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Annual Report 2015
For personal use only
Annual Report 2015 | MNY
Chairman
and Managing
Director’s Report
Corporate
Governance
Statement
Directors’
Report
13
8
BDO Independent
Auditor’s Report
Directors’
Declaration
25
27
Statement of
Financial Position
Statement of
Changes in Equity
29
Notes to
the financial
statements
32
30
ASX Additional
Information
71
1
Auditor’s
Independence
Declaration
24
Statement of Profit
or Loss and Other
Comprehensive
Income
28
Statement of
Cash Flows
31
Corporate
Directory
73
Money3 Corporation Limited
For personal use only Annual Report 2015 | MNY
Annual Report 2015 | MNY
WE WILL LEAD THE
TRANSFORMATION
OF THE CONSUMER
LENDING INDUSTRY
IN AUSTRALIA
Money3 Corporation Limited
Money3 Corporation Limited
1
1
For personal use only Annual Report 2015 | MNY
Annual Report 2015 | MNY
CHAIRMAN’S
AND
MANAGING
DIRECTOR’S
REPORT
On behalf of the board of directors of Money3
Corporation Limited (Money3), it is our pleasure to
present the Annual Report for financial year ended
30 June 2015 (FY15).
Once again, through the commitment of our Board,
Management and Staff we have achieved an excellent
result for FY15 and now boast 9 consecutive years
of profitability.
We are continuing to succeed as a scalable financial
services company focusing on short to medium term
secured and unsecured loans, and we pride ourselves
on providing customers with options to better manage
their own lives.
2
Vaughan Webber
Non Executive Chairman
Scott Baldwin
Managing Director
For personal use only Annual Report 2015 | MNY
FY15 KEY
HIGHLIGHTS
Generated
$20.1 million
profit before tax,
an increase of
84%
(2014: $11.0 million)
Total revenue
of $69.4 million,
an increase of
59.5%
(2014: $43.5 million)
In December
2014 and
January
2015 raised
$28.6 million
via the issue
of 20.2 million
shares
Net profit after
tax of $13.9 million,
an increase of
78%
(2014: $7.8 million)
Loans receivable
increased by
77.9%
to $130.2 million
(2014: $73.2 million)
Diluted EPS of
9.91 cents per share,
an increase of
29.5%
(2014: 7.65 cents)
Total dividends
for the year
increased by
16.6%
to 5.25 cents
(2014: 4.5 cents)
Acquired the digital
business ‘Cash Train’
complementing Money3’s
distribution network and
digital capabilities
Money3 Corporation Limited
3
For personal use only Annual Report 2015 | MNY
CHAIRMAN’S AND MANAGING
DIRECTOR’S REPORT (continued)
FY15 Loan Receivables up 77.9% on FY14
FY15 Profit (NPAT) of $13.9m up 78% on FY14
s
n
o
i
l
l
i
M
140
120
100
80
60
40
20
0
77.9%
73
26
47
33
15
18
17
7
10
130
36
94
13.94
78%
7.83
3.83
2.63
s
n
o
i
l
l
i
M
15
10
5
0
FY12
FY13
FY14
FY15
Secured
Unsecured
FY12
FY13
FY14
FY15
Net profit after tax
The transformation of Money3 continued this year
with further expansion of the secured lending business
through all three distribution channels;
Revenue $22.8M
Revenue $43.5M
Revenue $69.4M
FY13
FY14
FY15
Unsecured
73%
4
Secured
27%
Unsecured
67%
Secured
33%
Unsecured
57%
Secured
43%
Money3 Corporation Limited
For personal use only Annual Report 2015 | MNY
FY15 Diluted EPS of 9.91 cents up 29.5% on FY14
FY15 DPS of 5.25 cents up 31.3% on FY14
9.91
29.5%
7.65
5.76
5.87
s
t
n
e
C
11
9
7
5
3
s
t
n
e
C
5.5
5.0
4.5
4.0
3.5
3.0
5.25
16.6%
4.5
4
4
FY12
FY13
FY14
FY15
FY12
FY13
FY14
FY15
Diluted earnings per share
Dividend per share
Brokers
Branches
Online
EBIT $5.5M
EBIT $11.8M
EBIT $23.4M
FY13
FY14
FY15
Secured
53%*
Unsecured
47%*
Unsecured
39%*
Secured
61%*
Unsecured
25%*
Secured
75%*
* Based on management’s corporate allocation of overheads.
Money3 Corporation Limited
5
For personal use only Annual Report 2015 | MNY
CHAIRMAN’S AND MANAGING
DIRECTOR’S REPORT (continued)
Secured Lending
The secured lending division operates under two
business units:
(cid:273)(cid:335) The Loan Centre, providing loans between $2,001
and $35,000 for a period up to 60 months, generated
earned income of $22.5 million (2014: $11.8 million).
(cid:273)(cid:335) Micro Motors, providing loans between $2,001
and $6,000 for a period of 12 months to 24 months,
generated earned income of $7.2 million
(2014: $2.7 million).
FY15 Financial Achievements:
(cid:273)(cid:335) Loans receivable increased 101% to $94.5 million
(2014: $47 million)
(cid:273)(cid:335) Bad debts as a percentage of revenue for the year
were 13.14% (2014: 7.18%)
(cid:273)(cid:335) The Secured division advanced $79.3 million in FY15,
an 87% increase over the previous year
(cid:273)(cid:335) Loans receivable of secured loans now represents over
72% of the outstanding balance of all loans.
Unsecured Lending
This division is serviced by our branch and online network.
During the year unsecured lending showed an increase in
loans receivables of 59%. We continued to see customers
being referred from the branch network to our secured
division and expect this referral of customers to increase
in the coming years.
FY15 Financial Achievements were:
(cid:273)(cid:335) Earned income increased by 36% to $39.3 million
(2014: $28.8 million)
(cid:273)(cid:335) Loans receivable increased by 37% to $35.7 million
(2014: $26 million)
(cid:273)(cid:335) Bad debts as a percentage of revenue was 15.86%
(2014: 17.6% )
Bad Debts
Money3 lends to customers who have often had issues with
credit in the past and it is expected that slow and bad debts
will be higher than traditional lenders. Money3 considers
bad debt a cost of doing business therefore we account
for bad debt as a percentage of revenue. Bad debt levels
normally sit between 11% and 15% of revenue depending
on the maturity and profile of the particular portfolio.
Managing bad debts remains a priority of Money3 and the
investment in an internal debt recovery team is beginning
to deliver positive outcomes with debt recovery improving.
Regulations
The Federal Government has announced that the Consumer
Credit Legislation Amendment (Enhancement) Act 2012
that encompasses a proportion of the loan products offered
by Money3 will be reviewed by a three person government
appointed panel. The completion of this Government
review is expected by the end of 2015. Money3 believes
that the current legislation provides good protection for
consumers and expects only minor regulatory changes
that will continue to foster innovation, minimise regulatory
compliance costs and enable consumers to access credit,
while ensuring that they are treated fairly and do not have
excessively large debt burdens.
Dividends
The Directors of the company have declared a final
dividend of 2.75 cents per share fully franked, payable on
the 23 October 2015 to those shareholders on the register
at the close of business on the 8 October 2015. The final
dividend payable of 2.75 cents per share brings the full
year dividend to 5.25 cents per share fully franked, up
from 4.5 cents in FY14.
Funding
On the 4 August 2015 Money3 was given notice by
Westpac of its intention to cease their banking relationship
with certain small amount credit providers, including
Money3. At 30 June 2015 Money3 had drawn down
$7.5 million of the $20 million Westpac facility.
Money3 is currently reviewing alternative funding
options and is confident of finalising new funding
arrangements soon.
6
Money3 Corporation Limited
For personal use only 7Money3 Corporation LimitedAnnual Report 2015 | MNYOutlookMoney3 currently expects a net profit after tax for the financial year ending 30 June 2016 of $18 million, an increase of 30 per cent on prior year.Money3 has also announced it will transition out of some unsecured loan products in the near future. This in turn will allow continued focus on expansion of the highly profitable secured lending division and we will be looking to introduce some new product offerings in 2015/16.ConclusionThe excellent results of FY15 would not have been achieved without the ongoing commitment of staff and management, and we thank them for their efforts and loyalty.Finally, I would like to thank you, our shareholders, for your continued support as we execute the company’s growth strategy. We are excited by the outlook for the business and look forward to continuing to grow shareholder value.Vaughan WebberNon Executive Chairman Money3 Corporation Limited 30 September 2015Scott BaldwinManaging Director Money3 Corporation Limited 30 September 2015I had a car accident and being a mum to five kids needed a car in a hurry. I previously had a credit default and a part 9 debt agreement, which would have made getting a loan pretty difficult. A finance broker suggested I speak with Money3When I couldn’t find a car, they were really flexible and got me an extra $1,000 so I could purchase a car I liked. Friendly, helpful, I’ll recommend Money3 to family and friends.— Krystie, South MorangFor personal use only M N Y
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Corporate Governance Statement
The Board of Directors (Board) is responsible for the corporate governance of the Company. The Board guides and
monitors the business and affairs of the Company on behalf of the shareholders by whom they are elected and to
whom they are accountable.
The Board supports the core principles and best practice recommendations of the ASX Corporate Governance Council.
However in view of the Company’s size, full adoption of the recommendations is currently not practical. The Board will
continue to work towards full adoption of the recommendations in line with growth and development of the
Company. The corporate governance policies of the Company and departures from the recommendations are
discussed below.
This Corporate Governance Statement is structured with reference to the ASX Corporate Governance Principles and
Recommendations.
Principle 1: Lay solid foundations for management and oversight
Money3 has a Board Charter which establishes the functions reserved to the Board and to senior management. The
Board is responsible for setting the strategic direction of the Company and for overseeing and monitoring its
businesses and affairs. Directors are accountable to the shareholders for the Company's performance. The Board's
overriding objective is to increase shareholder value within an appropriate framework that protects the rights and
enhances the interests of all shareholders, whilst ensuring that the Company is properly managed.
The functions of the Board include:
Setting overall financial goals for the Company;
(cid:120)
(cid:120) Approving strategies, objectives and plans for the Company's businesses to achieve these goals;
(cid:120)
Ensuring that business risks are identified and approving systems and controls to manage those risks and monitor
compliance;
(cid:120) Approving the Company's major HR policies and overseeing the development strategies for senior and high
performing executives;
(cid:120) Approving financial plans and annual budget;
(cid:120) Monitoring financial results on an on-going basis;
(cid:120) Monitoring executive management and business performance in the implementation and achievement of
strategic and business objectives;
(cid:120) Approving key management recommendations (such as major capital expenditure, acquisitions, divestments,
restructuring and funding);
(cid:120) Appointing and removing the Managing Director (MD) and ratifying the appointment and removal of executives
reporting directly to the MD (senior executives);
(cid:120) Reporting to shareholders on the Company's strategic direction and performance including constructive
engagement in the development, execution and modification of the Company's strategies;
(cid:120) Determining that satisfactory arrangements are in place for auditing the Company's financial affairs; and
(cid:120) Meeting statutory and regulatory requirements and overseeing the way in which business risks and the assets of
the Company are managed.
In carrying out its responsibilities and functions, the Board may delegate any of its powers to a Board committee, a
Director, employee or other person. However, the Board acknowledges that it retains ultimate responsibility for the
exercise of such powers under the Corporations Act 2001 (Cth).
The Board requires its Directors to address potential conflicts of interest, including a requirement that they declare
their interests as required by the Corporations Act and the ASX Listing Rules.
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Corporate Governance Statement
The Board of Directors (Board) is responsible for the corporate governance of the Company. The Board guides and
monitors the business and affairs of the Company on behalf of the shareholders by whom they are elected and to
whom they are accountable.
The Board supports the core principles and best practice recommendations of the ASX Corporate Governance Council.
However in view of the Company’s size, full adoption of the recommendations is currently not practical. The Board will
continue to work towards full adoption of the recommendations in line with growth and development of the
Company. The corporate governance policies of the Company and departures from the recommendations are
This Corporate Governance Statement is structured with reference to the ASX Corporate Governance Principles and
discussed below.
Recommendations.
Principle 1: Lay solid foundations for management and oversight
Money3 has a Board Charter which establishes the functions reserved to the Board and to senior management. The
Board is responsible for setting the strategic direction of the Company and for overseeing and monitoring its
businesses and affairs. Directors are accountable to the shareholders for the Company's performance. The Board's
overriding objective is to increase shareholder value within an appropriate framework that protects the rights and
enhances the interests of all shareholders, whilst ensuring that the Company is properly managed.
(cid:120) Approving strategies, objectives and plans for the Company's businesses to achieve these goals;
Ensuring that business risks are identified and approving systems and controls to manage those risks and monitor
The functions of the Board include:
Setting overall financial goals for the Company;
(cid:120)
(cid:120)
compliance;
performing executives;
(cid:120) Approving financial plans and annual budget;
(cid:120) Monitoring financial results on an on-going basis;
strategic and business objectives;
restructuring and funding);
(cid:120) Monitoring executive management and business performance in the implementation and achievement of
(cid:120) Approving key management recommendations (such as major capital expenditure, acquisitions, divestments,
(cid:120) Appointing and removing the Managing Director (MD) and ratifying the appointment and removal of executives
reporting directly to the MD (senior executives);
(cid:120) Reporting to shareholders on the Company's strategic direction and performance including constructive
engagement in the development, execution and modification of the Company's strategies;
(cid:120) Determining that satisfactory arrangements are in place for auditing the Company's financial affairs; and
(cid:120) Meeting statutory and regulatory requirements and overseeing the way in which business risks and the assets of
the Company are managed.
In carrying out its responsibilities and functions, the Board may delegate any of its powers to a Board committee, a
Director, employee or other person. However, the Board acknowledges that it retains ultimate responsibility for the
exercise of such powers under the Corporations Act 2001 (Cth).
Principle (cid:69): Structure the (cid:3)oard to add value
The Board of Directors is structured to add long term value to Money3. The Board currently consists of one executive
and four non-executive directors. (cid:16)n (cid:73)(cid:73)nd (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:76) Mr Robert Bryant retired as a director. The only executive director
being Mr Baldwin. The non-executive directors, being Ms Bettina Evert, Mr (cid:12)ang Tan, Mr (cid:22)aughan (cid:23)ebber, and Mr
Miles Hampton, are regarded for corporate governance purposes as independent, notwithstanding the existence of
certain relationships identified in the ASX's Corporate Governance Principles and Recommendations. (cid:60)Box (cid:73).(cid:72) of
Principle (cid:73)(cid:61)
(cid:14)r (cid:23)aughan (cid:24)e(cid:28)(cid:28)er has extensive business experience initially in accounting and more than (cid:72)3 years in corporate
finance in stockbroking firms focussing on creating, funding and executing strategies for mid to small ASX listed
companies
(cid:14)s (cid:3)ettina (cid:6)vert is a partner of Holman (cid:23)ebb which has not provided legal services to the Company and subsidiaries.
(cid:14)r (cid:12)ang (cid:21)an held the position of Chief (cid:7)inancial (cid:16)fficer until (cid:72)(cid:78) September (cid:73)(cid:71)(cid:72)(cid:71).
(cid:14)r (cid:14)iles (cid:9)ampton was managing director of ASX listed agribusiness Roberts Ltd for (cid:73)(cid:71) years. Subsequent to his
retirement from Roberts Ltd in (cid:73)(cid:71)(cid:71)(cid:77), Mr Hampton has been a director of a number of public and private companies,
including Australian Pharmaceutical Industries Ltd, (cid:7)orestry Tasmania, The (cid:22)an Diemen's Land Company and Impact
(cid:7)ertilisers. He is currently Chairman of ASX listed MyState Limited and Tas(cid:23)ater.
(cid:14)r Christopher (cid:3)ald(cid:49)in (retired (cid:73)(cid:77) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:75)) now consults to Brown Baldwin, in previous years he was a
partner. Mr Baldwin holds a significant number of securities in the Company but is not a substantial shareholder as
defined in section (cid:80) of the Corporations Act. Mr Baldwin is the uncle of Mr Scott Baldwin who is an executive director
of the Company.
Directors are subject to re-election by rotation in accordance with the ASX listing rules, and in any event no less often
than every three years.
(cid:120) Approving the Company's major HR policies and overseeing the development strategies for senior and high
Principle (cid:70): Promote ethical and responsi(cid:28)le decision(cid:57)ma(cid:37)ing
As part of its commitment to recognising the interests of stakeholders, the Company has established Codes of Conduct
to guide all employees, executives and directors in respect of the ethical behaviour expected by the Company. These
Codes of Conduct cover conflicts of interest, confidentiality, fair dealing, protection of assets, compliance with laws
and regulations; whistle blowing, security trading and commitments to stakeholders.
Accordingly, the Board fully supports the spirit and letter of the law and the listing rules concerning adequate and
reasonable disclosure of information relevant to the Company and its securities in line with contemporary continuous
disclosure requirements.
Money3 is committed to providing an inclusive workplace and recognises the value individuals with diverse skills,
values, backgrounds and experiences will bring to the company. At the core of the company's diversity policy is a
commitment to equality and respect. Diversity in recognising and valuing the unique contribution people can make
because of their individual background and different skills, experience and perspectives. People differ not just on the
basis of race and gender, but also dimensions such as lifestyle, education, physical ability, age and family
responsibility.
The total number of staff as at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76) was 3(cid:76)(cid:72) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:73)(cid:75)(cid:71)) of which (cid:73)(cid:80)(cid:72) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:72)(cid:80)(cid:76)) are female, the Board
comprises (cid:77) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:77)) members of which (cid:72) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:72)) is female, and management has 3(cid:75) members ((cid:73)(cid:71)(cid:72)(cid:75): (cid:72)(cid:76)) of which
(cid:72)(cid:77) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:75)) are female.
The Board requires its Directors to address potential conflicts of interest, including a requirement that they declare
their interests as required by the Corporations Act and the ASX Listing Rules.
Money3 has a formal Share Trading Policy, in dealing in the company’s securities in addition to complying with
legislative and regulatory obligations.
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The Company's Code of Conduct includes the following key principles: -
(cid:72). The Company will conduct its business operations with full regard to and in compliance with all legal
obligations.
(cid:73). The Company's employees, contractors and agents:
a. will strive to the utmost of their abilities to deliver quality services to meet our customers' needs
and treat our customers with respect, courtesy and a caring attitude toward their business
requirements;
b. will present themselves in a fit and tidy condition for work and be fully equipped to perform their
work safely and competently;
c. will adhere to all workplace and occupational health and safety requirements, work instructions and
directives and will refrain from any irresponsible, negligent or unsafe actions or work;
d. are expected to work in a supportive and cooperative manner, and the Company will not condone
any form of harassment of fellow workers. All cases of harassment will be promptly addressed
through counselling and conciliation processes; and
e. will not knowingly reveal confidential information, trade secrets or information concerning
intellectual property or practices, which could be injurious to our customers or our own business
interests.
3. The Company encourages the reporting of unlawful(cid:56)unethical behaviour by its directors, employees,
contractors and agents and will actively promote ethical behaviour and protection for those who report
violations in good faith.
(cid:75). The Company encourages individuals to join appropriate organisations and associations that can effectively
represent their work interests.
(cid:76). The Company will communicate the code of conduct to all its employees, contractors and agents.
Principle (cid:71): Safeguard integrity in financial reporting
The Board has in place an Audit Committee which comprises a Miles Hampton as Chairman and Ms Bettina Evert,
(cid:22)aughan (cid:23)ebber and (cid:12)ang Tan as members.
The primary role of the Audit Committee is to monitor and review the effectiveness of the Company's control
environment in the areas of operational risk, legal(cid:56)regulatory compliance and financial reporting. It will advise and
assist the Board to discharge its responsibility to exercise due care, diligence and skill in relation to:
(cid:72). Reporting of financial information to users of financial reports, in particular the quality and reliability of such
information;
(cid:73). Assessing the consistency of disclosures in the financial statements with other disclosures made by the
Company to the financial markets, governmental and other public bodies;
3. Review and application of accounting policies;
(cid:75). (cid:7)inancial management;
(cid:76). Review of internal and external audit reports to ensure that where weaknesses in controls or procedures
have been identified, appropriate and prompt remedial action is taken by management;
(cid:77). Evaluation of the Company's compliance and risk management structure and procedures, internal controls
and ethical standards;
(cid:78). Review of business policies and practices;
(cid:79). Conduct of any investigation relating to financial matters, records or accounts, and to report those matters to
the Board;
(cid:80). Protection of the Company's assets; and
(cid:72)(cid:71). Compliance with applicable laws, regulations, standards and best practice guidelines.
(cid:5)eclaration of the (cid:14)anaging (cid:5)irector (cid:58)(cid:14)(cid:5)(cid:59) and Chief (cid:7)inancial (cid:16)fficer (cid:58)C(cid:7)(cid:16)(cid:59)
Each year the MD and C(cid:7)(cid:16) provide the Board with written confirmation that:
(cid:120)
(cid:120)
(cid:120)
The financial reports present a true and fair view, in all material respects, of the Company’s financial condition
and operational results and are in accordance with relevant accounting standards;
The statement is founded on a sound system of risk management and internal compliance and control which
implements the policies adopted by the Board; and
The Company’s risk management and internal compliance and control system is operating effectively in all
material respects in relation to financial reporting risks.
The Board has received the above declaration from the MD and C(cid:7)(cid:16) for this year.
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The Company's Code of Conduct includes the following key principles: -
(cid:72). The Company will conduct its business operations with full regard to and in compliance with all legal
obligations.
(cid:73). The Company's employees, contractors and agents:
Principle (cid:72): (cid:14)a(cid:37)e timely and (cid:28)alanced disclosure
The Board is aware of its continuous disclosure obligations in respect of material information, and embraces the
principle of providing access to that information to the widest audience.
a. will strive to the utmost of their abilities to deliver quality services to meet our customers' needs
and treat our customers with respect, courtesy and a caring attitude toward their business
To ensure that these principles are appropriately actioned, the Board has nominated the Company Secretary as having
responsibility for:
Ensuring that the Company complies with continuous disclosure requirements;
(cid:120)
(cid:120) (cid:16)verseeing and co-ordinating disclosure of information to ASX, analysts, brokers, shareholders, the media and the
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
public;
Educating directors and staff on the Company's disclosure policies and procedures and raising awareness of the
principles underlying continuous disclosure;
Ensuring that the Chairman and the MD are aware of all sensitive information that may be required by the ASX
Listing Rules and the law to be publicly released through the ASX before disclosing it to any person, including
analysts and others outside the Company;
Ensuring that all information released through the ASX is promptly made available to its bankers and other parties
to whom it has a similar reporting responsibility;
The further dissemination of information, after it has been released through the ASX, to investors and other
interested parties;
Posting such information on the Company's website immediately after the ASX confirms that it has received such
announcements; and
(cid:120) Reviewing all briefings and discussions with media representatives, analysts and major shareholders, to check
whether any price sensitive information has been inadvertently disclosed. If so, to immediately announce the
information through the ASX.
To safeguard against inadvertent disclosure of price sensitive information, the Board has agreed to keep to a minimum
the number of directors and staff authorised to speak on the Company's behalf. In order of precedence, the following
combinations of officers have authority to speak on behalf of the Company without the prior approval of the Board:
The Chairman and(cid:56)or the Managing Director, separately, then
The Chairman and a non-executive director, jointly, then
(cid:120)
(cid:120)
(cid:120) Any two non-executive directors and the Managing Director, jointly (by majority), and then
(cid:120)
In extreme circumstances, any (cid:73) directors, jointly.
These officers are also authorised to clarify information that the Company has released publicly through the ASX, but
must avoid commenting on other price sensitive matters. All ASX announcements of a non-procedural nature are
approved by the Chairman before release.
The Company has determined that the Company Secretary must be made aware of any information disclosures in
advance, including information to be presented at private briefings. This will minimise the risk of breaching the
continuous disclosure requirements.
In accordance with the ASX Listing Rules, the Company immediately notifies the ASX of information:
(cid:72). Concerning the Company that a reasonable person would expect to have a material effect on the price or
value of the Company's securities; and
(cid:73). That would, or would be likely to, influence persons who commonly invest in securities in deciding whether
to acquire or dispose of the Company's securities.
(cid:21)pon confirmation of receipt from the ASX, the Company posts all information disclosed in accordance with this policy
on the Company's website in an area accessible by the public.
Principle (cid:73): (cid:19)espect the rights of shareholders
Money3 recognises the importance of effective communications with shareholders and other parties. Shareholders
also have other formal and informal rights provided by the Company’s constitution, regulatory bodies and proper
public company behaviour. These include their entitlement to financial statements, attendance and voting at
shareholder meetings. The auditor is invited to attend the AGM and be available to answer shareholder questions about
the conduct of the audit and the preparation and content of the auditor's report. Shareholder meetings are conducted
in an open forum with wide discussion encouraged by the Chairman.
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b. will present themselves in a fit and tidy condition for work and be fully equipped to perform their
requirements;
work safely and competently;
c. will adhere to all workplace and occupational health and safety requirements, work instructions and
directives and will refrain from any irresponsible, negligent or unsafe actions or work;
d. are expected to work in a supportive and cooperative manner, and the Company will not condone
any form of harassment of fellow workers. All cases of harassment will be promptly addressed
through counselling and conciliation processes; and
e. will not knowingly reveal confidential information, trade secrets or information concerning
intellectual property or practices, which could be injurious to our customers or our own business
3. The Company encourages the reporting of unlawful(cid:56)unethical behaviour by its directors, employees,
contractors and agents and will actively promote ethical behaviour and protection for those who report
(cid:75). The Company encourages individuals to join appropriate organisations and associations that can effectively
interests.
violations in good faith.
represent their work interests.
(cid:76). The Company will communicate the code of conduct to all its employees, contractors and agents.
Principle (cid:71): Safeguard integrity in financial reporting
The Board has in place an Audit Committee which comprises a Miles Hampton as Chairman and Ms Bettina Evert,
(cid:22)aughan (cid:23)ebber and (cid:12)ang Tan as members.
The primary role of the Audit Committee is to monitor and review the effectiveness of the Company's control
environment in the areas of operational risk, legal(cid:56)regulatory compliance and financial reporting. It will advise and
assist the Board to discharge its responsibility to exercise due care, diligence and skill in relation to:
(cid:72). Reporting of financial information to users of financial reports, in particular the quality and reliability of such
information;
(cid:73). Assessing the consistency of disclosures in the financial statements with other disclosures made by the
Company to the financial markets, governmental and other public bodies;
3. Review and application of accounting policies;
(cid:75). (cid:7)inancial management;
(cid:76). Review of internal and external audit reports to ensure that where weaknesses in controls or procedures
have been identified, appropriate and prompt remedial action is taken by management;
(cid:77). Evaluation of the Company's compliance and risk management structure and procedures, internal controls
(cid:79). Conduct of any investigation relating to financial matters, records or accounts, and to report those matters to
and ethical standards;
(cid:78). Review of business policies and practices;
the Board;
(cid:80). Protection of the Company's assets; and
(cid:72)(cid:71). Compliance with applicable laws, regulations, standards and best practice guidelines.
(cid:5)eclaration of the (cid:14)anaging (cid:5)irector (cid:58)(cid:14)(cid:5)(cid:59) and Chief (cid:7)inancial (cid:16)fficer (cid:58)C(cid:7)(cid:16)(cid:59)
Each year the MD and C(cid:7)(cid:16) provide the Board with written confirmation that:
(cid:120)
(cid:120)
(cid:120)
The financial reports present a true and fair view, in all material respects, of the Company’s financial condition
and operational results and are in accordance with relevant accounting standards;
The statement is founded on a sound system of risk management and internal compliance and control which
implements the policies adopted by the Board; and
The Company’s risk management and internal compliance and control system is operating effectively in all
material respects in relation to financial reporting risks.
The Board has received the above declaration from the MD and C(cid:7)(cid:16) for this year.
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Principle (cid:74): (cid:19)ecognise and manage ris(cid:37)
The identification and effective management of risk, including calculated risk-taking is viewed as an essential part of
the Company’s approach to creating long-term shareholder value.
Money3 has established lending policies which are reviewed on a regular basis.
The MD and C(cid:7)(cid:16) in providing written confirmation to the Board in accordance with the requirements of Section (cid:73)(cid:80)(cid:76)A
((cid:73)) of the Corporations Act (cid:73)(cid:71)(cid:71)(cid:72) must be satisfied that their certification is founded on a sound system of risk
management and internal compliance and control, which implements the policies adopted by the Board and that the
Company's risk management and internal compliance and control systems are operating efficiently and effectively in
all material respects.
Principle (cid:75): (cid:19)emunerate fairly and responsi(cid:28)ly
The Board is responsible for determining and reviewing compensation arrangements for the Directors themselves, the
(cid:15)on-Executive Chairman and the Senior Management team. Money3 has a Remuneration Committee which
comprises Mr (cid:12)ang Tan as Chairman, Mr Miles Hampton, Mr (cid:22)aughan (cid:23)ebber and Ms Bettina Evert as the other
members.
The primary purpose of the Remuneration Committee is to support and report to the Board in fulfilling their
responsibilities to shareholders in relation to:
(cid:120)
(cid:120)
(cid:120)
Executive remuneration policy;
The remuneration of executive directors;
The remuneration of persons reporting directly to the managing director, and as appropriate, other executive
directors;
The Company's recruitment, retention and termination policies and procedures;
Superannuation arrangements; and
(cid:120)
(cid:120)
(cid:120) All equity based remuneration.
The performance of the Board, Committees, individual Directors and key executives is reviewed regularly against both
measurable and qualitative indicators.
Performance appraisals are undertaken annually. The performance criteria against which the Board, key executives
and committees will be assessed is aligned with key corporate governance needs as well as financial and non-financial
objectives.
In relation to the payment of bonuses, options and other incentive payments to executives and other staff, discretion
is exercised by the Board having regard to individual, team and Company performance relative to specific targets
during the period.
The expected outcomes of the remuneration structure are to retain and motivate Directors and key executives, attract
quality management and provide performance incentives which align performance and Company success in a manner
that is market competitive, consistent with best practice and in the interests of shareholders. Details of the nature
and amount of each element of remuneration, including both monetary and non-monetary components, for each
Director and the ((cid:15)on Director) (cid:16)fficers paid during the year can be found in the Directors' Report.
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Principle (cid:74): (cid:19)ecognise and manage ris(cid:37)
The identification and effective management of risk, including calculated risk-taking is viewed as an essential part of
the Company’s approach to creating long-term shareholder value.
Money3 has established lending policies which are reviewed on a regular basis.
The MD and C(cid:7)(cid:16) in providing written confirmation to the Board in accordance with the requirements of Section (cid:73)(cid:80)(cid:76)A
((cid:73)) of the Corporations Act (cid:73)(cid:71)(cid:71)(cid:72) must be satisfied that their certification is founded on a sound system of risk
management and internal compliance and control, which implements the policies adopted by the Board and that the
Company's risk management and internal compliance and control systems are operating efficiently and effectively in
all material respects.
Principle (cid:75): (cid:19)emunerate fairly and responsi(cid:28)ly
The Board is responsible for determining and reviewing compensation arrangements for the Directors themselves, the
(cid:15)on-Executive Chairman and the Senior Management team. Money3 has a Remuneration Committee which
comprises Mr (cid:12)ang Tan as Chairman, Mr Miles Hampton, Mr (cid:22)aughan (cid:23)ebber and Ms Bettina Evert as the other
The primary purpose of the Remuneration Committee is to support and report to the Board in fulfilling their
responsibilities to shareholders in relation to:
Executive remuneration policy;
The remuneration of executive directors;
Superannuation arrangements; and
(cid:120) All equity based remuneration.
measurable and qualitative indicators.
members.
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
directors;
objectives.
during the period.
The remuneration of persons reporting directly to the managing director, and as appropriate, other executive
The Company's recruitment, retention and termination policies and procedures;
The performance of the Board, Committees, individual Directors and key executives is reviewed regularly against both
Performance appraisals are undertaken annually. The performance criteria against which the Board, key executives
and committees will be assessed is aligned with key corporate governance needs as well as financial and non-financial
In relation to the payment of bonuses, options and other incentive payments to executives and other staff, discretion
is exercised by the Board having regard to individual, team and Company performance relative to specific targets
The expected outcomes of the remuneration structure are to retain and motivate Directors and key executives, attract
quality management and provide performance incentives which align performance and Company success in a manner
that is market competitive, consistent with best practice and in the interests of shareholders. Details of the nature
and amount of each element of remuneration, including both monetary and non-monetary components, for each
Director and the ((cid:15)on Director) (cid:16)fficers paid during the year can be found in the Directors' Report.
(cid:5)irectors(cid:61) (cid:19)eport
The directors present the annual financial report on the consolidated entity, consisting of Money3 Corporation
Limited and the entities it controlled at the end of, or during the year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76). In order to comply with
the provisions of the Corporations Act (cid:73)(cid:71)(cid:71)(cid:72), the directors report as follows:
(cid:5)irectors(cid:61) details
The names and details of the Company's Directors in office during the financial year and until the date of this report
are as follows. Directors were in office for this entire period unless otherwise stated.
(cid:23)aughan (cid:24)e(cid:28)(cid:28)er (cid:3)(cid:55)(cid:6)c
(cid:120) (cid:15)on Executive Chairman
(cid:120) Member of the Audit and Remuneration Committees
(cid:22)aughan has extensive business experience initially in accounting and more than (cid:72)3 years in corporate finance in
stockbroking firms focussing on creating, funding and executing strategies for mid to small ASX listed companies.
(cid:22)aughan is currently a non-executive director of H(cid:21)B(cid:73)(cid:75) Limited (ASX:H(cid:21)B) and a non-executive director of Anchor
Resources Limited (ASX:AHR) and previously Chairman of (cid:23)entworth Holdings Limited (ASX:T(cid:16)P)
(cid:3)ettina (cid:6)vert (cid:3)(cid:2) LL(cid:3) (cid:14)(cid:2)(cid:10)C(cid:5)
(cid:120) (cid:15)on-Executive Director
(cid:120) Member of the Audit and Remuneration Committees
Bettina is a partner of Holman (cid:23)ebb, a commercial and insurance law practice established over (cid:77)(cid:71) years ago. She is
highly experienced in commercial law and litigation. She was, prior to commencing at Holman (cid:23)ebb, a senior solicitor
on the work-out team after the collapse of the Tricontinental Bank in (cid:72)(cid:80)(cid:80)(cid:72) and worked as a senior solicitor at Telstra
Corporation advising senior management in relation to corporate governance. Prior to joining Holman (cid:23)ebb, Bettina
was a director of Deloitte Touche Thomatsu. Bettina is currently Deputy Chair of the Law Institute of (cid:22)ictoria,
Executive Committee, Litigation Section, the Chair of the Courts Practice Committee of the Law Institute of (cid:22)ictoria
and a lay member of the CPA Australia Disciplinary Committee which hears professional disciplinary matters relating
to members of CPA Australia.
(cid:19)o(cid:28)ert (cid:11)ames (cid:3)ryant
(cid:120) Managing Director - Resigned ((cid:73)(cid:73) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:76))
(cid:120) Member of the Audit and Remuneration Committees
(cid:16)n (cid:73)(cid:73) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:76) Robert resigned as a director. Before entering the financial services industry in May (cid:73)(cid:71)(cid:71)(cid:71) he was
predominantly involved in agricultural related industries for over (cid:73)(cid:76) years. The shift to financial services in (cid:73)(cid:71)(cid:71)(cid:71) saw
Robert commence a small cash loans franchise in (cid:22)ictoria.
Robert's responsibilities include management and governance, regulation and compliance, expansion and public and
government relations.
(cid:12)ang (cid:9)ong (cid:21)an (cid:2)C(cid:2) (cid:58)(cid:22)(cid:12)(cid:59) (cid:7)(cid:10)P(cid:2) (cid:58)(cid:2)ust(cid:59)
(cid:120) (cid:15)on-Executive Director
(cid:120)
Chairman of the Remuneration Committee and Member of the Audit Committee
(cid:12)ang has been a member of the Institute of Chartered Accountants in England and (cid:23)ales since (cid:72)(cid:80)(cid:79)3, and a (cid:7)ellow of
the Institute of Public Accountants in Australia since (cid:72)(cid:80)(cid:80)(cid:79). (cid:12)ang spent (cid:72)(cid:71) years as an Accountant with La Trobe
(cid:21)niversity (cid:21)nion. Before coming to Australia, (cid:12)ang was the Group (cid:7)inancial Controller of Tanming Corporation Berhad
for (cid:75) years.
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Scott (cid:11)oseph (cid:3)ald(cid:49)in (cid:3)(cid:55)(cid:6)ng(cid:58)(cid:9)ons(cid:59) (cid:14)(cid:3)(cid:2) G(cid:2)(cid:10)C(cid:5)
(cid:120) Managing Director (Appointed to board (cid:73)(cid:73) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:76), appointed MD (cid:73)(cid:80) September(cid:73)(cid:71)(cid:72)(cid:76))
(cid:120)
Chief (cid:16)perations (cid:16)fficer Executive Director
Scott has previously held a number of management positions with several public listed companies. His previous
position was with General Electric as a Marketing Manager covering the Asia region.
(cid:14)iles L (cid:9)ampton (cid:3)(cid:6)c (cid:58)(cid:9)ons(cid:59)(cid:53) (cid:7)C(cid:10)S(cid:53) (cid:7)CP(cid:2)(cid:53) (cid:7)(cid:2)(cid:10)C(cid:5)
(cid:120) (cid:15)on-Executive Director (Appointed on (cid:72) September (cid:73)(cid:71)(cid:72)(cid:75))
(cid:120)
Chairman of the Audit Committee and Member of Remuneration Committee
Miles Hampton was managing director of ASX listed agribusiness Roberts Ltd for (cid:73)(cid:71) years. Subsequent to his
retirement from Roberts Ltd in (cid:73)(cid:71)(cid:71)(cid:77), Mr Hampton has been a director of a number of public and private companies,
including Australian Pharmaceutical Industries Ltd, (cid:7)orestry Tasmania, The (cid:22)an Diemen's Land Company and Impact
(cid:7)ertilisers. He is currently Chairman of ASX listed MyState Limited and Tas(cid:23)ater.
Christopher (cid:11)ames (cid:3)ald(cid:49)in CP(cid:2)
(cid:120) (cid:15)on-Executive Director - Retired ((cid:73)(cid:77) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:75))
(cid:120)
(cid:7)ormer member of the Audit and Remuneration Committees
Christopher commenced work in (cid:72)(cid:80)(cid:77)(cid:71) for a public accountant and had continued his accounting professional work in
taxation, business and consultancy in Shepparton as a principal that headed the public accounting practice of Brown
Baldwin in Shepparton and Melbourne. Christopher now consults to Brown Baldwin as he has extensive experience in
business matters, including taxation and accounting.
Company Secretary’s details
Craig (cid:2)lan (cid:9)arris CP(cid:2)
(cid:120)
C(cid:7)(cid:16) and Company Secretary (appointed (cid:72)(cid:78) September (cid:73)(cid:71)(cid:72)(cid:71))
Craig is a Certified Practicing Accountant with over (cid:73)(cid:71) years’ experience in both public and private companies. Craig
previous role was as Company Secretary for (cid:23)entworth Holdings Ltd, a listed property management company.
Principal activities
The principal activities of the consolidated entity during the year were providing financial services specialising in the
delivery of small cash loans, secured and unsecured personal loans, cheque cashing, equipment and motor vehicle
rental, and international money transfer. Although the company has discontinued the offering of international money
transfer, there has been no significant change in nature of the principal activities during the financial year.
(cid:5)ividends
The Company paid a fully franked final dividend for the year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:75) of (cid:73).(cid:73)(cid:76) cents per share on
(cid:73)(cid:79) (cid:16)ctober (cid:73)(cid:71)(cid:72)(cid:75).
The Company paid a fully franked interim dividend for the year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76) of (cid:73).(cid:76) cents per share on (cid:73)(cid:75) April
(cid:73)(cid:71)(cid:72)(cid:76).
(cid:16)n (cid:73)(cid:78)th August (cid:73)(cid:71)(cid:72)(cid:76), the directors declared a fully franked final dividend of (cid:73).(cid:78)(cid:76) cents per share to the holders of fully
paid ordinary shares in respect of the financial year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76), to be paid to shareholders on (cid:73)3 (cid:16)ctober
(cid:73)(cid:71)(cid:72)(cid:76). The dividend will be paid to shareholders on the Register of Members on (cid:79) (cid:16)ctober (cid:73)(cid:71)(cid:72)(cid:76). This dividend has not
been included as a liability in these financial statements.
(cid:19)esults of operations
The consolidated net profit after tax for the year was (cid:68)(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3).
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Scott (cid:11)oseph (cid:3)ald(cid:49)in (cid:3)(cid:55)(cid:6)ng(cid:58)(cid:9)ons(cid:59) (cid:14)(cid:3)(cid:2) G(cid:2)(cid:10)C(cid:5)
(cid:120) Managing Director (Appointed to board (cid:73)(cid:73) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:76), appointed MD (cid:73)(cid:80) September(cid:73)(cid:71)(cid:72)(cid:76))
(cid:120)
Chief (cid:16)perations (cid:16)fficer Executive Director
Scott has previously held a number of management positions with several public listed companies. His previous
position was with General Electric as a Marketing Manager covering the Asia region.
(cid:14)iles L (cid:9)ampton (cid:3)(cid:6)c (cid:58)(cid:9)ons(cid:59)(cid:53) (cid:7)C(cid:10)S(cid:53) (cid:7)CP(cid:2)(cid:53) (cid:7)(cid:2)(cid:10)C(cid:5)
(cid:120) (cid:15)on-Executive Director (Appointed on (cid:72) September (cid:73)(cid:71)(cid:72)(cid:75))
(cid:120)
Chairman of the Audit Committee and Member of Remuneration Committee
Miles Hampton was managing director of ASX listed agribusiness Roberts Ltd for (cid:73)(cid:71) years. Subsequent to his
retirement from Roberts Ltd in (cid:73)(cid:71)(cid:71)(cid:77), Mr Hampton has been a director of a number of public and private companies,
including Australian Pharmaceutical Industries Ltd, (cid:7)orestry Tasmania, The (cid:22)an Diemen's Land Company and Impact
(cid:7)ertilisers. He is currently Chairman of ASX listed MyState Limited and Tas(cid:23)ater.
Christopher (cid:11)ames (cid:3)ald(cid:49)in CP(cid:2)
(cid:120) (cid:15)on-Executive Director - Retired ((cid:73)(cid:77) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:75))
(cid:120)
(cid:7)ormer member of the Audit and Remuneration Committees
Christopher commenced work in (cid:72)(cid:80)(cid:77)(cid:71) for a public accountant and had continued his accounting professional work in
taxation, business and consultancy in Shepparton as a principal that headed the public accounting practice of Brown
Baldwin in Shepparton and Melbourne. Christopher now consults to Brown Baldwin as he has extensive experience in
business matters, including taxation and accounting.
Company Secretary’s details
Craig (cid:2)lan (cid:9)arris CP(cid:2)
(cid:120)
C(cid:7)(cid:16) and Company Secretary (appointed (cid:72)(cid:78) September (cid:73)(cid:71)(cid:72)(cid:71))
Principal activities
The principal activities of the consolidated entity during the year were providing financial services specialising in the
delivery of small cash loans, secured and unsecured personal loans, cheque cashing, equipment and motor vehicle
rental, and international money transfer. Although the company has discontinued the offering of international money
transfer, there has been no significant change in nature of the principal activities during the financial year.
(cid:5)ividends
(cid:73)(cid:79) (cid:16)ctober (cid:73)(cid:71)(cid:72)(cid:75).
(cid:73)(cid:71)(cid:72)(cid:76).
The Company paid a fully franked final dividend for the year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:75) of (cid:73).(cid:73)(cid:76) cents per share on
The Company paid a fully franked interim dividend for the year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76) of (cid:73).(cid:76) cents per share on (cid:73)(cid:75) April
(cid:16)n (cid:73)(cid:78)th August (cid:73)(cid:71)(cid:72)(cid:76), the directors declared a fully franked final dividend of (cid:73).(cid:78)(cid:76) cents per share to the holders of fully
paid ordinary shares in respect of the financial year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76), to be paid to shareholders on (cid:73)3 (cid:16)ctober
(cid:73)(cid:71)(cid:72)(cid:76). The dividend will be paid to shareholders on the Register of Members on (cid:79) (cid:16)ctober (cid:73)(cid:71)(cid:72)(cid:76). This dividend has not
been included as a liability in these financial statements.
(cid:19)esults of operations
The consolidated net profit after tax for the year was (cid:68)(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3).
(cid:19)evie(cid:49) of operations
(cid:16)verall the company has continued to perform well in regards to income and profit generation, shareholder value,
and growth of loans receivable, with exceptional results from the secured division.
The directors have declared a fully franked dividend of (cid:73).(cid:78)(cid:76) cents.
Change in the state of affairs
There was no significant change in the state of affairs of Money3.
Significant matters su(cid:28)se(cid:43)uent to the reporting date
(cid:16)n (cid:73)(cid:78) August (cid:73)(cid:71)(cid:72)(cid:76), the directors declared a fully franked final dividend of (cid:73).(cid:78)(cid:76) cents per share to the holders of fully
paid ordinary shares in respect of the financial year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76), to be paid to shareholders on (cid:73)3 (cid:16)ctober
(cid:73)(cid:71)(cid:72)(cid:76). The dividend will be paid to shareholders on the Register of Members as of (cid:79) (cid:16)ctober (cid:73)(cid:71)(cid:72)(cid:76).
(cid:16)n (cid:75) August (cid:73)(cid:71)(cid:72)(cid:76), Money3 Corporation Limited received notice from (cid:23)estpac of their intent to cease their banking
relationship with certain small consumer credit providers including Money3.
(cid:23)estpac have committed to honour all existing contracts with Money3 and the loan facility has a (cid:72)(cid:73) month run off
period ending December (cid:73)(cid:71)(cid:72)(cid:77).
(cid:16)n (cid:73)(cid:73) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:76), Mr Robert Bryant resigned as Managing Director and Mr Scott Baldwin was appointed as the acting
Chief Executive (cid:16)fficer and Managing Director. (cid:16)n the (cid:73)(cid:80) September (cid:73)(cid:71)(cid:72)(cid:76) Mr Scott Baldwin was appointed Managing
Director.
(cid:15)o other matter or circumstances has arisen since the end of the financial year that has significantly affected or may
significantly affect the operations of Money3, the results or the state of affairs of the Company.
Li(cid:37)ely developments and e(cid:50)pected results
Money3 has announced that it intends to withdraw from a portion of the unsecured SACC loan market. The company
has announced that it intends to launch a new (cid:77)(cid:71) month secured loan product targeted at customers seeking a new
car, bike, boat or caravan.
Craig is a Certified Practicing Accountant with over (cid:73)(cid:71) years’ experience in both public and private companies. Craig
previous role was as Company Secretary for (cid:23)entworth Holdings Ltd, a listed property management company.
(cid:6)nvironmental regulation and performance
The Company's operations are not regulated by any environmental regulation under a law of the Commonwealth or of
a state or territory.
Share options
As at the date of this report, there were (cid:73)(cid:76),(cid:77)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71) options to acquire ordinary shares of Money3 Corporation Limited
((cid:73)(cid:71)(cid:72)(cid:75): were (cid:78),(cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)).
a(cid:59) Share options granted to directors and e(cid:50)ecutives
(cid:79)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) share options were granted to executives during the current financial year.
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(cid:28)(cid:59) Share options on issue
Details of unissued ordinary shares in Money3 Corporation Limited under option at the date of this report are:
(cid:10)ssuing entity
(cid:21)ype
Money3 Corporation Ltd
Money3 Corporation Ltd
Money3 Corporation Ltd
Money3 Corporation Ltd
Money3 Corporation Ltd
Money3 Corporation Ltd
Money3 Corporation Ltd
Money3 Corporation Ltd
Money3 Corporation Ltd
Directors (cid:16)ptions
Employee (cid:16)ptions
Director (cid:16)ptions
Employee (cid:16)ptions
Directors (cid:16)ptions
Employee (cid:16)ptions
Bond (cid:16)ptions
Employee (cid:16)ptions
Employee (cid:16)ptions
(cid:15)o(cid:55) of shares under
option
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:80)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
3,(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:76),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:6)(cid:50)ercise Price
(cid:64)
(cid:72).(cid:71)(cid:71)
(cid:71).(cid:76)(cid:71)
(cid:71).(cid:76)(cid:71)
(cid:72).(cid:71)(cid:71)
(cid:72).(cid:76)(cid:71)
(cid:72).(cid:76)(cid:71)
(cid:72).3(cid:71)
(cid:72).(cid:76)(cid:71)
(cid:72).(cid:78)(cid:71)
(cid:6)(cid:50)piry (cid:5)ate
3(cid:72) December (cid:73)(cid:71)(cid:72)(cid:76)
3(cid:71) September (cid:73)(cid:71)(cid:72)(cid:78)
(cid:72)(cid:77) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:78)
(cid:73)(cid:72) (cid:16)ctober (cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:79)
(cid:72)(cid:77) May (cid:73)(cid:71)(cid:72)(cid:79)
(cid:73)(cid:71) (cid:16)ctober (cid:73)(cid:71)(cid:72)(cid:80)
(cid:72)(cid:75) April (cid:73)(cid:71)(cid:73)(cid:71)
(cid:16)n exercise options convert into one ordinary share of Money3 Corporation Limited. The options carry neither rights to dividends
nor voting rights.
Shares issued as a result of the e(cid:50)ercise of options
During the year, Mr Scott Baldwin exercised (cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) options converting to (cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) ordinary shares at (cid:79)(cid:76) cents.
(cid:10)ndemnification and insurance of (cid:5)irectors and (cid:16)fficers
The company has indemnified the directors and executives of the company for costs incurred, in their capacity as a
director or executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the company paid a premium in respect of a contract to insure the directors and executives
of the company against a liability to the extent permitted by the Corporations Act (cid:73)(cid:71)(cid:71)(cid:72). The contract of insurance
prohibits disclosure of the nature of liability and the amount of the premium.
(cid:5)irectors(cid:61) meeting
The following table sets out the number of directors' meetings (including meetings of committees of directors) held
during the financial year and the number of meetings attended by each director (while they were a director or
committee member). During the financial year, there were ten Board meetings, two Audit Committee meetings and
two Remuneration Committee meeting held. (cid:15)o meeting of the (cid:15)ominations Committee was held during the year.
(cid:5)irector
(cid:22)aughan (cid:23)ebber
Bettina Evert
Robert Bryant
(cid:12)ang Hong Tan
Christopher Baldwin
Scott Baldwin
Miles Hampton
(cid:3)oard meeting
(cid:2)udit Committee
(cid:9)eld
(cid:72)(cid:71)
(cid:72)(cid:71)
(cid:72)(cid:71)
(cid:72)(cid:71)
3
(cid:72)(cid:71)
(cid:80)
(cid:2)ttended
(cid:72)(cid:71)
(cid:80)
(cid:72)(cid:71)
(cid:72)(cid:71)
(cid:73)
(cid:72)(cid:71)
(cid:79)
(cid:9)eld
(cid:73)
(cid:73)
(cid:73)
(cid:73)
(cid:72)
(cid:73)
(cid:72)
(cid:2)ttended
(cid:73)
(cid:73)
(cid:73)
(cid:73)
(cid:72)
(cid:73)
(cid:72)
(cid:19)emuneration Committee
(cid:2)ttended
(cid:73)
(cid:73)
(cid:73)
(cid:73)
-
-
(cid:72)
(cid:9)eld
(cid:73)
(cid:73)
(cid:73)
(cid:73)
(cid:73)
-
(cid:72)
(cid:5)irectors’ shareholding
The following table sets out each director’s relevant interest in shares or options issued by the Company at the date of
this report.
