Argo Investments (ARG) 2024年年度報告「ASX」.pdf

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1、Annual Report20241ContentsAbout?Directors Report?Financial Report?Further information?Company directory 85Annual General Meeting details 852024 overview33.3c36.1c per share in 2023 Earnings per share3.0c?No LIC capital gain in 2023LIC capital gain$9.61Net tangible assets$9.03 per share in 2023 NTA p

2、er share$253.0m$271.7m in 2023?34.5cFully franked per share34.5c per share in 2023 Full year dividends$7.4b$6.9b in 2023 Total assets0.15%0.16%in 2023 Management expense ratio93,00095,600 shareholders in 2023 Argo shareholders2Dear valued shareholder,I am pleased to present Argo Investments 2024 Ann

3、ual Report to you.?from last years strong return.?shareholders.Yours faithfully,Letter from the Chairman?Russell Higgins AOChairman3Letter from the Managing DirectorDear valued shareholder,?Yours faithfully,Jason BeddowManaging Director?4-1.7%2.6%2.5%5.0%5.1%5.1%11.0%6.5%7.0%7.2%4.2%12.1%6.4%7.3%8.1

4、%6 months1 year3 years(pa)5 years(pa)10 years(pa)$18,282$39,946$55,580200420052006200720082009201020112012201320142015201620172018201920202021202220232024 Share price Plus dividends Plus frankingLong-term returns$10,000 invested over 20 yearsTotal returnsAnnual dividends paid(cents per share)A$10,00

5、0 investment in Argo shares on 1 July 2004 would have grown to a value of$39,946(+7.2%per annum)at 30 June 2024.The tax effective value taking into account franking credits is$55,580(+9.0%per annum).Shareholder returns?051015202530352015201620172018201920202021202220232024Interim dividendFinal divid

6、end3329.531332830.531.53034.534.5 Total Shareholder Return(TSR)NTA after management expenses S&P/ASX 200 Accum.Index5?investment companies(LICs).We offer investors low-cost,?listed companies.?resilient.?Low-cost,straightforward business modelArgo generates revenue primarily from?shareholders as full

7、y franked dividends.?managers.?Simple to invest?Argos history?Our name?of Jason and the Argonauts?About Argo InvestmentsOur objective?6?Low-cost,internally managed?value.Long-term,proven investment approach?Experienced board and management team?Fully-franked,sustainable dividends?Strong balance shee

8、t with no debt?Increase shareholding?opportunity to utilise their entitlement to dividends to?7Since 1946,Argo has invested in Australian listed companies,applying a patient and conservative approach navigating through various market cycles,events and conditions.Investment philosophy?short-term gain

9、s in higher-risk situations.Investment process?ESG integration?Investment approach8Portfolio overview?Australian companies across a range of industries,offering both capital growth and consistent and growing dividends,our investment portfolio is focused on quality and?Quality companies?to our shareh

10、olders as fully franked dividends.Importantly,Argos portfolio is made up of?Superior structure?Other Financials 15%Materials 15%Banks 14%Health Care 10%Telcos&I.T.9%Consumer Staples 8%Energy 8%Industrials 7%Consumer Discret.7%Property 2%LICs 2%Utilities 2%Cash 1%9Top 20 investments?%of portfolio?San

11、tos?Top 20 equity investments?Cash and cash equivalents?Portfolio holdings?Argos 20 largest investments at 30 June 2024 are listed below.We announce our top 20 investments every month via the ASX and on our website.10?Investments Limited and its controlled entities(Argo or Company),?Directors?Russel

12、l Higgins AOIndependent Non-executive Director?BEc,FAICDJoined the Board in 2011,appointed Chairman in 2018Audit&Risk Committee memberExperience?held several senior government positions in?ASX directorships,current?ASX directorships,last 3 years-Other directorships?Lianne BuckIndependent Non-executi

13、ve Director?Joined the Board in 2022Audit&Risk Committee member(Chair)Experience?ASX directorships,current-ASX directorships,last 3 years?Other directorships?Directors Report11Christopher Cuffe AOIndependent Non-executive Director?Joined the Board in 2016Audit&Risk Committee memberExperience?ASX dir

14、ectorships,current?ASX directorships,last 3 years?Other directorships?Melissa HolzbergerIndependent Non-executive Director?Joined the Board on 1 October 2023Remuneration Committee memberExperience?ASX directorships,current?ASX directorships,last 3 years?Other directorships?12?Elizabeth LewinIndepend

15、ent Non-executive Director?Joined the Board in 2018Remuneration Committee memberExperience?ASX directorships,current-ASX directorships,last 3 years-Other directorships?Peter WarneIndependent Non-executive Director?Joined the Board in 2022Remuneration Committee member(Chair)Experience?ASX directorshi

