Austco Healthcare (AHC) 2024年年度報告「ASX」.pdf

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1、Annual ReportAustco Healthcare Limited2024 Chairmans Letter 2024 Annual Report Dear Shareholders I am pleased to present the Chairmans Report for the 2024 financial year.Austco has continued to deliver impressive results,driven by our commitment to innovation and strategic growth initiatives.This ye

2、ar,we achieved record revenue and profitability,underscoring our strong operational foundation and the successful integration of two key acquisitions.Financial Performance Austcos reported revenue of$58.2 million,an increase of 39%over last year and is a record for our company.This growth was fueled

3、 by a combination of organic growth of 17%,with the balance coming from Teknocorp and Amentco,two companies we acquired during the year.These acquisitions significantly boosted our top line and set a strong foundation for future expansion.EBITDA for the year was$8.1 million,a strong 126%increase ove

4、r the$3.6 million reported last year.This highlights the successful execution of our business strategy and pleasing performance of our two acquired businesses.These results mark a record year for Austco,reinforcing the strength of our operations and our ability to convert revenue growth into signifi

5、cant bottom-line improvement.Investments and Innovation We maintained our investment in research and development at$4.5 million,ensuring that we remain at the forefront of healthcare communication technology.Our flagship products,Tacera and Pulse,continue to gain traction globally.The integration of

6、 our Real Time Location Systems(RTLS)and mobile solutions further enhances the value we provide to our clients,allowing them to optimize workflows and improve patient care outcomes.Our latest product release,Touchpoint,represents a significant leap forward in terms of versatility and functionality.T

7、his customisable touchscreen platform,designed with direct input from healthcare staff,enhances communication and operational efficiency in clinical settings.Outlook As we look ahead,Austco is well-positioned for continued growth in FY25 and beyond.Our contracted orders has reached a record$50.3 mil

8、lion,up 72%from the previous year.This strong pipeline of unfulfilled contracted revenue is a testament to the growing demand for our innovative solutions across all the markets in which we operate.We remain focused on executing our growth strategy,which includes further expanding our presence in hi

9、gh-growth markets,integrating our recent acquisitions,and continuing to drive innovation through our R&D efforts.In closing,I would like to express my sincere gratitude to our employees,customers,partners,and shareholders.Your unwavering support has been instrumental in our success,and we look forwa

10、rd to continuing this journey together as we build a brighter future for Austco Healthcare.Thank you for your continued trust and confidence in our company.Graeme Billings Chairman 2 Austco Healthcare Limited ABN 67 108 208 760 Financial Statements For the year ended 30 June 2024 CONTENTS Directors

11、Report 03 Auditors Independence Declaration 11 Consolidated Statement of Profit or Loss and Other Comprehensive Income 22 Consolidated Statement of Financial Position 23 Consolidated Statement of Changes in Equity 24 Consolidated Statement of Cash Flows 25 Notes to the Financial Statements 26 Consol

12、idated Entity Disclosure Statement 68 Directors Declaration 69 Independent Auditors Report 70 Corporate Governance Statement 74 Shareholder Information 74 Corporate Information 75 3 Directors Report Your Directors present their report on the consolidated entity consisting of Austco Healthcare Limite

13、d(Austco)and the entities it controlled at the end of,or during,the year ended 30 June 2024.Directors The names of the Directors in office during the financial year and at the end of the year were:Mr Clayton Astles(Chief Executive Officer&Executive Director)Since his appointment as CEO and Executive

14、 Director in July 2015,Mr Astles has helped position Austco Healthcare as a global leader in the nurse call and clinical software solutions market.Under his leadership,Austco established a Software Development Centre in the United States,which developed the companys next-generation products and posi

15、tioned Austco as a leader in the healthcare technology industry.Prior to his current role,Mr Astles served as President of Austco Marketing&Services(USA)Ltd.,where he played a key role in establishing and expanding Austcos operations in the United States.As CEO,Mr Astles has been committed to buildi

16、ng high-performing,collaborative teams that drive the companys innovation and growth.Mr Astles has over 20 years of leadership experience in the healthcare technology industry and holds a diploma in Electronics Engineering.Mr Graeme Billings(Non-Executive Chairman)Mr Billings was appointed Chairman

17、in October 2015.He has been a Chartered Accountant since 1980 and retired from PriceWaterhouseCoopers in 2011 after 34 years.He is a former head of the Melbourne assurance practice as well as heading the firms Australian and global industrial products business.He has had extensive experience providi

18、ng assurance,transaction and consulting services to multinational and national companies across a variety of industries.Mr Billings is Chairman and Non-Executive Director of Amotiv Limited(formerly GUD Holdings Limited)and Non-Executive Director of Clover Corporation Limited.Graeme also serves as th

19、e Chairman of the audit and compliance committee of Clover Corporation Limited.Mr Brett Burns(Non-Executive Director)Mr Burns is a corporate governance and legal professional with over 25 years of experience in the field.He has been serving as a Non-Executive Director since October 2015,bringing a w

20、ealth of expertise and strategic insight to his role.Mr Burns is the Managing Partner of CBW Partners,a boutique corporate law firm known for its specialization in mergers and acquisitions,debt and equity capital markets,and governance for ASX-listed companies.Throughout his extensive career,Mr Burn

21、s has held significant roles including Company Secretary and General Counsel for an ASX top-20 company,senior positions in private practice with prominent national and international law firms,as well as regulatory roles with the Australian Securities and Investments Commission.In addition to his wor

22、k at Austco and CBW Partners,Mr Burns contributes his expertise as a Non-Executive Director with other companies including a leading Australian tapware manufacturer.Reflecting Mr Burns commitment to governance,he is a graduate of the Australian Institute of Company Directors.Mr Anthony Glenning(Non-

23、Executive Director)Mr Glenning was appointed Non-Executive Director in September 2018.Mr Glenning is a seasoned Chief Executive and Non-Executive Director with a career spanning 25 years in the software development industry,14 of those years living and working in Silicon Valley.In 1999,he founded To

24、nic Systems,a web application development company which he built up over 8 years and sold to Google in 2007 as part of the Google doc suite of products.He transferred to Google post acquisition where he worked as Senior Software Engineer for two years.From 2010 to 2018,Mr Glenning was an Investment

25、Director for Starfish Ventures,based in Melbourne,a venture capital firm that specialises in Australian high growth technology businesses,and during that time held directorships at Aktana,Atmail,DesignCrowd,MetaCDN and Nitro Software.Currently,Mr Glenning is the Fund Manager at Skalata Ventures,inve

26、sting in early stage companies,preparing them to scale and grow into significant and sustainable businesses.Directors Report 4 Mr Glenning is a Non-Executive Director of ASX listed companies Pro Medicus(PME)and Iress(IRE).He holds a Bachelor of Engineering(Electrical)and a Bachelor of Computer Scien

27、ce from The University of Melbourne and a Master of Science(MSEE)from Stanford University in California.Company Secretary The following persons held the position of Company Secretary during and at the end of the financial year:Mr Brendan Maher(Company Secretary)Mr Maher was appointed Company Secreta

28、ry in October 2018,joining Austco as a qualified Chartered Accountant with 30 years experience gained both in Australia and overseas with Arthur Andersen,National Westminster Bank,Skilled Group and Adslot Limited.Mr Maher has extensive experience in financial reporting,corporate transactions and was

29、 Chief Financial Officer at Adslot as well as Company Secretary of Skilled Group and Adslot prior to joining Austco.Mr Maher is a member of the Institute of Chartered Accountants in Australia and New Zealand and is a graduate of the Australian Institute of Company Directors.Directors Interests in th

30、e shares and options of the Company The following table sets out each directors relevant interest in shares,options or performance rights in shares of the Company at the date of this report.#of ordinary shares#of options over ordinary shares#of performance rights over ordinary shares Clayton Astles

31、3,565,993 2,700,000 677,486 Graeme Billings 530,776-Brett Burns 1,281,941-Anthony Glenning 1,058,870-Directors meetings The number of meetings of directors(including meetings of committees of directors)held during the year and the number of meetings attended by each director were as follows:Director

32、 Meetings Audit&Risk Management Committee Nomination&Remuneration Committee Held Attended Held Attended Held Attended Graeme Billings 11 11 2 2 2 2 Brett Burns 11 10 2 2 2 2 Clayton Astles 11 11 2 2 2 2 Anthony Glenning 11 10 2 2 2 2 Mr Billings is Chairman of the Companys Board of Directors and of

33、the Audit&Risk Management Committee.Mr Burns is Chairman of the Nomination&Remuneration Committee.Directors Report 5 Principal Activities The principal activities of the Group during the financial year were:Development of software and manufacture of hardware relating to healthcare and electronic com

34、munications systems.Global marketing and sales of electronic healthcare communication systems to established and new customers.Operating and financial review Austco Healthcare Limited(Austco),a global leader in clinical communications solutions,announces a 39%increase in revenue from customers over

35、the prior comparative period(pcp)to$58.2 million for FY24.The revenue growth of$16.2 million was driven by a combination of organic growth from existing operations of$7.0 million or 17%growth,together with revenues from the two acquisitions made through the year,being Teknocorp(purchased 27 November

36、 2023)with$6.5 million revenue and Amentco(purchased 1 May 2024)with$2.7 million revenue.The combination of double digit organic revenue growth and the successful integration of the two acquired businesses into the group provides for record FY24 results and sets a platform for future growth and succ

37、ess.Software and SMA revenues were up 9%or$0.8 million to$9.3 million.Although this growth wasnt directly influenced by the recent acquisitions,it presents a key opportunity to integrate and expand software and SMA revenues within the acquired businesses.The Gross Margin for FY24 was$30.7 million,an

38、 increase of 37%or$8.2 million from FY23.The increase was driven by increased top line revenues.The Gross Margin percentage declined slightly from 53.4%to 52.7%for FY24 as a result of acquiring the two lower margin businesses through the year;however,we expect that our strategic initiatives,includin

