Announcement PDF Appendix 4E Preliminary final report 2024 Results for announcement to the market Year ended 30 June 2024 Comparative figures being the year ended 30 June 2023 Argo Investments Limited ABN 35 007 519 520 2024 $A’000 2023 $A’000 Income from operating activities down 5.9% to 285,519 303,312 Profit for the year down 6.9% to 252,962 271,707 Dividends Interim fully franked dividend paid 8 March 2024 16.5 cents Final fully franked dividend payable 13 September 2024 18.0 cents Total 34.5 cents The final dividend is fully franked and includes a 3.0 cents per share LIC capital gain component. This enables eligible shareholders to claim a deduction in their 2024/2025 income tax returns. The amount which eligible shareholders may be able to claim as a tax deduction depends on their individual situation. Further details will be provided in the dividend statement. The Company’s Dividend Reinvestment Plan (DRP) and Dividend Substitution Share Plan (DSSP) will operate for the final dividend. The Directors have resolved that the shares will be allotted at the market price of Argo shares, which will be the volume weighted average ex-dividend market price of the shares traded on the record date and the three business days following the record date. No discount will apply. The record date for determining entitlements to the final dividend 19 August 2024 The election date for determining participation in the DRP and DSSP 20 August 2024 Previous corresponding period Interim fully franked dividend paid 10 March 2023 16.5 cents Final fully franked dividend paid 15 September 2023 18.0 cents Total 34.5 cents Net Tangible Asset Backing NTA per share1 NTA after unrealised tax provision 1. 2. 2 June 2024 June 2023 $9.61 $9.03 $8.36 $7.94 After all costs, including tax payable. As required under the ASX Listing Rules, theoretical NTA per share after providing for estimated tax on unrealised gains/losses in the portfolio. That is, after tax that may arise if the entire portfolio was sold. argoinvestments.com.au | ĬĥŒĬĞĉåÃŚêåȋŒŚÃŚêĤêĥŚȋĬÿȋ‚ŋĬƌŚȋĬŋȋXĬŒŒ for the year ended 30 June 2024 Dividends and distributions Note 2 Other income Net gains on trading investments Income from operating activities Administration expenses 3 ‚ŋĬƌŚȋÞêÿĬŋêȋĉĥßĬĤêȋŚÃżȋêżňêĥŒê Income tax expense thereon 4 ‚ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ Basic and diluted earnings per share 5 2024 $’000 271,930 10,452 3,137 285,519 (10,582) 274,937 (21,975) 252,962 2023 $’000 273,060 7,487 22,765 303,312 (10,489) 292,823 (21,116) 271,707 cents 33.3 cents 36.1 Consolidated Statement of Comprehensive Income for the year ended 30 June 2024 ‚ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ 2024 $’000 252,962 2023 $’000 271,707 464,368 420,737 (142,248) 322,120 575,082 (128,724) 292,013 563,720 Other comprehensive income: FŚêĤŒȋŚąÃŚȋŷĉĞĞȋĥĬŚȋÞêȋŋêßĞÃŒŒĉƌêåȋŚĬȋňŋĬƌŚȋĬŋȋĞĬŒŒ Revaluation of long-term investments Provision for deferred tax expense on revaluation of longterm investments fŚąêŋȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêȋÿĬŋȋŚąêȋŽêÃŋȋ ”ĬŚÃĞȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêȋÿĬŋȋŚąêȋŽêÃŋ dz”ĬȋÞêȋŋêÃåȋĉĥȋßĬĥĘŠĥߌĉĬĥȋŷĉŚąȋŚąêȋÃßßĬĤňÃĥŽĉĥĀȋĥĬŚêŒǴ argoinvestments.com.au | 1 Consolidated Statement of Financial Position at 30 June 2024 2024 2023 Note $’000 $’000 6 7 8 97,166 35,867 22,074 155,107 125,255 36,890 10,452 172,597 8 9 7,235,739 2,189 7,237,928 7,393,035 6,713,768 599 6,714,367 6,886,964 10 11 1,533 8,486 26,669 996 37,684 1,487 8,062 14,375 1,021 24,945 10 13 12 1,437 992,539 195 994,171 1,031,855 6,361,180 167 863,783 158 864,108 889,053 5,997,911 14 15 16 3,253,652 2,362,639 744,889 6,361,180 3,204,096 2,040,788 753,027 5,997,911 Current Assets Cash and cash equivalents Receivables Investments Total Current Assets Non-Current Assets Investments ‚ŋĬňêŋŚŽDzȋňĞÃĥŚȋÃĥåȋêŊŠĉňĤêĥŚ Total Non-Current Assets Total Assets Current Liabilities ‚ÃŽÃÞĞêŒ #êŋĉŶÃŚĉŶêȋƌĥÃĥßĉÃĞȋĉĥŒŚŋŠĤêĥŚŒ Current tax liabilities Provisions 12 Total Current Liabilities Non-Current Liabilities ‚ÃŽÃÞĞêŒ Deferred tax liabilities Provisions Total Non-Current Liabilities Total Liabilities Net Assets Shareholders’ Equity ĬĥŚŋĉÞŠŚêåȋêŊŠĉŚŽ Reserves êŚÃĉĥêåȋňŋĬƌŚŒ ”ĬŚÃĞȋŒąÃŋêąĬĞåêŋŒȄȋ(ŊŠĉŚŽ dz”ĬȋÞêȋŋêÃåȋĉĥȋßĬĥĘŠĥߌĉĬĥȋŷĉŚąȋŚąêȋÃßßĬĤňÃĥŽĉĥĀȋĥĬŚêŒǴ argoinvestments.com.au | 2 Consolidated Statement of Changes in Equity for the year ended 30 June 2024 Contributed Equity $’000 (Note 14) ÃĞÃĥßêȋÃŒȋÃŚȋƦȋTŠĞŽȋƧƥƧƨ 3,204,096 ‚ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ Other comprehensive income ”ĬŚÃĞȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêȋÿĬŋȋŚąêȋŽêÃŋ - Reserves $’000 (Note 15) 2,040,788 322,120 322,120 Retained WƌŽĮƚƐ $’000 (Note 16) 753,027 252,962 252,962 5,997,911 252,962 322,120 575,082 49,648 (92) 49,556 3,253,652 (269) (269) 2,362,639 (261,100) (261,100) 744,889 49,648 (92) (269) (261,100) (211,813) 6,361,180 3,155,136 - 1,861,010 292,013 292,013 620,545 271,707 271,707 5,636,691 271,707 292,013 563,720 49,050 (90) 48,960 3,204,096 285 (112,520) (112,235) 2,040,788 (139,225) (139,225) 753,027 49,050 (90) 285 (251,745) (202,500) 5,997,911 Total $’000 Transactions with shareholders: Dividend Reinvestment Plan Cost of share issues net of tax Executive performance rights reserve Dividends paid Total transactions with shareholders ÃĞÃĥßêȋÃŒȋÃŚȋƨƥȋTŠĥêȋƧƥƧƩ for the year ended 30 June 2023 ÃĞÃĥßêȋÃŒȋÃŚȋƦȋTŠĞŽȋƧƥƧƧ ‚ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ Other comprehensive income ”ĬŚÃĞȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêȋÿĬŋȋŚąêȋŽêÃŋ Transactions with shareholders: Dividend Reinvestment Plan Cost of share issues net of tax Executive performance rights reserve Dividends paid Total transactions with shareholders ÃĞÃĥßêȋÃŒȋÃŚȋƨƥȋTŠĥêȋƧƥƧƨ dz”ĬȋÞêȋŋêÃåȋĉĥȋßĬĥĘŠĥߌĉĬĥȋŷĉŚąȋŚąêȋÃßßĬĤňÃĥŽĉĥĀȋĥĬŚêŒǴ argoinvestments.com.au | 3 Consolidated Statement of Cash Flows for the year ended 30 June 2024 Note 2024 $’000 2023 $’000 271,062 5,517 5,023 258,219 4,568 3,274 7,096 (15,157) (10,078) (22,942) 240,521 40,092 (11,282) (10,330) (50,583) 233,958 287,433 (343,606) (503) (56,676) 123,505 (188,705) 25,000 (43) (40,243) (350) (132) (211,452) (211,934) (28,089) 125,255 97,166 (355) (128) (202,695) (203,178) (9,463) 134,718 125,255 ÃŒąȋƍĬŷŒȋÿŋĬĤȋĬňêŋÃŚĉĥĀȋÃߌĉŶĉŚĉêŒ Dividends and distributions received Interest received Other receipts Proceeds from trading investments ‚ÃŽĤêĥŚŒȋÿĬŋȋŚŋÃåĉĥĀȋĉĥŶêŒŚĤêĥŚŒ fŚąêŋȋňÃŽĤêĥŚŒ Income