Oldfields Holdings Limited

Annual
Report

Performaannncccee
Excellencceee
Innovatioonnn

OLDFIELDS HOLDINGS (ASX: OLH)

Annual Report
Contents

FY2021 HIGHLIGHTS

VALUES STATEMENT

CHAIRMAN ADDRESS

CEO REPORT

DIRECTORS’ REPORT

AUDITOR’S INDEPENDENT DECLARATION

FINANCIAL STATEMENTS

DIRECTORS’ DECLARATION

INDEPENDENT AUDITOR’S REPORT

CORPORATE GOVERNANCE STATEMENT

RISK MANAGEMENT STATEMENT

SHAREHOLDER INFORMATION

CORPORATE DIRECTORY

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51

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FY2021

Highlights

Management

Paint Tools

Strengthened management 
team that supported the 
business during COVID

Reduced supply chain costs 
      10%

Developed new operating 
systems

Set up local sales and 
increased management 
infrastructure in China to 
ensure costs are being 
controlled

Sales increase        24%

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Online “Click and Collect” with 
our retail partners nationwide

Hero product sales growth 
over       30%

New product introductions in 
3 categories

3

OLDFIELDS HOLDINGS LIMITED
JUNE 2021

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Scaffolding

Manufacturing

Pipeline growth in key 
markets        25%

Strengthened engineering 
&design capability inhouse

Tier 1 and Tier 2 Builders 
now engaged and already 
providing repeat business

National accounts 
established in Insurance 
building and maintenance

Relocated from Southern 
to Northern China to take 
advantage of dedicated 
engineering zone

Increased facility with 
moreupside capacity and 
oversight - on similar cost base

Invested in automation to 
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OH&S best practice

4

OLDFIELDS HOLDINGS LIMITED
JUNE 2021

Values

Statement

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we serve our 

customers and 

community with

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professionalism 

and reliability.

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01

Customer
Service

Innovation

02

06

Account-
ability

05

CORE
VALUES

Integrity

03

Safety &
Sustainability

Passion

04

5

OLDFIELDS HOLDINGS LIMITED
JUNE 2021

Chairman’s Address

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building a solid base for 
growth despite the impacts of 
the COVID-19 pandemic on the 
building industry. I am proud 
of the management team 
and team members around 
the country as they resiliently 
continued building key 
relationships in all aspects of 
the market whilst continually 
improving product offers and 
building service. This sets up 
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6

OLDFIELDS HOLDINGS LIMITED
JUNE 2021

Traction being made with key 
national clients

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Renewed energy and culture 
together with focus sets the 
base for growth

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Jonathan Doy
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7

OLDFIELDS HOLDINGS LIMITED
JUNE 2021

A Report from

The CEO

Building capacity and 
a culture for a return 
to growth

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the business has been 
rebuilding and positioning 
for a return to growth and its 
former premier position. The 
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covenants in December 2019 
removed the shackles so that 
the team could approach the 
market in an unencumbered 
way.

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8

OLDFIELDS HOLDINGS LIMITED
JUNE 2021

“

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“

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9

OLDFIELDS HOLDINGS LIMITED
JUNE 2021

Paint Tools

Scaffolding

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International

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(cid:743)(cid:738)(cid:3)(cid:741)(cid:728)(cid:743)(cid:744)(cid:741)(cid:737)(cid:673)

10

OLDFIELDS HOLDINGS LIMITED
JUNE 2021

China Manufacturing

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Renewed purpose

(cid:711)(cid:731)(cid:728)(cid:3)(cid:743)(cid:728)(cid:724)(cid:736)(cid:3)(cid:724)(cid:743)(cid:3)(cid:706)(cid:735)(cid:727)(cid:1027)(cid:728)(cid:735)(cid:727)(cid:742)(cid:3)(cid:732)(cid:742)(cid:3)(cid:727)(cid:728)(cid:727)(cid:732)(cid:726)(cid:724)(cid:743)(cid:728)(cid:727)(cid:671)(cid:3)(cid:729)(cid:738)(cid:726)(cid:744)(cid:742)(cid:728)(cid:727)(cid:3)
(cid:724)(cid:737)(cid:727)(cid:3)(cid:728)(cid:737)(cid:728)(cid:741)(cid:730)(cid:728)(cid:743)(cid:732)(cid:726)(cid:3)(cid:738)(cid:737)(cid:3)(cid:724)(cid:726)(cid:743)(cid:732)(cid:745)(cid:728)(cid:735)(cid:748)(cid:3)(cid:725)(cid:744)(cid:732)(cid:735)(cid:727)(cid:732)(cid:737)(cid:730)(cid:3)(cid:744)(cid:739)(cid:738)(cid:737)(cid:3)(cid:738)(cid:744)(cid:741)(cid:3)
(cid:738)(cid:741)(cid:730)(cid:724)(cid:737)(cid:732)(cid:726)(cid:3)(cid:725)(cid:724)(cid:742)(cid:728)(cid:3)(cid:724)(cid:742)(cid:3)(cid:746)(cid:728)(cid:735)(cid:735)(cid:3)(cid:724)(cid:742)(cid:3)(cid:742)(cid:728)(cid:728)(cid:734)(cid:732)(cid:737)(cid:730)(cid:3)(cid:738)(cid:744)(cid:743)(cid:3)(cid:737)(cid:728)(cid:746)(cid:3)
(cid:738)(cid:739)(cid:739)(cid:738)(cid:741)(cid:743)(cid:744)(cid:737)(cid:732)(cid:743)(cid:732)(cid:728)(cid:742)(cid:3)(cid:732)(cid:737)(cid:3)(cid:736)(cid:744)(cid:735)(cid:743)(cid:732)(cid:739)(cid:735)(cid:728)(cid:3)(cid:726)(cid:731)(cid:724)(cid:737)(cid:737)(cid:728)(cid:735)(cid:742)(cid:673)(cid:3)(cid:698)(cid:741)(cid:728)(cid:724)(cid:743)(cid:3)
(cid:725)(cid:744)(cid:742)(cid:732)(cid:737)(cid:728)(cid:742)(cid:742)(cid:728)(cid:742)(cid:3)(cid:742)(cid:743)(cid:724)(cid:741)(cid:743)(cid:3)(cid:746)(cid:732)(cid:743)(cid:731)(cid:3)(cid:730)(cid:741)(cid:728)(cid:724)(cid:743)(cid:3)(cid:739)(cid:728)(cid:738)(cid:739)(cid:735)(cid:728)(cid:3)(cid:724)(cid:737)(cid:727)(cid:3)
(cid:729)(cid:738)(cid:744)(cid:737)(cid:727)(cid:724)(cid:743)(cid:732)(cid:738)(cid:737)(cid:742)(cid:671)(cid:3)(cid:746)(cid:731)(cid:732)(cid:726)(cid:731)(cid:3)(cid:732)(cid:742)(cid:3)(cid:746)(cid:731)(cid:724)(cid:743)(cid:3)(cid:746)(cid:728)(cid:3)(cid:731)(cid:724)(cid:745)(cid:728)(cid:3)(cid:725)(cid:728)(cid:728)(cid:737)(cid:3)
(cid:740)(cid:744)(cid:732)(cid:728)(cid:743)(cid:735)(cid:748)(cid:3)(cid:732)(cid:736)(cid:739)(cid:741)(cid:738)(cid:745)(cid:732)(cid:737)(cid:730)(cid:3)(cid:732)(cid:737)(cid:3)(cid:743)(cid:731)(cid:728)(cid:3)(cid:735)(cid:724)(cid:742)(cid:743)(cid:3)(cid:676)(cid:677)(cid:3)(cid:736)(cid:738)(cid:737)(cid:743)(cid:731)(cid:742)(cid:673)(cid:3)(cid:711)(cid:731)(cid:732)(cid:742)(cid:3)
(cid:732)(cid:742)(cid:3)(cid:724)(cid:737)(cid:3)(cid:724)(cid:735)(cid:735)(cid:3)(cid:738)(cid:729)(cid:3)(cid:726)(cid:738)(cid:736)(cid:739)(cid:724)(cid:737)(cid:748)(cid:3)(cid:724)(cid:739)(cid:739)(cid:741)(cid:738)(cid:724)(cid:726)(cid:731)(cid:3)(cid:724)(cid:737)(cid:727)(cid:3)(cid:724)(cid:743)(cid:743)(cid:732)(cid:743)(cid:744)(cid:727)(cid:728)(cid:3)
(cid:729)(cid:741)(cid:738)(cid:736)(cid:3)(cid:743)(cid:731)(cid:728)(cid:3)(cid:728)(cid:747)(cid:728)(cid:726)(cid:744)(cid:743)(cid:732)(cid:745)(cid:728)(cid:742)(cid:3)(cid:743)(cid:738)(cid:3)(cid:736)(cid:724)(cid:737)(cid:724)(cid:730)(cid:728)(cid:741)(cid:742)(cid:3)(cid:724)(cid:737)(cid:727)(cid:3)
(cid:729)(cid:741)(cid:738)(cid:737)(cid:743)(cid:735)(cid:732)(cid:737)(cid:728)(cid:3)(cid:739)(cid:728)(cid:741)(cid:742)(cid:738)(cid:737)(cid:737)(cid:728)(cid:735)(cid:673)

(cid:714)(cid:728)(cid:3)(cid:745)(cid:724)(cid:735)(cid:744)(cid:728)(cid:3)(cid:724)(cid:737)(cid:727)(cid:3)(cid:741)(cid:728)(cid:742)(cid:739)(cid:728)(cid:726)(cid:743)(cid:3)(cid:728)(cid:745)(cid:728)(cid:741)(cid:748)(cid:3)(cid:736)(cid:728)(cid:736)(cid:725)(cid:728)(cid:741)(cid:3)(cid:738)(cid:729)(cid:3)
(cid:738)(cid:744)(cid:741)(cid:3)(cid:743)(cid:728)(cid:724)(cid:736)(cid:671)(cid:3)(cid:746)(cid:731)(cid:738)(cid:3)(cid:724)(cid:735)(cid:735)(cid:3)(cid:744)(cid:737)(cid:727)(cid:728)(cid:741)(cid:742)(cid:743)(cid:724)(cid:737)(cid:727)(cid:3)(cid:731)(cid:738)(cid:746)(cid:3)(cid:743)(cid:731)(cid:728)(cid:748)(cid:3)(cid:726)(cid:724)(cid:737)(cid:3)
(cid:726)(cid:738)(cid:737)(cid:743)(cid:741)(cid:732)(cid:725)(cid:744)(cid:743)(cid:728)(cid:3)(cid:743)(cid:738)(cid:3)(cid:743)(cid:731)(cid:728)(cid:3)(cid:742)(cid:744)(cid:726)(cid:726)(cid:728)(cid:742)(cid:742)(cid:3)(cid:738)(cid:729)(cid:3)(cid:743)(cid:731)(cid:728)(cid:3)(cid:725)(cid:744)(cid:742)(cid:732)(cid:737)(cid:728)(cid:742)(cid:742)(cid:3)
(cid:742)(cid:738)(cid:3)(cid:743)(cid:731)(cid:724)(cid:743)(cid:3)(cid:744)(cid:735)(cid:743)(cid:732)(cid:736)(cid:724)(cid:743)(cid:728)(cid:735)(cid:748)(cid:3)(cid:743)(cid:731)(cid:728)(cid:3)(cid:742)(cid:731)(cid:724)(cid:741)(cid:728)(cid:731)(cid:738)(cid:735)(cid:727)(cid:728)(cid:741)(cid:742)(cid:3)(cid:726)(cid:724)(cid:737)(cid:3)(cid:725)(cid:728)(cid:3)
(cid:741)(cid:728)(cid:746)(cid:724)(cid:741)(cid:727)(cid:728)(cid:727)(cid:3)(cid:729)(cid:738)(cid:741)(cid:3)(cid:743)(cid:731)(cid:728)(cid:732)(cid:741)(cid:3)(cid:742)(cid:744)(cid:739)(cid:739)(cid:738)(cid:741)(cid:743)(cid:3)(cid:732)(cid:737)(cid:743)(cid:738)(cid:3)(cid:743)(cid:731)(cid:728)(cid:3)(cid:737)(cid:728)(cid:746)(cid:3)(cid:728)(cid:741)(cid:724)(cid:3)
(cid:724)(cid:731)(cid:728)(cid:724)(cid:727)(cid:673)

Richard Abela
(cid:694)(cid:696)(cid:706)

11

OLDFIELDS HOLDINGS LIMITED
JUNE 2021

Directors' Report

Your Directors present their report on the consolidated entity (referred to herein as the "Group") consisting of Oldfields Holdings Limited (referred to
hereafter as the "Company" or the "Parent Entity") and its controlled entities for the financial year ended 30 June 2021. 

Directors' Details

The names and details of the Directors of the Company during the financial year and until the date of this report are set out below. Directors were in
office for this entire period unless otherwise stated.

Richard John Abela (appointed on 12 December 2016)
Chief Executive Officer and Managing Director
Mr Abela has more than 20 years experience in senior/managing director roles in finance, sales & marketing and supply chain including a number of
years in the building products sector, scaffolding and trade related industries.

Qualifications
Fellow Member of CPA and Master of Business Administration

Other current directorships:
Order of Saint John of Jerusalem, Knights Hospitaller

Previous directorships (last 3 years):
None

Interest in shares and options:
201,000 shares held

Jonathan William Doy (appointed on 17 April 2020)
Independent non-executive Director and Interim Chairman
Mr Doy is the CEO of Sparke Helmore Consulting, an allied service company of Sparke Helmore Lawyers. He is an acknowledged specialist in tax as well as
in the broader business implications of transactions particularly in the construction and property industry.

Special responsibilities
Chairman of the Audit Committee and Member of the Remuneration & Nomination Committee

Qualifications
Bachelor of Economics, Member of AICD and Fellow Member of CPA

Other current directorships:
None

Previous directorships (last 3 years):
None

Interest in shares and options:
Nil

David John Baird (appointed on 17 April 2020)
Independent non-executive Director 
Mr Baird has over 30 years experience in local government, planning and environmental law.

Special responsibilities
Chairman of the Remuneration & Nomination Committee and Member of the Audit Committee

Qualifications
Bachelor of Arts and Bachelor of Laws

Other current directorships:
None

Previous directorships (last 3 years):
None

Interest in shares and options:
225,000 shares held

Jie Ma (appointed on 17 April 2020)
Non-executive Director 
Mr Ma has over 20 years experience in mid and high-rise construction in China and Australia.

Special responsibilities
Member of the Audit Committee and Member of the Remuneration & Nomination Committee

Qualifications
Bachelor of Industrial and Civil Engineering

Other current directorships:
None

Previous directorships (last 3 years):
None

Interest in shares and options:
85,530,329 shares held
(holds 50% of the units in the EQM Holdings Unit Trust.  EQM Holdings Pty Ltd atf the EQM Holdings Unit Trust holds 85,530,329 ordinary shares)

12

Oldfields Holdings Limited
30 June 2021

 
Company Secretary

Alan Lee was appointed as Company Secretary on 12 June 2019.  

Alan has over 25 years experience in financial reporting and controls, corporate advisory and governance, business valuation, transaction services across
a wide range of industries and sectors in Australasia and Asia. He has been Chief Financial Officer of another ASX listed company and a mid-market
private equity firm in Australia. Alan has worked in the Financial Advisory division and Assurance division of KPMG, PwC and EY in Sydney and Hong Kong.
He holds a Bachelor of Commerce and a Graduate Diploma in Applied Finance and Investment as well as a CPA in Australia and Hong Kong.

Principal Activities

The principal activities of the Group during the financial year were:

-
-
-

import and distribution of paint brushes, paint rollers, painter's tools and accessories;
hire and erection of scaffolding and related products; and
manufacture and distribution of scaffolding and related equipment.

There were no significant changes in the nature of the Group's principal activities during the financial year. The majority of operations are conducted in
Australia.

Review of Operations and Financial Results

Operating Results

Net loss for the Group after providing for income tax amounted to $2.6M (2020: $1.2M loss).

The Group's earnings before interest, tax, depreciation and amortisation (EBITDA) has reduced from $0.7M last year to $0.2M  this year.

The following table summarises the key reconciling items between profit/(loss) after income tax attributable to the shareholders of the Group and
EBITDA. EBITDA is a financial measure which is not prescribed by Australian Accounting Standards ("AAS") and represents the profit under AAS adjusted
for specific non cash and significant items.  The Directors consider EBITDA to reflect the core earnings/(loss) of the Group.

Sales revenue

Profit (loss) after income tax
Income tax expense
Profit (loss) before income tax

2021
$'000

2020
$'000
           22,716             24,591 

2019
$'000

2018
$'000
           24,755              25,898 

2017
$'000
           26,721 

           (2,586)
               (228)               1,550 
                 290 
                 416                    309 
            (2,296)                (938)                  188                1,859 

           (1,222)
                 284 

                 312 
                 315 
                 627 

Gain on early redemption of deferred senior loan note
Revaluation of deferred senior loan note
Profit (loss) before income tax, gain on early redemption and 
revaluation

                    -   
                    -   

               (470)                     -                         -   
                    -   
               (237)                (508)              (1,936)                  287 

             (2,296)              (1,645)                 (320)                   (77)                   914 

Interest income
Depreciation and amortisation expense
Depreciation and amortisation of right-of-use assets
Net finance costs
Unrealised foreign exchange losses
EBITDA

                 (14)
                    -   
                 739 
                 930 
             1,415 
             1,472 
                 165 
                 240 
               (183)                     -   
                 660 
                 163 

                    -                         -   
                 880                    912 
                    -                         -   
                 349                    278 
                     6                        8 
                 915                1,121 

                    -   
                 803 
                    -   
                 303 
                   11 
             2,031 

The Group's revenue from continuing operations for the financial year ended 30 June 2021 was $22.7M (2020: $24.6M) which was a decrease of 7.6%
over prior year. Consumer division revenue increased $1.1M (22%) while the Scaffold division decreased by $3M (15%). 

