Papyrus Australia
Annual Report
2022
Statutory Accounts
For the Year Ended 30 June 2022
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PAPYRUS AUSTRALIA Table of Contents
Letter from the Chairman
Company Overview
Our Purpose
Our Environmental Impact
Corporate Information
Corporate Governance Statement
Directors’ Report
Auditor’s independent Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Change in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Independent Audit Report
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68
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P A P Y R U S A U S T R A L I A
PAPYRUS AUSTRALIA 3
P A P Y R U S A U S T R A L I A
PAPYRUS AUSTRALIARenewable source, sustainable future Letter from
the Chairman
On behalf of the Directors of Papyrus Australia Limited
(Papyrus), I am pleased to present the Annual Report for
the financial year ending 30 June 2022 (FY22).
Papyrus recognises that the sovereignty of Aboriginal and Torres
Strait Islander peoples over their land was never ceded, and the
impact of this ongoing dispossession continues to this day. Our
diverse team in Australia work in different locations on traditional
lands and we recognise the traditional custodians of these lands. We
pay our respects to all Aboriginal and Torres Strait Islander Elders
past, present and emerging future leaders.
Environmental asset
In the spirit of embracing the Indigenous respect for the land and
understanding global stewardship, Papyrus has developed a world-
first technology which promotes a circular economy, whereby it
creates valuable products from abundant waste materials that would
otherwise negatively contribute to climate change and a deteriorating
environment.
Rapidly converging global events have caused a year of accelerated
change in thinking around the globe, prompting the prioritisation
of improved practices, new initiatives and innovations, which has
provided an opportunity for Papyrus to demonstrate our uniqueness.
Our patented, zero-waste process enables the development and
distribution of sustainable alternatives to plastic, timber fibre and
chemicals, which is more than just a goal or a vision – it’s our reason for being
and the core element of our present and future operations internationally.
Our emerging technology can contribute to a better tomorrow for diverse
and emerging economies, banana growing communities and agricultural
regions, and will have a significant decarbonising global impact.
4
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA “
Our emerging technology
can contribute to a better
tomorrow
M R E D W A R D B Y R T
Operations
Growth relationships
We work to meet global demands for sustainable,
economic, environmental and social production
expectations. Our technology processes and re-
purposes problematic banana plantation waste,
which is abundant in banana growing areas,
mostly located in developing countries and
often in impoverished communities.
Our Papyrus showcase operational facility in
Sohag, Egypt has proven the success of our
technology and in September 2021 we lodged
the Australian patent application for our banana
fibre production process to produce banana
fibre pulp to be used for moulded food packaging
products.
In November 2021 we leased a fully operational
moulded fibre packaging facility in Sharqiah
Egypt to utilise the Sohag-produced banana
fibre pulp, for the production of food packaging
products. The success at Sharqiah has led to
an agreement with Sohag-based Al Ahram for
Plastic Manufacturing, to enable their transition
from plastic packaging to banana fibre-based
food packaging – the first such transition
worldwide.
Our Australian technology has achieved strategic
growth and attracted significant attention this
year, as the world grapples with the urgency of
climate change. In April 2022, we entered into
an agreement with the Egyptian Government,
via the National Authority for Military Production
(the Ministry), as part of their ‘national waste
retrieval and re-purposing program’.
The Cooperation Protocol and subsequent
Roadmap we signed with the Ministry, will
establish a national industry in Egypt to retrieve,
process and repurpose banana plantation
waste utilising the Papyrus technology and IP.
The key structural elements establish a long-
term relationship as it is estimated there is the
potential for at least 40 banana waste processing
factories in Egypt based on the current banana
plantation areas.
Following that announcement of the Papyrus
agreement with the Egyptian Government,
the European Bank for Reconstruction and
Development (EBRD) in June 2022 agreed to
provide funding support to develop a five-year
business plan for the full commercialisation of
the Papyrus production facilities in Egypt. This
plan will underpin the expansion in Egypt which
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PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA has an estimated 6.7 million tonnes of banana
plantation waste each year and provides a
model for potential expansion into Africa, which
has an estimated annual 1.5 billion tonnes of
banana and plantain plantation waste that could
be processed using Papyrus’ technology.
Another strategic partnership developed this
year in Egypt is with Al Ahram for Plastics
technology,
Manufacturing. The Papyrus
producing a regular and significant supply
of banana fibre pulp, will enable Al Ahram to
transition from their current plastic-based food
packaging to environmentally friendly banana
fibre packaging. This is the first such transition
worldwide and the beginning of a new era of
sustainable packaging products in Egypt in
which Papyrus will proudly play a part.
Our team
It has been a privilege to work with my Board
colleagues this past year and with our growing
team across the company who each play such
an integral role in our work, and I thank them
for their personal contributions. In November
2021, we welcomed Ms Kerry Chikarovski AM
as Executive Director – Government Relations,
which is an important next step in facilitating
the Company’s strategic objectives
in the
Australian market.
We also strengthened our leadership capabilities
to support our growth strategy in March 2022,
with the appointment of Mr Daniel Schmidt, who
joined the executive team as Chief Operating
Officer to support the next stage of growth-
oriented initiatives and commercialising the
business. Papyrus enjoys a shared culture and
vision of a just and sustainable world across our
diverse and unique team that we are confident
will deliver long-term, profitable growth for our
shareholders.
The outlook
In the coming year, our key focus will be to
deliver on agreements with our new business
partners and deliver operational efficiencies in
our current processes in Sohag and Sharqiah.
We believe the continual development of long-
term growth partnerships align with our goal of
playing a major role in the global economy and
in carbon reduction in the environment and our
current opportunities certainly give us a chance
to test our belief.
introducing the
As Egypt steps into the spotlight in November
2022 to host the United Nations Climate
Conference at COP27, the Papyrus technology
will be showcased as part of the Egyptian
‘Global Waste
Government
Initiative 50 by 2050’ concept to increase
the treatment and recycling rate of banana
plantation and other waste
in Egypt and
Africa. This initiative along with the proposed
formation of a ‘global coalition for global impact’,
could propel the Papyrus technology onto the
world stage and we welcome the Egyptian
Government’s
future global
initiative and
cooperation.
Papyrus Australia Ltd
Edward Byrt
Chairman
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PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Company
Overview
Papyrus Australia has
created a chemical
free, mechanical
process that
converts banana
plantation waste into
cost competitive
commercial quantities
of banana fibre
pulp, fertiliser, food
packaging and other
consumable products.
7
Board &
Management
Manufacturing
Facilities
Papyrus benefits from a
strong Board and Executive
team, with significant
global experience in
commercialisation,
technology, R&D, compliance,
investment and operations.
Papyrus operates two proven
commercial scale facilities in
Egypt including a processing
plant converting banana waste
into pulp and fertiliser and a
separate facility converting
pulp into food packaging
products using fibre moulding
machines.
Research &
Development
We conduct ongoing R&D
to continually innovate the
conversion process with
the objective of developing
new products, enhanced
processes, more efficient
equipment and wider
applications for the
banana fibre.
Technology
& Intellectual
Property
Our patents protect innovative
processes, methodologies
and equipment that Papyrus
has developed to efficiently
convert banana plantation
waste into high quality
consumable products.
• Two patents granted
• One patent pending
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Our Purpose
Seeking a sustainable, eco-friendly
response to growing environmental
uncertainty, we have developed our
world-first technology to directly
address the negative impacts of
agri-waste, deforestation and
plastic polution.
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Vision
Be the global technology
leader for the conversion of
banana plantation waste into
consumable products.
Mission
Replace plastic and forest
sourced food packaging
products by a 100%
biodegradable, renewable,
circular economy product.
Goals
Engage banana growers,
packaging manufacturers and
other stakeholders in a global
commercialisation of the
technology.
Create a global waste
management supply chain
across the key banana growing
regions of Africa, Asia-Pacific
and Latin America.
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Our Purpose
Our Environmental Impact
The Papyrus technology alleviates three key
environmental and sustainability issues.
1.
2.
3.
Reducing
greenhouse gas
emissions
Global banana farm practices
leave cut down trunks, stalks
and leaves to rot on the land
which emit considerable
methane gases as they
decompose.
Papyrus processes the banana
waste so that they no longer
rot or decompose.
Replacing
Plastics used in
food packaging
Plastic food packaging causes
serious environmental and
health issues. Many fibre
mould manufacturers use
natural stock such as bagasse
or wood which are expensive
and energy intensive. Papyrus
pulp replaces plastics,
bagasse and wood pulp in
many food packaging uses.
Replacing
synthetic
fertiliser
Synthetic fertilisers made
from chemicals and non-
organic material leach into
groundwater causing water
pollution as well as having
detrimental long-term impacts
on soil and ecosystem health.
Papyrus’ organic extracted
fertiliser from banana waste
replaces synthetic fertiliser.
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PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Corporate Information
This annual report
covers Papyrus Australia
Ltd (ABN 63 110 868 409),
and its subsidiaries
(the consolidated group
or ‘Group’). 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 20 to 33. The
directors’ report is not part
of the financial report.
Directors
Mr Edward Byrt (Chairman)
Mr Ramy Azer (Managing Director)
Mr David Attias (Non-Executive Director)
Ms Kerry Chikarovski (Executive Director)
Mr Pascal Gouel (Executive Director)
Mr Vincent Peter Rigano (Non-Executive Director)
Company Secretary
Mr Vincent Peter Rigano
Registered Office
C/- V P Rigano & Co Pty Ltd
Level 2, 2 Peel Street
ADELAIDE SA 5000
Principal place of business
C/- V P Rigano & Co Pty Ltd
Level 2, 2 Peel Street
ADELAIDE SA 5000
Share Registry
Computershare Investor Services Pty Ltd
Level 5, 115 Grenfell Street
ADELAIDE SA 5000
Auditors
BDO Audit (SA) Pty Ltd
Level 7, BDO Centre
420 King William Street
ADELAIDE SA 5000
1 0
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Corporate Governance
Statement
Papyrus Australia Limited
(the Company) and the
Board are committed to
achieving and demonstrating
the highest standards of
corporate governance. The
Board continues to review
the framework and practices
to ensure they meet the
interests of shareholders.
The Company and its
controlled entities together
are referred to as the Group
in this statement.
The Group details below the corporate governance
practices in place at the end of the financial
year, all of which comply with the principles
and recommendations of the ASX corporate
governance council unless otherwise stated.
Some of the charters and policies that form the
basis of the corporate governance practices of
the Group may be located on the Group’s website,
http://www.papyrusaustralia.com.au/
On 27 February 2019, the ASX Corporate
Governance Council released the 4th Edition
of its Corporate Governance Principles and
Recommendations (4th Edition Recommendations).
The Group reviewed its corporate governance
and reporting practices under these principles
and
this Corporate
Governance Statement reflect this. As at the
date of this statement, the Group complies
with the 4th Edition Recommendations (unless
otherwise stated).
the disclosures
in
1 1
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Principle 1:
Lay solid foundations for management and oversight
The relationship between the Board and senior
management is critical to the Group’s long-term
success. The Directors are responsible to the
shareholders for the performance of the group
in both the short and the longer term and seek to
balance objectives in the best interests of the group
as a whole. Their focus is to enhance the interests
of shareholders and other key stakeholders and to
ensure the Group is properly managed.
The responsibilities of the Board include:
• providing strategic guidance to the Group
including contributing to the development of
and approving the corporate strategy;
•
reviewing and approving business plans, the
annual budget and financial plans including
available resources and major capital
expenditure initiatives;
• overseeing and monitoring the
organisational performance and the
achievement of the Group’s strategic goals
and objectives;
• monitoring financial performance including
approval of the annual and half-year financial
reports and liaison with the Company’s
auditors;
• appointment and performance assessment
of the Managing Director (MD);
•
ratifying the appointment and/or removal
and contributing to the performance
assessment for the members of the senior
management team, including the Company
Secretary;
• ensuring there are effective management
processes in place and approving major
corporate initiatives;
• enhancing and protecting the reputation of
the organisation;
1 2
• overseeing the operation of the Group’s system
for compliance and risk management reporting
to shareholders; and
• ensuring appropriate resources are available
to senior management.
Due to the size of the Group, the day to day
management of the Group’s affairs and the
implementation of the corporate strategy and
policy initiatives are managed by the Board.
The Board has not publicly disclosed a statement
of matters reserved for the Board, or the Board
charter. Given the size of the Company at this
time, the Board does not consider the formation
of a Board charter necessary.
The Board is presently responsible for evaluating
Board candidates and recommending individuals
for appointment to the Board. The Board
evaluates prospective candidates against a
range of criteria including the skills, experience,
expertise and diversity that will best complement
Board effectiveness at the time. The Board
and
undertakes
screening checks prior to nominating a director
for election by shareholders, and provides to
shareholders all material
its
possession concerning the director standing for
election or re-election in the explanatory notes
accompanying the notice of meeting.
background
appropriate
information
in
A written agreement has not been executed
with each director setting out the terms of their
appointment; therefore the Group does not
comply with recommendation 1.3 of the Corporate
Governance Principles and Recommendations. The
Company believes that due to their size and nature
of operations that this is acceptable, however will
ensure written agreements are executed with
future directors and senior executives.
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA The Company Secretary is accountable directly
to the Board, through the Chair, on all matters to
do with the proper functioning of the Board. The
Company Secretary is responsible for maintaining
the information systems and processes that
are appropriate for the Board to fulfill its role
and to achieve the objective of the Company.
The Company Secretary is also responsible for
ensuring that the Board procedures are complied
with and advising the Board on governance
matters. All Directors and Committees have
access to the Company Secretary for advice
and services. Independent advisory services
are retained by the Company Secretary at the
request of the Board or Committees.
formally documents
The Company does not have a diversity policy,
which
the principles
and commitment in relation to maintaining
a diverse group of employees within the
Company, and therefore has not complied
with recommendation 1.5(b) of the Corporate
Governance Principles and Recommendations.
However the Board continually assesses the
composition of the Board. The Company believes
this to be appropriate at this time, but notes it
uses diversity as a driver for staff recruitment.
The total proportion of men and women on
the board,
(being Key
in senior positions
Management Personal and decision makers of
the Company) and across the whole organisation
is listed below:
Category
Board
Senior Management
Whole Organisation
Men
Women
5
2
7
1
-
-
The Group has not disclosed in this Corporate
Governance Statement
its measureable
objectives
for achieving gender diversity
therefore has not complied with
and
the Corporate
1.5(a) of
recommendation
Governance Principles and Recommendations.
Due to the size of the Company and its number
of employees, the Board does not consider
1 3
it appropriate, at this time, to formally set
measurable objectives for gender diversity.
The Board will at
least annually evaluate
its performance and the performance of
its committees and individual directors to
determine whether or not it is functioning
effectively by reference to the current best
practices. The Board continually evaluates
the composition of the Board, however a
formal evaluation of its performance and the
performance of its committees and individual
directors is yet to be conducted. Due to the
size of the Company, the Board has determined
that this is appropriate at Company’s stage to
date, however it does recognise that ongoing
performance evaluation is important to ensure
that the Board, committees and individual
director’s remain relevant and committed
to the Company’s business operations and
changing business requirements. At the date
of this report, the Company has not complied
with recommendation 1.6(b) of the Corporate
Governance Principles and Recommendations.
The Group currently has three senior executives
and has no formal process for evaluating the
performance of its senior executives.
Principle 2: Structure the
board to add value
The Board has not established a nomination
committee, and thus not complied with
recommendation 2.1(a) of
the Corporate
Governance Principles and Recommendations.
The Directors takes ultimate responsibility in
addressing board succession issues and to
ensure the Board has the appropriate balance
of skills, knowledge, experience, independence
and diversity to enable it to discharge its
duties and responsibilities effectively. The
Board closely assesses diversity criteria when
considering Board candidates.
The Group’s desired mix of skills and competence
is listed below. The Board considers its current
composition adequately meets these required
competencies.
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Area
Leadership
Competence
Business Leadership, Public Listed Company Experience 5
Business, Finance and Legal
Accounting, Audit, Business Strategy, Competitive Business
Analysis, Corporate Financing, Financial Literacy, Legal, Mergers
and Acquisitions, Risk Management, Tax – International 2
Sustainability and Stakeholder
Management
7 Community Relations, Corporate Governance, Health & Safety,
Human Resources, Remuneration
Engineering and Technical
Engineering qualifications
At the date of this statement the Board consists
of the following directors:
Mr Edward Byrt, Non-Executive Chairman, Mr
Ramy Azer, Managing Director, Mr David Attias
Non-Executive Director, Ms Kerry Chikarovski
Executive Director, Mr Pascal Gouel Executive
Director, Mr Vincent Rigano, Non-Executive
Director/Company Secretary.
The Board considers this to be an appropriate
composition given the size and development of
the Group at the present time and continually
assesses the composition of the Board to ensure
its membership maintains a combination of
skills and experience that ensure the Board has
the expertise to meet both its responsibilities
to stakeholders and its strategic objectives.
The names of directors including details of their
qualifications and experience are set out in
the Directors’ Report of the Annual Report and
also available on the Company’s website: www.
papyrusaustralia.com.au
Independence
The Board
is conscious of the need for
independence and ensures that where a conflict
of interest may arise, the relevant Director(s)
leave the meeting to ensure a full and frank
discussion of the matter(s) under consideration
by the rest of the Board. Those Directors
who have interests in specific transactions
or potential transactions do not receive
Board papers related to those transactions or
potential transactions, do not participate in any
part of a Directors’ meeting which considers
those transactions or potential transactions,
are not involved in the decision making process
in respect of those transactions or potential
transactions, and are asked not to discuss
those transactions or potential transactions
with other Directors.
Directors of the Company are considered to
be independent when they are independent
of management and free from any business
or other relationship that could materially
interfere with, or could reasonably be perceived
to materially interfere with, the exercise of their
unfettered and independent judgment.
The Board has accepted the following definition
of an independent Director:
An independent director is a director who is not
a member of management, is a Non-Executive
Director and who:
•
•
•
is not, or has not been, employed in an
executive capacity by the Group and there
has been a period of at least three years
between ceasing such employment and
serving on the Board;
is not, or has not within the last three years
been, a partner, director or senior employee
of a provider of material professional
services to the Group;
is not, or has not within the last three years
been, in a material business relationship (e.g.
as a supplier or customer) with the Group, or
an officer or, or otherwise associated with,
someone with such a relationship;
1 4
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA •
is not a substantial security holder of
the entity or an officer of, or otherwise
associated with, a substantial security
holder of the entity;
• does not have a material contractual
relationship with the Group other than as a
director; or
• has not been a director of the entity for such
a period that his or her independence may
have been compromised.
Mr David Attias and Mr Vincent Rigano are Non-
Executive Directors and have no other material
relationships with the Group other than their
directorship. Mr Rigano has some shareholding
in the Group, he is not a substantial security
holder. As such, the Group assesses that it has
two independent directors during the year as
those relationships are defined.
The Board considers its current structure to
be an appropriate composition of the required
skills and experience, given the experience
of the individual Directors and the size and
development of the Company at the present
time. Each individual member of the Board
is satisfied that whilst the Company may not
comply with Recommendation 2.4, all Directors
bring an independent judgment to bear on Board
decisions.
The Company’s Chairman, Mr Edward Byrt
is not an independent director, due to his
shareholding, but he does not fulfil the role of
CEO. The Company therefore has not complied
with recommendation 2.5 of the Corporate
Governance Principles and Recommendations.
