2011.06.30 asx annual report

7/29/2019 2011.06.30 ASX Annual Report

1/80

silver che limited

annual report 2011

Silver anni verSary ye ar


2/80

contents

Silver Che Limited 2011 achievements 3

Chairmans report 4

Chie Executive Ocers report 6

About Silver Che Limited 10

Operational report 14

Board o Directors 16

Leadership Team 17

Perormance at a glance 18

Directors report 19

Financial statements 35

ASX additional inormation 76


3/80silver che limited AnnUAl rePort 2011 3

Results

ra i up 27.8% $62.7

n P B tax (nPBt) up 29.4% $9.7

n P A tax (nPAt) up 28.3% $6.7 opag a fw $43.4 , up $35.2

Shareholder returns

Aua up 11.1% a uy-ak 20 p a 18 p a

Ba eag P sa (ePs) 29.7 up 26.6

ePs pu aua gw a 20% 2005 AsXg

n tagb A p a up 20% $1.32 p a

Rental assets under management

hpay a a, au a , up 20% $108.6

GGa a a, au a , up 70% 32.6

Funding

Augu 2010 p w -ya $74.7 ugay w cwa Bak Auaa a

ag gw Gup

2012 Goals

cu ga gw hpay ug

u uqu r-ty-Buy a wp . expau pay a a b Auaa a ak aba

Gw GGa by ug y w r-Gw-ow a wp .dpy ag ax a g a

cu a a au a a au a eag P sa ug w aag,uaab gw.

Silver che limited 2011 achievementS

0

5

10

15

20

25

30

2009

2010

2011

2008

Graph 2: Earnings Per Share (cents per share)

27.8p

29.4p

70p

29.7 p a

0

1000

2000

3000

4000

5000

6000

7000

2008

2011

2010

2009

Graph 1: Net Prot Ater Tax $000

0

30

60

90

120

150

2008

2011

2010

2009

Rental assets under management (at cost) Hospitality

Rental assets under management (at cost) GoGetta

Graph 3 : Rental Assets Under Management $million


4/80silver che limited AnnUAl rePort 20114

chairmanS report

Financial results

i 25 ya ug s c, i a pa p a a cpay a y a ya gw

a paby. n p a ax a $5.2 2009 2010 $6.7 2010 2011, up by 28.3%. twa ba gw 27.8% a u. W

g u f a pa u paybu w a gw by 17.2% $49.2 wa pauay pag GGa a uag

gw ya w GGa a u gw 91% $13.5.

t g u g u a 24.1% u aag

a u (2010: 26.4%) a ag p a gw 26.6 29.7, ug a pu aag gw ePs g 2005 20%.

A uy ak a 11 p a w b pa 30spb 2011 a, bgg u ya pay 20 p a (2010: 18 ).

Comments on the ear

t ap a ca Ggy a g yy, w ca g a ga b ya a cexu o. t ap a xu a s c

y g quay a y u p agk a pay apay xu pa yy w upp a a.

o 70% u bu aua a a

uy. W a a a b y w ya, aua a a u a up y w a f

u bugg pa y a g.t pay uy wu ag. t g aa a a ga u uy, w ufw ug u aa. t ag ag

Qua f w ga, bu u au a wa y a.

t g gw GGa a g u a xpu a w ag u w a g pa k w

ga ppuy p u uqu r-Gw-owpu a w ba.

People

i a g cpay bg g aga a aa Ga Pa Wk a bg u byBrW agaz. t uu ay gaa a g ga

uu gw a ap a a a uagb aa. ou u aa uy u ab p a ug g upp ug

u.



Risk management

r aa aa u a au a au Auaa a a, a pa a gg k aag

w a s c, wg aa w . tu w k aag pu bu pa u bw:

W uy a 11,221 a ag pa uk pa ay

75% u a Y12 a aay b

a 2011 ya, bug a g ug a

ou ag p a 1% u a

da uy : GGa

20 uy gup a gy qup

sg a ua: 95% u a a pa bu ag

maag k a : a y pa pa s c u y. la ya, y $100 a , w y $2.15 ba b.

Funding

W w a xp a g ya gw, 86% w a pua a b u a a

fw. W u a ga a u ucBA ay u bu bu a ay x Augu 2013. ou pa a pay pa

kpg u bu a u g ubaa .

Outlook

i wu k gaua ca Ggy, lap a

a a a a s c a g pa 2010/11. ou u a b a ga way ba u 25ya bu.

i b w a a g g bu ,ap a a ga py u ggua gw p a ag p a.

Aa egcaa22 Augu 2011

silver che hAs

enjoYed Another

YeAr o GroWth And

ProitABilitY.



chie executive oicerS report

Operational Overview

s c a a aay u 2011 aaya. a paa pp bu a p

w, g : w a a aqu, $ 69.5 (up 33%); ru, $ 62.9 (up 27.6%); a n pb ax, $9.7 (up 29.4%). opag a fw wa $43.4

(up 23%); n p a ax ya wa $6.7 , up28.3% pu ya $5.2 .

eag p a (ePs) wa 29.7, a a 11.6%

p ya. s c a pa g ePsgw ya ya, a 2011 u a aay ga. t a a ub a ePs

gw:

o- ag $1.015

ia ag bug bu pa aag pa gw ( b b)

t ay bug quy a ya (a pa, pa ay a u paa pa a g u ob 2009) p

a a ug ba gup.

da a:

One-o items o $1.015 million W ua Bakw ug cpay pu b ay, $ 336,000. t ay wapa u ay Augu 2010 w cpay a

w x ay cBA a ag p ua p ab Bakw ay

raua a u u aag sc a xpu, $ 376,000. t a $30 Gup b x a a x

a wap. t a a qu b au aak ak ba a pg p. Aug cpay pay p b ay b

a xp, ag w uay b upaga p

ipa pp s c baas, $303,000. t cpay g a pp a

y w b pa.

GoGettA sUccessUllY

comPleted its third,

Ull inAnciAl YeAr o

oPerAtions



Costs relating to the building o businessplatorms

nw w u a aa ug ya p

cpay aag a gw. t qu a ba aa cpaya ap a u. t aa w a

a b u a:

sy, p a it

c a aa

t a a.

i cpay wa ug gw a pa a, wu b w a pa wu b agg a g p. Baay, w a ug p

w w p b ubqu p a u

a a pa 2011 ya a ay-yp pa p.

The building o the equit base

dug Gba aa c cpay k a wa a a ug ba. wg

g u a pa ob 2009, s c aa payu a bw 60% a 70% a ax p a p a pa. Ay

a p a a b by a uwgag wby w a a pa a.

A sa equy a a p (by u

w a) a a a u eag P sa.

Natural disaster challenges

t cpay uuy aag ag p bya aua a ay aa 2011 w a

apay s c pp a y p quk,paa upp a aa cpay au. W a uy ug bu 48 u a

f Bba w w ab aa uaw a a wk ug . ts lg p ga wa ag ug

y p a p b s c uu apag, ag gw w a aa au a. ipay, ba w a

aa w cpay w p -aagpa a a y pa.

Solid nancial results

A aqu a ug ya a $69.5 $52.4 Y2010, a 33% a.

ta u a 27.6 % $62.9 puya $49.3 . Aqu hpay 18.7

% $45.4 pu $38.3 . t GGa, w p qup a ag bu , aqu gy $24.2 pu $14.2

, a a 70.6%.

n p b ax a 29.4% $9.7 $7.5 puy. n p a ax a 28.3% $6.7

pu $5.5 .

t p p pa ePs 29.7 , up 11.6% pu 26.6 . s c pu aag

gw a w 20% 2005 AsX g.



Growth and unding

i Augu 2010, cpay au a u a $74.7, -ya ug aag w cwa

Bak Auaa a ag gw agy.

t ba b ug, s c g paga fw a a apay a quy ak

(uy, uw pa), a pay apa ug gw.

ug a aw Gup pg gw agy b , hpay a GGa. ra a (a )u aag gw ug ya a b $141.2

, up $109.5 a ya a.

Business model

t uqu r-ty-Buy qup ug u b s c a a ug g.

Hospitalit

hpay s c a aga pgy. Aqu gw $45.4 $38.3 wA U maag $108.6 up $90.3 .

hpay a ga gw w xg uak a w a by xg a pa.

GoGetta

GGa uuy p , u aa ya pa. t aqu a 71% pa

w pu ya, g $24.2 .

t pa a r-ty-Buy hpay a b uuy aap GGa r-Gw-ow. nw ak w

ug ya a a a pg w. AU maag gw $19.1 $32.6 .

t u Y2012 u gw ug yg w

a pyg ag ax a ga.

Risk management

rk aag ag u u a w-aagk p. t Gup w a a 6,838u a 11,221 a aay. t ag ua u p a 1% cpay

a . o k gag a u g-a, a uy a b, wky b pay aa, ug k a a a

ba bu a a. t ga ua ak u b a u w a p a hpay a GGa ug au ag

a.

chie executive oicerS report

rent-trY-BUY continUes

to Be one o silver

ches mAjor And

endUrinG strenGths



Improved sstems

maag a p pag y ug ya aau a ga agy w upga ua

a u au a p wb. u a ga agy a bg u a gg ba.i y aw cpay p b

u a aag gg aa gwxp ya ya.

Focus areas and strategic planning

t a b a s c g uayp w w : yg a ag ,

pg pg aga p a g gwgu a xpa. A ub aa a b bu w a a u w b

qu Y2012 a a gg ba.

t cpay ug Ag sy ag pag.W a ag u a a pg pa

a w w pg pa a ggw.

Outlook

Y2011 a b a ya gw a a sc. t a k wa ug gw ugu

Y2012 a b bu . s c a ga gw ppu ug ppuy xpau pay a a , b Auaa a

aba. GGa ug gw Auaa akw xu a yg w a w b, a w au, r-Gw-ow pu g.

ca Ggyc exu o

22 Augu 2011



about Silver che limited

s c l a AsX- cpay ag g gwa g a u.

t cpay a w , hpay (s c) a

GGa, w qup ug a--u z

bu ugu Auaa.

s c l p bu u qup

ug s c r-ty-Buy a GGa r-Gw-ow uqu ug . t kp p p ap a gw bu.

s c l upp bu a ay u-bg

a, w.

ou r-ty-Buy a r-Gw-ow u a 12-a ag g fxby pua ay w a75% a ba, upga, u a 12 u

g.

25 ya u s c ba a p ua Auaa bu ug a x a wk

a 400 a Auaa w.

GGa ag ba a qup ak a uy pag 20 u a gwg apy.

cuy, a $140 w s c l

qup pg Auaa pu a a.



25th Anniversar

s c l bga 1986 w p a a

a y pzza p w. t gau s c a aab p a a

gy qup a p bu.

ta a wa bgg uqu r-ty-Buy qupag . t cpay w p ua bu ga bu a qup y w pg

a gw bu.

Our business model

s c l bu u b cpay a g.

s c a a:

suu 25-ya pag y

mak ap p w ubaa gw pa

eab bu pap a a wk

W u ba

ug bu a a

e k aag.

t cpay a a a ug a aag

pga a u u a a wk a, agx aa u u a u u. m a95% u a a a bu, ag

s c a u u.

silver che

AchievinG hiGhGroWth And stronG

shAreholder retUrns



culture

in 2011 silver che WAs AGAin

inclUded in BrW mAGAZines

Best PlAces to WorK list

Workplace culture

s c 2010 wa xy pu bu BrWagaz B Pa t Wk , a aua akg

Auaa p 50 wk pa ba a u by Ga Pa Wk iu.

i 2011 cpay aga wa u aua akg Auaa p wk pa. s c wa -gak pay a . t ug u

a a xpa wkpa cpay a pp a a.

