TZ Limited
Annual Report 2014

Plain-text annual report

17 October 2014 Lodged by ASX Online The Manager Company Announcements Office ASX Limited Level 4, 20 Bridge Street Sydney, NSW 2000 Dear Sir/Madam 2014 ANNUAL REPORT TZ Limited (the "Company") advises that the attached 2014 annual report was dispatched to shareholders today. Yours faithfully, TZ LIMITED Kenneth Ting Executive Director and Company Secretary TZ SMArt Devices. Enabling a SMArter World. Annual Report 2014 > Singapore Post's POPStation, Singapore. Contents SECTION ONE Chairman’s Letter Directors’ Report General Overview PAD Business Review IXP Business Review (cid:48)(cid:85)(cid:196)(cid:85)(cid:80)(cid:91)(cid:96)(cid:3)(cid:41)(cid:92)(cid:90)(cid:80)(cid:85)(cid:76)(cid:90)(cid:90)(cid:3)(cid:57)(cid:76)(cid:93)(cid:80)(cid:76)(cid:94) SECTION TWO 2014 Financial Statements 01 03 05 07 09 12 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT Chairman’s Letter Dear Shareholders, (cid:59)(cid:79)(cid:80)(cid:90)(cid:3)(cid:91)(cid:80)(cid:84)(cid:76)(cid:3)(cid:83)(cid:72)(cid:90)(cid:91)(cid:3)(cid:96)(cid:76)(cid:72)(cid:89)(cid:3)(cid:48)(cid:3)(cid:90)(cid:91)(cid:72)(cid:91)(cid:76)(cid:75)(cid:3)(cid:91)(cid:79)(cid:72)(cid:91)(cid:3)(cid:72)(cid:85)(cid:96)(cid:91)(cid:79)(cid:80)(cid:85)(cid:78)(cid:3)(cid:90)(cid:79)(cid:86)(cid:89)(cid:91)(cid:3) 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(cid:75)(cid:76)(cid:73)(cid:91)(cid:3)(cid:77)(cid:89)(cid:76)(cid:76)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)(cid:3)(cid:72)(cid:3)(cid:84)(cid:72)(cid:89)(cid:82)(cid:76)(cid:75)(cid:83)(cid:96)(cid:3)(cid:80)(cid:84)(cid:87)(cid:89)(cid:86)(cid:93)(cid:76)(cid:75)(cid:3) (cid:73)(cid:72)(cid:83)(cid:72)(cid:85)(cid:74)(cid:76)(cid:3)(cid:90)(cid:79)(cid:76)(cid:76)(cid:91)(cid:21)(cid:3) 01 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT "We are creating a 'pure IT', capital light, high return "We are creating a 'pure IT', capital light, high return business model through our investment in proprietary business model through our investment in proprietary software offerings that embed us in our customer’s infrastructure, workplaces and business activities." > Chairman and Executive Director Mark Bouris with Singapore Post's POPStation, Singapore. 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(cid:40)(cid:90)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:42)(cid:86)(cid:84)(cid:87)(cid:72)(cid:85)(cid:96)(cid:3)(cid:74)(cid:76)(cid:84)(cid:76)(cid:85)(cid:91)(cid:90)(cid:3)(cid:80)(cid:91)(cid:90)(cid:3)(cid:87)(cid:86)(cid:90)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:72)(cid:90)(cid:3)(cid:72)(cid:3) (cid:91)(cid:76)(cid:74)(cid:79)(cid:85)(cid:86)(cid:83)(cid:86)(cid:78)(cid:96)(cid:3)(cid:83)(cid:76)(cid:72)(cid:75)(cid:76)(cid:89)(cid:19)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:90)(cid:86)(cid:83)(cid:80)(cid:75)(cid:3)(cid:77)(cid:86)(cid:92)(cid:85)(cid:75)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:94)(cid:76)(cid:3)(cid:79)(cid:72)(cid:93)(cid:76)(cid:3) (cid:73)(cid:92)(cid:80)(cid:83)(cid:91)(cid:3)(cid:94)(cid:80)(cid:83)(cid:83)(cid:3)(cid:72)(cid:83)(cid:83)(cid:86)(cid:94)(cid:3)(cid:92)(cid:90)(cid:3)(cid:91)(cid:86)(cid:3)(cid:89)(cid:76)(cid:93)(cid:80)(cid:90)(cid:80)(cid:91)(cid:3)(cid:87)(cid:89)(cid:76)(cid:93)(cid:80)(cid:86)(cid:92)(cid:90)(cid:3)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:86)(cid:77)(cid:3) (cid:87)(cid:72)(cid:89)(cid:91)(cid:80)(cid:74)(cid:80)(cid:87)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:90)(cid:92)(cid:74)(cid:79)(cid:3)(cid:72)(cid:90)(cid:3)(cid:72)(cid:76)(cid:89)(cid:86)(cid:90)(cid:87)(cid:72)(cid:74)(cid:76)(cid:19)(cid:3)(cid:75)(cid:76)(cid:77)(cid:76)(cid:85)(cid:74)(cid:76)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3) (cid:72)(cid:92)(cid:91)(cid:86)(cid:84)(cid:86)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:91)(cid:86)(cid:3)(cid:73)(cid:76)(cid:78)(cid:80)(cid:85)(cid:3)(cid:87)(cid:92)(cid:89)(cid:90)(cid:92)(cid:80)(cid:85)(cid:78)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:84)(cid:96)(cid:89)(cid:80)(cid:72)(cid:75)(cid:3)(cid:86)(cid:77)(cid:3) (cid:72)(cid:87)(cid:87)(cid:83)(cid:80)(cid:74)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:3)(cid:91)(cid:79)(cid:72)(cid:91)(cid:3)(cid:72)(cid:89)(cid:76)(cid:3)(cid:76)(cid:84)(cid:76)(cid:89)(cid:78)(cid:80)(cid:85)(cid:78)(cid:3)(cid:72)(cid:90)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:80)(cid:85)(cid:91)(cid:76)(cid:89)(cid:85)(cid:76)(cid:91)(cid:3)(cid:86)(cid:77)(cid:3) (cid:91)(cid:79)(cid:80)(cid:85)(cid:78)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:90)(cid:84)(cid:72)(cid:89)(cid:91)(cid:3)(cid:75)(cid:76)(cid:93)(cid:80)(cid:74)(cid:76)(cid:90)(cid:3)(cid:73)(cid:76)(cid:74)(cid:86)(cid:84)(cid:76)(cid:90)(cid:3)(cid:72)(cid:85)(cid:3)(cid:80)(cid:84)(cid:87)(cid:86)(cid:89)(cid:91)(cid:72)(cid:85)(cid:91)(cid:3) (cid:87)(cid:72)(cid:89)(cid:91)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:86)(cid:75)(cid:72)(cid:96)(cid:187)(cid:90)(cid:3)(cid:89)(cid:76)(cid:72)(cid:83)(cid:80)(cid:91)(cid:96)(cid:21)(cid:3) > Westpac Bank corporate day lockers, Kent Street Sydney. TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 04 Directors' Report IXP BUSINESS REVIEW (cid:59)(cid:79)(cid:76)(cid:3)(cid:90)(cid:76)(cid:74)(cid:92)(cid:89)(cid:80)(cid:85)(cid:78)(cid:3)(cid:86)(cid:77)(cid:3)(cid:84)(cid:72)(cid:81)(cid:86)(cid:89)(cid:3)(cid:94)(cid:80)(cid:85)(cid:90)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)(cid:3)(cid:75)(cid:76)(cid:72)(cid:83)(cid:3)(cid:90)(cid:80)(cid:97)(cid:76)(cid:90)(cid:3)(cid:80)(cid:85)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3) (cid:11)(cid:28)(cid:23)(cid:23)(cid:19)(cid:23)(cid:23)(cid:23)(cid:3)(cid:91)(cid:86)(cid:3)(cid:11)(cid:24)(cid:3)(cid:84)(cid:80)(cid:83)(cid:83)(cid:80)(cid:86)(cid:85)(cid:3)(cid:89)(cid:72)(cid:85)(cid:78)(cid:76)(cid:3)(cid:80)(cid:90)(cid:3)(cid:72)(cid:3)(cid:74)(cid:83)(cid:76)(cid:72)(cid:89)(cid:3)(cid:90)(cid:80)(cid:78)(cid:85)(cid:72)(cid:83)(cid:3)(cid:91)(cid:79)(cid:72)(cid:91)(cid:3) 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(cid:72)(cid:85)(cid:75)(cid:3)(cid:80)(cid:85)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:72)(cid:87)(cid:87)(cid:83)(cid:80)(cid:74)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:90)(cid:86)(cid:77)(cid:91)(cid:94)(cid:72)(cid:89)(cid:76)(cid:19)(cid:3)(cid:86)(cid:92)(cid:89)(cid:3)(cid:42)(cid:76)(cid:85)(cid:91)(cid:92)(cid:89)(cid:80)(cid:86)(cid:85) (cid:58)(cid:76)(cid:89)(cid:93)(cid:76)(cid:89)(cid:3)(cid:86)(cid:77)(cid:77)(cid:76)(cid:89)(cid:80)(cid:85)(cid:78)(cid:21)(cid:3) ™ "The securing of major wins with deal sizes in the $500,000 "The securing of major wins with deal sizes in the $500,000 to $1 million range is a clear signal that our solutions are to $1 million range is a clear signal that our solutions are now being fully embraced and adopted by governments, corporates and major data centre operators." > NextDC server cabinets with SlideHandle™ security. > TZ Centurion™ Server software. > TZ IXP Praetorian™ Junction installation. 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(cid:42)(cid:86)(cid:83)(cid:83)(cid:80)(cid:85)(cid:90)(cid:3)(cid:58)(cid:91)(cid:89)(cid:76)(cid:76)(cid:91)(cid:3)(cid:80)(cid:85)(cid:3)(cid:52)(cid:76)(cid:83)(cid:73)(cid:86)(cid:92)(cid:89)(cid:85)(cid:76)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:80)(cid:85)(cid:80)(cid:91)(cid:80)(cid:72)(cid:83)(cid:3)(cid:197)(cid:86)(cid:86)(cid:89)(cid:3)(cid:72)(cid:91)(cid:3) (cid:50)(cid:76)(cid:85)(cid:91)(cid:3)(cid:58)(cid:91)(cid:89)(cid:76)(cid:76)(cid:91)(cid:3)(cid:80)(cid:85)(cid:3)(cid:58)(cid:96)(cid:75)(cid:85)(cid:76)(cid:96)(cid:21)(cid:3) 07 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT "The Company backed up the winning of the Singapore Post "The Company backed up the winning of the Singapore Post tender and won the supply contracts to deliver end-to-end tender and won the supply contracts to deliver end-to-end solutions for Pos Indonesia, Poste Italiane and a major logistics and transportation company in the US." > Singapore Post's POPStation 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(cid:91)(cid:94)(cid:86)(cid:3)(cid:85)(cid:76)(cid:94)(cid:3)(cid:72)(cid:87)(cid:87)(cid:83)(cid:80)(cid:74)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:3)(cid:77)(cid:86)(cid:89)(cid:3)(cid:92)(cid:90)(cid:76)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)(cid:3)(cid:58)(cid:52)(cid:40)(cid:89)(cid:91)(cid:3)(cid:51)(cid:86)(cid:74)(cid:82)(cid:76)(cid:89)(cid:90)(cid:21)(cid:3) > Poste Italiane parcel delivery locker bank trial, Rome Italy. 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(cid:74)(cid:79)(cid:92)(cid:91)(cid:76)(cid:90)(cid:19)(cid:3)(cid:89)(cid:76)(cid:78)(cid:80)(cid:90)(cid:91)(cid:76)(cid:89)(cid:76)(cid:75)(cid:3)(cid:87)(cid:86)(cid:90)(cid:91)(cid:72)(cid:83)(cid:3)(cid:90)(cid:96)(cid:90)(cid:91)(cid:76)(cid:84)(cid:90)(cid:19)(cid:3)(cid:93)(cid:76)(cid:85)(cid:75)(cid:80)(cid:85)(cid:78)(cid:3) (cid:23)(cid:32)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT ™ (cid:90)(cid:86)(cid:83)(cid:92)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:77)(cid:89)(cid:76)(cid:76)(cid:90)(cid:91)(cid:72)(cid:85)(cid:75)(cid:80)(cid:85)(cid:78)(cid:3)(cid:83)(cid:86)(cid:74)(cid:82)(cid:76)(cid:89)(cid:3)(cid:86)(cid:87)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:21)(cid:3)(cid:54)(cid:85)(cid:3) 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(cid:92)(cid:90)(cid:76)(cid:89)(cid:3)(cid:76)(cid:95)(cid:87)(cid:76)(cid:89)(cid:80)(cid:76)(cid:85)(cid:74)(cid:76)(cid:3)(cid:90)(cid:86)(cid:77)(cid:91)(cid:94)(cid:72)(cid:89)(cid:76)(cid:3)(cid:75)(cid:76)(cid:93)(cid:76)(cid:83)(cid:86)(cid:87)(cid:84)(cid:76)(cid:85)(cid:91)(cid:3)(cid:91)(cid:79)(cid:89)(cid:86)(cid:92)(cid:78)(cid:79)(cid:3) (cid:73)(cid:76)(cid:91)(cid:91)(cid:76)(cid:89)(cid:3)(cid:78)(cid:89)(cid:72)(cid:87)(cid:79)(cid:80)(cid:74)(cid:72)(cid:83)(cid:3)(cid:92)(cid:90)(cid:76)(cid:89)(cid:3)(cid:80)(cid:85)(cid:91)(cid:76)(cid:89)(cid:77)(cid:72)(cid:74)(cid:76)(cid:3)(cid:75)(cid:76)(cid:90)(cid:80)(cid:78)(cid:85)(cid:21) "Supporting TZ with its several contract wins and the winning of three major 2014 Good Design Awards in the consumer electronics and packaging sector has demonstrated in a very short timeframe of the clear value of the acquisition." > Acoustic 3D Emergence AP4 – 2014 Good Design Award Winner (Consumer Electronics). 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(cid:74)(cid:86)(cid:85)(cid:90)(cid:92)(cid:84)(cid:76)(cid:89)(cid:3)(cid:76)(cid:83)(cid:76)(cid:74)(cid:91)(cid:89)(cid:86)(cid:85)(cid:80)(cid:74)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:87)(cid:72)(cid:74)(cid:82)(cid:72)(cid:78)(cid:80)(cid:85)(cid:78)(cid:3)(cid:90)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:3)(cid:79)(cid:72)(cid:90)(cid:3) (cid:75)(cid:76)(cid:84)(cid:86)(cid:85)(cid:90)(cid:91)(cid:89)(cid:72)(cid:91)(cid:76)(cid:75)(cid:19)(cid:3)(cid:80)(cid:85)(cid:3)(cid:72)(cid:3)(cid:93)(cid:76)(cid:89)(cid:96)(cid:3)(cid:90)(cid:79)(cid:86)(cid:89)(cid:91)(cid:3)(cid:91)(cid:80)(cid:84)(cid:76)(cid:77)(cid:89)(cid:72)(cid:84)(cid:76)(cid:19)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:74)(cid:83)(cid:76)(cid:72)(cid:89)(cid:3) (cid:93)(cid:72)(cid:83)(cid:92)(cid:76)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:72)(cid:74)(cid:88)(cid:92)(cid:80)(cid:90)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:21) > Industrial product prototyping and assessment. > Product testing and development team meeting. TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 10 > OUR Pad home delivery system. 11 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 12 TZ Limited Corporate directory 30 June 2014 Directors Mark Bouris - Chairman Kenneth Ting Paul Casey Company secretary Kenneth Ting Notice of annual general meeting The annual general meeting of TZ Limited will be held at: Press Rooms - Lower Ground Floor Radisson Blu Hotel Sydney (cid:21)(cid:26)(cid:3)(cid:50)(cid:183)(cid:38)(cid:82)(cid:81)(cid:81)(cid:72)(cid:79)(cid:79)(cid:3)(cid:54)(cid:87)(cid:85)(cid:72)(cid:72)(cid:87)(cid:3) Sydney NSW 2000, Australia on Tuesday 18 November 2014 at 10:00 AM Registered office Principal place of businesses Share register Auditor Solicitors Bankers Level 11, 1 Chifley Square Sydney NSW 2000 Tel: +61 2 9222 8890 TZ Limited and TZI Australia Pty Limited Level 11, 1 Chifley Square Sydney NSW 2000 Australia Telezygology Inc. 1017 W. Washington Blvd, Unit 2C Chicago IL 60607 USA TZI Singapore Pte Limited Centennial Business Suites, Suntec Tower 2, 9 Temasek Boulevard #29-01 Singapore 038989 Singapore Computershare Investor Services Pty Limited Yarra Falls 452 Johnston Street Abbotsford VIC 3067 Tel: 1300 787 272 Fax: +61 3 9473 2500 Grant Thornton Audit Pty Ltd Level 17, 383 Kent Street Sydney NSW 2000 Landerer & Company Level 31, 133 Castlereagh Street Sydney NSW 2000 St George Bank Limited Level 3, 1 Chifley Square Sydney NSW 2000 Stock exchange listing TZ Limited shares are listed on the Australian Securities Exchange (ASX code: TZL) Website www.tz.net TZ Limited's public website contains information regarding its products and the company, including an investor services section 13 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT E-mail: info@tz.net 2014 Financial Statements TZ Limited Directors' report 30 June 2014 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of TZ Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2014. he financial statements, on the consolidated entity Directors The following persons were directors of TZ Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Mark Bouris - Chairman Kenneth Ting Paul Casey Principal activities During the financial year the principal continuing activities of the consolidated entity consisted of the development of intelligent devices and smart device systems that enable the commercialisation of hardware and software solutions for the management, control and monitoring of business assets and the provision of associated value added services through Telezygology Inc. and TZI Australia Pty Limited ('TZI'). All of the operations of the consolidated entity are based in Australia, the United States of America and Singapore. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Review of operations The loss for the consolidated entity after providing for income tax amounted to $11,798,000 (30 June 2013: $23,204,000). Further information on the review of operations, financial position and future strategies is detailed in Section One of the Annual Report. Significant changes in the state of affairs On 31 July 2013, the consolidated entity's wholly-owned subsidiary, Infinity Design Pty Limited, acquired certain assets and employees of Infinity Design Development Pty Limited for the total consideration transferred of $491,608 being $291,608 in cash and an issue of 1,719,690 fully paid ordinary shares at an agreed issue price of 11.63 cents per share. In addition, the company agreed with QVT Fund LP and Quintessence Fund L.P. ('the QVT Funds') that the conversion price per ordinary share applying to all the outstanding convertible notes issued by the company to the QVT Funds would not be affected as a result of the issue of the new shares. The consolidated entity entered into a binding Letter of Intent to convert convertible notes with a face value of $19,788,000 held by the QVT Funds and accrued interest of $4,223,000 on the convertible notes into new ordinary shares in the company. The new share issue of 136,536,768 shares was approved by shareholders in the Extraordinary General Meeting held on 17 February 2014. There were no other significant changes in the state of affairs of the consolidated entity during the financial year. Matters subsequent to the end of the financial year No matter or circumstance has arisen since 30 June 2014 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. Likely developments and expected results of operations Further information on the future strategies is detailed in Section One of the Annual Report. Environmental regulation The consolidated entity is not subject to any significant environmental regulation under Australian Commonwealth or State law. TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 14 TZ Limited Directors' report 30 June 2014 Information on directors Name: Title: Qualifications: Experience and expertise: Other current directorships: Mark Bouris Executive Chairman BCom (UNSW), MCom (UNSW), HonDBus (UNSW), HonDLitt (UWS), FCA Mark Bouris is the Executive Chairman of TZ Limited and has ove(cid:85)(cid:3) (cid:21)(cid:24)(cid:3) (cid:92)(cid:72)(cid:68)(cid:85)(cid:86)(cid:183)(cid:3) experience in the finance and property sectors. Mark is also the Executive Chairman of Yellow Brick Road, Non-Executive Chairman of Anteo Diagnostics Limited and a board member of the Sydney Roosters. He is an Adjunct Professor at the University of New South Wales Australian School of Business and he sits on boards for the University of NSW Business Advisory Council and the University of Western Sydney Foundation Council. Mark is also the author of three business and finance books. Executive Chairman of Yellow Brick Road Holdings Limited (ASX: YBR) and Chairman of Anteo Diagnostics Limited (ASX: ADO). Former directorships (last 3 years): Chairman of Serena Resources Limited (until January 2014) Special responsibilities: Interests in shares: Interests in options: None 2,831,951 ordinary shares 10,500,000 options over ordinary shares Name: Title: Qualifications: Experience and expertise: Kenneth Ting Executive Director and Company Secretary BCom, BLaw, CA Kenneth Ting has a background in accounting, law and investment banking with a focus on the commercialisation of technology and public and private equity raisings. Kenneth joined Deutsche Bank in 1997 after 4 years at PricewaterhouseCoopers Corporate Finance and Tax division. He was Vice President of Technology Investment Banking at Deutsche Bank and worked in Deutsche Bank's Sydney, San Francisco and London offices. Kenneth has a passion for technology and has worked with technology companies throughout his career. He has been involved in the completion of over $5 billion in M&A, private equity and IPO assignments in Australia, USA and Europe. His industry specialisation is in the electronics manufacturing, software, IT services, telecommunication and Internet sectors. Non-Executive Director of Serena Resources Limited (from 27 May 2011) Other current directorships: Former directorships (last 3 years): None None Special responsibilities: 3,391,446 ordinary shares Interests in shares: 9,750,000 options over ordinary shares Interests in options: Name: Title: Experience and expertise: Paul Casey Non-Executive Director Paul Casey brings over 30 years' experience in international travel and tourism and early stage investing. Paul was President and Chief Executive Officer ('CEO') of Hawaiian Airlines, a New York Stock Exchange ('NYSE') listed company, from 1997 until 2002. Prior to that he led the Hawaii Visitors and Convention Bureau ('HVCB') as President and CEO and he held a succession of senior management positions with Continental Airlines and Thomas Cook. Paul has run a travel software start-up in Bangkok, was the CEO of an investment firm focussed on rolling up travel-related businesses in China and was involved in restructuring a number of travel and tourism projects. He is also an investor and adviser to several Hawaii early stage companies and since 2011 has been on the board of PDT. Other current directorships: None Former directorships (last 3 years): None None Special responsibilities: 90,000 ordinary shares Interests in shares: None Interests in options: 'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships in all other types of entities, unless otherwise stated. 