Preliminary Final Report
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
25 February 2026
Preliminary Full Year 2025 Results,
Appendix 4E and Business Update
Doctor Care Anywhere Group PLC (ASX:DOC, “Doctor Care Anywhere” or “the Company”) is
pleased to provide its Preliminary Full Year results announcement and Appendix 4E for the
year ended 31 December 2025. A business update is also provided.
FY25 Highlights (vs FY24)
• Step Change in Profitability and cash generation in 2025, with acceleration
expected in 2026
• Underlying revenue growth of 6.5% versus 2024, with consultation growth returning
in H2 FY 25 (3.4%)
• 43.5% underlying contribution margin, 5.2ppt improvement on 2024
• Underlying EBITDA of £5.3m in 2025 representing a 13.9% margin compared with
£0.1m in 2024
• Net profit of £1.2m allowed the business to report earnings per share of 0.31p (FY24
loss of 1.72p) This is the first positive earnings per share reported by DCA that we
now expect to build on.
• Strong cash generation for 2025 of £2.2m with a closing cash balance of £6.6m
• Guidance Reaffirmed: Management reiterates medium term targets, including
revenue doubling over 3-5 years and a 15% EBITDA margin.
Laura O’Riordan, Chief Executive Officer of Doctor Care Anywhere, said:
“I’m pleased to report a strong full-year performance. In my first year as CEO, we’ve
reshaped the business, built momentum and delivered a clear step-change in results. Our
disciplined execution and focus on high-quality care have strengthened the foundations of
the business while continuing to support our patients. We move into the year ahead
building on this momentum, deepening partnerships, accelerating innovation and staying
true to our mission. I’m proud of our teams and grateful for the trust of our partners,
clinicians and patients. We enter the new year confident and well-positioned for continued
growth.”
Operational Performance
In H1 25, DCA added Mental Health Practitioners and Physiotherapists to the platform,
expanding clinical capability, improving patient access to the right care, and lowering the
Company’s cost to serve.
Activated Lives reached 1,275,700 at 31 December 2025, representing a net increase of
94,000 (7.9%) versus 31 December 2024 suggesting strong platform engagement.
Consultation volumes fell by 4.0% in FY25 to 683,500, mainly driven by the phased closure
of the Company’s secondary care pathway during H2 24. Excluding consultations linked to
this pathway, consultation volumes were flat; but grew 3.4% in H2 as we gained traction
from new products and clients.
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
.
Detailed FY 2025 Consolidated Statement of Comprehensive Income
Please note numbers in the above table are subject to rounding differences.
For a breakdown of the adjustments column please refer to the EBITDA to net profit/(loss)
reconciliation table below.
*Certain costs previously reported as non-operating expenses have been reclassified to
operating expenses to more accurately reflect the activities of the business. This change
provides a clearer view of underlying performance. The directors regard contribution as a
key performance indicator, and this reclassification ensures it is presented on a more
consistent and meaningful basis. The impact of the changes is as follows: Sales and
marketing FY 25 £0.8m (FY24 £0.5m), Technology FY 25 £0.4m (FY24 £0.4m), General and
administration FY 25 £2.1m (FY24 £2.4m).
** FY24 restated figures reflect last year’s underlying results, adjusted to remove the £0.8m
loss relating to the joint venture, Doctor at Hand Diagnostics Ltd, which ceased trading.
Operational costs have also been reclassified in alignment with FY25.
Revenue for FY25 reached £38.0 million, reflecting a 6.5% increase from FY24.
Underlying contribution for FY25 was £16.5million, up 21.1% on FY24. Underlying
contribution margin for FY25 was 43.5%, up 5.2ppt on FY24.
Contribution margin improvements were driven by three key factors: Price increases,
clinical mix expansion and improved operational efficiencies.
