Ozforex group limited annual report
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Key Findings: Professionals, Investors, Researchers and Academician who are interested in gaining key information about OzForex Limited, this report is a crucial source to them. While producing this report, we have followed a standardized research methodology which assures our data quality and authenticity. Why digitGaps? Perks of Buying This Report: 4.
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In order to better understand the underlying NPAT of the Group, the reconciliation is outlined on the following page. These regions experienced growth of The proportion attributable to ANZ and Europe has decreased marginally from As at 31 March the Group was able to operate in 46 of the states in the United States of America and has been continuing to develop its presence in North America, utilising search engine marketing, social media and customer advocacy in order to gain brand awareness.
The US customers of the North American segment have, in the main, been with the Group less than four years; however, the existing customer base is becoming more significant. This growth has enabled the Group to grow fee and commission income by The segment experienced Hong Kong is typified by a banking market place that offers significantly lower retail margins than in other geographies.
The Group also introduced its embedded payments functionality into the cloud-based accounting software Xero. The Group actively uses its cash balances as part of its hedging strategy, making the interest income integral to its earnings. The balance sheet consists predominantly of cash and client liabilities. The Group currently has no external debt. Cash and client liabilities can vary greatly depending on the timing of deal flows.
The financial position provides a good platform to pursue future growth opportunities. Critical to our success will be maintaining and sustaining a high performing diverse workforce across all office locations. The service will enable customers to make international transfers, speak to an OFX customer representative and check current exchange rates days of the year, 24 hours a day.
The list does not show every risk that may be associated with the Group, and the occurrence or consequences of some of the risks described are partially or completely outside the control of the Group, its Directors and senior management.
The Group continues to invest in product innovation, marketing efforts and monitoring competition to ensure that it is able to respond to such challenges. There is a risk that one or more of these banks may cease to deal with the Group which may occur on short notice , cease to deal with international payments services generally, substantially reduce the services it offers, substantially alter the terms on which it is willing to offer services to the Group, exit one or more of the markets for which the Group uses its services, or collapse.
This has occurred in the past and may occur again in the future. The Group manages this risk by having a suite of banking service providers to ensure that there is redundancy in its banking relationships to operate effectively. The Group devotes significant resources to comply with applicable regulations.
There is a risk that such regulations could also make it uneconomic for the Group to continue to operate in places where it currently does business. The Group has a number of operational processes and disaster risk recovery plans in place to mitigate this risk. For example, when the Group accepts payment by direct debit, it may ultimately be held liable for the unauthorised use of bank account details in an illegal activity and be required to refund the transaction. If the rate of refunds becomes excessive, banks and card associations also may require the Group to pay additional penalties.
The Group has a range of fraud prevention controls in place to mitigate this risk. The focus is on growth in net operating income and EBTDA but still with the emphasis on cost containment and efficiency. OzForex is participating in, and in many respects leading, a successful industry disruption of traditional international payment methods and processes, driven by technology. The key growth driver for the business is the number of active clients the number of clients who have transacted at least once in the prior 12 months.
The growth in active clients for the financial year ended 31 March was up 5. The existing client base of the North American segment is expected to continue to become a more significant portion of the segments active clients. While Europe is a more competitive market, growth in active clients in this region is expected to be more challenging. It is expected to be broadly in line with the financial period ended 31 March Subject to consistent currency exchange rates, contribution in the UK is expected to be up in the financial year ending 31 March The Australia and New Zealand segment is expected to continue to be the largest single contributor to the net profit of the Group.
The growth in contribution, assuming a constant Australian dollar exchange rate, is expected to be in line with the growth in active clients. The tax rate for the financial year ending 31 March is expected to be in line with the financial year ended 31 March OzForex remains well positioned to deliver continued growth in the short to medium term. The Company has entered into a standard form deed of indemnity, insurance and access with the Non-Executive Directors against liabilities they may incur in the performance of their duties as Directors of the Company, to the extent permitted by the Corporations Act The indemnity operates only to the extent that the loss or liability is not covered by insurance.
During the year, the Company has paid premiums in respect of contracts insuring the Directors and Officers of the Company against liability incurred in that capacity to the extent allowed by the Corporations Act The terms of the policies prohibit disclosure of the details of the liability and premium paid. The Audit, Risk and Compliance Committee is required to pre-approve all audit and non-audit services provided by the external auditor.
The information provided in this Remuneration Report has been prepared in accordance with the requirements of the Corporations Act Cth the Corporations Act and has been audited as required by section 3C of the Corporations Act. Sections set out the remuneration arrangements that apply to all Executives. Section 6 sets out the remuneration disclosures required in respect of KMP Executives. Sections set out the remuneration disclosures required in respect of Non-Executive Directors.
To assist in performing its duties and making recommendations to the Board, the Remuneration Committee seeks independent advice from external consultants on various remuneration-related matters. The Remuneration Committee follows protocols around the engagement and use of external remuneration consultants to ensure compliance with the relevant Executive remuneration legislation. During the year, the Company engaged 3 Degrees Consulting to provide remuneration recommendations as defined under the Corporations Act in relation to the CEO and Executive remuneration structure to be implemented in FY17, including STI and LTI design features and incentive opportunities, as well as the retention arrangements put in place upon the unsolicited, non-binding indicative proposal from Western Union.
