Heavy Vehicle Industry Australia - 2024 Annual Report

Advocacy

OUR VISION

An innovative, prosperous heavy vehicle industry supporting the safest, most productive fleet.

CHAIRMAN’S

It is great pride that I write my fifth Chairman’s report as it affords me the opportunity to update our loyal HVIA members of the major activities and achievements over the past 12 months.

As foreshadowed last year, this year would be about setting the foundation of the organisation to cope with the massive growth we have experienced over the past five years and to ensure we have the systems and processes sufficient to adequately service our expanded organisation.

It also included a minor restructure and extra resources to enable HVIA to continue to set the policy agenda and to ensure it is meeting the Board’s expectations. This has included:

• Hiring Dr Adele Lausberg as Chief Advocacy Officer to strengthen our policy credentials, especially in the emerging technologies and zero-emission regulatory framework.

Complementing the Brisbane Truck Show with TruckshowX, a new conference in the intervening year to provide information, education and a networking opportunity.

• Adding a high-quality, coffee-table magazine called ROADBOSS to communicate the amazing stories that make our industry truly unique and complementing the physical magazine with inspirational, cinema-like videography.

• Major upgrades to our back-end systems including the Truck Show and HVIA corporate websites, modernising our accounting processes, streamlining the organisation’s CRM, and overhauling our databases to ensure accuracy and efficiency; and

• Undertaking a brand review, to ensure we remain current and confident in our cut-through in what is a crowded web of industry associations.

I expand on these points below.

Low And Zero Emission Vehicle Advocacy

Like many of you, I have had to learn a lot in recent times about the fleet’s transition. What form it will take? How swiftly will the transition be? And what are the strengths and weaknesses of the technological options etc?

HVIA has been at the forefront of tackling these issues at the industry-wide level, with early and consistent engagement with the Department of Infrastructure and Transport’s Net Zero Unit.

With this work ongoing, HVIA has been present in the policy deliberations, which included having Ian Porter attend TruckShowX and to give the assembled delegates a sneak preview into the Net Zero Roadmap Discussion Paper.

In addition, HVIA has re-energised the Leading the Industry Transition to E-mobility (LITE) committee and representatives have been eagerly contributing policy ideas and submissions to a range of forums all designed to promote members’ interests. Major submissions included:

• House of Representatives Standing Committee on Climate Change, Energy, Environment and Water inquiry on the transition to electric vehicles;

Renewable Diesel, Department of Climate Change, Energy, the Environment and Water (DCCEEW), Fuel Quality Section;

• Minimum operating standards for government-supported public electric vehicle charging infrastructure, DCCEEW and Climate Ministerial Council;

• 2024 Issues Paper: Targets, Pathways and Progress, Climate Change Authority; and

• Low Carbon Liquid Fuels, DITRCA.

Whilst the transitional issues are still evolving, what is clear is an ecosystem needs to be developed if the shift is going to be successful. That ecosystem involves OEMs, financiers, insurers, government, land-use planners, infrastructure and asset providers, electrical generators/retailers, and the skills and training system. Hence why TruckShowX deliberately targeted these sectors to come together and promote dialogue, the exchange of ideas, the successful case studies on offer and guidance with which to navigate this complex issue.

Whilst there is still a way to go and everyone’s journey is unique, it is comforting to know our association is providing our voice back to government and is at the forefront of these discussions.

Technical And Policy Advocacy Wins

HVIA’s preferred approach is best described as proactive and collegiate. It prefers as far as practicable to provide evidencebased solutions to government rather than present problems requiring solutions. To this end, HVIA is currently working proactively with government to:

• Alter its official terminology from ‘mechanic’ to ‘technician’ to better reflect modern work practices and in the hope of improving perceptions of the industry and in turn improve recruitment within the sector;

• Resolve the long-standing issue of the wiring standard and practices for truck and trailer interoperability; and

Ensure the new funding to improve the operability of ROVER meets the expectations of the industry and streamlines the regulatory framework.

HVIA has had to represent the needs of industry on other regulatory issues, including:

• HVNL reforms (including the definition of a trailer to ensure capacity for potential powered trailers in the future);

The final make-up of the National Reconstruction Fund and Future Made in Australia policy of government; and

• Working with the jurisdictions on their EV trials and associated projects to aim for national consistency.

In the year just gone, HVIA was able to close out the following advocacy projects:

• Finalising the problematic Tag Trailer Mass Ratio to meet industry’s requirements;

Rectifying the J4 Modification Code within Vehicle Standards Bulletin 6; and

• Harmonising the problematic aspects of ADR 38/05 with its overseas equivalent, to allow HVIA members to supply nextgeneration braking systems to market.

TruckShowX: The Zero Emission Ecosystem

HVIA’s inaugural TruckShowX was a resounding success, with the event selling out two weeks early with 370 delegates packing into RACV Cape Schanck to hear over 40 presentations in a jam-packed two-day conference.

With 12 sponsors, 11 OEM low- and zero-emission vehicles able to be test driven, 14 exhibitors and the two social functions raising $6,000 for Healthy Heads in Trucks and Sheds, it’s fair to say that there was something for everyone.

HVIA looks forward to being able to bring the second iteration of TruckShowX in 2026 and is busy analysing available venues with an announcement due shortly.

ROADBOSS Magazine

I’m always careful about being definitive so I will not say HVIA is the only industry association, but I think it is fair to say there would not be many industry associations, in the world, that can claim they are deriving passive revenue from YouTube, such has been the success of ROADBOSS. Admittedly, it is not yet rivers of gold but any passive income for a not-for-profit is welcome.

The success of ROADBOSS has been clear to all anecdotally, but to have nearly 250,000 views from its first six videos and to have gained more than 1,500 subscribers, means the virality of the cinematography is paying dividends in spreading the amazing stories of our industry around the world.

The idea of ROADBOSS was simple: to provide an alternate,

high-end voice for the industry and for HVIA to remain in touch with the BTS attendees in between events – and judging by the overwhelmingly positive response both to its expanding library of videos as well as its core quarterly magazine, this ambitious goal has well and truly been achieved.

Upgrading HVIA Systems And Branding

The Board first discussed the need to review our systems in December 2022 when we completed a holistic review with cyber security measures front of mind. Once that project was completed, we set about further improving HVIA’s systems capacity. This has included simplifying our Chart of Accounts and the organisation’s CRM to ensure accuracy and efficiency and updating the Brisbane Truck Show and HVIA websites.

The update of the BTS and HVIA websites has also included reviews into both brands and the relevant tweaks to ensure these well-respected brands maintain relevance and modernity in a crowded market of industry associations.

Conclusion

The HVIA Board has been working on two strategic items which will shortly move from conceptualisation to real-world and we look forward to bringing our members along on this exciting journey.

The first is a Power Purchasing Agreement (PPA) which will enable HVIA members to access cheaper, green electricity for their sites and businesses, thanks to a bulk electricity-supply deal negotiated through HVIA.

It is another great way HVIA can leverage the purchasing power of its 300-plus corporate members to attain discounts or rates that are not available to all individual members.

Relevant HVIA members in Queensland were recently invited to attend an information session to evaluate the opportunity, prior to stage one of the proposed agreement commencing.

The second of the Board’s strategic decisions is to elevate HVIA’s activity in this crucial area of skills and training.

HVIA has now appointed dedicated specialist staffing resources in this area and the October HVIA Executive Club event will hear a presentation from the Industry School on a proposed Automotive Academy, which will pilot in Queensland in 2025, before hopefully quickly expanding into a series of Academies nationwide.