The Company believes this to be appropriate
at this time given the size and nature of the
Company’s operations, but will continue to
consider the composition of the board in the
future.
The Company does not maintain a formal
program for inducting new Directors, however
the Company Secretary ensures all new
directors receive adequate information and
documentation on appointment. The Company
also ensures that appropriate professional
development opportunities are provided to
directors to ensure they develop and maintain
the skills and knowledge needed to perform
their role as directors effectively.
Principle 3: Act lawfully,
ethically and responsibly
The Company has developed a Code of conduct
(the Code) which has been fully endorsed by the
Board and applies to all directors and employees.
The Code is regularly reviewed and updated
as necessary to ensure it reflects the highest
standards of behaviour and professionalism and
the practices necessary to maintain confidence
in the group’s integrity and to take into account
legal obligations and reasonable expectations
of the Company’s stakeholders.
In summary, the Code requires that at all times
all Company personnel act with the utmost
integrity, objectivity and in compliance with
the letter and the spirit of the law and company
policies.
Principle 4:
Safeguard integrity in
corporate reporting
Audit Committee (the Committee)
The Committee consists of the
following directors:
Mr Vincent Rigano (Committee Chair) (Non-
Executive Director), Mr Edward Byrt (Non-
Executive Chairman), Mr David Attias (Non-
Executive Director) and Mr Ramy Azer (Managing
Director)
Mr Vincent Rigano is an independent member
as discussed above in Principle 4 and the Chair
of the Committee. The chair of the Committee
is not the chair of the Board; however, the
independent members do not comprise the
majority of the Committee, therefore the Group
does not comply with recommendation 4.1(a)
(1) of the Corporate Governance Principles and
Recommendations. As three out of six Directors
are members of the audit committee, and given
1 5
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA quality and independence. The performance of
the external auditor is reviewed annually and
applications for tender of external audit services
are requested as deemed appropriate, taking
into consideration assessment of performance,
existing value and tender costs. BDO Audit (SA)
Pty Ltd (‘BDO’) was appointed as the external
auditor at the Company’s AGM in 2021. It is BDO’s
policy to rotate audit engagement partners
on listed companies in accordance with the
requirements of the Corporations Act 2001,
which is generally after five years, subject to
certain exceptions.
The amount of fees paid to the external auditors
is provided in a note to the financial statements.
It is the policy of the external auditors to provide
an annual declaration of their independence to
the Committee.
The external auditor will attend the Annual
General Meeting and be available to answer
shareholder questions about the conduct of the
audit and the preparation and content of the
audit report.
the size of the Company, the Board deems the
composition of the Committee appropriate at
this time.
The relevant qualifications and experience of
each of the members of the Committee can
be found in the director profiles contained
within the Company’s Annual Report and on the
Company’s website at: www.papyrusaustralia.
com.au. All members of the Audit Committee
are financially literate and have an appropriate
understanding of the industries in which the
group operates.
The number of times the Committee met
throughout the period and the
individual
attendance of the members at those meetings
are outlined within the Annual Report.
The Audit Committee does not have a formal
charter and has therefore not complied with
the Corporate
recommendation 4.1(3) of
Governance Principles and Recommendations.
The Board believes this is appropriate given the
size of the Company and the composition of the
Committee.
The Audit Committee has authority, within
the scope of its responsibilities, to seek any
information it requires from any employee or
external party.
The Managing Director and Company Secretary
have certified to the Board that the financial
statements are founded on a sound system
of risk management and
internal control
and that the system is operating efficiently
and effectively in all material respects. This
declaration is provided to the Board before it
approves the Company’s financial statements
for a financial period, and declares that in
their opinion, the financial records of the
Company have been properly maintained and
that the financial statements comply with the
appropriate accounting standards and give and
true and fair view of the financial position and
performance of the entity.
External auditors
The Company and Board Policy, is to appoint
external auditors who clearly demonstrate
1 6
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Principle 5: Make timely
and balanced disclosure
Continuous disclosure
The Company has a policy that all the Company
Shareholders and investors have equal access to
the Company’s information. The Board will ensure
that all price sensitive information is disclosed
to the ASX in accordance with the continuous
disclosure requirements of the Corporations Act
and the ASX Listing Rules.
The Board strives to ensure that security holders
are provided with sufficient
information to
assess the performance of the Group and its
Directors and to made well-informed investment
decisions. The Company provides all information
about itself and its corporate governance via its
website at: www.papyrusaustralia.com.a10u
Principle 6: Respect the
rights of security holders
Investor relations and member
participation
The Company does not have a
formal
shareholder communication policy which is not
in compliance with recommendation
6.2 of the Corporate Governance
Principles and Recommendations.
Shareholders are encouraged to participate at
all Annual General Meetings and other General
Meetings of the Company. Upon the dispatch
of any notice of meeting to Shareholders, the
Company Secretary shall send out material
with that notice of meeting stating that all
Shareholders are encouraged to participate
at the meeting. The meetings shall also be
conducted to allow questions and feedback to
the Board and management of the Company.
The Company aims to promote effective
communication to and from shareholders. At
this time Members of the Company cannot
register to receive email notifications when an
announcement is made by the Company to the
ASX, which is a departure from recommendation
6.3 of the Corporate Governance Principles
and Recommendations; however Members are
encouraged to contact the company via their
website or directly to the registered office.
Members are also encouraged to register with
the Company’s share register to communicate
electronically.
Principle 7: Recognise
and manage risk
The Board has identified the significant areas of
potential business and legal risk of the Company.
The
identification, monitoring and, where
appropriate, the reduction of significant risk to
the Company is the responsibility of the Board.
The Board has also established an Audit, Risk
and Compliance Committee which addresses
the risks to the Company.
The Board will review and monitor the
parameters under which such risks will be
managed. Management accounts will be
prepared and reviewed at Board meetings.
Budgets will be prepared and compared against
actual results.
The Board is responsible for satisfying itself
annually, or more frequently as required, that
management has developed and implemented a
sound system of risk management and internal
control, a review took place during the reporting
period.
The Company does not have an internal audit
function due to the size and nature of the
Group, however the Audit, Business Risk
and Compliance Committee
is responsible
for ensuring there are adequate policies in
relation to risk management, compliance and
internal control systems. They monitor the
Company’s risk management by overseeing
management’s actions
the evaluation,
management, monitoring and reporting of
material operational, financial, compliance and
strategic risks. In providing this oversight, the
Audit Committee and the Board:
in
1 7
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA •
•
•
•
•
reviews the framework and methodology
for risk identification, the degree of risk
the Company is willing to accept, the
management of risk and the processes for
auditing and evaluating the Company’s risk
management system;
reviews group-wide objectives in the
context of the abovementioned categories
of corporate risk;
reviews and, where necessary, approves
guidelines and policies governing the
identification, assessment and management
of the Company’s exposure to risk;
reviews and approves the delegations of
financial authorities and addresses any need
to update these authorities on an annual
basis, and
reviews compliance with agreed policies.
The Committee recommends any actions
it deems appropriate to the board for its
consideration.
Management
is responsible for designing,
implementing and reporting on the adequacy
of the Company’s risk management and internal
control system and has to report to the Board on
the effectiveness of:
•
•
the risk management and internal control
system during the year, and
the company’s management of its material
business risks.
Securities Trading Policy
The Company has established a policy
concerning trading in the Company’s shares
by the Company’s officers, employees and
contractors and consultants to the Company
while engaged
in work for the Company
(“Representatives”).
This policy provides that it is the responsibility
of each Representative to ensure they do not
breach the insider trading prohibition in the
Corporations Act. Breaches of the
insider
trading prohibition will result in disciplinary
action being taken by the Company.
1 8
Management
is responsible for designing,
implementing and reporting on the adequacy
of the Company’s risk management and internal
control system and has to report to the Board on
the effectiveness of:
the risk management and
system during the year, and
internal control
the company’s management of its material
business risks.
Representatives must also obtain written
consent from the Chairman (or, in the case of
the Chairman, from the Board) prior to trading
in the Company’s securities.
Subject to these restrictions, the policy
provides that Directors, the Company Secretary
and employees of, or contractors to, the
Company that have access to the Company’s
financial information are permitted to trade in
the Company’s securities throughout the year
except during the following periods:
a. the period between the end of the March
and September quarters and the release of
the Company’s quarterly report to ASX for
so long as the Company is required by the
Listing Rules to lodge quarterly reports;
b. the period between the end of the June
quarter and the release of the Company’s
annual report to ASX; and
c. the period between the end of the December
quarter and the release of the Company’s
half year report to ASX.
In exceptional circumstances the Board may
waive the requirements of the Share Trading
Policy to allow Representatives to trade in the
shares of the Company, provided to do so would
not be illegal.
Directors must advise the Company Secretary of
changes to their shareholdings in the Company
within two business days of the change.
The Securities Trading Policy can be
viewed on the ASX announcements tab at
www.asx.com.au.
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA The Board has not established a Remuneration
Committee, as given the size of the Group and
number of employees, it is not considered that
this is required at this time. The Board therefore
fulfils the duties of the committee.
Every employee of the Group signs a formal
employment contract at the time of their
appointment covering a range of matters
including their duties, rights, responsibilities
and any entitlements on termination.
on
directors’
information
Further
and
executives’ remuneration, including principles
used to determine remuneration, is set out
in the directors’ report under the heading
‘Remuneration report’
included within the
Annual Report. In accordance with Group policy,
participants in equity-based remuneration plans
are not permitted to enter into any transactions
that would limit the economic risk of options or
other unvested entitlements.
Exposure to material economic,
environmental and social
sustainability risk
The Company’s policy is to identify and manage
potential or apparent business, economic,
environmental and social sustainability risks
(if appropriate). The Company at present has
not identified specific material risk exposure
in these categories. Review of the Company’s
risk management policy is conducted at least
annually and reports are continually created by
management on the efficiency and effectiveness
of the Company’s risk management framework
and associated internal compliance and control
procedures.
Principle 8: Remunerate
fairly and responsibly
The Chairman and the Directors are entitled to
draw Directors fees and receive reimbursement of
reasonable expenses for attendance at meetings.
The Company is required to disclose in its annual
report details of remuneration to Directors.
The maximum aggregate annual remuneration
which may be paid to Non-Executive Directors
is $300,000. This amount cannot be increased
without Shareholder approval.
1 9
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Directors’
Report
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 2022.
Edward Byrt, LLB
Non-Executive Chairman
Ted Byrt is a company director with over 30
years’ experience
in commerce, corporate
international business. He
governance and
is a specialist strategic advisor for major
development and infrastructure projects within
Australia and offshore.
Ted is a business advisor and Board member of
several leading organisations in South Australia.
He was until March 2017 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
2017 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 the
Company since 2004.
Ted is not (currently or in the previous 3 years) a
director of any other listed companies.
2 0
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 David Attias, Non-Executive Director
Ms Kerry Chikarovski, Executive Director
(appointed 1 November 2021)
Mr Pascal Gouel, Executive Director
(appointed 29 July 2022)
Mr Vincent Peter Rigano,
Non-Executive Director
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
and
innovation. Ramy has been Managing Director
since 2005 and prior to that had 10 years’
experience with Papyrus Technology Pty Ltd.
development
business
Ramy is not (currently or in the previous 3 years)
a director of any other listed companies.
David Attias, MBA Banking and Finance
Non-Executive Director
Driven by business opportunity, David brings
a solid financial, analytical and technological
background to the Papyrus Team. David is
a serial entrepreneur, having founded and
and
successfully managed
hospitality businesses.
e-commerce
He is currently a director of L39 Capital, a non-
executive director of Creative Food Australia,
and has held a prior funds management position
in a Blockchain Technology Investment Fund.
David’s experience is ultimately a reflection
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Recently, he was an
Investment Committee
member of an Industry Superannuation Fund,
responsible for deal origination, due diligence
and execution of various global private equity
deals and has held a number of operational and
investment roles in his career including Chief
Investment Officer, General Manager, Director
level roles and a number of operational roles within
various industries and sectors.
Pascal is not (currently or in the previous 3 years)
a director of any other listed companies.
Vincent Peter Rigano, BA Accounting, CPA
Non-Executive Director and Company
Secretary
Vince is a CPA with over 25 years’ experience in
corporate accounting, management consulting
and company secretarial. Vince has been
company secretary for a number of years for
Papyrus.
Vince 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.
Vince is not (currently or in the previous 3 years)
a director of any other listed companies.
of his passion for property investment and
portfolio management.
David is not (currently or in the previous 3 years)
a director of any other listed companies.
Kerry Chikarovski BA Economics and BA Laws,
Executive Director (Appointed on 1 November 2021)
Kerry established Chikarovski & Associates
– government relations firm working with
organisations, not for profits and
industry
associations, to help them understand the
processes of government and work successfully
with bureaucrats and politicians at local, state
and federal
levels of government; advising
clients across a range of industry sectors
on policy and regulatory issues, as well as in
relation to major projects and procurement,
including banking and finance, infrastructure,
construction and property, transport, energy ,
health, sport, and manufacturing.
political
experienced
An
and media
commentator, across a variety of programs
including Sky News PM Agenda, Lunch Agenda,
ABCNews24, The Drum, ABC 702 and RN Drive.
She is Chairperson of NSW Women’s Rugby
Union; Director, Humpty Dumpty Foundation,
and of Our Watch; Ambassador, for the
Australian Indigenous Education Foundation;
former Trustee of the Sydney Cricket & Sports
Ground Trust; former NSW Leader of the Liberal
Party in NSW & Leader of the Opposition. Kerry
was previously a Solicitor and Lecturer in Law.
Kerry is not (currently or in the previous 3 years)
a director of any other listed companies.
Pascal Gouel B.Ch.E, Master of Engineering management,
MBA
Executive Director (Appointed on 29 July 2022)
Pascal is an accomplished professional with
over 25 years global experience in operations,
top tier management consulting and investment
management including 10 years spent working
in the Middle East in Egypt, Kuwait, KSA and
UAE. Pascal has worked for firms such as Booz
Allen, Qantas, British American Tobacco as well
as number of Family Offices out of Kuwait and
Germany.
2 1
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Papyrus Australia Ltd
ABN 63 110 868 409
Directors’ Report
30 June 2022
Pascal Gouel B.Ch.E, Master of Engineering management, MBA (Executive Director) (Appointed on 29 July 2022)
Pascal is an accomplished professional with over 25 years global experience in operations, top tier management consulting and
investment management including 10 years spent working in the Middle East in Egypt, Kuwait, KSA and UAE. Pascal has worked
for firms such as Booz Allen, Qantas, British American Tobacco as well as number of Family Offices out of Kuwait and Germany.
Principal Activities And Significant Changes In
Nature Of Activities
Recently, he was an Investment Committee member of an Industry Superannuation Fund, responsible for deal origination, due
diligence and execution of various global private equity deals and has held a number of operational and investment roles in his
career including Chief Investment Officer, General Manager, Director level roles and a number of operational roles within various
industries and sectors.
The Group’s commercialisation strategy remains focused on being a technology licensing Group
Pascal is not (currently or in the previous 3 years) a director of any other listed companies.
assisting suitable entities to establish banana plantation waste processing factories in locations
Vincent Peter Rigano, BA Accounting, CPA (Non-Executive Director and Company Secretary)
worldwide where bananas are grown.
Vince is a CPA with over 25 years’ experience in corporate accounting, management consulting and company secretarial. Vince
has been company secretary for a number of years for Papyrus.
There have been no significant changes in the nature of those activities during the year.
Vince 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.
Vince is not (currently or in the previous 3 years) a director of any other listed companies.
Operating Results
PRINCIPAL ACTIVITIES AND SIGNIFICANT CHANGES IN NATURE OF ACTIVITIES
The loss of the consolidated group after providing for income tax amounted to $1,176,771 (2021:
The Group’s commercialisation strategy remains focused on being a technology licensing Group assisting suitable entities to
$90,783).
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.
Interests In The Shares And Options Of The
Company And Related Bodies Corporate
The loss of the consolidated group after providing for income tax amounted to $1,176,771 (2021: $90,783).
OPERATING RESULTS
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:
As at the date of this report, the interests of the directors in the shares and options of Papyrus Australia Ltd were:
Edward Byrt
Ramy Azer
David Attias
Kerry Chikarovski (appointed 1 November 2021) *
Pascal Gouel (appointed 29 July 2022)
Vincent Peter Rigano
Number of Ordinary Shares
Direct interest
Indirect interest
Number of Options
over Ordinary
Shares
25,799,481
48,613,253
-
100,000
-
140,000
-
10,433,064
-
-
12,830,445
642,884
-
-
-
4,000,000
-
-
* Ms Chikarovski was issued 4,000,000 unlisted options upon the appointment to the Board during the year.
* Ms Chikarovski was issued 4,000,000 unlisted options upon the appointment to the Board during the year.
DIVIDENDS
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
No dividends were paid or declared since the start of the financial year. No recommendation for
payment of dividends has been made.
The 2021/2022 financial year has seen significant development towards commercialisation of the Papyrus Australia Ltd (Papyrus)
technology. This year Papyrus has focused on the following key areas:
• Continued improvement and development of the suite of technologies
• Refining and narrowing the range of end products to target for initial commercialisation
• Developing the business commercialisation model.
Operations Review
The 2021/2022 financial year has seen significant development towards commercialisation of
the Papyrus Australia Ltd (Papyrus) technology. This year Papyrus has focused on the following
11
key areas:
• Continued improvement and development of the suite of technologies
• Refining and narrowing the range of end products to target for initial commercialisation
2 2
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA • Developing the business commercialisation
model.
The Technology
• Developing key customer relationships
for early adoption of the technologies and
development of the banana plantation waste
processing industry
As the world confronts the growing threat of
climate change, there is an increasing demand
for innovations to reduce our global impact,
which continues to drive Papyrus Australia.
This has built a platform for the future growth
plans for Papyrus and delivered the following
key results in financial year 2021/2022.
Key Highlights:
•
Initial selection of two key end products to
support the drive for commercialisation:
1. Banana plantation waste fibre for
moulded food packaging
2. Liquid fertiliser (Musa)
• Refining the technology, process and
equipment to manufacture the two key end
products identified at the Papyrus Egypt
factory in Sohag and leased factory in
Sharqiah Egypt.
• Development of the business model with two
main operating and revenue pillars:
1. Equipment manufacturing, sales and
licencing
2. Products trading to connect producers
to users
• Secured Grant funding from the European
Bank for Reconstruction and Development
to develop the commercialisation plan and
five-year business plan
• Secured two cornerstone business partners
and customers for the initial adoption of the
technology outside our demonstration plant:
1. Egyptian Government
2. Al Ahram for Plastics Manufacturing (Al
Ahram)
Papyrus’ world-first, patented technologies
displace plastic packaging by providing
alternatives from banana fibre. This is done via
a zero-waste process that is fully sustainable,
does not consume any chemicals or water
during manufacture and does not contribute to
the destruction of the environment, addressing
growing environmental uncertainty. The global
impact of this technology on banana producing
countries has the potential to address economic
and social disadvantage and significantly
reduce the environmental degradation from
banana plantation waste.
lodged
In September 2021, Papyrus
the
Australian patent application for banana fibre
production process for moulded food packaging.
This Australian patent was an important first
step in the Company acquiring broad-ranging
international patent protection for this state-
of-the-art zero waste, dewatering and fibre
production process.
Dewatering process
The market success of the Papyrus fertiliser
product ‘MUSA’, led to the registration of this
trademark product in Egypt and as ‘MUZA’ in
Australia. With continued high demand, trials to
increase Musa production from the dewatering
plant demonstrated positive results with the
capability of doubling its output.