The Board is satisfied that this advice received from 3 Degrees Consulting was made free from undue influence from the KMP to whom the recommendations relate as 3 Degrees Consulting was engaged by and reported directly to, the Chair of the Remuneration Committee. In this regard, in addition to adhering to Board approved protocols, 3 Degrees Consulting provided a formal declaration to the Chair of the Remuneration Committee.
The recommendations were made free from undue influence from Executives to whom the advice was related. The framework aligns Executive reward with achievement of strategic objectives and the creation of value for shareholders and conforms to market practice for delivery of reward. The table below outlines the percentage allocations for the CEO and the Executives. Mr Kimber was appointed CEO on 1 June Remuneration is reviewed annually to ensure it remains competitive within the market.
Remuneration increases are subject to merit and are in respect of Executives, subject to the approval of the Remuneration Committee. The Remuneration Committee has the discretion to change performance-based elements of remuneration, including short-term and long-term incentives, at any time, where it considers it appropriate.
Executives are offered a competitive base pay that comprises the fixed cash component of pay and rewards inclusive of superannuation. External remuneration consultants from time to time provide analysis and advice to ensure TFR is set to reflect the market for a comparable role. Opportunity The size of the STI opportunity available to each Executive is based on their accountabilities and impact of their role on the Company. Executives who commence or leave during the financial year are generally paid a pro-rata share of their STI entitlements.
See i below for further detail. Delivery Cash. This includes setting any maximum payout under the STI Plan, and minimum levels of performance. The Remuneration Committee is responsible, after the preparation of the financial statements each year in respect of financial measures and after a review of performance against non-financial measures by the CEO and in the case of the CEO, by the Board following recommendation by the Committee , for recommending to the Board the final STI payout for the previous financial year.
The Board retains the discretion to vary the final STI payout if performance is considered to be deserving of either a greater or lesser amount. Tranche A are non-financial performance indicators for the particular Executive and Tranche B are financial performance indicators. These include objectives around leadership and culture, risk and compliance and project management. If an Executive does not meet a minimum performance threshold in Tranche A, they are not eligible to participate in Tranche B.
R Kimber commenced employment with the Group 1 June M Loyez commenced employment with the Group 3 August A Smith commenced employment with the Group 6 October C Pendleton-Browne commenced employment with the Group 16 November The amount shown as the target STI payment is the target payment for the period that employee was a KMP, not the full year payment.
L Cox is a part-time employee. J Davidson ceased to be an employee on 4 September N Helm ceased to be an employee on 6 August The key details of the plan are as outlined below: LTI components Details Objective The LTI Plan is designed to link long-term Executive reward with the ongoing creation of shareholder value, with the allocation of equity awards which are subject to satisfaction of performance hurdles.
Under the LTI Plan, either performance rights or options can be issued. Eligibility All Executives participated in the LTI Plan in the financial year if they were an employee at the start of the year. In certain circumstances, one-off allocations of performance rights have been made as part of the initial employment arrangements of a particular Executive.
Instrument Performance rights enable the Executive KMP to acquire an ordinary share in the Company in the future subject to time-based and performance-based vesting conditions being achieved. They are granted for nil cash consideration and have a nil exercise price. They carry no right to vote or receive a dividend. Allocation methodology The number of performance rights issued to each Executive KMP is calculated by dividing their LTI target value by the value per right, being the volume weighted share price in the five days prior to issuance adjusted for the probability of achieving performance levels, and the present value of expected dividends that will not be received by employees during the vesting period.
Allocation timing Generally, performance rights will be issued annually in June. An additional issuance of performance rights outside of the annual issuance may occur as a retention mechanism at different times. Performance period Three years. Vesting conditions Performance rights are subject to a performance hurdle and ongoing employment. The performance hurdle to apply to each issuance of performance rights will be determined by the Board at the time of issue. Forfeiture conditions Performance rights will automatically be converted to one ordinary share upon the vesting date provided the Executive complies with the rules of the LTI Plan.
Any performance rights which do not vest following testing of the performance hurdles at the end of the performance period will be automatically forfeited. Shareholder approval Any performance rights to be issued to the CEO are subject to shareholder approval. Changes in share capital If there are any changes in the share capital of the Company such as a rights issue, subdivision, consolidation or reduction in capital then the Directors may make adjustments as they consider appropriate subject to the ASX Listing Rules.
The Board has determined that This leaves 25, performance rights which will remain on foot and subject to the terms and conditions that were approved by shareholders at the AGM. These performance rights are eligible to vest on 7 June , subject to satisfying the performance conditions set out in the Notice of Meeting. The 25, performance rights represent the pro-rata portion of the standard annual allocation of performance rights that were issued and does not include any portion of the special issuance of performance rights that were approved at the AGM.
There was a standard annual issuance of performance rights to Executives in June FY15 performance rights. Further information on the number of performance rights and options held by KMPs can be found in Section 6 of this Remuneration Report. Additional retention arrangements implemented during In light of the unsolicited, non-binding indicative proposal from Western Union Indicative Proposal as announced on 19 November , the Board considered the need to put retention arrangements in place for new Executives who commenced in the six months prior to that Proposal.
