Milton

Annual Report 2021

Company Profile
Milton Corporation Limited
Milton Corporation Limited  Annual Report 2021
i
Milton was established as a private investment company 
for four shareholders in 1938. It became a public company 
in 1950 and listed on the Sydney Stock Exchange in 1958. 
Milton is now an investment company for 30,000 shareholders 
and is listed on the Australian Securities Exchange (ASX) under 
the code MLT.
Investment philosophy
Milton is predominantly a long term investor in companies 
and trusts listed on the ASX that are well managed, with a 
profitable history and an expectation of increasing dividends 
and distributions. Turnover of investments is low and capital 
gains arising from disposals are reinvested.
Milton also holds liquid assets such as cash and term 
deposits as well as real property development through joint 
ventures.
Milton aims to pay increasing fully franked dividends to 
shareholders over time.
Benefits of investing 
Shareholders receive fully franked 
dividends semi-annually.
Ordinary fully franked dividends are paid out of profit 
after tax excluding special investment revenue and costs 
associated with the acquisition of subsidiaries. Dividends 
have been paid every year since listing and they have been 
fully franked since the introduction of franking. Special fully 
franked dividends may be paid out of special investment 
revenue.
The investment portfolio provides 
shareholders with exposure to 
diversified assets.
Milton’s $3.6 billion equity investment portfolio comprises 
interests in companies and trusts which are listed on the 
ASX and are expected to deliver increased investment 
revenue over the long term. Consistent application of this 
investment philosophy over many years has created a 
portfolio that is not aligned with any securities exchange 
index.
Shareholders have an investment 
in a low cost, efficiently managed 
company with total administration 
costs that represent 0.14% per annum 
of total assets.
Milton’s board oversees the performance of its executives 
who are employed by the company to manage its 
investments for the benefit of shareholders.
Company Profile
Milton Corporation Limited
Important Dates
Final Dividend
Ex date:
31 August 2021 
Payment date:
14 September 2021
DRP has been suspended
Proposed Scheme 
of Arrangement with WHSP 
Scheme Booklet 	
6 August 2021
lodged with ASX:
Announcement of 	
3 September 2021
Scheme consideration:
Proxy cut-off date:	
11 September 2021
	
at 10.00am
Scheme Meeting:	
13 September 2021
	
at 10.00am

Directors Report
2
Operating and Financial 
Review
2
Dividends
3
Five Year Financial Summary
4
Portfolio Performance
5
Review of Investments 	
6
Top 25 Investments
6
Classification of Investments
7
Management Expense 
Ratio (MER)
8
COVID19 concerns and 
Impacts 
8
2022 Financial Year Outlook
8
Board of Directors and 
Company Secretary
9
Remuneration Report
12
Auditor’s Independence 
Declaration
19 
Milton Corporation Foundation
20 
Financial Statements 
21
Directors’ Declaration
48
Independent Auditor’s Report
49
Corporate Directory
53
ASX Information 
54
Corporate Governance Statement
Our Corporate Governance Statement 
is available on the company website at 
milton.com.au/corporate-governance.html 
and is lodged with ASX with this Report.
1
www.milton.com.au
www.milton.com.au
ASX:  MLT
Contents
Net Profit 
after tax
 
A$
92.4m
Underlying 
Operating 
Profit(1) 
A$
90.0m
Basic 
Earnings 
Per Share
cents per share
13.73
Underlying 
Earnings 
Per Share
cents per share
13.38
Fully Franked 
Ordinary 
Dividends
cents per share
13.75
Total
Portfolio
Return(2)
 
33.2%
Total 
Assets
A$
3.7Bn
Management 
Expense 
Ratio 
0.14%
Key Highlights
(1)	 Underlying operating profit excludes special investment revenue 
(1)	 Underlying operating profit excludes special investment revenue 
and merger & acquisition costs net of tax.
and merger & acquisition costs net of tax.
(2)	 One year Total Portfolio Return (TPR) is unadjusted for franking credits 
(2)	 One year Total Portfolio Return (TPR) is unadjusted for franking credits 
which may be of benefit to certain shareholders 
which may be of benefit to certain shareholders 

2
Milton Corporation Limited  Annual Report 2021
The directors present their report together with the financial 
statements of the consolidated entity (“Milton”) consisting 
of Milton Corporation Limited and its subsidiaries for the 
financial year ended 30 June 2021 and the independent 
auditor’s report thereon.
Principal activities
The principal activity of Milton is investment. Milton invests 
in companies and trusts, real property development, fixed 
interest securities, and liquid assets such as cash and term 
deposits. There has been no significant change in the 
nature of this activity during the financial year.
Operating and Financial Review 
Financial Highlights 
Milton Corporation reported net profit after tax of 
$92.4 million for the year ended 30 June 2021, a decrease 
of 21.0% on the prior year. This represents earnings of 
13.73 cents per share.
Underlying profit after tax for 2021, which excludes special 
dividend income, was $90.0 million, a decrease of 19.1% on 
the prior year.
Milton’s Board primarily uses underlying profit when 
determining ordinary dividends to enhance their reliability. 
Underlying earnings per share decreased by 19.4% to 
13.38 cents per share.
Ordinary dividend income of $95.7 million, generated by 
Milton’s diversified $3.6 billion portfolio of Australian listed 
companies, declined by 18.3% in 2020.
Whilst dividends from Milton’s diversified portfolio were 
sharply lower in the first half of FY21 due to COVID related 
reductions, dividends in the second half of FY21 increased 
by 17.8% from the second half of 2020 as economies 
reopened and company earnings recovered.
Milton’s total portfolio return for the 12-month period to 
30 June 2021 was 33.2%, outperforming the All Ordinaries 
Accumulation index return of 30.2%. Milton reported a total 
shareholder return for the 12-month period to 30 June 
2021 of 59.1%. The above measures exclude the benefits 
of franking credits.
Special dividend income was $2.8 million in 2021, a 
reduction of 51.4% from the elevated $5.8 million of special 
dividend income in the 2020 financial year.
Milton’s property joint ventures performed well with profits 
up 246.0% from 2020 as sales volumes increased materially.
Reduced interest was received due to lower term deposit 
rates and lower cash balances.
Dividends
Milton’s Board of Directors have declared a final dividend 
of 8.0 cents per share, payable on 14 September 2021 to  
shareholders of record on 1 September 2021.
Full year ordinary dividends of 13.75 cents per share were 
declared in relation to 2021 earnings. This represents a 
payout ratio of 102.9% of Milton’s 2021 underlying profit 
after tax.
All 2021 dividends are fully franked.
It is the Board’s expectation that 2022 dividend income 
from Milton’s investment portfolio of 75 companies will be 
higher than 2021.
We expect stronger dividend production particularly from 
Milton’s financial services and resource sector investments.
Dividends paid or declared by Milton to members since the 
end of the previous financial year are shown in the table 
opposite.
Dividend Reinvestment Plan (DRP)
Milton’s DRP has been suspended due to the proposed 
merger with WHSP and all shareholders will be paid their 
dividend in cash.
Directors Report
for the year ended 30 June 2021

3
www.milton.com.au
ASX:  MLT
Cents 
per share
¢
Total 
amount
$’000
Date of payment
Declared and paid during the year
Final 2020 ordinary fully franked
8.5
57,063
2 September 2020
Interim 2021 ordinary fully franked
5.75
38,670
4 March 2021
Declared after end of year and not provided for 
at 30 June 2021
Final 2021 ordinary fully franked
8.0
53,938
14 September 2021
Dividends
No LIC capital gain was included in the above dividends.
5.0
7.0
9.0
11.0
13.0
15.0
17.0
19.0
21.0
23.0
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
MLT DPS
MLT EPS
Cents Per Share
Dividends per share (DPS) 
Earnings per share (EPS) 
Earnings and Dividends over 10 Years

4
Milton Corporation Limited
Milton Corporation Limited  Annual Report 2021
  Annual Report 2021
Five Year 
Financial Summary
Notes 
Notes 
1	
Underlying operating profit after tax excludes special investment revenue and costs associated with the merger & acquisition of subsidiaries.
	
Underlying operating profit after tax excludes special investment revenue and costs associated with the merger & acquisition of subsidiaries.
2	
Before provision for tax on unrealised capital gains and before providing for the ordinary final dividend.
	
Before provision for tax on unrealised capital gains and before providing for the ordinary final dividend.
3	
After provision for tax on unrealised capital gains and before providing for the ordinary final dividend.
	
After provision for tax on unrealised capital gains and before providing for the ordinary final dividend.
2021
2020
2019
2018
2017
Underlying operating profit after tax1 ($m) 
90.0
111.3
133.6
128.8 
122.0 
Underlying earnings per share (cents) 
13.4
16.6
20.1
19.6 
18.7 
Profit after tax ($m) 
92.4
116.9
147.7
130.0 
122.4 
Earnings per share (cents) 
13.7
17.4
22.2
19.8 
18.8
Management Expense Ratio (%) 
0.14
0.14
0.14
0.14 
0.12 
Interim dividend (cps) 
5.75
9.0
9.0
8.8 
8.7 
Final dividend (cps) 
8.0
8.5
10.4
10.2 
10.0 
Full year ordinary dividend (cps) 
13.75
17.5
19.4
19.0 
18.7 
Special dividend (cps) 
–
–
2.5
– 
– 
Net assets2 at 30 June ($m) 
3,708
2,863
3,292
3,114 
2,939 
NTA per share pre-tax2 at 30 June ($) 
5.50
4.26
4.92
4.73 
4.51 
NTA per share post-tax3 at 30 June ($) 
4.69
3.83
4.30
4.16 
3.99 
Last sale price at 30 June ($) 
6.30
4.09
4.71
4.61 
4.51 
All Ordinaries Index at 30 June 
7,585
6,001
6,699
6,290 
5,764 
Ten year TSR (% per annum) 
12.0
7.2
9.7
6.5 
4.7 
Five year TSR (% per annum) 
12.6
2.5
5.2
9.1 
12.9 
Shares on issue (million) 
674.2
671.3
669.0
658.2
 651.9 
Number of shareholders 
30,304
29,514
26,995
25,864 
24,726 

Directors Report
continued
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
5
10
15
20
25
2020
2021
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
0
Ordinary dividend
Special dividend
Investment value 
with dividends 
re-invested
Dividend (Cents per Share)
Investment Value ($)
10%
30%
20%
50%
40%
60%
70%
0%
MLT TPR
MLT TSR
Percent per annum
6 Months
15.46
33.69
1 Year
33.20
59.14
3 Years
(pa)
9.33
15.59
5 Years
(pa)
9.75
12.60
10 Years
(pa)
9.20
12.01
15 Years
(pa)
6.96
7.69
20 Years
(pa)
8.84
9.90
If $10,000 invested in MLT in June 2001, and if dividends were re-invested over the 20 years, the value of the investment in June 2021 
would be worth $66,087. Ordinary dividends increased from 8.80cps in FY2001 (adjusted for 5:1 split in Oct 2013) to 13.75cps in FY2021.
Total portfolio return (TPR) is the percentage change in Milton’s NTA per share plus dividends received by shareholders.
Total shareholder return (TSR) is the percentage change in Milton’s share price plus dividends received by shareholders. 
TPR and TSR above do not take into account franking credits which may be of benefit to certain shareholders.
Portfolio Performance 
Milton’s portfolio reflects the emphasis placed on investing in companies that pay increasing dividends over the long term 
from quality earnings streams. Milton’s portfolio is not aligned to any index so it may underperform broad market indices 
over the short term. Milton’s long term returns are shown below. The returns do not take into account the benefit of franking 
credits which may be utilised by some shareholders. 
5
www.milton.com.au
ASX:  MLT
Total Returns over Periods Up to 20 Years
Dividend and Investment Growth over 20 years