£ in millions FY 25* Adjustments FY25 underlying FY24 restated** Variance %
Revenue 38.0 38.0 35.7 2.3 6.5%
Operating costs (21.6) 0.1 (21.5) (22.0) 0.6 2.5%
Contribution 16.4 16.5 13.6 2.9 21.1%
Contribution margin 0.4 43.5% 38.3% 5.2ppt
Sales and marketing (0.6) (0.6) (0.3) (0.3) (83.5%)
Technology (3.7) (3.7) (2.5) (1.2) (49.9%)
General and administration (7.4) 0.8 (6.7) (10.9) 4.2 38.7%
Other operating income 0.2 0.2 0.2 (0.0) (7.9%)
Share based payment (0.5) (0.5) (0.1) (0.4) (285.2%)
Non-operating costs (12.0) 0.8 (11.3) (13.6) 2.3 17.0%
EBITDA 4.4 0.9 5.3 0.1 5.2 7643.2%
Depreciation and amortisation (2.5) (2.5) (2.3) (0.2) (7.4%)
EBIT 1.9 0.9 2.8 (2.2) 5.0 226.1%
Finance expense (0.7) 0.7 (0.0) (0.0) (0.0) (1.9%)
Profit/(loss) before tax 1.2 1.6 2.8 (2.2) 5.0 223.1%
Tax (0.0) (0.0) 0.1 (0.2) 114.0%
Profit/(loss) after tax 1.2 1.6 2.8 (2.1) 4.9 230.2%
Results from discontinued operations - - - - -
Net profit/(loss) 1.2 1.6 2.8 (2.1) 4.9 230.2%
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
Underlying non-operating costs in FY25 decreased 17% on FY24, to £11.3 million. The key
reason for the decrease was due to cost saving measures and delivery of the restructuring
programme undertaken over the course of the year. We expect further productivity to be
driven in FY26 as we increasingly use technology to help deliver our services.
EBITDA in FY25 has substantially increased to £4.4m. FY25 includes one off restructuring
costs of £0.9m, therefore underlying EBITDA for FY25 is £5.3m. up from £0.1m in FY24. This
EBITDA improvement is prominently driven by the improvements to contribution and non-
operating costs.
Net underlying profit for FY25 includes an adjustment for the one-off restructuring costs of
£0.9m representing redundancy and notice payments as we continue to drive meaningful
productivity in the business to generate cash and profit. It also includes an adjustment for
an effective interest charge of £0.7m occurring on the convertible notes as per IFRS
requirements. Adjusting for these items, net underlying profit for FY25 was £2.8m.
Taking into account these adjustments, net underlying profit for FY25 increased by 230.2%,
or £4.9m, compared with FY24. This is due to ongoing growth in the business and a focus
on productivity improvements and margin expansion.
DCA ended the year in a strong financial position with £6.6m in cash and its £10.6m
convertible loan facility, with no repayments required until 31 December 2027. This liquidity
provides a strong foundation to support the Company’s growth strategy going forward.
2025 Business Highlights
2025 was a transformational year for Doctor Care Anywhere, with several notable
developments:
• Renewed consistent consultation growth: For the second half of 2025, consultation
volumes increased 3.4% - outpacing 2024 volumes every month since May.
• New client wins in year included Biffa, Osborne Clark and Good Oaks Home Care
• New clinical treatment pathways launched in Mental Health, MSK & Skin Cancer
• Product development focused on improving the core user experience pre and post
consultation, resulting in a reduction in booking time by over 70%.
• Successful delivery of transformation programme to drive cost reduction, and
margin efficiency enabling improved patient and client experience
• Historic first year of profitability £1.2m versus a loss of £6.3m in 2024
2026 market guidance
Management reiterates medium-term targets, including revenue doubling over 3–5 years
and a 15% EBITDA margin.
- ENDS -
This ASX announcement has been authorised for release by the Board of Directors.