39、g those that relate to the acquisitions,will bolster margins over the medium term.Overhead expenses increased by$4.3 million to$25.0 million in FY24.The two acquired businesses represented$2.1 million of that increase and one-off M&A costs were$0.5 million for FY24.EBITDA was$8.1 million,exceeding t

40、he top end of our guidance announced to the ASX in early July.EBITDA was up 126%as compared to the$3.6 million reported in FY23.Demonstrating strong operating leverage,we were able to convert strong revenue growth into robust growth in reported NPBT of 211%,which is a record for the Company.NPBT was

41、 up$3.9m from$1.8 million in FY23 to$5.7 million in FY24.NPAT also increased significantly to$7.1 million in FY24,which is a record for the company,which is$4.8 million or 213%above FY23.Income tax expense was more than offset by bringing to account the last of the unrecognised income tax losses and

42、 offsets held in the group.Our investments in talent,infrastructure,and innovation over the past few years have positioned Austco Healthcare to achieve this record result,laying a strong foundation for future success for both our customers and shareholders.Directors Report 6 Revenues from customers

43、Total FY24 revenues of$58.2 million were up$16.2 million or 39%on FY23.This is the highest reported revenue over the last 11 years.Revenue growth was driven by a combination of organic growth from existing operations of$7.0 million or 17%growth,together with additional revenue from the acquisitions

44、through the year being Teknocorp(purchased 27 November 2023)with$6.5 million revenue and Amentco(purchased 1 May 2024)with$2.7 million revenue.Organic revenue growth was driven by the North American and Asia markets.Australia and NZ made up 35%of group revenues in FY24 and we expect this to increase

45、 as the full year impact of the acquisition comes to account in FY25.Software and SMA revenues from customers Software and SMA revenues were up 9%or$0.8 million to$9.3 million.Although this growth wasnt directly influenced by the recent acquisitions,it presents a key opportunity to integrate and exp

46、and software and SMA revenues within the acquired businesses.Gross Margins on revenues from customers The Gross Margin for FY24 was$30.7 million,an increase of 37%or$8.2 million from FY23.The increase was driven by increased top line revenues.Gross Margin percentage declined slightly from 53.4%to 52

47、.7%for FY24 as a result of acquiring the two lower margin businesses through the year;however,we expect that our strategic initiatives,including those that relate to the acquisitions,will bolster margins over the medium term.In 2HFY24,we saw relief in the cost of manufacturing,both in the costs of r

48、aw materials and freight,which will assist in gross margin gains in the future.35.942.058.1010203040506070FY22FY23FY24Revenue($m)1H2HTotal5.28.59.3036912FY22FY23FY24Software&SMA Revenue($m)1H2HTotal50.0%51.0%52.0%53.0%54.0%55.0%051015202530FY22FY23FY24Gross Margin($m)GM$GM%Directors Report 7 Indirec

49、t Cost Base Austcos overhead expenses increased by$4.3 million to$25.0 million in FY24.The two acquired businesses represented$2.1 million of that increase and one off M&A costs were$0.5 million for FY24.Our investment in Research and Development remains consistent at$4.5 million in FY24(compared to

50、$4.6 million in FY23),with$2.3 million being capitalised in FY24 and$1.5 million of R&D amortisation expense in FY24.EBITDA EBITDA of$8.1 million in FY24 was 126%up on the$3.6 million reported in FY23.This exceeded the top end of our$7.5 million to$8.0 million guidance announced to the ASX in early

51、July 2024.Of the$4.5m increased EBITDA in FY24$3.3 million arose from the growing organic business whilst the two acquired businesses contributed$1.2 million of the increased EBITDA.Statutory Net Profit after Tax Demonstrating strong operating leverage,we were able to convert strong revenue growth i

52、nto robust growth of 213%in reported NPAT.Reported NPAT of$7.1 million in FY24 is$4.8 million above FY23.NPAT also increased significantly as income tax expense was more than offset by the bringing to account of the last of the unrecognised income tax losses and offsets as held in the group.16.920.7

53、25.00612182430FY22FY23FY24Cost Base($m)1H2HTotal4.03.68.10123456789FY22FY23FY24EBITDA($m)1H2HTotal2.32.37.1012345678FY22FY23FY24NPAT($m)1H2HTotal Directors Report 8 Unfilled Contracted Revenue Recent large contract wins in Canada and Singapore and growth in most other regions across the group have c

54、ontributed to the continued growth of Austcos Unfilled Contracted Revenue(UCR).Our UCR book now stands at$50.3 million at 15 August 2024,up from$29.3 million or 72%at 30 June 2023.UCRs represent confirmed contracted orders from customers that have not yet been fulfilled and,as such,no revenue recogn

55、ised.Despite record revenues being delivered in FY24,our new sales wins have outpaced revenue delivery,which has given rise to our consistent growth in UCR.Research&Development In the reporting period,the Company invested$4.5 million(FY23;$4.6 million),of which$2.3 million was capitalised(FY23;$1.4

56、million)in the development of its innovative nurse call and clinical communications platform,Tacera.Austco involves healthcare staff of all levels in the design process,ensuring our products meet the requirements of nurses,patients and healthcare administrators.The profit and loss impact of capitali

57、sing$2.3 million of the FY24 R&D investment is partly offset by$1.5 million of R&D amortisation expense in FY24.Our latest major product release,Touchpoint,is a versatile compact touchscreen that can be customized as a Room Information Board,Workflow Terminal,or Active Alarms Display.It offers tones

58、 and visuals for remote locations,supports two-way VOIP calling,and runs our entire Pulse suite of applications.22.1 24.7 29.8 20.3 20.3 22.6 29.3 36.1 38.4 40.0 44.4 46.2 50.3 10.020.030.040.050.060.0Jun-22 Sep-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Mar-24 Jul-24 Aug-24Unfilled

59、Contracted Revenue($m)Directors Report 9 By utilising Austcos state-of-the-art Real-time Locating Technology,caregivers can streamline their workflows with greater efficiency.This includes automating essential tasks such as automatic presence tracking,alarm cancellation,and detailed logging of compl

60、eted rounds.Moreover,our one-touch mobile assistance feature enables caregivers to receive precise location notifications instantly on their iPhone and Android devices via Austcos innovative Pulse Mobile platform.Globally,our Tacera and Pulse brands are recognised as top-tier solutions for healthcar

61、e communications and clinical workflow.Cash and Working Capital Position Cash on hand was$13.6 at 30 June 2024,up from$4.7 million at June 2023.Cash generated from operating activities of$11.3 million reflected underlying profitability and decreases in our working capital needs,mainly inventory and

62、receivables,despite absorbing two new businesses.The operating cashflow and proceeds from capital raises of$9.6 million funded the two business acquisitions and continued investment in R&D.Significant changes in the state of affairs In the opinion of the Directors,other than the acquisitions of Tekn

63、ocorp and Amentco,which are outlined in note 28 of the financial statements,there were no significant changes in the state of affairs of the consolidated entity during the financial year under review not otherwise disclosed in this Annual Report.Events after the reporting date There were no material

64、 events after the reporting date.Likely future developments and expected results of operations The likely developments in the Groups operations,to the extent that such matters can be commented upon,are covered in the Directors Report contained elsewhere in this Annual Report.Austco Healthcare is wel

65、l-positioned for continued growth and success in the coming years.The Company has strategically enhanced its sales and marketing capabilities,particularly in high-growth markets,to capitalize on the new opportunities within the healthcare technology sector.These investments in sales resources and pr

66、oduct development are expected to be significant drivers of sustained growth.The Companys strategic roadmap focuses on launching innovative products,forming strategic partnerships,and exploring potential mergers and acquisitions.These initiatives are expected to further strengthen the Companys marke

67、t position and contribute to long-term growth and profitability.The fulfillment of the Companys highest ever order backlog,currently at$50.3 million,will allow us to maintain momentum and drive further revenue growth.Austco Healthcare is dedicated to pursuing its growth-focused strategies,ensuring t

68、he Company continues its growth trajectory well into the future.Environmental regulation The Groups operations are not significantly impacted by any environmental regulation under a law of the Commonwealth or of a State or Territory of Australia.Dividends No dividend has been declared for the year e

69、nded 30 June 2024(2023:Nil).Directors Report 10 Shares under option As at the date of this report,there were 7,205,500 unissued ordinary shares under options(7,205,500 at reporting date).Option holders do not have any right,by virtue of the option,to participate in any share issue of the Company.Dur

70、ing the year ended 30 June 2024 some 3,512,330 performance rights were issued to senior management as detailed in the Remuneration Report.These performance rights remain unvested as at the date of this report.Shares issued on the exercise of options During the year ended 30 June 2024 some 3,295,465

71、ordinary shares of Austco Healthcare Limited were issued on the exercise of options granted(2023:Nil).No further shares were issued up to the date of this report on the exercise of options granted.No shares were issued during the year ended 30 June 2024,or up to the date of this report,in relation t

72、o performance rights.Insurance and indemnifying directors and officers The Group has paid premiums to insure each of the directors and officers against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of

73、director of the Group,other than conduct involving a wilful breach of duty in relation to the Group.Under the Companys Constitution,the Company indemnifies the Directors and officers of the Company and its wholly owned subsidiaries to the full extent permitted by law against any liability and all le

74、gal costs in connection with proceedings incurred by them in their respective capacities.The Group has a Directors&Officers Liability Insurance policy in place for all current and former officers of the Group and its controlled entities.The policy affords cover for loss in respect of liabilities inc

75、urred by Directors and Officers where the Group is unable to indemnify them and covers the Group for indemnities provided to its Directors and Officers.This does not include liabilities that arise from conduct involving dishonesty.The Directors have not included the details of the premium paid with

76、respect to this policy as this information is confidential under the terms of the policy.Proceedings on behalf of the company No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company or to intervene in any proceedings t

