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MYSTATE LIMITED — Interim / Quarterly Report 2021
Feb 18, 2021
65395_rns_2021-02-18_547d3da8-b942-456c-855a-42c24b336c41.pdf
Interim / Quarterly Report
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ABN 26 133 623 962 Level 2, 137 Harrington Street Hobart 7000 Tasmania Australia
19 February 2021
The Manager Company Announcements Australian Securities Exchange 20 Bridge Street Sydney NSW 2000
MyState Limited – Half Year Report (Appendix 4D) for the half year ended 31 December 2020
The Directors of MyState Limited (the “Company”) are pleased to announce the results of the Company for the half year ended 31 December 2020 as follows:
RESULTS FOR ANNOUNCEMENT TO THE MARKET
| Extracted from the Financial Statements for the half year ended |
$’000 31 December 2019 |
$’000 31 December 2020 |
**% Change ** |
|---|---|---|---|
| Revenue from operations | 68,646 | 8.4% | |
| 63,344 | |||
| Profit after tax attributable to members |
17,018 | 12.6% | |
| 15,119 | |||
| Net profit after tax attributable to members |
15,119 | 17,018 | 12.6% |
| Dividends for the current year are: | Amount per security | Franked amount per security |
|---|---|---|
| Interim Dividend FY2021 fully franked at 30% Payable on 16 March 2021 Record date for determining entitlements for the interim dividend is 25 February 2021. |
12.50 cents | 12.50 cents |
| Dividends for the previous year were: | Amount per security | Franked amount per security |
| Final dividend – 2020 | Nil | Nil |
| Dividend Reinvestment Plan | Last Date for Receipt of DRP Election Notice | |
| The MyState Limited Dividend Reinvestment Plan is operational for this Interim Dividend FY2021. |
26 February 2021 | |
| Net Tangible Assets per share | 31 December 2019 | 31 December 2020 |
| 268 cents | 285 cents |
The remainder of the information requiring disclosure to comply with Listing Rule 4.2A.3 is contained in the attached copy of the Financial Statements and comments on performance of the Company included in the Media and ASX Release dated 19 February 2021.
Further information regarding MyState Limited and its business activities can be obtained by visiting the company’s website at www.mystatelimited.com.au.
Yours faithfully
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Scott Lukianenko Company Secretary
Appendix 4D Consolidated Interim Financial Report For the period ended 31 December 2020
ABN 26 133 623 962
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MyState Limited Appendix 4D: Consolidated Interim Financial Report Contents
Directors Report
Corporate information Principal activities Operating and financial review Outlook Independence of the auditor
Financial Statements
Consolidated Income Statement Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows
Notes to the Financial Statements
| Section | 1. | Corporate information and basis of accounting |
|---|---|---|
| 1.1 | Statement of compliance | |
| 1.2 | Basis of preparation | |
| Section | 2. | Financial performance |
| 2.1 | Net banking operating income | |
| 2.2 | Income from wealth management activities | |
| 2.3 | Expenses | |
| 2.4 | Earnings per share | |
| 2.5 | Dividends | |
| 2.6 | Segment financial information | |
| Section | 3. | Financial assets and liabilities |
| 3.1 | Loans and advances | |
| 3.2 | Fair value of financial instruments | |
| 3.3 | Statement of cash flows | |
| 3.4 | Average balance sheet and sources of net interest income | |
| Section | 4. | Non-financial assets, liabilities, equity and other |
| 4.1 | Share capital | |
| 4.2 | Contingent liabilities and expenditure commitments | |
| 4.3 | Events subsequent to balance date |
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1H19 2H19 1H20 2H20 1H21
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Auditor’s Independence Declaration to the Directors of MyState Limited
In relation to our review of the financial report of MyState Limited for the half-year ended 31 December 2020, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.
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DANNY MCCARTHY Partner
WLF Accounting & Advisory
Date: 19 February 2021
Liability limited by a scheme approved under Professional Standards Legislation.