(cid:5)irector
(cid:16)rdinary Shares
(cid:22)aughan (cid:23)ebber
Bettina Evert
(cid:12)ang Hong Tan
Scott Baldwin
Miles Hampton
(cid:75)(cid:71),3(cid:75)(cid:76)
(cid:73)(cid:77)(cid:73),3(cid:76)(cid:77)
(cid:76),(cid:72)(cid:77)(cid:80),(cid:71)(cid:77)(cid:78)
(cid:73),3(cid:76)(cid:75),3(cid:73)(cid:75)
(cid:72)(cid:77)(cid:71),3(cid:75)(cid:76)
Partly paid ordinary
shares
-
-
-
-
-
(cid:21)ype of (cid:16)ptions
-
-
-
Director(cid:56)Employee
-
(cid:16)ptions over (cid:16)rdinary
Shares
-
-
-
(cid:73),(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
16
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(cid:28)(cid:59) Share options on issue
Details of unissued ordinary shares in Money3 Corporation Limited under option at the date of this report are:
(cid:10)ssuing entity
(cid:21)ype
(cid:15)o(cid:55) of shares under
(cid:6)(cid:50)ercise Price
Money3 Corporation Ltd
Money3 Corporation Ltd
Money3 Corporation Ltd
Money3 Corporation Ltd
Money3 Corporation Ltd
Money3 Corporation Ltd
Money3 Corporation Ltd
Money3 Corporation Ltd
Money3 Corporation Ltd
Directors (cid:16)ptions
Employee (cid:16)ptions
Director (cid:16)ptions
Employee (cid:16)ptions
Directors (cid:16)ptions
Employee (cid:16)ptions
Bond (cid:16)ptions
Employee (cid:16)ptions
Employee (cid:16)ptions
option
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:80)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
3,(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:76),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:64)
(cid:72).(cid:71)(cid:71)
(cid:71).(cid:76)(cid:71)
(cid:71).(cid:76)(cid:71)
(cid:72).(cid:71)(cid:71)
(cid:72).(cid:76)(cid:71)
(cid:72).(cid:76)(cid:71)
(cid:72).3(cid:71)
(cid:72).(cid:76)(cid:71)
(cid:72).(cid:78)(cid:71)
(cid:6)(cid:50)piry (cid:5)ate
3(cid:72) December (cid:73)(cid:71)(cid:72)(cid:76)
3(cid:71) September (cid:73)(cid:71)(cid:72)(cid:78)
(cid:72)(cid:77) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:78)
(cid:73)(cid:72) (cid:16)ctober (cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:79)
(cid:72)(cid:77) May (cid:73)(cid:71)(cid:72)(cid:79)
(cid:73)(cid:71) (cid:16)ctober (cid:73)(cid:71)(cid:72)(cid:80)
(cid:72)(cid:75) April (cid:73)(cid:71)(cid:73)(cid:71)
(cid:16)n exercise options convert into one ordinary share of Money3 Corporation Limited. The options carry neither rights to dividends
nor voting rights.
Shares issued as a result of the e(cid:50)ercise of options
During the year, Mr Scott Baldwin exercised (cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) options converting to (cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) ordinary shares at (cid:79)(cid:76) cents.
(cid:10)ndemnification and insurance of (cid:5)irectors and (cid:16)fficers
The company has indemnified the directors and executives of the company for costs incurred, in their capacity as a
director or executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the company paid a premium in respect of a contract to insure the directors and executives
of the company against a liability to the extent permitted by the Corporations Act (cid:73)(cid:71)(cid:71)(cid:72). The contract of insurance
prohibits disclosure of the nature of liability and the amount of the premium.
(cid:5)irectors(cid:61) meeting
The following table sets out the number of directors' meetings (including meetings of committees of directors) held
during the financial year and the number of meetings attended by each director (while they were a director or
committee member). During the financial year, there were ten Board meetings, two Audit Committee meetings and
two Remuneration Committee meeting held. (cid:15)o meeting of the (cid:15)ominations Committee was held during the year.
(cid:5)irector
(cid:22)aughan (cid:23)ebber
Bettina Evert
Robert Bryant
(cid:12)ang Hong Tan
Christopher Baldwin
Scott Baldwin
Miles Hampton
this report.
(cid:22)aughan (cid:23)ebber
Bettina Evert
(cid:12)ang Hong Tan
Scott Baldwin
Miles Hampton
(cid:72)(cid:71)
(cid:72)(cid:71)
(cid:72)(cid:71)
(cid:72)(cid:71)
3
(cid:72)(cid:71)
(cid:80)
(cid:72)(cid:71)
(cid:80)
(cid:72)(cid:71)
(cid:72)(cid:71)
(cid:73)
(cid:72)(cid:71)
(cid:79)
(cid:73)
(cid:73)
(cid:73)
(cid:73)
(cid:72)
(cid:73)
(cid:72)
(cid:73)
(cid:73)
(cid:73)
(cid:73)
(cid:73)
-
(cid:72)
(cid:73)
(cid:73)
(cid:73)
(cid:73)
-
-
(cid:72)
(cid:5)irectors’ shareholding
The following table sets out each director’s relevant interest in shares or options issued by the Company at the date of
(cid:5)irector
(cid:16)rdinary Shares
Partly paid ordinary
shares
(cid:21)ype of (cid:16)ptions
(cid:16)ptions over (cid:16)rdinary
Shares
(cid:75)(cid:71),3(cid:75)(cid:76)
(cid:73)(cid:77)(cid:73),3(cid:76)(cid:77)
(cid:76),(cid:72)(cid:77)(cid:80),(cid:71)(cid:77)(cid:78)
(cid:73),3(cid:76)(cid:75),3(cid:73)(cid:75)
(cid:72)(cid:77)(cid:71),3(cid:75)(cid:76)
-
-
-
-
-
Director(cid:56)Employee
(cid:73),(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
-
-
-
(cid:73)
(cid:73)
(cid:73)
(cid:73)
(cid:72)
(cid:73)
(cid:72)
-
-
-
-
(cid:19)emuneration report (cid:58)audited(cid:59)
This report outlines the remuneration arrangements in place for directors and executives of Money3.
(cid:19)emuneration philosophy
The performance of the Company depends upon the quality of its directors and executives. To prosper, the Company
must attract, motivate and retain highly skilled directors and executives.
To that end, the Company embodies the following principles in its remuneration framework:
(cid:120)
(cid:120)
(cid:120)
Provide competitive rewards to attract high calibre executives;
(cid:7)ocus on creating sustained shareholder value;
Significant portion of executive remuneration at risk, dependent upon meeting predetermined performance
benchmarks; and
(cid:120) Differentiation of individual rewards commensurate with contribution to overall results and according to
individual accountability, performance and potential.
The Remuneration Committee is responsible for determining and reviewing compensation arrangements for the
directors, Managing Director (MD) and the senior management team. The committee assesses the appropriateness of
the nature and amount of remuneration of directors and senior managers on a periodic basis by reference to relevant
employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the
retention of a high quality board and executive team.
(cid:19)emuneration structure
In line with best practice corporate governance, the structure of non-executive director, executive director and senior
manager remuneration is separate and distinct.
(cid:15)on(cid:57)e(cid:50)ecutive director remuneration
The Board seeks to set aggregate remuneration at a level which provides the Company with the ability to attract and
retain directors of the highest calibre.
The Constitution and the ASX Listing Rules specify that the aggregate remuneration of non-executive directors shall be
determined from time to time by a general meeting. An amount not exceeding the amount determined is then
divided between the non-executive directors as agreed. The current approved aggregate remuneration is (cid:68)(cid:75)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71).
(cid:3)oard meeting
(cid:2)udit Committee
(cid:19)emuneration Committee
(cid:9)eld
(cid:2)ttended
(cid:9)eld
(cid:2)ttended
(cid:9)eld
(cid:2)ttended
Senior management and e(cid:50)ecutive director remuneration
The Company aims to reward executives with a level and mix of remuneration commensurate with their position and
responsibilities so as to:
(cid:120) Reward executives for company and individual performance against targets set by reference to appropriate
benchmarks;
(cid:120) Align the interests of executives with those of shareholders;
(cid:120)
(cid:120)
Link reward with the strategic goals and performance of the company; and
Ensure total remuneration is competitive by market standards.
The executive remuneration program is designed to support the Company's reward philosophies and to underpin the
Company's growth strategy. The program comprises the following components:
(cid:7)ixed remuneration component; and
(cid:120)
(cid:120) (cid:22)ariable remuneration component including short term incentive (STI) and long term incentive (LTI)
Fixed remuneration
The level of fixed remuneration is set so as to provide a base level of remuneration which is both appropriate to the
position and is competitive in the market. Senior managers are given the opportunity to receive their fixed (primary)
remuneration in a variety of forms including cash and fringe benefits such as motor vehicles.
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(cid:20)aria(cid:23)(cid:32)e remuneration – (cid:39)(cid:29)ort term in(cid:24)enti(cid:42)e (cid:48)(cid:17)(cid:18)(cid:10)(cid:49)
The objective of the STI program is to link the achievement of the Company’s operational targets with the
remuneration received by the executives charged with meeting those targets. The total potential STI available is set at
a level so as to provide sufficient incentive to the senior manager to achieve the operational targets and such that the
cost to the Company is reasonable. The individual performance of each executive is also rated and taken into account
when determining the amount, if any, of the short term incentive pool allocated to each executive. The aggregate of
annual STI payments available for executives across the Company are usually delivered in the form of a cash bonus.
Employees and executives participate in performance incentive program under which a budgeted Earnings Before
Interest and Tax (EBIT) was established by the directors where the employees and executives are entitled to a share of
the profit which exceeds this budget figure. (cid:21)nder the program cash bonuses of (cid:68)(cid:72),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)) have
been earned and accrued at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76), and approved by the Board on the (cid:73)(cid:78) August (cid:73)(cid:71)(cid:72)(cid:76).
(cid:20)aria(cid:23)(cid:32)e remuneration (cid:47) (cid:32)on(cid:28) term in(cid:24)enti(cid:42)e (cid:48)(cid:11)(cid:18)(cid:10)(cid:49)
The objective of the LTI plan is to reward senior managers in a manner which aligns this element of remuneration with
the creation of shareholder wealth. As such, LTI grants are only made to executives who are able to influence the
generation of shareholder wealth and thus have a direct impact on the Company's performance against relevant long
term performance hurdles. The executive LTI is currently delivered in the form of options. In the (cid:73)(cid:71)(cid:72)(cid:76) financial year,
(cid:79)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) options were granted ((cid:73)(cid:71)(cid:72)(cid:75): 3,(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)) to executive directors and executives. (cid:15)o issue of shares was made in
(cid:73)(cid:71)(cid:72)(cid:76) ((cid:73)(cid:71)(cid:72)(cid:75): nil) under the LTI plan.
Contract of employment
All executives of the Company are employed under a letter of appointment. (cid:22)arious notice periods of up to (cid:77) months
are required to terminate the appointment. The letters of appointment do not contain specified option incentive
entitlements and are rolling with no fixed term.
(cid:19)elationship (cid:28)et(cid:49)een remuneration policy and company performance
Remuneration paid to key management personnel ((cid:12)MP) has been set at a level to attract and retain appropriately
skilled persons. All executive Directors and (cid:12)MP receive a base salary, superannuation and fringe benefits.
Performance based bonuses of (cid:73)3(cid:72),(cid:76)(cid:80)(cid:71) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:72)3(cid:76),(cid:71)(cid:71)(cid:71)) were paid by the Group to (cid:12)MP during the year. During the
year (cid:79)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) options were issued ((cid:73)(cid:71)(cid:72)(cid:75): (cid:75),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)) to (cid:12)MP.
In considering the consolidated entity’s performance and benefits for shareholder wealth, the directors have regard to
the indices in respect of the current financial year and the previous four financial years. The following table shows
revenue, profits, dividends, share price, EPS and (cid:12)MP remuneration at the end of each year.
Revenue
(cid:15)et Profit after tax
Closing share price
Price increase(cid:56)(decrease) (cid:68)
Price increase(cid:56)(decrease) (cid:83)
Earnings per share
Dividend paid per share
Total key management personnel remuneration
(cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)11
(cid:72)3,(cid:76)(cid:72)3,(cid:78)(cid:72)3
(cid:73),(cid:75)(cid:71)(cid:73),(cid:73)(cid:78)(cid:71)
(cid:68)(cid:71).(cid:75)(cid:73)
((cid:68)(cid:71).(cid:71)(cid:79))
((cid:72)(cid:77)(cid:83))
(cid:78).(cid:72)(cid:72)
(cid:75).(cid:73)(cid:76) cents
(cid:68)(cid:79)3(cid:72),(cid:78)(cid:79)(cid:73)
(cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:69)
(cid:72)(cid:76),(cid:75)(cid:80)(cid:75),(cid:79)(cid:80)3
(cid:73),(cid:76)(cid:73)(cid:76),(cid:79)(cid:75)(cid:71)
(cid:68)(cid:71).3(cid:79)
((cid:68)(cid:71).(cid:71)(cid:75))
((cid:72)(cid:71)(cid:83))
(cid:76).(cid:79)(cid:78)
(cid:75).(cid:71)(cid:71) cents
(cid:68)(cid:79)(cid:72)(cid:76),3(cid:80)(cid:75)
(cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:70)
(cid:73)(cid:73),(cid:78)(cid:79)(cid:78),(cid:72)(cid:73)(cid:77)
3,(cid:77)(cid:75)(cid:78),(cid:79)(cid:77)(cid:78)
(cid:68)(cid:71).(cid:78)(cid:80)
(cid:68)(cid:71).(cid:75)(cid:72)
(cid:72)(cid:71)(cid:79)(cid:83)
(cid:77).(cid:72)(cid:77)
(cid:75).(cid:71)(cid:71) cents
(cid:68)(cid:78)(cid:79)(cid:75),(cid:71)(cid:79)3
(cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:71)
(cid:75)3,(cid:76)(cid:71)(cid:78),(cid:78)(cid:71)(cid:79)
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
(cid:72).(cid:71)(cid:79)
(cid:68)(cid:71).(cid:73)(cid:80)
3(cid:78)(cid:83)
(cid:79).(cid:72)3
(cid:75).(cid:76)(cid:71) cents
(cid:68)(cid:72),(cid:72)3(cid:73),3(cid:77)(cid:76)
(cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72)
(cid:77)(cid:80),(cid:75)3(cid:75),(cid:73)(cid:72)(cid:75)
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
(cid:72).(cid:72)(cid:75)
(cid:68)(cid:71).(cid:71)(cid:77)
(cid:77)(cid:83)
(cid:72)(cid:72).(cid:79)(cid:73)
(cid:76).(cid:73)(cid:76) cents
(cid:72),(cid:78)(cid:73)(cid:72),(cid:75)(cid:77)(cid:78)
The above performance indicators of the consolidated entity since listing on (cid:72)(cid:80) (cid:16)ctober (cid:73)(cid:71)(cid:71)(cid:77) are considered when
assess the level of KMP’s compensation.
18
1 8
|
M o n e y 3 C o r p o r a t
i o n L i m i
t e d
Money3 Corporation Limited
For personal use only
M N Y
|
A n n u a l
R e p o r t
2 0 1 5
(cid:20)aria(cid:23)(cid:32)e remuneration – (cid:39)(cid:29)ort term in(cid:24)enti(cid:42)e (cid:48)(cid:17)(cid:18)(cid:10)(cid:49)
The objective of the STI program is to link the achievement of the Company’s operational targets with the
remuneration received by the executives charged with meeting those targets. The total potential STI available is set at
a level so as to provide sufficient incentive to the senior manager to achieve the operational targets and such that the
cost to the Company is reasonable. The individual performance of each executive is also rated and taken into account
when determining the amount, if any, of the short term incentive pool allocated to each executive. The aggregate of
annual STI payments available for executives across the Company are usually delivered in the form of a cash bonus.
Employees and executives participate in performance incentive program under which a budgeted Earnings Before
Interest and Tax (EBIT) was established by the directors where the employees and executives are entitled to a share of
the profit which exceeds this budget figure. (cid:21)nder the program cash bonuses of (cid:68)(cid:72),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)) have
been earned and accrued at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76), and approved by the Board on the (cid:73)(cid:78) August (cid:73)(cid:71)(cid:72)(cid:76).
(cid:20)aria(cid:23)(cid:32)e remuneration (cid:47) (cid:32)on(cid:28) term in(cid:24)enti(cid:42)e (cid:48)(cid:11)(cid:18)(cid:10)(cid:49)
The objective of the LTI plan is to reward senior managers in a manner which aligns this element of remuneration with
the creation of shareholder wealth. As such, LTI grants are only made to executives who are able to influence the
generation of shareholder wealth and thus have a direct impact on the Company's performance against relevant long
term performance hurdles. The executive LTI is currently delivered in the form of options. In the (cid:73)(cid:71)(cid:72)(cid:76) financial year,
(cid:79)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) options were granted ((cid:73)(cid:71)(cid:72)(cid:75): 3,(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)) to executive directors and executives. (cid:15)o issue of shares was made in
(cid:73)(cid:71)(cid:72)(cid:76) ((cid:73)(cid:71)(cid:72)(cid:75): nil) under the LTI plan.
Contract of employment
All executives of the Company are employed under a letter of appointment. (cid:22)arious notice periods of up to (cid:77) months
are required to terminate the appointment. The letters of appointment do not contain specified option incentive
entitlements and are rolling with no fixed term.
(cid:19)elationship (cid:28)et(cid:49)een remuneration policy and company performance
Remuneration paid to key management personnel ((cid:12)MP) has been set at a level to attract and retain appropriately
skilled persons. All executive Directors and (cid:12)MP receive a base salary, superannuation and fringe benefits.
Performance based bonuses of (cid:73)3(cid:72),(cid:76)(cid:80)(cid:71) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:72)3(cid:76),(cid:71)(cid:71)(cid:71)) were paid by the Group to (cid:12)MP during the year. During the
year (cid:79)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) options were issued ((cid:73)(cid:71)(cid:72)(cid:75): (cid:75),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)) to (cid:12)MP.
In considering the consolidated entity’s performance and benefits for shareholder wealth, the directors have regard to
the indices in respect of the current financial year and the previous four financial years. The following table shows
revenue, profits, dividends, share price, EPS and (cid:12)MP remuneration at the end of each year.
Revenue
(cid:15)et Profit after tax
Closing share price
Price increase(cid:56)(decrease) (cid:68)
Price increase(cid:56)(decrease) (cid:83)
Earnings per share
Dividend paid per share
Total key management personnel remuneration
assess the level of KMP’s compensation.
(cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)11
(cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:69)
(cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:70)
(cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:71) (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72)
(cid:72)3,(cid:76)(cid:72)3,(cid:78)(cid:72)3
(cid:73),(cid:75)(cid:71)(cid:73),(cid:73)(cid:78)(cid:71)
(cid:72)(cid:76),(cid:75)(cid:80)(cid:75),(cid:79)(cid:80)3
(cid:73),(cid:76)(cid:73)(cid:76),(cid:79)(cid:75)(cid:71)
(cid:73)(cid:73),(cid:78)(cid:79)(cid:78),(cid:72)(cid:73)(cid:77)
3,(cid:77)(cid:75)(cid:78),(cid:79)(cid:77)(cid:78)
(cid:75)3,(cid:76)(cid:71)(cid:78),(cid:78)(cid:71)(cid:79)
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
(cid:77)(cid:80),(cid:75)3(cid:75),(cid:73)(cid:72)(cid:75)
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
(cid:68)(cid:71).(cid:75)(cid:73)
((cid:68)(cid:71).(cid:71)(cid:79))
((cid:72)(cid:77)(cid:83))
(cid:78).(cid:72)(cid:72)
(cid:68)(cid:71).3(cid:79)
((cid:68)(cid:71).(cid:71)(cid:75))
((cid:72)(cid:71)(cid:83))
(cid:76).(cid:79)(cid:78)
(cid:68)(cid:71).(cid:78)(cid:80)
(cid:68)(cid:71).(cid:75)(cid:72)
(cid:72)(cid:71)(cid:79)(cid:83)
(cid:77).(cid:72)(cid:77)
(cid:72).(cid:71)(cid:79)
(cid:68)(cid:71).(cid:73)(cid:80)
3(cid:78)(cid:83)
(cid:79).(cid:72)3
(cid:72).(cid:72)(cid:75)
(cid:68)(cid:71).(cid:71)(cid:77)
(cid:77)(cid:83)
(cid:72)(cid:72).(cid:79)(cid:73)
(cid:75).(cid:73)(cid:76) cents
(cid:68)(cid:79)3(cid:72),(cid:78)(cid:79)(cid:73)
(cid:75).(cid:71)(cid:71) cents
(cid:68)(cid:79)(cid:72)(cid:76),3(cid:80)(cid:75)
(cid:75).(cid:71)(cid:71) cents
(cid:68)(cid:78)(cid:79)(cid:75),(cid:71)(cid:79)3
(cid:75).(cid:76)(cid:71) cents
(cid:68)(cid:72),(cid:72)3(cid:73),3(cid:77)(cid:76)
(cid:76).(cid:73)(cid:76) cents
(cid:72),(cid:78)(cid:73)(cid:72),(cid:75)(cid:77)(cid:78)
The above performance indicators of the consolidated entity since listing on (cid:72)(cid:80) (cid:16)ctober (cid:73)(cid:71)(cid:71)(cid:77) are considered when
A n n u a l
R e p o r t
2 0 1 5
|
M N Y
Annual Report 2015 | MNY
(cid:5)etails of remuneration
The (cid:12)MP of Money3 Corporation Limited includes following:
Mr (cid:22)aughan (cid:23)ebber
(cid:15)on-Executive Chairman
Mr Robert Bryant
Ms Bettina Evert
Managing Director (Resigned (cid:73)(cid:73) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:76)),
(cid:15)on-Executive Director
Mr Christopher Baldwin
(cid:15)on-Executive Director (Retired (cid:73)(cid:77) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:75))
Mr (cid:12)ang Hong Tan
(cid:15)on-Executive Director
Mr Scott (cid:11)oseph Baldwin
Executive Director (from (cid:73)(cid:73) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:76)) and Managing Director (from (cid:73)(cid:80) September (cid:73)(cid:71)(cid:72)(cid:76))
Mr Miles Hampton
(cid:15)on-Executive Director (Appointed (cid:72) September (cid:73)(cid:71)(cid:72)(cid:75))
Mr Craig Harris
Mr Michael Rudd
Company Secretary and C(cid:7)(cid:16)
General Manager (Appointed 3 (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:75))
Mr Michael (cid:12)ani(cid:51)ay
Chief Information (cid:16)fficer (Appointed (cid:73) March (cid:73)(cid:71)(cid:72)(cid:76))
There are no (cid:12)MP other than those disclosed above.
The compensation of each member of the (cid:12)MP of the consolidated entity is set out below:
Long term
(cid:28)enefits
Long service
leave
(cid:64)
Post(cid:57)employment
(cid:28)enefits
Superannuation
(cid:64)
Short term employee (cid:28)enefits
Salary (cid:62) fees
(cid:64)
(cid:2)nnual
leave
(cid:64)
(cid:3)onus
(cid:64)
(cid:69)(cid:67)1(cid:72)
(cid:22). (cid:23)ebber
B. Evert
R. Bryant
(cid:12)ang H. Tan
C. Baldwin
S. Baldwin
M. Hampton
C. Harris
M. Rudd
M. (cid:12)ani(cid:51)ay
Total
(cid:69)(cid:67)1(cid:71)
G. Sam
(cid:22). (cid:23)ebber
B. Evert
R. Bryant
(cid:12)ang H. Tan
C. Baldwin
S. Baldwin
C Harris
Total
(cid:78)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73)(cid:72)(cid:76),(cid:77)(cid:80)(cid:73)
(cid:77)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:77),(cid:80)(cid:73)3
(cid:72)(cid:79)(cid:77),(cid:71)3(cid:77)
(cid:76)(cid:75),(cid:73)3(cid:71)
(cid:73)(cid:71)3,(cid:71)(cid:78)(cid:78)
(cid:72)(cid:79)(cid:78),(cid:77)(cid:73)3
(cid:75)(cid:75),(cid:80)(cid:77)(cid:71)
(cid:72),(cid:71)(cid:79)(cid:79),(cid:76)(cid:75)(cid:72)
(cid:73)(cid:80),(cid:77)(cid:72)(cid:76)
(cid:73)(cid:77),3(cid:71)(cid:78)
3(cid:80),(cid:80)(cid:80)(cid:80)
(cid:73)(cid:71)(cid:77),(cid:72)(cid:76)(cid:75)
(cid:75)(cid:80),(cid:72)(cid:75)(cid:80)
3(cid:80),(cid:80)(cid:80)(cid:80)
(cid:72)(cid:78)(cid:76),(cid:72)(cid:80)(cid:73)
(cid:72)(cid:78)(cid:79),(cid:75)(cid:77)(cid:73)
(cid:78)(cid:75)(cid:75),(cid:79)(cid:78)(cid:78)
-
-
(cid:77)(cid:72),(cid:77)(cid:71)(cid:71)
-
-
(cid:77)(cid:72),(cid:80)(cid:71)(cid:71)
-
(cid:77)(cid:79),(cid:71)(cid:80)(cid:71)
3(cid:79),(cid:73)(cid:77)(cid:76)
-
(cid:73)(cid:73)(cid:80),(cid:79)(cid:76)(cid:76)
-
-
-
(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
-
-
3(cid:76),(cid:71)(cid:71)(cid:71)
(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)3(cid:76),(cid:71)(cid:71)(cid:71)
-
-
(cid:73)(cid:71),(cid:78)3(cid:76)
-
-
(cid:73)(cid:71),(cid:80)(cid:73)(cid:79)
-
(cid:73)(cid:72),(cid:76)(cid:77)(cid:73)
(cid:72)(cid:78),(cid:80)(cid:71)(cid:73)
3,(cid:75)(cid:76)(cid:79)
(cid:79)(cid:75),(cid:76)(cid:79)(cid:76)
-
-
-
(cid:78)(cid:78)(cid:73)(cid:80)
-
-
(cid:72)(cid:71),(cid:79)3(cid:71)
(cid:73)(cid:72),(cid:76)(cid:77)(cid:73)
(cid:75)(cid:71),(cid:72)(cid:73)(cid:72)
(cid:77),(cid:77)(cid:76)(cid:71)
(cid:75),(cid:78)(cid:76)(cid:71)
(cid:73)(cid:71),(cid:80)(cid:71)(cid:71)
(cid:75),(cid:78)(cid:76)(cid:71)
(cid:72),(cid:76)(cid:77)(cid:76)
(cid:72)(cid:78),(cid:76)(cid:78)(cid:76)
(cid:76),(cid:72)(cid:76)(cid:73)
(cid:73)(cid:71),(cid:80)(cid:71)(cid:71)
(cid:72)(cid:77),(cid:77)(cid:78)3
3,(cid:78)3(cid:78)
(cid:72)(cid:71)(cid:73),(cid:77)(cid:76)(cid:73)
(cid:73),(cid:78)3(cid:80)
(cid:73),(cid:75)33
3,(cid:78)(cid:71)(cid:71)
(cid:72)(cid:79),(cid:76)(cid:71)(cid:71)
3,(cid:78)(cid:71)(cid:71)
3,(cid:78)(cid:71)(cid:71)
(cid:72)(cid:76),(cid:78)(cid:73)(cid:76)
(cid:72)(cid:79),(cid:76)(cid:71)(cid:71)
(cid:77)(cid:79),(cid:80)(cid:80)(cid:78)
-
-
3,(cid:75)(cid:78)(cid:78)
-
-
(cid:77),3(cid:71)(cid:72)
-
(cid:72)(cid:73),(cid:75)(cid:73)(cid:76)
(cid:72)(cid:75)(cid:73)
(cid:73)(cid:72)
(cid:73)(cid:73),3(cid:77)(cid:77)
-
-
-
(cid:72)(cid:78),(cid:75)(cid:80)(cid:77)
-
-
(cid:77),(cid:72)(cid:77)(cid:80)
3,(cid:73)(cid:80)3
(cid:73)(cid:77),(cid:80)(cid:76)(cid:79)
Share (cid:28)ased
payments
(cid:58)options(cid:59)
(cid:64)
-
-
(cid:75)(cid:80),333
-
-
(cid:75)(cid:72),(cid:71)(cid:71)(cid:80)
-
(cid:78)(cid:77),(cid:79)33
(cid:73)(cid:75),(cid:78)(cid:78)(cid:80)
(cid:72),(cid:76)(cid:72)(cid:75)
(cid:72)(cid:80)3,(cid:75)(cid:77)(cid:79)
-
-
-
(cid:73)(cid:79),(cid:78)(cid:78)(cid:79)
-
-
3(cid:73),333
(cid:76)(cid:76),3(cid:71)(cid:72)
(cid:72)(cid:72)(cid:77),(cid:75)(cid:72)(cid:73)
(cid:21)otal
(cid:64)
(cid:78)(cid:77),(cid:77)(cid:76)(cid:71)
(cid:76)(cid:75),(cid:78)(cid:76)(cid:71)
3(cid:78)(cid:72),(cid:78)3(cid:78)
(cid:77)(cid:75),(cid:78)(cid:76)(cid:71)
(cid:72)(cid:79),(cid:75)(cid:79)(cid:79)
333,(cid:78)(cid:75)(cid:80)
(cid:76)(cid:80),3(cid:79)(cid:73)
(cid:75)(cid:71)(cid:73),(cid:79)(cid:79)(cid:78)
(cid:73)(cid:79)(cid:76),3(cid:79)(cid:75)
(cid:76)3,(cid:77)(cid:80)(cid:71)
(cid:72),(cid:78)(cid:73)(cid:72),(cid:75)(cid:77)(cid:78)
3(cid:73),3(cid:76)(cid:75)
(cid:73)(cid:79),(cid:78)(cid:75)(cid:71)
(cid:75)3,(cid:77)(cid:80)(cid:80)
3(cid:73)(cid:79),(cid:77)(cid:76)(cid:78)
(cid:76)(cid:73),(cid:79)(cid:75)(cid:80)
(cid:75)3,(cid:77)(cid:80)(cid:80)
(cid:73)(cid:78)(cid:76),(cid:73)(cid:75)(cid:80)
3(cid:73)(cid:78),(cid:72)(cid:72)(cid:79)
(cid:72),(cid:72)3(cid:73),3(cid:77)(cid:76)
Except for retirement benefits provided by the superannuation guarantee legislation, there are no retirement benefits
for the Directors. The proportion of R. Bryant’s remuneration that is linked to performance is (cid:72)(cid:77).(cid:76)(cid:78)(cid:83) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:72)(cid:76).(cid:73)(cid:72)(cid:83)).
The proportion of S.Baldwin's remuneration that is linked to performance is (cid:72)(cid:79).(cid:76)(cid:76)(cid:83) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:72)(cid:73).(cid:78)(cid:73)(cid:83)). The proportion of
C.Harris's remuneration that is linked to performance is (cid:72)(cid:77).(cid:80)(cid:71)(cid:83) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:72)(cid:76).(cid:75)3(cid:83)). The proportion of M.Rudd's
remuneration that is linked to performance is (cid:72)3.(cid:75)(cid:72)(cid:83). Mr M. (cid:12)ani(cid:51)ay has not received a bonus this financial year. (cid:15)o
other (cid:12)MP remuneration linked to performance ((cid:73)(cid:71)(cid:72)(cid:75): nil).
The proportion of cash bonus paid(cid:56)payable or forfeited is as follows;
R. Bryant
C. Baldwin
C. Harris
M. Rudd
Cash (cid:28)onus paid(cid:56)paya(cid:28)le
(cid:69)(cid:67)1(cid:72)
(cid:69)(cid:67)1(cid:71)
Cash (cid:28)onus forfeited
(cid:69)(cid:67)1(cid:72)
(cid:69)(cid:67)1(cid:71)
(cid:72)(cid:71)(cid:71)(cid:83)
(cid:72)(cid:71)(cid:71)(cid:83)
(cid:72)(cid:71)(cid:71)(cid:83)
(cid:72)(cid:71)(cid:71)(cid:83)
(cid:72)(cid:71)(cid:71)(cid:83)
(cid:72)(cid:71)(cid:71)(cid:83)
(cid:72)(cid:71)(cid:71)(cid:83)
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
Loans (cid:49)ith (cid:37)ey management personnel
There is currently no loans with key management personnel
1 8
|
M o n e y 3 C o r p o r a t
i o n L i m i
t e d
Money3 Corporation Limited
19
M o n e y 3 C o r p o r a t
i o n L i m i
t e d
|
1 9
For personal use only
M N Y
Annual Report 2015 | MNY
|
A n n u a l
R e p o r t
2 0 1 5
The financial statements include the interest on loans with key management personnel:
Interest paid to Robert Bryant
Service agreements
(cid:15)ame:
Title:
Agreement commenced:
Term of agreement
Details:
(cid:15)ame:
Title:
Agreement commenced:
Term of agreement
Details:
(cid:15)ame:
Title:
Agreement commenced:
Term of agreement
Details:
(cid:15)ame:
Title:
Agreement commenced:
Term of agreement
Details:
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
-
-
(cid:76)(cid:72)(cid:79)
(cid:76)(cid:72)(cid:79)
Scott Baldwin
Managing Director
(cid:72)3 (cid:11)anuary (cid:73)(cid:71)(cid:71)(cid:80)
-
Base salary for the year ending 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:77) of (cid:68)3(cid:78)(cid:76),(cid:71)(cid:71)(cid:71) inclusive of
superannuation, to be reviewed annually by the Remuneration Committee. (cid:77)
month termination notice by either party or (cid:72)(cid:73) months in the event of change of
control. Short Term Incentive of up to (cid:76)(cid:71)(cid:83) of the employee’s fixed annual
remuneration on terms prescribed by the Remuneration Committee. Long Term
Incentive of up to (cid:76)(cid:71)(cid:83) of the employee’s fixed annual remuneration on terms
prescribed by the Remuneration Committee. (cid:23)ill be restrained for (cid:77) months post-
employment from carrying on or being involved in any business which is in
competition with Money3.
Craig Harris
Company Secretary and Chief (cid:7)inancial (cid:16)fficer
3(cid:72) May (cid:73)(cid:71)(cid:72)(cid:71)
-
Base salary for the year ending 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:77) of (cid:68)(cid:73)(cid:75)(cid:73),(cid:71)(cid:71)(cid:71) plus superannuation, to
be reviewed annually by the Remuneration Committee. 3 month termination
notice by either party or (cid:72)(cid:73) months in the event of acquisition. Bonus as per
Remuneration Committee approval and (cid:12)PI achievement, non-solicitation and non-
compete clauses.
Michael Rudd
General Manager
3 (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:75)
-
Base salary for the year ending 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:77) of (cid:68)(cid:72)(cid:80)(cid:73),(cid:78)(cid:79)(cid:72) plus superannuation and
use of company car, to be reviewed annually by the Remuneration Committee. (cid:72)
month termination notice by either party. Bonus as per Remuneration Committee
approval and (cid:12)PI achievement, non-solicitation and non-compete clauses.
Michael (cid:12)ani(cid:51)ay
Chief Information (cid:16)fficer
(cid:73) March (cid:73)(cid:71)(cid:72)(cid:76)
-
Base salary for the year ending 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:77) of (cid:68)(cid:72)(cid:75)(cid:77),(cid:72)(cid:72)(cid:79) plus superannuation, to
be reviewed annually by the Remuneration Committee. (cid:72) month termination
notice by either party. Bonus as per Remuneration Committee approval and (cid:12)PI
achievement, non-solicitation and non-compete clauses.
20
2 0
|
M o n e y 3 C o r p o r a t
i o n L i m i
t e d
Money3 Corporation Limited
For personal use only
M N Y
|
A n n u a l
R e p o r t
2 0 1 5
A n n u a l
R e p o r t
2 0 1 5
M N Y
Annual Report 2015 | MNY
|
The financial statements include the interest on loans with key management personnel:
Consolidated
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
-
-
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:76)(cid:72)(cid:79)
(cid:76)(cid:72)(cid:79)
Interest paid to Robert Bryant
Service agreements
(cid:15)ame:
Title:
Agreement commenced:
Term of agreement
Details:
Scott Baldwin
Managing Director
(cid:72)3 (cid:11)anuary (cid:73)(cid:71)(cid:71)(cid:80)
-
Base salary for the year ending 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:77) of (cid:68)3(cid:78)(cid:76),(cid:71)(cid:71)(cid:71) inclusive of
superannuation, to be reviewed annually by the Remuneration Committee. (cid:77)
month termination notice by either party or (cid:72)(cid:73) months in the event of change of
control. Short Term Incentive of up to (cid:76)(cid:71)(cid:83) of the employee’s fixed annual
remuneration on terms prescribed by the Remuneration Committee. Long Term
Incentive of up to (cid:76)(cid:71)(cid:83) of the employee’s fixed annual remuneration on terms
prescribed by the Remuneration Committee. (cid:23)ill be restrained for (cid:77) months post-
employment from carrying on or being involved in any business which is in
competition with Money3.
(cid:15)ame:
Title:
Craig Harris
Company Secretary and Chief (cid:7)inancial (cid:16)fficer
Agreement commenced:
3(cid:72) May (cid:73)(cid:71)(cid:72)(cid:71)
Term of agreement
-
Details:
Base salary for the year ending 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:77) of (cid:68)(cid:73)(cid:75)(cid:73),(cid:71)(cid:71)(cid:71) plus superannuation, to
be reviewed annually by the Remuneration Committee. 3 month termination
notice by either party or (cid:72)(cid:73) months in the event of acquisition. Bonus as per
Remuneration Committee approval and (cid:12)PI achievement, non-solicitation and non-
compete clauses.
Michael Rudd
General Manager
3 (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:75)
(cid:15)ame:
Title:
Agreement commenced:
Term of agreement
Details:
Agreement commenced:
(cid:73) March (cid:73)(cid:71)(cid:72)(cid:76)
Michael (cid:12)ani(cid:51)ay
Chief Information (cid:16)fficer
(cid:15)ame:
Title:
Term of agreement
Details:
-
-
Base salary for the year ending 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:77) of (cid:68)(cid:72)(cid:80)(cid:73),(cid:78)(cid:79)(cid:72) plus superannuation and
use of company car, to be reviewed annually by the Remuneration Committee. (cid:72)
month termination notice by either party. Bonus as per Remuneration Committee
approval and (cid:12)PI achievement, non-solicitation and non-compete clauses.
Base salary for the year ending 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:77) of (cid:68)(cid:72)(cid:75)(cid:77),(cid:72)(cid:72)(cid:79) plus superannuation, to
be reviewed annually by the Remuneration Committee. (cid:72) month termination
notice by either party. Bonus as per Remuneration Committee approval and (cid:12)PI
achievement, non-solicitation and non-compete clauses.
(cid:23)alue of options
The value of options is determined at grant date using the Binomial (cid:16)ption Pricing Model taking into account factors
including exercise price, expected volatility and option life and is included in remuneration on a proportion basis from
grant date to vesting date.
(cid:6)a(cid:16)(cid:25)(cid:10) o(cid:11) options iss(cid:25)(cid:10)(cid:9) to (cid:9)ir(cid:10)ctors an(cid:9) (cid:15)(cid:10)(cid:27) (cid:17)ana(cid:12)(cid:10)(cid:17)(cid:10)nt p(cid:10)rsonn(cid:10)(cid:16)
The following table discloses the value of options granted, exercised or lapsed during the year:
(cid:23)alue of
options
granted
during the
year
(cid:64)
(cid:23)alue of
options
e(cid:50)ercised
during the
year
(cid:64)
(cid:23)alue of
options
lapsed
during the
year
(cid:64)
(cid:6)(cid:50)piry (cid:5)ate
(cid:6)(cid:50)ercise
(cid:5)ate
Percentage of
total remuneration
for the year that
consists of options
(cid:79)
Proportion of option
remuneration
Performance
related
(cid:79)
(cid:15)on(cid:57)
Performance
related
-
(cid:79)(cid:78),(cid:71)(cid:71)(cid:71)
(cid:75)3,(cid:77)(cid:73)(cid:71)
(cid:73)(cid:72),(cid:79)(cid:72)(cid:71)
(cid:72)(cid:75)(cid:79),(cid:71)(cid:71)(cid:71)
-
(cid:78)(cid:75),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:80),(cid:76)(cid:71)(cid:71)
(cid:78)(cid:75),(cid:71)(cid:71)(cid:71)
(cid:78),(cid:79)(cid:77)(cid:71)
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:80),(cid:72)(cid:71)(cid:71)
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
3(cid:72)(cid:56)(cid:72)(cid:73)(cid:56)(cid:73)(cid:71)(cid:72)(cid:75)
(cid:73)(cid:71)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)(cid:80)
(cid:72)(cid:75)(cid:56)(cid:71)(cid:75)(cid:56)(cid:73)(cid:71)(cid:73)(cid:71)
(cid:72)(cid:75)(cid:56)(cid:71)(cid:75)(cid:56)(cid:73)(cid:71)(cid:73)(cid:71)
(cid:73)(cid:76)(cid:56)(cid:71)(cid:80)(cid:56)(cid:73)(cid:71)(cid:72)(cid:75)
(cid:73)(cid:71)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)(cid:78)
(cid:72)(cid:76)(cid:56)(cid:71)(cid:75)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
(cid:72)(cid:76)(cid:56)(cid:71)(cid:75)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
3(cid:72)(cid:56)(cid:72)(cid:73)(cid:56)(cid:73)(cid:71)(cid:72)3
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
(cid:73)(cid:72)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:77)
(cid:73)(cid:73)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)3
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:77)
(cid:73)(cid:72)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)(cid:77)
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:77)
(cid:73)
3(cid:71)
(cid:72)(cid:76)
(cid:75)(cid:72)
(cid:75)(cid:79)
3
(cid:73)(cid:79)
3(cid:75)
(cid:73)3
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:15)il
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:5)irectors
(cid:69)(cid:67)1(cid:72)
S Baldwin
M Rudd
M Rudd
M (cid:12)ani(cid:51)ay
(cid:69)(cid:67)1(cid:71)
R Bryant
S Baldwin
S Baldwin
C Harris
C Harris
(cid:16)ptions granted during the (cid:73)(cid:71)(cid:72)(cid:76) financial year were granted as an incentive to drive the continuing performance of
the Company. The total fair value of these options on grant date was (cid:68)(cid:72)(cid:76)(cid:73),(cid:75)3(cid:71) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:75)(cid:71)(cid:76),(cid:76)(cid:71)(cid:71)).
As the options vest over time the cost is expensed in accordance with AASB(cid:73) over the vesting period. In the (cid:73)(cid:71)(cid:72)(cid:76)
financial year the expense for key management personnel is (cid:68)(cid:72)(cid:80)3,(cid:75)(cid:77)(cid:79) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:72)(cid:72)(cid:77),(cid:75)(cid:72)(cid:73)).
During the year, Mr Scott Baldwin exercised (cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) options converting to (cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) ordinary shares at (cid:79)(cid:76) cents.
Inputs into the determination of the fair value of options issued to the (cid:12)MP are set out below.
(cid:5)irector (cid:57)
(cid:6)(cid:50)pire
(cid:70)1(cid:56)1(cid:69)(cid:56)(cid:69)(cid:67)1(cid:72)
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
(cid:70)(cid:67)(cid:56)(cid:67)(cid:76)(cid:56)(cid:69)(cid:67)1(cid:74)
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
1(cid:73)(cid:56)11(cid:56)(cid:69)(cid:67)1(cid:74)
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
(cid:69)1(cid:56)1(cid:67)(cid:56)(cid:69)(cid:67)1(cid:75)
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
(cid:70)(cid:67)(cid:56)11(cid:56)(cid:69)(cid:67)1(cid:75)
(cid:5)irector(cid:57)
(cid:6)(cid:50)pire
(cid:70)(cid:67)(cid:56)11(cid:56)(cid:69)(cid:67)1(cid:75)
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
(cid:69)(cid:67)(cid:56)1(cid:67)(cid:56)(cid:69)(cid:67)1(cid:76)
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
1(cid:71)(cid:56)(cid:67)(cid:71)(cid:56)(cid:69)(cid:67)(cid:69)(cid:67)
Exercise price
Grant date
Expiry date
Share price at
grant date
Expected
volatility
Expected
dividend yield
Risk free rate
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:73)(cid:78)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:71)(cid:80)
3(cid:72)(cid:56)(cid:72)(cid:73)(cid:56)(cid:73)(cid:71)(cid:72)(cid:76)
(cid:68)(cid:71).(cid:76)(cid:71)
3(cid:71)(cid:56)(cid:71)(cid:80)(cid:56)(cid:73)(cid:71)(cid:72)(cid:73)
3(cid:71)(cid:56)(cid:71)(cid:80)(cid:56)(cid:73)(cid:71)(cid:72)(cid:78)
(cid:68)(cid:71).(cid:76)(cid:71)
(cid:72)(cid:77)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:73)
(cid:72)(cid:77)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:78)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:73)(cid:72)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)3
(cid:73)(cid:72)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
(cid:68)(cid:72).(cid:76)(cid:71)
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)3
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
(cid:68)(cid:71).(cid:75)(cid:76)
(cid:75)(cid:71)(cid:83)
(cid:78).33(cid:83)
(cid:76).(cid:71)(cid:71)(cid:71)(cid:83)
(cid:68)(cid:71).(cid:75)3
(cid:68)(cid:71).(cid:75)3
(cid:68)(cid:72).(cid:71)(cid:76)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:75)(cid:71)(cid:83)
(cid:75)(cid:71)(cid:83)
(cid:80).(cid:76)(cid:71)(cid:83)
(cid:73).(cid:76)(cid:73)(cid:83)
(cid:80).(cid:76)(cid:71)(cid:83)
(cid:73).(cid:76)(cid:73)(cid:83)
3(cid:73)(cid:83)
(cid:75).(cid:73)(cid:76)(cid:83)
3.(cid:75)(cid:83)
3(cid:73)(cid:83)
(cid:75).(cid:73)(cid:76)(cid:83)
3.(cid:75)(cid:83)
(cid:68)(cid:72).(cid:76)(cid:71)
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)3
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
(cid:73)(cid:71)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)(cid:75)
(cid:73)(cid:71)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)(cid:80)
(cid:68)(cid:72).(cid:73)(cid:71)
(cid:68)(cid:72).(cid:78)(cid:71)
(cid:72)(cid:76)(cid:56)(cid:71)(cid:75)(cid:56)(cid:73)(cid:71)(cid:72)(cid:76)
(cid:72)(cid:75)(cid:56)(cid:71)(cid:75)(cid:56)(cid:73)(cid:71)(cid:73)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:73)
3(cid:73)(cid:83)
(cid:75).(cid:73)(cid:76)(cid:83)
3(cid:72)(cid:83)
3.(cid:76)(cid:83)
3(cid:72)(cid:83)
3.(cid:76)(cid:83)
3.(cid:75)(cid:83)
(cid:72).(cid:79)(cid:75)(cid:83)
(cid:72).(cid:79)(cid:75)(cid:83)
2 0
|
M o n e y 3 C o r p o r a t
i o n L i m i
t e d
Money3 Corporation Limited
M o n e y 3 C o r p o r a t
i o n L i m i
t e d
|
21
2 1
For personal use only
M N Y
Annual Report 2015 | MNY
|
A n n u a l
R e p o r t
2 0 1 5
Share (cid:28)ased compensation
(cid:14)(cid:36)tion(cid:39)
(cid:16)ptions are granted under the Money3 Corporation Limited's Director and Employee Share (cid:16)ption Plan. (cid:16)ptions are
granted under the plan for no consideration. The board determines the quantity and terms of options to be granted.
The valuations of options are independently determined by independent experts using the Binomial option pricing
model taking into account the terms and conditions upon which the instruments were granted.
The following table discloses terms and conditions of each grant of options provided as compensation.
(cid:10)ssue (cid:5)ate
(cid:16)ptions
Granted
(cid:6)(cid:50)ercise Price
(cid:6)(cid:50)piry (cid:5)ate
(cid:23)esting (cid:5)ate
S Baldwin
S Baldwin
C Harris
C Harris
R Bryant
C Harris
(cid:73)(cid:78) (cid:15)ov (cid:73)(cid:71)(cid:71)(cid:80)
(cid:72)(cid:77) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:73)
3(cid:71) Sep (cid:73)(cid:71)(cid:72)(cid:73)
(cid:73)(cid:72) (cid:16)ct (cid:73)(cid:71)(cid:72)3
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)3
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)3
S Baldwin
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)3
M Rudd
M Rudd
(cid:73)(cid:71) (cid:16)ct (cid:73)(cid:71)(cid:72)(cid:75)
(cid:72)(cid:76) April (cid:73)(cid:71)(cid:72)(cid:76)
M (cid:12)ani(cid:51)ay
(cid:72)(cid:76) April (cid:73)(cid:71)(cid:72)(cid:76)
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:68)(cid:71).(cid:76)(cid:71)
(cid:68)(cid:71).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:78)(cid:71)
(cid:68)(cid:72).(cid:78)(cid:71)
3(cid:72) Dec (cid:73)(cid:71)(cid:72)(cid:76)
3(cid:72) Dec (cid:73)(cid:71)(cid:72)(cid:75)
(cid:72)(cid:77) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:78)
(cid:72)(cid:77) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:76)
3(cid:71) Sep (cid:73)(cid:71)(cid:72)(cid:78)
3(cid:71) Sep (cid:73)(cid:71)(cid:72)(cid:76)
(cid:73)(cid:72) (cid:16)ct (cid:73)(cid:71)(cid:72)(cid:79)
(cid:73)(cid:72) (cid:16)ct (cid:73)(cid:71)(cid:72)(cid:77)
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:77)
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:77)
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:77)
(cid:73)(cid:71) (cid:16)ct (cid:73)(cid:71)(cid:72)(cid:80)
(cid:73)(cid:72) (cid:16)ct (cid:73)(cid:71)(cid:72)(cid:78)
(cid:72)(cid:75) April (cid:73)(cid:71)(cid:73)(cid:71)
(cid:72)(cid:75) April (cid:73)(cid:71)(cid:72)(cid:79)
(cid:72)(cid:75) April (cid:73)(cid:71)(cid:73)(cid:71)
(cid:72)(cid:75) April (cid:73)(cid:71)(cid:72)(cid:79)
(cid:14)a(cid:50)imum total
value of issue
yet to vest
(cid:64)
(cid:77),(cid:71)(cid:79)(cid:77)
(cid:75)(cid:78),(cid:71)(cid:71)(cid:71)
(cid:75)(cid:78),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:80),(cid:76)(cid:71)(cid:71)
(cid:72)(cid:75)(cid:79),(cid:71)(cid:71)(cid:71)
(cid:78)(cid:75),(cid:71)(cid:71)(cid:71)
(cid:78)(cid:75),(cid:71)(cid:71)(cid:71)
(cid:79)(cid:78),(cid:71)(cid:71)(cid:71)
(cid:75)3,(cid:77)(cid:73)(cid:71)
(cid:73)(cid:72),(cid:79)(cid:72)(cid:71)
The options will vest if an event occurs which gives rise to a change in control of the Company. (cid:16)ptions issued during
the 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76) financial year were (cid:79)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:75),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)).
Share options carry no rights to dividends and no voting rights. In accordance with the terms of the share option
schemes, options may be exercised at any time from the date on which they vest to the date of their expiry, subject to
any additional specific requirements of the particular allocation.
At the company's (cid:73)(cid:71)(cid:72)(cid:75) Annual General Meeting Money3 Corporation Limited received more than (cid:80)(cid:80).3(cid:79)(cid:83) of (cid:65)yes(cid:65)
votes on its remuneration report for the (cid:73)(cid:71)(cid:72)(cid:75) financial year.
(cid:12)ey management personnel e(cid:43)uity holdings
Details of key management personnel equity holdings of the Group, including their personally related parties are
disclosed below. There were no shares granted during the reporting period as compensation.
