Amcil Limited (AMH) 2024年年度報告「ASX」.pdf

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1、A Focused Portfolio of Australian and New Zealand CompaniesAnnual Report 20243 DIRECTORS REPORT 3 5 Year Summary 4 About the Company 6 Review of Operations and Activities 11 Top 20 Investments12 Financial Position 14 Board Members17 Senior Executives18 Remuneration Report21 Non-audit Services22 Audi

2、tors Independence Declaration 23 FINANCIAL STATEMENTS24 Income Statement25 Statement of Comprehensive Income26 Balance Sheet27 Statement of Changes in Equity28 Cash Flow Statement29 NOTES TO THE FINANCIAL STATEMENTS29 A.Understanding AMCILs Financial Performance32 B.Costs,Tax and Risk 35 C.Unrecogni

3、sed Items36 D.Balance Sheet Reconciliations38 E.Income Statement Reconciliations39 F.Further Information41 CONSOLIDATED ENTITY DISCLOSURE STATEMENT42 DIRECTORS DECLARATION43 INDEPENDENT AUDIT REPORT47 OTHER INFORMATION47 Information About Shareholders48 Major Shareholders49 Sub-underwriting49 Substa

4、ntial Shareholders49 Transactions in Securities50 Holdings of Securities54 Major Transactions in the Investment Portfolio56 Company Particulars57 Shareholder InformationContentsAMCIL MANAGES A FOCUSED PORTFOLIO COVERING LARGE AND SMALL COMPANIES IN THE AUSTRALIAN EQUITY MARKET.AS A RESULT,SMALL COMP

5、ANIES 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.Includes 1 cent interim dividend.Profit for the Year$7.5m$

6、7.6 million in 2023Total Fully Franked Dividend Per Share2.5 Final4.0Total5.0 cents total in 2023,including a 1.5 cent special dividend0.5 SpecialTotal Shareholder Return17.5%Share price plus dividend including franking*Management Expense Ratio0.56%0.66%in 2023Total Portfolio$398.0mIncluding cash at

7、 30 June.$346.1 million in 20232024Total Portfolio Return20.5%Including franking*S&P/ASX 200 Accumulation Index including franking*13.5%1AMCIL Limited Annual Report 20242AMCIL Limited Annual Report 2024DIRECTORS REPORT5 Year SummaryNotes:(a)2024finalandinterimdividendsnilattributableLICgainpershare,

8、2023finaldividendcarried5.71centsattributableLICgainpershare,2023interim:1.43,2022final:3.57,2022interim:1.43,2021:5.0cents,2020:nil.(b)Excludescash.(c)Netassetbackingpersharebasedonyear-enddatabeforetheprovisionforthefinal(andwhereapplicable,special)dividend.Thefiguresdonotincludeaprovisionforcapit

9、algainstaxthatwouldapplyifallsecuritiesheldasnon-currentinvestmentshadbeensoldatbalancedateasDirectorsdonotintendto dispose of the portfolio.Profit After Tax($Million)Net Profit Per Share(Cents)Investments at Market Value($Million)(b)Net Asset Backing Per Share(Cents)(c)Number of Shareholders(30 Jun

10、e)2020202120222023202420202021202220232024202020212022202320242020202120222023202420202021202220232024202020212022202320247.62.41123,241Dividends Per Share(Cents)(a)341.15.07.52.41263,165386.04.02.58.16.02.72.32.24.5269.61031271003,177371.86.8306.63,2143.53,3503AMCIL Limited Annual Report 2024About

11、the CompanyAMCILmanagesafocusedportfoliocoveringlargeandsmallcompaniesintheAustralianequitymarket.Asaresult,smallcompaniesbymarketsizecanhaveanequallyimportantimpactonportfolioreturns as larger companies in the Australian market.Investment ObjectivesAttractive returns through strong capital growth i

12、n 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 returnsQuality FirstGrowth Including dividendsValue4AMCIL Limited Annual Report 2024Approac

13、h to InvestingInvestment PhilosophyOurinvestmentphilosophyisbuiltontakingamediumtolongtermviewoncompaniesinadiversifiedportfoliowithanemphasisonidentifyingandinvestinginqualitycompaniesthatarelikelytosustainablygrowtheirearningsanddividends over this timeframe.Qualityinthiscontextisanoutcomeofourass

14、essmentofthefollowingfactors:1.We prefer companies that have a leadership position or are developing onewithintheindustryinwhichtheyoperate.Thiswilloftenmeanweareinvestinginauniquesetofassetswithcompetitive advantages that produces attractive returns on invested capital.2.Asalongterm,taxawareinvesto

15、rweseektobeincompaniesthathavealongtermsustainablebusinessmodel,withlowriskofdisruption.Thishelpsto ensure portfolio turnover remains low.Theanalysismayconsidertechnological disruption,environmental issues,including the impact of climate change,and social risks as all of these factors can have a mat

16、erial impact on theassessmentofacompanyslongtermsustainability.3.Weconsiderhowacompanysbusinesscanbepotentiallyimpactedbyinfluencesoutsidethecontrolof management such as change in governmentregulationand/orpolicy.4.Weareattractedtocompanieswithoutstanding management teams andboardswithstronggovernan

17、ceprocesses,whoseinterestsarecloselyalignedwithshareholders,andactinthebestinterestofalltheir stakeholders,including their employees,customers,suppliersandwidercommunities.Weconsidermattersincludingsafety,diversity,social impacts,environmental impact,andmodernslaverywherematerialor appropriate in th

18、e context of that company.Weregularlyreviewandmeetwithcompaniestoensureongoingalignmentwithourinvestmentframeworks.Ourprocessmayincludeanassessmentoftheboardin terms of their past performance,historyofcapitalallocation,levelofaccountability,mixofskills,relevantexperience and succession planning.Weal

19、soconsideracompanysdegreeoftransparencyanddisclosure.Voting on resolutions is one of the keyfunctionsthatashareholderhasinensuringbetterlongtermreturnsand management of investment risk.Wetakeinputfromproxyadvisersbutconductourownevaluationofthemeritsofanyresolution.Wevoteonallcompanyresolutionsaspar

20、tofourregularengagementwiththecompanies in the portfolio and our votingrecordisonthecompanyswebsite.Weactivelyengagewithcompanieswhenweareconcernedaboutresolutionsthatarenotalignedwithshareholdersinterests.Weseektostayengagedwiththecompaniesandsatisfyourselvesthatanyissuesaretakenseriouslyandworkedt

21、hroughconstructively.Ideallyweseektoremaininvestedtoinfluenceasatisfactoryoutcomeforstakeholders.5.Weprefercompanieswithmorestableincomeflows.Wearewaryof companies that have large,inconsistentprofitstreams.6.Welikeourcompaniestobefinanciallystrong and the assessment of the balancesheetandthedegreeto

22、whichthecompanyisself-fundingiscriticalinouranalysis.Cashgenerationisalsoan important consideration.Analysisoftheabovefactorshelpstoinformusofthestructureoftheindustryandacompanyssustainablecompetitivepositionaswellasthequalityofthepeoplerunningthebusiness,strengthofthebalancesheetandconsistencyofea

23、rnings.Withinthisanalysissomekeyfinancialmetricsareconsidered.Theseincludereturnoncapitalemployed,returnonequity,thelevelofgearing inthebalancesheet,marginsandfreecashflowgeneration.Alongsidetheassessmentofqualityisananalysisoftheabilityofcompaniestogrowearningsovertime,whichultimatelyshoulddrivediv

24、idendgrowth.Recognising value is also an important aspect of sound long term investing.Short term measures such as the price earningsratio,pricetobookorpricetosalesmaybeofsomevaluebutarentnecessarilystrongpredictorsoffutureperformance.Our assessment of value triestocapturetheopportunityabusinesshas

25、to prosper and thrive over the medium to long term.Reporting of social and environmental issueswillbeinfluencedbythedevelopmentofstandardsbytheInternationalSustainabilityStandardsBoard(ISSB).TheirpotentialintroductioninAustraliashouldenableAMCILovertimetobettermakeinformeddecisionsontheseissuesbased

26、oncompanydisclosures arising from these standards.Assessment of commitments and plans bycompaniestoreachnetzeroby2050mayalsobeconsideredhavingregardtoseveralfactors.Theseincludetheindustryinwhichtheyoperate,progressagainsttheirplans,theirbroadercontributiontosocial good in addressing the challenge o

27、freducingglobalcarbonemissions,andtheimpactontheirvalueiftheyfailtoachievetheirstatedgoals.Inapplyingexternaldataforbenchmarking*,ourmostrecentassessmentofthecarbonintensityofAMCILsportfolioshowedthatit is less than the S&P/ASX 200 Index.Inbuildingtheinvestmentportfoliowiththeprinciplesoutlined,webe

28、lievewecanofferinvestorsaportfolioofqualitycompanies structured to deliver total returnsaheadoftheAustralianequitymarket over the long term.*DataprovidedbyISSESG.Portfolio at 30 June 2024.5AMCIL Limited Annual Report 2024Profit and DividendThefullyearprofitwas$7.5million,down1.0percentcomparedwithth

29、epreviouscorrespondingperiodfigure of$7.6 million.Dividendsreceivedweredownmarginallyfrom$9.4millionto$9.2millionwiththelargest decline coming from the expected fallindividendprovidedbyBHP.Thisdeclinewaslargelyoffsetbyanincreasedholding in National Australia Bank andnewholdingsintheportfolio,IDPEduc

30、ationandTelstra.AucklandAirportalsoresumedpayingdividends.Directorshavedeclaredafinaldividendof2.5centspersharefullyfranked(thesameaslastyear)andaspecialfullyfranked dividend of 0.5 cents per share,bringingtotaldividendsfortheyearto 4.0centspershare.Totaldividends paidlastyearwere5.0centspershareful

31、lyfranked.Management Expense RatioThemanagementexpenseratio(MER)oftheCompanyhasdecreasedfrom0.66percentto0.56percent.Thisisa measure of the costs of running the Companyandisequivalentto56centsforevery$100thatashareholder has invested.TheMERiscalculatedastheadministrationcostsoftheCompanyasaproportio

32、noftheaverageportfoliovalueovertheyear.ThefallintheMERwasduetoalowerlevelofcostsaswellthehigheraverageportfoliovalueovertheyear.AMCILsportfolioismanagedinternallyanddoesnotchargeanyadditionalfeeswhichleadstolowercostsforshareholderswhencomparedtosimilarfunds.Market and Portfolio Returns Thereturnoft

33、heS&P/ASX200PriceIndexwasasurprisinglystrongreturnover the 12 months to 30 June 2024 given the uncertain economic and geopoliticalenvironmentthatwas in evidence(Figure 1).Sectorreturnsacrossthemarketwerehoweverwidelydispersed(Figure2).Thebest-performingsectorswereBanks,up34.9percent,InformationTechn

34、ologyup28.4percent(followingtheNASDAQCompositeIndexhigher)andRealEstateup24.7percent.Industrialswereup17.8percentoverthisperiodsignificantlyoutperformingtheResourcessector,whichwasdown3.2percentasconcernsaboutgrowthinChinastartedto emerge(Figure 2).AMCILdeliveredaportfolioreturnforthefinancialyearen

35、ded30June2024includingthebenefitoffrankingof20.5percent.ThereturnoftheS&P/ASX 200 Accumulation Index over the 12monthsto30Junewas13.5percentincluding franking(Figure 3).AMCILsrelativelystrongperformancewasdeliveredacrossanumberofholdings,withthelargestcontributorsbeingGoodmanGroup,Gentrack,Macquarie

36、TechnologyGroup,CARGroup,NetwealthGroupandWesfarmers.ItisalsointerestingtonotethatAMCILsperformance is despite having a large underweightpositioninthebankswhichreachedveryhighvaluationsthrough the period.Thelongtermperformanceoftheportfoliowas9.6percentperannumforthe10yearsto30June2024.Thisisinlinew

37、iththeIndexreturnoverthesameperiod of 9.6 per cent.Both of these figuresincludethebenefitoffranking.AMCILsperformancenumbersare after costs and tax.Adjustments to the PortfolioOurapproachinAMCIListobuyafocused portfolio of companies that pass ourqualitycriteriaattimeswhenvalueisonoffer.Theseopportun

38、itiescanariseunder various circumstances,for example whenthereisshorttermbadnewsinthe companies themselves or more generallyacrossthemarket,whenthegrowthpotentialofacompanyisnotfullyreflectedinitsvaluationdespitehavingstrongsharepricemomentum,orwhencompanies raise capital for attractive reinvestment

39、 opportunities.Thesell-offinhealthcarestocksfollowingtheemergenceofdiabeticdrugGLP-1foruseasasuccessfulweightlosstreatmentgaveustheopportunitytoaddtotheholdinginResMed.Thisisagoodexampleofthisapproachwherewefeltvaluation dislocated from fundamental fair value.In looking to construct the portfolio AM

40、CILhasalwayshadastrongpositioninlargerstablecompaniesthat,whilenothavingthehighestexpectedgrowthrates,stillprovideattractivereturnswhenpurchased at the right price.ThefallinthesharepriceofTelstraGroupfollowingconcernsaboutTelstraspricingpowerinmobileplansdroveafallintheshareprice,whichallowedustoadd

