Wide Open Agriculture Ltd (ASX: WOA)
2023 Annual Report
table of contents
FY2023 Highlights ............................................................................................................... 2
About Wide Open Agriculture ............................................................................................5
Our Business Journey ......................................................................................................... 7
Our Business Model ............................................................................................................8
Buntine Protein® ................................................................................................................ 10
Dirty Clean Food ................................................................................................................12
Chairman's Letter .............................................................................................................. 16
CEO's Letter ....................................................................................................................... 18
At Wide Open Agriculture, we believe
in regeneration. Regeneration of our
environment, our communities and our
food. We have two distinct business units
pursuing this goal.
Financial Highlights ...........................................................................................................22
In our Plant-based food division, Buntine Protein® is a versatile, highly functional ingredient that
Corporate Directory .........................................................................................................28
Directors' Report ..............................................................................................................29
has the potential for large scale landscape regeneration through the power of lupins. A natural
fixer of nitrogen in a grain cropping system, lupins reduce on farm inputs, improve soils and are
nutritionally rich.
Consolidated Statement of Profit or Loss and Other Comprehensive Income ............45
Our acceleration towards commercial scale production of Buntine Protein® continued over the last
Consolidated Statement of Financial Position ............................................................... 46
12 months.
Consolidated Statement of Changes in Equity ............................................................... 47
Consolidated Statement of Cash Flows ..........................................................................48
Notes to the Consolidated Financial Statements ........................................................... 49
Director's Declaration ......................................................................................................84
Independent Auditor’s Declaration .................................................................................85
Independent Auditor’s Report ........................................................................................ 86
Additional ASX Information ............................................................................................. 89
Acknowledgment of Country
Wide Open Agriculture acknowledges the Traditional Custodians of Country throughout Australia and recognise their
continuing connection to land, waters and community. We pay our respects to them and their cultures; and to Elders
both past and present.
Dirty Clean Food is a community of people who care about the power of regenerative agriculture
to improve the environment and create amazing tasting food. As the brand scales, so does its
impact, and we are excited about the opportunities ahead.
What we’ve
achieved in
the year
Read about our
performance
across our
‘4 Returns’
Framework on
page 2
Our goals
Hear from our
Chairman about
the goals set for
the Company
on page 16
Operational
review
The Company
CEO shares his
highlights from
the past year
on page 18
FY2023 highlights
FINANCIAL RETURNS
23.7% YEAR ON YEAR
REVENUE GROWTH
NATURAL RETURNS
26,000+
HECTARES UNDER INFLUENCE
SOCIAL RETURNS
41%
STAFF BORN OUTSIDE
AUSTRALIA
$17M AVAILABLE
FUNDING
AT 30 JUNE 2023
99% CAGR* FROM 2020-2023
2020
$1.4m
$4.3m
2021
2022
2023
*CAGR – Compound Annual Growth Rate’
$9.3m
$11.5m
62.5%
SHAREHOLDER RETURN
SINCE IPO AT 30 JUNE 2023
14
REGEN FARMERS IN
OUR NETWORK
100,000+
SEEDLING IN-SETTING
PROGRAM
16 TONNES
OF CARDBOARD
RECYCLED
3 TONNES
OF PLASTIC SAVED
THROUGH NEW PACKAGING
18
LANGUAGES SPOKEN BY
STAFF AT WOA
65 EMPLOYEES
AT JUNE 2023
1,700+ LOCATIONS
SELLING DCF PRODUCT
RETURN OF INSPIRATION
>80
LOCAL SUPPLIERS
>30,000
SOCIAL MEDIA FOLLOWERS
11,000+
HIGHLY ENGAGED DIGITAL CUSTOMERS
30
COMMUNITY & OTHER EVENTS
WOA PARTICIPATED IN
Annual Report 2023 | 2
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
Annual Report 2023 | 3
about wide open agriculture
Wide Open Agriculture (WOA) is a Company with purpose at its core. We are a different type of Company.
One that focuses on profit and financial returns, but also natural, social and inspirational returns.
We call this the ‘4 Returns’ framework which we adopted from our founding partner, Commonland Foundation.
The 4 Returns framework acts as our leading light in setting our growth strategy and operational decision making.
Please review our inaugural Regeneration Report for more information.
FINANCIAL
RETURN
Creating long-term, sustainable
income for communities: new
BUSINESS models tailored
to each landscape
RETURN OF
INSPIRATION
Planting seeds of hope for
a better future and
giving PEOPLE a sense
of purpose
SOCIAL
RETURN
Bringing back jobs, education
and social connections:
the building blocks of
thriving COMMUNITIES
NATURAL
RETURN
Restoring biodiversity for
healthy and resilient
landscapes:
reviving NATURE
Regenerative Agriculture is a
combination of farming principles
and practices that work with, rather
than against, natural systems.
These practices increase biodiversity, enrich soils,
restore the water cycle, and enhance ecosystem
services. Regenerative agriculture helps reverse
climate change by drawing carbon into the soil,
increases resilience to climate instability, and
brings inspiration to farming communities.
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WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
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Our purpose is to reinvent
the way the world grows,
thinks about and buys
food to create a better
future for people and
the planet. WOA is the
world’s first publicly
listed Company with a
4 Returns mandate to
deliver financial, natural,
social and inspirational
returns.
our business journey
COMPANY
2015
FOUNDED
IPO OF WOA
2018
BECOMING THE FIRST LISTED
4 RETURNS COMPANY
BUNTINE
PROTEIN®
CURTIN
AGREEMENT
SIGNED
CSIRO LAB
SCALE
PRODUCTION
PILOT PLANT
OPENED
FIRST COMMERCIAL
ORDERS OF
BUNTINE PROTEIN®
16
QUARTERS OF GROWTH
2019
2020
2021
2022
2023
$12M
NAB FUNDING
DIRTY CLEAN
FOOD
DIRTY CLEAN
FOOD BRAND
CREATED
DIRTY CLEAN FOOD
OAT MILK
LAUNCHES
FY $11.5M
REVENUE
$5M
PLANT BASED MILK GRANT
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WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
Annual Report 2023 | 7
our business model
REGENERATIVE FARMERS AND PARTNERS
PROTEIN PROCESSING FACILITY
3RD PARTY PROCESSING
BUNTINE PROTEIN®
IN-HOUSE
PROCESSING
Regenerative
Values
Alignment
Scale and
Efficiency
Customised
Service
FOOD MANUFACTURERS
+ DISTRIBUTORS
DCF PLATFORM
Creating
Connection
DIGITAL
RETAIL
FOOD SERVICE
EXPORT
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WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
Annual Report 2023 | 9
buntine protein®
Buntine Protein® is a versatile lupin-based plant protein with a neutral flavour and highly enhanced
functionality making it a great ingredient for a broad range of food and beverage applications.
Buntine Protein® comes from lupins, which are a core crop for fixing nitrogen in a grain cropping
system, reducing the need for synthetic fertiliser. Australia produces over 60% of the world’s
lupins, and has world class infrastructure to process and export the crop.
Buntine Protein®:
• Adds texture and nutritional function to plant-based drinks, yoghurts, soft cheese, ice
cream, sauces and more.
• Adds texture and structure to meat mimics, enhancing nutritional outcomes.
• Fortifies foods with additional health benefits, such as high protein noodles, pasta, baked
goods, cereals and confectionery.
• Can be used as a Vegan emulsifier or egg replacer in a multitude of food and beverages.
• Can be used as a base for Health & Wellness shake blends and snack foods.
WOA has the exclusive global patent for this technology and our pilot plant in Kewdale was
officially opened in June 2022 by former WA Minister for Regional Development; Agriculture and
Food; Hydrogen Industry, Alannah MacTiernan.
buntine protein®
path to commercialisation
A milestone based approach to success
2020
ROYALTY AGREEMENT SIGNED
WITH CURTIN UNIVERSITY
2021
CSIRO LABSCALE PLANT
DEMONSTRATING SCALABILITY
2022
PILOT PLANT OPENS
2023
CONSISTENT HIGH QUALITY
PRODUCT BEING MADE
AMBITION
COMMERCIAL
PRODUCTION
5000+ TONNES PER YEAR
CAPACITY BY 2026
2024
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WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
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WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 dirty clean food
Dirty Clean Food Oat Milk is the world’s first regeneratively grown, carbon neutral oat milk, backed
by a $5 million grant from the WA Government, and $12 million in funding from NAB. This funding
will help realise our ambition of onshoring production of our oat milk.
We’ve seen growth at home and launched our product in key Asian markets like Singapore and
Hong Kong. We think we make the tastiest, healthiest, earth-friendliest oat milk on the planet.
Making us;
More Delicious: Consumers love the smooth, healthy taste of Dirty Clean Food Oat Milk.
Regeneratively grown, whole rolled oats taste better.
More Nutritious: We use only the best quality rolled oats, oils and vitamins to ensure we provide a
healthier choice. That means no sugar, no chemicals, no fungicides and no GMO ingredients.
More Sustainable: By using natural regenerative farming, we help create better soil, better quality
food and improve carbon capture, helping to fight climate change. Now available in four 1 litre
varieties and a Ready to Drink cold brew format.
Grow Dirty, Eat Clean!
ONLY THE HEALTHIEST ‘Dirty’ SOIL...
produces the best ‘clean’ food
Dirty Clean Food is a leading platform for regenerative food and agriculture in Australia.
Dirty Clean Food is gaining scale:
•
•
16 quarters of sequential growth
11,000+ digital customers, 1,500+ retail locations, 240+ restaurants
• Sold in Australia’s top retailers and restaurants
• Export Growing: Sharing the best of WA with the world
$3.1M
$2.9M
$2.8M
$2.7M
$2.7M
$2.6M
$2.3M
WE GROW FAST...
FY2023 REVENUE
$11.5M
CASH AT 30 JUNE 2023
$5.9M
REVENUE GROWTH
23.7%
$1.1M
$1.0M
$0.8M
$0.6M
$0.4M
$0.3M
$0.2M
$1.7M
$1.4M
Q1
FY20
Q2
FY20
Q3
FY20
Q4
FY20
Q1
FY21
Q2
FY21
Q3
FY21
Q4
FY21
Q1
FY22
Q2
FY22
Q3
FY22
Q4
FY22
Q1
FY23
Q2
FY23
Q3
FY23
Q4
FY23
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WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
Annual Report 2023 | 13
DIRTY CLEAN FOOD
is a community of
consumers, producers
and farmers committed
to producing the most
amazing food through
regenerative
farming
practices.
Put
Saving
the
Planet
on the
Menu
chairman's letter
Dear Shareholders and Stakeholders,
I am very happy to present the latest update on the
remarkable progress made at Wide Open Agriculture
(‘WOA’). As Chairman and Co-Founder of WOA I am proud
to report that our company's commitment and delivery
against the 4 Returns Framework continues to yield
outstanding results.
I was first introduced to the 4 Returns framework (financial, natural, social, and
return of inspiration) in 2014. What attracted me to the framework was not only
it’s diverse measures of ‘returns’ but also it’s recognition that positive change on
our business, landscapes and communities must be measured across decades,
rather than quarters. Since our inception in 2015 and our ASX listing in 2018
we have achieved across all 4 Returns. Our impact is demonstrated in our
inaugural Regeneration Report which was released in July.
Our desire for impact was instrumental in leading us to Buntine Protein® – an
opportunity that has both significant commercial and environmental upside for
WOA and is the key priority for the Company.
We started the year with two goals:
1. Progress the route to commercialisation for Buntine Protein®
2. Scale Dirty Clean Food and demonstrate a path to profitability
Over the past year, Wide Open Agriculture has made significant strides in
achieving both goals.
1. Progress the route to commercialisation for Buntine Protein®
We have made significant strides towards commercialising Buntine Protein®, the
primary component of Wide Open Agriculture's growth strategy. Over the past
year, our dedicated team has diligently worked to optimise and standardise
the production process for Buntine Protein® ensuring a consistent, high quality
product is available for global sampling, market testing and new product
development.
Through rigorous research and testing we have created a wide range of
Buntine Protein® product applications that are not only nutritionally rich
but also environmentally responsible. Through our marketing and business
development activities, these product applications have demonstrated strong
market fit and customer demand, which has opened the path to commercially
scalable production, which is being worked on as the highest priority within the
organisation.
We remain committed to realising the potential offered by Buntine Protein® to
address the growing demand for plant protein whilst regenerating ecosystems
and ultimately communities too. Our progress thus far exemplifies Wide
Open Agriculture's commitment to solutions that maximise shareholder value,
progress agricultural innovation and enhance environmental stewardship.
2. Scale Dirty Clean Food and demonstrate a path to profitability
One of our key achievements this year has been the successful scaling of our
flagship regenerative food brand, "Dirty Clean Food". Our innovative approach
to food production has brought healthier and more ethical choices to the
market but has also fostered a community of conscious consumers and regenerative farming partners,
who share our values.
Financially, I am pleased to report that Dirty Clean Food has made significant progress on its journey
towards profitability. Prudent financial management, combined with our strategic focus on value-added
products and multiple routes to market has contributed to this improvement and paves the way for
future success in the coming year.
This year we have also seen transition in the people who drive the company. After eight years, my
co-founder and founding Managing Director Ben Cole has transitioned to an Executive Director role,
championing Buntine Protein® as the leader in the next wave of innovative plant protein products and
highlighting the role that lupins play in a regenerative agricultural system. Ben’s ongoing contribution to
WOA cannot be overstated and I am excited that he is leading our Buntine Protein® sales efforts.
We have made significant strides towards
commercialising Buntine Protein®
Ben’s role as Chief Executive Officer (‘CEO’) has been taken over by Jay Albany, previously CEO of
Dirty Clean Food. Jay’s experience as an investment analyst on Wall Street and his senior roles in New
York-based Food Technology start-ups, combined with his passion for regenerative agriculture makes
him an ideal person to take the business forward.
In terms of Board membership, Stuart McAlpine resigned from the Board during the year after
eight years, to be replaced by Joanne Ford. Stuart was the first farmer to support WOA’s 4 Returns
framework, and Stuart’s unwavering support and belief in WOA’s mission has been integral to the
company’s success. Thank you, Stuart.
With Stuart’s departure we were delighted to bring Joanne Ford onto the Board as a Non-Executive
Director. Joanne’s finance and food experience (including a lead role with Nespresso) is already
demonstrating value from a governance and growth perspective as we progress our goals.
Both Jay and Jo bring vital and new skillsets, passion and experiences that are necessary to drive the
Company forward in the coming years.
Looking ahead, we are excited about the myriad of opportunities that lie before us. We will continue
to explore new markets, enhance our product offerings, and expand our partnerships to achieve our
vision of a profitable, 4 Returns company that creates a regenerated and resilient global food system.
