Tubi Group

Tubi Limited
Consolidated Financial Statements
For the Year Ended 30 June 2023

Tubi Limited
ABN: 25 139 142 493
Contents
For the Year Ended 30 June 2023
Page
Consolidated Financial Statements
Directors' Report
1
Auditor's Independence Declaration
6
Consolidated Statement of Profit or Loss and Other Comprehensive Income
7
Consolidated Statement of Financial Position
8
Consolidated Statement of Changes in Equity
9
Consolidated Statement of Cash Flows
10
Notes to the Financial Statements
11
Directors' Declaration
44
Independent Auditor's Report
45

Tubi Limited
ABN: 25 139 142 493
Directors' Report
30 June 2023
The Directors present their report, together with the financial statements of the Group, being Tubi Limited 
(the Company) and its controlled entities, for the financial year ended 30 June 2023.
The Directors of the Company during the year ended 30 June 2023, and up to the date of this report are set 
out below. All Directors held their position throughout the entire year and up to the date of this report unless 
otherwise stated.
Mr. John Mouawad
Non-Executive Chairman
Mr. Marcello Russo
Executive Director & Chief Executive Officer (Resigned 10 January 2023)
Mr. Ryan Shaw
Independent Non-Executive Director 
Mr. John Zeckendorf
Independent Non-Executive Director (Resigned 5 March 2024)
Mr. Michael Tilley
Independent Non-Executive Director (Appointed 22 June 2023)
Director
Experience
Mr. John Mouawad
Chairman & 
Independent Non-
Executive Director
John Mouawad has over 15 years corporate restructuring experience and is 
currently a Partner in KordaMentha’s Restructuring Practice. John has 
significant restructuring experience and often accepts appointments as a non 
executive director on behalf of stakeholders seeking corporate restructures to 
drive commercial and financial outcomes that are in the entities’ best interests.
This experience includes serving as a director of the Flinders Power 
Partnership Group, the Masters Home Improvement Group and Crabtree and 
Evelyn. John is a registered liquidator, a member of the Australian 
Restructuring Insolvency Turnaround Association, the Turnaround 
Management Association and a Member of the Institute of Chartered 
Accountants. 
Marcello Russo
Executive Director, 
Chief Executive Officer 
& Founder
(Resigned: 10 January
2023)
Marcello Russo is the Founder and executive Director of Tubi, having steered 
the Company since its inception in 2009. Marcello has had over 25 years of 
experience in pipe strategy, innovation and manufacture, which is reflected in 
Tubi's focus on future growth and global industry development.
At the time of the listing Marcello was the business development manager in 
charge of constructing 5001, 5002, 5003, 5004 and ensuring the contract in NZ 
for IPLEX was delivered successfully. In February 2020 Marcello became the 
CEO and maintained his directorship.
Mr. Ryan Shaw
Independent Non-
Executive Director
Ryan Shaw is highly experienced in the recovery and management of assets, 
particularly in situations of financial distress. He is currently Principal and 
Mandala Asset Solutions.  Prior to joining Mandala Asset Solutions, Ryan was 
a Director at PricewaterhouseCoopers corporate recovery and also worked in 
Brunei for the Royal Family to help resolve the major litigation and asset 
recovery that resulted from the Prince Jefri dispute. 
Ryan has recently been appointed as director in a number of major run-off 
situations in Australia working with major restructuring firms and asset owners 
to effect the restructuring and resolution of these assets. 
1

Tubi Limited
ABN: 25 139 142 493
Directors' Report
30 June 2023
Director
Experience
Mr. John Zeckendorf
Independent Non-
Executive Director
John Zeckendorf is highly experienced in the recovery and management of 
assets, particularly in situations of financial distress. John previously was a 
Director at PricewaterhouseCoopers corporate recovery and then worked in 
Brunei for the Royal Family to help resolve the major litigation and asset 
recovery that resulted from the Prince Jefri dispute.
John is a Principal of Mandala Asset Solutions, who have worked extensively 
in Asia in asset recovery situations and John has advised creditors, 
Governments and Regulators in respect of insolvency and restructuring.
John has recently been appointed as director in a number of distressed and 
restructuring situations in Australia including iFlix, Redmap and has acted as a 
trustee director for overseas beneficiaries of Paladin Group.
Mr. Michael Tilley
Independent Non-
Executive Director
(Appointed: 22 June 
2023)
Michael Tilley is a highly experienced executive having spent over 30 years 
advising and managing leading companies in financial services, life insurance 
and funds management in Australasia. Michael Tilley retired from Challenger 
Financial Services in 2008, having become Deputy Chairman in 2003 and 
Chief Executive in 2004. Before taking the CEO role at Challenger, Michael 
was a Non-Executive Director of Incitec Limited, Chairman and Chief Executive 
of Merrill Lynch Australasia, Regional Head of Mergers and Acquisitions and a 
member of the Asian Executive Committee of Merrill Lynch and was as a 
partner at Deloitte Touche Tohmatsu.
Michael was a non-executive Director at Orica Ltd from November 2003 until 
2013, non-executive Chairman of Hotel Property Investments Limited from 
November 2013 to October 2019, and is currently non-executive Chairman of 
Latitude Group Holdings Limited.
Michael holds a Post Graduate Diploma in Business Administration from 
Swinburne University and is a Fellow of The Australian Institute of Company 
Directors.
Elissa Hansen was appointed as the Company Secretary on 11 May 2021.
Elissa has over 20 years’ experience advising boards and management on corporate governance, 
compliance, investor relations and other corporate related issues. She has worked with boards and 
management of a range of ASX listed companies including assisting companies through the IPO process.  
Elissa is a Chartered Secretary who brings best practice governance advice, ensuring compliance with the 
Listing Rules, Corporations Act and other relevant legislation.
Elissa holds a Bachelor of Commerce and Graduate Diploma in Applied Corporate Governance and is a 
fellow of the Governance Institute of Australia (FGIA) and a graduate member of the Australian Institute of 
Company Directors (GAICD)
The number of meetings of the Group’s Board of Directors held during the year ended 30 June 2023, and 
the number of meetings attended by each director were:
Director
Board Meetings
Eligible to Attend
Number Attended
John Mouawad
6
6
Marcello Russo
4
4
Ryan Shaw
6
6
John Zeckendorf
6
6
2

Tubi Limited
ABN: 25 139 142 493
Directors' Report
30 June 2023
The principal activities of the Group were formerly the development, operation, leasing and sale of mobile 
manufacturing plants for the production of high-density polyethylene (“HDPE”) pipes for use in the oil and 
gas, irrigation, mining and infrastructure sectors.
The Group’s operations were in Australia, New Zealand and the United States. 
On 12 January 2023, the Group completed the sale and disposal of its remaining mobile plants, as 
approved by the shareholders on 14 December 2022. 
On 11 April 2023, the Group was removed from ASX official list. The securities of 2BE have been 
suspended from trading for a continuous period of 2 years. The removal has been undertaken in 
accordance with the policy set out in section 3.4 of ASX Listing Rules Guidance Note 33 Removal of 
Entities from the ASX Official List.
The Group’s former principal activities have therefore ceased and the directors are currently considering 
and pursuing investment and/or future business opportunities.
There were no other significant changes in those activities during the year.
2023 Review of operations
Key financial information for the year includes:
§
$Nil revenue (2022: $1.08 million);
§
impairment expense of $0.38 million (2022: $5.60 million);
§
loss after tax attributable to Group shareholders of $1.31 million (2022: loss of $6.92 million);
§
underlying EBITDA loss of $1.27 million (2022: loss of $5.77 million)1;
During the year ended 30 June 2023, the Group completed  the sale of its remaining plants for a total 
consideration of USD $2.44 million, adjusted for any previous leasing payments. This resulted in a loss on 
sale of non-current assets held for sale of $495,050.
Financial Position at 30 June 2023
The Group’s net assets were $5.93 million (June 2022: $7.23 million). 
Major current assets included cash of $6.39 million. Current liabilities (excluding borrowings) decreased by 
$0.67 million mainly due from the payment made to Hopetoun. 
The Group is currently considering and pursuing investment and/or future business opportunities to re-
establish itself and/or return surplus funds to its shareholders.
The nature of the Group’s business exposes it to certain risks. These risks are actively monitored and 
managed by the Board to fulfill its responsibilities relating to the oversight of the Group's risk profile.  
There were no dividends paid, recommended or declared during the current or previous financial year.
 
