BSA LIMITED — Annual Report 2010

Aug 24, 2010

BSA LIMITED

PRELIMINARY FINAL REPORT

for the Year Ended 30 June 2010

ABN 50 088 412 748

PRELIMINARY FINAL REPORT GIVEN TO THE ASX UNDER LISTING RULE 4.3A

Name of entity BSA Limited

ABN or equivalent reference # 50 088 412 748 Reporting period Previous corresponding period Financial Year Ended 30 June 2010 Financial Year Ended 30 June 2009

Contents		Item
Results for announcement to the market		1.
Commentary on Results		2.
Condensed Consolidated Statement of Comprehensive Income		3.
- Revenue	3.1
- Other income	3.2
- Expenses	3.3
- Individually Significant Items	3.4
- Impairment Expenses	3.5
- Capitalisation of Borrowing Costs	3.6
- Comparison of Half-Year Profits	3.7
- Income Taxes	3.8
Condensed Consolidated Statement of Financial Position		4.
- Consolidated Accumulated Losses	4.1
Condensed Consolidated Statement of Cash Flows		5.
- Reconciliation of Cash	5.1
- Non-Cash Financing and Investing Activities	5.2
Condensed Consolidated Statement of Changes in Equity		6.
Net tangible assets per ordinary share		7.
Details of subsidiaries		8.
Details of associates and joint venture entities		9.
Dividends		10.
Accounting Standards		11.
Other Information Regarding the Accounts		12.
Other Significant Information		13.

1. RESULTS FOR ANNOUNCEMENT TO THE MARKET

						$'000
Revenue from continuing operations	Up	37.3	%		to $	330,919
Profit after income tax from continuing
operations	Up	18.5	%		to $	9,156
Net profit for the period attributable to
members	Up	18.5	%		to $	9,156
Amount	per share	Franked amount per at 30% tax		share
Dividends per Share
Final - FY 2009	1.00 cents	1.00	cents
Interim - FY 2010	1.00 cents	1.00	cents
Final - FY 2010	1.00 cents	1.00	cents
Record date for determining entitlements to dividend		14 September 2010
Payment date of dividend		9 October 2010
Amount of dividend per security
		Amount per	Percentage
		security	franked
Interim Dividend
In respect of 2010 financial year		1.00 cents		100%
In respect of 2009 financial year		1.00 cents		100%
Final Dividend
In respect of 2010 financial year		1.00 cents		100%
In respect of 2009 financial year		1.00 cents		100%
Explanations
Refer to Commentary on Results attached.

2. COMMENTARY ON RESULTS

Financial Highlights

BSA’s total revenue for the year was $330.9 million (2009 $240.9m), resulting in a Net profit after tax for the year of $9.1 million (2009: $7.7 million). Earnings before interest, tax depreciation and amortisation (EBITDA) were $14.0 million (2009: $15.1 million) after acquisition, integration and advisory costs totalling $1.0million.

Operating cashflow was strong at $8.7 million and this has enabled BSA to maintain net debt at $10.7, giving the company a net debt: to net debt plus equity ratio of 13.8%.

Review of Operations

The Contracting Solutions Division, comprising the telecommunications, subscription and free to air television business units continued to be a stable and consistent performer with steady revenues and profit during the year as further described in the Managing Director’s report.

The Building Services Division, comprising the Triple M Group of Companies along with the newly acquired Allstaff Air Conditioning Group, continued on its commitment to increase visibility in the Healthcare and Medical Research sectors and expansion into Western Australian markets. Substantial investment in Building Information Modelling resources has ensured the division are considered leaders in this emerging technology in the HVAC and Fire Services Sectors. This leadership position has resulted in the division being awarded several sought after contracts.

Notable Events during the year were

• The acquisition of the Allstaff Group of Companies, within the Building Services division.

• The Building Services division has invested heavily in new and advanced field equipment and technologies to improve product quality , onsite performance and reduce OH&S risk .

• The division is undertaking the implementation of accounting software program; Pronto.