I would like to extend my heartfelt gratitude to our dedicated team, supportive shareholders, and
valued stakeholders. It is your collective belief in our mission that empowers us to strive towards
profitability whilst making a positive impact on our world. As we continue to push the boundaries of
what is possible in regenerative agriculture, I am confident that WOA’s future is brighter than ever
before.
Thank you for your trust and continued support.
Sincerely,
Anthony Maslin
Chairman of the Board Wide Open Agriculture
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WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
CEO's letter
Dear Shareholder,
Having become CEO in December, I am honoured to
share my first annual letter with Wide Open Agriculture’s
shareholders. I would like to thank Ben Cole and Anthony
Maslin, as well our entire Board of Directors for the
opportunity to lead this unique company.
We have a long term outlook at Wide Open Agriculture, and a vision that
is aligned to the largest and most disruptive global trends in food. Our
business is geared towards two inarguable macro trends: 1) the shifts
to plant-based foods and the rise of the conscious consumer, 2) a new
generation of consumers who are willing to pay for the environmental cost
of food production. We have two business units which do this, and both
promise to create significant value and impact over the next several years:
Buntine Protein® and Dirty Clean Food.
Buntine Protein®.
The top priority at Wide Open Agriculture is commercialising our novel
lupin-based plant protein isolate, Buntine Protein®. Buntine Protein® is
an ingredient differentiated by quality (taste) and performance (gelation,
emulsification and solubility). Buntine Protein® commands a premium in
the market given these attributes, which make it possible for customers to
use plant-based proteins in recipe development for optimum taste without
having to compromise their desire for a clean ingredient list.
Buntine Protein® is our first product that can be competitive on a global
scale. Our pipeline has interest from major prospects and distributors in
North America, Europe, Australia and Asia. Buntine is a product with a
long shelf life which is easily and economically transportable into many
geographies. It is also supported by its positive natural impact at home.
Made from regeneratively grown lupins, Buntine has nitrogen fixing
properties which materially reduce the need for fertiliser inputs in a grain
cropping system, such as Western Australia’s Wheatbelt.
Perhaps most important to shareholders, this is a product line that is a key
ingredient targeting a large and in-demand market: plant-based foods.
Buntine has a strong competitive moat, the best I have seen. It starts with
Intellectual Property developed at Curtin University, advanced by our team,
and patented globally. It continues through to supply. Lupins are naturally
high in protein, have a unique and complete amino acid profile, and have
been shown to have anti-diabetic properties.
Australia produces a majority of the world’s lupins and has an economic
infrastructure well suited for cost-efficient growing and export. We have
stated, and maintain, that we have intend to pursue a rational pathway for
success-based commercial scale-up, which leverages a partner-based
approach and existing underutilised food industry assets. This strategy is
expected to bring us to market faster, and with significantly less upfront
capital at risk, than we expected last year when we contemplated a
greenfield production site.
We’ve committed to a high-risk, multi-year project with Buntine Protein®,
but the payoff potential is immense.
We have already had multiple initial orders
for Buntine Protein® from our pilot plant and
have received significant interest from a
number of prospects now that the plant is
performing at a high level.
Dirty Clean Food.
The second business unit is Australia’s leading regenerative and ethical food platform, Dirty Clean Food.
Dirty Clean Food is a business that is about connecting customers directly with regeneratively grown
produce. It has disrupted the food industry in Western Australia. Dirty Clean Food has grown at a 99%
compounded annual growth rate since launching in 2019. It has 11,000+ direct digital consumers in
WA, and a thriving wholesale business that serves 40% of WA’s top 100 restaurants and over 1,500
retail outlets in five countries. Dirty Clean Food is focused on scale and reaching operating profitability.
It has a fabulous team. But the value here is in what has been accomplished out of a relatively small
market, and how this can be extended to other markets. The value is proving the know-how and IP for
creating an economically viable platform that connects consumers to regeneratively grown produce,
and scaling this beyond Perth. We have said that we are investigating strategic options for this business,
and this is why we believe Dirty Clean Food is underappreciated in the market. This year we expect
Dirty Clean Food to continue to grow, to improve returns, and to investigate a pathway that can provide
scale beyond WA through the strategic options process.
Annual Report 2023 | 18
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WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 CEO's letter
2023 Highlights
2023 was a strong year for Wide Open Agriculture. We entered the year focused on advancing the
commercialisation of Buntine Protein® and advancing the economics of Dirty Clean Food. We also
aimed to improve our financial position in what was clearly a worsening global economy. I like to keep
our management themes simple. This year our theme was “grow smart.” We did this by reducing
investments in non-core activities and focusing our resources on the areas where we have the strongest
competitive moat.
We’ve committed to a high-risk, multi-year
project with Buntine Protein®, but the payoff
potential is immense.
We achieved all three of these goals. Revenue grew to $11.5 million, increasing by 24%, with growth in
every quarter despite rationalising costs and expenses, and despite the impact of rising interest rates
and inflation levels not seen in decades. Operating cash outflow decreased linearly throughout the year
and narrowed by 53% when comparing our first and fourth quarters. In the interim, we secured access
to $12 million of borrowing capacity from NAB for working capital and investment in plant-based drinks
production. We were also awarded over $6 million in grant funding from government programs and the
Commonland Foundation.
After significant investment, we opened the Buntine Protein® R&D and pilot production facility at the
beginning of the year in our Kewdale headquarters. Opening a new production facility of any kind is
never an easy task. And this one was no different. We were commercialising a new technology and
making a significant scaling leap from lab scale to pilot commercial scale production levels.
I am pleased to report that our pilot plant is operating with the best quality we have seen for this
product, and this progress has enabled us to develop a suite of food applications for Buntine Protein®
in the non-dairy milk and cheese, egg replacement, baked goods, noodles, and protein supplement
categories. This development is critical to converting indications of interest into new product design
wins at our prospects. We have already had multiple initial orders from our pilot plant and have
received significant interest from a number of prospects now that the plant is performing at a high level.
I am proud of the team at Wide Open Agriculture for digging in and executing our commercial plans
amidst a challenging macroeconomic backdrop in 2023. It would have only been natural to give in to
these and other external distractions. But we have maintained a fiery determination, and a passion to
build something different and special in the food industry. There is a long and challenging road ahead,
and we are at the beginning of our journey. We are grateful for the trust, support and fellowship of
our partners, investors, and stakeholders as we look to create long term value over many years at this
Company.
All the Best,
Jay (James) Albany
CEO Wide Open Agriculture
Annual Report 2023 | 20
Cassie Rowe, MLA, and Jay Albany at the WOA
company headquarters
Annual Report 2023 | 21
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
financial highlights
2023 was a year of continued growth for WOA, with Buntine Protein®
progressing towards commercialisation and Dirty Clean Food (DCF)
continuing to grow despite cost of living challenges in the wider economy.
WOA's total revenue for the 12-month period was $11.5 million, representing
a 24% increase compared to the previous year, driven by the continued
expansion of the Dirty Clean Food brand across its distribution channels.
The Digital channel delivered 33% revenue growth in the year, and Retail
delivered 32% growth following an update to our on shelf packaging and
an expansion in our product offering. Our FoodService/Wholesale division
grew 15%, with Dirty Clean Food products featuring in 40 of the Top 100
restaurants in WA.
Gross profit was 6.2%, down from 10.6% the year before as cost increases
for key inputs, including meat prices and logistics, impacted profitability.
This pressure eased in the second half of the year with meat prices falling
and greater output from our production facility in Kewdale at higher
margins. WOA reported a net loss of $14.7 million for the period due to the
ongoing investment in plant based protein initiatives, corporate costs, and
the ongoing work in scaling Dirty Clean Food to profitability.
The Company had a net cash outflow of $13.6 million during the year,
reflecting the investment in plant based protein initiatives, corporate costs
and the ongoing operational needs of DCF.
QUARTERLY OPERATING CASH BURN AUD$
$4.1M
$3.0M
$3.0M
During the year the company implemented cost control measures, which resulted in reducing
operational cash outflows during the year, and a cash outflow of $1.9 million in Q4, a 53% reduction
from Q1 of the financial year. Tight working capital control also resulted in an over $1 million reduction in
inventory, from $3.2 million to $1.9 million.
At 30 June 2023, following the completion of the National Australia Bank debt facility agreement for
$12 million in March 2023, WOA has available funding facilities of $17.9 million.
The Company has also been able to access Research and Development tax incentive rebates totalling
over $1 million, with $271,279 received in May 2023, and a further $817,428 received in July 2023. In
addition, the Western Australian Government awarded WOA a grant for $5 million for the construction
of a plant based protein facility, the first $500,000 tranche of which was received in August 2023.
Outlook
In FY2024 the Company will continue to pursue its core strategic goals of advancing Buntine Protein®
to commercial production and scaling Dirty Clean Food to profitability, ensuring financial resources are
directed appropriately to support these goals.
$1.9M
Sincerely,
Q1
FY23
Q2
FY23
Q3
FY23
Q4
FY23
Matthew Skinner
Chief Financial Officer
Annual Report 2023 | 22
Annual Report 2023 | 23
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 principal risks
and uncertainties
Risk management
The senior management team is responsible for ensuring an active and integrated risk management approach to
ensure strategic and operational risks are identified, assessed and treated appropriately and in line with the approved
risk appetite of the Board.
The Audit and Risk Committee (ARC) and the Board review the risk profile of the organisation and the mitigation of
risks identified. The ARC is also responsible for overseeing and assessing the Company’s risk management process.
A summary of the key strategic risks and operational risks identified is shown on the following pages.
Strategic
Source of risk
Risk Overview
Mitigation strategies
Funding risk
Risk of running out of money before
the company’s strategic objectives
have been realised
Regular cash flow forecasting to manage cash flow
requirements of the business
Funding strategy reviewed at every Board meeting
to plan ahead for future cash requirements
Regular communication with investors and
shareholders to provide updates on business
strategy and performance, including the quarterly
4C calls
Consumer trends Changing trends reduce the
demand for the company’s products
Constant review of products for sale to ensure
they are up to date with consumer trends
Competitor risk
Strength of competition in plant based
proteins and plant based foods
Development of new unique products
Buntine Protein® has been developed with unique
attributes to differentiate it from other competitors
in the market, however there is significant
investment going into plant based proteins
WOA continues to engage with customers and
distributors to demonstrate the unique properties
of Buntine Protein®
Operational
Source of risk
Risk Overview
Mitigation strategies
Project risk
People risk
Company is planning to undertake
large projects including the
commercialisation of Buntine Protein®
and the creation of a domestic oat milk
facility
Ensure the company has sufficient project
management expertise internally, as well as ensuring
experienced engineering partners are engaged to
support on the project
Lack of skilled employees, particularly
in the plant based protein market,
and in the WA market with the limited
employment pool
Develop relationships with recruiters to ensure
access to a deeper talent pool
Regular organisational review to ensure internal skills
match organisational requirements
Succession planning for KMP's, to ensure no
disruptions
Sourcing risk
Company objectives rely on access to
raw materials, including regenerative
meat, oats and lupins
Developing deep relationships with regenerative
farmers across Australia to ensure sufficient supply
for strategic objectives
Regulatory risk
Risk of breaching laws and regulations
with adverse consequences
The company actively monitors its compliance
with applicable laws and regulations. Since
being suspended from trading, the company has
implemented additional checks around trading
announcements and regulatory compliance
Safety consultants engaged to support on the
company’s activities Additional resources spent on
risk mitigation, particularly for new activities
The Company has specialist IT support that
manages the IT environment, including keeping
anti virus software up to date and having adequate
data backups. IT systems are also secured with two
factor authentication.
Credibility risk
Risk that WOA’s regenerative
credentials are not considered
authentic
WOA continues to take a thought leadership
position on regenerative credentials, and has
internally developed IP for regenerative production
Safety risk
Risk of injury to staff and contractors
from the company’s operations
Patent risk
The risk of competitors gaining access
to the company’s IP around Buntine
Protein®
Climate change
risk
Risk of physical impacts of climate
change
WOA engages with environmental and regulatory
bodies on a regular basis to develop the
regenerative industry
Use of IP lawyers to protect the patent for Buntine
Protein® including in commercial agreements
The Company works with farmers on regenerative
farm practices to help restore environments and
protect against some of the impacts of climate
change. The Company continues to work with
suppliers to ensure consistency of supply.
Cybersecurity
risk
Risk of business data, critical systems
and business processes being
compromised
Annual Report 2023 | 24
Annual Report 2023 | 25
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED
ABN 86 604 913 822
CONSOLIDATED FINANCIAL REPORT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
Annual Report 2023 | 26
Annual Report 2023 | 27
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 SOLICITORS
Fairweather Corporate Lawyers
Suite 2, 589 Stirling Highway
Cottesloe, Western Australia, 6011
AUDITORS
RSM Australia Partners
Level 32, 2 The Esplanade
Perth, Western Australia, 6000
SHARE REGISTRY
Link Market Services Limited
QV1 Building
Level 12, 250 St Georges Terrace
Perth, Western Australia, 6000
Telephone: +61 1300 554 474 (within Australia)
STOCK EXCHANGE
Australian Securities Exchange
Central Park
152-158 St Georges Terrace
Perth Western Australia 6000
ASX CODE: WOA
CORPORATE DIRECTORY
DIRECTORS
Mr Anthony Maslin (Non-Executive Chairman)
Dr Ben Cole (Executive Director)
Mr Stuart McAlpine (Non-Executive Director)
Resigned 20 March 2023
Ms Elizabeth Brennan (Non-Executive Director)
Resigned 8 September 2023
Mr Ronnie Duncan (Non-Executive Director)
Ms Joanne Ford (Non-Executive Director)
Appointed 20 March 2023
COMPANY SECRETARY
Mr Matthew Skinner
Appointed 8 September 2023
Mr Sam Wright
Resigned 8 September 2023
EXECUTIVE
Mr James Albany (Chief Executive Officer)
Ms Miranda Stamps (Chief Operations Officer)
Mr Matthew Skinner (Chief Financial Officer)
BUSINESS OFFICE
1 Winton Street
Kewdale, Western Australia, 6105
Phone: (08) 6010 4049
Email: info@wideopenagriculture.com.au
REGISTERED OFFICE
Suite 116, 1 Kyle Way
Claremont, Western Australia, 6010
WEBSITE
www.wideopenagriculture.com.au
Directors and Executive, left to right;
Ben Cole Executive Director
Anthony (Maz) Maslin Non-Executive Chairman
Joanne Ford, Non-Executive Director
Appointed 20 March 23
Ronnie Duncan Non-Executive Director
Matt Skinner Company Secretary
Appointed 8 September 23
Mr Matthew Skinner (Chief Financial Officer
and Company Secretary )
Mr James Albany (Chief Executive Officer)
Ms Miranda Stamps (Chief Operations Officer)
Stuart Alpine Non-Executive Director
Resigned 20 March 23
Elizabeth Brennan Non-Executive Director
Resigned 8 September 23
Sam Wright Company Secretary
Resigned 8 September 23
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
Your directors present this report on Wide Open Agriculture Limited
(the “Company” or “WOA”) and its subsidiaries (“Consolidated Entity” or “Group”)
for the year ended 30 June 2023.
