Aquirian (AQN) 2024年年度報告「ASX」.pdf

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1、 AQUIRIAN LIMITED(ASX:AQN)Level 5,190 St.Georges Terrace Perth WA 6000 1 Aquirian Limited ABN 23 634 457 506 Appendix 4E and Annual Financial Report-30 June 2024 Results for Announcement to the Market In accordance with the Listing Rules,Aquirian Limited encloses for immediate release the following

2、information:1.Appendix 4E 2.Audited Financial Statements for the year ended 30 June 2024 AQUIRIAN LIMITED(ASX:AQN)Level 5,190 St.Georges Terrace Perth WA 6000 2 Aquirian Limited Appendix 4E 1.Company Details Name of entity:Aquirian Limited ABN:23 634 457 506 Reporting period:For the year ended 30 Ju

3、ne 2024 Previous period:For the year ended 30 June 2023 2.Results for announcement to the market The financial statements have been audited and an unqualified opinion has been issued.Statutory Results1$Revenues from ordinary activities Down 12.0%to 23,163,888 EBITDA2 from ordinary activities Down 24

4、.6%to 2,697,688 Profit from ordinary activities after tax attributable to the members of Aquirian Limited Down 218.7%to (648,999)Profit for the year attributable to the members of Aquirian Limited Down 218.7%to (648,999)Underlying Results 3$Revenues from ordinary activities Down 12%to 23,163,888 EBI

5、TDA2 from ordinary activities Down 2.8%to 3,477,951 Profit from ordinary activities after tax attributable to the members of Aquirian Limited Down 41.7%to 318,521 Profit for the year attributable to the members of Aquirian Limited Down 41.7%to 318,521 Results for the period Refer to the Directors Re

6、port.Dividends No dividends have been declared during or subsequent to the financial year,and the Company does not have a dividend reinvestment plan.1 Statutory Results-unless otherwise stated,statutory financial information for the Group.2 EBITDA refers to earnings before interest costs,taxation,de

7、preciation and amortisation costs as set out in the Consolidated Statement of Profit or Loss and Other Comprehensive Income of the Audited Accounts,based on inputs calculated in accordance with Australian Accounting Standards and reviewed by the Groups auditors.3 Underlying Results IFRS and Non IFRS

8、 statutory financial measures excluding the direct and related costs of$1,290,027 associated with the strategic review of the Cybem Services business(comprised of$780,263 related to write down/disposal of parts and equipment,and$590,764 associated with Goodwill impairment which is excluded from the

9、underlying EBITDA result)adjusted for income tax where applicable.AQUIRIAN LIMITED(ASX:AQN)Level 5,190 St.Georges Terrace Perth WA 6000 3 3.Net tangible assets Reporting period Previous period Cents Cents Net tangible assets per ordinary security 7.89 9.43 4.Control gained over entities Not applicab

10、le.5.Loss of control over entities Not applicable.6.Details of associates and joint venture entities Not applicable.About Aquirian Aquirian is a specialised mining services company that provides drill and blast solutions to mining clients.It offers innovative products and services to optimise blast

11、hole outcomes,improve cost and production efficiencies,and enhance environmental performance.The Company has a solid national and international presence,with in-house capabilities and extensive relationships developed over many years of working in mining services globally.Western Energetics is a who

12、lly owned subsidiary of Aquirian,with its facility strategically located to provide storage,logistic and energetic solutions to Western Australias mining industry.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 AQUIRIAN LIMITED ABN:23 634 457 506 AND CONTROLLED ENTITIES FINANCIAL REPORT

13、FOR THE YEAR ENDED 30 JUNE 2024 AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 AQUIRIAN LIMITED AND CONTROLLED ENTITIES CONSOLIDATED FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 TABLE OF CONTENTS Page Corporate Directory 1 Letter from Chairperson 2 Directors Report 21 Auditors Indep

14、endence Declaration 22 Financial Report for the year ended 30 June 2024 Consolidated Statement of Profit or Loss and Other Comprehensive Income 23 Consolidated Statement of Financial Position 24 Consolidated Statement of Changes in Equity 25 Consolidated Statement of Cash Flows 26 Notes to the Finan

15、cial Statements 27 Directors Declaration 61 Independent Auditors Report 62 AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -1-AQUIRIAN LIMITED AND CONTROLLED ENTITIES CORPORATE DIRECTORY 30 June 2024 Directors Bruce McFadzean Alexandra Atkins David Kelly Gregory Patching Company Secretar

16、y Jessie Klari Level 5 190 St Georges Terrace Perth WA 6000 Registered Office Level 5 190 St Georges Terrace Perth WA 6000 Share register Automic Group Level 5 191 St Georges Terrace Perth WA 6000 Auditors Pitcher Partners BA&A Pty Ltd Level 11 12-14 The Esplanade Perth WA 6000 Legal Advisers Gronda

17、l Bruining Pty Ltd Level 5 22 Delhi Street West Perth WA 6005 Website https:/ Governance Statement A copy of the Corporate Governance statement can be found at https:/ LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -2-LETTER FROM THE CHAIRPERSON Dear Valued Shareholders,I am pleased to present a

18、 comprehensive overview of Aquirians achievements and financial performance for the fiscal year 2024.The past year has been one of consolidation and an opportunity to review our strategy as we continue to enhance our value proposition to support our customers.The acquisition of Wubin Emulsion Facili

19、ty and the formation of Western Energetics have transformed our business,and we are focused on ensuring that we are well-positioned to take advantage of the growth opportunities arising from our clear strategic vision of optimising blast outcomes and to engage the right people in roles that will hel

20、p us achieve our commercial objectives and increase shareholder value.The global and domestic economies continue to pose challenges,leading to volatility in the sentiment of the mining industry.As we evolve our business model,we are mindful of developing a business that is resilient to these externa

21、l factors and is committed to delivering future-focused and technical solutions to our clients.These solutions enhance operational efficiencies and empower our clients to adapt to the dynamic demands of the drill and blast industry.Our comprehensive offerings cater to the mining and resources sector

22、 and the civil and defence domains within Australia and internationally.This achievement is a testament to our strategy and the dedication and proficiency of the Aquirian team across all our business divisions.I extend my sincere gratitude to each team member for their commitment and contribution.Si

23、gnificant milestones have been achieved throughout the fiscal year,generating considerable customer interest.The Wubin Emulsion Facility and freehold land acquisition was completed within three months and is now in commercial production for customers.The acquisition complements our existing business

24、 and enables management to have in-depth discussions with customers about our diversified service offering and the ability to create efficiencies and savings within their business.These discussions will contribute to developing more sustainable financial outcomes for the group.The innovative Collar

25、Keeper System(CKS)technical advancements continue,and a significant increase in customer engagement and interest reflects this.Trials with Sandvik have commenced and will allow a larger market to use the innovative product,which is disrupting a crucial segment of the mining and resources sector.The

26、ongoing development towards mechanisation and automation reinforces our commitment to pioneering advancements in this field.Our FY result was impacted by write-downs and expenses related to a strategic decision to reposition the business.These decisions have extracted significant costs within the co

27、mpany and allowed us to deploy capital into our key growth areas,which will drive improvements in shareholder value.Our revenue declined by 12%to$23.2 million,while underlying EBITDA was down 2.8%to$3.5 million.Integral to our ethos,Aquirian remains resolute in its commitment to meaningful and measu

28、rable Environmental,Social,and Governance(ESG)practices,aligning our efforts to benefit our clients,shareholders,and the wider community.As we embark on the future,we are excited by the potential positive impacts that can be realised through our conduct and the innovative technologies we employ.In c

29、losing,I extend my heartfelt commendation to the entire Aquirian team for their dedication and unwavering contributions to the business.FY24 will be reviewed as a strategic year of consolidation and change with the maturity of our Energetics and Technology divisions;I am confident we have the team a

30、nd strategy in place for the business to leverage the extensive opportunities we are presented with and deliver value for shareholders.Bruce McFadzean Aquirian Chairperson AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -3-AQUIRIAN LIMITED AND CONTROLLED ENTITIES DIRECTORS REPORT The Dir

31、ectors present their report together with the financial report of the consolidated entity consisting of Aquirian Limited(“the Company”)and the entities it controlled(“the Group”),for the year ended 30 June 2024 and auditors report thereon.Directors The names of Directors in office at any time during

32、 or since the end of the year are:Bruce McFadzean Non-Executive Chairperson Alexandra Atkins Non-Executive Director David Kelly Executive Director(formerly Managing Director until 1 June 2024)Gregory Patching Managing Director(formerly Executive Director until 1 June 2024)The Directors have been in

33、office since the start of the year to the date of this report unless otherwise stated.Principal activities The principal activities of the Group during the year were the development of technology and innovative products,provision of equipment,maintenance and repairs,onsite field services,workforce a

34、nd training solutions to the mining and resources industry.Review of operations The Group remains focused on the safety and wellbeing of its employees,ESG,quality service provision and providing real solutions to customers.The ongoing development(and intellectual property(IP)protection)of the Collar

35、 Keeper and the Collar Keeper System technology and innovation remains central to providing clients with end-to-end total quality assurance in blast hole drilling.During the year the Group acquired the Wubin Ammonium Nitrate Emulsion Facility from Hanwha Mining Services Australia Pty Ltd(“Hanwha”)fo

36、r$9.6 million(the“acquisition”).The acquisition was fully debit funded by the National Australia Bank.The assets purchased includes a 160ktpa Ammonium Nitrate Emulsion facility and 142ha of land.Financial settlement completed on the 27 March 2024.In the last quarter,our company successfully recommen

37、ced the facility ahead of schedule and without any significant hurdles.The facility is currently producing,with commercial discussions ongoing for contract volumes.The acquisition is integral to our technology and energetics strategy.It will enable us to offer customers a unique solution for optimis

38、ing blast holes and blast outcomes,bringing us closer to customers and positioning our business for long-term growth.There has been significant interest in Wubin,with several customers attending the facility and expressing interest in toll manufacturing,product supply,and storage.Logistics providers

39、 are also considering opportunities to utilise some of the available land.There was significant progress on the automation phase of the Collar Keeper System this year.The Company deployed a prototype of the Automated Collar Keeper System on an Epiroc T45 drill rig for field testing in a Perth quarry

40、.The system performed exceptionally well,delivering close to 40 quality blast holes,allowing the drill operator to complete all tasks while remaining in the cab.No significant issues were identified during testing;however,the trial provided several lessons for our in-house technical team,which will

