ENERGY TECHNOLOGIES LIMITED — Annual Report 2014

Aug 28, 2014

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 2014 2. Results for announcement to the market	ABN or equivalent company reference Financial year ended (‘current period’) 38 002679469 30 June 2014 2. Results for announcement to the market	Financial year ended (‘previous period’) 30 June2013 $A'000	Financial year ended (‘previous period’) 30 June2013 $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 35.5% to 14,300 Up 55.8% to (987) Up 55.8% to (987)
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 non-controlling interest of $987,407 (FY2013 loss of $2,232,177). The FY2014 results include a loss after tax of $1,013,458 (FY2013 loss of $1,725,387) reported by 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
		(5,226) (987) (6,213)	(2,994) (2,232) (5,226)

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6.1 Net Tangible Asset backing	Current period		Previous corresponding period
Net tangible asset backing per ordinary security	0.26c		0.02c
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	(0.5c)	(1.35c)
	(987)	(2,232)
	197,890,174	165,404,625

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

• 7.1 A Name of entity No entities were acquired during the period 7.2 A Date from which control was gained 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

• 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

8. Details of Associates and Joint Ventures:

Name of entity	Percentage holding
Dulhunty Poles Pty Ltd	36%

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).

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9 - Comments by directors

EGY continues to report a loss in FY2014 but much improved in comparison with last year’s results (FY2014 loss of $987,407; FY2013 loss of $2,232,177). The parent entity continues to reduce costs and has in fact reported a profit after tax for FY2014 of $94,676 after a one off reduction in BWC vendor liability of $224,546. Bambach Wires and Cables Pty Ltd (BWC) reported a loss after tax of $1,013,458 (FY2013 loss $1,725,387)

BWC continues to be impacted from the general down turn in sector-wide trading conditions which commenced in about November 2012, arising from a high Australian dollar, and business uncertainty. However despite this overall revenue has increased to $14,299,526 from previous $10,555,104. Included in FY2014 revenue is $1,201,822 R&D Grant which partially recovered the significant research and development expense undertaken by BWC in new product development, cable projects and testing, all of which position the company to take advantage of announced infrastructure projects over the near term.

1. 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:

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Print name: Alfred Chown Managing Director

Date: 28 August 2014

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ENERGY TECHNOLOGIES LIMITED

CONSOLIDATED INCOME STATEMENT

For the year ended 30 June 2014

Notes CONTINUING OPERATIONS Sale of goods 2a Cost of sales Gross profit Rendering of services 2a Other revenue 2b Marketing expenses Occupancy expenses Administrative expenses Borrowing costs Depreciation and amortisation expenses 3 Other expenses Share of Net Loss from associate LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX Income tax expense LOSS FROM CONTINUING OPERATIONS AFTER INCOME TAX (PROFIT) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST PROFIT (LOSS) ATTRIBUTABLE TO MEMBERS OF ENERGY TECHNOLOGIES LIMITED	CONSOLIDATED 2014 2013 $’000 $’000 12,659 9,579 10,222 7,184 2,437 2,395 51 100 1,590 876 (44) (35) (470) (437) (3,963) (4,233) (266) (75) (236) (251) (147) (311) - (391) (1,048) (2,362) (8) (2) (1,056) (2,364) 69 132 (987) (2,232)	CONSOLIDATED 2014 2013 $’000 $’000 12,659 9,579 10,222 7,184 2,437 2,395 51 100 1,590 876 (44) (35) (470) (437) (3,963) (4,233) (266) (75) (236) (251) (147) (311) - (391) (1,048) (2,362) (8) (2) (1,056) (2,364) 69 132 (987) (2,232)
		2,395 100 876 (35) (437) (4,233) (75) (251) (311) (391)
		(2,362) (2)
		(2,364) 132
		(2,232)

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ENERGY TECHNOLOGIES LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 30 June 2014