1 “EBITDA” and “underlying EBITDA” are nonstatutory financial measures which are not prescribed by Australian Accounting Standards 
(“AAS”). They represent the profit under AAS adjusted for interest, tax, depreciation and amortisation and other certain specific items. 
“Underlying EBITDA” is also adjusted for oneoff legal expenses and costs associated with the IPO. The Directors consider that “EBITDA” and 
“underlying EBITDA” reflect core earnings of the entity consistent with internal reporting.  
3

Tubi Limited
ABN: 25 139 142 493
Directors' Report
30 June 2023
No matters or circumstances have arisen since the end of the financial year which significantly affected or 
could significantly affect the operations of the Group, the results of those operations, or the state of affairs of 
the Group in future financial years.
The Group’s operations are subject to local, state and federal environmental legislation and regulations in 
the jurisdictions in which it operates. The Board are responsible for the regular monitoring of environmental 
exposure and compliance with environmental regulations and are not aware of any breaches of these 
regulations during the year. 
The Group has entered into deeds of indemnity, access and insurance with each Director. Under these 
deeds, the Group has agreed to indemnify, to the extent permitted by the Corporations Act, each Director in 
respect of certain liabilities which the Director may incur as a result of, or by reason of (whether solely or in 
part), being or acting as an officer of the Group. These liabilities include losses or liabilities incurred by the 
Director to any other person as an officer of the Group, including legal expenses. 
The Group has also agreed to maintain in favour of each officer a directors’ and officers’ policy of insurance 
for the period that they are officers and for seven years after they cease to act as officers.
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring 
proceedings on behalf of the Group, or to intervene in any proceedings to which the Group is a party for the 
purpose of taking responsibility on behalf of the Group for all or part of those proceedings.
PKF(NS) Audit & Assurance Limited Partnership continues in office in accordance with section 327 of the
Corporations Act 2001.
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 
2001 is set out on page 4 of the Annual Report.
During the year, entities associated with PKF(NS) Audit & Assurance Limited Partnership (external auditor 
to the Group) have provided other services in addition to the statutory audits, as disclosed in Note 23 of the 
financial statements.
The Directors are satisfied that the provision of non-audit services provided by the auditor are compatible 
with the general standard of independence for auditors imposed by the Corporations Act 2001. The 
Directors are satisfied that these non-audit services do not compromise the external auditor’s 
independence requirements of the Corporations Act 2001 for the following reasons:
§
all non-audit services have been reviewed and approved to ensure that they do not impact the integrity 
and objectivity of the auditor; and
§
none of the services undermine the general principles relating to auditor independence as set out in 
APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and 
Ethical Standards Board, including reviewing or auditing the auditor’s own work, acting in a 
management of decision-making capacity for the Group, acting as advocate for the Group or jointly 
sharing economic risks and rewards.
4

Tubi Limited
ABN: 25 139 142 493
Directors' Report
30 June 2023
This directors’ report is signed in accordance with a resolution of the Board of Directors.
Director: ...........................................................
John Mouawad
Date: 
5
......... ................................
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PKF(NS) Audit & Assurance Limited Partnership is a member of PKF Global, the network of member firms of PKF 
International Limited, each of which is a separately owned legal entity and does not accept any responsibility or 
liability for the actions or inactions of any individual member or correspondent firm(s). Liability limited by a 
scheme approved under Professional Standards Legislation. 




PKF(NS) Audit & Assurance Limited Partnership 
ABN 91 850 861 839 
755 Hunter Street, Newcastle West NSW 2302 
Level 8, 1 O’Connell Street, Sydney NSW 2000 
 
Newcastle T: +61 2 4962 2688  F: +61 2 4962 3245 
Sydney T: +61 2 8346 6000 F: +61 2 8346 6099 
info@pkf.com.au 
www.pkf.com.au 

Tubi Limited
ABN: 25 139 142 493
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
For the Year Ended 30 June 2023
Note
2023
$
2022
$
Revenue
4
-
1,083,325
Other income
4
987,691
920,520
Raw materials and consumables used
(76,155)
(749,699)
Employee benefits expense
(736,715)
(1,163,537)
Depreciation and amortisation expense
5
(29,843)
(2,410,256)
Impairment loss on non-financial assets
5
(383,875)
(5,603,384)
Reversal of impairment loss on non-financial assets
5
328,076
-
Net (losses)/gains
5
(495,050)
1,544,872
Travel and accommodation
(60,146)
(136,627)
Repairs and maintenance
(2,276)
(49,082)
Legal and professional
(275,447)
(471,100)
Consultancy
(69,632)
(482,384)
Rental expenses
(109,055)
(244,617)
Insurance
(226,950)
(393,164)
Other operating expenses
(146,195)
(27,580)
Finance expenses
6
(15,408)
(82,609)
Loss before income tax
5
(1,310,980)
(8,265,322)
Income tax expense
7
-
1,349,436
Loss for the year
(1,310,980)
(6,915,886)
Items that will be reclassified to profit or loss when specific
conditions are met
Exchange differences on translating foreign controlled entities
6,960
(60,389)
Other comprehensive income for the year, net of tax
6,960
(60,389)
Total comprehensive income for the year
(1,304,020)
(6,976,275)
Loss attributable to:
Members of the parent entity
(1,310,980)
(6,915,886)
Total comprehensive income attributable to:
Members of the parent entity
(1,304,020)
(6,976,275)
The accompanying notes form part of these financial statements.
7

Tubi Limited
ABN: 25 139 142 493
Consolidated Statement of Financial Position
As At 30 June 2023
Note
2023
$
2022
$
ASSETS
CURRENT ASSETS
Cash and cash equivalents
8
6,393,920
2,985,486
Trade and other receivables
9
65
2,082,812
Inventories
-
12,398
Other non-financial assets
11
7,541
204,724
Non-current assets held for sale
10
-
1,252,067
TOTAL CURRENT ASSETS
6,401,526
6,537,487
NON-CURRENT ASSETS
Property, plant and equipment
12
725
1,902,099
Intangible assets
13
-
103,697
TOTAL NON-CURRENT ASSETS
725
2,005,796
TOTAL ASSETS
6,402,251
8,543,283
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
15
256,259
922,973
Borrowings
16
-
166,380
Current tax liabilities
14
-
7,510
Employee benefits
17
216,276
212,673
TOTAL CURRENT LIABILITIES
472,535
1,309,536
NON-CURRENT LIABILITIES
Deferred tax liabilities
14
-
11
TOTAL NON-CURRENT LIABILITIES
-
11
TOTAL LIABILITIES
472,535
1,309,547
NET ASSETS
5,929,716
7,233,736
EQUITY
Issued capital
18
23,813,112
23,813,112
Reserves
19
23,725
16,765
Accumulated losses
(17,907,121)
(16,596,141)
TOTAL EQUITY
5,929,716
7,233,736
The accompanying notes form part of these financial statements.
8

Tubi Limited
ABN: 25 139 142 493
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2023
2023
Note
Ordinary
Shares
$
Accumulated
losses
$
Foreign
Currency
Translation
Reserve
$
Share Based
Payments
Reserve
$
Total
$
Balance at 1 July 2022
23,813,112
(16,596,141)
16,765
-
7,233,736
Loss attributable to members of the parent
entity
-
(1,310,980)
-
-
(1,310,980)
Other comprehensive income for the year
-
-
6,960
-
6,960
Total comprehensive income for the year
-
(1,310,980)
6,960
-
(1,304,020)
Transactions with owners in their
capacity as owners
Contribution of equity, net of transaction
costs
18(a)
-
-
-
-
-
Balance at 30 June 2023
23,813,112
(17,907,121)
23,725
-
5,929,716
2022
Note
Ordinary
Shares
$
Accumulated
losses
$
Foreign
Currency
Translation
Reserve
$
Share Based
Payments
Reserve
$
Total
$
Balance at 1 July 2021
23,813,112
(9,680,255)
77,154
-
14,210,011
Loss attributable to members of the parent
entity
-
(6,915,886)
-
-
(6,915,886)
Other comprehensive income for the year
-
-
(60,389)
-
(60,389)
Total comprehensive income for the year
-
(6,915,886)
(60,389)
-
(6,976,275)
Transactions with owners in their
capacity as owners
Contribution of equity, net of transaction
costs
18(a)
-
-
-
-
-
Balance at 30 June 2022
23,813,112
(16,596,141)
16,765
-
7,233,736
The accompanying notes form part of these financial statements.
9

Tubi Limited
ABN: 25 139 142 493
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2023
Note
2023
$
2022
$
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers
-
1,633,348
Payments to suppliers and employees
(1,544,820)
(3,960,261)
Receipts from insurance claims
-
83,024
Interest received
5,152
1,764
Interest paid
(3,998)
(67,322)
Income taxes paid
(7,510)
(52,525)
Receipt from grants
-
295,842
Other income
650,558
-
Net cash used in operating activities
27
(900,618)
(2,066,130)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of plant and equipment
4,401,015
6,402,686
Purchase of property, plant and equipment
-
(130,307)
Purchase of intangible assets
(51,129)
(69,944)
Net cash provided by investing activities
4,349,886
6,202,435
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings
-
1,185,000
Repayment of borrowings
(166,380)
(2,831,005)
Repayment of lease liabilities
-
(56,243)
Net cash used in financing activities
(166,380)
(1,702,248)
Effects of exchange rate changes on cash and cash equivalents
125,546
(60,389)
Net increase in cash and cash equivalents held
3,408,434
2,373,668
Cash and cash equivalents at beginning of financial year
2,985,486
611,818
Cash and cash equivalents at end of financial year
8
6,393,920
2,985,486
The accompanying notes form part of these financial statements.
10

