ENECO REFRESH LTD — Interim / Quarterly Report 2022

Feb 27, 2022

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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 2021 and the corresponding period to 31 December 2020

	Result Revenue from ordinary activities Profit/(Loss) for the period from continuing operations attributable to members Profit/(Loss) for the period attributable to members		A$’000 up 3% to 6,946 down 110% to (40) down 110% to (40)
	For the Period ending Net tangible asset per share Net asset per share	31 Dec 21 $0.04 $0.04	31 Dec 20 $0.04 $0.04

Dividends

No interim dividend is payable

2. Brief Explanation of the Result

The Group continues to do well despite the pandemic. Total Refresh Waters sales was up 11% compared to the same period last year with every Cash Generating Unit showing growth. Refresh Plastics had a substantial 27% increase last year which could not be maintained dropping by 21% this year. This brought overall growth down to 3% for the Group.

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 N/A N/A

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Eneco Refresh Limited

and its controlled entities

ABN 28 079 681 244

Half Year Financial Report

31 December 2021

ENECO REFRESH LIMITED – HALF YEAR REPORT

Table of Contents

TABLE OF CONTENTS……………………………………………………………………………………………………1 DIRECTORS’ REPORT……………………………………………………………………………………………………2 AUDITOR’S INDEPENDENCE DECLARATION………………………………………………………………………..5 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME…………..6 CONSOLIDATED STATEMENT OF FINANCIAL POSITION………………………………………………………….7 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY……………..…………………….…………..……..….8 CONSOLIDATED STATEMENT OF CASH FLOWS……………………………………………..……………..……...9 CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .……………….……………….. 10 DIRECTORS’ DECLARATION………………………………………………………………………………….………..15 INDEPENDENT AUDITOR’S REVIEW REPORT……………………….………………………….………………….16

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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 2021.

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 Reiichi Natori Yasuhiro Yamamoto – resigned 7 October 2021 Colin Moran – appointed 7 October 2021

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

Eneco is pleased to provide a review for the first half ending December 2021. Eneco continues to manufacture at 7 bottled water factories across Australia and 1 plastic factory in Melbourne.

Revenue by Cash Generating Units (CGU) compared to the same period last year are as follows:

Cash Generating Units Western Australia (WA) New South Wales (NSW) Victoria (VIC) Northern Territory (NT) Queensland (QLD) Refresh Waters Refresh Plastics Total	Revenue July– Dec 21 July– Dec 20 $'000 $'000 1,827 1,534 1,038 1,008 817 711 798 786 1,152 1,016 5,632 5,055 1,313 1,673 6,945 6,728	Variance 19% 3% 15% 2% 13% 11% -21% 3%

Refresh Waters

Sales increased in the first half with every CGU achieving positive sales variances. Total sales growth for the first half year was 11% compared to the same period last year. This is despite the escalating cases of COVID-19 infection and lockdowns.

WA achieved very good sales growth of 19% with increased supply to mining companies. This benefited both our Perth and Kalgoorlie factories.

Coming out of a long lockdown, NSW managed to achieve a 3% growth for the half year.

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VIC achieved sales growth of 15% despite the many lockdowns and restrictions. The growth came mainly from the supply of distilled water for commercial use.

Sales growth in the NT has slowed to 2% but note this is because NT achieved very good growth in the same period last year of 97%.

QLD also did very well with a 13% increase in revenue coming mainly from increased sales to Woolworths.

With global disruptions in our supply chain, we had several shipment delays of our imported raw materials. While this has resulted in a stock out situation for several products it has not adversely affected our operations.

Refresh Plastics

Refresh Plastics sales declined by 21% for the first half year. Some of the sales secured in the last period because of COVID-19 were not repeated in this period, e.g. bottles and containers for sanitisers. We had very good sales of our Ampi activity toys in the previous period. While sales continue to be better than pre-COVID-19, sales growth has slowed.

Eneco Australia

The Group is the Australian and New Zealand distributor for products of its associated Japanese companies.

