1、Beacon Lighting Group Limited ANNUALREPORT2021Chairman and Chief Executive Officers Report 1Board of Directors 4Management Team 5Corporate Governance Statement 6Directors Report 12Auditors Independence Declaration 29Index to the Financial Statements 30Consolidated Statement of Comprehensive Income 3
2、1Consolidated Balance Sheet 32Consolidated Statement of Changes in Equity 33Consolidated Statement of Cash Flows 34Notes to Consolidated Financial Statements 35Directors Declaration 85Independent Auditors Report to the Members of Beacon Lighting Group Limited 86Shareholders Information 92Corporate D
3、irectory 94Store Locations 96ContentsImportant NoticeThis financial report is the consolidated financial report of the consolidated entity consisting Beacon Lighting Group Limited,ACN 164 122 785 and its subsidiaries.Beacon Lighting Group Limited is a Company limited by shares,incorporated and domic
4、iled in Australia.Its registered office and principal place of business is 5 Bastow Place Mulgrave Victoria 3170.A description of the nature of the consolidated entitys operations and its principal activities is included in the Directors Report on page 12,which is not part of the financial report.Th
5、e financial report was authorised for issue by the Directors on 18 August 2021.The Directors have the power to amend and reissue the financial statements.Chief Executive Officers ReportThe Beacon Lighting Group is very excited to be announcing the financial result for FY2021.Throughout FY2021,the Bo
6、ard of Directors have been very proud of the Beacon Lighting team who have continued to be adaptable and innovative in meeting the needs of customers during the COVID-19 pandemic and lockdowns.With the continued support of our retail and trade customers,business partners and the general community,th
7、e Beacon Lighting Group has been able to achieve a record financial result in FY2021.GROUP OVERVIEWThe Beacon Lighting Group finished FY2021 with 113 Beacon Lighting company stores and 2 franchised stores.During FY2021,new company stores were opened in Virginia(QLD),Camperdown(NSW),Belmont(WA)and Tw
8、eed Heads(NSW).The Ballarat franchised store was also purchased and converted into a company store.Beacon Lighting Commercial continues to operate sales offices in Brisbane(QLD),Sydney(NSW),Melbourne(VIC),Adelaide(SA)and Perth(WA).The Australian supply chain is supported by two distribution centres
9、in Derrimut(VIC)and Parkinson(QLD).As a part of the Beacon Lighting Group Emerging Businesses,Beacon International has sales offices in Hong Kong,Germany and the United States of America with a support office in China.Light Source Solutions has sales teams in both Australia and New Zealand,while Con
10、nected Light Solutions(formerly Light Source Solutions-Roadway)supports customers across Australia.Masson For Light has an architectural lighting showroom in Richmond(VIC)and Custom Lighting has a designer showroom in Malvern(VIC).FINANCIAL RESULTIn FY2021,the Beacon Lighting Group achieved a record
11、 sales result of$288.7 million compared to$251.7 million in FY2020 which was a 14.7%increase.Strong gross profit margins were maintained throughout FY2021 with a final margin of 68.4%compared to 63.7%in FY2020.In addition,significant operating expense leverage was achieved in FY2021 with Operating E
12、xpenses as a percentage of sales declining to 38.9%from 42.3%in FY2020.Overall,the Beacon Lighting Group was able to achieve a Net Profit After Tax result of$37.7 million in FY2021 compared to$22.2 million in FY2020.The 14.7%sales increase in FY2021 was driven by a 13.3%company stores comparative sa
13、les increase.Western Australia continues to be the most exciting state from a Beacon Lighting stores perspective but there were also very strong comparative increases in Queensland,South Australia and New South Wales.Victoria also achieved a very pleasing comparative sales increase despite an extens
14、ive period of lockdown without retail customers.The Trade Customer has been the single biggest focus of the Beacon Lighting Group throughout FY2021.Major changes to better service our Trade Customers in FY2021 have included opening all stores at 7:30 am,a dedicated trade marketing program and the de
15、velopment of trade specific products.The results of these changes have been very promising to date.Trade Loyalty Club sales increased by 50.1%and total trade sales(which also includes Commercial,Masson For Light and Custom Lighting)increased by 27.1%.Online sales growth has continued to be very stro
16、ng throughout the COVID-19 pandemic increasing by 60.3%in FY2021 to$26.0 million.The Group continues to be very excited about Beacon International where sales increased by 45.3%in FY2021 to$12.3 million.With a continued focus on providing outstanding customer service involving improved procurement p
17、rocedures and an improved cost base,the Beacon Lighting Group has been able to achieve a very strong gross profit margin of 68.4%in FY2021.The Group has continued to be conservative from a cost management perspective.Operating expenses have increased by$5.7 million or 5.3%but the operating expenses
18、as a percentage of sales has declined from 42.3%of sales in FY2020 to 38.9%of sales in FY2021.With a combination of increased sales,an improved gross profit margin and the leveraging of operating expenses,Beacon Lighting has been able to achieve a Net Profit After Tax increase of 69.4%to$37.7 millio
19、n in FY2021.An outstanding financial result for the Beacon Lighting Group.In FY2021,the Beacon Lighting Group made a significant investment of$15.2 million in the Large Format Property Fund for a 50%interest in four large format retail properties.The other 50%is owned by Rebeach Pty Ltd which is con
20、trolled by the Robinson Family.Despite supply chain challenges,the Group has been successful at increasing inventory by$4.9 million.A strong operating cash result has been achieved in FY2021,which has been used to fund an increase in dividends,the investment in the Large Format Property Fund and the
21、 repayment of interest bearing debt of$13.2 million.We would like to thank our retail and trade customers and the team at Beacon in Australia and around the world for their support during FY2021.CHAIRMAN&1BEACON LIGHTING GROUP ANNUAL REPORT 2021Highights Introduced many TRADE INITIATIVES to better s
22、erve our trade customersRecord online sales ofrepresenting growth of$26.0m60.3%International sales ofrepresenting growth of$12.3m45.3%Record sales result of$288.7mNet Profit After Tax result of$37.7mCompany store comparative sales increase of13.3%Trade Loyalty Club sales increased by50.1%FY2021The B
23、eacon Lighting Group highlights for FY2021 include:Opened NEW stores at VIRGINIA(QLD)CAMPERDOWN(NSW)BELMONT(WA)TWEED HEADS(NSW)Purchased the franchised BALLARAT(VIC)Beacon Lighting store50%INTEREST in a Property Fund which purchased 4 LARGE FORMAT RETAIL PROPERTIESRE-PLATFORMED the WEBSITE .au2DIVID
24、ENDSThe Beacon Lighting Group is very pleased to be able to provide for a record dividend payment to shareholders.The Directors have declared a fully franked dividend of 4.60 cents per share for H2 FY2021(compared to 2.40 cents per share for H2 FY2020).Along with the H1 FY2021 fully franked dividend
25、 of 4.20 cents per share(compared to 2.60 cents per share for H1 FY2020),this brings the annual Beacon Lighting Group dividend for FY2021 to 8.80 cents per share(compared to 5.00 cents per share in FY2020).OUTLOOKThe Beacon Lighting Group will continue to target growth both in Australia and in Inter
26、national markets.The Group will do this by continuing to be at the forefront of the changes that are occurring in the lighting industry involving new technologies,fashion and energy efficient lighting solutions.The growth will also be supported by market leading customer service and business partner
27、ing for both our retail and trade customers.Beacon Lighting will be looking to build on its market position as Australias leading lighting provider and to grow its presence in international markets.The Beacon Lighting Group is planning for further growth in FY2022 and is already committed to the fol
28、lowing activities:The Trade Strategy Committee will continue to focus on improving the trade customer experience including trade product development and a new Trade Loyalty Club program.The conversion of the Large Format Property Fund properties at Auburn(NSW),Traralgon(VIC)and Southport(QLD)into Be
29、acon Lighting stores.The opening of additional Beacon Lighting stores at Ellenbrook(WA),Melton(VIC)and Butler(WA).The relocation of the Beacon Lighting stores at Port Macquarie(NSW),Burleigh(QLD),Lake Haven(NSW)and Camberwell(VIC).The launch of the beaconlighting.us retail sales website in the Unite
30、d States of America.The expansion of Beacon International sales for Australian Designed products into the China market.The introduction of exciting new product ranges for Beacon Lighting Stores,Commercial,Beacon International,Light Source Solution,Connected Lighting Solutions,Masson For Light and Cu
31、stom Lighting.Looking forward into FY2022,the Beacon Lighting Group is very well placed to take advantage of the working from home trend,increased housing churn,home office upgrades and move to more online shopping.Despite the ongoing uncertainty associated with the COVID-19 pandemic and lockdowns,t
32、he Beacon Lighting Group is excited about the opportunities moving into FY2022 and beyond.Ian Robinson Executive ChairmanGlen Robinson Chief Executive Officerpillars of growthSTRATEGICThe Beacon Lighting Groups Strategic Pillars of Growth remain as follows:Providing our customers with a rewarding cu
33、stomer experience,the latest range of lighting and fans,inspirational store design,VIP member benefits and store network expansion and optimisation.Having an industry leading trade club,trade product extensions and building trade and commercial partnerships.Providing our customers with engaging webs
34、ites,enabling online sales growth and providing for a seamless customer experience in-store and online.Includes the emerging businesses,international sales expansion,new business acquisitions and property.RETAILTRADEeCOMMERCENEW BUSINESS3BEACON LIGHTING GROUP ANNUAL REPORT 2021BEACON LIGHTING GROUP
35、ANNUAL REPORT 20217 years of serviceEric Barr is Deputy Chairman and Chairman of the Remuneration and Nomination Committee of the Group.Eric retired in 2000 as a Partner with PricewaterhouseCoopers after 20 years of service.Since then Eric has been a Director of public companies in the United States
36、 of America and Australia,including 10 years as lead director of Reading International Inc.Eric is a Non-Executive Director of Generation Life Limited(formerly known as Austock Group Limited)where he holds the positions of Chairman of the Audit Committee,Chairman of Risk Committee and Chairman of th
37、e Remuneration Committee and is an independent Director of Large Format Property Group.Eric was previously a Non-Executive Director of the Sydney Stock Exchange Limited,holding the positions of Chairman of Directors and Chairman of the Audit Committee.Eric is a Chartered Accountant.7 years of servic
38、eNeil Osborne is a Non-Executive Director and is also Chairman of the Groups Audit Committee.Neil has over 35 years experience in the retail industry.Neil was formerly an Accenture Partner,leading large strategic projects in Australia and Asia.Neil also spent 18 years with Coles Myer Ltd in senior p
39、ositions including finance(including CFO Myer),operations and strategic planning.Neil is a Non-Executive Director of Vita Group(ASX Listed)and Chairman of their Audit and Risk Committee.Neil is also Chairman of Australian United Retailers(trading as Foodworks)and an independent Director of Large For
40、mat Property Group.Neil holds a BComm,is a CPA and a FAICD.Ian RobinsonExecutive Chairman27 years of serviceGlen Robinson assumed his current role of Chief Executive Officer in July 2013 after joining the Group in 1994.Glen has a strong understanding of the business having started with the Group on
41、the sales floor,progressing to trainee buyer,merchandising manager and then taking responsibility for Beacon Lightings product range from development to in-store presentation.Glen is a Director of Large Format Property Group.Glen holds a BBus(Management).Glen Robinson Chief Executive Officer47 years