77、o which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings.Grant Thornton Audit Pty Ltd Level 22 Tower 5 Collins Square 727 Collins Street Melbourne VIC 3008 GPO Box 4736 Melbourne VIC 3001 T+61 3 8320 2222 .au ACN-130 913 59

78、4 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389.Grant Thornton refers to the brand under which the Grant Thornton member firms provide assurance,tax and advisory services to their clients and/or refe

79、rs to one or more member firms,as the context requires.Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd(GTIL).GTIL and the member firms are not a worldwide partnership.GTIL and each member firm is a separate legal entity.Services are delivered by the member firms

80、.GTIL does not provide services to clients.GTIL and its member firms are not agents of,and do not obligate one another and are not liable for one anothers acts or omissions.In the Australian context only,the use of the term Grant Thornton may refer to Grant Thornton Australia Limited ABN 41 127 556

81、389 ACN 127 556 389 and its Australian subsidiaries and related entities.Liability limited by a scheme approved under Professional Standards Legislation.Auditors Independence Declaration To the Directors of Austco Healthcare Limited In accordance with the requirements of section 307C of the Corporat

82、ions Act 2001,as lead auditor for the audit of Austco Healthcare Limited for the year ended 30 June 2024,I declare that,to the best of my knowledge and belief,there have been:a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;and b no c

83、ontraventions of any applicable code of professional conduct in relation to the audit.Grant Thornton Audit Pty Ltd Chartered Accountants M J Climpson Partner Audit&Assurance Melbourne,28 August 2024 Directors Report 12 Indemnification of auditors The Company has agreed to indemnify its auditors,to t

84、he extent permitted by law,Grant Thornton Audit Pty Ltd(Grant Thornton)as part of the terms of its audit engagement agreement.The indemnity covers claims made by third parties against Grant Thornton arising from any advice or opinion Grant Thornton provides to the Company which the Company provides

85、to that third party without the consent of Grant Thornton.No payment has been made to indemnify Grant Thornton during or since the financial year.Non audit services The following non-audit services were provided by the entitys auditor,Grant Thornton.The directors are satisfied that the provision of

86、non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.The nature and scope of each type of non-audit service provided means that auditor independence was not compromised.Grant Thornton Australia received or are due to receive the

87、 following amounts for the provision of non-audit services:$Tax compliance services 51,088 Due diligence services 103,000 Total 154,088 Taxation compliance services totalling$57,201 were paid to Grant Thornton and its overseas affiliates(Note 26).Rounding of amounts The Company is an entity to which

88、 ASIC Corporations(Rounding in Financial/Directors Reports)Instrument 2016/191 applies and,accordingly,amounts in the financial statements and Directors report have been rounded to the nearest thousand dollars.Remuneration Report 13 REMUNERATION REPORT(Audited)The remuneration report is set out unde

89、r the following headings:Section 1:Remuneration report overview Section 2:Remuneration policy Section 3:Executive employment agreements Section 4:Details of directors and key management personnel fees and remuneration Section 5:Share based compensation Section 6:Equity holdings and transactions Sect

90、ion 7:Other transactions with key management personnel 1.Remuneration report overview The Directors of Austco Healthcare Limited present the Remuneration Report(the Report)for the Company and its controlled entities for the year ended 30 June 2024.This Report forms part of the Directors Report and h

91、as been audited in accordance with section 200A of the Corporations Act 2001.The Report details the remuneration arrangements for the Groups key management personnel(KMP):Non-executive directors(NEDs);and Executive directors and senior executives(collectively the executives).KMP are those persons wh

92、o have authority and responsibility for planning,directing and controlling the major activities of the Group.The table below outlines the KMP of the Group and their movements during FY24:Name Position Term as KMP Non-executive directors Graeme Billings Non-executive Chair Full financial year Brett B

93、urns Non-executive Director Full financial year Anthony Glenning Non-executive Director Full financial year Executive directors Clayton Astles Managing Director/Chief Executive Officer Full financial year Senior executives Brendan Maher Chief Financial Officer,Chief Operating Officer ANZ Full financ

94、ial year 2.Remuneration policy The remuneration policy of the Group has been designed to align director and executive objectives with shareholder and business objectives by providing a fixed remuneration component and offering specific long-term incentives based on key performance areas affecting th

95、e Groups financial results.The Board of Austco Healthcare Limited believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best executives and directors to run and manage the Company,as well as create goal congruence between directors,executives and s

96、hareholders.The Boards policies for determining the nature and amount of remuneration for Board members and senior executives of the Group are detailed below.Remuneration Report 14 The remuneration policy,setting the terms and conditions for the Executive Directors and other senior executives,was de

97、veloped by the Nomination&Remuneration Committee and approved by the Board.All senior executives receive a base salary(which is based on factors such as length of service and experience),superannuation,fringe benefits,and are entitled to options and performance rights incentives if performance targe

98、ts are met and incentives are approved by the Directors.The Nomination&Remuneration Committee reviews executive packages annually by reference to the Groups performance,executive performance and comparable information from industry sectors and other listed companies in similar industries.The perform

99、ance of executives is measured against criteria agreed annually with each executive and is based predominately on the forecast growth of the Groups profits and shareholder value.All bonuses and incentives must be linked to predetermined performance criteria.The Board may,however,exercise its discret

100、ion in relation to approving incentives,bonuses,options and performance rights,and can recommend changes to the Committees recommendations.Any changes must be justified by reference to measurable performance criteria.The policy is designed to attract the highest calibre executives and reward them fo

101、r performance that results in long term growth in shareholder wealth.Executives are also entitled to participate in the employee share incentive plan.All remuneration paid to directors and executives is valued at the cost to the Group and expensed.Options are valued using the Black Scholes methodolo

102、gy and performance rights are valued using a zero price performance options methodology.The Boards policy is to remunerate Non-Executive Directors at market rates for comparable companies for time,commitment and responsibilities.The Nomination&Remuneration Committee(excluding those being assessed)de

103、termine payments to the Non-Executive Directors and review their remuneration annually based on market practice,duties and accountability.Independent external advice is sought when required.The maximum aggregate amount of fees that can be paid to Non-Executive Directors is subject to approval by sha

104、reholders at the Annual General Meeting.Fees for Non-Executive Directors are not linked to the performance of the Group.However,to align the directors interests with shareholder interests,the directors are encouraged to hold shares in the Company and are able to participate in the employee share pla

105、n.Principles used to determine the nature and amount of remuneration a)Executive Compensation The objective of the Groups executive remuneration and reward framework is to ensure reward for performance is competitive and appropriate for the results delivered.The framework aligns executive reward wit

106、h achievement of strategic objectives and the creation of value for shareholders and conforms to market best practice for delivery of reward.The Board ensures that executive reward satisfies the following key criteria for good reward governance practices:competitiveness and reasonableness acceptabil

107、ity to shareholders performance linkage/alignment of executive compensation transparency capital management The Group has structured an executive remuneration framework that is market competitive and complimentary to the reward strategy of the organisation.This comprises fixed remuneration,cash bonu

108、ses and a share ownership incentive plan.The fixed remuneration includes base salary,superannuation or its overseas equivalent and other non-monetary benefits and is set with reference to comparable roles in similar companies and is designed to reward for:the scope of the executives role;the executi

109、ves skills,experience and qualifications;and individual performance.Remuneration Report 15 Variable incentive cash Executives have the opportunity to earn annual incentive awards which are delivered as cash bonuses and/or allocations of Options or Performance Rights under the companys Employee Share

110、 Incentive Plan.Annual cash incentives are awarded based on performance against objectives set at the beginning of each year.The objectives vary depending on the role of the executive but are chosen as they reflect the core drivers of short-term performance and also provide a framework for deliverin

111、g sustainable value to the Company,its shareholders and customers.They cover both financial and non-financial Group and business unit measures of performance.Financial measures include:Non-Financial measures include:Net Profit after Tax Product Development Revenue targets Process Improvements Gross

112、Margin targets Safety&Regulatory Compliance Leadership and team contribution The final award is determined after the end of the financial year following a review of the performance over the year against the objectives by the CEO,and in the case of the CEO by the Remuneration Committee.The Board appr

113、oves the final award based on this assessment of performance.Variable incentive equity Executives also have the opportunity to be awarded annual incentive awards which prior to 2024 were an allocation of Options and from 2024 are an allocations of Performance Rights under the companys Employee Share

114、 Incentive Plan.In addition to a continuous employment test,the vesting conditions currently are:EPS Growth Targets(60%of award)Indexed TSR(iTSR)(40%of award)CAGR in EPS(3 years)Percent of Award Companys TSR Compared to Movement in an Index Percent of Award Minimum 5%25%=Index Movement 25%Target 8%5

115、0%Index Movement+5%50%Stretch 12%100%Index Movement+10%100%Currently the Indexed TSR benchmark is the S&P ASX small industrials index.The remuneration and reward strategy of the Group seeks to align executives and shareholders interests which:has economic profit as a core component of plan design;fo

116、cuses on sustained growth in shareholder wealth,consisting of dividends and growth in share price,and delivering a constant return on assets as well as focusing the executive on key non-financial value drivers;and attracts and retains high calibre executives.Remuneration Report 16 The remuneration a

117、nd reward strategy of the Group seeks to align program participants interests which:rewards capability and experience;reflects competitive reward for contribution to growth in shareholder wealth;provides a clear structure for earning rewards;and provides recognition for contribution.b)Non-Executive

118、Directors Fees and payments to Non-Executive Directors reflect the demands which are made on,and the responsibilities of,the Directors.Non-Executive Directors fees and payments are reviewed annually by the Board.The maximum fees payable to Non-Executive Directors as agreed to by the Companys members

119、 at a previous Annual General Meeting are$450,000.Overview of Group performance The following table shows the gross revenue,profits and dividends for the last five years as well as the share price at the end of each year.2024$000 2023$000 2022$000 2021$000 2020$000 Revenue from customers 58,153 41,9

