EXPERIENCE CO LIMITED — Annual Report 2019

Aug 29, 2019

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				June	June
				2019	2018
				$’000	$’000
Revenue from ordinary activities	Up	19%	to	161,296	135,300
Net profit / (loss) before tax	Down	(670%)	to	(58,832)	10,316
Net profit / (loss) after tax attributable to shareholders	Down	(811%)	to	(48,257)	6,785
				June	June
Net tangible assets				2019	2018
Net assets per share				$0.24	$0.32
Net tangible assets per share				$0.17	$0.17
			Amount	Franked	Record date
				amount
Dividends			per share	per share
Dividend paid on 28 September 2018			1.00 cents	1.00 cents	17 Sep 2018

No dividend has been declared in relation to the financial year ended 30 June 2019.

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This Appendix 4E is based on the Preliminary Final Report for the financial year ended 30 June 2019 (as attached). The remainder of the information requiring disclosure to comply with the Listing Rule 4.3A is contained in the Preliminary Final Report that follows.

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This Appendix 4E and the Preliminary Final Report are based on financial statements that are in the process of being audited. It is not expected that the Final Report is likely to contain an independent audit report that is subject to a modified audit opinion.

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The Group reported a loss after income tax of $48.3 million (30 June 2018: profit $6.8 million). The loss after income tax is substantially due to non-cash impairments ($62.5 million) and significant items ($7.9 million) which are discussed in the section titled Reconciliation of net profit after tax to non-Australian Accounting Standard measures , below.

Underlying operating cash conversion improved on the prior year, reflecting the robust operating cash generation of the business.

The impairment charge of $62.5 million was primarily the impairment of goodwill and other intangibles, and other assets in the Adventure Experiences segment. The impairment of goodwill and other intangibles is attributable to lower than anticipated benefits from integration of acquired businesses and softer tourism trading conditions in the Tropical North Queensland region, which has contributed to adverse impacts on projected cashflows.

Presented below is a summary of historical and current operating statistics and financial performance information, including a comparison of actual results for the period ended 30 June 2019 against the same period last year.

Currency: Australian dollars	Unit	Jun-19	Jun-18
Financial performance metrics
Sales revenue	$million	161.3	135.3
EBITDA1	$million	19.3	27.4
Net profit before income taxes	$million	(58.8)	10.3
Net profit after income taxes	$million	(48.3)	6.8
Underlying EBITDA2	$million	27.2	30.2
Underlying EBITA3	$million	16.6	19.8
Underlying operating cash flow4	$million	27.2	25.8
Underlying operating cash flow conversion5	%	100.2%	85.5%
Operating metrics
Skydiving revenue6	$million	80.8	78.4
Skydiving tandem jumps	000s	192.2	189.8
Average revenue per tandem jump	$	420	413
Skydiving Underlying EBITDA margin7	%	31.0%	32.4%
Skydiving Underlying EBITA margin	%	25.8%	25.4%
Adventure Experiences revenue	$million	76.8	53.9
Adventure Experiences Underlying EBITDA margin	%	16.2%	27.3%
Adventure Experiences Underlying EBITA margin	%	8.3%	19.5%
Capital metrics
Net debt	$million	29.5	28.4
Gearing ratio8	%	20.7%	19.7%
Net debt to Underlying EBITDA	multiple	1.1	0.9
Net assets per share	cents	23.8	32.5
Net tangible assets per share	cents	16.7	17.2

Notes

1. Earnings before interest, tax, impairment, depreciation and amortisation

2. EBITDA adjusted for significant items being specific non-cash or one-off items.

3. Underlying EBITA is Underlying EBITDA less depreciation and software amortisation.

4. Underlying operating cash flow is defined as operating cash flow before finance costs, income taxes and significant items 5. Underlying operating cash flow divided by Underlying EBITDA

5. Skydiving revenue is based on the Sales revenue reported for the Skydiving segment, excluding other sales (being sales not associated with skydiving jump activities)

6. Calculated based on Underlying EBITDA for the Skydiving segment divided by Skydiving revenue (see Note 6 above)

7. Gearing ratio is net debt (gross borrowings less cash equivalents) as a % of total tangible assets

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Group financial performance

Underlying EBITDA $27.2 million (30 June 2018: $30.2 million). The Group reported an increase in revenue of 19% to $161.3 million, driven by the full year contribution from FY18 acquisitions, however challenges experience in these acquisitions arising from softer tourism trading conditions in the FNQ market saw EBITDA impacted, a reflection of the fixed cost leverage in the businesses acquired.

Our core skydiving business performed reasonably well across Australia and New Zealand. However, overall, FY19 was a challenging year for the Group. Our results were below guidance expectations, principally attributable to the performance of the acquisitions in our Adventure Experiences segment leading up to FY18 which have encountered adverse trading conditions, including:

• Softer tourism conditions in Far North Queensland (‘FNQ’);

• Prolonged poor weather, including record rainfalls; and

• Slower than anticipated integration.

The Group has commenced a strategic review of the business, with a renewed focus on core activities, simplifying the business and improving return on capital.

Skydiving

The Group continues to have a market leading position in Australia and New Zealand tandem skydiving markets. FY18 saw the first fatalities in the Australian tandem skydiving industry in over 30 years.

Tandem jump volume, the key driver of Skydiving segment profitability, increased by 1.3% to 192,179 (30 June 2018: 189,784), with 131,915 tandem jumps in Australia (30 June 2018: 132,293) and 60,264 in New Zealand (30 June 2018: 57,491). The Australian tandem jump volume decrease of 0.3% was principally driven by the three Far North Queensland dropzones which represented 27.5% of FY19 Australian jump volume, down by 12.9% on FY18. Excluding these Far North Queensland dropzones, the Australia volume was up 5.5% on FY18, with strong year on year performance for key metropolitan drop zones.

In New Zealand, the growth was driven by the NZone operation in Queenstown, which experienced favourable weather conditions and a stronger performance over the Chinese New Year period compared to the prior year.

Adventure Experiences

The Adventure Experiences segment is primarily a Cairns, Far North Queensland based operation located in the Australian wet tropics. The region experienced softer trading conditions in FY19, demonstrated by a decrease in Cairns airport arrivals (particularly pronounced from September 2018 onwards), combined with record rainfalls in the region, with continued poor weather into 2H19.

FY19 was on the back of significant acquisition activity in the Adventure Experiences business in FY17 and FY18, and as a result the downturn in market conditions (relative to the trading highs of FY16 and FY17) and slower than anticipated integration has had a material impact on Group earnings.

Great Barrier Reef visitation volume, ex-Cairns marina was down ~8% on FY18. While at a portfolio level our brands increased market share in terms of volume, it included a shift to lower yielding products.

Great Barrier Reef Helicopters had a challenging year, which included the loss of a key tourism customer contract from 1 April 2019 which led to a rebalance to commercial work, including an investment in additional helicopters and associated ancillary plant & equipment. FY19 also saw capital investment in the helicopter fleet driven by time life component and overhaul requirements. Capital intensity and asset management specialisation continue to be defining features of the Great Barrier Reef Helicopter business and we are considering the strategic position of this business in the Group’s portfolio.

The full year contribution of FY18 acquisitions, being Great Barrier Reef Helicopters, Big Cat Green Island and Tropical Journeys (Calypso and Daintree Tours) was offset by the impact of the deterioration in tourism trading conditions in the region in FY19.

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Corporate

FY19 saw a transition in the Board and Management team. This included the appointment of Bob East as Chairman in October 2018 with a number of key management leadership changes effected in 2H19, with the recent appointment of CEO, John O’Sullivan and CFO, Owen Kemp and GM Corporate Development, Ian Douglas earlier in the half, placing the business in a position to successfully execute the Group’s future strategies.

Capital management

Due to the lower than anticipated earnings and cashflows in the period and considering the net debt position of the Group at 30 June 2019 and trading momentum into the first quarter of FY20, the Directors have decided that no dividend will be paid in relation to FY19. It is the Directors’ view that this is a prudent measure in the short term and will facilitate balance sheet flexibility to retain optionality through the strategic review process outlined below.

During the period the Group has continued to work closely with its incumbent lender, NAB, and has extended the maturity of its corporate debt facilities by six months to October 2020. The Group remains compliant with the debt covenants under the Multi Option Finance Facility, and is relatively lowly geared with a net debt to Underlying EBITDA ratio of 1.1x

Outlook and strategy

The Group has commenced a strategic review of the Group’s portfolio of assets and operations.

The strategic review will examine options and initiatives to address recent share price underperformance. This will take into consideration the medium and long term growth prospects for each of the Group’s operating businesses, brands and geographies.

The Group will keep shareholders informed of any relevant developments arising from the strategic review and will provide an update at the company’s Annual General Meeting in November 2019.

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Net profit after tax Depreciation and amortisation Finance costs (net of interest revenue) Income tax expense / (benefit) Impairment of goodwill and other intangibles Impairment of property, plant & equipment and other assets Earnings before interest, taxes, depreciation, amortisation (EBITDA) Non-cash items: Correction of deferred tax balances Acquisition and consolidation Onerous leases Other asset write down Share based payments One-off items Significant items subtotal Underlying EBITDA Depreciation and software amortisation Underlying EBITA		30 June 2019 30 June 2018 $’000 $’000
		(48,257) 6,785
		13,950 13,492 1,613 1,857 (10,575) 3,531 52,570 - 9,964 1,746
		19,265 27,411 4,322 - 454 - 833 - 569 - 233 - 1,507 2,761
		7,918 2,761
		27,183 30,172
		(10,560) (10,328)
		16,623 19,844

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Impairment of goodwill and other intangibles

The impairment is attributable to lower than anticipated benefits from integration and softer tourism trading conditions in the Tropical North Queensland region which has contributed to adverse impacts on projected cashflows. The Group notes that as at the date of the calculations it has commenced a strategic review of the Adventure Experiences segment that may lead to changes in the projected cash flows but as no formal plans had been implemented and/or sufficiently progressed any initiatives to improve future cash flows were not factored into the recoverable amount calculations.

Impairment of property, plant and equipment, and other assets

Consists of assessment of specific assets with indicators of impairment (principally relating to the Adventure Experiences segment) and the impact of the AASB 116 which requires fair value movements for those asset classes carried at fair value (aircraft and helicopters) to be recognised on an individual asset basis.

Fixed wing and rotary impairments of $5.4 million were recognised in Reported EBITDA, with $4.7 million revaluation increment recognised below the line in other comprehensive income (i.e. a net impairment in carrying value of $0.7 million).

The impairment charges recognised are non-cash in nature and have no impact on the Group’s compliance with banking facility covenants.

Significant items

Significant items in the financial year ending 30 June 2019 of $7.9 million comprised a number of one-off items, predominately non-cash in nature. The non-cash significant items, totaling $6.4 million included:

• Correction of deferred tax asset balances from prior years of $4.3 million

• Acquisitions and consolidation adjustments relate to the reconciliation of balance sheet items, including the results of 30 June 2019 reconciliation review of assets and liabilities

• Initial recognition of provision in relation to onerous operating leases

• Asset write-downs relate to an assessment of capitalised development costs

• Share-based payments – non-cash recognition of share options expense

Other one-off items are those significant items that are non-recurring in nature and largely related to the integration of acquisitions made in the 30 June 2018 financial year and the management transition that occurred during the financial year. These one-off items included $0.7 million restructuring and recruitment costs, $0.4 million legal & advisory costs for significant one-off projects and $0.4 million of other one-off items.

Significant items in FY18 ($2.8 million) principally related to business acquisition due diligence and advisory fees, rebranding project costs and office renovation expenses.

EBITDA and EBITA are financial measures which are not prescribed by Australian Accounting Standards (“AAS”). EBITDA represents the profit under AAS adjusted for interest, income taxes, impairment, depreciation and amortisation. The Directors consider EBITDA to reflect the operational earnings of the consolidated entity. EBITA represents EBITDA less depreciation and software amortisation.

