More annual reports from TZ Limited:
2023 ReportPeers and competitors of TZ Limited:
AvistaTZ Limited
ABN 26 073 979 272
12 November 2012
Lodged by ASX Online
The Manager
Company Announcements Office
ASX Limited
Level 4, 20 Bridge Street
Sydney, NSW 2000
Dear Sir/Madam
2012 ANNUAL REPORT
TZ Limited (the "Company") advises that the attached 2012 annual report was dispatched
to shareholders on 25 October 2012.
Yours faithfully,
TZ LIMITED
Kenneth Ting
Executive Director and Company Secretary
TZ Limited | Level 11, 1Chifley Square, Sydney, NSW 2000 Australia Phone: +612 9222 8890 Fax: +612 8208 9937
Limited
2012
annual report
Connecting
People to people,
things to things,
countries to countries,
insights to action.
Contents
SECTION ONE
Chairman’s Welcome
01
A message from Mark Bouris,
Executive Chairman, TZ Limited.
Directors’ Report
Operational Review
Telezygology, Inc.
Infrastructure Protection
Packaged Asset Delivery
Product Development
Technologies
Case Studies
NEXTDC
Macquarie Telecom
03
05
07
09
13
15
17
SECTION TWO
19
2012 Financial Statements
Chairman’s
Welcome
Notwithstanding a slow start, TZ Limited has ended the 2012 fiscal year very strongly.
We can’t lose sight of the fact that being involved in proof of concept and doing it successfully
positions us as a global last mile delivery provider for what could be a great growth segment
in the retail market. Winning supply tenders for organisations such as Singapore Post confirms
that we are not only on the short list of suppliers, but that we are considered by some as
number one in terms of manufacturing, pricing and technology. Shareholders should take
great pride in this slowly evolving achievement.
The development of the solution to ‘last mile’ fulfillment in Australia for online purchasing
has many parts. In order to position TZ well in this environment, we have had to undertake
various initiatives and close off our involvement in various planks to leverage ourselves as an
e-commerce player.
The first plank is that a company like TZ needs access to real estate for our lockers
to reside as footprint is a necessary but insufficient variable in the e-commerce game.
Our agreement with ParcelPoint is therefore an important milestone in achieving that
necessary step with 500 locations currently and many more planned in the near future.
The second plank to build the economics of an e-commerce business is delivery, as
there is no point in footprint without a guarantee in terms of logistics flow. Your company has
made this a focus over the past six months, which has come to fruition through our agreement
with Temando, the preeminent aggregation business for parcel delivery in Australia.
The strategic alliances formed in 2012 along with our proof of conception and our
agreement with Singapore Post place us strongly coming into 2013. We are currently receiving
enquiries from other parts of the world which shows that the online retail business will
continue to grow at a rapid rate. This proves that postal and general logistics providers will all
need the same solution – a default location to deliver packages securely with sophisticated
technology to manage those assets.
Infrastructure Protection (IXP) has been our quiet achiever this year with solid growth
and consistent implementation within leading data centres around the world. Our IXP
technology is a standout globally and unlike the more contended parcel delivery environment,
data cabinet security is far less competitive but with much larger potential for market growth.
Cloud based computing will undoubtedly encourage heightened data security as handheld
devices and cloud economics create greater demand and cost efficiencies respectively.
TZ has many deployments across North America and Australia which offer us a competitive
advantage, and we will continue to build a structure for this exciting market.
Whilst this past year has been arduous, we have been purposefully executing two
applications for TZ technology to build a reputation not just as a supplier but as a valuable
participant in these growing markets. I’d like to thank our management, our shareholders and
our suppliers for their support, commitment, patience and dedication during this period.
Regards
Mark Bouris, Executive Chairman
1
“
The result
brought new
partnerships our
way and enabled
us to truly show
our capability.”
Mark Bouris, Executive Chairman
Directors
’
Report
Review Of Operations
TZ Limited (TZL) revenue for the fiscal year was approximately 8% down on
last year’s performance with a year-end total of AUD$21.7 million. Overall profitability
of the Group was impacted as a result of Product Development Technologies, Inc.
(PDT) delivering an overall year-end loss due to high implementation costs last year.
To undertake several large and complex development projects, PDT invested heavily
in building software resources and engineering infrastructure and to establishing
a solid Android knowledge platform to support engagement on major military and
defence sectors opportunities.
The TZI business achieved solid sales growth with a strong base of reference
customers and early adopters continuing to validate the strong proposition of the
IXP and PAD technology offerings. While the Board had expected that a number of
targeted project opportunities would come to fruition this period, several of these
infrastructure projects that the Company has aggressively pursued have pushed out
to 2013 financial year.
Nonetheless, over the year, both the PAD and IXP businesses grew significantly.
PAD sales grew fourfold from around USD$300,000 last year to over USD$1.2M.
IXP sales also grew to over USD$1.4M (with about USD$400,000 coming from existing
Anixter stock). Considering the stock movement and direct project sales this year,
the IXP business grew by over three fold. Pleasingly both TZI business units achieved
their targeted gross margins and demonstrated increased adoption within their
chosen market segments with a growing list of high profile, repeat purchase corporate
customers.
The Board has also focused on achieving operating cost reductions across
both the TZI and PDT businesses this year. An overall 7% reduction in annual
operating costs was achieved this year although the bulk of the restructuring occurred
late in the year at least to the TZI business. The full cost benefit of the restructuring
should reflect in the 2013 financial year.
The Board is confident that the restructuring measures taken during the year
will see a return to profitability of the PDT business with more structured and managed
growth. While early into the new fiscal year, PDT is tracking profitably and well. The
Board also maintains a high degree of confidence that the TZI pipeline and enabling
conditions that have been implemented over the last few years will support on-going
strong and sustainable revenue growth for the TZI business.
To support the Group’s operating needs, TZL successfully raised an additional
AUD$4.5M through a placement in February 2012.
3
“
Pleasingly both
TZI business
units achieved
their targeted
gross margins.”
Images from top – bottom:
Dickory Rudduck, Director,
Founder & Inventor
Kenneth Ting, Executive Director
& Company Secretary
35
TZI
Telezygology, Inc.
Over the last twelve months, TZI has continued to focus on building a
sustainable business and to establishing its position as a world class technology
leader in its PAD and IXP business. Specifically, the team has worked hard to achieve
the following objectives:
(cid:1)
(cid:116)(cid:1) (cid:38)(cid:89)(cid:81)(cid:66)(cid:79)(cid:69)(cid:1)(cid:78)(cid:66)(cid:83)(cid:76)(cid:70)(cid:85)(cid:1)(cid:70)(cid:79)(cid:72)(cid:66)(cid:72)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:67)(cid:70)(cid:90)(cid:80)(cid:79)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:70)(cid:89)(cid:74)(cid:84)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:79)(cid:70)(cid:77)(cid:1)(cid:83)(cid:70)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:73)(cid:74)(cid:81)(cid:84)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:1) (cid:1)
Pitney Bowes and Anixter by recruiting and training a regional network of
certified integrators. The Certified Integrator Program which was implemented
in early 2012 is designed to establish long term relationships between TZI,
qualified system integrators and end user customers and to support the
promotion, sale, installation and servicing of Infrastructure Protection (IXP)
and Packaged Asset Delivery (PAD) solutions in the market. TZI currently have
an accredited network of over 20 integrators across the US. Similar programs
are being implemented in Europe and Australia.
(cid:1)
(cid:116)(cid:1) (cid:39)(cid:80)(cid:68)(cid:86)(cid:84)(cid:1)(cid:80)(cid:79)(cid:1)(cid:84)(cid:85)(cid:83)(cid:66)(cid:85)(cid:70)(cid:72)(cid:74)(cid:68)(cid:1)(cid:84)(cid:66)(cid:77)(cid:70)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:84)(cid:70)(cid:68)(cid:86)(cid:83)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:78)(cid:86)(cid:77)(cid:85)(cid:74)(cid:14)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:84)(cid:86)(cid:81)(cid:81)(cid:77)(cid:90)(cid:1)(cid:66)(cid:72)(cid:83)(cid:70)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:1)
with targeted end customers to provide TZI with a solid base of recurring
revenue. TZI has successfully secured a number of supply contracts for both
IXP and PAD with leading organisations in the industries and vertical markets
targeted. Most visible are the multi-year supply contracts with NEXTDC Limited
and Macquarie Telecom Limited in the Australia market.
(cid:1)
(cid:116)(cid:1) (cid:38)(cid:84)(cid:85)(cid:66)(cid:67)(cid:77)(cid:74)(cid:84)(cid:73)(cid:1)(cid:84)(cid:85)(cid:83)(cid:66)(cid:85)(cid:70)(cid:72)(cid:74)(cid:68)(cid:1)(cid:81)(cid:66)(cid:83)(cid:85)(cid:79)(cid:70)(cid:83)(cid:84)(cid:73)(cid:74)(cid:81)(cid:84)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:77)(cid:70)(cid:66)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:42)(cid:53)(cid:1)(cid:42)(cid:79)(cid:71)(cid:83)(cid:66)(cid:84)(cid:85)(cid:83)(cid:86)(cid:68)(cid:85)(cid:86)(cid:83)(cid:70)(cid:1)(cid:48)(cid:38)(cid:46)(cid:8)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:1)
(cid:1)
market leaders in the industries in which TZI participates. This includes the
establishment of direct sales relationships and partnerships with cabinet
manufacturers, access control companies such as S2 and smart data centre
solution providers like Red Wood Systems for our IXP business.
To drive more disciplined sales execution, the business has implemented new
processes, procedures and tools to improve sales conversion, increase organisational
productivity and provide enhanced customer service and support to industry
partners. These processes have allowed the sales team to identify target customers
based on a set of industry, customer and market-need criteria to target accounts and
more effectively closeout opportunities. Over the year, the business has established
a solid track record of repeat sales successes globally into Colocation Data Centres,
MSPs, Cloud Service Providers, Healthcare, Government and Education, Finance,
Telecommunication, Technology, Entertainment and Utilities companies. With current
repeat sales commitments, management believe that a solid revenue platform of over
$2M has been established providing a solid base for growth for this new fiscal year.
Additionally, TZI has continued to make product enhancements and maintain
a focus on new product introductions driven by customer feedback and market
demand. Of note, is the launch of the 8 and 70 device variants of the Centurion
Bridge, API and SNMP integration into leading smart data centre solutions as well
as software enhancements and upgrades to both the PAD Asset Manager and IXP
Centurion Server software suites. These product upgrades and enhancements
demonstrate a commitment to better meet the needs of customers, OEM’s and
strategic partners and to address emerging new opportunities by providing solutions
to satisfy unmet needs in the marketplace.
IXP
Infrastructure Protection
With an increasing number of external forces mandating security, compliance
and governance in the IT environment, IXP is making solid progress in providing
customers with an end-to-end solution that delivers proven micro-level security far
beyond that offered by traditional physical security systems. To date, TZ Slidehandles
are protecting more than 3,000 cabinets globally. It is estimated that the global rack
market is growing at over 2,000,000 new cabinets each year. Therefore, the scope for
market penetration is significant.
Of note, TZI has established a solid position in the Australian market with supply
contracts to NEXTDC and Macquarie Telecom. The year saw supply to NEXTDC’s
Brisbane and Melbourne facilities, with Brisbane now fully deployed and Melbourne
still underway. TZI also saw initial sales to NEXTDC’s Canberra facility as NEXTDC
expanded IXP supply to their new sites. Macquarie Telecom is also in deployment
mode with the first few hundred cabinets being installed at their IntelliCentre 2 facility.
Additional trials are underway with other DC operators and government agencies which
should help to continue IXP sales growth in the Australian market.
IXP sales in the US remain consistent with adopters continuing to roll-out at
their sites. Over the year, the business completed many deployments with established
market players, several with repeat purchases as customers expand their operations.
Good progress is being made on developing strategic partnerships with leading IT
infrastructure relationships including partnerships with cabinet manufacturers to
support and grow TZ Ready cabinet offerings, alliances with access control companies
such as S2, and bundled offerings with smart data centre solution providers such as
Red Wood Systems.
Overall sales cycles have proven to be longer than the business had initially
anticipated driven by capital appropriation constraints and the time taken to trial
and prove the technology. Nevertheless, the IXP business continues to expand with
new engagements and pilot programs with some of the world’s largest eCommerce,
telecommunications and global IT solution providers. Many of these engagements
should translate into multi-year accounts.
With the strategic and OEM relationships that are being cultivated along with the
certified integrator network and customer successes, IXP business is building its profile
as the leading micro security solution globally.
7
3119
PAD
Packaged Asset Delivery
TZI’s PAD solution automates the “last mile delivery” of package and express
deliveries to commercial and residential locations. The business offers solutions to large
enterprises, small to medium enterprises, out-of-home consumer delivery locations,
and multi-unit residential buildings with secure, efficient and convenient drop off and
pick up of almost any packaged asset including vital documents, valuable merchandise,
sensitive materials, perishables and critical parts and components. In each of these
segments, TZI has achieved sales success over the year.
The traditional Corporate PAD business continues to develop strongly with supply
agreements with early adopters now finalised for 2012/2013 which should firm up revenue
expectations for the next fiscal year. Successful trials that were completed this year with
other corporates and government agencies should shore up sales potential in 2013
as they pursue their roll-out strategies. New trials are also underway with a number of
other well respected high profile corporate organisations on the East and West Coast of
the USA. No part of the business benefited more from focusing on multi-year strategic
accounts then our PAD business into enterprise accounts. The business was successful
in closing multi-year volume purchase agreements with two fortune 100 companies in the
US. Management expects to at least double the number of PAD deployments this fiscal
year compared to last year.
The business is also pursuing a number of strategic initiatives in the smart locker
space in the US and Canada across a number of sectors including the following programs:
(cid:1)
(cid:1)
(cid:116)(cid:1) (cid:56)(cid:80)(cid:83)(cid:76)(cid:74)(cid:79)(cid:72)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:66)(cid:79)(cid:1)(cid:80)(cid:79)(cid:14)(cid:77)(cid:74)(cid:79)(cid:70)(cid:1)(cid:72)(cid:83)(cid:80)(cid:68)(cid:70)(cid:83)(cid:90)(cid:1)(cid:83)(cid:70)(cid:85)(cid:66)(cid:74)(cid:77)(cid:70)(cid:83)(cid:1)(cid:85)(cid:80)(cid:1)(cid:77)(cid:70)(cid:87)(cid:70)(cid:83)(cid:66)(cid:72)(cid:70)(cid:1)(cid:53)(cid:59)(cid:42)(cid:8)(cid:84)(cid:1)(cid:84)(cid:86)(cid:68)(cid:68)(cid:70)(cid:84)(cid:84)(cid:71)(cid:86)(cid:77)
deployments in the Australian market with Coles Supermarket, whose
refrigerated lockers are scheduled for market launch later this year
(cid:116)(cid:1) (cid:56)(cid:80)(cid:83)(cid:76)(cid:74)(cid:79)(cid:72)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:66)(cid:79)(cid:1)(cid:74)(cid:79)(cid:69)(cid:86)(cid:84)(cid:85)(cid:83)(cid:90)(cid:1)(cid:77)(cid:70)(cid:66)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:87)(cid:70)(cid:83)(cid:79)(cid:74)(cid:72)(cid:73)(cid:85)(cid:1)(cid:69)(cid:70)(cid:77)(cid:74)(cid:87)(cid:70)(cid:83)(cid:90)(cid:1)(cid:68)(cid:66)(cid:83)(cid:83)(cid:74)(cid:70)(cid:83)(cid:1)(cid:85)(cid:80)(cid:1)(cid:67)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:79)(cid:1)(cid:70)(cid:79)(cid:69)(cid:14)(cid:85)(cid:80)(cid:14)(cid:1)
end logistics solution to the market. TZI’s technology is currently being tested for
use with their software solution with a plan to begin field testing in the near future.
Despite the loss of the parcel locker tender in Australia, postal organisations
continue to be an area of focus for the business. In September 2012, TZI was awarded
a tender to design and manufacture lockers for Singapore Post. Singapore Post is
Singapore’s designated Public Postal Licensee (PPL) in the domestic market and the
company provides postal and digital mail delivery across 220 countries worldwide.
This win provides TZI with great credibility as the Directors understand that the tender
was aggressively contested by the major postal locker suppliers. Since this win TZI
has been approached by other postal organisations to tender for the deployment of
their smart locker network.
The business-to-consumer segment is a key growth area and a strategic area of
focus for TZI and PAD. With e-commerce and home deliveries increasing rapidly each
year led by on-line retailers such as Amazon.com, eBay, Apple in the US and DealsDirect
and Catch Of The Day in Australia, the physical distribution of goods is becoming more
and more critical to consumers and a good customer experience is driving customer
satisfaction and loyalty. Consumers rate choice of delivery options as an important feature
of their on-line shopping experience and a large percentage of these say they would shop
more on-line if a greater choice of delivery options was provided.
As a result of these trends, the Company will break new ground in Australia by
establishing its own community locker network to provide consumers with a range of
convenient and public locker locations for parcel collection and goods return. Teaming
agreements with freight aggregator Temando, and parcel collection point business Parcel
Point, are the first of a number of enabling relationships to be formalised.
TZI has also shored up its supply chain by establishing preferred supply
relationships with key supply partners such as Dexion Limited to lower the overall cost
of manufacturing and supporting greater fabrication flexibility.
Significant product development has been undertaken on the PAD product suite
with the Company now able to supply extremely flexible and modular solutions for both
indoor and outdoor deployments including metal and wood finished together with a
full range of technology solutions including smart cards, biometrics, keypads, QR and
Barcode readers and the acceptance of credit cards.
11
Human Toolz Mobile iPad Stand
13
PDT
Product Development Technologies
PDT top line performance was within 5% of planned expectations this year
despite slower sales traction at the start of the fiscal year.
The securing of large and complex Medical and Defence programs over the
last two years, have necessitated PDT to scale its software capability rapidly to
serve the needs of these client programs. The investment in these resources and
to building robust software engineering infrastructure and processes has been a
significant undertaking with a high cost of implementation. The restructuring program
implemented by the Board has focused on improving operational efficiencies including
cost reductions through right sizing and general program management process
improvements.
Software development services are an important component in the PDT suite
of offerings as clients increasingly demand seamless creation and integration of
embedded software in parallel with product design to enable efficient and accurate
device development. To better support the on-going business, initiatives are underway
to build PDT’s low cost Ukrainian team with a higher complement of software
engineers to enable more cost effective implementation of software projects. As part
of the initiative, PDT Ukraine recently relocated to a more modern facility closer to high
technology businesses and to talent pools to support future recruitment drives.
The new fiscal year is off to a strong start with PDT meeting its planned target
for July and August. Work in progress is high and the sales pipeline is strong, with
interest from large prime contractors in the Defence and Military sector, major players
in the Medical Device arena and well known Consumer companies.
PDT has also recently won contracts in the Android based cell phone space as
well as projects requiring the development of very sophisticated, cutting edge medical
devices. Both sectors represent good margin return. Together with strong retention
of PDT’s long term customer base and high level of repeat development work, PDT is
managing growth and aligning itself with its customer’s evolving needs.
The Board remains confident in the business prospects for the Company and
look forward to stronger performance and revenue growth in the new year.
Case Study
NEXTDC Limited
NEXTDC is one of the leading data centre organisations in Australia, delivering
premium facilities and cutting edge solutions to their extensive list of corporate,
government and wholesale customers. In a little over two years, NEXTDC has built
over 18,000 square metres of technical space in Australia’s five major cities.
NEXTDC is rapidly cementing its place as a key player in the Australian and
New Zealand data centre space through the establishment of unique, independent
facilities that offer high availability, connectivity, flexibility and most of all, security.
NEXTDC’s range of data storage solutions enables customers to choose from a
number of scalable, energy efficient options that ensure unsurpassed data protection
and overall peace of mind.
NEXTDC began discussions with TZ Limited after identifying that a critical piece
of infrastructure was needed as part of their data centre implementation to provide
micro-protection for their customers whilst still offering convenience and ease of use.
Another requirement was the implementation of a modular system that could grow
and evolve as the popularity of cloud computing continues to increase in the Australia
and New Zealand markets. Additionally, NEXTDC required a cabinet level security
solution that was built on an open network, could operate through a web-based
interface and could scale and be deployed based on an established infrastructure
module.
In September 2011, TZ Limited entered into an agreement with NEXTDC as a
preferred supply partner for their cabinet level micro-protection needs. TZ Limited’s
Centurion™ system was adopted as the implementation platform and deployed
initially at the Brisbane facility, the first of five locations to be built and commissioned.
Additionally, TZ supported the development of NEXTDC’s mobile data center
management application, ONEDC, which was created along with a web-based
customer portal to enable full control of the racks throughout the facilities.
“The technical development capability and responsiveness of the TZ team to
meet our needs really differentiated them from the competition,” said NEXTDC Deputy
Chairman Bevan Slattery. “One of the critical drivers in considering the development of
our data center facilities was to not only deliver high quality data center infrastructure
solutions and services to our customers, but to also meet the efficient management of
capital expenditure through the employment of a modular technical fit out design.
To us, the TZ solution is the only system that ticks all the boxes.”
The TZ Centurion™ System has now been successfully deployed across
NEXTDC’s data centres in Brisbane, Melbourne and Canberra with over 1,000 racks
now live. Further installations are planned for the Sydney and Perth sites as they
are brought on line in early 2013, together with expansion within the Melbourne and
Canberra sites.
15
1
“The technical development capability
and responsiveness of the TZ team
to meet our needs really differentiated
them from the competition”
17
Case Study
Maquarie Telecom
As Australia’s only integrated Managed Hosting, Cloud and business-only
telecommunications company, Macquarie Telecom recently opened its world-class $60m
Intellicentre 2 data centre in North Ryde, Sydney. In recognition of its exemplary design
and implementation, Intellicentre 2 was the first data centre in Australia to receive Tier III
Design Certification for 100% uptime during maintenance; the data centre also boasts
global top-tier levels of service and cyber-security with certifications including ISO27001,
ASIO T4, and DSD Gateway Certification.
Macquarie Telecom’s emphasis on delivering superior customer service, through
developments like its $5m Sydney-based MacquarieHub contact centre, has seen it
receive numerous international accolades including “Best Customer Care” at the 2008
World Communication Awards. Intellicentre 2 was designed to allow 24/7 accessibility
for ultimate customer accessibility; however, the granting and organising of physical
right-of-entry remained a manual process.
Macquarie Telecom employed TZ’s Centurion™ System as a solution platform
for cost-effective, highly efficient and secure customer access, with the commitment to
roll-out TZ’s solution on at least 95% of Intellicentre 2’s total cabinet deployment.
The TZ Centurion™ System provides access control for physical security and
environmental monitoring, offering users the ability to manage systems remotely based on
each asset’s unique IP address. With the support of TZ, Macquarie Telecom integrated
TZ Centurion™ into their MacquarieView customer portal, extending customers’ ability
to manage their IT infrastructure with real-time performance visibility to include physical
access, monitoring and reporting at a granular level.
With the integration of TZ’s solution, customers are now able to remotely audit
and schedule visits to their cabinets. The solution also supports Intellicentre 2’s rigorous
on-site security procedures for true end-to-end electronic management, including dual-
factor biometric man-traps and key-only access to locked server racks. Operating in
conjunction with the Lenel Building Access Control system, the upgrade to the networked
and centrally-controlled TZ system has also simplified operational process and procedures
used to manage independent locks.
“Our emphasis on data security has already seen us granted ASIO T4 and DSD
Gateway Protected status as one of the country’s most secure hosting providers,” said
James Mystakidis, General Manager of Hosting, Macquarie Telecom. “Intellicentre 2
employs multiple security measures to enhance physical and cyber-security, and we
see the TZ Centurion solution as a critical part of this portfolio. TZ Centurion’s resilient
reputation met our highest standards of accredited security needed for critical application
hosting and the protection of IT infrastructure and intellectual assets.”
Since opening of the Intellicentre 2 facility in early June, over 200 racks have already
been deployed with TZ SlideHandles. Given the size of the facility, TZ is looking forward to
significant deployments over the next 12 to 24 months. With the successful implementation
of the system, Macquarie Telecom is now exploring the potential to retrofit the TZ solution
at their existing facilities across Australia.
2012 financial statements
19
TZ Limited
ABN 26 073 979 272
Annual Report - 30 June 2012
TZ Limited
Corporate directory
30 June 2012
R%;/9,*;5
b$;U Y*7;%5 " P=$%;#$(
f/((/,= 0%(<
R%9U*;> e73379U
P*#6$(> 5/9;/,$;>
f/((/,= 0%(<
N*,%9/ *) $((7$& (/;$& #//,%(<
0=/ $((7$& (/;$& #//,%(< *) 01 2%#%,/3'
e/<%5,/;/3 *))%9/
Q;%(9%6$& 6&$9/ *) 875%(/55
M=$;/ ;/<%5,/;
W73%,*;
M*&%9%,*;5
Y$(U/;5
:%&& 8/ =/&3 $,
,%#/
3$,/
Q;/55 e**#5 " 2*:/; `;*7(3 A&**;
e$3%55*( Y&7 g*,/& M>3(/>
JI TdP*((/&& M,;//,
M>3(/> NMO JLLL? W75,;$&%$
EL'LL Wb
O/3(/53$> J] N*@/#8/; JLEJ
2/@/& EE? E P=%)&/> MX7$;/
M>3(/> NMO JLLL
0/&' CDE J GJJJ ]]GL
01 2%#%,/3 $(3 01S W75,;$&%$ Q,> 2%#%,/3? 2/@/& EE?
E P=%)&/> MX7$;/? M>3(/> NMO JLLL
0/&/-><*&*<> S(9.? ELEI O. O$5=%(<,*( Y&@3? V(%, JP? P=%9$<* S2
DLDLI? VMW
QR0 S(9.? T(/ P*;6*;$,/ R;%@/? M7%,/ EEL? 2$U/ 17;%9= S2 DLLHI?
VMW
P*#67,/;5=$;/ S(@/5,*; M/;@%9/5 Q,> 2%#%,/3
_$;;$ A$&&5
HKJ ^*=(5,*( M,;//,
W88*,5)*;3 aSP FLDI
0/&' EFLL I]I JIJ
A$B' CDE F GHIF JKLL
`;$(, 0=*;(,*( W73%, Q,> 2,3
2/@/& EG? J b$;U/, M,;//,
M>3(/> NMO JLLL
2$(3/;/; c P*#6$(>
2/@/& FE? EFF P$5,&/;/$<= M,;//,
M>3(/> NMO JLLL
M, `/*; Y$(U 2%#%,/3
2/@/& F? E P=%)&/> MX7$;/
M>3(/> NMO JLLL
M,*9U /B9=$( &%5,%(<
01 2%#%,/3 5=$;/5 $;/ &%5,/3 *( ,=/ W75,;$&%$( M/97;%,%/5 !B9=$(
ZWM[ 9*3/' 012\
O/85%,/ $33;/55
:::.,-.(/,
01 2%#%,/345 678&%9 :/85%,/ 9*(,$%(5 %()*;#$,%*( ;/<$;3%(< %,5
6;*379,5 $(3 ,=/ 9*#6$(>? %(9&73%(< $( %(@/5,*; 5/;@%9/5 5/9,%*(
!"#$%&' %()*+,-.(/,
TZ Limited
Directors' report
30 June 2012
0=/ 3%;/9,*;5 6;/5/(, ,=/%; ;/6*;,? ,*,=/; :%,= ,=/ )%($(9%$& 5,$,/#/(,5? *( ,=/ 9*(5*&%3$,/3 /(,%,> Z;/)/;;/3 ,*
=/;/$),/; $5 ,=/ 49*(5*&%3$,/3 /(,%,>4\ 9*(5%5,%(< *) 01 2%#%,/3 Z;/)/;;/3 ,* =/;/$),/; $5 ,=/ 49*#6$(>4 *; 46$;/(, /(,%,>4\
$(3 ,=/ /(,%,%/5 %, 9*(,;*&&/3 )*; ,=/ >/$; /(3/3 FL ^7(/ JLEJ.
Directors
0=/ )*&&*:%(< 6/;5*(5 :/;/ 3%;/9,*;5 *) 01 2%#%,/3 37;%(< ,=/ :=*&/ *) ,=/ )%($(9%$& >/$; $(3 76 ,* ,=/ 3$,/ *) ,=%5
;/6*;,? 7(&/55 *,=/;:%5/ 5,$,/3'
b$;U Y*7;%5 " P=$%;#$(
f/((/,= 0%(<
R%9U*;> e73379U
Principal activities
R7;%(< ,=/ )%($(9%$& >/$; ,=/ 6;%(9%6$& 9*(,%(7%(< $9,%@%,%/5 *) ,=/ 9*(5*&%3$,/3 /(,%,> 9*(5%5,/3 *)'
(cid:1)
,=/ 3/@/&*6#/(, *) %(,/&&%(, 3/@%9/5 $(3 5#$;, 3/@%9/ 5>5,/#5 ,=$, /($8&/ ,=/ 9*##/;9%$&%5$,%*( *)
=$;3:$;/ $(3 5*),:$;/ 5*&7,%*(5 )*; ,=/ #$($#/(,? 9*(,;*& $(3 #*(%,*;%(< *) 875%(/55 $55/,5 $(3 ,=/
6;*@%5%*( *) $55*9%$,/3 @$&7/ $33/3 5/;@%9/5 ,=;*7<= 0/&/-><*&*<> S(9. $(3 01S W75,;$&%$ Q,> 2%#%,/3 Z401S4\i
$(3
6;*@%3%(< $ )// )*; 5/;@%9/ 6;*379, 3/5%<( $(3 /(<%(//;%(< 9*(57&,%(< Z5/;@%9/5\
R/@/&*6#/(, 0/9=(*&*<%/5 S(9.? Z4QR04\.
,=;*7<= Q;*379,
(cid:1)
W&& *) ,=/ *6/;$,%*(5 *) ,=/ 9*(5*&%3$,/3 /(,%,> $;/ 8$5/3 %( W75,;$&%$? ,=/ V(%,/3 M,$,/5 *) W#/;%9$? V(%,/3 f%(<3*#
$(3 VU;$%(/.
Dividends
0=/;/ :/;/ (* 3%@%3/(35 6$%3 *; 3/9&$;/3 37;%(< ,=/ 97;;/(, *; 6;/@%*75 )%($(9%$& >/$;.
Review of operations
0=/ &*55 )*; ,=/ 9*(5*&%3$,/3 /(,%,> $),/; 6;*@%3%(< )*; %(9*#/ ,$B $#*7(,/3 ,* hEJ?FDE?LLL ZFL ^7(/ JLEE'
h]?I]H?LLL\.
A7;,=/; %()*;#$,%*( *( ,=/ ;/@%/: *) *6/;$,%*(5? )%($(9%$& 6*5%,%*( $(3 )7,7;/ 5,;$,/<%/5 %5 3/,$%&/3 %( M/9,%*( T(/ *)
,=/ W((7$& e/6*;,.
Significant changes in the state of affairs
0=/;/ :/;/ (* 5%<(%)%9$(, 9=$(5 %( ,=/ 5,$,/ *) $))$%;5 *) ,=/ 9*(5*&%3$,/3 /(,%,> 37;%(< ,=/ )%($(9%$& >/$;.
Matters subsequent to the end of the financial year
T( EH M/6,/#8/; JLEJ? ,=/ 9*#6$(> $((*7(9/3 %, =$3 8//( $:$;3/3 ,=/ 9*(,;$9, )*; ,=/ 5766&>? 3/&%@/;>? 3/5%<(?
3/@/&*6#/(,? %(5,$&&$,%*(? ,/5,%( 3*97#/(,$,%*( $(3 9*##%55%*(%(< *) M%(<$6*;/ Q*5,d5 5#$;, &*9U/; (/,:*;U )*; ,=/
M%(<$6*;/ #$;U/,. 0=%5 6;*@%3/5 $ 6=/(*#/($& *66*;,7(%,> ,* 3/#*(5,;$,/ ,* ,=/ :*;&3 ,=/ 9*(5*&%3$,/3 /(,%,>d5
Q$9U$3 W55/, R/&%@/;> ,/9=(*&*<>.
,=/ 9*#6$(> $&5* $((*7(9/3 $ 6;*";$,$ ;/(*7(9/$8&/ /(,%,&/#/(, *))/;
,* ;$%5/
T( EH M/6,/#8/; JLEJ?
$66;*B%#$,/&> hH?DLL?LLL 8/)*;/ 9$6%,$& ;$%5%(< /B6/(5/5. 0=/ 6;*9//35 ;$%5/3 :%&& $55%5,
%( )7(3%(< 9$6%,$&
;/X7%;/#/(,5 ,* #//, ,=/ 9*(,;$9, :%,= M%(<$6*;/ Q*5,. V(3/; ,=/ /(,%,&/#/(, *))/;? /&%<%8&/ 5=$;/=*&3/;5 :%&& 8/
/(,%,&/3 ,* $9X7%;/ *(/ (/: *;3%($;> 5=$;/ )*; /@/;> ,=;// *;3%($;> 5=$;/5 =/&3 $, $ 6;%9/ *) EL 9/(,5 6/; *;3%($;>
5=$;/. W&& 6$;,%9%6$(,5 :%&& $&5* ;/9/%@/ *(/ );// $,,$9=%(< e%<=,5 *6,%*( /B/;9%5$8&/ $, EH 9/(,5 $, $(> ,%#/ *( *;
8/)*;/ FE T9,*8/; JLEF? )*; /@/;> ,:* (/: 5=$;/5 %557/3.