Fibre production process
The significant commercial value of this process
was proven in a series of trials undertaken
this year, in which the Company successfully
produced commercial quantities of high-quality
biodegradable moulded food packaging using
off-the-shelf moulding machines.
Future market opportunity also exists from the
valuation of emissions reduction from banana
tree waste stockpiles.
2 3
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Engineering Development
In the second half of the financial year, on the
back of selecting two end products to focus
on, Papyrus has been able to refine the process
design to five key stages of production:
1. Shredding
2. Crushing and dewatering
3. Liquid fertiliser production
4. Refining
5. Moulding
Upon completing the process design the team
has also completed the proposed plant layout
and equipment design for the process. Papyrus
has completed the prefeasibility estimate for
the sale of processing equipment from the
Equipment Manufacturing arm of its business.
This will form the foundation for initial equipment
sales to prospective customers. Papyrus has
developed the initial equipment supply chain
model and commenced engagement of key
suppliers for each of key components.
Papyrus
Egypt Joint Venture
Fiber Production Demonstration
Plant (Sohag, Egypt)
An increase in demand for Papyrus products
in Egypt earlier this year led to the upscale of
the production capacity in our operations in
Sohag. The upscaling along with the mechanical
improvements in the dewatering of the fibre
resulted in more Musa and other agri-products
being produced and
in the
quality of the fibre and pulp produced. These
important to the overall technology
were
improvement and has led to increased sales and
revenues.
improvements
Fiber Moulding Plant
(Sharqiah, Egypt)
Increased production enabled the Papyrus’
joint venture company, Papyrus Egypt to lease
2 4
a fully operational moulded fibre packaging
facility in Sharqiah Egypt from November 2021.
This enabled the Company to fast-track testing
and production of products such as the world
first 100% banana fibre burger clam shell. The
plant is producing at scale and selling moulded
egg trays utilising fibre produced at the Sohag
factory.
It is also important to note that Papyrus Australia
has increased its equity in the Egyptian Banana
Fibre Company to 39.22% which gives it a direct
and indirect interest in Papyrus Egypt of 69.61%.
Business Development
Al Ahram for Plastics Manufacturing
The success at the Sharqiah facility led to the
signing of a partnering agreement with the
long established and successful Sohag based
Egyptian corporation Al Ahram, to enable their
transition from plastic packaging to banana
fibre-based food packaging. This first such
transition worldwide, marks the beginning of a
new era of sustainable and compostable 100%
banana fibre packaging products in Egypt that
will propel the Papyrus technology onto the
world stage.
Egyptian Government
Of significant note to showcase our philosophy
and technology is the Co-operation Protocol
and Roadmap Agreement that Papyrus has
signed with the Egyptian Government via the
National Authority for Military Production (The
Ministry). This agreement is to establish a
national industry in Egypt to process banana
plantation waste, as part of the national waste
retrieval and repurposing program.
The Egyptian Government
the
implementation of Papyrus Technology will be
enabled to
through
• build facilities to convert banana tree
waste into useable products such as liquid
fertiliser and refined fibre
• create local employment by expanding
across Egypt
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA • use the agri-waste productively and reduce
methane emissions, and
•
replace plastics and industrially produced
fertilizers.
This agreement will see Papyrus build its first
scale production facility with a strategic partner
and creating a model for future expansion.
IP,
the
In the licence agreement with the Egyptian
Government, Papyrus will supply technology
and
integrated control systems,
specialised components and technical support.
The Ministry will operate the facility under
commercial agreement and Papyrus will be the
sole distributor of the output of the factories.
It is estimated there is the potential for up to
40 banana waste processing factories in Egypt
based on the current area of banana plantations.
This project will substantially benefit Papyrus’
Egyptian business and help propel this innovative
Australian technology onto the world stage, as
it promotes a circular economy and produces
valuable product from waste material with a
process that has no negative environmental
impact.
Grant funding from the European
Bank for Reconstruction and
Development
A substantial opportunity for Papyrus arose at
the end of the financial year, when the European
Bank for Reconstruction and Development
(EBRD) agreed to provide funding support
for the development of a five-year business
plan. This business plan will address the full
commercialisation of the Papyrus production
facility in Sohag, Egypt and the anticipated
expansion of Papyrus in Egypt.
The EBRD funded business plan which will
look at key factors including growth over the
next five years, the profitable utilisation of
production facilities
in Egypt, employment
in local communities and the reduction of
agricultural waste and its negative impact on
the surrounding environment.
This plan will underpin the Company’s expansion
in Egypt which produces an estimated 6.7
2 5
million tonnes of banana plantation waste each
year. It also provides a model for expansion into
Africa, which has an estimated annual 1.5 billion
tonnes of banana plantation* waste that could
be processed using the Papyrus technology.
Building Capability
to
facilitate
In November 2021 Papyrus appointed Kerry
Chikarovski AM as Executive Director –
Government Relations
the
Company’s strategic objectives in the Australian
market. As a former MP and leader of the
New South Wales Liberal Party from 1999 to
2002, Ms Chikarovski brings highly valuable
firsthand government knowledge and extensive
community and stakeholder relations expertise
to the Company.
In January 2022 Daniel Schmidt joined the
Papyrus executive team to support the next
stage of commercialising the business. Daniel
brings over 15 years’ experience in senior roles
in the mining and metals industry, specifically
focused on the management of processing
operations, supply chains and procurement.
In his role as Chief Operating Officer, Daniel
will draw upon his experience
in project
management and delivering organisational
change to support the commercialisation of
Papyrus.
Outlook
The selection of two key end products and
securing the Egyptian Government and Al
Ahram as initial adopters of the technology
has tightened the focus for the business
going forward and established a framework to
commence the initial commercialisation in line
with the business model. The proposed sale of
fibre processing equipment and implementing
the business model with
the Egyptian
Government provides a critical platform and
launchpad for sales of the fibre processing
technology in the region and more significantly,
into the African market, where 60% of the
global banana and plantain plantations* exist.
The establishment of a dedicated banana waste
fibre moulding line with Al Ahram producing
finished moulded food packaging will also be a
significant step to realising commercialisation
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA of the technology. The successful establishment
of these factories with our partners this coming
year is the final step in realising the value of the
technology at a commercial scale.
technology in response to market demand. We
are continuing to invest in growth to achieve
greater outcomes for economies, communities,
and our environment.
Papyrus continues to receive strong interest in its
technology from many banana growing regions
around the world including Australia, Philippines,
Thailand, Indonesia, Africa and South America.
With approximately 10 million hectares of banana
plantation worldwide producing an estimated
2.2 billion tonnes of agri-waste annually that is
mostly unutilised and readily accessible, there
is a significant future potential to license and
sell the Papyrus technology to growing regions
throughout the world.
In November 2021, Ms Kerry Chikarovski
was appointed as an Executive Director –
Government Relations.
The Non-Executive Directors continued to
forego their remuneration during the year.
The Annual General Meeting of the Company was
held on 26 November 2021, where the Chairman and
Managing Director gave a comprehensive review
of Company’s operations and strategic activities
including the introduction of UPE director Siew
Hong Koh and the team from L39 Capital.
In summary, Papyrus has achieved a significant
shift in capability, capacity, and operational
performance this year and with a strong
and energetic commitment to purpose,
is
scaling up the commercialisation of Papyrus
2 6
Significant Changes In
The State Of Affairs
There have been no significant changes in the
state of affairs of the Company during the year
ended 30 June 2022.
Likely Developments And
Expected Results
The Company 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.
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Matters Subsequent To
The End Of The Financial Year
Papyrus Australia Ltd
ABN 63 110 868 409
On 29 July 2022 the Company appointed Mr. Pascal Gouel as Executive Director – International
Directors’ Report
Business Development.
30 June 2022
There have been no other significant matters subsequent to the end of the financial year.
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
On 29 July 2022 the Company appointed Mr. Pascal Gouel as Executive Director – International Business Development.
Shares under option
There have been no other significant matters subsequent to the end of the financial year.
At the date of this report, the following options to acquire ordinary shares in the Company were
Shares under option
on issue:
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
Vesting date
11/11/2020
17/11/2020
4/05/2021
4/05/2021
30/08/2021
4/11/2021
29/03/2022
1/04/2022
11/11/2022
17/05/2022
4/05/2026
4/05/2026
30/08/2022
4/11/2022
29/03/2023
1/04/2025
$0.05
$0.015
$0.20
$0.40
$0.06
$0.10
$0.10
$0.10
4/05/2023
Net Issued
/(Exercised or
expired) during
year
Number under
option at the date
of this report
750,000
750,000
(41,666,667)
250,000
250,000
(20,000,000)
4,000,000
1,000,000
250,000
-
250,000
250,000
-
4,000,000
1,000,000
250,000
Shares issued as a result of the exercise of options
Shares issued as a result of the exercise of options
As a result of the exercise of options by L39, 41,666,667 shares were issued on various dates during the year ended 30 June
2022 (23,000,000 options were exercised during 2021 financial year).
As a result of the exercise of options by L39, 41,666,667 shares were issued on various dates during
Options Expired
the year ended 30 June 2022 (23,000,000 options were exercised during 2021 financial year).
20,000,000 options expired on the 30 August 2022.
New options issued
Options Expired
On 30 August 2021 the Company entered into a deed with Sydney based BPE Investments Pty Ltd and Union Pacific
Investments Pty Ltd to promote the Company to potential users of its environmentally friendly technology, improve the
Company’s opportunities and profile in Australia and internationally and increase value to shareholders. As a result of the deed
20,000,000 options expired on the 30 August 2022.
execution, the Company issued 20,000,000 unlisted options at a purchase price of $0.0005, exercisable at $0.06 per option, and
expiring in 12 months from the date of issue, these options subsequently expired on the 30 August 2022.
4,000,000 unlisted options exercisable at $0.10 per option and with an expiry date of one year from date of issue, being 4
November 2022 were issued on the appointment of Kerry Chikarovski as a director.
1,000,000 unlisted options exercisable at $0.10 per option and with an expiry date of one year from date of issue, being 29 March
2023 were issued under an independent services deed executed with Sydney-based Markson Sparks Pty Ltd (“MS”) to assist the
Company with its promotional activities.
250,000 unlisted options exercisable at $0.10 per option and with an expiry date of three years from date of issue, being 1 April
2025 were issued, for outstanding services rendered by the general manager of Papyrus Egypt.
Option holders do not have any rights to participate in any issues of shares or other interests of the company or any other entity.
There have been no other options granted over unissued shares or interests of any control entity within the Group during or since
the end of the reporting period. For details of options issued to directors and executives as remuneration, refer to the
remuneration report.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
To the extent permitted by law, the Company has not indemnified (un-insured) each director and the secretary of the Company.
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.
2 7
15
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Indemnification And
Insurance Of Directors
And Officers
To the extent permitted by law, the Company
has not indemnified (un-insured) each director
and the secretary of the Company. 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.
New options issued
On 30 August 2021 the Company entered into a
deed with Sydney based BPE Investments Pty
Ltd and Union Pacific Investments Pty Ltd to
promote the Company to potential users of its
environmentally friendly technology, improve the
Company’s opportunities and profile in Australia
and
increase value to
shareholders. As a result of the deed execution,
the Company issued 20,000,000 unlisted options
at a purchase price of $0.0005, exercisable at
$0.06 per option, and expiring in 12 months from
the date of issue, these options subsequently
expired on the 30 August 2022.
internationally and
4,000,000 unlisted options exercisable at $0.10
per option and with an expiry date of one year
from date of issue, being 4 November 2022 were
issued on the appointment of Kerry Chikarovski
as a director.
1,000,000 unlisted options exercisable at $0.10
per option and with an expiry date of one year
from date of issue, being 29 March 2023 were
issued under an independent services deed
executed with Sydney-based Markson Sparks
Pty Ltd (“MS”) to assist the Company with its
promotional activities.
250,000 unlisted options exercisable at $0.10 per
option and with an expiry date of three years from
date of issue, being 1 April 2025 were issued, for
outstanding services rendered by the general
manager of Papyrus Egypt.
Option holders do not have any rights to
participate in any issues of shares or other
interests of the company or any other entity.
There have been no other options granted over
unissued shares or interests of any control entity
within the Group during or since the end of the
reporting period. For details of options issued to
directors and executives as remuneration, refer
to the remuneration report.
2 8
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Remuneration Report
- Audited
report outlines
remuneration
This
arrangements in place for key management
personnel of Papyrus Australia Ltd.
the
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
is
retaining and
competitive
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.
in attracting,
remuneration
that
Employment contracts
The employment conditions of the Managing
Director, Mr Ramy Azer, are formalised in a one
year service contract between his related entity
Ramy Azer (an incorporated Egyptian entity
BRN 4294) and Papyrus Australia Ltd and his fee
is $250,000 per annum (exclusive of GST) and a
displacement allowance of $50,000 payable by
the joint venture company Papyrus Egypt. 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 noted that this contract expired on
the 30 November 2021 and was extended for a
further 12 months period to November 2022.
The Company has employment contracts with
the following:
• Mr Daniel Schmidt, Chief Operations Officer
with a remuneration of $205,000 per annum
plus superannuation. The contract has no
fixed term with each party can terminate the
contract with 3 months’ notice in writing.
2 9
• Mr Peter Rostig, Manager – Engineering &
Business Development with a remuneration
of $135,000 per annum plus superannuation.
The contract has no fixed term with each
party can terminate the contract with 3
months’ notice in writing.
The Company has consultancy contracts with
the following executive directors:
• On the 1st November 2021, the Company
entered into a services deed with
Chikarovski and Associates to provide
services with a remuneration of $30,000 per
annum. The deed had no fixed term and may
be terminated by either party with 30 days’
notice in writing.
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 10.5%, 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
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA market practice, duties and accountability.
Independent external advice is sought when
required.
with a vote total of more than 95%. The Company
did not receive any specific feedback at the AGM
on its remuneration report.
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 other than
the Managing Director, no other directors have
received any remuneration during the 2022
financial year.
Use Of Remuneration Consultants
recommendations made
During the financial year, there were no
in
remuneration
relation to key management personnel for the
Company by any remuneration consultants.
The Company did not use any remuneration
consultation during financial year 2022.
Voting And Comments Made At The
Company’s 2021 Annual General
Meeting
Papyrus Australia Ltd motion in relation to the
approval of 2021 remuneration report passed
Details Of Remuneration
Amounts of remuneration
Detail of the remuneration of key management
personnel of the Group are set out in the
following tables.
They key management personnel of the Group
consisted of the following directors Papyrus
Australia Limited:
Mr Edward Byrt, Chairman
Mr Ramy Azer, Managing Director
Mr David Attias, Non-Executive Director
Ms Kerry Chikarovski Executive Director
(Appointed 1 November 2021)
Mr Vincent Peter Rigano, Non-Executive Director
And the following person:
Mr Daniel Schmidt (Appointed 6 January 2022)
– General Manager
Mr Peter Rostig – Manager
– Engineering & Business Development
There has been no change to the key
management personnel of the group since the
end of the reporting period.
3 0
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Papyrus Australia Ltd
ABN 63 110 868 409
Directors’ Report
30 June 2022
REMUNERATION REPORT CONTINUED- AUDITED
VOTING AND COMMENTS MADE AT THE COMPANY’S 2021 ANNUAL GENERAL MEETING
Papyrus Australia Ltd motion in relation to the approval of 2021 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.
DETAILS OF REMUNERATION
Amounts of remuneration
Detail of the remuneration of key management personnel of the Group are set out in the following tables.
They key management personnel of the Group consisted of the following directors Papyrus Australia Limited: Mr Edward Byrt,
Chairman
Mr Ramy Azer, Managing Director
Mr David Attias, Non-Executive Director
Ms Kerry Chikarovski Executive Director (Appointed 1 November 2021)
Mr Vincent Peter Rigano, Non-Executive Director
And the following person:
Mr Daniel Schmidt (Appointed 6 January 2022) – General Manager
Mr Peter Rostig – Manager – Engineering & Business Development
There has been no change to the key management personnel of the group since the end of the reporting period.
Table 1: Directors’ remuneration for the year ended 30 June 2022 and 30 June 2021
Table 1: Directors’ remuneration for the year ended 30 June 2022 and 30 June 2021
Primary Benefit
Post-Employment
Salary & Fees
$
Superannuation
$
Share-based
Payments
Options
$
Primary Benefit
$
Mr Ramy Azer
2022(*)
2021
Mr Edward Byrt
2022
2021
Mr David Attias
2022
2021
Ms Kerry Chikarovski (appointed 1
November 2021)
2022(**)
2021
Mr Vincent Rigano
2022
2021
Total
2022
2021
250,000
145,833
-
-
-
-
22,000
-
-
-
272,000
145,833
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
250,000
145,833
-
-
-
-
64,832
22,000
-
-
-
-
-
-
64,832
-
272,000
145,833
Papyrus Australia Ltd
(*) Represents remuneration to Mr Azer under the service contract discussed above from July 2021. The remuneration above
(*) Represents remuneration to Mr Azer under the service contract discussed above from July 2021. The remuneration above
ABN 63 110 868 409
doesn’t included benefits paid to Mr Azer by Papyrus Egypt, the entity that the Company has joint control over and accounts for
doesn’t included benefits paid to Mr Azer by Papyrus Egypt, the entity that the Company has joint control over and accounts for
using equity method. These benefits are displacement allowance and an amount of $50,000 and $29,167 were payable to Mr Azer
Directors’ Report
using equity method. These benefits are displacement allowance and an amount of $50,000 and $29,167 were payable to Mr
for the year ended 30 June 2022 and 30 June 2021 respectively.
Azer for the year ended 30 June 2022 and 30 June 2021 respectively.
30 June 2022
(**) Represents the payments made to Ms Chikarovski under the consultancy contract as discussed above and the incentive
package remunerated to Ms Chikarovski upon her appointment as Director of the Company in November 2021, over which
(**) Represents the payments made to Ms Chikarovski under the consultancy contract as discussed above and the incentive
REMUNERATION REPORT CONTINUED- AUDITED
shareholder approval will be obtained at 2022 AGM.
package remunerated to Ms Chikarovski upon her appointment
DETAILS OF REMUNERATION CONTINUED
17
Table 2: Remuneration of key management personnel for the year ended 30 June 2022 and 30 June 2021
Table 2: Remuneration of key management personnel for the year ended 30 June 2022 and 30 June 2021
Primary Benefit
Post-Employment
Salary & Fees
$
Superannuation
$
Share-based
Payments
Options
$
Primary Benefit
$
Mr Peter Rostig
2022 (****)
2021
Mr Daniel Schmidt
(appointed January 2022)
2022(***)
2021
Total
2022
2021
108,555
17,318
41,394
-
149,949
17,318
9,163
1,645
4,139
-
13,302
1,645
13,155
2,192
-
-
13,155
2,192
117,718
21,155
45,533
-
163,251
18,963
(***) Represents remuneration to Mr Schmidt under the service contract discussed above. Mr Schmidt commenced on a as needs
(***) Represents remuneration to Mr Schmidt under the service contract discussed above. Mr Schmidt commenced on a as
bases from January 2022 and commenced fulltime employment during June 2022.
needs bases from January 2022 and commenced fulltime employment during June 2022.
