Papyrus Australia Ltd
ABN 63 110 868 409
Papyrus Australia Ltd
ABN 63 110 868 409
Annual Financial Report
For the Year Ended 30 June 2016
Papyrus Australia Ltd
ABN 63 110 868 409
Consolidated Financial Statements
Corporate Information
Directors' Report
Auditors Independence Declaration
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 Financial Statements
Directors' Declaration
Independent Audit Report
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12
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Papyrus Australia Ltd
ABN 63 110 868 409
Corporate Information
This annual report covers Papyrus Australia Ltd (ABN 63 110 868 409) the consolidated group (‘Group’) comprising
Papyrus Australia Ltd and its subsidiaries. The Group's functional and presentation currency is Australian dollars.
A description of the Group's operations and of its principal activities is included in the review of operations and activities in
the directors' report on pages 4 to 11. The directors' report is not part of the financial report.
Directors
Mr Edward Byrt (Chairman)
Mr Ramy Azer (Managing Director)
Mr Vincent Peter Rigano
Mr Andrew Ford
Company Secretary
Mr Vincent Peter Rigano
Registered Office
C/‑ HLB Mann Judd (SA) Pty Ltd
169 Fullarton Road
DULWICH SA 5065
Principal place of business
C/‑ HLB Mann Judd (SA) Pty Ltd
169 Fullarton Road
DULWICH SA 5065
Share Registry
Computershare Investor Services Pty Ltd
Level 5, 115 Grenfell Street
ADELAIDE SA 5000
Auditors
Grant Thornton Audit Pty Ltd
Level 1
67 Greenhill Road
WAYVILLE SA 5034
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Papyrus Australia Ltd
ABN 63 110 868 409
Directors’ Report
30 June 2016
The Directors present their report, together with the financial statements of the Group, being Papyrus Australia Ltd (the
Group) and its controlled entities, for the financial year ended 30 June 2016.
DIRECTORS
The names and details of the company’s directors in office during the financial year and until the date of this report are as
follows. Directors were in office for this entire period unless otherwise stated.
Mr Edward Byrt, Chairman
Mr Ramy Azer, Managing Director
Mr Vincent Peter, Non-Executive Director
Mr Andrew Ford, Non-Executive Director
Mr Donald Stephens, (Resigned 24 August 2015)
Edward Byrt, LLB (Non-Executive Chariman)
Edward Byrt is a company director with over 30 years’ experience in commerce, corporate governance and international
business. He is a specialist strategic advisor for major development and infrastructure projects within Australia and
offshore.
Edward is a business advisor and Board member of several leading organisations in South Australia. He was until March
2015 Presiding Member of the Development Assessment Commission, he is Chairman of the China Cluster, The
Australian Advanced Manufacturing Centre Pty Ltd, Red Chip Photonics Pty Ltd and Arkwright Technologies Pty Ltd, he
was until December 2015 a Director of Treyo Leisure & Entertainment Ltd (ASX listed) and he is a Board member of the
Aboriginal Foundation of South Australia Inc. He is also a member of the Company’s Audit committee and has been a
Director of Papyrus since 2004.
Ramy Azer, MSTC, MSc (Eng), Grad Dip Bus, Bachelor of Engineering (Mechanical), (Managing Director)
Ramy Azer is the founder and developed the Company's technology. He has been a regular guest lecturer and speaker
on issues including sustainable business development and innovation. Ramy has been Managing Director since 2005 and
prior to that had 10 years’ experience with Papyrus Technology Pty Ltd.
Vincent Peter Rigano, BA Accounting, CPA (Non-Executive Director and Company Secretary)
Vincent is a CPA with over 25 years’ experience in corporate accounting, management consulting and company
secretarial. Vince was company secretary for a number of years for Papyrus.
Vincent provides management accounting and consulting services to a variety of industry sectors including start-ups.
He is also a member of the Company’s Audit Committee.
Andrew Ford, B Arch (Non-Executive Director)
Andrew Ford retired Woods Bagot Director, is one of the leading design principals in Australia. His proven creative,
technical and professional abilities in architecture and interior design are matched by an outstanding and appreciation of
commercial realities: he is both designer and manager, professional and businessman.
Recognized as a skilled leader and manager of multi-disciplinary teams, Andrew’s strategic expertise was utilized on
major and special projects in Australia, Asia, Middle East, North America and Europe.
Andrew has been a director of the South Australian Motor Sport Board since September 2001 and was appointed
Chairman in October 2011. He is also a member of the Company’s Audit Committee.
Donald Stephens, BA (Acc), FCA (Resigned 24 August 2015)
Donald is a Chartered Accountant and corporate adviser with over 30 years’ experience in the accounting industry,
including 14 years as a partner of HLB Mann Judd (SA), a firm of Chartered Accountants.
Donald currently holds directorships in the following listed entities - Non-Executive Director of Lawson Gold Ltd and Mithril
Resources Ltd; Company Secretary to Highfield Resources Ltd, Duxton Water Ltd and Lawson Gold Ltd
In the previous three years Donald has also held a directorship in Reproductive Health Science Ltd.
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Papyrus Australia Ltd
ABN 63 110 868 409
Directors’ Report
30 June 2016
PRINCIPAL ACTIVITIES AND SIGNIFICANT CHANGES IN NATURE OF ACTIVITIES
The Group’s commercialisation strategy remains focused on being a technology licensing Group assisting suitable entities
to establish banana veneering and panel production factories in locations worldwide where bananas are grown.
There have been no significant changes in the nature of those activities during the year.
OPERATING RESULTS
The loss of the consolidated group after providing for income tax amounted to $199,492 (2015: $261,792).
INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE
As at the date of this report, the interests of the directors in the shares and options of Papyrus Australia Ltd were:
Mr Edward Byrt
Mr Ramy Azer
Mr Vincent Peter Rigano
Mr Andrew Ford
Number of
Ordinary Shares
Number of Options
over Ordinary
Shares
17,796,597
29,203,853
4,490,045
1,046,090
3,000,000
3,000,000
750,000
750,000
DIVIDENDS
No dividends were paid or declared since the start of the financial year. No recommendation for payment of dividends has
been made.
OPERATIONS REVIEW
Corporate
The Company’s activities for the financial year 2016 were primarily focused on the managing its scarce working capital,
consolidating the intellectual property portfolio, working with advisors in advancing a manufacturing facility in Far North
Queensland, and most significantly progressing opportunities in Egypt.
The Company maintains its commercialisation strategy to be a technology licensing company assisting suitable entities to
establish banana veneering and fibre production factories in locations worldwide where bananas are grown. The plan is
that the Company’s revenue will be generated from technology licensing fees, machinery sales, support services and
dividends from any joint venture undertaken. The Company believes that by partnering with others to demonstrate the
technology and its applications is the most prudent way forward initially.
The Company continued to reduce its operating costs as required to preserve working capital. The Company has met all
of its expenses and there are no known unbudgeted expense items. The Directors, including the Managing Director,
continued to forego their remuneration during the year. The Company is also indebted to Talisker Pty Ltd continuing
financial support as previously announced.
The Company continued to review its Patent portfolio and maintains Patents as required and as announced during the
year.
The Annual General Meeting of the Company was held on 26 November 2015, where the Chairman gave a
comprehensive review of the Company’s operations and strategic activities.
In summary, the financial year 2016 has been challenging, frustrating and eventually rewarding in progress made in
Egypt.
5
Papyrus Australia Ltd
ABN 63 110 868 409
Directors’ Report
30 June 2016
Corporate (continued)
The challenge was to maintain all requisite activities on a very limited budget for which we thank our Business Manager
Warwick Moyse.
The frustration was the inability to consummate the banana fibre product manufacturing project planned for Far North
Queensland although the key “off-take” party remains contractually committed to the project. We have significantly
reviewed and re-evaluated the project and presently have an Investment Proposal under review
The small reward came by mid 2016 with the factory in Sohag eventually being put into daily production for processing
banana tree trunk to produce banana fibre for the manufacture of panelboard through local third parties, for which we
thank our Managing Director – Ramy Azer – who has spent considerable time in Egypt supervising the establishment and
ongoing commissioning of the machinery and factory, and supporting EBFC to progress the Papyrus Egypt project.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
The Managing Director – Ramy Azer – remains in Egypt to direct the ongoing commissioning of the banana veneering and
fibre production machinery at the factory in Sohag which to be operated in joint venture by EBFC and the Company
through Papyrus Egypt.
There have been no significant changes in the state of affairs of the Company during the year ended 30 June 2016.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS
The Group continues to investigate new opportunities for approval by the Company’s shareholders and the ASX if
required. The outcome of these investigations cannot be predicted at this time. The Group may require further capital to
sustain its activities.
ENVIRONMENTAL REGULATION
The Group’s operations are not subject to any significant environmental regulations under either Commonwealth or State
legislation. The Group however believes that it has adequate systems in place for the management of any future
environmental regulations.
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
The Managing Director – Ramy Azer – has recently returned to Egypt to direct the commissioning of the banana
veneering and fibre production machinery at the factory in Sohag which to be operated in joint venture by EBFC and the
Company through Papyrus Egypt.
There have been no other significant matters subsequent to the end of the financial year.
Shares under option
At the date of this report, the following options to acquire ordinary shares in the Company were on issue:
Issue Date
Expiry Date
Exercise
Price
Balance at
1
July 2015
01/11/2011
16/12/2013
16/12/2013
14/10/2015
27/06/2016
27/06/2016
30/06/2016
16/12/2016
16/12/2016
14/10/2018
27/06/2019
27/06/2019
$0.12
$0.035
$0.05
$0.05
$0.05
$0.01
750,000
5,100,000
4,100,000
-
-
9,950,000
Shares issued as a result of the exercise of options
No shares were issued during the year as a result of an exercise of options.
Net
Issued/
(Ex
ercised or
expired)
during year
(750,000)
-
-
1,500,000
750,000
3,000,000
4,500,000
Date of
Report
-
5,100,000
4,100,000
1,500,000
750,000
3,000,000
14,450,000
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Papyrus Australia Ltd
ABN 63 110 868 409
Directors’ Report
30 June 2016
Options Expired
750,000 options expired during the period
New options issued
4,500,000 new options were issued during the period.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
To the extent permitted by law, the Company has indemnified (fully insured) each director and the secretary of the
Company for a premium of $21,254 (2015: $19,510). The liabilities insured include costs and expenses that may be
incurred in defending civil or criminal proceedings (that may be brought) against the officers in their capacity as officers
of the Company or a related body, and any other payments arising from liabilities incurred by the officers in connection
with such proceedings, other than where such liabilities arise out of conduct involving a willful breach of duty by the
officers or the improper use by the officers of their position or of information to gain advantage for themselves or
someone else or to cause detriment to the Company.
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Papyrus Australia Ltd
ABN 63 110 868 409
Directors’ Report
30 June 2016
REMUNERATION REPORT - AUDITED
This report outlines the remuneration arrangements in place for key management personnel of Papyrus Australia Ltd.
Remuneration philosophy
The Board is responsible for determining remuneration policies applicable to Directors and senior executives of the
entity. The broad policy is to ensure that remuneration properly reflects the individuals' duties and responsibilities and
that remuneration is competitive in attracting, retaining and motivating people with appropriate skills and experience. At
the time of determining remuneration, consideration is given by the Board to the Group's financial performance.
Employment contracts
The employment conditions of the Managing Director, Mr Ramy Azer, are formalised in a services contract between his
related entity Talisker (SA) Pty Ltd and Papyrus Australia Ltd and his fee is $300,000 per annum (exclusive of GST).
The Company may terminate the services contract without cause by providing one (1) month’s written notice or making
payment in lieu of notice, based on the annual fee. Termination payments are generally not payable on resignation or
dismissal for serious misconduct. In the instance of serious misconduct the Company can terminate employment at any
time. It is however noted that during the 2016 financial year, Mr Azer has agreed to forgo any remuneration due to the
available working capital of the Company.
Key management personnel remuneration and equity holdings
The Board currently determines the nature and amount of remuneration for key management personnel of the Group.
The policy is to align key management personnel objectives with shareholder and business objectives by providing a
fixed remuneration component and offering specific long-term incentives.
The non-executive directors and other executives receive a superannuation guarantee contribution required by the
government, which is currently 9.5%, and do not receive any other retirement benefits. Some individuals, however, may
choose to sacrifice part of their salary to increase payments towards superannuation. All remuneration paid to key
management personnel is expensed as incurred. Executives are also entitled to participate in the Group share option
scheme. Options are valued using the Black-Scholes methodology.
The Board policy is to remunerate non-executive Directors at market rates based on comparable companies for time,
commitment and responsibilities. The Board determines payments to non-executive directors and reviews their
remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when
required.
Non-executive Directors’ fees are determined within an aggregate director’s fee pool limit, which is periodically
recommended for approval by shareholders. The pool does not include the remuneration payable to the Managing
Director Mr Ramy Azer. The maximum currently stands at $300,000 per annum and was approved by shareholders prior
to the Company listing in April 2005. It should be noted that the directors have not received any cash remuneration
during the 2016 financial year.
USE OF REMUNERATION CONSULTANTS
During the financial year, there were no remuneration recommendations made in relation to key management personnel
for the Company by any remuneration consultants.
VOTING AND COMMENTS MADE AT THE COMPANY’S 2015 ANNUAL GENERAL MEETING
Papyrus Australia Ltd’s motion in relation to the approval of 2015 remuneration report passed with a vote total of more
than 95%. The Company did not receive any specific feedback at the AGM on its remuneration report.
8
Papyrus Australia Ltd
ABN 63 110 868 409
Directors’ Report
30 June 2016
REMUNERATION REPORT CONTINUED- AUDITED
Table 1: Director remuneration for the year ended 30 June 2016 and 30 June 2015
Primary
Benefits
Post
Employment
Share-based
Payments
Total
Salary & Fees
$
Superannuation
$
Options
$
Mr Edward Byrt
2016
2015
Mr Ramy Azer
2016
2015
Mr Vincent Rigano
2016
2015
Mr Andrew Ford
2016
2015
Mr Donald Stephens*
2016
2015
Total
2016
2015
* Resigned 24 August 2015
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,183
-
3,183
-
-
-
-
6,366
-
$
-
-
-
-
3,183
-
3,183
-
-
-
-
6,366
-
Table 2: Remuneration of key management personnel for the year ended 30 June 2016 and 30 June 2015
Primary
Benefits
Salary & Fees
Post
Employment
Superannuation
Share-based
Payments
Options
Mr Geoff Whitbread**
Total
2016
2015
2016
2015
$
-
52,650
-
52,650
** Resigned during the previous financial year.
$
-
-
-
-
$
1,690
-
-
-
Total
$
1,690
52,650
1,690
52,650
9
Papyrus Australia Ltd
ABN 63 110 868 409
Directors’ Report
30 June 2016
REMUNERATION REPORT CONTINUED- AUDITED
Options issued as part of remuneration during the year ended 30 June 2016
KMP
Number
granted
Grant date
Value per
option at
grant date ($)
Value of
options at
grant date
($)
Number
vested
Exercise
price ($)
Vesting
and first
exercise
date
Last
exercise
date
Mr Vincent Rigano
750,000
14/10/2015
$0.0042
$3,163
750,000
$0.05 14/10/2015 14/10/2018
Mr Andrew Ford
750,000
14/10/2015
$0.0042
$3,163
750,000
$0.05 14/10/2015 14/10/2018
Mr Geoff Whitbread
750,000
27/06/2016
$0.0023
$1,690
750,000
$0.05 27/06/2016 27/06/2019
Options holdings of Key Management Personnel
Balance at 1 July
2015
Granted as
remuneration
3,000,000
2,000,000
1,500,000
-
-
-
-
-
750,000
750,000
Other
changes
-
1,000,000
(1,500,000)
-
-
Balance at
30 June 2016
3,000,000
3,000,000
-
750,000
750,000
Vested and
Exercisable at
30 June 2016
3,000,000
3,000,000
-
750,000
750,000
R Azer
E Byrt
D Stephens
V Rigano
A Ford
Total
6,500,000
1,500,000
(1,500,000)
7,500,000
7,500,000
Key Management Personnel Shareholdings
R Azer
E Byrt*
D Stephens**
V Rigano
A Ford
Balance at 1
July 2015
29,203,853
16,796,597
975,630
4,490,045
1,046,090
52,512,215
Granted as
remuneration
-
-
-
-
-
Other
changes
Balance at 30
June 2016
-
1,000,000
(975,630)
-
-
29,203,853
17,796,597
-
4,490,045
1,046,090
-
24,370
52,536,585
* During the year Mr Byrt purchased 1,000,000 via a placement to sophisticated investors
**D Stephens resigned 24 August 2015
Other transactions with key management personnel
1.
