endeavour financial year 31 dec 2011

8/2/2019 Endeavour Financial Year 31 Dec 2011

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EvourItrtio Liit

Financial year 31 December 2011A iustrtio o Austri coysYffmYdfYf[aYdj]hgjlso icb to 30 Ju 2012 yr s

January 2012 edition


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Endeavour (International) Limited I

Foreword

The International Accounting Standards Board (IASB) has slowed down the pace at which new accounting standards are

being developed. Consequently, many new standards that were expected to be released this year will now likely be issued in

2012, coming into effect in 2015.

However, this doesnt mean that there are no new financial reporting changes to consider in the current year. Several

amendments to accounting standards are now effective. In addition, this year sees changes in corporate governancereporting relating to diversity and changes in remuneration reporting all of which are illustrated in this publication.

During the current year, more countries particularly in the Asia region have declared their intention to adopt or converge

in full with International Financial Reporting Standards (IFRS). Many other countries are adopting IFRS for the first time in

2011 and 2012. Meanwhile the US is expected to make a decision in the near term about their adoption of IFRS. Such

widespread use of IFRS increases the need for consistency in interpretation and presentation. As investors are becoming

more global, there is also an increased need for greater comparability.

This edition of Endeavour is a new format of our illustrative financial statements prepared in accordance with Australian

Accounting Standards. It is more closely aligned with Good Group our illustrative financial statements prepared in

accordance with IFRS thereby allowing greater comparability with overseas companies.

We have also included in this edition an illustrative example of the new disclosures introduced by AASB 12 Disclosures of

Interests in Other Entities, which becomes applicable in 2013. These disclosures will be useful for those entities that earlyadopt the new consolidation and joint arrangements standards, in addition to those entities considering the new disclosures

required in future periods.

Over the next few years, as we are confronted by an abundance of financial reporting change, it is important to keep

abreast of the changes, to develop an in-depth knowledge of the requirements of IFRS, and to understand the impact it has

on your information systems and business processes. Your Ernst & Young contact can help you prepare for this process and

manage the implementation.

I wish you all the best with your next set of financial reports and trust this publication will help you in your ongoing journey

in financial reporting.

Lynda Tomkins

Partner and National Leader IFRS Desk

Ernst & Young Australia

30 November 2011


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Evour Itrtio Liit III

Contentsorwor ............................................................................................................................................................ i

Itrouctio .......................................................................................................................................................1

Abbrvitios y ........................................................................................................................................6

Cotts to ici rort .................................................................................................................................7

Corort iortio ........................................................................................................................................

Dirctors' rort ..............................................................................................................................................11

Corort ovrc sttt ...................................................................................................................... 37

Cosoit sttt o corsiv ico .............................................................................................. 47

Cosoit sttt o ici ositio ....................................................................................................... 4

Cosoit sttt o cs i uity ...................................................................................................... 51

Cosoit sttt o cs ows ................................................................................................................. 54

Nots to t cosoit ici sttts ................................................................................................... 55

1. Corort iortio ............................................................................................................................55

2. Sury o siiict ccouti oicis ............................................................................................... 55

2.1 sis o rrtio ...............................................................................................................................56

2.2 Coic wit IRS .............................................................................................................................56

2.3 Nw ccouti strs itrrttios .......................................................................................... 56

2.4 Cs i ccouti oicis iscosurs ......................................................................................... 83

3. Siiict ccouti uts, stits ssutios .................................................................. 84

4. usiss cobitios cuisitio o o-cotroi itrsts ............................................................. 87

5. Itrst i oit vtur ........................................................................................................................2

6. Ivstt i ssocit ...................................................................................................................... 2

7. St iortio ..............................................................................................................................3

8. Otr ico/xss ustts ................................................................................................. 6

8.1 Otr orti ico .......................................................................................................................... 6

8.2 Otr orti xss ....................................................................................................................... 6

8.3 ic costs ......................................................................................................................................... 78.4 ic ico ...................................................................................................................................... 7

8.5 Drcitio, ortistio, ori xc ircs costs o ivtoris icu i tcosoit ico sttt ............................................................................................................... 7

8.6 Eoy bits xs ..................................................................................................................... 8

8.7 Rsrc vot costs ............................................................................................................. 8

8.8 Coots o otr corsiv ico ............................................................................................ 8

. Ico tx.............................................................................................................................................

10. Discotiu ortios ....................................................................................................................... 103

11. Eris r sr ............................................................................................................................... 106

12. Prorty, t uit .............................................................................................................. 107

13. Ivstt rortis .......................................................................................................................... 1014. Itib ssts .................................................................................................................................. 110

15. Otr ici ssts ici ibiitis .......................................................................................... 111

15.1. Otr ici ssts ........................................................................................................................... 111

15.2. Otr ici ibiitis........................................................................................................................ 113

15.3. Hi ctivitis rivtivs .......................................................................................................... 116

15.4. ir vus ........................................................................................................................................... 118

16. Iirt tsti o oowi itibs wit iiit ivs ...........................................................121

17. Ivtoris .......................................................................................................................................... 123

18. Tr otr rcivbs currt .................................................................................................... 124

1. Cs sort-tr osits ................................................................................................................ 125

20. Issu cit rsrvs ................................................................................................................... 12621. Divis i roos ................................................................................................................. 128

22. Provisios ........................................................................................................................................... 12

23. Govrt rts .............................................................................................................................. 131


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IV Evour Itrtio Liit

24. Drr rvu ................................................................................................................................. 131

25. Psios otr ost-oyt bit s ................................................................................. 132

26. Sr-bs yt s................................................................................................................... 138

27. Tr otr ybs currt ........................................................................................................ 140

28. Rt rty iscosurs ...................................................................................................................... 141

2. Coitts coticis ........................................................................................................... 146

30. ici ris t obctivs oicis ................................................................................... 150

31. Evts tr t rorti rio ........................................................................................................... 156

32. Auitors' rurtio ......................................................................................................................... 157

33. Iortio rti to Evour Itrtio Liit t rt tity .......................................... 158

Dirctors' crtio ..................................................................................................................................... 15

It uitor's rort ........................................................................................................................... 160

ASX itio iortio .............................................................................................................................. 163

Aix A Cos rou css orr iscosurs ............................................................................................ 165

Aix Aricutur ssts x iscosurs ........................................................................................ 167

Aix C H-yr ici rort ............................................................................................................ 16

Aix D Iustrtiv iscosur ruirts o AAS 12 ............................................................................ 13

Aix E Austri rorti ruirts ............................................................................................... 205


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Evour Itrtio Liit 1

Introduction

Tis ocut cotis t cosoit ici rort o ictitious, ubicy ist tity, Evour Itrtio

Liit, iustri coy wit subsiiris t Grou. Evour Itrtio Liit is icorort ist

i Austri, wit rorti t o 31 Dcbr 2011.

T cos ici rort s b rr i ccorc wit t ruirts o t Corporations Act 2001

Austri Accouti Strs. T rort is it to iustrt t iscosur ruirts o t Accouti

Strs, icui rovii itrrtiv cotry wr cssry.

Tis ici rort is iustrtiv oy os ot ttt to sow ossib ccouti iscosur ruirts. It

is ssti to rr to t rvt utorittiv sourc , wr cssry, s rorit rossio vic.

Atou t iustrtiv ici rort ttts to sow t ost coo iscosur ruirts or iustri

cois, it sou ot b rr s corsiv ccist. or or corsiv ist o iscosur

ruirts, s rr to Erst & ou's Financial reporting standards disclosure checklist. Euiris rri

sciis iustris rs o ccouti .., isurc, US GAAP sou b irct to Erst & ou

rossio.

Ec sctio o t ici rort o t Grou is cross-rrc to cotry. Sourc rrcs to t utorittiv

itrtur r so rovi. T cotry oows t iscosur coti i c sctio o t ici rort is

it to iit iscosur ruirts o t ot or to xi t roc t i rovii t iustrtiv

iscosur i tis rort.

Whats new in this update?

Tis itio o Endeavour (International) Limited icus ici rorti vots tt v occurr sic t

31 Dcbr 2010 itio. A sury o t ost siiict cs to tis itio r s oows:

Summary of changes Reference

Leverage of Good Group

Tis itio o Endeavour (International) Limited s b bs o

Erst & ou Gobs Goo Grou Itrtio Liit IRS ici

sttts. As suc, t ort structur o t ici sttts

ots o tis itio irs ro t 31 Dcbr 2010 Endeavour

itio.

Voluntary change in accounting policy

I t 2011 itio, t Grou iustrts voutry c i ccouti

oicy rri AAS 11 Employee Benefits. T Grou ow rcors

cturi is osss i otr corsiv ico i t rio i

wic ty occur i ccorc wit rr 3A o AAS 11.

Prviousy, t Grou i t corrior to ur rr 2 o

AAS 11.

Not 25 Pensions and other postemployment benefit plans

Remuneration disclosures

T Rurtio rort s b rortt rvis to rovi oo

rctic iustrtiv iscosurs o rurtio rrts or y

t rso.

Rurtio rort i t irctors rort

Diversity policy

T ASX Corporate Governance Principles and Recommendations v b

so tt tity is ruir to ubis its oicy cocri

ivrsity, iscos uy surb obctivs or civi r

ivrsity, t rorss towr civi tos obctivs t roortio

o wo i t oristio, i sior t ositios o t

bor.

T corort ovrc sttts v b ut to rct t

ASX Corporate Governance Principles and Recommendations or

rorti rios o or tr 31 Dcbr 2011.

Corort ovrc sttt i tirctors rort


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Introduction (continued)

2 Evour Itrtio Liit

New accounting standards and interpretations Reference

Amendment to AASB 124 Related Party Transactions

T t to AAS 124 is twoo. T t crii t

iitio o rt rty, owvr, witout ci t ut

roc to rt rty iscosurs. It siss sytric viw o

rt rty rtiosis criis ow rso or y t

rso icts rt rty rtiosis o tity s Not 2.

urtror, t t rovis or xtio to rt rty

iscosurs or ovrt-rt titis.

T t is ctiv or ici yrs bii o or tr

1 Jury 2011. Wi t otio o t t i ot v y

currt ict o t ici ositio or rorc or iscosurs o t

Grou, s ruir iortio is currty bi rority ctur

iscos, it is rvt to t ictio o t Grous ccouti

oicy i itiyi utur otti rt rty rtiosis.