42、 of serviceIan Robinson purchased the first Beacon Lighting store in 1975.Over the subsequent 46 years,his role has grown from store management,to CEO and in July 2013 to his current role as Executive Chairman.Ian remains actively involved in the operations of the Group.Ian is a Director of Lighting
43、 Council of Australia,Carbonetix Pty Ltd,Large Format Retailers Association and Large Format Property Group.(James)Eric Barr Deputy Chairman Non-Executive DirectorNeil Osborne Non-Executive Directorof DirectorsBOARD4BEACON LIGHTING GROUP ANNUAL REPORT 2021Tracey Hutchinson Financial Controller&Compa
44、ny SecretaryJoined Beacon Lighting in 2011 having had senior financial management roles with various ASX businesses,including Eyecare Partners.Tracey holds a BBus(Accounting),a MBus(Administration),a Graduate Diploma of Corporate Governance and is a CPA.David SpeirsChief Financial OfficerJoined Beac
45、on Lighting in 2003 after six years of business consulting and a career working with various Coles Myer businesses.David holds a BBus(Accounting),MBus(Accounting),Post Grad Dip(Finance)and is a FCPA.Rodney Brown General Manager Supply ChainJoined Beacon Lighting in 2012 with extensive supply chain e
46、xperience including management roles with Cadbury Schweppes and Fosters Brewing.Barry MartensChief Operating OfficerJoined Beacon Lighting in 1996 following a retail advertising career with Clemenger Harvey and retail marketing experience with Kleins Jewellery.Prue RobinsonMarketing DirectorJoined B
47、eacon Lighting in 2006 following a variety of roles in Sydney and London and four years in marketing with Spotlight.Prue is a Director of the Large Format Management Company Pty Ltd.Prue holds a BBus(Management&Marketing).TeamMANAGEMENTMichael(Mick)TanChief Information OfficerJoined Beacon Lighting
48、in 2000 and has had more than 30 years information technology experience including a career with Fujitsu Systems.Mick holds a Dip(Management).5BEACON LIGHTING GROUP ANNUAL REPORT 2021PRINCIPLE 1Lay Solid Foundations for Management and OversightThe Boards responsibilities are defined in the Board Cha
49、rter and there is a clear delineation between the matters expressly reserved to the Board and those delegated to the Chief Executive Officer and senior management.The Board Charter outlines:The guidelines for Board composition,including the processes around Director appointments and resignations.The
50、 operation of the Board and the Board Committees.The roles of the Board,the Chairperson,CEO and senior management.Specifically includes risk management responsibilities(rather than these being delegated to a separate Risk Committee).A copy of the Board Charter is available on the Groups website.The
51、Board and Committee Charters sets out the processes for the annual review of the performance of the Board as a whole,each Director and the Board Committees.The Board has established a Remuneration and Nomination Committee which is responsible for reviewing executive remuneration and incentive polici
52、es and practices.The Group has a written agreement with each Director and senior executive setting out the terms of their appointment.The Group has adopted a Diversity Policy.The Group does not propose to establish measurable objectives for achieving gender diversity in the foreseeable future as rec
53、ommended by Recommendation 1.5 of the ASX Corporate Governance Principles and Recommendations.The Group is strongly committed to making all selection decisions on the basis of merit.The Diversity Policy affirms the commitment of the Group to embrace diversity and sets out the principles and work pra
54、ctices to ensure that all associates have the opportunity to achieve their full potential.The policy is periodically reviewed to check it is operating effectively.The Group undertakes appropriate background checks before appointing a Director or senior executive including checks as to the persons ch
55、aracter,experience,education,criminal record and bankruptcy history.PRINCIPLE 2Structure the Board to be Effective and Add ValueThe experience and expertise relevant to the position of Director held by each Director in office at the date of the annual report is included in the Directors Report.The t
56、erm in office held by each Director in office at the date of this report is as follows:Note:These terms of office relate to the listed entity Beacon Lighting Group Limited only and do not relate to the subsidiary or operating entities.Ian Robinson is a substantial shareholder.He has been Executive C
57、hairman since July 2013 having previously held the position of Chief Executive Officer.Eric Barr and Neil Osborne are shareholders of Beacon Lighting Group Limited.They are independent Non-Executive Directors and bring objective judgment to bear on Board decisions commensurate with their commercial
58、knowledge,experience and expertise.Glen Robinson is a senior executive of Beacon Lighting and has been Chief Executive Officer since July 2013.Recommendation 2.1 of the ASX Corporate Governance Principles and Recommendations recommends that the Board establishes a nomination committee and that the c
59、ommittee have at least three members,a majority of whom are independent and be chaired by an independent Director.The Remuneration and Nominations Committee has four members.Three are independent:Eric Barr and Neil Osborne,as independent Directors and Andrew Hanson as an external consultant.Ian Robi
60、nson,Executive Chairman,is the other member.The Committee is chaired by Eric Barr.A copy of the Remuneration and Nomination Committee Charter is available on the Groups website.The Board of Directors of Beacon Lighting Group Limited is responsible for the corporate governance of the Group.This state
61、ment outlines the corporate governance policies and practices formally approved by the Board of Beacon Lighting.This statement is current as at 18 August 2021.These policies and practices are in accordance with the ASX Corporate Governance Councils Corporate Governance Principles and Recommendations
62、(4th Edition)unless otherwise stated.The Board considers that the Groups corporate governance practices and procedures substantially reflect the principles.The full content of the Groups Corporate Governance policies and charters can be found on the Groups website(.au).NAMETERM IN OFFICEIan Robinson
63、8 yearsEric Barr7 yearsGlen Robinson7 yearsNeil Osborne7 yearsGovernance StatementCORPORATE6BEACON LIGHTING GROUP ANNUAL REPORT 2021In relation to nominations,the Remuneration and Nomination Committee is responsible for:Assessing current and future Director skills and experiences and identifying sui
64、table candidates for succession.Annually enquiring of the Executive Chairman and the Chief Executive Officer their processes for evaluating their direct reports.An internal process of evaluation is undertaken annually on the performance,skills and knowledge of the Board and its committees,utilising
65、a board skills matrix and by reference to the Board&Committee Evaluation Policy.The review provides comfort to the Board that its structure and performance is effective and appropriate to Beacon Lighting and that the Board has the range of skills,knowledge and experience to direct the Group.The Boar
66、d skills matrix sets out the requisite skills,expertise,experience and other desirable attributes for the Board.The following attributes have been identified which Beacon seeks to achieve across its Board membership:other Board experience,retail industry experience,financial management experience an
67、d governance experience.The Directors have been selected for their relevant expertise and experience.They bring to the Board a variety of skills and experience,including industry and business knowledge,financial management,accounting,operational and corporate governance experience.The annual report
68、includes details of the Directors,including their specific experience,expertise and term of office.To enable performance of their duties,all Directors:Are provided with appropriate information in a timely manner and can request additional information at any time.Have access to the Company Secretary.
69、Have access to appropriate continuing professional development opportunities.Are able to seek independent professional advice at the Groups expense in certain circumstances.Recommendations 2.4 and 2.5 of the ASX Corporate Governance Principles and Recommendations recommends that the Board comprise a
70、 majority of Directors who are independent,and that the Chairperson should be an independent Director.The Board,as currently composed,does not comply with these recommendations.The Board considers that the composition of the Board is appropriate given the Groups present circumstances.PRINCIPLE 3Inst
71、ill a Culture of Acting Lawfully,Ethically and ResponsiblyThe Group has adopted a written Code of Conduct in accordance with Recommendation 3.2 which applies to the Directors and all associates employed by the Group,including senior management.The objective of this Code is to ensure that high standa
72、rds of corporate and individual behavior are observed by all associates in the context of their employment.The Code of Conduct includes the Groups statement of values that defines the behavioural expectations of all Directors,Officers,senior management and associates.In summary,the Code requires ass
73、ociates to always act:In a professional,fair and ethical manner,in accordance with the Group values.In accordance with applicable legislation and regulations,and internal policies and procedures.In a manner that protects the Group interests,reputation,property and resources.The Code also reminds ass
74、ociates of their responsibility to raise any concerns in relation to suspected or actual breaches of the Code.All Directors and associates employed by the Group receive appropriate training on their obligations under the Code.Beacon Lighting has a whistleblower policy in accordance with Recommendati
75、on 3.3 and ensures that the Board is informed of any material incidents reported under that policy.The policy details the types of concerns that may be reported under the policy,how whistleblowers will be protected and the process for follow up and investigation.Beacon Lighting has an anti-bribery a
76、nd corruption policy in accordance with Recommendation 3.4 and ensures that the Board is informed of any breaches of that policy.The policy prohibits the giving or receipt of bribes or other improper payments,includes appropriate controls around donations and offerings of gifts,entertainment or hosp
77、itality and provides training to all managers on how to recognise and deal with breaches of the policy.Beacon Lighting also has a modern slavery policy.PRINCIPLE 4Safeguard the Integrity of Corporate ReportingRecommendation 4.1 of the ASX Corporate Governance Principles and Recommendations,recommend
78、s that the Audit Committee consist only of Non-Executive Directors and consists of a majority of independent Directors.The Audit Committee as currently composed does not comply with these 7BEACON LIGHTING GROUP ANNUAL REPORT 2021recommendations.Beacon Lighting has an Audit Committee comprising four
79、members,three of whom are considered independent.The Audit Committee presently comprises Neil Osborne(Chairman),Eric Barr,Glen Robinson(Directors)and Andrew Hanson(external consultant).Two of the four members of the committee are Non-Executive Directors and have experience in,and knowledge of,the in
80、dustry in which Beacon Lighting operates.Neil Osborne,Eric Barr and Andrew Hanson each have accounting qualifications.The details of the number of Audit Committee meetings held and attended are included in the Directors Report.Minutes are taken at each Audit Committee meeting,with the minutes tabled
81、 in the following full Board meeting.The Audit Committee has adopted a formal charter which outlines its role in assisting the Board in the Groups governance and exercising of due care,diligence and skill in relation to:Reporting of financial information.The application of accounting policies.Financ
82、ial risk management.The Groups internal control system.Its relationship with the external auditor.In accordance with Recommendation 4.2 the Board,before it approves the Groups statements for a financial period,ensures that it receives from its Chief Executive Officer and Chief Financial Officer a de