Depreciation and amortisation expense for the year was $2.4M which was an increase of $0.2M (2020: $2.2M) which reflects the stable cost from
investment in hire fleet to support the growth of the Scaffold division.

The Group’s net loss after tax was $2.6M (2020: Loss $1.2M). The Group had a loss of $2.3M before income tax and revaluation of the financial derivative
(2020: Loss $1.6M). Revenue from the consumer products segment increased by over 20% which had been benefited from product innovation, channel
expansion and new client acquisition. For the Scaffold segment,
lower revenue was entirely the result of the COVID-19 lockdowns. This impacted both
revenue generation as well as management's ability to manage state branches on the ground. Our Australian operations has been further streamlined in
respect to processes and has been restructured in order to reset its operating cost base.

The Group received $1.2M in job keeper payments for the year ended 30 June 2021. All conditions and eligibility criteria for receiving the payments were
met. 

Net cash provided by operating activities was $1.2M in 2021 compared to $0.7M in 2020. The Group continues to have a strong focus on working capital
management by lowering inventory within the supply chain and improving payment terms for both debtors and creditors.

Review of Operations

Refer to the CEO Report on pages 8 to 11 of the Annual Report.

13

Oldfields Holdings Limited
30 June 2021

Financial Position

The net assets of the Group have decreased by $2.9M from $7.9M at 30 June 2020 to $5.0M at 30 June 2021.

A key area of focus for the 2021 financial year will be to continue to trade profitably and further increase the net asset position of the Group.

Significant Changes in State of Affairs

There were no significant changes in the state of affairs during the financial year.

Dividends 

Since the start of the financial year, no dividends have been paid or declared by Oldfields Holdings Limited.

Events after the Reporting Period

The Group’s majority shareholder, EQM Holdings Pty Ltd, has provided a further short-term loan of $200,000 to the Group since 30 June 2021.

There were no other matters or circumstances that have arisen since 30 June 2021 which significantly affect or could affect the operations of the Group
in future years.

Future Developments, Prospects and Business Strategies

It is anticipated that government stimulus measures will assist in driving new demand for our products and services in both divisions. Likewise, both
Scaffolding and Paint Tools has a strong pipeline and as such we expect revenue growth to resume in earnest in the 2022 financial year. The Group cost
saving measures are also likely to assist in the delivery of improved results. It is anticipated that these benefits will gain traction in the first half of the
2022 calendar year.

While the duration of the impacts of the COVID-19 pandemic still remain uncertain, we remain confident that the work during this time will deliver
sustainable profitable growth to shareholders. We have a focused and dedicated team and a strong and growing pipeline of projects, together with a
growing number of key clients, and as such, we are well placed to drive earnings growth and pursue new opportunities as we emerge from the current
economic challenges.

Environmental Regulation and Performance

The Group’s operations are not subject to any particular or significant environmental regulation under the law of the Commonwealth or of a State or
Territory in Australia. The Group has established procedures whereby compliance with existing environmental regulations and new regulations are
monitored continually. This process includes procedures to be followed should an incident adversely impact the environment. The Directors are not
aware of any breaches during the period covered by this report.

Directors' Meetings

The number of meetings of directors (including meetings of committees of directors) held during the year and the number of meetings attended by each
director were as follow:

Director's Name

Richard John Abela
Jonathan William Doy 
David John Baird
Jie Ma

Remuneration Report (Audited)

Remuneration Policy

Board                    

Number 
Eligible to 
Attend

Number 
Attended

Audit Committee            
Number 
Eligible to 
Attend

Number 
Attended

Remuneration Committee 

Number 
Eligible to 
Attend

Number 
Attended

10
10
10
10

10
10
10
4

-
2
2
2

-
2
2
-

-
2
2
2

-
2
2
-

The remuneration policy of the Group has been designed to align key management personnel (KMP) objectives with shareholder and business objectives
by providing a fixed remuneration component and offering incentives based on key performance areas affecting the consolidated entity's financial
results. The Board believes the remuneration policy to be appropriate and effective in it's ability to attract and retain the high quality KMP to run and
manage the Group, as well as create goal congruence between directors, executives and shareholders.

The Board’s policy for determining the nature and amount of remuneration for KMP of the Group is as follows:

-

-

-
-

The remuneration policy is to be developed by the Remuneration Committee and approved by the Board after professional advice is sought
from independent external consultants when required;
KMP receive a base salary (which is based on factors such as length of service and experience), superannuation, fringe benefits, and
performance incentives;
Performance incentives are generally only paid once predetermined key performance indicators (KPIs) have been met; and
The Remuneration Committee reviews KMP packages annually by reference to the Group’s performance, executive performance and
comparable information from industry sectors.

The performance of KMP is measured against criteria with each executive and is based predominantly on the forecast growth of the Group’s profits and
shareholders’ value. All bonuses and incentives must be linked to predetermined performance criteria. The Board may however exercise its discretion in
relation to approving incentives, bonuses and options, and can recommend changes to the Committee’s recommendations. Any change must be justified
by reference to measurable performance criteria. The policy is designed to attract high calibre executives and reward them for performance results
leading to long-term growth in shareholder wealth.

14

Oldfields Holdings Limited
30 June 2021

                
                   
                      
                      
                      
                      
              
                 
                   
                    
                    
                   
              
                 
                   
                    
                    
                   
              
                   
                   
                     
                    
                    
KMP receive at a minimum, a superannuation guarantee contribution required by the government, which for the 2021 financial year was 9.5% of the
individual's earnings. Individuals may however have chosen to sacrifice part of their salary to increase payments towards their superannuation. 

Upon retirement, KMP are paid employee benefit entitlements accrued to the date of retirement. 

All remuneration paid to KMP is valued at the cost to the Group and expensed.

The Board's policy is to remunerate non-executive directors at market rates for time, commitment and responsibilities. The Remuneration Committee
determines payments to the non-executive directors and reviews their remuneration annually based on, market practice, duties and accountability.
Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to non-executive directors is subject to
approval by shareholders at the Annual General Meeting.

Engagement of Remuneration Consultants

During the financial year there were no consultants engaged by the Remuneration Committee to review the elements of KMP remuneration and provide
recommendations. 

Performance-Based Remuneration

The KPIs are set annually with a certain level of consultation with KMP. The measures are specifically tailored to the area each individual is involved in
and has a level of control over. The KPIs target areas the Board believes hold greater potential for the Group's expansion and profit, covering financial
and non-financial as well as short and long-term goals. The level set for each KPI is based on budgeted figures for the Group and respective industry
standards.

Performance in relation to the KPIs is assessed annually with bonuses being awarded depending on the number and difficulty of the KPIs achieved.
Following the assessment, the KPIs are reviewed by the Remuneration Committee in light of the desired and actual outcomes, and their efficiency is
assessed in relation to the Group’s goals and shareholder wealth before the KPIs are set for the following year.

In determining whether or not a KPI has been achieved the Group bases the assessment on audited figures, however where the KPI involves comparison
of the Group or a division within the Group to the market, independent reports may be sought from organisations such as Standard & Poors.

Employment Details of Members of Key Management Personnel

The following table provides employment details of persons who were, during the financial year, members of KMP of the Group. 

Group Key Management Personnel
Richard John Abela

Position Held                                               
Executive Director and Chief Executive 
Officer

Contract Details:                                       
Duration unspecified.                                          
Termination 3 months notice

Current Salary / Fees 
$268,650

Jonathan William Doy

David John Baird 

Independent Non-executive Director

Independent Non-executive Director

Duration & termination unspecified

Duration & termination unspecified

Jie Ma

Non-executive Director

Duration & termination unspecified

Ka Lung Alan Lee

Company Secretary and Chief 
Financial Officer

Duration unspecified.                                          
Termination 3 months notice

The table below illustrates the proportion of remuneration that was performance related and fixed salary/fees.

$40,000

$40,000

$100,000

$200,526

Richard John Abela
Jonathan William Doy 
David John Baird 
Jie Ma
Ka Lung Alan Lee

Performance 
Related
%

Fixed 
%

Total
%

                       -                    100                    100 
                 100 
                       -                    100 
                 100 
                       -                    100 
                 100 
                       -                    100 
                 100 
                       -                    100 

The employment terms and conditions of all KMP are formalised in contracts of employment.

In addition to the above,
There are no pre-defined termination benefits payable to key management personnel other than accrued leave entitlements.
the Group is committed to pay the CEO and the CFO up to 6 months of base salary each in the event of a successful takeover offer and their positions are
terminated or made effectively redundant.

15

Oldfields Holdings Limited
30 June 2021

Remuneration Expenses for Key Management Personnel

The following table of benefits and payments represents the components of the current year and comparative year remuneration expenses for each
member of KMP of the Group. Such amounts have been calculated in accordance with Australian Accounting Standards:

Executive Directors
Richard John Abela

Gregory John Park
(resigned 12 June 2019)
Ka Lung  Alan Lee
(appointed 12 June 2019)
Non-Executive Directors
Jonathan William Doy
(appointed 17 April 2020)
David John Baird (appointed 17 April 2020)
(appointed 17 April 2020)
Jie Ma (appointed 17 April 2020)
(appointed 17 April 2020)
William Lewis Timms
(resigned 18 April 2020)
Stephen Charles Hooper
(resigned 18 April 2020)
2021 Total KMP
2020 Total KMP

Year

2021
2020
2021
2020
2021
2020

2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020

Short-Term Benefits

Cash Salary 
and Fees
$

Cash 
Bonuses & 
Incentives
$

Non-
Monetary 
Benefits
$

Movement in 
Leave 
Entitlements
$

Long-Term 
Benefits

Post 
Employment 
Benefits

Leave 
Entitlements
$

Super- 
annuation
$

Total
$

        246,117 
        247,800 
                      -                      -                         - 
           11,512                      -                         - 
        182,001 
        187,625 

                    -                         - 
 7,062                        -              22,533 
                    -                         -                4,209                         -              21,452 
-                         -                         - 
(9,482)                        -                    336 
                    -                         -                8,659                         -              18,525 
                    -                         -                7,842                         -              17,824 

         275,712 
         273,461 
                      - 
             2,366 
         209,185 
         213,291 

           40,000                      -                         -                         -                         -                         - 
             8,222                      -                         -                         -                         -                         - 
           40,000                      -                         -                         -                         -                         - 
             8,222                      -                         -                         -                         -                         - 
                    -                         -                         -                         -                         - 
        100,000 
           20,556                      -                         -                         -                         -                         - 
                      -                      -                         -                         -                         -                         - 
           70,833                      -                         -                         -                         -                6,729 
                      -                      -                         -                         -                         -                         - 
           39,352                      -                         -                         -                         -                3,738 
        608,118 
        594,122 

           40,000 
             8,222 
           40,000 
             8,222 
         100,000 
           20,556 
                      - 
           77,562 
                      - 
           43,090 
                    -                         -              15,721                         -              41,058            664,897 
         646,770 
                   - 

                      -              50,079 

                      - 

             2,569 

Securities Received that are not Performance Related

No members of KMP are entitled to receive securities that are not performance-based as part of their remuneration package.

Performance-Related Share-based Payments

There were no performance-related share-based payments made to key management personnel during the year.

Options and Rights Granted as Remuneration

There were no options or rights granted as remuneration during the year.

Shares held by Key Management Personnel

The number of ordinary shares in Oldfields Holdings Limited held during the 2021 financial year by each of the KMP of the Group is as follows:

Richard John Abela
Jonathan William Doy
David John Baird
Jie Ma*
Alan Lee
Total

Number at 
Beginning of 
Year

Granted as 
Remuneration 
During the 
Year

Issued on 
Exercise of 
Options 
During the 
Year

Other 
Changes 
During the 
Year

Number at 
End of Year

          201,000                         -                         -                         -            201,000 
                      - 
                       -                         -                         -                         - 
         235,000 
          225,000                         -                         -              10,000 
   85,530,329 
    85,530,329                         -                         -                         - 
                      - 
                       -                         -                         -                         - 
   85,966,329 
                      -              10,000 
   85,956,329 

                      - 

* holds 50% of the units in the EQM Holdings Unit Trust. EQM Holdings Pty Ltd atf the EQM Holdings Unit Trust holds 85,530,329 ordinary shares 

Other Transactions with Key Management Personnel

There were no other transactions conducted between the Group and KMP or their related parties, other than those disclosed above or in note 30
relating to equity, compensation and loans, that were conducted other than in accordance with normal employee, customer or supplier relationships on
terms no more favourable than those reasonably expected under arm’s length dealings with unrelated persons.

(This concludes the Remuneration Report which has been audited)

16

Oldfields Holdings Limited
30 June 2021

Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au

Level 11, 1 Margaret St
Sydney NSW 2000
Australia

DECLARATION OF INDEPENDENCE BY JOHN BRESOLIN TO THE DIRECTORS OF OLDFIELDS HOLDINGS
LIMITED

As lead auditor of Oldfields Holdings Limited for the year ended 30 June 2021, 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 Oldfields Holdings Limited and the entities it controlled during the
period.

John Bresolin
Director

BDO Audit Pty Ltd

Sydney, 7 October 2021

BDO Audit Pty Ltd ABN 33 134 022 870 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 Audit Pty Ltd 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.

Financial Statements

Consolidated Statement of Profit or Loss and Other Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to the Consolidated Financial Statements

Page

20

21

22

23

24

General Information

The financial report includes the consolidated financial statements for Oldfields Holdings Limited (the ultimate parent entity) and its controlled entities
("Oldfields" or the "Group"). The financial report is presented in Australian dollars, which is Oldfields Holdings Limited's functional and presentation
currency. 

The financial report consists of the financial statements , notes to the financial statements and the directors' declaration.

Oldfields Holdings Limited is a listed public company limited by shares, incorporated and domiciled in Australia. It's registered office and principal place of
business is:
 8 Farrow Road
Campbelltown, NSW, 2560, Australia

A description of the nature of the Group's operations and its principal activities are included in the directors' report, which is not part of the financial
report. The financial report was authorised for issue with a resolution of Directors on 7 October, 2021. The Directors have the power to amend and reissue
the financial report.

19

Oldfields Holdings Limited
30 June 2021

Consolidated Statement of Profit or Loss and 
Other Comprehensive Income
For the year ended 30 June 2021

Sales revenue
Cost of sales
Gross profit

Other income

Expenses:
Depreciation and amortisation expense
Depreciation and amortisation of right-of-use assets
Other expenses from ordinary activities:

 Sales and distribution expenses
 Marketing expenses
 Occupancy expenses
 Administrative expenses

Finance costs
Loss before gain on early redemption and revaluation of derivative financial instruments and income tax

Gain on early redemption of deferred senior loan note
Revaluation of deferred senior loan note derivative component
(Loss) profit before income tax
Tax expense
Net loss from continuing operations

Other comprehensive income:
Items that will not be reclassified subsequently to profit or loss:

Exchange differences on translating foreign operations, net of tax

Other comprehensive income for the year, net of tax

Total comprehensive income for the year

Net loss for the year attributable to:

Members of the parent entity
Non-controlling interest

Total net loss for the year

Comprehensive income attributable to:

Members of the parent entity
Non-controlling interest

Total comprehensive income for the year

Note
5

5

6
6

6

15
15

7

2021
$'000

 22,716 
(13,181)
 9,535 

2020
$'000

 24,591 
(14,336)
10,255 

 1,183 

1,432 

(930)
(1,472)

(7,228)
(217)
(286)
(2,641)

(240)
(2,296)

- 
- 
(2,296)
(290)
(2,586)

(739)
(1,415)

(7,851)
(198)
- 
(2,775)

(354)
(1,645)

 470 
237 
(938)
(284)
(1,222)

(27)
(27)

(28)
(28)

(2,613)

(1,250)

(2,846)
260 
(2,586)

(2,873)
260 
(2,613)

(1,461)
239 
(1,222)

(1,489)
239 
(1,250)

Earnings per share from continuing operation attributable to members of the parent entity:

Basis earnings per share 
Diluted earnings per share 

Note

23
23

Cents

Cents

(1.697)
(1.697)

(1.254)
(1.254)

The accompanying notes form part of these financial statements.

20

Oldfields Holdings Limited
30 June 2021

Consolidated Statement of Financial Position
As at 30 June 2021

ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Inventories
Current tax assets
TOTAL CURRENT ASSETS

NON-CURRENT ASSETS
Property, plant and equipment
Right-of-use assets
Intangible assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS

LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Borrowings
Lease liabilities
Current tax liabilities
Employees benefit obligations
TOTAL CURRENT LIABILITIES

NON-CURRENT LIABILITIES
Lease liabilities
Deferred tax liabilities
Employees benefit obligations
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES

NET ASSETS

EQUITY
Issued capital
Other reserves
Accumulated loss
Parent interest
Non-controlling interest
TOTAL EQUITY

(1) Refer to note 3 for details regarding the reclassification.