6
Table B.  Top 25 investments at 30 June 2021 
Market 
Value
$m
Commonwealth Bank
313.6
W H Soul Pattinson & Company
309.5
Westpac Banking Corporation
258.0
Macquarie Bank Limited
254.4
BHP Group Limited
235.8
CSL Limited
171.5
Wesfarmers Limited
170.1
National Australia Bank
128.0
Eagers Automotive Limited
112.5
Woolworths Limited
112.0
Rio Tinto Limited
84.7
Transurban Group
82.7
Brickworks Limited
81.1
ALS Limited
79.3
Telstra Corporation Limited
57.3
Coles Group Limited
51.2
Perpetual Limited
49.3
Amcor PLC
48.7
Johns Lyng Group
46.5
ASX Limited
42.7
Charter Hall Group
39.7
ARB Corporation Limited
39.3
Sonic Healthcare Limited
36.1
Goodman Group
35.8
Suncorp Group Limited
35.8
Total market value of Top 25
2,875.6
Total Assets
3,710.2
Directors Report
continued
Review of Investments
Milton’s total assets were $3.7 billion at 30 June 2021 
(2020: 2.9 billion). Net Tangible Assets (NTA) per share 
before deferred tax liability was $5.50 per share.
Total portfolio return, combining Milton’s NTA per share 
movement and dividends received by shareholders was 
33.2%.
Total shareholder return, combining Milton’s share price 
movement and dividends received by shareholders was 
59.1%.
Cash balances at 30 June 2021 were $79.1 million, 
decreased from $114.1 million at 30 June 2020.
Milton continues to have no debt.
2021 was a very strong year for equity returns with markets 
recovering from the COVID lows of mid-2020 supported by 
successful vaccine programs in most OECD countries, low 
interest rates and a sharp recovery in corporate earnings.
Milton added to its portfolio over the financial year taking 
advantage of the opportunities presented by volatility and 
company capital raises.
Major changes to Milton’s portfolio in 2020 allowed 
for reinvestment in new and existing positions, which 
contributed strongly to returns in 2021.
After a transformative 2020 financial year, the 2021 financial 
year was less active in terms of portfolio changes.
$79.8 million was added to new and existing equity 
investments. Investments were increased in Johns Lyng 
Group, Magellan Financial Group, Amcor PLC, Pro Medicus, 
Carsales.com, EQT Holdings, Coles Group, Pendal Group, 
IOOF Holdings and Cleanaway Waste Management. A new 
investment was made in IPH.
$43.2 million of portfolio sales were made in 2021 and 
included the complete disposals of Milton’s investments in 
Coca Cola Amatil (due to takeover), QBE Insurance Group 
and Sims. Milton’s Investment in the Charter Hall Long 
WALE REIT was reduced.
During the year Woolworths Limited demerged its hotel 
business Endeavour Group Limited. As is its practice, Milton 
recognized the transaction through its capital account 
as it is non-cash.  We note that certain industry peers will 
record this as a demerger dividend through profit and loss. 
The gain on demerger taken to reserves is approximately 
$16.1 million.
6
Milton Corporation Limited  Annual Report 2021
The Milton management team, with the support of the 
Investment Committee, continue to review and modify our 
portfolio on an ongoing basis. Milton’s portfolio reflects 
the emphasis we place on companies that pay increasing 
dividends over the long term from quality earnings streams.
We believe that the portfolio is well positioned to grow its 
dividend income over the long term, but recognise that the 
current situation is one of elevated volatility.

7
www.milton.com.au
ASX:  MLT
Classification of Investments by Sector
The following asset classification table shows the composition of Milton’s assets by sector.
Notes 
1	
Investments are grouped according to their asset classes using the Global Industry Classification (“GICS”) codes.
2	
Liquids include cash, term deposits, hybrid securities and dividends receivable.
3	
Includes additions from acquisition of subsidiaries of $5.2 million.
Classification1
Closing
position
$m
Additions3
$m
Disposals
$m
Change 
in value
$m
Opening
position
$m
2021 
Income
$m
Closing
position 
weighting
%
Banks
699.9
0.8
–
213.1
486.0
21.1
18.9
Diversified Financials
451.5
30.3
(4.4)
81.0
344.6
14.2
12.2
Materials
450.3
11.9
(3.7)
112.6
329.5
18.8
12.1
Consumer Staples
365.9
2.1
(14.2)
68.3
309.7
10.6
9.9
Energy
356.4
–
–
128.5
227.9
6.8
9.6
Health Care
240.8
3.0
–
13.3
224.5
2.7
6.5
Retailing
168.7
–
–
96.3
72.4
2.8
4.5
Commercial Services
149.0
12.7
–
48.8
87.5
2.9
4.0
Insurance
142.3
20.7
(8.4)
34.9
95.1
2.5
3.8
Transport
139.9
–
–
3.5
136.4
2.7
3.8
Real estate
135.4
0.6
(12.5)
36.2
111.1
4.4
3.6
Telecommunications
78.0
–
–
1.2
76.8
2.7
2.1
Media
55.4
2.9
–
12.8
39.7
0.7
1.5
Utilities
47.8
–
–
  (36.2)
84.0
4.3
1.3
Capital Goods
45.8
–
–
14.1
31.7
0.7
1.2
Information Technology
28.9
–
–
2.2
26.7
0.3
0.8
Consumer Services
23.7
–
–
2.2
21.5
0.2
0.7
Other shares
1.6
–
–
0.5
1.1
0.1
–
Total equity 
investments
3,581.3
85.0
(43.2)
833.3
2,706.2
98.5
96.5
Liquids2
93.0
125.0
2.1
Property joint ventures
23.8
24.7
0.1
Other assets
12.1
10.2
1.3
Total
3,710.2
2,866.1
100.0

8
Milton Corporation Limited  Annual Report 2021
Management Expense Ratio (MER)
Milton is fully internally managed, with no performance or 
management fees paid. Investment staff are focused on 
maximising net returns to shareholders with Management 
and the Board aligned with shareholders.
Milton’s MER for the 2021 year was 0.14%, unchanged from 
previous year.
COVID19 Concerns and Impacts
COVID19 has had broad impact on economies, companies 
and individuals. The pandemic remains a major global issue, 
and is likely to have ongoing impact even as vaccines are 
rapidly rolled out.
Milton have taken steps to ensure that its employees are 
working in a safe environment, and the company has 
continued to operate as normal, with employees working 
remotely as required.
An ongoing risk remains that companies may reduce, delay 
or cancel dividends due to COVID related factors which will 
directly impact Milton’s own income. These decisions may 
be driven by further  outbreaks, extended lockdowns, the 
impact of economic recession or regulators.
Proposed Scheme of Arrangement with WHSP
On 22 June 2021, Milton announced a proposed merger with 
W H Soul Pattinson & Company (WHSP) where WHSP would 
acquire 100% of the share capital of Milton via Scheme of 
Arrangement.
The offer consists of a scrip consideration reflecting a 10% 
premium to Milton’s NTA before tax (adjusted for any final 
and special dividends), capped at $31 per WHSP share.
In addition to the 8 cents final dividend declared, Directors 
expect to announce a fully franked special dividend of 
approximately 37 cents per share payable if the Scheme of 
Arrangement is approved. Shareholders will also be eligible 
for the expected WHSP final dividend.
The Independent Milton Directors consider the Scheme to be 
in the best interests of Milton Shareholders having regard to 
the attractive premium to net tangible assets offered to Milton 
Shareholders, the allowance for payment of fully franked 
dividends, the retention of Milton’s existing management 
team and the diversified investment proposition created by 
combining Milton and WHSP, two well established investment 
companies with similar investment approaches.
2022 Financial Year Outlook
Milton forecasts that company earnings and dividend 
growth will be robust in 2022 and that dividend payments 
will increase from our portfolio of 75 companies.
As a result, we expect that Milton’s earnings will be higher in 
2022. We expect that this increase will be tilted towards the 
first half of the financial year.
We note however that significant uncertainty remains as 
evidenced by a resumption of lockdowns post financial year 
end across the country.
Valuations in the equity market are at historically high levels 
but forward multiples are showing signs of moderation due 
to robust future earnings expectations.
Elevated valuations appear to be driven primarily by low 
interest rates. We do not expect cash rates to increase 
sharply in the short term, but note that long-term interest 
rates have begun to rise in certain markets due to 
inflationary concerns.
The successful vaccine programs in most OECD countries 
have contributed to confidence as economies re-open. 
Company earnings have recovered sharply and most key 
economic measures are strong and growing. This globally 
synchronised recovery provides a very favourable backdrop 
for equities.
Notwithstanding Milton’s much reduced bank sector 
investments, we remain alert to pressure on bank earnings 
and dividends due to compliance   costs, credit quality and 
the impact of technology based disruption.
We remain confident that our mining stocks are well 
positioned to generate growing income due to high iron 
ore prices and low debt levels.
Milton’s joint venture investments are expected to continue 
to perform well, supported by first homebuyer activity, a 
preference for regional living and generous government 
schemes.
Milton’s strong balance sheet with no debt, available profit 
reserves and franking credits provides confidence in Milton’s 
ability to continue paying fully franked dividends in the 
ordinary course of business.
Directors Report
continued

9
www.milton.com.au
ASX:  MLT
Board of Directors and Company Secretary
Directors
The directors of Milton at any time during or since the end of the financial year are:
Robert D. Millner FAICD 
Independent non-executive chairman
Director of Milton Corporation Limited since 1998 and 
appointed chairman in 2002. Chairman of the Investment 
and Remuneration Committees. Extensive experience in the 
investment industry.
Other current directorships:
Director of Apex Healthcare Berhad since 2000, Chairman 
of BKI Investment Company Limited since 2003, Director 
of Brickworks Limited since 1997 and appointed chairman 
in 1999, Director of New Hope Corporation Limited since 
1995 and appointed chairman in 1998, Director of TPG 
Telecom Limited since 2000, Director of Tuas Limited since 
June 2020, Director of Washington H. Soul Pattinson & 
Company Limited since 1984 and appointed chairman in 
1998.
Former directorships in the last three years:
Australian Pharmaceutical Industries Limited from 2000 
to June 2020.
Graeme L. Crampton B.Ec, FCA, FAICD 
Independent non-executive director
Director of Milton Corporation Limited since 2009. 
Chairman of the Audit & Risk Committee and a member of 
the Remuneration Committee. A Chartered Accountant and 
former partner of a major firm of Chartered Accountants 
for more than 28 years and has extensive experience in the 
investment industry.
Kevin J. Eley CA, F Fin, FAICD 
Independent non-executive director
Director of Milton Corporation Limited since 2011. 
Member of the Investment and Audit & Risk Committees. 
A Chartered Accountant and has extensive experience 
in the investment industry.
Other current directorships:
Director of EQT Holdings Limited since 2011 and HGL 
Limited since 1985. Director of Pengana Capital Group 
Limited since 2017 (formerly Hunter Hall International 
Limited from 2015 to 2017).
Justine E. Jarvinen BE(Chem), F Fin, GAICD
Independent non-executive director
Appointed a non-executive director of Milton since 
August 2017. Member of the Investment Committee. 
An Engineer with experience in equity markets and 
strategy development.
Brendan J. O’Dea B.Ec, M.Bus, CA, MAICD
Managing Director
Managing Director of Milton Corporation Limited with effect 
from 1 August 2018. Member of the Investment Committee. 
A Chartered Accountant and has extensive investing and 
business management experience with over 22 years at a 
global investment bank as a Managing Director.
Ian A. Pollard BA (Macq), MA (Oxon), D Phil (IMC), 
FIAA, FAICD
Independent non-executive director
Director of Milton Corporation Limited since 1998. 
Member of the Audit & Risk and Remuneration Committees. 
An Actuary and over 44 years of involvement in the 
investment industry.
Company Secretary
Nishantha Seneviratne MBA, FCPA, ACMA, CGMA, 
AICM, AGIA, ACIS 
Joined Milton in March 2010 and appointed the Company 
Secretary and Chief Financial Officer in December 2012. 
Prior to joining Milton, he was a Financial Controller for a 
group of private companies. He is a fellow member of CPA 
(Australia) and an associate member of the Governance 
Institute of Australia (GIA) and Institute of Chartered 
Secretaries and Administrators (ICSA).

10
Milton Corporation Limited  Annual Report 2021
Directors’ meetings
The number of directors’ meetings (including meetings 
of committees of directors) and the number of meetings 
attended by each of the directors of Milton during the 
financial year are shown in Table D below.
Directors’ relevant interests
No director has or has had any interest in a contract 
entered into since the last Directors’ Report or any contract 
or proposed contract with Milton or any subsidiary or any 
related entity other than as disclosed in note 17 to the 
financial statements.
The relevant interest of each director in the capital of Milton 
at the date of this report is as follows:
Director
Directors’ 
Meetings
Investment 
Committee 
Meetings
Audit & Risk
Committee
Meetings
Nomination
Committee
Meetings
Remuneration
Committee
Meetings
A
B
A
B
A
B
A
B
A
B
R.D. Millner 
5
7
15
16
*
*
*
*
0
1
G.L. Crampton
7
7
*
*
5
5
*
*
1
1
K.J. Eley
7
7
15
16
5
5
*
*
*
*
B. O’Dea
7
7
16
16
*
*
1
1
*
*
I.A. Pollard
7
7
*
*
5
5
1
1
1
1
J.E. Jarvinen
7
7
16
16
*
*
1
1
*
*
A	
Number of meetings attended.
B	
Number of meetings held during the time the director held office or was a member of the committee during the year.
*	
Not a member of the relevant committee.
Directors Report
continued
Director
Number of
Shares
R.D. Millner
13,047,096
G.L. Crampton
169,172
K.J. Eley
141,000
B.J. O’Dea
665,510
J.E. Jarvinen 
15,000
I.A. Pollard
108,119
Table D.  Directors’ Meetings 