Not 2.4 Changes in accounting policies anddisclosures

Amendment to AASB 132 Financial Instruments: Presentation -

Classification of Rights Issues

T t trs t iitio o ici ibiity i AAS 132. It

cssiis crti rits issus, otios or wrrts s uity istruts.

Tis is icb i t rits r iv ro rt to o t xisti owrs

o t s css o titys o-rivtiv uity istruts, i orr to

cuir ix ubr o t titys ow uity istruts or ix

out i y currcy.

T Grou i ot tr ito y rits issu, otios or wrrts wic

wou b ct by tis t. I t Grou suc istruts,

ts wou o or b cssii s rivtivs wit cs i ir vu

icti roit or oss. T t is ctiv or ici yrs

bii o or tr 1 brury 2010.

Not 2.4 Changes in accounting policies and

disclosures

Amendment to AASB Int 14 Prepayments of a Minimum FundingRequirement

T t ws to rov uit cosuc w

tity is subct to iiu ui ruirts MR s ry

yt o cotributios to covr tos ruirts. T t

rits ryt o utur srvic cost by t tity to b rcois

s sio sst.

T Grous i bit obitio ibiity is ot ct by tis

t. Howvr, t t is icorort ito t Grous

ccouti oicy.

Accouti oicy Not 2

Improvements to AASBs

I My 2010, t bor issu its tir oibus o ts to

strs, ririy wit viw to rovi icosistcis criy

wori. Tr r srt trsitio rovisios or c str.

T Grou iustrts t otio o tsts i Not 2


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Evour Itrtio Liit 3

New accounting standards and interpretations Reference

Impairment disclosures in the 2011 edition

I t currt cooic virot, iscosurs rti to iirt r

icrsiy ssitiv.

Not iscosurs covri iirts i

t 2011 itio o Endeavour

(International) Limited r suris

bow:

X Accouti oicy iscosurs Not 2.3

X Discosurs or siiict ssutios

Not 3

X Prorty, t uit Not 12

X Itib ssts Not 14

X Otr ici ssts Not 15

X Goowi itib ssts wit

iiit ivs Not 16

X Tr rcivbs Not 18

Australian Accounting Standards

W coyi wit Austri Accouti Strs, rrrs so to coy wit icb i

strs itrrttios.


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4 Evour Itrtio Liit

Australian Accounting Standards applicable as at 31 December 2011

Tis ici rort iustrts Austri Accouti Strs tt wr issu t 31 Octobr 2011 wic y to

u rorti rios bii o or tr 1 Jury 2011.

It is iortt to ot tt t iustrtiv ici rort i tis ocut wi ruir cotiu uti s w

Strs Itrrttios r issu by t AAS. Tror, i you r usi tis ubictio to ssist i t

rrtio o your ici rort, it ust b sis tt tis os ot icu cs risi ro w

i Strs Itrrttios ctiv or rios coci tr 31 Octobr 2011.

Tror, usrs o tis ubictio r cutio to sur tt ty cosir y cs i t ruirts o

AAS Strs Itrrttios issu tr 31 Octobr 2011.

I itio, t iscosur ruirts o t oowi Austri Accouti Strs r ot icb to t Grou

v tror ot b t wit i t ici rort:

AAS 1 First TimeAdoption of Australian Equivalents to International Financial Reporting StandardsAAS 4 Insurance ContractsAAS 6 Exploration for and Evaluation of Mineral ResourcesAAS 10 Consolidated Financial Statements AAS 11 Joint Arrangements

AAS 12 Disclosure of Interests in Other Entities AAS 111 Construction ContractsAAS 12 Financial Reporting in Hyperinflationary EconomiesAAS 134 Interim Financial Reporting*AAS 141 Agriculture**AAS 1004 ContributionsAAS 1023 General Insurance ContractsAAS 1038 Life Insurance ContractsAAS 103 Concise Financial ReportsAAS 104 Whole of Government and General Government Sector Financial ReportingAAS 1050 Administered ItemsAAS 1051 Land Under RoadsAAS 1052 Disaggregated DisclosuresAAS 2008-2 Ats to Austri Accouti Strs Puttable Financial Instruments and Obligations

arising on LiquidationAAS 2008-8 Amendments to Australian Accounting Standards Eligible Hedged ItemsAAS 2008- Amendments to AASB 1049 for Consistency with AASB 101AAS 2008-11 Amendments to Australian Accounting Standards Business Combinations among Not-for-Profit

EntitiesAAS 2008-13 Amendments to Australian Accounting Standards arising from AASB Interpretation 17

Distributions of Non-cash Assets to OwnersAAS 200-1 Amendments to Australian Accounting Standards Borrowing costs of Not-for-Profit Public Sector

EntitiesAAS 25 Financial Reporting by Superannuation PlansItrrttio 12 Service Concession ArrangementsItrrttio 13 Customer Loyalty ProgramsItrrttio 15 Agreements for the Construction of Real EstateItrrttio 17 Distributions of Non-Cash Assets to Owners

Itrrttio 18 Transfers of Assets from CustomersItrrttio 107 Introduction of the EuroItrrttio 110 Government Assistance No Specific Relation to Operating ActivitiesItrrttio 12 Service Concession Arrangements: DisclosuresItrrttio 131 Revenue Barter Transactions Involving Advertising ServicesItrrttio 132 Intangible Assets Web Site CostsItrrttio 1038 Contributions by Owners Made to Wholly-Owned Public Sector EntitiesItrrttio 1042 Subscriber Acquisition Costs in the Telecommunications IndustryItrrttio 1047 Professional Indemnity Claims Liabilities in Medical Defence OrganisationsItrrttio 1055 Accounting for Road Earthworks

A x -yr ici rort i ccorc wit AAS 134 is icu i Aix C. Ex iscosurs or ricutur ssts r icu s ui i Aix . Ex iscosurs or cosoit ici sttts, oit rrts iscosur o itrsts i otr titis r icu

s ui i Aix D.


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Evour Itrtio Liit 5

Allowedalternative treatments

I so css, Austri Accouti Str rits or t o ccouti trtt or t s trsctios

or vt. Prrrs o ici rorts sou cos t trtt tt is ost rvt to tir busiss.

AAS 108Accounting Policies, Changes in Accounting Estimates and Errors, ruirs tity to sct y its

ccouti oicis cosistty or siir trsctios, /or otr vts coitios, uss Austri

Accouti Str sciicy ruirs or rits ctoristio o its or wic irt oicis y brorit. Wr Austri Accouti Str ruirs or rits suc ctoristio, rorit ccouti

oicy is sct i cosistty to c ctory. Tror, oc coic o o o t trtiv trtts

s b , it bcos ccouti oicy ust b i cosistty. Cs i ccouti oicy sou

oy b i ruir by str or itrrttio, or i t c rsuts i t ici sttts rovii or

rib rvt iortio.

I tis ubictio, w coic is ritt by Austri Accouti Str, t Grou s ot o o t

trtts s rorit to t circustcs o t Grou. T cotry rovis tis o wic oicy s b

sct, t rsos or tis, suriss t irc i t iscosur ruirts.

Financial review by management

My titis rst ici rviw by t tt is outsi t ici sttts. T Austri AccoutiStrs os ot ruir t rsttio o suc iortio, tou rr 13 o AAS 101 Presentation of

Financial Statements, ivs bri outi o wt it b icu i u rort. T AAS issu AASB Practice

Statement Management Commentary i Dcbr 2010, wic rovis bro, o-bii rwor or t

rsttio o t cotry tt rts to t ici sttts tt v b rr i ccorc

wit AAS. I coy cis to oow t uic i t Practice Statement, t is cour to xi

t xtt to wic t Practice Statement s b oow. A sttt o coic wit t Practice Statement is

oy ritt i it is oow i its tirty.

T cott o ici rviw by t i rtio to t ici sttts is tri by t ruirts

o t Corporations Act 2001. A iustrtiv ici rviw by t s b icu or t Grou, s rt o

t irctors rort.


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6 Evour Itrtio Liit

Abbreviations and key

Abbreviations

T oowi stys o bbrvitio r us i t cotry s o t Evour Itrtio Liit iustrtiv

ici rort:

AAS 112.2 Australian Accounting Standard No. 112, rr 2

AAS It 115.4 AASB Interpretation No. 115, rr 4CA 300A Corporations Act 2001, sctio 300AR. 2M.3.031 Corporations Regulations 2001, Ctr 2M, Rutio 3.03, rr 1ASIC CO Australian Securities & Investments Commission Class OrderASIC IR Australian Securities & Investments Commission Information ReleaseASIC INO Australian Securities & Investments Commission Information SheetASIC RG Australian Securities & Investments Commission Regulatory GuidanceASX Rc 2.5 Australian Stock Exchange Corporate Governance Council, Principles of Good Corporate Governance

and Best Practice Recommendations, Recommendation 2.5ASX 4.10.5 Australian Stock Exchange Listing Rules Chapter 4, Rule 10.5Itrrttios Interpretations of the AASB

Caveat

T s o o corortios icu i tis iustrtiv ici rort r ictitious v b crt or

t uros o iustrtio oy. Ay rsbc to y rso or busiss is ury coicit.

Tis ici rort is iustrtiv oy os ot ttt to sow ossib ccouti iscosur ruirts.

I cs o oubt s to t ruirts, it is ssti to rr to t rvt sourc , wr cssry, s

rorit rossio vic. Atou t iustrtiv ici rort ttts to sow t ost iy iscosur

ruirts or iustri cois, it sou ot b rr s corsiv ccist o iscosur ruirts.


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Endeavour(International) LimitedABN 00 000 000 0009ffmYdfYf[aYdj]hgjl^gjl`]q]Yj]f\]\+)


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Evour Itrtio Liit 7

Contents to financial report

Corort iortio ........................................................................................................................................