Longer serving Executives who have multiple grants under the existing LTI Plan still on foot will not be entitled to participate in the retention pool. The Board has indicated, however, that it intends to exercise discretion such that all unvested incentives will vest in full, subject to satisfactory individual performance, should a change of control transaction occur. In the event there has been no change of control by 31 December , the balance of the retention pool that has not been granted in LTI will lapse.
As per AASB Provisions, Contingent Liabilities and Contingent Assets, there is no requirement to recognise a provision and therefore expense for this arrangement until the likelihood of the arrangement crystallising, on a change of control event, becomes probable. A change of control event has currently been assessed as remote and so there is no requirement to provide for this expense.
A key performance condition for full vesting of the performance rights will be that the Group meets or exceeds earnings growth targets for the performance period and the employment of the relevant Executive at the vesting date. The performance conditions will be measured for the period 1 October to 31 March Performance Period , or 30 months.
These performance rights were valued using a trinomial model and discounted for the probability of achieving performance levels and the present value of dividends that will not be received by employees during the vesting period. They were issued at a nil exercise price with a month vesting period. The vesting date is 7 June See Section 6 for further detail.
The details of these performance rights were also outlined in the prospectus. For the calculation of EPS refer to Note 29 of the financial statements. Underlying basic earnings per share is the basic earnings per share calculation utilising the Underlying NPAT of the Group. This represents dividends distributed in the period. The performance hurdles applying to this issuance are set out on page As explained on page 35, no STI was payable for the financial year as the minimum gateway performance was not met.
The terms of his appointment and termination arrangements are set out below. Board discretion applies to the treatment of any unvested LTI. No other KMP Executive have post-employment restraints. The share-based payments reflect the amounts accrued during the period. No performance rights or share options vested during the year ended 31 March Non-monetary benefits received by C Pendleton-Browne related to relocation costs paid by the Company as part of him becoming an employee of the Group.
Other payments relate to amounts paid as part of a termination including pay in lieu of notice. On vesting, each performance right is convertible into one ordinary share of the Company. No exercise price is payable and no performance rights vested during the period. Further information on the performance rights is set out in Note 23 of the Financial Statements.
See further details in Section 4 of this Remuneration Report. On vesting, each option is convertible into one ordinary share of the Company. No options vested during the period. Further information on the options is set out in Note 23 of the Financial Report. The Non-Executive Director fees are based on the findings of a benchmarking exercise undertaken by KPMG prior to the listing which reviewed Board remuneration relative to peer and comparable sized companies.
There were no changes in fees during the year. Short-term Post- employee employment benefits benefits Cash salary Super- Non-Executive Directors Year and fees annuation Total P Warne , 19, , , 18, , M Conrad , 12, , , 12, , G Murdoch , 10, , , 10, , D Snedden , 11, , — — — W Allen1 — — — , — , Total Non-Executive Director remuneration Group , 53, , , 41, , 1.
W Allen resigned as non-Executive Director on 31 March Shares held at the Shares held beginning of at the end Non-Executive Director Year the year Movements of the year P Warne , , , , 25, , M Conrad 50, 50, , 50, — 50, G Murdoch 95, 50, , 50, 45, 95, D Snedden — 39, 39, — — — 9. Directors and employees can only trade during the specified trading windows immediately following the release of the half year and full year results and the annual meeting.
In addition, Directors and certain restricted employees may only trade during the trading windows with prior written clearance as set out in the Policy. The Policy prohibits employees who participate in any equity-based plan from entering into any transaction in relation to unvested securities which would have the effect of limiting the economic risk of an unvested security. OUTLOOK The Group will continue to review and adjust its reward mechanisms annually, as required to ensure that its long-term growth aspirations are met.
In particular, a new Executive remuneration structure is being implemented for the financial year, which has been specifically structured to ensure close alignment of Executives to the delivery of the Accelerate Strategy and the long-term creation of shareholder value. Further details about the new Executive remuneration structure will be provided in the annual report. This report is made in accordance with a resolution of the Directors. This declaration is in respect of OzForex Group Limited and the entities it controlled during the period.
Represents profit from continuing operations. Represents other comprehensive income that may be reclassified to profit or loss. Cents Cents Earnings per share based on profit from continuing operations, attributable to the ordinary equity holders of the parent entity: Basic 29 9. Comparative information has been restated to conform to presentation in the current year. Please see Note 10 for further details. The above Statement of Financial Position should be read in conjunction with the accompanying notes.
The foreign currency translation reserve and the share-based payments reserve are non-distributable reserves of the Group. The above Statement of Changes in Equity should be read in conjunction with the accompanying notes. The principal accounting policies adopted in the preparation of this financial report and that of the previous financial year are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
The financial report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act OzForex Group Limited is a for-profit entity for the purpose of preparing the financial statements. OzForex Group Limited and its subsidiaries together are referred to in this financial report as the Group.
The Directors have the power to amend and reissue the financial report. Historical cost convention This financial report has been prepared under the historical cost convention, as modified by the revaluation of certain assets and liabilities including derivative instruments at fair value.