(cid:22)aughan (cid:23)ebber
Robert Bryant
(cid:12)ang Hong Tan
Christopher Baldwin
Scott Baldwin
Bettina Evert
Craig Harris
Miles Hampton
Michael Rudd
Michael (cid:12)ani(cid:51)ay
(cid:21)otal
(cid:3)alance at
1 (cid:11)uly (cid:69)(cid:67)1(cid:71)
3(cid:71),(cid:71)(cid:71)(cid:71)
(cid:80),(cid:78)(cid:76)(cid:77),(cid:79)(cid:75)(cid:80)
(cid:76),(cid:72)(cid:73)(cid:78),(cid:77)(cid:79)(cid:78)
(cid:72),(cid:72)(cid:72)(cid:76),(cid:80)(cid:73)(cid:79)
(cid:73),(cid:71)(cid:71)(cid:71),(cid:72)(cid:71)(cid:79)
(cid:73)(cid:75)(cid:79),(cid:75)(cid:79)(cid:73)
(cid:73)(cid:75)(cid:75),(cid:78)(cid:75)(cid:78)
-
(cid:72)(cid:71)(cid:76),(cid:71)(cid:71)(cid:71)
-
1(cid:75)(cid:53)(cid:73)(cid:69)(cid:75)(cid:53)(cid:75)(cid:67)1
Granted as
remuneration
-
-
-
-
-
-
-
-
-
-
(cid:57)
(cid:16)n e(cid:50)ercise of
options
(cid:15)et change other(cid:60)
-
-
-
-
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
-
-
-
-
(cid:72)(cid:71),3(cid:75)(cid:76)
(33(cid:80),(cid:77)(cid:73)(cid:79))
(cid:75)(cid:72),3(cid:79)(cid:71)
((cid:72),(cid:72)(cid:72)(cid:76),(cid:80)(cid:73)(cid:79))(cid:63)
(cid:72)(cid:76)(cid:75),(cid:73)(cid:72)(cid:77)
(cid:72)3,(cid:79)(cid:78)(cid:75)
(cid:73)(cid:72),(cid:78)(cid:72)(cid:71)
(cid:72)(cid:77)(cid:71),3(cid:75)(cid:76)
(cid:80)(cid:76),(cid:77)(cid:76)(cid:73)
3(cid:79),(cid:80)3(cid:78)
(cid:3)alance as at
(cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72)
(cid:75)(cid:71),3(cid:75)(cid:76)
(cid:80),(cid:75)(cid:72)(cid:78),(cid:73)(cid:73)(cid:72)
(cid:76),(cid:72)(cid:77)(cid:80),(cid:71)(cid:77)(cid:78)
-
(cid:73),3(cid:76)(cid:75),3(cid:73)(cid:75)
(cid:73)(cid:77)(cid:73),3(cid:76)(cid:77)
(cid:73)(cid:77)(cid:77),(cid:75)(cid:76)(cid:78)
(cid:72)(cid:77)(cid:71),3(cid:75)(cid:76)
(cid:73)(cid:71)(cid:71),(cid:77)(cid:76)(cid:73)
3(cid:79),(cid:80)3(cid:78)
(cid:69)(cid:67)(cid:67)(cid:53)(cid:67)(cid:67)(cid:67)
(cid:58)(cid:76)1(cid:76)(cid:53)(cid:67)(cid:76)(cid:74)(cid:59)
1(cid:74)(cid:53)(cid:76)(cid:67)(cid:76)(cid:53)(cid:74)(cid:67)(cid:71)
(cid:62)(cid:15)et change other refers to the shares purchased, sold, or issued under the DRP.
(cid:63)Equity holdings not included as no longer a director at balance date.
22
2 2
|
M o n e y 3 C o r p o r a t
i o n L i m i
t e d
Money3 Corporation Limited
For personal use only
M N Y
|
A n n u a l
R e p o r t
2 0 1 5
A n n u a l
R e p o r t
2 0 1 5
M N Y
Annual Report 2015 | MNY
|
-
-
-
(cid:77),(cid:80)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:79)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
((cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71))
-
-
(cid:78)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
((cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71))
-
-
-
-
S Baldwin
C Harris
R Bryant
M Rudd
M (cid:12)ani(cid:51)ay
(cid:21)otal
(cid:3)alance as
at 1 (cid:11)uly
(cid:69)(cid:67)1(cid:71)
(cid:73),(cid:75)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:19)eceived as
remuneration
(cid:16)ptions
e(cid:50)ercised
(cid:15)et change
other
(cid:3)alance as
at (cid:70)(cid:67) (cid:11)une
(cid:69)(cid:67)1(cid:72)
(cid:21)otal
e(cid:50)ercisa(cid:28)le
and vested
(cid:21)otal
options
vested
(cid:21)otal
options
unvested
-
-
-
-
-
-
(cid:73),(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:78)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
-
-
-
-
-
-
-
(cid:73),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:78)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:78),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:78),3(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:16)ptions over ordinary shares in (cid:14)oney(cid:70) Corporation Limited held during the financial year (cid:28)y
each director of (cid:14)oney(cid:70) Corporation Limited and (cid:37)ey management personnel of the
consolidated entity(cid:53) including their personally related parties are set out (cid:28)elo(cid:49)(cid:55)
Share (cid:28)ased compensation
(cid:14)(cid:36)tion(cid:39)
(cid:16)ptions are granted under the Money3 Corporation Limited's Director and Employee Share (cid:16)ption Plan. (cid:16)ptions are
granted under the plan for no consideration. The board determines the quantity and terms of options to be granted.
The valuations of options are independently determined by independent experts using the Binomial option pricing
model taking into account the terms and conditions upon which the instruments were granted.
The following table discloses terms and conditions of each grant of options provided as compensation.
(cid:10)ssue (cid:5)ate
(cid:6)(cid:50)ercise Price
(cid:6)(cid:50)piry (cid:5)ate
(cid:23)esting (cid:5)ate
(cid:16)ptions
Granted
S Baldwin
S Baldwin
C Harris
C Harris
R Bryant
C Harris
(cid:73)(cid:78) (cid:15)ov (cid:73)(cid:71)(cid:71)(cid:80)
(cid:72)(cid:77) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:73)
3(cid:71) Sep (cid:73)(cid:71)(cid:72)(cid:73)
(cid:73)(cid:72) (cid:16)ct (cid:73)(cid:71)(cid:72)3
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)3
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)3
S Baldwin
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)3
M Rudd
M Rudd
(cid:73)(cid:71) (cid:16)ct (cid:73)(cid:71)(cid:72)(cid:75)
(cid:72)(cid:76) April (cid:73)(cid:71)(cid:72)(cid:76)
M (cid:12)ani(cid:51)ay
(cid:72)(cid:76) April (cid:73)(cid:71)(cid:72)(cid:76)
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:68)(cid:71).(cid:76)(cid:71)
(cid:68)(cid:71).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:78)(cid:71)
(cid:68)(cid:72).(cid:78)(cid:71)
3(cid:72) Dec (cid:73)(cid:71)(cid:72)(cid:76)
3(cid:72) Dec (cid:73)(cid:71)(cid:72)(cid:75)
(cid:72)(cid:77) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:78)
(cid:72)(cid:77) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:76)
3(cid:71) Sep (cid:73)(cid:71)(cid:72)(cid:78)
3(cid:71) Sep (cid:73)(cid:71)(cid:72)(cid:76)
(cid:73)(cid:72) (cid:16)ct (cid:73)(cid:71)(cid:72)(cid:79)
(cid:73)(cid:72) (cid:16)ct (cid:73)(cid:71)(cid:72)(cid:77)
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:77)
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:77)
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71) (cid:15)ov (cid:73)(cid:71)(cid:72)(cid:77)
(cid:73)(cid:71) (cid:16)ct (cid:73)(cid:71)(cid:72)(cid:80)
(cid:73)(cid:72) (cid:16)ct (cid:73)(cid:71)(cid:72)(cid:78)
(cid:72)(cid:75) April (cid:73)(cid:71)(cid:73)(cid:71)
(cid:72)(cid:75) April (cid:73)(cid:71)(cid:72)(cid:79)
(cid:72)(cid:75) April (cid:73)(cid:71)(cid:73)(cid:71)
(cid:72)(cid:75) April (cid:73)(cid:71)(cid:72)(cid:79)
(cid:14)a(cid:50)imum total
value of issue
yet to vest
(cid:64)
(cid:77),(cid:71)(cid:79)(cid:77)
(cid:75)(cid:78),(cid:71)(cid:71)(cid:71)
(cid:75)(cid:78),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:80),(cid:76)(cid:71)(cid:71)
(cid:72)(cid:75)(cid:79),(cid:71)(cid:71)(cid:71)
(cid:78)(cid:75),(cid:71)(cid:71)(cid:71)
(cid:78)(cid:75),(cid:71)(cid:71)(cid:71)
(cid:79)(cid:78),(cid:71)(cid:71)(cid:71)
(cid:75)3,(cid:77)(cid:73)(cid:71)
(cid:73)(cid:72),(cid:79)(cid:72)(cid:71)
The options will vest if an event occurs which gives rise to a change in control of the Company. (cid:16)ptions issued during
the 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76) financial year were (cid:79)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:75),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)).
Share options carry no rights to dividends and no voting rights. In accordance with the terms of the share option
schemes, options may be exercised at any time from the date on which they vest to the date of their expiry, subject to
any additional specific requirements of the particular allocation.
At the company's (cid:73)(cid:71)(cid:72)(cid:75) Annual General Meeting Money3 Corporation Limited received more than (cid:80)(cid:80).3(cid:79)(cid:83) of (cid:65)yes(cid:65)
votes on its remuneration report for the (cid:73)(cid:71)(cid:72)(cid:75) financial year.
(cid:12)ey management personnel e(cid:43)uity holdings
Details of key management personnel equity holdings of the Group, including their personally related parties are
disclosed below. There were no shares granted during the reporting period as compensation.
(cid:3)alance at
1 (cid:11)uly (cid:69)(cid:67)1(cid:71)
Granted as
remuneration
(cid:16)n e(cid:50)ercise of
options
(cid:15)et change other(cid:60)
(cid:3)alance as at
(cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72)
(cid:22)aughan (cid:23)ebber
Robert Bryant
(cid:12)ang Hong Tan
Christopher Baldwin
Scott Baldwin
Bettina Evert
Craig Harris
Miles Hampton
Michael Rudd
Michael (cid:12)ani(cid:51)ay
(cid:21)otal
3(cid:71),(cid:71)(cid:71)(cid:71)
(cid:80),(cid:78)(cid:76)(cid:77),(cid:79)(cid:75)(cid:80)
(cid:76),(cid:72)(cid:73)(cid:78),(cid:77)(cid:79)(cid:78)
(cid:72),(cid:72)(cid:72)(cid:76),(cid:80)(cid:73)(cid:79)
(cid:73),(cid:71)(cid:71)(cid:71),(cid:72)(cid:71)(cid:79)
(cid:73)(cid:75)(cid:79),(cid:75)(cid:79)(cid:73)
(cid:73)(cid:75)(cid:75),(cid:78)(cid:75)(cid:78)
(cid:72)(cid:71)(cid:76),(cid:71)(cid:71)(cid:71)
-
-
1(cid:75)(cid:53)(cid:73)(cid:69)(cid:75)(cid:53)(cid:75)(cid:67)1
-
-
-
-
-
-
-
-
-
-
(cid:57)
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
-
-
-
-
-
-
-
-
(cid:72)(cid:71),3(cid:75)(cid:76)
(33(cid:80),(cid:77)(cid:73)(cid:79))
(cid:75)(cid:72),3(cid:79)(cid:71)
((cid:72),(cid:72)(cid:72)(cid:76),(cid:80)(cid:73)(cid:79))(cid:63)
(cid:72)(cid:76)(cid:75),(cid:73)(cid:72)(cid:77)
(cid:72)3,(cid:79)(cid:78)(cid:75)
(cid:73)(cid:72),(cid:78)(cid:72)(cid:71)
(cid:72)(cid:77)(cid:71),3(cid:75)(cid:76)
(cid:80)(cid:76),(cid:77)(cid:76)(cid:73)
3(cid:79),(cid:80)3(cid:78)
(cid:75)(cid:71),3(cid:75)(cid:76)
(cid:80),(cid:75)(cid:72)(cid:78),(cid:73)(cid:73)(cid:72)
(cid:76),(cid:72)(cid:77)(cid:80),(cid:71)(cid:77)(cid:78)
-
(cid:73),3(cid:76)(cid:75),3(cid:73)(cid:75)
(cid:73)(cid:77)(cid:73),3(cid:76)(cid:77)
(cid:73)(cid:77)(cid:77),(cid:75)(cid:76)(cid:78)
(cid:72)(cid:77)(cid:71),3(cid:75)(cid:76)
(cid:73)(cid:71)(cid:71),(cid:77)(cid:76)(cid:73)
3(cid:79),(cid:80)3(cid:78)
(cid:69)(cid:67)(cid:67)(cid:53)(cid:67)(cid:67)(cid:67)
(cid:58)(cid:76)1(cid:76)(cid:53)(cid:67)(cid:76)(cid:74)(cid:59)
1(cid:74)(cid:53)(cid:76)(cid:67)(cid:76)(cid:53)(cid:74)(cid:67)(cid:71)
(cid:62)(cid:15)et change other refers to the shares purchased, sold, or issued under the DRP.
(cid:63)Equity holdings not included as no longer a director at balance date.
End of Remuneration Report (Audited)
Proceedings on (cid:28)ehalf of the company
(cid:15)o person has applied to the Court for leave to bring proceedings to which the Company is a party, for the purpose of
taking responsibility on behalf of the Company for all or part of these proceedings.
(cid:15)o proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section
(cid:73)3(cid:78) of the Corporations Act (cid:73)(cid:71)(cid:71)(cid:72).
(cid:15)on-Audit Services
There were no non audit services provided by the auditor during the (cid:73)(cid:71)(cid:72)(cid:76) or (cid:73)(cid:71)(cid:72)(cid:75) financial years.
(cid:2)uditor(cid:61)s independence declaration
The auditor's independence declaration as required under section 3(cid:71)(cid:78)C of the Corporations Act (cid:73)(cid:71)(cid:71)(cid:72) is set out on
page (cid:73)(cid:75) of the financial report.
Signed in accordance with a resolution of the Directors
(cid:16)n behalf of the directors
(cid:22)aughan (cid:23)ebber
Chairman
Melbourne
Dated 3(cid:71) September (cid:73)(cid:71)(cid:72)(cid:76)
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Auditor’s Independence Declaration
Tel: +61 3 9603 1700
Fax: +61 3 9602 3870
www.bdo.com.au
Level 14, 140 William St
Melbourne VIC 3000
GPO Box 5099 Melbourne VIC 3001
Australia
DECLARATION OF INDEPENDENCE BY DAVID GARVEY TO THE DIRECTORS OF MONEY3 CORPORATION
LIMITED
As lead auditor of Money3 Corporation Limited for the year ended 30 June 2015, I declare that, to the
best of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Money3 Corporation Limited and the entities it controlled during the
period.
David Garvey
Partner
BDO East Coast Partnership
Melbourne, 30 September 2015
BDO East Coast Partnership ABN 83 236 985 726 is a member of a national association of independent entities which are all members of BDO Australia Ltd
ABN 77 050 110 275, an Australian company limited by guarantee. BDO East Coast Partnership and BDO Australia Ltd are members of BDO International Ltd,
a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved
under Professional Standards Legislation, other than for the acts or omissions of financial services licensees.
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(cid:3)(cid:5)(cid:16) (cid:10)ndependent (cid:2)uditors (cid:19)eport
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Tel: +61 3 9603 1700
Fax: +61 3 9602 3870
www.bdo.com.au
Level 14, 140 William St
Melbourne VIC 3000
GPO Box 5099 Melbourne VIC 3001
Australia
INDEPENDENT AUDITOR’S REPORT
To the members of Money3 Corporation Limited
Report on the Financial Report
We have audited the accompanying financial report of Money3 Corporation Limited, which comprises
the consolidated statement of financial position as at 30 June 2015, the consolidated statement of
profit or loss and other comprehensive income, the consolidated statement of changes in equity and
the consolidated statement of cash flows for the year then ended, notes comprising a summary of
significant accounting policies and other explanatory information, and the directors’ declaration of the
consolidated entity comprising the company and the entities it controlled at the year’s end or from
time to time during the financial year.
Directors’ Responsibility for the Financial Report
The directors of the company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error. In Note 1(a), the directors also state, in accordance with Accounting Standard AASB 101
Presentation of Financial Statements, that the financial statements comply with International
Financial Reporting Standards.
Auditor’s Responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our
audit in accordance with Australian Auditing Standards. Those standards require that we comply with
relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain
reasonable assurance about whether the financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial report. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial report, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the company’s
preparation of the financial report that gives a true and fair view in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the company’s internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting estimates made by the directors, as
well as evaluating the overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
BDO East Coast Partnership ABN 83 236 985 726 is a member of a national association of independent entities which are all members of BDO Australia Ltd
ABN 77 050 110 275, an Australian company limited by guarantee. BDO East Coast Partnership and BDO Australia Ltd are members of BDO International Ltd,
a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved
under Professional Standards Legislation, other than for the acts or omissions of financial services licensees.
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(cid:3)(cid:5)(cid:16) (cid:10)ndependent (cid:2)uditors (cid:19)eport (cid:58)continued(cid:59)
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations
Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which
has been given to the directors of Money3 Corporation Limited, would be in the same terms if given to
the directors as at the time of this auditor’s report.
Opinion
In our opinion:
(a) the financial report of Money3 Corporation Limited is in accordance with the Corporations Act
2001, including:
(i) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2015
and of its performance for the year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(b) the financial report also complies with International Financial Reporting Standards as disclosed in
Note 1(a).
Report on the Remuneration Report
We have audited the Remuneration Report included in pages 17 to 23 of the directors’ report for the
year ended 30 June 2015. 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.
Opinion
In our opinion, the Remuneration Report of Money3 Corporation Limited for the year ended 30 June
2015 complies with section 300A of the Corporations Act 2001.
BDO East Coast Partnership
David Garvey
Partner
Melbourne, 30 September 2015
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(cid:3)(cid:5)(cid:16) (cid:10)ndependent (cid:2)uditors (cid:19)eport (cid:58)continued(cid:59)
(cid:5)irectors(cid:61) (cid:5)eclaration
The directors of Money3 Corporation Limited declare that:
(cid:72).
in the directors’ opinion the financial statements and notes and the Remuneration report in the Directors
Report set out on pages (cid:72)3 to (cid:72)(cid:80), are in accordance with the Corporations Act (cid:73)(cid:71)(cid:71)(cid:72), including:
(cid:72)(a)
(cid:72)(b)
giving a true and fair view of the consolidated entity’s financial position as at 30 June (cid:73)(cid:71)(cid:72)(cid:76) and of its
performance, for the financial year ended on that date; and
complying with Australian Accounting Standards (including the Australian Accounting Interpretations),
Corporations Regulations (cid:73)(cid:71)(cid:71)(cid:72) and other mandatory professional reporting requirements;
(cid:73).
3.
the financial report also complies with International (cid:7)inancial Reporting Standards issued by the International
Accounting Standards Board (IASB) as disclosed in (cid:15)ote (cid:72)(a); and
there are reasonable grounds to believe that the company will be able to pay its debts as and when they
become due and payable.
The directors have been given the declarations required by Section (cid:73)(cid:80)(cid:76)A of the Corporations Act (cid:73)(cid:71)(cid:71)(cid:72) by the
Managing Director and chief financial officer for the financial year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76).
Signed in accordance with a resolution of the directors pursuant to section (cid:73)(cid:80)(cid:76)((cid:76)) of the Corporations Act (cid:73)(cid:71)(cid:71)(cid:72).
(cid:16)n behalf of the Directors
(cid:22)aughan (cid:23)ebber
Chairman
Melbourne
Dated 3(cid:71) September (cid:73)(cid:71)(cid:72)(cid:76)
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Statement of Profit or Loss
and (cid:16)ther Comprehensive (cid:10)ncome
for the year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76)
(cid:19)evenue from continuing operations
(cid:16)ther (cid:10)ncome
(cid:21)otal (cid:10)ncome
(cid:6)(cid:50)penses from operating activities:
Employee benefit
(cid:16)ccupancy
Advertising
Legal and professional
Bad debts and allowance for impairment losses
Depreciation (cid:66) amortisation
(cid:16)ther expenses
(cid:7)inance Costs
Loss on sale of property, plant and equipment
Impairment of property, plant and equipment
(cid:21)otal (cid:6)(cid:50)penses
Profit (cid:28)efore income ta(cid:50) from continuing operations
(cid:15)otes
(cid:73)
3
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:73)(cid:76)(cid:53)(cid:71)(cid:70)(cid:71)(cid:53)(cid:69)1(cid:71)
(cid:71)(cid:70)(cid:53)(cid:72)(cid:67)(cid:74)(cid:53)(cid:74)(cid:67)(cid:75)
(cid:73)(cid:71),(cid:78)3(cid:72)
-
(cid:73)(cid:76)(cid:53)(cid:71)(cid:72)(cid:71)(cid:53)(cid:76)(cid:71)(cid:72)
(cid:71)(cid:70)(cid:53)(cid:72)(cid:67)(cid:74)(cid:53)(cid:74)(cid:67)(cid:75)
3
3
3
3
(cid:73)(cid:72),(cid:73)(cid:76)(cid:75),(cid:80)(cid:76)(cid:80)
(cid:72)(cid:75),(cid:80)(cid:76)(cid:71),(cid:80)3(cid:71)
3,(cid:79)(cid:73)(cid:77),(cid:78)3(cid:72)
3,(cid:72)(cid:71)(cid:75),(cid:72)(cid:79)(cid:77)
(cid:72),(cid:79)3(cid:76),(cid:79)(cid:79)(cid:75)
(cid:72)(cid:71),(cid:72)(cid:75)(cid:78),(cid:73)3(cid:72)
(cid:80)3(cid:73),(cid:76)(cid:80)(cid:79)
(cid:75),(cid:75)(cid:80)(cid:71),(cid:79)(cid:77)(cid:71)
3,(cid:78)(cid:73)(cid:78),(cid:73)(cid:77)(cid:73)
-
-
(cid:71)(cid:76)(cid:53)(cid:70)1(cid:76)(cid:53)(cid:74)11
(cid:69)(cid:67)(cid:53)1(cid:70)(cid:72)(cid:53)(cid:69)(cid:70)(cid:71)
3,(cid:75)(cid:73)(cid:78),(cid:75)(cid:73)(cid:79)
(cid:72),(cid:75)(cid:76)(cid:76),(cid:75)(cid:78)(cid:78)
(cid:72),(cid:72)(cid:75)(cid:72),(cid:77)(cid:73)(cid:72)
(cid:77),(cid:72)(cid:73)(cid:72),(cid:73)(cid:77)(cid:72)
(cid:72),(cid:72)(cid:77)(cid:79),(cid:77)(cid:77)(cid:76)
(cid:73),(cid:78)(cid:73)(cid:75),(cid:72)(cid:73)(cid:73)
(cid:80)(cid:78)(cid:79),(cid:71)(cid:72)(cid:79)
3(cid:79)(cid:78),(cid:80)(cid:78)(cid:73)
(cid:72)(cid:80)(cid:71),(cid:78)(cid:75)(cid:72)
(cid:70)(cid:69)(cid:53)(cid:72)(cid:71)(cid:73)(cid:53)(cid:69)(cid:70)(cid:72)
1(cid:67)(cid:53)(cid:76)(cid:73)1(cid:53)(cid:71)(cid:74)(cid:70)
Income tax expense
(cid:76)
((cid:77),(cid:72)(cid:80)(cid:75),(cid:77)(cid:72)(cid:80))
(3,(cid:72)(cid:73)(cid:80),(cid:79)3(cid:71))
Profit after income ta(cid:50) for the year from continuing operations
1(cid:70)(cid:53)(cid:76)(cid:71)(cid:67)(cid:53)(cid:73)1(cid:72)
(cid:74)(cid:53)(cid:75)(cid:70)1(cid:53)(cid:73)(cid:71)(cid:70)
(cid:21)otal comprehensive income for the year net of ta(cid:50)
1(cid:70)(cid:53)(cid:76)(cid:71)(cid:67)(cid:53)(cid:73)1(cid:72)
(cid:74)(cid:53)(cid:75)(cid:70)1(cid:53)(cid:73)(cid:71)(cid:70)
Profit attri(cid:28)uta(cid:28)le to:
(cid:16)(cid:49)ners of (cid:14)oney(cid:70) Corporation Limited
(cid:21)otal comprehensive income attri(cid:28)uta(cid:28)le to:
(cid:16)(cid:49)ners of (cid:14)oney(cid:70) Corporation Limited
Basic earnings per share (cents)
Diluted earnings per share (cents)
1(cid:70)(cid:53)(cid:76)(cid:71)(cid:67)(cid:53)(cid:73)1(cid:72)
(cid:74)(cid:53)(cid:75)(cid:70)1(cid:53)(cid:73)(cid:71)(cid:70)
1(cid:70)(cid:53)(cid:76)(cid:71)(cid:67)(cid:53)(cid:73)1(cid:72)
(cid:74)(cid:53)(cid:75)(cid:70)1(cid:53)(cid:73)(cid:71)(cid:70)
(cid:77)
(cid:77)
(cid:72)(cid:72).(cid:79)(cid:73)
(cid:80).(cid:80)(cid:72)
(cid:79).(cid:72)3
(cid:78).(cid:77)(cid:76)
The statement of profit or loss and other comprehensive income is to be read in conjunction with the attached notes.
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Statement of Profit or Loss
and (cid:16)ther Comprehensive (cid:10)ncome
for the year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76)
Statement of (cid:7)inancial Position
as at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76)
(cid:19)evenue from continuing operations
(cid:16)ther (cid:10)ncome
(cid:21)otal (cid:10)ncome
(cid:6)(cid:50)penses from operating activities:
Employee benefit
(cid:16)ccupancy
Advertising
Legal and professional
(cid:16)ther expenses
(cid:7)inance Costs
Bad debts and allowance for impairment losses
Depreciation (cid:66) amortisation
Loss on sale of property, plant and equipment
Impairment of property, plant and equipment
(cid:21)otal (cid:6)(cid:50)penses
Profit (cid:28)efore income ta(cid:50) from continuing operations
Consolidated
Consolidated
(cid:15)otes
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:73)(cid:76)(cid:53)(cid:71)(cid:70)(cid:71)(cid:53)(cid:69)1(cid:71)
(cid:71)(cid:70)(cid:53)(cid:72)(cid:67)(cid:74)(cid:53)(cid:74)(cid:67)(cid:75)
(cid:73)(cid:71),(cid:78)3(cid:72)
-
(cid:73)(cid:76)(cid:53)(cid:71)(cid:72)(cid:71)(cid:53)(cid:76)(cid:71)(cid:72)
(cid:71)(cid:70)(cid:53)(cid:72)(cid:67)(cid:74)(cid:53)(cid:74)(cid:67)(cid:75)
(cid:73)(cid:72),(cid:73)(cid:76)(cid:75),(cid:80)(cid:76)(cid:80)
(cid:72)(cid:75),(cid:80)(cid:76)(cid:71),(cid:80)3(cid:71)
3,(cid:79)(cid:73)(cid:77),(cid:78)3(cid:72)
3,(cid:72)(cid:71)(cid:75),(cid:72)(cid:79)(cid:77)
(cid:72),(cid:79)3(cid:76),(cid:79)(cid:79)(cid:75)
(cid:72)(cid:71),(cid:72)(cid:75)(cid:78),(cid:73)3(cid:72)
(cid:80)3(cid:73),(cid:76)(cid:80)(cid:79)
(cid:75),(cid:75)(cid:80)(cid:71),(cid:79)(cid:77)(cid:71)
3,(cid:78)(cid:73)(cid:78),(cid:73)(cid:77)(cid:73)
-
-
(cid:71)(cid:76)(cid:53)(cid:70)1(cid:76)(cid:53)(cid:74)11
(cid:69)(cid:67)(cid:53)1(cid:70)(cid:72)(cid:53)(cid:69)(cid:70)(cid:71)
3,(cid:75)(cid:73)(cid:78),(cid:75)(cid:73)(cid:79)
(cid:72),(cid:75)(cid:76)(cid:76),(cid:75)(cid:78)(cid:78)
(cid:72),(cid:72)(cid:75)(cid:72),(cid:77)(cid:73)(cid:72)
(cid:77),(cid:72)(cid:73)(cid:72),(cid:73)(cid:77)(cid:72)
(cid:72),(cid:72)(cid:77)(cid:79),(cid:77)(cid:77)(cid:76)
(cid:73),(cid:78)(cid:73)(cid:75),(cid:72)(cid:73)(cid:73)
(cid:80)(cid:78)(cid:79),(cid:71)(cid:72)(cid:79)
3(cid:79)(cid:78),(cid:80)(cid:78)(cid:73)
(cid:72)(cid:80)(cid:71),(cid:78)(cid:75)(cid:72)
(cid:70)(cid:69)(cid:53)(cid:72)(cid:71)(cid:73)(cid:53)(cid:69)(cid:70)(cid:72)
1(cid:67)(cid:53)(cid:76)(cid:73)1(cid:53)(cid:71)(cid:74)(cid:70)
Income tax expense
(cid:76)
((cid:77),(cid:72)(cid:80)(cid:75),(cid:77)(cid:72)(cid:80))
(3,(cid:72)(cid:73)(cid:80),(cid:79)3(cid:71))
Profit after income ta(cid:50) for the year from continuing operations
1(cid:70)(cid:53)(cid:76)(cid:71)(cid:67)(cid:53)(cid:73)1(cid:72)
(cid:74)(cid:53)(cid:75)(cid:70)1(cid:53)(cid:73)(cid:71)(cid:70)
(cid:21)otal comprehensive income for the year net of ta(cid:50)
1(cid:70)(cid:53)(cid:76)(cid:71)(cid:67)(cid:53)(cid:73)1(cid:72)
(cid:74)(cid:53)(cid:75)(cid:70)1(cid:53)(cid:73)(cid:71)(cid:70)
Profit attri(cid:28)uta(cid:28)le to:
(cid:16)(cid:49)ners of (cid:14)oney(cid:70) Corporation Limited
(cid:21)otal comprehensive income attri(cid:28)uta(cid:28)le to:
(cid:16)(cid:49)ners of (cid:14)oney(cid:70) Corporation Limited
Basic earnings per share (cents)
Diluted earnings per share (cents)
1(cid:70)(cid:53)(cid:76)(cid:71)(cid:67)(cid:53)(cid:73)1(cid:72)
(cid:74)(cid:53)(cid:75)(cid:70)1(cid:53)(cid:73)(cid:71)(cid:70)
1(cid:70)(cid:53)(cid:76)(cid:71)(cid:67)(cid:53)(cid:73)1(cid:72)
(cid:74)(cid:53)(cid:75)(cid:70)1(cid:53)(cid:73)(cid:71)(cid:70)
(cid:72)(cid:72).(cid:79)(cid:73)
(cid:80).(cid:80)(cid:72)
(cid:79).(cid:72)3
(cid:78).(cid:77)(cid:76)
The statement of profit or loss and other comprehensive income is to be read in conjunction with the attached notes.
(cid:73)
3
3
3
3
3
(cid:77)
(cid:77)
(cid:2)SS(cid:6)(cid:21)S
Current assets
Cash and cash equivalents
Loans and other receivables
(cid:16)ther assets
(cid:21)otal current assets
(cid:15)on current assets
Loans and other receivables
(cid:16)ther assets
Property, plant (cid:66) equipment
Intangible assets
Deferred tax assets
(cid:21)otal non current assets
(cid:21)otal assets
L(cid:10)(cid:2)(cid:3)(cid:10)L(cid:10)(cid:21)(cid:10)(cid:6)S
Current lia(cid:28)ilities
Trade and other payables
Derivative financial liabilities
Borrowings
Current tax payables
Provisions
(cid:21)otal current lia(cid:28)ilities
(cid:15)on current lia(cid:28)ilities
Borrowings
Provisions
(cid:21)otal non current lia(cid:28)ilities
(cid:21)otal lia(cid:28)ilities
(cid:15)et assets
(cid:6)(cid:18)(cid:22)(cid:10)(cid:21)(cid:26)
Issued capital
Reserves
Retained earnings
(cid:21)otal e(cid:43)uity
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:15)otes
(cid:80)
(cid:72)(cid:71)
(cid:72)(cid:72)
(cid:72)(cid:71)
(cid:72)(cid:72)
(cid:72)(cid:73)
(cid:72)3
(cid:76)(d)
(cid:72)(cid:75)
(cid:72)(cid:77)
(cid:72)(cid:78)
(cid:76)(c)
(cid:72)(cid:76)
(cid:72)(cid:78)
(cid:72)(cid:76)
(cid:72)(cid:79)
(cid:72)(cid:80)
(cid:75)
(cid:72)(cid:73),(cid:75)(cid:72)(cid:79),(cid:73)(cid:71)(cid:77)
(cid:79)(cid:79),(cid:76)(cid:75)(cid:78),(cid:72)(cid:78)(cid:71)
3(cid:71)(cid:80),(cid:79)(cid:79)(cid:75)
1(cid:67)1(cid:53)(cid:69)(cid:74)(cid:72)(cid:53)(cid:69)(cid:73)(cid:67)
(cid:73)3,(cid:77)(cid:78)(cid:80),(cid:71)(cid:77)3
(cid:75)(cid:78),(cid:71)(cid:73)(cid:78),(cid:73)(cid:80)(cid:71)
(cid:72)(cid:75)3,(cid:71)(cid:77)(cid:73)
(cid:74)(cid:67)(cid:53)(cid:75)(cid:71)(cid:76)(cid:53)(cid:71)1(cid:72)
(cid:75)(cid:72),(cid:78)(cid:71)(cid:79),(cid:77)(cid:79)(cid:80)
(cid:73)(cid:77),(cid:72)(cid:78)(cid:80),(cid:72)(cid:76)(cid:80)
(cid:76)(cid:71)(cid:78),(cid:73)(cid:80)(cid:72)
(cid:73),(cid:76)(cid:78)(cid:72),(cid:72)(cid:71)(cid:80)
(cid:72)(cid:80),3(cid:78)(cid:75),(cid:73)3(cid:78)
(cid:73),(cid:80)(cid:71)(cid:77),(cid:80)3(cid:75)
(cid:73)(cid:74)(cid:53)(cid:67)(cid:73)(cid:75)(cid:53)(cid:69)(cid:73)(cid:67)
3(cid:75)(cid:71),(cid:79)(cid:77)(cid:80)
(cid:73),(cid:71)(cid:76)(cid:72),3(cid:73)3
(cid:72)(cid:76),3(cid:77)3,(cid:75)(cid:79)(cid:78)
(cid:72),(cid:80)(cid:73)(cid:76),(cid:80)(cid:76)(cid:79)
(cid:71)(cid:72)(cid:53)(cid:75)(cid:73)(cid:67)(cid:53)(cid:74)(cid:76)(cid:73)
1(cid:73)(cid:75)(cid:53)(cid:70)(cid:71)(cid:70)(cid:53)(cid:72)(cid:69)(cid:67)
11(cid:73)(cid:53)(cid:74)1(cid:67)(cid:53)(cid:69)11
(cid:75),(cid:78)(cid:72)(cid:71),(cid:75)(cid:71)(cid:77)
(cid:76)(cid:76),3(cid:73)3
(cid:78),(cid:75)(cid:78)(cid:73),(cid:80)(cid:79)(cid:73)
(cid:75),(cid:73)(cid:77)(cid:75),3(cid:79)(cid:80)
(cid:72),(cid:73)(cid:77)(cid:75),(cid:80)(cid:80)(cid:77)
1(cid:74)(cid:53)(cid:74)(cid:73)(cid:75)(cid:53)(cid:67)(cid:76)(cid:73)
(cid:73),(cid:73)(cid:80)(cid:73),(cid:78)(cid:75)(cid:71)
-
-
3,(cid:71)(cid:72)3,(cid:79)(cid:73)(cid:76)
(cid:79)(cid:79)(cid:72),(cid:73)(cid:73)(cid:76)
(cid:73)(cid:53)1(cid:75)(cid:74)(cid:53)(cid:74)(cid:76)(cid:67)
(cid:73)(cid:78),(cid:78)3(cid:79),(cid:78)(cid:76)(cid:71)
(cid:73)(cid:80),3(cid:75)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:79),(cid:80)(cid:75)(cid:79)
(cid:69)(cid:74)(cid:53)(cid:75)(cid:71)(cid:74)(cid:53)(cid:73)(cid:76)(cid:75)
(cid:71)(cid:72)(cid:53)(cid:73)1(cid:72)(cid:53)(cid:74)(cid:76)(cid:71)
1(cid:69)(cid:69)(cid:53)(cid:74)(cid:69)(cid:74)(cid:53)(cid:74)(cid:69)(cid:73)
(cid:79)(cid:77),(cid:79)(cid:73)3
(cid:69)(cid:76)(cid:53)(cid:71)(cid:69)(cid:73)(cid:53)(cid:75)(cid:69)(cid:70)
(cid:70)(cid:72)(cid:53)(cid:73)1(cid:71)(cid:53)(cid:73)1(cid:70)
(cid:75)1(cid:53)(cid:67)(cid:76)(cid:72)(cid:53)(cid:72)(cid:76)(cid:75)
(cid:72)(cid:71)(cid:73),(cid:72)(cid:79)(cid:71),(cid:76)(cid:72)(cid:71)
(cid:78)(cid:72),(cid:72)(cid:80)(cid:76),(cid:75)(cid:73)(cid:76)
(cid:73),(cid:78)(cid:80)(cid:72),3(cid:72)(cid:72)
(cid:72)(cid:78),(cid:78)(cid:76)(cid:76),(cid:80)(cid:71)(cid:76)
(cid:72)(cid:79)(cid:78),(cid:71)(cid:77)(cid:75)
(cid:80),(cid:78)(cid:72)3,(cid:72)(cid:71)(cid:80)
1(cid:69)(cid:69)(cid:53)(cid:74)(cid:69)(cid:74)(cid:53)(cid:74)(cid:69)(cid:73)
(cid:75)1(cid:53)(cid:67)(cid:76)(cid:72)(cid:53)(cid:72)(cid:76)(cid:75)
The statement of financial position is to be read in conjunction with the attached notes
2 8
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M o n e y 3 C o r p o r a t
i o n L i m i
t e d
Money3 Corporation Limited
M o n e y 3 C o r p o r a t
i o n L i m i
t e d
|
29
2 9
For personal use only
M N Y
Annual Report 2015 | MNY
|
A n n u a l
R e p o r t
2 0 1 5
Statement of Changes in (cid:6)(cid:43)uity
for the year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76)
Consolidated
At (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)3
Profit after income tax expense for the year
(cid:16)ther comprehensive loss for the year, net of
tax
Total comprehensive income(cid:56)(loss) for the year
(cid:10)ssued Capital
(cid:64)
(cid:71)(cid:72)(cid:53)(cid:67)(cid:76)(cid:74)(cid:53)(cid:72)(cid:75)(cid:75)
-
-
-
(cid:19)etained
(cid:6)arnings
(cid:64)
(cid:73)(cid:53)(cid:67)(cid:73)(cid:69)(cid:53)(cid:70)(cid:76)(cid:76)
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
-
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
(cid:21)ransactions (cid:49)ith o(cid:49)ners in their capacity as
o(cid:49)ners:
Issue of shares
Transaction costs arising for share issue
Deferred tax asset due to transaction costs
arising for share issue
Employee share options -value of employees
service
(cid:16)ptions exercised
(cid:73)(cid:76),(cid:76)(cid:76)(cid:77),(cid:80)(cid:72)(cid:79)
((cid:80)(cid:80)(cid:77),(cid:73)(cid:71)(cid:80))
(cid:73)(cid:80)(cid:79),(cid:79)(cid:77)3
-
(cid:72)(cid:75)(cid:71),(cid:71)(cid:71)(cid:71)
-
-
-
-
-
Dividend paid
(cid:72),(cid:71)(cid:80)(cid:79),(cid:73)(cid:77)(cid:76)(cid:62)
((cid:75),(cid:72)(cid:79)(cid:71),(cid:80)33)
(cid:19)eserves
(cid:64)
(cid:21)otal
(cid:64)
(cid:72)(cid:72)(cid:53)(cid:74)(cid:73)(cid:76)
(cid:72)1(cid:53)(cid:69)1(cid:72)(cid:53)(cid:74)(cid:72)(cid:73)
-
-
-
-
-
-
(cid:72)3(cid:72),(cid:73)(cid:80)(cid:76)
-
-
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
-
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
(cid:73)(cid:76),(cid:76)(cid:76)(cid:77),(cid:80)(cid:72)(cid:79)
((cid:80)(cid:80)(cid:77),(cid:73)(cid:71)(cid:80))
(cid:73)(cid:80)(cid:79),(cid:79)(cid:77)3
(cid:72)3(cid:72),(cid:73)(cid:80)(cid:76)
(cid:72)(cid:75)(cid:71),(cid:71)(cid:71)(cid:71)
(3,(cid:71)(cid:79)(cid:73),(cid:77)(cid:77)(cid:79))
Closing (cid:28)alance as at (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:71)
(cid:74)1(cid:53)1(cid:76)(cid:72)(cid:53)(cid:71)(cid:69)(cid:72)
(cid:76)(cid:53)(cid:74)1(cid:70)(cid:53)1(cid:67)(cid:76)
1(cid:75)(cid:74)(cid:53)(cid:67)(cid:73)(cid:71)
(cid:75)1(cid:53)(cid:67)(cid:76)(cid:72)(cid:53)(cid:72)(cid:76)(cid:75)
At (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:75)
(cid:74)1(cid:53)1(cid:76)(cid:72)(cid:53)(cid:71)(cid:69)(cid:72)
(cid:76)(cid:53)(cid:74)1(cid:70)(cid:53)1(cid:67)(cid:76)
1(cid:75)(cid:74)(cid:53)(cid:67)(cid:73)(cid:71)
Profit after income tax expense for the year
(cid:16)ther comprehensive income for the year, net
of tax
Total comprehensive income for the year
-
-
-
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
-
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
(cid:21)ransactions (cid:49)ith o(cid:49)ners in their capacity as
o(cid:49)ners:
Issue of shares
Transaction costs arising for share issue
Deferred tax asset due to transaction costs
arising for share issue
Employee share options -value of employees
service
(cid:16)ptions exercised
Bond (cid:16)ptions Issued
Dividend paid
(cid:73)(cid:80),(cid:76)(cid:73)3,(cid:75)(cid:75)(cid:73)
((cid:78)(cid:76)3,(cid:78)(cid:76)(cid:76))
(cid:73)(cid:73)(cid:77),(cid:72)(cid:73)(cid:78)
-
(cid:72)(cid:78)(cid:71),(cid:71)(cid:71)(cid:71)
-
-
-
-
-
-
-
(cid:75)1(cid:53)(cid:67)(cid:76)(cid:72)(cid:53)(cid:72)(cid:76)(cid:75)
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
-
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
(cid:73)(cid:80),(cid:76)(cid:73)3,(cid:75)(cid:75)(cid:73)
((cid:78)(cid:76)3,(cid:78)(cid:76)(cid:76))
(cid:73)(cid:73)(cid:77),(cid:72)(cid:73)(cid:78)
-
-
-
-
-
-
(cid:73)(cid:75)(cid:80),(cid:73)(cid:75)(cid:78)
(cid:73)(cid:75)(cid:80),(cid:73)(cid:75)(cid:78)
-
(cid:73),3(cid:76)(cid:76),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:78)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),3(cid:76)(cid:76),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:79)(cid:72)(cid:80),(cid:73)(cid:78)(cid:72)(cid:62)
((cid:76),(cid:79)(cid:80)(cid:78),(cid:79)(cid:72)(cid:80))
-
((cid:75),(cid:71)(cid:78)(cid:79),(cid:76)(cid:75)(cid:79))
Closing (cid:28)alance as at (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72)
1(cid:67)(cid:69)(cid:53)1(cid:75)(cid:67)(cid:53)(cid:72)1(cid:67)
1(cid:74)(cid:53)(cid:74)(cid:72)(cid:72)(cid:53)(cid:76)(cid:67)(cid:72)
(cid:69)(cid:53)(cid:74)(cid:76)1(cid:53)(cid:70)11
1(cid:69)(cid:69)(cid:53)(cid:74)(cid:69)(cid:74)(cid:53)(cid:74)(cid:69)(cid:73)
(cid:62)Shares issued to shareholders that elect to participate in the Dividend Reinvestment Plan.
The statement of changes in equity is to be read in conjunction with the attached notes.
30
3 0
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M o n e y 3 C o r p o r a t
i o n L i m i
t e d
Money3 Corporation Limited
For personal use only
M N Y
|
A n n u a l
R e p o r t
2 0 1 5
A n n u a l
R e p o r t
2 0 1 5
M N Y
Annual Report 2015 | MNY
|
Statement of Cash (cid:7)lo(cid:49)s
for the year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76)
Cash flo(cid:49)s from operating activities
(cid:15)et fees and charges from customers
(cid:15)et funds advanced to customers for loans
Payments to suppliers and employees (GST Inclusive)
Interest received
(cid:7)inance costs
Income tax paid
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:15)otes
(cid:76)(cid:79),(cid:79)(cid:77)(cid:77),(cid:78)(cid:75)(cid:75)
3(cid:78),3(cid:71)(cid:79),(cid:72)(cid:77)3
((cid:76)(cid:76),(cid:79)(cid:77)(cid:76),(cid:76)(cid:80)(cid:80))
((cid:75)(cid:71),(cid:76)(cid:71)(cid:72),(cid:72)(cid:80)(cid:78))
(33,3(cid:78)(cid:79),(cid:77)(cid:76)(cid:76))
((cid:73)(cid:73),(cid:73)(cid:71)(cid:73),(cid:71)(cid:72)(cid:76))
(cid:75)(cid:73)(cid:71),(cid:73)3(cid:80)
((cid:73),(cid:77)3(cid:78),(cid:71)(cid:80)(cid:73))
((cid:76),(cid:77)(cid:80)(cid:79),(cid:80)(cid:71)(cid:76))
(cid:72)(cid:73)(cid:73),(cid:78)(cid:75)(cid:76)
((cid:72),(cid:77)3(cid:79),(cid:71)(cid:72)(cid:79))
((cid:73),(cid:71)(cid:73)3,(cid:75)(cid:75)(cid:72))
(cid:15)et cash used in operating activities
(cid:73)(cid:71)(b)
(3(cid:79),(cid:73)(cid:80)3,(cid:73)(cid:77)(cid:79))
((cid:73)(cid:79),(cid:80)33,(cid:78)(cid:77)3)
Cash flo(cid:49)s from investing activities
Payment for property, plant and equipment
Proceeds from disposal of property, plant and equipment
Payments for purchase of business
(cid:15)et cash used in investing activities
(cid:73)(cid:72)
((cid:72),(cid:73)(cid:79)(cid:78),(cid:75)(cid:71)(cid:73))
((cid:72),(cid:73)(cid:79)(cid:80),3(cid:78)(cid:76))
(cid:72)(cid:73)(cid:71),(cid:71)(cid:71)(cid:71)
(3,(cid:80)(cid:79)(cid:78),(cid:73)3(cid:79))
((cid:76),(cid:72)(cid:76)(cid:75),(cid:77)(cid:75)(cid:71))
(cid:78)(cid:78)(cid:73),(cid:73)(cid:75)(cid:72)
-
((cid:76)(cid:72)(cid:78),(cid:72)3(cid:75))
Cash flo(cid:49)s from financing activities
Proceeds from share issue
Proceeds from borrowings
Repayment of borrowings
Dividend paid
(cid:15)et cash provided (cid:28)y financing activities
(cid:73)(cid:79),(cid:78)(cid:80)(cid:73),(cid:77)(cid:72)(cid:78)
(cid:72)(cid:71),(cid:80)(cid:78)(cid:73),(cid:80)(cid:79)(cid:73)
(3,(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71))
((cid:75),(cid:71)(cid:78)(cid:79),(cid:76)(cid:75)(cid:79))
3(cid:73),(cid:72)(cid:79)(cid:78),(cid:71)(cid:76)(cid:72)
(cid:73)(cid:75),(cid:78)(cid:71)(cid:71),(cid:78)(cid:71)(cid:80)
3(cid:71),(cid:77)(cid:73)(cid:75),(cid:71)(cid:71)(cid:71)
(3,(cid:76)(cid:76)(cid:75),(cid:71)(cid:71)(cid:71))
(3,(cid:71)(cid:79)(cid:73),(cid:77)(cid:77)(cid:79))
(cid:75)(cid:79),(cid:77)(cid:79)(cid:79),(cid:71)(cid:75)(cid:72)
Total comprehensive income for the year
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
(cid:15)et increase(cid:56)(cid:58)decrease(cid:59) in cash held
(cid:58)11(cid:53)(cid:69)(cid:73)(cid:67)(cid:53)(cid:75)(cid:72)(cid:74)(cid:59)
1(cid:76)(cid:53)(cid:69)(cid:70)(cid:74)(cid:53)1(cid:71)(cid:71)
Cash and cash e(cid:43)uivalents at the (cid:28)eginning of the year
(cid:73)3,(cid:77)(cid:78)(cid:80),(cid:71)(cid:77)3
(cid:75),(cid:75)(cid:75)(cid:72),(cid:80)(cid:72)(cid:80)
Cash and cash e(cid:43)uivalents at end of the year
(cid:73)(cid:71)(a)
1(cid:69)(cid:53)(cid:71)1(cid:75)(cid:53)(cid:69)(cid:67)(cid:73)
(cid:69)(cid:70)(cid:53)(cid:73)(cid:74)(cid:76)(cid:53)(cid:67)(cid:73)(cid:70)
(cid:73)(cid:75)(cid:80),(cid:73)(cid:75)(cid:78)
(cid:73)(cid:75)(cid:80),(cid:73)(cid:75)(cid:78)
The statement of cash flows is to be read in conjunction with the attached notes.