16、ps,current?ASX directorships,last 3 years?Other directorships?Jason BeddowNon-Independent Managing Director?Joined the Board in 2014Experience?ASX directorships,current?ASX directorships,last 3 years-Other directorships?13Roger DavisIndependent Non-executive Director?Joined the Board in 2012Remunera

17、tion Committee member(Chair)Retired on 30 September 2023Experience?ASX directorships,current?ASX directorships,last 3 years-Other directorships?Directors relevant interests?Corporations Act 2001?SharesPerformance Rights?123,459-?10,589-?15,000-?-?15,015-?-?462,438373,459Retired director14Board and C

18、ommittee meetings?BoardAudit&Risk CommitteeRemunerationCommittee?meetings?meetingsattended?meetings?meetingsattended?meetings?meetingsattended?8844-3*?8844-?8844-R.A.Davis?22-1*11?66-3*22?88-3*33?88-3*33?88-4*-3*?Company Secretary?date of this report.?Principal activities and state of affairs?15?Sum

19、mary of business model?to our internally managed listed investment?rent.?portfolio.?industries.?franked dividends a priority.Argo has paid?Argo shares offer investors a professionally?investment manager.?per share,assuming dividends paid are?to the dividend payments.In addition to managing Argos por

20、tfolio and?16Investment process?to help identify emerging trends and?simply sell their shares on the share market.?Review of activities and events during the year?need for further rises in the short term.?all delivering negative returns.?Resmed*Santos?*new portfolio positionSales?*fully exited posit

21、ion?17?Argos full year portfolio return after?Despite the market volatility,Argo delivered?reinvest their dividends into more Argo?shareholders taking up this alternative.?18Future prospects,strategies and risks?additional investments in the share?long-term issues or opportunities developing.?opport

22、unities that may present themselves,?Matters arising since year end?Dividends?Dividend Reinvestment Plan?for investment during the year.?19Dividend Substitution Share Plan?Share buy-back?and insurance arrangements?Non-audit services?Corporations Act 2001?Code of Ethics for Professional Accountants.?

23、Corporations Act 2001?Environmental regulations?Rounding of amounts?20Remuneration Report?ContentsSection 1?.?Section 2?.?Section 3?Section 4?.?Section 5?.?Section 6?.?Section 7?.?21Section 1 Principles of remuneration?shareholder returns.?22Section 2 Executive remuneration structure?FixedAt risk?FA

24、R?Short-term?STI?LTI?Description?superannuation?individual and?over one year?over rolling four and ten year periodsDesigned to?during the year and retain talent?shareholder interests over the long-term and retain talentAchieved by?and appropriate?and investment?Argos philosophy?23Section 3 Component

25、s of executive remunerationFixed annual remuneration(FAR)?Short-term incentive remuneration(STI)?24?1.Company TPR performance:?paid?2.Company EPS performance:?3.Individual performance:?(a)adjusted to compare with index returns which are not subject to company tax(b)independently calculated and based

26、 on the movement in net tangible asset backing per share before providing for tax on unrealised gains in the portfolio and assuming dividends paid are reinvested(c)?year of the consolidated entity divided by the weighted average number of shares on issue over the performance period and as calculated

27、 by the Board on a comparable basis?25?Level of performance condition achieved%of STI awarded?26?Long-term incentive remuneration(LTI)?hurdles?TPR Performance:?EPS Performance:?over?TSR Performance:?(a)adjusted to compare with index returns which are not subject to company tax(b)independently calcul

28、ated and based on the movement in net tangible asset backing per share before providing for tax on unrealised gains in the portfolio and assuming dividends paid are reinvested (c)?for the year of the consolidated entity divided by the weighted average number of shares on issue over the performance p

29、eriod and as calculated by the Board on a comparable basis?27?28?valueLevel of performance condition achieved%of Performance Rights to vest into shares?vesting?vesting?29?Total target remuneration mix for year ended 30 June 2024?Managing DirectorOther executives?Remuneration?Deferred?at risk 64.3%fi

30、xed35.7%deferred equity 50.0%cash 50.0%?Remuneration?Deferred?at risk 56.5%fixed 43.5%deferredequity 39.1%cash 60.9%?0?2?4?eyear?30?Argo Employee Share Ownership Plan?Additional conditions applying to Performance Rights Service condition discretion?Clawback of executive remuneration?Prohibition of h

31、edging?31Section 4 Relationship between remuneration and Company performance?Table A:Linking remuneration outcomes to Company performance?performance outcomes20242023202220212020?-7.8%-15.5%+77.5%-13.4%-32.4%?niloneoneoneone?0%50%50%50%50%?+11.0%+11.4%-2.3%+29.3%-10.1%?nonoyesyesno?0%0%100%100%0%?45

