Announcement PDF Appendix 4E Preliminary final report 2023 Results for announcement to the market Year ended 30 June 2023 Comparative figures being the year ended 30 June 2022 Argo Investments Limited ABN 35 007 519 520 Consolidated $A’000 Income from operating activities down 10.2% to 303,312 Profit for the year down 13.2% to 271,707 Dividends Interim fully franked dividend paid 10 March 2023 16.5 cents Final fully franked dividend payable 15 September 2023 18.0 cents Total 34.5 cents The final dividend does not include a LIC capital gain component. The Company’s Dividend Reinvestment Plan 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 28 August 2023 The election date for determining participation in the Dividend Reinvestment Plan 29 August 2023 Previous corresponding period Interim fully franked dividend paid 11 March 2022 16.0 cents Final fully franked dividend paid 16 September 2022 17.0 cents Total 33.0 cents Net Asset Backing Net Tangible Asset Backing per Argo share was $9.03 as at 30 June 2023 compared with $8.45 as at 30 June 2022. As a long-term equity investor, Argo does not intend to dispose of its long-term investment portfolio. However, if estimated tax on unrealised portfolio gains was to be deducted, the net tangible asset backing per share would be $7.94 as at 30 June 2023, compared with $7.51 as at 30 June 2022. argoinvestments.com.au | ĬĥŒĬĞĉåÃŚêåȎŒŚÃŚêĤêĥŚȎĬÿȎ‚ŋĬƌŚȎĬŋȎXĬŒŒ for the year ended 30 June 2023 Dividends and distributions Note 2 Other income Net gains on trading investments Income from operating activities Administration expenses 3 ‚ŋĬƌŚȎÞêÿĬŋêȎĉĥßĬĤêȎŚÃżȎêżňêĥŒê Income tax expense thereon 4 ‚ŋĬƌŚȎÿĬŋȎŚąêȎŽêÃŋ Basic and diluted earnings per share 5 2023 $’000 273,060 7,487 22,765 303,312 (10,489) 292,823 (21,116) 271,707 2022 $’000 326,217 5,828 5,628 337,673 (9,610) 328,063 (15,135) 312,928 cents 36.1 cents 42.7 Consolidated Statement of Comprehensive Income for the year ended 30 June 2023 ‚ŋĬƌŚȎÿĬŋȎŚąêȎŽêÃŋ 2023 $’000 271,707 2022 $’000 312,928 420,737 (474,678) (128,724) 292,013 563,720 138,650 (336,028) (23,100) Other comprehensive income: FŚêĤŒȎŚąÃŚȎŷĉĞĞȎĥĬŚȎÞêȎŋêßĞÃŒŒĉƌêåȎŚĬȎňŋĬƌŚȎĬŋȎĞĬŒŒ Revaluation of long-term investments ‚ŋĬŶĉŒĉĬĥȎÿĬŋȎåêÿêŋŋêåȎŚÃżȎdzêżňêĥŒêǴǯÞêĥêƌŚȎĬĥȎŋêŶÃĞŠÃŚĉĬĥȎĬÿȎ long-term investments fŚąêŋȎßĬĤňŋêąêĥŒĉŶêȎĉĥßĬĤêǯdzĞĬŒŒǴȎÿĬŋȎŚąêȎŽêÃŋȎ ”ĬŚÃĞȎßĬĤňŋêąêĥŒĉŶêȎĉĥßĬĤêǯdzĞĬŒŒǴȎÿĬŋȎŚąêȎŽêÃŋ dz”ĬȎÞêȎŋêÃåȎĉĥȎßĬĥĘŠĥߌĉĬĥȎŷĉŚąȎŚąêȎÃßßĬĤňÃĥŽĉĥĀȎĥĬŚêŒǴ argoinvestments.com.au | 1 Consolidated Statement of Financial Position at 30 June 2023 2023 2022 Note $’000 $’000 6 7 8 9 125,255 36,890 10,452 172,597 134,718 30,649 14,406 25,000 204,773 8 10 6,713,768 599 6,714,367 6,886,964 6,218,850 992 6,219,842 6,424,615 11 12 1,487 8,062 14,375 1,021 24,945 1,482 5,972 38,805 964 47,223 11 14 13 167 863,783 158 864,108 889,053 5,997,911 416 740,134 151 740,701 787,924 