(****) Mr Rostig under the service contract discussed above, a sign-on incentive was provided to Mr Rostig as part of his
appointment with the Company. 500,000 unlisted options under a contract of employment were issued 4 May 2021, of these
250,000 vested on 4 May 2022 have an exercise price of $0.20 per option and expire on 4 May 2026. The remaining 250,000
options will vest on 4 May 2023 if Mr Rostig remains in employment with the Company, have an exercise price of $0.40 per
option and an expiry date of 4 May 2026.
3 1
All remuneration for both 2022 and 2021 for key management personnel was fixed and not linked to performance.
Options holdings of Directors and Key Management Personnel
Balance at 1
July 2021
Granted as
remuneration
Other
Changes -
Exercised
Other
Changes -
Issued
Balance at 30
Vested and
June 2022
Exercisable at
30 June 2022
K Chikarovski (*)
P Rostig (**)
Total
-
4,000,000
500,000
500,000
-
4,000,000
-
-
-
-
-
-
4,000,000
4,000,000
500,000
250,000
4,500,000
4,2500,000
(*) 4,000,000 unlisted options exercisable at $0.10 per option were issued to Ms Chikarovski with an expiry date of one year from
the date of issue, being 4 November 2021 shareholder approval for the issue will be obtained at the 2022 AGM. The options had
a fair value of$64,832 at the grant date, determined using Black Scholes valuation model.
(**) 500,000 unlisted options under a contract of employment were issued 4 May 2021, of these 250,000 vested on 4 May 2022
as Mr Rostig remained in employment with the Company at that time, have an exercise price of $0.20 per option and expire on 4
May 2026. The remaining 250,000 options will vest on 4 May 2023 if Mr Rostig remains in employment with the Company, have
an exercise price of $0.40 per option and an expiry date of 4 May 2026. The options had a fair value of $8,868 and $8,573 at the
grant date, determined using Black Scholes valuation model respectively.
18
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Papyrus Australia Ltd
ABN 63 110 868 409
Directors’ Report
30 June 2022
REMUNERATION REPORT CONTINUED- AUDITED
DETAILS OF REMUNERATION CONTINUED
Table 2: Remuneration of key management personnel for the year ended 30 June 2022 and 30 June 2021
Primary Benefit
Post-Employment
Primary Benefit
Salary & Fees
Superannuation
$
$
Share-based
Payments
Options
$
$
Mr Peter Rostig
2022 (****)
2021
Mr Daniel Schmidt
(appointed January 2022)
2022(***)
2021
Total
2022
2021
108,555
17,318
41,394
-
149,949
17,318
9,163
1,645
4,139
-
13,302
1,645
13,155
2,192
-
-
13,155
2,192
117,718
21,155
45,533
-
163,251
18,963
(****) Mr Rostig under the service contract discussed above, a sign-on incentive was provided to Mr Rostig as part of his
(***) Represents remuneration to Mr Schmidt under the service contract discussed above. Mr Schmidt commenced on a as needs
appointment with the Company. 500,000 unlisted options under a contract of employment were issued 4 May 2021, of these
bases from January 2022 and commenced fulltime employment during June 2022.
250,000 vested on 4 May 2022 have an exercise price of $0.20 per option and expire on 4 May 2026. The remaining 250,000
(****) Mr Rostig under the service contract discussed above, a sign-on incentive was provided to Mr Rostig as part of his
options will vest on 4 May 2023 if Mr Rostig remains in employment with the Company, have an exercise price of $0.40 per
appointment with the Company. 500,000 unlisted options under a contract of employment were issued 4 May 2021, of these
option and an expiry date of 4 May 2026.
250,000 vested on 4 May 2022 have an exercise price of $0.20 per option and expire on 4 May 2026. The remaining 250,000
options will vest on 4 May 2023 if Mr Rostig remains in employment with the Company, have an exercise price of $0.40 per
All remuneration for both 2022 and 2021 for key management personnel was fixed and not
option and an expiry date of 4 May 2026.
linked to performance.
All remuneration for both 2022 and 2021 for key management personnel was fixed and not linked to performance.
Options holdings of Directors and Key Management Personnel
Options holdings of Directors and Key Management Personnel
Balance at 1
July 2021
Granted as
remuneration
Other
Changes -
Exercised
Other
Changes -
Issued
Balance at 30
June 2022
Vested and
Exercisable at
30 June 2022
K Chikarovski (*)
P Rostig (**)
Total
-
4,000,000
500,000
500,000
-
4,000,000
-
-
-
-
-
-
4,000,000
4,000,000
500,000
250,000
4,500,000
4,2500,000
(*) 4,000,000 unlisted options exercisable at $0.10 per option were issued to Ms Chikarovski with an expiry date of one year from
(*) 4,000,000 unlisted options exercisable at $0.10 per option were issued to Ms Chikarovski with an expiry date of one year
Papyrus Australia Ltd
the date of issue, being 4 November 2021 shareholder approval for the issue will be obtained at the 2022 AGM. The options had
from the date of issue, being 4 November 2021 shareholder approval for the issue will be obtained at the 2022 AGM. The options
a fair value of$64,832 at the grant date, determined using Black Scholes valuation model.
had a fair value of$64,832 at the grant date, determined using Black Scholes valuation model.
ABN 63 110 868 409
Directors’ Report
(**) 500,000 unlisted options under a contract of employment were issued 4 May 2021, of these 250,000 vested on 4 May 2022
(**) 500,000 unlisted options under a contract of employment were issued 4 May 2021, of these 250,000 vested on 4 May 2022
as Mr Rostig remained in employment with the Company at that time, have an exercise price of $0.20 per option and expire on 4
30 June 2022
as Mr Rostig remained in employment with the Company at that time, have an exercise price of $0.20 per option and expire on
Papyrus Australia Ltd
May 2026. The remaining 250,000 options will vest on 4 May 2023 if Mr Rostig remains in employment with the Company, have
4 May 2026. The remaining 250,000 options will vest on 4 May 2023 if Mr Rostig remains in employment with the Company, have
an exercise price of $0.40 per option and an expiry date of 4 May 2026. The options had a fair value of $8,868 and $8,573 at the
ABN 63 110 868 409
an exercise price of $0.40 per option and an expiry date of 4 May 2026. The options had a fair value of $8,868 and $8,573 at the
REMUNERATION REPORT CONTINUED - AUDITED
grant date, determined using Black Scholes valuation model respectively.
grant date, determined using Black Scholes valuation model respectively.
Directors’ Report
DETAILS OF REMUNERATION CONTINUED
30 June 2022
Key Management Personnel (Direct) Shareholdings
Key Management Personnel (Direct) Shareholdings
REMUNERATION REPORT CONTINUED - AUDITED
Balance at 1 July 2021
Other Changes
Balance at 30 June 2022
DETAILS OF REMUNERATION CONTINUED
R Azer
48,613,253
Key Management Personnel (Direct) Shareholdings
E Byrt
25,779,481
Balance at 1 July 2021
Other Changes
Balance at 30 June 2022
D Attias
K Chikarovski (*)
R Azer
V Rigano
E Byrt
Total
D Attias
-
-
48,613,253
12,830,445
25,779,481
87,223,179
-
18
-
-
-
100,000
-
-
-
100,000
-
48,613,253
25,779,481
-
100,000
48,613,253
12,830,445
25,779,481
87,323,179
-
* During the year Mrs Chikarovski purchased 100,000 shares on market prior to joining the board.
* During the year Mrs Chikarovski purchased 100,000 shares on market prior to joining the board.
K Chikarovski (*)
100,000
-
100,000
-
12,830,445
87,223,179
V Rigano
Other transactions with key management personnel
Other transactions with key management personnel
Total
The Company has an unsecured loan representing a draw down facility provided by Talisker (SA) Pty Ltd (“Talisker”), an entity
The Company has an unsecured loan representing a draw down facility provided by Talisker (SA) Pty
associated with the Company’s Managing Director, Mr Ramy Azer. The loan is unsecured and repayable from future revenues or
* During the year Mrs Chikarovski purchased 100,000 shares on market prior to joining the board.
proceeds from future equity raisings, subject to not materially prejudicing the ability of the Company to repay its creditors. The
Ltd (“Talisker”), an entity associated with the Company’s Managing Director, Mr Ramy Azer. The loan
balance of the loan at 30 June 2022 is $0 (2021: $0). As at 30 June 2022, the accrued interest of $61,700 associated with the
Other transactions with key management personnel
is unsecured and repayable from future revenues or proceeds from future equity raisings, subject to
loan historically is still outstanding. The interest was agreed between the parties to be paid only when the group makes sufficient
not materially prejudicing the ability of the Company to repay its creditors. The balance of the loan at
profit. This interest portion was presented in the financial statement of the Group within the ‘Trade and other payables’ a current
The Company has an unsecured loan representing a draw down facility provided by Talisker (SA) Pty Ltd (“Talisker”), an entity
liability.
associated with the Company’s Managing Director, Mr Ramy Azer. The loan is unsecured and repayable from future revenues or
30 June 2022 is $0 (2021: $0). As at 30 June 2022, the accrued interest of $61,700 associated with the
proceeds from future equity raisings, subject to not materially prejudicing the ability of the Company to repay its creditors. The
loan historically is still outstanding. The interest was agreed between the parties to be paid only when
The Company had unsecured payable owing to with V Rigano. The payable was short-term in nature and no interest is charged
balance of the loan at 30 June 2022 is $0 (2021: $0). As at 30 June 2022, the accrued interest of $61,700 associated with the
on this. The balance of the loan is as follows:
the group makes sufficient profit. This interest portion was presented in the financial statement of the
loan historically is still outstanding. The interest was agreed between the parties to be paid only when the group makes sufficient
profit. This interest portion was presented in the financial statement of the Group within the ‘Trade and other payables’ a current
Group within the ‘Trade and other payables’ a current liability.
liability.
Balance at 30 June 2021
Balance at 30 June 2022
87,323,179
12,830,445
100,000
V Rigano
The Company had unsecured payable owing to with V Rigano. The payable was short-term in nature and
The Company had unsecured payable owing to with V Rigano. The payable was short-term in nature and no interest is charged
no interest is charged on this. The balance of the loan is as follows:
on this. The balance of the loan is as follows:
END OF AUDITED REMUNERATION REPORT.
1,033
-
V Rigano
-
1,033
Balance at 30 June 2021
Balance at 30 June 2022
END OF AUDITED REMUNERATION REPORT.
3 2
19
19
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Papyrus Australia Ltd
ABN 63 110 868 409
Directors’ Report
Directors’ Meetings
30 June 2022
DIRECTORS’ MEETINGS
The number of meetings of directors (including meetings of committees of directors) held during
The number of meetings of directors (including meetings of committees of directors) held during the year and the number of
the year and the number of meetings attended by each director were as follows:
meetings attended by each director were as follows:
Number of meetings held
Number of meetings attended:
Mr Edward Byrt
Mr Ramy Azer
Mr David Attias
Mrs Kerry Chikarovski
Mr Vincent Rigano
Directors'
Meetings
14
Number eligible
to attend
Number attended
Audit Committee
2
Number eligible
to attend
Number attended
14
14
14
10
14
14
14
14
8
14
2
2
2
-
2
2
-
2
-
2
Members acting on the audit committee of the Board are:
Members acting on the audit committee of the Board are:
Vincent Rigano Non-executive director
Edward Byrt
Non-executive director
Vincent Rigano Non-executive director
David Attias
Non-executive director
Managing director
Ramy Azer
Edward Byrt Non-executive director
David Attias Non-executive director
PROCEEDINGS ON BEHALF OF THE COMPANY
Ramy Azer Managing director
The Group was not a party to any proceedings during the year.
Proceedings On Behalf Of The Company
NON AUDIT SERVICES
BDO Audit (SA) Pty Ltd, in its capacity as auditor for Papyrus Australia Ltd, has not provided any non-audit services throughout
The Group was not a party to any proceedings during the year.
the reporting period.
Non Audit Services
AUDITOR’S INDEPENDENCE DECLARATION
The auditor’s independence declaration for the year ended 30 June 2022 as required under section 307C of the Corporations Act
BDO Audit (SA) Pty Ltd, in its capacity as auditor for Papyrus Australia Ltd, has not provided any
2001 has been received and can be found on page 21.
non-audit services throughout the reporting period.
Signed in accordance with a resolution of the directors.
Auditor’s Independence Declaration
The auditor’s independence declaration for the year ended 30 June 2022 as required under
Mr Ramy Azer
section 307C of the Corporations Act 2001 has been received and can be found on page 33.
Managing Director
Dated this 26th day of September 2022
Signed in accordance with a resolution of the directors.
Mr Ramy Azer
Managing Director
Dated this 26th day of September 2022
20
3 3
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPapyrus Australia Ltd ABN 63 110 868 409 Directors’ Report 30 June 2022 20 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: Directors' Meetings Audit Committee Number of meetings held 14 2 Number of meetings attended: Number eligible to attend Number attended Number eligible to attend Number attended Mr Edward Byrt 14 14 2 2 Mr Ramy Azer 14 14 2 - Mr David Attias 14 14 2 2 Mrs Kerry Chikarovski 10 8 - - Mr Vincent Rigano 14 14 2 2 Members acting on the audit committee of the Board are: Vincent Rigano Non-executive director Edward Byrt Non-executive director David Attias Non-executive director Ramy Azer Managing director PROCEEDINGS ON BEHALF OF THE COMPANY The Group was not a party to any proceedings during the year. NON AUDIT SERVICES BDO Audit (SA) 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 2022 as required under section 307C of the Corporations Act 2001 has been received and can be found on page 21. Signed in accordance with a resolution of the directors. Mr Ramy Azer Managing Director Dated this 26th day of September 2022
Tel: +61 8 7324 6000
Fax: +61 8 7324 6111
www.bdo.com.au
BDO Centre
Level 7, 420 King William Street
Adelaide SA 5000
GPO Box 2018 Adelaide SA 5001
Australia
DECLARATION OF INDEPENDENCE
BY ANDREW TICKLE
TO THE DIRECTORS OF PAPYRUS AUSTRALIA LIMITED
As lead auditor of Papyrus Australia Limited for the year ended 30 June 2022, I declare that, to the
best of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Papyrus Australia Limited and the entities it controlled during the
period.
Andrew Tickle
Director
BDO Audit (SA) Pty Ltd
Adelaide, 26 September 2022
BDO Audit (SA) Pty Ltd ABN 33 161 379 086 is a member of a national association of independent entities which are all members of BDO
Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (SA) Pty Ltd and BDO Australia Ltd are
members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent
member firms. Liability limited by a scheme approved under Professional Standards Legislation.
21
3 4
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Financial Report
Papyrus Australia Ltd
Consolidated Statement of Profit or Loss and Other
ABN 63 110 868 409
Comprehensive Income For the Year Ended 30 June 2022
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 30 June 2022
Other income
Share based payment expense
Consultancy expenses / Salaries and Wages
Depreciation expense
Employee benefits expenses
Other expenses
Share of net profits of associate and joint venture
Loss before income tax benefit
Income tax benefit
Loss for the period
Other compressive income
Total comprehensive income for the year
Loss attributable to the parent
Loss for the year
Total comprehensive income attributable to the parent
Total comprehensive income attributable to members of the parent entity
Earnings per share:
Basic earnings per share
Diluted earnings per share
Note
Consolidated Group
30 June
2022
$
30 June
2021
$
2 (a)
-
-
(97,685)
(36,856)
(391,941)
(149,483)
(212)
-
2 (b)
2 (c)
(163,251)
(18,963)
(276,346)
(311,680)
(247,336)
(1,176,771)
-
426,199
(90,783)
-
(1,176,771)
(90,783)
-
(1,176,771)
(1,176,771)
(1,176,771)
(1,176,771)
(1,176,771)
-
(90,783)
(90,783)
(90,783)
(90,783)
(90,783)
Cents
(0.27)
(0.27)
Cents
(0.02)
(0.02)
3
4
4
3 5
The accompanying notes form part of these financial statements.
22
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Papyrus Australia Ltd
ABN 63 110 868 409
Consolidated Statement of Financial Position
As At 30 June 2022
Consolidated Statement of Financial Position
As At 30 June 2022
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Prepayments
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
Investments accounted for using the equity method
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Other non-current liabilities
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS / (LIABILITIES)
EQUITY
Issued capital
Reserves
Accumulated losses
Total attributable to owners of parent
TOTAL EQUITY / (DEFICIT)
Note
Consolidated Group
30 June
2022
$
30 June
2021
$
5
6
7
8
9
1,376,268
2,071,640
1,045,373
452,634
-
9
2,421,641
2,524,283
2,960
-
1,052,242
1,299,578
1,055,202
1,299,578
3,476,843
3,823,861
10
203,984
203,985
121,916
121,916
-
-
-
-
203,984
121,916
3,272,859
3,701,945
11
12
25,672,581
25,032,581
1,060,263
952,578
(23,459,985)
(22,283,214)
3,272,859
3,701,945
3,272,859
3,701,945
3 6
The accompanying notes form part of these financial statements.
23
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Papyrus Australia Ltd
Consolidated Statement of changes in equity
ABN 63 110 868 409
For the Year Ended 30 June 2022
Consolidated Statement of changes in equity
For the Year Ended 30 June 2022
Issued
Capital
Consolidated Group
Earnings/
(Accumulated
losses)
Share
Option
Reserve
Total
$
$
$
$
21,395,581
(22,192,431)
915,722
118,872
-
-
(90,783)
(90,783)
-
-
(90,783)
(90,783)
Shares issued via private placement on 10 December 2020
2,142,000
Issue of Share options
-
Total transactions with owners and other transactions
11
3,637,000
Balance at 30 June 2021
25,032,581
(22,283,214)
952,578
3,701,945
Balance at 1 July 2020
Comprehensive income
Loss for the year
Total comprehensive income for the period
transactions with owners, in their capacity as owners, and other
transactions
Shares issued via exercise of options on 20 August 2020
Shares issued via private placement on 17 October 2020
Shares issued via exercise of options on 17 November 2020
Shares issued as a result of 2020 AGM on 17 November 2020
Shares issued via private placement on 4 December 2020
Balance at 1 July 2021
Comprehensive income
Loss for the year
Total comprehensive income for the period
transactions with owners, in their capacity as owners, and other
transactions
Shares Issued via exercise of options on 19 January 2022
Shares issued via exercise of options on 24 January 2022
Shares issued via exercise of options on 30 March 2022
Shares issued via private placement on 1 April 2022
Shares issued via exercise of options on 29 April 2022
Shares issued via exercise of options on 11 May 2022
Share based payments
Unlisted Options issued to sophisticated investor on 20 August
2021
30,000
132,000
230,000
367,000
735,000
75,000
150,000
75,000
15,000
150,000
175,000
-
-
25,032,581
(22,283,214)
952,578
3,701,945
-
-
(1,176,771)
(1,176,771)
- (1,176,771)
- (1,176,771)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30,000
132,000
230,000
367,000
735,000
2,142,000
36,856
36,856
36,856
3,673,856
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
97,685
10,000
75,000
150,000
75,000
15,000
150,000
175,000
97,685
10,000
107,685
747,685
Total transactions with owners and other transactions
11
640,000
Balance at 30 June 2022
25,672,581
(23,459,985) 1,060,263
3,272,859
3 7
The accompanying notes form part of these financial statements.