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
The consolidated financial report covers Tubi Limited and its controlled entities ('the Group'). Tubi Limited is a for-profit
Company limited by shares, incorporated and domiciled in Australia.
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.
Comparatives are consistent with prior years, unless otherwise stated.
1
Basis of Preparation
The financial statements are general purpose financial statements that have been prepared in accordance with the
Australian Accounting Standards and the Corporations Act 2001.
These financial statements comply with International Financial Reporting Standards as issued by the International
Accounting Standards Board.
The financial statements have been prepared on an accruals basis and are based on historical costs modified, where
applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.
Significant accounting policies adopted in the preparation of these financial statements are presented below and are
consistent with prior reporting periods unless otherwise stated.
2
Summary of Significant Accounting Policies
(a)
Basis for 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 cashflows relating to transactions between entities
in the consolidated entity have been eliminated in full for the purpose of these financial statements.
Appropriate adjustments have been made to a controlled entity’s financial position, performance and cash flows
where the accounting policies used by that entity were different from those adopted by the consolidated entity.
All controlled entities have a June financial year end.
A list of controlled entities is contained in Note 24 to the financial statements.
Subsidiaries
Subsidiaries are all 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.
(b)
Revenue and other income
Revenue from contracts with customers
The core principle of AASB 15 is that revenue is recognised on a basis that reflects the transfer of promised
goods or services to customers at an amount that reflects the consideration the Group expects to receive in
exchange for those goods or services.  Revenue is recognised by applying a five-step model as follows:
11

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
2
Summary of Significant Accounting Policies (continued)
(b)
Revenue and other income (continued)
Revenue from contracts with customers (continued)
1. Identify the contract with the customer
2. Identify the performance obligations
3. Determine the transaction price
4. Allocate the transaction price to the performance obligations
5. Recognise revenue as and when control of the performance obligations is transferred
Specific revenue streams
Sale of goods - manufacture of HDPE pipe
The  principal revenue stream of the Group is the operation of Mobile Plants to manufacture High Density
Polyethylene (HDPE) pipes for industrial projects. Revenue is recognised upon successful delivery of
manufactured pipes under the terms of the contract over the project term, being the point at which the
performance obligation has been met under the terms of the contract with customers.
Other income
Other income is recognised on an accruals basis when the Group is entitled to it.
(c)
Income Tax
The tax expense recognised in the consolidated statement of profit or loss and other comprehensive income
comprises current income tax expense plus deferred tax expense.
Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (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 laws that have been enacted or substantively enacted by the end of the reporting period. Current
tax liabilities (assets) are measured at the amounts expected to be paid to (recovered from) the relevant
taxation authority.
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 consolidated financial statements. 
12

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
2
Summary of Significant Accounting Policies (continued)
(c)
Income Tax (continued)
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 Group 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 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. 
Current and deferred tax is recognised as income or an expense and included in profit or loss for the period
except where the tax arises from a transaction which is recognised in other comprehensive income or equity, in
which case the tax is recognised in other comprehensive income or equity respectively.
(d)
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.
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.
(e)
Borrowing costs
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset
are capitalised as part of the cost of that asset.
All other borrowing costs are recognised as an expense in the period in which they are incurred.
(f)
Cash and cash equivalents
Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are
readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.
13

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
2
Summary of Significant Accounting Policies (continued)
(g)
Leases
At inception of a contract, the Group assesses whether a lease exists - i.e. does the contract convey the right to
control the use of an identified asset for a period of time in exchange for consideration.
This involves an assessment of whether:

The contract involves the use of an identified asset - this may be explicitly or implicitly identified within
the agreement.  If the supplier has a substantive substitution right then there is no identified asset.

The Group has the right to obtain substantially all of the economic benefits from the use of the asset
throughout the period of use.

The Group has the right to direct the use of the asset i.e. decision making rights in relation to changing
how and for what purpose the asset is used.
At the lease commencement, the Group recognises a right-of-use asset and associated lease liability for the
lease term.  The lease term includes extension periods where the Group believes it is reasonably certain that
the option will be exercised.
The right-of-use asset is measured using the cost model where cost on initial recognition comprises of the
lease liability, initial direct costs, prepaid lease payments, estimated cost of removal and restoration less any
lease incentives received.
The right-of-use asset is depreciated over the lease term on a straight line basis and assessed for impairment
in accordance with the impairment of assets accounting policy.
The lease liability is initially measured at the present value of the remaining lease payments at the
commencement of the lease.  The discount rate is the rate implicit in the lease, however where this cannot be
readily determined then the Group's incremental borrowing rate is used.
Subsequent to initial recognition, the lease liability is measured at amortised cost using the effective interest
rate method.  The lease liability is remeasured whether there is a lease modification, change in estimate of the
lease term or index upon which the lease payments are based (e.g. CPI) or a change in the Group's
assessment of lease term.
Where the lease liability is remeasured, the right-of-use asset is adjusted to reflect the remeasurement or is
recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
Exceptions to lease accounting
The Group has elected to apply the exceptions to lease accounting for both short-term leases (i.e. leases with a
term of less than or equal to 12 months) and leases of low-value assets.  The Group recognises the payments
associated with these leases as an expense on a straight-line basis over the lease term.
(h)
Financial instruments
Financial instruments are recognised initially on the date that the Group becomes party to the contractual
provisions of the instrument.
14

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
2
Summary of Significant Accounting Policies (continued)
(h)
Financial instruments (continued)
On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for
instruments measured at fair value through profit or loss where transaction costs are expensed as incurred).
Financial assets
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value,
depending on the classification of the financial assets.
Classification 
On initial recognition, the Group classifies its financial assets into the following categories, those measured at:

amortised cost
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its
business model for managing financial assets.
Amortised cost
Assets measured at amortised cost are financial assets where:

the business model is to hold assets to collect contractual cash flows; and

the contractual terms give rise on specified dates to cash flows are solely payments of principal and
interest on the principal amount outstanding.
The Group's financial assets measured at amortised cost comprise trade and other receivables and cash and
cash equivalents in the consolidated statement of financial position.
Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest rate
method less provision for impairment.
Interest income, foreign exchange gains or losses and impairment are recognised in profit or loss.  Gain or loss
on derecognition is recognised in profit or loss.
Impairment of financial assets 
Impairment of financial assets is recognised on an expected credit loss (ECL) basis for the following assets:

financial assets measured at amortised cost
When determining whether the credit risk of a financial assets has increased significant since initial recognition
and when estimating ECL, the Group considers reasonable and supportable information that is relevant and
available without undue cost or effort.  This includes both quantitative and qualitative information and analysis
based on the Group's historical experience and informed credit assessment and including forward looking
information.
15

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
2
Summary of Significant Accounting Policies (continued)
(h)
Financial instruments (continued)
Financial assets (continued)
The Group applies the simplified approach to providing for expected credit losses prescribed by AASB 9, which
permits the use of the lifetime expected loss provision.  To measure the expected credit losses, financial assets
have been grouped based on shared credit risk characteristics and the days past due.  The loss allowance
provision incorporate forward looking information.
Trade receivables
Impairment of trade receivables have been determined using the simplified approach in AASB 9 which uses an
estimation of lifetime expected credit losses.  The Group has determined the probability of non-payment of the
receivable and multiplied this by the amount of the expected loss arising from default.
The amount of the impairment is recorded in a separate allowance account with the loss being recognised in
finance expense.  Once the receivable is determined to be uncollectable then the gross carrying amount is
written off against the associated allowance.
Where the Group renegotiates the terms of trade receivables due from certain customers, the new expected
cash flows are discounted at the original effective interest rate and any resulting difference to the carrying value
is recognised in profit or loss.
Other financial assets measured at amortised cost
Impairment of other financial assets measured at amortised cost are determined using the expected credit loss
model in AASB 9.  On initial recognition of the asset, an estimate of the expected credit losses for the next 12
months is recognised.  Where the asset has experienced significant increase in credit risk then the lifetime
losses are estimated and recognised.
Financial liabilities
The Group measures all financial liabilities initially at fair value less transaction costs, subsequently financial
liabilities are measured at amortised cost using the effective interest rate method.
The financial liabilities of the Group comprise trade payables, bank and other loans and finance lease liabilities.
(i)
Inventories
Inventories are measured at the lower of cost and net realisable value.  Cost of inventory is determined using
the first-in-first-out basis and is net of any rebates and discounts received.  Net realisable value is estimated
using the most reliable evidence available at the reporting date and inventory is written down through an
obsolescence provision if necessary.
(j)
Property, plant and equipment
Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any
accumulated depreciation and impairment.
16