83、claration that,in their opinion,the financial records of the Group have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been form
84、ed on the basis of a sound system of risk management and internal control which is operating effectively.In accordance with Recommendation 4.3,the Group shall disclose the process used to verify the integrity of periodic reports released to the market that are not audited or reviewed by the Groups e
85、xternal auditor to ensure that the report is materially accurate,balanced and provides investors with appropriate information to make informed investment decisions.The Groups external auditor attends each annual general meeting and is available to answer shareholders questions about an audit.PRINCIP
86、LE 5Make Timely and Balanced DisclosureRecommendation 5.1 of the ASX Corporate Governance Principles and Recommendations recommends that companies should establish a written policy designed to ensure compliance with ASX Listing Rule disclosure requirements and to ensure accountability at a senior ma
87、nagement level for that compliance and disclose that policy or a summary of it.The Group has adopted a Continuous Disclosure Policy.This Policy sets out the standards,protocols and the detailed requirements expected of all Directors,Officers,senior management and associates of the Group for ensuring
88、 the Group immediately discloses all price-sensitive information in compliance with the Listing Rules and Corporations Act relating to continuous disclosure.The Board receives copies of all material market announcements promptly after they have been made to ensure that the Board has timely visibilit
89、y of the nature and quality of the information being disclosed to the market.Where appropriate the Group will release copies of new and substantive investor presentation materials on the ASX Market Announcements Platform prior to their presentation.PRINCIPLE 6Respect the Rights of Security HoldersTh
90、e Group has adopted a Communications Policy governing its approach to communicating with its shareholders,market participants,customers,associates and other stakeholders.This policy specifically includes:The approach to briefing institutional investors,brokers and analysts.The approach to communicat
91、ions with investors whether by meetings,via the Groups websites,electronically or by any other means.Beacon Lighting provides a printed copy of its annual report to all requesting shareholders.The annual report contains relevant information about the Groups operations during the year,changes in the
92、state of affairs and other disclosures required by the Corporations Act and Accounting Standards.The half year report contains summarised financial information and a review of Beacon Lighting operations during the period.The Beacon Lighting Corporate website(.au)provides all shareholders and the pub
93、lic access to our announcements to the ASX,and general information about Beacon Lighting and its business.It also includes a section specifically dedicated to governance,which includes links to the Groups Constitution,Code of Conduct and its various corporate governance charters and policies.The for
94、mat of general meetings aims to encourage shareholders to actively participate in the meeting through being invited to comment or raise questions of Directors on any matter relevant to the performance and operation of the Group.The Group will consider the use of technology to facilitate the remote p
95、articipation of shareholders in general meetings.Any substantive resolutions at a general meeting will be decided by a poll rather than by a show of hands in accordance with Recommendation 6.4 raise questions of Directors on any matter relevant to the performance and operation of the Group.8BEACON L
96、IGHTING GROUP ANNUAL REPORT 2021PRINCIPLE 7Recognise and Manage RiskRecommendation 7.1 of the ASX Corporate Governance Principles and Recommendations recommends that a listed company either have a committee to oversee risk or otherwise disclose the processes it employs to for overseeing the Groups r
97、isk management framework.The Board does not currently have a committee to oversee risk.Instead,the Board Charter specifically includes risk management responsibilities(rather than these being delegated to a separate Risk Committee).The Board evaluates all risks to the Group on an annual basis.The ri
98、sk matrix is then reviewed at regular intervals throughout the year to ensure that the Group is not being exposed to any new risks and that all existing risks are being monitored and managed effectively.The Board retains oversight responsibility for assessing the effectiveness of the Groups systems
99、for the management of material business risks.The Board reviews the Groups risk management on an annual basis to ensure it continues to be sound.The Board does not consider a separate internal audit function is necessary at this stage.One of the Audit Committee responsibilities is to evaluate compli
100、ance with the Groups risk management and internal control processes.The Audit Committee periodically reviews whether there is a need for a separate internal audit function.The Board has received written assurances from management as to the effectiveness of the Groups management of its material busin
101、ess risks.The Chief Executive Officer and Chief Financial Officer provide a written assurance in the form of a declaration in respect of each relevant financial period that,in their opinion,the declaration is founded on a sound system of risk management and internal control and that the system is op
102、erating effectively in all material respects in relation to financial reporting risks.Recommendation 7.4 of the ASX Corporate Governance Principles and Recommendations requires the Group to disclose details about whether it has any material exposure to economic,environmental and social sustainabilit
103、y risks(if any).The Group has considered the following risks and has risk mitigation strategies in place.Economic Risks include impacts to consumers willingness to spend on discretionary retail and lighting products in particular.The Group mitigates the risk through the constant monitoring of the ma
104、cro-economic environment and adjusting capital expenditure,new projects and operating expenses accordingly.The COVID-19 pandemic has continued to have a significant impact upon the Beacon Lighting Group in FY2021.Despite the impact of the COVID-19 restrictions,the Group was very well placed to servi
105、ce the changing needs of retail and trade customers as they have spent more time working from home,home schooling and completing projects at home.There however remains significant uncertainty associated with the COVID-19 pandemic and lockdowns and it is uncertain as to whether the higher level of sa
106、les will continue in the future.Exchange Rate Volatility can impact upon the Groups ability to grow margins.The Group can also lock in a forward position for this foreign exchange exposure for a period of up to 12 months.The Board believes this mitigates the Groups exchange rate volatility risk to a
107、n acceptable level.Environmental Risks include impacts on the Groups supply chain from suppliers through to stores.These risks can be reputational,regulatory and financial.The Boards assesses its primary exposure to be in the production of its products.The Group continues to operate responsibly with
108、 the community and to work with supply chain stakeholders in order to reduce the Groups impact upon the environment.Social Risks include workplace health and safety as well as personnel management and corporate conduct.The Group has an extensive workplace health and safety policy incorporating the e
109、arly identification and correction of potential risks,both in store,at the distribution centres and at the support offices.The Board is informed of all incidents and material potential risks at each Board meeting and the appropriate action taken.During the COVID-19 pandemic,the safety and well being
110、 of our associates,customers,business partners and the community have been the priority of the Group.The Group has implemented social distancing standards,invested in additional intensive cleaning,introduced hand sanitisers,introduced QR codes and restricted the number of customers visiting our stor
111、es.Corporate Conduct Risks could impact regulatory,reputational and financial performance.It includes stock loss and theft.The Group has a dedicated store operations team to regularly monitor and assess store related risks.The Group undertakes regular inventory counts and analysis of store performan
112、ce to reduce the risk of material loss.9BEACON LIGHTING GROUP ANNUAL REPORT 2021PRINCIPLE 8Remunerate Fairly and ResponsiblyRecommendation 8.1 of the Corporate Governance Principles and Recommendations,recommends that the remuneration committee should comprise a majority of independent Directors.The
113、 Remuneration and Nomination Committee as currently composed does not comply with this recommendation.The Remuneration and Nomination Committee has four members.Three are independent:Eric Barr and Neil Osborne,as independent Directors,and Andrew Hanson as an external consultant.Ian Robinson,Executiv
114、e Chairman,is the other member.The Committee is chaired by Eric Barr.In relation to remuneration,the Remuneration and Nomination Committee is responsible for:Ensuring the Group has remuneration policies and practices appropriate to attracting and retaining key talent.Reviewing and making recommendat
115、ions in relation to the remuneration of Directors and senior management.Reviewing and recommending the design of any executive incentive plans and approving the proposed awards to each executive under those plans.In accordance with its Charter,the Remuneration and Nomination Committee clearly distin
116、guishes the structure of Non-Executive Directors remuneration from that of Executive Directors and senior executives.Details of Directors and Executives remuneration,including the principles used to determine the nature and amount of remuneration,are disclosed in the remuneration report section of t
117、he annual report.The Groups Securities Trading Policy expressly prohibits relevant participants from entering into arrangements that limit the economic risk of participating in the Groups incentive schemes prior to the relevant securities becoming fully vested.101.DIRECTORSThe Directors of the Group
118、 during the whole financial period and up to the date of the report were:Ian Robinson Executive ChairmanChairman of the Board,Member of the Remuneration and Nomination Committee.Glen RobinsonChief Executive OfficerMember of the Audit Committee.Eric BarrNon-Executive DirectorDeputy Chairman of the Bo
119、ard,Chairman of the Remuneration and Nomination Committee and Member of the Audit Committee.Neil OsborneNon-Executive DirectorChairman of the Audit Committee and Member of the Remuneration and Nomination Committee.Details of the expertise and experience of the Directors are outlined on page 4 of thi
120、s annual report.2.PRINCIPAL ACTIVITIESDuring the financial period the principal continuing activities of the Group consisted of the selling of light fittings,globes,ceiling fans and energy efficient products predominately in the Australian market.3.RESULTSThe consolidated profit for the year attribu
121、table to the members of Beacon Lighting Group Limited was:CONSOLIDATED ENTITYActual FY2021$000Actual FY2020$000Profit before Income Tax53,75831,887Income Tax Expense(16,100)(9,662)Net profit after tax attributable to the members of Beacon Lighting Group Limited37,65822,225The Directors of Beacon Lig
122、hting Group Limited(the Group)present their report together with the Consolidated Financial Statements of the Group and its controlled entities(the Consolidated Entity)for the 52 weeks ended 27 June 2021.4.OPERATING AND FINANCIAL REVIEW4.1.Overview of OperationsBeacon Lighting is the leading retail
123、and eCommerce lighting and fan business servicing both retail and trade customers in Australia.Beacon Lighting also has several other specialty lighting businesses in the Australian market.Beacon International is an emerging international wholesaler of fan and lighting products.The Beacon Lighting G
124、roup also has a 50%investment in the Large Format Property Fund which owns four large format retail properties in Australia.At the end of FY2021,the Beacon Lighting Group operated the following trading businesses:113 Beacon Lighting company stores.2 Beacon Lighting franchised stores.5 Beacon Lightin