5,636,691 15 16 17 3,204,096 2,040,788 753,027 5,997,911 3,155,136 1,861,010 620,545 5,636,691 Current Assets Cash and cash equivalents Receivables Investments fŚąêŋȎƌĥÃĥßĉÃĞȎßÃŒąȎÃŒŒêŚŒ Total Current Assets Non-Current Assets Investments ‚ŋĬňêŋŚŽDzȎňĞÃĥŚȎÃĥåȎêŊŠĉňĤêĥŚ Total Non-Current Assets Total Assets Current Liabilities ‚ÃŽÃÞĞêŒ #êŋĉŶÃŚĉŶêȎƌĥÃĥßĉÃĞȎĉĥŒŚŋŠĤêĥŚŒ Current tax liabilities Provisions 13 Total Current Liabilities Non-Current Liabilities ‚ÃŽÃÞĞêŒ Deferred tax liabilities Provisions Total Non-Current Liabilities Total Liabilities Net Assets Shareholders’ Equity ĬĥŚŋĉÞŠŚêåȎêŊŠĉŚŽ Reserves êŚÃĉĥêåȎňŋĬƌŚŒ ”ĬŚÃĞȎŒąÃŋêąĬĞåêŋŒȄȎ(ŊŠĉŚŽ dz”ĬȎÞêȎŋêÃåȎĉĥȎßĬĥĘŠĥߌĉĬĥȎŷĉŚąȎŚąêȎÃßßĬĤňÃĥŽĉĥĀȎĥĬŚêŒǴ argoinvestments.com.au | 2 Consolidated Statement of Changes in Equity for the year ended 30 June 2023 Contributed Equity $’000 (Note 15) ÃĞÃĥßêȎÃŒȎÃŚȎƦȎTŠĞŽȎƧƥƧƧ 3,155,136 ‚ŋĬƌŚȎÿĬŋȎŚąêȎŽêÃŋ Other comprehensive income ”ĬŚÃĞȎßĬĤňŋêąêĥŒĉŶêȎĉĥßĬĤêȎÿĬŋȎŚąêȎŽêÃŋ - Reserves $’000 (Note 16) 1,861,010 292,013 292,013 Retained WƌŽĮƚƐ $’000 (Note 17) 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 2,921,659 - 2,255,287 (336,028) (336,028) 467,467 312,928 312,928 5,644,413 312,928 (336,028) (23,100) 41,998 191,846 (367) 233,477 (245) (58,004) (58,249) (159,850) (159,850) 41,998 191,846 (367) (245) (217,854) 15,378 3,155,136 1,861,010 620,545 5,636,691 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 ÃĞÃĥßêȎÃŒȎÃŚȎƨƥȎTŠĥêȎƧƥƧƨ for the year ended 30 June 2022 ÃĞÃĥßêȎÃŒȎÃŚȎƦȎTŠĞŽȎƧƥƧƦȎ ‚ŋĬƌŚȎÿĬŋȎŚąêȎŽêÃŋ Other comprehensive loss ”ĬŚÃĞȎßĬĤňŋêąêĥŒĉŶêȎĞĬŒŒȎÿĬŋȎŚąêȎŽêÃŋ Transactions with shareholders: Dividend Reinvestment Plan Share Purchase Plan Cost of share issues net of tax Executive performance rights reserve Dividends paid Total transactions with shareholders ÃĞÃĥßêȎÃŒȎÃŚȎƨƥȎTŠĥêȎƧƥƧƧ dz”ĬȎÞêȎŋêÃåȎĉĥȎßĬĥĘŠĥߌĉĬĥȎŷĉŚąȎŚąêȎÃßßĬĤňÃĥŽĉĥĀȎĥĬŚêŒǴ argoinvestments.com.au | 3 Consolidated Statement of Cash Flows for the year ended 30 June 2023 Note 2023 $’000 2022 $’000 258,219 4,568 3,274 249,508 323 5,301 40,092 (11,282) (10,330) (50,583) 233,958 16,918 (18,730) (9,386) (47,977) 195,957 123,505 (188,705) 25,000 (43) (40,243) 338,572 (569,203) (25,000) 15 (48) (255,664) (355) (128) (202,695) (203,178) (9,463) 134,718 125,255 (339) 191,846 (524) (175,855) 15,128 (44,579) 179,297 134,718 ÃŒąȎƍĬŷŒȎÿŋĬĤȎĬňêŋÃŚĉĥĀȎÃߌĉŶĉŚĉêŒ Dividends and distributions received Interest received Other receipts Proceeds from trading investments ‚ÃŽĤêĥŚŒȎÿĬŋȎŚŋÃåĉĥĀȎĉĥŶêŒŚĤêĥŚŒ fŚąêŋȎňÃŽĤêĥŚŒ Income tax paid _êŚȎĬňêŋÃŚĉĥĀȎßÃŒąȎĉĥƍĬŷŒ ÃŒąȎƍĬŷŒȎÿŋĬĤȎĉĥŶêŒŚĉĥĀȎÃߌĉŶĉŚĉêŒ Proceeds from sale of long-term investments ‚ÃŽĤêĥŚŒȎÿĬŋȎĞĬĥĀǹŚêŋĤȎĉĥŶêŒŚĤêĥŚŒ ‚ŋĬßêêåŒȎÿŋĬĤȎĬŚąêŋȎƌĥÃĥßĉÃĞȎßÃŒąȎÃŒŒêŚŒ ‚ÃŽĤêĥŚŒȎÿĬŋȎĬŚąêŋȎƌĥÃĥßĉÃĞȎßÃŒąȎÃŒŒêŚŒ (żêߊŚĉŶêȎŒąÃŋêȎŒßąêĤêȎŋêňÃŽĤêĥŚŒ ‚ÃŽĤêĥŚŒȎÿĬŋȎƌżêåȎÃŒŒêŚŒ _êŚȎĉĥŶêŒŚĉĥĀȎßÃŒąȎĬŠŚƍĬŷŒ ÃŒąȎƍĬŷŒȎÿŋĬĤȎƌĥÃĥßĉĥĀȎÃߌĉŶĉŚĉêŒ ‚ÃŽĤêĥŚŒȎÿĬŋȎĞêÃŒêȎĞĉÃÞĉĞĉŚĉêŒȎ Proceeds from Share Purchase Plan Cost of share issues Dividends paid –net of Dividend Reinvestment Plan _êŚȎƌĥÃĥßĉĥĀȎßÃŒąȎdzĬŠŚƍĬŷŒǴǯĉĥƍĬŷŒ Net decrease in cash held ÃŒąȎÃŚȎŚąêȎÞêĀĉĥĥĉĥĀȎĬÿȎŚąêȎŽêÃŋ ÃŒąȎÃŚȎŚąêȎêĥåȎĬÿȎŚąêȎŽêÃŋ 6 dz”ĬȎÞêȎŋêÃåȎĉĥȎßĬĥĘŠĥߌĉĬĥȎŷĉŚąȎŚąêȎÃßßĬĤňÃĥŽĉĥĀȎĥĬŚêŒǴ argoinvestments.com.au | 4 Notes to the Financial Statements for the year ended 30 June 2023 ƒǢȎȎ ÃŒĉŒȎĬÿȎňŋêňÃŋÃŚĉĬĥ ”ąêȎňŋêĞĉĤĉĥÃŋŽȎßĬĥŒĬĞĉåÃŚêåȎƌĥÃĥßĉÃĞȎŒŚÃŚêĤêĥŚŒȎąÃŶêȎÞêêĥȎňŋêňÃŋêåȎĉĥȎÃßßĬŋåÃĥßêȎ with the measurement and recognition requirements of Australian Accounting ŒŚÃĥåÃŋåŒǣȎFĥŚêŋňŋêŚÃŚĉĬĥŒȎĉŒŒŠêåȎÞŽȎŚąêȎ
ŠŒŚŋÃĞĉÃĥȎ
ßßĬŠĥŚĉĥĀȎŒŚÃĥåÃŋåŒȎĬÃŋåȎ and the Corporations Act 2001. Compliance with Australian Accounting Standards êĥŒŠŋêŒȎŚąÃŚȎŚąêȎňŋêĞĉĤĉĥÃŋŽȎßĬĥŒĬĞĉåÃŚêåȎƌĥÃĥßĉÃĞȎŒŚÃŚêĤêĥŚŒȎÃĥåȎĥĬŚêŒȎßĬĤňĞŽȎŷĉŚąȎ the measurement and recognition requirements of International Financial Reporting Standards (IFRS). ”ąêȎÃßßĬŠĥŚĉĥĀȎňĬĞĉßĉêŒȎÃåĬňŚêåȎÃŋêȎßĬĥŒĉŒŚêĥŚȎŷĉŚąȎŚąĬŒêȎĬÿȎŚąêȎňŋêŶĉĬŠŒȎƌĥÃĥßĉÃĞȎ ŽêÃŋǢȎ ”ąêȎňŋêĞĉĤĉĥÃŋŽȎßĬĥŒĬĞĉåÃŚêåȎƌĥÃĥßĉÃĞȎŒŚÃŚêĤêĥŚŒȎĉĥßĬŋňĬŋÃŚêȎŚąêȎÃŒŒêŚŒȎÃĥåȎ ĞĉÃÞĉĞĉŚĉêŒȎĬÿȎŚąêȎĬĤňÃĥŽȄŒȎŷąĬĞĞŽȎĬŷĥêåȎŒŠÞŒĉåĉÃŋŽȎ
ŋĀĬȎŒêŋŶĉßêȎĬĤňÃĥŽȎ‚ŚŽȎXŚåȎ ÃŒȎÃŚȎƔƑȎTŠĥêȎƓƑƓƔǣȎÃĥåȎĉŚŒȎŋêŒŠĞŚŒȎÿĬŋȎŚąêȎŽêÃŋȎŚąêĥȎêĥåêåǢȎFĥŚêŋßĬĤňÃĥŽȎŚŋÃĥŒÃߌĉĬĥŒȎ ÃĥåȎÞÃĞÃĥßêŒȎÞêŚŷêêĥȎ
ŋĀĬȎFĥŶêŒŚĤêĥŚŒȎXĉĤĉŚêåȎÃĥåȎ
ŋĀĬȎŒêŋŶĉßêȎĬĤňÃĥŽȎ‚ŚŽȎXŚåȎ are eliminated on consolidation. ƓǢȎȎ #ĉŶĉåêĥåŒȎÃĥåȎåĉŒŚŋĉÞŠŚĉĬĥŒ 2023 $’000 2022 $’000 270,509 1,730 178 643 323,027 2,392 582 216 273,060 326,217 2023 $’000 6,837 436 3,216 10,489 2022 $’000 6,387 436 2,787 9,610 Received/receivable from: XĬĥĀǹŚêŋĤȎĉĥŶêŒŚĤêĥŚŒȎąêĞåȎÃŚȎŚąêȎêĥåȎĬÿȎŚąêȎŽêÃŋ XĬĥĀǹŚêŋĤȎĉĥŶêŒŚĤêĥŚŒȎŒĬĞåȎåŠŋĉĥĀȎŚąêȎŽêÃŋ ”ŋÃåĉĥĀȎĉĥŶêŒŚĤêĥŚŒȎąêĞåȎÃŚȎŚąêȎêĥåȎĬÿȎŚąêȎŽêÃŋ ”ŋÃåĉĥĀȎĉĥŶêŒŚĤêĥŚŒȎŒĬĞåȎåŠŋĉĥĀȎŚąêȎŽêÃŋ ƔǢȎ
åĤĉĥĉŒŚŋÃŚĉĬĥȎêżňêĥŒêŒȎ (ĤňĞĬŽĤêĥŚȎÞêĥêƌŚŒ Depreciation Other argoinvestments.com.au | 5 Notes to the Financial Statements ƕǢȎ FĥßĬĤêȎŚÃżȎêżňêĥŒêȎ 2023 $’000 2022 $’000 292,823 87,847 328,063 98,419 (62,669) (3,104) (958) 21,116 (77,543) (4,051) (2,536) 846 15,135 22,307 (233) (958) 21,116 13,790 499 846 15,135 128,724 (138,650) 2023 number ’000 2022 number ’000 °êĉĀąŚêåȎÃŶêŋÃĀêȎĥŠĤÞêŋȎĬÿȎĬŋåĉĥÃŋŽȎŒąÃŋêŒȎĬĥȎĉŒŒŠêȎŠŒêåȎĉĥȎŚąêȎ calculation of earnings per share 753,110 732,559 ‚ŋĬƌŚȎÿĬŋȎŚąêȎŽêÃŋ $’000 271,707 $’000 312,928 cents 36.1 cents 42.7 (a) Reconciliation of income tax expense to prima facie ŚÃżȎňÃŽÃÞĞêǤ ‚ŋĬƌŚȎÞêÿĬŋêȎĉĥßĬĤêȎŚÃżȎêżňêĥŒê ‚ŋĉĤÃȎÿÃßĉêȎŚÃżȎêżňêĥŒêȎßÃĞߊĞÃŚêåȎÃŚȎƔƑɆȎdzƓƑƓƓǤȎƔƑɆǴ Tax effect of amounts which are not deductible (taxable) in calculating taxable income: Tax offset for franked dividends Non-taxable distributions Other dzfŶêŋǴǯŠĥåêŋȎňŋĬŶĉŒĉĬĥȎĉĥȎňŋêŶĉĬŠŒȎŽêÃŋ Income tax expense (b) Income tax expense composition: ąÃŋĀêȎÿĬŋȎŚÃżȎňÃŽÃÞĞêȎŋêĞÃŚĉĥĀȎŚĬȎߊŋŋêĥŚȎŽêÃŋ Increase in deferred tax liabilities dzfŶêŋǴǯŠĥåêŋȎňŋĬŶĉŒĉĬĥȎĉĥȎňŋêŶĉĬŠŒȎŽêÃŋ (c)