Notes PROFIT/(LOSS) FOR THE YEAR OTHER COMPREHENSIVE INCOME FOR THE PERIOD AFTER TAX: Movement in foreign exchange relating to translation of controlled foreign entities Exchange difference on foreign exchange relating to non-controlling interest Revaluation of Plant and Equipment to fair value 6 TOTAL OTHER COMPREHENSIVE INCOME (LOSS) TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO: Members of the parent entity Non-controlling interest	CONSOLIDATED 2014 2013 $’000 $’000 (1,056) (2,364) 4 12 4 12 931 - 939 24 (117) (2,340) (52) (2,220) (65) (120) (117) (2,340)	CONSOLIDATED 2014 2013 $’000 $’000 (1,056) (2,364) 4 12 4 12 931 - 939 24 (117) (2,340) (52) (2,220) (65) (120) (117) (2,340)
		24
		(2,340)
		(2,220) (120)
		(2,340)

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ENERGY TECHNOLOGIES LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2014

Notes CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories Financial assets Other TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant and equipment 6 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 5 Reserves Accumulated losses Parent interests Non-controlling interest TOTAL EQUITY	CONSOLIDATED 2014 2013 $’000 $’000 66 69 3,400 1,711 2,936 3,014 5 5 256 357 6,663 5,156 2,191 1,382 10 15 208 215 2,409 1,612 9,072 6,768 3,726 2,623 2,826 1,889 546 493 7,098 5,005 835 1,128 521 521 26 62 1,382 1,711 8,480 6,716 592 52 8,374 7,717 (1,045) (1,980) (6,213) (5,226) 1,116 511 (524) (459) 592 52	CONSOLIDATED 2014 2013 $’000 $’000 66 69 3,400 1,711 2,936 3,014 5 5 256 357 6,663 5,156 2,191 1,382 10 15 208 215 2,409 1,612 9,072 6,768 3,726 2,623 2,826 1,889 546 493 7,098 5,005 835 1,128 521 521 26 62 1,382 1,711 8,480 6,716 592 52 8,374 7,717 (1,045) (1,980) (6,213) (5,226) 1,116 511 (524) (459) 592 52
		5,156
		1,382 15 215
		1,612
		6,768
		2,623 1,889 493
		5,005
		1,128 521 62
		1,711
		6,716
		52
		7,717 (1,980) (5,226)
		511 (459)
		52

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ENERGY TECHNOLOGIES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY As at 30 June 2014

				Non-
	Issued	Reserves	Accumulated	controlling	Total
	Capital		Losses	Interest
	$	$	$	$	$
Balance at 1 July 2012	10,163,080	(1,992,845)	(2,993,908)	(339,132)	4,837,195
Comprehensive income
Loss for the year	-	-	(2,232,177)	(132,386)	(2,364,563)
Other comprehensive income for the year	-	12,422	-	12,422	24,844
Total comprehensive income (loss) for the year	-	12,422	(2,232,177)	(119,964)	(2,339,719)
Transactions with owners, in their
capacity as owners, and other
transfers
Equity contributions	-	-	-	-	-
Shares issued in lieu of directors fees	52,250	-	-	-	52,250
Capital return	(2,497,802)	-	-	-	(2,497,802)
Total transaction with owners, in
their capacity as owners, and	(2,445,552)	-	-	-	(2,445,552)
other transfers
Balance at 30 June 2013	7,717,528	(1,980,423)	(5,226,085)	(459,096)	51,924
Comprehensive income
Loss for the year	-	-	(987,407)	(68,793)	(1,056,200)
Other comprehensive income for the year	-	935,169	-	4,059	939,228
Total comprehensive income (loss) for the year	-	935,169	(987,407)	(64,734)	(116,972)
Transactions with owners, in their
capacity as owners, and other
transfers
Equity contributions	638,000	-	-	-	638,000
Shares issued in lieu of directors fees	18,750	-	-	-	18,750
Total transaction with owners, in
their capacity as owners, and	656,750	-	-	-	656,750
other transfers
Balance at 30 June 2014	8,374,278	(1,045,254)	(6,213,492)	(523,830)	591,702

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ENERGY TECHNOLOGIES LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 30 June 2014

