WasteCo - Annual Report 2024

Annual Report26 June 2024WCOIndustrials

WASTECO GROUP LTD: ANNUAL REPORT 2024 1
ANNUAL REPORT 2024
WasteCo Group Limited

2
WasteCo was born out of
Christchurch more than 10 years
ago. Expanding ever since, we are
now entering a new and exciting
period of our journey.
From our entrepreneurial
beginnings, based around a drive
to find a better way to go about
waste management, we have
since grown into a prominent
business offering many different
waste management services
across the South Island.

WASTECO GROUP LTD: ANNUAL REPORT 2024 3
Table of contents
WELCOME TO WASTECO’S 2024 ANNUAL REPORT 4
WASTECO HIGHLIGHTS FY24 5
OUR JOURNEY SO FAR – A STORY OF GROWTH AND ACQUISITIONS 7
TIMELINE 8
CHAIR’S REPORT 10
CHIEF EXECUTIVE’S REPORT 12
FINANCIAL REPORT 13
FINANCIAL HIGHLIGHTS 14
FOCUS ON CONTINUOUS SAFETY IMPROVEMENTS 15
OUR FAMILY OF BRANDS 16
OPTIMISE THE CURRENT BUSINESS
AND INTRODUCE OPERATIONAL IMPROVEMENTS 17
WASTECO BOARD 18
CORPORATE GOVERNANCE STATEMENT 20
FINANCIALS 26
Consolidated Statement of Profit or Loss
and Other Comprehensive Income 27
Consolidated Statement of Changes in Equity 28
Consolidated Statement of Financial Position 29
Consolidated Statement of Cash Flows 30
Notes to the Consolidated Financial Statements 31
Auditor’s Report 66
Shareholder and Statutory Information 69
COMPANY DIRECTORY 75

4
Welcome to
WasteCo’s 2024 annual report
WasteCo recognises that our success
is built upon strong and enduring
relationships with customers.
Whether partnering with councils,
serving households or supporting
commercial and industrial clients,
WasteCo prioritises customer
satisfaction, health and safety and
environmental responsibility.
As proud members of WasteMINZ, the
premier representative body of New
Zealand’s waste management sector,
we stand united with like-minded
organisations in our commitment to
sustainability and resource recovery.
We are honoured to be New Zealand’s
only Diamond-Certified Toitū
WasteCo is a leading waste solutions company
processing and diverting solid waste from landfill.
WasteCo owns and
operates a range of
business activities
associated with waste
and refuse collection,
recycling and disposal,
street cleaning, and other
industrial services.
Our business operations include:
Environmental services
that comprise the following
operations:
– Waste collection via front
load bins, hook bins, skip
bins and wheelie bins from
both commercial and private
customers.
– A large gantry collection
operation in Christchurch.
– Road sweeping for councils
and commercial customers.
– An extensive sweeping
operation in the South Island.
– Waste sorting and diversion
at our 3,600sqm dedicated
sorting facility in Christchurch,
with a strong focus on
diversion from landfill.
WasteCo is currently achieving
global diversion in excess
of 40% of waste away from
landfill.
– A specialised facility for the
collection and treatment of
medical and quarantine waste.
– Internal and external training
courses, both to our own staff
and third party organisations.
WasteCo is one of the largest
providers of industrial services
in the South Island including:
– High pressure water blasting,
urgent spill response services,
vacuum loading, septic tank
cleaning and portaloos. These
services are offered on a 24/7
basis.
Port services:
– WasteCo provides
maintenance, cleaning and
auxiliary services to several
ports and shipping companies
in the South Island.
Enviromark waste solutions provider,
a testament to our unwavering
dedication to excellence and
environmental stewardship.
During FY24, WasteCo achieved a
significant milestone with our transition
from a private to a public company on
the New Zealand Stock Exchange. This
pivotal phase of transition and first full
year as a public company marks the
beginning of a new chapter characterised
by innovation and growth. With improved
structure, operational efficiencies
and new leadership, we are poised to
capitalise on exciting opportunities and
drive expansion through organic growth
and acquisitions.

WASTECO GROUP LTD: ANNUAL REPORT 2024 5
WasteCo highlights FY24
Sales increase
appointed Chief
Executive Officer.
Acquired the waste
collection business of
Acquired Cleanways
(Southland) and related
entities, Enviro South
(Southland) and Wastech
Services (Central Otago).
Integrated Nelson-based
Commenced
processing
quarantine
waste off all
international
aircraft arrivals in
Queenstown.
Implemented
NetSuite
Implemented new
business tools –
in FY23
$34m$48m
to
in FY24.
David
Peterson
Bond Contracts
Limited (BCL).
Central Suction
Cleaners
as our central
IT platform,
integrated with
Wastedge.
Microsoft
Power Business
Intelligence
and
Modano.
into the business.

WASTECO GROUP LTD: ANNUAL REPORT 2024 7
Our journey so far
– a story of growth and acquisitions
The journey from an entrepreneurial company to a listed one is often marked
by numerous challenges, reflecting a significant transition in scale, structure,
and operational demands. This is no different for WasteCo.
Prior to our NZX listing in December
2022, we were very busy. The
year before our transition to a
listed company we opened our
3,600sqm sort centre at Kilronan
Place and a medical and quarantine
waste processing facility, both in
Christchurch. We also acquired several
companies along the way in line with
our growth strategy.
THE FUTURE
In the 10 years since WasteCo was
founded, our team has grown from
four staff to almost 300 employees.
The transition to a listed company has
brought about a professional cultural
shift within WasteCo, while maintaining
our original family values ethos.
The journey from a small,
entrepreneurial company to a listed
one is a testament to the resilience
and adaptability of our original
founders. A significant portion of
WasteCo’s income is derived from
long-term contracts with councils and
large commercial customers.
The appointment of David Peterson as
Chief Executive signals a new direction
for WasteCo.
David brings a wealth of experience
across diverse sectors, including
engineering, manufacturing, logistics
and project management, to lead our
growth ambitions in the New Zealand
waste sector. Part of his focus is to
continue to build a senior management
team to drive WasteCo’s growth strategy,
while concurrently implementing
operational improvements and
optimising the business.
THE GENESIS
Our story began in August 2013
with James Redmayne, Carl Storm
and Rob Baan having a vision for
sustainable management of waste and
an entrepreneurial attitude. Carl and
James were involved in the day-to-
day running of the business from the
outset, while all three were directors.
During the early phase of WasteCo,
the company was characterised by our
agility and creativity.
GROWTH
As the business model gained traction,
scaling up became both an exciting
opportunity and a daunting challenge.
Balancing innovation with operational
efficiency became a delicate tightrope
walk, requiring constant adaptation
and learning. The founders dealt
with maintaining the company’s
entrepreneurial spirit while introducing
the processes and structures necessary
for sustainable growth.
During this initial growth phase, we
purchased sweeper trucks, secured
council curbside collection contracts,
formed our Port Services and Industrial
Services divisions and started our first
waste sorting facility.
TRANSITIONING TO A LISTED
COMPANY
The decision to go public marked a
pivotal moment in the company’s
trajectory. Listing offered access to
capital for further expansion. WasteCo
is the only waste services investment
opportunity listed on the New Zealand
Stock Exchange (NZX).
WASTECO LOCATIONS
Nelson / Marlborough
Canterbury
South Canterbury
Otago
Southland
Central Otago

8
Timeline
AUGUST 2013
WasteCo NZ Limited
is incorporated
SEPTEMBER 2013
WasteCo purchases its first
sweeping operation
31 MARCH 2015
WasteCo turns over
$1,135,000 for the
financial year and has
eight employees
MARCH 2016
WasteCo forms its Port
Services division
31 MARCH 2016
WasteCo turns over
$1,791,000 for the
financial year
31 MARCH 2017
WasteCo turns over
$3,525,000 for the
financial year and has
19 employees
31 MARCH 2018
WasteCo turns over
$4,860,000 for the
financial year and has
31 employees
MAY 2018
WasteCo launches
its Industrial
Services division
31 MARCH 2019
WasteCo turns over
$7,335,000 for the
financial year and has
41 employees
MARCH 2020
Acquisition of
Mainly Waste gantry
business in Christchurch
31 MARCH 2020
WasteCo turns over
$8,393,000 for the
financial year and has
51 employees
31 MARCH 2021
WasteCo turns over
$10,334,000 for the
financial year and has
96 employees

WASTECO GROUP LTD: ANNUAL REPORT 2024 9
JUNE 2021
Acquisition of Duffy Bins
in Dunedin
AUGUST 2021
WasteCo opens its 3,600sqm
sort centre at Kilronan Place
in Christchurch
WasteCo launches its STMS
(site traffic management
supervisor) training division
OCTOBER 2021
Acquisition of Otago Skip
Hire assets
Acquisition of City Care – as part
of this acquisition it secures
the Christchurch City Council
(Northern) roading maintenance
sub contract
NOVEMBER 2021
WasteCo opens its medical and
quarantine waste processing
facility in Christchurch
31 MARCH 2022
WasteCo turns over
$18,777,000 for the
financial year
WasteCo has 166
employees and acquires
Total Waste Solutions
assets
DECEMBER 2022
WasteCo lists on the New
Zealand Stock Exchange
MARCH 2023
Acquisition of Nelson-
based Central Suction
Cleaners (CSC) business
OCTOBER 2023
Acquisition of the waste
collection business
of Bond Contracts in
Invercargill
FEBRUARY 2024
David Peterson
appointed Chief
Executive Officer
31 MARCH 2024
WasteCo turns over
$48,233,000 for the
financial year and
currently has 280
employees
1 JUNE 2023
Acquisition of the
business of Cleanways
and related businesses,
Wastech Services
(Central Otago) and
Enviro South
31 MARCH 2023
WasteCo turns over
$34,392,000 for the
financial year and has
224 employees

10
Chair’s report
We are absolutely focused on
optimising our financial performance.
NEW CHIEF EXECUTIVE
Late last year James Redmayne
conveyed his desire to step away
from the CEO role and has assisted
in successfully integrating our new
CEO David Peterson over the last few
months. James has been with the
business since its inception in 2013 and
was integral in the company’s transition
from a private to a listed entity in 2022.
James remains a key shareholder
and director on the Board and will
be available to the company in a
consulting capacity in the months
following his departure.
We are pleased to welcome our new
CEO David Peterson to WasteCo.
David holds a Bachelor of Engineering
(Civil) with honours from Canterbury
University and has a successful track
record in leading large teams and
driving results. He has held senior
positions in both listed and unlisted
companies in New Zealand and
Australia. Notably, he served as General
Manager Concrete across Victoria
(Australia) for Boral Construction
Materials, overseeing 40 sites.
Previously, he led General Cable’s
operations as Managing Director for
Oceania and China and held key roles
across the Fletcher Group, including
managing the Christchurch earthquake
recovery business.
David’s diverse skillset, including his
strong analytical and engineering
background, and broad and deep
operational experience in senior
roles, perfectly aligns with the exciting
opportunities WasteCo has in the New
Zealand waste sector.
We are confident he will provide the
leadership, and build a team and
vision, to capitalise on new and existing
opportunities and drive sustainable
growth for our company.
NEW LEADERSHIP TEAM
We were pleased to appoint Nigel
Franklin to the position of Chief
Financial Officer. Prior to this Nigel
spent 17 months in other financial
leadership positions in the company.
Nigel has extensive accounting, finance
and commercial experience, including
a significant period as CFO for a large
private entity.
In FY24 our new Head of People
Safety and Wellbeing Chanelle Sefont
joined the company and directed
the identification of our critical risks
to underpin our health and safety
framework.
OUTLOOK
The New Zealand waste and industrial
services market is a fragmented sector
with two nationally significant operators
and many small and medium-sized
enterprises participating in this market.
A strength of WasteCo is the diversity
of our operations throughout the South
SHANE EDMOND
Chair
Focus on our team,
culture and health
and safety.
Acquisitions in
our core areas.
Optimise the current
business and
introduce operational
improvements.
The three pillars of WasteCo’s
growth strategy are:
This year was transformative as we continued our
transition from a private entity to a publicly listed
company on the New Zealand Stock Exchange.
This evolution represents not only a strategic
move for our company but is also a testament
to our commitment to growth, innovation and
transparency.
During the year, we grew the size
and scale of our business operations
from sales of $34 million in FY23 to
$48 million in FY24. This resulted in
an annualised run rate of $55 million,
based on the last six months of trading.
The growth was achieved through
a combination of organic business
growth and acquisitions.
Notwithstanding the pleasing revenue
growth, the underlying financial
performance of our existing business
operations was disappointing. Much of
this performance can be attributed to
the transition from a private company
to a publicly listed company, with the
associated costs of operating as a listed
company. Combined with increased
interest rates impacting customers’
own activities (shown in a significant
slowdown in the construction sector),
cost of debt, increased labour and fuel
costs also impacted.
We were slow to fully optimise the
utilisation of WasteCo’s business
assets, experienced delays in passing
on increased costs to our customers
and carried a higher than necessary
number of employees servicing
customers where the economy has
slowed. A laser focus on operational
improvements is part of our new Chief
Executive Officer’s mandate.
Non-recurring costs of approximately
$1 million were incurred for the three
acquisitions completed, capital raising
costs to finance the acquisitions and
restructuring costs. Additional costs
were incurred while the yard at 421
Blenheim Road was further developed
to meet compliance and environmental
requirements.
The issues that suppressed the EBITDA
and NPAT business performance that
are within WasteCo’s control were
addressed and are reflected in the
improved performance of the last six
months’ trading EBITDA.

WASTECO GROUP LTD: ANNUAL REPORT 2024 11
Island, together with the diversity of
revenue streams through the different
waste management and industrial
solutions we provide to our customers.
Often these businesses are generating
revenues of between $5 million to $20
million. Similar businesses present
perfect acquisition targets for WasteCo.
We are well positioned to be a market
leader as a principal aggregator of
small and medium-sized enterprises
in the waste, refuse and industrial
services sector via acquisitions that
offer WasteCo significant scalability and
synergy value.
We will continue to target a number
of attractive growth opportunities
in existing and adjacent industry
segments and geographies.
We are seeking to achieve $80 million of
annualised revenue during the course
of FY25.
As noted, we have recently expanded
our operations into Southland, Central
Otago and the top of the South Island,
via three acquisitions that provide
significant operating presence in
Invercargill, Southland, Central Otago
and Nelson. These are key strategic
locations for continued expansion of
WasteCo’s service offering to existing
and new customers.
We are focused on significant further
opportunities within the South Island.
As we continue this new chapter as
a publicly listed company, we remain
committed to transparency, integrity
and good governance. We understand
that earning and maintaining the trust
of our shareholders and stakeholders
is paramount, and we are dedicated
to upholding the highest standards of
corporate governance practices.
Our Board of Directors comprises
seasoned professionals with diverse
expertise, ensuring rigorous oversight
and strategic guidance of the WasteCo
business.
New initiatives to drive
WasteCo’s profitability
and sustainability
• Our CEO is focused on the
optimisation of the existing
WasteCo assets, businesses
and our team.
• In parallel, the Board has
a principal focus on capital
management, capital raising,
mergers and acquisitions,
and financial accommodation
arrangements to enable
management to focus solely
on the improvement of
the operating and financial
performance of the company.
• We had a heavy principal
repayment burden in respect
of our third-party loan
facilities. These facilities were
refinanced with a reduction
of $300,000 per month in
principal repayments to
$400,000 per month from
April 2024. This cash is
available for use elsewhere
in the business, for debt
reduction or to assist with
acquisitions.
• In November/December
we implemented a pricing
restructure that is now
contributing to increased
gross margins and
profitability.
• Unfortunately, it was
necessary for us to retrench
a number of staff as we right
sized the business to improve
gross margin, asset utilisation
and overall efficiencies under
the new CEO.
• We have an extensive asset
utilisation review and action
plan underway to drive
higher efficiency.
• We are investigating
options for optimising fleet
ownership.
• We are reviewing key
supplier arrangement terms.
FY24 has been a
transformative year
for WasteCo.

12
The waste management industry
continues to undergo transformation
supported by technology and an
increasing awareness of sustainability.
WasteCo is well placed, especially in
the South Island, to support these
initiatives. Our strategy continues to
focus on growing the company by
providing waste-related services and
to acquire like-minded organisations
in the waste sector when the correct
opportunity arises. We remain
committed to balancing growth, risk
management and the long-term vision
of the company.
My focus is on profitably growing the
business within a long-term strategy
for growth. The key platform for
WasteCo is to continue its acquisition
journey buying established businesses
with long-term contracts to provide a
stable and increasing revenue stream.
These businesses bring established
brands and presence in their respective
markets and it’s important we maintain
their brand value as they are integrated
into the WasteCo Group.
There is no doubt we have some
significant challenges in our sector.
The management of waste is
receiving more focus and attention
from society, however the cost of
sustainable management of waste is
often questioned. Acceptance of these
costs is necessary to move forward
economically.
Another challenge is attracting skilled
and competent talent into the business
in an industry that is not as appealing
as some. The economic cycle can
exacerbate this issue, with driver skill
shortages one example. Part of my
mandate will be to foster a culture of
collaboration, inclusion and continuous
improvement – not forgetting the
culture of family values that we have
grown up with.
One of our advantages is that we are
still small and nimble enough to be able
to react and action acquisitions and
improve service propositions faster than
some of our competitors.
I am focused on executing a clear
and ambitious growth strategy that
leverages our strengths and capitalises
on emerging opportunities. This
will involve continued acquisitions,
operational improvements and
efficiencies, investment in our team,
health and safety improvements, and
new technologies.
A key priority for me is safety. We
need to ensure our team get home
safely to their families every day and
that we adopt safe practices in the
communities where we work. We will be
concentrating on ensuring the correct
policies, procedures and practices are
in place and enforced to improve our
health and safety record.
Chief Executive’s report
DAVID PETERSON
Chief Executive
It’s exciting to be joining WasteCo at such a
transformative time in the organisation’s journey.
I acknowledge the dedication and hard work of our
founding team. Their entrepreneurial spirit laid the
base for the remarkable evolution that has brought
us to where we are today.
Success for me involves building
a business that is sustainable
economically, develops our team,
provides a safe working place and is
recognised as an employer of choice.
The transition to a publicly listed
company brings with it a new set of
opportunities and challenges. We are
now accountable to our shareholders,
regulators and the broader market. I
am committed to upholding the highest
standards of transparency, governance
and integrity.
We will ensure compliance with
regulatory requirements, maintain
open lines of communication with
our investors and prioritise long-term
value creation.
My focus is on
profitably growing
the business within
a long-term strategy
for growth.
Acquisitions in our core areas.
Optimise the current business and introduce operational improvements.

WASTECO GROUP LTD: ANNUAL REPORT 2024 13
Our transition from a private to a public
listed company continued to have
associated costs during this financial
year. General economic factors also
impacted WasteCo as we faced increased
fuel costs and higher interest rates.
As councils raised disposal levy rate
changes, we passed the additional costs
through to customers.
Of particular note for WasteCo was the
net $10.06 million increase in share
capital, of which $2.2 million related
to shares taken up by the vendor
of Cleanways. This resulted in
a $6.53 million increase in equity
in the year.
During our first full year as a listed
company, we worked to manage our
operating expenses and cost structure
through the development of new
internal operating key performance
indicators (KPIs).
To enable financial best practice, we
implemented the Oracle reporting
system NetSuite from 1 April 2023,
alongside Microsoft Power BI and
budgeting and re-forecasting tool
Modano. A key focus has been on the
measurement and improvement of
asset utilisation.
A pricing restructure has already
started to flow through to the bottom
line and further improvements are
expected as this initiative cascades
throughout the business. We will
review key supplier arrangements with
an aim to negotiate more favourable
commercial terms.
Our financial focus for FY25 is
optimising our financial performance.
We aim to maintain and exceed the
EBITDA and run rate of $4.09 million
achieved in the second half of FY24. Our
strategy emphasises asset utilisation,
our pricing structures and further debt
reduction. We continue to strengthen
our reporting and financial processes.
There is an immediate opportunity
for us to grow aggressively through
a focused and disciplined acquisition
strategy. WasteCo is well positioned
to be a market leader as a principal
aggregator of small and medium-sized
enterprises in the waste, refuse and
industrial services sector via acquisition.
Our short-term goal is to grow revenue
on an annualised basis to $80 million
by the end of FY25. Consolidation
opportunities offer us significant
scalability and synergy value.
We will likely face further cost pressure
as the business continues to grow and
incur further increases in compliance
costs. The Board has a strong risk
framework in place and works closely
with management to ensure that all
risks are being carefully managed.
The diversity of our operations
throughout the South Island is our
strength, together with the various
revenue streams through the
different waste management and
industrial solutions we provide to
our customers. Our earnings base is
largely underpinned by the provision
of essential waste services, including a
significant proportion secured by long-
term contracts, with geographic and
sector diversification across councils,
healthcare, infrastructure, commercial
and industrial customers.
The total comprehensive loss for the
year (net profit after tax or NPAT) was
$4.14 million. Despite the increase in
revenue, there was a deterioration in the
net loss after tax compared with a net
loss of $1.92 million in FY23.
The issues that suppressed the EBITDA
and NPAT performance that are within
WasteCo’s control are being addressed
aggressively and are reflected in the
increased performance of the six
months trading run rate basis EBITDA.
WasteCo reported a loss from
operations of $2.79 million in FY24. It is
the first full-year operational result for
the company since listing and compares
with an operating profit of $1.55 million
in FY23. There was a loss before income
tax of $5.74 million, compared with a
loss before income tax of $2.16 million
in FY23.
Costs affecting our performance
included significant expenses incurred
in relation to the acquisitions of
Cleanways and related businesses,
the waste collection business of Bond
Contracts Limited and the Central
Suction Cleaners business. These three
businesses were successfully integrated
into our operations.
Financial report
NIGEL FRANKLIN
Chief Financial Officer
The diversity of our operations
throughout the South Island is our
strength, together with the various
revenue streams through the different
waste management and industrial
solutions we provide to our customers.
A combination of organic business growth and
acquisition growth during FY24 meant the size
and scale of WasteCo’s operations grew 40% from
$34 million in FY23 to $48 million. This significant
increase resulted in an annualised run rate of $55
million based on the last six months of trading.
WasteCo achieved EBITDA before non-recurring items
of $4.09 million for the second half of the financial
year (1 October 2023 to 31 March 2024), in line with
the earnings guidance range communicated in our
half-year commentary. This equates to an annualised
run rate of $8.18 million.
Acquisitions in our core areas.
Optimise the current business and introduce operational improvements.

14
Financial highlights
40%
$48m
FY24
EBITDA of $4.09 million
for the second half of
the financial year.
EBITDA OCT-MAR FY24
$4.09m$8.18m
ANNUALISED RUN RATE
Annualised
revenue
run rate
of $55m
based on the last six
months of trading.
Net $6.53m
increase
in equity
in the year.
Implemented
pricing
restructure
– starting to flow
through to the bottom line.
Introduced
initiatives
to improve
cost
efficiency
and reduce
expenses
.
Net
$10.06m
increase
in share capital.
Sales

WASTECO GROUP LTD: ANNUAL REPORT 2024 15
Focus on continuous safety
improvements
In FY24 our new Head of People Safety
and Wellbeing Chanelle Sefont joined
and directed the identification of our
critical risks to underpin our health and
safety framework. This foundational
work gives us a platform to pinpoint
our H&S priorities and strategically plan
how we manage and mitigate our risks
consistently across our network of nine
branches. The resulting enhancements
in our practices will guide us in
our journey to improve our safety
performance. This will be measured in
better lost-time injuries statistics.
Accurate H&S data recording and
reporting is a focus for our leaders,
alongside the introduction of a fatigue
management policy to formalise
how we monitor this risk within our
teams. Asbestos awareness training is
an integral part of our education for
relevant team members.
After consultation with our team,
during the year we introduced annual
health monitoring for all staff covering
hearing, eyesight, blood pressure
and lung functionality. Another new
initiative is a wellbeing tool which offers
the traditional counselling inherent in
an employee assistance programme in
tandem with an interactive app to help
everyone strengthen their resilience.
Empowering our team to look after
each other and be aware of our H&S
CHANELLE SEFONT
Head of People Safety and Wellbeing
The safety of our team is at the forefront
of our priorities. We aim to improve our
operational policies, procedures and practices
so our people get home safely to their families
every day.
procedures is behind a refresh of our
H&S committee. Active participation and
training for our H&S representatives
ensures this group will be an effective
voice in our organisation.
Our recruitment policy now includes
pre-employment driver assessment
ahead of joining our team on the road,
together with a health check.
In the year ahead, our team
leaders will be supported in further
developing their H&S capabilities. This
involves training on risk and hazard
identification and management,
education on mental wellbeing, and
how to support our team to ensure
they are thriving in their roles.
Focus on our team, culture and health and safety.
Empowering our
team to look after
each other and be
aware of our H&S
procedures is behind
a refresh of our H&S
committee.

Our family of brands
management solutions in the Nelson/
Tasman region. This leverages
CSC’s extensive experience in street
sweeping, road chip recovery, industrial
yard sweeping, catch-pit/sump cleaning,
hydro vac excavation, concrete/
asphalt dish channel cleaning and plant
resource management.
CSC has a long-standing reputation
for providing top-notch sweeping
services and WasteCo is committed to
preserving that legacy while expanding
our capabilities to better serve our
customers.
CLEANWAYS, WASTECH AND
ENVIRO SOUTH
The purchase of Invercargill-based
business Cleanways, and related
businesses Enviro South and Wastech
Services, provides WasteCo with
specialist expertise in bulk liquid waste.
Cleanways and Enviro South specialise
in managing bulk liquid waste and
provide a range of services throughout
Southland. Wastech Services, located
in Cromwell, specialises in the removal
of both bulk liquid and solid waste in
Central Otago.
These three businesses each have a
strong customer base and offer a range
of commercial, local body and private
services, and continue to operate from
their current premises.
RAPID WATER
Part of Cleanways, Rapid Water
supplies potable water to businesses
and residential properties in
Southland. Rapid Water’s long-term
client base includes dairy farms, Blue
Sky Meats and many other businesses
across Southland.
iMOW
Another Cleanways business, IMow
has many commercial contracts. Some
of these include commercial mowing
for Invercargill City Council, flood bank
mowing for Environment Southland and
street kerb spraying of weeds for the
Southland District Council.
BOND CONTRACTS (BCL)
BCL provides waste collection services
and operates transfer stations in
Southland under a contract with the
Invercargill City Council, Southland
District Council and Gore District
Council (together referred to as the
‘WasteNet’ Councils). This contract runs
until 30 June 2027.
The acquisition of the BCL waste
business was a significant milestone for
WasteCo and expanded our footprint in
the South Island.
CENTRAL SUCTION CLEANERS
(CSC)
WasteCo’s acquisition of the CSC
business represents a new chapter
in Nelson’s sweeping services,
combining the best of two industry
leaders to provide unparalleled
sweeping, industrial services and waste
management solutions to customers in
the region.
The acquisition of CSC enables WasteCo
to offer a broad range of innovative
and sustainable sweeping and waste
WASTECO NZ LIMITED
Christchurch, Nelson, Ashburton,
Timaru, Oamaru, Cromwell, Dunedin,
Balclutha, Invercargill
Established 1 August 2013
Acquisitions in our core areas.
16
CENTRAL SUCTION CLEANERS
Nelson
Acquired 1 March 2023
CLEANWAYS
Invercargill
Acquired 1 June 2023
WASTECH SERVICES
CENTRAL OTAGO
Cromwell
Acquired 1 June 2023
RAPID WATER
Invercargill
Acquired 1 June 2023
ENVIRO SOUTH
Invercargill
Acquired 1 June 2023
iMOW
Invercargill
Acquired 1 June 2023
BOND CONTRACTS
Invercargill
Acquired 1 October 2023
Rebranded to WasteCo April 2024

WASTECO GROUP LTD: ANNUAL REPORT 2024 17
Embracing Toitū Enviromark Certification:
A pathway to a sustainable future
WasteCo is New Zealand’s only Diamond-Certified Toitū Enviromark waste
solutions provider.
Toitū Enviromark is a New Zealand-
based environmental certification
programme designed to help
organisations manage, reduce and
offset their environmental impacts. It
provides the framework and tools for
businesses to measure, manage and
mitigate their carbon footprint and
other environmental impacts.
To gain this certification an organisation
must have a robust Environmental
Management System to manage
environmental impacts in place.
The programme covers various
aspects, such as energy use, waste
management, water consumption and
carbon emissions. Toitū Enviromark
certification signifies a commitment
to sustainability and environmental
responsibility, helping businesses
Kilronan Sort Centre – diverting waste
from landfill
We continue to focus on sorting as a
way to reduce the amount of waste
that will end up going to landfill.
Our sort centre currently diverts
approximately 8,000 tonnes of waste
each year from landfill.
Wherever possible we work with our
customers to educate their staff (and
the general public) on the importance
of sorting waste and to maximise the
sorting opportunities at their sites.
Increasingly, businesses want to know
where their waste goes.
Our Kilronan Sort Centre employs 21
staff and is a key part of our business. It
takes waste materials from our trucks,
but also from demolition clients and
even competitors.
More than 100 trucks go through the
centre each day, delivering a total of
about 200 tonnes every 24 hours. The
$3-million facility was built in 2021 in
conjunction with a $250,000 grant from
the Ministry for the Environment.
Our sort centre is the only place that
turns polystyrene into bricks in the
and energy consumption, and adopt
sustainable practices throughout their
operations.
Toitū Enviromark Certification is more
than just a badge of honour; it is a
testament to WasteCo’s commitment
to environmental excellence and
responsible stewardship.
South Island. It takes about a year
to get enough polystyrene to fill a
16-tonne container, which is then
shipped to be sold overseas where it
is turned into building products and
other things.
tonnes of plasterboard
tonnes of untreated
wood chips
tonnes of steel
from demolition &
builders’ waste
14
10
7
up to
The sort centre in one day
will divert:
demonstrate their environmental
performance to stakeholders and
consumers.
At WasteCo we identified the significant
environmental impacts that could arise
from our operations and we developed
plans to prevent or reduce those
impacts.
As a Toitū Enviromark Diamond-
Certified organisation, we exceed the
requirements of ISO 14001 – one of
the world’s best known environmental
standards.
One of the key benefits of Toitū
Enviromark Certification is its ability
to drive positive change across entire
industries. Companies that undergo
the certification process are required
to assess their environmental impact,
implement measures to reduce waste
WasteCo diverts more than 40% of waste we collect from landfill. We do not own
landfills and have invested in building a sorting facility in Christchurch that uses
technology to divert as much waste as possible.
Optimise the current business and introduce operational improvements.

18
WasteCo Board
SHANE EDMOND
Non-executive Chair
Shane has extensive experience in financial markets, having worked in London and
New Zealand for more than 30 years.
He was previously a member of the Financial Market Authority’s Code Committee for
Financial Advisers for seven years.
Shane became a shareholder and a director of WasteCo Holdings NZ in December
2020 (prior to the reverse listing) and Chair in December 2022 following the
reverse listing.
JAMES REDMAYNE
Executive Director
James is one of WasteCo’s founders.
Before launching WasteCo with Carl Storm, James had 18 years cost and
management accounting experience in banking, foreign exchange, broadcasting,
manufacturing and pharmaceuticals.
CARL STORM
Executive Director
Carl is one of WasteCo’s founders.
He has a lifetime of experience in the waste and recycling sector, starting his first
company at age 16 while still at school.
After selling two start-up companies, Carl worked for Fulton Hogan, EnviroWaste,
Metro Waste and Veolia, before starting WasteCo with James.
Carl is an experienced company director.

WASTECO GROUP LTD: ANNUAL REPORT 2024 19
ANGUS COOPER
Independent Director
Angus has 30 years of commercial experience in public companies, mostly in general
management roles within EBOS Group. He was General Manager of Mergers and
Acquisitions at EBOS for more than 10 years, completing 25 acquisitions and five
divestments for the group in that time.
More recently, Angus has advised a number of public and private companies in
successful mergers and acquisitions as well as business improvement, restructuring
and business turnaround exercises.
Angus has broad experience across a range of sectors including retail, healthcare
products, pharmaceuticals, FMCG, scientific, dairy logistics, automotive, engineering,
print / pre-press and animal care.
He was a director of Goodwood Capital and remained a director of WasteCo
following the reverse listing in December 2022. Prior to that he was a director of the
retail chain Animates for seven years.
ROGER GOWER
Independent Director
BCom, MBA and MPhil.
Roger Gower is an experienced executive, director and chairman in public and
private companies.
He is currently Chairman of PrimePort Timaru and New Zealand Food Innovation
Auckland (the Food Bowl). Roger is also an independent director of NZX-listed Me
Today and the Chief Executive of New Zealand’s Best Food & Beverage. Roger was
Chairman at juice company Charlie’s, which listed in 2005 and before that he had a
corporate career in logistics and transportation.
Roger was a director of Goodwood Capital and remained a director of WasteCo
following the reverse listing in December 2022.

20
Corporate governance statement
The Board is committed to achieving best practice corporate governance
and the highest standards of ethical behaviour. The governance principles
adopted by the Board are designed to achieve these goals.
The full content of the company’s Governance Code and related polices and charters can be found on the company’s website
https://goodwoodcapital.co.nz/corporate-governance/ (website).
This statement is a summary of the corporate governance arrangements approved and observed by the Board as at 31 March
2024. The corporate governance arrangements are based on the principles set out in the NZX Corporate Governance Code (NZX
Code). This statement has been approved by the Board.
CODE OF ETHICS
The Board has documented a Code of Ethics, which can be found on the website. The Code of Ethics details the ethical
standards to which the directors and employees of the company and its subsidiaries (Group) are expected to adhere.
ROLE OF THE BOARD
The objective of the Board is to enhance shareholder value by directing the company in accordance with sound governance
principles. The Board assumes the following primary responsibilities:
• formulation and approval of the strategic direction, objectives and goals of the company;
• monitoring the financial performance of the company, including approval of the company’s financial statements;
• ensuring that adequate internal control systems and procedures exist and that compliance with these systems and
procedures is maintained;
• review of performance and remuneration of directors and executive officers; and
• establishment and maintenance of appropriate ethical standards for the company to operate by.
A formal Governance Code, which can be found on the website, has been adopted by the Board and further outlines roles
and responsibilities of the board, and distinguishes and discloses the respective roles and responsibilities of the Board and
management.
The Company regularly evaluates the performance of the directors, Board and Board committees internally. In addition, the
Company continues to assess the size, diversity and skills of the Board. Directors also receive appropriate training.
The Company enters into written agreements with newly appointed directors establishing the terms of their appointment.
BOARD COMPOSITION
In accordance with the company’s constitution and the NZX Listing Rules, the Board will comprise not less than three directors.
The Board will be comprised of a mix of persons with complementary skills appropriate to the company’s objectives and
strategies. The Board must include not less than two persons who are deemed to be independent.
WasteCo’s Board currently comprises five directors as follows:
Non-executive Director: Shane Edmond (Chair)
Independent Director: Angus Cooper
Independent Director: Roger Gower
Executive Director: James Redmayne
Executive Director: Carl Storm
As set out above, Angus Cooper and Roger Gower are considered by the Board to be independent directors, as defined under the
NZX Listing Rules, as at 31 March 2024. This determination has been made on the basis that neither Mr Cooper or Mr Gower are
employees of the Group, nor do they have any ‘Disqualifying Relationship’ as that term is defined in the Listing Rules. In addition,
after consideration, the Board does not consider that there are any other factors (including those set out in Table 2.4 of the NZX
Code) that would result in a determination that either of Mr Cooper or Mr Gower are not independent.
Shane Edmond, James Redmayne and Carl Storm are all non-independent directors, on the basis that they are each substantial
product holders of the Company (and in addition, both James and Carl were employed in an executive role by the Company
during the year ended 31 March 2024).
FOR THE YEAR ENDED 31 MARCH 2024

WASTECO GROUP LTD: ANNUAL REPORT 2024 21
The Board considers that, although it does not have a majority of independent Board members, it has the right balance for the
current size and structure of the company. The Board will continue to reassess this going forward to ensure that the balance of
Board members remains appropriate for the company’s needs.
While the Chair of the Board is not independent, the Board considers that the current Chair is appropriate at this time, due to
the level of expertise that he brings in relation to the matters that are the Company’s current focus. The Chair and the CEO are
different people. Information about each of the directors is disclosed on the Company’s website and in this Annual Report on
pages 18 and 19.
BOARD MEETINGS
Board meetings are held on a monthly basis and are attended by key management personnel as required. Additional meetings
are held as and when required. Each Board meeting involves discussions and review of health and safety, finance, market
information, strategy and other operational matters.
The following table shows director attendance at Board meetings and Board committee meetings for the FY24 financial year:

Board Meetings attended
Shane Edmond 10
Angus Cooper 10
Roger Gower 10
James Redmayne 10
Carl Storm 10
CRITERIA FOR BOARD MEMBERSHIP
When a vacancy arises, the Board will identify candidates with a mix of diversity, capabilities and perspectives considered
necessary for the Board to carry out its responsibilities effectively in accordance with its nomination and appointment
procedure. A director appointed by the Board must stand for election at the next Annual Meeting. A director may not hold
office for longer than three years or past the third annual meeting following that director’s appointment. Retiring directors are
eligible for re-election.
BOARD COMMITTEES
The Board has established an Audit, Finance and Risk Committee and a Remuneration, Nomination and Health & Safety
Committee.
Audit, Finance and Risk Committee
The Audit, Finance and Risk Committee operates under a Charter approved by the Board and is accountable to the Board for:
• the business relationship with, and the independence of, external auditors;
• the reliability and appropriateness of the disclosure of the financial statements and external financial communication; and
• the maintenance of an effective business risk management framework including compliance and internal controls.
The current members of the Audit, Finance and Risk Committee are Roger Gower (Chair), Angus Cooper and Shane Edmond, all of
whom are non-executive directors and being a majority of independent directors. Employees only attend the Audit, Finance and
Risk Committee meetings at the invitation of the committee.
Remuneration, Nomination and Health & Safety Committee
The Remuneration, Nominations and Health & Safety Committee operates under a Charter approved by the Board and is
accountable to the Board for:
• the appointment, remuneration and evaluation of the CEO and succession planning in relation to them;
• the remuneration of the leadership team;
• reviewing risks and compliance with statutory and regulatory requirements relative to human resources;
• reviewing health and safety policies to ensure the company is providing a safe working environment for all employees and
contractors; and
• recommending to the Board, candidates to be appointed as a director.

22
The current members of the Remuneration, Nominations and Health & Safety Committee are Angus Cooper (Chair) and Roger
Gower, who are both independent directors. Management only attends Remuneration, Nominations and Health & Safety
Committee meetings at the invitation of the committee. The remuneration paid to the directors during the financial year ended
31 March 2024 is set out on page 70 of this Annual Report.
WasteCo has a remuneration policy for the remuneration of executives and directors. The remuneration arrangements for the
CEO are disclosed on page 74 of this Annual Report.
Other Committees
The Board has adopted a set of protocols to be followed in the event of a takeover offer being made. In the event of a takeover
offer, a takeover committee of independent directors would be formed and would have responsibility for managing the takeover
in accordance with the Board protocols and applicable laws, including the New Zealand Takeovers Code.
The Company does not currently have any other standing Board committees.
TRADING IN SHARES
The company has a detailed Share Trading Policy which applies to all directors and employees and can be found on the website.
The procedures outlined in this policy must be followed by all directors and any employees to obtain consent to trade in the
company’s shares. Under the policy, trading restrictions apply during the following specific blackout periods:
• two weeks before 30 September until 48 hours after the half-year results are released to NZX;
• two weeks before 31 March until 48 hours after the full-year results are released to NZX; and
• 30 days prior to release of an offer document (such as a product disclosure statement) for a general public offer of the same
class of shares.
Outside the black-out periods specified above, any trading is subject to the notification and consent requirements outlined in
the policy.
CONTINUOUS DISCLOSURE
The company has in place procedures designed to ensure compliance with the NZX Listing Rules such that all investors have
equal and timely access to material information concerning the company, including its financial situation, performance,
ownership and governance.
Announcements are factual and presented in a clear and balanced way. Significant market announcements, including the
announcements of the half-year and full-year results and the financial statements for those periods are reviewed by the Board
prior to release.
The Group’s NZX Market Disclosure Policy has been put in place to ensure that the company complies with its continuous
disclosure obligations at all times and can be found on the website.
HEALTH AND SAFETY
The Board ensures that the Group effectively manages health and safety. Providing leadership and securing and allocating
resources, as well as ensuring the company has the appropriate team, systems and equipment to manage the risks related to
its work activities, are important aspects of the Board’s responsibility to health and safety management. The Group has a health
and safety incident reporting system by which it reports all incidents to the Board for its information, review and assurance on a
monthly basis.
DIVERSITY
The Board recognises the wide-ranging benefits that diversity brings to an organisation. The company endeavours to incorporate
diversity to ensure a balance of skills and perspectives are available to benefit our shareholders. The company’s Diversity Policy
can be found on the website.

WASTECO GROUP LTD: ANNUAL REPORT 2024 23
WasteCo Group’s diversity focuses on gender, age, ethnicity, sexual orientation, inclusion and flexibility. The activity we undertake
across these areas of focus is aligned to the following principles:
• increasing the diversity of our workforce at senior levels;
• creating a flexible and inclusive work environment that values difference and enhances business outcomes;
• harnessing diversity of thought and capitalising on individual differences;
• leadership behaviours that reflect our belief in the value of inclusion and diversity; and
• retaining and attracting a talented workforce through increasing the diversity of the candidate pool and maintaining a
recruitment strategy that is attractive to all candidates.
As at 31 March 2024, the gender balance of the company’s directors and officers were as follows:
20242023
FemaleMaleFemaleMale
Directors-5-5
Officers (excluding directors)-2-1
Total-7-6
As the opportunity arises to expand the Board, the company will look to diversify in terms of both gender and skills.
The waste industry has historically had a larger percentage of male employees. WasteCo has taken active steps to increase the
percentage representation of female employees through equal employment opportunity initiatives and policies, assessments of
gender pay gap, employee wellbeing initiatives and a focus on an inclusive family-oriented work culture.
RISKS
The Board is responsible for ensuring that material business and financial risks are identified, and that appropriate controls and
procedures are in place to effectively manage those risks. The Audit, Finance and Risk Committee has overall responsibility for
ensuring that the company’s risk management framework is appropriate and that risks are identified, considered and managed.
Risk management is a standing item on the agenda for Audit, Finance and Risk Committee meetings. During the year ended 31
March 2024 the Group implemented a number of risk management initiatives. Health and safety continues to be a key area of
focus and external reviews were conducted on insurance and information technology risk.
AUDITOR
External auditor
The Board has established a framework for the Group’s relationship with its external auditors, which ensures that external audit
independence is maintained. Oversight of the Group’s external audit arrangements is the responsibility of the Audit, Finance and
Risk Committee.
During the financial year ended 31 March 2024, the company’s previous auditor, Baker Tilly Staples Rodway resigned as auditor
(effective 2 February 2024) and Deloitte was appointed as the external auditor for the company.
The external auditor attends the company’s annual meeting each year to answer questions from shareholders in relation to the audit.
Internal audit
The company does not have an internal audit function, however it has internal processes and processes that are considered to
be appropriate for the size, structure and complexity of the Group.

24
NZX CORPORATE GOVERNANCE CODE (ISSUED 1 APRIL 2023)
During the year ended 31 March 2024, the company has followed the NZX Code (issued 1 April 2023) in all material aspects, with
the following exceptions:
ReferenceRecommendationAlternative Governance Practice and Reason for
the Practice
Recommendation 2.8A majority of the board should be
independent directors.
Shane Edmond, Carl Storm and James Redmayne are
not considered to be independent directors as they
are all substantial product holders of the company.
Mr Storm and Mr Redmayne also hold executive
management positions. The Board considers that,
although it does not have a majority of independent
Board members, it has the right balance for the
current size and structure of the company. The
Board will continue to reassess this going forward to
ensure that the balance of Board members remains
appropriate for the company’s needs.
Recommendation 2.9An issuer should have an independent
chair of the board.
Shane Edmond, the current chair, is not considered
to be independent as Mr Edmond is a substantial
product holder of the company. Mr Edmond has
been appointed as Chair due to the level of expertise
that he brings in relation to the matters that are the
company’s current focus. The Board will assess the
role of Chair as required.
Recommendation 4.4An issuer should provide non-
financial disclosure at least annually,
including considering environmental,
social sustainability and governance
factors and practices. It should
explain how operational or non-
financial targets are measured.
Non-financial reporting should be
informative, include forward looking
assessments, and align with key
strategies and metrics monitored by
the board.
WasteCo has not provided detailed reporting on
environmental, economic and social sustainability
factors. Going forward, the Board and appropriate
committees are looking to identify relevant measures
for these factors and implement systems to capture
and refine this information to enable future reporting
in these areas.
Recommendation 6.1An issuer should have a risk
management framework for its
business and the issuer’s board
should receive and review regular
reports. An issuer should report the
material risks facing the business and
how these are being managed.
During FY24 the Board has implemented a risk
management plan that reflects the material risks
facing the Group’s business and operations following
the completion of the reverse takeover transaction
in December 2022. The risk management plan of the
Group contains specific focus on strategic, operational
and project risk. Specifically, health and safety,
information technology and systems, and financial
risks have been a core focus during FY2024.

WASTECO GROUP LTD: ANNUAL REPORT 2024 25
ReferenceRecommendationAlternative Governance Practice and Reason for
the Practice
Recommendation 8.4If seeking additional equity capital,
issuers of quoted equity securities
should offer further equity securities
to existing equity security holders of
the same class on a pro rata basis,
and on no less favourable terms,
before further equity securities are
offered to other investors.
During the financial year ended 31 March 2024, the
company issued 31,850,353 new ordinary shares to
the vendors of the Cleanways business for a total
issue price of $2,205,000, which was set off against
part of the purchase price for the acquisition of the
business by the company’s operating subsidiary,
WasteCo NZ Limited. Given the nature of the
transaction, and that the new shares were issued
in connection with the business acquisition, it was
not appropriate to offer new shares to the existing
shareholders at the same time.
The company also raised a further $4.32m through
a placement to selected wholesale investors on 15
June 2023. The shares issued as part of the private
placement (totalling 66,484,000 new ordinary shares)
were issued under existing shareholder approvals
obtained as part of the reverse takeover transaction.
Those existing shareholder approvals limited
participation to wholesale investors.
A subsequent share purchase plan, along with a
further placement to wholesale investors under the
existing shareholder approval, was completed in
August 2023. The share purchase plan (which was fully
underwritten up to $2.5 million) gave existing investors
the opportunity to participate in funding the further
growth of the company. A total of 46,153,797 new
shares were issued under the share purchase plan and
associated placement, raising a further $3 million ($2.5
million under the share purchase plan, and $0.5 million
under the placement). An additional $1 million was
raised from a wholesale investor in November 2023
under the existing shareholder approval, to support
the growth of the company’s businesses and to assist
with future growth opportunities.
Recommendation 8.5The board should ensure that the
notices of annual or special meetings
of quoted equity security holders is
posted on the issuer’s website as soon
as possible and at least 20 working
days prior to the meeting.
The notice of the company’s 2023 Annual Meeting
was released on 24 August 2023, being 11 working
days prior to the meeting held on 8 September 2023.

The alternative governance practices described in the table above have been approved by the Board.

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>ŽƐƐĨŽƌƚŚĞLJĞĂƌ
;κ͕ϭϯρͿ;ϭ͕εϮϬͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌͲͲ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐĨŽƌƚŚĞLJĞĂƌ
;κ͕ϭϯρͿ;ϭ͕εϮϬͿ
ĂƌŶŝŶŐƐͬ;ůŽƐƐͿƉĞƌƐŚĂƌĞ
ĂƐŝĐĂŶĚĚŝůƵƚĞĚůŽƐƐƉĞƌƐŚĂƌĞ;EΨͿϭϬ;Ϭ͘ϬϬρϮͿ;Ϭ͘ϬϬϯκͿ
Financials
FOR THE YEAR ENDED 31 MARCH 2024
26

WASTECO GROUP LTD: ANNUAL REPORT 2024 27
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
ŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚŽŽĨĨWWƌƌŽŽĨĨŝŝƚƚŽŽƌƌ>>ŽŽƐƐƐƐĂĂŶŶĚĚKKƚƚŚŚĞĞƌƌŽŽŵŵƉƉƌƌĞĞŚŚĞĞŶŶƐƐŝŝǀǀĞĞ
//ŶŶĐĐŽŽŵŵĞĞ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵƉĂƌƚŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞŵ͘
Ϯ

EŽƚĞϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ZĞǀĞŶƵĞρκΘ͕Ϯϯϯϯκ͕ϯεϮ
KƚŚĞƌŝŶĐŽŵĞςεεεΘ
džƉĞŶƐĞƐ
ŵƉůŽLJĞĞďĞŶĞĨŝƚƐĞdžƉĞŶƐĞƐϳ͘ϭ;Ϯϭ͕ςϮκͿ;ϭρ͕ϬϮϬͿ
ŽůůĞĐƚŝŽŶ͕ƌĞĐLJĐůŝŶŐĂŶĚǁĂƐƚĞĚŝƐƉŽƐĂůĞdžƉĞŶƐĞƐ;Θ͕εΘΘͿ;ς͕ςερͿ
&ůĞĞƚŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ;ς͕ΘϳςͿ;κ͕ϳςϮͿ
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝƐĂƚŝŽŶĞdžƉĞŶƐĞƐϳ;ς͕ϭεϮͿ;κ͕ϬρκͿ
WƌŽƉĞƌƚLJĞdžƉĞŶƐĞƐ;ϳϯϬͿ;ρϬϬͿ
KƚŚĞƌĞdžƉĞŶƐĞƐ
;ς͕ϳϭϬͿ;ϭ͕εϭϬͿ
WƌŽĨŝƚͬ;ůŽƐƐͿĨƌŽŵŽƉĞƌĂƚŝŽŶƐ
;Ϯ͕ϳΘΘͿϭ͕ρκε
'ĂŝŶŽŶďĂƌŐĂŝŶƉƵƌĐŚĂƐĞϮϯϳςϮͲ
ĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐ;ςϯεͿͲ
&ŝŶĂŶĐĞĐŽƐƚƐϳ͘Ϯ;ϯ͕ϬϳΘͿ;Ϯ͕ϬςϯͿ
ZĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚϮκͲ;ϭ͕ϮϯεͿ
ZĞǀĞƌƐĞůŝƐƚŝŶŐĞdžƉĞŶƐĞƐͲ;κϬϯͿ
>ŽƐƐďĞĨŽƌĞŝŶĐŽŵĞƚĂdž;ρ͕ϳκϯͿ;Ϯ͕ϭρςͿ
/ŶĐŽŵĞƚĂdžďĞŶĞĨŝƚεϭ͕ςϬΘϮϯς
>ŽƐƐĨŽƌƚŚĞLJĞĂƌ
;κ͕ϭϯρͿ;ϭ͕εϮϬͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌͲͲ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐĨŽƌƚŚĞLJĞĂƌ
;κ͕ϭϯρͿ;ϭ͕εϮϬͿ
ĂƌŶŝŶŐƐͬ;ůŽƐƐͿƉĞƌƐŚĂƌĞ
ĂƐŝĐĂŶĚĚŝůƵƚĞĚůŽƐƐƉĞƌƐŚĂƌĞ;EΨͿϭϬ;Ϭ͘ϬϬρϮͿ;Ϭ͘ϬϬϯκͿ

28
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
ŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚŽŽĨĨŚŚĂĂŶŶŐŐĞĞƐƐŝŝŶŶƋƋƵƵŝŝƚƚLJLJ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵƉĂƌƚŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞŵ͘
ϯ

EŽƚĞ
^ŚĂƌĞ
ĐĂƉŝƚĂů
ŽŶǀĞƌƚŝďůĞ
ŶŽƚĞƐ
ƌĞƐĞƌǀĞ
^ŚĂƌĞďĂƐĞĚ
ƉĂLJŵĞŶƚƐ
ƌĞƐĞƌǀĞ
ZĞƚĂŝŶĞĚ
ĞĂƌŶŝŶŐƐ
dŽƚĂů
ĞƋƵŝƚLJ
EΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬ
ĂůĂŶĐĞĂƚϭƉƌŝůϮϬϮϮςκϭϯΘͲϭ͕ςϬκϮ͕ϮΘϯ
>ŽƐƐĨŽƌƚŚĞLJĞĂƌͲͲͲ;ϭ͕εϮϬͿ;ϭ͕εϮϬͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŶĞƚŽĨŝŶĐŽŵĞƚĂdžͲͲͲͲͲ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐͲͲͲ;ϭ͕εϮϬͿ;ϭ͕εϮϬͿ
dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽǁŶĞƌƐŝŶƚŚĞŝƌĐĂƉĂĐŝƚLJĂƐŽǁŶĞƌƐ
ƋƵŝƚLJĐŽŵƉŽŶĞŶƚƌĞĐŽŐŶŝƐĞĚŝŶĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐ
ƌĞƐĞƌǀĞϭϳ͘κͲϯεͲͲϯε
^ŚĂƌĞƐŝƐƐƵĞĚŽŶƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶϭΘϭ͕ϭρϯͲͲͲϭ͕ϭρϯ
^ŚĂƌĞƐŝƐƐƵĞĚĨŽƌĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐϭΘκ͕Ϭϳϳ;ϳϳͿͲͲκ͕ϬϬϬ
^ŚĂƌĞƐŝƐƐƵĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌϭΘκ͕ϬϬϬͲͲͲκ͕ϬϬϬ
^ŚĂƌĞŽƉƚŝŽŶƐŝƐƐƵĞĚϭε͕ϮϬͲͲϯϮςͲϯϮς
^ŚĂƌĞŽƉƚŝŽŶƐĨŽƌĨĞŝƚĞĚϭε͕ϮϬͲͲ;ϮϮͿͲ;ϮϮͿ
ĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮϬϮϯε͕ΘϳϭͲϯϬκ;ϯϭςͿε͕Θρε
ĂůĂŶĐĞĂƚϭƉƌŝůϮϬϮϯε͕ΘϳϭͲϯϬκ;ϯϭςͿε͕Θρε
>ŽƐƐĨŽƌƚŚĞLJĞĂƌͲͲͲ;κ͕ϭϯρͿ;κ͕ϭϯρͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŶĞƚŽĨŝŶĐŽŵĞƚĂdžͲͲͲͲͲ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐͲͲͲ;κ͕ϭϯρͿ;κ͕ϭϯρͿ
dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽǁŶĞƌƐŝŶƚŚĞŝƌĐĂƉĂĐŝƚLJĂƐŽǁŶĞƌƐ
ƋƵŝƚLJĐŽŵƉŽŶĞŶƚƌĞĐŽŐŶŝƐĞĚŝŶĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐ
ƌĞƐĞƌǀĞϭϳ͘κͲϯκϯͲͲϯκϯ
^ŚĂƌĞƐŝƐƐƵĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌϭΘϭϬ͕ρϮϳͲͲͲϭϬ͕ρϮϳ
>ĞƐƐ͗^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐϭΘ;ρϬϳͿͲͲͲ;ρϬϳͿ
^ŚĂƌĞŽƉƚŝŽŶƐŝƐƐƵĞĚϭε͕ϮϬͲͲϯϮϭͲϯϮϭ
^ŚĂƌĞŽƉƚŝŽŶƐĨŽƌĨĞŝƚĞĚϭε͕ϮϬͲͲ;κςͿͲ;κςͿ
^ŚĂƌĞŽƉƚŝŽŶƐĞdžĞƌĐŝƐĞĚϭΘ͕ϮϬκϬͲ;ϭρͿͲϮρ
ĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮϬϮκϭε͕εϯϭϯκϯρςκ;κ͕κρϭͿϭς͕ϯΘϳ

WASTECO GROUP LTD: ANNUAL REPORT 2024 29
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
ŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚŽŽĨĨ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůůWWŽŽƐƐŝŝƚƚŝŝŽŽŶŶ
ƐĂƚϯϭDĂƌĐŚϮϬϮκ

dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵƉĂƌƚŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞŵ͘
κ

dŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚŽŶ ϯϬ DĂLJ ϮϬϮ κ͘
^ŝŐŶĞĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚďLJ͗

^ŚĂŶĞĚŵŽŶĚZŽŐĞƌ'ŽǁĞƌ
ŝƌĞĐƚŽƌ ŝƌĞĐƚŽƌ
EŽƚĞϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
^^d^
ƵƌƌĞŶƚĂƐƐĞƚƐ
ĂƐŚĂƚďĂŶŬ
Ϯρ͘ϭ
ϭ͕ϳρϭΘϳϯ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚŽƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ
ϭϭ
ϳ͕ςϮϮρ͕ϬϯΘ
/ŶĐŽŵĞƚĂdžƌĞĐĞŝǀĂďůĞ
ϮςϭϬϬ
/ŶǀĞŶƚŽƌŝĞƐ
ϭϮ
ϮϳϯϮϯϬ
dŽƚĂůĐƵƌƌĞŶƚĂƐƐĞƚƐ
ε͕ςϳϮς͕Ϯκϭ
EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚϭϯ
κϭ͕ϮϳεϯϬ͕Θρϯ
ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐ
ϭκ͘ϭϭϬ͕ρκρρ͕Θςϯ
/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐϭρς͕ϭςϯϭρϳ
dŽƚĂůŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ
ρϳ͕εΘϳϯς͕Θϳϯ
dŽƚĂůĂƐƐĞƚƐςϳ͕ςρεκϯ͕ϭϭκ
>//>/d/^
ƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
dƌĂĚĞƉĂLJĂďůĞƐĂŶĚŽƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
ϭςρ͕Θρερ͕ϮϬϯ
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐ
ϭκ͘Ϯϭ͕ϭςϮϳϭϭ
ŽƌƌŽǁŝŶŐƐ
ϭϳϭϬ͕ςκϬρ͕ςρϳ
WĂLJĂďůĞĨŽƌĂĐƋƵŝƐŝƚŝŽŶŽĨďƵƐŝŶĞƐƐͲϭϭρ
dŽƚĂůĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐϭϳ͕ςςϭϭϭ͕ςΘς
EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚLJε͘ϯͲ
Θς
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐϭκ͘ϮϭϬ͕κϮϮρ͕εςκ
ŽƌƌŽǁŝŶŐƐ
ϭϳϮϯ͕ϭΘεϭρ͕ρϭε
dŽƚĂůŶŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
ϯϯ͕ςϭϭϮϭ͕ρςε
dŽƚĂůůŝĂďŝůŝƚŝĞƐρϭ͕ϮϳϮϯϯ͕Ϯρρ
EĞƚĂƐƐĞƚƐ
ϭς͕ϯΘϳε͕Θρε
Yh/dz
^ŚĂƌĞĐĂƉŝƚĂů
ϭΘϭε͕εϯϭε͕Θϳϭ
ŽŶǀĞƌƚŝďůĞŶŽƚĞƐƌĞƐĞƌǀĞϭϳ͘κϯκϯͲ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐƌĞƐĞƌǀĞϭερςκϯϬκ
ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ;κ͕κρϭͿ
;ϯϭςͿ
dŽƚĂůĞƋƵŝƚLJ
ϭς͕ϯΘϳε͕Θρε
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
ŽŽŶŶƐƐŽŽů ůŝŝĚĚĂĂƚƚĞĞĚĚ^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚŽŽĨĨŚŚĂĂŶŶŐŐĞĞƐƐŝŝŶŶƋƋƵƵŝŝƚƚLJLJ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵƉĂƌƚŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞŵ͘
ϯ