120、78 35,882 31,250 31,598 Profit/(Loss)for the year 7,076 2,258 2,328 3,424 2,504 Overall Earnings Per Share(cents)2.33 0.78 0.82 1.20 0.96 Share price at year end$0.180$0.170$0.100$0.125$0.075 Dividends paid(cents per share)0.00 0.475 0.00 0.00 0.00 Performance payments,in the form of cash bonuses or

121、 share based payments,to Key Management Personnel are disclosed in the report and table below and are paid in accordance with employment agreements and on achievement of set milestones which may be based on financial and non-financial outcomes.Payment of cash bonuses and options or shares are assess

122、ed on an annual basis by the board of directors and payment of incentive bonuses is at the discretion of the board of directors.Voting at the Companys 2023 Annual General Meeting(“AGM”)At the 2023 AGM the majority of shareholders votes cast,99.78%,were in favour of adopting the 2023 Remuneration Rep

123、ort.Remuneration Report 17 3.Executive employment agreements The employment conditions of the key executives are formalised in contracts of employment or service agreements.Contractual terms for most executives are similar but do,on occasions,vary to suit different needs.The following table summaris

124、es the key contractual terms for all key management personnel.Fixed Remuneration Remuneration comprises salary and statutory superannuation contributions where the executive is employed in Australia Incentive Plans Eligible to participate.Incentive criteria and award opportunities vary for each exec

125、utive.Notice Period The Chief Executive Officer has a 1-year notice period and the Chief Financial Officer has a 3-month notice period.Resignation Employment may be terminated by giving notice consistent with the notice period.Retirement There are no financial entitlements due from the Group on reti

126、rement of an executive.Termination by the Group The Group may terminate the employment by providing notice consistent with the notice period or payment in lieu of the notice period.Redundancy There are no contractual commitments to pay redundancy over and above any statutory entitlement.Termination

127、for serious misconduct The Group may terminate the employment agreement at any time without notice,and the executive will be entitled to payment of remuneration only up to the date of termination.Remuneration Report 18 4.Details of directors and key management personnel fees and remuneration 2024 Sh

128、ort Term Employee Benefits Long Term Benefits Share Based Payments Post Employment Expenses Performance Related Salaries,Fees and Commissions Cash Bonus Other Benefit Annual and long service leave Equity settled Options Performance Rights Super-annuation Total%$Directors Clayton Astles 564,299 285,8

129、12 49,592-36,000 18,800-954,503 30%Graeme Billings 76,577-8,423 85,000 0%Brett Burns 63,063-6,937 70,000 0%Anthony Glenning 63,063-6,937 70,000 0%Other key management personnel:Brendan Maher 338,992 80,000-14,706 26,000 11,417 27,000 498,115 16%1,105,994 365,812 49,592 14,706 62,000 30,217 49,297 1,

130、677,618 2023 Short Term Employee Benefits Share Based Payments Post Employment Expenses Performance Related Salaries,Fees and Commissions Cash Bonus Other Benefit Equity settled Options Super-annuation Total%$Directors Clayton Astles 559,120 240,748 45,611 69,514-914,993 26%Graeme Billings 76,923-8,

131、077 85,000 0%Brett Burns 63,348-6,652 70,000 0%Anthony Glenning 63,348-6,652 70,000 0%Other key management personnel:Brendan Maher 336,754 64,000-45,975 27,000 473,729 14%1,099,493 304,748 45,611 115,489 48,381 1,613,722 The proportion of the cash bonus paid/payable or forfeited is as follows:Cash b

132、onus paid/payable Cash bonus forfeited 2024 2023 2024 2023 Clayton Astles 100%85%0%15%Brendan Maher 100%80%0%20%Remuneration Report 19 5.Share Based Compensation During the year ended 30 June 2024 Austco commenced issuing Performance Rights and paused the issuing of further Options to senior managem

133、ent.The services and performance criteria set to determine share-based compensation under the shareholder approved Employee Share Incentive Plan are discussed under remuneration policy in section 2 of the Remuneration Report.5(a).Share Based Compensation-Options All options were granted by Austco He

134、althcare Limited over ordinary shares for Nil consideration.The following table shows the grants of share-based compensation in the form of Options to KMP during the year ended 30 June 2024.No Options have been granted to Non-Executive Directors:Name Balance at beginning of the year Granted during t

135、he year Expired during the year Exercised during the year Balance at the end of the year Total Unvested Clayton Astles 4,096,276-1,396,276 2,700,000 1,350,000 Brendan Maher 3,047,207-1,047,207 2,000,000 1,000,000 7,143,483-2,443,483 4,700,000 2,350,000 The options are valued using the Black-Scholes

136、pricing model and are subject to the employees meeting continuity of service conditions.No options were granted during the year ended 30 June 2024.The following table shows the grants of share-based compensation in the form of Options to KMP during the year ended 30 June 2023.No Options have been gr

137、anted to Non-Executive Directors:Name Balance at beginning of the year Granted during the year Expired during the year Exercised during the year Balance at the end of the year Clayton Astles 5,492,552-(1,396,276)-4,096,276 Brendan Maher 4,094,414-(1,047,207)-3,047,207 9,586,966-(2,443,483)-7,143,483

138、 The options are valued using the Black-Scholes pricing model and are subject to the employees meeting continuity of service conditions.No options were granted during the year ended 30 June 2023.Details of Options over ordinary shares in the Company provided as remuneration of Key Management personn

139、el are set out below.No Options have been granted to Non-Executive Directors:2024 Number 2024$2023 Number 2023$Clayton Astles 2,700,000$36,000 4,096,276$69,514 Brendan Maher 2,000,000$26,000 3,047,207$45,975 4,700,000$62,000 7,143,483$115,489 The assessed fair value at issue date of the options gran

140、ted to the executive are allocated equally over the period from issue date to vesting date and the amount is included in the remuneration tables above.Shares issued on exercise of compensation options Some 3,295,465 options were exercised during the year ended 30 June 2024.Remuneration Report 20 5(b

141、).Share Based Compensation Performance Rights All performance rights were granted by Austco Healthcare Limited over ordinary shares for Nil consideration.The following table shows the grants of share-based compensation in the form of Performance Rights to KMP during the year ended 30 June 2024.No Pe

142、rformance Rights have been granted to Non-Executive Directors:Name Balance at beginning of the year Granted during the year Expired during the year Conversion during the year Balance at the end of the year Clayton Astles-677,486-677,486 Brendan Maher-411,429-411,429 -1,088,914-1,088,914 The performa

143、nce rights were valued using a zero price performance options methodology and are subject to the employees meeting performance criteria and continuity of service conditions(as set out in section 2 of the Remuneration Report).The model inputs for Performance Rights granted during the year ended 30 Ju

144、ne 2024 included:Model Inputs Series 2026 Model Inputs Series 2026 Grant date 27 September 2023 Share price at grant date 18.5 cents Expiry date 30 September 2026 Expected dividend yield 0%Exercise price Nil Discount Rate 8.0%Details of Performance Rights over ordinary shares in the Company provided

145、 as remuneration of Key Management personnel are set out below.No Performance Rights have been granted to Non-Executive Directors:2024 Number 2024$2023 Number 2023$Clayton Astles 677,486$18,800 -Brendan Maher 411,429$11,417 -1,088,914$30,217 -The assessed fair value at issue date of the options gran

146、ted to the executive are allocated equally over the period from issue date to vesting date and the amount is included in the remuneration tables above.Shares issued on conversion of compensation performance rights No performance rights converted to shares during the year ended 30 June 2024.Remunerat

147、ion Report 21 6.Equity holdings and transactions Number of shares held by Directors and Key Management Personnel:Balance 1 July 2023 Received on Options Exercise Other changes during the year Balance 30 June 2024 Graeme Billings 507,698-23,078 530,776 Brett Burns 1,226,204-55,737 1,281,941 Clayton A

148、stles 3,569,717 1,396,276(1,400,000)3,565,993 Anthony Glenning 1,012,833-46,037 1,058,870 Brendan Maher 2,887,865 1,047,207(1,027,285)2,907,787 9,204,317 2,443,483(2,302,433)9,345,367 7.Other transactions with key management personnel 2024 2023$000$000 Legal fees paid to CBW Partners,a firm controll

149、ed by Mr Brett Burns,for legal services rendered at rates equal to or less than usual commercial rates in respect of legal services provided.179 75 Signed in accordance with a resolution of the Board of Directors made pursuant to section 298(2)(a)of the Corporations Act 2001.Clayton Astles Chief Exe

150、cutive Officer Dated this 28th day of August 2024,Melbourne 22 Austco Healthcare Limited LETTER Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2024 Group Notes 2024 2023$000$000 Revenue 2 58,153 41,978 Materials and direct labour (27,481)(19,544)Gr

151、oss Profit 30,672 22,434 Other income 3 12 79 Employee Benefits Expense 4(16,200)(14,033)Motor Vehicle Expenses (203)(35)Occupancy Expenses (530)(388)Depreciation and Amortisation Expenses 4(2,314)(1,717)Accounting,Audit,Legal and Advisor Fees (1,457)(974)Allowance for expected credit loss 93 56 Fin

152、ance Costs 4(149)(68)Travel Expenses (1,870)(1,466)Software subscriptions (489)(395)Insurances (431)(387)Other Expenses (1,484)(1,291)Total Overhead Expenses (25,034)(20,698)Profit Before Income Tax 5,650 1,815 Income Tax(Expense)/Credit 6 1,426 443 Net Profit after income tax 7,076 2,258 Net Profit

153、 attributable to members of Austco Healthcare Limited 7,076 2,258 Other Comprehensive Income Items that may be reclassified subsequently to Profit or Loss Exchange difference arising on translation of foreign operations (159)396 Total Comprehensive Income for the Year 6,917 2,654 Earnings per share

154、Cents Cents Basic per share 19 2.328 0.780 Diluted per share 19 2.293 0.775 *The accompanying notes form part of these financial statements 23 Austco Healthcare Limited Consolidated Statement of Financial Position As at 30 June 2024 Group Notes 2024 2023$000$000 Current Assets Cash and cash equivale

