T.F.S. CORPORATION LTD
ABN 97 092 200 854
ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2016
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CONTENTS
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Page
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Directors' Report
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2-27
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Directors' Declaration
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28
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Consolidated Statement of Profit or Loss and Other Comprehensive Income
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29
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Consolidated Statement of Financial Position
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30
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Consolidated Statement of Changes in Equity
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31
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Consolidated Statement of Cash Flows
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32
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Notes to the Accounts
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33-101
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Independent Auditor's Report
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102-103
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CORPORATE DIRECTORY
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DIRECTORS
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REGISTERED OFFICE / PRINCIPAL PLACE OF BUSINESS
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Mr Dalton Gooding (Non-Executive Chairman)
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169 Broadway
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Mr Frank Wilson (Managing Director)
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Nedlands WA 6009
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Mr Julius Matthys
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Telephone: (08) 9386 3299
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Mr John Groppoli
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Facsimile: (08) 6389 1546
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Ms Gillian Franklin
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Email: [email protected]
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Mr Michael Kay
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Website: www.tfsltd.com.au
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COMPANY SECRETARY
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SHARE REGISTRY
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Mr Quentin Megson
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Link Market Services Limited
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Mr Simon Storm
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Level 4
Central Park
152 St Georges Terrace
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AUDITORS
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Perth WA 6000
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Ernst & Young
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11 Mounts Bay Road
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Telephone: 1300 554 474
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Perth, Western Australia
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Overseas: +61 2 8280 7111
T.F.S. CORPORATION LTD shares are listed on the Australian Securities Exchange (ASX)
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Your Directors present their report for the year ended 30 June 2016.
Directors
The names and details of the Company's Directors in office during the financial year and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated.
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Dalton Gooding
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Non-Executive Chairman
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Qualifications:
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BBus, FCA
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Experience:
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Mr Gooding was formerly a long standing partner at Ernst & Young and is a Fellow of the Institute of Chartered Accountants in Australia. He has over 35 years' experience and is currently the Senior Partner of Gooding Partners where he advises a wide range of businesses with an emphasis on taxation and accounting issues, due diligence, feasibilities and general business advice.
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Interest in shares and performance rights:
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207,913 ordinary shares in T.F.S. Corporation Ltd, (0.05% of the Company) at 25 August 2016.
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Interests in TFS Projects:
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3.6Ha (2015: 3.6Ha) of interests held in TFS Indian Sandalwood projects.
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Special responsibilities:
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Audit Committee; Remuneration Committee (Chairman)
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Directorships held in other listed entities in the last 3 years:
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Brierty Ltd (appointed 26 October 2007)
Katana Capital Ltd (appointed 11 November 2005) SIPA Resources Ltd (appointed 1 May 2003)
Avita Medical Ltd (resigned 1 July 2014)
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Frank Wilson
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Managing Director
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Qualifications:
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LLB
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Experience:
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Mr Wilson is the founding Chairman of the TFS Group having been appointed on 28 March 2000. In December 2006 he was appointed to the role of Executive Chairman, a role which he held until 10 November 2011 when he resigned from the Board. On 12 June 2012 he was re-appointed to the Board in the role of Executive Director followed by the appointment as Executive Chairman on 3 October 2012. The Chairman's role was relinquished on the appointment of a Non-Executive Chairman on 17 September 2013.
He was previously the Managing Partner of the legal firm Wilson & Atkinson, which at the time specialised in taxation, property and commercial law. Mr Wilson is an experienced businessman, who has a long standing involvement in the forestry industry. He is also a governor of the University of Notre Dame.
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Interest in shares and performance rights:
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48,810,285 ordinary shares in T.F.S. Corporation Ltd (12.6% of the Company) at 25 August 2016 and 763,261 performance rights.
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Interests in TFS Projects:
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413.5Ha (2015: 418.5Ha) of interests held in TFS Indian Sandalwood projects.
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Special responsibilities:
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Nil
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Directorships held in other listed entities in the last 3 years:
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None
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Julius Matthys
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Non-Executive Director
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Qualifications:
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BCom
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Experience:
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Mr Matthys was appointed to the Board on 23 December 2011 and was Vice President Corporate Affairs for the BHP Billiton Group in Western Australia until 30 June 2016. He has held senior roles in Iron Ore and Aluminium marketing with responsibility for global sales and customer relationships. From 2008 to 2011 he managed the Worsley Alumina Joint Venture between BHP Billiton, Japan Alumina Associates and Sojitz Corporation. Worsley Alumina is one of the largest alumina refineries in the world producing 3.5 million tonnes of alumina per annum.
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Interest in shares and performance rights:
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3,348,118 ordinary shares in T.F.S. Corporation Ltd (0.86% of the Company) at 25 August 2016.
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Interests in TFS Projects:
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1.3Ha (2015: 1.3Ha) of interests held in TFS Indian Sandalwood projects.
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Special responsibilities:
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Audit Committee
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Directorships held in other listed entities in the last 3 years:
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None
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John Groppoli
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Non-Executive Director
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Qualifications:
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LLB, BJuris, FAICD
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Experience:
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Mr Groppoli was appointed to the Board on 10 October 2014 and is an experienced lawyer. Mr Groppoli was a partner of a national law firm Deacons (now Norton Rose) from 1987 to 2004 where he specialised in franchising, mergers and acquisitions, and corporation governance. Mr Groppoli left private practice in 2004 and is currently Managing Director of RGM Equity whose business operations consist of the marketing and distribution of premium international homewares, optical products and accessories, occupational health and safety products and the provision of micro third party logistics / warehousing.
Mr Groppoli has been a Non-Executive Director of Automotive Holdings Group since July 2006 and is the Chairman of their Remuneration and Nomination Committees.
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Interest in shares and performance rights:
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Nil
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Interests in TFS Projects:
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Nil
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Special responsibilities:
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Audit Committee (Chairman); Remuneration Committee; Risk Management Committee
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Directorships held in other listed entities in the last 3 years:
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Automotive Holdings Group Limited (appointed 4 July 2006)
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