Statement of Changes in (cid:6)(cid:43)uity
for the year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76)
Consolidated
(cid:10)ssued Capital
(cid:64)
(cid:71)(cid:72)(cid:53)(cid:67)(cid:76)(cid:74)(cid:53)(cid:72)(cid:75)(cid:75)
(cid:19)etained
(cid:6)arnings
(cid:64)
(cid:73)(cid:53)(cid:67)(cid:73)(cid:69)(cid:53)(cid:70)(cid:76)(cid:76)
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
(cid:19)eserves
(cid:64)
(cid:21)otal
(cid:64)
(cid:72)(cid:72)(cid:53)(cid:74)(cid:73)(cid:76)
(cid:72)1(cid:53)(cid:69)1(cid:72)(cid:53)(cid:74)(cid:72)(cid:73)
At (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)3
Profit after income tax expense for the year
(cid:16)ther comprehensive loss for the year, net of
tax
Total comprehensive income(cid:56)(loss) for the year
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
(cid:21)ransactions (cid:49)ith o(cid:49)ners in their capacity as
o(cid:49)ners:
Issue of shares
Transaction costs arising for share issue
Deferred tax asset due to transaction costs
arising for share issue
Employee share options -value of employees
service
(cid:16)ptions exercised
Dividend paid
(cid:73)(cid:76),(cid:76)(cid:76)(cid:77),(cid:80)(cid:72)(cid:79)
((cid:80)(cid:80)(cid:77),(cid:73)(cid:71)(cid:80))
(cid:73)(cid:80)(cid:79),(cid:79)(cid:77)3
(cid:72)(cid:75)(cid:71),(cid:71)(cid:71)(cid:71)
-
-
-
-
-
-
-
-
-
-
-
-
-
(cid:72)3(cid:72),(cid:73)(cid:80)(cid:76)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
-
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
(cid:73)(cid:76),(cid:76)(cid:76)(cid:77),(cid:80)(cid:72)(cid:79)
((cid:80)(cid:80)(cid:77),(cid:73)(cid:71)(cid:80))
(cid:73)(cid:80)(cid:79),(cid:79)(cid:77)3
(cid:72)3(cid:72),(cid:73)(cid:80)(cid:76)
(cid:72)(cid:75)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:75)1(cid:53)(cid:67)(cid:76)(cid:72)(cid:53)(cid:72)(cid:76)(cid:75)
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
-
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
(cid:73)(cid:80),(cid:76)(cid:73)3,(cid:75)(cid:75)(cid:73)
((cid:78)(cid:76)3,(cid:78)(cid:76)(cid:76))
(cid:73)(cid:73)(cid:77),(cid:72)(cid:73)(cid:78)
(cid:72)(cid:78)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),3(cid:76)(cid:76),(cid:71)(cid:71)(cid:71)
((cid:75),(cid:71)(cid:78)(cid:79),(cid:76)(cid:75)(cid:79))
Closing (cid:28)alance as at (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:71)
(cid:74)1(cid:53)1(cid:76)(cid:72)(cid:53)(cid:71)(cid:69)(cid:72)
(cid:76)(cid:53)(cid:74)1(cid:70)(cid:53)1(cid:67)(cid:76)
1(cid:75)(cid:74)(cid:53)(cid:67)(cid:73)(cid:71)
(cid:75)1(cid:53)(cid:67)(cid:76)(cid:72)(cid:53)(cid:72)(cid:76)(cid:75)
(cid:72),(cid:71)(cid:80)(cid:79),(cid:73)(cid:77)(cid:76)(cid:62)
((cid:75),(cid:72)(cid:79)(cid:71),(cid:80)33)
(3,(cid:71)(cid:79)(cid:73),(cid:77)(cid:77)(cid:79))
At (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:75)
(cid:74)1(cid:53)1(cid:76)(cid:72)(cid:53)(cid:71)(cid:69)(cid:72)
(cid:76)(cid:53)(cid:74)1(cid:70)(cid:53)1(cid:67)(cid:76)
1(cid:75)(cid:74)(cid:53)(cid:67)(cid:73)(cid:71)
Profit after income tax expense for the year
(cid:16)ther comprehensive income for the year, net
of tax
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
(cid:21)ransactions (cid:49)ith o(cid:49)ners in their capacity as
o(cid:49)ners:
Issue of shares
Transaction costs arising for share issue
Deferred tax asset due to transaction costs
arising for share issue
Employee share options -value of employees
service
(cid:16)ptions exercised
Bond (cid:16)ptions Issued
Dividend paid
(cid:73)(cid:80),(cid:76)(cid:73)3,(cid:75)(cid:75)(cid:73)
((cid:78)(cid:76)3,(cid:78)(cid:76)(cid:76))
(cid:73)(cid:73)(cid:77),(cid:72)(cid:73)(cid:78)
(cid:72)(cid:78)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:79)(cid:72)(cid:80),(cid:73)(cid:78)(cid:72)(cid:62)
((cid:76),(cid:79)(cid:80)(cid:78),(cid:79)(cid:72)(cid:80))
(cid:73),3(cid:76)(cid:76),(cid:71)(cid:71)(cid:71)
Closing (cid:28)alance as at (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72)
1(cid:67)(cid:69)(cid:53)1(cid:75)(cid:67)(cid:53)(cid:72)1(cid:67)
1(cid:74)(cid:53)(cid:74)(cid:72)(cid:72)(cid:53)(cid:76)(cid:67)(cid:72)
(cid:69)(cid:53)(cid:74)(cid:76)1(cid:53)(cid:70)11
1(cid:69)(cid:69)(cid:53)(cid:74)(cid:69)(cid:74)(cid:53)(cid:74)(cid:69)(cid:73)
(cid:62)Shares issued to shareholders that elect to participate in the Dividend Reinvestment Plan.
The statement of changes in equity is to be read in conjunction with the attached notes.
-
-
-
-
-
-
-
-
-
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(cid:15)otes to the financial statements
Contents
(cid:72)
(cid:73)
3
(cid:75)
(cid:76)
(cid:77)
(cid:78)
(cid:79)
(cid:80)
(cid:72)(cid:71)
(cid:72)(cid:72)
(cid:72)(cid:73)
(cid:72)3
(cid:72)(cid:75)
(cid:72)(cid:76)
(cid:72)(cid:77)
(cid:72)(cid:78)
(cid:72)(cid:79)
(cid:72)(cid:80)
(cid:73)(cid:71)
(cid:73)(cid:72)
(cid:73)(cid:73)
(cid:73)3
(cid:73)(cid:75)
(cid:73)(cid:76)
(cid:73)(cid:77)
(cid:73)(cid:78)
(cid:73)(cid:79)
(cid:73)(cid:80)
3(cid:71)
Summary of significant accounting policies
Revenue
(cid:16)ther items included in net profit from continuing operations
Retained earnings
Income tax
Earnings per share
Dividends
Share based payments
Cash and cash equivalents
Loans and other receivables
(cid:16)ther assets
Property, plant and equipment
Intangible assets
Trade and other payables
Provisions
Derivative financial liabilities
Borrowings
Issued capital
Reserves
Statement of cash flows
Business combinations
Significant matters subsequent to the reporting date
Segment information
Contingent liabilities
Controlled entities
(cid:7)inancial instruments
Leases
Auditors remuneration
Related party disclosures
Parent entity financial information
ASX Additional information
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A n n u a l
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(cid:15)otes to the financial statements
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72)
Contents
(cid:10)ntroduction
Summary of significant accounting policies
(cid:16)ther items included in net profit from continuing operations
(cid:72)
(cid:73)
3
(cid:75)
(cid:76)
(cid:77)
(cid:78)
(cid:79)
(cid:80)
(cid:72)(cid:71)
(cid:72)(cid:72)
(cid:72)(cid:73)
(cid:72)3
(cid:72)(cid:75)
(cid:72)(cid:76)
(cid:72)(cid:78)
(cid:72)(cid:79)
(cid:72)(cid:80)
(cid:73)(cid:71)
(cid:73)(cid:72)
(cid:73)(cid:73)
(cid:73)3
(cid:73)(cid:75)
(cid:73)(cid:76)
(cid:73)(cid:77)
(cid:73)(cid:78)
(cid:73)(cid:79)
(cid:73)(cid:80)
3(cid:71)
Revenue
Retained earnings
Income tax
Earnings per share
Dividends
Share based payments
Cash and cash equivalents
Loans and other receivables
(cid:16)ther assets
Property, plant and equipment
Intangible assets
Trade and other payables
Provisions
Borrowings
Issued capital
Reserves
Statement of cash flows
Business combinations
Segment information
Contingent liabilities
Controlled entities
(cid:7)inancial instruments
Leases
Auditors remuneration
Related party disclosures
Parent entity financial information
ASX Additional information
(cid:72)(cid:77)
Derivative financial liabilities
Significant matters subsequent to the reporting date
The financial report covers Money3 Corporation Limited (“Money3” or “Company”) and its controlled entities.
Money3 is a Company limited by shares whose shares are publicly traded on the Australian Securities Exchange
(“ASX”). Money3 is incorporated and domiciled in Australia. The presentation currency and functional currency of the
Group is Australian dollars and amounts are rounded to the nearest dollar.
Separate financial statements for Money3 Corporation Limited as an individual entity are no longer presented as the
consequence of a change to the Corporations Act (cid:73)(cid:71)(cid:71)(cid:72), however, limited financial information for Money3
Corporation Limited as an individual entity is included in (cid:15)ote 3(cid:71).
The principal activity of the Group during the financial year was to provide small cash loans in the form of line of credit
and personal loans, car loans, cheque cashing, equipment and motor vehicle rental.
The financial report was authorised for issue by the Board of Directors of Money3 Corporation Limited at a directors
meeting on the date shown on the Declaration by the Board of Directors attached to the (cid:7)inancial Statements.
1(cid:55) Summary of significant accounting policies
a(cid:59) (cid:3)asis of accounting
The financial report is a general purpose financial report which has been prepared in accordance with the
Corporations Act (cid:73)(cid:71)(cid:71)(cid:72), Australian Accounting Standards and Interpretations and complies with other requirements of
the law, as appropriate for profit oriented entities. The financial report comprises the consolidated financial
statements of the group.
The financial statements comply with International (cid:7)inancial Reporting Standards (I(cid:7)RS) as issued by the International
Accounting Standards Board (IASB).
The financial statements have been prepared on an accrual basis and are based on historical costs modified by the
revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of
accounting has been applied.
The financial statements have been prepared in accordance with Australian Accounting Standards, which are based on
the Company continuing as a going concern which assumes the realisation of assets and the extinguishment of
liabilities in the normal course of business and at the amounts stated in the financial report.
The following significant accounting policies have been adopted in the preparation and presentation of the financial
report. The accounting policies have been consistently applied and except where there is a change in accounting
policy, are consistent with those of the previous year.
(cid:15)e(cid:49)(cid:53) revised or amending accounting standards and (cid:10)nterpretations adopted
The consolidated entity has adopted all of the new, revised or amending Accounting Standards and Interpretations
issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The
adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial
performance or position of the consolidated entity.
The following Accounting Standards and Interpretations are most relevant to the consolidated entity:
(cid:2)(cid:2)(cid:17)(cid:3) (cid:52)(cid:50)(cid:51)(cid:52)(cid:47)(cid:53) (cid:2)mendment(cid:39) to (cid:2)u(cid:39)tra(cid:32)ian (cid:2)(cid:24)(cid:24)ountin(cid:28) (cid:17)tandard(cid:39) (cid:47) (cid:14)(cid:27)(cid:27)(cid:39)ettin(cid:28) Finan(cid:24)ia(cid:32) (cid:2)(cid:39)(cid:39)et(cid:39) and Finan(cid:24)ia(cid:32) (cid:11)ia(cid:23)i(cid:32)itie(cid:39)
The consolidated entity has applied AASB (cid:73)(cid:71)(cid:72)(cid:73)-3 from (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:75). The amendments add application guidance to
address inconsistencies in the application of the offsetting criteria in AASB (cid:72)3(cid:73) '(cid:7)inancial Instruments: Presentation', by
clarifying the meaning of 'currently has a legally enforceable right of set-off'; and clarifies that some gross settlement
systems may be considered to be equivalent to net settlement.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
(cid:2)(cid:2)(cid:17)(cid:3) (cid:52)(cid:50)(cid:51)(cid:53)(cid:47)(cid:53) (cid:2)mendment(cid:39) to (cid:2)(cid:2)(cid:17)(cid:3) (cid:51)(cid:53)(cid:56) (cid:47) (cid:16)e(cid:24)o(cid:42)era(cid:23)(cid:32)e (cid:2)mount (cid:5)i(cid:39)(cid:24)(cid:32)o(cid:39)ure(cid:39) (cid:27)or (cid:13)on(cid:47)Finan(cid:24)ia(cid:32) (cid:2)(cid:39)(cid:39)et(cid:39)
The consolidated entity has applied AASB (cid:73)(cid:71)(cid:72)3-3 from (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:75). The disclosure requirements of AASB (cid:72)3(cid:77)
'Impairment of Assets' have been enhanced to require additional information about the fair value measurement when
the recoverable amount of impaired assets is based on fair value less costs of disposals. Additionally, if measured using
a present value technique, the discount rate is required to be disclosed.
(cid:2)(cid:2)(cid:17)(cid:3) (cid:52)(cid:50)(cid:51)(cid:54)(cid:47)(cid:51) (cid:2)mendment(cid:39) to (cid:2)u(cid:39)tra(cid:32)ian (cid:2)(cid:24)(cid:24)ountin(cid:28) (cid:17)tandard(cid:39) (cid:48)(cid:15)art(cid:39) (cid:2) to (cid:4)(cid:49)
The consolidated entity has applied Parts A to C of AASB (cid:73)(cid:71)(cid:72)(cid:75)-(cid:72) from (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:75). These amendments affect the
following standards: AASB (cid:73) 'Share-based Payment': clarifies the definition of 'vesting condition' by separately defining
a 'performance condition' and a 'service condition' and amends the definition of 'market condition'; AASB 3 'Business
Combinations': clarifies that contingent consideration in a business combination is subsequently measured at fair value
with changes in fair value recognised in profit or loss irrespective of whether the contingent consideration is within the
scope of AASB (cid:80); AASB (cid:79) '(cid:16)perating Segments': amended to require disclosures of judgements made in applying the
aggregation criteria and clarifies that a reconciliation of the total reportable segment assets to the entity's assets is
required only if segment assets are reported regularly to the chief operating decision maker; AASB (cid:72)3 '(cid:7)air (cid:22)alue
Measurement': clarifies that the portfolio exemption applies to the valuation of contracts within the scope of AASB (cid:80)
and AASB (cid:72)3(cid:80); AASB (cid:72)(cid:72)(cid:77) 'Property, Plant and Equipment' and AASB (cid:72)3(cid:79) 'Intangible Assets': clarifies that on revaluation,
restatement of accumulated depreciation will not necessarily be in the same proportion to the change in the gross
carrying value of the asset; AASB (cid:72)(cid:73)(cid:75) 'Related Party Disclosures': extends the definition of 'related party' to include a
management entity that provides (cid:12)MP services to the entity or its parent and requires disclosure of the fees paid to the
management entity; AASB (cid:72)(cid:75)(cid:71) 'Investment Property': clarifies that the acquisition of an investment property may
constitute a business combination.
(cid:28)(cid:59) (cid:15)e(cid:49) (cid:2)ccounting Standards and (cid:10)nterpretations not yet mandatory or early
adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76).
The consolidated entity's assessment of the impact of these new or amended Accounting Standards and Interpretations,
most relevant to the consolidated entity, are set out below.
The following Accounting Standards and Interpretations are most relevant to the consolidated entity:
(cid:2)(cid:2)(cid:17)(cid:3) (cid:57) Finan(cid:24)ia(cid:32) (cid:10)n(cid:39)trument(cid:39)
This standard is applicable to annual reporting periods beginning on or after (cid:72) (cid:11)anuary (cid:73)(cid:71)(cid:72)(cid:79). The standard replaces all
previous versions of AASB (cid:80) and completes the project to replace IAS 3(cid:80) '(cid:7)inancial Instruments: Recognition and
Measurement'. AASB (cid:80) introduces new classification and measurement models for financial assets. A financial asset
shall be measured at amortised cost, if it is held within a business model whose objective is to hold assets in order to
collect contractual cash flows, which arise on specified dates and solely principal and interest. All other financial
instrument assets are to be classified and measured at fair value through profit or loss unless the entity makes an
irrevocable election on initial recognition to present gains and losses on equity instruments (that are not held-for-
trading) in other comprehensive income ('(cid:16)CI'). (cid:7)or financial liabilities, the standard requires the portion of the change
in fair value that relates to the entity's own credit risk to be presented in (cid:16)CI (unless it would create an accounting
mismatch). (cid:15)ew simpler hedge accounting requirements are intended to more closely align the accounting treatment
with the risk management activities of the entity. (cid:15)ew impairment requirements will use an 'expected credit loss' ('ECL')
model to recognise an allowance. Impairment will be measured under a (cid:72)(cid:73)-month ECL method unless the credit risk on
a financial instrument has increased significantly since initial recognition in which case the lifetime ECL method is
adopted. The standard introduces additional new disclosures. The consolidated entity will adopt this standard from (cid:72)
(cid:11)uly (cid:73)(cid:71)(cid:72)(cid:79) but the impact of its adoption is yet to be assessed by the consolidated entity.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
(cid:2)(cid:2)(cid:17)(cid:3) (cid:52)(cid:50)(cid:51)(cid:53)(cid:47)(cid:53) (cid:2)mendment(cid:39) to (cid:2)(cid:2)(cid:17)(cid:3) (cid:51)(cid:53)(cid:56) (cid:47) (cid:16)e(cid:24)o(cid:42)era(cid:23)(cid:32)e (cid:2)mount (cid:5)i(cid:39)(cid:24)(cid:32)o(cid:39)ure(cid:39) (cid:27)or (cid:13)on(cid:47)Finan(cid:24)ia(cid:32) (cid:2)(cid:39)(cid:39)et(cid:39)
The consolidated entity has applied AASB (cid:73)(cid:71)(cid:72)3-3 from (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:75). The disclosure requirements of AASB (cid:72)3(cid:77)
'Impairment of Assets' have been enhanced to require additional information about the fair value measurement when
the recoverable amount of impaired assets is based on fair value less costs of disposals. Additionally, if measured using
a present value technique, the discount rate is required to be disclosed.
(cid:2)(cid:2)(cid:17)(cid:3) (cid:52)(cid:50)(cid:51)(cid:54)(cid:47)(cid:51) (cid:2)mendment(cid:39) to (cid:2)u(cid:39)tra(cid:32)ian (cid:2)(cid:24)(cid:24)ountin(cid:28) (cid:17)tandard(cid:39) (cid:48)(cid:15)art(cid:39) (cid:2) to (cid:4)(cid:49)
The consolidated entity has applied Parts A to C of AASB (cid:73)(cid:71)(cid:72)(cid:75)-(cid:72) from (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:75). These amendments affect the
following standards: AASB (cid:73) 'Share-based Payment': clarifies the definition of 'vesting condition' by separately defining
a 'performance condition' and a 'service condition' and amends the definition of 'market condition'; AASB 3 'Business
Combinations': clarifies that contingent consideration in a business combination is subsequently measured at fair value
with changes in fair value recognised in profit or loss irrespective of whether the contingent consideration is within the
scope of AASB (cid:80); AASB (cid:79) '(cid:16)perating Segments': amended to require disclosures of judgements made in applying the
aggregation criteria and clarifies that a reconciliation of the total reportable segment assets to the entity's assets is
required only if segment assets are reported regularly to the chief operating decision maker; AASB (cid:72)3 '(cid:7)air (cid:22)alue
Measurement': clarifies that the portfolio exemption applies to the valuation of contracts within the scope of AASB (cid:80)
and AASB (cid:72)3(cid:80); AASB (cid:72)(cid:72)(cid:77) 'Property, Plant and Equipment' and AASB (cid:72)3(cid:79) 'Intangible Assets': clarifies that on revaluation,
restatement of accumulated depreciation will not necessarily be in the same proportion to the change in the gross
carrying value of the asset; AASB (cid:72)(cid:73)(cid:75) 'Related Party Disclosures': extends the definition of 'related party' to include a
management entity that provides (cid:12)MP services to the entity or its parent and requires disclosure of the fees paid to the
management entity; AASB (cid:72)(cid:75)(cid:71) 'Investment Property': clarifies that the acquisition of an investment property may
constitute a business combination.
(cid:28)(cid:59) (cid:15)e(cid:49) (cid:2)ccounting Standards and (cid:10)nterpretations not yet mandatory or early
adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76).
The consolidated entity's assessment of the impact of these new or amended Accounting Standards and Interpretations,
most relevant to the consolidated entity, are set out below.
The following Accounting Standards and Interpretations are most relevant to the consolidated entity:
(cid:2)(cid:2)(cid:17)(cid:3) (cid:57) Finan(cid:24)ia(cid:32) (cid:10)n(cid:39)trument(cid:39)
This standard is applicable to annual reporting periods beginning on or after (cid:72) (cid:11)anuary (cid:73)(cid:71)(cid:72)(cid:79). The standard replaces all
previous versions of AASB (cid:80) and completes the project to replace IAS 3(cid:80) '(cid:7)inancial Instruments: Recognition and
Measurement'. AASB (cid:80) introduces new classification and measurement models for financial assets. A financial asset
shall be measured at amortised cost, if it is held within a business model whose objective is to hold assets in order to
collect contractual cash flows, which arise on specified dates and solely principal and interest. All other financial
instrument assets are to be classified and measured at fair value through profit or loss unless the entity makes an
irrevocable election on initial recognition to present gains and losses on equity instruments (that are not held-for-
trading) in other comprehensive income ('(cid:16)CI'). (cid:7)or financial liabilities, the standard requires the portion of the change
in fair value that relates to the entity's own credit risk to be presented in (cid:16)CI (unless it would create an accounting
mismatch). (cid:15)ew simpler hedge accounting requirements are intended to more closely align the accounting treatment
with the risk management activities of the entity. (cid:15)ew impairment requirements will use an 'expected credit loss' ('ECL')
model to recognise an allowance. Impairment will be measured under a (cid:72)(cid:73)-month ECL method unless the credit risk on
a financial instrument has increased significantly since initial recognition in which case the lifetime ECL method is
adopted. The standard introduces additional new disclosures. The consolidated entity will adopt this standard from (cid:72)
(cid:11)uly (cid:73)(cid:71)(cid:72)(cid:79) but the impact of its adoption is yet to be assessed by the consolidated entity.
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
(cid:28)(cid:59) (cid:15)e(cid:49) (cid:2)ccounting Standards and (cid:10)nterpretations not yet mandatory or early adopted
(cid:2)(cid:2)(cid:17)(cid:3) (cid:51)(cid:55) (cid:16)e(cid:42)enue (cid:27)rom (cid:4)ontra(cid:24)t(cid:39) (cid:43)it(cid:29) (cid:4)u(cid:39)tomer(cid:39)
This standard is applicable to annual reporting periods beginning on or after (cid:72) (cid:11)anuary (cid:73)(cid:71)(cid:72)(cid:78). The standard provides a
single standard for revenue recognition. The core principle of the standard is that an entity will recognise revenue to
depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which
the entity expects to be entitled in exchange for those goods or services. The standard will require: contracts (either
written, verbal or implied) to be identified, together with the separate performance obligations within the contract;
determine the transaction price, adjusted for the time value of money excluding credit risk; allocation of the transaction
price to the separate performance obligations on a basis of relative stand-alone selling price of each distinct good or
service, or estimation approach if no distinct observable prices exist; and recognition of revenue when each
performance obligation is satisfied. Credit risk will be presented separately as an expense rather than adjusted to
revenue. (cid:7)or goods, the performance obligation would be satisfied when the customer obtains control of the goods.
(cid:7)or services, the performance obligation is satisfied when the service has been provided, typically for promises to
transfer services to customers. (cid:7)or performance obligations satisfied over time, an entity would select an appropriate
measure of progress to determine how much revenue should be recognised as the performance obligation is satisfied.
Contracts with customers will be presented in an entity's statement of financial position as a contract liability, a contract
asset, or a receivable, depending on the relationship between the entity's performance and the customer's payment.
Sufficient quantitative and qualitative disclosure is required to enable users to understand the contracts with
customers; the significant judgments made in applying the guidance to those contracts; and any assets recognised from
the costs to obtain or fulfil a contract with a customer. The consolidated entity will adopt this standard from (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:78)
but the impact of its adoption is yet to be assessed by the consolidated entity.
c(cid:59) Parent entity financial information
The financial information for the parent entity Money3 Corporation Limited, disclosed in note 3(cid:71) has been prepared
on the same basis as the consolidated financial statements.
d(cid:59) Principles of consolidation
(cid:15)rin(cid:24)i(cid:36)(cid:32)e(cid:39) o(cid:27) (cid:24)on(cid:39)o(cid:32)idation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Money3 Corporation
Limited ('company' or 'parent entity') as at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76) and the results of all subsidiaries for the year then ended.
Money3 Corporation Limited and its subsidiaries together are referred to in these financial statements as the
'consolidated entity'.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an
entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the
entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are
fully consolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated
from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity
are eliminated. (cid:21)nrealised losses are also eliminated unless the transaction provides evidence of the impairment of
the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency
with the policies adopted by the consolidated entity.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership
interest, without the loss of control, is accounted for as an equity transaction, where the difference between the
consideration transferred and the book value of the share of the non-controlling interest acquired is recognised
directly in equity attributable to the parent.
(cid:15)on-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or
loss and other comprehensive income, statement of financial position and statement of changes in equity of the
consolidated entity. Losses incurred by the consolidated entity are attributed to the non-controlling interest in full,
even if that results in a deficit balance.
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(cid:15)otes to the (cid:7)inancial Stat ements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
d(cid:59) Principles of consolidation (cid:58)continued(cid:59)
(cid:23)here the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities
and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in
equity. The consolidated entity recognises the fair value of the consideration received and the fair value of any
investment retained together with any gain or loss in profit or loss.
e(cid:59) Critical accounting estimates(cid:53) assumptions and (cid:36)udgements
In the application of Australian Accounting Standards, management is required to make judgements, estimates and
assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form the basis of making the judgements. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the
revision and future periods if the revisions affect both current and future periods.
(cid:11)udgments made in the application of Australian Accounting Standards that have significant effects on the financial
statements and estimates with a significant risk of material adjustments in the next year are disclosed, where
applicable in the relevant notes to the financial statements.
(cid:11)udgments made in applying accounting policies that have the most significant effect on the amounts recognised in
the financial statements concern the estimated impairment of investments in subsidiaries in the parent entity,
associated goodwill on consolidation of subsidiaries, allowance for doubtful debts and share based payments.
(cid:8)ood(cid:43)i(cid:32)(cid:32)
The consolidated entity tests annually whether goodwill has suffered any impairment in accordance with the
accounting policy stated in (cid:15)ote (cid:72)(j). The Directors are of the opinion that there has been no impairment of goodwill.
Refer to (cid:15)ote (cid:72)3 for further details.
(cid:2)(cid:32)(cid:32)o(cid:43)an(cid:24)e (cid:27)or dou(cid:23)t(cid:27)u(cid:32) de(cid:23)t(cid:39)
The Company assesses impairment regularly. The allowance for impairment losses represents management's estimate
of the losses incurred in the loan book as at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76) based on past experience and judgement. At 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76),
the allowances for impairment losses were (cid:68)(cid:77),(cid:79)(cid:72)(cid:79),(cid:78)3(cid:75) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)3,(cid:80)(cid:72)(cid:73),(cid:77)(cid:78)(cid:78)).
(cid:17)(cid:29)are (cid:23)a(cid:39)ed (cid:36)a(cid:45)ment(cid:39)
Share based payments are accounting for at fair valued using the Black Scholes and in previous years Binomial model
was used. See (cid:15)ote (cid:79) for further discussion.
f(cid:59) Cash and cash e(cid:43)uivalents
Cash and cash equivalents in the Statement of (cid:7)inancial Position comprise cash at bank and in hand and short-term
deposits with an original maturity of three months or less. (cid:7)or the purposes of the Statement of Cash (cid:7)lows, cash and
cash equivalents consist of cash and cash equivalents as defined above.
g(cid:59) Loans and other receiva(cid:28)les
Loans and other receivables are non-derivative financial assets, with fixed and determinable payments that are not
quoted in an active market. Loans and other receivables are initially recognised at fair value, including direct
transaction costs, and are subsequently measured at amortised cost using the effective interest method.
Collectability of receivables are reviewed on an ongoing basis, and an allowance for impairment losses is recognised
when there is objective evidence that the collection of the full amount is no longer probable. Bad debts are written off
when identified.
Receivables from related parties are recognised and carried at the nominal amount due.
Loans and other receivables are due for settlement at various times in line with the terms of their contracts.
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(cid:15)otes to the (cid:7)inancial Stat ements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
d(cid:59) Principles of consolidation (cid:58)continued(cid:59)
(cid:23)here the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities
and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in
equity. The consolidated entity recognises the fair value of the consideration received and the fair value of any
investment retained together with any gain or loss in profit or loss.
e(cid:59) Critical accounting estimates(cid:53) assumptions and (cid:36)udgements
In the application of Australian Accounting Standards, management is required to make judgements, estimates and
assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form the basis of making the judgements. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the
revision and future periods if the revisions affect both current and future periods.
(cid:11)udgments made in the application of Australian Accounting Standards that have significant effects on the financial
statements and estimates with a significant risk of material adjustments in the next year are disclosed, where
applicable in the relevant notes to the financial statements.
(cid:11)udgments made in applying accounting policies that have the most significant effect on the amounts recognised in
the financial statements concern the estimated impairment of investments in subsidiaries in the parent entity,
associated goodwill on consolidation of subsidiaries, allowance for doubtful debts and share based payments.
The consolidated entity tests annually whether goodwill has suffered any impairment in accordance with the
accounting policy stated in (cid:15)ote (cid:72)(j). The Directors are of the opinion that there has been no impairment of goodwill.
(cid:8)ood(cid:43)i(cid:32)(cid:32)
Refer to (cid:15)ote (cid:72)3 for further details.
(cid:2)(cid:32)(cid:32)o(cid:43)an(cid:24)e (cid:27)or dou(cid:23)t(cid:27)u(cid:32) de(cid:23)t(cid:39)
(cid:17)(cid:29)are (cid:23)a(cid:39)ed (cid:36)a(cid:45)ment(cid:39)
was used. See (cid:15)ote (cid:79) for further discussion.
f(cid:59) Cash and cash e(cid:43)uivalents
The Company assesses impairment regularly. The allowance for impairment losses represents management's estimate
of the losses incurred in the loan book as at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76) based on past experience and judgement. At 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76),
the allowances for impairment losses were (cid:68)(cid:77),(cid:79)(cid:72)(cid:79),(cid:78)3(cid:75) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)3,(cid:80)(cid:72)(cid:73),(cid:77)(cid:78)(cid:78)).
Share based payments are accounting for at fair valued using the Black Scholes and in previous years Binomial model
Cash and cash equivalents in the Statement of (cid:7)inancial Position comprise cash at bank and in hand and short-term
deposits with an original maturity of three months or less. (cid:7)or the purposes of the Statement of Cash (cid:7)lows, cash and
cash equivalents consist of cash and cash equivalents as defined above.
g(cid:59) Loans and other receiva(cid:28)les
Loans and other receivables are non-derivative financial assets, with fixed and determinable payments that are not
quoted in an active market. Loans and other receivables are initially recognised at fair value, including direct
transaction costs, and are subsequently measured at amortised cost using the effective interest method.
Collectability of receivables are reviewed on an ongoing basis, and an allowance for impairment losses is recognised
when there is objective evidence that the collection of the full amount is no longer probable. Bad debts are written off
when identified.
Receivables from related parties are recognised and carried at the nominal amount due.
Loans and other receivables are due for settlement at various times in line with the terms of their contracts.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
h(cid:59) (cid:10)nvestments and other financial assets (cid:58)continued(cid:59)
h(cid:59) (cid:10)nvestments and other financial assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the
initial measurement, except for financial assets at fair value through profit or loss. They are subsequently measured at
either amortised cost or fair value depending on their classification. Classification is determined based on the purpose
of the acquisition and subsequent reclassification to other categories is restricted.
(cid:7)inancial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have
been transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership.
Finan(cid:24)ia(cid:32) a(cid:39)(cid:39)et(cid:39) at (cid:27)air (cid:42)a(cid:32)ue t(cid:29)rou(cid:28)(cid:29) (cid:36)ro(cid:27)it or (cid:32)o(cid:39)(cid:39)
(cid:7)inancial assets at fair value through profit or loss are either: i) held for trading, where they are acquired for the
purpose of selling in the short-term with an intention of making a profit; or ii) designated as such upon initial
recognition, where they are managed on a fair value basis or to eliminate or significantly reduce an accounting
mismatch. Except for effective hedging instruments, derivatives are also categorised as fair value through profit or
loss. (cid:7)air value movements are recognised in profit or loss.
(cid:2)(cid:42)ai(cid:32)a(cid:23)(cid:32)e(cid:47)(cid:27)or(cid:47)(cid:39)a(cid:32)e (cid:27)inan(cid:24)ia(cid:32) a(cid:39)(cid:39)et(cid:39)
Available-for-sale financial assets are non-derivative financial assets, principally equity securities, that are either
designated as available-for-sale or not classified as any other category. After initial recognition, fair value movements
are recognised in other comprehensive income through the available-for-sale reserve in equity. Cumulative gain or
loss previously reported in the available-for-sale reserve is recognised in profit or loss when the asset is derecognised
or impaired.
(cid:10)m(cid:36)airment o(cid:27) (cid:27)inan(cid:24)ia(cid:32) a(cid:39)(cid:39)et(cid:39)
The consolidated entity assesses at the end of each reporting period whether there is any objective evidence that a
financial asset or group of financial assets is impaired. (cid:16)bjective evidence includes significant financial difficulty of the
issuer or obligor; a breach of contract such as default or delinquency in payments; the lender granting to a borrower
concessions due to economic or legal reasons that the lender would not otherwise do; it becomes probable that the
borrower will enter bankruptcy or other financial reorganisation; the disappearance of an active market for the
financial asset; or observable data indicating that there is a measurable decrease in estimated future cash flows.
The amount of the impairment allowance for financial assets carried at cost is the difference between the asset's
carrying amount and the present value of estimated future cash flows, discounted at the current market rate of return
for similar financial assets.
Available-for-sale financial assets are considered impaired when there has been a significant or prolonged decline in
value below initial cost. Subsequent increments in value are recognised in other comprehensive income through the
available-for-sale reserve.
i(cid:59) (cid:3)usiness com(cid:28)inations
The acquisition method of accounting is used to account for business combinations regardless of whether equity
instruments or other assets are acquired.
The consideration transferred is the sum of the acquisition-date fair values of the assets transferred, equity instruments
issued or liabilities incurred by the acquirer to former owners of the acquiree and the amount of any non-controlling
interest in the acquiree. (cid:7)or each business combination, the non-controlling interest in the acquiree is measured at
either fair value or at the proportionate share of the acquiree's identifiable net assets. All acquisition costs are expensed
as incurred to profit or loss.
(cid:16)n the acquisition of a business, the consolidated entity assesses the financial assets acquired and liabilities assumed
for appropriate classification and designation in accordance with the contractual terms, economic conditions, the
consolidated entity's operating or accounting policies and other pertinent conditions in existence at the acquisition-
date.
(cid:23)here the business combination is achieved in stages, the consolidated entity remeasures its previously held equity
interest in the acquiree at the acquisition-date fair value and the difference between the fair value and the previous
carrying amount is recognised in profit or loss.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continu ed(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
i(cid:59) (cid:3)usiness com(cid:28)inations
Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair value. Subsequent
changes in the fair value of contingent consideration classified as an asset or liability is recognised in profit or loss.
Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within
equity.
The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any non-controlling
interest in the acquiree and the fair value of the consideration transferred and the fair value of any pre-existing
investment in the acquiree is recognised as goodwill. If the consideration transferred and the pre-existing fair value is
less than the fair value of the identifiable net assets acquired, being a bargain purchase to the acquirer, the difference
is recognised as a gain directly in profit or loss by the acquirer on the acquisition-date, but only after a reassessment of
the identification and measurement of the net assets acquired, the non-controlling interest in the acquiree, if any, the
consideration transferred and the acquirer's previously held equity interest in the acquirer.
Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the
provisional amounts recognised and also recognises additional assets or liabilities during the measurement period,
based on new information obtained about the facts and circumstances that existed at the acquisition-date. The
measurement period ends on either the earlier of (i) (cid:72)(cid:73) months from the date of the acquisition or (ii) when the acquirer
receives all the information possible to determine fair value.
(cid:36)(cid:59) (cid:10)ntangi(cid:28)le assets
All intangible assets acquired in a business combination are identified and recognised separately from goodwill where
they satisfy the definition of an intangible asset and their fair value can be measured reliably.
(cid:8)ood(cid:43)i(cid:32)(cid:32)
Goodwill represents the excess of the cost of acquisition over the fair value of the entity's share of the net identifiable
assets of the acquired business at the date of acquisition. Goodwill is not amortised. Instead, goodwill is tested for
impairment, annually or more frequently if events or changes in circumstances indicate that it might be impaired and is
carried at cost less accumulated impairment losses.
(cid:4)u(cid:39)tomer (cid:32)i(cid:39)t(cid:39)
The customer list acquire in a business combination are amortised on a straight line basis over the period of their
expected benefit, being their finite life of (cid:76) years.
(cid:17)o(cid:27)t(cid:43)are
Costs incurred in developing products or systems that will contribute to future periods through revenue generation
and(cid:56)or cost reduction are capitalised to software and systems. Costs capitalised include external direct costs of materials
and service, direct payroll and payroll related costs of employees’ time spent on the project.
(cid:37)(cid:59) (cid:10)mpairment of non(cid:57)financial assets
Goodwill and intangible assets that have an indefinite useful life are not subject to amorti(cid:51)ation and are tested annually
for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. (cid:16)ther
assets are tested for impairment whenever events or changes in circumstances indicate the carrying amount may not
be recoverable. An impaired loss is recogni(cid:51)ed for the amount by which the assets carrying amount may not be
recoverable.
At each reporting date, the consolidated entity reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
(cid:23)here the asset does not generate cash flows that are independent from other assets, the consolidated entity estimates
the recoverable amount of the cash-generating unit to which the asset belongs.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continu ed(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
i(cid:59) (cid:3)usiness com(cid:28)inations
Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair value. Subsequent
changes in the fair value of contingent consideration classified as an asset or liability is recognised in profit or loss.
Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within
equity.
The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any non-controlling
interest in the acquiree and the fair value of the consideration transferred and the fair value of any pre-existing
investment in the acquiree is recognised as goodwill. If the consideration transferred and the pre-existing fair value is
less than the fair value of the identifiable net assets acquired, being a bargain purchase to the acquirer, the difference
is recognised as a gain directly in profit or loss by the acquirer on the acquisition-date, but only after a reassessment of
the identification and measurement of the net assets acquired, the non-controlling interest in the acquiree, if any, the
consideration transferred and the acquirer's previously held equity interest in the acquirer.
Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the
provisional amounts recognised and also recognises additional assets or liabilities during the measurement period,
based on new information obtained about the facts and circumstances that existed at the acquisition-date. The
measurement period ends on either the earlier of (i) (cid:72)(cid:73) months from the date of the acquisition or (ii) when the acquirer
receives all the information possible to determine fair value.
All intangible assets acquired in a business combination are identified and recognised separately from goodwill where
they satisfy the definition of an intangible asset and their fair value can be measured reliably.
Goodwill represents the excess of the cost of acquisition over the fair value of the entity's share of the net identifiable
assets of the acquired business at the date of acquisition. Goodwill is not amortised. Instead, goodwill is tested for
impairment, annually or more frequently if events or changes in circumstances indicate that it might be impaired and is
carried at cost less accumulated impairment losses.
(cid:36)(cid:59) (cid:10)ntangi(cid:28)le assets
(cid:8)ood(cid:43)i(cid:32)(cid:32)
(cid:4)u(cid:39)tomer (cid:32)i(cid:39)t(cid:39)
(cid:17)o(cid:27)t(cid:43)are
Costs incurred in developing products or systems that will contribute to future periods through revenue generation
and(cid:56)or cost reduction are capitalised to software and systems. Costs capitalised include external direct costs of materials
and service, direct payroll and payroll related costs of employees’ time spent on the project.
(cid:37)(cid:59) (cid:10)mpairment of non(cid:57)financial assets
Goodwill and intangible assets that have an indefinite useful life are not subject to amorti(cid:51)ation and are tested annually
for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. (cid:16)ther
assets are tested for impairment whenever events or changes in circumstances indicate the carrying amount may not
be recoverable. An impaired loss is recogni(cid:51)ed for the amount by which the assets carrying amount may not be
recoverable.
At each reporting date, the consolidated entity reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
(cid:23)here the asset does not generate cash flows that are independent from other assets, the consolidated entity estimates
the recoverable amount of the cash-generating unit to which the asset belongs.
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
l(cid:59) (cid:2)c(cid:43)uisition of assets
The cost method of accounting is used for all acquisitions of assets regardless of whether shares or other assets are
acquired. Cost is determined as the fair value of the assets given up, shares issued or liabilities undertaken at the date
of acquisition. Acquisition related costs are expensed as incurred. (cid:23)here shares are issued in an acquisition, the value
of the shares is determined having reference to existing markets.
m(cid:59) Property(cid:53) plant and e(cid:43)uipment
Plant and equipment, leasehold improvements and equipment under finance lease are stated at cost less accumulated
depreciation and any impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the
item.
Depreciation is provided on property, plant and equipment and is calculated on a diminishing value basis over its
estimated useful life net of estimated residual values. The estimated useful lives, residual values and depreciation
method are reviewed at the end of each reporting period.
The following rates are used in the calculation of depreciation:
Class of (cid:7)i(cid:50)ed (cid:2)sset
Leasehold Improvements
Motor (cid:22)ehicles
(cid:7)urniture, Equipment and (cid:7)ittings
Rental Assets
(cid:10)m(cid:36)airment
(cid:5)epreciation (cid:19)ate
(cid:73)(cid:71)(cid:83) to 3(cid:71)(cid:83) or remaining life of the lease
(cid:73)(cid:71)(cid:83) to (cid:76)(cid:71)(cid:83)
(cid:73)(cid:71)(cid:83) to 3(cid:78).(cid:76)(cid:83)
33(cid:83) to (cid:76)(cid:71)(cid:83)
The carrying values of plant and equipment are reviewed for impairment at each reporting date, with recoverable
amount being estimated when events or changes in circumstances indicate that the carrying value may be impaired.
Impairment exists when the carrying value of an asset or cash-generating unit exceeds its estimated recoverable
amount. The asset or cash-generating unit is then written down to its recoverable amount. Impairment losses are
recognised in the Profit or Loss.
The customer list acquire in a business combination are amortised on a straight line basis over the period of their
expected benefit, being their finite life of (cid:76) years.
(cid:5)i(cid:39)(cid:36)o(cid:39)a(cid:32)(cid:39)
An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits
are expected from its use or disposal.
Any gain or loss arising on disposal of an asset (calculated as the difference between the net disposal proceeds and
the carrying amount of the asset) is included in profit or loss in the year the asset is disposed.
n(cid:59) (cid:21)rade and other paya(cid:28)les
Trade and other payables are recognised when the consolidated entity becomes obliged to make future payments
resulting from the purchase of goods and services. The amounts are unsecured and are usually paid within 3(cid:71) days of
recognition.
o(cid:59) Goods and services ta(cid:50) (cid:58)GS(cid:21)(cid:59)
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST) except:
(cid:72). where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of
(cid:75).
the cost of acquisition of an asset or as part of an item of expense, or
for receivables and payables which are recognised inclusive of GST, the net amount of GST recoverable from,
or payable to the taxation authority is included as part of receivables or payables in the Statement of
(cid:7)inancial Position. Receivables and payables are stated with the amount of GST included.
Cash flows are included in the Statement of Cash (cid:7)lows on a gross basis. The GST component of cash flows arising
from investing and financing activities, which is recoverable from, or payable to, the taxation authority, is classified as
an operating cash flow.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
p(cid:59) Provisions
Provisions are recognised when the economic entity has a present obligation (legal, equitable or constructive) as a
result of a present or past event, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present
obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. (cid:23)here a
provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the
discounted present value of those cash flows. As that discount is unwound it gives rise to interest expense in the Profit
or Loss.
(cid:23)hen some or all of the economic benefits required to settle a provision are expected to be recovered from a third
party, the receivable is recognised as an asset if it is virtually certain that recovery will be received and the amount of
the receivable can be measured reliably.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash
flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate,
the risks specific to the liability. (cid:23)here discounting is used, the increase in the provision due to the passage of time is
recognised as a finance cost.
(cid:43)(cid:59) (cid:10)ssued capital
Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Transaction
costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of the share proceeds
received.
r(cid:59) (cid:19)evenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the economic entity and
the revenue can be reliably measured.
(cid:11)oan (cid:27)ee(cid:39) and (cid:24)(cid:29)ar(cid:28)e(cid:39)
Revenue associated with loans such as application and credit fees are deferred and recognised over the life of the
loans using the effective interest rate method over the loan period.
(cid:10)ntere(cid:39)t in(cid:24)ome (cid:27)or (cid:27)inan(cid:24)ia(cid:32) in(cid:39)titution(cid:39)
Revenue is recognised as the interest accrues (using the effective interest method, which is the rate that exactly
discounts estimated future cash receipts through the expected life of the financial instrument) to the net carrying
amount of the financial asset.
(cid:5)i(cid:42)idend(cid:39)
Revenue is recognised when Money3 Corporation Limited has the right to receive the payment.
(cid:4)(cid:29)e(cid:37)ue (cid:4)a(cid:39)(cid:29)in(cid:28)
Revenue is recognised in the Profit or Loss when the service is performed and there are no unfulfilled service
obligations that will restrict the entitlement to receive the sales consideration.
(cid:16)enta(cid:32) in(cid:24)ome
Rental income is recognised in the Profit or Loss as rent accrues on a daily basis in line with lease agreements. The
company has a policy of ceasing to recognise income on operating leases when a rental payment is not made on time.
Revenue will only recommence accruing when payments recommence.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
(cid:15)otes to the (cid:7)inancial Stateme nts for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
p(cid:59) Provisions
Provisions are recognised when the economic entity has a present obligation (legal, equitable or constructive) as a
result of a present or past event, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present
obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. (cid:23)here a
provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the
discounted present value of those cash flows. As that discount is unwound it gives rise to interest expense in the Profit
or Loss.
(cid:23)hen some or all of the economic benefits required to settle a provision are expected to be recovered from a third
party, the receivable is recognised as an asset if it is virtually certain that recovery will be received and the amount of
the receivable can be measured reliably.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash
flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate,
the risks specific to the liability. (cid:23)here discounting is used, the increase in the provision due to the passage of time is
recognised as a finance cost.
(cid:43)(cid:59) (cid:10)ssued capital
received.
r(cid:59) (cid:19)evenue recognition
the revenue can be reliably measured.
(cid:11)oan (cid:27)ee(cid:39) and (cid:24)(cid:29)ar(cid:28)e(cid:39)
Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Transaction
costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of the share proceeds
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the economic entity and
Revenue associated with loans such as application and credit fees are deferred and recognised over the life of the
loans using the effective interest rate method over the loan period.
(cid:10)ntere(cid:39)t in(cid:24)ome (cid:27)or (cid:27)inan(cid:24)ia(cid:32) in(cid:39)titution(cid:39)
Revenue is recognised as the interest accrues (using the effective interest method, which is the rate that exactly
discounts estimated future cash receipts through the expected life of the financial instrument) to the net carrying
amount of the financial asset.
(cid:5)i(cid:42)idend(cid:39)
(cid:4)(cid:29)e(cid:37)ue (cid:4)a(cid:39)(cid:29)in(cid:28)
(cid:16)enta(cid:32) in(cid:24)ome
Revenue is recognised when Money3 Corporation Limited has the right to receive the payment.
Revenue is recognised in the Profit or Loss when the service is performed and there are no unfulfilled service
obligations that will restrict the entitlement to receive the sales consideration.
Rental income is recognised in the Profit or Loss as rent accrues on a daily basis in line with lease agreements. The
company has a policy of ceasing to recognise income on operating leases when a rental payment is not made on time.
Revenue will only recommence accruing when payments recommence.
s(cid:59) (cid:6)mployee (cid:28)enefits
(cid:21)a(cid:28)e(cid:39) and (cid:39)a(cid:32)arie(cid:39) and (cid:39)(cid:29)ort term em(cid:36)(cid:32)o(cid:45)ee (cid:23)ene(cid:27)it(cid:39)
The provision for employee benefits relates to liabilities for wages and salaries and annual leave expected to be
settled within (cid:72)(cid:73) months of the reporting date and is recognised in respect of employees' service up to the reporting
date measured at the amounts expected to be paid when the liabilities are settled.
(cid:11)on(cid:28) term em(cid:36)(cid:32)o(cid:45)ee (cid:23)ene(cid:27)it(cid:39)
The liability for long service leave and annual leave not expected to be settled within (cid:72)(cid:73) months is recognised in the
provision for employee benefits and measured as the present value of expected future payments to be made in
respect of services provided by employees up to the reporting date. Consideration is given to expected future wage
and salary levels, experience of employee departures and periods of service. Expected future payments are
discounted using market yields at the reporting date on national government bonds with terms to maturity and
currency that match, as closely as possible, the estimated future cash outflows.
(cid:17)u(cid:36)erannuation
The amount charged to the Profit or Loss in respect of superannuation represents the contributions made by the
consolidated entity to the employees' nominated superannuation funds.
t(cid:59) (cid:10)ncome ta(cid:50)
Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable
profit or loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively
enacted by the reporting date. Current tax for current and prior periods is recognised as a liability (or asset) to the
extent that it is unpaid (or refundable).
Deferred tax is accounted for using the comprehensive balance sheet liability method in respect of temporary
differences arising from differences between the carrying amount of assets and liabilities in the financial statements
and the corresponding tax base for those items.
In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are
recogni(cid:51)ed to the extent that it is probable that sufficient taxable amounts will be available against deductible
temporary differences or unused tax losses and tax offsets can be utilised. However, deferred tax assets and liabilities
are not recognised if the temporary differences giving rise to them arise from the initial recognition of assets and
liabilities (other than as a result of a business combination) which affects neither taxable income nor accounting
profit. (cid:7)urthermore, a deferred tax liability is not recognised in relation to taxable temporary differences arising from
goodwill.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries,
branches, associates and joint ventures except where the consolidated entity is able to control the reversal of the
temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets arising from deductible temporary differences associated with these investments and interests are
only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the
benefits of the temporary differences and they are expected to reverse in the foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the
assets and liabilities giving rise to them are realised or settled, based on tax rates (and tax laws) that have been
enacted or substantively enacted by reporting date. The measurement of deferred tax liabilities and assets reflects
the tax consequences that would follow from the manner in which the consolidated entity expects, at reporting date,
to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and
liabilities and when the deferred tax balances they relate to are levied by the same taxation authority.
Current tax assets and liabilities are offset where the entity has a legally enforceable right to offset and the entity
intends to settle its current tax assets and liabilities on a net basis.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
t(cid:59) (cid:10)ncome ta(cid:50)
Current and deferred tax is recognised as an expense or income in the Statement of Profit or Loss and (cid:16)ther
Comprehensive Income, except when it relates to items credited or debited directly to equity, in which case the
deferred tax is also recognised directly in equity, or where it arises from the initial accounting for a business
combination, in which case it is taken into account in the determination of goodwill.
(cid:16)n (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:71) Money3 Corporation Limited ('the head entity') and its wholly-owned Australian controlled entities
formed a tax consolidated group under the tax consolidation regime. The head entity and the controlled entities in the
tax consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated
group has applied the group allocation approach in determining the appropriate amount of taxes to allocate to
members of the tax consolidated group.
In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or
assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from controlled
entities in the tax consolidated group.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts
receivable from or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that
the intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting
in neither a contribution by the head entity to the subsidiaries nor a distribution by subsidiaries to the head entity.
u(cid:59) Leases
Leases under which the Company or its controlled entities assume substantially all the risks and benefits of ownership
are classified as finance leases. (cid:16)ther leases are classified as operating leases.
(cid:18)(cid:29)e (cid:8)rou(cid:36) a(cid:39) (cid:32)e(cid:39)(cid:39)ee
(cid:16)perating leases
Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as
operating leases. Payments made under operating leases are charged to the Statement of Profit or Loss and (cid:16)ther
Comprehensive Income on a straight line basis over the term of the lease.
(cid:18)(cid:29)e (cid:8)rou(cid:36) a(cid:39) (cid:32)e(cid:39)(cid:39)or
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial
direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased
asset and recognised on a straight-line basis over the lease term.
v(cid:59) (cid:3)orro(cid:49)ings
Borrowings are initially measured at fair value, net of transaction costs. Borrowings are subsequently measured at
amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating
interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.
The fair value of the liability portion of a convertible bond is determined using a market interest rate for an equivalent
non-convertible bond. This amount is recorded as a liability on an amortised cost basis until extinguished on
conversion or maturity of the bonds. The remainder of the proceeds is allocated to the conversion option. This is
recognised and included in shareholders’ equity, net of income tax effects.
Borrowings are classified as current liabilities unless the consolidated entity has an unconditional right to defer
settlement of the liability for at least (cid:72)(cid:73) month after the reporting date.
Borrowing costs are recognised as an expense in the period in which they are incurred except borrowing costs that are
directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial
period to get ready for its intended use or sale. In this case the borrowing costs are capitalised as part of the cost of
such a qualifying asset.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
t(cid:59) (cid:10)ncome ta(cid:50)
Current and deferred tax is recognised as an expense or income in the Statement of Profit or Loss and (cid:16)ther
Comprehensive Income, except when it relates to items credited or debited directly to equity, in which case the
deferred tax is also recognised directly in equity, or where it arises from the initial accounting for a business
combination, in which case it is taken into account in the determination of goodwill.