155、nts 7 13,556 4,673 Trade and other receivables 8 13,128 12,219 Inventories 9 10,669 10,829 Other assets 10 3,214 2,065 Total Current Assets 40,567 29,786 Non-Current Assets Plant and equipment 11 1,834 482 Right-of-use assets 12 1,648 366 Deferred tax assets 6(c)3,905 1,721 Goodwill 13 14,488-Intang

156、ible assets 14 6,262 5,455 Total Non-Current Assets 28,137 8,024 Total Assets 68,704 37,810 Current Liabilities Trade and other payables 15 10,373 8,972 Contract liabilities 2(c)2,670 2,300 Short term borrowings 80 24 Other financial liabilities 28(a)967-Current tax liabilities 867 61 Lease liabilit

157、ies 16 493 377 Provisions 17 1,609 902 Total Current Liabilities 17,059 12,636 Lease liabilities 16 1,205 123 Other financial liabilities 28(c)5,947-Provisions 17 115 52 Total Non-Current Liabilities 7,267 175 Total Liabilities 24,326 12,811 Net Assets 44,378 24,999 Equity Contributed Equity 18 54,4

158、65 42,189 Option and Rights Reserves 18(b)(c)325 295 Foreign Exchange Reserve 214 373 Accumulated Losses (10,626)(17,858)Total Equity 44,378 24,999 24 Austco Healthcare Limited *The accompanying notes form part of these financial statements Consolidated Statement of Changes in Equity for the year en

159、ded 30 June 2024 *The accompanying notes form part of these financial statements Issued Capital Option&Rights Reserve Accumulated Losses Foreign Exchange Reserve Total Equity$000$000$000$000$000 Balance at 1 July 2022 41,720 296(18,901)(23)23,092 Profit after income tax expense for the year-2,258-2,

160、258 Other comprehensive income for the year,net of tax-396 396 Total comprehensive income for the year-2,258 396 2,654 Transactions with owners in their capacity as equity holders:Issue of Shares(note 18)469-469 Share based payments-152-152 Dividends paid-(1,368)-(1,368)Transfer to Accumulated Losse

161、s-(153)153-Balance at 30 June 2023 42,189 295(17,858)373 24,999 Balance at 1 July 2023 42,189 295(17,858)373 24,999 Profit after income tax expense for the year-7,076-7,076 Other comprehensive income for the year,net of tax-(159)(159)Total comprehensive income for the year-7,076(159)6,917 Transactio

162、ns with owners in their capacity as equity holders:Issue of Shares(note 18)12,276-12,276 Share based payments-186-186 Dividends paid-Transfer to Accumulated Losses-(156)156-Balance at 30 June 2024 54,465 325(10,626)214 44,378 25 Austco Healthcare Limited Consolidated Statement of Cash Flows for the

163、year ended 30 June 2024 *The accompanying notes form part of these financial statements Group Notes 2024 2023$000$000 Cash Flows from Operating Activities Receipts from Customers(includes GST and VAT)57,707 38,294 Payments to Suppliers and Employees(includes GST and VAT)(46,115)(37,404)Grant Income

164、received 14 2 Interest Received 52 32 Finance Costs Paid (48)(22)Income Tax Paid (263)(582)Net Cash From/(used)by Operating Activities 22(a)11,347 320 Cash Flows from Investing Activities Payments for Acquisition of Property,Plant,Equipment 11(1,629)(198)Payments for Acquisition of Intangible Assets

165、 14(2,272)(1,375)Proceeds from disposal of Property,Plant&Equipment 3-Acquisition costs-expensed (542)-Acquisitions net of cash acquired (6,625)-Net Cash From/(used)in Investing Activities (11,063)(1,573)Cash Flows from Financing Activities Proceeds from Issue of Shares 9,576-Dividends paid(net of d

166、ividends reinvested)-(897)Proceeds from borrowings 1,600 Repayment of borrowings (1,609)(25)Payment of lease liabilities (727)(661)Net Cash Provided/(used)by Financing Activities 8,840(1,583)Net Increase/(Decrease)in Cash and Cash Equivalents 9,124(2,836)Cash and Cash Equivalents at Beginning of the

167、 Year 4,673 7,628 Effects of exchange rate changes on cash (241)(119)Cash and Cash Equivalents at End of the Year 7 13,556 4,673 Notes to the Financial Statements 30 June 2024 26 Austco Healthcare Limited GENERAL INFORMATION The consolidated financial statements of Austco Healthcare Limited and cont

168、rolled entities(collectively,the Group or the Company)were authorised for issue in accordance with a resolution of the directors on 28 August 2024.Austco Healthcare Limited is a for profit public Company listed on the ASX,incorporated and domiciled in Australia.The principal activities of the busine

169、ss are the manufacture,service,supply and distribution of Healthcare communications equipment and software.NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLICIES Statement of Compliance This financial report is a general purpose financial report that has been prepared in accordance with Australian Account

170、ing Standards,Australian Accounting Interpretations,other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001 as is appropriate for profit oriented entities.Australian Accounting Standards include Australian equivalents to International Financial R

171、eporting Standards.Compliance with Australian Accounting Standards ensures the consolidated financial statements and notes comply with International Financial Reporting Standards.New Accounting Standards adopted by the Group There were no new accounting standards materially impacting the Group in th

172、e current reporting period.Going Concern These financial statements have been prepared on the basis that the Group is a going concern,which contemplates the continuity of its business,realisation of assets and settlement of liabilities in the normal course of business.Basis of Preparation and Histor

173、ical Cost Convention The financial report has been prepared on an accruals basis and is based on historical costs and does not take into account changing money values.Cost is based on the fair values of the consideration given in exchange for assets.The financial report is presented in Australian do

174、llars,unless otherwise noted.The following is a summary of the material accounting policies adopted by the Group in the preparation of the financial report.The accounting policies have been consistently applied unless otherwise stated:(a)Critical accounting estimates and judgements In the applicatio

175、n of Australian Accounting Standards management is required to make judgements,estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.The estimates and associated assumptions are based on historical experience and various other f

176、actors that are believed to be reasonable under the circumstances,the results of which form the basis of making the judgements.Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis.Revisions to accounting estimates are recognised in

177、the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revisions affect both current and future periods.Judgments made in the application of Australian Accounting Standards that have significant effects on the f

178、inancial statements and estimates with a significant risk of material adjustments in the next year are disclosed where applicable in the relevant notes to the financial statements.Notes to the Financial Statements 30 June 2024 27 Austco Healthcare Limited NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLI

179、CIES(CONTINUED)INTANGIBLE ASSETS The Group capitalises costs for product development projects.Initial capitalisation of costs is based on managements analysis that technological and economic feasibility is confirmed once a product development project has reached defined milestones according to an es

180、tablished project management model.In determining the amounts to be capitalised,management makes assumptions regarding the expected future cash generation of the project,product life cycle and expected period of benefits.At 30 June 2024,the carrying amount of capitalised development costs was$6.262

181、million.(2023:$5.455 million).Refer to Note 14 for further information.GOODWILL IMPAIRMENT The Group tests annually,or more frequently if events or changes in circumstances indicate impairment,whether goodwill has suffered any impairment,in accordance with the accounting policy stated in the notes t

182、o the accounts.The recoverable amounts of cash-generating units have been determined based on value-in-use calculations.These calculations require the use of assumptions,including estimated discount rates based on the current cost of capital and growth rates of the estimated future cash flows.The ca

183、rrying amount of Goodwill at 30 June 2024 was$14.488 million(2023:nil).Refer to note 13 for further information.ALLOWANCE FOR EXPECTED CREDIT LOSSES The Group assesses expected credit loss regularly.The allowance for expected credit loss represents managements estimate of the Groups credit loss risk

184、 as at 30 June 2024 based on age of debt,past experience,current information at hand and managements assessment of forward-looking factors specific to the debtors and the economic environment and subsequent collectability.At 30 June 2024,the allowances for doubtful debts was$173,873.(2023:$52,282).A

185、LLOWANCE FOR WARRANTY PROVISION The Group has a policy in relation to return of products and claims for warranty purposes which can be found here:http:/ Group has made an allowance for future warranty claims based on historical claims experience and managements estimate of the Groups potential claim

186、s as at 30 June 2024.At 30 June 2024,the allowance for warranty provision was$278,366(2023:$210,173).Refer to Note 17 for further information.SHARE BASED PAYMENTS Share based payments are accounted for at fair value using the Black-Scholes model for options and a zero price performance options metho

187、dology for performance rights,see Note 20 for the underlying assumptions used and further discussion.ESTIMATION OF USEFUL LIVES OF ASSETS The Group determines the estimated useful lives and related depreciation and amortisation charges for its property,plant and equipment and finite life intangible

188、assets.The useful lives could change significantly as a result of technical innovations or some other event.The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives,or technically obsolete or non-strategic assets that have been abandoned

189、or sold will be written off or written down.RECOGNITION OF DEFERRED TAX ASSET The Group has carried forward tax losses available to offset future tax obligations in the of tax jurisdictions of Australia and the United States of America.In those jurisdictions with carried forward losses where there i

190、s a track record of sustained taxable profits,and an outlook of expected future taxable profits,the Group recognises a Deferred Tax Asset.In the year to 30 June 2024 the Group recognised additional Deferred Tax Assets of$1,111,591 in relation to its operations in the USA and Australia(2023:$804,148)

191、.Notes to the Financial Statements 30 June 2024 28 Austco Healthcare Limited NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLICIES(CONTINUED)(b)Principles of Consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Austco Healthcare Limited(Parent

192、Entity)as at 30 June 2024 and the results of all subsidiaries for the year then ended.Austco Healthcare Limited and its subsidiaries together are referred to in these financial statements as the Company or the Group.Subsidiaries are all those entities over which the Company has control.The Group con