EŽƚĞ
^ŚĂƌĞ
ĐĂƉŝƚĂů
ŽŶǀĞƌƚŝďůĞ
ŶŽƚĞƐ
ƌĞƐĞƌǀĞ
^ŚĂƌĞďĂƐĞĚ
ƉĂLJŵĞŶƚƐ
ƌĞƐĞƌǀĞ
ZĞƚĂŝŶĞĚ
ĞĂƌŶŝŶŐƐ
dŽƚĂů
ĞƋƵŝƚLJ
EΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬ
ĂůĂŶĐĞĂƚϭƉƌŝůϮϬϮϮςκϭϯΘͲϭ͕ςϬκϮ͕ϮΘϯ
>ŽƐƐĨŽƌƚŚĞLJĞĂƌͲͲͲ;ϭ͕εϮϬͿ;ϭ͕εϮϬͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŶĞƚŽĨŝŶĐŽŵĞƚĂdžͲͲͲͲͲ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐͲͲͲ;ϭ͕εϮϬͿ;ϭ͕εϮϬͿ
dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽǁŶĞƌƐŝŶƚŚĞŝƌĐĂƉĂĐŝƚLJĂƐŽǁŶĞƌƐ
ƋƵŝƚLJĐŽŵƉŽŶĞŶƚƌĞĐŽŐŶŝƐĞĚŝŶĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐ
ƌĞƐĞƌǀĞϭϳ͘κͲϯεͲͲϯε
^ŚĂƌĞƐŝƐƐƵĞĚŽŶƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶϭΘϭ͕ϭρϯͲͲͲϭ͕ϭρϯ
^ŚĂƌĞƐŝƐƐƵĞĚĨŽƌĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐϭΘκ͕Ϭϳϳ;ϳϳͿͲͲκ͕ϬϬϬ
^ŚĂƌĞƐŝƐƐƵĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌϭΘκ͕ϬϬϬͲͲͲκ͕ϬϬϬ
^ŚĂƌĞŽƉƚŝŽŶƐŝƐƐƵĞĚϭε͕ϮϬͲͲϯϮςͲϯϮς
^ŚĂƌĞŽƉƚŝŽŶƐĨŽƌĨĞŝƚĞĚϭε͕ϮϬͲͲ;ϮϮͿͲ;ϮϮͿ
ĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮϬϮϯε͕ΘϳϭͲϯϬκ;ϯϭςͿε͕Θρε
ĂůĂŶĐĞĂƚϭƉƌŝůϮϬϮϯε͕ΘϳϭͲϯϬκ;ϯϭςͿε͕Θρε
>ŽƐƐĨŽƌƚŚĞLJĞĂƌͲͲͲ;κ͕ϭϯρͿ;κ͕ϭϯρͿ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŶĞƚŽĨŝŶĐŽŵĞƚĂdžͲͲͲͲͲ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞůŽƐƐͲͲͲ;κ͕ϭϯρͿ;κ͕ϭϯρͿ
dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŽǁŶĞƌƐŝŶƚŚĞŝƌĐĂƉĂĐŝƚLJĂƐŽǁŶĞƌƐ
ƋƵŝƚLJĐŽŵƉŽŶĞŶƚƌĞĐŽŐŶŝƐĞĚŝŶĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐ
ƌĞƐĞƌǀĞϭϳ͘κͲϯκϯͲͲϯκϯ
^ŚĂƌĞƐŝƐƐƵĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌϭΘϭϬ͕ρϮϳͲͲͲϭϬ͕ρϮϳ
>ĞƐƐ͗^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐϭΘ;ρϬϳͿͲͲͲ;ρϬϳͿ
^ŚĂƌĞŽƉƚŝŽŶƐŝƐƐƵĞĚϭε͕ϮϬͲͲϯϮϭͲϯϮϭ
^ŚĂƌĞŽƉƚŝŽŶƐĨŽƌĨĞŝƚĞĚϭε͕ϮϬͲͲ;κςͿͲ;κςͿ
^ŚĂƌĞŽƉƚŝŽŶƐĞdžĞƌĐŝƐĞĚϭΘ͕ϮϬκϬͲ;ϭρͿͲϮρ
ĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮϬϮκϭε͕εϯϭϯκϯρςκ;κ͕κρϭͿϭς͕ϯΘϳ

30
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
ŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚŽŽĨĨĂĂƐƐŚŚ&&ůůŽŽǁǁƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮ κ

dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵƉĂƌƚŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐŚŽƵůĚďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞŵ͘
ρ
EŽƚĞϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
ZĞĐĞŝƉƚƐĨƌŽŵĐƵƐƚŽŵĞƌƐ
κς͕ϬϮϮ
ϯϯ͕Ϯες
'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐƌĞĐĞŝǀĞĚ
ςϭρϭϬϬ
WĂLJŵĞŶƚƐƚŽƐƵƉƉůŝĞƌƐĂŶĚĞŵƉůŽLJĞĞƐ
;κκ͕εϭϯͿ;Ϯε͕ςϳϬͿ
/ŶĐŽŵĞƚĂdž;ƉĂŝĚͿͬƌĞĨƵŶĚĞĚ
ϳϯ;ϭϯεͿ
EĞƚĐĂƐŚĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐϮρ͘Ϯϭ͕ϭεϳϯ͕ρΘϳ
ĂƐŚĨůŽǁƐĨƌŽŵŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
WĂLJŵĞŶƚƐĨŽƌƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ϭϯ;ϯ͕ρςϬͿ;Θ͕ρϮεͿ
ĐƋƵŝƐŝƚŝŽŶŽĨďƵƐŝŶĞƐƐĞƐ
Ϯϯ;ϭϯ͕κρΘͿ;κ͕κςϯͿ
WĂLJŵĞŶƚƐĨŽƌŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
ϭρ;ϯρͿ;ϭεͿ
ZĞĐĞŝƉƚƐĨƌŽŵƐĂůĞŽĨĨŝdžĞĚĂƐƐĞƚƐ
ϮεεͲ
ĂƐŚƌĞĐĞŝǀĞĚŽŶƌĞǀĞƌƐĞůŝƐƚŝŶŐĂĐƋƵŝƐŝƚŝŽŶ
ͲϮ
EĞƚĐĂƐŚƵƐĞĚŝŶŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
;ϭς͕ϳρκͿ;ϭϯ͕ϬϬεͿ
ĂƐŚĨůŽǁƐĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ
WƌŽĐĞĞĚƐĨƌŽŵŝƐƐƵĞŽĨƐŚĂƌĞĐĂƉŝƚĂů
Θ͕ϯκϳκ͕ϬϬϬ
WĂLJŵĞŶƚƐĨŽƌƐŚĂƌĞŝƐƐƵĞĐŽƐƚƐ
;ρϬϳͿͲ
WƌŽĐĞĞĚƐĨƌŽŵďŽƌƌŽǁŝŶŐƐ
ϭΘ͕ΘρΘϭϯ͕ερϯ
WƌŝŶĐŝƉĂůƌĞƉĂLJŵĞŶƚŽĨďŽƌƌŽǁŝŶŐƐϮρ͘ϯ
;Θ͕ϮϬϮͿ;ρ͕ςκκͿ
/ŶƚĞƌĞƐƚƉĂŝĚŽŶďŽƌƌŽǁŝŶŐƐ
;Ϯ͕ϮςκͿ;ϭ͕ρϳκͿ
KƚŚĞƌŝŶƚĞƌĞƐƚƉĂŝĚ
;ϭρͿͲ
WƌŝŶĐŝƉĂůƌĞƉĂLJŵĞŶƚŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ
;ϭ͕ϯϮϯͿ;ϳϮρͿ
/ŶƚĞƌĞƐƚƉĂŝĚŽŶůĞĂƐĞůŝĂďŝůŝƚŝĞƐϮρ͘Ϯ
;ϳεεͿ;κϭϯͿ
EĞƚĐĂƐŚĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ
ϭκ͕Ϭερε͕ρεϳ
EĞƚŝŶĐƌĞĂƐĞŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ;ϭ͕κςϮͿϭϳρ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌΘϳϯςεΘ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ
Ϯρ͘ϭ
;ρΘεͿΘϳϯ

WASTECO GROUP LTD: ANNUAL REPORT 2024 31
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ς
ϭϭ͘͘ ''ĞĞŶŶĞĞƌƌĂĂůůŝŝŶŶĨĨŽŽƌƌŵŵĂĂƚƚŝŝŽŽŶŶ
tĂƐƚĞŽ 'ƌŽƵƉ >ŝŵŝƚĞĚ (‘WasteCo’ or ‘the Company’) and its subsidiaries (together ‘the Group’)ĂƌĞ
ůŝŵŝƚĞĚůŝĂďŝůŝƚLJĐŽŵƉĂŶŝĞƐ͕ŝŶĐŽƌƉŽƌĂƚĞĚƵŶĚĞƌƚŚĞŽŵƉĂŶŝĞƐĐƚϭεεϯĂŶĚĚŽŵŝĐŝůĞĚŝŶEĞǁĞĂůĂŶĚ͘
dŚĞ'ƌŽƵƉǁĂƐĨŽƌŵĞĚďLJĂƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶŽŶρĞĐĞŵďĞƌϮϬϮϮŽĨtĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚĂŶĚ
tĂƐƚĞŽ,ŽůĚŝŶŐƐE>ŝŵŝƚĞĚ(‘WasteCo Holdings’);ƌĞĨĞƌŶŽƚĞϮκͿ͘
dŚĞ'ƌŽƵƉƉƌŽǀŝĚĞƐƐŽůƵƚŝŽŶƐŝŶƚŚĞĐŽůůĞĐƚŝŽŶŽĨǁĂƐƚĞĂŶĚƌĞĐLJĐůŝŶŐ͕ƐǁĞĞƉŝŶŐƐĞƌǀŝĐĞƐĂŶĚŝŶĚƵƐƚƌŝĂů
ĐůĞĂŶŝŶŐ ƐĞƌǀŝĐĞƐ͘tĂƐƚĞŽŝƐĂŚŽůĚŝŶŐĐŽŵƉĂŶLJĨŽƌƚŚĞ'ƌŽƵƉ͘ĞƚĂŝůƐŽĨƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐĂŶĚƚŚĞŝƌ
ƉƌŝŶĐŝƉĂůĂĐƚŝǀŝƚŝĞƐĂƌĞƐĞƚŽƵƚŝŶŶŽƚĞϮϭ͘
The address of the Company’s registered office is 421 Blenheim Road, Christchurch.
ϮϮ͘͘ DDĂĂƚƚĞĞƌƌŝŝĂĂůůĂĂĐĐĐĐŽŽƵƵŶŶƚƚŝŝŶŶŐŐƉƉŽŽůůŝŝĐĐŝŝĞĞƐƐ
dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞŵĂƚĞƌŝĂů ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĂĚŽƉƚĞĚďLJƚŚĞ'ƌŽƵƉŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶĂŶĚ
ƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞƌĞŚĂǀĞďĞĞŶŶŽĐŚĂŶŐĞƐŝŶƚŚĞŵĂƚĞƌŝĂů
ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐƐŝŶĐĞƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌĞŶĚƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ͘
Ϯ͘ϭ ^ƚĂƚĞŵĞŶƚŽĨĐŽŵƉůŝĂŶĐĞĂŶĚƌĞƉŽƌƚŝŶŐĨƌĂŵĞǁŽƌŬ
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ 'ĞŶĞƌĂůůLJĐĐĞƉƚĞĚ
Accounting Practice in New Zealand (‘NZ GAAP’). The Group is a forͲƉƌŽĨŝƚĞŶƚŝƚLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨ
ĐŽŵƉůLJŝŶŐǁŝƚŚE'W͘dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŵƉůLJǁŝƚŚEĞǁĞĂůĂŶĚƋƵŝǀĂůĞŶƚƐƚŽ
/&Z^ĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐ;ΖE/&Z^ΖͿ͕/&Z^ĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐ;Ζ/&Z^ΖͿ͕ĂŶĚŽƚŚĞƌĂƉƉůŝĐĂďůĞEĞǁ
ĞĂůĂŶĚ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐĂƐĂƉƉƌŽƉƌŝĂƚĞĨŽƌĨŽƌͲƉƌŽĨŝƚĞŶƚŝƚŝĞƐ͘dŚĞ'ƌŽƵƉŝƐĂdŝĞƌϭĨŽƌͲ
ƉƌŽĨŝƚĞŶƚŝƚLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚyZϭƉƉůŝĐĂƚŝŽŶŽĨƚŚĞĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐ&ƌĂŵĞǁŽƌŬ͘
dŚĞŽŵƉĂŶLJŝƐĂŶ&DƌĞƉŽƌƚŝŶŐĞŶƚŝƚLJƵŶĚĞƌƚŚĞ&ŝŶĂŶĐŝĂůDĂƌŬĞƚƐŽŶĚƵĐƚĐƚϮϬϭϯ͘dŚĞŽŵƉĂŶLJŝƐ
ůŝƐƚĞĚŽŶƚŚĞEyDĂŝŶŽĂƌĚ;ΗEyΗͿ͘dŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶ
ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ&ŝŶĂŶĐŝĂůDĂƌŬĞƚƐŽŶĚƵĐƚĐƚϮϬϭϯĂŶĚƚŚĞEyDĂŝŶŽĂƌĚ
>ŝƐƚŝŶŐZƵůĞƐ͘
Ϯ͘Ϯ ĂƐŝƐŽĨƉƌĞƉĂƌĂƚŝŽŶ
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶĂŚŝƐƚŽƌŝĐĂůĐŽƐƚďĂƐŝƐĂƉĂƌƚĨƌŽŵƚŚŽƐĞ
ŝƚĞŵƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂƐĚĞƐĐƌŝďĞĚďĞůŽǁ͘,ŝƐƚŽƌŝĐĂůĐŽƐƚŝƐŐĞŶĞƌĂůůLJďĂƐĞĚŽŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞ
ĐŽŶƐŝĚĞƌĂƚŝŽŶŐŝǀĞŶŝŶĞdžĐŚĂŶŐĞĨŽƌŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ͘
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶEĞǁĞĂůĂŶĚĚŽůůĂƌƐǁŚŝĐŚŝƐƚŚĞ'ƌŽƵƉ’s
ĨƵŶĐƚŝŽŶĂůĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶĐƵƌƌĞŶĐLJ͕ƌŽƵŶĚĞĚƚŽƚŚĞŶĞĂƌĞƐƚƚŚŽƵƐĂŶĚĚŽůůĂƌƐƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ͘
ŽŵƉĂƌĂƚŝǀĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂƐďĞĞŶĂĚũƵƐƚĞĚŝŶŽƌĚĞƌƚŽďĞ
ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚ͘dŚĞƐĞĂĚũƵƐƚŵĞŶƚƐĂƌĞůŝŵŝƚĞĚƚŽĐůĂƐƐŝĨŝĐĂƚŝŽŶ
ĂŶĚĚŝƐĐůŽƐƵƌĞĂŶĚŚĂĚŶŽƐŝŐŶŝĨŝĐĂŶƚŶĞƚŝŵƉĂĐƚŽŶƚŽƚĂůĂƐƐĞƚƐ͕ƚŽƚĂůĞƋƵŝƚLJ͕ƉƌŽĨŝƚŽƌĐĂƐŚĨůŽǁ
ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͘

32
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

Θ
'ŽŽĚǁŝůůŝƐŵĞĂƐƵƌĞĚĂƐƚŚĞĞdžĐĞƐƐŽĨƚŚĞƐƵŵŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƚƌĂŶƐĨĞƌƌĞĚŽǀĞƌƚŚĞŶĞƚŽĨƚŚĞ
ĂĐƋƵŝƐŝƚŝŽŶ‑ĚĂƚĞĂŵŽƵŶƚƐŽĨƚŚĞŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚ͕ĂŶĚƚŚĞůŝĂďŝůŝƚŝĞƐĂƐƐƵŵĞĚ͘/Ĩ͕ĂĨƚĞƌ
ƌĞĂƐƐĞƐƐŵĞŶƚ͕ƚŚĞŶĞƚŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶ‑ĚĂƚĞĂŵŽƵŶƚƐŽĨƚŚĞŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂŶĚůŝĂďŝůŝƚŝĞƐ
ĂƐƐƵŵĞĚĞdžĐĞĞĚƐƚŚĞƐƵŵŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƚƌĂŶƐĨĞƌƌĞĚ͕ƚŚĞĞdžĐĞƐƐŝƐƌĞĐŽŐŶŝƐĞĚŝŵŵĞĚŝĂƚĞůLJŝŶ
ƉƌŽĨŝƚŽƌůŽƐƐĂƐĂďĂƌŐĂŝŶƉƵƌĐŚĂƐĞŐĂŝŶ͘
/ĨƚŚĞŝŶŝƚŝĂůĂĐĐŽƵŶƚŝŶŐĨŽƌĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶŝƐŝŶĐŽŵƉůĞƚĞďLJƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚŝŶ
ǁŚŝĐŚƚŚĞĐŽŵďŝŶĂƚŝŽŶŽĐĐƵƌƐ͕ƚŚĞ'ƌŽƵƉƌĞƉŽƌƚƐƉƌŽǀŝƐŝŽŶĂůĂŵŽƵŶƚƐĨŽƌƚŚĞŝƚĞŵƐĨŽƌǁŚŝĐŚƚŚĞ
ĂĐĐŽƵŶƚŝŶŐŝƐŝŶĐŽŵƉůĞƚĞ͘dŚŽƐĞƉƌŽǀŝƐŝŽŶĂůĂŵŽƵŶƚƐĂƌĞĂĚũƵƐƚĞĚĚƵƌŝŶŐƚŚĞŵĞĂƐƵƌĞŵĞŶƚƉĞƌŝŽĚŽƌ
ĂĚĚŝƚŝŽŶĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚ͕ƚŽƌĞĨůĞĐƚŶĞǁŝŶĨŽƌŵĂƚŝŽŶŽďƚĂŝŶĞĚĂďŽƵƚĨĂĐƚƐĂŶĚ
ĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚĞdžŝƐƚĞĚĂƐŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞƚŚĂƚ͕ŝĨŬŶŽǁŶ͕ǁŽƵůĚŚĂǀĞĂĨĨĞĐƚĞĚƚŚĞĂŵŽƵŶƚƐ
ƌĞĐŽŐŶŝƐĞĚĂƐŽĨƚŚĂƚĚĂƚĞ͘DĞĂƐƵƌĞŵĞŶƚƉĞƌŝŽĚĂĚũƵƐƚŵĞŶƚƐĂƌĞĂĚũƵƐƚŵĞŶƚƐƚŚĂƚĂƌŝƐĞĨƌŽŵĂĚĚŝƚŝŽŶĂů
information obtained during the ‘measurement period’ (which cannot exceed one year from the
ĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞͿĂďŽƵƚĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚĞdžŝƐƚĞĚĂƚƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͘
Ϯ͘ρ ^ĞŐŵĞŶƚƌĞƉŽƌƚŝŶŐ
KƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐĂƌĞƌĞƉŽƌƚĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƚŝŶŐƉƌŽǀŝĚĞĚƚŽƚŚĞ
ĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶŵĂŬĞƌ͘dŚĞĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶŵĂŬĞƌ͕ǁŚŽŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůŽĐĂƚŝŶŐ
ƌĞƐŽƵƌĐĞƐĂŶĚĂƐƐĞƐƐŝŶŐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ͕ŚĂƐďĞĞŶŝĚĞŶƚŝĨŝĞĚĂƐƚŚĞŽĂƌĚŽĨ
ŝƌĞĐƚŽƌƐ͘
Ϯ͘ς ZĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶ
dŚĞ'ƌŽƵƉĚĞƌŝǀĞƐƌĞǀĞŶƵĞĨƌŽŵƚŚĞĨŽůůŽǁŝŶŐŵĂũŽƌƐŽƵƌĐĞƐ͗
• tĂƐƚĞĐŽůůĞĐƚŝŽŶĂŶĚƌĞĐLJĐůŝŶŐƐĞƌǀŝĐĞƐ͖
• ^ǁĞĞƉŝŶŐƐĞƌǀŝĐĞƐ͖ĂŶĚ
• /ŶĚƵƐƚƌŝĂůĐůĞĂŶŝŶŐƐĞƌǀŝĐĞƐ͘
ZĞǀĞŶƵĞŝƐŵĞĂƐƵƌĞĚďĂƐĞĚŽŶƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƚŽǁŚŝĐŚƚŚĞ'ƌŽƵƉĞdžƉĞĐƚƐƚŽďĞĞŶƚŝƚůĞĚŝŶĂĐŽŶƚƌĂĐƚ
ǁŝƚŚĂĐƵƐƚŽŵĞƌĂŶĚĞdžĐůƵĚĞƐĂŵŽƵŶƚƐĐŽůůĞĐƚĞĚŽŶďĞŚĂůĨŽĨƚŚŝƌĚƉĂƌƚŝĞƐ͕ƐƵĐŚĂƐŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƚĂdž
ĂŶĚĐƵƐƚŽŵƐĚƵƚŝĞƐ͘
tĂƐƚĞĐŽůůĞĐƚŝŽŶĂŶĚƌĞĐLJĐůŝŶŐƐĞƌǀŝĐĞƐ
dŚĞ'ƌŽƵƉƉƌŽǀŝĚĞƐǁĂƐƚĞĐŽůůĞĐƚŝŽŶĂŶĚ ƌĞĐLJĐůŝŶŐƐĞƌǀŝĐĞƐǀŝĂĨƌŽŶƚůŽĂĚďŝŶƐ͕ŚŽŽŬďŝŶƐ͕ƐŬŝƉďŝŶƐĂŶĚ
ǁŚĞĞůŝĞďŝŶƐĨƌŽŵďŽƚŚĐŽŵŵĞƌĐŝĂůĂŶĚƉƌŝǀĂƚĞĐƵƐƚŽŵĞƌƐ͘ZĞĐLJĐůŝŶŐƐĞƌǀŝĐĞƐŝŶĐůƵĚĞĂĚĞĚŝĐĂƚĞĚƐŽƌƚŝŶŐ
ĨĂĐŝůŝƚLJǁŝƚŚĂĨŽĐƵƐŽŶĚŝǀĞƌƐŝŽŶĨƌŽŵůĂŶĚĨŝůů͘
ZĞǀĞŶƵĞĨƌŽŵĐŽůůĞĐƚŝŽŶĂŶĚĚŝƐƉŽƐĂůŽĨǁĂƐƚĞŝƐƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽďůŝŐĂƚŝŽŶƚŽƚŚĞ
ĐƵƐƚŽŵĞƌŚĂƐďĞĞŶĨƵůĨŝůůĞĚ͕ǁŚŝĐŚŝƐŐĞŶĞƌĂůůLJǁŚĞŶƚŚĞǁĂƐƚĞŚĂƐďĞĞŶĐŽůůĞĐƚĞĚĨƌŽŵƚŚĞĐƵƐƚŽŵĞƌ͘
ŽƐƚƐƚŽĚŝƐƉŽƐĞŽĨƚŚĞǁĂƐƚĞĂƌĞŐĞŶĞƌĂůůLJŝŶĐƵƌƌĞĚĂƚ͕ŽƌĐůŽƐĞƚŽ͕ƚŚĞƚŝŵĞŽĨĐŽůůĞĐƚŝŽŶ͘
ZĞǀĞŶƵĞĨƌŽŵƚŚĞƐĂůĞŽĨƌĞĐLJĐůĞĚŵĂƚĞƌŝĂůƐŝƐƌĞĐŽŐŶŝƐĞĚǁŚĞŶĐŽŶƚƌŽůŽĨƚŚĞŐŽŽĚƐŚĂƐƚƌĂŶƐĨĞƌƌĞĚ͕
being when the goods have been shipped to the customer’s specific location or when the customer
ĐŽůůĞĐƚƐƚŚĞŐŽŽĚƐ͘
^ǁĞĞƉŝŶŐƐĞƌǀŝĐĞƐ
dŚĞ'ƌŽƵƉƉƌŽǀŝĚĞƐƐǁĞĞƉŝŶŐƐĞƌǀŝĐĞƐĨŽƌŽƵŶĐŝůƐĂŶĚĐŽŵŵĞƌĐŝĂůĐƵƐƚŽŵĞƌƐ͘ŽŶƚƌĂĐƚƐĨŽƌƚŚĞ
ƉƌŽǀŝƐŝŽŶŽĨƐǁĞĞƉŝŶŐƐĞƌǀŝĐĞƐƚŽŽƵŶĐŝůƐĂƌĞƵƐƵĂůůLJĨŽƌŽŶŐŽŝŶŐƐǁĞĞƉŝŶŐŽǀĞƌŵƵůƚŝͲLJĞĂƌƉĞƌŝŽĚƐ͘
ZĞǀĞŶƵĞĨƌŽŵƐǁĞĞƉŝŶŐƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚƚŽŽƵŶĐŝůƐĂƌĞƌĞĐŽŐŶŝƐĞĚŽǀĞƌƚŝŵĞĂƐƚŚĞƐĞƌǀŝĐĞƐĂƌĞ
ƉĞƌĨŽƌŵĞĚ͘ZĞǀĞŶƵĞĨƌŽŵƐǁĞĞƉŝŶŐƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚƚŽĐŽŵŵĞƌĐŝĂůĐƵƐƚŽŵĞƌƐŝƐƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞ
ƉĞƌĨŽƌŵĂŶĐĞŽďůŝŐĂƚŝŽŶƚŽƚŚĞĐƵƐƚŽŵĞƌŚĂƐďĞĞŶĨƵůĨŝůůĞĚ͕ǁŚŝĐŚŝƐŐĞŶĞƌĂůůLJǁŚĞŶƚŚĞƐǁĞĞƉŝŶŐƐĞƌǀŝĐĞ
ŚĂƐďĞĞŶƉƌŽǀŝĚĞĚ͘
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϳ
Ϯ͘ϯ 'ŽŝŶŐĐŽŶĐĞƌŶ
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶĂŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐ͕ǁŚŝĐŚĂƐƐƵŵĞƐƚŚĂƚ
ƚŚĞ'ƌŽƵƉŚĂƐƚŚĞŝŶƚĞŶƚŝŽŶĂŶĚĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞŝƚƐŽƉĞƌĂƚŝŽŶƐĨŽƌƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘
dŚĞ'ƌŽƵƉŝŶĐƵƌƌĞĚĂŶĂĨƚĞƌͲƚĂdžůŽƐƐŽĨΨκ͘ϭ ŵŝůůŝŽŶŝŶƚŚĞLJĞĂƌƚŽϯϭDĂƌĐŚ ϮϬϮ κ;ϮϬϮϯ ͗Ψϭ͘ε ŵŝůůŝŽŶ
loss). The Group’s net cashĨůŽǁƐ ĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐǁĂƐΨϭ͘Ϯ ŵŝůůŝŽŶ; ϮϬϮϯ͗ Ψϯ͘ςŵŝůůŝŽŶͿ͘
ƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞƚŚĞ'ƌŽƵƉŚĂĚĐĂƐŚŽĨΨϭ͘ΘŵŝůůŝŽŶ;ϮϬϮϯ͗ΨϬ͘εŵŝůůŝŽŶͿ͕ ŶĞŐĂƚŝǀĞ ǁŽƌŬŝŶŐĐĂƉŝƚĂůŽĨ
ΨΘ͘Ϭ ŵŝůůŝŽŶ;ϮϬϮϯ͗Ψρ͘ρŵŝůůŝŽŶ ŶĞŐĂƚŝǀĞ ͿĂŶĚŶĞƚĂƐƐĞƚƐŽĨΨϭς͘κ ŵŝůůŝŽŶ;ϮϬϮϯ͗Ψε͘εŵŝůůŝŽŶͿ͘
ƐĂƚϯϭDĂƌĐŚϮϬϮκ͕ƚŚĞ'ƌŽƵƉŚĂĚďŽƌƌŽǁŝŶŐƐ ŽĨΨ ϯϯ͘Θ ŵŝůůŝŽŶ;ϮϬϮϯ͗Ψ Ϯϭ͘ϮŵŝůůŝŽŶͿ ŽĨǁŚŝĐŚΨϭϬ͘ς
ŵŝůůŝŽŶǁ ĞƌĞ ĐƵƌƌĞŶƚ ;ϮϬϮϯ͗ Ψρ͘ϳ ŵŝůůŝŽŶͿ ĂŶĚ ΨϮϯ͘Ϯ ŵŝůůŝŽŶ ǁĞƌĞ ŶŽŶ ͲĐƵƌƌĞŶƚ ;ϮϬϮϯ͗Ψϭρ͘ρŵŝůůŝŽŶͿ͘
ŽƌƌŽǁŝŶŐƐǁĞƌĞĂůůŽĐĂƚĞĚďĞƚǁĞĞŶĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐďĂƐĞĚƵƉŽŶƚŚĞƚĞƌŵƐŽĨƚŚĞ
ĨƵŶĚŝŶŐĂƌƌĂŶŐĞŵĞŶƚƐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘
KŶς DĂLJϮϬϮκtĂƐƚĞŽE>ŝŵŝƚĞĚĞŶƚĞƌĞĚŝŶƚŽĂŶĞǁĨƵŶĚŝŶŐĂƌƌĂŶŐĞŵĞŶƚǁŝƚŚ<ŝǁŝďĂŶŬ>ŝŵŝƚĞĚ
;ŶŽƚĞϮεͿ͘ dŚĞĨƵŶĚŝŶŐĂƌƌĂŶŐĞŵĞŶƚǁŝƚŚ<ŝǁŝďĂŶŬ>ŝŵŝƚĞĚ ĐŽŵƉƌŝƐĞƐĂŵŝdžŽĨƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚ͕ĂŶĚ
ĂŶŝŶƚĞƌĞƐƚͲŽŶůLJĨĂĐŝůŝƚLJŽĨΨϭρ͘κρŵŝůůŝŽŶƐƚƌƵĐƚƵƌĞĚƚŽƉƌŽǀŝĚĞĐĂƐŚĨůŽǁďĞŶĞĨŝƚƐƚŽtĂƐƚĞŽ͘dŚĞ
ĐƵƌƌĞŶƚĚĞďƚŵĂƚƵƌŝƚLJŚĂƐďĞĞŶĞdžƚĞŶĚĞĚŝŶƚŽĨƵƚƵƌĞLJĞĂƌƐĂƐĂƌĞƐƵůƚŽĨƚŚĞĚĞďƚƌĞƐƚƌƵĐƚƵƌĞ͘
dŚĞ'ƌŽƵƉĨŽƌĞĐĂƐƚƐŝƚǁŝůůďĞĐŽŵƉůĂŝŶƚǁŝƚŚĂůůďĂŶŬĐŽǀĞŶĂŶƚƐĚƵƌŝŶŐƚŚĞϮϬϮρĨŝŶĂŶĐŝĂůLJĞĂƌ͘
dŚĞŝƌĞĐƚŽƌƐŚĂǀĞ͕ĂƚƚŚĞƚŝŵĞŽĨĂƉƉƌŽǀŝŶŐƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ĂƌĞĂƐŽŶĂďůĞ
ĞdžƉĞĐƚĂƚŝŽŶƚŚĂƚƚŚĞ'ƌŽƵƉŚĂƐ ĂĚĞƋƵĂƚĞƌĞƐŽƵƌĐĞƐƚŽĐŽŶƚŝŶƵĞŝŶŽƉĞƌĂƚŝŽŶĂůĞdžŝƐƚĞŶĐĞĨŽƌƚŚĞ
ĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘dŚĞLJŚĂǀĞƚŚĞƌĞĨŽƌĞĐŽŶƚŝŶƵĞĚƚŽĂĚŽƉƚƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐŝŶ
ƉƌĞƉĂƌŝŶŐƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
Ϯ͘κ WƌŝŶĐŝƉůĞƐŽĨĐŽŶƐŽůŝĚĂƚŝŽŶ
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĐŽƌƉŽƌĂƚĞƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚĞŶƚŝƚŝĞƐ
ĐŽŶƚƌŽůůĞĚďLJƚŚĞŽŵƉĂŶLJ͘ŽŶƚƌŽůŝƐĂĐŚŝĞǀĞĚǁŚĞŶƚŚĞŽŵƉĂŶLJ͗
• ŚĂƐƉŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞ͖
• ŝƐĞdžƉŽƐĞĚ͕ŽƌŚĂƐƌŝŐŚƚƐ͕ƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚƚŚĞŝŶǀĞƐƚĞĞ͖ĂŶĚ
• ŚĂƐƚŚĞĂďŝůŝƚLJƚŽƵƐĞŝƚƐƉŽǁĞƌƚŽĂĨĨĞĐƚŝƚƐƌĞƚƵƌŶƐ͘
dŚĞŽŵƉĂŶLJƌĞĂƐƐĞƐƐĞƐǁŚĞƚŚĞƌŽƌŶŽƚŝƚĐŽŶƚƌŽůƐĂŶŝŶǀĞƐƚĞĞŝĨĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚ
ƚŚĞƌĞĂƌĞĐŚĂŶŐĞƐƚŽŽŶĞŽƌŵŽƌĞŽĨƚŚĞƚŚƌĞĞĞůĞŵĞŶƚƐŽĨĐŽŶƚƌŽůůŝƐƚĞĚĂďŽǀĞ͘
tŚĞƌĞŶĞĐĞƐƐĂƌLJ͕ĂĚũƵƐƚŵĞŶƚƐĂƌĞŵĂĚĞƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƐƵďƐŝĚŝĂƌŝĞƐƚŽďƌŝŶŐƚŚĞŝƌ
ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐŝŶůŝŶĞǁŝƚŚƚŚĞ'ƌŽƵƉΖƐĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ͘
ůůŝŶƚƌĂŐƌŽƵƉĂƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐ͕ĞƋƵŝƚLJ͕ŝŶĐŽŵĞ͕ĞdžƉĞŶƐĞƐ͕ĂŶĚĐĂƐŚĨůŽǁƐƌĞůĂƚŝŶŐƚŽƚƌĂŶƐĂĐƚŝŽŶƐ
ďĞƚǁĞĞŶŵĞŵďĞƌƐŽĨƚŚĞ'ƌŽƵƉĂƌĞĞůŝŵŝŶĂƚĞĚŝŶĨƵůůŽŶĐŽŶƐŽůŝĚĂƚŝŽŶ͘
ƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
ĐƋƵŝƐŝƚŝŽŶƐŽĨďƵƐŝŶĞƐƐĞƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŵĞƚŚŽĚ͘dŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƚƌĂŶƐĨĞƌƌĞĚ
ŝŶĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶŝƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͕ǁŚŝĐŚŝƐĐĂůĐƵůĂƚĞĚĂƐƚŚĞƐƵŵŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶͲ
ĚĂƚĞĨĂŝƌǀĂůƵĞƐŽĨƚŚĞĂƐƐĞƚƐƚƌĂŶƐĨĞƌƌĞĚďLJƚŚĞ'ƌŽƵƉ͕ůŝĂďŝůŝƚŝĞƐŝŶĐƵƌƌĞĚďLJƚŚĞ'ƌŽƵƉƚŽƚŚĞĨŽƌŵĞƌ
ŽǁŶĞƌƐŽĨƚŚĞĂĐƋƵŝƌĞĞĂŶĚƚŚĞĞƋƵŝƚLJŝŶƚĞƌĞƐƚƐŝƐƐƵĞĚďLJƚŚĞ'ƌŽƵƉŝŶĞdžĐŚĂŶŐĞĨŽƌĐŽŶƚƌŽůŽĨƚŚĞ
ĂĐƋƵŝƌĞĞ͘ĐƋƵŝƐŝƚŝŽŶƌĞůĂƚĞĚĐŽƐƚƐĂƌĞŐĞŶĞƌĂůůLJƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐĂƐŝŶĐƵƌƌĞĚ͘
ƚƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͕ƚŚĞŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚ͕ ĂŶĚƚŚĞůŝĂďŝůŝƚŝĞƐĂƐƐƵŵĞĚĂƌĞƌĞĐŽŐŶŝƐĞĚĂƚ
ƚŚĞŝƌĨĂŝƌǀĂůƵĞĂƚƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͕ĞdžĐĞƉƚƚŚĂƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐ͕ĂŶĚůŝĂďŝůŝƚŝĞƐƌĞůĂƚĞĚ
ƚŽĞŵƉůŽLJĞĞďĞŶĞĨŝƚĂƌƌĂŶŐĞŵĞŶƚƐ͕ĂƌĞƌĞĐŽŐŶŝƐĞĚĂŶĚŵĞĂƐƵƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE/^ϭϮ/ŶĐŽŵĞ
dĂdžĞƐĂŶĚE/^ϭεŵƉůŽLJĞĞĞŶĞĨŝƚƐƌĞƐƉĞĐƚŝǀĞůLJ͘

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tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

Θ
'ŽŽĚǁŝůůŝƐŵĞĂƐƵƌĞĚĂƐƚŚĞĞdžĐĞƐƐŽĨƚŚĞƐƵŵŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƚƌĂŶƐĨĞƌƌĞĚŽǀĞƌƚŚĞŶĞƚŽĨƚŚĞ
ĂĐƋƵŝƐŝƚŝŽŶ‑ĚĂƚĞĂŵŽƵŶƚƐŽĨƚŚĞŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚ͕ ĂŶĚƚŚĞůŝĂďŝůŝƚŝĞƐĂƐƐƵŵĞĚ͘/Ĩ͕ĂĨƚĞƌ
ƌĞĂƐƐĞƐƐŵĞŶƚ͕ƚŚĞŶĞƚŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶ‑ĚĂƚĞĂŵŽƵŶƚƐŽĨƚŚĞŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂŶĚůŝĂďŝůŝƚŝĞƐ
ĂƐƐƵŵĞĚĞdžĐĞĞĚƐƚŚĞƐƵŵŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƚƌĂŶƐĨĞƌƌĞĚ͕ƚŚĞĞdžĐĞƐƐŝƐƌĞĐŽŐŶŝƐĞĚŝŵŵĞĚŝĂƚĞůLJŝŶ
ƉƌŽĨŝƚŽƌůŽƐƐĂƐĂďĂƌŐĂŝŶƉƵƌĐŚĂƐĞŐĂŝŶ͘
/ĨƚŚĞŝŶŝƚŝĂůĂĐĐŽƵŶƚŝŶŐĨŽƌĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶŝƐŝŶĐŽŵƉůĞƚĞďLJƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚŝŶ
ǁŚŝĐŚƚŚĞĐŽŵďŝŶĂƚŝŽŶŽĐĐƵƌƐ͕ƚŚĞ'ƌŽƵƉƌĞƉŽƌƚƐƉƌŽǀŝƐŝŽŶĂůĂŵŽƵŶƚƐĨŽƌƚŚĞŝƚĞŵƐĨŽƌǁŚŝĐŚƚŚĞ
ĂĐĐŽƵŶƚŝŶŐŝƐŝŶĐŽŵƉůĞƚĞ͘dŚŽƐĞƉƌŽǀŝƐŝŽŶĂůĂŵŽƵŶƚƐĂƌĞĂĚũƵƐƚĞĚĚƵƌŝŶŐƚŚĞŵĞĂƐƵƌĞŵĞŶƚƉĞƌŝŽĚŽƌ
ĂĚĚŝƚŝŽŶĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚ͕ƚŽƌĞĨůĞĐƚŶĞǁŝŶĨŽƌŵĂƚŝŽŶŽďƚĂŝŶĞĚĂďŽƵƚĨĂĐƚƐĂŶĚ
ĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚĞdžŝƐƚĞĚĂƐŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞƚŚĂƚ͕ŝĨŬŶŽǁŶ͕ǁŽƵůĚŚĂǀĞĂĨĨĞĐƚĞĚƚŚĞĂŵŽƵŶƚƐ
ƌĞĐŽŐŶŝƐĞĚĂƐŽĨƚŚĂƚĚĂƚĞ͘DĞĂƐƵƌĞŵĞŶƚƉĞƌŝŽĚĂĚũƵƐƚŵĞŶƚƐĂƌĞĂĚũƵƐƚŵĞŶƚƐƚŚĂƚĂƌŝƐĞĨƌŽŵĂĚĚŝƚŝŽŶĂů
information obtained during the ‘measurement period’ (which cannot exceed one year from the
ĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞͿĂďŽƵƚĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚĞdžŝƐƚĞĚĂƚƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͘
Ϯ͘ρ ^ĞŐŵĞŶƚƌĞƉŽƌƚŝŶŐ
KƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐĂƌĞƌĞƉŽƌƚĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƚŝŶŐƉƌŽǀŝĚĞĚƚŽƚŚĞ
ĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶŵĂŬĞƌ͘dŚĞĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶŵĂŬĞƌ͕ǁŚŽŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůŽĐĂƚŝŶŐ
ƌĞƐŽƵƌĐĞƐĂŶĚĂƐƐĞƐƐŝŶŐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ͕ŚĂƐďĞĞŶŝĚĞŶƚŝĨŝĞĚĂƐƚŚĞŽĂƌĚŽĨ
ŝƌĞĐƚŽƌƐ͘
Ϯ͘ς ZĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶ
dŚĞ'ƌŽƵƉĚĞƌŝǀĞƐ ƌĞǀĞŶƵĞĨƌŽŵƚŚĞĨŽůůŽǁŝŶŐŵĂũŽƌƐŽƵƌĐĞƐ͗
• tĂƐƚĞĐŽůůĞĐƚŝŽŶĂŶĚ ƌĞĐLJĐůŝŶŐƐĞƌǀŝĐĞƐ͖
• ^ǁĞĞƉŝŶŐ ƐĞƌǀŝĐĞƐ ͖ĂŶĚ
• /ŶĚƵƐƚƌŝĂůĐůĞĂŶŝŶŐƐĞƌǀŝĐĞƐ͘
ZĞǀĞŶƵĞŝƐŵĞĂƐƵƌĞĚďĂƐĞĚŽŶƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƚŽǁŚŝĐŚƚŚĞ'ƌŽƵƉĞdžƉĞĐƚƐƚŽďĞĞŶƚŝƚůĞĚŝŶĂĐŽŶƚƌĂĐƚ
ǁŝƚŚĂĐƵƐƚŽŵĞƌĂŶĚĞdžĐůƵĚĞƐĂŵŽƵŶƚƐĐŽůůĞĐƚĞĚŽŶďĞŚĂůĨŽĨƚŚŝƌĚƉĂƌƚŝĞƐ͕ƐƵĐŚĂƐŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƚĂdž
ĂŶĚĐƵƐƚŽŵƐĚƵƚŝĞƐ͘
tĂƐƚĞĐŽůůĞĐƚŝŽŶĂŶĚ ƌĞĐLJĐůŝŶŐƐĞƌǀŝĐĞƐ
dŚĞ'ƌŽƵƉƉƌŽǀŝĚĞƐǁĂƐƚĞĐŽůůĞĐƚŝŽŶĂŶĚ ƌĞĐLJĐůŝŶŐƐĞƌǀŝĐĞƐǀŝĂĨƌŽŶƚůŽĂĚďŝŶƐ͕ŚŽŽŬďŝŶƐ͕ƐŬŝƉďŝŶƐĂŶĚ
ǁŚĞĞůŝĞďŝŶƐĨƌŽŵďŽƚŚĐŽŵŵĞƌĐŝĂůĂŶĚƉƌŝǀĂƚĞĐƵƐƚŽŵĞƌƐ͘ZĞĐLJĐůŝŶŐƐĞƌǀŝĐĞƐŝŶĐůƵĚĞĂĚĞĚŝĐĂƚĞĚƐŽƌƚŝŶŐ
ĨĂĐŝůŝƚLJǁŝƚŚĂĨŽĐƵƐŽŶĚŝǀĞƌƐŝŽŶĨƌŽŵůĂŶĚĨŝůů͘
ZĞǀĞŶƵĞĨƌŽŵĐŽůůĞĐƚŝŽŶĂŶĚĚŝƐƉŽƐĂůŽĨǁĂƐƚĞŝƐƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽďůŝŐĂƚŝŽŶƚŽƚŚĞ
ĐƵƐƚŽŵĞƌŚĂƐďĞĞŶĨƵůĨŝůůĞĚ͕ǁŚŝĐŚŝƐŐĞŶĞƌĂůůLJǁŚĞŶƚŚĞǁĂƐƚĞŚĂƐďĞĞŶĐŽůůĞĐƚĞĚĨƌŽŵƚŚĞĐƵƐƚŽŵĞƌ͘
ŽƐƚƐƚŽĚŝƐƉŽƐĞŽĨƚŚĞǁĂƐƚĞĂƌĞŐĞŶĞƌĂůůLJŝŶĐƵƌƌĞĚĂƚ͕ŽƌĐůŽƐĞƚŽ͕ƚŚĞƚŝŵĞŽĨĐŽůůĞĐƚŝŽŶ͘
ZĞǀĞŶƵĞĨƌŽŵƚŚĞƐĂůĞŽĨƌĞĐLJĐůĞĚŵĂƚĞƌŝĂůƐŝƐƌĞĐŽŐŶŝƐĞĚǁŚĞŶĐŽŶƚƌŽůŽĨƚŚĞŐŽŽĚƐŚĂƐƚƌĂŶƐĨĞƌƌĞĚ͕
being when the goods have been shipped to the customer’s specific location or when the customer
ĐŽůůĞĐƚƐƚŚĞŐŽŽĚƐ͘
^ǁĞĞƉŝŶŐƐĞƌǀŝĐĞƐ
dŚĞ'ƌŽƵƉƉƌŽǀŝĚĞƐƐǁĞĞƉŝŶŐƐĞƌǀŝĐĞƐĨŽƌŽƵŶĐŝůƐĂŶĚĐŽŵŵĞƌĐŝĂůĐƵƐƚŽŵĞƌƐ͘ŽŶƚƌĂĐƚƐĨŽƌƚŚĞ
ƉƌŽǀŝƐŝŽŶŽĨƐǁĞĞƉŝŶŐƐĞƌǀŝĐĞƐƚŽŽƵŶĐŝůƐĂƌĞƵƐƵĂůůLJĨŽƌŽŶŐŽŝŶŐƐǁĞĞƉŝŶŐŽǀĞƌŵƵůƚŝ ͲLJĞĂƌƉĞƌŝŽĚƐ͘
ZĞǀĞŶƵĞĨƌŽŵƐǁĞĞƉŝŶŐƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚƚŽŽƵŶĐŝůƐĂƌĞƌĞĐŽŐŶŝƐĞĚŽǀĞƌƚŝŵĞĂƐƚŚĞƐĞƌǀŝĐĞƐĂƌĞ
ƉĞƌĨŽƌŵĞĚ͘ZĞǀĞŶƵĞĨƌŽŵƐǁĞĞƉŝŶŐƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚƚŽĐŽŵŵĞƌĐŝĂůĐƵƐƚŽŵĞƌƐŝƐƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞ
ƉĞƌĨŽƌŵĂŶĐĞŽďůŝŐĂƚŝŽŶƚŽƚŚĞĐƵƐƚŽŵĞƌŚĂƐďĞĞŶĨƵůĨŝůůĞĚ͕ǁŚŝĐŚŝƐŐĞŶĞƌĂůůLJǁŚĞŶƚŚĞƐǁĞĞƉŝŶŐƐĞƌǀŝĐĞ
ŚĂƐďĞĞŶƉƌŽǀŝĚĞĚ͘
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϳ
Ϯ͘ϯ 'ŽŝŶŐĐŽŶĐĞƌŶ
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶĂŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐ͕ǁŚŝĐŚĂƐƐƵŵĞƐƚŚĂƚ
ƚŚĞ'ƌŽƵƉŚĂƐƚŚĞŝŶƚĞŶƚŝŽŶĂŶĚĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞŝƚƐŽƉĞƌĂƚŝŽŶƐĨŽƌƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘
dŚĞ'ƌŽƵƉŝŶĐƵƌƌĞĚĂŶĂĨƚĞƌͲƚĂdžůŽƐƐŽĨΨκ͘ϭŵŝůůŝŽŶŝŶƚŚĞLJĞĂƌƚŽϯϭDĂƌĐŚϮϬϮκ;ϮϬϮϯ͗Ψϭ͘εŵŝůůŝŽŶ
loss). The Group’s net cashĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐǁĂƐΨϭ͘ϮŵŝůůŝŽŶ;ϮϬϮϯ͗Ψϯ͘ςŵŝůůŝŽŶͿ͘
ƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞƚŚĞ'ƌŽƵƉŚĂĚĐĂƐŚŽĨΨϭ͘ΘŵŝůůŝŽŶ;ϮϬϮϯ͗ΨϬ͘εŵŝůůŝŽŶͿ͕ŶĞŐĂƚŝǀĞǁŽƌŬŝŶŐĐĂƉŝƚĂůŽĨ
ΨΘ͘ϬŵŝůůŝŽŶ;ϮϬϮϯ͗Ψρ͘ρŵŝůůŝŽŶŶĞŐĂƚŝǀĞͿĂŶĚŶĞƚĂƐƐĞƚƐŽĨΨϭς͘κŵŝůůŝŽŶ;ϮϬϮϯ͗Ψε͘εŵŝůůŝŽŶͿ͘
ƐĂƚϯϭDĂƌĐŚϮϬϮκ͕ƚŚĞ'ƌŽƵƉŚĂĚďŽƌƌŽǁŝŶŐƐŽĨΨϯϯ͘ΘŵŝůůŝŽŶ;ϮϬϮϯ͗ΨϮϭ͘ϮŵŝůůŝŽŶͿŽĨǁŚŝĐŚΨϭϬ͘ς
ŵŝůůŝŽŶǁĞƌĞĐƵƌƌĞŶƚ;ϮϬϮϯ͗Ψρ͘ϳŵŝůůŝŽŶͿĂŶĚΨϮϯ͘ϮŵŝůůŝŽŶǁĞƌĞŶŽŶͲĐƵƌƌĞŶƚ;ϮϬϮϯ͗Ψϭρ͘ρŵŝůůŝŽŶͿ͘
ŽƌƌŽǁŝŶŐƐǁĞƌĞĂůůŽĐĂƚĞĚďĞƚǁĞĞŶĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐďĂƐĞĚƵƉŽŶƚŚĞƚĞƌŵƐŽĨƚŚĞ
ĨƵŶĚŝŶŐĂƌƌĂŶŐĞŵĞŶƚƐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘
KŶςDĂLJϮϬϮκtĂƐƚĞŽE>ŝŵŝƚĞĚĞŶƚĞƌĞĚŝŶƚŽĂŶĞǁĨƵŶĚŝŶŐĂƌƌĂŶŐĞŵĞŶƚǁŝƚŚ<ŝǁŝďĂŶŬ>ŝŵŝƚĞĚ
;ŶŽƚĞϮεͿ͘dŚĞĨƵŶĚŝŶŐĂƌƌĂŶŐĞŵĞŶƚǁŝƚŚ<ŝǁŝďĂŶŬ>ŝŵŝƚĞĚĐŽŵƉƌŝƐĞƐĂŵŝdžŽĨƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚ͕ĂŶĚ
ĂŶŝŶƚĞƌĞƐƚͲŽŶůLJĨĂĐŝůŝƚLJŽĨΨϭρ͘κρŵŝůůŝŽŶƐƚƌƵĐƚƵƌĞĚƚŽƉƌŽǀŝĚĞĐĂƐŚĨůŽǁďĞŶĞĨŝƚƐƚŽtĂƐƚĞŽ͘dŚĞ
ĐƵƌƌĞŶƚĚĞďƚŵĂƚƵƌŝƚLJŚĂƐďĞĞŶĞdžƚĞŶĚĞĚŝŶƚŽĨƵƚƵƌĞLJĞĂƌƐĂƐĂƌĞƐƵůƚŽĨƚŚĞĚĞďƚƌĞƐƚƌƵĐƚƵƌĞ͘
dŚĞ'ƌŽƵƉĨŽƌĞĐĂƐƚƐŝƚǁŝůůďĞĐŽŵƉůĂŝŶƚǁŝƚŚĂůůďĂŶŬĐŽǀĞŶĂŶƚƐĚƵƌŝŶŐƚŚĞϮϬϮρĨŝŶĂŶĐŝĂůLJĞĂƌ͘
dŚĞŝƌĞĐƚŽƌƐŚĂǀĞ͕ĂƚƚŚĞƚŝŵĞŽĨĂƉƉƌŽǀŝŶŐƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ĂƌĞĂƐŽŶĂďůĞ
ĞdžƉĞĐƚĂƚŝŽŶƚŚĂƚƚŚĞ'ƌŽƵƉŚĂƐĂĚĞƋƵĂƚĞƌĞƐŽƵƌĐĞƐƚŽĐŽŶƚŝŶƵĞŝŶŽƉĞƌĂƚŝŽŶĂůĞdžŝƐƚĞŶĐĞĨŽƌƚŚĞ
ĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘dŚĞLJŚĂǀĞƚŚĞƌĞĨŽƌĞĐŽŶƚŝŶƵĞĚƚŽĂĚŽƉƚƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐŝŶ
ƉƌĞƉĂƌŝŶŐƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
Ϯ͘κ WƌŝŶĐŝƉůĞƐŽĨĐŽŶƐŽůŝĚĂƚŝŽŶ
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĐŽƌƉŽƌĂƚĞƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚĞŶƚŝƚŝĞƐ
ĐŽŶƚƌŽůůĞĚďLJƚŚĞŽŵƉĂŶLJ͘ŽŶƚƌŽůŝƐĂĐŚŝĞǀĞĚǁŚĞŶƚŚĞŽŵƉĂŶLJ͗
• ŚĂƐƉŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞ͖
• ŝƐĞdžƉŽƐĞĚ͕ŽƌŚĂƐƌŝŐŚƚƐ͕ƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚƚŚĞŝŶǀĞƐƚĞĞ͖ĂŶĚ
• ŚĂƐƚŚĞĂďŝůŝƚLJƚŽƵƐĞŝƚƐƉŽǁĞƌƚŽĂĨĨĞĐƚŝƚƐƌĞƚƵƌŶƐ͘
dŚĞŽŵƉĂŶLJƌĞĂƐƐĞƐƐĞƐǁŚĞƚŚĞƌŽƌŶŽƚŝƚĐŽŶƚƌŽůƐĂŶŝŶǀĞƐƚĞĞŝĨĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚ
ƚŚĞƌĞĂƌĞĐŚĂŶŐĞƐƚŽŽŶĞŽƌŵŽƌĞŽĨƚŚĞƚŚƌĞĞĞůĞŵĞŶƚƐŽĨĐŽŶƚƌŽůůŝƐƚĞĚĂďŽǀĞ͘
tŚĞƌĞŶĞĐĞƐƐĂƌLJ͕ĂĚũƵƐƚŵĞŶƚƐĂƌĞŵĂĚĞƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƐƵďƐŝĚŝĂƌŝĞƐƚŽďƌŝŶŐƚŚĞŝƌ
ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐŝŶůŝŶĞǁŝƚŚƚŚĞ'ƌŽƵƉΖƐĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ͘
ůůŝŶƚƌĂŐƌŽƵƉĂƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐ͕ĞƋƵŝƚLJ͕ŝŶĐŽŵĞ͕ĞdžƉĞŶƐĞƐ͕ĂŶĚĐĂƐŚĨůŽǁƐƌĞůĂƚŝŶŐƚŽƚƌĂŶƐĂĐƚŝŽŶƐ
ďĞƚǁĞĞŶŵĞŵďĞƌƐŽĨƚŚĞ'ƌŽƵƉĂƌĞĞůŝŵŝŶĂƚĞĚŝŶĨƵůůŽŶĐŽŶƐŽůŝĚĂƚŝŽŶ͘
ƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐ
ĐƋƵŝƐŝƚŝŽŶƐŽĨďƵƐŝŶĞƐƐĞƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŵĞƚŚŽĚ͘dŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƚƌĂŶƐĨĞƌƌĞĚ
ŝŶĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶŝƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͕ǁŚŝĐŚŝƐĐĂůĐƵůĂƚĞĚĂƐƚŚĞƐƵŵŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶͲ
ĚĂƚĞĨĂŝƌǀĂůƵĞƐŽĨƚŚĞĂƐƐĞƚƐƚƌĂŶƐĨĞƌƌĞĚďLJƚŚĞ'ƌŽƵƉ͕ůŝĂďŝůŝƚŝĞƐŝŶĐƵƌƌĞĚďLJƚŚĞ'ƌŽƵƉƚŽƚŚĞĨŽƌŵĞƌ
ŽǁŶĞƌƐŽĨƚŚĞĂĐƋƵŝƌĞĞĂŶĚƚŚĞĞƋƵŝƚLJŝŶƚĞƌĞƐƚƐŝƐƐƵĞĚďLJƚŚĞ'ƌŽƵƉŝŶĞdžĐŚĂŶŐĞĨŽƌĐŽŶƚƌŽůŽĨƚŚĞ
ĂĐƋƵŝƌĞĞ͘ĐƋƵŝƐŝƚŝŽŶƌĞůĂƚĞĚĐŽƐƚƐĂƌĞŐĞŶĞƌĂůůLJƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐĂƐŝŶĐƵƌƌĞĚ͘
ƚƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͕ƚŚĞŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚ͕ĂŶĚƚŚĞůŝĂďŝůŝƚŝĞƐĂƐƐƵŵĞĚĂƌĞƌĞĐŽŐŶŝƐĞĚĂƚ
ƚŚĞŝƌĨĂŝƌǀĂůƵĞĂƚƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͕ĞdžĐĞƉƚƚŚĂƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐ͕ĂŶĚůŝĂďŝůŝƚŝĞƐƌĞůĂƚĞĚ
ƚŽĞŵƉůŽLJĞĞďĞŶĞĨŝƚĂƌƌĂŶŐĞŵĞŶƚƐ͕ĂƌĞƌĞĐŽŐŶŝƐĞĚĂŶĚŵĞĂƐƵƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE/^ϭϮ/ŶĐŽŵĞ
dĂdžĞƐĂŶĚE/^ϭεŵƉůŽLJĞĞĞŶĞĨŝƚƐƌĞƐƉĞĐƚŝǀĞůLJ͘