Dirctors' rort ..............................................................................................................................................11

Corort ovrc sttt ...................................................................................................................... 37

Cosoit sttt o corsiv ico .............................................................................................. 47

Cosoit sttt o ici ositio ....................................................................................................... 4

Cosoit sttt o cs i uity ...................................................................................................... 51

Cosoit sttt o cs ows ................................................................................................................. 54

Nots to t cosoit ici sttts ................................................................................................... 55

1. Corort iortio ............................................................................................................................55

2. Sury o siiict ccouti oicis ............................................................................................... 55

2.1 sis o rrtio ...............................................................................................................................56

2.2 Coic wit IRS .............................................................................................................................56

2.3 Nw ccouti strs itrrttios .......................................................................................... 56

2.4 Cs i ccouti oicis iscosurs ......................................................................................... 83

3. Siiict ccouti uts, stits ssutios .................................................................. 84

4. usiss cobitios cuisitio o o-cotroi itrsts ............................................................. 875. Itrst i oit vtur ........................................................................................................................2

6. Ivstt i ssocit ...................................................................................................................... 2

7. St iortio ..............................................................................................................................3

8. Otr ico/xss ustts ................................................................................................. 6

8.1 Otr orti ico .......................................................................................................................... 6

8.2 Otr orti xss ....................................................................................................................... 6

8.3 ic costs ......................................................................................................................................... 7

8.4 ic ico ...................................................................................................................................... 7

8.5 Drcitio, ortistio, ori xc ircs costs o ivtoris icu i tcosoit ico sttt ............................................................................................................... 7

8.6 Eoy bits xs ..................................................................................................................... 88.7 Rsrc vot costs ............................................................................................................. 8

8.8 Coots o otr corsiv ico ............................................................................................ 8

. Ico tx.............................................................................................................................................

10. Discotiu ortios ....................................................................................................................... 103

11. Eris r sr ............................................................................................................................... 106

12. Prorty, t uit .............................................................................................................. 107

13. Ivstt rortis .......................................................................................................................... 10

14. Itib ssts .................................................................................................................................. 110

15. Otr ici ssts ici ibiitis .......................................................................................... 111

15.1. Otr ici ssts ........................................................................................................................... 111

15.2. Otr ici ibiitis........................................................................................................................ 113

15.3. Hi ctivitis rivtivs .......................................................................................................... 116

15.4. ir vus ........................................................................................................................................... 118

16. Iirt tsti o oowi itibs wit iiit ivs ...........................................................121

17. Ivtoris .......................................................................................................................................... 123

18. Tr otr rcivbs currt .................................................................................................... 124

1. Cs sort-tr osits ................................................................................................................ 125

20. Issu cit rsrvs ................................................................................................................... 126

21. Divis i roos ................................................................................................................. 128

22. Provisios ........................................................................................................................................... 12

23. Govrt rts .............................................................................................................................. 131

24. Drr rvu ................................................................................................................................. 131

25. Psios otr ost-oyt bit s ................................................................................. 132

26. Sr-bs yt s................................................................................................................... 138

27. Tr otr ybs currt ........................................................................................................ 140


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8 Evour Itrtio Liit

28. Rt rty iscosurs ...................................................................................................................... 141

2. Coitts coticis ........................................................................................................... 146

30. ici ris t obctivs oicis ................................................................................... 150

31. Evts tr t rorti rio ........................................................................................................... 156

32. Auitors' rurtio ......................................................................................................................... 157

33. Iortio rti to Evour Itrtio Liit t rt tity .......................................... 158

Dirctors' crtio ..................................................................................................................................... 15

It uitor's rort ........................................................................................................................... 160

ASX itio iortio .............................................................................................................................. 163


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Evour Itrtio Liit

Corporate information

ABN 00 000 000 000 CA 153(2)

DirectorsJ. rrcou, CirM.P. oitu, Ci Excutiv Oicr

C.P. Mur. v rA.N. LocwooM. EvsM.A. VovC. SrtP.R. Grc

Company Secretary ASX 4.10.10

G.K. Ds

Registered officeHoir Hous ASX 4.10.11

Asow Sur AASB 101.138(a)

Austri

Principal place of business AASB 101.138(a)

us AvuMubrry PrAustriPo: 61 3 876 5432

Share register ASX 4.10.12

Evrst Ristry Srvics23r oor43 Trry StrtAustriPo: 61 2 876 5431

Evour Itrtio Liit srs r ist o t Austri Stoc Exc ASX ASX 4.10.13

SolicitorsSoicitors & Co7 Gor StrtAustri

Bankers LiitGor StrtAustri

AuditorsErst & ouAustri


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Evour Itrtio Liit 11

Directors' report

our irctors subit tir rort or t yr 31 Dcbr 2011. CA 298(1)

Directors

T s tis o t Coy's irctors i oic uri t ici yr uti t t o

tis rort r s oows. Dirctors wr i oic or tis tir rio uss otrwis stt.

CA 300(1)(c)

Names, qualifications, experience and special responsibilities CA 300(10)(a)

J. Barraclough (Non-executive Chairman)

J. rrcou or Evour Itrtio Liit i 175 ws t Mi Dirctor o t

Coy uti is rtirt i 2002. Prsty, is t Grou Cir so srvs o t uit,

rurtio oitio coitts o t Grou. Duri t st tr yrs Mr rrcou s

so srv s irctor o t oowi otr ist cois:

X D.A. Lt oit 30 Ju 2004

X Srt Lt oit 30 Octobr 2005 rsi 2 Octobr 2010 CA 300(11)(e)

X Horizo Oi Lt oit 15 Juy 2006

Dots currt irctorsi

M.P. Boiteau, B.Sc (Director and Chief Executive Officer)

M.P. oitu oi t Coy s rt o t cuisitio o t ir rvtio busiss i 183,

bcoi Prouctio Mr i 14 irctor i 18. H ow cobis t ro o Prouctio

Dirctor wit tt o Mi Dirctor wi so srvi o t Grou's ic trsury

coitts.

C.P. Muller, B.Com., F.C.A. (Finance Director)

C.P. Mur oi Evour Itrtio Liit s ic Dirctor i 2002. Prior to oii t

Grou, s ws sior rtr i ccouti ir. Ms Mur so srvs o t Grou's ic

trsury coitts.

F. van den Berg, LL.B.

. v r s cobi is wor s rctisi soicitor wit is ro s o-xcutiv irctor

o t Coy sic 2002. H rsi s o-xcutiv irctor o t bor o 15 Jury 2012.

. v r ws br o t rurtio oitio coitts ws cir o t

Grou's uit coitt. Duri t st tr yrs s so srv s irctor o t oowi

ist cois:

X Cst Lt oit 15 Juy 2005

X Crrito Lt oit 30 Ju 2002 rsi 2 Ju 2010 CA300(11)(e)

Dots currt irctorsi

A.N. Lockwood, M. Eng.

A.N. Locwoo oi t bor s o-xcutiv irctor i 2006. S is ir wit siiict

xrtis i t ctroics vitio iustris so srvs o t oitio rurtio

coitts o t Grou.

M. Evans

M. Evs is Aric citiz srv s t Prsit o t Austrsi ortios o S.J.

Liit, t utit oi coy o Evour Itrtio Liit, ro 182 to 186. H

rtir s o-xcutiv irctor o t bor o 28 Juy 2011. Duri t st tr yrs Mr Evs

s t oowi ist coy irctorsis:

X

DE Mucturi Lt oit 31 Dcbr 2001 rsi 30 Ju 2010


22/237

Directors' report (continued)

12 Evour Itrtio Liit

Directors (continued)

M.A. Vlahov, B.Com., C.A.

M.A. Vov oi t bor s o-xcutiv irctor i 2006. S is rctisi crtr

ccoutt tx rctitior is Cir o t uit coitt br o t

rurtio coitt o t Grou.

C. Smart, M. Sc.

C. Srt oi t bor s o-xcutiv irctor o 1 My 200. H s xtsiv ow o

t cic iustry s Mstrs r i cic iri ro t Uivrsity o

Mbour.

P.R. Garcia (alternate director)

P.R. Grci is rctisi crtr ccoutt. H oi t bor to ct s trt irctor or

M.P. oitu C.P. Mur i 2006.

Interests in the shares and options of the company and related bodies corporate

As t t t o tis rort, t itrsts o t irctors i t srs otios o EvourItrtio Liit wr:

CA 300(11)(a),(c)

Number of ordinaryshares

Number ofpreference shares

Number of optionsover ordinary shares

J. rrcou 321,40 20,000 -M.P. oitu 702,000 6,000 110,000

C.P. Mur 117,500 5,000 8,500

A.N. Locwoo 5,000 - -M.A. Vov 37,000 - -C. Srt 15,000 - -P.R. Grci 10,000 - -

Company Secretary

G.K. Dellas .Co. Hos .C.A

G.K. Ds s b t Coy Scrtry o Evour Itrtio Liit or it yrs. S

s b crtr ccoutt or ovr 15 yrs.

CA 300(10)(d)

Dividends

Cents $000

i ivis rco:oriry srs 5.01 1,087

Divis i i t yr:

Interim for the yearo oriry srs 4.66 877o rrc srs 0.46 13

80

Final for 2010 shown as recommendedin the 2010 financial reporto oriry srs 5.66 1,06o rrc srs 0.46 13

1,082

CA 300(1)(b)

CA 300(1)(a)


23/237



Principal activities

T rici ctivitis uri t yr o titis witi t cosoit tity wr: CA 299(1)(c)

X Suy srvici o ctroic uit or c, vitio ctric sty rts

X Prouctio, isttio srvici o xtiuisrs, ir rvtio uit ir rtrt

brics

X Prouctio o rubbr osis or corci ictios

X Lsi o oics ucturi sits tt r surus to t Grou's ruirts

Otr t t iscotiuc o t rubbr uit st wic c bout trou t s o

Hos Liit, tr v b o otr siiict cs i t tur o ts ctivitis uri t

yr.

Operating and financial review CA 299(1)(a)CA 299A(1)

Group overview ASX 4.10.17

Evour Itrtio Liit ws or i 175 by J. rrcou, wo is t currt Ciro t bor.

Duri t yr t Grou ci to isos o Hos Liit. T isos o Hos Liit is u to b

cot o 28 brury 2012 , s t 31 Dcbr 2011, i otitios or t s wr i

rorss. ot trsctios r iscuss i urtr ti bow.

T cuisitio o 1 My 2011 o Extiuisrs Liit, coy tt s b stbis i

Austri or y yrs, s urtr strt t ir rvtio ivisio o t Grou. Tis

coy s w-stbis rsrc vot rtt, wi sur tt t

Grou's roucts ri stt-o-t-rt. Aitioy, t cuisitio o Extiuisrs Liit s

ow t Grou to i cotro o siiict ir rvtio tt, tus suri utur stro

ss oortuitis or t Grou.

