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2020 Annual Report

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2020 Annual Report Annual Report 2020 A2B Australia Limited ABN 99 001 958 390 Contents There when you need us 2 Operations overview 4 Letter from the Chairman 6 Letter from the CEO 8 Supporting our communities 10 Board of Directors 12 Operating and Financial Review 14 Corporate Governance Statement 28 Directors' Report 42 Remuneration Report 46 Auditor’s Independence Declaration 64 Consolidated Financial Statements 65 Shareholder Information 118 Corporate Directory 120 1 Prompt and decisive Cash Preservation There when you $38M OPERATING CASH FLOW need us $23.7M NET CASH POSITION Sanitisation Services at all our locations $10.8M DIRECTLY SUPPORTING INDUSTRY PARTICIPANTS 2 a2b Annual Report 2020 Driven by technology A2B’s deep knowledge and experience of payments in the personal transport industry coupled with its proprietary technologies create a strong foundation to deliver class leading solutions on a global scale. Innovation that solves transport problems In creating solutions our technologists focus on user centric techniques to clearly understand and define what works best for our customers. Looking ahead A2B is broadening its revenue streams, focusing on the growth of its mobility platform and extending its payments capabilities beyond the mobility sector. 3 NORTHERN TERRITORY QUEENSLAND WESTERN AUSTRALIA SOUTH AUSTRALIA NENEWW SOUTH WALES AUSTRALIAN CAPITAL TERRITORY TASMANIA NORTHERN TERRITORY QUEENSLAND WESTERN AUSTRALIA SOUTH AUSTRALIA NENEWW SOUTH Operations WALES AUSTRALIAN CAPITAL overview TERRITORY TASMANIA A2B is working closely with clients to create customised solutions across the globe. NORTHERN TERRITORY MTI QUEENSLAND MTI MTI WESTERN AUSTRALIA SOUTH AUSTRALIA NEW SOUTH WALES MTI EFT AUSTRALIAN CAPITAL TERRITORY MTI EFT KEY EFT MTI Network EFT Solutions MTI TASMANIA 4 a2b Annual Report 2020 NORTHERN TERRITORY QUEENSLAND WESTERN AUSTRALIA SOUTH AUSTRALIA NEW SOUTH WALES MTI EFT AUSTRALIAN CAPITAL TERRITORY MTI EFT TASMANIA NORTHERN TERRITORY QUEENSLAND WESTERN AUSTRALIA SOUTH AUSTRALIA NENEWW SOUTH WALES AUSTRALIAN CAPITAL TERRITORY TASMANIA 7 17 36,000+ COUNTRIES NEW REGIONS PAYMENT TERMINALS 19 5,000+ 40,000+ OFFICES NEW DRIVERS JOINED 13CABS DRIVERS NORTHERN TERRITORY QUEENSLAND WESTERN AUSTRALIA SOUTH AUSTRALIA NEW SOUTH WALES MTI EFT AUSTRALIAN CAPITAL TERRITORY MTI EFT TASMANIA 5 Letter from the Chairman 2020 has been a year that has tested the resilience of all Australians. As a nation we have stood together and answered the challenges raised by devastating bushfires and the coronavirus pandemic. 6 a2b Annual Report 2020 At A2B when meeting challenges On the governance front A2B continued banking, financial communications we carefully consider the impact on to maintain its high standards and investor relations. Formerly the all our stakeholders – our employees, that have been a leading indicator Chief Operating Officer in Australia Operators, Drivers, Passengers, of the growth and maturity of the of the independent investment bank Customers, communities where business. The clarity and transparency Greenhill & Co, Jennifer has extensive we deliver our essential services of our disclosures encouraged 99% experience in enterprise management, and shareholders. of shareholders to approve our 2019 including the supervision and remuneration report. As Chairman management of compliance, From the outset of the coronavirus of the Audit and Risk Committee, HR and financial management. outbreak our strong balance sheet Rick Millen has been central to the together with management’s swift Holding a Bachelor of Business (QUT), improvements in our financial reporting and decisive actions to preserve cash Graduate Diploma in Applied Finance processes and practices. Rick has enabled the payment in April of an (FINSIA) and Graduate Diploma in decided to retire from the Board after interim dividend of 4 cents per share Management (AGSM), Jennifer is also the conclusion of this year’s Annual to shareholders. In addition, not only a Non-executive Director of APN Funds General Meeting. A2B extends its was the Company able to maintain Management Limited, QV Equities, sincere thanks to Rick for his insights, investment in growth opportunities Yarra Funds Management Limited experience and passion for this despite the tightening restrictions and is Chairman of Redkite (national Company and industry. We all wish throughout 2020 but we also cancer charity supporting children Rick every success and thank him for extended assistance through a range with cancer and their families). his outstanding contributions to A2B. of initiatives to Operators, Drivers, At A2B not only are we are proudly Passengers and Customers. One After a rigorous search and selection Australian but we are equally proud