Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

ADSLOT LTD. Interim / Quarterly Report 2011

Feb 24, 2011

64306_rns_2011-02-24_496b6bdb-7914-4f70-81f0-84ddcb7fb25f.pdf

Interim / Quarterly Report

Open in viewer

Opens in your device viewer

Webfirm Group Limited ABN 70 001 287 510 and controlled entities

Half-Year Financial Report 31 December 2010

Lodged with the ASX under Listing Rule 4.2A

Contents Page
Key Information – Results for Announcement to the Market 2
Half-Year Report
Directors’ Report 3
Consolidated Statement of Comprehensive Income 5
Consolidated Statement of Financial Position 6
Consolidated Statement of Changes in Equity 7
Consolidated Statement of Cash Flows 8
Notes to the financial statements 9
Directors’ Declaration 17
Independent Review Report 18
Auditor’s Independence Declaration 20

The half-year financial report does not include full disclosures of the type normally included in an Annual Financial Report. Accordingly, this financial report should be read in conjunction with the Annual Financial Report for the year ended 30 June 2010 and any public announcements made by Webfirm Group Limited during the interim reporting period in accordance with continuous disclosure requirements arising under the Corporations Act 2001 .

Page 1

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

HALF-YEAR INFORMATION – 31 DECEMBER 2010 APPENDIX 4D (Rule 4.2A.3) RESULTS FOR ANNOUNCEMENT TO THE MARKET

The Group has increased its loss for the 31 December 2010 half-year as a result of incurring the startup costs of its new Adslot division.

Please refer to the Directors’ report for additional information relating to the results for the period.

December December
2010 2009 Movement
$ $ $ %
Total revenue from continuing operations 2,834,075 2,793,062 41,013 1%
Net loss attributable to members of the
parent entity after tax (3,446,869) (1,166,883) (2,279,986) (195%)
Net loss attributable to members of the
parent entity (3,446,869) (1,166,883) (2,279,986) (195%)

Dividends

The Company has not proposed or declared to pay dividends.

Earnings Per Share 31-Dec-2010 31-Dec-2009
Weighted average number of ordinary shares on
issue used in the calculation of earnings per share 567,637,279 180,485,503
Basic loss per share (cents) (0.61) (0.65)
Diluted loss per share (cents) (0.61) (0.65)
Net Tangible Assets per share 31-Dec-2010 30-Jun-2010
Number of ordinary shares on issue used in the
calculation of net tangible assets per share 679,878,900 491,821,809
Net tangible assets per share (cents) 2.93 0.69

Audit

The Half-Year Financial Report has been subject to review by BDO Audit (NSW-VIC) Pty Ltd and is not subject to dispute or qualification.

Page 2

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Directors’ Report

Your Directors submit the financial report of the Company and it controlled entities (“the Group”) for the half-year ended 31 December 2010.

Directors

The names of Directors who held office during or since the end of the half-year: Mr Adrian Giles : Executive Chairman Mr David Burden : Managing Director and CEO Mr Adrian Vanzyl : Non-Executive Director Mr Anthony Du Preez : Executive Director Mr Andrew Barlow : Non-Executive Director Mr Chris Morris : Non-Executive Director (appointed 20 September 2010)

Result of Operations

The net loss of the Group after providing for income tax for the half-year ended 31 December 2010 amounted to $3,446,869 (31 December 2009: $1,166,883 loss).

Dividends

The Directors do not recommend the declaration of a dividend. No dividend has been declared or paid during the half-year.

Review of Operations

The half-year to 31 December 2010 saw the continued evolution of the Group with the acquisition of three businesses being Adimise, Full Circle and QDC all of which have been incorporated into our Adslot division which was acquired in February 2010. We also sold our AdFeedEngine intellectual property from our Webfirm division.

We undertook capital raisings of $20 million in the half to provide the Company with the necessary funds to enable the international expansion of the Adslot business, strategic investments and acquisitions where appropriate, and for general working capital.

As previously disclosed the Adslot business builds and operates large scale ‘private electronic marketplaces’ for media publishers to sell premium advertising inventory to advertisers by providing patented advertising sales automation services that reduce selling costs and increase premium advertising revenue. Adslot provides its clients with the opportunity to participate in the global online advertising market which currently turns over US$420 billion. Adslot’s initial products have been aimed at the A$433 million Australian classifieds industry to prove out the technology and business model.

