SABRENet Transforming SA. Annual Report

SABRENet Transforming SA Annual Report 2017

Table of Contents Chair s Report 1 SABRENet Limited ACN 115 957 090 Hedge House, Building 14 Little Queen Street Thebarton SA 5031 T: +618 8313 5166 E: enquiries@sabrenet.edu.au W: www.sabrenet.edu.au Introduction 2 GigCity 3 New Connections 4 The Year Ahead 5 Connected Sites 8 The Company 9 Summary Financial Reports 12

Chair s Report When SABRENet Ltd was registered as a company in 2005, we realised that creating a major new fibre based telecommunications infrastructure stretching from the southern suburbs of Adelaide to Roseworthy was a bold move and one that would be full of challenges. Just 12 years on, SABRENet has overcome all of those challenges and it is now a major research, education and innovation asset for the South Australian people. The incredible success of SABRENet, over more than a decade, reflects the twin underlying principles upon which it was built collaboration and innovation. SABRENet is a leading edge communications infrastructure that delivers multi gigabit connectivity to over 180 important locations in Adelaide including university campuses, private and public schools, TAFE campuses, teaching hospitals, research institutions, public libraries, and data centres. We are still on a growth trajectory and the number of sites connected to SABRENet increased by 20% in the past year alone. Some of the new connections to the network include the University of Adelaide s Health and Medical School, University of South Australia s Health Innovation Building, nine innovation precincts, seven schools, and the public libraries in the cities of Adelaide, Campbelltown, Mitcham, Playford, Prospect and Salisbury. The efficiency of SABRENet s business model allows us to continue to deliver highly cost effective access to dark fibre for research and education. Participant subscriptions costs in 2017 for example are, in dollar terms almost identical to what they were in 2007. That represents outstanding value for our Members and confirms our claim that SABRENet offers the most cost effective access to dark fibre, for research, education and innovation available anywhere in the world. SABRENet Ltd is proud to have been selected by the South Australian Government as its GigCity implementation partner. As a GigCity, with high speed Internet, Adelaide will be able to attract the businesses, entrepreneurs and start-ups with bandwidth hungry ideas, products and services that we need to transition to a modern and innovative economy. During the year SABRENet successfully undertook the planning, design and construction work to connect the first 14 innovation precincts to the GigCity network. We expect the demand for the cost effective gigabit services that GigCity can provide across these precincts will be extremely strong. During the year Mark Gregory, the Director appointed by the University of Adelaide resigned from the SABRENet Ltd Board. Mark made a strong contribution to the overall success of SABRENet and I would like to sincerely thank him for the commitment he made to his role as a Director of SABRENet Ltd. Bev McQuade, Chief Information Officer, is now the University of Adelaide s appointed Director. SABRENet Ltd s future continues to burn bright. Our forward plans will continue to expand the reach and density of connections to the network and our GigCity partnership with the South Australian Government will see SABRENet Ltd playing an increasingly important role in the transformation of the South Australian economy. On behalf of my fellow Directors and our CEO Ralph Leonard, I d like to sincerely thank all of those people who have made a contribution to the success of SABRENet Ltd over the last 12 years. Paul Sherlock, Chair, SABRENet Board 1

Introduction About SABRENet The South Australian Broadband Research and Education Network (SABRENet) is an optical-fibre telecommunications network constructed in metropolitan Adelaide to link the State s major Research, Education and Innovation sites, including university campuses, innovation precincts, teaching hospitals, TAFE campuses and schools. SABRENet Ltd is a not-for-profit public company formed to oversee the development, management and effective use of SABRENet. The strategic role of SABRENet Ltd is to raise South Australia s research, education and innovation performance by deploying and enabling specialist broadband and related services on behalf of its members and customers. SABRENet Ltd creates value for South Australia by: Removing constraints on available bandwidth for research, education and innovation. Creating a critical mass of interconnected sites, users and applications. Extending, owning and operating fibre infrastructure. Providing leadership on broadband issues within the research, innovation and education sector. SABRENet provides optical fibre connections to 186 sites in the greater Adelaide metropolitan area (see Connected Sites) at data speeds in excess of 1 gigabit per second (Gbps). The success of SABRENet is evident from the continued growth in the number and variety of sites connected to the network, and the accelerating growth trajectory since its inception. SABRENet has achieved more than a decade of success, and its transformative potential is now being fully realised. 2