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
2
Summary of Significant Accounting Policies (continued)
(j)
Property, plant and equipment (continued)
Plant and equipment 
Plant and equipment are measured using the cost model.
Depreciation
Property, plant and equipment  is depreciated on a straight-line or reducing balance basis (as appropriate) over
the assets useful life to the Group, commencing when the asset is ready for use.
The depreciation rates used for each class of depreciable asset are shown below:
Fixed asset class
Depreciation rate
Plant and Equipment
10 - 20%
Furniture, Fixtures and Fittings
20%
At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset
is reviewed. Any revisions are accounted for prospectively as a change in estimate.
Capital works in progress relate to the construction of  new mobile manufacturing plants which once completed
and commissioned as ready for use will be transferred to plant and equipment and depreciated in line with the
respective rate above. 
(k)
Non-current assets held for sale
Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a
sale transaction rather than through continuing use and a sale is considered highly probable. They are
measured at the lower of their carrying amount and fair value less costs to sell.
Assets classified as held for sale are not amortised or depreciated.
Non-current assets classified as held for sale and any associated liabilities are presented separately in the
consolidated statement of financial position.
(l)
Intangibles
Patents and trademarks
Patents and trademarks are recognised at cost of acquisition. Patents and trademarks have a finite life and are
carried at cost less any accumulated amortisation and any impairment losses. Patents and trademarks are
amortised over their useful life of 20 years.
Amortisation
Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible
assets, other than goodwill, from the date that they are available for use.
17

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
2
Summary of Significant Accounting Policies (continued)
(l)
Intangibles (continued)
Amortisation (continued)
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if
appropriate.
(m)
Impairment of non-financial assets
At the end of each reporting period the Group determines whether there is an evidence of an impairment
indicator for non-financial assets.
Where an indicator exists and regardless for goodwill, indefinite life intangible assets and intangible assets not
yet available for use, the recoverable amount of the asset is estimated.
Where assets do not operate independently of other assets, the recoverable amount of the relevant cash-
generating unit (CGU) is estimated.
The recoverable amount of an asset or CGU is the higher of the fair value less costs of disposal and the value
in use. Value in use is the present value of the future cash flows expected to be derived from an asset or cash-
generating unit.
Where the recoverable amount is less than the carrying amount, an impairment loss is recognised in profit or
loss.
Reversal indicators are considered in subsequent periods for all assets which have suffered an impairment
loss, except for goodwill.
(n)
Employee benefits
Provision is made for the Group's liability for employee benefits arising from services rendered by employees to
the end of the reporting period. Employee benefits that are expected to be wholly settled within one year have
been measured at the amounts expected to be paid when the liability is settled.
Employee benefits expected to be settled more than one year after the end of the reporting period have been
measured at the present value of the estimated future cash outflows to be made for those benefits. In
determining the liability, consideration is given to employee wage increases and the probability that the
employee may satisfy vesting requirements. Cashflows are discounted using market yields on high quality
corporate bond rates incorporating bonds rated AAA or AA by credit agencies, with terms to maturity that match
the expected timing of cashflows. Changes in the measurement of the liability are recognised in profit or loss.
(o)
Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for
which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.
Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of
the reporting period.
18

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
2
Summary of Significant Accounting Policies (continued)
(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
Basic earnings per share is calculated by dividing the profit attributable to owners of the company 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.
(r)
Equity-settled compensation
The Group operates equity-settled share-based payment employee share and option schemes. The fair value
of the equity to which employees become entitled is measured at grant date and recognised as an expense
over the vesting period, with a corresponding increase to an equity account. The fair value of shares is
ascertained as the market bid price. The fair value of options is ascertained using a Black-Scholes pricing
model which incorporates all market vesting conditions. The amount to be expensed is determined by reference
to the fair value of the options or shares granted, this expense takes in account any market performance
conditions and the impact of any non-vesting conditions but ignores the effect of any service and non-market
performance vesting conditions.
Non-market vesting conditions are taken into account when considering the number of options expected to vest.
At the end of each reporting period, the Group revises its estimate of the number of options which are expected
to vest based on the non-market vesting conditions. Revisions to the prior period estimate are recognised in
profit or loss and equity.
(s)
Foreign currency transactions and balances
Transaction and balances
Foreign currency transactions are recorded at the spot rate on the date of the transaction.
At the end of the reporting period:

Foreign currency monetary items are translated using the closing rate;

Non-monetary items that are measured at historical cost are translated using the exchange rate at the
date of the transaction; and

Non-monetary items that are measured at fair value are translated using the rate at the date when fair
value was determined.
Exchange differences arising on the settlement of monetary items or on translating monetary items at rates
different from those at which they were translated on initial recognition or in prior reporting periods are
recognised through profit or loss, except where they relate to an item of other comprehensive income.
19

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
2
Summary of Significant Accounting Policies (continued)
(s)
Foreign currency transactions and balances (continued)
Transaction and balances (continued)
Group companies
The financial results and position of foreign operations whose functional currency is different from the Group's
presentation currency are translated as follows:

assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;

income and expenses are translated at average exchange rates for the period where the average rate
approximates the rate at the date of the transaction; and

retained earnings are translated at the exchange rates prevailing at the date of the transaction.
Exchange differences arising on translation of foreign operations are transferred directly to the Group's foreign
currency translation reserve in the consolidated statement of financial position. These differences are
recognised in the consolidated statement of profit or loss and other comprehensive income in the period in
which the operation is disposed.
(t)
Going concern
The directors have, at the time of approving the financial statements, a reasonable expectation that the Group
has adequate resources to continue operations for the foreseeable future. 
The Group has incurred net losses after tax of $1,310,980 (2022: net loss of $6,915,886), net operating cash
outflows of $900,618 (2022: operating cash outflows of $2,066,130) and a net cash increase of $3,408,434
(2022: net decrease of $2,373,668) for the year ended 30 June 2023. At 30 June 2023, the Group had net
current assets of $5,928,991 (2022: net current assets of $5,227,951).
The Directors and Management have considered the available cash balance at the time of this report as well as
the current activities with reviewing various options for the future of the Group. 
Based on the cash flow forecasts prepared by Management underpinned by the above factors and having
carefully assessed the likelihood and timing of cash flows from forecasted operations, the Directors are
confident that the Group will be able to fund its activities and be able to pay its debts as they fall due. The
Directors have therefore determined the going concern basis as being appropriate in the preparation of this
financial report.
(u)
Adoption of new and revised accounting standards
The Group has adopted all standards which became effective for the first time at 30 June 2023, the adoption of
these standards has not caused any material adjustments to the reported financial position, performance or
cash flow of the Group. 
20

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
2
Summary of Significant Accounting Policies (continued)
(v)
New Accounting Standards and Interpretations
The AASB has issued new and amended Accounting Standards and Interpretations that have mandatory
application dates for future reporting periods. The Group has decided not to early adopt these Standards. The
following table summarises those future requirements, and their impact on the Group where the standard is
relevant:
Standard Name
Effective date
for entity
Requirements
Impact
AASB 2020-1 Amendments to
Australian Accounting
Standards – Classifications of
Liabilities as Current or Non-
Current
AASB 2020-6 Amendments to
Australian Accounting
Standards – Classification of
Liabilities as Current
or Non-current – Deferral of
Effective Date
Annual
reporting
period
beginning 1
July 2023
This Standard amends AASB 101 to
clarify requirements for the
presentation of liabilities in the
statement of financial position as
current or non-current.
For example, the amendments clarify
that a liability is classified as non-
current if an entity has the right at
the end of the reporting period to
defer settlement of the liability for at
least 12 months after the reporting
period. The meaning of settlement of
a liability is also clarified.
Little impact expected
but will take into
consideration the
appropriate
classification of
liabilities as current or
non-current.
3
Critical Accounting Estimates and Judgments
The directors make estimates and judgements during the preparation of these consolidated financial statements
regarding assumptions about current and future events affecting transactions and balances.
These estimates and judgements are based on the best information available at the time of preparing the financial
statements, however as additional information is known then the actual results may differ from the estimates.
The significant estimates and judgements made have been described below.
(a)
Key estimates - impairment of property, plant and equipment and intangible assets
The Group assesses impairment at the end of each reporting period by evaluating conditions specific to the
Group that may be indicative of impairment triggers. If such impairment indicators were to be triggered, and to
determine whether an impairment is to be recognised, the group estimates the recoverable amount of the
asset. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in
use. Recoverable amounts of relevant assets that are assessed using value-in-use calculations incorporate
various key assumptions.
In determining value in use, management would perform calculations incorporating the use of cash flow
projections for the asset incorporating growth rates factored into valuation models for the next five years on the
basis of management’s expectations around the Group’s continued ability to capture market share from
competitors. Cash flow growth rates would then also be determined for periods subsequent to the five year
period to reflect historical industry averages. The rates would incorporate an allowance for inflation. Pre-tax
discount rates would be used in all models based on management's assessment of market factors relevant to
the Group's business and industry.
21

