ENERGY TECHNOLOGIES LIMITED — Annual Report 2013

Aug 28, 2013

Appendix 4E Preliminary final report

APPENDIX 4E

Preliminary final report

1. Company Details

Name of entity

ENERGY TECHNOLOGIES LIMITED

ABN or equivalent company reference Financial year ended (‘current period’) 38 002679469 30 June 2013 2. Results for announcement to the market	ABN or equivalent company reference Financial year ended (‘current period’) 38 002679469 30 June 2013 2. Results for announcement to the market	Financial year ended (‘previous period’) 30 June2012 $A'000	Financial year ended (‘previous period’) 30 June2012 $A'000
2.1 Revenues from operating activities 2.2 Profit from operating activities after tax attributable to members 2.3 Profit for the period attributable to members	Up 63% to 10,555 Down N/A to (2,232) Down N/A to (2,232)
2.4**Dividends **	Amountper security		Franked amountper security
Final dividend	NIL		NIL
Interimdividend	NIL		NIL
2.5 Record date for determining entitlements to the dividend	Not applicable
2.6 Brief explanation of any of the figures in 2.1 to 2.4 necessary to enable the figures to be understood: Energy Technologies Limited (EGY) has reported a consolidated loss for the year after tax and minority of $2,232,176 (FY2012 profit of $3,678,040). The FY2012 EGY consolidated results were dominated by the sale of substantially all of the assets of subsidiary D Power International Limited (DPIL). The FY2013 results include a loss after tax of $1,725,387 reported by new subsidiary Bambach Wires and Cables Pty Ltd (BWC). There will be further discussion of the result below.

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3. Details of Individual and Total Dividends

		Date dividend is payable	Amount per security	Franked amount per security at 30% tax	Amount per security of foreign source dividend
	Final dividend:Current year Previous year		-¢ -¢	-¢ -¢	-¢ -¢
	Interim dividend:Current year		-¢ -¢	-¢ -¢	-¢ -¢
	Previous year

Total dividend per security (interim plus final)

Ordinary securities Preference securities	Current year	Previous year
	-¢ -¢	-¢ -¢

4. Dividend reinvestment plan

Details of any dividend reinvestment plans in operation: There is no dividend reinvestment plan in place.

The last date for the receipt of an election notice for participation in any dividend or distribution reinvestment plan: Not applicable

5. Statement of retained earnings

	Accumulated losses at the beginning of the financial year Net profit/(loss) attributable to members Accumulated losses at the end of the **financial year **	Current period - $A'000	Previous corresponding period-$A'000
		(2,994) (2,232) (5,226)	(6,672) 3,678 (2,994)

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6.1 Net Tangible Asset backing	Current period		Previous corresponding period
Net tangible asset backing per ordinary security	0.02c		2.94c
6.2 Earnings per security (EPS)	Current period	Previous corresponding period
Basic EPS (cents) Net profit / (loss) after tax for the period attributable to members ($’000s) Weighted average number of ordinary securities	(1.35c)	2.27c
	(2,232)	3,678
	165,404,625	161,771,994

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

7.1 A Name of entity Bambach Wires and Cables Pty Ltd (BWC) 7.2 A Date from which control was gained 2 July 2012 7.3 A Where material to an understanding of the report – the contribution of such entities to the reporting entity’s profit from operating activities during the period and the profit or loss of such entities during the whole of the previous corresponding period BWC reported a loss from operating activities for the period of $1,725,387 after tax (FY2012 loss $460,272) 7.1 B Name of entities No entities were disposed of during the period 7.2 B Date from which control was gained / lost 7.3 B Where material to an understanding of the report – the contribution of such entities to the reporting entity’s profit from operating activities during the period and the profit or loss of such entities during the whole of the previous corresponding period	Bambach Wires and Cables Pty Ltd (BWC)	Bambach Wires and Cables Pty Ltd (BWC)
	ined ding of the report – the he reporting entity’s uring the period and s during the whole of iod	2 July 2012
		BWC reported a loss from operating activities for the period of $1,725,387 after tax (FY2012 loss $460,272)
	No entities were disposed of during the period

8. Details of Associates and Joint Ventures:

Name of entity	Percentage holding
Dulhunty Poles Pty Ltd	45%

8.1 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:

EGY has fully impaired its investment in Dulhunty Poles Pty Ltd (DPPL). This has resulted in a share of losses of $418,125 (2012 $838,777) recorded against investment and loans.