'Former directorships (in the last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes directorships in all other types of entities, unless otherwise stated. (cid:24)(cid:28)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Directors' report 30 June 2014 Company secretary Kenneth Ting is the company secretary and also a director of the company. See 'Information on directors'. Meetings of directors The number of meetings of the company's Board of Directors ('the Board') held during the year ended 30 June 2014, and the number of meetings attended by each director were: Mark Bouris Kenneth Ting Paul Casey Full Board Attended Held 12 12 12 12 12 12 Held: represents the number of meetings held during the time the director held office. Remuneration report (audited) The remuneration report, which has been audited, outlines the director and key management personnel remuneration arrangements for the consolidated entity and the company, in accordance with the requirements of the Corporations Act 2001 and its Regulations. The remuneration report is set out under the following main headings: (cid:404) Principles used to determine the nature and amount of remuneration (cid:404) Details of remuneration (cid:404) Service agreements (cid:404) Share-based compensation (cid:404) Additional information (cid:404) Additional disclosures relating to key management personnel Principles used to determine the nature and amount of remuneration The objective of the consolidated entity's and company's executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and the creation of value for shareholders, and conforms with the market best practice for delivery of reward. The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward governance practices: (cid:404) set competitive remuneration packages to attract and retain high calibre employees; (cid:404) link executive rewards to shareholder value creation; and (cid:404) establish appropriate demanding performance hurdles for variable executive remuneration. s that executive reward satisfies the following key The Board reviews and is responsible for the consol(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:72)(cid:81)(cid:87)(cid:76)(cid:87)(cid:92)(cid:183)(cid:86)(cid:3)(cid:85)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:83)(cid:82)(cid:79)(cid:76)(cid:70)(cid:76)(cid:72)(cid:86)(cid:15)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:71)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:68)nd practices. The consolidated entity established a Director and Executive Equity Plan in 2009 to attract, retain, motivate and reward senior executives and directors (including non-executive directors) of the company (collectively the 'Participants') by issuing either or both rights and options to the Participants to allow the Participants to acquire fully paid ordinary class shares in the company upon exercising the rights or options, as the case may be. The exercise of each right or option entitles the holder of that right or option, as the case may be, to acquire one fully paid ordinary class share in the capital of the company. Under the Director and Executive Equity Plan, the number of rights and options that may be issued to a Participant and the performance criteria and hurdles to be met prior to the issue or exercise of such Rights and Options is to be set by the board of directors of the company in reliance on the advice of an independent remuneration consultant. Non-executive directors remuneration Fees and payments to non-executive directors reflect the demands which are made on, and the responsibilities of, the directors. Non-executive directors' fees and payments are reviewed annually by the Board. The Board considers advice from shareholders, and takes into account the fees paid to non–executive directors of comparable companies, when undertaking the annual review process. Non-executive directors do not receive share options or other incentives. TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 16 TZ Limited Directors' report 30 June 2014 ASX listing rules require that the aggregate non-executive directors remuneration shall be determined periodically by a general meeting. The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is apportioned amongst directors is reviewed annually. The most recent determination was at the AGM held on 30 November 2006, where the shareholders approved an aggregate remuneration of $500,000. Executive remuneration The consolidated entity and company aims to reward executives with a level and mix of remuneration based on their position and responsibility, which is both fixed and variable. The executive remuneration and reward framework has four components: (cid:404) base pay and non-monetary benefits (cid:404) short-term performance incentives (cid:404) share-based payments (cid:404) other remuneration such as superannuation and long service leave The combination of these comprises the executive's total remuneration. Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed annually by the Board, based on individual and business unit performance, the overall performance of the consolidated entity and comparable market remunerations. Executives can receive their fixed remuneration in the form of cash or other fringe benefits (for example motor vehicle benefits) where it does not create any additional costs to the consolidated entity and adds additional value for the executive. The short-term incentives ('STI') program is designed to align the targets of the business units with the targets of those executives in charge of meeting those targets. STI payments are granted to executives based on specific annual targets and key performance indicators ('KPI') being achiev(cid:72)(cid:71)(cid:17)(cid:3)(cid:46)(cid:51)(cid:44)(cid:183)(cid:86)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:73)(cid:76)(cid:87)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3)(cid:86)(cid:68)(cid:87)isfaction, leadership contribution and product management. The long-term incentives ('LTI') includes long service leave and share-based payments. As noted above, a Director and Executive Equity Plan has been set up to reward executives based on long term incentive measures in the form of options and rights. These include increase in shareholders' value relative to the entire market and the increase compared to the consolidated entity's direct competitors. Consolidated entity performance and link to remuner Consolidated entity performance and link to remuneration Consolidated entity performance and link to remuner Remuneration for certain individuals is directly linked to the performance of the consolidated entity. Executives and other employees can be issued with options and rights to acquire shares in the company. The number and the terms of the options and rights issued are determined by the directors after consideration of the employee's performance and their ability to contribute to the achievement of the consolidated entity's objectives. Refer to the additional information section of the remuneration report for details of the last five years earnings and total shareholders return ('TSR'). Use of remuneration consultants During the financial year ended 30 June 2014, the company did not engage remuneration consultants to review its existing remuneration policies and provide recommendations on how to improve both the short-term incentives ('STI') and long- term incentives ('LTI') programs. Voting and comments made at the company's 2013 Annual General Meeting ('AGM') At the last AGM 93.1% of the shareholders voted to adopt the remuneration report for the year ended 30 June 2013. The company did not receive any specific feedback at the AGM regarding its remuneration practices. Details of remuneration Amounts of remuneration The key management personnel of the consolidated entity consisted of the directors of TZ Limited and the following persons: (cid:404) William Leong - Chief Operating Officer of Telezygology Inc. (cid:404) Benjamin Ford - Regional Technical Manager of TZI Australia Pty Limited 17 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Directors' report 30 June 2014 2014 Non-Executive Directors: P Casey Executive Directors: M Bouris K Ting Other Key Management Personnel: W Leong B Ford 2013 Non-Executive Directors: P Casey * Executive Directors: M Bouris K Ting D Rudduck *** Other Key Management Personnel: P Casey * W Leong B Ford ** M Schwartz *** T Koehler *** Short-term benefits Post- employment benefits Long-term benefits Share-based payments Cash salary and fees $ Other $ Non- monetary $ Super- annuation $ Long service leave $ Options $ Total $ 81,708 - 440,917 346,435 10,200 6,000 - - - - - - 163,417 160,000 1,192,477 - - 16,200 12,161 - 12,161 4,085 14,800 18,885 - - - - - - - 81,708 386,703 386,703 837,820 739,138 - - 773,406 179,663 174,800 2,013,129 Short-term benefits Post- employment benefits Long-term benefits Share-based payments Cash salary and fees $ Other $ Non- monetary $ Super- annuation $ Long service leave $ Options $ Total $ 6,086 - - 440,917 346,435 198,243 10,200 6,000 - - - 7,481 - - - - 133,898 146,071 85,833 353,491 119,291 1,830,265 - - 30,000 - - 46,200 - 10,812 - 10,457 6,410 35,160 - 3,652 7,725 7,313 2,983 21,673 - - - - - - - - - - - 6,086 176,134 132,101 - 627,251 484,536 205,724 - - - - - 308,235 133,898 160,535 123,558 371,261 128,684 2,241,533 * P Casey was appointed a Non-Executive Director on 27 May 2013 previously being a key management personnel. ** Appointed as a key management personnel during the financial year and remuneration is from date of appointment to 30 June 2013. *** Resigned as a key management personnel during the financial year and remuneration is to date of resignation. TZ LIMITED (cid:1155)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)(cid:3)(cid:40)(cid:53)(cid:53)(cid:60)(cid:40)(cid:51)(cid:3)(cid:57)(cid:44)(cid:55)(cid:54)(cid:57)(cid:59)(cid:3)(cid:3)(cid:3)(cid:3)(cid:24)(cid:31) TZ Limited Directors' report 30 June 2014 The proportion of remuneration linked to performance and the fixed proportion are as follows: Name Non-Executive Directors: P Casey Executive Directors: M Bouris K Ting D Rudduck Other Key Management Personnel: P Casey W Leong B Ford M Schwartz T Koehler Fixed remuneration 2013 2014 At risk - STI At risk - LTI 2014 2013 2014 2013 100% 100% 54% 48% -% 100% 100% 100% 100% 100% 72% 73% 100% 100% 100% 76% 100% 100% -% -% -% -% -% -% -% -% -% -% -% -% -% -% -% 24% -% -% -% -% 46% 52% -% -% -% -% -% -% 28% 27% -% -% -% -% -% -% The proportion of the cash bonus paid and forfeited is as follows: Name Other Key Management Personnel: B Ford Cash bonus paid/payable 2014 2013 Cash bonus forfeited 2013 2014 -% 100% -% -% Service agreements Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details of these agreements are as follows: Name: Title: Agreement commenced: Term of agreement: Details: Name: Title: Agreement commenced: Term of agreement: Details: Name: Title: Agreement commenced: Term of agreement: Details: Paul Casey Non-Executive Director 1 June 2013 No fixed term Base salary of US$75,000 and notice period by negotiation. William Leong Chief Operating Officer of Telezygology Inc. 1 October 2010 No fixed term Base salary of US$150,000 and notice period by negotiation. Benjamin Ford Regional Technical Manager of TZI Australia Pty Limited 4 January 2013 2 years and annual renewal Base salary of AU$160,000 and notice period by negotiation. Key management personnel have no entitlement to termination payments in the event of removal for misconduct. Share-based compensation Issue of shares There were no shares issued to directors and other key management personnel as part of compensation during the year ended 30 June 2014. (cid:24)(cid:32)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Directors' report 30 June 2014 Options The terms and conditions of each grant of options over ordinary shares affecting remuneration of directors and other key management personnel in this financial year or future reporting years are as follows: Grant date 15 January 2014 15 January 2014 15 January 2014 Vesting date and exercisable date 18 February 2014 18 February 2015 18 February 2016 Expiry date 30 June 2018 30 June 2019 30 June 2020 Fair value per option Exercise price at grant date $0.25 $0.40 $0.60 $0.096 $0.093 $0.092 The number of options over ordinary shares granted to and vested by directors and other key management personnel as part of compensation during the year ended 30 June 2014 are set out below: Name Mark Bouris Kenneth Ting Number of options granted during the year 2014 7,500,000 7,500,000 Number of options granted during the year 2013 Number of options vested during the year 2014 Number of options vested during the year 2013 - - 2,500,000 2,500,000 1,000,000 750,000 Vesting conditions for options granted as compensat Vesting conditions for options granted as compensation during the year ended 30 June 2014 Vesting conditions for options granted as compensat The options are separated into three tranches and exercise periods: i) The first tranche of 5,000,000 options (2,500,000 Mark Bouris and 2,500,000 Kenneth Ting) is exercisable in the period from 18 February 2014 to and including 30 June 2018, at an exercise price of $0.25 per option. ii) The second tranche of 5,000,000 options (2,500,000 Mark Bouris and 2,500,000 Kenneth Ting) will be exercisable in the period from 18 February 2015 to and including 30 June 2019, at an exercise price of $0.40 per option. iii) The third tranche of 5,000,000 options (2,500,000 Mark Bouris and 2,500,000 Kenneth Ting) will be exercisable in the period from 18 February 2016 to and including 30 June 2020, at an exercise price of $0.60 per option. The options granted are not subject to the satisfaction of performance conditions. The grants were made under the Director and Executive Equity Plan to attract, retain, motivate and reward senior executives and Directors (including non-executive directors) of the company. The options will lapse if not exercised by the respective expiry date or if employment ceases (apart from if due to death, incapacity or redundancy). There are no other vesting conditions in respect of these options. Vesting conditions for options granted as compensat Vesting conditions for options granted as compensation in prior years Vesting conditions for options granted as compensat The options are separated into three tranches and exercise periods: i) The first tranche of 1,750,000 options (1,000,000 Mark Bouris and 750,000 Kenneth Ting) is exercisable in the period from 1 July 2011 (or, if securities in the company or any related body corporate of the company are listed on the NASDAQ prior to 1 July 2011, the date that is 30 days after the date of that listing) to and including 30 June 2016, at an exercise price of $1.00 per option. ii) The second tranche of 1,750,000 options (1,000,000 Mark Bouris and 750,000 Kenneth Ting) is exercisable in the period from 1 July 2012 (or, if securities in the company or any related body corporate of the company are listed on the NASDAQ prior to 1 July 2012, the date that is 30 days after the date of that listing) to and including 30 June 2017, at an exercise price of $2.00 per option. ompany or any related body corporate of the company iii) The third tranche of 1,750,000 options (1,000,000 Mark Bouris and 750,000 Kenneth Ting) is exercisable in the period from 1 July 2013 (or, if securities in the company or any related body corporate of the company are listed on the NASDAQ prior to 1 July 2013, the date that is 30 days after the date of that listing) to and including 30 June 2018, at an exercise price of $3.00 per option. The options granted are not subject to the satisfaction of performance conditions. The grants were made under the Director and Executive Equity Plan to attract, retain, motivate and reward senior executives and Directors (including non-executive directors) of the company. The options will lapse if not exercised by the respective expiry date or if employment ceases (apart from if due to death, incapacity or redundancy). There are no other vesting conditions in respect of these options. TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 20 TZ Limited Directors' report 30 June 2014 Values of options over ordinary shares granted, exercised and lapsed for directors and other key management personnel as part of compensation during the year ended 30 June 2014 are set out below: Name Mark Bouris Kenneth Ting Value of options granted during the year $ Value of options exercised during the year $ Value of Remuneration consisting of options options lapsed for the during the year year % $ 702,500 702,500 - - - - 46% 52% Details of options over ordinary shares granted, vested and lapsed for directors and other key management personnel as part of compensation during the year ended 30 June 2014 are set out below: Name Grant date Vesting date Number of options granted Value of options granted $ Value of options vested $ Number of options lapsed Value of options lapsed $ 15 Jan 2014 Mark Bouris 15 Jan 2014 Mark Bouris Mark Bouris 15 Jan 2014 Kenneth Ting 15 Jan 2014 Kenneth Ting 15 Jan 2014 Kenneth Ting 15 Jan 2014 18 Feb 2014 18 Feb 2015 18 Feb 2016 18 Feb 2014 18 Feb 2015 18 Feb 2016 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 240,000 232,500 230,000 240,000 232,500 230,000 240,000 - - 240,000 - - - - - - - - - - - - - - Additional information The earnings of the consolidated entity for the five years to 30 June 2014 are summarised below: Sales revenue EBITDA * EBIT ** Loss after income tax 2010 $'000 2011 $'000 2012 $'000 2013 $'000 2014 $'000 17,308 (19,264) (21,682) (26,347) 22,399 (3,094) (4,313) (8,784) 21,178 (5,837) (7,605) (12,361) 20,116 (16,735) (18,409) (23,204) 8,392 (8,552) (9,697) (11,798) * Earnings before interest, tax, depreciation and amortisation. ** Earnings before interest and tax Prior to 2014, the results of the consolidated entity included those of subsidiary, Product Development Technologies Inc. which was disposed of in May 2013. The factors that are considered to affect TSR are summarised below: Share price at financial year end ($) Basic earnings per share (cents per share) 0.44 (49.46) 0.24 (9.01) 0.10 (9.60) 0.12 (13.57) 0.14 (4.39) 2010 2011 2012 2013 2014 21 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Directors' report 30 June 2014 Additional disclosures relating to key management personnel In accordance with Class Order 14/632, issued by the Australian Securities and Investments Commission, relating to 'Key management personnel equity instrument disclosures', the following disclosure relates only to equity instruments in the company or its subsidiaries. Shareholding The number of shares in the company held during the financial year by each director and other members of key management personnel of the consolidated entity, including their personally related parties, is set out below: Ordinary shares Mark Bouris Kenneth Ting Paul Casey Benjamin Ford Balance at the start of the year Received as part of remuneration Additions Disposals/ other Balance at the end of the year 2,517,290 2,245,884 90,000 250,000 5,103,174 - - - - - 314,661 1,145,562 - - 1,460,223 - - - - - 2,831,951 3,391,446 90,000 250,000 6,563,397 Option holding The number of options over ordinary shares in the company held during the financial year by each director and other members of key management personnel of the consolidated entity, including their personally related parties, is set out below: Options over ordinary shares Mark Bouris Kenneth Ting Options over ordinary shares Mark Bouris Kenneth Ting Balance at the start of the year Granted Exercised Expired/ forfeited/ other Balance at the end of the year 3,314,661 2,572,454 5,887,115 7,500,000 7,500,000 15,000,000 (314,661) (322,454) (637,115) - - - 10,500,000 9,750,000 20,250,000 Vested and Vested and exercisable unexercisable Balance at the end of the year 5,500,000 4,750,000 10,250,000 5,000,000 5,000,000 10,000,000 10,500,000 9,750,000 20,250,000 The number of shareholdings held nominally at 30 June 2014 are as follows: Mark Bouris - 2,200,000; Kenneth Ting - 3,391,446; and Paul Casey - 90,000. This concludes the remuneration report, which has been audited. TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 22 TZ Limited Directors' report 30 June 2014 Shares under option Unissued ordinary shares of TZ Limited under option at the date of this report are as follows: Grant date 26 February 2010 26 February 2010 26 February 2010 15 January 2014 15 January 2014 15 January 2014 Expiry date 30 June 2016 30 June 2017 30 June 2018 30 June 2018 30 June 2019 30 June 2020 Exercise price Number under option $1.00 $2.00 $3.00 $0.25 $0.40 $0.60 1,750,000 1,750,000 1,750,000 5,000,000 5,000,000 5,000,000 20,250,000 No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the company or of any other body corporate. Shares issued on the exercise of options The following ordinary shares of TZ Limited were issued during the year ended 30 June 2014 and up to the date of this report on the exercise of options granted: Date options granted 24 October 2012 Exercise price Number of shares issued $0.14 20,542,069 Indemnity and insurance of officers The company has indemnified the directors and executives of the company for costs incurred, in their capacity as a director or executive, for which they may be held personally or executive, for which they may be held personally liable, except where there is a lack of good faith . During the financial year, the company paid a premium in respect of a contract to insure the directors and executives of the company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of liability and the amount of the premium. Indemnity and insurance of auditor The company has not, during or since the financial year, indemnified or agreed to indemnify the auditor of the company or any related entity against a liability incurred by the auditor. During the financial year, the company has not paid a premium in respect of a contract to insure the auditor of the company or any related entity. Proceedings on behalf of the company No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or part of those proceedings. Non-audit services Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor are outlined in note 35 to the financial statements. The directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by another person or firm on the auditor's behalf), is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. 23 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Directors' report 30 June 2014 The directors are of the opinion that the services as disclosed in note 35 to the financial statements do not compromise the external auditor's independence requirements of the Corporations Act 2001 for the following reasons: (cid:404) all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor; and (cid:404) none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including reviewing or auditing the auditor's own work, acting in a management or decision-making capacity for the company, acting as advocate for the company or jointly sharing economic risks and rewards. Officers of the company who are former audit partners of Grant Thornton Audit Pty Ltd There are no officers of the company who are former audit partners of Grant Thornton Audit Pty Ltd. Rounding of amounts The company is of a kind referred to in Class Order 98/100, issued by the Australian Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Class Order to the nearest thousand dollars, or in certain cases, the nearest dollar. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on the following page. Auditor Grant Thornton Audit Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001. This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001. On behalf of the directors ________________________________ Mark Bouris Director 24 September 2014 Sydney TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 24 Level 17, 383 Kent Street Sydney NSW 2000 Correspondence to: Locked Bag Q800 QVB Post Office Sydney NSW 1230 (cid:55)(cid:3)+61 2 8297 2400 (cid:41)(cid:3)+61 2 9299 4445 (cid:40)(cid:3)info.nsw@au.gt.com (cid:58) www.grantthornton.com.au Auditor’s Independence Declaration To the Directors of TZ Limited In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of TZ Limited for the year ended 30 June 2014, I declare that, to the best of my knowledge and belief, there have been: a b no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and no contraventions of any applicable code of professional conduct in relation to the audit. GRANT THORNTON AUDIT PTY LTD Chartered Accountants M Leivesley M Leiv le Partner - Audit & Assurance Sydney, 24 September 2014 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies. (cid:25)(cid:28)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Corporate Governance Statement 30 June 2014 This 2014 Corporate Governance Statement sets out the corporate governance principles adopted by the board of directors (cid:11)(cid:87)(cid:75)(cid:72)(cid:3)(cid:182)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:183)(cid:12)(cid:3)(cid:76)(cid:81)(cid:3)(cid:74)(cid:82)(cid:89)(cid:72)(cid:85)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:55)(cid:61)(cid:3)(cid:47)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:11)(cid:87)(cid:75)(cid:72)(cid:3)(cid:182)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:183)(cid:12)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:87)(cid:86)(cid:3)(cid:86)(cid:88)(cid:69)(cid:86)(cid:76)(cid:71)(cid:76)(cid:68)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3)(cid:11)(cid:70)(cid:82)(cid:79)(cid:79)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:79)(cid:92)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:182)(cid:70)(cid:82)(cid:81)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:72)(cid:81)(cid:87)(cid:76)(cid:87)(cid:92)(cid:183)(cid:12)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:73)(cid:79)(cid:72)(cid:70)(cid:87)(cid:86)(cid:3) the corporate governance principles which have been adopted during the financial year ended 30 June 2014. In adopting (cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:76)(cid:81)(cid:70)(cid:76)(cid:83)(cid:79)(cid:72)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:85)(cid:83)orate Governance Principles and Recommendations issued by the ASX Corporate Governance Council. The company is a smal(cid:79)(cid:3) (cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:76)(cid:81)(cid:74)(cid:79)(cid:92)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3) (cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:86)(cid:3) (cid:87)(cid:75)(cid:68)(cid:87)(cid:3) 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 (cid:55)(cid:75)(cid:72)(cid:3) (cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:10)(cid:86)(cid:3) (cid:83)(cid:85)(cid:76)(cid:80)(cid:68)(cid:85)(cid:92)(cid:3) (cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3) (cid:76)(cid:86)(cid:3) (cid:87)(cid:82)(cid:3) (cid:82)(cid:89)(cid:72)(cid:85)(cid:86)(cid:72)(cid:72)(cid:3) (cid:87)(cid:75)e company's business activities and management for the benefit of company's shareholders which it accomplishes by: (cid:86)(cid:72)(cid:87)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:69)(cid:77)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:86)(cid:15)(cid:3)(cid:74)(cid:82)(cid:68)(cid:79)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:76)(cid:70)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)with a view to maximise shareholder value; •(cid:3) (cid:72)(cid:86)(cid:87)(cid:68)(cid:69)(cid:79)(cid:76)(cid:86)(cid:75)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:74)(cid:82)(cid:89)(cid:72)(cid:85)(cid:81)(cid:68)(cid:81)(cid:70)(cid:72)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:87)(cid:75)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:69)(cid:88)(cid:86)iness standards; •(cid:3) • 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. (cid:55)(cid:75)(cid:72)(cid:3)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:71)(cid:72)(cid:79)(cid:72)(cid:74)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:88)(cid:87)(cid:75)(cid:82)(cid:85)ities to management to enable management to conduct the company's day to day activities. Matters which are not covere(cid:71)(cid:3)(cid:69)(cid:92)(cid:3) (cid:87)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:71)(cid:72)(cid:79)(cid:72)(cid:74)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:15)(cid:3)(cid:86)(cid:88)(cid:70)(cid:75)(cid:3) (cid:68)(cid:86)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:89)(cid:68)(cid:79)(cid:86)(cid:3) (cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:72)(cid:91)(cid:70)(cid:72)(cid:72)(cid:71)(cid:3)(cid:70)(cid:72)(cid:85)(cid:87)(cid:68)(cid:76)(cid:81)(cid:3) (cid:79)(cid:76)(cid:80)(cid:76)(cid:87)(cid:86)(cid:15)(cid:3) (cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:3)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:89)(cid:68)(cid:79)(cid:17)(cid:3) (cid:36)(cid:83)(cid:68)(cid:85)(cid:87)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:69)(cid:82)(cid:89)(cid:72)(cid:15)(cid:3)the company has not formalised the functions reserv(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3) those delegated to management due to the relatively(cid:3)(cid:86)(cid:80)(cid:68)(cid:79)(cid:79)(cid:3)(cid:86)(cid:76)(cid:93)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:17)(cid:3)(cid:54)(cid:76)(cid:80)(cid:76)(cid:79)(cid:68)(cid:85)(cid:79)(cid:92)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:3) has not adopted a those delegated to management due to the relatively formal process for evaluating the performance of senior executives for the reasons outlined above. The performance of (cid:86)(cid:72)(cid:81)(cid:76)(cid:82)(cid:85)(cid:3)(cid:72)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:86)(cid:3)(cid:87)(cid:68)(cid:78)(cid:72)(cid:86)(cid:3)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:3)(cid:68)(cid:87)(cid:3)(cid:80)(cid:72)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:37)(cid:82)ard and occurred during the current reporting period. Principle 2: Structure the board to add value (cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:68)(cid:83)(cid:83)(cid:82)(cid:76)(cid:81)(cid:87)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:85)(cid:72)(cid:68)(cid:86)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:3)(cid:89)(cid:68)(cid:70)ancy 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 (cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:73)(cid:73)(cid:76)(cid:70)(cid:72)(cid:3)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:68)(cid:87)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:68)(cid:87)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:92)(cid:3)(cid:90)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:82)(cid:76)(cid:81)(cid:87)(cid:72)(cid:71)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:68)(cid:87)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)(cid:80)(cid:82)st recent re-election by the company's shareholders and their status as non-exec(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:15)(cid:3)(cid:72)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:82)(cid:85)(cid:3)(cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:86)(cid:72)(cid:87)(cid:3)(cid:82)ut in the table below: Director (cid:48)(cid:68)(cid:85)(cid:78)(cid:3)(cid:37)(cid:82)(cid:88)(cid:85)(cid:76)(cid:86)(cid:3) (cid:46)(cid:72)(cid:81)(cid:81)(cid:72)(cid:87)(cid:75)(cid:3)(cid:55)(cid:76)(cid:81)(cid:74)(cid:3) (cid:51)(cid:68)(cid:88)(cid:79)(cid:3)(cid:38)(cid:68)(cid:86)(cid:72)(cid:92)(cid:3) Appointed (cid:20)(cid:27)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:19)(cid:28)(cid:3) (cid:20)(cid:27)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:19)(cid:28)(cid:3) (cid:21)(cid:26)(cid:3)(cid:48)(cid:68)(cid:92)(cid:3)(cid:21)(cid:19)(cid:20)(cid:22)(cid:3) Re-Elected (cid:20)(cid:26)(cid:3)(cid:49)(cid:82)(cid:89)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:21)(cid:19)(cid:20)(cid:22)(cid:3) (cid:21)(cid:21)(cid:3)(cid:49)(cid:82)(cid:89)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:21)(cid:19)(cid:20)(cid:21)(cid:3) (cid:49)(cid:18)(cid:36)(cid:3) Non-Executive Independent (cid:49)(cid:82)(cid:3) (cid:49)(cid:82)(cid:3) (cid:60)(cid:72)(cid:86)(cid:3) (cid:49)(cid:82)(cid:3) (cid:49)(cid:82)(cid:3) (cid:49)(cid:82)(cid:3) The skills and experience of each director are set (cid:82)(cid:88)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:182)(cid:44)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:183)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:183)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:3) company's directors are appointed based on the spec(cid:76)(cid:73)(cid:76)(cid:70)(cid:3) (cid:74)(cid:82)(cid:89)(cid:72)(cid:85)(cid:81)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3) (cid:86)(cid:78)(cid:76)(cid:79)(cid:79)(cid:86)(cid:3) (cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:71)(cid:3) (cid:69)(cid:92)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:15)(cid:3) (cid:76)(cid:81)(cid:70)luding an appropriate blend of relevant experience appropriat(cid:72)(cid:3) (cid:87)(cid:82)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:10)(cid:86)(cid:3) (cid:73)(cid:76)(cid:72)(cid:79)(cid:71)(cid:3) (cid:82)(cid:73)(cid:3) (cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:15)(cid:3) (cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3) and financial management and following consideration of the company's objectives with respect to diversity. The areas of divergence with recommended principles are set out below: • The majority of directors are not independent as two of the three directors are executive directors. • The Chairman is not independent and is an executive director. •(cid:3) (cid:36)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:90)(cid:75)(cid:82)(cid:79)(cid:72)(cid:3)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:82)(cid:81)(cid:79)(cid:92)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:86)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:85)(cid:72)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:3)(cid:71)(cid:82)(cid:72)(cid:86)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:3)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:87)(cid:76)(cid:87)(cid:88)(cid:87)(cid:72)(cid:71)(cid:3)(cid:49)(cid:82)(cid:80)(cid:76)(cid:81)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:3) (cid:68)(cid:86)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3) (cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:89)(cid:72)(cid:86)(cid:3) (cid:76)(cid:87)(cid:3) (cid:90)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3) (cid:81)(cid:82)(cid:87)(cid:3) (cid:69)(cid:72)(cid:3) (cid:68)(cid:3) (cid:80)(cid:82)(cid:85)(cid:72)(cid:3) (cid:72)(cid:73)(cid:73)(cid:76)(cid:70)(cid:76)(cid:72)(cid:81)(cid:87)(cid:3) (cid:80)(cid:72)(cid:70)(cid:75)(cid:68)(cid:81)(cid:76)(cid:86)(cid:80)(cid:3) (cid:87)(cid:75)(cid:68)(cid:81)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:73)(cid:88)(cid:79)(cid:79)(cid:3) (cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3) (cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:86)(cid:76)ng the (cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:3) (cid:82)(cid:81)(cid:3) (cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:73)(cid:76)(cid:70)(cid:3) (cid:76)(cid:86)(cid:86)(cid:88)(cid:72)(cid:86)(cid:17)(cid:3) (cid:38)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:87)(cid:79)(cid:92)(cid:15)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3) (cid:68)(cid:86)(cid:3) (cid:68)(cid:3) (cid:90)(cid:75)(cid:82)(cid:79)(cid:72)(cid:3) (cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:86)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:85)(cid:82)(cid:79)(cid:72)(cid:86)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:73)(cid:88)(cid:81)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3) (cid:82)(cid:73)(cid:3) (cid:68)(cid:3) (cid:49)(cid:82)(cid:80)(cid:76)nation Committee. These roles and functions include: devis(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:85)(cid:76)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:80)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:86)(cid:75)(cid:76)(cid:83)(cid:30)(cid:3)(cid:85)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:85)(cid:79)(cid:92)(cid:3)(cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)ing the need (cid:73)(cid:82)(cid:85)(cid:3)(cid:89)(cid:68)(cid:85)(cid:76)(cid:82)(cid:88)(cid:86)(cid:3)(cid:86)(cid:78)(cid:76)(cid:79)(cid:79)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:76)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:30)(cid:3)(cid:70)(cid:82)(cid:81)sidering the company's objectives with respect to diversity when selecting candidates; and identifying specific indi(cid:89)(cid:76)(cid:71)(cid:88)(cid:68)(cid:79)(cid:86)(cid:3) (cid:73)(cid:82)(cid:85)(cid:3) (cid:81)(cid:82)(cid:80)(cid:76)(cid:81)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:68)(cid:86)(cid:3) (cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:17)(cid:3) (cid:55)(cid:75)(cid:72)(cid:3) (cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3) (cid:68)(cid:79)(cid:86)(cid:82) oversees management succession plans and evaluates the Chair(cid:80)(cid:68)(cid:81)(cid:10)(cid:86)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:10)(cid:86)(cid:3) (cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:80)(cid:68)(cid:78)(cid:72)(cid:86)(cid:3) recommendations for the appointment and removal of (cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:17)(cid:3)(cid:58)(cid:75)(cid:72)(cid:81)(cid:3)(cid:68)(cid:3)(cid:89)(cid:68)(cid:70)(cid:68)(cid:81)(cid:70)(cid:92)(cid:3)(cid:72)(cid:91)(cid:76)(cid:86)(cid:87)(cid:86)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:82)(cid:85)(cid:3)(cid:90)(cid:75)ere it is considered that a director with particular skills o(cid:85)(cid:3) (cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:76)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3) (cid:76)(cid:86)(cid:3) (cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:71)(cid:15)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3) (cid:86)(cid:72)(cid:79)(cid:72)(cid:70)(cid:87)(cid:86)(cid:3) (cid:68)(cid:3) (cid:83)(cid:68)(cid:81)(cid:72)(cid:79) 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 eva(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:76)(cid:81)(cid:71)(cid:76)(cid:89)(cid:76)dual (cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:15)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:68)(cid:81)(cid:3)(cid:68)(cid:86)(cid:3)(cid:86)(cid:72)(cid:87)(cid:3)(cid:82)(cid:88)(cid:87)(cid:3)(cid:68)(cid:69)(cid:82)(cid:89)(cid:72)(cid:17)(cid:3) TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 26 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 26 TZ Limited Corporate Governance Statement 30 June 2014 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. Code of conduct 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 directors are aware of their legal responsibilities and adhere to the following: (cid:55)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:71)(cid:72)(cid:68)(cid:79)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:183)(cid:86)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:86): • Except between 3 and 30 days after either the release of the company's half year and annual results to the Australian Securities Exchange, the annual general meeting or any major announcement; and • Whilst in possession of price sensitive information. In accordance with the Corporations Act 2001 and the Listing Rules of the Australian Securities Exchange, directors advise the ASX of any transactions conducted by them in shares in the company. Diversity 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; however due the relatively small size of the company and its operations, the company has yet to establish measureable objectives for diversity and progress to achieving them. The gender representation profile of the company and the consolidated entity as a whole is as follows: The gender representation profile of the company an 0 % 0 % 14 % • Board Level: • Key management personnel: • Consolidated entity as a whole: 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 (cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:183)(cid:86)(cid:3) (cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3) (cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:87)(cid:82)(cid:3) (cid:82)(cid:89)(cid:72)(cid:85)(cid:86)(cid:72)(cid:72)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:76)(cid:81)dependence 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; •(cid:3) (cid:53)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:183)(cid:86)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:3)(cid:86)(cid:92)stem and risk management systems; • Appoint the external auditor and to approve the remuneration and terms of engagement of the external auditor; •(cid:3) (cid:48)(cid:82)(cid:81)(cid:76)(cid:87)(cid:82)(cid:85)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:72)(cid:91)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3) (cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:183)(cid:86)(cid:3) (cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)ence, 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 o(cid:88)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:182)(cid:44)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:183)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:183)(cid:17)(cid:3) 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 (cid:76)(cid:86)(cid:3)(cid:83)(cid:88)(cid:69)(cid:79)(cid:76)(cid:70)(cid:79)(cid:92)(cid:3)(cid:68)(cid:89)(cid:68)(cid:76)(cid:79)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:183)(cid:86)(cid:3)(cid:90)(cid:72)(cid:69)(cid:86)(cid:76)(cid:87)(cid:72)(cid:29)(cid:3)(cid:90)(cid:90)(cid:90).tz.net. 27 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Corporate Governance Statement 30 June 2014 Principle 6: Respects the rights of shareholders rs, as it The company does not have a communications strategy The company does not have a communications strategy to promote effective communication with shareholde 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 company 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 company'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 Because of the relatively small size of the company 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 i(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:182)(cid:53)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:183)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)s' report. In accordance with Corporations Act requirements, the company discloses the fees or salaries paid to all directors, and executive officers of the company which is included(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:182)(cid:53)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:183)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)ors' report. TZ LIMITED (cid:1155)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)(cid:3)(cid:40)(cid:53)(cid:53)(cid:60)(cid:40)(cid:51)(cid:3)(cid:57)(cid:44)(cid:55)(cid:54)(cid:57)(cid:59)(cid:3)(cid:3)(cid:3)(cid:3)(cid:25)(cid:31) TZ Limited Contents 30 June 2014 Contents Statement of profit or loss and other comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial statements Directors' declaration Independent auditor's report to the members of TZ Limited Shareholder information General information 30 32 33 34 35 76 77 80 The financial statements cover TZ Limited as a consolidated entity consisting of TZ Limited and its subsidiaries. The financial statements are presented in Australian dollars, which is TZ Limited's functional and presentation currency. TZ Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are: Registered office Principal place of businesses Level 11, 1 Chifley Square Sydney NSW 2000 TZ Limited and TZI Australia Pty Limited Level 11, 1 Chifley Square Sydney NSW 2000 Australia Telezygology Inc. 1017 W. Washington Blvd, Unit 2C Chicago IL 60607 USA TZI Singapore Pte Limited Centennial Business Suites, Suntec Tower 2 9 Temasek Boulevard #29-01 Singapore 038989 Singapore A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 24 September 2014. The directors have the power to amend and reissue the financial statements. (cid:25)(cid:32)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Statement of profit or loss and other comprehensive income For the year ended 30 June 2014 Revenue from continuing operations Other income Expenses Raw materials and consumables used Employee benefits expense Occupancy expense Depreciation and amortisation expense Communications expense Professional and corporate services Travel and accommodation expense Development costs Net loss on movement in fair value of derivative liabilities Net loss on renegotiation of convertible notes Loss on debt/equity conversion Impairment of assets Other expenses Finance costs Loss before income tax expense from continuing operations Income tax expense Loss after income tax expense from continuing operations Loss after income tax expense from discontinued operations Consolidated Note 2014 $'000 2013 $'000 4 5 6 6 7 8 8,476 1,508 (4,231) (5,742) (278) (1,145) (107) (1,608) (844) (68) - - (4,356) - (1,254) (2,112) 2,753 214 (1,359) (3,850) (219) (1,040) (131) (1,933) (720) (380) (380) (1,125) - (4,010) (663) (3,675) (11,761) (16,518) (37) (6) (11,798) (16,524) - (6,680) Loss after income tax expense for the year attributable to the owners of TZ Limited 30 (11,798) (23,204) Other comprehensive income Items that may be reclassified subsequently to profit or loss Items that may be reclassified subsequently to prof Items that may be reclassified subsequently to prof Foreign currency translation Other comprehensive income for the year, net of tax Total comprehensive income for the year attributable to the owners of TZ Limited Total comprehensive income for the year is attributable to: Continuing operations Discontinuing operations (289) (289) 1,280 1,280 (12,087) (21,924) (12,087) - (15,244) (6,680) (12,087) (21,924) The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes prehensive income should be read in conjunction wit prehensive income should be read in conjunction wit TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 30 TZ Limited Statement of profit or loss and other comprehensive income For the year ended 30 June 2014 Consolidated Note 2014 $'000 2013 $'000 Cents Cents Earnings per share for loss from continuing operations attributable to the owners of TZ Limited Basic earnings per share Diluted earnings per share Earnings per share for loss from discontinued operations attributable to the owners of TZ Limited Basic earnings per share Diluted earnings per share Earnings per share for loss attributable to the owners of TZ Limited Basic earnings per share Diluted earnings per share 45 45 45 45 45 45 (4.39) (4.39) (9.67) (9.67) - - (3.91) (3.91) (4.39) (4.39) (13.57) (13.57) The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes prehensive income should be read in conjunction wit prehensive income should be read in conjunction wit 31 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT TZ Limited Statement of financial position As at 30 June 2014 Assets Current assets Cash and cash equivalents Trade and other receivables Inventories Other financial assets Other Total current assets Non-current assets Other financial assets Property, plant and equipment Intangibles Other Total non-current assets Total assets Liabilities Current liabilities Trade and other payables Borrowings Derivative financial instruments Provisions Other Total current liabilities Non-current liabilities Borrowings Derivative financial instruments Deferred tax Provisions Total non-current liabilities Total liabilities Net assets/(liabilities) Equity Issued capital Reserves Accumulated losses Total equity/(deficiency) 2014 Financial Statements Consolidated Note 2014 $'000 2013 $'000 9 10 11 12 13 14 15 16 18 19 20 21 22 23 24 25 26 27 2,646 2,876 394 208 26 6,150 191 1,232 7,253 73 8,749 4,146 823 402 179 89 5,639 412 474 7,590 6 8,482 14,899 14,121 1,978 - - 154 122 2,254 - - 129 62 191 4,843 11,645 254 69 - 16,811 5,599 1,254 - 25 6,878 2,445 23,689 12,454 (9,568) 28 29 30 192,278 (5,133) (174,691) 158,942 (4,844) (163,666) 12,454 (9,568) The above statement of financial position should be The above statement of financial position should be read in conjunction with the accompanying notes TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 32 TZ Limited Statement of changes in equity For the year ended 30 June 2014 Consolidated Balance at 1 July 2012 Loss after income tax expense for the year Other comprehensive income for the year, net of tax Total comprehensive income for the year Transactions with owners in their capacity as owners: Transactions with owners in their capacity as owner Transactions with owners in their capacity as owner Share-based payments (note 46) Contributions of equity (note 28) Less: transaction costs on shares issued Issued capital $'000 Reserves $'000 Accumulated losses $'000 Total deficiency $'000 153,443 (6,124) (140,924) 6,395 - - - - 6,063 (564) - 1,280 (23,204) - (23,204) 1,280 1,280 (23,204) (21,924) - - - 462 - - 462 6,063 (564) Balance at 30 June 2013 158,942 (4,844) (163,666) (9,568) Consolidated Balance at 1 July 2013 Loss after income tax expense for the year Other comprehensive income for the year, net of tax Total comprehensive income for the year Transactions with owners in their capacity as owners: Transactions with owners in their capacity as owner Transactions with owners in their capacity as owner Share-based payments (note 46) Contributions of equity (note 28) Less: transaction costs on shares issued Issued capital $'000 Reserves $'000 Accumulated losses $'000 Total equity $'000 158,942 (4,844) (163,666) (9,568) - - - - (289) (11,798) - (11,798) (289) (289) (11,798) (12,087) - 33,744 (408) - - - 773 - - 773 33,744 (408) Balance at 30 June 2014 192,278 (5,133) (174,691) 12,454 The above statement of changes in equity should be read in conjunction with the accompanying notes 33 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Statement of cash flows For the year ended 30 June 2014 Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Interest received Other revenue Interest and other finance costs paid Income taxes refunded Income taxes paid Net cash used in operating activities Cash flows from investing activities Payment for purchase of business Payments for property, plant and equipment Payments for intangibles Proceeds from sale of business Proceeds from sale of property, plant and equipment Proceeds from investment redemption Net cash from/(used in) investing activities Cash flows from financing activities Proceeds from issue of shares Transaction costs on shares issued Repayment of borrowings Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial year 9 Consolidated Note 2014 $'000 2013 $'000 44 41 15 28 6,442 (13,008) 20,482 (26,100) (6,566) 50 14 (185) - (53) (5,618) 60 682 (163) 15 - (6,740) (5,024) (292) (845) (258) - - 177 (1,218) 6,712 (201) - 6,511 (1,447) 4,146 (53) 2,646 - (580) (138) 4,593 1 - 3,876 6,063 (411) (1,223) 4,429 3,281 904 (39) 4,146 The above statement of cash flows should be read in The above statement of cash flows should be read in conjunction with the accompanying notes TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 34 TZ Limited Notes to the financial statements 30 June 2014 Note 1. Significant accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. New, revised or amending Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Any significant impact on the accounting policies of the consolidated entity from the adoption of these Accounting Standards and Interpretations are disclosed below. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the consolidated entity. The following Accounting Standards and Interpretations are most relevant to the consolidated entity: AASB 10 Consolidated Financial Statements The consolidated entity has applied AASB 10 from 1 July 2013, which has a new definition of 'control'. Control exists when the reporting entity is exposed, or has the rights, to variable returns from its involvement with another entity and has the ability to affect those returns through its 'power' over that other entity. A reporting entity has power when it has rights that give it the current ability to direct the activities that significantly affect the investee's returns. The consolidated entity not only has to consider its holdings and rights but also the holdings and rights of other shareholders in order to determine whether it has the necessary power for consolidation purposes. AASB 11 Joint Arrangements The consolidated entity has applied AASB 11 from 1 July 2013. The standard defines which entities qualify as joint arrangements and removes the option to account for joint ventures using proportional consolidation. Joint ventures, where the parties to the agreement have the rights to the net assets are accounted for using the equity method. Joint operations, where the parties to the agreements have the rights to the assets and obligations for the liabilities, will account for its share of the assets, liabilities, revenues and expenses separately under the appropriate classifications. AASB 12 Disclosure of Interests in Other Entities The consolidated entity has applied AASB 12 from 1 July 2013. The standard contains the entire disclosure requirement associated with other entities, being subsidiaries, associates, joint arrangements (joint operations and joint ventures) and unconsolidated structured entities. The disclosure requirements have been significantly enhanced when compared to the disclosures previously located in AASB 127 'Consolidated and Separate Financial Statements', AASB 128 'Investments in Associates', AASB 131 'Interests in Joint Ventures' and Interpretation 112 'Consolidation - Special Purpose Entities'. AASB 13 Fair Value Measurement and AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13 The consolidated entity has applied AASB 13 and its consequential amendments from 1 July 2013. The standard provides a single robust measurement framework, with clear measurement objectives, for measuring fair value using the 'exit price' and provides guidance on measuring fair value when a market becomes less active. The 'highest and best use' approach is used to measure non-financial assets whereas liabilities are based on transfer value. The standard requires increased disclosures where fair value is used. -8 Amendments to Australian Accounting Standards ar -8 Amendments to Australian Accounting Standards ar AASB 119 Employee Benefits (September 2011) and AASB 2011-10 Amendments to Australian Accounting Standards arising from AASB 119 (September 2011) The consolidated entity has applied AASB 119 and its consequential amendments from 1 July 2013. The standard eliminates the corridor approach for the deferral of gains and losses; streamlines the presentation of changes in assets and liabilities arising from defined benefit plans, including requiring remeasurements to be presented in other comprehensive income; and enhances the disclosure requirements for defined benefit plans. The standard also changed the definition of short-term employee benefits, from 'due to' to 'expected to' be settled within 12 months. Annual leave that is not expected to be wholly settled within 12 months is now discounted allowing for expected salary levels in the future period when the leave is expected to be taken. (cid:26)(cid:28)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 1. Significant accounting policies (continued) AASB 127 Separate Financial Statements (Revised), AASB 128 Investments in Associates and Joint Ventures (Reissued) and AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint and AASB 2011-7 Amendments to Australian Accounting Arrangements Standards The consolidated entity has applied AASB 127, AASB 128 and AASB 2011-7 from 1 July 2013. AASB 127 and AASB 128 have been modified to remove specific guidance that is now contained in AASB 10, AASB 11 and AASB 12 and AASB 2011-7 makes numerous consequential changes to a range of Australian Accounting Standards and Interpretations. AASB 128 has also been amended to include the application of the equity method to investments in joint ventures. AASB 2012-2 Amendments to Australian Accounting Standards - Disclosures - Offsetting Financial Assets and Financial Liabilities The consolidated entity has applied AASB 2012-2 from 1 July 2013. The amendments enhance AASB 7 'Financial Instruments: Disclosures' and requires disclosure of information about rights of set-off and related arrangements, such as collateral agreements. The amendments apply to recognised financial instruments that are subject to an enforceable master netting arrangement or similar agreement. -5 Amendments to Australian Accounting Standards ar -5 Amendments to Australian Accounting Standards ar AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009-2011 Cycle The consolidated entity has applied AASB 2012-5 from 1 July 2013. The amendments affect five Australian Accounting Standards as follows: Confirmation that repeat application of AASB 1 'First-time Adoption of Australian Accounting Standards' is permitted; Clarification of borrowing cost exemption in AASB 1; Clarification of the comparative information requirements when an entity provides an optional third column or is required to present a third statement of financial position in accordance with AASB 101 'Presentation of Financial Statements'; Clarification that servicing of equipment is covered by AASB 116 'Property, Plant and Equipment', if such equipment is used for more than one period; clarification that the tax effect of distributions to holders of equity instruments and equity transaction costs in AASB 132 'Financial Instruments: Presentation' should be accounted for in accordance with AASB 112 'Income Taxes'; and clarification of the financial reporting requirements in AASB 134 'Interim Financial Reporting' and the disclosure requirements of segment assets and liabilities. -10 Amendments to Australian Accounting Standards - AASB 2012-10 Amendments to Australian Accounting Standards - Transition Guidance and Other Amendments The consolidated entity has applied AASB 2012-10 amendments from 1 July 2013, which amends AASB 10 and related standards for the transition guidance relevant to the initial application of those standards. The amendments clarify the circumstances in which adjustments to an entity's previous accounting for its involvement with other entities are required and the timing of such adjustments. -4 Amendments to Australian Accounting Standards to AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirement The consolidated entity has applied 2011-4 from 1 July 2013, which amends AASB 124 'Related Party Disclosures' by removing the disclosure requirements for individual key management personnel ('KMP'). Corporations and Related Legislation Amendment Regulations 2013 and Corporations and Australian Securities and Investments Commission Amendment Regulation 2013 (No.1) now specify the KMP disclosure requirements to be included within the directors' report. Going concern These financial statements have been prepared on a going concern basis, which assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. In making the assessment of the applicability of the going concern assumption, the Directors conducted a comprehensive (cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:72)(cid:81)(cid:87)(cid:76)(cid:87)(cid:92)(cid:183)(cid:86)(cid:3)(cid:68)(cid:73)(cid:73)(cid:68)(cid:76)(cid:85)(cid:86)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)ng, but not limited to: •(cid:3) (cid:55)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:72)(cid:81)(cid:87)(cid:76)(cid:87)(cid:92)(cid:183)(cid:86)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:87) 30 June 2014; • The cash flow forecast for the consolidated entity The cash flow forecast for the consolidated entity for the period of 12 months from the date of the i financial statements; Sales and profitability forecasts for the consolidated entity for not only the current financial year, but beyond 30 June 2015; and (cid:55)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:71)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:72)(cid:81)(cid:87)(cid:76)(cid:87)(cid:92)(cid:183)(cid:86) shareholders. ssuance of these •(cid:3) • For the year ended 30 June 2014, the consolidated entity incurred losses after income tax of $11,798,000 and net cash outflows from operating activities of $6,692,000. TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 36 TZ Limited Notes to the financial statements 30 June 2014 Note 1. Significant accounting policies (continued) While the consolidated entity incurred losses for the year, in assessing the appropriateness of the going concern concept the following factors have been taken into consideration by the Directors: • $2.11 million was attributed to financing costs associated with the QVT Convertible Notes. These were converted to equity in the year and therefore interest will no longer accrue on these notes; $4.36 million was expensed in the year in relation to a loss on conversion of QVT Convertible Notes. Upon conversion of the notes the consolidated entity does not have any term debt; The Directors are of the view the consolidated entity is on track to meet revenue targets for the 2014/15 financial year and that this is strongly supported by a substantial backlog of purchase orders and secured contracts. It is expected, as the monthly revenue levels increase, the consoli(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3) (cid:72)(cid:81)(cid:87)(cid:76)(cid:87)(cid:92)(cid:183)(cid:86)(cid:3) (cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3) (cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3) (cid:88)(cid:81)(cid:76)(cid:87)(cid:86)(cid:3) (cid:90)(cid:76)(cid:79)(cid:79)(cid:3) (cid:69)(cid:72)(cid:3) (cid:76)(cid:81)(cid:3) a position to contribute positive cash to the bottom line; and The Directors maintain a positive outlook on achieving profitability in the 2015 financial year based upon forward orders and the strength of the sales pipeline. • • • In making their assessment, the Directors acknowledge that the ability of the consolidated entity to continue as a going concern is dependent on meeting sales and profitability forecasts, the generation of positive cash flows, the continued support of shareholders and the raising of additional share capital as and when required in the future. The financial statements have been prepared on the going concern basis for the above reasons. Accordingly, the financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or to the amounts and classification of liabilities that might be necessary should the consolidated entity not continue as a going concern. Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB'). Historical cost convention The financial statements have been prepared under the historical cost convention, except for derivative financial instruments at fair value. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2. Parent entity information In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only. Supplementary information about the parent entity is disclosed in note 40. Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of TZ Limited ('company' or 'parent entity') as at 30 June 2014 and the results of all subsidiaries for the year then ended. TZ Limited and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'. Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases. Special purpose entities ('SPEs') are those entities where the consolidated entity, in substance, controls the SPE so as to obtain the majority of benefits without having any ownership interest. 37 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 1. Significant accounting policies (continued) Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent. Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. Operating segments Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of resources to operating segments and assessing their performance. Foreign currency translation The financial statements are presented in Australian dollars, which is TZ Limited's functional and presentation currency. Foreign currency transactions Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Foreign operations The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rate at the date of the transaction, for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity. The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of. Revenue recognition Revenue is recognised when it is probable that the economic benefit will flow to the consolidated entity and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable. Sale of goods Sale of goods revenue is recognised at the point of sale, which is where the customer has taken delivery of the goods, the risks and rewards are transferred to the customer and there is a valid sales contract. Amounts disclosed as revenue are net of sales returns and trade discounts. Rendering of services Rendering of services revenue from computer maintenance fees is recognised by reference to the stage of completion of the contracts. Stage of completion is measured by reference to labour hours incurred to date as a percentage of total estimated labour hours for each contract. Where the contract outcome cannot be reliably estimated, revenue is only recognised to the extent of the recoverable costs incurred to date. TZ LIMITED (cid:1155)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)(cid:3)(cid:40)(cid:53)(cid:53)(cid:60)(cid:40)(cid:51)(cid:3)(cid:57)(cid:44)(cid:55)(cid:54)(cid:57)(cid:59)(cid:3)(cid:3)(cid:3)(cid:3)(cid:26)(cid:31) TZ Limited Notes to the financial statements 30 June 2014 Note 1. Significant accounting policies (continued) Interest Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Other revenue Other revenue is recognised when it is received or when the right to receive payment is established. Income tax The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: (cid:404) When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or (cid:404) When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of recognised and unrecognised deferred tax assets are reviewed each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offs et current tax assets Deferred tax assets and liabilities are offset only against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. Discontinued operations A discontinued operation is a component of the consolidated entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co- ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately on the face of the statement of profit or loss and other comprehensive income. Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is current when: it is expected to be realised or intended to be sold or consumed in normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is current when: it is expected to be settled in normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current. (cid:26)(cid:32)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 1. Significant accounting policies (continued) Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Trade and other receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Trade receivables are generally due for settlement within 30 days. Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectable are written off by reducing the carrying amount directly. A provision for impairment of trade receivables is raised when there is objective evidence that the consolidated entity will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation and default or delinquency in payments (more than 60 days overdue) are considered indicators that the trade receivable may be impaired. The amount of the impairment allowance is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial. Other receivables are recognised at amortised cost, less any provision for impairment. Inventories Raw materials, work in progress and finished goods are stated at the lower of cost and net realisable value on a 'first in first out' basis. Cost comprises direct materials and delivery costs, direct labour, import duties and other taxes, an appropriate proportion of variable and fixed overhead expenditure based on normal operating capacity, and, where applicable, transfers from cash flow hedging reserves in equity. Costs of purchased inventory are determined after deducting rebates and discounts received or receivable. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Derivatives are classified as current or non-current depending on the expected period of realisation. Investments and other financial assets Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. They are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on the purpose of the acquisition and subsequent reclassification to other categories is restricted. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are carried at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the asset is derecognised or impaired. Impairment of financial assets The consolidated entity assesses at the end of each reporting period whether there is any objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulty of the issuer or obligor; a breach of contract such as default or delinquency in payments; the lender granting to a borrower concessions due to economic or legal reasons that the lender would not otherwise do; it becomes probable that the borrower will enter bankruptcy or other financial reorganisation; the disappearance of an active market for the financial asset; or observable data indicating that there is a measurable decrease in estimated future cash flows. TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 40 TZ Limited Notes to the financial statements 30 June 2014 Note 1. Significant accounting policies (continued) The amount of the impairment allowance for loans and receivables carried at amortised cost is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. If there is a reversal of impairment, the reversal cannot exceed the amortised cost that would have been recognised had the impairment not been made and is reversed to profit or loss. Property, plant and equipment Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment over their expected useful lives as follows: Leasehold improvements Plant and equipment Office equipment 20 - 33% 20% 15 - 35% The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. Leasehold improvements and plant and equipment under lease are depreciated over the unexpired period of the lease or the estimated useful life of the assets, whichever is shorter. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the consolidated entity. Leases Lease payments under operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the period in which they are incurred. Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term. Where assets are acquired by means of finance leases, the present value of minimum lease payments is established as an asset at the beginning of the lease term and amortised on a straight line basis over the expected economic life. A corresponding liability is also established and each lease payment is allocated between such liability and interest expense. h lease payment is allocated between such liability Intangible assets Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost less amortisation and any impairment. The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period. Goodwill Goodwill arises on the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed. Trademarks Significant costs associated with trademarks are deferred and amortised on a straight-line basis over the period of their expected benefit, being their finite life of 10 years. Re-acquired right (Intevia licence) Re-acquired rights are initially recognised at cost, then amortised over their expected useful life of 13.5 years. The reacquired rights related to technology and know-how that is collectively referred to as the 'Intevia licence'. The right to exploit this technology was re-acquired from Textron Inc., on 22 January 2007. 41 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 1. Significant accounting policies (continued) Patents Expenditure directly attributable to the registration of patents is capitalised at cost and is amortised over the useful life of between 15 to 20 years. Royalties Royalties acquired through a business combination which have future economic benefits or service potential other than their heritage value are capitalised and are amortised over their expected useful life of 8 years. Customer relationships Customer relationships acquired as part of a business combination are recognised separately from goodwill and are carried at their fair value at date of acquisition less accumulated amortisation and impairment losses. Amortisation is calculated based on a straight line basis over the estimated useful life of 8 years. Research and development costs Research costs are expensed as incurred. Development expenditure incurred on an individual project is capitalised if the product or service is technically feasible, adequate resources are available to complete the project, it is probable that future economic benefits will be generated and expenditure attributable to the project can be measured reliably. Expenditure capitalised comprises costs of materials, services, direct labour and an appropriate portion of overheads. Capitalised development expenditure is stated at cost less accumulated amortisation and any impairment losses, and are amortised over the period of expected future sales from the related projects which vary from 3 to 15 years. Impairment of non-financial assets Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit. Trade and other payables These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. Borrowings Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method. Where there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting date, the loans or borrowings are classified as non-current. Convertible notes The component of the convertible notes that exhibits characteristics of a liability is recognised as a liability in the statement of financial position, net of transaction costs. On the issue of the convertible notes the fair value of the liability component is determined using a market rate for an equivalent non-convertible bond and this amount is carried as a non-current liability on the amortised cost basis until extinguished on conversion or redemption. The increase in the liability due to the passage of time is recognised as a finance cost. Under the terms of the Convertible Note Subscription Deed and the subsequent amendments, the conversion price is the lower of (a) the agreed conversion price and (b) the issue price of any subsequent share issue during the term of the convertible notes. As a result of this clause the note holders equity risk is eliminated, and therefore the instruments are treated as debt instruments with an embedded derivative. TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 42 TZ Limited Notes to the financial statements 30 June 2014 Note 1. Significant accounting policies (continued) The fair value of the debt portion of the convertible notes is determined after calculating the fair value of the embedded derivative on inception. The debt portion is subsequently measured at amortised cost and the embedded derivative financial instrument is measured at fair value at each reporting date with any movement in fair value reported in profit or loss. Issue costs are apportioned between the liability and equity components of convertible notes based on the allocation of proceeds to the debt and equity components (if any) when the instruments are first. Finance costs Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are expensed in the period in which they are incurred, including: (cid:404) interest on short-term and long-term borrowings Provisions Provisions are recognised when the consolidated entity has a present (legal or constructive) obligation as a result of a past event, it is probable the consolidated entity will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance cost. Employee benefits Short-term employee benefits Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled within 12 months of the reporting date are recognised in current liabilities in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are recognised in non-current liabilities, provided there is an unconditional right to defer settlement of the liability. The liability is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Defined contribution superannuation expense Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred. Share-based payments Equity-settled and cash-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by reference to the share price. The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the consolidated entity receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. 43 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 1. Significant accounting policies (continued) The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying either the Binomial or Black-Scholes option pricing model, taking into consideration the terms and conditions on which the award was granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows: (cid:404) during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the expired portion of the vesting period. (cid:404) from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the reporting date. All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to settle the liability. Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied. If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification. If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the consolidated entity or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited. If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a modification. Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interest. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Assets and liabilities measured at fair value are classified, into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed each reporting date and transfers between levels are determined based on a reassessment of the lowest level input that is significant to the fair value measurement. For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data. Issued capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 44 TZ Limited Notes to the financial statements 30 June 2014 Note 1. Significant accounting policies (continued) Business combinations The acquisition method of accounting is used to account for business combinations regardless of whether equity instruments or other assets are acquired. The consideration transferred is the sum of the acquisition-date fair values of the assets transferred, equity instruments issued or liabilities incurred by the acquirer to former owners of the acquiree and the amount of any non-controlling interest in the acquiree. For each business combination, the non-controlling interest in the acquiree is measured at either fair value or at the proportionate share of the acquiree's identifiable net assets. All acquisition costs are expensed as incurred to profit or loss. On the acquisition of a business, the consolidated entity assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic conditions, the consolidated entity's operating or accounting policies and other pertinent conditions in existence at the acquisition-date. Where the business combination is achieved in stages, the consolidated entity remeasures its previously held equity interest in the acquiree at the acquisition-date fair value and the difference between the fair value and the previous carrying amount is recognised in profit or loss. Contingent consideration to be transferred by the acquirer is recognised at the acquisition-date fair value. Subsequent changes in the fair value of contingent consideration classified as an asset or liability is recognised in profit or loss. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any non-controlling interest in the acquiree and the fair value of the consideration transferred and the fair value of any pre-existing investment in the acquiree is recognised as goodwill. If the consideration transferred and the pre-existing fair value is less than the fair value of the identifiable net assets acquired, being a bargain purchase to the acquirer, the difference is recognised as a gain directly in profit or loss by the acquirer on the acquisition-date, but only after a reassessment of the identification and measurement of the net assets acquired, the non-controlling interest in the acquiree, if any, the consideration transferred and the acquirer's previously held equity interest in the acquirer. lue of assets acquired, liabilities assumed and any consideration transferred and the fair value of any Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the provisional amounts recognised and also recognises additional assets or liabilities during the measurement period, based on new information obtained about the facts and circumstances that existed at the acquisition-date. The measurement period ends on either the earlier of (i) 12 months from the date of the acquisition or (ii) when the acquirer receives all the information possible to determine fair value. n a provisional basis. The acquirer retrospectively Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to the owners of TZ Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. Goods and Services Tax ('GST') and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position. (cid:27)(cid:28)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 1. Significant accounting policies (continued) Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority. Rounding of amounts The company is of a kind referred to in Class Order 98/100, issued by the Australian Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Class Order to the nearest thousand dollars, or in certain cases, the nearest dollar. New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2014. The consolidated entity's assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the consolidated entity, are set out below. AASB 9 Financial Instruments and its consequential amendments This standard and its consequential amendments are applicable to annual reporting periods beginning on or after 1 January 2018 and completes phases I and III of the IASB's project to replace IAS 39 (AASB 139) 'Financial Instruments: Recognition and Measurement'. This standard introduces new classification and measurement models for financial assets, using a single approach to determine whether a financial asset is measured at amortised cost or fair value. The accounting for financial liabilities continues to be classified and measured in accordance with AASB 139, with one exception, being that the portion of a change of fair value relating to the entity's own credit risk is to be presented in other comprehensive income unless it would create an accounting mismatch. Chapter 6 'Hedge Accounting' supersedes the general hedge accounting requirements in AASB 139 and provides a new simpler approach to hedge accounting that is intended to more closely align with risk management activities undertaken by entities when hedging financial and non-financial risks. The consolidated entity will adopt this standard and the amendments from 1 July 2018 but the impact of its adoption is yet to be assessed by the consolidated entity. AASB 2012-3 Amendments to Australian Accounting Standards - Offsetting Financial Assets and Financial Liabilities The amendments are applicable to annual reporting periods beginning on or after 1 January 2014. The amendments add application guidance to address inconsistencies in the application of the offsetting criteria in AASB 132 'Financial Instruments: Presentation', by clarifying the meaning of 'currently has a legally enforceable right of set-off'; and clarifies that some gross settlement systems may be considered to be equivalent to net settlement. The adoption of the amendments from 1 July 2014 will not have a material impact on the consolidated entity. AASB 2013-3 Amendments to AASB 136 - Recoverable Amount Disclosures for Non-Financial Assets These amendments are applicable to annual reporting periods beginning on or after 1 January 2014. The disclosure requirements of AASB 136 'Impairment of Assets' have been enhanced to require additional information about the fair value measurement when the recoverable amount of impaired assets is based on fair value less costs of disposals. Additionally, if measured using a present value technique, the discount rate is required to be disclosed. The adoption of these amendments from 1 July 2014 may increase the disclosures by the consolidated entity. AASB 2014-1 Amendments to Australian Accounting Standards These amendments are in several parts. Part A makes various amendments to Australian Accounting Standards arising (cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:76)(cid:86)(cid:86)(cid:88)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:44)(cid:36)(cid:54)(cid:37)(cid:183)(cid:86)(cid:3)(cid:182)(cid:36)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79)(cid:3)(cid:44)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:44)(cid:41)(cid:53)(cid:54)(cid:86)(cid:3)(cid:21)(cid:19)(cid:20)(cid:19)(cid:16)(cid:21)(cid:19)(cid:20)(cid:21)(cid:3)(cid:38)(cid:92)(cid:70)(cid:79)(cid:72)(cid:183)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:182)(cid:36)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79)(cid:3)(cid:44)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:87)(cid:82) IFRSs 2011- (cid:21)(cid:19)(cid:20)(cid:22)(cid:3) (cid:38)(cid:92)(cid:70)(cid:79)(cid:72)(cid:183)(cid:17)(cid:3) (cid:51)(cid:68)(cid:85)(cid:87)(cid:3) (cid:37)(cid:3) (cid:80)(cid:68)(cid:78)(cid:72)(cid:86)(cid:3) (cid:68)(cid:80)(cid:72)(cid:81)(cid:71)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3) (cid:87)(cid:82)(cid:3) (cid:36)(cid:36)(cid:54)(cid:37)(cid:3) (cid:20)(cid:20)(cid:28)(cid:3) (cid:182)(cid:40)mployee in relation to the requirements for contributions from employees or third parties that are linked to servi(cid:70)(cid:72)(cid:3) (cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3) (cid:68)(cid:85)(cid:76)(cid:86)(cid:72)(cid:3) (cid:73)(cid:85)(cid:82)(cid:80)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:76)(cid:86)(cid:86)(cid:88)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3) (cid:82)(cid:73)(cid:3) (cid:44)(cid:36)(cid:54)(cid:37)(cid:183)(cid:86)(cid:3) (cid:182)(cid:39)(cid:72)(cid:73)(cid:76)(cid:81)(cid:72)(cid:71) Benefit Plans – (cid:40)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:3) (cid:38)(cid:82)(cid:81)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3) (cid:11)(cid:36)(cid:80)(cid:72)(cid:81)(cid:71)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3) (cid:87)(cid:82)(cid:3) (cid:44)(cid:36)(cid:54)(cid:3) (cid:20)(cid:28)(cid:12)(cid:183)(cid:17)(cid:3) (cid:51)(cid:68)(cid:85)t C makes amendments to particular Australian Accounting (cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:71)(cid:72)(cid:79)(cid:72)(cid:87)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)(cid:85)(cid:72)(cid:73)(cid:72)(cid:85)(cid:72)(cid:81)(cid:70)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:36)(cid:36)(cid:54)(cid:37)(cid:3)(cid:20)(cid:19)(cid:22)(cid:20)(cid:3)(cid:182)(cid:48)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:76)(cid:87)(cid:92)(cid:183)(cid:17)(cid:3)(cid:51)(cid:68)(cid:85)(cid:87)(cid:3)(cid:39)(cid:3)(cid:80)(cid:68)(cid:78)(cid:72)(cid:86)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:72)(cid:84)(cid:88)(cid:72)(cid:81)(cid:87)(cid:76)(cid:68)(cid:79)(cid:3)(cid:68)(cid:80)(cid:72)(cid:81)(cid:71)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86) arising from the (cid:76)(cid:86)(cid:86)(cid:88)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3) (cid:82)(cid:73)(cid:3) (cid:36)(cid:36)(cid:54)(cid:37)(cid:3) (cid:20)(cid:23)(cid:3) (cid:182)(cid:53)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:87)(cid:82)(cid:85)(cid:92)(cid:3) (cid:39)(cid:72)(cid:73)(cid:72)(cid:85)(cid:85)(cid:68)(cid:79)(cid:3) (cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:86)(cid:183)(cid:17)(cid:3) (cid:51)(cid:68)(cid:85)(cid:87)(cid:3) (cid:40)(cid:3) (cid:80)(cid:68)(cid:78)(cid:72)(cid:86)(cid:3) (cid:70)(cid:82)(cid:81)(cid:86)(cid:72)(cid:84)(cid:88)(cid:72)(cid:81)(cid:87)(cid:76)(cid:68)(cid:79)(cid:3) (cid:68)(cid:80)(cid:72)(cid:81)(cid:71)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3) (cid:87)(cid:82)(cid:3) (cid:81)(cid:88)(cid:80)(cid:72)(cid:85)(cid:82)(cid:88)(cid:86)(cid:3) other Standards as a consequence of the introduction of h(cid:72)(cid:71)(cid:74)(cid:72)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:76)(cid:81)(cid:87)(cid:82)(cid:3)(cid:36)(cid:36)(cid:54)(cid:37)(cid:3)(cid:28)(cid:3)(cid:182)(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:44)(cid:81)(cid:86)(cid:87)(cid:85)(cid:88)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:183)(cid:3)(cid:76)(cid:81)(cid:3) (cid:39)(cid:72)(cid:70)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:21)(cid:19)(cid:20)(cid:22)(cid:17)(cid:3)(cid:36)(cid:80)(cid:72)(cid:81)(cid:71)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:51)(cid:68)(cid:85)(cid:87)(cid:3)(cid:36)(cid:3)(cid:87)(cid:82)(cid:3)(cid:39)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:79)(cid:76)(cid:70)(cid:68)(cid:69)(cid:79)e to annual reporting periods beginning on or after 1 July 2014 or (cid:68)(cid:86)(cid:3)(cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:73)(cid:76)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:72)(cid:68)(cid:70)(cid:75)(cid:3)(cid:51)(cid:68)(cid:85)(cid:87)(cid:17)(cid:3)(cid:36)(cid:80)(cid:72)(cid:81)(cid:71)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:51)(cid:68)(cid:85)(cid:87)(cid:3)(cid:40)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:68)(cid:83)plicable to annual reporting periods beginning on or after 1 January (cid:21)(cid:19)(cid:20)(cid:24)(cid:3)(cid:82)(cid:85)(cid:3)(cid:68)(cid:86)(cid:3)(cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:73)(cid:76)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:51)(cid:68)(cid:85)(cid:87)(cid:3)(cid:40)(cid:17)(cid:3) TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 