Amcil Limited (AMH) 2021年年度報告「ASX」.pdf

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1、25 August 2021 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement AMCIL Limited Statutory Annual Report,Annual Shareholder Review and Annual General Meeting Documentation Dear Sir/Madam Please find attache

2、d the 2021 Statutory Annual Report,Annual Shareholder Review and Annual General Meeting Documentation being sent to shareholders.Yours faithfully Matthew Rowe Company Secretary Authorised by the Company Secretary.A Focused Portfolio of Australian EquitiesAnnual Report2021 2 DIRECTORS REPORT 2 5 Year

3、 Summary 4 About the Company 6 Review of Operations and Activities 11 Top 20 Investments12 Financial Condition 14 Board Members17 Senior Executives18 Remuneration Report20 Non-audit Services21 Auditors Independence Declaration 22 FINANCIAL STATEMENTS23 Income Statement24 Statement of Comprehensive I

4、ncome25 Balance Sheet26 Statement of Changes in Equity27 Cash Flow Statement28 NOTES TO THE FINANCIAL STATEMENTS28 A.Understanding AMCILs Financial Performance31 B.Costs,Tax and Risk 34 C.Unrecognised Items35 D.Balance Sheet Reconciliations37 E.Income Statement Reconciliations38 F.Further Informatio

5、n40 DIRECTORS DECLARATION41 INDEPENDENT AUDIT REPORT46 OTHER INFORMATION46 Information About Shareholders46 Major Shareholders47 Sub-underwriting47 Substantial Shareholders47 Transactions in Securities48 Holdings of Securities50 Major Transactions in the Investment Portfolio51 Share Capital Changes5

6、2 Company Particulars53 Shareholder InformationContentsAMCIL MANAGES A FOCUSED PORTFOLIO COVERING LARGE AND SMALL COMPANIES IN THE AUSTRALIAN EQUITY MARKET.AS A RESULT,SMALL COMPANIES BY MARKET SIZE CAN HAVE AN EQUALLY IMPORTANT IMPACT ON PORTFOLIO RETURNS AS LARGER COMPANIES IN THE AUSTRALIAN MARKE

7、T.AMCIL Limited ABN 57 073 990 735Year in Summary*Assumes a shareholder can take full advantage of the franking credits.Profit for the Year$6.8mUp 13.6%from 2020Total Shareholder Return35.2%Share price plus dividend including franking*Management Expense Ratio0.56%0.66%in 2020Total Portfolio$382.8mIn

8、cluding cash at 30 June.$278.8 million in 2020Total Portfolio Return31.8%Including franking*S&P/ASX 200 Accumulation Index including franking*29.1%Total Fully Franked Dividend2.5 Final4.5Total 2.5 cents total in 20202.0 Special20211AMCIL Limited Annual Report 2021DIRECTORS REPORT5 Year SummaryProfit

9、 After Tax($Million)2020201920182017Net Profit Per Share(Cents)Dividends Per Share(Cents)(a)Investments at Market Value($Million)(d)Net Asset Backing Per Share(Cents)(c)Number of Shareholders(30 June)7.06.255.382021202020192018201720216.02.62.42.12.2252.2261.1230.9269.66.82.3371.84.51273,21420202019

10、2018201720212020201920182017202120202019201820172021Notes(a)2021 total dividend carried 5 cents attributable LIC gain per share,2020:nil,2019:final dividend 4.29 cents,2019 interim:1.43 cents,2018:2.76 cents,2017:2.1 cents.(b)Includes 3.5 cents interim dividend paid in February 2019.(c)Net asset bac

11、king per share based on year-end data before the provision for the final(and where applicable,special)dividend.The figures do not include a provision for capital gains tax that would apply if all securities held as non-current investments had been sold at balance date as Directors do not intend to d

12、ispose of the portfolio.(d)Excludes cash.Profit After Tax($Million)2020201920182017Net Profit Per Share(Cents)Dividends Per Share(Cents)(a)Investments at Market Value($Million)(d)Net Asset Backing Per Share(Cents)(c)Number of Shareholders(30 June)7.06.255.38202120202019201820172021202020192018201720

13、216.098102951003,1143,0032,5583,1777.0(b)4.253.52.54.52020201920182017202120202019201820172021202020192018201720212AMCIL Limited Annual Report 2021Profit After Tax($Million)2020201920182017Net Profit Per Share(Cents)Dividends Per Share(Cents)(a)Investments at Market Value($Million)(d)Net Asset Backi

14、ng Per Share(Cents)(c)Number of Shareholders(30 June)98102951003,1143,0032,5583,1777.0(b)4.253.52.52.62.42.12.2252.2261.1230.9269.66.82.3371.84.51273,2142020201920182017202120202019201820172021Profit After Tax($Million)2020201920182017Net Profit Per Share(Cents)Dividends Per Share(Cents)(a)Investmen

15、ts at Market Value($Million)(d)Net Asset Backing Per Share(Cents)(c)Number of Shareholders(30 June)7.06.255.38202120202019201820172021202020192018201720216.098102951003,1143,0032,5583,1777.0(b)4.253.52.52.62.42.12.2252.2261.1230.9269.66.82.3371.83AMCIL Limited Annual Report 2021About the CompanyAppr

16、oach to InvestingInvestment PhilosophyWe seek to create a diversified portfolio of quality companies which are likely to sustainably grow their earnings and dividends over a medium to long term timeframe.Our assessment of quality includes criteria such as the board and management,financial position,

17、pricing power as well as some key financial metrics such as return on capital employed,return on equity,the level of gearing in the balance sheet,margins and free cash flow.The structure of the industry and a companys competitive position in its industry are also important indicators of quality.Link

18、ed to this assessment of quality is the ability of companies to grow earnings over time,which ultimately should produce good dividend and capital growth.Recognising value is also an important aspect of AMCILs investment approach.Our assessment of value tries to reflect the opportunity a business has

19、 to prosper and thrive over the medium to long term.Given the focused nature of the portfolio,AMCIL is more active in managing the holdings.Our preference is that positions will be held for the long term.However,in managing the risk in the portfolio,the Company is prepared to scale back or exit hold

20、ings completely if the investment case alters markedly,the position becomes too large in the portfolio or share prices become excessively high.In managing the portfolio in this way,we believe AMCIL can offer investors returns in excess of the S&P/ASX 200 over the long term.Given the greater concentr

21、ation of the portfolio,there may be periods when the performance of AMCIL can vary quite markedly from the Index.The objective is to deliver outperformance over the medium to long term.From time to time,the Company also uses options written against some of its investments and a small trading portfol

22、io to generate additional income.Approach to Environmental,Social and Governance(ESG)Issues When InvestingAssessment of Environmental,Social and Governance(ESG)issues is an important part of our investment process.As a long term investor,we seek to invest in companies that have strong governance and

23、 risk management processes,which AMCIL manages a focused portfolio covering large and small companies in the Australian equity market.As a result,small companies by market size can have an equally important impact on portfolio returns as larger companies in the Australian market.Investment Objective

24、sAttractive returns through strong capital growth in the portfolio over the medium to long term.The generation of fully franked dividends.How AMCIL Invests What We Look For in CompaniesPortfolio of small and large companies that is managed to deliver superior returns.Quality FirstGrowth Including di

25、videndsValue4AMCIL Limited Annual Report 2021includes consideration of environmental and social risks.We regularly review companies to ensure ongoing alignment with our investment framework:We believe environmental factors,including the impact of climate change,can have a material impact on society.

26、These factors are considered when assessing a companys assets,long term sustainability of earnings and cash flow,cost of capital and future growth opportunities.We believe that aligning ourselves with high-quality management and boards building sustainable long term businesses is the best approach t

27、o avoiding socially harmful businesses.We are attracted to companies that act in the best interest of all their stakeholders,including their employees,customers,suppliers,and wider communities.We invest in high-quality companies with strong governance processes,and management and boards whose intere

28、sts are closely aligned with shareholders.The investment process includes an assessment of their past performance,history of capital allocation,level of accountability,mix of skills,relevant experience and succession planning.We also closely scrutinise a companys degree of transparency and disclosur

29、e.Engagement with CompaniesVoting on resolutions is one of the key functions that a shareholder has in ensuring better long term returns and management of investment risk:We take input from proxy advisers but conduct our own evaluation of the merits of any resolution.We vote on all company resolutio

30、ns as part of our regular engagement with the companies in the portfolio.We actively engage with companies when we have concerns those resolutions are not aligned with shareholders interests.We acknowledge that high-quality companies may face ESG challenges from time to time.We seek to stay engaged

31、with the companies and satisfy ourselves that the issues are taken seriously and worked through constructively.Ideally,in this instance,we seek to remain invested to influence a satisfactory outcome for stakeholders.5AMCIL Limited Annual Report 2021Review of Operations and ActivitiesProfit and Divid

32、endThe full year profit was$6.8 million,up 13.6 per cent from$6.0 million last year.The result for the year included a demerger dividend of$2.2 million(which was non-cash and carries no franking)resulting from the Endeavour Group demerger from Woolworths Group.Excluding this figure,the full year pro

33、fit was$4.6 million.Key components of the result were:income from investments,excluding the demerger dividend,down from$7.1 million last year to$6.2 million this financial year,as the economic effect of COVID-19 negatively impacted company dividends;and income from options and the trading portfolio

34、was$0.4 million,lower than last years figure of$1.3 million.Adjustments made to the portfolio through the period,reflecting the increased valuation risk in several holdings following very strong share price performance,produced realised gains after tax of$12.6 million.In the corresponding period las

35、t year,realised gains after tax were$4.3 million.Directors have declared a total dividend of 4.5 cents per share fully franked.This comprises a 2.5 cents per share ordinary dividend and 2.0 cents per share special dividend given the strong level of realised gains after tax achieved for the year.The

36、dividend last year was 2.5 cents per share.Approach to DividendsAMCILs approach to paying dividends has been to pay out all available franking credits at the end of each financial year.In addition to the fluctuations in dividends this approach can produce,one of the consequences is that the growth o

37、f the portfolio is constrained when compared to the reinvestment of an appropriate amount of realised capital gains.This is particularly the case when there is a takeover of a large holding or significant gains are made on the sale of individual holdings,as has been the case this year.The Board beli

38、eves that a more appropriate approach to determining dividends,including any special dividends,will consider the amount of income received,the amount of realised capital gains,the level of franking credits generated and investment market conditions.This approach may mean we will no longer be distrib

39、uting all available franking credits at the end of each financial year.The Board does,however,continue to recognise the importance of attractive fully franked dividends to shareholders.Management Expense RatioAMCILs management expense ratio is 0.56 per cent which is an improvement on last years figu

40、re of 0.66 per cent.AMCILs portfolio is managed internally and does not charge portfolio performance fees which leads to lower costs for shareholders.The management expense ratio compares favourably with the average fees charged by managed funds with a similar investment focus and size as AMCIL.For

41、retail investors,these fees can typically be in excess of 1 per cent and can also include additional performance fees.This is an important consideration for investors as many funds often quote their performance returns before fees and costs.Market and Portfolio Returns In a market continuing to grap

42、ple with the residual impacts of COVID-19 disruptions,the S&P/ASX 200 Accumulation Index delivered a return over the 12 months to 30 June 2021 of 29.1 per cent.Figure 1 highlights the returns from different segments of the market,by market capitalisation.Such strong returns were driven by expanded v

43、aluation multiples,particularly across small and mid cap stocks,because of very low interest rates,as well as better than expected company profits in this uncertain environment.The increase in the Australian market was also widespread across sectors,with the Information Technology Sector(which AMCIL