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9 - Comments by directors

EGY’s 2013 results are a substantial loss, particularly in comparison with last year’s results, which were affected by one-off matters, refer 2.6. The 2013 losses arise mainly from two areas:

• The BWC trading results

BWC was acquired on 2 July 2012. Its trading results this year have been impacted by:

• post-acquisition management and organisational changes, including changes in the costaccounting system; and

• a dramatic and significant worsening of general and sector-wide trading conditions beginning in about November 2012, arising from a high Australian dollar, and palpable business uncertainty;

• offset by an increase in orders taken per day arising from internal business enhancements.

The cumulative effect is a substantial net loss after tax of $1,725,387 for the financial year. Since the end of the financial year BWC has experienced increases in sales month on month and it is expected that together with further cost efficiency programs underway this should lead to a return to profitability in the subsequent year provided the increase in sales is sustained.

• The DPPL adjustments

DPPL continues to manufacture and sell from its factory in Geelong. It enjoys the support of its stakeholders, including EGY, but has not yet achieved profitability. In accordance with accounting standards, EGY has continued to fully impair its investment in DPPL and take up its share of losses.

10. This report is based on accounts to which one of the following applies.

� The accounts have been � The accounts have been audited. subject to review. � The accounts are in the � The accounts have not yet process of being audited been audited or reviewed. or subject to review.

1. Description of likely dispute or qualification if the accounts have not yet been audited or subject to review or are in the process of being audited or subjected to review:

2. Description of dispute or qualification if the accounts have been audited or subject to review:

Sign here: Print name: Alfred Chown Managing Director

Date: 29 August 2013

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ENERGY TECHNOLOGIES LIMITED

CONSOLIDATED INCOME STATEMENT

For the year ended 30 June 2013

Notes CONTINUING OPERATIONS Sale of goods 2a Cost of sales Gross profit (loss) Rendering of services 2a Other revenue 2b Marketing expenses Occupancy expenses Administrative expenses Borrowing costs Depreciation and amortisation expenses Other expenses Share of Net Loss from associate Impairment of goodwill LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX Income tax expense LOSS FROM CONTINUING OPERATIONS AFTER INCOME TAX DISCONTINUED OPERATIONS Profit from discontinued operations after tax 4 PROFIT (LOSS) FOR THE YEAR (PROFIT) LOSS ATTRIBUTABLE TO MINORITY INTEREST PROFIT (LOSS) ATTRIBUTABLE TO MEMBERS OF ENERGY TECHNOLOGIES LIMITED	CONSOLIDATED 2013 2012 $’000 $’000 9,579 319 7,184 (323) 2,395 (4) 100 49 876 544 (35) - (437) (46) (4,233) (1,475) (76) (29) (251) (12) (310) (60) (391) (765) - (545) (2,362) (2,343) (2) - (2,364) (2,343) - 9,487 (2,364) 7,144 132 (3,466) (2,232) 3,678	CONSOLIDATED 2013 2012 $’000 $’000 9,579 319 7,184 (323) 2,395 (4) 100 49 876 544 (35) - (437) (46) (4,233) (1,475) (76) (29) (251) (12) (310) (60) (391) (765) - (545) (2,362) (2,343) (2) - (2,364) (2,343) - 9,487 (2,364) 7,144 132 (3,466) (2,232) 3,678
		(4) 49 544 - (46) (1,475) (29) (12) (60) (765) (545)
		(2,343) -
		(2,343) 9,487
		7,144 (3,466)
		3,678

