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A Global Leader in Precious Metals 18 /19 1 Gold Corporation Annual Report 2018–2019 A global leader in precious metals 18 /19 1 Contents 3 Statement of Compliance 5 The Year in Brief 6 Strategic Intent, Vision and Values 7 Our Charter 8 Chairman’s Review 11 Chief Executive Officer’s Year in Review 18 Our Directors 25 Our Business Activities and Capabilities 30 Our Group Structure 31 Organisational Structure 32 Our People 34 Health, Safety and Environment 36 Disability Access and Inclusion Plan 2014-2019 39 Our Customers and Community 41 Corporate Governance 48 Corporate Directory 49 Group Directory 51 Statutory Reporting Requirements 54 Auditor General’s Opinion 58 Key Performance Indicators 61 Certification of Key Performance Indicators 62 Certification of Financial Statements 63 Financial Statements /19 Gold Corporation Annual Report 2018 –19 RE FI NE 3 Statement of Compliance 9 September 2019 The Honourable Mark McGowan MLA BA, LLB, GradDipLegPrac Premier; Minister for Public Sector Management; State Development, Jobs and Trade; Federal-State Relations 1 Parliament House WEST PERTH WA 6005 Statement of Compliance In accordance with Section 63 of the Financial Management Act 2006, we hereby submit for your information and presentation to Parliament, the Annual Report of Gold Corporation for the year ended 30 June 2019. The Annual Report has been prepared in accordance with the provisions of the Financial Management Act 2006. S M C WALSH R G HAYES Chairman Executive Director Gold Corporation Annual Report 2018 –19 20 18 5 The Year in Brief The Year in Brief $18.07B $13.26 M $9.04M ANNUAL TURNOVER ANNUAL PROFIT BEFORE TAX DIVIDEND AND TAX EQUIVALENT PAID TO THE GOVERNMENT OF WESTERN AUSTRALIA $12.66 M $3.48B 73,000 CAPITAL EXPENDITURE SPEND OF CLIENT METAL ON DEPOSIT VISITORS TO THE PERTH MINT EXHIBITION 3rd 50% 30% LARGEST EXPORTER OUT OF STAFF REPORTING OF OUR EMPLOYEES HAVE OF WESTERN AUSTRALIA TO THE CEO ARE WOMEN CULTURALLY DIVERSE BACKGROUNDS 80% 27.48 M 7.77M OF GOLD REFINED WAS SUPPLIED AS TOTAL REFINING THROUGHPUT WAS COINS, MEDALLIONS AND VALUE-ADDED BARS, WITH A GROSS VALUE 27.48M OUNCES OF GOLD AND SILVER MINTED BARS WERE SOLD, OF $13.03 BILLION DORÉ VALUED AT $1.02B Gold Corporation of the financial statements Annual Report 2018 –19 6 Strategic Intent, Vision and Values Our Strategic Intent Our Mission Gold Corporation’s intent is to be a global leader To transform and take Australian precious metals in the precious metals business, achieved by: to the world. • Leading growth initiatives within key markets in precious metals trading and distribution. • Playing a key role in the development of key customer relationships both domestically and internationally. Our Values • Operating always within agreed envelopes of appropriate risk and risk management. Our values are what we stand for. They shape our behaviours and attitudes, while determining how we achieve our vision. Our Vision Grow We seek to innovate, embrace change and continually learn. Perform To be a global leader in the precious metals We challenge ourselves and others to achieve our industry. best and deliver outstanding quality. Serve Our customers, our people and our community are at the heart of everything we do. Gold Corporation Annual Report 2018–19 7 Our Charter Our Charter Promote Gold Corporation is a unique global enterprise operating • To participate and engage in the precious metals across the precious metals value chain, including industry in Australia and worldwide. precious metals refining, manufacturing, investing and storage. Based in our original and expanded premises built in 1899 in Perth, Western Australia, we are also one • To establish and promote Perth as an international of the State’s premier tourist destinations. bullion centre. Our Charter is contained within the Gold Corporation • To promote and develop markets for precious metals Act 1987. With our intent to be a global leader in the in Australia and worldwide. precious metals business, our Charter is our licence to operate across the precious metals value chain and to function as follows: Refine • To crush, mill, recover, extract, process, smelt, sample, refine, assay and work precious metals. • To maintain our reputation, qualifications, skills and international accreditations. Distribute • To maximise value added and export income from precious metals. Mint • To mint and otherwise deal in coins, medallions and other precious metal products. Store • To provide storage and safekeeping facilities for precious metals. Services • To provide technical and consulting services. Tourism • To promote Perth as a destination. Gold Corporation Annual Report 2018 –19 8 Chairman’s Review Challenges drive innovation Gold Corporation’s reported profit Following significant delivery milestone New initiatives included AAAU ETF before tax increased to $18.98m overruns, the project was abandoned. and the smartphone trading app for 2018/19. This figure includes GoldPass®. Each of these products has We continued with cost rationalisation unrealised fair value gains of $5.77m been designed to make gold more programs, the