41、incorporate these findings into a production-ready model.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -4-Overall,the Group has performed solidly over the year.Mining Services were driven by products and technology sales and the manufacturer of energetic storage,we continue to see stro

42、ng demand in this area.This was partly offset by reduced demand of the underground fleet and the heavy equipment services business underperformance.As an outcome of the Groups strategic review,the Group exited the heavy equipment services workshops in the last quarter of the year.This refocuses reso

43、urces and capital management on our core strategic pillars of energetics and technology.Results Total revenue for the year ended 30 June 2024 was$23,163,888(30 June 2023:$26,321,412)down 12.0%.The decrease is primarily related to the lower utilisation of the underground fleet and the heavy equipment

44、 services that underperformed.The Group completed a strategic review during the year and exited the heavy equipment services during Q4 FY24.The Groups statutory consolidated loss after providing for income tax was$648,999(30 June 2023:profit$546,817).The statutory consolidated loss after providing f

45、or income tax includes non-cash costs of$1,290,027(before tax)related to the strategic review of the Cybem Services business.The Group exited the engineering and heavy vehicle workshops with$780,263 related to write-down/disposal of parts and equipment,and$509,764 associated with goodwill impairment

46、.The underlying consolidated profit after providing for income tax excluding the non-cash adjustment is$318,521.The Groups EBITDA2 including the non-cash costs related to the strategic review of the Cybem Services business is$2,697,688(30 June 2023:$3,578,145).The underlying EBITDA2 excluding the no

47、n-cash adjustment is$3,477,951 down 2.8%.The Group generated positive cash from operating activities for the year of$6,794,773(30 June 2023:$793,748).Cash and cash equivalents as at 30 June 2024 was$4,732,972(30 June 2023:$3,322,424).Primary increase in cash and cash equivalents relates to lower Min

48、ing Services receivables.The table below provides a comparison of key results for the year ended 30 June 2024 to the preceding year:30 June 30 June Statement of Profit or Loss 2024 2023$Total revenue 23,163,888 26,321,412 Consolidated(loss)/profit after providing for income tax(648,999)546,817 EBITD

49、A 2 2,697,688 3,578,145 2 EBITDA is a non-IFRS measure and refers to earnings before interest costs,taxation,depreciation,and amortisation costs as set out in the Consolidated Statement of Profit or Loss and Other Comprehensive Income of the audited accounts,based on inputs calculated in accordance

50、with Australian Accounting Standards.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -5-30 June 30 June Statement of Financial Position 2024 2023$Net assets 11,265,041 11,985,210 Cash and cash equivalents 4,732,972 3,322,424 Borrowings 14,011,875 6,735,150 Net cash/(debt)(9,278,903)(3,41

51、2,726)Share capital 7,871,486 7,871,486 Significant changes in the state of affairs The financial statements reflect the continuing business of the Group.As outlined in the Review of Operations,the Group completed the acquisition of Wubin Ammonium Nitrate Emulsion Facility during the year.The Group

52、also made the strategic decision to exit the heavy equipment services workshops in the last quarter of the year.Other than as outlined above,there were no significant changes to the state of affairs of the Group during the financial year.Subsequent events As announced on 8 July 2024,after successful

53、 trials,the Wubin Ammonium Nitrate Emulsion Facility was commissioned,and commercial production has commenced.No other matters or circumstances have arisen since 30 June 2024 that has materially affected,or may materially affect the Groups operations,the results of those operations,or its state of a

54、ffairs in future financial years.Capital management discipline and cash conversion The Groups objective in managing capital is to safeguard its ability to continue as a going concern and maintain optimal returns to shareholders and benefits for other stakeholders.The Group continued to generate posi

55、tive cash from operations cashflow and has a strong balance sheet position.This financial position provides a safeguard for potential changing market conditions and provides the ability to pursue opportunities as they arise that align to the companys growth strategy.Strategies Aquirian Limited conti

56、nue to execute against our strategy of energetics and technology by strengthening its position as an Australian-based,globally oriented,technology and energetics focused,integrated mining services business.To this end,we are pleased to report that during FY24:Acquisition and re-start of the Wubin Am

57、monium Nitrate Emulsion Facility.Continued development and commercialisation of Collar Keeper system.Development of new product lines to support our customers operations.People Services division engaging with our customer base and providing service offerings across both recruitment and training.Like

58、ly developments Over the prior 12 months,the Group has laid a solid foundation for growth across its Mining Services business division via the acquisition of the Wubin Ammonium Nitrate Emulsion facility and energetics hub and continued commercialisation of the Collar Keeper System in FY25 and beyond

59、.It is expected to generate increasing revenue and margin over the medium to long term.As the Group continues to develop we expect to grow our customer base in Australia and internationally.The Groups focus is the ramp up of production at the Wubin Ammonium Nitrate Emulsion Facility,development of t

60、he Wubin energetics hub,and to continue to invest in new AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -6-technology and the development of the Collar Keeper System.The Groups expects it outlook for FY25 is positive with continued uptake of its energetics,technology and innovative prod

61、ucts offerings and a clear focus on growing underlying margins.Environmental regulation The Groups operations are not subject to any significant environmental Commonwealth or State regulations or laws.Risk Management The Group defines risk management as the identification,assessment and management o

62、f risks that have the potential to materially impact on its operations,people,reputation,and financial results.Outlined below is an overview of a number of material risks facing the Group.These risks are not set out in any particular order and do not comprise every risk that the Group could encounte

63、r when conducting its business.Rather,they are the most significant risks that,in the opinion of the Board,should be considered and monitored by both existing shareholders and potential shareholders in the Company.Activity levels in key industry sectors may change The Groups client base is spread ac

64、ross a range of industry sectors,including mining,defence and law enforcement.Financial performance is connected to the strength of the mining industry,and in particular the demand for mining equipment and personnel,in the regions where the Group operates.Mining industry activity can be volatile,cyc

65、lical and sensitive to a number of factors beyond the control or prediction of the Group.A contraction in the mining industry,including a reduction in demand for mining equipment or personnel,in the regions where the Group operates,may negatively affect the growth prospects,operating results and fin

66、ancial performance of Aquirian.Any adverse developments which impact the other industry sectors in which the Group operates(defence and law enforcement)also have the potential to in turn impact the demand for Groups services,which could adversely impact the future financial performance and/or financ

67、ial position.Cash flows The Group funds its activities via operating cash flow and through asset finance.Projects,operations,cash flows and liquidity,could be adversely affected if the Group miscalculates the resources,cost or time needed to complete a project,or is unable to receive cash from clien

68、ts in respect of services rendered on a timely basis.Reliance on key personnel Given the current scale of the Group,its operational success will depend substantially on the continuing efforts of its senior executives and key employees.A loss of key personnel may impact on corporate knowledge,client

69、relationships and operational continuity.Intellectual property risk The Groups ability to leverage its strategy and expertise in part depends on its ability to protect its intellectual property and any improvements to it.The Groups future performance may be impacted if its product development object

70、ives are unsuccessful,or if applications for the grant of patents are unsuccessful.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -7-Reliance on key clients and the issue of purchase orders The Groups business model involves engaging with clients through the Groups entities using master

71、 services agreements,and by accepting any purchase orders subsequently issued by the client.There is no obligation on the part of the client to issue or the Group entity to accept any purchase orders.Given this business model,operational success will depend on clients continuing to do business with

72、the Group by issuing purchase orders,which is something that the Group cannot control.A loss of key clients,by their failure to issue purchase orders,may impact on the revenue of the Group.Loss of production capability of Collar Keeper The Group relies upon production and export of the Collar Keeper

73、 range from its supplier based in China.However,there is a risk that the Groups Chinese supplier may lose its ability to produce or export the Collar Keeper product.This will mean that the Group will be forced to activate a suitable alternative supplier.There is a risk that this may not be achievabl

74、e immediately or within adequate timeframes to prevent disruptions to the supply of the Collar Keeper to customers.This will likely result in a loss of revenue for the Group and may adversely impact on the financial performance and/or financial position of the Group.Specialist labour shortages The G

75、roup relies on specialist labour to provide its services.If the Group is unable to retain or engage sufficient persons with the requisite skills and experience to undertake its operations as and when needed,this will impact on the Groups ability to generate revenue.Regulatory risk The Group is requi

76、red to maintain good standing and comply with the requirements of a number of industry regulators to maintain its licences to operate.A change in regulation or a change in the Groups standing with regulators may adversely impact on the financial performance and/or financial position of the Group.Hea

77、lth and safety Health and safety risks are inherent in the mining services industry environment.These include major safety incidents,general operational hazards,failure to comply with policies,terrorism and general health and safety.A serious site safety incident,particularly one contributed by or a

78、ffecting the Groups hired out equipment or personnel,could have an adverse impact on the reputation and financial outcomes for the Group.Remote locations and country risk The Group conducts its business in remote locations,such as the West Australian outback,and emerging markets,such as in Africa an

79、d South America.There are risks inherent in conducting business in such locations,including exposing the Group to increased risk of a shortage of skilled and general labour,increased costs,logistical challenges and(in respect of foreign markets)political,legal and operational risk.Financing Risk The

80、 Group has financing facilities with external financiers.A default under any of these facilities could result in withdrawal of financial support or an increase in the cost of financing.Cyber Security The potential for cyber security attacks,misuse and release of sensitive information pose a risk for

81、 the Group.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -8-Dividends No dividends were paid,recommended,or declared since the start of the financial year(period ended 30 June 2024(2023:$NIL).Share options and performance rights granted to Directors Options and performance rights over

82、unissued ordinary shares granted by Aquirian Limited during the year were as follows:Directors Options granted Performance Rights*Bruce McFadzean-Gregory Patching-902,984 David Kelly-1,200,939 Alexandra Atkins-*The above performance rights were approved for issue by shareholders of Aquirian Limited

83、at the most recent Annual General Meeting held on 19 October 2023.These instruments were issued on 19 January 2024.Refer to page 17 within the remunerations report for details regarding the terms and conditions.Shares under option at the date of this report.Unissued ordinary shares of Aquirian Limit

84、ed under option at the date of this report are as follows:Date granted Number of unissued ordinary shares under option Exercise price of shares Expiry date of the options 27 July 2021 1,250,000 options$0.35 27 July 2025 No option holder has any right under the options to participate in any other sha