Corporate social responsibilit

s c wa pa a a--u-z

bu a by Auaa aua a ugaa au ga upp ug u a pa ua.

W a a pu b ab u u upp oppuy iaa, a gaa a p a pg u. s c p pa

a aa upp oppuy iaa a aub u pp ak y bu oppuyiaa a upp gaa u a awa

ag .

Leadership

wg p cpay ceo a a30 ju 2010, aag u aap ap

uu w w uppg uu ag pa aga.

subqu aa ya, da W (y

aa c) wa app c aa o (co)a ha it 1 ob 2011. da k w u co a s c, pauay

ab aa aug a aag k, bw a aby w ga pyg gaagy. t u a a, u ugg co, n

Bu, a u 30 spb 2011 a wu ap w s c a uay apay au ag a.

t Ga maag makg, da Guaa, ba ha sa s c hpay, 1 juy 2011 a wp a p a ba bu pa.

s c a aa uy ap a w

hpay iuy su ix (hisi). t cpay hisi aua p, a a aa ya, aaga pay g k p. t p

a pg b a auab u aa a a uy a ppu.



Opportunit International Australia

t cpay u upp wk oppuy

iaa.oppuy iaa Auaa a -p gaa a

u a bu appa pb py. ra

a a a-u, w p pp g py w a a

a (a) p a gw w a

bu. t ab a a gua y

g a ugg a , a wa, pp

a ua .

W a 40 ya xp wkg w p,

oppuy a ag p a p ay u

a a upp . Pa gba oppuy

iaa nwk (w upp pa U sa,

U Kg, caaa, sgap, hg Kg a Gay),

w a uy pg a way u py a3.7 pp 25 pg u au w.

oppuy iaa Auaa uy u wk

u ia, ia a Ppp, g

a 2.8 pp w a a uy

p pga.

For more inormation please visit www.opportunit.org.au



operational report

HOSPITALITy AND GOGETTA

W a ga gw a b u bu

ug ya a a ab p u y upp aa uu gw.

Hospitalit Division

t pay s c l a a

g gw ya. t g ga gwug u wk 400+ qup a a gw w ag u a ag. Ya--ya

gw aqu by 19% $45.4. tgw a u Y12.

ipay, u uuy aag

ua a k ug pa ayw y 80% a w 60 ay.

i g ak, aga s c

a wa a ug aug wa u a bag a w a uawb w ug u w p w u a

sag a raua du gu a 2011hpay iuy su ix.

t pay kg wa u g

gw g ya.

Franchise

In Januar 2011, Silver Che launched a new solution

or the ranchise sector known as Silver Che FranchiseAccreditation. Franchise accreditation acknowledgesthe relativel lower level o risk associated with undingranchises b oering additional benets to bothranchisors and ranchisees.

The launch o ranchise accreditation has been verwell received b ranchisors who have acknowledgethat this solution will help combat the well publicisedrecruitment and unding challenges that this sectoraces.

Silver Che have currentl accredited numerousranchise groups rom small start-up ventures, suchas The Cupcake Baker, through to large multi-brandranchisors.

The ranchise sector will provide Silver Che with someexciting opportunities this ear and into the uture.


15/80

GoGetta Division

GGa uuy p , u aa ya pa.

W s c a a b pay, cpaya g a w ppuy x ba -pay ak ug a r-ty-Buy . A a u

a w w a w ba a b a a au Ap 2008, GGa r-Gw-ow.

t ya a a bug u.

t agy GGa u qup w

bu, qup w ga a gay a u w a a pa w abug a a . i u qup,

wp, w pu p bu. W g ak ug u a bk a ugwkg y ug .

ou u ky u r-Gw-ow a wg aa:

typay a a 15 py

i abu/ugy wa u aay

ha bu a uu aa

vau fxby r-Gw-ow

i w qup

i kg a a gag ag a.

exap a w GGa uu u:a a, uk, u qup, baky, ,

auaug, uy qup a a qup.

Building business platorms

A pa u gw agy, cpay a bu pa u u gw u a uaab

way.

W a w y, p a it a pu a aa a a a.

t u u bu pa w pb uu p.

Industr leadership

A a a pay , s c a ak a a

pg u u ak bu abu ppu aaab a b way ax .

W pub w pa puba u fagp aa x

p hpay iuy su ix (hisi) p a ubg gu ppua ag du , saga raua du.

B puba p u u a pau w uu a aua a abu pay.

ou hisi p a a-ba p w u u xaa u y a bu u pay. uaa u pa wkg apa,

pua , a g pu a g qup.

silver che limited AnnUAl rePort 2011 15

We Achieved siGniicAnt

GroWth Across BothoUr BUsiness divisions

dUrinG the YeAr



board o directorS

Allan English

Age 56

Non-executive Chairman

t u s cl. ha a xxp pay a

a uy w 30 ya qup a, a a . A

s c l 2005.h wa maagg d 1986 ju 2010 a

w wa app n-xu caa. Aa a a p

a a a a Kaua

hp Py l a egay ua.

Andrew Kemp

Age 59

B.Comm, CA

App a d acaa buay 2005 ag a caa 30 ju

2010. ha hugGup Py l, a Bba-ba pa ay

pay. ha xp a aug w KPmGa lw, a

bakg a pa ay w Aic (a aa AnZ Bakg Gup) a

1987 w hug Gup.

h uy a wg AsX pa:

ta equy l (caa,app ma 2005), PtBGup l (app

Augu 2006) a G8 eual (app ma2011). mb Au a

rk maag ca uy a p. y a

euka Gup hg l(puy a scv Gupl), app ma 2004,

g 11 buay 2011.

Bede King

Age 55

FFINSIA

App a d ma2005. B Kg pa a tb Kg la,

s & na. h aw aa siu Auaa, a

a - pa aa b au pa ppy,

gag a quy u. h naa caa YhA Auaa, ag up

a p 10 ya.

mb Au a rkmaag c a

uy a p .

Don Mackenzie

Age 66

FCA

Chairman o Audit and RiskManagement Committee,Alternate Director, CompanySecretary

App caa Au a rk maagc ma 2005,

a aa d sc l ob 2005a cpay say

nb 2010. d aca Aua a a p w pub

pa uaa auaug u.i 1993 bga pg

pa pay pub pa auaug, ua, g a

a gy .h uy a Pa Gup l

(app ma 2004) awa a oupaa &ma ia l

nb 2004 ma 2010.



current leaderShip team

Charles Gregor

Age 39

B. Comm, MBA

Chie Executive Ofcerca pb pa s c l apg a pg ag a cpay.

h s c l juy 2008 a wa p ceo juy 2010. ca bg x a a xp s c l ag uuy a ub

a g c l, ug: co g c suAa, co g c cpa d Gba, Gamaag Ga ca a Ga maag nwk dp.

i a Gm nwk p wa pb apay p 60 u.

Neil Burton

Age 52

CPA, ACISChie Financial Ofcer

n a b c aa o buay 2007. e1 ob, 2011, w ak a w , wkg a uayapay a w ag a.

David Wilson

Age 42

CPAChie Financial Ofcer designate (with eect rom 1 October 2011)

da a p aa c a s c 2008. h a b cPA Auaa a a p pa a G w pa 9 ya. s

app a s c, da a b pb pa a ta a y, a au it maag w a pa pg, a w

g, s c ga agy.

Damien Guivarra

Age 37

National Sales Manager Hospitality and General Manager

Repatriation and Distribution

da app wa juy 1 2011.

h pg a pg a ba bu pa hpay . A s c 2005, da wa puyu Ga maag makg.

Kelvin Marks

Age 41

National Sales Manager GoGetta

P u app, K rga sa maagp w b s c & GGa equp ug pa x ya. i 2009/2010, a GGa Qua rga

sa maag, K a g a bug s c 24-ya y. K pb gw a GGa . P g s

c, K a a x a a aag xpw a qup a u ak.

Mike DeGruter

Age 52

Formerly National Sales Manager GoGetta

A s c l 2005, mk wa pb gw a ag GGa .

Slvia Po-Ching

Age 35

General Manager People

A s c 1999, sya pb ua ua u .

Kerrie Walker

Age 36

General Manager Marketing and Distribution

App Augu 2011, K a akg

tABcorP, t day ma Gup a ta. s bg a ag xp ga a aa ak au a bu g.



perormance at a glance

year ended

30 Jun 11

$000

year ended

30 Jun 10

$000

year ended

30 Jun 09

$000

year ended

30 Jun 08

$000

Hospitality rental income 49,244 42,018 32,934 29,090

GoGetta rental income 13,485 7,061 1,959 65

Total rental income 62,729 49,079 34,893 29,155

Total revenue 62,929 49,352 35,221 30,659

Depreciation expense (26,404) (21,421) (15,980) (13,365)

Expenses rom ordinary activities (22,303) (16,872) (11,891) (9,691)

Borrowing costs (4,204) (2,994) (3,097) (3,699)

Change in air value o property (303) (560) (322) (111)

Prot rom ordinary activities beore income tax expense 9,715 7,505 3,931 3,794

Income tax expense (3,024) (2,289) (339) (1,160)

Net prot rom ordinary activities ater income tax expense 6,691 5,216 3,592 2,634

Selected Financial Items

Net cash fows rom operating activities 43,476 35,251 20,545 17,604

Cash assets 1,523 1,446 504 2,526

Rental assets under management (at cost) Hospitality 108,617 90,369 76,629 61,926

Rental assets under management (at cost) GoGetta 32,646 19,075 7,867 1,247

Total assets 106,672 85,849 69,882 53,555

Interest bearing liabilities-current (1,777) (78) (15) (2,204)

Interest bearing liabilities-non current (50,062) (42,716) (42,076) (26,757)

Net assets 31,111 24,410 14,941 13,213



directorS report

For the ear ended 30 June 2011

t p p g w aa p s c l ( cpay) a a y, bg cpay a , ya 30 ju 2011 a au p .

Directorst cpay a ay ug aa ya a a pag 16 aua p.

Attendance at meetings o the Board and Board Committee

Attendance b each member during the ear Ba mgAudit and Risk

Management Committee

Director A B A B

Aa eg 13 13

Aw Kp 13 13 4 4

B Kg 13 13 4 4

Independent Chairman, Alternate Director

d makz 4 4

A nub g a B nub g ug b ug ya

Objectives

t a y b a :

maa gw pay a bu a ba ba a a gw a w r-Gw-ow puug GGa ba;

cu bu p aag a aag gw; a

ea g u a a a u ag a ag p a.

Operating and nancial review

t ppa ay Gup g qup a. t a b ag au a ya.

A w pa a y ug aa ya a ga ag a aa ay a w:

ra a $49.1 2009 10 $62.7 2010 11.

n p a ax a $5.2 2009 10 $6.7 2010 11.

t c exu o p a a a pa w.

Impact o legislation and other external requirements

t w ag ga qu ug ya a a gay pa u pa a y.

Signicant changes in the state o aairs

t a b ga ag a aa cpay ug ya.

