:90)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:66)(cid:1)(cid:46)(cid:74)(cid:79)(cid:74)(cid:78)(cid:86)(cid:78)(cid:1)(cid:39)(cid:86)(cid:79)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:51)(cid:70)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:60)(cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:42)(cid:79)(cid:85)(cid:70)(cid:83)(cid:81)(cid:83)(cid:70)(cid:85)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:18)(cid:21)(cid:62)(cid:1)
(applicable for annual reporting periods commencing on or after 1 January 2011).
This Standard amends Interpretation 14 to address unintended consequences that can arise from the previous accounting requirements when
an entity prepays future contributions into a defined benefit pension plan.
This Standard is not expected to impact the Group.
(cid:116)(cid:1) (cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:111)(cid:21)(cid:27)(cid:1)(cid:1)(cid:39)(cid:86)(cid:83)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1)(cid:34)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:79)(cid:1)(cid:34)(cid:68)(cid:68)(cid:80)(cid:86)(cid:79)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:52)(cid:85)(cid:66)(cid:79)(cid:69)(cid:66)(cid:83)(cid:69)(cid:84)(cid:1)(cid:66)(cid:83)(cid:74)(cid:84)(cid:74)(cid:79)(cid:72)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:34)(cid:79)(cid:79)(cid:86)(cid:66)(cid:77)(cid:1)(cid:42)(cid:78)(cid:81)(cid:83)(cid:80)(cid:87)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:49)(cid:83)(cid:80)(cid:75)(cid:70)(cid:68)(cid:85)(cid:1)(cid:60)(cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:18)(cid:13)(cid:1)(cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:24)(cid:13)(cid:1)
(cid:1) (cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:18)(cid:17)(cid:18)(cid:1)(cid:7)(cid:1)(cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:18)(cid:20)(cid:21)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:42)(cid:79)(cid:85)(cid:70)(cid:83)(cid:81)(cid:83)(cid:70)(cid:85)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:18)(cid:20)(cid:62)(cid:1)(cid:9)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:66)(cid:79)(cid:79)(cid:86)(cid:66)(cid:77)(cid:1)(cid:83)(cid:70)(cid:81)(cid:80)(cid:83)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:81)(cid:70)(cid:83)(cid:74)(cid:80)(cid:69)(cid:84)(cid:1)(cid:68)(cid:80)(cid:78)(cid:78)(cid:70)(cid:79)(cid:68)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:79)(cid:1)(cid:80)(cid:83)(cid:1)(cid:66)(cid:71)(cid:85)(cid:70)(cid:83)(cid:1)(cid:18)(cid:1)(cid:43)(cid:66)(cid:79)(cid:86)(cid:66)(cid:83)(cid:90)(cid:1)(cid:19)(cid:17)(cid:18)(cid:18)(cid:10)(cid:15)
This Standard details numerous non-urgent but necessary changes to Accounting Standards arising from the IASB’s annual improvements
project. Key changes include:
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:70)(cid:79)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:86)(cid:84)(cid:70)(cid:83)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:70)(cid:87)(cid:66)(cid:77)(cid:86)(cid:66)(cid:85)(cid:70)(cid:1)(cid:66)(cid:79)(cid:1)(cid:70)(cid:79)(cid:85)(cid:74)(cid:85)(cid:90)(cid:8)(cid:84)(cid:1)(cid:70)(cid:89)(cid:81)(cid:80)(cid:84)(cid:86)(cid:83)(cid:70)(cid:1)(cid:85)(cid:80)(cid:1)(cid:83)(cid:74)(cid:84)(cid:76)(cid:84)(cid:1)(cid:66)(cid:83)(cid:74)(cid:84)(cid:74)(cid:79)(cid:72)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:74)(cid:79)(cid:84)(cid:85)(cid:83)(cid:86)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:28)