85、re issue of Aquirian Limited.Performance rights outstanding at the date of the report.Date performance rights issued Number of performance rights granted Date of performance rights grant Date of vesting of performance rights 10 February 2023 1,986,546 10 November 2022 30 June 2025 19 January 2024 3,

86、585,267 19 October 2023 30 June 2026 The 19 January 2024 performance rights are subject to two performance hurdles,each of which is measured at the end of the three-year performance period ending on 30 June 2026.The above represents the maximum amount of performance rights attainable.Shares issued o

87、n exercise of options No shares were issued during the reporting period or up to the date of this report on exercise of options.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -9-Information on Directors and company secretary The qualifications,experience and special responsibilities of

88、each person who has been a Director of Aquirian Limited at any time during or since 1 July 2023 is provided below,together with details of the company secretary as at the year end.Bruce McFadzean Non-Executive Chairperson(Appointed 9 April 2021)Bruce is a qualified mining engineer with more than 40

89、years experience in the global resources industry.Bruce has led the financing,development,and operation of several new mines around the world.His professional career includes 15 years with BHP Billiton and Rio Tinto in a variety of positions and four years as Managing Director of Catalpa Resources L

90、imited,a successful Western Australian gold miner which,under his management,saw its market capitalisation grow from$10 million to$1.2 billion following its merger into Evolution Mining Limited(ASX:EVN).Bruce is currently a Non-Executive Director of Hastings Technology Metals Limited(ASX:HAS),and No

91、n-Executive Director of Argosy Minerals Limited(ASX:AGY).Bruce was also formerly a Non-Executive Director(Chairman)of Ardiden Limited(Dec 2021-August 2023).Gregory Patching Managing Director(Appointed 1 June 2024)Executive Director(Appointed 27 June 2019 Ceased 31 May 2024)Gregory has worked in the

92、mining industry for over 30 years,predominantly in the drill and blast sector.With over 20 years with Orica,Gregory served as the President Director of Indonesia along with global customer management with all the major mining houses.Gregory founded the Group and has a long track record of delivery a

93、cross a number of businesses.Managing the innovation and intellectual property(IP)commercialisation pipeline is his prime focus.Gregory is graduate of the AICD.David Kelly Executive Director(Appointed 1 June 2024)Managing Director(Appointed 27 June 2019 Ceased 31 May 2024)David has worked globally i

94、n the mining industry for over 20 years,predominantly in the drill and blast sector.David joined the Group shortly after it was founded.Prior to joining Aquirian Limited,he was the founding Managing Director of Hanwha Mining Services in Australia.His career has also included over a decade with Orica

95、 where he worked in various commercial and operations roles in Australia,Hong Kong and Indonesia,including leading group training globally.David has a Graduate Certificate in Business from UWA,has completed the AICD Directors Course and is a member of the AICD.Alexandra Atkins Non-Executive Director

96、(Appointed 9 April 2021)Alexandra has over 10 years of Non-Executive Director experience with listed companies and NFPs.Alex has over 25 years mining industry experience across Australia and PNG in roles that find,design&run mines,regulate mines,in the Big Fours&on boards.Alex holds two Bachelor of

97、Engineering Degrees and an MBA(Finance).Although Alexs core competencies are as a mining engineer,geotechnical engineer&geologist,she has also developed strong skills in finance,strategy,risk and governance.She is a Graduate Member of the Australian Institute of Company Directors and is a Chartered

98、Professional Fellow of The AusIMM and Engineers Australia.She was one of 2018s 100 Global Inspirational Women in Mining(WIMUK)and was inducted into the Western Australian Womens Hall of Fame in 2019.Alexandra is currently a Non-Executive Director of global contract mining company Perenti Ltd(ASX:PRN

99、);and is a former director of the AusIMM and IWiM and Strandline Resources Ltd(ASX:STA)(23/11/2023).AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -10-Jessie Klari Company Secretary(Appointed 11 July 2023)Jessie is the General Counsel&Company Secretary at Aquirian with over 17 years exp

100、erience working in private practice and at ASX listed companies,she brings her legal and governance expertise to support the growing business.Jessie holds a Bachelor of Laws and a Bachelor of Arts from UWA as well as being In-House Counsel Certified by the Association of Corporate Counsel Australia.

101、Directors meetings The number of meetings of the board of Directors held during the financial year and the numbers of meetings attended by each Director were:Board of Directors Eligible to attend Attended Bruce McFadzean 14 14 David Kelly 14 14 Gregory Patching 14 14 Alexandra Atkins 14 14 Directors

102、 interests in shares or options Directors relevant interests in shares of Aquirian Limited or options over shares in the Group as at the date of this report are detailed below:Directors relevant interests in:Ordinary shares of Aquirian Limited Performance Rights*Options over shares in Aquirian Limit

103、ed Bruce McFadzean 890,345-275,000 David Kelly 6,983,551 1,762,904 -Gregory Patching 19,279,000 1,342,342-Alexandra Atkins-225,000*The above performance rights relate to two tranches that have been granted.Each performance rights tranche is subject to two performance hurdles,each of which is measure

104、d at the end of the three-year performance period commencing on 1 July and ending on 30 June.The board has determined that Tranche 1 performance rights of 862,849 held by Mr David Kelly and 674,596 held by Gregory Patching have not met vesting conditions at the end of 30 June 2024 and were cancelled

105、.Indemnification and insurance of Directors and Officers The Group has indemnified the Directors and executives of the Group for costs incurred,in their capacity as a Director or executive,for which they may be held personally liable,except where there is a lack of good faith.During the year,the Gro

106、up paid a premium in respect of a contract to insure the Directors and executives of the Group against a liability to the extent permitted by the Corporations Act 2001.Further disclosure required under section 300(9)of the Corporations Act 2001 is prohibited under the terms of the contract.Indemnifi

107、cation of auditors No indemnities have been given or insurance premiums paid,during or since the end of the year,for any person who is or has been an auditor of the Group.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -11-Proceedings on behalf of the Group No person has applied for leav

108、e of Court to bring proceedings on behalf of Aquirian Limited or any of its subsidiaries.Auditors independence declaration A copy of the auditors independence declaration as required under section 307C of the Corporations Act 2001 in relation to the audit for the financial year is provided with this

109、 report.Non-audit services The Group may decide to employ the auditor on assignments additional to their statutory audit duties where the auditors expertise with the Group is important.Non-audit services were provided by the Groups current auditors,Pitcher Partners BA&A Pty Ltd.The Directors are sat

110、isfied that the provision of the non-audit services during the year by the auditor is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.Non-audit services provided do not undermine the general principles relating to auditor independence as set out

111、 in APES 110 Code of Ethics for Professional Accountants(including Independence Standards),as they did not involve reviewing or auditing the auditors own work,acting in a management or decision making capacity for Aquirian Limited or any of its related entities,acting as an advocate for Aquirian Lim

112、ited or any of its related entities,or jointly sharing risks and rewards in relation to the operations or activities of Aquirian Limited or any of its related entities.2024$2023$Amounts paid and payable to Pitcher Partners BA&A Pty Ltd and related entities for non-audit services:Due diligence servic

113、es 4,052 3,338 Taxation services 30,250 39,900 Total auditors remuneration for non-audit services 34,302 43,238 Rounding of amounts In accordance with ASIC Corporations(Rounding in Financial/Directors Reports)Instrument 2016/191,the amounts in the Directors report and in the financial report have be

114、en rounded to the nearest dollar.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -12-Remuneration report(Audited)The Directors present the Groups 2024 remuneration report which details the remuneration information for Aquirian Limiteds Directors and other key management personnel.A.Detai

115、ls of key management personnel(i)Directors Period of Responsibility Position Bruce McFadzean Appointed 9 April 2021 Non-Executive Chairperson Gregory Patching Appointed 27 June 2019 Managing Director David Kelly Appointed 27 June 2019 Executive Director Alexandra Atkins Appointed 9 April 2021 Non-Ex

116、ecutive Director (ii)Key Management Personnel Andrew Venn Appointed 16 January 2023 Chief Operating Officer Mark Hunter Appointed 27 April 2021 Chief Financial Officer B.Remuneration policies The Board has established a policy for determining the nature and amount of remuneration of key management p

117、ersonnel that is agreed by the Board of Directors as a whole.The Board obtains independent professional advice where necessary to ensure that the Group attracts and retains talented and motivated Directors and employees who can enhance group performance through their contributions and leadership.For

118、 executives,the Group provides a remuneration package that incorporates both cash-based remuneration and an entitlement to participate in share-based remuneration as part of the Groups short and long term incentive plans.The contracts for service between the Group and executives are on a continuing

119、basis,the terms of which are not expected to change in the immediate future.Share-based remuneration is conditional upon continuing employment thereby aligning executives and shareholder interests.Non-executive Directors receive fees(salary)and may receive options for the purposes of aligning their

120、interest more closely with the interest of the Group without conflicting on their obligation to bring independent judgement to matters before the board.The Board determines the maximum amount for remuneration,including thresholds for share-based remuneration,for Directors by resolution.AQUIRIAN LIMI

121、TED AND CONTROLLED ENTITIES ABN:23 634 457 506 -13-Service Agreements The Group has entered into service agreements with the following key management personnel.Key terms of their service agreements have been outlined below:Annual fixed remuneration including superannuation Other remuneration Notice

122、periods to terminate Termination payments Either party may terminate at any point in time with no minimum notice period.Statutory entitlements.Bruce McFadzean$57,737 Alexandra Atkins$47,239 Provision of other non-cash-benefits,including a company vehicle(or allowance)and parking.Short term and long-

123、term incentive opportunities.6 months notice by either party or payment in lieu,except as a result of any occurrence which gives the group a right to no notice period.Statutory entitlements:plus Any unvested performance rights held by the executive KMP lapse upon termination or resignation unless th

124、e Board,in its absolute discretion,determines otherwise.Gregory Patching$314,283 David Kelly$348,272 Short term and long-term incentive opportunities.3 months notice by either party or payment in lieu,except as a result of any occurrence which gives the group a right to no notice period.Mark Hunter$

125、306,453 Andrew Venn$270,345 AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -14-Group earnings and shareholder wealth(3-year summary1)2024 2023 2022 Revenue and other income($)23,163,888 26,321,412 17,649,094 Profit/(loss)attributable to owners of Aquirian Limited($)(648,999)546,817 558,

