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4

GREEN DISTILLATION TECHNOLOGIES CORPORATION LIMITED A.B.N. 44 154 895 539

AND CONTROLLED ENTITIES

DIRECTORS’ REPORT

Your directors submit the financial report of the consolidated group for the year ended 30 June 2016. 1. DIRECTORS

The names of directors in the office during the year are: John Fletcher Craig Joseph Dunn Trevor Bayley Directors have been in office since the date of the previous report unless otherwise stated.

2. PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year was the development of the destructive distillation process to recover oil, carbon and scrap steel from end of life tyres. This activity involves the construction of a plant at Warren, New South Wales and the development of additional sites in Victoria and Tasmania.

3. OPERATING RESULT

The operating profit of the consolidated group for the year ended 30 June 2016 was $127,245 (2015 - $160,992).

4. DIVIDENDS

No dividends have been paid or declared since the date of incorporation. 5. SIGNIFICANT CHANGES IN STATE OF AFFAIRS

There has been no significant change in the state of affairs of the Company during the financial year. 6. EVENTS SUBSEQUENT TO BALANCE DATE

No matters or circumstances have arisen between the end of the financial year and the date of this report which have, or may significantly affect the operation of the Company or the state of affairs of the Company in subsequent financial years.

7. FUTURE DEVELOPMENTS

Likely developments in the operations of the Company and the expected results of these operations have not been included in this report as the directors believe, on reasonable grounds, that the inclusion of such information would be likely to result in unreasonable prejudice to the Company.

8. ENVIRONMENTAL ISSUES

The Company’s operations are regulated by the New South Wales Environment Protection Authority.

5



DIRECTORS’ REPORT (Continued)

9. MEETINGS OF DIRECTORS

The number of director’s meetings (including meetings of committees of directors) and number of meetings attended by each of the directors during the financial period are:

No. eligible to attend No. attended

John Fletcher 6 6 Craig Joseph Dunn 6 6 Trevor Bayley 6 6

10. INFORMATION ON DIRECTORS

John Fletcher Chairman, Green Distillation Technologies Corporation Ltd. John is a former CEO at Coles Myer, a leading retailer in Australia. Prior to Coles Myer, John Fletcher was CEO of Brambles Industries for eight years as part of a long career with them spanning 27 years. He was also a non-executive director on the board of Telstra for six years from 2000 to 2006. In 2006, John co-invested with Lazard Asset Management in purchasing the national car care chain Midas Australia. Midas Australia Pty Ltd was sold to Metcash in 2014 and John relinquished his position as Chairman. In February 2016 John was appointed as a non-executive director of Australia’s largest container terminal stevedore operation DP World Australia and in July 2016 he was appointed Chairman. John is a Fellow of CPA Australia. Craig Joseph Dunn BCA Director and CEO, Green Distillation Technologies Corporation Ltd Craig’s finance and accounting career developed as a Chartered Accountant with KPMG in New Zealand and Australia to senior roles focused on investment structures and corporate business development, from start up to public listing. As owner and Director of the Motor Trade Finances Group for over twenty years, Craig has specialised in developing structured financing strategies and the delivery of finance services to the automotive industry.

Trevor Bayley Director, Green Distillation Technologies Corporation Ltd. As owner and Managing Director of Japsco Australia Pty Ltd and President of sister company Japsco Japan K.K., Trevor provides services to develop and support commercial relationships, projects and alliances between Japanese and Western industries. Instrumental in establishing the engineering and financing consortium for the supply of machinery and equipment to manufacture V6 engines for General Motors Holden in Australia, Japsco Australia was also appointed to manage the warranty and ongoing maintenance service for two years after commissioning. Japsco Japan (est. 1987) and Japsco Australia (est. 2001) have bridged the cultural divide to win and expedite similar projects for Japanese entities in China, Thailand and Korea. Trevor holds a Master’s degree in Sociology, University of Leicester (UK).

6



DIRECTORS’ REPORT (Continued) 11. INDEMNIFYING OFFICER OR AUDITOR

During the year ended 30 June 2016, the Company has not indemnified, or agreed to indemnify, against a liability that has been incurred by a person holding a position as officer or auditor, such liability including costs and expenses in successfully defending legal proceedings. The company has entered into a policy of insurance covering its officers and management in the event of legal or other action against the company or its officers in the performance of their duties.

12. NON-AUDIT SERVICES

The board of directors is satisfied that the provision of non-audit services during the year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The directors are satisfied that the services disclosed below did not compromise the external auditor’s independence for the following reasons:

• The non-audit services provided are the preparation of the financial report of the companies in the

consolidated group from their detailed accounting records and the preparation and lodgement of their Goods and Services Tax and Income Tax returns.

• The nature of the services provided do not compromise the general principles relating to audit

independence as set out in the Institute of Chartered Accountants in Australia and New Zealand and CPA Australia’s Professional Statement “F1 – Professional Independence”.

13. AUDITORS INDEPENDENCE DECLARATION

The Auditors Independence Declaration for the year ended 30 June 2016 has been received and can be found on page 7 of the Financial Report. Dated at Melbourne this 20th day of October 2016 and signed in accordance with the resolution of the Board of Directors.

_________________________________________ DIRECTOR – John Fletcher

_________________________________________

DIRECTOR – Craig Joseph Dunn

_________________________________________

DIRECTOR – Trevor Bayley

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30

GREEN DISTILLATION TECHNOLOGIES CORPORATION LIMITED

A.B.N. 44 154 895 539 AND CONTROLLED ENTITIES

DIRECTOR’S DECLARATION

In accordance with a resolution of the directors of Green Distillation Technologies Corporation Limited, the directors of the company declare that:

(1) The financial statements and notes set out on pages 11 to 29, are in accordance with the Corporations Act 2001, including:

a) complying with Accounting Standards, which as stated in the accounting policy Note 1 to the financial

statements, constitutes compliance with International Financial Reporting Standards (IFRS); and

b) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2016 and of its performance for the year ended on that date.

(2) In the director’s opinion there are reasonable grounds to believe that the Company will be able to pay its

debts as and when they become due and payable. Dated at Melbourne this 20th day of October 2016 and signed in accordance with a resolution of the Board of Directors.

_________________________________________ DIRECTOR – John Fletcher

_________________________________________ DIRECTOR – Craig Joseph Dunn

_________________________________________ DIRECTOR – Trevor Bayley

Documents

GDTC Consolidated 2016 Financials FINAL (Signed)€¦ · 4 GREEN DISTILLATION TECHNOLOGIES CORPORATION LIMITED A.B.N. 44 154 895 539 AND CONTROLLED ENTITIES DIRECTORS’ REPORT Your