Maca Ltd Annual Report 2019

Plain-text annual report

CORPORATE DIRECTORY MACA LIMITED ABN 42 144 745 782 DIRECTORS Andrew Edwards Non-Executive Chairman Chris Tuckwell Managing Director / Chief Executive Ofﬁ cer Geoff Baker Executive Director Linton Kirk Non-Executive Director Robert Ryan Non-Executive Director Peter Gilford Company Secretary REGISTERED OFFICE 45 Division Street WELSHPOOL WA 6106 Telephone (08) 6242 2600 Facsimile (08) 6242 2677 SOLICITORS KD Legal Corporate and Commercial Law Level 4/105 St Georges Terrace, Perth WA 6000 AUDITORS Moore Stephens Exchange Tower 2 The Esplanade PERTH WA 6000 SHARE REGISTRY Computershare Investor Services Pty Ltd 11 / 122 St Georges Terrace PERTH WA 6000 STOCK EXCHANGE LISTINGS MACA Limited shares are listed on the Australian Securities Exchange ASX CODE : MLD www.maca.net.au 2 MACA LIMITED ANNUAL REPORT 2019 CONTENTS Corporate Directory About MACA Our Operating Businesses History 2018/19 Highlights Areas of Activity Performance Growth Strategy Executive Leadership Team Board of Directors Chairman’s Address Managing Director’s Review of Operations Directors’ Report Remuneration Report – Audited Auditor’s Independence Declaration Corporate Governance Statement Checklist Directors’ Declaration Consolidated Statement of Profit or Loss and Other Comprehensive Income 02 04 05 06 07 08 10 11 12 13 14 15 22 30 44 45 51 52 Consolidated Statement of Financial Position 53 Consolidated Statement of Changes in Equity 54 Consolidated Statement of Cash Flows Sections to the Financial Statements Independent Audit Report Shareholder Information 55 56 96 101 MACA LIMITED ANNUAL REPORT 2019 3 ABOUT US MACA is a publicly listed, international contracting group providing services to the mining and construction industries. With our team of highly skilled and dedicated professionals, we provide tailored solutions to meet the needs of all our clients. OUR VISION Be Number 1 in what we do. OUR PROMISE We Care We are Flexible We Deliver CORE VALUES PEOPLE FIRST We care for people and create a safe and enjoyable workplace. We treat them fairly, with integrity, honesty and respect. CONTINUOUS IMPROVEMENT We are committed to being a better business through continuous improvement and innovation. ACCOUNTABILITY We are personally accountable for delivering on our commitments. We do what we say. EXCEED EXPECTATIONS We strive to exceed expectations of our people, clients and shareholders. COMMUNITY We show leadership and take responsibility for our community. 4 MACA LIMITED ANNUAL REPORT 2019 OUR OPERATING BUSINESSES MINING AUSTRALIA CRUSHING MINING INTERNATIONAL • Modern fleet of surface mining equipment • Load & haul mining contracts • Bulk overburden removal • Bulk earthworks • Modern fleet of proven drilling equipment • Complete blasting service utilising latest technology • Experience in gold, iron ore, lithium, coal and others • Modern fleet of crushing equipment including primary jaw crushers, secondary cone crushers and tertiary cone crushers • Complete screening services utilising the latest technology with scalping screens, vibrating and fixed screens and single, double and triple deck screens • Equipment and operating techniques are used to meet client needs in diverse operating environments • Load and haul • Drill and blast • International experience in gold and copper projects CIVIL CONSTRUCTION • Civil bulk earthworks for the private / resource sector including mining, TSF road, borefield and camp infrastructure • Public works civil capabilities include roads and bridges, bulk earthworks, aerodromes, drainage and marine works INFRASTRUCTURE MAINTENANCE • Infrastructure capabilities and experience includes roads maintenance and construction, parks and gardens, specialist services, verge works, bridge works and safety barriers • Asset management and maintenance segments in Australia MACA INTERQUIP • Delivering small to large scale structural, mechanical and piping projects • New and refurbished plant and equipment • Consumables to the mineral processing sector of the resources industry • Significant number of low to high lift cranes available MACA LIMITED ANNUAL REPORT 2019 5 HISTORY 2002 2003 Mining and Civil Australia was founded in WA Awarded first Mining Services contract 2004 Awarded 1st contract with Equigold (now Regis Resources) 2011 Awarded 1st interstate Mining Services contract in South Australia MACA Civil began providing Civil Infrastructure design & construction services 2007 Awarded 1st Crushing and Screening contract 2010 Listed on ASX as MACA Limited 2014 Awarded 1st International Mining contract. Gold Project, Brazil 2016 2016 Acquisition of Alliance Contracting, a small Mining Services business 2018 Awarded Bluff Coal contract in Queensland 2019 1,600 + employees, $666m turnover $2.1b work in hand Established MACA Infrastructure and expanded the Civil and Infrastructure businesses into Victoria through the acquisition of local contractor Services South East Acquired a 60% stake in MACA Interquip, and expanded Mining Services offering to include mineral processing solutions 6 MACA LIMITED ANNUAL REPORT 2019 2018/19 HIGHLIGHTS CORPORATE Significant capital investment in FY19 to support growth. Balance sheet remains strong with capacity to invest in suitable opportunities. Work in Hand at $2.1 billion. $30 million returned by Great Panther in the year – debt now $27 million. REGIS DUKETON SOUTH EXTENSION 5 year $590 million contract extension at Regis Resource’s Duketon South project, with an option for a further 5 year extension. BLUFF CONTRACT AWARD 10 year, $700 million contract at Bluff Coal, with finance supported by MACA. Shipping of first coal in June 2019. INFRASTRUCTURE MAINTENANCE Rollover of current Infrastructure Maintenance contracts in FY19, expected to continue in FY20, in both WA and Victoria. CRUSHING FOR BHP Completed construction and commenced crushing operations of two plants at Mining Area C (12Mtpa) and Eastern Ridge (5Mtpa) for BHP. MACA INTERQUIP Strong year for MACA Interquip including supporting Adaman Resources at its Kirkalocka gold project with mill installation and refurbishment and a longer term maintenance contract. MACA LIMITED ANNUAL REPORT 2019 7 AREAS OF ACTIVITY WA Goldﬁ elds 01 Regis Resources Duketon South Moolart Well 02 Blackham Resources Matilda Gold 03 Gold Road / Gold Fields JV Gruyere Earthworks 04 AngloGold Ashanti Tropicana Joint Venture WA Kimberley 13 MainRoads WA Kimberley Road Maintenance 14 Panoramic Resources Savannah QLD Bowen Basin 15 Carabella Resources Bluff Coal WA Murchison 05 Ramelius Resources Mount Magnet 06 Minjar Gold Gossan Hill 07 Adaman Resources Kirkalocka WA Pilbara 08 Pilbara Minerals Pilgangoora 09 BHP 10 Mining Area C Eastern Ridge WAIO 11 Atlas Iron Mt Dove Crushing 12 MainRoads WA Karratha / Tom Price Rd Coongan Gorge VIC Regional 16 VicRoads Dual Lane Roundabouts - Shepparton Doncaster Bus Lanes Safe System Infrastructure Program O’Herns Road Signalised Intersection Verge Maintenance Network Maintenance 17 Baw Baw Shire Network Maintenance Brazil 18 OZ Minerals Antas North Cambodia (East) 19 Emerald Resources* Okvau Gold * MoU entered into as per ASX announcement January 30th 2019 18 B R A Z I L RIO DE JANEIRO MACA OFFICES MINING CIVIL & INFRASTRUCTURE CRUSHING INTERQUIP 8 MACA LIMITED ANNUAL REPORT 2019 19 C A M B O D I A 13 14 08 09 10 11 12 01 02 03 04 05 06 07 PERTH A U S T R A L I A 15 BRISBANE 17 16 MELBOURNE MACA LIMITED ANNUAL REPORT 2019 9 PERFORMANCE Chart Revenue EBITDA NPAT Operating Cash Flow Work in Hand Dividends Net debt / (cash) Net tangible asset backing 1 As at 31 Aug 2019 ($m) ($m) ($m) ($m) ($m) (cps) ($m) (cps) REVENUE ($m) 700 s n o i l l i M 525 350 175 0 EBITDA ($m) 100 s n o i l l i M 75 50 25 0 FY17 497.9 98.5 32.1 68.1 1,130 9.0 (64.2) 108.9 NPAT ($m) 34 s n o i l l i M 25.5 17 8.5 0 FY18 562.6 76.6 23.6 8.7 1,051 6.5 (63.3) 118.8 FY19 665.7 70.7 20.6 57.5 2,1101 4.5 82.8 119.5 OPERATING CASH FLOW ($m) s n o i l l i M 70 52.5 35 17.5 0 FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 WORK IN HAND ($m) 2,200 1,650 s n o i l l i M 1,100 550 0 DIVIDENDS (cents per share) s t n e C 9.0 6.8 4.5 2.3 0.0 NET DEBT / (CASH) ($m) 90 s n o i l l i M 67.5 45 22.5 FY17 FY18 0 NET TANGIBLE ASSET BACKING (cents per share) s t n e C 120 115 110 105 100 FY17 FY18 FY19 FY17 FY18 FY19 FY19 FY17 FY18 FY19 -22.5 -45 -67.5 10 MACA LIMITED ANNUAL REPORT 2019 GROWTH STRATEGY MACA has a positive outlook for FY20 and expects to deliver to shareholders continued growth in both our revenue and earnings. Our outlook is underpinned by our strong work in hand position of $2.1 billion at Aug19 and is also supported by a general improvement in the mining and construction industries. MACA IS FOCUSED ON THE FOLLOWING STRATEGIC PRIORITIES: Delivering for our Existing Clients while Winning New Work Diversifying into New Markets, Services and Commodities Implementing long-term strategic plans for Human Resources and Technology Supporting our Trading Divisions to extract the full value of our assets Encourage an environment of Continuous Improvement to drive operational efﬁ ciencies MACA LIMITED ANNUAL REPORT 2019 11 EXECUTIVE LEADERSHIP TEAM Front: Chris Tuckwell, Mark Davidovic & Adam Struthers. Back: David Greig, Peter Gilford, Geoff Baker, Linda Devereux, Tim Gooch & Tony McClure. Absent: Mitch Wallace David Greig General Manager Peter Gilford Chief Financial Ofﬁ cer Geoff Baker Executive Director Linda Devereux General Manager Tim Gooch General Manager Business Development and Company Secretary Operations People & Safety Mining David was appointed in 2016 and has over 20 years’ experience in the international mining, construction, maintenance and infrastructure industries. Peter has over 20 years’ experience in the areas of financial management, accounting, business and taxation services and has been with MACA for over 12 years. Geoff is a founding shareholder of MACA and brings with him more than 40 years’ experience in the mining and construction industries. Linda joined MACA in 2019 and brings with her more than 20 years’ experience in HR and Corporate Services from a diverse range of industries. Tim joined MACA in 2011 and is an experienced mining engineer with over 30 years domestic and international mining experience. Tony McClure General Manager Interquip Chris Tuckwell Managing Director and Mark Davidovic General Manager Civil Adam Struthers General Manager Chief Executive Ofﬁ cer and Infrastructure Plant Mitch Wallace General Manager Brazil Tony has held a number of senior management roles, with over 25 years’ experience within the oil and gas, mining and construction industries. Chris has over 35 years’ experience within the mining industry, working with both domestic and international mining contractors and companies. Mark is a professional civil engineer with over 25 years’ experience in the resources and public infrastructure development sectors. Adam has over 25 years’ experience in maintenance and mining industry and has held management roles with contractors, hire companies and OEMs. Mitch has more than 20 years’ experience in the management of fixed and mobile plant, and has held senior management roles both in Australia and Internationally. 12 MACA LIMITED ANNUAL REPORT 2019 BOARD OF DIRECTORS Andrew Edwards Non-Executive Chairman Chris Tuckwell Managing Director and Chief Executive Ofﬁ cer Geoff Baker Executive Director, Operations Andrew is an experienced Non- Executive director. He is a former Managing Partner of PwC’s Perth Office, and a former president of the Western Australian division of the Securities Institute of Australia (now the Financial Services Institute of Australasia). Chris is a qualified construction engineer who has spent his entire 35 year career within the mining industry, working with both domestic and international mining contractors and companies. Geoff 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. Linton Kirk Independent Non-Executive Director Robert Ryan Independent Non-Executive Director Linton has over 40 years’ experience in mining and earthmoving, covering both open pit and underground operations in several commodities. He has held technical, operational and management positions in a variety of mining and mining service companies throughout the world prior to becoming a consultant in 1997. Robert brings over 40 years’ experience in civil engineering and construction to the Board. For 10 years he worked at a senior level for a significant public company working in engineering services. MACA LIMITED ANNUAL REPORT 2019 13 CHAIRMAN’S ADDRESS CHAIRMAN ANDREW EDWARDS Dear Shareholders, I am pleased to report that in 2019 MACA achieved record high levels of revenue and work in hand, alongside a continuing focus to diversify the business. The year has also presented challenges, which we continue to address in order to best position MACA for future years. Our financial results were in line with guidance, with revenue of $666m, EBITDA of $70.7m and NPAT attributable to members of $20.6m. Our NPAT was down 13% on the prior year, following a subdued financial performance in the first half due to margin pressure in our core mining division. A tightening labour market impacted the availability and deployment of our equipment, which in turn adversely affected site performance across our projects. This has been addressed through significant investment in newer and larger equipment, giving rise to improved margins in the second half of the financial year and the benefits of this investment are expected to extend further in coming years. Our Australian mining operations have continued to grow, with the renewal of our long-term contract with Regis Resources at the Duketon South operations, the commencement of the Bluff Coal project for Carabella Resources in Queensland, and the award of three crushing contracts by BHP Iron Ore. MACA has continued to provide financial support to our mining clients where this aligns with our commercial objectives. Nevertheless, market concerns with the associated risks have weighed on MACA’s share price over the past year. We look forward to maintaining our positive working relationships with these clients and are confident of the continued realisation of these investments in FY20. The performance of our civil and infrastructure operations in FY19 was disappointing with cost overruns on some key civil projects. We expect these businesses to improve in 2020 with increased scale and a tightening of our project delivery and financial monitoring processes. Our MACA Interquip business has had a strong year, including supporting Adaman Resources at its Kirkalocka gold project and supporting the construction of our BHP crushing plants. Positive market conditions exist across the mining and civil construction sectors, and the company is actively pursuing many mining, civil and infrastructure opportunities. As previously announced, MACA is expecting revenue to increase to $720m in FY20, of which over $500m relates to Mining and Crushing. Your Directors have declared a final dividend of 2.5 cents per share, taking the total dividends for the year to 4.5 cents fully franked. This dividend has been set having regard to the recent level of earnings and the desire to retain sufficient funds for equipment and working capital investments required to support future projects. MACA remains focused on productivity and other initiatives to improve and protect margins in our drive to bolster earnings sustainability. Importantly, the Company’s strong balance sheet provides MACA with the capacity to pursue the right opportunities to achieve its long-term growth strategy. On behalf of the Board, I would like to take this opportunity to thank our shareholders, as well as all of MACA’s other stakeholders, for their continued support, and in particular our dedicated people for their commitment and contribution during the year. Andrew Edwards Chairman 14 MACA LIMITED ANNUAL REPORT 2019 REVIEW OF OPERATIONS MANAGING DIRECTOR CHRIS TUCKWELL This report marks the ninth year since listing and seventeenth year since incorporation of MACA. I am pleased to present a review of the Company’s performance to you the shareholders of MACA Limited. This year has seen MACA invest the most amount of capital in its history. This capital has been deployed to both new projects and existing extended projects, and is underpinned by a record orderbook of $2.1b, providing a solid platform of work going forward. The significant capital investment into the business has been achieved with a prudent and modest level of gearing supported by a strong focus on cash management. Against that background the Group’s core mining services business has seen improved performance half on half. The other parts of our business are maturing and beginning to generate improved financial performance in line with our corporate group strategy. MINING - AUSTRALIA CRUSHING – AUSTRALIA Operational activities have continued to grow in gold, with MACA renewing its long-term contract at the beginning of the year with Regis Resources at the Duketon South operations for another 5 year period. Our current operations with Ramelius Resources at Mount Magnet, Blackham Resources at the Matilda project and for Pilbara Minerals at the Pilgangoora project continued throughout the full year. In the first half MACA commenced in a new geographic area and commodity when commencing the Bluff Coal project for Carabella Resources in the Blackwater region of Queensland. This is a significant project for MACA both in terms of scale and tenure (a 10 year life of mine contract) which is now beginning to generate reasonable returns. MACA was awarded 3 crushing contracts by BHP during the year. These included a 2 year contract to crush blast-hole stemming material across Western Australian Iron Ore (WAIO) operations and a 3 year contract to crush and screen up to 12Mtpa at the Mining Area C operation, which commenced in March 2019. MACA was also awarded a contract to crush and screen up to 5Mtpa at the Eastern Ridge operations which commenced subsequent to year end. These projects have allowed us to utilise idle crushing equipment from past completed projects. MINING - INTERNATIONAL We continue to operate at OZ Minerals’ Antas copper mine in the state of Para in Brazil. The Company continues to assess opportunities in Brazil given equipment coming available from other completed projects. MACA has also executed a Memorandum of Understanding with Emerald Resources to provide contract mining services at the Okvau Gold Project in Cambodia – a new jurisdiction for the business going forward. MACA LIMITED ANNUAL REPORT 2019 15 REVIEW OF OPERATIONS CONTINUED Operations MINING AND CRUSHING MACA INTERQUIP The division’s revenue of $473 million represented 71% of the total Group revenue and was derived from continuing operations, the completion of 2 projects and the commencement of 4 new projects during the period. MINING CONTRACTS BY SECTOR FROM JULY 2018 INCLUDE: GOLD MINING SERVICES Continued Regis Resources at Moolart Well Regis Resources at Duketon South – 5 year extension July 18 Blackham Resources at Matilda Ramelius Resources at Mount Magnet Minjar Gold at Gossan Hill in February 2019 Completed Memorandum of Emerald Resources at Okvau Gold (Cambodia East) Understanding COAL MINING SERVICES Commenced Carabella Resources at Bluff Coal in Queensland in December 18 – Life of Mine (10 year) contract COPPER MINING SERVICES Continued OZ Minerals at Antas (Brazil, South America) LITHIUM MINING SERVICES Continued Pilbara Minerals at Pilgangoora CRUSHING AND SCREENING CONTRACTS BY SECTOR FROM JULY 2018 INCLUDE: IRON ORE CRUSHING AND SCREENING SERVICES Commenced BHP at Mining Area C in April 2019 BHP at Eastern Ridge in June 2019 BHP WAIO (stemming and other stockpiles at various sites) in July 18 LITHIUM CRUSHING AND SCREENING SERVICES Completed Atlas Iron at Mt Dove in September 2018 16 MACA LIMITED ANNUAL REPORT 2019 MACA Interquip (MACA 60% owned) is a business providing Engineering, Procurement and Construction (EPC) services including Structural, Mechanical and Piping (SMP) solutions in Western Australia. MACA Interquip commenced the Kirkalocka gold project for Adaman Resources during the year - this included installation of a new semi- autogenous (SAG) mill and the refurbishment of an existing processing plant. The project commenced in February of 2019 and will be completed in the first half of FY2020. In addition to this, MACA Interquip is actively pursuing longer term maintenance services with its first of these being agreed subsequent to year end. Other projects completed during the period included the construction of crushing plants for MACA Mining at BHP and a secondary mill upgrade for AngloGold Ashanti at the Tropicana project. WESTERN AUSTRALIA Adaman Resources at Kirkalocka Mill installation and refurbishment of existing processing plant Continuing Panoramic Resources Savannah project Refurbishment and maintenance services Completed Sandﬁ re Resources De Grussa project SMP services for a filtration upgrade Completed AngloGold Ashanti at Tropicana Secondary mill upgrade Completed INFRASTRUCTURE MAINTENANCE The Infrastructure Maintenance business in Western Australia has maintained its strong relationship with Main Roads during the period receiving an extension in contract tenure for delivery of the Road and Asset Maintenance contract in the Kimberley region. One of the success stories has been the outstanding intake of local Aboriginal employees in the workforce and their job growth development in the region. The Infrastructure Maintenance business in Victoria has maintained its strong relationships with VicRoads and Baw Baw Shire Council plus other local government clients with continuing long-term Road and Asset Maintenance contracts. MACA Civil once again achieved re-certification in the National pre-qualification system to an elevated R4 (conditional) / B2 level for Roads and has also retained its accreditation to the Office of Federal Safety. This allows continued participation on or competing for federally funded public infrastructure projects. INFRASTRUCTURE PROJECTS Main Roads WA Kimberley Road Maintenance Continuing VicRoads Western Region Road and Roadside Maintenance Continuing Baw Baw Shire Routine maintenance Continuing CIVIL CONSTRUCTION The Civil Construction business in both the Western Australian and Victoria regions continued to mature in 2019, with cost overrun on a small number of key projects offsetting the broader positive financial performance generated by the business unit. Both sectors continued their year-on-year revenue growth and developed positive relationships with our valued stakeholders, in line with our corporate group strategy. During 2019 the Civil division in Western Australia completed the bulk earthworks at the Gruyere Gold project involving the greenfield development of the overall process plant bulk earthworks, access roads, storage ponds, airstrip, sealed intersections and tailings storage facility (TSF) works. Later in the year the Coongan Gorge realignment for MainRoads of WA was commenced and completed in the Kimberley region. In addition, a number of small mine based infrastructure projects were completed for mining clients and internally for our Crushing Division. Subsequent to year end MACA has been awarded stage 3 of the Karratha / Tom Price road - a Construct Only contract for 45km of roadworks for MainRoads WA in the Pilbara region at a value of $81m. In Victoria, a number of projects for VicRoads and local shires between $2m and $20m were completed with the business growing in scale and capability. The most notable projects during the year were the O’Herns Road intersection upgrade and the Doncaster Bus Lanes projects. CIVIL CONSTRUCTION PROJECTS Gruyere Joint Venture Site Bulk Earthworks, Access Roads, Airstrip and Tailings Storage Facility works and variations Completed VicRoads Design and Construct signalised Intersection Upgrade - O’Herns Road, Epping Completed Coongan Gorge Road realignment in the Kimberley region Completed Pilbara Minerals Road and Tailings Storage Infrastructure works Completed Western Areas Odysseus Evaporation ponds at the Cosmos project Completed Main Roads WA Karratha / Tom Price road Subsequent to year end Croydon Road Intersection Upgrade Continuing Safe System Road Infrastructure Projects (SSRIP) Project Zero Construction Panel Continuing Design and Construct Doncaster Bus-lanes Completed Works for various shires and councils Hobson Bay, Wangaratta and Whittlesea Continuing MACA LIMITED ANNUAL REPORT 2019 17 REVIEW OF OPERATIONS CONTINUED THE BUSINESS The improved performance of the Mining and Crushing Divisions in the second half of FY19 is expected to continue into the coming year as the full benefits of the capital investment are realised. Increased activity within the mining sector is expected to support future growth within this segment. The Civil and Infrastructure businesses, through increased scale and a heightened focus on improved project delivery, is expected to benefit from a very large infrastructure spend on the East Coast and opportunities in WA increasing on the back of significant capital works programs in the mining industry. MACA Interquip continues to build its reputation and is now starting to deliver on the potential identified at the time of acquisition. MACA enters the year with a work in hand position of $2.1 billion as at 31 August 2019. This together with strong prospects has the business poised to grow both revenue and profitability. We will continue to selectively identify mining and construction opportunities and are well positioned to deliver growth of our quality services to customers in the sectors in which it operates. Revenue EBITDA EBIT Net Profit Before Tax Net Profit After Tax Attributable to Members Work in Hand Operating Cash Flow Earnings per share - basic Dividends per share (fully franked) FINANCIAL AND OPERATING PERFORMANCE • Operating revenue of $665.7 million • EBITDA of $70.7 million • Net profit after tax attributable to members of $20.6 million • Net operating cash flow of $57.5 million • Final dividend of 2.5 cents per share (fully franked) (Total for FY19 of 4.5 cps) • Strong balance sheet with a net debt position of $82.8 million 30 JUNE 2019 30 JUNE 2018 MOVEMENT 18% (8)% (4)% 1% (13)% $665.7m $70.7m1 $28.1m $32.0m $20.6m $2,110m2 $57.5m 7.7 cents 4.5 cents $562.6m $76.6m $29.4m $31.6m $23.6m $1,051m3 $8.7m 9.1 cents 6.5 cents 1 Adjusted EBTDA of $74.7m excluding addback of net interest income 2 As at August 2019 3 As at August 2018 Group revenue increased overall with an increase in growth of the core mining segment of 18% to $473 million, revenue of $139 million for the Civil Construction and Infrastructure Maintenance division and an increase in the mineral processing equipment businesses from $21 million to $51 million. The after-tax profit has decreased to $20.6 million for the year ended 30 June 2019. EBITDA (Earnings before interest, tax, depreciation and amortisation) was $70.7 million for the year ended 30 June 2019. 