193、trols an entity when the Group is exposed to,or has rights to,variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.Subsidiaries are fully consolidated from the date on which control is transferred t

194、o the Group.They are deconsolidated from the date that control ceases.Intercompany transactions,balances and unrealised gains on transactions between entities in the Group are eliminated.Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset tra

195、nsferred.Accounting policies of subsidiaries have been aligned where necessary to ensure consistency with the policies adopted by the Group.The acquisition of subsidiaries is accounted for using the acquisition method of accounting.A change in ownership interest,without the loss of control,is accoun

196、ted for as an equity transaction,where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.Where the Group loses control over a subsidiary,it derecognises the assets

197、including goodwill,liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity.The Group recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in pr

198、ofit or loss.(c)Business combinations Business combinations occur where an acquirer obtains control over one or more businesses and results in the consolidation of its assets and liabilities.A business combination is accounted for by applying the acquisition method,unless it is a combination involvi

199、ng entities or businesses under common control.The acquisition method requires that for each business combination one of the combining entities must be identified as the acquirer(i.e.parent entity).The business combination will be accounted for as at the acquisition date,which is the date that contr

200、ol over the acquiree is obtained by the parent entity.At this date,the parent shall recognise,in the consolidated financial statements,and subject to certain limited exceptions,the fair value of the identifiable assets acquired,and liabilities assumed.In addition,contingent liabilities of the acquir

201、ee will be recognised where a present obligation has been incurred and its fair value can be reliably measured.The acquisition may result in the recognition of goodwill or a gain from a bargain purchase.The method adopted for the measurement of goodwill will impact on the measurement of any non-cont

202、rolling interest to be recognised in the acquiree where less than 100%ownership interest is held in the acquiree.The acquisition date fair value of the consideration transferred for a business combination plus the acquisition date fair value of any previously held equity interest shall form the cost

203、 of the investment in the separate financial statements.Consideration may comprise the sum of the assets transferred by the acquirer,liabilities incurred by the acquirer to the former owners of the acquiree and the equity interests issued by the acquirer.Fair value adjustments in the value of pre-ex

204、isting equity holdings are taken to profit or loss.Included in the measurement of consideration transferred is any asset or liability resulting from a contingent consideration arrangement.Any obligation incurred relating to contingent consideration is classified as either a financial liability or eq

205、uity instrument,depending upon the nature of the arrangement.Rights to refunds of consideration previously paid are recognised as a receivable.Subsequent to initial recognition,contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equit

206、y.Contingent consideration classified as an asset or a liability is remeasured each reporting period to fair value through the statement of profit or loss and other comprehensive income unless the change in value can be identified as existing at acquisition date.All transaction costs incurred in rel

207、ation to the business combination are expensed to the statement of profit or loss and other comprehensive income except in separate financial statements where transaction costs should be capitalised.Notes to the Financial Statements 30 June 2024 29 Austco Healthcare Limited NOTE 1:STATEMENT OF MATER

208、IAL ACCOUNTING POLICIES(CONTINUED)(d)Income Tax The income tax expense or benefit for the period is the tax payable on that periods taxable income based on the applicable income tax rate for each jurisdiction,adjusted by changes in deferred tax assets and liabilities attributable to temporary differ

209、ences,unused tax losses and the adjustment recognised for prior periods,where applicable.CURRENT TAX-Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or tax loss for the period.It is calculated using tax rates and tax laws t

210、hat have been enacted or substantively enacted by reporting date.Current tax for current and prior periods is recognised as a liability(or asset)to the extent that it is unpaid(or recoverable).DEFERRED TAX-Deferred tax is accounted for using the comprehensive balance sheet liability method in respec

211、t of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax base of those items.In principle,deferred tax assets and liabilities are recognised for temporary differences.Deferred tax assets are recogn

212、ised to the extent that it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilised.However,deferred tax assets and liabilities are not recognised if the temporary differences giving rise to them

213、 arise from the initial recognition of assets and liabilities(other than as a result of a business combination)which affects neither taxable income nor accounting profit.Furthermore,a deferred tax liability is not recognised in relation to taxable temporary differences arising from goodwill.Deferred

214、 tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries except where the consolidated entity is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future.Defe

215、rred tax assets arising from deductible temporary differences associated with these investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected t

216、o reverse in the foreseeable future.Deferred tax assets and liabilities are measured at tax rates that are expected to apply to the period(s)when the asset and liability giving rise to them are realised or settled,based on tax rates(and tax laws)that have been enacted or substantively enacted by rep

217、orting date.The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the manner in which the consolidated entity expects,at the reporting date to recover or settle the carrying amount of its assets and liabilities.Deferred tax assets and liabilities

218、 are offset when they relate to income taxes levied by the same taxation authority and the Group/consolidated entity intends to settle its current tax assets and liabilities on a net basis.CURRENT AND DEFERRED TAX FOR THE PERIOD-Current and deferred tax is recognised as an expense or income in profi

219、t or loss,except when it relates to items credited or debited directly to equity,in which case the deferred tax is also recognised directly to equity,or where it arises from the initial accounting for a business combination,in which case it is taken into account in the determination of goodwill or b

220、argain on acquisition.TAX CONSOLIDATION REGIME Austco Healthcare Limited and its wholly owned Australian subsidiaries(as indicated below),have formed an income tax consolidated group under the tax consolidation regime,a group allocation approach,under which the current and deferred tax amounts for t

221、he tax consolidated group are allocated among each entity in the group.Each entity in the group recognises its own current and deferred tax liabilities,except for any deferred tax resulting from unused tax losses and tax credits,which are immediately assumed by the parent entity.The current tax liab

222、ility of each group entity is then subsequently assumed by the parent entity.The tax consolidated group has entered into tax funding and sharing agreements whereby each company in the group contributes to the income tax payable in proportion to their contribution to the net profit before tax of the

223、tax consolidated group.Austco Healthcare Limited has formed a tax consolidated group with all of its Australian incorporated subsidiaries as outlined in note 23.Austco Healthcare Limiteds overseas subsidiaries are not part of its tax consolidated group as they have been incorporated overseas and are

224、 not Australian resident taxpayers.Notes to the Financial Statements 30 June 2024 30 Austco Healthcare Limited NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLICIES(CONTINUED)(e)Financial Assets and Liabilities(e)(i)Financial assets Initial recognition and measurement Financial assets are classified,at i

225、nitial recognition,as subsequently measured at amortised cost,fair value through other comprehensive income(OCI),and fair value through profit or loss.The classification of financial assets at initial recognition depends on the financial assets contractual cash flow characteristics and the Groups bu

226、siness model for managing them.With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient,the Group initially measures a financial asset at its fair value plus,in the case of a financial asset not at fair v

227、alue through profit or loss,transaction costs.Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under AASB 15.Refer to the accounting policies in note 1(m)Revenue from co

228、ntracts with customers.Subsequent measurement Financial assets at amortised cost(debt instruments)This category is the most relevant to the Group.The Group measures financial assets at amortised cost if both of the following conditions are met:The financial asset is held within a business model with

229、 the objective to hold financial assets in order to collect contractual cash flows;and The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets at amortised cost are

230、 subsequently measured using the effective interest(EIR)method and are subject to impairment.Gains and losses are recognised in profit or loss when the asset is derecognised,modified or impaired.The Groups financial assets at amortised cost includes cash and cash equivalents and trade receivables.De

231、recognition A financial asset(or,where applicable,a part of a financial asset or part of a group of similar financial assets)is primarily derecognised(i.e.,removed from the Groups consolidated statement of financial position)when:The rights to receive cash flows from the asset have expired;or The Gr

232、oup has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement and either(a)the Group has transferred substantially all the risks and rewards of the asset

233、,or(b)the Group has neither transferred nor retained substantially all the risks and rewards of the asset,but has transferred control of the asset When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement,it evaluates if,and to what

234、extent,it has retained the risks and rewards of ownership.When it has neither transferred nor retained substantially all of the risks and rewards of the asset,nor transferred control of the asset,the Group continues to recognise the transferred asset to the extent of its continuing involvement.In th

235、at case,the Group also recognises an associated liability.The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.Continuing involvement that takes the form of a guarantee over the transferred asset is measured a

236、t the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.The Group recognises an allowance for expected credit losses(ECLs)for all debt instruments not held at fair value through profit or loss.ECLs are based on the di

237、fference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive,discounted at an approximation of the original effective interest rate.The expected cash flows will include cash flows from the sale of collateral held or other cr

238、edit enhancements that are integral to the contractual terms.Notes to the Financial Statements 30 June 2024 31 Austco Healthcare Limited NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLICIES(CONTINUED)(e)(i)Financial assets(continued)ECLs are recognised in two stages.For credit exposures for which there

239、has not been a significant increase in credit risk since initial recognition,ECLs are provided for credit losses that result from default events that are possible within the next 12-months(a 12-month ECL).For those credit exposures for which there has been a significant increase in credit risk since

240、 initial recognition,a loss allowance is required for credit losses expected over the remaining life of the exposure,irrespective of the timing of the default(a lifetime ECL).For trade receivables and contract assets,the Group applies a simplified approach in calculating ECLs.Therefore,the Group doe

241、s not track changes in credit risk,but instead recognises a loss allowance based on lifetime ECLs at each reporting date.The Group has established a provision matrix that is based on its historical credit loss experience,adjusted for forward-looking factors specific to the debtors and the economic e

242、nvironment.The Group considers a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group.A financial asset is written off wh

243、en there is no reasonable expectation of recovering the contractual cash flows.(e)(ii)Financial liabilities Financial liabilities are classified,as amortised cost or financial liabilities at fair value through profit or loss.All financial liabilities are recognised initially at fair value and,in the

244、 case of loans and borrowings and payables,net of directly attributable transaction costs.The Groups financial liabilities include trade and other payables and loans and borrowings including bank overdrafts.The Group has not designated any financial liability as at fair value through profit or loss.