• The Building Services division has been awarded several major contracts during the year, including a $20m mechanical services contract for the Smart State Medical Research Centre for Queensland Institute of Medical Research, and $4m of pre-construction services for the new $1.76 billion, 643 bed Fiona Stanley Hospital, including Building ‘B’ the Clinical Services Building and Building ‘Y’ Central Energy Plant including the site wide tri-generation system and below ground piped services interconnecting the Central Energy Plant to the various buildings on the Hospital Campus.

• The FOXTEL contract is performing well as it enters its twelfth year. The business unit has delivered solid results against budget. The year returned a 5% growth overall in revenue from the previous year.

• The FOXTEL division was awarded the Sky Racing Project, which involved the roll out of SKY2 installations at SKY racing venues (TABS, Pubs, Clubs, Hotels & Racing venues). This project has generated over $3M in revenue to the business and has provided future opportunities through special projects and maintenance works.

• The Telstra / Silcar platform continues to perform well and the division has been awarded an extension to the current AA&S contract with Silcar for a further two years. Ongoing system automation and improvement initiatives have assisted the division in achieving a 37% reduction in staffing levels.

• The OPTUS ADSL division has secured the National contract for provisioning and service assurance for the next three years. BSA Limited had previously held the East Coast Contract. The transition into the new states (SA, NT and WA) was conducted over a six week period and proved a great success. Revenue for the financial year was $8m, $5m greater than the anticipated $3m Revenue.

• The Home Services Division has undertaken several high level initiatives to achieve further business efficiencies along with the implementation of a national system to achieve consistencies and accurate reporting across all platforms.

• Through the Business Development division, the group has secured the first stage of the NBN Rollout in Tasmania and has won 2 moderate maintenance contracts.

Changes in the State of Affairs

There was no significant change in the state of affairs of the consolidated entity during the financial year.

Future Developments, Prospects and Business Strategies

2011 is shaping up to be another solid year. The balance sheet is strong, the company has good cash flow, a supportive customer base and a committed team to take BSA to the next stage in its growth.

• The Building Services Division has concluded the financial year with a strong order book ($180m) and a number of strong prospects in large-scale infrastructure projects, which will provide earnings visibility into 2012.

• The Contracting Solutions division enjoys strong work flows across our FOXTEL, Telstra and Optus platforms. Moving forward our focus remains in continuing to deliver a superior service to these major customers.

• The Contracting Solutions division’s Registered Training Organisation Trainee Program continues to perform well, providing a flexible workforce through to our FOXTEL, Telstra and Optus platforms and returning solid revenue.

• The Business Development division currently has approximately $120m in projects under tender.

• New CEO Announcement expected prior to AGM

2. COMMENTARY ON RESULTS

Earnings Per Share

Earnings per share for profit from continuing operations: Basic earnings per share Diluted earnings per share (a) Profit Net profit attributable to outside equity interests Earnings used to calculate basic EPS and dilutive EPS (b) Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS Weighted average number of options / rights outstanding Weighted average number of ordinary shares outstanding during the year used in calculating dilutive EPS Reconciliation of earnings to profit

2010 2009 $'000 $'000 4.48 cents 4.01 cents 4.41 cents 3.98 cents 9,156 7,726 - - 9,156 7,726 No. No. 204,523,470 192,849,859 3,013,835 1,142,679 207,537,305 193,992,538 Consolidated

(c) Information concerning the classification of securities

Options / Rights

Options granted to employees under the BSA Limited Employee Option Plan and Rights granted to employees under the BSA Limited Employee Performance Rights Plan are considered to be potential ordinary shares and have been included in the determination of diluted earnings per share to the extent to which they are dilutive. The options / rights have not been included in the determination of basic earnings per share.