Note

8
9
10
7

11
12
13

14
15
16
7
17

16
7
17

20
21
24

24

2021
$'000

 1,022 
 4,089 
 2,568 
85 
 7,764 

 3,119 
 3,469 
 1,036 
 7,624 
 15,388 

 4,903 
390 
 1,477 
97 
929 
 7,796 

 2,309 
177 
51 
 2,537 
 10,333 

Restated
2020 (1)
$'000

1,785 
4,194 
2,951 
48 
8,978 

3,570 
2,875 
914 
7,359 
16,337 

4,108 
122 
1,203 
- 
849 
6,282 

1,879 
170 
73 
2,122 
8,404 

 5,055 

7,933 

 26,086 
(8)
(21,765)
 4,313 
742 
 5,055 

26,086 
19 
(18,919)
7,186 
747 
7,933 

The accompanying notes form part of these financial statements.

21

Oldfields Holdings Limited
30 June 2021

Consolidated Statement of Changes in Equity
For the year ended 30 June 2021

Balance at 1 July 2020

Comprehensive income
Profit (loss) for the year
Other comprehensive income for the year

Total comprehensive income for the year

Transactions with owners in their capacity as owners
Issue of share capital
Dividends provided for or paid

Total transactions with owners and other transfers

Note

21

20
22

Issued 
Capital
$'000

 26,086 

Other 
Reserves
$'000

Accumulated 
Losses
$'000

 19 

(18,919)

- 
- 

- 

- 
- 

- 

- 
(27)

(27)

- 
- 

- 

(2,846)
- 

(2,846)

- 
- 

- 

Subtotal
$'000

 7,186 

(2,846)
(27)

(2,873)

- 
- 

- 

Balance at 30 June 2021

 26,086 

(8)

(21,765)

 4,313 

Non-
Controlling 
Interests
$'000

 747 

260 
- 

 260 

- 
(265)

(265)

 742 

For the year ended 30 June 2020

Balance at 1 July 2019

Comprehensive income
Profit (loss) for the year
Other comprehensive income for the year

Total comprehensive income for the year

Transactions with owners in their capacity as owners
Issue of share capital
Dividends provided for or paid

Total transactions with owners and other transfers

Balance at 30 June 2020

Note

21

20
22

Issued 
Capital
$'000

 21,106 

Other 
Reserves
$'000

Accumulated 
Losses
$'000

 47 

(17,458)

Subtotal
$'000

 3,695 

Non-
Controlling 
Interests
$'000

 689 

- 
- 

- 

4,980 
- 

 4,980 

 26,086 

- 
(28)

(28)

- 
- 

- 

(1,461)
- 

(1,461)

- 
- 

- 

 19 

(18,919)

(1,461)
(28)

(1,489)

 4,980 
- 

 4,980 

 7,186 

239 
- 

 239 

- 
(181)

(181)

 747 

Total
$'000

 7,933 

(2,586)
(27)

(2,613)

- 
(265)

(265)

 5,055 

Total
$'000

 4,384 

(1,222)
(28)

(1,250)

4,980 
(181)

 4,799 

 7,933 

The accompanying notes form part of these financial statements.

22

Oldfields Holdings Limited
30 June 2021

Consolidated Statement of Cash Flows
For the year ended 30 June 2021

OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers and employees

Interest received
Other income received
Finance costs
Income tax paid
Net cash provided by operating activities

INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment
Purchase of property, plant and equipment
Payments for intangibles
Net cash used in investing activities

FINANCING ACTIVITIES
Proceeds from borrowings
Net proceeds from shares issued
Repayment of borrowings
Loans from related party
 - proceeds from borrowings
 - repayments made
Lease repayments
Dividends paid by controlled entities to non-controlling interests
Net cash provided by (used in) financing activities

Net increase (decrease) in cash and cash equivalents

Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of financial year
Cash and cash equivalents at end of financial year

Note

2021
$'000

2020
$'000

 25,103 
(24,564)
539 

- 
 1,183 
(240)
(224)
 1,258 

- 
(693)
(141)
(834)

376 
- 
(383)

275 
- 
(1,190)
(265)
(1,187)

26,732 
(26,234)
498 

14 
738 
(165)
(369)
716 

268 
(523)
(66)
(321)

539 
4,980 
(1,724)

- 
(500)
(1,166)
(181)
1,948 

(763)

2,343 

(763)
 1,785 
 1,022 

2,343 
(558)
1,785 

8

20

22

8

The accompanying notes form part of these financial statements.

23

Oldfields Holdings Limited
30 June 2021

Notes to the Consolidated Financial 
Statements

Note 1

General Information and Statement of Compliance

Note 2

Summary of Significant Accounting Policies

Note 3

Reclassification of Comparatives 

Note 4

Segment Information

Note 5

Revenue and Other Income

Note 6

Expenses

Note 7

Income Taxes

Note 8

Cash and Cash Equivalents

Note 9

Trade and Other Receivables

Note 10

Inventories

Note 11

Property, Plant and Equipment

Note 12

Right -of-Use Assets

Note 13

Goodwill and Other Intangible Assets

Note 14

Trade and Other Payables

Note 15

Borrowings

Note 16

Lease Liabilities

Note 17

Provisions

Note 18

Financial Risk Management

Note 19

Impairment of Non-Financial Assets

Note 20

Share Capital

Note 21

Reserves

Note 22

Dividends

Note 23

Earnings per Share

Note 24

Accumulated Losses

Note 25

Subsidiaries

Note 26

Commitments and Contingencies

Note 27

Events After the Reporting Period

Note 28

Parent Entity Disclosures

Note 29

Auditor's Remuneration

Note 30

Related Party Transactions

Note 31

Deed of Cross Guarantee

Page

25

25

27

28

29

30

30

32

32

33

33

34

35

36

36

36

37

38

39

40

41

41

41

42

42

43

43

44

44

45

45

24

Oldfields Holdings Limited
30 June 2021

Notes to the Consolidated Financial 
Statements

1. General Information and Statement of Compliance

These consolidated financial statements and notes represent those of Oldfields Holdings Limited and Controlled Entities (the “Consolidated Group” or
“Group”). The separate financial statements of the Parent Entity, Oldfields Holdings Limited, have not been presented within this financial report as
permitted by the Corporations Act 2001 .

2. Summary of Significant Accounting Policies

2.1 Statement of Compliance
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements
also comply with International Financial Reporting Standards ('IFRS') as issued by the International Accounting Standards Board ('IASB'). Material
accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated
otherwise.

2.2 Basis of Preparation
The financial statements have been prepared on the historical cost basis except for, where applicable, the revaluation of available-for-sale financial
assets, financial assets and liabilities at fair value through profit or loss, certain classes of property, plant and equipment and derivative financial
instruments.

Where applicable, comparative figures are adjusted to conform to changes in classification and presentation for the current financial year.

2.3 Going Concern and Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has developed rapidly in 2021. The resulting impacts of the virus on the operations and measures taken by the Australian and
New Zealand governments to contain the virus have affected the Group's results in the reporting period. The Group recorded a loss after tax of $2,586K
(2020: $1,222K) and had net current asset deficiency of $32K at 30 June 2021.

Although the COVID-19 pandemic has been lasted for more than 18 months, the ongoing pandemic has also increased the estimation uncertainty in 
preparing these financial statements. These include:

-

-

-

the extent and duration of the disruption to businesses arising from the actions by federal and local governments, businesses and
consumers to contain the spread of the virus;
the extent and duration of the expected economic downturn which includes increasing unemployment, decline in consumer
confidence, reduction in production due to decreased demand, disruption of capital markets and other changes in the market; and
the effectiveness of government and central bank measures that have and will be put in place to support businesses and consumers
through this disruption and economic downturn.

While COVID-19 has negatively impacted our scaffold division, we have continued to contain costs, right-size the business, access available relief
initiatives and implement cash preservation measures. 

The directors believe there are reasonable grounds to conclude the Group will continue as a going concern on the basis of the following:

-

-

Cash flow budgets indicate sufficient cash flow for the period of 12 months from the date of this report. There is a considerable
degree of judgement involved in preparing these forecasts and the underlying assumptions are subject to uncertainties which are
often outside the control of the Group. Accordingly, actual economic conditions are likely to be different from these forecasts since
anticipated events frequently do not occur as expected, and the effect of those differences may significantly impact accounting
estimates included in these financial statements;
The Group’s major shareholder, EQM Holdings Pty Ltd; and has confirmed that they will continue to provide the financial support
necessary for the Group to be able to continue its normal course of operations including paying its debts as and when they become
payable for a period of 12 months from the date of signing the 30 June 2021 Annual Financial Report.

Although the duration of the impacts of the COVID-19 pandemic is uncertain, management has determined that the actions that it has taken are
sufficient to mitigate the uncertainty and has therefore prepared the financial statements on a going concern basis.

2.4 Functional and Presentation Currency
The functional currency of each of the Group’s entities is measured using the currency of the primary economic environment in which that entity
operates. The consolidated financial statements are presented in Australian dollars which is the Parent Entity's functional currency.

2.5 Rounding 
The parent entity has applied the relief available to it under ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191 . 
Accordingly, amounts in the financial statements have been rounded to the nearest thousand dollars unless otherwise stated. 

2.6 Key Judgements, Estimates and Assumptions

In the process of applying the Group's accounting policies, management has made a number of judgements, applied estimates and assumptions of future
events. Judgements, estimates and assumptions which are material to the Group's financial report are discussed below and in the following notes:

 - Revenue and other income
 - Income taxes
 - Trade and other receivables
 - Inventories

 - Property, plant and equipment
 - Goodwill and other intangible assets
 - Lease liabilities
 - Provisions

25

Oldfields Holdings Limited
30 June 2021

2.7 Principles of Consolidation
The consolidated financial statements incorporate all of the assets, liabilities and results of Oldfields Holdings Limited and all of the subsidiaries.
Subsidiaries are entities the Parent controls. The Parent controls an entity when it is exposed to, or has rights to variable returns from its involvement
with the entity and has the ability to affect those returns through its power over the entity. 

The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group from the date on which control is
obtained by the Group. The consolidation of a subsidiary is discontinued from the date that control ceases. Inter-company transactions, balances and
unrealised gains or losses on transactions between Group entities are fully eliminated on consolidation. Where necessary, accounting policies of
subsidiaries are changed and adjustments made where necessary to ensure uniformity of the accounting policies adopted by the Group.

Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as ‘Non-Controlling Interests’. The Group initially
recognises non-controlling interests that are present ownership interests in subsidiaries and are entitled to a proportionate share of the subsidiary’s net
assets on liquidation at either fair value or at the non-controlling interests’ proportionate share of the subsidiary’s net assets. Subsequent to initial
recognition, non-controlling interests are attributed their share of profit or loss and each component of other comprehensive income. Non-controlling
interests are shown separately within the equity section of the statement of financial position and statement of profit or loss and other comprehensive
income. 

2.8 Business Combinations
Business combinations occur where an acquirer obtains control over one or more businesses.

A business combination is accounted for by applying the acquisition method, unless it is a combination involving entities or businesses under common
control. The business combination will be accounted for from the date that control is obtained, whereby the fair value of the identifiable assets acquired
and liabilities assumed, including contingent liabilities, are recognised (subject to certain limited exemptions). 

When measuring the consideration transferred in the business combination, any asset or liability resulting from a contingent consideration arrangement
is also included. Subsequent to initial recognition, contingent consideration classified as equity is not remeasured and its subsequent settlement is
accounted for within equity. 

All transaction costs incurred in relation to business combinations, other than those associated with the issue of a financial instrument, are recognised as
expenses in the profit or loss and other comprehensive income statement when incurred.

The acquisition of a business may result in the recognition of goodwill or a gain from a bargain purchase. 

2.9 Foreign Currency
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency
monetary items are translated at the year end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange
rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were
determined.

Exchange differences arising on the translation of monetary items are recognised in profit or loss, except where deferred in equity as a qualifying cash
flow or net investment hedge.

Exchange differences arising on the translation of non-monetary items are recognised directly in other comprehensive income to the extent that the
underlying gain or loss is recognised in other comprehensive income, otherwise the exchange difference is recognised in the profit or loss.
The financial results and position of foreign operations whose functional currency is different from the Group’s presentation currency are translated as 
(i)    assets and liabilities are translated at exchange rates prevailing at the end of the reporting period;
(ii)   income and expenses are translated at average exchange rates for the period; and
(iii)  retained earnings are translated at the exchange rates prevailing at the date of the transaction.

Exchange differences arising on translation of foreign operations with functional currencies other than Australian dollars are recognised in other
comprehensive income and included in the foreign currency translation reserve in the statement of financial position. The cumulative amount of these
differences is reclassified into profit or loss in the period in which the operation is disposed of.

2.10 Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to prepare
for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.11 Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the
right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control
the use of an identified asset, the Group assesses whether:

 - 

 - 
 - 

the contract involves the use of an identified asset - this may be specified explicitly or implicitly, and should be physically distinct or
represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is
not identified;
the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and 
the Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant
to changing how and for what purpose the asset is used. In rare case where the decision about how and for what purposes the asset is used
is predetermined, the Group has the right to direct the use of the asset if either:

-
-

the Group has the right to operate the asset; or
the Group designed the asset in a way that predetermines how and for what purpose it will be used.

26

Oldfields Holdings Limited
30 June 2021

2.11 Leases (continued)
At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease
component on the basis of their relative stand-alone prices. However, for the leases of premises and buildings in which it is a lessee, the Group has
elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.

2.12 Financial Instruments

Initial Recognition and Measurement
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets 

Classification and Subsequent Measurement
Financial assets that meet the following conditions are measured subsequently at amortised cost:  

 - 
 - 

Held within a business model whose objective is to hold financial assets in order to collect contractual cash flows;
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding.

Financial assets that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI): 

 - 

 - 

The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the
financial assets;
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding.

By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL). 

As at 30 June 2021, the Group’s financial assets consist of cash and cash equivalents and trade and other receivables which are measured at amortised
cost in accordance with the above accounting policy.  

Non-derivative financial liabilities are initially measured at fair value and are subsequently measured at amortised cost. Gains or losses are recognised in
profit or loss through the amortisation process and when the financial liability is derecognised. 

As at 30 June 2021, the Group’s financial liabilities consist of trade and other payables and finance lease liabilities which are measured at amortised cost
in accordance with the above accounting policy. 

2.13 Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the
Australian Taxation Office (ATO).  

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from or payable to the
ATO is included with other receivables or payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from or
payable to the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers.

2.14 Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. 

Where the Group retrospectively applies an accounting policy, makes a retrospective restatement or reclassifies items in it's financial statements, an
additional (third) statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statement
is presented.

2.15 Other Accounting Policies
Significant and other accounting policies that summarise the measurement basis used and are relevant to the understanding of the financial statements
are provided throughout the notes to the financial statements.

3. Reclassification of Comparatives

Comparative figures have been adjusted to confirm to changes in presentation for the current financial year. During the preparation of the financial
statements for the current year, a reclassification between hire purchase assets and rights of use assets as well as hire purchase liability and lease
liabilities were performed in order to more accurately reflect the accounting treatments in accordance with AASB 16. The details of reclassification have
been noted in the table below:

Balance Sheet (Extract)

Non-Current Assets
Property, plant and equipment
Right-of-use assets

Current Liabilities
Borrowings
Lease Liabilities

Non-Current Liabilities
Borrowings
Lease Liabilities

Reported

2020 Movement
$'000
$'000

Reclassified
2020
$'000

 3,920 
 2,525 

 310 
 1,015 

 307 
 1,572 

(350)
350 

(188)
 188 

(307)
 307 

3,570 
2,875 

 122 
 1,203 

- 
 1,879 

The reclassification had no impact on the reported results or the financial performance of the Group.

27

Oldfields Holdings Limited
30 June 2021

4. Segment Information

The Group has identified its operating segments based on the internal reports that are reviewed and used by Chief Operating Decision Maker (CODM),
being the Board of Directors, in assessing performance and in determining the allocation of resources. 

The Group is managed primarily on the basis of product category and service offerings as the diversification of the Group's operations inherently have
notably different risk profiles and performance assessment criteria.  Operating segments are therefore determined on the same basis.

Reportable segments disclosed are based on aggregating operating segments where the segments are considered to have similar economic
characteristics and are also similar with respect to the following:
 - The products sold and/or services provided by the segment;
 - The manufacturing process;
 - The type or class of customer for the products or service;
 - The distribution method; and
 - Any external regulatory requirements.

Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports
provided to the CODM. The CODM is responsible for the allocation of resources to operating segments and assessing their performance.

Unless stated otherwise, all amounts reported to the Board of Directors, being the CODM with respect to operating segments, are determined in
accordance with accounting policies that are consistent with those adopted in the annual financial statements of the Group.

The primary operating segments during the current financial period were:
(i)

(ii)

Consumer Products
The consumer products segment imports, manufactures and distributes paint brushes, paint rollers, painter's tools, garden sheds and
outdoor storage systems.
Scaffolding
The scaffolding segment manufactures and distributes scaffolding and related equipment.
scaffold and access solutions to the building maintenance and construction industries.