41、totheportfolioatanattractivedividendyield.Review of Operations and ActivitiesJul 23Aug 23Sep 23Nov 23Dec 23Feb 24Mar 24May 24Jun 23Oct 23Jan 24Apr 24Jun 248,0007,8007,6007,4007,2007,0006,8006,600Figure 1:Performance of the S&P/ASX 200 Price Index 12 Months to 30 June 2024Source:FactSet6AMCIL Limited

42、 Annual Report 2024Net asset per share growth plus dividends,including frankingS&P/ASX 200 Accumulation Index,including franking5 year return3 year return10 year return1 year return5.4%7.9%13.5%20.5%10.7%8.7%9.6%9.6%Figure 3:Portfolio Performance Per Annum Returns to 30 June 2024Information Technolo

43、gyIndustrialsResourcesBanksReal EstateJul 23Aug 23Sep 23Oct 23Nov 23Dec 23Jan 24Feb 24Mar 24Apr 24May 24Jun 2440%30%20%10%0%-10%-20%Figure 2:Selected Sector Performance 12 Months to 30 June 2024Note:AMCILsperformancereturnsareaftercosts.AMCILonoccasionsincursrealisedcapitalgainstax on the sale of sh

44、ares.Not all the franking generated from realised capital gains is paid out as dividendsandisthereforenotincludedintheseperformancefigures.Figures assume an investor can take full advantage of the franking credits.Past performance is not indicative of future performance.Source:FactSet7AMCIL Limited

45、Annual Report 2024Wecontinuetobeattractedtoqualityowner-driverbusinesseswheremanagementandboardmembershavesignificantshareholdings.Thesecompaniesgenerallyhaveastrongalignmentbetweenmanagementandshareholderinterests.Thesecompaniescanbesmallerbutdeliverstronglongterm returns.In this context,several co

46、mpanieswereaddedtotheportfolio.ThelargerofthesepurchaseswereAltium,MineralResourcesandObjectiveCorporation.Altiumwassubsequentlysoldtowardstheendofthefinancialyearasitbecamesubjecttoatakeoveroffer.Smallerpositionswerealsoestablished inBlock,PWRHoldings,Redoxand PSCInsurance.Theotherlargeadditiontoth

47、eportfolio,TechnologyOne,isanexampleofacompanywherewebelieveitsgrowthpotentialisnotfullyreflectedinitsvaluation despite having strong share price momentum.ThemostmaterialsalesintheyearwereinMedibankPrivate,asthesharepriceranuptoapointwhereitwasappropriatetorecyclecapitalfromthispositiontopursueattra

48、ctivebuyingopportunitieselsewhereinthemarket.InthiscontextpositionsinSantosandComputersharewerealsosold.TherewasalsoatrimmingoftheholdinginJamesHardieIndustriesasportfoliopositionbecamelargerthanwantedfromariskmanagementperspective.It remains in our top 20 holdingsgiventhequalityofitsfranchiseandind

49、ustryposition.Figure4highlightstheprofileofAMCILsportfoliobythevarioussectorsofthemarketattheendofthefinancialyear.ThisillustrateshowtheportfolioisverydifferenttotheS&P/ASX200Index.Review of Operations and ActivitiescontinuedFigure 4:Investment by Sector and the Portfolios Variance from the S&P/ASX

50、200 Index as at 30 June 20240%5%10%15%20%25%25%AMCIL portfolio weightS&P/ASX 200 Index weightHealthcareIndustrialsConsumerDiscretionaryMaterialsInformationTechnologyEnergyCashConsumerStaplesUtilitiesReal EstateBanksCommunicationServicesOther Financials8AMCIL Limited Annual Report 20249AMCIL Limited

51、Annual Report 2024Review of Operations and ActivitiescontinuedShare Price Thesharepricecontinuedtotradeatadiscounttonetassetbackingthroughthefinancialyear(Figure5).At30June2024thediscountwas13percentwhereasat30June2023thediscountwas10 per cent.Nevertheless,as a result of the increase in value of the

52、 net asset backingoverthefinancialyear,sharepricereturnwas17.5percentwhenthebenefitoffrankingisincluded.The15-yearreturnis12.0percentperannum for the share price in comparison to the 10.7 per cent per annum return for the S&P/ASX 200 Accumulation Index.ThefiguresfortheIndexandshareprice assume a sha

53、reholder can take full advantage of the franking credits attached to the dividends paid.OutlookExpectationsofinterestrateseasing over the course of the next 12 months in response to expected falling rates ofinflation,particularlyintheUnitedStates,have seen market valuations reboundstrongly(Figure6)w

54、iththe ASX close to record highs.However,thereislittlescopeforanydisappointmentinkeyeconomicvariablesoverthecomingmonths,withconsumersentimentalreadyweakeninginAustralia.Theoutlookforcorporateearningsintheupcomingcompanyreportingseason willthereforebecloselymonitored.In an environment of higher cost

55、s,anticipatedsubduedeconomicactivityandhighshareprices,manycompaniesarelikelytobetested.While geopolitical factors have not curtailedmarketenthusiasm,theyremainrelevantwithongoingconflictsandwithpolicyimplicationsofelectionsinkeydevelopedmarketsyettoemerge.Thisleavesusverycautiousabouttheshorttermou

56、tlook,butconfidentinourinvestmentapproach.WhileAMCILwillnotbeimmunefromdownsiderisks,ourfocusonqualityinstockselectionprovidesrelativeconfidenceintheabilityof our holdings to navigate the challenging economic period ahead.Figure 5:Share Price Discount/Premium to Net Asset Backing Per ShareFigure 6:V

57、aluation of the Market Price Earnings Ratio of the S&P/ASX 200 IndexJun 19Oct 19Feb 20Jun 20Oct 20Feb 21Jun 21Oct 21Feb 22Jun 22Oct 22Feb 23Jun 23Oct 23Feb 24Jun 24-15%0%5%10%-10%-5%2018161412108TimesAverage 14.6Jun 04Jun 05Jun 06Jun 07Jun 08Jun 09Jun 10Jun 11Jun 12Jun 13Jun 14Jun 15Jun 16Jun 17Jun

58、18Jun 19Jun 20Jun 21Jun 22Jun 23Jun 24Source FactSet10AMCIL Limited Annual Report 2024Includesinvestmentsheldinboththeinvestmentandtradingportfolios.Value at Closing Prices at 28 June 2024Total Value$Million%of the Portfolio1CSL35.29.12Wesfarmers 22.55.83MacquarieGroup21.85.74GoodmanGroup21.55.65Mac

59、quarieTechnologyGroup19.25.06BHP18.44.87CARGroup*15.64.08Mainfreight15.44.09TransurbanGroup15.23.910WestpacBankingCorporation12.33.211ARBCorporation10.72.812EQTHoldings10.32.713JamesHardieIndustries10.02.614ResMed9.82.515NetwealthGroup9.72.516National Australia Bank 8.92.317Reece8.32.218REAGroup8.22

60、.119ALS7.72.020WoolworthsGroup7.72.0Total288.6As percentage of total portfolio value(excludes cash)74.8%*Indicatesthatoptionswereoutstandingagainstpartoftheholding.Top 20 InvestmentsAt 30 June 202411AMCIL Limited Annual Report 2024TheCompanysfinancingconsistspredominantlyofshareholdersfunds.Italsoha

61、saccesstobankfacilitiesof$10million,whichwereutilisedduringtheyear.Likely DevelopmentsTheCompanyintendstocontinueitsinvestmentactivitiesinfutureyearsasithasdonesincerecapitalisation.Theresultsoftheseinvestmentactivitiesdependupontheperformanceofthecompaniesandsecuritiesinwhichweinvest.Theirperforman

62、ceinturndependsonmanyeconomicfactors(macro,whichincludeeconomicgrowthrates,inflation,interestrates,exchangeratesandtaxationlevelsandmicrowhichincludesindustryeconomicsandcompetitivebehaviour)andtheirapproachto,andmanagementof,materialEnvironmental,SocialandGovernance(ESG)risks.TheDirectorsdonotbelie

63、veitispossibleorappropriatetomakeapredictiononthefuturecourseofmarketsortheperformanceoftheCompanysinvestments.Accordingly,Directorsdonotprovideaforecastofthelikelyresultsofouractivities.However,theCompanysfocus is on results over the medium to long term.Capital ChangesAsaresultoftheCompanysDividend

64、ReinvestmentPlan2,328,953newshareswereissuedat$0.97pershareinAugust2023,and972,272newshareswereissuedat$1.07inFebruary2024.AsaresultoftheCompanysDividendSubstitutionSharePlan161,250newshareswereissuedatanilcostinAugust2023,and46,768wereissuedatanilcostinFebruary2024.TheCompanysbuy-backfacilityremain

65、sopen,althoughnoshareswereboughtbackduringtheyear.TheCompanyscontributedequityroseby$3.3millionto$227.1millionfrom$223.8million.AtthecloseoftheyeartheCompany had 315.4 million shares on issue.Dividends Directorshavedeclaredafullyfrankedfinaldividendof2.5centspershareplusaspecialdividendof0.5centsper

66、sharealsofullyfranked(2.5centsfinaldividendplus1.5centsspecial,bothfullyfrankedlastyear).Dividendspaidduringtheyearended30June2024wereasfollows:$000Finaldividendfortheyearended30June2023of2.5centsplus1.5centsspecial,fullyfranked,paidon25 August 202312,319Interimdividendfortheyearended30June2024of1.0

67、centsfullyfranked3,094paidon23February20243,094Total15,413Financial Position12AMCIL Limited Annual Report 2024Listed Investment Company Capital GainsListedInvestmentCompanies(LIC),whichmakecapitalgainsuponwhichtaxispayableonthesaleofinvestmentsheldformore thanoneyear,areabletoattachtotheirdividendsa

68、LICcapitalgainsamount,whichsomeshareholdersareabletousetoclaim ataxdeduction.ThisiscalledanLICcapitalgainattributablepart.ThepurposeofthisistoputshareholdersinListedInvestmentCompaniesonasimilarfootingwithholdersofmanagedinvestmenttrustswithrespecttocapitalgainstaxonthesaleof underlyinginvestments.T

69、axlegislationsetsoutthedefinitionofaListedInvestmentCompanywhichAMCILsatisfies.Furthermore,fromtimetotimetheCompanysellssecuritiesoutoftheinvestmentportfolioheldformorethanoneyearwhichmayresultincapitalgainsbeingmade andtaxbeingpaid.TheCompanyisthereforeonoccasioninapositiontobeabletomakeavailableto

70、shareholdersaLICcapital gainattributablepartwithourdividends.NoneofthedividendsinrespectofthecurrentfinancialyearhaveanLICgainattached(2023:7.14centsattributable).Significant Changes in the State of AffairsDirectorsarenotawareofanyothersignificantchangesintheoperationsoftheCompany,ortheenvironmentin

71、whichitoperates,thatwilladverselyaffecttheresultsinsubsequentyears.Events Since Balance DateTheDirectorsarenotawareofanyothermattersorcircumstancenototherwisedisclosedintheFinancialReportortheDirectorsReportwhichhasarisensincetheendofthefinancialyearthathasaffectedormayaffecttheoperations,ortheresul

72、tsofthoseoperations,orthestateofaffairsoftheCompanyinsubsequentfinancialyears.Environmental RegulationsTheCompanysoperationsaresuchthattheyarenotdirectlyaffectedbyanymaterialenvironmentalregulations.Rounding of AmountsTheCompanyisofthekindreferredtointheASICCorporations(RoundinginFinancial/Directors

73、Reports)Instrument2016/191,relatingtotheroundingoffofamountsintheFinancialReport.AmountsintheFinancialReporthavebeenroundedoffinaccordance withthatInstrument,tothenearestthousanddollars,orincertaincases,tothenearestdollar.13AMCIL Limited Annual Report 2024Board MembersMemberoftheInvestmentCommittee.