44、 is overweight relative to the Index)and the banking sector(which AMCIL is very underweight relative to the Index)very strong(Figure 2).The banking sector has risen from previous lows during the year supported by a recovering economy,lower than expected bad debt charges and more sustainable dividend

45、 payout ratios.S&P/ASX Small Ordinaries IndexS&P/ASX 50 Leaders IndexJul 20Aug 20Sep 20Oct 20Nov 20Dec 20Jan 21Feb 21Mar 21Apr 21May 21Jun 21S&P/ASX Mid Cap 50 Index13513012512011511010510095IndexFigure 1:Performance of S&P/ASX 50 Leaders,Mid Cap 50 and Small Ordinaries Indices Over the Financial Ye

46、arSource:FactSet6AMCIL Limited Annual Report 20211601401201000S&P/ASX 200 Industrials S&P/ASX 200 BanksS&P/ASX 200 Information Technology S&P/ASX 200 ResourcesJul 20Aug 20Sep 20Oct 20Nov 20Dec 20Jan 21Feb 21Mar 21Apr 21May 21Jun 21Jul 21IndexFigure 2:Selected Sector PerformancesSource:FactSet7AMCIL

47、Limited Annual Report 2021AMCIL produced a portfolio return in excess of the market at 31.8 per cent(Figure 3,return figures include the full benefit of franking).The outperformance can be attributed to the consistent delivery of strong returns from a number of long-standing and large holdings in th

48、e portfolio such as Mainfreight,ARB Corporation,Reece,Objective Corporation and James Hardie Industries.In particular,ARB Corporation and Reece delivered returns in excess of 100 per cent for the year.The long term performance of the portfolio,which is more in line with the Companys investment timef

49、rames,was 12.7 per cent per annum for the 10 years to 30 June 2021,ahead of the Index return of 10.8 per cent per annum(these returns include the full benefit of franking).For an investor reinvesting both dividends and the full benefit of franking credits,$10,000 invested in the AMCIL portfolio 10 y

50、ears ago would be worth$33,055,19 per cent higher than the$27,886 outcome for an equivalent investment in the S&P/ASX 200 Accumulation Index.AMCILs investment approach is to have a concentrated portfolio of high-quality companies that is very different to the S&P/ASX 200 Index(Figure 4)and expected

51、to deliver above-market growth over the long term.As a result,there will be periods when the performance of AMCIL can vary quite markedly from the Index(Figure 5).Noting the difference in annual returns from the Index,the key objective is to deliver a sustained outperformance over the medium to long

52、 term.Adjustments to the PortfolioThe focus on concentrating portfolio exposures to the highest quality businesses has seen the portfolio relatively well positioned through the year.In this context,portfolio adjustments were more limited compared with recent history.The strong increase in share pric

53、es over the year led to some trimming in Reece and Objective Corporation as valuation risk in the portfolio appeared to be heightened.The positions in Qube Holdings,Brambles,Cleanaway Waste Management and APA Group were exited with proceeds from these sales distributed across new and existing holdin

54、gs.New companies added to the portfolio were FINEOS Corporation,ResMed,Temple&Webster,Fisher&Paykel Healthcare,PEXA Group(via participation in its IPO),InvoCare and PKS Holdings.Periods of volatility throughout the year also provided the opportunity to add to the holding in ASX,given the long term a

55、ppeal of its strong market position.Share Price The share price was trading at a discount of 4.2 per cent to the net asset backing(before tax on unrealised gains)at 30 June 2021,compared with a discount of 6.4 per cent at the end of the prior financial year.The share price return for the 12 months t

56、o 30 June 2021 of 35.2 per cent(including franking),was ahead of the portfolio return of 31.8 per cent(including franking)for this period.Review of Operations and ActivitiescontinuedNet asset per share growth plus dividends,including frankingS&P/ASX 200 Accumulation Index,including franking5 years13

57、.1%12.6%3 years14.9%11.0%10 years12.7%10.8%1 year31.8%29.1%Figure 3:Portfolio and Share Price Performance Per Annum Returns to 30 June 2021,Including Franking Credits*Assumes an investor can take full advantage of the franking credits.Past performance is not indicative of future performance.0%5%10%1

58、5%20%25%25%AMCIL portfolio weightS&P/ASX 200 Index weightIndustrialsHealthcareInformationTechnologyMaterialsBanksEnergyCommunicationServicesCashUtilitiesConsumerStaplesRealEstateOtherFinancialsConsumerDiscretionaryFigure 4:Investment by Sector and the Portfolios Variance From the S&P/ASX 200 Index a

59、s at 30 June 2021*8AMCIL Limited Annual Report 20212012201320142015201620172018201920202021AMCIL net asset per share growth including frankingS&P/ASX 200 Accumulation Index including franking30%25%20%15%10%5%0%-5%-10%BCDE,BF1%#,GGH=54A;21A2I3J1A491?852A2:Figure 5:Performance Each Financial Year of A

60、MCIL Including Dividends and Franking Credits Versus the ASX 200 Accumulation Index with Franking*Jun 20Jun 21 Jun 19Jun 18Jun 17Jun 16-10%0%5%10%-5%Figure 6:Share Price Discount/Premium to Net Asset Backing Per Share*Assumes an investor can take full advantage of the franking credits.9AMCIL Limited

61、 Annual Report 2021Over the 10-year period,the share price return has performed well against the portfolio return,with the share price up 14.2 per cent per annum to 30 June 2021 versus the portfolio which was up 12.7 per cent per annum over this period(both figures include franking).Figure 7 outline

62、s the benefit of compound returns and the value of AMCILs investment approach.It shows the total share price return(including dividends and the full benefit of franking credits)from an investment of$10,000 in AMCIL shares over a 10-year period relative to the return from the ASX 200 Accumulation Ind

63、ex,including franking credits.Moving ForwardMoving into the new financial year,the outlook for equity markets is likely to be determined by a number of factors,including the level of inflation and interest rates in Australia and the United States,and how society is placed regarding COVID-19.The elev

64、ated valuation multiples currently on offer in equity markets(Figure 8)make further compelling investment opportunities more challenging to identify.However,our investment experience gives us confidence that we will uncover further opportunities in high-quality and emerging growth companies into the

65、 new financial year,particularly if there is increased volatility.Directorship MattersMr Bruce Teele retired at the Annual General Meeting in October 2020 having been a Director of the Company for over 17 years and Chairman since 2004.The Board wishes to record their profound gratitude to Mr Teele f

66、or his dedicated leadership and outstanding contribution.The Company and its shareholders have greatly benefitted from his experience and wisdom.Mr Rupert Myer AO was appointed Chairman of the Company with effect from the conclusion of the 2020 Annual General Meeting.Mr Ross Barker retired from the

67、Board with effect from 31 January 2021.The Board wishes to record their deep appreciation to Mr Barker for his 24 years of outstanding service to the Company and wish him well for the future.Dr Jodie Auster was appointed as an Independent Non-Executive Director of the Company on 1 February 2021.Dr A

68、uster is currently working on a global project for the People team at Uber.Until recently,she led Uber Eats across Asia Pacific as the Regional General Manager.Prior to this Dr Auster was a Director of Customer Operations and Vice President of People for Thumbtack in San Francisco,and a consultant f

69、or Bain&Company in Australia.Dr Auster has extensive experience working with global technology platforms and has led several start-up businesses to achieve scale.Review of Operations and ActivitiescontinuedJun 11Dec 11Jun 12Dec 12Jun 13Dec 13Jun 14Dec 14Jun 15Dec 15Jun 16Dec 16Jun 17Dec 17Jun 18Dec

70、18Jun 19Dec 19Jun 20Dec 20Jun 21$40,000$35,000$30,000$25,000$20,000$15,000$10,000$5,000$0AMCIL share price return,including frankingS&P/ASX 200 Accumulation Index,including franking Figure 7:10-year Share Price Return of AMCIL Including Dividends and the Full Benefit of Franking CreditsNote assumes

71、the reinvestment of dividends.This chart calculates the benefit of franking credits at the time dividends are paid for both AMCIL and the Index.In practice there is a timing difference between receipt of the dividend and the realisation of the franking benefit in the following tax year.Times20181614

72、12102015201320142011201220162017201820192020202110-year average 15.3Figure 8:Valuation of the Market Price Earnings Ratio of the S&P ASX 200 IndexSource:FactSet10AMCIL Limited Annual Report 2021Includes investments held in both the investment and trading portfolios.Valued at Closing Prices at 30 Jun

73、e 2021Total Value$Million%of the Portfolio1CSL 30.78.32Mainfreight 24.46.53BHP Group 22.36.04Wesfarmers 21.05.65Macquarie Group 16.74.56Transurban Group15.34.17Woolworths Group 14.53.98National Australia Bank 13.83.79ARB Corporation 13.43.610Goodman Group12.83.511IRESS 11.73.212Macquarie Telecom Gro

74、up 11.63.113James Hardie Industries11.23.014C*9.12.515Reece 9.02.416ASX 8.82.417ResMed8.62.318Sydney Airport8.52.319Commonwealth Bank of Australia7.82.120FINEOS Corporation7.72.1Total278.8As percentage of total portfolio value(excludes cash)75.0%*Indicates that options were outstanding against part

75、of the holding.Top 20 InvestmentsAs at 30 June 202111AMCIL Limited Annual Report 2021The Companys financing consists predominantly of shareholders funds.It also has access to bank facilities of$10 million,which were utilised during the year.Likely DevelopmentsThe Company intends to continue its inve

76、stment activities in future years as it has done since recapitalisation.The results of these investment activities depend upon the performance of the companies and securities in which we invest.Their performance in turn depends on many economic factors(macro,which include economic growth rates,infla

77、tion,interest rates,exchange rates and taxation levels and micro which includes industry economics and competitive behaviour)and their approach to,and management of,material Environmental,Social and Governance(ESG)risks.The Directors do not believe it is possible or appropriate to make a prediction

78、on the future course of markets or the performance of the Companys investments.Accordingly,Directors do not provide a forecast of the likely results of our activities.However,the Companys focus is on results over the medium to long term.Capital ChangesAs a result of the Companys Dividend Reinvestmen

79、t Plan 1,387,030 new shares were issued at$0.92 per share in August 2020.As a result of the Companys Dividend Substitution Share Plan 90,899 new shares were issued at a nil cost in August 2020.As a result of the Companys Share Purchase Plan 18,740,597 new shares were issued at$0.97 per share in Nove

80、mber 2020.The Companys buy-back facility remains open although no shares were bought back during the year.The Companys contributed equity rose by$19.4 million to$209.0 million from$189.6 million.At the close of the year the Company had 298.7 million shares on issue.Dividends Directors have declared

81、a fully franked final dividend of 4.5 cents per share(2.5 ordinary dividend,2.0 cents special)(2.5 cents final dividend,also fully franked,last year).Dividends paid during the year ended 30 June 2021 were as follows:$000Final dividend for the year ended 30 June 2020 of 2.5 cents fully franked paid o

82、n 27 August 20206,879Financial Condition12AMCIL Limited Annual Report 2021Listed Investment Company Capital GainsListed Investment Companies(LIC)which make capital gains upon which tax is payable on the sale of investments held for more than one year are able to attach to their dividends a LIC capit

83、al gains amount which some shareholders are able to use to claim a tax deduction.This is called an LIC capital gain attributable part.The purpose of this is to put shareholders in Listed Investment Companies on a similar footing with holders of managed investment trusts with respect to capital gains

