ACUMENTIS GROUP LIMITED — Annual Report 2011

Aug 23, 2011

LandMark White Limited

A.C.N. 102 320 329

ASX Preliminary Final Report Appendix 4E

30 June 2011

Lodged with the ASX under Listing Rule 4.3A

ASX Announcement – LandMark White Limited – Full year Results

Financial Results for 2010 - 11

LandMark White Limited (ASX:LMW) announces its’ unaudited financial results for the full year to 30 June 2011. As a result of a strong finish in revenues Profit Before Tax was $684k, which was higher than range of $550k to $650k outlook provided on 24[th] June 2011. As a result of its previously announced decision to concentrate on core operations of property valuations, LandMark White has discontinued its involvement with funds management. Profit Before Tax from continuing operations was in fact $903k. Whist not considered a satisfactory return for shareholders the result was achieved in one of the most difficult years on record in the property market. Profit After Tax was $462k ($616k from continuing operations) This represented 1.7 cents per share (2.2 cents from continuing operations)

Revenue

Revenue from continuing operations of $22,219k was $299k higher than the previous year of $21,920k. Revenues from Residential valuations increased whilst Commercial valuation revenues declined.

Outlook

As a result of refocusing on core valuation operations, elimination of the loss making funds management business and implementation of cost savings, including reduction in size of the Board of Directors, LandMark White believes its’ 2011-12 results will show significant improvement on 2010-11.

Dividends

The Board has decided to declare a final fully franked dividend of 2 cents per share payable on 7 October 2011.

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LandMark White Limited and Controlled Entities ACN 102 320 329

Summary Results for the year to 30 June 2011

The following is a summary of the financial results for the year ended 30 June 2011 (previous corresponding period 30 June 2010).

Results for announcement to the market

	Year ended 30 June 2011 $000s	Year ended 30 June 2010 $000s	Increase/ (Decrease) $000s	% Change
Revenue from Continuing Operations	22,219	21,920	+ 299	Up 1.4 %
Profit before tax from continuing operations	903	1,635	(732)	Down 44.8 %
Income tax expense	287	544	(257)	Down 47.2 %
Net Profit after tax from continuing operations	616	1,091	(475)	Down 43.5 %
Net (loss) from discontinuing operations	(154)	(146)	(8)
Net Profit attributable to members	462	945	(483)	Down 51.1 %

Comparison of Half-Year Profits	Comparison of Half-Year Profits	Current Period $000s	Current Period $000s	Previous Period $000s
Consolidated Profit after tax attributable to members reported for the 1stHalfyearlyreport		73		402
Consolidated Profit after tax attributable to members reported for the 2ndHalfyear		389		543
Dividends	Amount per security		Franked amount per security
Final dividend	2.0 cents		2.0 cents
Interim dividend	1.0 cents		1.0 cents
3.0 cents		3.0 cents

Dividend payment date

Record date for determining entitlement to final dividend

Ex dividend date

7 October 2011 23 September 2011 19 September 2011

Annual Report and Annual General Meeting

LandMark White expects to mail its Annual Report and Notice of Annual General Meeting to shareholders during the week commencing 10 October 2011.

1. LandMark White expects to hold its 2011 Annual General Meeting in Sydney on 17 November 2011.

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LANDMARK WHITE LIMITED AND CONTROLLED ENTITIES ACN 102 320 329

PRELIMINARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2011

Notes Revenue from continuing operations Expenses from continuing operations Employment expenses Valuation reports presentation expenses Marketing expenses Administration expenses Occupancy expenses Depreciation and amortisation expenses Other expenses from ordinary activities Results from operating activities Finance income Finance expense Profit before tax Income tax expense 3 Profit from continuing operations after Income Tax Expense (Loss) from discontinuing operations after Income Tax Expense Total comprehensive income for the year Profit attributable to: Owners of the parent Non-controlling interest Total comprehensive income attributable to: Owners of the parent Non-controlling interest Basic earnings per share (cents per share) from continuing operations 2 Basic earnings per share (cents per share) 2 Diluted earnings per share (cents per share) from continuing operations 2 Diluted earnings per share (cents per share) 2	30 June 2011 $000s 30 June 2010 $000s 22,219 21,920
	15,539 14,998 1,207 1,202 370 385 1,686 1,257 1,338 1,336 303 473 952 697
	824 1,572 110 79 31 16 903 1,635 287 544
	616 1,091
	(154) (146)
	462 945
	462 955 - (10)
	462 945 462 955 - (10)
	462 945
	2.2 4.0 1.7 3.5
	2.2 4.0 1.7 3.5

The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

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LANDMARK WHITE LIMITED AND CONTROLLED ENTITIES ACN 102 320 329

PRELIMINARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2011

Current Assets Cash and cash equivalents Trade and other receivables Inventories Other Assets Assets classified as held for sale Total Current Assets Deferred Tax Assets Term Deposits & Other Plant & equipment Intangible Assets Total Non Current Assets Total Assets Current Liabilities Trade and other payables Current tax liabilities Employee benefits Provisions Liabilities directly associated with assets held for sale Total Current Liabilities Non Current Liabilities Deferred tax liabilities Employee benefits Provisions Total Non Current Liabilities Total Liabilities Net Assets Equity Contributed equity Reserves Retained Earnings Total Equity	30 June 2011 $000s 30 June 2010 $000s 2,547 2,430 2,747 2,953 249 183 305 254 51 50
	5,899 5,870
	729 702 401 478 606 991 4,918 4,918
	6,654 7,089
	12,553 12,959
	3,095 2,589 86 320 1,437 1,280 - 329 30 38
	4,648 4,556
	75 55 364 355 365 518
	804 928
	5,452 5,484
	7,101 7,475
	6,008 6,008 40 40 1,053 1,427
	7,101 7,475

The above Statement of Financial Position should be read in conjunction with the accompanying notes.