GigCity Adelaide GigCity Program Milestones September 2016 SABRENet CEO visited USA GigCity sites with the Minister for Science and Information Economy November 2016 GigCity Agreement signed by SABRENet Ltd and the Minister for Science and Information Economy Civil works begun for connections to Innovation Precincts Tender released for selection of GigCity service partner March 2017 EscapeNet confirmed as preferred bidder for GigCity service partner June 2017 Contract between SABRENet and EscapeNet signed Fibre circuits completed for 12 Innovation Precincts Agreement for purchase of Dell network equipment for the GigCity network Government of South Australia announced funding of $2.9 million for Stage 2 of the Adelaide GigCity Program Ralph Leonard (SABRENet CEO) and Stavros Patiniotis (EscapeNet MD) signed the agreement for GigCity services in June 2017 3

New Connections SABRENet Sites connected during 2016-17 Adelaide Central School of Art Adelaide City Library Adelaide Dental Hospital Adelaide Smart City Studio Aquinas College (University residential college) Campbelltown Library Carclew House Hub Adelaide Innovation House (Technology Park) Lockleys North Primary School Loreto College Marryatville High School Mitcham Library Nazareth Community College Playford Library Portside Christian College Prospect Library SA Film Corporation Salisbury Library Scotch College St Paul s Creative Centre Stretton Centre TechHub Thebarton The Mill University of Adelaide s new Health and Medical Sciences Building University of South Australia s new Health Innovation Building Minister Kyam Maher and Lord Mayor Martin Haese assisted the SABRENet fibre installation into St Paul s Creative Centre in December 2016 4

The Year Ahead For SABRENet s Participants and customers, the major benefit of the SABRENet network is the provision of a cost effective, reliable fibre network which meets their current needs and responds to new demands. This is the fundamental activity and the overarching objective of SABRENet Ltd. Specific goals have been identified to provide further benefits to SABRENet s stakeholders in 2017/18. Adelaide GigCity Program The Adelaide GigCity Program (AGCP), funded by the Government of South Australia, is designed to provide affordable superfast connectivity to designated innovation precincts. Using SABRENet fibre circuits, the GigCity network links the precincts and three data centres into a high-speed, highly resilient fibre platform. pending decisions internal to the precincts organisations. SABRENet is ready to connect these when the arrangements have been finalised. Stage 2 of AGCP was announced in the State Budget on 22nd June 2017. The Department of State Development (DSD) will select the innovation precincts for Stage 2. SABRENet will provide cost estimates to assist that decision process. Collaboration SABRENet will continue the successful collaboration established with the Department of Planning, Transport and Infrastructure (DPTI), the Office for Digital Government and the Adelaide City Council. Through these agreements SABRENet has access to existing duct infrastructure and the other parties gain the benefits of SABRENet fibre circuits to many parts of the Adelaide Region. Data Centre Connections SABRENet already provides connections to six commercial data centres. The SABRENet community benefits from the continual increase in access to commercial data centre facilities because it provides competitive choice when institutions seek to use external facilities for hosting and disaster recovery planning. SABRENet will continue to increase the number of connections to commercial data centres. Backbone Upgrades The number of sites connected to SABRENet will reach 200 early in the 2017/18 financial year and marks another milestone in SABRENet s recent rapid growth. This growth creates an ongoing demand for capacity improvement in the network. The major activity in the first months of 2017/18 will be the rollout and official launch of GigCity services to the precincts. As at 30 June 2017 two of the fourteen Stage 1 precincts are not yet connected A focus of the collaboration will be the provision of fibre circuits for DPTI to link sites as a cohesive control network for management of road traffic. 5