Underlying EBITDA and Underlying EBITA are financial measures not prescribed by AAS and represent respectively the EBITDA and EBITA (as set out above) adjusted for significant items.

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No matter or event has arisen since 30 June 2019 that has significantly affected the Group’s operations, results or state of affairs.

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Kerry (Bob) East Chairman

30 August 2019

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Contents
Consolidated Statement of Profit or Loss and Other Comprehensive Income	9
Consolidated Statement of Financial Position	10
Consolidated Statement of Changes in Equity	11
Consolidated Statement of Cash Flows	12
Notes to the Consolidated Financial Statements	13

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Note Sales revenue 2 Cost of sales 3 Gross profit Other income 2 Administrative and corporate expenses Occupancy expenses Depreciation and amortisation expenses Impairment of property, plant and equipment and other assets Impairment of intangible assets Marketing, advertising and agents commission expenses Repairs and maintenance expenses Finance costs 3 Other expenses (Loss)/Profit before income tax Tax benefits/(expense) 4 Net (loss)/profit for the year Other comprehensive (loss)/ income: Items that will not be reclassified subsequently to profit or loss: Revaluation of property, plant and equipment, net of tax Items that will be reclassified subsequently to profit or loss when specific conditions are met: Exchange differences on translating foreign operations, net of tax Other comprehensive income for the year Total comprehensive income for the year Earnings per share From continuing operations: Basic earnings per share (cents) 7 Diluted earnings per share (cents) 7	2019 2018 $000 $000
	161,296 135,300 (98,077) (79,647)
	63,219 55,653 1,481 1,363 (29,525) (22,730) (3,746) (3,520) (13,950) (13,492) (9,964) (1,746) (52,570) - (2,970) (2,786) (1,281) (553) (1,778) (1,857) (7,748) (16)
	(58,832) 10,316 10,575 (3,531)
	(48,257) 6,785
	5,127 (1,004) 463 (75)
	5,590 (1,079)
	(43,125) 5,706
	(8.68) 1.34 (8.68) 1.31

The accompanying notes form part of these financial statements.

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Note ASSETS Current assets Cash and cash equivalents 8 Trade and other receivables 9 Inventories Current tax asset 4 Other assets 10 Total current assets Non-current assets Trade and other receivables 9 Other financial assets 11 Property, plant and equipment 12 Deferred tax assets Intangible assets 13 Total non-current assets Total assets LIABILITIES Current liabilities Trade and other payables 15 Borrowings 16 Provisions Deferred revenue Total current liabilities Non-current liabilities Borrowings 16 Deferred tax liabilities Provisions Total non-current liabilities Total liabilities Net assets EQUITY Issued capital 17 Retained earnings Reserves Total equity	2019 2018 $000 $000 4,803 7,171 5,645 8,385 4,964 4,710 4,119 317 3,170 1,979
	22,701 22,562
	976 1,803 1 1,560 118,868 121,539 9,535 - 29,986 84,968
	159,366 209,870
	182,067 232,432
	9,521 9,630 2,955 3,305 3,033 2,834 1,733 1,158
	17,242 16,927
	31,330 32,230 - 2,429 1,096 454
	32,426 35,113
	49,668 52,040
	132,399 180,392
	168,860 168,860 (38,713) 14,644 2,252 (3,112)
	132,399 180,392

The accompanying notes form part of these financial statements.

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Note Consolidated Group Balance at 1 July 2017 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 Shares issued during the year 17 Capital raising costs Deferred tax on capital raising costs Dividends paid during the year 6 Total transactions with owners and other transfers Balance at 30 June 2018 Balance at 1 July 2018 Transfer from asset revaluation reserve to retained earnings 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 Options issued during the year 17 Dividends paid during the year 6 Total transactions with owners and other transfers Balance at 30 June 2019	Share Capital Reserves
	Issued Capital Retained Earnings Asset Revaluation Reserve Common Control Reserve Share Option Reserve Foreign Currency Translation Reserve Total $000 $000 $000 $000 $000 $000 $000
	84,321 12,208 2,386 (4,171) 18 (266) 94,496 - 6,785 - - - - 6,785 - - (1,004) - - (75) (1,079)
	- 6,785 (1,004) - - (75) 5,706
	86,946 - - - - - 86,946 (3,438) - - - - - (3,438) 1,031 - - - - - 1,031 - (4,349) - - - - (4,349)
	84,539 (4,349) - - - - 80,190
	168,860 14,644 1,382 (4,171) 18 (341) 180,392
	168,860 14,644 1,382 (4,171) 18 (341) 180,392 - 458 (458) - - - - - (48,257) - - - - (48,257) - - 5,127 - - 463 5,590
	- (48,257) 5,127 - - 463 (42,667)
	- - - - 232 - 232 - (5,558) - - - - (5,558) - (5,558) - - 232 - (5,326)
	168,860 (38,713) 6,051 (4,171) 250 122 132,399

The accompanying notes form part of these financial statements.

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Note OPERATING ACTIVITIES Receipts from customers (GST inclusive) Payments to suppliers and employees (GST inclusive) Finance costs Income tax paid Net cash provided by operating activities 18 INVESTING ACTIVITIES Sale of property, plant and equipment Purchase of property, plant and equipment Purchase of other non-current assets Payments for investments in subsidiaries 16 Cash acquired in business acquisitions Net cash provided / (used) in investing activities FINANCING ACTIVITIES Proceeds from issue of shares Capital raising costs Proceeds from borrowings Repayment of borrowings Dividends paid by parent entity Loans to related parties Loan repayments from related parties Net cash provided / (used) by financing activities Net decrease in cash held Cash and cash equivalents at beginning of financial year Cash and cash equivalents at end of financial year 8	2019 2018 $000 $000
	180,530 149,284 (153,497) (128,044) (1,778) (1,680) (6,732) (4,718)
	18,523 14,842
	2,625 - (15,240) (23,402) - (1,500) (1,700) (72,448) - 1,770
	(14,315) (95,580)
	- 80,947 - (3,439) 2,500 15,601 (3,518) (9,690) (5,558) (4,349) - (951) - 300
	(6,576) 78,419
	(2,368) (2,319) 7,171 9,490 4,803 7,171

The accompanying notes form part of these financial statements.