[email protected] www.wlf.com.au
1st Floor 160 Collins Street, Hobart TAS 7000 GPO Box 1083 Hobart TAS 7000
03 6223 6155 Move Forward
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MyState Limited Consolidated Income Statement for the half year ended 31 December 2020
| 31 Dec 2020 | 31 Dec 2019 | ||
|---|---|---|---|
| Notes | $ '000 | $ '000 | |
| Interest income | 2.1 | 84,973 | 98,031 |
| Interest expense | 2.1 | (29,569) | (49,872) |
| Net interest income | 55,404 | 48,159 | |
| Non-interest income from banking activities | 2.1 | 6,294 | 6,969 |
| Net banking operating income | 61,698 | 55,128 | |
| Income from wealth management activities | 2.2 | 6,948 | 8,216 |
| Total operating income | 68,646 | 63,344 | |
| Less: Expenses | |||
| Personnel costs | 19,841 | 19,054 | |
| Administration costs | 2.3 | 7,379 | 7,821 |
| Technology costs | 2.3 | 7,932 | 7,470 |
| Occupancy costs | 2.3 | 2,649 | 2,564 |
| Marketing costs | 3,057 | 2,686 | |
| Governance costs | 1,383 | 1,525 | |
| Restructure costs | 2.3 | 2,484 | - |
| Total operating expenses | 44,725 | 41,120 | |
| Profit before impairment and tax expense | 23,921 | 22,224 | |
| Impairment (recovery) / expense on loans and advances | 3.1 | (444) | 602 |
| Profit before tax | 24,365 | 21,622 | |
| Income tax expense | 7,347 | 6,503 | |
| Profit for theperiod | 17,018 | 15,119 | |
| Profit attributable to the: | |||
| Equity holders of MyState Limited | 17,018 | 15,119 | |
| Basic earnings per share (cents per share) | 2.4 | 18.49 | 16.57 |
| Diluted earnings per share(centsper share) | 2.4 | 18.49 | 16.57 |
The accompanying notes form part of these financial statements.
9
MyState Limited Consolidated Statement of Comprehensive Income for the half year ended 31 December 2020
| 31 Dec 2020 | 31 Dec 2019 | ||
|---|---|---|---|
| Notes | $ '000 | $ '000 | |
| Profit for the period | 17,018 | 15,119 | |
| Other comprehensive income / (expense) | |||
| Items that may be reclassified subsequently to profit or loss | |||
| Cash flow hedges - Net gains / (losses) taken to equity | (199) | (9) | |
| Net (gains) / losses transferred to profit and loss | - | - | |
| Change in fair value of financial assets at fair value through other | |||
| comprehensive income | - | - | |
| Reversal of fair value on assets previously classified as available for sale | - | - | |
| Income tax effect | 60 | 3 | |
| Total other comprehensive income/ (expense) for theyear | (139) | (6) | |
| Total comprehensive income for theyear | 16,879 | 15,113 | |
| Total comprehensive income for the year is attributable to: | |||
| Equity holders of MyState Limited | 16,879 | 15,113 |
The accompanying notes form part of these financial statements.
10
MyState Limited Consolidated Statement of Financial Position as at 31 December 2020
| Notes | 31 Dec 2020 | 30 Jun 2020 | |
|---|---|---|---|
| $ '000 | $ '000 | ||
| Assets | |||
| Cash and liquid assets | 3.3 | 113,632 | 116,502 |
| Due from other financial institutions | 21,462 | 34,615 | |
| Other assets | 5,376 | 6,762 | |
| Financial instruments | 3.2 | 597,977 | 542,565 |
| Loans and advances | 3.1 | 5,378,903 | 5,286,114 |
| Property, plant and equipment and right-of-use asset | 16,901 | 19,491 | |
| Deferred tax assets | 5,492 | 5,286 | |
| Intangible assets and goodwill | 83,579 | 84,471 | |
| Total assets | 6,223,322 | 6,095,806 | |
| Liabilities | |||
| Due to other financial institutions | 16,449 | 25,617 | |
| Deposits and other borrowings including subordinated notes | 5,830,095 | 5,704,778 | |
| Employee benefit provisions | 5,101 | 5,674 | |
| Other liabilities | 19,525 | 21,165 | |
| Tax liabilities | 613 | 4,250 | |
| Total liabilities | 5,871,783 | 5,761,484 | |
| Net assets | 351,539 | 334,322 | |
| Equity | |||
| Share capital | 4.1 | 153,025 | 152,775 |
| Retained earnings | 199,467 | 182,449 | |
| Reserves | (953) | (902) | |
| Total equity | 351,539 | 334,322 |
The accompanying notes form part of these financial statements.