Dividends

d pa a by cpay b pu ya w:

Type Cents per share Total amount $ Date o payment

Declared and paid during the year

a 2010 10.0 2,177,495 30 spb 2010

i 2011 9.0 2,030,078 31 ma 2011

4,207,573

Dividend declared ater year-end 11.0 2,547,362 30 spb 2011

A ak pa a by cpay pu aa ya w ak a 30%.



Events subsequent to reporting date

Properties

subqu 30 ju 2011 ppy wa a b $370,000 (ayg au $ 350,000).

Dividends

subqu 30 ju 2011, a 11 p a, 100% uy ak wa a by d 22 Augu 2011. t a b p 30 ju 2011 aa p.

Likel developments

t uk cpay pg, bu ub k pag a a uy.

Directors interests

t a a a a p u u u by cpay a by

Auaa su exag aa w 205G (1) cpa A 2001, a a p :

Name Ordinary shares

Allan English (Note 1)

taa Py l 8,143,955

eg ay ua Py l 1,000,000

taa Py l < taa supaua u > 243,461

taa Py l < taa supaua u > 243,461

9,387,416

Andrew Kemp (Note 2)

hug Gup Py l 107,403

hug Gup Py l 442,328

hug i s Py l 260,309

ma (Au) Py l 5,654

A P & A Kp 62,300

877,994

Bede King (Note 3)

B Kg & hj Kg 57,681

Don Mackenzie (Note 4)

rby Py l 23,188

n 1 Aa eg a ba a g a taa Py l a taa Py l a

pw g a pa a a.

n 2 Aw Kp a ba a g a hug Gup Py l, hug i s Py l,hug Gup Py l a a ma (Au) Py l.

n 3 B Kg a ba a g a B Kg & hj Kg .

n 4 d makz a ba a g a rby Py l .

Share options

Options granted b Silver Che Limited to directors and ocers o the Compan.

dug aa ya, p ay a w ga by cpay.

Unissued ordinar shares under options issued b Silver Che Limited

Expiry date Exercise price Number o shares

31 db 2011 $1.26 25,000

30 ju 2012 $1.41 25,000

30 ju 2013 $1.66 50,000

30 ju 2014 $1.96 50,000

A p xp a xpy a a py.

t p papa ay a u cpay ay by pa.

directorS report



Remuneration Report (Audited) 30 June 2011

t ua p u d a xu ua aag cpay a Gup aa w

qu cpa A 2001 a gua.

Ky aag p a auy a pby pag, g a g a Gup, ug

cpay a xu. Ky aag p p a xu Gup ug gy ua Gup xu.

Details o ke management personnel

Ke management personnel emoluments

rua ky aag p Gup a py aa a a apppay qua a

xp a xu. t Ba ba p a apppa ua pakag Gupg py ak, a b Gup ua agy.

t ua uu xpa bw a g aa uaby qua aa, wa a agb, a a ba u a au a. t ua uu ak au:

apaby a xp ky aag p

ky aag p aby a pa

Gup pa ug:

Gup p b ax

gw ag p a.

rua pakag u a x x a aab ua, a - a g- pa-ba .

Fixed remuneration

x ua ba ua (w aua a a ba a u ay Bt ag a pyb ug ), a w a py bu upaua u.

rua a w auay by Ba ug a p a ua, g a a pa Gup. i a, xa ua p aay a a u a xu ua p

ak pa. A xu ua a w p.

Perormance-linked remuneration

Pa k ua u b - a g- , a g wa xu g xg aa a pa b. t - (sti) a a k bu p a, w g- (lti) a p a.

Short-term incentive bonusea ya ky pa a (KPi) a xu. t KPi gay u au ag Gup,

a g, a ua a u aa, pp, u, agy a k au.

t au a a y y ag ua wa KPi Gup a agy a pa.

t aa pa b a p b ax pa bug au. t -aa b ay w p a

pby a u au u a ag ag u, ay a a pa, u aa aa p.

Long-term incentive

t ba gw ag p a (ePs). xu ba b , ag pa gw u x 10% p au. Pa ay b a payab a ya a g bak a au w

baa bg a a pa ba pu gw ePs a u ya p. t bu a p bw

u a 10% p au a a axu 21% ePs gw.

(i) Directors

Aa eg (n-xu aa)

Aw Kp (n-xu)B Kg (n-xu)

(ii) Alternate Director and Compan Secretar

d makz (n-xu)

(iii) Executives

ca Ggy c exu o

n Bu c aa oj Qu naa sa maag hpaymk dGuy naa sa maag GGa

da Guaa Ga maag makg a dbusya P-cg Ga maag Pp

directorS report



Remuneration Report (Audited) (30 June 2011) (continued)

Short-term and long-term incentive structure

t Ba a ab pa-k ua uu gag u. t gw p a ag p a a ya p. i u ya Gup x ag, w a gg bug u.

Service agreements

Management agreement Tessana Pty Ltd

p 30 ju 2010, p aag cpay by Aa eg wa p u a ag wtaa Py l (a y w Aa eg a a ba ) bu a wa a up a amaagg d. o app Aa eg a caa 1 juy 2010, Ba ag a w ag w

taa Py l p a n-xu caa a x $60,000 p au bu wa a $80,000 1 jauay 2011.

Employment Contract Chie Executive Ofcer

ca Ggy, w wa app c exu o 1 juy 2010, a a py w cpay a a w ppa ug ua pg a x aua aay $175,000, u ay bga u upaua guaa ga; ub aua w, a uy aa a a a a bu qua 100 % x aua aay au. t bu p u a p pa au by Ba

ky pa a ug u aa, a a p a, p aag a a aag ag. i a , a gg a Ba, a a a p w.

Senior executives

s xu a ag w a apab a w . i a ga,py a auy aua a a g a, appab.

Non-executive directors

ta ua n-xu a b a $250,000, w wa app a Aua Ga mg 18nb 2010.

d a Ba a ug aa a g Ba. pa caa Au ark maag c a pa cpay say a ba a uy a a a.

Remuneration o ke management personnel

da au a au a a ua a cpay a a gy

ua a a w:

directorS report

Short Term Long TermPost

Emplo-ment

ShareBased

Paments

Salar &

Fees

$

Non-

Monetar

$

STI

cashbonus

$

Long

ServiceLeave

$

LTI

cashbonus

$

Super

annuation

$

Value o

Options(2)

$

Total

$

Proportion

oremunerationperormance

related

S300A Value

o options asproportion oremuneration

%

Directors Non executive

Aa eg () () 2011 69,998 - - - - - - 69,998 - -

() 2010 184,673 - 121,416 - - - - 306,088 40% -

Aw Kp () 2011 37,500 - - - - - - 37,500 - -

() 2010 35,000 - - - - - - 35,000 - -

B Kg () 2011 36,480 - - - - - - 36,480 - -

() 2010 33,000 - - - - - - 33,000 - -

Alternate Director (non-executive)

d makz () 2011 63,156 - - - - - - 63,156 - -2010 18,360 - - - - - - 18,360 - -

ta

ua

2011 207,134 - - - - - - 207,134

2010 271,033 - 121,416 - - - - 392,448




Short Term Long TermPost

Emplo-ment

ShareBased

Paments

Salar &Fees

$

Non-Monetar

$

STIcashbonus

$

LongServiceLeave

$

LTIcashbonus

$

Superannuation

$

Value oOptions(2)

$

Total

$

Proportionoremunerationperormance

related

S300A Valueo options asproportion oremuneration

%

Senior Executives

ca Ggy () 2011 166,461 38,552 162,406 - 28,000 29,597 365 425,381 45% 0.08%

2010 137,614 20,203 99,390 - - 21,331 1,165 279,703 36% 0.41%

n Bu 2011 118,093 - 80,194 - 13,600 17,846 - 229,733 41% -

2010 110,090 - 78,918 - - 17,011 - 206,019 38% -

j Qu 2011 74,278 14,338 69,348 2,259 13,600 12,926 - 186,749 44% -

2010 68,805 12,307 88,234 2,294 - 14,133 - 185,773 47% -

mk dGuy 2011 94,010 - 74,508 2,259 13,600 13,391 - 197,768 45% -

2010 87,807 - 76,802 12,041 - 13,105 - 189,755 40% -

da Guaa 2011 84,164 - 77,266 14,521 13,600 14,529 - 204,080 45% -

2010 77,874 - 88,715 - - 14,992 274 181,855 49% 0.15%

sya P-cg 2011 84,163 - 87,860 2,545 13,600 15,482 - 203,650 50% -

2010 79,487 - 33,811 15,670 - 10,196 190 139,354 24% 0.14%

ta xu

ua

2011 621,169 52,890 551,582 21,584 96,000 103,771 365 1,447,361

2010 561,677 32,510 465,870 30,005 - 90,768 1,629 1,182,459

ta ua2011 828,303 52,890 551,582 21,584 96,000 103,771 365 1,654,495

2010 832,710 32,510 587,286 30,005 - 90,768 1,629 1,574,908

() au pa a .

() Aa eg wa app caa 1 juy 2010.

t a au p aua a a ga ug a Bak s a aa a pg p y p ga a g a. t au p a au p aa pg p. i

aug p ak a b ak au AsX g. a au p ga a pa uaa y a.

Equit instruments

A p p ay a s c l, w a xab a -- ba u epy sa

op Pa. t p w y w p a a py Gup. t Gup pb a a ga a-ba pay a pa ua g aag a xpu a wu u a p a.

directorS report




Options and rights over equit instruments holdings

t ug pg p ub p ay a s c l , y, y

bay, by a a xu, ug pay-a , a a w:

2011 Held at 1Jul 2010

Granted asremuneration

Exercised Held at 30June 2011

Vested at30 June

2011

Vested &Exercisable at30 June 2011

Vested & Un-exercisableat 30 June

2011

Directors

Aa eg - - - - - -

Aw Kp - - - - - -

B Kg - - - - - -

Alternate Director

d makz - - - - - -

Senior executives

ca Ggy 150,000 - 150,000 150,000 150,000 -n Bu - - - - - -

j Qu - - - - - -

mk dGuy - - - - - -

da Guaa 20,000 - (20,000)* - - - -

sya P-cg 10,000 - (10,000)* - - - -

180,000 - (30,000) 150,000 150,000 150,000 -

* op w x a a au $1.96 p p

2010 Held at 1Jul 2009

Granted asremuneration

Exercised Held at 30June 2010

Vested at30 June

2010

Vested &Exercisable at30 June 2010

Vested & Un-exercisable at30 June 2010

Directors

Aa eg - - - - - -

Aw Kp - - - - - -

B Kg - - - - - -

Alternate Director

d makz - - - - - -

Senior executives

ca Ggy 150,000 - 150,000 100,000 100,000 50,000

n Bu - - - - - -

j Qu - - - - - -

mk dGuy - - - - - -

da Guaa 20,000 - - 20,000 20,000 -

sya P-cg 10,000 - 10,000 10,000 10,000 -

180,000 - 160,000 130,000 130,000 50,000

Options and rights over equit instruments holdings

t p ga xu a au xpa a a x p, a w a u uap.

s aa ya, a p a b ga ay s exu.

u a, ug ga a x a gag p ga py u epy sa op Pa a n33.

directorS report




Consequences o perormance on shareholder wealth

i g Gup pa a b a wa, Ba a ga wg aa p u

aa ya a pu 4 aa ya.