At the beginning of the FY2011 we announced our goals for the year to be to secure two classified publishers in the first half and to develop the Adslot Direct Platform in the second half. We successfully achieved our first half goals announcing our first two clients, Realestate.com.au and Carsales.com.au. Development of the direct platform continues during the second half as well as a strong push of the Adslot business internationally.

The Webfirm division completed its exit from search advertising syndication via the sale of its AdFeedEngine product in October. It now focuses on online marketing services including web site development, hosting, search optimisation and social marketing services. During the half the division has implemented a number of cost savings initiatives to align its cost structure to its revenue base. This has lead to a lower half-year result but provides a better base to drive profitability in this division.

During the half we appointed an additional independent non-executive director, Mr Chris Morris to the board.

Page 3

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Directors’ Report (continued)

Auditor’s Independence Declaration

The lead auditor’s independence declaration for the half-year ended 31 December 2010 under Section 307C of the Corporations Act 2001 is set out on page 20.

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

On behalf of the Directors.

==> picture [184 x 69] intentionally omitted <==

Executive Chairman: Adrian Giles

Melbourne Dated this 25th day of February, 2011

Page 4

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Consolidated Statement of Comprehensive Income For the Half-Year Ended 31 December 2010

Note
Total revenue from continuing operations
3
Other income
3
Website publishers & related costs
4
Depreciation and amortisation expenses
4
Salaries and employment related costs
Telephone and internet
Share based payment expense
Marketing costs
Lease - rental premises
Impairment of trade receivables
Listing & registrar fees
Legal fees
Travel expenses
Audit and accountancy fees
Finance costs
Other expenses
Loss before income tax
4
Income tax expense
Loss after income tax expense
Net loss attributable to members of Webfirm
Group Limited
Other comprehensive income
Foreign exchange translation
Total other comprehensive income attributable
to members of Webfirm Group Limited
Total comprehensive loss for the half-year
Earnings per share
Basic loss per share (cents)
Diluted loss per share (cents)
31-Dec-2010
31-Dec-2009
$
$
2,834,075
2,793,062
126,596
1,641
(901,284)
286,065
(779,108)
(112,554)
(2,676,661)
(2,858,577)
(87,442)
(80,904)
(529,239)
(28,639)
(70,939)
(54,523)
(164,311)
(170,491)
(169,660)
(231,563)
(173,455)
(79,720)
(246,022)
(221,222)
(176,233)
(130,567)
(69,566)
(90,830)
(34)
-
(363,066)
(187,541)
(3,446,349)
(1,166,363)
(520)
(520)
(3,446,869)
(1,166,883)
(3,446,869)
(1,166,883)
(35,883)
(7,263)
(35,883)
(7,263)
(3,482,752)
(1,174,146)
(0.61)
(0.65)
(0.61)
(0.65)

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

Page 5

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Consolidated Statement of Financial Position As at 31 December 2010

Note
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Total current assets
NON-CURRENT ASSETS
Trade and other receivables
Property, plant and equipment
Intangible assets
Total non-current assets
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Other liabilities
Provisions
Total current liabilities
NON-CURRENT LIABILITIES
Provisions
Total non-current liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
31-Dec-2010
30-Jun-2010
$
$
20,602,782
3,807,779
1,714,668
1,739,976
22,317,450
5,547,755
200,000
200,000
159,766
129,133
14,522,041
8,409,435
14,881,807
8,738,568
37,199,257
14,286,323
1,533,004
1,146,296
978,727
1,175,912
136,154
124,197
2,647,885
2,446,405
110,130
12,692
110,130
12,692
2,758,015
2,459,097
34,441,242
11,827,226
76,441,556
50,874,027
5,394,786
4,901,430
(47,395,100)
(43,948,231)
34,441,242
11,827,226

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

Page 6

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Consolidated Statement of Changes in Equity For the Half-Year Ended 31 December 2010