11
MyState Limited Consolidated Statement of Changes in Equity for the half year ended 31 December 2020
| Retained | Employee equity | ||||||
|---|---|---|---|---|---|---|---|
| Share capital | earnings | benefits reserve | Hedging reserve | Other reserves | Total | ||
| Note | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
| At 1 July 2019 | 148,707 | 178,629 | 640 | (477) | - | 327,499 | |
| Profit for the period | - | 15,119 | - | - | - | 15,119 | |
| Other comprehensive income / (expense) | - | - | - | (6) | - | (6) | |
| Total comprehensive income for theperiod | - | 15,119 | - | (6) | - | 15,113 | |
| Equity issued under employee share scheme | 88 | - | - | - | - | 88 | |
| Equity issued under executive long term incentive plan | 170 | - | (170) | - | - | - | |
| Equity issued under dividend reinvestment plan | 1,660 | - | - | - | - | 1,660 | |
| Share based payment expense recognised | - | - | 96 | - | - | 96 | |
| Dividends paid | 2.5 | - | (13,204) | - | - | - | (13,204) |
| At 31 December 2019 | 150,625 | 180,544 | 566 | (483) | - | 331,252 | |
| At 1 July 2020 | 152,775 | 182,449 | 704 | (606) | (1,000) | 334,322 | |
| Profit for the year | - | 17,018 | - | - | - | 17,018 | |
| Other comprehensive income / (expense) | - | - | - | (139) | - | (139) | |
| Total comprehensive income for the year | - | 17,018 | - | (139) | - | 16,879 | |
| Equity issued under employee share scheme | 84 | - | - | - | - | 84 | |
| Equity issued under executive long term incentive plan | 166 | - | (166) | - | - | - | |
| Share based payment expense recognised | - | - | 254 | - | - | 254 | |
| Dividends paid | 2.5 | - | - | - | - | - | - |
| At 31 December 2020 | 153,025 | 199,467 | 792 | (745) | (1,000) | 351,539 |
The accompanying notes form part of these financial statements.
12
MyState Limited Consolidated Statement of Cash Flows for the half year ended 31 December 2020
| Notes | 31 Dec 2020 | 31 Dec 2019 | |
|---|---|---|---|
| $ '000 | $ '000 | ||
| Cash flows from operating activities | |||
| Interest received | 91,951 | 104,891 | |
| Interest paid | (31,426) | (56,431) | |
| Fees and commissions received | 13,183 | 14,373 | |
| Other non-interest income received | 739 | 1,771 | |
| Payments to suppliers and employees | (40,952) | (40,124) | |
| Income tax paid | (11,129) | (6,888) | |
| (Increase) / decrease in operating assets: | |||
| Due from other financial institutions | 13,118 | 3,224 | |
| Financial instruments | (55,706) | (21,270) | |
| Loans and advances | (99,348) | (56,004) | |
| Increase / (decrease) in operating liabilities: | |||
| Due to other financial institutions | (6,017) | 687 | |
| Deposits and other borrowings excluding subordinated notes | 124,710 | 69,508 | |
| Net cash flows from/ (used in) operating activities | (877) | 13,737 | |
| Cash flows from investing activities | |||
| Purchase of intangible assets | (1,611) | (1,557) | |
| Proceeds from sale of property, plant and equipment | - | 10 | |
| Purchase ofproperty, plant and equipment | (317) | (263) | |
| Net cash flows from/ (used in) investing activities | (1,928) | (1,810) | |
| Cash flows from financing activities | |||
| Employee share issue | 88 | - | |
| Subordinated notes | (153) | 60 | |
| Dividends paid net of dividend reinvestment plan | 2.5 | - | (11,544) |
| Net cash flows from/ (used in) financing activities | (65) | (11,484) | |
| Net increase / (decrease) in cash held | (2,870) | 443 | |
| Cash at beginning of financial year | 116,502 | 79,994 | |
| Closing cash carried forward | 3.3 | 113,632 | 80,437 |
The accompanying notes form part of these financial statements.