Critical accounting estimates and significant judgements The preparation of the financial report in conformity with Australian Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the accounting policies.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Management believes the estimates used in preparing the financial report are reasonable. Actual results in the future may differ from those reported and therefore it is reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from our assumptions and estimates could require an adjustment to the carrying amounts of the assets and liabilities reported.
New Accounting Standards and amendments to Accounting Standards that became effective in the current financial year When a new accounting standard is first adopted, any change in accounting policy is accounted for in accordance with the specific transitional provisions if any , otherwise retrospectively. No new key Accounting Standards and amendments to Accounting Standards became applicable to the Group in the current financial year.
It will lead to changes in the accounting for financial instruments, primarily relating to: Financial assets: A financial asset is measured at amortised cost only if it is held within a business model whose objective is to collect contractual cash flows and the asset gives rise to cash flows on specified dates that are payments solely of principal and interest on the principal amount outstanding. All other financial assets are measured at fair value.
Changes in fair value of financial assets carried at fair value are reported in the income statement. If a mismatch is created or enlarged, all changes in fair value including the effects of credit risk are presented in profit or loss. These requirements may be applied early without applying all other requirements of AASB 9.
Hedge accounting: Hedge accounting is more closely aligned with financial risk management, and may be applied to a greater variety of hedging instruments and risks. AASB 9 is effective for annual reporting periods beginning on or after 1 January The Group is continuing to assess the full impact of the new requirements on the consolidated financial statements.
This will replace AASB which covers contracts for services. The new standard is based on the principle that revenue is recognised when control transfers to a customer — so the notion of control replaces the existing notion of risks and rewards. AASB 15 is effective for annual periods beginning on or after 1 January The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors.
Lessees will be required to bring all leases on Balance Sheet as the distinction between operating and finance leases has been eliminated. Lessor accounting remains largely unchanged. IFRS 16 is effective for annual reporting periods beginning on or after 1 January The determination of control is based on current facts and circumstances and is continuously assessed.
The acquisition method of accounting is used to account for business combinations by the Group refer to Note 1 xix. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. III SEGMENT REPORTING Operating segments are identified on the basis of internal reports to senior management about components of the Group that are regularly reviewed by senior management and the board of directors who have been identified as the chief operating decision makers, in order to allocate resources to the segment and to assess its performance.
Information reported to senior management and the board of directors for the purposes of resource allocation and assessment of performance is specifically focused on core products and services offered, comprising five reportable segments as disclosed in Note 2. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as a result of meeting net investment hedge accounting requirements.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognised in other comprehensive income.
When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. Revenue is recognised for the major revenue streams as follows: Interest income Interest income is recognised using the effective interest rate method.
When a receivable is impaired, the Group reduces the carrying value amount to its recoverable amount, being the estimated future cash flow discounted at the original effective interest rate of the instrument, and continues unwinding the discount as interest income. Fee and commission income is presented inclusive of realised and unrealised income earned from the sale of foreign currency contracts to customers.
Fee and commission expense Fee and commission expenses are transaction costs which relate to fees paid to partners and transactional banking fees. Dividends and distributions Dividends and distributions are recognised as income when the entity becomes entitled to the dividend or distribution. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax base of assets and liabilities and their respective carrying amounts which give rise to a future tax benefit, or where a benefit arises due to unused tax losses, but are only recognised in both cases to the extent that it is probable that future taxable amounts will be available to utilise those temporary differences or tax losses.
Deferred tax liabilities are recognised when such temporary differences will give rise to taxable amounts being payable in future periods. Deferred tax assets and liabilities are recognised at the tax rates expected to apply when the assets are recovered or the liabilities are settled. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.
Current tax assets and liabilities are offset when there is a legally enforceable right to offset and an intention to either settle on a net basis, or realise the asset and settle the liability simultaneously. Current and deferred taxes attributable to amounts recognised directly in equity are also recognised directly in equity.
The Group and its wholly-owned Australian controlled entities have implemented the tax consolidation legislation as of 15 October As a consequence, these entities are taxed as a single entity and the deferred tax assets and liabilities current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. These derivative instruments are principally used for the risk management of existing financial assets and liabilities. All derivatives, including those used for Statement of Financial Position hedging purposes, are recognised on the Statement of Financial Position and are disclosed as an asset where they have a positive fair value at balance date or as a liability where the fair value at balance date is negative.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and subsequently remeasured to their fair value. Fair values are obtained from quoted market prices in active markets, including recent market transactions, and valuation techniques, including discounted cash flow models and option pricing models, as appropriate.
Movements in the carrying amounts of derivatives are recognised in the Statement of Comprehensive Income, unless the derivative meets the requirements for cash flow or net investment hedge accounting. On initial designation of the hedge, the Group documents the hedge relationship between hedging instruments and hedged items, as well as its risk management objectives and strategies. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether hedging relationships have been and will continue to be highly effective.
Derivatives or financial instruments of the Group are designated as net investment hedge relationships. Net investment hedges For a derivative or borrowing designated as hedging a net investment in a foreign operation, the gain or loss on revaluing the derivative or borrowing associated with the effective portion of the hedge is recognised in the foreign currency translation reserve and subsequently released to the income statement when the foreign operation is disposed of. The ineffective portion is recognised in the Statement of Comprehensive Income immediately.