tax paid _êŚȋĬňêŋÃŚĉĥĀȋßÃŒąȋĉĥƍĬŷŒ ÃŒąȋƍĬŷŒȋÿŋĬĤȋĉĥŶêŒŚĉĥĀȋÃߌĉŶĉŚĉêŒ Proceeds from sale of long-term investments ‚ÃŽĤêĥŚŒȋÿĬŋȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒ ‚ŋĬßêêåŒȋÿŋĬĤȋĬŚąêŋȋƌĥÃĥßĉÃĞȋßÃŒąȋÃŒŒêŚŒ ‚ÃŽĤêĥŚŒȋÿĬŋȋƌżêåȋÃŒŒêŚŒ _êŚȋĉĥŶêŒŚĉĥĀȋßÃŒąȋĬŠŚƍĬŷŒ ÃŒąȋƍĬŷŒȋÿŋĬĤȋƌĥÃĥßĉĥĀȋÃߌĉŶĉŚĉêŒ ‚ÃŽĤêĥŚŒȋÿĬŋȋĞêÃŒêȋĞĉÃÞĉĞĉŚĉêŒȋ Cost of share issues Dividends paid –net of Dividend Reinvestment Plan _êŚȋƌĥÃĥßĉĥĀȋßÃŒąȋĬŠŚƍĬŷŒ Net decrease in cash held ÃŒąȋÃŚȋŚąêȋÞêĀĉĥĥĉĥĀȋĬÿȋŚąêȋŽêÃŋ ÃŒąȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋŽêÃŋ 6 dz”ĬȋÞêȋŋêÃåȋĉĥȋßĬĥĘŠĥߌĉĬĥȋŷĉŚąȋŚąêȋÃßßĬĤňÃĥŽĉĥĀȋĥĬŚêŒǴ argoinvestments.com.au | 4 Notes to the Financial Statements for the year ended 30 June 2024 ƒǢȋȋ ÃŒĉŒȋĬÿȋňŋêňÃŋÃŚĉĬĥ ”ąêȋňŋêĞĉĤĉĥÃŋŽȋßĬĥŒĬĞĉåÃŚêåȋƌĥÃĥßĉÃĞȋŒŚÃŚêĤêĥŚŒȋąÃŶêȋÞêêĥȋňŋêňÃŋêåȋĉĥȋÃßßĬŋåÃĥßêȋ with the measurement and recognition requirements of Australian Accounting ŒŚÃĥåÃŋåŒǣȋFĥŚêŋňŋêŚÃŚĉĬĥŒȋĉŒŒŠêåȋÞŽȋŚąêȋ
ŠŒŚŋÃĞĉÃĥȋ
ßßĬŠĥŚĉĥĀȋŒŚÃĥåÃŋåŒȋĬÃŋåȋ and the Corporations Act 2001. Compliance with Australian Accounting Standards êĥŒŠŋêŒȋŚąÃŚȋŚąêȋňŋêĞĉĤĉĥÃŋŽȋßĬĥŒĬĞĉåÃŚêåȋƌĥÃĥßĉÃĞȋŒŚÃŚêĤêĥŚŒȋÃĥåȋĥĬŚêŒȋßĬĤňĞŽȋŷĉŚąȋ the measurement and recognition requirements of International Financial Reporting ŒŚÃĥåÃŋåŒȋdzF< ŒǴǢ ”ąêȋÃßßĬŠĥŚĉĥĀȋňĬĞĉßĉêŒȋÃåĬňŚêåȋÃŋêȋßĬĥŒĉŒŚêĥŚȋŷĉŚąȋŚąĬŒêȋĬÿȋŚąêȋňŋêŶĉĬŠŒȋƌĥÃĥßĉÃĞȋ ŽêÃŋǢȋ ”ąêȋňŋêĞĉĤĉĥÃŋŽȋßĬĥŒĬĞĉåÃŚêåȋƌĥÃĥßĉÃĞȋŒŚÃŚêĤêĥŚŒȋĉĥßĬŋňĬŋÃŚêȋŚąêȋÃŒŒêŚŒȋÃĥåȋĞĉÃÞĉĞĉŚĉêŒȋ ĬÿȋŚąêȋĬĤňÃĥŽȄŒȋŷąĬĞĞŽȋĬŷĥêåȋŒŠÞŒĉåĉÃŋŽȋ
ŋĀĬȋŒêŋŶĉßêȋĬĤňÃĥŽȋ‚ŚŽȋXŚåȋÃŒȋÃŚȋƔƑȋTŠĥêȋ ƓƑƓƕǣȋÃĥåȋĉŚŒȋŋêŒŠĞŚŒȋÿĬŋȋŚąêȋŽêÃŋȋŚąêĥȋêĥåêåǢȋFĥŚêŋßĬĤňÃĥŽȋŚŋÃĥŒÃߌĉĬĥŒȋÃĥåȋÞÃĞÃĥßêŒȋ ÞêŚŷêêĥȋ
ŋĀĬȋFĥŶêŒŚĤêĥŚŒȋXĉĤĉŚêåȋÃĥåȋ
ŋĀĬȋŒêŋŶĉßêȋĬĤňÃĥŽȋ‚ŚŽȋXŚåȋÃŋêȋêĞĉĤĉĥÃŚêåȋ on consolidation. ƓǢȋȋ #ĉŶĉåêĥåŒȋÃĥåȋåĉŒŚŋĉÞŠŚĉĬĥŒ 2024 $’000 2023 $’000 261,175 10,367 327 61 270,509 1,730 178 643 271,930 273,060 2024 $’000 6,923 444 3,215 10,582 2023 $’000 6,837 436 3,216 10,489 Received/receivable from: XĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒȋąêĞåȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋŽêÃŋ XĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒȋŒĬĞåȋåŠŋĉĥĀȋŚąêȋŽêÃŋ ”ŋÃåĉĥĀȋĉĥŶêŒŚĤêĥŚŒȋąêĞåȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋŽêÃŋ ”ŋÃåĉĥĀȋĉĥŶêŒŚĤêĥŚŒȋŒĬĞåȋåŠŋĉĥĀȋŚąêȋŽêÃŋ ƔǢȋ
åĤĉĥĉŒŚŋÃŚĉĬĥȋêżňêĥŒêŒȋ (ĤňĞĬŽĤêĥŚȋÞêĥêƌŚŒ Depreciation Other argoinvestments.com.au | 5 Notes to the Financial Statements ƕǢȋ FĥßĬĤêȋŚÃżȋêżňêĥŒêȋ 2024 $’000 2023 $’000 274,937 82,481 292,823 87,847 (58,395) (1,390) (721) 21,975 (62,669) (3,104) (958) 21,116 21,153 1,543 (721) 21,975 22,307 (233) (958) 21,116 142,248 128,724 2024 number ’000 2023 number ’000 °êĉĀąŚêåȋÃŶêŋÃĀêȋĥŠĤÞêŋȋĬÿȋĬŋåĉĥÃŋŽȋŒąÃŋêŒȋĬĥȋĉŒŒŠêȋŠŒêåȋĉĥȋŚąêȋ calculation of earnings per share 758,774 753,110 ‚ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ $’000 252,962 $’000 271,707 cents 33.3 cents 36.1 dzÃǴȋ Reconciliation of income tax expense to prima facie ŚÃżȋňÃŽÃÞĞêǤ ‚ŋĬƌŚȋÞêÿĬŋêȋĉĥßĬĤêȋŚÃżȋêżňêĥŒê ‚ŋĉĤÃȋÿÃßĉêȋŚÃżȋêżňêĥŒêȋßÃĞߊĞÃŚêåȋÃŚȋƔƑɄȋdzƓƑƓƔǤȋƔƑɄǴ ”ÃżȋêÿÿêߌȋĬÿȋÃĤĬŠĥŚŒȋŷąĉßąȋÃŋêȋĥĬŚȋåêåŠßŚĉÞĞêȋdzŚÃżÃÞĞêǴȋ in calculating taxable income: Tax offset for franked dividends Other fŶêŋȋňŋĬŶĉŒĉĬĥȋĉĥȋňŋêŶĉĬŠŒȋŽêÃŋ Income tax expense dzÞǴȋ Income tax expense composition: ąÃŋĀêȋÿĬŋȋŚÃżȋňÃŽÃÞĞêȋŋêĞÃŚĉĥĀȋŚĬȋߊŋŋêĥŚȋŽêÃŋ FĥßŋêÃŒêǯdzåêßŋêÃŒêǴȋĉĥȋåêÿêŋŋêåȋŚÃżȋĞĉÃÞĉĞĉŚĉêŒ fŶêŋȋňŋĬŶĉŒĉĬĥȋĉĥȋňŋêŶĉĬŠŒȋŽêÃŋ dzßǴȋ