13
MyState Limited Notes to the consolidated financial statements for the half year ended 31 December 2020
1.1 Statement of compliance
The half year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and Australian Accounting Standard AASB 134 Interim Financial Reporting . Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting . The half year report does not include notes of the type normally included in an annual financial report and should be read in conjunction with the most recent annual financial report for the year ended 30 June 2020.
1.2 Basis of preparation
The condensed consolidated financial statements comprise of MyState Limited and the entities it controlled during the half year. They have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. The financial report has been presented in Australian dollars.
MyState Limited is a company of the kind referred to in Australian Securities and Investments Commission (ASIC) Class Order 2016/191, and, in accordance with that Class Order, amounts in the Directors' report and the half year financial report are rounded off to the nearest thousand dollars, unless otherwise indicated.
For the purpose of these financial statements, the following abbreviations have been applied:
Group MyState Limited and the entities it controlled during the period; Company MyState Limited; Period the half year ended 31 December 2020; and ASIC Australian Securities and Investments Commission.
The comparative information disclosed in the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows is for the six months ended 31 December 2019. The comparative information disclosed in the Consolidated Statement of Financial Position is as at 30 June 2020. Comparative information may contain reallocation of amounts. Any adjustments are to assist in providing more meaningful information within the financial statements.
The accounting policies and methods of compilation are the same as those policies adopted in the most recent annual financial report, which is for the year ended 30 June 2020.
There have been no new accounting standards which have been determined to have a material impact on this financial report.
SECTION 1: Corporate information and basis of accounting
14
MyState Limited Notes to the consolidated financial statements for the half year ended 31 December 2020
| 2.1 2.2 2.3 |
31 Dec 2020 31 Dec 2019 $'000 $'000 |
|---|---|
| Net banking operating income Interest income Loans and advances 83,224 93,859 Investment securities 1,749 4,172 |
|
| Total interest income 84,973 98,031 |
|
| Interest expense At call deposits 5,856 6,347 Fixed term deposits 23,051 42,924 Financing cost-leases 662 601 |
|
| Total interest expense 29,569 49,872 |
|
| Non-interest income from banking activities Transaction fees 1,883 2,367 Loan fees 2,327 2,212 Banking commissions 1,497 1,516 Other banking operations income 587 874 |
|
| Total non-interest income from banking activities 6,294 6,969 |
|
| Income from wealth management activities Funds management income 4,765 5,602 Other fees and commissions 2,183 2,614 |
|
| Total income from wealth management activities 6,948 8,216 |
|
| Expenses The following items are included within each item of specified expenses: Occupancy costs include: Depreciation - right-of-use lease assets 1,636 1,489 Depreciation - buildings and leasehold improvements 183 287 Technology costs include: Amortisation - computer software 2,499 2,483 Administration costs include: Depreciation - furniture, equipment and computer hardware 143 157 Restructure costs (i) Depreciation - early termination of right-of-use lease assets 1,140 - Termination payments 952 - Loss on disposal of fit out costs 248 - Other 144 - |
|
| Total restructure costs 2,484 - |
(i) During the period branches in Queensland and Tasmania were closed and properties in Northern Tasmania were consolidated. The restructure costs include early lease termination costs and redundancy costs related to impacted staff.
SECTION 2: Financial performance
15
MyState Limited Notes to the consolidated financial statements for the half year ended 31 December 2020
| 2.4 | 31 Dec 2020 31 Dec 2019 cents cents |
|---|---|
| Earnings per share Basic earnings per share from continuing operations 18.49 16.57 Diluted earningsper share from continuingoperations 18.49 16.57 |
The following table details the weighted average number of shares used in the calculation of basic and diluted earnings per share:
| Number | Number | |
|---|---|---|
| Weighted average number of ordinary shares used in calculating basic and | ||
| diluted earnings per share | 92,030,267 | 91,245,917 |
2.5 Dividends
| 31 Dec 2020 | 31 Dec 2019 | ||
|---|---|---|---|
| $'000 | $'000 | ||
| Dividends paid | |||
| 2020 Final dividend paid | - | 13,204 |
There were no dividends paid during the period, those paid in the prior period were fully franked at the 30 per cent corporate tax rate.