Engage with the Doctor Care Anywhere management team directly by asking questions,
watching video summaries and seeing what other shareholders have to say. Navigate to our
Interactive Investor hub here: https://investors.doctorcareanywhere.com/announcements
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
Subscribe to our news alert service: https://investors.doctorcareanywhere.com/s/db4283
Forward looking statements:
This announcement contains forward-looking statements which are statements that may be
identified by words such as “may”, “will”, “would”, “should”, “could”, “believes”, “estimates”,
“expects”, “intends”, “plans”, “anticipates”, “predicts”, “outlook”, “forecasts”, “guidance”
and other similar words that involve risks and uncertainties. These statements are based on
an assessment of present economic and operating conditions and on a number of best
estimate assumptions regarding future events and actions that, at the date of this
announcement, are expected to take place.
Such forward-looking statements are not guarantees of future performance and involve
known and unknown risks, uncertainties, assumptions and other important factors, many of
which are beyond the control of the Company, and the directors and management of the
Company. The Company cannot and does not give any assurance that the results, performance
or achievements expressed or implied by the forward-looking statements contained in this
announcement will actually occur and investors are cautioned not to place undue reliance on
these forward-looking statements.
About Doctor Care Anywhere:
Doctor Care Anywhere Group PLC is one of the UK’s largest private providers of telehealth
services. The Company works with insurers, healthcare providers and corporate customers to
connect patients to a range of digitally enabled telehealth services on its proprietary platform.
It is committed to delivering the best possible patient experience and clinical care through
digitally enabled, joined up, evidence-based pathways.
Further Information:
Laura O’Riordan
Chief Executive Officer
Laura.ORiordan@doctorcareanywhere.com
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
Appendix 4E - Preliminary Final Report FY2025
Doctor Care Anywhere Group PLC
Year ended 31 December 2025
Reporting period
Current reporting period (FY25): 1 January 2025 to 31 December 2025
Previous reporting period (FY24): 1 January 2024 to 31 December 2024
Basis of preparation
This financial report has been prepared in accordance with measurement and recognition
(but not disclosure) requirements of UK adopted international accounting standards in
conformity with the requirements of the Companies Act 2006 (UK), in British Pounds
Sterling.
The non-statutory financial information in this report is based on the annual statutory
financial statements which are in the process of being audited and have therefore not been
finalised.
Statutory market announcement
Revenue
Revenue decrease of 3.4% due to the closure of the secondary care pathway. Excluding this,
revenue grew by 6.5% with strong consultation growth in H2.
FY25 FY24 Variance %
Revenue £m's 38.0 39.3 (1.3) (3.4%)
Net profit/(loss) £m's 1.2 (6.3) 7.5 118.5%
Net tangible liability per security p (1.6) (1.8) 0.20 11.4%
Variance to FY24
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
EBITDA to net profit/(loss) reconciliation
A summary of EBITDA reconciled back to net profit/(loss) and then net underlying
profit/(loss) is as follows:
** FY24 restated figures reflect last year’s underlying results, adjusted to remove the £0.8m
loss relating to the joint venture, Doctor at Hand Diagnostics Ltd, which ceased trading.
Operational costs have also been reclassified in alignment with FY25.
Net tangible liabilities per security
Net tangible liabilities decreased by £0.7 million from £6.4 million at 31 December 2024 to
£5.7 million at 31 December 2025.
As a result of the above, net tangible liabilities per security decreased from 1.8p at 31
December 2024 to 1.6p at 31 December 2025.
Earnings per share
The earnings per share (EPS) in FY25 was 0.31p, compared with a loss of 1.72p per share in
the prior year. The diluted earnings per share was 0.28p, also compared with a loss of 1.72p
in the prior year. FY25 marks the first year in which DCA reported a positive earnings per
share.
Dividends
It is not proposed to pay any dividends, nor were any paid in the prior period.