The Automotive Academy will provide our industry and our members to a local, sustainable pipeline of school-based apprentices in future years.

As always, all of HVIA’s work program is designed to assist its members day in and day out. By doing so, we can together achieve the HVIA vision of a prosperous heavy vehicle industry supporting the safest, most productive fleet.

I’d like to thank my fellow Directors for their support, advice and for giving back to the industry we love, and acknowledge the hard-working HVIA staff, who collectively are doing an incredible job in stewarding the association in the right direction. Lastly, I wish to thank the HVIA members, without whom we simply do not exist as an organisation.

ABOUT HEAVY VEHICLE INDUSTRY AUSTRALIA

Heavy Vehicle Industry Australia represents and advances the interests of manufacturers and suppliers of heavy vehicles and their components, equipment and technology.

Reap the rewards of HVIA membership

• HVIA’s cost-effective membership delivers real value for your whole business.

• All staff in all branches are entitled to member benefits.

Information at your fingertips

• Stay informed with HVIA’s weekly newsletter Talk the Torque.

• Plus member web news and social channels.

• Complementary subscription to quarterly ROADBOSS Magazine.

Advocacy

• HVIA represents members to government and its regulatory agencies.

• Members directly participate in industry policy development on HVIA’s State Policy Committees.

• HVIA builds research and data knowledge and capability to empower its members.

Networking – events across Australia

• Awards events.

• Information forums.

Executive Club – where industry leaders engage.

Interaction with customers/promoting innovation Brisbane Truck Show.

• HVIA-LITE Project.

• TruckShowX.

Assistance with your business

• TechAssist – technical and regulatory support.

• EmployerAssist – HR fact sheets, updates and IR hotline.

• Training and education – regular online and practical face-to-face courses.

Raise the bar

What is the heavy vehicle industry?

The entire industry involved in the design, manufacture, importation, distribution, modification, sale, service and repair of on-road vehicles with a gross vehicle mass or aggregate trailer mass over 3.5 tonnes as well as their components, equipment and technology.

Participate in HVIA’s suite of annual awards.

• Benchmark yourself against other businesses.

• Promote your innovation.

Acknowledge and reward staff contributions and build team morale.

VALUE OF HVIA MEMBERSHIP

MEMBERSHIP

Members: 308

HVIA has organisational (company) membership. All staff at wholly owned branches/subsidiary companies Australia-wide are included in your membership.

COMMUNICATION

Connect with us across the channels that suit you:

Talk the Torque is HVIA’s weekly e-newsletter, keeping your team up-to-date with the latest industry news, regulatory and policy issues, and events.

• Join the conversation on LinkedIn and Twitter.

We are connecting with your customers through Brisbane Truck Show (BTS) social media channels.

• On the web HVIA and BTS both feature directories for members and exhibitors.

• ROADBOSS Magazine.

NETWORKING

All members are invited to participate in regular:

• Technical meetings.

• Information sessions. Training days.

• High-level networking events i.e. The Executive Club.

INDUSTRY SECTORS MEMBER SECTORS

ADVOCACY

OBJECTIVE

Positively influence the development and maintenance of policy, legislation, regulation and technical standards, creating an environment that fosters innovation and contributes to the future viability of the heavy vehicle industry, and the safety and productivity of the heavy vehicle fleet.

new modification code for tipping trucks in Vehicle Standards

Tag Trailer Mass Ratio

to better meet industry requirements

Harmonised ADR 38/05

with overseas equivalent to allow members to supply nextgeneration braking systems

OUTCOMES

Guided finalisation of new modification code for tipping trucks in Vehicle Standards Bulletin 6, after detailed conversations with members.

• Advocated for rectification of long-standing regulatory issues on tag trailer mass limits, together with NTC and NHVR.

• Provided input into the Heavy Vehicle National Law Review consultation process on issues related to mass and dimension, safer freight vehicles, Euro VI emissions, and the technology and data framework.

• Submitted formal responses to multiple reviews on the critical issues involved in the transition to low- and zeroemission vehicles, including vehicle standards, workforce development, and charging and refuelling infrastructure.

• Created an industry working group with the NHVR that solved problematic PBS portal issues and addressed member concerns.

• Proactively developed a ‘Powered Trailer’ member working group, drafted its opening discussion paper, and presented to external stakeholders.

• Advocated for improvements to ROVER reporting and other member issues – and sought funding in the Federal Budget for improvements.

• Led a project to harmonise problematic aspects of ADR 38/05 with its overseas equivalent, to allow members to supply next-generation braking systems to market.

• Guided the NHVR on further developments to the PBS ‘Directional Stability Under Braking’ standard.

• Developed an industry guide on addressing pit safety concerns in heavy vehicle workshops.

MEMBER SERVICES

OBJECTIVE

Deliver critical information, support, relationship building, business development and industry best practice.

OUTCOMES

New members

• HVIA welcomed many new Corporate Members, from the length and breadth of the country, ranging from micromembers to national and international institutions. The number of members exceeded 300 for the second consecutive year.

• HVIA membership is for every staff member at every company-owned branch.

HVIA partners

• HVIA retained NTI, Caltex and Wurth Australia as Principal Partners – and welcomed Bapcor and GEOTAB as new Supporting Partners.

State Committee Meetings

• Feedback from a HVIA Member Survey led to a range of changes to in-person state meetings.

• Beginning 2024, the new HVIA Member Forum includes two online meetings and a networking event called ‘HVIA Connect’.

• Member Forums update HVIA members on current and regulatory issues, industry priorities and opportunities.

• Over 200 member registrations to HVIA’s Member Forums in 20232024.

ROADBOSS magazine

The successful launch of ROADBOSS magazine has received praise from members and the broader industry.

• ROADBOSS’s magazine circulation now exceeds 11,500 people; while its digital platforms now reach tens of thousands through its newsletter, website, YouTube, Facebook, Instagram and LinkedIn channels.

Advertising partners now include Gold Partners NTI, Caltex, PACCAR Australia, Daimler Truck and Volvo Group Australia; Silver Partners GEOTAB, Smedley’s Engineers and Tiger Spider; and Bronze Partners CMV Group, Penske Australia, Eurocold, Maxitrans and The Drake Group.

Truck Show program

• Publication of the 2025 Brisbane Truck Show Official Program and Preview Magazine will again be produced in-house. The program directly connects members’ messaging with the Truck Show’s physical audience.

TechAssist

• HVIA utilised its contacts with regulators to assist over 100+ members requiring technical and regulatory information saving those members unnecessary hours of research and delays.

HVIA’s LinkedIn community surpassed 8,500

ROADBOSS YouTube channel topped 250,000 video views

Talk the Torque and ROADBOSS

EDM’s recorded above-average open rates of 35-40%

EmployerAssist

• Seventy members used HVIA’s complementary EmployerAssist member service to gain professional advice on industrial relations and human resource issues including Award interpretation, pay rates, employee management guidance, and workplace health and safety information.

Member communication

Almost 4,500 industry and stakeholder recipients now receive HVIA’s weekly Talk the Torque e-newsletter for current news, issues and events updates.

• The growth of HVIA’s LinkedIn community continued, surpassing 8,500 followers this year, now complemented by Brisbane Truck Show, ROADBOSS and HVIA-LITE project pages.

• HVIA now broadcasts to almost 50,000 followers across our various social media channels, inclusive of our ROADBOSS, Brisbane Truck Show and HVIA platforms.