84、 tax on the sale of underlying investments.Tax legislation sets out the definition of a Listed Investment Company which AMCIL satisfies.Furthermore,from time to time the Company sells securities out of the investment portfolio held for more than one year which may result in capital gains being made

85、and tax being paid.The Company is therefore on occasion in a position to be able to make available to shareholders a LIC capital gain attributable part with our dividends.In respect of this years final and special dividend of 4.5 cents per share for the year ended 30 June 2021,it carries with it a 5

86、 cents per share LIC capital gain attributable part(2020:nil cents).The amount which shareholders may be able to claim as a tax deduction depends on their individual situation.Further details are provided in the dividend statements.Significant Changes in the State of AffairsDirectors are not aware o

87、f any other significant changes in the operations of the Company,or the environment in which it operates,that will adversely affect the results in subsequent years.Events Since Balance DateThe Directors are not aware of any other matters or circumstance not otherwise disclosed in the Financial Repor

88、t or the Directors Report which has arisen since the end of the financial year that has affected or may affect the operations,or the results of those operations,or the state of affairs of the Company in subsequent financial years.Environmental RegulationsThe Companys operations are such that they ar

89、e not directly affected by any material environmental regulations.Rounding of AmountsThe Company is of the kind referred to in the ASIC Corporations(Rounding in Financial/Directors Reports)Instrument 2016/191,relating to the rounding off of amounts in the Financial Report.Amounts in the Financial Re

90、port have been rounded off in accordance with that Instrument,to the nearest thousand dollars,or in certain cases,to the nearest dollar.13AMCIL Limited Annual Report 2021Chairman of the Investment Committee.My Myer was elected to the Board in January 2000 and appointed Chairman in 2020.Currently,he

91、is President of The Myer Foundation,Chairman of the Yulgilbar Group and a Director of eCargo Holdings Limited,Mutual Trust Pty Limited,The Myer Family Investments Pty Ltd and EV Cargo Limited.Mr Myer was formerly Deputy Chairman of Myer Holdings Ltd,and a Director of Diversified United Investments L

92、imited and Healthscope Limited.Dr Auster joined the Board in February 2021.Dr Auster is currently working on a global project for the People team at Uber.Until recently,she led Uber Eats across Asia Pacific as the Regional General Manager.Prior to this Dr Auster was a Director of Customer Operations

93、 and Vice President of People for Thumbtack in San Francisco,and a consultant for Bain&Company in Australia.Dr Auster has extensive experience working with global technology platforms and has led several start-up businesses to achieve scale.Member of the Investment CommitteeMr Freeman became Chief E

94、xecutive Officer and Managing Director in January 2018 having been Chief Investment Officer since joining the Company in February 2007.Prior to this he was a Partner with Goldman Sachs JBWere where he spent 12 years advising the investment companies on their investment and dealing activities.He has

95、a deep knowledge and experience of investments markets and the Companys approaches,policies and processes.He is also Managing Director of AFIC,Djerriwarrh Investments Limited and Mirrabooka Investments Limited.Member of the Investment Committee.Mr Brown was appointed to the Board in February 2014.He

96、 has been the Non-Executive Chairman of ARB Corporation Limited since 2016.Mr Brown also held the position of Executive Chairman of the Company from 1987 to 2016.Mr Brown has wide experience as a CEO and Director and brings to the Company a wealth of knowledge from ARB Corporations involvement in th

97、e automotive industry in Australia and overseas.Rupert Myer AOChairman and Independent Non-Executive DirectorBCom(Hons)(Melb),MA(Cantab)Jodie AusterIndependent Non-Executive DirectorMBBS,MBAF FinMark Freeman Managing DirectorBE,MBA,Grad Dip App Fin(Sec Inst),AMP(INSEAD)Roger G BrownIndependent Non-E

98、xecutive DirectorB.Eng,MBABoard Members14AMCIL Limited Annual Report 2021Chairman of the Audit Committee.Mr Hirst joined the Board in January 2019.He is a Director of AMP Limited,Butn Limited,GMHBA Limited,GMHBA Services Limited and Deputy Chairman of Racing Victoria Limited.He was Managing Director

99、 and Chief Executive Officer of Bendigo and Adelaide Bank Ltd from 2009 to 2018.He previously held senior Executive and management positions with Colonial Limited,Chase AMP Bank Limited and Westpac Banking Corporation.He is an honorary member of the Business Council of Australia and was a member of

100、the COVID Commission.Member of the Audit and Investment Committees.Mr Webster was appointed to the Board in November 2016.Mr Webster is a consultant at Allens having been a partner of Allens practicing in the area of corporate law and governance for over 30 years and was a Board member of Allens for

101、 12 years.He is a Trustee of the R E Ross Trust and a Director of Hillview Quarries Pty Ltd.He is a former Chairman of the Audit Committee of the Northern Land Council,former Chairman of the Corporations Committee of the Law Council of Australia,a former Director of the Human Rights Law Centre and a

102、 former member of the ASXs Listings Advisory Panel and of the Federal Governments Consultative Group to the Corporations Law Simplification Task Force.Member of the Audit Committee.Ms McKenna joined the Board in March 2016.She has a significant international background in strategy and policy in the

103、public and private sectors.As an Executive she has led consumer facing businesses in the media and digital sectors.She was a Commissioner of the Australian Productivity Commission and a Partner of McKinsey&Company.Ms Mckenna is Executive Chairman of Foxtel,Fox Sports and Australian News Channel,a No

104、n-Executive Director of Woolworths Group,and a Director of Nova Entertainment.Michael J HirstIndependent Non-Executive DirectorB Com(Melb),SF FinJon Webster AMIndependent Non-Executive DirectorBCom,LLB(Hons)LLMSiobhan L McKennaIndependent Non-Executive DirectorB.Ec.(Hons),MPHIL15AMCIL Limited Annual

105、 Report 2021Meetings of Directors The number of meetings of the Companys Board of Directors and of each Board Committee held during the year ended 30 June 2021 and the numbers of meetings attended by each Director were:BoardInvestment Committee Audit Committee Eligible to AttendAttendedEligible to A

106、ttendAttendedEligible to AttendAttendedRH Myer1212202013JR Auster*55-6#-RE Barker*77111122RG Brown12122018-2#M Freeman12122020-3#S McKenna1211-17#33MJ Hirst1212-20#23BB Teele*3366-JJ Webster12129 202 3*BB Teele retired as Chairman and Non-Executive Director on 8 October 2020.*RE Barker retired as a

107、Non-Executive Director on 31 January 2021.*Dr JR Auster was appointed on 1 February 2021.MJ Hirst was appointed as Chairman of Audit Committee and RM Myer stepped down from the Audit Committee effective 8 October 2020.JJ Webster joined the Investment and Audit Committees on 21 January 2021.#Attended

108、 meetings by invitation.Insurance of Directors and Officers During the financial year,the Company paid insurance premiums to insure the Directors and officers named in this report to the extent allowable by law.The terms of the insurance contract preclude disclosure of further details.Corporate Gove

109、rnance StatementA copy of the Companys Corporate Governance Statement for the financial year ended 30 June 2021 can be found on the Companys website at:.au/Corporate-Governance.aspx Board Memberscontinued16AMCIL Limited Annual Report 2021Senior ExecutivesMr Driver joined the Company in January 2003.

110、Previously,he was with National Australia Bank Ltd for 18 years in various roles covering business strategy,marketing,distribution,investor relations and business operations.Mr Driver was formerly Chairman of Trust for Nature(Victoria).Mr Rowe joined the Company in July 2016.He is a Chartered Secret

111、ary with over 15 years of experience in corporate governance with a particular focus in listed investment companies.He was previously a corporate governance advisor at a professional services firm which included acting as Company Secretary for three ASX listed companies.Prior to that he was the Comp

112、any Secretarial Manager for a funds management company based in the United Kingdom.Mr Porter joined the Company in January 2005.He is a Chartered Accountant and has had over 26 years experience in accounting and financial management both in the United Kingdom with Andersen Consulting and Credit Suis

113、se First Boston,and in Australia where he was Regional Chief Operating Officer for the Corporate and Investment Banking Division of CSFB.He is the immediate former Chair of The Group of 100(G100),the peak body for CFOs and remains on the Board,is a Director of the Auditing and Assurance Standards Bo

114、ard(AUASB)and a Director of the Anglican Foundation.Geoffrey N DriverGeneral Manager,Business Development and Investor RelationsB Ec,Grad Dip Finance,MAICDMatthew Rowe Company SecretaryBA(Hons),MSc Corp Gov,FGIA,FCISAndrew JB Porter Chief Financial OfficerMA(Hons)(St And),FCA,MAICD17AMCIL Limited An

115、nual Report 2021(a)Principles Used to Determine Nature and Amount of RemunerationThe constitution of AMCIL requires approval by the shareholders in a general meeting of a maximum amount of remuneration to be allocated between Non-Executive Directors as they determine.In proposing the maximum amount

116、for consideration in general meeting,and in determining the allocation,the Board takes account of the time demands made on Directors,together with such factors as the general level of fees paid to Australian corporate Directors.The amount of remuneration excludes amounts that were owing to them when

117、 the Directors retirement allowances were frozen at 31 December 2003.Shareholders approved an aggregate maximum amount of$600,000 for the remuneration of Directors at the AGM in October 2012.Directors hold office until such time as they retire,resign or are removed from office under the terms set ou

118、t in the constitution of the Company.AMCIL does not pay any performance-based remuneration.Mr Freeman is made available as Managing Director of AMCIL by Australian Investment Company Services Ltd(AICS).As part of his remuneration arrangements with AICS,Mr Freeman receives an at risk component which

119、is based on performance,as do other Executives.The performance criteria include quantitative and qualitative assessments which include,amongst other things,the services that he has provided to AMCIL and for which AICS is paid.The Directors and the Company have agreed to freeze Directors retirement b

120、enefits at the 31 December 2003 level.This frozen amount will be paid to the respective Directors when they ultimately retire,without further adjustment.The Company continues to pay SGC contributions on Directors fees.(b)Remuneration of DirectorsDirectors of the Company determine the fees of Directo

121、rs within the aggregate limit established by shareholders in general meeting.Details of the nature and amounts of each Directors remuneration in respect of the year to 30 June 2021 were as follows:Short TermPost-employmentTotal Remuneration$Fee/Base Salary$Superannuation$BB Teele Chairman(Non-Execut

122、ive)(retired 8 October 2020)202131,7653,01834,7832020116,89511,105128,000RH Myer Director Chairman from 8 October 2020(Non-Executive)2021101,0139,596110,609202058,4475,55364,000J Auster Director(Non-Executive)(appointed 1 February 2021)202124,3532,31426,667RE Barker Director(Non-Executive)(retired 3

123、1 January 2021)202134,0943,23937,333202058,4475,55364,000RG Brown Director(Non-Executive)202158,4475,55364,000202058,4475,55364,000M Freeman Managing Director(Executive)2021-2020-MJ Hirst Director(Non-Executive)202158,4475,55364,000202058,4475,55364,000SL McKenna Director(Non-Executive)202158,4475,5

124、5364,000202058,4475,55364,000JJ Webster Director(Non-Executive)202158,4475,55364,000202058,4475,55364,000Total remuneration:Directors2021425,01340,379465,3922020467,57744,423512,000Remuneration Report18AMCIL Limited Annual Report 2021(c)Directors Retirement AllowancesThe Board proposed and sharehold