TZ Limited
Directors' report
30 June 2012
0=/ ja0 A7(35 ,=$, =*&3 9*(@/;,%8&/ (*,/5 9*(@/;,%8&/ %(,* 5=$;/5 %( ,=/ 9*(5*&%3$,/3 /(,%,> =$@/ $<;//3 ,=$, ,=/
9*(@/;5%*( 6;%9/ *) FK 9/(,5 $66&>%(< ,* ,=/ 5/;%/5 S 9*(@/;,%8&/ (*,/5 $(3 5/;%/5 SSS 9*(@/;,%8&/ (*,/5 $(3 ,=/
9*(@/;5%*( 6;%9/ *) HJ 9/(,5 $66&>%(< ,* ,=/ 5/;%/5 SSSY 9*(@/;,%8&/ (*,/5 $(3 ,=/ 5/;%/5 Sa 9*(@/;,%8&/ (*,/5 Z5,%&& ,* 8/
%557/3? 578k/9, ,* 5=$;/=*&3/; $66;*@$&\? :%&& (*, 8/ ;/379/3 8> ,=/ (/: 5=$;/5 8/%(< %557/3 $, ,=/ ;%<=,5 %557/ (*; 8>
$(> *) ,=/ *6,%*(5 8/%(< /B/;9%5/3 $, EH 9/(,5.
N* *,=/; #$,,/; *; 9%;97#5,$(9/ =$5 $;%5/( 5%(9/ FL ^7(/ JLEJ ,=$, =$5 5%<(%)%9$(,&> $))/9,/3? *; #$> 5%<(%)%9$(,&>
$))/9, ,=/ 9*(5*&%3$,/3 /(,%,>45 *6/;$,%*(5? ,=/ ;/57&,5 *) ,=*5/ *6/;$,%*(5? *; ,=/ 9*(5*&%3$,/3 /(,%,>45 5,$,/ *) $))$%;5 %(
)7,7;/ )%($(9%$& >/$;5.
Likely developments and expected results of operations
S()*;#$,%*( *( &%U/&> 3/@/&*6#/(,5 %( ,=/ *6/;$,%*(5 *) ,=/ 9*(5*&%3$,/3 /(,%,> $(3 ,=/ /B6/9,/3 ;/57&,5 *) *6/;$,%*(5
=$@/ (*, 8//( %(9&73/3 %( ,=%5 ;/6*;, 8/9$75/ ,=/ 3%;/9,*;5 8/&%/@/ %, :*7&3 8/ &%U/&> ,* ;/57&, %( 7(;/$5*($8&/
6;/k73%9/ ,* ,=/ 9*(5*&%3$,/3 /(,%,>.
Environmental regulation
0=/ 9*(5*&%3$,/3 /(,%,> %5 (*, 578k/9, ,* $(> 5%<(%)%9$(, /(@%;*(#/(,$& ;/<7&$,%*( 7(3/; W75,;$&%$( P*##*(:/$&,= *;
M,$,/ &$:.
Information on directors
N$#/'
0%,&/'
j7$&%)%9$,%*(5'
!B6/;%/(9/ $(3 /B6/;,%5/'
T,=/; 97;;/(, 3%;/9,*;5=%65'
b$;U Y*7;%5
!B/97,%@/ P=$%;#$(
YP*# ZVNMO\? bP*# ZVNMO\? g*(RY75 ZVNMO\? g*(R2%,, ZVOM\? A.P.W.
b$;U Y*7;%5 =$5 *@/; JK >/$;54 /B6/;%/(9/ %( ,=/ 875%(/55? )%($(9/ $(3 6;*6/;,>
5/9,*;5. g/ %5 97;;/(,&> ,=/ !B/97,%@/ P=$%;#$( *) _/&&*: Y;%9U e*$3 g*&3%(<5
2%#%,/3? $ &%5,/3 )%($(9%$& 5/;@%9/5 9*#6$(> ,=$, *))/;5 6;*379,5 $(3 5/;@%9/5 )*;
=*#/ &*$(5? )%($(9%$& 6&$((%( %(57;$(9/? %(@/5,#/(,5? $99*7(,%(< $(3 ,$B ,=;*7<=
%,5 ($,%*($& 8;$(9= (/,:*;U. b$;U %5 $( W3k7(9, Q;*)/55*; )*; Y$(U%(< c A%($(9/ $(3
Y75%(/55 2$: c 0$B $, V(%@/;5%,> *) N/: M*7,= O$&/5 Z4VNMO4\ W75,;$&%$( M9=**&
*) Y75%(/55 $(3 5%,5 *( ,=/ VNMO W75,;$&%$( M9=**& *) Y75%(/55 W3@%5*;> P*7(9%&
Y*$;3. g/ %5 $&5* $ #/#8/; *) R/67,> Q;%#/ b%(%5,/; O$>(/ M:$(d5 A%($(9%$&
M/9,*; W3@%5*;> P*7(9%&. b$;U %5 ,=/ $7,=*; *) O/$&,= O%-$;3 $(3 0=/ _/&&*: Y;%9U
e*$3 ,* _*7; A%($(9%$& M/97;%,>? $(3 =/ :;%,/5 $ (7#8/; *) )%($(9%$& 9*&7#(5 )*;
5*#/ *) W75,;$&%$d5 #*5,
;/9*<(%5/3 678&%9$,%*(5. g/ =*5,5 P=$((/& Gd5 0=/
W66;/(,%9/ W75,;$&%$ $(3 P/&/8;%,> W66;/(,%9/ W75,;$&%$.
!B/97,%@/ P=$%;#$( *) _/&&*: Y;%9U e*$3 g*&3%(<5 2%#%,/3 ZWM[' _Ye\? P=$%;#$( *)
W(,/* R%$<(*5,%95 2%#%,/3 ZWM[' WRT\? P=$%;#$( *) M/;/($ e/5*7;9/5 2%#%,/3 $(3
Y*$;3 b/#8/; *) ,=/ M>3(/> e**5,/;5.
A*;#/; 3%;/9,*;5=%65 Z%( ,=/
&$5, F >/$;5\'
M6/9%$& ;/56*(5%8%&%,%/5'
S(,/;/5,5 %( 5=$;/5'
S(,/;/5,5 %( *6,%*(5'
N*(/
N*(/
E?]]I?GDI *;3%($;> 5=$;/5
F?LLL?LLL *6,%*(5 *@/; *;3%($;> 5=$;/5
!
TZ Limited
Directors' report
30 June 2012
N$#/'
0%,&/'
j7$&%)%9$,%*(5'
!B6/;%/(9/ $(3 /B6/;,%5/'
T,=/; 97;;/(, 3%;/9,*;5=%65'
A*;#/; 3%;/9,*;5=%65 Z%( ,=/
&$5, F >/$;5\'
M6/9%$& ;/56*(5%8%&%,%/5'
S(,/;/5,5 %( 5=$;/5'
S(,/;/5,5 %( *6,%*(5'
N$#/'
0%,&/'
!B6/;%/(9/ $(3 /B6/;,%5/'
f/((/,= 0%(<
!B/97,%@/ R%;/9,*; $(3 P*#6$(> M/9;/,$;>
Y$9=/&*; *) P*##/;9/ $(3 Y$9=/&*; *) 2$: ZA%;5, P&$55 g*(*7;5\ $(3 $ #/#8/; *)
,=/ S(5,%,7,/ *) P=$;,/;/3 W99*7(,$(,5.
f/((/,= 0%(< =$5 $ 8$9U<;*7(3 %( $99*7(,%( &$: $(3 %(@/5,#/(, 8$(U%(< :%,= $
)*975 *( ,=/ 9*##/;9%$&%5$,%*( *) ,/9=(*&*<> $(3 678&%9 $(3 6;%@$,/ /X7%,> ;$%5%(<5.
f/((/,= k*%(/3 R/7,59=/ Y$(U %( EGGI $),/; H >/$;5 $, Q;%9/:$,/;=*75/P**6/;5
P*;6*;$,/ A%($(9/ $(3 0$B 3%@%5%*(. g/ :$5 a%9/ Q;/5%3/(, *) 0/9=(*&*<>
S(@/5,#/(, Y$(U%(< $, R/7,59=/ Y$(U $(3 :*;U/3 %( R/7,59=/ Y$(U45 M>3(/>? M$(
A;$(9%59* $(3 2*(3*( *))%9/5. f/((/,= =$5 $ 6$55%*( )*; ,/9=(*&*<> $(3 =$5 :*;U/3
:%,= ,/9=(*&*<> 9*#6$(%/5 ,=;*7<=*7, =%5 9$;//;. g/ =$5 8//( %(@*&@/3 %( ,=/
9*#6&/,%*( *) *@/; hK 8%&&%*( %( bcW? 6;%@$,/ /X7%,> $(3 SQT $55%<(#/(,5 %( W75,;$&%$?
VMW $(3 !7;*6/. g%5 %(375,;> 56/9%$&%5$,%*( %5 %( ,=/ /&/9,;*(%95 #$(7)$9,7;%(
5*),:$;/? S0 5/;@%9/5? ,/&/9*##7(%9$,%*( $(3 S(,/;(/, 5/9,*;5.
N*("!B/97,%@/ R%;/9,*; *) M/;/($ e/5*7;9/5 2%#%,/3 Z);*# JI b$> JLEE\
N*(/
N*(/
E?DLL?GIK *;3%($;> 5=$;/5
J?JKL?LLL *6,%*(5 *@/; *;3%($;> 5=$;/5
R%9U*;> e73379U
!B/97,%@/ R%;/9,*;
R%9U*;> e73379U %5 $ 6;*&%)%9 %(@/(,*; $(3 %5 ,=/ )*7(3/; $(3 5*7;9/ 8/=%(3 01
2%#%,/345 ,/9=(*&*<> $(3 ,=%(U%(<. W( W;9=%,/9, 8> 6;*)/55%*(? R%9U*;> /5,$8&%5=/3
$(3 87%&, $ 5799/55)7& M>3(/> 8$5/3 %(375,;%$& $;9=%,/9,7;$& 6;$9,%9/ *@/; $ JL">/$;
9*(57&,%(< 9$;//;. g/ %5 ;/9*<(%5/3 $5 $ ;/56/9,/3 %(375,;%$& $(3 %(,/;%*; 3/5%<(/;.
0=/ 5799/55 *) =%5 9*(57&,%(< 6;$9,%9/ /($8&/3 b; e73379U ,* )*975 *( =%5 %(,/;/5,
%( %((*@$,%*( $(3 %(@/(,%*(? /5,$8&%5=%(< S(,/&&/9,7$& !B9=$( Q,> 2,3 %( EGGD? :%,=
,=/ *8k/9,%@/ *) 3/@/&*6%(< %(,/&&/9,7$& 6;*6/;,> :%,= <&*8$& ;/&/@$(9/ $(3 $66&%9$,%*(.
M%(9/ ,=/(? =/ =$5 5799/55)7&&> 9*##/;9%$&%5/3 #$(> *) =%5 9;/$,%*(5? ,=/ #*5,
&79;$,%@/ 8/%(< 6$,/(,/3 )7;(%,7;/ 5>5,/#5 :%,= ;/@/(7/5 %( /B9/55 *) hHL #%&&%*(. g/
=$5 /B6&*;/3 $ 3%@/;5/ ;$( *) 6$,/(,/3 9*(9/6,5 );*# /&/9,;*(%9 =$;3:$;/ $(3
5*),:$;/ 3/@/&*6#/(,5? 87%&3%(< $(3 9*(5,;79,%*( 5>5,/#5 ,* /@/( 56*;,%(<
%(@/(,%*(5.
T,=/; 97;;/(, 3%;/9,*;5=%65'
A*;#/; 3%;/9,*;5=%65 Z%( ,=/
&$5, F >/$;5\'
M6/9%$& ;/56*(5%8%&%,%/5'
S(,/;/5,5 %( 5=$;/5'
S(,/;/5,5 %( *6,%*(5'
N*(/
N*(/
N*(/
GGJ?HG] *;3%($;> 5=$;/5
N*(/
4T,=/; 97;;/(, 3%;/9,*;5=%654 X7*,/3 $8*@/ $;/ 97;;/(, 3%;/9,*;5=%65 )*; &%5,/3 /(,%,%/5 *(&> $(3 /B9&73/5 3%;/9,*;5=%65
%( $&& *,=/; ,>6/5 *) /(,%,%/5? 7(&/55 *,=/;:%5/ 5,$,/3.
4A*;#/; 3%;/9,*;5=%65 Z%( ,=/ &$5, F >/$;5\4 X7*,/3 $8*@/ $;/ 3%;/9,*;5=%65 =/&3 %( ,=/ &$5, F >/$;5 )*; &%5,/3 /(,%,%/5 *(&>
$(3 /B9&73/5 3%;/9,*;5=%65 %( $&& *,=/; ,>6/5 *) /(,%,%/5? 7(&/55 *,=/;:%5/ 5,$,/3.
Company secretary
f/((/,= 0%(< %5 ,=/ 9*#6$(> 5/9;/,$;> $(3 $&5* $ 3%;/9,*; *) ,=/ 9*#6$(>. M// 4S()*;#$,%*( *( 3%;/9,*;54.
"
TZ Limited
Directors' report
30 June 2012
Meetings of directors
0=/ (7#8/; *) #//,%(<5 *) ,=/ 9*#6$(>45 Y*$;3 *) R%;/9,*;5 =/&3 37;%(< ,=/ >/$; /(3/3 FL ^7(/ JLEJ? $(3 ,=/
(7#8/; *) #//,%(<5 $,,/(3/3 8> /$9= 3%;/9,*; :/;/'
b Y*7;%5
f 0%(<
R e73379U
A7&& Y*$;3
W,,/(3/3
EE
EE
EE
g/&3
EE
EE
EE
g/&3' ;/6;/5/(,5 ,=/ (7#8/; *) #//,%(<5 =/&3 37;%(< ,=/ ,%#/ ,=/ 3%;/9,*; =/&3 *))%9/.
Remuneration report (audited)
0=/ ;/#7(/;$,%*( ;/6*;,? :=%9= =$5 8//( $73%,/3? *7,&%(/5 ,=/ 3%;/9,*; $(3 U/> #$($#/(, 6/;5*((/& ;/#7(/;$,%*(
$;;$(#/(,5 )*; ,=/ 9*(5*&%3$,/3 /(,%,> $(3 ,=/ 9*#6$(>? %( $99*;3$(9/ :%,= ,=/ ;/X7%;/#/(,5 *) ,=/ P*;6*;$,%*(5
W9, JLLE $(3 %,5 e/<7&$,%*(5.
0=/ ;/#7(/;$,%*( ;/6*;, %5 5/, *7, 7(3/; ,=/ )*&&*:%(< #$%( =/$3%(<5'
W
Y
P
R
!
Q;%(9%6&/5 75/3 ,* 3/,/;#%(/ ,=/ ($,7;/ $(3 $#*7(, *) ;/#7(/;$,%*(
R/,$%&5 *) ;/#7(/;$,%*(
M/;@%9/ $<;//#/(,5
M=$;/"8$5/3 9*#6/(5$,%*(
W33%,%*($& %()*;#$,%*(
A Principles used to determine the nature and amount of remuneration
0=/ *8k/9,%@/ *)
,=/ 9*(5*&%3$,/3 /(,%,>45 $(3 9*#6$(>45 /B/97,%@/ ;/:$;3 );$#/:*;U %5 ,* /(57;/ ;/:$;3 )*;
6/;)*;#$(9/ %5 9*#6/,%,%@/ $(3 $66;*6;%$,/ )*; ,=/ ;/57&,5 3/&%@/;/3. 0=/ );$#/:*;U $&%<(5 /B/97,%@/ ;/:$;3 :%,= ,=/
$9=%/@/#/(, *) 5,;$,/<%9 *8k/9,%@/5 $(3 ,=/ 9;/$,%*( *) @$&7/ )*; 5=$;/=*&3/;5? $(3 9*()*;#5 :%,= ,=/ #$;U/, 8/5,
6;$9,%9/ )*; 3/&%@/;> *) ;/:$;3. 0=/ Y*$;3 *) R%;/9,*;5 Z4,=/ Y*$;34\ /(57;/5 ,=$, /B/97,%@/ ;/:$;3 5$,%5)%/5 ,=/
)*&&*:%(< U/> 9;%,/;%$ )*; <**3 ;/:$;3 <*@/;($(9/ 6;$9,%9/5'
(cid:1)
5/, 9*#6/,%,%@/ ;/#7(/;$,%*( 6$9U$5 ,* $,,;$9, $(3 ;/,$%( =%<= 9$&%8;/ /#6&*>//5i
&%(U /B/97,%@/ ;/:$;35 ,* 5=$;/=*&3/; @$&7/ 9;/$,%*(i $(3
/5,$8&%5= $66;*6;%$,/ 3/#$(3%(< 6/;)*;#$(9/ =7;3&/5 )*; @$;%$8&/ /B/97,%@/ ;/#7(/;$,%*(.
(cid:1)
(cid:1)
0=/ Y*$;3 ;/@%/:5 $(3 %5 ;/56*(5%8&/ )*; ,=/ 9*(5*&%3$,/3 /(,%,>d5 ;/#7(/;$,%*( 6*&%9%/5? 6;*9/37;/5 $(3 6;$9,%9/5.
0=/ 9*(5*&%3$,/3 /(,%,> /5,$8&%5=/3 $ R%;/9,*; $(3 !B/97,%@/ !X7%,> Q&$( %( JLLG ,* $,,;$9,? ;/,$%(? #*,%@$,/ $(3
;/:$;3 5/(%*; /B/97,%@/5 $(3 3%;/9,*;5 Z%(9&73%(< (*("/B/97,%@/ 3%;/9,*;5\ *)
,=/ 9*#6$(> Z9*&&/9,%@/&> ,=/
4Q$;,%9%6$(,54\ 8> %557%(< /%,=/; *; 8*,= ;%<=,5 $(3 *6,%*(5 ,* ,=/ Q$;,%9%6$(,5 ,* $&&*: ,=/ Q$;,%9%6$(,5 ,* $9X7%;/ )7&&>
6$%3 *;3%($;> 9&$55 5=$;/5 %( ,=/ 9*#6$(> 76*( /B/;9%5%(< ,=/ ;%<=,5 *; *6,%*(5? $5 ,=/ 9$5/ #$> 8/. 0=/ /B/;9%5/ *)
/$9= ;%<=, *; *6,%*( /(,%,&/5 ,=/ =*&3/; *) ,=$, ;%<=, *; *6,%*(? $5 ,=/ 9$5/ #$> 8/? ,* $9X7%;/ *(/ )7&&> 6$%3 *;3%($;>
9&$55 5=$;/ %( ,=/ 9$6%,$& *) ,=/ 9*#6$(>.
V(3/; ,=/ R%;/9,*; $(3 !B/97,%@/ !X7%,> Q&$(? ,=/ (7#8/; *) ;%<=,5 $(3 *6,%*(5 ,=$, #$> 8/ %557/3 ,* $ Q$;,%9%6$(,
$(3 ,=/ 6/;)*;#$(9/ 9;%,/;%$ $(3 =7;3&/5 ,* 8/ #/, 6;%*; ,* ,=/ %557/ *; /B/;9%5/ *) 579= e%<=,5 $(3 T6,%*(5 %5 ,* 8/
5/, 8> ,=/ 8*$;3 *) 3%;/9,*;5 *) ,=/ 9*#6$(> %( ;/&%$(9/ *( ,=/ $3@%9/ *) $( %(3/6/(3/(, ;/#7(/;$,%*( 9*(57&,$(,.
Non-executive directors remuneration
A//5 $(3 6$>#/(,5 ,* (*("/B/97,%@/ 3%;/9,*;5 ;/)&/9, ,=/ 3/#$(35 :=%9= $;/ #$3/ *(? $(3 ,=/ ;/56*(5%8%&%,%/5 *)? ,=/
3%;/9,*;5. N*("/B/97,%@/ 3%;/9,*;54 )//5 $(3 6$>#/(,5 $;/ ;/@%/:/3 $((7$&&> 8> ,=/ Y*$;3. 0=/ Y*$;3 9*(5%3/;5
$3@%9/ );*# 5=$;/=*&3/;5? $(3 ,$U/5 %(,* $99*7(, ,=/ )//5 6$%3 ,* (*(l/B/97,%@/ 3%;/9,*;5 *) 9*#6$;$8&/ 9*#6$(%/5?
:=/( 7(3/;,$U%(< ,=/ $((7$& ;/@%/: 6;*9/55. N*("/B/97,%@/ 3%;/9,*;5 3* (*, ;/9/%@/ 5=$;/ *6,%*(5 *; *,=/;
%(9/(,%@/5.
#
TZ Limited
Directors' report
30 June 2012
WM[ &%5,%(< ;7&/5 ;/X7%;/ ,=$, ,=/ $<<;/<$,/ (*("/B/97,%@/ 3%;/9,*;5 ;/#7(/;$,%*( 5=$&& 8/ 3/,/;#%(/3 6/;%*3%9$&&> 8> $
(/;$& #//,%(<. 0=/ $#*7(, *) $<<;/<$,/ ;/#7(/;$,%*( 5*7<=, ,* 8/ $66;*@/3 8> 5=$;/=*&3/;5 $(3 ,=/ #$((/; %(
:=%9= %, %5 $66*;,%*(/3 $#*(<5, 3%;/9,*;5 %5 ;/@%/:/3 $((7$&&>. 0=/ #*5, ;/9/(, 3/,/;#%($,%*( :$5 $, ,=/ W`b =/&3
*( FL N*@/#8/; JLLD? :=/;/ ,=/ 5=$;/=*&3/;5 $66;*@/3 $( $<<;/<$,/ ;/#7(/;$,%*( *) hKLL?LLL.
Executive remuneration
0=/ 9*(5*&%3$,/3 /(,%,> $(3 9*#6$(> $%#5 ,* ;/:$;3 /B/97,%@/5 :%,= $ &/@/& $(3 #%B *) ;/#7(/;$,%*( 8$5/3 *( ,=/%;
6*5%,%*( $(3 ;/56*(5%8%&%,>? :=%9= %5 8*,= )%B/3 $(3 @$;%$8&/.
0=/ /B/97,%@/ ;/#7(/;$,%*( $(3 ;/:$;3 );$#/:*;U =$5 )*7; 9*#6*(/(,5'
(cid:1)
8$5/ 6$> $(3 (*("#*(/,$;> 8/(/)%,5
5=*;,",/;# 6/;)*;#$(9/ %(9/(,%@/5
5=$;/"8$5/3 6$>#/(,5
*,=/; ;/#7(/;$,%*( 579= $5 576/;$((7$,%*( $(3 &*(< 5/;@%9/ &/$@/
(cid:1)
(cid:1)
(cid:1)
0=/ 9*#8%($,%*( *) ,=/5/ 9*#6;%5/5 ,=/ /B/97,%@/45 ,*,$& ;/#7(/;$,%*(.
A%B/3 ;/#7(/;$,%*(? 9*(5%5,%(< *) 8$5/ 5$&$;>? 576/;$((7$,%*( $(3 (*("#*(/,$;> 8/(/)%,5? $;/ ;/@%/:/3 $((7$&&> 8>
,=/ Y*$;3? 8$5/3 *( %(3%@%37$& $(3 875%(/55 7(%, 6/;)*;#$(9/? ,=/ *@/;$&& 6/;)*;#$(9/ *) ,=/ 9*(5*&%3$,/3 /(,%,> $(3
9*#6$;$8&/ #$;U/, ;/#7(/;$,%*(5.
!B/97,%@/5 9$( ;/9/%@/ ,=/%; )%B/3 ;/#7(/;$,%*( %( ,=/ )*;# *) 9$5= *; *,=/; );%( 8/(/)%,5 Z)*; /B$#6&/ #*,*; @/=%9&/
8/(/)%,5\ :=/;/ %, 3*/5 (*, 9;/$,/ $(> $33%,%*($& 9*5,5 ,* ,=/ 9*(5*&%3$,/3 /(,%,> $(3 $335 $33%,%*($& @$&7/ ,* ,=/
/B/97,%@/.
0=/ 5=*;,",/;# %(9/(,%@/5 Z4M0S4\ 6;*<;$# %5 3/5%<(/3 ,* $&%<( ,=/ ,$;,5 *) ,=/ 875%(/55 7(%,5 :%,= ,=/ ,$;,5 *)
,=*5/ /B/97,%@/5 %( 9=$; *) #//,%(< ,=*5/ ,$;,5. M0S 6$>#/(,5 $;/ <;$(,/3 ,* /B/97,%@/5 8$5/3 *( 56/9%)%9
$((7$& ,$;,5 $(3 U/> 6/;)*;#$(9/ %(3%9$,*;5 Z4fQS4\ 8/%(< $9=%/@/3. fQSd5 %(9&73/ 6;*)%, 9*(,;%87,%*(? 975,*#/;
5$,%5)$9,%*(? &/$3/;5=%6 9*(,;%87,%*( $(3 6;*379, #$($#/(,.
0=/ &*(<",/;# %(9/(,%@/5 Z420S4\ %(9&73/5 &*(< 5/;@%9/ &/$@/ $(3 5=$;/"8$5/3 6$>#/(,5. W5 (*,/3 $8*@/? $ R%;/9,*;
$(3 !B/97,%@/ !X7%,> Q&$( =$5 8//( 5/, 76 ,* ;/:$;3 /B/97,%@/5 8$5/3 *( &*(< ,/;# %(9/(,%@/ #/$57;/5 %( ,=/ )*;#
*) *6,%*(5 $(3 ;%<=,5. 0=/5/ %(9&73/ %(9;/$5/ %( 5=$;/=*&3/;5 @$&7/ ;/&$,%@/ ,* ,=/ /(,%;/ #$;U/, $(3 ,=/ %(9;/$5/
9*#6$;/3 ,* ,=/ 9*(5*&%3$,/3 /(,%,>45 3%;/9, 9*#6/,%,*;5.
Consolidated entity performance and link to remuneration
e/#7(/;$,%*( )*; 9/;,$%( %(3%@%37$&5 %5 3%;/9,&> &%(U/3 ,* ,=/ 6/;)*;#$(9/ *) ,=/ 9*(5*&%3$,/3 /(,%,>. !B/97,%@/5 $(3
*,=/; /#6&*>//5 9$( 8/ %557/3 :%,= *6,%*(5 $(3 ;%<=,5 ,* $9X7%;/ 5=$;/5 %( ,=/ 9*(5*&%3$,/3 /(,%,>. 0=/ (7#8/; $(3
,=/ ,/;#5 *) ,=/ *6,%*(5 $(3 ;%<=,5 %557/3 $;/ 3/,/;#%(/3 8> ,=/ 3%;/9,*;5 $),/; 9*(5%3/;$,%*( *) ,=/ /#6&*>//45
6/;)*;#$(9/ $(3 ,=/%; $8%&%,> ,* 9*(,;%87,/ ,* ,=/ $9=%/@/#/(, *) ,=/ 9*(5*&%3$,/3 /(,%,>45 *8k/9,%@/5. e/)/; ,* 5/9,%*(
! *) ,=/ ;/#7(/;$,%*( ;/6*;, )*; 3/,$%&5 *) ,=/ &$5, )%@/ >/$;5 /$;(%(<5 $(3 ,*,$& 5=$;/=*&3/;5 ;/,7;(.
W5 ,=/ *6,%*(5 $(3 ;%<=,5 9*()/; $ ;%<=, 87, (*, $( *8&%<$,%*( *( ,=/ ;/9%6%/(, *) ,=/ *6,%*(5? ,=/ 3%;/9,*;5 3* (*,
9*(5%3/; %, (/9/55$;> ,* /5,$8&%5= $ 6*&%9> %( ;/&$,%*( ,* ,=/ 6/;5*( &%#%,%(< =%5 *; =/; /B6*57;/ ,* ;%5U $5 $
9*(5/X7/(9/ *) *:(%(< ,=/ *6,%*(5 *; ;%<=,5.
Use of remuneration consultants
R7;%(< ,=/ )%($(9%$& >/$; /(3/3 FL ^7(/ JLEJ? ,=/ 9*#6$(> 3%3 (*, /(<$ ;/#7(/;$,%*( 9*(57&,$(,5 ,* ;/@%/: %,5
/B%5,%(< ;/#7(/;$,%*( 6*&%9%/5 $(3 6;*@%3/ ;/9*##/(3$,%*(5 *( =*: ,* %#6;*@/ 8*,= ,=/ 5=*;,",/;# %(9/(,%@/5 Z4M0S4\
$(3 &*(<",/;# %(9/(,%@/5 Z420S4\ 6;*<;$#5.
Voting and comments made at the company's 2011 Annual General Meeting ('AGM')
W, ,=/ &$5, W`b G]m *) ,=/ 5=$;/=*&3/;5 @*,/3 ,* $3*6, ,=/ ;/#7(/;$,%*( ;/6*;, )*; ,=/ >/$; /(3/3 FL ^7(/ JLEE.
0=/ 9*#6$(> 3%3 (*, ;/9/%@/ $(> 56/9%)%9 )//38$9U $, ,=/ W`b ;/<$;3%(< %,5 ;/#7(/;$,%*( 6;$9,%9/5.
$
TZ Limited
Directors' report
30 June 2012
B Details of remuneration
Amounts of remuneration
R/,$%&5 *) ,=/ ;/#7(/;$,%*( *) ,=/ 3%;/9,*;5? *,=/; U/> #$($#/(, 6/;5*((/& Z3/)%(/3 $5 ,=*5/ :=* =$@/ ,=/
$7,=*;%,> $(3 ;/56*(5%8%&%,> )*; 6&$((%( 3%;/9,%(< $(3 9*(,;*&&%(< ,=/ #$k*; $9,%@%,%/5 *) ,=/ 9*(5*&%3$,/3 /(,%,>\ $(3
56/9%)%/3 /B/97,%@/5 *) 01 2%#%,/3 $;/ 5/, *7, %( ,=/ )*&&*:%(< ,$8&/5.
0=/ U/> #$($#/(, 6/;5*((/& *) ,=/ 9*(5*&%3$,/3 /(,%,> 9*(5%5,/3 *) ,=/ 3%;/9,*;5 *) 01 2%#%,/3 $(3 ,=/ )*&&*:%(<
/B/97,%@/5'
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
b$;U M9=:$;,- " P=%/) !B/97,%@/ T))%9/; *) QR0 S(9.
Q$7& P$5/> " N*("!B/97,%@/ R%;/9,*; *) QR0 S(9.
O%&&%$# 2/*(< " a%9/ Q;/5%3/(, *) T6/;$,%*(5 *) 0/&/-><*&*<> S(9.
0%#*,=> f*/=&/; " P=%/) A%($(9%$& T))%9/; *) 0/&/-><*&*<> S(9.
^*=( O%&5*( " A*;#/; P=%/) !B/97,%@/ T))%9/; *) 0/&/-><*&*<> S(9. Z;/5%<(/3 FL b$> JLEJ\
2012
N$#/
Executive
Directors:
b Y*7;%5
f 0%(<
R e73379U
Other Key
Management
Personnel:
b M9=:$;,-
Q P$5/>
O 2/*(<
0 f*/=&/;
^ O%&5*(
Z;/5%<(/3 FL b$>
JLEJ\ n
M=*;,",/;# 8/(/)%,5
Q*5,"
/#6&*>#/(,
8/(/)%,5
M=$;/"8$5/3 6$>#/(,5
P$5= 5$&$;>
$(3 )//5
h
T,=/;
h
N*("
#*(/,$;>
h
M76/;"
$((7$,%*(
h
T6,%*(5
h
e%<=,5
h
0*,$&
h
HHL?GEI
FHD?HFK
JLJ?FJ]
EL?JLL
D?LLL
"
"
"
]?LL]
"
"
"
HFG?DHE
FJG?IFL
"
FDG?LIG
GD?]IE
EHK?FLI
EFH?HLG
"
"
"
"
EL?JIL
"
G?GGJ
D?KDI
I?EJL
"
F?DFJ
F?FDL
"
"
"
"
HLI?LLL
J?EHJ?FHD
"
ED?JLL
"
FH?]FI
"
EH?EEJ
"
IDG?FIE
"
"
"
"
"
"
"
"
"
]GL?IK]
D]J?EDK
JEL?FFD
F]D?HDG
GD?]IE
EK]?GFE
EHH?FFD
HLI?LLL
J?GID?]DD
n
^*=( O%&5*( ;/5%<(/3 );*# =%5 ;*&/ $5 P!T FL b$> JLEJ? =*:/@/;? =/ =$5 9*(,%(7/3 %( $ 9*(57&,%(< 9$6$9%,>
%
TZ Limited
Directors' report
30 June 2012
2011
N$#/
Executive
Directors:
b Y*7;%5
f 0%(<
R e73379U
Other Key
Management
Personnel:
b M9=:$;,-
Q P$5/>
Z$66*%(,/3 EJ
b$> JLEE\ n
^ O%&5*(
O 2/*(<
Z$66*%(,/3 E
T9,*8/; JLEL\
0 f*/=&/;
M=*;,",/;# 8/(/)%,5
Q*5,"
/#6&*>#/(,
8/(/)%,5
M=$;/"8$5/3 6$>#/(,5
P$5= 5$&$;>
$(3 )//5
h
T,=/;
h
N*("
#*(/,$;>
h
M76/;"
$((7$,%*(
h
T6,%*(5
h
e%<=,5
h
0*,$&
h
FD]?DHI
J]G?DKE
JE]?IDH
EL?JLL
D?LLL
"
"
"
"
"
"
"
]HF?EIK
DFJ?F]E
"
HIJ?DLE
FKH?HKE
"
E?DGH?DJF
E?J]J?H]F
JE]?IDH
FDH?]GL
FLJ
D?GHI
D?GGH
]F?DKI
FGL?LLL
"
"
"
"
"
"
"
"
"
"
FIG?EFF
"
"
]F?DKI
FGL?LLL
EHE?HIG
EJE?DFL
E?GI]?IE]
J]F
EIH
ED?GKG
D?GHI
K?GDD
EG?]DL
J?EJJ
F?LHE
EJ?EKI
"
"
E?HIK?KKD
"
"
]JI?LKJ
EKL?]FE
EFL?]EE
H?FFL?FLJ
n
Q P$5/>45 ;/#7(/;$,%*( %(9&73/5 hIE?KDI %( 5=*;, ,/;# 8/(/)%,5 ;/9/%@/3 )*; ,=/ 6/;%*3 6;%*; ,* =%5 $66*%(,#/(,
$5 $ N*("!B/97,%@/ R%;/9,*; *) QR0 S(9.