31 December 2010

Notes
Balance at 1 July 2010
Movement in foreign exchange translation reserve
Other comprehensive income
Loss attributable to members of the company
Total comprehensive income
Transactions with equity holders in their
capacity as equity holders
Contributions of equity, net of transaction costs
Increase in employees share based payments
reserve
Balance 31 December 2010
31 December 2009
Notes
Balance at 1 July 2009
Movement in foreign exchange translation reserve
Other comprehensive income
Loss attributable to members of the company
Total comprehensive income
Transactions with equity holders in their
capacity as equity holders
Contributions of equity, net of transactions costs
Increase in employees share based payments
reserve
Balance 31 December 2009
Issued Capital
$
Reserves
$
Accumulated
Losses
$
Total Equity
$
50,874,027
4,901,430
(43,948,231)
11,827,226
-
(35,883)
-
(35,883)
-
(35,883)
-
(35,883)
-
-
(3,446,869)
(3,446,869)
-
(35,883)
(3,446,869)
(3,482,752)
25,567,529
-
-
25,567,529
-
529,239
-
529,239
25,567,529
529,239
-
26,096,768
76,441,556
5,394,786
(47,395,100)
34,441,242
Issued Capital
$
Reserves
$
Accumulated
Losses
$
Total Equity
$
37,358,173
3,975,503
(39,729,630)
1,604,046
-
(7,263)
-
(7,263)
-
(7,263)
-
(7,263)
-
-
(1,166,883)
(1,166,883)
-
(7,263)
(1,166,883)
(1,174,146)
3,447,387
-
-
3,447,387
-
28,639
-
28,639
3,447,387
28,639
-
3,476,026
40,805,560
3,996,879
(40,896,513)
3,905,926

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

Page 7

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Consolidated Statement of Cash Flows For the Half-Year Ended 31 December 2010

Note
Cash flows from operating activities
Receipts from customers (inclusive of GST)
Interest received
Government grants and other receipts
Payments to suppliers and employees (inclusive
of GST)
Interest paid
Net cash outflows from operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Proceeds from sale of non-current assets
Payment for acquisition of subsidiary, net of
cash acquired
6
Issue of convertible note
Net cash outflows from investing activities
Cash flows from financing activities
Net proceeds from issue of shares
Net cash inflows from financing activities
Net increase in cash held
Cash at the beginning of the half-year
Effect of exchange rate changes on cash
Cash at the end of the half-year
31-Dec-2010
31-Dec-2009
$
$
2,808,013
3,899,415
316,438
29,709
53,900
1,641
(5,072,481)
(5,820,615)
(34)
-
(1,894,164)
(1,889,850)
(60,115)
(47,907)
72,696
-
(693,474)
(129,015)
(100,000)
-
(780,893)
(176,922)
19,505,943
3,447,387
19,505,943
3,447,387
16,830,886
1,380,615
3,807,779
695,376
(35,883)
(7,263)
20,602,782
2,068,728

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

Page 8

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Notes to the Financial Statements for the Half-Year ended 31 December 2010

Note 1: Basis of preparation of half-year financial report

This general purpose financial report for the half-year ended 31 December 2010 has been prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001 . Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting .

This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the Annual Report for the year ended 30 June 2010 and any public announcements made by Webfirm Group Limited during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 .

a) Reporting Bases and Conventions

The half-year consolidated financial statements have been prepared on an accruals basis and are based upon historical costs. All amounts are presented in Australian dollars, unless otherwise noted.

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the group’s annual financial report for the year ended 30 June 2010. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards.

Page 9

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Notes to the Financial Statements for the Half-Year ended 31 December 2010 (Continued)

Note 2: Segment Information

Primary Reporting – Business Segments Half-year ended 31 December 2010

Adslot Webfirm Total
$ $ $
External sales 515,391 2,002,246 2,517,637
Segment result (2,227,427) (1,350,790) (3,578,217)
from continuing
operations
Depreciation 4,569 22,543 27,112
Amortisation 702,367 37,014 739,381
Additions to non- 13,515 12,951 26,466
current assets
Impairment of - - -
intangibles
Balance Sheet 31 December 2010
Segment assets 18,831,833 2,542,417 21,374,250
Segment liabilities (13,504,314) (1,749,410) (15,253,724)
Half-year ended 31 December 2009
Adslot Webfirm Total
$ $ $
Revenue
External sales - 2,763,353 2,763,353
Segment result - (416,711) (416,711)
from continuing
operations
Depreciation - 48,997 48,997
Amortisation - 41,780 41,780
Additions to non- - 37,638 37,638
current assets
Impairment of - - -
intangibles
Balance Sheet 30 June 2010
Segment assets 5,663,447 3,065,511 8,728,958
Segment liabilities (6,009,633) (1,996,803) (8,006,436)