46 TZ Limited Notes to the financial statements 30 June 2014 Note 1. Significant accounting policies (continued) Annual Improvements to IFRSs 2010-2012 Cycle These amendments are applicable to annual reporting periods beginning on or after 1 July 2014 and affects several Accounting Standards as follows: Amends the definition of 'vesting conditions' and 'market condition' and adds definitions for 'performance condition' and 'service condition' in AASB 2 'Share-based Payment'; Amends AASB 3 'Business Combinations' to clarify that contingent consideration that is classified as an asset or liability shall be measured at fair value at each reporting date; Amends AASB 8 'Operating Segments' to require entities to disclose the judgements made by management in applying the aggregation criteria; Clarifies that AASB 8 only requires a reconciliation of the total reportable segments assets to the entity's assets, if the segment assets are reported regularly; Clarifies that the issuance of AASB 13 'Fair Value Measurement' and the amending of AASB 139 'Financial Instruments: Recognition and Measurement' and AASB 9 'Financial Instruments' did not remove the ability to measure short-term receivables and payables with no stated interest rate at their invoice amount, if the effect of discounting is immaterial; Clarifies that in AASB 116 'Property, Plant and Equipment' and AASB 138 'Intangible Assets', when an asset is revalued the gross carrying amount is adjusted in a manner that is consistent with the revaluation of the carrying amount (i.e. proportional restatement of accumulated amortisation); and Amends AASB 124 'Related Party Disclosures' to clarify that an entity providing key management personnel services to the reporting entity or to the parent of the reporting entity is a 'related party' of the reporting entity. The adoption of these amendments will not have a material impact on the consolidated entity. isclosures' to clarify that an entity providing key Annual Improvements to IFRSs 2011-2013 Cycle These amendments are applicable to annual reporting periods beginning on or after 1 July 2014 and affects four Accounting Standards as follows: Clarifies the 'meaning of effective IFRSs' in AASB 1 'First-time Adoption of Australian Accounting Standards'; Clarifies that AASB 3 'Business Combination' excludes from its scope the accounting for the formation of a joint arrangement in the financial statements of the joint arrangement itself; Clarifies that the scope of the portfolio exemption in AASB 13 'Fair Value Measurement' includes all contracts accounted for within the scope of AASB 139 'Financial Instruments: Recognition and Measurement' or AASB 9 'Financial Instruments', regardless of whether they meet the definitions of financial assets or financial liabilities as defined in AASB 132 'Financial Instruments: Presentation'; and Clarifies that determining whether a specific transaction meets the definition of both a business combination as defined in AASB 3 'Business Combinations' and investment property as defined in AASB 140 'Investment Property' requires the separate application of both standards independently of each other. The adoption of these amendments will not have a material impact on the consolidated entity. l reporting periods beginning on or after 1 January IFRS 15 Revenue from Contracts with Customers This standard is expected to be applicable to annual reporting periods beginning on or after 1 January 2017. The standard provides a single standard for revenue recognition. The core principle of the standard is that an entity will recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard will require: contracts (either written, verbal or implied) to be identified, together with the separate performance obligations within the contract; determine the transaction price, adjusted for the time value of money excluding credit risk; allocation of the transaction price to the separate performance obligations on a basis of relative stand-alone selling price of each distinct good or service, or estimation approach if no distinct observable prices exist; and recognition of revenue when each performance obligation is satisfied. Credit risk will be presented separately as an expense rather than adjusted to revenue. For goods, the satisfied. Credit risk will be presented separately performance obligation would be satisfied when the customer obtains control of the goods. For services, the performance obligation is satisfied when the service has been provided, typically for promises to transfer services to customers. For performance obligations satisfied over time, an entity would select an appropriate measure of progress to determine how much revenue should be recognised as the performance obligation is satisfied. Contracts with customers will be presented (cid:76)(cid:81)(cid:3) (cid:68)(cid:81)(cid:3) (cid:72)(cid:81)(cid:87)(cid:76)(cid:87)(cid:92)(cid:183)(cid:86)(cid:3) (cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3) (cid:82)(cid:73)(cid:3) (cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3) (cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:68)(cid:86)(cid:3) (cid:68) contract liability, a contract asset, or a receivable, depending on the (cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:75)(cid:76)(cid:83)(cid:3) (cid:69)(cid:72)(cid:87)(cid:90)(cid:72)(cid:72)(cid:81)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:72)(cid:81)(cid:87)(cid:76)(cid:87)(cid:92)(cid:183)(cid:86)(cid:3) (cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:183)(cid:86)(cid:3) (cid:83)(cid:68)(cid:92)(cid:80)(cid:72)(cid:81)(cid:87)(cid:17)(cid:3) (cid:54)(cid:88)(cid:73)(cid:73)(cid:76)(cid:70)(cid:76)(cid:72)(cid:81)(cid:87)(cid:3) (cid:84)(cid:88)(cid:68)(cid:81)(cid:87)(cid:76)(cid:87)(cid:68)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) qualitative disclosure is required to enable users to understand the contracts with customers; the significant judgments made in applying the guidance to those contracts; and any assets recognised from the costs to obtain or fulfil a contract with a customer. The consolidated entity will adopt this standard and the amendments from 1 July 2017 but the impact of its adoption is yet to be assessed by the consolidated entity. 47 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 2. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. Share-based payment transactions The consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or Black-Scholes model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity. Provision for impairment of receivables The provision for impairment of receivables assessment requires a degree of estimation and judgement. The level of provision is assessed by taking into account the recent sales experience, the ageing of receivables, historical collection rates and specific knowledge of the individual debtors financial position. Goodwill and other indefinite life intangible assets Goodwill and other indefinite life intangible asset Goodwill and other indefinite life intangible asset The consolidated entity tests annually, or more frequently if events or changes in circumstances indicate impairment, whether goodwill and other indefinite life intangible assets have suffered any impairment, in accordance with the accounting policy stated in note 1. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of assumptions, including estimated discount rates based on the current cost of capital and growth rates of the estimated future cash flows. Impairment of non-financial assets other than goodw Impairment of non-financial assets other than goodwill and other indefinite life intangible assets Impairment of non-financial assets other than goodw The consolidated entity assesses impairment of non-financial assets other than goodwill and other indefinite life intangible assets at each reporting date by evaluating conditions specific to the consolidated entity and to the particular asset that may lead to impairment. If an impairment trigger exists, the recoverable amount of the asset is determined. This involves fair value less costs of disposal or value-in-use calculations, which incorporate a number of key estimates and assumptions. Impairment testing has been performed on definite life intangible assets. The key assumptions used in the testing model were as follows: • Discount rate – 15.20% (2013: 17.83%) • Gross margins – budgeted gross profit margins are between 46% and 47%, historical gross margins ranged between 48% to 64% • Revenue growth rates – 2015 (135%), 2016 (57%), 2017 (46%), 2018 (12%), 2 – 019 (11%), 2020 (6%), 2021 (11%) and 2022 (7%) Recovery of deferred tax assets Deferred tax assets are recognised for deductible temporary differences only if the consolidated entity considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Note 3. Operating segments Identification of reportable operating segments The consolidated entity's operating segment is based on the internal reports that are reviewed and used by the Board of Directors (being the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources. Following the discontinued operations of the PDT Holdings Inc. ('PDT') segment in the current year, the consolidated entity now operates in one segment being the development and commercialisation of hardware and software products primarily in the US, Australian and Asian markets. TZ LIMITED (cid:1155)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)(cid:3)(cid:40)(cid:53)(cid:53)(cid:60)(cid:40)(cid:51)(cid:3)(cid:57)(cid:44)(cid:55)(cid:54)(cid:57)(cid:59)(cid:3)(cid:3)(cid:3)(cid:3)(cid:27)(cid:31) TZ Limited Notes to the financial statements 30 June 2014 Note 3. Operating segments (continued) The information reported to the CODM, on at least a monthly basis, is profit or loss and adjusted earnings before interest, tax, depreciation and amortisation and other one off-items ('Adjusted EBITDA'). Major customers During the year ended 30 June 2014 approximately 30% (2013: 19%) of the consolidated entity's external revenue was derived from sales to one customer. Geographical information Australia United States of America United Kingdom Canada Netherlands Korea Denmark Russia Singapore Other * Sales to external customers 2014 $'000 2013 $'000 Geographical non-current assets 2014 $'000 2013 $'000 2,042 3,439 244 41 - - - - 2,502 124 574 16,217 621 417 31 15 633 669 519 420 8,392 20,116 1,843 6,902 - - - - - - 4 - 8,749 364 8,118 - - - - - - - - 8,482 * Other relates to Taiwan, China, Italy, Ireland, Turkey, Sweden and Mexico The geographical non-current assets above are exclusive of, where applicable, financial instruments, deferred tax assets, post employment benefits assets and rights under insurance contracts but include the PDT business for the period held. Adjusted earnings before, interest, tax, depreciation, amortisation, impairment, head office income an Adjusted earnings before, interest, tax, depreciati Adjusted earnings before, interest, tax, depreciati on disposal of discontinued operations ('Adjusted E on disposal of discontinued operations ('Adjusted E on disposal of discontinued operations ('Adjusted EBITDA') d expenses and loss A reconciliation to loss after income tax expense is as follows: Adjusted EBITDA Impairment of goodwill Loss on debt/equity conversion Loss from discontinued operations Interest income Head office costs Depreciation and amortisation Interest expense Income tax expense Loss after income tax expense (cid:27)(cid:32)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT Consolidated 2014 $'000 2013 $'000 (2,364) - (4,356) - 48 (1,832) (1,145) (2,112) (37) (3,834) (4,010) - (6,680) 41 (4,000) (1,040) (3,675) (6) (11,798) (23,204) 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 4. Revenue From continuing operations Sales revenue Sales and services revenue Other revenue Interest Other revenue Revenue from continuing operations Note 5. Other income Net foreign exchange gain Net gain on movement in fair value of derivative liabilities Other income Consolidated 2014 $'000 2013 $'000 8,392 2,711 48 36 84 42 - 42 8,476 2,753 Consolidated 2014 $'000 2013 $'000 - 1,508 1,508 214 - 214 TZ LIMITED (cid:1155)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)(cid:3)(cid:40)(cid:53)(cid:53)(cid:60)(cid:40)(cid:51)(cid:3)(cid:57)(cid:44)(cid:55)(cid:54)(cid:57)(cid:59)(cid:3)(cid:3)(cid:3)(cid:3)(cid:28)(cid:23) Consolidated 2014 $'000 2013 $'000 19 71 44 134 1 707 303 1,011 1,145 4,349 258 - 680 5,287 18 136 48 202 1 631 206 838 1,040 821 - 10 803 1,634 2,112 3,675 180 52 773 308 TZ Limited Notes to the financial statements 30 June 2014 Note 6. Expenses Loss before income tax from continuing operations includes the following specific expenses: Depreciation Leasehold improvements Plant and equipment Office equipment Total depreciation Amortisation Trade names Re-acquired right (Intevia Licence) Other intangible assets Total amortisation Total depreciation and amortisation Cost of sales Direct material Subcontractors Company overheads Other cost of sales Total cost of sales Finance costs Interest and finance charges paid/payable Superannuation expense Defined contribution superannuation expense Share-based payments expense Share-based payments expense (cid:28)(cid:24)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 7. Income tax expense Income tax expense Current tax Deferred tax - origination and reversal of temporary differences Deferred tax asset written-off (note 17) Under/(over) provision for prior years Aggregate income tax expense Income tax expense is attributable to: Profit from continuing operations Profit from discontinued operations Aggregate income tax expense Deferred tax included in income tax expense comprises: Increase in deferred tax assets (note 17) Increase/(decrease) in deferred tax liabilities (note 26) Deferred tax - origination and reversal of temporary differences Numerical reconciliation of income tax expense and tax at the statutory rate Loss before income tax expense from continuing operations Profit before income tax expense from discontinued operations Tax at the statutory tax rate of 30% Current year tax losses not recognised Difference in overseas tax rates Under/(over) provision for prior years Tax on impairment of goodwill Deferred tax asset written-off (note 17) Income tax expense Consolidated 2014 $'000 2013 $'000 53 (16) - - 37 37 - 37 - (16) (16) 6 - 1,075 (21) 1,060 6 1,054 1,060 (78) 78 - (11,761) - (16,518) (5,626) (11,761) (22,144) (3,528) (6,643) 3,680 (115) - - - 37 6,274 (828) (21) 1,203 1,075 1,060 The consolidated entity is in the process of determining its tax loss position to carry forward. Note 8. Discontinued operations Description On 31 May 2013, TZ Limited ('TZL') sold the business of its subsidiary, Product Development Technologies, Inc. ('PDT') to PDT Acquisition, LLC, an Illinois limited liability company. The transaction was an asset sale and not a sale of the PDT PDT Acquisition, LLC, an Illinois limited liability company, although TZL did sell its shareholding in the Ukraine company (which employs a number of lower cost employees used in the business) as part of the transaction. The selling price was $5,153,000 after a working capital adjustment. All bank debt associated with the PDT business was paid out at settlement on 31 May 2013. $591,000 of the selling price is outstanding in the form of vendor finance and is required to be paid to TZL over 3 years and attracts an interest rate of 4% per annum. The loan is secured by way of second ranking security over the purchaser's assets. The figures stated below for 2013 are for the period from 1 July 2012 to 31 May 2013. TZ LIMITED (cid:1155)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)(cid:3)(cid:40)(cid:53)(cid:53)(cid:60)(cid:40)(cid:51)(cid:3)(cid:57)(cid:44)(cid:55)(cid:54)(cid:57)(cid:59)(cid:3)(cid:3)(cid:3)(cid:3)(cid:28)(cid:25) TZ Limited Notes to the financial statements 30 June 2014 Note 8. Discontinued operations (continued) Financial performance information Revenue Other revenue Total revenue Raw materials and consumables used Subcontractors costs Employee benefits expense Occupancy expense Depreciation and amortisation expense Communications expense Professional and corporate services Travel and accommodation expense Other expenses Finance costs Total expenses Loss before income tax expense Income tax expense Loss after income tax expense Loss on sale before income tax Income tax expense Loss on disposal after income tax expense Loss after income tax expense from discontinued operations Cash flow information Net cash from operating activities Net cash used in investing activities Net cash used in financing activities Net increase in cash and cash equivalents from discontinued operations (cid:28)(cid:26)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT Consolidated 2014 $'000 2013 $'000 - - - - - - - - - - - - - - - - - - - - - 17,405 94 17,499 (580) (6,698) (7,705) (623) (634) (164) (261) (358) (988) (122) (18,133) (634) (1,054) (1,688) (4,992) - (4,992) (6,680) Consolidated 2014 $'000 2013 $'000 - - - - 479 (301) (28) 150 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 8. Discontinued operations (continued) Carrying amounts of assets and liabilities disposed Cash and cash equivalents Trade and other receivables Inventories Property, plant and equipment Intangibles Other non-current assets Total assets Trade and other payables Deferred tax liabilities Other liabilities Total liabilities Net assets Details of the disposal Total sale consideration Carrying amount of net assets disposed Loss on disposal before tax income Income tax expense Loss on disposal after income tax Total sale consideration stated above is after working capital adjustment. Note 9. Current assets - cash and cash equivalents Cash at bank Note 10. Current assets - trade and other receivables Trade receivables Other receivables Goods and services tax receivable Prepayments Consolidated 2014 $'000 2013 $'000 - - - - - - - - - - - - 126 3,156 283 1,146 8,226 97 13,034 1,121 1,287 481 2,889 10,145 Consolidated 2014 $'000 2013 $'000 - - - - - 5,153 (10,145) (4,992) - (4,992) Consolidated 2014 $'000 2013 $'000 2,646 4,146 Consolidated 2014 $'000 2013 $'000 2,860 - 16 - 2,876 721 2 84 16 823 TZ LIMITED (cid:1155)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)(cid:3)(cid:40)(cid:53)(cid:53)(cid:60)(cid:40)(cid:51)(cid:3)(cid:57)(cid:44)(cid:55)(cid:54)(cid:57)(cid:59)(cid:3)(cid:3)(cid:3)(cid:3)(cid:28)(cid:27) TZ Limited Notes to the financial statements 30 June 2014 Note 10. Current assets - trade and other receivables (continued) Impairment of receivables Movements in the provision for impairment of receivables are as follows: Opening balance Receivables written off during the year as uncollectable Closing balance Consolidated 2014 $'000 2013 $'000 - - - 86 (86) - Past due but not impaired Customers with balances past due but without provision for impairment of receivables amount to $256,000 as at 30 June 2014 ($50,000 as at 30 June 2013). The consolidated entity did not consider a credit risk on the aggregate balances after reviewing credit terms of customers based on recent collection practices. The ageing of the past due but not impaired receivables are as follows: Past due 0 - 30 days Past due 30 - 60 days Past due 60 - 90 days Past due 90 days + Note 11. Current assets - inventories Work in progress Note 12. Current assets - other financial assets Promissory note Consolidated 2014 $'000 2013 $'000 75 84 59 38 256 12 22 4 12 50 Consolidated 2014 $'000 2013 $'000 394 402 Consolidated 2014 $'000 2013 $'000 208 179 The promissory note is repayable by equal monthly repayments over a period of 33 months from 1 September 2013. Interest is charged at 4% per annum. Refer to note 14 for amount due after more than 12 months. (cid:28)(cid:28)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 13. Current assets - other Security deposits Other deposits Note 14. Non-current assets - other financial assets Promissory note Note 15. Non-current assets - property, plant and equipment Leasehold improvements - at cost Less: Accumulated depreciation Plant and equipment - at cost Less: Accumulated depreciation Office equipment - at cost Less: Accumulated depreciation Consolidated 2014 $'000 2013 $'000 - 26 26 63 26 89 Consolidated 2014 $'000 2013 $'000 191 412 Consolidated 2014 $'000 2013 $'000 415 (389) 26 2,458 (1,317) 1,141 514 (449) 65 1,232 399 (370) 29 1,647 (1,246) 401 449 (405) 44 474 TZ LIMITED (cid:1155)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)(cid:3)(cid:40)(cid:53)(cid:53)(cid:60)(cid:40)(cid:51)(cid:3)(cid:57)(cid:44)(cid:55)(cid:54)(cid:57)(cid:59)(cid:3)(cid:3)(cid:3)(cid:3)(cid:28)(cid:29) TZ Limited Notes to the financial statements 30 June 2014 Note 15. Non-current assets - property, plant and equipment (continued) Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Consolidated Balance at 1 July 2012 Additions Disposals Exchange differences Depreciation expense Balance at 30 June 2013 Additions Additions through business combinations (note 41) Exchange differences Depreciation expense Balance at 30 June 2014 Note 16. Non-current assets - intangibles Goodwill - at cost Less: Impairment Trade names - at cost Less: Accumulated amortisation Re-acquired right (Intevia Licence) - at cost Less: Accumulated amortisation Patents and royalties - at cost Less: Accumulated amortisation Development costs - at cost Less: Accumulated amortisation Customer relationships - at cost Less: Accumulated amortisation (cid:28)(cid:30)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT Leasehold improvements $'000 Plant and equipment $'000 Office equipment $'000 Total $'000 608 29 (457) 22 (173) 29 16 - - (19) 26 632 476 (506) 31 (232) 401 764 48 (1) (71) 1,141 335 76 (183) 12 (196) 44 65 - - (44) 65 1,575 581 (1,146) 65 (601) 474 845 48 (1) (134) 1,232 Consolidated 2014 $'000 2013 $'000 4,155 (4,010) 145 11 (1) 10 9,238 (5,107) 4,131 1,902 (449) 1,453 1,929 (744) 1,185 372 (43) 329 4,010 (4,010) - 11 - 11 9,528 (4,557) 4,971 1,575 (329) 1,246 1,967 (605) 1,362 - - - 7,253 7,590 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 