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ENERGY TECHNOLOGIES LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 30 June 2013

PROFIT/(LOSS) FOR THE YEAR OTHER COMPREHENSIVE INCOME FOR THE YEAR AFTER TAX: Movement in foreign exchange relating to translation of controlled foreign entities Realised foreign exchange gains on disposal of controlled entities Exchange difference on foreign exchange relating to minorities TOTAL OTHER COMPREHENSIVE INCOME (LOSS) TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO: Members of the parent entity Minority equity interest	CONSOLIDATED 2013 2012 $’000 $’000 (2,364) 7,144 12 582 - (2,333) 12 (576) 24 (2,327) (2,340) 4,817 (2,220) 1,927 (120) 2,890 (2,340) 4,817	CONSOLIDATED 2013 2012 $’000 $’000 (2,364) 7,144 12 582 - (2,333) 12 (576) 24 (2,327) (2,340) 4,817 (2,220) 1,927 (120) 2,890 (2,340) 4,817
		(2,327)
		4,817
		1,927 2,890
		4,817

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ENERGY TECHNOLOGIES LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2013

Notes CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories Financial assets Current tax asset Other TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant and equipment Intangibles Deferred tax assets TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Financial liabilities Provisions TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Financial liabilities Other non-current liabilities Provisions TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 6 Reserves Accumulated losses Parent interests Minority interests TOTAL EQUITY	CONSOLIDATED 2013 2012 $’000 $’000 69 4,708 1,711 496 3,014 - 5 6 - 85 357 161 5,156 5,456 1,382 21 15 2 215 - 1,612 23 6,768 5,479 2,558 573 1,889 - 558 38 5,005 611 1,128 - 521 - 62 31 1,711 31 6,716 642 52 4,837 7,717 10,163 (1,980) (1,993) (5,226) (2,994) 511 5,176 (459) (339) 52 4,837	CONSOLIDATED 2013 2012 $’000 $’000 69 4,708 1,711 496 3,014 - 5 6 - 85 357 161 5,156 5,456 1,382 21 15 2 215 - 1,612 23 6,768 5,479 2,558 573 1,889 - 558 38 5,005 611 1,128 - 521 - 62 31 1,711 31 6,716 642 52 4,837 7,717 10,163 (1,980) (1,993) (5,226) (2,994) 511 5,176 (459) (339) 52 4,837
		5,456
		21 2 -
		23
		5,479
		573 - 38
		611
		- - 31
		31
		642
		4,837
		10,163 (1,993) (2,994)
		5,176 (339)
		4,837

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ENERGY TECHNOLOGIES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY As at 30 June 2013

Balance at 1 July 2011 Comprehensive income Profit for the year Other comprehensive income for the year Total comprehensive income for the year Transactions with owners, in their capacity as owners, and other transfers Equity contributions Shares issued in lieu of directors fees Dividends paid Derecognition of non-controlling interest upon disposal of subsidiary Total transaction with owners, in their capacity as owners, and other transfers Balance at 30 June 2012 Comprehensive income Loss for the year Other comprehensive income for the year Total comprehensive income for the year Transactions with owners, in their capacity as owners, and other transfers Equity contributions Shares issued in lieu of directors fees Capital return Total transaction with owners, in their capacity as owners, and other transfers Balance at 30 June 2013	Issued Reserves Accumulated Minority Total Capital Losses Interest $ $ $ $ $ 10,074,580 (241,543) (6,671,948) 4,222,512 7,383,601 - - 3,678,040 3,466,318 7,144,358 - (1,751,302) - (575,874) (2,327,176)
	- (1,751,302) 3,678,040 2,890,444 4,817,182
	56,000 - - - 56,000 32,500 - - - 32,500 - - - (6,638,726) (6,638,726) - - - (813,362) (813,362)
	88,500 - - (7,452,088) (7,363,588)
	10,163,080 (1,992,845) (2,993,908) (339,132) 4,837,195
	- (2,232,177) (132,386) (2,364,563) - 12,422 - 12,422 24,844
	- 12,422 (2,232,177) (119,964) (2,339,719)
	- - - - - 52,250 - - - 52,250 (2,497,802) - - - (2,497,802)
	(2,445,552) - - - (2,445,552)
	7,717,528 (1,980,423) (5,226,085) (459,096) 51,924

