Issue 140 Western Australian Stock Exchange Index...• Nido Petroleum Limited, whose market...

August 2014

Issue 140Western Australian Stock Exchange IndexA review of Western Australian listed companies on the Australian Securities Exchange

Content

Content Executive summary 1

Deloitte WA Index performance against the ASX All Ordinaries and Overseas Indices 2

Performance of global financial markets 4

Commodity and precious metal prices 5

Western Australian movers and shakers over the past month 7

WA’s top 100 listed companies 10

Compilation of the Deloitte WA Index 12

Recent awards and achievements 13

About Deloitte 14

Contact us 15

August 2014, No. 140Western Australian Securities Exchange Index Published monthly by Deloitte

Brought to you by:

Tim RichardsClients & Markets Partner - Western Australia

Tel: +61 8 9365 7248 [email protected]

1 | Issue 140 - Western Australian Stock Exchange Index

Consistent with the performance of the Deloitte WA Index, the All Ordinaries has also been weighed down by poor performance in the Iron ore sector, although has been offset by gains in other sectors where fresh geopolitical tensions between Russia and Ukraine sparked demand for safe-haven bonds, providing an overall uplift to the financial sector. Additionally the Healthcare sector performed well, led by CSL Limited.

Movers & Shakers for the month of August showed strong representation from the energy sector, and were:

• Carnarvon Petroleum Limited, posting an increase in market capitalisation of AU$179m (215.5%) from AU$83m to AU$262m

• Greenland Minerals and Energy Limited, whose market capitalisation increased by AU$44m (70.2%) to close at AU$107m

• Nido Petroleum Limited, whose market capitalisation increased by AU$30m (35.4%) to finish the month at AU$114m.

The market capitalisation of WA listed companies which comprises the Deloitte WA Index fell by 1.9% during the month of August to close at AU$154bn. The significant 7.3% decrease in Iron Ore prices and the weakening demand for Australian exports affected the performance of Deloitte WA Index as the Western Australia economy relies heavily on its commodity exports.

Precious metals have shown mixed results during the month of August, with Gold and Palladium posting gains of 0.1% and 2.0% respectively, and Silver and Platinum declining 4.0% and 3.3% respectively. Uncertainties within equity markets driven largely by lingering doubts over international geopolitical tensions boasted demand for Gold. However growth in Gold prices was offset by the strengthening of U.S. dollar on the back of promising U.S. economic data and at the same time lowering demands for other precious metals, decreasing prices of Silver and Platinum. Palladium prices increased this month mainly due to the disruption of supplies from major producer Russia, resulting from the sanctions recently introduced by the European Union against Russia.

Uranium posted the biggest gain this month, with an increase of approximately 9%, on the back of supply disruptions as Cameco Corporation temporarily shut its McArthur River Uranium mine due to strikes. The McArthur mine is one of the world’s largest sources of Uranium and contributes around 10% of global supply annually.

International equity markets experienced steady gains this month, apart from the Nikkei, which suffered a decrease of 1.3%. The US S&P 500 posted a 3.8% gain despite geopolitical uncertainties on the back of the news of consumer confidence in the United States which reached its highest levels since late 2007. The FTSE increased by 1.3% for the month as a result of the announcement from Mario Draghi, President of the European Central Bank, regarding the introduction of stimulus measures and monetary easing in order to revitalise the Eurozone economy, which is the United Kingdom’s largest trading partner.

Executive summary

Welcome to the 140th edition of the Deloitte WA Stock Exchange Index (Deloitte WA Index), a monthly review of Western Australian (WA) stocks and indices.

Tim RichardsPartner Clients & Markets Western Australia


Deloitte WA Index performance against the ASX All Ordinaries and Overseas Indices

The Deloitte WA Index fell by 1.9% on the back of the continued Iron Ore price slump, which has seen the metal fall to a five year low, partly attributed to a weakening within China’s property sector dampening demand.

At the same time global supply is increasing as expansion projects come online, with higher cost Chinese mines receiving support by provincial government incentives and subsidies, aimed at preventing an increase in regional unemployment. The Western Australian economy relies heavily upon the export of various commodities however weak demand for Iron Ore took a heavy toll on WA’s Iron Ore exporters with heavy weight Fortescue Metals Group Limited (FMG) experiencing a AU$2.3bn fall in its market capitalisation during the month. Amongst the major players in the industry, FMG fared the worst given the company’s sole exposure to iron ore, which has dragged its share price down by 27% since the beginning of the calendar year.

The All Ordinaries has also been weighed down by poor performance in the Iron ore sector; with BHP Billiton Limited and Rio Tinto Limited experiencing a AU$10.7bn and AU$6.9bn fall in their respective market capitalisations. The flat performance in the materials

sector however has been offset by gains in other sectors where fresh geopolitical tensions between Russia and Ukraine sparked demand for safe-haven bonds, providing an overall uplift to the financials sector. However, Healthcare was the best-performing sector, with Vaccine maker CSL Limited posting gains of AU$2.9bn or 8.9% after showing a 7.8% jump in full-year net profit, boosted by increased demand for its plasma products.