Dividends

(a) Ordinary Shares Final dividend for the year ending 30 June 2009 of 1.00 cent (2008:0.75 cents) per fully paid share paid 9 October 2009 Fully franked based on tax paid @ 30% Interim dividend for the year ending 30 June 2010 of 1.0 cent (2009:1.0 cent) per fully paid share paid 16 April 2010 Fully franked based on tax paid @ 30% Total dividends provided for or paid (b) Dividends not recognised at year end In addition to the above dividends, since year end the directors have recommended the payment of a final dividend of 1.0 cent per fully paid ordinary share, (2009: 1.0 cent) fully franked based on tax paid at 30%. The aggregate amount of the proposed dividend expected to be paid on 9 October 2010 out of retained profits at 30 June 2010, but not recognised as a liability at year end, is	2010 2009 $'000 $'000 1,986 1,415 2,068 1,937 4,054 3,352 2,104 1,987 Consolidated	2010 2009 $'000 $'000 1,986 1,415 2,068 1,937 4,054 3,352 2,104 1,987 Consolidated
		3,352
		1,987

(c) Franked dividends

The franked portions of the final dividends recommended after 30 June 2010 will be franked out of existing franking credits or out of franking credits arising from the payment of income tax in the year ending 30 June 2010.

Franking credits available for subsequent financial years based on a tax rate of 30% (2009 - 30%)	2010 2009 $'000 $'000 16,826 13,581 Consolidated

The above amounts represent the balance of the franking account as at the end of the financial year, adjusted for:

(a) franking credits that will arise from the payment of the amount of the provision for income tax

(b) franking debits that will arise from the payment of dividends recognised as a liability at the reporting date, and

(d) franking credits that will arise from the receipt of dividends recognised as receivables at the reporting date.

The impact on the franking account of the dividend recommended by the directors since year end, but not recognised as a liability at year end, will be a reduction in the franking account of $902,000 (2009: $852,000)

Segment Information

The Group has adopted AASB 8 Operating Segments and AASB 2007-3 Amendments to Australian Accounting Standards arising from AASB 8 with effect from 1 July 2009. AASB 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance. In contrast, the predecessor Standard (AASB 114 Segment Reporting) required an entity to identify two sets of segments (business and geographical), using a risks and rewards approach, with the entity's system of 'financial reporting to key management personnel' serving only as the starting point for the identification of such segments. Following the adoption of AASB 8, the identification of the Group's reportable segments has not changed.

The following is an analysis of the Group's revenue and results by reportable operating segment for the periods under review:

Continuing operations Contracting Solutions Building Services Interest and other revenue Revenue from external customers Corporate and Shared Services costs including acquisition, legal and advisory Finance costs Profit before tax Income tax expense Consolidated segment revenue and profit for the period	30 Jun 10 30 Jun 09 $'000 $'000 154,896 163,724 176,023 77,218 827 534 331,746 241,476 331,746 241,476 Revenue Year ended	30 Jun 10 30 Jun 09 $'000 $'000 10,104 15,020 8,083 3,193 - - Segment profit Year ended
		18,187 18,213 (8,250) (5,982) (1,840) (1,523)
		8,097 10,708 1,059 (2,982)
		9,156 7,726

The following is an analysis of the Group's assets by reportable operating segment:

Continuing operations Contracting Solutions Building Services Total Assets	30 Jun 10 30 Jun 09 $'000 $'000 87,295 84,112 83,333 29,549 Year ended
	170,628 113,661

Significant accounting policies

Basis of preparation

The condensed consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted.

The company is a company of the kind referred to in ASIC Class Order 98/0100, dated 10 July 1998, and in accordance with that Class Order amounts in the directors' report and the half-year financial report are rounded off to the nearest thousand dollars unless otherwise indicated.

The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to their operations and effective for the current reporting period.

New and revised Standards and Interpretations effective for the current reporting period that are relevant to the Group include:

. AASB 3 Business Combinations

• . AASB 8 Operating Segments

• . AASB 101 Presentation of Financial Statements

Business combinations

AASB 3 Business Combinations (2008) applies prospectively to business combinations for which the acquisition date is on or after 1 July 2009 and alters the manner in which business combinations and changes in ownership interest in subsidiaries are accounted for. Accordingly, while its adoption has no impact on previous acquisitions made by the Group, the application of the Standard has affected the accounting for the acquisition of Allstaff Airconditioning Holdings Pty Limited in the current period.

The effect of AASB 3(2008) and its consequential amendments to other Australian Accounting Standards has been to:

• . require that acquisition-related costs be accounted for separately from the business combination, generally leading to those costs being expensed when incurred. Previously such costs were accounted for as part of the cost of the acquisition of the business; and

• . the effect of the Group adopting AASB 3(2008) is to increase expense incurred by $428 thousand (compared to the amount of expense incurred under the previous policies).