11
www.milton.com.au
ASX:  MLT
Indemnification and insurance of directors, officers 
and auditors
Neither Milton nor any related entity has indemnified or 
agreed to indemnify, paid or agreed to pay any insurance 
premium which would be prohibited under Section 199A or 
Section 199B of the Corporations Act 2001 during or since 
the financial year ended 30 June 2021.
The directors have not included details of the nature 
of the liabilities covered or the amount of the premium 
paid in respect of the directors’ and officers’ liability and 
legal expenses insurance contracts as such disclosure is 
prohibited under the terms of the contracts.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of 
Milton during the past financial year other than as disclosed 
in the financial statements. 
Events subsequent to reporting date
Apart from the information contained in note 24 to the 
financial statements, no matter or circumstance has 
arisen since the end of the financial year that has or may 
significantly affect the operations, results or state of affairs 
of Milton in subsequent financial years.
Likely developments
Milton will continue its investment activities consistent 
with its objective of generating increasing revenue for 
distribution to its shareholders from its diversified portfolio 
of assets.
The performance of Milton’s investments is subject to and 
influenced by many external factors and therefore it is not 
appropriate to predict the future results of the investments 
and Milton’s performance.
This Directors Report contains information relating to 
Milton’s past performance, review of operations, outlook 
and the proposed Scheme of Arrangement. 
Environmental regulations
There are no significant environmental regulations that 
apply directly to Milton.
Environmental, Social and Governance matters are 
considered by Milton’s Investment committee to ensure 
sustainability of income.
Non-audit services
During the year, Pitcher Partners, Milton’s auditor, has 
performed certain non-audit services in addition to its 
statutory duties. Details of the amounts paid to the auditors 
and related practices of the auditor are disclosed in note 19 
to the consolidated financial statements.
The board has considered the non-audit services provided 
during the year by the auditor and is satisfied that the 
provision of those non-audit services during the year by the 
auditor is compatible with, and did not compromise, the 
auditor independence requirements of the Corporations 
Act 2001 for the following reasons:
	
a
All non-audit services were subject to the corporate 
governance procedures adopted by Milton and have 
been reviewed and approved by the Audit & Risk 
Committee to ensure they do not impact on the 
integrity and objectivity of the auditor, and
	
a
The non-audit services provided do not undermine the 
general principles relating to auditor independence 
as set out in Professional Statement APES110 Code 
of Ethics for Professional Accountants (including 
Independence Standards), as they did not involve 
reviewing or auditing the auditor’s own work, acting in 
a management or decision making capacity for Milton, 
acting as an advocate for Milton or jointly sharing risks 
and rewards.
The auditor’s independence declaration as required under 
Section 307C of the Corporations Act 2001 is set out on 
page 19.
Rounding off
The company is of a kind referred to in ASIC Corporations 
(Rounding in Financial/ Directors’ Reports) Instrument 
2016/191, and in accordance with that legislative 
instrument, amounts in the Directors’ Report and financial 
report have been rounded off to the nearest thousand 
dollars, unless otherwise stated.

12
Milton Corporation Limited  Annual Report 2021
This report, which is audited, details the policy for 
determining the remuneration of directors and executives 
and provides specific details of their remuneration.
Remuneration Report
for the year ended 30 June 2021
2021
$
2020
$
Chairman base fee
147,358
147,358
Director base fee
73,679
73,679
Chairman of the Audit 
& Risk Committee fee
6,520
6,520
Member of the Audit 
& Risk Committee fee
3,696
3,696
Member of 
the Investment 
Committee fee
6,520
6,520
Base fees and committee fees 
(including superannuation contributions)
Remuneration of non-executive directors
Non-executive directors are paid base fees, committee fees 
and superannuation contributions.
Fees are not linked to Milton’s performance and no bonuses 
are paid or options issued.
Each year the base fees and committee fees are determined 
by the board of directors who take into account the 
demands made on directors and the remuneration of non 
executive directors of comparable Australian companies.
Non-executive directors, who were appointed before 
30 June 2003, are entitled to retirement benefits in 
accordance with a shareholder approved scheme. In June 
2003 the board resolved to cap retirement benefits for all 
directors at the amounts provided as at 30 June 2003. 
The total balance provided at 30 June 2021 is $100,905 
(2020: $100,905).
Remuneration of executives
Executive remuneration is a key element of the staff 
retention strategy which is designed to attract and retain 
appropriately qualified and experienced professionals who 
share Milton’s goals and values and will seek to deliver 
superior long term returns to its shareholders.
The remuneration of the managing director and senior 
executives is reviewed annually by the Remuneration 
Committee which then makes recommendations to the 
board for its consideration and approval.
In formulating its recommendations, the Remuneration 
Committee considers:
	
a
the short term and long term performance of the 
Company as measured by dividend growth and total 
returns;
	
a
the contribution of the managing director and the 
senior executives to this performance;
	
a
market trends in remuneration in terms of both 
quantum and structure; and
	
a
the remuneration of key management personnel of 
other listed investment companies with similar long 
term investment philosophies and objectives.
Executive remuneration includes a component known 
as the Total Employment Cost Package (TECP), and it 
may include a cash bonus component and an equity 
component.
The total remuneration paid to non-executive directors in 
2021 was $475,546 (2020: $475,546).
In October 2011 shareholders approved an increase in the 
maximum non-executive directors’ total remuneration to 
$700,000.

13
www.milton.com.au
ASX:  MLT
The TECP includes cash salary, company contributions to 
superannuation and it may include non monetary benefits 
such as the provision of a motor vehicle and car parking.
No executive is entitled to a guaranteed bonus however 
the board may award a cash bonus to reward an 
executive’s outstanding contribution to the achievement 
of Milton’s objectives. The board will consider qualitative 
measures such as contribution to the investment process, 
participation in board discussions, timeliness and accuracy 
of reports and staff development when assessing executive 
performance.
In determining the amount of any bonus the board 
has regard to quantitative measures such as underlying 
operating earnings per share, dividends per share and total 
returns relative to the market as a whole. Average cash 
bonus paid was 11.9% of TECP for 2021.
The equity component of the remuneration package 
encourages executives to have an investment in Milton to 
align their interests with shareholders.
The equity component is delivered through participation 
in the Senior Staff Share Plan (“SSSP”), which was approved 
by shareholders at Milton’s Annual General Meeting on 
9 October 2001 (refer note 18b to the financial statements).
In accordance with the terms of the SSSP, the directors 
determine the maximum number of shares for which the 
executive may apply. All SSSP shares are acquired on the 
market and held on behalf of the executives by the trustee 
of the SSSP. The price offered to the executive shall be at a 
discount of one cent per share to the market value of the 
shares.
Executives are required to hold the SSSP shares for a 
minimum period of three years however the benefit to 
the executive is increased through long term ownership 
to the extent dividends are paid and the Milton share price 
appreciates.
Milton provides an interest free loan to the executives 
to fund the acquisition of each parcel of SSSP shares. 
Each loan is repaid by the application of the after tax 
proceeds from the dividends paid on the SSSP shares. 
The opportunity cost to Milton of providing the loan is the 
notional interest. The Remuneration Committee includes 
this cost when it reviews each executive’s TECP.
SSSP shares may not be sold, transferred, mortgaged or 
otherwise dealt with by the executive for a period of three 
years from the date of issue or until the executive ceases 
employment with Milton.
If the executive’s employment ceases, the executive may 
within 30 days repay the loan and direct the trustee to 
transfer the shares to the executive or, provided the value 
of the shares is greater than the loan outstanding, direct the 
trustee to sell the shares, repay the loan and distribute the 
balance to the executive. Otherwise the trustee will sell the 
shares when so directed by Milton and apply the proceeds 
to the repayment of the loan.
The board considers that the SSSP is appropriately designed 
to encourage long term ownership of shares by executives, 
which then aligns their interests with that of Milton’s 
predominantly long term shareholder base.
Executives, other than the managing director, may 
participate in the Employee Share Plan (“ESP”) which 
provides for a bonus of up to $1,000 to be paid in the form 
of Milton shares (refer note 18a to the financial statements).
Eligible executives are provided with life, total and 
permanent disablement and salary continuance insurance.
The overall level of executive reward takes into account 
the performance of Milton over a number of years. Key 
performance indicators for Milton over five years are tabled 
on the following page.
At Milton’s 2020 Annual General Meeting, shareholders 
supported the remuneration report for the 2020 financial 
year with 91.47% of the proxies in favour of the resolution 
to approve the report. The resolution to approve the 
remuneration report was passed by a show of hands at the 
Annual General Meeting held in October 2020.
 

14
Milton Corporation Limited  Annual Report 2021
Remuneration Report
continued
2021
2020
2019
2018
2017
Profitability
Underlying operating profit ($ million)
90.0
111.3
133.6
128.8
122.0
(Decline) growth in underlying operating profit (%)
(19.1)
(16.7)
3.7
5.6
(3.5)
Underlying earnings per share (cents)
13.4
16.6
20.1
19.6
18.7
(Decline) growth in underlying earnings per share (%)
(19.4)
(17.3)
2.4
4.7
(4.1)
Dividend
Full year ordinary dividend (cents per share)
13.75
17.50
19.40
19.00
18.70
(Decline) growth in full year ordinary dividend (%)
(21.4)
(9.8)
2.1
1.6
0.5
Special dividend (cents per share)
–
–
2.5
–
–
Capital
Net asset backing per share pre-tax(1) at 30 June ($)
5.50
4.26
4.92
4.73
4.51
Growth (decline) in net asset backing per share (%)
29.1
(13.4)
4.0
4.9
6.9
Net assets(1) at 30 June ($ million)
3,708
2,863
3,292
3,114
2,939
Total Return
Ten year Total Shareholder Return (TSR)
12.0
7.2
9.7
6.5
4.7
Ten year Total Portfolio Return (TPR)
9.2
7.1
9.6
6.9
4.2
Ten year accumulation return of the 
All Ordinaries Index (XAOAI)
9.4
7.8
10.0
6.2
3.5
1	
Before provision for tax on unrealised capital gains
Key performance indicators

15
www.milton.com.au
ASX:  MLT
Details of remuneration
Amounts of remuneration
Details of the remuneration of each non-executive director of Milton Corporation Limited, the managing director and 
specified executives of Milton for the years ended 30 June 2020 and 2021 are set out in the following tables.
Non-
executive 
directors 
Short Term 
Benefits – Fees
Post 
Employment
Super-
annuation
Retirement 
Benefits paid
Total 
Paid
Retirement
Provision(1)
$
$
$
$
$
R.D. Millner
Chairman
2021
140,528
13,350
–
153,878
55,905
2020
140,528
13,350
–
153,878
55,905
G.L. Crampton
Director
2021
56,199
24,000
–
80,199
–
2020
56,199
24,000
–
80,199
–
K.J. Eley
Director
2021
76,616
7,279
–
83,895
2020
76,616
7,279
–
83,895
–
I.A. Pollard
Director
2021
70,662
6,713
–
77,375
45,000
2020
70,662
6,713
–
77,375
45,000
J.E. Jarvinen
Director
2021
73,241
6,958
–
80,199
–
2020
73,241
6,958
–
80,199
–
Total remuneration
2021
417,246
58,300
–
475,546
100,905
2020
417,246
58,300
–
475,546
100,905
1	
The directors’ retirement benefits have been capped at the balance provided at 30 June 2003
Non-executive directors of Milton Corporation Limited

16
Milton Corporation Limited  Annual Report 2021
Remuneration Report
continued
Short Term Benefits
Managing director 
and executives
Salary
Cash 
Bonus(1)
Post 
Employment 
Super-
annuation
Other
 long term 
benefits(2)
Share 
based 
payments(3)
Total
$
$
$
$
$
$
B.J. O’Dea
Managing Director 
2021
664,500
112,500
24,000
–
71,597
872,597
2020
651,000
112,500
24,000
–
68,580
856,080
D.N. Seneviratne
CFO, secretary
2021
214,872
27,500
20,128
4,577
34,598
301,675
2020
205,740
27,500
19,260
3,461
38,616
294,577
Total remuneration
2021
879,372
140,000
44,128
4,577
120,357
1,174,272
2020
856,740
140,000
43,260
3,461
107,196
1,150,657
1	
Represents 100% of cash bonus paid or payable which vested in the year.
2	
Other long term benefits comprise changes in long service leave provisions and long service leave paid.
3	
Represents the notional value of interest on loans provided to acquire Milton shares under the Senior Staff Share Plan.
Fixed 
remuneration
Performance-related
 STI
Performance-related
LTI
2021
2020
2021
2020
2021
2020
B.J. O’Dea
78.9%
78.8%
12.9%
13.1%
8.2%
8.1%
D.N. Seneviratne
79.4%
77.6%
9.1%
9.3%
11.5%
13.1%
Managing director and executives of Milton Corporation Limited and its subsidiaries
The relative proportions of total remuneration of above key management personnel that are fixed or related to performance 
are as follows:
There are no fixed term employment contracts between Milton and its employees. Employment may be terminated with four 
weeks’ notice by either Milton or the employee. There are no contractual provisions for any termination payments other than 
for unpaid annual and long service leave.