The S&P 500 posted the strongest gain of all indices being assessed, with a 3.8% increase due to an significant increase in U.S. consumer confidence in August, with the Thomson Reuters final sentiment index up to 82.5 from 81.8 in July. The latest positive data helped extend a rally that had been threatened by concerns over the on-going crisis in Ukraine. Apple Inc. the world’s largest technology company, led the S&P index with a US$41.3bn increase in market capitalisation in August after news that it has been granted a patent which suggests that it may introduce a curved touch display in a future iWatch device, fuelling further investor speculation.

Local equity markets faced a lacklustre month, having to cope with sinking Iron Ore prices and weakening Chinese demand for Australian exports which caused the Deloitte WA Index to fall by 1.9% during the month. The All Ordinaries fared slightly better, remaining stagnant with no overall change from the previous month. International markets experienced steady gains, with the US S&P 500 and FTSE 100 gaining 3.8% and 1.3% respectively. The Nikkei however, slipped by 1.3% over weak consumer spending data released by the Japanese government.

Last month

Last 3 months

Last 6 months

Last 12 months

Last 5 years

Since May 2000

Deloitte WA Index -1.9% -0.1% 0.2% 7.8% 11.8% 384.6%

All Ordinaries 0.0% 2.4% 3.9% 9.7% 25.4% 85.0%

US S&P 500 3.8% 4.9% 7.7% 22.7% 94.7% 41.0%

FTSE 100 1.3% -0.5% 0.1% 6.3% 38.9% 7.2%

Nikkei -1.3% 5.1% 3.9% 15.2% 47.0% -5.6%

Source: Capital IQ


The FTSE posted gains of 1.3% following speculation that the European Central Bank (ECB) will introduce quantitative easing amid a continued worsening of economic data from the eurozone, which is the UK’s largest trading partner. The Eurozone inflation rate is near a five-year low of 0.3% in August, which adds to fears of a deflationary spiral, and swells further pressure on the ECB to take action to stimulate the economy. The leader in the index is HSBC Holdings plc, which gained 2.7% amid its interim dividend declared of US$0.10 per ordinary share on August 4, 2014.

The Nikkei suffered an overall decline of 1.3% after government data showed that consumer spending fell an inflation-adjusted 5.9% from a year earlier in July 2014. Automotive sales have also fallen to a three year low, and carmakers have resumed scaling back output in the country . Toyota Motor Corporation pulled down the Nikkei, falling 3.1% amid falling demand in Japanese markets outweighing record profits over the last financial quarter being announced from the rising popularity of Toyota’s SUVs in overseas markets.


Performance of global financial markets

0.70

0.80

0.90

1.00

1.10

1.20

1.30

Performance of Global Financial Markets over the past 12 months

Deloitte WA Index ASX All Ordinaries US S&P 500 FTSE 100 Nikkei 225

0.100.400.701.001.301.601.902.202.502.803.103.403.704.004.304.604.905.205.505.806.106.40

Performance of Global Financial Markets since May 2000 (Inception of Deloitte WA Index)

Deloitte WA Index ASX All Ordinaries US S&P 500 FTSE 100 Nikkei 225


Precious metals have shown mixed results during the month of August. Gold and Palladium posted gains of 0.1% and 2% respectively, which was contrasted by a decline of 4% for Silver and 3.3% for Platinum. Uncertainties within equity markets driven largely by lingering doubts over international geopolitical tensions boasted the demand for Gold, commonly perceived as a safe haven asset. However strengthening Gold prices were quickly offset by the appreciation of U.S. dollar on the back of promising U.S. economic data and at the same time lowering demands for other precious metals, decreasing the price of Silver and Platinum.

Palladium has increased by 2.0% this month, reaching its highest level compared to Platinum since mid-2002, mainly due to the disruption of supplies from major Palladium producer Russia as a result of recent sanctions introduced by the European Union against Russia.

Aluminium rose to one of its highest levels in 18 months, leading the charge for industrial metals after a report showed U.S. durable goods orders jumped ahead of initial forecast and bookings surged for commercial aircrafts which predominantly use aluminium. Sluggish demands and poor manufacturing figures from China have contributed to the decrease in prices for Tin and Copper as China is one of the largest consumers of these three metals.

Uranium posted the biggest gain this month, with an increase of approximately 9%, on the back of supply disruptions as Cameco Corporation temporarily shut its McArthur River Uranium mine due to strikes. The McArthur mine is one of the world’s largest sources of Uranium and contributes around 10% of global supply.

Commodity and precious metal prices

Commodity Metric 31 August 2014

31 July 2014

Monetary change

Percentage change

Gold US$/troy oz. 1,287.93 1,286.06 1.87 0.1%Silver US$/troy oz. 1,986.00 2,069.00 -83.00 -4.0%Platinum US$/troy oz. 1,424.00 1,472.00 -48.00 -3.3%Palladium US$/troy oz. 898.00 880.00 18.00 2.0%LME Copper US$/tonne 7,008.50 7,135.50 -127.00 -1.8%LME Nickel US$/tonne 18,717.00 18,435.50 281.50 1.5%LME Aluminium US$/tonne 2,086.50 1,978.50 108.00 5.5%LME Lead US$/tonne 2,237.25 2,218.50 18.75 0.8%LME Zinc US$/tonne 2,359.25 2,377.50 -18.25 -0.8%LME Tin US$/tonne 21,817.00 22,811.00 -994.00 -4.4%Crude Oil (Brent) US$/bbl. 101.54 104.63 -3.09 -3.0%Uranium US$/lb. 31.00 28.50 2.50 8.8%Iron Ore US$/tonne 89.00 96.00 -7.00 -7.3%Coal US$/tonne 68.70 68.95 -0.25 -0.4%

Source: Thompson Reuters DataStream Professional

Commodity markets experienced a mixed performance across the board during the month of August. Steady gains were experienced by industrial metals with the exception of Tin and Copper, which both experienced losses, as a result of sluggish demand from China. Uranium is the biggest winner this month with a significant 8.8% increase in prices due to supply disruption while Iron Ore prices suffered the greatest fall of 7.3% due to concerns surrounding the strength of the Chinese economy, combined with increasing supply.


The gain is further backed by the prospects of a Japanese nuclear reactor restart as well as the end of the Russia-U.S. megatons to megawatts program last August, eliminating a huge source of uranium supply.

Crude oil prices decreased 3.0% this month as a result of increased global supply due to the market’s perception of reduced risk associated with Iraq oil exports and increasing Libyan oil production. On top of that, the downward pressure on oil prices are further driven by lower seasonal demand from both Asia and Europe.

Of the commodities surveyed, Iron ore was the poorest performer during the month, with prices dropping 7.3% to close at US$89 per tonne, taking the total decrease to 35% since the start of the calendar year, and is nearly

at its lowest price in five years. The decline in price is attributable to a combination of sluggish Chinese property prices and oversupply of iron ore by major exporters, Australia and Brazil, driving Chinese stockpiles to record highs. Furthermore, analyst are forecasting low demand from China steel producers resulting from seasonal patterns as well as measures to reduce pollution from China’s steel industry.


Western Australian movers and shakers over the past month

Market Cap 31 August 2014

AU$m

Market Cap 31 July 2014

AU$m

Change in month

AU$m

Change in month

%

Carnarvon Petroleum Limited 262 83 179 215.5

Greenland Minerals and Energy Limited 107 63 44 70.2

Nido Petroleum Ltd. 114 84 30 35.4

Source: All data obtained from company websites, ASX website and Capital IQ

Carnarvon Petroleum LimitedCarnarvon Petroleum Limited (‘Carnarvon’) increased its market capitalisation by 215.5% from AU$83m to AU$262m over the period ended 31 August 2014. As at 31 August 2014 Carnarvon was ranked 51st in the Deloitte WA index.

Carnarvon Petroleum Limited (‘Petroleum’) is a Perth based oil and gas exploration and production company, with operations based mainly in North West of Western Australia and South East Asia, with core focus in Thailand.

Carnarvon’s Thailand operations include production, development, appraisal and exploration projects at different stages in various onshore locations. Carnarvon currently owns a 20% stake in these projects, with the other shareholders being Loyz Energy (20%) and ECO Orient (operator with 60%). The exploration and production concessions are located 300km north of Bangkok and there has been an active drilling campaign in this highly prolific basin, with the operator drilling numerous, production, appraisal and exploration wells.

In March 2014, the company sold half of their 40.0% stake in the above mentioned Thailand assets to Loyz Energy in order to release cash for their Australian operations.

Carnarvon’s Western Australian assets, which were acquired in 2008, include exploration interests on the North Western Shelf off the coast of the Kimberley, 150km north of Port Hedland. These interests consist of the company’s four permits which span over a large 20,000 km² and include the recent Phoenix South-1 oil discovery, held in joint venture with partners Apache Corporation (40.0%), JX Nippon (20.0%) and Finder Exploration (20.0%).

On 18 August 2014, Carnarvon and its partners, announced to the market, their first oil discovery in their Phoenix South-1 well. This discovery is the first discovery of oil in Australia’s offshore Canning Basin. The preliminary results from Phoenix Shouth-1 have estimated a possible 300 million barrels of oil. Carnarvon shares rose threefold on the news, finishing the month up 215% with market capitalisation of AU$262m.