125、g Commercial sales offices.Beacon International offices in Hong Kong,Germany,United States of America and China.Light Source Solutions operating in Australia and New Zealand.Connected Light Solutions(formerly known as Light Source Solutions Roadway).Masson For Light.Custom Lighting.Beacon Lighting W
126、holesale.During FY2021,some of the operational highlights for the Beacon Lighting Group included:Re-platforming the .au website.Opened new stores in Virginia(QLD),Camperdown(NSW),Belmont(WA)and Tweed Heads(NSW).Purchased the Ballarat(VIC)franchised Beacon Lighting store.During the year The Beacon Li
127、ghting Group acquired a 50%share in the Large Format Property Fund which owns large format retail properties in Southport(QLD),Traralgon(VIC),Cannington(WA)and Auburn(NSW).ReportDIRECTORS12BEACON LIGHTING GROUP ANNUAL REPORT 2021Beacon Lighting is a vertically integrated business which designs,devel
128、ops,sources,imports,distributes,merchandises,promotes and sells its own product range to meet the needs of our retail and trade customers.More than 95%of the lighting and fan products sold by the Beacon Lighting Group are supplied through the Beacon Lighting supply chain with Distribution Centres in
129、 Derrimut(VIC)and Parkinson(QLD).More than 85%of the products sold by the Beacon Lighting Group are exclusively branded.4.2.COVID-19 Impact The COVID-19 pandemic continued to have an impact on the Beacon Lighting Group throughout FY2021.A prolonged lockdown in Victoria,along with other lockdowns thr
130、oughout Australia,has had a significant effect upon our team members,retail customers,trade customers,business partners and the community.Beacon Lighting has responded with a number of safety and wellbeing initiatives in response to the constantly changing environment.The Group has maintained social
131、 distancing rules,restricted customer numbers in stores,invested in additional extensive cleaning,provided hand sanitisers to all customers,implemented QR codes for all locations and even closed our stores to retail customers.Throughout FY2021,the safety and well being of everyone has been the numbe
132、r one priority of the Beacon Lighting Group.The COVID-19 pandemic has also impacted upon consumer shopping patterns and priorities.With the working from home trend,increased housing churn and home office upgrades have all increased the importance of our homes to our customers which has been a benefi
133、t to Beacon Lighting.The re-platformed Beacon Lighting website,along with home delivery and the click and collect capabilities of our stores have been enthusiastically embraced by our customers.There however remains significant uncertainty associated with the COVID-19 pandemic,the ongoing threats of
134、 lockdowns and the impact of the vaccine rollout.It is not possible to forsee whether the outstanding results of FY2021 will continue into the future.The Beacon Lighting Group did not receive any JobKeeper support from the Federal Government.13BEACON LIGHTING GROUP ANNUAL REPORT 2021The FY2021 statu
135、tory result Is not directly comparable to the FY2020 statutory result.While there is no adjustment necessary to the FY2021 statutory result,the FY2020 statutory result includes the sale and leaseback of the Parkinson(QLD)Distribution Centre and the closure of Beacon Energy Solutions.A reconciliation
136、 of the FY2020 statutory result to the FY2020 underlying result is presented in the following table:Consolidated EntityStatutoryFY2020$000BES(1)$000PDC Sale(2)$000UnderlyingFY2020(3)$000Sales251,749(1,358)-250,391Gross Profit160,2743,208-163,482Other Revenue&Income8,834-(7,780)1,054Operating Expense
137、s(4)(106,536)1,915-(104,621)EBITDA62,5725,123(7,780)59,915EBIT38,0665,137(7,780)35,423Net Profit After Tax22,2253,567(5,423)20,369Consolidated EntityStatutoryFY2021$000StatutoryFY2020$000Change$000Change%Sales288,679251,74936,93014.7%Gross Profit197,335160,27437,06123.12%Other Revenue&Income8178,834
138、(8,017)(90.8%)Operating Expenses(1)(112,190)(106,536)(5,654)5.3%EBITDA85,96262,57223,39037.4%EBIT59,50238,06621,43656.3%Net Profit After Tax37,65822,22515,43369.4%(1)Operating Expenses excludes interest,depreciation and amortisation(1)Loss for Beacon Energy Solutions(BES)in FY2020 which closed(2)PDC
139、 Sale relates to the profit on sale and leaseback of the Parkinson Distribution Centre in December 2019(3)FY2020 underlying result to be used as comparison to the FY2021 statutory result(4)Operating Expenses excludes interest,depreciation and amortisation4.3 FINANCIAL SUMMARY4.3.1 Financial Performa
140、nceThe Directors Report includes references to underlying results which exclude the impact of adjustments detailed in this report.The Directors believe the presentation of non-IFRS measures are useful for the users of this financial report as they provide additional insight into the financial perfor
141、mance of the Group.Non-IFRS financial measures contained within this report are not subject to audit or review.A summary of the Beacon Lighting Group FY2021 statutory result compared to the FY2020 statutory result is presented in the following table14BEACON LIGHTING GROUP ANNUAL REPORT 2021A compari
142、son of the FY2021 statutory result with the FY2020 underlying result is presented in the following table:The financial commentary for the Beacon Lighting Group will compare the FY2021 statutory result to the FY2020 underlying result.$000StatutoryFY2021$000UnderlyingFY2020$000Change$000Change%Sales28
143、8,679 250,39138,28815.3%Gross Profit197,335 163,48233,85320.7%Other Income8171,054(237)(22.5%)Operating Expenses(1)(112,190)(104,621)(7,569)7.2%EBITDA85,962 59,915 26,04743.5%EBIT59,502 35,423 24,07968.0%Net Profit After Tax37,65820,369 17,28984.9%(1)Operating Expenses excludes interest,depreciation
144、 and amortisation15BEACON LIGHTING GROUP ANNUAL REPORT 20214.3.2 SalesThe Beacon Lighting Group achieved a record sales result with a sales increase of 15.3%to$288.7 million.Underpinning this result was a 13.3%increase in company store comparative sales.The best performing states were Western Austra
145、lia,Queensland and New South Wales.Beacon International sales also increased by 45.3%,Online sales increased by 60.3%and Trade Loyalty Club sales increased by 50.1%.4.3.3 Gross Profit MarginThe gross profit margin was 68.4%in FY2021 compared to 65.3%in FY2020.Overall,Beacon Lighting increased the gr
146、oss profit dollars in FY2021 by$33.9 million compared to FY2020.The gross profit was improved by everyday pricing,improved procurement negotiations and favorable foreign currency movements.4.3.4 Other Income&Other RevenueOther income consists of other income and other revenue.Other income has declin
147、ed by 22.5%in FY2021 as franchised stores continued to be purchased and converted into company stores.4.3.5 Operating ExpensesOperating expenses increased by 7.2%to$112.2 million.Significant operating leverage was achieved in FY2021,with operating expenses as a percentage of sales declining to 38.9%
148、from 41.8%in FY2020.Expense productivity gains have been achieved across all expense categories.The most significant productivity improvement achieved was for selling and distribution expenses which declined by 2.7%percent of sales to 28.7%of sales in FY2021 from 31.4%in FY2020.4.3.6 EarningsIn FY20
149、21,the Beacon Lighting Group achieved a record Net Profit After Tax result of$37.7 million representing an increase of 84.9%or$17.3 million over FY2020.The Net Profit After Tax result as a percentage of sales improved to 13.0%in FY2021 compared to 8.1%in FY2020.4.3.7 DividendsThe Directors of Beacon
150、 Lighting have declared an annual fully franked dividend of 8.80 cents per share for FY2021(compared to 5.00 cents per share for FY2020).For H1 FY2021,the Directors had already declared a fully franked dividend of 4.20 cents per share and for H2 FY2021,the Directors have declared a fully franked div
151、idend of 4.60 cents per share.Going forward,it is expected that the Beacon Lighting Group will continue to have an annual NPAT dividend payout ratio of between 50%and 60%.4.3.8 Financial PositionThe Beacon Lighting Group has generated very strong cash flows throughout FY2021.The Group has used these
152、 cash flows to invest$15.2 million in the Large Format Property Fund,paid down borrowings by$13.2 million and propose to pay$19.7 million in dividends that related to FY2021.In a time when it has been difficult to maintain inventory levels,Beacon Lighting has increased inventory to$67.9 million as a
153、t 27 June 2021 from$63.1 million as at 28 June 2020.Despite these significant financial activities,the Beacon Lighting Group finished FY2021 with a strong cash balance of$33.8 million.4.4 Business StrategiesThroughout FY2021,the Beacon Lighting Group has continued to focus on four strategic pillars
154、of growth.4.4.1 RetailThe Beacon Lighting store teams have continued to adapt in delivering outstanding service to our retail customers.For our retail customers,the store teams have changed with the requirements of the COVID-19 pandemic with additional safety measures,contactless click and collect a
155、nd the introduction of a 3-hour home delivery from most stores.The Beacon Lighting Group core range of 3,000 products has been enhanced by the introduction of 602 new products in FY2021 that ensures our customers get access to the largest range of lighting and fan products in Australia.Beacon Lighti
156、ng also has more than 250 Accredited Lighting Design Consultants and 33 Premium Lighting Design Studios which ensures that Beacon Lighting can deliver a unique experience to all customers.Throughout FY2021,Beacon Lighting has continued to expand the store network to be able to service new customers
157、in new markets.New stores have been opened in Virginia(QLD),Camperdown(NSW),Belmont(WA)and Tweed Heads(NSW).The Ballarat(VIC)franchised store was purchased and turned into a company store.4.4.2 TradeThroughout FY2021,the number one sales priority of the Beacon Lighting Group has been to improve our
158、service to our trade customers.For our trade customers,all stores are now opened at 7:30 am to make it more convenient for them to shop at Beacon Lighting.The benefits of the Beacon Trade Club are now available to 8,300 more trade customers in FY2021 with the Club now having 44,100 trade members.The
159、 Beacon Lighting team has also developed new trade products which are specifically only available to trade customers.The Group developed a specific trade marketing program to be able to better communicate with our trade customers.With the support of all these initiatives and the Beacon Lighting team
160、,Trade Loyalty Club sales increased by 50.1%in FY2021.4.4.3 eCommerceFollowing a partnership with a new Web-Agency,Beacon Lighting was able to launch many of the Group websites on a new eCommerce platform in FY2021.The new .au website was re-platformed in October 2020 with an improved customer exper
161、ience.With the help of the new website,Beacon Lighting was able to achieve record online sales of$26.0 million in FY2021 representing an increase of 60.3%compared to FY2020.The Beacon Lighting online sales channel continues to be aligned with the 115 Beacon Lighting stores in order to provide retail
162、 and trade customers with convenience and choice.16BEACON LIGHTING GROUP ANNUAL REPORT 20214.4.4 New BusinessThe Beacon Lighting Group continues to pursue growth in Beacon International,Custom Lighting,Masson For Light,Light Source Solutions and Connected Light Solutions as the emerging businesses.T
163、he most promising of these emerging businesses is Beacon International which is a wholesaler of fan and lighting products designed for Australia but sold to customers in international markets.In FY2021,Beacon International sales increased to$12.3 million representing an increase of 45.3%.In FY2021,t
164、he Beacon Lighting Group also acquired a 50%interest in the Large Format Property Fund that owns four large format retail properties in Southport(QLD),Traralgon(VIC),Cannington(WA)and Auburn(NSW).The Cannington(WA)property already has Beacon Lighting and Forty Winks as tenants.Southport(QLD),Traralg