34
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭϬ
dŚĞŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂŶĚĂƐƐĞƚƐƌĞĨůĞĐƚƐƚŚĞƚĂdžĐŽŶƐĞƋƵĞŶĐĞƐƚŚĂƚǁŽƵůĚĨŽůůŽǁ
ĨƌŽŵƚŚĞŵĂŶŶĞƌŝŶǁŚŝĐŚƚŚĞ'ƌŽƵƉĞdžƉĞĐƚƐ͕ĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ƚŽƌĞĐŽǀĞƌŽƌƐĞƚƚůĞƚŚĞ
ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨŝƚƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘
Ϯ͘ϭϭ 'ŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƚĂdž
ZĞǀĞŶƵĞ͕ĞdžƉĞŶƐĞƐ͕ĂƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐ͕ĐĂƐŚƌĞĐĞŝƉƚƐĂŶĚĐĂƐŚƉĂLJŵĞŶƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŶĞƚŽĨƚŚĞĂŵŽƵŶƚ
ŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƚĂdž;'^dͿĞdžĐĞƉƚ͗
• ǁŚĞƌĞƚŚĞĂŵŽƵŶƚŽĨ'^dŝŶĐƵƌƌĞĚŝƐŶŽƚƌĞĐŽǀĞƌĞĚĨƌŽŵƚŚĞ/ŶůĂŶĚZĞǀĞŶƵĞĞƉĂƌƚŵĞŶƚ͕ŝƚŝƐ
ƌĞĐŽŐŶŝƐĞĚĂƐƉĂƌƚŽĨƚŚĞĐŽƐƚŽĨĂĐƋƵŝƐŝƚŝŽŶŽĨĂŶĂƐƐĞƚŽƌĂƐƉĂƌƚŽĨĂŶŝƚĞŵŽĨĞdžƉĞŶƐĞ͖Žƌ
• ĨŽƌƌĞĐĞŝǀĂďůĞƐĂŶĚƉĂLJĂďůĞƐ͕ǁŚŝĐŚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶĐůƵƐŝǀĞŽĨ'^d͘
dŚĞŶĞƚĂŵŽƵŶƚŽĨ'^dƌĞĐŽǀĞƌĂďůĞŽƌƉĂLJĂďůĞƚŽƚŚĞ/ŶůĂŶĚZĞǀĞŶƵĞĞƉĂƌƚŵĞŶƚŝƐŝŶĐůƵĚĞĚĂƐƉĂƌƚŽĨ
ƌĞĐĞŝǀĂďůĞƐŽƌƉĂLJĂďůĞƐ͘
Ϯ͘ϭϮ /ŶǀĞŶƚŽƌŝĞƐ
/ŶǀĞŶƚŽƌŝĞƐĂƌĞƐƚĂƚĞĚĂƚƚŚĞůŽǁĞƌŽĨĐŽƐƚĂŶĚŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞ͘ŽƐƚĐŽŵƉƌŝƐĞƐĚŝƌĞĐƚŵĂƚĞƌŝĂůƐĂŶĚ͕
ǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ĐŽƐƚƐƚŚĂƚŚĂǀĞďĞĞŶŝŶĐƵƌƌĞĚŝŶďƌŝŶŐŝŶŐƚŚĞŝŶǀĞŶƚŽƌŝĞƐƚŽƚŚĞŝƌƉƌĞƐĞŶƚůŽĐĂƚŝŽŶĂŶĚ
ĐŽŶĚŝƚŝŽŶ͘ŽƐƚƐŽĨŝŶǀĞŶƚŽƌŝĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚŽŶĂĨŝƌƐƚͲŝŶͲĨŝƌƐƚͲŽƵƚďĂƐŝƐ͘EĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞƌĞƉƌĞƐĞŶƚƐ
ƚŚĞĞƐƚŝŵĂƚĞĚƐĞůůŝŶŐƉƌŝĐĞĨŽƌŝŶǀĞŶƚŽƌŝĞƐůĞƐƐĂůůĞƐƚŝŵĂƚĞĚĐŽƐƚƐŽĨĐŽŵƉůĞƚŝŽŶĂŶĚĐŽƐƚƐŶĞĐĞƐƐĂƌLJƚŽ
ŵĂŬĞƚŚĞƐĂůĞ͘
Ϯ͘ϭϯ WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ĂĐŚĐůĂƐƐŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐŵĞĂƐƵƌĞĚĂƚŚŝƐƚŽƌŝĐĂůĐŽƐƚůĞƐƐĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
ĂŶĚĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘,ŝƐƚŽƌŝĐĂůĐŽƐƚŝŶĐůƵĚĞƐĞdžƉĞŶĚŝƚƵƌĞƚŚĂƚŝƐĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽ
ƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨƚŚĞŝƚĞŵƐ͘
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
ĂƉƉƌŽƉƌŝĂƚĞ͕ŽŶůLJǁŚĞŶŝƚŝƐƉƌŽďĂďůĞƚŚĞĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŝƚĞŵǁŝůůĨůŽǁƚŽ
ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞĐŽƐƚƐŽĨƚŚĞŝƚĞŵĐĂŶďĞŵĞĂƐƵƌĞĚƌĞůŝĂďůLJ͘dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĂŶLJĐŽŵƉŽŶĞŶƚ
ĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂƐĞƉĂƌĂƚĞĂƐƐĞƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶƌĞƉůĂĐĞĚ͘ůůŽƚŚĞƌƌĞƉĂŝƌƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞĂƌĞ
ĐŚĂƌŐĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐŝŶƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞLJĂƌĞŝŶĐƵƌƌĞĚ͘
ĞƉƌĞĐŝĂƚŝŽŶŝƐƌĞĐŽŐŶŝƐĞĚƐŽĂƐƚŽǁƌŝƚĞŽĨĨƚŚĞĐŽƐƚŽĨĂƐƐĞƚƐůĞƐƐƚŚĞŝƌƌĞƐŝĚƵĂůǀĂůƵĞƐ͕ŽǀĞƌƚŚĞŝƌƵƐĞĨƵů
ůŝǀĞƐ͘dŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ͕ƌĞƐŝĚƵĂůǀĂůƵĞƐĂŶĚĚĞƉƌĞĐŝĂƚŝŽŶŵĞƚŚŽĚĂƌĞƌĞǀŝĞǁĞĚĂƚƚŚĞĞŶĚŽĨ
ĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘
dŚĞĨŽůůŽǁŝŶŐĚĞƉƌĞĐŝĂƚŝŽŶƌĂƚĞƐĂƌĞĂƉƉůŝĞĚ͗
ůĂƐƐŽĨĂƐƐĞƚĞƉƌĞĐŝĂƚŝŽŶĞƉƌĞĐŝĂƚŝŽŶ
ƌĂƚĞƐďĂƐŝƐ
WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚρйͲϮρй^ƚƌĂŝŐŚƚůŝŶĞ
ϭϬйͲςϳйŝŵŝŶŝƐŚŝŶŐǀĂůƵĞ
sĞŚŝĐůĞƐϳйͲϭρй^ƚƌĂŝŐŚƚůŝŶĞ
ϭϯйͲϯϬйŝŵŝŶŝƐŚŝŶŐǀĂůƵĞ
KĨĨŝĐĞĞƋƵŝƉŵĞŶƚϭςйͲρϬйŝŵŝŶŝƐŚŝŶŐǀĂůƵĞ
>ĞĂƐĞŚŽůĚŝŵƉƌŽǀĞŵĞŶƚƐϭϬйŝŵŝŶŝƐŚŝŶŐǀĂůƵĞ
ŶŝƚĞŵŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚƵƉŽŶĚŝƐƉŽƐĂůŽƌǁŚĞŶŶŽĨƵƚƵƌĞĞĐŽŶŽŵŝĐ
ďĞŶĞĨŝƚƐĂƌĞĞdžƉĞĐƚĞĚƚŽĂƌŝƐĞĨƌŽŵƚŚĞĐŽŶƚŝŶƵĞĚƵƐĞŽĨƚŚĞĂƐƐĞƚ͘ŶLJŐĂŝŶŽƌůŽƐƐĂƌŝƐŝŶŐŽŶƚŚĞ
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ε
/ŶĚƵƐƚƌŝĂůĐůĞĂŶŝŶŐƐĞƌǀŝĐĞƐ
dŚĞ'ƌŽƵƉƉƌŽǀŝĚĞƐŝŶĚƵƐƚƌŝĂůƐĐƌƵďďŝŶŐ͕ŚŝŐŚƉƌĞƐƐƵƌĞǁĂƚĞƌďůĂƐƚŝŶŐ͕ƵƌŐĞŶƚƐƉŝůůƌĞƐƉŽŶƐĞƐĞƌǀŝĐĞƐ͕
ƉŽƌƚ ͲĂͲůŽŽŚŝƌĞĂŶĚĐŽůůĞĐƚŝŽŶ͕ĂŶĚƐĞƉƚŝĐƚĂŶŬĐůĞĂŶŝŶŐ͘ZĞǀĞŶƵĞĨƌŽŵŝŶĚƵƐƚƌŝĂůĐůĞĂŶŝŶŐƐĞƌǀŝĐĞƐŝƐ
ƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽďůŝŐĂƚŝŽŶƚŽƚŚĞĐƵƐƚŽŵĞƌŚĂƐďĞĞŶƉĞƌĨŽƌŵĞĚ͕ǁŚŝĐŚŝƐŐĞŶĞƌĂůůLJ
ǁŚĞŶƚŚĞĐůĞĂŶŝŶŐƐĞƌǀŝĐĞƐŚĂǀĞďĞĞŶƉĞƌĨŽƌŵĞĚ͕ŽƌŝŶƚŚĞĐĂƐĞŽĨƉŽƌƚͲĂͲůŽŽƐ͕ǁŚĞŶƚŚĞƌĞŐƵůĂƌĐůĞĂŶŝŶŐ
ĂŶĚǁĂƐƚĞĐŽůůĞĐƚŝŽŶŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚ͘
Ϯ͘ϳ 'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐ
'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐĂƌĞŶŽƚƌĞĐŽŐŶŝƐĞĚƵŶƚŝůƚŚĞƌĞŝƐƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞ'ƌŽƵƉǁŝůůĐŽŵƉůLJ
ǁŝƚŚƚŚĞĐŽŶĚŝƚŝŽŶƐĂƚƚĂĐŚĞĚ ƚŽƚŚĞŵĂŶĚƚŚĂƚƚŚĞŐƌĂŶƚƐǁŝůůďĞƌĞĐĞŝǀĞĚ͘'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐĂƌĞ
ƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐŽǀĞƌƚŚĞƉĞƌŝŽĚŶĞĐĞƐƐĂƌLJƚŽŵĂƚĐŚƚŚĞŵǁŝƚŚƚŚĞĐŽƐƚƐƚŚĂƚƚŚĞLJĂƌĞ
ŝŶƚĞŶĚĞĚƚŽĐŽŵƉĞŶƐĂƚĞ͘

Ϯ͘Θ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞŝƐĂĐĐƌƵĞĚŽŶĂƚŝŵĞďĂƐŝƐ͕ďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞƉƌŝŶĐŝƉĂůŽƵƚƐƚĂŶĚŝŶŐĂŶĚĂƚƚŚĞĞĨĨĞĐƚŝǀĞ
ŝŶƚĞƌĞƐƚƌĂƚĞĂƉƉůŝĐĂďůĞ͕ǁŚŝĐŚŝƐƚŚĞƌĂƚĞƚŚĂƚĞdžĂĐƚůLJĚŝƐĐŽƵŶƚƐĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚƌĞĐĞŝƉƚƐƚŚƌŽƵŐŚ
ƚŚĞĞdžƉĞĐƚĞĚůŝĨĞŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƚŽƚŚĂƚĂƐƐĞƚΖƐŶĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͘
Ϯ͘ε ŽƌƌŽǁŝŶŐĐŽƐƚƐ
ŽƌƌŽǁŝŶŐĐŽƐƚƐŝŶĐůƵĚĞŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚĂŶĚĨŝŶĂŶĐĞ
ĐŚĂƌŐĞƐŝŶƌĞƐƉĞĐƚŽĨůĞĂƐĞĂƌƌĂŶŐĞŵĞŶƚƐ͘ŽƌƌŽǁŝŶŐĐŽƐƚƐĂƌĞĞdžƉĞŶƐĞĚĂƐŝŶĐƵƌƌĞĚ͘
Ϯ͘ϭϬ /ŶĐŽŵĞdĂdž
The income tax expense or benefit for the period is the tax payable on the current period’s taxable
ŝŶĐŽŵĞďĂƐĞĚŽŶƚŚĞĂƉƉůŝĐĂďůĞŝŶĐŽŵĞƚĂdžƌĂƚĞĂĚũƵƐƚĞĚďLJĐŚĂŶŐĞƐŝŶĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ
ĂƚƚƌŝďƵƚĂďůĞƚŽƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂŶĚƚŽƵŶƵƐĞĚƚĂdžůŽƐƐĞƐ͘
ƵƌƌĞŶƚƚĂdž
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before
tax’ as reported in the ^ƚĂƚĞŵĞŶƚŽĨWƌŽĨŝƚŽƌ >ŽƐƐĂŶĚ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞďĞĐĂƵƐĞŽĨŝƚĞŵƐŽĨ
ŝŶĐŽŵĞŽƌĞdžƉĞŶƐĞƚŚĂƚĂƌĞƚĂdžĂďůĞŽƌĚĞĚƵĐƚŝďůĞŝŶŽƚŚĞƌLJĞĂƌƐĂŶĚŝƚĞŵƐƚŚĂƚĂƌĞŶĞǀĞƌƚĂdžĂďůĞŽƌ
ĚĞĚƵĐƚŝďůĞ͘dŚĞ'ƌŽƵƉΖƐĐƵƌƌĞŶƚƚĂdžŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚĂdžƌĂƚĞƐƚŚĂƚŚĂǀĞďĞĞŶĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƚŝǀĞůLJ
ĞŶĂĐƚĞĚďLJƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘
ĞĨĞƌƌĞĚƚĂdž
ĞĨĞƌƌĞĚƚĂdžŝƐƌĞĐŽŐŶŝƐĞĚŽŶƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĂƐƐĞƚƐĂŶĚ
ůŝĂďŝůŝƚŝĞƐŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƚĂdžďĂƐĞƐƵƐĞĚŝŶƚŚĞĐŽŵƉƵƚĂƚŝŽŶŽĨƚĂdžĂďůĞ
ƉƌŽĨŝƚ͘ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂƌĞŐĞŶĞƌĂůůLJƌĞĐŽŐŶŝƐĞĚĨŽƌĂůůƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͘ĞĨĞƌƌĞĚƚĂdž
ĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚĨŽƌĂůůĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͕ƚŚĞĐĂƌƌLJĨŽƌǁĂƌĚŽĨƵŶƵƐĞĚƚĂdžĐƌĞĚŝƚƐ
ĂŶĚĂŶLJƵŶƵƐĞĚƚĂdžůŽƐƐĞƐ͘ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚ
ƚĂdžĂďůĞƉƌŽĨŝƚƐǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚŽƐĞĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĐĂŶďĞƵƚŝůŝƐĞĚ͘
^ƵĐŚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞŶŽƚƌĞĐŽŐŶŝƐĞĚŝĨƚŚĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞĂƌŝƐĞƐĨƌŽŵƚŚĞ
ŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ;ŽƚŚĞƌƚŚĂŶŝŶĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶͿŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶĂƚƌĂŶƐĂĐƚŝŽŶƚŚĂƚ
ĂĨĨĞĐƚƐŶĞŝƚŚĞƌƚŚĞƚĂdžĂďůĞƉƌŽĨŝƚŶŽƌƚŚĞĂĐĐŽƵŶƚŝŶŐƉƌŽĨŝƚ͕ƵŶůĞƐƐƚŚĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŐŝǀĞƐ ƌŝƐĞƚŽ
ĞƋƵĂůĂŵŽƵŶƚƐŽĨƚĂdžĂďůĞĂŶĚĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͘
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂŶĚĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞƚĂdžƌĂƚĞƐƚŚĂƚĂƌĞĞdžƉĞĐƚĞĚƚŽĂƉƉůLJŝŶƚŚĞƉĞƌŝŽĚ
ŝŶǁŚŝĐŚƚŚĞůŝĂďŝůŝƚLJŝƐƐĞƚƚůĞĚŽƌƚŚĞĂƐƐĞƚƌĞĂůŝƐĞĚ͕ďĂƐĞĚŽŶƚĂdžƌĂƚĞƐ;ĂŶĚƚĂdžůĂǁƐͿƚŚĂƚŚĂǀĞďĞĞŶ
ĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƚŝǀĞůLJĞŶĂĐƚĞĚďLJƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘

WASTECO GROUP LTD: ANNUAL REPORT 2024 35
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭϬ
dŚĞŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂŶĚĂƐƐĞƚƐƌĞĨůĞĐƚƐƚŚĞƚĂdžĐŽŶƐĞƋƵĞŶĐĞƐƚŚĂƚǁŽƵůĚĨŽůůŽǁ
ĨƌŽŵƚŚĞŵĂŶŶĞƌŝŶǁŚŝĐŚƚŚĞ'ƌŽƵƉĞdžƉĞĐƚƐ͕ĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ƚŽƌĞĐŽǀĞƌŽƌƐĞƚƚůĞƚŚĞ
ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨŝƚƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘
Ϯ͘ϭϭ 'ŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƚĂdž
ZĞǀĞŶƵĞ͕ĞdžƉĞŶƐĞƐ͕ĂƐƐĞƚƐ͕ ůŝĂďŝůŝƚŝĞƐ ͕ĐĂƐŚƌĞĐĞŝƉƚƐĂŶĚĐĂƐŚƉĂLJŵĞŶƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŶĞƚŽĨƚŚĞĂŵŽƵŶƚ
ŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƚĂdž;'^dͿĞdžĐĞƉƚ͗
• ǁŚĞƌĞƚŚĞĂŵŽƵŶƚŽĨ'^dŝŶĐƵƌƌĞĚŝƐŶŽƚƌĞĐŽǀĞƌĞĚĨƌŽŵƚŚĞ/ŶůĂŶĚZĞǀĞŶƵĞĞƉĂƌƚŵĞŶƚ͕ŝƚŝƐ
ƌĞĐŽŐŶŝƐĞĚĂƐƉĂƌƚŽĨƚŚĞĐŽƐƚŽĨĂĐƋƵŝƐŝƚŝŽŶŽĨĂŶĂƐƐĞƚŽƌĂƐƉĂƌƚŽĨĂŶŝƚĞŵŽĨĞdžƉĞŶƐĞ͖Žƌ
• ĨŽƌƌĞĐĞŝǀĂďůĞƐĂŶĚƉĂLJĂďůĞƐ͕ǁŚŝĐŚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶĐůƵƐŝǀĞŽĨ'^d͘
dŚĞŶĞƚĂŵŽƵŶƚŽĨ'^dƌĞĐŽǀĞƌĂďůĞŽƌƉĂLJĂďůĞƚŽƚŚĞ/ŶůĂŶĚZĞǀĞŶƵĞĞƉĂƌƚŵĞŶƚŝƐŝŶĐůƵĚĞĚĂƐƉĂƌƚŽĨ
ƌĞĐĞŝǀĂďůĞƐŽƌƉĂLJĂďůĞƐ͘
Ϯ͘ϭϮ /ŶǀĞŶƚŽƌŝĞƐ
/ŶǀĞŶƚŽƌŝĞƐĂƌĞƐƚĂƚĞĚĂƚƚŚĞůŽǁĞƌŽĨĐŽƐƚĂŶĚŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞ͘ŽƐƚĐŽŵƉƌŝƐĞƐĚŝƌĞĐƚŵĂƚĞƌŝĂůƐĂŶĚ͕
ǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ĐŽƐƚƐƚŚĂƚŚĂǀĞďĞĞŶŝŶĐƵƌƌĞĚŝŶďƌŝŶŐŝŶŐƚŚĞŝŶǀĞŶƚŽƌŝĞƐƚŽƚŚĞŝƌƉƌĞƐĞŶƚůŽĐĂƚŝŽŶĂŶĚ
ĐŽŶĚŝƚŝŽŶ͘ŽƐƚƐŽĨŝŶǀĞŶƚŽƌŝĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚŽŶĂĨŝƌƐƚͲŝŶͲĨŝƌƐƚ ͲŽƵƚďĂƐŝƐ͘EĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞƌĞƉƌĞƐĞŶƚƐ
ƚŚĞĞƐƚŝŵĂƚĞĚƐĞůůŝŶŐƉƌŝĐĞĨŽƌŝŶǀĞŶƚŽƌŝĞƐůĞƐƐĂůůĞƐƚŝŵĂƚĞĚĐŽƐƚƐŽĨĐŽŵƉůĞƚŝŽŶĂŶĚĐŽƐƚƐŶĞĐĞƐƐĂƌLJƚŽ
ŵĂŬĞƚŚĞƐĂůĞ͘

Ϯ͘ϭϯ WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ
ĂĐŚĐůĂƐƐŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐŵĞĂƐƵƌĞĚĂƚŚŝƐƚŽƌŝĐĂůĐŽƐƚůĞƐƐĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
ĂŶĚĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘,ŝƐƚŽƌŝĐĂůĐŽƐƚŝŶĐůƵĚĞƐĞdžƉĞŶĚŝƚƵƌĞƚŚĂƚŝƐĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽ
ƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨƚŚĞŝƚĞŵƐ͘
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
ĂƉƉƌŽƉƌŝĂƚĞ͕ŽŶůLJǁŚĞŶŝƚŝƐƉƌŽďĂďůĞƚŚĞĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŝƚĞŵǁŝůůĨůŽǁƚŽ
ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞĐŽƐƚƐŽĨƚŚĞŝƚĞŵĐĂŶďĞŵĞĂƐƵƌĞĚƌĞůŝĂďůLJ͘dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĂŶLJĐŽŵƉŽŶĞŶƚ
ĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂƐĞƉĂƌĂƚĞĂƐƐĞƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶƌĞƉůĂĐĞĚ͘ůůŽƚŚĞƌƌĞƉĂŝƌƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞĂƌĞ
ĐŚĂƌŐĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐŝŶƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞLJĂƌĞŝŶĐƵƌƌĞĚ͘
ĞƉƌĞĐŝĂƚŝŽŶŝƐƌĞĐŽŐŶŝƐĞĚƐŽĂƐƚŽǁƌŝƚĞŽĨĨƚŚĞĐŽƐƚŽĨĂƐƐĞƚƐůĞƐƐƚŚĞŝƌƌĞƐŝĚƵĂůǀĂůƵĞƐ͕ŽǀĞƌƚŚĞŝƌƵƐĞĨƵů
ůŝǀĞƐ͘dŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ͕ƌĞƐŝĚƵĂůǀĂůƵĞƐĂŶĚĚĞƉƌĞĐŝĂƚŝŽŶŵĞƚŚŽĚĂƌĞƌĞǀŝĞǁĞĚĂƚƚŚĞĞŶĚŽĨ
ĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘
dŚĞĨŽůůŽǁŝŶŐĚĞƉƌĞĐŝĂƚŝŽŶƌĂƚĞƐĂƌĞĂƉƉůŝĞĚ ͗
ůĂƐƐŽĨĂƐƐĞƚĞƉƌĞĐŝĂƚŝŽŶĞƉƌĞĐŝĂƚŝŽŶ
ƌĂƚĞƐďĂƐŝƐ
WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚρйͲϮρй^ƚƌĂŝŐŚƚůŝŶĞ
ϭϬйͲςϳйŝŵŝŶŝƐŚŝŶŐǀĂůƵĞ
sĞŚŝĐůĞƐϳйͲϭρй^ƚƌĂŝŐŚƚůŝŶĞ
ϭϯйͲϯϬйŝŵŝŶŝƐŚŝŶŐǀĂůƵĞ
KĨĨŝĐĞĞƋƵŝƉŵĞŶƚϭςйͲρϬйŝŵŝŶŝƐŚŝŶŐǀĂůƵĞ
>ĞĂƐĞŚŽůĚŝŵƉƌŽǀĞŵĞŶƚƐϭϬйŝŵŝŶŝƐŚŝŶŐǀĂůƵĞ
ŶŝƚĞŵŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚƵƉŽŶĚŝƐƉŽƐĂůŽƌǁŚĞŶŶŽĨƵƚƵƌĞĞĐŽŶŽŵŝĐ
ďĞŶĞĨŝƚƐĂƌĞĞdžƉĞĐƚĞĚƚŽĂƌŝƐĞĨƌŽŵƚŚĞĐŽŶƚŝŶƵĞĚƵƐĞŽĨƚŚĞĂƐƐĞƚ͘ŶLJŐĂŝŶŽƌůŽƐƐĂƌŝƐŝŶŐŽŶƚŚĞ
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ε
/ŶĚƵƐƚƌŝĂůĐůĞĂŶŝŶŐƐĞƌǀŝĐĞƐ
dŚĞ'ƌŽƵƉƉƌŽǀŝĚĞƐŝŶĚƵƐƚƌŝĂůƐĐƌƵďďŝŶŐ͕ŚŝŐŚƉƌĞƐƐƵƌĞǁĂƚĞƌďůĂƐƚŝŶŐ͕ƵƌŐĞŶƚƐƉŝůůƌĞƐƉŽŶƐĞƐĞƌǀŝĐĞƐ͕
ƉŽƌƚͲĂͲůŽŽŚŝƌĞĂŶĚĐŽůůĞĐƚŝŽŶ͕ĂŶĚƐĞƉƚŝĐƚĂŶŬĐůĞĂŶŝŶŐ͘ZĞǀĞŶƵĞĨƌŽŵŝŶĚƵƐƚƌŝĂůĐůĞĂŶŝŶŐƐĞƌǀŝĐĞƐŝƐ
ƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽďůŝŐĂƚŝŽŶƚŽƚŚĞĐƵƐƚŽŵĞƌŚĂƐďĞĞŶƉĞƌĨŽƌŵĞĚ͕ǁŚŝĐŚŝƐŐĞŶĞƌĂůůLJ
ǁŚĞŶƚŚĞĐůĞĂŶŝŶŐƐĞƌǀŝĐĞƐŚĂǀĞďĞĞŶƉĞƌĨŽƌŵĞĚ͕ŽƌŝŶƚŚĞĐĂƐĞŽĨƉŽƌƚͲĂͲůŽŽƐ͕ǁŚĞŶƚŚĞƌĞŐƵůĂƌĐůĞĂŶŝŶŐ
ĂŶĚǁĂƐƚĞĐŽůůĞĐƚŝŽŶŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚ͘
Ϯ͘ϳ 'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐ
'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐĂƌĞŶŽƚƌĞĐŽŐŶŝƐĞĚƵŶƚŝůƚŚĞƌĞŝƐƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞ'ƌŽƵƉǁŝůůĐŽŵƉůLJ
ǁŝƚŚƚŚĞĐŽŶĚŝƚŝŽŶƐĂƚƚĂĐŚĞĚƚŽƚŚĞŵĂŶĚƚŚĂƚƚŚĞŐƌĂŶƚƐǁŝůůďĞƌĞĐĞŝǀĞĚ͘'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐĂƌĞ
ƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐŽǀĞƌƚŚĞƉĞƌŝŽĚŶĞĐĞƐƐĂƌLJƚŽŵĂƚĐŚƚŚĞŵǁŝƚŚƚŚĞĐŽƐƚƐƚŚĂƚƚŚĞLJĂƌĞ
ŝŶƚĞŶĚĞĚƚŽĐŽŵƉĞŶƐĂƚĞ͘
Ϯ͘Θ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞŝƐĂĐĐƌƵĞĚŽŶĂƚŝŵĞďĂƐŝƐ͕ďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞƉƌŝŶĐŝƉĂůŽƵƚƐƚĂŶĚŝŶŐĂŶĚĂƚƚŚĞĞĨĨĞĐƚŝǀĞ
ŝŶƚĞƌĞƐƚƌĂƚĞĂƉƉůŝĐĂďůĞ͕ǁŚŝĐŚŝƐƚŚĞƌĂƚĞƚŚĂƚĞdžĂĐƚůLJĚŝƐĐŽƵŶƚƐĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚƌĞĐĞŝƉƚƐƚŚƌŽƵŐŚ
ƚŚĞĞdžƉĞĐƚĞĚůŝĨĞŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƚŽƚŚĂƚĂƐƐĞƚΖƐŶĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͘
Ϯ͘ε ŽƌƌŽǁŝŶŐĐŽƐƚƐ
ŽƌƌŽǁŝŶŐĐŽƐƚƐŝŶĐůƵĚĞŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚĂŶĚĨŝŶĂŶĐĞ
ĐŚĂƌŐĞƐŝŶƌĞƐƉĞĐƚŽĨůĞĂƐĞĂƌƌĂŶŐĞŵĞŶƚƐ͘ŽƌƌŽǁŝŶŐĐŽƐƚƐĂƌĞĞdžƉĞŶƐĞĚĂƐŝŶĐƵƌƌĞĚ͘
Ϯ͘ϭϬ /ŶĐŽŵĞdĂdž
The income tax expense or benefit for the period is the tax payable on the current period’s taxable
ŝŶĐŽŵĞďĂƐĞĚŽŶƚŚĞĂƉƉůŝĐĂďůĞŝŶĐŽŵĞƚĂdžƌĂƚĞĂĚũƵƐƚĞĚďLJĐŚĂŶŐĞƐŝŶĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ
ĂƚƚƌŝďƵƚĂďůĞƚŽƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂŶĚƚŽƵŶƵƐĞĚƚĂdžůŽƐƐĞƐ͘
ƵƌƌĞŶƚƚĂdž
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before
tax’ as reported in the ^ƚĂƚĞŵĞŶƚŽĨWƌŽĨŝƚŽƌ>ŽƐƐĂŶĚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞďĞĐĂƵƐĞŽĨŝƚĞŵƐŽĨ
ŝŶĐŽŵĞŽƌĞdžƉĞŶƐĞƚŚĂƚĂƌĞƚĂdžĂďůĞŽƌĚĞĚƵĐƚŝďůĞŝŶŽƚŚĞƌLJĞĂƌƐĂŶĚŝƚĞŵƐƚŚĂƚĂƌĞŶĞǀĞƌƚĂdžĂďůĞŽƌ
ĚĞĚƵĐƚŝďůĞ͘dŚĞ'ƌŽƵƉΖƐĐƵƌƌĞŶƚƚĂdžŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚĂdžƌĂƚĞƐƚŚĂƚŚĂǀĞďĞĞŶĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƚŝǀĞůLJ
ĞŶĂĐƚĞĚďLJƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘
ĞĨĞƌƌĞĚƚĂdž
ĞĨĞƌƌĞĚƚĂdžŝƐƌĞĐŽŐŶŝƐĞĚŽŶƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĂƐƐĞƚƐĂŶĚ
ůŝĂďŝůŝƚŝĞƐŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƚĂdžďĂƐĞƐƵƐĞĚŝŶƚŚĞĐŽŵƉƵƚĂƚŝŽŶŽĨƚĂdžĂďůĞ
ƉƌŽĨŝƚ͘ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂƌĞŐĞŶĞƌĂůůLJƌĞĐŽŐŶŝƐĞĚĨŽƌĂůůƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͘ĞĨĞƌƌĞĚƚĂdž
ĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚĨŽƌĂůůĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͕ƚŚĞĐĂƌƌLJĨŽƌǁĂƌĚŽĨƵŶƵƐĞĚƚĂdžĐƌĞĚŝƚƐ
ĂŶĚĂŶLJƵŶƵƐĞĚƚĂdžůŽƐƐĞƐ͘ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚ
ƚĂdžĂďůĞƉƌŽĨŝƚƐǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚŽƐĞĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĐĂŶďĞƵƚŝůŝƐĞĚ͘
^ƵĐŚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞŶŽƚƌĞĐŽŐŶŝƐĞĚŝĨƚŚĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞĂƌŝƐĞƐĨƌŽŵƚŚĞ
ŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ;ŽƚŚĞƌƚŚĂŶŝŶĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶͿŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶĂƚƌĂŶƐĂĐƚŝŽŶƚŚĂƚ
ĂĨĨĞĐƚƐŶĞŝƚŚĞƌƚŚĞƚĂdžĂďůĞƉƌŽĨŝƚŶŽƌƚŚĞĂĐĐŽƵŶƚŝŶŐƉƌŽĨŝƚ͕ƵŶůĞƐƐƚŚĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŐŝǀĞƐƌŝƐĞƚŽ
ĞƋƵĂůĂŵŽƵŶƚƐŽĨƚĂdžĂďůĞĂŶĚĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͘
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂŶĚĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞƚĂdžƌĂƚĞƐƚŚĂƚĂƌĞĞdžƉĞĐƚĞĚƚŽĂƉƉůLJŝŶƚŚĞƉĞƌŝŽĚ
ŝŶǁŚŝĐŚƚŚĞůŝĂďŝůŝƚLJŝƐƐĞƚƚůĞĚŽƌƚŚĞĂƐƐĞƚƌĞĂůŝƐĞĚ͕ďĂƐĞĚŽŶƚĂdžƌĂƚĞƐ;ĂŶĚƚĂdžůĂǁƐͿƚŚĂƚŚĂǀĞďĞĞŶ
ĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƚŝǀĞůLJĞŶĂĐƚĞĚďLJƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘

36
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭϮ
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying
ĂŵŽƵŶƚŝƐŐƌĞĂƚĞƌƚŚĂŶŝƚƐĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘
Ϯ͘ϭς ^ŚŽƌƚ‑ƚĞƌŵĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ
ůŝĂďŝůŝƚLJŝƐƌĞĐŽŐŶŝƐĞĚĨŽƌďĞŶĞĨŝƚƐĂĐĐƌƵŝŶŐƚŽĞŵƉůŽLJĞĞƐŝŶƌĞƐƉĞĐƚŽĨǁĂŐĞƐĂŶĚƐĂůĂƌŝĞƐ͕ĂŶŶƵĂůůĞĂǀĞ
ĂŶĚƐŝĐŬůĞĂǀĞŝŶƚŚĞƉĞƌŝŽĚƚŚĞƌĞůĂƚĞĚƐĞƌǀŝĐĞŝƐƌĞŶĚĞƌĞĚĂƚƚŚĞƵŶĚŝƐĐŽƵŶƚĞĚĂŵŽƵŶƚŽĨƚŚĞďĞŶĞĨŝƚƐ
ĞdžƉĞĐƚĞĚƚŽďĞƉĂŝĚŝŶĞdžĐŚĂŶŐĞĨŽƌƚŚĂƚƐĞƌǀŝĐĞ͘
Ϯ͘ϭϳ &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶ
ǁŚĞŶƚŚĞ'ƌŽƵƉďĞĐŽŵĞƐĂƉĂƌƚLJƚŽƚŚĞĐŽŶƚƌĂĐƚƵĂůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞŝŶƐƚƌƵŵĞŶƚƐ͘
Ϯ͘ϭΘ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚŽŶƚŚĞďĂƐŝƐŽĨƚŚĞGroup’ƐďƵƐŝŶĞƐƐŵŽĚĞůĨŽƌŵĂŶĂŐŝŶŐ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚƚŚĞĐŽŶƚƌĂĐƚƵĂůĐĂƐŚĨůŽǁĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ
The Group’s financial assets ĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚŝŶĐůƵĚĞĐĂƐŚĂƚďĂŶŬĂŶĚƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ͘
/ŵƉĂŝƌŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐĂůŽƐƐĂůůŽǁĂŶĐĞĨŽƌĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐŽŶƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͘dŚĞĂŵŽƵŶƚŽĨ
ĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐŝƐƵƉĚĂƚĞĚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞƚŽƌĞĨůĞĐƚĐŚĂŶŐĞƐŝŶĐƌĞĚŝƚƌŝƐŬƐŝŶĐĞŝŶŝƚŝĂů
ƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞƌĞƐƉĞĐƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ͘
dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐůŝĨĞƚŝŵĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐĨŽƌƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͘dŚĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐŽŶ
ƚŚĞƐĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞĞƐƚŝŵĂƚĞĚƵƐŝŶŐĂƉƌŽǀŝƐŝŽŶŵĂƚƌŝdžďĂƐĞĚŽŶƚŚĞGroup’ƐŚŝƐƚŽƌŝĐĂůĐƌĞĚŝƚůŽƐƐ
ĞdžƉĞƌŝĞŶĐĞ͕ĂĚũƵƐƚĞĚĨŽƌĨĂĐƚŽƌƐƚŚĂƚĂƌĞƐƉĞĐŝĨŝĐƚŽƚŚĞĚĞďƚŽƌƐ͕ŐĞŶĞƌĂůĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐĂŶĚĂŶ
ĂƐƐĞƐƐŵĞŶƚŽĨďŽƚŚƚŚĞĐƵƌƌĞŶƚĂƐǁĞůůĂƐƚŚĞĨŽƌĞĐĂƐƚĚŝƌĞĐƚŝŽŶŽĨĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͕
ŝŶĐůƵĚŝŶŐƚŝŵĞǀĂůƵĞŽĨŵŽŶĞLJǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͘
ĞƌĞĐŽŐŶŝƚŝŽŶŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
dŚĞ'ƌŽƵƉĚĞƌĞĐŽŐŶŝƐĞƐĂĨŝŶĂŶĐŝĂůĂƐƐĞƚŽŶůLJǁŚĞŶƚŚĞĐŽŶƚƌĂĐƚƵĂůƌŝŐŚƚƐƚŽƚŚĞĐĂƐŚĨůŽǁƐĨƌŽŵƚŚĞ
ĂƐƐĞƚĞdžƉŝƌĞ͕ŽƌǁŚĞŶŝƚƚƌĂŶƐĨĞƌƐƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚĂŶĚƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨ
ŽǁŶĞƌƐŚŝƉŽĨƚŚĞĂƐƐĞƚƚŽĂŶŽƚŚĞƌĞŶƚŝƚLJ͘/ĨƚŚĞ'ƌŽƵƉŶĞŝƚŚĞƌƚƌĂŶƐĨĞƌƐŶŽƌƌĞƚĂŝŶƐƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞ
ƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉĂŶĚĐŽŶƚŝŶƵĞƐƚŽĐŽŶƚƌŽůƚŚĞƚƌĂŶƐĨĞƌƌĞĚĂƐƐĞƚ͕ƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐŝƚƐ
ƌĞƚĂŝŶĞĚŝŶƚĞƌĞƐƚŝŶƚŚĞĂƐƐĞƚĂŶĚĂŶĂƐƐŽĐŝĂƚĞĚůŝĂďŝůŝƚLJĨŽƌĂŵŽƵŶƚƐŝƚŵĂLJŚĂǀĞƚŽƉĂLJ͘/ĨƚŚĞ'ƌŽƵƉ
ƌĞƚĂŝŶƐƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉŽĨĂƚƌĂŶƐĨĞƌƌĞĚĨŝŶĂŶĐŝĂůĂƐƐĞƚ͕ƚŚĞ'ƌŽƵƉ
ĐŽŶƚŝŶƵĞƐƚŽƌĞĐŽŐŶŝƐĞƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚĂŶĚĂůƐŽƌĞĐŽŐŶŝƐĞƐĂĐŽůůĂƚĞƌĂůŝƐĞĚďŽƌƌŽǁŝŶŐĨŽƌƚŚĞƉƌŽĐĞĞĚƐ
ƌĞĐĞŝǀĞĚ͘
On derecognition of a financial asset measured at amortised cost, the difference between the asset’s
ĐĂƌƌLJŝŶŐĂŵŽƵŶƚĂŶĚƚŚĞƐƵŵŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞĐĞŝǀĞĚĂŶĚƌĞĐĞŝǀĂďůĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘

tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭϭ
ĚŝƐƉŽƐĂůŽƌƌĞƚŝƌĞŵĞŶƚŽĨĂŶŝƚĞŵŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐĚĞƚĞƌŵŝŶĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞ
ďĞƚǁĞĞŶƚŚĞƐĂůĞƐƉƌŽĐĞĞĚƐĂŶĚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚĂŶĚŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying
ĂŵŽƵŶƚŝƐŐƌĞĂƚĞƌƚŚĂŶŝƚƐĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘
Ϯ͘ϭκ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
ĐƋƵŝƌĞĚŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚĨŝŶŝƚĞƵƐĞĨƵůůŝǀĞƐĂƌĞĐĂƌƌŝĞĚĂƚĐŽƐƚůĞƐƐĂĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚ
ĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘ŵŽƌƚŝƐĂƚŝŽŶŝƐƌĞĐŽŐŶŝƐĞĚŽŶĂĚŝŵŝŶŝƐŚŝŶŐǀĂůƵĞďĂƐŝƐŽǀĞƌƚŚĞŝƌ
ĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ͘dŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝĨĞĂŶĚĂŵŽƌƚŝƐĂƚŝŽŶŵĞƚŚŽĚĂƌĞƌĞǀŝĞǁĞĚĂƚƚŚĞĞŶĚŽĨ
ĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ǁŝƚŚƚŚĞĞĨĨĞĐƚŽĨĂŶLJĐŚĂŶŐĞƐŝŶĞƐƚŝŵĂƚĞďĞŝŶŐĂĐĐŽƵŶƚĞĚĨŽƌŽŶĂƉƌŽƐƉĞĐƚŝǀĞ
ďĂƐŝƐ͘/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚŝŶĚĞĨŝŶŝƚĞƵƐĞĨƵůůŝǀĞƐƚŚĂƚĂƌĞĂĐƋƵŝƌĞĚƐĞƉĂƌĂƚĞůLJĂƌĞĐĂƌƌŝĞĚĂƚĐŽƐƚůĞƐƐ
ĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘
dŚĞĨŽůůŽǁŝŶŐĂŵŽƌƚŝƐĂƚŝŽŶƌĂƚĞƐĂƌĞĂƉƉůŝĞĚ ͗
ůĂƐƐŽĨĂƐƐĞƚĞƉƌĞĐŝĂƚŝŽŶĞƉƌĞĐŝĂƚŝŽŶ
ƌĂƚĞƐďĂƐŝƐ
ƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐϯϬ͘ϳϳй^ƚƌĂŝŐŚƚůŝŶĞ
ŽŵƉƵƚĞƌƐŽĨƚǁĂƌĞρϬйŝŵŝŶŝƐŚŝŶŐǀĂůƵĞ
'ŽŽĚǁŝůůŝƐŵĞĂƐƵƌĞĚĂƚĐŽƐƚůĞƐƐĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘'ŽŽĚǁŝůůŝƐƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚ
ĂŶŶƵĂůůLJĂŶĚƌĞǀŝĞǁĞĚĂƚĞĂĐŚďĂůĂŶĐĞĚĂƚĞƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŚĞƌĞŝƐĂŶLJŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞŽĨ
ŝŵƉĂŝƌŵĞŶƚ͘
ŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚŽŶĚŝƐƉŽƐĂů͕ŽƌǁŚĞŶŶŽĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĂƌĞĞdžƉĞĐƚĞĚĨƌŽŵ
ƵƐĞŽƌĚŝƐƉŽƐĂů͘'ĂŝŶƐŽƌůŽƐƐĞƐĂƌŝƐŝŶŐĨƌŽŵĚĞƌĞĐŽŐŶŝƚŝŽŶŽĨĂŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚ͕ŵĞĂƐƵƌĞĚĂƐƚŚĞ
ĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶ
ƚŚĞŶĞƚĚŝƐƉŽƐĂůƉƌŽĐĞĞĚƐĂŶĚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚ͕ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶ
ƉƌŽĨŝƚŽƌůŽƐƐǁŚĞŶƚŚĞĂƐƐĞƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚ͘
Ϯ͘ϭρ >ĞĂƐĞƐ
dŚĞ'ƌŽƵƉĂƐƐĞƐƐǁŚĞƚŚĞƌĂĐŽŶƚƌĂĐƚŝƐŽƌĐŽŶƚĂŝŶƐĂůĞĂƐĞ͕ĂƚŝŶĐĞƉƚŝŽŶŽĨƚŚĞĐŽŶƚƌĂĐƚ͘dŚĞ'ƌŽƵƉ
ƌĞĐŽŐŶŝƐĞƐĂƌŝŐŚƚͲŽĨ ͲƵƐĞĂƐƐĞƚĂŶĚĂĐŽƌƌĞƐƉŽŶĚŝŶŐůĞĂƐĞůŝĂďŝůŝƚLJǁŝƚŚƌĞƐƉĞĐƚƚŽĂůůůĞĂƐĞĂƌƌĂŶŐĞŵĞŶƚƐ
ŝŶǁŚŝĐŚŝƚŝƐƚŚĞůĞƐƐĞĞ͕ĞdžĐĞƉƚĨŽƌƐŚŽƌƚͲƚĞƌŵ ůĞĂƐĞƐ;ĚĞĨŝŶĞĚĂƐůĞĂƐĞƐǁŝƚŚĂůĞĂƐĞƚĞƌŵŽĨϭϮŵŽŶƚŚƐŽƌ
ůĞƐƐͿĂŶĚůĞĂƐĞŽĨůŽǁǀĂůƵĞĂƐƐĞƚƐ͘&ŽƌƚŚĞƐĞůĞĂƐĞƐ͕ƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐƚŚĞůĞĂƐĞƉĂLJŵĞŶƚƐĂƐĂŶ
ŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƚĞƌŵŽĨƚŚĞůĞĂƐĞƵŶůĞƐƐĂŶŽƚŚĞƌƐLJƐƚĞŵĂƚŝĐďĂƐŝƐŝƐ
ŵŽƌĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨƚŚĞƚŝŵĞƉĂƚƚĞƌŶŝŶǁŚŝĐŚĞĐŽŶŽŵŝĐďĞŶĞĨŝƚĨƌŽŵƚŚĞůĞĂƐĞĚĂƐƐĞƚƐĂƌĞ
ĐŽŶƐƵŵĞĚ͘
dŚĞůĞĂƐĞůŝĂďŝůŝƚLJŝƐŝŶŝƚŝĂůůLJŵĞĂƐƵƌĞĚĂƚƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĨƵƚƵƌĞůĞĂƐĞƉĂLJŵĞŶƚƐ͕ĚŝƐĐŽƵŶƚĞĚďLJ
ƵƐŝŶŐƚŚĞƌĂƚĞŝŵƉůŝĐŝƚŝŶƚŚĞůĞĂƐĞ͘/ĨƚŚŝƐƌĂƚĞĐĂŶŶŽƚďĞƌĞĂĚŝůLJĚĞƚĞƌŵŝŶĞĚ͕ƚŚĞ'ƌŽƵƉƵƐĞƐŝƚƐ
ŝŶĐƌĞŵĞŶƚĂůďŽƌƌŽǁŝŶŐƌĂƚĞ͘dŚĞůĞĂƐĞůŝĂďŝůŝƚLJŝƐƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚƵƐŝŶŐƚŚĞ
ƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘/ƚŝƐƌĞŵĞĂƐƵƌĞĚǁŚĞŶƚŚĞƌĞŝƐĂĐŚĂŶŐĞŝŶĨƵƚƵƌĞůĞĂƐĞƉĂLJŵĞŶƚƐ
ĂƌŝƐŝŶŐĨƌŽŵĂĐŚĂŶŐĞŝŶĂŶŝŶĚĞdžŽƌƌĂƚĞŽƌŝĨƚŚĞ'ƌŽƵƉĐŚĂŶŐĞƐŝƚƐĂƐƐĞƐƐŵĞŶƚŽĨǁŚĞƚŚĞƌŝƚǁŝůů
ĞdžĞƌĐŝƐĞĂƉƵƌĐŚĂƐĞ͕ĞdžƚĞŶƐŝŽŶŽĨƚĞƌŵŝŶĂƚŝŽŶŽƉƚŝŽŶ͕ǁŝƚŚĂĐŽƌƌĞƐƉŽŶĚŝŶŐĂĚũƵƐƚŵĞŶƚŵĂĚĞƚŽƚŚĞ
ĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞƌŝŐŚƚͲŽĨ ͲƵƐĞĂƐƐĞƚ͘
dŚĞƌŝŐŚƚ ͲŽĨ ͲƵƐĞĂƐƐĞƚƐĐŽŵƉƌŝƐĞƚŚĞŝŶŝƚŝĂůŵĞĂƐƵƌĞŵĞŶƚŽĨƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐůĞĂƐĞůŝĂďŝůŝƚLJ͕ůĞĂƐĞ
ƉĂLJŵĞŶƚƐŵĂĚĞĂƚŽƌďĞĨŽƌĞƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞĂŶĚĂŶLJŝŶŝƚŝĂůĚŝƌĞĐƚĐŽƐƚƐĂŶĚƌĞƐƚŽƌĂƚŝŽŶĐŽƐƚƐ͘
dŚĞLJĂƌĞƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĐŽƐƚůĞƐƐĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘ZŝŐŚƚͲŽĨ Ͳ
ƵƐĞĂƐƐĞƚƐĂƌĞĚĞƉƌĞĐŝĂƚĞĚŽǀĞƌƚŚĞƐŚŽƌƚĞƌƉĞƌŝŽĚŽĨůĞĂƐĞƚĞƌŵĂŶĚƚŚĞƵƐĞĨƵůůŝĨĞŽĨƚŚĞƵŶĚĞƌůLJŝŶŐ
ĂƐƐĞƚ͘dŚĞĚĞƉƌĞĐŝĂƚŝŽŶƐƚĂƌƚƐĂƚƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞŽĨƚŚĞůĞĂƐĞ͘

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tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭϮ
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying
ĂŵŽƵŶƚŝƐŐƌĞĂƚĞƌƚŚĂŶŝƚƐĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘
Ϯ͘ϭς ^ŚŽƌƚ‑ƚĞƌŵĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ
ůŝĂďŝůŝƚLJŝƐƌĞĐŽŐŶŝƐĞĚĨŽƌďĞŶĞĨŝƚƐĂĐĐƌƵŝŶŐƚŽĞŵƉůŽLJĞĞƐŝŶƌĞƐƉĞĐƚŽĨǁĂŐĞƐĂŶĚƐĂůĂƌŝĞƐ͕ĂŶŶƵĂůůĞĂǀĞ
ĂŶĚƐŝĐŬůĞĂǀĞŝŶƚŚĞƉĞƌŝŽĚƚŚĞƌĞůĂƚĞĚƐĞƌǀŝĐĞŝƐƌĞŶĚĞƌĞĚĂƚƚŚĞƵŶĚŝƐĐŽƵŶƚĞĚĂŵŽƵŶƚŽĨƚŚĞďĞŶĞĨŝƚƐ
ĞdžƉĞĐƚĞĚƚŽďĞƉĂŝĚŝŶĞdžĐŚĂŶŐĞĨŽƌƚŚĂƚƐĞƌǀŝĐĞ͘
Ϯ͘ϭϳ &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶ
ǁŚĞŶƚŚĞ'ƌŽƵƉ ďĞĐŽŵĞƐĂƉĂƌƚLJƚŽƚŚĞĐŽŶƚƌĂĐƚƵĂůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞŝŶƐƚƌƵŵĞŶƚƐ͘

Ϯ͘ϭΘ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚŽŶƚŚĞďĂƐŝƐŽĨ ƚŚĞGroup’ƐďƵƐŝŶĞƐƐŵŽĚĞůĨŽƌŵĂŶĂŐŝŶŐ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚƚŚĞĐŽŶƚƌĂĐƚƵĂůĐĂƐŚĨůŽǁĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ
The Group’s financial assets ĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚŝŶĐůƵĚĞĐĂƐŚĂƚďĂŶŬ ĂŶĚƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ͘
/ŵƉĂŝƌŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
dŚĞ'ƌŽƵƉ ƌĞĐŽŐŶŝƐĞƐĂůŽƐƐĂůůŽǁĂŶĐĞĨŽƌĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐŽŶƚƌĂĚĞ ƌĞĐĞŝǀĂďůĞƐ͘dŚĞĂŵŽƵŶƚŽĨ
ĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐŝƐƵƉĚĂƚĞĚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞƚŽƌĞĨůĞĐƚĐŚĂŶŐĞƐŝŶĐƌĞĚŝƚƌŝƐŬƐŝŶĐĞŝŶŝƚŝĂů
ƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞƌĞƐƉĞĐƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ͘
dŚĞ'ƌŽƵƉ ƌĞĐŽŐŶŝƐĞƐůŝĨĞƚŝŵĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐĨŽƌƚƌĂĚĞ ƌĞĐĞŝǀĂďůĞƐ͘dŚĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐŽŶ
ƚŚĞƐĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞĞƐƚŝŵĂƚĞĚƵƐŝŶŐĂƉƌŽǀŝƐŝŽŶŵĂƚƌŝdžďĂƐĞĚŽŶƚŚĞGroup’ƐŚŝƐƚŽƌŝĐĂůĐƌĞĚŝƚůŽƐƐ
ĞdžƉĞƌŝĞŶĐĞ͕ĂĚũƵƐƚĞĚĨŽƌĨĂĐƚŽƌƐƚŚĂƚĂƌĞƐƉĞĐŝĨŝĐƚŽƚŚĞĚĞďƚŽƌƐ͕ŐĞŶĞƌĂůĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐĂŶĚĂŶ
ĂƐƐĞƐƐŵĞŶƚŽĨďŽƚŚƚŚĞĐƵƌƌĞŶƚĂƐǁĞůůĂƐƚŚĞĨŽƌĞĐĂƐƚĚŝƌĞĐƚŝŽŶŽĨĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͕
ŝŶĐůƵĚŝŶŐƚŝŵĞǀĂůƵĞŽĨŵŽŶĞLJǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͘
ĞƌĞĐŽŐŶŝƚŝŽŶŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
dŚĞ'ƌŽƵƉĚĞƌĞĐŽŐŶŝƐĞƐĂĨŝŶĂŶĐŝĂůĂƐƐĞƚŽŶůLJǁŚĞŶƚŚĞĐŽŶƚƌĂĐƚƵĂůƌŝŐŚƚƐƚŽƚŚĞĐĂƐŚĨůŽǁƐĨƌŽŵƚŚĞ
ĂƐƐĞƚĞdžƉŝƌĞ͕ŽƌǁŚĞŶŝƚƚƌĂŶƐĨĞƌƐƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚĂŶĚƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨ
ŽǁŶĞƌƐŚŝƉŽĨƚŚĞĂƐƐĞƚƚŽĂŶŽƚŚĞƌĞŶƚŝƚLJ͘/ĨƚŚĞ'ƌŽƵƉŶĞŝƚŚĞƌƚƌĂŶƐĨĞƌƐŶŽƌƌĞƚĂŝŶƐƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞ
ƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉĂŶĚĐŽŶƚŝŶƵĞƐƚŽĐŽŶƚƌŽůƚŚĞƚƌĂŶƐĨĞƌƌĞĚĂƐƐĞƚ͕ƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐŝƚƐ
ƌĞƚĂŝŶĞĚŝŶƚĞƌĞƐƚŝŶƚŚĞĂƐƐĞƚĂŶĚĂŶĂƐƐŽĐŝĂƚĞĚůŝĂďŝůŝƚLJĨŽƌĂŵŽƵŶƚƐŝƚŵĂLJŚĂǀĞƚŽƉĂLJ͘/ĨƚŚĞ'ƌŽƵƉ
ƌĞƚĂŝŶƐƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉŽĨĂƚƌĂŶƐĨĞƌƌĞĚĨŝŶĂŶĐŝĂůĂƐƐĞƚ͕ƚŚĞ'ƌŽƵƉ
ĐŽŶƚŝŶƵĞƐƚŽƌĞĐŽŐŶŝƐĞƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚĂŶĚĂůƐŽƌĞĐŽŐŶŝƐĞƐĂĐŽůůĂƚĞƌĂůŝƐĞĚďŽƌƌŽǁŝŶŐĨŽƌƚŚĞƉƌŽĐĞĞĚƐ
ƌĞĐĞŝǀĞĚ͘
On derecognition of a financial asset measured at amortised cost, the difference between the asset’s
ĐĂƌƌLJŝŶŐĂŵŽƵŶƚĂŶĚƚŚĞƐƵŵŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞĐĞŝǀĞĚĂŶĚƌĞĐĞŝǀĂďůĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘

tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭϭ
ĚŝƐƉŽƐĂůŽƌƌĞƚŝƌĞŵĞŶƚŽĨĂŶŝƚĞŵŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐĚĞƚĞƌŵŝŶĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞ
ďĞƚǁĞĞŶƚŚĞƐĂůĞƐƉƌŽĐĞĞĚƐĂŶĚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚĂŶĚŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying
ĂŵŽƵŶƚŝƐŐƌĞĂƚĞƌƚŚĂŶŝƚƐĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘
Ϯ͘ϭκ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
ĐƋƵŝƌĞĚŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚĨŝŶŝƚĞƵƐĞĨƵůůŝǀĞƐĂƌĞĐĂƌƌŝĞĚĂƚĐŽƐƚůĞƐƐĂĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶĂŶĚ
ĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘ŵŽƌƚŝƐĂƚŝŽŶŝƐƌĞĐŽŐŶŝƐĞĚŽŶĂĚŝŵŝŶŝƐŚŝŶŐǀĂůƵĞďĂƐŝƐŽǀĞƌƚŚĞŝƌ
ĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ͘dŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝĨĞĂŶĚĂŵŽƌƚŝƐĂƚŝŽŶŵĞƚŚŽĚĂƌĞƌĞǀŝĞǁĞĚĂƚƚŚĞĞŶĚŽĨ
ĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ǁŝƚŚƚŚĞĞĨĨĞĐƚŽĨĂŶLJĐŚĂŶŐĞƐŝŶĞƐƚŝŵĂƚĞďĞŝŶŐĂĐĐŽƵŶƚĞĚĨŽƌŽŶĂƉƌŽƐƉĞĐƚŝǀĞ
ďĂƐŝƐ͘/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚŝŶĚĞĨŝŶŝƚĞƵƐĞĨƵůůŝǀĞƐƚŚĂƚĂƌĞĂĐƋƵŝƌĞĚƐĞƉĂƌĂƚĞůLJĂƌĞĐĂƌƌŝĞĚĂƚĐŽƐƚůĞƐƐ
ĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘
dŚĞĨŽůůŽǁŝŶŐĂŵŽƌƚŝƐĂƚŝŽŶƌĂƚĞƐĂƌĞĂƉƉůŝĞĚ͗
ůĂƐƐŽĨĂƐƐĞƚĞƉƌĞĐŝĂƚŝŽŶĞƉƌĞĐŝĂƚŝŽŶ
ƌĂƚĞƐďĂƐŝƐ
ƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐϯϬ͘ϳϳй^ƚƌĂŝŐŚƚůŝŶĞ
ŽŵƉƵƚĞƌƐŽĨƚǁĂƌĞρϬйŝŵŝŶŝƐŚŝŶŐǀĂůƵĞ
'ŽŽĚǁŝůůŝƐŵĞĂƐƵƌĞĚĂƚĐŽƐƚůĞƐƐĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘'ŽŽĚǁŝůůŝƐƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚ
ĂŶŶƵĂůůLJĂŶĚƌĞǀŝĞǁĞĚĂƚĞĂĐŚďĂůĂŶĐĞĚĂƚĞƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŚĞƌĞŝƐĂŶLJŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞŽĨ
ŝŵƉĂŝƌŵĞŶƚ͘
ŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚŽŶĚŝƐƉŽƐĂů͕ŽƌǁŚĞŶŶŽĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĂƌĞĞdžƉĞĐƚĞĚĨƌŽŵ
ƵƐĞŽƌĚŝƐƉŽƐĂů͘'ĂŝŶƐŽƌůŽƐƐĞƐĂƌŝƐŝŶŐĨƌŽŵĚĞƌĞĐŽŐŶŝƚŝŽŶŽĨĂŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚ͕ŵĞĂƐƵƌĞĚĂƐƚŚĞ
ĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶ ƚŚĞŶĞƚĚŝƐƉŽƐĂůƉƌŽĐĞĞĚƐĂŶĚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚ͕ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶ
ƉƌŽĨŝƚŽƌůŽƐƐǁŚĞŶƚŚĞĂƐƐĞƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚ͘
Ϯ͘ϭρ >ĞĂƐĞƐ
dŚĞ'ƌŽƵƉĂƐƐĞƐƐǁŚĞƚŚĞƌĂĐŽŶƚƌĂĐƚŝƐŽƌĐŽŶƚĂŝŶƐĂůĞĂƐĞ͕ĂƚŝŶĐĞƉƚŝŽŶŽĨƚŚĞĐŽŶƚƌĂĐƚ͘dŚĞ'ƌŽƵƉ
ƌĞĐŽŐŶŝƐĞƐĂƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚĂŶĚĂĐŽƌƌĞƐƉŽŶĚŝŶŐůĞĂƐĞůŝĂďŝůŝƚLJǁŝƚŚƌĞƐƉĞĐƚƚŽĂůůůĞĂƐĞĂƌƌĂŶŐĞŵĞŶƚƐ
ŝŶǁŚŝĐŚŝƚŝƐƚŚĞůĞƐƐĞĞ͕ĞdžĐĞƉƚĨŽƌƐŚŽƌƚͲƚĞƌŵůĞĂƐĞƐ;ĚĞĨŝŶĞĚĂƐůĞĂƐĞƐǁŝƚŚĂůĞĂƐĞƚĞƌŵŽĨϭϮŵŽŶƚŚƐŽƌ
ůĞƐƐͿĂŶĚůĞĂƐĞŽĨůŽǁǀĂůƵĞĂƐƐĞƚƐ͘&ŽƌƚŚĞƐĞůĞĂƐĞƐ͕ƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐƚŚĞůĞĂƐĞƉĂLJŵĞŶƚƐĂƐĂŶ
ŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƚĞƌŵŽĨƚŚĞůĞĂƐĞƵŶůĞƐƐĂŶŽƚŚĞƌƐLJƐƚĞŵĂƚŝĐďĂƐŝƐŝƐ
ŵŽƌĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨƚŚĞƚŝŵĞƉĂƚƚĞƌŶŝŶǁŚŝĐŚĞĐŽŶŽŵŝĐďĞŶĞĨŝƚĨƌŽŵƚŚĞůĞĂƐĞĚĂƐƐĞƚƐĂƌĞ
ĐŽŶƐƵŵĞĚ͘
dŚĞůĞĂƐĞůŝĂďŝůŝƚLJŝƐŝŶŝƚŝĂůůLJŵĞĂƐƵƌĞĚĂƚƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĨƵƚƵƌĞůĞĂƐĞƉĂLJŵĞŶƚƐ͕ĚŝƐĐŽƵŶƚĞĚďLJ
ƵƐŝŶŐƚŚĞƌĂƚĞŝŵƉůŝĐŝƚŝŶƚŚĞůĞĂƐĞ͘/ĨƚŚŝƐƌĂƚĞĐĂŶŶŽƚďĞƌĞĂĚŝůLJĚĞƚĞƌŵŝŶĞĚ͕ƚŚĞ'ƌŽƵƉƵƐĞƐŝƚƐ
ŝŶĐƌĞŵĞŶƚĂůďŽƌƌŽǁŝŶŐƌĂƚĞ͘dŚĞůĞĂƐĞůŝĂďŝůŝƚLJŝƐƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚƵƐŝŶŐƚŚĞ
ƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘/ƚŝƐƌĞŵĞĂƐƵƌĞĚǁŚĞŶƚŚĞƌĞŝƐĂĐŚĂŶŐĞŝŶĨƵƚƵƌĞůĞĂƐĞƉĂLJŵĞŶƚƐ
ĂƌŝƐŝŶŐĨƌŽŵĂĐŚĂŶŐĞŝŶĂŶŝŶĚĞdžŽƌƌĂƚĞŽƌŝĨƚŚĞ'ƌŽƵƉĐŚĂŶŐĞƐŝƚƐĂƐƐĞƐƐŵĞŶƚŽĨǁŚĞƚŚĞƌŝƚǁŝůů
ĞdžĞƌĐŝƐĞĂƉƵƌĐŚĂƐĞ͕ĞdžƚĞŶƐŝŽŶŽĨƚĞƌŵŝŶĂƚŝŽŶŽƉƚŝŽŶ͕ǁŝƚŚĂĐŽƌƌĞƐƉŽŶĚŝŶŐĂĚũƵƐƚŵĞŶƚŵĂĚĞƚŽƚŚĞ
ĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚ͘
dŚĞƌŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐĐŽŵƉƌŝƐĞƚŚĞŝŶŝƚŝĂůŵĞĂƐƵƌĞŵĞŶƚŽĨƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐůĞĂƐĞůŝĂďŝůŝƚLJ͕ůĞĂƐĞ
ƉĂLJŵĞŶƚƐŵĂĚĞĂƚŽƌďĞĨŽƌĞƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞĂŶĚĂŶLJŝŶŝƚŝĂůĚŝƌĞĐƚĐŽƐƚƐĂŶĚƌĞƐƚŽƌĂƚŝŽŶĐŽƐƚƐ͘
dŚĞLJĂƌĞƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĐŽƐƚůĞƐƐĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘ZŝŐŚƚͲŽĨͲ
ƵƐĞĂƐƐĞƚƐĂƌĞĚĞƉƌĞĐŝĂƚĞĚŽǀĞƌƚŚĞƐŚŽƌƚĞƌƉĞƌŝŽĚŽĨůĞĂƐĞƚĞƌŵĂŶĚƚŚĞƵƐĞĨƵůůŝĨĞŽĨƚŚĞƵŶĚĞƌůLJŝŶŐ
ĂƐƐĞƚ͘dŚĞĚĞƉƌĞĐŝĂƚŝŽŶƐƚĂƌƚƐĂƚƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞŽĨƚŚĞůĞĂƐĞ͘

