EVZ LIMITED — Interim / Quarterly Report 2022

Feb 17, 2022

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18 February 2022

ASX Appendix 4D Half year financial report to 31 December 2021

1. Details of reporting period

Name of entity	EVZ Limited (ASX: EVZ)
ABN	87 010 550 357
Reporting period	31 December 2021
Previous corresponding reporting period	31 December 2020

2. Results for announcement to the market

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Results Summary FY2022 H1 FY2021 H1 Change Change
$ $ $ %
Revenue from ordinary activities 28,985,081 29,772,774 (787,693) -3%
EBITDA 1,454,911 3,385,236 (1,930,325) -57%
Profit before finance costs and income tax 623,676 2,562,853 (1,939,177) -76%
Profit from ordinary activities before tax 416,427 2,281,825 (1,865,398) -82%
Profit from ordinary activities after tax 407,660 2,271,965 (1,864,305) -82%
Earnings per share (cents) 0.42 2.36
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3. Net tangible asset backing

	31-Dec-2021	31-Dec-2020
Net tangible asset backing. Cents per share*	13.4	11.7

• Net tangible assets per share includes right of use assets and associated lease liabilities recognised in the period under AASB16. Right of use assets have been classified as tangible assets to reflect the nature of the underlying asset.

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

N/A

5. Details of dividends

No dividend has been paid or recommended to be paid for the period.

Appendix 4D Page 1

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6. Details of dividend reinvestment plans

N/A

7. Details of associate and joint venture entities

N/A

8. Foreign entities

N/A

9. Independent audit review

The financial report has been independently reviewed by Grant Thornton, who have issued an unqualified opinion.

10. Attachment

• EVZ Limited Half Year Report for the half year ended 31 December 2021

11. Additional Information

In addition to the attached consolidated half year financial statements, further information including financial analysis of the results is provided in the Half Year Investor update for 1HFY2022 which has also been released to the market today.

By order of the Board

P van der Wal Company Secretary

Appendix 4D Page 2

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EVZ Limited Financial Report

For the half-year ended 31 December 2021

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Table of contents

Directors’ report.............................................................................................................................. 3
Auditor’s independence declaration............................................................................................. 5
Consolidated statement of profit or loss...................................................................................... 6
Consolidated statement of comprehensive income..................................................................... 7
Consolidated statement of financial position............................................................................... 8
Consolidated statement of changes in equity.............................................................................. 9
Consolidated statement of cash flows........................................................................................ 10
Notes to the consolidated financial statements......................................................................... 11
1. Basis of preparation of half-year financial report............................................................ 11
2. Profit and loss.................................................................................................................... 13
3. Borrowings......................................................................................................................... 13
4. Earnings per share............................................................................................................. 14
5. Intangible assets................................................................................................................ 14
6. Segment information......................................................................................................... 15
7. Contingent liabilities.......................................................................................................... 19
8. Events subsequent to reporting date............................................................................... 19
Directors’ declaration................................................................................................................... 20
Independent auditor’s report....................................................................................................... 21

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Directors’ report

Your Directors submit the financial report of EVZ Limited and its controlled entities (the consolidated entity or the Group) for the half-year ended 31 December 2021.

Directors

The names of Directors who held office during or since the end of the half-year are as follows:

• Graham Burns (Chairman)

• Robert Edgley

• Ian Luck

Review of operations

The operating profit before tax from continuing operations of the consolidated entity for the six months to 31 December 2021 was $416,427 (31 December 2020: $2,281,825). The net profit after tax for the six months to 31 December 2021 was $407,660 (31 December 2020: $2,271,965).

Revenues and net profit were reduced significantly due to project commencement delays, project construction shutdowns and operating capacity limitations in relation to the COVID-19 pandemic

No JobKeeper subsidy was received for the six months to 31 December 2021.

Changes in state of affairs

There were no significant changes in the state of affairs during the period.

Dividends

During the half-year to 31 December 2021 there were no dividends declared or paid.

Events subsequent to reporting date and outlook

The Group will continue its focus on investing in growth across all its businesses and on the reduction of debt and the improvement of balance sheet to support future growth.

Subsequent to the reporting date, the business secured a letter of intent from Viva Energy for three new 30ML diesel tanks at the Geelong refinery with the expected total contract value to be circa $40M.