2011 2010 2009 2008 2007

n p abuab quy $000 6,691 5,216 3,592 2,634 1,676

ePs ( p a) 29.7 26.6 22.5 17.5 12.2

d pa $000 4,207 3,295 1,779 1,690 1,407

cg a p a ya $3.46 $2.27 $0.95 $1.11 $1.58

n p a aa pa ag g .

t a ky aag p pa w b ag 2011 aa ya aa pa Gup.

e rua rp

Indemnication and insurance o ocers

t cpay a ag y wg u cpay, Aa eg, Aw Kp, a B Kg, caa Au a rk maag c, Aa d a cpay say d makz a xu

ca Ggy, n Bu, mk dGuy, j Qu, da Guaa a sya P-cg aga a ab a p (a cpay a a by pa) a ay a p a d a o cpay a , xp w aby a u u g a ak g a. t ag pua a cpay w

u au ay u ab, ug a xp.

Insurance premiums

s pu aa ya, cpay a pa ua pu $10,092 p d a o aby

a ga xp ua a, u a d a o, ug xu cpay a d . t ua p u ab a a pu pa p ua o

cpay.

t ua pu a :

c a xp u by a o g pg, w a a wa u; a

o ab a ay a p, w xp u g wu ba uy pp u a p ga a pa aaag.

Non audit services

dug ya KPmG, cpay au, a p a auy u. i pu ya PKa p w a a bw.

i 2010 t Ba a Au & rk maag c wa a a p wa pab w a p, au p qu cpa A 2001 wg a:

t -au p u ga pp ag au p a u APes 110 c e Pa Aua, a y wg aug au w wk, ag a aag akg apay cpay, ag a a aa cpay y ag k a wa.

Consolidated

June 11 ju 10

$ $

t wg au w pa by cpay -au p ug ya

KPMG - -

PKF

du g p a u ob 2009 - 6,920

directorS report



Auditors Independence Declaration

A py au p aa a qu u s 307c cpa A u pag 75.

Roundingt gup a y a k Asic ca o 98/100 10 juy 1998, a aa w a ca o, au aa p a d rp a u a ua a, u w a.

sg aa w a u d

Allan English

d

Bba

22 Augu 2011

directorS report



s c l ( cpay) a Ba d ( Ba) a ag a ag g aa pa ga. t Ba 2 Auaa su exag (AsX) cpa Ga cu

cpa Ga Pp a ra (AsX Pp) u Augu 2007, ug 2010 a.

t cpay cpa Ga ca aaab cpay wb www...au

t ab bw ua w cpay p w AsX Pp, a wy .

Principle

NumberBest practice recommendations

Compliance

(yes/No)Comments

1.0 La solid oundations or management and oversight

1.1 eab u Ba a ga xu a u.

Y

1.2 d p auag pa xu. Y

1.3 P a a g p 1 Y

2.0 Structure the Board to add value

2.1 A ay Ba u b p . Y

2.2 t ca p u b a p . n s 12.3 t ca a c exu o a u b x by

a ua.Y

2.4 t Ba u ab a a . n s 2

2.5 d p auag pa Ba, a uad.

Y

2.6 P a a g p 2. Y

3.0 Promote ethical and responsible decision making

3.1 eab a u a a uay a :

t pa ay aa cpay gy Y

t pa ay ak au ga bga a aabxpa ak; a

Y

t pby a auaby ua pg a gag p

ua pa.

Y

3.2 eab a py g y a py a uay a py.t py u u qu Ba a auab b ag g y Ba a auay b b a pg

ag .

Y

3.3 d a aua p auab b ag g y by Ba aa w y py a pg wa ag .

Y

3.4 d a aua p pp w py w gaza,

w xu p a w Ba.

Y

3.5 P a a Gu pg Pp 3 Y

4.0 Saeguard integrit in nancial reporting

4.1 t Ba u ab a au . Y4.2 suu au a :

c y -xu d Y

c a ay p d Y

i a by a p a, w a Ba; a s 3

ha a a b Y

4.3 t au u a a a a. Y

4.4 P a a g p 4. Y

5.0 Make timel and balance disclosure Y

5.1 eab w p g u pa w AsX lg ru uqu a u auaby a a xu a pa a

p a uay p.

Y

5.2 P a a g p 5. Y

corporate governance Statement



Principle

NumberBest practice recommendations

Compliance

(yes/No)Comments

6.0 Respect the rights o shareholders

6.1 dg a ua py pg ua w a a

uag papa a ga g a py.

Y

6.2 P a a g p 6. Y

7.0 Recognise and manage risk

7.1 eab p g a aag aa bu k a auay p.

Y

7.2 Ba aag g a p k aag a a y aag cpay aa bu k a p w

k a bg aag y. t Ba u a aag ap a cpay aag aa buk.

Y

7.3 t Ba u w a aua c exu oa c aa o a aa p u 295A cpaA u a u y k aag a a a a y

pag y a aa p a aa pg k.

Y

7.4 P a a g p 7. Y

8.0 Remunerate airl and responsibl

8.1 eab a ua n s 4

8.2 t u b uu a :

c a ay p d;

i a by a p a

ha a a b

8.3 P a a g p 8.

Departures rom ASX Principles

Note Details

1 s c py w AsX Pp a a a p w a p . Aa eg a b

ga a p by u ag . u, a u z Ba ub a, sc w b uab py w a. nwag ua, a a b a cpay AsX 2005, Ba a aag pa f ag ag w

Aa eg a a ba .

2 s c, u z Ba, a ab a a bu u Ba a w a aa a c a.

3 s c, u z Ba, a a Arm c a p qu ub -

xu p . t pau AsX Pp, a p b (w a aaa d cpay) a b app a caa Arm c.

4 s c, u z Ba, a ab a ua bu a w a a wu b u a by u Ba.

Principle 1: La solid oundations or management and oversight

t d a pb a pg a aagg pa cpay b a g. t u a a a ky ak a u cpay ppy aag. t

u, pw a pb Ba a g by cpa A a ga aw.

t Ba a ab u Ba a ga xu a u u au cpa Ga ca w a b u cpay wb.

t cpay cu p a ub a b a a a uy a Ba a aa .

s c cu a a a a Aua Ga mg a ay w a

ya a , u . i 2011, y u ya .




Principle 2: Structure the Board to add value

Board o directors

Roles and responsibilities

t Ba ca u a pb Ba. Ky pb uay u: g s c ag ;

auag Ba pa a g Ba z a p;

appg a g ua, ua a app ceo;

auag pa ceo;

abg ga aag a g a ga;

wg a appg Gup Bu Pa;

appg a ga bu aa ug aqu, .

g bu k xpu a k aag y;

appg a g aa a xa pg;

appg ag Gup apa uu;

pg a; a pg a u.

Delegated authorit

t cu a Ba ca ab Ba ga pb c a aag.

t a pb ga Ba c a apu ca a ab w a

u y Au & rk maag c.

t Ba a a ga ceo, a ug ceo xu, pby ay ay aag bu a u:

agy pg pa ag a akg a ga pa ag a

aag app aag, g app, auag pa a

aag u pa aag aa pa pg aua bug a aagg ay ay pa w bug

k aag aag k aag awk

uu u kpg Ba uy abu aa p ab cpay kp ak

pa pby aagg ay ay pa aa w aa a, a a a pa.

Skills and independence (including selection)

t Ba ak au, a app pp Ba b, a p a ak u a a ag

aa a pa a y a / a aa.

tg, Ba b a a ba ag a aa a k a kwg b w x xpay gu s c bu. t Ba a a , a a a paab g z cpay, a Ba pg

b w bakgu. da k a kwg a u 2011 d rp.

t Ba a p app a a a auay. ea p a aua aa a p. d a p y a p aag a ay bu ap a u aay w, aaby b p aay w, x u a p

ug.

A a aua p Aw Kp a B Kg, w a b n-xu , a b pwa Aa eg (u a y maagg d 30 ju 2010) w ba n-xu caa w 1 juy

2010 ga a bg p ag ra.

Chie Executive Ocer

t ceo ca Ggy a a pby pa Ba ag pa a paa aag

cpay a p Ba a y Ba g a a qu.

t ceo aua pa xu a gua ba u cpay ag ag a .




Gender diversit

A g y py a a b ap a u a a paa py g w cpa Ga ca cpay wb. t Ba uy g uab y ag wk wa ag ga y a cpay

a a wk a Ba. t b w b ap by Ba a w b a by Ba a auaba.

daa w a pp w py cpay a w xu p a bw.

Gender representation 30 June 2011 30 June 2010

a % ma % a % ma %

Ba pa - 100% - 100%

Ky aag p pa 17% 83% 17% 83%

Gup pa 57% 43% 56% 44%

Board meetings

mg a ay y bu w ub a ay ya, w g pap bg ua p g.mu g a ua w ay Ba g.

t cpay -xu y a bu aab xp. t a

py aa a a apppay qua a xp .

t aaab -xu a b a a axu $250,000 p au.

Education

o app, a a u pga apppa xp aa w bu, agy a

ay u u b Ba. t cpay a p ug ua.

Access to inormation and advice

W p appa caa, w ay b uaaby w ay, a a g k p

ga a pa a g ay ap cpay pa uakg u u a

pb a . Ay u a b b by cpay.

Compan Secretar

t Ba app, a a a cpay say w auab Ba a ug caa,

Ba a ga a.

Committees

Composition and independence

t Ba pw ab Ba upp ay u u y a w paa, w pBa b. i p Au & rk maag c (Arm c), Ba a app a p u

u Ba w p, a w a a xp, a caa.

du z Ba, a a a ua a u Ba au u u .

Perormance

Board, Committees and individual Directors

A Ba p a pu u a a by Ba w u a a xg Arm c. t pa ua d w a a a ya by caa aga a ag a.

Management

t ceo pb auag aag a aua ak pa auay. u a ua py a u ua p a d p.




Principal 3: Promote ethical and responsible decision making

Code o conduct and principles or doing business

t Ba uag g aa a u by a a py gup a a ap a c ea u pp a aa w w a Gup a py a xp py pa

p u a w u:

py w aw;

a y a w gy;

u ppuy ua a w u ya f ;

u pby a auaby ua pg a gag p ua pa;

u s c a pby a b s c a; a

b pb a auab a.

P pg ua pa a ga bga a a cpay sa cpa Ga ca.

Emploment Practices

t cpay w py b aaab a, b a a a, a bakgu, w k qu ay u

a w u a y b a ap a a cpay.

t cpay w u a a wk pa a aa pp upaa a a ay pa ua w au cpay bu a a.

Trading in Silver Che shares

d ag a w d rp a pag 11.

U cpay su tag Py (aaab s c ) a py (ug d) ay y buy a s c a aa w Py w pay a a s c py a pb buyg a g

s c a a ay y a awa ay p a a a b a pub.

A s c a ag by a AsX w qu .

s c w uaab a pb bu pa a pa bu a a a au b w

qu ug bu a pb, uwy a a a. s c apay a a ag,ag py a u pby a ag k w uy a p pa a pa auapg bga.