32、.6%58.6%77.9%79.4%30.8%?32Summary of annual results20242023202220212020?253.0271.7312.9174.0199.5?33.336.142.724.127.8?262.1260.2243.9202.7215.7Dividends per share?34.534.533.028.030.0?0%+4.5%+17.9%-6.7%-9.1%?0.150.160.140.140.16?8.648.768.808.937.19?-0.12-0.04-0.13+1.74-0.93?33?performance outcomes

33、 20232022202120202019?-3.2%+8.1%-5.9%-3.5%+4.6%?yesyesyesnoyes?52%65%51%0%100%?*+6.0%+6.4%+9.9%+6.5%+9.1%?nonononono?0%0%0%0%0%?26.0%32.5%25.5%0.0%50.0%?34Table B:Actual executive remuneration outcomes(non-statutory disclosure)?(a)?Total?$Managing Director?2024805,000123,970(b)408,4041,337,374202377

34、0,000161,700(b)310,6651,242,365Other Key Management Personnel?2024331,00062,230(b)118,303511,5332023318,00077,590(b)78,823474,413?2024258,500100,300?94,073452,8732023248,00060,510(b)62,665371,175Total20241,394,500286,500620,7802,301,78020231,336,000299,800452,1532,087,953?35Section 5 Non-executive D

35、irectors remuneration?36?Section 6 Remuneration governanceRemuneration Committee?Remuneration review?Executive service agreements?immediately?agreements?37?Section 7 Remuneration disclosure tablesTable C:Non-executive Directors remuneration?(a)Total$Non-executive Directors?2024249,192?20,008(b)269,2

36、002023233,213-24,487257,700?2024?202334,3083,4563,96541,729?2024113,63511,50013,765138,9002023109,2328,73812,387130,357?2024113,6584,00012,942130,6002023109,2323,80011,868124,900?202428,4181,8753,33233,6252023109,2717,20012,229128,700?202485,2003,0009,70297,9022023-?2024113,6584,00012,942130,6002023

37、109,2323,80011,868124,900?2024113,6586,62513,231133,514202372,6672,5337,89683,096Total2024817,41931,00085,922934,3412023777,15529,52784,700891,382?38Table D:Executive remuneration(statutory disclosures)?(a)?(b)?(f)?(g)Total$Managing Director?2024826,50593,970?30,000?166,520130,1061,247,1012023743,21

38、3134,200(c)27,500(c)204,092176,0831,285,088Other Key Management Personnel?2024286,21962,230?27,50074,29626,311476,5562023308,09977,590(d)27,50080,86233,470527,521?2024223,285100,300?27,50038,00620,916410,0072023229,77660,510(d)27,50062,74826,938407,472Total20241,336,009256,50085,000278,822177,3332,1

39、33,66420231,281,088272,30082,500347,702236,4912,220,081?39Table E:Executive performance percentages?(1)Total?2024?202352.5%47.5%29.6%42.2%?2024?202361.0%39.0%21.7%36.4%?2024?202361.0%39.0%22.0%36.9%?40Table F:Executive Performance Rights(1)?Fair?right?(2)?(3)$?STI26,1456/10/22$7.936/10/24-26,145-17,

40、19118,6517/9/23$7.817/9/25-18,651-54,390-132,570(4)LTI?83,0008/10/20$6.118/10/2422/10/2483,000-9,945?69,7507/10/21$7.297/10/2521/10/2569,750-51,619?66,4526/10/22$7.106/10/2620/10/2666,452-50,774?16,6126/10/22$2.626/10/2620/10/2616,612-22,681?74,2807/9/23$7.007/9/2721/9/2774,280-87,051?18,5697/9/23$3

41、.917/9/2721/9/2718,569-26,731373,459373,459-452,952?STI10,7446/10/22$7.936/10/24-10,744-7,0648,9497/9/23$7.817/9/25-8,949-26,097-54,510(4)LTI?15,1808/10/20$6.118/10/2422/10/2415,180-1,779?12,7407/10/21$7.297/10/2521/10/2512,740-9,224?13,7226/10/22$7.106/10/2620/10/2613,722-10,255?3,4306/10/22$2.626/

42、10/2620/10/263,430-4,581?15,2727/9/23$7.007/9/2721/9/2715,272-17,510?3,8177/9/23$3.917/9/2721/9/273,817-5,37483,85483,854-136,394?41?Fair?right?(2)?(3)$?STI8,2326/10/22$7.936/10/24-8,232-5,4136,9797/9/23$7.817/9/25-6,979-20,352LTI?12,0708/10/20$6.118/10/2422/10/2412,070-1,494?10,0607/10/21$7.297/10/

43、2521/10/2510,060-7,687?10,7006/10/22$7.106/10/2620/10/2610,700-8,442?2,6766/10/22$2.626/10/2620/10/262,676-3,773?11,9267/9/23$7.007/9/2721/9/2711,926-14,429?2,9827/9/23$3.917/9/2721/9/272,982-4,43165,62565,625-66,021Total522,938522,938?655,367?42Table G:Executive Performance Rights(1)vested,exercise