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LANDMARK WHITE LIMITED AND CONTROLLED ENTITIES ACN 102 320 329

PRELIMINARY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2011

Cash Flows from Operating Activities Receipts from customers Payments to suppliers and employees Interest received Interest paid Income tax (paid) / refunded Net cashflows provided by Operating Activities Cash Flows from Investing Activities Purchase of plant & equipment Proceeds from sale of plant & equipment Proceeds on disposal of investment, net of cash Net cashflows used in Investing Activities Cash Flows from Financing Activities Proceeds from borrowings Repayment of borrowings Dividends paid Net cashflows provided by Financing activities Net increase in cash held Cash at beginning of financial period Cash at end of financial period	30 June 2011 $000s 30 June 2010 $000s 24,439 (23,069) 110 (31) (463) 21,986 (20,617) 80 (14) 251
	986 1,686
	(109) - - (366) - (30)
	(109) (396)
	801 (724) (836) - - (966)
	(759) (966)
	118 2,480 324 2,156
	2,598 2,480

The above Statement of Cash Flows should be read in conjunction with the accompanying notes.

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LANDMARK WHITE LIMITED AND CONTROLLED ENTITIES ACN 102 320 329

PRELIMINARY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2011 STATEMENT OF CHANGES IN EQUITY

		Share			Non-
	Share	Option	Retained		controlling	Total
	Capital	Reserve	Earnings	Total	Interest	Equity
	$000’s	$000’s	$000’s	$000’s	$000’s	$000’s
Consolidated
Balance at 1 July 2009	6,008	40	1,438	7,486	42	7,528
Total comprehensive income
attributable to members of the
parent entity	-	-	955	955	(10)	945
Impairment on investment	-	-	-	-	(32)	(32)
Dividends to shareholders	-	-	(966)	(966)		(966)
Balance at 30 June 2010	6,008	40	1,427	7,475	-	7,475
Total comprehensive income
attributable to members of the	-	-	462	462	-	462
parent entity
Dividends to shareholders	-	-	(836)	(836)	-	(836)
Balance at 30 June 2011	6,008	40	1,053	7,101	-	7,101

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

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LANDMARK WHITE LIMITED AND CONTROLLED ENTITIES ACN 102 320 329

NOTES TO THE PRELIMINARY CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2011

1. DIVIDENDS

	Final dividend resolved to be paid	2.0 cents per share fully franked	2.0 cents per share fully franked
	Date the dividend is payable		7 October 2011
	Record date	23	September 2011
	Ex dividend date	19	September 2011
		Current Year	Prior Year
	Interim dividend	1.0 cents	1.5 cents
	Final dividend	2.0 cents	2.0 cents
		-------------------	----------------
		3.0 cents	3.5 cents
2.	EARNINGS PER SHARE
			30 June	30 June
			2011	2010
			¢	¢
	Basic earnings per share		1.7	3.5
	Diluted earnings per share		1.7	3.5
	Weighted average number of shares used in the
	- calculation of basic EPS		27,588,781	27,588,781
	- calculation of diluted EPS		27,588,781	27,588,781

The amount used in the numerator in calculating basic and diluted EPS is the same as the net profit reported in the Consolidated Statement of Comprehensive Income.

3. NET TANGIBLE ASSETS BACKING

	30 June	30 June
Net Tangible Asset Backing Per Share	2011	2010
Net Tangible Assets Backing Per Share (cents per share)	$0.0791	$0.0927

4. INCOME TAX

Income expense for the year consists of the following;

Tax on profit of $684k at 30% Effect of non deductible expenses Prior Year adjustments Net income tax expense	30 June 2011 $000s $000s $000s Total Continuing Discontinuing 205 271 (66) 46 46 - (29) (29) -
	222 288 (66)

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LANDMARK WHITE LIMITED AND CONTROLLED ENTITIES ACN 102 320 329

NOTES TO THE PRELIMINARY CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2011

30 June 2011 30 June 2010 $000s $000s 5. CONTRIBUTED EQUITY Issued and paid-up capital 27,588,781 (June 2010 : 27,588,781) ordinary shares, fully paid 6,008 6,008 Movements during the period: Nil Nil

6. SUBSEQUENT EVENTS

On 4 August 2011 the Consolidated Entity disposed of its loss making funds management business for a consideration of $51,170.

There have been no other events subsequent to reporting date which affect the results contained in this financial report or the continuing operations of the Group.

7. COMPLIANCE STATEMENT

This report is based on financial statements to which the following applies:

The financial statements have been The financial statements have been audited. subject to review. The financial statements are in the The financial statements have not process of being audited or subject yet been audited or reviewed. to review.

The Company has a formally constituted Audit Committee.

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