125、ers approved at the 2004 AGM discontinuing the practice of paying Directors retirement allowances.The Directors retirement allowance provided in past years was equal to the total emoluments that the Director received in the three years immediately preceding retirement,where a Director had held offic

126、e for five or more years and a proportionate part for less than five years service.For RH Myer,who was in office at 31 December 2003,the amounts accrued as at that date will be paid to him upon his ultimate retirement.$87,000 of accrued retirement allowance was paid to RE Barker on the occasion of h

127、is retirement.No further accruals of Directors retiring allowances will be made after 31 December 2003.New Directors appointed to the Company will not be entitled to any Directors retirement allowance.The amounts payable to the respective current Directors who were in office at 31 December 2003,whic

128、h will be paid when they retire,are set out below.These amounts were expensed in prior years as the retirement allowances accrued.Amount Payable on Retirement$RH Myer68,150Holdings of Securities Issued by the CompanyAs at 30 June 2021,Directors and Executives who held shares issued by the Company fo

129、r their own benefit or who have an interest in holdings in the name of another party,and the total number of such securities,are as follows:Balance at 1 July 2020Net ChangesBalance at 30 June 2021RH Myer1,400,000522,5031,922,503J Austern/a-RE Barker4,861,871n/an/aRG Brown1,475,83871,0321,546,870M Fr

130、eeman870,33985,505955,844MJ Hirst345,000(141,573)203,427SL McKenna705,55019,172724,722BB Teele50,014,141n/an/aJJ Webster2,024,084107,0752,131,159GN Driver407,01941,987449,006AJB Porter53,7093,00556,714MJ Rowe5,1083,2308,338It is the Companys policy that no AMCIL shares owned by Directors or Executiv

131、es are held subject to margin loans.(d)ExecutivesThe Company has four Executives:M Freeman,Managing Director;GN Driver,General Manager Business Development and Investor Relations;AJB Porter,Chief Financial Officer;and MJ Rowe who is Company Secretary(30 June 2020:four Executives).No remuneration is

132、paid to the Executives directly by AMCIL as their services are provided pursuant to an arrangement with AICS as outlined in the Notes to the Financial Statements.However,the Managing Director,General Manager Business Development and Investor Relations,the Chief Financial Officer and the Company Secr

133、etary were all required to purchase AMCIL shares as part of their Annual Incentive Plans.All Executives purchased shares during the year under this plan.19AMCIL Limited Annual Report 2021Details of non-audit services performed by the auditors may be found in Note F2 of the Financial Report.The Board

134、 of Directors has considered the position and,in accordance with the advice received from the Audit Committee,is satisfied that the provision of the non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.The Directors are satisfie

135、d that the provision of non-audit services by the auditor,as set out below,did not compromise the auditor independence requirements of the Corporations Act 2001 for the following reasons:all non-audit services have been reviewed by the Audit Committee to ensure they do not impact the impartiality an

136、d objectivity of the auditor;and none of the services undermine the general principles relating to auditor independence as set out in the Corporations Act 2001 including reviewing or auditing the auditors own work,acting in management or a decision-making capacity for the Company,acting as advocate

137、for the Company,or jointly sharing economic risk and rewards.A copy of the Auditors Independence Declaration is set out on page 21.This report in relation to the financial year to 30 June 2021 is presented by the Directors of the Company in accordance with a resolution of Directors.R Myer AOChairman

138、Melbourne27 July 2021Non-audit Services20AMCIL Limited Annual Report 2021Auditors Independence Declaration21AMCIL Limited Annual Report 2021FINANCIAL STATEMENTS23 FINANCIAL STATEMENTS23 Income Statement24 Statement of Comprehensive Income25 Balance Sheet26 Statement of Changes in Equity27 Cash Flow

139、Statement 28 NOTES TO THE FINANCIAL STATEMENTS28 A.Understanding AMCILs Financial Performance28 A1.How AMCIL Manages Its Capital 28 A2.Investments Held and How They Are Measured29 A3.Operating Income30 A4.Dividends Paid31 A5.Earnings Per Share31 B.Costs,Tax and Risk31 B1.Management Costs32 B2.Tax33

140、B3.Risk34 C.Unrecognised Items34 C1.Contingencies35 D.Balance Sheet Reconciliations35 D1.Current Assets Cash35 D2.Credit Facilities 35 D3.Revaluation Reserve36 D4.Realised Capital Gains Reserve36 D5.Retained Profits36 D6.Share Capital37 E.Income Statement Reconciliations37 E1.Reconciliation of Net C

141、ash Flows From Operating Activities to Profit37 E2.Tax Reconciliations38 F.Further Information38 F1.Related Parties38 F2.Remuneration of Auditors38 F3.Segment Reporting39 F4.Summary of Other Accounting Policies22AMCIL Limited Annual Report 2020Note2021$0002020$000Dividends and distributionsA38,3137,

142、074Revenue from deposits and bank bills5104Other revenue5154Total revenue8,3697,232Net gains on trading portfolio A3198393Income from options written portfolioA3154857Income from operating activities8,7218,482Finance costs(95)(98)Administration expensesB1(1,850)(1,797)Profit before income tax expens

143、e6,7766,587Income tax expenseB2,E2-(624)Profit for the year6,7765,963CentsCentsBasic earnings per shareA52.332.15This Income Statement should be read in conjunction with the accompanying notes.Income StatementFor the Year Ended 30 June 202123AMCIL Limited Annual Report 2021Statement of Comprehensive

144、 IncomeFor the Year Ended 30 June 2021Year to 30 June 2021Year to 30 June 2020Revenue1$000Capital1$000Total$000Revenue1$000Capital1$000Total$000Profit for the year6,776-6,7765,963-5,963Other comprehensive incomeGains for the period-88,42588,425-10,89310,893Tax on above-(27,280)(27,280)-(3,317)(3,317

145、)Total other comprehensive income-61,14561,145-7,5767,576Total comprehensive income 6,77661,14567,9215,9637,57613,5391.Capital includes realised or unrealised gains or losses(and the tax on those)on securities in the investment portfolio.Income in the form of distributions and dividends is recorded

146、as revenue.All other items,including expenses,are included in profit for the year,which is categorised under revenue.None of the items included in other comprehensive income will be recycled through the Income Statement.This Statement of Comprehensive Income should be read in conjunction with the ac

147、companying notes.24AMCIL Limited Annual Report 2021Balance SheetAs at 30 June 2021Note2021$0002020$000Current assetsCash D110,9339,190Receivables3,315719Total current assets14,2489,909Non-current assetsDeferred tax assetsE2-14Investment portfolioA2371,865269,617Total non-current assets371,865269,631

148、Total assets386,113279,540Current liabilitiesPayables83175Tax payable5,6051,107Options soldA247-Total current liabilities5,7351,282Non-current liabilitiesDeferred tax liabilities otherE258-Deferred tax liabilities investment portfolioB244,97723,363Total non-current liabilities45,03523,363Total liabi

149、lities50,77024,645Net assets335,343254,895Shareholders equityShare capitalA1,D6208,987189,581Revaluation reserveA1,D388,60540,075Realised capital gains reserveA1,D428,29915,684Retained profitsA1,D59,4529,555Total shareholders equity335,343254,895This Balance Sheet should be read in conjunction with

150、the accompanying notes.25AMCIL Limited Annual Report 2021Year Ended 30 June 2021NoteShare Capital$000Revaluation Reserve$000Realised Capital GainsReserve$000Retained Profits$000Total$000Total equity at the beginning of the year189,58140,07515,6849,555254,895Dividends paidA4-(6,879)(6,879)Shares issu

151、ed under Dividend Reinvestment PlanD61,276-1,276Shares issued under Share Purchase PlanD618,178-18,178Other share capital adjustments(48)-(48)Total transactions with shareholders19,406-(6,879)12,527Profit for the year-6,7766,776Other comprehensive income(net of tax)Net gain for the period on investm

152、ents-61,145-61,145Other comprehensive income for the year-61,145-61,145Transfer to realised capital gains reserve of realised gains on investments sold-(12,615)12,615-Total equity at the end of the year208,98788,60528,2999,452335,343Year Ended 30 June 2020NoteShare Capital$000Revaluation Reserve$000

153、Realised Capital Gains$000Retained Profits$000Total$000Total equity at the beginning of the year186,16836,78419,6374,965247,554Dividends paidA4-(8,238)(1,373)(9,611)Shares issued under Dividend Reinvestment PlanD63,426-3,426Other share capital adjustments(13)-(13)Total transactions with shareholders

154、3,413-(8,238)(1,373)(6,198)Profit for the year-5,9635,963Other comprehensive income(net of tax)Net gain for the period on investments-7,576-7,576Other comprehensive income for the year-7,576-7,576Transfer to realised capital gains reserve of realised gains on investments sold-(4,285)4,285-Total equi

155、ty at the end of the year189,58140,07515,6849,555254,895This Statement of Changes in Equity should be read in conjunction with the accompanying notes.Statement of Changes in EquityFor the Year Ended 30 June 202126AMCIL Limited Annual Report 2021Cash Flow StatementFor the Year Ended 30 June 2021Note2

156、021$000 Inflows/(Outflows)2020$000 Inflows/(Outflows)Cash flows from operating activitiesSales from trading portfolio 2,0903,599Purchases for trading portfolio(1,607)(2,560)Interest received5104Proceeds from entering into options in options written portfolio2371,154Payment to close out options in op

157、tions written portfolio(37)(1,514)Dividends and distributions received5,5456,5086,2337,291Other receipts5154Administration expenses(1,942)(1,797)Finance costs paid(96)(98)Income taxes paid(425)-Net cash inflow/(outflow)from operating activitiesE13,8215,450Cash flows from investing activitiesSales fr

158、om investment portfolio55,102117,527Purchases for investment portfolio(69,035)(120,662)Tax paid on capital gains(672)(915)Net cash inflow/(outflow)from investing activities(14,605)(4,050)Cash flows from financing activitiesShares issued19,4543,426Share issue transaction costs(48)(13)Dividends paid(6

159、,879)(9,611)Net cash inflow/(outflow)from financing activities12,527(6,198)Net increase/(decrease)in cash held1,743(4,798)Cash at the beginning of the year9,19013,988Cash at the end of the yearD110,9339,190For the purpose of the Cash Flow Statement,cash includes cash and deposits held at call.This C

160、ash Flow Statement should be read in conjunction with the accompanying notes.27AMCIL Limited Annual Report 2021A.Understanding AMCIL s Financial PerformanceA1.How AMCIL Manages Its CapitalAMCILs objective is to provide shareholders with attractive total returns including strong capital growth over t

161、he medium to long term and to pay fully franked dividends.AMCIL recognises that its capital will fluctuate with market conditions.In order to manage those fluctuations,the Board may adjust the amount of dividends paid,issue new shares,buy back the Companys shares or sell assets to settle any debt.AM

162、CILs capital consists of its shareholders equity plus any net borrowings.A summary of the balances in equity is provided below:2021$0002020$000Share capital208,987189,581Revaluation reserve88,60540,075Realised capital gains reserve28,29915,684Retained profits9,4529,555335,343254,895Refer to Notes D3

163、D6 for a reconciliation of movement for each equity account from period to period.A2.Investments Held and How They Are MeasuredAMCIL has three portfolios of securities:the investment portfolio,the options written portfolio and the trading portfolio.Details of all holdings(except for specific option

164、holdings)as at the end of the reporting period can be found at the end of the Annual Report.The investment portfolio holds securities which the Company intends to retain on a long term basis.The options written portfolio and trading portfolio are held for short term trading only.The latter is relati