The fair values of various financial instruments used for hedging purposes are disclosed in Note
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| Ozforex group limited annual report | 920 |
| Ozforex group limited annual report | The peer comparison figures have been sourced from Morningstar data and is therefore limited to the funds and investment products included in their database. Whilst every care has been taken in producing these numbers, InvestSMART does not guarantee the accuracy of the figures produced in the table. The peer comparison figures ozforex group limited annual report been sourced from Morningstar data and is therefore limited to the funds and investment products included in their database. Its International payment solutions offer strategic partners a package, which includes OFX information technology IT platform; client service; compliance; banking relationships, and payments capabilities. For more information about fees and costs, please see the Product Disclosure Statement and Investment Menu. Fee data may not include all costs being charged such as platform and adviser fees. |
| Leading crypto exchanges | Performance figures for periods greater than one year are annualised and presented as "per annum" values. The Company's business is operated on a cloud-based platform. Historical performance is not a reliable indicator of future performance. The Company operates in approximately countries in 50 different currencies. Fee data may not include all costs being charged such as platform and adviser fees. |
| Ozforex group limited annual report | 81 |
| Crypto cpa network | After the 1 July performance figures after fees and brokerage were recorded from the Separately Managed Accounts that mirrored these models. Its International payment solutions offer strategic partners a package, which includes OFX information technology IT platform; client service; compliance; banking relationships, and payments capabilities. Past performance may not be a reliable indicator of future performance. Performance figures are after management and admin fees excl. Indirect Costs are estimated to be between 0. |
LORIS ZOPPELLETTO FOREX PEACE
Our company profiles assist you to formulate strategic analysis in order to understand your customers, partners, and competitors, enabling you amplify your business better. Scope: OzForex Limited research report contains the following information which will give you clear and full picture of the business landscape, potential customers, competitors and suppliers.
Key Findings: Professionals, Investors, Researchers and Academician who are interested in gaining key information about OzForex Limited, this report is a crucial source to them. While producing this report, we have followed a standardized research methodology which assures our data quality and authenticity. Why digitGaps? Allocation methodology The number of performance rights issued to each Executive KMP is calculated by dividing their LTI target value by the value per right, being the volume weighted share price in the five days prior to issuance adjusted for the probability of achieving performance levels, and the present value of expected dividends that will not be received by employees during the vesting period.
Allocation timing Generally, performance rights will be issued annually in June. An additional issuance of performance rights outside of the annual issuance may occur as a retention mechanism at different times. Performance period Three years. Vesting conditions Performance rights are subject to a performance hurdle and ongoing employment.
The performance hurdle to apply to each issuance of performance rights will be determined by the Board at the time of issue. Forfeiture conditions Performance rights will automatically be converted to one ordinary share upon the vesting date provided the Executive complies with the rules of the LTI Plan.
Any performance rights which do not vest following testing of the performance hurdles at the end of the performance period will be automatically forfeited. Shareholder approval Any performance rights to be issued to the CEO are subject to shareholder approval. Changes in share capital If there are any changes in the share capital of the Company such as a rights issue, subdivision, consolidation or reduction in capital then the Directors may make adjustments as they consider appropriate subject to the ASX Listing Rules.
The Board has determined that This leaves 25, performance rights which will remain on foot and subject to the terms and conditions that were approved by shareholders at the AGM. These performance rights are eligible to vest on 7 June , subject to satisfying the performance conditions set out in the Notice of Meeting.
The 25, performance rights represent the pro-rata portion of the standard annual allocation of performance rights that were issued and does not include any portion of the special issuance of performance rights that were approved at the AGM. There was a standard annual issuance of performance rights to Executives in June FY15 performance rights.
Further information on the number of performance rights and options held by KMPs can be found in Section 6 of this Remuneration Report. Additional retention arrangements implemented during In light of the unsolicited, non-binding indicative proposal from Western Union Indicative Proposal as announced on 19 November , the Board considered the need to put retention arrangements in place for new Executives who commenced in the six months prior to that Proposal.
Longer serving Executives who have multiple grants under the existing LTI Plan still on foot will not be entitled to participate in the retention pool. The Board has indicated, however, that it intends to exercise discretion such that all unvested incentives will vest in full, subject to satisfactory individual performance, should a change of control transaction occur. In the event there has been no change of control by 31 December , the balance of the retention pool that has not been granted in LTI will lapse.
As per AASB Provisions, Contingent Liabilities and Contingent Assets, there is no requirement to recognise a provision and therefore expense for this arrangement until the likelihood of the arrangement crystallising, on a change of control event, becomes probable. A change of control event has currently been assessed as remote and so there is no requirement to provide for this expense.
A key performance condition for full vesting of the performance rights will be that the Group meets or exceeds earnings growth targets for the performance period and the employment of the relevant Executive at the vesting date. The performance conditions will be measured for the period 1 October to 31 March Performance Period , or 30 months. These performance rights were valued using a trinomial model and discounted for the probability of achieving performance levels and the present value of dividends that will not be received by employees during the vesting period.