17
www.milton.com.au
ASX:  MLT
Share based compensation, Senior Staff Share Plan equity holdings and loans
The movements during the reporting period are as follows:
Opening
Balance
Received as 
Remuneration
Closing
Balance
Shares
Shares(1)
Shares
B.J. O’Dea
Managing Director 
2021
300,000
228,000
528,000
2020
200,000
100,000
300,000
D.N. Seneviratne
CFO, secretary
2021
202,500
60,000
262,500
2020
177,500
25,000
202,500
1	
Received as remuneration in 2021 comprise staff shares purchased in relation to 2020 (144,000 MLT shares) and 2021 (144,000 MLT 
shares) financial years. Comparative in 2020 comprise staff shares purchased in relation to 2019.
Executives’ shareholdings in relation to the Senior Staff Share Plan – Number of shares held 
Loans in relation to the Senior Staff Share Plan
Details regarding loans outstanding at the reporting date to specified directors and specified executives, are as follows:
Opening 
Balance
Net 
change
Closing 
balance
Highest 
balance in 
the year
Notional 
Interest(1)
$
$
$
$
$
B.J. O’Dea
Managing Director 
2021
1,352,727
1,097,985
2,450,712
2,450,712
71,597
2020
915,186
437,541
1,352,727
1,396,793
68,580
D.N. Seneviratne
CFO, secretary
2021
742,971
275,613
1,018,584
1,018,584
34,598
2020
652,313
90,658
742,971
772,715
38,616
1	
The notional interest has been included under “Share Based Payment” in the remuneration of the managing director and the 
executive disclosed on page 16. Notional interest is based on the applicable FBT benchmark interest rate, which for the year 
averaged 4.73% (2020: 5.20%). 
Apart from the loan balances shown above, there were no loans outstanding to key management personnel. 
Terms and conditions of the loans are referred to in note 18b to the financial statements.

18
Milton Corporation Limited  Annual Report 2021
Share holdings of key management personnel and their related parties – Number of shares held
Share holdings of non-executive directors and their related parties  – Number of shares held
Remuneration Report
continued
Opening
Balance
Received as 
Remuneration
Other 
Acquisitions
Closing
Balance
Shares
Shares
Shares
Shares
B.J. O’Dea
Managing Director 
2021
388,392
228,000
49,118
665,510
2020
252,141
100,000
36,251
388,392
D.N. Seneviratne
CFO, secretary
2021
203,907
60,000
–
263,907
2020
178,907
25,000
–
203,907
Opening
Balance
Changes
Closing
Balance
Shares
Shares
Shares
R.D. Millner
37,366,914
–
37,366,914
G.L. Crampton
169,172
–
169,172
K.J. Eley
131,000
10,000
141,000
I.A. Pollard
160,009
–
160,009
J.E. Jarvinen
15,000
–
15,000
Total Number of Shares
37,842,095
10,000
37,852,095
End of Audited Remuneration Report
Signed in accordance with a resolution of the directors.
G.L. CRAMPTON	
B.J. O’DEA
Chairman – Audit & Risk Committee	
Managing Director
Sydney, 11 August 2021

19
www.milton.com.au
ASX:  MLT
Auditor’s Independence Declaration
to the Directors of Milton Corporation Limited
ABN 18 000 041 421
I declare that to the best of my knowledge and belief, during the year ended 30 June 2021 there have been 
no contraventions of:
i)	
	the auditor’s independence requirements as set out in the Corporations Act 2001 in relation to the audit; 
and
ii)	
APES 110 Code of Ethics for Professional Accountants (including Independence Standards).
This declaration is in respect of Milton Corporation Limited and the entities it controlled during the year.
S.S. WALLACE
Partner
11 August 2021
Auditor’s Independence Declaration

20
Milton Corporation Limited  Annual Report 2021
The Foundation was established in 1988 to 
support charitable organisations, particularly 
those which direct assistance to persons that 
are disadvantaged in the community.
The objective is to create a vehicle with sufficient capital 
that can make regular meaningful donations from the 
earnings derived from its investments. Contributions from 
Milton, shareholders and others over the years have helped 
to grow the Foundation’s total assets at 30 June 2021 to 
$2.3 million.
Milton Foundation’s assets can now support annual 
distributions of over $100,000. In 2021, a total of $120,000 
was distributed to fifteen organisations, which provide 
much needed support for the disadvantaged in society 
in Australia.
The Foundation has provided 
$2.6 million of assistance to the 
community since its establishment.
The Foundation is a deductible gift recipient registered with 
the Australian Charities and Not-for-profits Commission 
(ACNC) and donations of $2 or more are tax deductible.
J.F. CHURCH
Chairman of Trustees
Sydney, 11 August 2021
Milton Corporation Foundation
ABN 95 051 921 133
Shareholders can support the Foundation by either:
Forwarding a cheque to: 
The Trustees 
Milton Corporation Foundation
PO Box R1836
Royal Exchange NSW 1225
or
Direct deposit into the bank account:
Account Name:  Milton Corporation Foundation
BSB:  082-067 
Account No:  038263869

Financial Statements
Contents
21
21
www.milton.com.au
ASX:
www.milton.com.au
ASX:  MLT
  MLT
Financial Statements
Consolidated Income Statement
Consolidated Income Statement
22
22
Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income
23
23
Consolidated Statement of Financial Position
Consolidated Statement of Financial Position
24
24
Consolidated Statement of Changes in Equity
Consolidated Statement of Changes in Equity
25
25
Consolidated Statement of Cash flows
Consolidated Statement of Cash flows
26
26
Notes to the financial statements
Key Numbers
Key Numbers
1. 	
Revenue
1. 	
Revenue
27
27
2. 	
Tax 
2. 	
Tax 
28
28
3. 	
Earnings Per Share 
3. 	
Earnings Per Share 
30
30
4. 	
Dividends Paid 
4. 	
Dividends Paid 
30
30
5. 	
Dividend Franking Account 
5. 	
Dividend Franking Account 
31
31
6. 	
Listed Investment Company 
6. 	
Listed Investment Company 
	
capital gain account 
	
capital gain account 
31
31
Assets
Assets
7. 	
Investments in equity instruments 
7. 	
Investments in equity instruments 
32
32
8. 	
Investment in joint venture entities 
8. 	
Investment in joint venture entities 
33
33
9. 	
Cash 
9. 	
Cash 
34
34
10. 	
Receivables 
10. 	
Receivables 
34
34
Capital Management:
Capital Management:
11. 	
Share Capital 
11. 	
Share Capital 
35
35
12. 	
Reserves 
12. 	
Reserves 
35
35
Risk
Risk
13. 	
Critical accounting estimates, 
13. 	
Critical accounting estimates, 
judgements and assumptions 
judgements and assumptions 
36
36
14. 	
Management of financial risk 
14. 	
Management of financial risk 
36
36
15. 	
Capital risk management 
15. 	
Capital risk management 
37
37
Group Structure
Group Structure
16. 	
Subsidiaries 
16. 	
Subsidiaries 
38
38
Other Information
Other Information
17. 	
Related party transactions 
17. 	
Related party transactions 
39
39
18. 	
Share Based Payments 
18. 	
Share Based Payments 
40
40
19. 	
Auditor’s Remuneration 
19. 	
Auditor’s Remuneration 
41
41
20. 	
Parent entity disclosures 
20. 	
Parent entity disclosures 
42
42
21. 	
Summary of other accounting policies 
21. 	
Summary of other accounting policies 
42
42
22. 	
Cash flow information 
22. 	
Cash flow information 
44
44
23. 	
Contingent liabilities 
23. 	
Contingent liabilities 
44
44
24. 	
Events subsequent to reporting date 
24. 	
Events subsequent to reporting date 
44
44
25. 	
Holdings at Fair Value through Other 
25. 	
Holdings at Fair Value through Other 
Comprehensive Income at 30 June 2021 
Comprehensive Income at 30 June 2021 
45
45

22
Milton Corporation Limited  Annual Report 2021
Consolidated Income Statement
for the year ended 30 June 2021
Note
2021
$’000
2020
$’000
Ordinary dividends and distributions
1a
95,725
117,210
Interest
1c
377
1,478
Net gains on trading portfolio
1d
1,016
789
Other revenue
545
661
Operating Revenue
97,663
120,138
Share of net profits of joint ventures – equity accounted
8a
3,074
888
Special dividends and distributions
1b
2,799
5,761
Income from operating activities
103,536
126,787
Administration expenses
(4,844)
(4,528)
Merger and acquisition related costs 
(441)
–
Profit before income tax expense
98,251
122,259
Income tax expense thereon
2a
(5,872)
(5,302)
Profit attributable to shareholders of Milton
92,379
116,957
Note
2021
Cents
2020
Cents
Basic and diluted earnings per share	
3
13.73
17.45
The Consolidated Income Statement is to be read in conjunction with the Notes to the Consolidated Financial Statements.

23
www.milton.com.au
ASX:  MLT
Consolidated Statement of Comprehensive Income
for the year ended 30 June 2021
2021
$’000
2020
$’000
Profit
92,379
116,957
Other comprehensive income
Items that will not be reclassified to profit and loss
Revaluation of investments
833,591
(427,178)
Provision for tax (expense) benefit on revaluation of investments
(255,285)
127,171
Other comprehensive income, net of tax
578,306
(300,007)
Total comprehensive income for the year attributable 
to the shareholders of Milton
670,685
(183,050)
The Consolidated Statement of Comprehensive Income is to be read in conjunction with the Notes to the Consolidated Financial Statements.

24
Milton Corporation Limited  Annual Report 2021
Consolidated Statement of Financial Position
as at 30 June 2021
Note
2021
$’000
2020
$’000
Current assets
Cash
9
79,106
114,069
Receivables
10a
13,875
10,938
Prepayments 
55
410
Total current assets
93,036
125,417
Non-current assets
Investments
7
3,581,349
2,706,159
Joint ventures – equity accounted
8b
23,780
24,709
Receivables
18b
5,871
4,117
Property, plant and equipment
5,916
5,376
Deferred tax assets
2c
243
292
Total non-current assets
3,617,159
2,740,653
Total assets
3,710,195
2,866,070
Current liabilities
Payables
1,290
1,456
Current tax liabilities
100
782
Provisions
114
66
Total current liabilities 
1,504
2,304
Non-current liabilities
Deferred tax liabilities
2d
545,893
289,725
Provisions
226
274
Total non-current liabilities
546,119
289,999
Total liabilities
547,623
292,303
Net assets
3,162,572
2,573,767
Shareholders’ equity
Issued capital
11
1,658,174
1,644,321
Capital profits reserve
12b
84,507
74,263
Asset revaluation reserve
12a
1,229,096
661,034
Retained profits
190,795
194,149
Total equity attributable to shareholders of Milton
3,162,572
2,573,767
The Consolidated Statement of Financial Position is to be read in conjunction with the Notes to the Consolidated Financial Statements.

25
www.milton.com.au
ASX:  MLT
Consolidated Statement of Changes in Equity 
for the year ended 30 June 2021
Issued
capital
$’000
Capital 
profits 
reserve
$’000
Asset 
revaluation 
reserve 
$’000
Retained 
profits
$’000
Total 
equity
$’000
Balance at 1 July 2020
1,644,321
74,263
661,034
194,149
2,573,767
Profit
–
–
–
92,379
92,379
Other comprehensive income
–
–
578,306
–
578,306
Total comprehensive income 
–
–
578,306
92,379
670,685
Net realised gains
–
10,244
(10,244)
–
–
Transactions with shareholders:
Share issues
13,853
–
–
–
13,853
Dividends paid
–
–
–
(95,733)
(95,733)
Balance at 30 June 2021
1,658,174
84,507
1,229,096
190,795
3,162,572
Issued
capital
$’000
Capital 
profits 
reserve
$’000
Asset 
revaluation 
reserve 
$’000
Retained 
profits
$’000
Total 
equity
$’000
Balance at 1 July 2019
1,633,055
66,148
969,156
207,087
2,875,446
Profit
–
–
–
116,957
116,957
Other comprehensive income
–
–
(300,007)
–
(300,007)
Total comprehensive income 
–
–
(300,007)
116,957
(183,050)
Net realised gains
–
8,115
(8,115)
–
–
Transactions with shareholders:
Share issues
11,266
–
–
–
11,266
Dividends paid
–
–
–
(129,895)
(129,895)
Balance at 30 June 2020
1,644,321
74,263
661,034
194,149
2,573,767
The Consolidated Statement of Changes in Equity is to be read in conjunction with the Notes to the Consolidated Financial Statements.

26
Milton Corporation Limited  Annual Report 2021
Consolidated Statement of Cash Flows
for the year ended 30 June 2021
Note
2021
$’000
2020
$’000
Cash flows from operating activities
Dividends and distributions received
95,465
126,106
Interest received
568
1,564
Distributions received from joint venture entities
4,003
967
Other receipts in the course of operations
546
959
Proceeds from sales of trading securities
17,240
7,317
Payments for trading securities
(16,224)
(6,528)
Other payments in the course of operations
(4,185)
(4,740)
Income taxes paid
(5,639)
(4,549)
Net cash provided by operating activities
22a
91,774
121,096
Cash flows from investing activities
Proceeds from disposal of investments
43,171
276,270
Proceeds from redemption of other financial assets
–
1,465
Payments for investments in equities and trusts
(79,805)
(268,670)
Payments for investments in joint ventures
–
(1,663)
Payments for mergers and acquisitions 
16
(441)
–
Cash on acquisition of subsidiaries
358
–
Payments for property, plant and equipment
(1,026)
(5,377)
Loans repaid by other entities
660
324
Loans advanced to other entities
(2,377)
(1,043)
Net cash provided by (used in) investing activities
(39,460)
1,306
Cash flows from financing activities
Payments for share issue costs
(42)
(32)
Ordinary dividends paid
4a
(87,235)
(118,607)
Net cash used in financing activities
(87,277)
(118,639)
Net (decrease) increase in cash assets held
(34,963)
3,763
Cash assets at the beginning of the year
114,069
110,306
Cash assets at the end of the year
9
79,106
114,069
The Consolidated Statement of Cash Flows is to be read in conjunction with the Notes to the Consolidated Financial Statements.