T Grou so cuir itio 7.4% itrst i t voti srs o Litbubs Liit, coy bs i Austri sciisi i t rouctio istributio o itbubs. Tis busiss

ws cuir to r t r o roucts i t ctroics st. As t 31 Dcbr 2011, t

Grous owrsi itrst i Litbubs Liit ws 87.4%.

Electronics

T ctroics busiss is roucr suir o ctroic uit or c, vitio

ctric sty rts. It ors roucts srvics i t rs o ctroics, sty, tr

ctric rcitctur.

St ss ro t ctroics st v icrs by 4% to $76,728,000 t st

t orti roit tr tx s crs by 45% to $2,68,000 u to siiict cost iicicis

or crti ctric coots. Mt bivs tt cotiu rt rowt wi ow t

ctroics st o t Grou to irov its roitbiity.T Grou s rcty itrouc w r o sty roucts or t vitio sctor, bot iitry

civi. Ts r t irst i w i o xt rtio sty roucts tt us soistict

coutris tcius to couict wit tir virot, trby ruci t ubr o

uctios. Svr y cits r currty tsti t roucts iiti custor rctio s

b vourb. W r coit tt ts roucts wi t y w scurity surs itrouc

by t vitio iustry.

Fire prevention equipment

T ir rvtio uit busiss roucs ists xtiuisrs, ir rvtio uit

ir rtrt brics or iustri rts.


24/237



Operating and financial review (continued) CA 299(1)(a)

Fire prevention equipment (continued)

Extiuisrs Liit ws cuir o 1 My 2011, tror t rsuts or t yr icu sv

ots o ss ro tt busiss. W xct urtr icrs i rvus i ir rvtio or t

31 Dcbr 2012 yr , biti ro u yr o tri by Extiuisrs Liit. Tcuisitio o Extiuisrs Liit s t r o ir rtrt brics to t ortoio o roucts

or by t Grou, w biv tis uts t Grou i stro ositio i t rt s it is ow

b to or u r o ir rvtio roucts to its custors.

Investment property

T ivstt rorty busiss ss oics ucturi sits surus to t Grou's

ruirts os ot ctivy tr i t ivstt rorty rt.

Performance indicators

Mt t bor oitor t Grou's ovr rorc, ro its ittio o t

issio sttt strtic trou to t rorc o t Grou ist orti s

ici buts.

T bor, totr wit t, v itii y rorc iictors KPIs tt r us

to oitor rorc. Ky t oitor KPIs o rur bsis. Dirctors rciv t KPIs

or rviw rior to c oty bor ti owi irctors to ctivy oitor t Grou's

rorc.

Dynamics of the business

Mrts ri i iicut uri t rio i it icrsiy ci to rc

our i ss rowt trts. Howvr, t ris coit tt irovi rt

totr wit t Grou's rt stroo wi ow t Grou to cotiu its sty rowt strty

ovr t coi yrs. Coitios r xct to cotiuy irov, t st ovr t xt 12 to 18

ots, so o our wr ortios r sowi sis o roitbiity by strti to ov ito

or stb virot ostri utur rowt.

T Grou s b ssrtiv yr i t ir rvtio rt ovr t st 12 ots wi

cotiu to b i t orsb utur sciy wit t ii ubictio o t Fire Prevention

Act t Act. It is ticit tt t Act wi b issu witi t xt 12 ots. It is ritry

iititiv tt s co bout s irct rsut o t svr irs tt occurr i oic buiis i t

stts o Nw Sout Ws Qus uri 2011. It is xct tt t Act wi ruir

cois wit or t 250 oys to rc tir ir rvtio uit vry iv yrs.

Mt bivs tt tis vot wi ostr ow t ortio coy rowt

to occur.

Mt bivs t rsuts o t Grou sow tt t Grou s oo yr, rticury t

ir rvtio uit busiss. Mt bivs ty v t t rorit sts to

sur tt t Grou is i stro ositio to co wit t currt cooic ucrtitis xoit

utur oortuitis.O 1 Mrc 2011, t Grou ouc t bor o irctors cisio to isos o Hos Liit.

Hos Liit b orti i voti rt or t st w yrs i it iicut or

t to civ y r rowt roitbiity i tis st. Aitioy, t v o

ivstt ruir to tur rou t busisss wou v ivrt vub rsourcs ro t

Grou's or roitb cor ctivitis.

T ivstts wi ow t Grou to coctrt o its cor ctivitis, t uctur o ctroic

sty roucts ir rvtio uit. i otitios r ur wy wit t buyr si

to urcs Hos Liit. It is vis tt t s wi b cot by 28 brury 2012. Du to

ssitivitis itis surroui t ivstt, t is ot t ibrty to iscos y

urtr iortio surroui isos o tis busiss.


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Operating results for the year

T yr ws o i wic, vi succssuy t tovr or by ir Proucts

Liit or Evour Itrtio Liit t t strt o t yr, stro outios wr i or

t utur rowt o t Grou.

T Grou's t roit or t yr bor ico tx is $12,118,000 2010: $10,86,000

rrsti icrs o 11% 2010: 12% ro t rvious yr. T cuisitio o Extiuisrs

Liit uri t yr s so ssist i t rowt o t Grou. T t roit so icus t

oowi siiict its bor ico tx:

X Gis o t isos o rorty, t uit i t currt yr o $532,000 bor tx

2010: $2,007,000

X Proit o $213,000 2010: oss $13,000 risi ro Hos Liit t iscotiu ortio o

t Grou

Nt roit ro cotiui ortios bor tx xcui siiict its is $11,373,000

2010: $,055,000 rrsti 26% 2010: 4.3% icrs ro st yr s t tb rst

bow.

Nt uryi roit ro cotiui ortios xcui siiict its bor tx rrsts t

roit or t rio, xcui t ct o iscotiu ortios, iirt o ssts

itibs t is o isos o rorty, t uit. A rcociitio o uryi

roit ro cotiui ortios to t roit or t rio s rort i t sttt o

corsiv ico is s oows:

2011$000

2010$000

Change%

Nt roit or t rio bor tx 12,118 10,86 11%

Iirt o ssts itibs - 301 100%Nt is o isos o rorty, t uit (532) 2,007 73%

11,586 ,163 26%Proit/oss ro iscotiu ortiosbor tx - Hos Liit Pi Liitosss icui iirt oss io isos i t currt yr (213) 13 210%

Uryi roit ro cotiuiortios bor tx 11,373 ,356 22%

Suris orti rsuts r s oows:

2011

Revenues$000

Results$000

Operating segments

ir rvtio uit 13,842 10,475

Ectroics 76,728 2,68

Ivstt rorty 1,404 321

217,74 13,764

Discotiu ortios 42,80 213

260,783 13,77

Itr st iitios 7,465 1,85

Cosoit tity rvu roit ort yr 253,318 12,118


26/237




Shareholder returns

T Grou is s to rort tt rtur to srors, bot trou ivis cit rowt,

s strt to rct t y iititivs ut i c by t. Tis is rct i t

siiict irovt i ost ici surs or t currt yr.

2011 2010 2009 2008

sic ris r sr cts 38.1 37.8 30.7 37.5

Rtur o ssts % 5.7 7.2 .4 12.5

Wit vr cost o cit % 8.1 7.4 6. 7.1

Rtur o uity % 12.4 15.1 17.6 27.8

Dbt/uity rtio % 1.18:1 1.15:1 1.28:1 1.2:1

T sr ric cotius to bit ro our irov rorc w r coit tt s

rsut o t y iititivs i c to icrs ss cotiu to irov roitbiity, t

vourb ovt i sr ric wi cotiu.

T Coy's tot sror rtur TSR cotius to outror t TSR o sct rou o

r cois. T Coy's TSR tt o t cortor rou is sow i t rurtio

rort.

Review of financial condition

Liquidity and capital resources

T cosoit cs ow sttt iustrts tt tr ws icrs i cs cs uivts

i t yr 31 Dcbr 2011 o $5,131,000 2010: $4,076,000. T icrs i cs iow

i coriso wit t rior yr is cus by ubr o ctors. Orti ctivitis rt

$14,505,000 2010: $13,66,000 o t cs ows. Tis icrs i coriso to 31 Dcbr

2010 is ry u to bttr wori cit t rsuti ro t strtis it by

t bor o o t wit t Coy's cosutts. Tis t icrs i t cs ows

ro orti ctivitis s b ost by t icrs i t out o cs us or ivsti

ctivitis to $10,046,000 2010: $7,73,000, wic ws iy ttributb to urcss o rorty,

t uit. Tr ws so $672,000 cs iow 2010: $1,647,000 cs outow ro

ici ctivitis ry u to ryt o borrowis uri t yr.

Asset and capital structure

Continuingoperations

$000

Discontinuingoperations

$000

2011Total

operations$000

2010Total

operations$000

Dbts:

Tr otr ybs 15,354 7,242 22,596 21,584

Itrst-bri os borrowis

17,507 5,809 23,316 22,203

Cs sort-tr osits (15,818) (1,294) (17,112) 14,16

Nt bt 17,043 11,757 28,800 28,871

Tot uity 64,487 4,178

Tot cit oy 93,287 78,04

Gri 31% 36%

T v o ri i t Grou is witi t cctb iits o 30% to 45% st by t irctors. T

Grou's oicy ows u to 45% o ici to b rovi by t bt t y rticur ti.

Mt's oicis or trii t ix o ix oti rts o itrst r xi o

-yry bsis wit t ssistc o xtr ici visors.


27/237




Share issues during the year

T cuisitio o Extiuisrs Liit ws u by cotit cosirtio ibiity o $740,000

by t issu o 2,500,000 oriry srs t ric o $2.88 r sr.

Profile of debts

T roi o t Grou's bt ic is s oows:

2011$000

2010$000

Currt

Obitios ur ic ss ir urcscotrcts 83 51 ovrrts 966 2,650Otr os 1,411 74

2,460 2,775No-currt

Obitios ur ic ss ir urcscotrcts 905 43Dbturs 3,374 3,154Otr os 13,799 15,462

18,078 1,55Covrtib o-cuutiv rb rrcsrs 2,778 2,644

19,140 17,567

20,856 22,203

T Grou's bts v crs ovr t st yr. T Grou ticits tt its bts wi cotiu

to crs ovr t coi yr oc t Hos Liit trsctio is cot. O t Grou's bts,

11% is ryb witi o yr o 31 Dcbr 2011, cor to 13.1% i t rvious yr.