ĤĬŠĥŚŒȎŋêßĬĀĥĉŒêåȎåĉŋêßŚĞŽȎĉĥȎĬŚąêŋȎßĬĤňŋêąêĥŒĉŶêȎĉĥßĬĤêǤ Increase/(decrease) in deferred tax liabilities ƖǢȎȎ (ÃŋĥĉĥĀŒȎňêŋȎŒąÃŋê Basic and diluted earnings per share argoinvestments.com.au | 6 Notes to the Financial Statements ƗǢȎȎ ÃŒąȎÃĥåȎßÃŒąȎêŊŠĉŶÃĞêĥŚŒ Bank deposits and cash management trusts 2023 $’000 125,255 2022 $’000 134,718 ÃŒąȎÃĥåȎßÃŒąȎêŊŠĉŶÃĞêĥŚŒȎĉĥßĞŠåêŒȎßÃŒąȎĬĥȎåêňĬŒĉŚȎŷĉŚąȎÞÃĥěŒȎdzƍĬÃŚĉĥĀȎĉĥŚêŋêŒŚȎŋÃŚêȎĬÿȎ ƕǢƒƑɆȎÃŚȎƔƑȎTŠĥêȎƓƑƓƔǥȎƓƑƓƓǤȎƑǢƙƖɆǴǣȎƌżêåȎŚêŋĤȎåêňĬŒĉŚŒȎŷĉŚąȎÞÃĥěŒȎdzƌżêåȎĉĥŚêŋêŒŚȎŋÃŚêŒȎŚĬȎ ĤÃŚŠŋĉŚŽȎÞêŚŷêêĥȎƕǢƔƕɆȎÃĥåȎƕǢƘƑɆȎÃŚȎƔƑȎTŠĥêȎƓƑƓƔǥȎƓƑƓƓǤȎĥĉĞǴȎĤÃŚŠŋĉĥĀȎŷĉŚąĉĥȎŚąŋêêȎĤĬĥŚąŒȎ from date of deposit, and cash management trusts. ƘǢȎȎ êßêĉŶÃÞĞêŒ 2023 $’000 2022 $’000 35,652 397 841 36,890 29,782 327 540 30,649 Current Dividends and distributions receivable Interest receivable Other Receivables are non-interest bearing and unsecured. None of the receivables are past due or impaired. ƙǢȎ FĥŶêŒŚĤêĥŚŒ 2023 $’000 2022 $’000 10,452 14,406 6,696,732 17,036 6,713,768 6,201,392 17,458 6,218,850 Current Listed securities at fair valuedzƦǴ Non-Current Listed securities at fair valuedzƦǴ Unlisted securities at fair valuedzƧǴ (1) The fair value of listed securities is established from the quoted prices (unadjusted) in the active market of the ASX for identical assets in accordance with Level 1 of the fair value ĤêÃŒŠŋêĤêĥŚȎąĉêŋÃŋßąŽǢȎ argoinvestments.com.au | 7 Notes to the Financial Statements dzƓǴȎ The fair value of unlisted securities is not based on observable market data in accordance ŷĉŚąȎXêŶêĞȎƔȎĬÿȎŚąêȎÿÃĉŋȎŶÃĞŠêȎĤêÃŒŠŋêĤêĥŚȎąĉêŋÃŋßąŽǢȎ”ąêȎ#ĉŋêߌĬŋŒȎąÃŶêȎĤÃåêȎŶÃĞŠÃŚĉĬĥȎ judgements to determine the fair value of these securities based on inputs which include ŚąêȎßĬŒŚȎÃĥåȎŚąêȎĥêŚȎŚÃĥĀĉÞĞêȎÃŒŒêŚȎŶÃĞŠêŒȎňŋĬŶĉåêåȎÞŽȎŚąêȎŋêŒňĬĥŒĉÞĞêȎêĥŚĉŚĉêŒȎĬÿȎŚąêȎ securities. Reconciliation of changes in unlisted securities valued in accordance with Level 3 of the ÿÃĉŋȎŶÃĞŠêȎĤêÃŒŠŋêĤêĥŚȎąĉêŋÃŋßąŽǤ ÃŋŋŽĉĥĀȎÃĤĬŠĥŚȎÃŚȎÞêĀĉĥĥĉĥĀȎĬÿȎŽêÃŋ Additions Fair value (loss)/gain recognised in other comprehensive income ÃŋŋŽĉĥĀȎÃĤĬŠĥŚȎÃŚȎêĥåȎĬÿȎŽêÃŋ 2023 $’000 2022 $’000 17,458 321 4,872 10,330 (743) 17,036 2,256 17,458 ”ąêȎÿÃĉŋȎŶÃĞŠêȎĬÿȎêÃßąȎĥĬĥǹߊŋŋêĥŚȎŒêߊŋĉŚŽȎdzĞĬĥĀǹŚêŋĤȎĉĥŶêŒŚĤêĥŚǴȎĉŒȎåĉŒßĞĬŒêåȎĉĥȎ_ĬŚêȎƔƑǢ ”ąêŋêȎŷêŋêȎƕƗƓȎĉĥŶêŒŚĤêĥŚȎŚŋÃĥŒÃߌĉĬĥŒȎåŠŋĉĥĀȎŚąêȎƌĥÃĥßĉÃĞȎŽêÃŋǢȎ”ąêȎŚĬŚÃĞȎÞŋĬěêŋÃĀêȎňÃĉåȎ on these transactions was $1.1 million. ƚǢȎ fŚąêŋȎƌĥÃĥßĉÃĞȎßÃŒąȎÃŒŒêŚŒ Bank term deposits 2023 $’000 - 2022 $’000 25,000 fŚąêŋȎƌĥÃĥßĉÃĞȎßÃŒąȎÃŒŒêŚŒȎÃŋêȎƌżêåȎŚêŋĤȎåêňĬŒĉŚŒȎŷĉŚąȎÞÃĥěŒȎdzƓƑƓƓǤȎƌżêåȎĉĥŚêŋêŒŚȎŋÃŚêȎŚĬȎ ĤÃŚŠŋĉŚŽȎĬÿȎƑǢƙƒɆǴȎĤÃŚŠŋĉĥĀȎÿŋĬĤȎŚąŋêêȎŚĬȎŒĉżȎĤĬĥŚąŒȎÿŋĬĤȎåÃŚêȎĬÿȎåêňĬŒĉŚǢ argoinvestments.com.au | 8 Notes to the Financial Statements ƒƑǢȎ ‚ŋĬňêŋŚŽǣȎňĞÃĥŚȎÃĥåȎêŊŠĉňĤêĥŚ Plant and equipment at cost Accumulated depreciation ‚ŋĬňêŋŚŽȎŋĉĀąŚȎĬÿȎŠŒêȎÃŒŒêŚŒ Accumulated depreciation ÃŋŋŽĉĥĀȎÃĤĬŠĥŚȎÃŚȎêĥåȎĬÿȎŽêÃŋ 2023 $’000 859 (620) 239 2022 $’000 825 (503) 322 1,599 (1,239) 360 599 1,599 (929) 670 992 992 43 (436) 599 1,380 48 (436) 992 ^ĬŶêĤêĥŚŒ ÃŋŋŽĉĥĀȎÃĤĬŠĥŚȎÃŚȎÞêĀĉĥĥĉĥĀȎĬÿȎŽêÃŋ Additions - plant and equipment at cost Depreciation ÃŋŋŽĉĥĀȎÃĤĬŠĥŚȎÃŚȎêĥåȎĬÿȎŽêÃŋ ”ąêȎĬĤňÃĥŽȊŒȎĬňêŋÃŚĉĥĀȎĞêÃŒêŒȎÃŋêȎŋêßĬĀĥĉŒêåȎÃŒȎÃȎňŋĬňêŋŚŽȎŋĉĀąŚȎĬÿȎŠŒêȎÃŒŒêŚŒȎÃĥåȎÃȎ ßĬŋŋêŒňĬĥåĉĥĀȎĞĉÃÞĉĞĉŚŽǢȎ