There have not been any matters or circumstances, other than that referred to in the financial statements or notes thereto, that have arisen since the end of the half-year, that have significantly affected, or may significantly affect, the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in future financial periods.

Auditor’s independence declaration

The auditor’s independence declaration under section 307C of the Corporations Act 2001 is set out on page 5 for the half-year ended 31 December 2021.

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This report is signed in accordance with a resolution of the Board of Directors.

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Director Graham Burns

Dated this 17[th] day of February 2022.

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Collins Square, Tower 5 727 Collins Street Melbourne Victoria 3008

Correspondence to: GPO Box 4736 Melbourne Victoria 3001

T +61 3 8320 2222 F +61 3 8320 2200 E info.vic@au.gt.com W www.grantthornton.com.au

Auditor’s Independence Declaration

To the Members of EVZ Limited

In accordance with the requirements of section 307C of the Corporations Act 2001 , as lead auditor for the review of EVZ Limited for the half-year ended 31 December 2021, I declare that, to the best of my knowledge and belief, there have been:

a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

b no contraventions of any applicable code of professional conduct in relation to the review.

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Grant Thornton Audit Pty Ltd Chartered Accountants

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M J Climpson Partner – Audit & Assurance

Melbourne, 17 February 2022

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389

www.grantthornton.com.au

‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.

Liability limited by a scheme approved under Professional Standards Legislation.

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Consolidated statement of profit or loss

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For the half-year ended 31 December 2021 Notes Consolidated Entity
31 December 31 December
2021 2020
$ $
Continuing operations
Revenue 6 28,985,081 29,772,774
Cost of Sales (23,164,686) (24,310,454)
Gross Profit 5,820,395 5,462,320
Other Income 2 (a) 7,828 2,297,095
Administration and corporate costs (5,204,547) (5,196,562)
Results from operating activities 623,676 2,562,853
Net finance costs 2 (b) (207,249) (281,028)
Profit before income tax from continuing operations 416,427 2,281,825
Income tax (expense)/benefit (8,767) (9,860)
Profit/(Loss) for the period from continuing operations 407,660 2,271,965
Earnings per share
Cents Cents
Continuing operations:
Basic earnings per share 4 0.424 2.364
Overall operations:
Basic earnings per share 4 0.424 2.364
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The accompanying notes form part of these condensed consolidated financial statements.

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Consolidated statement of comprehensive income

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For the half-year ended 31 December 2021 Consolidated Entity
31 December 31 December
2021 2020
$ $
Profit for the period 407,660 2,271,965
Other comprehensive income:
Items that may be reclassified subsequently
to profit or loss:
Exchange differences arising on translation of foreign
87,484 (140,315)
operations
Total comprehensive income for the period attributable to
owners of the company 495,144 2,131,650
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The accompanying notes form part of these condensed consolidated financial statements.

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Consolidated statement of financial position

For the half-year ended 31 December 2021 Notes Current assets Cash and cash equivalents Trade and other receivables Contract assets Inventories Other financial assets Total current assets Non-current assets Trade and other receivables Plant and equipment Deferred tax assets Intangibles 5 Total non-current assets Total assets Current liabilities Trade and other payables Contract liabilities Tax liabilities Short-term borrowings 3 Short-term lease liabilities 3 Provisions Total current liabilities Non-current liabilities Long-term borrowings Long-term lease liabilities 3 Deferred tax liabilities Provisions Total non-current liabilities Total liabilities Net assets Equity Issued capital Reserves Accumulated losses Total equity	Consolidated Entity 31 December 2021 30 June 2021 $ $ 3,860,640 3,959,861 10,277,962 11,276,032 1,799,500 1,547,864 2,651,335 2,331,644 334,820 237,055
	18,924,257 19,352,456
	1,257,251 1,168,502 6,004,105 6,570,395 2,610,870 2,610,870 12,072,010 12,072,010
	21,944,236 22,421,777
	40,868,493 41,774,233
	7,808,026 7,461,992 1,476,543 2,510,806 103,909 112,397 900,000 1,200,000 909,756 926,981 3,272,125 3,121,115
	14,470,359 15,333,291
	- 300,000 1,310,534 1,559,373 40,449 46,692 105,154 88,024
	1,456,137 1,994,089
	15,926,496 17,327,380
	24,941,997 24,446,853
	56,457,180 56,457,180 (128,134) (215,618) (31,387,049) (31,794,709)
	24,941,997 24,446,853

The accompanying notes form part of these condensed consolidated financial statements.