24
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Papyrus Australia Ltd
ABN 63 110 868 409
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2022
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers and employees
Note
Consolidated Group
30 June
2022
$
30 June
2021
$
-
-
(750,760)
(498,381)
NET CASH USED IN OPERATING ACTIVITIES
13
(750,760)
(498,381)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase property, plant & equipment
Purchase of investment in equity accounting investments
Loans made to joint venture entity
(3,172)
-
-
(613,379)
(576,440)
(449,232)
CASH FLOWS FROM FINANCING ACTIVITIES
(579,612)
(1,062,611)
Proceeds from issue of shares
Proceeds from issue of options
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
625,000
3,637,000
10,000
-
-
(32,510)
635,000
3,604,490
(695,372)
2,043,498
2,071,640
28,142
CASH AT THE END OF THE FINANCIAL YEAR
5(a)
1,376,268
2,071,640
3 8
The accompanying notes form part of these financial statements.
25
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Notes to the Financial Statements
For the year ended 30 June 2022
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 its 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 26 September 2022.
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.
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.
3 9
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA 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 16 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.
(c) Business combinations
The acquisition method of accounting is used to account for all business combinations
regardless of whether equity instruments or other assets are acquired. Cost is measured as
the fair value of the assets given, shares issued, or liabilities incurred or assumed at the date
of exchange. Costs directly attributable to the combination are expensed as incurred. Where
equity instruments are issued in a business combination, the fair value of the instruments is
their published market price as at the date of exchange unless, in rare circumstances, it can
be demonstrated that the published price at the date of exchange is an unreliable indicator
of fair value, and that other evidence and valuation methods provide a more reliable measure
of fair value. Transaction costs arising on the issue of equity instruments are recognised
directly in equity.
Except for non-current assets or disposal groups classified as held for sale (which are
measured at fair value less costs to sell), all identifiable assets acquired, liabilities and
contingent liabilities assumed in a business combination are measured initially at their fair
values at the acquisition date, irrespective of the extent of any minority interest. The excess
of the cost of the business combination over the net fair value of the Group’s share of the
identifiable net assets acquired is recognised as goodwill. If the cost of acquisition is less
than the Group’s share of the net fair value of the identifiable net assets of the subsidiary, the
difference is recognised as a gain in the income statement, but only after a reassessment of
the identification and measurement of the net assets acquired.
(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 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).
4 0
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA 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.
(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 comprise 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
For trade receivables, the Group applies a simplified approach in calculating Expected Credit
Losses (‘ECLs’) as allowed in accordance with AASB 9 Financial Instruments.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss
allowance based on lifetime ECLs at each reporting date.
(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.
4 1
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA 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.
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 utilised.
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
4 2
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA comprehensive income or equity, in which case the tax is recognised in other comprehensive
income or equity respectively.
Tax consolidation legislation
Papyrus Australia Ltd and its wholly owned Australian subsidiaries have formed an income
tax consolidated group.
Each entity in the tax consolidated group accounts for their own current and deferred tax
amounts. These tax amounts are measured using the ‘stand-alone taxpayer’ approach to
allocation.
Current tax liabilities (assets) and deferred tax assets arising from unused tax losses and tax
credits in the subsidiaries are immediately transferred to the parent entity.
(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.
(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.
4 3
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the year ended 30 June 2022
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
that management determine that the asset is available for use.
line and diminishing value basis from the date
‑
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.
The estimated useful lives used for each class of depreciable asset are shown below:
The estimated useful lives used for each class of depreciable asset are shown below:
Fixed asset class
Plant and Equipment
Useful life
2.5 ‑ 20 years
At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any
At the end of each annual reporting period, the depreciation method, useful life and residual
revisions are accounted for prospectively as a change in estimate.
value of each asset is reviewed. Any revisions are accounted for prospectively as a change
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.
in estimate.
(k) Financial instruments
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
Initial recognition and measurement
comprehensive income.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of
another entity.
(k) Financial instruments
(i) Financial assets
Initial recognition and measurement
Initial recognition and measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other
financial liability or equity instrument of another entity.
comprehensive income (OCI), and fair value through profit or loss.
(i) Financial assets
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics
and the Group’s business model for managing them.
Initial recognition and measurement
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to
cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is
referred to as the SPPI test and is performed at an instrument level.
Financial assets are classified, at initial recognition, as subsequently measured at
amortised cost, fair value through other comprehensive income (OCI), and fair value
through profit or loss.
The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash
flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial
assets, or both.
The classification of financial assets at initial recognition depends on the financial asset’s
contractual cash flow characteristics and the Group’s business model for managing them.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention
in the marketplace (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell
the asset.
In order for a financial asset to be classified and measured at amortised cost or fair value
through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and
interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as
the SPPI test and is performed at an instrument level.
The Group’s business model for managing financial assets refers to how it manages its
financial assets in order to generate cash flows. The business model determines whether
cash flows will result from collecting contractual cash flows, selling the financial assets,
or both.
Purchases or sales of financial assets that require delivery of assets within a time frame
established by regulation or convention in the marketplace (regular way trades) are
recognised on the trade date, i.e., the date that the Group commits to purchase or sell
the asset.
30
Subsequent measurement of financial assets at amortised cost
The Group measures financial assets at amortised cost if both of the following conditions
are met:
4 4
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
• The financial asset is held within a business model with the objective to hold financial
assets in order to collect contractual cash flows; and
• The contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount outstanding
Financial assets at amortised cost are subsequently measured using the effective
interest method and are subject to impairment. Gains and losses are recognised in profit
or loss when the asset is derecognised, modified or impaired.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar
financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated
statement of financial position) when:
• The rights to receive cash flows from the asset have expired; or
• The Group has transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay to a
third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred
substantially all the risks and rewards of the asset, or (b) the Group has neither
transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has
entered into a pass-through arrangement, it evaluates if, and to what extent, it has
retained the risks and rewards of ownership. When it has neither transferred nor
retained substantially all of the risks and rewards of the asset, nor transferred control
of the asset, the Group continues to recognise the transferred asset to the extent of its
continuing involvement. In that case, the Group also recognises an associated liability.
The transferred asset and the associated liability are measured on a basis that reflects
the rights and obligations that the Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is
measured at the lower of the original carrying amount of the asset and the maximum
amount of consideration that the Group could be required to repay.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss. ECLs are based on the difference
between the contractual cash flows due in accordance with the contract and all the cash
flows that the Group expects to receive, discounted at an approximation of the original
effective interest rate. The expected cash flows will include cash flows from the sale of
collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been
4 5
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA a significant increase in credit risk since initial recognition, ECLs are provided for
credit losses that result from default events that are possible within the next 12-months
(a 12-month ECL). For those credit exposures for which there has been a significant
increase in credit risk since initial recognition, a loss allowance is required for credit
losses expected over the remaining life of the exposure, irrespective of the timing of the
default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days
past due. However, in certain cases, the Group may also consider a financial asset to
be in default when internal or external information indicates that the Group is unlikely
to receive the outstanding contractual amounts in full before taking into account any
credit enhancements held by the Group. A financial asset is written off when there is no
reasonable expectation of recovering the contractual cash flows.
(ii) Financial liabilities
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for
transaction costs unless the Group designated a financial liability at fair value through
profit or loss. Subsequently, financial liabilities are measured at amortised cost using
the effective interest method except for derivatives and financial liabilities designated
at FVTPL, which are carried subsequently at fair value with gains or losses recognised
in profit or loss (other than derivative financial instruments that are designated and
effective as hedging instruments).
A financial liability is derecognised when the obligation under the liability is discharged
or cancelled or expires. When an existing financial liability is replaced by another from
the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of the new liability. The difference in the
respective carrying amounts is recognised in the statement of profit or loss.
(l) 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
4 6
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA recognised in profit or loss.
Reversal indicators are considered in subsequent periods for all assets which have suffered
an impairment loss, except for goodwill.
(m) 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.
(n) 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.
(o) Equity settled compensation
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.
(p) 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.
(q) Earnings per share
The Group presents basic and diluted earnings per share information for its ordinary shares.
4 7
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA 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 2021 and 2022.
(r) Critical accounting estimates and judgments
The preparation of financial reports requires management to make judgements, estimates
and assumptions that affect the application of accounting policies and the reported amounts
of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Except as described below, in preparing this report, the significant judgements made by
management in applying the Group’s accounting policies and the key sources of estimation
uncertainty were the same as those applied to the consolidated financial report for the year
ended 30 June 2022.
Key estimates Impairment of assets
The Group assesses impairment at each reporting date by evaluating conditions specific to
the Group that may lead to an impairment of assets. Where an impairment trigger exists, the
recoverable amount of the asset is determined.
4 8
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA (s) Investment in associate and joint venture
An associate is an entity over which the Group has significant influence. Significant influence
is the power to participate in the financial and operational policy decisions of the investee,
but is not control or joint control over those policies.
A joint venture is a type of joint agreement whereby the parties that have joint control
of the arrangement have rights to the net assets of the joint venture. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require the unanimous consent of the parties sharing control.
The considerations made in determining significant influence or joint control are similar
to those necessary to determine control over subsidiaries. The Group’s investment in its
associate and joint venture are accounted for using the equity method.
Under the equity method, the investment in an associate or joint venture is initially
recognised at cost. The carrying amount of the investment is adjusted to recognise changes
in the Group’s share of the net assets of the associate or joint venture since the acquisition
date. Goodwill relating to the associate or joint venture is included in the carrying amount of
the investment and is not tested for impairment separately.
The Statement of profit or loss reflects the Group’s share of the results of operations of
the associate or joint venture. Any change in OCI of those investees is presented as part
of the Group’s OCI. In addition, when there has been a change recognised directly in the
equity of the associate or joint venture, the Group recognises its share of any changes, when
applicable, in the statement of changes in equity. Unrealised gains or losses resulting from
transactions between the Group and associate or joint venture are eliminated to the extent
of the interest in the associate or joint venture.
The aggregate of the Group’s share of the profit or loss of an associate and a joint venture is
shown on the face of the statement of profit or loss outside operating profit and represents
profit or loss after tax and non-controlling interest in the subsidiaries of the associate or
joint venture.
The financial statements of the associate or joint venture are prepared for the same
reporting period as the Group. When necessary, adjustments are made to bring to account
policies in line with those of the Group.
(t) New Accounting Standards and Interpretations
New Accounting Standards Issued But Not Yet Effective
And Not Been Adopted Early By The Group
There are a number of standards, amendments to standards, and interpretations which have
been issued by the IASB that are effective in future accounting periods that the group has
decided not to adopt early. The Group has reviewed and assessed that none of these new
accounting standards, used but not yet effective, are expected to have material impact on
the group.
4 9
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
2. Revenue And Expenses
For the year ended 30 June 2022
2 REVENUE AND EXPENSES
REVENUE
(a) Other income
Other income
EXPENSES
(b) Employee benefit expenses
Wages, salaries and other remuneration expenses
Total employee benefit expenses
Included in wages, salaries and other remuneration expenses were $13,302
defined contribution plan expense for the year ended 30 June 2022 (2021:
$1,645)
(c) Other expenses
Audit and accounting fees
Legal fees
Professional services
Travel and accommodation
Governance and secretarial costs
Intellectual property expenses
Information technology
Share registry and ASX expenses
Other expenses
Consolidated Group
30 June
2022
$
30 June
2021
$
-
-
-
-
163,251
163,251
18,963
18,963
122,024
(900)
-
51,473
2,245
19,020
4,825
66,564
11,095
276,346
59,997
35,017
57,292
28,746
6,080
11,395
6,300
101,141
5,712
311,680
5 0
35
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Papyrus Australia Ltd
Papyrus Australia Ltd
ABN 63 110 868 409
ABN 63 110 868 409
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 30 June 2022
For the year ended 30 June 2022
3. Income Tax Expense
3 INCOME TAX EXPENSE
3 INCOME TAX EXPENSE
The major components of tax expense (income) comprise:
The major components of tax expense (income) comprise:
The major components of tax expense (income) comprise:
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
Income tax expense
Income tax expense
For the year ended 30 June 2022
A reconciliation between tax expense and the product of accounting Loss before income tax
A reconciliation between tax expense and the product of accounting Loss before income tax multiplied by the Group’s applicable
A reconciliation between tax expense and the product of accounting Loss before income tax multiplied by the Group’s applicable
income tax
multiplied by the Group’s applicable income tax
3 INCOME TAX EXPENSE
income tax
-
-
-
-
Loss before income tax
The major components of tax expense (income) comprise:
Loss before income tax
At the Group's income tax rate of 25% (2021: 26%)
At the Group's income tax rate of 25% (2021: 26%)
Share-based payments expensed during the year
Share-based payments expensed during the year
Expenditure not allowable for income tax purposes
Expenditure not allowable for income tax purposes
Income tax expense
Tax losses not recognised due to not meeting recognition criteria
Tax losses not recognised due to not meeting recognition criteria
Consolidated Group
Consolidated Group
30 June
30 June
2022
2022
$
$
30 June
30 June
2021
2021
$
$
(1,176,771)
(1,176,771)
(90,783)
(90,783)
Consolidated Group
(294,193)
30 June
(294,193)
2022
24,421
24,421
$
83
83
-
269,689
269,689
-
-
(23,603)
30 June
(23,603)
2021
9,583
9,583
$
489
489
-
13,531
13,531
-
-
83
24,421
269,689
(90,783)
(294,193)
(1,176,771)
A reconciliation between tax expense and the product of accounting Loss before income tax multiplied by the Group’s applicable
The Group has tax losses arising in Australia of $13,846,024 (2021: $12,767,269).
income tax
The Group has tax losses arising in Australia of $13,846,024 (2021: $12,767,269).
The Group has tax losses arising in Australia of $13,846,024 (2021: $12,767,269).
No deferred tax asset has been recognised because it is not likely future assessable income is derived of a nature and of an
No deferred tax asset has been recognised because it is not likely future assessable income is derived of a nature and of an
Loss before income tax
amount sufficient to enable the benefit to be realised.
No deferred tax asset has been recognised because it is not likely future assessable income is
amount sufficient to enable the benefit to be realised.
derived of a nature and of an amount sufficient to enable the benefit to be realised.
4 EARNINGS PER SHARE
At the Group's income tax rate of 25% (2021: 26%)
(23,603)
4 EARNINGS PER SHARE
9,583
Share-based payments expensed during the year
4. Earnings Per Share
Basic earnings per share amounts are calculated by dividing net loss for the year attributable to ordinary equity holders of the
489
Expenditure not allowable for income tax purposes
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.
13,531
Tax losses not recognised due to not meeting recognition criteria
Group by the weighted average number of ordinary shares outstanding during the year.
Basic earnings per share amounts are calculated by dividing net loss for the year attributable
Diluted earnings per share amounts are calculated by dividing the net loss attributable to ordinary equity holders of the Group by
Diluted earnings per share amounts are calculated by dividing the net loss attributable to ordinary equity holders of the Group by
to ordinary equity holders of the Group by the weighted average number of ordinary shares
the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary
The Group has tax losses arising in Australia of $13,846,024 (2021: $12,767,269).
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.
outstanding during the year.
shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
No deferred tax asset has been recognised because it is not likely future assessable income is derived of a nature and of an
In accordance with AASB 133 ‘Earnings per Share’, as potential ordinary shares may only result in a situation where their
amount sufficient to enable the benefit to be realised.
Diluted earnings per share amounts are calculated by dividing the net loss attributable to
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
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 2022 or 2021.
ordinary equity holders of the Group by the weighted average number of ordinary shares
has been taken into account in 2022 or 2021.
4 EARNINGS PER SHARE
outstanding during the year plus the weighted average number of ordinary shares that would
The following reflects the income and share data used in the basic and diluted earnings per share computations:
The following reflects the income and share data used in the basic and diluted earnings per share computations:
be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
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.
(a) Reconciliation of earnings to profit or loss from continuing operations
(a) Reconciliation of earnings to profit or loss from continuing operations
In accordance with AASB 133 ‘Earnings per Share’, as potential ordinary shares may only result
Diluted earnings per share amounts are calculated by dividing the net loss attributable to ordinary equity holders of the Group by
in a situation where their conversion results in an increase in loss per share or decrease in
Net loss attributable to ordinary equity holders of the parent
(1,176,771)
the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary
Net loss attributable to ordinary equity holders of the parent
(1,176,771)
shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
profit per share from continuing operations, no dilutive effect has been taken into account
(b) Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS
in 2022 or 2021.
(b) Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS
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
Weighted average number of ordinary shares for basic earnings per share
382,482,257
The following reflects the income and share data used in the basic and diluted earnings per
has been taken into account in 2022 or 2021.
382,482,257
Weighted average number of ordinary shares for basic earnings per share
Effect of dilution
share computations:
Effect of dilution
The following reflects the income and share data used in the basic and diluted earnings per share computations:
Share options
-
Share options
-
(a) Reconciliation of earnings to profit or loss from continuing operations
Weighted average number of ordinary shares adjusted for the effect of dilution
438,836,237
Weighted average number of ordinary shares adjusted for the effect of dilution
438,836,237
(a) Reconciliation of earnings to profit or loss from continuing operations
-
-
382,482,257
382,482,257
438,836,237
438,836,237
(90,783)
(90,783)
-
-
Net loss attributable to ordinary equity holders of the parent
(1,176,771)
(90,783)
(b) Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS
36
36
Weighted average number of ordinary shares for basic earnings per share
438,836,237
382,482,257
Effect of dilution
Share options
-
-
5 1
Weighted average number of ordinary shares adjusted for the effect of dilution
438,836,237
382,482,257
36
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the year ended 30 June 2022
3 INCOME TAX EXPENSE
The major components of tax expense (income) comprise:
Income tax expense
income tax
Loss before income tax
At the Group's income tax rate of 25% (2021: 26%)
Share-based payments expensed during the year
Expenditure not allowable for income tax purposes
Tax losses not recognised due to not meeting recognition criteria
Consolidated Group
30 June
2022
$
30 June
2021
$
-
-
(1,176,771)
(90,783)
(294,193)
(23,603)
24,421
9,583
269,689
83
-
489
13,531
-
A reconciliation between tax expense and the product of accounting Loss before income tax multiplied by the Group’s applicable
The Group has tax losses arising in Australia of $13,846,024 (2021: $12,767,269).
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.
4 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.
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 2022 or 2021.
The following reflects the income and share data used in the basic and diluted earnings per share computations:
(a) Reconciliation of earnings to profit or loss from continuing operations
Net loss attributable to ordinary equity holders of the parent
(b) Weighted average number of ordinary shares outstanding during the year used in
(1,176,771)
(90,783)
calculating basic EPS
(b) Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS
Papyrus Australia Ltd
Weighted average number of ordinary shares for basic earnings per share
Effect of dilution
ABN 63 110 868 409
Share options
Notes to the Financial Statements
Weighted average number of ordinary shares adjusted for the effect of dilution
For the year ended 30 June 2022
Papyrus Australia Ltd
Papyrus Australia Ltd
5. Cash And Cash Equivalents
5 CASH AND CASH EQUIVALENTS
ABN 63 110 868 409
ABN 63 110 868 409
Notes to the Financial Statements
Notes to the Financial Statements
For the year ended 30 June 2022
For the year ended 30 June 2022
36
5 CASH AND CASH EQUIVALENTS
5 CASH AND CASH EQUIVALENTS
Cash at bank and in hand
438,836,237
382,482,257
-
-
438,836,237
382,482,257
Consolidated Group
30 June
2022
$
30 June
2021
$
Consolidated Group
Consolidated Group
1,376,268
30 June
30 June
1,376,268
2022
2022
$
$
2,071,640
30 June
30 June
2,071,640
2021
2021
$
$
Cash at bank earns interest at floating rates based on daily bank deposit rates.