ŒŒêŚŒȎÃĥåȎĞĉÃÞĉĞĉŚĉêŒȎÃŋĉŒĉĥĀȎÿŋĬĤȎÃȎĞêÃŒêȎÃŋêȎĉĥĉŚĉÃĞĞŽȎĤêÃŒŠŋêåȎĬĥȎÃȎňŋêŒêĥŚȎŶÃĞŠêȎÞÃŒĉŒȎŠŒĉĥĀȎ a incremental borrowing rate of 3%. The right of use assets are depreciated over the life of the lease on a straight line basis. Lease liabilities are disclosed in Note 11. 11. Payables 2023 $’000 2022 $’000 249 1,238 1,487 332 1,150 1,482 167 416 Current Lease liabilities Other Non- Current Lease liabilities ‚ÃŽÃÞĞêŒȎÃŋêȎĥĬĥǹĉĥŚêŋêŒŚȎÞêÃŋĉĥĀȎÃĥåȎŠĥŒêߊŋêåǢȎXêÃŒêȎĞĉÃÞĉĞĉŚĉêŒȎąÃŶêȎÞêêĥȎåêŚêŋĤĉĥêåȎ ÞÃŒêåȎĬĥȎŚąêȎňŋêŒêĥŚȎŶÃĞŠêȎĬÿȎŚąêȎĞêÃŒêȎňÃŽĤêĥŚŒȎÃĥåȎÃŋêȎÃßßĬŠĥŚêåȎÿĬŋȎĬŶêŋȎŚąêȎňêŋĉĬåȎĬÿȎ the lease. argoinvestments.com.au | 9 Notes to the Financial Statements ƒƓǢȎ #êŋĉŶÃŚĉŶêȎƌĥÃĥßĉÃĞȎĉĥŒŚŋŠĤêĥŚŒ Exchange traded options at fair value 2023 $’000 8,062 2022 $’000 5,972 The fair value of exchange traded options is established from the quoted prices (unadjusted) in the active market of the ASX for identical assets in accordance with Level 1 of the fair value ĤêÃŒŠŋêĤêĥŚȎąĉêŋÃŋßąŽǢ ƒƔǢȎ‚ŋĬŶĉŒĉĬĥŒ 2023 $’000 2022 $’000 1,021 964 158 151 2023 $’000 2022 $’000 865,390 2,523 741,541 1,964 867,913 743,505 (3,358) (621) (151) (4,130) 863,783 (2,736) (459) (176) (3,371) 740,134 740,134 (233) 128,724 (4,842) 863,783 916,024 499 (138,650) (37,739) 740,134 Current ‚ŋĬŶĉŒĉĬĥȎÿĬŋȎêĤňĞĬŽêêȎêĥŚĉŚĞêĤêĥŚŒ Non-Current ‚ŋĬŶĉŒĉĬĥȎÿĬŋȎêĤňĞĬŽêêȎêĥŚĉŚĞêĤêĥŚŒ ƒƕǢȎ #êÿêŋŋêåȎŚÃżȎĞĉÃÞĉĞĉŚĉêŒ ”ąêȎÞÃĞÃĥßêȎßĬĤňŋĉŒêŒȎŚêĤňĬŋÃŋŽȎåĉÿÿêŋêĥßêŒȎÃŚŚŋĉÞŠŚêåȎŚĬǤ #êÿêŋŋêåȎŚÃżȎĞĉÃÞĉĞĉŚŽȎĬĥȎŠĥŋêÃĞĉŒêåȎĀÃĉĥŒȎĬĥȎĞĬĥĀǹŚêŋĤȎĉĥŶêŒŚĤêĥŚŒ Income receivable which is not assessable for tax until receipt fÿÿŒêŚȎÞŽȎåêÿêŋŋêåȎŚÃżȎÃŒŒêŚŒǤ ‚ŋĬŶĉŒĉĬĥŒȎÃĥåȎňÃŽÃÞĞêŒ Deferred tax on unrealised losses on trading investments Deferred tax on cost of share issues Net deferred tax liabilities ^ĬŶêĤêĥŚŒ ÃĞÃĥßêȎÃŚȎÞêĀĉĥĥĉĥĀȎĬÿȎŽêÃŋ dzŋêåĉŚêåǴǯåêÞĉŚêåȎŚĬȎňŋĬƌŚȎĬŋȎĞĬŒŒ Charged to other comprehensive income Changes to the tax base of investments ÃĞÃĥßêȎÃŚȎêĥåȎĬÿȎŽêÃŋ ”ąêȎÃĤĬŠĥŚȎĬÿȎĥêŚȎåêÿêŋŋêåȎŚÃżȎĞĉÃÞĉĞĉŚĉêŒȎêżňêߌêåȎŚĬȎÞêȎŒêŚŚĞêåȎĉĥȎŚąêȎĥêżŚȎƒƓȎĤĬĥŚąŒȎĉŒ ȔƑǢƕȎĤĉĞĞĉĬĥȎdzƓƑƓƓǤȎȔƑǢƕȎĤĉĞĞĉĬĥǴǢ argoinvestments.com.au | 10 Notes to the Financial Statements 15. Contributed equity fŋåĉĥÃŋŽȎŒąÃŋêŒȎŋÃĥěȎňÃŋĉȎňÃŒŒŠǣȎąÃŶêȎĥĬȎňÃŋȎŶÃĞŠêȎÃĥåȎêĥŚĉŚĞêȎŚąêȎąĬĞåêŋȎŚĬȎňÃŋŚĉßĉňÃŚêȎĉĥȎ åĉŶĉåêĥåŒȎÃĥåȎŚąêȎňŋĬßêêåŒȎĬĥȎŷĉĥåĉĥĀȎŠňȎĬÿȎŚąêȎĬĤňÃĥŽȎĉĥȎňŋĬňĬŋŚĉĬĥȎŚĬȎŚąêȎĥŠĤÞêŋȎĬÿȎŚąêȎ ŒąÃŋêŒȎąêĞåǢȎ”ąêȎĬĤňÃĥŽȎåĬêŒȎĥĬŚȎąÃŶêȎÃȎĞĉĤĉŚêåȎÃĤĬŠĥŚȎĬÿȎÊŚąĬŋĉŒêåȎßÃňĉŚÃĞǢ 2023 No. of shares 2022 No. of shares 2023 $’000 2022 $’000 750,132,378 5,431,739 - 725,047,635 4,456,088 20,628,655 755,564,117 750,132,378 