18 MACA LIMITED ANNUAL REPORT 2019 DIVIDEND OUR PEOPLE On the 22nd August 2019, the board of MACA Limited declared a final dividend for the financial year ended 2019 of 2.5 cents per share and a total dividend for the year of 4.5 cents per share. This payout is consistent with our targeted guideline and the Board’s objective to provide a return to shareholders whilst still retaining the financial capacity to support our growth plans. The total dividend paid during the year was $14.7 million (2018: $19.0 million). OPERATING CASH FLOW AND CAPITAL EXPENDITURE Operating cash flow for the 12 months ended 30 June 2019 was $57.5 million (representing a cash conversion ratio of 81%). Capital expenditure for the financial year was $166 million relating to plant and equipment associated with the commencement of the Bluff Coal project for Carabella Resources, the crushing plants for BHP at Mining Area C and Eastern Ridge, new equipment for the Duketon South operations for Regis Resources, and sustaining capital. Capital equipment purchases were funded by a combination of cash and equipment finance contracts. The operating cashflow in the second half was significantly improved as a result of repayment arrangements with Great Panther being accelerated by the exercise and conversion of 3 tranches of debt to equity with $30 million received since the end of the first half reporting period. BALANCE SHEET AND GEARING With an increase in revenue and assets employed, the Group as at 30 June 2019 remains in a strong financial position with a net debt position of $82.8 million representing a gearing ratio of 20%, and with cash on hand of $59.3 million. ORDER BOOK As at the end of August 2019 the Company had Work-In- Hand of $2,110 million, with Mining accounting for $1,867 million and Crushing $103 million. At MACA, we recognise that people are our greatest asset, employing over 1,600 at 30 June 2019. Our ability to attract and retain great people is very much the essence of our employer brand and forms the cornerstone of our business. It sets us apart. We ask a lot of our people, as it takes a special effort to consistently strive to exceed the expectations of our stakeholders. In turn we want our workers to feel a great deal of pride to be part of the MACA brand. We actively engage our people, we work to nurture them to be the best they can be, but our highest priority is to keep them safe as we conduct our business. It takes a certain type of person to work in such a dynamic business, where change is inevitable, and individuals need to be adaptive and flexible. We hear it all the time, “people are our greatest asset”, but we certainly don’t take this asset for granted. We endeavour to form long-term partnerships with our people. DIVERSITY MACA acknowledges that cultural diversity is key to providing a culturally sensitive and respectful workplace. MACA prides itself in being an equal opportunity employer where cultural diversity is demonstrated through our Core Value of People First. We embrace diversity and are mindful of related sensitivities, to help provide a welcoming and enriching place to work. We recognise the cultural, social and economic impact when interacting and working with communities. We embrace this opportunity to encourage local employment, to support local business and commit to provide other legacies this opportunity will bring. We are fully committed to providing direct and indirect employment and/or contracting opportunities to the Aboriginal community. Currently 4% of MACA’s workforce identify themselves to be of Aboriginal heritage and there is a clear plan to increase this participation rate over the next twelve months. MACA is also committed to increasing female diversity across all levels of its business. MACA LIMITED ANNUAL REPORT 2019 19 REVIEW OF OPERATIONS CONTINUED LEARNING AND DEVELOPMENT We recognise the importance of investing in the future of our people at MACA and offer an array of opportunities for those who show promise, work hard and actively seek it. With a diverse company work portfolio, our people have the opportunity to gain a vast range of differing experience across a multi-disciplined, national and international contracting environment. In 2019, MACA designed, developed and introduced its own internal Leadership Development Program. With over 85 of its emerging and existing leaders having completed or undertaking this development, our clients are noticing excellent improvements benefitting their projects. This program and a number of related development initiatives will build our in- house training capability to meet the demand of a growing order book, a shrinking skilled labour market and the ever-evolving world of technology and industry change. In an environment of growth and emerging systems, building strong leadership on the frontline is essential. The MACA ‘Leading with Intention’ program has resulted in a marked shift in safety leadership attitudes and performance. Recognising we operate in this challenging labour environment, we have a firm belief we have an obligation to help build the next tier of qualified tradespeople, professionals and support roles for our industry. MACA currently employ 53 Apprentices and 43 Trainees across a vast range of disciplines. In addition, MACA is proud to be in partnership with ‘Working Spirit’, a not-for-profit organisation, where we have employed in excess of 38 ex-ADF (Australian Defence Force) personnel who have successfully transitioned into a range of positions across our business. As we grow, we expect the level of sophistication of our people systems, our leadership capability and our service delivery to grow too. To facilitate this growth, MACA has made a conscious decision to drive a continuous improvement culture across all aspects of our business. 20 MACA LIMITED ANNUAL REPORT 2019 HEALTH, SAFETY, ENVIRONMENT AND QUALITY VETERANS EMPLOYMENT MACA maintains an integrated HSEQ management system, externally accredited by SAI Global (AS/ NZS4801:2001, ISO9001:2015 and ISO14001:2015) and the Office of the Federal Safety Commissioner (OFSC). These management systems encompass all the processes and procedures we rely on to conduct our work safely and efficiently and is consistently being improved from lessons learnt and industry updates. These improvements continue MACA’s focus on our objective of Zero Harm to provide a safe and healthy workplace for the prevention of work- related injury and / or ill health to our employees, contractors and visitors. There is a genuine belief amongst our leaders that you can’t have a good business unless it is a safe business. We are continuing to work towards a sustainable safety culture based on strong leadership, clear lines of accountability, high levels of employee engagement and sound safety performance over time. MACA is committed to minimising the impact on the environment in which we live and work. MACA always considers the lifecycle aspect to environmental decision-making to reduce emission discharges, wastes, energy usage and resource consumption. We work closely with our clients and traditional custodians of the land to identify items or areas of cultural heritage which may be impacted by our work activities, create an awareness of the significance and establish systems to preserve and protect its value. MACA has established measurable objectives and targets to evaluate how closely MACA is achieving the health, safety and environmental expectations, requirements and obligations of stakeholders. MACA acknowledges the service that all ADF members have given to all Australians, and as a company MACA is committed to assisting Veterans and their families through employment opportunities. To date MACA has employed approximately 38 Veterans over the last 12 months with the assistance of Working Spirit. Currently Veteran retention over the last 12 months is at 92% and represents 4% of our total workforce. MACA has successfully registered its public commitment to Veteran Employment with the Department of Veteran Affairs and in doing so has become the first Mining and Civil contractor in Australia to make this public commitment. COMMUNITY MACA acknowledges the significance of our social licence to operate, and that it is both earned and maintained on an ongoing basis, as a result of our many relationships with our stakeholders. Community and People First are two of MACA’s core values, and we are proud to have meaningful and positive connections with both the communities we work in and the people we employ. During FY19, MACA contributed significantly to the communities in which it operates, including the MACA Cancer 200, The Harry Perkins Institute of Medical Research, the Hawaiin Ride for Youth, WASO and other charities in the states in which we operate. In closing, MACA highly values its hard working, dedicated and loyal employees. The Board would like to extend its thanks to them and all of our stakeholders who remain an integral part of our success. CHRIS TUCKWELL Managing Director, CEO MACA LIMITED ANNUAL REPORT 2019 21 DIRECTORS’ REPORT The Directors present their report, together with the financial statements, of the consolidated entity (referred to hereafter as the ‘consolidated entity’) consisting of MACA Limited (referred to hereafter as the ‘company’ or ‘parent entity’) and the entities it controlled for the year ended 30 June 2019. DIRECTORS The following persons were directors of MACA Limited during the whole or part of the financial year and up to the date of this report: Mr (Hugh) Andrew Edwards (Chairman, Non-Executive Director) Mr Christopher Mark Tuckwell (Chief Executive Officer and Managing Director) Mr Geoffrey Alan Baker (Executive Director) Mr Linton John Kirk (Non-Executive Director) Mr Robert Neil Ryan (Non-Executive Director) PRINCIPAL ACTIVITIES AND ANY SIGNIFICANT CHANGES IN NATURE The principal activities of the Group during the year were in three businesses and two geographical segments being the provision of contract mining services, civil contracting services and mineral processing services throughout Australia, and contract mining services in Brazil, South America. There were no significant changes in the nature of the Group’s principal activities during the financial year. DIVIDENDS PAID OR RECOMMENDED Dividends that were fully franked and paid or declared for payment since the end of the previous financial year were as follows: Interim dividend declared and paid per ordinary share (cps) Final dividend declared and paid per ordinary share (cps) The final fully franked dividend was paid on 20th September 2019. 2019 2018 2.0 2.5 3.0 3.5 DIVIDEND REINVESTMENT PLAN There is no dividend reinvestment plan in place. 22 MACA LIMITED ANNUAL REPORT 2019 REVIEW OF OPERATIONS A summary of key financial indicators is set out in the table below. Revenue EBITDA EBIT Net Profit before tax Net Profit after tax (attributable to members) Work in Hand Operating Cashflow Dividend per share (fully franked) Basic earnings per share 2019 $’m 665.7 70.7 28.1 32.0 20.6 2,110 1 57.5 4.5 cents 7.7 cents 2018 $’m CHANGE 18% (8)% (4)% 1% (13)% 562.6 76.7 29.4 31.6 23.6 1051 2 8.7 6.5 cents 9.1 cents Net tangible asset backing per share (basic) 119.5 cents 118.8 cents 1 As at 31 August 2019 / 2 As at 30 June 2018 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 that forms part of this Directors’ Report. ENVIRONMENTAL ISSUES MACA is aware of its environmental obligations with regard to its principal activities and ensures it complies with all regulations. SIGNIFICANT CHANGES IN STATE OF AFFAIRS There have not been any significant changes in the state of affairs of the Group. CHANGES IN CONTROLLED ENTITIES During the period MACA gained control of the following entities: • OPMS Cambodia Co. Ltd EVENTS SUBSEQUENT TO BALANCE DATE After balance date events include the following: • Award of the Karratha / Tom Price road - an approximately $81 million Construct Only road construction contract for 45km of roadworks for the MRWA in the Pilbara region (see ASX announcement 19th August 2019) Other than the matters detailed above no circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years. MACA LIMITED ANNUAL REPORT 2019 23 DIRECTOR’S REPORT CONTINUED INFORMATION ON CURRENT DIRECTORS NAME: TITLE: Mr Andrew Edwards Independent Non-Executive Chairman QUALIFICATIONS: B Com FCA SF Finsia FAICD EXPERIENCE AND EXPERTISE: CURRENT DIRECTORSHIPS: FORMER DIRECTORSHIPS (IN LAST 3 YEARS): SPECIAL RESPONSIBILITIES: Mr Edwards is a former Managing Partner of PricewaterhouseCoopers (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 Australian division of that Institute. Mr Edwards is a Fellow of Chartered Accountants Australia and New Zealand and has served as a state councillor of that Institute. Mr Edwards has been a board member of MACA Limited since 10th November 2010. Mr Edwards is currently Non-executive Chairman of MMA Offshore Limited (appointed December 2009). Non-Executive Director of Nido Petroleum Limited (appointed December 2009 and resigned December 2018) (delisted from ASX June 2017). Mr Edwards is currently a member of the Board’s Remuneration Committee, Audit Committee and Risk Committee. INTEREST IN SHARES: 20,000 NAME: TITLE: Mr Chris Tuckwell Chief Executive Officer and Managing Director QUALIFICATIONS: B Eng (Construction) EXPERIENCE AND EXPERTISE: CURRENT DIRECTORSHIPS: FORMER DIRECTORSHIPS (IN LAST 3 YEARS): SPECIAL RESPONSIBILITIES: Mr Tuckwell holds a Bachelor of Engineering - Construction and has spent his entire career within the mining industry, working with both mining contractors and mining companies over the past 35 years. During his career Mr Tuckwell has also fulfilled senior off-shore management and executive positions in West and East Africa, South America, Indonesia and the West Indies. Mr Tuckwell has been a board member of MACA Limited since 4th August 2014. Mr Tuckwell was a board member of MACA Limited from 10th November 2010 to 25th July 2012. Mr Tuckwell is currently a member of the Board’s Risk Committee. INTEREST IN SHARES 1,288,801 INTEREST IN PERFORMANCE RIGHTS: 184,619 vesting 30 June 2020 256,599 vesting 30 June 2021 NAME: TITLE: Mr Geoff Baker Executive Director QUALIFICATIONS: MAICD EXPERIENCE AND EXPERTISE: CURRENT DIRECTORSHIPS: FORMER DIRECTORSHIPS (IN LAST 3 YEARS): SPECIAL RESPONSIBILITIES: Mr Baker is a founding shareholder of MACA. Geoff is responsible for planning, operating strategy, capital expenditure and delivery of safety and financial outcomes on all projects for the business. Mr Baker has worked in the sector for 40 years focusing on plant maintenance and asset management. Mr Baker has been a board member of MACA Limited since 10th November 2010. Nil. Mr Baker is currently a member of the Board’s Risk Committee. INTEREST IN SHARES: 12,863,816 INTEREST IN PERFORMANCE RIGHTS: 146,775 vesting 30 June 2020 215,514 vesting 30 June 2021 24 MACA LIMITED ANNUAL REPORT 2019 NAME: TITLE: Mr Linton Kirk Independent Non-Executive Director QUALIFICATIONS: B Eng (Mining) FAusIMM (CP) EXPERIENCE AND EXPERTISE: CURRENT DIRECTORSHIPS: FORMER DIRECTORSHIPS (IN LAST 3 YEARS) SPECIAL RESPONSIBILITIES: Mr Kirk has over 40 years’ experience in mining and earthmoving, covering both open pit and underground operations in several commodities. He has held technical, operational and management positions in a variety of mining and mining service companies throughout the world prior to becoming a consultant in 1997. Mr Kirk holds a Bachelor of Engineering (Mining) degree from the University of Melbourne, is a Fellow and Charted Professional of the Australian Institute of Mining and Metallurgy and has completed a Company Directors course. Mr Kirk has been a board member of MACA Limited since 1st October 2012. Mr Kirk was a Non-Executive Director of Middle Island Resources from September 2011 to July 2016. Mr Kirk is currently the Chair of the Board’s Audit Committee and Risk Committee and a member of the Remuneration Committee. INTEREST IN SHARES: 75,000 NAME: TITLE: Mr Robert Ryan Independent Non-Executive Director QUALIFICATIONS: CP Eng MIEAust MAICD EXPERIENCE AND EXPERTISE: CURRENT DIRECTORSHIPS: FORMER DIRECTORSHIPS (IN LAST 3 YEARS): SPECIAL RESPONSIBILITIES: Mr Ryan has extensive civil contracting and construction engineering experience with particular expertise in engineering, project, asset and senior management. His experience in infrastructure projects is substantial. Mr Ryan has extensive experience at senior levels of a significant public company and was a partner in a successful civil earthmoving business for over 12 years. Mr Ryan has been a board member of MACA Limited since 18th August 2015. Nil. Mr Ryan is currently the Chair of the Board’s Remuneration Committee and member of the Audit Committee and Risk Committee. INTEREST IN SHARES: 38,604 NAME: TITLE: Mr Peter Gilford Chief Financial Officer / Company Secretary QUALIFICATIONS: B Com CA AGIA ACIS EXPERIENCE AND EXPERTISE: Mr Gilford has significant experience in the areas of financial management, accounting, business and taxation services. He has provided services to a large number of mining, exploration and construction companies. Mr Gilford has acted in roles of Director, Company Secretary and CFO for a number of privately owned businesses. Peter is a member of the Chartered Accountants Australia and New Zealand and is a member of the Governance Institute of Australia. MACA LIMITED ANNUAL REPORT 2019 25 DIRECTOR’S REPORT CONTINUED MEETINGS OF DIRECTORS The number of directors meetings which directors were eligible to attend (including Committee meetings) and the number attended by each director during the year ended 30th June 2019 were as follows: Directors’ Meetings Committee Meetings Board Audit Remuneration Risk Number eligible to attend Number attended Number eligible to attend Number attended Number eligible to attend Number attended Number eligible to attend Number attended Andrew Edwards Chris Tuckwell Geoff Baker Linton Kirk Robert Ryan 9 9 9 9 9 9 8 9 9 9 2 - - 2 2 2 - - 2 2 1 - - 1 1 1 - - 1 1 2 2 2 2 2 2 2 2 2 2 REMUNERATION REPORT The audited remuneration report is set out on pages 30 to 43 and forms part of this Directors’ Report. 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 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. ASIC CI 2016/191 ROUNDING OF AMOUNTS The Company is an entity to which ASIC CI 2106/191 Rounding of Amounts applies and, accordingly, amounts in the financial statements and directors’ report have been rounded to the nearest thousand dollars. 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 44 and forms part of the directors’ report for the financial year ended 30 June 2019. RISK MACA’s risk management framework is embedded within existing processes and is aligned to the Group’s strategic business objectives. Given the markets and the geographies in which the Group operates, a wide range of risk factors have the potential to affect the achievement of these objectives. For further information in relation to the Group’s risk management framework, refer to the Corporate Governance Statement. Set out below is an overview of the more significant business risks facing MACA and the approach taken to managing those risks. The factors identified below are not necessarily listed in order of importance and are not intended as an exhaustive list of all the risks and uncertainties associated with the MACA business. 26 MACA LIMITED ANNUAL REPORT 2019 HEALTH, SAFETY, SUSTAINABILITY AND ENVIRONMENT RISK The industry sectors in which we operate involve a high degree of operational risk. MACA believes it takes reasonable precautions to manage safety and environmental risks to ensure the continued sustainability of the business. However, there can be no assurance that the Group will avoid significant costs, liability and penalties or criminal prosecution. This risk is mitigated by progressively improving on already high safety performance standards across the business and by maintaining independently reviewed health and safety, environmental and quality certifications. PROJECT DELIVERY RISK The execution and delivery of projects involves judgment regarding the planning, development and operation of complex operating facilities and equipment. Some parts of MACA’s business are involved in large-scale projects that may occur over extended time periods. As a result, the Group’s operations, cash flows and liquidity could be affected if MACA miscalculates the resources or time needed to complete a project, if it fails to meet contractual obligations, or if it encounters delays or unspecified conditions. MACA maintains a strict project monitoring regime, proactive management and decision making to mitigate project delivery risks. ORDER BOOK RISK Generally in the mining industry, most contracts can be terminated for convenience by the client at short notice and without penalty, with the client paying for all work completed to date, unused material and in most cases demobilisation from the site and redundancies. As a result, there can be no assurance that work in hand will be realised as revenue in any future period. MACA seeks to manage this risk by being selective in the contracts that it enters into and always seeks to extend contracts where possible in an effort to maximise its return on capital. MACA LIMITED ANNUAL REPORT 2019 27 DIRECTOR’S REPORT CONTINUED DEMAND RISK MACA is a contractor operating predominantly in the mining resources and civil sectors. As a result, failure to obtain contracts, delays in awards of contracts, cancellations or terminations of contracts, delays in completion, changes in economic conditions and the volatile and cyclical nature of commodity prices means that the demand for MACA’s goods and services can vary markedly over relatively short periods. Accordingly, changes in market conditions could impact MACA’s financial performance. The Group seeks to manage demand risk as best it can by maintaining a diversified client base and commodity mix and having a proportion of equipment and labour on hire. BUSINESS ACQUISITIONS When MACA acquires a business there is a risk of not being able to realise or sustain expected benefits of the acquisition. The goodwill represents the amounts paid for the business, less the fair value of the net assets acquired. MACA, at least annually, reviews the carrying value of goodwill and may incur impairment charges related to goodwill if the businesses or markets they serve deteriorate. In addition, businesses that MACA acquires may have liabilities that MACA was unaware of in the course of performing due diligence investigations. Any such liabilities may have material adverse impact on MACA’s business and financial position. As part of the due diligence process, MACA thoroughly reviews all contracts to mitigate the risk of acquiring onerous contracts and change in control provisions, and historic liabilities and integration risks. COMPETITION RISK The market in which MACA operates is highly competitive, which may result in downward pressure on prices and margins. If MACA is unable to compete effectively in its markets, it runs the risk of losing market share. MACA continues to focus on delivering quality services to make us a contractor of choice as a means of mitigating this risk. 28 MACA LIMITED ANNUAL REPORT 2019 CONTRACT PRICING RISK CURRENCY FLUCTUATION As a Group with international operations, MACA is exposed to fluctuations in the value of the Australian dollar versus other currencies. Because MACA’s consolidated financial results are reported in Australian dollars, if MACA generates sales or earnings or has assets and liabilities in other currencies, the translation into Australian dollars for financial reporting purposes can result in a significant increase or decrease in the amount of those sales or earnings and net assets. MACA uses cash backed deposits to mitigate some of the US dollar currency risk. Currently the company has unhedged exposure to the Brazilian Real. Other material risks that could affect MACA include: • public liability risk incurred maintaining road assets requiring identified defects to be closed out within a specified timeframe; • • • a major operational failure or disruption at key facilities or to communication systems which interrupt MACA’s business; changing government regulation including tax, occupational health and safety, and changes in policy and spending; loss of reputation through poor project outcomes, unsafe work practices, unethical business practices, and not meeting the market’s expectation of its financial performance; • operating in international markets, potentially exposing MACA to country specific adverse economic conditions, civil unrest, conflicts, bribery and corrupt practices; • • foreign exchange rates and interest rates in the ordinary course of business, and loss of key Board, management or operational personnel. MACA has a mixed exposure to contract types. However, if the Group materially underestimates the cost of providing services, equipment, or plant, there is a risk of a negative impact on MACA’s financial performance. MACA follows a proven tender review process to reduce the risk of under- pricing contracts. LIQUIDITY RISK The risk of MACA not being able to meet its financial obligations as they fall due is managed by maintaining adequate cash reserves and available borrowing facilities, as required. Errors or unforeseen changes in actual and forecast cash flows that then create a mismatch against the maturity profiles of financial assets and liabilities could have a detrimental effect on the Group’s liquidity. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. PARTNER RISK MACA, in some cases, may undertake services through and participate in, joint ventures or partnering/alliance arrangements. The success of these partnering activities depends on the satisfactory performance by MACA’s partners. The failure of partners to meet performance obligations could impose additional financial and performance obligations that could cause significant impact on MACA’s reputation and financial results. MACA completes due diligence on potential partners prior to forming any business relationship and regularly monitors these relationships. LABOUR COSTS AND AVAILABILITY Labour represents a significant portion of operating expenses. In order to compete for work and to service clients, the Group needs to be able to continue to attract and retain skilled employees. Consequently, the Group is exposed to increased labour costs in markets where the demand for labour is strong. Within more stable labour markets, the group’s labour costs are typically protected by rise and fall mechanisms within client contracts, which help neutralise the impact of rising labour costs. MACA LIMITED ANNUAL REPORT 2019 29 REMUNERATION REPORT Section Title Description Section 1 Introduction Outlines the scope of the Remuneration Report and the individuals disclosed. Section 2 Remuneration Governance Describes the role of the board, the Remuneration Committee and matters considered (including external advice) when making remuneration decisions. Section 3 2019 Executive remuneration framework and improvements Outlines the 2019 remuneration framework and changes to remuneration plans. Section 4 Company performance and the link to remuneration The outcomes of the key business metrics and hurdles that are used for measuring variable pay outcomes. Section 5 Executive remuneration outcomes Provides Chief Executive officer remuneration, Short Term Incentive (STI) and Long Term Incentive (LTI) Plan details and Executive remuneration outcomes for the year. Section 6 Executive contracts Appointments and notice periods for current and former Key Management Personnel. Section 7 Non-Executive Directors’ fees Provides detail regarding the fees paid to Non-executive Directors. 1.0 INTRODUCTION This remuneration Report forms part of the Directors’ Report for 2019 and outlines the remuneration strategy and arrangements for the Company’s Directors and Executives (together “Key Management Personnel” or “KMP”) in accordance with section 300A of the Corporations Act. 1.1 KEY MANAGEMENT PERSONNEL 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 Directors’ 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. Person Position Directors - Non-Executive Andrew Edwards Non-Executive Chairman Linton Kirk Robert Ryan Directors - Executive Non-Executive Director Non-Executive Director Chris Tuckwell Chief Executive Officer / Managing Director Executive Director General Manager - Mining General Manager - Brazil Operations General Manager - Civil General Manager - Business Development Period in position during the year Full year Full year Full year Full year Full year Full year Full year Full year Full year General Manager - People and Safety Commenced effective 22nd July 2019 Chief Financial Officer / Company Secretary Full year General Manager - Corporate Services Resignation effective 28th June 2019 Geoff Baker Executives Tim Gooch Mitch Wallace Mark Davidovic David Greig Linda Devereux Peter Gilford David Kent 30 MACA LIMITED ANNUAL REPORT 2019 2.0 REMUNERATION GOVERNANCE The Board oversees the remuneration arrangements of the KMP. In performing this function the Remuneration Committee reviews the remuneration packages of all Directors, the Chief Executive Officer and other Executives (collectively the KMP). The Committee makes recommendations to the Board on an annual basis with benchmarking against comparable industry packages and adjusting to recognise the specific performance of both the company and the individual. The Remuneration Committee may also engage an external remuneration consultant to review the levels of senior executive and non- executive remuneration. No external remuneration consultant was engaged over the past financial year. 3.0 2019 EXECUTIVE REMUNERATION FRAMEWORK Remuneration practices are continuously developed in line with the Company’s business demands, industry conditions and overall market trends. The primary goal is to link executive remuneration with the achievement of MACA’s business and strategic objectives with the aim to increase shareholder value over the short and longer term. The nature and amount of compensation for executive KMP is designed to retain and stimulate individuals on a market competitive basis. Remuneration Framework Total fixed remuneration (TFR) Short-term incentive (STI) Long-term incentive (LTI) (cid:149) TFR takes into account similar positions in peer companies, length of service, experience and contribution (cid:149) Peer companies are those with broadly similar revenue and in related industries (cid:149) TFR is reviewed annually Financial metrics comprise some or all of: (cid:149) Net profit after tax - company and divisional (cid:149) Earnings per share Non-financial metrics comprise some or all of: (cid:149) Safety indicators - LTI and TRIFR (cid:149) Personal performance (cid:149) Maximum STI is 15 - 25% of TFR depending on the individual (cid:149) Relative TSR using a benchmark index namely the S&P/ASX Small Ordinaries Accumulation Index (XSOAI) measured over a 3 year period (100% component) (cid:149) Number of performance rights issued up to 25% of fixed annual remuneration divided by the independently assessed value of a performance right 4.0 COMPANY PERFORMANCE AND THE LINK TO REMUNERATION Key Performance Indicators (‘KPIs’) for both short-term and long-term Executive incentive schemes are linked to the Company’s strategic and business objectives and as a result, pay outcomes are directly aligned with Company performance against these objectives. The following Company performance measures are among those that may be included in incentive plans for relevant executives. KPIs may be adjusted for individually large or unusual items to derive an underlying performance measure outcome. The Board believes these KPIs are aligned to Shareholder wealth and returns to investors. MACA LIMITED ANNUAL REPORT 2019 31 REMUNERATION REPORT CONTINUED 4.0 COMPANY PERFORMANCE AND THE LINK TO REMUNERATION (CONTINUED) Reported net profit/(loss) attributable to equity holders of the parent ($m) Reported return on equity (%) Reported basic earnings per share (cents) Lost time injury frequency rate (LTIFR) Total recordable injury frequency rate (TRIFR) Shareholders’ Wealth Interim dividend declared (cents) Final dividend declared (cents) Special dividend declared (cents) Share price at 30 June (cents) Total shareholder return (TSR %) 1 3 year Annual Compound TSR 1 2019 20.6 2018 23.6 6.9 7.7 0.5 6.4 2.0 2.5 - 90 7.4 9.1 0 6.8 3.0 3.5 - 120 (21.3) (5.2) (23.3) 23.2 2017 31.2 11.6 13.7 0 7.8 4.5 4.5 - 165 38.1 6.3 2016 24.2 9.5 10.4 0 13.7 4.0 4.5 - 132 74.6 8 2015 54.4 21.7 24 0 14.8 7 7.5 25 77 (37.0) (9.0) 1 All dividends in the TSR (Total Shareholder Return) calculation are on a declared (rather than paid) basis in respect to each financial year. 5.0 EXECUTIVE REMUNERATION OUTCOMES 5.1 MANAGING DIRECTOR AND CEO ARRANGEMENTS Mr Tuckwell’s remuneration package as CEO was determined by benchmarking it against that paid to CEOs in similar organisations. The remuneration package comprises the following components: - Total Fixed Remuneration (TFR) is $677,423 per annum inclusive of superannuation plus the use of a company motor vehicle. - An STI which includes the opportunity to earn an annual cash bonus of up to 25% of total fixed remuneration, subject to achieving performance hurdles. Mr Tuckwell’s STI plan has been aligned with other senior executives under similar plan rules with KPIs that align to profitable performance and safety. The CEO’s STI Plan comprises 40% for key financial KPI’s, 30% for safety KPI’s and 30% for personal KPI’s. The financial KPIs comprise Net Profit after Tax and Earnings per Share growth. The safety KPIs are based on the Lost Time Injury Frequency Rate (LTIFR) and the Total Recordable Injury Frequency Rate (TRIFR). There was no STI payable for Mr Tuckwell for 2019 as most KPI’s were not met - refer 5.4 below. - An LTI under which Mr Tuckwell may receive share performance rights convertible into fully paid shares, subject to performance criteria being met. At the 2018 Annual General Meeting the Board sought and received approval for the grant of 256,599 Performance Rights pursuant to the Company’s Performance Rights Plan (PRP). Subject to the relevant performance hurdles being met, these may vest in June 2021. 32 MACA LIMITED ANNUAL REPORT 2019 5.2 TOTAL FIXED REMUNERATION (TFR) All Executives received TFR as outlined in page 31 of this report. TFR comprises base salary and superannuation plus the use of a company motor vehicle or motor vehicle allowance. Fixed pay has been reviewed and set against peer companies with whom MACA competes. MACA also benchmarks through industry surveys and reports and may seek external advice for KMP remuneration. 5.3 SHORT-TERM INCENTIVE PLAN (STI PLAN) Key features of the STI Plan are outlined in the table below. Objective KPIs are set to encourage a profit and safety driven culture with the ultimate aim of driving Stakeholder returns. The STI payments are structured to recognise and motivate employees to align their performance with the Company’s goals. The amount of bonus actually earned will depend on performance against predetermined KPIs with payment commencing upon reaching those hurdles. Eligibility All Executive key management personnel. At risk payments 2018: The STI is a component of ‘at risk’ pay provided to Executives and KMP. % of TFR paid on Target Achievement CEO Executive Directors Other Executive KMP 25% 25% 15% 2019: The STI is a component of ‘at risk’ pay provided to Executives and KMP. % of TFR paid on Target Achievement CEO Executive Directors Other Executive KMP 25% 25% 15% Performance conditions Financial and safety targets are all agreed with the Board and personal KPIs are set in consultation with the relevant Executive. Each KPI is weighted according to its importance in driving profitable performance and returns to Shareholders. In order to be eligible to receive an STI there is a minimum financial requirement or gate which must be met before other KPI’s are considered. KPIs for the CEO and Executive Directors comprise Earnings per Share (EPS), Net Profit after Tax (NPAT), Lost Time Injury Frequency Rate (LTIFR), Total Recordable Injury Frequency Rate (TRIFR) and personal assessment. KPIs for other Executive KMP comprise Net Profit after Tax (NPAT), business operating unit profit performance, Lost Time Injury Frequency Rate (LTIFR), Total Recordable Injury Frequency Rate (TRIFR) and personal assessment. Setting of KPIs Financial and safety targets are all agreed with the Board and personal KPIs are set in consultation with the relevant Executive. Assessment of KPIs Performance is measured quantitatively and progress against key targets measured at half year and full year. Trigger for payment Any performance target met will trigger the calculation of total or part payment of the STI. The board may exercise its discretion in relation to the payment of STI’s. Cessation of employment STI forfeited if an Executive or KMP resigns or is terminated before the payment date. In exceptional circumstances this may be reviewed by the Board. MACA LIMITED ANNUAL REPORT 2019 33 REMUNERATION REPORT CONTINUED 5.4 STI OUTCOMES Given the minimum financial requirement was not met no STI was paid to any Executive in either 2019 or 2018. 5.5 LONG-TERM INCENTIVE PLAN (LTI PLAN) Key features of the LTI Plan are outlined in the table below. Overview of the LTI Plan The Plan offers Executive KMP performance rights with the opportunity to receive fully paid ordinary shares in MACA Limited for no consideration, subject to specified time restrictions, continued employment and performance conditions being met. Each performance right will entitle participants to receive one fully paid ordinary share at the time of vesting. Objective The Plan is designed to assist with Executive and KMP retention and to incentivise employees to maximise returns and earnings for Shareholders. Eligibility Executive KMP as determined by the Board. At risk payments 2018: The LTI is a component of ‘at risk’ pay offered to Executive KMP. The number of performance rights issued will depend on performance against predetermined KPIs with vesting occurring upon reaching those hurdles. The number of performance rights that vest is linked to relative Total Shareholder Return (TSR). % of TFR applied in LTI CEO Executive Directors Other Executive KMP 2019: No changes 25% 25% 20% % of TFR applied in LTI CEO Executive Directors Other Executive KMP 25% 25% 20% Performance conditions KPIs are set for the Group (where relevant). Each KPI is weighted according to its importance in driving profitable performance and returns to Shareholders. KPIs for the CEO, Executive Directors and other Executive KMP comprise 100% against a Total Shareholder Return (TSR) using a benchmark index namely the S&P/ASX Small Ordinaries Accumulation Index (XSOAI) measured over a 3 year period. TSR Comparator Group Assessed 100% against TSR using a benchmark index namely the S&P/ASX Small Ordinaries Accumulation Index (XSOAI). Assessment of KPIs Performance is measured quantitatively and progress against key targets reported at full year. Trigger for vesting Assessed 100% against TSR using a benchmark index namely the S&P/ASX Small Ordinaries Accumulation Index (XSOAI). The Board has discretion to not approve the vesting of the rights if the TSR is negative. Cessation of employment LTI forfeited if an Executive resigns or is terminated before the payment date. In exceptional circumstances this may be reviewed by the Board. 34 MACA LIMITED ANNUAL REPORT 2019 5.6 LTI OUTCOMES None of the applicable hurdles were met for the period 1 July 2016 to 30 June 2019 (3 year period) for rights to vest in the LTI performance conditions above for Executives and KMP. No LTI was paid to any Executive in the 2019 financial year. 1,486,053 shares were issued during the year in relation to performance rights which vested on 30 June 2018. 5.7 UNVESTED ENTITLEMENTS 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. 5.8 KMP OPTIONS No options were granted during the period and no options were vested or were exercised during the period. At 30 June 2019 no options were held by KMP. 5.9 KMP PERFORMANCE RIGHTS During the 2019 financial year 1,473,586 (2018: 972,231) performance rights were granted under the Group’s Performance Rights Plan (1,136,392 to KMP) and 209,941 (2018: 334,637) performance rights were forfeited. Subject to the achievement of designated performance hurdles, these performance rights will vest in June 2021. As at 30 June 2019 there were 2,235,877 (2018: 2,014,485) performance rights outstanding. On 14 November 2018 shareholders approved the issue of 256,599 performance rights to the Managing Director Mr Chris Tuckwell and 215,515 performance rights to the Operations Director Mr Geoff Baker. MACA LIMITED ANNUAL REPORT 2019 35 REMUNERATION REPORT CONTINUED 5.9 KMP PERFORMANCE RIGHTS (CONTINUED) The number of rights over ordinary shares held by each KMP of the Group during the financial year is as follows: Balance at Granted as Exercised beginning remuneration during the of year during the year year Other changes Balance at Vested and Vested and Unvested at during the end of year exercisable unexercisable end of year year 30 June 2019 Hugh (Andrew) Edwards Chairman Linton Kirk Non-Executive Director Robert Ryan Non-Executive Director Chris Tuckwell Managing Director / Chief Executive Officer Geoff Baker Executive Director - - - - - - 452,873 256,599 362,251 244,600 Tim Gooch General Manager - Mining 251,617 215,514 Mitch Wallace General Manager - Brazil Operations Mark Davidovic General Manager - Civil and Infrastructure David Greig General Manager - Business Development Peter Gilford Chief Financial Officer / Company Secretary 137,126 138,107 103,781 148,212 221,045 125,015 217,897 115,819 Total 1,854,064 1,136,392 - - - - - - - - - - - - - - - - - - - - - - - - 709,472 577,765 381,726 389,724 251,993 346,060 333,716 - - - - - - - - - - - - - - - - 268,254 441,218 215,476 362,289 146,261 235,465 150,310 239,414 - 251,993 136,556 209,504 125,396 208,320 - 2,990,456 - 1,042,253 1,948,203 Performance rights totaling 287,674 have been issued to employees not classes as KMP and remain unvested as at 30 June 2019 36 MACA LIMITED ANNUAL REPORT 2019 5.10 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 Granted as beginning of remuneration year during the year Issued on Increase exercise of Other changes Balance at other rights during during the year end of year the year 30 June 2019 Hugh (Andrew) Edwards Chairman Linton Kirk Non-Executive Director Robert Ryan Non-Executive Director Chris Tuckwell Managing Director / Chief Executive Officer Geoff Baker Executive Director Tim Gooch General Manager - Mining Mitch Wallace General Manager - Brazil Operations Mark Davidovic General Manager - Civil and Infrastructure David Greig General Manager - Business Development 20,000 50,000 28,604 774,064 12,500,000 43,012 40,343 - - Peter Gilford Chief Financial Officer / Company 59,258 Secretary Total 13,515,281 - - - - - - - - - - - - 25,000 10,000 - - - 70,000 444,737 363,816 - - - - - 20,000 75,000 38,604 1,288,801 12,863,816 - - - - - - 241,450 (119,300) 164,962 249,932 - - 186,118 - - - - 290,275 - - 245,376 105,000 1,486,053 (119,300) 14,986,834 MACA LIMITED ANNUAL REPORT 2019 37 REMUNERATION REPORT CONTINUED 5.11 KMP REMUNERATION 5.11.1 Employment beneﬁ ts and payments for the year ended 30 June 2019 The following table sets out the benefits and payment details, in respect to the financial year, and the components of remuneration for members of key management personnel of the consolidated Group. Short-term beneﬁ ts Salary, fees and leave Comm- ittee fees Cash bonus/ STI Post-employment beneﬁ ts Long-term beneﬁ ts Equity-settled sharebased payments Non- monetary Other Super- annuation Other Incentive plans LSL Share / Units Options / Rights Total Year $ $ $ $ $ $ $ $ $ $ $ $ Executive Directors Chris Tuckwell Managing Director / Chief Executive Officer Geoff Baker Operations Director Total compensation for Executive Directors Non-Executive Directors Andrew Edwards Chairman Linton Kirk 1 Robert Ryan 2 Total compensation for Non-Executive Directors Executives (KMP) Tim Gooch General Manager - Mining Mitch Wallace General Manager - Brazil Operations Mark Davidovic General Manager - Civil and Infrastructure David Greig General Manager - Business Development 2019 652,423 2018 643,566 2019 568,957 2018 557,390 2019 1,221,380 2018 1,200,956 2019 141,553 2018 141,552 2019 104,769 2018 125,517 2019 96,978 2018 115,168 2019 343,300 2018 382,237 2019 413,258 2018 407,648 2019 466,197 2018 495,028 2019 464,100 2018 456,103 2019 402,399 2018 397,276 Peter Gilford Chief Financial Officer / Company Secretary 2019 379,014 2018 361,421 Total compensation for Executives 2019 2,124,968 2018 2,117,476 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 44,384 25,000 - 44,384 25,000 - - - - - - - 44,384 25,000 - 44,384 25,000 - - - - - - - - - - - - 13,447 13,447 8,042 8,042 - - 21,489 21,489 - 22,684 39,259 - 25,006 38,726 - - - - - - - - - - - - - - 25,203 24,411 35,853 35,176 - 24,918 23,544 - 27,204 24,129 - 47,602 123,859 - 52,210 122,442 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 168,171 889,978 - 185,859 898,809 - 136,696 705,653 - 143,819 701,209 - 304,867 1,595,631 - 329,678 1,600,018 - - - - - - - - - - - - - - - - - - - - - - - - - - 155,000 154,999 112,811 133,559 96,978 115,168 364,789 403,726 90,384 565,585 96,371 567,751 92,340 558,537 99,402 594,430 96,045 585,348 26,812 507,326 81,527 519,779 50,504 482,956 79,563 507,039 81,257 494,011 - 439,859 2,736,288 - 354,346 2,646,474 38 MACA LIMITED ANNUAL REPORT 2019 5.11 KMP REMUNERATION (CONTINUED) Short-term beneﬁ ts Salary, fees and leave Comm- ittee fees Cash bonus/ STI Post-employment beneﬁ ts Long-term beneﬁ ts Equity-settled sharebased payments Non- monetary Other Super- annuation Other Incentive plans LSL Share / Units Options / Rights Total Year $ $ $ $ $ $ $ $ $ $ $ $ Former KMP David Kent General Manager - Corporate Services Total compensation for former KMP Total compensation for KMP 2019 405,150 2018 429,778 2019 405,150 2018 429,778 2019 4,094,798 2018 4,130,447 - - - - - - - - - - - - - - - - - - - - 26,084 23,330 26,084 23,330 - 91,986 196,432 - 96,594 192,261 - - - - - - - - - - - - - - - - - - - - - - 53,407 484,641 23,314 476,422 53,407 484,641 23,314 476,422 - 798,133 5,181,349 - 707,338 5,126,640 1 Linton Kirk was engaged on a contract basis through his business Kirk Mining Consultants to perform consulting work. The engagement was charged at hourly rates and is included in the amount of salary and fees above. 2 Robert Ryan was engaged on a contract basis through his business Hensman Properties to perform consulting work in business development. The engagement was charged at hourly rates and is included in the amount of salary and fees above. MACA LIMITED ANNUAL REPORT 2019 39 REMUNERATION REPORT CONTINUED 5.11.2 Employment details of members of key management personnel and other executives The following table provides details of persons who were, during the financial year, members of key management personnel of the consolidated Group. The table also sets out the proportion of remuneration that was performance and non-performance based and the proportion of remuneration received in the form of options and performance rights. Proportions of elements of remuneration related to performance Proportions of elements of remuneration not related to performance Non-salary cash- based incentives Shares / Units Options / Rights Fixed Salary / Fees Total Year % % % % % Executive Directors Chris Tuckwell Managing Director / Chief Executive Officer Geoff Baker Operations Director Non-Executive Directors Andrew Edwards Chairman Linton Kirk Robert Ryan Executives (KMP) Tim Gooch General Manager - Mining Mitch Wallace General Manager - Brazil Operations Mark Davidovic General Manager - Civil andInfrastructure David Greig General Manager - Business Development Peter Gilford Chief Financial Officer /Company Secretary Former KMP David Kent 1 General Manager - Corporate Services 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 18.9 20.7 19.4 20.5 - - - - - - 16.0 17.0 16.5 16.7 16.4 5.3 15.7 10.5 15.7 16.4 11.0 4.9 81.1 79.3 80.6 79.5 100.0 100.0 100.0 100.0 100.0 100.0 84.0 83.0 83.5 83.3 83.6 94.7 84.3 89.5 84.3 83.6 89.0 95.1 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 David Kent - resigned as General Manager - Corporate Services effective 28th June 2019. 40 MACA LIMITED ANNUAL REPORT 2019 6.0 EXECUTIVE CONTRACTS Executive contracts of 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. Executive Appointment to KMP Notice period for contract cessation Chris Tuckwell Managing Director / Chief Executive Officer Geoff Baker Operations Director Tim Gooch General Manager - Mining Mitch Wallace General Manager - Brazil Operations Mark Davidovic General Manager - Civil and Infrastructure David Greig General Manager - Business Development Linda Devereux General Manager - People and Safety Peter Gilford Chief Financial Officer / Company Secretary 4th August 2014 The contract is ongoing and has no fixed term 3rd November 2010 The contract is ongoing and has no fixed term 20th June 2011 The contract is ongoing and has no fixed term 3rd November 2010 The contract is ongoing and has no fixed term 20th February 2017 The contract is ongoing and has no fixed term 18th July 2016 The contract is ongoing and has no fixed term 22nd July 2019 The contract is ongoing and has no fixed term 23rd July 2014 The contract is ongoing and has no fixed term The contract can be terminated by either party with 3 months’ notice or payment in lieu The contract can be terminated by either party with 3 months’ notice or payment in lieu The contract can be terminated by either party with 3 months’ notice or payment in lieu The contract can be terminated by either party with 3 months’ notice or payment in lieu The contract can be terminated by either party with 3 months’ notice or payment in lieu The contract can be terminated by either party with 3 months’ notice or payment in lieu The contract can be terminated by either party with 3 months’ notice or payment in lieu The contract can be terminated by either party with 3 months’ notice or payment in lieu MACA LIMITED ANNUAL REPORT 2019 41 REMUNERATION REPORT CONTINUED 7.0 NON-EXECUTIVE DIRECTORS FEES Non-Executive Directors fees are determined within an aggregate directors fee pool which is periodically recommended for approval to shareholders. The current aggregate directors’ fee pool is $600,000. This provides for any future increases to Non-Executive Directors fees and to allow for any changes to the Board make up and potential increases in the number of Non-Executive Directors. 