126、148 Basic earnings per share(cents per share)(0.008)0.007 0.007 Share price at the end of the financial year($)0.19 0.18 0.30 Total remuneration($)1,538,278 1,424,443 1,486,636 Total performance-based remuneration($)103,973 162,484 423,820 1Aquirian Limited was listed on the Australian Securities Ex

127、change on the 27 July 2021 The targeted remuneration mix for executive KMP for the year ended 30 June 2024 is outlined below;At risk Fixed remuneration Short-term incentive Long-term incentive Gregory Patching 67%17%16%Chief Executive Officer(CEO)and Managing Director David Kelly 65%16%19%Executive

128、Director Andrew Venn 73%18%9%Chief Operating Officer(COO)Mark Hunter 72%14%13%Chief Financial Officer(CFO)1.The%of long-term incentive is based on the expected expense recognised in accounts in respect to performance rights tranches.2.The fixed remuneration above does not include a vehicle allowance

129、 or company vehicle where provided.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -15-Fixed remuneration The fixed remuneration paid to executive KMP is based on the size and scope of their role,knowledge and experience,and market benchmarks for that role.Fixed remuneration comprises ba

130、se salary and superannuation.Remuneration levels are reviewed annually by the Board through a process that considers individual and overall performance of the Group.In addition,external advisors may be used to ensure the KMPs remuneration is competitive with the market and relevant industry peers.FY

131、24 Short-term incentive(STI)During FY24,the STI provided to executive KMP had the following features:Description KMP and other senior management are able to participate in the STI.Performance criteria and payments STI awards are subject to performance criteria framework and weightings determined by

132、the Board.Performance criteria includes a mix of financial and non-financial KPIs,which are set at Group,Divisional and Individual level.The STI award is determined after the end of the financial year following a review of performance over the year against the STI performance measures by the Board.T

133、he Board approves the final STI award based on this assessment of performance after which the STI is paid in cash Performance period Performance against the STI targets relate to the period from 1 July 2023 to 30 June 2024.Board Discretion The Board has the right to modify,reduce or remove the STI o

134、pportunity at any time.Cessation of employment If an Eligible Participant ceases employment during a Performance Year,due to:a)retirement;(b)genuine redundancy;(c)total and permanent disablement;(d)death;or(e)terminal illness subject to the Boards discretion to determine otherwise,they will remain e

135、ntitled to a pro-rata STI Award for that Performance Year,and assessed at target.Unless the Board determines otherwise,if a Participant ceases employment for any other reason during a Performance Year,or prior to payment for a year in which an entitlement has already been earned but not yet paid,the

136、y will not be eligible for an STI Award for the Performance Year.Change of Control In the event a Change of Control occurs during the performance year,a participant will receive a pro-rata STI award,assessed at target.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -16-Long-term Incentiv

137、e(LTI)At the discretion of the Board,the Group provides a LTI opportunity to executive KMP and other senior executives through the grant of performance rights.These performance rights can vest into fully paid ordinary shares in Aquirian Limited,for no consideration,subject to meeting a performance c

138、ondition and a continued employment condition.The purpose of the Plan is to assist in the reward,retention and motivation of participants,link the reward of participants to shareholder value creation and align the interests of participants with shareholders of the Aquirian Group.Description KMP and

139、other senior management are able to participate in the LTI.Terms and conditions The Board has the discretion to set the terms and conditions on which it will offer Performance Rights under the Plan,including the terms of the invitations.To the extent permitted by the Listing Rules and the Plan,the B

140、oard retains the discretion to vary or amend the terms and conditions of the Plan.Performance period The performance period is at the end of three years,which commences on 1 July each year.Dividends and voting rights Performance rights do not have dividend or voting rights.Shares allocated upon vest

141、ing of performance rights rank equally with other ordinary shares on issue.Change of control Where a change of control event occurs,or the Board determines that such an event is likely to occur,Performance Rights will vest where pro rata performance is in line with the vesting conditions applicable

142、to those Performance Rights on the date that the event occurs,or the Board determines that the event is likely to occur.Cessation of employment In the event of resignation or termination of employment or engagement with the Group prior to the Performance Rights vesting,in general,unvested performanc

143、e rights will lapse and the participant will have no further interest in the rights.Unless the Board determines otherwise,if employment ceases in other circumstances(e.g.retirement,redundancy,death or terminal illness,total and permanent disablement etc.),the Performance Rights would be retained on

144、a pro-rata basis based on time served during the performance period,with the vesting conditions being tested in accordance with the applicable vesting conditions to determine the number of Performance Rights which may vest at this time(if any).The Board has the discretion to apply any other treatmen

145、t that it deems appropriate in the circumstances.Performance criteria,vesting conditions For all Performance rights issued on the 1 July 2022,vesting at the end of the performance period,is dependent upon the satisfaction of the two performance hurdles vesting conditions:50%of the performance rights

146、 are subject to a Compound Annual Growth Rate(CAGR)in Aquirian Limiteds Earnings per Share(EPS);and 50%of the performance rights are subject to a CAGR in Aquirian Limiteds Earnings Before Interest,Taxes,Depreciation and Amortisation(EBITDA)AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506

147、-17-The number of performance rights that vest(if any)is dependent on whether either one or both performance hurdles is achieved by the Group at the end of the performance period.The performance hurdles will be assessed independently.Set out below are the number of performance rights expected to ves

148、t depending upon the results of the Groups operations:CAGR over the performance period (1 July 2023 30 June 2026)%of Performance Rights that will vest 3-year CAGR for EPS Below 15%NIL 15%50%(Target)Between 15%and 25%Straight line pro-rata vesting between 50%and 100%At or greater than 25%100%CAGR ove

149、r the performance period (1 July 2023 30 June 2026)%of Performance Rights that will vest 3-year CAGR for EBITDA Below 15%NIL 15%50%(Target)Between 15%and 25%Straight line pro-rata vesting between 50%and 100%At or greater than 25%100%Clawback The Plan contains clauses that address fraud,malfeasance,m

150、aterial misstatement,inappropriate benefits and clawback that will result in the forfeiture of unvested and unexercised Performance Rights and vested Shares and their value,and which may apply at any time,including during employment Trading restrictions Performance Rights may not be sold,transferred

151、,mortgaged,charged or otherwise dealt with,except by force of law.Shares resulting from the exercise of performance rights will be subject to disposal restrictions due to compliance with:the Plan;the Aquirian Trading Policy;and insider trading provisions of the Corporations Act.AQUIRIAN LIMITED AND

152、CONTROLLED ENTITIES ABN:23 634 457 506 -18-C.Details of Directors and key management personnel(KMP)remuneration Details of the remuneration of the Directors and key management personnel of the Group for the year ended 30 June 2024 and 30 June 2023 are set out in the following table.(1)Short-term ben

153、efits received include vehicle and/or vehicle allowances(2)Relates to the expense recognised in accounts in respect to the performance rights.For FY24 represents tranche 3 only.2024Salary feesCash bonusNon-monetary(1)Other(1)Super-annuationLTI-Performance RightsOptions$%DirectorsBruce McFadzean 52,0

154、15 -5,722 -57,737 0%Gregory Patching 286,885 -42,500 2,760 27,399 26,187 -385,730 7%David Kelly 320,874 -45,760 27,399 34,827 -428,860 8%Alexandra Atkins 42,557 -4,681 -47,239 0%KMP -Andrew Venn(1)239,250 -1,560 26,931 22,529 -290,270 8%Mark Hunter 276,096 -4,518 27,399 20,430 -328,443 6%1,217,677 -

155、42,500 54,598 119,531 103,973 -1,538,279 7%2023DirectorsBruce McFadzean 50,000 -5,250 -55,250 0%Gregory Patching 287,383 -42,500 3,680 25,292 51,353 -410,208 13%David Kelly 307,983 -46,510 25,292 65,684 -445,469 15%Alexandra Atkins 40,909 -4,295 -45,204 0%KMPAndrew Venn(1)112,669 -715 11,830 11,208

156、-136,422 8%Mark Hunter 235,298 -37,060 25,292 34,239 -331,889 10%1,034,241 -42,500 87,965 97,253 162,484 -1,424,443 11%Total performance relatedTOTALShare-based payments(2)Short-TermPost-employment AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -19-Performance related cash bonuses The r

157、emuneration of executive directors and other key management personnel includes the award of short-term cash bonuses payable upon the satisfaction of specified performance conditions.STI awards are subject to performance criteria framework and weightings determined by the Board.Performance criteria i

158、ncludes a mix of financial and non-financial KPIs,which are set at Group,Divisional and Individual level.Group level KPIs for FY24 were 15%weighting for ESG,and a weighting range from 35%-55%for EBITDA determined by role.Remaining weighting applied to divisional and individual performance criteria.F

159、Y24 Maximum STI Available Amount included in remuneration Percentage vested in the financial year%Percentage forfeited in the financial year%Gregory Patching 157,142 -0%100%Chief Executive Officer(CEO)and Managing Director David Kelly 174,136 -0%100%Executive Director Andrew Venn(1)108,138 -0%100%Ch

160、ief Operating Officer(COO)Mark Hunter 121,398 -0%100%Chief Financial Officer(CFO)(1)Appointed 16 January 2023 D.Key management personnels share-based compensation No options in the Group were granted to Non-Executive Directors in FY2024.No shares were issued upon exercise of these options during the

161、 year.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -20-E.Key management personnels equity holdings (a)Number of options and performance rights held by key management personnel Information about share options and performance rights awarded to executive directors and other key managemen

162、t personnel is outlined in the following tables:Options are granted over ordinary shares of Aquirian Limited and exercisable on a one-for-one basis.Performance rights are subject to two performance hurdles,each of which is measured at the end of the three-year performance period commencing on 1 July

163、 and ending on 30 June.The above represents the maximum amount of performance rights attainable for each tranche.Refer to note 18.Grant DateExpiry DateExercise PriceBalance at 1 July 2023Granted during the yearExercised during the yearExpired during the yearBalance at 30 June 2024Exercisable at 30 J

164、une 202427 July 2021 27 July 2024$0.25 275,000 -275,000 -27 July 2021 27 July 2025$0.35 275,000 -275,000 -27 July 2021 27 July 2024$0.25 225,000 -225,000 -27 July 2021 27 July 2025$0.35 225,000 -225,000 -Bruce McFadzeanAlexandra Atkins 2024 Options AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634