3,155,136 49,050 (90) 3,204,096 2,921,659 41,998 191,846 (367) 3,155,136 FŒŒŠêåȎÃĥåȎÿŠĞĞŽȎňÃĉåȎ ĬŋåĉĥÃŋŽȎŒąÃŋêŒǤȎȎ Opening balance Dividend Reinvestment Plan(a) Share Purchase Plan Cost of share issues net of tax Closing balance (a) fĥȎƒƗȎŒêňŚêĤÞêŋȎƓƑƓƓǣȎƓǣƘƔƕǣƔƕƙȎŒąÃŋêŒȎŷêŋêȎÃĞĞĬŚŚêåȎÃŚȎȔƚǢƑƙȎňêŋȎŒąÃŋêȎňŠŋŒŠÃĥŚȎŚĬȎ ŚąêȎ#ĉŶĉåêĥåȎ êĉĥŶêŒŚĤêĥŚȎ‚ĞÃĥȎĉĥȎĬňêŋÃŚĉĬĥȎÿĬŋȎŚąêȎƌĥÃĞȎåĉŶĉåêĥåȎňÃĉåȎÿĬŋȎŚąêȎŽêÃŋȎêĥåêåȎ ƔƑȎTŠĥêȎƓƑƓƓǢ fĥȎƒƑȎ^ÃŋßąȎƓƑƓƔǣȎƓǣƗƚƘǣƔƚƒȎŒąÃŋêŒȎŷêŋêȎÃĞĞĬŚŚêåȎÃŚȎȔƙǢƚƙȎňêŋȎŒąÃŋêȎňŠŋŒŠÃĥŚȎŚĬȎŚąêȎ #ĉŶĉåêĥåȎ êĉĥŶêŒŚĤêĥŚȎ‚ĞÃĥȎĉĥȎĬňêŋÃŚĉĬĥȎÿĬŋȎŚąêȎĉĥŚêŋĉĤȎåĉŶĉåêĥåȎňÃĉåȎÿĬŋȎŚąêȎŽêÃŋȎêĥåêåȎ ƔƑȎTŠĥêȎƓƑƓƔǢ ”ąêȎĬĤňÃĥŽȎąÃŒȎÃĥȎĬĥǹĤÃŋěêŚȎŒąÃŋêȎÞŠŽǹÞÃßěȎÃŋŋÃĥĀêĤêĥŚȎĉĥȎňĞÃßêȎÞŠŚȎĉŚȎŷÃŒȎĥĬŚȎ ÃߌĉŶÃŚêåȎåŠŋĉĥĀȎŚąêȎŽêÃŋǢ argoinvestments.com.au | 11 Notes to the Financial Statements ƒƗǢȎ êŒêŋŶêŒ 2023 $’000 617 1,831,496 208,675 2,040,788 2022 $’000 332 1,538,075 322,603 1,861,010 332 1,166 (881) 577 971 (1,216) 617 332 Revaluation of long-term investments 1,538,075 420,737 1,990,774 (474,678) ‚ŋĬŶĉŒĉĬĥȎÿĬŋȎåêÿêŋŋêåȎŚÃżȎdzêżňêĥŒêǴǯÞêĥêƌŚȎĬĥȎŋêŶÃĞŠÃŚĉĬĥȎ of long-term investments (128,724) 138,650 3,779 (2,371) 1,831,496 (168,571) 51,900 1,538,075 322,603 (112,520) (1,408) 208,675 2,040,788 263,936 (58,004) 116,671 322,603 1,861,010 Executive Performance Rights Reserve Investment Revaluation Reserve ÃňĉŚÃĞȎ‚ŋĬƌŚŒȎ êŒêŋŶê ^ĬŶêĤêĥŚŒȎĉĥȎŋêŒêŋŶêŒȎåŠŋĉĥĀȎŚąêȎŽêÃŋ Executive Performance Rights Reserve ÃĞÃĥßêȎÃŚȎÞêĀĉĥĥĉĥĀȎĬÿȎŽêÃŋ Accrued entitlement for unvested rights Executive performance shares purchased ÃĞÃĥßêȎÃŚȎêĥåȎĬÿȎŽêÃŋ Investment Revaluation Reserve ÃĞÃĥßêȎÃŚȎÞêĀĉĥĥĉĥĀȎĬÿȎŽêÃŋ Realised losses/(gains) on sale of long-term investments ŚŋÃĥŒÿêŋŋêåȎŚĬȎßÃňĉŚÃĞȎňŋĬƌŚŒȎŋêŒêŋŶê Income tax expense thereon ÃĞÃĥßêȎÃŚȎêĥåȎĬÿȎŽêÃŋ ÃňĉŚÃĞȎ‚ŋĬƌŚŒȎ êŒêŋŶê ÃĞÃĥßêȎÃŚȎÞêĀĉĥĥĉĥĀȎĬÿȎŽêÃŋ Dividend paid Transfer from investment revaluation reserve ÃĞÃĥßêȎÃŚȎêĥåȎĬÿȎŽêÃŋ Total Reserves XĬĥĀǹŚêŋĤȎĉĥŶêŒŚĤêĥŚŒȎŷêŋêȎŒĬĞåȎĉĥȎŚąêȎĥĬŋĤÃĞȎßĬŠŋŒêȎĬÿȎŚąêȎĬĤňÃĥŽȄŒȎĬňêŋÃŚĉĬĥŒȎÃŒȎÃȎ ĞĉŒŚêåȎĉĥŶêŒŚĤêĥŚȎßĬĤňÃĥŽȎĬŋȎÃŒȎÃȎŋêŒŠĞŚȎĬÿȎŚÃěêĬŶêŋŒǢȎ”ąêȎÿÃĉŋȎŶÃĞŠêȎĬÿȎŚąêȎĉĥŶêŒŚĤêĥŚŒȎŒĬĞåȎ åŠŋĉĥĀȎŚąĉŒȎňêŋĉĬåȎŷÃŒȎȔƒƓƔǢƙȎĤĉĞĞĉĬĥȎdzƓƑƓƓǤȎȔƔƘƓǢƗȎĤĉĞĞĉĬĥǴǢȎ”ąêȎߊĤŠĞÃŚĉŶêȎĞĬŒŒȎÃÿŚêŋȎŚÃżȎ ĬĥȎŚąêŒêȎåĉŒňĬŒÃĞŒȎŷÃŒȎȔƒǢƕȎĤĉĞĞĉĬĥȎdzƓƑƓƓǤȎňŋĬƌŚȎÃÿŚêŋȎŚÃżȎĬÿȎȔƒƒƗǢƘȎĤĉĞĞĉĬĥǴǣȎŷąĉßąȎąÃŒȎÞêêĥȎ ŚŋÃĥŒÿêŋŋêåȎÿŋĬĤȎŚąêȎĉĥŶêŒŚĤêĥŚȎŋêŶÃĞŠÃŚĉĬĥȎŋêŒêŋŶêȎŚĬȎŚąêȎßÃňĉŚÃĞȎňŋĬƌŚŒȎŋêŒêŋŶêǢ argoinvestments.com.au | 12 Notes to the Financial Statements Nature and purpose of reserves Executive performance rights reserve This reserve contains the fair value of the short-term incentive (STI) and long-term incentive (LTI) performance rights pursuant to the Argo Investments Limited Executive Performance Rights Plan. When rights are exercised, shares are purchased on market and issued to the executive. Œ”FȎňêŋÿĬŋĤÃĥßêȎŋĉĀąŚŒ 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 