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ENERGY TECHNOLOGIES LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 30 June 2013

Notes CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest received Borrowing costs Income tax paid NET CASH OUTFLOWS FROM OPERATING ACTIVITIES 5 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from disposal of subsidiaries Transaction costs disposal of subsidiaries Proceeds from sale of property, plant and equipment Purchases of property, plant and equipment Advances to related parties Payment for subsidiary, net of cash acquired Payment for additional shares in associate Capital return NET CASH FLOWS USED IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Proceeds of share issue Proceeds from borrowings Repayment of borrowings Dividends paid Loans from directors NET CASH (OUTFLOWS) INFLOWS FROM FINANCING ACTIVITIES NET INCREASE (DECREASE) IN CASH HELD Add: Opening cash brought forward Effect of exchange rate fluctuations on the balances of cash held in foreign currencies CLOSING CASH CARRIED FORWARD	CONSOLIDATED 2013 2012 $’000 $’000 9,849 5,343 (11,697) (7,300) 49 136 (75) (70) - (46) (1,874) (1,937) - 16,701 - (1,310) 59 - (295) (101) (4) (971) (1,510) - (218) - (2,432) - (4,400) 14,319 - 56 180 - (109) (1,682) - (6,812) 478 - 549 (8,438) (5,725) 3,944 4,708 700 30 64 (987) 4,708	CONSOLIDATED 2013 2012 $’000 $’000 9,849 5,343 (11,697) (7,300) 49 136 (75) (70) - (46) (1,874) (1,937) - 16,701 - (1,310) 59 - (295) (101) (4) (971) (1,510) - (218) - (2,432) - (4,400) 14,319 - 56 180 - (109) (1,682) - (6,812) 478 - 549 (8,438) (5,725) 3,944 4,708 700 30 64 (987) 4,708
		(1,937)
		16,701 (1,310) - (101) (971) - - -
		14,319
		56 - (1,682) (6,812) -
		(8,438)
		3,944 700 64
		4,708

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ENERGY TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2013

1. BASIS OF PREPARATION

a) Basis of preparation

The preliminary final report does not include all the notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report.

The preliminary final report should be read in conjunction with the half-year financial report of Energy Technologies Limited as at 31 December 2012. It is also recommended that the financial report be considered together with any public announcements made by Energy Technologies Limited and its controlled entities during the year ended 30 June 2013 in accordance with the continuous disclosure requirements arising under the Corporations Act 2001 .

This preliminary final report has been prepared in accordance with the requirements of the Australian Securities Exchange listing rules.

This preliminary final report does not constitute the full financial report for the year ended 30 June 2013.

b) Statement of compliance

Compliance with Australian Accounting Standards ensures that the financial statements and notes comply with International Financial Reporting Standards issued by the IASB.

c) Going Concern

The consolidated entity incurred a loss after tax of $2,232,176 after including a one-off gain from a premium on consolidation of $785,029 and incurred negative cashflows from operations of $1,874,288 for the year ended 30 June 2013.

These matters give rise to a material uncertainty that may cast doubt upon the consolidated entity’s ability to continue as a going concern. The ongoing operation of the consolidated entity is dependent upon it:

(a) achieving cash flow positive trading operations from its existing business;

(b) continued financial support from its current financiers; and

(c) raising further funding over the ensuing 12 months.

Management have prepared cash flow projections that support the ability of the consolidated entity to continue as a going concern. The cash flow projections for the period to 30 June 2014 assume a 36% increase in sales revenues from the 2013 year, new $1,200,000 external borrowings on a convertible note basis and the payment of deferred acquisition consideration of $780,000. The Directors are confident of raising the necessary funds and consequently believe the consolidated entity will continue as a going concern and it is therefore appropriate to prepare these financial statements on that basis. Sales results for July and August 2013 are in line with the budgeted increase in sales revenues.