Connected Sites Defence Science & Technology Group (DSTG) Flinders University Airborne Research Unit (Parafield), Kinetica Building (Tonsley Park), Mark Oliphant Building (Science Park), Noarlunga Campus, Noarlunga Clinical School, Sturt North Building, Victoria Square University of Adelaide Adelaide Health & Medical School, Badger Building, Grenfell St, Mathematics Building, National Wine Centre, Plaza Building, Pulteney Street, Roseworthy, Rundle Mall, Norwich House, Terrace Towers, The Village (Grote Street), Waite Institute University of South Australia City East, City West, Currie St, Flight Academy, Haydown Road, Magill, Mawson Lakes South Australian Government DECD Education Development Centre, DEWNR Science Monitoring Branch, Drill Core Reference Library, Fort Largs Police Academy, History Trust of South Australia, Maritime Museum, PIRSA Roseworthy, South Australian Certificate of Education Board Government Schools Adelaide High School, Australian Science and Mathematics School, Charles Campbell College, Christies Beach High School, Craigmore High School, Elizabeth-Fremont High School, Gawler & Districts College, Glenunga International High School, Kaurna Plains School, Lockleys North Primary School, Marryatville High School, Mawson Lakes Primary School, Northern Adelaide Senior College, Norwood Morialta High School, Para Hills High School, Parafield Gardens High School, Paralowie R-12 School, Pasadena High School, Playford International College, Roma Mitchell Secondary College, Salisbury East High School, Salisbury High School, Thebarton Senior College, Unley High School, Urrbrae Agricultural High School, Valley View Secondary School, Windsor Gardens B-12 School TAFE Adelaide TAFE, Elizabeth TAFE, Gilles Plains TAFE, Noarlunga TAFE, Parafield Airport TAFE, Port Adelaide TAFE, Sustainable Industries Education Centre (Tonsley Park TAFE), Regency Park TAFE, Salisbury TAFE, Tea Tree Gully TAFE, Urrbrae TAFE Non-Government Schools Catholic Education Office, Endeavour College, Loreto College, Mercedes College, Nazareth Community College, Pedare Christian College, Pembroke School, Portside Christian College, Pulteney Grammar School, Scotch College, St Patrick s Technical College, St Paul s College, St Peter s College, St Peter s Girls School, Trinity College Blakeview, Tyndale Christian College, Westminster School Health Adelaide Dental Hospital, Flinders Medical Centre, Lyell McEwin Hospital, Modbury Hospital, Queen Elizabeth Hospital, Noarlunga Hospital, Noarlunga Clinical School, Norwood Heart and Rhythm Centre, new Royal Adelaide Hospital (RAH), RAH - Frome Rd (NW Comms), RAH - North Tce (EHB), Playford UniCare Clinic, Repatriation General Hospital, SAHMRI Gilles Plains, SAHMRI North Terrace, Women s and Children s Hospital Innovation Precincts Adelaide Smart City Studio, Carclew, Hub Adelaide, SA Film Corporation, Science Park, St Paul's Creative Centre, Stretton Centre, TechHub Thebarton, TechInSA, Technology Park, Techport Australia, The Mill, Tonsley Innovation District Public Libraries Adelaide City, Burnside, Campbelltown, Mitcham, Noarlunga, Playford, Port Adelaide, Prospect, Salisbury, Tea Tree Gully Data Centres Adam Internet, Glenside Government Computing Centre, Hostworks, Intervolve, Sungard, YourDC Hawthorn, YourDC Edinburgh Parks Interconnect Nodes AARNet (Hindley St), AARNet (Pooraka), EscapeNet, SA Govt Node Kintore Ave, SA Govt Node Flinders St, SA Govt Node Pulteney St Other sites Adelaide Central School of Art, Adelaide Convention Centre, Adelaide City Council, Anti-Cancer Foundation of South Australia, Aquinas College, Bradford College, Base64, Burnside Council, Central Queensland University, Charles Darwin University, CSIRO Health Sciences, eresearch SA, Flight Training Adelaide, Mawson Lakes Base Station, Royal Institution of Australia, St Barnabas Theological College, South Australian Tertiary Admissions Centre, St Ann s College, Torrens University, Zen Technologies. 8