In addition, this segment is engaged in hiring

4.1  Operating Segment Performance

Year ended 30 June 2021

Revenue
Sale of goods
Hire and erection revenue
Total segment revenue

Government grants and subsidies
Interest income
Other income
Total other revenue

Total revenue and other income

Adjusted segment EBITDA
Depreciation and amortisation expense
Depreciation and amortisation of right-of-use assets
Finance costs
Unrealised foreign exchange loss
Profit (loss) before income tax
Income tax expense
Profit (loss) after income tax

Year ended 30 June 2020

Revenue
Sale of goods
Hire and erection revenue
Total segment revenue

Government grants and subsidies
Interest income
Other income
Total other revenue

Total revenue and other income

Consumer 
Products
$'000

Scaffolding
$'000

Intersegment 
Eliminations/ 
Unallocated
$'000

6,009 
- 
6,009 

 4,299 
 13,994 
 18,293 

- 
- 
3 
3 

- 
- 
 4 
 4 

(1,586)
- 
(1,586)

 1,176 
- 
- 
 1,176 

Total
$'000

8,722 
13,994 
22,716 

1,176 
- 
7 
1,183 

6,012 

 18,297 

(410)

23,899 

(74)
(6)
(172)
(48)
- 
(300)
- 
(300)

(39)
(899)
(1,078)
(159)
- 
(2,175)
(290)
(2,465)

276 
(25)
(222)
(33)
183 
179 
- 
179 

Consumer 
Products
$'000

4,878 
- 
4,878 

- 
14 
20 
34 

Scaffolding
$'000

 3,562 
 16,165 
 19,727 

- 
- 
 5 
 5 

Intersegment 
Eliminations/ 
Unallocated
$'000

(14)
- 
(14)

 1,393 
- 
- 
 1,393 

163 
(930)
(1,472)
(240)
183 
(2,296)
(290)
(2,586)

Total
$'000

8,426 
16,165 
24,591 

1,393 
14 
25 
1,432 

4,912 

 19,732 

 1,379 

26,023 

28

Oldfields Holdings Limited
30 June 2021

Year ended 30 June 2020

Adjusted segment EBITDA
Depreciation and amortisation expense
Depreciation and amortisation of right-of-use assets
Finance costs
Unrealised foreign exchange loss
Profit (loss) before revaluation of derivative financial instruments and income tax
Gain on early redemption of deferred senior loan note
Revaluation of deferred senior loan note derivative component
Profit (loss) before income tax
Income tax expense
Profit (loss) after income tax

Consumer 
Products
$'000
(485)
(27)
- 
14 
- 
(498)
- 
- 
(498)
- 
(498)

Scaffolding
$'000
(283)
(210)
(672)
- 
- 
(1,165)

- 
(1,165)
(284)
(1,449)

Intersegment 
Eliminations/ 
Unallocated
$'000

 1,428 
(16)
(1,229)
- 
(165)
18 
470 
237 
725 
- 
725 

Total
$'000

 660 
(253)
(1,901)
14 
(165)
(1,645)
470 
237 
(938)
(284)
(1,222)

All inter-segment transactions are eliminated on consolidation of the Group's financial statements.

Corporate charges are allocated to reporting segments based on the segment's overall proportion of revenue generation within the Group. The Board of
Directors believes this is representative of likely consumption of head office expenditure that should be used in assessing segment performance and cost
recoveries.

Adjusted segment EBITDA excludes discontinued operations and the effects of individually significant expenditure, such as restructuring costs, legal
expenses, and impairments when the impairment is the result of an isolated non-recurring event. It also excludes the effects of equity-settled share-
based payments when applicable and unrealised gains or losses on financial instruments.

Interest revenue and finance cost are not allocated to segments as this type of activity is driven by the central treasury function which manages the cash
position of the Group.

4.2  Operating Segment Assets and Liabilities

As at 30 June 2021

Segment assets
Segment liabilities
Segment net assets

As at 30 June 2020

Segment assets
Segment liabilities
Segment net assets

Consumer 
Products
$'000
 2,728 
(3,784)
(1,056)

Consumer 
Products
$'000
 2,866 
(3,505)
(639)

Intersegment 
Eliminations/ 
Unallocated
$'000

(1,598)
(3,357)
(4,955)

Intersegment 
Eliminations/ 
Unallocated
$'000

 32 
(4,329)
(4,297)

Scaffolding
$'000
 14,258 
(3,192)
 11,066 

Scaffolding
$'000
 13,439 
(570)
 12,869 

Total
$'000

 15,388 
(10,333)
5,055 

Total
$'000

 16,337 
(8,404)
7,933 

Where an asset is used across multiple segments, the asset is allocated to the segment that receives the majority of the economic value from the asset.
In most instances segment assets are clearly identifiable on the basis of their nature and physical location.

Liabilities are allocated to segments where there is direct nexus between the incurrence of the liability and the operations of the segment. Borrowings
and tax liabilities are generally considered to relate to the Group as a whole and are not allocated. Segment liabilities include trade and other payables
and certain direct borrowings.

Inter-segment loans payable and receivable are initially recognised at the consideration received/to be received net of transaction costs. If intersegment
loans receivable and payable are not on commercial terms, these are not adjusted to fair value based on market interest rates.

5. Revenue and Other Income

The Group derives the following types of revenue:

Sales revenue
Sale of goods
Hire and erection revenue
Total sales revenue

Other income
Government grants and subsidies
Interest income
Other income
Total other income
Total revenue and other income from continuing operations

2021
$'000

 8,722 
 13,994 
 22,716 

 1,176 
- 
7 
 1,183 
23,899

2020
$'000

8,426 
16,165 
24,591 

1,393 
14 
25 
1,432 
26,023

29

Oldfields Holdings Limited
30 June 2021

           
         
5.1 Recognition and Measurement
Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and rebates payables.
When the inflow of consideration is deferred it is treated as the provision of financing and is discounted at a rate of interest that is generally accepted in
the market for similar arrangements. The difference between the amount initially recognised and the amount ultimately received is interest revenue.
Revenue is stated net of the amount of goods and services tax.

Revenue from the sale of goods is recognised at the point of delivery as this corresponds to the transfer of significant risks and rewards of ownership of
the goods and the cessation of all involvement in those goods.

Revenue from hire of equipment is recognised when the service is provided.

Government grants are recognised as income over the period necessary to match them with the related costs, for which they are intended to
compensate, on a systematic basis. They are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching
to them and that the grants will be received.

Interest revenue is recognised using the effective interest method.

5.2 Key Judgements, Estimates and Assumptions: Revenue Recognition

Hire and Erection Revenue

Revenue recognition relating to the provision of hire equipment services is determined with reference to the stage of completion of the transaction at
the end of the reporting period where outcome of the contract can be estimated reliably and is therefore recognised over this period of time. Stage of
completion is determined with reference to the services performed to date as a percentage of total anticipated services to be performed. Where the
outcome cannot be estimated reliably, revenue is recognised only to the extent that related expenditure is recoverable.

6. Expenses
Profit before income tax includes the following specific expenses by nature:

Inventory recognised as an expense during the year

Depreciation expense on property, plant and equipment

Depreciation expense on right-of-use assets

Amortisation expense

Employee benefits expense

Finance costs:
Interest paid to related parties
Interest paid to unrelated parties
Hire purchase charges
Interest on operating leases

7. Income Taxes

Income tax expense recognised in the income statement

Current tax
Current tax on profits for the year
Adjustments for current tax of prior periods
Total current tax expense

Deferred income tax
Increase in deferred tax assets 
Decrease in deferred tax liabilities
Total deferred tax expense

Total income tax expense

Tax reconciliation
(Loss) profit before income tax expense

Note

11

12

13

30

2021
$'000

2020
$'000

 12,704 

 14,355 

 911 

 1,472 

 19 

 735 

 1,415 

 4 

 11,348 

 11,339 

6 
9 
62 
163 
240 

2021
$'000

 278 
- 
 278 

(7)
 19 
 12 

 290 

2021
$'000

(2,296)

15 
123 
27 
189 
354 

2020
$'000

 281 
- 
 281 

(14)
 17 
 3 

 284 

2020
$'000

(938)

Tax at the Australian tax rate of 26% (2020: 27.5%)

(597)

(281)

Tax effect of amounts which are not deductible (taxable) in calculating taxable income:
  Non-allowable items
  Under/(over) provision for income tax in prior year
  Revaluation of derivative element of DSLN not deductible

Less tax effect of:
  Net tax effect profit from overseas operations
  Current year tax loss not brought to account
Income tax expense

30

2 
- 
- 
(595)

(139)
 1,024 
 290 

2 
- 
(71)
(350)

27 
607 
284

Oldfields Holdings Limited
30 June 2021

                 
7. Income Taxes (continued)

Unrecognised tax assets

Tax losses
Tax losses for which no deferred tax asset has been recognised
  Operating losses
  Capital losses
Potential tax benefit @ 26% (2020: 27.5%)

Current tax assets
Income tax assets
Total current tax assets

Current tax liabilities
Income tax liabilities
Total current tax liabilities

Deferred tax liability in the statement of financial position 
Employee benefits
Provision for impairment of trade receivables
Fixed assets
Other
Net deferred tax liabilities

2021
$'000

2020
$'000

14,656
273
3,882

13,632
273
3,824

2021
$'000

85
85

$'000

97
97

2021
$'000

(34)
40
(208)
25
(177)

2020
$'000

 48 
48 

$'000

- 
- 

2020
$'000

(34)
43
(211)
32
(170)

7.1 Recognition and Measurement
The income tax expense for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each
jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the
countries where the Company’s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in
tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the
basis of amounts expected to be paid to the tax authorities.

The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for
each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

Deferred income tax is provided in full using the liability method, on temporary differences arising between the tax bases of assets and liabilities and
their carrying amounts in the consolidated financial statements. However deferred tax liabilities are not recognised if they arise from the initial
recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than
a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using
tax rates and laws that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related
deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign
operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not
reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax
balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset
and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Tax Consolidation

Oldfields Holdings Limited and its wholly-owned subsidiaries have implemented the tax consolidation legislation. As a consequence these entities are
taxed as a single entity and the deferred tax assets and liabilities of these entities are set off in the consolidated financial statements.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly
in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity respectively.

7.2 Key Judgements, Estimates and Assumptions: Unrecognised Deferred Tax Benefits
The Group has unrecognised benefits relating to carried forward losses. The unused tax losses were incurred by the Australian tax consolidated group.
The losses are currently not recognised as it is not sufficiently probable that the Group will generate taxable income in the foreseeable future that will
allow the losses to be utilised. The availability of the tax losses is also subject to the Group satisfying either the continuity of ownership or same business
test.

31

Oldfields Holdings Limited
30 June 2021

           
         
                
               
             
             
                   
                  
                   
                  
                  
                 
                  
                 
8. Cash and Cash Equivalents

Cash on hand 
Cash at bank
Short term deposits
Total cash and cash equivalents

Reconciliation to statement of cash flows

Cash and cash equivalents
Balances per statement of cash flows

Reconciliation of cash flow from operating activities with loss after income tax

2021
$'000

 2 
904 
116 
 1,022 

2021
$'000

 1,022 
 1,022 

2021
$'000

2020
$'000

 2 
1,535 
248 
1,785 

2020
$'000

 1,785 
1,785 

2020
$'000

Note

Loss after income tax

(2,586)

(1,222)

Adjustment for non cash items:
Depreciation and amortisation
Net (gains) losses on disposal of property, plant and equipment
Write off of plant and equipment
Gain on early redemption of deferred senior loan note

   Revaluation of deferred senior loan note to fair value through profit or loss

Stock adjustments

Changes in operating assets and liabilities:

(Increase) decrease in trade and other receivables
(Increase) decrease in inventories
Increase (decrease) in trade payables and accruals
Increase (decrease) in income taxes payable
Increase (decrease) in deferred taxes payable
Increase (decrease) in provisions
Cash flow from operating activities

 2,402 
 228 
(172)
- 
- 
5 

105 
356 
795 
60 
7 
58 
 1,258 

2,156 
- 
- 
(470)
(237)
- 

(289)
(435)
1,255 
(69)
(16)
43 
716 

8.1 Recognition and Measurement
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term highly liquid investments with original
maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value
and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities in the statement of financial position, but included as
a component of cash and cash equivalents for the purpose of the statement of cash flows.

9. Trade and Other Receivables

CURRENT
Trade receivables
Expected credit losses
Net trade receivables
Other receivables
Prepayments
Total current trade and other receivables

Trade receivables past due but not impaired
Up to 3 months
3 to 6 months
Over 6 months
Total

2021
$'000

 3,554 
(597)
 2,957 
356 
776 
 4,089 

2021
$'000

2020
$'000

3,793 
(520)
3,273 
492 
429 
4,194 

2020
$'000

225
              1,229 
408
                     -   
                     -   
123
              1,229                    756 

Amounts are considered as ‘past due’ when the debt has not been settled with the terms and conditions agreed between the Group and the customer or
counter party to the transaction. Receivables that are past due are assessed for expected credit loss by ascertaining solvency of the debtors and are
provided for where there are specific circumstances indicating that the debt may not be fully repaid to the Group. Trade receivables that were past due
relate to a number of independent customers for whom there is no recent history of default. 

32

Oldfields Holdings Limited
30 June 2021

                 
                 
                 
9.1 Expected Credit Loss and Risk Exposure

Ageing analysis of expected credit loss
1 to 3 months
4 to 6 months
Over 6 months
Total

Movement in expected credit losses
Opening balances
Expected credit losses recognised during the year
Receivables written off during the year as uncollectable
Closing balance

2021
$'000

2020
$'000

                  252                    278 
                  176                    183 
                  168                      59 
                  596                    520 

2021
$'000

2020
$'000

                  520                    194 
                  118                    354 
(28)
                  596                    520 

(42)

Other Receivables
These amounts generally arise from transactions outside the usual operating activities of the Group. Collateral is not normally obtained. 

Credit Risk
The Group has no significant concentration of credit risk with respect to any single counter party or group of counter parties other than those receivables
specifically provided for and mentioned within note 9. The class of assets described as Trade and Other Receivables is considered to be the main source
of credit risk related to the Group.

9.2 Recognition and Measurement
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any
allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days.

The consolidated entity has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To
measure the expected credit losses, trade receivables have been grouped based on days overdue.

Other receivables are recognised at amortised cost, less any allowance for expected credit losses.

9.3 Key Judgements, Estimates and Assumptions: Provision for Impairment of Receivables
The allowance for expected credit losses assessment requires a degree of estimation and judgement. It is based on the lifetime expected credit loss,
grouped based on days overdue, and makes assumptions to allocate an overall expected credit loss rate for each group. These assumptions include
recent sales experience and historical collection rates.

10. Inventories

Raw materials - at cost
Work in progress - at cost
Finished goods - at net realisable value
Goods in transit - at cost
Provision for obsolete stock
Total inventories

2021
$'000

 238 
294 
 2,059 
197 
(220)
 2,568 

2020
$'000

 267 
98 
2,433 
420 
(267)
2,951 

10.1 Recognition and Measurement
Inventories are measured at the lower of cost and net realisable value. The cost of manufactured products includes direct materials, direct labour and an
appropriate proportion of variable and fixed overheads. Overheads are applied on the basis of normal operating capacity. Costs are assigned on the basis
of weighted average costs. 

Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.

10.2 Key Judgements, Estimates and Assumptions: Provision for Impairment of Inventories
The provision for impairment of inventories assessment requires a degree of estimation and judgement. The level of provision is assessed by taking into
account the recent sales experience, the ageing of the inventories, and other factors that affect inventory obsolescence.

11. Property, Plant and Equipment

Year ended 30 June 2021

Cost
Accumulated depreciation
Net book amount

Opening net book amount
Exchange differences
Additions
Disposals and impairment
Depreciation expense
Closing net book amount

Hire 
Equipment
$'000
8,824
(6,012)
2,812

Plant and 
Equipment
$'000

2,475
(2,219)
256

3,454
-
401
(204)
(839)
2,812

101
(2)
228
(24)
(47)
256

Leasehold 
Improve-
ments
$'000

482
(431)
51

15
(3)
64
-
(25)
51

Total
$'000

11,781
(8,662)
3,119

3,570
(5)
693
(228)
(911)
3,119

Note

6 

33

Oldfields Holdings Limited
30 June 2021

              
              
                 
           
           
                
                  
           
            
                
                  
            
                    
               
                
                  
               
                     
           
                
                  
           
11. Property, Plant and Equipment (continued)

Year ended 30 June 2020 (1)

Cost
Accumulated depreciation
Net book amount

Opening net book amount
Exchange differences
Additions
Disposals and impairment
Depreciation expense
Closing net book amount

Hire 
Equipment
$'000
8,534
(5,080)
3,454

Plant and 
Equipment
$'000

2,278
(2,177)
101

4,043
-
492
(409)
(672)
3,454

122
(3)
23
-
(41)
101

Leasehold 
Improve-
ments
$'000

420
(405)
15

28
2
8
(1)
(22)
15

Total
$'000

11,232
(7,662)
3,570

4,193
(1)
523
(410)
(735)
3,570

Note

6 

(1) Refer to note 3 for details regarding the reclassification.

11.1 Recognition and Measurement
All property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the
acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any
component accounted for as a separate asset is derecognised when replaced. Repairs and maintenance costs are recognised as expenses in profit or loss
during the financial period in which they are incurred.

The depreciable amount of all fixed assets, including capitalised lease assets, are depreciated on a straight-line basis over the asset's useful life to the
Group commencing from the time the asset is held ready for use. The estimated useful lives in the current period is as follows:

Hire equipment
Plant and equipment
Leasehold improvements

5-20 years
3-15 years
shorter of lease term or useful life

The assets’ residual values and useful lives are reviewed and adjusted if appropriate at the end of each reporting period.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are recognised in profit or loss in
the period in which they arise. 

11.2 Key Judgements, Estimates and Assumptions: Estimation of Useful Lives of Asset
The Group determined the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and definite
life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. An asset’s carrying amount is
written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. The depreciation
and amortisation charge will increase where the useful lives are less than previously estimated, or technically obsolete or non-strategic assets that have
been abandoned or sold will be written off or down.