(cid:16)n (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:71) Money3 Corporation Limited ('the head entity') and its wholly-owned Australian controlled entities
formed a tax consolidated group under the tax consolidation regime. The head entity and the controlled entities in the
tax consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated
group has applied the group allocation approach in determining the appropriate amount of taxes to allocate to
members of the tax consolidated group.
In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or
assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from controlled
entities in the tax consolidated group.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts
receivable from or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that
the intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting
in neither a contribution by the head entity to the subsidiaries nor a distribution by subsidiaries to the head entity.
Leases under which the Company or its controlled entities assume substantially all the risks and benefits of ownership
are classified as finance leases. (cid:16)ther leases are classified as operating leases.
u(cid:59) Leases
(cid:18)(cid:29)e (cid:8)rou(cid:36) a(cid:39) (cid:32)e(cid:39)(cid:39)ee
(cid:16)perating leases
(cid:18)(cid:29)e (cid:8)rou(cid:36) a(cid:39) (cid:32)e(cid:39)(cid:39)or
v(cid:59) (cid:3)orro(cid:49)ings
Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as
operating leases. Payments made under operating leases are charged to the Statement of Profit or Loss and (cid:16)ther
Comprehensive Income on a straight line basis over the term of the lease.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial
direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased
asset and recognised on a straight-line basis over the lease term.
Borrowings are initially measured at fair value, net of transaction costs. Borrowings are subsequently measured at
amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating
interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.
The fair value of the liability portion of a convertible bond is determined using a market interest rate for an equivalent
non-convertible bond. This amount is recorded as a liability on an amortised cost basis until extinguished on
conversion or maturity of the bonds. The remainder of the proceeds is allocated to the conversion option. This is
recognised and included in shareholders’ equity, net of income tax effects.
Borrowings are classified as current liabilities unless the consolidated entity has an unconditional right to defer
settlement of the liability for at least (cid:72)(cid:73) month after the reporting date.
Borrowing costs are recognised as an expense in the period in which they are incurred except borrowing costs that are
directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial
period to get ready for its intended use or sale. In this case the borrowing costs are capitalised as part of the cost of
such a qualifying asset.
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:55) Summary of significant accounting policies (cid:58)continued(cid:59)
(cid:49)(cid:59) (cid:5)erivative financial instruments
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently
remeasured to their fair value at each reporting date. The accounting for subsequent changes in fair value depends on
whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.
(cid:50)(cid:59) Share (cid:28)ased payment arrangements
Goods or services received or acquired in a share-based payment transaction are recognised as an increase in equity if
the goods or services were received in an equity-settled share based payment transaction or as a liability if the goods
and services were acquired in a cash settled share-based payment transaction.
(cid:7)or equity settled share-based payments, goods or services received are measured directly at the fair value of the
goods and services received provided this can be estimated reliably. If a reliable estimate cannot be made the value of
the goods or services is determined indirectly by reference to the fair value of the equity instruments issued. The
share option reserve is used to record the grant of share options to directors and senior employees. Amounts are
transferred out of the reserve account into issued capital when the options are exercised or to retained earnings if the
options lapse unexercised.
y(cid:59) (cid:6)arnings per share
(cid:3)a(cid:39)i(cid:24) earnin(cid:28)(cid:39) (cid:36)er (cid:39)(cid:29)are
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company, excluding
any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares
outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year.
(cid:5)i(cid:32)uted earnin(cid:28)(cid:39) (cid:36)er (cid:39)(cid:29)are
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary
shares and the weighted average number of shares assumed to have been issued for no consideration in relation to
dilutive potential ordinary shares.
(cid:23)here a net loss is made for the period, basic EPS and diluted EPS are the same, because, the inclusion of options in
the earnings per share calculations does not result in further dilution.
(cid:52)(cid:59) (cid:5)ividends
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the
discretion of the entity, on or before the end of the financial year but not distributed at reporting date.
aa(cid:59) Comparative figures
Comparative figures have been adjusted to conform to changes in presentation for the current financial year where
required by accounting standards.
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A n n u a l
R e p o r t
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(cid:15)otes to the (cid:7)inancial Statements for the year ende d (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:69)(cid:55) (cid:19)evenue
(cid:19)evenue from operating activities
Loan fees and charges
Cheque cashing fees
Rental income
(cid:16)ther
(cid:19)evenue from non(cid:57)operating activities
Interest income from financial institutions
(cid:21)otal revenue from continuing operations
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:77)(cid:78),(cid:79)(cid:75)(cid:80),(cid:76)(cid:80)(cid:71)
(cid:80)(cid:80)(cid:77),(cid:71)(cid:79)(cid:79)
(cid:80)(cid:72),(cid:72)(cid:79)(cid:71)
(cid:78)(cid:78),(cid:72)(cid:72)(cid:78)
(cid:77)(cid:80),(cid:71)(cid:72)3,(cid:80)(cid:78)(cid:76)
(cid:75)(cid:73)(cid:71),(cid:73)3(cid:80)
(cid:77)(cid:80),(cid:75)3(cid:75),(cid:73)(cid:72)(cid:75)
(cid:75)(cid:71),(cid:77)(cid:79)(cid:71),(cid:73)3(cid:72)
(cid:80)(cid:75)(cid:80),(cid:79)(cid:78)(cid:71)
(cid:72),(cid:71)3(cid:71),(cid:77)3(cid:77)
(cid:78)(cid:73)(cid:75),(cid:73)(cid:73)(cid:77)
(cid:75)3,3(cid:79)(cid:75),(cid:80)(cid:77)3
(cid:72)(cid:73)(cid:73),(cid:78)(cid:75)(cid:76)
(cid:75)3,(cid:76)(cid:71)(cid:78),(cid:78)(cid:71)(cid:79)
(cid:70)(cid:55) (cid:16)ther items included in net profit from continuing operations
Profit before income tax has been determined after:
(cid:16)ther (cid:10)ncome
Profit on sale property, plant and equipment
(cid:73)(cid:71),(cid:78)3(cid:72)
-
(cid:6)mployee (cid:28)enefit e(cid:50)pense
Salary and employee benefits expense
Share based payments
Defined contributed superannuation
Annual bonus provision
Payroll tax
(cid:16)ther employment costs
Total Employee benefit expense
(cid:5)epreciation and amortisation e(cid:50)pense
Leasehold improvements
Motor vehicles
(cid:7)urniture, equipment and fittings
Rental assets
Intangible Asset – Client list
Total depreciation and amortisation expense
(cid:16)ther e(cid:50)penses
Communication
(cid:16)ther expenses
Total other expenses
(cid:16)perating lease
Minimum rent payments
(cid:7)inance costs (cid:29)a(cid:30)
Interest on loans and bonds
Amortisation of bond issue costs
Total finance costs
(cid:72)(cid:76),(cid:80)(cid:73)(cid:76),(cid:76)(cid:79)(cid:78)
(cid:73)(cid:75)(cid:80),(cid:73)(cid:75)(cid:78)
(cid:72),3(cid:75)(cid:78),(cid:77)(cid:71)(cid:77)
(cid:72),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:78)(cid:79)(cid:79),33(cid:72)
(cid:72),(cid:75)(cid:75)(cid:75),(cid:72)(cid:79)(cid:79)
(cid:73)(cid:72),(cid:73)(cid:76)(cid:75),(cid:80)(cid:76)(cid:80)
(cid:73)(cid:79)(cid:80),(cid:75)(cid:75)(cid:72)
(cid:72)(cid:73),(cid:71)(cid:78)(cid:75)
3(cid:77)(cid:77),(cid:79)33
-
(cid:73)(cid:77)(cid:75),(cid:73)(cid:76)(cid:71)
(cid:80)3(cid:73),(cid:76)(cid:80)(cid:79)
(cid:72),(cid:78)(cid:77)(cid:73),(cid:73)(cid:71)(cid:72)
(cid:73),(cid:78)(cid:73)(cid:79),(cid:77)(cid:76)(cid:80)
(cid:75),(cid:75)(cid:80)(cid:71),(cid:79)(cid:77)(cid:71)
(cid:72)(cid:72),3(cid:77)(cid:71),(cid:77)(cid:77)(cid:72)
(cid:72)3(cid:72),(cid:73)(cid:80)(cid:76)
(cid:80)(cid:77)3,(cid:77)(cid:73)(cid:76)
(cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:76)(cid:75)(cid:79),(cid:78)(cid:73)(cid:72)
(cid:72),(cid:71)(cid:80)(cid:77),(cid:77)(cid:73)(cid:79)
(cid:72)(cid:75),(cid:80)(cid:76)(cid:71),(cid:80)3(cid:71)
(cid:73)(cid:72)(cid:78),(cid:80)(cid:73)(cid:71)
(cid:72)(cid:77),(cid:73)(cid:71)(cid:80)
33(cid:75),(cid:78)(cid:72)(cid:75)
(cid:76)(cid:80)(cid:80),(cid:79)(cid:73)(cid:73)
-
(cid:72),(cid:72)(cid:77)(cid:79),(cid:77)(cid:77)(cid:76)
(cid:72),(cid:71)(cid:72)(cid:79),(cid:79)(cid:72)(cid:77)
(cid:72),(cid:78)(cid:71)(cid:76),3(cid:71)(cid:77)
(cid:73),(cid:78)(cid:73)(cid:75),(cid:72)(cid:73)(cid:73)
(cid:73),(cid:78)(cid:79)3,(cid:78)(cid:76)(cid:79)
(cid:73),(cid:75)(cid:73)3,(cid:78)(cid:75)(cid:76)
(cid:73),(cid:80)(cid:78)3,(cid:76)(cid:72)(cid:73)
(cid:78)(cid:76)3,(cid:78)(cid:76)(cid:71)
3,(cid:78)(cid:73)(cid:78),(cid:73)(cid:77)(cid:73)
(cid:76)(cid:72)(cid:71),(cid:76)(cid:72)(cid:79)
(cid:75)(cid:77)(cid:78),(cid:76)(cid:71)(cid:71)
(cid:80)(cid:78)(cid:79),(cid:71)(cid:72)(cid:79)
(cid:29)a(cid:30) The weighted average interest rate on funds borrowed generally is (cid:79).(cid:76)(cid:83) p.a. ((cid:73)(cid:71)(cid:72)(cid:75): (cid:72)(cid:72).(cid:77)(cid:83) p.a.)
44
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M o n e y 3 C o r p o r a t
i o n L i m i
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Money3 Corporation Limited
For personal use only
M N Y
|
A n n u a l
R e p o r t
2 0 1 5
A n n u a l
R e p o r t
2 0 1 5
M N Y
Annual Report 2015 | MNY
|
(cid:15)otes to the (cid:7)inancial Statements for the year ende d (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:70)(cid:55) (cid:16)ther items included in net profit from continuing operations
Profit before income tax has been determined after:
(cid:16)ther (cid:10)ncome
Profit on sale property, plant and equipment
(cid:73)(cid:71),(cid:78)3(cid:72)
-
(cid:72)(cid:76),(cid:80)(cid:73)(cid:76),(cid:76)(cid:79)(cid:78)
(cid:72)(cid:72),3(cid:77)(cid:71),(cid:77)(cid:77)(cid:72)
(cid:69)(cid:55) (cid:19)evenue
(cid:19)evenue from operating activities
Loan fees and charges
Cheque cashing fees
Rental income
(cid:16)ther
(cid:19)evenue from non(cid:57)operating activities
Interest income from financial institutions
(cid:21)otal revenue from continuing operations
(cid:6)mployee (cid:28)enefit e(cid:50)pense
Salary and employee benefits expense
Share based payments
Defined contributed superannuation
Annual bonus provision
Payroll tax
(cid:16)ther employment costs
Total Employee benefit expense
(cid:5)epreciation and amortisation e(cid:50)pense
Leasehold improvements
Motor vehicles
(cid:7)urniture, equipment and fittings
Rental assets
Intangible Asset – Client list
Total depreciation and amortisation expense
(cid:16)ther e(cid:50)penses
Communication
(cid:16)ther expenses
Total other expenses
(cid:16)perating lease
Minimum rent payments
(cid:7)inance costs (cid:29)a(cid:30)
Interest on loans and bonds
Amortisation of bond issue costs
Total finance costs
Consolidated
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:77)(cid:78),(cid:79)(cid:75)(cid:80),(cid:76)(cid:80)(cid:71)
(cid:80)(cid:80)(cid:77),(cid:71)(cid:79)(cid:79)
(cid:80)(cid:72),(cid:72)(cid:79)(cid:71)
(cid:78)(cid:78),(cid:72)(cid:72)(cid:78)
(cid:77)(cid:80),(cid:71)(cid:72)3,(cid:80)(cid:78)(cid:76)
(cid:75)(cid:73)(cid:71),(cid:73)3(cid:80)
(cid:77)(cid:80),(cid:75)3(cid:75),(cid:73)(cid:72)(cid:75)
(cid:73)(cid:75)(cid:80),(cid:73)(cid:75)(cid:78)
(cid:72),3(cid:75)(cid:78),(cid:77)(cid:71)(cid:77)
(cid:72),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:78)(cid:79)(cid:79),33(cid:72)
(cid:72),(cid:75)(cid:75)(cid:75),(cid:72)(cid:79)(cid:79)
(cid:73)(cid:72),(cid:73)(cid:76)(cid:75),(cid:80)(cid:76)(cid:80)
(cid:73)(cid:79)(cid:80),(cid:75)(cid:75)(cid:72)
(cid:72)(cid:73),(cid:71)(cid:78)(cid:75)
3(cid:77)(cid:77),(cid:79)33
-
(cid:73)(cid:77)(cid:75),(cid:73)(cid:76)(cid:71)
(cid:80)3(cid:73),(cid:76)(cid:80)(cid:79)
(cid:72),(cid:78)(cid:77)(cid:73),(cid:73)(cid:71)(cid:72)
(cid:73),(cid:78)(cid:73)(cid:79),(cid:77)(cid:76)(cid:80)
(cid:75),(cid:75)(cid:80)(cid:71),(cid:79)(cid:77)(cid:71)
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:75)(cid:71),(cid:77)(cid:79)(cid:71),(cid:73)3(cid:72)
(cid:80)(cid:75)(cid:80),(cid:79)(cid:78)(cid:71)
(cid:72),(cid:71)3(cid:71),(cid:77)3(cid:77)
(cid:78)(cid:73)(cid:75),(cid:73)(cid:73)(cid:77)
(cid:75)3,3(cid:79)(cid:75),(cid:80)(cid:77)3
(cid:72)(cid:73)(cid:73),(cid:78)(cid:75)(cid:76)
(cid:75)3,(cid:76)(cid:71)(cid:78),(cid:78)(cid:71)(cid:79)
(cid:72)3(cid:72),(cid:73)(cid:80)(cid:76)
(cid:80)(cid:77)3,(cid:77)(cid:73)(cid:76)
(cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:76)(cid:75)(cid:79),(cid:78)(cid:73)(cid:72)
(cid:72),(cid:71)(cid:80)(cid:77),(cid:77)(cid:73)(cid:79)
(cid:72)(cid:75),(cid:80)(cid:76)(cid:71),(cid:80)3(cid:71)
(cid:73)(cid:72)(cid:78),(cid:80)(cid:73)(cid:71)
(cid:72)(cid:77),(cid:73)(cid:71)(cid:80)
33(cid:75),(cid:78)(cid:72)(cid:75)
(cid:76)(cid:80)(cid:80),(cid:79)(cid:73)(cid:73)
-
(cid:72),(cid:72)(cid:77)(cid:79),(cid:77)(cid:77)(cid:76)
(cid:72),(cid:71)(cid:72)(cid:79),(cid:79)(cid:72)(cid:77)
(cid:72),(cid:78)(cid:71)(cid:76),3(cid:71)(cid:77)
(cid:73),(cid:78)(cid:73)(cid:75),(cid:72)(cid:73)(cid:73)
(cid:73),(cid:78)(cid:79)3,(cid:78)(cid:76)(cid:79)
(cid:73),(cid:75)(cid:73)3,(cid:78)(cid:75)(cid:76)
(cid:73),(cid:80)(cid:78)3,(cid:76)(cid:72)(cid:73)
(cid:78)(cid:76)3,(cid:78)(cid:76)(cid:71)
3,(cid:78)(cid:73)(cid:78),(cid:73)(cid:77)(cid:73)
(cid:76)(cid:72)(cid:71),(cid:76)(cid:72)(cid:79)
(cid:75)(cid:77)(cid:78),(cid:76)(cid:71)(cid:71)
(cid:80)(cid:78)(cid:79),(cid:71)(cid:72)(cid:79)
(cid:71)(cid:55) (cid:19)etained (cid:6)arnings
Retained earnings at (cid:72) (cid:11)uly
(cid:15)et profit
Dividends Paid (note (cid:78))
Retained earnings at 3(cid:71) (cid:11)une
(cid:72)(cid:55) (cid:10)ncome (cid:21)a(cid:50)
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:80),(cid:78)(cid:72)3,(cid:72)(cid:71)(cid:80)
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
((cid:76),(cid:79)(cid:80)(cid:78),(cid:79)(cid:72)(cid:80))
(cid:72)(cid:78),(cid:78)(cid:76)(cid:76),(cid:80)(cid:71)(cid:76)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:77),(cid:71)(cid:77)(cid:73),3(cid:80)(cid:80)
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
((cid:75),(cid:72)(cid:79)(cid:71),(cid:80)33)
(cid:80),(cid:78)(cid:72)3,(cid:72)(cid:71)(cid:80)
a(cid:59) (cid:10)ncome ta(cid:50) e(cid:50)pense recognised in the Statement of profit and loss and other comprehensive income
Current ta(cid:50) e(cid:50)pense
Current tax expense in respect of current year
Adjustments recognised in current year in relation to the current tax of previous
years
(cid:77),(cid:80)(cid:75)(cid:80),(cid:75)(cid:77)(cid:79)
-
(cid:75),(cid:73)3(cid:80),(cid:73)3(cid:72)
(3(cid:71)(cid:77),(cid:72)(cid:71)(cid:76))
Deferred tax
Deferred tax income related to the origination and reversal of temporary
differences in relation to deferred tax assets
Total tax expense in the Statement of profit or loss and other comprehensive
Income
((cid:78)(cid:76)(cid:75),(cid:79)(cid:75)(cid:80))
((cid:79)(cid:71)3,(cid:73)(cid:80)(cid:77))
(cid:77),(cid:72)(cid:80)(cid:75),(cid:77)(cid:72)(cid:80)
3,(cid:72)(cid:73)(cid:80),(cid:79)3(cid:71)
(cid:28)(cid:59) (cid:21)he prima facie income ta(cid:50) e(cid:50)pense on pre(cid:57)ta(cid:50) accounting profit from operations reconciles to the income ta(cid:50) e(cid:50)pense in the
financial statements as follo(cid:49)s
Profit from continuing operations before income tax expense
(cid:69)(cid:67)(cid:53)1(cid:70)(cid:72)(cid:53)(cid:69)(cid:70)(cid:71)
1(cid:67)(cid:53)(cid:76)(cid:73)1(cid:53)(cid:71)(cid:74)(cid:70)
Income tax calculated at 3(cid:71)(cid:83) ((cid:73)(cid:71)(cid:72)(cid:75): 3(cid:71)(cid:83))
Add(cid:56)(less) tax effect of:
Share based payments
Amortisation of customer contacts
Deductible finance costs
(cid:16)ther timing differences
(cid:16)ver provision in prior years
Income tax expense
(cid:77),(cid:71)(cid:75)(cid:71),(cid:76)(cid:78)(cid:71)
3,(cid:73)(cid:79)(cid:79),(cid:75)(cid:75)(cid:72)
(cid:78)(cid:75),(cid:78)(cid:78)(cid:75)
(cid:78)(cid:80),(cid:73)(cid:78)(cid:76)
-
-
(cid:77),(cid:72)(cid:80)(cid:75),(cid:77)(cid:72)(cid:80)
-
(cid:77),(cid:72)(cid:80)(cid:75),(cid:77)(cid:72)(cid:80)
3(cid:80),3(cid:79)(cid:80)
-
((cid:72)(cid:73)(cid:72),(cid:80)3(cid:73))
(cid:73)3(cid:71),(cid:71)3(cid:78)
3,(cid:75)3(cid:76),(cid:80)3(cid:76)
(3(cid:71)(cid:77),(cid:72)(cid:71)(cid:76))
3,(cid:72)(cid:73)(cid:80),(cid:79)3(cid:71)
The tax rate used in the above reconciliation is the corporate tax rate of 3(cid:71)(cid:83) payable by Australian corporate entities
on taxable profits under Australian tax law. There has been no change in the corporate tax rate when compared with
the previous reporting period.
c(cid:59) Current ta(cid:50) lia(cid:28)ilities
Income tax payable attributable to:
Entities in the consolidated group
(cid:75),(cid:73)(cid:77)(cid:75),3(cid:79)(cid:80)
(cid:75),(cid:73)(cid:77)(cid:75),3(cid:79)(cid:80)
3,(cid:71)(cid:72)3,(cid:79)(cid:73)(cid:76)
3,(cid:71)(cid:72)3,(cid:79)(cid:73)(cid:76)
(cid:29)a(cid:30) The weighted average interest rate on funds borrowed generally is (cid:79).(cid:76)(cid:83) p.a. ((cid:73)(cid:71)(cid:72)(cid:75): (cid:72)(cid:72).(cid:77)(cid:83) p.a.)
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Money3 Corporation Limited
M o n e y 3 C o r p o r a t
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For personal use only
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A n n u a l
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(cid:15)otes to the (cid:7)inancial Statemen ts for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:72)(cid:55) (cid:10)ncome (cid:21)a(cid:50) (cid:58)continued )
d(cid:59) (cid:5)eferred ta(cid:50) (cid:28)alances
Deferred tax assets comprises:
Capital raising costs
Provisions and accruals
Movements:
(cid:16)pening balance
Credited to profit or loss
Credited to equity
Closing balance
e(cid:59) (cid:21)a(cid:50) losses
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:75)(cid:75)(cid:77),(cid:78)(cid:79)(cid:71)
(cid:73),(cid:75)(cid:77)(cid:71),(cid:72)(cid:76)(cid:75)
(cid:73),(cid:80)(cid:71)(cid:77),(cid:80)3(cid:75)
(cid:72),(cid:80)(cid:73)(cid:76),(cid:80)(cid:76)(cid:79)
(cid:78)(cid:76)(cid:75),(cid:79)(cid:75)(cid:80)
(cid:73)(cid:73)(cid:77),(cid:72)(cid:73)(cid:78)
(cid:73),(cid:80)(cid:71)(cid:77),(cid:80)3(cid:75)
3(cid:79)(cid:78),(cid:79)(cid:72)(cid:71)
(cid:72),(cid:76)3(cid:79),(cid:72)(cid:75)(cid:79)
(cid:72),(cid:80)(cid:73)(cid:76),(cid:80)(cid:76)(cid:79)
(cid:79)(cid:73)3,(cid:78)(cid:80)(cid:80)
(cid:79)(cid:71)3,(cid:73)(cid:80)(cid:77)
(cid:73)(cid:80)(cid:79),(cid:79)(cid:77)3
(cid:72),(cid:80)(cid:73)(cid:76),(cid:80)(cid:76)(cid:79)
(cid:21)nused tax losses for which no deferred tax assets has been recognised
-
-
(cid:73)(cid:55) (cid:6)arnings per share
a(cid:59) (cid:3)asic and diluted earnings per share
Basic earnings per share (cents per share)
Diluted earnings per share (cents per share)
Consolidated
(cid:69)(cid:67)1(cid:72)
Cents
Consolidated
(cid:69)(cid:67)1(cid:71)
Cents
(cid:72)(cid:72).(cid:79)(cid:73)
(cid:80).(cid:80)(cid:72)
(cid:79).(cid:72)3
(cid:78).(cid:77)(cid:76)
(cid:28)(cid:59) (cid:21)he earnings and (cid:49)eighted average num(cid:28)er of ordinary shares used in the
calculation of (cid:28)asic and diluted earnings per share are as follo(cid:49)s:
Earnings used in basic and diluted earnings per share (net profit after tax)
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
(cid:23)eighted average number of ordinary shares for the purpose of basic earnings
per share
(cid:23)eighted average number of ordinary and potential ordinary shares used in the
calculation of diluted earnings per share as follows:
(cid:23)eighted average number of ordinary shares basic
Dilutive potential ordinary shares
(cid:23)eighted average number of ordinary shares and potential ordinary shares used
in calculation of diluted earnings per share
(cid:58)i(cid:59) (cid:16)ptions
(cid:15)um(cid:28)er
(cid:15)um(cid:28)er
(cid:72)(cid:72)(cid:78),(cid:80)(cid:77)(cid:78),(cid:80)(cid:71)(cid:80)
(cid:80)(cid:77),3(cid:73)(cid:79),(cid:72)(cid:73)(cid:75)
(cid:72)(cid:72)(cid:78),(cid:80)(cid:77)(cid:78),(cid:80)(cid:71)(cid:80)
(cid:73)(cid:73),(cid:78)(cid:71)(cid:72),(cid:78)(cid:79)(cid:72)
(cid:80)(cid:77),3(cid:73)(cid:79),(cid:72)(cid:73)(cid:75)
(cid:77),(cid:71)(cid:79)(cid:71),(cid:80)(cid:76)(cid:80)
(cid:72)(cid:75)(cid:71),(cid:77)(cid:77)(cid:80),(cid:77)(cid:80)(cid:71)
(cid:72)(cid:71)(cid:73),(cid:75)(cid:71)(cid:80),(cid:71)(cid:79)3
(cid:16)ptions granted to employees are considered to be potential ordinary shares and have been included in the
determination of diluted earnings per share to the extent to which they are dilutive. The options have not been
included in the determination of basic earnings per share. Details relating to options are set out in note (cid:79).
46
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Money3 Corporation Limited
For personal use only
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A n n u a l
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A n n u a l
R e p o r t
2 0 1 5
M N Y
Annual Report 2015 | MNY
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(cid:72)(cid:55) (cid:10)ncome (cid:21)a(cid:50) (cid:58)continued )
d(cid:59) (cid:5)eferred ta(cid:50) (cid:28)alances
Deferred tax assets comprises:
Capital raising costs
Provisions and accruals
Movements:
(cid:16)pening balance
Credited to profit or loss
Credited to equity
Closing balance
e(cid:59) (cid:21)a(cid:50) losses
(cid:73)(cid:55) (cid:6)arnings per share
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:75)(cid:75)(cid:77),(cid:78)(cid:79)(cid:71)
(cid:73),(cid:75)(cid:77)(cid:71),(cid:72)(cid:76)(cid:75)
(cid:73),(cid:80)(cid:71)(cid:77),(cid:80)3(cid:75)
(cid:72),(cid:80)(cid:73)(cid:76),(cid:80)(cid:76)(cid:79)
(cid:78)(cid:76)(cid:75),(cid:79)(cid:75)(cid:80)
(cid:73)(cid:73)(cid:77),(cid:72)(cid:73)(cid:78)
(cid:73),(cid:80)(cid:71)(cid:77),(cid:80)3(cid:75)
(cid:69)(cid:67)1(cid:71)
(cid:64)
3(cid:79)(cid:78),(cid:79)(cid:72)(cid:71)
(cid:72),(cid:76)3(cid:79),(cid:72)(cid:75)(cid:79)
(cid:72),(cid:80)(cid:73)(cid:76),(cid:80)(cid:76)(cid:79)
(cid:79)(cid:73)3,(cid:78)(cid:80)(cid:80)
(cid:79)(cid:71)3,(cid:73)(cid:80)(cid:77)
(cid:73)(cid:80)(cid:79),(cid:79)(cid:77)3
(cid:72),(cid:80)(cid:73)(cid:76),(cid:80)(cid:76)(cid:79)
Consolidated
Consolidated
(cid:69)(cid:67)1(cid:72)
Cents
(cid:69)(cid:67)1(cid:71)
Cents
(cid:72)(cid:72).(cid:79)(cid:73)
(cid:80).(cid:80)(cid:72)
(cid:79).(cid:72)3
(cid:78).(cid:77)(cid:76)
(cid:15)um(cid:28)er
(cid:15)um(cid:28)er
(cid:72)(cid:72)(cid:78),(cid:80)(cid:77)(cid:78),(cid:80)(cid:71)(cid:80)
(cid:80)(cid:77),3(cid:73)(cid:79),(cid:72)(cid:73)(cid:75)
(cid:72)(cid:72)(cid:78),(cid:80)(cid:77)(cid:78),(cid:80)(cid:71)(cid:80)
(cid:73)(cid:73),(cid:78)(cid:71)(cid:72),(cid:78)(cid:79)(cid:72)
(cid:80)(cid:77),3(cid:73)(cid:79),(cid:72)(cid:73)(cid:75)
(cid:77),(cid:71)(cid:79)(cid:71),(cid:80)(cid:76)(cid:80)
(cid:72)(cid:75)(cid:71),(cid:77)(cid:77)(cid:80),(cid:77)(cid:80)(cid:71)
(cid:72)(cid:71)(cid:73),(cid:75)(cid:71)(cid:80),(cid:71)(cid:79)3
(cid:21)nused tax losses for which no deferred tax assets has been recognised
-
-
a(cid:59) (cid:3)asic and diluted earnings per share
Basic earnings per share (cents per share)
Diluted earnings per share (cents per share)
(cid:28)(cid:59) (cid:21)he earnings and (cid:49)eighted average num(cid:28)er of ordinary shares used in the
calculation of (cid:28)asic and diluted earnings per share are as follo(cid:49)s:
Earnings used in basic and diluted earnings per share (net profit after tax)
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
(cid:23)eighted average number of ordinary shares for the purpose of basic earnings
per share
(cid:23)eighted average number of ordinary and potential ordinary shares used in the
calculation of diluted earnings per share as follows:
(cid:23)eighted average number of ordinary shares basic
Dilutive potential ordinary shares
(cid:23)eighted average number of ordinary shares and potential ordinary shares used
in calculation of diluted earnings per share
(cid:58)i(cid:59) (cid:16)ptions
(cid:16)ptions granted to employees are considered to be potential ordinary shares and have been included in the
determination of diluted earnings per share to the extent to which they are dilutive. The options have not been
included in the determination of basic earnings per share. Details relating to options are set out in note (cid:79).
(cid:15)otes to the (cid:7)inancial Statemen ts for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
Consolidated
Consolidated
(cid:74)(cid:55) (cid:5)ividends
(cid:19)ecognised amounts
(cid:7)ully paid ordinary shares
(cid:7)inal dividend fully franked at 3(cid:71)(cid:83) tax rate
Interim dividend fully franked at 3(cid:71)(cid:83) tax rate
(cid:22)nrecognised amounts
(cid:7)ully paid ordinary shares
(cid:69)(cid:67)1(cid:72)
Cents per
share
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:69)(cid:67)1(cid:71)
Cents per
share
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:73).(cid:76)
(cid:73).(cid:76)
(cid:73),(cid:77)(cid:79)(cid:79),(cid:73)(cid:73)(cid:72)
3,(cid:73)(cid:71)(cid:80),(cid:76)(cid:80)(cid:79)
(cid:73).(cid:73)(cid:76)
(cid:73)
(cid:73),(cid:71)(cid:78)(cid:80),(cid:75)(cid:72)(cid:71)
(cid:73),(cid:72)(cid:71)(cid:72),(cid:76)(cid:73)3
(cid:7)inal dividend fully franked at 3(cid:71)(cid:83) tax rate
(cid:73).(cid:78)(cid:76)
3,(cid:76)(cid:76)(cid:75),(cid:75)(cid:77)3
(cid:73).(cid:76)
(cid:73),(cid:77)(cid:78)(cid:80),(cid:77)(cid:79)3
(cid:16)n (cid:73)(cid:78) August (cid:73)(cid:71)(cid:72)(cid:76), the directors declared a fully franked final dividend of (cid:73).(cid:78)(cid:76) cents per share to the holders of fully
paid ordinary shares in respect of the financial year ended 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76), to be paid to shareholders on (cid:73)3 (cid:16)ctober
(cid:73)(cid:71)(cid:72)(cid:76). The dividend will be paid to shareholders on the Register of Members on (cid:79) (cid:16)ctober (cid:73)(cid:71)(cid:72)(cid:76). This dividend has not
been included as a liability in these financial statements. The total estimated dividend to be paid is (cid:68)3,(cid:76)(cid:76)(cid:75),(cid:75)(cid:77)3.
(cid:7)ran(cid:37)ing Credits
(cid:7)ranking credits available for subsequent financial years based on a tax rate of
3(cid:71)(cid:83) ((cid:73)(cid:71)(cid:72)(cid:75) – 3(cid:71)(cid:83)) (i)
Impact on franking account balance of dividends not recognised (ii)
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:72)(cid:71),(cid:72)(cid:78)(cid:80),(cid:78)(cid:79)(cid:73)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:76),(cid:76)(cid:79)(cid:73),(cid:72)(cid:72)(cid:76)
((cid:72),(cid:76)(cid:73)3,3(cid:75)(cid:72))
((cid:72),(cid:72)(cid:75)(cid:79),(cid:75)3(cid:76))
(i) The above amounts represent the balance of the franking account as at the end of the financial year, adjusted for:
- franking credit that will arise from the payment of the amount of the provision for income tax;
- franking debits that will arise from the payment of dividends recognised as a liability at the reporting date; and
- franking credits that will arise from the receipt of dividends recognised as receivables at the reporting date.
(ii) The consolidated group has been formed into a consolidated tax group therefore the franking credits have been consolidated to
the parent entity to pay fully franked dividends to shareholders on (cid:73)3 (cid:16)ctober (cid:73)(cid:71)(cid:72)(cid:76). The impact on the franking account of the
dividend recommended by the directors since year end, but not recognised as liability at year end, will be a reduction in the
franking account of (cid:68)(cid:72),(cid:76)(cid:73)3,3(cid:75)(cid:72)((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:72),(cid:72)(cid:75)(cid:79),(cid:75)3(cid:76)).
(cid:75)(cid:55) Share (cid:28)ased payments
Movement in the share options of the consolidated entity during the financial year are summari(cid:51)ed below.
Balance at (cid:72) (cid:11)uly
Lapsed during the financial period
Exercised during the financial period
Granted during the financial period
Balance at 3(cid:71) (cid:11)une
(cid:69)(cid:67)1(cid:72)
(cid:15)um(cid:28)er
(cid:78),(cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
-
((cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71))
(cid:72)(cid:79),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73)(cid:76),(cid:77)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:69)(cid:67)1(cid:71)
(cid:15)um(cid:28)er
3,(cid:76)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
-
((cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71))
(cid:75),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:78),(cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:15)o options were forfeited, or expired during the period.
The Company has a total of (cid:75),(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) options on issue ((cid:73)(cid:71)(cid:72)(cid:75): (cid:75),(cid:75)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) options) to the Directors (or their nominees)
((cid:65)Director (cid:16)ptions(cid:65)).
(cid:10)ssue (cid:5)ate
(cid:16)ptions Granted
(cid:6)(cid:50)ercise Price
(cid:6)(cid:50)piry (cid:5)ate
(cid:23)esting (cid:5)ate
Scott Baldwin
Scott Baldwin
Scott Baldwin
(cid:73)(cid:78) (cid:15)ovember (cid:73)(cid:71)(cid:71)(cid:80)
(cid:72)(cid:77) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:73)
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)3
Robert Bryant
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)3
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:68)(cid:71).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
3(cid:72) December (cid:73)(cid:71)(cid:72)(cid:76)
(cid:72)(cid:77) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:78)
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:79)
3(cid:72) December (cid:73)(cid:71)(cid:72)(cid:75)
(cid:72)(cid:77) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:76)
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:77)
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:77)
4 6
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M o n e y 3 C o r p o r a t
i o n L i m i
t e d
Money3 Corporation Limited
M o n e y 3 C o r p o r a t
i o n L i m i
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For personal use only
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Annual Report 2015 | MNY
|
A n n u a l
R e p o r t
2 0 1 5
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:75)(cid:55) Share (cid:28)ased payments (cid:58)continued(cid:59)
(cid:16)ptions on issue have the following conditions:-
(cid:120)
(cid:120)
(cid:120)
The options vest in full when an event occurs which give rise to a change in control of the Company.
If the Company after having granted these options restructures its issued share capital, ASX Listing Rules will apply
to the number of Shares issued to the option holder on exercise of an option.
Employee and director options will not be listed on ASX but application will be made for quotation of the shares
resulting from the exercise of the options.
(cid:120) (cid:16)ptions issued in relation to the bond issue are listed on the ASX under the ASX code M(cid:15)(cid:25)(cid:16).
(cid:120) (cid:16)n issue of the resulting shares, they will rank equally with ordinary shares on issue at that time.
(cid:120)
Share options carry no rights to dividends and no voting rights. In accordance with the terms of the share option
schemes, options may be exercised at any time from the date on which they vest to the date of their expiry,
subject to any additional specific requirements of the particular allocation
Consideration received on the exercise of options is recognised as contributed equity. During the financial year ended
3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76), (cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) options were exercised ((cid:73)(cid:71)(cid:72)(cid:75): (cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)).
The weighted average share price during the year was (cid:68)(cid:72).3(cid:73) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:71).(cid:80)(cid:79))
(cid:16)ptions are granted under the Money3 Corporation Limited's Director and Employee Share (cid:16)ption Plan. (cid:16)ptions are
granted under the plan for no consideration. The board meets to determine eligibility for the granting of options, and
to determine the quantity and terms of options that will be granted. The valuation of options is determined by an
independent expert using the Black Scholes or Binomial option pricing models taking into account the terms and
conditions upon which the instruments were granted. (cid:16)ptions granted under the plan carry no dividend or voting
rights. The expected price volatility is based on the historical volatility (based on the remaining life of the options),
adjusted for any expected changes to future volatility due to publicly available information.
The model inputs for options on issue at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76) included:
(cid:5)irector (cid:57)
(cid:6)(cid:50)pire
(cid:70)1(cid:56)1(cid:69)(cid:56)(cid:69)(cid:67)1(cid:72)
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
(cid:70)(cid:67)(cid:56)(cid:67)(cid:76)(cid:56)(cid:69)(cid:67)1(cid:74)
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
1(cid:73)(cid:56)11(cid:56)(cid:69)(cid:67)1(cid:74)
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
(cid:69)1(cid:56)1(cid:67)(cid:56)(cid:69)(cid:67)1(cid:75)
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
(cid:70)(cid:67)(cid:56)11(cid:56)(cid:69)(cid:67)1(cid:75)
(cid:5)irector(cid:57)
(cid:6)(cid:50)pire
(cid:70)(cid:67)(cid:56)11(cid:56)(cid:69)(cid:67)1(cid:75)
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
(cid:69)(cid:67)(cid:56)1(cid:67)(cid:56)(cid:69)(cid:67)1(cid:76)
(cid:3)ond
(cid:6)(cid:50)pire
1(cid:73)(cid:56)(cid:72)(cid:56)(cid:69)(cid:67)1(cid:75)
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
1(cid:71)(cid:56)(cid:67)(cid:71)(cid:56)(cid:69)(cid:67)(cid:69)(cid:67)
Exercise price
Grant date
Expiry date
Share price at
grant date
Expected
volatility
Expected
dividend yield
Risk free rate
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:73)(cid:78)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:71)(cid:80)
3(cid:72)(cid:56)(cid:72)(cid:73)(cid:56)(cid:73)(cid:71)(cid:72)(cid:76)
(cid:68)(cid:71).(cid:76)(cid:71)
3(cid:71)(cid:56)(cid:71)(cid:80)(cid:56)(cid:73)(cid:71)(cid:72)(cid:73)
3(cid:71)(cid:56)(cid:71)(cid:80)(cid:56)(cid:73)(cid:71)(cid:72)(cid:78)
(cid:68)(cid:71).(cid:76)(cid:71)
(cid:72)(cid:77)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:73)
(cid:72)(cid:77)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:78)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:73)(cid:72)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)3
(cid:73)(cid:72)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
(cid:68)(cid:72).(cid:76)(cid:71)
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)3
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
(cid:68)(cid:72).(cid:76)(cid:71)
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)3
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
(cid:68)(cid:72).(cid:76)(cid:71)
(cid:73)(cid:71)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)(cid:75)
(cid:73)(cid:71)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)(cid:80)
(cid:68)(cid:72).3(cid:71)
(cid:73)(cid:72)(cid:56)(cid:78)(cid:56)(cid:73)(cid:71)(cid:72)(cid:75)
(cid:72)(cid:77)(cid:56)(cid:76)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
(cid:68)(cid:72).(cid:78)(cid:71)
(cid:72)(cid:76)(cid:56)(cid:71)(cid:75)(cid:56)(cid:73)(cid:71)(cid:72)(cid:76)
(cid:72)(cid:75)(cid:56)(cid:71)(cid:75)(cid:56)(cid:73)(cid:71)(cid:73)(cid:71)
(cid:68)(cid:71).(cid:75)(cid:76)
(cid:75)(cid:71)(cid:83)
(cid:78).33(cid:83)
(cid:76).(cid:71)(cid:71)(cid:71)(cid:83)
(cid:68)(cid:71).(cid:75)3
(cid:75)(cid:71)(cid:83)
(cid:80).(cid:76)(cid:71)(cid:83)
(cid:73).(cid:76)(cid:73)(cid:83)
(cid:68)(cid:71).(cid:75)3
(cid:68)(cid:72).(cid:71)(cid:76)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:68)(cid:72).(cid:73)(cid:71)
(cid:68)(cid:72).(cid:71)(cid:75)
(cid:68)(cid:72).(cid:76)(cid:73)
(cid:75)(cid:71)(cid:83)
3(cid:73)(cid:83)
3(cid:73)(cid:83)
3(cid:73)(cid:83)
(cid:80).(cid:76)(cid:71)(cid:83)
(cid:73).(cid:76)(cid:73)(cid:83)
(cid:75).(cid:73)(cid:76)(cid:83)
3.(cid:75)(cid:83)
(cid:75).(cid:73)(cid:76)(cid:83)
3.(cid:75)(cid:83)
(cid:75).(cid:73)(cid:76)(cid:83)
3.(cid:75)(cid:83)
3(cid:72)(cid:83)
(cid:75)(cid:83)
33(cid:83)
(cid:75)(cid:83)
(cid:72).(cid:79)(cid:75)(cid:83)
(cid:73).(cid:79)(cid:76)(cid:83)
3(cid:72)(cid:83)
3.(cid:76)(cid:83)
(cid:72).(cid:79)(cid:75)(cid:83)
The following reconciles the outstanding share options granted under (cid:16)ption Plan at the beginning and end of the
financial year.
Balance at beginning of year
Granted during the year
(cid:7)orfeited during the year
Exercised during year
Lapsed during year
Expired during the year
Balance at end of year
(cid:23)eighted average remaining contractual life
Exercisable at the end of the financial year
(cid:69)(cid:67)1(cid:72)
(cid:15)o of options
(cid:78),(cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:79),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
((cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71))
-
-
(cid:73)(cid:76),(cid:77)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
3.(cid:72)(cid:71) years
(cid:72)(cid:76),(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:69)(cid:67)1(cid:72)
(cid:24)eighted average
e(cid:50)ercise price
(cid:64)
(cid:72).(cid:71)(cid:77)
(cid:72).3(cid:77)
-
(cid:71).(cid:79)(cid:76)
-
-
(cid:72).(cid:73)(cid:78)
-
(cid:72).3(cid:71)
(cid:69)(cid:67)1(cid:71)
(cid:15)o of options
3,(cid:76)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:75),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
((cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71))
-
-
(cid:78),(cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
3.(cid:79)(cid:73) years
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:69)(cid:67)1(cid:71)
(cid:24)eighted average
e(cid:50)ercise price
(cid:64)
(cid:71).(cid:76)(cid:77)
(cid:72).(cid:75)(cid:75)
-
(cid:71).(cid:78)(cid:71)
-
-
(cid:72).(cid:71)(cid:77)
-
(cid:71).(cid:79)(cid:76)
48
4 8
|
M o n e y 3 C o r p o r a t
i o n L i m i
t e d
Money3 Corporation Limited
For personal use only
M N Y
|
A n n u a l
R e p o r t
2 0 1 5
A n n u a l
R e p o r t
2 0 1 5
M N Y
Annual Report 2015 | MNY
|
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:75)(cid:55) Share (cid:28)ased payments (cid:58)continued(cid:59)
(cid:16)ptions on issue have the following conditions:-
(cid:120)
(cid:120)
(cid:120)
(cid:120)
The options vest in full when an event occurs which give rise to a change in control of the Company.
If the Company after having granted these options restructures its issued share capital, ASX Listing Rules will apply
to the number of Shares issued to the option holder on exercise of an option.
Employee and director options will not be listed on ASX but application will be made for quotation of the shares
resulting from the exercise of the options.
(cid:120) (cid:16)ptions issued in relation to the bond issue are listed on the ASX under the ASX code M(cid:15)(cid:25)(cid:16).
(cid:120) (cid:16)n issue of the resulting shares, they will rank equally with ordinary shares on issue at that time.
Share options carry no rights to dividends and no voting rights. In accordance with the terms of the share option
schemes, options may be exercised at any time from the date on which they vest to the date of their expiry,
subject to any additional specific requirements of the particular allocation
Consideration received on the exercise of options is recognised as contributed equity. During the financial year ended
3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76), (cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) options were exercised ((cid:73)(cid:71)(cid:72)(cid:75): (cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)).
The weighted average share price during the year was (cid:68)(cid:72).3(cid:73) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:71).(cid:80)(cid:79))
(cid:16)ptions are granted under the Money3 Corporation Limited's Director and Employee Share (cid:16)ption Plan. (cid:16)ptions are
granted under the plan for no consideration. The board meets to determine eligibility for the granting of options, and
to determine the quantity and terms of options that will be granted. The valuation of options is determined by an
independent expert using the Black Scholes or Binomial option pricing models taking into account the terms and
conditions upon which the instruments were granted. (cid:16)ptions granted under the plan carry no dividend or voting
rights. The expected price volatility is based on the historical volatility (based on the remaining life of the options),
adjusted for any expected changes to future volatility due to publicly available information.
The model inputs for options on issue at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76) included:
(cid:5)irector (cid:57)
(cid:6)(cid:50)pire
(cid:6)mployee(cid:57)
(cid:6)mployee(cid:57)
(cid:6)mployee(cid:57)
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
(cid:6)(cid:50)pire
(cid:6)(cid:50)pire
(cid:6)(cid:50)pire
(cid:5)irector(cid:57)
(cid:6)(cid:50)pire
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
(cid:3)ond
(cid:6)(cid:50)pire
(cid:6)mployee(cid:57)
(cid:6)(cid:50)pire
(cid:70)1(cid:56)1(cid:69)(cid:56)(cid:69)(cid:67)1(cid:72)
(cid:70)(cid:67)(cid:56)(cid:67)(cid:76)(cid:56)(cid:69)(cid:67)1(cid:74)
1(cid:73)(cid:56)11(cid:56)(cid:69)(cid:67)1(cid:74)
(cid:69)1(cid:56)1(cid:67)(cid:56)(cid:69)(cid:67)1(cid:75)
(cid:70)(cid:67)(cid:56)11(cid:56)(cid:69)(cid:67)1(cid:75)
(cid:70)(cid:67)(cid:56)11(cid:56)(cid:69)(cid:67)1(cid:75)
(cid:69)(cid:67)(cid:56)1(cid:67)(cid:56)(cid:69)(cid:67)1(cid:76)
1(cid:73)(cid:56)(cid:72)(cid:56)(cid:69)(cid:67)1(cid:75)
1(cid:71)(cid:56)(cid:67)(cid:71)(cid:56)(cid:69)(cid:67)(cid:69)(cid:67)
Exercise price
Grant date
Expiry date
Share price at
grant date
Expected
volatility
Expected
dividend yield
Risk free rate
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:68)(cid:71).(cid:76)(cid:71)
(cid:68)(cid:71).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
(cid:73)(cid:78)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:71)(cid:80)
3(cid:71)(cid:56)(cid:71)(cid:80)(cid:56)(cid:73)(cid:71)(cid:72)(cid:73)
(cid:72)(cid:77)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:73)
(cid:73)(cid:72)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)3
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)3
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)3
3(cid:72)(cid:56)(cid:72)(cid:73)(cid:56)(cid:73)(cid:71)(cid:72)(cid:76)
3(cid:71)(cid:56)(cid:71)(cid:80)(cid:56)(cid:73)(cid:71)(cid:72)(cid:78)
(cid:72)(cid:77)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:78)
(cid:73)(cid:72)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71)(cid:56)(cid:72)(cid:72)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
(cid:68)(cid:72).(cid:76)(cid:71)
(cid:68)(cid:72).3(cid:71)
(cid:68)(cid:72).(cid:78)(cid:71)
(cid:73)(cid:71)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)(cid:75)
(cid:73)(cid:72)(cid:56)(cid:78)(cid:56)(cid:73)(cid:71)(cid:72)(cid:75)
(cid:72)(cid:76)(cid:56)(cid:71)(cid:75)(cid:56)(cid:73)(cid:71)(cid:72)(cid:76)
(cid:73)(cid:71)(cid:56)(cid:72)(cid:71)(cid:56)(cid:73)(cid:71)(cid:72)(cid:80)
(cid:72)(cid:77)(cid:56)(cid:76)(cid:56)(cid:73)(cid:71)(cid:72)(cid:79)
(cid:72)(cid:75)(cid:56)(cid:71)(cid:75)(cid:56)(cid:73)(cid:71)(cid:73)(cid:71)
(cid:68)(cid:71).(cid:75)(cid:76)
(cid:75)(cid:71)(cid:83)
(cid:78).33(cid:83)
(cid:76).(cid:71)(cid:71)(cid:71)(cid:83)
(cid:68)(cid:71).(cid:75)3
(cid:75)(cid:71)(cid:83)
(cid:80).(cid:76)(cid:71)(cid:83)
(cid:73).(cid:76)(cid:73)(cid:83)
(cid:68)(cid:71).(cid:75)3
(cid:68)(cid:72).(cid:71)(cid:76)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:68)(cid:72).(cid:73)(cid:71)
(cid:68)(cid:72).(cid:71)(cid:75)
(cid:68)(cid:72).(cid:76)(cid:73)
(cid:75)(cid:71)(cid:83)
3(cid:73)(cid:83)
3(cid:73)(cid:83)
3(cid:73)(cid:83)
(cid:80).(cid:76)(cid:71)(cid:83)
(cid:73).(cid:76)(cid:73)(cid:83)
(cid:75).(cid:73)(cid:76)(cid:83)
3.(cid:75)(cid:83)
(cid:75).(cid:73)(cid:76)(cid:83)
3.(cid:75)(cid:83)
(cid:75).(cid:73)(cid:76)(cid:83)
3.(cid:75)(cid:83)
3(cid:72)(cid:83)
(cid:75)(cid:83)
33(cid:83)
(cid:75)(cid:83)
(cid:72).(cid:79)(cid:75)(cid:83)
(cid:73).(cid:79)(cid:76)(cid:83)
3(cid:72)(cid:83)
3.(cid:76)(cid:83)
(cid:72).(cid:79)(cid:75)(cid:83)
The following reconciles the outstanding share options granted under (cid:16)ption Plan at the beginning and end of the
financial year.