165、on(VIC)and Auburn(NSW)are all development properties which are expected to open in FY2022 and include Beacon Lighting stores.4.5 BUSINESS RISKSBeacon Lighting is subject to both specific risks to the Group and risks of a general nature which may threaten both the current and future operating and fin
166、ancial performance of the Group and the outcome of an investment in Beacon Lighting.A number of the Group risks are beyond the control and influence of the Directors and management of Beacon Lighting,but the Group has in place mitigation strategies to manage the impact of these risks should those ri
167、sks occur.The specific material risks faced by the Beacon Lighting and how they are managed are set out in the following sections.4.5.1 Retail Environment and General Economic ConditionsThe Beacon Lighting Group is sensitive to the current and future state of the retail environment and general econo
168、mic conditions.This includes,but is not limited to interest rates,consumer confidence,business confidence,unemployment,property prices,housing churn,dwelling approvals,renovation spends,government policy and natural disasters.The ongoing COVID-19 pandemic and lockdowns has exposed the Beacon Lightin
169、g Group to additional risks.An increase in COVID-19 infections in Australia or overseas can result in lockdowns with consequential impacts upon customer demand,product supply and foreign currency volatility.A COVID-19 outbreak in a Store,Commercial Office,Distribution Centre or the Store Support Cen
170、tre may have a significant operational impact upon the Group.Beacon Lighting plans to manage the Group according to the current environment.The Group will also maintain a conservative cash position and bank facilities to support the Group in a time of need.4.5.2 Product Sourcing,Quality and SupplyBe
171、acon Lighting is a vertically integrated business which relies upon key agents,factory relationships and quality assurance processes to ensure continuity of product supply.Beacon Lighting will continue to work on the supply chain so that it does not become critically dependant upon any one external
172、third party.Beacon Lighting will consider additional investment in safety stocks,additional internal resources throughout the supply chain and diversifying sources of supply where appropriate.4.5.3 Management SystemsThe Beacon Lighting Group have several management systems which are critical to the
173、ongoing operations of the Group.It is important that these management systems are secure and fit for purpose.The Group needs to ensure that there is appropriate security,backup and recovery capabilities in place to safeguard the ongoing operation of our management systems.4.5.4 Foreign Currency Rate
174、sMost goods purchased and imported by Beacon Lighting into Australia are purchased in USD.As a result,the Group is exposed to fluctuations in the AUD/USD exchange rate.Beacon Lighting mitigates this risk by managing selling prices to our customers and from a cost perspective,carrying all domestic st
175、ock in Australia in AUD and by using FX forward contracts to secure future FX positions.4.5.5 Strategic Pillars of GrowthThe Beacon Lighting Group has several strategic pillars of growth.There is no guarantee that these pillars will succeed,be subject to delays or cost over-runs.Beacon Lighting will
176、 continue to invest in and support the strategic pillars that will increase the Group value in the long term.If a strategic pillar cannot add value to the Group in the long term,then resources will be reallocated to other strategic pillars.4.5.6 CompetitionBeacon Lighting operates in a competitive r
177、etail market which is subject to moderate barriers to entry,changing competitor behaviour and retail and trade customer preferences.Beacon Lighting believes that with its vertically integrated business model and its business strategies,the Group remains well positioned to maintain its leading retail
178、 market position,grow the trade market position in Australia and grow the wholesale market position internationally.4.5.7 EnvironmentThe Group is not affected by any significant environmental regulation in respect of its operations.However ongoing concerns regarding global warming could have an adve
179、rse impact on the business.17BEACON LIGHTING GROUP ANNUAL REPORT 20217.DIRECTORS INTERESTS IN SHARESThe relevant interest of each Director in the Company,as notified by the Directors to the ASX in accordance with section 205G(l)of the Corporations Act 2001(Cth),at the date of the report is as follow
180、s:8.DIRECTORS INTERESTS IN CONTRACTSDirectors interests in contracts are disclosed in Note 33 of the financial statements.9.DIVIDENDSDividends paid to members during the financial period were as follows:H=Number of meetings held during the time the Director held office or was a member of the committ
181、ee during the period.A=Number of meetings attended.(1)Heystead Nominees and other Robinson Family member interestsDIRECTORS MEETINGSCOMMITTEE MEETINGSAUDITREMUNERATION&NOMINATIONDIRECTORHAHAHAI Robinson1313-33G Robinson131344-E Barr13134433N Osborne13134433DirectorOrdinary Shares in the CompanyI Rob
182、inson(1)123,890,740G Robinson(1)123,890,740E Barr225,000N Osborne300,000Consolidated Entity Actual FY2021$000 Actual FY2020$000Fully franked dividends provided or paid during the period14,69610,1105.SIGNIFICANT CHANGES IN THE STATE OF AFFAIRSDuring FY2021,Beacon Lighting Group acquired a 50%interest
183、 in the Large Format Property Fund at a value of$15,225,500.The Large Format Property Fund is currently 50%owned by the Beacon Lighting Group and 50%owned by Rebeach Pty Ltd which is controlled by the Robinson Family.During FY2021 the Fund established four sub funds to acquire four properties.During
184、 FY2021,Farrlong Pty Ltd as trustee for the Bacalla Trust which is controlled by the Robinson Family subscribed for 55%of the shares of Large Format Management Company Pty Ltd which is the trustee,property manager and fund manager of the Large Format Property Fund.The Beacon Lighting Group holds the
185、 remaining 45%(previously 100%).In addition to this announcement there were no other significant changes in the state of the affairs of the Group.6.DIRECTORS MEETINGSThe numbers of meetings of the Groups Board of Directors held during the financial period ended 27 June 2021,and the numbers of meetin
186、gs attended by each Director were:18BEACON LIGHTING GROUP ANNUAL REPORT 202113.EVENTS SUBSEQUENT TO REPORTING DATEDuring July and August 2021,significant trading restrictions have been implemented across Australia which has impacted upon the trading results.Generally,retail and trade customers can c
187、ontinue shopping online and avail themselves to home delivery or contact free click and collect.This has had no material effect on the financial statements for the 52 weeks ended 27 June 2021.Ian Bunnett,Managing Director Sales has resigned and will be leaving the Beacon Lighting Group in August 202
188、1.His responsibilities have been allocated to other Executives.A fully franked dividend of$10,272,785 was declared on 18 August 2021.Other than the above,there has been no other matter or circumstance that has occurred subsequent to period end that has significantly affected,or may significantly aff
189、ect,the operations of the Group,the results of those operations or the state of affairs of the Group or economic entity in subsequent financial periods.14.AUDIT SERVICES14.1.Auditors Independence DeclarationThe auditors independence declaration to the Directors of the Consolidated Entity in relation
190、 to the auditors compliance with the independence requirements of the Corporations Act 2001(Cth)and the professional code of conduct for external auditors,forms part of the Directors Report.No person who was an officer of the Consolidated Entity during the financial year was a Director or Partner of
191、 the Consolidated Entitys external auditor.10.INSURANCE OF OFFICERS10.1.Indemnification of DirectorsThe Group has indemnified each Director and external consultant referred to in this Report,the Company Secretary and previous Directors and Officers against all liabilities or loss(other than to the G
192、roup or a related body corporate)that may arise from their position as Officers of the Group and its controlled entities,except where the liability arises out of conduct involving a lack of good faith or where indemnification is otherwise not permitted under the Corporations Act.The indemnity stipul
193、ates that the Group will meet the full amount of any such liabilities,including costs and expenses,and covers an Officer after ceasing to be an Officer of the Group.The indemnity is contained in a Deed of Access,Insurance and Indemnity,which also gives each officer access to the Groups books and rec
194、ords.The Group has also indemnified the current and previous Directors of its controlled entities and certain members of the Companys senior management for all liabilities or loss(other than to the Group or a related body corporate)that may arise from their position,except where the liability arises
195、 out of conduct involving a lack of good faith or where indemnification is otherwise not permitted under the Corporations Act.10.2.Insurance PremiumsDuring the financial period,Beacon Lighting Group Limited paid a premium of$198,108 to insure the Directors and Officers of the Group against any loss
196、which he/she becomes legally obligated to pay on account of any claim first made against him/her during the policy period.11.INDEMNITY OF AUDITORSBeacon Lighting Group Limited has agreed to indemnify their auditors,PricewaterhouseCoopers(PwC),to the extent permitted by law,against any claim by a thi
197、rd party arising from Beacon Lighting Group Limiteds breach of their agreement.The indemnity stipulates that Beacon Lighting Group Limited will meet the full amount of any such liabilities including a reasonable amount of legal costs.12.PROCEEDINGS ON BEHALF OF THE COMPANY No person has applied to t
198、he 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 to which the Company is a party,for the purpose of taking responsibility on behalf of the Group for all or part of those proceedings.No proceedings have
199、been brought or intervened in on behalf of the Group with leave of the Court under section 237 of the Corporations Act 2001(Cth).19BEACON LIGHTING GROUP ANNUAL REPORT 2021In addition to their statutory audit duties,PwC provided taxation services to the Group.The Board has a review process in relatio
200、n to non-audit services provided by the external auditor.The Board considered the non-audit services provided by PwC and,in accordance with written advice provided,and endorsed,by a resolution of the Audit Committee,is satisfied that the provision of these non-audit services by the auditor is compat
201、ible with,and does not compromise,the auditor independence requirements of the Corporations Act 2001(Cth)for the following reasons:All non-audit services are subject to the corporate governance procedures adopted by the Group and are reviewed by the Audit Committee to ensure they do not impact the i
202、ntegrity and objectivity of the auditor.Non-audit services provided do not undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants,as they do not involve reviewing or auditing the auditors own work,aiding in a management or
203、 decision making capacity for the Group,acting as an advocate for the Company or jointly sharing risks and rewards with the Group.15.AUDITORPwC continues in office in accordance with section 327 of the Corporations Act 2001(Cth).16.ROUNDING OF AMOUNTSThe Group has relied on the relief provided by AS
204、IC Corporations Instrument 2016/191,and in accordance with that Instrument,amounts in the financial statements have been rounded off to the nearest thousand dollars,or in certain cases,to the nearest dollar.17.REMUNERATION REPORT17.1.Remuneration Policy and Link to PerformanceThe Board recognises th
205、at the performance of the Group depends on the quality and motivation of our associates,including the senior management and our more than 1,100 associates employed by the Group across Australia and Internationally.The Group remuneration strategy therefore seeks to appropriately attract,reward and re
206、tain associates at all levels in the business,but in particular for management and key executives.The Board aims to achieve this by establishing executive remuneration packages that include a mix of fixed remuneration and short term incentives.The Board has appointed the Remuneration and Nomination