SECTION 2: Financial performance
16
MyState Limited Notes to the consolidated financial statements for the half year ended 31 December 2020
2.6 Segment financial information
Operations of reportable segments
The Group has identified two operating divisions and a corporate division, which are its reportable segments. These divisions offer different products and services and are managed separately. The Group's management committee review internal management reports for each of these divisions at least monthly.
Banking division
The Banking division's product offerings include lending; encompassing home loans, personal, overdraft, line of credit and commercial products, transactional savings accounts, fixed term deposits and insurance products. It delivers these products and services through its branch network, digital channels and third party channels. The banking business is conducted by MyState Bank Limited.
Wealth Management division
The Wealth Management division is a provider of funds management and trustee services. It operates predominantly within Tasmania. It holds $1.10 billion in funds under management on behalf of personal, business and wholesale investors as the responsible entity for 8 managed investment schemes. The Wealth Management business is conducted by TPT Wealth Limited. TPT Wealth Limited is a trustee company licensed within the meaning of Chapter 5D of the Corporations Act 2001 and is the only private trustee company with significant operations in Tasmania.
Corporate and consolidation division
The corporate cost centre is responsible for the governance of the Group. The corporate cost centre charges the operating divisions on a cost recovery basis for costs it has incurred. This division is also where eliminations are allocated between the Banking division and the Wealth Management division.
| Wealth | Corporate | |||
|---|---|---|---|---|
| Banking | Management | and Consolidation | Total | |
| $' 000 | $' 000 | $' 000 | $' 000 | |
| Half year ended 31 December 2020 | ||||
| Interest income | 84,983 | (7) | (3) | 84,973 |
| Interest expense | (29,560) | (1) | (8) | (29,569) |
| Other income | 6,502 | 6,948 | (208) | 13,242 |
| Other expenses | (37,048) | (5,312) | 119 | (42,241) |
| Impairment (recovery) / expense on loans and | 444 | - | - | 444 |
| advances | ||||
| Restructure costs (i) | (2,202) | (282) | - | (2,484) |
| Income tax expense | (6,941) | (406) | - | (7,347) |
| Segment profit for the period | 16,178 | 940 | (100) | 17,018 |
| Segment balance sheet information | ||||
| Segment assets | 6,148,369 | 23,884 | 51,069 | 6,223,322 |
| Segment liabilities | 5,869,841 | 1,313 | 629 | 5,871,783 |
SECTION 2: Financial performance
17
MyState Limited Notes to the consolidated financial statements for the half year ended 31 December 2020
2.6 Segment financial information
| Wealth | Corporate | |||
|---|---|---|---|---|
| Banking | Management | and Consolidation | Total | |
| $' 000 | $' 000 | $' 000 | $' 000 | |
| Half year ended 31 December 2019 | ||||
| Interest income | 97,880 | 103 | 48 | 98,031 |
| Interest expense | (49,872) | - | - | (49,872) |
| Other income | 7,493 | 8,216 | (524) | 15,185 |
| Other expenses | (36,054) | (5,516) | 450 | (41,120) |
| Impairment (recovery) / expense on loans and | (602) | - | - | (602) |
| advances | ||||
| Income tax expense | (5,649) | (854) | - | (6,503) |
| Segment profit for the period | 13,196 | 1,949 | (26) | 15,119 |
| Segment balance sheet information as at 30 June | 2020 | |||
| Segment assets | 6,056,509 | 25,195 | 14,102 | 6,095,806 |
| Segment liabilities | 5,795,422 | 2,183 | (36,121) | 5,761,484 |
(i) Costs related to the restructure for the Banking Division are $2.202M and for the Wealth Management division are $0.282M. Refer to note 2.3 for further information.
SECTION 2: Financial performance
18
MyState Limited Notes to the consolidated financial statements for the half year ended 31 December 2020
| **3.1 ** | 31 Dec 2020 30 Jun 2020 $'000 $'000 |
|---|---|
| Loans and advances Classification of loans and advances at amortised cost Residential loans secured by mortgage 5,228,195 5,119,511 Personal loans and unsecured overdrafts 49,764 67,351 Overdrafts secured by mortgage 37,172 35,398 Commercial loans 69,946 70,791 |
|
| Total loans and advances at amortised cost 5,385,077 5,293,051 |
|
| Specific provision for impairment 100 305 Collective provision for impairment 6,074 6,632 |
|
| Total loans and advances at amortised cost net of provision for impairment 5,378,903 5,286,114 |
There are no loans that individually represent 10% or more of shareholders' equity. The Banking division's customers are predominantly in the states of Tasmania, Queensland, New South Wales and Victoria. The Wealth Management division's customers are predominantly in the state of Tasmania.