example is our partnership with the process that took into account the of the essential services that we provide NSW State Government to sanitise Board’s skills and diversity matrix, to the community. We are confident the vehicles of all participants in the the challenges and opportunities that we have the right mix of people, personal transport sector regardless presented by our developing skills, experience and technologies of affiliation as well as emergency technological sophistication, and our to address the fluctuations in the level services vehicles promoting the growing organisational footprint in of travel and economic activity as the safe transport of Passengers and local and international markets I am world and Governments respond to and contributing to the containment of pleased to welcome two outstanding emerge from the COVID-19 pandemic. the coronavirus pandemic. In all other new Directors to the A2B Board. States we are providing sanitisation As the pandemic unwinds, we expect David Grant joined the A2B Board the resumption of long term growth services to our fleets at no cost on 2 June 2020. David has held to Drivers and Operators. rates as the market and population various senior executive roles including expands. For A2B this will mean We recognise the efforts of Drivers Group M&A Director at Goodman payment turnover returning to especially those in Victoria who have Fielder Limited and Chief Financial growth and our affiliated fleet size continued to offer essential, accessible, Officer of Iluka Resources Limited. returning to around 10,000 vehicles. dependable and equitable transport With broad financial and commercial services to our community. We are also experience David will be invited to A2B is continuing to innovate, grateful of Government recognition Chair the Audit and Risk Committee raise service standards, and refine that these services are vital for after Mr Millen’s retirement. its approaches to generating traditional and new revenue streams. businesses and residents (particularly As an experienced Non-executive those with disabilities) and support Through the focused investment in Director David is currently on the scalable value-creating technologies their connection with and participation Boards of Event Hospitality and in the life of their communities. A2B is primed to provide best in Entertainment Limited, Retail Food class fully integrated payments and Our world class technology offerings Group Limited and The Reject Shop mobility offerings on a global scale. have encouraged the continued Limited. David has a Bachelor growth of our national footprint of Commerce from the University On behalf of the Board, I would like and defines an important part of NSW, is a graduate of the to thank the A2B team for their efforts of our competitive advantage and Australian Institute of Company this year and our customers and difference. These offerings have Directors and a member of Chartered shareholders for their ongoing support. also been pivotal in extending our Accountants Australia & New Zealand. international presence and are being Jennifer Horrigan was appointed used by a growing number of product as a Director on 11 September and service providers in sectors 2020. Jennifer brings 25 years’ Paul Oneile outside personal transport. experience across investment Chairman 7 Letter from the CEO A2B began 2020 on an exciting footing. After a sustained focus on raising service standards A2B was positioned to benefit from strengthening offerings in the personal transport sector. Enhanced performance in the personal transport sector helps generate returns for our payments business which has built a strong position in the sector over many years. A2B’s operating footprint, scale and addressable markets are of expectations. Tough decisions benefitting from the success of Mobile to raise Driver service and vehicle Technologies International adding standards came with short term to its global client base, EFT Solutions costs but are now flowing through developing new payment initiatives, to strengthening brand sentiment and and the 13cabs offering being higher feedback scores on our services, embraced by industry participants and ongoing innovations in the 13cabs throughout Australia. app are consistently generating a class leading 4.8 star rating. The decision to increase our investment in technology and brands In March A2B commenced three years ago is generating results. a comprehensive response to the Following three years of growth, emergence of COVID-19 in Australia. revenue reached record levels Health and Safety was, and remains, (pre-COVID-19). The key drivers first and foremost. We supported of growth during this period were Passengers and Drivers with network subscriptions and, in recent professional sanitisation services times,
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