DIRECTORS
The name of the directors in office at any time during, or since the end of the year are:
Ben Cole – Executive Director (appointed on 23 March 2015)
B.Env.Sc (Hons) PhD
With a PhD in environmental engineering, Ben is a proven entrepreneur with demonstrated strategic and operational
experience. Ben has over 17 years of experience working with companies with a proven commitment to delivering
strong results that deliver a positive environmental and social impact. Between 2008 to 2013 he founded, managed
and sold a profitable, manufacturing company in Vietnam. Ben has extensive international experience as a manager
of market-based, public health projects totalling $30 million. Ben is a Non-Executive Director of the not for profit
Regional Regeneration Alliance. In the last three years, Ben was not a director of any other publicly listed company.
Special responsibilities: Member of the Audit & Risk Committee, Remuneration Committee and Nomination
Committee
Anthony Maslin – Non-Executive Chairman (appointed on 23 March 2015)
BBus (Fin and Ent)
Anthony started as a stockbroker 28 years ago managing capital raisings and providing ethical investment advice. In
1998 he founded Solar Energy Systems Ltd (now Solco Ltd), which became the first solar energy company to list on
the ASX. Since then he has consulted to and managed various listed companies, including five years as Managing
Director of Buxton Resources Ltd. Anthony served as a Non-Executive Director of Pancontinental Oil & Gas NL
(ASX:PCL) and resigned 15 January 2016. Anthony is currently a Non-Executive Director of Buxton Resources Ltd
(ASX:BUX). Anthony also co-founded community art hub the Artspace Collective and the Mo, Evie and Otis Maslin
Foundation, which focuses on early intervention for dyslexia. In the last three years, Anthony was not a director of any
other publicly listed company than those noted above.
Special responsibilities: Member of the Remuneration Committee and of the Nomination Committee
Annual Report 2023 | 28
Annual Report 2023 | 29
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
DIRECTORS (CONT)
Ronnie Duncan – Non Executive Director (appointed 03 December 2019)
B.Soc.Sc., EMBA
Ronnie Duncan was the co-founder and Chairman of Meerkats, one of Australia’s leading branding,
communication and advertising agencies – named the 2019 Australia/New Zealand independent agency of the
year in the London International Advertising Awards – acquired by WPP AUSNZ Limited on 31 July 2020. Ronnie
Duncan has extensive experience in purpose-led, brand strategy development and implementation in the food
and energy sectors. Ronnie Duncan is a Committee Member of RegenWA – Western Australia’s network of
farmers and industry stakeholders committed to an ecological approach to farming that encourages landscapes
to renew themselves. In the last three years, Ronnie was not a director of any other publicly listed company.
Special responsibilities: Chair of the Remuneration Committee and Member of the Nomination Committee
Joanne Ford – Non Executive Director (appointed 20 March 2023)
BCom, ACMA, CGMA, GAICD
Joanne is an experienced director and executive, with over 30 years experience in ASX and international listed
groups, start-ups and not for profit companies. From 2008 to 2015 Joanne was a member of the executive
team (CFO) at market disruptor Nestlé Nespresso. Due to success in Australia, Joanne was approached to lead
the turnaround of Nespresso USA’s Finance Operations. Aside from her extensive experience in the food and
nutrition sectors, Joanne brings a strong focus on finance and governance, having worked as Chief Financial
Officer (CFO), Director of Finance and Company Secretary across multiple listed and unlisted companies
including the previously ASX listed Navitas (ASX: NVT), Mycolivia Group and Delica Therapeutics. Joanne is a
CGMA registered with CIMA UK and a Graduate of the Australian Institute of Company Directors (GAICD). She
is currently a Non-executive Director at CEnet Limited, Deka Australia Management One Pty Ltd, and Deka
Australia Management Two Pty Ltd.
Special responsibilities: Chair of the Audit & Risk Committee and Member of the Nomination Committee
Elizabeth Brennan – Non Executive Director (resigned 8 September 2023)
BBus MFoodSec FARLF GAICD
Elizabeth has facilitated several community, agricultural and leadership development programs and fresh
produce marketing strategies in regional WA, across Australia and in Papua New Guinea. Elizabeth has previously
led the marketing strategy development and implementation for one of the largest citrus operations in WA,
Moora Citrus, as well as other international fresh produce brands such as Bravo Apples™, Family Tree Farms and
Fruitico. She is currently a Board Director for the Rural, Regional and Remote Women’s Network of WA (RRR
Network), Commissioner for the Agricultural Produce Commission and Councillor for the National Farmers’
Federation Young Farmers’ Council. Elizabeth is a Graduate of the Australian Institute of Company Directors
(GAICD) and a Fellow with the Australian Rural Leadership Foundation (FARLF). In the last three years, Elizabeth
was not a director of any other publicly listed company.
Special responsibilities: Chair of the Audit & Risk Committee and Member of the Nomination Committee
Stuart McAlpine – Non-Executive Director (resigned 20 March 2023)
Stuart is a Wheatbelt farmer with over 40 years’ experience in agriculture who is committed to
the environmental and social restoration of his region. He was co-founder of the Liebe Group, a
farmer-led research and development group, and the inaugural President. He instigated the Regional
Repopulation Plan with the Wheatbelt’s Shire of Dalwallinu and Chaired the Regional Repopulation
Advisory Committee. Stuart is also co-founder of the not for profit Regional Regeneration Alliance and
a Committee Member of RegenWA, and a Member of the Australian Institute of Company Directors. In
the last three years, Stuart was not a director of any other publicly listed company.
Special responsibilities: Member of the Nomination Committee
COMPANY SECRETARY
Matt Skinner (appointed 8 September 2023)
BCom, CA.
With a Finance and Management career spanning Australia, the UK and the Middle East, Matthew
brings extensive experience in managing complex and fast changing business environments while
nurturing a strong financial performance management culture. Matthew has worked with listed
companies in the UK and Australia, with his most recent role working for Intertek Group plc, a global
leader in the provision of quality and safety services. At Intertek, Matthew held roles across internal
audit, finance transformation and commercial finance, before taking operational management roles
across the Middle East, North Africa and Pakistan based in Dubai.
Sam Wright (resigned 8 September 2023)
BCom, CA.
Sam has 20 years’ experience in relation to public company responsibilities, including ASX and ASIC
compliance, control and implementation of corporate governance, statutory financial reporting, and
shareholder relations with both retail and institutional investors. He is currently the company secretary
for a number of ASX listed companies.
Annual Report 2023 | 30
Annual Report 2023 | 31
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
As at the date of this report the number of unissued shares of the group under option, are as follows:
UNISSUED SHARES UNDER OPTIONS
Stream of Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Unlisted Options
Expiry
Date
31/12/2023
21/7/2023
30/11/2024
7/4/2025
29/11/2025
29/11/2025
29/11/2025
Exercise
Price
Number of
options Opening
$0.50
$0.94
$1.28
$1.03
$1.24
$0.457
$0.457
2,200,000
1,000,000
3,625,000
2,952,064
4,367,754
3,625,000
1,924,542
19,694,360
No other options have been issued in the time between the balance date of the Group and signing of
the Annual Report.
PRINCIPAL ACTIVITIES
The principal activities of the Group during the financial year were the market development of Buntine Protein®,
including research and development, product development, and manufacturing activities, as well as the ongoing
development of Dirty Clean Food.
EVENTS SUBSEQUENT TO THE END OF THE REPORTING PERIOD
On 18 September 2023, the Company entered into exclusive distribution agreements with SPI Group and Kramer
Group to distribute Buntine Protein® in the US.
On 15 September 2023, the Company signed an agreement with Alchemy Agencies Ltd. to distribute Buntine Protein®
in Australia, New Zealand and Pacific Islands.
On 8 September 2023, Elizabeth Brennan resigned as Non-Executive Director of the Company.
On 8 September 2023, Sam Wright resigned as Company Secretary of the Company. Matthew Skinner was
appointed as interim Company Secretary of the Company on 8 September 2023.
No other matter or circumstance has arisen subsequent to the end of the reporting date which has significantly
affected the operations of the Group, the results of the operations or the state of affairs of the Group.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
Likely developments in the operations of the Group and the expected results of those operations in future financial
years have not been included in this report as the inclusion of such information is likely to result in unreasonable
prejudice to the Group.
ENVIRONMENTAL REGULATION
The Group's operations are not regulated by any significant environmental regulation under a law of the
Commonwealth or of a state or territory.
DIVIDENDS
No dividends were paid during the year and no recommendation is made as to the dividends.
The directors do not recommend the payment of a dividend.
DIRECTORS’ INTERESTS
As at the date of this report, the number of shares and options in the Company held by each Director of Wide
Open Agriculture Limited and other key management personnel of the Group, including their personally-related
entities, are as follows:
Specified Directors and Key
Management Personnel
Ben Cole
Anthony Maslin
Ronnie Duncan
Joanne Ford
James Albany
Miranda Stamps
Matthew Skinner
Shares
7,621,786
7,969,379
31,627
-
72,034
-
4,000
15,698,826
Listed
Options
Unlisted
Options
Performance
Rights
-
-
-
-
-
-
-
-
3,000,000
2,250,000
1,500,000
-
1,627,306
920,430
-
-
-
-
-
169,196
155,100
-
9,297,736
324,296
Annual Report 2023 | 32
Annual Report 2023 | 33
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
PERFORMANCE RIGHTS
Stream of
Performance Rights
Performance Rights
Performance Rights
Expiry
Date
11/12/2024
12/12/2024
Exercise
Price
Number of
options Opening
1:1 conversion
1:1 conversion
169,196
155,100
324,296
No other performance rights have been issued in the time between the balance date of the Group and signing of the
Annual Report.
DIRECTORS’ ATTENDANCE AT BOARD AND COMMITTEE MEETINGS
DURING THE YEAR
During the year ended 30 June 2023, the Directors attended the following Board and Committee meetings:
Name
Board of Directors’
Meetings
Audit & Risk
Committee
Remuneration
Committee
Nomination
Committee
No.
No. eligible
No.
No. eligible
No.
No. eligible
No.
No. eligible
attended
to attend
attended
to attend
attended
to attend
attended
to attend
Ben Cole
Anthony Maslin
Stuart McAlpine
Elizabeth Brennan
Ronnie Duncan
Joanne Ford
5
6
2
5
6
4
6
6
2
6
6
4
5
0
0
5
0
3
5
0
0
5
0
3
1
1
0
0
1
0
1
1
0
0
1
0
2
2
1
2
2
1
2
2
1
2
2
1
INDEMNIFICATION OF OFFICERS
The Group has paid premiums to insure the directors against liabilities for costs and expenses incurred by them
defending legal proceedings arising from their conduct while acting in the capacity of directors of the Company, other
than conduct involving a wilful breach of duty in relation to the Company.
INDEMNIFICATION OF AUDITOR
The Group has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
Group or any related entity against a liability incurred by the auditor.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied for leave of court to bring proceedings on behalf of the Group or intervene in any proceedings
to which the Group is a part for the purpose of taking responsibility on behalf of the Group for all or any part of those
proceedings.
The Group was not a party to any such proceedings during the year.
REMUNERATION REPORT (AUDITED)
The remuneration report details the key management personnel remuneration arrangements for
the consolidated entity, in accordance with the requirements of the Corporations Act 2001 and its
Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing
and controlling the activities of the entity, directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
• Principles used to determine the nature and amount of remuneration
• Details of remuneration
• Service agreements
• Share-based compensation
• Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The objective of the consolidated entity'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 it is considered to conform to the market best practice for the delivery of reward. The Board of
Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward
governance practices:
• competitiveness and reasonableness
• acceptability to shareholders
• performance linkage / alignment of executive compensation
•
transparency
The reward framework is designed to promote superior performance and long-term commitment to the
Group. The main principles of the policy are:
• Remuneration is reasonable and fair, taking into account the Group’s obligations at law, the
competitive market in which the Group operates and the relative size and scale of the Group’s
business;
•
Individual reward should be linked to clearly specified performance targets which should be
aligned to the Group’s short term and long-term performance objectives; and
• Executives should be rewarded for both financial and non-financial performance.
In accordance with best practice corporate governance, the structure of non-executive director and
executive director remuneration is separate.
Annual Report 2023 | 34
Annual Report 2023 | 35
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the consolidated entity are set out in the following
tables.
The key management personnel of the consolidated entity consisted of the following directors of Wide Open
Agriculture Limited:
• Anthony Maslin - Non-Executive Chairman
• Ben Cole - Executive Director
• Stuary McAlpine - Non-Executive Director (Resigned 20 March 2023)
• Elizabeth Brennan - Non-Executive Director (Resigned 8 September 2023)
• Ronnie Duncan - Non-Executive Director
• Joanne Ford - Non-Executive Director (Appointed 20 March 2023)
• James Albany - Chief Executive Officer
• Miranda Stamps - Chief Operating Officer
• Matthew Skinner - Chief Financial Officer and Company Secretary (Appointed 8 September 2023)
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
Non-executive directors’ remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role.
Non-executive directors' fees and payments are reviewed annually by the Remuneration Committee.
The Remuneration Committee may, from time to time, receive advice from independent remuneration
consultants to ensure non-executive directors' fees and payments are appropriate and in line with the
market. The chairman's fees are determined independently to the fees of other non-executive directors
based on comparative roles in the external market. Non-executive directors receive share options.
Executive remuneration
The consolidated entity aims to reward executives based on their position and responsibility, with a level
and mix of remuneration which has both fixed and variable components.
The executive remuneration and reward framework has four components:
• base pay and non-monetary benefits
• short-term performance incentives
• share-based payments
• 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 Remuneration Committee based on individual and business unit performance,
the overall performance of the consolidated entity and comparable market remunerations.
Executives may receive their fixed remuneration in the form of cash, payable monthly.
The short-term incentives ('STI') program is designed to align the targets of the business units with the
performance hurdles of executives. Executives are eligible to participate in a profit participation plan if
deemed appropriate.
The long-term incentives ('LTI') include long service leave and share-based payments. Executives may
participate in share option schemes with the prior approval of the shareholders.
Use of remuneration consultants
During the financial year ended 30 June 2023, The Reward Practice was engaged providing advice on
fixed and variable remuneration packages to Key Management Personnel and remuneration policies
for the Group. The total cost of the advice received amounted to $48,730. No other advice was
provided by the consultant during the financial year ended 30 June 2023. The Reward Practice was
Independent and free from undue influence by Key Management Personnel. The Board is satisfied that
the remuneration recommended was made free from such due influence due to the Independence of
The Reward Practice.