0=/ 6;*6*;,%*( *) ;/#7(/;$,%*( &%(U/3 ,* 6/;)*;#$(9/ $(3 ,=/ )%B/3 6;*6*;,%*( $;/ $5 )*&&*:5'
N$#/
Executive Directors:
b Y*7;%5
f 0%(<
R e73379U
Other Key Management
Personnel:
b M9=:$;,-
Q P$5/>
^ O%&5*(
O 2/*(<
0 f*/=&/;
A%B/3 ;/#7(/;$,%*(
JLEJ
JLEE
W, ;%5U " M0S
W, ;%5U " 20S
JLEJ
JLEE
JLEJ
JLEE
" m
" m
" m
" m
" m
" m
" m
" m
" m
" m
" m
" m
" m
" m
" m
" m
HGm
H]m
" m
" m
" m
" m
" m
" m
I]m
IIm
" m
" m
" m
" m
" m
" m
KEm
KJm
ELLm
ELLm
ELLm
ELLm
ELLm
ELLm
JJm
JFm
ELLm
ELLm
ELLm
ELLm
ELLm
ELLm
&
TZ Limited
Directors' report
30 June 2012
C Service agreements
e/#7(/;$,%*( $(3 *,=/; ,/;#5 *) /#6&*>#/(, )*; U/> #$($#/(, 6/;5*((/& $;/ )*;#$&%5/3 %( 5/;@%9/ $<;//#/(,5.
R/,$%&5 *) ,=/5/ $<;//#/(,5 $;/ $5 )*&&*:5'
N$#/'
0%,&/'
W<;//#/(, 9*##/(9/3'
0/;# *) $<;//#/(,'
R/,$%&5'
N$#/'
0%,&/'
W<;//#/(, 9*##/(9/3'
0/;# *) $<;//#/(,'
R/,$%&5'
N$#/'
0%,&/'
W<;//#/(, 9*##/(9/3'
0/;# *) $<;//#/(,'
R/,$%&5'
N$#/'
0%,&/'
W<;//#/(, 9*##/(9/3'
0/;# *) $<;//#/(,'
R/,$%&5'
N$#/'
0%,&/'
W<;//#/(, 9*##/(9/3'
0/;# *) $<;//#/(,'
R/,$%&5'
R%9U*;> e73379U
!B/97,%@/ R%;/9,*;
E ^7(/ JLEE
J >/$;5 :%,= $7,*#$,%9 ;/(/:$& 6/;%*35 *) *(/ >/$;.
Y$5/ 5$&$;> *) VMRhJEL?LLL 6/; $((7# :%,= $ (*,%9/ 6/;%*3 *) FL 3$>5.
b$;U M9=:$;,-
P=%/) !B/97,%@/ T))%9/; *) QR0 S(9.
E R/9/#8/; JLEE
N* )%B/3 ,/;#
Y$5/ 5$&$;> *) VMhFGD?LLL $(3 (*,%9/ 6/;%*3 8> (/<*,%$,%*(.
Q$7& P$5/>
N*("!B/97,%@/ R%;/9,*; *) QR0 S(9.
EJ b$> JLEE
N* )%B/3 ,/;#
Y$5/ 5$&$;> *) VMhEKL?LLL $(3 (*,%9/ 6/;%*3 8> (/<*,%$,%*(.
O%&&%$# 2/*(<
a%9/ Q;/5%3/(, T6/;$,%*(5 *) 0/&/-><*&*<> S(9.
E T9,*8/; JLEL
N* )%B/3 ,/;#
Y$5/ 5$&$;> *) VMhEKL?LLL $(3 (*,%9/ 6/;%*3 8> (/<*,%$,%*(.
0%# f*/=&/;
P=%/) A%($(9%$& T))%9/; *) 0/&/-><*&*<> S(9.
JJ ^7&> JLEE
N* )%B/3 ,/;#
Y$5/ 5$&$;> *) VMhEHL?LLL $(3 (*,%9/ 6/;%*3 8> (/<*,%$,%*(.
f/> #$($#/(, 6/;5*((/& =$@/ (* /(,%,&/#/(, ,* ,/;#%($,%*( 6$>#/(,5 %( ,=/ /@/(, *) ;/#*@$& )*; #%59*(379,.
D Share-based compensation
Issue of shares
0=/;/ :/;/ (* 5=$;/5 %557/3 ,* 3%;/9,*;5 $(3 *,=/; U/> #$($#/(, 6/;5*((/& $5 6$;, *) 9*#6/(5$,%*( 37;%(< ,=/
>/$; /(3/3 FL ^7(/ JLEJ.
Options
0=/;/ :/;/ (* *6,%*(5 %557/3 ,* 3%;/9,*;5 $(3 *,=/; U/> #$($#/(, 6/;5*((/& $5 6$;, *) 9*#6/(5$,%*( 37;%(< ,=/
>/$; /(3/3 FL ^7(/ JLEJ.
'
TZ Limited
Directors' report
30 June 2012
R/,$%&5 *) *6,%*(5 *@/; *;3%($;> 5=$;/5 %557/3 ,* 3%;/9,*;5 $(3 *,=/; U/> #$($#/(, 6/;5*((/& $5 6$;, *)
9*#6/(5$,%*( 37;%(< ,=/ >/$; /(3/3 FL ^7(/ JLEJ $;/ 5/, *7, 8/&*:'
N$#/
b Y*7;%5
f 0%(<
N7#8/; *) *6,%*(5 <;$(,/3
37;%(< ,=/ >/$;
N7#8/; *) *6,%*(5 @/5,/3
37;%(< ,=/ >/$;
JLEJ
JLEE
JLEJ
JLEE
"
"
"
"
E?LLL?LLL
IKL?LLL
E?LLL?LLL
IKL?LLL
Vesting conditions for options granted as compensation in prior years
0=/ *6,%*(5 $;/ 5/6$;$,/3 %(,* ,=;// ,;$(9=/5 $(3 /B/;9%5/ 6/;%*35'
Z%\ 0=/ )%;5, ,;$(9=/ *) E?IKL?LLL *6,%*(5 ZE?LLL?LLL b$;U Y*7;%5 $(3 IKL?LLL f/((/,= 0%(<\ :%&& 8/ /B/;9%5$8&/ %( ,=/
6/;%*3 );*# E ^7&> JLEE Z*;? %) 5/97;%,%/5 %( ,=/ 9*#6$(> *; $(> ;/&$,/3 8*3> 9*;6*;$,/ *) ,=/ 9*#6$(> $;/ &%5,/3 *(
,=/ NWMRWj 6;%*; ,* E ^7&> JLEE? ,=/ 3$,/ ,=$, %5 FL 3$>5 $),/; ,=/ 3$,/ *) ,=$, &%5,%(<\ ,* $(3 %(9&73%(< FL ^7(/ JLED?
$, $( /B/;9%5/ 6;%9/ *) hE.LL 6/; *6,%*(.
Z%%\ 0=/ 5/9*(3 ,;$(9=/ *) E?IKL?LLL *6,%*(5 ZE?LLL?LLL b$;U Y*7;%5 $(3 IKL?LLL f/((/,= 0%(<\ :%&& 8/ /B/;9%5$8&/ %(
,=/ 6/;%*3 );*# E ^7&> JLEJ Z*;? %) 5/97;%,%/5 %( ,=/ 9*#6$(> *; $(> ;/&$,/3 8*3> 9*;6*;$,/ *) ,=/ 9*#6$(> $;/ &%5,/3
*( ,=/ NWMRWj 6;%*; ,* E ^7&> JLEJ? ,=/ 3$,/ ,=$, %5 FL 3$>5 $),/; ,=/ 3$,/ *) ,=$, &%5,%(<\ ,* $(3 %(9&73%(< FL ^7(/
JLEI? $, $( /B/;9%5/ 6;%9/ *) hJ.LL 6/; *6,%*(.
Z%%%\ 0=/ ,=%;3 ,;$(9=/ *) E?IKL?LLL *6,%*(5 ZE?LLL?LLL b$;U Y*7;%5 $(3 IKL?LLL f/((/,= 0%(<\ :%&& 8/ /B/;9%5$8&/ %(
,=/ 6/;%*3 );*# E ^7&> JLEF Z*;? %) 5/97;%,%/5 %( ,=/ 9*#6$(> *; $(> ;/&$,/3 8*3> 9*;6*;$,/ *) ,=/ 9*#6$(> $;/ &%5,/3
*( ,=/ NWMRWj 6;%*; ,* E ^7&> JLEF? ,=/ 3$,/ ,=$, %5 FL 3$>5 $),/; ,=/ 3$,/ *) ,=$, &%5,%(<\ ,* $(3 %(9&73%(< FL ^7(/
JLE]? $, $( /B/;9%5/ 6;%9/ *) hF.LL 6/; *6,%*(.
0=/ *6,%*(5 <;$(,/3 $;/ (*, 578k/9, ,* ,=/ 5$,%5)$9,%*( *) 6/;)*;#$(9/ 9*(3%,%*(5. 0=/ <;$(,5 :/;/ #$3/ 7(3/; ,=/
R%;/9,*; $(3 !B/97,%@/ !X7%,> Q&$( ,* $,,;$9,? ;/,$%(? #*,%@$,/ $(3 ;/:$;3 5/(%*; /B/97,%@/5 $(3 R%;/9,*;5 Z%(9&73%(<
(*("/B/97,%@/ 3%;/9,*;5\ *) ,=/ 9*#6$(>. 0=/ *6,%*(5 :%&& &$65/ %) (*, /B/;9%5/3 8> ,=/ ;/56/9,%@/ /B6%;> 3$,/ *; %)
/#6&*>#/(, 9/$5/5 Z$6$;, );*# %) 37/ ,* 3/$,=? %(9$6$9%,> *; ;/37(3$(9>\. 0=/;/ $;/ (* *,=/; @/5,%(< 9*(3%,%*(5 %(
;/56/9, *) ,=/5/ *6,%*(5.
Performance rights
0=/ ,/;#5 $(3 9*(3%,%*(5 *) /$9= <;$(, *) 6/;)*;#$(9/ ;%<=,5 $))/9,%(< ;/#7(/;$,%*( *) 3%;/9,*;5 $(3 *,=/; U/>
#$($#/(, 6/;5*((/& %( ,=%5 )%($(9%$& >/$; *; )7,7;/ ;/6*;,%(< >/$;5 $;/ $5 )*&&*:5'
`;$(, 3$,/
a/5,%(< 3$,/ $(3
/B/;9%5$8&/ 3$,/
!B6%;> 3$,/
M=$;/ 6;%9/
,$;, )*;
@/5,%(<
A$%; @$&7/
6/; ;%<=,
$, <;$(, 3$,/
JD A/8;7$;> JLEL
E^7&> JLEE
FL ^7(/ JLEJ
hL.LL
hL.]HL
Q/;)*;#$(9/ ;%<=,5 <;$(,/3 9$;;> (* 3%@%3/(3 *; @*,%(< ;%<=,5.
R/,$%&5 *) 6/;)*;#$(9/ ;%<=,5 *@/; *;3%($;> 5=$;/5 %557/3 ,* 3%;/9,*;5 $(3 *,=/; U/> #$($#/(, 6/;5*((/& $5 6$;, *)
9*#6/(5$,%*( 37;%(< ,=/ >/$; /(3/3 FL ^7(/ JLEJ $;/ 5/, *7, 8/&*:'
N$#/
b Y*7;%5
f 0%(<
N7#8/; *) ;%<=,5 <;$(,/3
37;%(< ,=/ >/$;
N7#8/; *) ;%<=,5 @/5,/3
37;%(< ,=/ >/$;
JLEJ
JLEE
JLEJ
JLEE
"
"
"
"
"
"
]LL?LLL
DLL?LLL
(
TZ Limited
Directors' report
30 June 2012
E Additional information
0=/ /$;(%(<5 *) ,=/ 9*(5*&%3$,/3 /(,%,> )*; ,=/ )%@/ >/$;5 ,* FL ^7(/ JLEJ $;/ 57##$;%5/3 8/&*:'
M$&/5 ;/@/(7/
!YS0RW
!YS0
2*55 $),/; %(9*#/ ,$B
JLL]
h4LLL
JLLG
h4LLL
JLEL
h4LLL
JLEE
h4LLL
JLEJ
h4LLL
EH?GIF
ZG?I]I\
ZEE?LIF\
ZEJ?FFE\
EI?DGD
ZE]?JII\
ZJL?FEI\
ZJH?HL]\
EI?FL]
ZEG?JDH\
ZJE?D]J\
ZJD?FHI\
JJ?FGG
ZF?LGH\
ZH?FEF\
Z]?I]H\
JE?EI]
ZK?]FI\
ZI?DLK\
ZEJ?FDE\
0=/ )$9,*;5 ,=$, $;/ 9*(5%3/;/3 ,* $))/9, ,*,$& 5=$;/=*&3/;5 ;/,7;( Z40Me4\ $;/ 57##$;%5/3 8/&*:'
JLL]
JLLG
JLEL
JLEE
JLEJ
M=$;/ 6;%9/ $, )%($(9%$& >/$; /(3 ZhW\
Y$5%9 /$;(%(<5 6/; 5=$;/ Z9/(,5 6/; 5=$;/\
F.KK
ZJG.LH\
L.GD
ZKL.LL\
L.HH
ZHG.HD\
L.JH
ZG.LE\
L.EL
ZG.DL\
This concludes the remuneration report, which has been audited.
Shares under option
V(%557/3 *;3%($;> 5=$;/5 *) 01 2%#%,/3 7(3/; *6,%*( $, ,=/ 3$,/ *) ,=%5 ;/6*;, $;/ $5 )*&&*:5'
`;$(, 3$,/
JD A/8;7$;> JLEL
JD A/8;7$;> JLEL
JD A/8;7$;> JLEL
EG A/8;7$;> JLL] n
JH R/9/#8/; JLEL n
!B6%;> 3$,/
FL ^7(/ JLED
FL ^7(/ JLEI
FL ^7(/ JLE]
EG A/8;7$;> JLEF
EG A/8;7$;> JLEF
!B/;9%5/
6;%9/
N7#8/;
7(3/; *6,%*(
hE.LL
hJ.LL
hF.LL
hE.LL
hL.HJ
E?IKL?LLL
E?IKL?LLL
E?IKL?LLL
F?LLL?LLL
F?LLL?LLL
EE?JKL?LLL
n
0=/5/ *6,%*(5 :/;/ <;$(,/3 ,* ja0? $ =/3 )7(3 %( ,=/ VMW.
N* 6/;5*( /(,%,&/3 ,* /B/;9%5/ ,=/ *6,%*(5 =$3 *; =$5 $(> ;%<=, 8> @%;,7/ *) ,=/ *6,%*( ,* 6$;,%9%6$,/ %( $(> 5=$;/ %557/
*) ,=/ 9*#6$(> *; *) $(> *,=/; 8*3> 9*;6*;$,/.
Shares issued on the exercise of options
0=/;/ :/;/ (* 5=$;/5 *) 01 2%#%,/3 %557/3 *( ,=/ /B/;9%5/ *) *6,%*(5 37;%(< ,=/ >/$; /(3/3 FL ^7(/ JLEJ.
Shares issued on the exercise of performance rights
0=/ )*&&*:%(< *;3%($;> 5=$;/5 *) 01 2%#%,/3 :/;/ %557/3 37;%(< ,=/ >/$; /(3/3 FL ^7(/ JLEJ *( ,=/ /B/;9%5/ *)
6/;)*;#$(9/ ;%<=,5 <;$(,/3'
R$,/ 6/;)*;#$(9/ ;%<=,5 <;$(,/3
JD A/8;7$;> JLEL
!B/;9%5/
6;%9/
N7#8/; *)
5=$;/5 %557/3
hL.LL
E?HLL?LLL
)
TZ Limited
Directors' report
30 June 2012
Indemnity and insurance of officers
0=/ 9*#6$(> =$5 %(3/#(%)%/3 ,=/ 3%;/9,*;5 $(3 /B/97,%@/5 *) ,=/ 9*#6$(> )*; 9*5,5 %(97;;/3? %( ,=/%; 9$6$9%,> $5 $
3%;/9,*; *; /B/97,%@/? )*; :=%9= ,=/> #$> 8/ =/&3 6/;5*($&&> &%$8&/? /B9/6, :=/;/ ,=/;/ %5 $ &$9U *) <**3 )$%,=.
R7;%(< ,=/ )%($(9%$& >/$;? ,=/ 9*#6$(> 6$%3 $ 6;/#%7# %( ;/56/9, *) $ 9*(,;$9, ,* %(57;/ ,=/ 3%;/9,*;5 $(3 /B/97,%@/5
*) ,=/ 9*#6$(> $<$%(5, $ &%$8%&%,> ,* ,=/ /B,/(, 6/;#%,,/3 8> ,=/ P*;6*;$,%*(5 W9, JLLE. 0=/ 9*(,;$9, *) %(57;$(9/
6;*=%8%,5 3%59&*57;/ *) ,=/ ($,7;/ *) &%$8%&%,> $(3 ,=/ $#*7(, *) ,=/ 6;/#%7#.
Indemnity and insurance of auditor
0=/ 9*#6$(> =$5 (*,? 37;%(< *; 5%(9/ ,=/ )%($(9%$& >/$;? %(3/#(%)%/3 *; $<;//3 ,* %(3/#(%)> ,=/ $73%,*; *) ,=/
9*#6$(> *; $(> ;/&$,/3 /(,%,> $<$%(5, $ &%$8%&%,> %(97;;/3 8> ,=/ $73%,*;.
R7;%(< ,=/ )%($(9%$& >/$;? ,=/ 9*#6$(> =$5 (*, 6$%3 $ 6;/#%7# %( ;/56/9, *) $ 9*(,;$9, ,* %(57;/ ,=/ $73%,*; *) ,=/
9*#6$(> *; $(> ;/&$,/3 /(,%,>.
Proceedings on behalf of the company
N* 6/;5*( =$5 $66&%/3 ,* ,=/ P*7;, 7(3/; 5/9,%*( JFI *) ,=/ P*;6*;$,%*(5 W9, JLLE )*; &/$@/ ,* 8;%(< 6;*9//3%(<5 *(
8/=$&) *) ,=/ 9*#6$(>? *; ,* %(,/;@/(/ %( $(> 6;*9//3%(<5 ,* :=%9= ,=/ 9*#6$(> %5 $ 6$;,> )*; ,=/ 67;6*5/ *) ,$U%(<
;/56*(5%8%&%,> *( 8/=$&) *) ,=/ 9*#6$(> )*; $&& *; 6$;, *) ,=*5/ 6;*9//3%(<5.
Non-audit services
0=/;/ :/;/ (* (*("$73%, 5/;@%9/5 6;*@%3/3 37;%(< ,=/ )%($(9%$& >/$; 8> ,=/ $73%,*;.
Officers of the company who are former audit partners of Grant Thornton Audit Pty Ltd
0=/;/ $;/ (* *))%9/;5 *) ,=/ 9*#6$(> :=* $;/ )*;#/; $73%, 6$;,(/;5 *) `;$(, 0=*;(,*( W73%, Q,> 2,3.
Rounding of amounts
0=/ 9*#6$(> %5 *) $ U%(3 ;/)/;;/3 ,* %( P&$55 T;3/; G]oELL? %557/3 8> ,=/ W75,;$&%$( M/97;%,%/5 $(3 S(@/5,#/(,5
P*##%55%*(? ;/&$,%(< ,* 4;*7(3%(<"*))4. W#*7(,5 %( ,=%5 ;/6*;, =$@/ 8//( ;*7(3/3 *)) %( $99*;3$(9/ :%,= ,=$, P&$55
T;3/; ,* ,=/ (/$;/5, ,=*75$(3 3*&&$;5? *; %( 9/;,$%( 9$5/5? ,=/ (/$;/5, 3*&&$;.
Auditor's independence declaration
W 9*6> *) ,=/ $73%,*;45 %(3/6/(3/(9/ 3/9&$;$,%*( $5 ;/X7%;/3 7(3/; 5/9,%*( FLIP *) ,=/ P*;6*;$,%*(5 W9, JLLE %5 5/,
*7, *( ,=/ )*&&*:%(< 6$ 2,3 :$5 $66*%(,/3 $73%,*;5 %( ^7(/ JLEJ $(3 9*(,%(7/5 %( *))%9/ %( $99*;3$(9/ :%,= 5/9,%*(
FJI *) ,=/ P*;6*;$,%*(5 W9, JLLE.
0=%5 ;/6*;, %5 #$3/ %( $99*;3$(9/ :%,= $ ;/5*&7,%*( *) 3%;/9,*;5? 67;57$(, ,* 5/9,%*( JG]ZJ\Z$\ *) ,=/ P*;6*;$,%*(5 W9,
JLLE.
T( 8/=$&) *) ,=/ 3%;/9,*;5
pppppppppppppppppppppppppppppppp
b$;U Y*7;%5
R%;/9,*;
pppppppppppppppppppppppppppppppp
f/((/,= 0%(<
R%;/9,*;
J] M/6,/#8/; JLEJ
M>3(/>
TZ Limited
Corporate Governance Statement
30 June 2012
This 2012 Corporate Governance Statement sets out the corporate governance principles adopted by the board of
directors (the ‘Board’) in governing TZ Limited (the ‘Company’) and its subsidiaries (collectively, the ‘Consolidated
Entity’) and reflects the corporate governance principles which have been adopted during the financial year ended
30 June 2012. In adopting the principles the Board formally reviewed the Corporate Governance Principles and
Recommendations issued by the ASX Corporate Governance Council. The Company is a small company and
accordingly the Board considers that many of the corporate governance guidelines intended to apply to larger
companies are not practical. The Company's position on those recommendations is set out below.
Principle 1: Lay solid foundations for management and oversight
The Board's primary responsibility is to oversee the Company's business activities and management for the benefit
of Company's shareholders which it accomplishes by:
setting objectives, goals and strategic direction with a view to maximise shareholder value;
• establishing corporate governance, and ethical business standards;
•
• approving and monitoring budgets and major investments;
• ensuring adequate internal controls exist and are appropriately monitored;
• ensuring significant business risks are identified and appropriately managed; and
• appointing senior executives and monitoring their performance.
The Board has delegated responsibilities and authorities to management to enable management to conduct the
Company's day to day activities. Matters which are not covered by these delegations, such as approvals which
exceed certain limits, require Board approval.
Apart from the statements on responsibility above, the Company has not formalised the functions reserved to the
Board and those delegated to management due to the relatively small size of the Company. Similarly, the
Company has not adopted a formal process for evaluating the performance of senior executives for the reasons
outlined above. The performance of senior executives takes place at meetings of the Board and occurred during
the current reporting period.
Principle 2: Structure the board to add value
Directors appointed by the Board by reason of a vacancy are subject to re-election by the Company's shareholders
at the following annual general meeting. Directors are subject to re-election by rotation at least every three years.
The names of the directors in office at the date of this Report, the date they were appointed, the date of their most
recent re-election by the Company's shareholders and their status as non-executive, executive or independent
directors are set out in the table below:
Director
Mark Bouris
Kenneth Ting
Dickory Rudduck
Appointed
18 June 2009
18 June 2009
14 May 2010
Re-Elected
17 November 2010
22 November 2011
17 November 2010
Non-Executive
No
No
No
Independent
No
No
No
Mr Dickory Rudduck is standing for re-election by rotation at the 2012 annual general meeting.
The skills and experience of each director are set out in the Director’s Report in the Company's 2012 Annual
Report. The Company's directors are appointed based on the specific governance skills required by the Company,
including an appropriate blend of relevant experience appropriate to the Company's field of operations, accounting
and financial management and following consideration of the Company's objectives with respect to diversity.
"
TZ Limited
Corporate Governance Statement
30 June 2012
The areas of divergence with recommended principles are set out below:
• The majority of directors are not independent as they are all executive directors.
• The Chairman is not independent and is an executive director.
• As the whole Board only consists of three directors, the Company does not have a formally constituted
Nomination Committee as the Board believes it would not be a more efficient mechanism than the full
Board focussing the Company on specific issues. Currently, the Board as a whole performs the roles and
functions of a Nomination Committee. These roles and functions include: devising criteria for Board
membership; regularly reviewing the need for various skills and experience on the Board; considering the
Company's objectives with respect to diversity when selecting candidates; and indentifying specific
individuals for nomination as directors. The Board also oversees management succession plans and
evaluates the Chairman's and the Board's performance and makes recommendations for the appointment
and removal of directors. When a vacancy exists on the Board or where it is considered that a director with
particular skills or experience is required, the Board selects a panel of candidates with the appropriate
expertise and experience from which the most suitable candidate is appointed on merit.
• The Company does not have a formal process for evaluating the performance of the Board and the
individual directors, other than as set out above.
The above areas of divergence are due to the relatively small size of the Company and its operations.
Each director of the Company has the right to seek independent professional advice at the expense of the
Company.
Principle 3: Promote ethical and responsible decision making
Board members, executive management and Company officers are made aware of the requirements to follow
corporate policies and procedures, to obey the law and to maintain appropriate standards of honesty and integrity
at all times.
The Company does not have a formal written code of conduct to guide compliance with legal and other obligations.
This reflects the Company's size which makes its legal compliance a less onerous task than with larger companies.
The Board continues to review the situation to determine the most appropriate and effective operational
procedures.
The Board is committed to an inclusive workplace that embraces and promotes diversity. The Company is
committed to setting measurable objectives for attracting and engaging women at the Board level, in senior
management positions and across the Consolidated Entity as a whole. Progress against set diversity related
targets will be included in future annual reports.
The gender representation profile of the Company and the Consolidated Entity as a whole is as follows:
• Board Level:
• Key management personnel:
• Consolidated Entity as a whole:
0 %
0 %
16 %
Principle 4: Safeguard integrity in financial reporting
The Company was not a company required by ASX Listing Rule 12.7 to have an Audit Committee during the year.
The Board has determined that, due to the relatively small size of the Company, it would not be efficient to appoint
a formal audit committee. Nevertheless, the Board has adopted procedures to adequately address issues related to
the integrity of the Company’s financial reporting and to oversee the independence of the external auditors. The
procedures include the following main responsibilities:
• Monitor the integrity of the financial statements of the Company and review significant financial reporting
changes;
• Review the Company’s internal financial control system and risk management systems;
• Appoint the external auditor and to approve the remuneration and terms of engagement of the external
auditor;
• Monitor and review the external auditor’s independence, objectivity and effectiveness, taking into
consideration relevant professional and regulatory requirements; and
• Develop and implement policy on the engagement of the external auditor to supply non-audit services,
taking into account relevant ethical guidance regarding the provision of non-audit services by the external
audit firm.
The skills and experience of each director is set out in the Director’s Report in the Annual Report for the year
ended 30 June 2012.
#
TZ Limited
Corporate Governance Statement
30 June 2012
Principle 5: Make timely and balanced disclosure
The Company and its directors are aware of continuous disclosure requirements under the Listing Rules and
Corporations Act and operate in an environment where strong emphasis is placed on full and appropriate
disclosure. The Company has formal written policies regarding disclosure which is publicly available on the
Company’s website.
Principle 6: Respects the rights of shareholders
The Company does not have a communications strategy to promote effective communication with shareholders, as
it believes this is excessive for small companies. The Company maintains a website which is used in conjunction
with timely announcements to the ASX to ensure shareholders are kept fully informed.
The Company also aims to ensure that the shareholders are informed of all major developments through:
• despatch of the annual and half yearly financial reports;
• despatch of all notices of meetings of shareholders; and
•
submitting to a vote of shareholders proposed major changes in the consolidated entity which may impact
on share ownership rights.
The Board encourages full participation of shareholders at the annual general meeting to ensure high level of
accountability and identification of the consolidated entity's strategic goals. Important issues are presented to the
shareholders as single resolutions.
The Company requests the external auditor to attend the general meeting.
Principle 7: Recognise and manage risk
The Board has adopted the role of identification, assessment, monitoring and managing the significant areas of risk
applicable to the consolidated entity and its operations. The Board has not established a separate committee to
deal with these matters as the directors consider the size of the Company and its operations does not warrant a
separate committee at this time. The directors have identified the significant areas of risk applicable to the
consolidated entity and its operations and the Board considers the matter of risk management as a standing
agenda item at board meetings.
For the reasons set out above the Company has not established formal policies on risk management. The Board
endeavours to mitigate any risks by continually reviewing the activities of the Company in order to identify key
business and operational risks and ensuring that they are appropriately assessed and managed. The Company
has received assurances from the chief financial officer (or equivalents) and chief executive officer (or equivalents)
of the Consolidated Entity that the declaration under section 295A of the Corporations Act is founded on a system
of risk management and internal control which is operating effectively in all material respects in relation to financial
reporting risks.
Principle 8: Remunerate fairly and responsibly
Because of the relatively small size of the Company and its operations, the Board does not consider it appropriate,
at this time, to form a separate committee to deal with executive remuneration. Accordingly, the Company does not
have a remuneration committee made up of a majority of independent members, chaired by an independent
member as recommended by the ASX Corporate Governance Council. Instead, the Board as a whole establishes
and reviews annually the remuneration of the executive directors and senior executives, as well as superannuation
arrangements, the remuneration framework for all directors and remuneration by gender.
Details of the Company's policy for determining the nature and amount of emoluments of Board members and key
management personnel of the Company are contained in the Directors' Report.
In accordance with Corporations Act requirements, the Company discloses the fees or salaries paid to all directors,
and executive officers of the Company.
$
TZ Limited
Financial report
30 June 2012
Contents
A%($(9%$& ;/6*;,
M,$,/#/(, *) 9*#6;/=/(5%@/ %(9*#/
M,$,/#/(, *) )%($(9%$& 6*5%,%*(
M,$,/#/(, *) 9=$(5 %( /X7%,>
M,$,/#/(, *) 9$5= )&*:5
N*,/5 ,* ,=/ )%($(9%$& 5,$,/#/(,5
R%;/9,*;54 3/9&$;$,%*(
S(3/6/(3/(, $73%,*;45 ;/6*;, ,* ,=/ #/#8/;5 *) 01 2%#%,/3
Q$
EI
E]
EG
JL
JE
IH
IK
General information
0=/ )%($(9%$& ;/6*;, 9*@/;5 01 2%#%,/3 $5 $ 9*(5*&%3$,/3 /(,%,> 9*(5%5,%(< *) 01 2%#%,/3 $(3 ,=/ /(,%,%/5 %, 9*(,;*&&/3.
0=/ )%($(9%$& ;/6*;, %5 6;/5/(,/3 %( W75,;$&%$( 3*&&$;5? :=%9= %5 01 2%#%,/345 )7(9,%*($& $(3 6;/5/(,$,%*( 97;;/(9>.
0=/ )%($(9%$& ;/6*;, 9*(5%5,5 *)
3/9&$;$,%*(.
,=/ )%($(9%$& 5,$,/#/(,5? (*,/5 ,* ,=/ )%($(9%$& 5,$,/#/(,5 $(3 ,=/ 3%;/9,*;54
01 2%#%,/3 %5 $ &%5,/3 678&%9 9*#6$(> &%#%,/3 8> 5=$;/5? %(9*;6*;$,/3 $(3 3*#%9%&/3 %( W75,;$&%$. S,5 ;/<%5,/;/3 *))%9/
$(3 6;%(9%6$& 6&$9/ *) 875%(/55 $;/'
Registered office
2/@/& EE? E P=%)&/> MX7$;/
M>3(/> NMO JLLL
Principal place of business
01 2%#%,/3 $(3 01S W75,;$&%$ Q,> 2%#%,/3? 2/@/& EE?