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
3
Critical Accounting Estimates and Judgments (continued)
(a)
Key estimates - impairment of property, plant and equipment and intangible assets (continued)
In arriving at fair value less costs of disposal, fair value is determined as the price that would be received to sell
an asset in an orderly transaction between market participants. Refer to Note 5(b) for details of the impairment
loss recognised by the group during the year. 
(b)
Key estimates - receivables
The receivables at reporting date have been reviewed to determine whether there is any objective evidence that
any of the receivables are impaired. An expected credit loss provision is included for any receivable where the
entire balance is not considered collectible. Refer to Note 9 for further details on the determination of the
expected credit loss provision.  
(c)
Key judgments - revenue recognition relating to construction and sale of mobile plants
The Group undertakes contracts for the construction and sale of mobile plants and related activities.
Recognition of revenue in relation to these contracts involves determining when all performance conditions and
obligations under the terms of the contract have been met, and control over the asset constructed together with
the related benefits have been passed in the entirety to the customer. The assumptions are based on the
information available to management at the reporting date together with formal acceptance being received from
the customer that such performance obligations under the terms of the contract have been met. Refer to Note
2(b) for further details of the Group's accounting policy in relation to revenue recognition.
(d)
Key judgments - capitalisation of expenditure relating to mobile plants
The Group capitalises expenditure relating to the construction of new mobile manufacturing plants. In
determining which costs qualify for capitalisation as capital works in progress, the Group determines whether
costs that are directly attributable to the construction of such plant can be measured reliably, and whether
economic benefit from such construction will flow to the Group. Directly attributable costs are those costs that
the Group incurs in bringing the asset to the location and condition necessary for it to be capable of operating in
the manner intended by management. Refer to Note 2(j) for further details of the Group's accounting policy in
relation to capital works in progress.
4
Revenue and Other Income
2023
$
2022
$
Disaggregation of revenue from contracts
with customers
- sale of goods
-
1,083,325
Total Revenue
-
1,083,325
Revenue is recognised at a point in time.
22

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
4
Revenue and Other Income (continued)
2023
$
2022
$
Other Income
- insurance proceeds
-
83,024
- net foreign currency gain
303,506
243,498
- interest
5,152
1,764
- lease income
607,529
-
- miscellaneous
43,029
296,393
- grants
28,475
295,842
987,691
920,521
5
Result for the Year
The result for the year includes the following specific items:
Note
2023
$
2022
$
Depreciation
24,308
2,399,186
Amortisation
5,535
11,070
Reversal of impairment loss on non-financial assets
5(a)
(328,076)
-
Impairment loss on non-financial assets
5(b)
383,875
5,603,384
Net (loss)/gain on disposal of property, plant and equipment
5(c)
495,050
(1,544,872)
(a)
Reversal of impairment loss on non-financial assets
On 19 June 2023, the Group entered into a Settlement Agreement with Mosaic Fertilizer, LLC (Mosaic) with
respect to certain property, plant and equipment located in Florida, which had previously been impaired in full.
Under the terms of the agreement, Mosaic agreed pay USD$0.24 million (approximately AU$328,076) for
certain assets and settle in full the holdback amounts payable from the Groups' previous asset sales to Mosaic,
refer to Note 5(c) and 9(a).
Accordingly, a reversal of impairment for $328,076 (2022: $nil) has been recorded, which represents the
consideration paid for these assets. A $nil gain has been recorded on disposal of these assets.
(b)
Impairment loss on non-financial assets
Subsequently, on 30 June 2023, Management determined that there were indicators of impairment of its
property, plant, equipment and intangibles which has occurred as a result of the Group completing the sale and
disposal of its remaining mobile plants and ceasing its operations. Accordingly, in conformity with the Group's
accounting policy, Management has performed impairment testing and considered information available at the
time of this report in respect of the carrying value of its assets and whether these were in excess of the
recoverable amount. This has resulted in a write down to the Group's assets to their recoverable amount.
A net impairment loss amounting to $383,875 (2022: $5,603,384) has been recognised within the Consolidated
Statement of Profit or Loss and Other Comprehensive Income. This comprised impairment losses of $234,585
(2022: $5,603,384) in respect of property, plant and equipment  and $149,290 (2022: $nil) in respect of
intangible assets. 
23

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
5
Result for the Year (continued)
(c)
Net loss/(gain) on disposal of property, plant and equipment
On 12 January 2023, the Group completed the sale of Mobile Plants number 5000 and 5004 Downstream
(Mobile Plants) under Binding Sale Agreements (APAs) with Pipeline Plastics, LLC (Pipeline) and Mosaic
Fertilizer, LLC (Mosaic) to sell, transfer and assign the rights to these assets in North America for USD$1.2
million and USD$1 million respectively (which is approximately AU$1,482,978 and AU$1,800,642).
Under the terms with Mosaic, US$900,000 (approximately AU$1,337,003) was payable on completion and the
balance of US$100,000 (approximately AU$145,964) in 12 months under a hold back arrangement to cover the
purchaser for any indemnity or warranty claims. 
Under the terms with Pipeline, total consideration was to be adjusted for lease income received (which
amounted to USD$400,000, approximately AUD$607,509), while the plant was in use and the sale pending
approval by the shareholders. Lease income is shown within Other Income on the Consolidated Statement of
Profit or Loss and Other Comprehensive Income, refer to Note 4.
As a result of this transaction, a loss of AU$495,050 was recognised for the year ended 30 June 2023 within the
Consolidated Statement of Profit or Loss and Other Comprehensive Income.
During the prior year ended 30 June 2022, the Group completed the sale of certain assets under an Asset
Purchase Agreement entered into with Mosaic Fertilizer, LLC (Mosaic) and Hopetoun Corporation Pty Ltd
(Hopetoun). Under the terms of the Agreement, the Group and Hopetoun agreed to sell, transfer and assign the
rights of Mobile Plant 5002 and Mobile Plant 5003, together with lab, reeling & stringing and other related
assets located in Bartow, Florida USA together with the grant of an intellectual property license for US$10
million (which is approximately AU$13.5 million). Mobile Plant 5002 and other equipment was owned by the
Group. Mobile Plant 5003 was owned by Hopetoun. The agreed allocation of sale proceeds to Hopetoun was
AU$5.3 million, with the remainder of approximately AU$8.2 million to the Group. US$8.5 million was payable
on completion and the balance in 12 months under a hold back arrangement to cover the purchaser for any
indemnity or warranty claims. As at 30 June 2022, the holdback receivable has been recognised within Trade
and Other Receivables, with the portion due to Hopetoun recognised within Trade and Other Payables, refer to
note 9 and 15 further further details.
As a result of this transaction, a gain of AU$1,544,872 was recognised for the year ended 30 June 2022
Consolidated Statement of Profit or Loss and Other Comprehensive Income.
6
Finance Expenses
2023
$
2022
$
Interest expense
15,408
82,609
24

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
7
Income Tax Benefit / Expense
(a) The major components of tax benefit comprise:
2023
$
2022
$
Current tax expense
Income tax - current period
-
-
Deferred tax benefit
Origination and reversal of temporary differences
-
(1,349,646)
Total income tax (benefit) / expense
-
(1,349,646)
(b) Reconciliation of income tax to accounting loss:
2023
$
2022
$
Loss
(1,310,980)
(8,265,321)
Tax
%
25.00
%
25.00
(327,745)
(2,066,330)
Add:
Tax effect of:
- non-deductible expenses
121,238
8,360
- deferred tax on tax losses not recognised
237,525
385,746
- deferred tax on temporary differences not recognised
-
623,311
31,018
(1,048,913)
Less:
Tax effect of:
- other deductible expenses
-
(303,158)
- non-assessable income
(32,253)
-
Income tax attributable to the Group
(1,235)
(1,352,071)
Difference in overseas tax rates
1,235
2,426
Income tax expense / (benefit)
-
(1,349,645)
Weighted average effective tax rate
%
-
%
4
The decrease in the weighted average effective consolidated tax rate for 2023 compared to 2022 is primarily as a
result of deferred taxes not brought to account for current year losses and temporary differences.
(c) Income tax relating to each component of other comprehensive income:
Before-tax
Amount
$
2023
Tax
(Expense)
Benefit
$
Net-of-tax
Amount
$
Before-tax
Amount
$
2022
Tax
(Expense)
Benefit
$
Net-of-tax
Amount
$
Exchange differences on translating
foreign controlled entities
6,960
-
6,960
(60,689)
-
(60,689)
25

