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ADSLOT LTD. — Interim / Quarterly Report 2011
Feb 24, 2011
64306_rns_2011-02-24_496b6bdb-7914-4f70-81f0-84ddcb7fb25f.pdf
Interim / Quarterly Report
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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
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