165、 457 506 -21-(b)Number of shares held by key management personnel(consolidated)2024 Balance 1/07/2023 Number of ordinary shares granted as remuneration Number of ordinary shares received on the exercise of options Net Other changes Total balance at 30/06/2024 Number held nominally at 30/6/2024 Direc

166、tors Bruce McFadzean 890,345 -890,345 David Kelly 6,983,551 -6,983,551 Gregory Patching 19,279,000 -19,279,000 Alexandra Atkins -KMP Andrew Venn 950,005 -950,005 Mark Hunter 675,271 -675,271 28,778,172 -28,778,172 F.Loans to key management personnel No loans were made,guaranteed,or secured,directly

167、or indirectly,by the Group and any of its subsidiaries,in the financial year to key management personnel,their close family members or their related entities during the year.G.Other transactions with key management personnel During the year,there were no contracts or transactions entered into with D

168、irectors,key management personnel or other related parties outside of their agreement compensation for services rendered in their capacity as Directors or employees.This concludes the remuneration report,which has been audited.Signed in accordance with a resolution of the Directors.Greg Patching Bru

169、ce McFadzean Managing Director Chairperson Perth Perth 27 August 2024 27 August 2024 AUDITORS INDEPENDENCE DECLARATION TO THE DIRECTORS OF AQUIRIAN LIMITED AND ITS CONTROLLED ENTITIES 22 In accordance with section 307C of the Corporations Act 2001,I declare to the best of my knowledge and belief in

170、relation to the audit of the annual report of Aquirian Limited and its controlled entities for the year ended 30 June 2024,there have been:(i)No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;and(ii)no contraventions of the ethical requi

171、rements of the Accounting Professional and Ethical Standards Boards APES 110 Code of Ethics for Professional Accountants(including Independence Standards)in relation to the audit.PITCHER PARTNERS BA&A PTY LTD PAUL MULLIGAN Executive Director Perth,27 August 2024 AQUIRIAN LIMITED AND CONTROLLED ENTIT

172、IES ABN:23 634 457 506 -23-CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2024 Notes 30 June 2024 30 June 2023$Revenue and other income Revenue from contracts with customers 4 23,066,488 26,162,722 Other income 5 97,400 158,690 23,163,888 26,321,41

173、2 Less:expenses Materials,labour hire and consumables used 6 (10,267,978)(10,543,402)Depreciation,amortisation and impairment 6 (2,870,053)(2,548,660)Director fees (104,975)(100,454)Share based payments 18 (96,944)(383,851)Employee benefits expense 6 (7,980,785)(9,694,552)Occupancy expenses (238,877

174、)(98,256)Advertising expense (54,661)(71,129)Finance costs 6 (519,154)(226,429)Other expenses (1,707,759)(1,842,642)(23,841,186)(25,509,374)(Loss)/Profit before income tax expense (677,298)812,038 Income tax benefit/(expense)7 28,299 (265,222)Net(loss)/profit from continuing operations (648,999)546,

175、816 Total comprehensive(loss)/income for the year (648,999)546,816 Basic(loss)/earnings per share for profit attributable to owners of Aquirian Limited(refer note 22)(0.008)0.007 Diluted(loss)/earnings per share for profit attributable to owners of Aquirian Limited(refer note 22)(0.008)0.007 The acc

176、ompanying Notes form part of these financial statements AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -24-CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2024 Notes 30 June 2024 30 June 2023$Current assets Cash and cash equivalents 8 4,732,972 3,322,424 Receivables 9 2,737,3

177、38 5,483,612 Inventories 10 1,193,181 1,319,888 Other assets 11 956,102 918,402 Current tax asset 7-64,250 Total current assets 9,619,593 11,108,576 Non-current assets Plant and equipment 12 16,896,541 7,686,450 Lease assets 13 1,956,580 2,533,133 Intangible assets 14 4,911,583 4,387,039 Total non-c

178、urrent assets 23,764,704 14,606,622 Total assets 33,384,297 25,715,197 Current liabilities Lease liabilities 13 221,921 401,388 Payables 15 4,651,957 2,938,048 Borrowings 16 2,622,502 2,216,285 Provisions 17 477,624 552,929 Total current liabilities 7,974,004 6,108,650 Non-current liabilities Lease

179、liabilities 13 1,841,144 2,162,784 Borrowings 16 11,389,373 4,518,865 Provisions 17 51,878 48,533 Deferred tax liability 7 862,857 891,156 Total non-current liabilities 14,145,252 7,621,388 Total liabilities 22,119,256 13,729,988 Net assets 11,265,041 11,985,210 Equity Share based payments reserve 1

180、8 522,062 593,232 Share capital 19 7,871,486 7,871,486 Retained earnings 2,871,493 3,520,492 Total equity 11,265,041 11,985,210 The accompanying Notes form part of these financial statements AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -25-CONSOLIDATED STATEMENT OF CHANGES IN EQUITY F

181、OR THE YEAR ENDED 30 JUNE 2024 Contributed equity Reserves Retained earnings Total equity$Balance as at 1 July 2022 7,708,571 372,296 2,973,675 11,054,542 Profit for the year -546,817 546,817 Total comprehensive income for the year -546,817 546,817 Transactions with owners in their capacity as owner

182、s:Issue of ordinary shares(Note 19)162,915 -162,915 Share based payments(Note 18)-220,936 -220,936 Total transactions with owners in their capacity as owners 162,915 220,936 -383,851 Balance as at 30 June 2023 7,871,486 593,232 3,520,492 11,985,210 Balance as at 1 July 2023 7,871,486 593,232 3,520,4

183、92 11,985,210 Profit for the year -(648,999)(648,999)Total comprehensive income for the year -(648,999)(648,999)Transactions with owners in their capacity as owners:Share based payments(Note 18)-(71,170)-(71,170)Total transactions with owners in their capacity as owners -(71,170)-(71,170)Balance as

184、at 30 June 2024 7,871,486 522,062 2,871,493 11,265,041 The accompanying Notes form part of these financial statements AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -26-CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 Notes 30 June 2024 30 June 2023$Cash flow from op

185、erating activities Receipts from customers 28,779,151 26,145,776 Payments to suppliers and employees (21,712,125)(25,727,942)Interest received 14,221 8,982 Finance costs-other (206,178)(190,547)Income tax received 64,250 593,361 Finance costs-lease liabilities (144,546)(35,882)Net cash provided by o

186、perating activities 21 6,794,773 793,748 Cash flow from investing activities Proceeds from sale of plant and equipment 1,465,490 126,674 Payment for plant and equipment1 (2,470,248)(4,412,213)Payment for intangibles (1,260,762)(1,363,373)Net cash(used in)investing activities (2,265,520)(5,648,912)Ca

187、sh flow from financing activities Repayment of borrowings (2,723,275)(2,186,934)Proceeds received from borrowings1 -2,810,829 Principal portion of lease payments (395,430)(439,613)Net cash provided by financing activities (3,118,705)184,282 Reconciliation of cash Cash at beginning of the year 3,322,

188、424 7,993,305 Net increase/(decrease)in cash held 1,410,548 (4,670,881)Cash at end of the year 21 4,732,972 3,322,424 1 As per AASB 107 Statement of Cashflows paragraph 43-44,$10 million for the Wubin Ammonium Nitrate Emulsion Facility asset acquisition has been excluded from these areas.The accompa

189、nying Notes form part of these financial statements AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -27-NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2024 NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLICES The following are the significant accounting policies adopted by the Group

190、 in the preparation and presentation of the financial report.The accounting policies have been consistently applied,unless otherwise stated.(a)Basis of preparation of the financial report This financial report is a general purpose financial report that has been prepared in accordance with the Corpor

191、ations Act 2001 and Australian Accounting Standards,Interpretations and other applicable authoritative pronouncements of the Australian Accounting Standards Board(AASB).The financial report covers the Company and the Group.The Company is a company limited by shares,incorporated,and domiciled in Aust

192、ralia.The address of the Companys registered office and principal place of business is Level 5,190 St Georges Terrace,Perth.The Company is a for-profit entity for the purpose of preparing the financial report.The financial report was approved by the Directors as at the date of the Directors report.C

193、ompliance with IFRS The financial report also complies with the International Financial Reporting Standards(IFRS)issued by the International Accounting Standards Board(IASB).Historical cost convention The financial report has been prepared under the historical cost convention,as modified by revaluat

194、ions to fair value for certain classes of assets and liabilities as described in the accounting policies.Fair value measurement For financial reporting purposes,fair value is the price that would be received to sell an asset,or paid to transfer a liability,in an orderly transaction between market pa

195、rticipants(under current market conditions)at the measurement date,regardless of whether that price is directly observable or estimated using another valuation technique.When estimating the fair value of an asset or liability,the Group uses valuation techniques that are appropriate in the circumstan

196、ces and for which sufficient data are available to measure fair value,maximising the use of relevant observable inputs and minimising the use of unobservable inputs.Inputs to valuation techniques used to measure fair value are categorised into three levels according to the extent to which the inputs

197、 are observable:Level 1 inputs are quoted prices(unadjusted)in active markets for identical assets or liabilities that the entity can access at the measurement date.Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability,either direct

198、ly or indirectly.Level 3 inputs are unobservable inputs for the asset or liability.Significant accounting estimates and judgements The preparation of the financial report requires the use of certain estimates and judgements in applying the Groups accounting policies.Those estimates and judgements si

199、gnificant to the financial report are disclosed in Note 2 to the consolidated financial statements.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -28-(b)Going concern The financial report has been prepared on a going concern basis,which contemplates continuity of normal business activit

200、ies and the realisation of assets and the settlement of liabilities in the ordinary course of business.(c)Borrowing costs Borrowing costs include interest expense calculated using the effective interest method,finance charges in respect of lease arrangements,and exchange differences arising from for

201、eign currency borrowings to the extent that they are regarded as an adjustment to interest costs.Borrowing costs are expensed as incurred,except for borrowing costs incurred as part of the cost of the construction of a qualifying asset,in which case the costs are capitalised until the asset is ready

202、 for its intended use or sale.(d)Cash and cash equivalents Cash and cash equivalents include cash on hand and at banks,short-term deposits with an original maturity of three months or less held at call with financial institutions,and bank overdrafts.Bank overdrafts are shown within borrowings in cur

203、rent liabilities on the statement of financial position.(e)Employee benefits(i)Short-term employee benefit obligations Liabilities arising in respect of wages and salaries,annual leave and other employee benefits(other than termination benefits)expected to be settled wholly before twelve months afte