(cid:111)(cid:1) (cid:68)(cid:77)(cid:66)(cid:83)(cid:74)(cid:71)(cid:90)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:18)(cid:17)(cid:25)(cid:1)(cid:81)(cid:83)(cid:74)(cid:80)(cid:83)(cid:1)(cid:85)(cid:80)(cid:1)(cid:66)(cid:79)(cid:1)(cid:70)(cid:79)(cid:85)(cid:74)(cid:85)(cid:90)(cid:8)(cid:84)(cid:1)(cid:71)(cid:74)(cid:83)(cid:84)(cid:85)(cid:1)(cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:79)(cid:14)(cid:34)(cid:68)(cid:68)(cid:80)(cid:86)(cid:79)(cid:85)(cid:74)(cid:79)(cid:72)(cid:14)(cid:52)(cid:85)(cid:66)(cid:79)(cid:69)(cid:66)(cid:83)(cid:69)(cid:84)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:84)(cid:85)(cid:66)(cid:85)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:28)
– adding an explicit statement to AASB 7 that qualitative disclosures should be made in the context of the quantitative disclosures to better
(cid:1)
– amending AASB 101 to the effect that disaggregation of changes in each component of equity arising from transactions recognised in other
(cid:1)
(cid:68)(cid:80)(cid:78)(cid:81)(cid:83)(cid:70)(cid:73)(cid:70)(cid:79)(cid:84)(cid:74)(cid:87)(cid:70)(cid:1)(cid:74)(cid:79)(cid:68)(cid:80)(cid:78)(cid:70)(cid:1)(cid:74)(cid:84)(cid:1)(cid:83)(cid:70)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:67)(cid:70)(cid:1)(cid:81)(cid:83)(cid:70)(cid:84)(cid:70)(cid:79)(cid:85)(cid:70)(cid:69)(cid:13)(cid:1)(cid:67)(cid:86)(cid:85)(cid:1)(cid:74)(cid:84)(cid:1)(cid:81)(cid:70)(cid:83)(cid:78)(cid:74)(cid:85)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:67)(cid:70)(cid:1)(cid:81)(cid:83)(cid:70)(cid:84)(cid:70)(cid:79)(cid:85)(cid:70)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:84)(cid:85)(cid:66)(cid:85)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:70)(cid:82)(cid:86)(cid:74)(cid:85)(cid:90)(cid:1)(cid:80)(cid:83)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:79)(cid:80)(cid:85)(cid:70)(cid:84)(cid:28)
(cid:111)(cid:1) (cid:66)(cid:69)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:1)(cid:79)(cid:86)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:70)(cid:89)(cid:66)(cid:78)(cid:81)(cid:77)(cid:70)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:77)(cid:74)(cid:84)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:70)(cid:87)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:80)(cid:83)(cid:1)(cid:85)(cid:83)(cid:66)(cid:79)(cid:84)(cid:66)(cid:68)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:85)(cid:73)(cid:66)(cid:85)(cid:1)(cid:83)(cid:70)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:1)(cid:69)(cid:74)(cid:84)(cid:68)(cid:77)(cid:80)(cid:84)(cid:86)(cid:83)(cid:70)(cid:1)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:1)(cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:18)(cid:20)(cid:21)(cid:28)(cid:1)(cid:66)(cid:79)(cid:69)
– making sundry editorial amendments to various Standards and Interpretations.
This Standard is not expected to impact the Group.