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
8
Cash and Cash Equivalents
2023
$
2022
$
Cash at bank and in hand
6,393,920
2,985,486
6,393,920
2,985,486
9
Trade and other receivables
2023
$
2022
$
CURRENT
Trade receivables
45,598
65,491
Provision for expected credit losses
(45,598)
-
-
65,491
Other receivables 
65
36,600
Mosaic holdback receivable
9(a)
-
1,980,721
Total current trade and other receivables
65
2,082,812
The carrying value of trade receivables is considered a reasonable approximation of fair value due to the short-term
nature of the balances.
The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable in the financial
statements.
(a)
Mosaic holdback receivable
The balance receivable in Mosaic holdback receivables is $nil (June 2022: $1,980,721).
During the prior year ended 30 June 2022 and under the terms of the Asset Purchase Agreement entered into
with Mosaic and Hopetoun Corporation Pty Ltd (Hopetoun), as detailed in note 5(c), a holdback amount of
$1,980,721 was withheld by Mosaic from payment to cover any potential indemnity or warranty claims. The
Group received the holdback amount in full during June 2023. Of this, the holdback payable to Hopetoun, as
included within Trade and Other Payables at 30 June 2022 for $495,180 was settled by the Group during the
year, refer to note 15. 
During the year ended 30 June 2023, the Group completed the sale of Plant 5004 Downstream to Mosaic. A
holdback amount of US$100,000 (which is approximately AU$145,964) was withheld by Mosaic from payment
to cover any potential indemnity or warranty claims, refer to Note 5(c). The Group received the holdback
amount in full during June 2023. 
26

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
10
Assets held for sale
2023
$
2022
$
Non-current assets held for sale
Property, plant and equipment
-
1,252,067
As at 30 June 2022, non-current assets held for sale related to Mobile Plant 5004 Downstream, which had a carrying
value of $1,252,067. This balance had been transferred from Property, Plant and Equipment at this time as the
directors had resolved to sell.
On 1 July 2022, the Directors also resolved to proceed with the sale of Mobile Plant 5000. Accordingly, the carrying
value of $1,642,481 was transferred to assets held for sale.
On 12 January 2023, the sale of the above Mobile Plant 5004 Downstream and Mobile Plant 5000 was completed.
Total consideration for the sale amounted to USD$2.2 million approximately AU$3,283,620), which was adjusted for
leasing payments received as as included in Other Income as described in Note 4. A loss on disposal of non-current
assets held for sale of $495,050 has been recognised within the Consolidated Statement of Profit or Loss and Other
Comprehensive Income. 
Accordingly, the balance of assets held for sale as at 30 June 2023 is $nil. 
11
Other non-financial assets
2023
$
2022
$
CURRENT
Prepayments
7,541
204,724
27

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
12
Property, plant and equipment
Note
2023
$
2022
$
Plant and equipment
At cost
451,908
13,528,868
Accumulated depreciation
(217,323)
(6,024,951)
Accumulated impairment losses
(234,585)
(5,603,384)
Total plant and equipment
-
1,900,533
Furniture, fixtures and fittings
At cost
27,995
27,995
Accumulated depreciation
(27,270)
(26,429)
Total furniture, fixtures and fittings
725
1,566
Motor vehicles
At cost
-
-
Accumulated depreciation
-
-
Total motor vehicles
-
-
Total property, plant and equipment
12(a)
725
1,902,099
28

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
12
Property, plant and equipment (continued)
(a)
Movements in carrying amounts of property, plant and equipment
Movement in the carrying amounts for each class of property, plant and equipment between the beginning and
the end of the current financial year:
Note
Plant and
Equipment
$
Furniture,
Fixtures and
Fittings
$
Motor
Vehicles
$
Total
$
Year ended 30 June 2023
Balance at the beginning of year
1,900,533
1,566
-
1,902,099
Disposals
-
-
-
-
Transfers to assets held for sale
10
(1,642,481)
-
-
(1,642,481)
Depreciation expense
(23,467)
(841)
-
(24,308)
Impairment loss
(234,585)
-
-
(234,585)
Impairment reversal in income
-
-
-
-
Balance at the end of the year
-
725
-
725
Note
Plant and
Equipment
$
Furniture,
Fixtures and
Fittings
$
Motor
Vehicles
$
Total
$
Year ended 30 June 2022
Balance at the beginning of year
17,341,041
-
118,784
17,459,825
Additions
128,626
1,681
-
130,307
Disposals
(6,426,127)
-
(95,710)
(6,521,837)
Transfers to assets held for sale
10
(1,252,067)
-
-
(1,252,067)
Depreciation expense
(2,287,556)
(115)
(23,074)
(2,310,745)
Impairment loss
(5,603,384)
-
-
(5,603,384)
Balance at the end of the year
1,900,533
1,566
-
1,902,099
13
Intangible Assets
2023
$
2022
$
Patents and trademarks
Cost
592,478
541,350
Accumulated amortisation and impairment losses
(592,478)
(437,653)
Total Intangibles
-
103,697
29

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
13
Intangible Assets (continued)
(a)
Movements in carrying amounts of intangible assets
Note
Patents and
trademarks
$
Total
$
Year ended 30 June 2023
Balance at the beginning of the year
103,697
103,697
Additions
51,128
51,128
Amortisation
(5,535)
(5,535)
Impairment loss
5(b)
(149,290)
(149,290)
Closing value at 30 June 2023
-
-
Note
Patents and
trademarks
$
Total
$
Year ended 30 June 2022
Balance at the beginning of the year
541,350
541,350
Amortisation
(319,936)
(319,936)
Impairment loss
5(b)
(117,717)
(117,717)
Closing value at 30 June 2022
103,697
103,697
14
Tax assets and liabilities
(a)
Current Tax Liability
2023
$
2022
$
Income tax payable
-
7,510
30

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
14
Tax assets and liabilities (continued)
(b)
Deferred Tax Assets
Opening
Balance
$
Charged to
Income
$
Charged
directly to
Equity
$
Closing
Balance
$
Deferred tax assets
Provisions - employee benefits
40,079
(39,805)
-
274
Accruals
14,235
(14,235)
-
-
Other
11,232
(11,232)
-
-
Tax losses
-
104,984
-
104,984
65,546
39,712
-
105,258
Set-off of deferred tax assets pursuant
to set-off provisions
(65,546)
(39,712)
-
(105,258)
Balance at 30 June 2022
-
-
-
-
Provisions - employee benefits
274
58,475
-
58,749
Accruals
-
18,000
-
18,000
Tax losses
104,984
(12,577)
-
92,407
105,258
63,898
-
169,156
Set-off of deferred tax assets pursuant
to set-off provisions
(105,258)
(63,898)
-
(169,156)
Balance at 30 June 2023
-
-
-
-
(c)
Deferred Tax Liabilities
Opening
Balance
$
Charged to
Income
$
Charged
directly to
Equity
$
Closing
Balance
$
Deferred tax liabilities
Property, plant & equipment
1,415,192
(1,309,934)
-
105,258
1,415,192
(1,309,934)
-
105,258
Set-off of deferred tax assets
pursuant to set-off provisions
(65,546)
(39,701)
-
(105,247)
Balance at 30 June 2022
1,349,646
(1,349,635)
-
11
Property, plant & equipment
105,258
63,898
-
169,156
105,258
63,898
-
169,156
Set-off of deferred tax assets
pursuant to set-off provisions
(105,258)
(63,898)
-
(169,156)
Balance at 30 June 2023
-
-
-
-
31

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
14
Tax assets and liabilities (continued)
(d)
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the following:
2023
$
2022
$
Tax losses
11,792,115
9,656,884
Temporary differences
-
447,882
Total
11,792,115
10,104,766
Deferred tax assets with a potential tax benefit of $2,948,029 (2022: $2,526,191) have not been recognised in
respect of these items because it is not probable that future taxable profit will be available against which the
Group can utilise the benefits therein.
15
Trade and Other Payables
Note
2023
$
2022
$
Current
Trade payables
80,491
176,750
GST payable
6,853
2,237
Accrued expenses
161,483
187,656
Other payables
7,432
61,150
Hopetoun payable
-
495,180
256,259
922,973
Trade and other payables are unsecured, non-interest bearing and are normally settled within 30 days.  The carrying
value of trade and other payables is considered a reasonable approximation of fair value due to the short-term nature
of the balances.
16
Borrowings
Note
2023
$
2022
$
CURRENT
Unsecured liabilities:
Other loans
16(a)
-
166,380
Total current borrowings
-
166,380
Total borrowings
-
166,380
32