16. Non-current assets - intangibles (continued) Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Consolidated Balance at 1 July 2012 Additions Disposals Exchange differences Impairment of assets Amortisation expense Balance at 30 June 2013 Additions Additions through business combinations (note 41) Exchange differences Amortisation expense Balance at 30 June 2014 Goodwill $'000 Trade names $'000 Re-acquired right $'000 Other intangibles $'000 Total $'000 9,326 - (5,507) 191 (4,010) - - - 145 - - 145 1,190 - (1,241) 63 - (1) 11 - - - (1) 10 5,107 - - 495 - (631) 4,971 - - (133) (707) 3,930 249 (1,478) 348 - (441) 2,608 258 484 (80) (303) 19,553 249 (8,226) 1,097 (4,010) (1,073) 7,590 258 629 (213) (1,011) 4,131 2,967 7,253 * Other intangibles in the above reconciliation includes Patents and royalties, Development costs and Customer relationships. Impairment of goodwill Goodwill and other intangible assets related to PDT business were sold at their written down value to the purchaser at settlement on 31 May 2013. The remaining goodwill balance is allocated to the following CGU: Goodwill - Infinity Design Pty Limited Consolidated 2014 $'000 2013 $'000 145 - The company has assessed the goodwill balance and has determined that there is no impairment to goodwill at 30 June 2014 as Infinity Design Pty Limited's current year operations and business forecast for future years indicate the business will be in a profit making situation. Note 17. Non-current assets - deferred tax Movements: Opening balance Credited to profit or loss (note 7) Amounts written off on disposal of business (note 7) Foreign exchange movement Closing balance Consolidated 2014 $'000 2013 $'000 - - - - - 942 78 (1,075) 55 - TZ LIMITED (cid:1155)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)(cid:3)(cid:40)(cid:53)(cid:53)(cid:60)(cid:40)(cid:51)(cid:3)(cid:57)(cid:44)(cid:55)(cid:54)(cid:57)(cid:59)(cid:3)(cid:3)(cid:3)(cid:3)(cid:28)(cid:31) TZ Limited Notes to the financial statements 30 June 2014 Note 18. Non-current assets - other Security deposits Note 19. Current liabilities - trade and other payables Trade payables Employee expense payables Interest payable Other payables Refer to note 32 for further information on financial instruments. Note 20. Current liabilities - borrowings Convertible notes payable - Series I Refer to note 32 for further information on financial instruments. Consolidated 2014 $'000 2013 $'000 73 6 Consolidated 2014 $'000 2013 $'000 1,453 80 - 445 1,978 966 31 2,968 878 4,843 Consolidated 2014 $'000 2013 $'000 - 11,645 Convertible notes - Series I The convertible notes were issued under the terms of a Convertible Note and Option Subscription Deed dated 24 December 2007. As at 30 June 2014, no notes remain on issue as they were converted to shares on 18 February 2014. Note 21. Current liabilities - derivative financial instruments Derivative instrument liabilities Refer to note 32 for further information on financial instruments. Refer to note 33 for further information on fair value measurement. Note 22. Current liabilities - provisions Employee benefits (cid:28)(cid:32)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT Consolidated 2014 $'000 2013 $'000 - 254 Consolidated 2014 $'000 2013 $'000 154 69 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 23. Current liabilities - other Deferred revenue Note 24. Non-current liabilities - borrowings Convertible notes payable - Series III, IIIB and IV Refer to note 32 for further information on financial instruments. Convertible notes Consolidated 2014 $'000 2013 $'000 122 - Consolidated 2014 $'000 2013 $'000 - 5,599 Series III 1,714 Series III convertible notes with a face value of $1,000 each were issued under the terms of an Issue and Amendment Deed with QVT Funds dated 23 April 2010. As at 30 June 2014, no notes remain on issue as they were converted to shares on 18 February 2014. Series IIIB 4,275 Series IIIB convertible notes with a face value of $1,000 each were issued on 24 December 2010. As at 30 June 2014, no notes remain on issue as they were converted to shares on 18 February 2014. Series IV 1,799 Series IV convertible notes with a face value of $1,000 each were issued on 7 December 2012 as a result of (cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:183)(cid:3) (cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:89)(cid:68)(cid:79)(cid:3) (cid:68)(cid:87)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:183)(cid:86)(cid:3) (cid:21)(cid:19)(cid:20)(cid:21)(cid:3) (cid:36)(cid:42)(cid:48)(cid:17)(cid:3) (cid:36)s at 30 June 2014, no notes remain on issue as they were converted to shares on 18 February 2014. s at 30 June 2014, no notes remain on issue as they Note 25. Non-current liabilities - derivative financial instruments Derivative instrument liabilities Refer to note 32 for further information on financial instruments. Refer to note 33 for further information on fair value measurement. Consolidated 2014 $'000 2013 $'000 - 1,254 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 60 TZ Limited Notes to the financial statements 30 June 2014 Note 26. Non-current liabilities - deferred tax Deferred tax liability Movements: Opening balance Credited/(charged) to profit or loss (note 7) Additions through business combinations (note 41) Amounts disposed on sale of business (note 8) Foreign exchange movement Closing balance Note 27. Non-current liabilities - provisions Employee benefits Note 28. Equity - issued capital Consolidated 2014 $'000 2013 $'000 129 - (16) 145 - - 129 - 1,144 78 - (1,287) 65 - Consolidated 2014 $'000 2013 $'000 62 25 Ordinary shares - fully paid 384,874,293 198,986,529 192,278 158,942 Consolidated 2014 Shares 2013 Shares 2014 $'000 2013 $'000 61 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 28. Equity - issued capital (continued) Movements in ordinary share capital Details Date Shares Issue price $'000 Balance Issue of shares Issue of shares on exercise of option Issue of shares on exercise of option Issue of shares on exercise of option Issue of shares on exercise of option Issue of shares for additional capital Less: share issue costs 1 July 2012 25 October 2012 5 December 2012 7 January 2013 8 March 2013 23 May 2013 3 June 2013 30 June 2013 1 August 2013 23 October 2013 29 October 2013 30 October 2013 31 October 2013 1 November 2013 4 November 2013 5 November 2013 Balance Issue of shares for the acquisition of business Issue of shares on exercise of option Issue of shares on exercise of option Issue of shares on exercise of option Issue of shares on exercise of option Issue of shares on exercise of option Issue of shares on exercise of option Issue of shares on exercise of option Issue of shares for shortfall units of options exercised 13 November 2013 Issue of shares on conversion of convertible notes (Series I) * Issue of shares on conversion of convertible notes (Series III) * Issue of shares on conversion of convertible notes (Series IIIB) * Issue of shares on conversion of convertible notes (Series IV) * Issue of shares for interest accrued - 2012 calendar year * Issue of shares for interest accrued - 2013 calendar year * Issue of shares for interest accrued - 2014 calendar year to conversion date * Issue of shares Less: share issue costs 18 February 2014 28 April 2014 18 February 2014 18 February 2014 18 February 2014 18 February 2014 18 February 2014 18 February 2014 138,356,402 46,118,801 5,147 62 5,000 1,117 14,500,000 198,986,529 1,719,690 89 22,722 315,900 6,819,527 5,731,452 322,787 7,329,592 1,962,571 $0.10 $0.14 $0.14 $0.14 $0.14 $0.10 $0.12 $0.14 $0.14 $0.14 $0.14 $0.14 $0.14 $0.14 $0.14 153,443 4,612 1 - - - 1,450 (564) 158,942 200 - 3 44 955 802 45 1,026 275 66,666,667 $0.19 13,000 9,522,222 23,750,000 9,994,444 14,134,285 10,993,333 1,475,817 25,126,666 $0.19 $0.19 $0.19 $0.19 $0.19 $0.19 $0.15 1,857 4,631 1,949 2,756 2,144 288 3,769 (408) Balance 30 June 2014 384,874,293 192,278 * a total number of 136,536,768 shares issued on 18 February 2014 as a result of converting all convertible notes and accrued interests to ordinary shares is taken to be issued at the market share price of $0.195 on the date of conversion. Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. Share buy-back There is no current on-market share buy-back. TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 62 TZ Limited Notes to the financial statements 30 June 2014 Note 28. Equity - issued capital (continued) Unquoted options At 30 June 2014 there were 20,250,000 (2013: 5,250,000) options. Each option entitles the holder to subscribe for one fully paid share in the company at the exercise price per share at any time from the date of issue until expiry of the options subject to various vesting dates. Capital risk management The consolidated entity monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including 'trade and other payables' and 'borrowings' as shown in the statement of financial position) less 'cash and cash equivalents' as shown in the statement of financial position. Total capital is calculated as 'total equity' as shown in the statement of financial position (including non-controlling interest) plus net debt. The gearing ratio at the reporting date was as follows: Current liabilities - trade and other payables (note 19) Current liabilities - borrowings (note 20) Non-current liabilities - borrowings (note 24) Total borrowings Current assets - cash and cash equivalents (note 9) Net debt/(cash) Total equity Total capital Gearing ratio Consolidated 2014 $'000 2013 $'000 1,978 - - 1,978 (2,646) (668) 12,454 11,786 4,843 11,645 5,599 22,087 (4,146) 17,941 (9,568) 8,373 (6)% 214% Due to the conversion of the entire convertible not(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:183)(cid:86)(cid:3)(cid:82)(cid:85)(cid:71)(cid:76)(cid:81)(cid:68)(cid:85)(cid:92)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:41)(cid:72)(cid:69)(cid:85)(cid:88)(cid:68)(cid:85)(cid:92)(cid:3)(cid:21)(cid:19)(cid:20)4, the consolidated entity did not have any borrowings at 30 June 2014, which led to a large positive movement of the gearing ratio at the 2014 financial year end. Note 29. Equity - reserves (cid:41)(cid:82)(cid:85)(cid:72)(cid:76)(cid:74)(cid:81)(cid:3)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:70)(cid:92)(cid:3)(cid:85)(cid:72)(cid:86)(cid:72)(cid:85)(cid:89)(cid:72)(cid:3) Consolidated 2014 $'000 2013 $'000 (5,133) (4,844) Foreign currency reserve The reserve is used to recognise exchange differences arising from translation of the financial statements of foreign operations to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign operations. 63 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 29. Equity - reserves (continued) Movements in reserves Movements in each class of reserve during the current and previous financial year are set out below: Consolidated Balance at 1 July 2012 Foreign currency translation Balance at 30 June 2013 Foreign currency translation Balance at 30 June 2014 Note 30. Equity - accumulated losses Accumulated losses at the beginning of the financial year Loss after income tax expense for the year Transfer from share based payments reserve Accumulated losses at the end of the financial year Note 31. Equity - dividends Foreign currency $'000 Total $'000 (6,124) 1,280 (4,844) (289) (6,124) 1,280 (4,844) (289) (5,133) (5,133) Consolidated 2014 $'000 2013 $'000 (163,666) (11,798) 773 (140,924) (23,204) 462 (174,691) (163,666) There were no dividends paid, recommended or declared during the current or previous financial year. Note 32. Financial instruments Financial risk management objectives The consolidated entity's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest rate risk), credit risk and liquidity risk. The consolidated entity's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the consolidated entity. The consolidated entity uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange and ageing analysis for credit risk. Risk management is carried out by senior finance executives ('finance') under policies approved by the Board of Directors ('the Board'). These policies include identification and analysis of the risk exposure of the consolidated entity and appropriate procedures, controls and risk limits. Finance identifies, evaluates and hedges financial risks within the consolidated entity's operating units. Finance reports to the Board on a monthly basis. Market risk Foreign currency risk The consolidated entity undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through foreign exchange rate fluctuations. Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities denominated in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and cash flow forecasting. TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 64 TZ Limited Notes to the financial statements 30 June 2014 Note 32. Financial instruments (continued) The consolidated entity's foreign exchange risk is managed to ensure sufficient funds are available to meet US financial commitments in a timely and cost-effective manner. The consolidated entity will continually monitor this risk and consider entering into forward foreign exchange, foreign currency swap and foreign currency option contracts if appropriate. Creditors and debtors as at 30 June 2014 were reviewed to assess currency risk at year end. The value of transactions denominated in a currency other than the functional currency of the respective subsidiary was insignificant and therefore the risk was determined as immaterial. Price risk The consolidated entity is not exposed to any significant price risk. Interest rate risk The consolidated entity's main interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the consolidated entity to interest rate risk. Borrowings issued at fixed rates expose the consolidated entity to fair value interest rate risk. The consolidated entity invests surplus cash in term deposits with fixed returns. The Board makes investment decisions after considering advice received from professional advisors. The consolidated entity monitors its interest rate exposure continuously. As at the reporting date, the consolidated entity had the following variable rate borrowings and interest rate swap contracts outstanding: Consolidated 2014 2013 Weighted average interest rate % Weighted average interest rate % Balance $'000 Cash and cash equivalents 1.02% 2,646 0.06% Net exposure to cash flow interest rate risk 2,646 Balance $'000 4,146 4,146 An analysis by remaining contractual maturities is shown in 'liquidity and interest rate risk management' below. The consolidated entity has a net cash surplus totalling $2,646,000 (2013: net cash surplus $4,146,000). An official increase/decrease in interest rates of one (2013: one) percentage point would have a favourable/adverse effect on profit before tax of $26,000 (2013: adverse/favourable $41,000) per annum. The percentage change is based on the expected volatility of interest rates using market data and analysts forecasts. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the consolidated entity. The consolidated entity has a strict code of credit, including obtaining agency credit information, confirming references and setting appropriate credit limits. The consolidated entity obtains guarantees where appropriate to mitigate credit risk. The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements. The consolidated entity does not hold any collateral. The consolidated entity has a credit risk exposure with one customer, which as at 30 June 2014 owed the consolidated entity $664,048 (23% of trade receivables) (2013: $272,928 (38% of trade receivables)). This balance was within its terms of trade and no impairment was made as at 30 June 2014. There are no guarantees against this receivable but management closely monitors the receivable balance on a monthly basis and is in regular contact with this customer to mitigate risk. There is a concentration of credit risk for cash at bank and cash on deposit as most monies in Australia is with two financial institutions, St George Bank and YBR Funds Management Pty Limited. (cid:29)(cid:28)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 32. Financial instruments (continued) Liquidity risk Vigilant liquidity risk management requires the consolidated entity to maintain sufficient liquid assets (mainly cash and cash equivalents) and available borrowing facilities to be able to pay debts as and when they become due and payable. The consolidated entity manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities. Remaining contractual maturities The following tables detail the consolidated entity's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position. Consolidated - 2014 Non-derivatives Non-interest bearing Trade payables Other payables Total non-derivatives Consolidated - 2013 Non-derivatives Non-interest bearing Trade payables Other payables Interest-bearing - fixed rate Convertible notes payable Interest payable on convertible notes Total non-derivatives Weighted average interest rate 1 year or less % $'000 Between 1 and 2 years $'000 Between 2 and 5 years Over 5 years $'000 $'000 Remaining contractual maturities $'000 -% -% 1,453 445 1,898 - - - - - - - - - 1,453 445 1,898 Weighted average interest rate 1 year or less % $'000 Between 1 and 2 years $'000 Between 2 and 5 years Over 5 years $'000 $'000 Remaining contractual maturities $'000 -% -% 966 878 10.00% 12,000 -% 3,957 17,801 - - 1,714 942 2,656 - - 6,074 986 7,060 - - - - - 966 878 19,788 5,885 27,517 The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above. TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 66 TZ Limited Notes to the financial statements 30 June 2014 Note 32. Financial instruments (continued) Fair value of financial instruments The fair values of financial assets and liabilities, together with their carrying amounts in the statement of financial position, for the consolidated entity are as follows: Consolidated Assets Cash at bank Trade receivables Other receivables Promissory note Liabilities Trade payables Other payables Convertible notes Derivative instrument liabilities Note 33. Fair value measurement 2014 2013 Carrying amount $'000 Fair value $'000 Carrying amount $'000 Fair value $'000 2,646 2,860 - 399 5,905 1,453 525 - - 1,978 2,646 2,860 - 399 5,905 1,453 525 - - 1,978 4,146 721 2 591 5,460 966 3,877 17,244 1,508 23,595 4,146 721 2 591 5,460 966 3,877 18,314 1,508 24,665 Fair value hierarchy The following tables detail the consolidated entity's assets and liabilities, measured or disclosed at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3: Unobservable inputs for the asset or liability Consolidated - 2014 Assets Promissory note Total assets Consolidated - 2013 Assets Promissory note Total assets Liabilities Derivative instrument liabilities Total liabilities Level 1 $'000 Level 2 $'000 Level 3 $'000 Total $'000 Level 1 $'000 - - - - - - 399 399 Level 2 $'000 Level 3 $'000 591 591 1,508 1,508 - - - - - - 399 399 Total $'000 591 591 1,508 1,508 There were no transfers between levels during the financial year. Valuation techniques for fair value measurements categorised within level 2 and level 3 Derivative financial instruments have been valued using quoted market rates. This valuation technique maximises the use of observable market data where it is available and relies as little as possible on entity specific estimates. 