Hey PloughSee note on page 23 in the Annual Report"During the...

Hey Plough

See note on page 23 in the Annual Report
"During the financial year ended 30 June 2021, the Directors formed the view that the BUV Plant which had previously been recognised as an asset had not been accounted for correctly in prior years. The Plant was transported to Egypt to the care of Egyptian Banana Fibre Company ('EBFC') in 2011 and at that point in time the Group had lost control of the machine and it should have been derecognised. As a consequence, the assets and
associated Government grant income deferred, depreciation and grant income have been overstated. The error has been corrected by restating each of the affected financial statement line items for prior periods."

Also see note in Audit Report:
"On 1 July 2020, the Group relinquished its entitlement to licencing fees and royalties in PPYEg in consideration for the reacquisition of 50% equity in PPYEg from EBFC.
"As part of this negotiation, the Group also acquired 13.1% shareholding in EBFC for $319,202. During the year the Group progressively acquired an
additional 12.35% shareholding in EBFC for a consideration of $554,177.
"In the half year report for the period ended 31 December 2020, the Group had provisionally accounted for acquisition of its interest in PPYEg as a business combination within the scope of AASB 3 Business Combinations.
"During the preparation of the accounts for the full year ended 30 June 2021, the Group revisited this assessment and have concluded that the Group and EBFC have joint control of PPYEg. As a result, the Group accounted for its investments in PPYEg and EBFC using the equity method in accordance with AASB 128 Investments in Associates and Joint Ventures accordingly."

Annual Report all over the shop, but at least equity accounting of Egypt will show how small the sales results really are....

It will take me a day or three to try and make sense of the MESS in the accounts....