165、vely small in size when utilised.The options written portfolio can contain both call and put options and call options are only written over securities held in the investment portfolio.The balance and composition of the investment portfolio was:2021$0002020$000Equity instruments(at market value)371,8

166、65269,617371,865269,617The fair value(the price at which the option may be bought)at 30 June of the securities in the options written portfolio was:Call options(47)-Put options-(47)-All options written by the Company and open at year end are call options.If all options were exercised,this would lead

167、 to the sale of$2.0 million worth of securities at an agreed price the exposure(2020:$nil).$8.9 million of shares are lodged with ASX Clear Pty Ltd as collateral for sold option positions written by the Company (2020:$7.7 million).These shares are lodged with ASX Clear under the terms of ASX Clear P

168、ty Ltd which require participants in the exchange traded option market to lodge collateral,and are recorded as part of the Companys investment portfolio.How Investments Are Shown in the Financial StatementsThe accounting standards set out the following hierarchy for fair value measurement:Level 1:qu

169、oted prices in active markets for identical assets or liabilities.Level 2:inputs other than quoted prices,which can be observed either directly(as prices)or indirectly(derived from prices).Level 3:inputs for the asset or liabilities that are not based on observable market data.All financial instrume

170、nts held by AMCIL are classified as Level 1(other than an immaterial amount of call or put options when written and the investment in PEXA Group,which is classified as Level 2 as it did not start trading until 1 July 2021).Their fair values are initially measured at the costs of acquisition and then

171、 remeasured based on quoted market prices at the end of the reporting period.NOTES TO THE FINANCIAL STATEMENTS28AMCIL Limited Annual Report 2021Net Tangible Asset Backing Per ShareThe Board regularly reviews the net asset backing per share both before and after provision for deferred tax on the unre

172、alised gains in AMCILs long term investment portfolio.Deferred tax is calculated as set out in Note B2.The relevant amounts as at 30 June 2021 and 30 June 2020 were as follows:30 June 2021$30 June 2020$Net tangible asset backing per shareBefore tax1.271.00After tax1.120.92Equity InvestmentsThe share

173、s in the investment portfolio are designated under the accounting standards as financial assets measured at fair value through other comprehensive income(OCI),because they are equity instruments held for long term capital growth and dividend income,rather than to make a profit from their sale.This m

174、eans that changes in the value of these shares during the reporting period are included in OCI in the Statement of Comprehensive Income.The cumulative change in value of the shares over time is then recorded in the revaluation reserve.On disposal,the amounts recorded in the revaluation reserve are t

175、ransferred to the realised capital gains reserve.OptionsOptions are classified as financial assets or liabilities at fair value through profit and loss and usually have an expiry date within 12 months from the date that they are sold.Options written are initially brought to account at the amount rec

176、eived upfront for entering into the contract(the premium)and subsequently revalued to current market value.Securities Sold and How They Are MeasuredWhere securities are sold,any difference between the sale price and the cost is transferred from the revaluation reserve to the realised capital gains r

177、eserve and the amounts noted in the Statement of Changes in Equity.This means the Company is able to identify the realised gains out of which it can pay a Listed Investment Company(LIC)gain as part of the dividend,which conveys certain taxation benefits to many of AMCILs shareholders.The realised ga

178、in or loss on options written is not recognised until the option expires,is exercised or is closed out.All unrealised gains or losses which represent movements in the market value of the options are recognised through the Income Statement.During the period$57.4 million(2020:$115.4 million)of equity

179、securities were sold.The cumulative gain on the sale of securities from the investment portfolio was$12.6 million for the period after tax(2020:$4.3 million).This has been transferred from the revaluation reserve to the realised capital gains reserve(see Statement of Changes in Equity).These sales w

180、ere accounted for at the date of trade.A3.Operating IncomeThe total income received from AMCILs investments in 2021 is set out below.2021$0002020$000Dividends and distributionsDividends from securities held in investment portfolio at 30 June8,0075,148Dividends from investment securities sold during

181、the year3061,926Dividends from trading securities sold during the year-8,3137,074Dividends from listed securities are recognised as income when those securities are quoted in the market on an ex-distribution basis.Dividends from unlisted securities are recognised as income when they are received.Cap

182、ital returns on ordinary shares are treated as an adjustment to the carrying value of the shares.29AMCIL Limited Annual Report 2021Trading Income and Non-equity InvestmentsNet gains(before tax)on the trading and options portfolio are set out below.2021$0002020$000Net gains Net realised gains/(losses

183、)from securities in trading portfolio198393Realised gains on options written portfolio 159857Unrealised gains/(losses)on options written portfolio(5)-3521,250A4.Dividends PaidThe dividends paid and payable for the year ended 30 June 2021 are shown below:2021$0002020$000(a)Dividends Paid During the Y

184、earFinal dividend for the year ended 30 June 2020 of 2.5 cents fully franked at 30 per cent,paid on 27 August 2020(2020:3.5 cents fully franked at 30 per cent,paid on 23 August 2019)6,8799,6116,8799,611(b)Franking CreditsBalance on the franking account after allowing for tax payable in respect of th

185、e current years profits and the receipt of dividends recognised as receivables7,7713,391Impact on the franking account of dividends declared but not recognised as a liability at the end of the current financial year(5,761)(2,984)Net available2,010407These franking account balances would allow AMCIL

186、to frank additional dividend payments at a rate of 30 per cent(30 June 2020:30 per cent)up to an amount of:4,690950AMCILs ability to continue to pay franked dividends is dependent upon the receipt of franked dividends from the trading and investment portfolios and on AMCIL paying tax.(c)Dividends De

187、clared After Balance DateSince the end of the year Directors have declared a final dividend of 2.5 cents per share and a special dividend of 2 cents per share,both fully franked at 30 per cent.The aggregate amount of the final dividend for the year to 30 June 2021 to be paid on 26 August 2021,but no

188、t recognised as a liability at the end of the financial year is:13,443(d)Listed Investment Company Capital Gain AccountBalance of the Listed Investment Company(LIC)capital gain account14,7652,600This equates to an attributable gain of21,0923,714Distributed LIC capital gains may entitle certain share

189、holders to a deduction in their tax return,as set out in the dividend statement.LIC capital gains available for distribution are dependent on the disposal of investment portfolio holdings that qualify for LIC capital gains,or the receipt of LIC distributions from LIC securities held in the portfolio

190、s.$14.9 million of the attributable gain is being paid out as part of the final dividend.Notes to the Financial Statements continued30AMCIL Limited Annual Report 2021A5.Earnings Per ShareThe table below shows the earnings per share based on the profit for the year:Basic Earnings Per Share2021 Number

191、2020 NumberWeighted average number of ordinary shares used as the denominator290,908,748277,943,049$000$000Profit for the year6,7765,963CentsCentsBasic earnings per share2.332.15DilutionAs there are no options,convertible notes or other dilutive instruments on issue,diluted earnings per share is the

192、 same as basic earnings per share.B.Costs,Tax and RiskB1.Management CostsThe total management expenses for the period are as follows:2021$0002020$000Administration fees paid to AICS(916)(839)Other administration expenses(934)(958)(1,850)(1,797)Administration Fees Paid to AICSAustralian Investment Co

193、mpany Services Limited(AICS)undertakes the day-to-day administration of AMCILs investments and its operations,including financial reporting.Other Administration ExpensesA major component of other administration expenses is Directors remuneration.This has been summarised below:Short Term Benefits$Pos

194、t-employment Benefits$Total$2021Directors425,01340,379465,3922020Directors467,57744,423512,000AMCIL recognises Directors retirement allowances that have been crystallised as amounts payable.There are no further retirement allowances that will need to be expensed.Detailed remuneration disclosures are

195、 provided in the Remuneration Report.The Company does not make loans to Directors.31AMCIL Limited Annual Report 2021B2.TaxAMCILs tax position,and how it accounts for tax,is explained here.Detailed reconciliations of tax accounting to the financial statements can be found in Note E2.The income tax ex

196、pense for the period is the tax payable on this financial years taxable income,adjusted for any changes in deferred tax assets and liabilities attributable to temporary differences and for any unused tax losses.Deferred tax assets and liabilities(except for those related to the unrealised gains or l

197、osses in the investment portfolio)are offset,as all current and deferred taxes relate to the Australian Taxation Office and can legally be settled on a net basis.Deferred tax balances are calculated at the rate of 30 per cent(2020:30 per cent).A provision has been made for taxes on any unrealised ga

198、ins or losses on securities valued at fair value through the Income Statement i.e.the trading portfolio and the options written portfolio.A provision also has to be made for any taxes that could arise on sale of securities in the investment portfolio,even though there is no intention to dispose of t

199、hem.Where AMCIL disposes of such securities,tax is calculated according to the particular parcels allocated to the sale for tax purposes,offset against any capital losses carried forward.Tax ExpenseThe income tax expense for the period is shown below:(a)Reconciliation of Income Tax Expense to Prima

200、Facie Tax Payable2021$0002020$000Profit before income tax expense 6,7766,587Tax at the Australian company tax rate of 30 per cent(2020:30 per cent)2,0331,976Tax offset for franked dividends received(1,216)(1,365)Demerger dividend non-taxable(648)-Tax effect of sundry items either taxable in current

201、year but not included in income or non-taxable(114)5255663Over provision in prior years(55)(39)Total tax expense-624Deferred Tax Liabilities Investment PortfolioThe accounting standards require us to recognise a deferred tax liability for the potential capital gains tax on the unrealised gain in the

202、 investment portfolio.This amount is shown in the Balance Sheet.However,the Board does not intend to sell the investment portfolio,so this tax liability is unlikely to arise at this amount.Any sale of securities would also be affected by any changes in capital gains tax legislation or tax rate appli

203、cable to such gains when they are sold.2021$0002020$000Deferred tax liabilities on unrealised gains in the investment portfolio44,97723,363Opening balance at 1 July23,36320,718Tax on realised gains(at 30 per cent)(5,666)(672)Charged to OCI for ordinary securities on gains or losses for the period27,

204、2803,31744,97723,363Notes to the Financial Statements continued32AMCIL Limited Annual Report 2021B3.RiskMarket Risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices.As a Listed Investment Company that invest

205、s in tradeable securities,AMCIL can never be free of market risk as it invests its capital in securities which are not risk free the market price of these securities will fluctuate.A general fall in market prices of 5 per cent and 10 per cent,if spread equally over all assets in the investment portf

206、olio,would have led to a reduction in AMCILs comprehensive income of$13.0 million and$26.0 million respectively,at a tax rate of 30 per cent (2020:$9.4 million and$18.9 million at a tax rate of 30 per cent).AMCIL seeks to reduce market risk at the investment portfolio level by ensuring that it is no

207、t,in the opinion of the Investment Committee,overly exposed to one company or one particular sector of the market.The relative weightings of the individual securities and the relevant market sectors are reviewed by the Investment Committee and risk can be managed by reducing exposure where necessary

208、.AMCIL does not have a minimum or maximum amount of the portfolio that can be invested in a single company or sector.AMCILs investment exposure by sector is as below:2021%2020%Energy1.192.28Materials8.768.97Industrials15.9923.85Consumer Discretionary13.3510.42Consumer Staples 3.783.21Banks 5.635.58O

209、ther Financials and Real Estate13.449.77Telecommunications8.518.54Healthcare15.9614.31Information Technology 10.538.07Utilities-1.70Cash2.863.30There were four securities representing over 5 per cent of the combined investment and trading portfolio(including options)at 30 June 2021:CSL(8.3 per cent)