JOBS AND SKILLS OBJECTIVE

Secure

a highly skilled workforce to ensure the industry’s viability and capacity to deliver innovation.

OUTCOMES

Automotive Academy

• HVIA is set to make its first foray into the skills and training system through the launch of a pilot Automotive Academy in Queensland in 2025 and which will hopefully expand into a series of Academies throughout the nation in due course. The Automotive Academy has been made possible through HVIA’s relationship with the Australian Industry Trade College and will offer our industry and our members access to a sustainable supply of school-based apprentices in future years.

Schools to Industry Tours

• The Brisbane Truck Show careers days brought close to 2,000 students from around 50 schools into South Bank. The National Apprentice Challenge is designed as a showcase of the great career opportunities on offer in the industry, and a variety of industry ambassadors were interviewed by our entertaining and informative host Cobey Bartels.

The topics covered went beyond the operational side of things, and talked about interacting safely around trucks, with two campaigns being supported by the South Bank Truck Festival: the NHVR’s “Don’t #uck with a truck”, and the National Road Safety Partnership Program’s “Look beyond the truck”.

National Apprentice of the Year

• In 2024 HVIA’s National Awards have been expanded to include

three new awards – replacing and expanding on the historic National Apprentice of the Year award. The new categories are Apprentice Technician of the Year, Apprentice Trailer & Body Builder of the Year and the penultimate Heavy Vehicle Apprentice of the Year.

The annual awards are open to apprentices in the final stages of their training from the heavy vehicle repair, service and manufacturing sectors, nominated by their employer.

• In 2024 finalists will be hosted to attend HVIA’s Gala Awards Dinner in Brisbane.

HVIA Training

• HVIA’s popular HV101 online induction training course is available to HVIA members, providing staff with a broad understanding of heavy vehicle industry vocabulary and terminology.

• HVIA has launched two new interactive on-line training courses covering best practice procedures for Load Restraint and Tyre Management to improve workplace safety. The development of the courses has been supported by the Australian Government’s Heavy Vehicle Safety Initiative managed by the NHVR.

Launch

of new Automotive Academy pilot in conjunction with Australian Industry Trade College

Expansion of Apprentice of the Year Awards to include three major categories

NATIONAL EVENTS

OBJECTIVE

Host world-class events that deliver value, foster innovation, and showcase and promote the latest heavy vehicles and their components, equipment and technology.

sell-out audience

HVIA’s prestigious 2023 National Awards were presented in front of more than 200+ current and emerging industry leaders at a Gala Dinner held at the Brisbane Convention & Exhibition Centre in November 2023. Awards were presented to:

Product Innovation Award sponsored by NTI –WINNER: The Drake Group for its revolutionary ‘London’ Container Double Stack Super B Double SKEL Trailer Combination.

• Safety Innovation Award sponsored by GEOTAB – WINNER: Base Air Global for its highly innovative Base Air pressurecontrol system.

National Apprentice of the Year Award sponsored by Wurth Australia – WINNER: Penske Australia’s Brayden Conaghan

• Peter Langworthy Future Leader Award sponsored by Langworthy Family – Brown and Hurley’s Jason Cooper.

• The 2024 HVIA National Awards, set to be held on December 5 at the Brisbane Convention & Exhibition Centre, will feature a fresh format including three new awards – replacing and expanding on the historic National Apprentice of the Year award. The new categories are Apprentice Technician of the Year, Apprentice Trailer & Body Builder of the Year and the penultimate Heavy Vehicle Apprentice of the Year.

HVIA Executive Club

• The HVIA Executive Club brought industry leaders together at four well-attended events in Brisbane, Sydney, Melbourne

and alongside the ATA’s Trucking Australia Conference on the Sunshine Coast.

Truck Week

• From 2025 Australian Heavy Vehicle Industry Week will be known as Truck Week, a more focused and more marketable name that better reflects the raft of activities that sit under this umbrella brand.

• Supported by the Queensland Government and Brisbane City Council (Brisbane Economic Development Agency), Truck Week 2025 will encompass Australia’s biggest-ever program of heavy vehicle events and activities.

• In addition to the headline Brisbane Truck Show, activities will include The Depot – a new careers and entertainment hub staged opposite the main entrance on the TAFE Queensland South Bank Campus; the Brisbane Truck Show Show ‘N’ Shine on Little Stanley Street in the South Bank Parklands; the Premier Boxing Series at the South Bank Piazza; the Heavy Equipment and Machinery Show at the RNA Showgrounds; the Heritage Truck Show at Rocklea Showgrounds; and numerous conferences, dinners, product launches, drive days, factory tours and lots more.

Brisbane Truck Show

• Following 2023’s record attendance, planning and organisation for the 2025 Brisbane Truck Show to be held 15-18 May is now well under way with some exciting new initiatives to extend the program and activations (see Truck Week above).

• Offers for exhibition space were dispatched in June-July with the 2025 show on track for another sold-out event covering more than 30,000 square metres of exhibition space.

• The official launch of the 2025 Brisbane Truck Show was held in late August, coinciding with the launch of ticketing and an advertising and promotional campaign across all HVIA channels (including ROADBOSS Magazine), media partner Carsales Group, Big Rigs Newspaper, and Facebook and LinkedIn.

• The 2025 Official Show Program and Preview Magazine will again be produced in-house by HVIA, with the Preview Magazine scheduled to be distributed with the December issue of ROADBOSS Magazine.

TruckShowX

• The inaugural TruckShowX achieved its ambitious goal of delivering Australia’s largest-ever transport decarbonisation event with more than 370 industry decision makers attending the summit held on May 12-14 at RACV Cape Schanck Resort on Victoria’s Mornington Peninsula.

• Attendees also had the unique opportunity to check out the latest in low- and zero-emission (LZE) technologies on show at the event’s exhibition with 14 exhibitors showcasing charging, axles, fire safety, insurance, telematics and more.

• Nine OEMs displayed a variety of 18 electric, hydrogen and hybrid trucks – 12 of which were available for delegates to test drive.

Hosting the event at a destination enabled delegates to engage in meaningful robust conversations and networking.

Heavy Vehicle Industry Australia

ABN 66 009 819 756 Financial Statements For the Year Ended 30 June 2024

Heavy Vehicle Industry Australia

Heavy Vehicle Industry Australia

Directors' Report

For the Year ended 30 June 2024

Your Directors present their report on the Company for the Year ended 30 June 2024.

Directors

The names of the Directors in office at any time during or since the end of the reporting period are:

John Drake (President)

Miles Crawford (Vice President)

Tony Clark

Rod Cunningham

Craig Lee

Robert Smedley

Roy Lombardi

Daniel Whitehead

Directors have been in office since the start of the reporting period to the date of this report unless otherwise stated.