ĤĬŠĥŚŒȋŋêßĬĀĥĉŒêåȋåĉŋêßŚĞŽȋĉĥȋĬŚąêŋȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêǤ Increase in deferred tax liabilities ƖǢȋȋ (ÃŋĥĉĥĀŒȋňêŋȋŒąÃŋê Basic and diluted earnings per share argoinvestments.com.au | 6 Notes to the Financial Statements ƗǢȋȋ ÃŒąȋÃĥåȋßÃŒąȋêŊŠĉŶÃĞêĥŚŒ Bank deposits and cash management trusts 2024 $’000 97,166 2023 $’000 125,255 ÃŒąȋÃĥåȋßÃŒąȋêŊŠĉŶÃĞêĥŚŒȋĉĥßĞŠåêŒȋßÃŒąȋĬĥȋåêňĬŒĉŚȋŷĉŚąȋÞÃĥěŒȋdzƍĬÃŚĉĥĀȋĉĥŚêŋêŒŚȋŋÃŚêȋĬÿȋ ƕǢƔƖɄȋÃŚȋƔƑȋTŠĥêȋƓƑƓƕǥȋƓƑƓƔǤȋƕǢƒƑɄǴǣȋƌżêåȋŚêŋĤȋåêňĬŒĉŚŒȋŷĉŚąȋÞÃĥěŒȋdzƌżêåȋĉĥŚêŋêŒŚȋŋÃŚêȋŚĬȋ ĤÃŚŠŋĉŚŽȋĬÿȋƕǢƚƘɄȋÃŚȋƔƑȋTŠĥêȋƓƑƓƕǥȋƓƑƓƔǤȋÞêŚŷêêĥȋƕǢƔƕɄȋÃĥåȋƕǢƘƑɄǴȋĤÃŚŠŋĉĥĀȋŷĉŚąĉĥȋŚąŋêêȋ months from date of deposit, and cash management trusts. ƘǢȋȋ êßêĉŶÃÞĞêŒ 2024 $’000 2023 $’000 35,209 98 560 35,867 35,652 397 841 36,890 Current Dividends and distributions receivable Interest receivable Other Receivables are non-interest bearing and unsecured. None of the receivables are past due or impaired. ƙǢȋ FĥŶêŒŚĤêĥŚŒ 2024 $’000 2023 $’000 22,074 10,452 7,218,073 17,666 7,235,739 6,696,732 17,036 6,713,768 Current Listed securities at fair valuedzƦǴ Non-Current Listed securities at fair valuedzƦǴ Unlisted securities at fair valuedzƧǴ dzƒǴȋ ”ąêȋÿÃĉŋȋŶÃĞŠêȋĬÿȋĞĉŒŚêåȋŒêߊŋĉŚĉêŒȋĉŒȋêŒŚÃÞĞĉŒąêåȋÿŋĬĤȋŚąêȋŊŠĬŚêåȋňŋĉßêŒȋdzŠĥÃåĘŠŒŚêåǴȋĉĥȋŚąêȋ ÃߌĉŶêȋĤÃŋěêŚȋĬÿȋŚąêȋ
ŒµȋÿĬŋȋĉåêĥŚĉßÃĞȋÃŒŒêŚŒȋĉĥȋÃßßĬŋåÃĥßêȋŷĉŚąȋXêŶêĞȋƒȋĬÿȋŚąêȋÿÃĉŋȋŶÃĞŠêȋ ĤêÃŒŠŋêĤêĥŚȋąĉêŋÃŋßąŽǢȋ dzƓǴȋ The fair value of unlisted securities is not based on observable market data in accordance ŷĉŚąȋXêŶêĞȋƔȋĬÿȋŚąêȋÿÃĉŋȋŶÃĞŠêȋĤêÃŒŠŋêĤêĥŚȋąĉêŋÃŋßąŽǢȋ”ąêȋ#ĉŋêߌĬŋŒȋąÃŶêȋĤÃåêȋŶÃĞŠÃŚĉĬĥȋ judgements to determine the fair value of these securities based on inputs which include ŚąêȋßĬŒŚȋÃĥåȋŚąêȋĥêŚȋŚÃĥĀĉÞĞêȋÃŒŒêŚȋŶÃĞŠêŒȋňŋĬŶĉåêåȋÞŽȋŚąêȋĉĥŶêŒŚêêȋßĬĤňÃĥŽȋÿĬŋȋŷąĉßąȋ ŚąêȋŠĥĞĉŒŚêåȋŒêߊŋĉŚŽȋąĬĞåĉĥĀȋŋêĞÃŚêŒǢ argoinvestments.com.au | 7 Notes to the Financial Statements êßĬĥßĉĞĉÃŚĉĬĥȋĬÿȋßąÃĥĀêŒȋĉĥȋŠĥĞĉŒŚêåȋŒêߊŋĉŚĉêŒȋŶÃĞŠêåȋĉĥȋÃßßĬŋåÃĥßêȋŷĉŚąȋXêŶêĞȋƔȋĬÿȋŚąêȋ ÿÃĉŋȋŶÃĞŠêȋĤêÃŒŠŋêĤêĥŚȋąĉêŋÃŋßąŽǤ ÃŋŋŽĉĥĀȋÃĤĬŠĥŚȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ Additions Fair value loss recognised in other comprehensive income ÃŋŋŽĉĥĀȋÃĤĬŠĥŚȋÃŚȋêĥåȋĬÿȋŽêÃŋ 2024 $’000 2023 $’000 17,036 4,509 (3,879) 17,666 17,458 321 (743) 17,036 ”ąêŋêȋŷêŋêȋƗƖƕȋĉĥŶêŒŚĤêĥŚȋŚŋÃĥŒÃߌĉĬĥŒȋåŠŋĉĥĀȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋǢȋ”ąêȋŚĬŚÃĞȋÞŋĬěêŋÃĀêȋňÃĉåȋ ĬĥȋŚąêŒêȋŚŋÃĥŒÃߌĉĬĥŒȋŷÃŒȋȑƓǢƒȋĤĉĞĞĉĬĥǢ ƚǢȋ ‚ŋĬňêŋŚŽǣȋňĞÃĥŚȋÃĥåȋêŊŠĉňĤêĥŚ Plant and equipment at cost Accumulated depreciation ‚ŋĬňêŋŚŽȋŋĉĀąŚȋĬÿȋŠŒêȋÃŒŒêŚŒ Accumulated depreciation ÃŋŋŽĉĥĀȋÃĤĬŠĥŚȋÃŚȋêĥåȋĬÿȋŽêÃŋ 2024 $’000 1,143 (544) 599 2023 $’000 859 (620) 239 2,131 (541) 1,590 2,189 1,599 (1,239) 360 599 599 992 503 1,531 (444) 2,189 43 (436) 599 ^ĬŶêĤêĥŚŒ ÃŋŋŽĉĥĀȋÃĤĬŠĥŚȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ Additions: - plant and equipment at cost ǹȋňŋĬňêŋŚŽȋŋĉĀąŚȋĬÿȋŠŒêȋÃŒŒêŚŒ Depreciation ÃŋŋŽĉĥĀȋÃĤĬŠĥŚȋÃŚȋêĥåȋĬÿȋŽêÃŋ ”ąêȋĬĤňÃĥŽȊŒȋĬňêŋÃŚĉĥĀȋĞêÃŒêŒȋÃŋêȋŋêßĬĀĥĉŒêåȋÃŒȋÃȋňŋĬňêŋŚŽȋŋĉĀąŚȋĬÿȋŠŒêȋÃŒŒêŚŒȋÃĥåȋÃȋ ßĬŋŋêŒňĬĥåĉĥĀȋĞĉÃÞĉĞĉŚŽǢȋ