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 and are not linked to the financial performance of the Company. Non-Executive Directors 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. Non-Executive Directors $ / Chairman Member Andrew Edwards Linton Kirk Robert Ryan $155,000 Board $92,700 Audit Committee Risk Committee Audit Committee Risk Committee Remuneration Committee Remuneration Committee $92,700 Remuneration Committee Audit Committee Risk committee 42 MACA LIMITED ANNUAL REPORT 2019 8.0 OTHER TRANSACTIONS WITH KEY MANAGEMENT PERSONS AND/OR RELATED PARTIES Key management person and/or related party Transaction Partnership comprising entities controlled by current director Mr G Baker and former directors Mr J Moore, Mr D Expense - Rent on Division St business premises. Edwards and Mr F Maher. 2019 $ 2018 $ 1,520,000 1,598,815 Kirk Mining Consultants - a company controlled by current director Mr L Kirk. Expense - Mining consulting fees 20,112 40,860 Hensman Properties Pty Ltd - a company controlled by Expense - Consulting fees 4,290 43,658 current director Mr R. Ryan. Gateway Equipment Parts & Services Pty Ltd - a company controlled by current director Mr G Baker and former directors Mr D Edwards, Mr F Maher and Mr J Moore. Expense - Hire of equipment and purchase of equipment, parts and services. 2,456,742 2,381,300 Amounts payable at year end arising from the above transactions (Receivables Nil). Gateway Equipment Parts & Services Pty Ltd - a company 177,241 263,548 controlled by current director Mr G Baker and former directors Mr D Edwards, Mr F Maher and Mr J Moore. 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 27th day of September, 2019 Perth MACA LIMITED ANNUAL REPORT 2019 43 AUDITOR’S INDEPENDENCE DECLARATION (cid:2)(cid:17)(cid:4)(cid:8)(cid:16)(cid:12)(cid:14)(cid:18)(cid:15)(cid:1)(cid:8)(cid:11)(cid:4)(cid:5)(cid:13)(cid:5)(cid:11)(cid:4)(cid:5)(cid:11)(cid:3)(cid:5)(cid:1)(cid:4)(cid:5)(cid:3)(cid:9)(cid:2)(cid:14)(cid:2)(cid:16)(cid:8)(cid:12)(cid:11)(cid:1)(cid:17)(cid:11)(cid:4)(cid:5)(cid:14)(cid:1)(cid:15)(cid:5)(cid:3)(cid:16)(cid:8)(cid:12)(cid:11)(cid:1) (cid:21)(cid:20)(cid:22)(cid:3)(cid:1)(cid:12)(cid:6)(cid:1)(cid:16)(cid:7)(cid:5)(cid:1)(cid:3)(cid:6)(cid:8)(cid:7)(cid:6)(cid:8)(cid:2)(cid:10)(cid:4)(cid:6)(cid:5)(cid:9)(cid:1)(cid:2)(cid:3)(cid:10)(cid:1)(cid:13)(cid:11)(cid:11)(cid:12)(cid:1)(cid:16)(cid:12)(cid:1)(cid:16)(cid:7)(cid:5)(cid:1)(cid:4)(cid:8)(cid:14)(cid:5)(cid:3)(cid:16)(cid:12)(cid:14)(cid:15)(cid:1) 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(cid:18)(cid:31)(cid:29)(cid:35)(cid:26)(cid:25)(cid:1)(cid:22)(cid:41)(cid:1)(cid:16)(cid:26)(cid:39)(cid:41)(cid:30)(cid:1)(cid:41)(cid:30)(cid:31)(cid:40)(cid:1)(cid:61)(cid:66)(cid:41)(cid:30)(cid:1)(cid:25)(cid:22)(cid:48)(cid:1)(cid:36)(cid:27)(cid:1)(cid:18)(cid:26)(cid:37)(cid:41)(cid:26)(cid:34)(cid:23)(cid:26)(cid:39)(cid:1)(cid:61)(cid:59)(cid:60)(cid:68)(cid:1) Liability limited by a scheme approved under Professional Standards Legislation. Moore Stephens - ABN 16 874 357 907. An independent member of Moore Global Network Limited - members in principal cities throughout the world. The Perth Moore Stephens firm is not a partner or agent of any other Moore Global Network Limited member firm. 44 MACA LIMITED ANNUAL REPORT 2019 CORPORATE GOVERNANCE STATEMENT CHECKLIST The Board of MACA Limited is committed to ensuring that the Company’s obligations and responsibilities to its stakeholders are fulfilled through its corporate governance practices. MACA is committed to the development of a culture that delivers our Promise – We Care, We are Flexible and We Deliver, and the Core Values of the Company – People First, Exceed Expectations, Continuous Improvement, Accountability and Community. We believe that operating in accordance with the corporate governance guidelines enhances the delivery of the above expectations. This checklist reports on MACA’s key governance principles and practices which are reviewed and revised as appropriate to reflect changes in law and developments in corporate governance. A complete Corporate Governance Statement (“CGS”) and all Charters, Policies, Procedures, Disclosures, Definitions, Codes and Strategies are available for viewing on the Company’s website under the Corporate Governance tab. As required by the Australian Securities Exchange Limited (“ASX”) Listing Rules, the Corporate Governance Statement contained on the Company website and in reference to this checklist reports on: - The extent to which the Company has followed the Corporate Governance recommendations contained in the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th Edition); and - The reasons for any departures from the Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th Edition), in compliance with the “if not, why not” regime. OVERALL APPROACH TO CORPORATE GOVERNANCE The Board as a whole reviews and makes changes in line with recommendations made by individual Board members and as a result of this focus, the Board is satisfied that the Company meets the Corporate Governance Council’s Corporate Governance Principles and Recommendations with departures as disclosed below. There were no departures during the year. A checklist cross-referencing the Corporate Governance Council’s Corporate Governance Principles and Recommendations to the relevant sections of the Companies Corporate Governance Statement (CGS) is shown below. ASX CORPORATE GOVERNANCE PRINCIPLES AND BEST PRACTICE RECOMMENDATIONS REFERENCE AND IF COMPLIANT PRINCIPLE 1 - LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT A listed entity should clearly delineate the respective roles and responsibilities of its board and management and regularly review their performance. Recommendation 1.1 A listed entity should have and disclose a board charter setting out: (a) the respective roles and responsibilities of its board and management; and (b) those matters expressly reserved to the board and those delegated to management. Recommendation 1.2 A listed entity should: (a) undertake appropriate checks before appointing a director or senior executive or putting someone forward for election as a director; and (b) provide security holders with all material information in its possession relevant to a decision on whether or not to elect or re-elect a director. Recommendation 1.3 A listed entity should have a written agreement with each director and senior executive setting out the terms of their appointment. Recommendation 1.4 The company secretary of a listed entity should be accountable directly to the board, through the chair, on all matters to do with the proper functioning of the board. 1.1 Board Charter in CGS 1.2 ✓ ✓ 1.3 Remuneration Report in CGS ✓ 1.4 Board Charter in CGS ✓ MACA LIMITED ANNUAL REPORT 2019 45 CORPORATE GOVERNANCE STATEMENT CHECKLIST CONTINUED ASX CORPORATE GOVERNANCE PRINCIPLES AND BEST PRACTICE RECOMMENDATIONS Recommendation 1.5 A listed entity should: (a) have and disclose a diversity policy; (b) through its board or a committee of the board set measurable objectives for achieving gender diversity in the composition of its board, senior executives and workforce generally; and (c) disclose in relation to each reporting period: (1) the measurable objectives set for that period to achieve gender diversity; (2) the entity’s progress towards achieving those objectives; (3) either: (A) the respective proportions of men and women on the Board, in senior executive positions and across the whole workforce (including how the entity has defined “senior executive” for these purposes); or (B) if the entity is a “relevant employer” under the Workplace Gender Equality Act, the entity’s most recent “Gender Equality Indicators”, as defined in and published under the Act. Recommendation 1.6 A listed entity should: (a) have and disclose a process for periodically evaluating the performance of the board, its committees and individual directors; and (b) disclose for each reporting period whether a performance evaluation has been undertaken in accordance with that process during or in respect of that period. Recommendation 1.7 A listed entity should: (a) have and disclose a process for evaluating the performance of its senior executives at least once every reporting period; and (b) disclose for each reporting period whether a performance evaluation has been undertaken in accordance with that process during or in respect of that period. PRINCIPLE 2 - STRUCTURE THE BOARD TO BE EFFECTIVE AND ADD VALUE The board of a listed entity should be an appropriate size and collectively have the skills, commitment and knowledge of the entity and the industry in which it operates, to enable it to discharge its duties effectively and to add value. Recommendation 2.1 The board of a listed entity should: (a) have a nomination committee which: (1) has at least three members, a majority of whom are independent directors; and (2) is chaired by an independent director, and disclose: (3) the charter of the committee; (4) the members of the committee; and (5) as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or (b) if it does not have a nomination committee, disclose the fact and the processes it employs to address board succession issues and to ensure that the board has the appropriate balance of skills, knowledge, experience, independence and diversity to enable it to discharge its duties and responsibilities effectively. REFERENCE AND IF COMPLIANT 1.5 ✓ Diversity Procedure in CGS 1.6 ✓ Disclosure - Performance Evaluation in CGS 1.7 ✓ Disclosure - Performance Evaluation in CGS 2.1 Directors Report Board Charter in CGS ✓ Nomination Committee Charter in CGS 46 MACA LIMITED ANNUAL REPORT 2019 ASX CORPORATE GOVERNANCE PRINCIPLES AND BEST PRACTICE RECOMMENDATIONS Recommendation 2.2 A listed entity should have and disclose a Board skills matrix setting out the mix of skills that the Board currently has or is looking to achieve in its membership. Recommendation 2.3 A listed entity should disclose: (a) the names of the directors considered by the Board to be independent directors; (b) if a Director has an interest, position, or relationship of the type described in the recommendations but the board is of the opinion that it does not compromise the independence of the director, the nature of the interest, position or relationship in question and an explanation of why the board is of that opinion; and (c) the length of service of each director. Recommendation 2.4 A majority of the board of a listed entity should be independent directors. Recommendation 2.5 The chair of the board of a listed entity should be an independent director and, in particular, should not be the same person as the CEO of the entity. Recommendation 2.6 A listed entity should have a program for inducting new directors and for periodically reviewing whether there is a need for existing directors to undertake professional development to maintain the skills and knowledge needed to perform their role as directors effectively. PRINCIPLE 3 - INSTIL A CULTURE OF ACTING LAWFULLY, ETHICALLY AND RESPONSIBLY A listed entity should instil and continually reinforce a culture across the organisation of acting lawfully, ethically and responsibly. Recommendation 3.1 A listed entity should articulate and disclose its values. Recommendation 3.2 A listed entity should: (a) have and disclose a code of conduct for its directors, senior executives and employees; and (b) ensure that the board or a committee of the board is informed of any material breaches of that code. Recommendation 3.3 A listed entity should: (a) have and disclose a whistleblower policy; and (b) ensure that the board or a committee of the board is informed of any material incidents reported under that policy. Recommendation 3.4 A listed entity should: (a) have and disclose an anti-bribery and corruption policy; and (b) ensure that the board or a committee of the board is informed of any material incidents reported under that policy. REFERENCE AND IF COMPLIANT 2.2 2.3 Definition of Independence in CGS 2.4 2.5 2.6 Board Charter in CGS Nomination Committee Charter in CGS 3.1 Corporate Code of Conduct in CGS 3.2 Corporate Code of Conduct in CGS 3.3 Whistleblower Procedure in CGS ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 3.4 ✓ Anti-Bribery and Corruption Procedure in CGS MACA LIMITED ANNUAL REPORT 2019 47 CORPORATE GOVERNANCE STATEMENT CHECKLIST CONTINUED ASX CORPORATE GOVERNANCE PRINCIPLES AND BEST PRACTICE RECOMMENDATIONS PRINCIPLE 4 - SAFEGUARD THE INTEGRITY OF CORPORATE REPORTS A listed entity should have appropriate processes to verify the integrity of its corporate reports. Recommendation 4.1 The board of a listed entity should : (a) have an audit committee which: (1) has at least three members, all of whom are non-executive directors and a majority of whom are independent directors; and (2) is chaired by an independent director, who is not chair of the board, and disclose: (3) the charter of the committee; (4) the relevant qualifications and experience of the members of the committee; and (5) in relation to each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings. REFERENCE AND IF COMPLIANT 4.1 ✓ Audit Committee Charter in CGS Recommendation 4.2 4.2 ✓ The Board of a listed entity should, before it approves the entity’s financial statements for a financial period, receive from its Managing Director and Chief Financial Officer a declaration that, in their opinion the financial records of the entity have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. Recommendation 4.3 4.3 ✓ A listed entity should disclose its process to verify the integrity of any periodic corporate report it releases to the market that is not audited or reviewed by an external auditor. PRINCIPLE 5 - MAKE TIMELY AND BALANCED DISCLOSURE A listed entity should make timely and balanced disclosure of all matters concerning it that a reasonable person would expect to have a material effect on the price or value of its securities. Recommendation 5.1 A listed entity should have and disclose a written policy for complying with its continuous disclosure obligations under Listing Rule 3.1. Recommendation 5.2 A listed entity should ensure that its board receives copies of all material announcements promptly after they have been made. Recommendation 5.3 A listed entity that gives a new and substantive investor or analyst presentation should release a copy of the presentation materials on the ASX Market Announcements Platform ahead of the presentation. 5.1 ✓ Continuous Disclosure in CGS Compliance Procedure in CGS 5.2 5.3 ✓ ✓ 48 MACA LIMITED ANNUAL REPORT 2019 ASX CORPORATE GOVERNANCE PRINCIPLES AND BEST PRACTICE RECOMMENDATIONS PRINCIPLE 6 - RESPECT THE RIGHTS OF SECURITY HOLDERS A listed entity should provide its security holders with appropriate information and facilities to allow them to exercise their rights as security holders effectively. Recommendation 6.1 A listed entity should provide information about itself and its governance to investors via its website. Recommendation 6.2 A listed entity should have an investor relations program that facilitates effective two-way communication with investors. Recommendation 6.3 REFERENCE AND IF COMPLIANT 6.1 Shareholder Communication Strategy in CGS 6.2 6.3 A listed entity should disclose how it facilitates and encourages participation at meetings of security holders. Investor Centre in CGS Recommendation 6.4 A listed entity should ensure that all substantive resolutions at a meeting of security holders are decided by a poll rather than by a show of hands. Recommendation 6.5 A listed entity should give security holders the option to receive communications from, and send communications to, the entity and its security registry electronically. PRINCIPLE 7 - RECOGNISE AND MANAGE RISK A listed entity should establish a sound risk management framework and periodically review the effectiveness of that framework. Recommendation 7.1 The Board of a listed entity should: (a) have a committee or committees to oversee risk, each of which: (1) has at least three members, a majority of whom are independent directors; and (2) is chaired by an independent director, and disclose: (3) the charter of the committee; (4) the members of the committee; and (5) as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings. Recommendation 7.2 The board or a committee of the board should: (a) review the entity’s risk management framework at least annually to satisfy itself that it continues to be sound and that the entity is operating with due regard to the risk appetite set by the board; and (b) disclose, in relation to each reporting period, whether such a review has taken place. ✓ ✓ ✓ ✓ ✓ ✓ 6.4 Shareholder Communication Strategy in CGS 6.4 Shareholder Communication Strategy in CGS 7.1 Risk Committee Charter in CGS 7.2 ✓ Disclosure - Risk Management in CGS MACA LIMITED ANNUAL REPORT 2019 49 CORPORATE GOVERNANCE STATEMENT CHECKLIST CONTINUED ASX CORPORATE GOVERNANCE PRINCIPLES AND BEST PRACTICE RECOMMENDATIONS Recommendation 7.3 A listed entity should disclose: (a) if it has an internal audit function, how the function is structured and what role it performs; and (b) if it does not have an internal audit function, that fact and the processes it employs for evaluating and continually improving the effectiveness of its governance, risk management and internal control processes. Recommendation 7.4 A listed entity should disclose whether it has any material exposure to environmental or social risks and, if it does, how it manages those risks. PRINCIPLE 8 - REMUNERATE FAIRLY AND RESPONSIBLY A listed entity should pay director remuneration sufficient to attract and retain high quality directors and design its executive remuneration to attract, retain and motivate high quality senior executives and to align their interests with the creation of value for security holders and with the entity’s values and risk appetite. Recommendation 8.1 The board of a listed entity should: (a) have a remuneration committee which: (1) has at least three members, a majority of whom are independent directors; and (2) is chaired by an independent director, and disclose: (3) the charter of the committee; (4) the members of the committee; and as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings. Recommendation 8.2 A listed entity should separately disclose its policies and practices regarding the remuneration of non-executive directors and the remuneration of executive directors and other senior executives. Recommendation 8.3 A listed entity which has an equity-based remuneration scheme should : (a) have a policy on whether participants are permitted to enter into transactions (whether through the use of derivatives or otherwise) which limit the economic risk of participating in the scheme; and (b) disclose that policy or a summary of it. REFERENCE AND IF COMPLIANT 7.3 In CGS 7.4 In CGS ✓ ✓ 8.1 ✓ Remuneration Report in CGS Remuneration Committee Charter in CGS 8.2 Remuneration Report in CGS 8.3 Remuneration Report in CGS ✓ ✓ 50 MACA LIMITED ANNUAL REPORT 2019 DIRECTORS’ DECLARATION The directors of the company declare that: 1. The financial statements set out on pages 52 to 95 are in accordance with the Corporations Act 2001 and: (a) comply with Accounting Standards which as stated in the accounting policies included in the financial statements, constitutes explicit and unreserved compliance with International Financial Reporting Standards (IFRS); and (b) give a true and fair view of the financial position as at 30 June 2019 and of the performance for the year ended on that date of the company and consolidated group; 2. The Managing Director (acting as 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; (b) the financial statements and notes for the financial year comply with the International Financial Reporting Standards; and (c) the financial statements and notes for the financial year give a true and fair view of the financial performance and results of the entity. In the directors’ 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 27 day of September, 2019 MACA LIMITED ANNUAL REPORT 2019 51 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the Year Ended 30 June 2019 30 June 2019 30 June 2018 Section $’000 $’000 3.1(a) )b(1.3 665,719 31,274 562,594 29,086 )a(1.6.3 (645,869) (4,109) - (404) 1,721 (16,327) 32,005 (9,590) 514,22 (543,805) (2,084) (3,338) - 2,552 (13,376) 31,629 (9,962) 21,667 4,155 075,62 (10,446) 11,221 1,841 (1,928) 20,574 23,595 22,415 21,667 1,841 (1,928) 24,729 13,149 26,570 11,221 7.3 7.3 7.68 7.60 9.06 8.95 Revenue Other Income Direct Costs Finance Costs Impairment of Goodwill Fair Value Gains/(Losses) on Financial Assets Foreign Exchange Gains/(Losses) Other Expenses from Ordinary Activities Proﬁt Before Income Tax Income Tax Expense Proﬁt for the Year Other Comprehensive Income: Exchange Differences on Translating Foreign Operations Total Comprehensive Invome for the Year Proﬁt / (Loss) 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 Sections form part of these Financial Statements 52 MACA LIMITED ANNUAL REPORT 2019 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2019 Current Assets Cash and Cash Equivalents Trade and Other Receivables Loans to Other Companies Inventory Work in Progress Financial Assets Other Assets Total Current Assets Non-Current Assets Trade and Other Receivables Property, Plant and Equipment Loans to Other Companies Financial Assets Goodwill Deferred Tax Assets Total Non-Current Assets Total Assets Current Liabilities Trade and Other Payables Financial Liabilities Current Tax Liabilities Short-Term Provisions Total Current Liabilities Non-Current Liabilities Deferred Tax Liabilities Financial Liabilities Total Non-Current Liabilities Total Liabilities Net Assets Equity Issued Capital Reserves Retained Proﬁts Parent Interest Non-Controlling Interest Total Equity Section 1.1.5 1.4 1.4 2.4 2.4 1.4 3.4 1.4 4.4 1.4 1.4 5.4 )a(2.6.3 6.4 1.2.5 )b(2.6.3 7.4 )b(2.6.3 1.2.5 5.5 6.5 30 June 2019 000’$ 59,292 175,649 22,300 14,306 1,717 7,076 1,815 551,282 15,139 238,280 25,655 6,514 3,187 13,513 882,203 344,485 87,942 42,272 3,732 13,657 206,741 4,325 99,848 471,401 677,152 666,233 269,806 (13,793) 73,496 329,509 3,157 666,233 30 June 2018 $’000 108,239 124,687 7,618 13,649 (2,023) 2,257 1,395 255,822 39,165 114,785 19,975 2,179 3,187 11,265 190,556 446,378 64,620 14,991 1,226 11,838 92,675 2,958 29,910 32,868 125,543 320,835 269,806 (17,948) 67,661 319,519 1,316 320,835 The accompanying Sections form part of these Financial Statements MACA LIMITED ANNUAL REPORT 2019 53 CONSOLIDATED STATEMENT OF CHANGES OF EQUITY For the Year Ended 30 June 2019 Issued Capital Retained Proﬁts $’000 $’000 Outside Equity Interest $’000 General Reserves Option Reserve FX Reserve Total $’000 $’000 $’000 $’000 Balance at 1 Jul 2017 211,333 62,652 3,244 (5,887) 590 (2,205) 269,727 Proﬁt/(Loss) for the Period - 23,595 (1,928) - - - 21,667 SUB-TOTAL 211,333 86,247 1,316 (5,887) 590 (2,205) 291,394 Other Comprehensive Income: Forex in Translating Foreign Operations SUB-TOTAL - - - - - (10,446) (10,446) 211,333 86,247 1,316 (5,887) 590 (12,651) 280,948 Shares Issued 60,176 - - - - - 60,176 Options/Rights Issued (1,703) - - - - - (1,703) Dividends Paid - (18,586) - - - - (18,586) Balance at 30 Jun 2018 269,806 67,661 1,316 (5,887) 590 (12,651) 320,835 Balance at 1 Jul 2018 Proﬁt for the Period SUB-TOTAL Other Comprehensive Income: Forex in Translating Foreign Operations SUB-TOTAL 269,806 67,661 1,316 (5,887) 590 (12,651) 320,835 - 20,574 1,841 - - - 22,415 269,806 88,235 3,157 (5,887) 590 (12,651) 343,251 - - - - - 4,155 4,155 269,806 88,235 3,157 (5,887) 590 (8,496) 347,406 Shares Issued - - - - - - - Options/Rights Issued - - - - - - - Dividends Paid - (14,740) - - - - (14,740) Balance at 30 Jun 2019 269,806 73,496 3,157 (5,887) 590 (8,496) 332,666 The accompanying Sections form part of these Financial Statements 54 MACA LIMITED ANNUAL REPORT 2019 CONSOLIDATED STATEMENT OF CASH FLOWS For the Year Ended 30 June 2019 Cash Flows from Operating Activities Receipts from Customers Payments to Suppliers and Employees Dividends Received Interest Received Interest Paid Income Tax Paid Net Cash Provided By Operating Activities 5.1.2 Cash Flow from Investing Activities Proceeds from Sale of Investments Proceeds from Sale of Property, Plant and Equipment Purchase of Property, Plant and Equipment Net Loans Provided to Customers Purchase of Investments Net Cash Used In Investing Activities Cash Flow from Financing Activities Net Proceeds from Share Issue Proceeds from Borrowings Repayment of Borrowings Dividends Paid by the Parent Net Cash Provided by Financing Activities Net Increase/(Decrease) in Cash Held Effect of Forex Rate Changes on Translating Foreign Operations Cash and Cash Equivalents at the Beginning of the Period Cash and Equivalents at the End of Period 5.1.1 The accompanying Sections form part of these Financial Statements 30 June 2019 Section $’000 629,567 (568,027) - 8,055 (4,109) (7,965) 57,521 10,348 1,620 (89,318) (19,925) (19,755) )030,711( 30 June 2018 $’000 529,526 (509,532) 147 4,342 (2,811) (12,990) 8,682 - 5,633 (38,769) (17,918) - (51,054) - 58,473 47,965 (27,337) (14,740) 788,5 (53,622) 4,676 108,239 59,292 - (694) (18,586) 39,193 (3,179) (590) 112,008 108,239 MACA LIMITED ANNUAL REPORT 2019 55 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 SECTION 1 GENERAL INFORMATION 1.1 REPORTING ENTITY MACA Limited (MLD) is a limited company incorporated in Australia. The addresses of the Company’s registered office and principal places of business are disclosed in the Corporate Directory. The Principal activities of the Group are described in the Directors’ Report. 