74、DrAusterjoinedtheBoardinFebruary2021.DrAusteriscurrentlyStrategicAdvisertotheglobalCEOatUberandaNon-ExecutiveDirectorofAustralia Post.Prior to this role,sheledUberEatsacrossAsiaPacificastheRegionalGeneralManager.Previously,DrAusterwasaDirectorofCustomerOperationsandVice President of People for Thumb

75、tackinSanFrancisco,and a consultant for Bain&CompanyinAustralia.Jodie has extensive experienceworkingwith globaltechnologyplatformsandhasledseveralstart-upbusinessestoachievescale.MemberoftheInvestmentCommittee.ManagingDirectorof Australian Investment CompanyServicesLimited.MrFreemanbecameChiefExecu

76、tiveOfficerandManagingDirectorinJanuary2018havingbeenChiefInvestmentOfficersincejoiningtheCompanyinFebruary2007.PriortothishewasaPartnerwithGoldmanSachsJBWere,wherehespent12yearsadvisingtheinvestment companies on their investment and dealing activities.Hehasadeepknowledgeandexperienceof investment m

77、arkets and theCompanysapproaches,policiesandprocesses.HeisalsoManagingDirectorof Australian Foundation InvestmentCompanyLimited,DjerriwarrhInvestmentsLimitedandMirrabookaInvestmentsLimited.Jodie AusterIndependent Non-Executive DirectorMBBS,MBAMark FreemanManaging Director and Chief Executive Officer

78、BE,MBA,GradDipAppFin(SecInst),AMP(INSEAD)MemberoftheInvestmentCommittee.MrBrownwasappointedtotheBoardinFebruary2014.HeiscurrentlyaNon-ExecutiveDirectorofARBCorporationLimited.HewastheNon-ExecutiveChairmanofthecompanyfrom2016 to2022.MrBrownalsoheld thepositionofExecutiveChairmanofthecompanyfrom 1987

79、to 2016.MrBrownhaswideexperienceasaCEOandDirectorandbringstotheCompanyawealthofknowledgefrom ARBCorporationsinvolvementintheautomotiveindustry in Australia and overseas.Roger G BrownIndependent Non-Executive DirectorB.Eng,MBAChairmanoftheInvestmentCommittee.MrMyerwaselectedtotheBoardinJanuary2000and

80、appointedChairmanin2020.Currently,heisPresidentofTheMyerFoundation,ChairmanoftheYulgilbarGroupandaDirectorofMutualTrustPtyLimitedandTheMyerFamilyInvestmentsLimited.MrMyerwasformerlyDeputyChairmanofMyerHoldingsLtd,DirectorofDiversifiedUnitedInvestmentsLimited,eCargoHoldingsLimitedandHealthscopeLimite

81、d.Rupert Myer AOChairman and Independent Non-Executive DirectorBCom(Hons)(Melb),MA(Cantab),FAICD14AMCIL Limited Annual Report 2024MemberoftheAuditandInvestmentCommittees.MrWebsterwasappointed totheBoardinNovember2016.MrWebsterwasapartner of Allens,practicing in the area of mergers and acquisitionsfo

82、rover30years,andwasaboardmemberofAllensfor12years.HeistheChairofRERossTrust,aDirectorofHillviewQuarriesPtyLtdandanindependentmemberofASICsAuditandRiskCommittee.JonwasaSeniorFellowoftheLawSchooloftheUniversityofMelbourneforover20years.HeisaformerChairmanoftheAuditCommitteeoftheNorthernLandCounciland

83、oftheCorporationsCommitteeoftheLawCouncilofAustralia.HeisalsoaformerDirectoroftheHumanRightsLawCentre,aformermemberoftheASXsListingsAdvisoryPanel and of the Federal GovernmentsConsultativeGrouptotheCorporationsLawSimplificationTaskForce.ChairmanoftheAuditCommitteeandmemberof theInvestmentCommittee.M

84、rHirstjoinedtheBoardinJanuary2019.HeisaDirectorofAdelaideAirportanditssubsidiarycompanies,AMPLimited,GMHBALimited.DuringtheyearhewasActingChairmanofRacingVictoriaLimited(until 30 June 2024)and a DirectorofButnLimited(until26February2024).HewasManagingDirectorandChiefExecutiveOfficerofBendigoandAdela

85、ideBankLtdfrom2009to2018,andpreviouslyheld senior executive and managementpositionswithColonialLimited,ChaseAMPBankLimitedandWestpacBankingCorporation.MrHirstisanhonorarymemberoftheBusinessCouncilofAustralia,wasamemberoftheNationalCOVID-19CommissionandapriorDeputyChairofbothTreasuryCorporationofVict

86、oria and the Australian Banking Association.Jon Webster AMIndependent Non-Executive DirectorBCom,LLB(Hons)LLMMichael J HirstIndependent Non-Executive DirectorBCom(Melb),SFFinMemberoftheAuditandInvestmentCommittees.MsDwyerjoinedtheBoardinJune2023.SheisChairofAllianzAustraliaLimited,EleniumAutomationP

87、tyLimitedandBlackmoresLimitedandaNon-ExecutiveDirectorofDexusFundsManagementLimitedandLionPtyLimited,wheresheisChairoftheAudit,RiskandCompliancecommittees.SheisamemberoftheCommitteeoftheMelbourneCricketClub.Paulahasbeena Non-ExecutiveDirectorforover20yearsfollowinganexecutivecareerininvestmentbankin

88、gand funds management.She hassignificantexperienceacrossfinancialservices,investment management,healthcare,energy,utilitiesandinfrastructure,gamblingentertainment,propertyandconstruction,corporatefinanceandmergersandacquisitions.Previous roles include as Non-ExecutiveDirectorof ANZBankingGroupLimite

89、d(whereshewasChairoftheAuditCommittee),SuncorpGroupLimited,AstroJapanPropertyGroupLimited,FostersGroupLimited,DavidJonesLimitedandProminaGroupLimited.ShewasformerlyChairofTabcorpHoldingsLimitedandHealthscopeLimitedandDeputyChairofLeightonHoldingsLimited.Paula DwyerIndependent Non-Executive DirectorB

90、Com,FCA,SFFin,FAICD15AMCIL Limited Annual Report 2024Meetings of Directors ThenumberofmeetingsoftheCompanysBoardofDirectorsandofeachBoardCommitteeheldduringtheyearended30June2024andthenumbersofmeetingsattendedbyeachDirectorwere:BoardInvestment Committee Audit Committee Eligible to AttendAttendedElig

91、ible to AttendAttendedEligible to AttendAttendedRHMyer121211113#RM Freeman 121211113#JR Auster121110*92#RGBrown12101193#PJDwyer121210*1022MJHirst121210*1033JJWebster1212111133#Attendedmeetingsbyinvitation.*JRAuster,PJDwyerandMJHirstwereappointedtotheInvestmentCommitteeon10August2023.PJDwyerwasappoin

92、tedtotheAuditCommitteeon18April2024.Insurance of Directors and Officers Duringthefinancialyear,theCompanypaidinsurancepremiumstoinsuretheDirectorsandofficersnamedinthisreporttotheextentallowablebylaw.Thetermsoftheinsurancecontractprecludedisclosureoffurtherdetails.Corporate Governance StatementAcopy

93、oftheCompanysCorporateGovernanceStatementforthefinancialyearended30June2024canbefoundontheCompanyswebsiteat:.au/Corporate-Governance.aspxBoard Memberscontinued16AMCIL Limited Annual Report 2024Senior ExecutivesMrDriverjoinedtheCompanyinJanuary2003.Previously,hewaswithNationalAustraliaBankLtdfor18yea

94、rsinvarious roles covering businessstrategy,marketing,distribution,investorrelationsandbusinessoperations.MrDriverwasformerlyChairmanofTrustfor Nature(Victoria).MrPorterjoinedtheCompanyinJanuary2005.HeisaCharteredAccountantandhashadover25yearsexperience in accounting and financialmanagementbothinthe

95、UnitedKingdomwithAndersenConsultingandCreditSuisseFirstBoston,andinAustraliawherehewasRegionalChiefOperatingOfficerfortheCorporateandInvestmentBankingDivisionofCSFB.HeisaDirectorofthe Auditing and Assurance StandardsBoard(AUASB)andaDirectoroftheAnglicanFoundation.Mr Porter is a formerChairofTheGroup

96、of100(G100),thepeakbody forCFOs.MrRowejoinedtheCompanyinJuly2016.HeisaCharteredSecretarywithover18yearsof experience in corporate governancewithaparticularfocusinListedInvestmentCompanies.Hewaspreviouslya corporate governance adviser at a professional services firm,whichincludedactingasCompanySecret

97、aryforthreeASX-listedcompanies.PriortothathewastheCompanySecretarial Manager for a funds managementcompanybasedintheUnitedKingdom.Geoffrey N DriverGeneral Manager Business Development and Investor RelationsBEc,GradDipFinance,MAICDAndrew JB PorterChief Financial Officer/Company SecretaryMA(Hons)(StAn

98、d),FCA,MAICDMatthew J RoweCompany SecretaryBA(Hons),MScCorpGov,FGIA,FCG17AMCIL Limited Annual Report 2024(a)Principles Used to Determine Nature and Amount of RemunerationTheConstitutionofAMCILrequiresapprovalbytheshareholdersinageneralmeetingofamaximumamountofremunerationto beallocatedbetweenNon-Exe

99、cutiveDirectorsastheydetermine.Inproposingthemaximumamountforconsiderationinageneralmeeting,andindeterminingtheallocation,theBoardtakesaccountofthetimedemandsmadeonDirectors,togetherwithsuchfactorsasthegeneralleveloffeespaidtoAustraliancorporateDirectors.Theamountofremunerationexcludesamountsthatwer

100、eowingtothemwhentheDirectorsretirementallowanceswerefrozenat31December2003.Shareholdersapprovedanaggregatemaximumamountof$600,000fortheremunerationofDirectorsattheAGMinOctober2012.Directorsholdofficeuntilsuchtimeastheyretire,resignorareremovedfromofficeunderthetermssetoutintheConstitution oftheCompa

101、ny.MrFreemanismadeavailableasManagingDirectorofAMCILbyAustralianInvestmentCompanyServicesLtd(AICS).AspartofhisremunerationarrangementswithAICS,MrFreemanreceivesanatriskcomponentwhichisbasedonperformance,asdootherexecutives.Theperformancecriteriaincludequantitativeandqualitativeassessmentswhichinclud

102、e,amongstotherthings,theservicesthathehasprovidedtoAMCILandforwhichAICSispaid.TheDirectorsandtheCompanyhaveagreedtofreezeDirectorsretirementbenefitsatthe31December2003level.ThisfrozenamountwillbepaidtotherespectiveDirectorswhentheyultimatelyretire,withoutfurtheradjustment.TheCompanycontinuestopaySGC

103、contributionsonDirectorsfees.(b)Remuneration of DirectorsDirectorsoftheCompanydeterminethefeesofDirectorswithintheaggregatelimitestablishedbyshareholdersingeneralmeeting.DetailsofthenatureandamountsofeachDirectorsremunerationinrespectoftheyearto30June2024wereasfollows:Short Term Fee/Base Salary$Post

104、-employment Superannuation$Total Remuneration$RH Myer Chairman(Non-Executive)2024126,12613,874140,0002023121,26712,733134,000JR Auster Director(Non-Executive)202463,0636,93770,000202360,6336,36767,000RG Brown Director(Non-Executive)202463,0636,93770,000202360,6336,36767,000PJ Dwyer Director(Non-Exec

105、utive)appointed 6 June 2023202463,0636,93770,00020234,1654374,602RM Freeman Managing Director(Executive)20242023MJ Hirst Director(Non-Executive)202463,0636,93770,000202360,6336,36767,000SL McKenna Director(Non-Executive)retired 31 March 2023202345,4754,77550,250JJ Webster Director(Non-Executive)2024

106、63,0636,93770,000202360,6336,36767,000Total remuneration:Directors2024441,44148,559490,0002023413,43943,413456,852Remuneration Report18AMCIL Limited Annual Report 2024(c)Directors Retirement AllowancesTheBoardproposedandshareholdersapprovedatthe2004AGMdiscontinuingthepracticeofpayingDirectorsretirem

107、entallowances.TheDirectorsretirementallowanceprovidedinpastyearswasequaltothetotalemolumentsthattheDirectorreceivedinthethreeyearsimmediatelyprecedingretirement,whereaDirectorhadheldofficeforfiveormoreyearsandaproportionatepartforlessthan fiveyearsservice.ForRHMyer,whowasinofficeat31December2003,the

108、amountsaccruedasatthatdatewillbepaidtohimuponhisultimateretirement.NofurtheraccrualsofDirectorsretiringallowanceswillbemadeafter31December2003.NewDirectorsappointed totheCompanysince2003arenotentitledtoanyDirectorsretirementallowance.TheamountspayabletotherespectivecurrentDirectorswhowereinofficeat3

109、1December2003,whichwillbepaidwhentheyretire,aresetoutbelow.Theseamountswereexpensedinprioryearsastheretirementallowancesaccrued.Amount Payable on Retirement$RHMyer68,150Holdings of Securities Issued by the CompanyAsat30June2024,DirectorsandExecutiveswhoheldsharesissuedbytheCompanyfortheirownbenefito

110、rwhohaveaninterest inholdingsinthenameofanotherparty,andthetotalnumberofsuchsecurities,areasfollows:Balance at 1 July 2023Net ChangesBalance at 30 June 2024RHMyer2,099,789107,0232,206,812JR Auster43,1032,19645,299RGBrown2,110,766107,5822,218,348PJDwyer100,934100,934RM Freeman1,057,535111,9011,169,43

111、6MJHirst246,27612,553258,829JJWebster2,241,217347,4772,588,694GNDriver498,11325,387523,500AJB Porter73,7203,75777,477MJRowe11,6844,21115,895ItistheCompanyspolicythatnoAMCILsharesownedbyDirectorsorExecutivesareheldsubjecttomarginloans.(d)ExecutivesTheCompanyhasfourExecutives:RMFreeman,ManagingDirecto

112、r;GNDriver,GeneralManagerBusinessDevelopmentandInvestorRelations;AJBPorter,ChiefFinancialOfficer;andMJRowewhoisCompanySecretary(30June2023:fourexecutives).NoremunerationispaidtotheexecutivesdirectlybyAMCILastheirservicesareprovidedpursuanttoanarrangementwithAICSasoutlinedintheNotestotheFinancialStat

113、ements.However,theManagingDirector,GeneralManagerBusinessDevelopmentandInvestorRelations,theChiefFinancialOfficerandtheCompanySecretarywereallrequiredtopurchaseAMCILsharesaspartoftheirAnnualIncentivePlans.AllexecutivespurchasedsharesduringtheyearunderthisPlan.(e)Relationship With AICSAsnotedabove,th

114、eCompanyhasnoemployees.Day-to-dayoperationsandinvestmentactivitiesarecarriedoutundertheBoardsdirectionbyemployeesofAustralianInvestmentCompanyServicesLimited(AICS).AMCILhasaDirectorwhorepresentstheCompanyatAICSBoardandAudit,RiskandRemunerationCommitteemeetings.ThisrepresentativeisusuallyeithertheCha