Voting and comments made at the Company’s last Annual General Meeting
At the 2022 AGM, 92.78% of the votes received supported the adoption of the remuneration report
for the year ended 30 June 2023. The company did not receive any specific feedback at the AGM
regarding its remuneration practices.
Annual Report 2023 | 36
Annual Report 2023 | 37
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
Short-term
benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
Cash
salary
and fees
$
Cash
bonus
$
Non-
monetary
$
Annual
Leave
$
Super-
annuation
$
Long
service
leave
$
Equity-
settled
shares
$
Equity-
settled
options
$
Equity-
settled
performance
rights
$
Total
$
2023
Non-Executive Directors:
Anthony Maslin
70,000
Stuart McAlpine
28,817
Elizabeth Brennan
40,000
Ronnie Duncan
40,000
Joanne Ford
10,968
Executive Directors
Ben Cole
192,715
Other Key
Management Personnel
-
-
-
-
-
James Albany
234,682
42,299
Miranda Stamps
220,550
38,775
Matthew Skinner
220,000
-
1,057,732 81,074
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,350
3,026
4,200
4,200
1,152
-
-
-
-
-
2,419
20,235
18,118
3,524
29,027
18,400
3,131
27,171
1,973
2,950
23,100
1,034
12,024
119,461
39,525
-
-
-
-
-
-
-
-
-
-
84,150
56,100
56,100
56,100
-
112,200
-
-
-
-
-
-
161,500
87,943
100,300
100,300
12,120
345,687
53,107
42,299
423,338
48,682
38,775
379,057
-
-
247,084
466,439
81,074
1,857,329
During the financial year, the Company paid a premium in respect of a contract insuring the directors of the Company, the Company
Secretary and all executive officers of the Company. The contract of insurance prohibits disclosure of the nature of the liability. As
such, the premium paid has not been allocated to individual directors.
2022
Non-Executive Directors:
Anthony Maslin
Stuart McAlpine
Elizabeth Brennan
Ronnie Duncan
Executive Directors:
Ben Cole
Other Key
Management Personnel
James Albany
Cash
salary
and fees
$
66,667
38,333
38,306
38,333
197,331
220,138
599,108
Short-term
benefits
Post-
employment
benefits
Long-term
benefits
Share-based
payments
Cash
bonus
$
Non-
monetary
$
Super-
annuation
$
Long
service
leave
$
Equity-settled
shares
$
Equity-settled
options
$
Total
$
-
-
-
-
-
-
-
-
-
-
-
-
6,667
3,833
3,833
3,833
-
-
-
-
19,673
11,723
21,954
-
-
-
-
-
-
-
145,500
218,834
97,000
139,166
97,000
97,000
139,139
139,139
59,793
11,723
630,500
1,301,124
Non-Executive Directors:
Anthony Maslin
Stuart McAlpine
Elizabeth Brennan
Ronnie Duncan
Joanne Ford
Executive Directors
Ben Cole
Other Key
Management Personnel
James Albany
Miranda Stamps
Matthew Skinner
Proportion of
remuneration
performance based
Value of share-based
payments as a proportion
of remuneration
2023
2022
2023
2022
-
-
-
-
-
-
20%
20%
-
-
-
-
-
-
-
-
-
-
52%
64%
56%
56%
-
32%
23%
23%
-
66%
70%
70%
70%
-
46%
-
-
-
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:
Ben Cole
Executive Director
Agreement Commenced:
6 July 2018 (Amended 23 August 2021)
Term of agreement:
Until terminated by either party
Details:
Name:
Title:
"Base salary $170,000 plus superannuation, to be reviewed
annually by the Board of Directors. 6 month termination by either
party. STI & LTI arrangements from time to time on terms to be
decided by the Board and approved by shareholders"
James Albany
Chief Executive Officer
Agreement Commenced:
6 July 2018 (Amended 1 July 2021)
Term of agreement:
Until terminated by either party
194,000
422,727
Details:
-
242,092
"Base salary $247,656 plus superannuation, to be reviewed annually
by the Board of Directors. 6 month termination by either party.
STI & LTI arrangements from time to time on terms to be decided by
the Board and approved by shareholders"
During the financial year, the Company paid a premium in respect of a contract insuring the directors of the Company, the Company
Secretary and all executive officers of the Company. The contract of insurance prohibits disclosure of the nature of the liability. As
such, the premium paid has not been allocated to individual directors.
Annual Report 2023 | 38
Annual Report 2023 | 39
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
Name:
Title:
Miranda Stamps
Chief Operating Officer
Agreement Commenced:
13 December 2022
Term of agreement:
Until terminated by either party
Details:
Name:
Title:
"Base salary $220,000 plus superannuation, to be reviewed
annually by the Board of Directors. 6 month termination by either
party. STI & LTI arrangements from time to time on terms to be
decided by the Board and approved by shareholders"
Matthew Skinner
Chief Financial Officer
Agreement Commenced:
7 December 2022
Term of agreement:
Until terminated by either party
Details:
"Base salary $220,000 plus superannuation, to be reviewed
annually by the Board of Directors. 6 month termination by either
party. STI & LTI arrangements from time to time on terms to be
decided by the Board and approved by shareholders"
Key management personnel have no entitlement to termination payments in the event of removal for
misconduct.
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
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 2023 are set out
below:
Value of
options
granted
during the
year
$
Value of
options
exercised
during the
year
$
Value of
options
lapsed
during the
year
$
Name
Anthony Maslin
84,150
13,059
Stuart McAlpine
Elizabeth Brennan
Ronnie Duncan
Ben Cole
James Albany
Miranda Stamps
Joanne Ford
Matthew Skinner
56,100
56,100
56,100
112,200
53,107
48,682
-
-
-
-
-
-
-
-
-
-
466,439
13,059
-
-
-
-
-
-
-
-
-
-
Share-based compensation
Additional disclosures relating to key management personnel
Name
Grant
Date
Number
Granted
Exercise
Price
Fair Value at
Grant Date
Expiry
Date
Number Vested
during the year
Anthony Maslin
29/11/22
750,000
Stuart McAlpine
29/11/22
500,000
Elizabeth Brennan
29/11/22
500,000
Ronnie Duncan
29/11/22
500,000
Ben Cole
29/11/22
1,000,000
0.457
0.457
0.457
0.457
0.457
84,150
29/11/25
750,000
56,100
29/11/25
500,000
56,100
29/11/25
500,000
56,100
29/11/25
500,000
112,200
29/11/25
1,000,000
James Albany
21/2/23
1,004,112
0.480
53,107
30/11/25
1,004,112
Miranda Stamps
21/2/23
920,430
0.480
48,682
30/11/25
920,430
5,174,542
466,439
5,174,542
Options granted carry no dividend or voting rights.
All options were granted over unissued fully paid ordinary shares in the company. The number
of options granted was determined having regard to the satisfaction of performance measures
and weightings as described above in the section 'Consolidated entity performance and link to
remuneration'. Options vest based on the provision of service over the vesting period whereby the
executive becomes beneficially entitled to the option on vesting date. Options are exercisable by the
holder as from the vesting date. There has not been any alteration to the terms or conditions of the
grant since the grant date. There are no amounts paid or payable by the recipient in relation to the
granting of such options other than on their potential exercise.
On 19 December 2022, 324,296 performance rights were issued to two of the executives at no cost
persuant to the Employee Incentive Plan. The participant can choose to exercise the rights over a two-
year period into fully paid ordinary shares on a 1:1 conversion basis. These performance rights vested
immediately.
Value of performance rights issued for the year ended 30 June 2023 are set as follows:
KMP
Value of
rights issues
Grant
Date
Expiry
Date
Spot
Price
Fair
Value
Fair
Value
James Albany
169,196
12/12/22
11/12/24
$0.265
$0.265
$42,299
Miranda Stamps
155,100
13/12/22
12/12/24
$0.250
$0.250
$38,775
$81,074
Annual Report 2023 | 40
Annual Report 2023 | 41
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
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:
Balance at
1 July 2022
Granted as
compensation
Expired
Bought
& (Sold)
Balance at
30 June 2023
2023
Ben Cole
7,621,786
Anthony Maslin
7,919,379
Stuart McAlpine
3,296,627
Elizabeth Brennan
Ronnie Duncan
Joanne Ford
James Albany
Miranda Stamps
Matthew Skinner
Option holding
31,627
31,627
-
72,034
-
-
18,973,080
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,621,786
50,000
7,969,379
-
-
-
-
-
-
3,296,627
31,627
31,627
-
72,034
-
4,000
4,000
54,000
19,027,080
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:
2023
Ben Cole
Balance at
1 July 2022
Granted as
compensation
Expired
Bought
& (Sold)
Balance at
30 June 2023
2,900,000
1,000,000
(900,000)
-
3,000,000
Anthony Maslin
2,000,000
750,000
(450,000)
(50,000)
2,250,000
Stuart McAlpine
1,000,000
500,000
Elizabeth Brennan
1,000,000
500,000
Ronnie Duncan
1,000,000
500,000
Joanne Ford
James Albany
Miranda Stamps
Matthew Skinner
-
-
623,194
1,004,112
-
-
920,430
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,500,000
1,500,000
1,500,000
-
1,627,306
920,430
-
8,523,194
5,174,542
(1,350,000)
(50,000)
12,297,736
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
Other transactions with key management personnel and their related parties
Performance Rights Holdings
2023
Ben Cole
Anthony Maslin
Stuart McAlpine
Elizabeth Brennan
Ronnie Duncan
Joanne Ford
James Albany
Miranda Stamps
Matthew Skinner
Balance at
1 July 2022
Granted as
compensation
Issued as
repayment
of loan
Bought
& (Sold)
Balance at
30 June 2023
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
169,196
155,100
-
324,296
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
169,196
155,100
-
324,296
During the financial year, the Group recognised rental income of A$9,000 during the period for
the lease of farmland to McAlpine Farms and interest expense of A$3,221 relating to the purchase
of Kulinbah East Block (refer to note 25). On 29 July 2016, the Group entered into a contract to
acquire land from Buntine Holdings Pty Ltd with a deferred consideration element. The price of the
land was A$323,879.13 and a deposit of A$50,000 paid on 29 July 2016 in the form of 1,000,000
shares at 0.05c each. A partial payment of A$150,000 was made on 13 August 2018. The remaining
consideration is to be paid in full no later than 8 years from 23 March 2016. Interest is paid at the
annual rate of the RBA base rate plus 2.5%. McAlpine Farms is co-owned by Stuart McAlpine, a former
Director of the Group. All transactions were made on normal commercial terms and conditions no more
favourable than those available to other parties unless otherwise stated.
The Group holds various agreements with a substantial shareholder, Commonland Foundation and
its subsidiary 4 Returns Landscape B.V. The total loan balance as at 30 June 2023 is A$811,863
before discounting to present value. (2021: A$811,863). Further non-refundable project related grants
amounting to A$147,000 were received and included in income.
Annual Report 2023 | 42
Annual Report 2023 | 43
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
ADDITIONAL INFORMATION
The earnings for the Group for the five years to 30 June 2023 are summarised below:
Sales revenue
11,455,564
9,259,496
4,315,310
1,446,639
305,708
Loss after income tax
(14,661,768)
(10,788,232)
(7,529,618)
(1,856,115)
(2,079,197)
2023
2022
2021
2020
2019
The factors that are considered to affect total shareholders return ('TSR') are summarised below:
Share price at financial year end ($)
2023
0.33
Basic earnings per share (Cents per share)
(10.27)
2022
0.55
(8.29)
2021
0.80
(7.51)
2020
0.40
(2.56)
2019
0.12
(2.95)
This concludes the remuneration report, which has been audited.
CORPORATE GOVERNANCE
The Consolidated Group’s corporate governance policies and practices are available on the website
http://www.wideopenagriculture.com.au
NON-AUDIT SERVICES
There were no non-audit services provided by the Group’s auditors, RSM Australia Partners, during the
year ended 30 June 2023.
AUDITOR’S INDEPENDENCE DECLARATION
The lead auditor’s independence declaration for the year ended 30 June 2023 has been received and
can be found on page 82 required under section 307C of Corporations Act 2001.
Signed for and on behalf of the board in accordance with a resolution of the directors, pursuant to
section 298(2)(a) of the Corporations Act 2001.
Mr Anthony Maslin
Non-Executive Chairman
Dated this 28 September 2023
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
Revenue
Cost of goods sold
Gross profit
Other income
Fair value movement of biological assets
Expenses
Auditor’s remuneration
Amortisation expense
Consultancy fees
Depreciation expense
Employee benefits expense
Finance costs
Selling expenses
Share-based payments
Restoration provision
Other administration expenses
Loss for the period before income tax expense
Income tax expense
Loss for the period after income tax expense
Other comprehensive income:
Total comprehensive loss for the period
Basic loss per share (cents)
Diluted loss per share (cents)
Note
2
30 Jun
2023
$
30 Jun
2022
$
11,455,564
9,259,496
(10,745,617)
(8,279,933)
709,947
979,563
2
772,067
-
514,328
(73,366)
22
9
8
17
3
21
27
27
(59,500)
(51,760)
(554,486)
(446,964)
(1,723,353)
(1,584,340)
(188,998)
(167,072)
(7,206,571)
(5,196,355)
(56,269)
(113,012)
(2,489,991)
(1,354,999)
(631,136)
(1,108,070)
47,000
(311,000)
(3,280,478)
(1,875,185)
(14,661,768)
(10,788,232)
-
-
(14,661,768)
(10,788,232)
-
-
(14,661,768)
(10,788,232)
(10.27)
(10.27)
(8.29)
(8.29)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in
conjunction with the accompanying notes.