Information on Directors

Name & Qualification

John Drake Assoc. Diploma Mechanical Engineering

Rod Cunningham Graduate Certificate of Management General Manager Program

Miles Crawford

Bachelor of Mechanical Engineering – Mechanical & Manufacturing Engineering Bachelor of Business Management – Operations Management

Daniel Whitehead Degree in Accounting & Finance

Director Information

Managing Director, The Drake Group First Elected October 2017

Executive Consultant, Cunningham Consulting First Elected October 2017

General Manager CMV Truck & Bus – Victoria First Elected October 2018

President & CEO, Daimler Truck and Bus Australia Pty Ltd First Appointed May 2020

Roy Lambardi

Roy Lombardi

Bachelor of Business Degree (Major – Marketing and Management)

Tony Clark

Master of Advanced Business Practice

Strategic Leadership: The Transformational Process ANZIIF Fellow

Strategic Marketing – Customer Loyalty

Master of Business Administration

Craig Lee

Automotive and Master of Business Administration Engineering Tradesperson

Robert Smedley

Bachelor of Engineeriing (Major – Robotics & Machjatronics)

CEO, Howard Porter & Steelbro First Appointed May 2020

CEO – National Transport Insurance First Appointed October 2021

EGM – On Highway at Penske Australia First Appointed June 2022

Managing Director – Smedley’s Engineers Pty Ltd First Appointed June 2022

Heavy Vehicle Industry Australia

Directors' Report

For the Year ended 30 June 2024

Meeting of Directors

During the financial year, 7 meetings of directors were held. Attendances by each director were as follows:

The entity is incorporated under the Corporations Act 2001 and is a company limited by guarantee. If the entity is wound up, the constitution states that each member is required to contribute a maximum of $20 each towards meeting any outstanding obligations of the entity. At 30 June 2024, the total amount that members of the entity are liable to contribute if the entity is wound up is $20 (2023: $20).

Company Secretary

The following person held the position of Company Secretary at the end of the financial year:

Todd Hacking BA. LLB (GDLP) (QAICD) Chief Executive Officer – HVIA

Principle Activities

The principles activities of HVIA and its Mission, is to advocate for a successful and sustainable heavy vehicle industry with a strong unified voice. It’s vision is to provide an innovative, prosperous heavy vehicle industry supporting the safest, most productive fleet and HVIA’s purpose is to represent and advance the interests of the entire heavy vehicle industry.

Short and Long Term Objectives

HVIA maintains a Strategic plan which is monitored and reviewed on a continuous basis at board meetings. The board also holds Strategic Planning session once a year where any major industry developments, issues or risks are identified and, if required integrated into the HVIA Strategic Plan and/or HVIA Risk Management Plan.

HVIA’s short and long term objectives are articulated through its Strategic Plan via four key programs areas.

Heavy Vehicle Industry Australia

Directors' Report

For the Year ended 30 June 2024

Key Programs

Advocacy

Objective – positively influence the development and maintenance of policy, legislation. Regulation and technical standards, creating an environment that fosters innovation and contributes to the future viability of the heavy vehicle industry, and the safety and productivity of the heavy vehicle fleet,

Member Services

Objective – deliver critical information, support, relationship, business development and industry practice.

Work Force Development

Objective – secure a highly skilled workforce to ensure the industry’s viability and capacity to deliver innovation. Through participation on the Commonwealth Government Automotive Strategic and Heavy Vehicle Industry Reference Committee, HVIA plays a role in developing policy and the oversight of national training package development.

National Events

Objective – host world class events that deliver value, foster innovation, showcase and promote the latest heavy vehicles and their components, equipment and technology.

Membership Recruitment and Retention

HVIA has introduced a digital option to its State Committee meetings to increase engagement with its members, particularly those located in regional areas who are unable to attend the in person meetings.

Review of Operations

The loss of the Company for the financial year amounted to -$757,227.

A review of the Company operations during the financial year and the results of those operations are as follows:

• The Company's operations during the reporting period performed as expected in the opinion of the Directors.

Significant Changes in State of Affairs

No significant changes in the Company’s state of affairs occurred during the reporting period.

Events Subsequent to the End of the Reporting Period

No matters or circumstances have arisen since reporting date which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future reporting periods.

Likely Developments and Expected Results of Operations

Likely developments in the operations of the Company and the expected results of those operations in future reporting periods have not been included in this report as the inclusion of such information is likely to result in unreasonable prejudice to the Company.

Heavy Vehicle Industry Australia

Directors' Report

For the Year ended 30 June 2024

Environmental Regulation

The Company’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a state or territory.

Indemnification of Officers

No indemnities have been given or insurance premiums paid, except for Association Liability Insurance & Professional Indemnity Insurance during or since the end of the reporting period, for any person who is or has been an officer or auditor of the Company.

Proceedings on Behalf of the Company

No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings.

The Company was not a party to any such proceedings during the reporting period.

Auditors Independence Declaration

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 has been included.

This Directors’ report is signed in accordance with a resolution of the Board of Directors:

Craig Lee Director

Dated this 05 day of September 2024

Heavy Vehicle Industry Australia

ABN 66 009 819 756

Auditor's Independence Declaration

UNDER SECTION 307C OF THE CORPORATIONS ACT 2001

To THE DIRECTORS OF: Heavy Vehicle Industry Australia

In accordance with Section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of Independence to the directors of Heavy Vehicle Industry Australia. As the lead audit partner for the audit of the financial report of Heavy Vehicle Industry Australia for the year ended 30 June 2024

I declare that, to the best of my knowledge and belief, during the year ended 30 June 2024 there have been no contraventions of:

(i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

(ii) any applicable code of professional conduct in relation to the audit

Signed Name Name of Firm Date

Address Raj Prabhu, Registered Company Auditor

KBP Audit Services 05 September 2024

Suite 1.12, 1 Westlink Court

Darra, Qld 4076

Heavy Vehicle Industry Australia

the Year ended 30 June 2024

Heavy Vehicle Industry Australia

at 30 June 2024

Heavy

year ended 30 June 2024

Heavy Vehicle Industry Australia

1,691,763

Heavy Vehicle Industry Australia

Notes to the Financial Statements

For the Year ended 30 June 2024

Financial Reporting Framework

The company does not have ‘public accountability’ as defined in AASB 1053 Application of Tiers of Australian Accounting Standard and is therefore eligible to apply “Tier 2” reporting framework under Australian Accounting Standards. Accordingly, the information in these financial statements has been prepared in accordance with the recognition and measurement requirements in Australian Accounting Standards and the disclosure in AASB 1060 Simplified Disclosures for For -Profit and Non-for-Profit Tier 2 Entities.

For the purposes of preparing the financial statements, the company is a Not -for-profit entity.

Statement of Compliance

The general-purpose financial statements have been prepared in accordance with the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements issued by the Australian Accounting Standards Board (AASB), and comply with other requirements of the law

Basis of Preparation

The financial statements have been prepared on the basis of historical cost, except for certain properties and financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the exchange for goods and services. All amounts are presented in Australian dollars, unless otherwise note d.

Note 1: Accounting Policies

(a) Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other shortterm highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short term borrowings in current liabilities on the statement of financial position

(b) Fair Value of Assets

The company measures some of its assets at fair value on either a recurring or non -recurring basis, depending on the requirements of the applicable accounting standard. Fair value is the price the company would receive to sell an asset in an orderly (i.e. unforced) transaction between independent, knowledgeable and willing market participants at the measurement date.

As fair value is a market -based measure, the closest equivalent observable market pricing information is used to determine fair value. Adjustments to market values may be made having regard to the characteristics of the specific asset. The fair values of a ssets that are not traded in an active market are determined using one or more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market data.

To the extent possible, market information is extracted from either the principal market for the asset (i.e. the market with the greatest volume and level of activity for the asset) or, in the absence of such a market, the most advantageous market available to the entity at the end of the reporting period (i.e. the market that maximises the receipts from the sale of the asset, after taking into account transaction costs and transport costs).

For non-financial assets, the fair value measurement also takes into account a market participant’s ability to use the asset in its highest and best use or to sell it to another market participant that would use the asset in its highest and best use.