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Note 1 Operating Segments

Identification of reportable operating segments

The Group has identified the following reportable operational segments:

• Skydiving

• Adventure Experiences

• Corporate

The consolidated entity is organized into above three operating segments based on a combination of factors including products and services, geographical areas and regulatory environment.

These operating segments are based on the internal reports that are reviewed and used by the Directors, who are identified as the Chief Operating Decision Makers (CODM) in assessing performance and in determining the allocation of resources. There is no aggregation of operating segments. The CODM reviews EBITDA at the segment level. The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements.

The Skydiving segment operations primarily comprises tandem skydive and related products, with ancillary aircraft maintenance and leasing revenues. Adventure Experiences offers a range of customer experiences primarily based out of Cairns and Port Douglas in Tropical North Queensland, including Great Barrier Reef snorkel and dive, white water rafting, ballooning and helicopter tours. Corporate comprises the centralised management and business administration services provided to the Group operations.

EBITDA is used by the Group to evaluate the performance of the business before the impact of non-cash charges such as depreciation, amortisation, impairment, fair value gains or losses, and before the impact of financing and income tax expenses.

The Directors review the financial performance on an Underlying EBITDA basis, that is the reported result for each measure adjusted for the impact of significant items, being non-cash or one-off items. Underlying EBITDA is a non AAS measure that in the opinion of the Directors is relevant to reviewing the financial performance of the Group.

Intersegment transactions

Intersegment transactions are generally made on an arm’s length basis at market rates. Intersegment transactions are eliminated on consolidation.

Intersegment receivables, payables and loans

Intersegment loans payable and receivable are initially recognised at the consideration received/to be received net of transaction costs. If intersegment loans receivable and payable are not on commercial terms, these are not adjusted to fair value based on market interest rates.

Segment assets and liabilities

Where an asset is used across multiple segments, the asset is allocated to the segment that receives the majority of the economic value from the asset. In most instances, segment assets are clearly identifiable on the basis of their nature and physical location.

Liabilities are allocated to segments where there is 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.

Corporate costs are primarily head office costs borne by the group that are not allocated to operating segments as they are deemed costs that cannot be accurately allocated. They include head office payroll costs, sales & marketing costs, travel expenses, acquisition costs and advisory fees.

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Note 1 Operating Segments (continued)

Operating segment information

30 June 2019	Skydiving Adventure Experiences Corporate $000 $000 $000	Total $000
Revenue Sales to external customers Sales revenue Other income Total Segment revenue EBITDA Depreciation and amortisation Impairment EBIT Finance costs Income Tax Expense Net profit after tax EBITDA Significant items Underlying EBITDA	84,461 76,835 -	161,296
	84,461 76,835 -	161,296
	315 1,000 -	1,316
	84,776 77,835 -	162,611
	22,878 10,210 (13,825) (5,081) (8,664) (204)	19,265 (13,950) (62,534)
	17,797 1,546 (14,029)	(57,221)
	22,878 10,210 (13,825)	(1,612) 10,575
		(48,257) 19,265
	3,279 2,200 2,441 26,157 12,410 (11,384)	7,918 27,183

During the period the Directors have reallocated what was previously disclosed as unallocated shared services costs in the 30 June 2018 financial statements to the relevant operating segment.

Significant items in the financial year ending 30 June 2019 of $7,918,000 comprised a number of one-off items, predominately non-cash in nature. The non-cash significant items totaled $6,413,000 and included:

• Correction of deferred tax balances from prior year of $4,322,000

• Acquisitions and consolidation adjustment relate to the reconciliation of balance sheet items and the result of 30 June 2019 reconciliation review of assets and liabilities.

• Initial recognition of provision in relation to onerous operating leases

• Asset write-downs largely relate to an assessment of capitalised development costs

• Share-based payments – non-cash recognition of share options expense

One-off items totaling $1,507,000, being significant items that are non-recurring in nature related to the integration of acquisitions from the prior year and the management transition in the period.

EBITDA is a financial measure which is not prescribed by Australian Accounting Standards (“AAS”). EBITDA represents the profit under AAS adjusted for interest, income taxes, impairment, depreciation and amortisation. The Directors consider EBITDA to reflect the operational earnings of the consolidated entity.

Underlying EBITDA is a financial measures not prescribed by AAS and represents EBITDA adjusted for significant items.

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Note 1 Operating Segments (continued)

30 June 2018	Skydiving Adventure Experiences Corporate $000 $000 $000	Total $000
Revenue Sales to external customers Sales revenue Other income Total Segment revenue EBITDA Depreciation and amortisation Impairment EBIT Finance costs Income Tax Expense Net profit after tax EBITDA Significant items Underlying EBITDA	81,380 53,920 -	135,300
	81,380 53,920 -	135,300
	238 1,011 114	1,363
	81,618 54,931 114	136,663
	24,787 12,358 (9,734) (6,171) (6,952) (369)	27,411 (13,492) (1,746)
	18,616 5,406 (10,103)	12,173
	24,787 12,358 (9,734)	(1,857) (3,531)
		6,785 27,411
	1,609 2,358 (1,206)	2,761
	26,396 14,716 (10,940)	30,172

Significant items in the financial year ending 30 June 2018 principally related to business acquisition due diligence and advisory fees, rebranding project costs and office renovation expenses.