Cash at bank earns interest at floating rates based on daily bank deposit rates.
Cash at bank and in hand
1,376,268
Short
term deposits are made for varying periods of between one day and six months, depending on the immediate cash
Cash at bank and in hand
1,376,268
Short-term deposits are made for varying periods of between one day and six months,
requirements of the Group, and earn interest at the respective short-term deposit rates.
1,376,268
1,376,268
depending on the immediate cash requirements of the Group, and earn interest at the
(a) Reconciliation of cash
respective short-term deposit rates.
Cash at bank earns interest at floating rates based on daily bank deposit rates.
Cash at bank earns interest at floating rates based on daily bank deposit rates.
2,071,640
2,071,640
2,071,640
2,071,640
‑
‑
‑
Cash and Cash equivalents reported in the consolidated statement of cash flows are reconciled to the equivalent items in the
(a) Reconciliation of cash
term deposits are made for varying periods of between one day and six months, depending on the immediate cash
Short
term deposits are made for varying periods of between one day and six months, depending on the immediate cash
Short
consolidated statement of financial position as follows:
requirements of the Group, and earn interest at the respective short-term deposit rates.
requirements of the Group, and earn interest at the respective short-term deposit rates.
Cash and Cash equivalents reported in the consolidated statement of cash flows are
Cash at bank and in hand
(a) Reconciliation of cash
(a) Reconciliation of cash
reconciled to the equivalent items in the consolidated statement of financial position as
2,071,640
follows:
Cash and Cash equivalents reported in the consolidated statement of cash flows are reconciled to the equivalent items in the
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:
consolidated statement of financial position as follows:
6 TRADE AND OTHER RECEIVABLES
2,071,640
1,376,268
1,376,268
Cash at bank and in hand
Cash at bank and in hand
CURRENT
Other receivables
GST recoverable
6 TRADE AND OTHER RECEIVABLES
6. Trade And Other Receivables
6 TRADE AND OTHER RECEIVABLES
1,376,268
1,376,268
1,376,268
1,376,268
1,039,623
5,750
1,045,373
2,071,640
2,071,640
2,071,640
2,071,640
449,273
3,361
452,634
CURRENT
CURRENT
Other Receivable represent receivable from Papyrus Egypt, a joint venture company that the Group accounts for using equity
449,273
Other receivables
method. No expected credit losses were recognized for the receivable for the year ended 30 June 2022 (2021: Nil) as there did
449,273
Other receivables
not note a significant increase in credit risk. This amount is interest free and repayable on demand.
3,361
GST recoverable
3,361
GST recoverable
452,634
452,634
1,039,623
1,039,623
5,750
5,750
1,045,373
1,045,373
7 PREPAYMENTS
Other Receivable represent receivable from Papyrus Egypt, a joint venture company that the Group accounts for using equity
Other Receivable represent receivable from Papyrus Egypt, a joint venture company that the Group accounts for using equity
Other Receivable represent receivable from Papyrus Egypt, a joint venture company that
method. No expected credit losses were recognized for the receivable for the year ended 30 June 2022 (2021: Nil) as there did
Prepayment for the investment in equity in
method. No expected credit losses were recognized for the receivable for the year ended 30 June 2022 (2021: Nil) as there did
not note a significant increase in credit risk. This amount is interest free and repayable on demand.
the Group accounts for using equity method. No expected credit losses were recognized for
not note a significant increase in credit risk. This amount is interest free and repayable on demand.
Egypt Banana Fibre Company and Papyrus Egypt
the receivable for the year ended 30 June 2022 (2021: Nil) as there did not note a significant
Total
-
7 PREPAYMENTS
7 PREPAYMENTS
increase in credit risk. This amount is interest free and repayable on demand.
9
9
-
Prepayment for the investment in equity in
Prepayment for the investment in equity in
Egypt Banana Fibre Company and Papyrus Egypt
Egypt Banana Fibre Company and Papyrus Egypt
Total
Total
-
-
-
-
9
9
9
9
5 2
37
37
37
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the year ended 30 June 2022
5 CASH AND CASH EQUIVALENTS
Cash at bank and in hand
‑
(a) Reconciliation of cash
Cash at bank and in hand
6 TRADE AND OTHER RECEIVABLES
CURRENT
Other receivables
GST recoverable
Consolidated Group
30 June
2022
$
30 June
2021
$
1,376,268
1,376,268
2,071,640
2,071,640
1,376,268
2,071,640
1,376,268
2,071,640
1,039,623
5,750
1,045,373
449,273
3,361
452,634
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.
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:
Other Receivable represent receivable from Papyrus Egypt, a joint venture company that the Group accounts for using equity
method. No expected credit losses were recognized for the receivable for the year ended 30 June 2022 (2021: Nil) as there did
not note a significant increase in credit risk. This amount is interest free and repayable on demand.
7. Prepayments
7 PREPAYMENTS
Prepayment for the investment in equity in
Papyrus Australia Ltd
Egypt Banana Fibre Company and Papyrus Egypt
ABN 63 110 868 409
Papyrus Australia Ltd
Total
Notes to the Financial Statements
ABN 63 110 868 409
For the year ended 30 June 2022
Notes to the Financial Statements
8. Plant And Equipment
For the year ended 30 June 2022
8 PLANT AND EQUIPMENT
8 PLANT AND EQUIPMENT
PLANT AND EQUIPMENT
Plant and equipment at cost
PLANT AND EQUIPMENT
Accumulated depreciation and impairment
Plant and equipment at cost
(a) Movements in carrying amounts of plant and equipment
Accumulated depreciation and impairment
37
-
-
9
9
Consolidated Group
30 June
30 June
Consolidated Group
2021
2022
30 June
30 June
$
$
2021
2022
$
3,172
(212)
3,172
2,960
(212)
$
-
-
-
-
-
(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:
Movement in the carrying amounts for each class of plant and equipment between the
Movement in the carrying amounts for each class of plant and equipment between the beginning and the end of the current and
beginning and the end of the current and previous financial years:
previous financial years:
2,960
-
Consolidated
Consolidated
Year ended 30 June 2022
Balance at the beginning of year
Year ended 30 June 2022
Additions
Balance at the beginning of year
Depreciation expense
Additions
Balance at the end of the year
Depreciation expense
Balance at the end of the year
9 INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
9 INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Name
Classification
Name
Classification
Place of
Business/
Incorporation
Place of
Business/
Incorporation
Proportion of
Ordinary Share
Interests/
Proportion of
Participating
Ordinary Share
Shares
Interests/
Participating
Shares
2022
2021
39.22
2022
%
25.46
2021
%
Associate
Sohag, Egypt
Egyptian Banana
Fibre Company
Egyptian Banana
Papyrus Egypt
Fibre Company
Plant and Equipment
$
Plant and Equipment
$
-
3,172
-
(212)
3,172
2,960
(212)
2,960
Measurement
Method
Measurement
Method
Equity method
Carrying amount
Carrying amount
2022
2021
1,052,242
2022
1,299,578
2021
Associate
Joint Venture
Sohag, Egypt
Sohag, Egypt
39.22
50%
%
25.46
-
%
Equity method
Equity method
1,052,242
-
1,299,578
-
-
-
-
Joint Venture
Sohag, Egypt
Equity method
Papyrus Egypt
In 2021, Papyrus Australia Limited relinquished its entitlement to licencing fees and royalties in Papyrus Egypt in consideration
50%
for the reacquisition of 50% equity in Papyrus Egypt from Egyptian Banana Fibre Company.
In 2021, Papyrus Australia Limited relinquished its entitlement to licencing fees and royalties in Papyrus Egypt in consideration
As a result of the relinquishment of its entitlement to licensing fees and royalties, the Group progressively acquired 39.22% equity
for the reacquisition of 50% equity in Papyrus Egypt from Egyptian Banana Fibre Company.
in Egyptian Banana Fibre Company for a total consideration of $1,052,242, which resulted in an indirect interest in Papyrus Egypt
by 19.66%. No further acquisition was made during the year with regard to shareholding in Egyptian Banana Fibre Company. The
As a result of the relinquishment of its entitlement to licensing fees and royalties, the Group progressively acquired 39.22% equity
increase in shareholding disclosed above was due to the finalization of share transfers during the 2022 financial years, for which
in Egyptian Banana Fibre Company for a total consideration of $1,052,242, which resulted in an indirect interest in Papyrus Egypt
payments were made in 2021 financial year. The goodwill balance relating to these transactions were included in the carrying
by 19.66%. No further acquisition was made during the year with regard to shareholding in Egyptian Banana Fibre Company. The
amount of the investment.
increase in shareholding disclosed above was due to the finalization of share transfers during the 2022 financial years, for which
payments were made in 2021 financial year. The goodwill balance relating to these transactions were included in the carrying
As a result of the above transaction, Papyrus Egypt is a joint arrangement that is structured as an incorporated entity (company)
amount of the investment.
with two principal members, Papyrus Australia Limited and Egyptian Banana Fibre Company. The primary purpose of the
company is to operate the factory in Sohag, Egypt with Papyrus technology and explore Egypt and the Middle East market. The
As a result of the above transaction, Papyrus Egypt is a joint arrangement that is structured as an incorporated entity (company)
Group's intention is to acquire further shareholding in Egyptian Banana Fibre Company in the future to gain control over Papyrus
with two principal members, Papyrus Australia Limited and Egyptian Banana Fibre Company. The primary purpose of the
Egypt. The Group has 50% economic interest in Papyrus Egypt and 50% of the voting rights in relation to the joint venture.
company is to operate the factory in Sohag, Egypt with Papyrus technology and explore Egypt and the Middle East market. The
Group's intention is to acquire further shareholding in Egyptian Banana Fibre Company in the future to gain control over Papyrus
The Group has joint control, of Papyrus Egypt with the other party sharing the joint control being Egyptian Banana Fibre
Egypt. The Group has 50% economic interest in Papyrus Egypt and 50% of the voting rights in relation to the joint venture.
Company. As a result, Papyrus Egypt has been accounted for using the equity method in accordance with AASB 128
Investments in Associates and Joint Ventures.
The Group has joint control, of Papyrus Egypt with the other party sharing the joint control being Egyptian Banana Fibre
Company. As a result, Papyrus Egypt has been accounted for using the equity method in accordance with AASB 128
Investments in Associates and Joint Ventures.
5 3
38
38
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the year ended 30 June 2022
8 PLANT AND EQUIPMENT
PLANT AND EQUIPMENT
Plant and equipment at cost
Accumulated depreciation and impairment
(a) Movements in carrying amounts of plant and equipment
Consolidated Group
30 June
2022
$
30 June
2021
$
3,172
(212)
2,960
-
-
-
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 2022
Balance at the beginning of year
Additions
Depreciation expense
Balance at the end of the year
Plant and Equipment
$
-
3,172
(212)
2,960
9. Investments Accounted For Using The Equity Method
9 INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Name
Classification
Place of
Business/
Incorporation
Proportion of
Ordinary Share
Interests/
Participating
Shares
Measurement
Method
Carrying amount
Egyptian Banana
Fibre Company
Associate
Sohag, Egypt
Papyrus Egypt
Joint Venture
Sohag, Egypt
2022
39.22
%
50%
2021
25.46
%
Equity method
1,052,242
1,299,578
2022
2021
-
Equity method
-
-
In 2021, Papyrus Australia Limited relinquished its entitlement to licencing fees and royalties in Papyrus Egypt in consideration
In 2021, Papyrus Australia Limited relinquished its entitlement to licencing fees and royalties
for the reacquisition of 50% equity in Papyrus Egypt from Egyptian Banana Fibre Company.
in Papyrus Egypt in consideration for the reacquisition of 50% equity in Papyrus Egypt from
As a result of the relinquishment of its entitlement to licensing fees and royalties, the Group progressively acquired 39.22% equity
Egyptian Banana Fibre Company.
in Egyptian Banana Fibre Company for a total consideration of $1,052,242, which resulted in an indirect interest in Papyrus Egypt
by 19.66%. No further acquisition was made during the year with regard to shareholding in Egyptian Banana Fibre Company. The
increase in shareholding disclosed above was due to the finalization of share transfers during the 2022 financial years, for which
As a result of the relinquishment of its entitlement to licensing fees and royalties, the
payments were made in 2021 financial year. The goodwill balance relating to these transactions were included in the carrying
Group progressively acquired 39.22% equity in Egyptian Banana Fibre Company for a
amount of the investment.
total consideration of $1,052,242, which resulted in an indirect interest in Papyrus Egypt
As a result of the above transaction, Papyrus Egypt is a joint arrangement that is structured as an incorporated entity (company)
with two principal members, Papyrus Australia Limited and Egyptian Banana Fibre Company. The primary purpose of the
by 19.66%. No further acquisition was made during the year with regard to shareholding in
company is to operate the factory in Sohag, Egypt with Papyrus technology and explore Egypt and the Middle East market. The
Egyptian Banana Fibre Company. The increase in shareholding disclosed above was due
Group's intention is to acquire further shareholding in Egyptian Banana Fibre Company in the future to gain control over Papyrus
Egypt. The Group has 50% economic interest in Papyrus Egypt and 50% of the voting rights in relation to the joint venture.
to the finalization of share transfers during the 2022 financial years, for which payments
were made in 2021 financial year. The goodwill balance relating to these transactions were
The Group has joint control, of Papyrus Egypt with the other party sharing the joint control being Egyptian Banana Fibre
Company. As a result, Papyrus Egypt has been accounted for using the equity method in accordance with AASB 128
included in the carrying amount of the investment.
Investments in Associates and Joint Ventures.
As a result of the above transaction, Papyrus Egypt is a joint arrangement that is structured
as an incorporated entity (company) with two principal members, Papyrus Australia Limited
38
and Egyptian Banana Fibre Company. The primary purpose of the company is to operate
the factory in Sohag, Egypt with Papyrus technology and explore Egypt and the Middle East
market. The Group’s intention is to acquire further shareholding in Egyptian Banana Fibre
Company in the future to gain control over Papyrus Egypt. The Group has 50% economic
interest in Papyrus Egypt and 50% of the voting rights in relation to the joint venture.
The Group has joint control, of Papyrus Egypt with the other party sharing the joint control
being Egyptian Banana Fibre Company. As a result, Papyrus Egypt has been accounted for
using the equity method in accordance with AASB 128 Investments in Associates and Joint
Ventures.
5 4
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
Investments Accounted For Using The Equity Method (Continued)
For the year ended 30 June 2022
9 INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (Continued)
Summarised Financial Position
Cash and cash equivalents
Total current assets
Total non-current assets
Total current liabilities
Total non-current liabilities
Net assets
Group's share (%)
Direct shareholding
Indirect shareholding
Total shareholding
Group share of joint venture's net assets
Revenue
Depreciation
(Loss) for the year before income tax
Income tax expense
(Loss) for the year
Other comprehensive income
Total comprehensive income
Group's share (%)
Direct shareholding
Indirect shareholding
Total shareholding
Group share of joint venture's net assets
Reconciliation to Carrying Amounts
Investment at beginning of the year
Investments during the year
Excess of the entity's shares of net fair value of investee's identifiable assets and liabilities at
transaction date
Share of the JV for the year
Closing carrying amount of investment
5 5
39
Consolidated Group
30 June
2022
$
96,028
196,046
1,646,995
1,035,195
-
30 June
2021
$
177,564
256,984
1,663,417
558,817
-
884,039
1,361,584
50.00%
19.61%
69.61%
615,379
50.00%
12.73%
62.73%
854,108
186,684
91,116
(355,317)
-
201,341
78,561
(292,486)
-
(355,317)
(292,486)
-
-
(355,317)
(292,486)
50.00%
19.61%
69.61%
50.00%
12.73%
62.73%
(247,336)
(183,474)
1,299,578
-
-
-
873,379
609,673
(247,336)
1,052,242
(183,474)
1,299,578
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the year ended 30 June 2022
10. Trade And Other Payables
10 TRADE AND OTHER PAYABLES
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
CURRENT
For the year ended 30 June 2022
Trade payables
Sundry payables and accrued expenses
10 TRADE AND OTHER PAYABLES
(a) Trade payables
(a) Trade payables
Trade payables are non-interest bearing and normally settled on 60-day terms.
Note
10 (a)
10 (b)
Consolidated Group
30 June
2022
$
30 June
2021
$
28,132
175,852
203,984
3,224
118,693
121,917
Consolidated Group
30 June
2022
30 June
2021
Note
$
$
10 (a)
10 (b)
28,132
CURRENT
Trade payables
Information regarding the risks associated with current payables is set out in Note 18.
Trade payables are non-interest bearing and normally settled on 60-day terms.
(b) Sundry payables and accrued expenses
3,224
Information regarding the risks associated with current payables is set out in Note 18.
Within Sundry payables and accrued expenses, $61,700 relates to accrued interest on the loan provided by Talisker (SA) Pty Ltd
118,693
Sundry payables and accrued expenses
(an entity associated with the Managing Director Ramy Azer) repayable from future revenues or proceeds from future equity
raisings, subject to not materially prejudicing the ability of the Company to repay its creditors.
(b) Sundry payables and accrued expenses
Furthermore, included in Sundry payables and accrued expense was $1,033 payable to Mr V. Rigano, a Non-Executive Director.
(a) Trade payables
Within Sundry payables and accrued expenses, $61,700 relates to accrued interest on the
The payable was short-term in nature and no interest is payable.
Trade payables are non-interest bearing and normally settled on 60-day terms.
loan provided by Talisker (SA) Pty Ltd (an entity associated with the Managing Director Ramy
Information regarding the risks associated with current payables is set out in Note 18.
Azer) repayable from future revenues or proceeds from future equity raisings, subject to not
11 ISSUED CAPITAL
materially prejudicing the ability of the Company to repay its creditors.
(b) Sundry payables and accrued expenses
469,627,333 fully paid ordinary shares (2021: 427,710,666)
25,032,561
Within Sundry payables and accrued expenses, $61,700 relates to accrued interest on the loan provided by Talisker (SA) Pty Ltd
(an entity associated with the Managing Director Ramy Azer) repayable from future revenues or proceeds from future equity
Total issued capital
Furthermore, included in Sundry payables and accrued expense was $1,033 payable to Mr V.
raisings, subject to not materially prejudicing the ability of the Company to repay its creditors.
Rigano, a Non-Executive Director. The payable was short-term in nature and no interest is
(a) Ordinary shares
Furthermore, included in Sundry payables and accrued expense was $1,033 payable to Mr V. Rigano, a Non-Executive Director.
payable.
The payable was short-term in nature and no interest is payable.