Page 10

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Notes to the Financial Statements for the Half-Year ended 31 December 2010 (Continued)

Note 2: Segment Information (continued)

Segment revenue reconciles to total revenue from continuing operations as follows:

Total segment revenue
Interest revenue
Total revenue from continuing operations
31-Dec-2010
31-Dec-2009
$
$
2,517,637
2,763,353
316,438
29,709
2,834,075
2,793,062

A reconciliation of adjusted segment result to operating profit before income tax is provided as follows:

Total segment result
Interest revenue
Other income
Depreciation of corporate assets
Amortisation of corporate assets
Interest expenses
Impairment of intangibles
Share option expenses
Other head office income/(expenses)
Loss before tax from continuing operations
31-Dec-2010
31-Dec-2009
$
$
(3,578,217)
(416,711)
316,438
29,709
53,900
1,640
(11,019)
(21,777)
(1,596)
-
(34)
41
-
-
(529,239)
(28,639)
303,418
(730,626)
(3,446,349)
(1,166,363)

Reportable segment assets are reconciled to total assets as follows:

Total segment assets
Head office assets
Intersegment eliminations
Total assets per the statement of financial position
31-Dec-2010
30-Jun-2010
$
$
21,374,250
8,728,958
35,179,191
11,656,003
(19,354,184)
(6,098,638)
37,199,257
14,286,323

Page 11

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Notes to the Financial Statements for the Half-Year ended 31 December 2010 (Continued)

Note 2: Segment Information (continued)

Reportable segment liabilities are reconciled to total liabilities as follows:

Total segment liabilities
Head office liabilities
Intersegment eliminations
Total liabilities per the statement of financial
position
31-Dec-2010
30-Jun-2010
$
$
(15,253,724)
(8,006,436)
(389,291)
(452,661)
12,885,000
6,000,000
(2,758,015)
(2,459,097)

Note 3: Revenue Information

Note 3: Revenue Information
Revenue
Service income
Interest revenue
Total revenue from continuing operations
Other income
Government grants
Sundry income
Gain on disposal of non-current assets (i)
31-Dec-2010
31-Dec-2009
$
$
2,517,637
2,763,353
316,438
29,709
2,834,075
2,793,062
53,900
-
-
1,641
72,696
-
126,596
1,641

(i) Disposal of AdFeedEngine

During the half-year, the AdFeedEngine was disposed of for cash consideration plus an earn out agreement based on future income earned by the purchaser from the asset. The net gain on the disposal was $71,787 which is representative of the difference between the fair value of the total consideration and the carrying value of the intangible asset. The directors have estimated that fair value of the earn out agreement to be $161,003.

Page 12

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Notes to the Financial Statements for the Half-Year ended 31 December 2010 (Continued)

Note 4: Expenses

Loss before income tax includes the following specific expenses:

Website publishers & related costs
Depreciation of plant and equipment
Amortisation of intangible assets
Total depreciation and amortisation
Interest paid to unrelated entities
Impairment of trade receivables
Rental expenses – operating leases
Defined contribution superannuation expense
Loss on disposal of PP&E and leasehold
improvements
Foreign currency loss/(gain)
31-Dec-2010
31-Dec-2009
$
$
901,284
(286,065)
38,131
70,774
740,977
41,780
779,108
112,554
34
-
169,660
231,563
164,311
170,491
161,737
195,251
-
235
35,839
(64,783)

Included within website publishers & related costs in the 31 December 2009 period are significant credit adjustments resulting from favourable outcomes on a number of commercial disputes which resulted in the Group writing back costs previously provisioned.

Note 5: Equity Securities Issued

Note 5: Equity Securities Issued
Issues of Ordinary Shares during the half-year
Ordinary Shares issued – value $ Ordinary Shares issued – number
31-Dec-2010
31-Dec-2009
$
$
25,567,529
3,447,387
188,057,091
60,000,000

Page 13

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Notes to the Financial Statements for the Half-Year ended 31 December 2010 (Continued)

Note 6: Business Combinations

Half-Year ended 31 December 2010

Adimise Pty Ltd and Full Circle Online Pty Ltd:

On 8 July 2010 Webfirm Group Limited acquired 100% of the equity of Adimise Pty Ltd and Full Circle Online Pty Ltd. The deal provides Webfirm with Adimise’s online adserving technology, key component of Webfirm’s new Adslot Direct Platform. The acquisition costs related to this acquisition were $8,932 which has been included in legal fees in the Statement of Comprehensive Income.