2.
The Company has an unsecured loan representing a draw down facility provided by Talisker Pty Ltd, an entity
associated with the Company’s Managing Director, Mr Ramy Azer. The loan is unsecured and repayable from future
revenues or proceeds from future equity raisings, subject to not materially prejudicing the ability of the Company to
repay its creditors. The balance of the loan at 30 June 2016 is $298,656 (2015: $300,157). Interest of $10,240 has
accrued during the year and is unpaid at 30 June 2016.
The Company has unsecured loans with E Byrt and V Rigano. The loans are short-term in nature and no interest is
payable. The balances of the loans at 30 June 2016 were:
E Byrt
V Rigano
Balance at 30
June 2016
11,769
28,202
END OF AUDITED REMUNERATION REPORT
10
Papyrus Australia Ltd
ABN 63 110 868 409
Directors’ Report
30 June 2016
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 follows:
Number of
meetings held
Number of
meetings
attended:
Directors' Meetings
Audit Committee
16
2
Number eligible
to attend
Number
attended
Number eligible
to attend
Number attended
Mr Edward Burt
Mr Ramy Azer
Mr Vincent Rigano
Mr Andrew Ford
16
16
16
16
16
15
15
14
2
2
2
2
2
-
2
-
Members acting on the audit committee of the Board are:
Vincent Rigano
Andrew Ford
Edward Byrt
Ramy Azer
Non-executive director
Non-executive director
Non-executive director
Managing director
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings
to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of
those proceedings.
The Group was not a party to any such proceedings during the year.
NON AUDIT SERVICES
Grant Thornton Audit Pty Ltd, in its capacity as auditor for Papyrus Australia Ltd, has not provided any non-audit
services throughout the reporting period.
AUDITOR’S INDEPENDENCE DECLARATION
The auditor’s independence declaration for the year ended 30 June 2016 as required under section 307C of the
Corporations Act 2001 has been received and can be found on page 12.
Signed in accordance with a resolution of the directors.
Mr Ramy Azer
Director
30 September 2016
11
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(cid:3)(cid:6)(cid:1)(cid:5)(cid:6)(cid:3)(cid:12)(cid:7)(cid:4)%(cid:9)(cid:3)(cid:12)(cid:11)(cid:6)(cid:3)(cid:17)(cid:1)(cid:6)(cid:18)(cid:1)(cid:12)(cid:13)(cid:9)(cid:1)(cid:4)(cid:15)(cid:8)(cid:11)(cid:12)(cid:6)(cid:7)(cid:1)(cid:11)(cid:3)(cid:8)(cid:9)(cid:23)(cid:9)(cid:3)(cid:8)(cid:9)(cid:3)(cid:5)(cid:9)(cid:1)(cid:7)(cid:9)(cid:14)(cid:15)(cid:11)(cid:7)(cid:9)(cid:16)(cid:9)(cid:3)(cid:12)(cid:17)(cid:1)(cid:6)(cid:18)(cid:1)(cid:12)(cid:13)(cid:9)(cid:1)(cid:22)(cid:6)(cid:7)(cid:23)(cid:6)(cid:7)(cid:4)(cid:12)(cid:11)(cid:6)(cid:3)(cid:17)(cid:1)(cid:24)(cid:5)(cid:12)(cid:1)
(cid:25)(cid:20)(cid:20)(cid:26)(cid:1)(cid:11)(cid:3)(cid:1)(cid:7)(cid:9)(cid:28)(cid:4)(cid:12)(cid:11)(cid:6)(cid:3)(cid:1)(cid:12)(cid:6)(cid:1)(cid:12)(cid:13)(cid:9)(cid:1)(cid:4)(cid:15)(cid:8)(cid:11)(cid:12)’(cid:1)(cid:4)(cid:3)(cid:8)(cid:1)
(cid:3)(cid:6)(cid:1)(cid:5)(cid:6)(cid:3)(cid:12)(cid:7)(cid:4)%(cid:9)(cid:3)(cid:12)(cid:11)(cid:6)(cid:3)(cid:17)(cid:1)(cid:6)(cid:18)(cid:1)(cid:4)(cid:3)(cid:30)(cid:1)(cid:4)(cid:23)(cid:23)(cid:28)(cid:11)(cid:5)(cid:4)"(cid:28)(cid:9)(cid:1)(cid:5)(cid:6)(cid:8)(cid:9)(cid:1)(cid:6)(cid:18)(cid:1)(cid:23)(cid:7)(cid:6)(cid:18)(cid:9)(cid:17)(cid:17)(cid:11)(cid:6)(cid:3)(cid:4)(cid:28)(cid:1)(cid:5)(cid:6)(cid:3)(cid:8)(cid:15)(cid:5)(cid:12)(cid:1)(cid:11)(cid:3)(cid:1)(cid:7)(cid:9)(cid:28)(cid:4)(cid:12)(cid:11)(cid:6)(cid:3)(cid:1)(cid:12)(cid:6)(cid:1)(cid:12)(cid:13)(cid:9)(cid:1)
(cid:4)(cid:15)(cid:8)(cid:11)(cid:12)((cid:1)
(cid:1)
(cid:1)
(cid:1)
)*(cid:24)+,(cid:1),-.*+,.+(cid:1)(cid:24)/0(cid:2),(cid:1)(cid:29),1(cid:1)(cid:31),0(cid:1)
(cid:22)(cid:13)(cid:4)(cid:7)(cid:12)(cid:9)(cid:7)(cid:9)(cid:8)(cid:1)(cid:24)(cid:5)(cid:5)(cid:6)(cid:15)(cid:3)(cid:12)(cid:4)(cid:3)(cid:12)(cid:17)(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
2(cid:1)3(cid:1)4(cid:8)(cid:10)(cid:4)(cid:7)(cid:8)(cid:17)(cid:1)
(cid:29)(cid:4)(cid:7)(cid:12)(cid:3)(cid:9)(cid:7)(cid:1)5(cid:1)(cid:24)(cid:15)(cid:8)(cid:11)(cid:12)(cid:1)6(cid:1)(cid:24)(cid:17)(cid:17)(cid:15)(cid:7)(cid:4)(cid:3)(cid:5)(cid:9)(cid:1)(cid:1)
(cid:1)
(cid:24)(cid:8)(cid:9)(cid:28)(cid:4)(cid:11)(cid:8)(cid:9)(cid:27)(cid:1)(cid:19)(cid:20)(cid:1)2(cid:9)(cid:23)(cid:12)(cid:9)(cid:16)"(cid:9)(cid:7)(cid:1)(cid:25)(cid:20)(cid:26)!(cid:1)
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the
context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm
is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and
are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its
Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current
scheme applies.
Papyrus Australia Ltd
ABN 63 110 868 409
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 30 June 2016
Consolidated Group
30 June
2016
$
30 June
2015
$
Revenue from operating activities
Other income
Depreciation expense
Employee benefits expenses
Other expenses
Finance costs
3 (a)
3 (b)
3 (c)
3 (d)
-
74,197
(73,197)
(29,504)
(160,747)
(10,241)
-
174,026
(88,326)
(143,191)
(204,301)
-
Loss before income tax benefit
(199,492)
(261,792)
Income tax benefit
Loss for the year
Loss attributable to members of
the parent entity
Other comprehensive income
Total comprehensive income for
the year
Total comprehensive income
attributable to members of the
parent entity
4
-
-
(199,492)
(261,792)
(199,492)
(261,792)
-
-
(199,492)
(261,792)
(199,492)
(261,792)
Earnings per share:
Basic earnings per share
Diluted earnings per share
5
5
Cents
(0.10)
(0.10)
Cents
(0.14)
(0.14)
The accompanying notes form part of these financial statements.
13
Papyrus Australia Ltd
ABN 63 110 868 409
Consolidated Statement of Financial Position
For the Year Ended 30 June 2016
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Short-term borrowings
Other current liabilities
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Other non-current liabilities
Note
6
7
8
9
10
11
Consolidated Group
30 June
2016
$
30 June
2015
$
30,361
4,775
35,136
3,589
7,451
11,040
450,708
450,708
542,091
542,091
485,844
553,131
41,793
338,627
167,860
96,098
300,157
150,000
548,280
546,255
11
513,540
521,416
TOTAL NON-CURRENT LIABILITIES
513,540
521,416
TOTAL LIABILITIES
NET LIABILITIES
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL DEFICIT
1,061,820
1,067,671
(575,976)
(514,540)
12
13
20,199,691
915,722
(21,691,389)
20,069,691
907,666
(21,491,897)
(575,976)
(514,540)
The accompanying notes form part of these financial statements.
14
Papyrus Australia Ltd
ABN 63 110 868 409
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2016
Consolidated Group
Issued
Capital
$
(Accumulated
losses)
$
Note
Share
Option
Reserve
$
Total
$
19,984,691
(21,230,105)
907,666
(337,748)
-
-
-
(261,792)
-
(261,792)
12
12
12
30,000
30,000
25,000
85,000
-
-
-
-
-
-
-
-
-
-
-
(261,792)
-
(261,792)
30,000
30,000
25,000
85,000
Balance at 1 July 2014
Comprehensive income
Loss for the year
Other comprehensive income/(expenses)
Total comprehensive income for the year
Transactions with owners, in their capacity as
owners, and other transfers
Shares issued via private placement on
9 October 2014
Shares issued via private placement on
17 November 2014
Shares issued via private placement on
24 March 2015
Total transactions with owners and other
transfers
Balance at 30 June 2015
20,069,691
(21,491,897)
907,666
(514,540)
Balance at 1 July 2015
Comprehensive income
Loss for the year
Other comprehensive income/(expenses)
Total comprehensive income for the year
Transactions with owners, in their capacity as
owners, and other transactions
Shares issued via private placement on
11 September 2015
Shares issued via private placement on 27 June
2016
Employee share-based payment options
Total transactions with owners and other
transfers
20,069,691
(21,491,897)
907,666
(514,540)
-
-
-
(199,492)
-
(199,492)
-
-
-
(199,492)
-
(199,492)
12
12
100,000
30,000
130,000
-
-
-
100,000
8,056
30,000
8,056
8,056
138,056
Balance at 30 June 2016
20,199,691
(21,691,389)
915,722
(575,976)
The accompanying notes form part of these financial statements.
15
Papyrus Australia Ltd
ABN 63 110 868 409
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2016
CASH FLOW FROM OPERATING ACTIVITIES
Payment to suppliers and employees
Consolidated Group
30 June
2016
$
30 June
2015
$
(243,065)
(333,471)
Note
NET CASH USED IN OPERATING ACTIVITIES
14
(243,065)
(333,471)
CASH FLOW FROM INVESTMENT ACTIVITIES
Receipts of funding received in advance
Proceeds from sale of plant and equipment
83,181
18,186
-
85,700
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
101,367
85,700
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of shares
Proceeds from borrowings
Repayment of borrowings
NET CASH PROVIDED BY FINANCING ACTIVITIES
Net (decrease)/increase in cash and cash equivalents
Cash at the beginning of the financial year
130,000
48,370
(9,900)
85,000
157,618
(7,618)
168,470
235,000
26,772
3,589
(12,771)
16,360
CASH AT END OF FINANCIAL YEAR
6 (a)
30,361
3,589
The accompanying notes form part of these financial statements.
16
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
This financial report covers the consolidated financial statements and notes of Papyrus Australia Ltd ('the Company') as an
individual entity and the consolidated Group comprising Papyrus Australia Ltd and it’s Controlled Entities ('the Group').
Papyrus Australia Ltd is a for‑profit Group limited by shares, incorporated and domiciled in Australia, whose shares are
publicly traded on the Australian Securities Exchange. The financial statements were authorised for issue by the Board of
Directors on 30 September 2016.
Each of the entities within the Group prepare their financial statements based on the currency of the primary economic
environment in which the entity operates (functional currency). The consolidated financial statements are presented in
Australian dollars which is the parent entity’s functional and presentation currency.
The separate financial statements and notes of the parent entity, Papyrus Australia Ltd, have not been presented within this
financial report as permitted by amendments made to the Corporations Act 2001. Parent entity summary is included in note
22.
1
Summary of Significant Accounting Policies
(a) Basis of Preparation
The financial statements are general purpose financial statements that have been prepared in accordance with
Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the
Australian Accounting Standards Board and the Corporations Act 2001. The Group is a for‑profit entity for financial
reporting purposes under Australian Accounting Standards.
These financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board.
The significant accounting policies used in the preparation and presentation of these financial statements are provided
below and are consistent with prior reporting periods unless otherwise stated.
Except for the cash flow information, the financial statements are prepared on an accruals basis and are based on
historical costs, except for the measurement at fair value of selected non‑current assets, financial assets and financial
liabilities.
(b) Principles of Consolidation
The consolidated financial statements include the financial position and performance of controlled entities from the
date on which control is obtained until the date that control is lost.
Intragroup assets, liabilities, equity, income, expenses and cash flows relating to transactions between entities in the
consolidated entity have been eliminated in full for the purpose of these financial statements.
Appropriate adjustments have been made to a controlled entity’s financial position, performance and cash flows where
the accounting policies used by that entity were different from those adopted by the consolidated entity. All controlled
entities have a June financial year end.
A list of controlled entities is contained in Note 18 to the financial statements.
Subsidiaries
Subsidiaries are all entities (including structured entities) over which the parent has control. Control is established
when the parent is exposed to, or has rights to variable returns from its involvement with the entity and has the ability
to affect those returns through its power to direct the relevant activities of the entity.
17
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
1 Summary of Significant Accounting Policies (continued)
(c)
Business combinations
Business combinations are accounted for by applying the acquisition method which requires an acquiring entity to be
identified in all cases. The acquisition date under this method is the date that the acquiring entity obtains control
over the acquired entity.
The fair value of identifiable assets and liabilities acquired are recognised in the consolidated financial statements at
the acquisition date.
Goodwill or a gain on bargain purchase may arise on the acquisition date, this is calculated by comparing the
consideration transferred and the amount of non‑controlling interest in the acquiree with the fair value of the net
identifiable assets acquired. Where consideration is greater than the assets, the excess is recorded as goodwill.
Where the net assets acquired are greater than the consideration, the measurement basis of the net assets are
reassessed and then a gain from bargain purchase recognised in profit or loss.
All acquisition‑related costs are recognised as expenses in the periods in which the costs are incurred except for
costs to issue debt or equity securities.
Any contingent consideration which forms part of the combination is recognised at fair value at the acquisition date.
If the contingent consideration is classified as equity then it is not remeasured and the settlement is accounted for
within equity. Otherwise subsequent changes in the value of the contingent consideration liability are measured
through profit or loss.
(d)
Revenue and other income
Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic
benefits associated with the transaction will flow to the entity and specific criteria relating to the type of revenue as
noted below, has been satisfied.
Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns,
discounts and rebates.
All revenue is stated net of the amount of goods and services tax (GST).
Sale of goods
Revenue is recognised on transfer of goods to the customer as this is deemed to be the point in time when risks and
rewards are transferred and there is no longer any ownership or effective control over the goods.
Interest revenue
Interest is recognised using the effective interest method.