In the event that the consolidated entity is unable to achieve the matters detailed above, it may not be able to continue as a going concern and therefore the consolidated entity may not be able to realise its assets and extinguish its liabilities in the ordinary course of operations and at the amounts stated in the financial statements.

No adjustments have been made to the recoverability and classification of recorded asset values and the amount and classification of liabilities that might be necessary should the consolidated entity and company not continue as going concerns.

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ENERGY TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2013

2. REVENUES FROM CONTINUING OPERATIONS a) Revenue from continuing operations Sale of goods Services revenue b) Other revenues from continuing operations - Foreign exchange gains on unhedged transactions - Management fees - Finance revenue - Discount on acquisition of subsidiary - Other income Total other revenues from continuing operations Total revenues from continuing operations	CONSOLIDATED 2013 2012 $’000 $’000 9,579 319 100 49 9,679 368 2 298 34 111 49 - 785 - 6 135 876 544 10,555 912	CONSOLIDATED 2013 2012 $’000 $’000 9,579 319 100 49 9,679 368 2 298 34 111 49 - 785 - 6 135 876 544 10,555 912
		368
		298 111 - - 135
		544
		912

3. EXPENSES

EXPENSES
Included in the determination of net profit / (loss) before tax from continuing operations are the following expenses. Depreciation and amortisation of: non-current assets Plant and equipment Building and leasehold improvements Furniture, fixtures and fittings Motor vehicles Computer equipment Total depreciation and amortisation of non-current assets Borrowing costs expensed: Interest expense Superannuation contributions Operating lease rental expense: Minimum lease payments	151 4 7 23 63 3	- 3 1 - 8 -
	251 75 75 374 717	12 29 29 46 55

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ENERGY TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2013

4. DISCONTINUED OPERATIONS

On 12 October 2011, the consolidated group announced its decision to dispose of substantially all of its business assets held by D Power International Limited (formerly Dulhunty Power International Limited). The assets were sold based on a completion date of 30 September 2011.

This announcement was made subsequent to approval by the Group’s management and shareholders.

Financial information relating to the discontinued operation to the date of disposal is set out below. The financial performance of the discontinued operation to the date of sale, which is included in profit/(loss) from discontinued operations per the statement of comprehensive income, is as follows:

Note Revenue Expenses (Loss) Profit before income tax Income tax expense (Loss) Profit attributable to the discontinued operation Profit on sale of assets Income tax expense Profit on sale of assets after income tax Total profit attributable to the discontinued operation The net cash flows of the discontinued operation, which have been incorporated into the statement of cash flow, are as follows: Net cash inflow/(outflow) from operating activities Net cash inflow/(outflow) from investing activities Net cash inflow/(outflow) from financing activities Net cash increase (decrease) in cash generated by the discontinued operation	CONSOLIDATED 2013 2012 $’000 $’000 - 5,557 - (6,129)
	- (572) - (106)
	- (678)
	- 10,166 - -
	- 10,166
	- 9,488
	- (1,006) - 15,344 - (1,120)
	- 13,218

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ENERGY TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2013