(cid:116)(cid:1) (cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:111)(cid:22)(cid:27)(cid:1)(cid:34)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:79)(cid:1)(cid:34)(cid:68)(cid:68)(cid:80)(cid:86)(cid:79)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:52)(cid:85)(cid:66)(cid:79)(cid:69)(cid:66)(cid:83)(cid:69)(cid:84)(cid:1)(cid:60)(cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:18)(cid:13)(cid:1)(cid:20)(cid:13)(cid:1)(cid:21)(cid:13)(cid:1)(cid:22)(cid:13)(cid:1)(cid:18)(cid:17)(cid:18)(cid:13)(cid:1)(cid:18)(cid:17)(cid:24)(cid:13)(cid:1)(cid:18)(cid:18)(cid:19)(cid:13)(cid:1)(cid:18)(cid:18)(cid:25)(cid:13)(cid:1)(cid:18)(cid:18)(cid:26)(cid:13)(cid:1)(cid:18)(cid:19)(cid:18)(cid:13)(cid:1)(cid:18)(cid:20)(cid:19)(cid:13)(cid:1)(cid:18)(cid:20)(cid:20)(cid:13)(cid:1)(cid:18)(cid:20)(cid:21)(cid:13)(cid:1)(cid:18)(cid:20)(cid:24)(cid:13)(cid:1)(cid:18)(cid:20)(cid:26)(cid:13)(cid:1)(cid:18)(cid:21)(cid:17)(cid:13)(cid:1)
(cid:1) (cid:18)(cid:17)(cid:19)(cid:20)(cid:1)(cid:7)(cid:1)(cid:18)(cid:17)(cid:20)(cid:25)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:42)(cid:79)(cid:85)(cid:70)(cid:83)(cid:81)(cid:83)(cid:70)(cid:85)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:18)(cid:18)(cid:19)(cid:13)(cid:1)(cid:18)(cid:18)(cid:22)(cid:13)(cid:1)(cid:18)(cid:19)(cid:24)(cid:13)(cid:1)(cid:18)(cid:20)(cid:19)(cid:1)(cid:7)(cid:1)(cid:18)(cid:17)(cid:21)(cid:19)(cid:62)(cid:1)(cid:9)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:66)(cid:79)(cid:79)(cid:86)(cid:66)(cid:77)(cid:1)(cid:83)(cid:70)(cid:81)(cid:80)(cid:83)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:81)(cid:70)(cid:83)(cid:74)(cid:80)(cid:69)(cid:84)(cid:1)(cid:67)(cid:70)(cid:72)(cid:74)(cid:79)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:79)(cid:1)(cid:80)(cid:83)(cid:1)(cid:66)(cid:71)(cid:85)(cid:70)(cid:83)(cid:1)(cid:18)(cid:1)(cid:43)(cid:66)(cid:79)(cid:86)(cid:66)(cid:83)(cid:90)(cid:1)(cid:19)(cid:17)(cid:18)(cid:18)(cid:10)(cid:15)
This Standard makes numerous editorial amendments to a range of Australian Accounting Standards and Interpretations, including
(cid:1)
(cid:66)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:83)(cid:70)(cid:71)(cid:77)(cid:70)(cid:68)(cid:85)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:84)(cid:1)(cid:78)(cid:66)(cid:69)(cid:70)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:85)(cid:70)(cid:89)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:42)(cid:39)(cid:51)(cid:52)(cid:84)(cid:1)(cid:67)(cid:90)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:42)(cid:34)(cid:52)(cid:35)(cid:15)(cid:1)(cid:41)(cid:80)(cid:88)(cid:70)(cid:87)(cid:70)(cid:83)(cid:13)(cid:1)(cid:85)(cid:73)(cid:70)(cid:84)(cid:70)(cid:1)(cid:70)(cid:69)(cid:74)(cid:85)(cid:80)(cid:83)(cid:74)(cid:66)(cid:77)(cid:1)(cid:66)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:73)(cid:66)(cid:87)(cid:70)(cid:1)(cid:79)(cid:80)(cid:1)(cid:78)(cid:66)(cid:75)(cid:80)(cid:83)(cid:1)(cid:74)(cid:78)(cid:81)(cid:66)(cid:68)(cid:85)(cid:1)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)
requirements of the respective amended pronouncements.
(cid:116)(cid:1) (cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:111)(cid:23)(cid:27)(cid:1)(cid:34)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:79)(cid:1)(cid:34)(cid:68)(cid:68)(cid:80)(cid:86)(cid:79)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:52)(cid:85)(cid:66)(cid:79)(cid:69)(cid:66)(cid:83)(cid:69)(cid:84)(cid:1)(cid:111)(cid:1)(cid:37)(cid:74)(cid:84)(cid:68)(cid:77)(cid:80)(cid:84)(cid:86)(cid:83)(cid:70)(cid:84)(cid:1)(cid:80)(cid:79)(cid:1)(cid:53)(cid:83)(cid:66)(cid:79)(cid:84)(cid:71)(cid:70)(cid:83)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:39)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:34)(cid:84)(cid:84)(cid:70)(cid:85)(cid:84)(cid:1)(cid:60)(cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:18)(cid:1)(cid:7)(cid:1)(cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:24)(cid:62)(cid:1)
(applicable for annual reporting periods beginning on or after 1 July 2011).
