ENECO REFRESH LTD — Interim / Quarterly Report 2021

Feb 23, 2021

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Appendix 4D

Half-Year Financial Report

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Results for announcement to the market

1. Results for the half-year to 31 December 2020 and the corresponding period to 31 December 2019

	Result A$’000 Revenue from ordinary activities up 12% to 6,728 Profit for the period from continuing operations attributable to members up 165% to 386 Profit for the period attributable to members up 178% to 460
	For the Period ending Net tangible asset per share Net asset per share	31 Dec 20 $0.04 $0.04	31 Dec 19 $0.03 $0.04
	Dividends No interim dividend is payable

2. Brief Explanation of the Result

The Group continues to do well despite the pandemic. Refresh Waters Darwin and Refresh Plastics are growing well. Total Refresh Waters sales was up 7% compared to the same period last year. We had a substantial 27% increase in revenue at Refresh Plastics, helping to achieve an overall growth of 12%.

More details are in the Review and Results of Operations in the Directors’ Report.

Appendix 4D Half-Year Financial Report

3. Details of entities over which control has been gained or lost during the period

Nil

4. Details of individual and total dividends or distributions and dividend or distribution payments

Nil

5. Details of any dividend or distribution reinvestment plans in operation and the last date for the receipt of an election notice for participation in any dividend or distribution reinvestment plan

Nil

6. Details of associates and joint venture entities including the name of the associate or joint venture entity and details of the reporting entity’s percentage holding in each of these entities and – where material to an understanding of the report - aggregate share of profits (losses) of these entities, details of contributions to net profit for each of these entities, and with comparative figures for each of these disclosures for the previous corresponding period.

Associate % Holding Share of Profit / (Loss)

Nil

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Eneco Refresh Limited

and its controlled entities

ABN 28 079 681 244

Half Year Financial Report

31 December 2020

ENECO REFRESH LIMITED – HALF YEAR REPORT

Table of Contents

TABLE OF CONTENTS……………………………………………………………………………………………………1 DIRECTORS’ REPORT……………………………………………………………………………………………………2 AUDITOR’S INDEPENDENCE DECLARATION………………………………………………………………………..4 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER 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 CONSOLIDATED FINANCIAL STATEMENTS……………………………………………………...9 DIRECTORS’ DECLARATION………………………………………………………………………………….………..14 INDEPENDENT AUDITOR’S REVIEW REPORT……………………….………………………….………………….15

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ENECO REFRESH LIMITED – HALF YEAR REPORT

DIRECTORS’ REPORT

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity' or ‘Group’) consisting of Eneco Refresh Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2020.

In accordance with ASIC Corporations (Rounding in Financial/Director’s Reports) Instrument 2016/191, the amounts in the directors’ report and in the financial report have been rounded to the nearest dollar.

DIRECTORS

The names of the directors of the Company in office at the date of this report and during the half-year are:

Henry Heng Michael Pixley Peter Chai Koji Yoshihara Yasuhiro Yamamoto Reiichi Natori Chiau Thuan Teh – resigned 17 Nov 2020

PRINCIPAL ACTIVITIES

During the financial half-year the principal continuing activities of the consolidated entity consisted of:

• Production and distribution of bottled water and accessories and the rental of water coolers

• Market a broad range of plastic products

REVIEW AND RESULTS OF OPERATIONS

The investment from Eneco Investment Pte Ltd has given the Group the financial resources to grow significantly.

Refresh Waters

With a diversified portfolio of products, Refresh Waters has experienced good growth this half year. The Northern Territory is doing well and has turned around to profitability. The repeated lockdowns in Victoria have adversely affected our sales to the home and office delivery sector but we still managed a 7% growth. Queensland also continues to do well, achieving a 5% growth. New South Wales’ drop in sales arose from its custom labelled bottled water business as companies cut back on expenditure. Sales in Victoria, Queensland and NSW were helped by the ranging of our 2-litre Demineralised Water into Woolworths from late September 2020. Western Australia had a marginal decline in sales.

Refresh Plastics

Our plastic factory continues to achieve strong growth and is now profitable. The growth is broad-based across a wide range of products. Our Ampi activity toys in particular have been selling very well.

The growth has come despite our having terminated our licensing arrangement to produce and market Petainer kegs in Oceania. Petainer sold us the raw materials at very high prices and it was no longer profitable to continue the distributorship.

Eneco Australia

The Group is the Australian and New Zealand distributor for all products of Eneco Holdings Japan and its associated companies and continue to market these products.

We will continue to look for opportunities to grow the Group so as to deliver a better return for all shareholders.