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
16
Borrowings (continued)
(a)
Other loans
Other loans comprise of insurance premium financing for certain insurance policies of the Group. Interest is
charged between 4% and 5% per annum, and the loan is repayable monthly over the life of the insurance
policy. The final repayment was made in February 2023.
Defaults and breaches
During the current and prior year, there were no defaults or breaches on any of the Group's loans.
17
Employee Benefits
2023
$
2022
$
Current Liabilities
Employee benefits
216,276
212,673
216,276
212,673
18
Issued Capital
2023
$
2022
$
311,306,779 (2022: 311,306,779) Ordinary shares
23,813,112
23,813,112
(a)
Ordinary shares
No.
$
Opening balance at 1 July 2020
243,142,400
18,042,218
12 August 2020: Issue under placement and institutional
entitlement offer at $0.09 per share
60,986,473
5,488,783
24 August 2020: Issue under retail entitlement offer at $0.09
per share
6,200,129
558,012
17 December 2020: Issue under placement and retail
entitlement offer to Directors at $0.09 per share
977,777
88,000
Transaction costs
-
(363,901)
Balance at 30 June 2022 & 1 July 2022
311,306,779
23,813,112
Movement
-
-
Balance at 30 June 2023
311,306,779
23,813,112
The holders of ordinary shares are entitled to participate in dividends and the proceeds on winding up of the
Company. On a show of hands at meetings of the Company, each holder of ordinary shares has one vote in
person or by proxy, and upon a poll each share is entitled to one vote.
The Company does not have authorised capital or par value in respect of its shares.
33

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
18
Issued Capital (continued)
(b)
Listed options
No.
$
Balance at 1 July 2020
-
-
Options issued during the year
12 August 2020: Issue under placement and
institutional entitlement offer at 1:3 shares
20,328,799
-
24 August 2020: Issue under retail entitlement offer at
1:3 shares
2,066,624
-
18 December 2020: Issue to Directors under private
placement at 1:3 shares
325,925
-
Balance at 30 June 2022 & 1 July 2022
22,721,348
-
Expiry of options
(22,721,348)
-
Balance at 30 June 2023
-
-
(c)
Capital Management
The key objectives of the Group when managing capital is to safeguard its ability to continue as a going
concern and maintain optimal benefits to stakeholders. The Group defines capital as its equity and net debt.
There has been no change to capital risk management policies during the year.
The Company manages its capital structure and makes funding decisions based on the prevailing economic
environment and has a number of tools available to manage capital risk. These include maintaining a diversified
debt portfolio, the ability to adjust the size and timing of dividends paid to shareholders and the issue of new
shares.
The Board monitors a range of financial metrics including return on capital employed and gearing ratios. 
19
Reserves
(a)
Foreign currency translation reserve
Exchange differences arising on translation of the foreign controlled entity are recognised in other
comprehensive income - foreign currency translation reserve. The cumulative amount is reclassified to profit or
loss when the net investment is disposed of.
(b)
Share based payments reserve
This reserve records the cumulative value of employee service received for the issue of share options. When
the option is exercised the amount in the share option reserve is transferred to share capital.
20
Financial Risk Management
The Group is exposed to a variety of financial risks through its use of financial instruments.
The Group‘s overall risk management plan seeks to minimise potential adverse effects due to the unpredictability of
financial markets.
34

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
20
Financial Risk Management (continued)
The most significant financial risks to which the Group is exposed to are described below:
Specific risks

Credit risk

Market risk - currency risk, interest rate risk and price risk
Financial instruments used
The principal categories of financial instrument used by the Group are:

Trade receivables

Cash at bank

Trade and other payables
2023
$
2022
$
Financial assets
Held at amortised cost
Cash and cash equivalents
6,393,920
2,985,486
Trade and other receivables
65
2,082,812
Total financial assets
6,393,985
5,068,298
Financial liabilities
Held at amortised cost
Trade and other payables
256,260
1,096,873
Total financial liabilities
256,260
1,096,873
Total
6,137,725
3,971,425
Objectives, policies and processes
The Board of Directors have overall responsibility for the establishment of the Group’s financial risk management
framework. This includes the development of policies covering specific areas such as foreign exchange risk, interest
rate risk, credit risk and the use of derivatives.
Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s
activities.
The day-to-day risk management is carried out by the Group’s finance function under policies and objectives which
have been approved by the Board of Directors.  The Directors are responsible for designing and implementing
processes which follow the objectives and policies. This includes monitoring the levels of exposure to interest rate and
foreign exchange rate risk and assessment of market forecasts for interest rate and foreign exchange movements.
35

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
20
Financial Risk Management (continued)
Objectives, policies and processes (continued)
The Board of Directors receives monthly reports which provide details of the effectiveness of the processes and
policies in place.
Mitigation strategies for specific risks faced are described below:
Credit risk 
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to
the Group.
Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and
financial institutions, as well as credit exposure to wholesale and retail customers, including outstanding receivables
and committed transactions.
The credit risk for liquid funds and other short-term financial assets is considered negligible, since the counterparties
are reputable banks with high quality external credit ratings.
Trade receivables
Trade receivables consist of a small number of customers, spread across similar industries and geographical areas.
Ongoing credit evaluation is performed on the financial condition of accounts receivable.
The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of
financial loss from defaults. The risk management committee has established a credit policy under which each new
customer is analysed individually for creditworthiness before the Group's standard payment and delivery terms and
conditions are offered. The Group review includes external ratings, if they are available, financial statements, credit
agency information and industry information. Credit limits are established for each customer and the utilisation of credit
limits by customers is regularly monitored by line management. Customers who subsequently fail to meet their credit
terms are required to make purchases on a prepayment basis until creditworthiness can be re-established.
The Board receives monthly reports summarising the turnover, trade receivables balance and aging profile of each of
the key customers individually and the Group's other customers analysed by industry sector as well as a list of
customers currently transacting on a prepayment basis or who have balances in excess of their credit limits.
The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However,
management also considers the factors that may influence the credit risk of its customer base, including the default
risk associated with the industry and country in which the customers operate.
Management considers that all the financial assets that are not impaired for each of the reporting dates under review
are of good credit quality, including those that are past due.
The Group is currently dependent on the credit worthiness of two key customers. In the event that either counterparty
were to fall into bankruptcy, fail financially or otherwise default on its payment obligations to the Group, the Group may
be exposed to significant financial loss both from a failure of that counterparty to pay amounts owing to the Group for
product or plant supplied, and from the failure of that party's ability to meet its contractual obligations to the Group.
On a geographical basis, the Group has significant credit risk exposures in Australia, New Zealand and USA given the
location of its operations in those regions.
36

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
20
Financial Risk Management (continued)
The following table details the Group's trade and other receivables exposure to credit risk (prior to collateral and other
credit enhancements) with ageing analysis and impairment provided for thereon. Amounts are considered as 'past due'
when the debt has not been settled, within the terms and conditions agreed between the Group and the customer or
counter party to the transaction. Receivables that are past due are assessed for impairment by ascertaining solvency
of the debtors and are provided for where there is objective evidence indicating that the debt may not be fully repaid to
the Group.
The balances of receivables that remain within initial trade terms (as detailed in the table) are considered to be of high
credit quality.
Past due but not impaired
(days overdue)
Gross
amount
$
Past due
and
impaired
$
< 30
$
31-60
$
61-90
$
> 90
$
Within
initial
trade
terms
$
2023
Trade receivables
45,598
-
45,598
-
-
-
-
Total
45,598
-
45,598
-
-
-
-
2022
Trade receivables
65,491
-
65,491
-
-
-
-
Other receivables
2,017,321
-
36,600
-
- 1,980,721
-
Total
2,082,812
-
102,091
-
- 1,980,721
-
The Group does not hold any financial assets with terms that have been renegotiated, but which would otherwise be
past due or impaired.
The other classes of receivables do not contain impaired assets.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market prices.
(i) Foreign exchange risk
Exposure to foreign exchange risk may result in the fair value or future cash flows of a financial instrument fluctuating
due to movement in foreign exchange rates of currencies in which the Group holds financial instruments which are
other than the AUD functional currency of the Group.
Exposures to currency exchange rates arise from the Group's overseas sales and purchases, which are primarily
denominated in US Dollars (USD) and New Zealand Dollars (NZD). 
To mitigate the Group's exposure to foreign currency risk, non-Australian Dollar cash flows are monitored. The Group
aims to hold sufficient cash and cash equivalents in these respective currencies to enable it to carry out its operations
and settle amounts primarily in the currency in which the overseas sales and purchases take place. 
Therefore, the Group‘s risk management procedures distinguish short-term foreign currency cash flows (due within 6
months) from longer-term cash flows. Where the amounts to be paid and received in a specific currency are expected
37