44、d and lapsed?(5)?(6)?(7)$?STI7/10/2126,75226,752232,742-LTI8/10/1920,19120,191175,66258,069380,93346,94346,943408,40458,069380,933?STI7/10/219,9069,90686,182-LTI8/10/193,6923,69232,12110,61869,65413,59813,598118,30310,61869,654?STI7/10/217,8777,87768,530-LTI8/10/192,9362,93625,5438,44455,39310,81310

45、,81394,0738,44455,393Total71,35471,354620,78077,131505,980?may not vest.?the market value.?43Table H:Key Management Personnel equity holdings?(a)Shareholdings?118,7344,725123,459?10,18440510,589?15,000-15,000R.A.Davis33,773-n/a?n/a-?14,71130415,015?-?415,49546,943462,438?40,65837,36778,025?149,42111

46、,988161,409(b)STI performance rights holdings?52,89718,651(26,752)-44,796?20,6508,949(9,906)-19,693?16,1096,979(7,877)-15,211(c)LTI performance rights holdings?314,07492,849(20,191)(58,069)328,663?59,38219,089(3,692)(10,618)64,161?46,88614,908(2,936)(8,444)50,414?44Corporate Governance Statement?.?4

47、5Auditors Independence Declaration?Corporations Act 2001?audit.?during the year.?PricewaterhouseCoopers,ABN 52 780 433 757?46?for the year ended 30 June 202420242023?2271,930273,060?10,4527,487?3,13722,765?285,519303,312?3(10,582)(10,489)?274,937292,823?4(21,975)(21,116)?252,962271,707?533.336.1Cons

48、olidated Statement of Comprehensive Incomefor the year ended 30 June 202420242023?252,962271,707?Revaluation of long-term investments464,368420,737?term investments(142,248)(128,724)?322,120292,013?575,082563,720?47Consolidated Statement of Financial Positionat 30 June 2024?2024?2023?Current Assets?

49、697,166125,255?735,86736,890Investments822,07410,452?155,107172,597Non-Current AssetsInvestments87,235,7396,713,768?92,189599?7,237,9286,714,367?7,393,0356,886,964Current Liabilities?101,5331,487?118,4868,062?26,66914,375?129961,021?37,68424,945Non-Current Liabilities?101,437167?13992,539863,783?121

50、95158?994,171864,108?1,031,855889,053?6,361,1805,997,911Shareholders Equity?143,253,6523,204,096Reserves152,362,6392,040,788?16744,889753,027?6,361,1805,997,911?48Consolidated Statement of Changes in Equityfor the year ended 30 June 2024?Total?3,204,0962,040,788753,0275,997,911?-252,962252,962?-322,

51、120-322,120?-322,120252,962575,082?49,648-49,648?(92)-(92)?-(269)-(269)Dividends paid-(261,100)(261,100)?49,556(269)(261,100)(211,813)?3,253,6522,362,639744,8896,361,180for the year ended 30 June 2023?3,155,1361,861,010620,5455,636,691?-271,707271,707?-292,013-292,013?-292,013271,707563,720?49,050-4

52、9,050?(90)-(90)?-285-285Dividends paid-(112,520)(139,225)(251,745)?48,960(112,235)(139,225)(202,500)?3,204,0962,040,788753,0275,997,911?49Consolidated Statement of Cash Flowsfor the year ended 30 June 202420242023?271,062258,219?5,5174,568?5,0233,274?7,09640,092?(15,157)(11,282)?(10,078)(10,330)?(22

53、,942)(50,583)?26240,521233,958?287,433123,505?(343,606)(188,705)?-25,000?(503)(43)?(56,676)(40,243)?(350)(355)?(132)(128)?(211,452)(202,695)?(211,934)(203,178)?(28,089)(9,463)?125,255134,718?697,166125,255?50?.51?.56?.56?.57?.57Consolidated Statement of Financial Position?.58?.58?.58?.59?.60?.60?.60

54、?.61?.62?.?.?Other notes?.64?.65?.66?.66?.66?.67?.67?.68?.69?.72?.72?.73?.75?.78Contents of the Notes to the Financial Statementsfor the year ended 30 June 2024511.Summary of material accounting policies?Basis of preparation?Corporations Act 2001?Principles of consolidation?Investment entity?Consoli

55、dated Financial Statements?Notes to the Financial Statementsfor the year ended 30 June 202452?Investments?Current assets?Non-current assets?Valuation?Gains and losses?Current assets?Non-current assets?reserve.?investment revaluation reserve.?53?Income?Property,plant and equipment?period of the lease

56、.?Income tax?54?Employee entitlements?Argo Investments Limited Executive Performance Rights Plan(Plan)?Receivables?Payables?55?Leases?Cash and cash equivalents?Earnings per share?dilutive potential ordinary shares.?Goods and services tax(GST)?Contributed equity?Provision for dividend?56?Rounding of