Annual Report 2023 | 44
Annual Report 2023 | 45
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Inventory
Other current assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
Right-of-use assets
Secured loans
Other
NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Lease liabilities
Borrowings
Provisions
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Lease liabilities
Borrowings
Provisions
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Share-based payments reserves
Accumulated losses
TOTAL EQUITY
30 Jun
2023
$
30 Jun
2022
$
Note
4
5
7
6
8
9
10
5
11
12
14
13
12
14
13
16
17
18
5,871,597
19,474,506
1,119,527
1,082,996
1,952,665
3,252,484
382,907
334,241
9,326,696
24,144,227
3,809,740
2,591,643
1,871,003
2,463,318
68,182
323,446
77,449
305,194
6,072,371
5,437,604
15,399,067
29,581,831
1,812,269
517,653
112,339
1,847,157
578,419
-
684,498
538,182
3,126,759
2,963,758
1,494,561
2,018,543
587,178
81,803
562,937
54,197
2,163,542
2,635,677
5,290,301
5,599,435
10,108,766
23,982,396
44,626,557
44,384,452
4,626,547
4,080,514
(39,144,338)
(24,482,570)
10,108,766
23,982,396
30 June 2023
Balance at 1 July 2022
Loss for the period
Other comprehensive income
Total comprehensive loss for the period
Transactions with owners, in their capacity
as owners, and other transfers
Issued
Capital
$
Unlisted
Options
$
Performance
rights reserves
$
Accumulated
Losses
$
Total
Equity
$
44,384,452
4,080,514
-
-
-
-
-
-
-
550,063
(85,104)
-
-
-
-
-
-
-
(24,482,570)
23,982,396
(14,661,768)
(14,661,768)
-
-
(14,661,768)
(14,661,768)
-
-
-
-
242,105
550,063
(85,104)
81,074
Shares issued on unlisted options exercised
242,105
Options issued – Share based payments
Options exercised
Performance rights issued
-
-
-
-
81,074
Balance at 30 June 2023
44,626,557
4,545,473
81,074
(39,144,338)
10,108,766
30 June 2022
Balance at 1 July 2021
Loss for the period
Other comprehensive income
Total comprehensive loss for the period
Transactions with owners, in their capacity
as owners, and other transfers
Shares issued under capital raising
Shares issued under share purchase plan
Shares issued on unlisted options exercised
Issued
Capital
$
Unlisted
Options
$
Accumulated
Losses
$
Total
Equity
$
24,856,846
3,332,051
(14,074,138)
14,114,759
-
-
-
20,000,000
611,000
230,655
-
-
-
-
-
-
(10,788,232)
(10,788,232)
-
-
(10,788,232)
(10,788,232)
-
-
-
-
-
-
20,000,000
611,000
230,655
(1,222,200)
1,153,493
(71,655)
Capital raising costs
(1,314,049)
91,849
Options issued – Share based payments
Options exercised
Unlisted options not exercised and lapsed
-
-
-
1,153,493
(71,655)
(425,224)
379,800
(45,424)
Balance at 30 June 2022
44,384,452
4,080,514 (24,482,570)
23,982,396
The above Consolidated Statement of Changes in Equity should be read in conjunction with the
accompanying notes.
The above Consolidated Statement of Financial Position should be read in conjunction with the
accompanying notes.
Annual Report 2023 | 46
Annual Report 2023 | 47
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Cash flows from operating activities
Receipts from customers
Payments to suppliers and employees
Interest received
Grants received
Movement in term deposits
30 Jun
2023
$
30 Jun
2022
$
Note
11,135,715
8,749,450
(23,613,252)
(19,313,271)
211,042
411,875
(18,253)
63,219
438,369
(105,195)
Net cash flows (used in) operating activities
20
(11,872,873)
(10,167,428)
Cash flows from investing activities
Payments for acquisition of plant and equipment
(1,441,459)
(2,310,711)
Payments for secured loans
Proceeds from secured loans
Payments to acquire intellectual property
Net cash flows (used in) investing activities
Cash flows from financing activities
Proceeds from issue of shares (net of issues costs)
Proceeds from option entitlement
Repayment of lease liabilities
Proceeds from borrowings
Net cash flows (used in) from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Effects of exchange rate fluctuations on cash held
-
(60,208)
9,268
-
-
(50,000)
(1,432,191)
(2,420,919)
-
19,388,800
156,833
157,422
(588,256)
(463,913)
112,339
-
(319,084)
19,082,309
(13,624,148)
6,493,962
19,474,506
12,976,017
21,239
4,527
Cash and cash equivalents at the end of the period
5,871,597
19,474,506
The above Consolidated Statement of Cash Flows should be read in conjunction with the
accompanying notes.
1 .STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements cover Wide Open Agriculture Limited and its subsidiaries as a consolidated
entity (Group). Wide Open Agriculture Limited is a company limited by shares, incorporated and
domiciled in Australia.
Basis of Preparation
a.
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').
The principal accounting policies adopted are consistent with those of the previous financial year and
corresponding interim reporting period, unless otherwise stated.
The financial statements, except for the cash flow information, have been prepared on an accruals
basis and are based on historical costs, modified, where applicable, by the measurement at fair value
of selected non-current assets, financial assets and financial liabilities. The amounts presented in the
financial statements have been rounded to the nearest dollar.
New or amended Accounting Standards and Interpretations adopted
The consolidated Group entity has adopted all of the new or amended Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the
current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not
been early adopted.
Principles of consolidation
b.
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the
Company as at 30 June 2023 and the results of all subsidiaries for the year then ended. The Company
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.
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.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement
of profit or loss and other comprehensive income, statement of financial position and statement of
changes in equity of the consolidated entity. Losses incurred by the consolidated entity are attributed to
the non-controlling interest in full, even if that results in a deficit balance.
Annual Report 2023 | 48
Annual Report 2023 | 49
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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.
Going Concern
c.
The financial statements have been prepared on the going concern basis, which contemplates
continuity of normal business activities and the realisation of assets and discharge of liabilities in the
normal course of business.
As disclosed in the financial statements, the Group incurred a loss of $14,661,768 and had net cash
outflows from operating activities of $11,872,873 for the year ended 30 June 2023. As at that date the
Group had net current assets of $6,199,937 and net assets of $10,108,766.
The Directors believe that there are reasonable grounds to believe that the Group will be able to
continue as a going concern, after consideration of the following factors:
• The ability to raise further funding in the capital or debt markets
•
•
the exercise price of purchase options if the lessee is reasonably certain to exercise the options;
lease payments under extension profits, if the lessee is reasonably certain to exercise the options;
and
• payments of penalties for terminating the lease, if the lease term reflects the exercise of options
to terminate the lease.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, any
lease payments made at or before the commencement date and initial direct costs. The subsequent
measurement of the right-of-use asset is at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the lease term or useful life of the underlying asset, whichever
is the shortest.
Where a lease transfers ownership of the underlying asset or the costs of the right-of-use asset reflects
that the Group anticipates exercising a purchase option, the specific asset is depreciated over the
useful life of the underlying asset.
Foreign Currency Translation
e.
The financial statements are presented in Australian dollars, unless otherwise stated, which is the
Group’s functional and presentation currency.
• The ability to further reduce expenditure to extend length of time that current cash resources will
fund ongoing operations
Foreign currency transactions
• The ability to sell or dispose of assets to bring in additional funding
• The expected receipt of R&D tax offsets. The Group has received its R&D tax offsets claims for
the 2022 financial year in July 2023 and expects to receive the rebates for its 2023 financial
year tax offsets claims within the first half of financial year ended 30 June 2024.
Accordingly, the Directors believe that the Group will be able to continue as a going concern and that it
is appropriate to adopt the going concern basis in the preparation of the financial report.
Should the Group not achieve the matters set out above there exists a material uncertainty that may
cast significant doubt on the Group’s ability to continue as a going concern and therefore they may be
unable to realise their assets and extinguish their liabilities in the normal course of business and at the
amounts stated in the financial report. The financial report does not include any adjustment relating
to the recoverability or classification of recorded asset amounts or to the amounts or classification of
liabilities that might be necessary should the Group not be able to continue as a going concern.
Leases
d.
The Group as lessee
At inception of a contract, the Group assesses if the contract contains or is a lease. If there is a lease
present, a right-of-use asset and a corresponding liability are recognised by the Group where the Group
is a lessee. However, all contracts that are classified as short-term leases (i.e. leases with a remaining
lease term of 12 months or less) and leases of low-value assets are recognised as an operating expense
on a straight-line basis over the term of the lease.
Initially, the lease liability is measured at the present value of the lease payments still to be paid at the
commencement date. The lease payments are discounted at the interest rate implicit in the lease. If this
rate cannot be readily determined, the Group uses incremental borrowing rate.
Lease payments included in the measurement of the lease liability are as follows:
• fixed lease payments less any lease incentives;
• variable lease payments that depend on the index of the rate, initially measured using the index
or rate at the commencement date;
•
the amount expected to be payable by the lessee under residual value guarantees;
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.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment
is disposed of.
Financial Instruments
f.
Recognition, initial measurement and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the
contractual provisions of the financial instrument. Financial instruments (except for trade receivables)
are measured initially at fair value adjusted by transactions costs, except for those carried “at fair value
through profit or loss”, in which case transaction costs are expensed to profit or loss. Where available,
quoted prices in an active market are used to determine the fair value. In other circumstances, valuation
techniques are adopted. Subsequent measurement of financial assets and financial liabilities are
described below.
Trade receivables are initially measured at the transaction price if the receivables do not contain a
significant financing component in accordance with AASB 15.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset
expire, or when the financial asset and all substantial risks and rewards are transferred. A financial
liability is derecognised when it is extinguished, discharged, cancelled or expires.
Classification and subsequent measurement
Financial assets
Except for those trade receivables that do not contain a significant financing component and are
measured at the transaction price in accordance with AASB 15, all financial assets are initially measured
at fair value adjusted for transaction costs (where applicable).
Annual Report 2023 | 50
Annual Report 2023 | 51
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
For the purpose of subsequent measurement, financial assets other than those designated and
effective as hedging instruments, are classified into the following categories upon initial recognition:
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs
unless the Group designated a financial liability at fair value through profit or loss.
•
•
•
•
•
amortised cost;
fair value through other comprehensive income (FVOCI); and
fair value through profit or loss (FVPL).
Classifications are determined by both:
The contractual cash flow characteristics of the financial assets; and
The entities business model for managing the financial asset.
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not
designated as FVPL):
•
•
they are held within a business model whose objective is to hold the financial assets and collect
its contractual cash flows; and
the contractual terms of the financial assets give rise to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method.
Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash
equivalents, trade and most other receivables fall into this category of financial instruments.
Financial assets at fair value through other comprehensive income
The Group measures debt instruments at fair value through other comprehensive income (OCI) if both
of the following conditions are met:
• The contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding; and
• The financial asset is held within a business model with the objective of both holding to collect
contractual cash flows and selling the financial asset.
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and
impairment losses or reversals are recognised in the statement of profit or loss and computed in the
same manner as for financial assets measured at amortised cost. The remaining fair value changes are
recognised in OCI.
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity
instruments designated at fair value through OCI when they meet the definition of equity under AASB
132 Financial Instruments: Presentation and are not held for trading.
Financial assets at fair value through profit or loss (FVPL)
Financial assets at fair value through profit or loss include financial assets held for trading, financial
assets designated upon initial recognition at fair value through profit or loss, or financial assets
mandatorily required to be measured at fair value. Financial assets are classified as held for trading if
they are acquired for the purpose of selling or repurchasing in the near term.
Financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method except
for derivatives and financial liabilities designated at FVPL, which are carried subsequently at fair value with
gains or losses recognised in profit or loss.
All interest-related charges and, if applicable, gains and losses arising on changes in fair value are
recognised in profit or loss.
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt
instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on
whether there has been a significant increase in credit risk. For trade receivables, the Group applies the
simplified approach permitted by AASB, which requires expected lifetime losses to be recognised from initial
recognition of the receivables.
Property, Plant & Equipment
g.
Land and buildings are shown at historical cost, unless stated otherwise, less subsequent depreciation and
impairment for buildings. The cost of self-constructed assets includes the cost of materials, direct labour,
the initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site
on which they are located, and an appropriate proportion of production overheads.
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 diminishing value basis to write off the net cost of each item of property,
plant and equipment (excluding land) over their expected useful lives. Items valued at cost under $1,000 are
immediately deducted.
The depreciation rate used for each class of depreciable asset is:
Asset Class
Depreciation Rate
Plant & Equipment
30% Diminishing Value
Leasehold Improvements
10% Diminishing Value
Capital Work-in-Progress
-
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. Gains and losses between the carrying amount and the disposal
proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is
transferred directly to retained profits.
Capital expenditure on assets under construction and not yet ready for use by the Group is reflected as
a distinct item in capital works in progress until the period of completion. Upon completion, the asset is
reclassified and shown as distinct item in fixed assets.
Annual Report 2023 | 52
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WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Impairment of Assets
h.
At the end of each reporting period, the Group assesses whether there is any indication that an asset
may be impaired. The assessment will include considering external and internal sources of information,
including dividends received from subsidiaries, associates or jointly controlled entities deemed to
be out of pre-acquisition profits. If such an indication exists, an impairment test is carried out on the
asset by comparing the recoverable amount of the asset, being the higher of the asset's fair value less
costs to sell and value in use to the asset's carrying amount. Any excess of the asset's carrying amount
over its recoverable amount is recognised immediately in profit or loss unless the asset is carried at a
revalued amount in accordance with another Standard (e.g. in accordance with the revaluation model
in AASB 116). Any impairment loss of a revalued asset is treated as a revaluation decrease in accordance
with that Standard.
Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates
the recoverable amount of the cash-generating unit to which the asset belongs.
Impairment testing is performed annually for goodwill and intangible assets with indefinite lives.
Trade and Other Receivables
i.
Trade receivables are recognised initially at the transaction price (i.e. cost) and are subsequently
measured at cost less provision for impairment. Receivables expected to be collected within 12 months
of the end of the reporting period are classified as current assets. All other receivables are classified as
non-current assets.
At the end of each reporting period, the carrying amount of trade and other receivables are reviewed
to determine whether there is any objective evidence that the amounts are not recoverable. If so, an
impairment loss is recognised immediately in statement of profit or loss and other comprehensive
income.
Cash and Cash Equivalents
j.
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-
term highly liquid investments with original maturities of three months or less, and bank overdrafts.
Overdrafts are shown within short-term borrowings in current liabilities on the statement of financial
position.
Inventories
k.
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 of 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. Costs of purchased inventory are determined after deducting
rebates and discounts received or receivable.
Stock in transit is stated at the lower of cost and net realisable value. Cost comprises of purchase and
delivery costs, net of 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.
Investments
l.
An associate is an entity over which the Group has significant influence. Significant influence is the
power to participate in the financial and operating policy decisions of the entity but does not control
or have joint control of those policies. Investments in associates are accounted for in the consolidated
financial statements by applying the equity method of accounting, whereby the investment is initially
recognised at cost (including transaction costs) and adjusted thereafter for the post-acquisition change
in the Group’s share of net assets of the associate. In addition, the Group’s share of the profit or loss
and other comprehensive income is included in the consolidated financial statements.
The carrying amount of the investment includes, when applicable, goodwill relating to the associate.
Any discount on acquisition, whereby the Group’s share of the net fair value of the associate exceeds
the cost of investment, is recognised in profit or loss in the period in which the investment is acquired.
Profits and losses resulting from transactions between the Group and the associate are eliminated to
the extent of the Group’s interest in the associate.
When the Group’s share of losses in an associate equals or exceeds its interest in the associate, the
Group discontinues recognising its share of further losses unless it has incurred legal or constructive
obligations or made payments on behalf of the associate. When the associate subsequently makes
profits, the Group will resume recognising its share of those profits once its share of the profits equals
the share of the losses not recognised.