Capital expenditure

Tr s b icrs i cs us to urcs rorty, t uit i 2011 to

$10,352,000 ro $7,822,000 or t yr 31 Dcbr 2010. urtr cit coitts o

$75,000 xist t t rorti t, riciy rti to t cotio o t orti ciitis

o Srirs Ic., $228,000 rti to t Grou's ssocit Powr Wors Pty Lt $4,00,000 i

rtio to t Grou's itrst i t oity cotro ortio.

Treasury policy

T Grou s stbis trsury uctio rsosib or i t Grou's currcy riss

ic ciitis. T trsury ivisio orts witi oicis st by t bor, t bor s so

stbis trsury coitt tt is ircty rsosib or suri t's ctios r ii wit Grou oicy.

Hi is urt wvr ossib trou t us o itrst rt sw cotrcts ori

xc cotrcts.


28/237




Risk management

T Grou ts roctiv roc to ris t. T bor is rsosib or suri tt

riss, so oortuitis, r itii o tiy bsis tt t Grou's obctivs

ctivitis r i wit t riss oortuitis itii by t bor.

T Grou bivs tt it is cruci or bor brs to b rt o tis rocss, s suc t

bor s ot stbis srt ris t coitt. Ist sub-coitts r

cov s rorit i rsos to issus riss itii by t bor s wo, c

rsctiv sub-coitt urtr xis t issu rorts bc to t bor.

T bor s ubr o ciss i c to sur tt t's obctivs ctivitis

r i wit t riss itii by t bor. Ts icu t oowi:

X T cotio o stor s ysis SNA, wic is owru too i suri tt t

bor is coist o t ivrs s o vrious stors ssists i itiyi t riss

t busiss y c i tos s r ot t. T SNA is yic ocut t bor

os u worso, i itio to t ooi iscussio o tis ocut i bor tis,

to sciicy rviw ut t SNA.

X or rov o strtic , wic cosss t Grou's visio, issio strty

sttts, si to t stors' s busiss ris.

X Ittio o bor rov orti s buts bor oitori o rorss

ist ts buts, icui t stbist oitori o KPIs o bot ici

o-ici tur.

X T stbist o coitts to rort o sciic busiss riss, icui or x suc

ttrs s virot issus occutio t sty.

X T stbist o trsury coitt, wic ssists i iscri t bor's rsosibiity to

t oristio's ici riss. T coitt viss t bor o suc ttrs s t

Grou's iuiity, currcy, itrst rt crit oicis xosurs oitors

t's ctios to sur ty r i i wit Grou oicy.

Significant changes in the state of affairs CA 299(1)(b)

Tot uity icrs to $64,487,000 ro $4,178,000, icrs o $15,30,000. T

ovt ws ry t rsut o icrs roits. A urtr $7,203,000 o cotribut uity ws

issu to ciitt t cuisitio o Extiuisrs Liit. Rr Not 20 or urtr iortio o

ovts i uity.

T Grou is i t i st o otiti t s o Hos. Tis is iscuss i urtr ti bov.

T cuisitio o Extiuisrs Liit s urtr strt t ir rvtio ivisio o t

Grou. Tis coy s w-stbis rsrc vot rtt, wic wi

sur tt t Grou's roucts ri stt-o-t-rt. Aitioy, t cuisitio o Extiuisrs

Liit s ow t Grou to i cotro o siiict ir rvtio tt, tus suriutur stro ss oortuitis or t Grou.

Significant events after the balance date CA 299(1)(d)

O 14 Jury 2012, buii wit t boo vu o $1,65,000 ivtory wit t boo

vu o $800,000 ws svry by ooi rsuti i stit iirt osss o

$2,450,000. It is xct tt isurc rocs wi sort o t costs o rbuii t oss

o ivtoris by $750,000. T ici cts o ts vts v ot b rct i t 2011

ici sttts.

O 22 brury 2012, t irctors o Evour Itrtio Liit cr i ivi o

oriry srs i rsct o t 2010 ici yr. T tot out o t ivi is $1,087,345

wic rrsts uy r ivi o 5.01 cts r sr. T ivi s ot b rovi

or i t 31 Dcbr 2011 ici sttts.


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Evour Itrtio Liit 1

Likely developments and expected results CA 299(1)(e)

T irctors r coit tt t 2012 ici yr wi s icrs i ss o t Grou's w

ctroic sty roucts. Aitioy, t ubictio o t Fire Prevention Act i t xt 12 ots

wi rst oortuitis or utur rowt. T Grou wi so cotiu to oo or wys o i its

ctroics busiss or roitb i t oowi yr.T Govrt rs t Clean Energy Act 2011 t Act or t Sc wic wi v ict o t Austri cooy so o t Grou. T Act, wic is substtiy ct s t31 Dcbr 2011, wi coc o t 1st o Juy 2012. No o t titis i t Grou rib titis ur t Sc, s irct issios tt r covr by t Sc t y o itsciitis o ot xc 25,000 tos o CO2-, bs o its issios s r t Grous ici yr2011 r ous ccouts. Mt os ot xct tt it wi xc tis trso i torsb utur.

Mt is currty rviwi its ortios, xct ici icts oortuitis, bso t iortio rs. Icts o vutio o ssts r iscuss i Not 16.

Environmental regulation and performance CA 299(1)(f)

T Grou os iccs issu by t rvt virot rotctio utoritis o t vrious

coutris i wic t Grou orts. Ts iccs sciy iits rut t t o

iscrs to t ir stor wtr ru-o ssocit wit t ir rvtio rubbr uit

ortios.

T Grou is ristr ur t National Greenhouse and Energy Reporting Act, ur wic it is

ruir to rort ry cosutio rous s issios or its Austri ciitis or t

12 ots 30 Ju utur rios. T Grou s stbis srt sustibiity

rou t coctio systs rocsss r i c to t t w ruirts.

I itio, t Grous Austri ortios wi b ruir to coy wit t Austri r

Govrts Carbon Pollution Reduction Scheme wic s b substtivy ct s t t t

o tis rort is xct to b s i ro Juy 2012.

Tr v b o siiict ow brcs o t cosoit tity's icc coitios or y

virot rutios to wic it is subct.

Share options CA 300(1)(d)

Unissued shares CA 300(1)(e),(3),(6)

As t t t o tis rort, tr wr 723,875 uissu oriry srs ur otios 725,000 t

t rorti t. Rr to t rurtio rort or urtr tis o t otios outsti.

Otio ors o ot v y rit, by virtu o t otio, to rticit i y sr issu o t

coy or y rt boy corort.

Shares issued as a result of the exercise of options CA 300(1)(f),(3),(7)

Duri t ici yr, oys xcutivs v xrcis otios to cuir 75,000 uy ioriry srs i Evour Itrtio Liit t wit vr xrcis ric o $4.0 r

sr.

Indemnification and insurance of directors and officers CA 300(1)(g)

Duri t ici yr, t coy iii Mr oitu ist ibiity or costs xss

icurr i i rocis brout ist i or brc by rit Srs Lt o oyt

rutios. Mr oitu ws cuitt. T out o t iity ws $8,000.

CA 300(8)(a),(9)

T coy s r to iiy t irctors xcutiv oicrs or y brc o

virot or iscriitio ws by t coy or wic ty y b rsoy ib. T

rt rovis or t coy to y out ot xci $200,000 rovi tt:

CA 300(8)(a),(9)

T ibiity os ot ris out o couct ivovi c o oo itb T ibiity is or costs xss icurr by t irctor or oicr i i rocis i

wic ut is iv i tir vour or i wic ty r cuitt


30/237



Duri or sic t ici yr, t coy s i rius i rsct o cotrct isuri

t irctors o Evour Itrtio Liit ist costs icurr i i rocis

or couct otr t:

CA 300(8)(b),(9)(f)

A wiu brc o uty

b A cotrvtio o sctios 182 or 183 o t Corporations Act 2001, s ritt by sctio 1

o t Corporations Act 2001

T tot out o isurc cotrct rius i ws $12,800.

Directors' meetings CA 300(10)(b)

T ubr o tis o irctors icui tis o coitts o irctors uri t

yr t ubr o tis tt by c irctor wr s oows:

Meetings of committees

Directors'meetings Audit

Remun-eration Nomination Finance Treasury

Number of meetings held: 12 4 2 2 2 2Number of meetingsattended:

J. rrcou 12 4 2 2 - -

M.P. oitu 12 - - - 2 2

C.P. Mur 12 - - - 2 2

. v r 10 4 2 2 - -

C. Srt 8 - - - - -

A.N. Locwoo 11 - - - - -

M. Evs 7 - - - - -

M.A. Vov 12 4 2 - - -

P.R. Grci trt - - - - - -

A irctors wr iib to tt tis , xct or C. Srt, wo ws iib to tt

it irctors' tis M. Evs wo ws iib to tt sv irctors' tis.

Committee membership CA 300(10)(c)

As t t t o tis rort, t coy uit coitt, rurtio coitt,

oitio coitt, ic coitt trsury coitt o t bor o irctors.

Mbrs cti o t coitts o t bor uri t yr wr:

Audit Remuneration Nomination Finance Treasury

. v r c J. rrcou c J. rrcou c M.P. oitu c M.P. oitu c

M.A. Vov . v r . v r C.P. Mur C.P. Mur

J. rrcou M.A. Vov E.J. roos @

Notsc Dsits t cir o t coitt@ Mr E.J. roos is it cosutt o-irctor

Rounding

T outs coti i tis rort i t ici rort v b rou to t rst

$1,000 wr roui is icb wr ot $000 ur t otio vib to t

coy ur ASIC CO 8/0100. T coy is tity to wic t css orr is.

ASIC CO 98/0100


31/237


Endeavour (International) Limited 21

Auditor independence and non-audit services

The directors received the following declaration from the auditor of Endeavour (International) Limited. CA 298(1)(c)

Auditor's independence declaration to the directors of Endeavour

(International) Limited

In relation to our audit of the financial report of Endeavour (International) Limited for the financial year

ended 31 December 2011, to the best of my knowledge and belief, there have been no contraventions of theauditor independence requirements of the Corporations Act 2001 or any applicable code of professional

conduct.

Ernst & Young

D.G. Brown

Partner

Sydney

25 February 2012Liability limited by a scheme approved under

Professional Standards Legislation.

