KILAND For personal use only
Kiland Limited (formerly Kangaroo Island Plantation Timbers Ltd)
ACN 091 247 166
Results for Announcement to the Market
Appendix 4D
Current reporting period: Half-year ended 31 December 2021
Previous corresponding reporting period: Half-year ended 31 December 2020
Results for Announcement to the Market | ||
Percentage | ||
Change | Amount | |
% | $'000 | |
Revenue - continued operations | 1,325% increase | 1,026 |
Loss after tax - continued operations | 35% increase | (3,486) |
Net loss attributable to members | 35% increase | (3,486) |
Dividends paid or proposed
No dividends have been paid or proposed during the period.
Brief explanation of revenue and net loss
Loss from continuing operations increased by $906,000, primarily due to increased cost of sales as the Kiland Limited (formerly Kangaroo Island Plantation Timbers Limited) ("Company") and its controlled entities ("Group") began to clear the tree-crop, partly offset by sales of salvaged timber and lower wharf development costs. A summary of the major charges is set out below:
2021 | 2020 | (Increase) / | ||||
Income / | Income / | decrease in | ||||
(expense) | (expense) | losses | ||||
$'000s | $'000s | $'000s | ||||
Sales, other income and finance income has increased | 1,026 | 72 | 954 | |||
Cost of sales have increased | (1,482) | - | (1,482) | |||
Forestry expenses have decreased | (1,173) | (1,206) | 33 | |||
Wharf development costs have decreased | (75) | (661) | 586 | |||
Administrative and other expenses have increased | (2,589) | (1,652) | (937) | |||
Income tax benefit has decreased | 807 | 867 | (60) | |||
Net comprehensive loss has increased | (3,486) | (2,580) | (906) | |||
Net tangible asset (NTA) backing | Half-year Ended | Half-year Ended | ||||
31 December | 31 December | |||||
2021 | 2020 | |||||
Net tangible asset backing per security | $1.53 | $2.09 |
The decrease is mainly due to reductions in the fair value of the tree-crop and plantation land (to allow for reversion costs) and the impairment of the wharf asset to net realisable value, following the Group's decision to convert its land for more traditional agricultural use.
Details of entities over which control has been gained or lost during the period
The Group has not gained or lost control of any entities during the half-year ended 31 December 2021.
Details of associates or joint ventures
Not applicable.
Review dispute or qualification
The Group is not aware of any review, dispute or qualification for the accounts for the half-year ended 31 December 2021. The half-year financial report should be read in conjunction with the annual report for the year ended 30 June 2021.
For personal use only
Kiland Limited
(formerly Kangaroo Island
Plantation Timbers Ltd)
Interim Financial Report
For the half year ended 31 December 2021
ABN 19 091 247 166
www.kiland.com.au
For personal use only
Contents
Page Number | |
Directors' Report | 4 |
Auditor's Independence Declaration | 11 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income | 12 |
Consolidated Statement of Financial Position | 13 |
Consolidated Statement of Cash Flows | 14 |
Consolidated Statement of Changes in Equity | 15 |
Notes to the Consolidated Financial Statements | 16 |
Directors' Declaration | 29 |
Independent Auditor's Review Report | 30 |
Page 2
For personal use only
Directors' Report
For the half-year ended 31 December 2021.
Your Directors submit their report for the half-year ended 31 December 2021 for Kiland Limited (formerly Kangaroo Island Plantation Timbers Limited) ("Company") and its controlled entities ("Group").
Directors
The names of the Company's Directors in office during the half-year and until the date of this report are as below.
Last elected or | |||||||
Director | Position | Appointed | re-elected at AGM Resigned | ||||
James Davies | Executive Chair | 13 | July 2021 | 25 | October 2021 | - | |
Paul McKenzie | Non-Executive Director | 29 | April 2005 | 25 | October 2021 | - | |
Mitchell Taylor | Non-Executive Director | 13 | July 2021 | 25 | October 2021 | - | |
Keith Lamb | Managing Director | 15 | October 2018 | - | 25 | October 2021 | |
Shauna Black | Executive Director | 17 | March 2015 | 21 | November 2019 | 25 | October 2021 |
Gregory Boulton AM | Non-Executive Director | 1 November 2016 | 28 | October 2020 | 21 | September 2021 |
Directors were in office for the entire period, other than as set out in the table above.