115、irmanortheChair oftheAuditCommittee.TheRemunerationReportoftheParent(AustralianFoundationinvestmentCompany)includesfulldetailsofthebasisuponwhichtheexecutivesofAICSareremunerated.AMCILbearsaportionofthecostofthisremunerationthroughthefeewhichAICScharges.19AMCIL Limited Annual Report 2024Partoftheinc

116、entivepaymentsthattheexecutivesareeligibleforisbasedontheperformanceofAMCIL.TheseincentivepaymentsareallatriskandaredependentuponCompanyandpersonalperformance.TheportionofincentivepaymentsthatrelatetoAMCILaredesignedtoreflecttherisksthattheCompanyanditsshareholdersface andhowtheCompanyhasrespondedto

117、thoserisks.Inparticular:thekeyperformanceindicatorschosentodetermineperformance-relatedpayarethosethattheCompanyconsidersmostrelevant toitsobjectivesofimprovingshareholderwealthoverthemediumtolongterm;and thefocusisonperformanceoverthemediumtolongtermwithonlyasmallproportionofincentivebeingdependent

118、onasingleyearsperformance.Executivesareexpectedtobuild,overtime,arelevantholdingofAMCILshares.Aswellaspersonalobjectives(20percentofpotentialtargetincentive),whichincludeadvicetotheBoard,successionplanning,managementofstaff,riskmanagement,servicelevelsofinternalsupportfunctionsandpromotionofcorporat

119、ecultureandsatisfactionofkeyinternalstakeholders,aportionofanyincentiveawardedisbasedoninvestmentandCompanyperformance(80percentoftargetannualincentive,15percentofwhichisdependentonAMCILsperformance).TheportionrelatedtoAMCILsperformancetakesaccountofthefollowingfactors,allofwhichareattheBoardsdiscre

120、tionregardingtargetsandweightings:(a)Managementexpenseratio(MER):normallymeasuredagainstprioryearsresults.(b)Relativeinvestmentreturn:measureofthereturnontheportfolioinvested(includingcash)overthepreviousone,three,five and10years,relativetotheS&P/ASX200AccumulationIndex.(c)Grossreturn(GR):measureoft

121、hemovementinthenetassetbackingoftheCompany(pershare)plusthedividendsassumedtobe reinvested,grossedupforfrankingcreditsoverthepreviousone,three,fiveand10years.ThisreturniscomparedtotheS&P/ASX 200 Accumulation Index grossed up for franking credits.FortheManagingDirector,thetotaltargetamountofincentive

122、thatcanbepaidis100percentoftheFixedAnnualRemuneration(FAR),whilstfortheotherexecutivesitis50percent.Asnotedabove,AMCILonlybearsaportionofthesecoststhroughthepaymentsthat itmakestoAICS.TheBoardmonitorsthesemeasurestoensurethattheyremainconsistentandalignedwiththeobjectivesoftheCompany.Detailsoftheinc

123、entivespaidduringtheyear,andtheoutcomesoftherelevantmeasures,includingAMCILsperformanceagainst thetargets,areavailableintheAFICAnnualReport,.au.Remuneration Reportcontinued20AMCIL Limited Annual Report 2024Detailsofnon-auditservicesperformedbytheauditorsmaybefoundinNoteF2oftheFinancialReport.TheBoar

124、dofDirectorshasconsideredthepositionand,inaccordancewiththeadvicereceivedfromtheAuditCommittee,issatisfiedthattheprovisionofthenon-auditservicesiscompatiblewiththegeneralstandardofindependenceforauditorsimposedbytheCorporations Act 2001.TheDirectorsaresatisfiedthattheprovisionofnon-auditservicesbyth

125、eauditor,assetoutbelow,didnotcompromisetheauditorindependencerequirementsoftheCorporations Act 2001 forthefollowingreasons:allnon-auditserviceshavebeenreviewedbytheAuditCommitteetoensuretheydonotimpacttheimpartialityandobjectivity oftheauditor;and none of the services undermine the general principle

126、s relating to auditor independence as set out in the Corporations Act 2001 includingreviewingorauditingtheauditorsownwork,actinginamanagementoradecision-makingcapacityfortheCompany,actingasadvocatefortheCompany,orjointlysharingeconomicriskandrewards.AcopyoftheAuditorsIndependenceDeclarationissetouto

127、npage22.Thisreportinrelationtothefinancialyearto30June2024ispresentedbytheDirectorsoftheCompanyinaccordancewitharesolutionofDirectors.R Myer AO ChairmanMelbourne 30July2024Non-audit Services21AMCIL Limited Annual Report 2024Auditors Independence DeclarationPricewaterhouseCoopers,ABN 52 780 433 757 2

128、 Riverside Quay,SOUTHBANK VIC 3006,GPO Box 1331,MELBOURNE VIC 3001 T:61 3 8603 1000,F:61 3 8603 1999,.au Liability limited by a scheme approved under Professional Standards Legislation.Auditors Independence Declaration As lead auditor for the audit of AMCIL Limited for the year ended 30 June 2024,I

129、declare that to the best of my knowledge and belief,there have been:(a)no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;and(b)no contraventions of any applicable code of professional conduct in relation to the audit.Kate L Logan Melbour

130、ne Partner PricewaterhouseCoopers 30 July 2024 22AMCIL Limited Annual Report 2024FINANCIAL STATEMENTS23 FINANCIAL STATEMENTS24 Income Statement 25 Statement of Comprehensive Income 26 Balance Sheet 27 Statement of Changes in Equity 28 Cash Flow Statement 29 NOTES TO THE FINANCIAL STATEMENTS29 A.Unde

131、rstanding AMCILs Financial Performance29 A1.How AMCIL Manages its Capital29 A2.Investments Held and How They Are Measured30 A3.Operating Income31 A4.Dividends Paid32 A5.Earnings Per Share32 B.Costs,Tax and Risk32 B1.Management Costs33 B2.Tax34 B3.Risk35 C.Unrecognised Items35 C1.Contingencies36 D.Ba

132、lance Sheet Reconciliations36 D1.Current Assets Cash36 D2.Credit Facilities36 D3.Revaluation Reserve37 D4.Realised Capital Gains Reserve37D5.RetainedProfits37 D6.Share Capital38 E.Income Statement Reconciliations38 E1.Reconciliation of Net Cash Flows From Operating ActivitiestoProfit38 E2.Tax Reconc

133、iliations39 F.Further Information39 F1.Related Parties39 F2.Remuneration of Auditors39 F3.Segment Reporting40 F4.Summary of Other Accounting Policies AMCILLimited Annual Report 202423 Annual Report 202423AMCILLimitedIncome Statement For the Year Ended 30 June 2024 Note2024$0002023$000Dividendsanddis

134、tributionsA39,2319,371Revenuefromdepositsandbankbills293401Other income5Total revenue9,5299,772Net gains/(losses)on trading portfolioA3209(6)IncomefromoptionswrittenportfolioA3391578Income from operating activities10,12910,344Finance costs(113)(91)Administration expensesB1(2,061)(2,242)Profit before

135、 income tax expense 7,9558,011Income tax expenseB2,E2(477)(456)Profit for the year7,4787,555CentsCentsBasic earnings per shareA52.382.43ThisIncomeStatementshouldbereadinconjunctionwiththeaccompanyingnotes.24AMCIL Limited Annual Report 2024Statement of Comprehensive Income For the Year Ended 30 June

136、2024Year to 30 June 2024Year to 30 June 2023Revenue1$000Capital1$000Total$000Revenue1$000Capital1$000Total$000Profit for the year7,4787,4787,5557,555Other comprehensive incomeGains/(losses)fortheperiod56,92456,92429,21429,214Taxonabove(17,241)(17,241)(8,832)(8,832)Total other comprehensive income39,

137、68339,68320,38220,382Total comprehensive income 7,47839,68347,1617,55520,38227,9371.Capitalincludesrealisedorunrealisedgainsorlosses(andthetaxonthose)onsecuritiesintheinvestmentportfolio.Incomeintheformofdistributionsanddividendsisrecordedasrevenue.Allotheritems,includingexpenses,areincludedinprofit

138、fortheyear,whichiscategorisedunderrevenue.NoneoftheitemsincludedinothercomprehensiveincomewillberecycledthroughtheIncomeStatement.ThisStatementofComprehensiveIncomeshouldbereadinconjunctionwiththeaccompanyingnotes.25AMCIL Limited Annual Report 2024Note2024$0002023$000Current assetsCashD111,9464,954R

139、eceivables1,3561,386Total current assets13,3026,340Non-current assetsInvestment portfolioA2386,196341,359DeferredtaxassetsE2786Total non-current assets386,196342,145Total assets399,498348,485Current liabilitiesPayables88141Taxpayable687286Options soldA2161260Total current liabilities936687Non-curren

140、t liabilitiesDeferredtaxliabilitiesotherE2102DeferredtaxliabilitiesinvestmentportfolioB243,22927,597Total non-current liabilities43,33127,597Total liabilities44,26728,284Net assets355,231320,201Shareholders equityShare capitalA1,D6227,101223,819Revaluation reserveA1,D382,38548,181Realised capital ga

141、ins reserveA1,D419,24026,080RetainedprofitsA1,D526,50522,121Total shareholders equity355,231320,201ThisBalanceSheetshouldbereadinconjunctionwiththeaccompanyingnotes.Balance Sheet As at 30 June 202426AMCIL Limited Annual Report 2024Year Ended 30 June 2024NoteShare Capital$000Revaluation Reserve$000Re

142、alised Capital Gains Reserve$000Retained Profits$000Total$000Total equity at the beginning of the year223,81948,18126,08022,121320,201DividendspaidA4(12,319)(3,094)(15,413)SharesissuedunderDividendReinvestmentPlanD63,2993,299Othersharecapitaladjustments(17)(17)Total transactions with shareholders3,2

143、82(12,319)(3,094)(12,131)Profitfortheyear7,4787,478Other comprehensive income(net of tax)Net gains for the period on investments39,68339,683Othercomprehensiveincomefortheyear39,68339,683Transfertorealisedcapitalgainsreserveof realised gains on investments sold(5,479)5,479Total equity at the end of t

144、he year227,10182,38519,24026,505355,231Year Ended 30 June 2023NoteShare Capital$000Revaluation Reserve$000Realised Capital Gains$000Retained Profits$000Total$000Total equity at the beginning of the year221,80127,33737,26614,566300,970DividendspaidA4(10,724)(10,724)SharesissuedunderDividendReinvestme

145、ntPlanD62,0292,029Othersharecapitaladjustments(11)(11)Total transactions with shareholders2,018(10,724)(8,706)Profitfortheyear7,5557,555Other comprehensive income(net of tax)Net gains for the period on investments20,38220,382Othercomprehensiveincomefortheyear20,38220,382Transfertorealisedcapitalgain

146、sreserveof realised losses on investments sold462(462)Total equity at the end of the year223,81948,18126,08022,121320,201ThisStatementofChangesinEquityshouldbereadinconjunctionwiththeaccompanyingnotes.Statement of Changes in Equity For the Year Ended 30 June 2024 27AMCIL Limited Annual Report 2024No

147、te2024$000 Inflows/(Outflows)2023$000 Inflows/(Outflows)Cash flows from operating activitiesSales from trading portfolio 1,459718Purchases for trading portfolio(1,250)(277)Interest received293401Proceeds from entering into options in options sold portfolio1,5081,556Paymenttocloseoutoptionsinoptionss

148、oldportfolio(1,217)(777)Dividendsanddistributionsreceived9,2618,53410,05410,155Administration expenses(2,113)(2,194)Finance costs paid(113)(91)Other income5Income taxes paid(797)(210)Net cash inflow/(outflow)from operating activitiesE17,0367,660Cash flows from investing activitiesSales from investme

149、nt portfolio66,79947,796Purchases for investment portfolio(54,712)(53,302)Taxpaidoncapitalgains(10,208)Net cash inflow/(outflow)from investing activities12,087(15,714)Cash flows from financing activitiesShares issued3,2992,029Share issue transaction costs(17)(11)Dividendspaid(15,413)(10,724)Net cash

150、 inflow/(outflow)from financing activities(12,131)(8,706)Net increase/(decrease)in cash held6,992(16,760)Cashatthebeginningoftheyear4,95421,714Cash at the end of the yearD111,9464,954ForthepurposeoftheCashFlowStatement,cashincludescashanddepositsheldatcall.ThisCashFlowStatementshouldbereadinconjunct

151、ionwiththeaccompanyingnotes.Cash Flow Statement for the Year Ended 30 June 202428AMCIL Limited Annual Report 2024A.Understanding AMCILs Financial PerformanceA1.How AMCIL Manages its CapitalAMCILsobjectiveistoprovideshareholderswithattractivetotalreturnsincludingstrongcapitalgrowthoverthemediumtolong

152、termandtopayfullyfrankeddividends.AMCILrecognisesthatitscapitalwillfluctuatewithmarketconditions.Inordertomanagethosefluctuations,theBoardmayadjusttheamountofdividendspaid,issuenewshares,buybacktheCompanyssharesorsellassetstosettleanydebt.AMCILscapitalconsistsofitsshareholdersequityplusanynetborrowi

153、ngs.Asummaryofthebalancesinequityisprovidedbelow:2024$0002023$000Share capital227,101223,819Revaluation reserve82,38548,181Realised capital gains reserve19,24026,080Retainedprofits26,50522,121355,231320,201RefertoNotesD3D6forareconciliationofmovementforeachequityaccountfromperiodtoperiod.A2.Investme

