MADER GROUP LIMITED — Annual Report 2016

Sep 29, 2019

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MADER GROUP PTY LTD FINANCIAL REPORT

FOR THE YEAR ENDED 30 JUNE 2016

ABN 51 159 340 397

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MADER GROUP PTY LTD

CONTENTS

DIRECTORS’ DECLARATION ........................................................................................................ 2 STATEMENT OF FINANCIAL POSITION ..................................................................................... 3 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME .................... 4 STATEMENT OF CHANGES IN EQUITY ...................................................................................... 5 NOTES TO THE FINANCIAL STATEMENTS ............................................................................... 6 INDEPENDENT AUDITOR’S REPORT ........................................................................................ 10

1

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MADER GROUP PTY LTD DIRECTORS’ DECLARATION

The Directors have determined that the company is not a reporting entity and that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the Financial Statements.

The Directors of the company declare that:

1. The financial statements and notes, as set out on pages 3 to 9, present fairly the company’s financial position as at 30 June 2016 and its performance for the year ended on that date in accordance with the accounting policies described in Note 1 to the financial statements

2. In the Directors’ opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

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_________ Patrick Conway Director

Dated this 27[th] day of May 2019

2

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MADER GROUP PTY LTD STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016

NOTE Current assets Cash and cash equivalents 2 Financial assets 3 Tax assets 5 Total current assets Non-current assets Investments 4 Financial assets 3 Total non-current assets Total assets Current liabilities Financial liabilities 9 Tax liabilities 5 Total current liabilities Total liabilities Net assets Equity Issued capital 6 Retained earnings 7 Total equity	2016 $ 3,029 - 584 3,613 47,128 505,899 553,027 556,640 11,642 - 11,642 11,642 544,998 43 544,955 544,998	2015 $ 288,043 - -
		288,043
		47,128 -
		47,128
		335,171
		852 3,757
		4,609
		4,609
		330,562
		43 330,519
		330,562

These financial statements should be read in conjunction with the accompanying notes.

3

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MADER GROUP PTY LTD STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2016

NOTE Income Dividends received 8 Interest received 10 Total income Expenses Bank charges Legal and professional fees Total expenses Profit before income tax Income tax benefit / (expense) Profit for the year Total comprehensive income for the period Profit attributable to: Members of the company Total comprehensive income attributable to: Members of the company	2016 $ 3,943,630 - 3,943,630 (14) (720) (734) 3,942,896 4 3,942,900 3,942,900 3,942,900 3,942,900	2015 $ 1,000,000 9,279
		1,009,279
		(35) (852)
		(887)
		1,008,392
		(2,630)
		1,005,762
		1,005,762
		1,005,762
		1,005,762

These financial statements should be read in conjunction with the accompanying notes.

4

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MADER GROUP PTY LTD STATEMENT OF CHANGES IN EQUITY AS AT 30 JUNE 2016

NOTE Balance at 1 July 2014 Comprehensive income Profit for the year Other comprehensive income for the year Total comprehensive income for the year attributable to members of the entity Transactions with owners, in their capacity as owners Dividends paid or provided for Total transactions with owners Balance at 30 June 2015 6,7 Comprehensive income Profit for the year Other comprehensive income for the year Total comprehensive income for the year attributable to members of the entity Transactions with owners, in their capacity as owners Dividends paid or provided for Total transactions with owners Balance at 30 June 2016 6,7	Issued Capital (Ordinary Retained Shares) Earnings Total $ $ $ 43 324,757 324,800
	- 1,005,762 1,005,762 - - -
	- 1,005,762 1,005,762
	- (1,000,000) (1,000,000)
	- (1,000,000) (1,000,000)
	43 330,519 330,562
	- 3,942,900 3,942,900 - -
	- 3,942,900 3,942,900
	- (3,728,464) (3,728,464)
	- (3,728,464) (3,728,464)
	43 544,955 544,998

These financial statements should be read in conjunction with the accompanying notes.

5

MADER GROUP PTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

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1. Summary of Significant Accounting Policies

(a) Basic of Preparation

The Directors have prepared the Financial Statements on the basis that the Company is a non-reporting entity because there are no users dependent on the general purpose financial statements. The financial statements are therefore special purpose financial statements that have been prepared in order to meet the needs of members.

The financial statements have been prepared in accordance with the significant accounting policies disclosed below which the Directors have determined are appropriate to meet the purposes of preparation. Such accounting policies are consistent with the previous period unless otherwise stated.

The financial statements have been prepared on an accruals basis and are based on historical costs unless otherwise stated in the notes.

(b) Cash and Cash Equivalents

Cash and cash equivalents comprises cash on hand, demand deposits and short term investments which are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.

Bank overdrafts also form part of cash equivalents and presented within current liabilities on the balance sheet.

(c) Revenue and Other Income

Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the entity and specific criteria relating to the type of revenue as noted below, has been satisfied.

Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns, discounts and rebates.

All revenue is stated net of the amount of goods and services tax (GST).

Dividend Revenue

Dividends are recognised when the company’s right to receive payment is established.

(d) Financial Instruments

Recognition and Initial Measurement

Financial instruments, incorporating financial assets and financial liabilities, are recognised when the entity becomes a party to the contractual provisions of the instrument. Trade date accounting is adopted for financial assets that are delivered within timeframes established by marketplace convention.