Provision for impairment
| Specific provision for impairment | ||
|---|---|---|
| Opening balance (i) | 305 | 239 |
| Net specific provision funding | (150) | 100 |
| Write-off ofpreviously provisioned facilities | (55) | (34) |
| Closing balance of specific provision for impairment (i) | 100 | 305 |
| Collective provision for impairment | ||
| Opening balance (i) | 6,632 | 2,660 |
| Net collective provision funding | (558) | 3,972 |
| Write-off ofpreviously provisioned facilities | - | - |
| Closing balance of collective provision for impairment (i) | 6,074 | 6,632 |
(i) The opening balance for the comparative period is 1 January 2020 and the closing balance is 30 June 2020.
| 31 Dec 2020 | 31 Dec 2019 | |
|---|---|---|
| $'000 | $'000 | |
| Charge to profit for impairment on loans and advances | ||
| Increase / (decrease) in specific provision for impairment | (150) | - |
| Increase / (decrease) in collective provision for impairment | (558) | 562 |
| Bad debts recovered | (382) | (398) |
| Bad debts written off directly | 646 | 438 |
| Total impairment(recovery) / expense on loans and advances | (444) | 602 |
SECTION 3: Financial assets and liabilities
19
MyState Limited Notes to the consolidated financial statements for the half year ended 31 December 2020
3.1 Loans and advances (continued)
Provision for impairment (continued)
The Group has undertaken a review of the expected credit loss of its lending portfolios against relevant specific economic conditions triggered by COVID-19 at the current reporting date and concluded that the following assumptions are considered the more probable outcomes as at the reporting date:
-
▪Australian unemployment rates of approximately 8% (June 2020: 9%) recovering to pre COVID-19 levels by the 2022 calendar year.
-
▪House prices decline by 5% (June 2020: 7%) in the 2021 financial year and recovering to pre-COVID-19 levels by the 2022 calendar year.
▪The Reserve Bank of Australia maintaining the current cash rate of 0.10% (June 2020: 0.25%) until 2023.
This represents a favourable change from that anticipated at the time of reporting the 30 June 2020 provision for impairment. At 31 December 2020, the forward looking component of the collective provision for impairment was $1.621M, a reduction from $2.510M.
At 31 December 2020 there were $126M (30 June 2020: $536M) of loans where customers were still receiving some form of assistance as a result of COVID-19.
3.2 Fair value of financial instruments
Classification of financial instruments
Cash and liquid assets, amounts due to financial institutions and amounts due from financial institutions are carried at cost. As these assets are short term assets, their cost is considered to approximate their fair value.
The following financial assets and liabilities are also carried at amortised cost:
-
▪Financial instruments;
-
▪Loans and advances;
-
▪Deposits; and
-
▪Other borrowings.
The aggregate net fair values of financial assets and financial liabilities which are carried at amortised cost is:
| 31 Dec | 2020 | 30 Jun | 2020 | |
|---|---|---|---|---|
| Carrying | Net fair | Carrying | Net fair | |
| value | value | value | value | |
| $'000 | $'000 | $'000 | $'000 | |
| Financial assets | ||||
| Financial instruments | 597,977 | 592,371 | 542,565 | 543,339 |
| Loans and advances | 5,378,903 | 5,376,662 | 5,286,114 | 5,295,507 |
| Total financial assets | 5,976,880 | 5,969,033 | 5,828,679 | 5,838,846 |
| Financial liabilities | ||||
| Deposits | 4,555,975 | 4,557,604 | 4,200,587 | 4,203,504 |
| Other borrowings including subordinated | 1,274,120 | 1,274,120 | 1,504,191 | 1,504,191 |
| notes | ||||
| Total financial liabilities | 5,830,095 | 5,831,724 | 5,704,778 | 5,707,695 |
Fair value hierarchy
The level in the fair value hierarchy of the inputs used in determining the fair values is shown below. The fair value of these assets is:
Level 1 - inputs that are prices quoted for identical instruments in active markets;
Level 2 - inputs based on observable market data other than those in level 1; and
Level 3 - inputs for which there is no observable market data.