Consolidated
25,672,581
25,032,561
25,672,581
203,984
175,852
121,917
2022
2022
2021
2021
11. Issued Capital
At the beginning of the reporting period
11 ISSUED CAPITAL
Issued via exercise of options 17 January 2022 (2021: 20
August 2020)
469,627,333 fully paid ordinary shares (2021: 427,710,666)
Issued pursuant to private placement 21 October 2021
Total issued capital
Issued via exercise of options 24 January 2022 (2021: 17
November 2020)
(a) Ordinary shares
Issued via exercise of options 30 March 2022
Issued pursuant to 2021 AGM resolution
issued pursuant to private placement 1 April 2022 (2021: 4
At the beginning of the reporting period
December 2020)
Issued via exercise of options 17 January 2022 (2021: 20
Issued pursuant via exercise of options 29 April 2022
August 2020)
Issued pursuant via exercise of options 11 May
Issued pursuant to private placement 21 October 2021
2022
Issued via exercise of options 24 January 2022 (2021: 17
Shares issued pursuant to private placement on 10
November 2020)
December 2021
Issued via exercise of options 30 March 2022
At the end of the reporting period
Issued pursuant to 2021 AGM resolution
Number
$
Number
$
427,710,666
25,032,581
299,343,999
21,395,581
5,000,000
75,000
-
-
10,000,000
5,000,000
2022
Number
-
150,000
Consolidated
75,000
2022
$
-
3,000,000
25,672,581
11,075,000
25,672,581
30,000
25,032,561
132,900
25,032,561
23,000,000
230,000
-
2021
30,591,667
Number
-
2021
367,100
$
427,710,666
250,000
25,032,581
15,000
299,343,999
14,700,000
21,395,581
735,000
5,000,000
10,000,000
75,000
150,000
3,000,000
-
-
11,666,667
10,000,000
-
5,000,000
469,627,333
-
-
175,000
150,000
11,075,000
-
23,000,000
-
75,000
25,672,581
-
46,000,000
-
427,710,666
30,591,667
2,142,000
-
25,032,581
367,100
30,000
-
132,900
-
230,000
issued pursuant to private placement 1 April 2022 (2021: 4
On 17 January 2022, the Company announced that it had raised $75,000 by way of a conversion of 5,000,000 options to ordinary
December 2020)
fully paid shares at a price of $0.015 per new share, and the Company announced the conversion was completed.
Issued pursuant via exercise of options 29 April 2022
On 24 January 2022, the Company announced that it had raised $75,000 by way of a conversion of 10,000,000 options to
Issued pursuant via exercise of options 11 May
ordinary fully paid shares at a price of $0.015 per new share, and the Company announced the placement was completed.
2022
14,700,000
10,000,000
150,000
735,000
250,000
15,000
-
-
11,666,667
175,000
-
-
Shares issued pursuant to private placement on 10
December 2021
At the end of the reporting period
40
-
469,627,333
-
25,672,581
46,000,000
427,710,666
2,142,000
25,032,581
On 17 January 2022, the Company announced that it had raised $75,000 by way of a conversion of 5,000,000 options to ordinary
fully paid shares at a price of $0.015 per new share, and the Company announced the conversion was completed.
On 24 January 2022, the Company announced that it had raised $75,000 by way of a conversion of 10,000,000 options to
ordinary fully paid shares at a price of $0.015 per new share, and the Company announced the placement was completed.
5 6
40
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Issued Capital (Continued)
On 17 January 2022, the Company announced that it had raised $75,000 by way of a conversion
of 5,000,000 options to ordinary fully paid shares at a price of $0.015 per new share, and the
Company announced the conversion was completed.
On 24 January 2022, the Company announced that it had raised $150,000 by way of a
conversion of 10,000,000 options to ordinary fully paid shares at a price of $0.015 per new
share, and the Company announced the placement was completed.
On 30 March 2022, the Company announced that it had raised $75,000 by way of a conversion
of 5,000,000 options to ordinary fully paid shares at a price of $0.015 per new share, and the
Company announced the placement was completed.
On 1 April 2022, the Company announced that issued 250,000 ordinary fully paid shares at a
price of $0.06 per new share for services rendered, the cost of this transaction was $15,000,
and the Company announced the placement was completed.
On 29 April 2022, the Company announced that it had raised $150,000 by way of a conversion
of 10,000,000 options to ordinary fully paid shares at a price of $0.015 per new share, and the
Company announced the placement was completed.
On 11 May 2022, the Company announced that it had raised $175,000 by way of a conversion
of 11,666,667 options to ordinary fully paid shares at a price of $0.015 per new share, and the
Company announced the placement was completed.
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. Via a poll at meetings of
the Group, each holder of ordinary shares has one vote per share held in person.
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 losses.
Proceeds from share issues are used to maintain and expand the Group’s plant and equipment
requirements, research and development activities and fund operating costs.
5 7
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the year ended 30 June 2022
11 ISSUED CAPITAL (continued)
On 30 March 2022, the Company announced that it had raised $75,000 by way of a conversion of 5,000,000 options to ordinary
fully paid shares at a price of $0.015 per new share, and the Company announced the placement was completed.
On 1 April 2022, the Company announced that issued 250,000 ordinary fully paid shares at a price of $0.06 per new share for
services rendered, the cost of this transaction was $15,000, and the Company announced the placement was completed.
On 29 April 2022, the Company announced that it had raised $150,000 by way of a conversion of 10,000,000 options to ordinary
fully paid shares at a price of $0.015 per new share, and the Company announced the placement was completed.
On 11 May 2022, the Company announced that it had raised $175,000 by way of a conversion of 11,666,667 options to ordinary
fully paid shares at a price of $0.015 per new share, and the Company announced the placement was completed.
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. Via a poll at meetings of the Group, each holder of ordinary shares has one vote per share held in
person.
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 losses.
Proceeds from share issues are used to maintain and expand the Group’s plant and equipment requirements, research and
development activities and fund operating costs.
12. Reserves
12 RESERVES
Share Option Reserve
Balance at beginning of financial year
Share based payments
Unlisted options purchase payment
Balance at end of the year
Consolidated Group
30 June
2022
$
30 June
2021
$
952,578
97,685
10,000
915,722
36,856
-
1,060,263
952,578
Note
12(a)
12(b)
(a) Share option reserve
(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 14 for further details of these plans. There were $97,685 share-based options were issued to employees or
This reserve is used to record the value of equity benefits provided to employees and
directors during the current year
directors as part of their remuneration. Refer to Note 14 for further details of these plans.
(b) Unlisted options
On 30 August 2021 the Company issued 20,000,000 unlisted options to sophisticated investors exercisable at $0.06 per option
There were $97,685 share-based options were issued to employees or directors during the
converted with an expiry period of 12 months. The options were issued at a price of $0.0005 per option.
current year
(b) Unlisted options
On 30 August 2021 the Company issued 20,000,000 unlisted options to sophisticated
Papyrus Australia Ltd
investors exercisable at $0.06 per option converted with an expiry period of 12 months. The
ABN 63 110 868 409
options were issued at a price of $0.0005 per option.
Notes to the Financial Statements
41
13. Reconciliation Of Net Loss After Tax To Net Cash
For the year ended 30 June 2022
Flows From Operations
13 RECONCILIATION OF NET LOSS AFTER TAX TO NET CASH FLOWS FROM OPERATIONS
Net loss
Non-cash flow in loss:
- Depreciation expense
- Share-based payment expense
- Non-cash share issued recognised as expense
- Share of net profit of associate & joint venture
Changes in assets and liabilities
- Decrease/(Increase) in trade and other receivables
- Decrease/(Increase) in trade and other payables
Net cash (used in)/provided by operating activities
14 SHARE BASED PAYMENTS
Employee Share Option Plan
Consolidated Group
30 June
2022
$
30 June
2021
$
(1,176,771)
(90,783)
212
97,685
15,000
-
36,856
-
247,336
(426,199)
(2,339)
68,117
(3,377)
(14,878)
(750,760)
(498,381)
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.
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.
Option holders may only participate in new issues of securities by first exercising their options.
•
•
•
•
5 8
The Board may amend the Plan Rules subject to the requirements of the Listing Rules
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:
2022
Exercise
price WAEP
Start of the
year No.
Granted
during the
Exercised
during the
Expired
during the
year
No.
year
No.
year
No.
0.05
750,000 (*)
0.015
41,666,667 (**)
250,000 (***)
250,000 (***)
0.20
0.40
0.10
0.06
-
5,250,000(****)
- 20,000,000(******)
42,916,667
25,250,000
(41,666,667)
(41,666,667)
-
-
-
-
-
-
-
-
-
42
Balance at
the end of
the year No.
Vested and
exercisable
at the end
of the year
No.
-
-
-
-
-
-
-
750,000
750,000
-
250,000
250,000
250,000
-
-
5,250,000
5,250,000
20,000,000
20,000,000
26,500,000
26,250,000
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the year ended 30 June 2022
14. Share Based Payments
Employee Share Option Plan
13 RECONCILIATION OF NET LOSS AFTER TAX TO NET CASH FLOWS FROM OPERATIONS
Consolidated Group
30 June
2022
30 June
2021
The Group established the Papyrus Australia Ltd Employee Share Option Plan and a summary
Net loss
of the Rules of the Plan are set out below:
Non-cash flow in loss:
• All employees (full and part time) will be eligible to participate in the Plan.
- Depreciation expense
212
- Share-based payment expense
97,685
• Options are granted under the Plan at the discretion of the Board and if permitted by the
- Non-cash share issued recognised as expense
- Share of net profit of associate & joint venture
Board, may be issued to an employee’s nominee.
(1,176,771)
(426,199)
(90,783)
247,336
36,856
15,000
$
$
-
-
(3,377)
68,117
(2,339)
(14,878)
(750,760)
14 SHARE BASED PAYMENTS
Net cash (used in)/provided by operating activities
Changes in assets and liabilities
•
- Decrease/(Increase) in trade and other receivables
- Decrease/(Increase) in trade and other payables
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
Employee Share Option Plan
representative.
The Group established the Papyrus Australia Ltd Employee Share Option Plan and a summary of the Rules of the Plan are set
out below:
• Options can’t be transferred other than to the legal personal representative of a deceased
•
•
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
option holder.
employee's nominee.
•
If, prior to the expiry date of options, a person ceases to be an employee of the Group for any reason other than retirement
• The Company will not apply for official quotation of any options issued under the plan.
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
• Option holders may only participate in new issues of securities by first exercising their options.
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.
The Board may amend the Plan Rules subject to the requirements of the Listing Rules
•
Option holders may only participate in new issues of securities by first exercising their options.
(498,381)
The following table illustrates the number (No.) and weighted average exercise prices (WAEP)
The Board may amend the Plan Rules subject to the requirements of the Listing Rules
and movements in share options issued during the year:
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:
A summary of the Group options issued is as follows:
2022
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
750,000 (*)
0.015
41,666,667 (**)
250,000 (***)
250,000 (***)
0.20
0.40
0.10
0.06
-
-
-
-
-
(41,666,667)
-
-
-
-
-
5,250,000(****)
- 20,000,000(******)
42,916,667
25,250,000
(41,666,667)
-
-
-
-
-
-
-
750,000
750,000
-
250,000
250,000
-
250,000
-
5,250,000
5,250,000
20,000,000
20,000,000
26,500,000
26,250,000
(*) 750,000 unlisted exercisable at $0.05 per option were issued to Mr Steve Howes with an expiry date of two years
from the date of issue, being 11 November 2020 when the shareholder approval was obtained. Mr Steve Howe was a
42
director of the Company from 7 September 2020 to 1 January 2021 when he resigned from the Board.
5 9
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Share Based Payments (Continued)
Papyrus Australia Ltd
(**) Unlisted options issued for the investors as part of the November capital raising, and as such this is not
ABN 63 110 868 409
Papyrus Australia Ltd
share-based payment within the scope of AASB 2.
Notes to the Financial Statements
ABN 63 110 868 409
(***) A sign-on incentive was provided to Mr P. Rostig as part of his appointment with the Company in prior year,
For the year ended 30 June 2022
according to which, 500,000 unlisted options under a contract of employment were issued 4 May 2021, of these
Notes to the Financial Statements
250,000 vested on 4 May 2022 have an exercise price of $0.20 per option and expire on 4 May 2026. The remaining
14 SHARE BASED PAYMENTS (Continued)
For the year ended 30 June 2022
250,000 options will vest on 4 May 2023 if Mr Rostig remains in employment with the Company, have an exercise
(*) 750,000 unlisted exercisable at $005 per option were issued to Mr Steve Howes with an expiry date of two years from the date
price of $0.40 per option and an expiry date of 4 May 2026.
14 SHARE BASED PAYMENTS (Continued)
of issue, being 11 November 2020 when the shareholder approval was obtained. Mr Steve Howe was a director of the Company
from 7 September 2020 to 1 January 2021 when he resigned from the Board.
(****) This comprised of:
(**) Unlisted options issued for the investors as part of the November capital raising, and as such this is not share-based payment
(*) 750,000 unlisted exercisable at $005 per option were issued to Mr Steve Howes with an expiry date of two years from the date
within the scope of AASB 2.
of issue, being 11 November 2020 when the shareholder approval was obtained. Mr Steve Howe was a director of the Company
1.
(***) A sign-on incentive was provided to Mr P. Rostig as part of his appointment with the Company in prior year, according to
from 7 September 2020 to 1 January 2021 when he resigned from the Board.
which, 500,000 unlisted options under a contract of employment were issued 4 May 2021, of these 250,000 vested on 4 May
(**) Unlisted options issued for the investors as part of the November capital raising, and as such this is not share-based payment
2022 have an exercise price of $0.20 per option and expire on 4 May 2026. The remaining 250,000 options will vest on 4 May
within the scope of AASB 2.
2023 if Mr Rostig remains in employment with the Company, have an exercise price of $0.40 per option and an expiry date of 4
(***) A sign-on incentive was provided to Mr P. Rostig as part of his appointment with the Company in prior year, according to
May 2026.
which, 500,000 unlisted options under a contract of employment were issued 4 May 2021, of these 250,000 vested on 4 May
(****) This comprised of:
2022 have an exercise price of $0.20 per option and expire on 4 May 2026. The remaining 250,000 options will vest on 4 May
2.
1,000,000 unlisted options exercisable at $0.10 per option and with an expiry date of one year from date of
1. 4,000,000 unlisted options exercisable at $0.10 per option were issued to Ms Chikarovski, a Director of the Company
2023 if Mr Rostig remains in employment with the Company, have an exercise price of $0.40 per option and an expiry date of 4
with an expiry date of one year from the date of issue, being 4 November 2021 shareholder approval for the issue will be
May 2026.
issue, being 29 March 2023 were issued under an independent services deed executed with Sydney-based
obtained at the 2022 AGM. The options had a fair value of $64,832 at the grant date, determined using Black Scholes
(****) This comprised of:
Markson Sparks Pty Ltd (“MS”) to assist the Company with its promotional activities. The options had a fair
valuation model.
1. 4,000,000 unlisted options exercisable at $0.10 per option were issued to Ms Chikarovski, a Director of the Company
value of $14,181 at the grant date, determined using Black Scholes valuation model.
2. 1,000,000 unlisted options exercisable at $0.10 per option and with an expiry date of one year from date of issue, being
with an expiry date of one year from the date of issue, being 4 November 2021 shareholder approval for the issue will be
29 March 2023 were issued under an independent services deed executed with Sydney-based Markson Sparks Pty Ltd
obtained at the 2022 AGM. The options had a fair value of $64,832 at the grant date, determined using Black Scholes
(“MS”) to assist the Company with its promotional activities. The options had a fair value of $14,181 at the grant date,
3. 250,000 unlisted options exercisable at $0.10 per option and with an expiry date of three years from date of
valuation model.
determined using Black Scholes valuation model.
2. 1,000,000 unlisted options exercisable at $0.10 per option and with an expiry date of one year from date of issue, being
issue, being 1 April 2025 were issued, for outstanding services rendered by the general manager of Papyrus
3. 250,000 unlisted options exercisable at $0.10 per option and with an expiry date of three years from date of issue, being
29 March 2023 were issued under an independent services deed executed with Sydney-based Markson Sparks Pty Ltd
Egypt. The options had a fair value of $6,995 at the grant date, determined using Black Scholes valuation
1 April 2025 were issued, for outstanding services rendered by the general manager of Papyrus Egypt. The options had
(“MS”) to assist the Company with its promotional activities. The options had a fair value of $14,181 at the grant date,
model.
a fair value of $6,995 at the grant date, determined using Black Scholes valuation model.
determined using Black Scholes valuation model.
3. 250,000 unlisted options exercisable at $0.10 per option and with an expiry date of three years from date of issue, being
(******) Unlisted options issued to sophisticated investor on 20 August 2021, and as such, this is not share-based payment within
1 April 2025 were issued, for outstanding services rendered by the general manager of Papyrus Egypt. The options had
(******) Unlisted options issued to sophisticated investor on 20 August 2021, and as such, this is not share-based
the scope of AASB 2.
a fair value of $6,995 at the grant date, determined using Black Scholes valuation model.
payment within the scope of AASB 2.
4,000,000 unlisted options exercisable at $0.10 per option were issued to Ms Chikarovski, a Director of
the Company with an expiry date of one year from the date of issue, being 4 November 2021 shareholder
approval for the issue will be obtained at the 2022 AGM. The options had a fair value of $64,832 at the grant
date, determined using Black Scholes valuation model.
(******) Unlisted options issued to sophisticated investor on 20 August 2021, and as such, this is not share-based payment within
the scope of AASB 2.
Exercised
during the
year
Exercised
No.
during the
year
No.
2021
Exercise Price
WAEP
2021
Exercise Price
WAEP
0.01
Start of the
year
No.
Start of the
year
No.
2,000,000
Balance at
the end of
the year
Balance at
No.
the end of
the year
No.
Expired
during the
year
Expired
No.
during the
year
No.
Granted
during the
year
Granted
No.
during the
year
No.
(2,000,000)
-
-
-
-
Vested and
exercisable
at the end
of the year
Vested and
exercisable
No.
at the end
of the year
No.
750,000
750,000
750,000
0.05
-
-
-
0.015
0.01
0.05
0.20
0.015
0.40
0.20
-
2,000,000
-
-
-
-
2,000,000
-
41,666,667
-
750,000
250,000
41,666,667
250,000
42,916,667
250,000
-
(2,000,000)
-
-
-
-
(2,000,000)
-
-
-
-
-
-
-
-
-
41,666,667
-
750,000
250,000
41,666,667
250,000
42,916,667
250,000
41,666,667
-
750,000
-
41,666,667
-
42,416,667
-
0.40
-
250,000
-
250,000
-
The weighted average remaining contractual life of options outstanding at year end was 1.99 years (2021: 2.94 years).
The weighted average remaining contractual life of options outstanding at year end was 1.99 years (2021: 2.94 years).
42,916,667
(2,000,000)
42,416,667
42,916,667
2,000,000
-
-
The range of weighted average exercise prices for options outstanding at the end of the year was $0.158 (2021: $0.02)
The range of weighted average exercise prices for options outstanding at the end of the year was $0.158 (2021: $0.02)
For the options granted during the current financial year, the valuation model inputs used to determine the fair value at the grant
The weighted average remaining contractual life of options outstanding at year end was 1.99 years (2021: 2.94 years).
date, are as follows:
For the options granted during the current financial year, the valuation model inputs used to determine the fair
The range of weighted average exercise prices for options outstanding at the end of the year was $0.158 (2021: $0.02)
For the options granted during the current financial year, the valuation model inputs used to determine the fair value at the grant
value at the grant date, are as follows:
Grant date
Fair value at
date, are as follows:
grant date
Share price at
grant date
Expected
volatility
Exercise
price
Risk-free rate
Expiry date
4 November 2021
Grant date
29 March 2022
4 November 2022
Expiry date
29 March 2023
$0.057
Share price at
$0.061
grant date
$0.10
Exercise
price
$0.10
114.9%
Expected
volatility
148.9%
1 April 2022
4 November 2021
1 April 2025
4 November 2022
29 March 2022
29 March 2023
1 April 2022
1 April 2025
$0.061
$0.057
$0.061
$0.061
$0.10
$0.10
$0.10
$0.10
148.9%
114.9%
148.9%
148.9%
6 0
43
43
2%
Risk-free rate
5%
5%
2%
5%
5%
$0.162
Fair value at
$.0141
grant date
$0.028
$0.162
$.0141
$0.028
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
15. Contingencies And Commitments
Papyrus Australia Ltd
On 28 January 2022, the Group entered into a Partnership agreement with AL Haram for
ABN 63 110 868 409
Plastic Manufacturing with the intention of setting up a joint venture company to manufacture
Notes to the Financial Statements
banana fibre packaging products. The agreement has a term of 20 years unless terminated
earlier by mutually written consents by the parties. As at the reporting date, no financial
For the year ended 30 June 2022
contribution has been made by either party towards the set-up of the joint venture company
15 CONTINGENCIES AND COMMITMENTS
and negotiation continues to finalise the relevant terms and conditions.