12. Right of Use Assets

Year ended 30 June 2021

Cost
Accumulated depreciation
Total right-of-use assets

Opening net book amount
Additions
Modification
Depreciation
Closing net book amount

Year ended 30 June 2020 (1)

Cost
Accumulated depreciation
Total right-of-use assets

Opening net book amount
Amount on transition
Additions
Modification
Depreciation
Closing net book amount

Note

6

Note

6

Premises and 
Buildings
$'000
5,451
(2,477)
2,974

2,525
1,697
-
(1,248)
2,974

Premises and 
Buildings
$'000
3,754
(1,229)
2,525

-
3,754
-
-
(1,229)
2,525

Motor 
Vehicles
$'000

2,293
(1,798)
495

350
369
-
(224)
495

Motor 
Vehicles
$'000

2,006
(1,656)
350

396
3
137
-
(186)
350

Total
$'000

 7,744 
(4,275)
3,469 

2,875 
2,066 
- 
(1,472)
3,469 

Total
$'000

 5,760 
(2,885)
2,875 

396 
3,757 
137 
- 
(1,415)
2,875 

(1) Refer to note 3 for details regarding the reclassification.

34

Oldfields Holdings Limited
30 June 2021

              
              
                 
           
           
                
                  
           
            
                
                  
            
                    
                    
               
                  
                    
               
                     
           
                
                  
           
              
              
            
                
             
                
             
                
                     
                     
            
                
              
              
            
                
                     
                
             
                    
                     
                
                     
                     
            
                
12. Right of Use Assets (continued)

On 1 September 2020, Oldfields Engineering Technology Co. Ltd, a wholly owned subsidiary of Oldfields Holdings Limited, entered into a 10 year factory
lease in China to operate their production facility. The lease resulted in a $2,478,000 increase in the right-of-use asset and $2,526,000 increase in the
lease liability in the half year report.

The consolidated entity leases land and buildings for its offices, warehouses and retail outlets under agreements of between five to fifteen years with, in
some cases, options to extend. The leases have various escalation clauses. On renewal, the terms of the leases are renegotiated. The consolidated entity
also leases plant and equipment under agreements of between three to seven years.

12.1 Recognition and Measurement
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of
the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any
initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and
removing the underlying asset, and restoring the site or asset.

Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is
the shorter. Where the consolidated entity expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its
estimated useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.

The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months
or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred.

13. Goodwill and Other Intangible Assets

Year ended 30 June 2021

Cost
Accumulated amortisation and impairment 
Net book amount

Opening net book amount
Additions
Amortisation charge
Balance at 30 June 2021

Year ended 30 June 2020

Cost
Accumulated amortisation and impairment 
Net book amount

Opening net book amount
Balance at 30 June 2020

Note

Goodwill
$'000

Patents, 
Trademarks
& Licences
$'000

Software & 
Other
$'000

 838 
- 
838 

838 
- 
- 
838 

 249 
(176)
 73 

 73 
- 
- 
 73 

 531 
(406)
125 

3 
141 
(19)
125 

6

Note

Goodwill
$'000

Patents, 
Trademarks
& Licences
$'000

Software & 
Other
$'000

 838 
- 
838 

838 
838 

 249 
(176)
 73 

 73 
 73 

 390 
(387)
3 

3 
3 

2021
$'000

 838 

Total
$'000

 1,618 
(582)
1,036 

914 
141 
(19)
1,036 

Total
$'000

 1,477 
(563)
914 

914 
914 

2020
$'000

 838 

Goodwill is allocated to the Group's cash-generating units (CGUs). A CGU level summary of the goodwill allocation is presented below.

South and Western Australian scaffold branches

13.1 Recognition and Measurement

Goodwill
Goodwill is carried at cost less any accumulated impairment losses. Goodwill is calculated as the excess of the sum of:
(i) the consideration transferred;
(ii) any non-controlling interest (determined under either the full goodwill or proportionate interest method); and
(iii) the acquisition date fair value of any previously held equity interest;
over the acquisition date fair value of net identifiable assets acquired.

Intangible Assets
Intangible assets acquired are measured on initial recognition at cost. Intangible assets other than goodwill have finite useful
amortisation charges for intangible assets are included under depreciation and amortisation expense per the statement of profit or loss. 

lives. The current

Patents, trademarks and licences are recognised at cost of acquisition. They have a finite life and are carried at cost less any accumulated amortisation
and any impairment losses (refer to note 19). Patents and trademarks are amortised over their useful lives ranging from 5 to 10 years.

13.2 Key Judgements, Estimates and Assumptions: Goodwill and Other Indefinite Life Intangible Assets
The Group tests annually, or more frequently if changes in circumstances indicate impairment, whether goodwill and other indefinite life intangible
assets have suffered impairment (refer to note 18). Recoverable amounts of cash generating units have been determined based on value-in use
calculations using assumptions including discount rates based on the current cost of capital and growth rates of estimated future cash flows.

35

Oldfields Holdings Limited
30 June 2021

14. Trade and Other Payables

CURRENT
Unsecured liabilities
Trade payables
Sundry payables and accrued expenses
Deferred revenue
Net GST payables
Total trade and other payables

2021
$'000

2020
$'000

 3,236 
 1,214 
253 
200 
 4,903 

2,813 
816 
308 
171 
4,108 

14.1 Recognition and Measurement
Trade and other payables represent the liabilities for goods and services received by the Group that remain unpaid at the end of the reporting period.
The balance is recognised as a current liability with the amounts normally paid between 7 and 60 days of recognition of the liability.

The carrying amounts of trade and other payables are assumed to be the same as their fair values due to their short-term nature.

15. Borrowings

CURRENT
Unsecured liabilities
Shareholder loan
Other financing liabilities
Total current borrowings

Total borrowings

Shareholder loan
Other financing liabilities
Total current and non-current secured liabilities

(1) Refer to note 3 for details regarding the reclassification.

Note

2021
$'000

 275 
 115 
 390 

 390 

2021
$'000

 275 
 115 
 390 

2020 (1)
$'000

- 
 122 
 122 

 122 

2020 (1)
$'000

- 
 122 
 122 

15.1 Recognition and Measurement
Loans and borrowings are initially recognised at the fair value of the consideration received net of transaction costs. They are subsequently measured at
amortised cost using the effective interest rate method.

Where there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting date, the loans or borrowings are
classified as non-current.

15.2 Shareholder Loan
Transactions between related parties (as disclosed in note 30) are on normal commercial terms and conditions no more favourable than those available
to other parties unless otherwise stated. Loans are repayable on demand with a set interest rate of 10% per annum.

16. Lease Liabilities

CURRENT
Lease liability
Total current lease liabilities

NON-CURRENT
Lease liability
Total non-current lease liabilities

Total lease liabilities

Maturity Analysis
Contractual discounted cash flows
  Within one year
  Later than one year but not later than five years
  Later than five years
Total contractual undiscounted cash flows

(1) Refer to note 3 for details regarding the reclassification.

2021
$'000

 1,477 
 1,477 

 2,309 
 2,309 

 3,786 

2021
$'000

 1,477 
 2,309 
- 
 3,786 

2020 (1)
$'000

1,203 
1,203 

1,879 
1,879 

3,082 

2020 (1)
$'000

1,203 
1,879 
- 
3,082 

36

Oldfields Holdings Limited
30 June 2021

16.1 Recognition and Measurement
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to
be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the consolidated
entity's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that
depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the
option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate
are expensed in the period in which they are incurred.

Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the
following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and
termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the
carrying amount of the right-of-use asset is fully written down.

16.2 Key Judgements, Estimates and Assumptions: Termination and Extension Options

Extension and termination options are included in a number of property leases. These terms are used to maximise operational flexibility in terms of
managing contracts. The majority of extension and termination options held are exercisable by the Group and not by the respective lessor.

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise and extension option, or
not exercise a termination option. Extension options are only included in the lease term if the lease is reasonably certain to be extended or not
terminated.

17. Provisions

CURRENT
Employee leave obligations
Total current provisions

NON-CURRENT
Employee leave obligations
Total non-current provisions

Total provisions

Amounts not expected to be settled within the next 12 months
Current leave obligations expected to be settled after 12 months

17.1 Recognition and Measurement

2021
$'000

2020
$'000

929 
929 

51 
51 

980 

2021
$'000

                  362 

849 
849 

73 
73 

922 

2020
$'000

321

Provisions 
Provisions are recognised when the Group has a legal or constructive obligation as a result of past events for which it is probable that an outflow of
economic benefits will result and that outflow can be reliably measured.

Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the reporting period.

Short-Term Employee Benefits
Provision is made for the Group’s obligation for short-term employee benefits. Short-term employee benefits are benefits (other than termination
benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the
related service, including wages, salaries and sick leave. Short-term employee benefits are measured at the undiscounted amounts expected to be paid
when the obligation is settled.  

Other Long-Term Employee Benefits
Provision is made for employees’ long service leave and annual leave entitlements not expected to be settled wholly within 12 months after the end of
the annual reporting period in which the employees render the related service. Other long-term employee benefits are measured at the present value of
the expected future payments to be made to employees.

Expected future payments incorporate anticipated future wage and salary levels, durations of service and employee departures and are discounted at
rates determined by reference to market yields at the end of the reporting period on government bonds that have maturity dates that approximate the
terms of the obligations. Any remeasurements for changes in assumptions of obligations for other long-term employee benefits are recognised in profit
or loss in the periods in which the changes occur.  

17.2 Key Estimate: Employee Entitlement Provisions - Long Service Leave
The liability for long service leave is recognised and measured at the present value of the estimated future cash flows to be made in respect of all
employees at the reporting date.
In determining the present value of the liability, estimates of attrition rates and pay increases have been taken into
account.

37

Oldfields Holdings Limited
30 June 2021

                 
18. Financial Risk Management

18.1 Categories of Financial Assets and Liabilities
The Group’s financial instruments consist mainly of deposits with banks, local money market instruments, short-term investments, accounts receivable
and payable, loans to and from related parties, bills, leases, and derivatives.

The totals for each category of financial instruments, measured in accordance with AASB 9 as detailed in the accounting policies to these financial
statements, are as follows:

Financial Assets
Cash at bank
Short term deposits
Net trade receivables
Total financial assets

Financial Liabilities
Financial liabilities at amortised cost
Trade and other payables
Borrowings
Lease liabilities
Total financial liabilities

Note

8
8
9

Note

14
15
16

2021
$'000

904 
116 
 2,957 
 3,977 

2021
$'000

 3,689 
390 
 3,786 
 7,865 

2020
$'000

1,535 
248 
3,273 
5,056 

2020
$'000

3,292 
122 
3,082 
6,496 

18.2 Financial Risk Management Policies
The Board of Directors are responsible for managing financial risk policies and exposures of the Group. It also reviews the effectiveness of internal
controls relating to commodity price risk, counterparty credit risk, currency risk, liquidity risk and interest rate risk.  

The overall risk management strategy seeks to assist the Group in meeting its financial targets while minimising potential adverse effects on financial
performance. This includes the review of the use of hedging derivative instruments, credit risk policies and future cash flow requirements.

18.3 Specific Financial Risk Exposures and Management
The main risks the Group is exposed to through its financial instruments are credit risk, liquidity risk and market risk consisting of interest rate risk and
foreign currency risk. There have been no substantive changes in the types of risks the Group is exposed to, how these risks arise, or the Board’s
objectives, policies and processes for managing or measuring the risks from the previous period.

(a) Credit Risk
Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to
a financial loss to the Group.

Credit risk is managed through the maintenance of procedures (such procedures include the utilisation of systems for the approval, granting and renewal
of credit limits, regular monitoring of exposures against such limits and monitoring of the financial stability of significant customers and counterparties),
ensuring to the extent possible, that customers and counterparties to transactions are of sound credit worthiness. Such monitoring is used in assessing
receivables for impairment. Depending on the division within the Group, credit terms are generally 30 days from the end of month after invoice date.

Collateral held by the Group securing receivables is detailed in note 8.

The Group has no significant concentration of credit risk with any single counterparty or group of counterparties. Details with respect to credit risk of
trade and other receivables is provided in note 9.

Trade and other receivables that are neither past due or impaired are considered to be of high credit quality. Aggregates of such amounts are as detailed
at note 9.

(b) Liquidity Risk
Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its obligations related to
financial liabilities.  The Group manages this risk through the following mechanisms:
 - preparing forward-looking cash flow analyses in relation to its operating, investing and financing activities;
 - maintaining a reputable credit profile; and
 - managing credit risk related to financial assets.

The following table details the Group's remaining contractual maturity for its financial instrument liabilities. The table has been drawn up based on the
undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The table includes both
interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the
statement of financial position.

38

Oldfields Holdings Limited
30 June 2021

Financial asset and financial liability 
maturity analysis
Financial assets - cash flows realisable
Cash at bank
Short term deposits
Trade and other receivables

Total anticipated inflows

Financial liabilities due for payment
Trade and other payables
Shareholder loan
Other financing liabilities
Lease liabilities

Total expected outflows

Net (outflow) / inflow on financial 
instruments

Within 1 Year
2021
$'000

2020
$'000

1 to 5 Years
2021
$'000

2020
$'000

Over 5 Years
2021
$'000

2020
$'000

Total

2021
$'000

 904 
 116 
 2,957 

 3,977 

 3,689 
 275 
 115 
 1,477 

 5,556 

1,535 
248 
3,273 

 5,056 

3,292 
- 
122 
1,203 

- 
- 
- 

- 

- 
- 
- 

- 

- 
- 
- 
2,309 

- 
- 
- 
1,879 

 4,617 

 2,309 

 1,879 

(1,579)

 439 

(2,309)

(1,879)

- 
- 
- 

- 

- 
- 
- 
- 

- 

- 

- 
- 
- 

- 

- 
- 
- 
- 

- 

- 

904 
116 
 2,957 

 3,977 

 3,689 
275 
115 
 3,786 

 7,865 

2020
$'000

1,535 
248 
3,273 

 5,056 

3,292 
- 
122 
3,082 

 6,496 

(3,888)

(1,440)

Financial Assets Pledged as Collateral
Certain financial assets have been pledged as security for debt and their realisation into cash may be restricted subject to terms and conditions attached
to the relevant debt contracts. Refer to note 16 for further details.

(c) Market Risk
(i)

Interest rate risk
Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period whereby a
future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. 

(ii)

Foreign exchange risk
The Board and senior management regularly monitor foreign currency movements and has undertaken to use hedging contracts where
appropriate to the value of up to 100% of its US dollar requirements over a maximum 6  month period.

Sensitivity Analysis
As at the end of the reporting period, the Group had the following variable rate borrowings:

Shareholder loan

Weighted 
Average 
Interest 
Rate
10%

2021

2020

Balance 
$000

% of Total 
Loans

Weighted 
Average 
Interest Rate

275

69%                      -   

Balance
- 

% of Total 
Loans
- 

The following table illustrates sensitivities to the Group’s exposures to changes in interest rates, exchange rates and commodity and equity prices. The
table indicates the impact on how profit and equity values reported at the end of the reporting period would have been affected by changes in the
relevant risk variable that management considers to be reasonably possible.

These sensitivities assume that the movement in a particular variable is independent of other variables.

+/- 2% in interest rates

Profit

2021
$'000

5

2020
$'000

8

Equity

2021
$'000

5

2020
$'000

8

There have been no changes in any of the methods or assumptions used to prepare the above sensitivity analysis from the prior year.

Fair Value Estimation
The fair values of the Group's financial assets and financial
approximate net fair values.

19. Impairment of Non-Financial Assets

liabilities included in the Statement of Financial Position are carried at amounts that

At the end of each reporting period the Group assesses whether there is any indication that an asset may be impaired. The assessment will include the
consideration of external and internal sources of information including dividends received from subsidiaries, associates or jointly controlled entities
deemed to be out of pre-acquisition profits. If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable
amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, to the asset’s carrying amount. Any excess of the asset’s
carrying amount over its recoverable amount is recognised immediately in profit or loss, unless the asset is carried at a revalued amount in accordance
with the standard (e.g. in accordance with the revaluation model in AASB 116: Property, Plant and Equipment). Any impairment loss of a revalued asset is
treated as a revaluation decrease in accordance with the standard (AASB 116).

Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating
unit to which the asset belongs.

Impairment testing is performed annually for goodwill, intangible assets with indefinite lives and intangible assets not yet available for use.

39

Oldfields Holdings Limited
30 June 2021

                 
                     
                     
                     
                     
19. Impairment of Non-Financial Assets (continued)

The Group tests whether goodwill for the South and Western Australia scaffold branches cash generating unit (CGU) has suffered any impairment on an
annual basis. The recoverable amount of a CGU is determined based on value-in-use calculations which require the use of assumptions. The calculations
use cash flow projections based on a one-year budget and four-year projections approved by management. Cash flows beyond the one-year budget
period are extrapolated using the estimated growth rates stated below. The growth rates for the terminal period do not exceed the long-term average
growth rates for the industry in which each CGU operates.

Sensitivity
The calculation of value-in-use is most sensitive to changes in the discount rate. The Directors have made judgements and estimates in respect of
impairment testing of goodwill and intangible assets. Should these estimates not occur, the resulting goodwill and intangible assets may vary in carrying
amount. If the discount rate was to increase by 3% or the revenue growth was decreased by 3%, goodwill would not need to be impaired with all other
assumptions remaining constant, for the South and Western Australia scaffold branches CGU.

19.1 Key Judgements, Estimates and Assumptions: Impairment

The Group assesses impairment at the end of each reporting period by evaluating conditions and events specific to the Group that may be indicative of
impairment triggers.  Recoverable amounts of relevant assets are reassessed using value-in-use calculations which incorporate various key assumptions.  