Going forward, the joint venture partners plan to determine the commercial viability of the Phoenix South-1 well, to understand the potential quantity of recoverable oil, the results of which are expected towards the end of 2014. The partners also plan for further drilling and evaluation of the Phoenix South-1 well in 2015. The Phoenix South-1 oil discovery has placed Carnarvon in an exciting position to be central played in the possible future development of Australia’s newest, oil province, with multiple oil fields on Australia’s North West Shelf.


Greenland Minerals and Energy Limited Greenland Minerals and Energy Limited (‘GMEL’) increased its market capitalisation by 70.2% from AU$63m to AU$107m over the period ended 31 August 2014. As at 31 August 2014 GMEL was ranked 95th in the Deloitte WA Index.

GMEL (ASX: GGG) is an exploration and development

company focused on its Greenland-based rare earth

and uranium project’s development. As an Australian

domiciled company, GMEL has been operating in

Greenland since 2007.

The company’s primary focus is the advancement of

its flagship Kvanefjeld project, in Greenland, from its

current feasibility evaluation stage, through to mine

development. The first drill program commenced in late

2007 highlighting Kvanefjeld’s potential of becoming

a resource of global significance in terms of rare earth

elements (REE) as well as zinc and uranium.

The potential of GMEL’s 100% owned Kvanefjeld project

is reinforced by one of the world’s largest REE-uranium

resources as well as its strategic placement making it

highly accessible to the European and North American

markets. After conducting seven years of research and

development, the project has been recognised as having

cost effective processing with minimal technical risk.

Kvanefjeld contains resources of 956m tonnes including

575m pounds of uranium and 10.33Mt of total rare

earth oxide.

In October 2013 the Greenland Government repealed its long standing zero tolerance policy towards the exploitation of radioactive elements which inclluded uranium. Furthermore, since January 2014 Greenland and Denmark have been working together in order to implement a co-operation agreement on the responsibilities related to uranium productions. These developments are instrumental in terms of GMEL’s future operations and productivity, and provide a clear pathway towards development.

GMEL shares have risen 79.4% over the past month, boosted by increased institutional interest, and the significant increase in uranium prices. Also driving the company’s rise is the continued progress associated with the Environmental and Social Impact Assessments for Kvanefjeld which when finalised will play a critical role in obtaining a mining licence.. The markets confidence in GMEL’s potential is visible with Global X Uranium ETF recently coming on board as a substantial shareholder, who now has a 7.35% stake in GMEL.

In terms of its next steps, GMEL is aiming to establish a uranium partner as well as evaluating its future development plans for the Kvanefjeld project.


Nido Petroleum LtdNido Petroleum Ltd (‘Nido’) increased its market capitalisation by 35.4% from AU$84m to AU$114m over the month of August. As at 31 August 2014, Nido was ranked 92nd in the Deloitte WA index.

The South East Asian ASX-listed company’s main focus is oil and gas exploration and production. Nido,’s portfolio includes a significant acreage in the highly prospective North West Palawan Basin in the Philippines, and the Penyu and West Natuna basins in Indonesia.

Based on Nido’s June 2014 Half Year Financial Report, production from the Galoc Oil field in Philippines levelled out to optimal rates following on from the commissioning of Galoc Phase II in December 2013. Nido also noted progress in its West Linapacan A re-development project, where phased development investment is being considered.

Nido’s Q2 Quarterly Report confirmed while the well at the Palawan Basin prospect Baragatan-1 location had to be re-spud at an alternate location due to an unstable geological zone, the primary results have confirmed the existence of an active petroleum system. Nido intends to integrate these results in the underground geological models during the second half of 2014.

Nido’s strong market performance during August is mainly attributable to a combination of an off-market takeover offer from the Bangchak Petroleum Public Company of Thailand (BPCE) and good operational performance reported in the quarter ending 30 June 2014. The off-market takeover offer from BCPE was unanimously recommended by Nido Directors.

As per the Nido Q2 Quarterly report, the company intends to, continuously assess new exploration, development and production opportunities in the region as well as targeting near-term affordable drilling opportunities. To this intent, Nido looks forward to tapping into the Gurita PSC offshore Gobi-1 Indonesian prospect by commencing drilling operations in Q4 2014 with a number of significant oil and gas discoveries in adjacent zones.