Segment Reporting

The adoption of AASB 8 Operating Segments and AASB 2007-3 Amendments to Australian Accounting Standards arising from AASB 8 has not resulted in amended segment disclosures.

Presentation of Financial Statements

As a consequence of the adoption of AASB101 Presentation of Financial Statements (2007) and its associated amending standards, the Group now presents a statement of comprehensive income and a statement of changes in equity, in addition to the statement of financial position (formerly termed the 'balance sheet'), the income statement and the cash flow statement.

3. CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Current Period A$'000 Previous corresponding period A$'000 Revenue from continuing operations - refer 3.1 below 330,919 240,941 Other income - refer 3.2 below 827 534 Expenses - refer 3.3 below (321,809) (229,244) Finance costs (1,840) (1,523) Profit before income tax 8,097 10,708 Income tax benefit/(expense) 1,059 (2,982) Profit for the year from continuing operations 9,156 7,726 Profit for the year 9,156 7,726 Profit for the year attributable to members 9,156 7,726 Basic Earnings Per Share 4.48 cents 4.01 cents Diluted Earnings Per Share 4.41 cents 3.98 cents	Current Period A$'000	Previous corresponding period A$'000
	330,919 827 (321,809) (1,840)	240,941 534 (229,244) (1,523)
	8,097 1,059	10,708 (2,982)
	9,156	7,726
	9,156	7,726
	9,156	7,726

NOTES TO THE CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

3.1 Revenue from continuing operations

Revenue from Sales Revenue from Services Contract Revenue	Current Period A$'000	Previous corresponding period A$'000
	14,424 140,472 176,023	14,899 148,824 77,218
	330,919	240,941

3.2 Other income

Net (loss)/gain on disposal of property, plant and equipment Interest Revenue - other persons

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Previous
Current Period corresponding
A$'000 period A$'000
(23) 89
850 445
827 534
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3.3[Expenses]

Expenses
Changes in inventories of finished goods and WIP Subcontractor and raw materials used Employee benefits expense Depreciation Amortisation expense (including intangibles) Occupancy Other Expenses	Current Period A$'000	Previous corresponding period A$'000
	1,184 264,643 31,378 3,157 1,763 3,164 16,520	(305) 188,725 22,858 2,532 767 2,563 12,104
	321,809	229,244

3.4 Individually Significant Items

Acquisition, integration and advisory costs

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Previous
Current Period corresponding
A$'000 period A$'000
998 -
998 -
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3.5 Impairment Expenses

Impairment of goodwill Total impairment write-downs	Consolidated - Current period	Consolidated - Current period	Consolidated - Current period	Consolidated - Current period
	Before tax A$'000	Related tax A$'000	Related outside equity interests A$'000	Amount (after tax) attributable to members A$'000
	-	-	-	-
	-	-	-	-

3.6 Capitalisation of Borrowing Costs

Borrowing costs capitalised that are not included in finance cost expenses disclosed above include:

Interest costs capitalised in asset values Interest costs capitalised in intangibles (unless arising from an acquisition of a business) 3.7 Comparison of Half-Year Profits Consolidated profit after tax attributable to members reported for the 1st half yearly report Consolidated profit(loss) after tax attributable to members for the 2nd half year 3.8 Income Taxes The prima facie income tax (benefit)/expense on profit before tax reconciles to the income tax benefit/(expense) as follows: Profit before tax Prima facie tax at the Australian tax rate of 30% Adjusted for: Amortisation of intangibles Non deductible expenses Research and development allowance (Over) provisions in prior years Research and development allowance RTFI adjustment for Triple M Other Income Tax benefit/(expense)	Current Period A$'000	Previous corresponding period A$'000
	- -	- -
	-	-
	Current Period A$'000	Previous corresponding period A$'000
	2,515	4,326
	6,641	3,400
	Current Period A$'000	Previous corresponding period A$'000
	8,097	10,708
	(2,429) 230 (759) 1,200 1,712 630 475	(3,212) 441 (252) - - - 41
	1,059	(2,982)

4. CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Current Assets Cash and cash equivalents Trade and other receivables Inventories Current tax assets / (liabilities) Total Current Assets Non-Current Assets Trade and other receivables Property, plant and equipment Intangible assets Deferred tax assets Total Non-Current Assets TOTAL ASSETS Current Liabilities Trade and other payables Financial Liabilities Borrowings Provisions Total Current Liabilities Non-Current Liabilities Financial Liabilities Borrowings Deferred tax liabilities Provisions Total Non-Current Liabilities TOTAL LIABILITIES NET ASSETS Equity Issued Capital Reserves Accumulated Losses Parent entity interest	Current Period A$'000	Previous corresponding period A$'000
	19,720 71,030 3,764 4,063	9,511 41,193 2,581 (1,603)
	98,577	51,682
	1,680 8,851 58,631 2,889	2,489 6,153 51,396 1,941
	72,051	61,979
	170,628	113,661
	64,107 1,203 15,000 6,407	28,916 1,179 2,000 3,370
	86,717	35,465
	3,235 11,000 1,633 938	1,844 15,000 1,759 758
	16,806	19,361
	103,523	54,826
	67,105	58,835
	73,708 1,518 (8,121)	69,914 1,261 (12,340)
	67,105	58,835

Total Equity 67,105 58,835

NOTES TO THE CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

4.1 Consolidated Accumulated Losses

Accumulated Losses at the beginning of the financial year Net profit attributable to members Correction to issued capital relating to prior treatment of Executive Share Plan Dividends and other equity distributions paid or payable Accumulated Losses at the end of the financial year	Current Period A$'000	Previous corresponding period A$'000
	(12,340) 9,156 (883) (4,054)	(16,714) 7,726 - (3,352)
	(8,121)	(12,340)

5. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to operating activities Receipts from customers Payments to suppliers and employees Interest received Interest and other costs of finance paid Income taxes paid GST paid Net operating cash flows Cash flows related to investing activities Payments for plant and equipment Proceeds from sale of plant and equipment Payment for businesses Net investing cash flows Cash flows related to financing activities Proceeds from borrowings Repayment of borrowings Payment of finance lease liabilities Dividends paid Share issue costs Net financing cash flows Net increase (decrease) in cash held Cash at beginning of year -refer 5.1 below Cash at end of year -refer 5.1 below	Current Period A$'000	Previous corresponding period A$'000
	349,122 (327,058) 517 (2,141) (4,977) (6,726)	263,273 (239,008) 274 (1,632) (2,705) (6,618)
	8,737	13,584
	(1,922) 145 (1,325)	(716) 241 -
	(3,102)	(475)
	37,000 (28,000) (1,896) (2,511) (19)	10,000 (14,500) (1,387) (2,039) (8)
	4,574	(7,934)
	10,209 9,511	5,175 4,336
	19,720	9,511

NOTES TO THE CONDENSED CONSOLIDATED CASH FLOW STATEMENT

5.1 Reconciliation of Cash

Reconciliation of Cash
Cash on hand and at bank Bank overdraft Total cash at end of year	Current Period A$'000	Previous corresponding period A$'000
	19,720 -	9,511 -
	19,720	9,511

5.2 Non-Cash Financing and Investing Activities

(i) During the year the economic entity acquired plant and equipment with an aggregate value of $600,000 (2009 : $440,000) by means of finance leases. These acquisitions are not reflected in the cash flow statement.

(ii) During the year the economic entity did not issue shares under the Executive Securities Plan (2009 : $170,000) by means of a loan. This issue is not reflected in the cash flow statement.

(iii) During the year the economic entity paid a dividend and certain holders of ordinary shares elected to have all or part of their dividend entitlements satisfied by the issue of new ordinary shares rather than by being paid in cash, with a value of $1,545,000 (2009 : $1,313,000).

6. CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

As at 1 July 2008 Profit for the year Shares issued during year Dividends paid Total other comprehensive income for the year Share-based payments expense As at 30 June 2009 Profit for the year Dividends paid Shares issued during year Total other comprehensive income for the year Share-based payments expense Correction to issued capital relating to prior treatment of Executive Share Plan As at 30 June 2010	Issued capital Accumulated losses Share-based payment reserve Cash flow hedge reserve Total equity $'000 $'000 $'000 $'000 $'000 68,835 (16,714) 1,194 - 53,315 - 7,726 - - 7,726 1,079 - - - 1,079 - (3,352) - - (3,352) - - - - - - - 67 - 67
	69,914 (12,340) 1,261 - 58,835 - 9,156 - - 9,156 - (4,054) - - (4,054) 2,911 - - - 2,911 - - - (83) (83) - - 340 - 340 883 (883) - - -
	73,708 (8,121) 1,601 (83) 67,105

OTHER NOTES TO THE CONDENSED FINANCIAL STATEMENTS

7. NET TANGIBLE ASSETS PER ORDINARY SHARE (NTA backing)

Current Period	Previous corresponding period
2.65 cents	2.77 cents

8. DETAILS OF SUBSIDIARIES

8.1 Control Gained Over Entities During the Period

Name of entity

Date control acquired, i.e. date from which profit(loss) has been calculated

Profit (loss) of the subsidiary (or group of entities) during the current period since the date on which control was acquired

Profit (loss) of the subsidiary (or group of entities) for

the whole of the previous corresponding period

• 8.2 Loss of Control of Entities During the Period

Name of entity

Date of loss of control, i.e. date until which profit(loss) has been calculated

Profit (loss) from the subsidiary (or group of entities) during the current period to the date on which control was lost

Profit (loss) from the subsidiary (or group of entities)

for the whole of the previous corresponding period

Contribution to consolidated profit (loss) from sale of interest leading to loss of control

	Allstaff Airconditioning
	Holdings Pty Limited
	10 December 2009
	$1,497,000		$		$
	$6,120,000		$		$
	N/A
	$		$		$
	$		$		$
	$		$		$

9. DETAILS OF ASSOCIATES AND JOINT VENTURE ENTITIES

9.1	Equity Accounted Associates and Joint Venture Entities	%Ownership Interest	%Ownership Interest		Contribution to Net Profit	Contribution to Net Profit
		Current Period %	Previous Corresponding Period %		Current Period A$ '000	Previous Corresponding Period A$ '000

9.2 Aggregate Share of Profits(Losses) of Associates and Joint Venture Entities

Group's Share of Associates and Joint Venture Entities: Profit(Loss) before income tax Income tax expense Net profit(loss) Adjustments Share of net profit(loss) of associates and joint venture entities	Current Period A$ '000	Previous Corresponding Period A$ '000
	- -	- -
	- -	- -
	-	-

10. DIVIDENDS

Dividends Paid per Share Final - current period - previous corresponding period Interim - current period - previous corresponding period	Amount per share	Franked amount per share at 30% tax	Amount per share of foreign source dividend
	1.00 cents 1.00 cents	1.00 cents 1.00 cents	- cents - cents
	1.00 cents 1.00 cents	1.00 cents 1.00 cents	- cents - cents

10.1 Dividends Paid per Share

10.2 Total Dividends Interim - paid on 16 April 2010 Final - paid on 9 October 2009

The final dividend for FY 2009 of $1,986k was paid during the year. The interim dividend for FY 2010 of $2,068k was also paid during the year. The final dividend for FY 2010 of $2,104k was declared on 24 August 2010.

Current Period A$ '000	Previous Corresponding Period A$ '000
2,068 1,986	1,937 1,415
4,054	3,352

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10.3 Dividend Reinvestment Plans

The company has established a dividend reinvestment plan under which holders of ordinary shares may elect to have all or part of their dividend entitlements satisfied by the issue of new ordinary shares rather than by being paid in cash. Shares are issued under the plan at a 5% discount to the average market price.

The last date for receipt of election notices for participation in any dividend reinvestment plans

14 September 2010

11. ACCOUNTING STANDARDS

Australian accounting standards have been used.

12, OTHER INFORMATION REGARDING THE ACCOUNTS

12.1 The information contained in this Appendix 4E is based on accounts which (choose one):

• have been audited - are in the process of being audited - have not yet been audited

12.2 Audit Disputes or Qualifications

Nil

13. OTHER SIGNIFICANT INFORMATION

Nil