latest round of which on gold held on behalf of investors in accessible to a wider range of clients was brought about by a leadership the Perth Mint Physical Gold Exchange across the globe. It is innovations restructure that took place in Traded Fund (AAAU ETF). The actual such as these that support our December 2017. Both the refining underlying result was therefore a profit ongoing quest to remain a global and minting facilities have achieved before tax of $13.26m compared with leader in precious metals refining, meaningful cost reductions as $10.05m the previous year. Return on manufacturing, trading and marketing. operations have been streamlined, equity increased to 10.3%, up from last The building blocks that continue to while co-operation between the two year’s 7.9%. be put in place are both substantial business units has improved markedly. and impressive. Whilst well below the highs of a Containment of costs across the number of years ago, the result was business remains a top priority for Our Minted Products business has actually the 11th best on record and management and the Board. been impacted significantly by the a positive achievement in what have downturn in demand for precious A strong focus by management on been very difficult trading conditions. metals, especially bullion coins in the health, safety and environmental A number of global macro-economic key US market. Having experienced management continued over the and geopolitical factors combined to bumper sales for a number of period. These efforts are very strongly cause a continued flight of capital from years, this market has become over supported and fully endorsed by the physical precious metals and exchange supplied. The decline in investment Board. The wellbeing of our staff and traded gold funds into global stocks, demand has led to coins flooding the environment are critical factors in bonds and property over the course back onto the secondary market and the success and sustainability of the of the year. It should also be noted creating, in effect, negative demand. Corporation’s business undertakings. that our competitors have been Notwithstanding these strong similarly affected, with some finding The Refinery was able to retain headwinds, the business has taken themselves in loss making situations. gold volumes in the face of stiff advantage of the market’s ever- competition, mainly from overseas. increasing desire for limited mintage All profit centres, with the exception of Importantly, the Refinery maintained numismatic releases and thereby the Depository and Treasury, exceeded its accreditation with the five major managed to offset the effects of the their budget expectations – a pleasing global precious metals market poor bullion coin markets. outcome given market conditions. Our associations and exchanges, an Treasury operations were impacted Against the backdrop of declining endorsement earned by only a by lower levels of demand for kilobars investment demand, it is pleasing to handful of refiners worldwide. from Asian markets alongside costs note the value of precious metals held Capital was expended over the year associated with the launch of the by Depository increased during the to increase both gold and silver gold-backed AAAU ETF on the New year to $3.48b compared with $2.97b processing capacities in anticipation York Stock Exchange. The Depository in 2017/18. Demand remained steady of an increase in future volumes and business fell short due to delays over the course of the year with market offtake opportunities. in the delivery of software which holdings stable throughout the period. affected the rollout of a new service Treasury has taken advantage of Thus the value increase was driven by offering. A write-down of $2.91m was softening market conditions to expand rises in the Australian dollar value of recorded against payments made for further its array of products and both metals. an e-commerce replacement project. services. Gold Corporation Annual Report 2018–19 9 Another pleasing result was The vertically integrated nature of I would like to acknowledge the the growth in client numbers in our present day operations has previous Chair, Don Mackay-Coghill, Depository Online and the offline facilitated the development of an and thank him for his dedication and option. The number of clients in the ever-expanding line of products service to the Corporation since his overall Depository business totalled and services to meet the needs of a appointment in 2015. I would also 37,090 at 30 June 2019, compared modern, diverse and sophisticated like to thank Peter Unsworth, Chris with 33,034 the previous year. clientele. In addition to our unique Wharton and Kaylene Gulich, all of structure we have a strong culture whom departed from the Board in The Perth Mint Shop and Exhibition of innovation across the business January 2019. performed well over the period. which enables new demographics to The appointment of a new manager We were privileged to welcome a be reached with a range of tailored in December 2017 has led to a number of new Directors to the Board offerings.
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