ĬÿȎŚąêȎŒ”FȎňêŋÿĬŋĤÃĥßêȎŋĉĀąŚŒȎÿĬŋȎŚąêȎߊŋŋêĥŚȎŋêňĬŋŚĉĥĀȎňêŋĉĬåǣȎŷąĉßąȎÃŋêȎŽêŚȎŚĬȎÞêȎĉŒŒŠêåȎŚĬȎ participants, has been estimated. X”FȎňêŋÿĬŋĤÃĥßêȎŋĉĀąŚŒ 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. ÃňĉŚÃĞȎňŋĬƌŚŒȎŋêŒêŋŶêȎ =ÃĉĥŒȎĬŋȎĞĬŒŒêŒȎÃŋĉŒĉĥĀȎÿŋĬĤȎŚąêȎŒÃĞêȎĬÿȎĞĬĥĀǹŚêŋĤȎĉĥŶêŒŚĤêĥŚŒǣȎĥêŚȎĬÿȎÃĥŽȎŚÃżȎêżňêĥŒêȎĬŋȎ ÞêĥêƌŚǣȎÃŋêȎŋêßĬŋåêåȎĉĥȎŚąĉŒȎŋêŒêŋŶêǢ ƒƘǢȎ êŚÃĉĥêåȎňŋĬƌŚŒ ‚ŋĬƌŚȎÿĬŋȎŚąêȎŽêÃŋ 2023 $’000 620,545 (139,225) 271,707 2022 $’000 467,467 (159,850) 312,928 ÃĞÃĥßêȎÃŚȎêĥåȎĬÿȎŽêÃŋ 753,027 620,545 ÃĞÃĥßêȎÃŚȎÞêĀĉĥĥĉĥĀȎĬÿȎŽêÃŋ Dividends paid argoinvestments.com.au | 13 Notes to the Financial Statements ƒƙǢȎÃňĉŚÃĞȎĤÃĥÃĀêĤêĥŚ ”ąêȎĬĤňÃĥŽȄŒȎĬÞĘêߌĉŶêȎĉĥȎĤÃĥÃĀĉĥĀȎĉŚŒȎßÃňĉŚÃĞȎĉŒȎŚĬȎĤÃżĉĤĉŒêȎĞĬĥĀǹŚêŋĤȎŋêŚŠŋĥŒȎŚĬȎ ŒąÃŋêąĬĞåêŋŒȎŚąŋĬŠĀąȎÃȎÞÃĞÃĥßêȎĬÿȎßÃňĉŚÃĞȎÃĥåȎåĉŶĉåêĥåȎĀŋĬŷŚąȎÿŋĬĤȎÃȎåĉŶêŋŒĉƌêåȎ
ŠŒŚŋÃĞĉÃĥȎ ĉĥŶêŒŚĤêĥŚȎňĬŋŚÿĬĞĉĬǢȎ”ąĉŒȎĉŒȎÃßąĉêŶêåȎÞŽȎŚąêȎňŋĬßꌌȎĬÿȎňŋĬŶĉåĉĥĀȎŒąÃŋêąĬĞåêŋŒȎŷĉŚąȎÃȎŒŚêÃåŽȎ ŒŚŋêÃĤȎĬÿȎÿŠĞĞŽȎÿŋÃĥěêåȎåĉŶĉåêĥåŒȎÃĥåȎêĥąÃĥßêĤêĥŚȎĬÿȎßÃňĉŚÃĞȎĉĥŶêŒŚêåǣȎŷĉŚąȎŚąêȎĀĬÃĞȎĬÿȎ ňÃŽĉĥĀȎÃĥȎĉĥßŋêÃŒĉĥĀȎĞêŶêĞȎĬÿȎåĉŶĉåêĥåŒȎÃĥåȎňŋĬŶĉåĉĥĀȎÃŚŚŋÃߌĉŶêȎŚĬŚÃĞȎŋêŚŠŋĥŒȎĬŶêŋȎŚąêȎĞĬĥĀȎ term. ”ąêȎĬĤňÃĥŽȎŋêßĬĀĥĉŒêŒȎŚąÃŚȎĉŚŒȎßÃňĉŚÃĞȎŷĉĞĞȎƍŠßŚŠÃŚêȎĉĥȎÃßßĬŋåÃĥßêȎŷĉŚąȎĤÃŋěêŚȎßĬĥåĉŚĉĬĥŒȎ ÃĥåȎĉĥȎĬŋåêŋȎŚĬȎĤÃĉĥŚÃĉĥȎĬŋȎÃåĘŠŒŚȎŚąêȎßÃňĉŚÃĞȎŒŚŋŠßŚŠŋêǣȎĉŚȎĤÃŽȎÞêȎĥêßꌌÃŋŽȎŚĬȎŶÃŋŽȎŚąêȎ ÃĤĬŠĥŚȎĬÿȎåĉŶĉåêĥåŒȎňÃĉåǣȎĉŒŒŠêȎĥêŷȎŒąÃŋêŒȎÿŋĬĤȎŚĉĤêȎŚĬȎŚĉĤêȎĬŋȎÞŠŽȎÞÃßěȎĉŚŒȎĬŷĥȎŒąÃŋêŒǢ ”ąêȎĬĤňÃĥŽȄŒȎßÃňĉŚÃĞȎßĬĥŒĉŒŚŒȎĬÿȎĉŚŒȎŒąÃŋêąĬĞåêŋŒȄȎêŊŠĉŚŽȎÃĥåȎŚąêȎßąÃĥĀêŒȎŚĬȎŚąĉŒȎßÃňĉŚÃĞȎÃŋêȎ ŒąĬŷĥȎĉĥȎŚąêȎĬĥŒĬĞĉåÃŚêåȎŒŚÃŚêĤêĥŚȎĬÿȎąÃĥĀêŒȎĉĥȎ(ŊŠĉŚŽǢ ƒƚǢȎ #ĉŶĉåêĥåŒ 2023 $’000 2022 $’000 127,523 101,507 124,222 251,745 116,347 217,854 (a) #ĉŶĉåêĥåŒȎňÃĉåȎåŠŋĉĥĀȎŚąêȎŽêÃŋ <ĉĥÃĞȎåĉŶĉåêĥåȎÿĬŋȎŚąêȎŽêÃŋȎêĥåêåȎƔƑȎTŠĥêȎƓƑƓƓȎĬÿȎƒƘǢƑȎßêĥŚŒȎ ÿŠĞĞŽȎÿŋÃĥěêåȎÃŚȎƔƑɆȎŚÃżȎŋÃŚêȎňÃĉåȎƒƗȎŒêňŚêĤÞêŋȎƓƑƓƓȎdzƓƑƓƒǤȎ ƒƕǢƑȎßêĥŚŒȎÿŠĞĞŽȎÿŋÃĥěêåȎÃŚȎƔƑɆȎŚÃżȎŋÃŚêǴ FĥŚêŋĉĤȎåĉŶĉåêĥåȎÿĬŋȎŚąêȎŽêÃŋȎêĥåêåȎƔƑȎTŠĥêȎƓƑƓƔȎĬÿȎƒƗǢƖȎ ßêĥŚŒȎÿŠĞĞŽȎÿŋÃĥěêåȎÃŚȎƔƑɆȎŚÃżȎŋÃŚêȎňÃĉåȎƒƑȎ^ÃŋßąȎƓƑƓƔ dzƓƑƓƓǤȎƒƗǢƑȎßêĥŚŒȎÿŠĞĞŽȎÿŋÃĥěêåȎÃŚȎƔƑɆȎŚÃżȎŋÃŚêǴ Total dividends paid ”ąêȎƌĥÃĞȎåĉŶĉåêĥåȎňÃĉåȎßĬĥŚÃĉĥȎÃȎĞĉŒŚêåȎĉĥŶêŒŚĤêĥŚȎßĬĤňÃĥŽȎdzXFǴȎßÃňĉŚÃĞȎĀÃĉĥȎßĬĤňĬĥêĥŚȎ ĬÿȎƒƖǢƑȎßêĥŚŒȎdzƓƑƓƓǤȎƙǢƑȎßêĥŚŒǴǢȎ”ąêȎĉĥŚêŋĉĤȎåĉŶĉåêĥåȎňÃĉåȎåĉåȎĥĬŚȎßĬĥŚÃĉĥȎÃȎXFȎßÃňĉŚÃĞȎĀÃĉĥȎ ßĬĤňĬĥêĥŚȎdzƓƑƓƓǤȎĥĉĞǴǢ 2023 $’000 2022 $’000 136,002 127,523 (b) #ĉŶĉåêĥåȎåêßĞÃŋêåȎÃÿŚêŋȎÞÃĞÃĥßêȎåÃŚêȎ ŒĉĥßêȎŚąêȎêĥåȎĬÿȎŚąêȎƌĥÃĥßĉÃĞȎŽêÃŋǣȎŚąêȎ#ĉŋêߌĬŋŒȎąÃŶêȎ declared the following dividend which has not been ŋêßĬĀĥĉŒêåȎÃŒȎÃȎĞĉÃÞĉĞĉŚŽȎÃŚȎŚąêȎêĥåȎĬÿȎŚąêȎƌĥÃĥßĉÃĞȎŽêÃŋǤ <ĉĥÃĞȎåĉŶĉåêĥåȎÿĬŋȎŚąêȎŽêÃŋȎêĥåêåȎƔƑȎTŠĥêȎƓƑƓƔȎĬÿȎƒƙǢƑȎßêĥŚŒȎ ÿŠĞĞŽȎÿŋÃĥěêåȎÃŚȎƔƑɆȎŚÃżȎŋÃŚêȎňÃŽÃÞĞêȎƒƖȎŒêňŚêĤÞêŋȎƓƑƓƔȎ dzƓƑƓƓǤȎƒƘǢƑȎßêĥŚŒȎÿŠĞĞŽȎÿŋÃĥěêåȎÃŚȎƔƑɆȎŚÃżȎŋÃŚêǴ ”ąêȎƌĥÃĞȎåĉŶĉåêĥåȎåêßĞÃŋêåȎŷĉĞĞȎĥĬŚȎßĬĥŚÃĉĥȎÃȎXFȎßÃňĉŚÃĞȎĀÃĉĥȎßĬĤňĬĥêĥŚȎdzƓƑƓƓǤȎƒƖǢƑȎ cents). argoinvestments.com.au | 14 Notes to the Financial Statements ƓƑǢȎ<ŋÃĥěĉĥĀȎÃßßĬŠĥŚ ÃĞÃĥßêȎĬÿȎŚąêȎÿŋÃĥěĉĥĀȎÃßßĬŠĥŚȎÃÿŚêŋȎÃĞĞĬŷĉĥĀȎÿĬŋȎŚÃżȎňÃŽÃÞĞêȎ and the receipt of franked dividends recognised as