This Standard adds and amends disclosure requirements about transfers of financial assets, especially those in respect of the nature of the
financial assets involved and the risks associated with them. Accordingly, this Standard makes amendments to AASB 1: First-time Adoption of
Australian Accounting Standards, and AASB 7: Financial Instruments: Disclosures, establishing additional disclosure requirements in relation
to transfers of financial assets.
This Standard is not expected to impact the Group.
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61
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
(cid:116)(cid:1) (cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:111)(cid:24)(cid:27)(cid:1)(cid:34)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:79)(cid:1)(cid:34)(cid:68)(cid:68)(cid:80)(cid:86)(cid:79)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:52)(cid:85)(cid:66)(cid:79)(cid:69)(cid:66)(cid:83)(cid:69)(cid:84)(cid:1)(cid:66)(cid:83)(cid:74)(cid:84)(cid:74)(cid:79)(cid:72)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:26)(cid:1)(cid:9)(cid:37)(cid:70)(cid:68)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:10)(cid:1)(cid:60)(cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:18)(cid:13)(cid:1)(cid:20)(cid:13)(cid:1)(cid:21)(cid:13)(cid:1)(cid:22)(cid:13)(cid:1)(cid:24)(cid:13)(cid:1)(cid:18)(cid:17)(cid:18)(cid:13)(cid:1)(cid:18)(cid:17)(cid:19)(cid:13)(cid:1)(cid:18)(cid:17)(cid:25)(cid:13)(cid:1)
(cid:1) (cid:18)(cid:18)(cid:19)(cid:13)(cid:1)(cid:18)(cid:18)(cid:25)(cid:13)(cid:1)(cid:18)(cid:19)(cid:17)(cid:13)(cid:1)(cid:18)(cid:19)(cid:18)(cid:13)(cid:1)(cid:18)(cid:19)(cid:24)(cid:13)(cid:1)(cid:18)(cid:19)(cid:25)(cid:13)(cid:1)(cid:18)(cid:20)(cid:18)(cid:13)(cid:1)(cid:18)(cid:20)(cid:19)(cid:13)(cid:1)(cid:18)(cid:20)(cid:23)(cid:13)(cid:1)(cid:18)(cid:20)(cid:24)(cid:13)(cid:1)(cid:18)(cid:20)(cid:26)(cid:13)(cid:1)(cid:18)(cid:17)(cid:19)(cid:20)(cid:1)(cid:7)(cid:1)(cid:18)(cid:17)(cid:20)(cid:25)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:42)(cid:79)(cid:85)(cid:70)(cid:83)(cid:81)(cid:83)(cid:70)(cid:85)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:19)(cid:13)(cid:1)(cid:22)(cid:13)(cid:1)(cid:18)(cid:17)(cid:13)(cid:1)(cid:18)(cid:19)(cid:13)(cid:1)(cid:18)(cid:26)(cid:1)(cid:7)(cid:1)(cid:18)(cid:19)(cid:24)(cid:62)(cid:1)(cid:9)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:70)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:81)(cid:70)(cid:83)(cid:74)(cid:80)(cid:69)(cid:84)(cid:1)(cid:67)(cid:70)(cid:72)(cid:74)(cid:79)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)
on or after 1 January 2013).
This Standard makes amendments to a range of Australian Accounting Standards and Interpretations as a consequence of the issuance of
AASB 9: Financial Instruments in December 2010. Accordingly, these amendments will only apply when the entity adopts AASB 9.
As noted above, the Group has not yet determined any potential impact on the financial statements from adopting AASB 9.