E P=%)&/> MX7$;/? M>3(/> NMO JLLL
0/&/-><*&*<> S(9.? ELEI O. O$5=%(<,*( Y&@3? V(%, JP?
P=%9$<* S2 DLDLI? VMW
QR0 S(9.? T(/ P*;6*;$,/ R;%@/? M7%,/ EEL? 2$U/ 17;%9= S2
DLLHI? VMW
W 3/59;%6,%*( *) ,=/ ($,7;/ *) ,=/ 9*(5*&%3$,/3 /(,%,>45 *6/;$,%*(5 $(3 %,5 6;%(9%6$& $9,%@%,%/5 $;/ %(9&73/3 %( ,=/
3%;/9,*;54 ;/6*;,? :=%9= %5 (*, 6$;, *) ,=/ )%($(9%$& ;/6*;,.
0=/ )%($(9%$& ;/6*;, :$5 $7,=*;%5/3 )*; %557/? %( $99*;3$(9/ :%,= $ ;/5*&7,%*( *) 3%;/9,*;5? *( J] M/6,/#8/; JLEJ. 0=/
3%;/9,*;5 =$@/ ,=/ 6*:/; ,* $#/(3 $(3 ;/%557/ ,=/ )%($(9%$& ;/6*;,.
%
TZ Limited
Statement of comprehensive income
For the year ended 30 June 2012
Revenue
T,=/; %(9*#/
Expenses
e$: #$,/;%$&5 $(3 9*(57#$8&/5 75/3
M789*(,;$9,*;5 9*5,5
!#6&*>// 8/(/)%,5 /B6/(5/
T9976$(9> /B6/(5/
R/6;/9%$,%*( $(3 $#*;,%5$,%*( /B6/(5/
2*55 *( 5$&/ *) k*%(, @/(,7;/
P*##7(%9$,%*(5 /B6/(5/
Q;*)/55%*($& $(3 9*;6*;$,/ 5/;@%9/5
0;$@/& $(3 $99*##*3$,%*( /B6/(5/
R/@/&*6#/(, 9*5,5
M=$;/ *) (/, &*55/5 *) k*%(, @/(,7;/ $99*7(,/3 )*; 75%(< ,=/ /X7%,> #/,=*3
T,=/; /B6/(5/5
A%($(9/ 9*5,5
Loss before income tax expense
S(9*#/ ,$B /B6/(5/
Note
Consolidated
2012
$'000
2011
$'000
H
K
D
D
I
JJ?FGL
JF?HIL
F?DLK
D?]LL
ZE?KLH\
Z]?FHD\
ZEF?DFI\
Z]E]\
ZE?ID]\
ZF]D\
ZFL]\
ZJ?KHI\
ZE?JF]\
ZI]K\
ZEDE\
ZE?GII\
ZH?]DJ\
ZE?HIE\
ZI?]FF\
ZEH?KGG\
ZIDI\
ZE?]KD\
"
ZFHG\
ZF?FJJ\
ZE?KLH\
ZGLH\
ZJEI\
ZJ?LJK\
ZH?LG]\
ZEJ?FHJ\
Z]?DIK\
ZEG\
ZELG\
Loss after income tax expense for the year attributable to the owners of
TZ Limited
JG
ZEJ?FDE\
Z]?I]H\
Other comprehensive income
A*;/%<( 97;;/(9> ,;$(5&$,%*(
T,=/; 9*#6;/=/(5%@/ %(9*#/ )*; ,=/ >/$;? (/, *) ,$B
]IF
]IF
ZH?LHF\
ZH?LHF\
Total comprehensive income for the year attributable to the owners of
TZ Limited
ZEE?H]]\
ZEJ?]JI\
Y$5%9 /$;(%(<5 6/; 5=$;/
R%&7,/3 /$;(%(<5 6/; 5=$;/
Cents
Cents
HH
HH
ZG.DL\
ZG.DL\
ZG.LE\
ZG.LE\
The above statement of comprehensive income should be read in conjunction with the accompanying notes
&
TZ Limited
Statement of financial position
As at 30 June 2012
Assets
Current assets
P$5= $(3 9$5= /X7%@$&/(,5
0;$3/ $(3 *,=/; ;/9/%@$8&/5
S(@/(,*;%/5
S(@/5,#/(, %( 5=*;, ,/;# 3/6*5%,
0*,$& 97;;/(, $55/,5
Non-current assets
S(@/5,#/(,5 $99*7(,/3 )*; 75%(< ,=/ /X7%,> #/,=*3
Q;*6/;,>? 6&$(, $(3 /X7%6#/(,
S(,$(<%8&/5
R/)/;;/3 ,$B
T,=/;
0*,$& (*("97;;/(, $55/,5
Total assets
Liabilities
Current liabilities
0;$3/ $(3 *,=/; 6$>$8&/5
Y*;;*:%(<5
R/;%@$,%@/ )%($(9%$& %(5,;7#/(,5
Q;*@%5%*(5
T,=/;
0*,$& 97;;/(, &%$8%&%,%/5
Non-current liabilities
Y*;;*:%(<5
R/;%@$,%@/ )%($(9%$& %(5,;7#/(,5
R/)/;;/3 ,$B
Q;*@%5%*(5
T,=/;
0*,$& (*("97;;/(, &%$8%&%,%/5
Total liabilities
Net assets
Equity
P*(,;%87,/3 /X7%,>
e/5/;@/5
W997#7&$,/3 &*55/5
Total equity
Note
Consolidated
2012
$'000
2011
$'000
]
G
EL
EE
EJ
EF
EH
EK
ED
EI
E]
EG
JL
JE
JJ
JF
JH
JK
JD
JI
J]
JG
GLH
K?KHH
FHJ
"
D?IGL
"
E?KIK
EG?KKF
GHJ
E]D
JJ?JKD
E?EHD
H?GEF
FFE
K?KLL
EE?]GL
E]I
E?]]H
EG?IKL
IKE
EIG
JJ?IKE
JG?LHD
FH?DHE
K?KGJ
EL?F]E
H]
GJ
HFI
ED?KKL
F?IJL
IKG
E?EHH
ED
HDJ
D?ELE
H?KIK
IJG
"
EED
FD]
K?I]]
EL?JLD
H?HEE
GHK
"
KLI
ED?LDG
JJ?DKE
JE?]KI
D?FGK
EJ?I]H
EKF?HHF
ZD?EJH\
ZEHL?GJH\
EHG?EEF
ZD?GGI\
ZEJG?FFJ\
D?FGK
EJ?I]H
The above statement of financial position should be read in conjunction with the accompanying notes
'
TZ Limited
Statement of changes in equity
For the year ended 30 June 2012
Consolidated
Y$&$(9/ $, E ^7&> JLEL
2*55 $),/; %(9*#/ ,$B
/B6/(5/ )*; ,=/ >/$;
T,=/; 9*#6;/=/(5%@/ %(9*#/
)*; ,=/ >/$;? (/, *) ,$B
0*,$& 9*#6;/=/(5%@/ %(9*#/
)*; ,=/ >/$;
Transactions with owners in
their capacity as owners:
M=$;/"8$5/3 6$>#/(,5
P*(,;%87,%*(5 *) /X7%,>
P*(@/;5%*( *) 9*(@/;,%8&/
(*,/5
P*(@/;5%*( *) &%$8%&%,%/5 ,*
/X7%,>
2/55' ,;$(5$9,%*( 9*5,5 *(
5=$;/5 %557/3
0;$(5)/; ,* 9*(,;%87,/3 /X7%,>
76*( %557/ *) 5=$;/5
Contributed
equity
$'000
Other
contributed
equity
$'000
$'000
Reserves
$'000
Accumulated
losses
$'000
Total
equity
$'000
EJK?GLI
H?ID]
ZJ?GKH\
ZEJJ?]KE\
H?]IL
"
"
"
"
"
EJ?]LD
K?LG]
E?EFG
ZDLK\
"
"
"
"
"
"
"
"
H?ID]
ZH?ID]\
"
Z]?I]H\
Z]?I]H\
ZH?LHF\
"
ZH?LHF\
ZH?LHF\
Z]?I]H\
ZEJ?]JI\
"
"
"
"
"
"
J?FLF
"
J?FLF
EJ?]LD
"
"
"
"
K?LG]
E?EFG
ZDLK\
"
Y$&$(9/ $, FL ^7(/ JLEE
"
EHG?EEF
"
ZD?GGI\
ZEJG?FFJ\
EJ?I]H
Contributed
equity
$'000
Contributed
equity
$'000
Other
contributed
equity
$'000
Reserves
$'000
Accumulated
losses
$'000
Total
equity
$'000
Consolidated
Y$&$(9/ $, E ^7&> JLEE
2*55 $),/; %(9*#/ ,$B
/B6/(5/ )*; ,=/ >/$;
T,=/; 9*#6;/=/(5%@/ %(9*#/
)*; ,=/ >/$;? (/, *) ,$B
0*,$& 9*#6;/=/(5%@/ %(9*#/
)*; ,=/ >/$;
Transactions with owners in
their capacity as owners:
M=$;/"8$5/3 6$>#/(,5
P*(,;%87,%*(5 *) /X7%,>
2/55' ,;$(5$9,%*( 9*5,5 *(
5=$;/5 %557/3
"
"
EHG?EEF
"
"
"
H?KKJ
ZJJJ\
Y$&$(9/ $, FL ^7(/ JLEJ
"
EKF?HHF
"
"
"
"
"
"
"
"
ZD?GGI\
ZEJG?FFJ\
EJ?I]H
"
ZEJ?FDE\
ZEJ?FDE\
]IF
"
]IF
]IF
ZEJ?FDE\
ZEE?H]]\
"
"
"
IDG
"
"
IDG
H?KKJ
ZJJJ\
ZD?EJH\
ZEHL?GJH\
D?FGK
The above statement of changes in equity should be read in conjunction with the accompanying notes
(
TZ Limited
Statement of cash flows
For the year ended 30 June 2012
Cash flows from operating activities
e/9/%6,5 );*# 975,*#/;5 Z%(9&75%@/ *) `M0\
Q$>#/(,5 ,* 5766&%/;5 $(3 /#6&*>//5 Z%(9&75%@/ *) `M0\
S(,/;/5, ;/9/%@/3
T,=/; ;/@/(7/
S(,/;/5, $(3 *,=/; )%($(9/ 9*5,5 6$%3
S(9*#/ ,$B/5 6$%3
Note
Consolidated
2012
$'000
2011
$'000
JE?JG]
ZFL?]HF\
JE?EFL
ZJG?FJG\
ZG?KHK\
EJK
F]]
ZIJI\
ZEG\
Z]?EGG\
JDH
KEH
ZDE\
ZIE\
N/, 9$5= 75/3 %( *6/;$,%(< $9,%@%,%/5
HF
ZG?II]\
ZI?KKF\
Cash flows from investing activities
Q$>#/(,5 )*; (/: k*%(, @/(,7;/ 9$6%,$& %(@/5,/3
Q$>#/(,5 )*; 6;*6/;,>? 6&$(, $(3 /X7%6#/(,
Q$>#/(,5 )*; %(,$(<%8&/5
S(@/5,#/(, %( 5=*;, ,/;# 3/6*5%,5
Q;*9//35 );*# 5=*;, ,/;# 3/6*5%,5
Q;*9//35 );*# 5$&/ *) 6;*6/;,>? 6&$(, $(3 /X7%6#/(,
N/, 9$5= );*#oZ75/3 %(\ %(@/5,%(< $9,%@%,%/5
Cash flows from financing activities
Q;*9//35 );*# %557/ *) 5=$;/5
0;$(5$9,%*( 9*5,5 *( 5=$;/5 %557/3
Q;*9//35 );*# 8*;;*:%(<5
e/6$>#/(, *) 8*;;*:%(<5
N/, 9$5= );*# )%($(9%(< $9,%@%,%/5
N/, %(9;/$5/oZ3/9;/$5/\ %( 9$5= $(3 9$5= /X7%@$&/(,5
P$5= $(3 9$5= /X7%@$&/(,5 $, ,=/ 8/<%((%(< *) ,=/ )%($(9%$& >/$;
!))/9,5 *) /B9=$( ;$,/ 9=$(5 *( 9$5=
JI
ZJLL\
ZFLE\
ZDG\
"
K?KLL
"
ZJLL\
ZGHD\
ZKII\
ZK?KLL\
"
]
H?GFL
ZI?JEK\
H?KKJ
ZJJJ\
]FK
ZDFF\
EJ?]LD
ZDLK\
K?FLE
ZE?HLL\
H?KFJ
ED?ELJ
ZFED\
E?EHD
IH
E?FFH
JFJ
ZHJL\
P$5= $(3 9$5= /X7%@$&/(,5 $, ,=/ /(3 *) ,=/ )%($(9%$& >/$;
]
GLH
E?EHD
The above statement of cash flows should be read in conjunction with the accompanying notes
!)
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies
0=/ 6;%(9%6$& $99*7(,%(< 6*&%9%/5 $3*6,/3 %( ,=/ 6;/6$;$,%*( *) ,=/ )%($(9%$& 5,$,/#/(,5 $;/ 5/, *7, 8/&*:. 0=/5/
6*&%9%/5 =$@/ 8//( 9*(5%5,/(,&> $66&%/3 ,* $&& ,=/ >/$;5 6;/5/(,/3? 7(&/55 *,=/;:%5/ 5,$,/3.
New, revised or amending Accounting Standards and Interpretations adopted
0=/ 9*(5*&%3$,/3 /(,%,> =$5 $3*6,/3 $&& *) ,=/ (/:? ;/@%5/3 *; $#/(3%(< W99*7(,%(< M,$(3$;35 $(3 S(,/;6;/,$,%*(5
%557/3 8> ,=/ W75,;$&%$( W99*7(,%(< M,$(3$;35 Y*$;3 Z4WWMY4\ ,=$, $;/ #$(3$,*;> )*; ,=/ 97;;/(, ;/6*;,%(< 6/;%*3.
W(> (/:? ;/@%5/3 *; $#/(3%(< W99*7(,%(< M,$(3$;35 *; S(,/;6;/,$,%*(5 ,=$, $;/ (*, >/, #$(3$,*;> =$@/ (*, 8//(
/$;&> $3*6,/3.
W(> 5%<(%)%9$(, %#6$9, *( ,=/ $99*7(,%(< 6*&%9%/5 *) ,=/ 9*(5*&%3$,/3 /(,%,> );*# ,=/ $3*6,%*( *) ,=/5/ W99*7(,%(<
M,$(3$;35 $(3 S(,/;6;/,$,%*(5 $;/ 3%59&*5/3 %( ,=/ ;/&/@$(, $99*7(,%(< 6*&%9>. 0=/ $3*6,%*( *) ,=/5/ W99*7(,%(<
M,$(3$;35 $(3 S(,/;6;/,$,%*(5 3%3 (*, =$@/ $(> 5%<(%)%9$(, %#6$9, *( ,=/ )%($(9%$& 6/;)*;#$(9/ *; 6*5%,%*( *) ,=/
9*(5*&%3$,/3 /(,%,>.
0=/ )*&&*:%(< W99*7(,%(< M,$(3$;35 $(3 S(,/;6;/,$,%*(5 $;/ #*5, ;/&/@$(, ,* ,=/ 9*(5*&%3$,/3 /(,%,>'
AASB 2009-12 Amendments to Australian Accounting Standards
0=/ 9*(5*&%3$,/3 /(,%,> =$5 $66&%/3 WWMY JLLG"EJ );*# E ^7&> JLEE. 0=/5/ $#/(3#/(,5 #$U/ (7#/;*75 /3%,*;%$&
$#/(3#/(,5 ,* $ ;$( *) W75,;$&%$( W99*7(,%(< M,$(3$;35 $(3 S(,/;6;/,$,%*(5? :=%9= =$3 (* #$k*; %#6$9, *( ,=/
;/X7%;/#/(,5 *) ,=/ $#/(3/3 6;*(*7(9/#/(,5. 0=/ #$%( $#/(3#/(, :$5 ,* WWMY ] 4T6/;$,%(< M/<#/(,54 $(3
;/X7%;/3 $( /(,%,> ,* /B/;9%5/ k73#/(, %( $55/55%(< :=/,=/; $ <*@/;(#/(, $(3 /(,%,%/5 U(*:( ,* 8/ 7(3/; ,=/
9*(,;*& *)
,=$, <*@/;(#/(, $;/ 9*(5%3/;/3 $ 5%(<&/ 975,*#/; )*; ,=/ 67;6*5/5 *) 9/;,$%( *6/;$,%(< 5/<#/(,
3%59&*57;/5.
AASB 2010-4 Amendments to Australian Accounting Standards arising from the Annual Improvements Project
0=/ 9*(5*&%3$,/3 /(,%,> =$5 $66&%/3 WWMY JLEL"H $#/(3#/(,5 );*# E ^7&> JLEE. 0=/ $#/(3#/(,5 #$3/ (7#/;*75
(*("7;(, 87, (/9/55$;> $#/(3#/(,5 ,* $ ;$( *) W75,;$&%$( W99*7(,%(< M,$(3$;35 $(3 S(,/;6;/,$,%*(5. 0=/
$#/(3#/(,5 6;*@%3/3 9&$;%)%9$,%*( *) 3%59&*57;/5 %( WWMY I 4A%($(9%$&
%( 6$;,%97&$;
/#6=$5%5 *) ,=/ %(,/;$9,%*( 8/,://( X7$(,%,$,%@/ $(3 X7$&%,$,%@/ 3%59&*57;/5 $(3 ,=/ ($,7;/ $(3 /B,/(, *) ;%5U5
$55*9%$,/3 :%,= )%($(9%$& %(5,;7#/(,5i 9&$;%)%/3 ,=$, $( /(,%,> 9$( 6;/5/(, $( $($&>5%5 *) *,=/; 9*#6;/=/(5%@/ %(9*#/
)*; /$9= 9*#6*(/(, *) /X7%,>? /%,=/; %( ,=/ 5,$,/#/(, *) 9=$(5 %( /X7%,> *; %( ,=/ (*,/5 %( $99*;3$(9/ :%,= WWMY
ELE 4Q;/5/(,$,%*( *) A%($(9%$& S(5,;7#/(,54i $(3 6;*@%3/3 <7%3$(9/ *( ,=/ 3%59&*57;/ *) 5%<(%)%9$(, /@/(,5 $(3
,;$(5$9,%*(5 %( WWMY EFH 4S(,/;%# A%($(9%$& e/6*;,%(<4.
S(5,;7#/(,5' R%59&*57;/54?
AASB 2010-5 Amendments to Australian Accounting Standards
0=/ 9*(5*&%3$,/3 /(,%,> =$5 $66&%/3 WWMY JLEL"K $#/(3#/(,5 );*# E ^7&> JLEE. 0=/ $#/(3#/(,5 #$3/ (7#/;*75
/3%,*;%$& $#/(3#/(,5 ,* $ ;$( *) W75,;$&%$( W99*7(,%(< M,$(3$;35 $(3 S(,/;6;/,$,%*(5? %(9&73%(< $#/(3#/(,5 ,*
;/)&/9, 9=$(5 #$3/ ,* ,=/ ,/B, *) S(,/;($,%*($& A%($(9%$& e/6*;,%(< M,$(3$;35 8> ,=/ S(,/;($,%*($& W99*7(,%(<
M,$(3$;35 Y*$;3.
AASB 124 Related Party Disclosures (December 2009)
0=/ 9*(5*&%3$,/3 /(,%,> =$5 $66&%/3 WWMY EJH Z;/@%5/3\ );*# E ^7&> JLEE. 0=/ ;/@%5/3 5,$(3$;3 5%#6&%)%/3 ,=/
3/)%(%,%*( *) $ ;/&$,/3 6$;,> 8> 9&$;%)>%(< %,5 %(,/(3/3 #/$(%(< $(3 /&%#%($,%(< %(9*(5%5,/(9%/5 );*# ,=/ 3/)%(%,%*(. W
5785%3%$;> $(3 $( $55*9%$,/ :%,= ,=/ 5$#/ %(@/5,*; $;/ ;/&$,/3 6$;,%/5 *) /$9= *,=/;i /(,%,%/5 5%<(%)%9$(,&> %()&7/(9/3
8> *(/ 6/;5*( $(3 /(,%,%/5 5%<(%)%9$(,&> %()&7/(9/3 8> $ 9&*5/ #/#8/; *) ,=/ )$#%&> *) ,=$, 6/;5*( $;/ (* &*(;
;/&$,/3 6$;,%/5 *) /$9= *,=/;i $(3 :=/(/@/; $ 6/;5*( *; /(,%,> =$5 8*,= k*%(, 9*(,;*& *@/; $ 5/9*(3 /(,%,> $(3 k*%(,
9*(,;*& *; 5%<(%)%9$(, %()&7/(9/ *@/; $ ,=%;3 6$;,>? ,=/ 5/9*(3 $(3 ,=%;3 /(,%,%/5 $;/ ;/&$,/3 ,* /$9= *,=/;.
AASB 2010-6 Amendments to Australian Accounting Standards - Disclosures on Transfers of Financial Assets
0=/ 9*(5*&%3$,/3 /(,%,> =$5 $66&%/3 WWMY JLEL"D $#/(3#/(,5 );*# E ^7&> JLEE. 0=/5/ $#/(3#/(,5 $33 $(3
$#/(3/3 3%59&*57;/ ;/X7%;/#/(,5 %( WWMY I $8*7, ,;$(5)/; *) )%($(9%$& $55/,5? %(9&73%(< ,=/ ($,7;/ *) ,=/ )%($(9%$&
$55/,5 %(@*&@/3 $(3 ,=/ ;%5U5 $55*9%$,/3 :%,= ,=/#. W33%,%*($& 3%59&*57;/5 $;/ (*: ;/X7%;/3 :=/( Z%\ $( $55/, %5
,=/ 9*(5*&%3$,/3 /(,%,> =$5 $
,;$(5)/;;/3 87,
9*(,%(7%(< /B6*57;/ ,* ,=/ $55/, $),/; ,=/ 5$&/.
%5 (*, 3/;/9*<(%5/3i $(3 Z%%\ :=/( $55/,5 $;/ 3/;/9*<(%5/3 87,
!
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies (continued)
AASB 1054 Australian Additional Disclosures
0=/ 9*(5*&%3$,/3 /(,%,> =$5 $66&%/3 WWMY ELKH );*# E ^7&> JLEE. 0=/ 5,$(3$;3 5/,5 *7, ,=/ W75,;$&%$("56/9%)%9
3%59&*57;/5 $5 $ ;/57&, *) Q=$5/ S *) ,=/ 0;$(5"0$5#$( P*(@/;(9/ Q;*k/9,? :=%9= $;/ %( $33%,%*( ,* S(,/;($,%*($&
A%($(9%$& e/6*;,%(< M,$(3$;35? )*; /(,%,%/5 ,=$, =$@/ $3*6,/3 W75,;$&%$( W99*7(,%(< M,$(3$;35.
AASB 2011-1 Amendments to Australian Accounting Standards arising from the Trans-Tasman Convergence Project
0=/ 9*(5*&%3$,/3 /(,%,> =$5 $66&%/3 WWMY JLEE"E $#/(3#/(,5 );*# E ^7&> JLEE. 0=/5/ $#/(3#/(,5 #$3/ 9=$(5
,* $ ;$( *) W75,;$&%$( W99*7(,%(< M,$(3$;35 $(3 S(,/;6;/,$,%*(5 )*; ,=/ 67;6*5/ *) 9&*5/; $&%<(#/(, ,* S(,/;($,%*($&
A%($(9%$& e/6*;,%(< M,$(3$;35 ZdSAeM5d\ $(3 =$;#*(%5$,%*( 8/,://( W75,;$&%$( $(3 N/: 1/$&$(3 M,$(3$;35. 0=/
$#/(3#/(,5 ;/#*@/3 9/;,$%( <7%3$(9/ $(3 3/)%(%,%*(5 );*# W75,;$&%$( W99*7(,%(< M,$(3$;35 )*; 9*()*;#%,> *)
3;$),%(< :%,= SAeM5 87, :%,=*7, $(> %(,/(,%*( ,* 9=$( ;/X7%;/#/(,5.
Going concern
0=/ )%($(9%$& 5,$,/#/(,5 =$@/ 8//( 6;/6$;/3 *( $ <*%(< 9*(9/;( 8$5%5.
S( #$U%(< ,=%5 $55/55#/(,? #$($#/(, 9*(379,/3 $ 9*#6;/=/(5%@/ ;/@%/: *) ,=/ 9*#6$(>d5 $))$%;5 %(9&73%( 87,
(*, &%#%,/3 ,*'
q 0=/ 9*(5*&%3$,/3 /(,%,>d5 )%($(9%$& 6*5%,%*( )*; ,=/ )%($(9%$& >/$; /(3/3 FL ^7(/ JLEJi
q M%<(%)%9$(, /@/(,5 $(3 ,;$(5$9,%*(5 ,=/ 9*(5*&%3$,/3 /(,%,> =$5 /(,/;/3 %(,* 5%(9/ FL ^7(/ JLEJi
q 0=/ 9$5= )&*: )*;/9$5, )*; ,=/ 9*(5*&%3$,/3 /(,%,> )*; ,=/ 6/;%*3 76 ,* FL M/6,/#8/; JLEFi
q M$&/5 $(3 6;*)%,$8%&%,> )*;/9$5,5 )*; ,=/ 9*(5*&%3$,/3 /(,%,> )*; (*, *(&> ,=/ (/B, )%($(9%$& >/$;? 87, 8/>*(3 FL ^7(/
JLEFi $(3
q 0=/ 9*(,%(7/3 5766*;, *) ,=/ 9*(5*&%3$,/3 /(,%,>d5 5=$;/=*&3/;5 $(3 &/(3/;5.
b$($#/(, $&5* 9*(5%3/;/3 ,=/ %#6$9, *) #$,7;%,> *( E] A/8;7$;> JLEF *) P*(@/;,%8&/ (*,/5 :%,= $ )$9/ @$&7/ *)
hEJ?LLL?LLL.
0=/ 9*(5*&%3$,/3 /(,%,> =$5 (/<*,%$,/3 $ ,:/&@/ #*(,= /B,/(5%*( *) ,=%5 #$,7;%,> 3$,/ :%,= ,=/ &/(3/; ja0 A7(35?
:=%9= %5 578k/9, ,* 5=$;/=*&3/; $66;*@$& $, ,=/ JLEJ W((7$& `/(/;$& b//,%(<. V(&/55 ,=*5/ (*,/5 $;/ 9*(@/;,/3 ,*
5=$;/5 8> ,=/ =*&3/; 6;%*; ,* #$,7;%,>? ,=/ 6;%(9%6$& $(3 %(,/;/5, *7,5,$(3%(< *( #$,7;%,>? :%&& 8/ 6$>$8&/ %( 9$5= 8> ,=/
9*(5*&%3$,/3 /(,%,>. b$($#/(, $;/ 9*()%3/(, *) <$%(%(< 5=$;/=*&3/; 5766*;, %( ;/&$,%*( ,* ,=%5 #$,,/;.
W )7(3$#/(,$& 9*#6*(/(, *) ,=/ $8%&%,> ,* 9*(,%(7/ $5 $ <*%(< 9*(9/;( %5 ,=/ 9*#6$(>d5 $8%&%,> ,* (/;$,/ ;/@/(7/
$(3 ,* ;$%5/ 9$6%,$& $5 ;/X7%;/3. T( EH M/6,/#8/; JLEJ? ,=/ 9*(5*&%3$,/3 /(,%,> $((*7(9/3 $ ,/(3/; 9*(,;$9, :%,=
M%(<$6*;/ Q*5,. 0=/ 9*(5*&%3$,/3 /(,%,> $&5* $((*7(9/3 $ 6;*";$,$ ;/(*7(9/$8&/ /(,%,&/#/(, *))/;
,* ;$%5/
$66;*B%#$,/&> hH?DLL?LLL 8/)*;/ 9$6%,$& ;$%5%(< /B6/(5/5. 0=/ 6;*9//35 ;$%5/3 :%&& $55%5,
%( )7(3%(< 9$6%,$&
;/X7%;/#/(,5 ,* #//, ,=/ 9*(,;$9, :%,= M%(<$6*;/ Q*5,.
W, FL ^7(/ JLEJ ,=/ 9*(5*&%3$,/3 /(,%,>d5 97;;/(, &%$8%&%,%/5 /B9//3/3 97;;/(, $55/,5 8> hG?IDL?LLL. A*; ,=/ >/$;
/(3/3 FL ^7(/ JLEJ ,=/ 9*(5*&%3$,/3 /(,%,> %(97;;/3 &*55/5 $),/; %(9*#/ ,$B *) hEJ?FDE?LLL $(3 (/, 9$5= *7,)&*:5
);*# *6/;$,%(< $9,%@%,%/5 *) hG?II]?LLL.
S( #$U%(< %,5 $55/55#/(,? #$($#/(, $9U(*:&/35 ,=$, ,=/ $8%&%,> *) ,=/ 9*(5*&%3$,/3 /(,%,> ,* 9*(,%(7/ $5 $ <*%(<
9*(9/;( %5 3/6/(3/(, *( ,=/ (/;$,%*( *) 57))%9%/(, 6;*)%,5 $(3 6*5%,%@/ 9$5= )&*:5? ,=/ 9*(,%(7/3 5766*;, *)
5=$;/=*&3/;5 $(3 &/(3/;5? ,=/ 9*(@/;5%*( *) ,=/ (*,/5 ,* 5=$;/5 $(3 ,=/ ;$%5%(< *) $33%,%*($& 5=$;/ 9$6%,$& $5 $(3
:=/( ;/X7%;/3 %( ,=/ )7,7;/.
Basis of preparation
0=/5/ (/;$& 67;6*5/ )%($(9%$& 5,$,/#/(,5 =$@/ 8//( 6;/6$;/3 %( $99*;3$(9/ :%,= W75,;$&%$( W99*7(,%(< M,$(3$;35
$(3 S(,/;6;/,$,%*(5 %557/3 8> ,=/ W75,;$&%$( W99*7(,%(< M,$(3$;35 Y*$;3 Z4WWMY4\ $(3 ,=/ P*;6*;$,%*(5 W9, JLLE? $5
$66;*6;%$,/ )*;"6;*)%, *;%/(,/3 /(,%,%/5. 0=/5/ )%($(9%$& 5,$,/#/(,5 $&5* 9*#6&> :%,= S(,/;($,%*($& A%($(9%$& e/6*;,%(<
M,$(3$;35 $5 %557/3 8> ,=/ S(,/;($,%*($& W99*7(,%(< M,$(3$;35 Y*$;3 Z4SWMY4\.
Historical cost convention
0=/ )%($(9%$& 5,$,/#/(,5 =$@/ 8//( 6;/6$;/3 7(3/; ,=/ =%5,*;%9$& 9*5, 9*(@/(,%*(? /B9/6, )*; 3/;%@$,%@/ )%($(9%$&
%(5,;7#/(,5 $, )$%; @$&7/.
!!
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies (continued)
Critical accounting estimates
0=/ 6;/6$;$,%*( *) ,=/ )%($(9%$& 5,$,/#/(,5 ;/X7%;/5 ,=/ 75/ *) 9/;,$%( 9;%,%9$& $99*7(,%(< /5,%#$,/5. S, $&5* ;/X7%;/5
#$($#/(, ,* /B/;9%5/ %,5 k73#/(, %( ,=/ 6;*9/55 *) $66&>%(< ,=/ 9*(5*&%3$,/3 /(,%,>45 $99*7(,%(< 6*&%9%/5. 0=/
$;/$5 %(@*&@%(< $ =%<=/; 3/<;// *)
k73#/(, *; 9*#6&/B%,>? *; $;/$5 :=/;/ $557#6,%*(5 $(3 /5,%#$,/5 $;/
5%<(%)%9$(, ,* ,=/ )%($(9%$& 5,$,/#/(,5? $;/ 3%59&*5/3 %( (*,/ J.
Parent entity information
S( $99*;3$(9/ :%,= ,=/ P*;6*;$,%*(5 W9, JLLE? ,=/5/ )%($(9%$& 5,$,/#/(,5 6;/5/(, ,=/ ;/57&,5 *) ,=/ 9*(5*&%3$,/3
/(,%,> *(&>. M766&/#/(,$;> %()*;#$,%*( $8*7, ,=/ 6$;/(, /(,%,> %5 3%59&*5/3 %( (*,/ FG.
Principles of consolidation
0=/ 9*(5*&%3$,/3 )%($(9%$& 5,$,/#/(,5 %(9*;6*;$,/ ,=/ $55/,5 $(3 &%$8%&%,%/5 *) $&& 5785%3%$;%/5 *) 01 2%#%,/3 Z49*#6$(>4
*; 46$;/(, /(,%,>4\ $5 $, FL ^7(/ JLEJ $(3 ,=/ ;/57&,5 *) $&& 5785%3%$;%/5 $(3 56/9%$& 67;6*5/ /(,%,%/5 )*; ,=/ >/$; ,=/(
/(3/3. 01 2%#%,/3? %,5 5785%3%$;%/5 $(3 56/9%$& 67;6*5/ /(,%,%/5 ,*,=/; $;/ ;/)/;;/3 ,* %( ,=/5/ )%($(9%$& 5,$,/#/(,5
$5 ,=/ 49*(5*&%3$,/3 /(,%,>4.