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 28 February 2022 Perth, Western Australia

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PO Box 1908 West Perth WA 6872 Australia

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Level 2, 40 Kings Park Rd West Perth WA 6005 Australia

Tel: +61 8 9481 3188 Fax: +61 8 9321 1204

ABN: 84 144 581 519 www.stantons.com.au

28 February 2022

Board of Directors Eneco Refresh Limited 17 Denninup Way MALAGA WA 6090

Dear Directors

RE: ENECO REFRESH LIMITED

In accordance with section 307C of the Corporations Act 2001 , I am pleased to provide the following declaration of independence to the directors of Eneco Refresh Limited.

As Audit Director for the review of the financial statements of Eneco Refresh Limited for the half-year ended 31 December 2021, 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.

Yours faithfully

STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD (An Authorised Audit Company)

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Samir Tirodkar Director

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Liability limited by a scheme approved under Professional Standards Legislation

Stantons Is a member of the Russell Bedford International network of firms

ENECO REFRESH LIMITED – HALF YEAR REPORT

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 31 DECEMBER 2021

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 21 $ 6 months to 31 Dec 20 $

6,945,554 6728,200 (4,195,808) (4,046,108) 2,749,746 2,682,092 56,805 631,434 (296,753) (361,286) (798,838) (832,565) (1,214,777) (1,192,549) (447,960) (543,481) 48,223 383,645 5,415 10,602 (94,044) (8,579) (40,406) 2,023 (40,406) 385,668 - - (40,406) 385,668 (28) 74,108 (40,434) 459,776 (0.01) 0.14 (0.01) 0.14

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 2021

ASSETS Current Assets Cash and cash equivalents Trade and other receivables Other current assets Inventories Current tax asset Total Current Assets Non-Current Assets Property, plant and equipment Intangible assets Financial assets at fair value through OCI Investment in associate Right of use assets Total Non-Current Assets TOTAL ASSETS LIABILITIES Current Liabilities Trade and other payables Short-term provisions and accruals Lease liabilities Total Current Liabilities Non-Current Liabilities Long-term provisions Lease liabilities 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 21 $ 30 Jun 21 $
	5	1,314,935 1,454,871 1,448,453 1,213,716 188,428 80,744 1,817,730 2,042,695 34,361 34,361
		4,803,907 4,826,387
		6,745,591 6,788,318 562,171 562,171 32,800 22,800 50,000 50,000 4,036,515 3,940,172
		11,427,077 11,363,461
		16,230,984 16,189,848
		1,089,224 974,746 784,163 949,227 880,678 494,207
		2,754,065 2,418,180
		54,057 40,966 3,337,155 3,604,561
		3,391,212 3,645,527
		6,145,277 6,063,707
		10,085,707 10,126,141
		18,320,875 18,320,875 191,712 191,712 356,409 356,409 75,283 75,311 (8,858,572) (8,818,166)
		10,085,707 10,126,141

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 2021

Balance at 1 July 21 Loss for the half-year Fair value (loss) on available for sale financial assets Total comprehensive (loss) for the half-year Balance at 31 Dec 21 Balance at 1 July 20 Profit for the half-year Fair value gain on available for sale financial assets Total comprehensive income for the half-year Balance at 31 Dec 20	Issued Capital Share Reserve 18,320,875 191,712	2014 Profit Reserve 356,409	Financial asset revaluation reserve 75,311	Accumulated Losses Total (8,818,166) 10,126,141
	- - - -	- -	- (28)	(40,406) (40,406) - (28)
	- -	-	(28)	(40,406) (40,434)
	18,320,875 191,712	356,409	75,283	(8,858,572) 10,085,707
	18,320,875 191,712	356,409	(74,108)	(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