ŒŒêŚŒȋÃĥåȋĞĉÃÞĉĞĉŚĉêŒȋÃŋĉŒĉĥĀȋÿŋĬĤȋÃȋĞêÃŒêȋÃŋêȋĉĥĉŚĉÃĞĞŽȋĤêÃŒŠŋêåȋĬĥȋÃȋňŋêŒêĥŚȋŶÃĞŠêȋÞÃŒĉŒȋŠŒĉĥĀȋ an incremental borrowing rate. The right of use assets are depreciated over the life of the lease on a straight line basis. XêÃŒêȋĞĉÃÞĉĞĉŚĉêŒȋÃŋêȋåĉŒßĞĬŒêåȋĉĥȋ_ĬŚêȋƒƑǢ argoinvestments.com.au | 8 Notes to the Financial Statements 10. Payables 2024 $’000 2023 $’000 218 1,315 1,533 249 1,238 1,487 1,437 167 Current Lease liabilities Other Non- Current Lease liabilities ‚ÃŽÃÞĞêŒȋÃŋêȋĥĬĥǹĉĥŚêŋêŒŚȋÞêÃŋĉĥĀȋÃĥåȋŠĥŒêߊŋêåǢȋXêÃŒêȋĞĉÃÞĉĞĉŚĉêŒȋąÃŶêȋÞêêĥȋåêŚêŋĤĉĥêåȋ ÞÃŒêåȋĬĥȋŚąêȋňŋêŒêĥŚȋŶÃĞŠêȋĬÿȋŚąêȋĞêÃŒêȋňÃŽĤêĥŚŒȋÃĥåȋÃŋêȋÃßßĬŠĥŚêåȋÿĬŋȋĬŶêŋȋŚąêȋňêŋĉĬåȋĬÿȋ the lease. ƒƒǢȋ #êŋĉŶÃŚĉŶêȋƌĥÃĥßĉÃĞȋĉĥŒŚŋŠĤêĥŚŒ Exchange traded options at fair value 2024 $’000 8,486 2023 $’000 8,062 ”ąêȋÿÃĉŋȋŶÃĞŠêȋĬÿȋêżßąÃĥĀêȋŚŋÃåêåȋĬňŚĉĬĥŒȋĉŒȋêŒŚÃÞĞĉŒąêåȋÿŋĬĤȋŚąêȋŊŠĬŚêåȋňŋĉßêŒȋdzŠĥÃåĘŠŒŚêåǴȋ ĉĥȋŚąêȋÃߌĉŶêȋĤÃŋěêŚȋĬÿȋŚąêȋ
ŒµȋÿĬŋȋĉåêĥŚĉßÃĞȋÃŒŒêŚŒȋĉĥȋÃßßĬŋåÃĥßêȋŷĉŚąȋXêŶêĞȋƒȋĬÿȋŚąêȋÿÃĉŋȋŶÃĞŠêȋ ĤêÃŒŠŋêĤêĥŚȋąĉêŋÃŋßąŽǢ ƒƓǢȋ‚ŋĬŶĉŒĉĬĥŒ 2024 $’000 2023 $’000 996 1,021 195 158 Current ‚ŋĬŶĉŒĉĬĥȋÿĬŋȋêĤňĞĬŽêêȋêĥŚĉŚĞêĤêĥŚŒ Non-Current ‚ŋĬŶĉŒĉĬĥȋÿĬŋȋêĤňĞĬŽêêȋêĥŚĉŚĞêĤêĥŚŒ argoinvestments.com.au | 9 Notes to the Financial Statements ƒƔǢȋ#êÿêŋŋêåȋŚÃżȋĞĉÃÞĉĞĉŚĉêŒ 2024 $’000 2023 $’000 992,579 2,926 303 865,390 2,523 - 995,808 867,913 (3,143) (126) (3,269) 992,539 (3,358) (621) (151) (4,130) 863,783 863,783 1,543 142,248 (15,035) 992,539 740,134 (233) 128,724 (4,842) 863,783 ”ąêȋÞÃĞÃĥßêȋßĬĤňŋĉŒêŒȋŚêĤňĬŋÃŋŽȋåĉÿÿêŋêĥßêŒȋÃŚŚŋĉÞŠŚêåȋŚĬǤ #êÿêŋŋêåȋŚÃżȋĞĉÃÞĉĞĉŚŽȋĬĥȋŠĥŋêÃĞĉŒêåȋĀÃĉĥŒȋĬĥȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒ Income receivable which is not assessable for tax until receipt #êÿêŋŋêåȋŚÃżȋĞĉÃÞĉĞĉŚŽȋĬĥȋŠĥŋêÃĞĉŒêåȋĀÃĉĥŒȋĬĥȋŚŋÃåĉĥĀȋĉĥŶêŒŚĤêĥŚŒ fÿÿŒêŚȋÞŽȋåêÿêŋŋêåȋŚÃżȋÃŒŒêŚŒǤ ‚ŋĬŶĉŒĉĬĥŒȋÃĥåȋňÃŽÃÞĞêŒ Deferred tax on unrealised losses on trading investments Deferred tax on cost of share issues Net deferred tax liabilities ^ĬŶêĤêĥŚŒ ÃĞÃĥßêȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ #êÞĉŚêåǯdzßŋêåĉŚêåǴȋŚĬȋňŋĬƌŚȋĬŋȋĞĬŒŒ Charged to other comprehensive income Changes to the tax base of investments ÃĞÃĥßêȋÃŚȋêĥåȋĬÿȋŽêÃŋ ”ąêȋÃĤĬŠĥŚȋĬÿȋĥêŚȋåêÿêŋŋêåȋŚÃżȋĞĉÃÞĉĞĉŚĉêŒȋêżňêߌêåȋŚĬȋÞêȋŒêŚŚĞêåȋĉĥȋŚąêȋĥêżŚȋƒƓȋĤĬĥŚąŒȋĉŒ ȑƒǢƒȋĤĉĞĞĉĬĥȋdzƓƑƓƔǤȋåêÿêŋŋêåȋŚÃżȋÃŒŒêŚŒȋȑƑǢƕȋĤĉĞĞĉĬĥǴǢ argoinvestments.com.au | 10 Notes to the Financial Statements 14. Contributed equity fŋåĉĥÃŋŽȋŒąÃŋêŒȋŋÃĥěȋňÃŋĉȋňÃŒŒŠǣȋąÃŶêȋĥĬȋňÃŋȋŶÃĞŠêȋÃĥåȋêĥŚĉŚĞêȋŚąêȋąĬĞåêŋȋŚĬȋňÃŋŚĉßĉňÃŚêȋĉĥȋ åĉŶĉåêĥåŒȋÃĥåȋŚąêȋňŋĬßêêåŒȋĬĥȋŷĉĥåĉĥĀȋŠňȋĬÿȋŚąêȋĬĤňÃĥŽȋĉĥȋňŋĬňĬŋŚĉĬĥȋŚĬȋŚąêȋĥŠĤÞêŋȋĬÿȋŚąêȋ ŒąÃŋêŒȋąêĞåǢȋ”ąêȋĬĤňÃĥŽȋåĬêŒȋĥĬŚȋąÃŶêȋÃȋĞĉĤĉŚêåȋÃĤĬŠĥŚȋĬÿȋÊŚąĬŋĉŒêåȋßÃňĉŚÃĞǢ 2024 No. of shares 2023 No. of shares 2024 $’000 2023 $’000 Dividend Reinvestment PlandzÃǴ 755,564,117 5,670,889 750,132,378 5,431,739 3,204,096 49,648 3,155,136 49,050 Dividend Substitution Share PlandzÞǴ 7,259 - 761,242,265 755,564,117 (92) 3,253,652 (90) 3,204,096 FŒŒŠêåȋÃĥåȋÿŠĞĞŽȋňÃĉåȋ ĬŋåĉĥÃŋŽȋŒąÃŋêŒǤȋȋ Opening balance Cost of share issues net of tax Closing balance dzÃǴȋ fĥȋƒƖȋŒêňŚêĤÞêŋȋƓƑƓƔǣȋƓǣƚƚƖǣƓƔƓȋŒąÃŋêŒȋŷêŋêȋÃĞĞĬŚŚêåȋÃŚȋȑƙǢƗƘȋňêŋȋŒąÃŋêȋňŠŋŒŠÃĥŚȋŚĬȋ Śąêȋ#ĉŶĉåêĥåȋ êĉĥŶêŒŚĤêĥŚȋ‚ĞÃĥȋĉĥȋĬňêŋÃŚĉĬĥȋÿĬŋȋŚąêȋƌĥÃĞȋåĉŶĉåêĥåȋňÃĉåȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋ ƔƑȋTŠĥêȋƓƑƓƔǢ fĥȋƙȋ^ÃŋßąȋƓƑƓƕǣȋƓǣƗƘƖǣƗƖƘȋŒąÃŋêŒȋŷêŋêȋÃĞĞĬŚŚêåȋÃŚȋȑƙǢƙƖȋňêŋȋŒąÃŋêȋňŠŋŒŠÃĥŚȋŚĬȋŚąêȋ #ĉŶĉåêĥåȋ êĉĥŶêŒŚĤêĥŚȋ‚ĞÃĥȋĉĥȋĬňêŋÃŚĉĬĥȋÿĬŋȋŚąêȋĉĥŚêŋĉĤȋåĉŶĉåêĥåȋňÃĉåȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋ ƔƑȋTŠĥêȋƓƑƓƕǢ dzÞǴȋ fĥȋƙȋ^ÃŋßąȋƓƑƓƕǣȋƘǣƓƖƚȋŒąÃŋêŒȋŷêŋêȋÃĞĞĬŚŚêåȋÃŚȋȑƙǢƙƖȋňêŋȋŒąÃŋêȋňŠŋŒŠÃĥŚȋŚĬȋŚąêȋ#ĉŶĉåêĥåȋ ŒŠÞŒŚĉŚŠŚĉĬĥȋŒąÃŋêȋ‚ĞÃĥȋdz#ŒŒ‚ǴȋĉĥȋĬňêŋÃŚĉĬĥȋÿĬŋȋŚąêȋĉĥŚêŋĉĤȋåĉŶĉåêĥåȋňÃĉåȋÿĬŋȋŚąêȋŽêÃŋȋ êĥåêåȋƔƑȋTŠĥêȋƓƑƓƕǢȋŒąÃŋêąĬĞåêŋŒȋŷąĬȋêĞêߌȋŚĬȋÞêȋĉĥȋŚąêȋ#ŒŒ‚ȋÿĬŋĀĬȋŚąêĉŋȋåĉŶĉåêĥåȋÃĥåȋ receive shares instead. ”ąêȋĬĤňÃĥŽȋąÃŒȋÃĥȋĬĥǹĤÃŋěêŚȋŒąÃŋêȋÞŠŽǹÞÃßěȋÃŋŋÃĥĀêĤêĥŚȋĉĥȋňĞÃßêǢȋ#ŠŋĉĥĀȋŚąêȋƌĥÃĥßĉÃĞȋ ŽêÃŋǣȋĥĬȋŒąÃŋêŒȋŷêŋêȋÞĬŠĀąŚȋÞÃßěȋdzƓƑƓƔǤȋĥĉĞǴǢ argoinvestments.com.au | 11 Notes to the Financial Statements ƒƖǢȋ êŒêŋŶêŒ 2024 $’000 348 2,124,060 238,231 2,362,639 2023 $’000 617 1,831,496 208,675 2,040,788 617 974 (1,243) 332 1,166 (881) 348 617 Revaluation of long-term investments 1,831,496 464,368 1,538,075 420,737 Provision for deferred tax expense on revaluation of long-term investments (142,248) (128,724) (40,979) 11,423 2,124,060 3,779 (2,371) 1,831,496 208,675 29,556 238,231 2,362,639 322,603 (112,520) (1,408) 208,675 2,040,788 Executive Performance Rights Reserve Investment Revaluation Reserve ÃňĉŚÃĞȋ‚ŋĬƌŚŒȋ êŒêŋŶê ^ĬŶêĤêĥŚŒȋĉĥȋŋêŒêŋŶêŒȋåŠŋĉĥĀȋŚąêȋŽêÃŋ Executive Performance Rights Reserve ÃĞÃĥßêȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ Accrued entitlement for unvested rights Executive performance shares purchased ÃĞÃĥßêȋÃŚȋêĥåȋĬÿȋŽêÃŋ Investment Revaluation Reserve ÃĞÃĥßêȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ êÃĞĉŒêåȋdzĀÃĉĥŒǴǯĞĬŒŒêŒȋĬĥȋŒÃĞêȋĬÿȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒȋ ŚŋÃĥŒÿêŋŋêåȋŚĬȋßÃňĉŚÃĞȋňŋĬƌŚŒȋŋêŒêŋŶê Income tax expense thereon ÃĞÃĥßêȋÃŚȋêĥåȋĬÿȋŽêÃŋ ÃňĉŚÃĞȋ‚ŋĬƌŚŒȋ êŒêŋŶê ÃĞÃĥßêȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ Dividend paid Transfer from investment revaluation reserve ÃĞÃĥßêȋÃŚȋêĥåȋĬÿȋŽêÃŋ Total Reserves XĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒȋŷêŋêȋŒĬĞåȋĉĥȋŚąêȋĥĬŋĤÃĞȋßĬŠŋŒêȋĬÿȋŚąêȋĬĤňÃĥŽȄŒȋĬňêŋÃŚĉĬĥŒȋÃŒȋÃȋ ĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋĬŋȋÃŒȋÃȋŋêŒŠĞŚȋĬÿȋŚÃěêĬŶêŋŒǢȋ”ąêȋÿÃĉŋȋŶÃĞŠêȋĬÿȋŚąêȋĉĥŶêŒŚĤêĥŚŒȋŒĬĞåȋ åŠŋĉĥĀȋŚąĉŒȋňêŋĉĬåȋŷÃŒȋȑƔƕƒǢƒȋĤĉĞĞĉĬĥȋdzƓƑƓƔǤȋȑƒƓƔǢƙȋĤĉĞĞĉĬĥǴǢȋ”ąêȋߊĤŠĞÃŚĉŶêȋĀÃĉĥȋÃÿŚêŋȋŚÃżȋ ĬĥȋŚąêŒêȋåĉŒňĬŒÃĞŒȋŷÃŒȋȑƓƚǢƗȋĤĉĞĞĉĬĥȋdzƓƑƓƔǤȋĞĬŒŒȋÃÿŚêŋȋŚÃżȋĬÿȋȑƒǢƕȋĤĉĞĞĉĬĥǴǣȋŷąĉßąȋąÃŒȋÞêêĥȋ ŚŋÃĥŒÿêŋŋêåȋÿŋĬĤȋŚąêȋĉĥŶêŒŚĤêĥŚȋŋêŶÃĞŠÃŚĉĬĥȋŋêŒêŋŶêȋŚĬȋŚąêȋßÃňĉŚÃĞȋňŋĬƌŚŒȋŋêŒêŋŶêǢ argoinvestments.com.au | 12 Notes to the Financial Statements Nature and purpose of reserves Executive performance rights reserve ”ąĉŒȋŋêŒêŋŶêȋßĬĥŚÃĉĥŒȋŚąêȋÿÃĉŋȋŶÃĞŠêȋĬÿȋŚąêȋŒąĬŋŚǹŚêŋĤȋĉĥßêĥŚĉŶêȋdzŒ”FǴȋÃĥåȋĞĬĥĀǹŚêŋĤȋĉĥßêĥŚĉŶêȋ dzX”FǴȋňêŋÿĬŋĤÃĥßêȋŋĉĀąŚŒȋňŠŋŒŠÃĥŚȋŚĬȋŚąêȋ
ŋĀĬȋFĥŶêŒŚĤêĥŚŒȋXĉĤĉŚêåȋ(żêߊŚĉŶêȋ‚êŋÿĬŋĤÃĥßêȋ Rights Plan. When rights are exercised, shares are purchased on market and issued to the executive. Œ”FȋňêŋÿĬŋĤÃĥßêȋŋĉĀąŚŒ The values of the STI performance rights are calculated and allocated to each reporting period from the commencement of the performance periods to the vesting dates. The value ĬÿȋŚąêȋŒ”FȋňêŋÿĬŋĤÃĥßêȋŋĉĀąŚŒȋÿĬŋȋŚąêȋߊŋŋêĥŚȋŋêňĬŋŚĉĥĀȋňêŋĉĬåǣȋŷąĉßąȋÃŋêȋŽêŚȋŚĬȋÞêȋĉŒŒŠêåȋŚĬȋ participants, has been estimated. X”FȋňêŋÿĬŋĤÃĥßêȋŋĉĀąŚŒ The values of the LTI performance rights are calculated at grant dates and allocated to each reporting period from the grant dates to the vesting dates. Investment