(cid:69)(cid:67)1(cid:72)
(cid:69)(cid:67)1(cid:72)
(cid:69)(cid:67)1(cid:71)
(cid:69)(cid:67)1(cid:71)
(cid:15)o of options
e(cid:50)ercise price
(cid:15)o of options
e(cid:50)ercise price
(cid:24)eighted average
(cid:24)eighted average
Balance at beginning of year
Granted during the year
(cid:7)orfeited during the year
Exercised during year
Lapsed during year
Expired during the year
Balance at end of year
(cid:23)eighted average remaining contractual life
Exercisable at the end of the financial year
(cid:78),(cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:79),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
((cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71))
-
-
-
(cid:73)(cid:76),(cid:77)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
3.(cid:72)(cid:71) years
(cid:72)(cid:76),(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:64)
(cid:72).(cid:71)(cid:77)
(cid:72).3(cid:77)
(cid:71).(cid:79)(cid:76)
(cid:72).(cid:73)(cid:78)
(cid:72).3(cid:71)
-
-
-
-
3,(cid:76)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:75),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
((cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71))
-
-
-
(cid:78),(cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
3.(cid:79)(cid:73) years
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:64)
(cid:71).(cid:76)(cid:77)
(cid:72).(cid:75)(cid:75)
(cid:71).(cid:78)(cid:71)
(cid:72).(cid:71)(cid:77)
(cid:71).(cid:79)(cid:76)
-
-
-
-
(cid:76)(cid:55) Cash and cash e(cid:43)uivalents
Cash at bank and in hand
(cid:4)(cid:10)conci(cid:16)iation to cas(cid:13) an(cid:9) cas(cid:13) (cid:10)(cid:21)(cid:25)i(cid:26)a(cid:16)(cid:10)nts at t(cid:13)(cid:10) (cid:10)n(cid:9) o(cid:11) (cid:11)inancia(cid:16) (cid:27)(cid:10)ar
The above figures are reconciled to cash and cash equivalents at the end of the
financial year as shown in the statement of cash flows as follows:
Cash and cash equivalents
Cash at bank and in hand
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:72)(cid:73),(cid:75)(cid:72)(cid:79),(cid:73)(cid:71)(cid:77)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:73)3,(cid:77)(cid:78)(cid:80),(cid:71)(cid:77)3
(cid:72)(cid:73),(cid:75)(cid:72)(cid:79),(cid:73)(cid:71)(cid:77)
(cid:72)(cid:73),(cid:75)(cid:72)(cid:79),(cid:73)(cid:71)(cid:77)
(cid:73)3,(cid:77)(cid:78)(cid:80),(cid:71)(cid:77)3
(cid:73)3,(cid:77)(cid:78)(cid:80),(cid:71)(cid:77)3
The Group's exposure to interest rate risk is discussed in note (cid:73)(cid:77). The maximum expose to credit risk at the end of the
financial year is the carrying amount of each class of cash and cash equivalents mentioned above.
1(cid:67)(cid:55) Loans and other receiva(cid:28)les
Loans and other receivables
(cid:72)3(cid:78),(cid:71)(cid:78)(cid:75),(cid:76)(cid:80)3
(cid:78)(cid:78),(cid:72)(cid:72)(cid:80),(cid:72)(cid:73)(cid:77)
Allowance for impairment losses
Current receivables
(cid:15)on-current receivables
Total receivables
((cid:77),(cid:79)(cid:72)(cid:79),(cid:78)3(cid:75))
(cid:72)3(cid:71),(cid:73)(cid:76)(cid:76),(cid:79)(cid:76)(cid:80)
(cid:79)(cid:79),(cid:76)(cid:75)(cid:78),(cid:72)(cid:78)(cid:71)
(cid:75)(cid:72),(cid:78)(cid:71)(cid:79),(cid:77)(cid:79)(cid:80)
(cid:72)3(cid:71),(cid:73)(cid:76)(cid:76),(cid:79)(cid:76)(cid:80)
(3,(cid:80)(cid:72)(cid:73),(cid:77)(cid:78)(cid:78))
(cid:78)3,(cid:73)(cid:71)(cid:77),(cid:75)(cid:75)(cid:80)
(cid:75)(cid:78),(cid:71)(cid:73)(cid:78),(cid:73)(cid:80)(cid:71)
(cid:73)(cid:77),(cid:72)(cid:78)(cid:80),(cid:72)(cid:76)(cid:80)
(cid:78)3,(cid:73)(cid:71)(cid:77),(cid:75)(cid:75)(cid:80)
Loans and other receivables have been aged according to their original due date in the below ageing analysis,
including where repayment terms for certain long outstanding trade receivables have been renegotiated. The carrying
value of loan receivables after allowance for impairment losses is considered a reasonable approximation of fair value.
The following basis has been used to assess the allowance for impairment losses required for loans:
an individual account by account assessment based on past credit history;
any prior knowledge of debtor insolvency or other credit risk; and
(cid:120)
(cid:120)
(cid:120) working with client managers on weekly basis to assess past due items to determine recoverability.
An allowance has been made for estimated irrecoverable loans amounts arising from the past provision of services,
determined by reference to past default experience. During the current financial year, the allowance for doubtful
debts increased by (cid:68)(cid:73),(cid:80)(cid:71)(cid:77),(cid:71)(cid:76)(cid:78) ((cid:73)(cid:71)(cid:72)(cid:75): increased by (cid:68)(cid:73),(cid:80)(cid:73)3,(cid:80)(cid:75)(cid:72)) in the Group. These amounts relate mainly to
customers experiencing financial hardships. This movement was recognised in the Profit or Loss. During the year the
Group’s bad debt expense increased by (cid:68)(cid:75),(cid:71)(cid:73)(cid:76),(cid:80)(cid:78)(cid:71) ((cid:73)(cid:71)(cid:72)(cid:75): increased by (cid:68)3,(cid:77)(cid:77)(cid:80),(cid:73)(cid:79)(cid:77)). The consolidated entity actively
reviews loans receivable for their recoverability and these debts are expensed immediately when non recoverability is
identified.
The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable in the financial
statements. The Group does not hold any collateral as security over loans below (cid:68)(cid:76),(cid:71)(cid:71)(cid:71), and as such did not take
possession of any collateral for loans in this category. Security is generally taken for loans above (cid:68)(cid:76),(cid:71)(cid:71)(cid:71) and is secured
by collateral of approximately (cid:68)(cid:79)3,(cid:71)(cid:73)3,(cid:76)(cid:79)3 ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:75)3,3(cid:76)(cid:77),(cid:77)(cid:77)(cid:75)). The total fair value of securities held for certain loans
receivable is impracticable to determine for accounting disclosure as is the fair value of any collateral sold or
repledged. However, the security position against individual debtors is considered by management in their evaluation
of the recoverable amount.
Refer to (cid:15)ote (cid:73)(cid:77) for more information on the risk management policy of the Group and the credit quality of the
entity’s loans and other receivables.
4 8
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Money3 Corporation Limited
M o n e y 3 C o r p o r a t
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49
4 9
For personal use only
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Annual Report 2015 | MNY
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A n n u a l
R e p o r t
2 0 1 5
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:67)(cid:55) Loans and other receiva(cid:28)les (cid:58)continued(cid:59)
The following table provides an analysis of past due receivables;
Consolidated
The ageing of the receivables past due is:
(cid:72) to 3 months
3 to (cid:77) months
Gross
(cid:64)
(cid:72)(cid:80),(cid:71)(cid:78)(cid:75),(cid:76)(cid:73)(cid:78)
(cid:69)(cid:67)1(cid:72)
(cid:2)llo(cid:49)ance
(cid:64)
((cid:75),(cid:78)(cid:73)(cid:79),(cid:80)(cid:80)(cid:71))
(cid:69)(cid:67)1(cid:71)
(cid:15)et
(cid:64)
(cid:72)(cid:75),3(cid:75)(cid:76),(cid:76)3(cid:78)
Gross
(cid:64)
(cid:80),(cid:72)(cid:75)(cid:73),(cid:71)(cid:77)(cid:72)
(cid:2)llo(cid:49)ance
(cid:64)
((cid:73),(cid:78)3(cid:79),(cid:79)(cid:78)(cid:75))
(cid:15)et
(cid:64)
(cid:77),(cid:75)(cid:71)3,(cid:72)(cid:79)(cid:78)
(cid:75),(cid:76)(cid:73)(cid:75),(cid:77)(cid:80)(cid:80)
((cid:72),(cid:72)33,(cid:75)(cid:76)(cid:73))
3,3(cid:80)(cid:72),(cid:73)(cid:75)(cid:78)
(cid:73),(cid:77)(cid:72)(cid:73),(cid:71)(cid:72)(cid:78)
((cid:78)(cid:79)(cid:73),(cid:76)3(cid:76))
(cid:72),(cid:79)(cid:73)(cid:80),(cid:75)(cid:79)(cid:73)
More than (cid:77) months
3,(cid:78)(cid:71)(cid:77),(cid:72)(cid:79)(cid:73)
((cid:80)(cid:76)(cid:77),(cid:73)(cid:80)(cid:73))
(cid:73),(cid:78)(cid:75)(cid:80),(cid:79)(cid:80)(cid:71)
(cid:72),3(cid:71)(cid:77),(cid:71)(cid:71)(cid:80)
(3(cid:80)(cid:72),(cid:73)(cid:77)(cid:79))
(cid:80)(cid:72)(cid:75),(cid:78)(cid:75)(cid:72)
Total
(cid:73)(cid:78),3(cid:71)(cid:76),(cid:75)(cid:71)(cid:79)
((cid:77),(cid:79)(cid:72)(cid:79),(cid:78)3(cid:75))
(cid:73)(cid:71),(cid:75)(cid:79)(cid:77),(cid:77)(cid:78)(cid:75)
(cid:72)3,(cid:71)(cid:77)(cid:71),(cid:71)(cid:79)(cid:78)
(3,(cid:80)(cid:72)(cid:73),(cid:77)(cid:78)(cid:78))
(cid:80),(cid:72)(cid:75)(cid:78),(cid:75)(cid:72)(cid:71)
A reconciliation of the movement in the provision for impairment of loans and other receivables is shown below:
(cid:16)pening balance
Additional provisions
Receivables written off as uncollectible
Bad debts recovered
Closing balance
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
3,(cid:80)(cid:72)(cid:73),(cid:77)(cid:78)(cid:78)
(cid:72)(cid:71),(cid:72)(cid:75)(cid:78),(cid:73)3(cid:72)
((cid:79),(cid:80)(cid:71)(cid:80),3(cid:71)3)
(cid:72),(cid:77)(cid:77)(cid:79),(cid:72)(cid:73)(cid:80)
(cid:77),(cid:79)(cid:72)(cid:79),(cid:78)3(cid:75)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:80)(cid:79)(cid:79),(cid:78)3(cid:77)
(cid:77),(cid:72)(cid:73)(cid:72),(cid:73)(cid:77)(cid:72)
(3,(cid:80)(cid:72)(cid:78),(cid:71)(cid:78)(cid:76))
(cid:78)(cid:72)(cid:80),(cid:78)(cid:76)(cid:76)
3,(cid:80)(cid:72)(cid:73),(cid:77)(cid:78)(cid:78)
The creation and release of provision for impaired receivables has been included in the profit and loss. Amounts
charged to the allowance account are generally written off when there is no expectation of recovering additional cash.
11(cid:55) (cid:16)ther assets
Current
Prepayments
(cid:16)ther
(cid:15)on(cid:57)Current
Rental deposits
There were no past due and impaired other debtors.
(cid:73)(cid:80)(cid:79),(cid:72)(cid:78)(cid:73)
(cid:72)(cid:72),(cid:78)(cid:72)(cid:73)
3(cid:71)(cid:80),(cid:79)(cid:79)(cid:75)
(cid:72)3(cid:72),(cid:72)(cid:80)(cid:80)
(cid:72)(cid:72),(cid:79)(cid:77)3
(cid:72)(cid:75)3,(cid:71)(cid:77)(cid:73)
(cid:76)(cid:71)(cid:78),(cid:73)(cid:80)(cid:72)
3(cid:75)(cid:71),(cid:79)(cid:77)(cid:80)
50
5 0
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M o n e y 3 C o r p o r a t
i o n L i m i
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Money3 Corporation Limited
For personal use only
M N Y
|
A n n u a l
R e p o r t
2 0 1 5
A n n u a l
R e p o r t
2 0 1 5
M N Y
Annual Report 2015 | MNY
|
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:69)(cid:55) Property(cid:53) plant and e(cid:43)uipment
(cid:69)(cid:67)1(cid:72)
(cid:14)otor vehicles
(cid:19)ental (cid:2)ssets
Leasehold
(cid:10)mprovements
(cid:64)
(cid:64)
(cid:64)
(cid:7)urniture(cid:53)
(cid:6)(cid:43)uipment and
(cid:7)ittings
(cid:64)
1(cid:67)(cid:55) Loans and other receiva(cid:28)les (cid:58)continued(cid:59)
The following table provides an analysis of past due receivables;
The ageing of the receivables past due is:
Consolidated
(cid:72) to 3 months
3 to (cid:77) months
Gross
(cid:64)
(cid:69)(cid:67)1(cid:72)
(cid:2)llo(cid:49)ance
(cid:64)
(cid:15)et
(cid:64)
Gross
(cid:64)
(cid:69)(cid:67)1(cid:71)
(cid:2)llo(cid:49)ance
(cid:64)
(cid:15)et
(cid:64)
(cid:72)(cid:80),(cid:71)(cid:78)(cid:75),(cid:76)(cid:73)(cid:78)
((cid:75),(cid:78)(cid:73)(cid:79),(cid:80)(cid:80)(cid:71))
(cid:72)(cid:75),3(cid:75)(cid:76),(cid:76)3(cid:78)
(cid:80),(cid:72)(cid:75)(cid:73),(cid:71)(cid:77)(cid:72)
((cid:73),(cid:78)3(cid:79),(cid:79)(cid:78)(cid:75))
(cid:77),(cid:75)(cid:71)3,(cid:72)(cid:79)(cid:78)
(cid:75),(cid:76)(cid:73)(cid:75),(cid:77)(cid:80)(cid:80)
((cid:72),(cid:72)33,(cid:75)(cid:76)(cid:73))
3,3(cid:80)(cid:72),(cid:73)(cid:75)(cid:78)
(cid:73),(cid:77)(cid:72)(cid:73),(cid:71)(cid:72)(cid:78)
((cid:78)(cid:79)(cid:73),(cid:76)3(cid:76))
(cid:72),(cid:79)(cid:73)(cid:80),(cid:75)(cid:79)(cid:73)
More than (cid:77) months
3,(cid:78)(cid:71)(cid:77),(cid:72)(cid:79)(cid:73)
((cid:80)(cid:76)(cid:77),(cid:73)(cid:80)(cid:73))
(cid:73),(cid:78)(cid:75)(cid:80),(cid:79)(cid:80)(cid:71)
(cid:72),3(cid:71)(cid:77),(cid:71)(cid:71)(cid:80)
(3(cid:80)(cid:72),(cid:73)(cid:77)(cid:79))
(cid:80)(cid:72)(cid:75),(cid:78)(cid:75)(cid:72)
Total
(cid:73)(cid:78),3(cid:71)(cid:76),(cid:75)(cid:71)(cid:79)
((cid:77),(cid:79)(cid:72)(cid:79),(cid:78)3(cid:75))
(cid:73)(cid:71),(cid:75)(cid:79)(cid:77),(cid:77)(cid:78)(cid:75)
(cid:72)3,(cid:71)(cid:77)(cid:71),(cid:71)(cid:79)(cid:78)
(3,(cid:80)(cid:72)(cid:73),(cid:77)(cid:78)(cid:78))
(cid:80),(cid:72)(cid:75)(cid:78),(cid:75)(cid:72)(cid:71)
A reconciliation of the movement in the provision for impairment of loans and other receivables is shown below:
The creation and release of provision for impaired receivables has been included in the profit and loss. Amounts
charged to the allowance account are generally written off when there is no expectation of recovering additional cash.
Receivables written off as uncollectible
(cid:16)pening balance
Additional provisions
Bad debts recovered
Closing balance
11(cid:55) (cid:16)ther assets
Current
Prepayments
(cid:16)ther
(cid:15)on(cid:57)Current
Rental deposits
There were no past due and impaired other debtors.
Consolidated
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
3,(cid:80)(cid:72)(cid:73),(cid:77)(cid:78)(cid:78)
(cid:72)(cid:71),(cid:72)(cid:75)(cid:78),(cid:73)3(cid:72)
((cid:79),(cid:80)(cid:71)(cid:80),3(cid:71)3)
(cid:72),(cid:77)(cid:77)(cid:79),(cid:72)(cid:73)(cid:80)
(cid:77),(cid:79)(cid:72)(cid:79),(cid:78)3(cid:75)
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:80)(cid:79)(cid:79),(cid:78)3(cid:77)
(cid:77),(cid:72)(cid:73)(cid:72),(cid:73)(cid:77)(cid:72)
(3,(cid:80)(cid:72)(cid:78),(cid:71)(cid:78)(cid:76))
(cid:78)(cid:72)(cid:80),(cid:78)(cid:76)(cid:76)
3,(cid:80)(cid:72)(cid:73),(cid:77)(cid:78)(cid:78)
(cid:73)(cid:80)(cid:79),(cid:72)(cid:78)(cid:73)
(cid:72)(cid:72),(cid:78)(cid:72)(cid:73)
3(cid:71)(cid:80),(cid:79)(cid:79)(cid:75)
(cid:72)3(cid:72),(cid:72)(cid:80)(cid:80)
(cid:72)(cid:72),(cid:79)(cid:77)3
(cid:72)(cid:75)3,(cid:71)(cid:77)(cid:73)
(cid:76)(cid:71)(cid:78),(cid:73)(cid:80)(cid:72)
3(cid:75)(cid:71),(cid:79)(cid:77)(cid:80)
(cid:75)(cid:77),(cid:76)(cid:72)(cid:80)
-
(cid:72),3(cid:78)(cid:75),3(cid:80)(cid:78)
(cid:72),(cid:72)(cid:76)(cid:71),(cid:72)(cid:80)3
(cid:73),(cid:76)(cid:78)(cid:72),(cid:72)(cid:71)(cid:80)
(cid:69)(cid:67)1(cid:71)
(cid:14)otor vehicles
(cid:19)ental (cid:2)ssets
Leasehold
(cid:10)mprovements
(cid:64)
(cid:64)
(cid:64)
(cid:7)urniture(cid:53)
(cid:6)(cid:43)uipment and
(cid:7)ittings
(cid:64)
(cid:73)(cid:71)(cid:71),(cid:79)(cid:75)3
-
((cid:78)(cid:71),(cid:80)(cid:73)(cid:78))
(cid:72)(cid:73)(cid:80),(cid:80)(cid:72)(cid:77)
(cid:72)(cid:73)(cid:80),(cid:77)(cid:75)(cid:71)
(cid:72)(cid:73),(cid:71)(cid:78)(cid:75)
((cid:76)(cid:79),3(cid:72)(cid:78))
(cid:79)3,3(cid:80)(cid:78)
(cid:76)(cid:73)(cid:77),(cid:78)(cid:72)(cid:80)
-
((cid:72)(cid:71)(cid:75),(cid:78)(cid:76)3)
(cid:75)(cid:73)(cid:72),(cid:80)(cid:77)(cid:77)
(cid:76)(cid:73)(cid:77),(cid:78)(cid:72)(cid:80)
-
((cid:72)(cid:71)(cid:75),(cid:78)(cid:76)3)
(cid:75)(cid:73)(cid:72),(cid:80)(cid:77)(cid:77)
(cid:73),(cid:71)(cid:76)(cid:78),(cid:76)(cid:71)(cid:71)
(cid:77)3(cid:76),(cid:73)(cid:78)(cid:78)
-
(cid:73),(cid:77)(cid:80)(cid:73),(cid:78)(cid:78)(cid:78)
(cid:73),(cid:76)(cid:80)(cid:75),(cid:78)(cid:72)(cid:71)
(cid:76)(cid:77)(cid:76),(cid:79)(cid:76)(cid:72)
((cid:80)3(cid:77))
3,(cid:72)(cid:76)(cid:80),(cid:77)(cid:73)(cid:76)
(cid:72),(cid:71)(cid:73)(cid:79),(cid:80)3(cid:80)
(cid:73)(cid:79)(cid:80),(cid:75)(cid:75)(cid:72)
-
(cid:72),3(cid:72)(cid:79),3(cid:79)(cid:71)
(cid:72),(cid:77)(cid:75)3,(cid:72)(cid:76)(cid:72)
3(cid:77)(cid:77),(cid:79)33
((cid:76)(cid:76)(cid:73))
(cid:73),(cid:71)(cid:71)(cid:80),(cid:75)3(cid:73)
(cid:73)3(cid:78),(cid:80)(cid:73)(cid:78)
3(cid:71),(cid:73)(cid:79)(cid:77)
((cid:77)(cid:78),3(cid:78)(cid:71))
(cid:73)(cid:71)(cid:71),(cid:79)(cid:75)3
(cid:72)(cid:77)(cid:76),(cid:75)(cid:77)(cid:71)
(cid:72)(cid:77),(cid:73)(cid:71)(cid:80)
-
((cid:76)(cid:73),(cid:71)(cid:73)(cid:80))
(cid:72)(cid:73)(cid:80),(cid:77)(cid:75)(cid:71)
(cid:73),(cid:76)(cid:77)3,(cid:78)(cid:72)(cid:78)
3(cid:75)(cid:73),(cid:80)(cid:71)(cid:80)
((cid:73),3(cid:78)(cid:80),(cid:80)(cid:71)(cid:78))
(cid:76)(cid:73)(cid:77),(cid:78)(cid:72)(cid:80)
(cid:80)(cid:78)(cid:72),(cid:72)(cid:80)(cid:73)
(cid:76)(cid:80)(cid:80),(cid:79)(cid:73)(cid:73)
(cid:72)(cid:80)(cid:71),(cid:78)(cid:75)(cid:72)
((cid:72),(cid:73)3(cid:76),(cid:71)3(cid:77))
(cid:76)(cid:73)(cid:77),(cid:78)(cid:72)(cid:80)
(cid:72),3(cid:80)3,(cid:79)(cid:76)(cid:76)
(cid:77)(cid:77)3,(cid:77)(cid:75)(cid:76)
-
(cid:73),(cid:71)(cid:76)(cid:78),(cid:76)(cid:71)(cid:71)
(cid:73),3(cid:75)(cid:73),(cid:72)(cid:78)(cid:76)
(cid:73)(cid:76)(cid:73),(cid:76)3(cid:76)
-
(cid:73),(cid:76)(cid:80)(cid:75),(cid:78)(cid:72)(cid:71)
(cid:79)(cid:72)(cid:72),(cid:71)(cid:72)(cid:80)
(cid:73)(cid:72)(cid:78),(cid:80)(cid:73)(cid:71)
-
-
(cid:72),(cid:71)(cid:73)(cid:79),(cid:80)3(cid:80)
(cid:72),3(cid:71)(cid:79),(cid:75)3(cid:78)
33(cid:75),(cid:78)(cid:72)(cid:75)
-
-
(cid:72),(cid:77)(cid:75)3,(cid:72)(cid:76)(cid:72)
(cid:21)otal
(cid:64)
(cid:76),3(cid:78)(cid:80),(cid:78)(cid:78)(cid:73)
(cid:72),(cid:73)(cid:71)(cid:72),(cid:72)(cid:73)(cid:79)
((cid:72)(cid:78)(cid:77),(cid:77)(cid:72)(cid:77))
(cid:77),(cid:75)(cid:71)(cid:75),(cid:73)(cid:79)(cid:75)
3,3(cid:73)(cid:79),(cid:75)(cid:75)(cid:80)
(cid:77)(cid:77)(cid:79),3(cid:75)(cid:79)
((cid:72)(cid:77)3,(cid:77)(cid:73)(cid:73))
3,(cid:79)33,(cid:72)(cid:78)(cid:76)
(cid:21)otal
(cid:64)
(cid:77),(cid:76)3(cid:78),(cid:77)(cid:78)(cid:75)
(cid:72),(cid:73)(cid:79)(cid:80),3(cid:78)(cid:76)
((cid:73),(cid:75)(cid:75)(cid:78),(cid:73)(cid:78)(cid:78))
(cid:76),3(cid:78)(cid:80),(cid:78)(cid:78)(cid:73)
3,(cid:73)(cid:76)(cid:77),(cid:72)(cid:71)(cid:79)
(cid:72),(cid:72)(cid:77)(cid:79),(cid:77)(cid:77)(cid:76)
(cid:72)(cid:80)(cid:71),(cid:78)(cid:75)(cid:72)
((cid:72),(cid:73)(cid:79)(cid:78),(cid:71)(cid:77)(cid:76))
3,3(cid:73)(cid:79),(cid:75)(cid:75)(cid:80)
Gross carrying amount
Balance at (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:75)
Additions
Disposals
(cid:3)alance at (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72)
(cid:2)ccumulated (cid:5)epreciation
Balance at (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:75)
Depreciation expense
Disposals
Balance at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76)
(cid:15)et carrying amount
As at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76)
Gross carrying amount
Balance at (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)3
Additions
Disposals
(cid:3)alance at (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:71)
(cid:2)ccumulated (cid:5)epreciation
Balance at (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)3
Depreciation expense
Impairment of assets
Disposals
Balance at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:75)
(cid:15)et carrying amount
As at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:75)
(cid:78)(cid:72),(cid:73)(cid:71)3
-
(cid:72),(cid:71)(cid:73)(cid:79),(cid:76)(cid:77)(cid:72)
(cid:80)(cid:76)(cid:72),(cid:76)(cid:76)(cid:80)
(cid:73),(cid:71)(cid:76)(cid:72),3(cid:73)3
See accounting policy in (cid:15)ote (cid:72)(m), regarding useful life assumptions.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:70)(cid:55) (cid:10)ntangi(cid:28)le assets
Goodwill allocated to:
Secured operations
(cid:21)nsecured operations
Customer contacts
Less Accumulated amortisation
Total
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:72)(cid:71),(cid:73)(cid:80)(cid:75),(cid:79)(cid:76)(cid:75)
(cid:78),(cid:71)(cid:78)(cid:79),(cid:77)33
(cid:72)(cid:78),3(cid:78)3,(cid:75)(cid:79)(cid:78)
(cid:73),(cid:73)(cid:77)(cid:76),(cid:71)(cid:71)(cid:71)
((cid:73)(cid:77)(cid:75),(cid:73)(cid:76)(cid:71))
(cid:73),(cid:71)(cid:71)(cid:71),(cid:78)(cid:76)(cid:71)
(cid:72)(cid:71),(cid:73)(cid:80)(cid:75),(cid:79)(cid:76)(cid:75)
(cid:76),(cid:71)(cid:77)(cid:79),(cid:77)33
(cid:72)(cid:76),3(cid:77)3,(cid:75)(cid:79)(cid:78)
-
-
-
(cid:72)(cid:80),3(cid:78)(cid:75),(cid:73)3(cid:78)
(cid:72)(cid:76),3(cid:77)3,(cid:75)(cid:79)(cid:78)
Reconciliations
Reconciliation of the fair values at the beginning and end of the current financial year are set out below:
Balance at (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)3
Balance at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:75)
Addition from business acquisition
Amortisation expense
Balance at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76)
(cid:3)ac(cid:37)ground
Goodwill
(cid:72)(cid:76),3(cid:77)3,(cid:75)(cid:79)(cid:78)
Customer contacts
-
(cid:72)(cid:76),3(cid:77)3,(cid:75)(cid:79)(cid:78)
(cid:73),(cid:71)(cid:72)(cid:71),(cid:71)(cid:71)(cid:71)
-
(cid:72)(cid:78),3(cid:76)3,(cid:75)(cid:79)(cid:78)
-
(cid:73),(cid:73)(cid:77)(cid:76),(cid:71)(cid:71)(cid:71)
((cid:73)(cid:77)(cid:75),(cid:73)(cid:76)(cid:71))
(cid:73),(cid:71)(cid:71)(cid:71),(cid:78)(cid:76)(cid:71)
Total
(cid:72)(cid:76),3(cid:77)3,(cid:75)(cid:79)(cid:78)
(cid:72)(cid:76),3(cid:77)3,(cid:75)(cid:79)(cid:78)
(cid:75),(cid:73)(cid:78)(cid:76),(cid:71)(cid:71)(cid:71)
((cid:73)(cid:77)(cid:75),(cid:73)(cid:76)(cid:71))
(cid:72)(cid:80),3(cid:78)(cid:75),(cid:73)3(cid:78)
Goodwill is allocated for impairment testing purposes to two cash generating units (CG(cid:21)'s), being the secured
operations and unsecured operations. The recoverable amount of the cash generating unit is based on a number of
key assumptions as detailed below.
Due to the growth of the business the directors have reorganised the reporting structure and monitor operations on
the basis of secured lending, unsecured lending. In accordance with the requirement of accounting standard AASB (cid:72)3(cid:77)
Impairment of Assets the reallocation of goodwill between the new segments was based on a relative value approach.
Good(cid:49)ill (cid:10)mpairment tests and (cid:37)ey assumptions used
As at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76), the directors have approved the (cid:73)(cid:71)(cid:72)(cid:77) Budget and the assumptions that it is based as reasonable
taking into consideration the historic performance of the company. Therefore directors concluded that there is no
impairment of goodwill ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)nil).
The following are the key assumptions used in testing the recoverable value of goodwill:
a(cid:46) (cid:17)e(cid:24)ured o(cid:36)eration(cid:39)
Cash flo(cid:49)s
The value in use calculations use cash flow projections based on past operating results and budgets approved by the
directors for the 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:77) financial year extended over a further four year period, in total covering a five-year
period and a terminal value. The 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:77) financial year budget allows a growth in operating expenses of (cid:72)(cid:80)(cid:83) and
an increase in revenue of (cid:73)(cid:73)(cid:83), which is supported by the increase in funding during the (cid:73)(cid:71)(cid:72)(cid:76) financial year.
Gro(cid:49)th rate
The terminal value growth used to extrapolate cash flows beyond the five year period is (cid:73).(cid:76)(cid:83). Projected revenue
growth beyond the one-year period has been extrapolated using a (cid:75)(cid:83) per annum growth rate. Projected operating
costs beyond the one-year period have been extrapolated using a (cid:73).(cid:76)(cid:83) to (cid:75)(cid:83) growth rate.
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Annual Report 2015 | MNY
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
Consolidated
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:72)(cid:71),(cid:73)(cid:80)(cid:75),(cid:79)(cid:76)(cid:75)
(cid:78),(cid:71)(cid:78)(cid:79),(cid:77)33
(cid:72)(cid:78),3(cid:78)3,(cid:75)(cid:79)(cid:78)
(cid:73),(cid:73)(cid:77)(cid:76),(cid:71)(cid:71)(cid:71)
((cid:73)(cid:77)(cid:75),(cid:73)(cid:76)(cid:71))
(cid:73),(cid:71)(cid:71)(cid:71),(cid:78)(cid:76)(cid:71)
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:72)(cid:71),(cid:73)(cid:80)(cid:75),(cid:79)(cid:76)(cid:75)
(cid:76),(cid:71)(cid:77)(cid:79),(cid:77)33
(cid:72)(cid:76),3(cid:77)3,(cid:75)(cid:79)(cid:78)
-
-
-
(cid:72)(cid:80),3(cid:78)(cid:75),(cid:73)3(cid:78)
(cid:72)(cid:76),3(cid:77)3,(cid:75)(cid:79)(cid:78)
1(cid:70)(cid:55) (cid:10)ntangi(cid:28)le assets
Goodwill allocated to:
Secured operations
(cid:21)nsecured operations
Customer contacts
Less Accumulated amortisation
Total
Reconciliations
Balance at (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)3
Balance at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:75)
Addition from business acquisition
Amortisation expense
Balance at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76)
(cid:3)ac(cid:37)ground
Reconciliation of the fair values at the beginning and end of the current financial year are set out below:
Goodwill
(cid:72)(cid:76),3(cid:77)3,(cid:75)(cid:79)(cid:78)
(cid:72)(cid:76),3(cid:77)3,(cid:75)(cid:79)(cid:78)
(cid:73),(cid:71)(cid:72)(cid:71),(cid:71)(cid:71)(cid:71)
-
(cid:72)(cid:78),3(cid:76)3,(cid:75)(cid:79)(cid:78)
Customer contacts
-
-
(cid:73),(cid:73)(cid:77)(cid:76),(cid:71)(cid:71)(cid:71)
((cid:73)(cid:77)(cid:75),(cid:73)(cid:76)(cid:71))
(cid:73),(cid:71)(cid:71)(cid:71),(cid:78)(cid:76)(cid:71)
Total
(cid:72)(cid:76),3(cid:77)3,(cid:75)(cid:79)(cid:78)
(cid:72)(cid:76),3(cid:77)3,(cid:75)(cid:79)(cid:78)
(cid:75),(cid:73)(cid:78)(cid:76),(cid:71)(cid:71)(cid:71)
((cid:73)(cid:77)(cid:75),(cid:73)(cid:76)(cid:71))
(cid:72)(cid:80),3(cid:78)(cid:75),(cid:73)3(cid:78)
Goodwill is allocated for impairment testing purposes to two cash generating units (CG(cid:21)'s), being the secured
operations and unsecured operations. The recoverable amount of the cash generating unit is based on a number of
key assumptions as detailed below.
Due to the growth of the business the directors have reorganised the reporting structure and monitor operations on
the basis of secured lending, unsecured lending. In accordance with the requirement of accounting standard AASB (cid:72)3(cid:77)
Impairment of Assets the reallocation of goodwill between the new segments was based on a relative value approach.
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:70)(cid:55) (cid:10)ntangi(cid:28)le assets (cid:58)continued(cid:59)
(cid:10)mpairment tests and (cid:37)ey assumptions used (cid:58)continued(cid:59)
(cid:5)iscount rate
The discount rate applied to the cash flow projections is (cid:72)(cid:72)(cid:83) pre tax. The discount rate is derived using the capital
asset pricing model by estimating the company’s weighted average cost of capital with appropriate adjustment for
cost of equity, risk free rate of interest, market risk premium and the beta of GICS Class (cid:72)(cid:78) – Diversified (cid:7)inancials
sector.
Based on the above, the recoverable amount of the secured operations division exceed the carrying amount by
(cid:68)(cid:73)(cid:80)(cid:73),(cid:78)(cid:71)(cid:72),(cid:73)(cid:72)(cid:72).
(cid:23)(cid:46) (cid:19)n(cid:39)e(cid:24)ured o(cid:36)eration(cid:39)
Cash flo(cid:49)s
The value in use calculations use cash flow projections based on past operating results and budgets approved by the
directors for the 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:77) financial year extended over a further four year period, in total covering a five-year
period and a terminal value. The 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:77) financial year budget allows for a growth in operating expenses of (cid:72)(cid:78)(cid:83)
and an increase in revenue of (cid:72)(cid:76)(cid:83).
Gro(cid:49)th rate
The terminal value growth used to extrapolate cash flows beyond the five year period is (cid:73).(cid:76)(cid:83). Projected revenue
growth beyond the one-year period have been extrapolated using a steady (cid:75)(cid:83) per annum growth rate. Projected
operating costs beyond the one-year period have been extrapolated using a (cid:73).(cid:76)(cid:83) to (cid:75)(cid:83) growth rate.
(cid:5)iscount rate
The discount rate applied to the cash flow projections is (cid:72)3(cid:83) pre tax. The discount rate is derived using the capital
asset pricing model by estimating the company’s weighted average cost of capital with appropriate adjustment for
cost of equity, risk free rate of interest, market risk premium and the beta of GICS Class (cid:72)(cid:78) – Diversified (cid:7)inancials
sector.
Based on the above, the recoverable amount of the unsecured operations division exceed the carrying amount by
(cid:68)(cid:72)(cid:79)3,(cid:72)(cid:78)3,3(cid:76)(cid:77).
Good(cid:49)ill (cid:10)mpairment tests and (cid:37)ey assumptions used
(cid:24)(cid:46) (cid:52)(cid:50)(cid:51)(cid:55) a(cid:39)(cid:39)um(cid:36)tion(cid:39)
As at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76), the directors have approved the (cid:73)(cid:71)(cid:72)(cid:77) Budget and the assumptions that it is based as reasonable
taking into consideration the historic performance of the company. Therefore directors concluded that there is no
In (cid:73)(cid:71)(cid:72)(cid:75) the key assumptions used to calculate cash flows were a growth in operating expenses of 3(cid:71)(cid:83) in (cid:73)(cid:71)(cid:72)(cid:76) and in
the following years of (cid:73).(cid:76)(cid:83) to 3.(cid:76)(cid:83), increase of revenue of 3(cid:80)(cid:83) in (cid:73)(cid:71)(cid:72)(cid:76) and in the following years of (cid:73).(cid:76)(cid:83) to (cid:76)(cid:83).
impairment of goodwill ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)nil).
The following are the key assumptions used in testing the recoverable value of goodwill:
Management believe that any reasonable possible change in the key assumptions on which the recoverable amount is
based would not cause the carrying amount to exceed the recoverable amount of the CG(cid:21)'s.
a(cid:46) (cid:17)e(cid:24)ured o(cid:36)eration(cid:39)
Cash flo(cid:49)s
Gro(cid:49)th rate
The value in use calculations use cash flow projections based on past operating results and budgets approved by the
directors for the 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:77) financial year extended over a further four year period, in total covering a five-year
period and a terminal value. The 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:77) financial year budget allows a growth in operating expenses of (cid:72)(cid:80)(cid:83) and
an increase in revenue of (cid:73)(cid:73)(cid:83), which is supported by the increase in funding during the (cid:73)(cid:71)(cid:72)(cid:76) financial year.
The terminal value growth used to extrapolate cash flows beyond the five year period is (cid:73).(cid:76)(cid:83). Projected revenue
growth beyond the one-year period has been extrapolated using a (cid:75)(cid:83) per annum growth rate. Projected operating
costs beyond the one-year period have been extrapolated using a (cid:73).(cid:76)(cid:83) to (cid:75)(cid:83) growth rate.
1(cid:71)(cid:55) (cid:21)rade and other paya(cid:28)les
Current
Trade and other payables
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:75),(cid:78)(cid:72)(cid:71),(cid:75)(cid:71)(cid:77)
(cid:73),(cid:73)(cid:80)(cid:73),(cid:78)(cid:75)(cid:71)
Trade creditors and other creditors are non-interest bearing liabilities. Trade creditor payments are processed once
they have reached 3(cid:71) days from the date of invoice for electronic funds transfer payments or cheque payment or 3(cid:71)
days from the end of the month of invoice for other payments. (cid:15)o interest is charged on trade payables.
All amounts are short term and the carrying values are considered to be a reasonable approximation of fair value.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:72)(cid:55) Provisions
Current
Employee benefits – current (i)
Lease make good
(cid:15)on(cid:57)Current
Employee benefits – non-current
(cid:72),(cid:73)3(cid:80),(cid:80)(cid:80)(cid:77)
(cid:73)(cid:76),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:73)(cid:77)(cid:75),(cid:80)(cid:80)(cid:77)
(cid:79)(cid:71)(cid:77),(cid:73)(cid:76)(cid:76)
(cid:78)(cid:75),(cid:80)(cid:78)(cid:71)
(cid:79)(cid:79)(cid:72),(cid:73)(cid:73)(cid:76)
(cid:72)(cid:71)(cid:79),(cid:80)(cid:75)(cid:79)
(cid:79)(cid:77),(cid:79)(cid:73)3
(i) The current provision for employee benefits includes accrued annual leave and long service leave. (cid:7)or long service leave it
covers all unconditional entitlements where employees have completed the required period of service and also those where
employees are entitled to pro-rata payments in certain circumstances. The entire amount of the provision of (cid:68)(cid:72),(cid:73)(cid:77)(cid:75),(cid:80)(cid:80)(cid:77)
((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:79)(cid:71)(cid:77),(cid:73)(cid:76)(cid:76)) is presented as current, since the group does not have an unconditional right to defer settlement for any of
these obligations. However based on past experience, the group does not expect all employees to take the full amount of
accrued long service leave or require payment within the next (cid:72)(cid:73) months. The current leave obligations expected to be
settled after (cid:72)(cid:73) months is (cid:68)(cid:72)(cid:71)(cid:79),(cid:80)(cid:75)(cid:79) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:79)(cid:77),(cid:79)(cid:73)3)
Lease ma(cid:37)e good
The provision represents the present value of the estimated costs to make good the premises leased by the
consolidated entity at the end of the respective lease terms.
(cid:14)ovement in provisions
Movements in each class of provision during the financial year, other than employee benefits, are set out below:
Lease ma(cid:37)e good
Carrying amount at start of the year
Additional provisions recognised
Amounts used
Amounts reversed
1(cid:73)(cid:55) (cid:5)erivative financial lia(cid:28)ilities
Current
Interest rate swap
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:78)(cid:75),(cid:80)(cid:78)(cid:71)
(cid:73)(cid:76),(cid:71)(cid:71)(cid:71)
(3(cid:76),(cid:80)(cid:78)(cid:71))
(3(cid:80),(cid:71)(cid:71)(cid:71))
(cid:73)(cid:76),(cid:71)(cid:71)(cid:71)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:72)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:78)(cid:75),(cid:80)(cid:78)(cid:71)
((cid:76)(cid:79),(cid:77)(cid:73)(cid:71))
((cid:75)(cid:72),3(cid:79)(cid:71))
(cid:78)(cid:75),(cid:80)(cid:78)(cid:71)
(cid:76)(cid:76),3(cid:73)3
(cid:76)(cid:76),3(cid:73)3
-
-
The interest rate swap was taken out to mitigate the interest rate risk associated the receivables funding facility. The
interest rate swap expires on the (cid:73)(cid:73)(cid:56)(cid:72)(cid:73)(cid:56)(cid:73)(cid:71)(cid:72)(cid:78)
54
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M o n e y 3 C o r p o r a t
i o n L i m i
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Money3 Corporation Limited
For personal use only
M N Y
|
A n n u a l
R e p o r t
2 0 1 5
A n n u a l
R e p o r t
2 0 1 5
M N Y
Annual Report 2015 | MNY
|
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:72)(cid:55) Provisions
Current
Employee benefits – current (i)
Lease make good
(cid:15)on(cid:57)Current
Employee benefits – non-current
(i) The current provision for employee benefits includes accrued annual leave and long service leave. (cid:7)or long service leave it
covers all unconditional entitlements where employees have completed the required period of service and also those where
employees are entitled to pro-rata payments in certain circumstances. The entire amount of the provision of (cid:68)(cid:72),(cid:73)(cid:77)(cid:75),(cid:80)(cid:80)(cid:77)
((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:79)(cid:71)(cid:77),(cid:73)(cid:76)(cid:76)) is presented as current, since the group does not have an unconditional right to defer settlement for any of
these obligations. However based on past experience, the group does not expect all employees to take the full amount of
accrued long service leave or require payment within the next (cid:72)(cid:73) months. The current leave obligations expected to be
settled after (cid:72)(cid:73) months is (cid:68)(cid:72)(cid:71)(cid:79),(cid:80)(cid:75)(cid:79) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:79)(cid:77),(cid:79)(cid:73)3)
Lease ma(cid:37)e good
The provision represents the present value of the estimated costs to make good the premises leased by the
consolidated entity at the end of the respective lease terms.
Movements in each class of provision during the financial year, other than employee benefits, are set out below:
Consolidated
Consolidated
(cid:14)ovement in provisions
Lease ma(cid:37)e good
Carrying amount at start of the year
Additional provisions recognised
Amounts used
Amounts reversed
1(cid:73)(cid:55) (cid:5)erivative financial lia(cid:28)ilities
Current
Interest rate swap
(cid:72),(cid:73)3(cid:80),(cid:80)(cid:80)(cid:77)
(cid:73)(cid:76),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:73)(cid:77)(cid:75),(cid:80)(cid:80)(cid:77)
(cid:79)(cid:71)(cid:77),(cid:73)(cid:76)(cid:76)
(cid:78)(cid:75),(cid:80)(cid:78)(cid:71)
(cid:79)(cid:79)(cid:72),(cid:73)(cid:73)(cid:76)
(cid:72)(cid:71)(cid:79),(cid:80)(cid:75)(cid:79)
(cid:79)(cid:77),(cid:79)(cid:73)3
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:78)(cid:75),(cid:80)(cid:78)(cid:71)
(cid:73)(cid:76),(cid:71)(cid:71)(cid:71)
(3(cid:76),(cid:80)(cid:78)(cid:71))
(3(cid:80),(cid:71)(cid:71)(cid:71))
(cid:73)(cid:76),(cid:71)(cid:71)(cid:71)
(cid:76)(cid:76),3(cid:73)3
(cid:76)(cid:76),3(cid:73)3
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:72)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:78)(cid:75),(cid:80)(cid:78)(cid:71)
((cid:76)(cid:79),(cid:77)(cid:73)(cid:71))
((cid:75)(cid:72),3(cid:79)(cid:71))
(cid:78)(cid:75),(cid:80)(cid:78)(cid:71)
-
-
The interest rate swap was taken out to mitigate the interest rate risk associated the receivables funding facility. The
interest rate swap expires on the (cid:73)(cid:73)(cid:56)(cid:72)(cid:73)(cid:56)(cid:73)(cid:71)(cid:72)(cid:78)
1(cid:74)(cid:55) (cid:3)orro(cid:49)ings
Current
Bank loan
(cid:15)on Current
Bonds
-Bonds face value
-(cid:21)namortised bond issue and option costs
(cid:7)air value disclosures
(cid:78),(cid:75)(cid:78)(cid:73),(cid:80)(cid:79)(cid:73)
(cid:78),(cid:75)(cid:78)(cid:73),(cid:80)(cid:79)(cid:73)
-
-
3(cid:71),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
((cid:73),(cid:73)(cid:77)(cid:72),(cid:73)(cid:76)(cid:71))
(cid:73)(cid:78),(cid:78)3(cid:79),(cid:78)(cid:76)(cid:71)
3(cid:71),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
((cid:77)(cid:77)(cid:71),(cid:71)(cid:71)(cid:71))
(cid:73)(cid:80),3(cid:75)(cid:71),(cid:71)(cid:71)(cid:71)
The fair value of current borrowings approximates their carrying amount as the impact of discounting is not
significant.
(cid:7)air values of long term financial liabilities are based on cash flows discounted using fixed effective market interest
rates available to the Group. (cid:7)inance costs of (cid:68)3,(cid:71)(cid:72)(cid:76),(cid:71)(cid:71)(cid:71) have been recognised to be amortised over the life of the
bonds, which in effect discounts the (cid:68)3(cid:71),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) face value of the bonds to (cid:68)(cid:73)(cid:77),(cid:80)(cid:79)(cid:76),(cid:71)(cid:71)(cid:71).
(cid:15)o fair value changes have been included in profit or loss for the period as financial liabilities are carried at amortised
cost in the Statement of (cid:7)inancial Position.
(cid:3)an(cid:37) loans
Bank liabilities are denominated in Australian dollars. The bank facility is secured by a floating charge over the Group’s
assets.
Bank overdraft, bank loans and bills of exchange when utilised, bear interest at commercially negotiated rates. All
bank borrowings are subject to adherence to gearing and interest covenants and are subject to annual review. The
loan bears interest at the bank’s prime rates plus a margin payable monthly in arrears.
(cid:19)eceiva(cid:28)les funding
A (cid:68)(cid:73)(cid:71),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) securitised funding facility has been established using Money3 secured trade debtors that meet specific
criteria. As at the 3(cid:71) (cid:11)une (cid:68)(cid:72)(cid:79),(cid:78)(cid:80)(cid:75),(cid:73)(cid:79)(cid:71) of Money3 trade debtor’s meet the specific criteria of the securitisation
funding facility. The facility term is (cid:72)(cid:73) months extendable annually at the discretion of (cid:23)estpac, and the interest rate
is based on a base rate plus a margin.
(cid:3)onds
(cid:16)n the (cid:72)(cid:75) May (cid:73)(cid:71)(cid:72)(cid:75) the first tranche of the bond issue was made of (cid:68)(cid:72)(cid:76),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) and the second tranche was issued
on 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:75) of (cid:68)(cid:72)(cid:76),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71). The bonds have a maturity of (cid:75) years and an interest rate of (cid:80)(cid:83) paid quarterly.
There is a general security deed over all the company’s assets. The initial subscribers under the bond issue will receive
(cid:76)(cid:71) options for every (cid:68)(cid:72)(cid:71)(cid:71) invested. The exercise price of the options is (cid:68)(cid:72).3(cid:71) and can be exercised any time prior to
maturity date.
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Money3 Corporation Limited
M o n e y 3 C o r p o r a t
i o n L i m i
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|
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For personal use only
M N Y
Annual Report 2015 | MNY
|
A n n u a l
R e p o r t
2 0 1 5
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:73)(cid:55) (cid:3)orro(cid:49)ings (cid:58)continued(cid:59)
(cid:7)inancing facilities availa(cid:28)le
(cid:21)otal facilities
- Bank overdraft
- Receivables funding facilities
(cid:7)acilities used at reporting date
- Bank overdraft
- Receivables funding facilities
(cid:7)acilities unused at reporting date
- Bank overdraft
- Receivables funding facilities
(cid:21)otal facilities
- (cid:7)acilities used at reporting date
- (cid:7)acilities unused at reporting date
(cid:2)ssets pledged as security
(cid:15)on(cid:57)current
(cid:7)loating charge
- Receivables funding facilities
- Plant and equipment
(cid:21)otal assets pledged as security
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
-
(cid:73)(cid:71),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73)(cid:71),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
(cid:78),(cid:75)(cid:78)(cid:73),(cid:80)(cid:79)(cid:73)
(cid:78),(cid:75)(cid:78)(cid:73),(cid:80)(cid:79)(cid:73)
-
(cid:72)(cid:73),(cid:76)(cid:73)(cid:78),(cid:71)(cid:72)(cid:79)
(cid:72)(cid:73),(cid:76)(cid:73)(cid:78),(cid:71)(cid:72)(cid:79)
(cid:78),(cid:75)(cid:78)(cid:73),(cid:80)(cid:79)(cid:73)
(cid:72)(cid:73),(cid:76)(cid:73)(cid:78),(cid:71)(cid:72)(cid:79)
(cid:73)(cid:71),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
-
-
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:79),(cid:78)(cid:80)(cid:75),(cid:73)(cid:79)(cid:71)
(cid:73),(cid:76)(cid:78)(cid:72),(cid:72)(cid:71)(cid:80)
(cid:73)(cid:72),3(cid:77)(cid:76),3(cid:79)(cid:80)
-
(cid:73),(cid:71)(cid:76)(cid:72),3(cid:73)3
(cid:73),(cid:71)(cid:76)(cid:72),3(cid:73)3
(cid:21)nder the arrangement of the bank borrowing facilities, all property, plant and equipment of the Group has been
pledged as security. The holder of the security does not have the right to sell or re-pledge the assets.
Details of the Groups risk exposure arising from borrowings are provided in (cid:15)ote (cid:73)(cid:77).
56
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M o n e y 3 C o r p o r a t
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Money3 Corporation Limited
For personal use only
M N Y
|
A n n u a l
R e p o r t
2 0 1 5
A n n u a l
R e p o r t
2 0 1 5
M N Y
Annual Report 2015 | MNY
|
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:73)(cid:55) (cid:3)orro(cid:49)ings (cid:58)continued(cid:59)
(cid:7)inancing facilities availa(cid:28)le
(cid:21)otal facilities
- Bank overdraft
- Receivables funding facilities
(cid:7)acilities used at reporting date
- Bank overdraft
- Receivables funding facilities
(cid:7)acilities unused at reporting date
- Bank overdraft
- Receivables funding facilities
(cid:21)otal facilities
- (cid:7)acilities used at reporting date
- (cid:7)acilities unused at reporting date
(cid:2)ssets pledged as security
(cid:15)on(cid:57)current
(cid:7)loating charge
- Receivables funding facilities
- Plant and equipment
(cid:21)otal assets pledged as security
Consolidated
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:73)(cid:71),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73)(cid:71),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:78),(cid:75)(cid:78)(cid:73),(cid:80)(cid:79)(cid:73)
(cid:78),(cid:75)(cid:78)(cid:73),(cid:80)(cid:79)(cid:73)
-
-
-
(cid:72)(cid:73),(cid:76)(cid:73)(cid:78),(cid:71)(cid:72)(cid:79)
(cid:72)(cid:73),(cid:76)(cid:73)(cid:78),(cid:71)(cid:72)(cid:79)
(cid:78),(cid:75)(cid:78)(cid:73),(cid:80)(cid:79)(cid:73)
(cid:72)(cid:73),(cid:76)(cid:73)(cid:78),(cid:71)(cid:72)(cid:79)
(cid:73)(cid:71),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:79),(cid:78)(cid:80)(cid:75),(cid:73)(cid:79)(cid:71)
(cid:73),(cid:76)(cid:78)(cid:72),(cid:72)(cid:71)(cid:80)
(cid:73)(cid:72),3(cid:77)(cid:76),3(cid:79)(cid:80)
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
-
-
-
-
-
-
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:71)(cid:76)(cid:72),3(cid:73)3
(cid:73),(cid:71)(cid:76)(cid:72),3(cid:73)3
(cid:21)nder the arrangement of the bank borrowing facilities, all property, plant and equipment of the Group has been
pledged as security. The holder of the security does not have the right to sell or re-pledge the assets.