This month

Last month

ASX Company name Mkt Cap31 August

2014 AU$m

Mkt Cap31 July 2014

AU$m

Last price (mth)

High price

(yr)

Low price

(yr)

EPS (PoAb)

1 1 WES Wesfarmers Limited 49,515 50,327 43.31 45.88 40.42 2.35

2 2 WPL Woodside Petroleum Ltd. 35,181 35,033 42.70 44.23 36.54 2.41

3 3 FMG Fortescue Metals Group Limited 12,985 15,320 4.17 6.22 3.91 0.88

4 4 ILU Iluka Resources Ltd. 3,719 3,689 8.90 12.08 8.04 -0.01

5 7 NVT Navitas Limited 2,018 1,864 5.37 7.88 4.43 0.14

6 5 MIN Mineral Resources Ltd 1,983 2,071 10.63 12.74 9.15 1.24

7 6 SWM Seven West Media Limited 1,853 2,048 1.86 2.60 1.65 0.15

8 8 LNG Liquefied Natural Gas Limited 1,753 1,630 3.80 4.10 0.18 -0.05

9 9 BWP BWP Trust 1,689 1,624 2.64 2.68 2.12 0.24

10 10 MND Monadelphous Group Limited 1,451 1,483 15.66 20.82 14.63 1.59

11 11 SIR Sirius Resources NL 1,292 1,309 3.79 4.16 1.92 -0.11

12 12 IIN iiNet Ltd. 1,245 1,230 7.72 8.27 5.75 0.39

13 13 AHE Automotive Holdings Group Limited 1,238 1,199 4.04 4.16 3.30 0.27

14 14 WSA Western Areas Limited 1,142 1,174 4.91 5.22 1.94 0.13

15 15 IGO Independence Group NL 1,094 1,143 4.67 4.97 2.71 0.20

16 16 NST Northern Star Resources Limited 1,030 1,007 1.76 1.91 0.63 0.05

17 17 SFR Sandfire Resources NL 987 1,005 6.34 7.07 5.31 0.50

18 18 RRL Regis Resources Limited 880 880 1.76 4.37 1.36 0.25

19 20 MRM Mermaid Marine Australia Limited 847 745 2.31 3.86 1.95 0.19

20 19 MGX Mount Gibson Iron Limited 753 802 0.69 1.22 0.65 0.09

21 21 AQP Aquarius Platinum Limited 667 653 0.46 0.92 0.33 -0.01

22 27 TFC TFS Corporation Limited 643 562 1.99 2.22 0.60 0.29

23 22 PIR Papillon Resources Limited 621 648 1.77 1.92 0.86 -0.01

24 24 CWP Cedar Woods Properties Ltd. 585 591 7.47 7.96 6.10 0.54

25 23 UOS United Overseas Australia Ltd. 575 595 0.50 0.60 0.48 0.07

26 26 PPC Peet Limited 572 583 1.32 1.55 1.17 0.07

27 25 AGO Atlas Iron Limited 522 586 0.57 1.24 0.55 0.02

28 28 AMM Amcom Telecommunications Ltd. 520 543 1.97 2.30 1.81 0.09

29 29 CCV Cash Converters International Limited 500 480 1.17 1.33 0.75 0.06

30 37 ASB Austal Ltd. 442 412 1.28 1.32 0.66 0.09

31 34 MLD MACA Limited 442 415 2.18 2.72 1.66 0.30

32 38 RCR RCR Tomlinson Limited 441 403 3.22 3.90 2.57 0.32

33 41 PDN Paladin Energy Ltd 410 362 0.43 0.66 0.28 -0.34

34 44 ASL Ausdrill Ltd. 408 340 1.31 1.92 0.76 -0.14

35 35 BDR Beadell Resources Ltd 407 415 0.51 1.02 0.45 0.12

36 30 BCK Brockman Mining Limited 394 436 0.05 0.07 0.04 -0.05

37 49 SEH Sino Gas & Energy Holdings Ltd. 378 293 0.25 0.27 0.13 0.00

38 31 TOX Tox Free Solutions Ltd. 373 435 2.79 3.76 2.63 0.16

39 36 MLX Metals X Limited 373 414 0.23 0.28 0.10 0.02

40 39 RSG Resolute Mining Limited 365 385 0.57 0.97 0.41 0.05

41 32 LNR Lonestar Resources Limited 365 429 0.49 0.64 0.20 0.00

42 40 FRI Finbar Group Limited 348 384 1.54 1.80 1.28 0.16

43 33 BCI BC Iron Limited 347 420 2.79 5.50 2.76 0.59

44 45 DCG Decmil Group Limited. 341 337 2.02 2.70 1.63 0.31

45 46 PRG Programmed Maintenance Services Ltd. 338 333 2.85 3.53 2.39 0.26

46 42 SAR Saracen Mineral Holdings Limited 305 349 0.39 0.50 0.18 0.01

47 48 NWH NRW Holdings Limited 291 301 1.05 1.62 0.91 0.16

48 52 BRU Buru Energy Limited 276 249 0.93 2.10 0.69 -0.10

49 50 TGS Tiger Resources Ltd. 270 292 0.30 0.46 0.22 0.02

50 51 SDL Sundance Resources Limited 262 259 0.09 0.14 0.07 -0.01

WA’s top 100 listed companiesas at 31 August 2014


This month

Last month

ASX Company name Mkt Cap31 August

2014 AU$m

Mkt Cap31 July 2014

AU$m

Last price (mth)