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tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭϯ
Ϯ͘ϭε &ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ;ŝŶĐůƵĚŝŶŐƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ͕ďŽƌƌŽǁŝŶŐƐĂŶĚůĞĂƐĞůŝĂďŝůŝƚŝĞƐͿĂƌĞŵĞĂƐƵƌĞĚĂƚ
ĂŵŽƌƚŝƐĞĚĐŽƐƚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘
ĞƌĞĐŽŐŶŝƚŝŽŶŽĨĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged,
ĐĂŶĐĞůůĞĚŽƌŚĂǀĞĞdžƉŝƌĞĚ͘dŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJ
ĚĞƌĞĐŽŐŶŝƐĞĚĂŶĚƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂŝĚĂŶĚƉĂLJĂďůĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘
ŽŶǀĞƌƚŝďůĞŶŽƚĞƐ
dŚĞĐŽŵƉŽƵŶĚĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝƐƐƵĞĚďLJƚŚĞ'ƌŽƵƉĐŽŵƉƌŝƐĞĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐ͘
dŚĞĐŽŵƉŽŶĞŶƚƉĂƌƚƐŽĨĐŽŶǀĞƌƚŝďůĞůŽĂŶŶŽƚĞƐŝƐƐƵĞĚďLJƚŚĞ'ƌŽƵƉĂƌĞĐůĂƐƐŝĨŝĞĚƐĞƉĂƌĂƚĞůLJĂƐĨŝŶĂŶĐŝĂů
ůŝĂďŝůŝƚŝĞƐĂŶĚĞƋƵŝƚLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƵďƐƚĂŶĐĞŽĨƚŚĞĐŽŶƚƌĂĐƚƵĂůĂƌƌĂŶŐĞŵĞŶƚƐĂŶĚƚŚĞ
ĚĞĨŝŶŝƚŝŽŶƐŽĨĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJĂŶĚĂŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚ͘ ŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚŝƐĂŶLJĐŽŶƚƌĂĐƚƚŚĂƚ
ĞǀŝĚĞŶĐĞƐĂƌĞƐŝĚƵĂůŝŶƚĞƌĞƐƚŝŶƚŚĞĂƐƐĞƚƐŽĨĂŶĞŶƚŝƚLJĂĨƚĞƌĚĞĚƵĐƚŝŶŐĂůůŽĨŝƚƐůŝĂďŝůŝƚŝĞƐ͘ĐŽŶǀĞƌƐŝŽŶ
ŽƉƚŝŽŶƚŚĂƚǁŝůůďĞƐĞƚƚůĞĚďLJƚŚĞĞdžĐŚĂŶŐĞŽĨĂĨŝdžĞĚĂŵŽƵŶƚŽĨĐĂƐŚŽƌĂŶŽƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚĨŽƌĂĨŝdžĞĚ
number of the Company’s own equity instruments is an equity instrument.
ƚƚŚĞĚĂƚĞŽĨŝƐƐƵĞ͕ƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞůŝĂďŝůŝƚLJĐŽŵƉŽŶĞŶƚŝƐĞƐƚŝŵĂƚĞĚƵƐŝŶŐƚŚĞƉƌĞǀĂŝůŝŶŐŵĂƌŬĞƚ
ŝŶƚĞƌĞƐƚƌĂƚĞĨŽƌĂƐŝŵŝůĂƌŶŽŶ‑ĐŽŶǀĞƌƚŝďůĞŝŶƐƚƌƵŵĞŶƚ͘dŚŝƐĂŵŽƵŶƚŝƐƌĞĐŽƌĚĞĚĂƐĂůŝĂďŝůŝƚLJŽŶĂŶ
ĂŵŽƌƚŝƐĞĚĐŽƐƚďĂƐŝƐƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚƵŶƚŝůĞdžƚŝŶŐƵŝƐŚĞĚƵƉŽŶĐŽŶǀĞƌƐŝŽŶŽƌĂƚƚŚĞ
instrument’s maturity date.
dŚĞĐŽŶǀĞƌƐŝŽŶŽƉƚŝŽŶĐůĂƐƐŝĨŝĞĚĂƐĞƋƵŝƚLJŝƐĚĞƚĞƌŵŝŶĞĚďLJĚĞĚƵĐƚŝŶŐƚŚĞĂŵŽƵŶƚŽĨƚŚĞůŝĂďŝůŝƚLJ
ĐŽŵƉŽŶĞŶƚĨƌŽŵƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŵƉŽƵŶĚŝŶƐƚƌƵŵĞŶƚĂƐĂǁŚŽůĞ͘dŚŝƐŝƐƌĞĐŽŐŶŝƐĞĚĂŶĚŝŶĐůƵĚĞĚ
ŝŶĞƋƵŝƚLJ͕ŶĞƚŽĨŝŶĐŽŵĞƚĂdžĞĨĨĞĐƚƐ͕ĂŶĚŝƐŶŽƚƐƵďƐĞƋƵĞŶƚůLJƌĞŵĞĂƐƵƌĞĚ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĐŽŶǀĞƌƐŝŽŶ
ŽƉƚŝŽŶĐůĂƐƐŝĨŝĞĚĂƐĞƋƵŝƚLJǁŝůůƌĞŵĂŝŶŝŶĞƋƵŝƚLJƵŶƚŝůƚŚĞĐŽŶǀĞƌƐŝŽŶŽƉƚŝŽŶŝƐĞdžĞƌĐŝƐĞĚ͕ŝŶǁŚŝĐŚĐĂƐĞ͕
ƚŚĞďĂůĂŶĐĞƌĞĐŽŐŶŝƐĞĚŝŶĞƋƵŝƚLJǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚƚŽƐŚĂƌĞĐĂƉŝƚĂů͘tŚĞƌĞƚŚĞĐŽŶǀĞƌƐŝŽŶŽƉƚŝŽŶ
ƌĞŵĂŝŶƐƵŶĞdžĞƌĐŝƐĞĚĂƚƚŚĞŵĂƚƵƌŝƚLJĚĂƚĞŽĨƚŚĞĐŽŶǀĞƌƚŝďůĞůŽĂŶŶŽƚĞ͕ƚŚĞďĂůĂŶĐĞƌĞĐŽŐŶŝƐĞĚŝŶĞƋƵŝƚLJ
ǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ͘EŽŐĂŝŶŽƌůŽƐƐŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐƵƉŽŶĐŽŶǀĞƌƐŝŽŶŽƌ
ĞdžƉŝƌĂƚŝŽŶŽĨƚŚĞĐŽŶǀĞƌƐŝŽŶŽƉƚŝŽŶ͘
dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐƚŚĂƚƌĞůĂƚĞƚŽƚŚĞŝƐƐƵĞŽĨƚŚĞĐŽŶǀĞƌƚŝďůĞůŽĂŶŶŽƚĞƐĂƌĞĂůůŽĐĂƚĞĚƚŽƚŚĞůŝĂďŝůŝƚLJĂŶĚ
ĞƋƵŝƚLJĐŽŵƉŽŶĞŶƚƐŝŶƉƌŽƉŽƌƚŝŽŶƚŽƚŚĞĂůůŽĐĂƚŝŽŶŽĨƚŚĞŐƌŽƐƐƉƌŽĐĞĞĚƐ͘dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐƌĞůĂƚŝŶŐƚŽ
ƚŚĞĞƋƵŝƚLJĐŽŵƉŽŶĞŶƚĂƌĞƌĞĐŽŐŶŝƐĞĚĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJ͘dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐƌĞůĂƚŝŶŐƚŽƚŚĞůŝĂďŝůŝƚLJ
ĐŽŵƉŽŶĞŶƚĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞůŝĂďŝůŝƚLJĐŽŵƉŽŶĞŶƚĂŶĚĂƌĞĂŵŽƌƚŝƐĞĚŽǀĞƌƚŚĞ
ůŝǀĞƐŽĨƚŚĞĐŽŶǀĞƌƚŝďůĞůŽĂŶŶŽƚĞƐƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘
Ϯ͘ϮϬ &ŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ƚƌĂŶƐůĂƚŝŽŶ
&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞƚƌĂŶƐůĂƚĞĚŝŶƚŽƚŚĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJƵƐŝŶŐƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞƐ
ƉƌĞǀĂŝůŝŶŐĂƚƚŚĞĚĂƚĞƐŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶƐǁŚĞƌĞŝƚĞŵƐĂƌĞƌĞͲŵĞĂƐƵƌĞĚ͘
ƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ŵŽŶĞƚĂƌLJŝƚĞŵƐĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƌĞƌĞƚƌĂŶƐůĂƚĞĚ
ĂƚƚŚĞƌĂƚĞƐƉƌĞǀĂŝůŝŶŐĂƚƚŚĂƚĚĂƚĞ͘
džĐŚĂŶŐĞĚŝĨĨĞƌĞŶĐĞƐŽŶŵŽŶĞƚĂƌLJŝƚĞŵƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉƌŽĨŝƚŽƌůŽƐƐŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞLJ
ĂƌŝƐĞ͘
Ϯ͘Ϯϭ ^ŚĂƌĞĐĂƉŝƚĂů
KƌĚŝŶĂƌLJƐŚĂƌĞƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĞƋƵŝƚLJ͘/ŶĐƌĞŵĞŶƚĂůĐŽƐƚƐĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞŝƐƐƵĞŽĨŶĞǁƐŚĂƌĞƐ
ĂƌĞƐŚŽǁŶŝŶĞƋƵŝƚLJĂƐĂĚĞĚƵĐƚŝŽŶ͕ŶĞƚŽĨƚĂdž͕ĨƌŽŵƚŚĞƉƌŽĐĞĞĚƐ͘

WASTECO GROUP LTD: ANNUAL REPORT 2024 39
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭκ
Ϯ͘ϮϮ ^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐ
dŚĞĨĂŝƌǀĂůƵĞŽĨƐŚĂƌĞŽƉƚŝŽŶƐŝƐƐƵĞĚƚŽĚŝƌĞĐƚŽƌƐĂŶĚĞŵƉůŽLJĞĞƐŝƐĚĞƚĞƌŵŝŶĞĚĂƚƚŚĞŐƌĂŶƚĚĂƚĞĂŶĚ ŝƐ
ĞdžƉĞŶƐĞĚŽŶĂƐƚƌĂŝŐŚƚͲline basis over the vesting period, based on the Group’s estimate of ƚŚĞƐŚĂƌĞ
ŽƉƚŝŽŶƐ ƚŚĂƚǁŝůůĞǀĞŶƚƵĂůůLJǀĞƐƚ͕ǁŝƚŚĂĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐƌĞĂƐĞŝŶĞƋƵŝƚLJ͘
ƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ƚŚĞ'ƌŽƵƉƌĞǀŝƐĞƐŝƚƐĞƐƚŝŵĂƚĞŽĨƚŚĞŶƵŵďĞƌŽĨƐŚĂƌĞŽƉƚŝŽŶƐ
ĞdžƉĞĐƚĞĚƚŽǀĞƐƚ͘dŚĞŝŵƉĂĐƚŽĨƚŚĞƌĞǀŝƐŝŽŶŽĨƚŚĞŽƌŝŐŝŶĂůĞƐƚŝŵĂƚĞƐ͕ŝĨĂŶLJ͕ŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ
ƐƵĐŚƚŚĂƚƚŚĞĐƵŵƵůĂƚŝǀĞĞdžƉĞŶƐĞƌĞĨůĞĐƚƐƚŚĞƌĞǀŝƐĞĚĞƐƚŝŵĂƚĞ͕ǁŝƚŚĂĐŽƌƌĞƐƉŽŶĚŝŶŐĂĚũƵƐƚŵĞŶƚƚŽƚŚĞ
ƐŚĂƌĞ ͲďĂƐĞĚƉĂLJŵĞŶƚƐƌĞƐĞƌǀĞ͘
ϯϯ͘͘ ƉƉƉƉůůŝŝĐĐĂĂƚƚŝŝŽŽŶŶŽŽĨĨŶŶĞĞǁǁĂĂŶŶĚĚƌƌĞĞǀǀŝŝƐƐĞĞĚĚEEĞĞǁǁĞĞĂĂůůĂĂŶŶĚĚ//&&ZZ^^ĐĐĐĐŽŽƵƵŶŶƚƚŝŝŶŶŐŐ^^ƚƚĂĂŶŶĚĚĂĂƌƌĚĚƐƐ;;EE
//&&ZZ^^ƐƐͿͿ
ϯ͘ϭ EĞǁĂŶĚĂŵĞŶĚĞĚƐƚĂŶĚĂƌĚƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ
ůůŶĞǁĂŶĚĂŵĞŶĚĞĚƐƚĂŶĚĂƌĚƐǁĞƌĞŝŵƉůĞŵĞŶƚĞĚĂŶĚƚŚĞŝŵƉĂĐƚĚĞĞŵĞĚŶŽƚƚŽďĞŵĂƚĞƌŝĂů͘
dŚĞ'ƌŽƵƉŚĂƐŶŽƚĞĂƌůLJĂĚŽƉƚĞĚĂŶLJƐƚĂŶĚĂƌĚƐ͕ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐŽƌĂŵĞŶĚŵĞŶƚƐƚŚĂƚŚĂǀĞďĞĞŶŝƐƐƵĞĚ
ďƵƚĂƌĞŶŽƚLJĞƚĞĨĨĞĐƚŝǀĞ͘ĂƌůLJĂĚŽƉƚŝŽŶŽĨƚŚĞƐĞŶĞǁƐƚĂŶĚĂƌĚƐ͕ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐŽƌĂŵĞŶĚŵĞŶƚƐǁŽƵůĚ
ŶŽƚŚĂǀĞŚĂĚĂŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞĨŝŶĂŶĐŝĂůƌĞƐƵůƚŽƌĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͘
dŚĞ'ƌŽƵƉŚĂƐŶŽƚLJĞƚĂƐƐĞƐƐĞĚƚŚĞŝŵƉĂĐƚŽĨƚŚĞƌĞĐĞŶƚůLJƌĞůĞĂƐĞĚE/&Z^ϭΘWƌĞƐĞŶƚĂƚŝŽŶĂŶĚ
ŝƐĐůŽƐƵƌĞŝŶ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘/ƚŝƐĞdžƉĞĐƚĞĚƚŚĂƚƚŚĞƐƚĂŶĚĂƌĚǁŝůůŝŵƉĂĐƚƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞ
ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
κκ͘͘ <<ĞĞLJLJĂĂĐĐĐĐŽŽƵƵŶŶƚƚŝŝŶŶŐŐĞĞƐƐƚƚŝŝŵŵĂĂƚƚĞĞƐƐĂĂŶŶĚĚũũƵƵĚĚŐŐĞĞŵŵĞĞŶŶƚƚƐƐ
In the application of the Group’s accounting policies, which are described in note 2, the ĚŝƌĞĐƚŽƌƐŽĨƚŚĞ
'ƌŽƵƉĂƌĞƌĞƋƵŝƌĞĚƚŽŵĂŬĞũƵĚŐĞŵĞŶƚƐ͕ĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐĂďŽƵƚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨ
ĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐƚŚĂƚĂƌĞŶŽƚƌĞĂĚŝůLJĂƉƉĂƌĞŶƚĨƌŽŵŽƚŚĞƌƐŽƵƌĐĞƐ͘dŚĞĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐŽĐŝĂƚĞĚ
ĂƐƐƵŵƉƚŝŽŶƐĂƌĞďĂƐĞĚŽŶŚŝƐƚŽƌŝĐĂůĞdžƉĞƌŝĞŶĐĞĂŶĚŽƚŚĞƌĨĂĐƚŽƌƐƚŚĂƚĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽďĞƌĞůĞǀĂŶƚ͘
ĐƚƵĂůƌĞƐƵůƚƐŵĂLJĚŝĨĨĞƌĨƌŽŵƚŚĞƐĞĞƐƚŝŵĂƚĞƐ͘
dŚĞĞƐƚŝŵĂƚĞƐĂŶĚƵŶĚĞƌůLJŝŶŐĂƐƐƵŵƉƚŝŽŶƐĂƌĞƌĞǀŝĞǁĞĚŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐ͘ZĞǀŝƐŝŽŶƐƚŽĂĐĐŽƵŶƚŝŶŐ
ĞƐƚŝŵĂƚĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞĞƐƚŝŵĂƚĞŝƐƌĞǀŝƐĞĚŝĨƚŚĞƌĞǀŝƐŝŽŶĂĨĨĞĐƚƐŽŶůLJƚŚĂƚ
ƉĞƌŝŽĚ͕ŽƌŝŶƚŚĞƉĞƌŝŽĚŽĨƚŚĞƌĞǀŝƐŝŽŶĂŶĚĨƵƚƵƌĞƉĞƌŝŽĚƐŝĨƚŚĞƌĞǀŝƐŝŽŶĂĨĨĞĐƚƐďŽƚŚĐƵƌƌĞŶƚĂŶĚĨƵƚƵƌĞ
ƉĞƌŝŽĚƐ͘ĞůŽǁĂƌĞƚŚĞŬĞLJ ĂĐĐŽƵŶƚŝŶŐũƵĚŐĞŵĞŶƚƐ͘
κ͘ϭ ĞƚĞƌŵŝŶŝŶŐĨĂŝƌǀĂůƵĞƐŽŶĂĐƋƵŝƐŝƚŝŽŶ
ƵƌŝŶŐƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƚŚĞ'ƌŽƵƉŵĂĚĞƚǁŽďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶƐ;ŶŽƚĞϮϯͿ͘ƚĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞƚŚĞ
ŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚ͕ĂŶĚƚŚĞůŝĂďŝůŝƚŝĞƐĂƐƐƵŵĞĚ͕ĂƌĞƌĞĐŽŐŶŝƐĞĚĂƚƚŚĞŝƌĨĂŝƌǀĂůƵĞ͘:ƵĚŐĞŵĞŶƚŝƐ
ƌĞƋƵŝƌĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐĨĂŝƌǀĂůƵĞŽĨƚŚĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚ͘dŚĞĨĂŝƌǀĂůƵĞŽĨĂƐƐĞƚƐĂĐƋƵŝƌĞĚŝƐĚĞƚĞƌŵŝŶĞĚ
ďLJƌĞĨĞƌĞŶĐĞƚŽŵĂƌŬĞƚƉƌŝĐĞƐĨŽƌƐŝŵŝůĂƌŝƚĞŵƐ͘/ŶĚĞƉĞŶĚĞŶƚǀĂůƵĞƌƐǁĞƌĞĞŶŐĂŐĞĚƚŽĚĞƚĞƌŵŝŶĞĨĂŝƌ
ǀĂůƵĞ͘
κ͘Ϯ /ŵƉĂŝƌŵĞŶƚŽĨŐŽŽĚǁŝůů
ĂƐŚ‑ŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐƚŽǁŚŝĐŚŐŽŽĚǁŝůůŚĂƐďĞĞŶĂůůŽĐĂƚĞĚĂƌĞƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂŶŶƵĂůůLJ͕ŽƌŵŽƌĞ
ĨƌĞƋƵĞŶƚůLJǁŚĞŶƚŚĞƌĞŝƐĂŶŝŶĚŝĐĂƚŝŽŶƚŚĂƚƚŚĞƵŶŝƚŵĂLJďĞŝŵƉĂŝƌĞĚ͘dŚĞŽĂƌĚŚĂƐƵŶĚĞƌƚĂŬĞŶǀĂůƵĞŝŶ
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭϯ
Ϯ͘ϭε &ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ;ŝŶĐůƵĚŝŶŐƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ͕ďŽƌƌŽǁŝŶŐƐĂŶĚůĞĂƐĞůŝĂďŝůŝƚŝĞƐͿĂƌĞŵĞĂƐƵƌĞĚĂƚ
ĂŵŽƌƚŝƐĞĚĐŽƐƚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘
ĞƌĞĐŽŐŶŝƚŝŽŶŽĨĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged,
ĐĂŶĐĞůůĞĚŽƌŚĂǀĞĞdžƉŝƌĞĚ͘dŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJ
ĚĞƌĞĐŽŐŶŝƐĞĚĂŶĚƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂŝĚĂŶĚƉĂLJĂďůĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘
ŽŶǀĞƌƚŝďůĞŶŽƚĞƐ
dŚĞĐŽŵƉŽƵŶĚĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝƐƐƵĞĚďLJƚŚĞ'ƌŽƵƉĐŽŵƉƌŝƐĞĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐ͘
dŚĞĐŽŵƉŽŶĞŶƚƉĂƌƚƐŽĨĐŽŶǀĞƌƚŝďůĞůŽĂŶŶŽƚĞƐŝƐƐƵĞĚďLJƚŚĞ'ƌŽƵƉĂƌĞĐůĂƐƐŝĨŝĞĚƐĞƉĂƌĂƚĞůLJĂƐĨŝŶĂŶĐŝĂů
ůŝĂďŝůŝƚŝĞƐĂŶĚĞƋƵŝƚLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƵďƐƚĂŶĐĞŽĨƚŚĞĐŽŶƚƌĂĐƚƵĂůĂƌƌĂŶŐĞŵĞŶƚƐĂŶĚƚŚĞ
ĚĞĨŝŶŝƚŝŽŶƐŽĨĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJĂŶĚĂŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚ͘ŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚŝƐĂŶLJĐŽŶƚƌĂĐƚƚŚĂƚ
ĞǀŝĚĞŶĐĞƐĂƌĞƐŝĚƵĂůŝŶƚĞƌĞƐƚŝŶƚŚĞĂƐƐĞƚƐŽĨĂŶĞŶƚŝƚLJĂĨƚĞƌĚĞĚƵĐƚŝŶŐĂůůŽĨŝƚƐůŝĂďŝůŝƚŝĞƐ͘ĐŽŶǀĞƌƐŝŽŶ
ŽƉƚŝŽŶƚŚĂƚǁŝůůďĞƐĞƚƚůĞĚďLJƚŚĞĞdžĐŚĂŶŐĞŽĨĂĨŝdžĞĚĂŵŽƵŶƚŽĨĐĂƐŚŽƌĂŶŽƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚĨŽƌĂĨŝdžĞĚ
number of the Company’s own equity instruments is an equity instrument.
ƚƚŚĞĚĂƚĞŽĨŝƐƐƵĞ͕ƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞůŝĂďŝůŝƚLJĐŽŵƉŽŶĞŶƚŝƐĞƐƚŝŵĂƚĞĚƵƐŝŶŐƚŚĞƉƌĞǀĂŝůŝŶŐŵĂƌŬĞƚ
ŝŶƚĞƌĞƐƚƌĂƚĞĨŽƌĂƐŝŵŝůĂƌŶŽŶ‑ĐŽŶǀĞƌƚŝďůĞŝŶƐƚƌƵŵĞŶƚ͘dŚŝƐĂŵŽƵŶƚŝƐƌĞĐŽƌĚĞĚĂƐĂůŝĂďŝůŝƚLJŽŶĂŶ
ĂŵŽƌƚŝƐĞĚĐŽƐƚďĂƐŝƐƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚƵŶƚŝůĞdžƚŝŶŐƵŝƐŚĞĚƵƉŽŶĐŽŶǀĞƌƐŝŽŶŽƌĂƚƚŚĞ
instrument’s maturity date.
dŚĞĐŽŶǀĞƌƐŝŽŶŽƉƚŝŽŶĐůĂƐƐŝĨŝĞĚĂƐĞƋƵŝƚLJŝƐĚĞƚĞƌŵŝŶĞĚďLJĚĞĚƵĐƚŝŶŐƚŚĞĂŵŽƵŶƚŽĨƚŚĞůŝĂďŝůŝƚLJ
ĐŽŵƉŽŶĞŶƚĨƌŽŵƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŵƉŽƵŶĚŝŶƐƚƌƵŵĞŶƚĂƐĂǁŚŽůĞ͘dŚŝƐŝƐƌĞĐŽŐŶŝƐĞĚĂŶĚŝŶĐůƵĚĞĚ
ŝŶĞƋƵŝƚLJ͕ŶĞƚŽĨŝŶĐŽŵĞƚĂdžĞĨĨĞĐƚƐ͕ĂŶĚŝƐŶŽƚƐƵďƐĞƋƵĞŶƚůLJƌĞŵĞĂƐƵƌĞĚ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞĐŽŶǀĞƌƐŝŽŶ
ŽƉƚŝŽŶĐůĂƐƐŝĨŝĞĚĂƐĞƋƵŝƚLJǁŝůůƌĞŵĂŝŶŝŶĞƋƵŝƚLJƵŶƚŝůƚŚĞĐŽŶǀĞƌƐŝŽŶŽƉƚŝŽŶŝƐĞdžĞƌĐŝƐĞĚ͕ŝŶǁŚŝĐŚĐĂƐĞ͕
ƚŚĞďĂůĂŶĐĞƌĞĐŽŐŶŝƐĞĚŝŶĞƋƵŝƚLJǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚƚŽƐŚĂƌĞĐĂƉŝƚĂů͘tŚĞƌĞƚŚĞĐŽŶǀĞƌƐŝŽŶŽƉƚŝŽŶ
ƌĞŵĂŝŶƐƵŶĞdžĞƌĐŝƐĞĚĂƚƚŚĞŵĂƚƵƌŝƚLJĚĂƚĞŽĨƚŚĞĐŽŶǀĞƌƚŝďůĞůŽĂŶŶŽƚĞ͕ƚŚĞďĂůĂŶĐĞƌĞĐŽŐŶŝƐĞĚŝŶĞƋƵŝƚLJ
ǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ͘EŽŐĂŝŶŽƌůŽƐƐŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐƵƉŽŶĐŽŶǀĞƌƐŝŽŶŽƌ
ĞdžƉŝƌĂƚŝŽŶŽĨƚŚĞĐŽŶǀĞƌƐŝŽŶŽƉƚŝŽŶ͘
dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐƚŚĂƚƌĞůĂƚĞƚŽƚŚĞŝƐƐƵĞŽĨƚŚĞĐŽŶǀĞƌƚŝďůĞůŽĂŶŶŽƚĞƐĂƌĞĂůůŽĐĂƚĞĚƚŽƚŚĞůŝĂďŝůŝƚLJĂŶĚ
ĞƋƵŝƚLJĐŽŵƉŽŶĞŶƚƐŝŶƉƌŽƉŽƌƚŝŽŶƚŽƚŚĞĂůůŽĐĂƚŝŽŶŽĨƚŚĞŐƌŽƐƐƉƌŽĐĞĞĚƐ͘dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐƌĞůĂƚŝŶŐƚŽ
ƚŚĞĞƋƵŝƚLJĐŽŵƉŽŶĞŶƚĂƌĞƌĞĐŽŐŶŝƐĞĚĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJ͘dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐƌĞůĂƚŝŶŐƚŽƚŚĞůŝĂďŝůŝƚLJ
ĐŽŵƉŽŶĞŶƚĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞůŝĂďŝůŝƚLJĐŽŵƉŽŶĞŶƚĂŶĚĂƌĞĂŵŽƌƚŝƐĞĚŽǀĞƌƚŚĞ
ůŝǀĞƐŽĨƚŚĞĐŽŶǀĞƌƚŝďůĞůŽĂŶŶŽƚĞƐƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘
Ϯ͘ϮϬ &ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐůĂƚŝŽŶ
&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞƚƌĂŶƐůĂƚĞĚŝŶƚŽƚŚĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJƵƐŝŶŐƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞƐ
ƉƌĞǀĂŝůŝŶŐĂƚƚŚĞĚĂƚĞƐŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶƐǁŚĞƌĞŝƚĞŵƐĂƌĞƌĞͲŵĞĂƐƵƌĞĚ͘
ƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ŵŽŶĞƚĂƌLJŝƚĞŵƐĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƌĞƌĞƚƌĂŶƐůĂƚĞĚ
ĂƚƚŚĞƌĂƚĞƐƉƌĞǀĂŝůŝŶŐĂƚƚŚĂƚĚĂƚĞ͘
džĐŚĂŶŐĞĚŝĨĨĞƌĞŶĐĞƐŽŶŵŽŶĞƚĂƌLJŝƚĞŵƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉƌŽĨŝƚŽƌůŽƐƐŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞLJ
ĂƌŝƐĞ͘
Ϯ͘Ϯϭ ^ŚĂƌĞĐĂƉŝƚĂů
KƌĚŝŶĂƌLJƐŚĂƌĞƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĞƋƵŝƚLJ͘/ŶĐƌĞŵĞŶƚĂůĐŽƐƚƐĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞŝƐƐƵĞŽĨŶĞǁƐŚĂƌĞƐ
ĂƌĞƐŚŽǁŶŝŶĞƋƵŝƚLJĂƐĂĚĞĚƵĐƚŝŽŶ͕ŶĞƚŽĨƚĂdž͕ĨƌŽŵƚŚĞƉƌŽĐĞĞĚƐ͘

40
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭρ
ƵƐĞŝŵƉĂŝƌŵĞŶƚƚĞƐƚŝŶŐĂŶĚƌĞǀŝĞǁĞĚƐĞŶƐŝƚŝǀŝƚLJĂŶĂůLJƐŝƐƌĞůĂƚŝŶŐƚŽƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞŐŽŽĚǁŝůů͘
:ƵĚŐĞŵĞŶƚŝƐƌĞƋƵŝƌĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐǁŚĞƚŚĞƌ ƚŚĞƌĞŚĂƐďĞĞŶĂŶŝŵƉĂŝƌŵĞŶƚŝŶŐŽŽĚǁŝůů;ŶŽƚĞϭρ͘ϭ Ϳ͘
κ͘ϯ /ŵƉĂŝƌŵĞŶƚŽĨŶŽŶͲĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
ůůĂƐƐĞƚƐĂƌĞĂƐƐĞƐƐĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞďLJĞǀĂůƵĂƚŝŶŐǁŚĞƚŚĞƌŝŶĚŝĐĂƚŽƌƐŽĨ
ŝŵƉĂŝƌŵĞŶƚĞdžŝƐƚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞĐŽŶƚŝŶƵĞĚƵƐĞŽĨƚŚĞĂƐƐĞƚďLJƚŚĞ'ƌŽƵƉ͘/ŵƉĂŝƌŵĞŶƚƚƌŝŐŐĞƌƐŝŶĐůƵĚĞ
ƚĞĐŚŶŽůŽŐLJĐŚĂŶŐĞƐ͕ĂĚǀĞƌƐĞĐŚĂŶŐĞƐŝŶƚŚĞĞĐŽŶŽŵŝĐŽƌƉŽůŝƚŝĐĂůĞŶǀŝƌŽŶŵĞŶƚĂŶĚĨƵƚƵƌĞƉƌŽĚƵĐƚ
ĞdžƉĞĐƚĂƚŝŽŶƐ͘/ĨĂŶŝŶĚŝĐĂƚŽƌŽĨŝŵƉĂŝƌŵĞŶƚĞdžŝƐƚƐ͕ƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚŝƐĚĞƚĞƌŵŝŶĞĚ͘
κ͘κ ZĞĐŽŐŶŝƚŝŽŶŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚ
dŚĞĨƵƚƵƌĞďĞŶĞĨŝƚŽĨƚĂdžůŽƐƐĞƐŝƐƌĞĐŽŐŶŝƐĞĚĂƐĂĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚ
ƚĂdžĂďůĞƉƌŽĨŝƚƐǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚŽƐĞƚĂdžůŽƐƐĞƐĐĂŶďĞƵƚŝůŝƐĞĚ͘:ƵĚŐĞŵĞŶƚŝƐƌĞƋƵŝƌĞĚŝŶ
ĚĞƚĞƌŵŝŶŝŶŐƚŚĞƉƌŽďĂďŝůŝƚLJĂŶĚƚŝŵŝŶŐŽĨĨƵƚƵƌĞƉƌŽĨŝƚƐ͘
κ͘ρ ĂůĐƵůĂƚŝŽŶŽĨĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĂůůŽǁĂŶĐĞ
tŚĞŶŵĞĂƐƵƌŝŶŐĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐ;Ζ>ΖͿƚŚĞ'ƌŽƵƉƵƐĞƐƌĞĂƐŽŶĂďůĞĂŶĚƐƵƉƉŽƌƚĂďůĞĨŽƌǁĂƌĚͲ
ůŽŽŬŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͕ǁŚŝĐŚŝƐďĂƐĞĚŽŶĂƐƐƵŵƉƚŝŽŶƐĨŽƌĨƵƚƵƌĞŵŽǀĞŵĞŶƚŽĨĚŝĨĨĞƌĞŶƚĞĐŽŶŽŵŝĐĚƌŝǀĞƌƐ
ĂŶĚŚŽǁƚŚĞƐĞĚƌŝǀĞƌƐǁŝůůĂĨĨĞĐƚĞĂĐŚŽƚŚĞƌ͘
DĂŶĂŐĞŵĞŶƚƐƉĞĐŝĨŝĐĂůůLJƌĞǀŝĞǁƐŝƚƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚĂŶĚĂŶĂůLJƐĞƐŚŝƐƚŽƌŝĐĂů
ďĂĚĚĞďƚƐ͕ĐƵƐƚŽŵĞƌĐŽŶĐĞŶƚƌĂƚŝŽŶƐ͕ĐƵƐƚŽŵĞƌĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐ͕ĐƵƌƌĞŶƚĞĐŽŶŽŵŝĐƚƌĞŶĚƐĂŶĚĐŚĂŶŐĞƐ
ŝŶƚŚĞĐƵƐƚŽŵĞƌƉĂLJŵĞŶƚƚĞƌŵƐǁŚĞŶŵĂŬŝŶŐĂũƵĚŐĞŵĞŶƚƚŽĞǀĂůƵĂƚĞƚŚĞĂĚĞƋƵĂĐLJŽĨƚŚĞĞdžƉĞĐƚĞĚ
ĐƌĞĚŝƚůŽƐƐĂůůŽǁĂŶĐĞ͘
κ͘ς ĞƚĞƌŵŝŶŝŶŐƚŚĞůĞĂƐĞƚĞƌŵĂŶĚŝŶĐƌĞŵĞŶƚĂůďŽƌƌŽǁŝŶŐƌĂƚĞ
/ŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞůĞĂƐĞƚĞƌŵ͕ũƵĚŐĞŵĞŶƚŝƐƌĞƋƵŝƌĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐǁŚĞƚŚĞƌŝƚŝƐƌĞĂƐŽŶĂďůLJĐĞƌƚĂŝŶƚŚĂƚ
ĂŶĞdžƚĞŶƐŝŽŶŽƉƚŝŽŶǁŝůůďĞĞdžĞƌĐŝƐĞĚ͘dŚĞ'ƌŽƵƉĐŽŶƐŝĚĞƌƐĂůůƌĞůĞǀĂŶƚĨĂĐƚŽƌƐƚŚĂƚĐƌĞĂƚĞĂŶĞĐŽŶŽŵŝĐ
ŝŶĐĞŶƚŝǀĞĨŽƌŝƚƚŽĞdžĞƌĐŝƐĞƚŚĞĞdžƚĞŶƐŝŽŶ͘ĨƚĞƌƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞ͕ƚŚĞ'ƌŽƵƉƌĞĂƐƐĞƐƐĞƐƚŚĞůĞĂƐĞ
ƚĞƌŵŝĨƚŚĞƌĞŝƐĂƐŝŐŶŝĨŝĐĂŶƚĞǀĞŶƚŽƌĐŚĂŶŐĞŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚŝƐǁŝƚŚŝŶŝƚƐĐŽŶƚƌŽůĂŶĚĂĨĨĞĐƚƐŝƚƐ
ĂďŝůŝƚLJƚŽĞdžĞƌĐŝƐĞŽƌŶŽƚƚŽĞdžĞƌĐŝƐĞƚŚĞŽƉƚŝŽŶƚŽĞdžƚĞŶĚ͘dŚĞ'ƌŽƵƉŝŶĐůƵĚĞĚƚŚĞĞdžƚĞŶƐŝŽŶƉĞƌŝŽĚĂƐ
ƉĂƌƚŽĨƚŚĞůĞĂƐĞƚĞƌŵĨŽƌůĞĂƐĞƐŽĨƉƌĞŵŝƐĞƐ͘
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐĂƌĞŵĞĂƐƵƌĞĚďLJĚŝƐĐŽƵŶƚŝŶŐƚŚĞůĞĂƐĞƉĂLJŵĞŶƚƐƵƐŝŶŐƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŝŵƉůŝĐŝƚŝŶƚŚĞ
lease. If that rate cannot be readily determined, the lessee’s incremental borrowing rate is used, being
ƚŚĞƌĂƚĞƚŚĂƚƚŚĞŝŶĚŝǀŝĚƵĂůůĞƐƐĞĞǁŽƵůĚŚĂǀĞƚŽƉĂLJƚŽďŽƌƌŽǁƚŚĞĨƵŶĚƐŶĞĐĞƐƐĂƌLJƚŽŽďƚĂŝŶĂŶĂƐƐĞƚŽĨ
ƐŝŵŝůĂƌǀĂůƵĞƚŽƚŚĞƌŝŐŚƚŽĨƵƐĞĂƐƐĞƚŝŶĂƐŝŵŝůĂƌĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚǁŝƚŚƐŝŵŝůĂƌƚĞƌŵƐ͕ƐĞĐƵƌŝƚLJ͕ĂŶĚ
ĐŽŶĚŝƚŝŽŶƐ͘dŽĚĞƚĞƌŵŝŶĞƚŚĞŝŶĐƌĞŵĞŶƚĂůďŽƌƌŽǁŝŶŐƌĂƚĞ͕ƚŚĞ'ƌŽƵƉƵƐĞƐƌĞĐĞŶƚƚŚŝƌĚͲƉĂƌ ƚLJĨŝŶĂŶĐŝŶŐ
ƌĞĐĞŝǀĞĚĂƐĂƐƚĂƌƚŝŶŐƉŽŝŶƚ͕ĂĚũƵƐƚĞĚƚŽƌĞĨůĞĐƚĂŶLJĐŚĂŶŐĞƐŝŶĨŝŶĂŶĐŝŶŐĐŽŶĚŝƚŝŽŶƐƐŝŶĐĞƚŚĞƚŚŝƌĚͲƉĂƌƚLJ
ĨŝŶĂŶĐŝŶŐǁĂƐƌĞĐĞŝǀĞĚ͘
κ͘ϳ ^ŚĂƌĞŽƉƚŝŽŶƐ
dŚĞĚŝƌĞĐƚŽƌƐƵƐĞĚũƵĚŐĞŵĞŶƚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐ͘^ŚĂƌĞŽƉƚŝŽŶƐǁĞƌĞ
ŝŶĚĞƉĞŶĚĞŶƚůLJǀĂůƵĞĚƵƐŝŶŐƚŚĞůĂĐŬͲ^ĐŚŽůĞƐŵŽĚĞůƚŽĞƐƚŝŵĂƚĞĨĂŝƌǀĂůƵĞĂƚŐƌĂŶƚĚĂƚĞ͘dŚĞĞdžƉĞĐƚĞĚ
ǀŽůĂƚŝůŝƚLJŝŶƚŚĞŵĞĂƐƵƌĞŽĨĨĂŝƌǀĂůƵĞŚĂƐďĞĞŶďĂƐĞĚŽŶƚŚĞŽďƐĞƌǀĞĚǀŽůĂƚŝůŝƚLJůĞǀĞůƐŽĨŵŽǀĞŵĞŶƚƐŝŶ
WasteCo’s share price from ρĞĐĞŵďĞƌϮϬϮϮƵƉƚŽϭϳDĂLJϮϬϮϯĂŶĚĨŽƌŽǀĞƌƐĞĂƐĐŽŵƉĂƌĂďůĞ
ĐŽŵƉĂŶŝĞƐ͕ĂƐĂƉƌŽdžLJŽĨƚŚĞŽŵƉĂŶLJΖƐĨƵƚƵƌĞǀŽůĂƚŝůŝƚLJ. The Company did not have three years’ trading
ŚŝƐƚŽƌLJĂƚƚŚĞǀĂůƵĂƚŝŽŶĚĂƚĞƚŽƉƌŽǀŝĚĞĂƚŚƌĞĞͲLJĞĂƌ ŚŝƐƚŽƌŝĐĂůǀŽůĂƚŝůŝƚLJƚŽƐƵƉƉŽƌƚƚŚĞƐŚĂƌĞŽƉƚŝŽŶ
ǀĂůƵĂƚŝŽŶ;ƌĞĨĞƌŶŽƚĞϮϬͿ͘

WASTECO GROUP LTD: ANNUAL REPORT 2024 41
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭς
ρρ͘͘ ZZĞĞǀǀĞĞŶŶƵƵĞĞ

dŚĞĚĞƚĂŝůƐĂďŽǀĞĚŝƐĂŐŐƌĞŐĂƚĞƚŚĞ'ƌŽƵƉΖƐƌĞǀĞŶƵĞĨƌŽŵĐŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƐŝŶƚŽƉƌŝŵĂƌLJŵĂƌŬĞƚƐ
ĂŶĚŵĂũŽƌƐĞƌǀŝĐĞůŝŶĞƐ͘ůůƌĞǀĞŶƵĞŝƐŐĞŶĞƌĂƚĞĚŝŶEĞǁĞĂůĂŶĚ͘
ςς͘͘ KKƚƚŚŚĞĞƌƌŝŝŶŶĐĐŽŽŵŵĞĞ

'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐ
'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐƉƌŝŵĂƌŝůLJƌĞůĂƚĞƚŽĂŐƌĂŶƚĨƌŽŵƚŚĞDŝŶŝƐƚƌLJĨŽƌƚŚĞŶǀŝƌŽŶŵĞŶƚ͘dŚĞƌĞĂƌĞŶŽ
ƵŶĨƵůĨŝůůĞĚĐŽŶĚŝƚŝŽŶƐŽƌŽƚŚĞƌĐŽŶƚŝŶŐĞŶĐŝĞƐĂƚƚĂĐŚĞĚƚŽƚŚŝƐŐƌĂŶƚ͘
ϳϳ͘͘ dždžƉƉĞĞŶŶƐƐĞĞƐƐ
dŚĞƉƌŽĨŝƚŽƌůŽƐƐĨŽƌƚŚĞLJĞĂƌŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐĞdžƉĞŶƐĞƐ͗

ƵƌŝŶŐƚŚĞLJĞĂƌƚŚĞ'ƌŽƵƉĐŚĂŶŐĞĚŝƚƐĂƵĚŝƚŽƌƚŽĞůŽŝƚƚĞ>ŝŵŝƚĞĚ͘
ϮϬϮκ
ϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ZĞǀĞŶƵĞĨƌŽŵǁĂƐƚĞĐŽůůĞĐƚŝŽŶĂŶĚƌĞĐLJĐůŝŶŐϮρ͕κϯϭϭε͕εερ
ZĞǀĞŶƵĞĨƌŽŵƐǁĞĞƉŝŶŐƐĞƌǀŝĐĞƐϭϭ͕ϬϮϳ
Θ͕Ϯϭκ
ZĞǀĞŶƵĞĨƌŽŵŝŶĚƵƐƚƌŝĂůĐůĞĂŶŝŶŐƐĞƌǀŝĐĞƐϭϭ͕ϳϳρς͕ϭΘϯ
κΘ͕Ϯϯϯϯκ͕ϯεϮ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞϯρ
ϭϳ
ZĞŶƚĂůŝŶĐŽŵĞϯκͲ
'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐϭρͲ
/ŶƐƵƌĂŶĐĞĐůĂŝŵƐϭκͲ
ŽǀŝĚͲϭεǁĂŐĞƐƵďƐŝĚLJϭρϮ
KƵƚƐŽƵƌĐĞĚůĂďŽƵƌŝŶĐŽŵĞͲϮε
εεεΘ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
džƉĞŶƐĞƐƌĞůĂƚŝŶŐƚŽƐŚŽƌƚƚĞƌŵůĞĂƐĞƐ;ϮϮϮͿ;ϭςϭͿ
EĞƚĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJ;ůŽƐƐĞƐͿͬŐĂŝŶƐ;κͿρ
>ŽƐƐŽŶĚŝƐƉŽƐĂůŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ;ϭεεͿͲ
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝƐĂƚŝŽŶĞdžƉĞŶƐĞƐ
ĞƉƌĞĐŝĂƚŝŽŶŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ;ŶŽƚĞϭϯͿ;ϯ͕εϬϮͿ;ϯ͕ϮϬΘͿ
ĞƉƌĞĐŝĂƚŝŽŶŽĨƌŝŐŚƚŽĨƵƐĞĂƐƐĞƚƐ;ŶŽƚĞϭκ͘ϭͿ;ϭ͕ρρϬͿ;ΘϯϳͿ
ŵŽƌƚŝƐĂƚŝŽŶŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ;ŶŽƚĞϭρͿ;ϳκϬͿ;εͿ
;ς͕ϭεϮͿ;κ͕ϬρκͿ
&ĞĞƐƉĂŝĚƚŽƚŚĞĂƵĚŝƚŽƌ
&ŽƌƚŚĞĐƵƌƌĞŶƚLJĞĂƌĂƵĚŝƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ;ϮϭρͿ;ϭϭϬͿ
&ŽƌƉƌŝŽƌLJĞĂƌĂƵĚŝƚͲƉĂŝĚƚŽƉƌĞǀŝŽƵƐĂƵĚŝƚŽƌ;ϳεͿͲ
dŽƚĂůĨĞĞƐƉĂŝĚƚŽƚŚĞĂƵĚŝƚŽƌ;ϮεκͿ;ϭϭϬͿ
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭρ
ƵƐĞŝŵƉĂŝƌŵĞŶƚƚĞƐƚŝŶŐĂŶĚƌĞǀŝĞǁĞĚƐĞŶƐŝƚŝǀŝƚLJĂŶĂůLJƐŝƐƌĞůĂƚŝŶŐƚŽƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞŐŽŽĚǁŝůů͘
:ƵĚŐĞŵĞŶƚŝƐƌĞƋƵŝƌĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐǁŚĞƚŚĞƌƚŚĞƌĞŚĂƐďĞĞŶĂŶŝŵƉĂŝƌŵĞŶƚŝŶŐŽŽĚǁŝůů;ŶŽƚĞϭρ͘ϭͿ͘
κ͘ϯ /ŵƉĂŝƌŵĞŶƚŽĨŶŽŶͲĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
ůůĂƐƐĞƚƐĂƌĞĂƐƐĞƐƐĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞďLJĞǀĂůƵĂƚŝŶŐǁŚĞƚŚĞƌŝŶĚŝĐĂƚŽƌƐŽĨ
ŝŵƉĂŝƌŵĞŶƚĞdžŝƐƚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞĐŽŶƚŝŶƵĞĚƵƐĞŽĨƚŚĞĂƐƐĞƚďLJƚŚĞ'ƌŽƵƉ͘/ŵƉĂŝƌŵĞŶƚƚƌŝŐŐĞƌƐŝŶĐůƵĚĞ
ƚĞĐŚŶŽůŽŐLJĐŚĂŶŐĞƐ͕ĂĚǀĞƌƐĞĐŚĂŶŐĞƐŝŶƚŚĞĞĐŽŶŽŵŝĐŽƌƉŽůŝƚŝĐĂůĞŶǀŝƌŽŶŵĞŶƚĂŶĚĨƵƚƵƌĞƉƌŽĚƵĐƚ
ĞdžƉĞĐƚĂƚŝŽŶƐ͘/ĨĂŶŝŶĚŝĐĂƚŽƌŽĨŝŵƉĂŝƌŵĞŶƚĞdžŝƐƚƐ͕ƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚŝƐĚĞƚĞƌŵŝŶĞĚ͘
κ͘κ ZĞĐŽŐŶŝƚŝŽŶŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚ
dŚĞĨƵƚƵƌĞďĞŶĞĨŝƚŽĨƚĂdžůŽƐƐĞƐŝƐƌĞĐŽŐŶŝƐĞĚĂƐĂĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚ
ƚĂdžĂďůĞƉƌŽĨŝƚƐǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚŽƐĞƚĂdžůŽƐƐĞƐĐĂŶďĞƵƚŝůŝƐĞĚ͘:ƵĚŐĞŵĞŶƚŝƐƌĞƋƵŝƌĞĚŝŶ
ĚĞƚĞƌŵŝŶŝŶŐƚŚĞƉƌŽďĂďŝůŝƚLJĂŶĚƚŝŵŝŶŐŽĨĨƵƚƵƌĞƉƌŽĨŝƚƐ͘
κ͘ρ ĂůĐƵůĂƚŝŽŶŽĨĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĂůůŽǁĂŶĐĞ
tŚĞŶŵĞĂƐƵƌŝŶŐĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐ;Ζ>ΖͿƚŚĞ'ƌŽƵƉƵƐĞƐƌĞĂƐŽŶĂďůĞĂŶĚƐƵƉƉŽƌƚĂďůĞĨŽƌǁĂƌĚͲ
ůŽŽŬŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͕ǁŚŝĐŚŝƐďĂƐĞĚŽŶĂƐƐƵŵƉƚŝŽŶƐĨŽƌĨƵƚƵƌĞŵŽǀĞŵĞŶƚŽĨĚŝĨĨĞƌĞŶƚĞĐŽŶŽŵŝĐĚƌŝǀĞƌƐ
ĂŶĚŚŽǁƚŚĞƐĞĚƌŝǀĞƌƐǁŝůůĂĨĨĞĐƚĞĂĐŚŽƚŚĞƌ͘
DĂŶĂŐĞŵĞŶƚƐƉĞĐŝĨŝĐĂůůLJƌĞǀŝĞǁƐŝƚƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚĂŶĚĂŶĂůLJƐĞƐŚŝƐƚŽƌŝĐĂů
ďĂĚĚĞďƚƐ͕ĐƵƐƚŽŵĞƌĐŽŶĐĞŶƚƌĂƚŝŽŶƐ͕ĐƵƐƚŽŵĞƌĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐ͕ĐƵƌƌĞŶƚĞĐŽŶŽŵŝĐƚƌĞŶĚƐĂŶĚĐŚĂŶŐĞƐ
ŝŶƚŚĞĐƵƐƚŽŵĞƌƉĂLJŵĞŶƚƚĞƌŵƐǁŚĞŶŵĂŬŝŶŐĂũƵĚŐĞŵĞŶƚƚŽĞǀĂůƵĂƚĞƚŚĞĂĚĞƋƵĂĐLJŽĨƚŚĞĞdžƉĞĐƚĞĚ
ĐƌĞĚŝƚůŽƐƐĂůůŽǁĂŶĐĞ͘
κ͘ς ĞƚĞƌŵŝŶŝŶŐƚŚĞůĞĂƐĞƚĞƌŵĂŶĚŝŶĐƌĞŵĞŶƚĂůďŽƌƌŽǁŝŶŐƌĂƚĞ
/ŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞůĞĂƐĞƚĞƌŵ͕ũƵĚŐĞŵĞŶƚŝƐƌĞƋƵŝƌĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐǁŚĞƚŚĞƌŝƚŝƐƌĞĂƐŽŶĂďůLJĐĞƌƚĂŝŶƚŚĂƚ
ĂŶĞdžƚĞŶƐŝŽŶŽƉƚŝŽŶǁŝůůďĞĞdžĞƌĐŝƐĞĚ͘dŚĞ'ƌŽƵƉĐŽŶƐŝĚĞƌƐĂůůƌĞůĞǀĂŶƚĨĂĐƚŽƌƐƚŚĂƚĐƌĞĂƚĞĂŶĞĐŽŶŽŵŝĐ
ŝŶĐĞŶƚŝǀĞĨŽƌŝƚƚŽĞdžĞƌĐŝƐĞƚŚĞĞdžƚĞŶƐŝŽŶ͘ĨƚĞƌƚŚĞĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞ͕ƚŚĞ'ƌŽƵƉƌĞĂƐƐĞƐƐĞƐƚŚĞůĞĂƐĞ
ƚĞƌŵŝĨƚŚĞƌĞŝƐĂƐŝŐŶŝĨŝĐĂŶƚĞǀĞŶƚŽƌĐŚĂŶŐĞŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚŝƐǁŝƚŚŝŶŝƚƐĐŽŶƚƌŽůĂŶĚĂĨĨĞĐƚƐŝƚƐ
ĂďŝůŝƚLJƚŽĞdžĞƌĐŝƐĞŽƌŶŽƚƚŽĞdžĞƌĐŝƐĞƚŚĞŽƉƚŝŽŶƚŽĞdžƚĞŶĚ͘dŚĞ'ƌŽƵƉŝŶĐůƵĚĞĚƚŚĞĞdžƚĞŶƐŝŽŶƉĞƌŝŽĚĂƐ
ƉĂƌƚŽĨƚŚĞůĞĂƐĞƚĞƌŵĨŽƌůĞĂƐĞƐŽĨƉƌĞŵŝƐĞƐ͘
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐĂƌĞŵĞĂƐƵƌĞĚďLJĚŝƐĐŽƵŶƚŝŶŐƚŚĞůĞĂƐĞƉĂLJŵĞŶƚƐƵƐŝŶŐƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŝŵƉůŝĐŝƚŝŶƚŚĞ
lease. If that rate cannot be readily determined, the lessee’s incremental borrowing rate is used, being
ƚŚĞƌĂƚĞƚŚĂƚƚŚĞŝŶĚŝǀŝĚƵĂůůĞƐƐĞĞǁŽƵůĚŚĂǀĞƚŽƉĂLJƚŽďŽƌƌŽǁƚŚĞĨƵŶĚƐŶĞĐĞƐƐĂƌLJƚŽŽďƚĂŝŶĂŶĂƐƐĞƚŽĨ
ƐŝŵŝůĂƌǀĂůƵĞƚŽƚŚĞƌŝŐŚƚŽĨƵƐĞĂƐƐĞƚŝŶĂƐŝŵŝůĂƌĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚǁŝƚŚƐŝŵŝůĂƌƚĞƌŵƐ͕ƐĞĐƵƌŝƚLJ͕ĂŶĚ
ĐŽŶĚŝƚŝŽŶƐ͘dŽĚĞƚĞƌŵŝŶĞƚŚĞŝŶĐƌĞŵĞŶƚĂůďŽƌƌŽǁŝŶŐƌĂƚĞ͕ƚŚĞ'ƌŽƵƉƵƐĞƐƌĞĐĞŶƚƚŚŝƌĚͲƉĂƌƚLJĨŝŶĂŶĐŝŶŐ
ƌĞĐĞŝǀĞĚĂƐĂƐƚĂƌƚŝŶŐƉŽŝŶƚ͕ĂĚũƵƐƚĞĚƚŽƌĞĨůĞĐƚĂŶLJĐŚĂŶŐĞƐŝŶĨŝŶĂŶĐŝŶŐĐŽŶĚŝƚŝŽŶƐƐŝŶĐĞƚŚĞƚŚŝƌĚͲƉĂƌƚLJ
ĨŝŶĂŶĐŝŶŐǁĂƐƌĞĐĞŝǀĞĚ͘
κ͘ϳ ^ŚĂƌĞŽƉƚŝŽŶƐ
dŚĞĚŝƌĞĐƚŽƌƐƵƐĞĚũƵĚŐĞŵĞŶƚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐ͘^ŚĂƌĞŽƉƚŝŽŶƐǁĞƌĞ
ŝŶĚĞƉĞŶĚĞŶƚůLJǀĂůƵĞĚƵƐŝŶŐƚŚĞůĂĐŬͲ^ĐŚŽůĞƐŵŽĚĞůƚŽĞƐƚŝŵĂƚĞĨĂŝƌǀĂůƵĞĂƚŐƌĂŶƚĚĂƚĞ͘dŚĞĞdžƉĞĐƚĞĚ
ǀŽůĂƚŝůŝƚLJŝŶƚŚĞŵĞĂƐƵƌĞŽĨĨĂŝƌǀĂůƵĞŚĂƐďĞĞŶďĂƐĞĚŽŶƚŚĞŽďƐĞƌǀĞĚǀŽůĂƚŝůŝƚLJůĞǀĞůƐŽĨŵŽǀĞŵĞŶƚƐŝŶ
WasteCo’s share price from ρĞĐĞŵďĞƌϮϬϮϮƵƉƚŽϭϳDĂLJϮϬϮϯĂŶĚĨŽƌŽǀĞƌƐĞĂƐĐŽŵƉĂƌĂďůĞ
ĐŽŵƉĂŶŝĞƐ͕ĂƐĂƉƌŽdžLJŽĨƚŚĞŽŵƉĂŶLJΖƐĨƵƚƵƌĞǀŽůĂƚŝůŝƚLJ. The Company did not have three years’ trading
ŚŝƐƚŽƌLJĂƚƚŚĞǀĂůƵĂƚŝŽŶĚĂƚĞƚŽƉƌŽǀŝĚĞĂƚŚƌĞĞͲLJĞĂƌŚŝƐƚŽƌŝĐĂůǀŽůĂƚŝůŝƚLJƚŽƐƵƉƉŽƌƚƚŚĞƐŚĂƌĞŽƉƚŝŽŶ
ǀĂůƵĂƚŝŽŶ;ƌĞĨĞƌŶŽƚĞϮϬͿ͘

42
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭϳ
ϳ͘ϭ ŵƉůŽLJĞĞďĞŶĞĨŝƚĞdžƉĞŶƐĞƐ

ϳ͘Ϯ &ŝŶĂŶĐĞĐŽƐƚƐ

ΘΘ͘͘ ^^ĞĞŐŐŵŵĞĞŶŶƚƚŝŝŶŶĨĨŽŽƌƌŵŵĂĂƚƚŝŝŽŽŶŶ
dŚĞ'ƌŽƵƉƉƌŽǀŝĚĞƐƐŽůƵƚŝŽŶƐŝŶƚŚĞĐŽůůĞĐƚŝŽŶŽĨǁĂƐƚĞĂŶĚƌĞĐLJĐůŝŶŐ͕ƐǁĞĞƉŝŶŐƐĞƌǀŝĐĞƐĂŶĚŝŶĚƵƐƚƌŝĂů
ĐůĞĂŶŝŶŐƐĞƌǀŝĐĞƐ͘ůůŽĨƚŚĞƐĞĐŽůůĞĐƚŝŽŶĂŶĚĚŝƐƉŽƐĂůƐĞƌǀŝĐĞƐĂƌĞƉƌŽǀŝĚĞĚŝŶEĞǁĞĂůĂŶĚ͘
dŚĞ'ƌŽƵƉŚĂƐŝĚĞŶƚŝĨŝĞĚŝƚƐŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐďĂƐĞĚŽŶƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƚƐƌĞǀŝĞǁĞĚĂŶĚƵƐĞĚďLJƚŚĞ
Chief Operating Decision Maker (‘CODM’), being the Board of Directors, in assessing the Group’s
ƉĞƌĨŽƌŵĂŶĐĞĂŶĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞĂůůŽĐĂƚŝŽŶŽĨƌĞƐŽƵƌĐĞƐ͘
dŚĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐĂƌĞŝĚĞŶƚŝĨŝĞĚďLJ ƚŚĞKDďĂƐĞĚƵƉŽŶƚŚĞŶĂƚƵƌĞŽĨƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚ͘
dŚĞ'ƌŽƵƉŚĂƐƉƌŽǀŝĚĞĚŽŶůLJĂŵĞĂƐƵƌĞŽĨƉƌŽĨŝƚĂŶĚůŽƐƐĨŽƌĞĂĐŚƌĞƉŽƌƚĂďůĞƐĞŐŵĞŶƚĂƐƚŚĞKDŝƐ
ŶŽƚƉƌŽǀŝĚĞĚǁŝƚŚƚŽƚĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĨŽƌĞĂĐŚƐĞŐŵĞŶƚǁŚĞŶĂƐƐĞƐƐ ŝŶŐthe Group’s performance
ĂŶĚĂůůŽĐĂƚŝŶŐƌĞƐŽƵƌĐĞƐ͘
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
^ĂůĂƌLJĂŶĚǁĂŐĞƐ;ϮϬ͕ΘϯΘͿ;ϭκ͕ϯεκͿ
ŵƉůŽLJĞƌ<ŝǁŝƐĂǀĞƌĐŽŶƚƌŝďƵƚŝŽŶƐ;ρρκͿ;ϯςςͿ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐ;ƌĞĨĞƌŶŽƚĞϭεͿ;ϮϯϮͿ;ϮςϬͿ
;Ϯϭ͕ςϮκͿ;ϭρ͕ϬϮϬͿ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
/ŶƚĞƌĞƐƚŽŶĂƐƐĞƚĨŝŶĂŶĐĞďŽƌƌŽǁŝŶŐƐ;Ϯ͕ϭϬρͿ;ϭ͕ϯςεͿ
/ŶƚĞƌĞƐƚŽŶůĞĂƐĞůŝĂďŝůŝƚŝĞƐ;ϳεεͿ;κϭϯͿ
/ŶƚĞƌĞƐƚŽŶďĂŶŬŽǀĞƌĚƌĂĨƚ;ϭρεͿͲ
/ŶƚĞƌĞƐƚĐŚĂƌŐĞĚďLJƐƵƉƉůŝĞƌƐ;ϭϯͿͲ
hƐĞŽĨŵŽŶĞLJŝŶƚĞƌĞƐƚ;ϮͿͲ
/ŶƚĞƌĞƐƚŽŶĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐͲ;ϮρςͿ
/ŶƚĞƌĞƐƚŽŶƐŚĂƌĞŚŽůĚĞƌůŽĂŶƐͲ;ϮρͿ
;ϯ͕ϬϳΘͿ;Ϯ͕ϬςϯͿ

