Annual Report 2016 to Shareholders
Sydney, Aug 31, 2016 AEST (ABN Newswire) - Pacific Environment Ltd (
ASX:PEH) directors present their report, together with the financial statements of the consolidated entity (referred to hereafter as the Group) consisting of Pacific Environment Limited (ABN: 42 122 919 948) (referred to hereafter as the Company) and its controlled entities, for the financial year ended 30 June 2016.
Principal activities and significant changes in nature of activities
During the year the principal continuing activities of the Group consisted of the provision of environmental consulting and technology services. There were no significant changes in the nature of the Group's activities during the financial year.
Dividends paid or recommended
No dividends were paid by the Company to members during the financial year. No dividends were recommended or declared for payment, but not paid, to members during the financial year.
Operating results and review of operations for the year
Operating Results
Revenues for Pacific Environment Limited (the Group) for the year ended 30 June 2016 were $17,832,000 a significant increase from $14,805,000 in the previous year due to organic growth and a full year with DLA as part of the Group compared to nine months in the previous year. Net loss after tax from continuing operations was $1,606,000 compared to a profit in the prior year of $1,822,000. The loss is primarily due to the expansion into new markets, development and marketing the Group's Technology products and consolidation of the Group's consulting activities.
Financial Position
The net assets of the consolidated Group have increased by $1,671,000 from $13,136,000 at 30 June 2015 to $14,807,000 as at 30 June 2016. This improvement is due to the decreased accounts payable and borrowings balances from more streamlined business as usual activities and payment of deferred acquisition costs and the partial conversion to equity of the convertible note.
Further discussion is contained in the Chairman's Letter and Managing Director's Report of this Annual Report.
Significant changes in the state of affairs
Significant changes in the state of affairs of the Group during the financial year were as follows:
1. Full year inclusion of the DLA business that was acquired in October 2014.
2. Closure of the Group's Melbourne office
3. Expenditure of investment monies raised from Institutional Placement and Share Purchase Plan completed in May 2015.
Events after the reporting period
No matters or circumstances have arisen since the end of the financial year that significantly affected, or could significantly affect, the operations of the consolidated Group, the results of those operations, or the state of affairs of the consolidated Group in future financial years.
Likely developments and expected results of operations
There are no likely developments in the operations of the Group that were not finalised at the date of this report.
Additional comments on expected results of certain operations of the Group are included in this annual report under the Chairman's Statement and Managing Director's Report.
Environmental regulation
The Group is not subject to any significant environmental regulation under a law of the Commonwealth or of a State or Territory.
To view the full Annual Report, please visit:
http://abnnewswire.net/lnk/0R2ODG3G
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