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Consolidated statement of changes in equity

Consolidated statement of	changes in equity
For the half-year ended 31 December 2021	Issued Capital Accumulated Losses Share Option Reserve Foreign Currency Translation Reserve Total Equity $ $ $ $ $
Balance at 30 June 2021 Total comprehensive loss for period Profit/(loss) for period Foreign currency translation reserve Total comprehensive income for period Transactions with owners, recorded directly in equity Shares issued Dividends	56,457,180 (31,794,709) - (215,618) 24,446,853 - 407,660 - - 407,660 - - - 87,484 87,484
	- 407,660 - 87,484 495,144
	- - - - - - - - - -
Balance at 31 December 2021	56,457,180 (31,387,049) - (128,134) 24,941,997
For the half-year ended 31 December 2020	Issued Capital Accumulated Losses Share Option Reserve Foreign Currency Translation Reserve Total Equity $ $ $ $ $
Balance at 30 June 2020 Total comprehensive loss for period Profit/(loss) for period Foreign currency translation reserve Total comprehensive income for period Transactions with owners, recorded directly in equity Shares issued Shares Issue Costs	56,457,180 (35,497,857) 300,000 (54,100) 21,205,223 - 2,271,965 - - 2,271,965 - - - (140,315) (140,315)
	- 2,271,965 - (140,315) 2,131,650
	- - - - - - - - - -
Balance at 31 December 2020	56,457,180 (33,225,892) 300,000 (194,415) 23,336,873

The accompanying notes form part of these condensed consolidated financial statements.

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Consolidated statement of cash flows

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For the half-year ended 31 December 2021 Consolidated Entity
31 December 31 December
2021 2020
$ $
Cash flows from operating activities
Receipts from customers (inclusive of GST) 31,114,978 34,886,188
Payments to suppliers and employees (inclusive of GST) (29,852,445) (36,701,272)
JobKeeper subsidy received - 2,276,850
Interest received 49 398
Finance costs (207,298) (281,426)
Income tax (23,498) (12,265)
Net cash provided by operating activities 1,031,786 168,473
Cash flows from investing activities
Purchase of plant and equipment (169,385) (129,636)
Net cash used in investing activities (169,385) (129,636)
Cash flows from financing activities
Repayment of loans (600,000) (937,957)
Payments for lease financing (361,622) (326,597)
Net cash used in financing activities (961,622) (1,264,554)
Net decrease in cash held (99,221) (1,225,717)
Cash at beginning of the period 3,959,861 5,869,679
Cash at end of the period 3,860,640 4,643,962
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The accompanying notes form part of these condensed consolidated financial statements.

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Notes to the consolidated financial statements

1. Basis of preparation of half-year financial report

The half-year consolidated financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001 and Accounting Standard AASB 134: Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial Reporting Standards IAS 34 “Interim Financial Reporting”. The half-year report does not include full disclosures of the type normally included in an annual financial report.

Accordingly, it is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2021 and any public announcements made by EVZ Limited and its controlled entities during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001.

(a) New standards adopted at 1 July 2021

There are no new or revised Accounting Standards, amendments, or interpretations effective for the current year that are relevant to the Group.

(b) Other pronouncements

Other accounting pronouncements which have become effective from 1 July 2021 and have therefore been adopted do not have a significant impact on the Group’s financial results or position.

(c) Significant accounting policies

The Interim Financial Statements have been prepared in accordance with the accounting policies adopted in the Consolidated Entity’s most recent annual financial statements for the year ended 30 June 2021.

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Notes to the consolidated financial statements (continued)

1. Basis of preparation of half-year financial report (continued)

(d) Going Concern

The financial report for the half year ended 31 December 2021 has been prepared on a going concern basis, which assumes continuity of normal business activities and realisation of assets and the settlement of liabilities in the ordinary course of business.

(e) Key Estimates

Construction contracts and work-in-progress

Construction profits and losses are recognised on the stage-of-completion basis and measured by comparing construction contract costs incurred to date against expected final costs and recoveries of the construction contract.

Expected final costs are estimated following an assessment of each contract and a determination of expected costs still to be incurred.

The Group believes that the expected final costs in its various construction contracts are appropriate at 31 December 2021.