204、r the end of the reporting period are measured at the(undiscounted)amounts based on remuneration rates which are expected to be paid when the liability is settled.The expected cost of short-term employee benefits in the form of compensated absences such as annual leave is recognised in the provision

205、 for employee benefits.All other short-term employee benefit obligations are presented as payables in the statement of financial position.(ii)Other long-term employee benefit obligations The provision for other long-term employee benefits,including obligations for long service leave and annual leave

206、,which are not expected to be settled wholly before twelve months after the end of the reporting period,are measured at the present value of the estimated future cash outflow to be made in respect of the services provided by employees up to the reporting date.Expected future payments incorporate ant

207、icipated future wage and salary levels,durations of service and employee turnover,and are discounted at rates determined by reference to market yields at the end of the reporting period on high quality corporate bonds that are denominated in the currency in which the benefits will be paid,and that h

208、ave terms approximating to the terms of the related obligation.For currencies in which there is no deep market in such high-quality corporate bonds,the market yields(at the end of the reporting period)on government bonds denominated in that currency are used.Any remeasurements for changes in assumpt

209、ions of obligations for other long-term employee benefits are recognised in profit or loss in the periods in which the change occurs.Other long-term employee benefit obligations are presented as current liabilities in the balance sheet if the Group does not have an unconditional right to defer settl

210、ement for at least twelve months after the reporting date,regardless of when the actual settlement is expected to occur.All other long-term employee benefit obligations are presented as non-current liabilities in the statement of financial position.(iii)Share-based payments The Group operates share-

211、based payment employee share and option schemes.Share-based payments are measured at the fair value of goods or services received or the fair value of the equity instruments issued if it is determined the fair value of the goods or services cannot be reliably measured and are recorded at the date th

212、e goods or services are received.Share-based payment transactions are recognised in equity if the goods or services were received in an equity-settled share-based payment transaction,or as a liability if the goods and services were acquired in a cash settled share-based payment transaction.The fair

213、value of options is determined using a Black-Scholes Merton option pricing model.The number of share options and performance rights expected to vest is reviewed and adjusted AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -29-at the end of each reporting period such that the amount recog

214、nised for services received as consideration for the equity instruments granted is based on the number of equity instruments that eventually vest.The Group initially measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date a

215、t which they are granted.Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model,which is dependent on the terms and conditions of the grant.This estimate also requires determination of the most appropriate inputs to the valuation mod

216、el including the expected life of the share option,volatility and dividend yield and making assumptions about them,as well as an assessment of the probability of achieving non-market based vesting conditions.The probability of achieving non-market based vesting conditions of performance rights is as

217、sessed at each reporting period.The Group has applied judgement in assessing the likelihood of achieving the performance milestones in relation to the performance rights issued in the period.(iv)Bonus plan The Group recognises a provision when a bonus is payable in accordance with the employees cont

218、ract of employment,and the amount can be reliably measured.(f)Financial instruments Initial recognition and measurement Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.For financial assets,this is equivalent to

219、the date that the Group commits itself to either the purchase or sale of the asset(i.e.,trade date accounting is adopted).Financial instruments are initially measured at fair value adjusted for transaction costs.Classification of financial assets Financial assets recognised by the Group are subseque

220、ntly measured in their entirety at either amortised cost or fair value.Classification of financial liabilities All other financial liabilities recognised by the Group are subsequently measured at amortised cost.Trade and other receivables Trade and other receivables arise from the Groups transaction

221、s with its customers and are normally settled within 30-45 days.Consistent with both the Groups business model for managing the financial assets and the contractual cash flow characteristics of the assets,trade and other receivables are subsequently measured at amortised cost.Impairment of financial

222、 assets The following financial assets are tested for impairment by applying the expected credit loss impairment model:(a)debt instruments measured at amortised cost;(b)receivables from contracts with customers,contract assets and lease receivables.The Group applies the simplified approach under AAS

223、B 9 to measuring the allowance for credit losses for receivables from contracts with customers,contract assets and lease receivables.Under the AASB 9 simplified approach,the Group determines the allowance for credit losses for receivables from contracts with customers,contract assets and lease recei

224、vables on the basis of the lifetime expected credit losses of the financial asset.Lifetime expected credit losses represent the expected credit losses that are expected to result from default events over the expected life of the financial asset.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457

225、 506 -30-The gross carrying amount of a financial asset is written off(i.e.,reduced directly)when the counterparty is in severe financial difficulty and the Group has no realistic expectation of recovery of the financial asset.Financial assets written off remain subject to enforcement action by the

226、Group.Recoveries,if any,are recognised in profit or loss.(g)Impairment of non-financial assets Goodwill,intangible assets not yet ready for use and intangible assets with indefinite useful lives are not subject to amortisation and are therefore tested annually for impairment,or more frequently if ev

227、ents or changes in circumstances indicate that they might be impaired.For impairment assessment purposes,assets are generally grouped at the lowest levels for which there are largely independent cash flows(cash generating units).Accordingly,most assets are tested for impairment at the cash generatin

228、g unit level.Because it does not generate cash flows independently of other assets or groups of assets,goodwill is allocated to the cash generating unit or units that are expected to benefit from the synergies arising from the business combination that gave rise to the goodwill.Assets other than goo

229、dwill,intangible assets not yet ready for use and intangible assets with indefinite useful lives are assessed for impairment whenever events or circumstances arise that indicate the asset may be impaired.An impairment loss is recognised when the carrying amount of an asset or cash generating unit ex

230、ceeds the assets or cash generating units recoverable amount.The recoverable amount of an asset or cash generating unit is defined as the higher of its fair value less costs to sell and value in use(where value in use is determined as the present value of the future cash flows expected to be derived

231、 from an asset or cash-generating unit).Impairment losses in respect of individual assets are recognised immediately in profit or loss unless the asset is measured at a revalued amount,in which case the impairment loss is treated as a revaluation decrease and is recognised in other comprehensive inc

232、ome,to the extent that it does not exceed the amount in the revaluation surplus for the same asset.Impairment losses in respect of cash generating units are allocated first against the carrying amount of any goodwill attributed to the cash generating unit with any remaining impairment loss allocated

233、 on a pro rata basis to the other assets comprising the relevant cash generating unit.A reversal of an impairment loss for an asset measured at cost is recognised in profit or loss.A reversal of an impairment loss for an asset measured at a revalued amount is treated as a revaluation increase and is

234、 recognised in other comprehensive income,except to the extent that an impairment loss on the same asset was previously recognised in profit or loss,in which case a reversal of that impairment loss is also recognised in profit or loss.(h)Income tax Current income tax expense or revenue is the tax pa

235、yable on the current periods taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities.Deferred tax assets and liabilities are recognised for temporary differences at the applicable tax rates when the assets are expected to be recovered or liab

236、ilities are settled.Deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill.Deferred income tax is also not recognised if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of

237、the transaction affects neither accounting nor taxable profit or loss.Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.Current and defer

238、red tax balances attributable to amounts recognised directly in equity are also recognised directly in equity.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -31-(i)Intangible Assets Goodwill Goodwill represents the future economic benefits arising from other assets acquired in a busines

239、s combination that are not individually identifiable or separately recognised.Goodwill is initially recognised at an amount equal to the excess of:(a)the aggregate of the consideration transferred,the amount of any non-controlling interest,and the acquisition date fair value of the acquirers previou

240、sly held equity interest(in the case of a step acquisition);over(b)the net fair value of the identifiable assets acquired and liabilities assumed.For accounting purposes,such measurement is treated as the cost of goodwill at that date.Goodwill is not amortised,but is tested for impairment annually,o

241、r more frequently if events or changes in circumstances indicate that it might be impaired.Subsequent to initial recognition,goodwill is measured at cost less any accumulated impairment losses.Trademarks,Patents and Designs Except for indefinite useful life intangible assets,which are not amortised

242、but are tested annually for impairment,separately acquired intangible assets are recognised at cost and amortised over their estimated useful lives commencing from the time the asset is available for use.The amortisation method applied to an intangible asset is consistent with the estimated consumpt

243、ion of economic benefits of the asset.Subsequent to initial recognition,separately acquired intangible assets are measured at cost,less accumulated amortisation(where applicable)and any accumulated impairment losses.The Group has applied for,and currently holds,a number of patents across jurisdictio

244、ns.The Group capitalises costs associated with patent design and application.Capitalised patent costs are amortised over a 20 year useful life,in line with the patent exclusivity period.IT software development costs Costs incurred in developing IT software are initially recognised as an asset and ar

245、e subsequently amortised over their estimated useful lives commencing from the time the asset is available for use.The amortisation method applied to an intangible asset is consistent with the estimated consumption of economic benefits of the asset.Subsequent to initial recognition,IT software devel

246、opment costs recognised as an intangible asset are measured at cost,less accumulated amortisation and any accumulated impairment losses.Capitalised development costs Costs incurred in developing products and technology are initially recognised as an asset and are subsequently amortised over their es

247、timated useful lives commencing from the time the product is considered commercialised.The amortisation method applied to an intangible asset is consistent with the estimated consumption of economic benefits of the asset.Subsequent to initial recognition,development costs are recognised as an intang

248、ible asset are measured at cost,less accumulated amortisation and any accumulated impairment losses.(j)Inventories Inventories are measured at the lower of cost and net realisable value.Cost comprises all costs of purchase,costs of conversion and other costs incurred in bringing the inventories to t

249、heir present location and condition.(k)Leases At the commencement date of a lease(other than leases of 12-months or less and leases of low value assets),the Group recognises a lease asset representing its right to use the underlying asset and a lease liability representing its obligation to make lea

250、se payments.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -32-Lease assets Lease assets are initially recognised at cost,comprising the amount of the initial measurement of the lease liability,any lease payments made at or before the commencement date of the lease,less any lease incent

251、ives received,any initial direct costs incurred by the Group,and an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset,restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the

252、lease,unless those costs are incurred to produce inventories.Subsequent to initial recognition,lease assets are measured at cost(adjusted for any remeasurement of the associated lease liability),less accumulated depreciation and any accumulated impairment loss.Lease assets are depreciated over the s

253、horter of the lease term and the estimated useful life of the underlying asset,consistent with the estimated consumption of the economic benefits embodied in the underlying asset.Lease liabilities Lease liabilities are initially recognised at the present value of the future lease payments(i.e.,the l