207、Committee whose objective is to assist the Board in relation to the Group remuneration strategy,policies and actions.In performing this responsibility,the Committee must give appropriate consideration to the Groups performance and objectives,employment conditions and external remuneration relativiti
208、es.The Committee reviews and determines our remuneration policy and structure annually to ensure it remains aligned to business needs and meets the Groups remuneration principles.No specific advice or recommendations were sought from remuneration consultants during the 52 weeks ended 27 June 2021.Th
209、e remuneration framework for senior executives comprises a mix of both fixed and variable remuneration components.Variable remuneration may be delivered in the form of cash and performance rights or options,subject to the achievement of short term performance targets.An outline of the remuneration f
210、ramework is set out on page 21.Consolidated EntityFY2021$FY2020$Audit&Assurance ServicesAudit&review of financial statements252,700248,600Other ServicesTax compliance services44,30032,000Other Services8,74517,200Total Remuneration of PwC305,745297,80014.2 Audit and Non-Audit Services Provided by the
211、 External AuditorDuring the 52 weeks ended 27 June 2021,the following fees were paid or were due and payable for services provided by the external auditor,PwC,of the Consolidated Entity:20BEACON LIGHTING GROUP ANNUAL REPORT 2021Remuneration FrameworkRemuneration ApproachThe proportion of fixed and v
212、ariable remuneration is established for Key Management Personnel(KMP)by the Board following recommendations from the Remuneration and Nomination Committee which are subject to Board approval.For FY2021 these are:The Remuneration and Nomination Committee is responsible for assessing performance again
213、st KPIs and determining the STIs to be paid or issued.To assist in this assessment,the Committee receives detailed financial reports from management which are based on independently verifiable financial statements.In the event of serious misconduct or material misstatement in the Groups financial st
214、atements the remuneration committee can cancel performance based remuneration and may also claw back performance based remuneration paid in previous financial years.ElementPurposePerformance MetricsPotential ValueChanges for FY2020Link to PerformanceFixed Remuneration Provide competitive market sala
215、ry including superannuation and non-monetary benefitsNilPositioned at competitive market ratesNo changeConsolidated Group as well as individual performance are considered during the annual review of fixed remunerationShort Term Incentive(Cash Bonus)Reward for in year performanceBudgeted Net Profit A
216、fter Tax(NPAT)200%of the executives on target cash bonus*No changeNPAT measures as determined by the BoardShort Term Incentive (Performance Rights or Options)Reward for in year performanceBudgeted Net Profit After Tax(NPAT)125%of the executives on target cash bonus*No changeGrants are subject to ach
217、ieving budgeted performance and vesting is subject to the executive remaining employed by the Group at the vesting date*On target cash bonus is the bonus as stipulated in the executives service agreements Fixed Remuneration%Short Term Incentive (Cash Bonus)%Short Term Incentive (Performance Rights o
218、r Options)%Total%Executive Chairman100.00%0.00%0.00%100.00%Chief Executive Officer56.69%31.41%11.90%100.00%Managing Director Sales69.16%22.31%8.53%100.00%Chief Financial Officer69.89%21.78%8.33%100.00%Chief Operating Officer66.65%24.13%9.22%100.00%21BEACON LIGHTING GROUP ANNUAL REPORT 2021Structure
219、of Short Term Cash Incentive Plan17.2 Principles Used to Determine the Nature and Amount of Remuneration(a)Directors FeesThe Executive Chairman and the Chief Executive Officer do not receive Directors fees but are remunerated as executives within the business.The Deputy Chairman and the Non-Executiv
220、e Director are entitled to receive annual fees of$122,000 and$112,000 respectively.These fees are inclusive of their relevant responsibilities on the various Group Committees and are also inclusive of superannuation.These fees exclude any additional fees for special services which may be determined
221、from time to time.No additional retirement benefits are payable.The Non-Executive Director fees are reviewed annually to ensure that the fees reflect market rates.There are no guaranteed annual increases in any Directors fees.The Executive Chairman and Non-Executive Directors do not participate in t
222、he short or long term incentive schemes.(b)Executive RemunerationThe current executive salary and reward framework has three components:1.Fixed Remuneration.2.Short Term Incentive(Cash Bonus).3.Short Term Incentive(Performance Rights or Options).The combination of these components comprises the exec
223、utives total remuneration.For the 52 weeks ended 27 June 2021,the Group did not have a long term incentive program in place.1.Fixed RemunerationExecutive base salaries are structured as a part of the total employment remuneration package which comprises the fixed component of pay and other financial
224、 benefits being car allowances.Fixed remuneration includes superannuation which is paid in accordance with legislated amounts.Fixed remuneration for executives is reviewed annually to provide competitiveness with the market,whilst also taking into account capability,experience,value to the organisat
225、ion and performance of the individual.There are no guaranteed base salary increases included in executive contracts.An executives remuneration is also reviewed on promotion.In FY2021 fixed remuneration was increased for the five executives at an average increase of 6.03%.This was done to align remun
226、eration with comparative roles.2.Short Term Incentive(Cash Bonus)Executives including the Chief Executive Officer but not the Executive Chairman are eligible to participate in an annual short term cash incentive which delivers rewards by way of cash bonuses,subject to the achievement of the Group fi
227、nancial performance targets.The Groups Net Profit After Tax(NPAT)result has been determined as the appropriate financial performance target to trigger the payment of cash incentives for each period.The amount of any short term cash incentive paid in a year is dependent upon the level of performance
228、achieved against the Groups NPAT budget for the year.The Board considers NPAT to be an appropriate performance measure as it aligns the Groups remuneration philosophy with creating value,and is within the scope of influence of participants.FeatureDescriptionMaximum Opportunity200%of on target cash b
229、onus valuePerformance MetricBudgeted NPATDelivery of STI100%of STI award is paid in cash after the financial results have been audited and approved by the BoardBoard DiscretionThe Board has discretion to adjust remuneration outcomes up or down to prevent any inappropriate reward outcomes,including r
230、educing down to zero if appropriate3.Short Term Incentive(Performance Rights or Options).During the 52 weeks ended 27 June 2021 the Group continued to maintain a short term performance rights incentive plan and a short term incentive option plan.Executives including the Chief Executive Officer but e
231、xcluding the Executive Chairman are eligible to participate in the plans subject to the achievement of the Group financial performance targets.The plans provide the opportunity to obtain shares or cash at the directors discretion,subject to meeting the relevant conditions including remaining an empl
232、oyee at no cost to the executive.100%of the grants are assessed by financial measures(subject to the right of the directors to adjust remuneration outcomes to prevent inappropriate outcomes).The financial measure used is the Groups NPAT result against the Groups NPAT budget.This is tested annually.T
233、he Board considers NPAT to be an appropriate performance measure as it aligns the Groups remuneration philosophy with creating value and is within the scope of influence of participants.The Board will review the nature of potential issues of performance incentives moving forward to reflect market pr
234、actice and to reflect the principles underlying the Groups remuneration policy.22BEACON LIGHTING GROUP ANNUAL REPORT 2021FeatureDescriptionMaximum Opportunity125%of on target cash bonus valuePerformance MetricBudgeted NPATDelivery of STI33.34%of STI performance rights and options award vest after th
235、e financial results have been audited and approved by the Board.33.33%in twelve months and 33.33%in 24 months if the executive remains an employee of the Group at that timeBoard DiscretionThe Board has discretion to adjust remuneration outcomes up or down to prevent any inappropriate reward outcomes
236、,including reducing down to zero if appropriate,subject to the terms of the planStructure of Short Term Performance Rights and Options Incentive PlansStatutory Key Performance Indicators of the Group17.3 FY2021 Performance and Impact on RemunerationBeacon Lightings NPAT financial performance in FY20
237、21 exceeded the FY2021 budget.For the 52 weeks ended 27 June 2021,the Groups financial performance targets were met when compared to budget.Senior management will be awarded with available short term cash incentive and the short term(performance rights or options),subject to Board approval.17.4 Stat
238、utory Performance IndicatorsBeacon Lighting aims to align executive remuneration to strategic and business objectives and the creation of shareholder wealth.The table below shows measures of the Groups financial performance over the last five years as required by the Corporations Act 2001(Cth).The t
239、able below shows improvement in the Groups performance over that period generating significant benefits for shareholders both in terms an appreciating share price and the payment of dividends.17.5.Details of RemunerationThe following executives along with the Directors are identified as key manageme
240、nt personnel with the authority and responsibility for planning,directing and controlling the activities of the Group,directly and indirectly,during the financial year.Ian Robinson Executive ChairmanGlen Robinson Chief Executive OfficerIan Bunnett Managing Director-SalesDavid Speirs Chief Financial
241、Officer Barry Martens Chief Operating OfficerAll of the above executives were employed by Beacon Lighting and were key management personnel for the entire 52 weeks ended 27 June 2021 and the 52 weeks ended 28 June 2020 unless otherwise stated.FY2021FY2020FY2019FY2018FY2017Net profit after tax($000)3
242、7,65822,22516,04419,59016,644Basic earnings per share(cents)16.9410.117.379.097.73Dividend payments($000)14,69610,11010,98610,57710,224Share Price(Year End)1.861.081.041.541.3823BEACON LIGHTING GROUP ANNUAL REPORT 2021The details of the remuneration of the Directors and other key management personne
243、l for the Beacon Lighting Group Limited and the consolidated entity for the current and prior financial periods are set out in the following table:Fixed RemunerationVariable RemunerationCash Salary&Fees$Non-Monetary Benefits$Post Employment Super Contributions$Annual&Long Service Leave$Cash Performa
244、nce Based Payment$Share Based Payments$Total DIRECTORSI Robinson(Executive Chairman)2021192,728-17,397 1,369-211,4942020192,728-17,397(12,947)-197,178 G Robinson (Chief Executive Officer)2021381,815-21,694(17,317)214,000 81,098 681,290 2020346,427-21,002(8,243)137,214 22,737 519,137 E Barr(Non-Execu
245、tive)2021106,358-10,104-116,462 2020100,457-9,543-110,000 N Osborne(Non-Executive)202197,225-9,236-106,461202091,324-8,676-100,000 Total Remuneration Directors2021778,126-58,431(15,948)214,000 81,098 1,115,7072020730,936-56,618(21,190)137,214 22,737 926,315 EXECUTIVESI Bunnett(Managing Director Sale
246、s)2021289,400-21,694(1,137)100,00038,249448,2062020277,149-21,002 11,320 73,12113,001 395,593 D Speirs(Chief Financial Officer)2021289,296-21,6949,934100,00038,249459,1732020276,283-21,002 6,309 74,00813,001 390,603 B Martens(Chief Operating Officer)2021249,072-21,6945,485100,00038,249414,5002020240
247、,925-21,002(11,283)72,93113,001 336,576 Total Remuneration Executives2021827,768-65,08214,282300,000114,7471,321,8792020794,357-63,006 6,346 220,06039,0031,122,772 24BEACON LIGHTING GROUP ANNUAL REPORT 2021Grant DateQuantity GrantedVest DateValue at Grant Date$Vested%Quantity Vested&ExercisableQuant