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
20
Financial Risk Management (continued)
to largely offset one another, no further hedging activity is undertaken. 
Foreign currency denominated financial assets and liabilities, translated into Australian Dollars at the closing rate, are
as follows,
2023
USD
$
NZD
$
Total AUD
$
Nominal amounts
Financial assets
98,613
2,915
101,528
Financial liabilities
(127,217)
(11,067)
(138,284)
Short-term exposure
(28,604)
(8,152)
(36,756)
2022
Nominal amounts
Financial assets
380,482
72,653
453,135
Financial liabilities
(262,134)
(31,910)
(294,044)
Short-term exposure
118,348
40,743
159,091
The following table illustrates the sensitivity of the net result for the year and equity in regards to the Group‘s financial
assets and financial liabilities and the US Dollar  – Australian Dollar exchange rate and New Zealand Dollar –
Australian Dollar exchange rate.  There have been no changes in the assumptions calculating this sensitivity from prior
years.
It assumes a +/- 5% change of the Australian Dollar / USD exchange rate for the year ended 30 June 2023 (30 June
2022: 5%). A +/- 5% change is considered for the Australian Dollar / NZD exchange rate (30 June 2022: 5%). Both of
these percentages have been determined based on the average market volatility in exchange rates in the previous 12
months. 
The year end exchange rate is 0.6630 (2022: 0.6889) for USD and 1.0883 (2022: 1.1088) for NZD.
The sensitivity analysis is based on the foreign currency financial instruments held at the reporting date and also takes
into account forward exchange contracts that offset effects from changes in currency exchange rates.
If the Australian Dollar had strengthened and weakened against the USD and NZD by 5% (30 June 2022: 5%) and -5%
(30 June 2022: 5%) respectively then this would have had the following impact:
2023
2022
+5%
-5%
+5%
-5%
USD
Net results
(1,430)
1,430
5,917
(5,917)
Equity
1,430
(1,430)
(5,917)
5,917
NZD
Net results
(408)
408
2,037
(2,037)
Equity
408
(408)
(2,037)
2,037
38

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
20
Financial Risk Management (continued)
Exposures to foreign exchange rates vary during the year depending on the volume of overseas transactions.
Nonetheless, the analysis above is considered to be representative of the Group's exposure to foreign currency risk.
21
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Franking account
2023
$
2022
$
The franking credits available for
subsequent financial years at a
tax rate of 25% (2022: 25%)
-
-
The above available balance is based on the dividend franking account at year-end adjusted for:
(a)
Franking credits that will arise from the payment of the current tax liabilities;
(b)
Franking debits that will arise from the payment of dividends recognised as a liability at the year end;
(c)
Franking credits that will arise from the receipt of dividends recognised as receivables at the end of the year.
As at 30 June 2023, the Group has franking debits amounting $3,070,115 (2022: $3,070,115) arising from R&D tax
offsets. The franking debits will be recouped against future dividends. The ability to use franking credits on future
dividends will only be available once the franking debits have been fully recouped. This is dependent upon the
Company's future ability to declare dividends.
22
Key Management Personnel Remuneration
Key management personnel remuneration included within employee expenses for the year is shown below:
2023
$
2022
$
Short-term employee benefits
455,275
521,204
Long-term benefits
74,380
15,357
Post-employment benefits
27,500
26,615
557,155
563,176
23
Auditors' Remuneration
2023
$
2022
$
Remuneration of the auditor PKF, for:
- auditing or reviewing the financial statements
for the current year
62,000
80,850
- corporate finance services
242,375
406,199
Total
304,375
487,049
39

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
24
Interests in Subsidiaries
(a)
Composition of the Group
Principal place of
business / Country of
Incorporation
Percentage
Owned (%)*
2023
Percentage
Owned (%)*
2022
Subsidiaries:
Tubi USA Inc.
USA
100
100
Tubi NZ Limited
New Zealand
100
100
*The percentage of ownership interest held is equivalent to the percentage voting rights for all subsidiaries.
The principal activities of both subsidiaries during the year was the development, operation, leasing and sale of
mobile manufacturing plants for the production of high-density polyethylene ("HDPE") pipes for use in the oil
and gas, irrigation, mining and infrastructure sectors. 
25
Contingencies
In the opinion of the Directors, the Company did not have any contingencies at 30 June 2023 (2022: none).
26
Related Parties
(a)
The Group's main related parties are as follows:

Key management personnel - refer to Note 22.

Subsidiaries - refer to Note 24

Other related parties include close family members of key management personnel and entities that are
controlled or significantly influenced by those key management personnel or their close family members.
(b)
Loans to/from related parties
Unsecured loans are made to the subsidiaries, key management personnel and other related parties on an
arm's length basis. Loans are unsecured and repayable in cash.
Opening
balance
$
Closing
balance
$
Interest not
charged
$
Interest
paid/payable
$
Impairment
$
Loans from other related parties
2023
-
-
-
-
-
2022
1,124,910
-
-
575
-
Related party loans
Loans with related parties were fully repaid during the year ended 30 June 2022. 
40

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
27
Cash Flow Information
(a)
Reconciliation of result for the year to cashflows from operating activities
Reconciliation of net income to net cash provided by operating activities:
2023
$
2022
$
Loss for the year
(1,310,980)
(6,915,886)
Cash flows excluded from profit attributable to operating
activities
 - net loss (gain) on disposal of property, plant and equipment
495,050
(1,544,872)
- gain on reversal of impairment loss
(328,076)
-
Non-cash flows in profit:
 - depreciation and amortisation
29,843
2,410,256
 - impairment
383,875
5,603,384
 - bad debts expense
45,598
-
- other
(306,496)
(222,382)
Changes in assets and liabilities:
 - decrease in trade and other receivables
56,428
87,173
 - decrease in other assets
197,183
161,269
 - decrease in inventories
12,398
152,628
 - decrease in trade and other payables
(171,534)
(437,657)
 - decrease in income taxes payable
(7,510)
(52,315)
 - decrease in deferred tax liability
-
(1,349,646)
 - increase in provisions
3,603
41,918
Cashflows from operations
(900,618)
(2,066,130)
28
Share-based Payments
The Company provides benefits to employees (including senior executives) of the Group in the form of share-based
payments whereby employees render services in exchange for options and shares.
At 30 June 2023 the Group has the following share-based payment schemes:

Australian Long Term Incentive Plan;

United States Share Incentive Plan;

Tenure Restricted Stock Units;

Performance Restricted Stock Units.
(a)
Restricted stock units
During the 2020 financial year, the Board resolved to grant Performance Rights to Marcello Russo on or about
30 November 2019. The aggregate number of Performance Rights to be granted are calculated by dividing the
amount of the award (A$150,000 in the case of Marcello Russo) by the VWAP of the Group’s shares over the
five trading days immediately prior to 30 November 2019.
41

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
29
Events Occurring After the Reporting Date
No matters or circumstances have arisen since the end of the financial year which significantly affected or could
significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in
future financial years.
30
Parent entity
The following information has been extracted from the books and records of the parent, Tubi Limited and has been
prepared in accordance with Accounting Standards.
The financial information for the parent entity, Tubi Limited has been prepared on the same basis as the consolidated
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 consolidated financial
statements of the parent entity. Dividends received from associates are recognised in the parent entity profit or loss,
rather than being deducted from the carrying amount of these investments.
2023
$
2022
$
Statement of Financial Position
Assets
Current assets
13,602,285
11,768,499
Non-current assets
833
1,747,851
Non-current assets held for sale
-
1,252,067
Total Assets
13,603,118
14,768,417
Liabilities
Current liabilities
362,728
1,015,502
Total Liabilities
362,728
1,015,502
Equity
Issued capital
23,813,098
23,813,112
Accumulated losses
(10,535,960)
(10,060,197)
Total Equity
13,277,138
13,752,915
Statement of Profit or Loss and Other
Comprehensive Income
Total loss for the year
-
(2,693,878)
Other comprehensive income
-
-
Total comprehensive income
-
(2,693,878)
Contingent liabilities
The parent entity did not have any contingent liabilities as at 30 June 2023 or 30 June 2022.
Contractual commitments
The parent entity had no unrecorded commitments as at 30 June 2023 or 30 June 2022.
42

Tubi Limited
ABN: 25 139 142 493
Notes to the Financial Statements
For the Year Ended 30 June 2023
31
Statutory Information
The registered office and principal place of business of the company
is:
Tubi Limited
2 Hopetoun Street
Paddington NSW 2021
Australia
43

Tubi Limited
ABN: 25 139 142 493
Directors' Declaration
The directors of the entity declare that:

The consolidated financial statements and notes, as set out on pages 7 to 43, are in accordance with the Corporations
Act 2001 and:
D
comply with Australian Accounting StandardsDQG&RUSRUDWLRQV5HJXODWLRQV; and
E
give a true and fair view of the financial position as at 30 June 2023 and of the performance for the year ended on
that date of the entity.

In the directors' opinion, there are reasonable grounds to believe that the entity will be able to pay its debts as and
when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
Director ..................................................................
John Mouawad
Dated 
44
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..........................................................
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PKF(NS) Audit & Assurance Limited Partnership is a member of PKF Global, the network of member firms of PKF 
International Limited, each of which is a separately owned legal entity and does not accept any responsibility or 
liability for the actions or inactions of any individual member or correspondent firm(s). Liability limited by a 
scheme approved under Professional Standards Legislation. 




PKF(NS) Audit & Assurance Limited Partnership 
ABN 91 850 861 839 
755 Hunter Street, Newcastle West NSW 2302 
Level 8, 1 O’Connell Street, Sydney NSW 2000 
 
Newcastle T: +61 2 4962 2688  F: +61 2 4962 3245 
Sydney T: +61 2 8346 6000 F: +61 2 8346 6099 
info@pkf.com.au 
www.pkf.com.au 




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