The requirements of AASB 128: Investments in Associates and Joint Ventures and AASB 9: Financial
Instruments are applied to determine whether it is necessary to recognise any impairment loss with
respect to the Group’s investment in an associate or a joint venture. When necessary, the entire
carrying amount of the investment (including goodwill) is tested for impairment in accordance with
AASB 136: Impairment of Assets as a single asset by comparing its recoverable amount (higher of value
in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised
forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised
in accordance with AASB 136 to the extent that the recoverable amount of the investment subsequently
increases.
Revenue and Other Income
m.
Revenue arises mainly from sale of fresh produce, grants, and rentals over the farm property. To
determine whether to recognise revenue, the Group follows a 5-step process:
Identifying the contract with a customer
Identifying the performance obligations
i.
ii.
iii. Determining the transaction price
iv. Allocating the transaction price to the performance obligations
v. Recognising revenue when/as performance obligation(s) are satisfied.
The revenue excludes any amounts collected on behalf of third parties (GST).
i. Sale of goods
Revenue is recognised when control of the asset is transferred to the customer, generally, on delivery of
the goods.
ii. Interest revenue is recognised when received.
All revenue is stated net of the amount of goods and services tax (GST).
iii. Grant revenue
Grants are recognised at their fair value where there is a reasonable assurance that the grant will
be received, and the Company will comply with all attached conditions. Grants relating to costs are
deferred and recognised in the profit or loss over the period necessary to match them with the costs
that they are intended to compensate. Grants relating to the purchase of property, plant and equipment
are included in non-current liabilities as deferred income and are credited to profit or loss on a straight-
line basis over the expected lives of the related assets.
The cash flow boost is an incentive provided by the Commonwealth Government to eligible employers
to provide economic support during the COVID-19 pandemic and is accounted for on a cash receipts
basis.
iv. Other Revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
Annual Report 2023 | 54
Annual Report 2023 | 55
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Trade and Other Payables
n.
Trade and other payables represent the liabilities at the end of the reporting period for goods and
services received by the Group that remain unpaid.
Trade payables are recognised at their transaction price. Trade payables are obligations on the basis of
normal credit terms.
Borrowings
o.
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. No borrowing costs were recognised by the Group during the year.
Provisions
p.
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.
q.
Employee Provisions
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave
expected to be settled wholly within 12 months of the reporting date are measured at the amounts
expected to be paid when the liabilities are settled.
Other long-term employee benefits
The liability for long service leave not expected to be settled within 12 months of the reporting date is
measured at 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 corporate
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.
Goods and Services Tax (GST)
r.
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of
GST incurred is not recoverable from the Australian Tax Office (ATO).
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 ATO is included with other receivables or payables
in the statement of financial position.
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 ATO are presented as operating cash
flows included in receipts from customers or payments to suppliers.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable
to, the tax authority.
Income Tax
s.
The income tax expense for the period is the tax payable on the current period's taxable income based
on the income tax rate applicable in Australia adjusted by changes in deferred tax assets and liabilities
attributable to temporary differences between the tax bases of assets and liabilities and their carrying
amounts in the financial statements, and to unused tax losses.
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 which are enacted
or substantively enacted in Australia. The relevant tax rates are applied to the cumulative amounts of
deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception
is made for certain temporary differences arising from the initial recognition of an asset or a liability. No
deferred tax asset or liability is recognised in relation to these temporary differences if they arose on
goodwill or in a transaction, other than a business combination, that at the time of the transaction did not
affect either accounting profit or taxable profit or loss.
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 deferred income tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the
deferred income tax asset to be utilised.
Unrecognised deferred income tax assets are reassessed at each balance date and are recognised to
the extent that it has become probable that future taxable profit will allow the deferred tax asset to be
recovered.
Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised
directly in equity.
Comparative Figures
t.
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial period.
Segment Reporting
u.
The Group operates in the agriculture industry in Australia. For management purposes, the Group is
organised into one main operating segment which involves sales and marketing of fresh produce in
Australia. All of the Group’s activities are interrelated and discrete financial information is reported to the
Board (Chief Operating Decision Maker) as a single segment. Accordingly, all significant operating decisions
are based upon analysis of the Group as one segment. The financial results from this segment are equivalent
to the financial statements of the Group as a whole.
Share Based Payments
v.
The Group makes payments to selected suppliers in the form of equity settled share-based payments,
where shares are issued in exchange for goods or services, the amounts of which are determined by
reference to the value of the underlying goods or services exchanged.
Share based payments to employees and directors are valued using the Black Scholes or Hoadley EOS 2
options pricing valuation model and expensed over the vesting period.
Financial Risk Management
w.
The Group’s activities expose it to a variety of financial risks; market risk, credit risk, liquidity risk and cash
flow interest risk. The Group’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 Group.
(i) Market risk
Currently the Group is not exposed to any significant market risk.
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WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
(ii) Credit risk
The Group currently has no significant concentrations of credit risk.
(iii) Liquidity risk
The Group manages its liquidity risk by monitoring its cash reserves and forecast spending.
Management is cognisant of the future demands for liquid finance resources to finance the Group’s
current and future operations.
(iv) Cash flow interest risk
The Group is not exposed to any significant interest risk. The shareholders loan is interest free with no
fixed term of repayment.
(v) Foreign currency risk
The Group 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.
Critical Accounting Estimates and Judgements
x.
Estimates and judgements are continually evaluated and are based on historical experience and other
factors, including expectations of future events that may have a financial impact on the Group and that
are believed to be reasonable under the circumstances.
(i) Accounting for share based payments
The Group’s accounting policy is stated in note 1 (v). The values of these share-based payments are
based on the market values of the goods or services acquired by the share-based payments.
(ii) Impairment
An impairment loss is recognised for the amount by which the assets’ or cash-generating unit’s carrying
amount exceeds its recoverable amount. To determine the recoverable amount, management estimates
expected future cash flows from each cash-generating unit and determines a suitable interest rate in
order to calculate the present value of those cash flows. In the process of measuring expected future
cash flows management makes assumptions about future operating results. These assumptions relate to
future events and circumstances. The actual results may vary and may cause significant adjustments to
the Company’s assets within the next financial year.
Determining the applicable discount rate also involves estimating the appropriate adjustment to market
risk and the appropriate adjustment to asset-specific risk factors.
(iii) Useful lives of depreciable assets
Management reviews the useful lives of depreciable assets at each reporting date, based on the
expected utility of the assets to the Company.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Issued Capital
y.
Ordinary shares are classified as equity. Issued and paid-up capital is recognised at the fair value of the
consideration received by the Group.
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.
z.
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Wide Open
Agriculture 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.
aa.
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 interests. 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 at each reporting date and transfers between levels are determined based on a reassessment
of the lowest level of 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.
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WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
bb.
Current and non-current classification
2. REVENUE AND OTHER INCOME
Assets and liabilities are presented in the statement of financial position based on current and non-
current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or
consumed in the consolidated entity's 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 classified as current when: it is either expected to be settled in the consolidated entity's
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.
Revenue from contracts with customers
Sale of goods
Other Income
Rent received1
Grants & incentives2
Interest income
Other income
Total other income
Total
2023
$
2022
$
11,455,564
9,259,496
17,000
455,094
164,426
135,547
772,067
9,000
438,369
55,719
11,240
514,328
12,227,631
9,773,824
1 Rent received is from McAlpine Farms which is co-owned by Stuart McAlpine.
2 Grants and incentives received relate to Commonland grant funding received for carrying out 4 Returns work and
to fund investments in Farmfolk Services Pty Ltd. Also included is an R&D government grant.
Disaggregation of revenue
The disaggregation of revenue from contracts with customers is as follows:
Channel
Retail
Online
Foodservice & Wholesale
Geographical regions
Australia
Singapore
Hong Kong
Taiwan
Timing of revenue recognition
Goods transferred at a point in time
2023
$
2022
$
1,992,592
1,507,399
4,073,476
3,065,860
5,389,496
4,686,237
11,455,564
9,259,496
11,244,615
8,777,308
56,557
61,234
93,158
391,646
90,542
-
11,455,564
9,259,496
11,455,564
9,259,496
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WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
3. OTHER ADMINISTRATION EXPENSES
5. TRADE AND OTHER RECEIVABLES
Foreign currency gains and losses
General expenses
Insurance expenses
Legal expenses
Vehicle expenses
Office expenses
Production development and marketing
Regulatory costs
Rent expenses
Subscriptions
Warehousing & supplies
Staffing expenses
Travel expenses
4. CASH AND CASH EQUIVALENTS
Cash at bank
2023
$
(11,086)
428,529
159,688
275,909
383,729
193,617
689,909
121,592
109,995
124,789
499,001
131,033
173,773
2022
$
10,504
242,609
124,265
116,800
183,258
134,752
196,033
191,441
51,831
235,644
248,966
111,001
28,081
Current
Accounts receivable
Provision for doubtful debts
GST receivable
Accrued revenue
Bonds & deposits
Non-Current
Lease term deposits
Deposits (refer to note 23)
3,280,478
1,875,185
Movement in the allowance for expected credit losses are as follows:
2023
$
2022
$
5,871,597
19,474,506
5,871,597
19,474,506
Opening balance
Additional provision recognised
Closing balance
6. OTHER CURRENT ASSETS
Current
Workers compensation
Insurances
Rent
Other
7. INVENTORY
Current
Finished goods
Raw materials
2023
$
2022
$
1,268,701
(328,680)
940,021
95,863
1,103
82,540
861,649
(68,387)
793,262
217,763
3,831
68,140
1,119,527
1,082,996
123,446
105,194
200,000
200,000
323,446
305,194
68,387
260,293
328,680
9,374
59,013
68,387
2023
$
2022
$
19,868
133,985
58,089
170,965
17,840
133,191
36,939
146,271
382,907
334,241
2023
$
2022
$
1,206,778
2,489,965
745,887
762,519
1,952,665
3,252,484
Annual Report 2023 | 62
Annual Report 2023 | 63
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
8. PROPERTY, PLANT & EQUIPMENT
9. RIGHT-OF-USE ASSETS (CONT.)
2023
Net book value
Plant and
equipment
$
Leasehold
Improvements
$
Capital works
in progress
$
Total
$
At beginning of the year
487,599
569,808
1,534,236
2,591,643
Additions
Transfers
89,269
56,540
33,235
1,284,591
1,407,095
-
(56,540)
-
Depreciation for the year
(129,809)
(59,189)
-
(188,998)
At 30 June 2023
503,599
543,854
2,762,287
3,809,740
2022
Net book value
Plant and
equipment
$
Leasehold
Improvements
$
Capital works
in progress
$
Total
$
At beginning of the year
269,308
159,001
19,695
448,004
Additions
Transfers
341,722
434,753
1,534,236
2,310,711
-
19,695
(19,695)
-
Depreciation for the year
(123,431)
(43,641)
-
(167,072)
At 30 June 2022
487,599
569,808
1,534,236
2,591,643
9. RIGHT-OF-USE ASSETS
Non-current
Land and buildings – right-of-use
Less: Accumulated amortisation
Plant and equipment – right-of-use
Less: Accumulated amortisation
2023
$
2022
$
2,456,706
2,456,706
(775,105)
(326,678)
1,681,601
2,130,028
494,190
564,620
(304,788)
(231,330)
189,402
333,290
1,871,003
2,463,318
Amortisation expenses charged to the profit and loss for the year amount to $554,486 (2022: $446,964).
Land and
Buildings
Plant and
Equipment
Total
2023
At beginning of the year
2,130,028
333,290
2,463,318
Additions
Disposals
-
-
-
-
(37,829)
(37,829)
Depreciation for the year
(448,427)
(106,059)
(554,486)
At 30 June 2023
2022
At beginning of the year
Additions
Disposals
Depreciation for the year
At 30 June 2022
10. SECURED LOAN
Non-current
Secured loan
1,681,601
189,402
1,871,003
1,233,782
1,169,281
319,494
1,553,276
187,725
1,357,006
-
-
-
(273,035)
(173,929)
(446,964)
2,130,028
333,290
2,463,318
2023
$
2022
$
68,182
77,449
In the previous financial year, the Group lent two key suppliers $25,000 and $50,000 to fund the
purchase of equipment which increased supply of products available for sale under the Dirty Clean
Food brand. Of which, $9,267 has been repaid (2022: none)
Loans have a maximum repayment term of 2.5 years and 5 years respectively. Loan are secured by
motor vehicle and processing facility.
Annual Report 2023 | 64
Annual Report 2023 | 65
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
11. TRADE AND OTHER PAYABLES
12. LEASE LIABILITIES (CONT.)
The expense relating to payments not included in the measurement of a lease liability is as follows:
Current
Trade creditors
Accruals
Employee liabilities
Other
12. LEASE LIABILITIES
2023
$
2022
$
1,176,804
1,091,267
65,229
242,319
448,992
425,186
121,244
88,385
1,812,269
1,847,157
The Group has leases for the two main warehouses and related facilities, deliver trucks and forklifts for
distribution of goods and services.
2023
$
2022
$
517,653
578,419
1,494,561
2,018,543
Current
Lease liabilities
Non-Current
Lease liabilities
30 June 2023
Lease payments
597,625
600,940
567,742
417,706
Finance charges
(79,972)
(54,541)
(30,039)
(7,247)
Net present value
517,653
546,399
537,703
410,459
-
-
-
30 June 2022
Lease payments
685,322
603,888
600,940
567,742
417,706
Finance charges
(106,903)
(79,906)
(54,541)
(30,039)
(7,247)
Net present value
578,419
523,982
546,399
537,703
410,459
-
-
-
-
-
-
2,184,013
(171,799)
2,012,214
2,875,598
(278,636)
2,596,962
The Group has elected not to recognise a lease liability for short term leases (leases with an expected
term of 12 months or less) or for leases of low value assets. Payments made under such leases are
expensed on a straight-line basis. In addition, certain variable lease payments are not permitted to be
recognised as lease liabilities and are expensed as incurred.
Short-term leases
Variable lease payments
13. PROVISIONS
Current
Annual leave
Restoration provision
Non-Current
Long service leave
Total
Current
NAB Trade re-finance facility
Non-Current
Shareholder loan – Gross liability
Less: Notional interest
2023
$
15,301
8,072
2022
$
17,156
3,587
23,373
20,743
2023
$
2022
$
420,498
227,182
264,000
311,000
684,498
538,182
81,803
81,803
54,197
54,197
2023
$
2022
$
112,339
-
811,863
811,863
(224,685)
(248,926)
587,178
562,937
During the year WOA secured a financing agreement with National Australia Bank (ASX: NAB, ""NAB"")
to support the Company's growth objectives to manufacture plant-based beverages in Australia.