154、nts Held and How They Are MeasuredAMCILhasthreeportfoliosofsecurities:theinvestmentportfolio,theoptionswrittenportfolioandthetradingportfolio.Detailsofallholdings(exceptforspecificoptionholdings)asattheendofthereportingperiodcanbefoundattheendoftheAnnualReport.Theinvestmentportfolioholdssecuritieswh

155、ichtheCompanyintendstoretainonalongtermbasis.Theoptionswrittenportfolioandtradingportfolioareheldforshorttermtradingonly.Thelatterisrelativelysmallinsizewhenutilised.Theoptionswrittenportfoliocancontainbothcallandputoptionsandcalloptionsareonlywrittenoversecuritiesheldintheinvestmentportfolio.Thebal

156、anceandcompositionoftheinvestmentportfoliowas:2024$0002023$000Equityinstruments(atmarketvalue)386,196341,359386,196341,359Thefairvalue(thepriceatwhichtheoptionmaybebought)at30Juneofthesecuritiesintheoptionswrittenportfoliowas:Calloptions(161)(260)Put options(161)(260)AlloptionswrittenbytheCompanyand

157、openat-year-endarecalloptions.Ifalloptionswereexercised,thiswouldleadtothesaleof$3.1millionworthofsecuritiesatanagreedpricetheexposure(2023:$18.4million).$7.2millionofsharesarelodgedwithASXClearPtyLtdascollateralforsoldoptionpositionswrittenbytheCompany(2023:$6.2million).ThesesharesarelodgedwithASXC

158、learunderthetermsofASXClearPtyLtdwhichrequireparticipantsintheExchangeTradedOptionmarkettolodgecollateral,andarerecordedaspartoftheCompanysinvestmentportfolio.How Investments Are Shown in the Financial StatementsTheaccountingstandardssetoutthefollowinghierarchyforfairvaluemeasurement:Level 1:quotedp

159、ricesinactivemarketsforidenticalassetsorliabilities.Level 2:inputsotherthanquotedprices,whichcanbeobservedeitherdirectly(asprices)orindirectly(derivedfromprices).Level 3:inputsfortheassetorliabilitiesthatarenotbasedonobservablemarketdata.AllfinancialinstrumentsheldbyAMCILareclassifiedasLevel1(othert

160、hananimmaterialamountofcallorputoptionswhenwrittenwhichareLevel2andtheCompanysinvestmentinMarketplacerwhichisaLevel3investment).Theirfairvaluesareinitiallymeasuredatthecostsofacquisitionandthenremeasuredbasedonquotedmarketpricesattheendofthereportingperiod.NOTES TO THE FINANCIAL STATEMENTS29AMCIL Li

161、mited Annual Report 2024Notes to the Financial StatementscontinuedNet Tangible Asset Backing Per ShareTheBoardregularlyreviewsthenetassetbackingpersharebothbeforeandafterprovisionfordeferredtaxontheunrealisedgainsinAMCILslongterminvestmentportfolio.DeferredtaxiscalculatedassetoutinNoteB2.Therelevant

162、amountsasat30June2024and30June2023wereasfollows:30 June 2024$30 June 2023$Net tangible asset backing per shareBefore tax1.261.12After tax1.131.03Equity InvestmentsThesharesintheinvestmentportfolioaredesignatedundertheaccountingstandardsasfinancialassetsmeasuredatfairvaluethroughothercomprehensiveinc

163、ome(OCI),becausetheyareequityinstrumentsheldforlongtermcapitalgrowthanddividendincome,ratherthantosolelymakeaprofitfromtheirsale.ThismeansthatchangesinthevalueofthesesharesduringthereportingperiodareincludedinOCIintheStatementofComprehensiveIncome.Thecumulativechangeinvalueofthesharesovertimeisthenr

164、ecorded in the revaluation reserve.On disposal,the amounts recorded in the revaluation reserve are transferred to the realised capital gains reserve.OptionsOptionsareclassifiedasfinancialassetsorliabilitiesatfairvaluethroughprofitandlossandusuallyhaveanexpirydatewithin12monthsfromthedatethattheyares

165、old.Optionswrittenareinitiallybroughttoaccountattheamountreceivedupfrontforenteringintothecontract(thepremium)andsubsequentlyrevaluedtocurrentmarketvalue.Securities Sold and How They Are MeasuredWheresecuritiesaresoldfromtheinvestmentportfolio,anydifferencebetweenthesalepriceandthecostistransferredf

166、romtherevaluationreservetotherealisedcapitalgainsreserveandtheamountsnotedintheStatementofChangesinEquity.ThismeanstheCompanyisabletoidentifytherealisedgainsoutofwhichitcanpayaListedInvestmentCompany(LIC)gainaspartofthedividend,whichconveyscertaintaxationbenefitstomanyofAMCILsshareholders.Therealise

167、dgainorlossonoptionswrittenisnotrecogniseduntiltheoptionexpires,isexercisedorisclosedout.AllunrealisedgainsorlosseswhichrepresentmovementsinthemarketvalueoftheoptionsarerecognisedthroughtheIncomeStatementDuringtheperiod$66.8million(2023:$46.8million)ofequitysecuritiesweresold.Thecumulativegainonthes

168、aleofsecuritiesfromtheinvestmentportfoliowas$5.5millionfortheperiodaftertax(2023:$0.5millionloss).Thishasbeentransferredfromtherevaluationreservetotherealisedcapitalgainsreserve(seeStatementofChangesinEquity).Thesesaleswereaccountedforatthedateoftrade.A3.Operating IncomeThetotalincomereceivedfromAMC

169、ILsinvestmentsin2024issetoutbelow.2024$0002023$000Dividends and distributions Dividendsfromsecuritiesheldininvestmentportfolioat30June8,2598,987Dividendsfrominvestmentsecuritiessoldduringtheyear972384Dividendsfromtradingsecuritiesat30JuneDividendsfromtradingsecuritiessoldduringtheyear9,2319,371Divid

170、endsfromlistedsecuritiesarerecognisedasincomewhenthosesecuritiesarequotedinthemarketonanex-distributionbasis.Dividendsfromunlistedsecuritiesarerecognisedasincomewhentheyarereceived.Capitalreturnsonordinarysharesaretreatedasanadjustmenttothecarryingvalueoftheshares.30AMCIL Limited Annual Report 2024T

171、rading Income and Non-equity InvestmentsNetgains(beforetax)onthetradingandoptionsportfolioaresetoutbelow.30 June 2024$30 June 2023$Net gainsNet realised gains/(losses)from securities in trading portfolio209(6)Realisedgainsonoptionswrittenportfolio375560Unrealisedgains/(losses)onoptionswrittenportfol

172、io1618600572A4.Dividends PaidThedividendspaidandpayablefortheyearended30June2024areshownbelow:2024$0002023$000(a)Dividends Paid During the YearFinaldividendfortheyearended30June2023of2.5centsplusaspecialdividendof1.5cents,bothfullyfrankedat30percent,paid24August2023(2023:2.5centsfullyfrankedfullyfra

173、nked at 30 per cent,paid on 25 August 2022)12,3197,651Interimdividendfortheyearended30June2024of1centfullyfrankedat30percent,paid23February2024(2023:1centfullyfrankedat30percent,paid23February2023)3,0943,07315,41310,724(b)Franking CreditsBalanceonthefrankingaccountafterallowingfortaxpayableinrespect

174、ofthecurrentyearsprofitsandthereceiptofdividendsrecognisedasreceivables9,62712,759Impactonthefrankingaccountofdividendsdeclaredbutnotrecognisedasaliabilityattheendofthecurrentfinancialyear:(4,055)(5,346)Net available5,5727,413ThesefrankingaccountbalanceswouldallowAMCILtofrankadditionaldividendpaymen

175、tsat a rate of 30 per cent(30 June 2023:30 per cent)up to an amount of:13,00117,297AMCILsabilitytocontinuetopayfrankeddividendsisdependentuponthereceiptoffrankeddividendsfromthetradingandinvestmentportfoliosandonAMCILpayingtax.(c)Dividends Declared After Balance DateSincetheendoftheyearDirectorshave

176、declaredafinaldividendof2.5centspershareplusaspecialdividendof0.5centspershare,bothfullyfrankedat30percent.Theaggregateamountofthefinaldividendfortheyearto30June2024tobepaidon28August2024,butnotrecognisedasaliabilityattheendofthefinancialyearis:9,462(d)Listed Investment Company Capital Gain AccountB

177、alanceoftheListedInvestmentCompany(LIC)capitalgainaccount1,93813,264Thisequatestoanattributablegainof2,76918,949DistributedLICcapitalgainsmayentitlecertainshareholderstoadeductionintheirtaxreturn,assetoutinthedividendstatement.LICcapitalgainsavailablefordistributionaredependentonthedisposalofinvestm

178、entportfolioholdingsthatqualifyforLICcapitalgains,orthereceiptofLICdistributionsfromLICsecuritiesheldintheportfolios.NoLICgainisattachedtothefinaldividendfortheyearended30June2024.31AMCIL Limited Annual Report 2024A5.Earnings Per ShareThetablebelowshowstheearningspersharebasedontheprofitfortheyear:B

179、asic Earnings Per Share2024 Number2023 NumberWeightedaveragenumberofordinarysharesusedasthedenominator314,359,591311,281,211$000$000Profitfortheyear7,4787,555CentsCentsBasic earnings per share2.382.43DilutionAstherearenooptions,convertiblenotesorotherdilutiveinstrumentsonissue,dilutedearningspershar

180、eisthesameasbasicearnings per share.B.Costs,Tax and RiskB1.Management CostsThetotalmanagementexpensesfortheperiodareasfollows:2024$0002023$000AdministrationfeespaidtoAICS(1,011)(1,216)Other administration expenses(1,050)(1,026)(2,061)(2,242)Administration Fees Paid to AICSAustralianInvestmentCompany

181、ServicesLimited(AICS)undertakestheday-to-dayadministrationofAMCILsinvestmentsanditsoperations,includingfinancialreportingandtheprovisionofkeypersonnel.Other Administration ExpensesAmajorcomponentofotheradministrationexpensesisDirectorsremuneration.Thishasbeensummarisedbelow:Short Term Benefits$Post-

182、Employment Benefits$Total$2024Directors441,44148,559490,0002023Directors413,43943,413456,852AMCILrecognisesDirectorsretirementallowancesthathavebeencrystallisedasamountspayable.Therearenofurtherretirementallowancesthatwillneedtobeexpensed.DetailedremunerationdisclosuresareprovidedintheRemunerationRe

183、port.TheCompanydoesnotmakeloanstoDirectors.Notes to the Financial Statementscontinued32AMCIL Limited Annual Report 2024B2.TaxAMCILstaxposition,andhowitaccountsfortax,isexplainedhere.DetailedreconciliationsoftaxaccountingtothefinancialstatementscanbefoundinNoteE2.Theincometaxexpensefortheperiodisthet

184、axpayableonthisfinancialyearstaxableincome,adjustedforanychangesindeferred taxassetsandliabilitiesattributabletotemporarydifferencesandforanyunusedtaxlosses.Deferredtaxassetsandliabilities(except forthoserelatedtotheunrealisedgainsorlossesintheinvestmentportfolio)areoffset,asallcurrentanddeferredtax

185、esrelatetotheAustralianTaxationOfficeandcanlegallybesettledonanetbasis.Deferredtaxbalancesarecalculatedattherateof30percent(2023:30 per cent).AprovisionhasbeenmadefortaxesonanyunrealisedgainsorlossesonsecuritiesvaluedatfairvaluethroughtheIncomeStatement i.e.thetradingportfolioandtheoptionswrittenpor

186、tfolio.Aprovisionalsohastobemadeforanytaxesthatcouldariseonsaleofsecuritiesintheinvestmentportfolio,eventhoughthereisnointentiontodisposeofthem.WhereAMCILdisposesofsuchsecurities,taxiscalculatedaccordingtotheparticularparcelsallocatedtothesalefortaxpurposes,offsetagainstanycapitallossescarriedforwar

187、d.Tax ExpenseTheincometaxexpensefortheperiodisshownbelow:(a)Reconciliation of income Tax Expense to Prima Facie Tax Payable 2024$0002023$000Profit before income tax expense 7,9558,011TaxattheAustraliancompanytaxrateof30percent(2023:30percent)2,3872,403Taxoffsetforfrankeddividendsreceived(1,723)(1,78

188、2)Taxeffectofsundryitemseithertaxableincurrentyearbutnotincludedinincomeornon-taxable(19)(90)645531Overprovisioninprioryears(168)(75)Total tax expense477456Deferred Tax Liabilities Investment PortfolioTheaccountingstandardsrequireustorecogniseadeferredtaxliabilityforthepotentialcapitalgainstaxontheu

189、nrealisedgainintheinvestmentportfolio.ThisamountisshownintheBalanceSheet.However,theBoarddoesnotintendtoselltheinvestmentportfolio,sothistaxliabilityisunlikelytoariseatthisamount.Anysaleofsecuritieswouldalsobeaffectedbyanychangesincapitalgainstaxlegislationortaxrateapplicabletosuchgainswhentheyareso

190、ld.2024$0002023$000Deferredtaxliabilitiesonunrealisedgainsintheinvestmentportfolio43,22927,597Openingbalanceat1July27,59717,860Taxonrealisedgains(at30percent)(1,609)905ChargedtoOCIforordinarysecuritiesongainsorlossesfortheperiod17,2418,83243,22927,59733AMCIL Limited Annual Report 2024B3.RiskMarket R