High price

(yr)

Low price

(yr)

EPS (PoAb)

51 120 CVN Carnarvon Petroleum Limited 262 83 0.27 0.29 0.05 0.02

52 47 PAN Panoramic Resources Limited 256 322 0.80 1.08 0.23 -0.03

53 43 MML Medusa Mining Limited 251 346 1.21 2.75 1.17 0.18

54 53 ATU Atrum Coal NL 251 246 1.52 2.10 1.03 -0.13

55 56 PRU Perseus Mining Limited 232 229 0.44 0.81 0.21 -0.06

56 54 WLF Wolf Minerals Limited 230 242 0.29 0.50 0.26 -0.02

57 55 SLR Silver Lake Resources Limited 224 231 0.45 1.00 0.32 -0.38

58 61 AHZ Admedus Ltd 216 180 0.15 0.19 0.07 -0.01

59 64 PEA Pacific Energy Ltd. 205 174 0.56 0.58 0.37 0.04

60 73 IOH Iron Ore Holdings Limited 193 147 1.20 1.43 0.83 -0.17

61 59 GRR Grange Resources Limited 191 191 0.17 0.31 0.15 0.02

62 58 EZL Euroz Ltd. 189 199 1.23 1.43 1.01 0.06

63 69 GOR Gold Road Resources Limited 188 155 0.37 0.37 0.07 -0.04

64 57 KRM Kingsrose Mining Limited 183 199 0.51 0.67 0.33 -0.02

65 60 TBR Tribune Resources Ltd 173 186 3.45 3.96 1.90 0.31

66 62 BSE Base Resources Limited 169 180 0.30 0.50 0.25 -0.02

67 77 CGH Calibre Group Limited 161 141 0.48 0.56 0.31 0.08

68 65 WIC Westoz Investment Company Limited 160 168 1.24 1.35 1.10 0.17

69 78 IMD Imdex Limited 159 137 0.75 0.99 0.45 -0.03

70 75 TAP Tap Oil Ltd. 157 146 0.65 0.69 0.34 -0.12

71 68 TRY Troy Resources Limited 156 155 0.80 1.87 0.75 -0.34

72 67 AVB Avanco Resources Limited 155 161 0.09 0.12 0.05 0.00

73 70 AZZ Antares Energy Ltd. 153 152 0.60 0.68 0.36 0.09

74 74 APZ Aspen Group 152 146 1.27 1.85 1.15 -0.59

75 63 IRD Iron Road Limited 151 175 0.26 0.37 0.22 -0.01

76 76 MAH MacMahon Holdings Ltd. 150 144 0.12 0.17 0.10 0.02

77 86 OBJ OBJ Limited 141 124 0.10 0.12 0.01 0.00

78 83 NGF Norton Gold Fields Limited 140 126 0.15 0.18 0.10 0.03

79 72 RRS Range Resources Limited 139 149 0.03 0.05 0.01 -0.01

80 87 SFX Sheffield Resources Limited 138 120 1.03 1.12 0.35 0.00

81 85 AMI Aurelia Metals Limited 138 125 0.42 0.44 0.20 -0.01

82 66 TON Triton Minerals Limited 134 163 0.45 0.91 0.04 -0.01

83 102 ASZ ASG Group Limited 133 99 0.65 0.68 0.35 0.04

84 79 FWD Fleetwood Corp. Ltd. 126 132 2.08 3.92 2.01 0.00

85 80 CLX CTI Logistics Limited 126 131 1.97 2.75 1.85 0.16

86 99 GNG GR Engineering Services Limited 124 102 0.83 0.84 0.49 0.09

87 71 MCR Mincor Resources NL 122 152 0.65 0.99 0.49 0.01

88 93 TNG TNG Limited 122 111 0.22 0.34 0.04 0.00

89 84 CYG Coventry Group Ltd. 120 125 3.15 3.51 2.54 0.02

90 82 EHL Emeco Holdings Limited 120 128 0.21 0.37 0.17 -0.49

91 88 AOH Altona Mining Limited 115 120 0.22 0.24 0.13 0.02

92 114 NDO Nido Petroleum Ltd. 114 84 0.05 0.05 0.03 0.00

93 97 HFR Highfield Resources Limited 109 109 0.70 0.79 0.33 -0.04

94 91 ABU ABM Resources NL 108 112 0.40 0.57 0.24 -0.04

95 141 GGG Greenland Minerals and Energy Limited 107 63 0.16 0.46 0.09 -0.02

96 81 DRM Doray Minerals Limited 104 130 0.63 1.10 0.53 0.05

97 103 MCE Matrix Composites & Engineering Limited 104 98 1.10 1.60 0.60 0.03

98 98 OEL Otto Energy Limited 103 108 0.09 0.12 0.08 -0.01

99 104 EMA Energy and Minerals Australia Limited 99 92 0.07 0.10 0.03 -0.02

100 90 OEX Oilex Ltd. 99 116 0.16 0.22 0.04 -0.02


Compilation of the Deloitte WA Index

Compilation of the Deloitte WA Index The monthly Deloitte WA Index is compiled from publicly available information provided by the ASX and Capital IQ on the market capitalisation of each Western Australian listed company.

