1、ANNUAL REPORT31 December 2017Consisting of:New Energy Solar Limited ACN 609 396 983New Energy Solar Fund ARSN 609 154 298Renewable energy.Sustainable investments.CONTENTSChairmans Letter.iBusiness Highlights.vManagers Report.xiCorporate Governance Statement.1Directors Report.11Auditors Independence
2、Declaration.29Statement of Profit or Loss and Other Comprehensive Income.32Statement of Financial Position.33Statement of Changes in Equity.34Statement of Cash Flows.36Notes to the Financial Statements.39Directors Declaration.81Independent Auditors Report.82Stock Exchange Information.87Additional Di
3、sclosures.91Directory.94Annual ReportNEW ENERGY SOLARNC-47 aerial view June 2017NC-31 south side aerial view March 2017 Chairmans LetteriDear Securityholders,On behalf of New Energy Solar Limited and Walsh&Company Investments Limited(Responsible Entity or Walsh&Company),it is our pleasure to present
4、 the Annual Report for New Energy Solar1(NES or the Business)for the year ended 31 December 2017.2017 was a year of achievement for the Business as it delivered on its twin goals of generating both financial returns for its investors and positive environmental impact.Not only did our investors recei
5、ve distributions of 7.2 cents per Stapled Security,the Business also generated an“environmental dividend”equivalent to a reduction in carbon emissions of 1.2 kilograms of CO2 per Stapled Security.For our average investor(holding approximately 60,000 Stapled Securities)this translates into an estimat
6、ed reduction in the order of 70 tonnes of CO2 which is enough to fill 15 Olympic swimming pools2 and offset the annual carbon footprint of three people.The outlook for the Business remains promising with the continued global shift toward renewables.The increasing price competitiveness of solar energ