M785%3%$;%/5 $;/ $&& ,=*5/ /(,%,%/5 *@/; :=%9= ,=/ 9*(5*&%3$,/3 /(,%,> =$5 ,=/ 6*:/; ,* <*@/;( ,=/ )%($(9%$& $(3
*6/;$,%(< 6*&%9%/5? (/;$&&> $99*#6$(>%(< $ 5=$;/=*&3%(< *) #*;/ ,=$( *(/"=$&) *) ,=/ @*,%(< ;%<=,5. 0=/ /))/9,5 *)
6*,/(,%$& /B/;9%5$8&/ @*,%(< ;%<=,5 $;/ 9*(5%3/;/3 :=/( $55/55%(< :=/,=/; 9*(,;*& /B%5,5. M785%3%$;%/5 $;/ )7&&>
9*(5*&%3$,/3 );*# ,=/ 3$,/ *( :=%9= 9*(,;*& %5 ,;$(5)/;;/3 ,* ,=/ 9*(5*&%3$,/3 /(,%,>. 0=/> $;/ 3/"9*(5*&%3$,/3 );*#
,=/ 3$,/ ,=$, 9*(,;*& 9/$5/5.
M6/9%$& 67;6*5/ /(,%,%/5 Z4MQ!54\ $;/ ,=*5/ /(,%,%/5 :=/;/ ,=/ 9*(5*&%3$,/3 /(,%,>? %( 5785,$(9/? 9*(,;*&5 ,=/ MQ! 5*
$5 ,* *8,$%( ,=/ #$k*;%,> *) 8/(/)%,5 :%,=*7, =$@%(< $(> *:(/;5=%6 %(,/;/5,.
S(,/;9*#6$(> ,;$(5$9,%*(5? 8$&$(9/5 $(3 7(;/$&%5/3 <$%(5 *( ,;$(5$9,%*(5 8/,://( /(,%,%/5 %( ,=/ 9*(5*&%3$,/3 /(,%,>
$;/ /&%#%($,/3. V(;/$&%5/3 &*55/5 $;/ $&5* /&%#%($,/3 7(&/55 ,=/ ,;$(5$9,%*( 6;*@%3/5 /@%3/(9/ *) ,=/ %#6$%;#/(, *)
,=/ $55/, ,;$(5)/;;/3. W99*7(,%(< 6*&%9%/5 *) 5785%3%$;%/5 $(3 56/9%$& 67;6*5/ /(,%,%/5 =$@/ 8//( 9=$(3 :=/;/
(/9/55$;> ,* /(57;/ 9*(5%5,/(9> :%,= ,=/ 6*&%9%/5 $3*6,/3 8> ,=/ 9*(5*&%3$,/3 /(,%,>.
0=/ $9X7%5%,%*( *) 5785%3%$;%/5 %5 $99*7(,/3 )*; 75%(< ,=/ $9X7%5%,%*( #/,=*3 *) $99*7(,%(<. e/)/; ,* ,=/ 4875%(/55
9*#8%($,%*(54 $99*7(,%(< 6*&%9> )*; )7;,=/; 3/,$%&5. W 9=$( %( *:(/;5=%6 %(,/;/5,? :%,=*7, ,=/ &*55 *) 9*(,;*&? %5
$99*7(,/3 )*; $5 $( /X7%,> ,;$(5$9,%*(? :=/;/ ,=/ 3%))/;/(9/ 8/,://( ,=/ 9*(5%3/;$,%*( ,;$(5)/;;/3 $(3 ,=/ 8**U
@$&7/ *) ,=/ 5=$;/ *) ,=/ (*("9*(,;*&&%(< %(,/;/5, $9X7%;/3 %5 ;/9*<(%5/3 3%;/9,&> %( /X7%,> $,,;%87,$8&/ ,* ,=/ 6$;/(,.
O=/;/ ,=/ 9*(5*&%3$,/3 /(,%,> &*5/5 9*(,;*& *@/; $ 5785%3%$;>? %, 3/;/9*<(%5/5 ,=/ $55/,5 %(9&73%(< <**3:%&&? &%$8%&%,%/5
$(3 (*("9*(,;*&&%(< %(,/;/5, %( ,=/ 5785%3%$;> ,*,=/; :%,= $(> 97#7&$,%@/ ,;$(5&$,%*( 3%))/;/(9/5 ;/9*<(%5/3 %( /X7%,>.
0=/ 9*(5*&%3$,/3 /(,%,> ;/9*<(%5/5 ,=/ )$%; @$&7/ *) ,=/ 9*(5%3/;$,%*( ;/9/%@/3 $(3 ,=/ )$%; @$&7/ *) $(> %(@/5,#/(,
;/,$%(/3 ,*,=/; :%,= $(> <$%( *; &*55 %( 6;*)%, *; &*55.
Operating segments
T6/;$,%(< 5/<#/(,5 $;/ 6;/5/(,/3 75%(< ,=/ 4#$($#/(, $66;*$9=4? :=/;/ ,=/ %()*;#$,%*( 6;/5/(,/3 %5 *( ,=/
5$#/ 8$5%5 $5 ,=/ %(,/;($& ;/6*;,5 6;*@%3/3 ,* ,=/ P=%/) T6/;$,%(< R/9%5%*( b$U/;5 Z4PTRb4\. 0=/ PTRb %5
;/56*(5%8&/ )*; ,=/ $&&*9$,%*( *) ;/5*7;9/5 ,* *6/;$,%(< 5/<#/(,5 $(3 $55/55%(< ,=/%; 6/;)*;#$(9/.
!"
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies (continued)
Foreign currency translation
0=/ )%($(9%$& ;/6*;, %5 6;/5/(,/3 %( W75,;$&%$( 3*&&$;5? :=%9= %5 01 2%#%,/345 )7(9,%*($& $(3 6;/5/(,$,%*( 97;;/(9>.
Foreign currency transactions
A*;/%<( 97;;/(9> ,;$(5$9,%*(5 $;/ ,;$(5&$,/3 %(,* W75,;$&%$( 3*&&$;5 75%(< ,=/ /B9=$( ;$,/5 6;/@$%&%(< $, ,=/ 3$,/5 *)
,=/ ,;$(5$9,%*(5. A*;/%<( /B9=$( <$%(5 $(3 &*55/5 ;/57&,%(< );*# ,=/ 5/,,&/#/(, *) 579= ,;$(5$9,%*(5 $(3 );*# ,=/
,;$(5&$,%*( $, )%($(9%$& >/$;"/(3 /B9=$( ;$,/5 *) #*(/,$;> $55/,5 $(3 &%$8%&%,%/5 3/(*#%($,/3 %( )*;/%<( 97;;/(9%/5
$;/ ;/9*<(%5/3 %( 6;*)%, *; &*55.
Foreign operations
0=/ $55/,5 $(3 &%$8%&%,%/5 *) )*;/%<( *6/;$,%*(5 $;/ ,;$(5&$,/3 %(,* W75,;$&%$( 3*&&$;5 75%(< ,=/ /B9=$( ;$,/5 $, ,=/
;/6*;,%(< 3$,/. 0=/ ;/@/(7/5 $(3 /B6/(5/5 *) )*;/%<( *6/;$,%*(5 $;/ ,;$(5&$,/3 %(,* W75,;$&%$( 3*&&$;5 75%(< ,=/
$@/;$ /B9=$( ;$,/5? :=%9= $66;*B%#$,/5 ,=/ ;$,/ $, ,=/ 3$,/ *) ,=/ ,;$(5$9,%*(? )*; ,=/ 6/;%*3. W&& ;/57&,%(<
)*;/%<( /B9=$( 3%))/;/(9/5 $;/ ;/9*<(%5/3 %( ,=/ )*;/%<( 97;;/(9> ;/5/;@/ %( /X7%,>.
0=/ )*;/%<( 97;;/(9> ;/5/;@/ %5 ;/9*<(%5/3 %( 6;*)%, *; &*55 :=/( ,=/ )*;/%<( *6/;$,%*( *; (/, %(@/5,#/(, %5 3%56*5/3
*).
Revenue recognition
e/@/(7/ %5 ;/9*<(%5/3 :=/( %, %5 6;*8$8&/ ,=$, ,=/ /9*(*#%9 8/(/)%, :%&& )&*: ,* ,=/ 9*(5*&%3$,/3 /(,%,> $(3 ,=/
;/@/(7/ 9$( 8/ ;/&%$8&> #/$57;/3. e/@/(7/ %5 #/$57;/3 $, ,=/ )$%; @$&7/ *) ,=/ 9*(5%3/;$,%*( ;/9/%@/3 *; ;/9/%@$8&/.
Sale of goods
M$&/ *) <**35 ;/@/(7/ %5 ;/9*<(%5/3 $, ,=/ 6*%(, *) 5$&/? :=%9= %5 :=/;/ ,=/ 975,*#/; =$5 ,$U/( 3/&%@/;> *) ,=/
<**35? ,=/ ;%5U5 $(3 ;/:$;35 $;/ ,;$(5)/;;/3 ,* ,=/ 975,*#/; $(3 ,=/;/ %5 $ @$&%3 5$&/5 9*(,;$9,. W#*7(,5 3%59&*5/3
$5 ;/@/(7/ $;/ (/, *) 5$&/5 ;/,7;(5 $(3 ,;$3/ 3%59*7(,5.
Rendering of services
e/@/(7/ );*# /(<%(//;%(< 3/5%<( 5/;@%9/5 %5 ;/9*<(%5/3 %( $99*;3$(9/ :%,= ,=/ 6/;9/(,$ *) 9*#6&/,%*( #/,=*3.
M,$ *) 9*#6&/,%*( %5 #/$57;/3 8> ;/)/;/(9/ ,* &$8*7; =*7;5 %(97;;/3 ,* 3$,/ $5 $ 6/;9/(,$ *) ,*,$& /5,%#$,/3
&$8*7; =*7;5 )*; /$9= 9*(,;$9,. O=/;/ ,=/ 9*(,;$9, *7,9*#/ 9$((*, 8/ ;/&%$8&> /5,%#$,/3? ;/@/(7/ %5 *(&> ;/9*<(%5/3
,* ,=/ /B,/(, *) ,=/ ;/9*@/;$8&/ 9*5,5 %(97;;/3 ,* 3$,/.
Interest
S(,/;/5, ;/@/(7/ %5 ;/9*<(%5/3 $5 %(,/;/5, $99;7/5 75%(< ,=/ /))/9,%@/ %(,/;/5, #/,=*3. 0=%5 %5 $ #/,=*3 *) 9$&97&$,%(<
,=/ $#*;,%5/3 9*5, *) $ )%($(9%$& $55/, $(3 $&&*9$,%(< ,=/ %(,/;/5, %(9*#/ *@/; ,=/ ;/&/@$(, 6/;%*3 75%(< ,=/ /))/9,%@/
%(,/;/5, ;$,/? :=%9= %5 ,=/ ;$,/ ,=$, /B$9,&> 3%59*7(,5 /5,%#$,/3 )7,7;/ 9$5= ;/9/%6,5 ,=;*7<= ,=/ /B6/9,/3 &%)/ *) ,=/
)%($(9%$& $55/, ,* ,=/ (/, 9$;;>%(< $#*7(, *) ,=/ )%($(9%$& $55/,.
Other revenue
T,=/; ;/@/(7/ %5 ;/9*<(%5/3 :=/( %, %5 ;/9/%@/3 *; :=/( ,=/ ;%<=, ,* ;/9/%@/ 6$>#/(, %5 /5,$8&%5=/3.
!#
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies (continued)
Income tax
0=/ %(9*#/ ,$B /B6/(5/ *; 8/(/)%, )*; ,=/ 6/;%*3 %5 ,=/ ,$B 6$>$8&/ *( ,=$, 6/;%*345 ,$B$8&/ %(9*#/ 8$5/3 *( ,=/
$66&%9$8&/ %(9*#/ ,$B ;$,/ )*; /$9= k7;%53%9,%*( $3k75,/3 8> 9=$(5 %( 3/)/;;/3 ,$B $55/,5 $(3 &%$8%&%,%/5 $,,;%87,$8&/
,* ,/#6*;$;> 3%))/;/(9/5 $(3 7(75/3 ,$B &*55/5 $(3 ,=/ $3k75,#/(, ;/9*<(%5/3 )*; 6;%*; 6/;%*35? :=/;/ $66&%9$8&/.
R/)/;;/3 ,$B $55/,5 $(3 &%$8%&%,%/5 $;/ ;/9*<(%5/3 )*; ,/#6*;$;> 3%))/;/(9/5 $, ,=/ ,$B ;$,/5 /B6/9,/3 ,* $66&> :=/(
,=/ $55/,5 $;/ ;/9*@/;/3 *; &%$8%&%,%/5 $;/ 5/,,&/3? 8$5/3 *( ,=*5/ ,$B ;$,/5 ,=$, $;/ /($9,/3 *; 5785,$(,%@/&> /($9,/3?
/B9/6, )*;'
(cid:1)
O=/( ,=/ 3/)/;;/3 %(9*#/ ,$B $55/, *; &%$8%&%,> $;%5/5 );*# ,=/ %(%,%$& ;/9*<(%,%*( *) <**3:%&& *; $( $55/, *;
&%$8%&%,> %( $ ,;$(5$9,%*( ,=$, %5 (*, $ 875%(/55 9*#8%($,%*( $(3 ,=$,? $, ,=/ ,%#/ *) ,=/ ,;$(5$9,%*(? $))/9,5
(/%,=/; ,=/ $99*7(,%(< (*; ,$B$8&/ 6;*)%,5i *;
O=/( ,=/ ,$B$8&/ ,/#6*;$;> 3%))/;/(9/ %5 $55*9%$,/3 :%,= %(@/5,#/(,5 %( 5785%3%$;%/5? $55*9%$,/5 *;
%(,/;/5,5 %( k*%(, @/(,7;/5? $(3 ,=/ ,%#%(< *) ,=/ ;/@/;5$& 9$( 8/ 9*(,;*&&/3 $(3 %, %5 6;*8$8&/ ,=$, ,=/
,/#6*;$;> 3%))/;/(9/ :%&& (*, ;/@/;5/ %( ,=/ )*;/5//$8&/ )7,7;/.
(cid:1)
R/)/;;/3 ,$B $55/,5 $;/ ;/9*<(%5/3 )*; 3/379,%8&/ ,/#6*;$;> 3%))/;/(9/5 $(3 7(75/3 ,$B &*55/5 *(&> %) %, %5 6;*8$8&/
,=$, )7,7;/ ,$B$8&/ $#*7(,5 :%&& 8/ $@$%&$8&/ ,* 7,%&%5/ ,=*5/ ,/#6*;$;> 3%))/;/(9/5 $(3 &*55/5.
0=/ 9$;;>%(< $#*7(, *) ;/9*<(%5/3 $(3 7(;/9*<(%5/3 3/)/;;/3 ,$B $55/,5 $;/ ;/@%/:/3 /$9= ;/6*;,%(< 3$,/. R/)/;;/3
,$B $55/,5 ;/9*<(%5/3 $;/ ;/379/3 ,* ,=/ /B,/(, ,=$, %, %5 (* &*(; 6;*8$8&/ ,=$, )7,7;/ ,$B$8&/ 6;*)%,5 :%&& 8/ $@$%&$8&/
)*; ,=/ 9$;;>%(< $#*7(, ,* 8/ ;/9*@/;/3. Q;/@%*75&> 7(;/9*<(%5/3 3/)/;;/3 ,$B $55/,5 $;/ ;/9*<(%5/3 ,* ,=/ /B,/(,
,=$, %, %5 6;*8$8&/ ,=$, ,=/;/ $;/ )7,7;/ ,$B$8&/ 6;*)%,5 $@$%&$8&/ ,* ;/9*@/; ,=/ $55/,.
R/)/;;/3 ,$B $55/,5 $(3 &%$8%&%,%/5 $;/ *))5/, *(&> :=/;/ ,=/;/ %5 $ &/<$&&> /()*;9/$8&/ ;%<=, ,* *))5/, 97;;/(, ,$B $55/,5
$<$%(5, 97;;/(, ,$B &%$8%&%,%/5 $(3 3/)/;;/3 ,$B $55/,5 $<$%(5, 3/)/;;/3 ,$B &%$8%&%,%/5i $(3 ,=/> ;/&$,/ ,* ,=/ 5$#/
,$B$8&/ $7,=*;%,> *( /%,=/; ,=/ 5$#/ ,$B$8&/ /(,%,> *; 3%))/;/(, ,$B$8&/ /(,%,>45 :=%9= %(,/(3 ,* 5/,,&/ 5%#7&,$(/*75&>.
Cash and cash equivalents
P$5= $(3 9$5= /X7%@$&/(,5 %(9&73/5 9$5= *( =$(3? 3/6*5%,5 =/&3 $, 9$&& :%,= )%($(9%$& %(5,%,7,%*(5? *,=/; 5=*;,",/;#?
=%<=&> &%X7%3 %(@/5,#/(,5 :%,= *;%<%($& #$,7;%,%/5 *) ,=;// #*(,=5 *; &/55 ,=$, $;/ ;/$3%&> 9*(@/;,%8&/ ,* U(*:( $#*7(,5
*) 9$5= $(3 :=%9= $;/ 578k/9, ,* $( %(5%<(%)%9$(, ;%5U *) 9=$(5 %( @$&7/.
Trade and other receivables
0;$3/ ;/9/%@$8&/5 $;/ %(%,%$&&> ;/9*<(%5/3 $, )$%; @$&7/ $(3 5785/X7/(,&> #/$57;/3 $, $#*;,%5/3 9*5, 75%(< ,=/
/))/9,%@/ %(,/;/5, #/,=*3? &/55 $(> 6;*@%5%*( )*; %#6$%;#/(,. 0;$3/ ;/9/%@$8&/5 $;/ (/;$&&> 37/ )*; 5/,,&/#/(, :%,=%(
FL 3$>5.
P*&&/9,$8%&%,> *) ,;$3/ ;/9/%@$8&/5 %5 ;/@%/:/3 *( $( *(<*%(< 8$5%5. R/8,5 :=%9= $;/ U(*:( ,* 8/ 7(9*&&/9,$8&/ $;/
:;%,,/( *)) 8> ;/379%(< ,=/ 9$;;>%(< $#*7(, 3%;/9,&>. W 6;*@%5%*( )*; %#6$%;#/(, *) ,;$3/ ;/9/%@$8&/5 %5 ;$%5/3 :=/(
,=/;/ %5 *8k/9,%@/ /@%3/(9/ ,=$, ,=/ 9*(5*&%3$,/3 /(,%,> :%&& (*, 8/ $8&/ ,* 9*&&/9, $&& $#*7(,5 37/ $99*;3%(< ,* ,=/
*;%<%($& ,/;#5 *) ,=/ ;/9/%@$8&/5. M%<(%)%9$(, )%($(9%$& 3%))%97&,%/5 *) ,=/ 3/8,*;? 6;*8$8%&%,> ,=$, ,=/ 3/8,*; :%&& /(,/;
8$(U;76,9> *; )%($(9%$& ;/*;<$(%5$,%*( $(3 3/)$7&, *; 3/&%(X7/(9> %( 6$>#/(,5 Z#*;/ ,=$( DL 3$>5 *@/;37/\ $;/
9*(5%3/;/3 %(3%9$,*;5 ,=$, ,=/ ,;$3/ ;/9/%@$8&/ #$> 8/ %#6$%;/3. 0=/ $#*7(, *) ,=/ %#6$%;#/(, $&&*:$(9/ %5 ,=/
3%))/;/(9/ 8/,://( ,=/ $55/,d5 9$;;>%(< $#*7(, $(3 ,=/ 6;/5/(, @$&7/ *) /5,%#$,/3 )7,7;/ 9$5= )&*:5? 3%59*7(,/3 $,
,=/ *;%<%($& /))/9,%@/ %(,/;/5, ;$,/. P$5= )&*:5 ;/&$,%(< ,* 5=*;,",/;# ;/9/%@$8&/5 $;/ (*, 3%59*7(,/3 %) ,=/ /))/9, *)
3%59*7(,%(< %5 %##$,/;%$&.
T,=/; ;/9/%@$8&/5 $;/ ;/9*<(%5/3 $, $#*;,%5/3 9*5,? &/55 $(> 6;*@%5%*( )*; %#6$%;#/(,.
!$
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies (continued)
Inventories
S(@/(,*;%/5 $;/ 5,$,/3 $, ,=/ &*:/; *) 9*5, $(3 (/, ;/$&%5$8&/ @$&7/. P*5, 9*#6;%5/5 $&& 3%;/9, #$,/;%$&5? 3%;/9, &$8*7;
$(3 $( $66;*6;%$,/ 6*;,%*( *) @$;%$8&/ $(3 )%B/3 *@/;=/$35. A%B/3 *@/;=/$35 $;/ $&&*9$,/3 *( ,=/ 8$5%5 *) (*;#$&
*6/;$,%(< 9$6$9%,>. P*5,5 $;/ $55%<(/3 ,* %(@/(,*;%/5 75%(< ,=/ :/%<=,/3 $@/;$ 8$5%5. N/, ;/$&%5$8&/ @$&7/ %5 ,=/
/5,%#$,/3 5/&&%(< 6;%9/ %( ,=/ *;3%($;> 9*7;5/ *) 875%(/55? &/55 ,=/ /5,%#$,/3 5/&&%(< 9*5, *) 9*#6&/,%*( $(3 5/&&%(<
/B6/(5/5.
Work in progress
O*;U %( 6;*<;/55 %5 ;/9*<(%5/3 %( $99*;3$(9/ :%,= ;/@/(7/ ;/9*<(%,%*( 6*&%9%/5 $(3 %5 8$5/3 *( ,=/ 6/;9/(,$ *)
9*#6&/,%*( #/,=*3.
Derivative financial instruments
R/;%@$,%@/5 $;/ %(%,%$&&> ;/9*<(%5/3 $, )$%; @$&7/ *( ,=/ 3$,/ $ 3/;%@$,%@/ 9*(,;$9, %5 /(,/;/3 %(,* $(3 $;/ 5785/X7/(,&>
;/#/$57;/3 ,* ,=/%; )$%; @$&7/ $, /$9= ;/6*;,%(< 3$,/. 0=/ $99*7(,%(< )*; 5785/X7/(, 9=$(5 %( )$%; @$&7/ 3/6/(35
*( :=/,=/; ,=/ 3/;%@$,%@/ %5 3/5%<($,/3 $5 $ =/3<%(< %(5,;7#/(,? $(3 %) 5*? ,=/ ($,7;/ *) ,=/ %,/# 8/%(< =/33.
R/;%@$,%@/5 $;/ 9&$55%)%/3 $5 97;;/(, *; (*("97;;/(, 3/6/(3%(< *( ,=/ /B6/9,/3 6/;%*3 *) ;/$&%5$,%*(.
Joint ventures
W k*%(, @/(,7;/ %5 $ 9*(,;$9,7$& $;;$(#/(, :=/;/8> ,:* *; #*;/ 6$;,%/5 7(3/;,$U/ $( /9*(*#%9 $9,%@%,> ,=$, %5
578k/9, ,* k*%(, 9*(,;*&. S(@/5,#/(,5 %( k*%(, @/(,7;/5 $;/ $99*7(,/3 )*; 75%(< ,=/ /X7%,> #/,=*3. V(3/; ,=/ /X7%,>
#/,=*3? ,=/ 5=$;/ *) ,=/ 6;*)%,5 *; &*55/5 *) ,=/ k*%(, @/(,7;/ %5 ;/9*<(%5/3 %( 6;*)%, *; &*55 $(3 ,=/ 5=$;/ *) ,=/
#*@/#/(,5 %( /X7%,> %5 ;/9*<(%5/3 %( *,=/; 9*#6;/=/(5%@/ %(9*#/. S(9*#/ /$;(/3 );*# k*%(, @/(,7;/ /(,%,%/5 %5
;/9*<(%5/3 $5 $ ;/379,%*( %( ,=/ 9$;;>%(< $#*7(, *) ,=/ %(@/5,#/(,.
Investments and other financial assets
S(@/5,#/(,5 $(3 *,=/; )%($(9%$& $55/,5 $;/ #/$57;/3 $, /%,=/; $#*;,%5/3 9*5, *; )$%; @$&7/ 3/6/(3%(< *( ,=/%;
9&$55%)%9$,%*(. P&$55%)%9$,%*( %5 3/,/;#%(/3 8$5/3 *( ,=/ 67;6*5/ *) ,=/ $9X7%5%,%*( $(3 5785/X7/(, ;/9&$55%)%9$,%*( ,*
*,=/; 9$,/<*;%/5 %5 ;/5,;%9,/3. 0=/ )$%; @$&7/5 *) X7*,/3 %(@/5,#/(,5 $;/ 8$5/3 *( 97;;/(, 8%3 6;%9/5. A*; 7(&%5,/3
%(@/5,#/(,5? ,=/ 9*(5*&%3$,/3 /(,%,> /5,$8&%5=/5 )$%; @$&7/ 8> 75%(< @$&7$,%*( ,/9=(%X7/5. 0=/5/ %(9&73/ ,=/ 75/ *)
;/9/(, $;#5 &/(<,= ,;$(5$9,%*(5? ;/)/;/(9/ ,* *,=/; %(5,;7#/(,5 ,=$, $;/ 5785,$(,%$&&> ,=/ 5$#/? 3%59*7(,/3 9$5= )&*:
$($&>5%5? $(3 *6,%*( 6;%9%(< #*3/&5.
A%($(9%$& $55/,5 $;/ 3/;/9*<(%5/3 :=/( ,=/ ;%<=,5 ,* ;/9/%@/ 9$5= )&*:5 );*# ,=/ )%($(9%$& $55/,5 =$@/ /B6%;/3 *;
=$@/ 8//( ,;$(5)/;;/3 $(3 ,=/ 9*(5*&%3$,/3 /(,%,> =$5 ,;$(5)/;;/3 5785,$(,%$&&> $&& ,=/ ;%5U5 $(3 ;/:$;35 *) *:(/;5=%6.
Loans and receivables
2*$(5 $(3 ;/9/%@$8&/5 $;/ (*("3/;%@$,%@/ )%($(9%$& $55/,5 :%,= )%B/3 *; 3/,/;#%($8&/ 6$>#/(,5 ,=$, $;/ (*, X7*,/3 %(
$( $9,%@/ #$;U/,. 0=/> $;/ 9$;;%/3 $, $#*;,%5/3 9*5, 75%(< ,=/ /))/9,%@/ %(,/;/5, ;$,/ #/,=*3. `$%(5 $(3 &*55/5 $;/
;/9*<(%5/3 %( 6;*)%, *; &*55 :=/( ,=/ $55/, %5 3/;/9*<(%5/3 *; %#6$%;/3.
Impairment of financial assets
0=/ 9*(5*&%3$,/3 /(,%,> $55/55/5 $, ,=/ /(3 *) /$9= ;/6*;,%(< 6/;%*3 :=/,=/; ,=/;/ %5 $(> *8k/9,%@/ /@%3/(9/ ,=$, $
)%($(9%$& $55/, *; <;*76 *) )%($(9%$& $55/,5 %5 %#6$%;/3. T8k/9,%@/ /@%3/(9/ %(9&73/5 5%<(%)%9$(, )%($(9%$& 3%))%97&,> *) ,=/
%557/; *; *8&%<*;i $ 8;/$9= *) 9*(,;$9, 579= $5 3/)$7&, *; 3/&%(X7/(9> %( 6$>#/(,5i ,=/ &/(3/; <;$(,%(< ,* $ 8*;;*:/;
9*(9/55%*(5 37/ ,* /9*(*#%9 *; &/<$& ;/$5*(5 ,=$, ,=/ &/(3/; :*7&3 (*, *,=/;:%5/ 3*i %, 8/9*#/5 6;*8$8&/ ,=$, ,=/
8*;;*:/; :%&& /(,/; 8$(U;76,9> *; *,=/; )%($(9%$& ;/*;<$(%5$,%*(i ,=/ 3%5$66/$;$(9/ *) $( $9,%@/ #$;U/, )*; ,=/
)%($(9%$& $55/,i *; *85/;@$8&/ 3$,$ %(3%9$,%(< ,=$, ,=/;/ %5 $ #/$57;$8&/ 3/9;/$5/ %( /5,%#$,/3 )7,7;/ 9$5= )&*:5.
0=/ $#*7(, *) ,=/ %#6$%;#/(, $&&*:$(9/ )*; &*$(5 $(3 ;/9/%@$8&/5 9$;;%/3 $, $#*;,%5/3 9*5, %5 ,=/ 3%))/;/(9/
8/,://( ,=/ $55/,d5 9$;;>%(< $#*7(, $(3 ,=/ 6;/5/(, @$&7/ *) /5,%#$,/3 )7,7;/ 9$5= )&*:5? 3%59*7(,/3 $, ,=/ *;%<%($&
/))/9,%@/ %(,/;/5, ;$,/. S) ,=/;/ %5 $ ;/@/;5$& *) %#6$%;#/(,? ,=/ ;/@/;5$& 9$((*, /B9//3 ,=/ $#*;,%5/3 9*5, ,=$, :*7&3
=$@/ 8//( =$3 ,=/ %#6$%;#/(, (*, 8//( ;/9*<(%5/3 $(3 %5 ;/@/;5/3 ,* 6;*)%, *; &*55.
!%
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies (continued)
Property, plant and equipment
Q&$(, $(3 /X7%6#/(, %5 5,$,/3 $, =%5,*;%9$& 9*5, &/55 $997#7&$,/3 3/6;/9%$,%*( $(3 %#6$%;#/(,. g%5,*;%9$& 9*5,
%(9&73/5 /B6/(3%,7;/ ,=$, %5 3%;/9,&> $,,;%87,$8&/ ,* ,=/ $9X7%5%,%*( *) ,=/ %,/#5.
R/6;/9%$,%*( %5 9$&97&$,/3 *( $ 5,;$%<=,"&%(/ 8$5%5 ,* :;%,/ *)) ,=/ (/, 9*5, *) /$9= %,/# *) 6;*6/;,>? 6&$(, $(3
/X7%6#/(, *@/; ,=/%; /B6/9,/3 75/)7& &%@/5 $5 )*&&*:5'
2/$5/=*&3 %#6;*@/#/(,5
Q&$(, $(3 /X7%6#/(,
T))%9/ /X7%6#/(,
JL " FFm
JLm
EK " FKm
0=/ ;/5%37$& @$&7/5? 75/)7&
;/6*;,%(< 3$,/.
&%@/5 $(3 3/6;/9%$,%*( #/,=*35 $;/ ;/@%/:/3? $(3 $3k75,/3 %) $66;*6;%$,/? $, /$9=
2/$5/=*&3 %#6;*@/#/(,5 $(3 6&$(, $(3 /X7%6#/(, 7(3/; &/$5/ $;/ 3/6;/9%$,/3 *@/; ,=/ 7(/B6%;/3 6/;%*3 *) ,=/
&/$5/ *; ,=/ /5,%#$,/3 75/)7& &%)/ *) ,=/ $55/,5? :=%9=/@/; %5 5=*;,/;.
W( %,/# *) 6;*6/;,>? 6&$(, $(3 /X7%6#/(, %5 3/;/9*<(%5/3 76*( 3%56*5$& *; :=/( ,=/;/ %5 (* )7,7;/ /9*(*#%9 8/(/)%,
,* ,=/ 9*(5*&%3$,/3 /(,%,>.
Leases
2/$5/ 6$>#/(,5 7(3/; *6/;$,%(< &/$5/5? :=/;/ 5785,$(,%$&&> $&& ,=/ ;%5U5 $(3 8/(/)%,5 ;/#$%( :%,= ,=/ &/55*;? $;/
9=$;3 $5 /B6/(5/5 %( ,=/ 6/;%*3 %( :=%9= ,=/> $;/ %(97;;/3. 2/$5/ %(9/(,%@/5 7(3/; *6/;$,%(< &/$5/5 $;/
;/9*<(%5/3 $5 $ &%$8%&%,> $(3 $#*;,%5/3 *( $ 5,;$%<=,"&%(/ 8$5%5 *@/; ,=/ &%)/ *) ,=/ &/$5/ ,/;#.
O=/;/ $55/,5 $;/ $9X7%;/3 8> #/$(5 *) )%($(9/ &/$5/5? ,=/ 6;/5/(, @$&7/ *) #%(%#7# &/$5/ 6$>#/(,5 %5 /5,$8&%5=/3
$5 $( $55/, $, ,=/ 8/<%((%(< *) ,=/ &/$5/ ,/;# $(3 $#*;,%5/3 *( $ 5,;$%<=, &%(/ 8$5%5 *@/; ,=/ /B6/9,/3 /9*(*#%9 &%)/.