Details of the Groups risk exposure arising from borrowings are provided in (cid:15)ote (cid:73)(cid:77).
1(cid:75)(cid:55) (cid:10)ssued capital
(cid:7)ully paid ordinary shares
(cid:58)a(cid:59) (cid:14)ovement in shares on issue
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:72)(cid:71)(cid:73),(cid:72)(cid:79)(cid:71),(cid:73)(cid:71)(cid:80)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:78)(cid:72),(cid:72)(cid:80)(cid:76),(cid:75)(cid:73)(cid:76)
Movement in the shares on issue of the consolidated entity during the financial year are summari(cid:51)ed below.
Balance at the beginning of the financial year
Issued during the year:
Issue of shares to public at (cid:68)(cid:72).(cid:75)(cid:76) each
Issue of shares to public at (cid:68)(cid:72).(cid:71)(cid:71) each
Issue of shares to public at (cid:68)(cid:71).(cid:79)(cid:76) each
Issue of shares to public at (cid:68)(cid:71).(cid:80)(cid:80)(cid:76)(cid:75) each
Issue of shares to shareholders under the Share
Purchase Plan at (cid:68)(cid:72).(cid:75)(cid:76) each
Share issue costs
Deferred tax credit
Issue of shares due to exercise of options at (cid:68)(cid:71).(cid:78)(cid:71) each
Issue of shares due to exercise of options at (cid:68)(cid:71).(cid:79)(cid:76) each
Issue of shares to employees at (cid:68)(cid:72).(cid:71)(cid:71) each
Issue of shares to employees at (cid:68)(cid:72).(cid:71)(cid:75) each
Issue of shares on DRP
Balance at end of financial year 3(cid:71) (cid:11)une
(cid:58)(cid:28)(cid:59) (cid:14)ovements in share options
Consolidated (cid:69)(cid:67)1(cid:72)
Consolidated (cid:69)(cid:67)1(cid:71)
(cid:15)um(cid:28)er of
ordinary shares
(cid:72)(cid:71)(cid:78),(cid:72)(cid:79)(cid:78),3(cid:73)(cid:78)
(cid:23)alue
(cid:64)
(cid:78)(cid:72),(cid:72)(cid:80)(cid:76),(cid:75)(cid:73)(cid:76)
(cid:15)um(cid:28)er of
ordinary shares
(cid:78)(cid:79),(cid:73)(cid:73)(cid:73),(cid:75)3(cid:73)
(cid:23)alue
(cid:64)
(cid:75)(cid:76),(cid:71)(cid:80)(cid:78),(cid:76)(cid:79)(cid:79)
(cid:72)3,(cid:78)(cid:80)3,(cid:72)(cid:71)(cid:76)
-
-
-
(cid:73)(cid:71),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:73)
-
-
-
(cid:72)(cid:73),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:75),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:77)(cid:72)(cid:76),3(cid:75)(cid:80)
(cid:72)(cid:73),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:72),(cid:80)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:77)(cid:71)(cid:78),(cid:80)(cid:72)(cid:79)
(cid:77),(cid:75)(cid:77)(cid:77),(cid:75)(cid:77)(cid:73)
(cid:80),3(cid:78)(cid:77),3(cid:78)(cid:71)
-
-
-
-
-
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
(cid:72)(cid:75)(cid:72),(cid:75)(cid:72)(cid:75)
((cid:78)(cid:76)3,(cid:78)(cid:76)(cid:76))
(cid:73)(cid:73)(cid:77),(cid:72)(cid:73)(cid:78)
-
(cid:72)(cid:78)(cid:71),(cid:71)(cid:71)(cid:71)
-
(cid:72)(cid:75)(cid:78),(cid:71)(cid:78)(cid:72)
(cid:72),(cid:75)(cid:77)(cid:75),(cid:79)(cid:80)(cid:76)
(cid:72)(cid:73)(cid:80),(cid:73)(cid:76)3,(cid:73)(cid:71)3
(cid:72),(cid:79)(cid:72)(cid:79),(cid:80)(cid:77)(cid:80)
(cid:72)(cid:71)(cid:73),(cid:72)(cid:79)(cid:71),(cid:73)(cid:71)(cid:80)
-
-
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
(cid:75)(cid:80),(cid:71)(cid:71)(cid:71)
-
(cid:72),(cid:72)(cid:71)(cid:71),(cid:76)(cid:75)(cid:77)
(cid:72)(cid:71)(cid:78),(cid:72)(cid:79)(cid:78),3(cid:73)(cid:78)
((cid:80)(cid:80)(cid:77),(cid:73)(cid:71)(cid:80))
(cid:73)(cid:80)(cid:79),(cid:79)(cid:77)3
(cid:72)(cid:75)(cid:71),(cid:71)(cid:71)(cid:71)
-
(cid:75)(cid:80),(cid:71)(cid:71)(cid:71)
-
(cid:72),(cid:71)(cid:80)(cid:79),(cid:73)(cid:77)(cid:76)
(cid:78)(cid:72),(cid:72)(cid:80)(cid:76),(cid:75)(cid:73)(cid:76)
Movement in the share options of the consolidated entity during the financial year are summari(cid:51)ed below.
Balance at (cid:72) (cid:11)uly
Granted during the financial period
Exercised during the financial period
Lapsed during the financial period
(cid:69)(cid:67)1(cid:72)
(cid:15)um(cid:28)er
(cid:78),(cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:79),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
((cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71))
-
(cid:69)(cid:67)1(cid:71)
(cid:15)um(cid:28)er
3,(cid:76)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:75),(cid:76)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
((cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71))
-
Balance at the end of the financial period
(cid:73)(cid:76),(cid:77)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:78),(cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:58)c(cid:59) (cid:21)erms and conditions of issued capital
(cid:14)rdinar(cid:45) (cid:39)(cid:29)are(cid:39)
(cid:16)rdinary shares have the right to receive dividends as declared and, in the event of winding up the Company, to
participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on
shares held.
(cid:16)rdinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.
The company does not have limited authorised capital and issued shares have no par value.
(cid:14)(cid:36)tion(cid:39)
The company has (cid:73)(cid:76),(cid:77)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71) options on issue at the end of the financial year. The holders of the options are not
permitted to exercise those options until after the vesting date.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
1(cid:76)(cid:55) (cid:19)eserves
Share option reserve
Balance at (cid:72) (cid:11)uly
Share based payments expensed for the year
Bond (cid:16)ptions issued
Lapsed options transferred to accumulated profits
Balance at 3(cid:71) (cid:11)une
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:72)(cid:79)(cid:78),(cid:71)(cid:77)(cid:75)
(cid:73)(cid:75)(cid:80),(cid:73)(cid:75)(cid:78)
(cid:73),3(cid:76)(cid:76),(cid:71)(cid:71)(cid:71)
-
(cid:73),(cid:78)(cid:80)(cid:72),3(cid:72)(cid:72)
(cid:76)(cid:76),(cid:78)(cid:77)(cid:80)
(cid:72)3(cid:72),(cid:73)(cid:80)(cid:76)
-
(cid:72)(cid:79)(cid:78),(cid:71)(cid:77)(cid:75)
The share option reserve is used to recognise the fair value of options issued to employees and bond holders but not
exercised.
(cid:69)(cid:67)(cid:55) Statement of cash flo(cid:49)s
(cid:58)a(cid:59) (cid:19)econciliation of cash
Cash at the end of the year as shown in the Statement of Cash (cid:7)lows is reconciled to the related items in the
Statement of (cid:7)inancial Position as follows:
Cash at bank and on hand
Bank overdraft
Cash at bank and on hand
(cid:72)(cid:73),(cid:75)(cid:72)(cid:79),(cid:73)(cid:71)(cid:77)
-
(cid:72)(cid:73),(cid:75)(cid:72)(cid:79),(cid:73)(cid:71)(cid:77)
(cid:73)3,(cid:77)(cid:78)(cid:80),(cid:71)(cid:77)3
-
(cid:73)3,(cid:77)(cid:78)(cid:80),(cid:71)(cid:77)3
(cid:58)(cid:28)(cid:59) (cid:19)econciliation of operating profit after income ta(cid:50) to net cash flo(cid:49)s from operating activities
(cid:15)et Profit after tax
(cid:15)on cash items:
Depreciation and amortisation expense
Impairment of property, plant and equipment
Profit on sale of property, plant and equipment
Bad and doubtful debts allowance
Amortisation of cost of bonds
Interest capitalised
Share based payments
Changes in (cid:14)ovements in assets and lia(cid:28)ilities:
(Increase)(cid:56)decrease in assets
Trade and other receivables
Deferred tax assets
Increase(cid:56)(decrease) in liabilities
Trade and other payables
Current tax payable
Derivative financial liabilities
Provisions
Cash flows from operations
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
(cid:80)3(cid:73),(cid:76)(cid:80)(cid:79)
-
((cid:73)(cid:71),(cid:78)3(cid:72))
(cid:72)(cid:71),(cid:72)(cid:75)(cid:78),(cid:73)3(cid:72)
(cid:78)(cid:76)3,(cid:78)(cid:76)(cid:71)
-
(cid:73)(cid:75)(cid:80),(cid:73)(cid:75)(cid:78)
((cid:77)(cid:78),(cid:76)(cid:73)(cid:80),(cid:79)(cid:79)(cid:76))
((cid:78)(cid:76)(cid:75),(cid:79)(cid:75)(cid:80))
(cid:73),(cid:75)(cid:79)(cid:71),(cid:71)3(cid:79)
(cid:72),(cid:73)(cid:76)(cid:71),(cid:76)(cid:77)(cid:75)
(cid:76)(cid:76),3(cid:73)3
(cid:73)(cid:71)(cid:73),(cid:79)3(cid:72)
(3(cid:79),(cid:73)(cid:80)3,(cid:73)(cid:77)(cid:79))
(cid:72),(cid:72)(cid:77)(cid:79),(cid:77)(cid:77)(cid:76)
(cid:72)(cid:80)(cid:71),(cid:78)(cid:75)(cid:72)
3(cid:79)(cid:78),(cid:80)(cid:78)(cid:73)
(cid:73),(cid:80)(cid:73)3,(cid:80)(cid:75)(cid:72)
-
((cid:77)(cid:77)(cid:71),(cid:71)(cid:71)(cid:71))
(cid:72)3(cid:72),(cid:73)(cid:80)(cid:76)
((cid:75)3,3(cid:78)(cid:79),(cid:80)(cid:80)3)
((cid:72),(cid:72)(cid:71)(cid:73),(cid:72)(cid:76)(cid:80))
(cid:80)(cid:77)(cid:73),(cid:73)(cid:72)(cid:73)
(cid:73),(cid:73)(cid:71)(cid:79),(cid:76)(cid:75)(cid:79)
(cid:75)(cid:71)(cid:73),3(cid:78)(cid:73)
((cid:73)(cid:79),(cid:80)33,(cid:78)(cid:77)3)
(cid:58)c(cid:59) (cid:15)on cash financing and investment activities:
There were no non cash financing and investing activities during the year.
58
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1(cid:76)(cid:55) (cid:19)eserves
Share option reserve
Balance at (cid:72) (cid:11)uly
Bond (cid:16)ptions issued
Balance at 3(cid:71) (cid:11)une
Share based payments expensed for the year
Lapsed options transferred to accumulated profits
exercised.
(cid:69)(cid:67)(cid:55) Statement of cash flo(cid:49)s
(cid:58)a(cid:59) (cid:19)econciliation of cash
(cid:15)et Profit after tax
(cid:15)on cash items:
Depreciation and amortisation expense
Impairment of property, plant and equipment
Profit on sale of property, plant and equipment
Bad and doubtful debts allowance
Amortisation of cost of bonds
Interest capitalised
Share based payments
Changes in (cid:14)ovements in assets and lia(cid:28)ilities:
(Increase)(cid:56)decrease in assets
Trade and other receivables
Deferred tax assets
Increase(cid:56)(decrease) in liabilities
Trade and other payables
Current tax payable
Derivative financial liabilities
Provisions
Cash flows from operations
(cid:58)c(cid:59) (cid:15)on cash financing and investment activities:
There were no non cash financing and investing activities during the year.
-
-
-
(cid:80)3(cid:73),(cid:76)(cid:80)(cid:79)
((cid:73)(cid:71),(cid:78)3(cid:72))
(cid:72)(cid:71),(cid:72)(cid:75)(cid:78),(cid:73)3(cid:72)
(cid:78)(cid:76)3,(cid:78)(cid:76)(cid:71)
(cid:73)(cid:75)(cid:80),(cid:73)(cid:75)(cid:78)
((cid:77)(cid:78),(cid:76)(cid:73)(cid:80),(cid:79)(cid:79)(cid:76))
((cid:78)(cid:76)(cid:75),(cid:79)(cid:75)(cid:80))
(cid:73),(cid:75)(cid:79)(cid:71),(cid:71)3(cid:79)
(cid:72),(cid:73)(cid:76)(cid:71),(cid:76)(cid:77)(cid:75)
(cid:76)(cid:76),3(cid:73)3
(cid:73)(cid:71)(cid:73),(cid:79)3(cid:72)
(3(cid:79),(cid:73)(cid:80)3,(cid:73)(cid:77)(cid:79))
(cid:72),(cid:72)(cid:77)(cid:79),(cid:77)(cid:77)(cid:76)
(cid:72)(cid:80)(cid:71),(cid:78)(cid:75)(cid:72)
3(cid:79)(cid:78),(cid:80)(cid:78)(cid:73)
(cid:73),(cid:80)(cid:73)3,(cid:80)(cid:75)(cid:72)
-
((cid:77)(cid:77)(cid:71),(cid:71)(cid:71)(cid:71))
(cid:72)3(cid:72),(cid:73)(cid:80)(cid:76)
((cid:75)3,3(cid:78)(cid:79),(cid:80)(cid:80)3)
((cid:72),(cid:72)(cid:71)(cid:73),(cid:72)(cid:76)(cid:80))
(cid:80)(cid:77)(cid:73),(cid:73)(cid:72)(cid:73)
(cid:73),(cid:73)(cid:71)(cid:79),(cid:76)(cid:75)(cid:79)
(cid:75)(cid:71)(cid:73),3(cid:78)(cid:73)
((cid:73)(cid:79),(cid:80)33,(cid:78)(cid:77)3)
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued (cid:59)
Consolidated
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:72)(cid:79)(cid:78),(cid:71)(cid:77)(cid:75)
(cid:73)(cid:75)(cid:80),(cid:73)(cid:75)(cid:78)
(cid:73),3(cid:76)(cid:76),(cid:71)(cid:71)(cid:71)
-
(cid:73),(cid:78)(cid:80)(cid:72),3(cid:72)(cid:72)
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:76)(cid:76),(cid:78)(cid:77)(cid:80)
(cid:72)3(cid:72),(cid:73)(cid:80)(cid:76)
-
(cid:72)(cid:79)(cid:78),(cid:71)(cid:77)(cid:75)
(cid:69)1(cid:55) (cid:3)usiness com(cid:28)inations
(cid:16)n (cid:79) December (cid:73)(cid:71)(cid:72)(cid:75) Money3 Corporation Ltd purchased the business of Paid International Ltd for consideration of
(cid:68)3,(cid:80)(cid:79)(cid:78),(cid:73)3(cid:79). The acquisition of the business added (cid:68)(cid:77),(cid:75)(cid:72)(cid:71),(cid:76)(cid:71)(cid:75) of revenue from operations and generated a profits of
(cid:68)(cid:77)(cid:71)3,(cid:80)(cid:73)(cid:79) before tax. The acquisition adds to Money3 Corporations Limited’s web presence and complements the
existing business. Goodwill of (cid:68)(cid:73),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) represents the expected synergies with other parts of the business and the
increased web presence that Money3 Corporation Ltd will obtain. The other intangible assets – customer contacts
have been valued at what is commonly paid for leads in the market by the number of customer contacts received, and
will be amortised over (cid:76) years. If the acquisition occurred on (cid:72) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:75), the full year contribution would have been
revenues of (cid:68)(cid:72)(cid:71),(cid:79)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71) and a profit before tax of (cid:68)(cid:72),3(cid:75)(cid:71),(cid:71)(cid:71)(cid:71). The accounting for this acquisition has only been
provisionally accounted for at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76) as valuations for customer contact and the associated tax effect are yet to
be finalised.
The share option reserve is used to recognise the fair value of options issued to employees and bond holders but not
Details of the acquisition are as follows;
Cash at the end of the year as shown in the Statement of Cash (cid:7)lows is reconciled to the related items in the
Statement of (cid:7)inancial Position as follows:
Cash at bank and on hand
Bank overdraft
Cash at bank and on hand
(cid:72)(cid:73),(cid:75)(cid:72)(cid:79),(cid:73)(cid:71)(cid:77)
(cid:73)3,(cid:77)(cid:78)(cid:80),(cid:71)(cid:77)3
-
(cid:72)(cid:73),(cid:75)(cid:72)(cid:79),(cid:73)(cid:71)(cid:77)
(cid:73)3,(cid:77)(cid:78)(cid:80),(cid:71)(cid:77)3
(cid:58)(cid:28)(cid:59) (cid:19)econciliation of operating profit after income ta(cid:50) to net cash flo(cid:49)s from operating activities
Employee Benefits
Creditors
Intangible assets – customer contacts
(cid:15)et assets acquired
Goodwill
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
Acquisition date fair value of the total consideration transferred
Representing:
Cash paid or payable to vendor
Cash used to acquire business, net of cash acquired:
Acquisition- date fair value of the total consideration transferred
(cid:15)et cash used
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
((cid:73)(cid:71)3,(cid:71)(cid:77)(cid:76))
((cid:79)(cid:75),(cid:77)(cid:80)(cid:78))
(cid:73),(cid:73)(cid:77)(cid:76),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:80)(cid:78)(cid:78),(cid:73)3(cid:79)
(cid:73),(cid:71)(cid:72)(cid:71),(cid:71)(cid:71)(cid:71)
3,(cid:80)(cid:79)(cid:78),(cid:73)3(cid:79)
3,(cid:80)(cid:79)(cid:78),(cid:73)3(cid:79)
3,(cid:80)(cid:79)(cid:78),(cid:73)3(cid:79)
3,(cid:80)(cid:79)(cid:78),(cid:73)3(cid:79)
(cid:69)(cid:69)(cid:55) Significant matters su(cid:28)se(cid:43)uent to the reporting date
(cid:16)n (cid:73)(cid:73) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:76), Mr Robert Bryant retired as Managing Director and executive director and Mr Scott Baldwin was
appointed as the acting Chief Executive (cid:16)fficer and Managing Director. (cid:16)n the (cid:73)(cid:80) September (cid:73)(cid:71)(cid:72)(cid:76) Mr Scott Baldwin
was appointed Managing Director.
(cid:16)n (cid:75) August (cid:73)(cid:71)(cid:72)(cid:76), Money3 Corporation Limited received notice from (cid:23)estpac of their intent to cease their banking
relationship with certain small consumer credit providers including Money3.
The (cid:23)estpac securitisation facility is currently drawn down to approximately (cid:68)(cid:72)(cid:71) million. (cid:23)estpac have committed to
honour all existing contracts with Money3. The existing facility has a (cid:72)(cid:73) month run off period after December (cid:73)(cid:71)(cid:72)(cid:76).
(cid:15)o other matters or circumstances has arisen since the end of the financial year that have significantly affected or
may significantly affect the operations of the Company, the results or the state of affairs of the Company in future
years.
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(cid:15)otes to the (cid:7)inancial Statements fo r the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:69)(cid:70)(cid:55) Segment information
A segment is a component of the consolidated entity that engages in business activities to provide products or
services within a particular economic environment. Management has identified two distinct operating segments that
are used to make decisions on the allocation of resources and assess their performance. The two segments are as
follows:
Secured operations
This segment provides lending facilities based on the provision of an underlying asset as security.
(cid:22)nsecured operations
This segment provides services and lending facilities without the provision of an underlying asset as security.
The performance of each segment is measured by the segment profit earned by each segment without the allocation
of central administration costs and directors' salaries, interest income and expense in relation to corporate facilities,
bad debt collection and tax expense. This is the measure reported to the Managing Director for the purpose of
resource allocation and assessment of segment performance.
The unallocated assets include various corporate assets held at a corporate level that have not been allocated to the
underlying segments.
The unallocated liabilities include various corporate liabilities held at a corporate level that have not been allocated to
the underlying segments.
Money3 Corporation Ltd only operates in Australia and therefore does not provide segment information of geographic
location.
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follows:
Secured operations
(cid:22)nsecured operations
underlying segments.
the underlying segments.
location.
The performance of each segment is measured by the segment profit earned by each segment without the allocation
of central administration costs and directors' salaries, interest income and expense in relation to corporate facilities,
bad debt collection and tax expense. This is the measure reported to the Managing Director for the purpose of
resource allocation and assessment of segment performance.
The unallocated assets include various corporate assets held at a corporate level that have not been allocated to the
The unallocated liabilities include various corporate liabilities held at a corporate level that have not been allocated to
Money3 Corporation Ltd only operates in Australia and therefore does not provide segment information of geographic
(cid:15)otes to the (cid:7)inancial Statements fo r the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:69)(cid:70)(cid:55) Segment information
A segment is a component of the consolidated entity that engages in business activities to provide products or
services within a particular economic environment. Management has identified two distinct operating segments that
are used to make decisions on the allocation of resources and assess their performance. The two segments are as
This segment provides lending facilities based on the provision of an underlying asset as security.
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:69)(cid:70)(cid:55) Segment information (cid:58)continued(cid:59)
Consolidated – (cid:69)(cid:67)1(cid:72)
Secured
(cid:22)nsecured
Segment (cid:21)otal
(cid:64)
(cid:64)
(cid:64)
(cid:6)liminations
(cid:56)(cid:22)nallocated
(cid:64)
(cid:21)otal
(cid:64)
(cid:19)evenue
Revenue from continuing operations
(cid:73)(cid:80),(cid:78)(cid:71)(cid:75),(cid:75)(cid:76)(cid:79)
3(cid:80),(cid:73)3(cid:73),3(cid:80)(cid:80)
(cid:77)(cid:79),(cid:80)3(cid:77),(cid:79)(cid:76)(cid:78)
-
(cid:77)(cid:79),(cid:80)3(cid:77),(cid:79)(cid:76)(cid:78)
Interest revenue
(cid:16)ther revenue
Total Revenue
(cid:75),(cid:80)(cid:76)(cid:79)
(cid:80),(cid:73)(cid:73)(cid:73)
(cid:72)(cid:75),(cid:75)(cid:72)(cid:80)
(cid:78)(cid:72),(cid:77)3(cid:76)
(cid:73)(cid:80),(cid:78)(cid:72)(cid:79),(cid:77)3(cid:79)
3(cid:80),3(cid:72)(cid:79),(cid:75)(cid:76)3
(cid:72)(cid:80),3(cid:78)(cid:78)
(cid:79)(cid:71),(cid:79)(cid:76)(cid:78)
(cid:77)(cid:80),(cid:71)3(cid:78),(cid:71)(cid:80)(cid:72)
(cid:75)(cid:71)(cid:71),(cid:79)(cid:77)(cid:73)
(3,(cid:78)3(cid:80))
3(cid:80)(cid:78),(cid:72)(cid:73)3
(cid:75)(cid:73)(cid:71),(cid:73)3(cid:80)
(cid:78)(cid:78),(cid:72)(cid:72)(cid:79)
(cid:77)(cid:80),(cid:75)3(cid:75),(cid:73)(cid:72)(cid:75)
This segment provides services and lending facilities without the provision of an underlying asset as security.
(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)
(cid:73)(cid:71),(cid:75)(cid:76)(cid:76),3(cid:75)(cid:71)
(cid:72)(cid:72),(cid:77)(cid:75)3,(cid:73)3(cid:73)
3(cid:73),(cid:71)(cid:80)(cid:79),(cid:76)(cid:78)(cid:73)
((cid:78),(cid:78)(cid:73)3,(cid:78)(cid:72)(cid:78))
(cid:73)(cid:75),3(cid:78)(cid:75),(cid:79)(cid:76)(cid:76)
Depreciation, amortisation, and
impairment
(cid:7)inance costs
Interest revenue
Profit (cid:28)efore income ta(cid:50)
Income Tax
Profit after income ta(cid:50)
(cid:2)ssets
Segment assets
(cid:5)na(cid:16)(cid:16)ocat(cid:10)(cid:9) ass(cid:10)ts(cid:28)
Cash and cash equivalents
Property, plant and equipment
(cid:16)ther receivables
(cid:16)ther assets
Prepayments
Deferred tax assets
(cid:21)otal assets
Lia(cid:28)ilities
Segment liabilities
(cid:5)na(cid:16)(cid:16)ocat(cid:10)(cid:9) ass(cid:10)ts(cid:28)
Trade and other payables
Derivative financial liabilities
Current tax payables
Provisions
Borrowings
(cid:21)otal lia(cid:28)ilities
((cid:80)3(cid:73),(cid:76)(cid:80)(cid:79))
(3,(cid:78)(cid:73)(cid:78),(cid:73)(cid:77)(cid:73))
(cid:75)(cid:73)(cid:71),(cid:73)3(cid:80)
(cid:73)(cid:71),(cid:72)3(cid:76),(cid:73)3(cid:75)
((cid:77),(cid:72)(cid:80)(cid:75),(cid:77)(cid:72)(cid:80))
(cid:72)3,(cid:80)(cid:75)(cid:71),(cid:77)(cid:72)(cid:76)
(cid:72)(cid:71)(cid:75),(cid:71)(cid:78)(cid:73),(cid:80)3(cid:80)
(cid:76)(cid:72),(cid:80)(cid:80)(cid:79),(cid:73)(cid:73)3
(cid:72)(cid:76)(cid:77),(cid:71)(cid:78)(cid:72),(cid:72)(cid:77)(cid:72)
((cid:73),(cid:77)(cid:71)(cid:72),(cid:78)(cid:73)(cid:73))
(cid:72)(cid:76)3,(cid:75)(cid:77)(cid:80),(cid:75)(cid:75)(cid:71)
(cid:72)(cid:71),3(cid:80)(cid:75),3(cid:73)(cid:72)
(cid:72),(cid:73)(cid:73)(cid:71),(cid:79)(cid:71)(cid:71)
(cid:78)(cid:71),(cid:71)(cid:79)(cid:79)
(cid:72)(cid:73)(cid:80),(cid:78)(cid:77)(cid:72)
(cid:72)(cid:76)(cid:73),(cid:72)(cid:78)(cid:77)
(cid:73),(cid:80)(cid:71)(cid:77),(cid:80)3(cid:75)
(cid:72)(cid:77)(cid:79),3(cid:75)3,(cid:76)(cid:73)(cid:71)
(cid:76)(cid:80),(cid:80)(cid:77)(cid:75),(cid:71)(cid:71)(cid:79)
(cid:72)(cid:79),(cid:80)(cid:75)(cid:73),(cid:80)(cid:75)(cid:79)
(cid:78)(cid:79),(cid:80)(cid:71)(cid:77),(cid:80)(cid:76)(cid:77)
((cid:77)(cid:79),(cid:79)(cid:79)(cid:78),(cid:79)(cid:75)(cid:73))
(cid:72)(cid:71),(cid:71)(cid:72)(cid:80),(cid:72)(cid:72)(cid:75)
(cid:73),(cid:72)(cid:77)(cid:75),(cid:73)(cid:78)3
(cid:76)(cid:76),3(cid:73)3
(cid:75),(cid:73)(cid:77)(cid:75),3(cid:79)(cid:80)
(cid:72),3(cid:78)3,(cid:80)(cid:75)(cid:76)
(cid:73)(cid:78),(cid:78)3(cid:79),(cid:78)(cid:76)(cid:71)
(cid:75)(cid:76),(cid:77)(cid:72)(cid:76),(cid:78)(cid:80)(cid:75)
6 0
|
M o n e y 3 C o r p o r a t
i o n L i m i
t e d
Money3 Corporation Limited
M o n e y 3 C o r p o r a t
i o n L i m i
t e d
|
61
6 1
For personal use only
M N Y
Annual Report 2015 | MNY
|
A n n u a l
R e p o r t
2 0 1 5
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:69)(cid:70)(cid:55) Segment information (cid:58)continued(cid:59)
Consolidated – (cid:69)(cid:67)1(cid:71)
(cid:19)evenue
Revenue from continuing
operations
Interest revenue
(cid:16)ther revenue
Total Revenue
(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)
Depreciation, amortisation, and
impairment
(cid:7)inance costs
Interest revenue
Profit (cid:28)efore income ta(cid:50)
Income Tax
Profit after income ta(cid:50)
(cid:2)ssets
Segment assets
(cid:5)na(cid:16)(cid:16)ocat(cid:10)(cid:9) ass(cid:10)ts(cid:28)
Cash and cash equivalents
Property, plant and equipment
(cid:16)ther receivables
(cid:16)ther assets
Deferred tax assets
(cid:21)otal assets
Lia(cid:28)ilities
Segment liabilities
(cid:5)na(cid:16)(cid:16)ocat(cid:10)(cid:9) ass(cid:10)ts(cid:28)
Trade and other payables
Current tax payables
Provisions
Borrowings
(cid:21)otal lia(cid:28)ilities
Secured
(cid:22)nsecured
Segment (cid:21)otal
(cid:64)
(cid:64)
(cid:64)
(cid:6)liminations
(cid:56)(cid:22)nallocated
(cid:64)
(cid:21)otal
(cid:64)
(cid:72)(cid:75),(cid:76)(cid:72)(cid:77),(cid:78)(cid:80)(cid:78)
(cid:73)(cid:79),(cid:79)(cid:77)(cid:79),(cid:72)(cid:77)(cid:77)
(cid:75)3,3(cid:79)(cid:75),(cid:80)(cid:77)3
-
(cid:75)3,3(cid:79)(cid:75),(cid:80)(cid:77)3
-
-
-
-
-
-
(cid:72)(cid:73)(cid:73),(cid:78)(cid:75)(cid:76)
(cid:72)(cid:73)(cid:73),(cid:78)(cid:75)(cid:76)
-
-
(cid:72)(cid:75),(cid:76)(cid:72)(cid:77),(cid:78)(cid:80)(cid:78)
(cid:73)(cid:79),(cid:79)(cid:77)(cid:79),(cid:72)(cid:77)(cid:77)
(cid:75)3,3(cid:79)(cid:75),(cid:80)(cid:77)3
(cid:72)(cid:73)(cid:73),(cid:78)(cid:75)(cid:76)
(cid:75)3,(cid:76)(cid:71)(cid:78),(cid:78)(cid:71)(cid:79)
(cid:80),(cid:75)(cid:78)(cid:80),(cid:75)(cid:76)3
(cid:80),(cid:75)(cid:71)3,(cid:78)(cid:75)(cid:78)
(cid:72)(cid:79),(cid:79)(cid:79)3,(cid:73)(cid:71)(cid:71)
((cid:76),(cid:78)(cid:71)(cid:78),(cid:71)(cid:75)(cid:79))
(cid:72)3,(cid:72)(cid:78)(cid:77),(cid:72)(cid:76)(cid:73)
((cid:72),3(cid:76)(cid:80),(cid:75)(cid:71)(cid:77))
((cid:80)(cid:78)(cid:79),(cid:71)(cid:72)(cid:79))
(cid:72)(cid:73)(cid:73),(cid:78)(cid:75)(cid:76)
(cid:72)(cid:71),(cid:80)(cid:77)(cid:72),(cid:75)(cid:78)3
(3,(cid:72)(cid:73)(cid:80),(cid:79)3(cid:71))
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
(cid:76)(cid:71),(cid:77)(cid:79)(cid:73),(cid:73)(cid:77)(cid:73)
(cid:75)(cid:73),3(cid:71)(cid:80),(cid:72)(cid:79)(cid:79)
(cid:80)(cid:73),(cid:80)(cid:80)(cid:72),(cid:75)(cid:76)(cid:71)
((cid:72),(cid:76)(cid:75)(cid:73),(cid:77)(cid:72)(cid:71))
(cid:80)(cid:72),(cid:75)(cid:75)(cid:79),(cid:79)(cid:75)(cid:71)
(cid:73)(cid:73),(cid:72)(cid:76)(cid:80),(cid:80)(cid:72)(cid:75)
(cid:80)(cid:73)(cid:79),(cid:72)(cid:78)(cid:72)
3(cid:78),(cid:76)(cid:72)(cid:78)
(cid:73)(cid:71)(cid:80),(cid:79)(cid:72)(cid:72)
(cid:72),(cid:80)(cid:73)(cid:76),(cid:80)(cid:76)(cid:79)
(cid:72)(cid:72)(cid:77),(cid:78)(cid:72)(cid:71),(cid:73)(cid:72)(cid:72)
3(cid:71),(cid:79)(cid:76)(cid:76),(cid:78)(cid:80)3
(cid:72)(cid:78),(cid:75)(cid:75)(cid:72),(cid:76)(cid:79)(cid:77)
(cid:75)(cid:79),(cid:73)(cid:80)(cid:78),3(cid:78)(cid:80)
((cid:75)(cid:77),(cid:78)(cid:71)(cid:79),3(cid:72)(cid:77))
(cid:72),(cid:76)(cid:79)(cid:80),(cid:71)(cid:77)3
(cid:78)(cid:71)3,(cid:77)(cid:78)(cid:78)
3,(cid:71)(cid:72)3,(cid:79)(cid:73)(cid:76)
(cid:80)(cid:77)(cid:79),(cid:71)(cid:75)(cid:79)
(cid:73)(cid:80),3(cid:75)(cid:71),(cid:71)(cid:71)(cid:71)
3(cid:76),(cid:77)(cid:72)(cid:75),(cid:77)(cid:72)3
62
6 2
|
M o n e y 3 C o r p o r a t
i o n L i m i
t e d
Money3 Corporation Limited
For personal use only
M N Y
|
A n n u a l
R e p o r t
2 0 1 5
A n n u a l
R e p o r t
2 0 1 5
M N Y
Annual Report 2015 | MNY
|
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)un e (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:69)(cid:70)(cid:55) Segment information (cid:58)continued(cid:59)
Consolidated – (cid:69)(cid:67)1(cid:71)
(cid:19)evenue
Revenue from continuing
operations
Interest revenue
(cid:16)ther revenue
Total Revenue
(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)
impairment
(cid:7)inance costs
Interest revenue
Depreciation, amortisation, and
Profit (cid:28)efore income ta(cid:50)
Income Tax
Profit after income ta(cid:50)
(cid:2)ssets
Segment assets
(cid:5)na(cid:16)(cid:16)ocat(cid:10)(cid:9) ass(cid:10)ts(cid:28)
Cash and cash equivalents
Property, plant and equipment
(cid:16)ther receivables
(cid:16)ther assets
Deferred tax assets
(cid:21)otal assets
Lia(cid:28)ilities
Segment liabilities
(cid:5)na(cid:16)(cid:16)ocat(cid:10)(cid:9) ass(cid:10)ts(cid:28)
Trade and other payables
Current tax payables
Provisions
Borrowings
(cid:21)otal lia(cid:28)ilities
Secured
(cid:22)nsecured
Segment (cid:21)otal
(cid:64)
(cid:64)
(cid:64)
(cid:64)
(cid:6)liminations
(cid:56)(cid:22)nallocated
(cid:21)otal
(cid:64)
(cid:72)(cid:75),(cid:76)(cid:72)(cid:77),(cid:78)(cid:80)(cid:78)
(cid:73)(cid:79),(cid:79)(cid:77)(cid:79),(cid:72)(cid:77)(cid:77)
(cid:75)3,3(cid:79)(cid:75),(cid:80)(cid:77)3
(cid:75)3,3(cid:79)(cid:75),(cid:80)(cid:77)3
-
-
-
-
-
-
(cid:72)(cid:73)(cid:73),(cid:78)(cid:75)(cid:76)
(cid:72)(cid:73)(cid:73),(cid:78)(cid:75)(cid:76)
-
(cid:72)(cid:75),(cid:76)(cid:72)(cid:77),(cid:78)(cid:80)(cid:78)
(cid:73)(cid:79),(cid:79)(cid:77)(cid:79),(cid:72)(cid:77)(cid:77)
(cid:75)3,3(cid:79)(cid:75),(cid:80)(cid:77)3
(cid:72)(cid:73)(cid:73),(cid:78)(cid:75)(cid:76)
(cid:75)3,(cid:76)(cid:71)(cid:78),(cid:78)(cid:71)(cid:79)
-
-
(cid:80),(cid:75)(cid:78)(cid:80),(cid:75)(cid:76)3
(cid:80),(cid:75)(cid:71)3,(cid:78)(cid:75)(cid:78)
(cid:72)(cid:79),(cid:79)(cid:79)3,(cid:73)(cid:71)(cid:71)
((cid:76),(cid:78)(cid:71)(cid:78),(cid:71)(cid:75)(cid:79))
(cid:72)3,(cid:72)(cid:78)(cid:77),(cid:72)(cid:76)(cid:73)
(cid:76)(cid:71),(cid:77)(cid:79)(cid:73),(cid:73)(cid:77)(cid:73)
(cid:75)(cid:73),3(cid:71)(cid:80),(cid:72)(cid:79)(cid:79)
(cid:80)(cid:73),(cid:80)(cid:80)(cid:72),(cid:75)(cid:76)(cid:71)
((cid:72),(cid:76)(cid:75)(cid:73),(cid:77)(cid:72)(cid:71))
(cid:80)(cid:72),(cid:75)(cid:75)(cid:79),(cid:79)(cid:75)(cid:71)
3(cid:71),(cid:79)(cid:76)(cid:76),(cid:78)(cid:80)3
(cid:72)(cid:78),(cid:75)(cid:75)(cid:72),(cid:76)(cid:79)(cid:77)
(cid:75)(cid:79),(cid:73)(cid:80)(cid:78),3(cid:78)(cid:80)
((cid:75)(cid:77),(cid:78)(cid:71)(cid:79),3(cid:72)(cid:77))
(cid:72),(cid:76)(cid:79)(cid:80),(cid:71)(cid:77)3
((cid:72),3(cid:76)(cid:80),(cid:75)(cid:71)(cid:77))
((cid:80)(cid:78)(cid:79),(cid:71)(cid:72)(cid:79))
(cid:72)(cid:73)(cid:73),(cid:78)(cid:75)(cid:76)
(cid:72)(cid:71),(cid:80)(cid:77)(cid:72),(cid:75)(cid:78)3
(3,(cid:72)(cid:73)(cid:80),(cid:79)3(cid:71))
(cid:78),(cid:79)3(cid:72),(cid:77)(cid:75)3
(cid:73)(cid:73),(cid:72)(cid:76)(cid:80),(cid:80)(cid:72)(cid:75)
(cid:80)(cid:73)(cid:79),(cid:72)(cid:78)(cid:72)
3(cid:78),(cid:76)(cid:72)(cid:78)
(cid:73)(cid:71)(cid:80),(cid:79)(cid:72)(cid:72)
(cid:72),(cid:80)(cid:73)(cid:76),(cid:80)(cid:76)(cid:79)
(cid:72)(cid:72)(cid:77),(cid:78)(cid:72)(cid:71),(cid:73)(cid:72)(cid:72)
(cid:78)(cid:71)3,(cid:77)(cid:78)(cid:78)
3,(cid:71)(cid:72)3,(cid:79)(cid:73)(cid:76)
(cid:80)(cid:77)(cid:79),(cid:71)(cid:75)(cid:79)
(cid:73)(cid:80),3(cid:75)(cid:71),(cid:71)(cid:71)(cid:71)
3(cid:76),(cid:77)(cid:72)(cid:75),(cid:77)(cid:72)3
(cid:69)(cid:71)(cid:55) Contingent lia(cid:28)ilities
The Company has no contingent liabilities as at 3(cid:71) (cid:11)une (cid:73)(cid:71)(cid:72)(cid:76) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:15)il).
(cid:69)(cid:72)(cid:55) Controlled entities
The consolidated financial statements incorporate the assets and liabilities and results of the following subsidiaries in
accordance with the accounting policy described in (cid:15)ote (cid:72) (d).
Controlled entities of Money3 Corporation Limited (parent entity)
(cid:15)ame
Country of
(cid:10)ncorporation
Percentage of
e(cid:43)uity held (cid:28)y the
consolidated entity
(cid:69)(cid:67)1(cid:72)
(cid:69)(cid:67)1(cid:71)
Money3 Loans Pty Ltd
(formerly Money3 Ballarat Pty Ltd)
Money3 Services Pty Ltd
(formerly Money3 Dandenong Pty Ltd)
Money3 (cid:7)ranchising Pty Ltd
Money3 Branches Pty Ltd
(formerly Money3 Reservoir Pty Ltd)
Money3 (cid:23)odonga Pty Ltd
Antein Pty Ltd (Glenroy)
Bellavita Pty Ltd ((cid:15)orthcote)
Hallowed Holdings Pty Ltd (Clayton)
(cid:12)irney Pty Ltd (Coburg)
(cid:15)exia Pty Ltd ((cid:23)erribee)
Pechino Pty Ltd ((cid:7)rankston)
Salday Pty Ltd (St Albans)
Tannaster Pty Ltd (Moonee Ponds)
Tristace Pty Ltd (Geelong)
M3 Auto Trust (cid:15)o(cid:72)
Australian Car Leasing Pty Ltd
(cid:21)otal
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:72)(cid:71)(cid:71)
(cid:2)c(cid:43)uisition
(cid:5)ate
(cid:72) (cid:15)ovember (cid:73)(cid:71)(cid:71)(cid:77)
(cid:72) (cid:15)ovember (cid:73)(cid:71)(cid:71)(cid:77)
(cid:72)(cid:77) April (cid:73)(cid:71)(cid:71)(cid:78)
(cid:72) (cid:15)ovember (cid:73)(cid:71)(cid:71)(cid:77)
(cid:72)3 March (cid:73)(cid:71)(cid:71)(cid:79)
(cid:72) (cid:11)uly (cid:73)(cid:71)(cid:71)(cid:77)
(cid:72) (cid:11)uly (cid:73)(cid:71)(cid:71)(cid:77)
(cid:72) (cid:11)uly (cid:73)(cid:71)(cid:71)(cid:77)
(cid:72) (cid:11)uly (cid:73)(cid:71)(cid:71)(cid:77)
(cid:72) (cid:11)uly (cid:73)(cid:71)(cid:71)(cid:77)
(cid:72) (cid:11)uly (cid:73)(cid:71)(cid:71)(cid:77)
(cid:72) (cid:11)uly (cid:73)(cid:71)(cid:71)(cid:77)
(cid:72) (cid:11)uly (cid:73)(cid:71)(cid:71)(cid:77)
(cid:72) (cid:11)uly (cid:73)(cid:71)(cid:71)(cid:77)
(cid:10)nvestment
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:73)
(cid:73)
(cid:73)
(cid:73)
(cid:73)
(cid:73)
(cid:73)
(cid:73)
(cid:73)
(cid:73)
3,(cid:72)(cid:71)(cid:71),(cid:76)(cid:71)(cid:71)
3,(cid:72)(cid:71)(cid:71),(cid:76)(cid:71)(cid:71)
3,(cid:71)3(cid:78),(cid:76)(cid:71)(cid:71)
3,(cid:71)3(cid:78),(cid:76)(cid:71)(cid:71)
(cid:73),(cid:80)(cid:78)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:80)(cid:78)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:75)(cid:79)3,(cid:78)(cid:76)(cid:71)
(cid:75)(cid:79)3,(cid:78)(cid:76)(cid:71)
(cid:72),(cid:77)(cid:77)(cid:76),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:77)(cid:77)(cid:76),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:77)(cid:79)(cid:78),(cid:76)(cid:71)(cid:71)
(cid:72),(cid:77)(cid:79)(cid:78),(cid:76)(cid:71)(cid:71)
(cid:75)(cid:79)3,(cid:78)(cid:76)(cid:71)
(cid:75)(cid:79)3,(cid:78)(cid:76)(cid:71)
(cid:73),(cid:79)(cid:80)(cid:79),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:79)(cid:80)(cid:79),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:78)(cid:75)(cid:72),(cid:76)(cid:71)(cid:71)
(cid:72),(cid:78)(cid:75)(cid:72),(cid:76)(cid:71)(cid:71)
(cid:73)(cid:79) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:75)
3 May (cid:73)(cid:71)(cid:72)3
-
(cid:72)
-
(cid:72)
1(cid:75)(cid:53)(cid:67)(cid:73)(cid:74)(cid:53)(cid:72)11
1(cid:75)(cid:53)(cid:67)(cid:73)(cid:74)(cid:53)(cid:72)11
All entities operated solely in their place of incorporation.
The Group does not actively engage in the trading of financial assets for speculative purposes. The most significant
financial risks to which the Group is exposed to are described below. There have been no changes to these risks since
the previous financial year.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:69)(cid:73)(cid:55) (cid:7)inancial instruments
The Group is exposed to a variety of financial risks through its use of financial instruments.
This note discloses the Group’s objectives, policies and processes for managing and measuring these risks.
The Group’s overall risk management plan seeks to minimise potential adverse effects due to the unpredictability of
financial markets.
The Board of Directors ensures that the Group maintains a competent management structure capable of defining,
analysing, measuring and reporting on the effective control of risk inherent in the Group’s underlying financial
activities and the instruments used to manage risk. (cid:12)ey financial risks including interest rate risk and credit risk are
reviewed by management on a regular basis and are communicated to the board so that it can evaluate and impose
its oversight responsibility. The Group does not enter into or trade financial instruments, including derivative financial
instruments, for speculative purposes.
Specific ris(cid:37)s
(cid:120) Market risk (including foreign currency risk, interest rate risk and price risk)
(cid:120)
(cid:120)
Credit risk
Liquidity risk
(cid:7)inancial assets (cid:56) lia(cid:28)ilities used
The principal categories of financial assets (cid:56) liabilities used by Money3 Corporation Limited are:
Loans and other receivables
Cash at bank
(cid:120)
(cid:120)
(cid:120) Borrowings
(cid:120) Derivative financial liabilities
(cid:120)
Trade and other payables
(cid:16)(cid:28)(cid:36)ectives(cid:53) policies and processes
The risk management policies of Money3 Corporation Limited seek to mitigate the above risks and reduce volatility on
the financial performance of the Group. (cid:7)inancial risk management is carried out centrally by the (cid:7)inance Department
of Money3 Corporation Limited.
Capital ris(cid:37) management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while
maximising the return to stakeholders through the optimisation of the debt and equity balance.
The group overall strategy remains unchanged from (cid:73)(cid:71)(cid:72)(cid:75).
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The capital structure of the Group consists of debt, which includes the borrowings disclosed in (cid:15)ote (cid:72)(cid:78), cash and cash
equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained
earnings as disclosed in (cid:15)otes (cid:72)(cid:79),(cid:72)(cid:80) and (cid:75) respectively. (cid:15)one of the Group’s entities is subject to externally imposed
capital requirements. (cid:21)nder the arrangement of the hire purchase and bank borrowing facilities, all property, plant
and equipment of the Group has been pledged as security. The holder of the security does not have the right to sell or
re-pledge the assets.
(cid:8)earin(cid:28) ratio
The Group's Board of Directors reviews the capital structure on a semi-annual basis. As a part of this review the board
considers the cost of capital and the risks associated with each class of capital. Based on recommendations of the
board the Group will balance its overall capital structure through the payment of dividends, new share issues and
share buy-backs as well as the issue of new debt or the redemption of existing debt.
64
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A n n u a l
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:69)(cid:73)(cid:55) (cid:7)inancial instruments
The Group is exposed to a variety of financial risks through its use of financial instruments.
This note discloses the Group’s objectives, policies and processes for managing and measuring these risks.
The Group’s overall risk management plan seeks to minimise potential adverse effects due to the unpredictability of
financial markets.
The Board of Directors ensures that the Group maintains a competent management structure capable of defining,
analysing, measuring and reporting on the effective control of risk inherent in the Group’s underlying financial
activities and the instruments used to manage risk. (cid:12)ey financial risks including interest rate risk and credit risk are
reviewed by management on a regular basis and are communicated to the board so that it can evaluate and impose
its oversight responsibility. The Group does not enter into or trade financial instruments, including derivative financial
instruments, for speculative purposes.
(cid:120) Market risk (including foreign currency risk, interest rate risk and price risk)
The principal categories of financial assets (cid:56) liabilities used by Money3 Corporation Limited are:
Specific ris(cid:37)s
(cid:120)
(cid:120)
Credit risk
Liquidity risk
(cid:7)inancial assets (cid:56) lia(cid:28)ilities used
Loans and other receivables
(cid:120)
(cid:120)
Cash at bank
(cid:120) Borrowings
(cid:120) Derivative financial liabilities
(cid:120)
Trade and other payables
(cid:16)(cid:28)(cid:36)ectives(cid:53) policies and processes
of Money3 Corporation Limited.
Capital ris(cid:37) management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while
maximising the return to stakeholders through the optimisation of the debt and equity balance.
The group overall strategy remains unchanged from (cid:73)(cid:71)(cid:72)(cid:75).
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The capital structure of the Group consists of debt, which includes the borrowings disclosed in (cid:15)ote (cid:72)(cid:78), cash and cash
equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained
earnings as disclosed in (cid:15)otes (cid:72)(cid:79),(cid:72)(cid:80) and (cid:75) respectively. (cid:15)one of the Group’s entities is subject to externally imposed
capital requirements. (cid:21)nder the arrangement of the hire purchase and bank borrowing facilities, all property, plant
and equipment of the Group has been pledged as security. The holder of the security does not have the right to sell or
re-pledge the assets.
(cid:8)earin(cid:28) ratio
The Group's Board of Directors reviews the capital structure on a semi-annual basis. As a part of this review the board
considers the cost of capital and the risks associated with each class of capital. Based on recommendations of the
board the Group will balance its overall capital structure through the payment of dividends, new share issues and
share buy-backs as well as the issue of new debt or the redemption of existing debt.
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:69)(cid:73)(cid:55) (cid:7)inancial instruments (cid:58)continued(cid:59)
Capital ris(cid:37) management (cid:58)continued(cid:59)
(cid:7)inancial assets
Debt (cid:29)a(cid:30)
Cash and cash equivalents
(cid:15)et cash(cid:56)(debt)
Equity – issued capital
Debt to equity ratio
(cid:15)ote
(cid:72)(cid:78)
(cid:80)
(cid:72)(cid:79)
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(3(cid:76),(cid:73)(cid:72)(cid:72),(cid:78)3(cid:73))
(cid:72)(cid:73),(cid:75)(cid:72)(cid:79),(cid:73)(cid:71)(cid:76)
((cid:73)(cid:73),(cid:78)(cid:80)3,(cid:76)(cid:73)(cid:78))
((cid:73)(cid:80),3(cid:75)(cid:71),(cid:71)(cid:71)(cid:71))
(cid:73)3,(cid:77)(cid:78)(cid:80),(cid:71)(cid:77)3
((cid:76),(cid:77)(cid:77)(cid:71),(cid:80)3(cid:78))
(cid:72)(cid:71)(cid:73),(cid:72)(cid:79)(cid:71),(cid:76)(cid:72)(cid:71)
(cid:78)(cid:72),(cid:72)(cid:80)(cid:76),(cid:75)(cid:73)(cid:76)
3(cid:75).(cid:76)(cid:83)
(cid:75)(cid:72).(cid:73)(cid:83)
(cid:29)a(cid:30) Debt is defined as long-term and short-term borrowings, as detailed in (cid:15)ote (cid:72)(cid:78).