Detailed results of the various operating segments are found in Note 4(f) Operating Segment.

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ENECO REFRESH LIMITED – HALF YEAR REPORT

AUDITOR’S INDEPENDENCE DECLARATION

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors’ report.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the directors

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Henry Heng Executive Chairman Dated 24 February 2021 Perth, Western Australia

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RSM Australia Partners

Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844

T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111 www.rsm.com.au

AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the review of the financial report of Eneco Refresh Limited for the half-year ended 31 December 2020, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

• (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• (ii) any applicable code of professional conduct in relation to the review.

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RSM AUSTRALIA PARTNERS

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Perth, WA Dated: 24 February 2021

TUTU PHONG Partner

THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

ENECO REFRESH LIMITED – HALF YEAR REPORT

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 31 DECEMBER 2020

Continuing operations Revenue Cost of sales Gross Profit Other income Marketing expenses Distribution expenses Administrative expenses Occupancy expenses Results from operating activities Finance income Finance costs Net finance costs Profit/(Loss) before income tax Income tax expense Profit/(Loss) for the period from continuing operations Other comprehensive income Fair value remeasurements on financial assets designated as fair value through other comprehensive income Total comprehensive profit/(loss) attributable to members of Eneco Refresh Limited Earnings per share From continuing operations: Basic earnings per share (cents per share) Diluted earnings per share (cents per share)

6 months to 31 Dec 20 $ 6 months to 31 Dec 19 $

6,728,200 6,024,756 (4,046,108) (3,766,699) 2,682,092 2,258,057 631,434 14,486 (361,286) (402,363) (832,565) (828,568) (1,192,549) (1,138,271) (543,481) (504,412) 383,645 (601,071) 10,602 29,379 (8,579) (19,809) 2,023 9,570 385,668 (591,501) - - 385,668 (591,501) 74,108 - 459,776 (591,501) 0.14 (0.22) 0.14 (0.22)

The consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

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ENECO REFRESH LIMITED – HALF YEAR REPORT

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020

ASSETS Current Assets Cash and cash equivalents Trade and other receivables Prepayment Inventories Current tax asset Total Current Assets Non Current Assets Property, plant and equipment Right of use assets Intangible assets Investment in associate Financial assets at fair value through OCI Total Non-Current Assets TOTAL ASSETS LIABILITIES Current Liabilities Trade and other payables Financial liabilities Short-term provisions and accruals Lease liabilities Total Current Liabilities Non-Current Liabilities Lease liabilities Financial liabilities Long-term provisions Total Non-current Liabilities TOTAL LIABILITIES NET ASSETS EQUITY Issued capital Share reserve 2014 profit reserve Financial asset revaluation reserve Accumulated losses TOTAL EQUITY	Notes	31 Dec 20 $ 30 Jun 20 $
	5	1,698,230 1,426,733 1,519,145 1,167,604 264,254 106,557 2,028,516 2,067,551 34,361 34,361
		5,544,506 4,802,806
		6,598,667 6,768,068 1,653,730 1,831,383 562,171 562,171 50,000 50,000 - 222,324
		8,864,568 9,433,946
		14,409,074 14,236,752
		1,121,885 734,418 20,371 232,906 845,726 964,918 273,144 313,300
		2,261,126 2,245,542
		1,482,268 1,589,593 - 200,000 67,304 63,017
		1,549,572 1,852,610
		3,810,698 4,098,152
		10,598,376 10,138,600
		18,320,875 18,320,875 191,712 191,712 356,409 356,409 - (74,108) (8,270,620) (8,656,288)
		10,598,376 10,138,600

The consolidated statement of financial position should be read in conjunction with the accompanying notes

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ENECO REFRESH LIMITED – HALF YEAR REPORT

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2020

Balance at 1 July 20 Profit for the half-year Other comprehensive income Total comprehensive income for the half-year Balance at 31 Dec 20 Balance at 1 July 19 Loss for the half-year Other comprehensive income Total comprehensive loss for the half-year Balance at 31 Dec 19	Issued Capital Share Reserve 18,320,875 191,712	Financial Assets Revaluation Reserve (74,108)	2014 Profit Reserve 356,409	Accumulated Losses Total (8,656,288) 10,138,600
	- - - -	- 74,108	- -	385,668 385,668 - 74,108
	- -	74,108	-	385,668 459,776
	18,320,875 191,712	-	356,409	(8,270,620) 10,598,376
	18,320,875 191,712	(111,162)	356,409	(7,574,768) 11,183,066
	- - - -	- -	- -	(591,501) (591,501) - -
	- -	-	-	(591,501) (591,501)
	18,320,875 191,712	(111,162)	356,409	(8,166,269) 10,591,565