The following key assumptions were used in the value-in-use calculations:

2021
South and Western Australian scaffold branches

2020
South and Western Australian scaffold branches

Growth 
Rate
Year 1-5

Terminal 
Period 
Growth Rate

Discount 
Rate

7.5%

5%

3%

3%

16%

16%

Management has based the value-in-use calculations on budgets for each reporting segment. These budgets use historical weighted average growth
rates to project revenue. Costs are calculated taking into account historical gross margins as well as estimated weighted average inflation rates over the
period which are consistent with inflation rates applicable to the locations in which the segments operate. Discount rates are pre-tax and are adjusted to
incorporate risks associated with a particular segment.

20. Share Capital

Share capital at the beginning of the reporting period
Shares issued during the year
 - April 2020 (placement)
Transaction costs on raising capital
Share capital at the end of the reporting period

2021
Number

2021
$'000

  167,706,527              26,086 

2020
Number
    82,176,198 

2020
$'000

           21,106 

                     -                         -   
                     -                           - 
 26,086 
167,706,527 

 85,530,329 
- 
 167,706,527 

5,132 
(152)
26,086 

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction,
net of tax, from the proceeds.

Capital Management
Management controls the capital of the Group in order to maintain a sustainable debt to equity ratio, generate long-term shareholder value and ensure
that the Group can fund its operations and continue as a going concern.

The Group’s debt and capital include ordinary share capital and financial liabilities, supported by financial assets.

The Group is subject to financing covenants as detailed in note 15.  

Management effectively manages the Group’s capital by assessing the Group's financial risks and adjusting its capital structure in response to changes in
these risks and in the market.  These responses include the management of debt levels, distributions to shareholders and share issues.

There have been no changes in the strategy adopted by management to control the capital of the Group since the prior year. This strategy is to identify
opportunities to reduce the Group's gearing ratio. The gearing ratios for the year ended 30 June 2021 and 30 June 2020 are as follows:

Total borrowings
Add: Lease liabilities
Less: Cash and cash equivalents
Net debt and derivative financial instruments
Total equity
Total capital

Gearing ratio

Note
15
16
8

2021
$'000

 390 
 3,786 
(1,022)
 3,154 
 5,055 
 8,209 

2020
$'000

 122 
3,082 
(1,785)
1,419 
7,933 
9,352 

38%

15%

40

Oldfields Holdings Limited
30 June 2021

21. Reserves

Foreign currency translation
Total reserves

2021
$'000

(8)
(8)

2020
$'000

 19 
19 

Foreign currency translation reserve
The foreign currency translation reserve records exchange differences arising on translation of a foreign controlled subsidiary. 

22. Dividends

Since the start of the financial year, no dividends have been paid or declared by the Parent Entity.

During the year $265,000 (2020: $181,000) of fully franked dividends were paid to a related party of the Group by Adelaide Scaffold Solutions Pty Limited
to Sibley Investments Pty Limited. Sibley Investments Pty Limited is the minority interest holder in the Group. Adelaide Scaffold Solutions Pty Limited is a
controlled entity of Oldfields Holdings Limited.

Franking account balance
The amount of the franking credits available for subsequent reporting periods are:
Balance at the end of the reporting period
Franking credits that will arise from the payment of the amount of provision for income tax 
Franking credits available for subsequent reporting periods based on a tax rate of 30%

22.1 Recognition and Measurement
Dividends are recognised when declared during the financial year and are then no longer at the discretion of the Company.

23. Earnings per Share

a) Reconciliation of earnings to profit or loss
Loss for the year
Less: Profit attributable to non-controlling equity interest
Earnings used to calculate basic EPS

b) Weighted average number of ordinary shares outstanding 
during the year used in calculating basic and diluted EPS

c) Earnings per share

23.1 Calculation of Earnings per Share

Parent Entity
2021
$'000

 1,086 
- 
 1,086 

2020
$'000

1,086 
- 
1,086 

2021
$'000

(2,586)
(260)
(2,846)

2020
$'000

(1,222)
(239)
(1,461)

2021
Number

2020
Number

 167,706,527 

 116,542,192 

2021
Cents

(1.697)

2020
Cents

(1.254)

Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Oldfields Holdings Limited, 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 financial year.

Diluted earnings per share
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.

41

Oldfields Holdings Limited
30 June 2021

24. Accumulated Losses

Movements in accumulated losses were as follows:
Opening balance at 1 July
Net profit for the year
Dividends paid
Closing balance at 30 June

Accumulated losses attributable to:
Members of the parent entity
Non-controlling interest
Total accumulated losses at 30 June 

25. Subsidiaries

Note

21

2021
$'000

2020
$'000

(18,172)
(2,586)
(265)
(21,023)

(16,769)
(1,222)
(181)
(18,172)

(21,765)
742
(21,023)

(18,919)
747
(18,172)

The subsidiaries listed below have share capital consisting solely of ordinary shares or ordinary units which are held directly by the Group. The
proportion of ownership interests held equals the voting rights held by the Group. Each subsidiary’s principal place of business is also its country of
incorporation.

Name of Subsidiary

Subsidiaries of Oldfields Holdings Limited:
Oldfields Pty Limited
Oldfields Advance Scaffold Pty Limited
Oldfields Administration Pty Limited
Oldfields International Pty Limited
Advance Scaffold Solutions Pty Limited
Oldfields Supply Chain Solutions Pty Ltd
Oldfields Finance Solutions Pty Ltd
Oldfields Funds Management Pty Ltd

Subsidiaries of Oldfields Advance Scaffold Pty Limited:
Adelaide Scaffold Solutions Pty Limited

Subsidiaries of Oldfields Administration Pty Limited:
National Office Service Trust

Subsidiaries of Oldfields International Pty Limited:
Oldfields (NZ) Limited
Oldfields Paint Applications (NZ) Limited
Oldfields USA Incorporated
Oldfields Engineering Technology (Henan) Co Limited
Oldfields Engineering Technology (Shenzhen) Co Limited
Foshan Advcorp Scaffold Limited

Subsidiaries of Oldfields Supply Chain Solutions Pty Ltd:
Oldfields Financing Pty Ltd

Principal 
Place of 
Business

Ownership Interest 

Non-Controlling Interests

2021
%

2020
%

2021
%

2020
%

Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia

100%
100%
100%
100%
100%
100%
100%
100%

100%
100%
100%
100%
100%
100%
100%
100%

0%
0%
0%
0%
0%
0%
0%
0%

0%
0%
0%
0%
0%
0%
0%
0%

Australia

60%

60%

40%

40%

Australia

100%

100%

New Zealand
New Zealand
USA
China
China
China

100%
100%
100%
100%
100%
100%

100%
100%
100%
0%
0%
100%

Australia

100%

100%

0%

0%
0%
0%
0%
0%
0%

0%

0%

0%
0%
0%
0%
0%
0%

0%

Subsidiary financial statements used in the preparation of these consolidated financial statements have also been prepared as at the same reporting
date as the Group’s financial statements.

Set out below is the summarised financial information for Adelaide Scaffold Solutions Pty Ltd that has non-controlling interests that are material to the
Group, before any intra-group eliminations.  The entity's principal place of business is 5-7 Peekarra Street, Regency Park, South Australia.

42

Oldfields Holdings Limited
30 June 2021

                
               
25. Subsidiaries (continued)

Summarised financial information of subsidiaries with material non-controlling interests

Summarised financial position - Adelaide Scaffold Solutions Pty Ltd
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets

Carrying amount of non-controlling interests

Summarised financial performance - Adelaide Scaffold Solutions Pty Ltd
Revenue

Profit after tax
Other comprehensive income after tax
Total comprehensive income

Profit attributable to non-controlling interests

Summarised financial information of subsidiaries with material non-controlling interests

Summarised cash flow information - Adelaide Scaffold Solutions Pty Ltd
Net cash from operating activities
Net cash used in investing activities
Net cash used in financing activities
Net increase (decrease) in cash and cash equivalents

Distributions paid to non-controlling interests

2021
$'000

2020
$'000

 1,717 
 2,681 
(908)
(806)
 2,684 

1,559 
2,299 
(734)
(427)
2,697 

742 

747 

 5,720 

5,930 

650 
- 
650 

260 

2021
$'000

222 
(693)
(195)
(666)

265 

597 
- 
597 

239 

2020
$'000

1,439 
(327)
(303)
809 

181 

25.1 Recognition and Measurement
The consolidated financial statements incorporate the assets and liabilities of all entities controlled by the Group as at 30 June 2021 and the results of all
controlled entities for the year then ended. Control exists when the consolidated entity has the power to govern the financial and operating policies of
an entity so as to obtain benefit from its activities. In assessing control, potential voting rights that presently are exercisable are taken into account.
Where control of an entity is obtained during a financial year, its results are included in the consolidated income statement from the date on which
control commences. Where control of an entity ceases during a financial year its results are included for that part of the year during which control exists. 

26. Commitments and Contingencies

26.1 Capital Commitments
The Group does not have any capital expenditure commitments at reporting date.

26.2 Contingencies
The Group does not have any significant contingent liabilities or contingent assets as 30 June 2021 or 30 June 2020.

27. Events After the Reporting Period

The Group’s majority shareholder, EQM Holdings Pty Ltd, has provided a further short-term loan of $200,000 to the Group since 30 June 2021.

There are no other matters or circumstances that have arisen since 30 June 2021 which significantly affect or could affect the operations of the Group in
future years.

43

Oldfields Holdings Limited
30 June 2021

28. Parent Entity Disclosures

The following information has been extracted from the books and records of the parent and has been prepared in accordance with Australian Accounting
Standards.

Statement of Financial Position

ASSETS
Current assets
Non-current assets
TOTAL ASSETS

LIABILITIES
Current liabilities
Non-current liabilities
TOTAL LIABILITIES
NET ASSETS (LIABILITIES)

EQUITY
Issued capital
Accumulated losses
TOTAL EQUITY

Statement of Profit or Loss and Other Comprehensive Income

Profit (loss) before tax

Total comprehensive profit (loss)

2021
$'000

2020
$'000

 3,682 
 2,840 
 6,522 

 5,705 
701 
 6,406 
116 

3,809 
4,712 
8,521 

6,112 
2,255 
8,367 
154 

 26,086 
(25,970)
116 

26,086 
(25,932)
154 

(38)

(38)

725 

725 

Guarantees
Oldfields Holdings Limited and it's Australian wholly-owned entities have entered into a deed of cross guarantee under which the Company and its
subsidiaries guarantee the debts of each other.

Contingent liabilities
The Parent Entity did not have any contingent liabilities as at 30 June 2021 or 30 June 2020.

Contractual commitments
The Parent Entity did not have any contractual commitments as at 30 June 2021 or 30 June 2020.

29. Auditors’ Remuneration

During the year the following fees were paid or payable for services provided by the auditor of the Parent Entity, its related practices and non-related
audit firms:

BDO* and related network firms
Audit services
Audit and review of financial statements

Non-audit services
Taxation compliance services
Other services

Total auditors’ remuneration

2021
$

2020
$

 128,000 

123,600 

 18,700 
- 
 18,700 
146,700

18,000 
- 
18,000 
141,600

* The BDO entity performing the audit of the group transitioned from BDO East Coast Partnership to BDO Audit Pty Ltd on 1 August 2020. The disclosures include
amounts received or due and receivable by BDO East Coast Partnership, BDO Audit Pty Ltd and their respective related entities.

44

Oldfields Holdings Limited
30 June 2021

         
       
30. Related Party Transactions

Ultimate controlling entity
Oldfields Holdings Limited (incorporated in Australia).

Key management personnel
Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any
director (whether executive or otherwise) of that entity are considered key management personnel. The following were key management personnel
(KMP) at the end of the reporting period:

Richard John Abela
Jonathan William Doy
David John Baird 
Jie Ma
Ka Lung  Alan Lee

Chief Executive Officer
Non-executive Director
Non-executive Director
Non-executive Director
Chief Financial Officer and Company Secretary

Details of remuneration
Short-term employee benefits
Post-employment benefits
Total KMP compensation

Transactions with related parties
The following transactions occurred with related parties:
  Dividends paid to Sibley Investments Pty Ltd, holder of minority interest in Adelaide Scaffold Solutions Pty Ltd
  Interest paid to WL & CJ Timms, being a related party of William Lewis Timms (non-executive director)

Loans from related parties
Loan payable to WL & CJ Timms, being a related party of William Lewis Timms (non-executive director)
Beginning of the year
Loan received
Loan repayments made
Interest charged 
Interest paid
End of the year

Loan payable to EQM Holdings Pty Limited (the Group's major shareholder)
Beginning of the year
Loan received
Loan repayments made
Interest charged 
Interest paid
End of the year

2021
$

 623,839 
 41,058 
 664,897 

2020
$

 596,691 
50,079 
646,770 

2021
$

2020
$

 265,000 
- 

181,000 
15,000 

2021
$

2020
$

- 
- 
- 
- 
- 
- 

500,000 
- 
(500,000)
15,000 
(15,000)
- 

- 
 269,000 
- 
 5,740 
- 
 274,740 

- 
- 
- 
- 
- 
- 

Terms and conditions
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless
otherwise stated.

The loan from EQM Holdings Pty Ltd is repayable on demand and interest rate at 10% per annum.

EQM Holdings Pty Ltd has provided a further short term loan of $200,000 to the Group since 30 June 2021.

31. Deed of Cross Guarantee

A deed of cross guarantee between Oldfields Holdings Limited and its wholly owned subsidiaries was enacted during the financial year ended 30 June
2001. An assumption deed to include Adelaide Scaffold Solutions Pty Ltd was enacted during the year ended 30 June 2005. Under the deed, Oldfields
Holdings Limited guarantees to support the liabilities and obligations of the entities listed in Note 25, being members of the Closed Group. The financial
information of the Closed Group is the same as that for the consolidated group.

45

Oldfields Holdings Limited
30 June 2021

Tel: +61 2 9251 4100
Fax: +61 2 9240 9821
www.bdo.com.au

Level 11, 1 Margaret St
Sydney NSW 2000
Australia

INDEPENDENT AUDITOR'S REPORT

To the members of Oldfields Holdings Limited

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of Oldfields Holdings Limited (the Company) and its subsidiaries
(the Group), which comprises the consolidated statement of financial position as at 30 June 2021, 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, and notes
to the financial report, including a summary of significant accounting policies and the directors’
declaration.

In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:

(i)

Giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its
financial performance for the year ended on that date; and

(ii)

Complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards.  Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report.  We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia.  We have also fulfilled our other
ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.

BDO Audit Pty Ltd ABN 33 134 022 870 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 Audit Pty Ltd 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.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period.  These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. In addition to the matter described in the Material uncertainty
related to going concern section, we have determined the matters described below to be the key audit
matters to be communicated in our report.

Scaffolding Hire and Erection Revenue Recognition

Key audit matter

How the matter was addressed in our audit

As disclosed in Note 5, recognition of

Our procedures included, amongst others:

scaffolding and erection revenue is

determined as an area of key estimate and

judgement on the basis of the following:

· Reviewing the appropriateness of management’s

judgements associated with the fair value

consideration expected to be received by

· Management recognise revenue based on

reference to the terms of individual contracts;

the performance obligations identified

within the individual contracts; and

·

Evaluating the accuracy of management’s

judgements associated with the stage of

·

Scaffolding hire and erection revenue is

completion of individual contracts by testing the

recognised with reference to the stage of

accuracy of assumptions in relation to services

completion of the contract and there is

performed at period end against the expected

judgment associated with determining the

total services to be provided under the contracts;

stage of completion.

and

Due to the nature of the key estimates and

· Assessing the recognition of scaffolding hire and

judgements, this has been determined as a

erection revenue under individual contracts by

key audit matter.

reference to the assessment of the performance

obligations satisfied and the impact on related

revenue recognition under AASB 15 Revenue from

Contracts with Customers.

· Assessing the appropriateness of the disclosures in

Note 5.

2

Going concern

Key audit matter

How the matter was addressed in our audit

For the year ended 30 June 2021, the Group reported a

Our audit procedures included, amongst others:

loss after tax of $2,586k and a net current asset

deficiency of $32k. As disclosed in Note 2.3, the

Directors have disclosed their considerations regarding

their conclusion that the going concern basis of

accounting is appropriate.

The assessment of Going Concern is largely based on

management’s forecasts. The forecasts include

assumptions about future cash flows which are

uncertain in timing and amount.

Our assessment of going concern was considered a key

audit matter due to the judgements and assumptions

made by management in preparing their cash flow

forecasts.

(cid:127)

(cid:127)

(cid:127)

(cid:127)

(cid:127)

Evaluating and challenging the key assumptions

used in the cash flow forecasts prepared by

management;

Evaluating the historical accuracy of

management’s past forecasts and perform a

sensitivity analysis on the cash flow forecasts.

Obtaining written confirmation from the Group’s

majority shareholder of their intent to provide

financial support to the Group as required to

ensure the Group is able to meet it debts as and

when they become payable for a period of at

least 12 months from the date of this report.

Assessing the Group’s majority shareholder’s

capacity to provide financial support to the

Group if required.

Evaluating the adequacy and accuracy of

disclosures made by management related to the

use of the going concern basis of accounting in

preparation of the financial report.

Other information

The directors are responsible for the other information.  The other information comprises the
information in the Group’s annual report for the year ended 30 June 2021, but does not include the
financial report and the auditor’s report thereon.

Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact.  We have nothing to report in this regard.

Responsibilities of the directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the

3

financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.