WASTECO GROUP LTD: ANNUAL REPORT 2024 43
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭΘ

Θ͘ϭ /ŶĨŽƌŵĂƚŝŽŶĂďŽƵƚŵĂũŽƌĐƵƐƚŽŵĞƌƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭ DĂƌĐŚ ϮϬϮκƚŚĞƌĞ ǁĂƐŽŶĞ ĐƵƐƚŽŵĞƌ ǁŚŽŝŶĚŝǀŝĚƵĂůůLJĂĐĐŽƵŶƚĞĚĨŽƌŵŽƌĞƚŚĂŶ
ϭϬйŽĨƚŚĞ'ƌŽƵƉΖƐƚŽƚĂůƐĂůĞƐ͘^ĂůĞƐƚŽƚŚŝƐ ĐƵƐƚŽŵĞƌ ƚŽƚĂůůĞĚ Ψς͘ϯ ŵŝůůŝŽŶ ;ϯϭDĂƌĐŚϮϬϮϯ͗ŽŶĞĐƵƐƚŽŵĞƌ
ǁŝƚŚƐĂůĞƐŽĨΨϯ͘ςϭŵŝůůŝŽŶͿ͘dŚĞĐƵƐƚŽŵĞƌƉƵƌĐŚĂƐĞĚƐǁĞĞƉŝŶŐ͕ŝŶĚƵƐƚƌŝĂůΘǁĂƐƚĞƐĞƌǀŝĐĞƐ͘

^ǁĞĞƉŝŶŐ/ŶĚƵƐƚƌŝĂůŽƌƉŽƌĂƚĞͬdŽƚĂů
ƐĞƌǀŝĐĞƐĐůĞĂŶŝŶŐƵŶĂůůŽĐĂƚĞĚ
EΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬ
dŽƚĂůƌĞǀĞŶƵĞϮρ͕κϯϭϭϭ͕ϬϮϳϭϭ͕ϳϳρͲκΘ͕Ϯϯϯ
KƉĞƌĂƚŝŶŐ/d
ρ͕κϯεκ͕ρϮεϮ͕Θεϳ;ε͕κεςͿϯ͕ϯςε
&ŝŶĂŶĐĞŝŶĐŽŵĞ
ͲͲͲϯρϯρ
&ŝŶĂŶĐĞĐŽƐƚƐ;ϮϳͿͲͲ
;ϯ͕ϬρϭͿ;ϯ͕ϬϳΘͿ
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝƐĂƚŝŽŶ;κϮΘͿ;ΘϬͿ;ϮΘκͿ;ρ͕κϬϬͿ;ς͕ϭεϮͿ
'ĂŝŶŽŶďĂƌŐĂŝŶƉƵƌĐŚĂƐĞ
ͲͲͲϳςϮϳςϮ
ĐƋƵŝƐŝƚŝŽŶĞdžƉĞŶƐĞƐ
ͲͲͲ;ςϯεͿ;ςϯεͿ
EĞƚƉƌŽĨŝƚͬ;ůŽƐƐͿďĞĨŽƌĞƚĂdžĂƚŝŽŶκ͕εΘκκ͕κκεϮ͕ςϭϯ;ϭϳ͕ϳΘεͿ;ρ͕ϳκϯͿ
/ŶĐŽŵĞƚĂdžďĞŶĞĨŝƚͲͲͲϭ͕ςϬΘϭ͕ςϬΘ
EĞƚƉƌŽĨŝƚͬ;ůŽƐƐͿĨŽƌƚŚĞLJĞĂƌ
κ͕εΘκκ͕κκεϮ͕ςϭϯ;ϭς͕ϭΘϭͿ;κ͕ϭϯρͿ
ϮϬϮκ
tĂƐƚĞ
ĐŽůůĞĐƚŝŽŶΘ
ƌĞĐLJĐůŝŶŐ
tĂƐƚĞ^ǁĞĞƉŝŶŐ/ŶĚƵƐƚƌŝĂůŽƌƉŽƌĂƚĞͬdŽƚĂů
ĐŽůůĞĐƚŝŽŶƐĞƌǀŝĐĞƐĐůĞĂŶŝŶŐƵŶĂůůŽĐĂƚĞĚ
EΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬ
dŽƚĂůƌĞǀĞŶƵĞϭε͕εερΘ͕Ϯϭκς͕ϭΘϯͲϯκ͕ϯεϮ
KƉĞƌĂƚŝŶŐ/dϯ͕ρκκϭ͕ρρκϭ͕κρϬ;εςϮͿρ͕ρΘς
&ŝŶĂŶĐĞŝŶĐŽŵĞͲͲͲϭϳϭϳ
&ŝŶĂŶĐĞĐŽƐƚƐͲͲͲ;Ϯ͕ϬςϯͿ;Ϯ͕ϬςϯͿ
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝƐĂƚŝŽŶ;ϭ͕ΘκϯͿ;ςϭϭͿ;ςςϮͿ;εϯΘͿ;κ͕ϬρκͿ
ZĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶͲƐŚĂƌĞďĂƐĞĚ
ƉĂLJŵĞŶƚͲͲͲ;ϭ͕ϮϯεͿ;ϭ͕ϮϯεͿ
ZĞǀĞƌƐĞůŝƐƚŝŶŐĞdžƉĞŶƐĞƐͲͲͲ;κϬϯͿ;κϬϯͿ
EĞƚƉƌŽĨŝƚͬ;ůŽƐƐͿďĞĨŽƌĞƚĂdžĂƚŝŽŶϭ͕ϳϬϭεκϯϳΘΘ;ρ͕ρΘΘͿ;Ϯ͕ϭρςͿ
/ŶĐŽŵĞƚĂdžďĞŶĞĨŝƚͲͲͲϮϯςϮϯς
EĞƚƉƌŽĨŝƚͬ;ůŽƐƐͿĨŽƌƚŚĞLJĞĂƌϭ͕ϳϬϭεκϯϳΘΘ;ρ͕ϯρϮͿ;ϭ͕εϮϬͿ
ϮϬϮϯ

44
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϭε
εε͘͘ ddĂĂdždžĂĂƚƚŝŝŽŽŶŶ
ε͘ϭ /ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ
dŚĞĂŶĂůLJƐŝƐŽĨŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞŝƐĂƐĨŽůůŽǁƐ͗

ε͘Ϯ ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ
dŚĞĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌĐĂŶďĞƌĞĐŽŶĐŝůĞĚƚŽƚŚĞůŽƐƐďĞĨŽƌĞƚĂdžĂƐĨŽůůŽǁƐ͗

ε͘ϯ ĞĨĞƌƌĞĚƚĂdž

ϮϬϮκ
ϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ƵƌƌĞŶƚƚĂdžŽŶůŽƐƐĞƐĨŽƌƚŚĞLJĞĂƌͲϮ
ĞĨĞƌƌĞĚƚĂdžŵŽǀĞŵĞŶƚŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌ
;ϭ͕ςϬΘͿ;ϭεϬͿ
ĚũƵƐƚŵĞŶƚĨŽƌƉƌŝŽƌLJĞĂƌƐ
Ͳ;κΘͿ
dŽƚĂůĚĞĨĞƌƌĞĚƚĂdžďĞŶĞĨŝƚ
;ϭ͕ςϬΘͿ;ϮϯΘͿ
dŽƚĂůŝŶĐŽŵĞƚĂdžďĞŶĞĨŝƚƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌ;ϭ͕ςϬΘͿ;ϮϯςͿ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
>ŽƐƐďĞĨŽƌĞŝŶĐŽŵĞƚĂdž;ρ͕ϳκϯͿ;Ϯ͕ϭρςͿ
WƌŝŵĂĨĂĐŝĞƚĂdžĂƚϮΘй;ϮϬϮϯ͗ϮΘйͿ;ϭ͕ςϬΘͿ;ςϬκͿ
EŽŶͲĂƐƐĞƐƐĂďůĞŝŶĐŽŵĞ;ϮϭϯͿͲ
EŽŶͲĚĞĚƵĐƚŝďůĞĞdžƉĞŶƐĞƐΘΘκϭς
ĚũƵƐƚŵĞŶƚƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌŝŶƌĞůĂƚŝŽŶƚŽƉƌŝŽƌLJĞĂƌƐͲ;κΘͿ
dĂdžůŽƐƐĞƐŶŽƚƌĞĐŽŐŶŝƐĞĚϭϮρ
Ͳ
/ŶĐŽŵĞƚĂdž;ďĞŶĞĨŝƚͿͬĞdžƉĞŶƐĞ
;ϭ͕ςϬΘͿ;ϮϯςͿ
EΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬ
ϮϬϮκ
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐͬ;ůŝĂďŝůŝƚŝĞƐͿŝŶƌĞůĂƚŝŽŶƚŽ͗
WƌŽǀŝƐŝŽŶƐϮϭ;κͿͲϭϳ
ĐĐƌƵĞĚĞdžƉĞŶƐĞƐϭϳϳϮϮϳͲκϬκ
ƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐĂƐƐĞƚͲϮϬϯ;ϭ͕ρϮϮͿ;ϭ͕ϯϭεͿ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚΘĞƋƵŝƉŵĞŶƚ;ϭ͕εϳΘͿ;ϭ͕ϯϮκͿͲ;ϯ͕ϯϬϮͿ
>ĞĂƐĞƐϮϮϳςκͲϮεϭ
^ŚĂƌĞŽƉƚŝŽŶƐΘρ;ΘρͿͲͲ
dĂdžůŽƐƐĞƐŽĨĨƐĞƚĂŐĂŝŶƐƚĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚLJϭ͕ϯΘϮϮ͕ρϮϳͲϯ͕εϬε
;ΘςͿϭ͕ςϬΘ;ϭ͕ρϮϮͿͲ
KƉĞŶŝŶŐ
ďĂůĂŶĐĞ
ZĞĐŽŐŶŝƐĞĚ
ŝŶůŽƐƐ
ĐƋƵŝƐŝƚŝŽŶ
ŽĨďƵƐŝŶĞƐƐ
ůŽƐŝŶŐ
ďĂůĂŶĐĞ

WASTECO GROUP LTD: ANNUAL REPORT 2024 45
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϮϬ

ε͘κ /ŵƉƵƚĂƚŝŽŶĐƌĞĚŝƚƐ

ϭϭϬϬ͘͘ ĂĂƌƌŶŶŝŝŶŶŐŐƐƐͬͬ;;ůůŽŽƐƐƐƐͿͿƉƉĞĞƌƌƐƐŚŚĂĂƌƌĞĞ

dŚĞůŽƐƐ ĂŶĚǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐƵƐĞĚŝŶƚŚĞĐĂůĐƵůĂƚŝŽŶŽĨĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ
ĂƌĞĂƐĨŽůůŽǁƐ͗

dŚĞϮ Ϭ͘ΘŵŝůůŝŽŶƐŚĂƌĞŽƉƚŝŽŶƐŽŶŝƐƐƵĞĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞǁĞƌĞŶŽƚĐŽŶƐŝĚĞƌĞĚƚŽďĞĚŝůƵƚŝǀĞĚƵĞƚŽ
the Group’s net loss for the year (202ϯ͗Ϯϭ͘ϯŵŝůůŝŽŶƐŚĂƌĞŽƉƚŝŽŶƐŝƐƐƵĞĚĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞǁĞƌĞŶŽƚ
considered to be dilutive due to the Group’s net loss for the yearͿ͘
KŶϮΘDĂƌĐŚϮϬϮκƚŚĞ'ƌŽƵƉŝƐƐƵĞĚΨϯŵŝůůŝŽŶĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐ;ƌĞĨĞƌŶŽƚĞϭϳ͘ϯͿ͘dŚĞƐĞŶŽƚĞƐĂƌĞŶŽƚ
ĐŽŶƐŝĚĞƌĞĚƚŽďĞĚŝůƵƚŝǀĞĂƐƚŚĞŝƌƐŚĂƌĞƉƌŝĐĞĨŽƌĐŽŶǀĞƌƐŝŽŶŽĨΨϬ͘ϬρǁĂƐŚŝŐŚĞƌƚŚĂŶƚŚĞŵĂƌŬĞƚƉƌŝĐĞŽĨ
the Company’s shares ĂƚƚŚĂƚĚĂƚĞ, and also due to the Group’s loss.

EΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬ
ϮϬϮϯ
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐͬ;ůŝĂďŝůŝƚŝĞƐͿŝŶƌĞůĂƚŝŽŶƚŽ͗
WƌŽǀŝƐŝŽŶƐϭϭϭϬͲϮϭ
ĐĐƌƵĞĚĞdžƉĞŶƐĞƐ
ϭκεϮΘͲϭϳϳ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚΘĞƋƵŝƉŵĞŶƚ
;ϭ͕ϭϬεͿ;ΘςεͿͲ;ϭ͕εϳΘͿ
>ĞĂƐĞƐ
ϭεςϯϭͲϮϮϳ
^ŚĂƌĞŽƉƚŝŽŶƐͲΘρͲΘρ
dĂdžůŽƐƐĞƐŽĨĨƐĞƚĂŐĂŝŶƐƚĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚLJκϮεερϯͲϭ͕ϯΘϮ
;ϯϮκͿϮϯΘͲ;ΘςͿ
KƉĞŶŝŶŐ
ďĂůĂŶĐĞ
ZĞĐŽŐŶŝƐĞĚ
ŝŶůŽƐƐ
ĐƋƵŝƐŝƚŝŽŶ
ŽĨďƵƐŝŶĞƐƐ
ůŽƐŝŶŐ
ďĂůĂŶĐĞ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
/ŵƉƵƚĂƚŝŽŶĐƌĞĚŝƚƐĂǀĂŝůĂďůĞĨŽƌƵƐĞŝŶƐƵďƐĞƋƵĞŶƚƉĞƌŝŽĚƐϮϯρϮϮΘ
ϮϬϮκϮϬϮϯ
ĂƐŝĐĂŶĚĚŝůƵƚĞĚ;ůŽƐƐͿƉĞƌƐŚĂƌĞ;EΨͿ;Ϭ͘ϬϬρϮͿ;Ϭ͘ϬϬϯκͿ
;κ͕ϭϯρͿ;ϭ͕εϮϬͿ
ΘϬϬ͕εκςρςϮ͕ςϯϳ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐƵƐĞĚŝŶƚŚĞĐĂůĐƵůĂƚŝŽŶŽĨ
ďĂƐŝĐĂŶĚĚŝůƵƚĞĚůŽƐƐƉĞƌƐŚĂƌĞ;ΖϬϬϬͿ
>ŽƐƐĨƌŽŵĐŽŶƚŝŶƵŝŶŐŽƉĞƌĂƚŝŽŶƐ;EΨϬϬϬͿ

46
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

Ϯϭ
ϭϭϭϭ͘͘ ddƌƌĂĂĚĚĞĞƌƌĞĞĐĐĞĞŝŝǀǀĂĂďďůůĞĞƐƐĂĂŶŶĚĚŽŽƚƚŚŚĞĞƌƌĐĐƵƵƌƌƌƌĞĞŶŶƚƚĂĂƐƐƐƐĞĞƚƚƐƐ

dŚĞƐƚĂŶĚĂƌĚĐƌĞĚŝƚƚĞƌŵƐŽŶƐĂůĞƐĂƌĞϯϬĚĂLJƐ͘EŽŝŶƚĞƌĞƐƚŝƐĐŚĂƌŐĞĚŽŶŽƵƚƐƚĂŶĚŝŶŐƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͘
ƵĞƚŽƚŚĞƐŚŽƌƚͲƚĞƌŵŶĂƚƵƌĞŽĨĐƵƌƌĞŶƚƌĞĐĞŝǀĂďůĞƐ͕ƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞƚŚĞƐĂŵĞ
ĂƐƚŚĞŝƌĨĂŝƌǀĂůƵĞ͘
ϭϭ͘ϭ ůůŽǁĂŶĐĞĨŽƌĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐ

dŚĞ'ƌŽƵƉŚĂƐĂƐƐĞƐƐĞĚĞdžƉĞĐƚĞĚůŽƐƐƌĂƚĞƐĨŽƌƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐďĂƐĞĚŽŶŝƚƐũƵĚŐĞŵĞŶƚŽĨƚŚĞŝŵƉĂĐƚ
ŽĨĐƵƌƌĞŶƚĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐĂŶĚŝƚƐĞdžƉĞƌŝĞŶĐĞƐǁŝƚŚĐƵƐƚŽŵĞƌƐƚŽĚĂƚĞ͘dŚĞƌĞŚĂƐďĞĞŶŶŽƐŝŐŶŝĨŝĐĂŶƚ
ĐŚĂŶŐĞŝŶƚŚĞĞƐƚŝŵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐƵƐĞĚĨŽƌĂƐƐĞƐƐŝŶŐƚŚĞĞdžƉĞĐƚĞĚůŽƐƐƌĂƚĞƐĚƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚ
ƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘

The Group’s receivables aging is as follows:

ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐĨƌŽŵĐŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƐς͕ϳςϬ
κ͕ϮϮϮ
KƚŚĞƌƌĞĐĞŝǀĂďůĞƐϯΘ
ϮϳϮ
WƌĞƉĂLJŵĞŶƚƐΘϮκρϯς
ZĞůĂƚĞĚƉĂƌƚLJƌĞĐĞŝǀĂďůĞ
ͲΘ
dŽƚĂůƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐϳ͕ςϮϮ
ρ͕ϬϯΘ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ZĞĐŽŶĐŝůŝĂƚŝŽŶĨŽƌĂůůŽǁĂŶĐĞĨŽƌĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐ
ĂůĂŶĐĞĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌϯκͲ
/ŵƉĂŝƌŵĞŶƚůŽƐƐĞƐƌĞĐŽŐŶŝƐĞĚŽŶƌĞĐĞŝǀĂďůĞƐρςκϮ
ŵŽƵŶƚƐǁƌŝƚƚĞŶŽĨĨĂƐƵŶĐŽůůĞĐƚĂďůĞ;ϮΘͿ;ΘͿ
ĂůĂŶĐĞĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌςϮϯκ
EΨϬϬϬ
ƵƌƌĞŶƚdŽƚĂů
ϮϬϮκ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐϯ͕ςκεϭ͕ςϬϯϭ͕ϬϬϮρϬςς͕ϳςϬ
>ŽƐƐĂůůŽǁĂŶĐĞ;κͿ;ϭͿ;ϭͿ;ρςͿ;ςϮͿ
ς͕ςεΘ
ϮϬϮϯ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐϯ͕ρϳςκρϯΘϯϭκκκ͕Ϯρς
>ŽƐƐĂůůŽǁĂŶĐĞͲͲͲ;ϯκͿ;ϯκͿ
κ͕ϮϮϮ
DŽƌĞƚŚĂŶςϬ
ĚĂLJƐƉĂƐƚĚƵĞ
>ĞƐƐƚŚĂŶϯϬ
ĚĂLJƐƉĂƐƚĚƵĞ
ϯϬƚŽςϬĚĂLJƐ
ƉĂƐƚĚƵĞ

WASTECO GROUP LTD: ANNUAL REPORT 2024 47
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϮϮ
ϭϭϮϮ͘͘ //ŶŶǀǀĞĞŶŶƚƚŽŽƌƌŝŝĞĞƐƐ

ΨϭΘϮ͕ϳεϯ ŽĨŝŶǀĞŶƚŽƌLJǁĂƐŝŶĐůƵĚĞĚĂƐĂŶĞdžƉĞŶƐĞŝŶƚŚĞŶĞƚůŽƐƐĨŽƌƚŚĞĐƵƌƌĞŶƚLJĞĂƌ;ϮϬϮϯ͗ΨκϮ͕ϳϳκ Ϳ͘
ϭϭϯϯ͘͘ WWƌƌŽŽƉƉĞĞƌƌƚƚLJLJ͕͕ƉƉůůĂĂŶŶƚƚĂĂŶŶĚĚĞĞƋƋƵƵŝŝƉƉŵŵĞĞŶŶƚƚ

ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
&ŝŶŝƐŚĞĚŐŽŽĚƐϮϳϯϮϯϬ
ϮϳϯϮϯϬ
EΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬ
ŽƐƚ͗
ƚϭƉƌŝůϮϬϮϮϭϯ͕Ϭκϭϭρ͕ϳϯϭϮρϯϭϭϬͲϮε͕ϭϯρ
ĚĚŝƚŝŽŶƐκ͕ϯϳΘϯ͕εϳςϭϬΘςϳͲΘ͕ρϮε
ƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶƐͲϭ͕ϬϬϬͲͲͲϭ͕ϬϬϬ
ƚϯϭDĂƌĐŚϮϬϮϯϭϳ͕κϭεϮϬ͕ϳϬϳϯςϭϭϳϳͲϯΘ͕ςςκ
ĚĚŝƚŝŽŶƐϭ͕ςρρϭ͕ϮϮϳϮϭκϭκϬϯϮκϯ͕ρςϬ
dƌĂŶƐĨĞƌƐϮϭͲͲϭϭκ
;ϭϯρͿ

Ͳ
ƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶƐ;ŶŽƚĞϮϯͿϳΘϯϭϬ͕ϳκρϭϬͲͲϭϭ͕ρϯΘ
ŝƐƉŽƐĂůƐ;κκεͿ;κςϬͿͲͲͲ
;εϬεͿ

ƚϯϭDĂƌĐŚϮϬϮκϭε͕κϮεϯϮ͕ϮϭερΘρκϯϭϭΘερϮ͕Θρϯ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ͗
ƚϭƉƌŝůϮϬϮϮ;ϭ͕εϮρͿ;Ϯ͕ρκϮͿ;ϭϭΘͿ;ϭΘͿͲ;κ͕ςϬϯͿ
ĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞ;ϭ͕ςϮϯͿ;ϭ͕κςϯͿ;εεͿ
;ϮϯͿ

Ͳ;ϯ͕ϮϬΘͿ
ƚϯϭDĂƌĐŚϮϬϮϯ;ϯ͕ρκΘͿ;κ͕ϬϬρͿ;ϮϭϳͿ;κϭͿͲ;ϳ͕ΘϭϭͿ
ĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞ;ϭ͕ςκϮͿ;Ϯ͕ϬϯεͿ;ϭϳεͿ;κϮͿͲ;ϯ͕εϬϮͿ
ŝƐƉŽƐĂůƐϭϬϳϯϮͲͲͲϭϯε
ƚϯϭDĂƌĐŚϮϬϮκ;ρ͕ϬΘϯͿ;ς͕ϬϭϮͿ;ϯεςͿ;ΘϯͿͲ
;ϭϭ͕ρϳκͿ
ĂƌƌLJŝŶŐĂŵŽƵŶƚ͗
ƚϯϭDĂƌĐŚϮϬϮκϭκ͕ϯκςϮς͕ϮϬϳϭΘεϯκΘϭΘεκϭ͕Ϯϳε
ƚϯϭDĂƌĐŚϮϬϮϯϭϯ͕Θϳϭϭς͕ϳϬϮϭκκϭϯςͲϯϬ͕Θρϯ
ƚϭƉƌŝůϮϬϮϮϭϭ͕ϭϭςϭϯ͕ϭΘεϭϯρεϮͲϮκ͕ρϯϮ
KĨĨŝĐĞ
ĞƋƵŝƉŵĞŶƚ
WůĂŶƚĂŶĚ
ĞƋƵŝƉŵĞŶƚ
dŽƚĂůsĞŚŝĐůĞƐ
>ĞĂƐĞŚŽůĚ
ŝŵƉƌŽǀĞŵĞŶƚƐ
ƐƐĞƚƐƵŶĚĞƌ
ĐŽŶƐƚƌƵĐƚŝŽŶ

48
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

Ϯκ

ϭϭρρ͘͘ //ŶŶƚƚĂĂŶŶŐŐŝŝďďůůĞĞĂĂƐƐƐƐĞĞƚƚƐƐ

dŚĞŐŽŽĚǁŝůůƌĞůĂƚĞƐƚŽĞdžƉĞĐƚĞĚƐLJŶĞƌŐŝĞƐ͕ĂŶĚƚŚĞĐĂƉĂďŝůŝƚLJĂŶĚĞdžƉĞƌƚŝƐĞĚĞǀĞůŽƉĞĚǁŝƚŚŝŶƚŚĞ
ĂĐƋƵŝƌĞĚďƵƐŝŶĞƐƐĞƐ͘
ϭρ͘ϭ /ŵƉĂŝƌŵĞŶƚƚĞƐƚŝŶŐĨŽƌĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐĐŽŶƚĂŝŶŝŶŐŐŽŽĚǁŝůů
dŚĞŝƌĞĐƚŽƌƐŚĂǀĞĂƐƐĞƐƐĞĚƚŚĞŐŽŽĚǁŝůůĨŽƌŝŵƉĂŝƌŵĞŶƚĂƐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞĂŶĚŚĂǀĞĐŽŶĐůƵĚĞĚ
ƚŚĂƚŶŽŝŵƉĂŝƌŵĞŶƚŚĂƐŽĐĐƵƌƌĞĚ͘
dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨŐŽŽĚǁŝůůŚĂƐďĞĞŶĂůůŽĐĂƚĞĚƚŽ'hƐĂƐĨŽůůŽǁƐ͗

>ĞĂƐĞůŝĂďŝůŝƚŝĞƐŝŶĐůƵĚĞĚŝŶƚŚĞŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞ
ƵƌƌĞŶƚ
ϭ͕ϭςϮϳϭϭ
EŽŶͲĐƵƌƌĞŶƚ
ϭϬ͕κϮϮρ͕εςκ
ϭϭ͕ρΘκς͕ςϳρ
'ŽŽĚǁŝůůƵƐƚŽŵĞƌ
ŽŶƚƌĂĐƚƐ
ŽŵƉƵƚĞƌ
ƐŽĨƚǁĂƌĞ
dŽƚĂů
EΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬ
ŽƐƚ͗
ƚϭƉƌŝůϮϬϮϮϭϯϳͲϳϳϮϭκ
ĚĚŝƚŝŽŶƐͲͲϭεϭε
ƚϯϭDĂƌĐŚϮϬϮϯϭϯϳͲεςϮϯϯ
ĚĚŝƚŝŽŶƐͲͲϯρϯρ
ƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶƐ;ŶŽƚĞϮϯͿϭ͕Ϯϳςρ͕κϯρͲς͕ϳϭϭ
ƚϯϭDĂƌĐŚϮϬϮκϭ͕κϭϯρ͕κϯρϭϯϭς͕εϳε
ĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶͬŝŵƉĂŝƌŵĞŶƚ͗
ƚϭƉƌŝůϮϬϮϮͲͲ;ςϳͿ;ςϳͿ
ŵŽƌƚŝƐĂƚŝŽŶĞdžƉĞŶƐĞͲͲ;εͿ;εͿ
ƚϯϭDĂƌĐŚϮϬϮϯͲͲ;ϳςͿ;ϳςͿ
ŵŽƌƚŝƐĂƚŝŽŶĞdžƉĞŶƐĞͲ;ϳϮρͿ;ϭρͿ;ϳκϬͿ
ƚϯϭDĂƌĐŚϮϬϮκͲ;ϳϮρͿ;εϭͿ;ΘϭςͿ
ĂƌƌLJŝŶŐĂŵŽƵŶƚ͗
ƚϯϭDĂƌĐŚϮϬϮκϭ͕κϭϯκ͕ϳϭϬκϬς͕ϭςϯ
ƚϯϭDĂƌĐŚϮϬϮϯϭϯϳͲϮϬϭρϳ
ƚϭƉƌŝůϮϬϮϮϭϯϳͲϭϬϭκϳ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
tĂƐƚĞĐŽůůĞĐƚŝŽŶϭϯϳϭϯϳ
/ŶĚƵƐƚƌŝĂůƐĞƌǀŝĐĞƐϭ͕ϮϳςͲ
ĂůĂŶĐĞĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞϭ͕κϭϯϭϯϳ
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

Ϯϯ
ϭϭκκ͘͘ >>ĞĞĂĂƐƐĞĞƐƐ
dŚĞ'ƌŽƵƉůĞĂƐĞƐǀĞŚŝĐůĞƐ͕ĂŶĚƉƌĞŵŝƐĞƐĨŽƌǁĂƐƚĞƐŽƌƚŝŶŐ͕ǀĞŚŝĐůĞƐƚŽƌĂŐĞĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͘
ϭκ͘ϭ ZŝŐŚƚ ͲŽĨͲƵƐĞĂƐƐĞƚ

dŚĞĂǀĞƌĂŐĞůĞĂƐĞƚĞƌŵŝƐϳ͘ϳϳ LJĞĂƌƐ;ϮϬϮϯ͗ϳ͘ ϭLJĞĂƌƐͿ͘dŚĞĂǀĞƌĂŐĞ/ZƌĂƚĞŝƐΘ͘Θϭ й;ϮϬϮ ϯ͗ϳ͘ϯϯ йͿ͘
ϭκ͘Ϯ >ĞĂƐĞůŝĂďŝůŝƚŝĞƐ

sĞŚŝĐůĞƐWƌĞŵŝƐĞƐdŽƚĂů
EΨϬϬϬEΨϬϬϬEΨϬϬϬ
ŽƐƚ͗
ƚϭƉƌŝůϮϬϮϮ
ρϭΘρ͕εϬες͕κϮϳ
ĚĚŝƚŝŽŶƐϭ͕ϬϬΘϭϳεϭ͕ϭΘϳ
>ĞĂƐĞŵŽĚŝĨŝĐĂƚŝŽŶƐͲϮϭκϮϭκ
ƚϯϭDĂƌĐŚϮϬϮϯϭ͕ρϮςς͕ϯϬϮϳ͕ΘϮΘ
ĚĚŝƚŝŽŶƐϮ͕ρϬϬϭ͕ϯϳςϯ͕Θϳς
>ĞĂƐĞŵŽĚŝĨŝĐĂƚŝŽŶƐ;ϯϮϮͿϳϮ;ϮρϬͿ
ƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶ;ŶŽƚĞϮϯͿͲϮ͕ϬΘεϮ͕ϬΘε
ƚϯϭDĂƌĐŚϮϬϮκϯ͕ϳϬκε͕Θϯεϭϯ͕ρκϯ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ͗
ƚϭƉƌŝůϮϬϮϮ;ϭϯςͿ;εεϮͿ;ϭ͕ϭϮΘͿ
ĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞ;ϯκϳͿ;κεϬͿ;ΘϯϳͿ
ƚϯϭDĂƌĐŚϮϬϮϯ;κΘϯͿ;ϭ͕κΘϮͿ;ϭ͕εςρͿ
ĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞ;ϳκϭͿ;ΘϬεͿ;ϭ͕ρρϬͿ
ŝƐƉŽƐĂůƐͲͲͲ
>ĞĂƐĞŵŽĚŝĨŝĐĂƚŝŽŶƐ
ρϭϳͲρϭϳ
ƚϯϭDĂƌĐŚϮϬϮκ;ϳϬϳͿ;Ϯ͕ϮεϭͿ;Ϯ͕εεΘͿ
ĂƌƌLJŝŶŐĂŵŽƵŶƚ͗
ƚϯϭDĂƌĐŚϮϬϮκϮ͕εεϳϳ͕ρκΘϭϬ͕ρκρ
ƚϯϭDĂƌĐŚϮϬϮϯϭ͕Ϭκϯκ͕ΘϮϬρ͕Θςϯ
ƚϭƉƌŝůϮϬϮϮϯΘϮκ͕εϭϳρ͕Ϯεε
2024 2023
NZ$000NZ$000
DĂƚƵƌŝƚLJĂŶĂůLJƐŝƐͲĐŽŶƚƌĂĐƚƵĂůƵŶĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁƐ
hƉƚŽŽŶĞLJĞĂƌϮ͕ϬϮϭϭ͕ϭϮϯ
KŶĞƚŽƚǁŽLJĞĂƌƐϭ͕εϬϭεεϯ
dǁŽƚŽĨŝǀĞLJĞĂƌƐρ͕ςϭρϮ͕εκϮ
DŽƌĞƚŚĂŶĨŝǀĞLJĞĂƌƐς͕ϯκεϯ͕ϳϯϮ
dŽƚĂůƵŶĚŝƐĐŽƵŶƚĞĚůĞĂƐĞůŝĂďŝůŝƚŝĞƐĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞϭρ͕ΘΘςΘ͕ϳεϬ
>ĞƐƐ͗ĨƵƚƵƌĞĨŝŶĂŶĐĞĐŚĂƌŐĞƐ;κ͕κρϮͿ;Ϯ͕ϭϭρͿ
dŽƚĂůĚŝƐĐŽƵŶƚĞĚůĞĂƐĞůŝĂďŝůŝƚŝĞƐĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞϭϭ͕ρΘκς͕ςϳρ

WASTECO GROUP LTD: ANNUAL REPORT 2024 49
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

Ϯκ

ϭϭρρ͘͘ //ŶŶƚƚĂĂŶŶŐŐŝŝďďůůĞĞĂĂƐƐƐƐĞĞƚƚƐƐ

dŚĞŐŽŽĚǁŝůůƌĞůĂƚĞƐƚŽĞdžƉĞĐƚĞĚƐLJŶĞƌŐŝĞƐ͕ĂŶĚƚŚĞĐĂƉĂďŝůŝƚLJĂŶĚĞdžƉĞƌƚŝƐĞĚĞǀĞůŽƉĞĚǁŝƚŚŝŶƚŚĞ
ĂĐƋƵŝƌĞĚďƵƐŝŶĞƐƐĞƐ͘
ϭρ͘ϭ /ŵƉĂŝƌŵĞŶƚƚĞƐƚŝŶŐĨŽƌĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐĐŽŶƚĂŝŶŝŶŐŐŽŽĚǁŝůů
dŚĞŝƌĞĐƚŽƌƐŚĂǀĞĂƐƐĞƐƐĞĚƚŚĞŐŽŽĚǁŝůůĨŽƌŝŵƉĂŝƌŵĞŶƚĂƐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞĂŶĚŚĂǀĞĐŽŶĐůƵĚĞĚ
ƚŚĂƚŶŽŝŵƉĂŝƌŵĞŶƚŚĂƐŽĐĐƵƌƌĞĚ͘
dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨŐŽŽĚǁŝůů ŚĂƐďĞĞŶĂůůŽĐĂƚĞĚƚŽ'hƐĂƐĨŽůůŽǁƐ͗

>ĞĂƐĞůŝĂďŝůŝƚŝĞƐŝŶĐůƵĚĞĚŝŶƚŚĞŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞ
ƵƌƌĞŶƚ
ϭ͕ϭςϮϳϭϭ
EŽŶͲĐƵƌƌĞŶƚ
ϭϬ͕κϮϮρ͕εςκ
ϭϭ͕ρΘκς͕ςϳρ
'ŽŽĚǁŝůůƵƐƚŽŵĞƌ
ŽŶƚƌĂĐƚƐ
ŽŵƉƵƚĞƌ
ƐŽĨƚǁĂƌĞ
dŽƚĂů
EΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬ
ŽƐƚ͗
ƚϭƉƌŝůϮϬϮϮϭϯϳͲϳϳϮϭκ
ĚĚŝƚŝŽŶƐͲͲϭεϭε
ƚϯϭDĂƌĐŚϮϬϮϯϭϯϳͲεςϮϯϯ
ĚĚŝƚŝŽŶƐͲͲϯρϯρ
ƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶƐ;ŶŽƚĞϮϯͿϭ͕Ϯϳςρ͕κϯρͲς͕ϳϭϭ
ƚϯϭDĂƌĐŚϮϬϮκϭ͕κϭϯρ͕κϯρϭϯϭς͕εϳε
ĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝƐĂƚŝŽŶͬŝŵƉĂŝƌŵĞŶƚ͗
ƚϭƉƌŝůϮϬϮϮͲͲ;ςϳͿ;ςϳͿ
ŵŽƌƚŝƐĂƚŝŽŶĞdžƉĞŶƐĞͲͲ;εͿ;εͿ
ƚϯϭDĂƌĐŚϮϬϮϯͲͲ;ϳςͿ;ϳςͿ
ŵŽƌƚŝƐĂƚŝŽŶĞdžƉĞŶƐĞͲ;ϳϮρͿ;ϭρͿ;ϳκϬͿ
ƚϯϭDĂƌĐŚϮϬϮκͲ;ϳϮρͿ;εϭͿ;ΘϭςͿ
ĂƌƌLJŝŶŐĂŵŽƵŶƚ͗
ƚϯϭDĂƌĐŚϮϬϮκϭ͕κϭϯκ͕ϳϭϬκϬς͕ϭςϯ
ƚϯϭDĂƌĐŚϮϬϮϯϭϯϳͲϮϬϭρϳ
ƚϭƉƌŝůϮϬϮϮϭϯϳͲϭϬϭκϳ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
tĂƐƚĞĐŽůůĞĐƚŝŽŶϭϯϳϭϯϳ
/ŶĚƵƐƚƌŝĂůƐĞƌǀŝĐĞƐϭ͕ϮϳςͲ
ĂůĂŶĐĞĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞϭ͕κϭϯϭϯϳ
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

Ϯϯ
ϭϭκκ͘͘ >>ĞĞĂĂƐƐĞĞƐƐ
dŚĞ'ƌŽƵƉůĞĂƐĞƐǀĞŚŝĐůĞƐ͕ĂŶĚƉƌĞŵŝƐĞƐĨŽƌǁĂƐƚĞƐŽƌƚŝŶŐ͕ǀĞŚŝĐůĞƐƚŽƌĂŐĞĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͘
ϭκ͘ϭ ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚ

dŚĞĂǀĞƌĂŐĞůĞĂƐĞƚĞƌŵŝƐϳ͘ϳϳLJĞĂƌƐ;ϮϬϮϯ͗ϳ͘ϭLJĞĂƌƐͿ͘dŚĞĂǀĞƌĂŐĞ/ZƌĂƚĞŝƐΘ͘Θϭй;ϮϬϮϯ͗ϳ͘ϯϯйͿ͘
ϭκ͘Ϯ >ĞĂƐĞůŝĂďŝůŝƚŝĞƐ

sĞŚŝĐůĞƐWƌĞŵŝƐĞƐdŽƚĂů
EΨϬϬϬEΨϬϬϬEΨϬϬϬ
ŽƐƚ͗
ƚϭƉƌŝůϮϬϮϮ
ρϭΘρ͕εϬες͕κϮϳ
ĚĚŝƚŝŽŶƐϭ͕ϬϬΘϭϳεϭ͕ϭΘϳ
>ĞĂƐĞŵŽĚŝĨŝĐĂƚŝŽŶƐͲϮϭκϮϭκ
ƚϯϭDĂƌĐŚϮϬϮϯϭ͕ρϮςς͕ϯϬϮϳ͕ΘϮΘ
ĚĚŝƚŝŽŶƐϮ͕ρϬϬϭ͕ϯϳςϯ͕Θϳς
>ĞĂƐĞŵŽĚŝĨŝĐĂƚŝŽŶƐ;ϯϮϮͿϳϮ;ϮρϬͿ
ƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶ;ŶŽƚĞϮϯͿͲϮ͕ϬΘεϮ͕ϬΘε
ƚϯϭDĂƌĐŚϮϬϮκϯ͕ϳϬκε͕Θϯεϭϯ͕ρκϯ
ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ͗
ƚϭƉƌŝůϮϬϮϮ;ϭϯςͿ;εεϮͿ;ϭ͕ϭϮΘͿ
ĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞ;ϯκϳͿ;κεϬͿ;ΘϯϳͿ
ƚϯϭDĂƌĐŚϮϬϮϯ;κΘϯͿ;ϭ͕κΘϮͿ;ϭ͕εςρͿ
ĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞ;ϳκϭͿ;ΘϬεͿ;ϭ͕ρρϬͿ
ŝƐƉŽƐĂůƐͲͲͲ
>ĞĂƐĞŵŽĚŝĨŝĐĂƚŝŽŶƐ
ρϭϳͲρϭϳ
ƚϯϭDĂƌĐŚϮϬϮκ;ϳϬϳͿ;Ϯ͕ϮεϭͿ;Ϯ͕εεΘͿ
ĂƌƌLJŝŶŐĂŵŽƵŶƚ͗
ƚϯϭDĂƌĐŚϮϬϮκϮ͕εεϳϳ͕ρκΘϭϬ͕ρκρ
ƚϯϭDĂƌĐŚϮϬϮϯϭ͕Ϭκϯκ͕ΘϮϬρ͕Θςϯ
ƚϭƉƌŝůϮϬϮϮϯΘϮκ͕εϭϳρ͕Ϯεε
2024 2023
NZ$000NZ$000
DĂƚƵƌŝƚLJĂŶĂůLJƐŝƐͲĐŽŶƚƌĂĐƚƵĂůƵŶĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁƐ
hƉƚŽŽŶĞLJĞĂƌϮ͕ϬϮϭϭ͕ϭϮϯ
KŶĞƚŽƚǁŽLJĞĂƌƐϭ͕εϬϭεεϯ
dǁŽƚŽĨŝǀĞLJĞĂƌƐρ͕ςϭρϮ͕εκϮ
DŽƌĞƚŚĂŶĨŝǀĞLJĞĂƌƐς͕ϯκεϯ͕ϳϯϮ
dŽƚĂůƵŶĚŝƐĐŽƵŶƚĞĚůĞĂƐĞůŝĂďŝůŝƚŝĞƐĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞϭρ͕ΘΘςΘ͕ϳεϬ
>ĞƐƐ͗ĨƵƚƵƌĞĨŝŶĂŶĐĞĐŚĂƌŐĞƐ;κ͕κρϮͿ;Ϯ͕ϭϭρͿ
dŽƚĂůĚŝƐĐŽƵŶƚĞĚůĞĂƐĞůŝĂďŝůŝƚŝĞƐĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞϭϭ͕ρΘκς͕ςϳρ

50
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

Ϯρ
sĂůƵĞŝŶƵƐĞǁĂƐĚĞƚĞƌŵŝŶĞĚďLJĚŝƐĐŽƵŶƚŝŶŐƚŚĞĨƵƚƵƌĞĐĂƐŚĨůŽǁƐŐĞŶĞƌĂƚĞĚĨƌŽŵƚŚĞĐŽŶƚŝŶƵŝŶŐƵƐĞŽĨ
ĞĂĐŚ'hĂŶĚǁĂƐďĂƐĞĚŽŶƚŚĞŬĞLJĂƐƐƵŵƉƚŝŽŶƐƐĞƚŽƵƚďĞůŽǁ͘ĂƐŚĨůŽǁƐǁĞƌĞƉƌŽũĞĐƚĞĚŽŶĂĐƚƵĂů
ŽƉĞƌĂƚŝŶŐƌĞƐƵůƚƐ͕ƚŚĞϭϮͲŵŽŶƚŚďƵĚŐĞƚƌĞǀŝĞǁĞĚĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚŵƵůƚŝ ͲLJĞĂƌ
ĨŽƌĞĐĂƐƚƐ͘
tĂƐƚĞĐŽůůĞĐƚŝŽŶ
dŚĞĐĂůĐƵůĂƚĞĚǀĂůƵĞŝŶƵƐĞŽĨƚŚĞĐĂƐŚŐĞŶĞƌĂƚŝŶŐƵŶŝƚŝƐΨϯΘ͘εŵŝůůŝŽŶĂŶĚŝƐĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶĂ
ǀĂůƵĞŝŶƵƐĞĐĂůĐƵůĂƚŝŽŶǁŚŝĐŚƵƐĞƐĐĂƐŚĨůŽǁƉƌŽũĞĐƚŝŽŶƐďĂƐĞĚŽŶĨŝŶĂŶĐŝĂůƉƌŽũĞĐƚŝŽŶƐĐŽǀĞƌŝŶŐĂĨŝǀĞͲ
LJĞĂƌƉĞƌŝŽĚ;ϮϬϮϯ͗ĞŝŐŚƚͲLJĞĂƌƉĞƌŝŽĚͿƚŽĂůŝŐŶǁŝƚŚ/^ϯς/ŵƉĂŝƌŵĞŶƚŽĨƐƐĞƚƐ͘dŚĞĐĂůĐƵůĂƚŝŽŶƵƐĞƐƚŚĞ
ǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĐŽƐƚŽĨĐĂƉŝƚĂůĂƚĂƌĂƚĞŽĨϭκ͘ΘϯйƉĞƌĂŶŶƵŵ;ϮϬϮϯ͗ς͘ΘϭйƉĞƌĂŶŶƵŵͿ͘ƚĞƌŵŝŶĂů
ǀĂůƵĞŽĨƚŚĞ'hŚĂƐƚŚĞŶďĞĞŶĚĞƚĞƌŵŝŶĞĚĂĨƚĞƌƚŚŝƐρͲLJĞĂƌĨŽƌĞĐĂƐƚĂŶĚĂƉƉůŝĞĚƚŽƚŚĞĐĂůĐƵůĂƚĞĚǀĂůƵĞ
ŝŶƵƐĞ͘
^ŽůĞůLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐĂƐƐĞƐƐŵĞŶƚ͕ĂŶƚŝĐŝƉĂƚĞĚĂŶŶƵĂůƌĞǀĞŶƵĞŐƌŽǁƚŚŽĨƚŚĞ'hŚĂƐďĞĞŶ
ƉƌŽũĞĐƚĞĚĂƚϮϬйŝŶϮϬϮρ͕ǁŝƚŚŶŽĨƵƌƚŚĞƌŐƌŽǁƚŚĂƐƐƵŵĞĚĨŽƌƚŚĞƌĞŵĂŝŶŝŶŐĨŽƌĞĐĂƐƚLJĞĂƌƐĂƐĂ
ĐŽŶƐĞƌǀĂƚŝǀĞĞƐƚŝŵĂƚĞ͘
'ƌŽƐƐŵĂƌŐŝŶƉĞƌĐĞŶƚĂŐĞƐĂƌĞƉƌŽũĞĐƚĞĚĂƐƌĞŵĂŝŶŝŶŐĐŽŶƐŝƐƚĞŶƚĂŶĚŽƚŚĞƌŽƉĞƌĂƚŝŶŐĐŽƐƚƐŝŶĐƌĞĂƐŝŶŐďLJ
ςйƉĞƌĂŶŶƵŵ͘
/ŶĚƵƐƚƌŝĂůƐĞƌǀŝĐĞƐ
dŚĞĐĂůĐƵůĂƚĞĚǀĂůƵĞŝŶƵƐĞŽĨƚŚĞĐĂƐŚŐĞŶĞƌĂƚŝŶŐƵŶŝƚŝƐΨϭε͘ϯŵŝůůŝŽŶĂŶĚŝƐĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶĂ
ǀĂůƵĞŝŶƵƐĞĐĂůĐƵůĂƚŝŽŶǁŚŝĐŚƵƐĞƐĐĂƐŚĨůŽǁƉƌŽũĞĐƚŝŽŶƐďĂƐĞĚŽŶĨŝŶĂŶĐŝĂůƉƌŽũĞĐƚŝŽŶƐĐŽǀĞƌŝŶŐĂŶρͲ
LJĞĂƌƉĞƌŝŽĚƚŽĂůŝŐŶǁŝƚŚ/^ϯς/ŵƉĂŝƌŵĞŶƚŽĨƐƐĞƚƐ͘dŚĞĐĂůĐƵůĂƚŝŽŶƵƐĞƐƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĐŽƐƚŽĨ
ĐĂƉŝƚĂůĂƚĂƌĂƚĞŽĨϭκ͘ΘϯйƉĞƌĂŶŶƵŵ͘ƚĞƌŵŝŶĂůǀĂůƵĞŽĨƚŚĞ'hŚĂƐƚŚĞŶďĞĞŶĚĞƚĞƌŵŝŶĞĚĂĨƚĞƌƚŚŝƐ
ρͲLJĞĂƌĨŽƌĞĐĂƐƚĂŶĚĂƉƉůŝĞĚƚŽƚŚĞĐĂůĐƵůĂƚĞĚǀĂůƵĞŝŶƵƐĞ͘

^ŽůĞůLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐĂƐƐĞƐƐŵĞŶƚ͕ĂŶƚŝĐŝƉĂƚĞĚĂŶŶƵĂůƌĞǀĞŶƵĞŐƌŽǁƚŚŽĨƚŚĞ'hŚĂƐďĞĞŶ
ƉƌŽũĞĐƚĞĚĂƚϭϬйŝŶϮϬϮρ͕ǁŝƚŚŶŽĨƵƌƚŚĞƌŐƌŽǁƚŚĂƐƐƵŵĞĚĨŽƌƚŚĞƌĞŵĂŝŶŝŶŐĨŽƌĞĐĂƐƚLJĞĂƌƐĂƐĂ
ĐŽŶƐĞƌǀĂƚŝǀĞĞƐƚŝŵĂƚĞ͘
'ƌŽƐƐŵĂƌŐŝŶƉĞƌĐĞŶƚĂŐĞƐĂƌĞƉƌŽũĞĐƚĞĚĂƐƌĞŵĂŝŶŝŶŐĐŽŶƐŝƐƚĞŶƚĂŶĚŽƚŚĞƌŽƉĞƌĂƚŝŶŐĐŽƐƚƐŝŶĐƌĞĂƐŝŶŐďLJ
ςйƉĞƌĂŶŶƵŵ͘
ϭϭςς͘͘ ddƌƌĂĂĚĚĞĞĂĂŶŶĚĚŽŽƚƚŚŚĞĞƌƌƉƉĂĂLJLJĂĂďďůůĞĞƐƐ

dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐĂƌĞĂƐƐƵŵĞĚƚŽďĞƚŚĞƐĂŵĞĂƐĨĂŝƌǀĂůƵĞĚƵĞƚŽƚŚĞ
ƐŚŽƌƚͲƚĞƌŵŶĂƚƵƌĞŽĨƚŚĞƐĞĂŵŽƵŶƚƐ͘

ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
dƌĂĚĞƉĂLJĂďůĞƐϮ͕ΘϭϮϯ͕ρϯρ
ĐĐƌƵĞĚĞdžƉĞŶƐĞƐϭ͕ερεϭ͕ϭρϮ
WzƉĂLJĂďůĞρϭϭκϬϭ
'^dƉĂLJĂďůĞϯϯΘͲ
ZĞǀĞŶƵĞƌĞĐĞŝǀĞĚŝŶĂĚǀĂŶĐĞ
ϭΘϯͲ
KƚŚĞƌƉĂLJĂďůĞƐρςͲ
WĂLJĂďůĞĨŽƌďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶͲϭϭρ
ρ͕Θρερ͕ϮϬϯ

WASTECO GROUP LTD: ANNUAL REPORT 2024 51
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

Ϯς
ϭϭϳϳ͘͘ ŽŽƌƌƌƌŽŽǁǁŝŝŶŶŐŐƐƐ
ůůďŽƌƌŽǁŝŶŐƐĂƌĞĚĞŶŽŵŝŶĂƚĞĚŝŶE͘
ϭϳ͘ϭ ĂŶŬŽǀĞƌĚƌĂĨƚ

ƚϯϭDĂƌĐŚϮϬϮκƚŚĞ'ƌŽƵƉŚĂĚĂƚŽƚĂůĂǀĂŝůĂďůĞŽǀĞƌĚƌĂĨƚĨĂĐŝůŝƚLJŽĨΨϯŵŝůůŝŽŶ;ϯϭDĂƌĐŚϮϬϮϯ͗
ΨςρϬ͕ϬϬϬͿ͘/ŶƚĞƌĞƐƚŝƐƉĂLJĂďůĞĂƚĂƌĂƚĞŽĨϭϮ͘ϭйƉĞƌĂŶŶƵŵ;ϮϬϮϯ͗ŶŽŝŶƚĞƌĞƐƚǁĂƐƉĂLJĂďůĞĂƐƚŚĞ'ƌŽƵƉ
ǁĂƐŶŽƚƵƚŝůŝƐŝŶŐƚŚĞĨĂĐŝůŝƚLJͿ͘dŚĞďĂŶŬŽǀĞƌĚƌĂĨƚŝƐƐĞĐƵƌĞĚƵŶĚĞƌƚŚĞ'ĞŶĞƌĂů^ĞĐƵƌŝƚLJŐƌĞĞŵĞŶƚ
ĚĞƚĂŝůĞĚŝŶŶŽƚĞϭϳ͘Ϯ͘
ϭϳ͘Ϯ ƐƐĞƚĨŝŶĂŶĐĞ
ƐƐĞƚĨŝŶĂŶĐĞŝƐƵƐĞĚƚŽĨƵŶĚƚŚĞƉƵƌĐŚĂƐĞŽĨĂƐƐĞƚƐĂŶĚďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶƐ͘dŚĞ'ƌŽƵƉďŽƌƌŽǁƐĨƌŽŵĂ
ƌĂŶŐĞŽĨůĞŶĚĞƌƐ͘ĂĐŚĨŝŶĂŶĐĞĚƌĂǁĚŽǁŶŝƐƐĞĐƵƌĞĚďLJƚŚĞƌĞƐƉĞĐƚŝǀĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚƚŚƌŽƵŐŚƚŚĞ
ƚƌĂŶƐĂĐƚŝŽŶĂŶĚďLJŐƵĂƌĂŶƚĞĞƐĨƌŽŵ:ĂŵĞƐZĞĚŵĂLJŶĞĂŶĚĂƌů^ƚŽƌŵ;ƌĞĨĞƌŶŽƚĞϮς͘ϯͿ͘dŚĞƚĞƌŵƐŽĨƚŚĞ
ĂƐƐĞƚĨŝŶĂŶĐĞĂƌƌĂŶŐĞŵĞŶƚƐĂƌĞďĞƚǁĞĞŶϮƚŽρLJĞĂƌƐ͘
dŚĞ'ƌŽƵƉŚĂƐƚŚĞĨŽůůŽǁŝŶŐĨŝŶĂŶĐŝŶŐĨĂĐŝůŝƚŝĞƐǁŝƚŚ<ŝǁŝďĂŶŬ>ŝŵŝƚĞĚ͗
• ĂΨϭϮ͘ϭŵŝůůŝŽŶ<ŝǁŝWůƵƐ&ĂĐŝůŝƚLJĚĂƚĞĚϭϯƉƌŝůϮϬϮϮ;ϮϬϮϯ͗ΨϮ ͘ςŵŝůůŝŽŶ Ϳ͘dŚĞĨĂĐŝůŝƚLJŚĂƐ
ĂǀĂƌŝĂďůĞ
ŝŶƚĞƌĞƐƚƌĂƚĞǁŚŝĐŚǁĂƐε͘ϮρйƉĞƌĂŶŶƵŵĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞǁĂƐ;ϮϬϮϯ͗Θ͘ϯρйͿ͘dŚĞ'ƌŽƵƉŚĂĚ
ΨϭϬ ͘ρŵŝůůŝŽŶ ŝŶďŽƌƌŽǁŝŶŐƐƵŶĚĞƌƚŚŝƐĨĂĐŝůŝƚLJĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ;ϮϬϮϯ͗ΨϮ͘ςŵŝůůŝŽŶ Ϳ͖ĂŶĚ
• ĂΨϮ͘ϮρŵŝůůŝŽŶĨŝdžĞĚƚĞƌŵ&ĂĐŝůŝƚLJĚĂƚĞĚϮϳ^ĞƉƚĞŵďĞƌϮϬϮϭǁŚŝĐŚŝƐƚŽďĞƌĞƉĂŝĚŽǀĞƌρLJĞĂƌƐ͘dŚĞ
ŝŶƚĞƌĞƐƚƌĂƚĞŽŶƚŚŝƐĨĂĐŝůŝƚLJĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞǁĂƐε͘ϭεйƉĞƌĂŶŶƵŵ;ϮϬϮϯ͗ε͘ϭεйͿ͘dŚĞ'ƌŽƵƉ
ŚĂĚΨρΘκ͕ςϮϭŝŶďŽƌƌŽǁŝŶŐƐƵŶĚĞƌƚŚŝƐĨĂĐŝůŝƚLJĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ;ϮϬϮϯ͗ΨϳϬϬ͕ϮϳϬͿ͘
EŽƚĞϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
^ĞĐƵƌĞĚďŽƌƌŽǁŝŶŐƐĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ
ĂŶŬŽǀĞƌĚƌĂĨƚϭϳ͘ϭϮ͕ϯκϬͲ
ƐƐĞƚĨŝŶĂŶĐĞϭϳ͘ϮϮΘ͕ϭϳϳϮϭ͕ϭϳς
hŶƐĞĐƵƌĞĚďŽƌƌŽǁŝŶŐƐĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ
KƚŚĞƌůŽĂŶƐ
ϭϳ͘ϯςρρͲ
ŽŶǀĞƌƚŝďůĞŶŽƚĞƐ
ϭϳ͘κϮ͕ςρϳͲ
dŽƚĂůďŽƌƌŽǁŝŶŐƐ
ϯϯ͕ΘϮεϮϭ͕ϭϳς
ƵƌƌĞŶƚ
ϭϬ͕ςκϬρ͕ςρϳ
EŽŶͲĐƵƌƌĞŶƚϮϯ͕ϭΘεϭρ͕ρϭε
ϯϯ͕ΘϮεϮϭ͕ϭϳς
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ĂůĂŶĐĞĂƚϭƉƌŝůͲͲ
EĞƚĚƌĂǁĚŽǁŶŽŶŽǀĞƌĚƌĂĨƚĨĂĐŝůŝƚLJϮ͕ϯκϬͲ
ĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮ͕ϯκϬͲ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ĂůĂŶĐĞĂƚϭƉƌŝůϮϭ͕ϭϳςϭρ͕ρϳΘ
WƌŽĐĞĞĚƐĨƌŽŵĂƐƐĞƚĨŝŶĂŶĐĞϭκ͕κϯϯϭϬ͕ερϯ
ZĞƉĂLJŵĞŶƚŽĨůŽĂŶƐ;ϳ͕κϯϮͿ;ρ͕ϯρρͿ
ĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮΘ͕ϭϳϳϮϭ͕ϭϳς
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