On 28 January 2022, the Group entered into a Partnership agreement with AL Haram for Plastic Manufacturing with the intention
In the opinion of the Directors, the Group did not have any another commitment or
of setting up a joint venture company to manufacture banana fibre packaging products. The agreement has a term of 20 years
unless terminated earlier by mutually written consents by the parties. As at the reporting date, no financial contribution has been
contingencies at 30 June 2022 (2021: nil).
made by either party towards the set-up of the joint venture company and negotiation continues to finalise the relevant terms and
conditions.
16. Remuneration Of Auditors
In the opinion of the Directors, the Group did not have any another commitment or contingencies at 30 June 2022 (2021: nil).
During the financial year the following fees paid or payable for services provided by the
16 REMUNERATION OF AUDITORS
Group’s auditors and their network firms:
During the financial year the following fees paid or payable for services provided by the Group’s auditors and their network firms:
Consolidated Group
30 June
2022
$
30 June
2021
$
Grant Thornton Audit Pty Ltd
Fee for the review of the financial report as at 31 December 2020
-
17,300
BDO Audit (SA) Pty Ltd
Fee for the review of the financial report as at 31 December 2021
Fee for the audit and review of the financial report
BDO Khaled & Co (BDO network firm)
Audit of Component financials
Total remuneration of auditors
No non - audit services have been provided.
17,000
50,000
$32,500
-
67,000
12,666
62,466
6 1
44
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the year ended 30 June 2022
17. Interest In Controlled Entities And Joint Ventures
Papyrus Australia Ltd
17 INTEREST IN CONTROLLED ENTITIES AND JOINT VENTURES
ABN 63 110 868 409
Principal place of
business / country
of incorporation
Notes to the Financial Statements
Name of entity
For the year ended 30 June 2022
Parent entity
17 INTEREST IN CONTROLLED ENTITIES AND JOINT VENTURES
Papyrus Australia Ltd (a)
Australia
Subsidiaries
Name of entity
Papyrus Technology Pty Ltd (b)
PPY Manufacturing Pty Ltd (b)
Parent entity
Australian Advanced Manufacturing Centre Pty Ltd (b)
Papyrus Australia Ltd (a)
Joint Venture
Subsidiaries
Papyrus Egypt LLC
Papyrus Technology Pty Ltd (b)
PPY Manufacturing Pty Ltd (b)
Associate
Australian Advanced Manufacturing Centre Pty Ltd (b)
Egypt Banana Fiber Company
Principal place of
business / country
of incorporation
Australia
Australia
Australia
Australia
Egypt
Australia
Australia
Australia
Egypt
Ownership Interest
2022
%
2021
%
Ownership Interest
2022
100
%
100
100
50
100
100
100
39.22%
2021
100
%
100
100
50
100
100
100
25.46%
18. Financial Risk Management
50
50
Egypt
Joint Venture
*The percentage of ownership interest held is equivalent to the percentage voting rights for all subsidiaries.
*The percentage of ownership interest held is equivalent to the percentage voting rights for all subsidiaries.
Papyrus Egypt LLC
a. Papyrus Australia Ltd is the head entity within the tax-consolidated group.
a. Papyrus Australia Ltd is the head entity within the tax-consolidated group.
b. These companies are members of the tax-consolidated group.
Associate
18 FINANCIAL RISK MANAGEMENT
b. These companies are members of the tax-consolidated group.
Egypt Banana Fiber Company
Categories of financial instruments
*The percentage of ownership interest held is equivalent to the percentage voting rights for all subsidiaries.
The totals for each category of financial instruments, measured in accordance with the Accounting Standards as detailed in the
accounting policies to these financial statements, are as follows:
a. Papyrus Australia Ltd is the head entity within the tax-consolidated group.
b. These companies are members of the tax-consolidated group.
Categories of financial instruments
18 FINANCIAL RISK MANAGEMENT
The totals for each category of financial instruments, measured in accordance with the
Accounting Standards as detailed in the accounting policies to these financial statements,
Categories of financial instruments
The totals for each category of financial instruments, measured in accordance with the Accounting Standards as detailed in the
are as follows:
Financial assets
accounting policies to these financial statements, are as follows:
Cash and cash equivalents
Consolidated Group
30 June
2021
30 June
2022
2,071,640
39.22%
25.46%
Egypt
Note
$
5
$
Trade and Other receivables
Total financial assets
Financial Liabilities
Financial liabilities at amortised cost
Financial assets
Trade and other payables
Cash and cash equivalents
Total financial liabilities
Trade and Other receivables
6
1,376,268
Consolidated Group
1,045,373
30 June
2,421,641
2022
30 June
2,524,274
2021
452,634
Note
$
$
10
5
6
203,984
1,376,268
203,984
1,045,373
121,917
2,071,640
121,917
452,634
Total financial assets
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.
Financial Liabilities
2,421,641
2,524,274
Financial liabilities at amortised cost
The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss
from activities.
Trade and other payables
121,917
10
203,984
Total financial liabilities
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
Credit risk
assigned by international credit-rating agencies.
Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in a financial loss to the Group.
203,984
121,917
The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss
45
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.
6 2
45
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Financial Risk Management (Continued)
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.
Market risk
(i) Cash flow interest rate sensitivity
The Group is exposed to interest rate risk as it holds some bank deposits at floating rates.
The Group’s policy is to minimise interest rate cash flow risk exposures on long-term
financing. Longer-term deposits are therefore usually at fixed rates. At the reporting
date, the Group is exposed to changes in market interest rates through its short term bank
deposits, which are subject to variable interest rates.
(ii) Financial instrument composition and maturity analysis
The Group is not materially exposed to any effects on changes in interest rates. The Group
has no borrowings outstanding as at the reporting date 30 June 2022 (2021: nil). Trade
payables are often settled within 30 day credit term and classified as current liabilities.
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.
6 3
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA 19. 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:
Talisker (SA) Pty Ltd (“Talisker”) an entity associated with the Company’s Managing Director,
Mr Ramy Azer in 2012 entered into an agreement with the Company to provide a draw down
facility of $250,000. The unsecured loan during the year represents the draw down from the
facility as at 2022: $0 (2021: $0). 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 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.
As at 30 June 2022, the accrued interest of $61,700 associated with the loan historically
is still outstanding. The interest was agreed between the parties to be paid only when the
group makes sufficient profit. This interest portion was presented in the financial statement
of the Group within the ‘Trade and other payables’ a current liability as disclosed at note 9(b).
Furthermore, included in Sundry payables and accrued expense was $1,033 payable to Mr V. Rigano,
a Non-Executive Director. The payable was short-term in nature and no interest is payable.
On the 1st November 2021, the Company entered into a services deed with Chikarovski and
Associates to provide services with a remuneration of $30,000 per annum. The deed had no
fixed term and may be terminated by either party with 30 days’ notice in writing.
(b) Interests of Key Management Personnel (KMP)
Any person(s) having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including any director (whether executive or
otherwise) of that entity are considered key management personnel.
For details of Key Management Personnel’s interests in shares and options of the Company,
refer to Key Management Personnel disclosures in the Remuneration Report contained in
the Directors’ Report.
The following individuals are classified as key management personnel in accordance with
AASB 124 ‘Related Party Disclosures’.
Mr Edward Byrt - ChairmanMr Ramy Azer - Managing Director
Mr David Attias - Non-Executive Director
Ms Kerry Chikarovski - Executive Director
Mr Vincent Peter Rigano -Non-Executive Director and Company Secretary
Mr Daniel Schmidt – General Manager
Mr Peter Rostig – Manager Engineering & Business Development
6 4
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the year ended 30 June 2022
19 RELATED PARTIES (Continued)
(b) Interests of Key Management Personnel (KMP)
Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or
indirectly, including any director (whether executive or otherwise) of that entity are considered key management personnel.
For details of Key Management Personnel’s interests in shares and options of the Company, refer to Key Management Personnel
disclosures in the Remuneration Report contained in the Directors' Report.
The following individuals are classified as key management personnel in accordance with AASB 124 'Related Party Disclosures'.
Chairman
Mr Edward Byrt
Mr Ramy Azer - Managing Director
‑(cid:3)
Mr David Attias - Non-Executive Director
Ms Kerry Chikarovski - Executive Director
Mr Vincent Peter Rigano
Non-Executive Director and Company Secretary
20. Key Management Personnel Disclosures
Mr Daniel Schmidt – General Manager
Mr Peter Rostig – Manager Engineering & Business Development
‑
Totals of remuneration paid
20 KEY MANAGEMENT PERSONNEL DISCLOSURES
Key management personnel remuneration included within employee expenses for the year
Totals of remuneration paid
is shown below:
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
30 June
2022
$
149,949
13,302
13,155
176,406
30 June
2021
$
17,318
1,645
2,192
21,155
During the year, the Group has a service contract with Mr Azer, the Managing Director and $250,000 has been remunerated to him
During the year, the Group has a service contract with Mr Azer, the Managing Director and
in accordance with the contract (2021: $145,833). This was included in consultancy expense in the profit or loss.
$250,000 has been remunerated to him in accordance with the contract (2021: $145,833).
During the year, the Group has a service deed with Chikarovski and Associates, an entity controlled by Ms Kerry Chkarovski, a
This was included in consultancy expense in the profit or loss.
Director of the Group, and a payment of $20,000 has been paid to this entity under service deed (2021: nil).
The audited remuneration report contained in the Directors' Report contains details of the remuneration paid or payable to each
During the year, the Group has a service deed with Chikarovski and Associates, an entity
member of the Group's key management personnel for the year ended 30 June 2022.
controlled by Ms Kerry Chkarovski, a Director of the Group, and a payment of $20,000 has
Other key management personnel transactions
been paid to this entity under service deed (2021: nil).
For details of other transactions with key management personnel, refer to Note 19: Related Parties.
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 2022.
Other key management personnel transactions
For details of other transactions with key management personnel, refer to Note 19: Related
Parties.
21. 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.
47
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
recognized in the parent entity profit or loss, rather than being deducted from the carrying
amount of these investments.
6 5
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Papyrus Australia Ltd
ABN 63 110 868 409
Notes to the Financial Statements
For the year ended 30 June 2022
21 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 recognized in the parent entity profit or loss, rather than being deducted from the
Parent Entity (Continued)
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 (deficit)
Statement of Profit or Loss and other Comprehensive Income
Total loss for the year
Other comprehensive loss
Total comprehensive loss
30 June
2022
$
30 June
2021
$
2,421,600
1,055,244
3,476,844
2,524,283
1,299,578
3,823,861
203,985
121,917
-
-
203,985
121,917
25,672,581
25,032,581
(23,459,985)
(22,192,431)
1,060,263
3,272,859
952,578
3,792,727
(1,267,554)
(90,783)
-
-
(1,267,554)
(90,783)
Contingent liabilities
Contingent liabilities
Contingent liabilities of the parent entity have been incorporated into the Group information in Note 15. The contingent liabilities of
the parent are consistent with that of the Group.
Contingent liabilities of the parent entity have been incorporated into the Group information
Contractual commitments
in Note 15. The contingent liabilities of the parent are consistent with that of the Group.
There are no contractual commitments of the parent entity at 30 June 2022 (30 June 2021: nil).
22 MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
Contractual commitments
On 29 July 2022 the Company appointed Mr. Pascal Gouel as Executive Director – International Business Development.
There are no contractual commitments of the parent entity at 30 June 2022 (30 June 2021: nil).
There have been no other significant matters subsequent to the end of the financial year.
22. Matters Subsequent To The End Of The Financial Year
On 29 July 2022 the Company appointed Mr. Pascal Gouel as Executive Director – International
Business Development.
There have been no other significant matters subsequent to the end of the financial year.
48
6 6
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Directors’ Declaration
The directors of the Group declare that:
1. the financial statements and notes for the year ended 30 June 2022 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.
In the director’s 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.
Mr Ramy Azer
Managing Director
Dated this 26th day of September 2022
6 7
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPapyrus Australia Ltd ABN 63 110 868 409 Directors’ Declaration 49 The directors of the Group declare that: 1. the financial statements and notes for the year ended 30 June 2022 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 director’s 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. Mr Ramy Azer Managing Director Dated this 26th day of September 2022 Tel: +61 8 7324 6000
Fax: +61 8 7324 6111
www.bdo.com.au
BDO Centre
Level 7, 420 King William Street
Adelaide SA 5000
GPO Box 2018 Adelaide SA 5001
Australia
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PAPYRUS AUSTRALIA LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Papyrus Australia Limited(the Company) and its subsidiaries
(the Group), which comprises the consolidated statement of financial position as at 30 June 2022, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including a summary of significant accounting policies and the directors’
declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
BDO Audit (SA) Pty Ltd ABN 33 161 379 086 is a member of a national association of independent entities which are all members of BDO
Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (SA) Pty Ltd and BDO Australia Ltd are
members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent
member firms. Liability limited by a scheme approved under Professional Standards Legislation.
50
6 8
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Investment accounted for using the equity method
KEY AUDIT MATTER
HOW THE MATTER WAS ADDRESSED IN OUR AUDIT
As disclosed in Note 9, during the financial
Our audit procedures to address the matter included, amongst
year ended 30 June 2022, the shareholding in
others:
Egyptian Banana Fibre Company has increased
to 39.22% which gives the Group a total direct
and indirect interest in Papyrus Egypt of
69.61%.
This is a key audit matter because of the
significant management judgement involved
in the assessment of whether the Group has
control over Papyrus Egypt and the
consequential accounting implications.
•
•
•
•
Reviewing investment and shareholder documents.
Confirming the Group’s interest in each investee entity.
Evaluating the Group’s accounting for its investments for
consistency with Australian Accounting Standards, including
the appropriateness of the equity accounting method.
Assessing the appropriateness and accuracy of the disclosures
to the financial statements in accordance with the applicable
Accounting Standards.
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2022, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
6 9
51
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 16 to 19 of the directors’ report for the
year ended 30 June 2022.
In our opinion, the Remuneration Report of Papyrus Australia Limited, for the year ended 30 June 2022,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit (SA) Pty Ltd
Andrew Tickle
Director
Adelaide, 26 September 2022
7 0
52
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIA
ASX Additional Information
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 26 September 2022.
Additional information required by the Australian Stock Exchange Limited and not shown elsewhere in
the report follows. The information is current as at 26 September 2022.
ASX Additional Information
Distribution of equity securities
Ordinary share capital
Additional information required by the Australian Stock Exchange Limited and not shown
elsewhere in the report follows. The information is current as at 26 September 2022.
469,627,333 Fully paid ordinary shares are held by 1,965 individual shareholders.
Distribution of equity securities
•
Ordinary share capital
Distribution of equity securities
All issued ordinary shares carry one vote per shares.
•
Options
Ordinary share capital
469,627,333 Fully paid ordinary shares are held by 1,965 individual shareholders.
•
All issued ordinary shares carry one vote per shares.
• 469,627,333 Fully paid ordinary shares are held by 1,965 individual shareholders.
Options
6,250,000 Options are held by 5 individual option holders.
All issued ordinary shares carry one vote per shares.
•
The number of shareholders, by size of holding, in each class are:
6,250,000 Options are held by 5 individual option holders.
Options
The number of shareholders, by size of holding, in each class are:
•
6,250,000 Options are held by 5 individual option holders.
Fully Paid
The number of shareholders, by size of holding, in each class are:
107
254
292
Fully Paid
970
107
342
254
1,965
292
970
724
342
1,965
1-1,000
1,001 - 5000
5,001 – 10,000
10,001 – 100,000
1-1,000
100,001 and over
1,001 - 5000
5,001 – 10,000
10,001 – 100,000
Holding less than a marketable parcel
100,001 and over
Unquoted Options
0
0
0
Unquoted Options
0
0
6
0
6
0
0
0
6
6
Holding less than a marketable parcel
724
0
Substantial shareholders
Substantial shareholders
Substantial shareholders
Ordinary shareholders
Fully paid
Number
Percentage
Fully paid
Number
Percentage
75,071,889
30,756,400
25,562,497
23,000,000
75,071,889
17,637,489
30,756,400
16,456,061
25,562,497
23,000,000
72,738,550
17,637,489
15.99
10.17
8.45
7.61
15.99
5.83
10.17
5.44
8.45
7.61
30.93%
5.83
16,456,061
5.44
72,738,550
30.93%
Ordinary shareholders
CERTANE CT PTY LTD
BIJO (SA) PTY LTD
RONDELLE PTY LTD
UNION PACIFIC EQUITIES PTY LTD
CERTANE CT PTY LTD
MR RAMY AZER
BIJO (SA) PTY LTD
STROUD NOMINEES PTY LTD
A/C>
UNION PACIFIC EQUITIES PTY LTD
MR RAMY AZER
STROUD NOMINEES PTY LTD
53
53
7 1
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA ASX Additional Information
Twenty largest holders of quoted equity securities
Twenty largest holders of quoted equity securities
CERTANE CT PTY LTD
BIJO (SA) PTY LTD
RONDELLE PTY LTD
UNION PACIFIC EQUITIES PTY LTD
MR RAMY AZER
STROUD NOMINEES PTY LTD
MRS MARGARET FAY FULLER
V P RIGANO & CO PTY LTD
MR KARIM MOHAMED HAMDOUH ABBAS
BPE INVESTMENTS PTY LTD
MR STEVO HINIC
STROUD NOMINEES PTY LTD
MR PAUL LAPERE
MR CON TSAKALIS
MR DAVID ROBERT WOODWARD
MR EHAB AMIR NAKHLA HENNES
MR ANTHONY RICHARD LEWIS
MR MARIO ALDO ZANDEL + MISS DEIRDRIE ANNE BLOOMFIELD
MRS MARGARET THORPE WOODWARD
IRWIN BIOTECH NOMINEES PTY LTD
Fully Paid Ordinary
Shares
Number
75,071,889
30,756,400
25,562,497
24,700,000
17,637,489
16,456,061
12,000,000
11,625,445
11,125,000
10,714,655
9,001,000
8,785,768
6,009,751
5,400,000
5,248,000
5,184,165
3,950,000
3,119,182
3,100,000
3,000,000
Percenta
ge
15.99
6.55
5.44
5.26
3.76
3.50
2.56
2.48
2.37
2.28
1.92
1.87
1.28
1.15
1.12
1.10
0.84
0.66
0.66
0.64
288,447,302
61.42
54
7 2
PAPYRUS AUSTRALIAPAPYRUS AUSTRALIAPAPYRUS AUSTRALIA Confidential and proprietary. Copyright (c) by
Papyrus Australia Ltd. All Rights Reserved.
PAPYRUS AUSTRALIA