Where the expected maturity is in excess of 12 months, the fair value is discounted to its present value. During the year, there have been no material transfers between levels of the fair value hierarchy.
SECTION 3: Financial assets and liabilities
20
MyState Limited Notes to the consolidated financial statements for the half year ended 31 December 2020
3.2 Fair value of financial instruments (continued)
| Level 1 | Level 2 | Level 3 | Total | ||
|---|---|---|---|---|---|
| value | value | value | value | ||
| $'000 | $'000 | $'000 | $'000 | ||
| 31 December 2020 | |||||
| Financial assets | |||||
| Financial instruments | - | 592,371 | - | 592,371 | |
| Loans and advances | - | - | 5,376,662 | 5,376,662 | |
| Financial liabilities | |||||
| Deposits | - | 4,557,604 | - | 4,557,604 | |
| Other borrowings including subordinated | - | 1,274,120 | - | 1,274,120 | |
| 30 June 2020 | |||||
| Financial assets | |||||
| Financial instruments | - | 543,339 | - | 543,339 | |
| Loans and advances | - | - | 5,295,507 | 5,295,507 | |
| Financial liabilities | |||||
| Deposits | - | 4,203,504 | - | 4,203,504 | |
| Other borrowings including subordinated notes | - | 1,504,191 | - | 1,504,191 |
There has been no impact on profit and loss of fair value movements of assets that are within Level 3 of the fair value hierarchy.
| **3.3 ** | 31 Dec 2020 30 Jun 2020 $'000 $'000 |
|---|---|
| Statement of Cash Flows For the purposes of the Statement of Cash Flows, cash and liquid assets includes: Notes, coins and cash at bank 107,909 110,831 Other short term liquid assets 5,723 5,671 |
|
| Total cash and liquid assets 113,632 116,502 |
SECTION 3: Financial assets and liabilities
21
MyState Limited Notes to the consolidated financial statements for the half year ended 31 December 2020
3.4 Average balance sheet and sources of net interest income
The following table shows the major categories of interest-earning assets and interest-bearing liabilities, together with their respective interest earned or paid by the Group and the average interest rates. Averages are calculated based on the balance at each month end.
| 31 Dec 2020 | 30 Jun 2020 | |||||
|---|---|---|---|---|---|---|
| Average | Average | Average | Average | |||
| balance | Interest | rate | balance | Interest | rate | |
| $ '000 | $ '000 | % | $ '000 | $ '000 | % | |
| Average assets and interest income | ||||||
| Interest-earning assets | ||||||
| Cash and liquid assets | 119,093 | 380 | 0.63% | 94,219 | 241 | 0.26% |
| Financial instruments | 572,495 | 1,369 | 0.47% | 494,983 | 7,175 | 1.45% |
| Loans and advances (i) | 5,101,073 | 83,224 | 3.24% | 4,873,672 | 180,914 | 3.71% |
| Total average interest-earning assets | 5,792,661 | 84,973 | 2.91% | 5,462,874 | 188,330 | 3.45% |
| Non-interest earning assets | 140,660 | - | - | 145,239 | - | - |
| Total average assets | 5,933,321 | 84,973 | 2.84% | 5,608,113 | 188,330 | 3.36% |
| Average liabilities and interest expense | ||||||
| Interest-bearing liabilities | ||||||
| Deposits and derivatives | 4,378,717 | 17,705 | 0.80% | 4,033,629 | 54,751 | 1.36% |
| Notes and bonds on issue | 1,402,527 | 11,864 | 1.68% | 1,457,203 | 32,849 | 2.25% |
| Total average interest-bearing liabilities | 5,781,244 | 29,569 | 1.01% | 5,490,832 | 87,600 | 1.60% |
| Non-interest bearing liabilities | 45,355 | - | - | 53,338 | - | - |
| Total average liabilities | 5,826,599 | 29,569 | 1.01% | 5,544,170 | 87,600 | 1.58% |
| Reserves | 330,099 | - | - | 310,388 | - | - |
| Total average liabilities and reserves | 6,156,698 | 29,569 | 0.95% | 5,854,558 | 87,600 | 1.50% |
(i) Interest bearing loans and advances are net of offset facilities.