W 9*;;/56*(3%(< &%$8%&%,> %5 $&5* /5,$8&%5=/3 $(3 /$9= &/$5/ 6$>#/(, %5 $&&*9$,/3 8/,://( 579= &%$8%&%,> $(3 %(,/;/5,
/B6/(5/.
Intangible assets
S(,$(<%8&/ $55/,5 $9X7%;/3 $5 6$;, *) $ 875%(/55 9*#8%($,%*(? *,=/; ,=$( <**3:%&&? $;/ %(%,%$&&> #/$57;/3 $, ,=/%; )$%;
@$&7/ $, ,=/ 3$,/ *) ,=/ $9X7%5%,%*(. S(,$(<%8&/ $55/,5 $9X7%;/3 5/6$;$,/&> $;/ %(%,%$&&> ;/9*<(%5/3 $, 9*5,. S(,$(<%8&/
$55/,5 $;/ 5785/X7/(,&> #/$57;/3 $, 9*5, &/55 $#*;,%5$,%*( $(3 $(> %#6$%;#/(,. 0=/ <$%(5 *; &*55/5 ;/9*<(%5/3 %(
6;*)%, *; &*55 $;%5%(< );*# ,=/ 3/;/9*<(%,%*( *) %(,$(<%8&/ $55/,5 $;/ #/$57;/3 $5 ,=/ 3%))/;/(9/ 8/,://( (/, 3%56*5$&
6;*9//35 $(3 ,=/ 9$;;>%(< $#*7(, *) ,=/ %(,$(<%8&/ $55/,. 0=/ #/,=*3 $(3 75/)7& &%@/5 *) )%(%,/ &%)/ %(,$(<%8&/5 $;/
;/@%/:/3 $((7$&&>. P=$(5 %( ,=/ /B6/9,/3 6$,,/;( *) 9*(57#6,%*( *; 75/)7& &%)/ $;/ $99*7(,/3 )*; 6;*56/9,%@/&> 8>
9=$(<%(< ,=/ $#*;,%5$,%*( #/,=*3 *; 6/;%*3.
Goodwill
O=/;/ $( /(,%,> *; *6/;$,%*( %5 $9X7%;/3 %( $ 875%(/55 9*#8%($,%*(? ,=/ %3/(,%)%$8&/ (/, $55/,5 $9X7%;/3 $;/ #/$57;/3
$, )$%; @$&7/. 0=/ /B9/55 *) ,=/ )$%; @$&7/ *) ,=/ 9*5, *) ,=/ $9X7%5%,%*( *@/; ,=/ )$%; @$&7/ *) %3/(,%)%$8&/ (/, $55/,5
$9X7%;/3 %5 8;*7<=, ,* $99*7(, $5 <**3:%&&. `**3:%&&
%5 ,/5,/3 $((7$&&> )*;
%#6$%;#/(,? *; #*;/ );/X7/(,&> %) /@/(,5 *; 9=$(5 %( 9%;97#5,$(9/5 %(3%9$,/ ,=$, %, #%<=, 8/ %#6$%;/3? $(3 %5 9$;;%/3
$, 9*5, &/55 $997#7&$,/3 %#6$%;#/(, &*55/5. S#6$%;#/(, &*55/5 *( <**3:%&& $;/ ,$U/( ,* 6;*)%, *; &*55 $(3 $;/ (*,
5785/X7/(,&> ;/@/;5/3.
%5 (*, $#*;,%5/3. S(5,/$3? <**3:%&&
!&
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies (continued)
Trade names
0;$3/ ($#/5 =$@/ $( %(3/)%(%,/ 75/)7& &%)/ $(3 $;/ 9$;;%/3 $, 9*5, &/55 $997#7&$,/3 %#6$%;#/(, &*55/5. 0;$3/ ($#/5
$;/ ;/@%/:/3 )*; %#6$%;#/(, $((7$&&>? *; #*;/ );/X7/(,&> %) /@/(,5 *; 9=$(5 %( 9%;97#5,$(9/5 %(3%9$,/ ,=$, ,=/
9$;;>%(< @$&7/ #$> 8/ %#6$%;/3.
Re-acquired right (Intevia licence)
e/"$9X7%;/3 ;%<=,5 $;/ %(%,%$&&> ;/9*<(%5/3 $, 9*5,? ,=/( $#*;,%5/3 *@/; ,=/%; /B6/9,/3 75/)7& &%)/ *) EF.K >/$;5. 0=/ ;/"
$9X7%;/3 ;%<=,5 ;/&$,/3 ,* ,/9=(*&*<> $(3 U(*:"=*: ,=$, %5 9*&&/9,%@/&> ;/)/;;/3 ,* $5 ,=/ 4S(,/@%$ &%9/(9/4. 0=/ ;%<=, ,*
/B6&*%, ,=%5 ,/9=(*&*<> :$5 ;/"$9X7%;/3 );*# 0/B,;*( S(9.? *( JJ ^$(7$;> JLLI.
Patents
!B6/(3%,7;/ 3%;/9,&> $,,;%87,$8&/ ,* ,=/ ;/<%5,;$,%*( *) 6$,/(,5 %5 9$6%,$&%5/3 $, 9*5, $(3 %5 $#*;,%5/3 *@/; ,=/ 75/)7& &%)/
*) 8/,://( EK ,* JL >/$;5.
Customer relationships
P75,*#/; ;/&$,%*(5=%65 $9X7%;/3 $5 6$;, *) $ 875%(/55 9*#8%($,%*( $;/ ;/9*<(%5/3 5/6$;$,/&> );*# <**3:%&& $(3 $;/
9$;;%/3 $, ,=/%; )$%; @$&7/ $, 3$,/ *) $9X7%5%,%*( &/55 $997#7&$,/3 $#*;,%5$,%*( $(3 %#6$%;#/(, &*55/5. W#*;,%5$,%*( %5
9$&97&$,/3 8$5/3 *( $ 5,;$%<=, &%(/ 8$5%5 *@/; ,=/ /5,%#$,/3 75/)7& &%)/ *) 8/,://( EL ,* EK >/$;5.
Research and development costs
e/5/$;9= 9*5,5 $;/ /B6/(5/3 $5 %(97;;/3. R/@/&*6#/(, /B6/(3%,7;/ %(97;;/3 *( $( %(3%@%37$& 6;*k/9, %5 9$6%,$&%5/3 %)
,=/ 6;*379, *; 5/;@%9/ %5 ,/9=(%9$&&> )/$5%8&/? $3/X7$,/ ;/5*7;9/5 $;/ $@$%&$8&/ ,* 9*#6&/,/ ,=/ 6;*k/9,? %, %5 6;*8$8&/
,=$, )7,7;/ /9*(*#%9 8/(/)%,5 :%&& 8/ (/;$,/3 $(3 /B6/(3%,7;/ $,,;%87,$8&/ ,* ,=/ 6;*k/9, 9$( 8/ #/$57;/3 ;/&%$8&>.
!B6/(3%,7;/ 9$6%,$&%5/3 9*#6;%5/5 9*5,5 *) #$,/;%$&5? 5/;@%9/5? 3%;/9, &$8*7; $(3 $( $66;*6;%$,/ 6*;,%*( *) *@/;=/$35.
P$6%,$&%5/3 3/@/&*6#/(, /B6/(3%,7;/ %5 5,$,/3 $, 9*5, &/55 $997#7&$,/3 $#*;,%5$,%*( $(3 $(> %#6$%;#/(, &*55/5? $(3
$;/ $#*;,%5/3 *@/; ,=/ 6/;%*3 *) /B6/9,/3 )7,7;/ 5$&/5 );*# ,=/ ;/&$,/3 6;*k/9,5 :=%9= @$;> );*# F ,* EE >/$;5.
Impairment of non-financial assets
`**3:%&& $(3 *,=/; %(,$(<%8&/ $55/,5 ,=$, =$@/ $( %(3/)%(%,/ 75/)7& &%)/ $;/ (*, 578k/9, ,* $#*;,%5$,%*( $(3 $;/ ,/5,/3
$((7$&&> )*; %#6$%;#/(,? *; #*;/ );/X7/(,&> %) /@/(,5 *; 9=$(5 %( 9%;97#5,$(9/5 %(3%9$,/ ,=$, ,=/> #%<=, 8/
%#6$%;/3. T,=/; (*(")%($(9%$& $55/,5 $;/ ;/@%/:/3 )*; %#6$%;#/(, :=/(/@/; /@/(,5 *; 9=$(5 %( 9%;97#5,$(9/5
%(3%9$,/ ,=$, ,=/ 9$;;>%(< $#*7(, #$> (*, 8/ ;/9*@/;$8&/. W( %#6$%;#/(, &*55 %5 ;/9*<(%5/3 )*; ,=/ $#*7(, 8> :=%9=
,=/ $55/,45 9$;;>%(< $#*7(, /B9//35 %,5 ;/9*@/;$8&/ $#*7(,.
e/9*@/;$8&/ $#*7(, %5 ,=/ =%<=/; *) $( $55/,d5 )$%; @$&7/ &/55 9*5,5 ,* 5/&& $(3 @$&7/"%("75/. 0=/ @$&7/"%("75/ %5 ,=/
6;/5/(, @$&7/ *) ,=/ /5,%#$,/3 )7,7;/ 9$5= )&*:5 ;/&$,%(< ,* ,=/ $55/, 75%(< $ 6;/",$B 3%59*7(, ;$,/ 56/9%)%9 ,* ,=/
$55/, *; 9$5="(/;$,%(< 7(%, ,* :=%9= ,=/ $55/, 8/&*(<5. W55/,5 ,=$, 3* (*, =$@/ %(3/6/(3/(, 9$5= )&*:5 $;/
<;*76/3 ,*,=/; ,* )*;# $ 9$5="(/;$,%(< 7(%,.
Trade and other payables
0=/5/ $#*7(,5 ;/6;/5/(, &%$8%&%,%/5 )*; <**35 $(3 5/;@%9/5 6;*@%3/3 ,* ,=/ 9*(5*&%3$,/3 /(,%,> 6;%*; ,* ,=/ /(3 *) ,=/
)%($(9%$& >/$; $(3 :=%9= $;/ 7(6$%3. R7/ ,* ,=/%; 5=*;,",/;# ($,7;/ ,=/> $;/ #/$57;/3 $, $#*;,%5/3 9*5, $(3 $;/ (*,
3%59*7(,/3. 0=/ $#*7(,5 $;/ 7(5/97;/3 $(3 $;/ 757$&&> 6$%3 :%,=%( FL ,* DL 3$>5 *) ;/9*<(%,%*(.
!'
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies (continued)
Borrowings
2*$(5 $(3 8*;;*:%(<5 $;/ %(%,%$&&> ;/9*<(%5/3 $, ,=/ )$%; @$&7/ *) ,=/ 9*(5%3/;$,%*( ;/9/%@/3? (/, *) ,;$(5$9,%*( 9*5,5.
0=/> $;/ 5785/X7/(,&> #/$57;/3 $, $#*;,%5/3 9*5, 75%(< ,=/ /))/9,%@/ %(,/;/5, #/,=*3.
O=/;/ ,=/;/ %5 $( 7(9*(3%,%*($& ;%<=, ,* 3/)/; 5/,,&/#/(, *) ,=/ &%$8%&%,> )*; $, &/$5, EJ #*(,=5 $),/; ,=/ ;/6*;,%(< 3$,/?
,=/ &*$(5 *; 8*;;*:%(<5 $;/ 9&$55%)%/3 $5 (*("97;;/(,.
Convertible notes
0=/ 9*#6*(/(, *) ,=/ 9*(@/;,%8&/ (*,/5 ,=$, /B=%8%,5 9=$;$9,/;%5,%95 *) $ &%$8%&%,> %5 ;/9*<(%5/3 $5 $ &%$8%&%,> %( ,=/
5,$,/#/(, *) )%($(9%$& 6*5%,%*(? (/, *) ,;$(5$9,%*( 9*5,5.
T( ,=/ %557/ *) ,=/ 9*(@/;,%8&/ (*,/5 ,=/ )$%; @$&7/ *) ,=/ &%$8%&%,> 9*#6*(/(, %5 3/,/;#%(/3 75%(< $ #$;U/, ;$,/ )*; $(
/X7%@$&/(, (*("9*(@/;,%8&/ 8*(3 $(3 ,=%5 $#*7(, %5 9$;;%/3 $5 $ (*("97;;/(, &%$8%&%,> *( ,=/ $#*;,%5/3 9*5, 8$5%5 7(,%&
/B,%(<7%5=/3 *( 9*(@/;5%*( *; ;/3/#6,%*(. 0=/ %(9;/$5/ %( ,=/ &%$8%&%,> 37/ ,* ,=/ 6$55$ *) ,%#/? %5 ;/9*<(%5/3 $5 $
)%($(9/ 9*5,. 0=/ ;/#$%(3/; *) ,=/ 6;*9//35 $;/ $&&*9$,/3 ,* ,=/ 9*(@/;5%*( *6,%*( ,=$, %5 ;/9*<(%5/3 $(3 %(9&73/3 %(
5=$;/=*&3/;5 /X7%,> $5 *,=/; 9*(,;%87,/3 /X7%,>? (/, *) ,;$(5$9,%*( 9*5,5. 0=/ 9$;;>%(< $#*7(, *) ,=/ 9*(@/;5%*(
*6,%*( %5 (*, ;/#/$57;/3 %( ,=/ 5785/X7/(, >/$;5. 0=/ 9*;;/56*(3%(< %(,/;/5, *( 9*(@/;,%8&/ (*,/5 %5 /B6/(5/3 ,*
6;*)%, *; &*55.
V(3/; ,=/ ,/;#5 *) ,=/ P*(@/;,%8&/ N*,/ M7859;%6,%*( R//3 $(3 ,=/ 5785/X7/(, $#/(3#/(,5? ,=/ 9*(@/;5%*( 6;%9/ %5
,=/ &*:/; *) Z$\ ,=/ $<;//3 9*(@/;5%*( 6;%9/ $(3 Z8\ ,=/ %557/ 6;%9/ *) $(> 5785/X7/(, 5=$;/ %557/ 37;%(< ,=/ ,/;# *)
,=%5 9&$75/ ,=/ (*,/ =*&3/;5 /X7%,> ;%5U %5 /&%#%($,/3? $(3 ,=/;/)*;/ ,=/
,=/ 9*(@/;,%8&/ (*,/5. W5 $ ;/57&, *)
%(5,;7#/(,5 $;/ ,;/$,/3 $5 3/8, %(5,;7#/(,5 :%,= $( /#8/33/3 3/;%@$,%@/.
0=/ )$%; @$&7/ *) ,=/ 3/8, 6*;,%*( *) ,=/ 9*(@/;,%8&/ (*,/5 %5 3/,/;#%(/3 $),/; 9$&97&$,%(< ,=/ )$%; @$&7/ *) ,=/
/#8/33/3 3/;%@$,%@/ *( %(9/6,%*(. 0=/ 3/8, 6*;,%*( %5 5785/X7/(,&> #/$57;/3 $, $#*;,%5/3 9*5, $(3 ,=/ /#8/33/3
3/;%@$,%@/ )%($(9%$&
%(5,;7#/(, %5 #/$57;/3 $, )$%; @$&7/ $, /$9= ;/6*;,%(< 3$,/ :%,= $(> #*@/#/(, %( )$%; @$&7/
;/6*;,/3 %( 6;*)%, *; &*55. S557/ 9*5,5 $;/ $66*;,%*(/3 8/,://( ,=/ &%$8%&%,> $(3 /X7%,> 9*#6*(/(,5 *) 9*(@/;,%8&/ (*,/5
8$5/3 *( ,=/ $&&*9$,%*( *) 6;*9//35 ,* ,=/ 3/8, $(3 /X7%,> 9*#6*(/(,5 Z%) $(>\ :=/( ,=/ %(5,;7#/(,5 $;/ )%;5,
;/9*<(%5/3.
Finance costs
A%($(9/ 9*5,5 $,,;%87,$8&/ ,* X7$&%)>%(< $55/,5 $;/ 9$6%,$&%5/3 $5 6$;, *) ,=/ $55/,. W&& *,=/; )%($(9/ 9*5,5 $;/
/B6/(5/3 %( ,=/ 6/;%*3 %( :=%9= ,=/> $;/ %(97;;/3? %(9&73%(<'
" %(,/;/5, *( 5=*;,",/;# $(3 &*(<",/;# 8*;;*:%(<5
Provisions
Q;*@%5%*(5 $;/ ;/9*<(%5/3 :=/( ,=/ 9*(5*&%3$,/3 /(,%,> =$5 $ 6;/5/(, Z&/<$& *; 9*(5,;79,%@/\ *8&%<$,%*( $5 $ ;/57&, *) $
6$5, /@/(,? %, %5 6;*8$8&/ ,=/ 9*(5*&%3$,/3 /(,%,> :%&& 8/ ;/X7%;/3 ,* 5/,,&/ ,=/ *8&%<$,%*(? $(3 $ ;/&%$8&/ /5,%#$,/ 9$( 8/
#$3/ *) ,=/ $#*7(, *) ,=/ *8&%<$,%*(. 0=/ $#*7(, ;/9*<(%5/3 $5 $ 6;*@%5%*( %5 ,=/ 8/5, /5,%#$,/ *) ,=/ 9*(5%3/;$,%*(
;/X7%;/3 ,* 5/,,&/ ,=/ 6;/5/(, *8&%<$,%*( $,
,=/ ;%5U5 $(3 7(9/;,$%(,%/5
57;;*7(3%(< ,=/ *8&%<$,%*(. S) ,=/ ,%#/ @$&7/ *) #*(/> %5 #$,/;%$&? 6;*@%5%*(5 $;/ 3%59*7(,/3 75%(< $ 97;;/(, 6;/",$B
;$,/ 56/9%)%9 ,* ,=/ &%$8%&%,>. 0=/ %(9;/$5/ %( ,=/ 6;*@%5%*( ;/57&,%(< );*# ,=/ 6$55$ *) ,%#/ %5 ;/9*<(%5/3 $5 $ )%($(9/
9*5,.
,$U%(< %(,* $99*7(,
,=/ ;/6*;,%(< 3$,/?
!(
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies (continued)
Employee benefits
Wages and salaries and annual leave
2%$8%&%,%/5 )*; :$5 $(3 5$&$;%/5? %(9&73%(< (*("#*(/,$;> 8/(/)%,5? $(3 $((7$& &/$@/ /B6/9,/3 ,* 8/ 5/,,&/3 :%,=%( EJ
#*(,=5 *) ,=/ ;/6*;,%(< 3$,/ $;/ ;/9*<(%5/3 %( 97;;/(, &%$8%&%,%/5 %( ;/56/9, *) /#6&*>//54 5/;@%9/5 76 ,* ,=/ ;/6*;,%(<
3$,/ $(3 $;/ #/$57;/3 $, ,=/ $#*7(,5 /B6/9,/3 ,* 8/ 6$%3 :=/( ,=/ &%$8%&%,%/5 $;/ 5/,,&/3.
Long service leave
0=/ &%$8%&%,> )*; &*(< 5/;@%9/ &/$@/ %5 ;/9*<(%5/3 %( 97;;/(, $(3 (*("97;;/(, &%$8%&%,%/5? 3/6/(3%(< *( ,=/ 7(9*(3%,%*($&
;%<=, ,* 3/)/; 5/,,&/#/(, *) ,=/ &%$8%&%,> )*; $, &/$5, EJ #*(,=5 $),/; ,=/ ;/6*;,%(< 3$,/. 0=/ &%$8%&%,> %5 #/$57;/3 $5 ,=/
6;/5/(, @$&7/ *) /B6/9,/3 )7,7;/ 6$>#/(,5 ,* 8/ #$3/ %( ;/56/9, *) 5/;@%9/5 6;*@%3/3 8> /#6&*>//5 76 ,* ,=/
;/6*;,%(< 3$,/ 75%(< ,=/ 6;*k/9,/3 7(%, 9;/3%, #/,=*3. P*(5%3/;$,%*( %5 <%@/( ,* /B6/9,/3 )7,7;/ :$ $(3 5$&$;>
&/@/&5? /B6/;%/(9/ *) /#6&*>// 3/6$;,7;/5 $(3 6/;%*35 *) 5/;@%9/. !B6/9,/3 )7,7;/ 6$>#/(,5 $;/ 3%59*7(,/3 75%(<
#$;U/, >%/&35 $, ,=/ ;/6*;,%(< 3$,/ *( ($,%*($& <*@/;(#/(, 8*(35 :%,= ,/;#5 ,* #$,7;%,> $(3 97;;/(9> ,=$, #$,9=? $5
9&*5/&> $5 6*55%8&/? ,=/ /5,%#$,/3 )7,7;/ 9$5= *7,)&*:5.
Defined contribution superannuation expense
P*(,;%87,%*(5 ,* 3/)%(/3 9*(,;%87,%*( 576/;$((7$,%*( 6&$(5 $;/ /B6/(5/3 %( ,=/ 6/;%*3 %( :=%9= ,=/> $;/ %(97;;/3.
Share-based payments
!X7%,>"5/,,&/3 $(3 9$5="5/,,&/3 5=$;/"8$5/3 9*#6/(5$,%*( 8/(/)%,5 $;/ 6;*@%3/3 ,* /#6&*>//5 Z%(9&73%(< 3%;/9,*;5\.
0=/ R%;/9,*;5 $(3 !#6&*>// !X7%,> Q&$( $&5* <%@/5 3%;/9,*;5 $(3 5/(%*; /B/97,%@/5 ,=/ *66*;,7(%,> ,* 6$;,%9%6$,/ %(
,=/ 9*(5*&%3$,/3 /(,%,>45 /X7%,> %( /B9=$( )*; ,=/%; 5/;@%9/5.
!X7%,>"5/,,&/3 ,;$(5$9,%*(5 $;/ $:$;35 *) 5=$;/5? *; *6,%*(5 *@/; 5=$;/5? ,=$, $;/ 6;*@%3/3 ,* /#6&*>//5 %( /B9=$(
)*; ,=/ ;/(3/;%(< *) 5/;@%9/5. P$5="5/,,&/3 ,;$(5$9,%*(5 $;/ $:$;35 *) 9$5= )*; ,=/ /B9=$( *) 5/;@%9/5? :=/;/ ,=/
$#*7(, *) 9$5= %5 3/,/;#%(/3 8> ;/)/;/(9/ ,* ,=/ 5=$;/ 6;%9/.
0=/ 9*5, *) /X7%,>"5/,,&/3 ,;$(5$9,%*(5 $;/ #/$57;/3 $,
)$%; @$&7/ *( <;$(, 3$,/. A$%; @$&7/ %5 %(3/6/(3/(,&>
3/,/;#%(/3 75%(< /%,=/; ,=/ Y%(*#%$& *; Y&$9U"M9=*&/5 *6,%*( 6;%9%(< #*3/& ,=$, ,$U/5 %(,* $99*7(, ,=/ /B/;9%5/ 6;%9/?
,=/ ,/;# *) ,=/ *6,%*(? ,=/ %#6$9, *) 3%&7,%*(? ,=/ 5=$;/ 6;%9/ $, <;$(, 3$,/ $(3 /B6/9,/3 6;%9/ @*&$,%&%,> *) ,=/
7(3/;&>%(< 5=$;/? ,=/ /B6/9,/3 3%@%3/(3 >%/&3 $(3 ,=/ ;%5U );// %(,/;/5, ;$,/ )*; ,=/ ,/;# *) ,=/ *6,%*(? ,*,=/; :%,=
(*("@/5,%(< 9*(3%,%*(5 ,=$, 3* (*, 3/,/;#%(/ :=/,=/; ,=/ 9*(5*&%3$,/3 /(,%,> ;/9/%@/5 ,=/ 5/;@%9/5 ,=$, /(,%,&/ ,=/
/#6&*>//5 ,* ;/9/%@/ 6$>#/(,. N* $99*7(, %5 ,$U/( *) $(> *,=/; @/5,%(< 9*(3%,%*(5.
0=/ 9*5, *) /X7%,>"5/,,&/3 ,;$(5$9,%*(5 $;/ ;/9*<(%5/3 $5 $( /B6/(5/ :%,= $ 9*;;/56*(3%(< %(9;/$5/ %( /X7%,> *@/; ,=/
@/5,%(< 6/;%*3. 0=/ 97#7&$,%@/ 9=$; ,* 6;*)%, *; &*55 %5 9$&97&$,/3 8$5/3 *( ,=/ <;$(, 3$,/ )$%; @$&7/ *) ,=/ $:$;3?
,=/ 8/5, /5,%#$,/ *) ,=/ (7#8/; *) $:$;35 ,=$, $;/ &%U/&> ,* @/5, $(3 ,=/ /B6%;/3 6*;,%*( *) ,=/ @/5,%(< 6/;%*3. 0=/
$#*7(, ;/9*<(%5/3 %( 6;*)%, *; &*55 )*; ,=/ 6/;%*3 %5 ,=/ 97#7&$,%@/ $#*7(, 9$&97&$,/3 $, /$9= ;/6*;,%(< 3$,/ &/55
$#*7(,5 $&;/$3> ;/9*<(%5/3 %( 6;/@%*75 6/;%*35.
0=/ 9*5, *) 9$5="5/,,&/3 ,;$(5$9,%*(5 %5 %(%,%$&&>? $(3 $, /$9= ;/6*;,%(< 3$,/ 7(,%& @/5,/3? 3/,/;#%(/3 8> $66&>%(< /%,=/;
,=/ Y%(*#%$& *; Y&$9U"M9=*&/5 *6,%*( 6;%9%(< #*3/&? ,$U%(< %(,* 9*(5%3/;$,%*( ,=/ ,/;#5 $(3 9*(3%,%*(5 *( :=%9= ,=/
$:$;3 :$5 <;$(,/3. 0=/ 97#7&$,%@/ 9=$; ,* 6;*)%, *; &*55 7(,%& 5/,,&/#/(, *) ,=/ &%$8%&%,> %5 9$&97&$,/3 $5 )*&&*:5'
(cid:1)
(cid:1)
37;%(< ,=/ @/5,%(< 6/;%*3? ,=/ &%$8%&%,> $, /$9= ;/6*;,%(< 3$,/ %5 ,=/ )$%; @$&7/ *) ,=/ $:$;3 $, ,=$, 3$,/
#7&,%6&%/3 8> ,=/ /B6%;/3 6*;,%*( *) ,=/ @/5,%(< 6/;%*3.
);*# ,=/ /(3 *) ,=/ @/5,%(< 6/;%*3 7(,%& 5/,,&/#/(, *) ,=/ $:$;3? ,=/ &%$8%&%,> %5 ,=/ )7&& )$%; @$&7/ *) ,=/ &%$8%&%,>
$, ,=/ ;/6*;,%(< 3$,/.
W&& 9=$(5 %( ,=/ &%$8%&%,> $;/ ;/9*<(%5/3 %( 6;*)%, *; &*55. 0=/ 7&,%#$,/ 9*5, *) 9$5="5/,,&/3 ,;$(5$9,%*(5 %5 ,=/ 9$5=
6$%3 ,* 5/,,&/ ,=/ &%$8%&%,>.
b$;U/, 9*(3%,%*(5 $;/ ,$U/( %(,* 9*(5%3/;$,%*( %( 3/,/;#%(%(< )$%; @$&7/. 0=/;/)*;/ $(> $:$;35 578k/9, ,* #$;U/,
9*(3%,%*(5 $;/ 9*(5%3/;/3 ,* @/5, %;;/56/9,%@/ *) :=/,=/; *; (*, ,=$, #$;U/, 9*(3%,%*( =$5 8//( #/,? 6;*@%3/3 $&& *,=/;
9*(3%,%*(5 $;/ 5$,%5)%/3.
")
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies (continued)
S) /X7%,>"5/,,&/3 $:$;35 $;/ #*3%)%/3? $5 $ #%(%#7# $( /B6/(5/ %5 ;/9*<(%5/3 $5 %) ,=/ #*3%)%9$,%*( =$5 (*, 8//(
#$3/. W( $33%,%*($& /B6/(5/ %5 ;/9*<(%5/3? *@/; ,=/ ;/#$%(%(< @/5,%(< 6/;%*3? )*; $(> #*3%)%9$,%*( ,=$, %(9;/$5/5 ,=/
,*,$& )$%; @$&7/ *) ,=/ 5=$;/"8$5/3 9*#6/(5$,%*( 8/(/)%, $5 $, ,=/ 3$,/ *) #*3%)%9$,%*(.
S) ,=/ (*("@/5,%(< 9*(3%,%*( %5 :%,=%( ,=/ 9*(,;*& *) ,=/ 9*(5*&%3$,/3 /(,%,> *; /#6&*>//? ,=/ )$%&7;/ ,* 5$,%5)> ,=/
9*(3%,%*( %5 ,;/$,/3 $5 $ 9$(9/&&$,%*(. S) ,=/ 9*(3%,%*( %5 (*, :%,=%( ,=/ 9*(,;*& *) ,=/ 9*(5*&%3$,/3 /(,%,> *; /#6&*>//
$(3 %5 (*, 5$,%5)%/3 37;%(< ,=/ @/5,%(< 6/;%*3? $(> ;/#$%(%(< /B6/(5/ )*; ,=/ $:$;3 %5 ;/9*<(%5/3 *@/; ,=/ ;/#$%(%(<
@/5,%(< 6/;%*3? 7(&/55 ,=/ $:$;3 %5 )*;)/%,/3.
S) /X7%,>"5/,,&/3 $:$;35 $;/ 9$(9/&&/3? %, %5 ,;/$,/3 $5 %) %, =$5 @/5,/3 *( ,=/ 3$,/ *) 9$(9/&&$,%*(? $(3 $(> ;/#$%(%(<
/B6/(5/ %5 ;/9*<(%5/3 %##/3%$,/&>. S) $ (/: ;/6&$9/#/(, $:$;3 %5 5785,%,7,/3 )*; ,=/ 9$(9/&&/3 $:$;3? ,=/ 9$(9/&&/3
$(3 (/: $:$;3 %5 ,;/$,/3 $5 %) ,=/> :/;/ $ #*3%)%9$,%*(.
Contributed equity
T;3%($;> 5=$;/5 $;/ 9&$55%)%/3 $5 /X7%,>.
S(9;/#/(,$& 9*5,5 3%;/9,&> $,,;%87,$8&/ ,* ,=/ %557/ *) (/: 5=$;/5 *; *6,%*(5 $;/ 5=*:( %( /X7%,> $5 $ 3/379,%*(? (/, *)
,$B? );*# ,=/ 6;*9//35.
Business combinations
0=/ $9X7%5%,%*( #/,=*3 *) $99*7(,%(< %5 75/3 ,* $99*7(, )*; 875%(/55 9*#8%($,%*(5 ;/<$;3&/55 *) :=/,=/; /X7%,>
%(5,;7#/(,5 *; *,=/; $55/,5 $;/ $9X7%;/3.
0=/ 9*(5%3/;$,%*( ,;$(5)/;;/3 %5 ,=/ 57# *)
,=/ $55/,5 ,;$(5)/;;/3? /X7%,>
%(5,;7#/(,5 %557/3 *; &%$8%&%,%/5 %(97;;/3 8> ,=/ $9X7%;/; ,* )*;#/; *:(/;5 *) ,=/ $9X7%;// $(3 ,=/ $#*7(, *) $(> (*("
9*(,;*&&%(< %(,/;/5, %( ,=/ $9X7%;//. A*; /$9= 875%(/55 9*#8%($,%*(? ,=/ (*("9*(,;*&&%(< %(,/;/5, %( ,=/ $9X7%;// %5
#/$57;/3 $, /%,=/; )$%; @$&7/ *; $, ,=/ 6;*6*;,%*($,/ 5=$;/ *) ,=/ $9X7%;//45 %3/(,%)%$8&/ (/, $55/,5. W&& $9X7%5%,%*(
9*5,5 $;/ /B6/(5/3 $5 %(97;;/3 ,* 6;*)%, *; &*55.
,=/ $9X7%5%,%*("3$,/ )$%; @$&7/5 *)
T( ,=/ $9X7%5%,%*( *) $ 875%(/55? ,=/ 9*(5*&%3$,/3 /(,%,> $55/55/5 ,=/ )%($(9%$& $55/,5 $9X7%;/3 $(3 &%$8%&%,%/5
$557#/3 )*; $66;*6;%$,/ 9&$55%)%9$,%*( $(3 3/5%<($,%*( %( $99*;3$(9/ :%,= ,=/ 9*(,;$9,7$&
,/;#5? /9*(*#%9
9*(3%,%*(5? ,=/ 9*(5*&%3$,/3 /(,%,>45 *6/;$,%(< *; $99*7(,%(< 6*&%9%/5 $(3 *,=/; 6/;,%(/(, 9*(3%,%*(5 %( /B%5,/(9/ $, ,=/
$9X7%5%,%*("3$,/.