Heavy Vehicle Industry Australia

Notes to the Financial Statements

For the Year ended 30 June 2024

(c) Financial Instruments

Initial Recognition and measurement

Financial asset and financial liabilities are recognized when the entity becomes a party to the contractual provisions of the instrument. For financial assets, this is equivalent to the date that the company commits itself to either purchase or sell the asset (i.e. trade date accounting is adopted).

Financial instruments (except for trade receivables) are initially measured at fair value plus transaction costs, except where the instrument is classified “at fair value through profit or loss”, in which case transaction costs are expensed to profit or loss immediately. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted.

Trade receivables are initially measured at the transaction price if the trade receivables do not contain a significant financing component or if the practical expedient was applied as specified in paragraph 63 of AASB 15: Revenue from Contracts with Customers.

Classification and subsequent measurement

Financial liabilities

Financial liabilities are subsequently measured at: – amortised cost or – fair value through profit and loss.

A financial liability is measured at fair value through profit and loss if the financial liability is: – a contingent consideration of an acquirer in a business combination to which AASB 3: Business Combinations applies – held for trading or – initially designated as at fair value through profit or loss.

All other financial liabilities are subsequently measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest expense to profit or loss over the relevant period. The effective interest rate is the internal rate of return of the financial asset or liability. That is, it is the rate that exactly discounts the estimated future cash flows through the expected life of the instrument to the net carrying amount at initial recognition.

A financial liability is held for trading if it is: – incurred for the purpose of repurchasing or repaying in the near term – part of a portfolio where there is an actual pattern of short-term profit taking or – a derivative financial instrument (except for a derivative that is in a financial guarantee contract or a derivative that is in an effective hedging relationship).

Any gain or losses arising on changes in fair value are recognized in profit or loss to the extent that they are not part of a designated hedging relationship.

The change in fair value of the financial liability attributable to changes in the issuer’s credit risk is taken to other comprehensive income and is not subsequently reclassified to profit or loss. Instead, it is transferred to retained earnings upon derecognition of the financial liability.

Heavy Vehicle Industry Australia

Notes to the Financial Statements

For the Year ended 30 June 2024

If taking the change in credit risk to other comprehensive income enlarges or creates an accounting mismatch, these gains or losses should be taken to profit or loss rather than other comprehensive income.

A financial liability cannot be reclassified.

Financial assets

Financial assets are subsequently measured at: – amortised cost – fair value through other comprehensive income or – fair value through profit or loss.

Measurement is on the basis of two primary criteria: – the contractual cash flow characteristics of the financial asset and – the business model for managing the financial assets.

A financial asset that meets the following conditions is subsequently measured at amortised cost: – the financial asset is managed solely to collect contractual cash flows and – the contractual terms within the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding on specified dates.

A financial asset that meets the following conditions is subsequently measured at fair value through other comprehensive income: – the contractual terms within the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding on specified dates and – the business model for managing the financial asset comprises both contractual cash flows collection and the selling of the financial asset.

By default, all other financial assets that do not meet the measurement conditions of amortised cost and fair value through other comprehensive income are subsequently measured at fair value through profit or loss.

The company initially designates a financial instrument as measured at fair value through profit or loss if:

– it eliminates or significantly reduces a measurement or recognition inconsistency (often referred to as an “accounting mismatch”) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases – it is in accordance with the documented risk management or investment strategy and information about the groupings is documented appropriately, so the performance of the financial liability that is part of a group of financial liabilities or financial assets can be managed and evaluated consistently on a fair value basis and – it is a hybrid contract that contains an embedded derivative that significantly modifies the cash flows otherwise required by the contract. The initial measurement of financial instruments at fair value through profit or loss is one-time option on initial classification and is irrevocable until the financial asset is derecognized.

Heavy Vehicle Industry Australia

Notes to the Financial Statements

For the Year ended 30 June 2024

Equity instruments

At initial recognition, as long as the equity instruments is not held for trading or is not a Contingent consideration by an acquirer in a business combination to which AASB 3 applies, the Company makes an irrevocable election to measure any subsequent changes in fair value of the equity instruments investments will still be recognized in profit or loss.

Regular way purchases and sales of financial assets are recognised and derecognised at settlement date in accordance with the company’s accounting policy

Derecognition

Derecognition refers to the removal of a previously recognised financial asset or financial liability from the statement of financial position.

Derecognition of financial liabilities

A liability is derecognised when it is extinguished (i.e. when the obligation in the contract is discharged, cancelled or expires). An exchange of an existing financial liability for a new one with substantially modified terms, or a substantial modification to the terms of a financial liability, is treated as an extinguishment of the existing liability and recognition of a new financial liability.

The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.

Derecognition of financial asset

A financial asset is derecognised when the holder's contractual rights to its cash flows expires, or the asset is transferred in such a way that all the risks and rewards of ownership are substantially transferred

All the following criteria need to be satisfied for the derecognition of a financial asset: – the right to receive cash flows from the asset has expired or been transferred – all risk and rewards of ownership of the asset have been substantially transferred and – the company no longer controls the asset (i.e. it has no practical ability to make unilateral decisions to sell the asset to a third party)

On derecognition of a financial asset measured at amortised cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.

On derecognition of a debt instrument classified as fair value through other comprehensive income, the cumulative gain or loss previously accumulated in the investment revaluation reserve is reclassified to profit or loss.

On derecognition of an investment in equity that the company elected to classify as at fair value through other comprehensive income, the cumulative gain or loss previously accumulated in the investments revaluation reserve is not reclassified to profit or loss, but is transferred to retained earnings.

Heavy Vehicle Industry Australia

Notes to the Financial Statements

For the Year ended 30 June 2024

Impairment

The company recognizes a loss allowance for expected credit losses on:

– financial assets that are measured at amortised cost or fair value through other comprehensive income

– lease receivables

– contract assets (e.g. amount due from customers under contracts)

– loan commitments that are not measured at fair value through profit or loss and financial guarantee contracts that are not measured at fair value through profit or loss.

Loss allowance is not recognized for:

– financial assets measured at fair value through profit or loss or

– equity instruments measured at fair value through other comprehensive income

Expected credit losses are the probability-weighted estimate of credit losses over the expected life of a financial instrument. A credit loss is the difference between all contractual cash flows that are due and all cash flows expected to be received, all discounted at the original effective interest rate of the financial instrument.

The company uses the following approaches to impairment, as applicable under AASB 9:

Financial Instruments:

– the general approach

– the simplified approach

– the purchased or originated credit-impaired approach and

– low credit risk operational simplification

General Approach

Under the general Approach, at each reporting period, the company assess whether the Financial Instruments are credit-impaired, and:

– if the credit risk of the financial instrument has increased significantly since initial recognition, the company measures the loss allowance of the financial instruments at an amount equal to the lifetime expected credit losses and

– if there has been no significant increase in credit risk since initial recognition, the company measures the loss allowance for that financial instrument at an amount equal to twelve -month expected credit losses.

Simplified approach

The simplified approach does not require tracking of changes in credit risk at every reporting Period but instead requires the recognition of lifetime expected credit loss at all times.

The approach is applicable to:

– trade receivables or contract assets that result from transactions that are within the scope of AASB 15: Revenue from Contracts with Customers, and which do not contain a significant financing component and – lease receivables.