Principle 4: Saeguard integrit in nancial reporting

t cpay c appa aa pg f pp:

a aa p p a u a a w

a aug a p a a a py w appab aug aa a p; a

a xa au p a uy

Audit & Risk Management Committee (ARM Committee)

t Ba ga g pby k aag Arm c.t pup Arm a ab a aa a awk a a apppa aaa aag s c. t Arm c pa w pay b a Ba ug Ba pb ag aug, pg a aa k aag pa cpay.

t p a u by AsX Pp a a Arm c p a a , a w a-xu , a a ay w a p. hw, u z s c Ba, aa y b p. i apa a py w b w w Ba ub a.

i ua, bu g pa ga, Ba a ag a u u a py w,d makz, a ca Aua a xp pay , w a a p b a caa Armc. t b cpay Arm c a Aw Kp a B Kg.




i ug b, Arm c a a u a ya. t a u a pb u:

a awk ug aag a y;

ag pa k pa w a ;

aag p uppg xa pg;

w aa a a aa a bu xay;

w xa au u;

w pa a p xa au;

w xa au u u pp a a by aag, w apppa, a ay y bakw ;

w a p a au u;

ag aquay xa pg a; a

g pa w cpay .

g pu u pa w cpa A 2001, AsX lg ru a a guay

qu.

Ag ay a uag w au, Auaa tax o, AsX a gua.

Operating and reporting

mg Arm c a quay w w g bg u aa pg w aua a a ya

aa pg a w g a a a ag k aag.

t ceo a co a Arm c g a x- apay, a xa au a a a g. Ad c pap a a a g.

P gg Gup aua aa a ya 30 ju 2011, s c ceo a c aa o p wg Arm c a:

a g aa w AsX Pp ra b pa a 7.2 a 7.3 a s 295

cpa A 2001 u a u y k aag a a pa a w p p ap by Ba; a

pay k aag a a pa a awk pag y a y a aak.

External auditor

t xa au p a p p a s c aa p a u a a, a py wappab gua.

KPmG a au s c a w app by a a Aua Ga mg 2010.

t Arm qu xa au a a pg p a y a aa p a ap w p aa qu by Auaa gua a pa b.

Principle 5: Make timel and balanced disclosure

s c a pa u pu u a u a p a w qua, y, baa a

agu a.t cpay say auab pa w AsX lg ru a ceo a c aa o a pb

g cpay a g uu u py a w ay ug u bga w cpay say a Ba.

Principle 6: Respect the rights o shareholders

t Gup uag ua w a a ak a p, gua a y a a ak au a ak pa a u Gup. A ua py uybg p a w b aaab cpay wb w p.

ma py a ua w u:

gua a ua u a a yay p, a u aa p;

aa u pa a cpay Aua Ga mg (AGm);

a a ua ug s c wb; a

ug Ba Py l (y rg l, Gup a gy p.

sa a uag a a ay papa s c Aua Ga mg, a a p n

mg, a a pu wa qu a y wu k a a a mg.




Principle 7: Recognise and manage risk

t p a abu Gup xpu a ab k, b, p a p aug a

aagg k, a aag apa. u quaa u a u ugu a aa a

Risk management approacht appa ag k by yg a aagg k a a u bu. t appa ab k b baaaga apppa wa a f u au, b a ag. W a ab p g a aag u aa bu k. A uay py aaab cpay wb.

Risk Management ramework

t Ba d a a pby ab a g k aag awk. t Ba a

ab Au a rk maag c, w pb pg a g k aag p a p guay Ba d a.

rk aag p a ab y a aay k a by Gup, apppa k a , a

k a a . rk aag p a y a w guay f ag ak a Gup a. t Gup, ug ag a aag aa a pu, a p a p au w a py ua a bga.

t Au a rk maag c w aag pa w Gup k aag p apu a w aquay k aag awk a k a by Gup.

rpby a k aag ga apppa aag w Gup w c exu

o a c aa o ag ua pby Ba Gup k aag a a a.Aag pu pa by Ba k aag u:

gua pg Ba p pa a aa p Gup;

p by caa Arm c a ua Ba u a g by Arm c;

pa a Ba ugu ya by apppa b Gup aag a (a/ pa, w ay) au paua k a a au w a pa a b ap

aag ga k; a

ay ay qu a paa a p au b uak by aag

t Gup ppa aa u p ab, payab, bak a, a a, a a p.

Trade and other receivables

t Gup xpu k fu ay by ua aa a u. hw, aag a gap Gup u ba a a ap a py u w a w u aay uay

w. t Gup w u xa ag, w aaab, a a bak .

t Gup a ab a awa pa a p a u p a a ab a . t a p awa a a p p a a uay gaxpu.

Liquidit risk

lquy k k a Gup w u uy g bga aa w aa ab a a byg a a aa a. t Gup appa aagg quy u, a a a pb, a w away a

u quy ab a a w y a u, u b a a , wu ug uapab kg aag Gup pua.

i a, Gup aa w a a 21.

Market Risk

mak k k a ag ak p u a a w a Gup au g aau. t b ak k aag aag a ak k xpu w apab paa, w

pg u

t Gup ap a py ug a appxay 50 p xpu ag a bwg a x aba. t a by g x a wap.




Operational risk

opaa k k ag a w ay au aa w Gup p, p,

gy a auu, a xa a a , ak a quy k u a ag ga aguay qu a gay ap aa pa bau. opaa k a a Gup pa.

t Gup b aag paa k a baa aa aa a aag Gup puaw a a a pu a a a ay.

t pay pby p a pa a paa k ag aagw a . t pby upp by p a Gup aa aag paa k

wg aa:

qu apppa gga u, ug p aua aa

qu a a g aa

pa w guay a ga qu

ua a pu

qu p a paa k a, a aquay a pu a k

qu pg paa a pp a a p gy pa

ag a pa p

a a bu aa

k ga, ug ua w .

Capital management

t Ba py aa a g apa ba (w u a ay a) a aa , a ak a ua uu p bu. t Ba d u apa, w Gup a pag a a quy. t Ba d a ay

a.

Compliance riskt k ag py w u bga u aw a au a aa.

Principle 8: Remunerate airl and responsibl

t Ba, u z, a a ua , bu u Ba uak u a ua ua p aag a -xu a g cpay a apa a ua pa.

t Ba pb u u a ua by g

t cpay p ag d a s exu ua a u ua p.

Non-executive directors

n xu a pa a x a ay bu p. t aggga ab b pa dwa a a 2010 aua ga g $250,000.




Contents

Page

ca a p 36

ca a ag quy 37

ca a aa p 38

ca a a fw 39

Note

1 rpg y 40

2 Ba ppaa 40

3 c 41

4 sga aug p 41

5 da a au 45

6 aa k aag 46

7 ru 48

8 exp 489 i u p 48

10 Au ua 49

11 i ax 49

12 eag p a 51

13 opag g 51

14 Pa y a 53

15 ta a ab 54

16 o a 56

17 Pp 56

18 Ppy, pa a qup 57

19 iagb 58

20 ta a payab 58

21 la a bwg 58

22 tax a a ab 59

23 epy b 59

24 sa apa 60

25 d 60

26 aa a apa k aag 61

27 c 64

28 cg ab 65

29 c 6530 n a a fw 65

31 Ky aag p 66

32 o a pa 68

33 epy a p pa 69

34 e ubqu baa a 69

35 d guaa 69

d daa 72

ip Au rp b s c l 73

Au ip daa 75

AsX Aa ia 76

inancial StatementS



Consolidated statement o comprehensive income

Ya 30 ju 2011

Note

June 11$000s

r-a *

ju 10$000

ru 7 62,929 49,352

exp ay a 8 (45,911) (36,165)

a 9 (4,204) (2,994)

cag a au a aa u (376) (21)

cag a au pp 9 (303) (560)

l a pa a qup 9 (2,416) (2,041)

l a pp 9 (4) (66)

P b ax 9,715 7,505

i ax xp 11 (a) (3,024) (2,289)

Prot or the ear 6,691 5,216

o p - -

Total comprehensive income or the ear 6,691 5,216

Dividend per share 25 19.0 18.0

Earnings per share

Ba ag p a 12 29.7 26.6

du ag p a 12 29.6 26.6

* 3

t s s s s j w s.

SILVER CHEF LIMITED



Consolidated statement o changes in equit

Ya 30 ju 2011

Consolidated

2011 Share Capital$000 Retained Earnings$000 Total$000

Baa 1 juy 2010 16,940 7,470 24,410

ta p ya - 6,691 6,691

Transactions with owners in their capacit as owners.

d g ug ya - (4,207) (4,207)

sa u (71) - (71)

sa u u pa 839 - 839

sa u u drP a ag 3,374 - 3,374

op x 75 - 75

epy p xp - - -

Baa a 30 ju 2011 21,157 9,954 31,111

2010 Share Capital

$000

Retained Earnings

$000

Total

$000

Baa 1 juy 2009 9,392 5,716 15,108

Au pg a ag u axa au

- (167) (167)

ta p ya - 5,216 5,216

Transactions with owners in their capacit as owners.

d g ug ya - (3,295) (3,295)

nw a u a pa 2,500 - 2,500

g u 4,132 - 4,132

sa u (227) - (227)

sa u u pa 1,141 - 1,141

epy p xp 2 - 2

Baa a 30 ju 2010 16,940 7,470 24,410

t s s s q s j w s.

SILVER CHEF LIMITED



Consolidated statement o nancial position

A 30 ju 2011

r-a * r-a *

June 11 ju 10 1 juy 2009

$000 $000 $000

Note

ASSETS

Current assets

ca a a qua 1,523 1,446 504

ta a ab 15 3,384 3,670 3,127

Pp 17 1,464 1,721 -

tax ab - - 207

da aa u 26 10 98 270

o a 16 290 131 124

Total current assets 6,671 7,066 4,232

Non-current assets

Pp 17 1,590 2,299 6,182

Ppy pa a qup 18 95,750 74,087 57,375

iagb 19 384 519 794

d ax a 11,3 2,277 1,780 764

da aa u 26 - 98 535

Total non-current assets 100,001 78,783 65,650

Total assets 106,672 85,849 69,882

LIABILITIES

Current liabilities

ta a payab 20 21,066 16,358 12,208

la a bwg 21 1,777 78 15

cu ax payab 22 1,825 1,842 -

da aa u 26 77 - 318

epy b 23 561 333 211

Total current liabilities 25,306 18,611 12,752

Non-current liabilities

la a bwg 21 50,062 42,716 42,076

da aa u 26 113 - -

epy b 23 80 112 113

Total non-current liabilities 50,255 42,828 42,189

Total liabilities 75,561 61,439 54,941

Net assets 31,111 24,410 14,941

EQUITy

sa apa 24 21,157 16,940 9,392

ra ag 9,954 7,470 5,549

Total equit 31,111 24,410 14,941

* 3

t s s s s j w s.

SILVER CHEF LIMITED



Consolidated statement o cash fows

Ya 30 ju 2011

June 11 ju 10

$000 $000

Note

Cash fows rom operating activities

rp u 73,860 56,962

Pay upp a py (23,311) (18,263)

a pa (3,751) (2,334)

i 58 56

i ax pa (3,524) (1,222)

Gst 144 52

n a pag a 30(a) 43,476 35,251

Cash fows rom investing activities

Pay pa a qup (67,229) (50,804)

P a pa a qup 14,755 10,154

P a pp 659 1,805

n a u g a (51,815) (38,845)

Cash fows rom nancing activities

P u a 53,271 339

rpay bwg (44,300) -

rpay a a (91) -

taa pa a a a bwg (474) (56)

P a u 3,456 6,632

sa u (78) (227)

Pay (3,368) (2,152)

n a ag a 8,416 4,536

n a/(a) a 77 942

ca a bgg ya 1,446 504

ca a a qua a ya 30(b) 1,523 1,446

t s s s fws s j w s.

SILVER CHEF LIMITED



ns ss 30 J 2011

1 Reporting entit

s c l ( cpay) a pay Auaa. t a cpay g 14 y s m Q 4064. t a aa a cpay a a a ya 30 ju 2011 p cpay a uba (g a Gup a uay a Gup). t Gup pay g a a qup.