254、ease payments that are unpaid at the commencement date of the lease).These lease payments are discounted using the interest rate implicit in the lease,if that rate can be readily determined,or otherwise using the Groups incremental borrowing rate.Subsequent to initial recognition,lease liabilities a

255、re measured at the present value of the remaining lease payments(i.e.,the lease payments that are unpaid at the reporting date).Interest expense on lease liabilities is recognised in profit or loss(presented as a component of finance costs).Lease liabilities are remeasured to reflect changes to leas

256、e terms,changes to lease payments and any lease modifications not accounted for as separate leases.Variable lease payments not included in the measurement of lease liabilities are recognised as an expense when incurred.Leases of 12-months or less and leases of low value assets Lease payments made in

257、 relation to leases of 12-months or less and leases of low value assets(for which a lease asset and a lease liability has not been recognised)are recognised as an expense on a straight-line basis over the lease term.(l)Principles of consolidation The consolidated financial statements are those of th

258、e consolidated entity(“the Group”),comprising the financial statements of the parent entity and all the entities the parent controls.The Group controls an entity where it has the power,for which the parent has exposure or rights to variable returns from its involvement with the entity,and for which

259、the parent has the ability to use its power over the entity to affect the amount of its returns.The financial statements of subsidiaries are prepared for the same reporting period as the parent entity,using consistent accounting policies.Adjustments are made to bring into line any dissimilar account

260、ing policies which may exist.All inter group balances and transactions,including any unrealised profits or losses have been eliminated on consolidation.Subsidiaries are consolidated from the date on which control is obtained by the Group and are de recognised from the date that control ceases.Equity

261、 interests in a subsidiary not attributable,directly,or indirectly,to the Group are presented as non-controlling interests.Non-controlling interests are initially recognised either at fair value or at the non-controlling interests proportionate share of the acquired entitys net identifiable assets.T

262、his decision is made on an acquisition by acquisition basis.Non-controlling interests in the results of subsidiaries are shown separately in the statement of profit or loss and other comprehensive income and the statement of financial position respectively.AQUIRIAN LIMITED AND CONTROLLED ENTITIES AB

263、N:23 634 457 506 -33-(m)Plant and equipment Plant and equipment Plant and equipment is measured at cost,less accumulated depreciation and any accumulated impairment losses.Depreciation Land is not depreciated.The depreciable amount of all other property,plant and equipment is depreciated over their

264、estimated useful lives commencing from the time the asset is held available for use,consistent with the estimated consumption of the economic benefits embodied in the asset.Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful liv

265、es of the improvements.2024 2023 Plant and equipment at cost:10%50%10%50%(n)Revenue from contracts with customers The Group derives revenue from the manufacturing,sale and rental of mining equipment.Revenue is also derived from labour hire services and educational training.Revenue recognised at a po

266、int in time Revenue is recognised as,or when,goods or services are transferred to the customer,and is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for the goods or services.Revenue recognised over time For rental of mining equipment and

267、provision of labour hire and educational training services,as the customer simultaneously receives and consumes the benefits,the Group has an enforceable right to payment and as such the performance obligation is satisfied over time.Cybem Mechanical Services Pty Ltd provides services for equipment r

268、epairs,maintenance and reconditioning,engineering services and onsite field services.The Group identifies one performance obligation in its contractual arrangement with customers for such activities.Revenue is recognised using an input method to measure progress towards complete satisfaction of the

269、performance obligation,because the customer simultaneously receives and consumes the benefits provided by the Group.Consideration included in the measurement of revenue The consideration to be received from customers may include fixed amounts,variable amounts,or both.Where the contract includes a ri

270、ght to variable consideration,the Group estimates the amount of variable consideration using the most likely amount approach on a contract-by-contract basis.Variable consideration is included in the measurement of revenue only to the extent that it is highly probable,based on historical experience,t

271、hat a significant reversal of the cumulative amount recognised will not occur when the uncertainty associated with the variability is subsequently resolved.Receivables from contracts with customers A receivable from a contract with a customer represents the Groups unconditional right to consideratio

272、n arising from the transfer of goods or services to the customer(i.e.,only the passage of time is required before payment of the consideration is due).Subsequent to initial recognition,receivables from contracts with customers are measured at amortised cost and are tested for impairment.Contract ass

273、ets and liabilities AASB 15 Revenue from Contracts with Customers uses the terms contract asset and contract liability to describe what is commonly known as accrued revenue and unearned revenue.Accrued revenue arises where work has been performed however is yet to be invoiced.Unearned revenue arises

274、 where payment is received prior to work being performed and is allocated to the performance obligations within the contract and recognised on satisfaction of the performance obligation.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -34-(o)New and revised accounting standards effective

275、at 30 June 2024 The Group has applied all new and revised Australian Accounting Standards that apply to annual reporting periods beginning on or after 1 July 2023.(p)Accounting standards issued but not yet effective The Australian Accounting Standards Board(AASB)has issued a number of new and amende

276、d Accounting Standards and Interpretations that have mandatory application dates for future reporting periods,some of which are relevant to the Group.The Group has decided not to early adopt any of these new and amended pronouncements.The Groups assessment of the new and amended pronouncements that

277、are relevant to the Group but applicable in future reporting periods is set out below.AASB 18 Presentation and Disclosure in Financial Statements AASB 18 replaces AABS 101 Presentation of Financial Statements to improve how entities communicate in their financial statements,with a focus on informati

278、on about financial performance in the profit and loss.AASB 18 has also introduced changes to other accounting standards including AASB 108 Basis of Preparation of Financial Statements(previously titled Accounting Policies,Changes in Accounting Estimates and Errors),AASB 7 Financial Instruments:Discl

279、osures,AASB 107 Statement of Cash Flows,AASB 133 Earnings Per Share and AASB 134 Interim Financial Reporting.They key presentation and disclosure requirement are:(a)the presentation of two newly defined subtotals in the statement or profit or loss,and the classification of income and expenses into o

280、perating,investing and financing categories plus income taxes and discontinuing operations;(b)the disclosure of management-defined performance measures;and(c)enhanced requirements for grouping(aggregation and disaggregation)of information.AASB18 mandatorily applies to annual reporting periods commen

281、cing on or after 1 January 2027 for for-profit entities excluding superannuation entities apply AASB 106 Super Entities.It will be first applied by the Group in the financial year commencing 1 July 2027.The likely impact of this accounting standard on the financial statements of the Group has not be

282、en determined.(q)Rounding of amounts The Group have applied the relief available under ASIC Corporations(Rounding in Financial/Directors Reports)Instrument 2016/191 and accordingly,the amounts in the consolidated financial statements and in the Directors report have been rounded to the nearest dolla

283、rs.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -35-NOTE 2:SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS Certain accounting estimates include assumptions concerning the future,which,by definition,will seldom represent actual results.Estimates and assumptions based on future events h

284、ave a significant inherent risk,and where future events are not as anticipated there could be a material impact on the carrying amounts of the assets and liabilities discussed below:(a)Impairment of goodwill Goodwill is allocated to a cash generating unit or units(CGUs)according to managements expec

285、tations regarding which assets will be expected to benefit from the synergies arising from the business combination that gave rise to the goodwill.The recoverable amount of a CGU is based on value in use calculations.Refer to Note 14.(b)Impairment of non-financial assets other than goodwill All asse

286、ts are assessed for impairment at each reporting date by evaluating whether indicators of impairment exist in relation to the continued use of the asset by the Group.Impairment triggers include declining product or manufacturing performance,technology changes,adverse changes in the economic or polit

287、ical environment and future product expectations.If an indicator of impairment exists,the recoverable amount of the asset is determined.(c)Income tax Deferred tax assets and liabilities are based on the assumption that no adverse change will occur in the income tax legislation and the anticipation t

288、hat the Group will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.Deferred tax assets are recognised for deductible temporary differences as management considers that it is probable that future taxabl

289、e profits will be available to utilise those temporary differences.NOTE 3:FINANCIAL RISK MANAGEMENT The Group is exposed to the following financial risks in respect to the financial instruments that it held at the end of the reporting period:-Currency risk -Interest rate risk -Credit risk -Liquidity

290、 risk The Board of Directors has overall responsibility for identifying and managing operational and financial risks.The Group holds the following financial instruments:2024 2023 Financial assets$Amortised cost:-Cash and cash equivalents 4,732,972 3,322,424-Receivables 2,737,338 5,483,612 7,470,310

291、8,806,036 Financial liabilities Amortised cost:-Payables 3,606,554 2,534,471-Lease liabilities 2,063,065 2,564,172-Borrowings 14,011,875 6,735,150 19,681,494 11,833,793 AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -36-NOTE 3:FINANCIAL RISK MANAGEMENT CONTINUED (a)Currency risk The Gro

292、up undertakes transactions denominated in foreign currencies.Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.The Group manages its currency risk by transacting in AUD(where possible).Where amount

293、s are received in foreign currencies,namely USD,a portion of receipts are maintained in USD and utilised for payment of USD denominated invoices.The carrying amounts of foreign currency denominated monetary assets and monetary liabilities at the reporting date are:Monetary assets Monetary liabilitie

294、s 2024 2023 2024 2023 AUD$AUD$AUD$AUD$United States Dollar denominated 192,147 1,706,528-2024 2023 +/-10%movement in exchange rates$Impact on profit after tax 17,468 155,139 Impact on equity (17,468)(155,139)(b)Interest rate risk The Group is exposed to interest rate risk in relation to its cash and

295、 borrowings.Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates.The Group manages its interest rate risk by maintaining a mix of variable rate and fixed rate borrowings,and by utilising cash

296、management offset.The Group is exposed to movements in market interest rates on short term deposits.The Directors monitor the Groups cash position relative to expected cash requirements.Where appropriate,surplus funds are placed on deposit as cash offsets to the loan borrowings,or deposits earning h

297、igher interest.The group also maintains a mixture of short and long-term debt.The following table outlines the Groups exposure to interest rate risk in relation to future cash flows and the effective weighted average interest rates on classes of financial assets and financial liabilities:Financial i

298、nstruments Interest bearing Non-interest bearing Total carrying amount Weighted average effective interest rate Fixed/variable rate 30 June 2024$%(i)Financial assets Cash 2,760,385 1,972,587 4,732,972 7.8%Variable Total financial assets 2,760,385 1,972,587 4,732,972 (ii)Financial liabilities Bank bo