27
www.milton.com.au
ASX:  MLT
Notes to the Consolidated Financial Statements 
for the year ended 30 June 2021
Key Numbers
1.	
Revenue
Milton’s revenue is derived from dividends, distributions, interest income, profit from joint ventures and net gains 
arising from the trading portfolio.
2021
$’000
2020
$’000
a.	
Ordinary dividends and distributions
Milton receives ordinary dividend income and trust distributions from its 
long term investments in companies and trusts listed on the Australian 
Securities Exchange.
Investments held in portfolio at 30 June
94,602
106,797
Investments sold during the year
1,123
10,413
95,725
117,210
b.	 Special dividends and distributions
This special investment revenue is received on an ad hoc basis and cannot 
be relied upon each year.
Investments held in portfolio at 30 June
2,799
5,761
Investments sold during the year
–
–
2,799
5,761
Dividends and distributions are brought to account on the dates that the securities trade ex-dividend. 
Demerger dividends arising from company de-consolidations are treated as a return of capital and not 
as a dividend.
c.	
Interest 
Milton earns interest on its cash, term deposits and other liquid assets.
Interest from deposits and cash
377
1,478
   377
1,478
Interest on cash and term deposits is brought to account on an accruals basis. Interest on other liquid securities 
is recognised on the date these securities trade ex-dividend.
d.	 Net gains from trading portfolio 
Net gains from trading portfolio
1,016
789
Trading securities are recognised initially at cost and subsequently measured at fair value. Changes in fair value 
are taken directly through the income statement. 
Dividends from trading securities are brought to account on the dates the securities trade ex-dividend.

Notes to the Consolidated Financial Statements 
continued
Key Numbers
28
Milton Corporation Limited  Annual Report 2021
2.	
Tax
This note provides analysis of Milton’s income tax expense, shows amounts that are recognised directly in equity and 
how the tax expense is affected by non-assessable and non-deductible items. The note also details the deferred tax 
assets and liability balances and their movements.
2021
$’000
2020
$’000
a.	
Reconciliation of Income Tax Expense to prima facie tax payable
Profit before income tax 
98,251
122,259
Prima facie income tax expense calculated at 30% on the profit 
before income tax expense
29,476
36,678
Increase (decrease) in income tax expense due to:
Tax offset for franked dividends 
(23,930)
(30,823)
(Over) provision in prior year
(557)
(792)
Other differences
883
239
Income tax expense on profit 
5,872
5,302
b.	 Tax expense composition 
Current tax on profits for the year 
5,497
5,857
(Over) provision in prior year
(557)
(792)
Decrease (increase) in deferred tax assets (note 2c) 
49
(2)
Increase in deferred tax liabilities (note 2d) 
883
239
5,872
5,302
c.	
Deferred tax assets 
The balance comprises temporary differences attributable to:
Provisions
127
279
Share issue expenses
4
–
Other
112
13
Total deferred tax assets
243
292
Movements:
Balance at 1 July
292
294
(Charged) credited to the income statement
(49)
2
(Charged) to equity
–
(4)
Balance at 30 June
243
292
To be recovered within 12 months
91
39
To be recovered after more than 12 months
152
253
243
292

29
www.milton.com.au
ASX:  MLT
2021
$’000
2020
$’000
d.	 Deferred tax liabilities
The balance comprises temporary differences attributable to:
Amounts recognised directly in equity:
Revaluation of investments
539,441
289,876
Realised capital losses
(15,363)
(16,529)
Amounts recognised in profit:
Gains on scrip for scrip rollovers 
21,399
16,045
Income receivable which is not assessable for tax until receipt
416
333
545,893
289,725
Movements:
Balance at 1 July
289,725
416,657
Charged to income statement
883
239
Charged (credited) to other comprehensive income
255,285
(127,171)
Balance at 30 June
545,893
289,725
To be settled beyond 12 months
545,893
289,725
The income tax expense for the year is the tax payable on the current year’s taxable income based on the current 
income tax rate applicable for the year adjusted by changes in deferred tax assets and liabilities attributable to 
temporary differences and any unused tax losses.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable 
that future taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when 
the assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted. 
The relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to 
measure the deferred tax asset or liability.
Milton Corporation Limited (the parent entity) and its wholly-owned subsidiaries have formed an income tax 
consolidated group. Each entity in the group recognises its own current and deferred tax, except for any deferred 
tax assets arising from unused tax losses from subsidiaries, which are immediately assumed by the parent entity. 
The current tax liability of each group entity is subsequently assumed by the parent entity. There is no tax funding 
agreement between Milton Corporation Limited and its subsidiaries.
Deferred tax balances attributable to revaluation amounts are recognised directly in equity through the asset 
revaluation reserve. 
e.	
Offsetting deferred tax balances: 
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and 
liabilities. Deferred tax assets from realised capital losses are offset against deferred tax liabilities from unrealised 
capital gains.
Deferred tax liabilities have been recognised for capital gains tax on the unrealised gains in the investment portfolio 
at current tax rates. As Milton does not intend to dispose of the investment portfolio this tax may not be payable at 
the amount disclosed in Note 2d above. Any tax liability that may arise on disposal of investments is subject to tax 
legislation relating to the treatment of capital gains and the applicable tax rate at the time of disposal.

Notes to the Consolidated Financial Statements 
continued
Key Numbers
30
Milton Corporation Limited  Annual Report 2021
2.	
Tax (continued)
Deferred tax assets relating to carried forward capital losses have been recognised based on current tax rates. 
Utilisation of the tax losses requires the realisation of capital gains in subsequent years and the ability to satisfy certain 
tests at the time the losses are recouped. The deferred tax assets related to carried forward capital losses have been 
offset against the related deferred tax liabilities as disclosed in Note 2d.
3.	
Earnings Per Share
2021
Cents
2020
Cents
Basic earnings per share
13.73
17.45
$’000
$’000
Profit attributable to shareholders of the parent entity
92,379
116,957
No. of Shares
No. of Shares
Weighted average number of ordinary shares used in the calculation 
of basic earnings per share
672,708,732
670,366,099
Diluted earnings per share and basic earnings per share are the same because there are no potential dilutive ordinary 
shares.
4.	
Dividends Paid
2021
$’000
2020
$’000
a.	
Recognised in the current year
An ordinary final dividend of 8.5 cents per share in respect of the 2020 
financial year paid on 2 September 2020 (2020: Ordinary final dividend of 
10.4 cents per share paid on 3 September 2019)
57,063
69,572
An ordinary interim dividend of 5.75 cents per share paid on 4 March 2021 
(2020: 9.0 cents per share paid on 5 March 2020)
38,670
60,323
95,733
129,895
Dividends paid in cash
87,235
118,607
Dividends reinvested in shares 
8,498
11,288
95,733
129,895

31
www.milton.com.au
ASX:  MLT
2021
$’000
2020
$’000
b.	 Not recognised in the current year 
Since the end of the financial year, the directors declared an ordinary final 
dividend in respect of the 2021 year of 8.0 cents per share payable on 
14 September 2021 (2020: ordinary final dividend of 8.5 cents per share 
paid on 2 September 2020)
53,938
57,063
5.	
Dividend Franking Account
2021
$’000
2020
$’000
The amount of franking credits available to shareholders for the subsequent 
financial year, adjusted for franking credits that will arise from the payment of 
the current tax liability and franked dividend receivable
121,416
122,864
Subsequent to year end, the franking account will be reduced by the 
proposed final dividend to be paid on 14 September 2021 (2020: final dividend 
paid on 2 September 2020)
(23,116)
(24,455)
98,300
98,409
The franking account balance would allow Milton to frank additional dividend payments up to an amount of 
$229,367,362 (2020: $229,621,193) which represents 34 cents per share (2020: 34 cents per share).
6.	
Listed Investment Company capital gains account 
2021
$’000
2020
$’000
Balance of the Listed Investment Company (LIC) capital gains account 
available to shareholders for the subsequent financial year
1,688
1,655
Distributed LIC capital gains may entitle certain shareholders to a special deduction in their income tax return. LIC 
capital gains available for distribution are dependent upon the disposal of investment portfolio holdings, which qualify 
for LIC capital gains and the receipt of LIC capital gain distributions.

32
Milton Corporation Limited  Annual Report 2021
Notes to the Consolidated Financial Statements 
continued
Assets
7.	
Investment in equity instruments 
Milton is predominantly a long term investor in companies and trusts listed on the Australian Securities Exchange.
2021
$’000
2020
$’000
Investments – non-current
Quoted investments – at fair value
3,580,934
2,705,785
Unquoted investments – at fair value
415
374
3,581,349
2,706,159
a.	
Included in quoted investments are:
Shares in other corporations
3,330,385
2,476,375
Stapled securities in other corporations
250,549
229,410
3,580,934
2,705,785
b.	 Included in unquoted investments are:
Units in trusts
415
374
Investments are recognised initially at cost and Milton has made an irrevocable election to present subsequent 
changes in fair value of equity instruments in other comprehensive income through the asset revaluation reserve after 
deducting a provision for the potential deferred capital gains tax liability as these investments are long term holdings 
of equity instruments.
Quoted investments are valued continuously at fair value, which is determined by the unadjusted last-sale price 
quoted on the Australian Securities Exchange at the measurement date. Use of unadjusted last sale price in an active 
market such as the Australian Securities Exchange falls within the Level 1 fair value hierarchy of measuring fair value 
under AASB 13.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred 
and the consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no 
reasonable expectation of recovering part or all of a financial asset, its carrying value is written off.
2021
$’000
2020
$’000
c.	
Investments disposed of during the year
The disposals occurred in the normal course of Milton’s operations as a 
listed investment company or as a result of takeovers or mergers.
Fair value at disposal date
Equity investments
59,298
276,270
Gains on disposal after tax
Equity investments
10,244
8,115
When an investment is disposed, the cumulative gain or loss, net of tax thereon is transferred from the asset 
revaluation reserve to the capital profits reserve as disclosed in Note 12.

33
www.milton.com.au
ASX:  MLT
8.	
Investment in joint venture entities 
Milton has a long history of investing in property development joint ventures. Wholly owned subsidiaries of Milton 
have investments in separate joint venture entities that have non-controlling interests in three property development 
joint venture partnerships.
2021
$’000
2020
$’000
a.	
Contribution from joint venture entities
Milton has interests in the following joint venture entities:
33.33% interest in the Ellenbrook Syndicate Joint Venture contribution 
to operating profit before tax (2020: 33.33%)
2,224
1,213
23.33% interest in The Mews Joint Venture contribution to operating 
profit before tax (2020: 23.33%)
207
85
50% interest in the LWP Huntlee Syndicate No 2 Joint Venture 
(2020: 50%)
100
(410)
Write back of provision for diminution in value 
543
–
Share of net profits of joint ventures
3,074
888
b.	 Consolidated interest in the assets and liabilities 
of the joint venture entities
Current assets
12,506
12,612
Non-current assets
17,217
19,310
Current liabilities
(1,442)
(2,696)
Non-current liabilities
(4,501)
(3,974)
23,780
25,252
Provision for diminution in value
–
(543)
Net assets
23,780
24,709
Under AASB 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint 
ventures based on rights and obligations arising from the joint arrangement rather than the legal structure of the joint 
arrangement.
Each joint venture partnership agreement provides that partners have rights to the net assets of the partnership. 
Accordingly, Milton has assessed the nature of its joint arrangements and determined that all current interests are joint 
ventures and thus accounted for using the ‘Equity Method’.
Under the ‘Equity Method’, Milton’s investments in joint ventures are valued initially at cost and periodically adjusted 
for changes in value due to Milton’s share in the joint ventures’ income or losses, distributions and any call payments.

34
Milton Corporation Limited  Annual Report 2021
Notes to the Consolidated Financial Statements 
continued
Assets
8.	
Investment in joint venture entities (continued)
c.	
Contingencies and capital commitments
Guarantee facility by parent company
Milton agreed to provide a guarantee subject to a maximum of $10 million to Bankwest to support a repayment 
of a principal amount on a loan payable on 30 June 2022 (or on a later agreed date) by a joint venture in which 
LWP Huntlee Syndicate No 2 has a 23.75% interest. 
This facility, which is on commercial terms, is secured by a second ranking mortgage over the real property of 
the joint venture as well as guarantees provided by other related entities of the joint venture. As at 30 June 2021 
Milton’s contingent liability amounted to $10 million (30 June 2020: $10 million).
Other than the above, the directors are not aware of any material contingent liabilities, contingent assets or 
capital commitments as at 30 June 2021.
9.	
Cash 
Cash include cash at bank, deposits with banks or financial institutions and term deposits maturing within three 
months or less.
2021
$’000
2020
$’000
Cash at bank 
3,142
6,034
Deposits at call
39,964
38,035
Term deposits
36,000
70,000
79,106
114,069
The weighted average interest rate for cash and deposits at call as at 30 June 2021 is 0.4% p.a. (2020: 0.2% p.a.). 
The weighted average interest rate of term deposits as at 30 June 2021 is 0.4% (2020: 1.4%) with an average term of 
6.8 months (2020: 4.5 months). 
10.	
Receivables 
2021
$’000
2020
$’000
a.	
Receivables – current
Dividends receivable 
13,677
10,523
Interest receivable
67
258
Sundry debtors
131
157
13,875
10,938
b.	 Terms and conditions	
Sundry debtors are due within 30 days and no interest is charged.