(cid:116)(cid:1) (cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:19)(cid:17)(cid:18)(cid:17)(cid:111)(cid:25)(cid:27)(cid:1)(cid:34)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:34)(cid:86)(cid:84)(cid:85)(cid:83)(cid:66)(cid:77)(cid:74)(cid:66)(cid:79)(cid:1)(cid:34)(cid:68)(cid:68)(cid:80)(cid:86)(cid:79)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:52)(cid:85)(cid:66)(cid:79)(cid:69)(cid:66)(cid:83)(cid:69)(cid:84)(cid:1)(cid:111)(cid:1)(cid:37)(cid:70)(cid:71)(cid:70)(cid:83)(cid:83)(cid:70)(cid:69)(cid:1)(cid:53)(cid:66)(cid:89)(cid:27)(cid:1)(cid:51)(cid:70)(cid:68)(cid:80)(cid:87)(cid:70)(cid:83)(cid:90)(cid:1)(cid:80)(cid:71)(cid:1)(cid:54)(cid:79)(cid:69)(cid:70)(cid:83)(cid:77)(cid:90)(cid:74)(cid:79)(cid:72)(cid:1)(cid:34)(cid:84)(cid:84)(cid:70)(cid:85)(cid:84)(cid:1)(cid:60)(cid:34)(cid:34)(cid:52)(cid:35)(cid:1)(cid:18)(cid:18)(cid:19)(cid:62)(cid:1)(cid:9)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:70)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:81)(cid:70)(cid:83)(cid:74)(cid:80)(cid:69)(cid:84)(cid:1)
beginning on or after 1 January 2012).
This Standard makes amendments to AASB 112: Income Taxes.
The amendments brought in by this Standard introduce a more practical approach for measuring deferred tax liabilities and deferred tax assets
when investment property is measured using the fair value model under AASB 140: Investment Property.
Under the current AASB 112, the measurement of deferred tax liabilities and deferred tax assets depends on whether an entity expects to
recover an asset by using it or by selling it. The amendments introduce a presumption that an investment property is recovered entirely through
sale. This presumption is rebutted if the investment property is held within a business model whose objective is to consume substantially all of
the economic benefits embodied in the investment property over time, rather than through sale.
The amendments brought in by this Standard also incorporate Interpretation 121 into AASB 112.
The amendments are not expected to impact the Group.
The Group does not anticipate the early adoption of any of the above Australian Accounting Standards.
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62
DIRECTOR’S DECLARATION
The directors of the company declare that:
1. The financial statements set out on pages 26 to 62 are in accordance with the Corporations Act 2001 and:
(a) comply with Accounting Standards which as stated in accounting policy Note 1 to the financial statements. Constitutes explicit and unreserved
(cid:1)
(cid:68)(cid:80)(cid:78)(cid:81)(cid:77)(cid:74)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:42)(cid:79)(cid:85)(cid:70)(cid:83)(cid:79)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:66)(cid:77)(cid:1)(cid:39)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:51)(cid:70)(cid:81)(cid:80)(cid:83)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:52)(cid:85)(cid:66)(cid:79)(cid:69)(cid:66)(cid:83)(cid:69)(cid:84)(cid:1)(cid:9)(cid:42)(cid:39)(cid:51)(cid:52)(cid:10)(cid:28)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)
(b) give a true and fair view of the financial position as at 30 June 2011 and of the performance for the year ended on that date of the company
(cid:1)
(cid:66)(cid:79)(cid:69)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:80)(cid:77)(cid:74)(cid:69)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:72)(cid:83)(cid:80)(cid:86)(cid:81)(cid:28)(cid:1)
2. the Chief Executive Officer and Chief Finance Officer have each declared that;
(a) the financial records of the Group for the financial year have been properly maintained in accordance with s286 of the Corporations Act 2001(cid:28)
(cid:9)(cid:67)(cid:10)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:84)(cid:85)(cid:66)(cid:85)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:79)(cid:80)(cid:85)(cid:70)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:77)(cid:90)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:34)(cid:68)(cid:68)(cid:80)(cid:86)(cid:79)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:52)(cid:85)(cid:66)(cid:79)(cid:69)(cid:66)(cid:83)(cid:69)(cid:84)(cid:1)(cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:28)(cid:1)(cid:66)(cid:79)(cid:69)
(cid:9)(cid:68)(cid:10)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:84)(cid:85)(cid:66)(cid:85)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:79)(cid:80)(cid:85)(cid:70)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:71)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:72)(cid:74)(cid:87)(cid:70)(cid:1)(cid:66)(cid:1)(cid:85)(cid:83)(cid:86)(cid:70)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:71)(cid:66)(cid:74)(cid:83)(cid:1)(cid:87)(cid:74)(cid:70)(cid:88)(cid:28)
In the director’s opinion there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due
and payable.