248、ity UnvestedQuantityExercisedValue Expensed this Year$G Robinson24/06/201622,107 Refer below43,750 100.00%22,107-22,107-18/08/201623,603 Refer below32,100 100.00%23,603-23,603-24/08/201739,338 Refer below53,500 100.00%39,338-26,227-16/08/201871,333Refer below109,140100.00%71,333-23,7832,23520/08/202
249、099,074Refer below107,00033.33%33,03266,042-78,863Total255,455 345,490 189,413 66,04295,720 81,098 17.6.Share Based CompensationThe number of performance rights granted to the Chief Executive are set out below:The fair value of performance rights granted on 24 June 2016(grant date)was$1.979,with a f
250、inal vesting date of 28 August 2017.The fair value of performance rights granted on 18 August 2016(grant date)was$1.360,with a final vesting date of 25 August 2018.All unvested performance rights will vest on 25 August 2018 provided the executive remains employed by the Group at the vesting date.The
251、 fair value of performance rights granted on 24 August 2017(grant date)was$1.360,with a final vesting date of 25 August 2020.All unvested performance rights will vest on 25 August 2020 provided the executive remains employed by the Group at the vesting date.The fair value of performance rights grant
252、ed on 16 August 2018(grant date)was$1.530,with a final vesting date of 16 August 2020.All unvested performance rights will vest on 16 August 2020 provided the executive remains employed by the Group at the vesting date.The fair value of performance rights granted on 20 August 2020(grant date)was$1.0
253、80,with a final vesting date of 20 August 2022.All unvested performance rights will vest on 20 August 2022 provided the executive remains employed by the Group at the vesting date.The performance rights have a zero exercise price.Subject to meeting the relevant vesting conditions.If shares are issue
254、d,they will be issued at no cost to the executive.In the event an executive leaves the Group prior to the vesting date the performance rights will generally lapse,except at the discretion of the Directors.25BEACON LIGHTING GROUP ANNUAL REPORT 2021The fair value of options granted on 24 June 2016(gra
255、nt date)was$1.290.40%vested on 26 June 2017,30%vested on 25 August 2017 and 30%vest on 25 August 2018,in each case provided that the executive remains employed by the Group at the vesting date.The options expire on 24 June 2031.The fair value of options granted on 18 August 2016(grant date)was$1.360
256、.40%vested on 18 August 2017,30%vest on 18 August 2018 and 30%vest on 18 August 2019,in each case provided that the executive remains employed by the Group at the vesting date.The options expire on 24 June 2031.The fair value of options granted on 24 August 2017(grant date)was$1.360.40%vest on 24 Au
257、gust 2018,30%vest on 24 August 2019 and 30%vest on 24 August 2020,in each case provided that the executive remains employed by the Group at the vesting date.The options expire on 24 June 2031.The fair value of options granted on 16 August 2018(grant date)was$1.530.33.34%vest on 16 August 2018,33.33%
258、vest on 16 August 2019 and 33.33%vest on 16 August 2020,in each case provided that the executive remains employed by the Group at the vesting date.The options expire on 24 June 2031.The fair value of options granted on 20 August 2020(grant date)was$1.080.33.34%vest on 20 August 2020,33.33%vest on 20
259、 August 2021 and 33.33%vest on 20 August 2022,in each case provided that the executive remains employed by the Group at the vesting date.The options expire on 24 June 2031.The options have a zero exercise price.Subject to meeting the relevant vesting conditions,shares will be issued at no cost to th
260、e executive.In the event an executive leaves the Group prior to the vesting date the options will generally lapse,except at the discretion of the Directors.Grant DateQuantity GrantedVest DateValue at Grant Date$Vested%Quantity Vested&ExercisableQuantity UnvestedQuantity ExercisedValue Expensed this
261、Year$I Bunnett24/06/201631,582Refer below40,740100.00%31,582-31,582-18/08/201611,029Refer below15,000100.00%11,029 -7,720 -24/08/201718,382Refer below25,000100.00%18,382 -353 16/08/201833,333Refer below51,000100.00%33,333-1,045 20/08/202046,296Refer below50,00033.33%15,43030,866-36,851D Speirs24/06/
262、201631,582Refer below40,740100.00%31,582-31,582-18/08/201611,029Refer below15,000100.00%11,029 -11,029 -24/08/201718,382Refer below25,000100.00%18,382-12,867 353 16/08/201833,333Refer below51,000100.00%33,333-22,223 1,045 20/08/202046,296Refer below50,00033.33%15,43030,866-36,851B Martens24/06/20163
263、1,582Refer below40,740100.00%31,582-31,582-18/08/201611,029Refer below15,000100.00%11,029 -11,029 -24/08/201718,382Refer below25,000100.00%18,382 -12,867 353 16/08/201833,333Refer below51,000100.00%33,333 -22,223 1,045 20/08/202046,296Refer below50,00033.33%15,43030,866-36,851Total 421,866 545,220 3
264、29,26992,598194,704114,747The number of options over shares in the Group granted to the Key Management Personnel are set out below.26BEACON LIGHTING GROUP ANNUAL REPORT 2021Balance at Start of YearReceived During Year(1)Purchase of SharesDRP Issue(2)Sales of SharesBalance at End of YearDIRECTORSI Ro
265、binson(Executive Chairman)(3)2021122,479,786-1,278,029-123,757,8152020120,928,332-1,551,454-122,479,786G Robinson (Chief Executive Officer)2021130,211-2,714-132,9252020125,756-4,455-130,211E Barr(Non-Executive)2021200,000-25,000-225,0002020200,000-200,000N Osborne(Non-Executive)2021300,000-300,00020
266、20300,000-300,000EXECUTIVESI Bunnett(Managing Director Sales)2021103,276-60,000 43,276202063,97439,302-103,276D Speirs(Chief Financial Officer)2021161,653-3,36950,000115,022202079,58177,701-4,371-161,653B Martens(Chief Operating Officer)2021146,220-146,220202068,51977,701-146,220Total2021123,521,146
267、-25,0001,284,112110,000124,720,2582020121,766,162194,704-1,560,280-123,521,146(1)Shares received during the year were a result of performance rights being exercised under the STI Plan.(2)Shares received during the year as a result of participating in the Dividend Reinvestment Plan.(3)Heystead Nomine
268、es Pty Ltd and other Robinson Family member interests,excluding Glen Robinson.17.7 Share HoldingsThe numbers of ordinary voting shares in the Company held during the financial year by each Director of Beacon Lighting Group and other key management personnel of Beacon Lighting Group,including their p
269、ersonally related parties,are set out below.27BEACON LIGHTING GROUP ANNUAL REPORT 2021Ian Robinson Executive Chairman Melbourne,18 August 2021Glen Robinson Chief Executive OfficerSigned in accordance with a resolution of Directors17.8 Service AgreementsAll executives are employed on terms consistent
270、 with the remuneration framework outlined in this report.Each of the relevant executive agreements is for a continuing term but may be terminated by either party with a required notice period of 12 weeks.These agreements do not provide for any termination payments other than payment in lieu of notic
271、e.17.9 Voting of Shareholders at Last Years Annual General MeetingBeacon Lighting Group received more than 90%of yes votes on its remuneration report for FY2020.The Group did not receive any specific feedback at the Annual General Meeting or throughout the year on its remuneration practices.NameCont
272、ract TypeNotice of termination by GroupEmployee noticeG RobinsonRolling contract12 weeks12 weeksI Bunnett Rolling contract12 weeks12 weeksD SpeirsRolling contract12 weeks12 weeksB Martens Rolling contract12 weeks12 weeks28BEACON LIGHTING GROUP ANNUAL REPORT 2021 PricewaterhouseCoopers,ABN 52 780 433
273、 757 2 Riverside Quay,SOUTHBANK VIC 3006,GPO Box 1331,MELBOURNE VIC 3001 T:61 3 8603 1000,F:61 3 8603 1999,.au Liability limited by a scheme approved under Professional Standards Legislation.Auditors Independence Declaration As lead auditor for the audit of Beacon Lighting Group Limited for the 52 w
274、eek period ended 27 June 2021,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 contraventions of any applicable code of professional conduct in relation t
275、o the audit.This declaration is in respect of Beacon Lighting Group Limited and the entities it controlled during the period.Jason Perry Melbourne Partner PricewaterhouseCoopers 18 August 2021 Independence DeclarationAUDITORS29BEACON LIGHTING GROUP ANNUAL REPORT 2021 PageConsolidated Statement of Co
276、mprehensive Income 31Consolidated Balance Sheet 32Consolidated Statement of Changes in Equity 33Consolidated Statement of Cash Flows 34Notes to the Consolidated Financial Statements1.Summary of Significant Accounting Policies 352.Financial Risk Management 433.Segment Information 484.Revenue from Ord
277、inary Activities and Other Revenue 495.Other Income 496.Expenses 507.Income Tax Expense 518.Cash and Cash Equivalents 529.Trade and Other Receivables 5210.Inventories 5411.Derivative Financial Instruments 5512.Other Current Assets 5713.Property,Plant and Equipment 5714.Investments Accounted for Usin
278、g the Equity Method 5815.Deferred Tax Assets 5916.Intangible Assets 6017.Trade and Other Payables 61 Page18.Current Borrowings 6219.Current Provisions 6220.Current Tax Liabilities 6421.Non Current Borrowings 6422.Non Current Provisions 6523.Leases 6524.Contributed Equity 6725.Reserves and Retained P
279、rofits 6826.Dividends 7027.Key Management Personnel Disclosures 7128.Share Based Payments 7129.Earnings Per Share 7330.Remuneration of Auditors 7331.Contingencies 7332.Commitments 7433.Related Party Transactions 7434.Subsidiaries 7635.Events Occurring After the Reporting Period 7936.Cash Flow Inform
280、ation 8037.Critical Accounting Estimates 8138.Parent Entity Financial Information 8139.Deed of Cross Guarantee 82to the Financial StatementsINDEX30BEACON LIGHTING GROUP ANNUAL REPORT 2021CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFor the 52 weeks ended 27 June 2021 and the 52 weeks ended 28 June
281、2020 Beacon Lighting Group and its controlled entities.The above consolidated statement of comprehensive income should be read in conjunction with the accompanying Notes.Consolidated EntityNotesFY2021$000FY2020$000REVENUE FROM CONTRACTS WITH CUSTOMERSSale of goods4288,679251,749Other revenue4635800T
282、otal revenue from contracts with customers4289,314252,549Other income51828,034EXPENSES6Cost of sales of goods(91,344)(91,475)Other expenses from ordinary activitiesMarketing(13,045)(13,535)Selling and distribution(108,345)(102,381)General and administration(17,260)(15,126)Finance costs6(5,744)(6,179
283、)PROFIT BEFORE INCOME TAX53,75831,887Income tax expense7(16,100)(9,662)PROFIT FOR THE PERIOD ATTRIBUTABLE TO THE MEMBERS OF THE PARENT ENTITY37,65822,225Profit is attributable to:Owners of Beacon Lighting Group Limited37,63022,225Non-controlling interests28-37,65822,225Other comprehensive income-Ite
284、ms that may be reclassified to profit or loss:Changes in the fair value of derivatives25(a)1,195(294)Exchange differences on translation of foreign operations 25(a)(200)231Income tax relating to these items(298)19Other comprehensive income for the period,net of tax697(44)TOTAL COMPREHENSIVE INCOME F
285、OR THE PERIOD ATTRIBUTABLE TO THE MEMBERS OF THE PARENT ENTITY38,35522,181Total comprehensive income is attributable to:Owners of Beacon Lighting Group Limited38,32722,181Non-controlling interests28-38,35522,181EARNINGS PER SHARECENTSCENTSBasic earnings per share2916.9410.11Diluted earnings per shar
286、e2916.9210.1031BEACON LIGHTING GROUP ANNUAL REPORT 2021Consolidated EntityNotesFY2021$000FY2020$000CURRENT ASSETSCash and cash equivalents833,83044,856Trade and other receivables97,7888,620Inventories1067,93663,082Other current assets121,3371,496Total current assets110,891118,054NON-CURRENT ASSETSFi
287、nancial assets at fair value through profit or loss213-Investments in associates1415,241-Property,plant and equipment1335,25232,847Right of use assets23100,74688,719Intangible assets1613,73812,953Other non-current assets4161,238Deferred tax assets1513,52813,403Total non-current assets179,134149,160T
288、OTAL ASSETS290,025267,214CURRENT LIABILITIESTrade and other payables1723,41722,132Borrowings1818,61717,197Derivative financial instruments1118855Provisions199,4138,097Current tax liabilities202,6664,464Lease liabilities2325,07923,242Total current liabilities79,21075,987NON-CURRENT LIABILITIESBorrowi