SECTION 3: Financial assets and liabilities
22
MyState Limited Notes to the consolidated financial statements for the half year ended 31 December 2020
| 31 Dec 2020 | 30 Jun 2020 | |
|---|---|---|
| $'000 | $'000 | |
| Share capital | ||
| Issued and paid up ordinary shares | 153,025 | 152,775 |
4.1 Share capital
Movements in ordinary share capital
| 31 Dec | 2020 | 31 Dec | 2019 | |
|---|---|---|---|---|
| Number | Amount | Number | Amount | |
| of shares | $'000 | of shares | $'000 | |
| Opening balance | 92,008,862 | 152,775 | 91,040,545 | 148,707 |
| Shares issued pursuant to the | ||||
| - Group employee share scheme | 21,853 | 84 | 18,885 | 88 |
| - Executive long term incentive plan | 34,063 | 166 | 41,310 | 170 |
| -Dividend reinvestment plan | - | - | 375,245 | 1,660 |
| Closing balance | 92,064,778 | 153,025 | 91,475,985 | 150,625 |
Terms and conditions
Ordinary shares have the right to receive dividends as declared from time to time and, in the event of a winding up of the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of shares and amounts paid up on the shares held. Ordinary shares entitle their holder to one vote per share, either in person or by proxy at meetings of the Company.
The Company does not have authorised capital or par value in respect of its issued shares.
| 4.2 | 31 Dec 2020 30 Jun 2020 $ '000 $ '000 |
|---|---|
| Contingent liabilities and expenditure commitments (a) Loans approved but not advanced to borrowers 78,049 77,755 (b) Undrawn continuing lines of credit 65,084 63,443 (c)Performanceguarantees 4,573 4,672 |
During the period TPT Wealth Limited ceased to be a non-broker participant in the Clearing House Electronic Sub Register System operated by the Australian Securities Exchange. It therefore no longer maintains a deposit for $1,000,000 as collateral guarantee.
There have been no other material changes in contingent liabilities or expenditure commitments since the end of the last reporting period ended 30 June 2020.
4.3 Events subsequent to balance date
There were no matters or circumstances that have arisen since the end of the year which significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial periods.
SECTION 4: Non-financial assets, liabilities, equity and other
23
MyState Limited Directors' Declaration for the half year ended 31 December 2020
In accordance with a resolution of the Directors of MyState Limited, we state that:
In the opinion of the Directors:
-
(a) The financial statements and notes of the Group are in accordance with the Corporations Act 2001, including:
-
(i) Giving a true and fair view of the Group's financial position as at 31 December 2020 and of its performance for the half year ended on that date; and
-
(ii) Complying with Accounting Standard AASB 134 Interim Financial Reporting, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and
-
(b) There are reasonable grounds to believe that MyState Limited will be able to pay its debts as and when they become due and payable.
-
(c) The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 by the Chief Executive Officer and Chief Financial Officer for the half year ended 31 December 2020.
This declaration is made in accordance with a resolution of the Directors.
On behalf of the Board
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Miles Hampton Chairman
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Melos Sulicich Managing Director and Chief Executive Officer
Hobart Dated 19 February 2021.
24
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To the members of MyState Limited
Report on the Half-Year Financial Report
We have reviewed the accompanying half-year financial report of MyState Limited, which comprises the consolidated statement of financial position as at 31 December 2020, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year.
Directors’ Responsibility for the Half-Year Financial Report
The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal controls as the directors determine are necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410: Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2020 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of MyState Limited and the entities it controlled during the half-year, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Liability limited by a scheme approved under Professional Standards Legislation.
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Independence
In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We have given to the directors of the company a written Auditor’s Independence Declaration.
Conclusion
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of MyState Limited is not in accordance with the Corporations Act 2001 , including:
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a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2020 and of its performance for the half-year ended on that date; and
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b) complying with Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Regulations 2001 .
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DANNY MCCARTHY
Partner
WLF Accounting & Advisory
Date: 19 February 2021
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