Enprise Group Limited
Annual Report and Financial Statements
for the 15 months ended 30 June 2020
Enprise Group Limited
Annual Report and Financial Statements for the 15 months ended 30 June 2020
Contents | |
Directors Report | 2 |
Consolidated Statement of Comprehensive Income | 6 |
Consolidated Statement of Financial Position | 7 |
Consolidated Statement of Changes in Equity | 9 |
Consolidated Statement of Cash Flows | 10 |
Notes to the Consolidated Financial Statements | |
Basis of preparation | 11 |
Segment information | 14 |
Revenue | 15 |
Other income | 16 |
Operating expenses | 17 |
Taxation | 19 |
Earnings per share | 21 |
Trade and other receivables | 21 |
Contract assets | 22 |
Other assets | 22 |
Trade and other payables | 22 |
Provisions | 23 |
Contract liabilities | 23 |
Business combinations | 24 |
Investments in joint ventures and associates | 27 |
Investments in other entities | 31 |
Property plant and equipment | 32 |
Intangible assets | 33 |
Right-of-use assets | 35 |
Borrowings | 36 |
Lease liabilities | 37 |
Equity | 38 |
Related party transactions | 38 |
Cash flow reconciliation | 40 |
Contingent liabilities | 40 |
Subsequent events after balance date | 40 |
Financial risk management, objectives and policies | 41 |
New accounting standards | 43 |
Restatement of comparatives | 44 |
Corporate Information | 46 |
Auditor's Report | 47 |
1
Enprise Group Limited
Directors' Report
The Directors are pleased to submit to shareholders their report and financial statements for the 15 month period ended 30 June 2020.
Principal activities
Enprise Group Limited (Enprise) has two operating divisions;
- Enterprise Solutions, a solution provider for MYOB Enterprise software in Australia and New Zealand.
- iSell Pty Limited (iSell), sell a cloud-based quoting systems (IT Quoter) on a Software-as-a-Service (SaaS) model used by the IT reseller market in Australia, New Zealand, UK and South Africa.
Enprise is invested in a joint venture, Datagate Innovation Limited (Datagate) that provides online reporting and billing portals under a Software-as-a- Service (SaaS) model for resellers of Telco/Utility services and hosted service providers in New Zealand, Australia, Canada, USA and Europe. Enprise holds 33.5% of Datagate.
Significant changes in the state of affairs
Kilimanjaro Consulting Pty Limited (Kilimanjaro) shareholders exercised their put option effective on 1 January 2020 resulting in Enprise issuing 2,854,649 new shares. Kilimanjaro became a wholly owned subsidiary from that date.
Enprise invested further into iSell. Enprise subscribed for 1,087,500 shares at AUD $0.40 per share on 27th May 2020 which took Enprise to 50.8% and therefore iSell has been consolidated from 27th May 2020. During the period, Enprise acquired iSell shares from other iSell shareholders for a combination of cash and new Enprise shares.
Enprise subscribed for $176,001 in a heavily oversubscribed rights issue undertaken by Datagate to capitalise on the progress made in international markets, particularly the USA. Enprise's stake was diluted by the raise, causing Enprise to recognise a gain on dilution.
Directors
Mr Lindsay Phillips (appointed 1 December 2013) - Chairman
Mr George Cooper (appointed 10 April 2012) - CEO
Mr Nicholas Paul (appointed 1 December 2015) - Independent Non-Executive Director
Mr Ronald Baskind (appointed 31 January 2018) - Executive Director
Ms Marisa Fong (appointed 1 February 2019) - Independent Non-Executive Director
Ms Marisa Fong, Mr Nicholas Paul and Mr Lindsay Phillips comprise the members of the Audit, Finance and Risk Committee.
Ms Fong is considered to be an independent director as she has a small holding in Enprise and has no other remuneration or influence which would affect her decision making in a material way. Mr Paul is considered to be an independent director as he has a small holding in Enprise and although he has gained remuneration for his role as acting CEO of iSell, this has been done to enable the founder of iSell, Richard Beresford to complete the product development.
30 June 2020 | 31 March 2019 | |
Male Directors | 4 | 4 |
Female Directors | 1 | 1 |
Male Officers | - | - |
Female Officers | 1 | 1 |
Corporate governance
The directors have complied with the corporate governance code which can be found on the following link. https://enprise.com/media/1824/201125-eg-corporate-governance-statement.pdf
2
Enprise Group Limited
Directors' Report
Remuneration of directors
The remuneration of the Directors for the period ended 30 June 2020 is set out below:
30 June 2020 | 31 March 2019 | ||
15 mths | $'000 | 12 mths | $'000 |
Salaries, bonuses and commissions | 387 | 201 | |
Consultancy fees | 135 | 3 | |
Directors' fees | 112 | 69 | |
Total compensation | 634 | 273 | |
George Cooper | 276 | 201 | |
Lindsay Phillips | 50 | 40 | |
Nicholas Paul | 166 | 28 | |
Ronnie Baskind | 295 | 279 | |
Marisa Fong | 31 | 4 | |
818 | 552 | ||
30 June 2020 | |||
$'000 | $'000 | ||
Base per annum | Incentive | ||
George Cooper | 205 | 20 | |
Ronnie Baskind | 249 | 25 | |
Incentives are discretionary and assessed by the Board based on the profitability of the company.
Employee remuneration over $100,000
The number of employees or former employees, not being directors of the Group, that received remuneration and other benefits that exceeded $100,000 per annum is as follows:
30 June 2020 | 31 March 2019 | ||
Number of employees | |||
100,001 | - 110,000 | 10 | 4 |
110,001 | - 120,000 | 8 | 4 |
120,001 | - 130,000 | 11 | 1 |
130,001 | - 140,000 | 3 | 1 |
140,001 | - 150,000 | 4 | 1 |
150,001 | - 160,000 | 2 | - |
160,001 | - 170,000 | - | 1 |
170,001 | - 180,000 | 2 | - |
190,001 | - 200,000 | 1 | - |
200,001 | - 210,000 | 2 | - |
210,001 | - 220,000 | 1 | - |
260,001 | - 270,000 | - | 1 |
Rounding of amounts
Amounts in the directors' report and financial statements have been rounded off to the nearest thousand dollars.
3
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Enprise Group Limited published this content on 25 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2020 23:38:03 UTC