A company is included as a Western Australian Company where its registered office is listed in Western Australia, regardless of whether the company is dual listed. The information on Western Australian listed companies is extracted and then summarised to provide a cumulative market capitalisation figure for all Western Australian listed companies.

The base period of the Deloitte WA Index is May 2000 and for the purposes of the Index the month of May 2000 is given a notional value of one. All subsequent monthly cumulative market capitalisation totals are divided by the May 2000 total to then obtain a relative movement. Please note that if a company has been suspended or delisted during a particular period no data will be included for that month and all subsequent months until the company is re-listed or the suspension lifted. Historical information regarding the company’s market capitalisation will continue to be included in the calculation of the Index.

Earnings per share (EPS) is a basic EPS calculation, i.e. net profit divided by weighted average number of shares.

About Deloitte PerthAs one of Australia’s leading professional services firms, Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 6,000 people across the country. We have expertise that spans industry sectors including automotive; consumer business; energy and resources; financial services; government services; life sciences and health care; manufacturing; real estate; and technology, media and telecommunications. Focused on the creation of value and growth, and known as an employer of choice for innovative human resources programs, we are dedicated to helping our clients and our people excel. Our professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities.

Our Perth practice continues to grow with over 500 dedicated personnel including 52 partners. We provide high quality service to our clients throughout Western Australia, delivering seamless solutions and the insights that they need to address their most complex business challenges. The strong performance culture of the Perth office is attributed to Deloitte’s seven Signals, representing who we are and how we do business.

Disclaimer of liabilityThis Index has been prepared as general information only and does not consider the specific objectives, situation or needs of anyone including any member of its target audience. You should not rely on the information in the Index or disclose it or refer to it in any document.

Deloitte does not accept any duty of care or liability to anyone regarding this Index or any of its content and we are not responsible to anyone for any loss suffered in connection with the use of this Index or any of its content. We make no representation or warranty about the accuracy of the information in the Index. Circumstances might have changed since the date this Index was prepared.

For information regarding the Deloitte WA Index, please contact:

Tim RichardsTel: +61 8 9365 7248 [email protected]

David NewmanTel: +61 8 9365 7178 [email protected]

Adrian KellyTel: +61 8 9365 7266 [email protected]

www.deloitte.com.au

Perth officeTel: +61 8 9365 7000 Fax: +61 8 9365 7001


Recent awards and achievements

Awarded in 2014

Kennedy ranked Deloitte #1 in Global Consulting and Management Consulting• Ranked #1 in Global Consulting and Management

Consulting based on revenue by Kennedy in its recent report titled Global Consulting Index 2013.

Gartner names Deloitte #1 globally in Consulting• Third year running, ranked #1 globally in Consulting in

Gartner’s recently released market share analysis titled Market Share: IT Services, 2013.

Kennedy names Deloitte the leader in Analytics IT Consulting 2014• Deloitte was named the leader in Analytics IT

Consulting by Kennedy in its IT Consulting: Analytics 2014 report.

Kennedy names Deloitte a leader in Benefits Consulting 2014• Kennedy named Deloitte a leader in its recently released

report titled Benefits Consulting 2014.

Forrester names Deloitte a global leader in Oracle Application Services Q1 2014• Forrester named Deloitte a global leader in Oracle

qApplication Services in its recently released report titled Forrester Wave: Oracle Application Services Providers, Q1 ‘14.

Tier One tax practice and Tier One transfer pricing practice for 2014 by the International Tax Review• Deloitte’s recognition as a Tier One tax and transfer

pricing practice by the prestigious International Tax Review journal cements our reputation as leading tax advisers to corporate Australia. Our depth of tax and transfer pricing expertise, and the innovative tax and transfer pricing services we provide to a wide range of blue-chip clients across numerous industries, has allowed us to continue to attract some of the most eminent and accomplished Australian practitioners to enhance our growing practice.

Awarded in 2013

AFR CFO Awards 2013 Deloitte wins the double• Deloitte won both the Accounting Firm of the Year and

the Audit Firm of the Year in the Financial Review CFO Awards 2013. This was the first time in the awards’ history that any firm had taken out both awards in the same year.

Deloitte Audit Services wins Australian International Design Award• Recognised for commitment to applying design

thinking principles to better understand client needs.