245、A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.When an existing financial liability is replaced by another from the same lender on substantially different terms,or the terms of an existing liability are substantially modified,such

246、an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability.The difference in the respective carrying amounts is recognised in the statement of profit or loss.Financial liabilities at amortised cost This is the category most relevant t

247、o the Group.After initial recognition,interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method.Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.Amortised cost is calcu

248、lated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR.The EIR amortisation is included as finance costs in the statement of profit or loss.This category generally applies to interest-bearing loans and borrowings.For more informatio

249、n,refer to Note 15.(f)Inventories Inventories are measured at the lower of cost and net realisable value.Costs are assigned on a first-in first-out basis and include direct materials,freight and labour.Notes to the Financial Statements 30 June 2024 32 Austco Healthcare Limited NOTE 1:STATEMENT OF MA

250、TERIAL ACCOUNTING POLICIES(CONTINUED)(g)Leases Right-of-use assets and Lease Liabilities Right-of-use assets A right-of-use asset is recognised at the commencement date of a lease.The right-of-use asset is measured at cost,which comprises the initial amount of the lease liability,adjusted for,as app

251、licable,any lease payments made at or before the commencement date net of any lease incentives received,any initial direct costs incurred,and,except where included in the cost of inventories,an estimate of costs expected to be incurred for dismantling and removing the underlying asset,and restoring

252、the site or asset.Right-of-use assets are depreciated on a straight-line basis over the lease term or the estimated useful life of the asset,whichever is the shorter.Where the Group expects to obtain ownership of the leased asset at the end of the lease term,the right-of-use asset is depreciated ove

253、r its useful life.Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.Lease liabilities A lease liability is recognised at the commencement date of a lease.The lease liability is initially recognised at the present value of the lease payments to be ma

254、de over the term of the lease,discounted using the interest rate implicit in the lease or,if that rate cannot be readily determined,the incremental borrowing rate.Lease payments comprise of fixed payments less any lease incentives receivable,variable lease payments that depend on an index or a rate,

255、amounts expected to be paid under residual value guarantees,exercise price of a purchase option when the exercise of the option is reasonably certain to occur,and any anticipated termination penalties.Variable lease payments that do not depend on an index or a rate are expensed in the period in whic

256、h they are incurred.Lease liabilities are measured at amortised cost using the effective interest method.The carrying amounts of lease liabilities are remeasured if there is a change in the following:future lease payments arising from a change in an index or a rate used;residual guarantee amount;lea

257、se term;assessment to purchase the underlying asset and termination penalties.When a lease liability is remeasured,an adjustment is made to the corresponding right-of use asset,or to profit or loss if the carrying amount of the right-of-use asset is fully written down.Short-term leases and leases of

258、 low-value assets The Group applies the short-term lease recognition exemption to its short-term leases(i.e.those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option).It also applies the lease of low-value assets recognition exemption to

259、 leases of office equipment that are considered of low value(i.e.below$5,000).Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.Significant judgement in determining the lease term of contracts with renewal option

260、s The Group determines the lease term as the non-cancellable term of the lease,together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised,or any periods covered by an option to terminate the lease,if it is reasonably certain not to be exercised.The

261、 Group has the option,under some of its leases to lease the assets for additional terms of two to three years.The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew.That is,it considers all relevant factors that create an economic incentive for it

262、to exercise the renewal.After the commencement date,the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise(or not to exercise)the option to renew(e.g.a change in business strategy).The Group has no

263、t included the renewal period as part of the lease term for leases of rented properties due to the expected availability of replacement right-of-use assets in the future at competitive rates.The non-discounted future cash outflows relating to options to renew for extended lease terms the Group is po

264、tentially exposed to that are not reflected in the measurement of lease liabilities is estimated to be$539,548.Notes to the Financial Statements 30 June 2024 33 Austco Healthcare Limited NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLICIES(CONTINUED)(h)Property,Plant and Equipment Each class of property

265、,plant and equipment is carried at cost less any accumulated depreciation and impairment,if any.DEPRECIATION The depreciable amount of all fixed assets including capitalised leased assets are depreciated on a straight line basis over their useful lives to the Group commencing from the time the asset

266、 is held ready for use.Leasehold Improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.The depreciation rates used for each class of depreciable asset are:Class of Fixed Asset Depreciation Rate Leasehold Improvemen

267、ts 20.00%-50.00%Plant and Equipment 12.50%-50.00%Motor Vehicles 18.75%-22.50%Furniture and Fittings 7.50%-30.00%Office Equipment 7.50%-50.00%The assets residual values and useful lives are reviewed,and adjusted if appropriate,at each reporting date.At the current and prior financial year there has b

268、een no material change.An assets carrying amount is written down immediately to its recoverable amount if the assets carrying amount is greater than its estimated recoverable amount.Gains and losses on disposal are determined by comparing proceeds with the carrying amount.These gains and losses are

269、included in the profit and loss.(i)Intangibles RESEARCH AND DEVELOPMENT COSTS Where the criteria to capitalise costs in relation to internally generated intangible assets is not met,expenditure on research activities is recognised as an expense in the period in which it is incurred.An intangible ass

270、et arising from development expenditure is recognised if,and only if all of the following are demonstrated:The technical feasibility of completing the intangible asset so that it will be available for use or sale;The intention to complete the intangible asset and use or sell it;The ability to use or

271、 sell the intangible asset;How the intangible asset will generate probable future economic benefits;The availability of adequate technical,financial and other resources to complete the development and use or sell the intangible asset;and The ability to measure reliably the expenditure attributable t

272、o the intangible asset during its development.Development costs have a finite life and are amortised on a systematic basis matched to the future economic benefits over the useful life of the project.The life of an average project is estimated between 6 and 8 years.Notes to the Financial Statements 3

273、0 June 2024 34 Austco Healthcare Limited NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLICIES(CONTINUED)(j)Foreign Currency Transactions and Balances FOREIGN CURRENCY The individual financial statements of each entity are presented in its functional currency being the currency of the primary economic en

274、vironment in which the entity operates.For the purpose of the consolidated financial statements,the results and financial position of each entity are expressed in Australian dollars,which is the functional currency of Austco Healthcare Limited and the presentation currency for the consolidated finan

275、cial statements.In preparing the financial statements of the individual entities,transactions in currencies other than the entitys functional currency are recorded at the rates of exchange prevailing on the dates of the transactions.At each reporting date,monetary items denominated in foreign curren

276、cies are retranslated at the rates prevailing at the reporting date.Non monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined.Non monetary items that are measured in terms of historical

277、cost in a foreign currency are not retranslated.FOREIGN OPERATIONS On consolidation,the assets and liabilities of the Groups overseas operations are translated at exchange rates prevailing at the reporting date.Income and expense items are translated at the average monthly exchange rates.Exchange di

278、fferences arising on translation of foreign operations,are recognised in the foreign exchange reserve in the statement of financial position.These differences are recognised in the statement of profit or loss on disposal of the foreign operation.Notes to the Financial Statements 30 June 2024 35 Aust

279、co Healthcare Limited NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLICIES(CONTINUED)(k)Employee Benefits Short term employee benefits Liabilities for wages and salaries,including non monetary benefits,annual leave and long service leave expected to be settled within 12 months of the reporting date are

280、measured at the amounts expected to be paid when the liabilities are settled.Other long term employee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured as the present value of expected future payments to be m

281、ade in respect of services provided by employees up to the reporting date using the projected unit credit method.Consideration is given to expected future wage and salary levels,experience of employee departures and periods of service.Expected future payments are discounted using market yields at th

282、e reporting date on national corporate bonds with terms to maturity and currency that match,as closely as possible,the estimated future cash outflows.Share based payments Share based compensation benefits are provided to employees.Equity settled transactions are awards of shares,or options(including

283、 zero priced performance rights)over shares that are provided to employees in exchange for the rendering of services.The cost of equity settled transactions is measured at fair value on grant date.Fair value is determined using the Black-Scholes option pricing model for options and using a zero pric

284、e performance options methodology for performance rights.that takes into account the exercise price,the term of the option,the impact of dilution,the share price at grant date and expected price volatility of the underlying share,the expected dividend yield and the risk free interest rate for the te

285、rm of the option,together with non vesting conditions that do not determine whether the consolidated entity receives the services that entitle the employees to receive payment.No account is taken of any other vesting conditions.The cost of equity settled transactions is recognised as an expense with

286、 a corresponding increase in equity over the vesting period.The cumulative charge to profit or loss is calculated based on the grant date fair value of the award,the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period.The amount recognised in p

287、rofit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.Market conditions are taken into consideration in determining fair value.Therefore,any awards subject to market conditions are considered to vest irrespective o

288、f whether or not that market condition has been met,provided all other conditions are satisfied.If the non vesting condition is within the control of the consolidated entity or employee,the failure to satisfy the condition is treated as a cancellation.If the condition is not within the control of th

289、e consolidated entity or employee and is not satisfied during the vesting period,any remaining expense for the award is recognised over the remaining vesting period,unless the award is forfeited.If equity settled awards are cancelled,it is treated as if it has vested on the date of cancellation,and

290、any remaining expense is recognised immediately.If a new replacement award is substituted for the cancelled award,the cancelled and new award is treated as if they were a modification.If equity awards are made subject to future shareholder approval,fair value is estimated at the time of the award an

291、d remeasured upon shareholder approval.(l)Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand,balances with banks and investments in money market instruments.Notes to the Financial Statements 30 June 2024 36 Austco Healthcare Limited NOTE 1:STATEMENT OF MATERIAL ACCOUNTING PO

292、LICIES(CONTINUED)(m)Revenue Revenue from customers is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer.Revenue from the sale of equipment is recognised at the point in time when control of t

293、he asset is transferred to the customer.The Group offers warranties for its nurse call products ranging from one year to five years,and estimates a related provision for future warranty claims based on historical warranty claim information,as well as recent trends that might suggest that past cost i