2 Basis o preparation

(a) Statement o compliancet a aa a a ga pup aa a w a b ppa aaw Auaa Aug saa (AAsB) ap by Auaa Aug saa Ba (AAsB) a cpa A 2001. t a aa a py w iaa aa rpg saa(irs) ap by iaa Aug saa Ba (iAsB).t a aa a w au u by Ba d 22 Augu 2011.

(b) Basis o measurement

t a aa a a b ppa a ba xp wg aa a aa p:

a aa u a au a a au

pp a au a a au

A ya x a y u a u ab, w ua bw.

30-Jun-11

$000s

30-Jun-10

$000s

cu a 6,671 7,066

cu ab (25,306) (18,611)

(18,635) (11,545)

iu a u ab a 30 ju 2011 a au $17.1 u p (30 ju 2010$14.1 ). du gw a a p a aag g a a, xp b ay a qu pay uy b x w .

t Gup ag paby w g pag a fw a a a uu a a a u 21.

A g ab a a aaab u a, a u a aab gu b a Gup w b ab pay b a a w y a u a payab; a ba ppaa aa p a gg ba apppa.

(c) Functional and presentation currenct aa p p Auaa a, w cpay ua uy a a au a u

a ua a ($000) u w a u p aaab Gup u Asic cao 98/0100. t cpay a y w a app.

(d) Use o estimates and judgements

t ppaa aa a y w AAsB qu aag ak ug, a aaup a a appa aug p a p au a, ab, axp. Aua u ay a.

ea a uyg aup a w a gg ba. r aug a a g p w a a a ay uu p a.

ia abu a ug appyg aug p a a ga aug aa a u wg :

17 Pp

18 Ppy pa a qup

SILVER CHEF LIMITED



3 Correction o error

A 30 ju 2010 ax a baa u ax a ag ua au Pp g a a au, a a Pp a w- a a u. t a g ax a ag wa $454,000.

t ax a p a apa a Gup py a apa a y g w pbab a Gup wu a uu apa ga.

A 30 ju 2009 a 30 ju 2010 wa pbab a Gup wu a uu apa ga u g apa .

t ax a au wa y g a a wg :

t ax a wa a a 30 ju 2009 by $167,000 ag w g a p;

t ax a wa a a 30 ju 2010 by $454,000 ag w g a p. i axxp ya 30 ju 2010 wa ua by $287,000; a

t ag p a ya 30 ju 2010 wa a by 1.4 p a.

t au a b a paa a aa a a b a.

4 Signicant accounting policies

t aug p u bw a b app y a p p a aaa, a a b app y by Gup .

(a) Basis o consolidation

t a aa a p aa a s c l ( cpay) a uba a a 30 ju a ya ( Gup).

(i) Subsidiaries

suba a by s c l. c x w cpay a pw, y y, g aa a pag p a y a ba b a. i ag

, pa g g a py a xab b a ak au. t aa a uba a u aa p a a u a a a.

(ii) Transactions eliminated on consolidation

iagup baa, a ay ua ga a a xp ag agup aa, aa ppag a aa a.

(b) Financial instruments

n-a aa u p a a ab, a a a qua, a a bwg,a a a payab.

n-a aa u a g ay a a au pu, u a a au ug p , ay y abuab aa . subqu a g -a aa u aau a b bw.

A aa u g Gup b a pay aua p u.

aa a a g Gup aua g a fw aa a xp Gup a aa a a pay wu ag ubaay a k a wa a.rgua pua a a aa a a au a a a .. a a Gup pua a. aa ab a g Gup bga p a xp aag a.



ss/(s) ss

A u a a a a au ug p a ag ga a u up ag. aa u a ga a a au ug p gup aag u a

ak pua a a ba a au aa w Gup u k aag agy. Up a g abuab aa a g p w u.aa u a a au ug p a au a a au, a ag a g p .

d ss

t Gup a aa u g a xpu, w a aau a uy ga a g ap a qua g aug. Agy, a ag a au a g ay p .

o

o -a aa u a au a a ug aypa .

S c

oay a a a a quy. ia y abuab u ay a a ap a g a a u quy, ay ax .

(c) Propert plant and equipment

(i) Recognition and measurement

i ppy, pa a qup a au a auua pa a auua pa.

c u xpu a y abuab aqu a.

t ga a pa a ppy, pa a qup a by pag p pa w ayg au ppy, pa a qup a a g w / xp p .

(ii) Leased assets

la w Gup au ubaay a k a wa wp a a a a a.la pay a au a b aug py () ().

(iii) Depreciation

dpa g p a agba a uu a pa a paa qup. t a uu u a paa p a a w:

ra qup

xu a g

cpu qup

m

2.5 5 ya

5 ya

3 ya

4 ya

dpa , uu a ua au a w a a aa ya- a au apppa.

(d) Intangibles

iagb a aqu a ay au a . wg a g, agb a a a a ay auua aa a ay auua pa .

t uu agb a a a b . iagb a w a a uu a pa w a a a agb a ay b pa. taa p a aa a agb a w a w a a a aa ya-.cag xp uu xp pa up uu b b aa au ppy by agg aa p , a apppa, w a ag auga. t aa xp agb a w g p xp agy w u agb a.

A uay p app Gup agb a a a w:

Sotware

Uu

Aa u A 5 ya xp uu b a ag ba

iay ga aqu Aqu

ipa g t aa a p w a a aa ya-

ns ss 30 J 2011

SILVER CHEF LIMITED

4 Signicant accounting policies (continued)



Trademarks

Uu

Aa u A 5 ya xp uu b a ag ba

iay ga aqu Aqu

ipa g t aa a p w a a aa ya-

Aa , uu a ua au a w a a aa ya- a au apppa

(e) Properties

Pp a pp w a a a . Pp a a a a au. t a au a ba p aua a d vaua, bg a au w a ppy u b xag a

aua bw a wg buy a a wg a a g aa a pp akg w pa a aa kwgaby, puy a wu pu.

Ay ga ag a ag a au g p . ra pp au a

b aug py () ().

() Impairment o assets

sssA aa a a a a pg a w ay b a pa. A aa

a b pa b a a a a a ga auu a fw a a.

A pa p a aa a au a a aua a bw ayg

au, a p au a uu a fw u a ga a. A pa p a aaab--a aa a aua by a au.

iuay ga aa a a pa a ua ba. t ag aa a a a

y gup a a a k aa.

A pa a g a p . Ay uua p a aaab--aaa a puy g quy a p . Ay pa a a b

a by a ug a pa wa g. aa a au a a , a g p .

n- ssst ayg au Gup -aa a, a Pp a ax a, a w a a pg

a w ay a pa. i ay u a x a ab au a.

t ab au a a a-gag u ga au u a a au .

i ag au u, a uu a fw a u p au ug a p-ax u a af u ak a au y a k p a. pup pa

g, a a gup g a gup a a ga a fw ug u a a agyp a fw a gup a ( a-gag u).

A pa g ayg au a a a-gag u x ab au.ipa a g p .

ipa g p p a a a a pg a ay a a a a

g x. A pa a b a ag a u ab au.A pa y x a a ayg au x ayg au a wu ab , pa aa, pa a b g.

(g) Emploee benets

(i) Long-term service benets

t Gup bga p g- b au uu b a py a a u u a p p. t bga aua ug xp uu a waga aay a ug a - a xp a, a u ug a aa cwa G b a baa a w a auy a appxag Gup bga.



(ii) Share-based pament transactions

t a p pga aw Gup py aqu a cpay. t a au p ga g a a py xp w a pg a quy. t a au au a ga a apa p ug w py b uay p. t a au pga au ug Bak s , akg au a up w pw ga. t au g a a xp au f aua ub a p a xpw u y u a p ag g.

(iii) Wages, salaries and annual leave

lab py b wag, aa a aua a p p bga ug py p pg a, aua a uu au ba ua wag a aay a a Gup xp pay a a pg a ug a -, u a, wk pa ua a payax.

(h) Revenue

(i) Contract rental income

t Gup u pag a. ru pag a g p a agba a .

opag a a w ubaay a k a b a wp a a a w . Pay u pag a a u a payab by a wky ba aa.

(ii) Investment propert rental income

ra Pp g p a agba a.

(iii)Interest Income

i g p a au.

(i) Lease paments

(i) Operating lease paments

Pay a u pag a a g p a agba a.

(ii) Finance lease pamentsmu a pay a app bw a ag a u uag aby. ta ag aa a p ug a a pu a a p a ag baa aby.

(j) Finance income and nance costs

a p u (ug aaab--a aa a). i g a au p .

a p xp bwg a a g p ug .

(k) Income tax

i ax xp p u a ax. cu ax a ax g p xp x a a g p y quy.

cu ax xp ax payab axab ya, ug ax a a ubay a a baa a, a ay au ax payab p pu ya.

d ax g ug baa aby , pg pay bw aygau a a ab aa pg pup a au u axa pup. t au ax g ba xp a aa ayg au a aab, ug ax a a ubay a a baa a.

A ax a g ub pay , x a pbab a uu axabp w b aaab aga w y a b u. d ax a a w a a pg a a au x a g pbab a a ax b w b a.

ns ss 30 J 2011

SILVER CHEF LIMITED



t cpay a wy-w Auaa a a ax-a gup a a axa a g y. t a y w ax a gup s c l.

(l) Goods and services tax

ru, xp a a a g au g a ax (Gst), xp w au Gst u ab axa auy. i ua, Gst g a pa aqu a a pa xp.

rab a payab a a w au Gst u. t au Gst ab , payab, axa auy u a a u a aby baa .

ca fw a u a a fw a g ba. t Gst p a fw ag g a ag a w a ab , payab , axa auy a a a paga fw.

(m) Earnings per share

t Gup p ba a u ag p a (ePs) aa ay a. Ba ePs aua by g p abuab ay a cpay by wg aag ub ay auag ug p. du ePs by aug p abuab ay a

a wg aag ub ay a uag, au a u pa aya, w p a p ga py.

(n) Segment reporting

A pag g a p Gup a gag bu a w ay a u au xp, ug u a xp a a aa w ay Gup p. Apag g pag u a guay w by Gup ceo ak abu u baa g a a pa, a w aa a aaab.

sg u a a p ceo u y abuab a g a w a a a baa a aab ba.

sg apa xpu a u ug p aqu ppy, pa a qup, a agba a gw.

(o) New standards and interpretations not et adopted

A ub w aa, a aa a pa a aua p bgg a 1juy 2011, a a b app ppag a aa a. n xp a aga a aa a Gup, xp AAsB 9 iss, w baay Gup 2014 a aa a a u ag aa a au aa a. t Gup pa ap aa ay a x pa a b .

5 Determination o air values

A ub Gup aug p a u qu a a au, b aa a-aa a a ab. a au a b au a / u pup ba wg . W appab, u a abu aup a g a au p a a aby.

(i) Properties

A p aua pay au Gup pp w a b py au w a36 a d apppa. t ag Pp a au ug ak a au a pay. t a au a ba ak au, bg a au w a ppyu b xag a aua bw a wg buy a a wg a a g aaa pp akg w pa a a a kwgaby a wgy.

(ii) Trade and other receivables

t a au a a ab a a p au uu a fw, u a aka a pg a. t a au u pup.