1.2 STATEMENT OF COMPLIANCE The consolidated financial statements and notes represent those of MACA Limited and Controlled Entities (the Group). The Financial Statements comprise the consolidated Financial Statements of the Group. For the purposes of preparing the consolidated Financial Statements, the Group is a for-profit entity. Accounting Standards include Australian Accounting Standards. Compliance with Australian Accounting Standards ensures that the Financial Statements and Sections comply with International Financial Reporting Standards (“IFRS”). 1.3 BASIS OF PREPARATION The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. The Group is a for profit entity for financial reporting purposes under Australian Accounting Standards. These financial statements also comply with International Financial Reporting standards as issued by the International Accounting Standards Board (IASB). Australian Accounting Standards set out 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. These financial statements are presented in Australian dollars. 1.4 BASIS OF CONSOLIDATION The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of MACA Limited (the ‘Company’) as at 30 June 2019 and the results of all subsidiaries for the year then ended. MACA Limited and its subsidiaries together are referred to in these financial statements as the ‘Group’. Subsidiaries are all those entities over which the Company has control. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent. Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and other comprehensive income, statement of financial position and statement of changes in equity of the Group. Losses incurred by the Group are attributed to the non-controlling interest in full. 56 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 1.5 NEW ACCOUNTING STANDARDS APPLIED DURING THE PERIOD - - Impairment of financial assets, and General hedge accounting The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective for an accounting period that begins on or after 1 January 2018. New and revised Standards and amendments thereof and Interpretations effective for the current year that are relevant to the Group include: - - AASB 9 Financial Instruments and related amending Standards AASB 15 Revenue from Contracts with Customers and related amending Standards In the current year, the Group has applied AASB 9 Financial Instruments (as amended) and the related consequential amendments to other Accounting Standards that are effective for an annual period that begins on or after 1 January 2018. The transition provisions of AASB 9 allow an entity not to restate comparatives, which the Group has adopted. AASB 9 requires an expected credit loss (ECL) model for trade receivables and loans as opposed to an incurred credit loss model under AASB 139. The ECL model requires the Group to account for expected credit losses in trade receivables and financial instruments at an amount equal to the lifetime expected credit losses if the credit risk on that receivable or financial instrument has increased significantly since initial recognition, or if the receivable or financial instrument is a purchased or originated credit impaired financial asset. However, if the credit risk has not increased significantly since initial recognition (except for a purchased or originated credit impaired financial asset), the Group is required to measure the loss allowance at an amount equal to 12 months ECL. AASB 9 also allows a simplified approach for measuring the loss allowance at an amount equal to lifetime ECL for trade receivables, contract assets and lease receivables in certain circumstances. The directors of the Company reviewed and assessed the Group’s existing financial assets as at 1 July 2018 based on the facts and circumstances that existed at that date and concluded that the application of AASB 9 has had no material impact on the Group’s financial performance or position. In summary AASB 9 introduced new requirements for: - The classification and measurement of financial assets and financial liabilities, AASB 15 Revenue from Contracts with Customers and related amending Standards In the current year, the Group has applied AASB 15 Revenue from Contracts with Customers (as amended) which is effective for an annual period that begins on or after 1 January 2018. AASB 15 introduced a 5-step approach to revenue recognition. Far more prescriptive guidance has been added in AASB 15 to deal with specific scenarios. The Group has applied AASB 15 in accordance with the fully retrospective transitional approach. The Group’s accounting policies for its revenue streams are disclosed in more detail in note 3.1 The directors of the Company have reviewed and assessed the Group’s contracts with customers and determined that the application of AASB 15 has not had a material impact on the financial position and/ or financial performance of the Group. There was no material impact on adoption of the standard and no adjustment made to current or prior period amounts. The adoption of AASB15 Revenue from contracts with customers has not resulted in any significant changes to accounting policies nor has it materially impacted on amounts recognised in the financial statements. 1.6 NEW ACCOUNTING STANDARDS FOR APPLICATION IN FUTURE PERIODS The AASB has issued a number of new and amended Accounting Standards that have mandatory application dates for future reporting periods, some of which are relevant to the Group. The directors have decided not to early-adopt any of the new and amended pronouncements. The following sets out their assessment of the pronouncements that are relevant to the Group but applicable in future reporting periods. - AASB 16: Leases (applicable to annual reporting periods beginning on or after 1 January 2019) The Group has chosen not to early-adopt AASB 16. However, the Group has conducted a preliminary assessment of the impact of this new Standard, as follows. A core change resulting from applying AASB 16 is that most leases will be recognised on the balance sheet by lessees as the standard no longer differentiates between operating and finance leases. An asset and MACA LIMITED ANNUAL REPORT 2019 57 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 1.6 NEW ACCOUNTING STANDARDS FOR APPLICATION IN FUTURE PERIODS (CONTINUED) a financial liability are recognised in accordance to this new Standard. There are, however, two exceptions allowed: short-term and low-value leases. The accounting for the Group’s operating leases will be primarily affected by this new Standard. AASB 16 will be applied by the Group from its mandatory adoption date of 1 July 2019. The comparative amounts for the year prior to first adoption will not be restated, as the Group has chosen to apply AASB 16 retrospectively with cumulative effect. While the right-of-use assets for property leases will be measured on transition as if the new rules had always been applied, all other right-of- use assets will be measured at the amount of the lease liability on adoption. The Group’s non-cancellable operating lease commitments amount to $16.1m as at the reporting date, see section 3.4(a). The Group intends to adopt the short term lease exception for leases with terms of less than 12 months, which would equate to rental expense of approximately $1m. All impacts are based on current estimates which are subject to finalisation prior to final implementation. Based on a preliminary assessment, the Group has estimated that on 1 July 2019, a right-of-use asset of approximately $12.1m and lease liabilities of approximately $12.7m will be required to be recognised. The Group expects that net profit after tax will decrease by approximately $0.3m for 2020 as a result of adopting the new standard. Adjusted EBITDA used to measure segment results is expected to increase by approximately $1.5m as the operating lease payments were included in EBITDA, but the amortisation of the right-of-use assets and interest on the lease liability are excluded from this measure. The repayment of the principal portion of the lease liabilities will be classified as cash flows from financing activities, thus increasing operating cash flows and decreasing financing cash flows by approximately $1.85m. Given that the Group’s activities as a lessor will not be materially impacted by this new Standard, the Group does not expect any significant impact on its financial statement from a lessor perspective. Nonetheless, starting from 2020, additional disclosures will be required. 1.7 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. 1.8 ROUNDING OF AMOUNTS The Company has applied the relief available to it under ASIC CI 2016/191 and accordingly, amounts in the financial statements and directors’ report have been rounded off to the nearest $1,000. SECTION 2 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The Directors evaluate estimates and judgments incorporated into the financial report 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 AND JUDGEMENTS Impairment – other assets Impairment – trade and other receivables 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. The value in use calculations with respect to assets require an estimation of the future cash flows expected to arise from each cash generating unit and a suitable discount rate to apply to these cash flows to calculate net present value. The Directors have determined that there is no adjustment required to the carrying value of assets in the current reporting period. As at 30 June 2019, the Group’s trade and other receivables amounted to $190,787,000 (2018: $163,852,000). Based on the Group’s historical credit loss experience, trade receivables exhibited different loss patterns for each revenue segment. Within each revenue segment, the Group has common customers across the different geographical regions and applies credit evaluations by customer. Accordingly, management has determined the expected loss rates by grouping the receivables across geographical regions in each revenue segment. No allowance for impairment for trade and other receivables and contract assets respectively was recognised as at 30 June 2019 (2018: nil). 58 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 2.0 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (CONTINUED) Notwithstanding the above, the Group evaluates the expected credit loss on customers in financial difficulties separately. There is no major customer in financial difficulties during the financial year. No adjustment has been made for pending or future taxation legislation. The current income tax position represents that best estimate, pending an assessment by the Australian Taxation Office. Taxation Estimation of Useful Lives of Assets Balances disclosed in the financial statements and the notes thereto, related to taxation, are based on best estimates. These estimates take into account both the financial performance and position of the Group as they pertain to current income taxation legislation, and the Group’s understanding thereof. The estimation of the useful lives of property, plant and equipment is based on historical experience and is reviewed on an ongoing basis. The condition of the assets is assessed at least annually against the remaining useful life with adjustments made when considered necessary. SECTION 3 RESULTS FOR THE YEAR This section focuses on the results and performance of the Group and includes disclosures explaining the Group’s results for the year, segment information, capital and leasing commitments, taxation and EPS. 3.1 REVENUE ACCOUNTING POLICIES Revenue Recognition 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 are 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. Variable consideration is typically constrained and only recognised to the extent that It is highly probable that a significant reversal in the amount of revenue recognised will not occur. All revenue is stated net of the amount of goods and services tax (GST). The following is an analysis of the Group’s revenue and other income for the year: 3.1(a) Revenue from Operating Activities Section Contract Trading Revenue Interest Received Other Revenue 30 June 2019 $'000 657,270 8,055 394 Total Revenue from Operating Activities 3.2 665,719 3.1(b) Other Income Proﬁt / (Loss) on Disposal of Property, Plant and Equipment Reversal of Earnout not payable Reversal of Impairment - Crushing Proﬁt / (Loss) on Sale of Investments Rebates Total Other Income 30 June 2019 $'000 630 - - 188 30,456 31,274 30 June 2018 $'000 557,325 4,342 927 562,594 30 June 2018 $'000 1,312 1,500 2,217 1,060 22,997 29,086 MACA LIMITED ANNUAL REPORT 2019 59 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 3.2 OPERATING SEGMENTS Identiﬁ cation 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 in three business and two geographical segments, being the provision of civil, SMP and contract mining services throughout Australia and mining services to the mining industry in Brazil, South America. BASIS OF ACCOUNTING FOR PURPOSES OF REPORTING BY OPERATING SEGMENTS Accounting Policies Adopted Segment liabilities Unless otherwise stated, all amounts reported to the Board of Directors as the chief operating decision maker, are in accordance with accounting policies that are consistent to those adopted in the financial statements of the Group. Liabilities are allocated to segments where there is direct nexus between the incurrence of the liability and the operations of the segment. Segment liabilities include trade and other payables and certain direct borrowings. Inter-segment transactions Unallocated items The following items of revenue and expense are not allocated to operating segments as they are not considered part of the core operations of any segment: - Dividends, interest, head office and other administration expenditure 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. 60 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 3.2 OPERATING SEGMENTS (CONTINUED) Consolidated - June 2019 Revenue Mining $’000 Civil / Infrastructure $’000 Interquip Unallocated Total $’000 $’000 $’000 Reportable Segment Revenue 467,883 138,906 50,481 - 5,579 15 48 2,807 473,462 138,920 50,530 2,807 657,270 8,449 665,719 Other Revenue Total Revenue EBITDA* Depreciation and Amortisation Impairment Interest Revenue Finance Costs Net Proﬁt/(Loss) Before Tax Income Tax Expense Net Proﬁt After Tax 65,574 (40,849) (1,405) (1,041) 5,761 792 70,722 (772) - (42,663) - - - - - 5,185 (3,910) 26,000 15 (179) 48 2,807 (19) - (2,611) 5,018 3,599 8,055 (4,109) 32,005 (9,590) 22,415 *EBITDA is Earnings Before Interest, Tax, Depreciation and Amortisation 13.8% of Interquip segment revenue has been derived at a point in time. All other Group revenue is derived over time. Assets Segment Assets Total Assets Liabilities Segment Liabilities Total Liabilities 451,635 31,233 26,785 74,789 214,136 24,219 8,903 4,518 584,443 584,443 251,776 251,776 Capital Expenditure 164,675 491 754 - 165,920 MACA LIMITED ANNUAL REPORT 2019 61 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 3.2 OPERATING SEGMENTS (CONTINUED) Consolidated - June 2018 Mining Civil / Infrastructure Interquip Unallocated Total $’000 $’000 $’000 $’000 $’000 Revenue Reportable Segment Revenue 398,368 138,243 20,714 - Other Revenue Total Revenue 3,018 954 38 1,259 401,386 139,197 20,752 1,259 EBITDA* 77,793 2,921 (4,131) - Depreciation and Amortisation (44,171) (1,224) (696) - 557,325 5,269 562,594 76,583 (46,091) 2,217 - (3,338) - (1,121) 3,018 (1,745) 37,112 27 (306) 38 1,259 (33) - 1,418 (8,160) 1,259 Impairment Interest Revenue Finance Costs Net Proﬁt/(Loss) Before Tax Income Tax Expense Net Proﬁt After Tax *EBITDA is Earnings Before Interest, Tax, Depreciation and Amortisation Assets Segment Assets Total Assets Liabilities Segment Liabilities Total Liabilities 288,788 41,382 18,181 98,027 93,391 24,524 5,215 2,413 4,342 (2,084) 31,629 (9,962) 21,667 446,378 446,378 125,543 125,543 Capital Expenditure 38,056 668 735 163 39,622 62 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 3.2 OPERATING SEGMENTS (CONTINUED) Revenue Non-current Assets 30 June 2019 $'000 30 June 2018 $'000 30 June 2019 $'000 30 June 2018 $'000 639,948 492,755 266,492 130,445 25,772 69,839 35,796 60,111 917,566 562,594 302,288 190,556 Geographical Information Australia Brazil latoT Major Customers The Group has a number of customers to whom it provides both products and services. The Group supplies 3 single external customers in the mining segment which account for 35.6%, 9% and 7.9% of external revenue. (2018: 31.3%, 8.9% and 8.7%). The next most significant client accounts for 7.2% (2018: 8%) of external revenue. 3.3 OPERATING COSTS FROM CONTINUING OPERATIONS Expenses Depreciation and Amortisation – Plant and Equipment – Motor Vehicles – Other 30 June 2019 $'000 30 June 2018 $'000 Section 41,753 44,989 662 789 248 313 Total Depreciation and Amortisation Expense 4.4 42,663 46,091 Employee Beneﬁts Expense Repairs, Service and Maintenance Materials and Supplies 279,015 219,851 59,335 50,870 128,938 105,843 MACA LIMITED ANNUAL REPORT 2019 63 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 3.4 CAPITAL AND LEASING COMMITMENTS Accounting Policies Leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating 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. Operating lease payments are recognised as an expense in profit and loss on a straight-line basis over the lease term. Operating lease incentives are recognised as a liability when received and subsequently reduced by allocating lease payments between rental expense and a reduction of the liability. )a( Operating Lease Commitments Non-cancellable Operating Leases Payable — Minimum Lease Payments – Not Later Than 12 Months – Between 12 Months and 5 Years – Greater Than 5 Years Total Operating Lease 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 Lease Payments Less: Future Finance Charges Section 30 June 2019 $'000 2,979 8,816 4,268 30 June 2018 $'000 1,650 6,038 7,500 16,064 15,188 47,892 106,865 16,405 30,804 - - 154,758 (12,637) 142,120 47,209 (2,308) 44,901 21,100 28,005 21,100 28,005 - - - - 21,100 28,005 Total Finance Lease Commitments 5.2.1 (c) Capital Expenditure Commitments Plant and Equipment Purchases Payable – Not Later Than 12 Months – Between 12 Months and 5 Years – Greater Than 5 Years Total Minimum Commitments $21.1M of commitments for property, plant and equipment expenditure existed at 30 June 2019 (2018: $28M). 64 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 3.5 AUDITORS REMUNERATION Auditor's Remuneration - Moore Stephens Audit or Review of the Financial Report Other Non-audit Services Taxation Services Total Auditor's Remuneration 3.6 TAXATION Accounting Policies Income tax 30 June 2019 $'000 230 30 June 2018 $'000 220 - - - - 230 220 The income tax expense (revenue) for the year comprises current income tax expense (income) and deferred tax expense (income). period. Their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability. 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 as 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 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. MACA LIMITED ANNUAL REPORT 2019 65 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 3.6 TAXATION (CONTINUED) 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. 3.6.1 Income Tax Expense Section $'000 $'000 30 June 2019 30 June 2018 (a) The Components of Tax Expense Comprise: Current Deferred Income Tax Expense (b) Reconciliation: Prima Facie Tax Payable on Proﬁt From Ordinary Activities Before Income Tax at 30% (2018: 30%) Add Tax Effect of – Dividend Imputation – Other Non-allowable Items – Other Taxable Items – Research & Development Credit Less Tax Effect of – Franking Credits on Dividends Received – Other Deductible Items (Losses Not Previously Brought to Account) Income tax attributable to the Group The Applicable Weighted Average Effective Tax Rate as 10,491 12,735 (901) 9,590 (2,773) 9,962 9,602 9,489 1,895 2,408 124 1,948 4,286 10,069 - - (6,317) - 9,590 30.0% (8,028) (5,924) 9,962 31.5% 66 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 3.6 TAXATION (CONTINUED) 3.6.2 Tax Assets and Liabilities Section 30 June 2019 $'000 30 June 2018 $'000 3.6.3(c) 3.6.3(c) 3.6.3(c) 4,671 8,293 549 3,980 6,585 700 13,513 11,265 (a) Tax Assets Non-Current Deferred Tax Assets comprise Provisions Losses Other Total Non-Current Tax Assets (b) Tax Liabilities Current Income tax Total Non-Current Tax Liabilities Non-Current Deferred tax liability comprises: Depreciation Other Total Non-Current Tax Liabilities )b(3.6.3 3.6.3 Reconciliations (a) 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 (b) Deferred Tax Liablities The Movement In Deferred Tax Liabilities For Each Temporary Difference During the Year is as Follows: Depreciation and Other: Opening Balance Charge/(Credit) To Income Statement Charge/(Credit) To Equity Closing Balance 2,958 1,367 - 4,325 )a(2.6.3 3,732 3,732 1,226 1,226 4,305 20 4,325 2,835 123 2,958 8,307 882 - 9,189 7,930 739 (362) 8,307 107 2,851 - 2,958 MACA LIMITED ANNUAL REPORT 2019 67 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 3.6 TAXATION (CONTINUED) (c) Deferred Tax Assets 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 Losses: Opening Balance (Charge)/Credit To Income Statement Closing Balance Other: Opening Balance (Charge)/Credit To Income Statement Charge/(Credit) To Equity Closing Balance 3.7 EARNINGS PER SHARE Accounting Policies Basic EPS 3,980 691 4,671 6,585 1,708 8,293 700 (151) - 549 3,611 369 3,980 3,596 2,989 6,585 830 232 (362) 700 3.6.2(a) 3.6.2(a) 3.6.2(a) Basic EPS is calculated by dividing the profit attributable to equity holders of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares during the financial year. Diluted EPS Diluted EPS is calculated by dividing the profit attributable to equity holders of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares and performance rights for the effects of all dilutive potential ordinary shares. a. Reconciliation Of Earnings To Proﬁt and Loss Proﬁt (Proﬁt)/loss Attributable To Non-controlling Interest Earnings Used To Calculate Basic EPS Earnings Used in the Calculation of Dilutive EPS Weighted Avg. No. of Ord. Shares Outstanding During the Year (Basic EPS) Weighted Average Number of Dilutive Options Outstanding Weighted Avg. No. of Ord. Shares Outstanding During the Year (Dilutive EPS) 68 MACA LIMITED ANNUAL REPORT 2019 30 June 2019 $'000 22,415 (1,841) 20,574 20,574 268,008 2,592 270,600 30 June 2018 $'000 21,667 1,928 23,595 23,595 260,428 3,115 263,543 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 SECTION 4 ASSETS AND LIABILITIES This Section shows the assets used to generate the Group’s trading performance and the liabilities incurred as a result. Liabilities relating to the Group’s financing activities are addressed in Section 5. Current and deferred tax assets and liabilities are shown in Section 3.6. 4.1 TRADE AND OTHER RECEIVABLES Accounting Policies Trade and other receivables represent the asset outstanding at the end of the reporting period for goods and services provided by the Group during the reporting period which remain unpaid. The balance is recognised as a current asset with the amount normally being received within 30 to 60 days of recognition of the receivable. Trade and Other Receivables Trade Debtors - Current Debtors subject to Payment Arrangements - Current Total Current Section Debtors Subject to Payment Arrangements - Non-Current selbavieceR rehtO dna edarT latoT Loans to Other Companies Loans to Other Companies - Current Loans to Other Companies - Non-Current seinapmoC rehtO ot snaoL latoT Financial Assets - Fair Value Proﬁt or Loss Shares in Listed corporations at Fair Value - Current Shares in Listed corporations at Fair Value - Non-Current Total Financial Assets 3.5 3.5 5.3 30 June 2019 $'000 155,405 20,244 175,649 15,139 190,787 22,300 25,655 47,955 7,076 6,514 13,590 30 June 2018 $'000 116,502 8,185 124,687 39,165 163,852 7,618 19,975 27,593 2,257 2,179 4,436 Credit risk The Group has approximately 23.4% (2018: 28.7%) of credit risk with a single counterparty or group of counterparties. Failure or default of a major counterparty would have a material impact on earnings. Management of credit risk is discussed in Section 5.3 Financial Risk Management. The class of assets described as “trade and other receivables” and “loans to other companies” are considered to be the main source of credit risk related to the Group. The Group holds first ranking security over the assets of both Blackham Resources Ltd and and Carabella Resources Pty Ltd, which is expected to be sufficient to cover the exposure in respect of the Loans to Other Companies totalling $47,955. MACA LIMITED ANNUAL REPORT 2019 69 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 4.1 TRADE AND OTHER RECEIVABLES (CONTINUED) 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 within the terms and conditions agreed between the Group and the customer or counterparty to the transaction. The Group’s credit evaluation practices and basis for recognition and measurement of expected credit losses are disclosed in Section 5.3. 