TZ Limited

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,

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(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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TZ LIMITED (cid:1155) 2014 ANNUAL REPORT    02

Directors' Report

GENERAL OVERVIEW

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03    TZ LIMITED (cid:1155) 2014 ANNUAL REPORT

(cid:9)(cid:54)(cid:93)(cid:76)(cid:89)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:83)(cid:72)(cid:90)(cid:91)(cid:3)(cid:196)(cid:93)(cid:76)(cid:3)(cid:96)(cid:76)(cid:72)(cid:89)(cid:90)(cid:3)(cid:94)(cid:76)(cid:3)(cid:79)(cid:72)(cid:93)(cid:76)(cid:3)(cid:83)(cid:80)(cid:90)(cid:91)(cid:76)(cid:85)(cid:76)(cid:75)(cid:3)(cid:91)(cid:86)(cid:3)(cid:86)(cid:92)(cid:89)(cid:3)
customers and systematically developed, launched and 
enhanced our various hardware and software offerings."

> OUR Pad home delivery system.

> Pos Indonesia parcel delivery lockers, Indonesia.

> Macquarie Telecom data centre installation, Sydney Australia.

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> Westpac Bank corporate day lockers, Kent Street Sydney.

TZ LIMITED (cid:1155) 2014 ANNUAL REPORT    04

Directors' Report

IXP BUSINESS REVIEW

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(cid:23)(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

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™ 

™

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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)
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™ 

"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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TZ LIMITED (cid:1155) 2014 ANNUAL REPORT    06

Directors' Report

PAD BUSINESS REVIEW

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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 console-free mobile app.

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Directors' Report

INFINITY BUSINESS REVIEW

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(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

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(cid:3)(cid:87)(cid:89)(cid:86)(cid:81)(cid:76)(cid:74)(cid:91)(cid:19)(cid:3)(cid:91)(cid:86)(cid:78)(cid:76)(cid:91)(cid:79)(cid:76)(cid:89)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)(cid:3)
(cid:3)(cid:87)(cid:89)(cid:86)(cid:75)(cid:92)(cid:74)(cid:91)(cid:3)

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"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:76)(cid:95)(cid:74)(cid:80)(cid:91)(cid:76)(cid:84)(cid:76)(cid:85)(cid:91)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:78)(cid:89)(cid:86)(cid:94)(cid:91)(cid:79)(cid:3)(cid:86)(cid:87)(cid:87)(cid:86)(cid:89)(cid:91)(cid:92)(cid:85)(cid:80)(cid:91)(cid:80)(cid:76)(cid:90)(cid:21)(cid:3)(cid:58)(cid:92)(cid:87)(cid:87)(cid:86)(cid:89)(cid:91)(cid:80)(cid:85)(cid:78)(cid:3)
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(cid:91)(cid:79)(cid:89)(cid:76)(cid:76)(cid:3)(cid:84)(cid:72)(cid:81)(cid:86)(cid:89)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)(cid:3)(cid:46)(cid:86)(cid:86)(cid:75)(cid:3)(cid:43)(cid:76)(cid:90)(cid:80)(cid:78)(cid:85)(cid:3)(cid:40)(cid:94)(cid:72)(cid:89)(cid:75)(cid:90)(cid:3)(cid:80)(cid:85)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)
(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

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(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

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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

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