Non-audit services

The following non-audit services were provided by the entity's auditor, Ernst & Young. The directors are

satisfied that the provision of non-audit services is compatible with the general standard of independence for

auditors imposed by the Corporations Act 2001. The nature and scope of each type of non-audit service

provided means that auditor independence was not compromised.

CA 300(11B)

Ernst & Young received or are due to receive the following amounts for the provision of non-audit services:

$

Tax compliance services 37,000

Assurance related and due diligence services 105,300

Special audits as required by jurisdictional regulators 38,500

180,800


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Message from the remuneration committee

Dr Srors,

T rurtio coitt cotiu to rviw t roc to xcutiv rurtio uri 2010-2011 to sur it

is xcutiv rwr wit t ivry o y busiss os obctivs. T rurtio coitt is coortb

tt t currt roc civs tis i o tri cs wr to our roc uri t yr.

Performance and resulting remuneration outcomes for the year

or t 2011 yr, ortio o t sort-tr ictiv yt is bs o ttit o Eris r Sr EPS

trts or busiss uit rs ortio is so ssss o busiss uit Proit or Tx PT t rii ortio is

bs o o-ici surs icui surs suc s rt cotitiv ositioi, custor srvic, tc.

T EPS trt st by t bor ws t, t trt yt or t corort ici coot ws tror

civ. T busiss uit PT trts wr t by t US ortios Ectroics ivisios owvr, s rsut o

tou rt virots, t ir Prvtio Euit ivisio i ot civ trt. T yts to

xcutivs i wit t rorc o tir busiss uit. Prorc ist t o-ici surs so vri,

wit ost xcutivs ti or xci tir trts. Tis rorc is rct i t yts urtr

rorc ti i rtio to t sort-tr ictiv is st out o 26.

O-tir o t sort-tr ictiv ws rr ito sr otios wic vst tr two yrs. A cwbc cis is ic wic rits t bor to ruc t rr out i sciic circustcs.

I trs o o-tr ictivs, uri 11, t rorc urs or t 200 rt o sr otios wr rtiy

t, wit Evour Liit ri t i o our tot sror rtur r rou, 50% o t rvt otios

vsti to xcutivs.

Remuneration changes

Cs to rurtio wr costri tis yr, wit t ority o xcutivs rcivi 3% icrss to ix

rurtio i i wit t but i to our bror wororc. T xctio to tis ws Mr. Dvis, wos

rurtio ws icrs or siiicty 12% u to t xi rsosibiitis o is ro, is stro cotributio

to our busiss uri t yr bs o sssst o rt rurtio or corb ros.

Executive changes

Duri t yr tr wr svr cs to our xcutiv t. Mr. Cuic Mr. Diw rt t coy. A

tritio yts wr i i wit tir cotrctu titts r ur t tritio yt c st out i

t Corortios Act. Mr. Aiis Mr. J bot oi t coy uri t yr. Tir rurtio tis r

st out i tis rort.

Non-executive director remuneration

T rurtio o o-xcutiv irctors o t Coy cosists oy o irctor s coitt s. T

icrs i irctors u rt oo to $1,500,000 ws rov t t 2010 Au Gr Mti AGM. I

i wit xcutiv oy ix rurtio, t 11 irctor s tt utiis tis oo wr icrs by 3%.

T bor vus sror bc I oo orwr to swri y ustios you y v t our AGM.

ours ituy,

J. rrcou, Grou Cir


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Remuneration report (audited) CA 300A(1)CA 300A(1A)

Tis rurtio rort or t yr 31 Dcbr 2011 outis t rurtio rrts

o t Coy t Grou i ccorc wit t ruirts o t Corporations Act 2001

t Act its rutios. Tis iortio s b uit s ruir by sctio 3083C o

t Act.

CA 308 (3C)

T rurtio rort is rst ur t oowi sctios:

1. Itrouctio

2. Rurtio ovrc

3. Excutiv rurtio rrts

A. Rurtio ricis strty

. Aroc to stti rurtio

C. Dti o ictiv s

4. Excutiv rurtio outcos or 2011 icui i to rorc

5. Excutiv cotrcts

6. No-xcutiv irctor rurtio icui sttutory rurtio iscosurs

7. Aitio sttutory iscosurs

1. Introduction

T rurtio rort tis t rurtio rrts or y t rso KMP

wo r i s tos rsos vi utority rsosibiity or i, ircti

cotroi t or ctivitis o t Coy t Grou, ircty or iircty, icui y irctor

wtr xcutiv or otrwis o t rt coy, icus t iv xcutivs i t Prt

t Grou rcivi t ist rurtio.

AASB 1124.9

or t uross o tis rort, t tr xcutiv icus t Ci Excutiv Oicr CEO, xcutiv

irctors otr sior xcutivs o t Prt t Grou.

(i) Non-executive directors (NEDs)

J. rrcou Cir o-xcutiv. v r Dirctor o-xcutiv rsi 15 Jury 2012A.N. Locwoo Dirctor o-xcutivM. Evs Dirctor o-xcutiv rtir 28 Juy 2011M.A. Vov Dirctor o-xcutivC. Srt Dirctor o-xcutiv oit 1 My 2011P.R. Grci Atrt irctor

(ii) Executive directorsM.P. oitu Ci Excutiv OicrC.P. Mur ic Dirctor

(iiI) Other executives

R.S. J Gr Mr US Ortios oit 21 My 2011G.K. Ds Coy Scrtry Ci o Trsury OrtiosL.A. sir Ci ici OicrC. Diw Ci Ortios Oicr rsi 30 Novbr 2011L.P.L. Aiis Gr Mr Mrrs Acuisitios oit 1 Jury 2011A.R. Dvis Gr Mr Ectroics SsS. Cuic Gr Mr ir Prvtio Euit Ss Trit

31 Dcbr 2011

Reg 2M.3.03(1)

Items1-3

Otr t t rsitio o . v r, tr wr o otr cs to KMP tr t rorti

t bor t t t ici rort ws utoris or issu.

Reg 2M.3.03(1)

Items4-5


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Remuneration report (audited) (continued) CA 300A(1)CA 300A(1A)

2. Remuneration governance

Remuneration committee

T rurtio coitt coriss tr it NEDs.

T rurtio coitt s t cisio i utority or so ttrs rt to t

rurtio rrts or NEDs xcutivs, is ruir to rcotios to t

bor o otr ttrs.

Sciicy, t bor rovs t rurtio rrts o t CEO otr xcutivs

wrs ur t o-tr ictiv LTI , oowi rcotios ro t rurtio

coitt. T bor so sts t rt rurtio o NEDs, wic is t subct to sror

rov, NED vs. T rurtio coitt rovs, vi rr to t

rcotios by t CEO, t v o t Grou sort-tr ictiv STI oo.

T rurtio coitt ts rury trou t yr. T CEO tts crti rurtio

coitt tis by ivittio, wr t iut is ruir. T CEO is ot rst uri

y iscussios rt to is ow rurtio rrts.

urtr iortio o t rurtio coitts ro, rsosibiitis brsi c b s

t www.vourt.co.u

Use of remuneration consultants

To sur t rurtio coitt is uy ior w i rurtio cisios, it ss

xtr rurtio vic.

Nw istio ws itrouc i 2011 tt icts ow cois c s vic wic icus

rurtio rcotio i rtio to KMP rurtio. Tror, i 11 t bor urwt

or oitt rocss Erst & ou ws oit s t rurtio visor to t

coy.

I orr to sur t rurtio coitt is rovi wit vic, s ruir, rurtio

rcotios, r ro uu iuc by brs o t KMP to wo t rcotios y

rt, t t o Erst & ou by t rurtio coitt ws bs o r st o

rotocos tt wou b oow by Erst & ou, brs o t rurtio coitt

brs o KMP.

Duri t 2011 yr, Erst & ou rovi t Coy wit:

X Isits o rurtio trs, rutory vots sror viws

X Mrt t i rtio to CEO xcutiv rurtio

X Tx vic i rtio to t sr otios

No rurtio rcotios wr rovi uri t 2011 yr.

Remuneration report approval at FY10 AGM

T 10 rurtio rort rciv ositiv sror suort t t 10 AGM wit vot o % i vour.

3. Executive remuneration arrangements

3A: Remuneration principles and strategy CA 300A(1)(a)

Evour Itrtio Liits xcutiv rurtio strty is si to ttrct, otivt

rti i rori iivius i t itrsts o xcutivs srors.


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3. Executive remuneration arrangements (continued)

3A: Remuneration principles and strategy (continued) CA 300A(1)(a)

T oowi ir iustrts ow t Coys rurtio strty is wit t strtic

irctio is rurtio outcos to rorc.

Business objective

To be recognised as a national leader in our industry and build long-term value for

shareholders.

Remuneration strategy linkages to business objective

Align the interests of executives with

shareholders

X T rurtio rwor

icororts t-ris coots,icui bot sort or tr

ts ivr i uity

X Prorc is ssss ist suit

o ici o-ici surs

rvt to t succss o t coy

rti rturs or srors

Attract, motivate and retain high performing

individuals

X T rurtio ori is cotitiv or

cois o siir siz coxityX Drr or-tr rurtio

cours rttio

CA 300A(1)(a),(b)

Remunerationcomponent

Vehicle Purpose Link to performance

ixrurtio

X Rrst bytot

oytcost TEC.

X Coriss bssry,surutiocotributios otrbits.

X To rovicotitiv

ixrurtiost witrrc toro, rt xric.

X Coy iiviurorc r

cosir uri tu rurtiorviw.

STI icuirr

X Pi rty ics rtys rrsr otios.

X Rwrsxcutivs ortircotributio tocivt o

Grou busiss uitoutcos, sw s iiviuy rorciictorsKPIs.

X T rrcootrovis uityxosur, isxcutivrwr witsrorvu crtio coursor-trcisio-i.

X Eris r sr EPS ist y ici tric.

X Li to otr itrici surs, rtsr, custor srvic,

ris t rsi.

X T bor y ruc oriit uvstrr STI wrsoowi cosirtio oy vrs outcos ttsou ict ssssto rorc.Cosirtios icu yissus iy to ct tcoy's icisouss, tri

rsttts u torrors/oissios, oric, or cts tty v cusruttio .


36/237





3A: Remuneration principles and strategy (continued) CA 300A(1)(a)

Remunerationcomponent

Vehicle Purpose Link to performance

LTI X Awrs r

i t

or o sr

otios.