191、isk Marketriskistheriskthatthefairvalueorfuturecashflowsofafinancialinstrumentwillfluctuatebecauseofchangesinmarketprices.AsaListedInvestmentCompanythatinvestsintradeablesecurities,AMCILcanneverbefreeofmarketriskasitinvestsitscapitalinsecuritieswhicharenotriskfreethemarketpriceofthesesecuritieswillf

192、luctuate.Ageneralfallinmarketpricesof5percentand10percent,ifspreadequallyoverallassetsintheinvestmentportfolio,wouldhave ledtoareductioninAMCILscomprehensiveincomeof$13.5millionand$27.0millionrespectively,atataxrateof30percent(2023:$11.9 million and$23.9 million at a tax rate of 30 per cent).AMCILse

193、ekstoreducemarketriskattheinvestmentportfoliolevelbyensuringthatitisnot,intheopinionoftheInvestmentCommittee,overlyexposedtoonecompanyoroneparticularsectorofthemarket.TherelativeweightingsoftheindividualsecuritiesandtherelevantmarketsectorsarereviewedbytheInvestmentCommitteeandriskcanbemanagedbyredu

194、cingexposurewherenecessary.AMCILdoesnothaveaminimumormaximumamountoftheportfoliothatcanbeinvestedinasinglecompanyorsector.AMCILsinvestmentexposurebysectorisasbelow:2024%2023%Energy1.522.55Materials7.839.62Industrials14.3614.75ConsumerDiscretionary13.0012.38ConsumerStaples1.943.14Banks 7.088.09OtherF

195、inancialsandRealEstate18.1216.92Telecommunications7.8612.00Healthcare14.7616.06InformationTechnology10.533.05Cash3.001.44Therewerefoursecuritiesrepresentingover5percentofthecombinedinvestmentandtradingportfolio(includingoptions)at30June2024CSL(9.1percent),Wesfarmers(5.8percent),MacquarieGroup(5.7per

196、cent)andGoodmanGroup(5.6percent)(20235:CSL(10.0percent),BHP(5.7percent),Wesfarmers(5.6percent),MacquarieGroup(5.6percent)andTransurban(5.5 per cent).AMCILisnotcurrentlymateriallyexposedtointerestrateriskasthemajorityofitscashinvestmentsareinshorttermdepositswiththeCommonwealthBankofAustralia.AMCILis

197、alsonotdirectlymateriallyexposedtocurrencyriskasmostofitsinvestmentsarequotedin Australian dollars.Thewritingofcalloptionsprovidessomeprotectionagainstafallinmarketpricesasitgeneratesincometopartiallycompensateforafallincapitalvalues.Optionsareonlywrittenagainstsecuritiesthatareheldinthetradingorinv

198、estmentportfoliosalthoughstockmaybepurchasedon-markettomeetcallobligations.Credit Risk Creditriskistheriskthatonepartytoafinancialinstrumentwillcauseafinanciallossfortheotherpartybyfailingtodischargeanobligation.AMCILisexposedtocreditriskfromcash,receivables,securitiesinthetradingportfolioandsecurit

199、iesintheinvestmentportfoliorespectively.Noneoftheseassetsareoverdue.Theriskinrelationtoeachoftheseitemsissetoutbelow.Cash AllcashinvestmentsnotheldinatransactionalaccountareinvestedinshorttermdepositswithAustraliasbigfourcommercialbanks.Intheunlikelyeventofabankdefaultthereisariskoflosingthecashdepo

200、sitsandanyaccruedunpaidinterest.Notes to the Financial Statementscontinued34AMCIL Limited Annual Report 2024ReceivablesOutstandingsettlementsareonthetermsoperatinginthesecuritiesindustry,whichusuallyrequiresettlementwithintwodaysofthedateofatransaction.Receivablesarenon-interestbearingandunsecured.I

201、ntheeventofapaymentdefault,thereisariskoflosinganydifferencebetweenthepriceofthesecuritiessoldandthepriceoftherecoveredsecuritiesfromthediscontinuedsale.Receivablesalsoincludedividendsfromsecuritiesthathavepassedtherecorddateforthedistributionbuthavenotpaidasatbalancedate.Trading and Investment Port

202、foliosConvertingandconvertiblenotesorotherinterest-bearingsecuritiesthatarenotequitysecuritiescarrycreditrisktotheextentoftheircarryingvalue.Thisriskwillberealisedintheeventofashortfallonwinding-upoftheissuingcompanies.Asat30June2024,nosuchinvestments are held(2023:nil).Liquidity RiskLiquidityriskis

203、theriskthatanentitywillnotbeabletomeetitsfinancialliabilities.AMCILmonitorsitscashflowrequirementsdaily.TheInvestmentCommitteealsomonitorsthelevelofcontingentpaymentsonaregularbasisbyreferencetoknownsalesandpurchasesofsecurities,dividendsanddistributionstobepaidorreceived,putoptionsthatmayrequireAMC

204、ILtopurchasesecurities,andfacilitiesthatneedtoberepaid.AMCILensuresthatithaseithercashoraccesstoshorttermborrowingfacilitiessufficienttomeetthesecontingentpayments.AMCILsinwardcashflowsdependuponthedividendsreceived.Shouldthesedropbyamaterialamount,AMCILwouldamenditsoutwardcashflowsaccordingly.AMCIL

205、smajorcashoutflowsarethepurchaseofsecuritiesanddividendspaidtoshareholders,andbothofthesecanbeadjustedbytheBoardandmanagement.Furthermore,theassetsofAMCILarelargelyintheformofreadilytradeablesecuritieswhichcanbesoldon-marketifnecessary.ThetablebelowanalysesAMCILsfinancialliabilitiesintorelevantmatur

206、itygroupings.Theamountsdisclosedinthetablearethecontractualundiscountedcashflows.Balancesduewithin12monthsequaltheircarryingamountsastheimpactofdiscountingisnotsignificant.Less than 6 Months$000612 Months$000Greater Than 1 year$000Total Contractual Cash Flows$000Carrying Amount$00030 June 2024Payabl

207、es888888Optionswritten*161888824930 June 2023Payables141141141Optionswritten*260141141401*Inthecaseofcalloptions,therearenocontractualcashflowsasiftheoptionisexercisedthecontractwillbesettledinthesecuritiesoverwhichtheoptioniswritten.ThecontractualcashflowsforputoptionswrittenarethecashsumstheCompan

208、ywillpaytoacquiresecuritiesoverwhichtheoptionshavebeenwritten,anditisassumedforpurposeoftheabovedisclosurethatalloptionswillbeexercised(i.e.maximumcashoutflow).Therewerenoputoptions outstanding as at 30 June.C.Unrecognised ItemsC1.ContingenciesDirectorsarenotawareofanymaterialcontingentliabilitiesor

209、contingentassetsotherthanthosealreadydisclosedelsewherein the Financial Report.35AMCIL Limited Annual Report 2024Furthernotestothefinancialstatementsareincludedhere.Itisgroupedintothreesections:D.BalanceSheetReconciliationsE.IncomeStatementReconciliationsF.Further InformationD.Balance Sheet Reconcil

210、iationsThissectionprovidesfurtherinformationaboutthebasisofcalculationoflineitemsinthefinancialstatements.D1.Current Assets Cash2024$0002023$000Cashatbank11,946504CashManagementTrusts4,45011,9464,954Cashholdingsyieldedanaveragefloatinginterestrateof4.3percent(2023:2.97percent).Allcashinvestmentsareh

211、eldinatransactionalaccountoradepositaccountwiththeCommonwealthBankofAustralia.D2.Credit FacilitiesTheCompanywaspartytoagreementsunderwhichCommonwealthBankofAustraliawouldextendcashadvancefacilities.2024$0002023$000CommonwealthBankofAustraliacashadvancefacility10,00010,000Amountdrawndownat30June Undr

212、awnfacilitiesat30June10,00010,000Repaymentoffacilitiesisdoneeitherthroughtheuseofcashreceivedfromdistributionsorthesaleofsecurities,orbyrollingexistingfacilitiesintonewones.Facilitieswhenutilisedareusuallydrawndownfornomorethanthreemonths.Thefacilityexpireson30June2025.D3.Revaluation Reserve2024$000

213、2023$000Openingbalanceat1July202348,18127,337Gains/(losses)oninvestmentportfolio56,92429,214Deferredtaxonabove(17,241)(8,832)Transfertorealisedcapitalgainsreserveforrealised(gains)/losses(5,479)46282,38548,181Thisreserveisusedtorecordincrementsanddecrementsontherevaluationoftheinvestmentportfolioasd

214、escribedinaccountingpolicyNoteA2.Notes to the Financial Statementscontinued36AMCIL Limited Annual Report 2024D4.Realised Capital Gains Reserve2024$0002023$000Openingbalanceat1July26,08037,266Dividendspaid(12,319)(10,724)Cumulativetaxablerealisedgains/(losses)forperiodthroughOCI(netoftax)5,479(462)19

215、,24026,080Thisreserverecordsgainsorlossesafterapplicabletaxationarisingfromdisposalofsecuritiesintheinvestmentportfolioasdescribedin Note A2.D5.RetainedProfits2024$0002023$000Openingbalanceat1July22,12114,566Dividendspaid(3,094)Profitfortheyear7,4787,55526,50522,121Thisreserverelatestopastprofits.D6

216、.Share CapitalDateDetailsNotesNumber of Shares 000Issue Price$Paid-up Capital$00001/7/2022Balance309,874221,80125/8/2022DividendReinvestmentPlani1,3301.091,44925/8/2022DividendSubstitutionSharePlanii881.09n/a23/2/2023DividendReinvestmentPlani5571.0458023/2/2023DividendSubstitutionSharePlanii381.04n/

217、aVariousCostsofissue(11)30/6/2023Balance311,887223,81924/8/2023DividendReinvestmentPlani2,3290.972,25924/8/2023DividendSubstitutionSharePlanii1610.97n/a23/2/2024DividendReinvestmentPlani9721.071,04023/2/2024DividendSubstitutionSharePlanii471.07n/aVariousCostsofissue(17)30/6/2024Balance315,396227,101

218、i.ShareholderselecttohaveallorpartoftheirdividendpaymentreinvestedinnewordinarysharesundertheDividendReinvestmentPlan(DRP).ThepriceofthenewDRPsharesisbasedontheaveragesellingpriceofsharestradedontheAustralianSecuritiesExchange(ASX)andChi-Xinthefivedaysafterthesharesbegintradingex-dividend.ii.TheComp

219、anyhasaDividendSubstitutionSharePlan(DSSP)wherebyshareholdersmayelecttoforgoadividendandreceivesharesinstead.PricingfortheDSSPsharesisdoneaspertheDRPshares.Allshareshavebeenfullypaid,rankparipassuandhavenoparvalue.37AMCIL Limited Annual Report 2024E.Income Statement ReconciliationsE1.Reconciliationo

220、fNetCashFlowsFromOperatingActivitiestoProfit2024$0002023$000Profit for the year7,4787,555 Increase/(decrease)inoptionswrittenportfolio(99)200Decrease/(increase)incurrentreceivables30606Lessincrease/(decrease)inreceivablesforinvestmentportfolio(996)Increase/(decrease)indeferredtaxliabilities16,5208,8

221、24Less(increase)/decreaseindeferredtaxliabilityoninvestmentportfolio(15,632)(9,737)Increase/(decrease)incurrentpayables(53)(952)Lessdecrease/(increase)inpayablesforinvestmentportfolio1,000Increase/(decrease)inprovisionfortaxpayable401(9,953)LessCGTprovision/deferredtaxonCGTlosses(1,609)905 Add taxes

222、 paid on capital gains10,208Net cash flows from operating activities7,0367,660E2.Tax Reconciliations2024$0002023$000Tax Expense CompositionCharge/(credit)fortaxpayablerelatingtothecurrentyear628523Overprovisioninprioryears(168)(75)Deferredtaxonrealisedlosses/utilisationoflosses905(905)Deferredtaxmov

223、ement(888)913477456Amounts Recognised Directly Through Other Comprehensive IncomeNetmovementintaxliabilitiesrelatingtocapitalgainstaxonthemovementingainsin the investment portfolio17,2419,737Deferredtaxonrealisedgainsorlosses(905)17,2418,832Deferred Tax Assets and Liabilities Thedeferredtaxbalancesa

224、reattributableto:2024$0002023$000(a)Taxonunrealisedgainsorlossesintheoptionswrittenportfolio(5)(32)(b)Provisionsandexpenseschargedtotheaccountingprofitwhicharenotyettaxdeductible2013(c)Deferredtaxassetonrealisedcapitallosses905(d)Interestanddividendincomereceivablewhichisnotassessablefortaxuntilrece

225、ipt(117)(100)(102)786Movements:Openingasset/(liability)balanceat1July786(127)Credited/(charged)toIncomestatement(888)913(102)786Deferredtaxassetsandliabilitiesarisewhenprovisionsandexpenseshavebeenchargedbutarenotyettaxdeductible.Theseassetsarerealisedwhentherelevantitemsbecometaxdeductible,aslongas

226、enoughtaxableincomehasbeengeneratedtoclaimtheassetsagainst,andaslongastherearenochangestothetaxlegislationthataffectAMCILsabilitytoclaimthededuction.AsnotedinNoteB2,deferredtaxassetsandliabilitieshavebeencalculatedatarateof30percent(2023:30percent).Notes to the Financial Statementscontinued38AMCIL L