They were issued at a nil exercise price with a month vesting period. The vesting date is 7 June See Section 6 for further detail. The details of these performance rights were also outlined in the prospectus. For the calculation of EPS refer to Note 29 of the financial statements.
Underlying basic earnings per share is the basic earnings per share calculation utilising the Underlying NPAT of the Group. This represents dividends distributed in the period. The performance hurdles applying to this issuance are set out on page As explained on page 35, no STI was payable for the financial year as the minimum gateway performance was not met.
The terms of his appointment and termination arrangements are set out below. Board discretion applies to the treatment of any unvested LTI. No other KMP Executive have post-employment restraints. The share-based payments reflect the amounts accrued during the period.
No performance rights or share options vested during the year ended 31 March Non-monetary benefits received by C Pendleton-Browne related to relocation costs paid by the Company as part of him becoming an employee of the Group. Other payments relate to amounts paid as part of a termination including pay in lieu of notice. On vesting, each performance right is convertible into one ordinary share of the Company.
No exercise price is payable and no performance rights vested during the period. Further information on the performance rights is set out in Note 23 of the Financial Statements. See further details in Section 4 of this Remuneration Report. On vesting, each option is convertible into one ordinary share of the Company. No options vested during the period. Further information on the options is set out in Note 23 of the Financial Report.
The Non-Executive Director fees are based on the findings of a benchmarking exercise undertaken by KPMG prior to the listing which reviewed Board remuneration relative to peer and comparable sized companies. There were no changes in fees during the year. Short-term Post- employee employment benefits benefits Cash salary Super- Non-Executive Directors Year and fees annuation Total P Warne , 19, , , 18, , M Conrad , 12, , , 12, , G Murdoch , 10, , , 10, , D Snedden , 11, , — — — W Allen1 — — — , — , Total Non-Executive Director remuneration Group , 53, , , 41, , 1.
W Allen resigned as non-Executive Director on 31 March Shares held at the Shares held beginning of at the end Non-Executive Director Year the year Movements of the year P Warne , , , , 25, , M Conrad 50, 50, , 50, — 50, G Murdoch 95, 50, , 50, 45, 95, D Snedden — 39, 39, — — — 9. Directors and employees can only trade during the specified trading windows immediately following the release of the half year and full year results and the annual meeting. In addition, Directors and certain restricted employees may only trade during the trading windows with prior written clearance as set out in the Policy.
The Policy prohibits employees who participate in any equity-based plan from entering into any transaction in relation to unvested securities which would have the effect of limiting the economic risk of an unvested security. OUTLOOK The Group will continue to review and adjust its reward mechanisms annually, as required to ensure that its long-term growth aspirations are met. In particular, a new Executive remuneration structure is being implemented for the financial year, which has been specifically structured to ensure close alignment of Executives to the delivery of the Accelerate Strategy and the long-term creation of shareholder value.
Further details about the new Executive remuneration structure will be provided in the annual report. This report is made in accordance with a resolution of the Directors. This declaration is in respect of OzForex Group Limited and the entities it controlled during the period. Represents profit from continuing operations. Represents other comprehensive income that may be reclassified to profit or loss.
Cents Cents Earnings per share based on profit from continuing operations, attributable to the ordinary equity holders of the parent entity: Basic 29 9. Comparative information has been restated to conform to presentation in the current year.
Please see Note 10 for further details. The above Statement of Financial Position should be read in conjunction with the accompanying notes. The foreign currency translation reserve and the share-based payments reserve are non-distributable reserves of the Group. The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.
The principal accounting policies adopted in the preparation of this financial report and that of the previous financial year are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
The financial report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act OzForex Group Limited is a for-profit entity for the purpose of preparing the financial statements.
OzForex Group Limited and its subsidiaries together are referred to in this financial report as the Group. The Directors have the power to amend and reissue the financial report. Historical cost convention This financial report has been prepared under the historical cost convention, as modified by the revaluation of certain assets and liabilities including derivative instruments at fair value.
Critical accounting estimates and significant judgements The preparation of the financial report in conformity with Australian Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events.
Management believes the estimates used in preparing the financial report are reasonable. Actual results in the future may differ from those reported and therefore it is reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from our assumptions and estimates could require an adjustment to the carrying amounts of the assets and liabilities reported. New Accounting Standards and amendments to Accounting Standards that became effective in the current financial year When a new accounting standard is first adopted, any change in accounting policy is accounted for in accordance with the specific transitional provisions if any , otherwise retrospectively.
No new key Accounting Standards and amendments to Accounting Standards became applicable to the Group in the current financial year. It will lead to changes in the accounting for financial instruments, primarily relating to: Financial assets: A financial asset is measured at amortised cost only if it is held within a business model whose objective is to collect contractual cash flows and the asset gives rise to cash flows on specified dates that are payments solely of principal and interest on the principal amount outstanding.
All other financial assets are measured at fair value. Changes in fair value of financial assets carried at fair value are reported in the income statement. If a mismatch is created or enlarged, all changes in fair value including the effects of credit risk are presented in profit or loss.
These requirements may be applied early without applying all other requirements of AASB 9. Hedge accounting: Hedge accounting is more closely aligned with financial risk management, and may be applied to a greater variety of hedging instruments and risks. AASB 9 is effective for annual reporting periods beginning on or after 1 January The Group is continuing to assess the full impact of the new requirements on the consolidated financial statements.