299、rrowings(fixed)2,211,875-2,211,875 6.0%Fixed Bank borrowings(variable)11,800,000-11,800,000 7.8%Variable Lease liabilities 2,063,065-2,063,065 6.4%Fixed Total financial liabilities 16,074,940-16,074,940 AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -37-NOTE 3:FINANCIAL RISK MANAGEMENT

300、CONTINUED Financial instruments Interest bearing Non-interest bearing Total carrying amount Weighted average effective interest rate Fixed/variable rate 30 June 2023$%(i)Financial assets Cash 2,022,424 1,300,000 3,322,424 0.3 7.0%Variable Total financial assets 2,022,424 1,300,000 3,322,424 (ii)Fina

301、ncial liabilities Bank borrowings(fixed)4,101,806-4,101,806 5.4%Fixed Bank borrowing(variable)2,633,344-2,633,344 7.0%Variable Lease liabilities 2,564,172-2,564,172 6.0%Fixed Total financial liabilities 9,299,322-9,299,322 No other financial assets or financial liabilities are expected to be exposed

302、 to interest rate risk.If variable interest rates were to increase/decrease by 100 basis points from the rates prevailing at the reporting date,assuming all other variables remain constant,then the impact on profit for the year and equity would be as follows:2024 2023+/-100 basis points$Impact on pr

303、ofit after tax 2,696 3,202 Impact on equity (2,696)(3,202)(c)Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the counterparty by failing to discharge an obligation.The maximum exposure to credit risk,excluding the value of any collateral o

304、r other security,at the reporting date of recognised financial assets is the carrying amount of those assets,net of any allowance for credit losses,as disclosed in consolidated statement of financial position and notes to the consolidated financial statements.The Group does not have any material cre

305、dit risk exposure to any single counterparty or group of counterparties under financial instruments entered into by the Group.i)Cash deposits Credit risk for cash deposits is managed by holding all cash deposits with a major Australian bank of at least AA credit rating.ii)Receivables from contracts

306、with customers Credit risk for receivables from contracts with customers is managed by transacting with a large number of customers,undertaking credit checks for all new customers and managing customer service supply commensurate with their assessed credit risk.Outstanding receivables are regularly

307、monitored for payment in accordance with credit terms.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -38-NOTE 3:FINANCIAL RISK MANAGEMENT CONTINUED (d)Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liab

308、ilities that are settled by delivering cash or another financial asset.Well established cash flow management processes and liquidity risk management are established for the consolidated entity to maintain sufficient liquidity(mainly cash and cash equivalents)to pay debts as and when they become due

309、and payable.The following table outlines the Groups remaining contractual maturities for non-derivative financial liabilities.The amounts presented in the table are the undiscounted contractual cash flows of the financial liabilities,allocated to time bands based on the earliest date on which the Gr

310、oup can be required to pay.0-12 months 1-10 years Total contractual cash flows Carrying amount 30-Jun-24$Payables 3,606,554 -3,606,554 3,606,554 Bank borrowings 2,732,938 11,476,603 14,209,541 14,011,875 Lease liabilities 351,603 2,407,606 2,759,209 2,063,065 6,691,095 13,884,209 20,575,304 19,681,4

311、94 30-Jun-23 Payables 2,451,510 -2,451,510 2,451,510 Bank borrowings 2,408,922 4,747,437 7,156,359 6,735,150 Lease liabilities 545,436 2,825,142 3,370,578 2,564,172 5,405,868 7,572,579 12,978,447 11,750,832 (e)Fair value compared with carrying amounts The carrying amounts of financial assets and fin

312、ancial liabilities recognised in the consolidated financial statements approximate their fair value as at the reporting date,given borrowing arrangements are at market rates and/or their short-term basis to maturity.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -39-NOTE 4:REVENUE FROM

313、CONTRACTS WITH CUSTOMERS Revenue from contracts with customers from continuing operations 2024 2023$Revenue recognised at a point in time 10,845,784 14,073,830 Revenue recognised over time 12,220,704 12,088,892 23,066,488 26,162,722 Revenue from contracts with customers is disclosed in the segment n

314、ote as follows:Mining Services 14,127,177 16,558,995 People Services 8,939,311 9,603,727 23,066,488 26,162,722 The aggregate amount of transaction prices(unrecognised revenue)allocated to remaining performance obligations,at the reporting date,is as follows:Mining Services 592,071 151,925 People Ser

315、vices 15,858 18,688 607,929 170,613 The aggregate amount of transaction prices(unearned revenue)allocated to remaining performance obligations,at the reporting date(as disclosed above),is expected to be recognised as revenue within 6 months of the reporting date.This unearned amount is currently rec

316、ognised within trade and other payables.NOTE 5:OTHER INCOME Other revenue and other income from continuing operations 2024 2023 Other income$Net gain on disposal of property,plant&equipment 36,406 40,587 Foreign exchange gains 6,364 64,997 Interest received 14,221 8,982 Other income 40,409 44,124 97

317、,400 158,690 Net gain on disposal of property,plant&equipment in FY2024 includes disposal of assets relating to the exit of the Cybem Services heavy equipment workshops of$114,056 and$194,350 adjustment to the carrying value of an underground fleet asset held for sale.AQUIRIAN LIMITED AND CONTROLLED

318、 ENTITIES ABN:23 634 457 506 -40-NOTE 6:PROFIT FROM CONTINUING OPERATIONS Profit from continuing operations before income tax has been determined after the following specific expenses:2024 2023$Materials,labour hire and consumables used Hire of equipment 348,474 144,000 Repairs and maintenance on eq

319、uipment rented to customers 343,419 792,045 Labour hire personnel 6,614,714 6,995,098 Raw materials,parts,accessories,and consumables used 1,978,420 2,357,380 Impairment losses on inventories 303,743 -Other material and labour hire expenses 679,208 254,878 10,267,978 10,543,402 Employee benefits exp

320、ense Salaries and wages 7,205,051 8,742,554 Superannuation guarantee contributions 769,627 866,582 Other employee benefits 6,107 85,416 7,980,785 9,694,552 Depreciation expense Plant and equipment 1,662,959 1,964,873 Lease expenses(excluding finance costs on lease liabilities)470,875 429,790 2,133,8

321、34 2,394,663 Amortisation and impairment expense Trademarks,patents,design and development Goodwill impairment(Note:14)149,678 509,764 111,437 -Internal software 76,777 42,561 736,219 153,998 Finance costs expensed Financial liabilities measured at amortised cost:-Bank borrowings 374,608 190,547 -Le

322、ase liabilities 144,546 35,882 519,154 226,429 AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -41-2024 2023 NOTE 7:INCOME TAX$(a)Components of tax expense:Current tax -Deferred tax (12,534)319,344 Under/(over)provision in prior years (15,765)(54,122)(28,299)265,222 (b)Income tax reconci

323、liation The prima facie tax payable on profit before income tax is reconciled to the income tax expense as follows:Prima facie income tax payable on profit before income tax at 25%(2022:25%)(169,325)201,489 Add/(Less)tax effect of:-Entertainment 4,793 7,743 -Other non-allowable items 321 13,212 -Sha

324、re based payments 24,236 96,901 -Impairment 127,441 -Under/(over)provision in prior years (15,765)(54,122)Income tax expense attributable to(loss)/profit(28,299)265,222 (c)Current tax Current tax relates to the following:Current tax liabilities/(assets)Opening balance (64,250)(646,983)Losses carried

325、 back -474,198 Instalments refund/(paid)64,250 119,163 Under/(over)provisions -(10,628)Current tax liabilities/(assets)-(64,250)(d)Deferred tax Deferred tax relates to the following:Deferred tax assets balance comprises:Provision for doubtful debts 10,740-Provision for obsolescence 75,936-Employee b

326、enefits 93,636 129,625 Business related costs 35,416 62,270 Accruals 215,575 133,399 Borrowing costs 2,296 3,943 Capital raising costs 38,858 58,286 Property,plant&Equipment under lease 26,621 7,760 Tax losses 334,712 1,197,944 833,790 1,593,226 Deferred tax liabilities balance comprises:Accrued rev

327、enue -43,954 Prepayments (191,772)139,959 Plant&Equipment (1,504,876)2,300,469 (1,696,647)2,484,381 Net deferred tax(liabilities)/assets (862,857)(891,155)AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -42-NOTE 7:INCOME TAX CONTINUED (e)Deferred income tax(revenue)/expense included in i

328、ncome tax expense comprises:2024 2023$Decrease/(increase)in deferred tax assets 836,642 (1,265,544)(Decrease)/increase in deferred tax liabilities (849,176)1,584,888 Under/(over)provision(15,765)(43,495)(28,299)275,849 NOTE 8:CASH AND CASH EQUIVALENTS 2024 2023$Cash at bank and on hand 4,732,972 3,3

329、22,424 4,732,972 3,322,424 NOTE 9:RECEIVABLES 2024 2023$CURRENT Receivables from contracts with customers 2,780,302 5,539,238 Allowance for credit losses (42,964)(55,627)2,737,338 5,483,612 Trade Receivables Invoicing of customers generally occurs monthly.Outstanding invoices are due for payment wit

330、hin 30 days of the invoice date.Impairment of receivables from contracts with customers,lease receivables and other receivables The Group applies the simplified approach under AASB 9 to measuring the allowance for credit losses for receivables from contracts with customers,contract assets and lease

331、receivables.Under the AASB 9 simplified approach,the Group determines the allowance for credit losses for receivables from contracts with customers,contract assets and lease receivables based on the lifetime expected credit losses of the instrument.Lifetime expected credit losses represent the expec

332、ted credit losses that are expected to result from default events over the expected life of the financial asset.AQUIRIAN LIMITED AND CONTROLLED ENTITIES ABN:23 634 457 506 -43-NOTE 10:INVENTORIES 2024 2023$CURRENT Finished goods-at cost 601,017 340,119 Work in progress-at cost -78,527 Stores holding

333、s-at cost Stores holdings provision for obsolescence 895,907(303,743)901,242 -Total inventories 1,193,181 1,319,888 NOTE 11:OTHER CURRENT ASSETS 2024 2023$Prepayments 767,086 553,734 Contract assets 189,016 364,668 956,102 918,402 Impairment of contract assets No material impairment exists regarding contract assets for FY2024 NOTE 12:PLANT AND EQUIPMENT 2024 2023$Plant&equipment At cost 18,355,525