57、amounts?New accounting standards?Critical accounting estimates and judgements?2.Dividends and distributions20242023?261,175270,509?10,3671,730?327178?61643271,930273,0603.Administration expenses 20242023?6,9236,837?444436?3,2153,21610,58210,489?574.Income tax expense 20242023?274,937292,823?82,48187

58、,847?(58,395)(62,669)?(1,390)(3,104)?(721)(958)?21,97521,116?21,15322,307?1,543(233)?(721)(958)21,97521,116?142,248128,7245.Earnings per share20242023?758,774753,110?252,962271,707?33.336.1?58?6.Cash and cash equivalents20242023?97,166125,255?7.Receivables20242023?Current?35,20935,652?98397?56084135

59、,86736,890?impaired.8.Investments20242023?Current?22,07410,452Non-Current?7,218,0736,696,732?17,66617,0367,235,7396,713,768?59?20242023?17,03617,458Additions4,509321?(3,879)(743)?17,66617,036?9.Property,plant and equipment20242023?1,143859?(544)(620)599239?2,1311,599?(541)(1,239)1,590360?2,189599Mov

60、ements?599992?50343-property right of use assets1,531-?(444)(436)?2,189599?6010.Payables20242023?Current?218249?1,3151,2381,5331,487Non-Current?1,437167?the lease.?20242023?8,4868,062?12.Provisions20242023?Current?9961,021Non-Current?195158?6113.Deferred tax liabilities20242023?992,579865,390?2,9262

61、,523?303-995,808867,913?(3,143)(3,358)?-(621)?(126)(151)(3,269)(4,130)?992,539863,783Movements?863,783740,134?1,543(233)?142,248128,724?(15,035)(4,842)?992,539863,783?6214.Contributed equity?2024202320242023?Issued and fully paid?755,564,117750,132,3783,204,0963,155,136?5,670,8895,431,73949,64849,05

62、0?7,259-?(92)(90)?761,242,265755,564,1173,253,6523,204,096?6315.Reserves20242023?348617Investment Revaluation Reserve2,124,0601,831,496?238,231208,6752,362,6392,040,788Movements in reserves during the yearExecutive Performance Rights Reserve?617332?9741,166?(1,243)(881)?348617Investment Revaluation

63、Reserve?1,831,4961,538,075Revaluation of long-term investments464,368420,737?of long-term investments(142,248)(128,724)?(40,979)3,779?11,423(2,371)?2,124,0601,831,496?208,675322,603Dividend paid-(112,520)?29,556(1,408)?238,231208,675?2,362,6392,040,788?64 Nature and purpose of reservesExecutive perf

64、ormance rights reserve?reporting period from the grant dates to the vesting dates.Investment revaluation reserve?20242023?753,027620,545Dividends paid(261,100)(139,225)?252,962271,707?744,889753,02717.Capital management?term.?6518.Dividends20242023?Dividends paid during the year?136,002127,523?125,0

65、98124,222?261,100251,745?211,452202,695?49,64849,050261,100251,745?64?20242023?Dividend declared after balance date?137,024136,002?6619.Franking account20242023?210,598204,013?(58,724)(58,286)151,874145,727?frank additional dividend payments up to an amount of354,372340,029?46.645.0?20.New Zealand i

66、mputation account20242023?14,32210,037?21.Listed Investment Company(LIC)capital gain account 20242023?29,77214,009?(22,837)-6,93514,009?9,90720,013?6722.Financial reporting by segments?23.Related parties 20242023$?Key management personnel compensationShort-term2,440,9282,360,070?170,922167,200?456,1

67、55584,1933,068,0053,111,463?Argo Global Listed Infrastructure Limited?6824.Parent entity disclosures?Corporations Amendment(Corporate Reporting Reform)Act 2010 and the Corporations Act 2001?20242023?252,938271,710?575,057563,724?152,845169,938?7,391,8156,885,616?35,41122,671?1,030,641887,687?6,361,1

68、745,997,929Total equity of the parent entity comprising of:?3,253,6523,204,096Reserves2,362,6392,040,788?744,883753,045?6,361,1745,997,929?6925.Share based payments?Argo Employee Share Ownership Plan?date.?Argo Investments Limited Executive Performance Rights Plan?70?STI performance rights?7/10/217/

69、10/2396,226-(96,226)-6/10/226/10/2498,386-98,3867/9/237/9/25-81,878(1)-81,878194,61281,878(96,226)?180,264?71 LTI performance rights?8/10/198/10/2329/10/23181,060-(46,713)(134,347)(2)-8/10/208/10/2422/10/24191,820-191,8207/10/217/10/2521/10/25162,110-162,1106/10/226/10/2620/10/26206,775-206,7757/9/2