This will replace AASB which covers contracts for services. The new standard is based on the principle that revenue is recognised when control transfers to a customer — so the notion of control replaces the existing notion of risks and rewards. AASB 15 is effective for annual periods beginning on or after 1 January The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. Lessees will be required to bring all leases on Balance Sheet as the distinction between operating and finance leases has been eliminated.
Lessor accounting remains largely unchanged. IFRS 16 is effective for annual reporting periods beginning on or after 1 January The determination of control is based on current facts and circumstances and is continuously assessed.
The acquisition method of accounting is used to account for business combinations by the Group refer to Note 1 xix. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. III SEGMENT REPORTING Operating segments are identified on the basis of internal reports to senior management about components of the Group that are regularly reviewed by senior management and the board of directors who have been identified as the chief operating decision makers, in order to allocate resources to the segment and to assess its performance.
Information reported to senior management and the board of directors for the purposes of resource allocation and assessment of performance is specifically focused on core products and services offered, comprising five reportable segments as disclosed in Note 2. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as a result of meeting net investment hedge accounting requirements.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognised in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.
Revenue is recognised for the major revenue streams as follows: Interest income Interest income is recognised using the effective interest rate method. When a receivable is impaired, the Group reduces the carrying value amount to its recoverable amount, being the estimated future cash flow discounted at the original effective interest rate of the instrument, and continues unwinding the discount as interest income.
Fee and commission income is presented inclusive of realised and unrealised income earned from the sale of foreign currency contracts to customers. Fee and commission expense Fee and commission expenses are transaction costs which relate to fees paid to partners and transactional banking fees. Dividends and distributions Dividends and distributions are recognised as income when the entity becomes entitled to the dividend or distribution. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax base of assets and liabilities and their respective carrying amounts which give rise to a future tax benefit, or where a benefit arises due to unused tax losses, but are only recognised in both cases to the extent that it is probable that future taxable amounts will be available to utilise those temporary differences or tax losses.
Deferred tax liabilities are recognised when such temporary differences will give rise to taxable amounts being payable in future periods. Deferred tax assets and liabilities are recognised at the tax rates expected to apply when the assets are recovered or the liabilities are settled. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.
Current tax assets and liabilities are offset when there is a legally enforceable right to offset and an intention to either settle on a net basis, or realise the asset and settle the liability simultaneously. Current and deferred taxes attributable to amounts recognised directly in equity are also recognised directly in equity. The Group and its wholly-owned Australian controlled entities have implemented the tax consolidation legislation as of 15 October As a consequence, these entities are taxed as a single entity and the deferred tax assets and liabilities current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. These derivative instruments are principally used for the risk management of existing financial assets and liabilities. All derivatives, including those used for Statement of Financial Position hedging purposes, are recognised on the Statement of Financial Position and are disclosed as an asset where they have a positive fair value at balance date or as a liability where the fair value at balance date is negative.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and subsequently remeasured to their fair value. Fair values are obtained from quoted market prices in active markets, including recent market transactions, and valuation techniques, including discounted cash flow models and option pricing models, as appropriate.
Movements in the carrying amounts of derivatives are recognised in the Statement of Comprehensive Income, unless the derivative meets the requirements for cash flow or net investment hedge accounting. On initial designation of the hedge, the Group documents the hedge relationship between hedging instruments and hedged items, as well as its risk management objectives and strategies. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether hedging relationships have been and will continue to be highly effective.
Derivatives or financial instruments of the Group are designated as net investment hedge relationships. Net investment hedges For a derivative or borrowing designated as hedging a net investment in a foreign operation, the gain or loss on revaluing the derivative or borrowing associated with the effective portion of the hedge is recognised in the foreign currency translation reserve and subsequently released to the income statement when the foreign operation is disposed of.
The ineffective portion is recognised in the Statement of Comprehensive Income immediately. The fair values of various financial instruments used for hedging purposes are disclosed in Note The classification depends on the purpose for which the investments were acquired, which is determined at initial recognition and, except for other financial assets at fair value through profit or loss, is re-evaluated at each reporting date.
The policy of management is to designate a financial asset as such if the asset contains embedded derivatives which must otherwise be separated and carried at fair value; if it is part of a group of financial assets managed and evaluated on a fair value basis; or if by doing so eliminates, or significantly reduces, a measurement or recognition inconsistency that would otherwise arise.
Interest income on debt securities designated as at fair value through profit or loss is recognised in the Statement of Comprehensive Income in interest income using the effective interest method as disclosed in Note 1 v. Recognition and derecognition Regular purchases and sales of financial assets are recognised on trade-date, the date on which the Group commits to purchase or sell the asset. A regular way of purchase or sale of a financial asset under contract is a purchase or sale that requires delivery of the assets within the period established generally by regulation or convention in the marketplace.
Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Subsequent measurement Loans and receivables are carried at amortised cost using the effective interest method. Financial assets at fair value through profit or loss are subsequently carried at fair value.
