Manhattan Corporation

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CODE : MHC.AX
AUSTRALIA
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06/28 17:10 -
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AUSTRALIA (MHC.AX)
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Last updated on : 1/6/2010

Manhattan 2016 Annual Report and Financial Statements

2016‌

A N N U A L R E P O R T

ABN 61 123 156 089

www.manhattancorp.com.au

CONTENTS

CORPORATE DIRECTORY 1

CHAIRMAN'S REVIEW 2

REVIEW OF OPERATIONS 6

DIRECTORS' REPORT 15

AUDITOR'S REPORT 25

AUDITOR'S DECLARATION 27

FINANCIAL STATEMENTS 28

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 28

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 29

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 30

CONSOLIDATED STATEMENT OF CASH FLOWS 31

NOTES TO THE FINANCIAL STATEMENTS 32

DIRECTORS' STATEMENT 54

ASX ADDITIONAL INFORMATION 55

ANALYSIS OF SHAREHOLDINGS 55

TENEMENT SCHEDULE 58

CORPORATE DIRECTORY

DIRECTORS

Alan J Eggers Executive Chairman

B.Sc, B.Sc(Hons), M.Sc, F.S.E.G., MAusIMM, MAIG

Marcello Cardaci Non Executive Director

B.Juris, LLB, B.Com

John A G Seton Non Executive Director

LLM(Hons)

COMPANY SECRETARY

Alan J Eggers

B.Sc, B.Sc(Hons), M.Sc, F.S.E.G., MAusIMM, MAIG

BUSINESS OFFICE

Level 2

33 Colin Street

WEST PERTH WA 6005

PO Box 1038

West Perth WA 6872

Telephone: +61 8 9322 6677

Facsimile: +61 8 9322 1961

REGISTERED OFFICE

Level 2

33 Colin Street

WEST PERTH WA 6005

INTERNET ACCESS

Email: [email protected] Web Site: www.manhattancorp.com.au

COUNTRY OF INCORPORATION

Australia

SHARE REGISTRY

Computershare Investor Services Pty Ltd

Level 2, Resreve Bank Building 45 St Georges Terrace

PERTH WA 6000

INVESTOR ENQUIRIES

Australia: 1300 850 505

International: +61 3 9415 4000

Facsimile: +61 8 9323 2033

Web Site: www.computershare.com.au

AUDITORS

Rothsay Chartered Accountants

Level 1, Lincoln Building 4 Ventnor Avenue

West Perth WA 6005

BANKERS

Westpac Banking Corporation

109 St Georges Terrace Perth WA 6000

SOLICITORS

Gilbert + Tobin

1202 Hay Street West Perth WA 6005

STOCK EXCHANGE LISTING

Australian Securities Exchange ("ASX")

ASX Code: MHC

CHAIRMAN'S REVIEW

29 September 2016

Dear Shareholders and Investors

I'm pleased, on behalf of the Board and our executive team, to present Manhattan's 2016 Annual Report including the Financial Statements for the year ended 30 June 2016 and my review of the uranium sector.

Uranium Price Outlook

Despite the continued positive outlook for the nuclear sector and uranium industry globally the anticipated upturn in the uranium price has not materialised over the last 12 months as predicted by analysts.

Industry consultant TradeTech's weekly spot price indicator finished the month of August at US$25.25lb before ticking back up to US$25.50lb a week later and now back to US$25.25 this week, a 12 year low. Uranium at this time last year was trading at US$37.25lb, from a low of $28lb in August 2014.

As Japan recommissions its 43 power reactors, with five now back online, and new reactors around the globe completing construction, being commissioned and charged the fuel supply squeeze will hit and we hold the view that the demand and price for uranium will improve.

Uranium Market Dynamics

TradeTech concludes sellers of uranium fall into two camps. On the one hand there are those who are not keen to chase the ever lower prices, believing utility demand will quietly pick up. There are more than one uranium market analysts suggesting spot price cannot remain below the average cost of production, as it is now, for too much longer. Eventually the supply side will have to surrender to a greater extent than it already has.

On the other hand, TradeTech suggest, there are those sellers who simply need to offload product, and as such, are prone to jumping on any little tick up in price. Put the two together explains the recent spot price activity.