Grant revenue
Government grants are recognised at fair value where there is reasonable assurance that the grant will be received
and all grant conditions will be met. Grants relating to expense items are recognised as income over the periods
necessary to match the grant to the costs they are compensating. Grants relating to assets are credited to deferred
income at fair value and are credited to income over the expected useful life of the asset on a straight‑line basis.
18
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
1 Summary of Significant Accounting Policies (continued)
(e)
Finance costs
Finance 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 finance costs are recognised in income in the period in which they are incurred.
(f)
Cash and cash equivalents
Cash and cash equivalents comprises cash on hand, demand deposits and short‑term investments which are readily
convertible to known amounts of cash and which are subject to an insignificant risk of change in value.
Bank overdrafts also form part of cash equivalents for the purpose of the consolidated statement of cash flows and
are presented within current liabilities on the consolidated statement of financial position.
(g)
Trade and other receivables
All receivables are recognised at cost less provision for doubtful debts, which in practice will equal the amounts
receivable upon settlement. Collectability of trade receivables is reviewed on an ongoing basis. Debts which are
known to be uncollectible are written off. A provision for doubtful receivables is established when there is objective
evidence that the Group will not be able to collect on all amounts due according to the original terms of receivables.
The amount of the provision is recognised in the consolidated statement of profit or loss and other comprehensive
income.
(h)
Income Tax
The tax expense recognised in the consolidated statement of profit or loss and other comprehensive income relates
to current income tax expense plus deferred tax expense (being the movement in deferred tax assets and liabilities
and unused tax losses during the year).
Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for the
year and is measured at the amount expected to be paid to (recovered from) the taxation authorities, using the tax
rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is provided on temporary differences which are determined by comparing the carrying amounts of tax
bases of assets and liabilities to the carrying amounts in the financial statements.
Deferred tax is not provided for the following:
•
•
•
The initial recognition of an asset or liability in a transaction that is not a business combination and at the time
of the transaction, affects neither accounting profit nor taxable profit (tax loss).
Taxable temporary differences arising on the initial recognition of goodwill.
Temporary differences related to investment in subsidiaries, associates and jointly controlled entities to the
extent that the Company is able to control the timing of the reversal of the temporary differences and it is
probable that they will not reverse in the foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the
asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively
enacted by the end of the reporting period.
19
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
1 Summary of Significant Accounting Policies (continued)
(h)
Income Tax (continued)
Deferred tax consequences relating to a non‑monetary asset carried at fair value are determined using the
assumption that the carrying amount of the asset will be recovered through sale.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses to the extent that
it is probable that taxable profit will be available against which the deductible temporary differences and losses can
be utilised.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that
it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax
asset to be utlised.
Unrecognised deferred income tax assets are reassessed a each reporting date and are recognised to the extent
that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Current tax assets and liabilities are offset where there is a legally enforceable right to set off the recognised
amounts and there is an intention either to settle on a net basis or to realise the asset and settle the liability
simultaneously.
Deferred tax assets and liabilities are offset where there is a legal right to set off current tax assets against current
tax liabilities and the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same
taxation authority on either the same taxable entity or different taxable entities which intend either to settle current
tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously in each future
period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
Current and deferred tax is recognised as income or an expense and included in profit or loss for the period except
where the tax arises from a transaction which is recognised in other comprehensive income or equity, in which case
the tax is recognised in other comprehensive income or equity respectively.
(i)
Goods and Services Tax (GST)
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the
amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).
Receivables and payable are stated inclusive of GST.
The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in
the consolidated statement of financial position.
Cash flows in the consolidated statement of cash flows are included on a gross basis and the GST component of
cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation
authority is classified as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the
taxation authority.
20
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
1 Summary of Significant Accounting Policies (continued)
(j)
Plant and Equipment
Each class of plant and equipment are measured using the cost model as specified below.
Where the cost model is used, the asset is carried at its cost less any accumulated depreciation and any impairment
losses. Costs include purchase price, other directly attributable costs and the initial estimate of the costs of
dismantling and restoring the asset, where applicable.
Depreciation
The depreciable amount of all plant and equipment is depreciated on a straight‑line and diminishing value basis from
the date that management determine that the asset is available for use.
Assets held under a finance lease and leasehold improvements are depreciated over the shorter of the term of the
lease and the assets useful life.
Fixed asset class
The estimated useful lives used for each class of depreciable asset are shown below:
Useful life
2.5 ‑10 years
Plant and Equipment
At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is
reviewed. Any revisions are accounted for prospectively as a change in estimate.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and
losses are included in the statement of profit or loss and other comprehensive income.
(k)
Intangible Assets
Intangible assets acquired separately or in a business combination are initially measured at cost. The cost of an
intangible asset acquired in a business combination is its fair value as at the date of acquisition. Following initial
recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated
impairment losses. Internally generated intangible assets, excluding capitalised development costs, are expensed
against profits in the year in which the expenditure is incurred.
The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are
amortised over the useful life and assessed for impairment whenever there is an indication that the intangible asset
may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life
is reviewed at least at each financial year‑end. Changes in the expected useful life or the expected pattern of
consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation
period or method, as appropriate, which is a change in accounting estimate. The amortisation expense on intangible
assets with finite lives is recognised in profit or loss in the expense category consistent with the function of the
intangible asset.
Intangible assets with indefinite useful lives are tested for impairment annually either individually or at the cash‑
generating unit level. Such intangibles are not amortised. The useful life of an intangible asset with an indefinite life is
reviewed each reporting period to determine whether indefinite life assessment continues to be supportable. If not,
the change in the useful life assessment from indefinite to finite is accounted for as a change in an accounting
estimate and is thus accounted for on a prospective basis.
21
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
1 Summary of Significant Accounting Policies (continued)
(l)
Financial instruments
Initial recognition and measurement
Financial instruments are recognised initially using trade date accounting, i.e. on the date that Group becomes party
to the contractual provisions of the instrument.
On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for
instruments measured at fair value through profit or loss where transaction costs are expensed as incurred).
Classification and subsequent measurement
Loans and receivables
Loans and receivables are non‑derivative financial assets with fixed or determinable payments that are not quoted in
an active market and are stated at amortised cost using the effective interest rate method.
Loans and receivables are included in current assets, except those which are not expected to mature within 12
months after the end of the reporting period (All other loans and receivables are classified as non‑current assets).
Financial liabilities
Non‑derivative financial liabilities are recognised at amortised cost, comprising original debt less principal payments
and amortisation.
Impairment of financial assets
At the end of the reporting period the Group assesses whether there is any objective evidence that a financial asset
or group of financial assets is impaired.
Financial assets at amortised cost
If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred,
the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of
the estimated future cash flows discounted at the financial assets original effective interest rate.
Impairment on loans and receivables is reduced through the use of an allowance accounts, all other impairment
losses on financial assets at amortised cost are taken directly to the asset.
If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively
to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed
through profit or loss to the extent the carrying amount of the investment at the date the impairment is reversed does
not exceed what the amortised cost would have been had the impairment not been recognised.
Derecognition
Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is
transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and
benefits associated with the asset. Financial liabilities are derecognised where the related obligations are either
discharged, cancelled or expire. The difference between the carrying value of the financial liability, extinguished or
transferred to another party and the fair value of consideration paid, including the transfer of non‑cash assets or
liabilities assumed is recognised in profit or loss.
22
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
1 Summary of Significant Accounting Policies (continued)
(m)
Impairment of non‑financial assets
At the end of each reporting period, the Group determines whether there is an evidence of an impairment indicator
for non‑financial assets.
Where this indicator exists and regardless for goodwill, indefinite life intangible assets and intangible assets not yet
available for use, the recoverable amount of the assets is estimated.
Where assets do not operate independently of other assets, the recoverable amount of the relevant cash‑
generating unit (CGU) is estimated.
The recoverable amount of an asset or CGU is the higher of the fair value less costs of disposal and the value in
use. Value in use is the present value of the future cash flows expected to be derived from an asset or cash‑
generating unit.
Where the recoverable amount is less than the carrying amount, an impairment loss is recognised in profit or loss.
Reversal indicators are considered in subsequent periods for all assets which have suffered an impairment loss,
except for goodwill.
(n)
Trade and other payables
Trade and other payables are carried at amortised costs and represent liabilities for goods and services provided to
the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make
future payments in respect of the purchase of these goods and services.
(o)
Interest‑bearing loans and borrowings
All loans and borrowings are initially recognised at the fair value of the consideration received less directly
attributable transaction costs.
After initial recognition, interest‑bearing loans and borrowings are subsequently measured at amortised cost.
(p)
Employee benefits
Provision is made for the Group's liability for employee benefits arising from services rendered by employees to the
end of the reporting period. Employee benefits that are expected to be settled within one year have been measured
at the amounts expected to be paid when the liability is settled, plus related on‑costs.
Employee benefits expected to be settled more than twelve months after the end of the reporting period have been
measured at the present value of the estimated future cash outflows to be made for those benefits. In determining
the liability, consideration is given to employee wage increases and the probability that the employee may satisfy
vesting requirements. Cashflows are discounted using market yields on national government bonds with terms to
maturity that match the expected timing of cashflows. Changes in the measurement of the liability are recognised in
profit or loss.
Employee benefits are presented as current liabilities in the consolidated statement of financial position if the
Group does not have an unconditional right to defer settlement of the liability for at least 12 months after the
reporting date regardless of the classification of the liability for measurement purposes under AASB 119.
23
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
1 Summary of Significant Accounting Policies (continued)
(q)
Equity‑settled compensation
The Group provides benefits to employees of the Group in the form of share‑based payments, whereby employees
receive options incentives (equity‑settled transactions).
There is currently one plan in place to provide these benefits, the Employee Share Option Plan (ESOP) which
provides benefits to employees.
The cost of these equity‑settled transactions with employees is measured by reference to the fair value at the date at
which they were granted. The fair value is determined using the Black‑Scholes option pricing model.
The cost of equity‑settled transactions is recognised as an expense in the consolidated statement of profit or loss
and other comprehensive income, together with a corresponding increase in the share option reserve, when the
options are issued. However, where options have vesting terms attached, the cost of the transaction is amortised
over the vesting period.
Upon the exercise of options, the balance of share based payments reserve relating to those options is transferred to
issued capital.
(r)
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and
share options which vest immediately are recognised as a deduction from equity, net of any tax effects.
(s)
Earnings per share
The Group presents basic and diluted earnings per share information for its ordinary shares.
Basic earnings per share is calculated by dividing the profit attributable to members of the Group by the weighted
average number of ordinary shares outstanding during the year.
Diluted earnings per share adjusts the 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 additional ordinary shares that would have been outstanding assuming the conversion of all dilutive
potential ordinary shares.
In accordance with AASB 133 ‘Earnings per Share’, as potential ordinary shares may only result in a situation where
their conversion results in an increase in loss per share or decrease in profit per share from continuing operations, no
dilutive effect has been taken into account in 2016 and 2015.
(t)
Comparative Amounts
Comparatives are consistent with prior years, unless otherwise stated.
Where a change in comparatives has also affected the opening retained earnings previously presented in a
comparative period, an opening consolidated statement of financial position at the earliest date of the comparative
period has been presented.
24
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
1 Summary of Significant Accounting Policies (continued)
(u)
Going concern
The financial report has been prepared on the basis of a going concern. The financial report shows the Group
incurred a net loss of $199,492 and a net cash outflow from operating activities of $243,065 during the year ended
30 June 2016. The Group is in a net deficit position of $575,976 at 30 June 2016. The Group continues to be
economically dependent on the unsecured loan facility provided by an entity associated with the Managing Director,
generation of cash flow from the business and/ or raising additional capital for the continued development of its
Banana Ply Project and working capital. The Group continues to be in consultation with its advisers and potential
partners to evaluate alternative means of raising additional capital.
The directors are confident in the successful commercialisation of the technology and securing additional funding,
and hence have prepared the financial statements on a going concern basis. The Group’s ability to continue as a
going concern is contingent upon the above matters. If sufficient funds are not available under the loan facility, cash
flow is not generated and/or additional funds are not raised, the going concern basis may not be appropriate, with the
result that the Group may have to realise its assets and extinguish its liabilities, other than in the ordinary course of
business and at amounts different from those stated in the financial report. No allowance for such circumstances has
been made in the financial report.
(v)
Critical accounting estimates and judgments
The directors evaluate estimates and judgments incorporated into the financial statements based on historical
knowledge and best available current information. Estimates assume a reasonable expectation of future events and
are based on current trends and economic data, obtained both externally and within the Group.
These estimates and judgments are based on the best information available at the time of preparing the financial
statements, however as additional information is known then the actual results may differ from the estimates.
Key estimates ‑ impairment
The Group assesses impairment at the end of each reporting year by evaluating conditions 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.
Key estimates ‑ development cost
The Group has capitalised the development costs in relation to the development of the Banana Ply Technology. The
recoverability of the asset is dependent on the successful commercialisation of the technology. As 30 June 2016, the
commercialisation was not complete.
(w) Adoption of new and revised accounting standards
The Group has adopted the following revisions and amendments to AASB’s issued by the Australian Accounting
Standards Board and IFRS issued by the International Accounting Standards Board, which are relevant to and
effective for the Group's financial statements for the annual period beginning 1 July 2015:
• AASB 2012-3: Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial
Liabilities
• AASB 2012-3: AASB 136 – Recoverable Amount Disclosures for Non-Financial Assets; and
• AASB 2015-1: Amendments to Australian Accounting Standards (Part A: Annual Improvements 2010-2012 and
2011-2013 Cycles).
Management has reviewed the requirements of the above standards and has concluded that there was no effect on
the classification or presentation of balances.
25
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
1 Summary of Significant Accounting Policies (continued)
(x)
New Accounting Standards and Interpretations
The AASB has issued new and amended Accounting Standards and Interpretations that have mandatory application
dates for future reporting periods. The Group has decided not to early adopt these Standards. The following table
summarises those future requirements and their impact on the Group where the standard is relevant:
Standard Name
Effective
date for
Group
Requirements
Impact
B 1057 Application of Australian Accounting
Standards
1 January
2016
AASB 15 Revenue from Contracts with
Customers
AASB 16 Leases
1 January
2018
1 January
2019
In May 2015, the AASB decided to revise Australian Accounting
Standards that incorporate IFRSs to minimise Australian-specific
wording even further. The AASB noted that IFRSs do not contain
application paragraphs that identify the entities and financial
reports to which the Standards (and Interpretations) apply. As a
result, the AASB decided to move the application paragraphs
previously contained in each Australian Accounting Standard (or
Interpretation), unchanged, into a new Standard AASB 1057
Application of Australian Accounting Standards.
AASB 15:
•
replaces AASB 118 Revenue, AASB 111 Construction
Contracts and some revenue-related Interpretations:
− establishes a new revenue recognition model
− changes the basis for deciding whether revenue is to be
recognised over time or at a point in time
− provides new and more detailed guidance on specific
topics (e.g. multiple element arrangements, variable
pricing, rights of return, warranties and licensing)
− expands and improves disclosures about revenue
In May 2015, the AASB issued ED 260 Income of Not-for-Profit
Entities, proposing to replace the income recognition
requirements of AASB 1004 Contributions and provide guidance
to assist not-for-profit entities to apply the principles of AASB 15.
The ED was open for comment until 14 August 2015 and the
AASB is currently in the process of redeliberating its proposals
with the aim of releasing the final amendments in late 2016.
AASB 16:
•
•
replaces AASB 117 Leases and some lease-related
Interpretations
requires all leases to be accounted for ‘on-balance sheet’ by
lessees, other than short-term and low value asset leases
• provides new guidance on the application of the definition of
lease and on sale and lease back accounting
largely retains the existing lessor accounting requirements in
AASB 117
requires new and different disclosures about leases
•
•
AASB 2014-1 Amendments to Australian
Accounting Standards (Part D: Consequential
Amendments arising from AASB 14)
1 January
2016
Part D of AASB 2014-1 makes consequential amendments arising
from the issuance of AASB 14.
When this Standard is
first adopted for the
year ending 30 June
2017, there will be no
impact on the financial
statements.