210、,Mainfreight(6.5 per cent),BHP(6.0 per cent)and Wesfarmers(5.6 per cent)(2020 three:CSL (9.5 per cent),BHP(6.1 per cent)and Wesfarmers(5.9 per cent).AMCIL is not currently materially exposed to interest rate risk as the majority of its cash investments are in an overnight at call account invested in

211、 cash management trusts which invest predominantly in securities with an A1+rating and which are for fixed rates for short term duration.AMCIL is also not directly materially exposed to currency risk as most of its investments are quoted in Australian dollars.The writing of call options provides som

212、e protection against a fall in market prices as it generates income to partially compensate for a fall in capital values.Options are only written against securities that are held in the trading or investment portfolios although stock may be purchased on-market to meet call obligations.Credit Risk Cr

213、edit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.AMCIL is exposed to credit risk from cash,receivables,securities in the trading portfolio and securities in the investment portfolio respectively.None

214、of these assets are overdue.The risk in relation to each of these items is set out below.Cash All cash investments not held in a transactional account are invested in short term deposits with Australias big four commercial banks or in cash management trusts which invest predominantly in securities w

215、ith an A1+rating.In the unlikely event of a bank default or default on the underlying securities in the cash trust,there is a risk of losing the cash deposits and any accrued unpaid interest.ReceivablesOutstanding settlements are on the terms operating in the securities industry,which usually requir

216、e settlement within two days of the date of a transaction.Receivables are non-interest bearing and unsecured.In the event of a payment default,there is a risk of losing any difference between the price of the securities sold and the price of the recovered securities from the discontinued sale.Receiv

217、ables also include dividends from securities that have passed the record date for the distribution but have not paid as at balance date.33AMCIL Limited Annual Report 2021Trading and Investment PortfoliosConverting and convertible notes or other interest-bearing securities that are not equity securit

218、ies carry credit risk to the extent of their carrying value.This risk will be realised in the event of a shortfall on winding-up of the issuing companies.Liquidity RiskLiquidity risk is the risk that an entity will not be able to meet its financial liabilities.AMCIL monitors its cash flow requiremen

219、ts daily.The Investment Committee also monitors the level of contingent payments on a regular basis by reference to known sales and purchases of securities,dividends and distributions to be paid or received,put options that may require AMCIL to purchase securities,and facilities that need to be repa

220、id.AMCIL ensures that it has either cash or access to short term borrowing facilities sufficient to meet these contingent payments.AMCILs inward cash flows depend upon the dividends received.Should these drop by a material amount,AMCIL would amend its outward cash flows accordingly.AMCILs major cash

221、 outflows are the purchase of securities and dividends paid to shareholders,and both of these can be adjusted by the Board and management.Furthermore,the assets of AMCIL are largely in the form of readily tradeable securities which can be sold on-market if necessary.The table below analyses AMCILs f

222、inancial liabilities into relevant maturity groupings.The amounts disclosed in the table are the contractual undiscounted cash flows.Balances due within 12 months equal their carrying amounts as the impact of discounting is not significant.Less Than 6 Months$000612 Months$000Greater Than 1 Year$000T

223、otal Contractual Cash Flows$000Carrying Amount$00030 June 2021Payables83-8383Options written*-4783-8313030 June 2020Payables175-175175175-175175*In the case of call options,there are no contractual cash flows as if the option is exercised the contract will be settled in the securities over which the

224、 option is written.The contractual cash flows for put options written are the cash sums the Company will pay to acquire securities over which the options have been written,and it is assumed for purpose of the above disclosure that all options will be exercised(i.e.maximum cash outflow).There were no

225、 put options outstanding as at 30 June.C.Unrecognised ItemsC1.ContingenciesDirectors are not aware of any material contingent liabilities or contingent assets other than those already disclosed elsewhere in the Financial Report.Notes to the Financial Statements continued34AMCIL Limited Annual Report

226、 2021Further notes to the financial statements are included here.It is grouped into three sections:D.Balance Sheet ReconciliationsE.Income Statement ReconciliationsF.Further InformationD.Balance Sheet ReconciliationsThis section provides further information about the basis of calculation of line ite

227、ms in the financial statements.D1.Current Assets Cash2021$0002020$000Cash at bank and in hand(including on-call)10,9339,190Cash holdings yielded an average floating interest rate of 0.12 per cent(2020:0.99 per cent).All cash investments are held in a transactional account or an overnight at call acc

228、ount invested in cash management trusts which invest predominantly in short term securities with an A1+rating.D2.Credit FacilitiesThe Company was party to agreements under which Commonwealth Bank of Australia would extend cash advance facilities.2021$0002020$000Commonwealth Bank of Australia cash ad

229、vance facility 10,00010,000Amount drawn down at 30 June-Undrawn facilities at 30 June10,00010,000Repayment of facilities is done either through the use of cash received from distributions or the sale of securities,or by rolling existing facilities into new ones.Facilities when utilised are usually d

230、rawn down for no more than three months.D3.Revaluation Reserve2021$0002020$000Opening balance at 1 July 202040,07536,784Gains on investment portfolio88,42510,893Deferred tax on above(27,280)(3,317)Transfer to realised capital gains reserve for realised gains(12,615)(4,285)88,60540,075This reserve is

231、 used to record increments and decrements on the revaluation of the investment portfolio as described in accounting policy Note A2.35AMCIL Limited Annual Report 2021D4.Realised Capital Gains Reserve2021$0002020$000Taxable Realised Gains (Net of Tax)Difference Between Tax and Accounting CostsTotalTax

232、able Realised Gains (Net of Tax)Difference Between Tax and Accounting Costs TotalOpening balance at 1 July68714,99715,6847,35712,28019,637Dividends paid-(8,238)-(8,238)Cumulative taxable realised (losses)/gains for period 18,789(508)18,2812,2402,7174,957Tax on realised gains/(losses)(5,666)-(5,666)(

233、672)-(672)13,81014,48928,29968714,99715,684This reserve records gains or losses after applicable taxation arising from disposal of securities in the investment portfolio as described in A2.The difference between tax and accounting costs is a result of realised gains or losses being accounted for on

234、an average cost basis,whilst taxable gains or losses are made based on the specific cost of the actual stock sold i.e.on a parcel selection basis.These differences also include non-taxable realised gains or losses,e.g.losses under off-market buy-backs.D5.Retained Profits2021$0002020$000Opening balan

235、ce at 1 July9,5554,965Dividends paid(6,879)(1,373)Profit for the year6,7765,9639,4529,555This reserve relates to past profits.D6.Share CapitalDateDetailsNoteNumberof Shares 000Issue Price$Paid-upCapital$00001/7/2019Balance274,586186,16823/8/2019Dividend Reinvestment Plani3,9380.873,426VariousCosts o

236、f issue-(13)30/6/2020Balance278,524189,58127/8/2020Dividend Reinvestment Plani1,3870.921,27627/8/2020Dividend Substitution Share Planii910.92n/a25/11/2020Share Purchase Planiii18,7410.9718,178VariousCosts of issue-(48)30/6/2021Balance298,743208,987i.Shareholders elect to have all or part of their di

237、vidend payment reinvested in new ordinary shares under the Dividend Reinvestment Plan(DRP).The price of the new DRP shares is based on the average selling price of shares traded on the Australian Securities Exchange(ASX)and Chi-X in the five days after the shares begin trading ex-dividend.ii.The Com

238、pany has a Dividend Substitution Share Plan(DSSP)whereby shareholders may elect to forgo a dividend and receive shares instead.Pricing for the DSSP shares is done as per the DRP shares.iii.During the year ended 30 June 2021 the Company announced a Share Purchase Plan(SPP).The SPP issue price was set

239、 at a nil discount to the volume-weighted average price of AMCIL shares traded on the Australian Securities Exchange(ASX)and Chi-X over the five trading days up to,and including,the day before the SPP offer was announced.All shares have been fully paid,rank pari passu and have no par value.Notes to

240、the Financial Statements continued36AMCIL Limited Annual Report 2021E.Income Statement ReconciliationsE1.Reconciliation of Net Cash Flows from Operating Activities to Profit2021$0002020$000Profit for the year6,7765,963Demerger dividend(non-cash)(2,159)-Increase/(decrease)in options written portfolio

241、47(1,217)Dividends received as securities under DRP investments-(368)Decrease/(increase)in current receivables(2,596)2,274 Less increase/(decrease)in receivables for investment portfolio2,269(1,826)Increase/(decrease)in deferred tax liabilities21,6862,768 Less(increase)/decrease in deferred tax liab

242、ility on investment portfolio(21,614)(2,645)Increase/(decrease)in current payables(92)2Increase/(decrease)in provision for tax payable4,498256 Less CGT provision(5,666)(672)Add taxes paid on capital gains672915Net cash flows from operating activities3,8215,450E2.Tax Reconciliations2021$0002020$000Ta

243、x Expense CompositionCharge/(credit)for tax payable relating to the current year(17)540Over provision in prior years(55)(39)(Increase)/decrease in deferred tax assets 72123-624Amounts Recognised Directly Through Other Comprehensive IncomeNet movement in tax liabilities relating to capital gains tax

244、on the movement in gains in the investment portfolio27,2803,31727,2803,317Deferred Tax Assets and Liabilities The deferred tax balances are attributable to:2021$0002020$000(a)Tax on unrealised gains or losses in the options written portfolio1-(b)Provisions and expenses charged to the accounting prof

245、it which are not yet tax deductible2247(c)Interest and dividend income receivable which is not assessable for tax until receipt(81)(33)(58)14Movements:Opening asset/(liability)balance at 1 July14137Credited/(charged)to Income statement(72)(123)(58)14Deferred tax assets arise when provisions and expe

246、nses have been charged but are not yet tax deductible.These assets are realised when the relevant items become tax deductible,as long as enough taxable income has been generated to claim the assets against,and as long as there are no changes to the tax legislation that affect AMCILs ability to claim

247、 the deduction.As noted in B2,deferred tax assets and liabilities have been calculated at a rate of 30 per cent(2020:30 per cent).37AMCIL Limited Annual Report 2021F.Further InformationThis section covers information that is not directly related to specific line items in the financial statements,inc

248、luding information about related party transactions,assets pledged as security and other statutory information.F1.Related PartiesAll transactions with deemed related parties were made on normal commercial terms and conditions and approved by independent Directors.F2.Remuneration of AuditorsDuring th

249、e year the auditor earned the following remuneration:2021$2020$PricewaterhouseCoopersAudit or review of financial reports 108,892104,678Permitted non-audit servicesTaxation compliance services9,4509,264Total remuneration118,342113,942F3.Segment ReportingOperating segments are reported in a manner co

250、nsistent with the internal reporting used by the chief operating decision-maker.The Board,through its sub-committees,has been identified as the chief operating decision-maker,as it is responsible for allocating resources and assessing performance of the operating segments.Description of SegmentsThe

251、Board makes the strategic resource allocations for AMCIL.AMCIL has therefore determined the operating segments based on the reports reviewed by the Board,which are used to make strategic decisions.The Board is responsible for AMCILs entire portfolio of investments and considers the business to have

252、a single operating segment.The Boards asset allocation decisions are based on a single,integrated investment strategy,and AMCILs performance is evaluated on an overall basis.Segment Information Provided to the BoardThe internal reporting provided to the Board for AMCILs assets,liabilities and perfor