Notes CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest received Borrowing costs NET CASH OUTFLOWS FROM OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES 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 of issue of convertible notes Proceeds from borrowings Repayment of borrowings 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 2014 2013 $’000 $’000 12,624 9,849 (13,531) (11,697) 1 49 (266) (75) (1,172) (1,874) 7 59 (120) (295) - (4) (484) (1,510) - (218) - (2,432) (597) (4,400) 638 - 700 - 969 1,235 (540) (109) - 478 1,767 1,604 (2) (4,670) 69 4,708 (1) 31 66 69	CONSOLIDATED 2014 2013 $’000 $’000 12,624 9,849 (13,531) (11,697) 1 49 (266) (75) (1,172) (1,874) 7 59 (120) (295) - (4) (484) (1,510) - (218) - (2,432) (597) (4,400) 638 - 700 - 969 1,235 (540) (109) - 478 1,767 1,604 (2) (4,670) 69 4,708 (1) 31 66 69
		(1,874)
		59 (295) (4) (1,510) (218) (2,432)
		(4,400)
		- - 1,235 (109) 478
		1,604
		(4,670) 4,708 31
		69

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ENERGY TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2014

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 2013. 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 2014 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 2014.

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 $1,056,200 (2013:$2,364,563 loss after including a one-off gain from a premium on consolidation of $785,029) and incurred negative cash flows from operations of $1,171,656 (2013: $1,874,288) for the year ended 30 June 2014, and had a deficiency of current assets at 30 June 2014 of $435,567.

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:

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

• (ii) continued financial support from its current financiers; and

• (iii) 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 2015 assume a 15% increase in sales revenues from the 2013/14 year, and new investment of $750,000. 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 2014 are in line with the budgeted sales revenue.

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 2014

CONSOLIDATED 2014 2013 $’000 $’000 2. REVENUES FROM CONTINUING OPERATIONS a) Revenue from continuing operations - Sale of goods 12,659 9,579 - Services revenue 51 100 12,710 9,679 b) Other revenues from continuing operations - Foreign exchange gains on unhedged transactions 9 2 - R&D Grant 1,202 - - Management fees 61 34 - Finance revenue 75 49 - Discount on Acquisition of subsidiary - 785 - Reduction in liability 225 - - Other income 18 6 Total other revenues from continuing operations 1,590 876 Total revenues from continuing operations 14,300 10,555 3. 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 160 151 Building and leasehold improvements 5 4 Furniture, fixtures and fittings 8 7 Motor vehicles 19 23 Computer equipment 40 63 Intangibles 4 3 Total depreciation and amortisation of non-current assets 236 251 Borrowing costs expensed: Interest expense 266 75 266 75 Superannuation contributions 371 374 Operating lease rental expense: Minimum lease payments 843 717	CONSOLIDATED 2014 2013 $’000 $’000 2. REVENUES FROM CONTINUING OPERATIONS a) Revenue from continuing operations - Sale of goods 12,659 9,579 - Services revenue 51 100 12,710 9,679 b) Other revenues from continuing operations - Foreign exchange gains on unhedged transactions 9 2 - R&D Grant 1,202 - - Management fees 61 34 - Finance revenue 75 49 - Discount on Acquisition of subsidiary - 785 - Reduction in liability 225 - - Other income 18 6 Total other revenues from continuing operations 1,590 876 Total revenues from continuing operations 14,300 10,555 3. 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 160 151 Building and leasehold improvements 5 4 Furniture, fixtures and fittings 8 7 Motor vehicles 19 23 Computer equipment 40 63 Intangibles 4 3 Total depreciation and amortisation of non-current assets 236 251 Borrowing costs expensed: Interest expense 266 75 266 75 Superannuation contributions 371 374 Operating lease rental expense: Minimum lease payments 843 717	CONSOLIDATED 2014 2013 $’000 $’000 2. REVENUES FROM CONTINUING OPERATIONS a) Revenue from continuing operations - Sale of goods 12,659 9,579 - Services revenue 51 100 12,710 9,679 b) Other revenues from continuing operations - Foreign exchange gains on unhedged transactions 9 2 - R&D Grant 1,202 - - Management fees 61 34 - Finance revenue 75 49 - Discount on Acquisition of subsidiary - 785 - Reduction in liability 225 - - Other income 18 6 Total other revenues from continuing operations 1,590 876 Total revenues from continuing operations 14,300 10,555 3. 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 160 151 Building and leasehold improvements 5 4 Furniture, fixtures and fittings 8 7 Motor vehicles 19 23 Computer equipment 40 63 Intangibles 4 3 Total depreciation and amortisation of non-current assets 236 251 Borrowing costs expensed: Interest expense 266 75 266 75 Superannuation contributions 371 374 Operating lease rental expense: Minimum lease payments 843 717
		9,679
		2 - 34 49 785 - 6
		876
		10,555
		151 4 7 23 63 3
	236 266 266 371 843	251 75 75 374 717