This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by:
Chris Tuckwell
Managing Director
Dated at Perth this 20th of September 2011
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63
INDEPENDENT AUDITOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2011
INDEPENDENT AUDITOR(cid:1)S REPORT
TO THE MEMBERS OF MACA LIMITED
Partners
Syd Jenkins
Neil Pace
Ray Simpson
Ennio Tavani
Suan Lee Tan
Dino Travaglini
Partners
Report on the Financial Report
Partners
Syd Jenkins
Neil Pace
Syd Jenkins
Ray Simpson
We have audited the accompanying financial report of MACA Limited, which comprises the
Neil Pace
Ennio Tavani
Ray Simpson
Suan Lee Tan
statements of financial position as at 30 June 2011, the statements of comprehensive income, the
Ennio Tavani
Dino Travaglini
Suan Lee Tan
statements of changes in equity and the statements of cash flows for the period then ended, notes
Dino Travaglini
INDEPENDENT AUDITOR(cid:1)S REPORT
comprising a summary of significant accounting policies and other explanatory information, and the
INDEPENDENT AUDITOR(cid:1)S REPORT
directors(cid:1) declaration of the consolidated entity comprising the company and the entities it controlled
TO THE MEMBERS OF MACA LIMITED
at the period(cid:1)s end or from time to time during the financial period.
TO THE MEMBERS OF MACA LIMITED
Directors(cid:1) Responsibility for the Financial Report
Report on the Financial Report
The directors of the company are responsible for the preparation of the financial report that gives a
Report on the Financial Report
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
We have audited the accompanying financial report of MACA Limited, which comprises the
and for such internal control as the directors determine is necessary to enable the preparation of the
statements of financial position as at 30 June 2011, the statements of comprehensive income, the
We have audited the accompanying financial report of MACA Limited, which comprises the
financial report that is free from material misstatement, whether due to fraud or error. In Note 1, the
statements of changes in equity and the statements of cash flows for the period then ended, notes
statements of financial position as at 30 June 2011, the statements of comprehensive income, the
directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial
comprising a summary of significant accounting policies and other explanatory information, and the
statements of changes in equity and the statements of cash flows for the period then ended, notes
Statements, that the financial statements comply with International Financial Reporting Standards.
directors(cid:1) declaration of the consolidated entity comprising the company and the entities it controlled
comprising a summary of significant accounting policies and other explanatory information, and the
at the period(cid:1)s end or from time to time during the financial period.
directors(cid:1) declaration of the consolidated entity comprising the company and the entities it controlled
Auditor(cid:1)s Responsibility
at the period(cid:1)s end or from time to time during the financial period.
Directors(cid:1) Responsibility for the Financial Report
Our responsibility is to express an opinion on the financial report based on our audit. We conducted
Directors(cid:1) Responsibility for the Financial Report
our audit in accordance with Australian Auditing Standards. Those standards require that we comply
The directors of the company are responsible for the preparation of the financial report that gives a
with relevant ethical requirements relating to audit engagements and plan and perform the audit to
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
The directors of the company are responsible for the preparation of the financial report that gives a
obtain reasonable assurance about whether the financial report is free from material misstatement.
and for such internal control as the directors determine is necessary to enable the preparation of the
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
financial report that is free from material misstatement, whether due to fraud or error. In Note 1, the
and for such internal control as the directors determine is necessary to enable the preparation of the
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial
financial report that is free from material misstatement, whether due to fraud or error. In Note 1, the
in the financial report. The procedures selected depend on the auditor(cid:1)s judgement, including the
Statements, that the financial statements comply with International Financial Reporting Standards.
directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial
assessment of the risks of material misstatement of the financial report, whether due to fraud or error.