Financial instruments are initially measured at fair value plus transactions costs where the instrument is not classified as at fair value through profit or loss. Transaction costs related to instruments classified as at fair value through profit or loss are expensed to profit or loss immediately. Financial instruments are classified and measured as set out below.

6

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MADER GROUP PTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

Summary of Significant Accounting Policies (continued)

Classification and Subsequent Measurement

Financial instruments are subsequently measured at either fair value, amortised cost using the effective interest rate method or cost. Fair value represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted.

Amortised cost is calculated as (i) the amount at which the financial asset or financial liability is measured at initial recognition; (ii) less principal repayments; (iii) plus or minus the cumulative amortisation of the difference, if any, between the amount initially recognised and the maturity amount calculated using the effective interest method; and (iv) less any reduction for impairment.

The effective interest method is used to allocate interest income or interest expense over the relevant period as is equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying value with a consequential recognition of an income or expense in profit or loss.

(i) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are substantially measured at amortised cost.

(j) Fair Value

Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm’s length transactions, reference to similar instruments and option pricing models.

7

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MADER GROUP PTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

. Cash and cash equivalents Cash on hand Cash at bank . Financial assets Current Others Non-current Loan – Mader Queensland Pty Ltd . Investments Non-current Investment – Site Focus Pty Ltd . Tax assets Current Tax assets Tax liabilities Current Tax liabilities . Issued capital 40,000,000 ordinary shares @ $0.000001 per share 1 “A” class share @ $1 per share 1 “B” class share @ $1 per share 1 “C” class share @ $1 per share	2016 $ 43 2,986 3,029 2016 $ - - 505,899 505,899 2016 $ 47,128 47,128 2016 $ 584 584 - - 2016 $ 40 1 1 1 43	2015 $ 43 288,000
		288,043
		2015 $ -
		-
		-
		-
		2015 $ 47,128
		47,128
		2015 $ -
		-
		3,757
		3,757
		2015 $ 40 1 1 1
		43

2. Cash and cash equivalents

3. Financial assets

4. Investments

5. Tax assets

6. Issued capital

8

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MADER GROUP PTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

7. Retained earnings Opening balance Current year earnings Dividends paid 8. Dividends received Mader Contracting Pty Ltd 9. Financial liabilities Loan - Mader Contracting Pty Ltd 10. Interest received Mader International Ltd	2016 $ 330,519 3,942,900 (3,728,464) 544,955 2016 $ 3,943,630 3,943,630 2016 $ 11,642 11,642 2016 $ - -	2015 $ 324,757 1,005,762 (1,000,000)
		330,519
		2015 $ 1,000,000
		1,000,000
		2015 $ 852
		852
		2015 $ 9,279
		9,279

7. Retained earnings Opening balance Current year earnings Dividends paid

11. Events after the end of the reporting period

A dividend of $3,000,000 was declared and paid during the 2018 financial year to ordinary shareholders. Dividend of $2.8m was declared and paid in October 2018 to shareholders.

Mader Group Pty Ltd became a public company on the 9 November 2018.

No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the company, the results of those operations, or the state of affairs of the company in future financial years.

12. Company details

The registered office of the company is: Suite A1, Hkew Alpha Building 2 George Wiencke Drive Perth Airport WA 6105

The principal place of business is: Suite A1, Hkew Alpha Building 2 George Wiencke Drive Perth Airport WA 6105

Company Auditors: BDO Level 1, 38 Station Street Subiaco WA 6000

9

Tel: +61 8 6382 4600 38 Station Street Fax: +61 8 6382 4601 Subiaco, WA 6008 www.bdo.com.au PO Box 700 West Perth WA 6872 Australia

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INDEPENDENT AUDITOR'S REPORT

To the members of Mader Group Pty Ltd

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of Mader Group Pty Ltd (the Entity), which comprises the statement of financial position as at 30 June 2016, the statement of profit or loss and other comprehensive income and the statement of changes in equity for the year then ended, and notes to the financial report, including a summary of significant accounting policies, and directors’ declaration.

In our opinion the accompanying financial report presents fairly, in all material respects, the financial position of the Entity as at 30 June 2016 and of its financial performance for the year then ended in accordance with the basis of accounting described in Note 1(a).

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 Entity in accordance with 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter – Basis of accounting

We draw attention to Note 1(a) to the financial report, which describes the basis of accounting. The financial report has been prepared to meet the needs of the members. As a result, the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.

Responsibilities of management and those charged with governance for the Financial Report

Management is responsible for the preparation and fair presentation of the financial report, and have determined that the basis of preparation described in Note 1 is appropriate to meet the needs of the members and for such internal control as management determines is necessary to enable the preparation and fair presentation of a financial report that is free from material misstatement, whether due to fraud or error.

In preparing the financial report, management is responsible for assessing the Entity’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Entity’s financial reporting process.

BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation other than for the acts or omissions of financial services licensees

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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 (http://www.auasb.gov.au/Home.aspx) at:

http://www.auasb.gov.au/auditors_responsibilities/ar4.pdf

This description forms part of our auditor’s report.

BDO Audit (WA) Pty Ltd

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Phillip Murdoch

Director

Perth, 27 May 2019