FY25
FY24
restated**
Change %
EBITDA to underlying EBITDA
EBITDA £m's 4.4 (0.5) 4.9 974.6%
Restructuring costs/clinician inefficiencies £m's 0.9 0.6 0.3 (43.4%)
Underlying EBITDA £m's 5.3 0.1 5.2 7643.2%
Underlying EBITDA to net profit/(loss)
Interest £m's (0.7) (0.7) (0.0) (0.6%)
Tax £m's (0.0) 0.1 (0.2) (136.0%)
Depreciation and amortisation £m's (2.5) (2.3) (0.2) (7.4%)
Restructuring costs/clinician inefficiencies £m's (0.9) (0.6) (0.3) (43.4%)
Net profit/(loss) £m's 1.2 (3.4) 4.6 133.7%
Net profit/(loss) to net underlying profit/(loss)
Restructuring costs/clinician inefficiencies £m's 0.9 0.6 0.3 (43.4%)
Effective interest on convertible notes £m's 0.7 0.7 - -
Net underlying profit/(loss) £m's 2.8 (2.1) 4.9 230.2%
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
Financial Statements
Consolidated Statement of Comprehensive Income
Note Unaudited
Year ended 31
December 2025
Audited
Year ended 31
December 2024
(restated*)
£000’s £000’s
Revenue 1 37,990 39,333
Cost of sales (21,577) (26,706)
Gross profit 16,413 12,627
Administrative expenses 2 (14,702) (17,433)
Other operating income 215 246
Operating profit/(loss) 1,926 (4,560)
Finance income 20 115
Finance expense 4 (742) (828)
Profit/(loss) before taxation 1,204 (5,273)
Tax (charge)/credit (49) 135
Profit/(loss) for the financial year from
continuing operations
1,155 (5,138)
Loss on discontinued operations net of
tax
3
- (1,153)
Total comprehensive profit/(loss) for
the year
1,155 (6,291)
Profit/(loss) per share: p p
Basic profit/(loss) per share
attributable to ordinary equity
shareholders
0.31 (1.72)
Diluted profit/(loss) per share
attributable to ordinary equity
shareholders
0.28 (1.72)
Basic profit/(loss) per share
attributable to ordinary equity
shareholders- continuing operations
0.31 (1.40)
Diluted profit/(loss) per share
attributable to ordinary equity
shareholders- continuing operations
0.28 (1.40)
*During the period, management reviewed the classification of cost of sales and determined
that several direct operating costs should be included to present a more accurate reflection
of cost of sales. As a result, £5,937,000 has been reclassified. This adjustment is purely
presentational and does not affect the overall result for the year.
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
Consolidated Statement of Financial Position
Note Unaudited
31 December 2025
Audited
31 December 2024
£’000 £’000
Non-current assets
Property, plant and equipment 5 747 254
Intangible assets 6 6,751 5,828
Investments 139 140
Total non-current assets 7,637 6,222
Current assets
Trade and other receivables: due within
one year
7 2,996 2,960
Corporation tax receivable - 523
Cash and cash equivalents 6,576 4,407
Interest in joint venture - 881
Total current assets 9,572 8,771
Current liabilities
Trade and other payables: due within
one year
8 (5,745) (6,824)
Loans and borrowings 10 (417) -
Total current liabilities (6,162) (6,824)
Non-current liabilities
Trade and other payables: due after one
year
9 (1,238) (750)
Loans and borrowings 10 (8,790) (8,064)
Total non-current liabilities (10,028) (8,814)
Net assets/(liabilities) 1,019 (645)
Capital and reserves
Called up share capital 11 78 78
Share premium account 56,212 56,212
Other reserves 5,994 5,485
Retained losses (61,265) (62,420)
Total equity 1,019 (645)
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
Consolidated Statement of Changes in Equity
Called up
share capital
Share premium
account
Other
reserves
Retained
losses
Total equity
£’000 £’000 £’000 £’000 £’000
At 1 January 2024 78 56,212 2,171 (56,129) 2,332
Comprehensive loss for the year - - - (6,291) (6,291)
Total comprehensive loss for the year - - - (6,291) (6,291)
Share based payments - - 161 - 161
Issue of convertible loan notes 3,132 3,132
Foreign exchange movements - - 21 - 21
At 31 December 2024 (audited) 78 56,212 5,485 (62,420) (645)
Comprehensive profit for the year - - - 1,155 1,155
Total comprehensive profit for the year - - - 1,155 1,155
Share based payments - - 510 - 510
Foreign exchange movements - - (1) - (1)
At 31 December 2025 (unaudited) 78 56,212 5,994 (61,265) 1,019
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
Consolidated Statement of Cash Flows
During the year, the company acquired a non‑cash item of £881,000 of intellectual property
on the closure of the joint venture. This is reflected as additions in the intangible assets note
(Note 6).