The entity is yet to
undertake a detailed
assessment of the
impact of AASB 15.
However, based on
the entity’s preliminary
assessment, the
Standard is not
expected to have a
material impact on the
transactions and
balances recognised
in the financial
statements when it is
first adopted for the
year ending 30 June
2019.
The entity is yet to
undertake a detailed
assessment of the
impact of AASB 16.
When these
amendments become
effective for the first
time for the year
ending 30 June 2017,
they will not have any
impact on the entity.
AASB 2014-5 Amendments to Australian
Accounting Standards arising from AASB 15
1 January
2018
AASB 2014-5 incorporates the consequential amendments arising
from the issuance of AASB 15.
Refer to the section on
AASB 15 above.
AASB 2015-1 Amendments to Australian
Accounting Standards – Annual Improvements
to Australian Accounting Standards 2012-2014
Cycle
1 January
2016
When these
amendments are first
adopted for the year
ending 30 June 2017,
there will be no
material impact on the
financial statements.
These amendments arise from the issuance of Annual
Improvements to IFRSs 2012-2014 Cycle in September 2014 by
the IASB.
Among other improvements, the amendments clarify that when an
entity reclassifies an asset (or disposal group) directly from being
held for sale to being held for distribution (or vice-versa), the
accounting guidance in paragraphs 27-29 of AASB 5 Non-current
Assets Held for Sale and Discontinued Operations does not
apply. The amendments also state that when an entity
determines that the asset (or disposal group) is no longer
available for immediate distribution or that the distribution is no
longer highly probable, it should cease held-for-distribution
accounting and apply the guidance in paragraphs 27-29 of
AASB 5.
26
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
Standard Name
AASB 2016‑2 Disclosure Initiative –
Amendment to AASB 101
Effective
date for
Group
30 June
2017
Requirements
Impact
When these
amendments are first
adopted for the year
ending 30 June 2017,
there will be no
material impact on the
financial statements.
The Standard makes amendments to AASB 101 Presentation of
Financial Statements arising from the IASB’s Disclosure Initiative
project.
The amendments:
• clarify the materiality requirements in AASB 101, including an
emphasis on the potentially detrimental effect of obscuring
useful information with immaterial information
• clarify that AASB 101’s specified line items in the statement(s)
of profit or loss and other comprehensive income and the
statement of financial position can be disaggregated
• add requirements for how an entity should present subtotals in
the statement(s) of profit and loss and other comprehensive
income and the statement of financial position
• clarify that entities have flexibility as to the order in which they
present the notes, but also emphasise that understandability
and comparability should be considered by an entity when
deciding that order
remove potentially unhelpful guidance in AASB 101 for identifying
a significant accounting policy
Standards issued by the IASB, but not yet by the AASB
Clarifications to IFRS 15 Revenue from
Contracts with Customers
1 January
2018
The entity is yet to
undertake a detailed
assessment of the
impact of AASB 15.
However, based on
the entity’s preliminary
assessment, the
Standard is not
expected to have a
material impact on the
transactions and
balances recognised
in the financial
statements when it is
first adopted for the
year ending 30 June
2019.
The amendments clarify the application of IFRS 15 in three (3)
specific areas to reduce the extent of diversity in practice that
might otherwise result from differing views on how to implement
the requirements of the new standard. They will help companies:
Identify performance obligations (by clarifying how to apply the
1
concept of ‘distinct’);
2 Determine whether a company is a principal or an agent in a
transaction (by clarifying how to apply the control principle);
3 Determine whether a licence transfers to a customer at a point
in time or over time (by clarifying when a company’s activities
significantly affect the intellectual property to which the
customer has rights).
The amendments also create two (2) additional practical
expedients available for use when implementing IFRS 15:
1 For contracts that have been modified before the beginning of
the earliest period presented, the amendments allow
companies to use hindsight when identifying the performance
obligations, determining the transaction price, and allocating
the transaction price to the satisfied and unsatisfied
performance obligations.
2 Companies applying the full retrospective method are
permitted to ignore contracts already complete at the
beginning of the earliest period presented.
The AASB is expected to publish the equivalent Australian
amendments in quarter 2 of 2016.
2 Operating Segments
Segment information
The directors have considered the requirements of AASB 8 Operating Segments and the internal reports that are
reviewed by the chief operating decision maker (the Board) in allocating resources and have concluded at this time that
there are no separately identifiable segments.
The Group’s commercialisation strategy remains focused on being a technology licensing Group assisting suitable
entities to establish banana veneering and panel production factories in locations worldwide where bananas are grown.
27
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
3 Revenue and expenses
REVENUE
(a) Other income
Net profit on disposal of property, plant
and equipment
Sundry income
Grant revenue
EXPENSES
(b) Depreciation of non-current assets
Plant and equipment
Total depreciation
(c) Employee benefits expense
Wages, salaries and other
remuneration expenses
Superannuation expense
Total employee benefits expense
(d) Other expenses
Audit fees
Legal fees
Professional services
Travel and accommodation
Governance and secretarial costs
Rent
Communications expense
Share registry and ASX expenses
Share based payments
Motor vehicle costs
Other expenses
28
Consolidated Group
30 June
2016
$
30 June
2015
$
-
85,700
1,000
73,197
74,197
-
88,326
174,026
73,197
73,197
88,326
88,326
28,545
136,560
959
29,504
6,631
143,191
16,485
149
14,085
22,184
16,354
3,327
1,364
26,551
8,056
3,541
48,651
160,747
25,143
1,636
20,533
11,457
22,832
1,555
6,556
60,981
-
11,344
42,264
204,301
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
4
Income Tax Expense
The major components of tax expense (income) comprise:
Consolidated Group
30 June
2016
$
30 June
2015
$
A reconciliation between tax expense and the product of accounting
Loss before income tax multiplied by the Group’s applicable income tax
Rate is as follows:
Loss before income tax
At the Group's income tax rate of 30%
Expenditure not allowable for income tax purposes
Tax losses not recognised due to not meeting recognition criteria
(199,492)
(261,792)
(59,848)
2,417
57,431
-
(78,538)
26,498
52,040
-
The Group has tax losses arising in Australia of $12,391,196 (2015: $12,199,760) that are available indefinitely for
offset against future taxable profits of the companies in which the losses arose.
No deferred tax asset has been recognised because it is not likely future assessable income is derived of a nature and
of an amount sufficient to enable the benefit to be realised.
5
Earnings per Share
Basic earnings per share amounts are calculated by dividing net loss for the year attributable to ordinary equity holders
of the Group by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share amounts are calculated by dividing the net loss attributable to ordinary equity holders of the
Group by the weighted average number of ordinary shares outstanding during the year plus the weighted average
number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into
ordinary shares.
The following reflects the income and share data used in the basic and diluted earnings per share computations:
a.
(a)
Reconciliation of earnings to profit or loss from continuing operations
Net loss attributable to ordinary equity holders of the parent
(199,492)
(261,792)
Consolidated Group
2016
$
2015
$
29
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
5
Earnings per Share (continued)
(b) Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS
Weighted average number of ordinary shares for basic earnings per
share
Effect of dilution
Share options
Weighted average number of ordinary shares adjusted for the effect of
dilution
2016
2015
194,206,294
182,426,842
-
-
194,206,294
182,426,842
In accordance with AASB 133 ‘Earnings per Share’, as potential ordinary shares may only result in a situation where
their conversion results in an increase in loss per share or decrease in profit per share from continuing operations, no
dilutive effect has been taken into account in 2016 or 2015. The number of options over ordinary shares at the balance
date was 12,950,000 (2015: 9,950,000).
On 24 August 2015, the Company announced that it had entered into agreements with new and certain existing
shareholders to raise $100,000 by way of a placement of 10,000,000 ordinary fully paid shares at a price of $0.01 per
new share. On the 11 September 2015, the Company announced the placement was completed.
On 27 June 2016, the Company announced that it had entered into agreements with new and certain existing
shareholders to raise $30,000 by way of a placement of 3,000,000 ordinary fully paid shares at a price of $0.01 per
new share. On the 1 July 2016, the Company announced the placement was completed.
There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting
date and the date of completion of these financial statements.
6 Cash and cash equivalents
Note
Consolidated Group
2015
$
2016
$
Cash at bank and in hand
30,361
3,589
6(a)
30,361
3,589
Cash at bank earns interest at floating rates based on daily bank deposit rates.
Short‑term deposits are made for varying periods of between one day and six months, depending on the immediate
cash requirements of the Group, and earn interest at the respective short-term deposit rates.
(a) Reconciliation of cash
Cash and Cash equivalents reported in the consolidated statement of cash flows are reconciled to the equivalent items
in the consolidated statement of financial position as follows:
Cash at bank and in hand
30,361
3,589
6
Balance as per consolidated statement of cash flows
30,361
3,589
30
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
7
Trade and other receivables
CURRENT
Other receivables
Net GST receivable
Total current trade and other receivables
Information regarding the credit risk of current receivables is set out in Note 19.
8 Plant and equipment
PLANT AND EQUIPMENT
Plant and equipment at cost
Accumulated depreciation and impairment
Consolidated Group
2016
$
2015
$
4,230
545
4,775
540
6,911
7,451
Consolidated Group
2015
2016
$
$
1,961,165
(1,510,457)
1,979,351
(1,437,260)
450,708
542,091
(a) Movements in carrying amounts of plant and equipment
Movement in the carrying amounts for each class of plant and equipment between the beginning and the end of the
current and previous financial years:
Consolidated
Year ended 30 June 2016
Balance at the beginning of year
Disposals
Depreciation expense
Balance at the end of the year
Consolidated
Year ended 30 June 2015
Balance at the beginning of year
Depreciation expense
Balance at the end of the year
Plant and
Equipment
$
542,091
(18,186)
(73,197)
450,708
Plant and
Equipment
$
630,417
(88,326)
542,091
31
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
9 Trade and other payables
CURRENT
Trade payables
Sundry payables and accrued expenses
Note
9 (a)
Consolidated Group
2016
$
2015
$
19,507
57,670
22,286
38,428
41,793
96,098
(a)
Trade payables
Trade payables are non‑interest bearing and normally settled on 60‑day terms.
Information regarding the risks associated with current payables is set out in Note 19.
10 Borrowings
CURRENT
Unsecured liabilities
Other loans
Total unsecured liabilities
(a)
Unsecured loan
10(a)
338,627
300,157
338,627
300,157
The unsecured loan during the year represents a draw down facility provided by Talisker Pty Ltd, an entity associated with
the Company’s Managing Director, Mr Ramy Azer and short-term loans from other directors. The loan with Talisker Pty Ltd
is unsecured and repayable from future revenues or proceeds from future equity raisings, subject to not materially
prejudicing the ability of the Company to repay its creditors. The loan is interest bearing at the rate of interest payable by the
National Australia Bank Limited on ‘Usaver savings accounts’ or, ’12 month term deposits’ (whichever is greater) plus one
percent (1%) and is considered payable at the time the loan is repaid.
11 Other liabilities
CURRENT
Deferred income
Consolidated Group
2015
2016
$
$
11(a)
167,860
150,000
Total current other liabilities
167,860
150,000
NON-CURRENT
Government grants received In advance
11(b)
513,540
521,416
Total non-current other liabilities
513,540
521,416
32
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
11 Other liabilities (continued)
(a)
Deferred income
Deferred income of $150,000 represents the initial non‑refundable deposit from the Egyptian Fibre Company
("EBFC") for machinery to be built and delivered by the Company.
(b)
Government grants received in advance
The Company has been the recipient of two government grants that contained claw back provisions if certain
performance targets were not met by the Company. The Company has fulfilled its contractual obligations under
the respective Grant Deeds as at 30 June 2016. The Company has also filed all reports required of it pursuant
to the Grant Deeds. In accordance with AASB 120 ‘Accounting for Government Grants and Disclosure of
Government Assistance’, as the grants related to the Company’s plant and equipment and intangibles, they
have been deferred and have been systematically released to the consolidated statement of profit and loss and
other comprehensive income with the depreciation and impairment of the relevant assets. For the year ended
30 June 2016, $73,197 has been released (2015: $88,326).
12 Issued capital
199,236,431 fully paid ordinary shares (2015: 186,236,431)
20,199,691
20,069,691
Total issued capital
(a) Ordinary shares
20,199,691
20,069,691
Consolidated
2016
Number
2016
$
2015
Number
2015
$
At the beginning of the reporting period
186,236,431
20,069,691
177,736,431
19,984,691
Shares issued pursuant to private placement
13,000,000
130,000
8,500,000
85,000
At the end of the reporting period
199,236,431
20,199,691
186,236,431
20,069,691
The holders of ordinary shares are entitled to participate in dividends (in the event when a dividend is declared)
and the proceeds on winding up of the Group. On a show of hands at meetings of the Group, each holder of
ordinary shares has one vote in person or by proxy, and upon a poll each share is entitled to one vote.
The Group does not have authorised capital or par value in respect of its shares.
In the event of winding up the Company, ordinary shareholders rank after all creditors and are fully entitled to
any net proceeds of liquidation.
(b)
Capital Management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern
while maximising the return to stakeholders.
The capital structure of the Group consists of cash and cash equivalents and equity attributable to equity
holders of the parent, comprising issued capital, reserves and accumulated.
Proceeds from share issues are used to maintain and expand the Group’s research and development activities
and fund operating costs.
33
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
13 Reserves
Share-option reserve
Balance at beginning of financial year
Share based payments
Balance at end of the year
Note
Consolidated Group
2016
$
2015
$
907,666
8,056
907,666
-
13(a)
915,722
907,666
(a) Share option reserve
This reserve is used to record the value of equity benefits provided to employees and directors as part of their
remuneration. Refer to Note 15 for further details of these plans.
14 Reconciliation of net loss after tax to net cash flows from operations
Net loss
Non-cash flow In profit:
- Depreciation
- Net profit from sale of plant and equipment
- Share based payments
Changes in assets and liabilities
- Decrease/(Increase) in trade and other receivables
- Decrease/(Increase) in trade and other payables
- Increase/(Decrease) in deferred income
(199,492)
(261,792)
73,197
-
8,056
2,676
(54,305)
(73,197)
88,326
(85,700)
-
(5,430)
19,451
(88,326)
Net cash (used in)/provided by operating activities
(243,065)
(333,471)
15 Share based payments
(i) Employee Share Option Plan
The Group established the Papyrus Australia Ltd Employee Share Option Plan and a summary of the Rules of the Plan
are set out below:
•
•
•
All employees (full and part time) will be eligible to participate in the Plan.
Options are granted under the Plan at the discretion of the Board and if permitted by the Board, may be issued to
an employee's nominee.
Each option is to subscribe for one fully paid ordinary share in the Company and will expire 5 years from its date
of issue. An option is exercisable at any time from its date of issue (provided all relevant vesting conditions, if
applicable, have been met). Options will be issued free. The exercise price of options will be determined by the
Board. The total number of shares, the subject of options issued under the Plan, when aggregated with issues
during the previous 5 years pursuant to the Plan and any other employee share plan, must not exceed 5% of the
Company's issued share capital.
34
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
15 Share based payments (continued)
•
If, prior to the expiry date of options, a person ceases to be an employee of the Group for any reason other
than retirement at age 60 or more (or such earlier age as the Board permits), permanent disability, redundancy
or death, the options held by that person (or that person's nominee) automatically lapse on the first to occur of
a) the expiry of the period of 30 days from the date of such occurrence, and b) the expiry date. If a person
dies, the options held by that person will be exercisable by that person's legal personal representative.
• Options can’t be transferred other than to the legal personal representative of a deceased option holder.
•
•
The Company will not apply for official quotation of any options issued under the plan.
Shares issued as a result of the exercise of options will rank equally with the Company's previously issued
shares.
• Option holders may only participate in new issues of securities by first exercising their options.
The Board may amend the Plan Rules subject to the requirements of the Listing Rules. The expense recognised in
Profit or Loss in relation to share‑based payments is disclosed in Note 3(d).