Segment assets 30 June 2019	Skydiving Adventure Experiences Corporate Total $000 $000 $000 $000
Segment assets 30 June 2018	119,034 59,938 3,093 182,065
Segment assets Segment liabilities 30 June 2019	117,563 109,167 5,702 232,432 12,649 5,706 31,313 49,668
Segment liabilities 30 June 2018
Segment liabilities	19,331 10,680 22,029 52,040

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Note 1 Operating Segments (continued)

Geographical information

	Australia	New Zealand	Total
30 June 2019	$000	$000	$000
Revenue
Sales to external customers	130,269	31,027	161,296
30 June 2018
Revenue
Sales to external customers	106,207	29,093	135,300
Non Current Segment Assets	Australia	New Zealand	Total
30 June 2019	$000	$000	$000
Non Current Segment assets	138,799	27,237	166,036
30 June 2019
Non Current Segment assets	184,149	25,721	209,870

The geographic non-current assets above are exclusive of, where applicable, financial instruments and deferred tax assets.

Note 2 Revenue and Other income

Sales revenue Sale of goods Other income Interest received Other revenue Total revenue	2019 2018 $000 $000 161,296135,300
	161,296135,300
	165 135 1,316 1,228
	1,481 1,363
	162,777136,663

Note 3 Profit for the Year

Profit before income tax from continuing operations includes the following specific expenses:

Profit before income tax from continuing operations includes the following specific expenses:
Cost of sales Interest expense on financial liabilities not at fair value through profit or loss: Unrelated parties Total interest expense Other finance costs Total finance cost Occupancy costs Depreciation and amortisation expense Impairment of property, plant and equipment and other assets Impairment of intangibles Employee benefits expense Expected credit loss	2019 2018 $000 $000 98,077 79,647 1,743 1,708
	1,743 1,708 35 149
	1,778 1,857
	3,746 3,520 13,950 13,492 9,964 1,746 52,570 - 48,930 38,947 139 25

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Note 4 Tax Expense

Note 4 Tax Expense
(a) The components of tax expense / (income) comprise: Current tax Deferred tax Over provision of tax from prior years (b) Prima facie tax on profit from ordinary activities (at 30%) Tax effect of permanent differences: Non-allowable items Non-deductible impairment	2019 2018 $000 $000 1,888 4,152 (11,346) (173) (1,117) (448)
	(10,575) 3,531
	(17,650) 3,095 137 34 5,498 11 1,763 - (139) - (184) 151 - 240
Abnormal items
Recognition of transferred tax losses Recognition of other deferred tax balances Deductible acquisition costs Effective tax rate Note 5 Auditors Remuneration Remuneration of the auditor for: Auditing the financial report Taxation services Due diligence services Note 6 Dividends Dividends paid
	(10,575) 3,531 18.0% 34.2% 2019 2018 $000 $000 225 241 97 172 4 282
	326 694
	2019 2018 $000 $000
	5,558 4,349

(a) The Directors have not declared a dividend for the financial year ended 30 June 2019. The dividend paid in the year ending 30 June 2019 relates to the final and fully franked dividend for the 30 June 2018 period of $0.01 per share, amounting to $5,558,000, paid on 28 September 2018.

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Note 7 Earnings Per Share

Note 7 Earnings Per Share
(a) Earnings used to calculate basic and diluted EPS (b) Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS Weighted average number of dilutive options and rights outstanding Weighted average number of dilutive converting preference shares on issue Weighted average number of ordinary shares outstanding during the year used in calculating dilutive EPS Basic earnings per share (cents) Diluted earnings per share (cents) Note 8 Cash and Cash Equivalents Cash at bank and on hand Short-term bank deposits For the purpose of statement of cashflows, cash and cash equivalents comprise the above. Note 9 Trade and Other Receivables CURRENT Trade receivables Allowance for expected credit losses Other receivables Amounts receivable from related parties - director of parent entity (a) Total current trade and other receivables NON-CURRENT Loan receivable (b) Amounts receivable from related parties - director of parent entity (a) Total non-current trade and other receivables	2019 2018 $000 $000
	(48,257) 6,785
	No. No. 555,811,840506,008,037 11,247,324 10,300,000 - -
	567,059,164516,308,037
	(8.68) 1.34 (8.68) 1.31 2019 2018 $000 $000 4,579 7,129 224 42
	4,803 7,171
	2019 2018 $000 $000 4,538 5,900
	(139) (25)
	4,399 5,875 946 2,210
	5,345 8,085 300 300
	5,645 8,385
	- 515 976 1,288
	976 1,803

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(a) Amounts receivable from related parties

Amounts receivable from related parties represents unsecured loans to Boucaut Enterprises Pty Ltd as trustee for Boucaut Family Trust ("the Borrower"), a related entity associated with Anthony Boucaut (Executive Director).

(b) Loan receivable

The loan is unsecured, bears interest at 5% per annum and has a term of 10 years. The loan was impaired at 30 June 2019 to nil.

Note 10 Other Assets

CURRENT Prepayments Deposit paid for leasehold land and buildings Other current assets	2019 2018 $000 $000 1,459 877 - 541 1,711 561
	3,170 1,979

Note 11 Other Financial Assets

NON-CURRENT Unlisted investments, at cost — shares in other corporations — unlisted investments Total unlisted investments	1 27 - 1,533
	1 1,560

The carrying amount of unlisted investment at cost was written down to nil at 30 June 2019.

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Note 12 Interests in Subsidiaries

a) Information about Principal Subsidiaries

The subsidiaries listed below have share capital consisting solely of ordinary shares or ordinary units which are held directly by the Group. The proportion of ownership interests held equals the voting rights held by Group. Each subsidiary’s principal place of business is also its country of incorporation.