Ϯρ
sĂůƵĞŝŶƵƐĞǁĂƐĚĞƚĞƌŵŝŶĞĚďLJĚŝƐĐŽƵŶƚŝŶŐƚŚĞĨƵƚƵƌĞĐĂƐŚĨůŽǁƐŐĞŶĞƌĂƚĞĚĨƌŽŵƚŚĞĐŽŶƚŝŶƵŝŶŐƵƐĞŽĨ
ĞĂĐŚ'hĂŶĚǁĂƐďĂƐĞĚŽŶƚŚĞŬĞLJĂƐƐƵŵƉƚŝŽŶƐƐĞƚŽƵƚďĞůŽǁ͘ĂƐŚĨůŽǁƐǁĞƌĞƉƌŽũĞĐƚĞĚŽŶĂĐƚƵĂů
ŽƉĞƌĂƚŝŶŐƌĞƐƵůƚƐ͕ƚŚĞϭϮͲŵŽŶƚŚďƵĚŐĞƚƌĞǀŝĞǁĞĚĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚŵƵůƚŝͲLJĞĂƌ
ĨŽƌĞĐĂƐƚƐ͘
tĂƐƚĞĐŽůůĞĐƚŝŽŶ
dŚĞĐĂůĐƵůĂƚĞĚǀĂůƵĞŝŶƵƐĞŽĨƚŚĞĐĂƐŚŐĞŶĞƌĂƚŝŶŐƵŶŝƚŝƐΨϯΘ͘εŵŝůůŝŽŶĂŶĚŝƐĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶĂ
ǀĂůƵĞŝŶƵƐĞĐĂůĐƵůĂƚŝŽŶǁŚŝĐŚƵƐĞƐĐĂƐŚĨůŽǁƉƌŽũĞĐƚŝŽŶƐďĂƐĞĚŽŶĨŝŶĂŶĐŝĂůƉƌŽũĞĐƚŝŽŶƐĐŽǀĞƌŝŶŐĂĨŝǀĞͲ
LJĞĂƌƉĞƌŝŽĚ;ϮϬϮϯ͗ĞŝŐŚƚͲLJĞĂƌƉĞƌŝŽĚͿƚŽĂůŝŐŶǁŝƚŚ/^ϯς/ŵƉĂŝƌŵĞŶƚŽĨƐƐĞƚƐ͘dŚĞĐĂůĐƵůĂƚŝŽŶƵƐĞƐƚŚĞ
ǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĐŽƐƚŽĨĐĂƉŝƚĂůĂƚĂƌĂƚĞŽĨϭκ͘ΘϯйƉĞƌĂŶŶƵŵ;ϮϬϮϯ͗ς͘ΘϭйƉĞƌĂŶŶƵŵͿ͘ƚĞƌŵŝŶĂů
ǀĂůƵĞŽĨƚŚĞ'hŚĂƐƚŚĞŶďĞĞŶĚĞƚĞƌŵŝŶĞĚĂĨƚĞƌƚŚŝƐρͲLJĞĂƌĨŽƌĞĐĂƐƚĂŶĚĂƉƉůŝĞĚƚŽƚŚĞĐĂůĐƵůĂƚĞĚǀĂůƵĞ
ŝŶƵƐĞ͘
^ŽůĞůLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐĂƐƐĞƐƐŵĞŶƚ͕ĂŶƚŝĐŝƉĂƚĞĚĂŶŶƵĂůƌĞǀĞŶƵĞŐƌŽǁƚŚŽĨƚŚĞ'hŚĂƐďĞĞŶ
ƉƌŽũĞĐƚĞĚĂƚϮϬйŝŶϮϬϮρ͕ǁŝƚŚŶŽĨƵƌƚŚĞƌŐƌŽǁƚŚĂƐƐƵŵĞĚĨŽƌƚŚĞƌĞŵĂŝŶŝŶŐĨŽƌĞĐĂƐƚLJĞĂƌƐĂƐĂ
ĐŽŶƐĞƌǀĂƚŝǀĞĞƐƚŝŵĂƚĞ͘
'ƌŽƐƐŵĂƌŐŝŶƉĞƌĐĞŶƚĂŐĞƐĂƌĞƉƌŽũĞĐƚĞĚĂƐƌĞŵĂŝŶŝŶŐĐŽŶƐŝƐƚĞŶƚĂŶĚŽƚŚĞƌŽƉĞƌĂƚŝŶŐĐŽƐƚƐŝŶĐƌĞĂƐŝŶŐďLJ
ςйƉĞƌĂŶŶƵŵ͘
/ŶĚƵƐƚƌŝĂůƐĞƌǀŝĐĞƐ
dŚĞĐĂůĐƵůĂƚĞĚǀĂůƵĞŝŶƵƐĞŽĨƚŚĞĐĂƐŚŐĞŶĞƌĂƚŝŶŐƵŶŝƚŝƐΨϭε͘ϯŵŝůůŝŽŶĂŶĚŝƐĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶĂ
ǀĂůƵĞŝŶƵƐĞĐĂůĐƵůĂƚŝŽŶǁŚŝĐŚƵƐĞƐĐĂƐŚĨůŽǁƉƌŽũĞĐƚŝŽŶƐďĂƐĞĚŽŶĨŝŶĂŶĐŝĂůƉƌŽũĞĐƚŝŽŶƐĐŽǀĞƌŝŶŐĂŶρͲ
LJĞĂƌƉĞƌŝŽĚƚŽĂůŝŐŶǁŝƚŚ/^ϯς/ŵƉĂŝƌŵĞŶƚŽĨƐƐĞƚƐ͘dŚĞĐĂůĐƵůĂƚŝŽŶƵƐĞƐƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĐŽƐƚŽĨ
ĐĂƉŝƚĂůĂƚĂƌĂƚĞŽĨϭκ͘ΘϯйƉĞƌĂŶŶƵŵ͘ƚĞƌŵŝŶĂůǀĂůƵĞŽĨƚŚĞ'hŚĂƐƚŚĞŶďĞĞŶĚĞƚĞƌŵŝŶĞĚĂĨƚĞƌƚŚŝƐ
ρͲLJĞĂƌĨŽƌĞĐĂƐƚĂŶĚĂƉƉůŝĞĚƚŽƚŚĞĐĂůĐƵůĂƚĞĚǀĂůƵĞŝŶƵƐĞ͘
^ŽůĞůLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐĂƐƐĞƐƐŵĞŶƚ͕ĂŶƚŝĐŝƉĂƚĞĚĂŶŶƵĂůƌĞǀĞŶƵĞŐƌŽǁƚŚŽĨƚŚĞ'hŚĂƐďĞĞŶ
ƉƌŽũĞĐƚĞĚĂƚϭϬйŝŶϮϬϮρ͕ǁŝƚŚŶŽĨƵƌƚŚĞƌŐƌŽǁƚŚĂƐƐƵŵĞĚĨŽƌƚŚĞƌĞŵĂŝŶŝŶŐĨŽƌĞĐĂƐƚLJĞĂƌƐĂƐĂ
ĐŽŶƐĞƌǀĂƚŝǀĞĞƐƚŝŵĂƚĞ͘
'ƌŽƐƐŵĂƌŐŝŶƉĞƌĐĞŶƚĂŐĞƐĂƌĞƉƌŽũĞĐƚĞĚĂƐƌĞŵĂŝŶŝŶŐĐŽŶƐŝƐƚĞŶƚĂŶĚŽƚŚĞƌŽƉĞƌĂƚŝŶŐĐŽƐƚƐŝŶĐƌĞĂƐŝŶŐďLJ
ςйƉĞƌĂŶŶƵŵ͘
ϭϭςς͘͘ ddƌƌĂĂĚĚĞĞĂĂŶŶĚĚŽŽƚƚŚŚĞĞƌƌƉƉĂĂLJLJĂĂďďůůĞĞƐƐ

dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐĂƌĞĂƐƐƵŵĞĚƚŽďĞƚŚĞƐĂŵĞĂƐĨĂŝƌǀĂůƵĞĚƵĞƚŽƚŚĞ
ƐŚŽƌƚͲƚĞƌŵŶĂƚƵƌĞŽĨƚŚĞƐĞĂŵŽƵŶƚƐ͘

ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
dƌĂĚĞƉĂLJĂďůĞƐϮ͕ΘϭϮϯ͕ρϯρ
ĐĐƌƵĞĚĞdžƉĞŶƐĞƐϭ͕ερεϭ͕ϭρϮ
WzƉĂLJĂďůĞρϭϭκϬϭ
'^dƉĂLJĂďůĞϯϯΘͲ
ZĞǀĞŶƵĞƌĞĐĞŝǀĞĚŝŶĂĚǀĂŶĐĞ
ϭΘϯͲ
KƚŚĞƌƉĂLJĂďůĞƐρςͲ
WĂLJĂďůĞĨŽƌďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶͲϭϭρ
ρ͕Θρερ͕ϮϬϯ

52
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

Ϯϳ
ŽƚŚĨĂĐŝůŝƚŝĞƐare secured by a first ranking General Security Agreement (GSA) ĂŶĚƐĞĐŽŶĚƌĂŶŬŝŶŐ
ĨŝŶĂŶĐŝŶŐĂŐƌĞĞŵĞŶƚǁŝƚŚ<ŝǁŝƐƐĞƚ&ŝŶĂŶĐĞ>ŝŵŝƚĞĚ
. dŚĞ'^ŝƐƐĞĐƵƌĞĚďLJĂůůƉƌĞƐĞŶƚĂŶĚĂĨƚĞƌ
ĂĐƋƵŝƌĞĚƉĞƌƐŽŶĂůƉƌŽƉĞƌƚLJ͕ƚŽŐĞƚŚĞƌǁŝƚŚĂůůƉƌŽĐĞĞĚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĂƚƉƌŽƉĞƌƚLJ͕ŝŶĐůƵĚŝŶŐŐŽŽĚƐ͕
ŵŽŶĞLJ͕ĂĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ͕ĐŚĂƚƚĞůƉĂƉĞƌ͕ŝŶƚĂŶŐŝďůĞƐ͕ŶĞŐŽƚŝĂďůĞŝŶƐƚƌƵŵĞŶƚƐ͕ĚŽĐƵŵĞŶƚƐŽĨƚŝƚůĞĂŶĚ
ŝŶǀĞƐƚŵĞŶƚƐĞĐƵƌŝƚŝĞƐ͘
^ƵďƐĞƋƵĞŶƚƚŽƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͕ƚŚĞ'ƌŽƵƉĞŶƚĞƌĞĚŝŶƚŽĂŶĞǁĨƵŶĚŝŶŐĨĂĐŝůŝƚLJǁŝƚŚ<ŝǁŝďĂŶŬ>ŝŵŝƚĞĚ
;ŶŽƚĞϮεͿ͘
dŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŝŶƚĞƌĞƐƚƌĂƚĞƐŽŶĂƐƐĞƚĨŝŶĂŶĐĞůŽĂŶƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚǁĂƐΘ͘Ϯϳ й;ϮϬϮϯ ͗ς͘ Ϭ
%).
ϭϳ͘ϯ KƚŚĞƌůŽĂŶƐ

ϭϳ͘κ ŽŶǀĞƌƚŝďůĞŶŽƚĞƐ
KŶϮϳDĂƌĐŚϮϬϮκƚŚĞ'ƌŽƵƉŝƐƐƵĞĚΨϯŵŝůůŝŽŶƵŶƐĞĐƵƌĞĚĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐƚŽƚǁŽǁŚŽůĞƐĂůĞŝŶǀĞƐƚŽƌƐ͘
The proceeds from the notes are to be used to support the Group’s operations, specifically aimed at:
• ĞdžƉĂŶĚŝŶŐƌĞĐLJĐůŝŶŐĐĂƉĂďŝůŝƚŝĞƐ
• ŝŶǀĞƐƚŝŶŐŝŶƚĞĐŚŶŽůŽŐLJƚŽŝŶĐƌĞĂƐĞĐĂƉĂďŝůŝƚLJƚŽĚŝǀĞƌƚǁĂƐƚĞĨƌŽŵůĂŶĚĨŝůů͖ĂŶĚ
• ŽƉĞƌĂƚŝŽŶĂůŐƌŽǁƚŚ͘
dŚĞŶŽƚĞƐŵĂƚƵƌĞŽŶϭρKĐƚŽďĞƌϮϬϮρ͘dŚĞLJŽĨĨĞƌƚŚĞŚŽůĚĞƌƐƚŚĞƌŝŐŚƚƚŽƌĞĚĞĞŵĨŽƌĐĂƐŚŽŶƚŚĞ
ŵĂƚƵƌŝƚLJĚĂƚĞ͕ŽƌĐŽŶǀĞƌƚƚŽĨƵůůLJƉĂŝĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƚΨϬ͘ϬρĞĂĐŚƉƌŝŽƌƚŽŵĂƚƵƌŝƚLJ͘dŚĞŶŽƚĞƐƉĂLJƚŚĞ
ŚŽůĚĞƌƐŝŶƚĞƌĞƐƚŽĨϭϬйƉĞƌĂŶŶƵŵ͕ƉĂŝĚƋƵĂƌƚĞƌůLJ͕ƵƉƵŶƚŝůƚŚĞĚĂƚĞŽĨĐŽŶǀĞƌƐŝŽŶŽƌƌĞĚĞŵƉƚŝŽŶ͘

dŚĞŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞŽŶƚŚĞůŝĂďŝůŝƚLJĐŽŵƉŽŶĞŶƚŽĨƚŚĞĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐŝƐĐĂůĐƵůĂƚĞĚďLJĂƉƉůLJŝŶŐĂŶ
ĞĨĨĞĐƚŝǀĞĂŶŶƵĂůŝŶƚĞƌĞƐƚƌĂƚĞŽĨϭΘй͘

ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ĂůĂŶĐĞĂƚϭƉƌŝůͲͲ
WƌŽĐĞĞĚƐĨƌŽŵůŽĂŶƐϭ͕κϮρͲ
ZĞƉĂLJŵĞŶƚŽĨůŽĂŶƐ;ϳϳϬͿͲ
ĂůĂŶĐĞĂƚϯϭDĂƌĐŚςρρͲ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ĂůĂŶĐĞĂƚϭƉƌŝůͲεςϮ
sĂůƵĞŽĨĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐŝƐƐƵĞĚϯ͕ϬϬϬϯ͕ϬϬϬ
ƋƵŝƚLJĐŽŵƉŽŶĞŶƚƌĞĐŽŐŶŝƐĞĚŝŶĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐƌĞƐĞƌǀĞ;ϯκϯͿ;ϯεͿ
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞͲϮρς
/ŶƚĞƌĞƐƚƉĂŝĚͲ;ϭϳεͿ
ŽŶǀĞƌƚĞĚƚŽŽƌĚŝŶĂƌLJƐŚĂƌĞĐĂƉŝƚĂůͲ;κ͕ϬϬϬͿ
ĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮ͕ςρϳͲ

WASTECO GROUP LTD: ANNUAL REPORT 2024 53
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϮΘ
ϭϳ͘ρ ^ŚĂƌĞŚŽůĚĞƌůŽĂŶƐ

dŚĞƐŚĂƌĞŚŽůĚĞƌůŽĂŶƐǁĞƌĞƵŶƐĞĐƵƌĞĚĂŶĚƌĞƉĂLJĂďůĞŽŶĚĞŵĂŶĚ͘/ŶƚĞƌĞƐƚǁĂƐƉĂLJĂďůĞŽŶƚŚĞ
ŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞĂƚϭϬйƉĞƌĂŶŶƵŵ͘

ϭϭΘΘ͘͘ ^^ŚŚĂĂƌƌĞĞĐĐĂĂƉƉŝŝƚƚĂĂůů
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐŚŽǁƐƚŚĞŵŽǀĞŵĞŶƚŝŶƐŚĂƌĞĐĂƉŝƚĂůĨŽƌƚŚĞĐŽŶƐŽůŝĚĂƚĞĚŐƌŽƵƉ͘

dŚĞƚĂďůĞďĞůŽǁĚĞƚĂŝůƐƚŚĞŵŽǀĞŵĞŶƚŝŶŽƌĚŝŶĂƌLJƐŚĂƌĞƐŝƐƐƵĞĚďLJƚŚĞŽŵƉĂŶLJ͘

KŶϭ:ƵŶĞϮϬϮϯƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚϯϭ͕ΘρϬ͕ϯρϯŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƚΨϬ͘ϬςεϮϯƉĞƌƐŚĂƌĞ͕ďĞŝŶŐĂƚŽƚĂů
ǀĂůƵĞŽĨΨϮ͕ϮϬρ͕ϬϬϬ͕ĂƐƉĂƌƚƉĂLJŵĞŶƚŽĨƚŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞĨŽƌƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨƚŚĞůĞĂŶǁĂLJƐďƵƐŝŶĞƐƐ
;ƌĞĨĞƌŶŽƚĞϮϯͿ͘
KŶϭρ:ƵŶĞϮϬϮϯƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚςς͕κΘκ͕ϬϬϬŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƚΨϬ͘Ϭ ςρƉĞƌƐŚĂƌĞƚŽƐĞůĞĐƚĞĚ
ǁŚŽůĞƐĂůĞŝŶǀĞƐƚŽƌƐ͘
KŶϮς:ƵŶĞϮϬϮϯρϬϬ͕ϬϬϬŽƌĚŝŶĂƌLJƐŚĂƌĞƐǁĞƌĞŝƐƐƵĞĚĂƚΨϬ͘ϬρƉĞƌƐŚĂƌĞĨŽůůŽǁŝŶŐƚŚĞĞdžĞƌĐŝƐŝŶŐŽĨ
options under the Group’s employee share ownership plan.
KŶϯϬƵŐƵƐƚϮϬϮϯƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚκς͕ϭρϯ͕ϳεϳŽƌĚŝŶĂƌLJƐŚĂƌĞƐƵŶĚĞƌĂƐŚĂƌĞƉƵƌĐŚĂƐĞƉůĂŶĂŶĚĂ
ƉƌŝǀĂƚĞƐŚĂƌĞƉůĂĐĞŵĞŶƚ͕ĂƚĂƐŚĂƌĞŝƐƐƵĞƉƌŝĐĞŽĨΨϬ͘Ϭςρ͘
KŶςEŽǀĞŵďĞƌϮϬϮϯƚŚĞŽŵƉĂŶLJŝƐƐƵĞĚϭρ͕ϯΘκ͕ςϭρŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƚΨϬ͘ϬςρƉĞƌƐŚĂƌĞƚŽĂǁŚŽůĞƐĂůĞ
ŝŶǀĞƐƚŽƌ͘
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ĂůĂŶĐĞĂƚϭƉƌŝůͲϭϳϯ
ZĞƉĂLJŵĞŶƚŽĨůŽĂŶƐͲ;ϭϳϯͿ
ĂůĂŶĐĞĂƚϯϭDĂƌĐŚͲͲ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ƚϭƉƌŝůε͕Θϳϭςκϭ
KƌĚŝŶĂƌLJƐŚĂƌĞƉůĂĐĞŵĞŶƚƐΘ͕ϯϮϮκ͕ϬϬϬ
^ŚĂƌĞŝƐƐƵĞĐŽƐƚƐ;ρϬϳͿͲ
^ŚĂƌĞƐŝƐƐƵĞĚŽŶĂĐƋƵŝƐŝƚŝŽŶŽĨůĞĂŶǁĂLJƐ;ŶŽƚĞϮϯͿϮ͕ϮϬρͲ
^ŚĂƌĞŽƉƚŝŽŶƐĞdžĞƌĐŝƐĞĚ;ŶŽƚĞϭε͕ϮϬͿκϬͲ
^ŚĂƌĞƐŝƐƐƵĞĚŽŶƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶ;ŶŽƚĞϮκͿͲϭ͕ϭρϯ
^ŚĂƌĞƐŝƐƐƵĞĚĨŽƌĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐͲκ͕Ϭϳϳ
ƚϯϭDĂƌĐŚϭε͕εϯϭε͕Θϳϭ
ϮϬϮκϮϬϮϯ
ΖϬϬϬΖϬϬϬ
KƌĚŝŶĂƌLJƐŚĂƌĞƐĂƐĂƚϭƉƌŝůςΘΘ͕ϬϬϬϯϯ͕κϭϬ
^ŚĂƌĞƐŝƐƐƵĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌϭςϬ͕ϯϳϯεϬ͕ςϯς
Ϯ͘ρĨŽƌϭƐŚĂƌĞĐŽŶƐŽůŝĚĂƚŝŽŶͲ;ϮϬ͕ϬκςͿ
^ŚĂƌĞƐŝƐƐƵĞĚĨŽƌĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐͲΘϬ͕ϬϬϬ
^ŚĂƌĞƐŝƐƐƵĞĚŽŶƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶͲ ρϬκ͕ϬϬϬ
KƌĚŝŶĂƌLJƐŚĂƌĞƐĂƐĂƚϯϭDĂƌĐŚΘκΘ͕ϯϳϯςΘΘ͕ϬϬϬ
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

Ϯϳ
ŽƚŚĨĂĐŝůŝƚŝĞƐare secured by a first ranking General Security Agreement (GSA) ĂŶĚƐĞĐŽŶĚƌĂŶŬŝŶŐ
ĨŝŶĂŶĐŝŶŐĂŐƌĞĞŵĞŶƚǁŝƚŚ<ŝǁŝƐƐĞƚ&ŝŶĂŶĐĞ>ŝŵŝƚĞĚ. dŚĞ'^ŝƐƐĞĐƵƌĞĚďLJĂůůƉƌĞƐĞŶƚĂŶĚĂĨƚĞƌ
ĂĐƋƵŝƌĞĚƉĞƌƐŽŶĂůƉƌŽƉĞƌƚLJ͕ƚŽŐĞƚŚĞƌǁŝƚŚĂůůƉƌŽĐĞĞĚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĂƚƉƌŽƉĞƌƚLJ͕ŝŶĐůƵĚŝŶŐŐŽŽĚƐ͕
ŵŽŶĞLJ͕ĂĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ͕ĐŚĂƚƚĞůƉĂƉĞƌ͕ŝŶƚĂŶŐŝďůĞƐ͕ŶĞŐŽƚŝĂďůĞŝŶƐƚƌƵŵĞŶƚƐ͕ĚŽĐƵŵĞŶƚƐŽĨƚŝƚůĞĂŶĚ
ŝŶǀĞƐƚŵĞŶƚƐĞĐƵƌŝƚŝĞƐ͘
^ƵďƐĞƋƵĞŶƚƚŽƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͕ƚŚĞ'ƌŽƵƉĞŶƚĞƌĞĚŝŶƚŽĂŶĞǁĨƵŶĚŝŶŐĨĂĐŝůŝƚLJǁŝƚŚ<ŝǁŝďĂŶŬ>ŝŵŝƚĞĚ
;ŶŽƚĞϮεͿ͘
dŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŝŶƚĞƌĞƐƚƌĂƚĞƐŽŶĂƐƐĞƚĨŝŶĂŶĐĞůŽĂŶƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚǁĂƐΘ͘Ϯϳй;ϮϬϮϯ͗ς͘Ϭ%).
ϭϳ͘ϯ KƚŚĞƌůŽĂŶƐ

ϭϳ͘κ ŽŶǀĞƌƚŝďůĞŶŽƚĞƐ
KŶϮϳDĂƌĐŚϮϬϮκƚŚĞ'ƌŽƵƉŝƐƐƵĞĚΨϯŵŝůůŝŽŶƵŶƐĞĐƵƌĞĚĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐƚŽƚǁŽǁŚŽůĞƐĂůĞŝŶǀĞƐƚŽƌƐ͘
The proceeds from the notes are to be used to support the Group’s operations, specifically aimed at:
• ĞdžƉĂŶĚŝŶŐƌĞĐLJĐůŝŶŐĐĂƉĂďŝůŝƚŝĞƐ
• ŝŶǀĞƐƚŝŶŐŝŶƚĞĐŚŶŽůŽŐLJƚŽŝŶĐƌĞĂƐĞĐĂƉĂďŝůŝƚLJƚŽĚŝǀĞƌƚǁĂƐƚĞĨƌŽŵůĂŶĚĨŝůů͖ĂŶĚ
• ŽƉĞƌĂƚŝŽŶĂůŐƌŽǁƚŚ͘
dŚĞŶŽƚĞƐŵĂƚƵƌĞŽŶϭρKĐƚŽďĞƌϮϬϮρ͘dŚĞLJŽĨĨĞƌƚŚĞŚŽůĚĞƌƐƚŚĞƌŝŐŚƚƚŽƌĞĚĞĞŵĨŽƌĐĂƐŚŽŶƚŚĞ
ŵĂƚƵƌŝƚLJĚĂƚĞ͕ŽƌĐŽŶǀĞƌƚƚŽĨƵůůLJƉĂŝĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƚΨϬ͘ϬρĞĂĐŚƉƌŝŽƌƚŽŵĂƚƵƌŝƚLJ͘dŚĞŶŽƚĞƐƉĂLJƚŚĞ
ŚŽůĚĞƌƐŝŶƚĞƌĞƐƚŽĨϭϬйƉĞƌĂŶŶƵŵ͕ƉĂŝĚƋƵĂƌƚĞƌůLJ͕ƵƉƵŶƚŝůƚŚĞĚĂƚĞŽĨĐŽŶǀĞƌƐŝŽŶŽƌƌĞĚĞŵƉƚŝŽŶ͘

dŚĞŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞŽŶƚŚĞůŝĂďŝůŝƚLJĐŽŵƉŽŶĞŶƚŽĨƚŚĞĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐŝƐĐĂůĐƵůĂƚĞĚďLJĂƉƉůLJŝŶŐĂŶ
ĞĨĨĞĐƚŝǀĞĂŶŶƵĂůŝŶƚĞƌĞƐƚƌĂƚĞŽĨϭΘй͘

ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ĂůĂŶĐĞĂƚϭƉƌŝůͲͲ
WƌŽĐĞĞĚƐĨƌŽŵůŽĂŶƐϭ͕κϮρͲ
ZĞƉĂLJŵĞŶƚŽĨůŽĂŶƐ;ϳϳϬͿͲ
ĂůĂŶĐĞĂƚϯϭDĂƌĐŚςρρͲ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ĂůĂŶĐĞĂƚϭƉƌŝůͲεςϮ
sĂůƵĞŽĨĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐŝƐƐƵĞĚϯ͕ϬϬϬϯ͕ϬϬϬ
ƋƵŝƚLJĐŽŵƉŽŶĞŶƚƌĞĐŽŐŶŝƐĞĚŝŶĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐƌĞƐĞƌǀĞ;ϯκϯͿ;ϯεͿ
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞͲϮρς
/ŶƚĞƌĞƐƚƉĂŝĚͲ;ϭϳεͿ
ŽŶǀĞƌƚĞĚƚŽŽƌĚŝŶĂƌLJƐŚĂƌĞĐĂƉŝƚĂůͲ;κ͕ϬϬϬͿ
ĂůĂŶĐĞĂƚϯϭDĂƌĐŚϮ͕ςρϳͲ

54
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯϬ
ϮϬ͘ϭ &ĂŝƌǀĂůƵĞŽĨƐŚĂƌĞŽƉƚŝŽŶƐŐƌĂŶƚĞĚŝŶƚŚĞLJĞĂƌ
dŚĞĨĂŝƌǀĂůƵĞƐŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐŐƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌǁĞƌĞ͗

KƉƚŝŽŶƐǁĞƌĞǀĂůƵĞĚƵƐŝŶŐƚŚĞůĂĐŬͲ^ĐŚŽůĞƐŽƉƚŝŽŶƉƌŝĐŝŶŐŵŽĚĞů͘dŚĞŬĞLJŝŶƉƵƚƐƵƐĞĚŝŶǀĂůƵŝŶŐƚŚĞ
ŽƉƚŝŽŶƐĂƌĞĚĞƚĂŝůĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͘

dŚĞĞdžƉĞĐƚĞĚǀŽůĂƚŝůŝƚLJŝŶƚŚĞŵĞĂƐƵƌĞŵĞŶƚŽĨĨĂŝƌǀĂůƵĞĂƚŐƌĂŶƚĚĂƚĞŚĂƐďĞĞŶďĂƐĞĚŽŶƚŚĞǀŽůĂƚŝůŝƚLJŽĨ
the Company’s share price from ρĞĐĞŵďĞƌϮϬϮϮƵƉƚŽϭϳDĂLJϮϬϮϯĂŶĚĨŽƌŽǀĞƌƐĞĂƐĐŽŵƉĂƌĂďůĞ
ĐŽŵƉĂŶŝĞƐ͕ĂƐĂƉƌŽdžLJŽĨƚŚĞŽŵƉĂŶLJ’ƐĨƵƚƵƌĞǀŽůĂƚŝůŝƚLJ͘
dŚĞůĂĐŬͲ^ĐŚŽůĞƐĨŽƌŵƵůĂĂƐƐƵŵĞƐƚŚĂƚƚŚĞŽƉƚŝŽŶƐďĞŝŶŐǀĂůƵĞĚĐĂŶďĞƐŽůĚŽŶĂƐĞĐŽŶĚĂƌLJŵĂƌŬĞƚ͘
dŚĞƚĞƌŵƐŽĨƚŚĞŽƉƚŝŽŶƐĨŽƌďŝĚƚŚĞŝƌƚƌĂĚŝŶŐ͘ĐĐŽƌĚŝŶŐůLJ͕ĂϮϬйĚŝƐĐŽƵŶƚƚŽƚŚĞǀĂůƵĞƐĚĞƌŝǀĞĚĨƌŽŵƚŚĞ
ůĂĐŬͲ^ĐŚŽůĞƐĨŽƌŵƵůĂǁĂƐĂƉƉůŝĞĚƚŽƌĞĨůĞĐƚƚŚĞƌĞƐƚƌŝĐƚŝǀĞƚĞƌŵƐ͘
ϮϮϭϭ͘͘ ^^ƵƵďďƐƐŝŝĚĚŝŝĂĂƌƌŝŝĞĞƐƐ

ůůƐƵďƐŝĚŝĂƌŝĞƐĂƌĞĚŽŵŝĐŝůĞĚŝŶEĞǁĞĂůĂŶĚĂŶĚŚĂǀĞĂďĂůĂŶĐĞĚĂƚĞŽĨϯϭDĂƌĐŚ͘
sĞƐƚŝŶŐ
ĚĂƚĞ
&ĂŝƌǀĂůƵĞ
ƉĞƌŽƉƚŝŽŶ
Ψ
dƌĂŶĐŚĞϭϯDĂLJϮϯϬ͘ϬϮΘρ
dƌĂŶĐŚĞϮϯDĂLJϮκϬ͘Ϭϯϭ
dƌĂŶĐŚĞϯϯDĂLJϮρϬ͘Ϭϯϯϭ
KƉƚŝŽŶƐŐƌĂŶƚĞĚ
'ƌĂŶƚĚĂƚĞϯDĂLJϮϯ
KƉƚŝŽŶƐŐƌĂŶƚĞĚς͕ϬϬϬ͕ϬϬϬ
'ƌĂŶƚĚĂƚĞŽŶĞŵŽŶƚŚstWΨϬ͘Ϭϳϯ
džĞƌĐŝƐĞƉƌŝĐĞΨϬ͘Ϭρ
džƉĞĐƚĞĚǀŽůĂƚŝůŝƚLJϬ͘κͲϬ͘ρ
KƉƚŝŽŶůŝĨĞ;ĨƌŽŵǀĞƐƚŝŶŐĚĂƚĞͿϯςŵŽŶƚŚƐ
ŝǀŝĚĞŶĚLJŝĞůĚϬй
ǀĞƌĂŐĞƌŝƐŬĨƌĞĞŝŶƚĞƌĞƐƚƌĂƚĞκ͘ϯϯй
EĂŵĞŽĨƐƵďƐŝĚŝĂƌLJWƌŝŶĐŝƉĂůĂĐƚŝǀŝƚLJϮϬϮκϮϬϮϯ
tĂƐƚĞŽ,ŽůĚŝŶŐƐE>ŝŵŝƚĞĚ,ŽůĚŝŶŐĐŽŵƉĂŶLJϭϬϬйϭϬϬй
tĂƐƚĞŽE>ŝŵŝƚĞĚtĂƐƚĞĐŽůůĞĐƚŝŽŶ͕ƌĞĐLJĐůŝŶŐΘĚŝƐƉŽƐĂůϭϬϬйϭϬϬй
tĂƐƚĞŽE;^ŽƵƚŚĞƌŶͿ>ŝŵŝƚĞĚtĂƐƚĞĐŽůůĞĐƚŝŽŶ͕ƌĞĐLJĐůŝŶŐΘĚŝƐƉŽƐĂůϭϬϬйϭϬϬй
tĂƐƚĞŽWŽƌƚ^ĞƌǀŝĐĞƐE>ŝŵŝƚĞĚ/ŶĚƵƐƚƌŝĂůĐůĞĂŶŝŶŐϭϬϬйϭϬϬй
tĂƐƚĞŽ&ŝŶĂŶĐĞE>ŝŵŝƚĞĚƌĞĚŝƚĐĂƌĚŵĞƌĐŚĂŶƚĂĐĐŽƵŶƚŚŽůĚĞƌĨŽƌŐƌŽƵƉϭϬϬйϭϬϬй
^ŽƌƚĐŽE>ŝŵŝƚĞĚtĂƐƚĞƐŽƌƚŝŶŐĂŶĚƌĞĐLJĐůŝŶŐ
ϭϬϬйϭϬϬй
^ĂĨĞĐŽdƌĂŝŶŝŶŐE>ŝŵŝƚĞĚ^ĂĨĞƚLJŵĂŶĂŐĞŵĞŶƚƚƌĂŝŶŝŶŐ
ϭϬϬйϭϬϬй
KǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚ
ŚĞůĚďLJ'ƌŽƵƉ
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

Ϯε
ůůŽƌĚŝŶĂƌLJƐŚĂƌĞƐŽŶŝƐƐƵĞĂƌĞĨƵůůLJƉĂŝĚ͕ŚĂǀĞĞƋƵĂůǀŽƚŝŶŐƌŝŐŚƚƐ͕ĂŶĚƐŚĂƌĞĞƋƵĂůůLJŝŶĚŝǀŝĚĞŶĚƐĂŶĚ
ĂŶLJƐƵƌƉůƵƐŽŶǁŝŶĚŝŶŐƵƉ͘

ϭϭεε͘͘ ^^ŚŚĂĂƌƌĞĞďďĂĂƐƐĞĞĚĚƉƉĂĂLJLJŵŵĞĞŶŶƚƚƐƐƌƌĞĞƐƐĞĞƌƌǀǀĞĞ

ϮϮϬϬ͘͘ ^^ŚŚĂĂƌƌĞĞŽŽƉƉƚƚŝŝŽŽŶŶƐƐ
dŚĞŽŵƉĂŶLJŚĂƐĂƐŚĂƌĞŽƉƚŝŽŶƐĐŚĞŵĞĨŽƌĚŝƌĞĐƚŽƌƐĂŶĚƐĞůĞĐƚĞĚĞŵƉůŽLJĞĞƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚŝƚƐ
ƐƵďƐŝĚŝĂƌŝĞƐƚŽƉƵƌĐŚĂƐĞŽƌĚŝŶĂƌLJƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶLJ͘
ĂĐŚƐŚĂƌĞŽƉƚŝŽŶƐĐŽŶǀĞƌƚƐŝŶƚŽŽŶĞŽƌĚŝŶĂƌLJƐŚĂƌĞŽĨƚŚĞŽŵƉĂŶLJŽŶĞdžĞƌĐŝƐĞ͘EŽĂŵŽƵŶƚƐĂƌĞƉĂŝĚŽƌ
ƉĂLJĂďůĞďLJƚŚĞƌĞĐŝƉŝĞŶƚŽŶƌĞĐĞŝƉƚŽĨƚŚĞŽƉƚŝŽŶ͘dŚĞŽƉƚŝŽŶƐĐĂƌƌLJŶŽƌŝŐŚƚƐƚŽĚŝǀŝĚĞŶĚƐĂŶĚŶŽǀŽƚŝŶŐ
ƌŝŐŚƚƐ͘KƉƚŝŽŶƐŵĂLJďĞĞdžĞƌĐŝƐĞĚĂƚĂŶLJƚŝŵĞĨƌŽŵƚŚĞĚĂƚĞŽĨǀĞƐƚŝŶŐƚŽƚŚĞĚĂƚĞŽĨƚŚĞŝƌĞdžƉŝƌLJ͘

dŚĞŽƉƚŝŽŶƐǀĞƐƚŝŶϯĞƋƵĂůƚƌĂŶĐŚĞƐ͗ŽŶĞƚŚŝƌĚŽŶƚŚĞŐƌĂŶƚĚĂƚĞ͕ŽŶĞƚŚŝƌĚŽŶƚŚĞĨŝƌƐƚĂŶŶŝǀĞƌƐĂƌLJŽĨƚŚĞ
ŐƌĂŶƚĚĂƚĞĂŶĚƚŚĞĨŝŶĂůƚŚŝƌĚŽŶƐĞĐŽŶĚĂŶŶŝǀĞƌƐĂƌLJŽĨƚŚĞŐƌĂŶƚĚĂƚĞ͘ĂĐŚƚƌĂŶĐŚĞĐĂŶďĞĞdžĞƌĐŝƐĞĚĂƚ
ĂŶLJƚŝŵĞǁŝƚŚŝŶϯLJĞĂƌƐĨƌŽŵƚŚĞǀĞƐƚŝŶŐĚĂƚĞ͘
ƚϯϭDĂƌĐŚϮϬϮκ͕ε͘ς ŵŝůůŝŽŶŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐŐƌĂŶƚĞĚŚĂĚŶŽƚLJĞƚǀĞƐƚĞĚƚŽŽƉƚŝŽŶŚŽůĚĞƌƐ
;ϯϭ DĂƌĐŚϮϬϮϯ͗ϭκ͘ϮŵŝůůŝŽŶͿ͘
dŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĐŽŶƚƌĂĐƚƵĂůůŝĨĞŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƚϯϭDĂƌĐŚϮϬϮκǁĂƐ Ϯ͘Θ LJĞĂƌƐ
;ϯϭDĂƌĐŚϮϬϮϯ͗ϯ͘ΘLJĞĂƌƐͿ͘

ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ĂůĂŶĐĞĂƐĂƚϭƉƌŝůϯϬκͲ
^ŚĂƌĞŽƉƚŝŽŶƐŝƐƐƵĞĚ;ŶŽƚĞϮϬͿϯϮϭϯϮς
^ŚĂƌĞŽƉƚŝŽŶƐĞdžĞƌĐŝƐĞĚ;ŶŽƚĞϮϬͿ;ϭρͿͲ
^ŚĂƌĞŽƉƚŝŽŶƐĨŽƌĨĞŝƚĞĚ;ŶŽƚĞϮϬͿ;κςͿ;ϮϮͿ
ĂůĂŶĐĞĂƐĂƚϯϭDĂƌĐŚρςκϯϬκ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐĂƌĞŝŶĐůƵĚĞĚŝŶ͗
ŝƌĞĐƚŽƌƐΖƌĞŵƵŶĞƌĂƚŝŽŶ;ĂƐĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJͿκϯκκ
ŵƉůŽLJĞĞƐΖƌĞŵƵŶĞƌĂƚŝŽŶ;ŶŽƚĞϳ͘ϭͿϮϯϮϮςϬ
ϮϳρϯϬκ
ĂůĂŶĐĞĂƐĂƚϭƉƌŝů
Ϯϭ͕ϯϬϬ͕ϬϬϬΨϬ͘ϬρͲͲ
'ƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌς͕ϬϬϬ͕ϬϬϬΨϬ͘ϬρϮϮ͕ΘϬϬ͕ϬϬϬΨϬ͘Ϭρ
džĞƌĐŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ;ρϬϬ͕ϬϬϬͿΨϬ͘ϬρͲͲ
&ŽƌĨĞŝƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ;ς͕ϬϬϬ͕ϬϬϬͿΨϬ͘Ϭρ;ϭ͕ρϬϬ͕ϬϬϬͿΨϬ͘Ϭρ
ĂůĂŶĐĞĂƐĂƚϯϭDĂƌĐŚϮϬ͕ΘϬϬ͕ϬϬϬΨϬ͘ϬρϮϭ͕ϯϬϬ͕ϬϬϬΨϬ͘Ϭρ
džĞƌĐŝƐĂďůĞĂƚϯϭDĂƌĐŚϭϭ͕ϮϬϬ͕ϬϬϬΨϬ͘Ϭρϳ͕ϭϬϬ͕ϬϬϬΨϬ͘Ϭρ
ϮϬϮκϮϬϮϯ
EƵŵďĞƌŽĨ
ŽƉƚŝŽŶƐ
tĞŝŐŚƚĞĚ
ĂǀĞƌĂŐĞ
ĞdžĞƌĐŝƐĞƉƌŝĐĞ
EƵŵďĞƌŽĨ
ŽƉƚŝŽŶƐ
tĞŝŐŚƚĞĚ
ĂǀĞƌĂŐĞ
ĞdžĞƌĐŝƐĞƉƌŝĐĞ

WASTECO GROUP LTD: ANNUAL REPORT 2024 55
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯϬ
ϮϬ͘ϭ &ĂŝƌǀĂůƵĞŽĨƐŚĂƌĞŽƉƚŝŽŶƐŐƌĂŶƚĞĚŝŶƚŚĞLJĞĂƌ
dŚĞĨĂŝƌǀĂůƵĞƐ ŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐŐƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ ǁĞ ƌĞ͗

KƉƚŝŽŶƐǁĞƌĞǀĂůƵĞĚƵƐŝŶŐƚŚĞůĂĐŬͲ^ĐŚŽůĞƐŽƉƚŝŽŶƉƌŝĐŝŶŐŵŽĚĞů͘dŚĞŬĞLJŝŶƉƵƚƐƵƐĞĚŝŶǀĂůƵŝŶŐƚŚĞ
ŽƉƚŝŽŶƐĂƌĞĚĞƚĂŝůĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͘

dŚĞĞdžƉĞĐƚĞĚǀŽůĂƚŝůŝƚLJŝŶƚŚĞŵĞĂƐƵƌĞŵĞŶƚŽĨĨĂŝƌǀĂůƵĞĂƚŐƌĂŶƚĚĂƚĞŚĂƐďĞĞŶďĂƐĞĚŽŶƚŚĞǀŽůĂƚŝůŝƚLJŽĨ
the Company’s share price from ρĞĐĞŵďĞƌϮϬϮϮƵƉƚŽϭϳDĂLJϮϬϮϯĂŶĚĨŽƌŽǀĞƌƐĞĂƐĐŽŵƉĂƌĂďůĞ
ĐŽŵƉĂŶŝĞƐ͕ĂƐĂƉƌŽdžLJŽĨƚŚĞŽŵƉĂŶLJ’ƐĨƵƚƵƌĞǀŽůĂƚŝůŝƚLJ͘
dŚĞůĂĐŬ Ͳ^ĐŚŽůĞƐĨŽƌŵƵůĂĂƐƐƵŵĞƐƚŚĂƚƚŚĞŽƉƚŝŽŶƐďĞŝŶŐǀĂůƵĞĚĐĂŶďĞƐŽůĚŽŶĂƐĞĐŽŶĚĂƌLJŵĂƌŬĞƚ͘
dŚĞƚĞƌŵƐŽĨƚŚĞŽƉƚŝŽŶƐĨŽƌďŝĚƚŚĞŝƌƚƌĂĚŝŶŐ͘ĐĐŽƌĚŝŶŐůLJ͕ĂϮϬйĚŝƐĐŽƵŶƚƚŽƚŚĞǀĂůƵĞƐĚĞƌŝǀĞĚĨƌŽŵƚŚĞ
ůĂĐŬ Ͳ^ĐŚŽůĞƐĨŽƌŵƵůĂǁĂƐĂƉƉůŝĞĚƚŽƌĞĨůĞĐƚƚŚĞƌĞƐƚƌŝĐƚŝǀĞƚĞƌŵƐ͘

ϮϮϭϭ͘͘ ^^ƵƵďďƐƐŝŝĚĚŝŝĂĂƌƌŝŝĞĞƐƐ

ůůƐƵďƐŝĚŝĂƌŝĞƐĂƌĞĚŽŵŝĐŝůĞĚŝŶEĞǁĞĂůĂŶĚĂŶĚŚĂǀĞĂďĂůĂŶĐĞĚĂƚĞŽĨϯϭDĂƌĐŚ͘

sĞƐƚŝŶŐ
ĚĂƚĞ
&ĂŝƌǀĂůƵĞ
ƉĞƌŽƉƚŝŽŶ
Ψ
dƌĂŶĐŚĞϭϯDĂLJϮϯϬ͘ϬϮΘρ
dƌĂŶĐŚĞϮϯDĂLJϮκϬ͘Ϭϯϭ
dƌĂŶĐŚĞϯϯDĂLJϮρϬ͘Ϭϯϯϭ
KƉƚŝŽŶƐŐƌĂŶƚĞĚ
'ƌĂŶƚĚĂƚĞϯDĂLJϮϯ
KƉƚŝŽŶƐŐƌĂŶƚĞĚς͕ϬϬϬ͕ϬϬϬ
'ƌĂŶƚĚĂƚĞŽŶĞŵŽŶƚŚstWΨϬ͘Ϭϳϯ
džĞƌĐŝƐĞƉƌŝĐĞΨϬ͘Ϭρ
džƉĞĐƚĞĚǀŽůĂƚŝůŝƚLJϬ͘κͲϬ͘ρ
KƉƚŝŽŶůŝĨĞ;ĨƌŽŵǀĞƐƚŝŶŐĚĂƚĞͿϯςŵŽŶƚŚƐ
ŝǀŝĚĞŶĚLJŝĞůĚϬй
ǀĞƌĂŐĞƌŝƐŬĨƌĞĞŝŶƚĞƌĞƐƚƌĂƚĞκ͘ϯϯй
EĂŵĞŽĨƐƵďƐŝĚŝĂƌLJWƌŝŶĐŝƉĂůĂĐƚŝǀŝƚLJϮϬϮκϮϬϮϯ
tĂƐƚĞŽ,ŽůĚŝŶŐƐE>ŝŵŝƚĞĚ,ŽůĚŝŶŐĐŽŵƉĂŶLJϭϬϬйϭϬϬй
tĂƐƚĞŽE>ŝŵŝƚĞĚtĂƐƚĞĐŽůůĞĐƚŝŽŶ͕ƌĞĐLJĐůŝŶŐΘĚŝƐƉŽƐĂůϭϬϬйϭϬϬй
tĂƐƚĞŽE;^ŽƵƚŚĞƌŶͿ>ŝŵŝƚĞĚtĂƐƚĞĐŽůůĞĐƚŝŽŶ͕ƌĞĐLJĐůŝŶŐΘĚŝƐƉŽƐĂůϭϬϬйϭϬϬй
tĂƐƚĞŽWŽƌƚ^ĞƌǀŝĐĞƐE>ŝŵŝƚĞĚ/ŶĚƵƐƚƌŝĂůĐůĞĂŶŝŶŐϭϬϬйϭϬϬй
tĂƐƚĞŽ&ŝŶĂŶĐĞE>ŝŵŝƚĞĚƌĞĚŝƚĐĂƌĚŵĞƌĐŚĂŶƚĂĐĐŽƵŶƚŚŽůĚĞƌĨŽƌŐƌŽƵƉϭϬϬйϭϬϬй
^ŽƌƚĐŽE>ŝŵŝƚĞĚtĂƐƚĞƐŽƌƚŝŶŐĂŶĚƌĞĐLJĐůŝŶŐ
ϭϬϬйϭϬϬй
^ĂĨĞĐŽdƌĂŝŶŝŶŐE>ŝŵŝƚĞĚ^ĂĨĞƚLJŵĂŶĂŐĞŵĞŶƚƚƌĂŝŶŝŶŐ
ϭϬϬйϭϬϬй
KǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚ
ŚĞůĚďLJ'ƌŽƵƉ
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

Ϯε
ůůŽƌĚŝŶĂƌLJƐŚĂƌĞƐŽŶŝƐƐƵĞĂƌĞĨƵůůLJƉĂŝĚ͕ŚĂǀĞĞƋƵĂůǀŽƚŝŶŐƌŝŐŚƚƐ͕ĂŶĚƐŚĂƌĞĞƋƵĂůůLJŝŶĚŝǀŝĚĞŶĚƐĂŶĚ
ĂŶLJƐƵƌƉůƵƐŽŶǁŝŶĚŝŶŐƵƉ͘
ϭϭεε͘͘ ^^ŚŚĂĂƌƌĞĞďďĂĂƐƐĞĞĚĚƉƉĂĂLJLJŵŵĞĞŶŶƚƚƐƐƌƌĞĞƐƐĞĞƌƌǀǀĞĞ

ϮϮϬϬ͘͘ ^^ŚŚĂĂƌƌĞĞŽŽƉƉƚƚŝŝŽŽŶŶƐƐ
dŚĞŽŵƉĂŶLJŚĂƐĂƐŚĂƌĞŽƉƚŝŽŶƐĐŚĞŵĞĨŽƌĚŝƌĞĐƚŽƌƐĂŶĚƐĞůĞĐƚĞĚĞŵƉůŽLJĞĞƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚŝƚƐ
ƐƵďƐŝĚŝĂƌŝĞƐƚŽƉƵƌĐŚĂƐĞŽƌĚŝŶĂƌLJƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶLJ͘
ĂĐŚƐŚĂƌĞŽƉƚŝŽŶƐĐŽŶǀĞƌƚƐŝŶƚŽŽŶĞŽƌĚŝŶĂƌLJƐŚĂƌĞŽĨƚŚĞŽŵƉĂŶLJŽŶĞdžĞƌĐŝƐĞ͘EŽĂŵŽƵŶƚƐĂƌĞƉĂŝĚŽƌ
ƉĂLJĂďůĞďLJƚŚĞƌĞĐŝƉŝĞŶƚŽŶƌĞĐĞŝƉƚŽĨƚŚĞŽƉƚŝŽŶ͘dŚĞŽƉƚŝŽŶƐĐĂƌƌLJŶŽƌŝŐŚƚƐƚŽĚŝǀŝĚĞŶĚƐĂŶĚŶŽǀŽƚŝŶŐ
ƌŝŐŚƚƐ͘KƉƚŝŽŶƐŵĂLJďĞĞdžĞƌĐŝƐĞĚĂƚĂŶLJƚŝŵĞĨƌŽŵƚŚĞĚĂƚĞŽĨǀĞƐƚŝŶŐƚŽƚŚĞĚĂƚĞŽĨƚŚĞŝƌĞdžƉŝƌLJ͘

dŚĞŽƉƚŝŽŶƐǀĞƐƚŝŶϯĞƋƵĂůƚƌĂŶĐŚĞƐ͗ŽŶĞƚŚŝƌĚŽŶƚŚĞŐƌĂŶƚĚĂƚĞ͕ŽŶĞƚŚŝƌĚŽŶƚŚĞĨŝƌƐƚĂŶŶŝǀĞƌƐĂƌLJŽĨƚŚĞ
ŐƌĂŶƚĚĂƚĞĂŶĚƚŚĞĨŝŶĂůƚŚŝƌĚŽŶƐĞĐŽŶĚĂŶŶŝǀĞƌƐĂƌLJŽĨƚŚĞŐƌĂŶƚĚĂƚĞ͘ĂĐŚƚƌĂŶĐŚĞĐĂŶďĞĞdžĞƌĐŝƐĞĚĂƚ
ĂŶLJƚŝŵĞǁŝƚŚŝŶϯLJĞĂƌƐĨƌŽŵƚŚĞǀĞƐƚŝŶŐĚĂƚĞ͘
ƚϯϭDĂƌĐŚϮϬϮκ͕ε͘ςŵŝůůŝŽŶŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐŐƌĂŶƚĞĚŚĂĚŶŽƚLJĞƚǀĞƐƚĞĚƚŽŽƉƚŝŽŶŚŽůĚĞƌƐ
;ϯϭDĂƌĐŚϮϬϮϯ͗ϭκ͘ϮŵŝůůŝŽŶͿ͘
dŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĐŽŶƚƌĂĐƚƵĂůůŝĨĞŽĨƚŚĞƐŚĂƌĞŽƉƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƚϯϭDĂƌĐŚϮϬϮκǁĂƐϮ͘ΘLJĞĂƌƐ
;ϯϭDĂƌĐŚϮϬϮϯ͗ϯ͘ΘLJĞĂƌƐͿ͘
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ĂůĂŶĐĞĂƐĂƚϭƉƌŝůϯϬκͲ
^ŚĂƌĞŽƉƚŝŽŶƐŝƐƐƵĞĚ;ŶŽƚĞϮϬͿϯϮϭϯϮς
^ŚĂƌĞŽƉƚŝŽŶƐĞdžĞƌĐŝƐĞĚ;ŶŽƚĞϮϬͿ;ϭρͿͲ
^ŚĂƌĞŽƉƚŝŽŶƐĨŽƌĨĞŝƚĞĚ;ŶŽƚĞϮϬͿ;κςͿ;ϮϮͿ
ĂůĂŶĐĞĂƐĂƚϯϭDĂƌĐŚρςκϯϬκ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐĂƌĞŝŶĐůƵĚĞĚŝŶ͗
ŝƌĞĐƚŽƌƐΖƌĞŵƵŶĞƌĂƚŝŽŶ;ĂƐĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJͿκϯκκ
ŵƉůŽLJĞĞƐΖƌĞŵƵŶĞƌĂƚŝŽŶ;ŶŽƚĞϳ͘ϭͿϮϯϮϮςϬ
ϮϳρϯϬκ
ĂůĂŶĐĞĂƐĂƚϭƉƌŝů
Ϯϭ͕ϯϬϬ͕ϬϬϬΨϬ͘ϬρͲͲ
'ƌĂŶƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌς͕ϬϬϬ͕ϬϬϬΨϬ͘ϬρϮϮ͕ΘϬϬ͕ϬϬϬΨϬ͘Ϭρ
džĞƌĐŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ;ρϬϬ͕ϬϬϬͿΨϬ͘ϬρͲͲ
&ŽƌĨĞŝƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ;ς͕ϬϬϬ͕ϬϬϬͿΨϬ͘Ϭρ;ϭ͕ρϬϬ͕ϬϬϬͿΨϬ͘Ϭρ
ĂůĂŶĐĞĂƐĂƚϯϭDĂƌĐŚϮϬ͕ΘϬϬ͕ϬϬϬΨϬ͘ϬρϮϭ͕ϯϬϬ͕ϬϬϬΨϬ͘Ϭρ
džĞƌĐŝƐĂďůĞĂƚϯϭDĂƌĐŚϭϭ͕ϮϬϬ͕ϬϬϬΨϬ͘Ϭρϳ͕ϭϬϬ͕ϬϬϬΨϬ͘Ϭρ
ϮϬϮκϮϬϮϯ
EƵŵďĞƌŽĨ
ŽƉƚŝŽŶƐ
tĞŝŐŚƚĞĚ
ĂǀĞƌĂŐĞ
ĞdžĞƌĐŝƐĞƉƌŝĐĞ
EƵŵďĞƌŽĨ
ŽƉƚŝŽŶƐ
tĞŝŐŚƚĞĚ
ĂǀĞƌĂŐĞ
ĞdžĞƌĐŝƐĞƉƌŝĐĞ

56
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯϭ
ϮϮϮϮ͘͘ &&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůůŝŝŶŶƐƐƚƚƌƌƵƵŵŵĞĞŶŶƚƚƐƐ
ϮϮ͘ϭ ůĂƐƐĞƐĂŶĚĐĂƚĞŐŽƌŝĞƐŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ
dŚĞ'ƌŽƵƉŚĂƐĞŶƚĞƌĞĚŝŶƚŽĂŶƵŵďĞƌŽĨŶŽŶͲĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂůůŽĨǁŚŝĐŚĂƌĞĐůĂƐƐŝĨŝĞĚ
ĂƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ͘dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞƐŽĨƚŚĞƐĞŝƚĞŵƐĂƉƉƌŽdžŝŵĂƚĞƚŚĞŝƌ
ĨĂŝƌǀĂůƵĞĂŶĚƌĞƉƌĞƐĞŶƚƚŚĞŵĂdžŝŵƵŵĞdžƉŽƐƵƌĞƐĨŽƌĞĂĐŚƚLJƉĞŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ͘dŚĞLJĂƌĞůŝƐƚĞĚĂƐ
ĨŽůůŽǁƐ͗

dŚĞ'ƌŽƵƉĚŽĞƐŶŽƚŚĂǀĞĂŶLJĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ;ϮϬϮϯ͗ŶŝůͿ͘
ϮϮ͘Ϯ &ŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚŽďũĞĐƚŝǀĞƐ
The Group’s activities expose it to a variety of financial risks: market risk (including interest rate risk and
currency risk), credit and liquidity risk. The Group’s overall risk management programme focuses on the
ƵŶƉƌĞĚŝĐƚĂďŝůŝƚLJŽĨĨŝŶĂŶĐŝĂůŵĂƌŬĞƚƐĂŶĚƐĞĞŬƐƚŽŵŝŶŝŵŝƐĞƉŽƚĞŶƚŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽŶŝƚƐĨŝŶĂŶĐŝĂů
ƉĞƌĨŽƌŵĂŶĐĞ͘
ZŝƐŬŵĂŶĂŐĞŵĞŶƚŝƐĐĂƌƌŝĞĚŽƵƚƵŶĚĞƌƉŽůŝĐŝĞƐĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘
ϮϮ͘ϯ DĂƌŬĞƚƌŝƐŬ
DĂƌŬĞƚƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚĐŚĂŶŐĞƐŝŶŵĂƌŬĞƚƉƌŝĐĞƐ͕ƐƵĐŚĂƐĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƐ
will affect the Group’s income or the value of its holdings of financial instruments. The objective of
ŵĂƌŬĞƚƌŝƐŬŵĂŶĂŐĞŵĞŶƚŝƐƚŽŵĂŶĂŐĞĂŶĚĐŽŶƚƌŽůƚŚĞŵĂƌŬĞƚƌŝƐŬĞdžƉŽƐƵƌĞƐǁŝƚŚŝŶĂĐĐĞƉƚĂďůĞ
ƉĂƌĂŵĞƚĞƌƐ͕ǁŚŝůĞŽƉƚŝŵŝƐŝŶŐƚŚĞƌĞƚƵƌŶŽŶƌŝƐŬ͘
The Group’s main market risk relates to interest rate risk. Interest rate risk is the risk that the fair value
ŽĨƚŚĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚŽƌĐĂƐŚĨůŽǁƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŝŶƐƚƌƵŵĞŶƚǁŝůůĨůƵĐƚƵĂƚĞĚƵĞƚŽĐŚĂŶŐĞƐŝŶ
ŵĂƌŬĞƚŝŶƚĞƌĞƐƚƌĂƚĞƐ͘
The Group’s interest rate risk exposure primarily relates to its exposure to variable interest rates on
ďŽƌƌŽǁŝŶŐƐ͘dŚĞ'ƌŽƵƉŚĂƐŵŝƚŝŐĂƚĞĚƚŚŝƐƌŝƐŬĞdžƉŽƐƵƌĞƚŚƌŽƵŐŚĞŶƚĞƌŝŶŐŝŶƚŽďŽƌƌŽǁŝŶŐƐǁŝƚŚĨŝdžĞĚ
ŝŶƚĞƌĞƐƚƌĂƚĞƐ͘tŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨƚŚĞƚǁŽĨůĞdžŝďůĞůĞŶĚŝŶŐĨĂĐŝůŝƚŝĞƐďĞůŽǁ͕ƚŚĞĂƐƐĞƚĨŝŶĂŶĐĞ;ŶŽƚĞ
ϭϳ͘ϮͿ͕ŽƚŚĞƌůŽĂŶƐ;ŶŽƚĞϭϳ͘ϯͿĂŶĚĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐ;ŶŽƚĞϭϳ͘ κͿ͕ĂůůŚĂǀĞŝŶƚĞƌĞƐƚƌĂƚĞƐƚŚĂƚĂƌĞĨŝdžĞĚĨŽƌ
ƚŚĞůŝĨĞŽĨƚŚĞůŽĂŶ͘
ϮϬϮκϮϬϮϯ
EŽƚĞEΨϬϬϬEΨϬϬϬ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ
ĂƐŚĂƚďĂŶŬ
ϭ͕ϳρϭΘϳϯ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐϭϭς͕ϳεΘκ͕ρϬϮ
dŽƚĂůĨŝŶĂŶĐŝĂůĂƐƐĞƚƐΘ͕ρκερ͕ϯϳρ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐϭςκ͕ΘϮϳκ͕ςΘϳ
WĂLJĂďůĞĨŽƌĂĐƋƵŝƐŝƚŝŽŶŽĨďƵƐŝŶĞƐƐͲϭϭρ
ŽƌƌŽǁŝŶŐƐͲĐƵƌƌĞŶƚϭϳϭϬ͕ςκϬ
ρ͕ςρϳ
ŽƌƌŽǁŝŶŐƐͲŶŽŶĐƵƌƌĞŶƚϭϳϮϯ͕ϭΘεϭρ͕ρϭε
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐͲĐƵƌƌĞŶƚϭκ͘Ϯϭ͕ϭςϮϳϭϭ
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐͲŶŽŶĐƵƌƌĞŶƚϭκ͘ϮϭϬ͕κϮϮρ͕εςκ
dŽƚĂůĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
ρϬ͕ϮκϬϯϮ͕ςρϯ