X Rwrs xcutivs

or tir

cotributio to t

crtio o

sror vu

ovr t or

tr.

X Vsti o wrs is

t o TSR

rorc rtiv to

r rou.

3B. Approach to setting remuneration CA 300A(1)(a),(b)

I 11, t xcutiv rurtio rwor cosist o ix rurtio sort o-

tr ictivs s outi bow.

T Grou is to rwr xcutivs wit v ix o rurtio cosurt wit tir

ositio rsosibiitis witi t Grou i wit rt rctic.

T Grous oicy is to ositio tot oyt cost TEC rou t i o our irct iustry

rs otr Austri ist cois o siir siz coxity. Tot rwr oortuitis

r it to rovi t oortuity to r 75t rcti rwrs or outsti rorc

ist t strtc trts st.

Rurtio vs r cosir uy trou rurtio rviw tt cosirs rt t,

isits ito rurtio trs, t rorc o t coy iiviu, t bror

cooic virot.

T oowi suriss t CEOs xcutivs trt rurtio ix.

ix rurtio Trt STI oortuity LTI c vu

CEO Trt rurtio ix

50% 25% 25%

Excutivs Trt rurtio ix

60% 30% 10%

3C. Detail of incentive plans

Short-term incentive (STI) CA 300A(1)(ba)

T Grou orts u STI ror tt is vib to xcutivs wrs cs boussubct to t ttit o cry i Grou, busiss uit iiviu surs. Excutivs r

so ruir to r ortio o t STI ito uity.

Actu STI yts wr to c xcutiv o t xtt to wic sciic trts st t t

bii o t ici yr r t. T trts cosist o ubr o y rorc iictors

KPIs covri ici o-ici, corort iiviu surs o rorc. A

sury o t surs witis r st out bow.

CA 300A(1)(ba)(i)

Reg. 2M.3.03(1)

Item 12(b)-(c)


37/237





3C. Detail of incentive plans (continued)

Earningsper share(EPS)

Business unitprofit beforetax (PBT)

Non-financial measures: Mrt cotitiv ositioi Custor srvic Ittio o y rowt

iititivs Ris t Lrsi/t cotributio

CEO 60% 0% 40%

Otr uctioxcutivs

50% 0% 50%

usiss uit rs 30% 30% 40%

Ts rorc surs wr cos s ty rrst t y rivrs or t sort-tr succss

o t busiss rovi rwor or ivri o-tr vu.

CA 300A(1)(ba)(ii)

T CEO xcutivs v trt STI oortuity o 50% o ix rurtio, wit xiu

oortuity i t strtc trts r t o 100% o ix rurtio.

O u bsis, tr cosirtio o rorc ist KPIs, t bor, i i wit tir

rsosibiitis, tri t out, i y, o t sort-tr ictiv to b i to c xcutiv,

si rcotios ro t CEO s rorit.

A xcutivs r ruir to r o-tir o t u STI r ito Evour Itrtio

Liit uity. Drr STI is ivr i t or o otios to srs wic vst tr two-yr

rio. T rr STI is orit i t iiviu rsis or is trit or cus uri t vsti

rio. T bor y ruc or iit uvst rr STI wrs oowi cosirtio o yvrs outcos tt v ris rior to vsti tt, i t bor's viw, sou ict t

sssst o rorc. Cosirtio wi icu y issus tt r iy to v ct t

coy's ici souss or r u to isrrsttios, tri rsttts u to

rrors/oissios .. ot c to ccouti strs, or ic, or cts tt y v

cus ruttio .

CA 300A(1)(ba)(iii)

Long-term incentives (LTI) CA 300A(1)(ba)

LTI wrs r uy to xcutivs i orr to i rurtio wit t crtio o

sror vu ovr t o-tr. As suc, LTI wrs r oy to xcutivs otr y

tt wo v ict o t Grou's rorc ist t rvt o-tr rorc

sur.

Structure

LTI wrs to xcutivs r ur t oy sr otio r ivr i t or

o otios to srs. T otios wi vst ovr rio o tr yrs subct to ti rorc

surs, wit o oortuity to rtst.

CA 300A(1)(ba)

Performance measure to determine vesting CA 300A(1)(a),(b)

T Coy uss rtiv tot sror rtur TSR s t rorc sur or t sr

otios .

CA 300A(1)(ba)(i)

Reg 2M.3.03(1)

Item 15(b)(vi)

Rtiv TSR ws sct s t LTI rorc sur or t oowi rsos:

X TSR surs it btw cortiv sror rtur rwr or xcutivs

X T rtiv sur iiiss t cts o rt cycs

CA 300A(1)(ba) (ii)

T r rou cos or coriso is t ASX 100 costituts t t strt o t rorcrio. Tis r rou ws cos s it rcts t Grou's cotitors or cit tt.

CA 300A(1)(ba)(iv)


38/237





3C. Detail of incentive plans (continued)

T Grou's rorc ist t sur is tri ccori to Evour Itrtio

Liit's ri ist t cois i t TSR r rou ovr t rorc rio.

T vsti scu is s oows:

CA 300A(1)(ba)(iv)

Relative TSR performance outcome Percentage of award that will vest

ow t 50t rcti 0%

At t 50t rcti trt rorc 50%

tw t 50t 75t rcti Strit-i vsti btw 50-100% o twr

At or bov t 75t rcti 100%

TSR rorc is oitor by it xtr visr t 31 Dcbr c yr.

Tb 3 i sctio 7 rovis tis o otios wr vst uri t yr Tb 4 i

sctio 7 rovis tis o t vu o otios wr, xrcis s uri t yr.

CA 300A(1)(ba)(iii)

Termination and change of control provisions

Wr rticit css oyt rior to tir wr vsti, ty y rti ubr o

uvst sr otios ro-rt to rct rticits rio o srvic uri t LTI rt

rorc rio. Ts uvst sr otios oy vst subct to ti t rvt LTI

rorc surs.

I t vt o c o cotro o t Grou, t rorc rio t wi ry b

brout orwr to t t o t c o cotro wrs wi vst subct to rorc ovr

tis sort rio, subct to utit bor iscrtio.

Hedging of equity awards CA 300A(1)(da)

T Coy roibits xcutivs ro tri ito rrts to rotct t vu o uvst LTI

wrs. T roibitio icus tri ito cotrcts to tir xosur to otios wr s

rt o tir rurtio c.

Arc to tis oicy is oitor o u bsis ivovs c KMP sii u

crtio o coic wit t i oicy.

4. Executive remuneration outcomes for 2011 (including link to performance) CA 300A(1)(b)CA 300A(1AA),(1AB)

Company performance and its link to short-term incentives

T ici rorc surs rivi STI yt outcos is ris r sr EPS o

Evour Liit roit bor tx PT o c busiss uit. T oowi crt sows

Evour Itrtio Liits EPS ovr t iv-yr rio ro 1 Jury 2007 to 31 Dcbr

2011, wi t tb bow suriss ici rorc ist t trts st by t bor or

t 2011 yr.

5 year EPS performance

0

10

20

30

40

50

2007 2008 2009 2010 2011

EPS(cents/share)

Year


39/237


Evour Itrtio Liit 2


4. Executive remuneration outcomes for 2011 (including link to performance) (continued) CA 300A(1)(b)CA 300A(1AA),(1AB)

Performance against 2011 EPS and PBT targets

T tb bow outis 11 Grou busiss uit EPS rorc ist trts.

Business Unit Performance measure FY 11 performance versustargets

Grou EPS At trt

US Ortios PT tw trt strtc

Ectroics PT tw trt strtc

ir Prvtio Euit PT tw trso trt

T oowi tb outis t roortio o xiu STI tt ws r orit i rtio to

t 2011 ici yr.

Name Proportion of maximum STIearned in FY11

Proportion of maximum STIforfeited in FY11

M.P. oitu 60% 40%

C.P. Mur 60% 40%

R.S. J 70% 30%

G.K. Ds 60% 40%

L.A. sir 60% 40%

C. Diw 60% 40%

L.P.L. Aiis 60% 40%

A.R. Dvis 75% 25%S. Cuic 25% 75%

Company performance and its link to long-term incentives

T rorc sur wic rivs LTI vsti is t Coys TSR rorc rtiv to t

cois witi t ASX 100 r rou. T r bow sows t rorc o t Grou s

sur by t Grou's tot sror rtur TSR t coriso o t Grou's TSR to t

i o t TSR or t ASX 100 or t st iv yrs icui t currt rio to 31 Dcbr

2011.

0

50

100

150

200

250

300

350

Dc-06 Dc-07 Dc-08 Dc-0 Dc-10 Dc-11

TSR(

rebased

to1

00)

Date

Mi TSR or t ASX100 Evour Itrtio Liit


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4. Executive remuneration outcomes for 2011 (including link to performance) (continued) CA 300A(1)(b)CA 300A(1AA),(1AB)

LTI vesting outcomes

T tb bow outis bot vsti xct outcos or outsti wrs i 11. Proct

outcos or wrs sti to b tst r bs o ssui t currt TSR ri ris

uc t t rvt tsti t.

2009 grant 2010 grant 2011 grant

Rtiv TSRrorc

Mi ri 75t rcti ri 35t rcti ri

Iictio or vsti 50% o wr vst i11

100% o wr wi vsti ri risuc to ttsti t i 12

No vsti i riris uc tot tsti t i13

Table 1: Actual remuneration outcomes for FY11

T tb bow outis t rurtio ctuy rciv by xcutivs i 11. T tb icusix rurtio, t cs coot o t STI r or 11 rorc, vsti o t 0

rr STI 50% vsti o t 2008 LTI rt. T vu ttribut to t uity outs i..,

rr STI LTI r bs o t ubr o srs tt vst utii by t sr ric t t

t o vsti. Not tt t vu ctuy rciv by iivius irs ro t rurtio

outi i Tb 2 wic is bs o ccouti vus.