Interests in the shares and performance rights of the Company and related bodies corporate
As at the date of this report, the interests of the directors, either directly or indirectly, in the shares of Kiland Limited were:
Interest in ordinary shares | ||||
Net changes | Appointment / | Closing | ||
Opening interest | during the | (resignation) | interest at date | |
at 1 July 2021 | period | of director | of this report | |
James Davies(1) | - | 150,000 | - | 150,000 |
Paul McKenzie(2) | 2,789,860 | - | - | 2,789,860 |
Mitchell Taylor(3) | - | - | 15,916,041 | 15,916,041 |
Keith Lamb(4) | 22,000 | - | (22,000) | - |
Shauna Black(5) | 421,670 | (200,000) | (221,670) | - |
Gregory Boulton(6) | 193,730 | - | (193,730) | - |
Total | 3,427,260 | (200,000) | 15,478,641 | 18,705,901 |
- Mr James Davies acquired 150,000 shares on market, the shares are held by Tian Xia Pty Ltd
- Mr McKenzie's shareholdings comprise:
- 2,132,500 (2021: 2,132,500) held by Aminac Pty Ltd ATF Aminac Superfund, of which Mr McKenzie is the Managing Director; and
- 657,360 (2021: 657,360) held by Alke Pty Ltd ATF The McKenzie Family Trust No 2, of which Mr McKenzie is the Managing Director.
- Shareholding of Samuel Terry Asset Management Pty Ltd, of which Mr Taylor is a related party.
- Mr Lamb's shares were held directly. Mr Lamb resigned as a director on 25 October 2021.
- Ms Black's shareholdings comprised:
- 66,670 (2020: 66,670) held directly; and
- 355,000 (2020: 355,000) held by Black Stump Regional Pty Ltd ATF the Taybric Family Trust, of which Ms Black has effective control.
On 16 September 2021, Ms Black sold 200,000 shares held by Black Stump Regional Pty Ltd ATF the Taybric Family Trust. Ms Black resigned as a director on 25 October 2021.
-
Mr Boulton's 193,730 shares (2020: 193,730) are held by G Boulton Pty Ltd ATF the Greg Boulton
Family Superannuation Fund. Mr Boulton resigned as a director on 21 September 2021.
Page 3
For personal use only
Directors' Report continued
For the half-year ended 31 December 2021
Interest in Performance Rights
Opening | Closing | |||
interest at | Performance | Performance | interest at | |
1 July 2021 | rights granted | rights lapsed | date of report | |
Non-Executives | ||||
Paul McKenzie | 282,112 | 752,500 | (282,112) | 752,500 |
Mitchell Taylor | - | - | - | - |
Gregory Boulton | 282,112 | - | (282,112) | - |
Executive Directors | ||||
James Davies | - | 2,150,000 | - | 2,150,000 |
Keith Lamb | 1,128,448 | - | (1,128,448) | - |
Shauna Black | 282,112 | - | (282,112) | - |
Total | 1,974,784 | 2,902,500 | (1,974,784) | 2,902,500 |
All directors 1 July 2021 performance rights lapsed on 13 September 2021, as resolved by the Board.
The issue of new performance rights were approved by the Shareholders on 25 October 2021.
Performance Rights Plan
On 13 September 2021, the Group announced that the Board had determined that the Performance Rights Plan approved by Shareholders on 21 November 2019 should be withdrawn. A new Performance Rights Plan ("Plan") was approved by Shareholders at the 25 October 2021 Annual General Meeting.
Under the Plan (and the previous plan), the Board can issue performance rights to executive and non- executive directors as remuneration for additional duties performed and to incentivise them to align their interests more closely with those of shareholders.
If the performance conditions and any other vesting conditions are met, an equivalent number of shares will be issued, that rank equally with all other existing shares in all respects.
A Plan participant must not dispose of any shares acquired under the Plan before the end of the restriction period (if any) which are subject to the Plan rules and the terms of the specific offer from time to time.
Valuation and Recognition of Remuneration
Under AASB 2 Share-BasedPayment the fair value of any share-based remuneration is determined at the grant date and then recognised as an expense over the relevant vesting period. Performance rights are normally valued based on the Company's share price at the Grant Date and an assessed probability of achievement. Vesting conditions that are market-based (such as achievement of a particular share price) are included in the fair value assessment. The directors have used an adapted Monte Carlo valuation method to value the performance rights
Remuneration expense is then recognised over the relevant term of the performance rights, on the basis that the recipient must be employed by the Group at the time a performance condition is met in order for the rights to vest. Amounts recognised as remuneration expense are not reversed through profit and loss if the rights do not vest because of a failure to meet a market-based performance condition. However, the value of performance rights that have lapsed or expired is transferred from the share-based payment reserve to accumulated profit.
The Performance Rights expire over terms of between one and three years after approval or if they are replaced with new Performance Rights.
Page 4
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Kiland Ltd. published this content on 27 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2022 23:31:03 UTC.