WASTECO GROUP LTD: ANNUAL REPORT 2024 57
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯϮ
dŚĞ'ƌŽƵƉŚĂƐĂĨůĞdžŝďůĞůĞŶĚŝŶŐĨĂĐŝůŝƚLJŽĨΨϭϮ͕ϭϬϬ͕ϬϬϬ;ϮϬϮ ϯ͗ΨϮ͕ςϬϬ͕ϬϬϬͿǁŚŝĐŚŚĂƐĂǀĂƌŝĂďůĞŝŶƚĞƌĞƐƚ
ƌĂƚĞ͘dŚĞŝŶƚĞƌĞƐƚƌĂƚĞŽŶƚŚŝƐĨĂĐŝůŝƚLJĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞǁĂƐε͘ϮρйƉĞƌĂŶŶƵŵ;ϮϬϮϯ͗Θ͘ϯρй͘dŚĞ
'ƌŽƵƉŚĂĚΨϭϬ͕ρϯς͕ϬερŝŶďŽƌƌŽǁŝŶŐƐƵŶĚĞƌƚŚŝƐĨĂĐŝůŝƚLJĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ;ϮϬϮϯ͗ΨϮ͕ρρρ͕ρϮϮͿ͘
dŚĞ'ƌŽƵƉĂůƐŽŚĂƐĂĨŝdžĞĚƚĞƌŵůĞŶĚŝŶŐĨĂĐŝůŝƚLJŽĨΨϮ͕ϮρϬ͕ϬϬϬ;ϮϬϮϯ͗ΨϳϬϬ͕ϮϳϬͿǁŚŝĐŚŚĂƐĂǀĂƌŝĂďůĞ
ŝŶƚĞƌĞƐƚƌĂƚĞ͘dŚĞŝŶƚĞƌĞƐƚƌĂƚĞŽŶƚŚŝƐĨĂĐŝůŝƚLJĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞǁĂƐε͘ϭε йƉĞƌĂŶŶƵŵ;ϮϬϮϯ͗ε͘ϭεйͿ͘
dŚĞ'ƌŽƵƉŚĂĚΨρΘκ͕ςϮϭ ŝŶďŽƌƌŽǁŝŶŐƐƵŶĚĞƌƚŚŝƐĨĂĐŝůŝƚLJĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ;ϮϬϮϯ͗ΨϳϬϬ͕ϮϳϬͿ͘
ŶŝŶĐƌĞĂƐĞŝŶƚŚŝƐǀĂƌŝĂďůĞƌĂƚĞŽĨϭй͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƐĐŚĞĚƵůĞĚƌĞƉĂLJŵĞŶƚƐ͕ǁŽƵůĚŝŶĐƌĞĂƐĞƚŚĞ
ĂŶŶƵĂůŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞŽŶƚŚĞďŽƌƌŽǁŝŶŐƐĨƌŽŵƚŚĞƐĞĨĂĐŝůŝƚŝĞƐďLJΨεϮ͕ϬϬϬ͘ĚĞĐƌĞĂƐĞŝŶƚŚŝƐǀĂƌŝĂďůĞ
ƌĂƚĞŽĨϭй͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƐĐŚĞĚƵůĞĚƌĞƉĂLJŵĞŶƚƐ͕ǁŽƵůĚĚĞĐƌĞĂƐĞƚŚĞĂŶŶƵĂůŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞŽŶ
ƚŚĞďŽƌƌŽǁŝŶŐƐĨƌŽŵƚŚĞƐĞĨĂĐŝůŝƚŝĞƐďLJΨΘϳ͕ϬϬϬ͘
ϮϮ͘κ ƌĞĚŝƚƌŝƐŬ
ƌĞĚŝƚƌŝƐŬŝƐƚŚĞƌŝƐŬŽĨĨŝŶĂŶĐŝĂůůŽƐƐƚŽƚŚĞ'ƌŽƵƉŝĨĂĐƵƐƚŽŵĞƌŽƌĐŽƵŶƚĞƌƉĂƌƚLJƚŽĂĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ
ĨĂŝůƐƚŽŵĞĞƚŝƚƐĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƚŝŽŶƐĂŶĚĂƌŝƐĞƐĨƌŽŵĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕and the Group’s
receivables from customers. The Group’s maximum credit risk is represented by the carrying value of
ƚŚĞƐĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘
The credit risk associated with cash transactions and deposits is managed through the Group’s policies
ƚŚĂƚůŝŵŝƚƚŚĞƵƐĞŽĨĐŽƵŶƚĞƌƉĂƌƚŝĞƐƚŽŚŝŐŚĐƌĞĚŝƚƋƵĂůŝƚLJĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐ͘
dŚĞ'ƌŽƵƉŵŝŶŝŵŝƐĞƐĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨĐƌĞĚŝƚƌŝƐŬŝŶƌĞĐĞŝǀĂďůĞƐďLJƵŶĚĞƌƚĂŬŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚĂůĂƌŐĞ
ŶƵŵďĞƌŽĨĐƵƐƚŽŵĞƌƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƌĞĐĞŝǀĂďůĞďĂůĂŶĐĞƐĂƌĞŵŽŶŝƚŽƌĞĚŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐǁŝƚŚƚŚĞ
objective that the Group’s exposure to expected crediƚůŽƐƐĞƐŝƐŵŝŶŝŵŝƐĞĚ͘dŚĞ'ƌŽƵƉĐŽŶƐŝĚĞƌƐ
ŝŶĨŽƌŵĂƚŝŽŶĚĞǀĞůŽƉĞĚŝŶƚĞƌŶĂůůLJŽƌŽďƚĂŝŶĞĚĨƌŽŵĞdžƚĞƌŶĂůƐŽƵƌĐĞƐƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌĂĚĞďƚŽƌŝƐ
ƵŶůŝŬĞůLJƚŽƉĂLJƚŚĞďĂůĂŶĐĞƐĚƵĞŝŶĨƵůů ͘dŚĞ 'ƌŽƵƉǁƌŝƚĞƐŽĨĨĂƚƌĂĚĞƌĞĐĞŝǀĂďůĞǁŚĞŶƚŚĞƌĞŝƐŝŶĨŽƌŵĂƚŝŽŶ
ŝŶĚŝĐ ĂƚŝŶŐƚŚĂƚƚŚĞĚĞďƚŽƌŝƐŝŶƐĞǀĞƌĞĨŝŶĂŶĐŝĂůĚŝĨĨŝĐƵůƚLJĂŶĚƚŚĞƌĞŝƐŶŽƌĞĂůŝƐƚŝĐƉƌŽƐƉĞĐƚŽĨƌĞĐŽǀĞƌLJ͘
ϮϮ͘ρ >ŝƋƵŝĚŝƚLJƌŝƐŬ
>ŝƋƵŝĚŝƚLJƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞ'ƌŽƵƉǁŝůůŶŽƚďĞĂďůĞƚŽŵĞĞƚŝƚƐĨŝŶĂŶĐŝĂůŽďůŝŐĂƚŝŽŶƐĂƐĂŶĚǁŚĞŶƚŚĞ
fall due. The Group’s liquidity risk management includes maintaining sufficient cash reserves to meet
ĨƵƚƵƌĞĐŽŵŵŝƚŵĞŶƚƐ͘
The following table provides a maturity analysis of the Group’s remaining contractual cash flows relating
ƚŽŶŽŶ ͲĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͘ŽŶƚƌĂĐƚƵĂůĐĂƐŚĨůŽǁƐŝŶĐůƵĚĞĐŽŶƚƌĂĐƚƵĂůƵŶĚŝƐĐŽƵŶƚĞĚƉƌŝŶĐŝƉĂů
ĂŶĚŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚƐ͘

EΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬEΨϬϬϬ
ƐĂƚϯϭDĂƌĐŚϮϬϮκ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐρ͕Θρερ͕Θρερ͕ΘρεͲͲͲͲ
ŽƌƌŽǁŝŶŐƐϯϯ͕ΘϮεϯς͕ϮςΘρ͕ρϮερ͕ϭϯϭϭϭ͕Θϭϳϭϯ͕ϳεϭͲ
>ĞĂƐĞůŝĂďŝůŝƚLJϭϭ͕ρΘκϭρ͕ΘΘςϭ͕ϬκΘεϳϯϭ͕εϬϭρ͕ςϭρς͕ϯκε
ρϭ͕ϮϳϮρΘ͕ϬϭϯϭϮ͕κϯςς͕ϭϬκϭϯ͕ϳϭΘϭε͕κϬςς͕ϯκε
ƐĂƚϯϭDĂƌĐŚϮϬϮϯ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐρ͕ϮϬϯρ͕ϮϬϯρ͕ϭϯςϭϯρκͲͲ
WĂLJĂďůĞĨŽƌĂĐƋƵŝƐŝƚŝŽŶŽĨďƵƐŝŶĞƐƐϭϭρϭϭρϭϭρͲͲͲͲ
ŽƌƌŽǁŝŶŐƐϮϭ͕ϭϳςϮκ͕Ϯϯϯϯ͕ρρςϯ͕ϯϳςς͕ςϯςϭϬ͕ςϬκςϭ
>ĞĂƐĞůŝĂďŝůŝƚLJς͕ςϳρΘ͕ϳεϬρεκρϮεεεϯϮ͕εκϮϯ͕ϳϯϮ
ϯϯ͕ϭςεϯΘ͕ϯκϭε͕κϬϭϯ͕εϭΘϳ͕ςΘϯϭϯ͕ρκςϯ͕ϳεϯ
WĂLJĂďůĞ
ρнLJĞĂƌƐ
WĂLJĂďůĞ
ϮͲρLJĞĂƌƐ
ĂƌƌLJŝŶŐ
ĂŵŽƵŶƚ
ŽŶƚƌĂĐƚƵĂů
ĐĂƐŚĨůŽǁƐ
WĂLJĂďůĞ
ϬͲςŵŽŶƚŚƐ
WĂLJĂďůĞ
ςͲϭϮŵŽŶƚŚƐ
WĂLJĂďůĞ
ϭͲϮLJĞĂƌƐ
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯϭ
ϮϮϮϮ͘͘ &&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůůŝŝŶŶƐƐƚƚƌƌƵƵŵŵĞĞŶŶƚƚƐƐ
ϮϮ͘ϭ ůĂƐƐĞƐĂŶĚĐĂƚĞŐŽƌŝĞƐŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ
dŚĞ'ƌŽƵƉŚĂƐĞŶƚĞƌĞĚŝŶƚŽĂŶƵŵďĞƌŽĨŶŽŶͲĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂůůŽĨǁŚŝĐŚĂƌĞĐůĂƐƐŝĨŝĞĚ
ĂƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ͘dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞƐŽĨƚŚĞƐĞŝƚĞŵƐĂƉƉƌŽdžŝŵĂƚĞƚŚĞŝƌ
ĨĂŝƌǀĂůƵĞĂŶĚƌĞƉƌĞƐĞŶƚƚŚĞŵĂdžŝŵƵŵĞdžƉŽƐƵƌĞƐĨŽƌĞĂĐŚƚLJƉĞŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ͘dŚĞLJĂƌĞůŝƐƚĞĚĂƐ
ĨŽůůŽǁƐ͗

dŚĞ'ƌŽƵƉĚŽĞƐŶŽƚŚĂǀĞĂŶLJĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ;ϮϬϮϯ͗ŶŝůͿ͘
ϮϮ͘Ϯ &ŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚŽďũĞĐƚŝǀĞƐ
The Group’s activities expose it to a variety of financial risks: market risk (including interest rate risk and
currency risk), credit and liquidity risk. The Group’s overall risk management programme focuses on the
ƵŶƉƌĞĚŝĐƚĂďŝůŝƚLJŽĨĨŝŶĂŶĐŝĂůŵĂƌŬĞƚƐĂŶĚƐĞĞŬƐƚŽŵŝŶŝŵŝƐĞƉŽƚĞŶƚŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚƐŽŶŝƚƐĨŝŶĂŶĐŝĂů
ƉĞƌĨŽƌŵĂŶĐĞ͘
ZŝƐŬŵĂŶĂŐĞŵĞŶƚŝƐĐĂƌƌŝĞĚŽƵƚƵŶĚĞƌƉŽůŝĐŝĞƐĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘
ϮϮ͘ϯ DĂƌŬĞƚƌŝƐŬ
DĂƌŬĞƚƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚĐŚĂŶŐĞƐŝŶŵĂƌŬĞƚƉƌŝĐĞƐ͕ƐƵĐŚĂƐĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƐ
will affect the Group’s income or the value of its holdings of financial instruments. The objective of
ŵĂƌŬĞƚƌŝƐŬŵĂŶĂŐĞŵĞŶƚŝƐƚŽŵĂŶĂŐĞĂŶĚĐŽŶƚƌŽůƚŚĞŵĂƌŬĞƚƌŝƐŬĞdžƉŽƐƵƌĞƐǁŝƚŚŝŶĂĐĐĞƉƚĂďůĞ
ƉĂƌĂŵĞƚĞƌƐ͕ǁŚŝůĞŽƉƚŝŵŝƐŝŶŐƚŚĞƌĞƚƵƌŶŽŶƌŝƐŬ͘
The Group’s main market risk relates to interest rate risk. Interest rate risk is the risk that the fair value
ŽĨƚŚĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚŽƌĐĂƐŚĨůŽǁƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŝŶƐƚƌƵŵĞŶƚǁŝůůĨůƵĐƚƵĂƚĞĚƵĞƚŽĐŚĂŶŐĞƐŝŶ
ŵĂƌŬĞƚŝŶƚĞƌĞƐƚƌĂƚĞƐ͘
The Group’s interest rate risk exposure primarily relates to its exposure to variable interest rates on
ďŽƌƌŽǁŝŶŐƐ͘dŚĞ'ƌŽƵƉŚĂƐŵŝƚŝŐĂƚĞĚƚŚŝƐƌŝƐŬĞdžƉŽƐƵƌĞƚŚƌŽƵŐŚĞŶƚĞƌŝŶŐŝŶƚŽďŽƌƌŽǁŝŶŐƐǁŝƚŚĨŝdžĞĚ
ŝŶƚĞƌĞƐƚƌĂƚĞƐ͘tŝƚŚƚŚĞĞdžĐĞƉƚŝŽŶŽĨƚŚĞƚǁŽĨůĞdžŝďůĞůĞŶĚŝŶŐĨĂĐŝůŝƚŝĞƐďĞůŽǁ͕ƚŚĞĂƐƐĞƚĨŝŶĂŶĐĞ;ŶŽƚĞ
ϭϳ͘ϮͿ͕ŽƚŚĞƌůŽĂŶƐ;ŶŽƚĞϭϳ͘ϯͿĂŶĚĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐ;ŶŽƚĞϭϳ͘κͿ͕ĂůůŚĂǀĞŝŶƚĞƌĞƐƚƌĂƚĞƐƚŚĂƚĂƌĞĨŝdžĞĚĨŽƌ
ƚŚĞůŝĨĞŽĨƚŚĞůŽĂŶ͘
ϮϬϮκϮϬϮϯ
EŽƚĞEΨϬϬϬEΨϬϬϬ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ
ĂƐŚĂƚďĂŶŬ
ϭ͕ϳρϭΘϳϯ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐϭϭς͕ϳεΘκ͕ρϬϮ
dŽƚĂůĨŝŶĂŶĐŝĂůĂƐƐĞƚƐΘ͕ρκερ͕ϯϳρ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐϭςκ͕ΘϮϳκ͕ςΘϳ
WĂLJĂďůĞĨŽƌĂĐƋƵŝƐŝƚŝŽŶŽĨďƵƐŝŶĞƐƐͲϭϭρ
ŽƌƌŽǁŝŶŐƐͲĐƵƌƌĞŶƚϭϳϭϬ͕ςκϬ
ρ͕ςρϳ
ŽƌƌŽǁŝŶŐƐͲŶŽŶĐƵƌƌĞŶƚϭϳϮϯ͕ϭΘεϭρ͕ρϭε
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐͲĐƵƌƌĞŶƚϭκ͘Ϯϭ͕ϭςϮϳϭϭ
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐͲŶŽŶĐƵƌƌĞŶƚϭκ͘ϮϭϬ͕κϮϮρ͕εςκ
dŽƚĂůĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
ρϬ͕ϮκϬϯϮ͕ςρϯ

58
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯϯ
ϮϮ͘ς ĂƉŝƚĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
dŚĞ'ƌŽƵƉŵĂŶĂŐĞƐŝƚƐĐĂƉŝƚĂůƚŽĞŶƐƵƌĞƚŚĂƚĞŶƚŝƚŝĞƐŝŶƚŚĞ'ƌŽƵƉǁŝůůďĞĂďůĞƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐ
ĐŽŶĐĞƌŶǁŚŝůĞŵĂdžŝŵŝƐŝŶŐƚŚĞƌĞƚƵƌŶƚŽƐŚĂƌĞŚŽůĚĞƌƐƚŚƌŽƵŐŚƚŚĞŽƉƚŝŵŝƐĂƚŝŽŶŽĨĚĞďƚĂŶĚĞƋƵŝƚLJ͘
dŚĞĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞŽĨƚŚĞ'ƌŽƵƉĐŽŶƐŝƐƚƐŽĨĞƋƵŝƚLJ͕ĐŽŵƉƌŝƐŝŶŐŝƐƐƵĞĚĐĂƉŝƚĂůĂŶĚƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ͕
ĂŶĚĚĞďƚ͘dŚĞ'ƌŽƵƉƌĞǀŝĞǁƐƚŚĞĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞŽŶĂƌĞŐƵůĂƌďĂƐŝƐŝŶĐůƵĚŝŶŐĂƐƐĞƐƐŝŶŐĞƋƵŝƚLJƌĂƚŝŽƐĂŶĚ
ĞŶƐƵƌŝŶŐĐŽŵƉůŝĂŶĐĞǁŝƚŚďĂŶŬĐŽǀĞŶĂŶƚƐ͕ƚŽĞŶƐƵƌĞƚŚĂƚĞŶƚŝƚŝĞƐŝŶƚŚĞ'ƌŽƵƉĂƌĞĂďůĞƚŽĐŽŶƚŝŶƵĞĂƐ
ŐŽŝŶŐĐŽŶĐĞƌŶƐĂŶĚƚŽĨƵŶĚŝƚƐĂĐƋƵŝƐŝƚŝŽŶƐƚƌĂƚĞŐLJ͘
ϮϮϯϯ͘͘ ƵƵƐƐŝŝŶŶĞĞƐƐƐƐĂĂĐĐƋƋƵƵŝŝƐƐŝŝƚƚŝŝŽŽŶŶ

Ϯϯ͘ϭ ĐƋƵŝƐŝƚŝŽŶŽĨůĞĂŶǁĂLJƐďƵƐŝŶĞƐƐ
KŶϭ:ƵŶĞϮϬϮϯtĂƐƚĞŽE>ŝŵŝƚĞĚƉƵƌĐŚĂƐĞĚƚŚĞĐŽŵďŝŶĞĚĂƐƐĞƚƐĂŶĚďƵƐŝŶĞƐƐĞƐŽĨůĞĂŶǁĂLJƐ;ϮϬϬϯͿ
>imited (͚leanways’), nviro ^outh (ϮϬϭρ) >imited (͚nviro ^outh’) and tastech ^ervices (entral Ktago)
>imited (͚tastech ^ervices’), all of which were undeƌĐŽŵŵŽŶŽǁŶĞƌƐŚŝƉ͘
dŚĞůĞĂŶǁĂLJƐĂŶĚŶǀŝƌŽ^ŽƵƚŚďƵƐŝŶĞƐƐĞƐĂƌĞďĂƐĞĚŝŶ/ŶǀĞƌĐĂƌŐŝůůĂŶĚƐƉĞĐŝĂůŝƐĞŝŶƚŚĞƌĞŵŽǀĂůŽĨďƵůŬ
ůŝƋƵŝĚǁĂƐƚĞ͕ƉƌŽǀŝĚŝŶŐĂƌĂŶŐĞŽĨƐĞƌǀŝĐĞƐĂĐƌŽƐƐ^ŽƵƚŚůĂŶĚ͘tĂƐƚĞĐŚ^ĞƌǀŝĐĞƐŝƐďĂƐĞĚŝŶƌŽŵǁĞůůĂŶĚ
ƐƉĞĐŝĂůŝƐĞƐŝŶƚŚĞƌĞŵŽǀĂůŽĨďƵůŬůŝƋƵŝĚĂŶĚƐŽůŝĚǁĂƐƚĞ͕ƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐƚŚƌŽƵŐŚŽƵƚƚŚĞĞŶƚƌĂůKƚĂŐŽ
ƌĞŐŝŽŶ͘
dŚĞĂĐƋƵŝƐŝƚŝŽŶƐƵƉƉŽƌƚĞĚtĂƐƚĞŽƚŽĞdžƉĂŶĚŝƚƐƐĞƌǀŝĐĞƐŝŶ^ŽƵƚŚůĂŶĚĂŶĚKƚĂŐŽ͘
EĂƚƵƌĞŽĨďƵƐŝŶĞƐƐĂĐƋƵŝƌĞĚ/ŶĚƵƐƚƌŝĂů
ƐĞƌǀŝĐĞƐ
tĂƐƚĞ
ĐŽůůĞĐƚŝŽŶ
ĐƋƵŝƐŝƚŝŽŶĚĂƚĞϭ:ƵŶĞϮϬϮϯϯϬ^ĞƉƚϮϬϮϯ
EΨϬϬϬEΨϬϬϬEΨϬϬϬ
EĞƚĂƐƐĞƚƐͬ;ůŝĂďŝůŝƚŝĞƐͿĂĐƋƵŝƌĞĚ͗
WƌĞƉĂLJŵĞŶƚƐϳͲϳ
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚς͕ϭϭϯρ͕κϮρϭϭ͕ρϯΘ
ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐϭ͕ςκϳκκϮϮ͕ϬΘε
ƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐĂƐƐĞƚͲρ͕κϯρρ͕κϯρ
ŵƉůŽLJĞĞůŝĂďŝůŝƚŝĞƐ;ϭρΘͿ;ϭϬςͿ;ϮςκͿ
ĞĨĞƌƌĞĚƌĞǀĞŶƵĞͲ;ϭςϬͿ;ϭςϬͿ
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐ;ϭ͕ςκϳͿ;κκϮͿ;Ϯ͕ϬΘεͿ
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚLJͲ;ϭ͕ρϮϮͿ;ϭ͕ρϮϮͿ
EĞƚĂƐƐĞƚƐĂĐƋƵŝƌĞĚρ͕εςϮε͕ϬϳϮϭρ͕Ϭϯκ
'ŽŽĚǁŝůůϭ͕ϮϳςͲϭ͕Ϯϳς
'ĂŝŶŽŶďĂƌŐĂŝŶƉƵƌĐŚĂƐĞͲ;ϳςϮͿ;ϳςϮͿ
ϳ͕ϮϯΘΘ͕ϯϭϬϭρ͕ρκΘ
^ĂƚŝƐĨŝĞĚďLJ͗
ĂƐŚρ͕ϬϯϯΘ͕ϯϭϬϭϯ͕ϯκϯ
/ƐƐƵĞŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐϮ͕ϮϬρͲϮ͕ϮϬρ
dŽƚĂůĐŽŶƐŝĚĞƌĂƚŝŽŶƚƌĂŶƐĨĞƌƌĞĚϳ͕ϮϯΘΘ͕ϯϭϬϭρ͕ρκΘ
dŽƚĂůŽŶĚ
ŽŶƚƌĂĐƚƐ
ůĞĂŶǁĂLJƐ

WASTECO GROUP LTD: ANNUAL REPORT 2024 59
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯκ
dŚĞƚŽƚĂůƉƵƌĐŚĂƐĞƉƌŝĐĞĨŽƌƚŚĞĂĐƋƵŝƐŝƚŝŽŶǁĂƐΨϳ͘ϮϯΘŵŝůůŝŽŶ;ĂĨƚĞƌĂĚũƵƐƚŵĞŶƚƐƚŽƚŚĞĐŽŶƚƌĂĐƚĞĚ
ƉƵƌĐŚĂƐĞƉƌŝĐĞŽĨΨϳ͘ϯρŵŝůůŝŽŶͿ͘ΨϮ͘ϮϬρŵŝůůŝŽŶŽĨƚŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞǁĂƐƐĂƚŝƐĨŝĞĚďLJƚŚĞŝƐƐƵĞƚŽƚŚĞ
ǀĞŶĚŽƌƐŽĨϯϭ͕ΘρϬ͕ϯρϯĨƵůůLJƉĂŝĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶLJ͕ǁŝƚŚƚŚĞΨρ͘ϬϯϯŵŝůůŝŽŶďĂůĂŶĐĞŽĨƚŚĞ
ƉƵƌĐŚĂƐĞƉƌŝĐĞƉĂŝĚŝŶĐĂƐŚ͘
dŚĞĂŵŽƵŶƚƐƌĞĐŽŐŶŝƐĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂŶĚůŝĂďŝůŝƚŝĞƐĂƐƐƵŵĞĚĂƌĞĂƐƐĞƚ
ŽƵƚŝŶƚŚĞƚĂďůĞĂďŽǀĞ͘
dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞϯϭ͕ΘρϬ͕ϯρϯŽƌĚŝŶĂƌLJƐŚĂƌĞƐŝƐƐƵĞĚĂƚΨϬ͘ϬςεϮϯƉĞƌƐŚĂƌĞĂƐƉĂƌƚŽĨƚŚĞ
ĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂŝĚǁĂƐĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞďĂƐŝƐŽĨƚŚĞĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘dŚĞŝƐƐƵĞƉƌŝĐĞŽĨ
ΨϬ͘ϬςεϮϯƉĞƌƐŚĂƌĞŝƐŝŶůŝŶĞǁŝƚŚƚŚĞρͲƚƌĂĚŝŶŐ ĚĂLJǀŽůƵŵĞͲǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞƉƌŝĐĞ;stWͿŽĨtĂƐƚĞŽ
ƐŚĂƌĞƐƉƌŝŽƌƚŽƚŚĞĂŶŶŽƵŶĐĞŵĞŶƚŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶ͘
dŚĞŐŽŽĚǁŝůůŽĨΨϭ͘ϮϳςŵŝůůŝŽŶĂƌŝƐŝŶŐĨƌŽŵƚŚĞĂĐƋƵŝƐŝƚŝŽŶƌĞůĂƚĞƐƚŽĞdžƉĞĐƚĞĚƐLJŶĞƌŐŝĞƐ͕ĂŶĚƚŚĞ
ĐĂƉĂďŝůŝƚLJĂŶĚĞdžƉĞƌƚŝƐĞĚĞǀĞůŽƉĞĚǁŝƚŚŝŶƚŚĞĂĐƋƵŝƌĞĚďƵƐŝŶĞƐƐ͘
dŚĞĐĂƐŚƉĂŝĚĨŽƌƚŚĞĂĐƋƵŝƐŝƚŝŽŶǁĂƐĨƵŶĚĞĚďLJĂĚĚŝƚŝŽŶĂůĂƐƐĞƚĨŝŶĂŶĐĞ͘
dŚĞůĞĂŶǁĂLJƐďƵƐŝŶĞƐƐĐŽŶƚƌŝďƵƚĞĚΨς͘ρϳŵŝůůŝŽŶĂŶĚΨ ϭ͘ςκŵŝůůŝŽŶto the Group’s ƌĞǀĞŶƵĞ ĂŶĚ ƉƌŽĨŝƚ
ďĞĨŽƌĞƚĂdžĨŽƌƚŚĞƉĞƌŝŽĚďĞƚǁĞĞŶƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƚŝŽŶĂŶĚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘/ĨƚŚĞůĞĂŶǁĂLJƐ
ďƵƐŝŶĞƐƐŚĂĚďĞĞŶĂĐƋƵŝƌĞĚŽŶϭƉƌŝůϮϬϮϯƚŚĞ'ƌŽƵƉĞƐƚŝŵĂƚĞƐƚŚĞŶĞǁďƵƐŝŶĞƐƐǁŽƵůĚŚĂǀĞ
contributed $7.88 million and $1.96 million to the Group’sƌĞǀĞŶƵĞĂŶĚŶĞƚƉƌŽĨŝƚďĞĨŽƌĞƚĂdžĨŽƌƚŚĞϮϬϮκ
LJĞĂƌ͘
Ϯϯ͘Ϯ ĐƋƵŝƐŝƚŝŽŶŽĨŽŶĚŽŶƚƌĂĐƚƐďƵƐŝŶĞƐƐ
KŶϯϬ^ĞƉƚĞŵďĞƌϮϬϮϯtĂƐƚĞŽE>ŝŵŝƚĞĚĂĐƋƵŝƌĞĚ the ^ŽƵƚŚůĂŶĚǁĂƐƚĞĐŽůůĞĐƚŝŽŶďƵƐŝŶĞƐƐŽĨŽŶĚ
ŽŶƚƌĂĐƚƐ>ŝŵŝƚĞĚ͘
dŚĞďƵƐŝŶĞƐƐĂĐƋƵŝƌĞĚƉƌŽǀŝĚĞƐǁĂƐƚĞĐŽůůĞĐƚŝŽŶƐĞƌǀŝĐĞƐĂŶĚŽƉĞƌĂƚĞƐƚƌĂŶƐĨĞƌƐƚĂƚŝŽŶƐŝŶ^ŽƵƚŚůĂŶĚ
ƵŶĚĞƌĂĐŽŶƚƌĂĐƚǁŝƚŚƚŚĞ/ŶǀĞƌĐĂƌŐŝůůŝƚLJŽƵŶĐŝů͕^ŽƵƚŚůĂŶĚŝƐƚƌŝĐƚŽƵŶĐŝůĂŶĚ'ŽƌĞŝƐƚƌŝĐƚŽƵŶĐŝů
;ƚŽŐĞƚŚĞƌƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞΖtĂƐƚĞEĞƚΖŽƵŶĐŝůƐͿ͘dŚŝƐĐŽŶƚƌĂĐƚƌƵŶƐƵŶƚŝůϯϬ:ƵŶĞϮϬϮϳ͘
The acquisition expanded the Group’s footprint in the South Island as a leading waste management
ĐŽŵƉĂŶLJŝŶƚŚĞƌĞŐŝŽŶ͘
dŚĞƚŽƚĂůƉƵƌĐŚĂƐĞƉƌŝĐĞĨŽƌƚŚĞĂĐƋƵŝƐŝƚŝŽŶǁĂƐΨΘ͘ϯϭŵŝůůŝŽŶ;ĂĨƚĞƌĂƉƉŽƌƚŝŽŶŵĞŶƚƐĂŶĚĂĚũƵƐƚŵĞŶƚƐƚŽ
ƚŚĞĐŽŶƚƌĂĐƚĞĚƉƵƌĐŚĂƐĞƉƌŝĐĞŽĨΨΘ͘ϳϳρŵŝůůŝŽŶͿ͘
dŚĞĂŵŽƵŶƚƐƌĞĐŽŐŶŝƐĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂŶĚůŝĂďŝůŝƚŝĞƐĂƐƐƵŵĞĚĂƌĞĂƐƐĞƚ
ŽƵƚŝŶƚŚĞƚĂďůĞĂďŽǀĞ͘dŚĞŶĞƚĂƐƐĞƚƐĂĐƋƵŝƌĞĚŽĨΨε͘ϬϳϮ ŵŝůůŝŽŶƌĞƐƵůƚŝŶĂŐĂŝŶŽŶďĂƌŐĂŝŶƉƵƌĐŚĂƐĞŽĨ
ΨϬ͘ϳςϮ ŵŝůůŝŽŶĐŽŵƉĂƌĞĚƚŽƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂŝĚŽĨΨΘ͘ϯϭŵŝůůŝŽŶ͘
ƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐĂƐƐĞƚ
dŚĞΨ ρ͘κϯρ ŵŝůůŝŽŶǀĂůƵĞĂƚƚƌŝďƵƚĞĚƚŽƚŚĞĐƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐĂƐƐĞƚŚĂƐďĞĞŶĚĞƚĞƌŵŝŶĞĚďLJĂŶ
ŝŶĚĞƉĞŶĚĞŶƚǀĂůƵĂƚŝŽŶ͘dŚĞďƵƐŝŶĞƐƐŚŽůĚƐƚŚĞĐŽŶƚƌĂĐƚƐĨŽƌŵƵŶŝĐŝƉĂůǁĂƐƚĞĐŽůůĞĐƚŝŽŶĂŶĚƉƌŽĐĞƐƐŝŶŐ
ĨŽƌ/ŶǀĞƌĐĂƌŐŝůůŝƚLJŽƵŶĐŝů͕^ŽƵƚŚůĂŶĚŝƐƚƌŝĐƚŽƵŶĐŝůĂŶĚ'ŽƌĞŝƐƚƌŝĐƚŽƵŶĐŝůƵŶĚĞƌĂĐŽŶƚƌĂĐƚǁŝƚŚ
those councils (‘Wastenet Contract’).
dŚĞtĂƐƚĞŶĞƚŽŶƚƌĂĐƚĐŽǀĞƌƐƚŚĞĐŽůůĞĐƚŝŽŶĂŶĚƉƌŽĐĞƐƐŝŶŐŽĨďŽƚŚŚŽƵƐĞŚŽůĚƐŽůŝĚǁĂƐƚĞĂŶĚƌĞĐLJĐůŝŶŐ
ǁĂƐƚĞ͖ǁŝƚŚŝŶĐŽŵĞďĞŝŶŐĚĞƌŝǀĞĚĂƚĂĨŝdžĞĚƌĂƚĞƉĞƌŚŽƵƐĞŚŽůĚƐĞƌǀĞĚ͘ƵĞƚŽƚŚĞŶĂƚƵƌĞŽĨƚŚĞ
tĂƐƚĞŶĞƚŽŶƚƌĂĐƚĂŶĚƚŚĞƉƵƌƉŽƐĞŽĨƚŚĞƐĞƌǀŝĐĞ͕ƚŚĞƌĞŝƐĞdžƉĞĐƚĞĚƚŽďĞůŝƚƚůĞƌŝƐŬŽĨĂĐŚĂŶŐĞƚŽƚŚĞ
ƌĞǀĞŶƵĞĨƌŽŵƚŚĞĐŽŶƚƌĂĐƚ͘

60
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯρ
dŚĞtĂƐƚĞŶĞƚŽŶƚƌĂĐƚŚĂƐĂĨŝdžĞĚůŝĨĞƚŝŵĞǁŝƚŚŵĂƚƵƌŝƚLJďĞŝŶŐŝŶ:ƵŶĞϮϬϮϳ͘ĞLJŽŶĚƚŚŝƐtĂƐƚĞŽǁŝůů
ďĞƌĞƋƵŝƌĞĚƚŽƚĞŶĚĞƌĨŽƌĂŶLJƌĞŶĞǁĂů͘ƵĞƚŽĂůĞǀĞůŽĨƵŶĐĞƌƚĂŝŶƚLJ͕ƚŚĞǀĂůƵĞŽĨƚŚĞƌĞŶĞǁĂůǁĂƐŶŽƚ
ĐŽŶƐŝĚĞƌĞĚǁŚĞŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞǀĂůƵĞƐŽĨƚŚĞĐƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐĂƐƐĞƚ͘
dŚĞǀĂůƵĞŽĨƚŚĞĐƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐĂƐƐĞƚŝƐĚĞƚĞƌŵŝŶĞĚďLJĨŝƌƐƚĂƐƐĞƐƐŝŶŐƚŚĞĞŶƚĞƌƉƌŝƐĞǀĂůƵĞŽĨƚŚĞ
ĂĐƋƵŝƌĞĚďƵƐŝŶĞƐƐ͘dŚĞĞŶƚĞƌƉƌŝƐĞǀĂůƵĞŝƐĨŝƌƐƚĂůůŽĐĂƚĞĚƚŽƚŚĞƚĂŶŐŝďůĞĂƐƐĞƚƐŽĨƚŚĞďƵƐŝŶĞƐƐ;ƉůĂŶƚĂŶĚ
ĞƋƵŝƉŵĞŶƚĂŶĚƐƚŽĐŬͿ͘ŶLJƌĞƐŝĚƵĂůǀĂůƵĞŝƐůŝŬĞůLJƚŽďĞĂƚƚƌŝďƵƚĞĚƚŽƚŚĞtĂƐƚĞŶĞƚĐŽŶƚƌĂĐƚŐŝǀĞŶŝƚ
ĂĐĐŽƵŶƚƐĨŽƌĂƉƉƌŽdžŝŵĂƚĞůLJερйŽĨƚŚĞŽŶĚŽŶƚƌĂĐƚƐďƵƐŝŶĞƐƐƌĞǀĞŶƵĞƐƚƌĞĂŵƐ͘
The Discounted Cashflows model (“DCF”) has been used to obtain an enterprise value. This value
ĞŶĐĂƉƐƵůĂƚĞƐƚŚĞĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĂůŽŶŐǁŝƚŚƚŚĞĂƐƐĞƚďĂƐĞƌĞƋƵŝƌĞĚƚŽĂĐŚŝĞǀĞƚŚĞĐĂƐŚĨůŽǁƐ͘
dŚĞŽŶĚŽŶƚƌĂĐƚƐďƵƐŝŶĞƐƐĐŽŶƚƌŝďƵƚĞĚΨκ͘κ ϮŵŝůůŝŽŶ ĂŶĚΨ ϭ͘ϳϳ ŵŝůůŝŽŶ to the Group’s ƌĞǀĞŶƵĞ ĂŶĚ
ƉƌŽĨŝƚĨŽƌƚŚĞƉĞƌŝŽĚďĞƚǁĞĞŶƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƚŝŽŶĂŶĚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘/ĨƚŚĞŽŶĚŽŶƚƌĂĐƚƐ
ďƵƐŝŶĞƐƐŚĂĚďĞĞŶĂĐƋƵŝƌĞĚŽŶϭƉƌŝůϮϬϮϯƚŚĞ'ƌŽƵƉĞƐƚŝŵĂƚĞƐƚŚĞŶĞǁďƵƐŝŶĞƐƐǁŽƵůĚŚĂǀĞ
ĐŽŶƚƌŝďƵƚĞĚΨΘ͘ΘϯŵŝůůŝŽŶĂŶĚΨϯ͘ρρ ŵŝůůŝŽŶƚŽŝƚƐƌĞǀĞŶƵĞĂŶĚŶĞƚƉƌŽĨŝƚďĞĨŽƌĞƚĂdžĨŽƌƚŚĞϮϬϮκLJĞĂƌ͘
Ϯϯ͘ϯ ŽŶĨŝƌŵĂƚŝŽŶŽĨĂĐĐŽƵŶƚŝŶŐĨŽƌƉƌŝŽƌƉĞƌŝŽĚĂĐƋƵŝƐŝƚŝŽŶ
KŶϭDĂƌĐŚϮϬϮϯtĂƐƚĞŽE>ŝŵŝƚĞĚĂĐƋƵŝƌĞĚƚŚĞďƵƐŝŶĞƐƐĂŶĚĂƐƐĞƚƐŽĨĞŶƚƌĂů^ƵĐƚŝŽŶůĞĂŶĞƌƐ
>ŝŵŝƚĞĚ͘ƚƚŚĞϮϬϮϯƌĞƉŽƌƚŝŶŐĚĂƚĞƚŚĞĨĂŝƌǀĂůƵĞĂůůŽĐĂƚŝŽŶŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂĐƋƵŝƌĞĚǁĂƐ
ƉƌŽǀŝƐŝŽŶĂů͘dŚĞĂĐĐŽƵŶƚŝŶŐĨŽƌƚŚŝƐĂĐƋƵŝƐŝƚŝŽŶŚĂƐŶŽǁďĞĞŶĨŝŶĂůŝƐĞĚ͘/ŶĚŽŝŶŐƐŽ͕ƚŚĞƌĞǁĞƌĞŶŽ
ĂĚũƵƐƚŵĞŶƚƐƚŽƚŚĞŝŶŝƚŝĂůĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĨĂŝƌǀĂůƵĞŽĨŶĞƚĂƐƐĞƚƐĂĐƋƵŝƌĞĚ͕ĂƐĚĞƚĂŝůĞĚďĞůŽǁ͘

ϭDĂƌĐŚϮϬϮϯ
EΨϬϬϬ
EĞƚĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂƚĨĂŝƌǀĂůƵĞ͗
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚϭ͕ϬϬϬ
EĞƚĂƐƐĞƚƐĂĐƋƵŝƌĞĚϭ͕ϬϬϬ
^ĂƚŝƐĨŝĞĚďLJ͗
ĂƐŚϭ͕ϬϬϬ
dŽƚĂůĐŽŶƐŝĚĞƌĂƚŝŽŶϭ͕ϬϬϬ

WASTECO GROUP LTD: ANNUAL REPORT 2024 61
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯς
ϮϮκκ͘͘ WWƌƌŝŝŽŽƌƌƉƉĞĞƌƌŝŝŽŽĚĚĚĚŝŝƐƐĐĐůůŽŽƐƐƵƵƌƌĞĞͲͲƌƌĞĞǀǀĞĞƌƌƐƐĞĞĂĂĐĐƋƋƵƵŝŝƐƐŝŝƚƚŝŝŽŽŶŶ––ƐƐŚŚĂĂƌƌĞĞͲͲďďĂĂƐƐĞĞĚĚƉƉĂĂLJLJŵŵĞĞŶŶƚƚ
/ŶƚŚĞƉƌŝŽƌƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ ƚŚĞŽŵƉĂŶLJĞŶƚĞƌĞĚŝŶƚŽĂƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶŝŶǁŚŝĐŚƚŚĞŽŵƉĂŶLJ
ĂĐƋƵŝƌĞĚϭϬϬйŽĨƚŚĞƐŚĂƌĞƐŽĨƚŚĞĂůƌĞĂĚLJŽƉĞƌĂƚŝŶŐtĂƐƚĞŽ,ŽůĚŝŶŐƐĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĨŽƌΨϮε͘Ϯ
ŵŝůůŝŽŶ͘dŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞǁĂƐƐĂƚŝƐĨŝĞĚďLJƚŚĞŝƐƐƵĞŽĨ͗
ϭ͘ ρϬκŵŝůůŝŽŶĨƵůůLJƉĂŝĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƚĂŶŝƐƐƵĞƉƌŝĐĞŽĨΨϬ͘ϬρƉĞƌƐŚĂƌĞƚŽƚŚĞtĂƐƚĞŽ,ŽůĚŝŶŐƐ
ƐŚĂƌĞŚŽůĚĞƌƐ͕ĂŶĚ
Ϯ͘ ΘϬŵŝůůŝŽŶĨƵůůLJƉĂŝĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐĂƚĂŶŝƐƐƵĞƉƌŝĐĞŽĨΨϬ͘ϬρƉĞƌƐŚĂƌĞƚŽƚŚĞŚŽůĚĞƌƐŽĨΨκŵŝůůŝŽŶ
ŵĂŶĚĂƚŽƌLJĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐƉƌĞǀŝŽƵƐůLJŝƐƐƵĞĚďLJtĂƐƚĞŽ,ŽůĚŝŶŐƐ͘
dŚĞƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶĚŝĚŶŽƚƌĞƉƌĞƐĞŶƚĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE/&Z^ϯƵƐŝŶĞƐƐ
ŽŵďŝŶĂƚŝŽŶƐbecause WasteCo did not constitute ‘a business’, as it was a listed nonͲŽƉĞƌĂƚŝŶŐĞŶƚŝƚLJ͘
dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƚŚĞƌĞĨŽƌĞĂĐĐŽƵŶƚĞĚĨŽƌƚŚĞƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶĂƐĂƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚ
ƚƌĂŶƐĂĐƚŝŽŶ͕ĂƐĂŶŝƐƐƵĞŽĨƐŚĂƌĞƐ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE/&Z^Ϯ^ŚĂƌĞͲďĂƐĞĚWĂLJŵĞŶƚƐ͘
dŚĞĨŝŶĂŶĐŝĂůŝŵƉĂĐƚŽĨƚŚĞƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶŽĨtĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚĂŶĚƚŚĞƌĞƐƵůƚŝŶŐƐŚĂƌĞͲďĂƐĞĚ
ƉĂLJŵĞŶƚ͕ŝƐƐƵŵŵĂƌŝƐĞĚĂƐĨŽůůŽǁƐ͗

dŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚŶĞƚůŝĂďŝůŝƚŝĞƐĂĐƋƵŝƌĞĚǁĂ ƐĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂƐŚĂƌĞͲďĂƐĞĚ
ƉĂLJŵĞŶƚŽĨΨϭ͕Ϯϯε͕ϬϬϬĂŶĚŝŶĐůƵĚĞĚŝŶƚŚĞŶĞƚůŽƐƐĨŽƌƚŚĞϮϬϮϯLJĞĂƌ͘
ϮϮρρ͘͘ EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞĐĐĂĂƐƐŚŚĨĨůůŽŽǁǁƐƐƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚ
Ϯρ͘ϭ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ

EΨϬϬϬ
dŚĞƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚŽŶĂĐƋƵŝƐŝƚŝŽŶǁĂƐ͗
ŽŶƐŝĚĞƌĂƚŝŽŶϭ͕ϭρϯ
&ĂŝƌǀĂůƵĞŽĨŶĞƚůŝĂďŝůŝƚŝĞƐĂĐƋƵŝƌĞĚ;ƐĞĞďĞůŽǁͿΘς
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚŽŶĂĐƋƵŝƐŝƚŝŽŶŽĨtĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚϭ͕Ϯϯε
EĞƚĂƐƐĞƚƐͬůŝĂďŝůŝƚŝĞƐĂĐƋƵŝƌĞĚ͗
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐϮ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚŽƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐκϭ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ;ϭϯͿ
ŽƌƌŽǁŝŶŐƐ;ϭϭςͿ
EĞƚůŝĂďŝůŝƚŝĞƐĂĐƋƵŝƌĞĚ
;ΘςͿ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ĂƐŚĂƚďĂŶŬ
ϭ͕ϳρϭΘϳϯ
ĂŶŬŽǀĞƌĚƌĂĨƚ;ŶŽƚĞϭϳ͘ϭͿ;Ϯ͕ϯκϬͿͲ
;ρΘεͿΘϳϯ
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯρ
dŚĞtĂƐƚĞŶĞƚŽŶƚƌĂĐƚŚĂƐĂĨŝdžĞĚůŝĨĞƚŝŵĞǁŝƚŚŵĂƚƵƌŝƚLJďĞŝŶŐŝŶ:ƵŶĞϮϬϮϳ͘ĞLJŽŶĚƚŚŝƐtĂƐƚĞŽǁŝůů
ďĞƌĞƋƵŝƌĞĚƚŽƚĞŶĚĞƌĨŽƌĂŶLJƌĞŶĞǁĂů͘ƵĞƚŽĂůĞǀĞůŽĨƵŶĐĞƌƚĂŝŶƚLJ͕ƚŚĞǀĂůƵĞŽĨƚŚĞƌĞŶĞǁĂůǁĂƐŶŽƚ
ĐŽŶƐŝĚĞƌĞĚǁŚĞŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞǀĂůƵĞƐŽĨƚŚĞĐƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐĂƐƐĞƚ͘
dŚĞǀĂůƵĞŽĨƚŚĞĐƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐĂƐƐĞƚŝƐĚĞƚĞƌŵŝŶĞĚďLJĨŝƌƐƚĂƐƐĞƐƐŝŶŐƚŚĞĞŶƚĞƌƉƌŝƐĞǀĂůƵĞŽĨƚŚĞ
ĂĐƋƵŝƌĞĚďƵƐŝŶĞƐƐ͘dŚĞĞŶƚĞƌƉƌŝƐĞǀĂůƵĞŝƐĨŝƌƐƚĂůůŽĐĂƚĞĚƚŽƚŚĞƚĂŶŐŝďůĞĂƐƐĞƚƐŽĨƚŚĞďƵƐŝŶĞƐƐ;ƉůĂŶƚĂŶĚ
ĞƋƵŝƉŵĞŶƚĂŶĚƐƚŽĐŬͿ͘ŶLJƌĞƐŝĚƵĂůǀĂůƵĞŝƐůŝŬĞůLJƚŽďĞĂƚƚƌŝďƵƚĞĚƚŽƚŚĞtĂƐƚĞŶĞƚĐŽŶƚƌĂĐƚŐŝǀĞŶŝƚ
ĂĐĐŽƵŶƚƐĨŽƌĂƉƉƌŽdžŝŵĂƚĞůLJερйŽĨƚŚĞŽŶĚŽŶƚƌĂĐƚƐďƵƐŝŶĞƐƐƌĞǀĞŶƵĞƐƚƌĞĂŵƐ͘
The Discounted Cashflows model (“DCF”) has been used to obtain an enterprise value. This value
ĞŶĐĂƉƐƵůĂƚĞƐƚŚĞĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĂůŽŶŐǁŝƚŚƚŚĞĂƐƐĞƚďĂƐĞƌĞƋƵŝƌĞĚƚŽĂĐŚŝĞǀĞƚŚĞĐĂƐŚĨůŽǁƐ͘
dŚĞŽŶĚŽŶƚƌĂĐƚƐďƵƐŝŶĞƐƐĐŽŶƚƌŝďƵƚĞĚΨκ͘κϮŵŝůůŝŽŶĂŶĚΨϭ͘ϳϳŵŝůůŝŽŶto the Group’s ƌĞǀĞŶƵĞĂŶĚ
ƉƌŽĨŝƚĨŽƌƚŚĞƉĞƌŝŽĚďĞƚǁĞĞŶƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƚŝŽŶĂŶĚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘/ĨƚŚĞŽŶĚŽŶƚƌĂĐƚƐ
ďƵƐŝŶĞƐƐŚĂĚďĞĞŶĂĐƋƵŝƌĞĚŽŶϭƉƌŝůϮϬϮϯƚŚĞ'ƌŽƵƉĞƐƚŝŵĂƚĞƐƚŚĞŶĞǁďƵƐŝŶĞƐƐǁŽƵůĚŚĂǀĞ
ĐŽŶƚƌŝďƵƚĞĚΨΘ͘ΘϯŵŝůůŝŽŶĂŶĚΨϯ͘ρρŵŝůůŝŽŶƚŽŝƚƐƌĞǀĞŶƵĞĂŶĚŶĞƚƉƌŽĨŝƚďĞĨŽƌĞƚĂdžĨŽƌƚŚĞϮϬϮκLJĞĂƌ͘
Ϯϯ͘ϯ ŽŶĨŝƌŵĂƚŝŽŶŽĨĂĐĐŽƵŶƚŝŶŐĨŽƌƉƌŝŽƌƉĞƌŝŽĚĂĐƋƵŝƐŝƚŝŽŶ
KŶϭDĂƌĐŚϮϬϮϯtĂƐƚĞŽE>ŝŵŝƚĞĚĂĐƋƵŝƌĞĚƚŚĞďƵƐŝŶĞƐƐĂŶĚĂƐƐĞƚƐŽĨĞŶƚƌĂů^ƵĐƚŝŽŶůĞĂŶĞƌƐ
>ŝŵŝƚĞĚ͘ƚƚŚĞϮϬϮϯƌĞƉŽƌƚŝŶŐĚĂƚĞƚŚĞĨĂŝƌǀĂůƵĞĂůůŽĐĂƚŝŽŶŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂĐƋƵŝƌĞĚǁĂƐ
ƉƌŽǀŝƐŝŽŶĂů͘dŚĞĂĐĐŽƵŶƚŝŶŐĨŽƌƚŚŝƐĂĐƋƵŝƐŝƚŝŽŶŚĂƐŶŽǁďĞĞŶĨŝŶĂůŝƐĞĚ͘/ŶĚŽŝŶŐƐŽ͕ƚŚĞƌĞǁĞƌĞŶŽ
ĂĚũƵƐƚŵĞŶƚƐƚŽƚŚĞŝŶŝƚŝĂůĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĨĂŝƌǀĂůƵĞŽĨŶĞƚĂƐƐĞƚƐĂĐƋƵŝƌĞĚ͕ĂƐĚĞƚĂŝůĞĚďĞůŽǁ͘

ϭDĂƌĐŚϮϬϮϯ
EΨϬϬϬ
EĞƚĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂƚĨĂŝƌǀĂůƵĞ͗
WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚϭ͕ϬϬϬ
EĞƚĂƐƐĞƚƐĂĐƋƵŝƌĞĚϭ͕ϬϬϬ
^ĂƚŝƐĨŝĞĚďLJ͗
ĂƐŚϭ͕ϬϬϬ
dŽƚĂůĐŽŶƐŝĚĞƌĂƚŝŽŶϭ͕ϬϬϬ

62
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯΘ

ϮϮςς͘͘ ZZĞĞůůĂĂƚƚĞĞĚĚƉƉĂĂƌƌƚƚŝŝĞĞƐƐ
Ϯς͘ϭ ŝƌĞĐƚŽƌƐ
dŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĂƌĞ^ŚĂŶĞĚŵŽŶĚ͕ŶŐƵƐŽŽƉĞƌ͕ZŽŐĞƌ'ŽǁĞƌ͕:ĂŵĞƐZĞĚŵĂLJŶĞĂŶĚ
Ăƌů^ƚŽƌŵ͘
Ϯς͘Ϯ <ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞůŽŵƉĞŶƐĂƚŝŽŶ
<ĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůĂƌĞƚŚĞŝƌĞĐƚŽƌƐ͕ƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌĂŶĚŵĞŵďĞƌƐŽĨƚŚĞĞdžĞĐƵƚŝǀĞ
ůĞĂĚĞƌƐŚŝƉƚĞĂŵ͘
<ĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůĐŽŵƉĞŶƐĂƚŝŽŶŝƐƐĞƚŽƵƚďĞůŽǁ͘

EŽŶĞŽĨdirectors’ĨĞĞƐǁĞƌĞƉĂŝĚŝŶĂĚǀĂŶĐĞƚŽĚŝƌĞĐƚŽƌƐĂƚϯϭDĂƌĐŚϮϬϮκ;ϮϬϮϯ͗ΨϮϬ͕ϬϬϬͿ͘
Ϯς͘ϯ WĞƌƐŽŶĂůŐƵĂƌĂŶƚĞĞƐŽĨĂƐƐĞƚĨŝŶĂŶĐĞ
^ĞůĞĐƚĞĚĂƐƐĞƚĨŝŶĂŶĐĞůŽĂŶƐĂƌĞƐĞĐƵƌĞĚďLJƉĞƌƐŽŶĂůŐƵĂƌĂŶƚĞĞƐĨƌŽŵĂƌů^ƚŽƌŵĂŶĚ:ĂŵĞƐZĞĚŵĂLJŶĞ
;ŶŽƚĞϭϳ͘ϮͿ͘
Ϯς͘κ ĂƐƚƌĞWƌŽƉĞƌƚŝĞƐE>ŝŵŝƚĞĚ
Bastre Properties NZ Limited (‘Bastre Properties ‘) owns premises that are leased by the Group. The
ŝŶŝƚŝĂůƚĞƌŵŽĨƚŚĞůĞĂƐĞŝƐĨŝǀĞLJĞĂƌƐĨƌŽŵEŽǀĞŵďĞƌϮϬϮϬĂŶĚƚŚĞ'ƌŽƵƉŚŽůĚƌŝŐŚƚƐŽĨƌĞŶĞǁĂůĨŽƌƚǁŽ
ĨƵƌƚŚĞƌĨŝǀĞͲLJĞĂƌƚĞƌŵƐ͘ΨϭϯϬ͕ϬερǁĂƐƉĂŝĚŝŶƌĞŶƚƚŽĂƐƚƌĞWƌŽƉĞƌƚŝĞƐŝŶƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĞŶĚĞĚ
ϯϭDĂƌĐŚϮϬϮκ;ϮϬϮϯ͗Ψϭϭε͕ρεςͿ͘ƐĂƚϯϭDĂƌĐŚϮϬϮκƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞĚΨεϳε͕ΘϮκŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ
ĚƵĞƚŽĂƐƚƌĞWƌŽƉĞƌƚŝĞƐ;ϮϬϮϮ͗Ψϭ͕Ϭρϭ͕εςΘͿ͘
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐ͗
ƚϭƉƌŝůς͕ςϳρρ͕εεε
ĂƐŚ͗
WƌŝŶĐŝƉĂůƌĞƉĂLJŵĞŶƚŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ;ϭ͕ϯϮϯͿ;ϳϮρͿ
/ŶƚĞƌĞƐƚƉĂŝĚŽŶůĞĂƐĞůŝĂďŝůŝƚŝĞƐ;ϳεεͿ;κϭϯͿ
EŽŶͲĐĂƐŚ͗
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐƌĞĐŽŐŶŝƐĞĚϯ͕Θϳςϭ͕ϭΘϳ
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐĨƌŽŵďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶƐϮ͕ϬΘεͲ
/ŶƚĞƌĞƐƚŽŶůĞĂƐĞůŝĂďŝůŝƚŝĞƐϳεεκϭϯ
>ĞĂƐĞĚŝƐƉŽƐĂůƐ;ϯϮϮͿͲ
>ĞĂƐĞŵŽĚŝĨŝĐĂƚŝŽŶƐρΘεϮϭκ
ƚϯϭDĂƌĐŚϭϭ͕ρΘκς͕ςϳρ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
^ŚŽƌƚƚĞƌŵďĞŶĞĨŝƚƐͲtĂƐƚĞŽĚŝƌĞĐƚŽƌƐϮςεϭϭϮ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐͲtĂƐƚĞŽĚŝƌĞĐƚŽƌƐ;ŶŽƚĞϭεͿκϯκκ
^ŚŽƌƚͲƚĞƌŵďĞŶĞĨŝƚƐͲŬĞLJŵĂŶĂŐĞŵĞŶƚĞŵƉůŽLJĞĞƐρϮϳςκϮ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐͲŬĞLJŵĂŶĂŐĞŵĞŶƚĞŵƉůŽLJĞĞƐκςϮϮ
ΘΘρΘϮϬ
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯϳ
Ϯρ͘Ϯ ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨƉƌŽĨŝƚŽƌůŽƐƐĂĨƚĞƌƚĂdžĂƚŝŽŶǁŝƚŚĐĂƐŚĨůŽǁĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ

Ϯρ͘ϯ ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨůŝĂďŝůŝƚŝĞƐĂƌŝƐŝŶŐĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ

EŽƚĞϮϬϮκ
ϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
EĞƚůŽƐƐĂĨƚĞƌƚĂdžĂƚŝŽŶ;κ͕ϭϯρͿ;ϭ͕εϮϬͿ
ĚũƵƐƚŵĞŶƚƐĨŽƌ͗
ĞƉƌĞĐŝĂƚŝŽŶŽŶƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚϭϯϯ͕εϬϮϯ͕ϮϬΘ
ĞƉƌĞĐŝĂƚŝŽŶŽŶƌŝŐŚƚŽĨƵƐĞĂƐƐĞƚƐϭκϭ͕ρρϬΘϯϳ
ŵŽƌƚŝƐĂƚŝŽŶŽĨŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐϭρϳκϬε
>ŽƐƐŽŶĚŝƐƉŽƐĂůŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚϭεεͲ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐϭεϮϳρϯϬκ
/ŶƚĞƌĞƐƚƉĂŝĚŽŶďŽƌƌŽǁŝŶŐƐϮ͕Ϯϳεϭ͕ςρϭ
/ŶƚĞƌĞƐƚƉĂŝĚŽŶůĞĂƐĞůŝĂďŝůŝƚŝĞƐϳεεκϭϯ
'ĂŝŶŽŶďĂƌŐĂŝŶƉƵƌĐŚĂƐĞϮϯ;ϳςϮͿͲ
ZĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚͲϭ͕Ϯϯε
/ŶĐŽŵĞƚĂdžďĞŶĞĨŝƚε;ϭ͕ςϬΘͿ;ϮϯΘͿ
KƚŚĞƌŶŽŶͲĐĂƐŚĂĚũƵƐƚŵĞŶƚƐϮϳϮͲ
DŽǀĞŵĞŶƚƐŝŶǁŽƌŬŝŶŐĐĂƉŝƚĂů
;/ŶĐƌĞĂƐĞͿͬĚĞĐƌĞĂƐĞŝŶƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚŽƚŚĞƌĐƵƌƌĞŶƚ
ĂƐƐĞƚƐ
;Ϯ͕ρΘκͿ;ϭ͕ϯκϭͿ
;/ŶĐƌĞĂƐĞͿͬĚĞĐƌĞĂƐĞŝŶŝŶǀĞŶƚŽƌLJ;κϯͿ;ϭρΘͿ
/ŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶƚƌĂĚĞƉĂLJĂďůĞƐĂŶĚŽƚŚĞƌůŝĂďŝůŝƚŝĞƐςρς;ϯϮκͿ
/ŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶŝŶĐŽŵĞƚĂdžƌĞĐĞŝǀĂďůĞƐϳκ;ϭϯϳͿ
DŽǀĞŵĞŶƚŝŶƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐĚƵĞƚŽďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶ;κϭϳͿϭρ
DŽǀĞŵĞŶƚŝŶǁŽƌŬŝŶŐĐĂƉŝƚĂůŽŶƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶͲϮε
EĞƚĐĂƐŚƌĞĐĞŝǀĞĚĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐϭ͕ϭεϳϯ͕ρΘϳ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
ŽƌƌŽǁŝŶŐƐ͗
ƚϭƉƌŝůϮϭ͕ϭϳςϭς͕ϳϭϯ
ĂƐŚ͗
WƌŽĐĞĞĚƐĨƌŽŵďŽƌƌŽǁŝŶŐƐϭΘ͕ΘρΘϭϯ͕ερϯ
WƌŝŶĐŝƉĂůƌĞƉĂLJŵĞŶƚŽĨďŽƌƌŽǁŝŶŐƐ;Θ͕ϮϬϮͿ;ρ͕ςκκͿ
EĞƚƉƌŽĐĞĞĚƐĨƌŽŵďĂŶŬŽǀĞƌĚƌĂĨƚϮ͕ϯκϬͲ
/ŶƚĞƌĞƐƚƉĂŝĚŽŶĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐͲ;ϭϳεͿ
EŽŶͲĐĂƐŚ͗
ƋƵŝƚLJĐŽŵƉŽŶĞŶƚƌĞĐŽŐŶŝƐĞĚŝŶĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐƌĞƐĞƌǀĞ;ϯκϯͿ;ϯεͿ
/ŶƚĞƌĞƐƚĂĐĐƌƵĞĚŽŶĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐͲϮρς
ŽŶǀĞƌƚŝďůĞŶŽƚĞƐĐŽŶǀĞƌƚĞĚƚŽŽƌĚŝŶĂƌLJƐŚĂƌĞĐĂƉŝƚĂůͲ;κ͕ϬϬϬͿ
ŽƌƌŽǁŝŶŐƐĂĐƋƵŝƌĞĚŽŶƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶ;ŶŽƚĞϮκͿͲϭϭς
ƚϯϭDĂƌĐŚϯϯ͕ΘϮεϮϭ͕ϭϳς