253、mance is prepared on a consistent basis with the measurement and recognition principles of Australian Accounting Standards,except that net assets are reviewed both before and after the effects of capital gains tax on investments(as reported in AMCILs Net Tangible Asset announcements to the ASX).Othe

254、r Segment InformationRevenues from external parties are derived from the receipt of dividend,distribution and interest income,and income arising on the trading portfolio and realised income from the options portfolio.AMCIL is domiciled in Australia and most of AMCILs income is derived from Australia

255、n entities or entities that maintain a listing in Australia.AMCIL has a diversified portfolio of investments,with two investments comprising more than 10 per cent of AMCILs income,including realised income from the trading and options written portfolios Woolworths Group,as a consequence of the demer

256、ger dividend received for Endeavour Group(28.4 per cent)and BHP(11.5 per cent)(2020:none).Notes to the Financial Statements continued38AMCIL Limited Annual Report 2021F4.Summary of Other Accounting Policies This general purpose Financial Report has been prepared in accordance with Australian Account

257、ing Standards,Interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001.This Financial Report has been authorised for issue on 27 July 2021 in accordance with a resolution of the Board and is presented in the Australian currency.The Directors of AMCIL have the

258、 power to amend and reissue the Financial Report.AMCIL has attempted to improve the transparency of its reporting by adopting plain English where possible.Key plain English phrases and their equivalent AASB terminology are as follows:PhraseAASB TerminologyMarket valueFair value for actively traded s

259、ecuritiesCashCash and cash equivalentsShare capitalContributed equityOptionsDerivatives written over equity instruments that are valued at fair value through profit or lossAMCIL complies with International Financial Reporting Standards(IFRS).AMCIL is a for profit entity.AMCIL has not applied any Aus

260、tralian Accounting Standards or AASB Interpretations that have been issued as at balance date but are not yet operative for the year ended 30 June 2021(the inoperative standards).The impact of the inoperative standards has been assessed and the impact has been identified as not being material.AMCIL

261、only intends to adopt inoperative standards at the date at which their adoption becomes mandatory.Basis of Accounting The financial statements are prepared using the valuation methods described in A2.All other items have been treated in accordance with the historical cost convention.Fair Value of Fi

262、nancial Assets and LiabilitiesThe fair value of cash and cash equivalents,and non-interest bearing monetary financial assets and liabilities of AMCIL approximates their carrying value.Rounding of AmountsAMCIL is a company of the kind referred to in the ASIC Corporations(Rounding in Financial/Directo

263、rs Reports)Instrument 2016/191,relating to the rounding off of amounts in the Financial Report.Amounts in the Financial Report have been rounded off in accordance with that Instrument,to the nearest thousand dollars,or in certain cases,to the nearest dollar.39AMCIL Limited Annual Report 2021In the D

264、irectors opinion:1)the financial statements and notes set out on pages 23 to 39 are in accordance with the Corporations Act 2001 including:a)complying with the Accounting Standards,the Corporations Regulations 2001 and other mandatory professional reporting requirements;and b)giving a true and fair

265、view of the Companys financial position as at 30 June 2021 and of its performance for the financial year ended on that date;and2)there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.Note F4 to the financial statements confirms

266、 that the financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board.This declaration is made in accordance with a resolution of the Directors.This declaration has been made after receiving the declarations required to

267、be made to the Directors by the Managing Director and the Chief Financial Officer regarding the financial statements in accordance with Section 295A of the Corporations Act 2001 for the financial year ended 30 June 2021.The declarations received were that,in the opinion of the Managing Director and

268、the Chief Financial Officer to the best of their knowledge,the financial records of the Company have been properly maintained,that the financial statements comply with Accounting Standards and that they give a true and fair view.R Myer AOChairmanMelbourne27 July 2021DIRECTORS DECLARATION40AMCIL Limi

269、ted Annual Report 2021INDEPENDENT AUDIT REPORT41AMCIL Limited Annual Report 2021INDEPENDENT AUDIT REPORTcontinued42AMCIL Limited Annual Report 202143AMCIL Limited Annual Report 2021INDEPENDENT AUDIT REPORTcontinued44AMCIL Limited Annual Report 202145AMCIL Limited Annual Report 2021Information About

270、ShareholdersAt 16 July 2021 there were 3,222 holdings of shares.These holdings were distributed in the following categories:Size of HoldingHoldings%of Share Capital1 to 1,0004180.041,001 to 5,0003840.385,001 to 10,0003020.7910,001 to 100,0001,57320.84100,000 and over54577.95100%Percentage held by th

271、e 20 largest holders35.86%Average shareholding92,719There were 290 shareholdings of less than a marketable parcel of$500(394 shares).Voting Rights of Ordinary SharesThe Constitution provides for votes to be cast:(i)on a show of hands,one vote for each shareholder;and(ii)on a poll,one vote for each f

272、ully paid ordinary share.Major ShareholdersThe 20 largest registered shareholders of the Companys ordinary shares as at 16 July 2021 are noted below:RankNameUnits%Units1Bruce Teele50,014,14116.742Djerriwarrh Investments Ltd10,599,2543.553HSBC Custody Nominees(Australia)Limited5,260,7951.764Invia Cus

273、todian Pty Limited 4,979,6951.675Invia Custodian Pty Limited 4,970,1841.666Ross Barker4,872,1801.637Ancona Valley Holdings Pty Ltd 3,988,1091.338Invia Custodian Pty Limited 2,460,9270.829Riga(QLD)Pty Ltd 2,221,2180.7410Jonathan Webster2,131,1590.7111Prof Peter Glow+Mrs Roslyn Ann Glow1,923,4450.6412

274、Gardiole Pty Ltd The RH Myer Super Fund1,922,5030.6413Willpower Investments Pty Ltd 1,878,2730.6314Isomet Pty Ltd 1,633,1150.5515FFSF Asset Management Pty Ltd 1,599,1800.5416Roger Brown1,546,8700.5217Somoke Pty Limited 1,421,3840.4818Parsley Investments Pty Ltd 1,286,4420.4319JDB Services Pty Ltd 1,

275、264,7520.4220Somoke Pty Limited 1,149,4620.38OTHER INFORMATION46AMCIL Limited Annual Report 2021Sub-underwritingDuring the year the Company did not participate as a sub-underwriter in any issues of securities.Substantial ShareholdersThe Company has been notified of substantial shareholdings as follo

276、ws:HolderNumber of SharesDate NotifiedBruce B Teele50,014,14126/08/2019Transactions in SecuritiesDuring the year ended 30 June 2021,the Company recorded 297 transactions in securities.$346,058 in brokerage(including GST)was paid or accrued for the year.47AMCIL Limited Annual Report 2021Details of th

277、e Companys portfolios are given below.The list should not,however,be used to evaluate portfolio performance or to determine the net asset backing per share(which is recorded each month on the toll free telephone service at 1800 780 784).CodeNamePrincipal ActivityNumber Held 2020 000Number Held 2021

278、000Market Value 2021$000AIAAuckland International AirportOwner and operator of New Zealands largest airport.It operates through the following segments:aeronautical,retail and property6046044,084ARBARB CorporationManufacturer and distributor of four-wheel drive vehicle accessories in Australia and in

279、ternationally41531113,422ASXASXOperates Australias largest securities exchange131138,781BHPBHP GroupDiversified international resources company46046022,342BRGBreville GroupManufacturer and wholesaler of electrical consumer products2492166,467CAR*COwns and operates Australias largest automotive class

280、ifieds business and invests in a number of international online automotive websites5074659,131CBACommonwealth Bank of AustraliaBanking and wealth management services78787,790COHCochlearProvides implantable hearing solutions,operating throughout the Americas,Europe and Asia Pacific.Its products inclu

281、de cochlear,bone conduction and acoustic implants29297,306CSLCSLGlobal company that researches,develops,manufactures and markets products to treat and prevent serious human medical conditions8910830,686EQTEQT Holdings Provider of private client,trustee,estate administration and funds management serv

282、ices2272597,105FCLFINEOS CorporationA global software company that provides software solutions to the life,accident and health insurance industries0 1,9837,733FPHFisher&Paykel Healthcare CorporationDesigns,manufactures and markets a range of medical devices used in respiratory care and the treatment

283、 of obstructive sleep apnoea0 2045,885GMGGoodman GroupDevelops,owns,and manages industrial property and business space in Australia and overseas57060612,829IREIRESSTechnology company that provides software to the financial management industry31590811,722IVCInvoCareProvider of services related to fun

284、erals,burials and cremations0 3443,980JHXJames Hardie IndustriesBuilding materials company focused on fibre cement products,predominantly in the United States31024711,182MAQMacquarie Telecom GroupProvides voice and telecommunication services as well as data hosting and co-location services to busine

285、sses and government customers23621911,574MFTMainfreight(NZX listed)Provider of managed warehousing and international and domestic freight forwarding services34034024,351MQGMacquarie GroupDiversified financial services business operating in banking,financial advisory,investment and funds management s

286、ervices10210716,710NABNational Australia BankBanking and wealth management services55752513,768NXTNEXTDCOwns and operates large-scale data centres across Australia6006007,116Holdings of SecuritiesAt 30 June 202148AMCIL Limited Annual Report 2021CodeNamePrincipal ActivityNumber Held 2020 000Number He

287、ld 2021 000Market Value 2021$000OCLObjective CorporationTechnology company that supplies software and services to the government and enterprise sectors9243726,507OSHOil SearchOil and gas explorer,developer and producer with assets predominantly in PNG2,0051,2004,572PKSPKS HoldingsA healthcare compan

288、y which provides clinical decision support software known as Rippledown which automates human decision-making processes in healthcare organisations0 3,0451,279PXAPEXA GroupAustralias leading,fully integrated digital property settlements platform,allowing buyers and sellers to more efficiently settle

289、 the sale of a home0 3506,000REAREA GroupLeading digital media business focusing on online property portals in Australia and overseas41355,924REHReece Distributor and retailer of plumbing,building and hardware supplies7013818,989RHCRamsay Health CareProvider of healthcare services and the operation

290、of hospitals and day surgery facilities in Asia Pacific,United Kingdom and France1351177,365RMDResMedDeveloper,manufacturer and distributor of medical equipment for treating,diagnosing,and managing sleep-disordered breathing and other respiratory disorders0 2628,583SEKSeekOperator of employment clas

291、sifieds websites in Australia and Asia with investments in the online education and training sector2831805,949SYDSydney AirportOwns and operates the Sydney International Airport1,2291,4678,495TCLTransurban GroupDeveloper and operator of toll roads in Australia and overseas8481,07415,276TPWTemple&Web

292、sterOperates as an online retailer of furniture,homewares,home dcor,arts,gifts,and lifestyle products from Australian and international designers0 5786,236WESWesfarmersDiversified conglomerate with retailing operations in department stores,home improvement and office supplies.The group also operates

293、 businesses involved in energy,chemicals,fertilisers and industrial and safety products35535520,981WOWWoolworths GroupOperates general merchandise consumer stores and supermarkets in Australia and New Zealand24038014,470XROXero Develops accounting software for small and medium-sized businesses in Ne

294、w Zealand,Australia,the United Kingdom and the United States70537,225 Total 371,818*Indicates that options were outstanding against part or all of the holding.49AMCIL Limited Annual Report 2021Acquisitions Cost$000FINEOS Corporation(includes participation in placement$4.26 per share)8,316ASX7,740Res