The acquired businesses contributed $377,889 in revenue and a net loss of $84,886 to the Group for the period from 8 July 2010 to 31 December 2010. These amounts have been calculated using the Company’s accounting policies, and would have been the same had the acquisition occurred on 1 July 2010.

The purchase consideration consists of the following:

Equity – 4,285,714 fully paid ordinary shares @ 11.5
cents per share
Total consideration paid
$
492,857
492,857

Subject to the achievement of certain post completion sales targets, additional deferred consideration of up to $150,000 can become payable by the Group. No deferred consideration has been provided for as the directors’ estimate that it is unlikely these targets will be met within the required time frame.

Details of assets and liabilities acquired are as follows:

Purchase consideration
Fair value of net identifiable assets acquired
Cash and cash equivalents
Trade and other receivables
Property, plant & equipment
Payables
Employee benefits
Intangible assets (including formation
expenses)
Intellectual property – platform technology
Goodwill
Net identifiable assets acquired
Acquirees’
Carrying
Amount
Fair Value
$
$
$
492,857
106,855
106,855
197,177
197,177
8,425
8,425
(333,197)
(333,197)
(6,643)
(6,643)
16,943
-
-
271,055
-
249,185
(10,440)
492,857
492,857

Page 14

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Notes to the Financial Statements for the Half-Year ended 31 December 2010 (Continued)

Note 6: Business Combinations (continued)

QDC IP Technologies IP Pty Ltd

On 7 December 2010 Adslot Pty Ltd acquired 100% of the equity of QDC IP Technologies Pty Ltd (QDC). QDC’s Display Ad Builder and Personalised Video Ad Platform technologies will be combined with Adslot and Adimise technologies to create the new Adslot Direct Platform. The integration of QDC technology with Adslot Direct Platform will allow online publishers to offer an automated end to end advertisement sales system. The acquisition costs related to this acquisition were $75,063 which has been included in legal fees and employment related costs in the Statement of Comprehensive Income.

The acquired businesses contributed no revenue and a net loss of $82,883 to the Group for the period from 7 December 2010 to 31 December 2010. These amounts have been calculated using the Group’s accounting policies.

The amount of revenue and losses for the combined entity calculated, had the acquisition occurred on 1 July 2010 would have been $220,534 in revenue and a net profit of $137,604.

The purchase consideration consists of the following:

Cash
Equity – 29,309,091 fully paid ordinary shares of
Webfirm Group Limited @ 19.0 cents per share
Deferred vendor consideration
Total consideration paid
$
801,818
5,568,727
106,800
6,477,345

If at the end of an eighteen (18) month period from the date of acquisition, the total value of consideration paid to the Vendors is calculated to be less than $4.0 million (using a VWAP of the Company’s share price over the five (5) trading days prior to that date), then up to a maximum of 13.3 million additional Webfirm Group Limited shares is to be issued as further consideration. The directors have assessed the potential fair value of contingent consideration at acquisition date to be $106,800.

Details of assets and liabilities acquired are as follows:

Purchase consideration
Fair value of net identifiable assets acquired
Cash and cash equivalents
Trade and other receivables
Property, plant & equipment
Intangible assets (including formation
expenses)
Intellectual property – platform technology
Net identifiable assets acquired
Acquirees’
Carrying
Amount
Fair Value
$
$
$
6,477,345
1,513
1,489
3,073
3,073
6,266
6,266
236,272
-
-
6,466,517
247,124
6,477,345
6,477,345

Notwithstanding that the Independent Expert’s Report (for the QDC transaction) included an assessment that the fair value of the platform technology could be as high as $7.75 million, having regard to the subjective nature of the valuation for this type of asset, the directors have determined the fair value of intellectual property should not exceed the residual value of $6,466,517. Accordingly the fair value of the platform technology has been determined to be $6,466,517.