35
www.milton.com.au
ASX:  MLT

Capital Management
11.	
Share capital 
Milton may offer shareholders the opportunity to increase their holdings by participation in the Share Purchase Plan 
and in the Dividend Reinvestment Plan. Milton may also increase its capital through renounceable rights issues and 
acquisition of investment companies with the consideration being the issue of Milton shares.
All capital consists of fully paid ordinary shares which are listed on the ASX and carry one vote per share and equal 
rights to receive dividends. 
Movement in share capital
2021
No. of Shares
2021
$’000
2020
No. of Shares
2020
$’000
Opening balance
671,326,397
1,644,321
668,963,092
1,633,055
Acquisition of unlisted investment companies 
972,243
5,387
–
–
Dividend Reinvestment Plan(1)
1,931,724
8,498
2,363,305
11,288
Less: Transaction costs (net of tax)
–
(32)
–
(22)
Closing balance
674,230,364
1,658,174
671,326,397
1,644,321
1	
Milton’s Dividend Reinvestment Plan (DRP) offers shareholders the option to reinvest all or part of their dividend in new ordinary 
shares. In the 2021 financial year, Milton issued 1,203,381 new shares in September 2020 and 728,343 new shares in March 
2021 under the DRP (2020:1,288,011 issued in September 2019 and 1,075,294 issued in March 2020). 
12.	
Reserves 
Nature and purpose of reserves 
Changes in fair value of investments are presented in other comprehensive income through the asset revaluation 
reserve as referred to in Note 7. Upon disposal of long-term investments, the realised gain or loss, net of any tax 
expense or benefit, is transferred from the asset revaluation reserve and recorded in the capital profits reserve. 
2021
$’000
2020
$’000
a.	
Asset revaluation reserve 
Opening balance 
661,034
969,156
Revaluation of investments net of provision for tax 
578,306
(300,007)
Net realised (gains)
(10,244)
(8,115)
1,229,096
661,034
b.	 Capital profits reserve 
Opening balance 
74,263
66,148
Net realised gains 
10,244
8,115
84,507
74,263

36
Milton Corporation Limited  Annual Report 2021
Notes to the Consolidated Financial Statements 
continued
Risk
This section of the notes discusses Milton’s exposure to various risks and shows how these could affect Milton’s financial 
position and performance. 
13. 	
Critical accounting estimates, judgements and assumptions
Judgements, estimates and assumptions are required to prepare financial statements. 
Apart from the items mentioned below, there are no key assumptions or sources of estimation uncertainty that have 
a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
i)	
Deferred tax liabilities from unrealised capital gains are offset against deferred tax assets from realised capital 
losses as disclosed in Note 2e. 
ii)	
Classification of joint arrangements as joint ventures as disclosed in Note 8. 
14.	
Management of financial risk
The risks associated with the financial instruments, such as investments and cash, include credit, market and liquidity 
risks which could affect Milton’s future financial performance. 
The Board has approved policies and procedures to manage these risks. The effectiveness of these policies and 
procedures is continually reviewed by management and annually by the Audit & Risk Committee.
a.	
Credit risk exposures
Milton’s principal credit risk exposures arise from the investment in liquid assets, such as cash, bank term deposits 
and income receivable.
The risk that financial loss will occur because a counterparty to a financial instrument fails to discharge an 
obligation is known as credit risk. The credit risk on Milton’s financial assets, excluding investments, is the carrying 
amount of those assets.
Individual bank limits have been approved by the board for the investment of cash. Cash is invested for the short 
to medium term with major Australian banks which have a Standards and Poor’s short term rating of A2 and 
above.
Income receivable comprises accrued interest and dividends and distributions which were brought to account 
on the date the shares or units traded ex-dividend.
There are no financial instruments overdue.
All financial assets and their recoverability are continuously monitored by management and reviewed by the 
board on a quarterly basis.
b.	 Market risk
Market risk is the risk that changes in market prices will affect the fair value of the financial instrument. The 
fair value of the quoted investments is determined by the unadjusted last sale price quoted on the Australian 
Securities Exchange at the measurement date.
Milton is exposed to market risk through the movement of the security prices of the companies and trusts in 
which it is invested.
The market value of individual companies fluctuates daily and the fair value of the portfolio changes 
continuously, with this change in the fair value recognised through the asset revaluation reserve. 

37
www.milton.com.au
ASX:  MLT
Investments represent 97% (2020: 94%) of total assets. A 5% movement in the market value of investments in each 
of the companies and trusts within the portfolio would result in a 4.8% (2020: 4.7%) movement in the net assets 
before provision for tax on unrealised capital gains at 30 June 2021. The net asset backing before provision for tax 
on unrealised capital gains would move by 27 cents per share at 30 June 2021 (2020: 20 cents at 30 June 2020).
Milton’s management continuously monitors the performance of the companies within its portfolio and makes 
portfolio recommendations which are considered by the Investment Committee. The Milton board reviews the 
portfolio on a quarterly basis.
Milton is not directly exposed to foreign currency risk as all its investments are quoted in Australian dollars.
The fair value of Milton’s other financial instruments are unlikely to be materially affected by a movement in interest 
rates as they generally have short dated maturities and variable interest rates.
c.	
Liquidity risk
Liquidity risk is the risk that Milton is unable to meet its financial obligations as they fall due.
Milton manages liquidity risk by monitoring forecast and actual cashflows. All accounts payable are due and 
payable within 1-3 months.
15.	
Capital risk management
The parent entity invests its equity in a diversified portfolio of assets with the objective of generating a growing 
income stream for distribution to shareholders in the form of fully franked dividends.
The capital base is managed to ensure there are funds available for investment as opportunities arise. Capital may be 
increased through the issue of shares under the Share Purchase Plan and the Dividend Reinvestment Plan. Shares 
may also be issued through renounceable rights issues and as consideration for acquisition of other investment 
companies.

38
Milton Corporation Limited  Annual Report 2021
Notes to the Consolidated Financial Statements 
continued
Group Structure
16.	
Subsidiaries
Investments in subsidiaries are carried at net asset value which approximates fair value of the controlled entities. 
Income from dividends is brought to account when they are declared.
The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using 
consistent accounting policies.
a.	
Basis of Consolidation 
The consolidated financial statements include the financial statements of Milton being the parent entity and its 
subsidiaries. The balances and effects of transactions between subsidiaries included in the consolidated financial 
statements have been eliminated in full.
Where entities have come under the control of the parent entity during the year, their operating results have 
been included in the group from the date control was obtained. Entities cease to be consolidated from the date 
on which control is transferred out of the group and the consolidated financial statements include the result for 
the part of the reporting period during which the parent entity had control.
b.	 Milton Corporation Limited’s subsidiaries
The following subsidiaries have been included in the consolidated financial statements. The parent entity and all 
subsidiaries are incorporated in Australia:
Percentage of Interest held
2021
%
2020
%
85 Spring Street Properties Pty Ltd
100
100
Chatham Investment Co. Pty Limited 
100
100
Incorporated Nominees Pty Limited
100
100
Milhunt Pty Limited
100
100
ACN007531240 Pty Limited
–
100
Kay Harrison Pty Limited
100
–
c.	
Acquisition and disposal of subsidiaries
Milton acquired 100% shares on an unlisted investment company for a total consideration of 972,243 new Milton 
shares with a fair value of $4,695,934 in April 2021. ACN 007531240 Pty Ltd acquired in 2019  was placed into 
voluntary liquidation during the year.
(2020: Unlisted investment company Kembar Pty Ltd acquired in February 2019 was placed into voluntary 
liquidation). 
 d. 	 Business Combinations
The acquisition method of accounting has been used to account for all business combinations. The business 
combinations have been accounted from the date Milton attained control of the subsidiaries. The considerations 
transferred for the acquisitions comprise the fair values of the identifiable assets transferred and the liabilities 
assumed.
Costs related to the acquisitions, other than those associated with the issue of equity securities, are expensed to 
the consolidated income statement as incurred.

39
www.milton.com.au
ASX:  MLT
Other Information
17.	
Related party transactions
2021
$’000
2020
$’000
a.	
Directors and Key Management Personnel compensation
Short-term benefits
1,437
1,414
Other long-term benefits
5
4
Post-employment benefits
102
101
Share-based payments
106
107
1,650
1,626
Information regarding individual directors’ and executives’ compensation and equity instruments disclosures, 
as permitted by Corporations Regulations 2M.3.03, are provided in the Remuneration Report section of the 
Directors’ Report on pages 12 to 18.
b.	 Shareholdings of non–executive directors and their related parties – number of shares held
Non-executive directors and their related parties held 5.6% (2020: 5.6%) of the voting power of Milton as at year 
end. All shares acquired by non-executive directors and their related parties during the year were purchased 
on an arm’s length basis. Movements in the number of shares held are given below. There were no amounts 
outstanding from or due to any non-executive director or their related parties as at 30 June 2021.
2021
No of shares
2020
No of shares
Number of shares at beginning of the year
37,842,095
37,397,579
Acquired during the year
10,000
444,516
Number of shares held at end of year
37,852,095
37,842,095
c.	
Loans to key management personnel and their related parties
Details regarding loans outstanding at the reporting date to key management are as shown below. 
No loans were granted to related parties of any key management personnel.
2021
$
2020
$
Balance at beginning of the year 
2,095,698
1,567,499
Loans advanced 
1,434,082
602,009
Loans repaid 
(60,485)
(73,810)
Balance at end of the year 
3,469,295
2,095,698
Notional interest
106,195
107,196
Notional interest is based on the applicable FBT benchmark interest rate for the year which averaged 4.73% 
(2020: 5.20%).

40
Milton Corporation Limited  Annual Report 2021
Notes to the Consolidated Financial Statements 
continued
Other Information
17.	
Related party transactions (continued)
The loans are advanced to key management personnel in accordance with the Senior Staff Share Plan (SSSP) as 
disclosed in Note 18b. Loans to individual key management personnel are disclosed in the remuneration report on 
page 17. 
d.	 Other related party transactions
All directors have entered into the Deed of Indemnity, Insurance and Access that was approved at the Annual 
General Meeting held on 10 October 2000. Milton has a Remuneration and Retirement Benefits Deed with 
Mr R.D. Millner and Dr I.A. Pollard. During the 30 June 2004 year, Milton and the directors varied the Remuneration 
and Retirement Benefits Deed, whereby the maximum retirement benefit payable to a non–executive director on 
retirement will be the provision for the director as at 30 June 2003. Apart from the details disclosed in this note no 
director has entered into a material contract with the parent entity or Milton since the end of the previous financial 
year and there were no material contracts involving directors’ interests subsisting at the end of the year.
e.	
Loans to and from subsidiaries
Loans have been made between the parent entity and wholly owned subsidiaries for capital transactions.
The loans between the parent and its subsidiaries have no fixed date of repayment and are non–interest bearing.
2021
$
2020
$
Amounts owed by (to) subsidiaries at beginning of the year
1,739,060
(12,959,503)
Loans advanced from subsidiaries 
(9,412,135)
(967,649)
Loans advanced to subsidiaries 
27,057,886
15,666,212
Amounts owed by (to) subsidiaries at end of the year
19,384,811
1,739,060
 
18.	
Share based payments
Under the Employee Share Plan, shares are acquired for employees as part of their remuneration and the cost of the 
shares is recorded under employment costs.
Under the Senior Staff Share Plan, shares are acquired for eligible employees as part of their remuneration and held 
on their behalf by the trustee of the Plan. The purchase of the Plan Shares is financed by a loan from Milton. 
a.	
Employee Share Plan
The Employee Share Plan (“ESP”) is available to all eligible employees to acquire ordinary shares in Milton in 
lieu of a cash bonus of up to $1,000 per year as part of the employee’s remuneration. The transaction and 
administration costs of acquiring the shares and administering the plan are paid by Milton.
During the year 470 shares (2020:414 shares) were acquired by Milton on behalf of eligible employees under the 
ESP at a cost of $2,080 (2020: $2,088) with a total market value at 30 June 2021 of $2,961. Any shares acquired 
cannot be disposed of or transferred until the earlier of 3 years from the date of issue or acquisition or on the 
date that the employee’s employment ceases with Milton.