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 $’000 Past due and impaired Past due but not impaired Within initial trade terms $’000 $’000 $’000 30-Jun-2019 Trade and Term Receivables 175,649 selbavieceR rehtO 931,51 Total Trade and Other Receivables 190,787 30-Jun-2018 Trade and Term Receivables 124,687 selbavieceR rehtO 561,93 Total Trade and Other Receivables 163,852 - - - - - - Financial Assets Classiﬁed as Loans and Receivables Trade and Other Receivables - Total Current - Total Non-Current Other loans - Total Current - Total Non-Current 30,686 15,139 45,825 144,963 144,963 5,301 39,165 44,466 119,386 - 119,386 30 June 2019 30 June 2018 $'000 $'000 175,649 15,139 190,787 124,687 39,165 163,852 22,300 25,655 47,955 7,618 19,975 27,593 70 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 4.2. INVENTORIES AND WORK IN PROGRESS (WIP) Accounting Policies Inventories and work in progress 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. Inventories and Work In Progess (WIP) Inventories WIP Total Inventories and Work in Progress (WIP) 4.3 OTHER CURRENT ASSETS stessA tnerruC rehtO 3.4 Other Current Assets Prepayments Deposit Total Other Current Assets 4.4 PROPERTY, PLANT AND EQUIPMENT Accounting Policies 30 June 2019 $'000 14,306 1,717 16,023 30 June 2019 $'000 894 921 1,815 30 June 2018 $'000 13,649 (2,023) 11,626 30 June 2018 $'000 544 851 1,395 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 profit or loss and other 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. MACA LIMITED ANNUAL REPORT 2019 71 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 4.4 PROPERTY, PLANT AND EQUIPMENT (CONTINUED) Plant and equipment Plant and equipment are measured on the cost basis. 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 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 profit and loss statement 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 or straight line basis over the asset’s useful life to the Group commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Improvements Depreciation Rate 2.50% Plant and Equipment 10.00% – 40.00% Low Value Pool 18.75% – 37.50% Motor Vehicles 18.75% – 50.00% 72 MACA LIMITED ANNUAL REPORT 2019 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 profit or loss and other comprehensive income. When revalued assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to retained earnings. 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 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 diminishing or 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. SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 4.4 PROPERTY, PLANT AND EQUIPMENT (CONTINUED) Movements in Carrying Amounts Movements in carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial period are as follows: Plant and Equipment – at Cost Accumulated Depreciation and Impairment Motor Vehicles – at Cost Accumulated Depreciation Land and Building – 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 30 June 2019 $'000 634,613 (403,198) 231,415 10,005 (7,311) 2,694 3,272 (464) 2,808 466 (372) 94 2,591 (1,322) 1,269 234,203 238,280 30 June 2018 $'000 479,623 (372,355) 107,268 12,436 (9,283) 3,153 3,272 (440) 2,832 409 (281) 128 2,529 (1,125) 1,404 110,549 114,785 MACA LIMITED ANNUAL REPORT 2019 73 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 4.4 PROPERTY, PLANT AND EQUIPMENT (CONTINUED) The Group monitors market conditions for indications of impairment of its operating assets. Where a trigger event occurs which indicates an impairment may have occurred, a formal impairment assessment is performed. The following trigger events have occured at 30 June 2019: - The carrying amount of the Group’s net assets exceed the Company’s market capitalisation As a result, an assessment has been made of the recoverable amounts of each of the Mining and Crushing Cash Generating Units (CGU’s) as at 30 June 2019 on a value in use basis. Both CGUs form part of the Group’s core Mining Services operating segment. For this purpose, cash flows have been projected for 5 years from the continuing use of assets within each CGU as well as the disposal of any assets, and have been discounted using a pre-tax discount rate that reflects the assessed risks specific to the CGU’s. Projected future cash flows from the continuing use of assets have been based on the current contracted work in hand plus, in the case of the Mining CGU, a modest allowance for estimated new work. No terminal growth rate has been applied to the Crushing CGU cash flows and a 2% terminal growth rate (beyond FY2024) has been applied to the Mining CGU cash flows. The pre-tax discount rates which have been applied to each of these CGU’s are 16.6% and 17.7% respectively. The assessment has resulted in no impairment to the plant and equipment employed within both the Crushing CGU and the Mining CGU. Key Assumptions used for value in use calculations - - - - EBITDA Margin Discount Rates Growth rates used to extrapolate cash flows beyond the forecast period Capital expenditure The EBITDA Margin is based on management’s best estimate taking into account past performance and expected market conditions. Working Capital has been adjusted to reflect the required working capital for the forecast future cashflows. Capital expenditure has considered both required replacement capital and idle equipment which could be utilised to sustain the current Work in Hand schedule. Capital expenditure has been matched to depreciation levels in the terminal year. Growth rates and discount rates applied are shown below. Growth Rate CGU FY20 FY21 FY22 FY23 FY24 Terminal Year Crushing Mining 331.60% 14.80% 6.80% 2.30% 3.50% 2.30% 2.90% 2.30% 2.70% 2.30% 0.00% 2.00% Discount Rate CGU Crushing Mining Post-Tax Discount Rate Pre-Tax Discount rate 14.00% 13.00% 16.60% 17.72% 74 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 4.4 PROPERTY, PLANT AND EQUIPMENT (CONTINUED) Mining CGU This CGU is included in the Mining Segment. The impairment test conducted at 30 June 2019 did not result in an impairment as the recoverable amount of the CGU exceeded the carrying value. Sensitivity Analysis As disclosed above management have made judgements and estimates in respect of impairment testing of plant and equipment. Any adverse changes to key assumptions may result in a further impairment in the future. The sensitivities are as follows - Revenue would need to decrease by 12% from the estimate used in the Value in Use calculation before Mining CGU plant and equipment would be impaired; or - The discount rate would need to increase by 33% before Mining CGU plant and equipment would be impaired. Crushing CGU This CGU is included in the Mining Segment. The impairment test conducted at 30 June 2019 did not result in the CGU being impaired as the recoverable amount of the CGU exceeded the carrying value Sensitivity Analysis. As disclosed above management have made judgements and estimates in respect of impairment testing of plant and equipment. As the assets of the Crushing CGU have been written down to their carrying value, the sensitivities are as follows; - Revenue would need to decrease by 39% from the estimate used in the Value in Use calculation before Crushing CGU plant and equipment would be impaired; or - The discount rate would need to increase by 39% before Crushing CGU plant and equipment would be impaired. MACA LIMITED ANNUAL REPORT 2019 75 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 4.4 PROPERTY, PLANT AND EQUIPMENT (CONTINUED) Plant and Equipment Motor Vehicles Land and Buildings Leased Plant and Equipment Low Value Pool Leasehold Improv. Total Consolidated: Balance at 01 Jul 17 Additions Disposals $’000 120,826 $’000 3,589 $’000 2,761 $’000 - $’000 273 $’000 $’000 1,456 128,905 38,767 564 123 - - 168 39,622 (6,589) (211) (31) - (74) - (6,905) Reversal of Impairment 2,217 - - - - - 2,217 Forex movements (2,963) - - - - - (2,963) Depreciation expense (44,990) (789) (21) - (71) (220) (46,091) Balance at 30 Jun 18 107,268 3,153 2,832 - 128 1,404 114,785 Plant and Equipment Motor Vehicles Land and Buildings Leased Plant and Equipment Low Value Pool Leasehold Improv. Total Balance at 01 Jul 18 Additions Disposals $’000 107,268 $’000 3,153 $’000 $’000 $’000 $’000 $’000 2,832 - 128 1,404 114,785 165,431 427 - - - 62 165,920 (769) (225) - - (6) - (1,000) Reversal of Impairment - - - - - - - Forex movements 1,238 - - - - - 1,238 Depreciation expense Balance at 30 Jun 19 (41,753) 231,415 (662) 2,694 (24) - (28) (197) (42,663) 2,808 - 94 1,269 238,280 4.5 INTANGIBLE ASSETS ACCOUNTING POLICIES Goodwill Goodwill is carried at cost less any accumulated impairment losses. Goodwill is calculated as the excess of the sum of: (i) the consideration transferred; (ii) any non-controlling interest (determined under either the full goodwill or proportionate interest method); and (iii) the acquisition date fair value of any previously held equity interest; over the acquisition date fair value of net identifiable assets acquired. 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. Fair value remeasurements in any pre-existing equity holdings are recognised in profit or loss in the period in which they arise. 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. 76 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 4.5 INTANGIBLE ASSETS (CONTINUED) The amount of goodwill recognised on acquisition of each subsidiary in which the Group holds less than 100% interest will depend on the method adopted in measuring the non-controlling interest. The Group can elect in most circumstances to measure the non-controlling interest in the acquiree either at fair value (full goodwill method) or at the non-controlling interest’s proportionate share of the subsidiary’s identifiable net assets (proportionate interest method). In such circumstances, the Group determines which method to adopt for each acquisition and this is stated in the respective notes to these financial statements disclosing the business combination. Under the full goodwill method, the fair value of the non- controlling interest is determined using valuation techniques which make the maximum use of market information where available. Under this method, goodwill attributable to the non-controlling interest is recognised in the consolidated financial statements. Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill on acquisition of associates is included in investments in associates. Goodwill is tested for impairment annually and is allocated to the Group’s cash-generating units or groups of cash- generating units, representing the lowest level at which goodwill is monitored and not larger than an operating segment. Gains and losses on the disposal of an entity Goodwill and Other Tangibles include the carrying amount of goodwill related to the entity disposed of. Changes in the ownership interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions and do not affect the carrying amounts of goodwill. 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 expensed to the statement of profit or loss and other comprehensive income. 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. 30 June 2019 30 June 2018 $'000 $'000 Carrying Value of Goodwill and Other Tangibles 3,187 3,187 Allocation of Goodwill to Cash Generating Unit Goodwill is allocated to the Group’s cash generating units identiﬁed according to operating segment. Goodwill is not amortised but is subject to impairment testing on an annual basis or whenever there is an indication of impairment. The carrying amount of goodwill was allocated to cash generating units as follows: Goodwill and Other Tangibles MACA Infrastructure MACA Interquip Goodwill Carrying Amount 3,187 3,187 - - 3,187 3,187 MACA LIMITED ANNUAL REPORT 2019 77 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 4.5 INTANGIBLE ASSETS (CONTINUED) Impairment Test for Goodwill The recoverable amount of the goodwill in each cash generating unit is based on value in use calculations. These calculations use cash flow projections based on the following year’s budget and increased for growth at 2.5% for the forecast period being five years. The key assumptions used in the value in use calculations as at 30 June 2019 and 30 June 2018 were as follows: - - - growth rate used to extrapolate cash flows beyond the forecast period: 2.5% (2018: 2.5%); pre-tax discount rate: 16.3% (2018: 16.6%); and divisional Revenue, EBIT, working capital adjustments and maintenance capital expenditure. 4.6. TRADE AND OTHER PAYABLES ACCOUNTING POLICIES 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 45 days of recognition of the liability. Payables Current Unsecured Liabilities: Trade Creditors Sundry Creditors and Accruals Total Trade and Other Payables 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 Total Trade and Other Payables 4.7 PROVISIONS Accounting Policies Employee Beneﬁ ts 30 June 2019 30 June 2018 Section $'000 $'000 69,263 45,723 18,679 18,897 87,942 64,620 87,942 64,620 - - 5.3 87,942 64,620 Provision is made for the Group’s liability for employee benefits arising from services rendered by employees to balance date. 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. 78 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 4.7 PROVISIONS (CONTINUED) 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. Employee Entitlments Movement in Provisions Opening Balance Additional Provisions Amounts Used Closing balance 30 June 2019 $'000 13,657 30 June 2018 $'000 11,838 11,838 10,402 8,598 13,236 (6,779) 13,657 (11,800) 11,838 SECTION 5 CAPITAL STRUCTURE AND FINANCING COSTS This Section outlines how the Group manages its capital structure, including its balance sheet liquidity and access to capital markets. The Directors determine the appropriate capital structure of MLD, specifically, how much is raised from shareholders (equity) and how much is borrowed from financial institutions (debt) in order to finance the Group’s activities both now and in the future. The Directors consider the Group’s capital structure and dividend policy at least annually and do so in the context of its ability to continue as a going concern, to execute the strategy and to deliver its business plan. During FY19, the Group complied with all the financial covenants of its borrowing facilities. MACA LIMITED ANNUAL REPORT 2019 79 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 5.1 CASH AND CASH EQUIVALENTS ACCOUNTING POLICIES 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. The Group does not have any bank overdraft facilities. 5.1.1 Cash and Cash Equivalents 5.1.2 Cash Flow Information Reconciliation of Cash Flow from Operations with Operating Proﬁt After Tax Operating Proﬁt After Income Tax Non-cash Flows in Proﬁt noitasitroma dna noitaicerpeD Impairment Net (Gain)/Loss on Disposal of Plant and Equipment Net (Gain)/Loss on Disposal of Investments Net (Gain)/Loss on Intangibles Foreign Exchange (Gains)/Losses Total Non-Cash Flows in Proﬁt Movements in Working Capital Section 5.5 Section 30 June 2019 $'000 30 June 2018 $'000 59,292 108,239 30 June 2019 $'000 30 June 2018 $'000 22,415 21,667 3.3 42,663 46,092 - 3,338 (630) (2,010) 216 212 - - (1,721) (1,228) 40,528 46,404 (Increase)/Decrease in Trade and Other Receivables (27,372) (58,825) (Increase)/Decrease in Other Assets (Increase)/Decrease in Inventories and Work-In-Progress Increase/(Decrease) in Trade and Other Payables Increase/(Decrease) in Income Tax Payable Increase/(Decrease) in Deferred Tax Payable Increase/(Decrease) in Provisions Total Working Capital Movements Net Cash Increase/(Decrease) from Operating Activities 5.1.3 Non-Cash Financing and Investing Activities During the year the Group acquired $76.6 million in plant and equipment (2018: $19.5M) by means of finance leases. These acquisitions are not reflected in the statement of cash flows. There were no business combinations for the year ended 30 June 2019 and 30 June 2018. (420) (4,397) 23,322 2,506 (881) 1,818 (746) 654 1,119 (3,222) 195 1,437 (5,423) (59,389) 57,521 8,682 Shares Issued During 2019 no shares were issued as a result of performance rights vesting to KMPs and other Executives (2018: 233,506). 1,486,053 performance rights vested via the MACA ERT Trust. Insurance Bonding and Bank Guarantee Facilities The Group has insurance bonding and bank guarantee facilities totalling $42 million. At 30 June 2019 the amount drawn on the facility was $15.4 million (2018: $14.9 million). 80 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 5.2 INTEREST BEARING LOANS AND BORROWINGS ACCOUNTING POLICIES 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 the statement of profit and loss in the period in which they are incurred. 5.2.1 Financial Liablities Current Secured Liabilities Finance Lease Liability Total Current Financial Liabilities Non-Current Secured Liabilities Finance Lease liability Total Non-Current Financial Liabilities 30 June 2019 30 June 2018 Section $'000 $'000 42,272 42,272 14,991 14,991 99,848 99,848 29,910 29,910 5.3 5.3 Finance Lease Liability Total Current and Non-Current Secured Liabilities: 3.4(b) 142,120 142,120 44,901 44,901 Carrying Amounts of Non-Current Assets Pledged as Security 161,695 45,230 5.3 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, loans to other companies 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: Accounting Policies 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, liquidity risk, currency risk, financing risk and interest rate risk. The Board’s overall risk management strategy seeks to assist the 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 (if any), credit risk policies and future cash flow requirements. MACA LIMITED ANNUAL REPORT 2019 81 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 5.3 FINANCIAL RISK MANAGEMENT (CONTINUED) Financial Assets Cash and Cash Equivalents Loans and Receivables — Trade and Other Receivables — Other Loans Available-for-Sale Financial Assets: — Listed Investments Total Financial Assets Financial Liabilities — Trade and Other Payables — Borrowings Total Financial Liabilities 30 June 2019 30 June 2018 Section 5.1.1 $'000 $'000 59,292 108,239 4.1 4.1 4.1 190,787 163,852 47,955 27,593 13,590 4,436 311,624 304,120 4.6 5.2.1 87,942 64,620 142,120 44,901 230,062 109,521 Speciﬁ c 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. 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 30 to 60 days from the invoice date. The Group considers various debt recovery methedologies and has entered into repayment arrangements with Beadell Resources Ltd (Great Panther Mining Ltd) and Blackham Resources Ltd. Since the commencement of the arrangement in June 2018, Beadell Resources Ltd has reduced debt by $33million as at the date of this report. 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 credit 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. In addition MACA is a secured debt holder of Blackham Resources Ltd and Carabella Respirces Ltd. Risk is also minimised through investing surplus funds in financial institutions that maintain a high credit rating, or in entities that the Board has otherwise cleared as being financially sound. 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 Section 6.6 Parent Entity Disclosures for details). Trade Receivables and Contract Assets The Group applies the simplified approach to provide for the ECL for all trade receivables and contract assets. The simplified approach required the loss allowance to be measured at an amount equal to the lifetime ECL. The Group uses a provision matrix to measure the lifetime ECL allowance for trade receivables and contract assets. In measuring the ECL, trade receivables and contract assets are grouped based on shared credit risk characteristics and days past due. 82 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 5.3 FINANCIAL RISK MANAGEMENT (CONTINUED) INTERNAL RATING GRADES DEFINITION BASIS FOR RECOGNITION AND MEASUREMENT OF ECL ¡. Performing ¡ ¡. Under-performing ¡ ¡ ¡. Non-performing The counterparty has a low risk of default and does not have any past-due amounts 12-month ECL There has been a significant increase in credit risk since initial recognition There is evidence indicating that the asset is credit-impaired Lifetime ECL (not credit-impaired) Lifetime ECL (credit-impaired) In calculating the ECL rates, the Group considers historical loss rates for each category of customers and adjust for forward looking macroeconomic data. The Group considers a financial asset as in default when the counterparty fail to make contractual payments for a prolonged period of time when they fall due, and the Group may also consider financial or economic conditions that are expected to cause a significant change to the debtors ability to meet its obligations. Financial assets are written off when there is no reasonable expectation of recovering the contractual cash flow. When receivables have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognised in profit or loss. Management has assessed and concluded that the ECL rate for trade receivables past due and less than 1 year approximates Nil and is immaterial, while the ECL rate for trade receivables past due and more than 1 year approximates 50% to 100%, except for specific cases where management has assessed the amount is still fully recoverable. The Group’s credit risk exposure in relation to trade receivables and contract assets at 30 June 2019 are set out in section 4.1 The Group has assessed and concluded that trade receivables are subject to immaterial credit loss. There has been no change in the estimation techniques or significant assumptions made during the current reporting year. Other receivables The Group applies the general approach to provide for the ECL for other receivables. Under the general approach, the loss allowance is measured at an amount equal to the 12-month ECL at initial recognition. At each reporting date, the Group assesses whether the credit risk of a financial instrument has increased significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss allowance is measured at an amount equal to lifetime ECL. The Group has approximately 23.4% (2018: 28.7%) of credit risk with a single counterparty or group of counterparties. Failure or default of a major counterparty would have a material impact on earnings. Details with respect to credit risk of Trade and Other Receivables are provided in Section 4.1. MACA carries a credit risk insurance policy. The amount of cover varies on a client by client basis dependant on the counterparty. Trade and other receivables that remain within initial trade terms are considered to be of acceptable quality. Credit risk related to balances held with banks and other financial institutions are only invested with counterparties with a Standard & Poors rating of at least AA-. 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: - preparing forward looking cashflow analysis in relation to its operational, investing and financing activities; - monitoring undrawn credit facilities; - obtaining funding from a variety of sources; - maintaining a reputable credit profile; - managing credit risk related to financial assets; - only investing surplus cash with major financial institutions; and - comparing the maturity profile of financial liabilities with the realisation profile of financial assets. The Group’s policy is to ensure that all lease 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 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. MACA LIMITED ANNUAL REPORT 2019 83 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 5.3 FINANCIAL RISK MANAGEMENT (CONTINUED) Liquidity Risk (continued) Financial Liability and Financial Asset Maturity Analysis Financial Liabilities Due for Payment Trade and Other Payables Finance Lease Liabilities Total Contractual Outﬂows Total Expected Outﬂows Financial Assets - Cash Flows Realisable Cash and Cash Equivalents Trade and Other Receivables Other Investments Total Anticipated Inﬂows Within 1 Year 1 to 5 Years Over 5 Years Total 2019 ‘000 2018 ‘000 Section 2019 2018 2019 2018 2019 2018 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000 4.6 87,942 64,620 - - - - 87,942 64,620 5.2.1 42,272 14,991 99,848 29,910 - - 142,120 44,901 130,214 79,611 99,848 29,910 - - 230,062 109,521 130,214 79,611 99,848 29,910 - - 230,062 109,521 5.1.1 59,292 108,239 - - - - 59,292 108,239 4.1 4.1 175,649 124,687 15,139 39,165 - - 190,787 163,852 29,376 9,875 32,169 22,154 - - 61,545 32,029 264,317 242,801 47,308 61,319 - - 311,624 304,120 Net (Outﬂow)/Inﬂow on Financial Instruments 134,103 163,190 (52,541) 31,409 - - 81,562 194,599 No financial assets have been pledged as security for debt. MARKET RISK 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 Within 1 Year 1 to 5 Years Non-interest Bearing Total Weighted Average Effective Interest Rate 2019 ‘000 2018 ‘000 2019 ‘000 2018 ‘000 2019 ‘000 2018 ‘000 2019 ‘000 2018 ‘000 2019 ‘000 2018 ‘000 2019 % 2018 % Financial Assets Cash 59,292 108,239 - - - - - - 59,292 108,239 0.80 1.56 Trade, Other Receivables - 20,244 8,185 15,139 39,165 155,405 116,502 190,787 163,852 Loans to Other Companies - 22,300 7,618 25,655 19,975 - - 47,955 27,593 6.4 9.5 6.8 10 Total Financial Assets 59,292 108,239 42,544 15,803 40,793 59,140 155,405 116,502 298,034 299,684 Financial Liabilities Finance Lease - - 42,272 14,991 99,848 29,910 - - 142,120 44,901 4.00 4.66 Trade and Other Payables - - - - - 87,942 64,620 87,942 64,620 N/A N/A Total Financial Liabilities - - 42,272 14,991 99,848 29,910 87,942 64,620 230,062 109,521 84 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 5.3 FINANCIAL RISK MANAGEMENT (CONTINUED) Price Risk 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. Foreign Exchange Risk The Group is exposed to fluctuations in foreign currencies. The currency exposure relates to Brazilian Real and a USD lease facility. The USD lease facility is offset by cash held in a USD bank account equal to the total of the lease. Brazilian Real is unhedged. The original investment into the Brazilian subsidiary is exposed to fluctuations in the Brazilian Real. To the extent the fluctuations are unrealised they are taken to the foreign currency translation reserve until such time as they are realised. Upon realisation there is a potential negative impact to the profit and loss statement. Summarised Sensitivity Analysis The following illustrates sensitivities to the Group’s exposures to changes in interest rates, and equity prices. The table indicates the impact on how profit and equity values reported at the end of the reporting period would have been affected by changes in the relevant risk variable that management considers to be reasonably possible. These sensitivities assume that the movement in a particular variable is independent of the other variables. Year ended 30 Jun 2019 +/- 2% in Interest Rates +/- 10% in the Value of Listed Investments +/- 10% in AUD/BRL Exchange Rate +/- 10% in AUD/USD Exchange Rate Year ended 30 Jun 2018 +/- 2% in Interest Rates +/- 10% in the Value of Listed Investments +/- 10% in AUD/BRL Exchange Rate +/- 10% in AUD/USD Exchange Rate 5.4 FINANCIAL INSTRUMENTS Initial recognition and measurement Proﬁt $’000 Equity $’000 +/- 10 +/- 10 +/- 1,359 +/- 1,359 +/- 1 +/- 451 +/- 1,042 +/- 1,042 +/- 1,266 +/- 1,515 +/- 443 +/- 407 +/- 443 +/- 4,650 +/- 2,389 +/- 2,389 Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions to the instrument. For financial assets, this is the date that the Group commits itself to either the purchase or sale of the asset. Financial instruments (except for trade receivables) 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. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted. Trade receivables are initially measured at the transaction price if the trade receivables do not contain a significant financing component or if the practical expedient was applied as specified in AASB 15.63. MACA LIMITED ANNUAL REPORT 2019 85 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 5.4 FINANCIAL INSTRUMENTS (CONTINUED) Classiﬁ cation and subsequent measurement Financial liabilities Financial instruments are subsequently measured at: – amortised cost; or – fair value through profit or loss. A financial liability is measured at fair value through profit and loss if the financial liability is: – a contingent consideration of an acquirer in a business combination to which AASB 3: Business Combinations applies; – held for trading; or – initially designated as at fair value through profit or loss. All other financial liabilities are subsequently measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest expense in profit or loss over the relevant period. The effective interest rate is the internal rate of return of the financial asset or liability. That is, it is the rate that exactly discounts the estimated future cash flows through the expected life of the instrument to the net carrying amount at initial recognition. A financial liability is held for trading if: – it is incurred for the purpose of repurchasing or repaying in the near term; – part of a portfolio where there is an actual pattern of short-term profit taking; or – a derivative financial instrument (except for a derivative that is in a financial guarantee contract or a derivative that is in an effective hedging relationships). Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship are recognised in profit or loss. The change in fair value of the financial liability attributable to changes in the issuer’s credit risk is taken to other comprehensive income and are not subsequently reclassified to profit or loss. Instead, they are transferred to retained earnings upon derecognition of the financial liability. If taking the change in credit risk in other comprehensive income enlarges or creates an accounting mismatch, then these gains or losses should be taken to profit or loss rather than other comprehensive income. Financial assets Financial assets are subsequently measured at: – amortised cost; – fair value through other comprehensive income; or – fair value through profit or loss. Measurement is on the basis of two primary criteria: – the contractual cash flow characteristics of the financial asset; and – the business model for managing the financial assets. A financial asset that meets the following conditions is subsequently measured at amortised cost: – the financial asset is managed solely to collect contractual cash flows; and – the contractual terms within the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding on specified dates. A financial asset that meets the following conditions is subsequently measured at fair value through other comprehensive income: – the contractual terms within the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding on specified dates; – the business model for managing the financial assets comprises both contractual cash flows collection and the selling of the financial asset. By default, all other financial assets that do not meet the measurement conditions of amortised cost and fair value through other comprehensive income are subsequently measured at fair value through profit or loss. The Group initially designates a financial instrument as measured at fair value through profit or loss and it is in accordance with the documented risk management or investment strategy, and information about the groupings was documented appropriately, so that the performance of the financial liability that was part of a group of financial liabilities or financial assets can be managed and evaluated consistently on a fair value basis; Equity instruments At initial recognition, as long as the equity instrument is not held for trading and not a contingent consideration recognised by an acquirer in a business combination to which AASB 3:Business Combinations applies, the Group election to measure any subsequent changes in fair value of the equity instruments in other comprehensive income, while the dividend revenue received on underlying equity instruments investment will still be recognised in profit or loss. Regular way purchases and sales of financial assets are recognised and derecognised at settlement date in accordance with the Group’s accounting policy. 86 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 5.4 FINANCIAL INSTRUMENTS (CONTINUED) Derecognition Derecognition refers to the removal of a previously recognised financial asset or financial liability from the statement of financial position. Derecognition of ﬁ nancial liabilities A liability is derecognised when it is extinguished. An exchange of an existing financial liability for a new one with substantially modified terms, or a substantial modification to the terms of a financial liability is treated as an extinguishment of the existing liability and recognition of a new financial liability. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Derecognition of ﬁ nancial assets A financial asset is derecognised when the holder’s contractual rights to its cash flows expires, or the asset is transferred in such a way that all the risks and rewards of ownership are substantially transferred. All of the following criteria need to be satisfied for derecognition of financial asset: – the right to receive cash flows from the asset has expired or been transferred; – all risk and rewards of ownership of the asset have been substantially transferred; and – the Group no longer controls the asset. On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. On derecognition of a debt instrument classified as at fair value through other comprehensive income, the cumulative gain or loss previously accumulated in the investment revaluation reserve is reclassified to profit or loss. On derecognition of an investment in equity which was elected to be classified under fair value through other comprehensive income, the cumulative gain or loss previously accumulated in the investment revaluation reserve is not reclassified to profit or loss but is transferred to retained earnings. Impairment The Group recognises a loss allowance for expected credit losses on: – financial assets that are measured at amortised cost or fair value through other comprehensive income; – lease receivables; – contract assets; – loan commitments that are not measured at fair value through profit or loss; and – financial guarantee contracts that are not measured at fair value through profit or loss. Loss allowance is not recognised for: – financial assets measured at fair value through profit or loss; or – equity instruments measured at fair value through other comprehensive income. Expected credit losses are the probability-weighted estimate of credit losses over the expected life of a financial instrument. A credit loss is the difference between all contractual cash flows that are due and all cash flows expected to be received, all discounted at the original effective interest rate of the financial instrument. The Group uses the following approach to impairment, as applicable under AASB 9: Financial Instruments: General approach Under the general approach, at each reporting period, the Group assesses whether the financial instruments are credit- impaired, and if: – the credit risk of the financial instrument has increased significantly since initial recognition, the Group measures the loss allowance of the financial instruments at an amount equal to the lifetime expected credit losses; or – there is no significant increase in credit risk since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses. Recognition of expected credit losses in ﬁ nancial statements At each reporting date, the Group recognises the movement in the loss allowance as an impairment gain or loss in the statement of profit or loss and other comprehensive income. The carrying amount of financial assets measured at amortised cost includes the loss allowance relating to that asset. Assets measured at fair value through other comprehensive income are recognised at fair value, with changes in fair value recognised in other comprehensive income. Amounts in relation to change in credit risk are transferred from other comprehensive income to profit or loss at every reporting period. For financial assets that are unrecognised, a provision for loss allowance is created in the statement of financial position to recognise the loss allowance. MACA LIMITED ANNUAL REPORT 2019 87 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 5.5 EQUITY Issued Capital 268,007,708 (2018: 268,007,708) Fully Paid Ordinary Shares With No Par Value Ordinary Shares At the Beginning of the Reporting Period Shares Issued During the Year - 6 September 2017 Conversion of Performance Rights - 20 September 2017 Placement of Securities @ $1.80 per share Shares at Reporting Date 30 June 2019 $’000 30 June 2018 $’000 269,806 269,806 No. No. 268,007,708 234,343,334 - - 233,506 33,430,868 268,007,708 268,007,708 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. Performance Rights For information relating to performance rights, including details of performance rights issued, excercised and lapsed during the financial year, refer to Section 5.8. 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. Section 5.2.1 5.1.1 30 June 2019 $’000 142,120 30 June 2018 $’000 44,901 (59,292) (108,239) 82,828 (63,338) 332,666 415,494 20% 320,835 257,497 (25%) Total Borrowings Less Cash and Cash Equivalents Net Debt/(Cash) Total Equity Total Capital Gearing ratio 88 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 5.6 RESERVES ACCOUNTING POLICIES Equity Settled Employee Beneﬁ ts Reserve The equity-settled employee benefits reserve relates to performance rights granted by the Company to its Executives and employees under its Employee Long-Term Incentive Plan. Rights granted during the year were made via an Employee Share Trust and as a result there was no movement in the Equity Settled Employee Benefits Reserve. Foreign Operations The financial transactions of foreign operations whose functional currency is different from the presentation currency are translated at the exchange rates prevailing at the date of the transaction. At the end of the reporting period, assets and liabilities are re-translated at the rates prevailing at that date. Income and expenses are re- translated at average exchange rates for the period. Exchange differences arising on translation of foreign operations are transferred directly to the foreign currency translation reserve in the Consolidated Statement of Financial Position. These differences are recognised in profit and loss in the period in which the operation is disposed. Foreign Currency Translation Reserve Exchange differences arising on translation of foreign controlled operations are taken to the exchange fluctuation reserve. Gains or losses accumulated in equity are recognised in the income statement when a foreign operation is disposed. Other Reserves The other reserves represent the cumulative effective portion of gains or losses arising on changes in fair value of forward foreign exchange contracts entered into for cash flow hedges, and interest rate swaps. The gain or loss that is recognised in the other reserve will be reclassified to profit or loss only when the transaction affects the profit or loss. Reserves Equity-Settled Employee Beneﬁts Reserve Foreign Currency Translation Reserve sevreseR rehtO Total Reserves (a) Other Reserves Balance at the Beginning of the Year Transactions with Members Balance at the End of the Year (b) Foreign Currency Translation Reserve Balance at the Beginning of the Year Exchange Differences Arising on Translating the Foreign Operations Balance at the End of the Year noitceS )b(6.5 )a(6.5 30 June 2019 $’000 590 (8,496) (5,887) 30 June 2018 $’000 590 (12,651) (5,887) (13,793) (17,948) (5,887) (5,887) - - (5,887) (5,887) (12,651) 4,155 (8,496) (2,205) (10,446) (12,651) MACA LIMITED ANNUAL REPORT 2019 89 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 5.7 DIVIDENDS In respect of FY19, the Directors declared the payment of a Final Dividend of 2.5 cents per share fully franked to the holders of fully paid ordinary shares on the Company’s register at 5th September 2019 with payment date of 20th September 2019 The amount of the Final Dividend is $6.7 million. No provision has been made for the Final Dividend in the Financial Statements as the final dividend was not declared or determined by the Directors on or before the end of the financial year. Distributions Paid Interim Dividend in Respect of FY19/FY18 Final Dividend in Respect of FY19/FY18 Total Balance of franking account at year end 30 June 2019 30 June 2018 Cents Per Share 0.020 0.025 0.045 $’000 5,360 6,700 12,060 44,576 Cents Per Share 0.030 0.035 0.065 $’000 8,040 9,380 17,421 37,069 90 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 5.8 SHARE-BASED COMPENSATION Options There were no options issued for the year ended 30 June 2019. The weighted average fair value of options granted during the previous year was Nil. Performance Rights The Company issues performance rights to Senior executives in accordance with the terms of the Long-Term Incentive Plan and the Performance Rights Plan as approved by Shareholders. When vested, each performance right is converted into one ordinary share for no consideration. Performance rights granted carry no dividend or voting rights. During the 2019 financial year 1,473,586 (2018: 972,231) performance rights were granted under the Group’s Performance Rights Plan and 209,941 (2018: 334,637) performance rights were forfeited. Subject to the achievement of designated performance hurdles, these performance rights will vest in June 2021. As at 30 June 2019 there were 2,235,877 (2018: 2,014,485) performance rights outstanding. The following performance rights arrangement was in existence at 30 June 2019: Unlisted Performance Rights Unlisted Performance Rights Outstanding at the Beginning of the Year Granted Vested Cancelled or Expired Outstanding at the End of the Year Number 972,231 1,263,646 2019 Number 2,014,485 1,473,586 - (1,252,194) 2,235,877 Expiry Date 30-Jun-20 30-Jun-21 2018 Number 3,096,450 972,231 (233,506) (1,820,690) 2,014,485 An independent valuation was completed on performance rights granted during the year. Market based vesting conditions were valued using a hybrid share option pricing model that simulates the share price of the Company as at the test date using a Monte-Carlo simulation model. For non-market based vesting conditions no discount was made to the underlying valuation model. The weighted average fair value of the performance rights granted during the year ended 30 June 2019 was $0.66 per right. Payments were made to the MACA ERT Trust for delivery of shares under the Performance Rights Plan. Inputs used to determine the fair value of performance rights granted during the year ended 30 June 2019 were: - - - - - - Share price $1.19 being the 30 day VWAP of the Company on the last trading day prior to 30 June 2018 Exercise price: Nil Volatility: 44.08% Option life: 3 years Dividend yield: 5.1% Risk Free Rate 2.07% MACA LIMITED ANNUAL REPORT 2019 91 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 SECTION 6 OTHER 6.1 BUSINESS COMBINATIONS ACCOUNTING POLICIES 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 business combination will be accounted for from the date that control is obtained, whereby the fair value of the identifiable assets acquired and liabilities (including contingent liabilities) assumed is recognised (subject to certain limited exemptions). When measuring the consideration transferred in the business combination, any asset or liability resulting from a contingent consideration arrangement is also included. 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 liability is remeasured in each reporting period to fair value, recognising any change to fair value in profit or loss, unless the change in value can be identified as existing at acquisition date. All transaction costs incurred in relation to business combinations, other than those associated with the issue of a financial instrument, are recognised as expenses in profit or loss when incurred. The acquisition of a business may result in the recognition of goodwill or a gain from a bargain purchase. Refer 4.5 Intangible Assets for treatment and calculation of goodwill. There were no business combinations during the year ended 30 June 2019 and 30 June 2018. 6.2 CONTROLLED ENTITIES Details of the Company’s subsidiaries at the end of the reporting period are as follows: Country of Incorporation Percentage Owned (%) 30 June 2019 30 June 2018 Australia - - Australia Australia Australia Australia Australia Brazil Australia Australia Australia Australia Cambodia 100% 100% 100% 100% 100% 100% 100% 100% 50% 60% 100% 100% 100% 100% 100% 100% 100% 100% 100% 50% 60% - Parent Entity: MACA Limited Subsidiaries: MACA Mining Pty Ltd MACA Plant Pty Ltd MACA Crushing Pty Ltd MACA Civil Pty Ltd Riverlea Corporation Pty Ltd MACA Mineracaoe Construcao Civil Ltda Alliance Contracting Pty Ltd MACA Infrastructure Pty Ltd Marniyarra Mining and Civils Pty Ltd Interquip Pty Ltd OPMS Cambodia Co Ltd 92 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 6.3 RELATED PARTY TRANSACTIONS 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: 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. Information regarding individual directors or executives remuneration is provided in the Remuneration Report included in the Directors Report. Short-Term Employee Beneﬁts Post-Employment Beneﬁts Other Long-Term Beneﬁts Long-Term Incentive Payments Total Remuneration 30 June 2019 $’000 4,187 196 30 June 2018 $’000 4,228 192 - - 798 5,181 707 5,127 Controlled Entities Other Related Parties Interests in controlled entities are set out Section 6.2. During the year, funds have been advanced between entities within the Group for the purposes of working capital requirements. 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. Key Management Person and/or Related Party Transaction Partnership comprising entities controlled by current director Mr G.Baker and former directors Mr J.Moore, Mr D.Edwards & Mr F.Maher. Expense - Rent on Division St Business premises. Kirk Mining Consultants - a company controlled by current director Mr L.Kirk. Expense - Mining consulting fees Hensman Properties Pty Ltd - a company controlled by current director Mr R.Ryan. Expense - Consulting fees Gateway Equipment Parts & Services Pty Ltd - a company controlled by director Mr G.Baker and former directors Mr D.Edwards, Mr F.Maher and Mr J.Moore. Gateway Equipment Parts & Services Pty Ltd - a company controlled by current director Mr G.Baker and former directors Mr D.Edwards, Mr F.Maher and Mr J.Moore. Expense - hire of equipment and purchase of equipment, parts and services. 30 June 30 June 2019 $'000 2018 $'000 1,520 1,599 10 5 48 44 2,456 2,381 Revenue - sale of equipment - - Amounts payable at year end arising from the above transactions Gateway Equipment Parts & Services Pty Ltd - a company controlled by current director Mr G.Baker and former directors Mr D.Edwards, Mr F.Maher and Mr J.Moore. 177 264 MACA LIMITED ANNUAL REPORT 2019 93 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 6.4 CONTINGENT LIABILITIES Performance Guarantees MLD has indemnified its bankers and insurance bond providers in respect of bank guarantees, insurance bonds and letters of credit to various customers and suppliers for satisfactory contract performance and warranty security, in the following amounts: 30 June 2019: $15.4 million 30 Jun 2018: $14.9 million Claims Certain claims arising out of engineering and construction contracts have been made by, or against, controlled entities in the ordinary course of business. The Directors do not consider the outcome of any of these claims will be materially different to the position taken in the financial accounts of the Group. 6.5 EVENTS AFTER BALANCE SHEET DATE The Directors have recommended a final dividend payment of 2.5 cents per share. Refer to Section 5.7 for details. Subsequent to the year end, the following major contracts have been awarded to the Group: - Award of Karratha / Tom Price Road Contract by Main Roads Western Australia which is expected to generate revenue of $81 million. Other than the above, there has not been any matter or circumstance occurring subsequent to the end of the financial year that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years. 94 MACA LIMITED ANNUAL REPORT 2019 SECTIONS TO THE FINANCIAL STATEMENTS For the Year Ended 30 June 2019 6.6 PARENT ENTITY DISCLOSURES The following information has been extracted from the books and records of the Company and has been prepared in accordance with Accounting Standards Statement of Financial Position Assets Current Assets Total Assets Liabilities Current Liabilities Total Liabilities Equity Issued Capital Reserves (Accumulated Losses) / Retained Proﬁts Total Equity Statement of Financial Performance Proﬁt For the Year (Including Interco Dividends) Total Comprehensive Income 30 June 2019 $’000 30 June 2018 $’000 46,761 85,310 380,157 375,418 4,498 4,498 2,148 2,148 362,212 362,212 707 707 12,739 10,351 375,659 373,270 17,128 17,128 22,852 22,852 Guarantees MACA Limited has entered into guarantees for certain equipment ﬁnance facilities in the current ﬁnancial year, in relation to the debts entered into by its subsidiaries. 