Minimum lease payments due
Within one
year
1 to 2
years
2 to 3
years
3 to 4
years
4 to 5
years
After 5
years
Total
14. BORROWINGS AND OTHER FINANCIAL LIABILITIES
Annual Report 2023 | 66
Annual Report 2023 | 67
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
14. BORROWINGS AND OTHER FINANCIAL LIABILITIES (CONT.)
15. FAIR VALUE MEASUREMENT (CONT.)
The agreement includes access to debt financing for up to AUD $12 million. Financing consists of:
There were no transfers between levels during the financial year.
Facility
Corporate markets loan
Overseas bills
Trade re-finance
Invoice finance
Total
Terms
Facility size
Interest rate
Term
Use of funds
Total facility
available
8,000,000
1,500,000
1,000,000
1,500,000
Amount drawn
down to
30 June 2023
Amount
available
30 June 2023
-
-
8,000,000
1,500,000
112,339
887,661
-
1,500,000
12,000,000
112,339
11,887,661
Description
8,000,000
1,500,000
1,000,000
1,500,000
Floating rate
+ 3.25%
3 years
Construction of
domestic oat
milk factory
Floating rate
+ 2.7%
1 year*
Overseas
debtor
financing
Floating rate
+ 2.7%
1 year*
Domestic
inventory
purchasing
8.24%
1 year*
Domestic
debtor
financing
*Renewable at NABs discretion
15. FAIR VALUE MEASUREMENT
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 that the entity can access at the measurement date
Level 3: Unobservable inputs for the asset or liability
Valuation techniques for fair value measurements categorised within level 2 and level 3
The shareholder loan has been valued based on a discounted cashflow model. The shareholder loan
is an interest-free loan, therefore has been revalued based the net present value of expected future
discounted cashflows. The discount rate used at 30 June 2023 and 30 June 2022 is 4.5%, which is
based on the interest rate the Group would be able to obtain should the funds have been borrowed
commercially.
16. ISSUED CAPITAL
Ordinary shares
Capital raising costs
(a) Movement in Ordinary Share Capital
2023
$
2022
$
2023
Shares
2022
Shares
47,303,293
47,061,188
143,281,773
142,251,773
(2,676,736)
(2,676,736)
-
-
44,626,557
44,384,452
143,281,773
142,251,773
Balance at 1 July 2022
142,251,773
-
44,384,452
No. of
shares
Issue Price
$
Total
$
Options Exercised
Options Exercised
Options Exercised
Options Exercised
280,000
200,000
50,000
500,000
0.15
0.15
0.20
0.15
65,442
46,745
13,059
116,859
Balance at 30 June 2023
143,281,773
-
44,626,557
Annual Report 2023 | 68
Annual Report 2023 | 69
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
16. ISSUED CAPITAL (CONT.)
17. SHARE-BASED PAYMENT RESERVES (CONT.)
Balance at 1 July 2021
113,910,514
24,856,846
No. of
shares
Issue Price
$
Total
$
Options exercised
Options exercised
Shares issued
Options exercised
Shares issued
Options exercised
Options exercised
Less: Transaction costs
Balance at 30 June 2022
Ordinary shares
250,000
0.15
58,430
300,000
0.15
70,116
26,666,667
0.75
20,000,000
200,000
0.30
76,400
814,592
0.75
611,000
50,000
0.15
60,000
0.15
11,686
14,023
-
-
(1,314,049)
142,251,773
44,384,452
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.
17. SHARE-BASED PAYMENT RESERVES
Unlisted options (a)
Performance rights reserve (b)
(a) Unlisted Options Reserve
Balance at beginning of year
Options issued
Options issued to lead managers
Options exercised transferred to issued capital
Options lapsed transferred to accumulated losses
Options unvested upon cease of employment
Balance at end of year
2023
$
2022
$
4,545,473
4,080,514
81,074
-
4,626,547
4,080,514
4,080,514
3,332,051
550,063
1,153,493
-
91,849
(85,104)
(71,655)
-
-
(379,800)
(45,424)
4,545,473
4,080,514
On 29 November 2022, 375,000 unlisted options were issued as part of the employee incentive scheme
for nil consideration. The options have an exercise price of $0.457 and an expiry date of 29 November 2025.
These options vested immediately.
On 29 November 2022, 3,250,000 unlisted options were issued to Directors for nil consideration. The options
have an exercise price of $0.457 and an expiry date of 29 November 2025. These options vested immediately.
On 21 February 2023, 1,924,542 unlisted options were issued to James Albany and Miranda Stamps. The options
have an exercise price of $0.48 and an expiry date of 30 November 2025. These options vested immediately.
Options issued in the form of share-based payments are valued using the Black-Scholes valuation model.
For options granted during the current financial period, the valuation model inputs used to determine the fair
value at the grant date, are as follows:
Number of
options issued
Grant
Date
Expiry
Date
Spot
Price
Exercise
Price Volatility
Risk-free
interest rate
Dividend
Yield
Fair
Value
3,250,000
29/11/22
29/11/25
$0.315
$0.457
1,924,542
375,000
5,549,542
21/2/23
30/11/25
$0.210 $0.480
29/11/22
29/11/25
$0.315
$0.457
70%
76%
70%
3.24%
3.40%
3.24%
0%
$0.11
0% $0.05
0%
$0.11
The fair value of the 5,549,542 options granted during the year was $508,514, of which $508,514 was
expensed during the year.
The value of unlisted options expensed during the year may be broken down as follows:
Share-based payments expense
Capital raising costs
2023
$
2022
$
550,063
1,108,070
-
-
550,063
1,108,070
Set out below is the movements in options exercisable at the end of the financial year:
Balance at
the start of
the year
Granted
Exercised
Expired/other
Balance at
the end of
the year
Unlisted Options
17,784,818
5,549,542
(1,030,000)
(2,610,000)
19,694,360
(b) Performance Rights Reserve
Balance at beginning of year
Performance rights issued to executives as incentive
Balance at end of year
2023
$
2022
$
-
81,074
81,074
-
-
-
Annual Report 2023 | 70
Annual Report 2023 | 71
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
17. SHARE-BASED PAYMENT RESERVES (CONT.)
19. FINANCIAL RISK MANAGEMENT (CONT.)
On 19 December 2022, 324,296 performance rights were issued to two of the executives at no cost
persuant to the Employee Incentive Plan. The participant can choose to exercise the rights over a two-
year period into fully paid ordinary shares on a 1:1 conversion basis. These performance rights vested
immediately.
Number of rights
issued
169,196
155,100
Grant
date
12/12/22
13/12/22
Balance at
the start of
the year
Expiry
date
11/12/24
12/12/24
Spot
Price
$0.265
$0.250
Granted
Exercised
Expired/other
Performance Rights
-
-
324,296
324,296
-
-
-
-
Fair
value
$0.265
$0.250
Balance at
the end of
the year
324,296
324,296
18. ACCUMULATED LOSSES
Accumulated losses at the beginning of the financial year
(24,482,570)
(14,074,138)
Net loss attributable to members of the Group
(14,661,768)
(10,788,232)
Options lapsed transferred to accumulated losses
-
379,800
2023
$
2022
$
The totals for each category of financial instruments, measured in accordance with AASB 9 Financial Instruments as
detailed in the accounting policies to these financial statements are as follows:
Financial Instruments
FINANCIAL ASSETS
Cash and cash equivalents
Trade and other receivables*
Bonds and deposits
TOTAL FINANCIAL ASSETS
FINANCIAL LIABILITIES
Trade and other payables
Lease liabilities
Borrowings and other financial liabilities
TOTAL FINANCIAL LIABILITIES
* Amount excludes GST.
Note
2023
$
2022
$
4
5
5
11
12
14
5,871,597
19,474,506
941,124
82,540
797,093
373,334
6,895,261
20,644,933
1,812,269
1,847,157
2,012,214
2,596,962
699,517
562,937
4,524,000
5,007,056
The fair value of the above financial instruments approximates their carrying values.
Financial Risk Management Policies
The director's overall risk management strategy seeks to assist the Group in meeting its financial targets, whilst
minimising potential adverse effects on financial performance.
Risk management policies are approved and reviewed by the Board of Directors on a regular basis. These included
the credit risk policies and future cash flow requirements.
Accumulated losses at the end of the financial year
(39,144,338)
(24,482,570)
The main purpose of non-derivative financial instruments is to raise finance for Group operations.
19. FINANCIAL RISK MANAGEMENT
Capital management
The Group’s objective when managing capital is to safeguard its ability to continue as a going concern so
that it can continue to provide returns for shareholders and benefits to other stakeholders and to maintain
an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure,
the Group may adjust the amount of dividends paid, return capital to shareholders, issue new shares or sell
assets to reduce debt. Given the nature of the business, the Group monitors capital on the basis of current
business operations and cash flow requirements. There were no changes in the Group’s approach to capital
management during the year.
The Group's financial instruments consist mainly of deposits with banks, accounts receivable and payable
and borrowings.
The Group does not have any derivative instruments at 30 June 2023.
Financial risk management objectives
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments.
This note describes the Group’s objectives, policies and processes for managing those risks and the methods used
to measure them. Further quantitative information in respect of those risks is presented throughout these financial
statements.
There have been no substantive changes in the Group’s exposure to financial instrument risks, its objectives,
policies and processes for managing those risks or the methods used to measure them from previous periods
unless otherwise stated in this note.
Annual Report 2023 | 72
Annual Report 2023 | 73
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
19. FINANCIAL RISK MANAGEMENT (CONT.)
19. FINANCIAL RISK MANAGEMENT (CONT.)
The board has overall responsibility for the determination of the Group’s risk management objectives and policies
and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating
processes that ensure the effective implementation of the objectives and policies to the Group’s finance function.
The Group’s risk management policies and objectives are therefore designed to minimise the potential impacts of
these risks on the Group where such impacts may be material. The board receives monthly financial reports through
which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and
policies it sets. The overall objective of the board is to set policies that seek to reduce risk as far as possible without
unduly affecting the Group’s competitiveness and flexibility.
a. Market risk
Market risk for the Group arises from the use of interest-bearing financial instruments. It is the risk that
the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest
rate. (see b. below)
b.
Interest rate risk management
Interest rate risk arises on cash and cash equivalents and receivables from related parties. The Group
does not enter into any derivative instruments to mitigate this risk. As this is not considered a significant
risk for the Group, no policies are in place to formally mitigate this risk.
Interest rate sensitivity analysis
The sensitivity analyses below have been determined based on the exposure to interest rates for both
derivatives and non-derivative instruments at the end on the reporting period.
If interest rates had been 100 basis points higher/lower and all other variables were held constant, the
Group’s loss for the year ended 30 June 2023 would decrease/increase by $78,914.
c.
Foreign currency risk management
The Group undertakes transactions denominated in foreign currencies; consequently, exposures to
exchange rate fluctuations arise. In the previously reported year, the Company has no cash
denominated in other foreign currencies. Exchange rate exposures are managed within approved policy
parameters utilising forward foreign exchange contracts. As at 30 June 2023, the Group has not
entered in any forward foreign exchange contracts.
d. Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the Group. The Group has adopted a policy of dealing with creditworthy counterparties
and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss
from defaults.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings
assigned by international credit-rating agencies.
e.
Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the board of directors, which has
established an appropriate liquidity risk management framework for the management of the Group’s
short-, medium- and long-term funding and liquidity management requirements. The Group manages
liquidity by maintaining adequate banking facilities, by continuously monitoring forecast and actual cash
flows, and by matching the maturity profiles of financial assets and liabilities.
Contractual cash flow
Weighted
average
effective
interest
rate
Within 1
year
$
1 to 2
years
$
2 to 3
years
$
3 to 4
years
$
4 to 5
years
$
After 5
years
$
Total
2023
Trade and other
payables
-
1,812,269
-
-
-
Lease liabilities
7.33%
517,653
546,398
537,703
410,460
Borrowings
4.5%
112,339
-
-
-
2,442,261
546,398
537,703
410,460
-
-
-
-
-
-
1,812,269
2,012,214
587,178
699,517
587,178 4,524,000
Contractual cash flow
Weighted
average
effective
interest
rate
Within 1
year
$
1 to 2
years
$
2 to 3
years
$
3 to 4
years
$
4 to 5
years
$
After 5
years
$
Total
2022
Trade and other
payables
-
1,847,157
-
-
-
-
Lease liabilities
7.33%
578,419
523,982
546,399
537,703
410,459
-
-
1,847,157
2,596,962
Borrowings
4.5%
-
-
-
-
-
562,937
562,937
2,425,576
523,982
546,399
537,703
410,459
562,937
5,007,056
Annual Report 2023 | 74
Annual Report 2023 | 75
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
20. RECONCILIATION OF LOSS AFTER TAX TO NET CASH
OUTFLOW FROM OPERATING ACTIVITIES
(Loss) after income tax
Amortisation expense
Depreciation
Interest on lease payments
Non-cash interest costs
Share-based payments
Provision for restoration
Unrealised currency (gain)
Changes in assets and liabilities
(Increase) in operating receivables
Decrease/(Increase) in inventory
Decrease in biological assets
(Decrease)/Increase in operating payables
Increase in provisions
2023
$
2022
$
(14,661,768)
(10,788,232)
554,486
446,964
188,998
167,072
104,656
96,309
24,241
24,241
631,136
1,108,070
-
311,000
(21,239)
(4,526)
(85,196)
(782,637)
1,252,780
(2,077,634)
-
402,662
(34,889)
765,047
173,922
164,236
Net cash (outflows) from operating activities
(11,872,873)
(10,167,428)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
21. INCOME TAX EXPENSE
Reconciliation between tax expense and pre-tax loss:
Accounting (Loss) before income tax
(14,661,768)
(10,788,232)
Tax at the domestic income tax rate of 25% (2022: 25%)
(3,665,442)
(2,697,058)
2023
$
2022
$
Temporary differences
Permanent differences
Adjustments for prior periods
Income tax benefit not recognised
Recoupment of Prior period tax losses
Income tax expenses/(benefit)
Unrecognised temporary differences
147,254
119,154
243,289
284,567
-
-
3,274,899
2,293,337
-
-
-
-
Unused tax losses for which no deferred tax asset recognised
36,487,400
22,111,058
Temporary difference
Adjustment recognised for prior periods
Total
Potential benefit at 25% (2022: 25%)
22. REMUNERATION OF AUDITORS
575,330
2,673,105
(1,164,348)
(3,149,722)
35,898,382
21,634,441
8,974,596
5,408,610
2023
$
2022
$
Audit Services
RSM Australia Partners – Audit and review of financial reports
59,500
51,760
Annual Report 2023 | 76
Annual Report 2023 | 77
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
23. COMMITMENTS FOR EXPENDITURE AND CONTINGENCIES
On 29 July 2016, the Group entered into a contract to acquire land from Buntine Holdings Pty Ltd with
a deferred consideration element. The details are:
• Price of the land was $323,879.