O=/;/ ,=/ 875%(/55 9*#8%($,%*( %5 $9=%/@/3 %( 5,$5? ,=/ 9*(5*&%3$,/3 /(,%,> ;/#/$57;/5 %,5 6;/@%*75&> =/&3 /X7%,>
%(,/;/5, %( ,=/ $9X7%;// $, ,=/ $9X7%5%,%*("3$,/ )$%; @$&7/ $(3 ,=/ 3%))/;/(9/ 8/,://( ,=/ )$%; @$&7/ $(3 ,=/ 6;/@%*75
9$;;>%(< $#*7(, %5 ;/9*<(%5/3 %( 6;*)%, *; &*55.
P*(,%((, 9*(5%3/;$,%*( ,* 8/ ,;$(5)/;;/3 8> ,=/ $9X7%;/; %5 ;/9*<(%5/3 $, ,=/ $9X7%5%,%*("3$,/ )$%; @$&7/. M785/X7/(,
9=$(5 %( ,=/ )$%; @$&7/ *) 9*(,%((, 9*(5%3/;$,%*( 9&$55%)%/3 $5 $( $55/, *; &%$8%&%,> %5 ;/9*<(%5/3 %( 6;*)%, *; &*55.
P*(,%((, 9*(5%3/;$,%*( 9&$55%)%/3 $5 /X7%,> %5 (*, ;/#/$57;/3 $(3 %,5 5785/X7/(, 5/,,&/#/(, %5 $99*7(,/3 )*; :%,=%(
/X7%,>.
0=/ 3%))/;/(9/ 8/,://( ,=/ $9X7%5%,%*("3$,/ )$%; @$&7/ *) $55/,5 $9X7%;/3? &%$8%&%,%/5 $557#/3 $(3 $(> (*("9*(,;*&&%(<
%(,/;/5, %( ,=/ $9X7%;// $(3 ,=/ )$%; @$&7/ *) ,=/ 9*(5%3/;$,%*( ,;$(5)/;;/3 $(3 ,=/ )$%; @$&7/ *) $(> 6;/"/B%5,%(<
%(@/5,#/(, %( ,=/ $9X7%;// %5 ;/9*<(%5/3 $5 <**3:%&&. S) ,=/ 9*(5%3/;$,%*( ,;$(5)/;;/3 $(3 ,=/ 6;/"/B%5,%(< )$%; @$&7/ %5
&/55 ,=$( ,=/ )$%; @$&7/ *) ,=/ %3/(,%)%$8&/ (/, $55/,5 $9X7%;/3? 8/%(< $ 8$;<$%( 67;9=$5/ ,* ,=/ $9X7%;/;? ,=/ 3%))/;/(9/
%5 ;/9*<(%5/3 $5 $ <$%( 3%;/9,&> %( 6;*)%, *; &*55 8> ,=/ $9X7%;/; *( ,=/ $9X7%5%,%*("3$,/? 87, *(&> $),/; $ ;/$55/55#/(,
*) ,=/ %3/(,%)%9$,%*( $(3 #/$57;/#/(, *) ,=/ (/, $55/,5 $9X7%;/3? ,=/ (*("9*(,;*&&%(< %(,/;/5, %( ,=/ $9X7%;//? %) $(>?
,=/ 9*(5%3/;$,%*( ,;$(5)/;;/3 $(3 ,=/ $9X7%;/;45 6;/@%*75&> =/&3 /X7%,> %(,/;/5, %( ,=/ $9X7%;/;.
Y75%(/55 9*#8%($,%*(5 $;/ %(%,%$&&> $99*7(,/3 )*; *( $ 6;*@%5%*($& 8$5%5. 0=/ $9X7%;/; ;/,;*56/9,%@/&> $3k75,5 ,=/
6;*@%5%*($& $#*7(,5 ;/9*<(%5/3 $(3 $&5* ;/9*<(%5/5 $33%,%*($& $55/,5 *; &%$8%&%,%/5 37;%(< ,=/ #/$57;/#/(, 6/;%*3?
8$5/3 *( (/: %()*;#$,%*( *8,$%(/3 $8*7, ,=/ )$9,5 $(3 9%;97#5,$(9/5 ,=$, /B%5,/3 $, ,=/ $9X7%5%,%*("3$,/. 0=/
#/$57;/#/(, 6/;%*3 /(35 *( /%,=/; ,=/ /$;&%/; *) Z%\ EJ #*(,=5 );*# ,=/ 3$,/ *) ,=/ $9X7%5%,%*( *; Z%%\ :=/( ,=/
$9X7%;/; ;/9/%@/5 $&& ,=/ %()*;#$,%*( 6*55%8&/ ,* 3/,/;#%(/ )$%; @$&7/.
"
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies (continued)
Earnings per share
Basic earnings per share
Y$5%9 /$;(%(<5 6/; 5=$;/ %5 9$&97&$,/3 8> 3%@%3%(< ,=/ 6;*)%, $,,;%87,$8&/ ,* ,=/ *:(/;5 *) 01 2%#%,/3? /B9&73%(< $(>
9*5,5 *) 5/;@%9%(< /X7%,> *,=/; ,=$( *;3%($;> 5=$;/5? 8> ,=/ :/%<=,/3 $@/;$ (7#8/; *) *;3%($;> 5=$;/5 *7,5,$(3%(<
37;%(< ,=/ )%($(9%$& >/$;? $3k75,/3 )*; 8*(75 /&/#/(,5 %( *;3%($;> 5=$;/5 %557/3 37;%(< ,=/ )%($(9%$& >/$;.
Diluted earnings per share
R%&7,/3 /$;(%(<5 6/; 5=$;/ $3k75,5 ,=/ )%<7;/5 75/3 %( ,=/ 3/,/;#%($,%*( *) 8$5%9 /$;(%(<5 6/; 5=$;/ ,* ,$U/ %(,*
$99*7(, ,=/ $),/; %(9*#/ ,$B /))/9, *) %(,/;/5, $(3 *,=/; )%($(9%(< 9*5,5 $55*9%$,/3 :%,= 3%&7,%@/ 6*,/(,%$& *;3%($;>
5=$;/5 $(3 ,=/ :/%<=,/3 $@/;$ (7#8/; *) 5=$;/5 $557#/3 ,* =$@/ 8//( %557/3 )*; (* 9*(5%3/;$,%*( %( ;/&$,%*( ,*
3%&7,%@/ 6*,/(,%$& *;3%($;> 5=$;/5.
Goods and Services Tax ('GST') and other similar taxes
e/@/(7/5? /B6/(5/5 $(3 $55/,5 $;/ ;/9*<(%5/3 (/, *) ,=/ $#*7(, *) $55*9%$,/3 `M0? 7(&/55 ,=/ `M0 %(97;;/3 %5 (*,
;/9*@/;$8&/ );*# ,=/ ,$B $7,=*;%,>. S( ,=%5 9$5/ %, %5 ;/9*<(%5/3 $5 6$;, *) ,=/ 9*5, *) ,=/ $9X7%5%,%*( *) ,=/ $55/, *; $5
6$;, *) ,=/ /B6/(5/.
e/9/%@$8&/5 $(3 6$>$8&/5 $;/ 5,$,/3 %(9&75%@/ *) ,=/ $#*7(, *) `M0 ;/9/%@$8&/ *; 6$>$8&/. 0=/ (/, $#*7(, *) `M0
;/9*@/;$8&/ );*#? *; 6$>$8&/ ,*? ,=/ ,$B $7,=*;%,> %5 %(9&73/3 %( *,=/; ;/9/%@$8&/5 *; *,=/; 6$>$8&/5 %( ,=/ 5,$,/#/(, *)
)%($(9%$& 6*5%,%*(.
P$5= )&*:5 $;/ 6;/5/(,/3 *( $ <;*55 8$5%5. 0=/ `M0 9*#6*(/(,5 *) 9$5= )&*:5 $;%5%(< );*# %(@/5,%(< *; )%($(9%(<
$9,%@%,%/5 :=%9= $;/ ;/9*@/;$8&/ );*#? *; 6$>$8&/ ,* ,=/ ,$B $7,=*;%,>? $;/ 6;/5/(,/3 $5 *6/;$,%(< 9$5= )&*:5.
P*##%,#/(,5 $(3 9*(,%((9%/5 $;/ 3%59&*5/3 (/, *) ,=/ $#*7(, *) `M0 ;/9*@/;$8&/ );*#? *; 6$>$8&/ ,*? ,=/ ,$B
$7,=*;%,>.
Rounding of amounts
0=/ 9*#6$(> %5 *) $ U%(3 ;/)/;;/3 ,* %( P&$55 T;3/; G]oELL? %557/3 8> ,=/ W75,;$&%$( M/97;%,%/5 $(3 S(@/5,#/(,5
P*##%55%*(? ;/&$,%(< ,* 4;*7(3%(<"*))4. W#*7(,5 %( ,=%5 ;/6*;, =$@/ 8//( ;*7(3/3 *)) %( $99*;3$(9/ :%,= ,=$, P&$55
T;3/; ,* ,=/ (/$;/5, ,=*75$(3 3*&&$;5? *; %( 9/;,$%( 9$5/5? ,=/ (/$;/5, 3*&&$;.
New Accounting Standards and Interpretations not yet mandatory or early adopted
W75,;$&%$( W99*7(,%(< M,$(3$;35 $(3 S(,/;6;/,$,%*(5 ,=$, =$@/ ;/9/(,&> 8//( %557/3 *; $#/(3/3 87, $;/ (*, >/,
#$(3$,*;>? =$@/ (*, 8//( /$;&> $3*6,/3 8> ,=/ 9*(5*&%3$,/3 /(,%,> )*; ,=/ $((7$& ;/6*;,%(< 6/;%*3 /(3/3 FL ^7(/
JLEJ. 0=/ 9*(5*&%3$,/3 /(,%,>45 $55/55#/(, *) ,=/ %#6$9, *) ,=/5/ (/: *; $#/(3/3 W99*7(,%(< M,$(3$;35 $(3
S(,/;6;/,$,%*(5? #*5, ;/&/@$(, ,* ,=/ 9*(5*&%3$,/3 /(,%,>? $;/ 5/, *7, 8/&*:.
"!
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies (continued)
AASB 9 Financial Instruments, 2009-11 Amendments to Australian Accounting Standards arising from AASB 9 and
2010-7 Amendments to Australian Accounting Standards arising from AASB 9 and AASB 2012-6 Amendments to
Australian Accounting Standards – Mandatory Effective Date of AASB 9 and Transition Disclosures
0=%5 5,$(3$;3 $(3 %,5 9*(5/X7/(,%$& $#/(3#/(,5 $;/ $66&%9$8&/ ,* $((7$& ;/6*;,%(< 6/;%*35 8/<%((%(< *( *; $),/; E
^$(7$;> JLEK $(3 9*#6&/,/5 6=$5/ S *) ,=/ SWMY45 6;*k/9, ,* ;/6&$9/ SWM FG Z8/%(< ,=/ %(,/;($,%*($& /X7%@$&/(, ,*
WWMY EFG 4A%($(9%$& S(5,;7#/(,5' e/9*<(%,%*( $(3 b/$57;/#/(,4\. 0=%5 5,$(3$;3 %(,;*379/5 (/: 9&$55%)%9$,%*( $(3
#/$57;/#/(, #*3/&5 )*; )%($(9%$& $55/,5? 75%(< $ 5%(<&/ $66;*$9= ,* 3/,/;#%(/ :=/,=/; $ )%($(9%$& $55/,
%5
#/$57;/3 $, $#*;,%5/3 9*5, *; )$%; @$&7/. 0* 8/ 9&$55%)%/3 $(3 #/$57;/3 $, $#*;,%5/3 9*5,? $55/,5 #75, 5$,%5)> ,=/
875%(/55 #*3/& ,/5, )*; #$($<%(< ,=/ )%($(9%$& $55/,5 $(3 =$@/ 9/;,$%( 9*(,;$9,7$& 9$5= )&*: 9=$;$9,/;%5,%95. W&& *,=/;
%(5,;7#/(, $55/,5 $;/ ,* 8/ 9&$55%)%/3 $(3 #/$57;/3 $, )$%; @$&7/. 0=%5 5,$(3$;3 $&&*:5 $( %;;/@*9$8&/
)%($(9%$&
/&/9,%*( *( %(%,%$& ;/9*<(%,%*( ,* 6;/5/(, <$%(5 $(3 &*55/5 *( /X7%,> %(5,;7#/(,5 Z,=$, $;/ (*, =/&3")*;",;$3%(<\ %( *,=/;
9*#6;/=/(5%@/ %(9*#/? :%,= 3%@%3/(35 $5 $ ;/,7;( *( ,=/5/ %(@/5,#/(,5 8/%(< ;/9*<(%5/3 %( 6;*)%, *; &*55. S( $33%,%*(?
,=*5/ /X7%,> %(5,;7#/(,5 #/$57;/3 $, )$%; @$&7/ ,=;*7<= *,=/; 9*#6;/=/(5%@/ %(9*#/ :*7&3 (* &*(; =$@/ ,* $66&>
$(> %#6$%;#/(, ;/X7%;/#/(,5 (*; :*7&3 ,=/;/ 8/ $(> 4;/9>9&%(<4 *) <$%(5 *; &*55/5 ,=;*7<= 6;*)%, *; &*55 *( 3%56*5$&.
0=/ $99*7(,%(< )*; )%($(9%$& &%$8%&%,%/5 9*(,%(7/5 ,* 8/ 9&$55%)%/3 $(3 #/$57;/3 %( $99*;3$(9/ :%,= WWMY EFG? :%,= *(/
/B9/6,%*(? 8/%(< ,=$, ,=/ 6*;,%*( *) $ 9=$( *) )$%; @$&7/ ;/&$,%(< ,* ,=/ /(,%,>d5 *:( 9;/3%, ;%5U %5 ,* 8/ 6;/5/(,/3 %(
*,=/; 9*#6;/=/(5%@/ %(9*#/ 7(&/55 %, :*7&3 9;/$,/ $( $99*7(,%(< #%5#$,9=. 0=/ 9*(5*&%3$,/3 /(,%,> :%&& $3*6, ,=%5
5,$(3$;3 );*# E ^7&> JLEK 87, ,=/ %#6$9, *) %,5 $3*6,%*( %5 >/, ,* 8/ $55/55/3 8> ,=/ 9*(5*&%3$,/3 /(,%,>.
AASB 10 Consolidated Financial Statements
0=%5 5,$(3$;3 %5 $66&%9$8&/ ,* $((7$& ;/6*;,%(< 6/;%*35 8/<%((%(< *( *; $),/; E ^$(7$;> JLEF. 0=/ 5,$(3$;3 =$5 $ (/:
3/)%(%,%*( *) 49*(,;*&4. P*(,;*& /B%5,5 :=/( ,=/ ;/6*;,%(< /(,%,> %5 /B6*5/3? *; =$5 ,=/ ;%<=,5? ,* @$;%$8&/ ;/,7;(5 Z/.<.
3%@%3/(35? ;/#7(/;$,%*(? ;/,7;(5 ,=$, $;/ (*, $@$%&$8&/ ,* *,=/; %(,/;/5, =*&3/;5 %(9&73%(< &*55/5\ );*# %,5 %(@*&@/#/(,
:%,= $(*,=/; /(,%,> $(3 =$5 ,=/ $8%&%,> ,* $))/9, ,=*5/ ;/,7;(5 ,=;*7<= %,5 46*:/;4 *@/; ,=$, *,=/; /(,%,>. W ;/6*;,%(< /(,%,>
=$5 6*:/; :=/( %, =$5 ;%<=,5 Z/.<. @*,%(< ;%<=,5? 6*,/(,%$& @*,%(< ;%<=,5? ;%<=,5 ,* $66*%(, U/> #$($#/(,? 3/9%5%*(
#$U%(< ;%<=,5? U%9U *7, ;%<=,5\ ,=$, <%@/ %, ,=/ 97;;/(, $8%&%,> ,* 3%;/9, ,=/ $9,%@%,%/5 ,=$, 5%<(%)%9$(,&> $))/9, ,=/ %(@/5,//d5
;/,7;(5 Z/.<. *6/;$,%(< 6*&%9%/5? 9$6%,$& 3/9%5%*(5? $66*%(,#/(, *) U/> #$($#/(,\. 0=/ 9*(5*&%3$,/3 /(,%,> :%&& (*,
*(&> =$@/ ,* 9*(5%3/; %,5 =*&3%(<5 $(3 ;%<=,5 87, $&5* ,=/ =*&3%(<5 $(3 ;%<=,5 *) *,=/; 5=$;/=*&3/;5 %( *;3/; ,*
3/,/;#%(/ :=/,=/; %, =$5 ,=/ (/9/55$;> 6*:/; )*; 9*(5*&%3$,%*( 67;6*5/5. 0=/ $3*6,%*( *) ,=%5 5,$(3$;3 );*# E ^7&>
JLEF #$> =$@/ $( %#6$9, :=/;/ ,=/ 9*(5*&%3$,/3 /(,%,> =$5 $ =*&3%(< *) &/55 ,=$( KLm %( $( /(,%,>? =$5 3/ )$9,*
9*(,;*&? $(3 %5 (*, 97;;/(,&> 9*(5*&%3$,%(< ,=$, /(,%,>.
AASB 11 Joint Arrangements
0=%5 5,$(3$;3 %5 $66&%9$8&/ ,* $((7$& ;/6*;,%(< 6/;%*35 8/<%((%(< *( *; $),/; E ^$(7$;> JLEF. 0=/ 5,$(3$;3 3/)%(/5
:=%9= /(,%,%/5 X7$&%)> $5 k*%(, @/(,7;/5 $(3 ;/#*@/5 ,=/ *6,%*( ,* $99*7(, )*; k*%(, @/(,7;/5 75%(< 6;*6*;,%*($&
9*(5*&%3$,%*(. ^*%(, @/(,7;/5? :=/;/ ,=/ 6$;,%/5 ,* ,=/ $<;//#/(, =$@/ ,=/ ;%<=,5 ,* ,=/ (/, $55/,5 :%&& 75/ /X7%,>
$99*7(,%(<. ^*%(, *6/;$,%*(5? :=/;/ ,=/ 6$;,%/5 ,* ,=/ $<;//#/(,5 =$@/ ,=/ ;%<=,5 ,* ,=/ $55/,5 $(3 *8&%<$,%*(5 )*; ,=/
&%$8%&%,%/5 :%&& $99*7(, )*; ,=/ $55/,5? &%$8%&%,%/5? ;/@/(7/5 $(3 /B6/(5/5 5/6$;$,/&>? 75%(< 6;*6*;,%*($,/ 9*(5*&%3$,%*(.
0=/ $3*6,%*( *) ,=%5 5,$(3$;3 );*# E ^7&> JLEF :%&& (*, =$@/ $ #$,/;%$& %#6$9, *( ,=/ 9*(5*&%3$,/3 /(,%,>.
AASB 12 Disclosure of Interests in Other Entities
0=%5 5,$(3$;3 %5 $66&%9$8&/ ,* $((7$& ;/6*;,%(< 6/;%*35 8/<%((%(< *( *; $),/; E ^$(7$;> JLEF. S, 9*(,$%(5 ,=/ /(,%;/
3%59&*57;/ ;/X7%;/#/(, $55*9%$,/3 :%,= *,=/; /(,%,%/5? 8/%(< 5785%3%$;%/5? $55*9%$,/5 $(3 k*%(, @/(,7;/5. 0=/
3%59&*57;/ ;/X7%;/#/(,5 =$@/ 8//( 5%<(%)%9$(,&> /(=$(9/3 :=/( 9*#6$;/3 ,* ,=/ 3%59&*57;/5 6;/@%*75&> &*9$,/3 %(
WWMY EJI 4P*(5*&%3$,/3 $(3 M/6$;$,/ A%($(9%$& M,$,/#/(,54? WWMY EJ] 4S(@/5,#/(,5 %( W55*9%$,/54? WWMY EFE
4S(,/;/5,5 %( ^*%(, a/(,7;/54 $(3 S(,/;6;/,$,%*( EEJ 4P*(5*&%3$,%*( " M6/9%$& Q7;6*5/ !(,%,%/54. 0=/ $3*6,%*( *) ,=%5
5,$(3$;3 );*# E ^7&> JLEF :%&& 5%<(%)%9$(,&> %(9;/$5/ ,=/ $#*7(, *) 3%59&*57;/5 ;/X7%;/3 ,* 8/ <%@/( 8> ,=/
9*(5*&%3$,/3 /(,%,> 579= $5 5%<(%)%9$(, k73#/(,5 $(3 $557#6,%*(5 #$3/ %( 3/,/;#%(%(< :=/,=/; %, =$5 $ 9*(,;*&&%(<
*; (*("9*(,;*&&%(< %(,/;/5, %( $(*,=/; /(,%,> $(3 ,=/ ,>6/ *) (*("9*(,;*&&%(< %(,/;/5, $(3 ,=/ ($,7;/ $(3 ;%5U5 %(@*&@/3.
""
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies (continued)
AASB 13 Fair Value Measurement and AASB 2011-8 Amendments to Australian Accounting Standards arising from
AASB 13
0=%5 5,$(3$;3 $(3 %,5 9*(5/X7/(,%$& $#/(3#/(,5 $;/ $66&%9$8&/ ,* $((7$& ;/6*;,%(< 6/;%*35 8/<%((%(< *( *; $),/; E
^$(7$;> JLEF. 0=/ 5,$(3$;3 6;*@%3/5 $ 5%(<&/ ;*875, #/$57;/#/(, );$#/:*;U? :%,= 9&/$; #/$57;/#/(, *8k/9,%@/5?
)*; #/$57;%(< )$%; @$&7/ 75%(< ,=/ 4/B%, 6;%9/4 $(3 %, 6;*@%3/5 <7%3$(9/ *( #/$57;%(< )$%; @$&7/ :=/( $ #$;U/,
8/9*#/5 &/55 $9,%@/. 0=/ 4=%<=/5, $(3 8/5, 75/4 $66;*$9= :*7&3 8/ 75/3 ,* #/$57;/ $55/,5 :=/;/$5 &%$8%&%,%/5 :*7&3
8/ 8$5/3 *( ,;$(5)/; @$&7/. W5 ,=/ 5,$(3$;3 3*/5 (*, %(,;*379/ $(> (/: ;/X7%;/#/(,5 )*; ,=/ 75/ *) )$%; @$&7/? %,5
%#6$9, *( $3*6,%*( 8> ,=/ 9*(5*&%3$,/3 /(,%,> );*# E ^7&> JLEF 5=*7&3 8/ #%(%#$&? $&,=*7<= ,=/;/ :%&& 8/ %(9;/$5/3
3%59&*57;/5 :=/;/ )$%; @$&7/ %5 75/3.
AASB 119 Employee Benefits (September 2011) and AASB 2011-10 Amendments to Australian Accounting
Standards arising from AASB 119 (September 2011)
0=%5 ;/@%5/3 5,$(3$;3 $(3 %,5 9*(5/X7/(,%$& $#/(3#/(,5 $;/ $66&%9$8&/ ,* $((7$& ;/6*;,%(< 6/;%*35 8/<%((%(< *( *;
$),/; E ^$(7$;> JLEF. 0=/ $#/(3#/(,5 #$U/ 9=$(5 ,* ,=/ $99*7(,%(< )*; 3/)%(/3 8/(/)%, 6&$(5 $(3 ,=/ 3/)%(%,%*(
*) 5=*;,",/;# /#6&*>// 8/(/)%,5? );*# 437/ ,*4 ,* 4/B6/9,/3 ,*4 8/ 5/,,&/3 :%,=%( EJ #*(,=5. 0=/ &$,/; :%&& ;/X7%;/
$((7$& &/$@/ ,=$, %5 (*, /B6/9,/3 ,* 8/ :=*&&> 5/,,&/3 :%,=%( EJ #*(,=5 ,* 8/ 3%59*7(,/3 $&&*:%(< )*; /B6/9,/3 5$&$;>
&/@/&5 %( ,=/ )7,7;/ 6/;%*3 :=/( ,=/ &/$@/ %5 /B6/9,/3 ,* 8/ ,$U/(. 0=/ $3*6,%*( *) ,=/ ;/@%5/3 5,$(3$;3 );*# E ^7&>
JLEF %5 /B6/9,/3 ,* ;/379/ ,=/ ;/6*;,/3 $((7$& &/$@/ &%$8%&%,> *) ,=/ 9*(5*&%3$,/3 /(,%,>.
AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel
Disclosure Requirement
0=/5/ $#/(3#/(,5 $;/ $66&%9$8&/ ,* $((7$& ;/6*;,%(< 6/;%*35 8/<%((%(< *( *; $),/; E ^7&> JLEF? :%,= /$;&> $3*6,%*(
(*, 6/;#%,,/3. 0=/> $#/(3 WWMY EJH 4e/&$,/3 Q$;,> R%59&*57;/54 8> ;/#*@%(< ,=/ 3%59&*57;/ ;/X7%;/#/(,5 )*;
%(3%@%37$& U/> #$($#/(, 6/;5*((/& Z4fbQ4\. 0=/ $3*6,%*( *) ,=/5/ $#/(3#/(,5 );*# E ^7&> JLEF :%&& ;/#*@/ ,=/
376&%9$,%*( *) %()*;#$,%*( ;/&$,%(< ,* %(3%@%37$& fbQ %( ,=/ (*,/5 ,* ,=/ )%($(9%$& 5,$,/#/(,5 $(3 ,=/ 3%;/9,*;5 ;/6*;,.
W5 ,=/ $<<;/<$,/ 3%59&*57;/5 $;/ 5,%&& ;/X7%;/3 8> WWMY EJH $(3 37;%(< ,=/ ,;$(5%,%*($& 6/;%*3 ,=/ ;/X7%;/#/(,5 #$>
8/ %(9&73/3 %( ,=/ P*;6*;$,%*(5 W9, *; *,=/; &/<%5&$,%*(? %, %5 /B6/9,/3 ,=$, ,=/ $#/(3#/(,5 :%&& (*, =$@/ $ #$,/;%$&
%#6$9, *( ,=/ 9*(5*&%3$,/3 /(,%,>.
AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint
Arrangements Standards
0=/ $#/(3#/(,5 $;/ $66&%9$8&/ ,* $((7$& ;/6*;,%(< 6/;%*35 8/<%((%(< *( *; $),/; E ^$(7$;> JLEF. 0=/ $#/(3#/(,5
#$U/ (7#/;*75 9*(5/X7/(,%$& 9=$(5 ,* $ ;$( *) W75,;$&%$( W99*7(,%(< M,$(3$;35 $(3 S(,/;6;/,$,%*(5? )*&&*:%(<
,=/ %557$(9/ *) WWMY EL? WWMY EE? WWMY EJ $(3 ;/@%5/3 WWMY EJI $(3 WWMY EJ]. 0=/ $3*6,%*( *) ,=/5/
$#/(3#/(,5 );*# E ^7&> JLEF :%&& (*, =$@/ $ #$,/;%$& %#6$9, *( ,=/ 9*(5*&%3$,/3 /(,%,>.
AASB 2011-9 Amendments to Australian Accounting Standards - Presentation of Items of Other Comprehensive
Income
0=/5/ $#/(3#/(,5 $;/ $66&%9$8&/ ,* $((7$& ;/6*;,%(< 6/;%*35 8/<%((%(< *( *; $),/; E ^7&> JLEJ. 0=/ $#/(3#/(,5
;/X7%;/5 <;*76%(< ,*,=/; *) %,/#5 :%,=%( *,=/; 9*#6;/=/(5%@/ %(9*#/ *( ,=/ 8$5%5 *) :=/,=/; ,=/> :%&& /@/(,7$&&> 8/
4;/9>9&/34 ,* ,=/ 6;*)%, *; &*55 Z;/9&$55%)%9$,%*( $3k75,#/(,5\. 0=/ 9=$( 6;*@%3/5 9&$;%,> $8*7, ,=/ ($,7;/ *) %,/#5
6;/5/(,/3 $5 *,=/; 9*#6;/=/(5%@/ %(9*#/ $(3 ,=/ ;/&$,/3 ,$B 6;/5/(,$,%*(. 0=/ $3*6,%*( *) ,=/ ;/@%5/3 5,$(3$;3
);*# E ^7&> JLEJ :%&& %#6$9, ,=/ 9*(5*&%3$,/3 /(,%,>d5 6;/5/(,$,%*( *) %,5 5,$,/#/(, *) 9*#6;/=/(5%@/ %(9*#/.
AASB 2012-2 Amendments to Australian Accounting Standards - Disclosures - Offsetting Financial Assets and
Financial Liabilities
0=/ $#/(3#/(,5 $;/ $66&%9$8&/ ,* $((7$& ;/6*;,%(< 6/;%*35 8/<%((%(< *( *; $),/; E ^$(7$;> JLEF. 0=/ 3%59&*57;/
;/X7%;/#/(,5 *) WWMY I 4A%($(9%$& S(5,;7#/(,5' R%59&*57;/54 Z$(3 9*(5/X7/(,%$& $#/(3#/(,5 ,* WWMY EFJ 4A%($(9%$&
S(5,;7#/(,5' Q;/5/(,$,%*(4\ =$@/ 8//( /(=$(9/3 ,* 6;*@%3/ 75/;5 *) )%($(9%$& 5,$,/#/(,5 :%,= %()*;#$,%*( $8*7,
(/,,%(< $;;$(#/(,5? %(9&73%(< ;%<=,5 *) 5/,"*)) ;/&$,/3 ,* $( /(,%,>45 )%($(9%$& %(5,;7#/(,5 $(3 ,=/ /))/9,5 *) 579=
;%<=,5 *( %,5 5,$,/#/(, *) )%($(9%$& 6*5%,%*(. 0=/ $3*6,%*( *) ,=/ $#/(3#/(,5 );*# E ^7&> JLEF :%&&
%(9;/$5/ ,=/
3%59&*57;/5 8> ,=/ 9*(5*&%3$,/3 /(,%,>.
"#
TZ Limited
Notes to the financial statements
30 June 2012
Note 1. Significant accounting policies (continued)
AASB 2012-3 Amendments to Australian Accounting Standards - Offsetting Financial Assets and Financial Liabilities
0=/ $#/(3#/(,5 $;/ $66&%9$8&/ ,* $((7$& ;/6*;,%(< 6/;%*35 8/<%((%(< *( *; $),/; E ^$(7$;> JLEH. 0=/ $#/(3#/(,5
$33 $66&%9$,%*( <7%3$(9/ ,* $33;/55 %(9*(5%5,/(9%/5 %( ,=/ $66&%9$,%*( *) ,=/ *))5/,,%(< 9;%,/;%$ %( WWMY EFJ 4A%($(9%$&
S(5,;7#/(,5' Q;/5/(,$,%*(4? 8> 9&$;%)>%(< ,=/ #/$(%(< *) r97;;/(,&> =$5 $ &/<$&&> /()*;9/$8&/ ;%<=, *) 5/,"*))ri $(3
9&$;%)%/5 ,=$, 5*#/ <;*55 5/,,&/#/(, 5>5,/#5 #$> 8/ 9*(5%3/;/3 ,* 8/ /X7%@$&/(, ,* (/, 5/,,&/#/(,. 0=/ $3*6,%*( *)
,=/ $#/(3#/(,5 );*# E ^7&> JLEH :%&& (*, =$@/ $ #$,/;%$& %#6$9, *( ,=/ 9*(5*&%3$,/3 /(,%,>.
AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009-2011 Cycle
0=/ $#/(3#/(,5 $;/ $66&%9$8&/ ,* $((7$& ;/6*;,%(< 6/;%*35 8/<%((%(< *( *; $),/; E ^$(7$;> JLEF. 0=/ $#/(3#/(,5
$))/9, )%@/ W75,;$&%$( W99*7(,%(< M,$(3$;35 $5 )*&&*:5' P*()%;#$,%*( ,=$, ;/6/$, $66&%9$,%*( *) WWMY E ZSAeM E\ 4A%;5,"
,%#/ W3*6,%*( *) W75,;$&%$( W99*7(,%(< M,$(3$;354 %5 6/;#%,,/3i P&$;%)%9$,%*( *) 8*;;*:%(< 9*5, /B/#6,%*( %( WWMY Ei
P&$;%)%9$,%*( *) 9*#6;/=/(5%@/ %()*;#$,%*( ;/X7%;/#/(,5 :=/( $( /(,%,> 6;*@%3/5 $ ,=%;3 8$&$(9/ 5=//, %( $99*;3$(9/
:%,= WWMY ELE 4Q;/5/(,$,%*( *) A%($(9%$& M,$,/#/(,54i P&$;%)%9$,%*( ,=$, 5/;@%9%(< *) /X7%6#/(, %5 9*@/;/3 8> WWMY
EED 4Q;*6/;,>? Q&$(, $(3 !X7%6#/(,4? %) 579= /X7%6#/(, %5 75/3 )*; #*;/ ,=$( *(/ 6/;%*3i WWMY EFJ 4A%($(9%$&
S(5,;7#/(,5' Q;/5/(,$,%*(4 P&$;%)%9$,%*( *)
%5
;/9*<(%5/3 %( ,=/ %(9*#/ 5,$,/#/(,i $(3 9&$;%)%9$,%*( *) ,=/ )%($(9%$& ;/6*;,%(< ;/X7%;/#/(,5 %( WWMY EFH 4S(,/;%#
A%($(9%$& e/6*;,%(<4 $(3 ,=/ 3%59&*57;/ ;/X7%;/#/(,5 *) 5/<#/(, $55/,5 $(3 &%$8%&%,%/5. 0=/ $3*6,%*( *)
,=/
$#/(3#/(,5 );*# E ^7&> JLEF :%&& (*, =$@/ $ #$,/;%$& %#6$9, *( ,=/ 9*(5*&%3$,/3 /(,%,>.