(f) Basis of preparation

This financial report has been prepared on an accruals basis and is based on historical costs. The accounting policies applied in this financial report are consistent with those applied in the 30 June 2021 Annual Report.

All amounts are presented in Australian dollars, unless otherwise noted.

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Notes to the consolidated financial statements (continued)

2. Profit and loss

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Consolidated Entity
31 December 31 December
2021 2020
$ $
2 (a) Other income:
Sundry income 7,828 20,245
Job Keeper subsidy - 2,276,850
Total other income from continuing operations 7,828 2,297,095
2 (b) Net finance costs:
Finance costs (207,298) (281,426)
Interest income 49 398
Net finance costs from continuing operations (207,249) (281,028)
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3. Borrowings

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Consolidated Entity
31 December 30 June
2021 2021
$ $
Current liabilities
Short term borrowings:
Bank loans-secured 900,000 1,200,000
Lease liabilities - secured 909,756 926,981
1,809,756 2,126,981
Non-current liabilities
Long term borrowings:
Bank loans - secured - 300,000
Lease liabilities - secured 1,310,534 1,559,373
1,310,534 1,859,373
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Notes to the consolidated financial statements (continued)

4. Earnings per share

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Consolidated Entity
31 December 31 December
2021 2020
Number of Number of
Shares Shares
Weighted average number of ordinary shares outstanding
during the period used in calculation of basic earnings per 96,116,734 96,116,734
share
5. Intangible assets
Consolidated Entity
31 December 30 June
2021 2021
$ $
Goodwill by cash generating unit (CGU):
Water Group - Syfon Systems 3,282,532 3,282,532
Engineering Group - Brockman Engineering 8,789,478 8,789,478
Net carrying value 12,072,010 12,072,010
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Notes to the consolidated financial statements (continued)

6. Segment information

Identification of reportable segments

The consolidated entity 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. Operating segments are managed primarily based on product category and service offerings. Executive management monitors segment performance based on EBIT.

Basis of accounting for purposes of reporting by operating segments

Accounting policies adopted:

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

Inter-segment transactions:

All such transactions are eliminated on consolidation for the consolidated entity’s financial statements.

Segment Information continues the next page.

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Notes to the consolidated financial statements (continued)

Segment information (continued)

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6a Segment information Engineering Energy Water Corporate Total
Six months ended 31 December 2021: $ $ $ $ $
Revenue
External sales 16,353,605 3,425,367 9,206,109 - 28,985,081
Inter-segment sales - - - - -
Total segment revenue 16,353,605 3,425,367 9,206,109 - 28,985,081
Reconciliation of segment revenue to
group revenue:
Inter-segment elimination - - - - -
Total group revenue 16,353,605 3,425,367 9,206,109 - 28,985,081
Segment net profit /(loss) before
interest and tax 552,074 222,339 536,676 (687,413) 623,676
Reconciliation of net profit before
interest and tax to group net
profit/(loss) before tax
Unallocated items
Other non-operating -
Net finance costs from continuing
(207,249)
operations
Net profit/(loss) before tax from
416,427
continuing operations
Included in segment net profit before
interest and tax
Depreciation 368,471 180,673 263,437 18,653 831,234
Impairment of Receivables - - - - -
Segment assets
Segment Assets 19,572,724 2,901,853 26,180,210 2,129,381 50,784,168
Inter-segment elimination (9,915,675)
Total group assets 40,868,493
Segment asset increases for the period:
Capital Expenditure 133,896 17,386 18,103 - 169,385
133,896 17,386 18,103 - 169,385
Segment liabilities
Segment liabilities 10,537,772 5,121,481 5,023,049 1,418,716 22,101,018
Inter-segment elimination (6,174,522)
Total group liabilities 15,926,496
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Segment Information continues the next page.