In measuring the expected credit loss, a provision matrix for trade receivables is used, taking into consideration various data to get to an expected credit loss (i.e. diversity of its customer base, appropriate groupings of its historical loss experience, etc)

Heavy Vehicle Industry Australia

For the Year ended 30 June 2024

Purchased or originated credit-impaired approach

For financial assets that are considered to be credit-impaired (not on acquisition or originations), the company measures any change in its lifetime expected credit loss as the difference between the asset’s gross carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. Any adjustment is recognised in profit or loss as an impairment gain or loss.

Evidence of credit impairment includes: – significant financial difficulty of the issuer or borrower – a breach of contract (e.g. default or past due event) – where a lender has granted to the borrower a concession, due to the borrower's financial difficulty, that the lender would not otherwise consider – the likelihood that the borrower will enter bankruptcy or other financial reorganisation and – the disappearance of an active market for the financial asset because of financial difficulties.

Low credit risk operational simplification approach

If a financial asset is determined to have low credit risk at the initial reporting date, the company assumes that the credit risk has not increased significantly since initial recognition and, accordingly, it can continue to recognise a loss allowance of twelve-month expected credit loss.

In order to make such a determination that the financial asset has low credit risk, the company applies its internal credit risk ratings or other methodologies using a globally comparable definition of low credit risk.

A financial asset is considered to have low credit risk if:

– there is a low risk of default by the borrower – the borrower has strong capacity to meet its contractual cash flow obligations in the near term and

– adverse changes in economic and business conditions in the longer term, may, but not necessarily, reduce the ability of the borrower to fulfil its contractual cash flow obligations.

A financial asset is not considered to carry low credit risk merely due to existence of collateral, or because a borrower has a lower risk of default than the risk inherent in the financial assets, or lower than the credit risk of the jurisdiction in which it operates.

Recognition of expected credit losses in financial statements

At each reporting date, the company recognises the movement in the loss allowance as an Impairment gain or loss in the statement of profit or loss and other comprehensive income.

The carrying amount of financial assets measured at amortised cost includes the loss allowance relating to that asset.

Assets measured at fair value through other comprehensive income are recognised at fair value with changes in fair value recognised in other comprehensive income. The amount in relation to change in credit risk is transferred from other comprehensive incom e to profit or loss at every reporting period.

For financial assets that are unrecognised (e.g. loan commitments yet to be drawn, financial guarantees), a provision for loss allowance is created in the statement of financial position to recognise the loss allowance.

Heavy Vehicle Industry Australia

(d) Impairment of Assets

At the end of each reporting period, the company assesses whether there is any indication that an asset may be impaired. The assessment will include considering external sources of information and internal sources of information including dividends received from subsidiaries, associates or joint ventures deemed to be out of pre-acquisition profits. If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of the asset’s fair value less costs of disposal and value in use, to the asset’s carrying amount. Any excess of the asset’s carrying amount over its recoverable amount is recognised immediately in profit or loss, unless the asset is carried at a revalued amount. Any impairment loss of a revalued asset is treated as a revaluation decrease.

Where it is not possible to estimate the recoverable amount of an individual asset, the company Estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Impairment testing is performed annually for intangible assets with indefinite lives.

(e) Revenue Recognition

Revenue is measured based on the consideration to which the company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes when it transfers control of a product or service to a customer.

Rendering of service

Revenue from a contract to provide services is recognized by reference to the stage of completion of the contract. The stage of completion of the contract is determined by the reference to the total cost of providing the services,

Interest income

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principle outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.

Rental income

Rental income from an operating lease is recognized on a straight-line basis over the term of the relevant lease.

(f) Goods and Services Tax (GST)

Revenues, expenses and assets are recognized net of the amount of GST, except where the Amount of GST incurred is not recoverable from the Australian Taxation Office, it is then Recognized as part of the cost of acquisition of an asset or as part of an item of expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers.

Heavy Vehicle Industry Australia

For the Year ended 30 June 2024

(g) Property, Plant and Equipment

Each class of property, plant and equipment are carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses

Freehold Property

Freehold land and buildings are carried at their fair value based on periodic, but at least Triennial , valuations by external independent valuers, less subsequent depreciation for buildings. In periods when the freehold land and buildings are not subject to an independent valuation, the directors conduct directors’ valuation to ensure the carrying amount for the land and buildings is not materially different to the fair value. During this financial year an independent valuation was completed by Harley Property Valuations which resulted in an increased fair value. Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation surplus in equity. Decreases that offset previous increases of the same asset are charged against fair value reserves directly in equity; all other decreases are charged to the statement of profit and loss and other comprehensive income.

Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Plant and Equipment

Plant and equipment are measured on the cost basis and therefore carried at cost less accumulated depreciation and any accumulated impairment. In the event that the carrying amount of plant and equipment is greater than the estimated recoverable amount, the carrying amount is written down immediately to the estimated recoverable amount and impairment losses are recognised either in profit or loss or as a revaluation decrease if the impairment losses relate to a revalued asset. An assessment of recoverable amount is made when impairment indicators are present

Depreciation

The depreciable amount of all fixed assets, including buildings and plant and equipment but excluding freehold land, is depreciated on a straight-line basis over the asset’s useful life to the company commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.

The depreciation rate used for each class of depreciable asset are:

Class of Fixed Asset

Plant and Equipment

Fixtures, fittings and Signages

Motor Vehicles

Depreciation Rate

15%-50%

5% - 20%

15%-25%

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are recognised immediately in profit or loss. When revalued assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to retained earnings.

Heavy Vehicle Industry Australia

For the Year ended 30 June 2024

(h) Leases

The company as lessee

If there is a lease present, a right-of use asset and a corresponding lease liability is recognised by the company where the company is a lessee. However, all contracts that are classified as shortterm leases (lease with remaining lease term of 12 months or less) and leases of low value assets are recognised as an operating expense on a straight-line basis over the term of the lease.

Initially, the lease liability is measured at the present value of the lease payments still to be paid at the commencement date. The lease payments are discounted at the interest rate implicit in the lease. If this rate cannot be readily determined, the company uses the incremental borrowing rate

Lease payments included in the measurement of the lease liability are as follows: – fixed lease payments less any lease incentives – variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date – the amount expected to be payable by the lessee under residual value guarantees – the exercise price of purchase options, if the lessee is reasonably certain to exercise the options – lease payments under extension options if lessee is reasonably certain to exercise the options and – payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.

The right-of-use assets comprise the initial measurement of the corresponding lease liability as mentioned above, any lease payments made at or before the commencement date as well as any initial direct costs. The subsequent measurement of the right-of-use assets is at cost less accumulated depreciation and impairment losses

(i) Employee Benefits

Short-term employee benefits

Provision is made for the company’s obligation for short -term employee benefits. Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service, including wages, salaries and sick leave. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled.

The company’s obligations for short-term employee benefits such as wages, salaries and sick leave are recognized as part of current trade and other payables in the statement of financial position

Other long-term employee benefits

Provision is made for employees’ long service leave and annual leave entitlements not expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service. Other long-term employee benefits are measured at the present value of the expected future payments to be made to employees. Expected future payments incorporate anticipated future wage and salary levels, durations of service and employee departures and are discounted at rates deter mined by reference to market yields at the end of the reporting period on government bonds that have maturity dates that approximate the terms of the obligations. Upon the

Heavy Vehicle Industry Australia

Notes to the Financial Statements

For the Year ended 30 June 2024

remeasurement of obligations for other long-term employee benefits, the net change in the obligation is recognised in profit or loss as part of employee benefits expense.