The fair value of investments that are actively traded in organised financial markets are determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments with no active market, fair values are determined using valuation techniques. Impairment Impairment is assessed at the end of each reporting period based on whether there is objective evidence that a financial asset or group of financial assets is impaired.
The loss is recognised in the Statement of Comprehensive Income. Assets are reviewed for impairment at each reporting date. Historical cost includes expenditure directly attributable to the acquisition of the asset. Where remaining lease terms are less than five years, leasehold improvements are depreciated over the lease term.
Useful lives and residual values are reviewed annually and reassessed in light of commercial and technological developments. Adjustments arising from such items and on disposal of fixed assets are recognised in the Statement of Comprehensive Income. Costs incurred on software maintenance are expensed as incurred.
The liability for accumulating annual leave is recognised in the provision for employee benefits. All other short-term employee benefit obligations are presented as payables. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted at the end of the reporting period using market yields of government bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows.
Provisions for unpaid employee benefits are derecognised when the benefit is settled, or is transferred to another entity and the Group is legally released from the obligation and do not retain a constructive obligation. Refer to Note 15 for information concerning the classification of securities.
The fair value of each performance right is estimated at grant date using a Monte Carlo simulation and discounted for the probability of employee retention and the probability of achieving performance levels. As a result, the expense recognised by the Group is the total expense associated with all such awards.
Until an award has vested, any amounts recorded are contingent and will be adjusted if more or fewer awards vest than were originally anticipated. The Group currently does not provide benefits in the form of cash settled share-based payments. OzForex Group Limited recognised a share option expense in relation to options granted with the offsetting adjustment recognised as a contribution of capital from the shareholders.
The options were measured at their grant dates based on their fair value and using the number expected to vest. This amount will be recognised as an expense evenly over the respective vesting periods. The fair value of each option was estimated on the date of grant using a trinomial option pricing framework. The following key assumptions were adopted for grants made during the financial year: Share options Share options tranche 1 tranche 2 Risk free rate 2.
Where appropriate, the impact of revised estimates is reflected in the income statement over the remaining vesting period, with a corresponding adjustment to the share option reserve. Interest is brought to account in the Statement of Comprehensive Income as interest income see Note 1 v.
The total fixed payments made under operating leases are charged to the income statement on a straight-line basis over the period of the lease. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired, the difference is recognised directly in profit or loss as a bargain purchase.
They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amounts of GST receivable or payable.
The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the Statement of Financial Position. Cash flows are presented on a gross basis. The GST components of the cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Amounts in the financial report have been rounded off in accordance with that Class Order to the nearest thousand dollars unless otherwise indicated. International Payment Solutions is a package offered to strategic partners which consists of the OFX IT platform, customer service, compliance sophistication, banking relationships, and payments capabilities.
Relates to income to the Group from arranger fees in relation to the IPO. Comparative information has been restated to conform with presentation in the current year. Share-based payments previously formed part of salary-related costs including commissions. This has been classified separately in the current year. Relates to costs incurred by the Group while acting as an arranger throughout the IPO transaction.
NOTE 4. The Group has a tax year ending on 30 September. No tax losses were transferred to the parent or utilised during the period. NOTE 6. Receivables due from financial institutions relate to term deposits with an original maturity of more than three months, but less than 12 months.
NOTE 7. All derivative financial instruments are expected to mature within 12 months after the reporting date. NOTE 8. Software has been reclassified into intangible assets from property, plant and equipment. In the prior year software on its own was not significant and therefore was included within property, plant and equipment.
With the additions of the website and mobile application intangible assets became significant and as a result software was reclassified to its appropriate classification. Unless otherwise stated the material portion of the balance represents amounts expected to be settled within 12 months after the reporting date. The tax assets relating to deductible temporary differences are not carried forward as an asset unless the benefit is probable of realisation. The deferred tax assets have been applied against deferred tax liabilities to the extent that they are expected to be realised in the same period, within the same tax paying entity.
NOTE Client liabilities are unsecured and are short term in nature. The carrying amounts of client liabilities are assumed to be the same as their fair values, due to their short-term nature expected to be settled within 12 months after the balance sheet date. Each ordinary shareholder is entitled to one vote per share held. The final dividend relates to the year ended 31 March which was declared on 26 May Dividend per share is calculated based on the ordinary shares outstanding on the dividend declaration date.
Capital is defined as share capital plus reserves. During the financial year ended 31 March , the Group has continued to meet its capital requirements under the licence and no breaches have occurred. The Group has satisfied its externally imposed capital requirements. The leases have escalating clauses and renewable rights. On renewal, the terms of the leases are renegotiated. During the year ended 31 March the Group entered into two new operating leases for office space in Sydney and Toronto.
This resulted in a significant increase when compared to the prior year. These transactions are based on normal commercial terms and conditions. At each subsequent reporting date until vesting, the cumulative charge to the Statement of Comprehensive Income is in accordance with the vesting conditions.
As a result, the expense recognised by the Group is the total expense associated with such awards. The plan is based on the grant of performance rights that vest into shares on a one-to-one basis at no cost to the employee. Settlement of the performance rights is made in ordinary shares. If the employee leaves during or before the performance period due to illness, redundancy or death, any granted rights which the Board has the discretion to allow them to vest, otherwise will lapse.
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