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 2021

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 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 (used in)/provided by investing activities Cash flows from financing activities Payment of finance lease liability Repayment of borrowings Net cash flows (used in) financing activities Net (decrease)/increase 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 21 $ 6 months to 31 Dec 20 $
	7,008,821 6,716,860 (6,641,290) (6,483,301) - (8,579) 5,414 10,601 56,235 527,612
	429,180 763,193
	9,250 62,291 (185,635) (206,045) (9,974) - 384,453
	(186,359) 240,699
	(382,757) (319,860) - (412,535)
	(382,757) (732,395)
	(139,936) 271,497 1,454,871 1,426,733
	1,314,935 1,698,230

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 2021

1. CORPORATE INFORMATION

The financial report of Eneco Refresh Limited for the half-year ended 31 December 2021 was authorised for issue in accordance with a resolution of the directors on 28 February 2022. 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 produces distilled water both for drinking as well as commercial and industrial use. It also bottles spring water in Darwin, Brisbane and Sydney.

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 Australian and New Zealand distributor for products of its associated Japanese companies.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These general-purpose financial statements for the interim half-year reporting period ended 31 December 2021 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 2021 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. Adoption of the new and revised accounting standards does not have any material impact on the disclosures and/or amounts reported in these financial statements.

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 2021

3. SIGNIFICANT EVENTS AND TRANSACTIONS

There were no significant events and transactions during the half-year ended 31 December 2021.

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 2021

4. OPERATING SEGMENTS (cont)

(f) Segment performance

31 December 2021 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
	$ $ $ $ $ $ $
	1,827,375 1,038,340 817,383 797,974 1,151,328 - - 5,632,400
	- - - - - 1,313,154 - 1,313,154
	1,827,375 1,038,340 817,383 797,974 1,151,328 1,313,154 - 6,945,554
	302,408 174,286 159,410 (129,054) 224,202 121,896 (274,121) 579,027
	96,738 131,999 137,879 (167,978) 118,450 (269,676) 47,412
	- - - - - (87,818) - (87,818)
	96,738 131,999 137,879 (167,978) 118,450 (87,818) (269,676) (40,406)
	4,095,280 1,154,229 920,528 4,388,564 2,040,719 2,824,411 807,253 16,230,984
	2,526,709 371,931 29 0 1,093,212 1,870,284 283,112 6,145,277

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ENECO REFRESH LIMITED – HALF YEAR REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2021

4. OPERATING SEGMENTS (cont)

• (f) Segment performance (cont)

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

5. ISSUED CAPITAL

Ordinary shares Issued and fully paid Capital raising costs Movements in ordinary shares on issue At 30 June 2021 Movement At 31 December 2021	CONSOLIDATED 31 Dec 21 30 Jun 21 $ $ 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

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ENECO REFRESH LIMITED – HALF YEAR REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

6. CONTINGENT LIABILITIES

There are no contingent liabilities as at 31 December 2021.

7. DIVIDENDS

The directors do not recommend the payment of a dividend in respect of the half-year ended 31 December 2021.

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 Federal, State and Territory governments 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 2021 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 2021 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 28 February 2022 Perth, Western Australia

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PO Box 1908 West Perth WA 6872 Australia

Level 2, 40 Kings Park Rd West Perth WA 6005 Australia

Tel: +61 8 9481 3188 Fax: +61 8 9321 1204 ABN: 84 144 581 519 www.stantons.com.au

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

Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of Eneco Refresh Limited (the “Company”) and its controlled entities (collectively, “Group”), which comprises the consolidated statement of financial position as at 31 December 2021, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, condensed notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

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

• (a) giving a true and fair view of Eneco Refresh Limited’s financial position as at 31 December 2021 and of its performance for the half-year ended on that date; and

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

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of Eneco Refresh Limited in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 has been given to the directors of the Company on 28 February 2022.

Responsibility of the Directors for the Financial Report

The directors of Eneco Refresh Limited 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

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Liability limited by a scheme approved under Professional Standards Legislation

Stantons Is a member of the Russell Bedford International network of firms

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half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether 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 Company’s financial position as at 31 December 2021 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 .

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.

STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD (An Authorised Audit Company)

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Samir Tirodkar

Director

West Perth, Western Australia 28 February 2022

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