The following table illustrates the number (No.) and weighted average exercise prices (WAEP) and movements in
share options issued during the year:
A summary of the Group options issued is as follows:
2016
Exercise
price
WAEP
Start of the year
No.
0.50
0.04
0.05
750,000
9,200,000
-
Granted
during the
year
No.
-
-
2,250,000
9,950,000
2,250,000
Exercised during
the year
No.
Expired during
the year
No.
Balance at the
end of the year
No.
Vested and
exercisable at
the end of the
year
No.
-
-
-
-
(750,000)
-
-
-
9,200,000
2,250,000
-
9,200,000
2,250,000
(750,000)
11,450,000
11,450,000
2015
Exercise
Price
WAEP
Start of the year
No.
Granted
during the
year
No.
Exercised during
the year
No.
Expired during
the year
No.
Balance at the
end of the year
No.
Vested and
exercisable at
the end of the
year
No.
0.05
0.04
750,000
9,200,000
9,950,000
-
-
-
-
-
-
-
-
-
750,000
9,200,000
750,000
9,200,000
9,950,000
9,950,000
The weighted average remaining contractual life of options outstanding at year end was 2.93 years (2015: 1.43 years).
The range of weighted average exercise prices for options outstanding at the end of the year was $0.04 ‑ $0.05 (2015:
$0.04 ‑ $0.50).
The weighted average fair value of employee options granted during the year was $0.05 (2015: Nil).
Notes to the Financial Statements
35
Papyrus Australia Ltd
ABN 63 110 868 409
For the Year Ended 30 June 2016
15 Share based payments (continued)
The fair values of options granted were determined using a variation of the binomial option pricing model that takes into
account factors specific to the share incentive plans, such as the vesting period.
The following principal assumptions were used in the valuation:
Valuation assumptions
Grant date
Vesting period ends
Number of options issued
Share price at date of grant
Volatility
Option life
Dividend yield
Risk free investment rate
Fair value at grant date
Exercise price at date of grant
Exercisable from
Exercisable to
Weighted average remaining contractual life
14/10/2015
14/10/2015
1,500,000
$0.01
109.3%
3 years
0
1.88%
$0.004
$0.05
27/06/2016
27/06/2016
750,000
$0.01
82.92%
3 years
0
1.88%
$0.002
$0.05
14/10/2015
14/10/2018
3 years
27/06/2016
27/06/2019
3 years
The underlying expected volatility was determined by reference to historical data of the Company’s shares over a period of
time. No special features inherent to the options granted were incorporated into measurement of fair value.
16 Contingencies
In the opinion of the Directors, the Group did not have any contingencies at 30 June 2016 (30 June 2015:Nil).
17 Remuneration of Auditors
Remuneration of the auditor of the company,
Grant Thornton Audit Pty Ltd, for:
- auditing or reviewing the financial report
Total remuneration of auditors
No non‑audit services have been provided.
16,485
25,143
16,485
25,143
36
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
18 Interest in Subsidiaries
Name of entity
Parent entity
Papyrus Australia Ltd (a)
Subsidiaries
PPY EU Pty Ltd (b)
Papyrus Technology Pty Ltd (b)
PPY Manufacturing Pty Ltd (b)
Australian Advanced Manufacturing Centre Pty Ltd (b)
Pulp Fiction Manufacturing Pty Ltd (b)
Papyrus Egypt (c)
Yellow Pallet B.V. (c)
Principal place of
business / country of
incorporation
Ownership Interest
2016
%
2015
%
Australia
Australia
Australia
Australia
Australia
Australia
Egypt
The Netherlands
100
100
100
100
100
50
50
100
100
100
100
100
50
50
*The percentage of ownership interest held is equivalent to the percentage voting rights for all subsidiaries.
a. Papyrus Australia Ltd is the head entity within the tax‑consolidated group.
b. These companies are members of the tax‑consolidated group.
c. These entities were non‑operating shell companies at 30 June 2016.
19 Financial Risk Management
Categories of financial instruments
The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the
accounting policies to these financial statements, are as follows:
Financial assets
Cash and cash equivalents
Loans and receivables
Total financial assets
Financial Liabilities
Financial liabilities at amortised cost
- Trade and other payables
- Borrowings
Note
6
7
Consolidated Group
2015
2016
$
$
30,361
4,775
3,589
7,451
35,136
11,040
9
10
41,793
338,627
96,098
300,157
Total financial liabilities
380,420
396,255
37
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
19 Financial Risk Management
Credit risk
Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in a financial loss to
the Group.
The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of
financial loss from activities.
The Group does not have any significant credit risk exposure to any single counterparty or any Group of counterparties
having similar characteristics. The credit risk on liquid funds is limited because the counterparties are banks with high
credit‑ratings assigned by international credit‑rating agencies.
The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses,
represents the Group’s maximum exposure to credit risk.
(ii) Financial instrument composition and maturity analysis
The Group's exposure to interest rate risk, which is the risk that a financial instruments value will fluctuate as a result of
changes in market interest rates and the effective weighted average interest rates on classes of financial assets and
financial liabilities, is as follows:
Weighted Average
Effective Interest
Rate
Floating Interest
Rate
2016
%
2015
%
2016
$
2015
$
Maturing within 1
Year
2016
$
2015
$
Non-interest bearing
Total
2016
$
2015
$
2016
$
2015
$
Financial
Assets:
Cash and cash
equivalents
Trade and other
receivables
Total Financial
Assets
Financial
Liabilities:
Trade and other
payables
Borrowings
Total Financial
Liabilities
-
-
-
3.35%
-
-
-
-
30,361
3,589
-
-
30,361
3,589
-
-
-
-
-
-
-
-
30,361
3,589
4,775
7,451
4,775
7,451
4,775
7,451
35,136
11,040
-
-
-
-
-
-
298,656
300,157
41,793
39,971
96,098
-
41,793
338,627
96,098
300,157
298,656
300,157
81,764
96,098
380,420
396,255
The Company is not materially exposed to any effects on changes in interest rates.
Liquidity risk
Liquidity risk arises from the Group’s management of working capital and the finance charges and principal repayments
on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they
fall due.
Ultimate responsibility for liquidity risk management rests with the Board of Directors, whom have built an appropriate
liquidity risk management framework for the management of the Group’s short, medium and long‑term funding and
liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves.
38
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
20 Related Parties
(a)
Transactions with related parties
Transactions between related parties are on normal commercial terms and conditions no more favourable than those
available to other parties unless otherwise stated.
The following transactions occurred with related parties:
•
•
The Company has an unsecured loan representing a draw down facility provided by Talisker Pty Ltd, an entity
associated with the Company’s Managing Director, Mr Ramy Azer. The loan is unsecured and repayable from
future revenues or proceeds from future equity raisings, subject to not materially prejudicing the ability of the
Company to repay its creditors. The loan is interest bearing at the rate of interest payable by the National
Australia Bank Limited on ‘Usaver savings accounts’ or, ’12 month term deposits’ (whichever is greater) plus
one percent (1%) and is considered payable at the time the loan is repaid. The balance of the loan at 30 June
2016 is $298,656 (2015: $300,157). Interest of $10,240 has accrued during the year and is unpaid at 30 June
2016.
The Company has unsecured loans with E Byrt and V Rigano. The loans are short-term in nature and no
interest is payable. The balances of the loans at 30 June 2016 were:
E Byrt
V Rigano
Balance at 30
June 2016
11,769
28,202
(b) Wholly owned group transactions
The wholly owned Group consists of those entities listed in Note 18. Transactions between Papyrus Australia Ltd
and other entities in the wholly owned Group during the year consisted of loans advanced by Papyrus Australia Ltd
to fund research and development activities.
21 Key Management Personnel Disclosures
Key management personnel remuneration included within employee expenses for the year is shown below:
Short‑term employee benefits
Post-employment benefits
Share based payments
Total remuneration paid to key management personnel
2016
$
-
-
8,056
8,056
2015
$
52,650
-
-
52,650
The audited remuneration report contained in the Directors' Report contains details of the remuneration paid or payable
to each member of the Group's key management personnel for the year ended 30 June 2016.
Other key management personnel transactions
For details of other transactions with key management personnel, refer to Note 20: Related Party Transactions.
39
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the Year Ended 30 June 2016
22 Parent entity
The following information has been extracted from the books and records of the parent, Papyrus Australia Ltd and has been
prepared in accordance with Accounting Standards.
The financial information for the parent entity, Papyrus Australia Ltd has been prepared on the same basis as the
consolidated financial statements except as disclosed below.
Investments in subsidiaries, associates and joint ventures
Investments in subsidiaries, associates and joint venture entities are accounted for at cost in the financial statements of the
parent entity. Dividends received from associates are recognised in the parent entity profit or loss, rather than being
deducted from the carrying amount of these investments,
Statement of Financial position
Assets
Current assets
Non-current assets
Total Assets
Liabilities
Current Liabilities
Non-current liabilities
Total liabilities
Equity
Issued capital
Accumulated losses
Reserves Total equity
Statement of Profit or Loss and other
Comprehensive Income
Total loss for the year
Other comprehensive loss
Total comprehensive loss
2016
$
2015
$
32,983
-
6,976
595,201
32,983
602,177
608,959
-
595,301
521,416
608,959
1,116,717
20,199,691
(21,691,389)
915,722
20,069,691
(21,491,897)
907,666
(575,976)
(514,540)
(199,492)
-
(261,792)
-
(199,492)
(261,792)
Contingent liabilities
Contingent liabilities of the parent entity have been incorporated into the Group information in Note 16. The contingent
liabilities of the parent are consistent with that of the Group.
Contractual commitments
Contractual commitments of the parent entity have been incorporated into the Group information in Note 16. The contractual
commitments of the parent are consistent with that of the Group.
23 Events Occurring After the Reporting Date
The Managing Director – Ramy Azer – has recently returned to Egypt to direct the commissioning of the banana veneering
and fibre production machinery at the factory in Sohag which to be operated in joint venture by EBFC and the Company
through Papyrus Egypt.
There have been no other significant matters subsequent to the end of the financial year.
40
Papyrus Australia Ltd
ABN 63 110 868 409
Directors’ Declaration
The directors of the Group declare that:
1.
the financial statements and notes for the year ended 30 June 2016 are in accordance with the Corporations Act 2001
and:
a.
comply with Australian Accounting Standards, which, as stated in accounting policy note 1 to the financial
statements, constitutes explicit and unreserved compliance with International Financial Reporting Standards
(IFRS); and
b. give a true and fair view of the financial position and performance of the consolidated group;
2.
the Managing Director and Company Secretary have given the declarations required by Section 295A that:
a.