Deloitte ranked #1 Globally in Security Consulting• The world’s largest IT consulting firm, as well as the

largest security consulting services firm, with the largest and most mature global delivery network compared with the four other top firms.

Deloitte ranked #1 in Global Financial Services Consulting by Kennedy• Measured by capabilities and skills in delivering

integrated offerings around restructuring and rebuilding opportunities for its financial services clients.

Deloitte ranks #1 in 2013 World’s Best Outsourcing Advisors List• Recognised Deloitte’s deep experience and knowledge

in finance, human capital, IT and other frequently outsourced functions, as well as its ability to help organisations throughout the outsourcing life cycle.

Deloitte ranked #1 in Global Consulting by Gartner• Deloitte remained the top player in 2012 for consulting

services, with a 6.6% market share and consulting services growth rate of 13.8%.

Kennedy named Deloitte as the global leader for Human Capital Strategy Consulting• Recognising Deloitte’s capability strengths including

human capital analytics and a heavy investment in predictive analytics tools for scenario modelling, strategic workforce planning and talent management, as an aging workforce and shortage of qualified talent drove industry spend.

ANZ FastPay, developed by Deloitte Digital, won two awards• Australia’s first mobile banking app recognised for

‘Innovation in Mobile Payments’ at the IDC Financial Insights Innovation Awards in Singapore and a Trailblazer Award for ‘Channel Excellence in Mobile Payments’ for Asia.

Deloitte named a global leader in change management by Kennedy• The evaluation was based primarily on service

capabilities breadth and depth, client satisfaction, and market eminence.


About Deloitte

Our SignalsContinuously grow and improve We have an environment that respects the individual, rewards achievements, welcomes change and encourages a lifetime of learning – with ourselves and our clients.

Have fun and celebrateThere is never a wrong time to celebrate and have fun – recognising, appreciating, acknowledging and learning from the experiences and success shared between our client and Deloitte teams.

Aim to be famousWe aim to reach for the stars – and beyond. To be thought leaders, showcasing our clients and our team’s talent and expertise.

Play to winThink globally – Winning is our stated objective. It is also our state of mind.

Talk straightWhen we talk, it’s open, regular, honest, constructive two-way communication between our people and our clients.

Empower and trust We encourage a sense of ownership and pride by giving responsibility and delegating authority.

Recruit and retain the best Our people are talented, enthusiastic, self-starters, team players who are bursting with potential. They are people with whom we have a lifetime association.

Our Culture – our essenceCulture at Deloitte does not just happen – we work at it. It’s the sum total of the actions of our people, it’s the way we treat others – it’s the way we behave. Our seven Signals embody these values. Our passion for teamwork and exceptional client service is our point of difference.

At Deloitte, we live and breathe our culture. Our internationally experienced professionals strive to deliver seamless, consistent services wherever our clients operate.

Our mission is to help our clients and our people excel.


Contact us

Please feel free to contact any of the following to discuss how we can help you achieve your goals.

Tim RichardsClients & Markets Partner - WA Tel: +61 8 9365 7248 [email protected]

Michael McNultyOffice Managing Partner – WA Tel: +61 8 9365 7055 [email protected]

Ross JerrardLead Partner - Assurance & Advisory Tel: +61 8 9365 7057 [email protected]

Gary DoranLead Partner – Restructuring Services Tel: +61 8 9365 7080 [email protected]

Fiona CahillLead Partner – Corporate Tax Services Tel: +61 8 9365 7313 [email protected]

Andrew AnnandLead Partner – Corporate Finance Tel: +61 8 9365 7287 [email protected]

Martin LangridgeLead Partner – Forensic Tel: +61 8 9365 7130 [email protected]

Richard ThomasLead Partner – Risk Services Tel: +61 8 9365 7024 [email protected]

Michael GastevichLead Partner – Deloitte Private Tel: +61 8 9365 7355 [email protected]


Culture at Deloitte does not just happen – we work at it

Contact us

Deloitte Level 14, Woodside Plaza 240 St Georges Terrace Perth WA 6000 Australia

Tel: +61 8 9365 7000 Fax: +61 8 9365 7001

www.deloitte.com.au

This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively the ‘Deloitte Network’) is, by means of this publication, rendering professional advice or services.

Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication.

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/au/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence.

About Deloitte Australia

In Australia, the member firm is the Australian partnership of Deloitte Touche Tohmatsu. As one of Australia’s leading professional services firms, Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 6,000 people across the country. Focused on the creation of value and growth, and known as an employer of choice for innovative human resources programs, we are dedicated to helping our clients and our people excel. For more information, please visit Deloitte’s web site at www.deloitte.com.au.

Liability limited by a scheme approved under Professional Standards Legislation.

Member of Deloitte Touche Tohmatsu Limited

© 2014 Deloitte Touche Tohmatsu.

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