(cid:48)a(cid:49) (cid:12)ar(cid:31)et ri(cid:39)(cid:31)
(cid:58)i(cid:59) (cid:7)oreign currency ris(cid:37)
Money3 Corporation Limited has no significant exposure to foreign currency risk.
(cid:58)ii(cid:59) (cid:10)nterest rate ris(cid:37)
The company's exposure to market interest rates relates primarily to the company's short term deposits held, deposits
at call and borrowings. The interest income earned or paid on these balances can vary due to interest rate change.
Money3 Corporation Limited does not have a significant interest rate risk as its long term borrowing are at a fixed rate
and interest rate risk on the short term borrowings has been minimised by the use of an interest rate swap .
(cid:58)iii(cid:59) Price ris(cid:37)
Price risk is the risk that future cashflows derived from financial instruments will be changed as a result of a market
price movement, other than interest rates. The company and group are not exposed to any material price risk.
The risk management policies of Money3 Corporation Limited seek to mitigate the above risks and reduce volatility on
the financial performance of the Group. (cid:7)inancial risk management is carried out centrally by the (cid:7)inance Department
(cid:48)(cid:23)(cid:49) (cid:4)redit ri(cid:39)(cid:31)
Credit risk is managed on the Group basis. Credit risk arises from cash and cash equivalents and deposits with banks
and financial institutions, as well as credit exposures to outstanding receivables, net of any allowance for impairment
losses, as disclosed in the Statement of (cid:7)inancial Position and notes to the financial report.
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to
the consolidated entity. (cid:23)ith the exception of its dealings with core customers, the consolidated entity has adopted a
policy of only dealing with creditworthy counterparties and obtaining sufficient collateral or other security where
appropriate, as a means of mitigating the risk of financial loss from defaults. The consolidated entity measures credit
risk on a fair value basis.
Money3's core customers are financially challenged and generally have a bad credit history and are lacking in
budgeting ability. Money3 obtains security on loans greater than (cid:68)(cid:76),(cid:71)(cid:71)(cid:71).
The company assesses credit risk by reference to historical information such as existing customers and whether loans
are secured or unsecured. At balance date, loans neither past due or impaired are (cid:68)(cid:72)(cid:71)(cid:80),(cid:78)(cid:77)(cid:80),(cid:72)(cid:79)(cid:76) ((cid:73)(cid:71)(cid:72)(cid:75):(cid:68) (cid:75)(cid:77),(cid:71)(cid:76)(cid:80),(cid:71)3(cid:80)),
with (cid:68)(cid:78)(cid:76),(cid:73)3(cid:80),(cid:72)(cid:76)(cid:77) representing secured loans ((cid:73)(cid:71)(cid:72)(cid:75):(cid:68) (cid:75)3,(cid:76)(cid:80)(cid:72),(cid:80)3(cid:79)) and (cid:68)(cid:73)(cid:78),(cid:78)(cid:72)(cid:72),(cid:73)(cid:80)(cid:76) representing unsecured loans
((cid:73)(cid:71)(cid:72)(cid:75):(cid:68) (cid:72)(cid:80),(cid:80)(cid:77)(cid:71),3(cid:75)(cid:75))
The consolidated entity does not have any significant credit risk exposure to any single counterparty or any group of
counterparties having similar characteristics, given the number and diversity of debtors.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:69)(cid:73)(cid:55) (cid:7)inancial instruments (cid:58)continued(cid:59)
Capital ris(cid:37) management (cid:58)continued(cid:59)
(cid:58)(cid:28)(cid:59) Credit ris(cid:37) analysis (cid:58)continued(cid:59)
The management of Money3 manages credit risk by adopting the procedures and policies which:
Lend for short term;
(cid:120) Assess each application on the borrower’s capacity to service the loan;
(cid:120) Match repayment dates to borrowers pay dates and pay cycles;
(cid:120)
(cid:120) (cid:23)here possible, obtain security on loans greater than (cid:68)(cid:76),(cid:71)(cid:71)(cid:71);
(cid:120) Require repayment of loans by direct debit or pay deductions or during settlements;
(cid:120)
(cid:120) Have the ability to adjust repayments when customers face further financial difficulties; and
(cid:120) Align debt collection processes with the Consumer Credit Code.
Implement prompt follow up when a repayment is missed;
This strategy is consistent with the prior year.
(cid:48)(cid:24)(cid:49) (cid:11)i(cid:37)uidit(cid:45) ri(cid:39)(cid:31) ana(cid:32)(cid:45)(cid:39)i(cid:39)
Liquidity risk is the risk that the company will not be able to pay their debts as and when they fall due. The company
has borrowings and finance lease liability; and the directors ensure that the cash on hand is sufficient to meet the
commitments of the company and group at all times.
Liquidity risk arises from the Group’s management of working capital and the finance charges and principal
repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial
obligations as they fall due. This strategy is consistent with the prior year.
Liquidity risk includes the risk that, as a result of our operational liquidity requirements Money3:
(cid:120) will not have sufficient funds to settle a transaction on the due date;
(cid:120) will be forced to sell financial assets at a value which is less than what they are worth; and
(cid:120) may be unable to settle or recover a financial asset at all.
To help reduce these risks, where possible Money3’s strategy is to borrow long term and lend short term, maintain an
overdraft facility and adequate cash reserves. The ratio of current borrowings to Current Debtors is considered to be
low.
(cid:14)aturity of financial lia(cid:28)ilities
The Group holds the following financial instruments. Amounts presented below represent the future undiscounted
principal and interest cash flows.
(cid:69)(cid:67)1(cid:72)
(cid:7)inancial Liabilities:
Borrowings
Derivative financial liabilities
Trade and other payables
Total (cid:7)inancial Liabilities
(cid:69)(cid:67)1(cid:71)
(cid:7)inancial Liabilities:
Borrowings
Trade and other payables
Total (cid:7)inancial Liabilities
Consolidated
(cid:80) 1 year
(cid:64)
1(cid:57)(cid:72) years
(cid:64)
(cid:81) (cid:72) years
(cid:64)
(cid:21)otal
(cid:64)
(cid:72)(cid:71),(cid:72)(cid:79)(cid:71),3(cid:78)(cid:80)
3(cid:76),(cid:75)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:77)(cid:71),(cid:73)3(cid:73)
(cid:75),(cid:78)(cid:72)(cid:71),(cid:75)(cid:71)(cid:77)
(cid:72)(cid:75),(cid:80)(cid:76)(cid:72),(cid:71)(cid:72)(cid:78)
-
-
3(cid:76),(cid:75)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
Consolidated
(cid:80) 1 year
(cid:64)
1(cid:57)(cid:72) years
(cid:64)
(cid:81) (cid:72) years
(cid:64)
(cid:73),(cid:78)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:73)(cid:80)(cid:73),(cid:78)(cid:75)(cid:71)
(cid:75),(cid:80)(cid:80)(cid:73),(cid:78)(cid:75)(cid:71)
3(cid:79),(cid:72)(cid:71)(cid:78),3(cid:80)(cid:78)
-
3(cid:79),(cid:72)(cid:71)(cid:78),3(cid:80)(cid:78)
-
-
-
-
-
-
(cid:75)(cid:76),(cid:76)(cid:79)(cid:71),3(cid:78)(cid:80)
(cid:77)(cid:71),(cid:73)3(cid:73)
(cid:75),(cid:78)(cid:72)(cid:71),(cid:75)(cid:71)(cid:77)
(cid:76)(cid:71),3(cid:76)(cid:72),(cid:71)(cid:72)(cid:78)
(cid:21)otal
(cid:64)
(cid:75)(cid:71),(cid:79)(cid:71)(cid:78),3(cid:80)(cid:78)
(cid:73),(cid:73)(cid:80)(cid:73),(cid:78)(cid:75)(cid:71)
(cid:75)3,(cid:72)(cid:71)(cid:71),(cid:72)3(cid:78)
The above contractual maturities reflect the gross cash flows, which may differ to the carrying values of the liabilities
at the reporting date.
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A n n u a l
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:69)(cid:73)(cid:55) (cid:7)inancial instruments (cid:58)continued(cid:59)
Capital ris(cid:37) management (cid:58)continued(cid:59)
(cid:58)(cid:28)(cid:59) Credit ris(cid:37) analysis (cid:58)continued(cid:59)
The management of Money3 manages credit risk by adopting the procedures and policies which:
(cid:120) Assess each application on the borrower’s capacity to service the loan;
(cid:120) Match repayment dates to borrowers pay dates and pay cycles;
(cid:120)
Lend for short term;
(cid:120) (cid:23)here possible, obtain security on loans greater than (cid:68)(cid:76),(cid:71)(cid:71)(cid:71);
(cid:120) Require repayment of loans by direct debit or pay deductions or during settlements;
(cid:120)
Implement prompt follow up when a repayment is missed;
(cid:120) Have the ability to adjust repayments when customers face further financial difficulties; and
(cid:120) Align debt collection processes with the Consumer Credit Code.
This strategy is consistent with the prior year.
(cid:48)(cid:24)(cid:49) (cid:11)i(cid:37)uidit(cid:45) ri(cid:39)(cid:31) ana(cid:32)(cid:45)(cid:39)i(cid:39)
Liquidity risk is the risk that the company will not be able to pay their debts as and when they fall due. The company
has borrowings and finance lease liability; and the directors ensure that the cash on hand is sufficient to meet the
commitments of the company and group at all times.
Liquidity risk arises from the Group’s management of working capital and the finance charges and principal
repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial
obligations as they fall due. This strategy is consistent with the prior year.
Liquidity risk includes the risk that, as a result of our operational liquidity requirements Money3:
(cid:120) will not have sufficient funds to settle a transaction on the due date;
(cid:120) will be forced to sell financial assets at a value which is less than what they are worth; and
(cid:120) may be unable to settle or recover a financial asset at all.
To help reduce these risks, where possible Money3’s strategy is to borrow long term and lend short term, maintain an
overdraft facility and adequate cash reserves. The ratio of current borrowings to Current Debtors is considered to be
The Group holds the following financial instruments. Amounts presented below represent the future undiscounted
(cid:14)aturity of financial lia(cid:28)ilities
principal and interest cash flows.
low.
(cid:69)(cid:67)1(cid:72)
(cid:7)inancial Liabilities:
Borrowings
Derivative financial liabilities
Trade and other payables
Total (cid:7)inancial Liabilities
(cid:69)(cid:67)1(cid:71)
(cid:7)inancial Liabilities:
Borrowings
Trade and other payables
Total (cid:7)inancial Liabilities
at the reporting date.
Consolidated
(cid:80) 1 year
(cid:64)
1(cid:57)(cid:72) years
(cid:64)
(cid:81) (cid:72) years
(cid:64)
(cid:21)otal
(cid:64)
(cid:72)(cid:71),(cid:72)(cid:79)(cid:71),3(cid:78)(cid:80)
3(cid:76),(cid:75)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:77)(cid:71),(cid:73)3(cid:73)
(cid:75),(cid:78)(cid:72)(cid:71),(cid:75)(cid:71)(cid:77)
(cid:72)(cid:75),(cid:80)(cid:76)(cid:72),(cid:71)(cid:72)(cid:78)
3(cid:76),(cid:75)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
Consolidated
(cid:73),(cid:78)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:73),(cid:73)(cid:80)(cid:73),(cid:78)(cid:75)(cid:71)
(cid:75),(cid:80)(cid:80)(cid:73),(cid:78)(cid:75)(cid:71)
3(cid:79),(cid:72)(cid:71)(cid:78),3(cid:80)(cid:78)
3(cid:79),(cid:72)(cid:71)(cid:78),3(cid:80)(cid:78)
-
-
-
-
-
-
-
-
-
(cid:75)(cid:76),(cid:76)(cid:79)(cid:71),3(cid:78)(cid:80)
(cid:77)(cid:71),(cid:73)3(cid:73)
(cid:75),(cid:78)(cid:72)(cid:71),(cid:75)(cid:71)(cid:77)
(cid:76)(cid:71),3(cid:76)(cid:72),(cid:71)(cid:72)(cid:78)
(cid:75)(cid:71),(cid:79)(cid:71)(cid:78),3(cid:80)(cid:78)
(cid:73),(cid:73)(cid:80)(cid:73),(cid:78)(cid:75)(cid:71)
(cid:75)3,(cid:72)(cid:71)(cid:71),(cid:72)3(cid:78)
(cid:80) 1 year
(cid:64)
1(cid:57)(cid:72) years
(cid:64)
(cid:81) (cid:72) years
(cid:64)
(cid:21)otal
(cid:64)
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:69)(cid:73)(cid:55) (cid:7)inancial instruments (cid:58)continued(cid:59)
(cid:14)aturity of financial lia(cid:28)ilities (cid:58)continued(cid:59)
Also affecting liquidity are cash at bank and non interest bearing receivables and payables. Liquidity risk associated
with these financial instruments is represented by the carrying amounts as shown above.
d(cid:59) (cid:7)air value estimation
The carrying amount of financial assets and financial liabilities recorded in the financial statements approximates their
net fair values.
The net fair values of financial assets and financial liabilities are determined as follows:
(cid:120)
(cid:120)
the net fair value of financial assets and financial liabilities with standard terms and conditions and traded on
active liquid markets are determined with reference to quoted market prices; and
the net fair value of other financial assets and financial liabilities are determined in accordance with generally
accepted pricing models based on discounted cash flow theory.
The carrying value less impairment provision of trade receivables and payables is a reasonable approximation of their
fair values due to the short-term nature of trade receivables. The fair value of financial liabilities for disclosure
purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is
available to the Group for similar financial instruments. The decrease in interest rates by (cid:71).(cid:76)(cid:83) effects the present
value of the bonds by increasing their value by (cid:68)(cid:75)(cid:80)(cid:72),33(cid:80) which has not been taken to account.
(cid:69)(cid:74)(cid:55) Leases
(cid:16)perating leases
(cid:16)perating leases relate to branch premises which have lease terms of up to (cid:76) years with in some instances an
unexercised option to extend for a further (cid:76) years. All operating leases contain market rent review clauses when an
option to renew is exercised.
Lease expenditure commitments
(cid:16)perating leases (non-cancellable)
Minimum lease payments
- not later than one year
- later than one year but not later than five years
- more than five years
Total minimum payments
Leases as lessor
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:73),(cid:73)(cid:75)(cid:77),(cid:77)(cid:71)(cid:73)
(cid:73),3(cid:78)(cid:72),(cid:79)(cid:80)3
-
(cid:73),3(cid:76)3,(cid:80)33
(cid:73),(cid:77)(cid:80)(cid:75),(cid:79)(cid:71)(cid:73)
-
(cid:75),(cid:77)(cid:72)(cid:79),(cid:75)(cid:80)(cid:76)
(cid:76),(cid:71)(cid:75)(cid:79),(cid:78)3(cid:76)
The consolidated entity leases out its rental assets under operating leases. The future minimum lease payments under
non-cancellable operating leases are as follows:
Minimum lease payments receivable
- not later than one year
- later than one year but not later than five years
Total minimum payments receivable
(cid:72)(cid:72),(cid:73)(cid:72)(cid:72)
(cid:79),(cid:77)(cid:75)(cid:71)
(cid:72)(cid:80),(cid:79)(cid:76)(cid:72)
(cid:72)(cid:71)(cid:80),(cid:76)(cid:72)(cid:80)
(cid:75)(cid:71),(cid:79)(cid:80)3
(cid:72)(cid:76)(cid:71),(cid:75)(cid:72)(cid:73)
The above contractual maturities reflect the gross cash flows, which may differ to the carrying values of the liabilities
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:69)(cid:75)(cid:55) (cid:2)uditors remuneration
Amounts received or due and receivable by the auditors for:
Auditing or reviewing the financial reports
Taxation services
Total remuneration of auditors
(cid:69)(cid:76)(cid:55) (cid:19)elated party disclosures
(cid:58)a(cid:59) Parent and ultimate controlling entity
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:72)3(cid:79),(cid:71)(cid:76)(cid:71)
(cid:76),(cid:72)(cid:79)(cid:72)
(cid:72)(cid:75)3,(cid:73)3(cid:72)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:72)3(cid:75),(cid:77)(cid:80)(cid:76)
-
(cid:72)3(cid:75),(cid:77)(cid:80)(cid:76)
The parent and ultimate controlling entity is Money3 Corporation Limited which is incorporated and domiciled in
Australia.
(cid:58)(cid:28)(cid:59) (cid:12)ey management personnel’s remuneration
The aggregate compensation of the key management personnel of the Group is set out below:
Short term employee benefits
Post employment benefits
Long term benefits
Share based payments
Total
(cid:72),(cid:75)(cid:71)(cid:73),(cid:80)(cid:79)(cid:72)
(cid:72)(cid:71)(cid:73),(cid:77)(cid:76)(cid:73)
(cid:73)(cid:73),3(cid:77)(cid:77)
(cid:72)(cid:80)3,(cid:75)(cid:77)(cid:79)
(cid:80)(cid:72)(cid:80),(cid:80)(cid:80)(cid:79)
(cid:77)(cid:79),(cid:80)(cid:80)(cid:78)
(cid:73)(cid:77),(cid:80)(cid:76)(cid:79)
(cid:72)(cid:72)(cid:77),(cid:75)(cid:72)(cid:73)
(cid:72),(cid:78)(cid:73)(cid:72),(cid:75)(cid:77)(cid:78)
(cid:72),(cid:72)3(cid:73),3(cid:77)(cid:76)
(cid:58)c(cid:59) (cid:6)(cid:43)uity interests in controlled entities
Details of the percentage of ordinary shares held in controlled entities are disclosed in (cid:15)ote (cid:73)(cid:76) to the financial
statements.
(cid:58)d(cid:59) Loan disclosures
Mr Geoffrey Baldwin holds bonds from the Company to the value of (cid:68)(cid:73)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:73)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)) Mr Baldwin is the
father of Mr Scott Baldwin (executive director). During the year, (cid:72)(cid:73)(cid:76),(cid:71)(cid:71)(cid:71) options were issued to Mr Geoffrey Baldwin
in relation to the previously mentioned bonds.
Mr Brian Baldwin holds bonds from the Company to the value of (cid:68)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)), the brother of Mr Scott
Baldwin. During the year, (cid:73)(cid:76),(cid:71)(cid:71)(cid:71) options were issued to Mr Brian Baldwin in relation to the previously mentioned
bonds.
These bonds are made on normal commercial terms and conditions and at market rates. Interest is charged at a
commercial rate of (cid:80)(cid:83).
There are no loans made by the disclosing entity or any of its subsidiaries to any key management personnel, including
their personally related entities.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:69)(cid:76)(cid:55) (cid:19)elated party disclosures (cid:58)continued(cid:59)
(cid:58)e(cid:59) (cid:16)ther transactions (cid:49)ith (cid:37)ey management personnel or their related entities
The financial statements include the following items of expenses that resulted from transactions other than
compensation or equity holdings with key management personnel or their related entities:
Interest paid to:
Geoffrey Baldwin
Brian Baldwin
Simon Baldwin
G(cid:66)(cid:22) Livestock Pty Ltd
Robert Bryant
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
Consolidated
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:73)(cid:73),(cid:73)(cid:71)(cid:80)
(cid:75),(cid:75)(cid:75)(cid:73)
-
-
-
(cid:73)(cid:77),(cid:77)(cid:76)(cid:72)
(cid:73)3,(cid:80)(cid:73)(cid:79)
(cid:76),(cid:73)(cid:77)(cid:71)
(cid:72)(cid:72),(cid:71)(cid:72)(cid:75)
(cid:72),(cid:73)(cid:80)(cid:80)
(cid:76)(cid:72)(cid:79)
(cid:75)(cid:73),(cid:71)(cid:72)(cid:80)
(cid:72),(cid:75)(cid:71)(cid:73),(cid:80)(cid:79)(cid:72)
(cid:72)(cid:71)(cid:73),(cid:77)(cid:76)(cid:73)
(cid:73)(cid:73),3(cid:77)(cid:77)
(cid:72)(cid:80)3,(cid:75)(cid:77)(cid:79)
(cid:80)(cid:72)(cid:80),(cid:80)(cid:80)(cid:79)
(cid:77)(cid:79),(cid:80)(cid:80)(cid:78)
(cid:73)(cid:77),(cid:80)(cid:76)(cid:79)
(cid:72)(cid:72)(cid:77),(cid:75)(cid:72)(cid:73)
(cid:72),(cid:78)(cid:73)(cid:72),(cid:75)(cid:77)(cid:78)
(cid:72),(cid:72)3(cid:73),3(cid:77)(cid:76)
Transactions between the consolidated entity and these parties are conducted on normal commercial terms.
(cid:58)f(cid:59) (cid:21)ransactions (cid:49)ith other related parties
(cid:22)aughan (cid:23)ebber is an employee of (cid:23)ilson HTM with which Money3 has engaged to place equity. (cid:23)ilson HTM has
been paid for services of (cid:68)(cid:77)(cid:79)(cid:77),(cid:72)(cid:77)(cid:80) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:73),(cid:71)(cid:75)(cid:79),(cid:73)(cid:71)(cid:71)).
Marian Harris was an employee of Money3 until (cid:11)anuary (cid:73)(cid:71)(cid:72)(cid:76) and is also the wife of Mr Craig Harris.
All transactions with related parties are at arm’s length on normal commercial terms and conditions and at market
rates.
Details of the percentage of ordinary shares held in controlled entities are disclosed in (cid:15)ote (cid:73)(cid:76) to the financial
There are no other related party transactions
(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
Consolidated
Consolidated
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:72)3(cid:79),(cid:71)(cid:76)(cid:71)
(cid:76),(cid:72)(cid:79)(cid:72)
(cid:72)(cid:75)3,(cid:73)3(cid:72)
(cid:69)(cid:67)1(cid:71)
(cid:64)
(cid:72)3(cid:75),(cid:77)(cid:80)(cid:76)
-
(cid:72)3(cid:75),(cid:77)(cid:80)(cid:76)
The parent and ultimate controlling entity is Money3 Corporation Limited which is incorporated and domiciled in
The aggregate compensation of the key management personnel of the Group is set out below:
(cid:69)(cid:75)(cid:55) (cid:2)uditors remuneration
Amounts received or due and receivable by the auditors for:
Auditing or reviewing the financial reports
Taxation services
Total remuneration of auditors
(cid:69)(cid:76)(cid:55) (cid:19)elated party disclosures
(cid:58)a(cid:59) Parent and ultimate controlling entity
Australia.
(cid:58)(cid:28)(cid:59) (cid:12)ey management personnel’s remuneration
Short term employee benefits
Post employment benefits
Long term benefits
Share based payments
Total
(cid:58)c(cid:59) (cid:6)(cid:43)uity interests in controlled entities
statements.
(cid:58)d(cid:59) Loan disclosures
Mr Geoffrey Baldwin holds bonds from the Company to the value of (cid:68)(cid:73)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:73)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)) Mr Baldwin is the
father of Mr Scott Baldwin (executive director). During the year, (cid:72)(cid:73)(cid:76),(cid:71)(cid:71)(cid:71) options were issued to Mr Geoffrey Baldwin
in relation to the previously mentioned bonds.
Mr Brian Baldwin holds bonds from the Company to the value of (cid:68)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:68)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)), the brother of Mr Scott
Baldwin. During the year, (cid:73)(cid:76),(cid:71)(cid:71)(cid:71) options were issued to Mr Brian Baldwin in relation to the previously mentioned
These bonds are made on normal commercial terms and conditions and at market rates. Interest is charged at a
There are no loans made by the disclosing entity or any of its subsidiaries to any key management personnel, including
bonds.
commercial rate of (cid:80)(cid:83).
their personally related entities.
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:70)(cid:67)(cid:55) Parent entity financial information
a(cid:59) Summary financial information
The financial position and results of Money3 Corporation Ltd, the parent entity, are as follows:
(cid:17)tatement o(cid:27) (cid:27)inan(cid:24)ia(cid:32) (cid:36)o(cid:39)ition
(cid:21)otal current assets
(cid:21)otal assets
(cid:21)otal current lia(cid:28)ilities
(cid:21)otal lia(cid:28)ilities
(cid:15)et assets
(cid:6)(cid:18)(cid:22)(cid:10)(cid:21)(cid:26)
Issued capital
Share option reserves
Retained earnings
(cid:21)otal e(cid:43)uity
Company
(cid:69)(cid:67)1(cid:72)
(cid:64)
Company
(cid:69)(cid:67)1(cid:71)
(cid:64)
1(cid:67)(cid:53)(cid:73)(cid:70)(cid:69)(cid:53)(cid:75)(cid:71)(cid:76)
(cid:69)(cid:69)(cid:53)(cid:70)(cid:71)(cid:75)(cid:53)(cid:70)(cid:71)(cid:70)
1(cid:71)(cid:69)(cid:53)(cid:69)(cid:76)(cid:72)(cid:53)(cid:69)1(cid:69)
1(cid:67)(cid:75)(cid:53)(cid:76)(cid:72)(cid:67)(cid:53)(cid:75)(cid:73)(cid:69)
(cid:75)(cid:53)(cid:74)(cid:73)(cid:75)(cid:53)(cid:76)(cid:76)(cid:75)
(cid:72)(cid:53)(cid:76)(cid:75)(cid:73)(cid:53)(cid:69)(cid:71)(cid:69)
(cid:70)(cid:75)(cid:72)(cid:53)(cid:74)(cid:74)(cid:75)(cid:53)(cid:71)1(cid:67)
1(cid:67)(cid:73)(cid:53)(cid:72)1(cid:73)(cid:53)(cid:75)(cid:67)(cid:69)
(cid:70)(cid:72)(cid:53)(cid:71)1(cid:70)(cid:53)(cid:67)(cid:73)(cid:72)
(cid:74)(cid:70)(cid:53)(cid:72)(cid:70)(cid:74)(cid:53)(cid:74)(cid:76)(cid:74)
(cid:72)(cid:71)3,(cid:75)(cid:79)(cid:72),(cid:71)(cid:73)(cid:77)
(cid:78)(cid:73),(cid:75)(cid:80)(cid:76),(cid:80)(cid:75)(cid:72)
(cid:73),(cid:78)(cid:80)(cid:72),3(cid:72)(cid:72)
(cid:73)(cid:75)(cid:75),(cid:75)(cid:77)(cid:76)
(cid:72)(cid:79)(cid:78),(cid:71)(cid:77)(cid:75)
(cid:79)(cid:76)(cid:75),(cid:78)(cid:80)(cid:73)
1(cid:67)(cid:73)(cid:53)(cid:72)1(cid:73)(cid:53)(cid:75)(cid:67)(cid:69)
(cid:74)(cid:70)(cid:53)(cid:72)(cid:70)(cid:74)(cid:53)(cid:74)(cid:76)(cid:74)
(cid:17)tatement o(cid:27) (cid:36)ro(cid:27)it or (cid:32)o(cid:39)(cid:39) and ot(cid:29)er (cid:24)om(cid:36)re(cid:29)en(cid:39)i(cid:42)e in(cid:24)ome
Profit for the period from continuing operations
(cid:76),(cid:73)(cid:79)(cid:78),(cid:75)(cid:80)(cid:73)
(cid:73),(cid:76)(cid:73)(cid:78),(cid:79)(cid:79)(cid:73)
Total comprehensive income
(cid:76),(cid:73)(cid:79)(cid:78),(cid:75)(cid:80)(cid:73)
(cid:73),(cid:76)(cid:73)(cid:78),(cid:79)(cid:79)(cid:73)
(cid:28)(cid:59) Guarantees entered into (cid:28)y the parent entity
The parent entity has not entered into guarantees for any of its subsidiaries.
c(cid:59) Contingent lia(cid:28)ilities of the parent entity
The parent entity has no contingent liabilities at the time of the report.
d(cid:59) Contractual commitments (cid:28)y the parent entity
The parent entity has no contractual commitments at the time of the report.
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Annual Report 2015 | MNY
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(cid:15)otes to the (cid:7)inancial Statements for the year ended (cid:70)(cid:67) (cid:11)une (cid:69)(cid:67)1(cid:72) (cid:58)continued(cid:59)
(cid:70)(cid:67)(cid:55) Parent entity financial information
a(cid:59) Summary financial information
The financial position and results of Money3 Corporation Ltd, the parent entity, are as follows:
(cid:17)tatement o(cid:27) (cid:27)inan(cid:24)ia(cid:32) (cid:36)o(cid:39)ition
(cid:21)otal current assets
(cid:21)otal assets
(cid:21)otal current lia(cid:28)ilities
(cid:21)otal lia(cid:28)ilities
(cid:15)et assets
(cid:6)(cid:18)(cid:22)(cid:10)(cid:21)(cid:26)
Issued capital
Share option reserves
Retained earnings
(cid:21)otal e(cid:43)uity
Company
Company
(cid:69)(cid:67)1(cid:72)
(cid:64)
(cid:69)(cid:67)1(cid:71)
(cid:64)
1(cid:67)(cid:53)(cid:73)(cid:70)(cid:69)(cid:53)(cid:75)(cid:71)(cid:76)
(cid:69)(cid:69)(cid:53)(cid:70)(cid:71)(cid:75)(cid:53)(cid:70)(cid:71)(cid:70)
1(cid:71)(cid:69)(cid:53)(cid:69)(cid:76)(cid:72)(cid:53)(cid:69)1(cid:69)
1(cid:67)(cid:75)(cid:53)(cid:76)(cid:72)(cid:67)(cid:53)(cid:75)(cid:73)(cid:69)
(cid:75)(cid:53)(cid:74)(cid:73)(cid:75)(cid:53)(cid:76)(cid:76)(cid:75)
(cid:72)(cid:53)(cid:76)(cid:75)(cid:73)(cid:53)(cid:69)(cid:71)(cid:69)
(cid:70)(cid:75)(cid:72)(cid:53)(cid:74)(cid:74)(cid:75)(cid:53)(cid:71)1(cid:67)
1(cid:67)(cid:73)(cid:53)(cid:72)1(cid:73)(cid:53)(cid:75)(cid:67)(cid:69)
(cid:70)(cid:72)(cid:53)(cid:71)1(cid:70)(cid:53)(cid:67)(cid:73)(cid:72)
(cid:74)(cid:70)(cid:53)(cid:72)(cid:70)(cid:74)(cid:53)(cid:74)(cid:76)(cid:74)
(cid:72)(cid:71)3,(cid:75)(cid:79)(cid:72),(cid:71)(cid:73)(cid:77)
(cid:78)(cid:73),(cid:75)(cid:80)(cid:76),(cid:80)(cid:75)(cid:72)
(cid:73),(cid:78)(cid:80)(cid:72),3(cid:72)(cid:72)
(cid:73)(cid:75)(cid:75),(cid:75)(cid:77)(cid:76)
(cid:72)(cid:79)(cid:78),(cid:71)(cid:77)(cid:75)
(cid:79)(cid:76)(cid:75),(cid:78)(cid:80)(cid:73)
1(cid:67)(cid:73)(cid:53)(cid:72)1(cid:73)(cid:53)(cid:75)(cid:67)(cid:69)
(cid:74)(cid:70)(cid:53)(cid:72)(cid:70)(cid:74)(cid:53)(cid:74)(cid:76)(cid:74)
(cid:17)tatement o(cid:27) (cid:36)ro(cid:27)it or (cid:32)o(cid:39)(cid:39) and ot(cid:29)er (cid:24)om(cid:36)re(cid:29)en(cid:39)i(cid:42)e in(cid:24)ome
Profit for the period from continuing operations
(cid:76),(cid:73)(cid:79)(cid:78),(cid:75)(cid:80)(cid:73)
(cid:73),(cid:76)(cid:73)(cid:78),(cid:79)(cid:79)(cid:73)
Total comprehensive income
(cid:76),(cid:73)(cid:79)(cid:78),(cid:75)(cid:80)(cid:73)
(cid:73),(cid:76)(cid:73)(cid:78),(cid:79)(cid:79)(cid:73)
(cid:28)(cid:59) Guarantees entered into (cid:28)y the parent entity
The parent entity has not entered into guarantees for any of its subsidiaries.
c(cid:59) Contingent lia(cid:28)ilities of the parent entity
The parent entity has no contingent liabilities at the time of the report.
d(cid:59) Contractual commitments (cid:28)y the parent entity
The parent entity has no contractual commitments at the time of the report.
(cid:2)S(cid:25) (cid:2)dditional (cid:10)nformation
Additional information required by the Australian Securities Exchange and not shown elsewhere in this report is as
follows. The information is current as at (cid:72)(cid:80) August (cid:73)(cid:71)(cid:72)(cid:76).
(cid:58)a(cid:59) (cid:5)istri(cid:28)ution of e(cid:43)uity securities
The number of shareholders, by si(cid:51)e of holding, in each class of share are:
(cid:5)istri(cid:28)ution of Shareholdings
(cid:16)rdinary Shares
(cid:22)nlisted (cid:16)ptions
Listed (cid:16)ptions
(cid:72)(cid:71)(cid:71),(cid:71)(cid:71)(cid:72) and (cid:16)ver
(cid:72)(cid:71),(cid:71)(cid:71)(cid:72) to (cid:72)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:76),(cid:71)(cid:71)(cid:72) to (cid:72)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:72) to (cid:76),(cid:71)(cid:71)(cid:71)
(cid:72) to (cid:72),(cid:71)(cid:71)(cid:71)
Total
(cid:15)um(cid:28)er of
(cid:9)olders
(cid:72)3(cid:77)
(cid:78)(cid:72)(cid:75)
(cid:75)(cid:71)(cid:75)
(cid:79)(cid:78)(cid:77)
(cid:75)(cid:80)3
(cid:15)um(cid:28)er of
Shares
(cid:72)(cid:71)(cid:72),(cid:79)(cid:73)(cid:73),(cid:79)(cid:71)(cid:72)
(cid:73)(cid:72),(cid:77)(cid:75)(cid:72),(cid:75)(cid:77)(cid:73)
(cid:73),(cid:80)(cid:79)3,(cid:75)3(cid:78)
(cid:73),(cid:76)(cid:73)(cid:72),(cid:72)(cid:76)3
(cid:73)(cid:78)(cid:71),(cid:75)3(cid:79)
(cid:15)um(cid:28)er
of (cid:9)olders
(cid:72)(cid:75)
(cid:72)(cid:72)
-
-
-
(cid:15)um(cid:28)er of
(cid:16)ptions
(cid:80),(cid:76)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:72)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
-
-
-
(cid:73),(cid:77)(cid:73)3
(cid:72)(cid:73)(cid:80),(cid:73)3(cid:80),(cid:73)(cid:80)(cid:72)
(cid:73)(cid:76)
(cid:72)(cid:71),(cid:77)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:15)um(cid:28)er of
(cid:9)olders
(cid:72)(cid:72)
3(cid:71)
(cid:73)(cid:73)
3
(cid:72)
(cid:77)(cid:78)
(cid:15)um(cid:28)er of
(cid:16)ptions
(cid:72)3,(cid:77)(cid:72)3,(cid:77)(cid:73)(cid:75)
(cid:72),(cid:72)(cid:78)(cid:72),(cid:76)(cid:71)(cid:71)
(cid:73)(cid:71)(cid:78),(cid:78)(cid:71)(cid:71)
(cid:77),(cid:72)(cid:78)(cid:77)
(cid:72),(cid:71)(cid:71)(cid:71)
(cid:72)(cid:76),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
The number of shareholders
holding less than a marketable
parcel of shares are
(cid:73)(cid:71)(cid:73)
(cid:73)(cid:78),(cid:72)(cid:75)(cid:80)
(cid:58)(cid:28)(cid:59) (cid:21)(cid:49)enty largest holders of (cid:43)uoted shares are:
(cid:15)ame of (cid:9)older
(cid:72) Citicorp (cid:15)ominees Pty Limited
(cid:73). Tiga Trading Pty Ltd
3. Hosking (cid:7)inancial Investments Pty Ltd (cid:84)Hosking Investment A(cid:56)C(cid:85)
(cid:75). Rocsange Pty Ltd (cid:84)S Superannuation (cid:7)und A(cid:56)C(cid:85)
(cid:76). Thorney (cid:16)pportunities Ltd
(cid:77). HSBC Custody (cid:15)ominees (Australia) Limited
(cid:78) Rubi Holdings Pty Ltd (cid:84)(cid:11)ohn Rubino S(cid:56)(cid:7) A(cid:56)C(cid:85)
(cid:79). Platey Pty Ltd
(cid:80). B(cid:15)P Paribas (cid:15)oms Pty Ltd (cid:84)DRP(cid:85)
(cid:72)(cid:71) (cid:11) P Morgan (cid:15)ominees Australia Limited
(cid:72)(cid:72). Picton Cove Pty Ltd
(cid:72)(cid:73). Cranchi Pty Ltd
(cid:72)3. Belstock Pty Ltd
(cid:72)(cid:75). Matooka Pty Ltd (cid:84)Mako A(cid:56)C(cid:85)
(cid:72)(cid:76) RBC Investor Services Australia (cid:15)ominees Pty Limited (cid:84)BkCust A(cid:56)C(cid:85)
(cid:72)(cid:77). Baldwin Brothers Investments Pty Ltd (cid:84)Inspiration A(cid:56)C(cid:85)
(cid:72)(cid:78). Mr (cid:12)ang Hong Tan (cid:66) Mrs Hwea Chong Tan (cid:84)Tan Superannuation A(cid:56)C(cid:85)
(cid:72)(cid:79). Citicorp (cid:15)ominees Pty Limited (cid:84)Colonial (cid:7)irst State Inv A(cid:56)C(cid:85)
(cid:72)(cid:80). Thirty-(cid:7)ifth Celebration Pty Ltd (cid:84)(cid:11)C McBain Super (cid:7)und A(cid:56)C(cid:85)
(cid:73)(cid:71). Aust Executor Trustees Ltd (cid:84)DS Capital Growth (cid:7)und(cid:85)
Listed (cid:16)rdinary Shares
(cid:15)o(cid:55) of Shares
(cid:79) of (cid:9)olding
(cid:79),(cid:75)(cid:77)(cid:80),(cid:79)(cid:76)(cid:71)
(cid:78),(cid:73)(cid:75)(cid:72),(cid:78)3(cid:73)
(cid:77),(cid:80)(cid:79)(cid:76),(cid:72)3(cid:78)
(cid:77),(cid:72)(cid:76)(cid:75),3(cid:77)(cid:77)
(cid:76),(cid:77)(cid:78)(cid:78),(cid:78)(cid:80)(cid:78)
3,(cid:79)(cid:79)(cid:78),(cid:76)(cid:71)(cid:75)
3,(cid:78)(cid:78)(cid:71),3(cid:75)(cid:76)
3,(cid:77)(cid:75)(cid:72),(cid:78)(cid:78)(cid:75)
3,(cid:73)(cid:78)(cid:77),(cid:78)(cid:79)(cid:77)
(cid:73),(cid:79)(cid:78)(cid:79),(cid:72)(cid:77)(cid:80)
(cid:73),(cid:72)(cid:79)(cid:76),(cid:72)(cid:78)3
(cid:73),(cid:71)(cid:72)(cid:71),3(cid:75)(cid:76)
(cid:72),(cid:80)(cid:71)(cid:71),(cid:73)(cid:79)(cid:79)
(cid:72),(cid:78)(cid:80)(cid:73),(cid:72)(cid:72)(cid:79)
(cid:72),(cid:78)(cid:76)(cid:76),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:76)3(cid:75),(cid:79)(cid:78)(cid:75)
(cid:72),3(cid:76)(cid:75),(cid:72)(cid:72)3
(cid:72),3(cid:76)3,(cid:71)3(cid:79)
(cid:72),(cid:73)(cid:78)(cid:71),(cid:75)(cid:75)(cid:80)
(cid:72),(cid:73)(cid:71)(cid:71),(cid:78)(cid:80)(cid:72)
(cid:77).(cid:76)(cid:76)
(cid:76).(cid:77)(cid:71)
(cid:76).(cid:75)(cid:71)
(cid:75).(cid:78)(cid:77)
(cid:75).3(cid:80)
3.(cid:71)(cid:72)
(cid:73).(cid:80)(cid:73)
(cid:73).(cid:79)(cid:73)
(cid:73).(cid:76)(cid:75)
(cid:73).(cid:73)3
(cid:72).(cid:77)(cid:80)
(cid:72).(cid:76)(cid:77)
(cid:72).(cid:75)(cid:78)
(cid:72).3(cid:80)
(cid:72).3(cid:77)
(cid:72).(cid:72)(cid:80)
(cid:72).(cid:71)(cid:76)
(cid:72).(cid:71)(cid:76)
(cid:71).(cid:80)(cid:79)
(cid:71).(cid:80)3
(cid:21)op t(cid:49)enty shareholders
(cid:21)otal issued capital
(cid:73)(cid:75)(cid:53)(cid:70)(cid:70)(cid:76)(cid:53)(cid:73)(cid:71)(cid:76)
1(cid:69)(cid:76)(cid:53)(cid:69)(cid:70)(cid:76)(cid:53)(cid:69)(cid:76)1
(cid:72)(cid:69)(cid:55)(cid:75)(cid:75)
1(cid:67)(cid:67)(cid:55)(cid:67)(cid:67)
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M o n e y 3 C o r p o r a t
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Money3 Corporation Limited
M o n e y 3 C o r p o r a t
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A n n u a l
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(cid:58)c(cid:59) Su(cid:28)stantial shareholders
The names of the substantial shareholders who have notified the Company in accordance with section (cid:77)(cid:78)(cid:72)B of the
Corporations Act (cid:73)(cid:71)(cid:71)(cid:72) are:
Tiga Trading Pty Ltd (cid:66) Associated entities
Roscange Pty Ltd
Hosking (cid:7)inancial Investments Pty Ltd
Pie (cid:7)und Management Limited
(cid:58)d(cid:59) (cid:23)oting rights
The company only has ordinary shares on issue.
(cid:15)o(cid:55) of Shares
(cid:72)(cid:73),(cid:80)(cid:72)(cid:80),(cid:76)(cid:73)(cid:80)
(cid:78),(cid:80)(cid:80)(cid:73),(cid:73)(cid:73)(cid:72)
(cid:78),(cid:75)(cid:78)3,(cid:73)(cid:75)(cid:71)
(cid:77),(cid:78)(cid:77)(cid:78),(cid:80)(cid:73)(cid:78)
(cid:79) (cid:9)eld
(cid:72)(cid:71).(cid:71)(cid:71)(cid:83)
(cid:77).(cid:72)(cid:79)(cid:83)
(cid:77).(cid:80)(cid:78)(cid:83)
(cid:76).(cid:73)(cid:78)(cid:83)
Each ordinary share is entitled to one vote when a poll is called, otherwise each member present at a meeting or by
proxy has one vote on a show of hands.
(cid:58)e(cid:59) (cid:16)ption holders information
The Company has issued (or may issue in the future) (cid:16)ptions over unissued capital. The Company has a total of
(cid:73)(cid:76),(cid:77)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:78),(cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)) options on issue as follows:
(cid:5)irector (cid:16)ptions
The Company has issued nil options during the year ((cid:73)(cid:71)(cid:72)(cid:75): 3,(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)) to the Directors (or their nominees) ((cid:65)Director
(cid:16)ptions(cid:65)).
(cid:10)ssue (cid:5)ate
(cid:16)ptions Granted
(cid:6)(cid:50)ercise Price
(cid:6)(cid:50)piry (cid:5)ate
(cid:23)esting (cid:5)ate
Scott Baldwin
(cid:73)(cid:78) (cid:15)ovember (cid:73)(cid:71)(cid:71)(cid:80)
Scott Baldwin
3(cid:71) September (cid:73)(cid:71)(cid:72)(cid:73)
Scott Baldwin
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)3
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:68)(cid:71).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
3(cid:72) December (cid:73)(cid:71)(cid:72)(cid:76)
3(cid:72) December (cid:73)(cid:71)(cid:72)(cid:75)
(cid:72)(cid:77) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:78)
(cid:72)(cid:77) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:76)
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:77)
(cid:120)
(cid:120)
The options vest in full when an event occurs which give rise to a change in control of the Company.
If the Company after having granted these options restructure its issued share capital, ASX Listing Rules will apply
to the number of Shares issued to the option holder on exercise of an option.
(cid:120) (cid:16)ptions will not be listed on ASX but application will be made for quotation of the shares resulting from the
exercise of the options.
(cid:120) (cid:16)n issue of the resulting shares, they will rank equally with ordinary shares on issue at that time.
(cid:58)f(cid:59) (cid:16)n(cid:57)mar(cid:37)et (cid:28)uy(cid:57)(cid:28)ac(cid:37)
There is a current on-market buy-back of the Company's securities.
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Annual Report 2015 | MNY
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A n n u a l
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A n n u a l
R e p o r t
The names of the substantial shareholders who have notified the Company in accordance with section (cid:77)(cid:78)(cid:72)B of the
(cid:4)or(cid:36)orate (cid:10)n(cid:27)ormation
Money3 Corporation Limited is a company incorporated and domiciled in Australia.
(cid:15)o(cid:55) of Shares
(cid:72)(cid:73),(cid:80)(cid:72)(cid:80),(cid:76)(cid:73)(cid:80)
(cid:78),(cid:80)(cid:80)(cid:73),(cid:73)(cid:73)(cid:72)
(cid:78),(cid:75)(cid:78)3,(cid:73)(cid:75)(cid:71)
(cid:77),(cid:78)(cid:77)(cid:78),(cid:80)(cid:73)(cid:78)
(cid:79) (cid:9)eld
(cid:72)(cid:71).(cid:71)(cid:71)(cid:83)
(cid:77).(cid:72)(cid:79)(cid:83)
(cid:77).(cid:80)(cid:78)(cid:83)
(cid:76).(cid:73)(cid:78)(cid:83)
(cid:58)c(cid:59) Su(cid:28)stantial shareholders
Corporations Act (cid:73)(cid:71)(cid:71)(cid:72) are:
Tiga Trading Pty Ltd (cid:66) Associated entities
Roscange Pty Ltd
Hosking (cid:7)inancial Investments Pty Ltd
Pie (cid:7)und Management Limited
(cid:58)d(cid:59) (cid:23)oting rights
The company only has ordinary shares on issue.
proxy has one vote on a show of hands.
(cid:58)e(cid:59) (cid:16)ption holders information
Each ordinary share is entitled to one vote when a poll is called, otherwise each member present at a meeting or by
The Company has issued (or may issue in the future) (cid:16)ptions over unissued capital. The Company has a total of
(cid:73)(cid:76),(cid:77)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71) ((cid:73)(cid:71)(cid:72)(cid:75): (cid:78),(cid:79)(cid:76)(cid:71),(cid:71)(cid:71)(cid:71)) options on issue as follows:
(cid:5)irector (cid:16)ptions
(cid:16)ptions(cid:65)).
The Company has issued nil options during the year ((cid:73)(cid:71)(cid:72)(cid:75): 3,(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)) to the Directors (or their nominees) ((cid:65)Director
(cid:10)ssue (cid:5)ate
(cid:16)ptions Granted
(cid:6)(cid:50)ercise Price
(cid:6)(cid:50)piry (cid:5)ate
(cid:23)esting (cid:5)ate
Scott Baldwin
(cid:73)(cid:78) (cid:15)ovember (cid:73)(cid:71)(cid:71)(cid:80)
Scott Baldwin
3(cid:71) September (cid:73)(cid:71)(cid:72)(cid:73)
Scott Baldwin
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)3
(cid:73)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:72),(cid:71)(cid:71)(cid:71),(cid:71)(cid:71)(cid:71)
(cid:68)(cid:72).(cid:71)(cid:71)
(cid:68)(cid:71).(cid:76)(cid:71)
(cid:68)(cid:72).(cid:76)(cid:71)
3(cid:72) December (cid:73)(cid:71)(cid:72)(cid:76)
3(cid:72) December (cid:73)(cid:71)(cid:72)(cid:75)
(cid:72)(cid:77) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:78)
(cid:72)(cid:77) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:76)
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:79)
3(cid:71) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:77)
(cid:120)
(cid:120)
The options vest in full when an event occurs which give rise to a change in control of the Company.
If the Company after having granted these options restructure its issued share capital, ASX Listing Rules will apply
to the number of Shares issued to the option holder on exercise of an option.
(cid:120) (cid:16)ptions will not be listed on ASX but application will be made for quotation of the shares resulting from the
(cid:120) (cid:16)n issue of the resulting shares, they will rank equally with ordinary shares on issue at that time.
exercise of the options.
(cid:58)f(cid:59) (cid:16)n(cid:57)mar(cid:37)et (cid:28)uy(cid:57)(cid:28)ac(cid:37)
There is a current on-market buy-back of the Company's securities.
(cid:4)om(cid:36)an(cid:45) (cid:5)ire(cid:24)tor(cid:39)
(cid:22)aughan (cid:23)ebber B.Ec
(cid:15)on Executive Chairman
Bettina Evert BA LLB MAICD
(cid:15)on Executive Director
Robert (cid:11)ames Bryant
Managing Director (Resigned (cid:73)(cid:73) (cid:11)uly (cid:73)(cid:71)(cid:72)(cid:76))
(cid:12)ang Hong Tan ACA ((cid:21)(cid:12)) (cid:7)IPA (Aust)
(cid:15)on Executive Director
Christopher (cid:11)ames Baldwin CPA
(cid:15)on Executive Director (Retired (cid:73)(cid:77) (cid:15)ovember (cid:73)(cid:71)(cid:72)(cid:75))
Scott (cid:11)oseph Baldwin B.Eng (Hons) MBA GAICD
Executive Director
Miles L Hampton BEc (Hons), (cid:7)CIS, (cid:7)CPA, (cid:7)AICD
(cid:15)on Executive Director (Appointed (cid:72) September (cid:73)(cid:71)(cid:72)(cid:75))
(cid:4)om(cid:36)an(cid:45) (cid:17)e(cid:24)retar(cid:45)
Craig Alan Harris CPA
(cid:9)ead (cid:14)(cid:27)(cid:27)i(cid:24)e
Level (cid:72), (cid:75)(cid:71) Graduate Road
Bundoora (cid:22)ictoria 3(cid:71)(cid:79)3
Telephone (cid:71)3 (cid:80)(cid:71)(cid:80)3 (cid:79)(cid:73)(cid:76)(cid:76) (cid:7)acsimile (cid:71)3 (cid:80)(cid:71)(cid:80)3 (cid:79)(cid:73)(cid:73)(cid:78)
(cid:16)e(cid:28)i(cid:39)tered (cid:14)(cid:27)(cid:27)i(cid:24)e
Level (cid:72), (cid:75)(cid:79) High Street
(cid:15)orthcote (cid:22)ictoria 3(cid:71)(cid:78)(cid:71)
(cid:17)(cid:29)are (cid:16)e(cid:28)i(cid:39)tr(cid:45)
Link Market Services Limited
Level (cid:72), 333 Collins Street
Melbourne (cid:22)ictoria 3(cid:71)(cid:71)(cid:71)
(cid:17)o(cid:32)i(cid:24)itor(cid:39)
(cid:7)oster (cid:15)icholson Legal Pty Ltd
Level (cid:78), (cid:75)(cid:73)(cid:71) Collins Street
Melbourne (cid:22)ictoria 3(cid:71)(cid:71)(cid:71)
(cid:2)uditor(cid:39)
BD(cid:16) East Coast Partnership
Level (cid:72)(cid:75), (cid:72)(cid:75)(cid:71) (cid:23)illiam Street
Melbourne (cid:22)ictoria 3(cid:71)(cid:71)(cid:71)
(cid:3)an(cid:31)er(cid:39)
(cid:23)estpac Banking Corporation
(cid:72)(cid:76)(cid:71) Collins Street
Melbourne (cid:22)ictoria 3(cid:71)(cid:71)(cid:71)
(cid:17)to(cid:24)(cid:31) (cid:6)x(cid:24)(cid:29)an(cid:28)e (cid:11)i(cid:39)tin(cid:28)
Money3 Corporation Limited shares are listed on the Australian Securities Exchange (ASX code (cid:14)(cid:15)(cid:26))
(cid:21)e(cid:23)(cid:39)ite
www.money3.com.au
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Money3 Corporation Limited
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