Statements, that the financial statements comply with International Financial Reporting Standards.
In making those risk assessments, the auditor considers internal control relevant to the entity(cid:1)s
Auditor(cid:1)s Responsibility
preparation and fair presentation of the financial report in order to design audit procedures that are
Auditor(cid:1)s Responsibility
appropriate in the circumstances, but not for the purpose of expressing an opinion on the
Our responsibility is to express an opinion on the financial report based on our audit. We conducted
effectiveness of the entity(cid:1)s internal control. An audit also includes evaluating the appropriateness of
our audit in accordance with Australian Auditing Standards. Those standards require that we comply
Our responsibility is to express an opinion on the financial report based on our audit. We conducted
accounting policies used and the reasonableness of accounting estimates made by the directors, as
with relevant ethical requirements relating to audit engagements and plan and perform the audit to
our audit in accordance with Australian Auditing Standards. Those standards require that we comply
well as evaluating the overall presentation of the financial report.
obtain reasonable assurance about whether the financial report is free from material misstatement.
with relevant ethical requirements relating to audit engagements and plan and perform the audit to
obtain reasonable assurance about whether the financial report is free from material misstatement.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
for our audit opinion.
in the financial report. The procedures selected depend on the auditor(cid:1)s judgement, including the
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
assessment of the risks of material misstatement of the financial report, whether due to fraud or error.
in the financial report. The procedures selected depend on the auditor(cid:1)s judgement, including the
Independence
In making those risk assessments, the auditor considers internal control relevant to the entity(cid:1)s
assessment of the risks of material misstatement of the financial report, whether due to fraud or error.
preparation and fair presentation of the financial report in order to design audit procedures that are
In making those risk assessments, the auditor considers internal control relevant to the entity(cid:1)s
In conducting our audit, we have complied with the independence requirements of the Corporations
appropriate in the circumstances, but not for the purpose of expressing an opinion on the
preparation and fair presentation of the financial report in order to design audit procedures that are
Act 2001. We confirm that the independence declaration required by the Corporations Act 2001,
effectiveness of the entity(cid:1)s internal control. An audit also includes evaluating the appropriateness of
appropriate in the circumstances, but not for the purpose of expressing an opinion on the
which has been given to the directors of MACA Limited, would be in the same terms if given to the
accounting policies used and the reasonableness of accounting estimates made by the directors, as
effectiveness of the entity(cid:1)s internal control. An audit also includes evaluating the appropriateness of
directors as at the time of this auditor(cid:1)s report.
well as evaluating the overall presentation of the financial report.
accounting policies used and the reasonableness of accounting estimates made by the directors, as
well as evaluating the overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Independence
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations
Act 2001. We confirm that the independence declaration required by the Corporations Act 2001,
In conducting our audit, we have complied with the independence requirements of the Corporations
which has been given to the directors of MACA Limited, would be in the same terms if given to the
Act 2001. We confirm that the independence declaration required by the Corporations Act 2001,
directors as at the time of this auditor(cid:1)s report.
which has been given to the directors of MACA Limited, would be in the same terms if given to the
directors as at the time of this auditor(cid:1)s report.