Name Fixedremuneration

STI cash(FY11

performance)

Deferred STIvested

(FY09 STI)

LTI award vested(2008 LTI grant)

Totalremuneration

received

M.P. oitu 464,530 13,35 50,000 11,650 665,53

C.P. Mur 365,264 10,57 22,500 3,45 500,838

R.S. J 446,300 156,205 - - 602,505G.K. Ds 244,86 73,46 - - 318,482

L.A. sir 370,41 111,147 33,000 53,50 568,228

C. Diw 124,057 37,217 - - 161,274

L.P.L.Aiis

145,730 43,21 - - 188,4

A.R. Dvis 266,52 100,107 - - 367,05

S. Cuic 241,381 30,173 - - 271,554


41/237


42/237



Remuneration report (audited) (continued) CA 300A(1)CA 300A(IA)

5. Summary of executive contractual arrangements CA 300A(1)(e)(vii)Reg 2M.3.03(1)

Item 13

Rurtio rrts or KMP r oris i oyt rts. Dtis o ts cotrcts

r rovi bow.

T cotrcts bow icus rrts tr ito rior to t ts to t Corporations Act

2001 rri tritio yts wic c ito ct o 24 Novbr 200. T w istiv

rovisios y to KMP cotrct vritios tr 24 Novbr 200 to rts wit KMPs oit

tr 24 Novbr 200. As suc, r-xisti cotrcts r ry ot subct to t w iits o

tritio yts.

Chief Executive Officer

T CEO, Mr. oitu, is oy ur ooi cotrct wic c b trit wit otic by itr

si.

Ur t trs o t rst cotrct s iscos to t ASX o 14 Stbr 2008:

X T CEO rcivs ix rurtio o $425,000 r u

X T CEOs trt STI oortuity is 25% o u TEC is xiu STI oortuity is 50% o TECX T CEO is iib to rticit i Evour Itrtio Liits LTI o trs tri by

t bor, subct to rcivi y ruir or rorit sror rov

T CEOs tritio rovisios r s oows:

Noticrio

Pyt i iu ootic

Trtt o STI otritio

Trtt o LTI otritio

Rsitio 6 ots 6 ots Uvst wrs

orit.

Uvst wrs

orit.

Tritio or

cus

No No Uvst wrs

orit. Cwbc

o rr STI

yts t tbors iscrtio.

Uvst wrs

orit.

Tritio i css

o t,

isbt,

rucy or otic

witout cus

12 ots 12 ots Pro-rt or ti

rorc.

Pro-rt or ti

rorc.

Minimum shareholding requirement

I orr to i xcutiv itrsts wit sror itrsts, xcutivs icui t CEO r ruir

to cuir, t tir ow xs, s soo s rsoby rcticb tr coct wit t Coy,

srs to t vu o $500,000 t t ti o tir cuisitio.


43/237




Other KMP

A otr KMP v roi cotrcts.

Str KMP tritio rovisios r s oows:

Noticrio

Pyt i iuo otic

Trtt o STI otritio

Trtt o LTI otritio

Rsitio 3 ots 3 ots Uvst wrs

orit.

Uvst wrs

orit.

Tritio or

cus

No No Uvst wrs

orit. Cwbc o

rr STI

yts t t

bors iscrtio.

Uvst wrs

orit.

Tritio i css

o t,

isbt,

rucy or otic

witout cus

3 ots 6 ots Pro-rt or ti

rorc.

Pro-rt or ti

rorc.

Payments applicable to outgoing executives

I itio to t bov trs coitios, Mr. J rciv si-o wr o $50,000 o

coct o oyt. Mr. J rciv t u wr i oriry srs i t Coy.

T oowi rrts i to outoi xcutivs i oic uri t 2011 ici yr:

X Du to t rsos, Mr. Cuic rsi ro is ositio o 31 Dcbr 2011. As rsut,

Mr Cuic rciv tritio yt o $125,000, i ccorc wit t trs o is oyt

cotrct.

X Ari to t tritio rovisios rviousy stt, Mr. Cuic rti two-tirs o is STI

yt or t ici yr i 31 Dcbr 2011. T rii o-tir tory STI

rr out wi b orit.

X Aitioy, t bor ritt Mr. Cuic to rti ro-rt bs o ti rorc

ortio o t wrs ur t LTI i 200 2010. Ts wrs wi vst subct to

ti t rvt rorc urs st or c wr rt. T ubr o uvst otios

by Mr Cuic is 27,000.

6. Non-executive director remuneration arrangements CA 300A(1)(a), (b)

Remuneration policy

T bor ss to st rt rurtio t v tt rovis t Coy wit t biity to

ttrct rti irctors o t ist cibr, wist icurri cost tt is cctb to srors.

T out o rt rurtio sout to b rov by srors t structur is

rviw uy ist s i to NEDs o corb cois tyicy S&P ASX 200 ist

cois wit rt citistio 50% to 200% o t Coy s w s siir siz iustry

cortors. T bor cosirs vic ro xtr cosutts w urti t u rviw

rocss.

T Coys costitutio t ASX isti rus sciy tt t NED oo s b tri ro

ti to ti by r ti. T tst tritio ws t t 2010 AGM o 30 Ari 2011

w srors rov rt oo o $1,500,000 r yr.

T bor wi ot s y icrs or t NED oo t t 2011 AGM.


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Structure

T rurtio o NEDs cosists o irctors s coitt s. T yt o itio s or

srvi o coitt rcoiss t itio ti coitt ruir by NEDs wo srv o sub-

coitts. T Cir o t bor tts coitt tis but os ot rciv y itio

s i itio to is bor .

T tb bow suriss t NED s or 11:

Board fees

Cir $200,000

Dirctors $120,000

Committee fees

Coitt Cir $30,000

Coitt Mbr $20,000

NEDs o ot rciv rtirt bits, or o ty rticit i y ictiv rors.

T rurtio o NEDs or t yr 31 Dcbr 2011 31 Dcbr 2010 is ti i tb

3 sctio 8 bow.

Table 3: NED remuneration for the year ended 31 December 2011 and comparative 2010 remuneration

Short-term benefits Postemployment

Total CA 300(A)(1)(c)Reg 2M.3.03(1)

Items 6-11

Financialyear Salary &

fees

Nonmonetarybenefits Other Superannuation^

$ $ $ $ $

Non-executivedirectorsJ. rrcou 2011 360,500 - - - 360,500

2010 350,000 - - - 350,000. v r 2011 303,850 - - - 303,850

2010 25,000 - - - 25,000A.N. Locwoo 2011 247,200 - - - 247,200

2010 240,000 - - - 240,000M. Evs 2011 13,050 - - - 13,050

2010 135,000 - - - 135,000M.A. Vov 2011 257,500 - - - 257,500

2010 250,000 - - - 250,000C. Srt 2011 180,570 - - - 180,570

2010 175,311 - - - 175,311P.R. Grci 2011 11,330 - - - 11,330

2010 11,000 - - - 11,000

FY 11 NED 1,500,000 - - - 1,500,000FY 10 NED 1,456,311 - - - 1,456,311

I rsct o i bit s, t out iscos rts to t tot costs ur t i rtio to tt rso s tri i ccorcwit AAS 11.13


45/237

Direct

ors'report(continu

ed)

Remunerationreport(audited)(continued)

CA300A(1),CA

300A(1A)

7.

Addition

alstatutorydisclosures

ThissectionsetsouttheadditionaldisclosuresrequiredundertheCorporationsAct2001.

Thetableb

elowdisclosestheshareoptionsgrantedtoexecutivesasremunerationd

uringFY11.Shareoptionsdonotca

rryanyvotingordividendrightsand

will

automatica

llybeexercisedoncethevestingcon

ditionshavebeenmet.

Table4:Optionsawardedandvestedduringth

eyear(Consolidated)

Termsandconditionsforeac

hgrantduringtheyear

31December2011

Year

Optionsawarded

duringtheyear

No.

Awarddate

Fairvalueper

optionsataward

date

($)

Vestingdat

e

No.vestedduring

year

No.lapsedd

uring

year

Reg2M.3.0

3(1)

Item

12(e),15(a),(b)

Executivedirectors

M.P.Boitea

u

2011

50,000

1-Jan-2011

$1.32

31-Dec-201

3

-

-

2010

-

1-Jan-2010

-

31-Dec-201

2

-

-

2009

-

1-Jan-2009

-

31-Dec-201

1

-

-

2008

-

1-Jan-2008

-

31-Dec-201

0

5,000

9,000

C.P.Muller

2011

50,000

1-Jan-2011

$1.32

31-Dec-201

3

-

-

2010

-

1-Jan-2010

-

31-Dec-201

2

-

-

2009

-

1-Jan-2009

-

31-Dec-201

1

-

-

2008

-

1-Jan-2008

-

31-Dec-201

0

1,500

-

Otherkeymanagementpersonnel

R.S.Jaffe

2011

24,000

21-May-2011

$1.32

31-Dec-201

3

-

-

G.K.Dellas

2011

-

1-Jan-2011

-

31-Dec-201

3

-

-

2010

-

1-Jan-2010

-

31-Dec-201

2

-

-

L.A.Basier

2011

24,000

1-Jan-2011

$1.32

31-Dec-201

3

-

-

2010

-

1-Jan-2010

-

31-Dec-201

2

-

-

2009

-

1-Jan-2009

-

31-Dec-201

1

-

-

2008

-

1-Jan-2008

-

31-Dec-201

0

23,000

4,000

A.R.Davis

2011

15,000

1-Jan-2011

$1.32

31-Dec-201

3

-

-

2010

-

1-Jan-2010

-

31-Dec-201

2

-

-

C.Dhalliwe

ll

2011

-

1-Jan-2011

-

31-Dec-201

3

-

-

2010

-

1-Jan-2010

-

31-Dec-201

2

-

-

L.P.L.Adamidis

2011

8,000

1-Jan-2011

$1.32

31-Dec-201

3

-

-

S.Cunica

2010

-

1-Jan-2010

-

31-Dec-201

2

-

-

2009

-

1-Jan-2009

-

31-Dec-201

1

-

-

2008

-

1-Jan-2008

-

31-Dec-201

0

-

8,000

Total

-



46/237



Remuneration report (audited) (continued) CA 300A(1),CA 300A(1A)

7. Additional statutory disclosures (continued)

Table 5: Value of options awarded, exercised and lapsed during the year ^

Value of optionsgranted during

the year 18

$

Value of optionsexercised during

the year 22$

Value of optionslapsed during the

year 23$

Remunerationconsisting of share

options for the year%

CA 300A(1)(e)(ii)-(vi)

M.P. oitu 66,000 11,650 - 2.C.P. Mur 66,000 3,45 - 4.4R. S. J 3,600

endeavour financial year 31 dec 2011

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