lace of business is also its country of incorporation.
	Principal place	Ownership	interest
	of business
Name of subsidiary		2019	2018
Aircraft Maintenance Centre Pty Ltd	Australia	100%	100%
Australia Skydive Pty Ltd	Australia	100%	100%
B & B No 2 Pty Ltd	Australia	100%	100%
Bill & Ben Investments Pty Ltd	Australia	100%	100%
Skydive Holdings Pty Ltd	Australia	100%	100%
Skydive the Beach and Beyond Airlie Beach Pty Ltd	Australia	100%	100%
Skydive the Beach and Beyond BB Pty Ltd	Australia	100%	100%
Skydive the Beach and Beyond Central Coast Pty Ltd	Australia	100%	100%
Skydive the Beach and Beyond Great Ocean Road Pty Ltd	Australia	100%	100%
Skydive the Beach and Beyond Hunter Valley Pty Ltd	Australia	100%	100%
Skydive the Beach and Beyond Melbourne Pty Ltd	Australia	100%	100%
Skydive the Beach and Beyond Newcastle Pty Ltd	Australia	100%	100%
SBB Trading Pty Ltd (formerly known as Skydive the Beach and
Beyond Perth Pty Ltd)	Australia	100%	100%
Skydive the Beach and Beyond Sydney Wollongong Pty Ltd	Australia	100%	100%
Skydive the Beach and Beyond Yarra Valley Pty Ltd	Australia	100%	100%
Skydive.com.au Pty Ltd	Australia	100%	100%
STBAUS Pty Ltd	Australia	100%	100%
Skydive International Holdings Pty Ltd	Australia	100%	100%
Skydive Investments Pty Ltd	Australia	100%	100%
Experience Co NZ Holdings Limited (formerly Skydive (New
Zealand) Limited)	New Zealand	100%	100%
Skydive Queenstown Limited	New Zealand	100%	100%
Ultimate Adventure Group Ltd (formerly Skydive Glenorchy
Limited)	New Zealand	100%	100%
Parachute Adventure Queenstown Limited	New Zealand	100%	100%
Skydive Wanaka Limited	New Zealand	100%	100%
Performance Aviation (New Zealand) Limited	New Zealand	100%	100%
Raging Thunder Pty Ltd	Australia	100%	100%
Fitzroy Island Ferries Pty Ltd	Australia	100%	100%
Fitzroy Island Pty Ltd	Australia	100%	100%
Martheno Pty Ltd	Australia	100%	100%
Raging Thunder Retail Pty Ltd	Australia	100%	100%
White Water Rafting Qld Pty Ltd	Australia	100%	100%
Raging Thunder Balloon Adventures Pty Ltd	Australia	100%	100%
Rescue Training Group Pty Ltd	Australia	100%	100%
ILB Pty Ltd	Australia	100%	100%
Reef Magic Cruises Pty Ltd	Australia	100%	100%
Byron Bay Ballooning Pty Ltd	Australia	100%	100%
Air Vistas Pty Ltd	Australia	100%	100%
GBR Helicopters Pty Ltd	Australia	100%	100%
GBRH Holdings Pty Ltd	Australia	100%	100%
Blue Ocean Productions Pty Ltd	Australia	-	100%
Calypso Reef Charters Pty Ltd	Australia	100%	100%
Fish for Fish Investments Pty Ltd	Australia	100%	100%
Experience Daintree Pty Ltd	Australia	100%	100%
J & J Wallace (Holdings) Pty. Ltd.	Australia	100%	100%
J & J Wallace (Projects) Pty Ltd	Australia	100%	100%
J & J Wallace (Tours) Pty Ltd	Australia	100%	100%
J & J Wallace (Permits) Pty. Ltd.	Australia	100%	100%
Performance Helicopters Pty Ltd	Australia	100%	-

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Note 12 Interests in Subsidiaries (continued)

b) Significant Restrictions

Other than banking covenants imposed as per note 16, there are no significant restrictions over the Group’s ability to access or use assets, and settle liabilities, of the Group.

c) Acquisition of Controlled Entities

During the year ended 30 June 2019, Experience Co Limited made no acquisitions.

Payments of $1,700,000 were made in the year ended 30 June 2019 in relation to deferred consideration in relation to the acquisition of GBR Helicopters Pty Ltd.

d) Business Combinations

When comparing the results for the 12 months to 30 June 2018 the number of months of trading from major acquisitions year on year is set out below:

	2019	2018
Byron Bay Ballooning purchased on 21 July 2017	12 months	11.5 months
Air Vistas Pty Ltd acquired 18 September 2017	12 months	9.5 months
GBR Helicopters Pty Ltd purchased on 01 November 2017	12 months	8 months
Blue Ocean Productions Pty Ltd acquired on 28 November 2017	12 months	7 months
Big Cat Green Island Pty Ltd purchased on 13 December 2017	12 months	6.5 months
Tropical Journeys (the business) and Calypso Reef Charters Pty Ltd purchased on	12 months	6 months
19 December 2017

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Note 13 Property, Plant and Equipment

Note 13 Property, Plant and Equipment
LAND AND BUILDINGS Freehold land at: At cost Total land Buildings at: At cost Accumulated depreciation Total buildings Total land and buildings PLANT AND EQUIPMENT Plant and equipment: At cost Accumulated depreciation Leasehold improvements At cost Accumulated amortisation Aircraft: At revalued amounts and cost Accumulated depreciation Helicopters: At revalued amounts and cost Accumulated depreciation Motor vehicles: At cost Accumulated depreciation Office equipment: At cost Accumulated depreciation Vessels: At cost Accumulated depreciation Floating Docks: At cost Accumulated depreciation Total plant and equipment Total property, plant and equipment	2019 2018 $000 $000 3,781 3,781
	3,781 3,781
	4,564 5,315 (181) (181)
	4,383 5,134
	8,164 8,915
	12,486 11,342 (5,306) (3,621)
	7,180 7,721
	4,608 4,434 (1,158) (890)
	3,450 3,544
	46,654 47,003 - (1,676)
	46,654 45,327
	19,369 17,625 - (1,037)
	19,369 16,588
	7,061 6,403 (2,382) (1,571)
	4,679 4,832
	1,754 1,463 (1,150) (920)
	604 543
	32,007 34,506 (5,017) (2,111)
	26,990 32,395
	2,100 1,838 (322) (164)
	1,778 1,674
	110,704 112,624
	118,868 121,539

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Note 13 Property, Plant and Equipment (continued)

The Group's aircraft and helicopter assets were revalued at 30 June 2019. The aircraft and helicopter assets were valued by independent valuers depending on the age, type, and condition of the aircraft.