The Company SABRENet Ltd is a not-for-profit company limited by guarantee. The Members of the Company are Flinders University, the University of Adelaide, the University of South Australia, and the Government of South Australia. The Defence Science and Technology Group (DSTG) is a contractual partner in SABRENet Ltd. The Members and DSTG collectively comprise the SABRENet Participants. Board of Directors SABRENet Ltd is governed by its Board of Directors. Paul Sherlock BE, MBA, GAICD (Chair) Paul is the Chief Information Officer (CIO) for the University of South Australia. He is responsible for the delivery of a wide range of ICT and Library services across the University which support the key business functions of teaching and learning, research and consultancy and administration. Paul has previously held senior IT management roles at the Defence Science and Technology Group and BHP Steel International. Paul is on the Board of eresearch SA, and a former President of the Council of Australian University Directors of Information Technology (CAUDIT) Incorporated and the Australian Access Federation (AAF) Incorporated. Paul has completed a Bachelor of Engineering (Electrical) and an Associate Diploma in Computing at the former South Australian Institute of Technology (now UniSA). He has obtained a Master of Business Administration at the University of Adelaide, a Manager s Certificate in IT Service Management at the British Computer Society, and a Graduate Diploma in Applied Finance and Investment at the Securities Institute. Paul is a Graduate Member of the Australian Institute of Company Directors. Paul is the Chair of SABRENet Ltd and was appointed to the Board by the University of South Australia when SABRENet Ltd was formed in September 2005. Dr Andrew Dunbar PhD, BSc, GAICD Andrew is the Director of the Office of Science, Technology and Research (OSTAR) with the Department of State Development, responsible for leading the development and implementation of the South Australian Government s science, technology and research strategy to support innovation and economic development. Andrew has more than 17 years experience working in the life sciences (biotech and pharma) industry both in Australia and Europe. Andrew has a PhD in molecular biology/ biochemistry from Flinders University, and is an Observer on the Boards of TechInSA and the South Australian Venture Capital Fund, and an Advisory Board member of UniSA s Innovation and Collaboration Centre and the University of Adelaide s Institute for Photonics and Advanced Sensing and the University of Adelaide s Smart Cities Consortium. Previous roles included Board Director and Vice President of Childhood Cancer Association, Director Business and Corporate Development at Mayne Pharma Group and Senior Manager, Corporate Business Development and Acquisitions at Novozymes A/S, based in Denmark. He has also held a variety of business development and scientific leadership roles at GroPep Ltd, Bionomics Ltd and CSIRO. Andrew is a Graduate Member of the Australian Institute of Company Directors. Andrew was appointed to the Board by the SA Government in November 2014. Ian Smith BSc, BE, FGLF Ian has held a variety of roles in Information Technology Services at Flinders University, where he lead transformational change for professional support service delivery across Flinders University. Ian has more than 35 years experience leading technology projects in public and private organisations, including Origin, Telstra and the South Australian Government. Prior to leading Information Technology Services at Flinders University, Ian s work enabled new ways of doing business in mining, media, defence, government, agriculture and the energy industry. 9

Ian is qualified in engineering and science, and holds a Bachelor of Science and a Bachelor of Engineering from the University of Adelaide. Ian has broad experience in new technology and business change. Previous roles have included Group Manager, IT Solutions and Projects at Origin Energy, CIO at ABB Grain Ltd, Executive Manager, Corporate Marketing and ecommerce at AusBulk Ltd, Deputy Director and Senior Policy Advisor, Information Economy Policy Officer for the South Australian Government. Ian was appointed to the Board by Flinders University in December 2015 and resigned in September 2017. Bruce Linn AM, BSc, FUniSA, FAICD, FACS Bruce is an experienced Company Director, Chairman and former CEO who heads a successful governance and strategic management consulting business operating in Australia and the USA. Formerly CEO of Finlaysons Lawyers, Bruce s previous executive roles include CE for EDS (now HP Enterprise), responsible for all the State Government business of EDS in Australia, and CEO of Camtech, one of Australia s leading internet and electronic payments technology innovators. He is a technologist and futurist with over 35 years experience. Bruce is a Science graduate of the University of Adelaide. His current Directorships include UniSA Ventures Pty Ltd and SA Heart Centres Pty Ltd. He is Chairman of Anglicare SA Ltd, eresearch SA Ltd, Adelaide Chamber Singers Inc and Sensei Productivity Pty Ltd. He is Past President of the Australian Institute of Company Directors (SA/NT Division), a Fellow of the Australian Institute of Company Directors and the Australian Computer Society. He has been awarded a University Fellow from the University of South Australia. Bruce was appointed to the SABRENet Board as an Independent Director at the 2007 AGM and re-appointed in 2009, 2012, 2014 and 2016. Beverley McQuade Beverley commenced as the Chief Information Officer of the University of Adelaide in March 2017. Formerly CIO at SA Water, Beverley led a significant transformation of IT services. Prior to this she was the Global Head of Information Services for ANZ Bank transforming banking to online and digital services. Beverley held a number of roles during her 17 years at ANZ. Beverley has worked in the IT industry for over 35 years in a range of sectors including Banking, Insurance, Utilities, Federal and State Government. She is a Board Member of the South Australian Tertiary Admissions Centre (SATAC), and is a member of the Australian Institute of Company Directors. Beverley provides advisory services across the IT industry. Beverley was appointed to the Board by the University of Adelaide in March 2017. Kerrie Campbell MBA, GAICD Kerrie commenced as the Chief Information Officer at Flinders University in September 2017, and was appointed to the Board by Flinders University in that month. Kerrie was formerly Acting Chief Information Officer at the University of Adelaide, where she also held the position of Deputy CIO. Previously Kerrie worked as a Director in the Application Services area for the Department of Human Services, and in the UK as a Business Manager for British Gas. Kerrie has worked in the IT industry in various sectors including banking, utilities, Federal Government and higher education for the last 30 years. Kerrie holds an MBA (University of Adelaide) and is a Graduate Member of the Australian Institute of Company Directors. She was on the board of the Adelaide University Council and the 100% Project Board. Kerrie was initially appointed to the Board by the University of Adelaide in December 2016 and resigned in March 2017. Mark Gregory BSc, MBA During his tenure as the former Chief Information Officer of the University of Adelaide, Mark was responsible for technology systems and services. Previously Mark was Associate Vice President of Portland State University in the US, where he managed IT (CIO), campus facilities, property, sustainability, housing, parking and transportation, planning and development, and other business ventures. Mark holds an MBA (Portland State University) and undergraduate degrees in Computer Science, Mathematics and Psychology (University of Illinois). Mark s background includes starting and running a technology services firm, working as a technology leader in commercial software and non-profit organisations, and commercial real estate development and sales. He taught both undergraduate and graduate IT business courses, and performed aid work supporting technology deployment internationally. Mark was appointed to the SABRENet Board by the University of Adelaide in November 2013 and resigned in December 2016. 10