the financial records of the Group for the financial year have been properly maintained in accordance with section
286 of the Corporations Act 2001;
b.
the financial statements and notes for the financial year comply with the Accounting Standards; and
c.
the financial statements and notes for the financial year give a true and fair view.
3.
In the directors opinion, there are reasonable grounds to believe that the Group will be able to pay its debts as and
when they become due and payable with the continuing support of creditors.
This declaration is made in accordance with a resolution of the Board of Directors.
Director
Mr Ramy Azer
Managing Director
Dated this 30th day of September 2016
Adelaide, South Australia
41
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Wayville SA 5034
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(cid:4)(cid:27)(cid:23)(cid:20)(cid:29)(cid:24)(cid:22)(cid:23)(cid:31)(cid:12)(cid:1)(cid:11)(cid:20)(cid:31)(cid:21)(cid:22)(cid:25)(cid:31)(cid:27) (cid:27)(cid:30)(cid:27)(cid:24)!(cid:1)"(cid:22)(cid:23)(cid:1)(cid:24)(cid:26)(cid:20)(cid:1)(cid:17)(cid:27)(cid:25)(cid:28)(cid:25)(cid:29)(cid:27)(cid:28)(cid:30)(cid:1)(cid:11)(cid:20)(cid:21)(cid:22)(cid:23)(cid:24)
((cid:4)(cid:3)(cid:1))(cid:9)(cid:20)(cid:3)(cid:11)(cid:10)(cid:12)(cid:20)(cid:22)(cid:1)(cid:12)(cid:18)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:26)(cid:12)(cid:13)(cid:14)(cid:5)(cid:15)(cid:16)(cid:1)(cid:5)(cid:20)(cid:3)(cid:1)(cid:20)(cid:3)(cid:22)(cid:14)(cid:12)(cid:15)(cid:22)(cid:9)*(cid:19)(cid:3)(cid:1)(cid:18)(cid:12)(cid:20)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:14)(cid:20)(cid:3)(cid:14)(cid:5)(cid:20)(cid:5)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)(cid:12)(cid:18)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:20)(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:1)(cid:10)(cid:4)(cid:5)(cid:10)(cid:1)
(cid:17)(cid:9)(cid:6)(cid:3)(cid:22)(cid:1)(cid:5)(cid:1)(cid:10)(cid:20)(cid:7)(cid:3)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)(cid:18)(cid:5)(cid:9)(cid:20)(cid:1)(cid:6)(cid:9)(cid:3)(cid:29)(cid:1)(cid:9)(cid:15)(cid:1)(cid:5)(cid:11)(cid:11)(cid:12)(cid:20)(cid:8)(cid:5)(cid:15)(cid:11)(cid:3)(cid:1)(cid:29)(cid:9)(cid:10)(cid:4)(cid:1)(cid:23)(cid:7)(cid:22)(cid:10)(cid:20)(cid:5)(cid:19)(cid:9)(cid:5)(cid:15)(cid:1)(cid:23)(cid:11)(cid:11)(cid:12)(cid:7)(cid:15)(cid:10)(cid:9)(cid:15)(cid:17)(cid:1)+(cid:10)(cid:5)(cid:15)(cid:8)(cid:5)(cid:20)(cid:8)(cid:22)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:3)(cid:5)(cid:6)(cid:7)(cid:2)(cid:8)(cid:9)(cid:10)(cid:11)(cid:12)(cid:6)(cid:10)(cid:13)(cid:14)(cid:14)(cid:15)’(cid:1)(cid:1)((cid:4)(cid:3)(cid:1))(cid:9)(cid:20)(cid:3)(cid:11)(cid:10)(cid:12)(cid:20)(cid:22)&(cid:1)(cid:20)(cid:3)(cid:22)(cid:14)(cid:12)(cid:15)(cid:22)(cid:9)*(cid:9)(cid:19)(cid:9)(cid:10)(cid:16)(cid:1)(cid:5)(cid:19)(cid:22)(cid:12)(cid:1)(cid:9)(cid:15)(cid:11)(cid:19)(cid:7)(cid:8)(cid:3)(cid:22)(cid:1)(cid:22)(cid:7)(cid:11)(cid:4)(cid:1)(cid:9)(cid:15)(cid:10)(cid:3)(cid:20)(cid:15)(cid:5)(cid:19)(cid:1)(cid:11)(cid:12)(cid:15)(cid:10)(cid:20)(cid:12)(cid:19)(cid:1)(cid:5)(cid:22)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)
)(cid:9)(cid:20)(cid:3)(cid:11)(cid:10)(cid:12)(cid:20)(cid:22)(cid:1)(cid:8)(cid:3)(cid:10)(cid:3)(cid:20)(cid:13)(cid:9)(cid:15)(cid:3)(cid:1)(cid:9)(cid:22)(cid:1)(cid:15)(cid:3)(cid:11)(cid:3)(cid:22)(cid:22)(cid:5)(cid:20)(cid:16)(cid:1)(cid:10)(cid:12)(cid:1)(cid:3)(cid:15)(cid:5)*(cid:19)(cid:3)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:14)(cid:20)(cid:3)(cid:14)(cid:5)(cid:20)(cid:5)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)(cid:12)(cid:18)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:20)(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:1)(cid:10)(cid:4)(cid:5)(cid:10)(cid:1)(cid:17)(cid:9)(cid:6)(cid:3)(cid:22)(cid:1)(cid:5)(cid:1)(cid:10)(cid:20)(cid:7)(cid:3)(cid:1)
(cid:5)(cid:15)(cid:8)(cid:1)(cid:18)(cid:5)(cid:9)(cid:20)(cid:1)(cid:6)(cid:9)(cid:3)(cid:29)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)(cid:9)(cid:22)(cid:1)(cid:18)(cid:20)(cid:3)(cid:3)(cid:1)(cid:18)(cid:20)(cid:12)(cid:13)(cid:1)(cid:13)(cid:5)(cid:10)(cid:3)(cid:20)(cid:9)(cid:5)(cid:19)(cid:1)(cid:13)(cid:9)(cid:22)(cid:22)(cid:10)(cid:5)(cid:10)(cid:3)(cid:13)(cid:3)(cid:15)(cid:10)(cid:28)(cid:1)(cid:29)(cid:4)(cid:3)(cid:10)(cid:4)(cid:3)(cid:20)(cid:1)(cid:8)(cid:7)(cid:3)(cid:1)(cid:10)(cid:12)(cid:1)(cid:18)(cid:20)(cid:5)(cid:7)(cid:8)(cid:1)(cid:12)(cid:20)(cid:1)(cid:3)(cid:20)(cid:20)(cid:12)(cid:20)’(cid:1)(cid:1)((cid:4)(cid:3)(cid:1)
)(cid:9)(cid:20)(cid:3)(cid:11)(cid:10)(cid:12)(cid:20)(cid:22)(cid:1)(cid:5)(cid:19)(cid:22)(cid:12)(cid:1)(cid:22)(cid:10)(cid:5)(cid:10)(cid:3)(cid:28)(cid:1)(cid:9)(cid:15)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:15)(cid:12)(cid:10)(cid:3)(cid:22)(cid:1)(cid:10)(cid:12)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:20)(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:28)(cid:1)(cid:9)(cid:15)(cid:1)(cid:5)(cid:11)(cid:11)(cid:12)(cid:20)(cid:8)(cid:5)(cid:15)(cid:11)(cid:3)(cid:1)(cid:29)(cid:9)(cid:10)(cid:4)(cid:1)(cid:23)(cid:11)(cid:11)(cid:12)(cid:7)(cid:15)(cid:10)(cid:9)(cid:15)(cid:17)(cid:1)+(cid:10)(cid:5)(cid:15)(cid:8)(cid:5)(cid:20)(cid:8)(cid:1)
(cid:23)(cid:23)+,(cid:1)"(cid:31)"(cid:1)(cid:16)(cid:3)(cid:17)(cid:9)(cid:17)(cid:8)(cid:6)(cid:5)(cid:6)(cid:7)(cid:2)(cid:8)(cid:10)(cid:2)(cid:18)(cid:10)(cid:19)(cid:7)(cid:8)(cid:5)(cid:8)(cid:12)(cid:7)(cid:5)(cid:20)(cid:10)(cid:21)(cid:6)(cid:5)(cid:6)(cid:17)(cid:22)(cid:17)(cid:8)(cid:6)(cid:9)(cid:28)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:22)(cid:10)(cid:5)(cid:10)(cid:3)(cid:13)(cid:3)(cid:15)(cid:10)(cid:22)(cid:1)(cid:11)(cid:12)(cid:13)(cid:14)(cid:19)(cid:16)(cid:1)(cid:29)(cid:9)(cid:10)(cid:4)(cid:1)-(cid:15)(cid:10)(cid:3)(cid:20)(cid:15)(cid:5)(cid:10)(cid:9)(cid:12)(cid:15)(cid:5)(cid:19)(cid:1)
.(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)/(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:9)(cid:15)(cid:17)(cid:1)+(cid:10)(cid:5)(cid:15)(cid:8)(cid:5)(cid:20)(cid:8)(cid:22)’(cid:1)
(cid:8)#$(cid:27)(cid:24)(cid:22)(cid:23)(cid:12)(cid:31)(cid:1)(cid:11)(cid:20)(cid:31)(cid:21)(cid:22)(cid:25)(cid:31)(cid:27) (cid:27)(cid:30)(cid:27)(cid:24)!(cid:1)
0(cid:7)(cid:20)(cid:1)(cid:20)(cid:3)(cid:22)(cid:14)(cid:12)(cid:15)(cid:22)(cid:9)*(cid:9)(cid:19)(cid:9)(cid:10)(cid:16)(cid:1)(cid:9)(cid:22)(cid:1)(cid:10)(cid:12)(cid:1)(cid:3)%(cid:14)(cid:20)(cid:3)(cid:22)(cid:22)(cid:1)(cid:5)(cid:15)(cid:1)(cid:12)(cid:14)(cid:9)(cid:15)(cid:9)(cid:12)(cid:15)(cid:1)(cid:12)(cid:15)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:20)(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:1)*(cid:5)(cid:22)(cid:3)(cid:8)(cid:1)(cid:12)(cid:15)(cid:1)(cid:12)(cid:7)(cid:20)(cid:1)(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)’(cid:1)(cid:1)(cid:2)(cid:3)(cid:1)
(cid:11)(cid:12)(cid:15)(cid:8)(cid:7)(cid:11)(cid:10)(cid:3)(cid:8)(cid:1)(cid:12)(cid:7)(cid:20)(cid:1)(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:1)(cid:9)(cid:15)(cid:1)(cid:5)(cid:11)(cid:11)(cid:12)(cid:20)(cid:8)(cid:5)(cid:15)(cid:11)(cid:3)(cid:1)(cid:29)(cid:9)(cid:10)(cid:4)(cid:1)(cid:23)(cid:7)(cid:22)(cid:10)(cid:20)(cid:5)(cid:19)(cid:9)(cid:5)(cid:15)(cid:1)(cid:23)(cid:7)(cid:8)(cid:9)(cid:10)(cid:9)(cid:15)(cid:17)(cid:1)+(cid:10)(cid:5)(cid:15)(cid:8)(cid:5)(cid:20)(cid:8)(cid:22)’(cid:1)(cid:1)((cid:4)(cid:12)(cid:22)(cid:3)(cid:1)(cid:22)(cid:10)(cid:5)(cid:15)(cid:8)(cid:5)(cid:20)(cid:8)(cid:22)(cid:1)(cid:20)(cid:3)$(cid:7)(cid:9)(cid:20)(cid:3)(cid:1)
(cid:7)(cid:22)(cid:1)(cid:10)(cid:12)(cid:1)(cid:11)(cid:12)(cid:13)(cid:14)(cid:19)(cid:16)(cid:1)(cid:29)(cid:9)(cid:10)(cid:4)(cid:1)(cid:20)(cid:3)(cid:19)(cid:3)(cid:6)(cid:5)(cid:15)(cid:10)(cid:1)(cid:3)(cid:10)(cid:4)(cid:9)(cid:11)(cid:5)(cid:19)(cid:1)(cid:20)(cid:3)$(cid:7)(cid:9)(cid:20)(cid:3)(cid:13)(cid:3)(cid:15)(cid:10)(cid:22)(cid:1)(cid:20)(cid:3)(cid:19)(cid:5)(cid:10)(cid:9)(cid:15)(cid:17)(cid:1)(cid:10)(cid:12)(cid:1)(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:1)(cid:3)(cid:15)(cid:17)(cid:5)(cid:17)(cid:3)(cid:13)(cid:3)(cid:15)(cid:10)(cid:22)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)(cid:14)(cid:19)(cid:5)(cid:15)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)
(cid:14)(cid:3)(cid:20)(cid:18)(cid:12)(cid:20)(cid:13)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:1)(cid:10)(cid:12)(cid:1)(cid:12)*(cid:10)(cid:5)(cid:9)(cid:15)(cid:1)(cid:20)(cid:3)(cid:5)(cid:22)(cid:12)(cid:15)(cid:5)*(cid:19)(cid:3)(cid:1)(cid:5)(cid:22)(cid:22)(cid:7)(cid:20)(cid:5)(cid:15)(cid:11)(cid:3)(cid:1)(cid:29)(cid:4)(cid:3)(cid:10)(cid:4)(cid:3)(cid:20)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:20)(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:1)(cid:9)(cid:22)(cid:1)(cid:18)(cid:20)(cid:3)(cid:3)(cid:1)(cid:18)(cid:20)(cid:12)(cid:13)(cid:1)
(cid:13)(cid:5)(cid:10)(cid:3)(cid:20)(cid:9)(cid:5)(cid:19)(cid:1)(cid:13)(cid:9)(cid:22)(cid:22)(cid:10)(cid:5)(cid:10)(cid:3)(cid:13)(cid:3)(cid:15)(cid:10)’(cid:1)(cid:1)
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context
requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal
entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s
acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities.
GTIL is not an Australian related entity to Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme
applies.
(cid:1)
2
(cid:1)
(cid:23)(cid:15)(cid:1)(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:1)(cid:9)(cid:15)(cid:6)(cid:12)(cid:19)(cid:6)(cid:3)(cid:22)(cid:1)(cid:14)(cid:3)(cid:20)(cid:18)(cid:12)(cid:20)(cid:13)(cid:9)(cid:15)(cid:17)(cid:1)(cid:14)(cid:20)(cid:12)(cid:11)(cid:3)(cid:8)(cid:7)(cid:20)(cid:3)(cid:22)(cid:1)(cid:10)(cid:12)(cid:1)(cid:12)*(cid:10)(cid:5)(cid:9)(cid:15)(cid:1)(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:1)(cid:3)(cid:6)(cid:9)(cid:8)(cid:3)(cid:15)(cid:11)(cid:3)(cid:1)(cid:5)*(cid:12)(cid:7)(cid:10)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:5)(cid:13)(cid:12)(cid:7)(cid:15)(cid:10)(cid:22)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)
(cid:8)(cid:9)(cid:22)(cid:11)(cid:19)(cid:12)(cid:22)(cid:7)(cid:20)(cid:3)(cid:22)(cid:1)(cid:9)(cid:15)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:20)(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)’(cid:1)(cid:1)((cid:4)(cid:3)(cid:1)(cid:14)(cid:20)(cid:12)(cid:11)(cid:3)(cid:8)(cid:7)(cid:20)(cid:3)(cid:22)(cid:1)(cid:22)(cid:3)(cid:19)(cid:3)(cid:11)(cid:10)(cid:3)(cid:8)(cid:1)(cid:8)(cid:3)(cid:14)(cid:3)(cid:15)(cid:8)(cid:1)(cid:12)(cid:15)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:12)(cid:20)&(cid:22)(cid:1)1(cid:7)(cid:8)(cid:17)(cid:3)(cid:13)(cid:3)(cid:15)(cid:10)(cid:28)(cid:1)
(cid:9)(cid:15)(cid:11)(cid:19)(cid:7)(cid:8)(cid:9)(cid:15)(cid:17)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:5)(cid:22)(cid:22)(cid:3)(cid:22)(cid:22)(cid:13)(cid:3)(cid:15)(cid:10)(cid:1)(cid:12)(cid:18)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:20)(cid:9)(cid:22)2(cid:22)(cid:1)(cid:12)(cid:18)(cid:1)(cid:13)(cid:5)(cid:10)(cid:3)(cid:20)(cid:9)(cid:5)(cid:19)(cid:1)(cid:13)(cid:9)(cid:22)(cid:22)(cid:10)(cid:5)(cid:10)(cid:3)(cid:13)(cid:3)(cid:15)(cid:10)(cid:1)(cid:12)(cid:18)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:20)(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:28)(cid:1)(cid:29)(cid:4)(cid:3)(cid:10)(cid:4)(cid:3)(cid:20)(cid:1)
(cid:8)(cid:7)(cid:3)(cid:1)(cid:10)(cid:12)(cid:1)(cid:18)(cid:20)(cid:5)(cid:7)(cid:8)(cid:1)(cid:12)(cid:20)(cid:1)(cid:3)(cid:20)(cid:20)(cid:12)(cid:20)’(cid:1)(cid:1)
-(cid:15)(cid:1)(cid:13)(cid:5)2(cid:9)(cid:15)(cid:17)(cid:1)(cid:10)(cid:4)(cid:12)(cid:22)(cid:3)(cid:1)(cid:20)(cid:9)(cid:22)2(cid:1)(cid:5)(cid:22)(cid:22)(cid:3)(cid:22)(cid:22)(cid:13)(cid:3)(cid:15)(cid:10)(cid:22)(cid:28)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:12)(cid:20)(cid:1)(cid:11)(cid:12)(cid:15)(cid:22)(cid:9)(cid:8)(cid:3)(cid:20)(cid:22)(cid:1)(cid:9)(cid:15)(cid:10)(cid:3)(cid:20)(cid:15)(cid:5)(cid:19)(cid:1)(cid:11)(cid:12)(cid:15)(cid:10)(cid:20)(cid:12)(cid:19)(cid:1)(cid:20)(cid:3)(cid:19)(cid:3)(cid:6)(cid:5)(cid:15)(cid:10)(cid:1)(cid:10)(cid:12)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)
(cid:26)(cid:12)(cid:13)(cid:14)(cid:5)(cid:15)(cid:16)&(cid:22)(cid:1)(cid:14)(cid:20)(cid:3)(cid:14)(cid:5)(cid:20)(cid:5)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)(cid:12)(cid:18)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:20)(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:1)(cid:10)(cid:4)(cid:5)(cid:10)(cid:1)(cid:17)(cid:9)(cid:6)(cid:3)(cid:22)(cid:1)(cid:5)(cid:1)(cid:10)(cid:20)(cid:7)(cid:3)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)(cid:18)(cid:5)(cid:9)(cid:20)(cid:1)(cid:6)(cid:9)(cid:3)(cid:29)(cid:1)(cid:9)(cid:15)(cid:1)(cid:12)(cid:20)(cid:8)(cid:3)(cid:20)(cid:1)(cid:10)(cid:12)(cid:1)(cid:8)(cid:3)(cid:22)(cid:9)(cid:17)(cid:15)(cid:1)
(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:1)(cid:14)(cid:20)(cid:12)(cid:11)(cid:3)(cid:8)(cid:7)(cid:20)(cid:3)(cid:22)(cid:1)(cid:10)(cid:4)(cid:5)(cid:10)(cid:1)(cid:5)(cid:20)(cid:3)(cid:1)(cid:5)(cid:14)(cid:14)(cid:20)(cid:12)(cid:14)(cid:20)(cid:9)(cid:5)(cid:10)(cid:3)(cid:1)(cid:9)(cid:15)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:11)(cid:9)(cid:20)(cid:11)(cid:7)(cid:13)(cid:22)(cid:10)(cid:5)(cid:15)(cid:11)(cid:3)(cid:22)(cid:28)(cid:1)*(cid:7)(cid:10)(cid:1)(cid:15)(cid:12)(cid:10)(cid:1)(cid:18)(cid:12)(cid:20)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:14)(cid:7)(cid:20)(cid:14)(cid:12)(cid:22)(cid:3)(cid:1)(cid:12)(cid:18)(cid:1)(cid:3)%(cid:14)(cid:20)(cid:3)(cid:22)(cid:22)(cid:9)(cid:15)(cid:17)(cid:1)
(cid:5)(cid:15)(cid:1)(cid:12)(cid:14)(cid:9)(cid:15)(cid:9)(cid:12)(cid:15)(cid:1)(cid:12)(cid:15)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:3)(cid:18)(cid:18)(cid:3)(cid:11)(cid:10)(cid:9)(cid:6)(cid:3)(cid:15)(cid:3)(cid:22)(cid:22)(cid:1)(cid:12)(cid:18)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:26)(cid:12)(cid:13)(cid:14)(cid:5)(cid:15)(cid:16)&(cid:22)(cid:1)(cid:9)(cid:15)(cid:10)(cid:3)(cid:20)(cid:15)(cid:5)(cid:19)(cid:1)(cid:11)(cid:12)(cid:15)(cid:10)(cid:20)(cid:12)(cid:19)’(cid:1)(cid:1)(cid:23)(cid:15)(cid:1)(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:1)(cid:5)(cid:19)(cid:22)(cid:12)(cid:1)(cid:9)(cid:15)(cid:11)(cid:19)(cid:7)(cid:8)(cid:3)(cid:22)(cid:1)
(cid:3)(cid:6)(cid:5)(cid:19)(cid:7)(cid:5)(cid:10)(cid:9)(cid:15)(cid:17)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:5)(cid:14)(cid:14)(cid:20)(cid:12)(cid:14)(cid:20)(cid:9)(cid:5)(cid:10)(cid:3)(cid:15)(cid:3)(cid:22)(cid:22)(cid:1)(cid:12)(cid:18)(cid:1)(cid:5)(cid:11)(cid:11)(cid:12)(cid:7)(cid:15)(cid:10)(cid:9)(cid:15)(cid:17)(cid:1)(cid:14)(cid:12)(cid:19)(cid:9)(cid:11)(cid:9)(cid:3)(cid:22)(cid:1)(cid:7)(cid:22)(cid:3)(cid:8)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:20)(cid:3)(cid:5)(cid:22)(cid:12)(cid:15)(cid:5)*(cid:19)(cid:3)(cid:15)(cid:3)(cid:22)(cid:22)(cid:1)(cid:12)(cid:18)(cid:1)(cid:5)(cid:11)(cid:11)(cid:12)(cid:7)(cid:15)(cid:10)(cid:9)(cid:15)(cid:17)(cid:1)
(cid:3)(cid:22)(cid:10)(cid:9)(cid:13)(cid:5)(cid:10)(cid:3)(cid:22)(cid:1)(cid:13)(cid:5)(cid:8)(cid:3)(cid:1)*(cid:16)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1))(cid:9)(cid:20)(cid:3)(cid:11)(cid:10)(cid:12)(cid:20)(cid:22)(cid:28)(cid:1)(cid:5)(cid:22)(cid:1)(cid:29)(cid:3)(cid:19)(cid:19)(cid:1)(cid:5)(cid:22)(cid:1)(cid:3)(cid:6)(cid:5)(cid:19)(cid:7)(cid:5)(cid:10)(cid:9)(cid:15)(cid:17)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:12)(cid:6)(cid:3)(cid:20)(cid:5)(cid:19)(cid:19)(cid:1)(cid:14)(cid:20)(cid:3)(cid:22)(cid:3)(cid:15)(cid:10)(cid:5)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)(cid:12)(cid:18)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)
(cid:20)(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)’(cid:1)
(cid:2)(cid:3)(cid:1)*(cid:3)(cid:19)(cid:9)(cid:3)(cid:6)(cid:3)(cid:1)(cid:10)(cid:4)(cid:5)(cid:10)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:1)(cid:3)(cid:6)(cid:9)(cid:8)(cid:3)(cid:15)(cid:11)(cid:3)(cid:1)(cid:29)(cid:3)(cid:1)(cid:4)(cid:5)(cid:6)(cid:3)(cid:1)(cid:12)*(cid:10)(cid:5)(cid:9)(cid:15)(cid:3)(cid:8)(cid:1)(cid:9)(cid:22)(cid:1)(cid:22)(cid:7)(cid:18)(cid:18)(cid:9)(cid:11)(cid:9)(cid:3)(cid:15)(cid:10)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)(cid:5)(cid:14)(cid:14)(cid:20)(cid:12)(cid:14)(cid:20)(cid:9)(cid:5)(cid:10)(cid:3)(cid:1)(cid:10)(cid:12)(cid:1)(cid:14)(cid:20)(cid:12)(cid:6)(cid:9)(cid:8)(cid:3)(cid:1)(cid:5)(cid:1)
*(cid:5)(cid:22)(cid:9)(cid:22)(cid:1)(cid:18)(cid:12)(cid:20)(cid:1)(cid:12)(cid:7)(cid:20)(cid:1)(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:1)(cid:12)(cid:14)(cid:9)(cid:15)(cid:9)(cid:12)(cid:15)’(cid:1)
(cid:2)(cid:25)$(cid:20)(cid:21)(cid:20)(cid:25)$(cid:20)(cid:25)(cid:29)(cid:20)(cid:1)
-(cid:15)(cid:1)(cid:11)(cid:12)(cid:15)(cid:8)(cid:7)(cid:11)(cid:10)(cid:9)(cid:15)(cid:17)(cid:1)(cid:12)(cid:7)(cid:20)(cid:1)(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:28)(cid:1)(cid:29)(cid:3)(cid:1)(cid:4)(cid:5)(cid:6)(cid:3)(cid:1)(cid:11)(cid:12)(cid:13)(cid:14)(cid:19)(cid:9)(cid:3)(cid:8)(cid:1)(cid:29)(cid:9)(cid:10)(cid:4)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:9)(cid:15)(cid:8)(cid:3)(cid:14)(cid:3)(cid:15)(cid:8)(cid:3)(cid:15)(cid:11)(cid:3)(cid:1)(cid:20)(cid:3)$(cid:7)(cid:9)(cid:20)(cid:3)(cid:13)(cid:3)(cid:15)(cid:10)(cid:22)(cid:1)(cid:12)(cid:18)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)
(cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:3)(cid:5)(cid:6)(cid:7)(cid:2)(cid:8)(cid:9)(cid:10)(cid:11)(cid:12)(cid:6)(cid:10)(cid:13)(cid:14)(cid:14)(cid:15)’(cid:1)(cid:1)(cid:1)(cid:1)
(cid:8)#$(cid:27)(cid:24)(cid:22)(cid:23)(cid:12)(cid:31)(cid:1)(cid:10)(cid:21)(cid:27)(cid:25)(cid:27)(cid:22)(cid:25)(cid:1)
-(cid:15)(cid:1)(cid:12)(cid:7)(cid:20)(cid:1)(cid:12)(cid:14)(cid:9)(cid:15)(cid:9)(cid:12)(cid:15)3(cid:1)
(cid:5)
*
(cid:10)(cid:4)(cid:3)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:20)(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:1)(cid:12)(cid:18)(cid:1)(cid:21)(cid:5)(cid:14)(cid:16)(cid:20)(cid:7)(cid:22)(cid:1)(cid:23)(cid:7)(cid:22)(cid:10)(cid:20)(cid:5)(cid:19)(cid:9)(cid:5)(cid:1)(cid:24)(cid:9)(cid:13)(cid:9)(cid:10)(cid:3)(cid:8)(cid:1)(cid:9)(cid:22)(cid:1)(cid:9)(cid:15)(cid:1)(cid:5)(cid:11)(cid:11)(cid:12)(cid:20)(cid:8)(cid:5)(cid:15)(cid:11)(cid:3)(cid:1)(cid:29)(cid:9)(cid:10)(cid:4)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:3)(cid:5)(cid:6)(cid:7)(cid:2)(cid:8)(cid:9)(cid:10)(cid:11)(cid:12)(cid:6)(cid:10)
(cid:13)(cid:14)(cid:14)(cid:15)(cid:28)(cid:1)(cid:9)(cid:15)(cid:11)(cid:19)(cid:7)(cid:8)(cid:9)(cid:15)(cid:17)3(cid:1)
(cid:9)
(cid:9)(cid:9)
(cid:17)(cid:9)(cid:6)(cid:9)(cid:15)(cid:17)(cid:1)(cid:5)(cid:1)(cid:10)(cid:20)(cid:7)(cid:3)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)(cid:18)(cid:5)(cid:9)(cid:20)(cid:1)(cid:6)(cid:9)(cid:3)(cid:29)(cid:1)(cid:12)(cid:18)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:1)(cid:11)(cid:12)(cid:15)(cid:22)(cid:12)(cid:19)(cid:9)(cid:8)(cid:5)(cid:10)(cid:3)(cid:8)(cid:1)(cid:3)(cid:15)(cid:10)(cid:9)(cid:10)(cid:16)&(cid:22)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:14)(cid:12)(cid:22)(cid:9)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)(cid:5)(cid:22)(cid:1)(cid:5)(cid:10)(cid:1)(cid:30)(cid:31)(cid:1) (cid:7)(cid:15)(cid:3)(cid:1)
!(cid:31)"#(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)(cid:12)(cid:18)(cid:1)(cid:9)(cid:10)(cid:22)(cid:1)(cid:14)(cid:3)(cid:20)(cid:18)(cid:12)(cid:20)(cid:13)(cid:5)(cid:15)(cid:11)(cid:3)(cid:1)(cid:18)(cid:12)(cid:20)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:16)(cid:3)(cid:5)(cid:20)(cid:1)(cid:3)(cid:15)(cid:8)(cid:3)(cid:8)(cid:1)(cid:12)(cid:15)(cid:1)(cid:10)(cid:4)(cid:5)(cid:10)(cid:1)(cid:8)(cid:5)(cid:10)(cid:3)4(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)
(cid:11)(cid:12)(cid:13)(cid:14)(cid:19)(cid:16)(cid:9)(cid:15)(cid:17)(cid:1)(cid:29)(cid:9)(cid:10)(cid:4)(cid:1)(cid:23)(cid:7)(cid:22)(cid:10)(cid:20)(cid:5)(cid:19)(cid:9)(cid:5)(cid:15)(cid:1)(cid:23)(cid:11)(cid:11)(cid:12)(cid:7)(cid:15)(cid:10)(cid:9)(cid:15)(cid:17)(cid:1)+(cid:10)(cid:5)(cid:15)(cid:8)(cid:5)(cid:20)(cid:8)(cid:22)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:3)(cid:5)(cid:6)(cid:7)(cid:2)(cid:8)(cid:9)(cid:10)(cid:23)(cid:17)(cid:24)(cid:25)(cid:20)(cid:5)(cid:6)(cid:7)(cid:2)(cid:8)(cid:9)(cid:10)(cid:13)(cid:14)(cid:14)(cid:15)4(cid:1)
(cid:5)(cid:15)(cid:8)(cid:1)
(cid:10)(cid:4)(cid:3)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:20)(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:1)(cid:5)(cid:19)(cid:22)(cid:12)(cid:1)(cid:11)(cid:12)(cid:13)(cid:14)(cid:19)(cid:9)(cid:3)(cid:22)(cid:1)(cid:29)(cid:9)(cid:10)(cid:4)(cid:1)-(cid:15)(cid:10)(cid:3)(cid:20)(cid:15)(cid:5)(cid:10)(cid:9)(cid:12)(cid:15)(cid:5)(cid:19)(cid:1).(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)/(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:9)(cid:15)(cid:17)(cid:1)+(cid:10)(cid:5)(cid:15)(cid:8)(cid:5)(cid:20)(cid:8)(cid:22)(cid:1)(cid:5)(cid:22)(cid:1)
(cid:8)(cid:9)(cid:22)(cid:11)(cid:19)(cid:12)(cid:22)(cid:3)(cid:8)(cid:1)(cid:9)(cid:15)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:15)(cid:12)(cid:10)(cid:3)(cid:22)(cid:1)(cid:10)(cid:12)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:22)(cid:10)(cid:5)(cid:10)(cid:3)(cid:13)(cid:3)(cid:15)(cid:10)(cid:22)’(cid:1)(cid:1)
(cid:15)(cid:28)(cid:24)(cid:20)(cid:23)(cid:27)(cid:28)(cid:30)(cid:1)#(cid:25)(cid:29)(cid:20)(cid:23)(cid:24)(cid:28)(cid:27)(cid:25)(cid:24)!(cid:1)(cid:23)(cid:20)%(cid:28)(cid:23)$(cid:27)(cid:25)%(cid:1)%(cid:22)(cid:27)(cid:25)%(cid:1)(cid:29)(cid:22)(cid:25)(cid:29)(cid:20)(cid:23)(cid:25)(cid:1)
((cid:4)(cid:3)(cid:1)(cid:11)(cid:12)(cid:15)(cid:22)(cid:12)(cid:19)(cid:9)(cid:8)(cid:5)(cid:10)(cid:3)(cid:8)(cid:1)(cid:3)(cid:15)(cid:10)(cid:9)(cid:10)(cid:16)(cid:1)(cid:9)(cid:15)(cid:11)(cid:7)(cid:20)(cid:20)(cid:3)(cid:8)(cid:1)(cid:5)(cid:1)(cid:15)(cid:3)(cid:10)(cid:1)(cid:19)(cid:12)(cid:22)(cid:22)(cid:1)(cid:5)(cid:18)(cid:10)(cid:3)(cid:20)(cid:1)(cid:10)(cid:5)%(cid:1)(cid:12)(cid:18)(cid:1)5"66(cid:28)76!(cid:1)(cid:8)(cid:7)(cid:20)(cid:9)(cid:15)(cid:17)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:16)(cid:3)(cid:5)(cid:20)(cid:1)(cid:3)(cid:15)(cid:8)(cid:3)(cid:8)(cid:1)(cid:30)(cid:31)(cid:1) (cid:7)(cid:15)(cid:3)(cid:1)
!(cid:31)"#(cid:28)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)(cid:4)(cid:5)(cid:8)(cid:1)(cid:5)(cid:1)(cid:15)(cid:3)(cid:10)(cid:1)(cid:11)(cid:5)(cid:22)(cid:4)(cid:1)(cid:12)(cid:7)(cid:10)(cid:18)(cid:19)(cid:12)(cid:29)(cid:1)(cid:12)(cid:18)(cid:1)5!7(cid:30)(cid:28)(cid:31)#8(cid:1)(cid:18)(cid:20)(cid:12)(cid:13)(cid:1)(cid:12)(cid:14)(cid:3)(cid:20)(cid:5)(cid:10)(cid:9)(cid:15)(cid:17)(cid:1)(cid:5)(cid:11)(cid:10)(cid:9)(cid:6)(cid:9)(cid:10)(cid:9)(cid:3)(cid:22)’(cid:1)(cid:1)((cid:4)(cid:3)(cid:1)(cid:11)(cid:12)(cid:15)(cid:22)(cid:12)(cid:19)(cid:9)(cid:8)(cid:5)(cid:10)(cid:3)(cid:8)(cid:1)(cid:3)(cid:15)(cid:10)(cid:9)(cid:10)(cid:16)(cid:1)