At the date of revaluation, the carrying amount of aircraft and helicopters is adjusted to the revalued amount. The accumulated depreciation is eliminated against the gross carrying amount of the asset.

(a) Movements in Carrying Amounts

Movements in carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year.

Balance at 1 July 2017 Acquisitions through business combinations Additions Impairment Revaluation decrement Disposals Depreciation expense Transfers between asset classes Balance at 30 June 2018 Additions Impairment Revaluations Disposals Depreciation expense Movement in foreign exchange Transfer between asset classes Balance at 30 June 2019	Land Buildings Plant & Equipment Leasehold Improv. Aircraft Helicopters Motor Vehicles Office Equipment Vessels Floating Docks Total $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 646 3,473 7,342 1,370 43,105 - 3,119 531 9,151 1,633 70,370 950 965 861 642 - 14,374 482 102 22,235 51 40,662 2,185 808 1,880 1,806 10,697 3,251 1,431 182 2,414 131 24,785 - - - - (1,746) - - - - - (1,746) - - - - (2,385) - - - - - (2,385) - - (3) - - - - - - - (3) - (112) (1,316) (274) (4,344) (1,037) (671) (272) (1,977) (141) (10,144) - - (1,043) - - - 471 - 572 - -
	3,781 5,134 7,721 3,544 45,327 16,588 4,832 543 32,395 1,674 121,539
	- - 80 1,145 624 2,424 7,556 625 287 2,351 194 15,286 - (758) - - - (3,440) - - (1,202) - (5,400) - - - - 1,533 1,878 - - - - 3,411 - - (268) (448) (1,716) (984) (129) (8) (2,103) 72 (5,584) - (72) (1,361) (311) (2,403) (2,229) (716) (218) (2,962) (162) (10,434) - - 14 40 - - (5) - - - 49 - - (72) - 1,489 - 72 -(1,489) - -
	3,781 4,384 7,179 3,449 46,654 19,369 4,679 604 26,990 1,778 118,868

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Note 14 Intangible Assets

Note 14 Intangible Assets
Goodwill Cost Accumulated impaired losses Net carrying amount Trademarks Cost Accumulated amortisation and impairment losses Net carrying amount Computer software Cost Accumulated amortisation and impairment losses Net carrying amount Customer relationships and other intangible assets Cost Accumulated amortisation and impairment losses Net carrying amount Leases & Licences Cost Accumulated amortisation Net carrying amount Total intangibles	Consolidated Group 2019 2018 $000 $000
	36,659 36,301 (23,483) -
	13,176 36,301
	14,589 14,370 (5,351) -
	9,238 14,370
	1,909 1,338 (1,147) (1,020)
	762 318
	25,220 26,976 (20,137) (2,552)
	5,083 24,424
	12,527 10,860 (10,801) (1,305)
	1,726 9,555
	29,986 84,968

(a) Movements in Carrying Amounts

Movements in carrying amounts for each class of intangibles between the beginning and the end of the current financial year.

(a) Movements in Carrying Amounts Movements in carrying amounts for each class year.	of intangibles between the beginning and the end of the current financial
Balance at 1 July 2017 Assets acquired in business combinations Other additions Amortisation expense Balance at 30 June 2018 Additions from business combinations Other additions Impairment Disposals Transfers to other asset classes Amortisation expense Movement in foreign exchange Closing balance 30 June 2019	Goodwill Trademarks Computer Software Customer Relationships and other Leases & Licences Total $000 $000 $000 $000 $000 $000 18,828 9,805 368 13,025 5,933 47,959 17,473 4,565 - 13,257 4,928 40,223 - - 134 - - 134 - - (184) (1,858) (1,306) (3,348)
	36,301 14,370 318 24,424 9,555 84,968
	185 - - - - 185 - 123 591 694 - 1,408 (23,483) (5,351) - (15,953) (7,783) (52,570) - - (20) (365) (57) (552) 283 60 - (2,109) 1,766 - - - (127) (1,632) (1,713) (3,472) (110) 36 - 24 (42) 18
	13,176 9,238 762 5,083 1,726 29,986

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Note 14 Intangible Assets (continued)

Impairment disclosures

Intangible assets, other than goodwill and trademarks, have finite useful lives. The current amortisation charges for intangible assets are included under depreciation and amortisation expense per the statement of profit or loss. Goodwill and trademarks have an indefinite useful life.

Following the decline in financial performance in the financial year to 30 June 2019, management has recalculated the recoverable amount of each of the Group’s CGUs as at 30 June 2019. The recoverable amount of each of the Group’s CGUs have been determined based on value in use calculations.

The following key assumptions were used in the value-in-use calculations for each cash generating unit.

Australia Skydive : five year projections based on management budgets with annual EBITDA growth rate from Year 2 to 5 of 4.0% (30 June 2018: 3.0%), terminal growth rate of 3.0% (30 June 2018: 3.0%) and a pre-tax discount rate of 15.4% (30 June 2018: 12.1%).

New Zealand Skydive : five year projections based on managements budgets with annual EBITDA growth rate from Year 2 to 5 of 4.0% (30 June 2018: 3.0%), terminal growth rate of 3.0% (30 June 2018: 3.0%) and a pre-tax discount rate of 16.6% (30 June 2018: 12.1%)

Adventure Experiences : five year projections based on managements budgets with annual EBITDA growth rate of 4.0% from Year 2 to 5 (30 June 2018: 3.0%), terminal growth rate of 3.0% (30 June 2018: 3.0%) and a pre-tax discount rate of 15.4% (30 June 2018: 12.1%).

The recoverable amount of the Australia Skydive and New Zealand Skydive CGUs were estimated to be higher than the carrying amount as at 30 June 2019 and accordingly no impairment was recognised.

The Adventure Experiences CGU recoverable amount was calculated to be significantly less than the carrying value and as a result an impairment of $52,570,000 of goodwill and other intangibles has been recognised.