In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists.  Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.

A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website at:

https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf

This description forms part of our auditor’s report.

Report on the Remuneration Report

Opinion on the Remuneration Report

We have audited the Remuneration Report included in the directors’ report for the year ended 30 June
2021.

In our opinion, the Remuneration Report of Oldfields Holding Limited, for the year ended 30 June 2021,
complies with section 300A of the Corporations Act 2001.

Responsibilities

The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001.  Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.

BDO Audit Pty Ltd

John Bresolin
Director

Sydney, 7 October 2021

4

Corporate Governance Statement  

The  Board  of  Directors  of  Oldfields  Holdings  Limited  is  committed  to  high  standards  of  corporate  governance  and  adopts  wherever 
possible the principles outlined in the Corporate Governance Principles and Best Practice Recommendations, 4th Edition published by 
the ASX Corporate Governance Council in July 2020. 

The  recommendations  are  written  in  a  principles  based  fashion  and  individual  boards  are  able  to  choose  whether  to  follow  the 
recommended practices or to adopt other practices that are better suited to the individual circumstances of the Group. Given the size 
and specific circumstances of Oldfields Holdings Limited, the Board recognises that some of the best practice recommendations are not 
suited  to  obtaining  the  best  shareholder  outcomes  at  the  present  time.  This  situation  is  monitored  by  the  Board  and  the 
recommendations will be adopted as and when the Group’s circumstances allow.  

All  relevant  best  practice  recommendations  of  the  ASX  Corporate  Governance  Council  have  been  applied  for  the  reporting  period 
unless  specifically  disclosed  below.  Where  a  recommended  practice  has  not  been  followed  a  detailed  description  of  the  practices 
adopted is provided together with a commentary on how the risks of non-adoption of the recommended practice are mitigated. 

Recommendation 

Recommended Practice 

Oldfields’ Practice 

Recommendation 1.1 

Recommendation 1.2 

Recommendation 1.3  

Recommendation 1.4 

Establish  functions  reserved  for  the  board  and  for 
senior management 

Undertake appropriate checks prior to appointing as 
director 

Written  agreements  in  place  with  directors  and 
senior executives 

Company  secretary  accountable  to  board  through 
the chair 

The recommended practice is adopted 

The recommended practice is adopted 

The recommended practice is adopted 

The recommended practice is adopted 

Recommendation 1.5 

Have a measurable diversity policy 

The recommended practice is adopted 

Recommendation 1.6 

Establish a process for evaluating performance of the 
board 

This  recommendation  has  not  yet  been 
adopted 

Recommendation 1.7 

a  process 

Have 
performance of senior executives 

for  periodically  evaluating 

The recommended practice is adopted 

Recommendation 2.1  

The board should have a nomination committee 

The recommended practice is adopted 

Recommendation 2.2 

Have a board skills matrix  

Recommendation 2.3  

Have  a  list  of  directors  who  are  deemed  to  be 
independent 

The recommended practice is adopted 

The recommended practice is adopted 

Recommendation 2.4 

Majority  of  the  board  should  be 
directors 

independent 

The recommended practice is adopted 

Recommendation 2.5 

The  chair  of  the  board  should  be  independent  and 
not the CEO 

The recommended practice is adopted 

Recommendation 2.6 

Have a program for inducting new directors 

The recommended practice is adopted 

Recommendation 3.1  

Articulate and disclose its value 

The recommended practice is adopted 

Recommendation 3.2  

Establish and disclose a code of conduct 

The recommended practice is adopted 

Recommendation 3.3 

Have a whistleblower policy 

The recommended practice is adopted 

Recommendation 3.4 

Have an anti-bribery and corruption policy 

The recommended practice is adopted 

Recommendation 4.1 

The board should establish an audit committee 

The recommended practice is adopted 

Recommendation 4.2 

Recommendation 4.3 

Recommendation 5.1 

Prior  to  approving  financial  statements  the  board 
receive  from  the  CFO  and  CEO  declaration  of 
properly  maintained  records  and  compliance  with 
accounting standards 

The recommended practice is adopted 

Have  a  process  to  verify  the  integrity  of  periodic 
report it releases to the market 
Establish  written  policies  designed 
compliance  with 
continuous 
obligations 

to  ensure 
disclosure 

its 

The recommended practice is adopted 

The recommended practice is adopted 

51 

Oldfields Holdings Limited 
30 June 2021 

 
 
 
 
 
 
 
 
 
 
 
 
 
Recommendation 

Recommended Practice 

Oldfields’ Practice 

Recommendation 5.2 

Recommendation 5.3 

The  Board  receive  copies  of  all  material  market 
announcements  promptly  after  they  have  been 
made 
Copy  of  a  new  and  substantive  investor  or  analyst 
presentation should be released on the ASX platform 
ahead of the presentation 

The recommended practice is adopted  

The recommended practice is adopted  

Recommendation 6.1 

Provide  information  about  itself  and  its  governance 
via its website 

The recommended practice is adopted  

Recommendation 6.2 

Design and implement investor relations program for 
communication with investors 

The recommended practice is adopted 

Recommendation 6.3 

Policies and processes in place to encourage security 
holder participation 

The recommended practice is adopted 

Recommendation 6.4 

Recommendation 6.5 

Recommendation 7.1 

Recommendation 7.2 

Ensure  all  substantive  resolutions  at  a  meeting  of 
security  holders  are  decided  by  a  poll  rather  than  a 
show of hands 
Provide 
communication electronically 

security  holders  option 

receive 

to 

remuneration 

should  establish  a 

The  board 
committee; or 
Establish policies for the oversight and management 
of material business risks and disclose a summary of 
those policies 
Board  to  review  risk  management 
annually 

framework 

This recommended practice is adopted 

This recommended practice is adopted 

The  recommended  practice  is  adopted.  The 
Risk Management Statement is disclosed 

The recommended practice is adopted 

Recommendation 7.3 

Disclosure of internal audit function 

The recommended practice is adopted 

Recommendation 7.4 

Disclose  material 
environmental and social sustainability risks 

exposure 

to 

economic, 

The indicated information is provided 

Recommendation 8.1 

The  board 
committee 

should  establish  a 

remuneration 

The recommended practice is adopted 

Recommendation 8.2 

Recommendation 8.3 

Disclosure of policies and practices of remuneration 
of  non-executive  and  executive  directors  as  well  as 
other senior executives 
Policy on equity based remuneration scheme 

The recommended practice is adopted 

based 

equity 

No 
place, 
recommendation  will  be  adopted  when 
implemented 

scheme 

in 

Current information is available on the Group’s website which contains a clearly marked Corporate Governance section. 

52 

Oldfields Holdings Limited 
30 June 2021 

 
 
 
 
 
 
 
 
 
 
 
 
Principle 1. LAY SOLID FOUNDATIONS FOR MANAGEMENT & OVERSIGHT 

Recommendation 1.1 – Establish functions reserved for the board and for senior management and disclose those functions. 

The Board of Directors is accountable to the shareholders for the performance of the Group. The Board sets the strategic direction and 
delegate’s responsibility for the management of the Group to the Chief Executive Officer. 

A copy of the Board Charter, which promotes a culture within the Group of accountability, integrity and transparency, is available on 
the Group’s website. 

Each Board Member must at all times act honestly, fairly and diligently in all respects in accordance with the Group’s Code of Conduct 
and all laws that apply to the Group. 

Key matters reserved for the Board include: 

• 
• 

• 

• 
• 
• 
• 
• 

Oversight of the Group, including its control, accountability and compliance systems; 
Appointment,  monitoring,  managing  performance  and  if  necessary  removal  of  the  Chief  Executive  Officer,  Chief  Financial 
Officer and Company Secretary; 
Input,  assessment,  appraisal  and  final  approval  of  management’s  development  of  corporate  strategy  and  performance 
objectives; 
Monitoring risk management; 
Approving and monitoring the progress of major capital expenditure, capital management and acquisitions and divestitures; 
Approval and monitoring financial and other reporting; 
Ensuring the market and shareholders are fully informed of material developments; and 
Recognising the legitimate interests of stakeholders. 

The expectations of directors are outlined in a formal Letter of Appointment which details the term of appointment, fees, power and 
duties and other information pertinent to their roles. 

Responsibility  for  the  day-to-day  management  of  the  Group  and  its  operations  is  delegated  to  senior  executive  management.  The 
expectations of senior executive management are outlined in Board decisions which are communicated to the Chief Executive Officer 
and recorded in the board minutes and also in the position descriptions and KPI’s for each senior executive role. 

The Board holds a minimum of six formal meetings a year, but usually twelve.  Additional meetings are held as required. 

Details of current members of the Board are disclosed in the Directors’ Report. 

Recommendation 1.2 – Undertake appropriate checks before appointing or putting forward to security holders a candidate for election 
as a director 

Details are provided on a candidate for director. These will be provided to security holders prior to any election of new Directors. 

Recommendation 1.3 – Written agreements in place with directors and senior executives 

Detailed  service  contracts  are  in  place  for  all  senior  managers  and  directors,  these  are  established  prior  to  commencement  of 
employment 

Recommendation 1.4 – Company secretary accountable to the board through the chair 

The CFO/Company Secretary has clear lines of accountability with the CFO responsibilities reporting directly through to the CEO and all 
company secretarial functions reporting through to the Chair. 

Recommendation 1.5 – Measurable diversity policy 

A detailed diversity policy is in place, and available on the Company’s webpage. In addition to this, the Company’s workplace gender 
equality  report  is  available  to  view.  Whilst  the  policy  diverges  from  some  of  the  recommendations  made,  key  areas  in  the 
recommendation are included in the policy, including the requirement that for all jobs advertised, it is stated that the Company is an 
equal  opportunity  employer,  that  at  least  one  female  applicant  is  included  in  the  final  shortlist  of  candidates  for  the  role,  and 
shortlisted candidates are interviewed by a female as well as a male member of staff prior to a final decision on employment where 
possible. 

The  Group  operates  in  the  traditionally  male  dominated  industry  of  construction  and  related  services  and  is  therefore  under-
represented by women in its workforce.  However, the Company has adopted the diversity policy and adhere to its gender reporting 
requirements. 

The measurable objective set for the reporting period to achieve gender diversity included: 
- 

Ensure recruiting processes adhere to the Company’s diversity policy; 

53 

Oldfields Holdings Limited 
30 June 2021 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
- 
- 
- 
- 

Formal policy to provide flexible working arrangements; 
Promote awareness about the importance of diversity and inclusion; 
Formal policy in relation to sexual harassment and discrimination prevention; and 
Analyse and report the ratio of women to men in the workforce regularly. 

Board 
Senior Executives 
Employee – others 

Female 
- 
1 
22 

Male 
3 
4 
97 

Recommendation 1.6 – Process for evaluation of the performance of the board 

The  Board  has  not  completed  a  formal  evaluation  process  within  the  period.  The  Chairman  performs  an  informal  evaluation  of 
individual Directors and also of each Board Meeting. The Board will be considering obtaining independent advice. 

Recommendation 1.7 – Have a process for periodically evaluating the performance of senior management 

Senior  executive  management  is  evaluated  each  year  on  their  performance  against  stated  objectives,  goals  and  key  performance 
indicators (KPI’s). 

Overall  performance  is  reviewed  by  the  particular  senior  executive’s  direct  supervisor  and  ultimately  by  the  Chief  Executive  Officer 
and/or Board of Directors. 

Principle 2. STRUCTURE THE BOARD TO BE EFFECTVE AND ADD VALUE 

The  Board  currently  has  four  directors,  comprising  two  independent  non-executive  directors,  including  the  Chairman,  one  non-
executive director and one executive director. 

The Board has adopted the following principles: 

• 
• 
• 

The same individual should not exercise the roles of Chairman and Chief Executive Officer; 
The Board should not comprise a majority of executive directors; and 
The Board should comprise persons with a broad range of skills and experience appropriate to the needs of the Group. 

Recommendation 2.1 – The board should have a nomination committee 

The Board has established a Nomination Committee and it is responsible for developing and recommending to the Board: 

• 
• 
• 

Nomination of Non-Executive and Executive Directors; 
Nomination of Company Secretary; 
Nomination of the Chief Executive Officer and Chief Financial Officer; 

The Board has a nomination committee which has three members, comprising two independent non-executive directors, including the 
Chair, and one non-executive director.  It has a documented charter and the members and qualification of the Nomination Committee 
are disclosed in the Directors’ Report. 

Nominations  are  considered  by  the  committee  and  are  only  accepted  if  the  candidate  has  the  relevant  skills  required  to  assist  the 
business in achieving its strategic objectives.  

Recommendation 2.2 – Have a board skills matrix 

This has been established and as follows: 

Leadership and Strategy 

Industry 

Financial acumen 

Executive leadership 
Global experience 
Mergers & Acquisitions 
Industry diversity 
Growth strategy development and implementation 
Health, Safety and Environment 
Investor Relations 
Technical 
Market and customer knowledge 
Product development 
Financial literacy 

54 

Oldfields Holdings Limited 
30 June 2021 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 

Financial risk management 
Governance and regulation 
Policy development 
Legal and compliance 

Recommendation 2.3 – Have a list of directors that are deemed to be independent 

The Company has two independent directors and this is disclosed in the annual report. 

Recommendation 2.4 – Majority of the board should be independent directors 

Independent  directors  are  those  who  are  independent  of  management  and  free  of  any  business  or  other  relationship  that  could 
materially  interfere  with,  or  could  reasonably  be  perceived  to  materially  interfere  with,  the  exercise  of  their  unfettered  and 
independent judgment. 

In assessing the independence of directors, an independent director is a non-executive director and: 

• 

• 

• 

• 

Is  not  a  substantial  shareholder,  as  defined  in  section  9  of  the  Corporations  Act,  of  the  Group  or  an  officer  of,  or  otherwise 
associated directly with, a substantial shareholder of the Group; 
Has not within the last three years been employed in an executive capacity by the Group or another Group member, and there 
has been a period of at least three years between ceasing such employment and serving on the Board; 
Has not within the last three years been a principal of a material professional advisor or a material consultant to the Group or 
another Group member, or an employee materially associated with the service provided; and 
Is not a material supplier or customer of the Group or other Group member, or an officer of or otherwise associated directly or 
indirectly with a material supplier or customer; 

At the date of this report there were two independent directors.  

The following Directors do not meet the independence criteria listed above: 

• 
• 

Jie Ma: currently a non-executive director and substantial shareholder; and 
Richard John Abela: currently an executive director and shareholder. 

The  Board  manages  the  risk  of  having  a  half  of  non-independent  directors  through  restrictions  on  trading  in  shares,  restrictions  on 
related party transactions, and a close relationship with the principal provider of debt funding and a strong independent auditor with a 
focus on controls.  

Recommendation 2.5 – The chair of the board should be independent and not the CEO 

The Chair is an independent non-executive director. 

Recommendation 2.6 – Have a program for inducting new directors and ensuring appropriate professional development opportunities 
to develop and maintain the skills required to perform their role as directors 

There is an appropriate level of induction for new Directors ensuring they understand the business needs and requirements. The Board 
discusses from time to time requirements to ensure continuous development of skills for the performance of their role as Director. 

Principle 3. INSTIL A CULTURE of acting lawfully, ethically and responsibly 

Recommendation 3.1 – Articulate and disclose its values. 

The value of the Group is disclosed on page 5 of the Annual Report. 

Recommendation  3.2  –  Establish  and  disclose  a  Code  of  Conduct  for  its  directors,  senior  executives  and  employees;  and  ensure  the 
Board or a Committee of the Board is informed of any material breaches. 

The Board has a code of conduct for Directors and Group, Officers and employees. The key elements of the code are: 

• 
• 
• 
• 
• 

Conflicts of interest; 
Corporate opportunities; 
Confidentiality; 
Fair dealing; 
Protection of assets; 

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30 June 2021 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
• 
• 

Compliance with laws and regulations; and 
Promotion of ethical and lawful behavior. 

The policy is available on the Company’s webpage. 

Recommendation 3.3 – Establish and disclose a Whistleblower policy; and ensure the Board or a Committee of the Board is informed of 
any material incidents reported under the policy. 

The Board has a whistleblower policy and is available on the Company’s webpage. 

Recommendation 3.4 – Establish and disclose an Anti-bribery and corruption policy; and ensure the Board or a Committee of the Board 
is informed of any material incidents reported under the policy. 

The Board has an Anti-bribery and corruption policy and is available on the Company’s webpage. 

Principle 4. SAFEGUARD INTEGRITY IN FINANCIAL REPORTING 

The Chief Executive Officer and the Chief Financial Officer state, in writing, to the Board that the Group’s financial reports present a 
true and fair view, in all material respects, of the Group’s financial position and operational results and are in accordance with relevant 
accounting standards. 

Recommendation 4.1 – the board should establish an audit committee 

The Board has an Audit Committee, which: 
• 
• 
• 

Has three members who are Non-Executive Directors; 
Has a written charter which can be obtained from the Corporate Governance section of the Group’s website; and 
Includes members who are all financially literate. 

Details of the members are disclosed in the Director’s Report. 

The Board recognises that an independent audit committee is an important feature of good corporate governance. 

The Audit Committee: 
• 
• 
• 

consists of three non-executive directors comprising two independent non-executive directors and one non-executive director; 
is chaired by an independent chairman, who is also the Chair of the Board; 
has three members. Given the size and structure of the Board, as discussed in Recommendation 2.1, the Board feels that three 
members all of whom are financially literate, is sufficient at this time. 