Meetings - The Board held six meetings during the reporting period Director Eligible to attend Attended Notes Paul Sherlock 6 6 Andrew Dunbar 6 6 Ian Smith 6 6 Bruce M Linn 6 5 Beverley McQuade 2 2 Appointed 16/3/17 Kerrie Campbell 2 1 Appointed 9/12/2016-15/3/17 Mark Gregory 2 2 Resigned 8/12/2016 Management and Administration Ralph Leonard has held the position of CEO since June 2012, and his appointment was renewed by the Board in 2015 for a further 3 year term. Ralph s career has focused on ICT in education and government sectors. Prior to joining SABRENet Ltd he was Manager of Broadband and Digital Environments in the South Australian Department of Further Education, Employment, Science and Technology. Ralph holds the following qualifications: BSc (Hons), GDipBA, DipT, and is a Graduate of the Australian Institute of Company Directors. Catherine Nairn was appointed Office Coordinator in March 2015. Catherine has extensive experience in business and office management in both the public and private sectors, including telecommunications, health and the global natural resources industry. She has tertiary qualifications in Business, Public Relations and Project Management. The Company has an office accommodation agreement with eresearch SA, under which SABRENet receives office accommodation and administrative support within the eresearch SA office suite at Thebarton. For the report year the SABRENet financial accounts were managed by Business Pathways Australia and audited by Nexia Edwards Marshall. Business Model SABRENet Participants are allocated passive optical transmission paths ( fibre paths ) connecting pairs of sites on the network. It is the responsibility of Participants to provide their own active services across these paths. The net operating costs of SABRENet Ltd are met by the Participants through an annual subscription. Non-Participant customers seeking to use SABRENet enter into individual Access Agreements with the Company. SABRENet Ltd has engaged Amcom Pty Ltd to operate and maintain the SABRENet infrastructure under a long-term Operation and Maintenance agreement. Under the agreement, Amcom provides physical maintenance of the infrastructure, including carrier obligations, network documentation, Dial Before You Dig registration, fault response and repair. Amcom also provides additional operational services to SABRENet Ltd, largely associated with making new connections to the existing infrastructure. Amcom is part of the Vocus Communications Group. Acceptable Use The Company has published a SABRENet Network Access Policy that sets out the eligibility criteria and acceptable use conditions governing the use of SABRENet. The Access Policy may be obtained from the SABRENet website. Regulatory The Telecommunications Act (1997) requires that telecommunications infrastructure used to carry communications between two discrete entities (as is the case with SABRENet) must be operated by a licensed telecommunications carrier. The University of Adelaide s Health and Medical Sciences Building - opened February 2017 Source: Marketing and Communications - The University of Adelaide 11