(iii) Derivatives

t a au a wap ba bk qu. t qu a aab by uga uu a fw ba a auy a a a ug ak a a au a au a.a au f k u a u au ak au k Gup

y a upay w apppa.(iv) Non-derivative nancial liabilities

a au, w u pup, aua ba p au uu ppa a a fw, u a ak a a pg a.

(v) Share-based pament transactions

t a au py a p au ug Bak-s ua. mau pu ua p au a, x p u, xp ay (ba wg aag ay au ag xp u puby aaab a), wg aag xp u (ba a xp a ga p bau), xp , a k- a (ba g b). s a -ak pa aa aa a ak au g a au.

6 Financial risk management

t Gup ppa aa u p ab, payab, bak a, a a, a a p.

t Gup a xpu wg k u aa u:

k

quy k

ak k

t p a abu Gup xpu a ab k, Gup b, p ap aug a aagg k, a Gup aag apa.

u quaa u a u ugu a aa a.

Risk management ramework

t Ba d a a pby ab a g k aag awk. tBa a ab Au & rk maag (Arm) c, w pb pg a gk aag p. t Arm c p guay Ba d a.

rk aag p a ab y a aay k a by Gup, apppa k a , a k a a . rk aag p a y a w guay f ag ak a Gup a. t Gup, ug ag a aag aaa pu, a p a p a u w a py ua a bga.

t Arm c w aag pa w Gup k aag p apu a w aquay k aag awk a k a by Gup.

rpby a k aag ga apppa aag w Gup w c exu o a c aa o ag ua pby Ba Gup k aaga a a. Aag pu pa by Ba k aag u:

regularmonthlyreportingtotheBoardinrespectofoperationsandthenancialpositionoftheGroup; reportsbytheChairmanoftheARMCommitteeandcirculationtotheBoardoftheminutesofeachmeetingheldbythe

Arm c;

presentationsmadetotheBoardthroughouttheyearbyappropriatemembersoftheGroupsmanagementteam(and/orp a, w ay) au paua k a a au w a pa a b ap aag ga k; a

anydirectormayrequestthatoperationalandprojectauditsbeundertakenbymanagement.

ns ss 30 J 2011

SILVER CHEF LIMITED



Risk management approach

t appa ag k by yg a aagg k a a u bu. t appa ab k b baa aga apppa wa a f u au, b a ag. W a ab p g a aag u aa bu k. A uay py aaab Gup wb.

t wg p ky k a aag ky pa Gup uu paby:Credit risk

c k k aa Gup a u upay a aa u a aua bga, a a ppay Gup ab u

(i) Trade and other receivables

t Gup xpu k fu ay by ua aa a u. hw,aag a gap Gup u ba.

t Arm c a ap a py u w a w u aay uay w.t Gup w u xa ag, w aaab, a a bak . c a aua u aa w Ba app c Py.

W ay, pa guaa a/ uy ppy qu. t Gup uy b au agg a qua u wk a pay. o a a b p,

uy b a u a ay pa guaa uy ppy a. t way aug pa guaa a a .

t Gup a ab a awa pa a p a u p aa ab a . t a p awa a a p p a a uay ga xpu.

(ii) Interest rate swaps

t Gup k upay au a wap by aag w ag aa uw ag AA b xpu.

Liquidit risk

lquy k k a Gup w u uy g bga aa w aa aba a by g a a aa a. t Gup appa aagg quy u, aa a pb, a w away a u quy ab w u, u b a a

, wu ug uapab kg aag Gup pua.i a, Gup aa w a a 21.

Market risk

mak k k a ag ak p u a a a w a Gup au g aa u. t b ak k aag aag a ak kxpu w apab paa, w pg u.t Gup ap a py a appxay 50 p xpu ag a bwg ax a ba. t a by g x a wap.

Capital management

t Ba py aa a g apa ba (w u a ay a) a aa, a ak a ua uu p bu. t Ba d u apa, w Gup a pag a a quy. t Ba

d a ay a a ua pa.t w ag Gup appa apa aag ug ya.

Assurance to the ARM Committee

P gg Gup aua aa a ya 30 ju 2011, s c c exuo a c aa o p wg Arm c a: thestatementgiveninaccordancewithASXPrinciplesRecommendationsbestpracticerecommendation7.2and

7.3 a s 295 cpa A 2001 u a u y k aag a apa a w p p ap by Ba; a

theGroupsriskmanagementandinternalcomplianceandcontrolframeworkisoperatingefcientlyandeffectivelyin

a aa k.



7 Revenue

Consolidated

June 11 ju 10

$000 $000

ra 62,729 49,079

Other revenue

i 58 56

r pp 142 215

o - 2

200 273

ta u 62,929 49,352

8 Expenses rom ordinar activities

Classication o expenses b unction

c a 5,066 4,082

Aa 39,057 30,992

sa a akg 1,697 963

Pp (1) 91 128

45,911 36,165

d pag xp ag pp a ga a .

9 Items included in prot

p s:

a 4,204 2,994

Emploee benets expense

Wag a aa 6,743 5,135

o aa p xp 516 390

supaua 543 403

lg a 49 44

sa-ba pay - 1

7,851 5,973

dpa a aa xp 26,679 21,696

Ba a ubu b 1,663 1,604

opag a pay 17 11

l aua pp 303 560

l a pa a qup 2,416 2,041

l a ppy 4 66

ipa a qup ( 18) 964 518

ns ss 30 J 2011

SILVER CHEF LIMITED



10 Auditor remuneration

Consolidated

June 11 ju 10

Paid to KPMG $ $

Au , u a ab, :

Au a w aa p 97,500 -

s a au wk - -

97,500 -

Paid to PKF $ $

Au , u a ab, :

Au a w aa p - 68,200

s a au wk - 6,920

- 75,120

11 Income tax

(a) Income tax expense

t a p ax xp p:

Consolidated

June 11

r-a*

ju 10

$000 $000

cu ax 3,520 3,059d ax (467) (922)

P ya au (29) 151

3,024 2,288

(b) Numerical reconciliation o income tax expense to prima acie tax paables

P b ax xp 9,715 7,505

Pa a ax payab p b ax a 30% 2,914 2,252

tax au w a ub (axab) auag axab :

P ya au (29) 28

capa awa - (263)

o 139 272

i ax xp 3,024 2,289

* 3



11 Income tax (continued)

(c) Recognised deerred tax assets and liabilities

d ax a 30 ju 2011 a wg:

Consolidated

June 11r-a*

ju 10

$000 $000

() d s

Pa a qup 158 211

iagb 71 151

da aa u - 59

o 75

304 421

() d sss

ra a 1,472 1,088

pss

dubu b 340 515

epy 211 134

ra a pa 323 159

o 235 305

2,581 2,201

n ax a 2,277 1,780

ms s s:

Pa a qup (54) 192

iagb (80) (18)

da (59) (6)

o 75 -

ms ss s s:

ra a (384) (647)

P ubu b 175 (270)

P py (77) (37)

ra a pa (164) (134)

equy u 30 93

o 101 (94)d ax xp (497) (921)

m ax a g y quy. (8) (95)

Unrecognised deerred tax assets

d ax a a b g p wg :

2011 2010

$000 $000

capa ax 595 454

t apa xp u u ax ga. A ax a a b g p apa bau pbab a uu axab ga w b aaab aga w Gup a u b .* 3

ns ss 30 J 2011

SILVER CHEF LIMITED



12 Earnings per share

Classication o securities as ordinar shares

oay a a u ba ag p a.

Classication o securities as potential ordinar shares

t wg u a b a a pa ay a a u u ag p a ay a y:

(a) p uag u epy sa op Pa

u a u a a n 33.

Consolidated

June 11 r-a*

ju 10

$000 $000

es r

Basic earnings 6,691 5,216

Diluted earnings 6,691 5,216

June 11 ju 10

No. Shares n. sa

W ss s s

Number or basic earnings per share 22,507,628 19,640,560

Number or diluted earnings per share

oay a 22,507,628 19,640,560

e py a p pa 115,735 8,824

22,623,363 19,649,384

Ba ag p a

oay a ( p a) 29.7 26.6

du ag p aoay a ( p a) 29.6 26.6

* 3

13 Operating segments

t ppa pag a Gup p wg bu g.

hpay pa w s c ra Py l w p pg qup a a pay payuy.

GGa pa w GGa equp ug Py l w p pg qup a a u.

30 June 2011 Consolidated entit

Hospitalit

$000

GoGetta

$000

Total

$000Revenue

exa 48,117 13,396

Total segment revenue 48,117 13,396 61,513

Segment result

rpab g p b ax 17,872 3,353 21,225

dpa a aa (20,808) (5,351) (26,159)

l a ppy pa a qup (1,279) (1,137) (2,416)

Ba a ubu b xp (1,274) (373) (1,647)

ipa ppy pa a qup (601) (385)(986)

Segment assets 85,112 28,117 113,229

Ppy pa a qup aqu ug ya 42,632 24,113 66,745

Segment liabilities (77,599) (26,551) (104,150)



30 June 2010 Consolidated entit

Hospitalit

$000

GoGetta

$000

Total

$000

Revenue

exa 41,086 7,061

Total segment revenue 41,086 7,061 48,147

Segment result

rpab g p b ax 13,538 2,250 15,788

i xp (2,652) (2,652)

dpa a aa (18,397) (2,842) (21,239)

l a ppy pa a qup (1,568) (473) (2,041)

Ba a ubu b xp (1,846) (1,846)

ipa ppy pa a qup (520) - (520)

Segment assets 75,944 16,846 92,790

Ppy pa a qup aqu ug ya 36,813 13,637 50,450

Segment liabilities (73,152) (15,986) (89,138)

i ag g pa a y ba, xu aag aay g u a b

ab a a g a. sg a a pag a y a aag w ay abug pa g. t a u pa a qup, ab, pp a agb axu a a a u a ax a.

t Gup pa a a ba Auaa a a u a a Auaa.

ra pab g u, p , a a ab a aa :

Consolidated

June 11

$000s

June 10

$000s

Revenues

Total revenue or reportable segments 61,513 48,147

o u 1,416 1,205

Consolidated revenue 62,929 49,352

Prot or loss

Total prot or loss or reportable segments 21,225 15,788

o p (11,134) (8,262)

cag a au a (376) (21)

Consolidated prot or loss beore income tax 9,715 7,505

Assets

Total assets or reportable segments 113,229 92,790

o a 6,981 6,597

ea -g a (13,538) (13,538)

Consolidated assets 106,672 85,849

ns ss 30 J 2011

SILVER CHEF LIMITED



Consolidated

June 11

$000s

June 10

$000s

Liabilities

Total liabilities or reportable segments 104,150 89,138

o ab 52,104 4,682

ea -g ab (80,692) (32,381)

Consolidated liabilities 75,562 61,439

Other material items 2011 2010

rpabg a

$000

o

$000

caa

$000

rpabg a

$000

o

$000

caa

$000

dpa a aa 26,159 520 26,679 21,239 457 21,696

l a ppy pa aqup 2,416 - 2,416 2,041 - 2,041

Ppy pa a qup aqu 66,745 484 67,229 50,450 354 50,804

14 Parent entit inormation

A a, a ugu, aa ya 30 ju 2011 pa pay Gup wa s c l.