revaluation reserve Increments or decrements on the revaluation of long-term investments after provision for deferred capital gains tax are recorded in this reserve. ÃňĉŚÃĞȋňŋĬƌŚŒȋŋêŒêŋŶêȋ =ÃĉĥŒȋĬŋȋĞĬŒŒêŒȋÃŋĉŒĉĥĀȋÿŋĬĤȋŚąêȋŒÃĞêȋĬÿȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒǣȋĥêŚȋĬÿȋÃĥŽȋŚÃżȋêżňêĥŒêȋĬŋȋ ÞêĥêƌŚǣȋÃŋêȋŋêßĬŋåêåȋĉĥȋŚąĉŒȋŋêŒêŋŶêǢ ƒƗǢȋ êŚÃĉĥêåȋňŋĬƌŚŒ ‚ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ 2024 $’000 753,027 (261,100) 252,962 2023 $’000 620,545 (139,225) 271,707 ÃĞÃĥßêȋÃŚȋêĥåȋĬÿȋŽêÃŋ 744,889 753,027 ÃĞÃĥßêȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ Dividends paid ƒƘǢȋ ÃňĉŚÃĞȋĤÃĥÃĀêĤêĥŚ ”ąêȋĬĤňÃĥŽȄŒȋĬÞĘêߌĉŶêȋĉĥȋĤÃĥÃĀĉĥĀȋĉŚŒȋßÃňĉŚÃĞȋĉŒȋŚĬȋĤÃżĉĤĉŒêȋĞĬĥĀǹŚêŋĤȋŋêŚŠŋĥŒȋŚĬȋ ŒąÃŋêąĬĞåêŋŒȋŚąŋĬŠĀąȋÃȋÞÃĞÃĥßêȋĬÿȋßÃňĉŚÃĞȋÃĥåȋåĉŶĉåêĥåȋĀŋĬŷŚąȋÿŋĬĤȋÃȋåĉŶêŋŒĉƌêåȋ
ŠŒŚŋÃĞĉÃĥȋ ĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬǢȋ”ąĉŒȋĉŒȋÃßąĉêŶêåȋÞŽȋŚąêȋňŋĬßꌌȋĬÿȋňŋĬŶĉåĉĥĀȋŒąÃŋêąĬĞåêŋŒȋŷĉŚąȋÃȋŒŚêÃåŽȋ ŒŚŋêÃĤȋĬÿȋÿŠĞĞŽȋÿŋÃĥěêåȋåĉŶĉåêĥåŒȋÃĥåȋêĥąÃĥßêĤêĥŚȋĬÿȋßÃňĉŚÃĞȋĉĥŶêŒŚêåǣȋŷĉŚąȋŚąêȋĀĬÃĞȋĬÿȋ ňÃŽĉĥĀȋÃĥȋĉĥßŋêÃŒĉĥĀȋĞêŶêĞȋĬÿȋåĉŶĉåêĥåŒȋÃĥåȋňŋĬŶĉåĉĥĀȋÃŚŚŋÃߌĉŶêȋŚĬŚÃĞȋŋêŚŠŋĥŒȋĬŶêŋȋŚąêȋĞĬĥĀȋ term. ”ąêȋĬĤňÃĥŽȋŋêßĬĀĥĉŒêŒȋŚąÃŚȋĉŚŒȋßÃňĉŚÃĞȋŷĉĞĞȋƍŠßŚŠÃŚêȋĉĥȋÃßßĬŋåÃĥßêȋŷĉŚąȋĤÃŋěêŚȋßĬĥåĉŚĉĬĥŒȋ ÃĥåȋĉĥȋĬŋåêŋȋŚĬȋĤÃĉĥŚÃĉĥȋĬŋȋÃåĘŠŒŚȋŚąêȋßÃňĉŚÃĞȋŒŚŋŠßŚŠŋêǣȋĉŚȋĤÃŽȋÞêȋĥêßꌌÃŋŽȋŚĬȋŶÃŋŽȋŚąêȋ ÃĤĬŠĥŚȋĬÿȋåĉŶĉåêĥåŒȋňÃĉåǣȋĉŒŒŠêȋĥêŷȋŒąÃŋêŒȋÿŋĬĤȋŚĉĤêȋŚĬȋŚĉĤêȋĬŋȋÞŠŽȋÞÃßěȋĉŚŒȋĬŷĥȋŒąÃŋêŒǢ ”ąêȋĬĤňÃĥŽȄŒȋßÃňĉŚÃĞȋßĬĥŒĉŒŚŒȋĬÿȋĉŚŒȋŒąÃŋêąĬĞåêŋŒȄȋêŊŠĉŚŽȋÃĥåȋŚąêȋßąÃĥĀêŒȋŚĬȋŚąĉŒȋßÃňĉŚÃĞȋÃŋêȋ ŒąĬŷĥȋĉĥȋŚąêȋĬĥŒĬĞĉåÃŚêåȋŒŚÃŚêĤêĥŚȋĬÿȋąÃĥĀêŒȋĉĥȋ(ŊŠĉŚŽǢ argoinvestments.com.au | 13 Notes to the Financial Statements ƒƙǢȋ#ĉŶĉåêĥåŒ 2024 $’000 2023 $’000 136,002 127,523 125,098 261,100 124,222 251,745 211,452 49,648 261,100 64 202,695 49,050 251,745 - dzÃǴȋ #ĉŶĉåêĥåŒȋňÃĉåȋåŠŋĉĥĀȋŚąêȋŽêÃŋ <ĉĥÃĞȋåĉŶĉåêĥåȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƔȋĬÿȋƒƙǢƑȋßêĥŚŒȋ ÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêȋňÃĉåȋƒƖȋŒêňŚêĤÞêŋȋƓƑƓƔȋdzƓƑƓƓǤȋ ƒƘǢƑȋßêĥŚŒȋÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêǴ FĥŚêŋĉĤȋåĉŶĉåêĥåȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƕȋĬÿȋƒƗǢƖȋ ßêĥŚŒȋÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêȋňÃĉåȋƙȋ^ÃŋßąȋƓƑƓƕ dzƓƑƓƔǤȋƒƗǢƖȋßêĥŚŒȋÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêǴ Total dividends paid Dividends paid in cash Dividends reinvested in shares via DRP Dividends forgone via DSSP ”ąêȋƌĥÃĞȋåĉŶĉåêĥåȋňÃĉåȋåĉåȋĥĬŚȋßĬĥŚÃĉĥȋÃȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋdzXFǴȋßÃňĉŚÃĞȋĀÃĉĥȋ ßĬĤňĬĥêĥŚȋdzƓƑƓƔǤȋƒƖǢƑȋßêĥŚŒǴǢȋ”ąêȋĉĥŚêŋĉĤȋåĉŶĉåêĥåȋňÃĉåȋåĉåȋĥĬŚȋßĬĥŚÃĉĥȋÃȋXFȋßÃňĉŚÃĞȋĀÃĉĥȋ ßĬĤňĬĥêĥŚȋdzƓƑƓƔǤȋĥĉĞǴǢ 2024 $’000 2023 $’000 137,024 136,002 dzÞǴȋ #ĉŶĉåêĥåȋåêßĞÃŋêåȋÃÿŚêŋȋÞÃĞÃĥßêȋåÃŚêȋ ŒĉĥßêȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋǣȋŚąêȋ#ĉŋêߌĬŋŒȋąÃŶêȋ declared the following dividend which has not been ŋêßĬĀĥĉŒêåȋÃŒȋÃȋĞĉÃÞĉĞĉŚŽȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋǤ <ĉĥÃĞȋåĉŶĉåêĥåȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƕȋĬÿȋƒƙǢƑȋßêĥŚŒȋ ÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêȋňÃŽÃÞĞêȋƒƔȋŒêňŚêĤÞêŋȋƓƑƓƕȋ dzƓƑƓƔǤȋƒƙǢƑȋßêĥŚŒȋÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêǴ ”ąêȋƌĥÃĞȋåĉŶĉåêĥåȋåêßĞÃŋêåȋŷĉĞĞȋßĬĥŚÃĉĥȋÃȋXFȋßÃňĉŚÃĞȋĀÃĉĥȋßĬĤňĬĥêĥŚȋĬÿȋƔǢƑȋßêĥŚŒȋňêŋȋ ŒąÃŋêȋdzƓƑƓƔǤȋĥĉĞǴǢ argoinvestments.com.au | 14 Notes to the Financial Statements ƒƚǢȋ<ŋÃĥěĉĥĀȋÃßßĬŠĥŚ ÃĞÃĥßêȋĬÿȋŚąêȋÿŋÃĥěĉĥĀȋÃßßĬŠĥŚȋÃÿŚêŋȋÃĞĞĬŷĉĥĀȋÿĬŋȋŚÃżȋňÃŽÃÞĞêȋ and the receipt of franked dividends recognised as receivables Impact on the franking account of the dividend declared but not ŋêßĬĀĥĉŒêåȋÃŒȋÃȋĞĉÃÞĉĞĉŚŽȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋ ”ąêȋÿŋÃĥěĉĥĀȋÃßßĬŠĥŚȋÞÃĞÃĥßêȋŷĬŠĞåȋÃĞĞĬŷȋŚąêȋĬĤňÃĥŽȋŚĬȋÿŠĞĞŽȋ ÿŋÃĥěȋÃååĉŚĉĬĥÃĞȋåĉŶĉåêĥåȋňÃŽĤêĥŚŒȋŠňȋŚĬȋÃĥȋÃĤĬŠĥŚȋĬÿ This equates to a per share amount of 2024 $’000 2023 $’000 210,598 204,013 (58,724) 151,874 (58,286) 145,727 354,372 cents 46.6 340,029 cents 45.0 ”ąêȋĬĤňÃĥŽȄŒȋÃÞĉĞĉŚŽȋŚĬȋßĬĥŚĉĥŠêȋŚĬȋňÃŽȋÿŋÃĥěêåȋåĉŶĉåêĥåŒȋĉŒȋåêňêĥåêĥŚȋŠňĬĥȋŚąêȋŋêßêĉňŚȋĬÿȋ ÿŋÃĥěêåȋåĉŶĉåêĥåŒȋÿŋĬĤȋŚąêȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬȋÃĥåȋŚąêȋĬĤňÃĥŽȋňÃŽĉĥĀȋŚÃżǢ ƓƑǢȋ_êŷȋ¾êÃĞÃĥåȋĉĤňŠŚÃŚĉĬĥȋÃßßĬŠĥŚ Balance of the imputation account 2024 $’000 14,322 2023 $’000 10,037 _êŷȋ¾êÃĞÃĥåȋĉĤňŠŚÃŚĉĬĥȋßŋêåĉŚŒȋĬÿȋȑƒƕǢƔȋĤĉĞĞĉĬĥȋdz_¾ȑƒƖǢƘȋĤĉĞĞĉĬĥǴȋŷêŋêȋÃŚŚÃßąêåȋŚĬȋåĉŶĉåêĥåŒȋ received and are available for distribution. There will be no NZ imputation credits attached to ŚąêȋƌĥÃĞȋåĉŶĉåêĥåȋňÃŽÃÞĞêȋĬĥȋƒƔȋŒêňŚêĤÞêŋȋƓƑƓƕǢ ƓƒǢȋXĉŒŚêåȋFĥŶêŒŚĤêĥŚȋĬĤňÃĥŽȋdzXFǴȋßÃňĉŚÃĞȋĀÃĉĥȋÃßßĬŠĥŚȋ Balance of the LIC capital gain account Impact on the LIC capital gain account of the dividend declared ÞŠŚȋĥĬŚȋŋêßĬĀĥĉŒêåȋÃŒȋÃȋĞĉÃÞĉĞĉŚŽȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋ This equates to an attributable amount of 2024 $’000 29,772 2023 $’000 14,009 (22,837) 6,935 9,907 14,009 20,013 LIC capital gains available for distribution are dependent upon the disposal of investment ňĬŋŚÿĬĞĉĬȋąĬĞåĉĥĀŒȋŷąĉßąȋŊŠÃĞĉÿŽȋÿĬŋȋXFȋßÃňĉŚÃĞȋĀÃĉĥŒȋÃĥåȋŚąêȋŋêßêĉňŚȋĬÿȋXFȋßÃňĉŚÃĞȋĀÃĉĥȋ distributions from LIC securities held in the investment portfolio. argoinvestments.com.au | 15 Notes to the Financial Statements ƓƓǢȋ<ĉĥÃĥßĉÃĞȋŋêňĬŋŚĉĥĀȋÞŽȋŒêĀĤêĥŚŒȋ ”ąêȋĬĤňÃĥŽȋĬňêŋÃŚêŒȋĉĥȋŚąêȋĉĥŶêŒŚĤêĥŚȋĉĥ劌ŚŋŽȋňŋêåĬĤĉĥÃŚêĞŽȋŷĉŚąĉĥȋ
ŠŒŚŋÃĞĉÃǢ ”ąêȋĬĤňÃĥŽȋĉŒȋĤÃĥÃĀêåȋÃŒȋÃȋŷąĬĞêȋÃĥåȋĉŒȋßĬĥŒĉåêŋêåȋŚĬȋąÃŶêȋÃȋŒĉĥĀĞêȋĬňêŋÃŚĉĥĀȋŒêĀĤêĥŚǢȋ ”ąêŋêȋĉŒȋĥĬȋÿŠŋŚąêŋȋåĉŶĉŒĉĬĥȋĬÿȋŚąêȋĬĤňÃĥŽȋĬŋȋĉĥŚêŋĥÃĞȋŒêĀĤêĥŚȋŋêňĬŋŚĉĥĀȋŠŒêåȋÞŽȋŚąêȋ Directors when making strategic, investment or resource allocation decisions. ”ąêȋĬĤňÃĥŽȋĉŒȋåĬĤĉßĉĞêåȋĉĥȋ
ŠŒŚŋÃĞĉÃȋÃĥåȋåêŋĉŶêŒȋĉŚŒȋĉĥßĬĤêȋÿŋĬĤȋŚąêȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬȋ through the receipt of dividends, distributions, interest and other income. Argo has a åĉŶêŋŒĉƌêåȋňĬŋŚÿĬĞĉĬȋĬÿȋĉĥŶêŒŚĤêĥŚŒǣȋŷĉŚąȋĥĬȋŒĉĥĀĞêȋĉĥŶêŒŚĤêĥŚȋÃßßĬŠĥŚĉĥĀȋÿĬŋȋĤĬŋêȋŚąÃĥȋƒƑɄȋ of income. ”ąêŋêȋąÃŒȋÞêêĥȋĥĬȋßąÃĥĀêȋŚĬȋŚąêȋĬňêŋÃŚĉĥĀȋŒêĀĤêĥŚŒȋåŠŋĉĥĀȋŚąêȋŽêÃŋǢ ƓƔǢȋ(ŶêĥŚŒȋĬßߊŋŋĉĥĀȋÃÿŚêŋȋŚąêȋŋêňĬŋŚĉĥĀȋňêŋĉĬå _ĬȋĤÃŚŚêŋŒȋĬŋȋßĉŋߊĤŒŚÃĥßêŒȋąÃŶêȋĬßߊŋŋêåȋŒŠÞŒêŊŠêĥŚȋŚĬȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋêĥåȋŚąÃŚȋąÃŶêȋ ŒĉĀĥĉƌßÃĥŚĞŽȋÃÿÿêߌêåǣȋĬŋȋĤÃŽȋÃÿÿêߌǣȋŚąêȋĬňêŋÃŚĉĬĥŒȋĬÿȋŚąêȋĬĤňÃĥŽǣȋŚąêȋŋêŒŠĞŚŒȋĬÿȋŚąĬŒêȋ ĬňêŋÃŚĉĬĥŒȋĬŋȋŚąêȋŒŚÃŚêȋĬÿȋÃÿÿÃĉŋŒȋĬÿȋŚąêȋĬĤňÃĥŽȋĉĥȋŒŠÞŒêŊŠêĥŚȋƌĥÃĥßĉÃĞȋŽêÃŋŒǢ ƓƕǢȋĬĥŚĉĥĀêĥßĉêŒ
ŚȋÞÃĞÃĥßêȋåÃŚêȋŚąêȋĬĤňÃĥŽȋĉŒȋĥĬŚȋÃŷÃŋêȋĬÿȋÃĥŽȋĤÃŚêŋĉÃĞȋßĬĥŚĉĥĀêĥŚȋĞĉÃÞĉĞĉŚĉêŒȋĬŋȋßĬĥŚĉĥĀêĥŚȋ assets.
ŠåĉŚȋĬÿȋ
ßßĬŠĥŚŒ ”ąêȋÃßßĬŠĥŚŒȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƕȋÃŋêȋĉĥȋŚąêȋňŋĬßꌌȋĬÿȋÞêĉĥĀȋÊåĉŚêåǢȋ argoinvestments.com.au | 16