289、ngs21-13,200Lease liabilities2397,68090,076Provisions22939983Total non-current liabilities98,619104,259TOTAL LIABILITIES177,829180,246NET ASSETS112,19686,968EQUITYContributed equity2472,31270,258Other reserves25(a)(43,355)(43,567)Retained earnings25(b)83,23960,277TOTAL EQUITY112,19686,968CONSOLIDATE
290、D BALANCE SHEETAs at 27 June 2021 and as at 28 June 2020 Beacon Lighting Group and its controlled entities.The above consolidated balance sheet should be read in conjunction with the accompanying Notes.32BEACON LIGHTING GROUP ANNUAL REPORT 2021CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFor the 52 we
291、eks ended 27 June 2021 and the 52 weeks ended 28 June 2020 Beacon Lighting Group and its controlled entities.Consolidated EntityNotesContributed Equity$000Reserves$000Retained Earnings$000TotalEquity$000Balance as at 28 June 202070,258(43,567)60,27786,968Profit for the year-37,65837,658Other compreh
292、ensive income25(a)-697-697Total comprehensive income for the period-69737,65838,355Transactions with owners in their capacity as owners:Issue of shares via dividend reinvestment plan242,054-2,054Employee share scheme25(a)-(286)-(286)Treasury share reserve25(a)-(199)-(199)Dividends provided for or pa
293、id26-(14,696)(14,696)Non-controlling interest in investment propertiesTotal contributions by and distributions to owners2,054(485)(14,696)(13,127)Balance as at 27 June 202172,312(43,355)83,239112,196Balance as at 30 June 201968,229(43,331)58,28283,180Adjustment for change in accounting policy-(10,12
294、1)(10,121)Restated balance at prior year68,229(43,331)48,16373,061Profit for the year-22,22522,225Other comprehensive(loss)/income25(a)-(44)-(44)Total comprehensive income for the period-(44)22,22522,181Transactions with owners in their capacity as owners:Issue of shares via dividend reinvestment pl
295、an242,029-2,029Employee share scheme25(a)-(476)-(476)Treasury share reserve25(a)-281-281Dividends provided for or paid26-(10,109)(10,109)Total contributions by and distributions to owners2,029(192)(10,109)(8,272)Balance as at 28 June 202070,258(43,567)60,27786,968The above consolidated statement of
296、changes in equity should be read in conjunction with the accompanying Notes.33BEACON LIGHTING GROUP ANNUAL REPORT 2021CONSOLIDATED STATEMENT OF CASH FLOWSFor the 52 weeks ended 27 June 2021 and the 52 weeks ended 28 June 2020 Beacon Lighting Group and its controlled entities.Consolidated EntityNotes
297、FY2021$000FY2020$000CASH FLOWS FROM OPERATING ACTIVITIESReceipts from customers(inclusive of goods and services tax)318,869280,458Payments to suppliers and employees(inclusive of goods and services tax)(234,302)(211,899)Interest received14264Borrowing costs(5,744)(6,179)Income taxes paid(17,615)(7,3
298、06)Net cash inflow from operating activities3661,22255,338CASH FLOWS FROM INVESTING ACTIVITIESPayments for property,plant and equipment(7,911)(6,315)Payments for equity interest in associate33(15,240)-Payments for acquisitions(1,150)(1,314)Payments for financial assets(250)-Proceeds from sale of pro
299、perty,plant and equipment-28,000Net cash(outflow)/inflow from investing activities(24,551)20,371CASH FLOWS FROM FINANCING ACTIVITIESProceeds from borrowings70,05881,251(Repayment)of borrowings(81,839)(100,852)(Payments)for principal portion of lease liabilities(23,274)(21,476)Dividends paid to Compa
300、nys shareholders26(12,642)(8,081)Net cash(outflow)from financing activities(47,697)(49,158)Net(decrease)/increase in cash and cash equivalents(11,026)26,551Cash and cash equivalents at the beginning of the financial year44,85618,305Cash and cash equivalents at the end of the financial year833,83044,
301、856The above consolidated statement of cash flows should be read in conjunction with the accompanying Notes.34BEACON LIGHTING GROUP ANNUAL REPORT 20211.Summary of Significant Accounting PoliciesThe principal accounting policies adopted in the preparation of this consolidated financial report is set
302、out below.These policies have been consistently applied to all the periods presented,unless otherwise stated.The financial report is for the consolidated entity consisting of Beacon Lighting Group Limited and its subsidiaries.(a)Basis of PreparationThis general purpose financial report has been prep
303、ared in accordance with Australian Accounting Standards and interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001(Cth).Beacon Lighting Group Limited is a for-profit entity for the purpose of preparing the financial report.Beacon Lighting Group Limited oper
304、ates within a retail financial period.The current financial period was a 52 week retail period ending on 27 June 2021(2020:52 week period ending 28 June 2020).This treatment is consistent with section 323D of Corporations Act 2001(Cth).(i)New,Revised or Amended Accounting Standards and Interpretatio
305、ns Adopted by the GroupThe Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 July 2020:AASB 2018-7 Amendments to Australian Accounting Standards Definition of Material AASB 101 and AASB 108 AASB 2018-6 Amendments to Australian
306、Accounting Standards Definition of a Business AASB 3 AASB 2019-3 Amendments to Australian Accounting Standards Interest Rate Benchmark Reform AASB 9,AASB 139 and AASB 7 AASB 2019-5 Amendments to Australian Accounting Standards Disclosure of the Effect of New IFRS Standards Not Yet issued in Australi
307、a AASB 1054 Conceptual Framework for Financial Reporting and AASB 2019-1 Amendments to Australian Accounting Standards References to the Conceptual FrameworkThe amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the
308、 current or future periods.(ii)Impact of Standards Issued but Not Yet Applied by GroupCertain new accounting standards and interpretations have been published that are not mandatory for 27 June 2021 reporting periods and have not been early adopted by the Group.These standards are not expected to ha
309、ve a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.(iii)Compliance with IFRSThe consolidated financial report of the Group also complies with International Financial Reporting Standards as issued by the International Accounting Standa
310、rds Board.(iv)Historical Cost ConventionThis financial report has been prepared in accordance with the historical cost convention.(v)Critical Accounting EstimatesThe preparation of financial statements requires the use of certain critical accounting estimates.It also requires management to exercise
311、its judgement in the process of applying the Groups accounting policies.Refer to Note 37 Critical Accounting Estimates for detailed explanation of items requiring assumptions and estimates.(b)Comparative Financial InformationUnless otherwise stated,the accounting policies adopted are consistent with
312、 those of the previous year.Comparative information is reclassified where appropriate to enhance comparability and provide more appropriate information to users.(c)Principles of Consolidation and Equity Accounting(i)SubsidiariesThe consolidated financial report incorporates the assets and liabilitie
313、s of all subsidiaries of Beacon Lighting Group Limited(Group or parent entity)as at 27 June 2021 and the results of all subsidiaries for the period then ended.Beacon Lighting Group Limited and its subsidiaries together are referred to in this financial report as the Group or the consolidated entity.
314、Subsidiaries are all entities over which the Group has control.The Group controls 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.Subsidi
315、aries are fully consolidated from the date on which control is transferred to the Group.They are deconsolidated from the date that control ceases.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the 52 weeks ended 27 June 2021 and the 52 weeks ended 28 June 2020 Beacon Lighting Group and its contro
316、lled entities.35BEACON LIGHTING GROUP ANNUAL REPORT 2021The acquisition method of accounting is used to account for business combinations by the Group(refer to Note 1(i).Intercompany transactions,balances and unrealised gains on transactions between Group companies are eliminated.Unrealised losses a
317、re also eliminated unless the transaction provides evidence of an impairment of the transferred asset.Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.Where control of an entity is obtained during a financial period,it
318、s results are included in the consolidated statement of comprehensive income from the date on which control commences.Where control of an entity ceases during a financial period its results are included for that part of the period during which control existed.Investments in subsidiaries are accounte
319、d for at cost in accounting records of Beacon Lighting Group Limited.(ii)AssociatesAssociates are all entities over which the Group has significant influence but not control or joint control.This is generally the case where the Group holds between 20%and 50%of the voting rights.Investments in associ
320、ates are accounted for using the equity method of accounting(see(iii)below),after initially being recognised at cost.(iii)Equity MethodUnder the equity method of accounting,the investments are initially recognised at cost and adjusted thereafter to recognise the Groups share of the post-acquisition
321、profits or losses of the investee in profit or loss,and the Groups share of movements in other comprehensive income of the investee in other comprehensive income.Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment
322、.Where the Groups share of losses in an equity-accounted investment equals or exceeds its interest in the entity,including any other unsecured long-term receivables,the Group does not recognise further losses,unless it has incurred obligations or made payments on behalf of the other entity.Unrealise
323、d gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Groups interest in these entities.Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.Accounting policies of equity
324、-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group.The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in note 1(j).(iv)Changes in Ownership InterestsThe Group treats tra
325、nsactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group.A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests i
326、n the subsidiary.Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a separate reserve within equity attributable to owners of the Group.When the Group ceases to consolidate or equity account for an investment beca
327、use of a loss of control,joint control or significant influence,any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss.This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the
328、retained interest as an associate,joint venture or financial asset.In addition,any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities.This may mean that amounts previously
329、recognised in other comprehensive income are reclassified to profit or loss.If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained,only a proportionate share of the amounts previously recognised in other comprehensive income are
330、 reclassified to profit or loss where appropriate.(d)Segment ReportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.The chief operating decision maker for Beacon Lighting Group Limited and its controlled entities(the
331、 Group),is the Chief Executive Officer(CEO).The Group determines operating segments based on information provided to the CEO in assessing performance and determining the allocation of resources within the Group.Consideration is given to the manner in which products are sold,nature of the products su
332、pplied,the organisational structure and the nature of customers.Reportable segments are based on the aggregated operating segments determined by the manner in which products are sold,similarity of products,nature of the products supplied,the nature of customers,the methods used to distribute the pro
333、duct and materiality.The Group purchases goods in USD for sales predominately into Australia.The Groups one reportable segment is the selling of light fittings,fans and energy efficient products.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the 52 weeks ended 27 June 2021 and the 52 weeks ended 28 June 2020 Beacon Lighting Group and its controlled entities.36BEACON LIGHTING GROUP ANNUAL REPORT
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