Note June 11 June 10

$000 $000

Result o the parent entit

P ya 19 4,071

o p - -

ta p ya 19 4,071

Financial position o parent entit at ear end

cu a 3,943 2,838

ta a 87,607 41,316

cu ab 2,041 2,234

ta ab 65,522 18,162

Consolidated

June 11 ju 10

$000 $000

Total equit o the parent entit comprising o:

sa apa 24 21,157 16,940

ra ag 928 6,214

ta quy 22,085 23,154

Parent entit contingencies

t a p a p a qu p a, a pbab a a uu a b w b qu au apab ab au.

Gst ab w Gst Gup 103 106

tax ab w ax a gup 3,219 690

Parent entit guarantees in respect o debts o its subsidiaries

t pa y pa Gup x a fag ag g by cwa Bak Auaa w u Gup

a aga u bakg a.

Parent entit guarantees in respect o the debts o its subsidiariest pa y a a d c Guaa w a cpay guaa b p uba.u a d c Guaa a uba ub a 35.



Consolidated

June 11 ju 10

$000 $000

Parent entit commitments

Operating leases:

r ss

mu a pay u -aab pag a ag xp ap

xp a pay:

n a a ya 401 571

la a ya a a ya 667 1,010

1,068 1,581

o ( q)

n a a ya 36 36

la a ya a a ya 50 8686 122

Hire purchase:

t Gup a aqu a qup by a pua.

t s :

n a a ya 68 88

uu a ag (12) (10)

cayg au pua ab 56 78

la a ya a a a ya 112 43

uu a ag (8) (2)cayg au pua ab 104 41

ta ayg au pua ab 160 119

15 Trade and other receivables

ta ab 3,516 4,353

o ab 1,000 1,035

Awa pa (a) bw (1,132) (1,718)

3,384 3,670

(a) ta ab a pa

t agg a ab a 30 ju 2011 a bw:

Consolidated

2011 2010

Gross Allowance G Awa

$000 $000 $000 $000

n pa u - - - -

Pa u 1-4 wk 773 - 63 -

Pa u 5-7 wk 208 - 284 -

Pa u 8-12 wk 256 (87) 452 (112)Pa u + 12 wk 2,279 (1,045) 3,554 (1,606)

3,516 (1,132) 4,353 (1,718)

ns ss 30 J 2011

SILVER CHEF LIMITED



ra a qu u pay wky a b a bak au aa w a ag. A a y k aa w a ab a b p a aa p.

i g w a baa pa, Gup ak au wg a:

whetherthebusinessisstilloperating;

whetherthereisdialoguebetweenthecustomerandtheGroup;

whetherthelocationoftherentalassetsisknownandaccessible;

whethertheGroupcanlocatethecustomer;and

whetheranyotherformofsecurityisheld.

t Gup uy a ub a ab guaa a uakg. suy p a qu a a a.

t Gup a u wg a a awa a ab:

A ua au by au a ba u aa;

Ay kwg b y k; a

typ a a .

i ag pay u pa, a a p w pb. o a a p, a aap a g uy b a p ga puu y ag b ug au a.

rab pa u bu pa Gup $ 2,384,000 (2010:$ 2,635,000). maag a a pay w

b u. o baa w a a ab a pa a a a pa u. i xp a baa w b u.

t awa pa p a ab ug ya wa a w:

Consolidated

year ended 30 June

2011 2010$000 $000

opg baa (1,718) (1,085)

aa p (1,663) (1,846)

au u 2,249 1,213

cg baa (1,132) (1,718)

Operating leases

Pa a qup a au u ug pay

Included in current receivables

la ab 2,514 2,988

l p pa (794) (971)

1,720 2,017



uu u a p p -aab a ag xp ap xp a pt:

ra qup

n a a ya 27,327 20,559

Ga a , a - -

27,327 20,559

ra a a ay a u w ua.

ra pp

n a a ya 15 40

Ga a , a - -

15 40

16 Other assets

Current

Ppay 290 131

17 Properties

Current

Pp a a au 1,464 1,721

Non-current

Pp a a au 1,590 2,299

cayg au pp pg a uy ab 3,054 4,020

t pp (2010: u pp) a b a a a u a. A 30 ju 2011 wa Gup a 2012 aa ya. subqu 30 ju 2011 ppy wa a b $370,000(ayg au $ 350,000).

t p a pp a 1-2 ya p. A pp a a a u a a p a 12 .

t ayg au pp a au ppy a by p au ag xp a ppy bg au, by aua a a 30 ju 2011. a au w ag ga ak aa a pp a a.

ms :

Bgg ya 4,020 6,452

raua (303) (560)

dpa (663) (1,872)

e ya 3,054 4,020

r 15 a a

ns ss 30 J 2011

SILVER CHEF LIMITED

Consolidated

June 11 ju 10

$000 $000



18 Propert plant and equipment

Consolidated

June 11 ju 10

$000 $000

Plant and equipment

A 2,127 1,645

l auua pa (1,161) (940)

ta 966 705

ms :

Plant & equipment

Bgg ya 705 550

A 550 410

dpa xp (244) (216)

dpa (45) (39)

e ya 966 705

Rental assets

A 141,936 109,770

l auua pa (46,076) (35,857)

l p pa (1,076) (531)

ta 94,784 73,382

ms :

Rental assets

Bgg ya 73,382 57,026

A 66,743 50,451

dpa xp (26,159) (21,205)

dpa (18,218) (12,372)

ipa ( bw) (964) (518)

e ya 94,784 73,382

Total plant and equipment 95,750 74,087

() ipa a pa a qup.

A a a y ab au a a. A a u pa $964,000 (2010: $518,000)

w g ugu ya. n pa a b (2010: n)

Assets leased out under operating leases and included in rental assets (as detailed above):

ra a a 135,207 101,560

l auua pa (43,711) (32,298)

91,496 69,262

dpa g a a xp 25,153 17,122

cayg au a qup pg a uy ab 91,496 69,262



Consolidated

June 11 ju 10

$000 $000

19 Intangibles

iagb wa a 1,510 1,371

l auua aa (1,126) (852)

384 519

iagb aak 9 9

l auua aa (9) (9)

- -

ta agb 1,519 1,380

l auua aa (1,135) (861)

384 519

da ua agb a a:

da Cost

$000

Carring value

$000

Remaining amortisation period

aa aug wa 305 31 6

ra a wa 1,066 217 12

oa wa 139 136 48

1,510 384

ra ayg au a bgg a p.

SotwareBgg ya 519 794

A 141 -

Aa (276) (275)

e ya 384 519

20 Trade and other paables

Current

c a aua (uu) 3,257 1,876

d u a u uy b 17,809 14,482

21,066 16,358

21 Loans and borrowings

Current

su:

h pua ab 53 78

Ppy Bak a 1,724 -

1,777 78

ns ss 30 J 2011

SILVER CHEF LIMITED



Consolidated

June 11 ju 10

$000 $000

Non-currentsu:

h pua ab 104 41

su bak a 50,300 43,053

cBA up (342) (378)

50,062 42,716

Bank loans

A 30 ju 2011, Gup bak a p ug Gup u a ay w xp 17 Augu 2013 xp ppy bak ay w xp 17 Augu 2011. subqu ya ppy ay wa w 17 Augu 2012.

Summar o loan acilitiesUsed Unused

$ $h pua ab 157 300

ca b 50,300 19,700

Ppy ay 1,724 -

() t ay p by cBA a a app $70.0 , xug ppy a aaa a.

da uy

() h pua a a a ab a u by p pa a qup.

() cBA ay u by way a x a fag ag a Gup.

22 Tax assets & tax liabilities

cu aby ax payab 1,825 1,842

23 Emploee benets

Current

epy b aua a 406 333

epy b 73 -

epy b g a 82 -

561 333

Non-current

epy b g a 80 112



Consolidated

June 11 ju 10

$000 $000

24 Share capital

Share capital

oay a uy pa 21,157 16,940

June 11 ju 10

(a) Ordinar shares (no par value) Number nub

Movements during the ear

Baa a bgg ya 21,757,495 15,944,465

sa u

sa pa - 2,000,000

rg u - 3,305,567

sa u pa 272,276 507,463

sa u drP a ag 1,088,069 -

op x 40,000 -

Baa a ya 23,157,840 21,757,495

Terms and conditions

t cpay a au apa pa au p u a.

uy pa ay a ay g a a g cpay. sa a a g a

a a papa p a a upu a pp a a u cpaywg up.

n 33 p a a p ga ug p.

iss ss

i u w d r Pa a drP a pa by rBs mga, 1,360,345 ay a w uug p. (2010: 507,463 a)

i a 40,000 ay a w u a a u x p. op w x a a aag p $1.96.

(2010: n)

i pg p a ya 5,305,567 ay a w u u w a a pa a a 1 4 g u.

25 Dividends

t wg w a a pa by Gup

Cents per

share

Total Amount

$000

Franked /

unranked

Date o pament

2011

a 2010 10.0 2,177 ak 30 spb 2010

i 2011 9.0 2,030 ak 31 ma 2011

4,207

2010

a 2009 10.0 1,595 ak 15 jauay 2010

i 2010 8.0 1,700 ak 31 ma 2010

3,295

A pa a by cpay pu aa ya w uy ak.

Subsequent events

s aa ya, a wg :

a 2011 11.0 2,547 ak 30 spb 2011

t aa uy ak a b bug au aa a ya 30 ju 2011 aw b g ubqu aa p.

ns ss 30 J 2011

SILVER CHEF LIMITED



Franking credit balance Consolidated

2011

$000

2010

$000

t au akg aaab ubqu aa ya a:

frankingaccountbalanceasattheendofthenancialyearat30%(2010:30%) 3,545 1,949

franking(debits)/creditsthatwillarisefromtherefund/paymentofincometaxpayableasattheendof

aa ya 1,825 1,842

5,370 3,791

t ab aaab au a ba baa akg au a ya- au :

(a) akg a w a pay u ax aby.

(b) akg b a w a pay g a a aby a ya.

() akg a w a p g a ab by ax a gup a ya-.

(b) akg a y ay b p bug ubqu ya.

t pa akg au pp a baa a bu g a a aby u by $1,091,726.

t aby u akg p up bg u aaab a a .

26 Financial and capital risk management

Credit risk

c k a aa a Gup, w p a a a qua, a a ab a a

aa u. t Gup xpu k a pa au u pay. expu a baa a a 15.

i a, ab baa a a gg ay ba Gup xpu ba b.

t Gup a ab a awa pa a p a u p a a ab. t a p awa a a p p a a ua a a a au a k y ua.

Maximum exposure to credit risk

ta a ab 3,384 3,670ca a a qua 1,523 1,446

i a wap u gg 10 98

4,917 5,214

Liquidit risk

lquy k k a Gup w b ab aa bga a y a u. t Gup appa aagg

quy u, a a a pb, a w away a u quy ab w u.

t Gup b aa a baa bw uy ug a fxby ug u bak a, bak a a aaab .

Contractual maturit analsis or nancial liabilities:

30 June 2011 Less than 6

months

6-12 months More than 1 and less

than 5 ears

$000

More than 5

ears

$000

Total

$000

Non derivative nancial liabilities

ta au payab 1,383 - - - 1,383

cu uy b 12,513 4,670 - - 17,183

su bak a - 1,724 50,300 - 52,024

la/hP ab 34 34 112 - 180

13,930 6,428 50,412 - 70,770

Derivative nancial liabilities

i a wap u gg 38 39 113 - 190

i pay 1,550 1,538 3,479 - 6,56715,518 8,005 54,004 77,527

7/29/2019 2011.06.

2011.06.30 asx annual report

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