70、37/9/2721/9/27-231,425(1)-231,425741,765231,425(46,713)(134,347)792,130?72?20242023?252,962271,707?(1,119)(8,971)?444436?76128?(209)(13)?12,294(24,430)?(13,732)(4,478)?215(622)?(11,622)3,954?(202)(5,930)?1,4142,177?240,521233,958?27.Auditors remuneration 20242023$?Audit services?159,527151,929Audit

71、related services?7,5537,193Non-audit services?16,92320,167?184,003179,289?7328.Financial risk management?Credit risk?Liquidity risk?fall due.?74 Market risk?instruments.?20242023?15%13%?15%16%?14%12%?10%11%?9%8%?8%8%Energy8%8%Industrials7%8%?7%7%?2%3%?2%2%?2%2%?1%2%?75?20242023?7.3%6.8%?5.7%6.1%?5.4

72、%5.1%?dollars.Fair value measurement?Fair Value Measurement,?29.Long-term investments?2024202420232023No.of?No.of?-7,681,385 18,359?-1,750,000 28,035?5,104,023 71,507 5,104,023 56,961?762024202420232023No.of?No.of?5,000,000 8,475 12,429,285 17,215?6,068,564 90,361 6,068,564 90,179?6,343,862 66,611 5

73、,792,702 51,092?14,308,525 114,325 12,382,525 119,987?1,750,000 8,628-?13,040,389 26,342 13,040,389 29,602?4,013,787 199,726 3,873,787 149,761?22,752,730 83,047 21,559,826 84,515?8,015,275 226,351 8,265,275 195,970?8,790,588 91,686 10,790,588 105,640?8,073,793 34,314 8,073,793 23,010?9,790,464 417,8

74、57 9,218,304 414,731?5,639,109 81,936 5,851,109 84,314?584,009 15,301 584,009 15,570?5,440,311 38,137 5,440,311 35,253?1,000,000 5,690 1,000,000 5,130?10,052,322 54,484 9,247,447 6,473?5,290,027 90,089 5,290,027 97,442?2,703,731 344,401 2,753,731 276,117?5,458,117 143,767 5,458,117 127,611?1,341,509

75、 396,027 1,253,509 347,698?5,227,226 26,816 6,417,226 31,573?12,815,059 59,462 12,815,059 52,670?6,383,588 67,155 6,083,588 82,068?10,782,633 11,322 10,782,633 9,704?17,590,447 16,359 17,590,447 10,994?3,000,000 15,150 3,000,000 18,930?-14,309,250 42,355?2,850,000 33,117 2,850,000 33,459?7,886,416 2

76、8,233 12,086,416 31,183?3,480,667 13,923 3,480,667 14,410?772024202420232023No.of?No.of?4,213,182 17,569 5,213,182 18,142?22,874,452 34,312 19,132,634 60,842?3,107,676 12,027 5,431,678 18,794?3,184,737 48,249 1,380,226 30,503?3,930,970 22,171 3,680,970 55,951?-2,000,000 11,400?8,509,112-8,509,112 2,

77、212?200,000-200,000 200?-2,493,277 31,390?1,216,431 9,792 1,417,413 14,528?791,000 37,414 891,000 35,417?388,350 2,214-?3,204,561 4,038 3,204,561 3,797?6,980,092 37,762 6,980,092 54,096?401,469 6,572 401,469 3,051?-7,510,758 21,255?8,479,221 50,282 6,979,221 47,808?2,613,905 535,040 2,613,905 464,28

78、2?-479,530 165?2,350,895 26,377 2,000,000 14,440?588,236 11,306-?10,000,551 18,701 6,000,551 13,561?19,982,646 25,678 19,982,646 22,880?5,434,685 196,899 5,934,685 156,498?-1,540,410 40,698?666,164 42,281-?13,550,000 9,621 13,550,000 13,347?2,714,260 48,504 2,555,364 37,896?12,576,603 136,582 11,351

79、,603 95,467?18,152,705 21,965 18,152,705 22,418?1,250,000 38,938 1,250,000 25,325?6,716,894 12,158 5,752,599 4,832?9,790,088 170,249 9,540,088 149,493?782024202420232023No.of?No.of?23,623,047 14,528 23,623,047 16,300?2,033,197 96,496 2,023,131 113,882?5,114,741 128,738 5,687,741 105,621?1,900,000 55

80、,290-?2,197,139 261,460 2,197,139 251,990?22,782,657 45,451 20,925,883 36,934?28,904,895 221,412 25,604,895 192,549?7,526,662 23,483 7,526,662 19,946?366,666 12,353 322,222 10,892?3,726,053 97,995 3,726,053 132,536?14,814,668 52,444 11,564,668 29,837?15,654,109 96,742 14,904,109 89,425?4,017,934 16,