Unaudited
Year ended
31 December
2025
Audited
Year ended
31 December
2024
£’000 £’000
Cash flows from operating activities
Receipts from customers 38,287 40,441
Payments to suppliers and employees (33,919) (40,150)
Finance cost received 21 62
Government grants and tax incentives 474 -
Total cash flows from operating activities 4,863 353
Cash flows from investing activities
Payment for property, plant and equipment (68) (6)
Payment for intangible fixed assets (2,196) (1,645)
Total cash flows from investing activities (2,264) (1,651)
Cash flows from financing activities
Transaction costs related to issues of
convertible debt securities
- (103)
Proceeds from borrowings - 10,610
Repayment of borrowings (424) (10,839)
Total cash flows from financing activities (424) (332)
Net cash inflows/(outflows) 2,175 (1,630)
Cash and cash equivalents at beginning of
year
4,407 6,061
Effect of movement in exchange rates on
cash held
(6) (24)
Cash and cash equivalents at the end of
year
6,576 4,407
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
Note 1: Revenue
Year ended 31
December 2025
Year ended 31
December 2024
£000’s £000’s
Utilisation 35,194 37,344
Subscription 2,784 1,984
Other 12 5
Total 37,990 39,333
Note 2: Administrative Expenses
Year ended 31
December 2025
Year ended 31
December 2024
£000’s £000’s
Technology costs 3,746 2,499
Sales and marketing costs 570 310
General and administration costs 10,386 14,624
Total 14,702 17,433
Technology costs include the expenses attributable to the development and maintenance of
the Group’s intellectual property.
Sales and marketing costs include the expenses attributable to the selling and marketing of
the Group’s services.
General and administration costs include the expenses attributable to supporting the Group’s
operating functions, depreciation (FY25: £0.3m, FY24: £0.5m), amortisation (FY25: £2.2m,
FY24: £1.7m) and share-based payments (FY25: £0.5m, FY24: £0.1m).
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
Note 3: Discontinued operations
On 18 October 2023, as part of its quarterly activity report, the Company gave an update
regarding its relationship with AXA Health. As part of this update, the Company announced
the intention to wind up its Joint Venture Doctor at Hand Diagnostics ("JVCo"). This company
has now been dissolved.
The result from discontinued operations in the year was determined as follows:
Year ended 31
December 2025
Year ended 31
December 2024
£000’s £000’s
Share of loss of joint venture - (1,153)
Total - (1,153)
The 2024 loss for the year includes a £1.0m intangible impairment which was recorded in the
joint venture.
Note 4: Finance Expense
Year ended 31
December 2025
Year ended 31
December 2024
£000’s £000’s
Interest expense on financial liabilities held
at amortised cost
742 828
Total 742 828
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
Note 5: Property, plant and equipment
Right of use
asset
Office
equipment
Computer
equipment
Total
£000’s £000’s £000’s £000’s
Cost
At 1 January 2025 1,321 116 227 1,664
Additions 754 28 29 811
Disposals (1,321) (116) (89) (1,526)
At 31 December 2025 754 28 167 949
Depreciation
At 1 January 2025 1,162 95 153 1,410
Charge for the period 227 13 62 302
Disposals (1,321) (106) (83) (1,510)
At 31 December 2025 68 2 132 202
Net book value
At 31 December 2025 686 26 35 747
At 31 December 2024 159 21 74 254
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
Note 6: Intangible assets
Trade
names
Customer
relationships
Patents Technical
know-how
Software
onboarding
costs
Software
development
costs
Total
£000’s £000’s £000’s £000’s £000’s £000’s £000’s
Cost
At 1 January 2025 75 1,424 50 500 56 12,497 14,602
Additions - - - - 18 3,059 3,077
At 31 December
2025
75 1,424 50 500 74 15,556 17,679
Amortisation
At 1 January 2025 75 1,424 50 500 51 6,674 8,774
Charge for the year - - - - 4 2,150 2,154
At 31 December
2025
75 1,424 50 500 55 8,824 10,928
Net book value
At 31 December
2025
- - - - 19 6,732 6,751
At 31 December
2024
- - - - 5 5,823 5,828
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
Note 7: Trade and other receivables (due within one year)
As at 31 December
2025
As at 31 December
2024
£000’s £000’s
Held at amortised cost
Trade receivables 1,544 1,336
Other receivables 233 91
Prepayments 1,009 1,153
Contract assets 210 380
Total 2,996 2,960
The group has no trade or other receivable balances due after more than one year.