227、imited Annual Report 2024F.Further InformationThissectioncoversinformationthatisnotdirectlyrelatedtospecificlineitemsinthefinancialstatements,includinginformationaboutrelatedpartytransactionsandotherstatutoryinformation.F1.Related PartiesAlltransactionswithdeemedrelatedpartiesweremadeonnormalcommerc

228、ialtermsandconditionsandapprovedbyindependentDirectors.TheonlysuchtransactionswereinconnectionwiththeservicesprovidedbyAICS(seeNoteB1).F2.Remuneration of AuditorsDuringtheyeartheauditorearnedthefollowingremunerationincludingGST:2024$2023$PricewaterhouseCoopersAuditorreviewoffinancialreports83,20482,

229、646Permitted non-audit servicesCGTcompliancereview53,24050,051Taxationcomplianceservices10,80510,346Total remuneration147,249143,043F3.Segment ReportingOperatingsegmentsarereportedinamannerconsistentwiththeinternalreportingusedbythechiefoperatingdecision-maker.TheBoard,throughitssub-committees,hasbe

230、enidentifiedasthechiefoperatingdecision-maker,asitisresponsibleforallocatingresources and assessing performance of the operating segments.Description of SegmentsTheBoardmakesthestrategicresourceallocationsforAMCIL.AMCILhasthereforedeterminedtheoperatingsegmentsbasedonthereportsreviewedbytheBoard,whi

231、chareusedtomakestrategicdecisions.TheBoardisresponsibleforAMCILsentireportfolioofinvestmentsandconsidersthebusinesstohaveasingleoperatingsegment.TheBoardsassetallocationdecisionsarebasedonasingle,integratedinvestmentstrategy,andAMCILsperformanceisevaluatedonanoverallbasis.Segment Information Provide

232、d to the BoardTheinternalreportingprovidedtotheBoardforAMCILsassets,liabilitiesandperformanceispreparedonaconsistentbasiswiththemeasurementandrecognitionprinciplesofAustralianAccountingStandards,exceptthatnetassetsarereviewedbothbeforeandaftertheeffectsofcapitalgainstaxoninvestments(asreportedinAMCI

233、LsNetTangibleAssetannouncementstotheASX).Other Segment InformationRevenuesfromexternalpartiesarederivedfromthereceiptofdividend,distributionandinterestincome,andincomearisingonthetradingportfolio and realised income from the options portfolio.AMCILisdomiciledinAustraliaandmostofAMCILsincomeisderived

234、fromAustralianentitiesorentitiesthatmaintainalistinginAustralia.AMCILhasadiversifiedportfolioofinvestments,withonlyoneinvestmentcomprisingmorethan10percentofAMCILsincome,includingrealisedincomefromthetradingandoptionswrittenportfoliosBHP(10.5percent)(2023:oneBHP(17.3percent).39AMCIL Limited Annual R

235、eport 2024F4.Summary of Other Accounting Policies ThisgeneralpurposeFinancialReporthasbeenpreparedinaccordancewithAustralianAccountingStandards,InterpretationsissuedbytheAustralianAccountingStandardsBoardandtheCorporations Act 2001.ThisFinancialReporthasbeenauthorisedforissueon30July2024inaccordance

236、witharesolutionoftheBoardandispresentedintheAustraliancurrency.TheDirectorsofAMCILhavethepowertoamendandreissuetheFinancialReport.AMCILhasattemptedtoimprovethetransparencyofitsreportingbyadoptingplainEnglishwherepossible.KeyplainEnglishphrasesandtheirequivalentAASBterminologyareasfollows:PhraseAASB

237、TerminologyMarket valueFairvalueforactivelytradedsecuritiesCashCashandcashequivalentsShare capitalContributedequityOptionsDerivativeswrittenoverequityinstrumentsthatarevaluedatfairvaluethroughprofitorlossAMCILcomplieswithInternationalFinancialReportingStandards(IFRS)asissuedbytheInternationalAccount

238、ingStandardsBoard(IASB).AMCILisaforprofitentity.AMCILhasnotappliedanyAustralianAccountingStandardsorAASBInterpretationsthathavebeenissuedasatbalancedatebutarenotyetoperativefortheyearended30June2024(theinoperativestandards).Theimpactoftheinoperativestandardshasbeenassessedandtheimpacthasbeenidentifi

239、edasnotbeingmaterial.AMCILonlyintendstoadoptinoperativestandardsatthedateatwhichtheiradoptionbecomesmandatory.Basis of Accounting ThefinancialstatementsarepreparedusingthevaluationmethodsdescribedinNoteA2.Allotheritemshavebeentreatedinaccordancewiththehistoricalcostconvention.Fair Value of Financial

240、 Assets and LiabilitiesThefairvalueofcashandcashequivalents,andnon-interestbearingmonetaryfinancialassetsandliabilitiesofAMCILapproximatestheircarryingvalue.Rounding of AmountsAMCILisacompanyofthekindreferredtointheASICCorporations(RoundinginFinancial/DirectorsReports)Instrument2016/191,relatingtoth

241、eroundingoffofamountsintheFinancialReport.AmountsintheFinancialReporthavebeenroundedoffinaccordancewiththatInstrument,tothenearestthousanddollars,orincertaincases,tothenearestdollar.Notes to the Financial Statementscontinued40AMCIL Limited Annual Report 2024TheCompanyhasnosubsidiariesandthereforethe

242、accountingstandardsdonotrequireittoproduceconsolidatedfinancialstatements.Section 295(3A)(a)of the Corporations Act 2001 thereforedoesnotapplytotheCompany.CONSOLIDATED ENTITY DISCLOSURE STATEMENT41AMCIL Limited Annual Report 2024IntheDirectorsopinion:(1)thefinancialstatementsandnotessetoutonpages24t

243、o40areinaccordancewiththeCorporations Act 2001 including:(a)complyingwiththeAccountingStandards,theCorporations Regulations 2001 andothermandatoryprofessionalreportingrequirements;and(b)givingatrueandfairviewoftheCompanysfinancialpositionasat30June2024andofitsperformanceforthefinancialyearendedontha

244、tdate;(2)theConsolidatedEntityDisclosureStatementistrueandcorrect;and(3)therearereasonablegroundstobelievethattheCompanywillbeabletopayitsdebtsasandwhentheybecomedueandpayable.NoteF4tothefinancialstatementsconfirmsthatthefinancialstatementsalsocomplywithInternationalFinancialReportingStandardsasissu

245、edbytheInternationalAccountingStandardsBoard.ThisdeclarationismadeinaccordancewitharesolutionoftheDirectors.ThisdeclarationhasbeenmadeafterreceivingthedeclarationsrequiredtobemadetotheDirectorsbytheManagingDirectorandtheChiefFinancialOfficerregardingthefinancialstatementsinaccordancewithSection295Ao

246、ftheCorporations Act 2001 forthefinancialyearended30June2024.Thedeclarationsreceivedwerethat,intheopinionoftheManagingDirectorandtheChiefFinancialOfficertothebestoftheirknowledge,thefinancialrecordsoftheCompanyhavebeenproperlymaintained,thatthefinancialstatementscomplywithaccountingstandardsandthatt

247、heygiveatrueandfairview.R Myer AO ChairmanMelbourne 30July2024DIRECTORS DECLARATION42AMCIL Limited Annual Report 2024INDEPENDENT AUDIT REPORT PricewaterhouseCoopers,ABN 52 780 433 757 2 Riverside Quay,SOUTHBANK VIC 3006,GPO Box 1331,MELBOURNE VIC 3001 T:61 3 8603 1000,F:61 3 8603 1999 Liability limi

248、ted by a scheme approved under Professional Standards Legislation.Independent auditors report To the members of AMCIL Limited Report on the audit of the financial report Our opinion In our opinion:The accompanying financial report of AMCIL Limited(the Company)is in accordance with the Corporations A

249、ct 2001,including:(a)giving a true and fair view of the Companys financial position as at 30 June 2024 and of its financial performance for the year then ended (b)complying with Australian Accounting Standards and the Corporations Regulations 2001.What we have audited The financial report comprises:

250、the balance sheet as at 30 June 2024 the statement of comprehensive income for the year then ended the statement of changes in equity for the year then ended the cash flow statement for the year then ended the income statement for the year then ended the notes to the financial statements,including m

251、aterial accounting policy information and other explanatory information the consolidated entity disclosure statement as at 30 June 2024 the directors declaration.Basis for opinion We conducted our audit in accordance with Australian Auditing Standards.Our responsibilities under those standards are f

252、urther described in the Auditors responsibilities for the audit of the financial report section of our report.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Independence We are independent of the Company in accordance with the aud

253、itor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional&Ethical Standards Boards APES 110 Code of Ethics for Professional Accountants(including Independence Standards)(the Code)that are relevant to our audit of the financial report in A

254、ustralia.We have also fulfilled our other ethical responsibilities in accordance with the Code.43AMCIL Limited Annual Report 2024INDEPENDENT AUDIT REPORTcontinuedOur audit approach An audit is designed to provide reasonable assurance about whether the financial report is free from material misstatem

255、ent.Misstatements may arise due to fraud or error.They are considered material if individually or in aggregate,they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report.We tailored the scope of our audit to ensure that we performed enou

256、gh work to be able to give an opinion on the financial report as a whole,taking into account the geographic and management structure of the Company,its accounting processes and controls and the industry in which it operates.Audit Scope Our audit focused on assessing the financial report for risks of

257、 material misstatement in account balances,classes of transactions or disclosures,and designing and performing audit procedures to obtain reasonable assurance that the financial statements as a whole were free of material misstatement due to fraud or error.This included identifying areas of higher r

258、isk,based on quantitative and qualitative assessments of the Companys operations and activities.Key audit matters Key audit matters are those matters that,in our professional judgement,were of most significance in our audit of the financial report for the current period.The key audit matters were ad

259、dressed in the context of our audit of the financial report as a whole,and in forming our opinion thereon,and we do not provide a separate opinion on these matters.Further,any commentary on the outcomes of a particular audit procedure is made in that context.We communicated the key audit matters to

260、the Audit Committee.Key audit matter How our audit addressed the key audit matter Investment Portfolio Refer to note A2($386.2 million)The Investment Portfolio held by the Company of$386.2 million as at 30 June 2024 predominantly consists of listed Australian equities.Whilst there is no significant

261、judgement in determining the existence or valuation of the Companys investments,investments represent a key measure of the Companys performance and comprise a significant proportion of total assets in the balance sheet.The fluctuations in investments will also impact the realised and unrealised gain

262、s/(losses)recognised in the statement of comprehensive income.Given the pervasive nature investments have on the Companys key financial metrics,we determined this to be a key audit matter.Our procedures included the following:1)Agreed the investment quantity holdings at 30 June 2024 to third party c

263、onfirmations or registry sources.2)Obtained the purchases and sales listing for the year ended 30 June 2024,and agreed a sample of purchases and sales transactions to contracts.3)Performed a reconciliation of the opening investment portfolio balances(quantity of holdings and value),purchases,sales a

264、nd other relevant transactions,and agreed this back to the 30 June 2024 closing investment portfolio.4)Agreed quoted market prices used to fair value listed equity investments at 30 June 2024 to third party market pricing sources44AMCIL Limited Annual Report 2024 Other information The directors are

265、responsible for the other information.The other information comprises the information included in the annual report for the year ended 30 June 2024,but does not include the financial report and our auditors report thereon.Our opinion on the financial report does not cover the other information and a

266、ccordingly we do not express any form of assurance conclusion thereon through our opinion on the financial report.We have issued a separate opinion on the remuneration report.In connection with our audit of the financial report,our responsibility is to read the other information and,in doing so,cons

267、ider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit,or otherwise appears to be materially misstated.If,based on the work we have performed on the other information that we obtained prior to the date of this auditors report,we

268、 conclude that there is a material misstatement of this other information,we are required to report that fact.We have nothing to report in this regard.Responsibilities of the directors for the financial report The directors of the Company are responsible for the preparation of the financial report i

269、n accordance with Australian Accounting Standards and the Corporations Act 2001,including giving a true and fair view and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement,whether due to fraud o

270、r error.In preparing the financial report,the directors are responsible for assessing the ability of the Company to continue as a going concern,disclosing,as applicable,matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate th

271、e Company or to cease operations,or have no realistic alternative but to do so.Auditors responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement,whether due to fraud or er

272、ror,and to issue an auditors report that includes our opinion.Reasonable assurance is a high level of assurance,but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists.Misstatements can arise from f

273、raud or error and are considered material if,individually or in the aggregate,they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report.A further description of our responsibilities for the audit of the financial report is located at th

274、e Auditing and Assurance Standards Board website at:https:/www.auasb.gov.au/admin/file/content102/c3/ar2_2020.pdf.This description forms part of our auditors report.45AMCIL Limited Annual Report 2024INDEPENDENT AUDIT REPORTcontinued Our opinion on the remuneration report We have audited the remunera

275、tion report included in the directors report for the year ended 30 June 2024.In our opinion,the remuneration report of AMCIL Limited for the year ended 30 June 2024 complies with section 300A of the Corporations Act 2001.Responsibilities The directors of the Company are responsible for the preparati