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Notes to the consolidated financial statements (continued)

Segment information (continued)

Segment information (continued)
6a Segment information Six months ended 31 December 2020:	Engineering Energy Water Corporate $ $ $ $	Total $
Revenue External sales Inter-segment sales Total segment revenue Reconciliation of segment revenue to group revenue: Inter-segment elimination Total group revenue Segment net profit /(loss) before interest and tax Reconciliation of net profit before interest and tax to group net profit/(loss) before tax Unallocated items Other non-operating Net finance costs from continuing operations Net profit/(loss) before tax from continuing operations Included in segment net profit before interest and tax: Depreciation Impairment of Receivables Segment assets Segment Assets Inter-segment elimination Total group assets Segment asset increases for the period: Capital Expenditure Segment liabilities Segment liabilities Inter-segment elimination Total group liabilities	16,548,434 2,595,336 10,629,004 - - - - -	29,772,774 -
	16,548,434 2,595,336 10,629,004 -	29,772,774
	- - - -	-
	16,548,434 2,595,336 10,629,004 -	29,772,774 2,562,853 - (281,028)
	1,698,482 154,995 1,262,850(553,474)
	371,484 170,338 262,553 18,008 - - -
		2,281,825 822,383 - 52,580,004 (11,767,315)
	19,475,154 2,728,003 24,207,174 6,169,673
	67,528 8,680 53,428 -
		40,812,689 129,636
	67,528 8,680 53,428 -	129,636 25,500,913 (8,025,097)
	11,830,895 5,279,811 4,608,007 3,782,200
		17,475,816

Segment Information continues the next page.

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Notes to the consolidated financial statements (continued)

Segment information (continued)

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6b Revenue by category: Engineering Energy Water Corporate Total
$ $ $ $ $
Six months ended 31 December 2021:
Revenue
Construction contracts 16,353,605 - 9,206,109 - 25,559,714
Service revenue - 3,425,367 - - 3,425,367
Total revenue from contracts 16,353,605 3,425,367 9,206,109 - 28,985,081
Six months ended 31 December 2020:
Revenue
Construction contracts 16,548,434 - 10,629,004 - 27,177,438
Service revenue - 2,595,336 - - 2,595,336
Total group revenue 16,548,434 2,595,336 10,629,004 - 29,772,774
All revenue is recognised over time
6c Revenue by geographical locations: Engineering Energy Water Corporate Total
$ $ $ $ $
Six months ended 31 December 2021:
Revenue
Australia 16,353,605 3,425,367 6,739,374 - 26,518,346
Asia - - 2,466,735 - 2,466,735
Total revenue from contracts 16,353,605 3,425,367 9,206,109 - 28,985,081
Six months ended 31 December 2020:
Revenue
Australia 16,548,434 2,595,336 7,653,122 - 26,796,892
Asia - - 2,975,882 - 2,975,882
Total group revenue 16,548,434 2,595,336 10,629,004 - 29,772,774
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Notes to the consolidated financial statements (continued)

7. Contingent liabilities

There has been no change in contingent liabilities since the last annual reporting date.

8. Events subsequent to reporting date

The Group will continue its focus on investing in growth across all its businesses and on the reduction of debt and the improvement of balance sheet to support future growth.

Subsequent to the reporting date, the business secured a letter of intent from Viva Energy for three new 30ML diesel tanks at the Geelong refinery with the expected total contract value to be circa $40M.

There have not been any matters or circumstances, other than that referred to in the financial statements or notes thereto, that have arisen since the end of the half-year, that have significantly affected, or may significantly affect, the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in future financial periods.

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Directors’ declaration

The Directors of the Company declare that:

1. The financial statements and notes, as set out on pages 6 to 19:

2. a. comply with Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Act 2001; and

3. b. give a true and fair view of the consolidated entity’s financial position as at 31 December 2021 and of its performance for the half-year ended on that date.

In the Directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

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Director Graham Burns

Dated this 17[th] day of February 2022.

20

Collins Square, Tower 5 727 Collins Street Melbourne VIC 3008

Correspondence to: GPO Box 4736 Melbourne VIC 3001

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T +61 3 8320 2222 F +61 3 8320 2200 E info.vic@au.gt.com www.grantthornton.com.au

Independent Auditor’s Review Report

To the Members of EVZ Limited

Report on the review of the half-year financial report

Conclusion

We have reviewed the accompanying half-year financial report of EVZ Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 December 2021, and 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, a description of accounting policies, other selected explanatory notes, 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 EVZ Limited does not comply with the Corporations Act 2001 including:

(a) giving a true and fair view of the Group'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 the Company 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.

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 gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389

www.grantthornton.com.au

‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.

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Liability limited by a scheme approved under Professional Standards Legislation.

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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 Group’s financial position as at 31 December 2021 and its performance for the halfyear 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.

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Grant Thornton Audit Pty Ltd Chartered Accountants

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M J Climpson Partner – Audit & Assurance

Melbourne, 17 February 2022

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www.evz.com.au

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