(cid:11)(cid:12)(cid:15)(cid:10)(cid:9)(cid:15)(cid:7)(cid:3)(cid:22)(cid:1)(cid:10)(cid:12)(cid:1)*(cid:3)(cid:1)(cid:20)(cid:3)(cid:19)(cid:9)(cid:5)(cid:15)(cid:10)(cid:1)(cid:7)(cid:14)(cid:12)(cid:15)(cid:1)(cid:11)(cid:12)(cid:13)(cid:14)(cid:19)(cid:3)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)(cid:12)(cid:18)(cid:1)(cid:11)(cid:5)(cid:14)(cid:9)(cid:10)(cid:5)(cid:19)(cid:1)(cid:20)(cid:5)(cid:9)(cid:22)(cid:9)(cid:15)(cid:17)(cid:1)(cid:18)(cid:12)(cid:20)(cid:1)(cid:11)(cid:12)(cid:15)(cid:10)(cid:9)(cid:15)(cid:7)(cid:3)(cid:8)(cid:1)(cid:12)(cid:14)(cid:3)(cid:20)(cid:5)(cid:10)(cid:9)(cid:12)(cid:15)(cid:22)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)
(cid:14)(cid:20)(cid:12)(cid:6)(cid:9)(cid:22)(cid:9)(cid:12)(cid:15)(cid:1)(cid:12)(cid:18)(cid:1)(cid:29)(cid:12)(cid:20)2(cid:9)(cid:15)(cid:17)(cid:1)(cid:11)(cid:5)(cid:14)(cid:9)(cid:10)(cid:5)(cid:19)’(cid:1)
(cid:1)
(cid:1)
(cid:1)
3
(cid:1)
(cid:2)(cid:9)(cid:10)(cid:4)(cid:12)(cid:7)(cid:10)(cid:1)$(cid:7)(cid:5)(cid:19)(cid:9)(cid:18)(cid:16)(cid:9)(cid:15)(cid:17)(cid:1)(cid:12)(cid:7)(cid:20)(cid:1)(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:1)(cid:12)(cid:14)(cid:9)(cid:15)(cid:9)(cid:12)(cid:15)(cid:1)(cid:5)(cid:10)(cid:10)(cid:3)(cid:15)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)(cid:9)(cid:22)(cid:1)(cid:8)(cid:20)(cid:5)(cid:29)(cid:15)(cid:1)(cid:10)(cid:12)(cid:1)9(cid:12)(cid:10)(cid:3)(cid:1)"(cid:25)(cid:7)(cid:27)(cid:1):(cid:12)(cid:9)(cid:15)(cid:17)(cid:1)(cid:26)(cid:12)(cid:15)(cid:11)(cid:3)(cid:20)(cid:15)(cid:1)(cid:9)(cid:15)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)
(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:20)(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)’(cid:1)(cid:1)((cid:4)(cid:3)(cid:22)(cid:3)(cid:1)(cid:11)(cid:12)(cid:15)(cid:8)(cid:9)(cid:10)(cid:9)(cid:12)(cid:15)(cid:22)(cid:1)(cid:9)(cid:15)(cid:8)(cid:9)(cid:11)(cid:5)(cid:10)(cid:3)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:3)%(cid:9)(cid:22)(cid:10)(cid:3)(cid:15)(cid:11)(cid:3)(cid:1)(cid:12)(cid:18)(cid:1)(cid:5)(cid:1)(cid:13)(cid:5)(cid:10)(cid:3)(cid:20)(cid:9)(cid:5)(cid:19)(cid:1)(cid:7)(cid:15)(cid:11)(cid:3)(cid:20)(cid:10)(cid:5)(cid:9)(cid:15)(cid:10)(cid:16)(cid:1)(cid:29)(cid:4)(cid:9)(cid:11)(cid:4)(cid:1)(cid:13)(cid:5)(cid:16)(cid:1)(cid:11)(cid:5)(cid:22)(cid:10)(cid:1)
(cid:22)(cid:9)(cid:17)(cid:15)(cid:9)(cid:18)(cid:9)(cid:11)(cid:5)(cid:15)(cid:10)(cid:1)(cid:8)(cid:12)(cid:7)*(cid:10)(cid:1)(cid:5)*(cid:12)(cid:7)(cid:10)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:11)(cid:12)(cid:15)(cid:22)(cid:12)(cid:19)(cid:9)(cid:8)(cid:5)(cid:10)(cid:3)(cid:8)(cid:1)(cid:3)(cid:15)(cid:10)(cid:9)(cid:10)(cid:16)&(cid:22)(cid:1)(cid:5)*(cid:9)(cid:19)(cid:9)(cid:10)(cid:16)(cid:1)(cid:10)(cid:12)(cid:1)(cid:11)(cid:12)(cid:15)(cid:10)(cid:9)(cid:15)(cid:7)(cid:3)(cid:1)(cid:5)(cid:22)(cid:1)(cid:5)(cid:1)(cid:17)(cid:12)(cid:9)(cid:15)(cid:17)(cid:1)(cid:11)(cid:12)(cid:15)(cid:11)(cid:3)(cid:20)(cid:15)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)
(cid:10)(cid:4)(cid:3)(cid:20)(cid:3)(cid:18)(cid:12)(cid:20)(cid:3)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:11)(cid:12)(cid:15)(cid:22)(cid:12)(cid:19)(cid:9)(cid:8)(cid:5)(cid:10)(cid:3)(cid:8)(cid:1)(cid:3)(cid:15)(cid:10)(cid:9)(cid:10)(cid:16)(cid:1)(cid:13)(cid:5)(cid:16)(cid:1)*(cid:3)(cid:1)(cid:7)(cid:15)(cid:5)*(cid:19)(cid:3)(cid:1)(cid:10)(cid:12)(cid:1)(cid:20)(cid:3)(cid:5)(cid:19)(cid:9)(cid:22)(cid:3)(cid:1)(cid:9)(cid:10)(cid:22)(cid:1)(cid:5)(cid:22)(cid:22)(cid:3)(cid:10)(cid:22)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)(cid:8)(cid:9)(cid:22)(cid:11)(cid:4)(cid:5)(cid:20)(cid:17)(cid:3)(cid:1)(cid:9)(cid:10)(cid:22)(cid:1)(cid:19)(cid:9)(cid:5)*(cid:9)(cid:19)(cid:9)(cid:10)(cid:9)(cid:3)(cid:22)(cid:1)(cid:9)(cid:15)(cid:1)
(cid:10)(cid:4)(cid:3)(cid:1)(cid:15)(cid:12)(cid:20)(cid:13)(cid:5)(cid:19)(cid:1)(cid:11)(cid:12)(cid:7)(cid:20)(cid:22)(cid:3)(cid:1)(cid:12)(cid:18)(cid:1)*(cid:7)(cid:22)(cid:9)(cid:15)(cid:3)(cid:22)(cid:22)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)(cid:5)(cid:10)(cid:1)(cid:5)(cid:13)(cid:12)(cid:7)(cid:15)(cid:10)(cid:22)(cid:1)(cid:22)(cid:10)(cid:5)(cid:10)(cid:3)(cid:8)(cid:1)(cid:9)(cid:15)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:18)(cid:9)(cid:15)(cid:5)(cid:15)(cid:11)(cid:9)(cid:5)(cid:19)(cid:1)(cid:20)(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)’(cid:1)
(cid:11)(cid:20)(cid:21)(cid:22)(cid:23)(cid:24)(cid:1)(cid:22)(cid:25)(cid:1)(cid:24)(cid:26)(cid:20)(cid:1)(cid:11)(cid:20)&#(cid:25)(cid:20)(cid:23)(cid:28)(cid:24)(cid:27)(cid:22)(cid:25)(cid:1)(cid:11)(cid:20)(cid:21)(cid:22)(cid:23)(cid:24)(cid:1)(cid:1)
(cid:2)(cid:3)(cid:1)(cid:4)(cid:5)(cid:6)(cid:3)(cid:1)(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:3)(cid:8)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)/(cid:3)(cid:13)(cid:7)(cid:15)(cid:3)(cid:20)(cid:5)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)/(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:1)(cid:9)(cid:15)(cid:11)(cid:19)(cid:7)(cid:8)(cid:3)(cid:8)(cid:1)(cid:9)(cid:15)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:8)(cid:9)(cid:20)(cid:3)(cid:11)(cid:10)(cid:12)(cid:20)(cid:22)&(cid:1)(cid:20)(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:1)(cid:18)(cid:12)(cid:20)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:16)(cid:3)(cid:5)(cid:20)(cid:1)(cid:3)(cid:15)(cid:8)(cid:3)(cid:8)(cid:1)
(cid:30)(cid:31)(cid:1) (cid:7)(cid:15)(cid:3)(cid:1)!(cid:31)"#’(cid:1)(cid:1)((cid:4)(cid:3)(cid:1))(cid:9)(cid:20)(cid:3)(cid:11)(cid:10)(cid:12)(cid:20)(cid:22)(cid:1)(cid:12)(cid:18)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:26)(cid:12)(cid:13)(cid:14)(cid:5)(cid:15)(cid:16)(cid:1)(cid:5)(cid:20)(cid:3)(cid:1)(cid:20)(cid:3)(cid:22)(cid:14)(cid:12)(cid:15)(cid:22)(cid:9)*(cid:19)(cid:3)(cid:1)(cid:18)(cid:12)(cid:20)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:14)(cid:20)(cid:3)(cid:14)(cid:5)(cid:20)(cid:5)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)(cid:5)(cid:15)(cid:8)(cid:1)
(cid:14)(cid:20)(cid:3)(cid:22)(cid:3)(cid:15)(cid:10)(cid:5)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)(cid:12)(cid:18)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)/(cid:3)(cid:13)(cid:7)(cid:15)(cid:3)(cid:20)(cid:5)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)/(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:1)(cid:9)(cid:15)(cid:1)(cid:5)(cid:11)(cid:11)(cid:12)(cid:20)(cid:8)(cid:5)(cid:15)(cid:11)(cid:3)(cid:1)(cid:29)(cid:9)(cid:10)(cid:4)(cid:1)(cid:22)(cid:3)(cid:11)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)(cid:30)(cid:31)(cid:31)(cid:23)(cid:1)(cid:12)(cid:18)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:3)(cid:5)(cid:6)(cid:7)(cid:2)(cid:8)(cid:9)(cid:10)(cid:11)(cid:12)(cid:6)(cid:10)
(cid:13)(cid:14)(cid:14)(cid:15)’(cid:1)(cid:1)0(cid:7)(cid:20)(cid:1)(cid:20)(cid:3)(cid:22)(cid:14)(cid:12)(cid:15)(cid:22)(cid:9)*(cid:9)(cid:19)(cid:9)(cid:10)(cid:16)(cid:1)(cid:9)(cid:22)(cid:1)(cid:10)(cid:12)(cid:1)(cid:3)%(cid:14)(cid:20)(cid:3)(cid:22)(cid:22)(cid:1)(cid:5)(cid:15)(cid:1)(cid:12)(cid:14)(cid:9)(cid:15)(cid:9)(cid:12)(cid:15)(cid:1)(cid:12)(cid:15)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)/(cid:3)(cid:13)(cid:7)(cid:15)(cid:3)(cid:20)(cid:5)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)/(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:28)(cid:1)*(cid:5)(cid:22)(cid:3)(cid:8)(cid:1)(cid:12)(cid:15)(cid:1)(cid:12)(cid:7)(cid:20)(cid:1)
(cid:5)(cid:7)(cid:8)(cid:9)(cid:10)(cid:1)(cid:11)(cid:12)(cid:15)(cid:8)(cid:7)(cid:11)(cid:10)(cid:3)(cid:8)(cid:1)(cid:9)(cid:15)(cid:1)(cid:5)(cid:11)(cid:11)(cid:12)(cid:20)(cid:8)(cid:5)(cid:15)(cid:11)(cid:3)(cid:1)(cid:29)(cid:9)(cid:10)(cid:4)(cid:1)(cid:23)(cid:7)(cid:22)(cid:10)(cid:20)(cid:5)(cid:19)(cid:9)(cid:5)(cid:15)(cid:1)(cid:23)(cid:7)(cid:8)(cid:9)(cid:10)(cid:9)(cid:15)(cid:17)(cid:1)+(cid:10)(cid:5)(cid:15)(cid:8)(cid:5)(cid:20)(cid:8)(cid:22)’(cid:1)
(cid:8)#$(cid:27)(cid:24)(cid:22)(cid:23)(cid:12)(cid:31)(cid:1)(cid:10)(cid:21)(cid:27)(cid:25)(cid:27)(cid:22)(cid:25)(cid:1)(cid:22)(cid:25)(cid:1)(cid:24)(cid:26)(cid:20)(cid:1)(cid:11)(cid:20)&#(cid:25)(cid:20)(cid:23)(cid:28)(cid:24)(cid:27)(cid:22)(cid:25)(cid:1)(cid:11)(cid:20)(cid:21)(cid:22)(cid:23)(cid:24)(cid:1)
-(cid:15)(cid:1)(cid:12)(cid:7)(cid:20)(cid:1)(cid:12)(cid:14)(cid:9)(cid:15)(cid:9)(cid:12)(cid:15)(cid:28)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)/(cid:3)(cid:13)(cid:7)(cid:15)(cid:3)(cid:20)(cid:5)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)/(cid:3)(cid:14)(cid:12)(cid:20)(cid:10)(cid:1)(cid:12)(cid:18)(cid:1)(cid:21)(cid:5)(cid:14)(cid:16)(cid:20)(cid:7)(cid:22)(cid:1)(cid:23)(cid:7)(cid:22)(cid:10)(cid:20)(cid:5)(cid:19)(cid:9)(cid:5)(cid:1)(cid:24)(cid:9)(cid:13)(cid:9)(cid:10)(cid:3)(cid:8)(cid:1)(cid:18)(cid:12)(cid:20)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:16)(cid:3)(cid:5)(cid:20)(cid:1)(cid:3)(cid:15)(cid:8)(cid:3)(cid:8)(cid:1)
(cid:30)(cid:31)(cid:1) (cid:7)(cid:15)(cid:3)(cid:1)!(cid:31)"#(cid:28)(cid:1)(cid:11)(cid:12)(cid:13)(cid:14)(cid:19)(cid:9)(cid:3)(cid:22)(cid:1)(cid:29)(cid:9)(cid:10)(cid:4)(cid:1)(cid:22)(cid:3)(cid:11)(cid:10)(cid:9)(cid:12)(cid:15)(cid:1)(cid:30)(cid:31)(cid:31)(cid:23)(cid:1)(cid:12)(cid:18)(cid:1)(cid:10)(cid:4)(cid:3)(cid:1)(cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:3)(cid:5)(cid:6)(cid:7)(cid:2)(cid:8)(cid:9)(cid:10)(cid:11)(cid:12)(cid:6)(cid:10)(cid:13)(cid:14)(cid:14)(cid:15)’(cid:1)
(cid:1)
(cid:1)
(cid:1)
:/(cid:23)9((cid:1)(;0/9(09(cid:1)(cid:23)<)-((cid:1)(cid:21)(=(cid:1)(cid:24)()(cid:1)
(cid:26)(cid:4)(cid:5)(cid:20)(cid:10)(cid:3)(cid:20)(cid:3)(cid:8)(cid:1)(cid:23)(cid:11)(cid:11)(cid:12)(cid:7)(cid:15)(cid:10)(cid:5)(cid:15)(cid:10)(cid:22)(cid:1)
(cid:1)
(cid:1)
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ASX Additional Information
Additional information required by the Australian Stock Exchange Limited and not shown
elsewhere in the report follows. The information is current as at 30 September 2016.
Distribution of equity securities
Ordinary share capital
199,236,431 Fully paid ordinary shares are held by 1,416 individual shareholders.
All issued ordinary shares carry one vote per shares.
Options
14,450,000 Options are held by 7 individual option holders.
The number of shareholders, by size of holding, in each class are:
1-1,000
1,001 - 5000
5,000 – 10,000
10,001 – 100,000
100,001 and over
Holding less than a marketable parcel
Fully Paid Unquoted Options
85
294
214
641
182
1,416
1,180
0
0
0
0
7
7
0
Substantial shareholders
Ordinary shareholders
MR RAMY AZER
STROUD NOMINEES PTY LTD
BIJO (SA) PTY LTD
MR KARIM MOHAMED HAMDOUH ABBAS
MRS MARGARET FAY FULLER
45
Fully paid
Number
19,637,489
17,456,061
11,275,000
11,125,000
10,000,000
Percentage
9.86%
8.76%
5.66%
5.58%
5.02%
69,493,550
34.88%
ASX Additional Information
Twenty largest holders of quoted equity securities
MR RAMY AZER
STROUD NOMINEES PTY LTD
BIJO (SA) PTY LTD
MR KARIM MOHAMED HAMDOUH ABBAS
MRS MARGARET FAY FULLER
RONDELLE PTY LTD
VIKEYE PTY LTD
PHILLIPS CONTRACT ENGINEERING SERVICE P/L
HAHA INVESTMENTS (SA) PTY LTD
MARIO ALDO ZANDEL + BLOOMFIELD DEIRDRIE ANNE
MR DAVID NEHME
MR DOUG LI + MRS YUPING LI
MR COSSIMO RUSSO + MRS SUSAN RUSSO
Fully Paid Ordinary Shares
Percentage
9.86%
8.76%
5.66%
5.58%
5.02%
4.84%
4.52%
2.51%
1.53%
1.35%
1.04%
1.00%
1.00%
1.00%
0.85%
0.84%
0.78%
0.75%
0.73%
0.69%
Number
19,637,489
17,456,061
11,275,000
11,125,000
10,000,000
9,645,000
9,000,000
5,001,000
3,041,364
2,684,751
2,065,000
2,000,000
2,000,000
2,000,000
1,700,000
1,666,667
1,548,770
1,500,000
1,447,257
1,382,463
116,175,822
58.31%
46