67 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 34. Key management personnel disclosures Compensation The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below: Short-term employee benefits Post-employment benefits Share-based payments Note 35. Remuneration of auditors Consolidated 2014 $ 2013 $ 1,220,838 18,885 773,406 1,911,625 21,673 308,235 2,013,129 2,241,533 During the financial year the following fees were paid or payable for services provided by Grant Thornton Audit Pty Ltd, the auditor of the company, and its network firms: Audit services - Grant Thornton Audit Pty Ltd Audit or review of the financial statements Other services - Grant Thornton Audit Pty Ltd Independent advice on debt/equity conversion Audit services - network firms Audit or review of the financial statements Note 36. Contingent assets The consolidated entity does not have any contingent assets at 30 June 2014. Note 37. Contingent liabilities The consolidated entity does not have any contingent liabilities at 30 June 2014. Consolidated 2014 $ 2013 $ 133,500 130,000 30,000 - 163,500 130,000 28,912 33,212 TZ LIMITED (cid:1155)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)(cid:3)(cid:40)(cid:53)(cid:53)(cid:60)(cid:40)(cid:51)(cid:3)(cid:57)(cid:44)(cid:55)(cid:54)(cid:57)(cid:59)(cid:3)(cid:3)(cid:3)(cid:3)(cid:29)(cid:31) TZ Limited Notes to the financial statements 30 June 2014 Note 38. Commitments Lease commitments - operating Committed at the reporting date but not recognised as liabilities, payable: Within one year One to five years Consolidated 2014 $'000 2013 $'000 261 198 459 59 195 254 The consolidated entity leases various premises under non-cancellable operating leases expiring between 1 and 5 years. All leases have annual CPI escalation clauses. The above commitments do not include commitments for any renewal options on leases. Lease terms usually run for 5 years with a 5 year renewal option. Lease conditions do not impose any restrictions on the ability of TZ Limited and its subsidiaries from borrowing further funds or paying dividends. Note 39. Related party transactions Parent entity TZ Limited is the parent entity. Subsidiaries Interests in subsidiaries are set out in note 42. Key management personnel Disclosures relating to key management personnel are set out in note 34 and the remuneration report in the directors' report. Transactions with related parties The following transactions occurred with related parties: Payment for other expenses: Accounting fees charged by Yellow Brick Road Accounting and Wealth Management Pty Limited, a company in which Mark Bouris is a director. Rent and serviced office expenditure paid to State Capital Property Pty Limited, a company in which Mark Bouris is a director. Broker fees for insurance policies arranged by Yellow Brick Road Wealth Management Pty Limited (formerly YBR General Insurance Brokers Pty Limited), a company in which Mark Limited (formerly YBR General Insurance Brokers Pty Bouris is a director. Administration fees and storage costs paid to YBR Services Pty Ltd, a company in which Mark Bouris is a director. Marketing expenses paid to Yellow Brick Road Group Pty Limited, a company in which Mark Bouris is a director. Phone expense paid to Baycall Pty Limited, a company in which Kenneth Ting is a director. Consolidated 2014 $ 2013 $ 360,243 397,680 186,263 118,560 575 7,775 43,372 43,372 120,000 298 132,500 - (cid:29)(cid:32)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 39. Related party transactions (continued) Receivable from and payable to related parties The following balances are outstanding at the reporting date in relation to transactions with related parties: Consolidated 2014 $ 2013 $ 78,012 36,916 53,390 13,192 15,903 7,952 44,000 22,000 11,776 - Current payables: Accounting fees payable to Yellow Brick Road Accounting and Wealth Management Pty Ltd, a company in which Mark Bouris is a director. Rent, serviced office expenditure and remaining rental bond payable to State Capital Property Pty Limited, a company in which Mark Bouris is a director. Administration fees and storage costs payable to YBR Services Pty Ltd, a company in which Mark Bouris is a director. Marketing expenses payable to Yellow Brick Road Group Pty Limited, a company in which Mark Bouris is a director. Premium payable for insurance policies arranged by Yellow Brick Road Wealth Management Pty Limited, a company in which Mark Bouris is a director. Loans to/from related parties There were no loans to or from related parties at the current and previous reporting date. Terms and conditions All transactions were made on normal commercial terms and conditions and at market rates. Note 40. Parent entity information Set out below is the supplementary information about the parent entity. Statement of profit or loss and other comprehensive Statement of profit or loss and other comprehensive income Loss after income tax Total comprehensive income Statement of financial position Total current assets Total assets Total current liabilities Total liabilities Equity Issued capital Accumulated losses Total equity/(deficiency) Parent 2014 $'000 2013 $'000 (12,087) (21,924) (12,087) (21,924) Parent 2014 $'000 2013 $'000 2,480 369 12,907 12,902 453 453 15,617 22,470 192,278 (179,824) 158,942 (168,510) 12,454 (9,568) TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 70 TZ Limited Notes to the financial statements 30 June 2014 Note 40. Parent entity information (continued) Guarantees entered into by the parent entity in relation to the debts of its subsidiaries Guarantees entered into by the parent entity in rel Guarantees entered into by the parent entity in rel The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2014 and 30 June 2013. Contingent liabilities The parent entity had no contingent liabilities as at 30 June 2014 and 30 June 2013. Capital commitments - Property, plant and equipment The parent entity had no capital commitments for property, plant and equipment at as 30 June 2014 and 30 June 2013. Significant accounting policies The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in note 1, except for the following: (cid:404) Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity. (cid:404) Investments in associates are accounted for at cost, less any impairment, in the parent entity. (cid:404) Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an indicator of an impairment of the investment. Note 41. Business combinations Infinity Design Development Pty Limited On 31 July 2013, the consolidated entity's wholly-owned subsidiary, Infinity Design Pty Limited, acquired certain assets and employees of Infinity Design Development Pty Limited for the total consideration transferred of $492,000 being $292,000 in cash and an issue of 1,719,690 shares at an agreed issue price of 11.63 cents per share. Details of the acquisition are as follows: Plant and equipment Patents and royalties Customer relationships Deferred tax liability Employee benefits Net assets acquired Goodwill Acquisition-date fair value of the total consideration transferred Representing: Cash paid or payable to vendor TZ Limited shares issued to vendor Cash used to acquire business, net of cash acquired: Acquisition-date fair value of the total consideration transferred Less: shares issued by company as part of consideration Net cash used 71 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT Fair value $'000 48 113 371 (145) (40) 347 145 492 292 200 492 Consolidated 2014 $'000 2013 $'000 492 (200) 292 - - - 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 42. Interests in subsidiaries The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 1: Name Telezygology, Inc. PDT Holdings, Inc. Product Development Technologies, Inc. PDT Tooling, Inc. TZI Australia Pty Limited Infinity Design Pty Limited * TZI Singapore Pte Ltd Principal place of business / Country of incorporation United States of America United States of America United States of America United States of America Australia Australia Singapore Ownership interest 2013 2014 % % 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% -% * Formerly known as Product Development Technologies Australia Pty Limited. Name changed on 26 July 2013. Note 43. Events after the reporting period No matter or circumstance has arisen since 30 June 2014 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. Note 44. Reconciliation of loss after income tax to net cash used in operating activities Loss after income tax expense for the year Adjustments for: Depreciation and amortisation Impairment of goodwill Share-based payments Foreign exchange differences Interest accrued on convertible notes Net loss on renegotiation of convertible notes Net fair value loss/(gain) of derivative liabilities Loss on debt/equity conversion Loss on disposal of business Change in operating assets and liabilities: Decrease/(increase) in trade and other receivables Decrease/(increase) in inventories Decrease in deferred tax assets Decrease/(increase) in prepayments Increase in trade and other payables Increase in deferred tax liabilities Increase in employee benefits Decrease in other operating liabilities Consolidated 2014 $'000 2013 $'000 (11,798) (23,204) 1,145 - 773 - 2,112 - (1,508) 4,356 - (2,076) 8 - 16 178 129 121 (196) 1,674 4,010 308 214 3,672 1,125 380 - 4,992 491 (60) 942 (10) 389 217 51 (215) Net cash used in operating activities (6,640) (5,024) TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 72 TZ Limited Notes to the financial statements 30 June 2014 Note 45. Earnings per share Earnings per share for loss from continuing operations Earnings per share for loss from continuing operati Earnings per share for loss from continuing operati Loss after income tax attributable to the owners of TZ Limited Consolidated 2014 $'000 2013 $'000 (11,798) (16,524) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 268,623,495 170,935,255 Weighted average number of ordinary shares used in calculating diluted earnings per share 268,623,495 170,935,255 Basic earnings per share Diluted earnings per share Earnings per share for loss from discontinued operations Loss after income tax attributable to the owners of TZ Limited Cents Cents (4.39) (4.39) (9.67) (9.67) Consolidated 2014 $'000 2013 $'000 - (6,680) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 268,623,495 170,935,255 Weighted average number of ordinary shares used in calculating diluted earnings per share 268,623,495 170,935,255 Basic earnings per share Diluted earnings per share Earnings per share for loss Loss after income tax attributable to the owners of TZ Limited Cents Cents - - (3.91) (3.91) Consolidated 2014 $'000 2013 $'000 (11,798) (23,204) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 268,623,495 170,935,255 Weighted average number of ordinary shares used in calculating diluted earnings per share 268,623,495 170,935,255 Basic earnings per share Diluted earnings per share Cents Cents (4.39) (4.39) (13.57) (13.57) For the purpose calculating the diluted earnings per share the denominator has excluded the number of options as the effect would be anti-dilutive. 73 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Notes to the financial statements 30 June 2014 Note 46. Share-based payments Director and Executive Equity Plan The Director and Executive Equity Plan ('DEEP') was approved by shareholders at 2009 Annual General Meeting that was held on 26 February 2010. It gives directors and senior executives the opportunity to participate in the plan. There were three tranches of options and two tranches of rights granted to the directors in prior years. Each tranche of options had a fixed number granted with vesting periods from 1 to 3 years. The rights granted to the directors were at a zero exercise price, which entitle the holder to acquire fully paid ordinary shares in the company, without payment. Each right entitles the holder to acquire one fully paid ordinary share in the company. The first tranche of rights vested immediately. In the case of the second tranche of rights, the satisfaction of a performance hurdle had to be achieved before the rights could be exercised. The performance hurdle was met and the rights were exercised in the 2012 financial year. There were three tranches of options granted to the directors during the year ended 30 June 2010. Each option, when validly exercised, entitles the holder to receive one fully paid share in the company. The first tranche of options is exercisable in the period from 1 July 2011 to 30 June 2016 at an exercise price of $1.00 per option. The second tranche of options is exercisable in the period from 1 July 2012 to 30 June 2017 at an exercise price of $2.00 per option. The third tranche of options is exercisable in the period from 1 July 2013 to 30 June 2018 at an exercise price of $3.00 per option. There were three tranches of options granted to the executive directors during the year ended 30 June 2014. Each option, when validly exercised, entitles the holder to receive one fully paid share in the company. The first tranche of options is exercisable in the period from 18 February 2014 to 30 June 2018 at an exercise price of $0.25 per option. The second tranche of options will be exercisable in the period from 18 February 2015 to 30 June 2019 at an exercise price of $0.40 per option. The third tranche of options will be exercisable in the period from 18 February 2016 to 30 June 2020 at an exercise price of $0.60 per option. The company issued a total of 15,372,934 options to an underwriter on the same terms and conditions as the options issued to shareholders under the Renounceable Rights Issue in October 2012. The options issued to the underwriter were valued on the basis of equivalent cash payment of $153,729 for the service provided on raising the share capital. Set out below are summaries of options granted under the plan: 2014 Grant date Expiry date Exercise price Expired/ forfeited/ other Balance at the end of the year 30/06/2016 30/06/2017 30/06/2018 31/10/2013 31/10/2013 30/06/2018 30/06/2019 30/06/2020 26/02/2010 26/02/2010 26/02/2010 26/10/2012 04/12/2012 15/01/2014 15/01/2014 15/01/2014 2013 Grant date Expiry date 26/02/2010 26/02/2010 26/02/2010 26/10/2012 04/12/2012 30/06/2016 30/06/2017 30/06/2018 31/10/2013 31/10/2013 Balance at the start of the year 1,750,000 1,750,000 1,750,000 11,312,209 4,060,725 - - - 20,622,934 Granted Exercised - - - - - 5,000,000 5,000,000 5,000,000 15,000,000 - - - (11,312,209) (4,060,725) - - - (15,372,934) $1.00 $2.00 $3.00 $0.14 $0.14 $0.25 $0.40 $0.60 Exercise price Balance at the start of the year Granted Exercised Expired/ forfeited/ other $1.00 $2.00 $3.00 $0.14 $0.14 1,750,000 1,750,000 1,750,000 - - 5,250,000 - - - 11,312,209 4,060,725 15,372,934 - - - - - - - - - - - - - - - - - - - - - 1,750,000 1,750,000 1,750,000 - - 5,000,000 5,000,000 5,000,000 20,250,000 Balance at the end of the year 1,750,000 1,750,000 1,750,000 11,312,209 4,060,725 20,622,934 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 74 TZ Limited Notes to the financial statements 30 June 2014 Note 46. Share-based payments (continued) Set out below are the options exercisable at the end of the financial year: Grant date Expiry date 26/02/2010 26/02/2010 26/02/2010 26/10/2012 04/12/2012 11/01/2014 30/06/2016 30/06/2017 30/06/2018 31/10/2013 31/10/2013 30/06/2018 2014 Number 2013 Number 1,750,000 1,750,000 1,750,000 - - 5,000,000 1,750,000 1,750,000 - 11,312,209 4,060,725 - 10,250,000 18,872,934 The weighted average remaining contractual life of options outstanding at the end of the financial year was 4.48 years (2013: 1.27 years). For the options granted during the current financial year, the valuation model inputs used to determine the fair value at the grant date, are as follows: Grant date Expiry date 15/01/2014 15/01/2014 15/01/2014 30/06/2018 30/06/2019 30/06/2020 Share price at grant date Exercise price Expected volatility Dividend yield Risk-free Fair value interest rate at grant date $0.16 $0.16 $0.16 $0.25 $0.40 $0.60 87.40% 87.40% 87.40% -% -% -% 4.25% 4.25% 4.25% $0.096 $0.093 $0.092 Share-based payment expense recognised during the financial year: Options issued under Director and Executive Equity Plan Options issued to underwriter Consolidated 2014 $'000 2013 $'000 773 - 773 308 154 462 (cid:30)(cid:28)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Directors' declaration 30 June 2014 In the directors' opinion: (cid:404) the attached financial statements and notes thereto comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; (cid:404) the attached financial statements and notes thereto comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 1 to the financial statements; (cid:404) the attached financial statements and notes thereto give a true and fair view of the consolidated entity's financial position as at 30 June 2014 and of its performance for the financial year ended on that date; and (cid:404) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. The directors have been given the declarations required by section 295A of the Corporations Act 2001. Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001. On behalf of the directors ________________________________ Mark Bouris Director 24 September 2014 Sydney TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 76 Level 17, 383 Kent Street Sydney NSW 2000 Correspondence to: Locked Bag Q800 QVB Post Office Sydney NSW 1230 (cid:55)(cid:3)+61 2 8297 2400 (cid:41)(cid:3)+61 2 9299 4445 (cid:40)(cid:3)info.nsw@au.gt.com (cid:58) www.grantthornton.com.au Independent Auditor’s Report to the Members of TZ Limited Report on the financial report We have audited the accompanying financial report of TZ Limited (the “Company”), which comprises the consolidated statement of financial position as at 30 June 2014, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information and the directors’ declaration of the consolidated entity comprising the Company and the entities it controlled at the year’s end or from time to time during the financial year. Directors’ responsibility for the financial report The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001. The Directors’ responsibility also includes such internal control as the Directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. The Directors also state, in the notes to the financial report, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, the financial statements comply with International Financial Reporting Standards. Auditor’s responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require us to comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies. 77 TZ LIMITED (cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independence In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. Auditor’s opinion In our opinion: a the financial report of TZ Limited is in accordance with the Corporations Act 2001, including: i ii giving a true and fair view of the consolidated entity’s financial position as at 30 June 2014 and of its performance for the year ended on that date; and complying with Australian Accounting Standards and the Corporations Regulations 2001; and b the financial report also complies with International Financial Reporting Standards as disclosed in the notes to the financial statements. Emphasis of matter Without qualification to the audit opinion expressed above, we draw attention to the following matters that are described in Note 1 to the financial report. For the year ended 30 June 2014 the consolidated entity incurred losses after income tax of $11,798,000 and net cash outflows from operating activities of $6,692,000. The ability of the consolidated entity to continue as a going concern is dependent upon it achieving sufficient profitability and operating cash flows to enable it to maintain working TZ LIMITED (cid:1155)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)(cid:3)(cid:40)(cid:53)(cid:53)(cid:60)(cid:40)(cid:51)(cid:3)(cid:57)(cid:44)(cid:55)(cid:54)(cid:57)(cid:59)(cid:3)(cid:3)(cid:3)(cid:3)(cid:30)(cid:31) capital and the raising of additional share capital or borrowings in the future to support the working capital needs of the consolidated entity, when and if required. These conditions, along with other matters set out in Note 1, indicate the existence of a material uncertainty, that may cast significant doubt about the consolidated entity’s ability to continue as a going concern and therefore, the consolidated entity may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessary should the consolidated entity not continue as a going concern. Report on the remuneration report for the year ended 30 June 2014. The Directors of the Company are responsible for the preparation and presentation of the remuneration report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in accordance with Australian Auditing Standards. Auditor’s opinion on the remuneration report In our opinion, the remuneration report of TZ Limited for the year ended 30 June 2014, complies with section 300A of the Corporations Act 2001. GRANT THORNTON AUDIT PTY LTD GRANT THORNTON AUDIT Chartered Accountants M Leivesley Partner - Audit & Assurance Sydney, 24 September 2014 (cid:30)(cid:32)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements TZ Limited Shareholder information 30 June 2014 The shareholder information set out below was applicable as at 3 September 2014. Distribution of equitable securities Analysis of number of equitable security holders by size of holding: 1 to 1,000 1,001 to 5,000 5,001 to 10,000 10,001 to 100,000 100,001 and over Holding less than a marketable parcel Equity security holders Twenty largest quoted equity security holders The names of the twenty largest security holders of quoted equity securities are listed below: Number of holders of ordinary shares 759 790 339 733 275 2,896 1,427 DEUTSCHE BANK AG LONDON (QVT FUND LP A/C) UBS NOMINEES PTY LTD HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED NATIONAL NOMINEES LIMITED DEUTSCHE BANK AG LONDON (QUINTESSENCE FUND LP A/C) DEUTSCHE BANK AG LONDON ROD INVESTMENTS (VIC) PTY LTD (GRONOW SUPER FUND A/C) SURFLODGE PTY LTD (JE LYNCH STAFF SUPER FD A/C) NEFCO NOMINEES PTY LTD MR DAVID FREDERICK OAKLEY MR KENNETH TING SURFLODGE PTY LTD NATIONAL NOMINEES LIMITED (DB A/C) PAN AUSTRALIAN NOMINEES PTY LIMITED NGP INVESTMENTS (NO 2) PTY LIMITED MS ANNA FLEUR TAILBY J P MORGAN NOMINEES AUSTRALIA LIMITED MR MARK LEIGH BOURIS HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 3 MR KEN TUDER + MS THUY LE (TUDER LE S/F A/C) Ordinary shares Number held 134,688,053 18,617,852 16,302,229 15,610,286 14,804,204 14,399,999 7,444,200 6,120,465 4,543,195 3,535,000 3,391,446 3,372,901 3,026,667 3,005,000 2,649,087 2,400,000 2,347,062 2,200,000 2,000,000 1,846,959 262,304,605 % of total shares issued 35.00 4.84 4.24 4.06 3.85 3.74 1.93 1.59 1.18 0.92 0.88 0.88 0.79 0.78 0.69 0.62 0.61 0.57 0.52 0.48 68.17 TZ LIMITED (cid:1155)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)(cid:3)(cid:40)(cid:53)(cid:53)(cid:60)(cid:40)(cid:51)(cid:3)(cid:57)(cid:44)(cid:55)(cid:54)(cid:57)(cid:59)(cid:3)(cid:3)(cid:3)(cid:3)(cid:31)(cid:23) TZ Limited Shareholder information 30 June 2014 Unquoted equity securities Options over ordinary shares issued Substantial holders Substantial holders in the company are set out below: Number on issue Number of holders 20,250,000 2 Ordinary shares Number held % of total shares issued DEUTSCHE BANK AG LONDON (QVT FUND LP A/C) 134,688,053 35.00 Voting rights The voting rights attached to ordinary shares are set out below: Ordinary shares On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. There are no other classes of equity securities. (cid:31)(cid:24)(cid:3)(cid:3)(cid:3)(cid:3)(cid:59)(cid:65)(cid:3)(cid:51)(cid:48)(cid:52)(cid:48)(cid:59)(cid:44)(cid:43)(cid:3)(cid:1155) 2014 ANNUAL REPORT 2014 Financial Statements (cid:59)(cid:79)(cid:80)(cid:90)(cid:3)(cid:87)(cid:72)(cid:78)(cid:76)(cid:3)(cid:79)(cid:72)(cid:90)(cid:3)(cid:73)(cid:76)(cid:76)(cid:85)(cid:3)(cid:83)(cid:76)(cid:77)(cid:91)(cid:3)(cid:73)(cid:83)(cid:72)(cid:85)(cid:82)(cid:3)(cid:80)(cid:85)(cid:91)(cid:76)(cid:85)(cid:91)(cid:80)(cid:86)(cid:85)(cid:72)(cid:83)(cid:83)(cid:96)(cid:21) TZ LIMITED (cid:1155)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)(cid:3)(cid:40)(cid:53)(cid:53)(cid:60)(cid:40)(cid:51)(cid:3)(cid:57)(cid:44)(cid:55)(cid:54)(cid:57)(cid:59)(cid:3)(cid:3)(cid:3)(cid:3)(cid:31)(cid:25) > SlideHandle™ data centre installation. TZ Limited (cid:51)(cid:76)(cid:93)(cid:76)(cid:83)(cid:3)(cid:24)(cid:24)(cid:19)(cid:3)(cid:24)(cid:3)(cid:42)(cid:79)(cid:80)(cid:197)(cid:76)(cid:96)(cid:3)(cid:58)(cid:88)(cid:92)(cid:72)(cid:89)(cid:76) (cid:58)(cid:96)(cid:75)(cid:85)(cid:76)(cid:96)(cid:19)(cid:3)(cid:53)(cid:58)(cid:62)(cid:3)(cid:25)(cid:23)(cid:23)(cid:23) (cid:40)(cid:92)(cid:90)(cid:91)(cid:89)(cid:72)(cid:83)(cid:80)(cid:72) www.tz.net 

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