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ENERGY TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2014

4. 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 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 (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 2014 2013 $’000 $’000 (1,056) (2,365) 232 248 4 3 8 (5) - (785) 3 11 19 52 - 27 - 391 - 2,829 78 (3,014) (1,689) (1,410) 1,103 1,984 - 85 8 (215) - 1 102 (197) 16 486 (1,172) (1,874)	CONSOLIDATED 2014 2013 $’000 $’000 (1,056) (2,365) 232 248 4 3 8 (5) - (785) 3 11 19 52 - 27 - 391 - 2,829 78 (3,014) (1,689) (1,410) 1,103 1,984 - 85 8 (215) - 1 102 (197) 16 486 (1,172) (1,874)
		(1,874)

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ENERGY TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2014

CONSOLIDATED 2014 2013 $ $

5. CONTRIBUTED EQUITY

Issued capital 224,528,463 (165,847,091 – 2013) ordinary shares fully paid

8,374.278 7,717,528

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.

6. REVALUATION OF PLANT AND EQUIPMENT TO FAIR VALUE

In accordance with the choice available under AASB 116 Property, Plant & Equipment and in order to reflect fair value, subsidiary Bambach Wires and Cables Pty Ltd (BWC) has obtained an independent valuation of existing plant and equipment as at 30 June 2014. The valuation report was completed under the following bases of value:

• Fair Market Value in Continued Use (FMVICU)

• Reinstatement with New Value (RIV)

The fair value of BWC Plant and Equipment under FMVICU was $1,975,750. The Board has adopted this value, which has resulted in an increase in net plant and equipment value of $931,109 in BWC. The revaluation amount was recognised in the Asset Revaluation Reserve and total reported BWC Plant and Equipment increased to $2,186,192.

RIV value was reported as $7,520,750.

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ENERGY TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2014

7. Segment Reporting

Primary reporting - Business segments

	Energy/Energy	Energy/Energy	Investment	Investment	Total
	Infrastructure
	2014	2013	2014	2013	2014	2013
	$’000	$’000	$’000	$’000	$’000	$’000
Revenue	13,994	9,629	306	926	14,300	10,555
Segment result before income tax	(872)	(1,890)	(176)	(472)	(1,048)	(2,362)
Income tax expense	8	2	-	-	8	2

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

Secondary reporting - Geographic segments

	Asia Australia Eliminations Total
Revenue Assets Other segment information Acquisition of property, plant and equipment and others Acquisition of intangibles	2014 $’000 2013 $’000 2014 $’000 2013 $’000 2014 $’000 2013 $’000 2014 $’000 2013 $’000 16 3 14,284 10,579 - (27) 14,300 10,555 106 112 13,345 11,304 (4,379) (4,648) 9,072 6,768
	- - 117 258 - - 117 258 - - 3 37 - - 3 37

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ENERGY TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2014

8. SUBSEQUENT EVENTS

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.

Compliance statement

1. This preliminary report has been prepared in accordance with Australian Accounting Standards. 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

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

5. 4 The accounts are in the process of being audited.

6. 5 The entity has a formally constituted audit committee.

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Sign here:

Print name: Alfred Chown Managing Director

Date: 28 August 2014

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