The company’s obligations for long-term employee benefits are presented as non-current provisions in its statement of financial position, except where the company does not have an unconditional right to defer settlement for at least 12 months after the end of the reporting period, in which case the obligations are presented as current provisions.

(j) Trade and Other Payables

Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the company that remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

(k) Income Tax

No provision for income tax has been raised as the entity is exempt from income tax under Div 50 of the Income Tax Assessment Act 1997.

(l)

Intangible Assets

Software

Software is initially recognised at cost. It has a finite life and is carried at cost less any accumulated amortisation and impairment losses.

(m)

Provisions

Provisions are recognised when the entity has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of reporting period.

(n) Comparative Figures

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

(o)

Critical Accounting Estimates and Judgements

The director evaluates estimates and judgements incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the company.

Heavy Vehicle Industry Australia

Notes to the Financial Statements

For the Year ended 30 June 2024

Key estimates

Valuation of freehold land and buildings

The freehold land and buildings were independently valued at 13 September 2022 by Harley Property Valuations. The valuation was based on the fair value less cost to sell. The critical assumptions adopted in determining the valuation included the location of the land and buildings, the current strong demand for land and buildings in the area and recent sales data for similar properties. The valuation resulted in a revaluation increment of $655,999 being recognised for the asset revaluation reserve.

Useful lives of property, plant and equipment

As described in Note 1, the company reviews the estimated useful lives of property, plant and Equipment at the end of each annual reporting period

Key judgements

Performance obligations under AASB 15

To identify a performance obligation under AASB 15, the promise must be sufficiently specific to be able to determine when the obligation is satisfied. Management exercises judgement to determine whether the promise is sufficiently specific by taking into account any conditions specified in the arrangement, explicit or implicit, regarding the promised goods or services. In making this assessment, management includes the nature/type, cost/value, quantity and the period of transfer related to the goods or services promised.

Leased term and Option to Extend under AASB 16

The lease term is defined as the non-cancellable period of a lease together with both periods covered by an option to extend the lease in the lessee is reasonably certain not to exercise that option. The options that are reasonably going to be exercised is a key management judgement that the entity will make. The entity determines the likeliness to exercise the options on a lease-bylease basis looking at various factors such as which assets are strategic and which are key to future strategy of the entity.

Employee benefits

For the purpose of measurement, AASB 119: Employee Benefits defines obligations for short -term employee benefits as obligations expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render related service. As the entity expects that most employees will not use all of their annual leave entitlements in the same year in which they are earned or during the 12-month period that follows (despite an informal internal policy that requires annual leave to be used within 18 months), the directors believe that obligations for annual leave entitlements satisfy the definition of other long-term employee benefits and, therefore, are required it be measured at the present value of the expected future payments to be made to employees

Heavy Vehicle Industry Australia

Economic Dependence

The entity is dependent on its bi-annual Brisbane Truck Show for the majority of its revenue but membership is also a substantial part of its revenue used to operate the business. At the date of this report the Board of Directors has no reason to believe the members will not continue to support the entity

Heavy Vehicle Industry Australia

For the Year ended 30 June 2024

Note 4 Financial Assets

Managed Fund Income

Income from managed funds for the year was $129,143 compared to $88,081 in 2023. During the financial year the managed funds portfolio was sold and reinvested into a new portfolio with a carrying cost value at the end of the financial year of $3,769,000.

The sale of the original portfolio resulted in an accounting loss of $103,373.

The market value of the managed funds at the end of financial year was $3,773,217 compared to the market value of $3,562,785 at the end of 2023.

Note 5 Tax Assets and Liabilities

Note 6 Other Assets

Heavy Vehicle Industry Australia

the Financial Statements For the Year ended 30 June 2024 Note 7

Note 8

Heavy Vehicle Industry Australia

the Financial Statements For the Year ended 30 June 2024 Note 7

Note 8

Heavy Vehicle Industry Australia

Note 9 Provisions

Heavy Vehicle Industry Australia

Note 11 Events Subsequent to Reporting Date

The director are not aware of any significant events since the end of the reporting period,

Note

12 Financial Risk Management

The entity’s financial instruments consist of deposits with bank, local money market instruments, short-term and long-term investments. Account Receivables and payable, and lease liabilities.

The total for each category of financial instruments, measured in accordance with AASB 9, Financial instruments as detailed in the accounting policies to these financial statements.

Note 13 Reserves

Heavy Vehicle Industry Australia

ABN 66 009 819 756

Directors' Declaration For the Year ended 30 June 2024

In accordance with a resolution of the directors of Heavy Vehicle Industry Australia, the directors of the entity declare that:

1. the financial statements and notes are in accordance with the Corporations Act 2001 and:

(a) comply with Accounting Standards and the Corporations Regulations; and

(b) give a true and fair view of the company’s financial position as at 30 June 2024 and of its performance for the year ended on that date;

2. in the director’s opinion, there are reasonable grounds to believe that the company will be able to pay its debt as and when they become due and payable.

This declaration is signed in accordance with subs 60.15(2) of the Australian Charities and Not-forprofits Commission Regulations 2013.

Directors

Craig Lee

Dated 05 September 2024

Heavy Vehicle Industry Australia

ABN 66 009 819 756

Report on the Audit of the Financial Report Opinion

We have audited the financial report of Heavy Vehicle Industry Australia (the Company), which comprises the Statement of Financial Position as at 30 June 2024, the Statement of Comprehensive Income, the Statement of Changes In Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the Director's Declaration.

In our opinion, the accompanying financial report of Heavy Vehicle Industry Australia is in accordance with the Corporations Act 2001, including:

(a) giving a true and fair view of the company’s financial position as at 30 June 2024 and of its performance for the year then ended; and

(b) complying with Australian Accounting Standards to the extent described in Note 1, and the Corporations Regulations 2001.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for th e Audit of the Financial Report section of our report. We are independent of the company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the director of the company, would be in the same terms if given to the director as at the time of this auditor’s report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter – Basis of Accounting

We draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared for the purpose of fulfilling the director's financial reporting responsibilities under the Corporations Act 2001. As a result, the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.

Information Other than the Financial Report and Auditor’s Report Thereon

The director is responsible for the other information. The other information comprises the information included in the Company’s annual report for the year ended 30 June 2024, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Director for the Financial Report

The director of the company is responsible for the preparation of the financial report that gives a true and fair view and has determined that the basis of preparation described in Note 1 to the financial report is appropriate to meet the requirements of the Corporations Act 2001 and is appropriate to meet the needs of the members. The director's responsibility also includes such internal control as the director determines is necessary to enable the preparation of a financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Heavy Vehicle Industry Australia

ABN 66 009 819 756

Independent Auditor Report

In preparing the financial report, the director is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in t he aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and mainta in professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evide nce that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, m isrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on t he effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.

- Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we con clude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evi dence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the director regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Raj Prabhu

KBP Audit Services

Suite 1.12

1 Westlink Court, Darra QLD 4076

Signed on 05 September 2024

HVIA MEMBERS

as at 20th September 2024

A

ACME Impex

Action Auto Electrics

Action Mechanical Specialists

Active Fleet

ADR Compliance Services

Advantia Transport Consulting

Aerox

Air & Gas Industries

Air Brake Corporation of Australia Air

Brake Services & Trailquip

Air Brake Systems

Air CTI

Air Tarps Australia

Airbag Man

Airtec Corporation

Aldom Transport Engineering

Alemlube

Allison Transmission Japan Co

Allotrac Services

Arends Trailers

Armoury Group

ATB Engeenering

Austraian Timken Proprietary Limited

Australian Trailer Manufacturer

Australian Truck & Trailer Parts

Australian Tyre Traders

Automative Sales Group

AV Truck Services

Avantgarde Distribution

B

Bark Trailers

Barry Stoodley

Base Air Global

Bearing Thermal Resources

Big Wheels Truck Alignment

Borcat Trailers

BPW Transpec

Bridgestone Australia

Brimarco

Brisbane Isuzu

BriskAir

Bruce Rock Engineering

Bucher Municipal

Bulk Transport Equipment

Byrne Trailers

C

Cablecraft Australia

Caltex

Capral Aluminium

Cargotec Australia

Carmate Electronics

Carrier Transicold Australia

Chris’s Body Builder

CIMIC Vehicle Australia

Clark Equipment Saes

Clear21

CMV Group

Commercial Vehicle Complaince

Commercial Vehicle Design Services

Complete Steering Australia

Consolidated Tyre Company

Convair Engineering

Cooler

Corghi Australia

CraneCo Holdings

Cummins South Pacific

Curratechnic

CustomAir Automotive Air Conditoning

D

D’Angelo Engineering Pty Limited

Daimler Truck Australia Pacific

Dana Australia

Desiel Services QLD

Dhollandia Australia

Directed Technologies

Drake Trailers

DrivaLink

E-T-A Electo Technical Applications

Eagle SMF Distributors

Easy To Use

Eaton Vehicle Group

ECB

EcoBlue International

Ekebol Australia

Eurcold

Euro Pantech

EV Automotive

Evolving Workshop Technologies

Exro Technlogies Inc

FFelco Manufacturing

Fiberglass Transport Equipment

Findlday Import and Trade

FleetSafe

FleetSeer

FMP Group (Australia)

Foton Mobility

Freightmore Transport

FUWA K Hitch (Australia)

GGenesis Equipment

Geotab

GFR Industries

GMT Tools Technic Australia

GoDesta

Goodyear & Dunlop Tyred (Aust)

Graham Lusty Trailers

Gulf Western Oil

HHace Industries

Hammar Australia

Haulmark Trailers (Australia)

Haultech Engineering

Hella Australia

Hendrickson Asia Pacific

Hercules (QLD)

Hino Motor Sales Australia

Hiringa Energy

Hitch Engineering Services

Holmwood Highgate

Howard Porter

Howmet Wheel systems Australia

Hubfleet

Hydreco Hydralics

Hyundai Motor Company

Hyva Pacific

IInnovative Mechatronics Group

Interequip

Invision Sales

Irons Diesel Services

Isri Seats

Isuzu Australia

IVECO Trucks Australia

JJ Thompson & Associates

Jac Auto

Jonair Services

Jost Australia

KKarmot

KEITH Electric Australia

Kempower

Kenndel

Kennedy Trailers

King Bars

Knorr-Bremse Australia

Kor Equipment Solutions

Krueger Transport Equipment

LLamadillo

Laws of Motion

Lelox Australia

Levanta

Lionel Moore Trailers

Logmaster

LSM Technologies

Lucidity Australia

MMacnaught

Maha Australia

MANN+HUMMEL Australia

Markinson Business Solutions

Mavin Truck Centre

Max Industries

MaxiTRANS

Mega Pacific

Meikawheel Australia

Michelin Australia

Mitsubishi Electric Australia

Mobicon systems

Modern Transport Engineers Australia

Moore Truck Parts

Mov3ment

Move Engineering Group

MT Data

Multispares Limited

Muscat Trailers

N

NAPA Auto Parts

Narva Lighting Australia

National Automative Equipment Services

National Transort Insurance

New Age Concepts

New Energy Transport

NewVolt

Nixons Engineering

Norco Co-Operative

O’Brien Traffic

Offroad Trucks Australia

Omni Tanker

Optix

PACCAR Australia

Paulger Engineering

Peak Engineering Transport Services

Penske Australia

Powerdown Austrlia

Precision Automative Equipment

Procon MRM Transport

Pumpa Manufacturing

Pure Hydrogen

QMW Industries

QTRS

Queensland Rail

Queensland Thermo King

RR&J Batterie

Razor International

Redcat Industries

Retractable Tarps

Reux Holdings

Rhino Guards

Rhino Trailers

Road Pod

Roadwest Transport Equipment & Sales

Robotic Automation

Robuk engineering

Rocklea Truck Electrical

Roger Axle and Spring Works

ROPS Engineering Australia

Royans Melbourne

RUD Chains

Russ Engineering

Rytrans

S600 Cranes Australasia

SAF-Holland (Aust)

Safe-T-Stop

Sampa Australia

Scania Australia

Schmitz Cargobull

Scully Sales

Sgesco - MAX

Shephard Transport Equipment

Signal to Noise

Sitrak Australia

Sitrak Australia

Smedley’s Engineers

Smith Global

South East Queensland Tilt Tray

Southern States Group

Speedywash Australia

Spitwater QLD

SSG - souther states Group

Starworx

Stemco

Stenhouse Body Builders

Suburban Towing and Equipment

Superior Pak

T3M Vehicle Australia

Taro Distibutors

Team Global Express

Techking Tires Australia

Techtronic Industries Australia

Tefco Trailers (QLD)

Tele Radio Australia

Teletrac Navman

The Brown & Hurley Group

The Strasburg Group

Tidal Fluid Power

Tiger Spider

TMC Australia

Toll Group

Tosca Industries

TR Group

Trail-Link

Trailer Sales

Tramanco

Transport Engineering Solutions

Transport Equipment australia

Transport Refridgeration Service

Tranzmile

TreviPay

Triple M Holdings

Tristar Industries

TRT (Aust)

Truck Art Trailers

Truck Engineering Australia

Truck Hydraulic Solutions - NSW

Truck Tech Group

Truckmate (Australia)

Trucks on the Run

Trucktools

True Grit

TruGrit Australia

Tuff Trailers (QLD)

Tyremax

Tyres4U

Plant Trailers

Vaccum Truck Supplies

Vacvator

Valvoline Australia

Varley Group

Vawdrey Australia

Velocity Vehicle Group Australia

Viva Energy Australia

Volvo Group Australia

Walsh Engineering Solutions

Warby Tools Australia

West-trans Equipment and Services

Western Truck Group

Westrans Services WA

WHG - Technologies

Whitelaw Hydaulics

Wurth Australia

YHI Power

ZF Services Australia

Zylux Distribution

HVIA LIFE MEMBERS

as at 20th September 2024

A-L

Mr Steven Abrahamson

Mr Christopher Bleakly

Mr Barry Bonnitcha

Mr Bert Boock

Mr Rob Brown

Mr Val Burns (Dec’d)

Mr Malcom Chisholm (Dec’d)

Mr Allyn Eckford (Dec’d)

Mr Mark Johnston

Mr Mike Langham

M-V

Mr Bob Martin

Mr Jack McKenna (Dec’d)

Mr Des Mitchell (Dec’d)

Mr John Morgan

Mr Earle Russ (Dec’d)

Mr Les Singleton

Mr Robert Slack (Dec’d)

Mr Ray Smithers

Mr Max Steele (Dec’d)

Mr Ted Van Fleet (Dec’d)

HVIA HONORARY MEMBERS

as at 20th September 2024

Mr Joseph Carmody (Dec’d)