276、on and presentation of the remuneration report in accordance with section 300A of the Corporations Act 2001.Our responsibility is to express an opinion on the remuneration report,based on our audit conducted in accordance with Australian Auditing Standards.PricewaterhouseCoopers Kate L Logan Melbour

277、nePartner 30 July 202446AMCIL Limited Annual Report 2024Information About ShareholdersAt16July2024therewere3,168holdingsofshares.Theseholdingsweredistributedinthefollowingcategories:Size of HoldingNumber of Shareholdings%of Share Capital1 to 1,0004350.041,001 to 5,0003820.345,001 to 10,0002600.6410,

278、001 to 100,0001,52820.04100,000 and over56378.943,168100%Percentageheldbythe20largestholders34.92%Average shareholding99,557Therewere302shareholdingsoflessthanamarketableparcelof$500(441shares).Voting Rights of Ordinary SharesTheConstitutionprovidesforvotestobecast:(i)onashowofhands,onevoteforeachsh

279、areholder;and(ii)onapoll,onevoteforeachfullypaidordinaryshare.OTHER INFORMATION47AMCIL Limited Annual Report 2024Major ShareholdersThe20largestregisteredshareholdersoftheCompanysordinarysharesasat16July2024arenotedbelow:RankNameShares%of Share Capital1BruceTeele30,573,0359.692TeeleFamilyNomineesPtyL

280、td19,040,4906.043DjerriwarrhInvestmentsLtd10,599,2543.364HSBCCustodyNominees(Australia)Limited8,605,7412.735InviaCustodianPtyLimited5,009,7811.596InviaCustodianPtyLimited4,996,2701.587AnconaValleyHoldingsPtyLtd4,547,4711.448SomokePtyLimited2,899,9720.929JonathanWebster2,588,6940.8210InviaCustodianPt

281、yLimited2,460,9270.7811Riga(QLD)PtyLtd2,247,3040.7112RogerBrown2,218,3480.7013KawarrenInvestmentsPtyLtd2,000,0000.6313Ross Barker2,000,0000.6315BNPParibasNomineesPtyLtd1,949,5310.6216FFSFAssetManagementPtyLtd1,824,1800.5817NetwealthInvestmentsLimited1,772,0780.5618ChalcottNomineesPtyLtd1,667,7930.53

282、19GardiolePtyLtdTheRhMyerSuperFund1,664,1080.5320MrsWaiNingKenrick1,473,0100.47OTHER INFORMATIONcontinued48AMCIL Limited Annual Report 2024Sub-underwriting DuringtheyeartheCompanyparticipatedasasub-underwriterinthefollowingissueofsecurities:CompanyUnderwritten ByDescriptionAmount UnderwrittenNEXTDCL

283、imitedMorganStanleyAustraliaSecuritiesLtdandRoyalBankofCanada1-for-6pro-rateacceleratednon-renounceableofferat$15.40pershareretailshortfall$1,000,014Substantial Shareholders TheCompanyhasbeennotifiedofsubstantialshareholdingsasfollows:HolderNumber of SharesDate NotifiedBruceBTeele49,154,141*6/9/2023

284、*Shareholdingasperlastsubstantialshareholdingnotification.Currentshareholdingreflectedonpage48.Transactions in SecuritiesDuringtheyearended30June2024,theCompanyrecorded354transactionsinsecurities.$325,310inbrokerage(includingGST)waspaidoraccruedfortheyear.49AMCIL Limited Annual Report 2024Holdings o

285、f SecuritiesAs at 30 June 2024DetailsoftheCompanysportfoliosaregivenbelow.Thelistshouldnot,however,beusedtoevaluateportfolioperformance ortodeterminethenetassetbackingpershare.ThenetassetbackingisadvisedtotheAustralianSecuritiesExchangeeach monthandisrecordedonthetollfreetelephoneserviceat1800780784

286、andpostedtoAMCIL.au.CodeNamePrincipal ActivityNumber Held 2023 000Number Held 2024 000Market Value 2024$000AIAAuckland International AirportOwnerandoperatorofNewZealandslargestairport.Itoperatesthroughthefollowingsegments:aeronautical,retailandproperty1,1058986,336ALQALSProviderofanalyticallaborator

287、yservicestomining,lifesciences,energyandindustrialclients5505507,706ARBARBCorporationManufactureranddistributoroffour-wheeldrivevehicleaccessoriesinAustraliaandinternationally28528510,730BHPBHPDiversifiedinternationalresourcescompany43243218,438BMTBeamtree HoldingsHealthcarecompanywhichprovidesclini

288、caldecisionsupportsoftwareknownasRippledownwhichautomateshumandecision-making processes in healthcare organisations10,04510,0452,310BRGBrevilleGroupManufacturerandwholesalerofelectricalconsumer products2102105,699CAR*CARGroupLargestonlineautomotiveclassifiedsbusinessin Australia.It also has interest

289、s in leading online automotiveclassifiedbusinessesinBrazil,SouthKorea,Malaysia,Indonesia,ThailandandMexico46144615,550CBACommonwealthBank of AustraliaBankingandwealthmanagementservices78557,006COHCochlearProviderofimplantablehearingsolutions,operatingthroughouttheAmericas,EuropeandAsiaPacific.Itspro

290、ductsincludecochlear,boneconduction and acoustic implants16155,049CSLCSLBiopharmaceuticalcompanythatresearches,develops,manufactures and markets products to treat and prevent serious human medical conditions12311935,219DMPDominosPizzaEnterprisesLargestinternationalmasterfranchiseowner oftheDominosPi

291、zzabrandwithoperations inAustralia,EuropeandAsia106772,757EGLTheEnvironmentalGroupImprovesair,waterandsoilquality,andreduceswasteandcarbonemissionsthroughitsfourbusinessunitsthatarecommittedtotheprotection of the environment05,4481,798EQTEQTHoldingsProvider of private client,trustee,estate administr

292、ation and funds management services32332310,32150AMCIL Limited Annual Report 2024CodeNamePrincipal ActivityNumber Held 2023 000Number Held 2024 000Market Value 2024$000FPHFisher&PaykelHealthcareCorporationDesigner,manufacturerandmarketerofarangeofmedicaldevicesusedinrespiratorycareandthetreatmentofo

293、bstructivesleepapnoea2302306,387GMGGoodmanGroupEngagesinthedevelopment,owning,andmanagementofindustrialpropertyandbusinessspaceinAustraliaandoverseas65362021,545GTKGentrackGroupProducessoftwarefortheelectricity,gasandwaterutilitiesindustries4807577,116HUBHUB24Providerofplatform,investment,advisory a

294、ndstockbrokingservicestoinstitutional,corporate and retail clients0261,187IELIDPEducationProviderofinternationalEnglishlanguagetesting,studentplacementandEnglishlanguageteaching services1933234,897JHXJamesHardieIndustriesBuildingmaterialscompanyfocusedonfibrecementproducts,predominantlyinthe UnitedS

295、tates3492119,994MAQMacquarieTechnologyGroupProvider of voice and telecommunication services aswellasdatahostingandco-locationservicestobusinessesandgovernmentcustomers19320419,246MFTMainfreight (NZX listed)Providerofmanagedwarehousingandinternational and domestic freight forwardingservices25024915,4

296、14MINMineral Resources Adiversifiedminingcompanywithoperationsinmining services,iron ore mining,lithium mining andanemergingenergybusiness0512,723MKTMarketplacer(Unlisted)Softwarecompanythatprovidesthetechnologyandinfrastructureneededtoestablishandmaintain online marketplaces for retail and B2B cust

297、omers977977487MQGMacquarieGroupDiversifiedfinancialservicesbusinessoperatinginbanking,financialadvisory,investmentandfunds management services10710721,830NABNational Australia BankBankingandwealthmanagementservices2782458,876NWLNetwealthGroupDiversifiedfinancialservicescompanyprovidingindependent in

298、vestment platform services to institutional,corporate and retail clients5244379,693NXTNEXTDCAleadingdatacentreprovideroffering co-location,interconnection,andcloudservicesforbusinesses01131,98551AMCIL Limited Annual Report 2024Holdings of SecuritiesAs at 30 June 2024 continuedCodeNamePrincipal Activ

299、ityNumber Held 2023 000Number Held 2024 000Market Value 2024$000OCLObjectiveCorporationProviderofinformationtechnologysoftware and services03754,511PSIPSCInsuranceGroupEngagesinbusinessacquisition,establishmentandturnaroundintheinsuranceservicesindustry03702,239PWHPWRHoldingsAgloballeaderinthedesign

300、andmanufactureofadvanced cooling solutions for the automotive,motorsport,and industrial sectors02002,196PXAPEXAGroupAustraliasleading,fullyintegrateddigitalpropertysettlementsplatform,allowingbuyersandsellerstomoreefficientlysettlethesale of a home02092,880RDXRedoxAustraliasleadingsupplieranddistrib

301、utor of chemicals and ingredients07842,400REAREAGroupLeadingdigitalmediabusinessfocusingononlinepropertyportalsinAustraliaandoverseas48428,181REHReeceDistributorandretailerofplumbing,building andhardwaresupplies3813308,311RMDResMedDeveloper,manufactureranddistributorofmedicalequipmentfortreating,dia

302、gnosing,andmanagingsleep-disorderedbreathing andotherrespiratorydisorders3083379,792SEKSeekOperatorofemploymentclassifiedswebsitesinAustraliaandoffshorewithinterestsineducationand training0921,965SQ2Block IncAfinancialtechnologycompanyspecialisinginfinancialservices,offeringmobilepaymentsolutions,po

303、int-of-salesystems,and businesstools0252,423TCLTransurban GroupDeveloperandoperatorofelectronictollroads in Australia and overseas1,3151,22615,202TLSTelstraGroupA leading telecommunications carrier(voice,mobile,dataandinternetproducts)inAustralia01,5385,56852AMCIL Limited Annual Report 2024CodeNameP

304、rincipal ActivityNumber Held 2023 000Number Held 2024 000Market Value 2024$000TNETechnology OneAnenterprisesoftwareproviderofferingintegrated,cloud-basedsolutionsforvariousindustries including government and education02264,204TPWTemple&WebsterGroupOperator of an online retailer of furniture and home

305、wares.ItprovideslifestyleproductsfromAustralian and international designers3603122,934WBCWestpac Banking CorporationBankingandwealthmanagementservices60345112,292WDS*WoodsideEnergyGroupEngagesintheexploration,evaluation,developmentandproductionofhydrocarbon and oil and gas properties1182156,050WESWe

306、sfarmersDiversifiedconglomeratewithretailingoperationsin supermarkets,department stores,home improvementandofficesupplies.Thegroupalsooperatesbusinessesinvolvedincoalmining,energy,chemicals,fertilisersandindustrialandsafetyproducts38934622,520WOW WoolworthsGroupOperator of general merchandise consum

307、er stores and supermarkets in Australia and NewZealand2742287,704WTCWiseTechGlobalGlobalsoftwarecompanythatprovidessoftwaresolutionstothelogisticsindustry17171,705XROXeroGlobalsoftwarecompanythatprovides cloud-basedaccountingsoftwaretosmall andmediumbusinesses20202,660386,035*Indicatesthatoptionswer

308、eoutstandingagainstpartoftheholding.53AMCIL Limited Annual Report 2024Major Transactions in the Investment PortfolioAcquisitionsCost($m)TelstraGroup5.9ObjectiveCorporation4.2TechnologyOne3.9Mineral Resources 3.5ResMed3.354AMCIL Limited Annual Report 2024DisposalsProceeds($m)MedibankPrivate*7.4JamesH

309、ardieIndustries6.3Santos*4.9Altium*4.7Computershare*4.7*Completedisposal.New Companies Added to the PortfolioTelstraGroupObjectiveCorporationTechnologyOneMineral Resources AltiumPEXAGroupBlockRedoxSeekPWRHoldingsPSCInsuranceNXTDCTheEnvironmentalGroupHUB2455AMCIL Limited Annual Report 2024AMCIL Limit

310、ed(AMCIL)ABN 57 073 990 735DirectorsRupertMyerAO,ChairmanMarkFreeman,ManagingDirectorJodie AusterRogerGBrownPaulaDwyerMichaelJHirstJonathanJWebsterAMCompany SecretariesMatthewJRoweAndrewJBPorterAuditorPricewaterhouseCoopersCharteredAccountantsCountry of IncorporationAustraliaRegistered Office and Ma

311、iling AddressLevel21,101CollinsStreetMelbourneVictoria3000Contact Details Telephone(03)9650 9911Facsimile(03)9650 9100 Email .auWebsite .auForenquiriesregardingnetassetbacking(asadvised eachmonthtotheAustralianSecuritiesExchange):Telephone 1800 780 784(toll free)Company Particulars56AMCIL Limited An

312、nual Report 2024Shareholder InformationSecurities Exchange CodeAMH Ordinary sharesShare RegistrarComputershare Investor Services Pty LtdYarra Falls452 Johnston StreetAbbotsford Victoria 3067Shareholder Enquiry Line 1300 653 916+61 3 9415 4224(from overseas)Facsimile+61 3 9473 2500Website all enquiri

313、es relating to shareholdings,dividends and related matters,please contact the share registrar as above.Annual General Meeting Time 10amDate Tuesday 8 October 2024Venue The Westin Melbourne Location 205 Collins Street Melbourne 3000The AGM will be a hybrid meeting with a physical meeting and access via an online platform.Further details are provided in the Notice of Annual General Meeting.AMCIL Limited Annual Report 202457MDM Design Printed on environmentally friendly paper