Page 15

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Notes to the Financial Statements for the Half-Year ended 31 December 2010 (Continued)

Note 6: Business Combinations (continued)

Half-Year ended 31 December 2009

There were no business combinations for the half-year ended 31 December 2009.

Note 7: Contingencies

Other than the contingent consideration on business acquisitions in Note 6, there are no contingencies to be disclosed in the financial statements.

Note 8: Events subsequent to reporting date

There have been no events subsequent to the reporting date that have a significant impact on the financial statements or are expected to have a significant impact on future financial statements.

Page 16

Webfirm Group Limited and controlled entities

ABN 70 001 287 510

Directors’ Declaration

In the Directors’ opinion:

  • (a) The financial statements and notes set out on pages 5 to 16 are in accordance with the Corporations Act 2001 , including:

  • i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

  • ii) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2010 and of its performance, as represented by the results of its operations, changes in equity and its cash flows, for the half-year ended on that date; and

  • (b) there are reasonable grounds to believe that Webfirm Group Limited will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Directors.

On behalf of the Directors.

==> picture [184 x 68] intentionally omitted <==

Adrian Giles

Chairman

Melbourne

Dated this 25th day of February, 2011

Page 17

==> picture [595 x 103] intentionally omitted <==

�������������������������������������

����������������������������������������

��������������������������������������������������������������������������������������������� ���������������������������������������������������������������� !�!����������������������� �����������������������������������������������"���������������������������������������������� ����������������������������������������������������������������������������������������#���������� ������������������������������$������������ ������������������������������������������������������ �������������������������������������������$�����������������������������������������������%

�������������������������������������� !����"�����������������

��������������������������������������������������������������������������������������������������� ���������������������������������������������������&����������&����������'����������������� ������������������������������������������������������������������������������������������������� ��������������������������������������������������������������������������������������������������� �����������������%�

�#$�����������������������

( �������������������������#������������������������������������������������������������������������%� �������������������������������������������&��������'�����������)�����������������&')� +�!� ��������������������������������������������������������������������������������������������������� ������������������������������������������������������������������������������������������� ��,������������������������������������������������������������������������������������������� ���������-�������������������������������������������������������$������������������������������ ��������� !�!���������������������������������������������������������.�������������������� &����������'��������&&'/���+��������������������������� ������������������������ �������������%� &����������������������������������������&')*� +�!���"�������������������������������������� ��"��������������������������������������������������������������%��

&������������������������������������������������������,������"����������������������������� ������������������������������������������������������������������������������������������� ����������%�&���������������������������������������������������������������������������������� &����������&��������'������������������"������������������������������������������������������ ����������������������������������������������������������������������������������%�&��������������� ��������#����������������������%��

Page 18

==> picture [192 x 103] intentionally omitted <==

��$����$������

0������������������������������������������������������������������"����������������� ���������������������%������������������������������������������������"�������������������������� ���������������������������������������������������������������$��������%

%����#������

/�����������������������������������������������������������������������������������������,������ ��������������������������������������������������������������������������������������������������� �������������������������������-��

  • 1�2� ������������������������������������������������������$��������������������������������������� !�!������������������������������������������������������������.������

  • 1�2� ���������������&����������'��������&&'/���+��������������������������� ������������������ �� �������������%��

==> picture [34 x 23] intentionally omitted <==

&����#$���'��� ��%(�����)�$

3���������&������������

==> picture [87 x 31] intentionally omitted <==

  • �������%��+ �����

���������

4 ����������5��������

����������� 6����������7�������� !���

Page 19

==> picture [592 x 103] intentionally omitted <==

����/������������������

�����������������������

��8 �����'������ '�����4 ���������503�� !6�

��%)���������"�����������%��&!� �%���)�%)� ����������������%������"�� ��&"�� �, �����)� �����

&������������������������������������������������������������������������������������������� !�!�� 0��������������������������������,������������������������������������-�

  • 9 ������������������������������������������������"������������������������������������������ ����������������������.�����

  • 9 ������������������������������������������������������������������������������������������%�

�������������������������������������������������������������������������������������������������� ������%��

==> picture [87 x 31] intentionally omitted <==

  • �������%��+ �����

���������

&����#$���'��� ��%(�����)�$�

3�������&�������������

4 ����������5��������

����������� 6����������7�������� !���

Page 20