The consolidated statement of changes in equity should be read in conjunction with the accompanying notes

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ENECO REFRESH LIMITED – HALF YEAR REPORT

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 31 DECEMBER 2020

Cash flows from operating activities Receipts from customers Payments to suppliers and employees Borrowing costs Interest received Government grants and tax incentives Net cash flows from/(used in) operating activities Cash flows from investing activities Proceeds from sales of property, plant and equipment Purchase of property, plant and equipment Payments for investments Proceeds from sale of investments Net cash flows from/(used in) investing activities Cash flows from financing activities Repayment of borrowings Net cash flows used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of half-year	6 months to 31 Dec 20 $ 6 months to 31 Dec 19 $
	6,716,860 5,717,817 (6,803,161) (6,384,327) (8,579) (19,809) 10,601 29,377 527,612 -
	443,333 (656,942)
	62,291 22,727 (206,045) (103,870) - (51,430) 384,453 -
	240,699 (132,573)
	(412,535) (131,772)
	(412,535) (131,772)
	271,497 (921,287) 1,426,733 2,264,877
	1,698,230 1,343,590

The consolidated statement of cash flows should be read in conjunction with the accompanying notes

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ENECO REFRESH LIMITED – HALF YEAR REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2020

1. CORPORATE INFORMATION

The financial report of Eneco Refresh Limited for the half-year ended 31 December 2020 was authorised for issue in accordance with a resolution of the directors on 24 February 2021. Eneco Refresh Limited is a company incorporated in Australia and limited by shares which are publicly traded on the Australian Securities Exchange.

The Group has 3 divisions:

Refresh Waters Pty Ltd’s principal activities are the production and/or distribution of bottled water, coolers and filtration systems. It is the largest producer of distilled drinking water in Australia, and also supplies pure water for commercial and industrial use.

Refresh Plastics Pty Ltd has machines capable of producing up to 210 litres. It offers a diverse range of plastic bottles, containers and jars for the beer, wine and beverage industries. It also produces water tanks, caravan tanks, jerrycans, watering cans, vehicle parts, etc. It produces its own range of best-selling Ampi activity toys. Refresh has been contract manufacturing custom moulded products for many companies.

Eneco Australia Pty Ltd is the distributor of Eneco Holding’s Plasma Fusion and Plasma R Hydrogen Gas for Australia and New Zealand.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These general purpose financial statements for the interim half-year reporting period ended 31 December 2020 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.

These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2020 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the policies stated below.

New or amended Accounting Standards and Interpretations adopted

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

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ENECO REFRESH LIMITED – HALF YEAR REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2020

3. SIGNIFICANT EVENTS AND TRANSACTIONS

There were no significant events and transactions during the half-year ended 31 December 2020.

4. OPERATING SEGMENTS

Segment Information

The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors (chief operating decision makers) in assessing performance and determining the allocation of resources.

In identifying its operating segments, management follows the geographical location of the Group’s operations. Corporate costs are included under “Other”.

Types of products and services by segment

The Group has two operating segments being: the manufacture and sale of bottled water and filtration systems; and the production and sale of plastic products.

Basis of accounting for purposes of reporting by operating segments

(a) Accounting policies adopted

Unless stated otherwise, all amounts reported to the Board of Directors, being the chief decision maker with respect to operating segments, are determined in accordance with accounting policies that are consistent to those adopted in the annual financial statements of the Group.

(b) Intersegment transactions

There is no intersegment sale and corporate costs are not allocated. Corporate costs are classified under “Other” in the segment performance analysis.

(c) Segment assets

Segment assets are clearly identifiable on the basis of their nature and physical location.

(d) Segment liabilities

Liabilities are allocated to segments where there is a direct nexus between the incurrence of the liability and the operations of the segment. Borrowings and tax liabilities are generally considered to relate to the Group as a whole and are not allocated. Segment liabilities include trade and other payables and certain direct borrowings.