receivables Impact on the franking account of the dividend declared but not ŋêßĬĀĥĉŒêåȎÃŒȎÃȎĞĉÃÞĉĞĉŚŽȎÃŚȎŚąêȎêĥåȎĬÿȎŚąêȎƌĥÃĥßĉÃĞȎŽêÃŋ ”ąêȎÿŋÃĥěĉĥĀȎÃßßĬŠĥŚȎÞÃĞÃĥßêȎŷĬŠĞåȎÃĞĞĬŷȎŚąêȎĬĤňÃĥŽȎŚĬȎÿŠĞĞŽȎ ÿŋÃĥěȎÃååĉŚĉĬĥÃĞȎåĉŶĉåêĥåȎňÃŽĤêĥŚŒȎŠňȎŚĬȎÃĥȎÃĤĬŠĥŚȎĬÿ This equates to a per share amount of 2023 $’000 2022 $’000 204,013 194,836 (58,286) 145,727 (54,653) 140,183 340,029 cents 45.0 327,094 cents 43.6 ”ąêȎĬĤňÃĥŽȄŒȎÃÞĉĞĉŚŽȎŚĬȎßĬĥŚĉĥŠêȎŚĬȎňÃŽȎÿŋÃĥěêåȎåĉŶĉåêĥåŒȎĉŒȎåêňêĥåêĥŚȎŠňĬĥȎŚąêȎŋêßêĉňŚȎĬÿȎ ÿŋÃĥěêåȎåĉŶĉåêĥåŒȎÿŋĬĤȎŚąêȎĉĥŶêŒŚĤêĥŚȎňĬŋŚÿĬĞĉĬȎÃĥåȎŚąêȎĬĤňÃĥŽȎňÃŽĉĥĀȎŚÃżǢ ƓƒǢȎ _êŷȎ¾êÃĞÃĥåȎĉĤňŠŚÃŚĉĬĥȎÃßßĬŠĥŚ Balance of the imputation account 2023 $’000 10,037 2022 $’000 6,502 _êŷȎ¾êÃĞÃĥåȎĉĤňŠŚÃŚĉĬĥȎßŋêåĉŚŒȎĬÿȎȔƒƑǢƑȎĤĉĞĞĉĬĥȎdz_¾ȔƒƑǢƚȎĤĉĞĞĉĬĥǴȎŷêŋêȎÃŚŚÃßąêåȎŚĬȎåĉŶĉåêĥåŒȎ received and are available for distribution. There will be no NZ imputation credits attached to ŚąêȎƌĥÃĞȎåĉŶĉåêĥåȎňÃŽÃÞĞêȎĬĥȎƒƖȎŒêňŚêĤÞêŋȎƓƑƓƔǢ ƓƓǢȎXĉŒŚêåȎFĥŶêŒŚĤêĥŚȎĬĤňÃĥŽȎdzXFǴȎßÃňĉŚÃĞȎĀÃĉĥȎÃßßĬŠĥŚȎ Balance of the LIC capital gain account Impact on the LIC capital gain account of the dividend declared ÞŠŚȎĥĬŚȎŋêßĬĀĥĉŒêåȎÃŒȎÃȎĞĉÃÞĉĞĉŚŽȎÃŚȎŚąêȎêĥåȎĬÿȎŚąêȎƌĥÃĥßĉÃĞȎŽêÃŋ This equates to an attributable amount of 2023 $’000 14,009 2022 $’000 116,142 14,009 20,013 (112,520) 3,622 5,174 LIC capital gains available for distribution are dependent upon the disposal of investment ňĬŋŚÿĬĞĉĬȎąĬĞåĉĥĀŒȎŷąĉßąȎŊŠÃĞĉÿŽȎÿĬŋȎXFȎßÃňĉŚÃĞȎĀÃĉĥŒȎÃĥåȎŚąêȎŋêßêĉňŚȎĬÿȎXFȎßÃňĉŚÃĞȎĀÃĉĥȎ distributions from LIC securities held in the investment portfolio. argoinvestments.com.au | 15 Notes to the Financial Statements ƓƔǢȎ<ĉĥÃĥßĉÃĞȎŋêňĬŋŚĉĥĀȎÞŽȎŒêĀĤêĥŚŒȎ ”ąêȎĬĤňÃĥŽȎĬňêŋÃŚêŒȎĉĥȎŚąêȎĉĥŶêŒŚĤêĥŚȎĉĥ劌ŚŋŽȎňŋêåĬĤĉĥÃŚêĞŽȎŷĉŚąĉĥȎ
ŠŒŚŋÃĞĉÃǢ ”ąêȎĬĤňÃĥŽȎĉŒȎĤÃĥÃĀêåȎÃŒȎÃȎŷąĬĞêȎÃĥåȎĉŒȎßĬĥŒĉåêŋêåȎŚĬȎąÃŶêȎÃȎŒĉĥĀĞêȎĬňêŋÃŚĉĥĀȎŒêĀĤêĥŚǢȎ ”ąêŋêȎĉŒȎĥĬȎÿŠŋŚąêŋȎåĉŶĉŒĉĬĥȎĬÿȎŚąêȎĬĤňÃĥŽȎĬŋȎĉĥŚêŋĥÃĞȎŒêĀĤêĥŚȎŋêňĬŋŚĉĥĀȎŠŒêåȎÞŽȎŚąêȎ Directors when making strategic, investment or resource allocation decisions. ”ąêȎĬĤňÃĥŽȎĉŒȎåĬĤĉßĉĞêåȎĉĥȎ
ŠŒŚŋÃĞĉÃȎÃĥåȎåêŋĉŶêŒȎĉŚŒȎĉĥßĬĤêȎÿŋĬĤȎŚąêȎĉĥŶêŒŚĤêĥŚȎňĬŋŚÿĬĞĉĬȎ through the receipt of dividends, distributions, interest and other income. Argo has a åĉŶêŋŒĉƌêåȎňĬŋŚÿĬĞĉĬȎĬÿȎĉĥŶêŒŚĤêĥŚŒǣȎŷĉŚąȎĬĥĞŽȎB‚Ȏ=ŋĬŠňȎĉĥßĬĤêȎÃßßĬŠĥŚĉĥĀȎÿĬŋȎĤĬŋêȎŚąÃĥȎ 10% of income. ”ąêŋêȎąÃŒȎÞêêĥȎĥĬȎßąÃĥĀêȎŚĬȎŚąêȎĬňêŋÃŚĉĥĀȎŒêĀĤêĥŚŒȎåŠŋĉĥĀȎŚąêȎŽêÃŋǢ ƓƕǢȎ(ŶêĥŚŒȎĬßߊŋŋĉĥĀȎÃÿŚêŋȎŚąêȎŋêňĬŋŚĉĥĀȎňêŋĉĬå _ĬȎĤÃŚŚêŋŒȎĬŋȎßĉŋߊĤŒŚÃĥßêŒȎąÃŶêȎĬßߊŋŋêåȎŒŠÞŒêŊŠêĥŚȎŚĬȎŚąêȎƌĥÃĥßĉÃĞȎŽêÃŋȎêĥåȎŚąÃŚȎąÃŶêȎ ŒĉĀĥĉƌßÃĥŚĞŽȎÃÿÿêߌêåǣȎĬŋȎĤÃŽȎÃÿÿêߌǣȎŚąêȎĬňêŋÃŚĉĬĥŒȎĬÿȎŚąêȎĬĤňÃĥŽǣȎŚąêȎŋêŒŠĞŚŒȎĬÿȎŚąĬŒêȎ ĬňêŋÃŚĉĬĥŒȎĬŋȎŚąêȎŒŚÃŚêȎĬÿȎÃÿÿÃĉŋŒȎĬÿȎŚąêȎĬĤňÃĥŽȎĉĥȎŒŠÞŒêŊŠêĥŚȎƌĥÃĥßĉÃĞȎŽêÃŋŒǢ ƓƖǢȎĬĥŚĉĥĀêĥßĉêŒ
ŚȎÞÃĞÃĥßêȎåÃŚêȎŚąêȎĬĤňÃĥŽȎĉŒȎĥĬŚȎÃŷÃŋêȎĬÿȎÃĥŽȎĤÃŚêŋĉÃĞȎßĬĥŚĉĥĀêĥŚȎĞĉÃÞĉĞĉŚĉêŒȎĬŋȎßĬĥŚĉĥĀêĥŚȎ assets.
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ßßĬŠĥŚŒ ”ąêȎÃßßĬŠĥŚŒȎÿĬŋȎŚąêȎŽêÃŋȎêĥåêåȎƔƑȎTŠĥêȎƓƑƓƔȎÃŋêȎĉĥȎŚąêȎňŋĬßꌌȎĬÿȎÞêĉĥĀȎÊåĉŚêåǢ argoinvestments.com.au | 16