295、Med6,382Temple&Webster6,075Fisher&Paykel Healthcare6,064PEXA Group6,000Disposals Proceeds$000Qube Holdings#6,573Reece6,049Objective Corporation6,010Brambles#5,503Cleanaway Waste Management#5,491APA Group#4,525#Complete disposals from the portfolio.New Companies Added to the PortfolioFINEOS Corporati

296、on ResMedTemple&WebsterFisher&Paykel Healthcare PEXA GroupInvoCarePKS HoldingsMajor Transactions in the Investment Portfolio50AMCIL Limited Annual Report 2021DateTypePrice/Amount25 November 2020Share Purchase Plan$0.9727 August 2020DRP/DSSP*$0.9223 August 2019DRP$0.8722 February 2019DRP$0.867 Novemb

297、er 2018Share Purchase Plan$0.8624 August 2018DRP$0.9124 August 2017DRP$0.8825 August 2016DRP$0.954 March 2016Share Purchase Plan$0.8325 August 2015DRP$0.8518 November 2014Share Purchase Plan$0.8626 August 2014DRP$0.948 October 2013Share Purchase Plan$0.8527 August 2013DRP$0.875 January 2011Share Pur

298、chase Plan$0.6427 August 2010DRP$0.6011 December 2009Share Purchase Plan$0.6427 August 2009DRP$0.5915 August 2008DRP$0.6227 August 2007DRP$0.75VariousExercise of options$0.5023 January 2004Share issue$0.5019 December 2003Capital consolidation 1 for 16 15 August 2003Capital return$0.4023 May 2003Capi

299、tal return$0.4011 March 2003Capital return$0.4017 January 2003Capital return$0.3218 November 2002Capital return$0.337 April 20001 for 5 rights issue$2.0024 January 2000Exercise of JBWere Option$2.0010 September 1999DRP$2.542 June 19991 for 3 rights issue$2.4015 March 1999DRP$2.3816 September 1998DRP

300、$2.1417 June 19981 for 2 rights issue$2.0027 March 1998DRP$2.1712 September 1997Dividend Reinvestment Plan(DRP)$1.9518 October 1996Initial issue$2.00Note for issues of securities in earlier years please consult the Companys website,.au or via telephone(03)9650 9911.*Note that for the shares issued u

301、nder the DSSP,the price shown is the indicative price used to determine the number of shares issued to participants.Shares issued under the DSSP are issued at nil cost.Shareholders who sell shares issued under the DSSP should consult their tax adviser as to the correct treatment of such sales for ta

302、xation purposes.Share Capital Changes51AMCIL Limited Annual Report 2021AMCIL Limited(AMH)ABN 57 073 990 735DirectorsRupert Myer AO,ChairmanMark Freeman,Managing DirectorJodie AusterRoger G BrownMichael J HirstSiobhan L McKennaJonathan J Webster AMCompany SecretariesMatthew J RoweAndrew JB PorterAudi

303、torPricewaterhouseCoopersChartered AccountantsCountry of IncorporationAustraliaRegistered Office and Mailing AddressLevel 21,101 Collins StreetMelbourne Victoria 3000Contact Details Telephone(03)9650 9911Facsimile(03)9650 9100Email .auWebsite .auFor enquiries regarding net asset backing(as advised e

304、ach month to the Australian Securities Exchange):Telephone 1800 780 784(toll free)Company Particulars52AMCIL Limited Annual Report 2021Shareholder InformationShare RegistrarComputershare Investor Services Pty LtdYarra Falls452 Johnston StreetAbbotsford Victoria 3067Shareholder Enquiry Line 1300 653

305、916+61 3 9415 4224(from overseas)Facsimile+61 3 9473 2500Website all enquiries relating to shareholdings,dividends and related matters,please contact the share registrar as above.Securities Exchange CodeAMH Ordinary sharesAnnual General Meeting Time 1.30pmDate Thursday 7 October 2021Venue Village Ro

306、adshow Theatrette,State Library of Victoria Conference CentreLocation 179 La Trobe Street Melbourne Victoria 3000Subject to any change in the Government restrictions for public gatherings,the AGM will be a hybrid meeting with a physical meeting and access via an online platform.Further details are p

307、rovided in the Notice of Annual General Meeting.Our intention is to hold shareholder meetings in each of the state capital cities(other than Hobart)during October 2021 after the AGM.Given the uncertainty because of COVID-19,shareholders will be notified separately of date and venue if these meetings

308、 can safely proceed.AMCIL Limited Annual Report 202153Design:MDM Investorcom Printed on environmentally friendly paperAnnual Review 2021 A Focused Portfolio of Australian Equities2 5 Year Summary4 About the Company8 Review of Operations and Activities18 Top 20 Investments19 Income Statement20 Balanc

309、e Sheet21 Summarised Statement of Changes in Equity22 Holdings of Securities27 Major Transactions in the Investment Portfolio28 Company Particulars29 Shareholder InformationContentsAMCIL MANAGES A FOCUSED PORTFOLIO COVERING LARGE AND SMALL COMPANIES IN THE AUSTRALIAN EQUITY MARKET.AS A RESULT,SMALL

310、COMPANIES BY MARKET SIZE CAN HAVE AN EQUALLY IMPORTANT IMPACT ON PORTFOLIO RETURNS AS LARGER COMPANIES IN THE AUSTRALIAN MARKET.AMCIL Limited ABN 57 073 990 735Year in Summary*Assumes a shareholder can take full advantage of the franking credits.Profit for the Year$6.8mUp 13.6%from 2020Total Shareho

311、lder Return35.2%Share price plus dividend including franking*Management Expense Ratio0.56%0.66%in 2020Total Portfolio$382.8mIncluding cash at 30 June.$278.8 million in 2020Total Portfolio Return31.8%Including franking*S&P/ASX 200 Accumulation Index including franking*29.1%Total Fully Franked Dividen

312、d2.5 Final4.5Total 2.5 cents total in 20202.0 Special20211AMCIL Limited Annual Review 20215 Year SummaryProfit After Tax($Million)2020201920182017Net Profit Per Share(Cents)Dividends Per Share(Cents)(a)Investments at Market Value($Million)(d)Net Asset Backing Per Share(Cents)(c)Number of Shareholder

313、s(30 June)7.06.255.382021202020192018201720216.02.62.42.12.2252.2261.1230.9269.66.82.3371.84.51273,214202020192018201720212020201920182017202120202019201820172021Dividends Per Share(Cents)(a)Net Asset Backing Per Share(Cents)(c)Number of Shareholders(30 June)7.06.255.38202120202019201820172021202020

314、192018201720216.098102951007.0(b)4.253.52.52.62.42.12.2252.2261.1230.9269.64.51273,21420202019201820172021202020192018201720212AMCIL Limited Annual Review 2021Profit After Tax($Million)2020201920182017Net Profit Per Share(Cents)Dividends Per Share(Cents)(a)Investments at Market Value($Million)(d)Net

315、 Asset Backing Per Share(Cents)(c)Number of Shareholders(30 June)7.06.255.38202120202019201820172021202020192018201720216.098102951003,1143,0032,5583,1777.0(b)4.253.52.52.62.42.12.2252.2261.1230.9269.66.82.3371.8Profit After Tax($Million)2020201920182017Net Profit Per Share(Cents)Dividends Per Share

316、(Cents)(a)Investments at Market Value($Million)(d)Net Asset Backing Per Share(Cents)(c)Number of Shareholders(30 June)7.06.255.38202120202019201820172021202020192018201720216.098102951003,1143,0032,5583,1777.0(b)4.253.52.52.62.42.12.2252.2261.1230.9269.66.82.3371.84.51273,21420202019201820172021Note

317、s(a)2021 total dividend carried 5 cents attributable LIC gain per share,2020:nil,2019:final dividend 4.29 cents,2019 interim:1.43 cents,2018:2.76 cents,2017:2.1 cents.(b)Includes 3.5 cents interim dividend paid in February 2019.(c)Net asset backing per share based on year-end data before the provisi

318、on for the final(and where applicable,special)dividend.The figures do not include a provision for capital gains tax that would apply if all securities held as non-current investments had been sold at balance date as Directors do not intend to dispose of the portfolio.(d)Excludes cash.3AMCIL Limited

319、Annual Review 2021About the CompanyAMCIL manages a focused portfolio covering large and small companies in the Australian equity market.As a result,small companies by market size can have an equally important impact on portfolio returns as larger companies in the Australian market.Investment Objecti

320、vesAttractive returns through strong capital growth in the portfolio over the medium to long term.The generation of fully franked dividends.How AMCIL Invests What We Look For in CompaniesPortfolio of small and large companies that is managed to deliver superior returns.Quality FirstGrowth Including

321、dividendsValue4AMCIL Limited Annual Review 2021Investment PhilosophyWe seek to create a diversified portfolio of quality companies which are likely to sustainably grow their earnings and dividends over a medium to long term timeframe.Our assessment of quality includes criteria such as the board and

322、management,financial position,pricing power as well as some key financial metrics such as return on capital employed,return on equity,the level of gearing in the balance sheet,margins and free cash flow.The structure of the industry and a companys competitive position in its industry are also import

323、ant indicators of quality.Linked to this assessment of quality is the ability of companies to grow earnings over time,which ultimately should produce good dividend and capital growth.Recognising value is also an important aspect of AMCILs investment approach.Our assessment of value tries to reflect

324、the opportunity a business has to prosper and thrive over the medium to long term.Given the focused nature of the portfolio,AMCIL is more active in managing the holdings.Our preference is that positions will be held for the long term.However,in managing the risk in the portfolio,the Company is prepa

325、red to scale back or exit holdings completely if the investment case alters markedly,the position becomes too large in the portfolio or share prices become excessively high.In managing the portfolio in this way,we believe AMCIL can offer investors returns in excess of the S&P/ASX 200 over the long t

326、erm.Given the greater concentration of the portfolio,there may be periods when the performance of AMCIL can vary quite markedly from the Index.The objective is to deliver outperformance over the medium to long term.From time to time,the Company also uses options written against some of its investmen

327、ts and a small trading portfolio to generate additional income.Approach to Investing5AMCIL Limited Annual Review 2021Approach to Environmental,Social and Governance(ESG)Issues When InvestingAssessment of Environmental,Social and Governance(ESG)issues is an important part of our investment process.As

328、 a long term investor,we seek to invest in companies that have strong governance and risk management processes,which includes consideration of environmental and social risks.We regularly review companies to ensure ongoing alignment with our investment framework:We believe environmental factors,inclu

329、ding the impact of climate change,can have a material impact on society.These factors are considered when assessing a companys assets,long term sustainability of earnings and cash flow,cost of capital and future growth opportunities.We believe that aligning ourselves with high-quality management and

330、 boards building sustainable long term businesses is the best approach to avoiding socially harmful businesses.We are attracted to companies that act in the best interest of all their stakeholders,including their employees,customers,suppliers,and wider communities.We invest in high-quality companies

331、 with strong governance processes,and management and boards whose interests are closely aligned with shareholders.The investment process includes an assessment of their past performance,history of capital allocation,level of accountability,mix of skills,relevant experience and succession planning.We

332、 also closely scrutinise a companys degree of transparency and disclosure.Engagement with CompaniesVoting on resolutions is one of the key functions that a shareholder has in ensuring better long term returns and management of investment risk:We take input from proxy advisers but conduct our own eva

333、luation of the merits of any resolution.We vote on all company resolutions as part of our regular engagement with the companies in the portfolio.We actively engage with companies when we have concerns those resolutions are not aligned with shareholders interests.We acknowledge that high-quality companies may face ESG challenges from time to time.We seek to stay engaged with the companies and satis