5. STATEMENT OF CASH FLOWS Reconciliation of the net profit / (loss) after tax to the net cash flows from operations Net Profit / (Loss) from operating activities after income tax Add / (less) Non-cash items Depreciation of non-current assets Amortisation of intangible assets Unrealised foreign exchange movements Discount on acquisition Impairment losses Profit from sale discontinued operations Non-operating cash flow cash items Loss on sale of assets Shares issued in lieu of directors fees Management fees associate Share of loss from associate Changes in assets and liabilities Working capital at date of acquisition new subsidiary Working capital at date of disposal of discontinued operations (Increase) / decrease in inventories (Increase) / decrease in trade and other receivables (Decrease) / Increase in payables (Decrease) / Increase in provision for taxation (Increase) / decrease in deferred tax asset (Increase) / decrease in current financial assets (Increase) / decrease in other-current assets Net movement in provisions for employee entitlements Net cash from / (used in) operating activities	CONSOLIDATED 2013 2012 $’000 $’000 (2,364) 7,144 248 86 3 23 (6) (41) (785) - - 545 - (10,166) 11 20 52 33 27 74 391 765 2,829 - - (5,340) (3,014) 4,331 (1,410) 4,974 1,984 (4,178) 85 (191) (215) 118 1 18 (197) 177 486 (329) (1,874) (1,937)	CONSOLIDATED 2013 2012 $’000 $’000 (2,364) 7,144 248 86 3 23 (6) (41) (785) - - 545 - (10,166) 11 20 52 33 27 74 391 765 2,829 - - (5,340) (3,014) 4,331 (1,410) 4,974 1,984 (4,178) 85 (191) (215) 118 1 18 (197) 177 486 (329) (1,874) (1,937)
		(1,937)

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ENERGY TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2013

$ $ 2013 2012 Issued capital 165,847,091 (164,263,758 – 2012) ordinary shares fully paid 7,717,528 10,163,080

6. CONTRIBUTED EQUITY

Terms and conditions

Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at shareholders’ meetings. In the event of winding up of the company, ordinary shareholders rank after creditors and are fully entitled to any proceeds of liquidation.

Capital Return

As a result of a General Meeting held on 30 August 2012 whereby shareholders approved a resolution to reduce the capital of the company by means of a distribution to shareholders of fully paid ordinary shares held by each shareholder, a capital return of 1.5 cents per share was paid during the year.

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ENERGY TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2013

7. Segment Reporting

Primary reporting - Business segments

	Energy/Energy	Energy/Energy	Investment		Total
	Infrastructure
	2013	2012	2013 2012		2013	2012
	$’000	$’000	$’000 $’000		$’000	$’000
Revenue	9,629	6,469	926	-	10,555	6,469
Segment result before income tax	(1,890)	7,250	(472)	-	(2,362)	7,250
Income tax expense	2	106	-	-	2		106

The group’s primary business segment is Energy/Energy Infrastructure products.

Secondary reporting - Geographic segments

	Asia Australia New Zealand USA Eliminations Total
Revenue Assets Other segment information Acquisition of property, plant and equipment , intangibles and others Acquisition of intangibles and other non current assets	2013 $’000 2012 $’000 2013 $’000 2012 $’000 2013 $’000 2012 $’000 2013 $’000 2012 $’000 2013 $’000 2012 $’000 2013 $’000 2012 $’000 3 4,641 10,579 2,515 - 557 - 325 (27) (1,569) 10,555 6,469 112 567 11,304 6,541 - - - - (4,648) (1,629) 6,768 5,479
	- 41 258 31 - - - - - - 258 72 - 3 37 26 - - - - - - 37 29

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ENERGY TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2013

8. SUBSEQUENT EVENTS

Apart from the matter noted below, there has not arisen since the end of the financial period any matter of circumstance which, in the opinion of the directors of the Company, significantly affects the operation of the Company, the results of those operations, or the state of affairs of the Company in subsequent financial years.

The post-balance date sales performance of BWC has continued to improve in line with the results seen for the half year from January 2013. Encouragingly, the post-balance date results do not significantly differ from the budgeted performance of BWC for the 2013-14 financial year.

Compliance statement

1. Compliance with Australian Accounting Standards ensures that the financial statements and notes comply with International Financial Reporting Standards issued by the IASB.

2. 2 This preliminary report, and the accounts upon which the report is based (if separate), use the same accounting policies.

3. 3 This preliminary report does give a true and fair view of the matters disclosed.

4. 4 The accounts are in the process of being audited.

5. 5 The entity has a formally constituted audit committee.

Sign here: Print name: Alfred Chown Managing Director

Date: 29 August 2013

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