41
www.milton.com.au
ASX:  MLT
b.	 Senior Staff Share Plan
The Senior Staff Share Plan (“SSSP”) was approved by shareholders at Milton’s Annual General Meeting on 
9 October 2001. Eligible employees are given the opportunity to apply for Plan Shares in Milton which are 
subscribed for or acquired and held on their behalf by the trustee of the plan. The purchase of these Plan Shares 
is financed by an interest–free limited recourse loan from Milton with recourse only to Plan Shares. The loan 
will be repaid partially from any dividends received. Milton administers the SSSP and meets the transactional and 
administration costs.
The trustee of the plan on behalf of eligible employees acquired 254,000 shares (2020: 210,000 shares) at a cost 
of $1,056,419 (2020: $1,011,375) in relation to 2020 financial year and 234,000 shares in relation to 2021 financial 
year at a cost of $1,357,153. The shares acquired by the trustee during the year had a market value of $3,074,400 
at $6.30 per share as at 30 June 2021. The SSSP loan receivable balance from eligible employees as at 30 June 
2021 was $5,870,932 (2020: $4,117,515).
Any shares acquired are held in the name of the trustee and classified as Restricted Shares, which cannot 
become Unrestricted Shares until the earlier of 3 years from the date of issue to the trustee or acquisition by the 
trustee or on the date that the employee’s employment ceases with Milton. The trustee may transfer Unrestricted 
Shares to the participant provided that any outstanding loan has been repaid in full.
19.	
Auditors Remuneration
2021
$’000
2020
$’000
Auditors of the company
Audit and review services
123
119
Related practice of the auditor
Agreed upon procedures 
17
–
Other services
–
7
140
126

42
Milton Corporation Limited  Annual Report 2021
Notes to the Consolidated Financial Statements 
continued
Other Information
20.	
Parent entity disclosures
In accordance with the Corporations Amendment (Corporate Reporting Reform) Act 2010 and the Corporations Act 
2001 the following summarised parent entity information is set out below.
As at 30 June 2021, and throughout, the financial year ended 30 June 2021 the parent entity was Milton Corporation 
Limited.
2021
$’000
2020
$’000
Profit of the parent entity
Profit for the year
90,681
116,252
Total comprehensive income for the year
670,685
(183,050)
Financial position of the parent entity as at 30 June 
Current assets
93,606
125,394
Non-current assets
3,618,850
2,743,474
Total assets
3,712,456
2,868,868
Current liabilities
(1,324)
(2,580)
Non-current liabilities
(548,560)
(292,521)
Total liabilities
(549,884)
(295,101)
Net assets
3,162,572
2,573,767
Total equity of the parent entity comprising
Issued capital
1,658,174
1,644,321
Capital profits reserves
93,092
82,848
Asset revaluation reserve
1,286,473
716,713
Retained profits
124,833
129,885
Total equity attributable to shareholders of the parent entity
3,162,572
2,573,767
21.	
Summary of other accounting policies
a.	
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting 
Standards, Australian accounting interpretations, other authoritative pronouncements of the Australian 
Accounting Standards Board, the Corporations Act 2001 and complies with International Financial Reporting 
Standards (IFRS).
Accounting policies adopted in the preparation of these financial statements have been consistently applied to all 
the years presented, unless otherwise stated. The financial statements include the consolidated entity (“Milton”) 
consisting of Milton Corporation Limited and its subsidiaries. Milton is a ‘for–profit’ entity.
These financial statements have been prepared on an accruals basis and are based on the historical cost basis 
except as modified by the revaluation of certain financial assets and liabilities measured at fair value.

43
www.milton.com.au
ASX:  MLT
New and amended standards adopted:
There are no other new standards, interpretations or amendments to existing standards that are effective for the 
first time for the financial year beginning 1 July 2020 that have a material impact on the amounts recognised in 
the prior periods or will affect the current or future periods.  
New and amended standards not adopted: 
New standards, amendments to standards and interpretations that are effective for annual periods beginning 
on or after 1 Jan 2021 have not been early adopted in preparing these financial statements. None of these are 
expected to have a material effect on the financial statements of Milton.
b. 	 Rounding of amounts
Unless otherwise stated under the option available in ASIC Corporations (Rounding in Financial/Directors’ 
Reports) Instrument 2016/191, the financial statements are presented in Australian dollars and all values are 
rounded to the nearest thousand dollars ($’000). 
c. 	 Operating segments
The consolidated entity operates in Australia and engages in investment as its principal activity. As such Milton 
considers the business to have a single operating segment. 
d. 	 Property, plant and equipment 
Property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes 
expenditure that is directly attributable to the acquisition of the assets.
Subsequent costs are included in the asset’s carrying value 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 Milton consolidated 
group, and that the cost of the item can be measured reliably.
All other repairs and maintenance costs are charged to the income statement during the reporting period in 
which they are incurred.
The depreciable amount of all fixed assets including building, but excluding freehold land, is depreciated 
commencing from the time the asset is held ready for use. Depreciating is calculated on straight line basis to 
write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful 
lives as follows:
Building	
	
40 years
Plant and equipment	
2–15 years
The assets residual values and useful lives are reviewed, and adjusted if appropriate, at each financial year-end.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount 
is greater than its recoverable amount.
Gains and losses on disposals determined by comparing proceeds with carrying amounts are included in the 
income statement.

44
Milton Corporation Limited  Annual Report 2021
Notes to the Consolidated Financial Statements 
continued
Other Information
22.	
Cash flow information
2021
$’000
2020
$’000
a.	
Reconciliation of net profit to net cash provided 
by operating activities
Net profit 
92,379
116,957
Share of net profits of joint ventures – equity accounted
(3,074)
(888)
Distributions received from joint venture entities 
4,003
967
Merger and acquisition related costs 
441
–
Depreciation of non-current assets
171
37
Decrease (Increase) in receivables
(2,869)
3,522
(Decrease) increase in payables and provisions
495
(274)
Increase in income taxes payable
233
753
Increase (decrease) in provisions
(5)
22
Net cash provided by operating activities
91,774
121,096
b. 	 Non–cash financing and investing activities
Milton acquired an unlisted investment company through an issue of 972,243 new Milton shares with a total fair 
value of $4,695,934 during the year ended 30 June 2021 (2020: Nil)..  
23.	
Contingent liabilities 
Contingent liability relating to the interest servicing guarantee facility of $10 million provided on behalf of LWP 
Huntlee Syndicate No.2 joint venture as disclosed in Note 8c. 
Milton has engaged Greenhill and Co. Australia Pty Limited (Greenhill) to provide financial advisory services in relation 
to the proposed merger with WHSP via a scheme of arrangement. In the event the merger is completed, a fee 
capped at $3,250,000 is payable to Greenhill (any retainer fees paid in the 12 months prior to the merger completion 
date will be rebated against this fee). The scheme of arrangement becomes complete when the scheme of 
arrangement becomes effective (estimated late September 2021).
Apart from the above, the directors are not aware of any other material contingent liabilities. 
24.	
Events subsequent to reporting date
Since the end of the financial year, the directors declared a fully franked ordinary final dividend of 8.0 cents per share  
payable on 14 September 2021.
Milton has entered into a Scheme Implementation Agreement with WHSP, under which it is proposed WHSP will 
acquire 100% of share capital in Milton it does not already own. The proposed Scheme implementation date is 
estimated to be in early October 2021. The Scheme Booklet including Notice of Scheme meeting and Independent 
Expert Report will be sent out to Milton shareholders in early August 2021. 
This financial report was authorised for issue in accordance with a resolution of directors on 11 August 2021. 
The directors have the power to amend and reissue the financial statements.

45
www.milton.com.au
ASX:  MLT
25.	
Holdings at Fair Value through Other Comprehensive Income at 30 June 2021
The following holdings are valued at fair value through Other Comprehensive Income.
2021
2020
Investments in equity instruments
Holding
Shares
Market 
value
$’000
Holding
Shares
Market 
value
$’000
AGL Energy Ltd.
3,570,141
29,275
3,570,141
60,871
ALS Ltd.
6,079,431
79,276
6,079,431
39,881
Altium Ltd.
318,500
11,686
318,500
10,345
Amcil Ltd.
280,927
343
–
–
Amcor PLC
3,218,512
48,696
2,433,512
35,237
Ampol Ltd.
394,000
11,115
394,000
11,552
APA Group
2,077,766
18,492
2,077,766
23,126
ARB Corporation Ltd.
911,065
39,349
911,065
16,354
Argo Investments Ltd.
2,010,741
17,956
1,880,841
13,523
ASX Ltd.
548,965
42,660
548,965
46,871
AUB Group Ltd.
1,292,991
28,950
1,292,991
19,007
Australia & New Zealand Banking Group Ltd.
11,110
313
–
–
Australian Foundation Investment Company Ltd.
198,059
1,549
470,513
2,865
BHP Group Ltd.
4,854,921
235,804
4,854,921
173,903
BKI Investment Company Ltd.
1,223,866
1,983
1,223,866
1,695
Brambles Ltd.
1,431,966
16,381
1,431,966
15,565
Brickworks Ltd.
3,234,567
81,091
3,234,567
51,203
Carlton Investments Ltd.
356,778
10,707
356,778
8,195
Carsales.com Ltd.
1,368,245
27,037
1,197,000
21,235
Charter Hall Group
2,556,000
39,669
2,556,000
24,768
Charter Hall Long WALE REIT
2,609,797
12,397
5,082,095
21,751
CIMIC Group Ltd.
845,739
16,729
845,739
20,399
Cleanaway Waste Management Ltd
11,710,000
30,914
11,250,000
24,750
Coca–Cola Amatil Ltd.
–
–
1,061,584
9,193
Cochlear Ltd.
33,800
8,506
33,800
6,386
Coles Group Ltd.
2,997,375
51,225
2,877,375
49,405
Commonwealth Bank of Australia
3,140,470
313,639
3,140,470
218,011
CSL Ltd.
601,198
171,456
601,198
172,544
Diversified United Investment Ltd.
130,607
678
130,607
552
Djerriwarrh Investments Ltd.
217,500
667
–
–
Eagers Automotive Ltd.
6,795,986
112,542
6,795,986
45,873
  
 
Holdings

46
Milton Corporation Limited  Annual Report 2021
Notes to the Consolidated Financial Statements 
continued
Holdings
2021
2020
Investments in equity instruments
Holding
Shares
Market 
value
$’000
Holding
Shares
Market 
value
$’000
Endeavour Group Ltd.
2,936,973
18,474
–
–
EQT Holdings Ltd.
759,524
20,811
593,954
14,700
Event Hospitality & Entertainment Ltd.
1,010,921
12,778
1,010,921
8,502
Finbar Group Ltd.
3,642,464
3,096
3,642,464
2,550
Goodman Group
1,690,376
35,785
1,690,376
25,102
Insurance Australia Group Ltd.
6,026,948
31,098
6,026,948
34,775
InvoCare Ltd.
2,050,914
23,729
2,050,914
21,494
IOOF Holdings Ltd.
3,303,924
14,108
2,575,014
12,669
IPH Ltd.
1,535,922
11,980
–
–
Johns Lyng Group Ltd.
9,110,796
46,465
1,950,000
4,583
Lendlease Group
972,539
11,145
972,539
12,030
Lindsay Australia Ltd.
13,341,599
5,003
13,341,599
4,670
Macquarie Group Ltd.
1,625,990
254,354
1,625,990
192,842
McMillan Shakespeare Ltd.
803,532
10,406
803,532
7,296
Magellan Financial Group Ltd.
280,800
15,124
25,000
1,450
Mirrabooka Investments Ltd.
43,600
156
–
–
National Australia Bank Ltd.
4,880,441
127,965
4,868,831
88,710
Origin Energy Ltd.
1,580,301
7,127
1,580,301
9,229
Pendal Group Ltd.
2,602,949
20,980
2,116,643
12,636
Perpetual Ltd.
1,231,982
49,341
1,231,982
36,553
Premier Investments Ltd.
590,321
16,853
590,321
10,183
Pro Medicus Limited
180,000
10,570
75,000
1,985
QBE Insurance Group Ltd.
–
–
789,375
6,994
Qube Holdings Ltd.
7,538,951
23,898
7,538,951
21,938
Ramsay Health Care Ltd.
225,283
14,182
225,283
14,986
REA Group Ltd.
92,309
15,603
92,309
9,958
Reece Ltd.
1,231,657
29,079
1,231,657
11,319
Rio Tinto Ltd.
669,120
84,737
669,120
65,547
Scentre Group
5,589,474
15,315
5,589,474
12,129
Schaffer Corporation Ltd.
68,999
1,466
68,999
911
Sims Ltd.
–
–
452,368
3,587
Sonic Healthcare Ltd.
940,707
36,123
940,707
28,626
Stockland Corporation Ltd
3,844,940
17,917
3,844,940
12,727