Summary Financial Reports The summary financial reports have been derived from the 2016-2017 Financial Report of SABRENet Ltd. These summary reports cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities for the entity as the financial report. Copies of the full audited financial reports have been presented to the Members of SABRENet Ltd. Discussion and Analysis of the Financial Statements - For the Year Ended 30 June 2017 Income Statement The operating result for the year was a profit of $2,604,209, mainly due to the timing of GigCity income and expenses. The operating result included a depreciation expense of $908,837 reflecting network assets being amortised over their useful life. Subscriptions from Members and Participants and network access fees from customers totalled $1,149,431. Statement of Financial Position Total platform assets at cost increased by $2,409,729 to $18,713,210 representing further investment in the network. Accumulated depreciation of the network assets totalled $8,841,227. Plant and equipment totalled $9,871,983. Cash Flow Statement The cash flow for the year was a net inflow of $578,061. Cash inflows were predominantly from member subscriptions, progress payments received towards establishment costs and grants received for network construction costs. Cash outflows were for operating expenses and investment in the construction of the network. Income Statement For years ended 30 June 2017 and 2016 2017 2016 Revenue $ $ Revenue from operating activities 5,138,511 1,733,939 Expenses Employee Costs (299,697) (245,243) Professional fees (84,263) (41,957) Depreciation (908,837) (874,104) Insurance (9,507) (10,021) Occupancy Expenses (24,613) (24,755) Infrastructure Expenses (640,561) (361,311) Write off of indefeasible right of use (10,000) (10,000) Loss on disposal of asset - (1,693) Relocation and network damage expense (474,195) - Other expenses (82,629) (60,354) Profit/(loss) before income tax 2,604,209 104,501 Income tax expense - - Surplus/(Loss) for the year 2,604,209 104,501 12

Statement of Financial Position For years ended 30 June 2017 and 2016 2017 2016 Assets $ $ Current assets Cash and cash equivalents 2,383,832 1,805,771 Trade and other receivables 1,527,381 195,878 Other financial assets 28,850 27,776 Total current assets 3,940,063 2,029,425 Non-current assets Other financial assets 80,000 90,000 Property, plant and equipment 9,871,983 8,370,976 Total non-current assets 9,951,893 8,460,976 Total Assets 13,892,046 10,490,401 Liabilities Current liabilities Trade and other payables 446,680 74,486 Income in advance 828,226 716,298 Provisions 21,433 9,281 Total current liabilities 1,296,339 800,065 Non-current liabilities Income in advance 276,402 - Provisions 24,760 - Total non-current liabilities 301,162 - Total liabilities 1,597,501 800,065 Net Assets 12,294,545 9,690,336 Equity Retained earnings 12,294,545 9,690,336 Total Equity 12,294,545 9,690,336 Statement of Changes in Equity For year ended 30 June 2017 Retained earnings $ Total equity $ Balance at 30 June 2015 9,585,835 9,585,835 Surplus for the year 2016 104,501 104,501 Balance at 30 June 2016 9,690,336 9,690,336 Surplus for the year 2017 2,604,209 2,604,209 Balance at 30 June 2017 12,294,545 12,294,545 Statement of Cash Flows For years ended 30 June 2017 and 2016 2017 2016 Cash flows from operating activities $ $ Cash receipts from customers (inc GST) 2,963,363 2,429,789 Grant funding received (inc GST) 1,210,000 - Interests received 30,974 20,695 Cash paid to suppliers & employees (inc GST) (1,527,330) (1,007,687) Net cash inflow/(outflow) from operating activities 2,677,006 1,442,797 Cash flows from investing activities Proceeds from sale of property, plant and equipment - - Payment for property, plant and equipment (2,098,945) (1,071,365) Net cash used in investing activities (2,098,945) (1,071,365) Cash flows from financing activities - - Net cash provided by (used in) financing activities - - Net cash inflow/(outflow) from financing activities - - Net increase in cash and cash equivalents 578,061 371,432 Cash and cash equivalents at beginning of financial year 1,805,771 1,434,339 Cash and cash equivalents at end of financial year 2,383,832 1,805,771 13

SABRENet Limited ACN 115 957 090 Hedge House, Building 14 Little Queen Street Thebarton SA 5031 E: enquiries@sabrenet.edu.au W: www.sabrenet.edu.au Contact Ralph Leonard Chief Executive Officer T: +618 8313 5166 Catherine Nairn Office Coordinator T: +618 8313 2985