294、nformation may differ from future claims.The assumptions made in relation to the current period are consistent with those in the prior year.Factors that could impact the estimated claim information include the success of the groups productivity and quality initiatives,as well as parts and labour cos

295、ts.As at 30 June 2024,this particular provision had a carrying amount of$278,366(2023:$210,173).If claims costs were to differ by 10%from managements estimates,the warranty provisions would be an estimated$27,837 higher or lower(2023$21,017 higher/lower).Revenue from the rendering of a service,prima

296、rily the installation of the nurse call systems is recognised upon the delivery of the service to the customer as the customer simultaneously receives and consumes the benefits provided by the Group.Revenue from software contracts or service and maintenance agreements(SMAs).Revenue for software sold

297、 with a perpetual right is recognised in full on the sale of the software as no future performance obligations are required.Revenue for SMAs and Software sold as a licence over a finite time period,and are recognised proportionally over that period as the customer simultaneously receives and consume

298、s the benefits provided by the Group.Note 2(d)includes deferred revenue(Contract Liabilities)relating to these SMAs and finite time period Software sales.(n)Goodwill Goodwill arises on the acquisition of a business.Goodwill is not amortised.Instead,goodwill is tested annually for impairment,or more

299、frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses.Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed.(o)Impairment of Assets At each reporting date,the Group reviews t

300、he carrying amounts of its Goodwill,fixed and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.If any such indication exists,the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss(if an

301、y).Where the asset does not generate cash flows that are independent from other assets,the consolidated entity estimates the recoverable amount of the cash generating unit to which the asset belongs.Intangible assets with indefinite useful lives and intangible assets not yet available for use are te

302、sted for impairment annually and whenever there is an indication that the asset may be impaired.Recoverable amount is the higher of an assets fair value less costs to sell and value-in-use.The value-in-use is the present value of the estimated future cashflows relating to the asset using a pre-tax d

303、iscount rate specific to the asset or cash generating unit to which the asset belongs.Assets that do not have independent cashflows are grouped together to form a cash generating unit.(p)Share Based Payment Arrangements Goods or services received or acquired in a share based payment transaction are

304、recognised as an increase 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.For equity settled share based payments,goods or services receiv

305、ed are measured directly at fair value of the goods and services received provided this can be estimated reliably.If a reliable estimate cannot be made the value of the goods or services is determined indirectly by reference to the fair value of the equity instrument granted.Notes to the Financial S

306、tatements 30 June 2024 37 Austco Healthcare Limited NOTE 1:STATEMENT OF MATERIAL ACCOUNTING POLICIES(CONTINUED)(q)Borrowing Costs Borrowing costs directly attributable to the acquisition,construction or production of assets that necessarily take a substantial period of time to prepare for their inte

307、nded use or sale,are added to the cost of those assets,until such time as the assets are substantially ready for their intended use or sale.All other borrowing costs are recognised in the profit or loss in the period in which they are incurred.(r)Dividends A provision for dividends is not recognised

308、 as a liability unless the dividends are declared,determined or publicly recommended on or before the reporting date.(s)Earnings per share(EPS)BASIC EARNINGS PER SHARE Basic EPS is calculated by dividing the profit attributable to the members of Austco Healthcare Limited,excluding any costs of servi

309、cing equity other than ordinary shares,by the weighted average number of ordinary shares outstanding during the financial year.DILUTED EARNINGS PER SHARE Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax eff

310、ect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.(t)Rounding Amounts The parent entity has applied the relief avail

311、able to it under ASIC Legislative Investment 2016/191 and accordingly,amounts within this financial report have been rounded off to the nearest$1,000,unless otherwise stated.(u)New and Revised Accounting Standards Not Yet Effective At the date of authorisation of these financial statements,several n

312、ew,but not effective Standards and amendments to existing Standards,and Interpretations have been published by the AASB.None of these Standards or amendments to existing Standards have been adopted early by the Group.Management anticipates that all relevant pronouncements will be adopted for the fir

313、st period beginning on or after the effective date of the pronouncement.Notes to the Financial Statements 30 June 2024 38 Austco Healthcare Limited NOTE 2:REVENUE (a)Revenue from customers 2024 2023 Continuing Operations$000$000 Revenue from contracts with customers 2(b)58,153 41,978 Total Revenue 5

314、8,153 41,978 (b)Revenue from contracts with customers Revenue from Contracts with Customers,12 months to June 2024 Equipment Installation Software/SMA Total Type of Good or Service$000$000$000$000 Sale of equipment 38,060 -38,060 Installation services -10,792 -10,792 Software&Maint.Agreements -9,301

315、 9,301 Total 38,060 10,792 9,301 58,153 Geographical Markets Australia/New Zealand 15,288 2,956 2,349 20,593 North America 16,391 5,068 4,592 26,051 Europe 2,017 1,222 495 3,734 Asia 4,364 1,546 1,865 7,775 Total 38,060 10,792 9,301 58,153 Timing of revenue recognition Goods transferred at a point i

316、n time 38,060 -4,183 42,243 Services transferred over time -10,792 5,118 15,910 Total 38,060 10,792 9,301 58,153 Notes to the Financial Statements 30 June 2024 39 Austco Healthcare Limited NOTE 2:REVENUE(continued)Revenue from Contracts with Customers,12 months to June 2023 Equipment Installation So

317、ftware/SMA Total Type of Good or Service$000$000$000$000 Sale of equipment 25,007 -25,007 Installation services -8,474 -8,474 Software&Maint.Agreements -8,497 8,497 Total 25,007 8,474 8,497 41,978 Geographical Markets Australia/New Zealand 9,523 527 1,056 11,106 North America 9,726 6,398 5,822 21,94

318、6 Europe 2,039 763 408 3,210 Asia 3,719 786 1,211 5,716 Total 25,007 8,474 8,497 41,978 Timing of revenue recognition Goods transferred at a point in time 25,007 -4,236 29,243 Services transferred over time -8,474 4,261 12,735 Total 25,007 8,474 8,497 41,978 (c)Assets and liabilities related to cont

319、racts with customers 2024 2023$000$000 Current contract assets relating to installation contracts 156 6 Total Contract Asset 156 6 Contract liabilities unearned revenue 2,670 2,300 Total Contract Liabilities 2,670 2,300 (d)Revenue recognised in relation to contract liabilities The following table sh

320、ows how much of the revenue recognised in the current reporting period relates to carried-forward contract liabilities and how much relates to performance obligations that were satisfied in a prior year:2024 2023$000$000 Amounts included in contract liabilities at the beginning of the year or partia

321、lly satisfied in previous year 2,335 1,867 Notes to the Financial Statements 30 June 2024 40 Austco Healthcare Limited NOTE 3:OTHER INCOME 2024 2023$000$000 Other income -Interest Received 63 39-Grant Income(refunded)14 2-Foreign Exchange Gain/(loss)(65)38 Total Other Income 12 79 NOTE 4:EXPENSES FO

322、R THE YEAR 2024 2023$000$000 Finance Costs -interest expense on financing activities 48 22 -interest expense on lease liabilities 101 46 Total Finance Costs 149 68 Depreciation and Amortisation of Non Current Assets -depreciation of plant and equipment 268 179 -depreciation of right-of-use assets 54

323、9 439 -amortisation of development costs 1,462 1,099 -amortisation of borrowing costs 35-Total Depreciation and Amortisation 2,314 1,717 -(Gain)/Loss on Disposal 7 (1)2,321 1,716 Foreign currency translation gain/(loss)(64)38 Occupancy Expenses on Operating Leases -variable lease payments(body corp

324、etc)462 297 -minimum lease payments 68 91 Employee Expenses Direct Labour Wages(included in Cost of Sales)761 394 Other employees wages and benefits expense 15,325 13,518 Superannuation contributions 689 363 Share based payment 186 152 Total Employee Expenses excluding direct labour 16,200 14,033 Re

325、search and development expenditure before Capitalisation 4,511 4,580 Capitalisation of development costs (2,272)(1,375)Net research and development expense 2,239 3,205 Increase in warranty provision 155 127 Increase(decrease)in inventory provision 76 (20)Increase(decrease)in expected credit loss pro

326、vision (93)(56)Notes to the Financial Statements 30 June 2024 41 Austco Healthcare Limited NOTE 5:SEGMENT REPORTING Management has determined the operating segments based upon reports reviewed by the Board and executive management that are used to make operational and strategic decisions.The Group f

327、ocuses on providing electronic communications in healthcare and development of nurse call and care management systems for hospitals and the aged care market.The Group is segmented into four geographic regions consisting of Australia/New Zealand,Asia,Europe and North America.Basis of accounting for p

328、urposes of reporting by operating segments(a)Accounting policies adopted Unless stated otherwise,all amounts reported to the Board of Directors,being the chief operating decision makers with respect to operating segments,are determined in accordance with accounting policies that are consistent with

329、those adopted in previous years.(b)Intersegment transactions An internally determined transfer price is set for all intersegment sales.This price is reset quarterly and is based on what would be realised in the event the sale was made to an external party at arms length.All such transactions are eli

330、minated on consolidation of the Groups financial statements.Corporate charges are allocated to reporting segments based on the segments overall proportion of revenue generation within the Group.The Board of Directors believes this is representative of likely consumption of head office expenditure th

331、at should be used in assessing segment performance and cost recoveries.Intersegment loans payable and receivable are initially recognised at the consideration received/to be received net of transaction costs.If intersegment loans and accounts receivable and payable are not on commercial terms,these

332、are not adjusted to fair value based on market interest rates.This policy represents a departure from that applied to the statutory financial statements.(c)Segment assets Where an asset is used across multiple segments,the asset is allocated to the segment that receives the majority of the economic

333、value from the asset.In most instances,segment assets are clearly identifiable on the basis of their nature and physical location.(d)Segment liabilities Liabilities are allocated to segments where there is a direct nexus between the incurrence of the liability and the operations of the segment.Borrowings and tax liabilities are generally considered to relate to the Group as a whole and are not all