47
www.milton.com.au
ASX:  MLT
2021
2020
Investments in equity instruments
Holding
Shares
Market 
value
$’000
Holding
Shares
Market 
value
$’000
Suncorp Group Ltd.
3,218,120
35,753
3,218,120
29,703
Sydney Airport
4,874,629
28,224
4,874,629
27,639
Tank Stream Ventures
50,341
415
50,341
375
Technology One Ltd.
1,855,000
17,270
1,855,000
16,305
Telstra Corporation Ltd.
15,236,961
57,291
15,236,961
47,692
TPG Telecom Ltd.
3,148,725
19,711
3,148,725
28,024
Transurban Group Ltd.
5,815,153
82,750
5,815,153
82,168
Treasury Wine Estates Ltd.
1,206,363
14,090
1,206,363
12,643
Tuas Limited
1,574,363
1,015
1,574,363
1,063
Washington H. Soul Pattinson & Company Ltd.
9,174,640
309,461
9,174,640
179,181
Wesfarmers Ltd.
2,877,375
170,053
2,877,375
128,993
Westpac Banking Corporation
9,994,212
257,951
9,985,458
179,239
Woodside Petroleum Ltd.
1,288,838
28,625
1,288,838
27,903
Woolworths Group Ltd.
2,936,973
111,987
2,936,973
109,490
3,581,349
2,706,159

48
Milton Corporation Limited  Annual Report 2021
1.	
In the opinion of the directors of Milton Corporation Limited:
(a)	 the consolidated financial statements and notes that are set out on pages 21 to 47 and the Remuneration report, that 
is set out on pages 12 to 18 in the Directors’ report are in accordance with the Corporations Act 2001, including:
(i)	
giving a true view of the consolidated entity’s financial position as at 30 June 2021 and of its performance for the 
financial year ended on that date; 
(ii)	 complying with Australian Accounting Standards and the Corporations Regulations 2001; 
(iii)	 complying with International Accounting Standards as issued by the International Accounting Standards Board as 
described in Note 21a to the financial statements; and 
(b)	 there are reasonable grounds to believe that Milton Corporation Limited will be able to pay its debts as and when 
they become due and payable.
2.	
The directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the chief 
executive officer and chief financial officer for the financial year ended 30 June 2021.
Signed in accordance with a resolution of the directors.
G.L. CRAMPTON	
B.J. O’DEA
Chairman – Audit & Risk Committee	
Managing Director
Sydney, 11 August 2021
Directors’ Declaration
for the year ended 30 June 2021

49
www.milton.com.au
ASX:  MLT
Independent Auditor’s Report
Independent Auditor’s Report
to the Members of Milton Corporation Limited
ABN 18 000 041 421
Report on the Audit of the Financial Report
Opinion 
We have audited the financial report of Milton Corporation Limited (“the Company”) and its controlled entities (“the Group”), 
which comprises the consolidated statement of financial position as at 30 June 2021, the consolidated income statement, 
the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated 
statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant 
accounting policies, and the Directors’ declaration. 
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including:
i.	
giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its financial performance for the 
year then ended; and  
ii.	
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion 
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards 
are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are 
independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the 
ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional 
Accountants (including Independence Standards) (“the Code”) that are relevant to our audit of the financial report in Australia. 
We have also fulfilled our other ethical responsibilities in accordance with the Code. 
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the Directors 
of the Company, would be in the same terms if given to the Directors as at the time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

50
Milton Corporation Limited  Annual Report 2021
Independent Auditor’s Report
continued
Key audit matter
How our audit addressed the matter
Existence and Valuation of investments in equity instruments and related movement in reserves
Refer to Note 2(d): Deferred tax liabilities, Note 7: Investments in equity instruments and Note 12: Reserves
At 30 June 2021, the Group’s statement of financial 
position includes investments in equity instruments 
of $3,581,349,000, an asset revaluation reserve of 
$1,229,096,000 and a deferred tax liability recognised in 
relation thereto of $545,893,000.
Listed investments are valued continuously at fair value, 
which is determined by the unadjusted last-sale price 
quoted on the Australian Securities Exchange. Changes 
in fair value of equity instruments are recognised in other 
comprehensive income through the asset revaluation 
reserve after deducting a provision for the potential 
deferred capital gains tax liability, as investments are long 
term holdings of equity instruments.
Given the significance of the balances, the key audit 
matters for us were whether the Group has accurately 
recorded the above balances and the movement in the 
past 12 months and has ownership of the investments at 
year end.
Our procedures included, amongst others:
	
a
Documenting our understanding of management’s 
processes and relevant controls;
	
a
Testing relevant controls relating to the portfolio 
revaluation are performed monthly by management;
	
a
Confirming the recording and ownership of a sample 
of investments and transactions during the year by 
agreeing the SRN/HIN numbers to share registry 
holding statements online and to the books and 
records of the Group;
	
a
Analysing and testing the movement in investments 
by performing tests of controls and test details on 
purchases and disposals during the period; 
	
a
Testing management’s calculation of the revaluation 
of investments and the corresponding deferred 
income tax effect; and
	
a
Assessing the adequacy of disclosures in the financial 
report.
Other Information 
The Directors are responsible for the other information. The other information comprises the information included in the 
Group’s annual report for the year ended 30 June 2021 but does not include the financial report and our auditor’s report 
thereon. 
Our opinion on the financial report does not cover the other information and accordingly we do not express any form of 
assurance conclusion thereon. 
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, 
consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the 
audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are 
required to report that fact. We have nothing to report in this regard. 
Key Audit Matters 
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial 
report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and 
in forming our opinion thereon, and we do not provide a separate opinion on these matters.  

51
www.milton.com.au
ASX:  MLT
Responsibilities of the Directors for the Financial Report 
The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view 
in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the 
Directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free 
from material misstatement, whether due to fraud or error. 
In preparing the financial report, the Directors are responsible for assessing the ability of the Group to continue as a going 
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless 
the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. 
Auditor’s Responsibilities for the Audit of the Financial Report 
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material 
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance 
is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Australian Auditing 
Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are 
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of this financial report. 
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain 
professional scepticism throughout the audit. We also:  
	
a
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and 
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide 
a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one 
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of 
internal control. 
	
a
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate 
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal 
control. 
	
a
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related 
disclosures made by the Directors. 
	
a
Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the 
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant 
doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are 
required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures 
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our 
auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
	
a
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the 
financial report represents the underlying transactions and events in a manner that achieves fair presentation.
	
a
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities 
within the Group to express an opinion on the financial report. We are responsible for the direction, supervision and 
performance of the Group audit. We remain solely responsible for our audit opinion..
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and 
significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding 
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on 
our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

52
Milton Corporation Limited  Annual Report 2021
Independent Auditor’s Report
continued
From the matters communicated with the Directors, we determine those matters that were of most significance in the audit 
of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s 
report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we 
determine that a matter should not be communicated in our report because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest benefits of such communication.  
Report on the Remuneration Report
Opinion on the Remuneration Report 
We have audited the Remuneration Report included in pages 12 to 18 of the Directors’ report for the year ended 30 June 
2021. In our opinion, the Remuneration Report of Milton Corporation Limited, for the year ended 30 June 2021, complies 
with section 300A of the Corporations Act 2001.  
Responsibilities 
The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in 
accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration 
Report, based on our audit conducted in accordance with Australian Auditing Standards.  
S.S. Wallace	
PITCHER PARTNERS
Partner	
Sydney
11 August 2021

53
www.milton.com.au
ASX:  MLT
Directors	
R. D. MILLNER
Chairman	
G. L. CRAMPTON	
K. J. ELEY	
J. E. JARVINEN	
I. A. POLLARD	
Management
B. J. O’DEA
CEO and Managing Director
D.N. SENEVIRATNE
CFO and Secretary
Registered Office & 
Principal Place of Business	 
Level 5, 261 George Street
Sydney NSW 2000	
Phone: 	 (02) 8006 5357
Fax: 	
(02) 9251 7033
Email: 	
general@milton.com.au
Website: 	www.milton.com.au	
Auditors
Pitcher Partners
Level 16, Tower 2
201 Sussex Street
Sydney NSW 2000
Website:	 www.pitcher.com.au
Share Registry
Link Market Services Limited
Locked Bag A14
Sydney South NSW 1235
Phone: 	 (02) 8280 7111
Fax: 	
(02) 9261 8489 
Toll free: 	 1800 641 024
Email: 	
milton@linkmarketservices.com.au
Website: 	www.linkmarketservices.com.au
Corporate Directory
Milton Corporation Limited

54
Milton Corporation Limited  Annual Report 2021
Top 20 shareholders as at 30 June 2021
ASX Information
ASX Code: MLT
Name
Shares 
Held
%
Washington H Soul Pattinson & Company Limited
22,216,178
3.30
Higlett Pty Ltd
17,000,000
2.52
Argo Investments Limited
13,469,198
2.00
HSBC Custody Nominees (Australia) Limited
11,954,121
1.77
Australian Foundation Investment Company Limited
8,092,421
1.20
Bortre Pty Limited
6,079,504
0.90
Danwer Investments Pty Ltd
6,079,504
0.90
Griffinna Pty Ltd
5,190,000
0.77
Citicorp Nominees Pty Limited
4,461,112
0.66
J S Millner Holdings Pty Ltd
3,843,514
0.57
Macdawley Proprietary Limited
3,479,615
0.52
JBF Holdings Pty Ltd
3,440,466
0.51
Hexham Holdings Pty Limited
3,280,079
0.49
Millane Pty Limited
3,165,269
0.47
T N Phillips Investments Pty Ltd
3,119,817
0.46
Jamama Nominees Pty Limited
3,031,214
0.45
Brispot Nominees Pty Ltd
2,990,487
0.44
A V L Investments Proprietary Limited
2,979,080
0.44
John E Gill Trading Pty Ltd
2,814,074
0.42
Chickenfeed Pty Ltd
2,809,614
0.42
David Burns Pty Limited
2,724,955
0.40
Number of shares held
Number of shareholders
1 – 1,000
5,353
1,001 – 5,000
8,675
5,001 – 10,000
5,781
10,001 – 100,000
9,800
100,001 and over
695
The number of holders of less than a marketable parcel of $500 (79 shares) 
664
On 30 June 2021, there were 30,304 holders of ordinary shares in the capital of Milton. Holders of ordinary shares are entitled 
to one vote per share.
Other Information
Milton is taxed as a public company. There is no current on-market buy-back.
The total number of transactions in securities undertaken by Milton was 84 and the total brokerage paid or accrued was 
$152,879.

55
www.milton.com.au
ASX:  MLT
Share Issues History
Share Purchase Plan history
Acquisition of unlisted companies
Date
Issue price 
per share
$
10.11.1999
8.75
13.11.2000
8.86
13.11.2001
10.79
08.11.2002
11.70
31.10.2003
13.21
29.10.2004
14.10
21.10.2005
17.11
16.10.2006
19.60
19.10.2007
22.48
03.10.2008
17.85
09.10.2009
16.08
30.09.2013
19.12
22.10.2013
5 for 1 share split
01.10.2014
4.45 
02.10.2015
4.18
Date
Shares issued
21.06.2002
2,287,200
31.12.2002
1,739,112
11.03.2004
2,742,777
01.04.2004
496,809
17.08.2006
1,000,322
23.08.2006
1,476,254
28.08.2006
382,404
21.09.2006
278,103
10.11.2006
1,888,353
23.03.2007
1,895,976
14.05.2007
2,424,582
20.06.2007
252,477
24.09.2007
1,223,252
19.02.2009
3,555,958
26.02.2010
1,016,370
26.02.2010
3,116,341
20.08.2010
2,446,521
21.02.2013
521,464
24.02.2014
3,280,382
22.08.2017
4,114,776
17.08.2018
5,575,148
28.02.2019
2,869,406
03.05.2021
972,243
Date
Company
Shares 
issued
31.12.2001
Cambooya Investments Limited
8,273,505
16.12.2010
Choiseul Investments Limited
23,803,854
Acquisition of listed investment companies
Date
Shares 
issued
Price
$
04.03.2014
187,207
4.27
03.09.2014
698,365
4.55
03.03.2015
712,273
4.56
03.09.2015
998,879
4.39
03.03.2016
921,511
4.19
02.09.2016
1,086,782
4.28
02.03.2017
953,908
4.34
05.09.2017
1,113,757
4.44
01.03.2018
978,655
4.59
04.09.2018
1,188,729
4.66
05.03.2019
1,158,994
4.39
03.09.2019
1,288,011
4.64
05.03.2020
1,075,294
4.94
02.09.2020
1,203,381
4.16
04.03.2021
728,343
4.79
Dividend Reinvestment Plans
Date
Ratio
Notes
22.10.2013
Five 
shares 
for one
The number of shares 
issued prior to this date 
have not been adjusted 
for the share split.
A full list of issues to shareholders since commencement of 
Capital Gains Tax in September 1985 can be found on the 
company’s website at www.milton.com.au
Share Split


ABN: 18 000 041 421
ABN: 18 000 041 421
Level 5, 261 George Street, Sydney NSW 2000
Level 5, 261 George Street, Sydney NSW 2000
T: (02) 8006 5357  F: (02) 9251 7033  E: general@milton.com.au
T: (02) 8006 5357  F: (02) 9251 7033  E: general@milton.com.au
www.milton.com.au
www.milton.com.au
An Australian Listed 
Investment Company 
since 1958