• Deposit of $50,000 paid on 29 July 2016 in the form of 1,000,000 shares at 0.05c each
• Partial payment of $150,000 was made on 13 August 2018.
• Remaining consideration to be paid in full no later than 8 years from 23 March 2016.
•
Interest to be paid on this outstanding amount at the annual rate of the RBA base rate plus 2.5%.
This has been treated as operational expense as Right of access and use.
• The land has not been accounted for as fixed assets.
On 20 November 2020, the Group exercised its option pursuant to the Option and Licence Agreement
to acquire exclusive commercial licence for the proprietary modified lupin protein technology
developed and patented by Curtin University. Details of the royalties payable to Curtin University under
the agreement are as follows:
• Royalties payable by the Group to Curtin University on the basis of:
a
b
Production – a royalty of $120 per tonne of lupin protein isolate produced or
manufactured by the Group;
High sale value – a royalty of 12.5% of net sales revenue in excess of
$6,000 per tonne of royalty sales product; and
c
Sub-licence revenues – a royalty of 12.5% of revenue derived by sub-licences.
Minimum annual royalty payable by the Group to Curtin University as noted below:
• Commencing on year 3 after the commencement date of the licence of $25,000;
• Commencing on year 4 after the commencement date of the licence of $35,000;
• Commencing on year 5 after the commencement date of the licence of $50,000 per year
averaged over a 3 year periods; and
• Commencing on year 8 after the commencement date of the licence of $75,000 per year until
the end of the term and averaged over 3 year periods.
Not longer than one year
Longer than one year, but not longer than five years
Longer than five years
2023
$
2022
$
25,000
61,779
185,000
333,879
600,000
600,000
810,000
995,658
Commitments for expenditure for the financial year within one year represent payment for office lease
costs and equipment purchase commitments in relation to the Lupin Pilot Plant.
Commitments for expenditure for the financial year longer than one year, but not longer than five years
represent deferred consideration of purchase of Kulinbah East Block from Buntine Holdings Pty Ltd, and
payment of the minimum annual royalties to Curtin University of $150,000.
23. COMMITMENTS FOR EXPENDITURE AND CONTINGENCIES (CONT.)
Commitments for expenditure for the financial year over five years represent payment of minimum annual
royalties to Curtin University of $600,000.
Other than the interests disclosed above there were no further commitments as at 30 June 2023.
24. KEY MANAGEMENT PERSONNEL REMUNERATION
Short-term employee benefits
Post-employment benefits
Long-term benefits
Share-based payments
2023
$
2022
$
1,150,831
599,108
119,459
39,524
59,793
11,723
547,513
630,500
1,857,327
1,301,124
25. RELATED PARTY TRANSACTIONS
Transactions between related parties are on normal commercial terms and conditions no more favourable
than those available to other parties unless otherwise stated.
On 29 July 2016, the Group entered into a contract to acquire land from Buntine Holdings Pty Ltd with a
deferred consideration element. Refer to note 23 for further details. Balance for potential purchase of land at
30 June 2023 is $123,879. The land is co-owned by Stuart McAlpine, a former Director of the Group.
The Group recognised rental income of $9,000 (2022: $9,000) during the period for the lease of farmland
to McAlpine Farms and interest expense of $3,221 relating to the purchase of Kulinbah East Block. Rental
income of $13,500 and interest payable of $4,831 outstanding at 30 June 2023. McAlpine Farms is co-
owned by Stuart McAlpine, a former Director of the Group.
During 2022 the Company renegotiated a loan agreement with Commonland, replacing the previous facility
which was due within five years. The new loan is for $811,863 with the first instalment payable on 9 February
2026 and no interest is payable. Commonland are a substantial shareholder of the Group.
Non-refundable grant amounts were received from Commonland Foundation of $50,000, $49,000 and
$48,000 and included in other income under grants received. Commonland are a substantial shareholder
of the Group.
Annual Report 2023 | 78
Annual Report 2023 | 79
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
26. EQUITY INSTRUMENTS DISCLOSURE – KEY MANAGEMENT PERSONNEL
The Number of shares held by Directors and Key Management Personnel of the Group during the
year ended 30 June 2023, including their personally related parties, is set out below:
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:
Anthony Maslin
7,919,379
Stuart McAlpine
3,296,627
Balance at
1 July 2022
Granted as
compensation
Expired
Bought
& (Sold)
Balance at
30 June 2023
7,621,786
31,627
31,627
-
72,034
-
-
18,973,080
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,621,786
50,000
7,969,379
-
-
-
-
-
-
3,296,627
31,627
31,627
-
72,034
-
4,000
4,000
54,000
19,027,080
2023
Ben Cole
Elizabeth Brennan
Ronnie Duncan
Joanne Ford
James Albany
Miranda Stamps
Matthew Skinner
2022
Ben Cole
Balance at
1 July 2021
Granted as
compensation
Expired
Bought
& (Sold)
Balance at
30 June 2022
7,621,786
Anthony Maslin
7,879,379
Stuart McAlpine
3,296,627
Elizabeth Brennan
Ronnie Duncan
Joanne Ford
James Albany
Miranda Stamps
Matthew Skinner
31,627
31,627
-
72,034
-
-
18,933,080
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,621,786
40,000
7,919,379
-
-
-
-
-
-
-
3,296,627
31,627
31,627
-
72,034
-
-
40,000
18,973,080
26. EQUITY INSTRUMENTS DISCLOSURE – KEY MANAGEMENT PERSONNEL (CONT.)
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:
2023
Ben Cole
Balance at
1 July 2022
Granted as
compensation
Expired
Bought
& (Sold)
Balance at
30 June 2023
2,900,000
1,000,000
(900,000)
-
3,000,000
Anthony Maslin
2,000,000
750,000
(450,000)
(50,000)
2,250,000
Stuart McAlpine
1,000,000
500,000
Elizabeth Brennan
1,000,000
500,000
Ronnie Duncan
1,000,000
500,000
Joanne Ford
James Albany
Miranda Stamps
Matthew Skinner
-
-
623,194
1,004,112
-
-
920,430
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,500,000
1,500,000
1,500,000
-
1,627,306
920,430
-
8,523,194
5,174,542
(1,350,000)
(50,000)
12,297,736
Balance at
1 July 2021
Granted as
compensation
Expired
Bought
& (Sold)
Balance at
30 June 2022
2022
Ben Cole
1,900,000
1,000,000
Anthony Maslin
1,250,000
750,000
Stuart McAlpine
500,000
500,000
Elizabeth Brennan
500,000
500,000
Ronnie Duncan
500,000
500,000
Joanne Ford
James Albany
Miranda Stamps
Matthew Skinner
-
873,194
-
-
-
-
-
-
5,523,194
3,250,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,900,000
2,000,000
1,000,000
1,000,000
1,000,000
-
(250,000)
623,194
-
-
-
-
(250,000)
8,523,194
Annual Report 2023 | 80
Annual Report 2023 | 81
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
27. BASIC AND DILUTED (LOSS) PER SHARE
29. PARENT ENTITY DISCLOSURES
Other transactions with key management personnel and their related parties
Performance Rights Holdings
2023
Ben Cole
Anthony Maslin
Stuart McAlpine
Elizabeth Brennan
Ronnie Duncan
Joanne Ford
James Albany
Miranda Stamps
Matthew Skinner
Basic loss per share (cents)
Diluted loss per share (cents)
Balance at
1 July 2022
Granted as
compensation
Expired
Bought
& (Sold)
Balance at
30 June 2023
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
169,196
155,100
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2023
$
(10.27)
(10.27)
-
-
-
-
-
-
169,196
155,100
-
2022
$
(8.29)
(8.29)
Loss attributable to members of Wide Open Agriculture Ltd
(14,661,768)
(10,788,232)
Weighted average number of shares outstanding
142,751,170
130,149,354
28. CONTROLLED ENTITY DISCLOSURES
Controlled Entities
Parent Entity
Country of Incorporation
2023
2022
Ownership Interest
Wide Open Agriculture Ltd
Australia
100%
100%
Subsidiaries
Dirty Clean Food Pty Ltd
Wide Open Land Pty Ltd
Wide Open Plant Protein Pty Ltd
Australia
Australia
Australia
100%
100%
100%
100%
100%
100%
Wide Open Agriculture Ltd
Statement of Financial Position
Current Assets
Non-Current Assets
Total Assets
Current Liabilities
Non-Current Liabilities
Total Liabilities
Net Assets
Equity
Issued Capital
Share-Based Payment Reserves
Accumulated Losses
Total Equity
2023
$
2022
$
9,326,696
24,144,227
6,072,371
5,437,604
15,399,067
29,581,831
3,126,759
2,963,758
2,163,542
2,635,677
5,290,301
5,599,435
10,108,766
23,982,396
44,626,557
44,384,452
4,626,547
4,080,514
(39,144,338)
(24,482,570)
10,108,766
23,982,396
Loss attributable to equity holders of the company
(14,661,768)
(10,788,232)
Commitments
Within one year
Between 12 months and 5 years
Longer than 5 years
25,000
64,157
185,000
333,879
600,000
600,000
810,000
998,037
Contingent Liabilities
Responsibility for all contingent liabilities of the group is held by the parent entity. Please refer to Note 23 for further
information.
30. DIVIDENDS
The directors do not recommend the payment of a dividend in respect of the year ended 30 June 2023.
31.SIGNIFICANT EVENTS AFTER THE REPORTING DATE
On 18 September 2023, the Company entered into exclusive distribution agreements with SPI Group and
Kramer Group to distribute Buntine Protein® in the US.
On 15 September 2023, the Company signed an agreement with Alchemy Agencies Ltd. to distribute
Buntine Protein® in Australia, New Zealand and Pacific Islands.
On 8 September 2023, Elizabeth Brennan resigned as Non-Executive Director of the Company.
On 8 September 2023, Sam Wright resigned as Company Secretary of the Company. Matthew Skinner was
appointed as interim Company Secretary of the Company on 8 September 2023.
No other matter or circumstance has arisen subsequent to the end of the reporting date which has significantly
affected the operations of the Group, the results of the operations or the state of affairs of the Group.
Annual Report 2023 | 82
Annual Report 2023 | 83
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
DIRECTORS' DECLARATION
FOR THE YEAR ENDED 30 JUNE 2023
The directors of the Company declare that:
1.
The consolidated financial statements and notes, as set out on pages 45 to 83, are in accordance
with the Corporations Act 2001 and:
(a) complying with Australian Accounting Standards (including the Australian accounting
interpretations), the Corporations Regulations 2001 and other mandatory professional
reporting requirements; and
(b) giving a true and fair view of the Group’s financial position as at 30 June 2023 of
its performance for the year ended on that date;
2.
In the director's opinion there are reasonable grounds to believe that the Group will be able to
pay its debts as and when they become due and payable.
3.
The consolidated financial report also complies with International Financial Reporting Standards.
4.
The directors have been given the declarations required by s.295A of the Corporations Act.
2001.
This declaration is made in accordance with a resolution of the directors, made pursuant to section
303(5)(a) of Corporations Act 2001.
On behalf of the directors
Mr Anthony Maslin
Non-Executive Chairman
Dated this 28 September 2023
Annual Report 2023 | 84
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Wide Open Agriculture Limited for the year ended 30 June
2023, I declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
(ii)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 28 September 2023
TUTU PHONG
Partner
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
Annual Report 2023 | 85
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF WIDE OPEN AGRICULTURE LIMITED
Opinion
We have audited the financial report of Wide Open Agriculture Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2023, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and
the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including
a summary of significant accounting policies, and the directors' declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i)
Giving a true and fair view of the Group's financial position as at 30 June 2023 and of its financial
performance for the year then ended; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 1, which indicates that the Group incurred a net loss of $14,661,768 and had net cash
outflows from operating activities of $11,872,873 for the year ended 30 June 2023. As stated in Note 1, these
events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that
may cast significant doubt on the Group's ability to continue as a going concern. Our opinion is not modified in
respect of this matter.
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Annual Report 2023 | 86
Liability limited by a scheme approved under Professional Standards Legislation
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have
determined the matters described below to be the key audit matters to be communicated in our report.
Key Audit Matter
How our audit addressed this matter
Revenue
Refer to Note 2 in the financial statements
The Group has recognised revenue of $11,455,564
for the year ended 30 June 2023.
We considered revenue to be a key audit matter as
it is the most significant account balance in the
consolidated statement of profit or loss and other
comprehensive income.
Management judgement is required in determining
the timing of revenue recognition, given the
delivery terms and the related timing of when
control passes to the end customer.
Our audit procedures included:
• Assessing whether the revenue recognition policies
are in compliance with the Australian Accounting
Standards;
• Evaluating
implementation and
operating effectiveness of the Group's controls related
to revenue recognition;
the design and
• Testing, on a sample basis, revenue transactions to
sales invoices, delivery documentation and cash
receipts to ascertain the occurrence and accuracy of
revenue recognised;
• Testing, on a sample basis, sales transactions before
and after the reporting date to ascertain that revenue
is recognised in the correct financial year; and
• Assessing the disclosures in the financial statements.
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group's annual report for the year ended 30 June 2023 but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal
control as the directors determine is necessary to enable the preparation of the financial report that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Annual Report 2023 | 87
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: https://www.auasb.gov.au/auditors_responsibilities/ar2.pdf. This
description forms part of our auditor's report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the directors' report for the year ended 30 June 2023.
In our opinion, the Remuneration Report of Wide Open Agriculture Limited, for the year ended 30 June 2023,
complies with section 300A of the Corporations Act 2001.
Responsibilities
ADDITIONAL ASX INFORMATION
SHAREHOLDER INFORMATION
Additional information required by the Australian Stock Exchange and not shown elsewhere in this
report is as follows. The information is current as at 13 September 2023:
a) Distribution of Securities
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.
b) Substantial holders
The names of substantial shareholders in accordance with section 671B of the
Corporations Act 2001 are:
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 28 September 2023
TUTU PHONG
Partner
Holder
Number of Shares
FANJA PON & HANS RAE
COMMONLAND FOUNDATION
ANTHONY MASLIN
BEN COLE
16,437,644
12,000,000
7,919,379
7,621,786
%
11.5
8.4
5.5
5.3
Annual Report 2023 | 88
Annual Report 2023 | 89
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822
ADDITIONAL ASX INFORMATION
SHAREHOLDER INFORMATION
c) Twenty largest shareholders (ASX:WOA)
The names of the twenty largest holders of securities are:
Annual Report 2023 | 90
Annual Report 2023 | 91
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822 investors@wideopenagriculture.com.au
1 Winton Street, Kewdale, Western Australia 6105
wideopenagriculture.com.au
ASX Ticker: WOA
Put Saving the Planet on the Menu
Annual Report 2023 | 92
WIDE OPEN AGRICULTURE LIMITED ABN 86 604 913 822