81、755 4,017,934 16,192?7,496,097 130,507 7,496,097 101,122?32,134,033 51,575 32,134,033 18,638?7,000,000 130,200 6,750,000 105,637?48,514,800 175,624 48,514,800 208,614?10,548,951 53,483 10,548,951 54,116?4,300,000 2,107 15,500,000 17,902?9,193,040 113,993 9,193,040 131,001?4,043,916 50,306 3,250,000

82、36,497?26,453,771 83,329 22,408,363 67,449?2,943,073 96,592 2,943,073 93,531?4,409,027 287,379 5,040,027 248,675?8,407,648 228,940 8,407,648 179,419?4,071,455 114,855 3,321,455 114,391?3,879,526 131,089 3,479,526 138,241?708,439 5,313 308,439 3,732?7,235,7396,713,76830.Events occurring after the rep

83、orting period?79?Argo Investments Limited(parent entity)Body CorporateAustraliaAustralian/aArgo Service Company Pty.Ltd.Body CorporateAustraliaAustralia100%?Corporations Act 2001?Corporations Regulations 2001 and other?Corporations Act 2001?Corporations Act 2001?June 2024.?Directors DeclarationConso

84、lidated Entity Disclosure Statementas at 30 June 2024PricewaterhouseCoopers,ABN 52 780 433 757 Level 11,70 Franklin Street,ADELAIDE SA 5000,GPO Box 418,ADELAIDE SA 5001 T:+61 8 8218 7000,F:+61 8 8218 7999 Liability limited by a scheme approved under Professional Standards Legislation.Independent aud

85、itors report To the members of Argo Investments LimitedReport on the audit of the financial reportOur opinionIn our opinion:The accompanying financial report of Argo Investments Limited(the Company)and its controlled entities(together,Argo)is in accordance with the Corporations Act 2001,including:(a

86、)giving a true and fair view of Argos financial position as at 30 June 2024 and of its financialperformance for the year then ended(b)complying with Australian Accounting Standards and the Corporations Regulations 2001.What we have auditedThe financial report comprises:?the Consolidated Statement of

87、 Financial Position as at 30 June 2024?the Consolidated Statement of Comprehensive Income for the year then ended?the Consolidated Statement of Profit or Loss for the year then ended?the Consolidated Statement of Changes in Equity for the year then ended?the Consolidated Statement of Cash Flows for

88、the year then ended?the Notes to the Financial Statements,including material accounting policy information andother explanatory information?the Consolidated Entity Disclosure Statement as at 30 June 2024?the Directors Declaration.Basis for opinionWe conducted our audit in accordance with Australian

89、Auditing Standards.Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial report section of our report.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Indepe

90、ndenceWe are independent of Argo in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional&Ethical Standards Boards APES 110 Code of Ethics for Professional Accountants(including Independence Standards)(the Code)

91、that are relevant to our audit of the financial report in Australia.We have also fulfilled our other ethical responsibilities in accordance with the Code.8?Independent auditors report-Argo Investments Limited(continued)81Our audit approachAn audit is designed to provide reasonable assurance about wh

92、ether the financial report is free from material misstatement.Misstatements may arise due to fraud or error.They are considered material if individually or in aggregate,they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report.We tailor

93、ed the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial report as a whole,taking into account the geographic and management structure of Argo,its accounting processes and controls and the industry in which it operates.Audit ScopeOur audit focu

94、sed on assessing the financial report for risks of material misstatement in account balances,classes of transactions or disclosures,and designing and performing audit procedures to obtain reasonable assurance that the financial statements as a whole were free of material misstatement due to fraud or

95、 error.This included identifying areas of higher risk,based on quantitative and qualitative assessments of Argos operations and activities.Key audit mattersKey audit matters are those matters that,in our professional judgement,were of most significance in our audit of the financial report for the cu

96、rrent period.The key audit matters were addressed in the context of our audit of the financial report as a whole,and in forming our opinion thereon,and we do not provide a separate opinion on these matters.Further,any commentary on the outcomes of a particular audit procedure is made in that context

97、.We communicated the key audit matters to the Audit and Risk Committee.Key audit matterHow our audit addressed the key audit matterInvestmentsArgo has investments of$7,257.8 million as at 30 June 2024(refer note 8 of the financial report).Investments predominantly consist of listed securities.Whilst

98、 there is no significant judgement in determining the existence and valuation of Argos investments,these represent a key measure of Argos performance and comprise a significant proportion of total assets in the Consolidated Statement of Financial Position.The fluctuations in investment valuation wil

99、l also impact the realised and unrealised gains/(losses)recognised in the Consolidated Statement of Profit or Loss and the Consolidated Statement of Comprehensive Income.Given the pervasive impact investments have on Argos key financial metrics,we determined investments to be a key audit matter.We p