Note 8: Trade and other payables (due within one year)
As at 31 December
2025
As at 31 December
2024
£000’s £000’s
Held at amortised cost
IFRS 16 lease liability 230 206
Trade payables 761 2,461
Other taxation and social security 515 584
Other payables 169 265
Accruals 3,302 2,619
Contract liabilities 768 689
Total 5,745 6,824
Note 9: Trade and other payables (due after one year)
As at 31 December
2025
As at 31 December
2024
£000’s £000’s
Held at amortised cost
IFRS 16 lease liability 488 -
Other payables 750 750
Total 1,238 750
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
Note 10: Loans and borrowings
As at 31 December
2025
As at 31 December
2024
£000’s £000’s
Current liabilities
Amounts falling due within one year 417 -
Non-Current liabilities
Amounts falling due after one year 8,790 8,064
The current year non-current liabilities relate to convertible loan notes issued on 11 January
2024. The key terms of the note are as follows:
• Convertible Notes have no coupon interest and are due 31 December 2027, with no
repayment of principal required until maturity
• Conversion price of £0.04591 (A$0.0875), a premium of 94% to the closing
price on 11 December 2023, the last trading date of the CDIs prior to the
announcement of the transactions
• A Noteholder has the right to convert all or some of their notes upon
issuance of conversion notice
• Initial £10.6m loan note split £7.7m to liability, £3.1m to equity with remaining
£0.167m of costs being unwound evenly to liability over the term of the notes
• Fair value of the liability was determined using an unsecured market rate of
interest of 9.15% and discounted over the term of the loan
• Effective interest of £725,718 has been recorded in the year using the unsecured
market rate of interest of 9.15%
• Zero coupon and no interim repayments
AXA Health and Axia Investments Limited participated in the Convertible Notes.
Doctor Care Anywhere Group PLC
ARBN 645 163 873
19-21 Great Portland Street
London W1W 8QB
Commercial in confidence
Note 11: Share capital
As at 31 December
2025
At as 31 December
2024
Shares on issue
Ordinary 366,672,246 366,672,246
Deferred ordinary 99,600 99,600
Total shares in issue 366,771,846 366,771,846
Nominal value
Ordinary £0.000167 £0.000167
Deferred ordinary £0.167 £0.167
Share capital £000’s £000’s
Ordinary 61 61
Deferred ordinary 17 17
Total share capital 78 78
Deferred shares carry no voting or economic rights other than the return of the issue price.
All other classes of shares entitle the holder to receive notice of and to attend, speak and to
vote at any general meeting. No classes of shares confer rights of redemption.
Securities in the Company traded on the ASX are in the form of Chess Depository Interests
(CDIs). CDIs are a type of depositary receipt that allows investors to obtain all the economic
benefits of share ownership without holding legal title to the shares themselves. A CDI
represents the beneficial interest in underlying shares in a Company. Shares underlying the
CDIs are held by an Australian depositary nominee as the legal owner on behalf and for the
benefit of the CDI holder. The holders of CDIs receive all the economic benefit of actual
ownership of the underlying shares.
Note 12: Events after the reporting date
There were no events after the reporting date
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