(e) Unallocated items

The following items of revenue, expenses, assets and liabilities are not allocated to operating segments as they not considered part of the core operations of any segment:

• income tax expense

• corporate costs

• deferred tax assets and liabilities

• current tax liabilities

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ENECO REFRESH LIMITED – HALF YEAR REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2020

4. OPERATING SEGMENTS (cont)

(f) Segment performance

31 December 2020 Revenue from external customers Revenue from bottled water, coolers and filtration systems Revenue from plastic products Total revenue from external customers EBITDA Segment operating profit/(loss) Operating profit/(loss) relating to bottled water, coolers and filtration systems Operating profit from plastic products Total operating profit/(loss) Total assets Total liabilities	WA NSW VIC NT QLD PLASTIC OTHER Corporate TOTAL
	$ $ $ $ $ $ $
	1,534,192 1,007,778 711,623 786,230 1,015,847 - - 5,055,670
	- - - - 1,672,530 - 1,672,530
	1,534,192 1,007,778 711,623 786,230 1,015,847 1,672,530 - 6,728,200
	289,475 157,525 106,580 40,905 122,052 216,345 (135,432) 797,450
	209,249 84,120 84,437 2,429 79,748 - (135,432) 324,551
	- - - - - 59,094 - 59,094
	209,249 84,120 84,437 2,429 79,748 59,094 (135,432) 383,645
	2,684,790 775,115 589,680 4,470,170 1,148,721 3,479,749 1,260,849 14,409,074
	1,034,165 71,229 779 54,976 141,188 554,471 1,953,890 3,810,698

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ENECO REFRESH LIMITED – HALF YEAR REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2020

4. OPERATING SEGMENTS (cont)

• (f) Segment performance (cont)

31 December 2019 Revenue from external customers Revenue from bottled water, coolers and filtration systems Revenue from plastic products Total revenue from external customers EBITDA Segment operating profit/(loss) Operating profit/(loss) relating to bottled water, coolers and filtration systems Operating profit/(loss) from plastic products Total operating profit/(loss) Total assets Total liabilities	WA NSW VIC NT QLD PLASTIC OTHER Corporate TOTAL
	$ $ $ $ $ $ $
	1,633,051 1,051,263 663,055 400,071 962,986 - - 4,710,426
	- - - - 1,314,330 - 1,314,330
	1,633,051 1,051,263 663,055 400,071 962,986 1,314,330 - 6,024,756
	238,640 201,752 183,066 (326,198) 57,818 (181,723) (254,645) (81,290)
	70,170 120,889 2,486 (331,585) 21,478 - (254,645) (371,207)
	- - - - (229,864) - (229,864)
	70,170 120,889 2,486 (331,585) 21,478 (229,864) (254,645) (601,071)
	3,035,138 1,217,810 472,518 4,392,214 1,472,931 2,597,025 1,266,721 14,454,357
	1,352,236 449,720 710 67,062 128,160 1,149,725 715,179 3,862,792

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ENECO REFRESH LIMITED – HALF YEAR REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2020

5. ISSUED CAPITAL

Ordinary shares Issued and fully paid Capital raising costs Movements in ordinary shares on issue At 30 June 2020 Movement At 31 December 2020	CONSOLIDATED 31 Dec 20 30 Jun 20 $ $ 18,320,875 18,320,875 - -
	18,320,875 18,320,875
	Number $ 272,358,347 18,320,875 - - 272,358,347 18,320,875

6. CONTINGENT LIABILITIES

There are no contingent liabilities as at 31 December 2020.

7. DIVIDENDS

The directors do not recommend the payment of a dividend in respect of the half-year ended 31 December 2020.

8. EVENTS AFTER REPORTING DATE

The impact of the Coronavirus (COVID-19) pandemic is ongoing. It is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.

No matter or circumstance has arisen since 31 December 2020 that has significantly affected, or may significantly affect the consolidated entity’s operations, the result of those operations, or the consolidated entity’s state of affairs in the future financial years.

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ENECO REFRESH LIMITED – HALF YEAR REPORT

DIRECTORS’ DECLARATION

In accordance with a resolution of directors of Eneco Refresh Limited, I state that;

In the opinion of the directors:

● the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;

● the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 31 December 2020 and of its performance for the financial half-year ended on that date; and

● there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.

On behalf of the Board

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Henry Heng Executive Chairman Dated 24 February 2021 Perth, Western Australia

[14]

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RSM Australia Partners

Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844

T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111 www.rsm.com.au

INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF ENECO REFRESH LIMITED

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Eneco Refresh Limited which comprises the statement of financial position as at 31 December 2020, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2020 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of Eneco Refresh Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

THE POWER OF BEING UNDERSTOOD

AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036

Liability limited by a scheme approved under Professional Standards Legislation

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Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of Eneco Refresh Limited, would be in the same terms if given to the directors as at the time of this auditor’s review report.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Eneco Refresh Limited is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2020 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001 .

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RSM AUSTRALIA PARTNERS

Perth, WA Dated: 24 February 2021

TUTU PHONG Partner