100、erformed the following procedures over investments amongst others:1)Recalculating the movement of investments for theyear,including purchases,sales and other relevanttransactions.2)On a sample basis,performed tests over themathematical accuracy of the investments balance bymultiplying the quantity h

101、eld by share or unit price as at30 June 2024.3)Testing a sample of investment purchases and salesby agreeing the transaction recorded to purchase andsale confirmations from brokers.4)Agreeing a selection of investment quantity holdingsas recorded by Argo as at 30 June 2024 to externalshare registrie

102、s.5)Agreeing a selection of market prices used by Argoto calculate the fair value of the investments to thirdIndependent auditors report-Argo Investments Limited(continued)82Key audit matterHow our audit addressed the key audit matterparty market pricing sources.6)Evaluating the design of Argos key

103、controls relatedto the existence and valuation of investments.?7)Assessing,on a sample basis,whether the keycontrol relevant to our audit of investments wasoperating effectively throughout the year.8)Evaluating the reasonableness of the disclosuresmade in note 8 of the financial report in light of t

104、herequirements of Australian Accounting Standards.Other informationThe directors are responsible for the other information.The other information comprises the information included in the annual report for the year ended 30 June 2024,but does not include the financial report and our auditors report t

105、hereon.Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon through our opinion on the financial report.We have issued a separate opinion on the remuneration report.In connection with our audit of the fina

106、ncial report,our responsibility is to read the other information and,in doing so,consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit,or otherwise appears to be materially misstated.If,based on the work we have performed o

107、n the other information that we obtained prior to the date of this auditors report,we conclude that there is a material misstatement of this other information,we are required to report that fact.We have nothing to report in this regard.Responsibilities of the directors for the financial reportThe di

108、rectors of the Company are responsible for the preparation of the financial report in accordance with Australian Accounting Standards and the Corporations Act 2001,including giving a true and fair view,and for such internal control as the directors determine is necessary to enable the preparation of

109、 the financial report that is free from material misstatement,whether due to fraud or error.In preparing the financial report,the directors are responsible for assessing the ability of Argo tocontinue as a going concern,disclosing,as applicable,matters related to going concern and using the going co

110、ncern basis of accounting unless the directors either intend to liquidate Argo or to cease operations,or have no realistic alternative but to do so.Auditors responsibilities for the audit of the financial reportOur objectives are to obtain reasonable assurance about whether the financial report as a

111、 whole is free from material misstatement,whether due to fraud or error,and to issue an auditors report that includes our opinion.Reasonable assurance is a high level of assurance,but is not a guarantee that Independent auditors report-Argo Investments Limited(continued)83an audit conducted in accor

112、dance with the Australian Auditing Standards will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if,individually or in the aggregate,they could reasonably be expected to influence the economic decisions of users taken on t

113、he basis of the financial report.A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at:https:/www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf.This description forms part of our auditors report.Re

114、port on the remuneration reportOur opinion on the remuneration reportWe have audited the remuneration report included in the directors report for the year ended 30 June 2024.In our opinion,the remuneration report of Argo Investments Limited for the year ended 30 June 2024 complies with section 300A

115、of the Corporations Act 2001.ResponsibilitiesThe directors of the Company are responsible for the preparation and presentation of the remuneration report in accordance with section 300A of the Corporations Act 2001.Our responsibility is to express an opinion on the remuneration report,based on our a

116、udit conducted in accordance with Australian Auditing Standards.PricewaterhouseCoopersJulian McCarthyAdelaidePartner5 September 20248084Ordinary Shareholders?30,063?31,517?14,076?16,581?540?92,777?20 largest shareholdersNo.of?25,018,5363.29?6,642,2770.87?6,166,8870.81?5,092,3070.67?4,950,9720.65?4,9

117、43,2090.65?3,573,4290.47?2,880,5100.38?2,852,4780.37?2,329,0430.31?2,185,0690.29?1,902,4510.25?1,429,7470.19?1,285,9420.17?1,146,6140.15?1,059,6670.14?1,056,1950.14?1,050,1250.14?1,002,7550.13?977,7050.1377,545,91810.20?the year.Shareholder informationat 31 July 20242Non-executive DirectorsRussell H

118、iggins AO,Chairman Lianne Buck Christopher Cuffe AO Melissa Holzberger Elizabeth Lewin Peter WarneManaging DirectorJason Beddow?Tim Binks?Andrew HillAuditorPricewaterhouseCoopers?Level 25,91 King William Street Adelaide SA 5000 Telephone(08)8210 9500 Fax(08)8212 .au .au?Level 37,259 George Street Sydney NSW 2000 Telephone(02)8274 4700 Fax(02)8274 4777Share RegistryBoardroom Pty Limited Level 12,225 George Street Sydney NSW 2000 Telephone 1300 350 .auCompany directoryAnnual General Meeting?Adelaide.?Information meetings?85