WASTECO GROUP LTD: ANNUAL REPORT 2024 63
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯΘ

ϮϮςς͘͘ ZZĞĞůůĂĂƚƚĞĞĚĚƉƉĂĂƌƌƚƚŝŝĞĞƐƐ
Ϯς͘ϭ ŝƌĞĐƚŽƌƐ
dŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJĂƌĞ^ŚĂŶĞĚŵŽŶĚ͕ŶŐƵƐŽŽƉĞƌ͕ZŽŐĞƌ'ŽǁĞƌ͕:ĂŵĞƐZĞĚŵĂLJŶĞĂŶĚ
Ăƌů^ƚŽƌŵ͘
Ϯς͘Ϯ <ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞůŽŵƉĞŶƐĂƚŝŽŶ
<ĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůĂƌĞƚŚĞŝƌĞĐƚŽƌƐ͕ƚŚĞŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌĂŶĚŵĞŵďĞƌƐŽĨƚŚĞĞdžĞĐƵƚŝǀĞ
ůĞĂĚĞƌƐŚŝƉƚĞĂŵ͘
<ĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůĐŽŵƉĞŶƐĂƚŝŽŶŝƐƐĞƚŽƵƚďĞůŽǁ͘

EŽŶĞ ŽĨdirectors’ĨĞĞƐǁĞƌĞƉĂŝĚŝŶĂĚǀĂŶĐĞƚŽĚŝƌĞĐƚŽƌƐĂƚϯϭDĂƌĐŚϮϬϮκ;ϮϬϮϯ ͗ΨϮϬ͕ϬϬϬ Ϳ͘
Ϯς͘ϯ WĞƌƐŽŶĂůŐƵĂƌĂŶƚĞĞƐŽĨĂƐƐĞƚĨŝŶĂŶĐĞ
^ĞůĞĐƚĞĚ ĂƐƐĞƚĨŝŶĂŶĐĞůŽĂŶƐĂƌĞƐĞĐƵƌĞĚďLJƉĞƌƐŽŶĂůŐƵĂƌĂŶƚĞĞƐĨƌŽŵĂƌů^ƚŽƌŵĂŶĚ:ĂŵĞƐZĞĚŵĂLJŶĞ
;ŶŽƚĞ ϭϳ͘ ϮͿ͘
Ϯς͘κ ĂƐƚƌĞWƌŽƉĞƌƚŝĞƐE>ŝŵŝƚĞĚ
Bastre Properties NZ Limited (‘Bastre Properties ‘) owns premises that are leased by the Group. The
ŝŶŝƚŝĂůƚĞƌŵŽĨƚŚĞůĞĂƐĞŝƐĨŝǀĞLJĞĂƌƐĨƌŽŵEŽǀĞŵďĞƌϮϬϮϬĂŶĚƚŚĞ'ƌŽƵƉŚŽůĚƌŝŐŚƚƐŽĨƌĞŶĞǁĂůĨŽƌƚǁŽ
ĨƵƌƚŚĞƌĨŝǀĞͲLJĞĂƌƚĞƌŵƐ͘ΨϭϯϬ͕Ϭερ ǁĂƐƉĂŝĚŝŶƌĞŶƚƚŽĂƐƚƌĞWƌŽƉĞƌƚŝĞƐŝŶƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĞŶĚĞĚ
ϯϭ DĂƌĐŚϮϬϮκ;ϮϬϮ ϯ͗Ψϭ ϭε͕ρες Ϳ͘ƐĂƚϯϭDĂƌĐŚϮϬϮκƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞĚΨεϳε͕ΘϮκ ŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ
ĚƵĞƚŽĂƐƚƌĞWƌŽƉĞƌƚŝĞƐ;ϮϬϮϮ͗Ψϭ͕Ϭρϭ͕εςΘ Ϳ͘
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐ͗
ƚϭƉƌŝůς͕ςϳρρ͕εεε
ĂƐŚ͗
WƌŝŶĐŝƉĂůƌĞƉĂLJŵĞŶƚŽĨůĞĂƐĞůŝĂďŝůŝƚŝĞƐ;ϭ͕ϯϮϯͿ;ϳϮρͿ
/ŶƚĞƌĞƐƚƉĂŝĚŽŶůĞĂƐĞůŝĂďŝůŝƚŝĞƐ;ϳεεͿ;κϭϯͿ
EŽŶͲĐĂƐŚ͗
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐƌĞĐŽŐŶŝƐĞĚϯ͕Θϳςϭ͕ϭΘϳ
>ĞĂƐĞůŝĂďŝůŝƚŝĞƐĨƌŽŵďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶƐϮ͕ϬΘεͲ
/ŶƚĞƌĞƐƚŽŶůĞĂƐĞůŝĂďŝůŝƚŝĞƐϳεεκϭϯ
>ĞĂƐĞĚŝƐƉŽƐĂůƐ;ϯϮϮͿͲ
>ĞĂƐĞŵŽĚŝĨŝĐĂƚŝŽŶƐρΘεϮϭκ
ƚϯϭDĂƌĐŚϭϭ͕ρΘκς͕ςϳρ
ϮϬϮκϮϬϮϯ
EΨϬϬϬEΨϬϬϬ
^ŚŽƌƚƚĞƌŵďĞŶĞĨŝƚƐͲtĂƐƚĞŽĚŝƌĞĐƚŽƌƐϮςεϭϭϮ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐͲtĂƐƚĞŽĚŝƌĞĐƚŽƌƐ;ŶŽƚĞϭεͿκϯκκ
^ŚŽƌƚͲƚĞƌŵďĞŶĞĨŝƚƐͲŬĞLJŵĂŶĂŐĞŵĞŶƚĞŵƉůŽLJĞĞƐρϮϳςκϮ
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƐͲŬĞLJŵĂŶĂŐĞŵĞŶƚĞŵƉůŽLJĞĞƐκςϮϮ
ΘΘρΘϮϬ

64
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

κϬ
ϮϮεε͘͘ ǀǀĞĞŶŶƚƚƐƐƐƐƵƵďďƐƐĞĞƋƋƵƵĞĞŶŶƚƚƚƚŽŽƌƌĞĞƉƉŽŽƌƌƚƚŝŝŶŶŐŐĚĚĂĂƚƚĞĞ
KŶςDĂLJϮϬϮκtĂƐƚĞŽE>ŝŵŝƚĞĚĞŶƚĞƌĞĚŝŶƚŽĂŶĞǁĨƵŶĚŝŶŐĂƌƌĂŶŐĞŵĞŶƚǁŝƚŚ<ŝǁŝďĂŶŬ>ŝŵŝƚĞĚ
(‘Kiwibank’)ĐŽŵƉƌŝƐŝŶŐ͗
• ĂΨϭϳŵŝůůŝŽŶ<ŝǁŝƐƐĞƚ&ŝŶĂŶĐĞ<ŝǁŝWůƵƐĨĂĐŝůŝƚLJǁŝƚŚƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚƉĂLJĂďůĞŽǀĞƌĂƚĞƌŵŽĨ
κΘŵŽŶƚŚƐ͖
• ĂΨϭρ͘κρŵŝůůŝŽŶ<ŝǁŝƐƐĞƚ&ŝŶĂŶĐĞ<ŝǁŝWůƵƐĨĂĐŝůŝƚLJǁŝƚŚŝŶƚĞƌĞƐƚŽŶůLJƉĂLJĂďůĞŽǀĞƌĂƚĞƌŵŽĨϮκ
ŵŽŶƚŚƐ͖
• ĂΨϯŵŝůůŝŽŶ<ŝǁŝďĂŶŬKǀĞƌĚƌĂĨƚĨĂĐŝůŝƚLJƚŽĨƵŶĚǁŽƌŬŝŶŐĐĂƉŝƚĂů
dŚĞŶĞǁĨƵŶĚŝŶŐĨĂĐŝůŝƚŝĞƐǁĞƌĞƵƐĞĚƚŽƌĞĨŝŶĂŶĐĞĞdžŝƐƚŝŶŐ<ŝǁŝďĂŶŬĂŶĚ<ŝǁŝƐƐĞƚ&ŝŶĂŶĐĞĨĂĐŝůŝƚŝĞƐ͕ĂŶĚ
ĂůůĞdžŝƐƚŝŶŐŶŽŶͲďĂŶŬĨĂĐŝůŝƚŝĞƐ͘
dŚĞĨĂĐŝůŝƚŝĞƐĂƌĞƐĞĐƵƌĞĚďLJ͗
• ĂĨŝƌƐƚƌĂŶŬŝŶŐĂŶĚĞdžĐůƵƐŝǀĞ'ĞŶĞƌĂů^ĞĐƵƌŝƚLJŐƌĞĞŵĞŶƚŽǀĞƌtĂƐƚĞŽE>ŝŵŝƚĞĚĂŶĚƚŚĞĞŶƚŝƚŝĞƐ
ǁŝƚŚŝŶƚŚĞ'ƌŽƵƉ͕ŝŶĐůƵĚŝŶŐtĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ͖
• ĂŶƵŶůŝŵŝƚĞĚĐƌŽƐƐŐƵĂƌĂŶƚĞĞďĞƚǁĞĞŶĞĂĐŚ'ƌŽƵƉĞŶƚŝƚLJ͖ĂŶĚ
• ĂƐƉĞĐŝĨŝĐ^ĞĐƵƌŝƚLJŐƌĞĞŵĞŶƚŽǀĞƌĞĂĐŚŝŶĚŝǀŝĚƵĂůĂƐƐĞƚŽĨtĂƐƚĞĐŽE>ŝŵŝƚĞĚǁŝƚŚĂǀĂůƵĞŐƌĞĂƚĞƌ
ƚŚĂŶΨρϬ͕ϬϬϬ͘

tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯε
κκйŽĨƚŚĞƐŚĂƌĞĐĂƉŝƚĂůŽĨĂƐƚƌĞWƌŽƉĞƌƚŝĞƐŝƐŽǁŶĞĚďLJƚŚĞ^ƚŽƌŵŽŵŵĞƌĐŝĂůdƌƵƐƚ͕ŽĨǁŚŝĐŚĂƌů
^ƚŽƌŵ ĂŶĚ ŚŝƐǁŝĨĞ ĂǁŶĂƌĞƚƌƵƐƚĞĞƐ͕ĂŶĚ κκйďLJƚŚĞ:ĂŵĞƐΘ^Ăŵ&ĂŵŝůLJdƌƵƐƚ͕ŽĨǁŚŝĐŚ:ĂŵĞƐ
ZĞĚŵĂLJŶĞĂŶĚ ŚŝƐǁŝĨĞ ^ĂŵĂŶƚŚĂĂƌĞƚƌƵƐƚĞĞƐ͘
Ϯς͘ρ KƚŚĞƌƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƌĞůĂƚĞĚƉĂƌƚŝĞƐ
Carl Storm’s wife, Dawn Storm, received total remuneration of $ςϳ͕ρϭϭ ĂƐĂŶĞŵƉůŽLJĞĞŽĨƚŚĞ'ƌŽƵƉ
;ϮϬϮ ϯ͗ΨςϮ͕κϭϳ Ϳ͘
James Redmayne’s wife, Samantha ZĞĚŵĂLJŶĞ͕ƌĞĐĞŝǀĞĚƌĞŵƵŶĞƌĂƚŝŽŶŽĨΨϳϬ͕Θϯς ĂƐĂŶĞŵƉůŽLJĞĞŽĨƚŚĞ
'ƌŽƵƉ;ϮϬϮϯ͗ΨεϮ͕Ϭϭϯ Ϳ͘
ƚϯϭDĂƌĐŚϮϬϮϯƚŚĞ'ƌŽƵƉŚĞůĚĂƌĞĐĞŝǀĂďůĞŽĨΨϳ͕ϳΘεŽǁĞĚďLJ:ĂŵĞƐZĞĚŵĂLJŶĞ͘dŚŝƐďĂůĂŶĐĞǁĂƐ
ƐĞƚƚůĞĚ ĚƵƌŝŶŐ ƚŚĞϮϬϮκ LJĞĂƌ ͘
ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮϯthe Group provided $5,000 sponsorship to Carl Storm’s motor
ƌĂĐŝŶŐƚĞĂŵ͘
Ϯς͘ς ^ŚĂƌĞŚŽůĚĞƌůŽĂŶƐ
ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮϮƚŚĞ'ƌŽƵƉƌĞĐĞŝǀĞĚΨϭϳϯ͕ϮεΘŽĨůŽĂŶƐĨƌŽŵ:ĂŵĞƐĂŶĚ^ĂŵĂŶƚŚĂ
ZĞĚŵĂLJŶĞ͘/ŶƚĞƌĞƐƚŽĨΨϮρ͕ϯςϳĂĐĐƌƵĞĚŽŶƚŚŝƐďĂůĂŶĐĞĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮϯ͘dŚĞ
ŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞǁĂƐĨƵůůLJƌĞƉĂŝĚďLJϯϭDĂƌĐŚϮϬϮϯ͘
Ϯς͘ϳ ZĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶ
/ŶƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮϯĂŶĚƉƌŝŽƌƚŽƚŚĞƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶ;ŶŽƚĞϮκͿ͗
Ͳ ƚŚĞ:ĂŵĞƐΘ^Ăŵ&ĂŵŝůLJdƌƵƐƚ͕ŽĨǁŚŝĐŚ:ĂŵĞƐZĞĚŵĂLJŶĞĂŶĚŚŝƐǁŝĨĞ^ĂŵĂŶƚŚĂĂƌĞƚƌƵƐƚĞĞƐĂŶĚ
ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ŚĞůĚϯ͕ϮΘρƐŚĂƌĞƐŝŶtĂƐƚĞŽ,ŽůĚŝŶŐƐ͕ƚŚĞƚŚĞŶƉĂƌĞŶƚĐŽŵƉĂŶLJŽĨƚŚĞ'ƌŽƵƉ͘Ɛ
ƉĂƌƚŽĨƚŚĞƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶ͕ƚŚĞ:ĂŵĞƐΘ^Ăŵ&ĂŵŝůLJdƌƵƐƚƌĞĐĞŝǀĞĚϭςρ͕ρςκ͕ϬϬϬƐŚĂƌĞƐŝŶ
tĂƐƚĞŽŝŶĞdžĐŚĂŶŐĞĨŽƌŝƚƐƐŚĂƌĞŚŽůĚŝŶŐŝŶtĂƐƚĞŽ,ŽůĚŝŶŐƐ͖
Ͳ ƚŚĞ^ƚŽƌŵŽŵŵĞƌĐŝĂůdƌƵƐƚ͕ŽĨǁŚŝĐŚĂƌů^ƚŽƌŵŚŝƐǁŝĨĞĂŶĚĂǁŶĂƌĞƚƌƵƐƚĞĞƐĂŶĚďĞŶĞĨŝĐŝĂƌŝĞƐ͕
ŚĞůĚϯ͕ϭϯρƐŚĂƌĞƐŝŶtĂƐƚĞŽ,ŽůĚŝŶŐƐ͘ƐƉĂƌƚŽĨƚŚĞƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶ͕ƚŚĞ^ƚŽƌŵŽŵŵĞƌĐŝĂů
dƌƵƐƚƌĞĐĞŝǀĞĚϭρΘ͕ϬϬκ͕ϬϬϬƐŚĂƌĞƐŝŶtĂƐƚĞŽŝŶĞdžĐŚĂŶŐĞĨŽƌŝƚƐƐŚĂƌĞŚŽůĚŝŶŐŝŶtĂƐƚĞŽ,ŽůĚŝŶŐƐ͖
Ͳ ^ŚĂŶĞĚŵŽŶĚ͕ƐŚǀĞŐĂƐ>ŝŵŝƚĞĚ;ĂĐŽŵƉĂŶLJƌĞůĂƚĞĚƚŽ^ŚĂŶĞĚŵŽŶĚƐͿĂŶĚĞůŝŶĚĂĚŵŽŶĚƐ
(Shane Edmond’s wife) held 900, 400 and 200 shares in WasteCo Holdings respectively. As part of
ƚŚĞƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶ͕ƚŚĞLJƌĞƐƉĞĐƚŝǀĞůLJƌĞĐĞŝǀĞĚκρ͕ϯςϬ͕ϬϬϬ͕ϮϬ͕ρςϬϬϬϬĂŶĚϭϬ͕ϬΘϬ͕ϬϬϬƐŚĂƌĞƐŝŶ
tĂƐƚĞŽŝŶĞdžĐŚĂŶŐĞĨŽƌƚŚĞŝƌƐŚĂƌĞŚŽůĚŝŶŐŝŶtĂƐƚĞŽ,ŽůĚŝŶŐƐ͖
Ͳ ^ŚĂŶĞĚŵŽŶĚŝŶǀĞƐƚĞĚΨϮρϬ͕ϬϬϬŝŶƚŚĞŵĂŶĚĂƚŽƌLJĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐŝƐƐƵĞĚďLJƚŚĞ'ƌŽƵƉ͘dŚĞƐĞ
ĐŽŶǀĞƌƚĞĚŝŶƚŽρ͕ϬϬϬ͕ϬϬϬƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶLJŝŵŵĞĚŝĂƚĞůLJĨŽůůŽǁŝŶŐƚŚĞƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶ͘
/ŶƚĞƌĞƐƚŽĨΨϮ͕εϬϳǁĂƐƉĂŝĚŽŶƚŚĞƐĞŶŽƚĞƐƉƌŝŽƌƚŽƚŚĞŝƌĐŽŶǀĞƌƐŝŽŶ͘
ϮϮϳϳ͘͘ ŽŽŶŶƚƚŝŝŶŶŐŐĞĞŶŶƚƚůůŝŝĂĂďďŝŝůůŝŝƚƚŝŝĞĞƐƐ
dŚĞƌĞĂƌĞŶŽĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐĂƐĂƚϯϭDĂƌĐŚϮϬϮκ;ϮϬϮϯ ͗ŶŝůͿ͘
ϮϮΘΘ͘͘ ŽŽŵŵŵŵŝŝƚƚŵŵĞĞŶŶƚƚƐƐ
dŚĞ'ƌŽƵƉĐŽŵŵŝƚŵĞŶƚƐƚŽƚĂůůŝŶŐΨρϳϬ͕ϬϬϬ ĨŽƌĨƵƚƵƌĞ ĞƋƵŝƉŵĞŶƚĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞĂƐĂƚϯϭDĂƌĐŚ
ϮϬϮ κ;ϮϬϮϯ ͗Ψ ϭϯϭ ͕ϬϬϬͿ͘

WASTECO GROUP LTD: ANNUAL REPORT 2024 65
tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

κϬ
ϮϮεε͘͘ ǀǀĞĞŶŶƚƚƐƐƐƐƵƵďďƐƐĞĞƋƋƵƵĞĞŶŶƚƚƚƚŽŽƌƌĞĞƉƉŽŽƌƌƚƚŝŝŶŶŐŐĚĚĂĂƚƚĞĞ
KŶς DĂLJϮϬϮκtĂƐƚĞŽE>ŝŵŝƚĞĚĞŶƚĞƌĞĚŝŶƚŽĂŶĞǁĨƵŶĚŝŶŐĂƌƌĂŶŐĞŵĞŶƚǁŝƚŚ<ŝǁŝďĂŶŬ>ŝŵŝƚĞĚ
(‘Kiwibank’)ĐŽŵƉƌŝƐŝŶŐ͗
• ĂΨϭϳŵŝůůŝŽŶ<ŝǁŝƐƐĞƚ&ŝŶĂŶĐĞ<ŝǁŝWůƵƐĨĂĐŝůŝƚLJǁŝƚŚƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚƉĂLJĂďůĞŽǀĞƌĂƚĞƌŵŽĨ
κΘŵŽŶƚŚƐ͖
• ĂΨϭ ρ͘κρ ŵŝůůŝŽŶ<ŝǁŝƐƐĞƚ&ŝŶĂŶĐĞ<ŝǁŝWůƵƐĨĂĐŝůŝƚLJǁŝƚŚŝŶƚĞƌĞƐƚŽŶůLJƉĂLJĂďůĞŽǀĞƌĂƚĞƌŵŽĨϮκ
ŵŽŶƚŚƐ͖
• ĂΨϯŵŝůůŝŽŶ<ŝǁŝďĂŶŬKǀĞƌĚƌĂĨƚĨĂĐŝůŝƚLJƚŽĨƵŶĚǁŽƌŬŝŶŐĐĂƉŝƚĂů
dŚĞŶĞǁĨƵŶĚŝŶŐĨĂĐŝůŝƚŝĞƐǁĞƌĞƵƐĞĚƚŽƌĞĨŝŶĂŶĐĞĞdžŝƐƚŝŶŐ<ŝǁŝďĂŶŬ ĂŶĚ <ŝǁŝƐƐĞƚ&ŝŶĂŶĐĞĨĂĐŝůŝƚŝĞƐ͕ ĂŶĚ
Ăůů ĞdžŝƐƚŝŶŐ ŶŽŶ ͲďĂŶŬĨĂĐŝůŝƚŝĞƐ͘
dŚĞĨĂĐŝůŝƚŝĞƐĂƌĞƐĞĐƵƌĞĚďLJ͗
• ĂĨŝƌƐƚƌĂŶŬŝŶŐĂŶĚĞdžĐůƵƐŝǀĞ'ĞŶĞƌĂů^ĞĐƵƌŝƚLJŐƌĞĞŵĞŶƚŽǀĞƌtĂƐƚĞŽE>ŝŵŝƚĞĚĂŶĚƚŚĞĞŶƚŝƚŝĞƐ
ǁŝƚŚŝŶƚŚĞ'ƌŽƵƉ͕ŝŶĐůƵĚŝŶŐtĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ͖
• ĂŶ ƵŶůŝŵŝƚĞĚ ĐƌŽƐƐ ŐƵĂƌĂŶƚĞĞ ďĞƚǁĞĞŶ ĞĂĐŚ'ƌŽƵƉĞŶƚŝƚLJ͖ĂŶĚ
• ĂƐƉĞĐŝĨŝĐ^ĞĐƵƌŝƚLJŐƌĞĞŵĞŶƚŽǀĞƌĞĂĐŚŝŶĚŝǀŝĚƵĂůĂƐƐĞƚŽĨtĂƐƚĞĐŽE>ŝŵŝƚĞĚǁŝƚŚĂǀĂůƵĞŐƌĞĂƚĞƌ
ƚŚĂŶΨρϬ͕ϬϬϬ͘

tĂƐƚĞŽ'ƌŽƵƉ>ŝŵŝƚĞĚ
EEŽŽƚƚĞĞƐƐƚƚŽŽƚƚŚŚĞĞŽŽŶŶƐƐŽŽůůŝŝĚĚĂĂƚƚĞĞĚĚ&&ŝŝŶŶĂĂŶŶĐĐŝŝĂĂůů^^ƚƚĂĂƚƚĞĞŵŵĞĞŶŶƚƚƐƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮκ

ϯε
κκйŽĨƚŚĞƐŚĂƌĞĐĂƉŝƚĂůŽĨĂƐƚƌĞWƌŽƉĞƌƚŝĞƐŝƐŽǁŶĞĚďLJƚŚĞ^ƚŽƌŵŽŵŵĞƌĐŝĂůdƌƵƐƚ͕ŽĨǁŚŝĐŚĂƌů
^ƚŽƌŵĂŶĚŚŝƐǁŝĨĞĂǁŶĂƌĞƚƌƵƐƚĞĞƐ͕ĂŶĚκκйďLJƚŚĞ:ĂŵĞƐΘ^Ăŵ&ĂŵŝůLJdƌƵƐƚ͕ŽĨǁŚŝĐŚ:ĂŵĞƐ
ZĞĚŵĂLJŶĞĂŶĚŚŝƐǁŝĨĞ^ĂŵĂŶƚŚĂĂƌĞƚƌƵƐƚĞĞƐ͘
Ϯς͘ρ KƚŚĞƌƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƌĞůĂƚĞĚƉĂƌƚŝĞƐ
Carl Storm’s wife, Dawn Storm, received total remuneration of $ςϳ͕ρϭϭĂƐĂŶĞŵƉůŽLJĞĞŽĨƚŚĞ'ƌŽƵƉ
;ϮϬϮϯ͗ΨςϮ͕κϭϳͿ͘
James Redmayne’s wife, Samantha ZĞĚŵĂLJŶĞ͕ƌĞĐĞŝǀĞĚƌĞŵƵŶĞƌĂƚŝŽŶŽĨΨϳϬ͕ΘϯςĂƐĂŶĞŵƉůŽLJĞĞŽĨƚŚĞ
'ƌŽƵƉ;ϮϬϮϯ͗ΨεϮ͕ϬϭϯͿ͘
ƚϯϭDĂƌĐŚϮϬϮϯƚŚĞ'ƌŽƵƉŚĞůĚĂƌĞĐĞŝǀĂďůĞŽĨΨϳ͕ϳΘεŽǁĞĚďLJ:ĂŵĞƐZĞĚŵĂLJŶĞ͘dŚŝƐďĂůĂŶĐĞǁĂƐ
ƐĞƚƚůĞĚĚƵƌŝŶŐƚŚĞϮϬϮκLJĞĂƌ͘
ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮϯthe Group provided $5,000 sponsorship to Carl Storm’s motor
ƌĂĐŝŶŐƚĞĂŵ͘
Ϯς͘ς ^ŚĂƌĞŚŽůĚĞƌůŽĂŶƐ
ƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮϮƚŚĞ'ƌŽƵƉƌĞĐĞŝǀĞĚΨϭϳϯ͕ϮεΘŽĨůŽĂŶƐĨƌŽŵ:ĂŵĞƐĂŶĚ^ĂŵĂŶƚŚĂ
ZĞĚŵĂLJŶĞ͘/ŶƚĞƌĞƐƚŽĨΨϮρ͕ϯςϳĂĐĐƌƵĞĚŽŶƚŚŝƐďĂůĂŶĐĞĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮϯ͘dŚĞ
ŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞǁĂƐĨƵůůLJƌĞƉĂŝĚďLJϯϭDĂƌĐŚϮϬϮϯ͘
Ϯς͘ϳ ZĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶ
/ŶƚŚĞLJĞĂƌĞŶĚĞĚϯϭDĂƌĐŚϮϬϮϯĂŶĚƉƌŝŽƌƚŽƚŚĞƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶ;ŶŽƚĞϮκͿ͗
Ͳ ƚŚĞ:ĂŵĞƐΘ^Ăŵ&ĂŵŝůLJdƌƵƐƚ͕ŽĨǁŚŝĐŚ:ĂŵĞƐZĞĚŵĂLJŶĞĂŶĚŚŝƐǁŝĨĞ^ĂŵĂŶƚŚĂĂƌĞƚƌƵƐƚĞĞƐĂŶĚ
ďĞŶĞĨŝĐŝĂƌŝĞƐ͕ŚĞůĚϯ͕ϮΘρƐŚĂƌĞƐŝŶtĂƐƚĞŽ,ŽůĚŝŶŐƐ͕ƚŚĞƚŚĞŶƉĂƌĞŶƚĐŽŵƉĂŶLJŽĨƚŚĞ'ƌŽƵƉ͘Ɛ
ƉĂƌƚŽĨƚŚĞƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶ͕ƚŚĞ:ĂŵĞƐΘ^Ăŵ&ĂŵŝůLJdƌƵƐƚƌĞĐĞŝǀĞĚϭςρ͕ρςκ͕ϬϬϬƐŚĂƌĞƐŝŶ
tĂƐƚĞŽŝŶĞdžĐŚĂŶŐĞĨŽƌŝƚƐƐŚĂƌĞŚŽůĚŝŶŐŝŶtĂƐƚĞŽ,ŽůĚŝŶŐƐ͖
Ͳ ƚŚĞ^ƚŽƌŵŽŵŵĞƌĐŝĂůdƌƵƐƚ͕ŽĨǁŚŝĐŚĂƌů^ƚŽƌŵŚŝƐǁŝĨĞĂŶĚĂǁŶĂƌĞƚƌƵƐƚĞĞƐĂŶĚďĞŶĞĨŝĐŝĂƌŝĞƐ͕
ŚĞůĚϯ͕ϭϯρƐŚĂƌĞƐŝŶtĂƐƚĞŽ,ŽůĚŝŶŐƐ͘ƐƉĂƌƚŽĨƚŚĞƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶ͕ƚŚĞ^ƚŽƌŵŽŵŵĞƌĐŝĂů
dƌƵƐƚƌĞĐĞŝǀĞĚϭρΘ͕ϬϬκ͕ϬϬϬƐŚĂƌĞƐŝŶtĂƐƚĞŽŝŶĞdžĐŚĂŶŐĞĨŽƌŝƚƐƐŚĂƌĞŚŽůĚŝŶŐŝŶtĂƐƚĞŽ,ŽůĚŝŶŐƐ͖
Ͳ ^ŚĂŶĞĚŵŽŶĚ͕ƐŚǀĞŐĂƐ>ŝŵŝƚĞĚ;ĂĐŽŵƉĂŶLJƌĞůĂƚĞĚƚŽ^ŚĂŶĞĚŵŽŶĚƐͿĂŶĚĞůŝŶĚĂĚŵŽŶĚƐ
(Shane Edmond’s wife) held 900, 400 and 200 shares in WasteCo Holdings respectively. As part of
ƚŚĞƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶ͕ƚŚĞLJƌĞƐƉĞĐƚŝǀĞůLJƌĞĐĞŝǀĞĚκρ͕ϯςϬ͕ϬϬϬ͕ϮϬ͕ρςϬϬϬϬĂŶĚϭϬ͕ϬΘϬ͕ϬϬϬƐŚĂƌĞƐŝŶ
tĂƐƚĞŽŝŶĞdžĐŚĂŶŐĞĨŽƌƚŚĞŝƌƐŚĂƌĞŚŽůĚŝŶŐŝŶtĂƐƚĞŽ,ŽůĚŝŶŐƐ͖
Ͳ ^ŚĂŶĞĚŵŽŶĚŝŶǀĞƐƚĞĚΨϮρϬ͕ϬϬϬŝŶƚŚĞŵĂŶĚĂƚŽƌLJĐŽŶǀĞƌƚŝďůĞŶŽƚĞƐŝƐƐƵĞĚďLJƚŚĞ'ƌŽƵƉ͘dŚĞƐĞ
ĐŽŶǀĞƌƚĞĚŝŶƚŽρ͕ϬϬϬ͕ϬϬϬƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶLJŝŵŵĞĚŝĂƚĞůLJĨŽůůŽǁŝŶŐƚŚĞƌĞǀĞƌƐĞĂĐƋƵŝƐŝƚŝŽŶ͘
/ŶƚĞƌĞƐƚŽĨΨϮ͕εϬϳǁĂƐƉĂŝĚŽŶƚŚĞƐĞŶŽƚĞƐƉƌŝŽƌƚŽƚŚĞŝƌĐŽŶǀĞƌƐŝŽŶ͘
ϮϮϳϳ͘͘ ŽŽŶŶƚƚŝŝŶŶŐŐĞĞŶŶƚƚůůŝŝĂĂďďŝŝůůŝŝƚƚŝŝĞĞƐƐ
dŚĞƌĞĂƌĞŶŽĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐĂƐĂƚϯϭDĂƌĐŚϮϬϮκ;ϮϬϮϯ͗ŶŝůͿ͘
ϮϮΘΘ͘͘ ŽŽŵŵŵŵŝŝƚƚŵŵĞĞŶŶƚƚƐƐ
dŚĞ'ƌŽƵƉĐŽŵŵŝƚŵĞŶƚƐƚŽƚĂůůŝŶŐΨρϳϬ͕ϬϬϬĨŽƌĨƵƚƵƌĞĞƋƵŝƉŵĞŶƚĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞĂƐĂƚϯϭDĂƌĐŚ
ϮϬϮκ;ϮϬϮϯ͗Ψϭϯϭ͕ϬϬϬͿ͘

66
Independent Auditor’s Report
To the Shareholders of WasteCo Group Limited
Opinion
Basis for opinion
Audit materiality
Key audit matters
We have audited the consolidated financial statements of WasteCo Group Limited and its
subsidiaries (the ‘Group’), which comprise the consolidated statement of financial position as at
31 March 2024, and the consolidated statement of profit or l oss and other comprehensive income,
statement of changes in equity and statement of cash flows for t he year then ended, and notes to
the consolidated financial statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements, on pages 27 to 65, present
fairly, in all material respects, the consolidated financial position of the Group as at 31 March 2024,
and its consolidated financial performance and cash flows for the year then ended in accordance with
New Zealand Equivalents to IFRS Accounting Standards (‘NZ IFRS’) as issued by the External Reporting
Board and IFRS Accounting Standards ( ‘IFRS’) as issued by the International Accounting Standards
Board.
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and
the International Ethics Standards Board for Accountants’ International Code of Ethics for
Professional A ccountants (including International I
ndependence Standards), and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor, we have no relationship with or interests in the Company or
any of i ts subsidiaries, except that partners a nd employees of our firm deal with the Company and
its subsidiaries on normal terms within the ordinary course of trading activities of the business of the
Company and its subsidiaries.
We consider materiality primarily in terms o f the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic decisions
of a reasonably knowledgeable person would be changed or influenced (the ‘quantitative’
materiality). In addition, we also assess whether other matters that come to our attention during
the audit would in our judgement change or influence the decisions of such a person (the
‘qualitative’ materiality). We use materiality both in planning the scope of our audit work and in
evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $500,000.
Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the consolidated financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
xx

WASTECO GROUP LTD: ANNUAL REPORT 2024 67
Key audit matter How our audit addressed the key audit matter
Business Acquisitions
As disclosed in note 23, WasteCo Group Limited acquired the
Cleanways business and Bond Contracts Limited in the current
year, and Central Suction Cleaners Limited in the previous year.
The accounting for Central Suction Cleaners Limited was
previously recorded on a provisional basis in the 31 March 2023
financial statements. The Group recognised goodwill amounting
to $1.28m relating to the the Cleanways business acquisition
and a gain on bargain purchase of $0.76m for the Bond
Contracts Limited acquisition.
The acquisitions are significant and complex due to:
•the consideration of whether the acquisition is an asset
acquisition or a business combination in terms of the
requirements under NZ IFRS 3 Business Combinations;
•the acquisitions resulting in intangible assets being
recognised;
•the purchase price of the acquisitions including non-cash
components; and
•the judgements and estimates involved in identifying
and determining the fair value of the assets and
liabilities acquired.
Given the significance of the acquisitions in the current year and
the previous year acquisition which was finalised, this has
increased the level of audit effort required to recognise the
acquisition.
Our procedures included:
-Reviewed and challenged management expert’s
opinion on the valuation and accounting treatment of
the acquisitions. This included challenging any
assumptions in the
valuations of assets which underpin
the acquisition and consideration of whether the
acquisition is an asset acquisition or a business
combination;
-Obtained and analysed the sale and purchase
agreements relating to the acquisitions to understand
key terms and conditions of the transactions;
-Inspected evidence for the purchase price that was
paid for the acquisition including any non-cash
consideration;
-Assessed the mathematical accuracy of the purchase
price accounting calculation including recalculating
the
goodwill or gain on bargain purchase to be recognised
on acquisition (if any);
-Considered the completeness of the underlying assets
acquired including the identification of intangible
assets;
-Assessed the competence, capabilities, objectivity and
expertise of management’s external valuation and
accounting expert and the appropriateness of their
work as audit evidence;
-Engaged our own internal valuation specialist to assist
in reviewing the valuation methodology, reviewing the
mathematical accuracy of the models and assessing
the reasonableness of the discount rates used; and
-Evaluated the adequacy of disclosures relating to the
acquisitions in the consolidated financial statements.
Other matter
The financial statements of the Group for the year ended 31 March 2023 were audited by another
auditor who expressed an unmodified opinion on those statements on 30 June 2023.
Other information The directors are responsible on behalf of the Group for the other information. The other
information comprises the information in the Annual Report that accompanies the consolidated
financial statements and the audit report. The Annual Report is expected to be made available to us
after the date of this auditor's report.
Our opinion on the consolidated financial statements does not cover the other information and we
will not express any form of assurance conclusion thereon.
Our responsibility is to read the other information identified above when it becomes available and
consider whether the other information is materially inconsistent with the consolidated financial
statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated.
When we read the other information in the Annual Report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the directors and consider
further appropriate actions.
xx
Independent Auditor’s Report
To the Shareholders of WasteCo Group Limited
Opinion
Basis for opinion
Audit materiality
Key audit matters
We have audited the consolidated financial statements of WasteCo Group Limited and its
subsidiaries (the ‘Group’), which comprise the consolidated statement of financial position as at
31 March 2024, and the consolidated statement of profit or l oss and other comprehensive income,
statement of changes in equity and statement of cash flows for t he year then ended, and notes to
the consolidated financial statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements, on pages 27 to 65, present
fairly, in all material respects, the consolidated financial position of the Group as at 31 March 2024,
and its consolidated financial performance and cash flows for the year then ended in accordance with
New Zealand Equivalents to IFRS Accounting Standards (‘NZ IFRS’) as issued by the External Reporting
Board and IFRS Accounting Standards ( ‘IFRS’) as issued by the International Accounting Standards
Board.
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and
the International Ethics Standards Board for Accountants’ International Code of Ethics for
Professional Accountants (including International I
ndependence Standards), and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor, we have no relationship with or interests in the Company or
any of i ts subsidiaries, except that partners a nd employees of our firm deal with the Company and
its subsidiaries on normal terms within the ordinary course of trading activities of the business of the
Company and its subsidiaries.
We consider materiality primarily in terms o f the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic decisions
of a reasonably knowledgeable person would be changed or influenced (the ‘quantitative’
materiality). In addition, we also assess whether other matters that come to our attention during
the audit would in our judgement change or influence the decisions of such a person (the
‘qualitative’ materiality). We use materiality both in planning the scope of our audit work and in
evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $500,000.
Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the consolidated financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
xx

68
WasteCo Group Limited
SShhaarreehhoollddeerr aanndd SSttaattuuttoorryy IInnffoorrmmaattiioonn
For the year ended 31 March 2024

Stock exchange listing
The Group’s shares are quoted on the NZX Main Board. As at 12 June 2024, the Company had
848,372,765 ordinary shares on issue
(31 March 2024: 848,372,765 ordinary shares).
Distribution of security holders
Details of the distribution of ordinary shares amongst shareholders as at 12 June 2024 are set out below.

20 largest shareholdings
The 20 largest shareholdings as at 12 June 2024 are provided in the table below.

Size of HoldingNumber%Number%
1-1,000684 46.85%325,192 0.04%
1,001-5,000380 26.03%872,241 0.10%
5,001-10,00072 4.93%553,996 0.07%
10,001-50,000132 9.04%3,354,745 0.40%
50,001-100,00050 3.42%3,960,602 0.47%
Greater than 100,000142 9.73%839,305,989 98.93%
1,460 100.00%848,372,765 100.00%
Number of Security HoldersNumber of Securities
NameNumber of
shares held
% of
shares held
Laurence James Redmayne, Samantha Jane Redmayne & Cullinane Steel
Trustees (2003) Limited
168,640,923 19.88%
Carl Stephen Storm, Dawn Margaret Storm & C & F Trustees 35776 Limited158,004,000 18.62%
Shane David Edmond52,667,692 6.21%
Glendarvie Holdings Limited50,400,000 5.94%
Lloyd George Phillips & Wayne Vincent Phillips & Craig Bruce Phillips31,850,353 3.75%
Forsyth Barr Custodians Limited27,983,483 3.30%
Malcolm GUY Bailey27,216,000 3.21%
Robert Cornelis Baan & Rowena Sian Baan Mathias25,472,626 3.00%
New Zealand Central Securities Depository Limited23,579,115 2.78%
Ashvegas Limited22,867,692 2.70%
Youthlab Limited17,000,000 2.00%
WFT Investments Limited15,384,615 1.81%
Barry John Gray & Fiona Margaret Gray13,649,205 1.61%
John Lee & Susan Iris Lee & Paul Johnston13,341,513 1.57%
Mounterowen Limited13,136,073 1.55%
WFT Property Limited13,000,000 1.53%
Belinda Anne Edmond10,080,000 1.19%
John Adriaan Kuyf & Janette Anne Kuyf10,000,000 1.18%
RGH Holdings Limited9,084,616 1.07%
Leveraged Equities Finance Limited8,463,457 1.00%
Directors’ responsibilities for the
consolidated financial statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control
as the directors determine is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the
Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the
directors either intend to liquidate the Group or to cease operations, or have no realistic alternative
but to do so.
Auditor’s responsibilities for the
audit of the consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ) will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these consolidated financial
statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-
report-1
This description forms part of our auditor’s report.
Restriction on use This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to
them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the Company’s shareholders as a body, for
our audit work, for this report, or for the opinions we have formed.
Anthony Smith, Partner
for Deloitte Limited
Christchurch, New Zealand
30 May 2024
xx

WASTECO GROUP LTD: ANNUAL REPORT 2024 69
WasteCo Group Limited
SShhaarreehhoollddeerr aanndd SSttaattuuttoorryy IInnffoorrmmaattiioonn
For the year ended 31 March 2024

Stock exchange listing
The Group’s shares are quoted on the NZX Main Board. As at 12 June 2024, the Company had
848,372,765 ordinary shares on issue
(31 March 2024: 848,372,765 ordinary shares).
Distribution of security holders
Details of the distribution of ordinary shares amongst shareholders as at 12 June 2024 are set out below.

20 largest shareholdings
The 20 largest shareholdings as at 12 June 2024 are provided in the table below.

Size of HoldingNumber%Number%
1-1,000684 46.85%325,192 0.04%
1,001-5,000380 26.03%872,241 0.10%
5,001-10,00072 4.93%553,996 0.07%
10,001-50,000132 9.04%3,354,745 0.40%
50,001-100,00050 3.42%3,960,602 0.47%
Greater than 100,000142 9.73%839,305,989 98.93%
1,460 100.00%848,372,765 100.00%
Number of Security HoldersNumber of Securities
NameNumber of
shares held
% of
shares held
Laurence James Redmayne, Samantha Jane Redmayne & Cullinane Steel
Trustees (2003) Limited
168,640,923 19.88%
Carl Stephen Storm, Dawn Margaret Storm & C & F Trustees 35776 Limited158,004,000 18.62%
Shane David Edmond52,667,692 6.21%
Glendarvie Holdings Limited50,400,000 5.94%
Lloyd George Phillips & Wayne Vincent Phillips & Craig Bruce Phillips31,850,353 3.75%
Forsyth Barr Custodians Limited27,983,483 3.30%
Malcolm GUY Bailey27,216,000 3.21%
Robert Cornelis Baan & Rowena Sian Baan Mathias25,472,626 3.00%
New Zealand Central Securities Depository Limited23,579,115 2.78%
Ashvegas Limited22,867,692 2.70%
Youthlab Limited17,000,000 2.00%
WFT Investments Limited15,384,615 1.81%
Barry John Gray & Fiona Margaret Gray13,649,205 1.61%
John Lee & Susan Iris Lee & Paul Johnston13,341,513 1.57%
Mounterowen Limited13,136,073 1.55%
WFT Property Limited13,000,000 1.53%
Belinda Anne Edmond10,080,000 1.19%
John Adriaan Kuyf & Janette Anne Kuyf10,000,000 1.18%
RGH Holdings Limited9,084,616 1.07%
Leveraged Equities Finance Limited8,463,457 1.00%
Directors’ responsibilities for the
consolidated financial statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control
as the directors determine is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the
Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the
directors either intend to liquidate the Group or to cease operations, or have no realistic alternative
but to do so.
Auditor’s responsibilities for the
audit of the consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ) will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these consolidated financial
statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-
report-1
This description forms part of our auditor’s report.
Restriction on use This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to
them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the Company’s shareholders as a body, for
our audit work, for this report, or for the opinions we have formed.
Anthony Smith, Partner
for Deloitte Limited
Christchurch, New Zealand
30 May 2024
xx

70
WasteCo Group Limited
SShhaarreehhoollddeerr aanndd SSttaattuuttoorryy IInnffoorrmmaattiioonn
For the year ended 31 March 2024

Substantial product holders
As at 31 March 2024 the following persons are substantial product holders according to the Group’s
records and disclosure under the Financial Markets Conduct Act 2013.

Directors
The names of the directors holding office during the year are:
Shane Edmond (Chair)
Angus Cooper
Roger Gower
James Redmayne
Carl Storm

Shane Edmond and James Redmayne are directors of WasteCo Finance NZ Limited
Shane Edmond, James Redmayne and Carl Storm are directors of each of the other Company’s
subsidiaries (other than WasteCo Finance NZ Limited, where Shane Edmond and James Redmayne are
the only directors).
Directors’ remuneration
During the year the following remuneration and other benefits were paid or payable to directors of the
Group. The amounts below reflect the remuneration included in the Group’s consolidated financial
statements.

Number of
shares held
% of shares
held
Laurence James Redmayne, Samantha Redmayne, Cullinane Steele
Trustees (2003) Limited168,640,923 20.245%
Carl Storm, Dawn Storm and C&F Trustees 35776 Limited158,004,000 18.968%
Glendarvie Holdings Limited, Robert Baan and Rowena Baan-Mathias104,832,000 12.585%
Shane Edmond, Belinda Edmond and Ashvegas Limited85,615,384 10.278%
Gleneig Holdings Limited54,432,000 6.535%
Directors
feesSalaries
Consulting
fees
Share based
paymentsTotal
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Angus Cooper65-3521121
Shane Edmonds (Chair)85---85
Roger Gower65-3721123
James Redmayne (CEO)-250--250
Carl Storm-250--250

WASTECO GROUP LTD: ANNUAL REPORT 2024 71
WasteCo Group Limited
SShhaarreehhoollddeerr aanndd SSttaattuuttoorryy IInnffoorrmmaattiioonn
For the year ended 31 March 2024

Interests register
The following entries were made in the interest register during the year ended 31 March 2024:
The directors provided the following disclosure of entities in which, due to the nature of their
relationship, may be related parties to the Group.

Shane EdmondNature of InterestShare Allocation
(If Shareholder)
Almighty Beverages Limited (5781707)Shareholder3.4% (Individually held)
Ashvegas Limited (701196)Director
Ashvegas Limited (701196)Shareholder99% (Jointly held)
Ashvegas Limited (701196)Shareholder<1% (Individually held)
Boatco M51-1 Limited (6526114)Shareholder17% (Jointly held)
Forsyth Barr Group Limited (1055894)Director (until 7/12/23)
Forsyth Barr Investment Management Limited (2095523)Director (until 9/6/23)
Forsyth Barr Limited (150925)Director (until 7/12/23)
Hedgebook Limited (2031496)Shareholder (via
Ashvegas Limited)
2% (Individually held)
Hollis Brothers Limited (4026878)Shareholder33% (Jointly held)
Nutrient Rescue NZ Limited (5810193)Shareholder (via
Ashvegas Limited)
3% (Individually held)
Ranqx Holdings Limited (5055680)Shareholder<1% (Individually held)
Safeco Training NZ Limited (8214997)Director
Sortco NZ Limited (8215515)Director
Taitapu Partners Limited (4618182)Director
The Humble Oat Co Limited (7051873)Shareholder
1.8% (Individually held)
Wasteco Finance NZ Limited (5005020)Director
Wasteco Group Limited (3202682)Shareholder7% (Individually held)
Wasteco Group Limited (3202682)Director
Wasteco Holdings NZ Limited (8144096)Director
Wasteco NZ (Southern) Limited (6462572)Director
Wasteco NZ Limited (4608661)Director
Wasteco Port Services NZ Limited (5909612)Director
Angus CooperNature of InterestShare Allocation
(If Shareholder)
Agile Projex Limited (8262313)Director
Agile Projex Limited (8262313)Shareholder100% (Individually held)
Wasteco Group Limited (3202682)Director
WasteCo Group Limited
SShhaarreehhoollddeerr aanndd SSttaattuuttoorryy IInnffoorrmmaattiioonn
For the year ended 31 March 2024

Substantial product holders
As at 31 March 2024 the following persons are substantial product holders according to the Group’s
records and disclosure under the Financial Markets Conduct Act 2013.

Directors
The names of the directors holding office during the year are:
Shane Edmond (Chair)
Angus Cooper
Roger Gower
James Redmayne
Carl Storm

Shane Edmond and James Redmayne are directors of WasteCo Finance NZ Limited
Shane Edmond, James Redmayne and Carl Storm are directors of each of the other Company’s
subsidiaries (other than WasteCo Finance NZ Limited, where Shane Edmond and James Redmayne are
the only directors).
Directors’ remuneration
During the year the following remuneration and other benefits were paid or payable to directors of the
Group. The amounts below reflect the remuneration included in the Group’s consolidated financial
statements.

Number of
shares held
% of shares
held
Laurence James Redmayne, Samantha Redmayne, Cullinane Steele
Trustees (2003) Limited168,640,923 20.245%
Carl Storm, Dawn Storm and C&F Trustees 35776 Limited158,004,000 18.968%
Glendarvie Holdings Limited, Robert Baan and Rowena Baan-Mathias104,832,000 12.585%
Shane Edmond, Belinda Edmond and Ashvegas Limited85,615,384 10.278%
Gleneig Holdings Limited54,432,000 6.535%
Directors
feesSalaries
Consulting
fees
Share based
paymentsTotal
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Angus Cooper65-3521121
Shane Edmonds (Chair)85---85
Roger Gower65-3721123
James Redmayne (CEO)-250--250
Carl Storm-250--250

72
WasteCo Group Limited
SShhaarreehhoollddeerr aanndd SSttaattuuttoorryy IInnffoorrmmaattiioonn
For the year ended 31 March 2024

Roger GowerNature of InterestShare Allocation
(If Shareholder)
Being AI Limited (1009777)Director
Being AI Limited (1009777)Shareholder
IntoWork Australia LimitedDirector
IntoWork New Zealand Limited (9000169) Director
Me Today Limited (1955467)Director
Me Today Limited (1955467)Shareholder
New Zealand Food Innovation Auckland Limited (2448723)Director
Primeport Timaru Limited (388909)Director
Roger Gower & Associates Limited (2106308)Director
Roger Gower & Associates Limited (2106308)Shareholder<1% (Individually held)
>99% (Jointly held)
Wasteco Group Limited (3202682)Director
Wasteco Group Limited (3202682)Shareholder
James RedmayneNature of InterestShare Allocation
(If Shareholder)
BASTRE Properties NZ Limited (8046696)Director
BASTRE Properties NZ Limited (8046696)Shareholder44% (Jointly held)
BEAR Finance NZ Limited (5909807)Shareholder50% (Jointly held)
HAZMIT Limited (2322618)Director
HAZMIT Limited (2322618)Shareholder90% (Jointly held)
REDALL NZ Limited (8356761)Director
REDALL NZ Limited (8356761)Shareholder100% (Individually held)
Redmayne Innovations Limited (7676238)Director
Redmayne Innovations Limited (7676238)Shareholder100% (Individually held)
Safeco Training NZ Limited (8214997)Director
Sortco NZ Limited (8215515)Director
Staffco NZ Limited (8144045)Director
Staffco NZ Limited (8144045)Shareholder32% (Jointly held)
Variable Financial Solutions (NZ) Limited (4645179)Director
Variable Financial Solutions (NZ) Limited (4645179)Shareholder50% (Jointly held)
Wasteco Finance NZ Limited (5005020)Director
Wasteco Group Limited (3202682)Director
Wasteco Group Limited (3202682)Shareholder20% (Jointly held)
Wasteco Holdings NZ Limited (8144096)Director
Wasteco NZ (Southern) Limited (6462572)Director
Wasteco NZ Limited (4608661)Director
Wasteco Port Services NZ Limited (5909612)Director

WASTECO GROUP LTD: ANNUAL REPORT 2024 73
WasteCo Group Limited
SShhaarreehhoollddeerr aanndd SSttaattuuttoorryy IInnffoorrmmaattiioonn
For the year ended 31 March 2024
In addition, the following director disclosures were made during the year ended 31 March 2024:
•Shane Edmond disclosed that he was interested in a total of 4,615,384 ordinary shares issued under
the placement on 30 August 2024, being 2,307,692 shares issued to him personally and 2,307,692
shares issued to Ashvegas Limited (of which he is a director and shareholder).
•James Redmayne disclosed that he was interested in 3,076,923 new ordinary shares issued under the
share placement on 30 August 2024, which were issued to the trustees of The James & Sam Family
Trust (being James Redmayne, Samantha Redmayne and Cullinane Steele Trustees (2003) Limited) of
which he is a settlor, trustee and beneficiary.
Directors’ relevant interest in equity securities
As at 31 March 2024 the directors of the Group held the following relevant interests in equity securities
issued by the Company.
Directors’ indemnification
The Group indemnifies all current directors of the Group against all liabilities (other than to a member of
the Group) which arise out of the performance of their normal duties as directors, unless the liability
relates to conduct involving lack of good faith.
Carl StormNature of InterestShare Allocation
(If Shareholder)
Bastre Properties NZ Limited (8046696)Director
Bastre Properties NZ Limited (8046696)Shareholder44% (Jointly held)
Cada Group Limited (2218077)Director
Safeco Training NZ Limited (8214997)Director
Sortco NZ Limited (8215515)Director
Staffco NZ Limited (8144045)Director
Staffco NZ Limited (8144045)Shareholder32% (Jointly held)
Wasteco Group Limited (3202682)Director
Wasteco Group Limited (3202682)Shareholder23% (Jointly held)
Wasteco Holdings NZ Limited (8144096)Director
Wasteco NZ (Southern) Limited (6462572)Director
Wasteco NZ Limited (4608661)Director
Wasteco Port Services NZ Limited (5909612)Director
Ordinary
NameRolesharesVestedNot vested
Angus CooperIndependent director- 1,000,000 500,000
Shane EdmondDirector
85,615,384
- -
Roger GowerIndependent director- 1,000,000 500,000
James RedmayneCEO & director168,640,923 - -
Carl StormExecutive director158,004,000 - -
Share options granted
WasteCo Group Limited
SShhaarreehhoollddeerr aanndd SSttaattuuttoorryy IInnffoorrmmaattiioonn
For the year ended 31 March 2024

Roger GowerNature of InterestShare Allocation
(If Shareholder)
Being AI Limited (1009777)Director
Being AI Limited (1009777)Shareholder
IntoWork Australia LimitedDirector
IntoWork New Zealand Limited (9000169) Director
Me Today Limited (1955467)Director
Me Today Limited (1955467)Shareholder
New Zealand Food Innovation Auckland Limited (2448723)Director
Primeport Timaru Limited (388909)Director
Roger Gower & Associates Limited (2106308)Director
Roger Gower & Associates Limited (2106308)Shareholder<1% (Individually held)
>99% (Jointly held)
Wasteco Group Limited (3202682)Director
Wasteco Group Limited (3202682)Shareholder
James RedmayneNature of InterestShare Allocation
(If Shareholder)
BASTRE Properties NZ Limited (8046696)Director
BASTRE Properties NZ Limited (8046696)Shareholder44% (Jointly held)
BEAR Finance NZ Limited (5909807)Shareholder50% (Jointly held)
HAZMIT Limited (2322618)Director
HAZMIT Limited (2322618)Shareholder90% (Jointly held)
REDALL NZ Limited (8356761)Director
REDALL NZ Limited (8356761)Shareholder100% (Individually held)
Redmayne Innovations Limited (7676238)Director
Redmayne Innovations Limited (7676238)Shareholder100% (Individually held)
Safeco Training NZ Limited (8214997)Director
Sortco NZ Limited (8215515)Director
Staffco NZ Limited (8144045)Director
Staffco NZ Limited (8144045)Shareholder32% (Jointly held)
Variable Financial Solutions (NZ) Limited (4645179)Director
Variable Financial Solutions (NZ) Limited (4645179)Shareholder50% (Jointly held)
Wasteco Finance NZ Limited (5005020)Director
Wasteco Group Limited (3202682)Director
Wasteco Group Limited (3202682)Shareholder20% (Jointly held)
Wasteco Holdings NZ Limited (8144096)Director
Wasteco NZ (Southern) Limited (6462572)Director
Wasteco NZ Limited (4608661)Director
Wasteco Port Services NZ Limited (5909612)Director

74
WasteCo Group Limited
SShhaarreehhoollddeerr aanndd SSttaattuuttoorryy IInnffoorrmmaattiioonn
For the year ended 31 March 2024

Employee remuneration
The number of employees, not being directors, within the Group receiving annual remuneration and
benefits above $100,000 are:

David Peterson commenced in his role as Chief Executive Officer (CEO) on 26 February 2024 on a salary
of $325,000. No other remuneration was payable to David during the 2024 financial year.
Donations
No donations were made by the Group during the year.
Auditor
Deloitte Limited is the auditor for the Group. Audit fees due and payable to Deloitte as the auditor for
the year ended 31 March 2024 were $215,000.
NZX Waivers
WasteCo Group Limited was not granted, and has not relied on, any waivers issued by the NZX in the 12
months ended 31 March 2024, and there exercise by NZX of its power under Listing Rule 9.9.3.
Credit rating
The Company does not currently have a credit rating.
RemunerationNumber
$100,000 - $109,99911
$110,000 - $119,9997
$120,000 - $129,9993
$130,000 - $139,9992
$140,000 - $149,9998
$150,000 - $159,9991
$160,000 - $169,9991
$170,000 - $179,9992
$180,000 - $189,9990
$190,000 - $199,9990
$200,000 - $209,9991
$210,000 - $219,9990
$220,000 - $229,9990
$230,000 - $239,9990
$240,000 - $249,9990
$250,000 - $259,9993
$320,000 - $329,9991

WASTECO GROUP LTD: ANNUAL REPORT 2024 75
Company directory
COMPANY NUMBER
3202682
INCORPORATED
24 November 2010
REGISTERED OFFICE
421 Blenheim Road
Upper Riccarton
Christchurch 8041
WEBSITE
www.wasteco.co.nz
SHARE REGISTER
Link Market Services Limited
PO Box 91976
Auckland 1142
Phone: 09 375 5999
AUDITOR
Deloitte Limited
151 Cambridge Terrace
Christchurch 8013
SOLICITORS
Anderson Lloyd
Level 3
70 Gloucester Street
Christchurch 8013
BANKERS
Kiwibank Limited
Christchurch
BOARD OF DIRECTORS
Shane Edmond
Angus Cooper
Roger Gower
Carl Storm
James Redmayne
WASTECO GROUP LTD: ANNUAL REPORT 2024
WasteCo Group Limited
SShhaarreehhoollddeerr aanndd SSttaattuuttoorryy IInnffoorrmmaattiioonn
For the year ended 31 March 2024

Employee remuneration
The number of employees, not being directors, within the Group receiving annual remuneration and
benefits above $100,000 are:

David Peterson commenced in his role as Chief Executive Officer (CEO) on 26 February 2024 on a salary
of $325,000. No other remuneration was payable to David during the 2024 financial year.
Donations
No donations were made by the Group during the year.
Auditor
Deloitte Limited is the auditor for the Group. Audit fees due and payable to Deloitte as the auditor for
the year ended 31 March 2024 were $215,000.
NZX Waivers
WasteCo Group Limited was not granted, and has not relied on, any waivers issued by the NZX in the 12
months ended 31 March 2024, and there exercise by NZX of its power under Listing Rule 9.9.3.
Credit rating
The Company does not currently have a credit rating.
RemunerationNumber
$100,000 - $109,99911
$110,000 - $119,9997
$120,000 - $129,9993
$130,000 - $139,9992
$140,000 - $149,9998
$150,000 - $159,9991
$160,000 - $169,9991
$170,000 - $179,9992
$180,000 - $189,9990
$190,000 - $199,9990
$200,000 - $209,9991
$210,000 - $219,9990
$220,000 - $229,9990
$230,000 - $239,9990
$240,000 - $249,9990
$250,000 - $259,9993
$320,000 - $329,9991

76
wasteco.co.nz

WasteCo Group - Results Announcement FY24 Annual Meeting - Director Nominations

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.