Moore Stephens ABN 75 368 525 284
Level 3, 12 St Georges Tce Perth WA 6000
Tel: +61 (8) 9225 5355 Facsimile: +61 (8) 9225 6181
Email: perth@moorestephens.com.au Web: www.moorestephens.com.au
Liability limited under a scheme approved under Professional Standards Legislation
The Perth Moore Stephens firm is not a partner or agent of any other Moore Stephens firm
An independent member of Moore Stephens International Limited – members in principal cities throughout the world
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Moore Stephens ABN 75 368 525 284
Level 3, 12 St Georges Tce Perth WA 6000
Moore Stephens ABN 75 368 525 284
Tel: +61 (8) 9225 5355 Facsimile: +61 (8) 9225 6181
Level 3, 12 St Georges Tce Perth WA 6000
Email: perth@moorestephens.com.au Web: www.moorestephens.com.au
Tel: +61 (8) 9225 5355 Facsimile: +61 (8) 9225 6181
Liability limited under a scheme approved under Professional Standards Legislation
Email: perth@moorestephens.com.au Web: www.moorestephens.com.au
The Perth Moore Stephens firm is not a partner or agent of any other Moore Stephens firm
Liability limited under a scheme approved under Professional Standards Legislation
An independent member of Moore Stephens International Limited – members in principal cities throughout the world
The Perth Moore Stephens firm is not a partner or agent of any other Moore Stephens firm
An independent member of Moore Stephens International Limited – members in principal cities throughout the world
INDEPENDENT AUDITOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2011
Partners
Syd Jenkins
Neil Pace
Ray Simpson
Ennio Tavani
Suan Lee Tan
Dino Travaglini
INDEPENDENT AUDITOR(cid:1)S REPORT
TO THE MEMBERS OF MACA LIMITED
Report on the Financial Report
We have audited the accompanying financial report of MACA Limited, which comprises the
statements of financial position as at 30 June 2011, the statements of comprehensive income, the
statements of changes in equity and the statements of cash flows for the period then ended, notes
comprising a summary of significant accounting policies and other explanatory information, and the
directors(cid:1) declaration of the consolidated entity comprising the company and the entities it controlled
at the period(cid:1)s end or from time to time during the financial period.
Directors(cid:1) Responsibility for the Financial Report
The directors of the company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that is free from material misstatement, whether due to fraud or error. In Note 1, the
directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial
Statements, that the financial statements comply with International Financial Reporting Standards.
Auditor(cid:1)s Responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We conducted
our audit in accordance with Australian Auditing Standards. Those standards require that we comply
with relevant ethical requirements relating to audit engagements and plan and perform the audit to
obtain reasonable assurance about whether the financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial report. The procedures selected depend on the auditor(cid:1)s judgement, including the
assessment of the risks of material misstatement of the financial report, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the entity(cid:1)s
preparation and fair presentation of the financial report 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 entity(cid:1)s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by the directors, as
well as evaluating the overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations
Act 2001. We confirm that the independence declaration required by the Corporations Act 2001,
which has been given to the directors of MACA Limited, would be in the same terms if given to the
directors as at the time of this auditor(cid:1)s report.
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Moore Stephens ABN 75 368 525 284
Level 3, 12 St Georges Tce Perth WA 6000
Tel: +61 (8) 9225 5355 Facsimile: +61 (8) 9225 6181
Email: perth@moorestephens.com.au Web: www.moorestephens.com.au
Liability limited under a scheme approved under Professional Standards Legislation
The Perth Moore Stephens firm is not a partner or agent of any other Moore Stephens firm
An independent member of Moore Stephens International Limited – members in principal cities throughout the world
SHAREHOLDER INFORMATION
AS AT 31 AUGUST 2011
1. NUMBERS OF HOLDERS OF EQUITY SECURITIES
A. Ordinary Share Capital
150,000,000 fully paid ordinary shares are held by 1,937 individual shareholders.
B. Listed Options
There are no listed options.
C. Unlisted Options
4,178,030 unlisted options exercisable after 2 November 2013 are held by 68 individual holders
D. Distribution of Holders of Equity Securities as of 31 August 2011
Fully Paid Ordinary Shares
Listed Options
Unlisted Options
1 - 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
Total
177
741
509
474
36
1937
–
–
–
–
–
–
68
–
–
–
–
68
E. Substantial Share and Option Holders
The names of the substantial shareholders listed in the Company’s register as at 31 August 2011:
1. Gemblue Nominees Pty Ltd
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