,=/ ,$B /))/9, *) 3%5,;%87,%*(5 ,* =*&3/;5 *) $( /X7%,> %(5,;7#/(,
Note 2. Critical accounting judgements, estimates and assumptions
0=/ 6;/6$;$,%*( *) ,=/ )%($(9%$& 5,$,/#/(,5 ;/X7%;/5 #$($#/(, ,* #$U/ k73#/(,5? /5,%#$,/5 $(3 $557#6,%*(5
,=$, $))/9, ,=/ ;/6*;,/3 $#*7(,5 %( ,=/ )%($(9%$& 5,$,/#/(,5. b$($#/(, 9*(,%(7$&&> /@$&7$,/5 %,5 k73#/(,5 $(3
/5,%#$,/5 %( ;/&$,%*( ,* $55/,5?
&%$8%&%,%/5? ;/@/(7/ $(3 /B6/(5/5. b$($#/(, 8$5/5 %,5
k73#/(,5? /5,%#$,/5 $(3 $557#6,%*(5 *( =%5,*;%9$& /B6/;%/(9/ $(3 *( *,=/; @$;%*75 )$9,*;5? %(9&73%(< /B6/9,$,%*(5
*)
)7,7;/ /@/(,5? #$($#/(, 8/&%/@/5 ,* 8/ ;/$5*($8&/ 7(3/; ,=/ 9%;97#5,$(9/5. 0=/ ;/57&,%(< $99*7(,%(<
k73#/(,5 $(3 /5,%#$,/5 :%&& 5/&3*# /X7$& ,=/ ;/&$,/3 $9,7$& ;/57&,5. 0=/ k73#/(,5? /5,%#$,/5 $(3 $557#6,%*(5
,=$, =$@/ $ 5%<(%)%9$(, ;%5U *) 9$75%(< $ #$,/;%$& $3k75,#/(, ,* ,=/ 9$;;>%(< $#*7(,5 *) $55/,5 $(3 &%$8%&%,%/5 :%,=%( ,=/
(/B, )%($(9%$& >/$; $;/ 3%59755/3 8/&*:.
&%$8%&%,%/5? 9*(,%((,
Share-based payment transactions
0=/ 9*(5*&%3$,/3 /(,%,> #/$57;/5 ,=/ 9*5, *) /X7%,>"5/,,&/3 ,;$(5$9,%*(5 :%,= /#6&*>//5 8> ;/)/;/(9/ ,* ,=/ )$%; @$&7/
*) ,=/ /X7%,> %(5,;7#/(,5 $, ,=/ 3$,/ $, :=%9= ,=/> $;/ <;$(,/3. 0=/ )$%; @$&7/ %5 3/,/;#%(/3 8> 75%(< /%,=/; ,=/
Y%(*#%$& *; Y&$9U"M9=*&/5 #*3/& ,$U%(< %(,* $99*7(, ,=/ ,/;#5 $(3 9*(3%,%*(5 76*( :=%9= ,=/ %(5,;7#/(,5 :/;/
<;$(,/3. 0=/ $99*7(,%(< /5,%#$,/5 $(3 $557#6,%*(5 ;/&$,%(< ,* /X7%,>"5/,,&/3 5=$;/"8$5/3 6$>#/(,5 :*7&3 =$@/ (*
%#6$9, *( ,=/ 9$;;>%(< $#*7(,5 *) $55/,5 $(3 &%$8%&%,%/5 :%,=%( ,=/ (/B, $((7$& ;/6*;,%(< 6/;%*3 87, #$> %#6$9, 6;*)%,
*; &*55 $(3 /X7%,>.
Provision for impairment of receivables
0=/ 6;*@%5%*( )*; %#6$%;#/(, *) ;/9/%@$8&/5 $55/55#/(, ;/X7%;/5 $ 3/<;// *) /5,%#$,%*( $(3 k73#/(,. 0=/ &/@/& *)
6;*@%5%*( %5 $55/55/3 8> ,$U%(< %(,* $99*7(, ,=/ ;/9/(, 5$&/5 /B6/;%/(9/? ,=/ $%(< *) ;/9/%@$8&/5? =%5,*;%9$&
9*&&/9,%*( ;$,/5 $(3 56/9%)%9 U(*:&/3 *) ,=/ %(3%@%37$& 3/8,*;5 )%($(9%$& 6*5%,%*(.
Estimation of useful lives of assets
0=/ 9*(5*&%3$,/3 /(,%,> 3/,/;#%(/5 ,=/ /5,%#$,/3 75/)7& &%@/5 $(3 ;/&$,/3 3/6;/9%$,%*( $(3 $#*;,%5$,%*( 9=$;5 )*;
%,5 6;*6/;,>? 6&$(, $(3 /X7%6#/(, $(3 )%(%,/ &%)/ %(,$(<%8&/ $55/,5. 0=/ 75/)7& &%@/5 9*7&3 9=$( 5%<(%)%9$(,&> $5 $
;/57&, *) ,/9=(%9$& %((*@$,%*(5 *; 5*#/ *,=/; /@/(,. 0=/ 3/6;/9%$,%*( $(3 $#*;,%5$,%*( 9=$; :%&& %(9;/$5/ :=/;/ ,=/
75/)7& &%@/5 $;/ &/55 ,=$( 6;/@%*75&> /5,%#$,/3 &%@/5? *; ,/9=(%9$&&> *85*&/,/ *; (*("5,;$,/<%9 $55/,5 ,=$, =$@/ 8//(
$8$(3*(/3 *; 5*&3 :%&& 8/ :;%,,/( *)) *; :;%,,/( 3*:(.
"$
TZ Limited
Notes to the financial statements
30 June 2012
Note 2. Critical accounting judgements, estimates and assumptions (continued)
Goodwill and other indefinite life intangible assets
0=/ 9*(5*&%3$,/3 /(,%,> ,/5,5 $((7$&&>? *; #*;/ );/X7/(,&> %) /@/(,5 *; 9=$(5 %( 9%;97#5,$(9/5 %(3%9$,/ %#6$%;#/(,?
:=/,=/; <**3:%&& $(3 *,=/; %(3/)%(%,/ &%)/ %(,$(<%8&/ $55/,5 =$@/ 57))/;/3 $(> %#6$%;#/(,? %( $99*;3$(9/ :%,= ,=/
$99*7(,%(< 6*&%9> 5,$,/3 %( (*,/ E. 0=/ ;/9*@/;$8&/ $#*7(,5 *) 9$5="(/;$,%(< 7(%,5 =$@/ 8//( 3/,/;#%(/3 8$5/3
*( @$&7/"%("75/ 9$&97&$,%*(5. 0=/5/ 9$&97&$,%*(5 ;/X7%;/ ,=/ 75/ *) $557#6,%*(5? %(9&73%(< /5,%#$,/3 3%59*7(, ;$,/5
8$5/3 *( ,=/ 97;;/(, 9*5, *) 9$6%,$& $(3 <;*:,= ;$,/5 *) ,=/ /5,%#$,/3 )7,7;/ 9$5= )&*:5.
Impairment of non-financial assets other than goodwill and other indefinite life intangible assets
0=/ 9*(5*&%3$,/3 /(,%,> $55/55/5 %#6$%;#/(, *) (*(")%($(9%$& $55/,5 *,=/; ,=$( <**3:%&& $(3 *,=/; %(3/)%(%,/ &%)/
%(,$(<%8&/ $55/,5 $, /$9= ;/6*;,%(< 3$,/ 8> /@$&7$,%(< 9*(3%,%*(5 56/9%)%9 ,* ,=/ 9*(5*&%3$,/3 /(,%,> $(3 ,* ,=/
6$;,%97&$; $55/, ,=$, #$> &/$3 ,* %#6$%;#/(,. S) $( %#6$%;#/(, ,;%<; /B%5,5? ,=/ ;/9*@/;$8&/ $#*7(, *) ,=/ $55/, %5
3/,/;#%(/3. 0=%5 %(@*&@/5 )$%; @$&7/ &/55 9*5,5 ,* 5/&& *; @$&7/"%("75/ 9$&97&$,%*(5? :=%9= %(9*;6*;$,/ $ (7#8/; *) U/>
/5,%#$,/5 $(3 $557#6,%*(5.
Income tax
0=/ 9*(5*&%3$,/3 /(,%,> %5 578k/9, ,* %(9*#/ ,$B/5 %( ,=/ k7;%53%9,%*(5 %( :=%9= %, *6/;$,/5. M%<(%)%9$(, k73#/(, %5
;/X7%;/3 %( 3/,/;#%(%(< ,=/ 6;*@%5%*( )*; %(9*#/ ,$B. 0=/;/ $;/ #$(> ,;$(5$9,%*(5 $(3 9$&97&$,%*(5 7(3/;,$U/( 37;%(<
,=/ *;3%($;> 9*7;5/ *) 875%(/55 )*; :=%9= ,=/ 7&,%#$,/ ,$B 3/,/;#%($,%*( %5 7(9/;,$%(. 0=/ 9*(5*&%3$,/3 /(,%,>
;/9*<(%5/5 &%$8%&%,%/5 )*; $(,%9%6$,/3 ,$B $73%, %557/5 8$5/3 *( ,=/ 9*(5*&%3$,/3 /(,%,>d5 97;;/(, 7(3/;5,$(3%(< *) ,=/
,$B &$:. O=/;/ ,=/ )%($& ,$B *7,9*#/ *) ,=/5/ #$,,/;5 %5 3%))/;/(, );*# ,=/ 9$;;>%(< $#*7(,5? 579= 3%))/;/(9/5 :%&&
%#6$9, ,=/ 97;;/(, $(3 3/)/;;/3 ,$B 6;*@%5%*(5 %( ,=/ 6/;%*3 %( :=%9= 579= 3/,/;#%($,%*( %5 #$3/.
Recovery of deferred tax assets
R/)/;;/3 ,$B $55/,5 $;/ ;/9*<(%5/3 )*; 3/379,%8&/ ,/#6*;$;> 3%))/;/(9/5 *(&> %) ,=/ 9*(5*&%3$,/3 /(,%,> 9*(5%3/;5 %, %5
6;*8$8&/ ,=$, )7,7;/ ,$B$8&/ $#*7(,5 :%&& 8/ $@$%&$8&/ ,* 7,%&%5/ ,=*5/ ,/#6*;$;> 3%))/;/(9/5 $(3 &*55/5.
Valuation of embedded derivatives and convertible note debt portion
0=/ ,/;#5 *) ,=/ P*(@/;,%8&/ N*,/ M7859;%6,%*( R//3 $;/ 579= ,=$, ,=/ (*,/ =*&3/;5 $;/ $8&/ ,* 9*(@/;, ,* /X7%,> $,
,=/ 9*(@/;5%*( 3$,/ $, ,=/ &*:/; *)' Z$\ ,=/ $<;//3 9*(@/;5%*( 6;%9/i $(3 Z8\ ,=/ %557/ 6;%9/ *) $(> 5785/X7/(, 5=$;/
%557/ 37;%(< ,=/ ,/;# *) ,=/ ,/;# *) ,=/ 9*(@/;,%8&/ (*,/. 0=/ 9*(@/;,%8&/ (*,/5? $5 $ ;/57&, *) ,=%5 9&$75/ :=%9=
/&%#%($,/5 ,=/ (*,/ =*&3/;45 /X7%,> ;%5U? $;/ ,=/;/)*;/ 3/8, %(5,;7#/(,5 :=%9= =*5, $( /#8/33/3 3/;%@$,%@/ %(
$99*;3$(9/ :%,= WWMY EFJ 4A%($(9%$& S(5,;7#/(,5' Q;/5/(,$,%*(4.
V6*( %(9/6,%*(? ,=/ 3/;%@$,%@/ /&/#/(, *) ,=/ 9*(@/;,%8&/ (*,/5 %5 5/6$;$,/3 $(3 @$&7/3 %( $99*;3$(9/ :%,= WWMY EFG
4A%($(9%$& S(5,;7#/(,5' e/9*<(%,%*( $(3 b/$57;/#/(,4. 0=/;/$),/; ,=/ 3/;%@$,%@/ %5 3/5%<($,/3 $5 )$%; @$&7/ ,=;*7<=
6;*)%, $(3 &*55? $(3 $99*;3%(<&> %5 )$%; @$&7/3 $, ,=/ /(3 *) /$9= ;/6*;,%(< 6/;%*3? :%,= $(> #*@/#/(, %( )$%; @$&7/
;/6*;,/3 ,=;*7<= 6;*)%, $(3 &*55.
0=/ 9*(@/;,%8&/ (*,/ 3/8, 6*;,%*( %5 #/$57;/3 $, )$%; @$&7/ *( %(9/6,%*( $(3 5785/X7/(,&> #/$57;/3 $, $#*;,%5/3
9*5,.
0* @$&7/ ,=/ 3/;%@$,%@/ ,=/ 9*#6$(> /(<$3 ,=/ 5/;@%9/5 *) @$&7$,%*( /B6/;,5 W#/;%9$( W66;$%5$& ZW75,;$&%$\ Q,>
2%#%,/3. W b*(,/ P$;&* 5%#7&$,%*( :$5 9*(379,/3 :=/;/8> $ ;$(3*# (7#8/; :%,=%( $ (*;#$& 3%5,;%87,%*( :$5 7,%&%5/3
,* 5%#7&$,/ ,=/ 5=$;/ 6;%9/ ;/,7;( $, $ 3/)%(/3 6*%(, %( ,%#/. S( $;;%@%(< $, ,=/%; @$&7$,%*(? k73#/(, $(3 /5,%#$,%*(
:$5 /B/;9%5/3 ;/<$;3%(< @$&7$,%*( %(67,5 579= $5 ,=/ /))/9,%@/ &%)/ *) ,=/ 3/;%@$,%@/ $(3 5=$;/ 6;%9/ @*&$,%&%,>.
0=/ 9$;;>%(< @$&7/5 $, FL ^7(/ JLEJ *) ,=/ 3/;%@$,%@/ $(3 9*(@/;,%8&/ (*,/ &%$8%&%,%/5 $;/ h]LI?LLL $(3 hEF?EFK?LLL
;/56/9,%@/&> ZJLEE' 3/;%@$,%@/ hH?HEE?LLL $(3 9*(@/;,%8&/ (*,/ hEL?JLD?LLL\ $5 3/,$%&/3 %( (*,/5 E]? EG? JJ $(3 JF.
"%
TZ Limited
Notes to the financial statements
30 June 2012
Note 3. Operating segments
Identification of reportable operating segments
0=/ 9*(5*&%3$,/3 /(,%,> %5 *;<$(%5/3 %(,* ,:* *6/;$,%(< 5/<#/(,5. 0=/5/ *6/;$,%(< 5/<#/(,5 $;/ 8$5/3 *( ,=/
%(,/;($& ;/6*;,5 ,=$, $;/ ;/@%/:/3 $(3 75/3 8> ,=/ /B/97,%@/ #$($#/(, 9*##%,,// Z:=* $;/ %3/(,%)%/3 $5 ,=/ P=%/)
T6/;$,%(< R/9%5%*( b$U/;5 Z4PTRb4\\ %( $55/55%(< 6/;)*;#$(9/ $(3 %( 3/,/;#%(%(< ,=/ $&&*9$,%*( *) ;/5*7;9/5.
0=/;/ %5 (* $<<;/<$,%*( *) *6/;$,%(< 5/<#/(,5.
0=/ PTRb 9*#6;%5/5 ,=/ /B/97,%@/ 3%;/9,*;5? 9=%/) /B/97,%@/ *))%9/;? 9=%/) )%($(9%$& *))%9/; $(3 3%@%5%*($& #$($;5.
0=/ PTRb ;/@%/:5 8*,= $3k75,/3 /$;(%(<5 8/)*;/ %(,/;/5,? ,$B? 3/6;/9%$,%*( $(3 $#*;,%5$,%*( Z4!YS0RW4\ $(3 6;*)%,
8/)*;/ %(9*#/ ,$B.
0=/ %()*;#$,%*( ;/6*;,/3 ,* ,=/ PTRb %5 *( $, &/$5, $ #*(,=&> 8$5%5.
Types of products and services
0=/ 6;%(9%6$& 6;*379,5 $(3 5/;@%9/5 *) /$9= *) ,=/5/ *6/;$,%(< 5/<#/(,5 $;/ $5 )*&&*:5'
QR0 g*&3%(<5 S(9.? Z4QR04\
0/&/-><*&*<> S(9. $(3 01S
W75,;$&%$ Q,> 2%#%,/3 Z401S4\
QR0 `;*76 *6/;$,/5 %,5 /(<%(//;%(< $(3 3/5%<( 3%@%5%*( 6;/3*#%($(,&> %( ,=/ VMW?
:=%&5, #$%(,$%(%(< $ 6;/5/(9/ %( ,=/ Vf $(3 ,=/ VU;$%(/.
01Sd5 6;%#$;> ;*&/ %5 ,=/ 3/@/&*6#/(, $(3 9*##/;9%$&%5$,%*( *) =$;3:$;/ $(3
5*),:$;/ 6;*379,5 6;%#$;%&> %( ,=/ VM? W75,;$&%$( $(3 W5%$( #$;U/,5.
Intersegment transactions
S(,/;5/<#/(, ,;$(5$9,%*(5 :/;/ #$3/ $, #$;U/, ;$,/5. S(,/;5/<#/(, ,;$(5$9,%*(5 $;/ /&%#%($,/3 *( 9*(5*&%3$,%*(.
Intersegment receivables, payables and loans
S(,/;5/<#/(, &*$(5 $;/ %(%,%$&&> ;/9*<(%5/3 $, ,=/ 9*(5%3/;$,%*( ;/9/%@/3. S(,/;5/<#/(, &*$(5 ;/9/%@$8&/ $(3 &*$(5
6$>$8&/ ,=$, /$;( *; %(97; (*("#$;U/,
%(,/;/5, ;$,/5.
S(,/;5/<#/(, &*$(5 $;/ /&%#%($,/3 *( 9*(5*&%3$,%*(.
%(,/;/5, $;/ (*, $3k75,/3 ,* )$%; @$&7/ 8$5/3 *( #$;U/,
Major customers
R7;%(< ,=/ >/$; /(3/3 FL ^7(/ JLEJ $66;*B%#$,/&> HE.GKm ZJLEE' FK.ELm\ *) ,=/ 9*(5*&%3$,/3 /(,%,>45 /B,/;($&
;/@/(7/ :$5 3/;%@/3 );*# 5$&/5 ,* *(/ 975,*#/; *) QR0.
Segment information
M/<#/(, %()*;#$,%*( %5 6;/5/(,/3 75%(< $ 4#$($#/(, $66;*$9=4? %./. 5/<#/(, %()*;#$,%*( %5 6;*@%3/3 *( ,=/ 5$#/
8$5%5 $5 %()*;#$,%*( 75/3 )*; %(,/;($& ;/6*;,%(< 67;6*5/5 8> ,=/ PTRb.
"&
TZ Limited
Notes to the financial statements
30 June 2012
Note 3. Operating segments (continued)
Operating segment information
2012
$'000
PDT
(USA)
$'000
PDT
(USA)
$'000
TZI
(USA &
AUST)
$'000
Intersegment
eliminations/
unallocated Consolidated
$'000
$'000
19,127
368
19,495
10
19,505
2,051
-
2,051
116
2,167
-
(368)
(368)
4,691
4,323
(630)
(6,468)
-
21,178
-
21,178
4,817
25,995
(7,098)
4,691
(3,305)
(1,768)
(4,862)
(12,342)
(19)
(12,361)
PDT
(USA)
$'000
TZI
(USA)
$'000
Intersegment
eliminations/
unallocated Consolidated
$'000
$'000
21,229
275
21,504
21
21,525
1,152
225
1,377
203
1,580
-
-
7,165
7,165
1,391
(5,837)
-
22,381
500
22,881
7,389
30,270
(4,446)
7,552
(5,827)
(1,856)
(4,098)
(8,675)
(109)
(8,784)
-
-
-
-
-
-
Revenue
Sales to external customers
Intersegment sales
Total sales revenue
Other revenue
Total revenue
EBITDA
Head office revenue / income
Head office costs
Depreciation and amortisation
Interest expenses
Loss before income tax
expense
Income tax expense
Loss after income tax
expense
2011
$'000
$'000
-
-
-
-
-
-
Revenue
Sales to external customers
Intersegment sales
Total sales revenue
Other revenue
Total revenue
EBITDA
Head office revenue / income
Head office costs
Depreciation and amortisation
Interest expenses
Loss before income tax
expense
Income tax expense
Loss after income tax
expense
-
-
-
-
-
-
-
-
-
-
-
-
!
TZ Limited
Notes to the financial statements
30 June 2012
Note 3. Operating segments (continued)
Geographical information
O<2/15;65
@.6/0=$M/5/02$7:$O8016N5
@.6/0=$A6.4=78
I5.5=5
30/C01;5.=2
A7105
L0.851K
B/C01$F
Sales to external
customers
2012
$'000
2011
$'000
Geographical
non-current assets
2012
2011
$'000
$'000
! "#$
%!&(&$
,()$
! "&$
$'$$
##$
"*$
#,&$
%&$
%!#%)$
),"$
#!)%"$
)($
$'$$
#"&$
#)$
"%$
* !"+&$
*( $
$'$$
$'$$
$'$$
$'$$
$'$$
$'$$
*%!(&)$
# %$
$'$$
$'$$
$'$$
$'$$
$'$$
* ! %&$
**!#& $
**!*()$
*%!"+#$
GC0 407415PC6N5; .7.'N<110./ 5220/2 5>790 510 0DN;<2690 7:! HC010 5PP;6N5>;0! :6.5.N65; 6.2/1<80./2! =0:0110= /5D
5220/2!$P72/$08P;7J80./$>0.0:6/2$5220/2$5.=$164C/2$<.=01$6.2<15.N0$N7./15N/2R
F$$$$$$B/C01$10;5/02$/7$G56H5.!$IC6.5!$-/5;J!$?<2265!$-10;5.=$$5.=$G<1K0J
Note 4. Revenue
Sales revenue
M5;02$5.=$20196N02$1090.<0
Other revenue
E5.54080./$:002
-./0102/
?7J5;/J
B/C01$1090.<0
?090.<0
Note 5. Other income
30/$456.$7.$=62P725;$7:$P17P01/J!$P;5./$5.=$0Q<6P80./
30/$456.$7.$622<0$7:$2C5102$/7$0D/6.4<62C$;65>6;6/602
30/$456.$7.$879080./$6.$:561$95;<0$7:$=01695/690$;65>6;6/602
$'$$
$'$$
$'$$
$'$$
Consolidated
2012
$'000
2011
$'000
* ! %&$
**!#""$
$'$$
*($
&$
")"$
!* *$
&$
*),$
&"$
% +$
!+% $
**!#"+$
*#!,%+$
Consolidated
2012
$'000
2011
$'000
$'$$
$'$$
#!)+($
#$
"+$
)!)+%$
B/C01$6.N780
$'$$
$'$$
#!)+($
)!&++$
"
TZ Limited
Notes to the financial statements
30 June 2012
Note 6. Expenses
T722$>0:710$6.N780$/5D$6.N;<=02$/C0$:7;;7H6.4$2P0N6:6N$
0DP0.202U
Depreciation
T0520C7;=$68P179080./2
X;5./$5.=$0Q<6P80./
B::6N0$0Q<6P80./
G7/5;$=0P10N65/67.
Amortisation
?0'5NQ<610=$164C/$V-./0965$T6N0.N0W
B/C01$6./5.46>;0$5220/2
G7/5;$5871/625/67.
G7/5;$=0P10N65/67.$5.=$5871/625/67.
Cost of sales
L610N/$85/0165;
L610N/$08P;7J80./$10;5/0=$0DP0.202
M<>N7./15N/712
I78P5.J$7901C05=2
B/C01$N72/$7:$25;02
Consolidated
2012
$'000
2011
$'000
* &$
*()$
* ($
)&"$
)*&$
,( $
*+*$
*" $
),$
)(%$
)(&$
(, $
$'$$
$'$$
$'$$
$'$$
$'$$
$'$$
!+%"$
! ""$
!%)&$
!&()$
"*+$
%!+,%$
&!#,)$
,)+$
*$
!+)&$
)! $
%!#$
,)%$
,+#$
G7/5;$N72/$7:$25;02
$'$$
$'$$
%!)+($
)!)+*$
Finance costs
-./0102/$5.=$:6.5.N0$NC51402$P56=SP5J5>;0
Net foreign exchange loss
30/$:71064.$0DNC5.40$;722
Superannuation expense
L0:6.0=$N7./16>67.$2 0;7HU
f Gc-`2 P17= 1 .8410H @.416104 E9>> 3JJ6/1 8. 13J5 ?16910 @@@ .841 34 #,U 716 3../G$ 73F3C>1 8. %# K1J1GC16 13J5
F136H
Series IIIB
+$& * ?16910 @@@V J8.B1649C>1 .8410 E945 3 <3J1 B3>/1 8< L#$,,, 13J5 E161 900/12 8. &+ K1J1GC16 &,#, 30 3 610/>4 8<
0536158>2160W 37768B3> 8< X108>/498. * 34 451 J8G73.FW0 &,#, 3../3> :1.163> G1149.: 51>2 8. # D8B1GC16 &,#,H
I51 .8410 53B1 3 <9B1 F136 416G 3.2 361 J8.B1649C>1 34 3 B3693C>1 6341$ C19.: 451 >10016 8 8E104
900/1 769J1 8< 3.F 0/C01T/1.4 05361 900/10 2/69.: 451 416G 8< 451 J8.B1649C>1 .8410H @.416104 E9>> 3JJ6/1 8. 13J5
?16910"@@@V".841"34"#,U"716"3../G$"73F3C>1"8."%#"K1J1GC16"13J5"F136H
-.216 451 416G0 8< 451 J8.B1649C>1 .8410$ 451 J/661.4 J8.B16098. 769J1 90 L,H%* 716 05361 <86 ?16910 @ Z @@@ 3.2 L,H+&
716"05361"<86"?16910"@@@V"C3012"8."451"G804"61J1.4"05361"900/10"8<"I["\9G9412H
Note 23. Non-current liabilities - derivative financial instruments
Consolidated
2012
$'000
2011
$'000
*("
+$+##"
K169B349B1"9.046/G1.4">93C9>94910
X1<16"48".841"%&"<86"64516"9.<86G3498."8."<9.3.J93>"9.046/G1.40H
'%
TZ Limited
Notes to the financial statements
30 June 2012
Note 24. Non-current liabilities - deferred tax
Deferred tax liability comprises temporary differences
attributable to:
O87<./2$10N74.620=$6.$P17:6/$71$;722U
[77=H6;;
B/C01$6./5.46>;02
L0:0110=$/5D$;65>6;6/J
Movements:
BP0.6.4$>5;5.N0
IC5140=$/7$P17:6/$71$;722$V.7/0$%W
Consolidated
2012
$'000
2011
$'000
"&%$
(%$
! ,,$
",($
""$
& ($
#+$
",($
&*"$
)$
",($
I;726.4$>5;5.N0
$'$$
$'$$
! ,,$
Note 25. Non-current liabilities - provisions
a8P;7J00$>0.0:6/2
Note 26. Non-current liabilities - other
T0520$6.N0./690$;65>6;6/J
Note 27. Equity - contributed equity
Consolidated
2012
$'000
2011
$'000
)$
$'$$
Consolidated
2012
$'000
2011
$'000
,)*$
(+%$
B1=6.51J$2C5102$'$:<;;J$P56=
(cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:5)(cid:6)(cid:4)(cid:7)(cid:8)(cid:9)(cid:10)
(cid:1)(cid:9)(cid:9)(cid:4)(cid:11)(cid:2)(cid:1)(cid:4)(cid:1)(cid:9)(cid:2)(cid:10)
(#!,,#$
,"! #$
Consolidated
Consolidated
2012
Shares
2011
Shares
2012
$'000
2011
$'000
'&
TZ Limited
Notes to the financial statements
30 June 2012
Note 27. Equity - contributed equity (continued)
Movements in ordinary share capital
Details
Date
No of shares Issue price
$'000
b5;5.N0
-22<0$7:$2C5102
-22<0$7:$2C5102$7.$N7.901267.$7:$N7.901/6>;0$
.7/0
-22<0$7:$2C5102$7.$0D01N620$7:$164C/2
-22<0$7:$2C5102$7.$N7.901267.$7:$N7.901/6>;0$
.7/0
G15.2:01$/7$N7./16>0=$0Q<6/J
-22<0$7:$2C5102
-22<0$7:$2C5102$7.$N7.901267.$7:$N7.901/6>;0$
.7/0
-22<0$7:$2C5102
-22<0$7:$2C5102$7.$N7.901267.$7:$;65>6;6/602$/7$
0Q<6/J
G15.2:01$/7$N7./16>0=$0Q<6/J
T022U$2C510$622<0$N72/2
b5;5.N0
-22<0$7:$2C5102$7.$0D01N620$7:$164C/2
-22<0$7:$2C5102$:71$5==6/67.5;$N5P6/5;
T022U$2C510$622<0$N72/2
$_<;J$*+ +
$_<;J$*+ +
($_<;J$*+ +
"$_<;J$*+ +
**$_<;J$*+ +
$BN/7>01$*+ +
*+$37908>01$*+ +
*($37908>01$*+ +
* $L0N08>01$*+ +
,$OP16;$*+
*,$E5J$*+
#+$_<.0$*+
*&$BN/7>01$*+
**$Z0>1<51J$*+ *
(cid:6)(cid:9)(cid:4)(cid:3)(cid:7)(cid:3)(cid:4)(cid:2)(cid:11)(cid:2)(cid:10)
(cid:2)(cid:5)(cid:11)(cid:4)(cid:1)(cid:7)(cid:7)(cid:10)
(cid:1)(cid:8)(cid:4)(cid:8)(cid:8)(cid:8)(cid:4)(cid:12)(cid:9)(cid:7)(cid:10)
(cid:1)(cid:4)(cid:7)(cid:3)(cid:8)(cid:4)(cid:8)(cid:8)(cid:8)(cid:10)
(cid:9)(cid:9)(cid:3)(cid:4)(cid:3)(cid:2)(cid:6)(cid:10)
(cid:1)(cid:4)(cid:1)(cid:12)(cid:3)(cid:4)(cid:1)(cid:12)(cid:6)(cid:10)
(cid:3)(cid:4)(cid:8)(cid:12)(cid:1)(cid:4)(cid:7)(cid:7)(cid:6)(cid:10)
(cid:9)(cid:4)(cid:8)(cid:7)(cid:3)(cid:4)(cid:7)(cid:2)(cid:1)(cid:10)
(cid:9)(cid:3)(cid:4)(cid:8)(cid:6)(cid:12)(cid:4)(cid:2)(cid:1)(cid:12)(cid:10)
(cid:2)(cid:4)(cid:11)(cid:12)(cid:5)(cid:4)(cid:1)(cid:9)(cid:1)(cid:10)
(cid:7)(cid:4)(cid:6)(cid:1)(cid:2)(cid:4)(cid:2)(cid:2)(cid:2)(cid:10)
(cid:1)(cid:9)(cid:9)(cid:4)(cid:11)(cid:2)(cid:1)(cid:4)(cid:1)(cid:9)(cid:2)(cid:10)
(cid:1)(cid:4)(cid:7)(cid:8)(cid:8)(cid:4)(cid:8)(cid:8)(cid:8)(cid:10)
(cid:1)(cid:7)(cid:4)(cid:9)(cid:9)(cid:5)(cid:4)(cid:9)(cid:11)(cid:12)(cid:10)
b5;5.N0
#+$_<.0$*+ *
(cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:5)(cid:6)(cid:4)(cid:7)(cid:8)(cid:9)(cid:10)
^+R,*
^+R,*
^+R++
^+R,*
^+R&,
^+R#(
^+R#"
^+R#(
^+R*%
^+R&,
^+R++
^+R#*
*(!"+%$
(+$
,!*++$
$'$$
")$
!++%$
*!*$
&+*$
"!&*,$
!+*($
#!&%($
V)+(W
,"! #$
$'$$
,!((*$
V***W
(#!,,#$
Ordinary shares
B1=6.51J 2C5102 0./6/;0 /C0 C7;=01 /7 P51/6N6P5/0 6. =696=0.=2 5.= /C0 P17N00=2 7. /C0 H6.=6.4 01$7:$5.=$587<./2$P56=$7.$/C0$2C5102$C0;=R$GC0$:<;;J$P56=$71=6.51J$2C5102$C590$.7$P51$95;<0R
B. 5 2C7H 7: C5.=2 0901J 808>01 P1020./ 5/ 5 800/6.4 6. P0127. 71 >J P17DJ 2C5;; C590 7.0 97/0 5.= Continue reading text version or see original annual report in PDF
format above