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Moore Stephens - ABN 16 874 357 907. An independent member of Moore Global Network Limited - members in principal cities throughout the world. The Perth Moore Stephens firm is not a partner or agent of any other Moore Global Network Limited member firm. 96 MACA LIMITED ANNUAL REPORT 2019 (cid:10)(cid:25)(cid:46)(cid:1)(cid:2)(cid:42)(cid:24)(cid:29)(cid:38)(cid:1)(cid:12)(cid:21)(cid:41)(cid:25)(cid:36)(cid:37)(cid:1)(cid:54)(cid:23)(cid:33)(cid:32)(cid:39)(cid:32)(cid:42)(cid:25)(cid:24)(cid:55)(cid:1) (cid:6)(cid:45)(cid:29)(cid:37)(cid:38)(cid:25)(cid:32)(cid:23)(cid:25)(cid:1)(cid:21)(cid:32)(cid:24)(cid:1)(cid:14)(cid:44)(cid:32)(cid:25)(cid:36)(cid:37)(cid:28)(cid:29)(cid:34)(cid:1)(cid:33)(cid:26)(cid:1)(cid:2)(cid:37)(cid:37)(cid:25)(cid:38)(cid:37)(cid:1)(cid:53)(cid:1)(cid:15)(cid:30)(cid:21)(cid:32)(cid:38)(cid:1)(cid:21)(cid:32)(cid:24)(cid:1)(cid:6)(cid:35)(cid:42)(cid:29)(cid:34)(cid:31)(cid:25)(cid:32)(cid:38) 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(cid:27)(cid:28)(cid:43)(cid:28)(cid:41)(cid:27)(cid:28)(cid:41)(cid:47)(cid:1)(cid:51)(cid:43)(cid:42)(cid:41)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:29)(cid:42)(cid:39)(cid:39)(cid:42)(cid:53)(cid:36)(cid:41)(cid:34)(cid:1)(cid:38)(cid:28)(cid:55)(cid:1)(cid:29)(cid:24)(cid:26)(cid:47)(cid:42)(cid:45)(cid:46)(cid:59)(cid:1) (cid:149) (cid:12)(cid:41)(cid:42)(cid:53)(cid:39)(cid:28)(cid:27)(cid:34)(cid:28)(cid:1)(cid:42)(cid:29)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:36)(cid:41)(cid:27)(cid:36)(cid:52)(cid:36)(cid:27)(cid:51)(cid:24)(cid:39)(cid:1)(cid:26)(cid:35)(cid:24)(cid:45)(cid:24)(cid:26)(cid:47)(cid:28)(cid:45)(cid:36)(cid:46)(cid:48)(cid:26)(cid:46)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1) (cid:46)(cid:47)(cid:24)(cid:47)(cid:51)(cid:46)(cid:1)(cid:42)(cid:29)(cid:1)(cid:26)(cid:42)(cid:41)(cid:47)(cid:45)(cid:24)(cid:26)(cid:47)(cid:46)(cid:59)(cid:1) (cid:149) (cid:14)(cid:24)(cid:41)(cid:24)(cid:34)(cid:28)(cid:40)(cid:28)(cid:41)(cid:47)(cid:62)(cid:46)(cid:1)(cid:36)(cid:41)(cid:52)(cid:42)(cid:36)(cid:26)(cid:36)(cid:41)(cid:34)(cid:1)(cid:43)(cid:45)(cid:42)(cid:26)(cid:28)(cid:46)(cid:46)(cid:1)(cid:36)(cid:41)(cid:26)(cid:39)(cid:51)(cid:27)(cid:36)(cid:41)(cid:34)(cid:59)(cid:1) − (cid:24)(cid:26)(cid:26)(cid:51)(cid:45)(cid:24)(cid:47)(cid:28)(cid:1)(cid:40)(cid:28)(cid:24)(cid:46)(cid:51)(cid:45)(cid:28)(cid:40)(cid:28)(cid:41)(cid:47)(cid:1)(cid:42)(cid:29)(cid:1)(cid:53)(cid:42)(cid:45)(cid:38)(cid:1)(cid:27)(cid:42)(cid:41)(cid:28)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1) (cid:46)(cid:28)(cid:45)(cid:52)(cid:36)(cid:26)(cid:28)(cid:46)(cid:1)(cid:43)(cid:45)(cid:42)(cid:52)(cid:36)(cid:27)(cid:28)(cid:27)(cid:1)(cid:28)(cid:24)(cid:26)(cid:35)(cid:1)(cid:40)(cid:42)(cid:41)(cid:47)(cid:35)(cid:1) − (cid:36)(cid:41)(cid:52)(cid:42)(cid:36)(cid:26)(cid:28)(cid:46)(cid:1)(cid:43)(cid:45)(cid:28)(cid:43)(cid:24)(cid:45)(cid:28)(cid:27)(cid:1)(cid:36)(cid:41)(cid:1)(cid:26)(cid:42)(cid:40)(cid:43)(cid:39)(cid:36)(cid:24)(cid:41)(cid:26)(cid:28)(cid:1)(cid:53)(cid:36)(cid:47)(cid:35)(cid:1) (cid:26)(cid:42)(cid:41)(cid:47)(cid:45)(cid:24)(cid:26)(cid:47)(cid:1)(cid:47)(cid:28)(cid:45)(cid:40)(cid:46)(cid:1)(cid:46)(cid:51)(cid:26)(cid:35)(cid:1)(cid:24)(cid:46)(cid:1)(cid:46)(cid:28)(cid:45)(cid:52)(cid:36)(cid:26)(cid:28)(cid:46)(cid:1)(cid:43)(cid:28)(cid:45)(cid:29)(cid:42)(cid:45)(cid:40)(cid:28)(cid:27)(cid:1) (cid:24)(cid:41)(cid:27)(cid:1)(cid:45)(cid:24)(cid:47)(cid:28)(cid:46)(cid:1)(cid:26)(cid:35)(cid:24)(cid:45)(cid:34)(cid:28)(cid:27)(cid:59)(cid:1) (cid:149) (cid:18)(cid:28)(cid:26)(cid:42)(cid:34)(cid:41)(cid:36)(cid:48)(cid:42)(cid:41)(cid:1)(cid:42)(cid:29)(cid:1)(cid:52)(cid:24)(cid:45)(cid:36)(cid:24)(cid:48)(cid:42)(cid:41)(cid:46)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1)(cid:26)(cid:39)(cid:24)(cid:36)(cid:40)(cid:46)(cid:58)(cid:1)(cid:36)(cid:41)(cid:1) (cid:24)(cid:26)(cid:26)(cid:42)(cid:45)(cid:27)(cid:24)(cid:41)(cid:26)(cid:28)(cid:1)(cid:53)(cid:36)(cid:47)(cid:35)(cid:1)(cid:26)(cid:42)(cid:41)(cid:47)(cid:45)(cid:24)(cid:26)(cid:47)(cid:51)(cid:24)(cid:39)(cid:1)(cid:47)(cid:28)(cid:45)(cid:40)(cid:46)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1)(cid:25)(cid:24)(cid:46)(cid:28)(cid:27)(cid:1) (cid:42)(cid:41)(cid:1)(cid:24)(cid:41)(cid:1)(cid:24)(cid:46)(cid:46)(cid:28)(cid:46)(cid:46)(cid:40)(cid:28)(cid:41)(cid:47)(cid:1)(cid:24)(cid:46)(cid:1)(cid:47)(cid:42)(cid:1)(cid:53)(cid:35)(cid:28)(cid:41)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:8)(cid:45)(cid:42)(cid:51)(cid:43)(cid:1) (cid:25)(cid:28)(cid:39)(cid:36)(cid:28)(cid:52)(cid:28)(cid:46)(cid:1)(cid:36)(cid:47)(cid:1)(cid:36)(cid:46)(cid:1)(cid:35)(cid:36)(cid:34)(cid:35)(cid:39)(cid:55)(cid:1)(cid:43)(cid:45)(cid:42)(cid:25)(cid:24)(cid:25)(cid:39)(cid:28)(cid:1)(cid:47)(cid:35)(cid:24)(cid:47)(cid:1)(cid:24)(cid:1)(cid:46)(cid:36)(cid:34)(cid:41)(cid:36)(cid:31)(cid:26)(cid:24)(cid:41)(cid:47)(cid:1) (cid:45)(cid:28)(cid:52)(cid:28)(cid:45)(cid:46)(cid:24)(cid:39)(cid:1)(cid:36)(cid:41)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:24)(cid:40)(cid:42)(cid:51)(cid:41)(cid:47)(cid:1)(cid:42)(cid:29)(cid:1)(cid:45)(cid:28)(cid:52)(cid:28)(cid:41)(cid:51)(cid:28)(cid:1)(cid:45)(cid:28)(cid:26)(cid:42)(cid:34)(cid:41)(cid:36)(cid:46)(cid:28)(cid:27)(cid:1) (cid:53)(cid:36)(cid:39)(cid:39)(cid:1)(cid:41)(cid:42)(cid:47)(cid:1)(cid:42)(cid:26)(cid:26)(cid:51)(cid:45)(cid:1)(cid:53)(cid:35)(cid:28)(cid:41)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:51)(cid:41)(cid:26)(cid:28)(cid:45)(cid:47)(cid:24)(cid:36)(cid:41)(cid:47)(cid:55)(cid:1)(cid:24)(cid:46)(cid:46)(cid:42)(cid:26)(cid:36)(cid:24)(cid:47)(cid:28)(cid:27)(cid:1) (cid:53)(cid:36)(cid:47)(cid:35)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:52)(cid:24)(cid:45)(cid:36)(cid:24)(cid:25)(cid:39)(cid:28)(cid:1)(cid:26)(cid:42)(cid:41)(cid:46)(cid:36)(cid:27)(cid:28)(cid:45)(cid:24)(cid:48)(cid:42)(cid:41)(cid:1)(cid:36)(cid:46)(cid:1)(cid:46)(cid:51)(cid:25)(cid:46)(cid:28)(cid:44)(cid:51)(cid:28)(cid:41)(cid:47)(cid:39)(cid:55)(cid:1) (cid:45)(cid:28)(cid:40)(cid:42)(cid:52)(cid:28)(cid:27)(cid:61)(cid:1) (cid:23)(cid:28)(cid:1)(cid:29)(cid:42)(cid:26)(cid:51)(cid:46)(cid:28)(cid:27)(cid:1)(cid:42)(cid:41)(cid:1)(cid:47)(cid:35)(cid:36)(cid:46)(cid:1)(cid:40)(cid:24)(cid:50)(cid:28)(cid:45)(cid:1)(cid:24)(cid:46)(cid:1)(cid:24)(cid:1)(cid:38)(cid:28)(cid:55)(cid:1)(cid:24)(cid:51)(cid:27)(cid:36)(cid:47)(cid:1)(cid:40)(cid:24)(cid:50)(cid:28)(cid:45)(cid:1) (cid:27)(cid:51)(cid:28)(cid:1)(cid:47)(cid:42)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:46)(cid:36)(cid:34)(cid:41)(cid:36)(cid:31)(cid:26)(cid:24)(cid:41)(cid:26)(cid:28)(cid:1)(cid:42)(cid:29)(cid:1)(cid:26)(cid:42)(cid:41)(cid:47)(cid:45)(cid:24)(cid:26)(cid:47)(cid:1)(cid:25)(cid:24)(cid:46)(cid:28)(cid:27)(cid:1)(cid:45)(cid:28)(cid:52)(cid:28)(cid:41)(cid:51)(cid:28)(cid:1) (cid:47)(cid:42)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:8)(cid:45)(cid:42)(cid:51)(cid:43)(cid:1)(cid:26)(cid:42)(cid:40)(cid:25)(cid:36)(cid:41)(cid:28)(cid:27)(cid:1)(cid:53)(cid:36)(cid:47)(cid:35)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:41)(cid:28)(cid:28)(cid:27)(cid:1)(cid:47)(cid:42)(cid:1)(cid:26)(cid:42)(cid:40)(cid:43)(cid:39)(cid:55)(cid:1) (cid:53)(cid:36)(cid:47)(cid:35)(cid:1)(cid:24)(cid:1)(cid:52)(cid:24)(cid:45)(cid:36)(cid:28)(cid:47)(cid:55)(cid:1)(cid:42)(cid:29)(cid:1)(cid:26)(cid:42)(cid:41)(cid:47)(cid:45)(cid:24)(cid:26)(cid:47)(cid:51)(cid:24)(cid:39)(cid:1)(cid:26)(cid:42)(cid:41)(cid:27)(cid:36)(cid:48)(cid:42)(cid:41)(cid:46)(cid:58)(cid:1)(cid:39)(cid:28)(cid:24)(cid:27)(cid:36)(cid:41)(cid:34)(cid:1)(cid:47)(cid:42)(cid:1) (cid:37)(cid:51)(cid:27)(cid:34)(cid:28)(cid:40)(cid:28)(cid:41)(cid:47)(cid:24)(cid:39)(cid:1)(cid:45)(cid:36)(cid:46)(cid:38)(cid:1)(cid:24)(cid:46)(cid:46)(cid:42)(cid:26)(cid:36)(cid:24)(cid:47)(cid:28)(cid:27)(cid:1)(cid:53)(cid:36)(cid:47)(cid:35)(cid:1)(cid:45)(cid:28)(cid:52)(cid:28)(cid:41)(cid:51)(cid:28)(cid:1) (cid:45)(cid:28)(cid:26)(cid:42)(cid:34)(cid:41)(cid:36)(cid:48)(cid:42)(cid:41)(cid:61) (cid:16)(cid:51)(cid:45)(cid:1)(cid:43)(cid:45)(cid:42)(cid:26)(cid:28)(cid:27)(cid:51)(cid:45)(cid:28)(cid:46)(cid:1)(cid:36)(cid:41)(cid:26)(cid:39)(cid:51)(cid:27)(cid:28)(cid:27)(cid:58)(cid:1)(cid:24)(cid:40)(cid:42)(cid:41)(cid:34)(cid:46)(cid:47)(cid:1)(cid:42)(cid:47)(cid:35)(cid:28)(cid:45)(cid:46)(cid:60)(cid:1) (cid:149) (cid:23)(cid:28)(cid:1)(cid:28)(cid:52)(cid:24)(cid:39)(cid:51)(cid:24)(cid:47)(cid:28)(cid:27)(cid:1)(cid:40)(cid:24)(cid:41)(cid:24)(cid:34)(cid:28)(cid:40)(cid:28)(cid:41)(cid:47)(cid:62)(cid:46)(cid:1)(cid:43)(cid:45)(cid:42)(cid:26)(cid:28)(cid:46)(cid:46)(cid:28)(cid:46)(cid:1) (cid:45)(cid:28)(cid:34)(cid:24)(cid:45)(cid:27)(cid:36)(cid:41)(cid:34)(cid:1)(cid:28)(cid:54)(cid:36)(cid:46)(cid:47)(cid:28)(cid:41)(cid:26)(cid:28)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1)(cid:52)(cid:24)(cid:39)(cid:51)(cid:24)(cid:48)(cid:42)(cid:41)(cid:1)(cid:42)(cid:29)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1) (cid:8)(cid:45)(cid:42)(cid:51)(cid:43)(cid:62)(cid:46)(cid:1)(cid:26)(cid:42)(cid:41)(cid:47)(cid:45)(cid:24)(cid:26)(cid:47)(cid:1)(cid:45)(cid:28)(cid:52)(cid:28)(cid:41)(cid:51)(cid:28)(cid:46)(cid:61)(cid:1)(cid:1)(cid:23)(cid:28)(cid:1)(cid:47)(cid:28)(cid:46)(cid:47)(cid:28)(cid:27)(cid:1)(cid:36)(cid:41)(cid:47)(cid:28)(cid:45)(cid:41)(cid:24)(cid:39)(cid:1) (cid:26)(cid:42)(cid:41)(cid:47)(cid:45)(cid:42)(cid:39)(cid:46)(cid:1)(cid:36)(cid:41)(cid:1)(cid:45)(cid:28)(cid:39)(cid:24)(cid:48)(cid:42)(cid:41)(cid:1)(cid:47)(cid:42)(cid:1)(cid:43)(cid:45)(cid:28)(cid:43)(cid:24)(cid:45)(cid:24)(cid:48)(cid:42)(cid:41)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1) (cid:24)(cid:51)(cid:47)(cid:35)(cid:42)(cid:45)(cid:36)(cid:46)(cid:24)(cid:48)(cid:42)(cid:41)(cid:1)(cid:42)(cid:29)(cid:1)(cid:40)(cid:42)(cid:41)(cid:47)(cid:35)(cid:39)(cid:55)(cid:1)(cid:45)(cid:28)(cid:52)(cid:28)(cid:41)(cid:51)(cid:28)(cid:1)(cid:36)(cid:41)(cid:52)(cid:42)(cid:36)(cid:26)(cid:28)(cid:46)(cid:1)(cid:29)(cid:42)(cid:45)(cid:1) (cid:26)(cid:42)(cid:40)(cid:43)(cid:39)(cid:36)(cid:24)(cid:41)(cid:26)(cid:28)(cid:1)(cid:53)(cid:36)(cid:47)(cid:35)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:8)(cid:45)(cid:42)(cid:51)(cid:43)(cid:62)(cid:46)(cid:1)(cid:43)(cid:42)(cid:39)(cid:36)(cid:26)(cid:55)(cid:1)(cid:45)(cid:28)(cid:39)(cid:24)(cid:48)(cid:41)(cid:34)(cid:1)(cid:47)(cid:42)(cid:1) (cid:45)(cid:28)(cid:52)(cid:28)(cid:41)(cid:51)(cid:28)(cid:1)(cid:45)(cid:28)(cid:26)(cid:42)(cid:34)(cid:41)(cid:36)(cid:48)(cid:42)(cid:41)(cid:59)(cid:1) (cid:149) (cid:23)(cid:28)(cid:1)(cid:46)(cid:28)(cid:39)(cid:28)(cid:26)(cid:47)(cid:28)(cid:27)(cid:1)(cid:24)(cid:1)(cid:46)(cid:24)(cid:40)(cid:43)(cid:39)(cid:28)(cid:1)(cid:42)(cid:29)(cid:1)(cid:46)(cid:24)(cid:39)(cid:28)(cid:46)(cid:1)(cid:36)(cid:41)(cid:52)(cid:42)(cid:36)(cid:26)(cid:28)(cid:46)(cid:1)(cid:45)(cid:24)(cid:36)(cid:46)(cid:28)(cid:27)(cid:1) (cid:27)(cid:51)(cid:45)(cid:36)(cid:41)(cid:34)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:55)(cid:28)(cid:24)(cid:45)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1)(cid:43)(cid:28)(cid:45)(cid:29)(cid:42)(cid:45)(cid:40)(cid:28)(cid:27)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:29)(cid:42)(cid:39)(cid:39)(cid:42)(cid:53)(cid:36)(cid:41)(cid:34)(cid:1) (cid:43)(cid:45)(cid:42)(cid:26)(cid:28)(cid:27)(cid:51)(cid:45)(cid:28)(cid:46)(cid:59)(cid:1) − (cid:24)(cid:34)(cid:45)(cid:28)(cid:28)(cid:27)(cid:1)(cid:47)(cid:42)(cid:1)(cid:26)(cid:42)(cid:41)(cid:47)(cid:45)(cid:24)(cid:26)(cid:47)(cid:51)(cid:24)(cid:39)(cid:1)(cid:47)(cid:28)(cid:45)(cid:40)(cid:46)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1)(cid:45)(cid:24)(cid:47)(cid:28)(cid:46)(cid:1) − (cid:24)(cid:34)(cid:45)(cid:28)(cid:28)(cid:27)(cid:1)(cid:47)(cid:42)(cid:1)(cid:34)(cid:28)(cid:41)(cid:28)(cid:45)(cid:24)(cid:39)(cid:1)(cid:39)(cid:28)(cid:27)(cid:34)(cid:28)(cid:45)(cid:1)(cid:24)(cid:26)(cid:26)(cid:42)(cid:51)(cid:41)(cid:47)(cid:46)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1) (cid:46)(cid:51)(cid:25)(cid:46)(cid:28)(cid:44)(cid:51)(cid:28)(cid:41)(cid:47)(cid:1)(cid:45)(cid:28)(cid:26)(cid:28)(cid:36)(cid:43)(cid:47)(cid:46)(cid:1)(cid:29)(cid:45)(cid:42)(cid:40)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:26)(cid:51)(cid:46)(cid:47)(cid:42)(cid:40)(cid:28)(cid:45)(cid:1) − (cid:29)(cid:42)(cid:45)(cid:1)(cid:52)(cid:24)(cid:45)(cid:36)(cid:24)(cid:48)(cid:42)(cid:41)(cid:46)(cid:1)(cid:42)(cid:45)(cid:1)(cid:26)(cid:39)(cid:24)(cid:36)(cid:40)(cid:46)(cid:1)(cid:53)(cid:28)(cid:1)(cid:26)(cid:35)(cid:28)(cid:26)(cid:38)(cid:28)(cid:27)(cid:1)(cid:47)(cid:35)(cid:28)(cid:55)(cid:1) (cid:53)(cid:28)(cid:45)(cid:28)(cid:1)(cid:36)(cid:41)(cid:1)(cid:24)(cid:26)(cid:26)(cid:42)(cid:45)(cid:27)(cid:24)(cid:41)(cid:26)(cid:28)(cid:1)(cid:53)(cid:36)(cid:47)(cid:35)(cid:1)(cid:26)(cid:42)(cid:41)(cid:47)(cid:45)(cid:24)(cid:26)(cid:47)(cid:1)(cid:47)(cid:28)(cid:45)(cid:40)(cid:46)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1) (cid:28)(cid:52)(cid:24)(cid:39)(cid:51)(cid:24)(cid:47)(cid:28)(cid:27)(cid:1)(cid:29)(cid:42)(cid:45)(cid:1)(cid:45)(cid:36)(cid:46)(cid:38)(cid:1)(cid:42)(cid:29)(cid:1)(cid:41)(cid:42)(cid:41)(cid:66)(cid:45)(cid:28)(cid:26)(cid:42)(cid:52)(cid:28)(cid:45)(cid:55)(cid:59)(cid:1) (cid:149) (cid:23)(cid:28)(cid:1)(cid:28)(cid:52)(cid:24)(cid:39)(cid:51)(cid:24)(cid:47)(cid:28)(cid:27)(cid:1)(cid:26)(cid:42)(cid:41)(cid:47)(cid:45)(cid:24)(cid:26)(cid:47)(cid:1)(cid:43)(cid:28)(cid:45)(cid:29)(cid:42)(cid:45)(cid:40)(cid:24)(cid:41)(cid:26)(cid:28)(cid:1)(cid:27)(cid:51)(cid:45)(cid:36)(cid:41)(cid:34)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1) (cid:46)(cid:51)(cid:25)(cid:46)(cid:28)(cid:44)(cid:51)(cid:28)(cid:41)(cid:47)(cid:1)(cid:47)(cid:42)(cid:1)(cid:55)(cid:28)(cid:24)(cid:45)(cid:1)(cid:28)(cid:41)(cid:27)(cid:1)(cid:51)(cid:43)(cid:1)(cid:47)(cid:42)(cid:1)(cid:24)(cid:51)(cid:27)(cid:36)(cid:47)(cid:1)(cid:42)(cid:43)(cid:36)(cid:41)(cid:36)(cid:42)(cid:41)(cid:1) (cid:27)(cid:24)(cid:47)(cid:28)(cid:1)(cid:47)(cid:42)(cid:1)(cid:45)(cid:28)(cid:33)(cid:28)(cid:26)(cid:47)(cid:1)(cid:42)(cid:41)(cid:1)(cid:55)(cid:28)(cid:24)(cid:45)(cid:1)(cid:28)(cid:41)(cid:27)(cid:1)(cid:45)(cid:28)(cid:52)(cid:28)(cid:41)(cid:51)(cid:28)(cid:1)(cid:45)(cid:28)(cid:26)(cid:42)(cid:34)(cid:41)(cid:36)(cid:48)(cid:42)(cid:41)(cid:1) (cid:37)(cid:51)(cid:27)(cid:34)(cid:28)(cid:40)(cid:28)(cid:41)(cid:47)(cid:46)(cid:61)(cid:1)(cid:2)(cid:46)(cid:1)(cid:43)(cid:24)(cid:45)(cid:47)(cid:1)(cid:42)(cid:29)(cid:1)(cid:47)(cid:35)(cid:36)(cid:46)(cid:1)(cid:43)(cid:45)(cid:42)(cid:26)(cid:28)(cid:46)(cid:46)(cid:1)(cid:53)(cid:28)(cid:1) (cid:26)(cid:35)(cid:24)(cid:39)(cid:39)(cid:28)(cid:41)(cid:34)(cid:28)(cid:27)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:24)(cid:43)(cid:43)(cid:45)(cid:42)(cid:43)(cid:45)(cid:36)(cid:24)(cid:47)(cid:28)(cid:41)(cid:28)(cid:46)(cid:46)(cid:1)(cid:42)(cid:29)(cid:1)(cid:52)(cid:24)(cid:45)(cid:36)(cid:24)(cid:48)(cid:42)(cid:41)(cid:46)(cid:1) (cid:24)(cid:41)(cid:27)(cid:1)(cid:26)(cid:39)(cid:24)(cid:36)(cid:40)(cid:46)(cid:1)(cid:36)(cid:41)(cid:26)(cid:39)(cid:51)(cid:27)(cid:28)(cid:27)(cid:1)(cid:36)(cid:41)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:26)(cid:42)(cid:40)(cid:43)(cid:51)(cid:47)(cid:24)(cid:48)(cid:42)(cid:41)(cid:1)(cid:42)(cid:29)(cid:1) (cid:26)(cid:42)(cid:41)(cid:47)(cid:45)(cid:24)(cid:26)(cid:47)(cid:1)(cid:45)(cid:28)(cid:52)(cid:28)(cid:41)(cid:51)(cid:28)(cid:1) (cid:149) (cid:23)(cid:28)(cid:1)(cid:24)(cid:39)(cid:46)(cid:42)(cid:1)(cid:28)(cid:52)(cid:24)(cid:39)(cid:51)(cid:24)(cid:47)(cid:28)(cid:27)(cid:1)(cid:40)(cid:24)(cid:41)(cid:24)(cid:34)(cid:28)(cid:40)(cid:28)(cid:41)(cid:47)(cid:62)(cid:46)(cid:1)(cid:24)(cid:46)(cid:46)(cid:28)(cid:46)(cid:46)(cid:40)(cid:28)(cid:41)(cid:47)(cid:1) (cid:42)(cid:29)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:36)(cid:40)(cid:43)(cid:24)(cid:26)(cid:47)(cid:1)(cid:47)(cid:42)(cid:1)(cid:45)(cid:28)(cid:52)(cid:28)(cid:41)(cid:51)(cid:28)(cid:1)(cid:45)(cid:28)(cid:26)(cid:42)(cid:34)(cid:41)(cid:36)(cid:48)(cid:42)(cid:41)(cid:1)(cid:45)(cid:28)(cid:46)(cid:51)(cid:39)(cid:48)(cid:41)(cid:34)(cid:1) (cid:29)(cid:45)(cid:42)(cid:40)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:24)(cid:27)(cid:42)(cid:43)(cid:48)(cid:42)(cid:41)(cid:1)(cid:42)(cid:29)(cid:1)(cid:2)(cid:2)(cid:19)(cid:3)(cid:1)(cid:74)(cid:78)(cid:61) MACA LIMITED ANNUAL REPORT 2019 97 INDEPENDANT AUDIT REPORT CONTINUED (cid:10)(cid:25)(cid:46)(cid:1)(cid:12)(cid:21)(cid:41)(cid:25)(cid:36)(cid:37)(cid:1)(cid:54)(cid:23)(cid:33)(cid:32)(cid:39)(cid:32)(cid:42)(cid:25)(cid:24)(cid:55)(cid:1) (cid:20)(cid:21)(cid:30)(cid:42)(cid:21)(cid:39)(cid:33)(cid:32)(cid:1)(cid:33)(cid:26)(cid:1)(cid:16)(cid:25)(cid:23)(cid:25)(cid:29)(cid:43)(cid:21)(cid:22)(cid:30)(cid:25)(cid:37) (cid:16)(cid:25)(cid:26)(cid:25)(cid:36)(cid:1)(cid:38)(cid:33)(cid:1)(cid:13)(cid:33)(cid:38)(cid:25)(cid:1)(cid:58)(cid:49)(cid:56)(cid:1)(cid:51)(cid:18)(cid:36)(cid:21)(cid:24)(cid:25)(cid:1)(cid:21)(cid:32)(cid:24)(cid:1)(cid:14)(cid:38)(cid:28)(cid:25)(cid:36)(cid:1)(cid:16)(cid:25)(cid:23)(cid:25)(cid:29)(cid:43)(cid:21)(cid:22)(cid:30)(cid:25)(cid:37)(cid:52)(cid:1)(cid:21)(cid:32)(cid:24)(cid:1)(cid:51)(cid:11)(cid:33)(cid:21)(cid:32)(cid:37)(cid:1)(cid:38)(cid:33)(cid:1)(cid:14)(cid:38)(cid:28)(cid:25)(cid:36)(cid:1)(cid:4)(cid:33)(cid:31)(cid:34)(cid:21)(cid:32)(cid:29)(cid:25)(cid:37)(cid:52) (cid:22)(cid:24)(cid:39)(cid:51)(cid:24)(cid:48)(cid:42)(cid:41)(cid:1)(cid:42)(cid:29)(cid:1)(cid:45)(cid:28)(cid:26)(cid:28)(cid:36)(cid:52)(cid:24)(cid:25)(cid:39)(cid:28)(cid:46)(cid:1)(cid:36)(cid:46)(cid:1)(cid:24)(cid:1)(cid:38)(cid:28)(cid:55)(cid:1)(cid:24)(cid:51)(cid:27)(cid:36)(cid:47)(cid:1)(cid:40)(cid:24)(cid:50)(cid:28)(cid:45)(cid:61)(cid:1) (cid:10)(cid:47)(cid:1)(cid:36)(cid:46)(cid:1)(cid:27)(cid:51)(cid:28)(cid:1)(cid:47)(cid:42)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:46)(cid:36)(cid:56)(cid:28)(cid:1)(cid:42)(cid:29)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:24)(cid:26)(cid:26)(cid:42)(cid:51)(cid:41)(cid:47)(cid:1)(cid:25)(cid:24)(cid:39)(cid:24)(cid:41)(cid:26)(cid:28)(cid:46)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1) (cid:37)(cid:51)(cid:27)(cid:34)(cid:28)(cid:40)(cid:28)(cid:41)(cid:47)(cid:46)(cid:1)(cid:45)(cid:28)(cid:44)(cid:51)(cid:36)(cid:45)(cid:28)(cid:27)(cid:1)(cid:36)(cid:41)(cid:1)(cid:27)(cid:28)(cid:47)(cid:28)(cid:45)(cid:40)(cid:36)(cid:41)(cid:36)(cid:41)(cid:34)(cid:1)(cid:47)(cid:35)(cid:28)(cid:36)(cid:45)(cid:1)(cid:26)(cid:24)(cid:45)(cid:45)(cid:55)(cid:36)(cid:41)(cid:34)(cid:1) (cid:52)(cid:24)(cid:39)(cid:51)(cid:28)(cid:1)(cid:47)(cid:35)(cid:24)(cid:47)(cid:1)(cid:47)(cid:35)(cid:36)(cid:46)(cid:1)(cid:36)(cid:46)(cid:1)(cid:24)(cid:1)(cid:38)(cid:28)(cid:55)(cid:1)(cid:24)(cid:45)(cid:28)(cid:24)(cid:1)(cid:42)(cid:29)(cid:1)(cid:24)(cid:51)(cid:27)(cid:36)(cid:47)(cid:1)(cid:29)(cid:42)(cid:26)(cid:51)(cid:46)(cid:61)(cid:1) (cid:20)(cid:45)(cid:24)(cid:27)(cid:28)(cid:1)(cid:27)(cid:28)(cid:25)(cid:47)(cid:42)(cid:45)(cid:46)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1)(cid:27)(cid:28)(cid:25)(cid:47)(cid:42)(cid:45)(cid:46)(cid:1)(cid:46)(cid:51)(cid:25)(cid:37)(cid:28)(cid:26)(cid:47)(cid:1)(cid:47)(cid:42)(cid:1)(cid:43)(cid:24)(cid:55)(cid:40)(cid:28)(cid:41)(cid:47)(cid:1) (cid:24)(cid:45)(cid:45)(cid:24)(cid:41)(cid:34)(cid:28)(cid:40)(cid:28)(cid:41)(cid:47)(cid:46)(cid:1)(cid:24)(cid:40)(cid:42)(cid:51)(cid:41)(cid:47)(cid:28)(cid:27)(cid:1)(cid:47)(cid:42)(cid:1)(cid:70)(cid:74)(cid:82)(cid:73)(cid:58)(cid:80)(cid:81)(cid:81)(cid:58)(cid:73)(cid:73)(cid:73)(cid:1)(cid:24)(cid:46)(cid:1)(cid:24)(cid:47)(cid:1)(cid:76)(cid:73)(cid:1) (cid:11)(cid:51)(cid:41)(cid:28)(cid:1)(cid:75)(cid:73)(cid:74)(cid:82)(cid:61)(cid:1)(cid:16)(cid:29)(cid:1)(cid:47)(cid:35)(cid:36)(cid:46)(cid:1)(cid:24)(cid:40)(cid:42)(cid:51)(cid:41)(cid:47)(cid:1)(cid:70)(cid:74)(cid:78)(cid:58)(cid:74)(cid:76)(cid:82)(cid:58)(cid:73)(cid:73)(cid:73)(cid:1)(cid:36)(cid:46)(cid:1)(cid:28)(cid:54)(cid:43)(cid:28)(cid:26)(cid:47)(cid:28)(cid:27)(cid:1) (cid:47)(cid:42)(cid:1)(cid:25)(cid:28)(cid:1)(cid:26)(cid:42)(cid:39)(cid:39)(cid:28)(cid:26)(cid:47)(cid:28)(cid:27)(cid:1)(cid:42)(cid:52)(cid:28)(cid:45)(cid:1)(cid:24)(cid:1)(cid:43)(cid:28)(cid:45)(cid:36)(cid:42)(cid:27)(cid:1)(cid:42)(cid:29)(cid:1)(cid:39)(cid:42)(cid:41)(cid:34)(cid:28)(cid:45)(cid:1)(cid:47)(cid:35)(cid:24)(cid:41)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1) (cid:41)(cid:28)(cid:54)(cid:47)(cid:1)(cid:74)(cid:75)(cid:1)(cid:40)(cid:42)(cid:41)(cid:47)(cid:35)(cid:46)(cid:61)(cid:1) (cid:13)(cid:42)(cid:24)(cid:41)(cid:46)(cid:1)(cid:47)(cid:42)(cid:1)(cid:16)(cid:47)(cid:35)(cid:28)(cid:45)(cid:1)(cid:4)(cid:42)(cid:40)(cid:43)(cid:24)(cid:41)(cid:36)(cid:28)(cid:46)(cid:1)(cid:24)(cid:40)(cid:42)(cid:51)(cid:41)(cid:47)(cid:28)(cid:27)(cid:1)(cid:47)(cid:42)(cid:1) 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(cid:25)(cid:28)(cid:47)(cid:53)(cid:28)(cid:28)(cid:41)(cid:1)(cid:26)(cid:51)(cid:45)(cid:45)(cid:28)(cid:41)(cid:47)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1)(cid:41)(cid:42)(cid:41)(cid:1)(cid:26)(cid:51)(cid:45)(cid:45)(cid:28)(cid:41)(cid:47)(cid:1)(cid:28)(cid:41)(cid:46)(cid:51)(cid:45)(cid:36)(cid:41)(cid:34)(cid:1)(cid:47)(cid:35)(cid:24)(cid:47)(cid:1) (cid:26)(cid:39)(cid:24)(cid:46)(cid:46)(cid:36)(cid:31)(cid:26)(cid:24)(cid:48)(cid:42)(cid:41)(cid:1)(cid:45)(cid:28)(cid:33)(cid:28)(cid:26)(cid:47)(cid:46)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:24)(cid:34)(cid:45)(cid:28)(cid:28)(cid:40)(cid:28)(cid:41)(cid:47)(cid:46)(cid:1)(cid:28)(cid:41)(cid:47)(cid:28)(cid:45)(cid:28)(cid:27)(cid:1) (cid:36)(cid:41)(cid:47)(cid:42)(cid:1)(cid:53)(cid:36)(cid:47)(cid:35)(cid:1)(cid:26)(cid:51)(cid:46)(cid:47)(cid:42)(cid:40)(cid:28)(cid:45)(cid:46)(cid:1)(cid:24)(cid:41)(cid:27)(cid:1)(cid:25)(cid:42)(cid:45)(cid:45)(cid:42)(cid:53)(cid:28)(cid:45)(cid:46)(cid:59)(cid:1) (cid:149) (cid:18)(cid:28)(cid:52)(cid:36)(cid:28)(cid:53)(cid:1)(cid:42)(cid:29)(cid:1)(cid:27)(cid:36)(cid:46)(cid:26)(cid:39)(cid:42)(cid:46)(cid:51)(cid:45)(cid:28)(cid:46)(cid:1)(cid:40)(cid:24)(cid:27)(cid:28)(cid:1)(cid:36)(cid:41)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:41)(cid:42)(cid:47)(cid:28)(cid:46)(cid:1)(cid:47)(cid:42)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1) (cid:31)(cid:41)(cid:24)(cid:41)(cid:26)(cid:36)(cid:24)(cid:39)(cid:1)(cid:46)(cid:47)(cid:24)(cid:47)(cid:28)(cid:40)(cid:28)(cid:41)(cid:47)(cid:46) 98 MACA LIMITED ANNUAL REPORT 2019 (cid:10)(cid:25)(cid:46)(cid:1)(cid:12)(cid:21)(cid:41)(cid:25)(cid:36)(cid:37)(cid:1)(cid:54)(cid:23)(cid:33)(cid:32)(cid:39)(cid:32)(cid:42)(cid:25)(cid:24)(cid:55)(cid:1) (cid:14)(cid:38)(cid:28)(cid:25)(cid:36)(cid:1)(cid:9)(cid:32)(cid:26)(cid:33)(cid:36)(cid:31)(cid:21)(cid:39)(cid:33)(cid:32)(cid:1) (cid:20)(cid:35)(cid:28)(cid:1)(cid:27)(cid:36)(cid:45)(cid:28)(cid:26)(cid:47)(cid:42)(cid:45)(cid:46)(cid:1)(cid:24)(cid:45)(cid:28)(cid:1)(cid:45)(cid:28)(cid:46)(cid:43)(cid:42)(cid:41)(cid:46)(cid:36)(cid:25)(cid:39)(cid:28)(cid:1)(cid:29)(cid:42)(cid:45)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:42)(cid:47)(cid:35)(cid:28)(cid:45)(cid:1)(cid:36)(cid:41)(cid:29)(cid:42)(cid:45)(cid:40)(cid:24)(cid:48)(cid:42)(cid:41)(cid:61)(cid:1)(cid:20)(cid:35)(cid:28)(cid:1)(cid:42)(cid:47)(cid:35)(cid:28)(cid:45)(cid:1)(cid:36)(cid:41)(cid:29)(cid:42)(cid:45)(cid:40)(cid:24)(cid:48)(cid:42)(cid:41)(cid:1)(cid:26)(cid:42)(cid:40)(cid:43)(cid:45)(cid:36)(cid:46)(cid:28)(cid:46)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:36)(cid:41)(cid:29)(cid:42)(cid:45)(cid:40)(cid:24)(cid:48)(cid:42)(cid:41)(cid:1) 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(cid:17)(cid:2)(cid:18)(cid:20)(cid:15)(cid:6)(cid:18)(cid:1) (cid:14)(cid:16)(cid:16)(cid:18)(cid:6)(cid:1)(cid:19)(cid:20)(cid:6)(cid:17)(cid:9)(cid:6)(cid:15)(cid:19)(cid:1) (cid:4)(cid:9)(cid:2)(cid:18)(cid:20)(cid:6)(cid:18)(cid:6)(cid:5)(cid:1)(cid:2)(cid:4)(cid:4)(cid:16)(cid:21)(cid:15)(cid:20)(cid:2)(cid:15)(cid:20)(cid:19)(cid:1) (cid:19)(cid:36)(cid:34)(cid:41)(cid:28)(cid:27)(cid:1)(cid:24)(cid:47)(cid:1)(cid:17)(cid:28)(cid:45)(cid:47)(cid:35)(cid:1)(cid:42)(cid:41)(cid:1)(cid:47)(cid:35)(cid:28)(cid:1)(cid:75)(cid:80)(cid:47)(cid:35)(cid:1)(cid:27)(cid:24)(cid:55)(cid:1)(cid:42)(cid:29)(cid:1)(cid:19)(cid:28)(cid:43)(cid:47)(cid:28)(cid:40)(cid:25)(cid:28)(cid:45)(cid:1)(cid:75)(cid:73)(cid:74)(cid:82) 100 MACA LIMITED ANNUAL REPORT 2019 SHAREHOLDER INFORMATION As at 31st August 2018 and 31st August 2019. NUMBERS OF HOLDERS OF EQUITY SECURITIES ORDINARY SHARECAPITAL 268,007,708 fully paid ordinary shares are held by 8,908 individual shareholders. 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. LISTED OPTIONS There are no listed options. UNLISTED OPTIONS There are no unlisted options. DISTRIBUTION OF SHAREHOLDINGS Fully Paid Ordinary Shares 1 -1,000 shares 1,001 –5,000 shares 5,001 –10,000 shares 10,001 –100,000 shares 100,001 and over shares Total Number of Shareholders 1,462 3,814 1,757 1,794 81 8,908 Number of Shares 985,127 10,928,769 13,287,645 42,085,003 200,721,164 268,007,708 % of Issued Capital 0.37% 4.08% 4.96% 15.70% 74.89% 100.00% SUBSTANTIAL SHARE AND OPTION HOLDERS An extract of the Company’s register of substantial shareholders (who held a relevant interest in 5% or more ofissued capital) is set outbelow: Substantial Shareholder J P Morgan Nominees Australia Pty Limited Citicorp Nominees Pty Limited HSBC Custody Nominees (Australia) Limited Mr Kennerth Rudy Kamon Fully Paid Ordinary Shares 40,685,382 29,922,344 27,110,874 17,650,059 % of Total Shares 15.18% 11.16% 10.12% 6.59% There were no substantial option holders listed in the Company’s register as at 5th September 2018. OTHER INFORMATION The voting rights attached to ordinary shares are governed by the Constitution of the Company. On a show of hands every person present who is a Member or representative of a Member shall have one vote on a poll, every Member present in person or by proxy or by attorney or duly authorised representative shall have one vote for each share held. None of the options have any voting rights. UNMARKETABLE PARCELS As at 31 August 2019, there were 472 holders who held shares that were unmarketable parcels. MACA LIMITED ANNUAL REPORT 2019 101 SHAREHOLDER INFORMATION CONTINUED MLD’S TOP TWENTY SHAREHOLDERS Registered Shareholder J P MORGAN NOMINEES AUSTRALIA LIMITED CITICORP NOMINEES PTY LIMITED HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED MR KENNETH RUDY KAMON GEMBLUE NOMINEES PTY LTD MR FRANCIS JOSEPH MAHER + MS SHARON JANE MAHER NATIONAL NOMINEES LIMITED BNP PARIBAS NOMINEES PTY LTD MR JAMES EDWARD MOORE + MS JULIA CATHERINE MOORE CITICORP NOMINEES PTY LIMITED SARGON CT PTY LTD BNP PARIBAS NOMINEES PTY LTD BNP PARIBAS NOMS PTY LTD NEWECONOMY COM AU NOMINEES PTY LIMITED <900 ACCOUNT> MR KENNETH JOSEPH HALL MS TINA HARDY WARBONT NOMINEES PTY LTD BUTTONWOOD NOMINEES PTY LTD MR CHRISTOPHER MARK TUCKWELL MR DAVID STEWARD Total Held by Top 20 Total Ordinary Fully Paid Shares on Issue RESTRICTED SECURITIES There were no restricted securities at the date of this report. VOTING RIGHTS ORDINARY SHARES Fully paid Ordinary shares 40,682,382 29,922,344 27,110,874 17,650,059 12,863,816 12,300,000 10,657,927 9,522,353 5,350,000 3,893,796 2,582,987 2,445,057 2,073,040 1,879,224 1,590,352 1,470,588 1,095,229 1,049,235 1,288,801 800,000 % of total shares 15.2% 11.2% 10.1% 6.6% 4.8% 4.6% 4.0% 3.6% 2.0% 1.5% 1.0% 0.9% 0.8% 0.7% 0.6% 0.6% 0.4% 0.4% 0.4% 0.3% 185,884,000 69.4% 268,007,708 100.0% For all ordinary shares, voting rights are on a show of hands whereby every member present in person or by proxy shall have one vote and upon a poll, each share shall have one vote. OTHER INFORMATION MLD Limited is incorporated and domiciled in Australia and is a publicly listed company by shares. COMPANY DETAILS The registered office is: MACA Limited 45 Division Street Welshpool, Western Australia, 6106 102 MACA LIMITED ANNUAL REPORT 2019 The principal place of businesses: MACA Limited 45 Division Street Welshpool, Western Australia, 6106 MACA LIMITED ANNUAL REPORT 2019 103 MACA Limited and its Controlled Entities ABN 42 144 745 782 Perth 45 Division Street, Welshpool WA 6106 E: Info@maca.net.au T: +61 8 6242 2600 F: + 61 8 6242 2677 www.maca.net.au

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