The  risk  with  a  small  committee  is  that  the  members  will  lack  the  diversity  to  raise  and  recognise  issues.    Risk  is  managed  through 
specific working arrangements with the auditors having access to the full Board at any time upon their request and through ensuring 
that the Chairman of the Audit Committee is a well-qualified independent director. It is intended to review this arrangement and adopt 
the recommended practice if and when the Board composition changes. 

The Audit Committee has a formal charter, the key elements of the charter are: 
• 
• 
• 
• 
• 
• 
• 

Role of the Committee; 
Membership; 
Meetings; 
Responsibilities; 
Authority; 
Independence; and 
Non-audit work. 

The Board and Audit Committee closely monitor the independence of the external auditor. The Audit Committee meets a minimum of 
twice a year. The Committee may also meets in private, with management without the external auditor and, at a separate time, with 
the external auditor without management where considered necessary. 

Recommendation  4.2  –  Prior  to  approving  financial  statements  the  board  receive  from  the  CFO  and  CEO  a  declaration  of  properly 
maintained records and compliance with accounting standards 

The Chief Executive Officer and the Chief Financial Officer state, in writing, to the Board that the Group’s financial reports present a 
true and fair view, in all material respects, of the Group’s financial position and operational results and are in accordance with relevant 
accounting standards. 

The members of the Audit Committee are:  

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• 
• 
• 

Jonathan William Doy (Chairman); 
David John Baird; and 
Jie Ma. 

The details of the qualifications of the Audit Committee members are disclosed in the Directors’ Report. 

The details of the number of Audit Committee Meetings held are contained in the Directors’ Report. 

Departures from recommendations included in Principle 4 have been disclosed in the discussion of the relevant recommendations. 

Recommendation 4.3 – Disclose its process to verify the integrity of any periodic corporate report it releases to the market that is not 
audited or reviewed by an external auditor. 

The  Group  has  established  its  process  to  verify  the  integrity  of  any  periodic  corporate  report  it  releases  to  the  market  that  is  not 
audited or reviewed by an external auditor. 

Principle 5. MAKE TIMELY AND BALANCED DISCLOSURE 

Recommendation 5.1 – Establish and disclose a written policy for complying with its continuous disclosure obligations under listing rule 
3.1 

The Group has established procedures to ensure compliance with ASX Listing Rules which require that when an entity becomes aware 
of any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity’s 
securities, the entity must immediately tell ASX that information. 

A  Continuous  Disclosure  Policy  and  Procedure  has  been  prepared  and  is  available  from  the  Corporate  Governance  section  of  the 
Group’s website.  

Recommendation 5.2 – The Board receives copies of all material market announcements promptly after they have been made. 

The Board currently review and approve all material market announcements prior to their release. 

Recommendation 5.3 – Copy of a new and substantive investor or analyst presentation should be released on the ASX platform ahead 
of the presentation 

The Group has established procedures to ensure copy of a new and substantive investor or analyst presentation should be released on 
the ASX platform ahead of the presentation 

Principle 6. RESPECT THE RIGHTS OF SECURITY HOLDERS 

Recommendation 6.1 – Provide information about itself and its governance via its website 

The  Group  has  a  comprehensive  website  for  security  holders,  included  in  this  website  are  full  governance  policies.  The  Group  will 
regularly review and update the website and contents therein as deemed necessary. 

Recommendation 6.2 – Establish an investor relations program that facilitates effective two-way communication with investors 

The Group has developed and implemented an investor communication strategy. The Group promotes effective communication with 
investors and encourages effective participation at the Group’s general meetings. 

The Group will also provide regular news flow to keep investors and media updated and engaged. 

Recommendation 6.3 – Disclose how the Company facilitates and encourages participation at meetings of security holders 

The  Group  has  a  Shareholder  Communication  program  in  place  which  includes  information  on  how  it  facilitates  and  encourages 
participation at meetings of security holders. 

Recommendation 6.4 – All substantive resolutions at a meeting of security holders are decided by a poll rather by a show of hands 

The Company will ensure that at least all substantive resolutions at a meeting of security holders are decided by a poll. 

Recommendation 6.5 – Provide security holders the option to receive communications electronically 

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The Company’s share registry provider provides this option to all security holders. 

Principle 7. RECOGNISE AND MANAGE RISK 

Recommendation 7.1 – The board should establish a risk committee 

The Board recognises that there are a number of complex operational, commercial, financial and legal risks and has in place procedures 
to safeguard the Group’s assets and interests. 

A Work Health and Safety Committee has been established to monitor and recommend changes to safe working practices and a safe 
working  environment.  The  Chairman  is  not  a  Director,  and  the  committee  comprises  of  senior  executive  officers  and  employee 
representatives. 

The Board has developed a risk management policy the purpose of which is: 

• 
• 
• 
• 
• 
• 
• 

Identify, access, monitor and manage risk; 
Inform investors of material changes to the Group’s risk profile;  
Enhance the environment for capitalising on value creation opportunities; 
Ensure compliance with the Corporations Act; 
Consider the reasonable expectations of its stakeholders; 
The measures and procedures in place to comply with these regulations; and 
How compliance with those measures and procedures will be monitored. 

A summary of these policies is contained in the Risk Management Statement which is disclosed on the Oldfields website. 

The Board is also in the process of establishing a risk committee and anticipated to be set up in the next 3 to 6 months. 

Recommendation 7.2 – The board should review the risk management framework annually 

The Group’s risk management policy is designed and implemented by the Board of Directors’ which meet regularly to identify all major 
risks,  ensure  appropriate  risk  management  plans  are  in  place  and  to  monitor  the  effectiveness  of  the  implementation  of  the  risk 
management plans. 

The  Chief  Executive  Officer  and  the  Chief  Financial  Officer  are  required  to  state  in  writing  to  the  Board  that  the  Group’s  risk 
management and internal compliance and control system is operating effectively and efficiently in all material aspects. 

Recommendation 7.3 – The board should disclose whether it has an internal audit function, how the function is structured and what 
role it performs 

From time to time and as required, the Board will outsource the internal audit function to a company that specialises in this work. The 
company  will  review  certain  areas  of  controls  and  compliance  and  report  back  to  the  Chief  Executive  Officer  and/or  Chief  Financial 
Officer and manager of the area. This report when finalised with comments from management along with timelines for compliance are 
provided to the Board for review. 

Recommendation 7.4 – Disclose material exposure to material exposure to economic, environmental and social sustainability risk 

The business is exposed to various risks, in particular economic and social sustainability risk. The Board is fully aware of these and these 
risks  are  mitigated  wherever  possible.  In  terms  of  social  sustainability  risk,  the  Company  is  a  party  to  the  packaging  covenant 
agreement and reviews product packaging for sustainability and recyclability.   

Principle 8. REMUNERATE FAIRLY AND RESPONSIBLY 

Recommendation 8.1 – The board should establish a remuneration committee 

The Board has established a Remuneration Committee. The Remuneration Committee is responsible for developing and recommending 
to the Board: 

• 
• 
• 
• 
• 

Remuneration policies for Non-Executive Directors; 
Remuneration policies for the Chief Executive Officer and Chief Financial Officer; 
Remuneration policies for executive management; 
All aspects of any executive share option or acquisition scheme; 
Superannuation policies; 

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• 
• 

Policies which motivate senior executives to pursue the long term growth and success of the Group; and 
Policies which show a clear relationship between senior executives’ performance and remuneration. 

The Board has a remuneration committee which has three members, comprising two independent non-executive directors, including 
the  Chair,  and  one  non-executive  director.    It  has  a  documented  charter  and  the  members  and  qualification  of  the  Remuneration 
Committee are disclosed in the Directors’ Report. 

The remuneration of Non-Executive Directors is by way of director’s fees in the form of cash, non-cash benefits and superannuation 
benefits. 

The total annual remuneration paid to Non-Executive Directors  may not exceed the limit set by shareholders at the Annual General 
Meeting. 

Non-Executive Directors do not receive options unless approved by shareholders. 

Recommendation 8.2 – Disclosure of policies and practices of remuneration of non-executive and executive directors as well as other 
senior executives 

The  Group  has  clearly  differentiated  the  remuneration  structure  of  Executive  and  Non-Executive  Directors  as  well  as  other  senior 
executives. The key elements of the remuneration philosophy are disclosed in the Remuneration Committee Charter which is available 
on the Oldfields website. 

Recommendation 8.3 – Policy on equity based remuneration scheme 

The  Company  currently  does  not  have  an  equity  based  remuneration  scheme.  Prior  to  one  being  implemented  and  approved  by 
security holders a policy will be established for security holders to review. 

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Risk Management Statement  

1.  Introduction 

This  statement  provides  an  overview  of  the  Group's  risk  management  policies  and  internal  compliance  and  control  systems  in 
accordance with Principle 7 of the ASX Principles of Good Corporate Governance. 

2.  Responsibility 

The Board of Directors are responsible for oversight on a regular basis of the Group's procedures and risk management policies. The 
responsibility of the Board is codified under the Board Charter, which is available on the Group’s website. The Group also has an 
audit  committee,  the  responsibilities  of  which  are  documented  in  the  Audit  Committee  Charter  which  is  also  available  on  the 
Group’s website. 

3.  Risk Management Monitoring 

The  Board  has  implemented  a  combination  of  internal  policies  and  procedures  and  use  of  external  audits  to  monitor  risk 
management and its effectiveness. 

3.1. Standard Operating Procedures (SOP's) 

The Board has implemented risk management policies covering areas of business risk such as: 

•  Work health and safety; 
• 
• 
• 
• 

Finance and treasury; 
Human resources; 
Asset protection (insurance); and 
Codes of conduct. 

The policies referred to are regularly reviewed and an internal mechanism exists whereby the Board and Committee members have 
access to these reports on an internal intranet site. The Board manages these risks appropriately with reference to identification, 
implementation and review of these risks and procedures. 

3.2. External Audits 

The external audit of the Group is conducted annually. There is also a formal review at least once every year. Both the audit and 
review are conducted by an external auditor. 

The Group has a Work Health and Safety Committee which has received training and certification by external OH&S providers.  

The Group engages with qualified external advisors annually in relation to asset protection.  Where possible the Board adopts the 
most practical and affordable insurance policies suitable to protect major assets of the Group. 

In general an external qualified auditor and or valuers are engaged by the Board in determining large asset values on acquisition of 
assets.    An  external  valuation  is  obtained  to  determine  and  verify  carrying  values  of  investment  property  by  an  external 
independent registered property valuer at least every three years where applicable. 

3.3. Risk Management Statements 

The integrity of the Group's financial reports relies on sound business and risk control systems. 

Annually, the Chief Executive Officer (CEO) and the Chief Financial Officer (CFO) are required to sign a Risk Management Statement 
that is provided to the audit committee in writing. 

The CEO and CFO sign a statement regarding the adequacy of financial controls in accordance with section 295a of the Corporations 
Act 2001.  

The Board requires management to report on the key business risks for each area of the business at each board meeting. 

3.4. Internal Audit 

Given the Group's size, an internal auditor is not practical.  In addition, the presence of an executive director on the Board allows for 
detailed oversight of risks within each business by managers who are familiar with the risk environment but not directly involved in 
the  management  of  that  particular  business.  In  addition  to  this  the  Company  from  time  to  time  may  utilise  the  services  of  an 
internal auditing company to provide oversight of certain aspects of the business. 

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3.5. External Covenants 

The Group has voluntarily associated itself with the following self-regulated authorities: 

•  WGE (Workplace Gender Equality Act):  The Group reports annually on targets and policy to an external agency in regards to 

• 

Equal Opportunity Guidelines and Policy within the work force. The Board receives and reviews this annually; and 
Australian  Packaging  Covenant:  The  Group  sets  targets  to  reduce  packaging  waste  and  environmental  impact  of  packaging 
waste.  Targets are set and guidelines adopted and where possible administered by management. The Board reviews these 
targets annually.   

4.  Formal Risk Management Practices 

The Group operates a formal process for risk management which includes: 

• 
• 
• 
• 
• 
• 

Risk identification; 
Risk analysis; 
Risk evaluation; 
Risk mitigation; 
Risk monitoring and reporting; and 
Risk communication. 

The  risk  management  process  meets  appropriate  professional  standards  and  is  reviewed  annually  by  the  Board  of  Directors.  The 
process meets, but is not limited to the requirements of Principle 7 of the ASX Principles for Good Corporate Governance. 

5.  Risk Reporting and Communication 

Risks are reported and their monitoring and management are communicated in accordance with the diagram below: 

Material Risks 

General Reporting 

Accountabilities 

Direct  risk  response  or  accept    material 
risk 

Review  and  approve 
strategies or accept risk 

risk  mitigation 

Oversight of framework and sufficiency of 
reporting 

Board of Directors 

Implement  risk  response  or  escalate  to 
Board of Directors 

Review  and  approve  risk  reporting  and 
mitigation strategies 

Oversight of corporate risks and adequacy 
of framework 

Chief Executive Officer (CEO) 

Recommend  material  risk  escalation  to 
CEO or Board of Directors 

Consolidate risk assessments and prepare 
summary reporting 

Implement  and  monitor  ERM  framework 
and ERM system 

Chief Financial Officer (CFO) 

Identify  and  report  material  risks  as  they 
arise 

Prepare  risk  assessments  in  accordance 
with ERM framework 

Operationally  manage  risks  and  escalate 
issues 

Finance Department 

Communication 

Effective  risk  management  is  reliant  on  the  timely  and  open  communication  of  actual  or  potential  risk  events  across  the 
organisation. Free and frank communication is at the heart of the Group's risk management approach, and where the processes and 
accountabilities described in these standards may not support a suitably rapid response to any risk, then communication should be 
undertaken using whatever means to achieve the best outcome for the Group. 

For the avoidance of doubt, Oldfields Holdings Limited has a whistle-blower policy in place and encourages all staff to report risks of 
which they are aware. 

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Shareholder Information

The shareholder information set below was applicable as at 30 September 2021.

A. Substantial Shareholders
The number of substantial shareholders and their associates are set out below:

Shareholder
EQM Holdings Pty Ltd 
Mr Williams Lewis Timms & Mrs Carolyn Jane Timms
Mr Brian Garfield Benger and Benger Superannuation Fund A/c

B. Distribution of Equitable Security Holders

Holding Ranges
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 – and over

There were 23 holders of less than a marketable parcel of ordinary shares.

C. Equity Security Holders
The names of twenty largest quoted equity security holders are listed below:

Benger Superannuation Pty Limited 
Dixson Trust Pty Limited

Shandora One Pty Ltd 
Lymgrange Pty Limited
Hext Family Investments Pty Ltd

Shareholder
1
EQM Holdings Pty Ltd 
2 Mr Williams Lewis Timms & Mrs Carolyn Jane Timms
3
4
5 Mr Rodney Boyce Hass
6
7
8
9 Mr Orlando Berardino Di Julio & Ms Catharina Maria Koopman
10
11 Mr Brian Garfield Benger
12 Dr Gordon Bradley Elkington
13 Bond Street Custodians Limited 
14 Mr Paul John Simpson
15 Oceanridge Limited
16 Man Investments (NSW) Pty Ltd 
17
18
19 Maparily Pty Ltd 
20 Bond Street Custodians Limited 

Seven Bob Investments Pty Ltd 
Toveken Properties Pty Ltd

Starball Pty Ltd

Ordinary Shares

Number Held

85,530,329
39,384,528
9,184,337

Percentage of 
Issued Shares

51.000%
23.484%
5.476%

Number of 
Shareholders

69
77
16
57
47
266

Ordinary Shares

Number Held

Percentage of 
Issued Shares

85,530,329
39,384,528
5,346,337
4,000,000
3,601,458
2,288,000
2,205,500
2,205,500
2,179,887
1,782,486
1,550,000
1,527,108
1,511,951
1,200,000
1,017,050
715,096
693,000
584,394
573,962
500,627
158,397,213

51.000%
23.484%
3.188%
2.385%
2.147%
1.364%
1.315%
1.315%
1.300%
1.063%
0.924%
0.911%
0.902%
0.716%
0.606%
0.426%
0.413%
0.348%
0.342%
0.299%
94.449%

D. Unquoted Equity Securities
There are no unquoted or unissued securities as at the end of the reporting period.

E. Voting Rights
The voting rights attaching to each class of equity securities are set out below:

Ordinary shares:  

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have 
one vote.

F. On-Market Buy Back
There is no current on-market buy back.

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Corporate Directory

Directors
Mr Richard John Abela
Executive Director, CEO
Mr Jonathan William Doy
Independent Non-Executive Director
Mr David John Baird
Independent Non-Executive Director
Mr Jie Ma
Non-Executive Director

Company Secretary
Mr Ka Lung Alan Lee

Notice of Annual General Meeting
The date, time and place of the Annual General 
Meeting of Oldfields Holdings Limited is to be 
confirmed.

Registered Office and Principal Place of Business
8 Farrow Road
Campbelltown NSW 2560
02 4645 0700

Website
www.oldfields.com.au

Share Register
Boardroom Pty Ltd
Level 12, 225 George Street
Sydney NSW 2000
1300 737 760 (in Australia)
www.boardroomlimited.com.au

Stock Exchange Listing
Oldfields Holdings Limited (ASX Code: OLH)

Banker
Bank of Sydney Limited
62 Pitt Street
Sydney NSW 2000

Commonwealth Bank of Australia
Level 1, 1 Harbour Street
Sydney NSW 2000

Westpac Banking Corporation
Level 12, 55 Market Street
Sydney NSW 2000

Auditor
BDO Audit Pty Ltd
Level 11, 1 Margaret Street
Sydney NSW 2000

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