The impairment is attributable to lower than anticipated benefits from integration and softer tourism trading conditions in the Tropical North Queensland region which has contributed to adverse impacts on projected cashflows. The Group notes that as at the date of the calculations it has commenced a strategic review of the Adventure Experiences segment that may lead to changes in the projected cash flows but as no formal plans had been implemented and/or sufficiently progressed any initiatives to improve future cash flows were not factored into the recoverable amount calculations.

The impairment charge recognised is non-cash in nature and has no impact on the Group’s compliance with banking facility covenants.

Sensitivities and significant estimates

The value-in-use calculation used in assessing the recoverable amount of the CGUs is subject to changes in assumptions which may result in additional impairment. Any future events that result in adverse changes in assumptions may result in impairment. To illustrate the potential impact of changes in key assumptions presented below is a summary of sensitivity changes to each of the CGUs and the corresponding potential impact that may arise in impairment beyond that recognised in the 30 June 2019 balances above.

In each case, all other assumptions have been held constant.

Australia Skydive

Key assumption Sensitivity Sensitivity impact Discount rate + 100 bps Recognition of impairment of $0.5 million Terminal growth -100 bps No impairment required New Zealand Skydive Key assumption Sensitivity Sensitivity impact Discount rate + 100 bps No impairment required Terminal growth -100 bps No impairment required

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Note 14 Intangible Assets (continued)

Adventure Experiences

Key assumption Sensitivity Sensitivity impact Discount rate + 100 bps Additional impairment of $4.1 million Terminal growth -100 bps Additional impairment of $2.6 million

Goodwill is allocated to cash-generating units which are based on the Group’s reporting segments.

Australia Skydiving operations New Zealand Skydiving operations Adventure Experiences operations Total	2019 2018 $000 $000 4,969 5,937 8,207 8,208 - 22,156
	13,176 36,301

Note 15 Trade and Other Payables

Note 15 Trade and Other Payables
CURRENT Unsecured liabilities Trade payables Sundry payables and accrued expenses Note 16 Borrowings CURRENT Secured liabilities Bank loans Finance lease liabilities Total current borrowings NON-CURRENT Secured liabilities Bank loans Finance lease liabilities Total non-current borrowings Total borrowings	Consolidated Group 2019 2018 $000 $000 2,657 4,147 6,864 5,483
		9,521 9,630
		2019 2018 $000 $000 - 263 2,955 3,042
		2,955 3,305
		20,132 18,004 11,198 14,226
		31,330 32,230
		34,285 35,535

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Note 16 Borrowings (continued)

• (a) Total current and non-current secured liabilities :

Bank loan Finance lease liabilities	2019 2018 $000 $000 20,132 18,267 14,153 17,268
	34,285 35,535

• (b) Collateral provided

The Group entered into a Multi Option Facility Agreement with National Australia Bank Limited (NAB) in May 2017. The Multi Option Facility expires on 20 October 2020.

NAB has made available to the Group the following facilities:

• $25,000,000 Cash Advance Facility (30 June 2018: $20,000,000)

• $15,000,000 Master Asset Finance Facility (30 June 2018: $20,000,000)

• $500,000 Bank Guarantee Facility

• $3,000,000 Foreign Exchange & Commodity Hedging Facility

Existing NAB finance leases were transferred to the NAB Master Asset Finance Facility and existing finance leases with Westpac Banking Corporation remained in place.

As at 30 June 2019 $20,000,000 of the Cash Advance Facility had been utilised.

The Westpac Banking Corporation Finance leases are secured by a charge over the assets financed. The leases are for 1-5 year terms and are repayable on a monthly basis. Interest rates on these finance leases generally range from 4% to 9%.

To secure the facilities with NAB, the Group and NAB have entered into a General Security Deed for both the Australian and New Zealand operations. NAB holds a security interest in and over all the secured property that the Group, with the exception of the charge on the assets secured for the Westpac Banking Corporation Finance leases. The NAB Finance leases are for 1-5 year terms and are repayable on a monthly basis. Interest rates on these leases currently range from 4% to 8%. Interest on the Cash Advance Facility is payable quarterly and interest rates on this facility currently range from 3% to 4%.

With regards the NAB facilities, at the end of each December and June reporting period, the Group is required to calculate and submit to NAB a (i) Fixed Cover Charge Ratio and (ii) a Gross Senior Leverage Ratio. The ratios were lodged during the reporting period and the company is compliant with all these ratios.

(c) Financial assets that have been pledged as part of the total collateral for the benefit of bank debt are as follows:

Cash and cash equivalents Trade receivables Total financial assets pledged	2019 2018 $000 $000 4,803 9,490 4,399 2,917
	9,202 12,408

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Note 17 Issued Capital

Note 17 Issued Capital	Note 17 Issued Capital
2019 2018 $000 $000 555,811,840 (June 2018: 555,811,840) fully paid ordinary shares 168,860 168,860 The company has authorised share capital amounting to 555,811,840 ordinary shares. Ordinary Shares 2019 2018 2019 2018 $ 000's $ 000's No. No. At the beginning of the reporting period 168,860 84,321 555,811,840 434,877,669 Shares issued - 6 October 2016 - - - - - 20 October 2016 - - - - - 29 May 2017 - - - - - 10 October 2017 - 20,001 - 30,304,000 - 3 November 2017 - 1,000 - 1,515,152 - 13 December 2017 - 57,056 - 77,102,361 - 14 December 2017 - 5,000 - 6,756,757 - 29 December 2017 - 3,889 - 5,255,901 - Capital raising costs (net of deferred tax) - (2,407) - - 168,860 168,860 555,811,840 555,811,840 Note 18 Cash Flow Information 2019 2018 $000 $000 Reconciliation of Cash Flows from Operating Activities with Profit after Income Tax (Loss) / Profit after income tax (48,257) 6,785 Non-cash flows in profit Depreciation and amortisation 13,950 13,492 Impairment 62,534 1,746 One off items - Non Cash 4,891 - Net gain on sale of assets (284) - Unrealised foreign currency exchange gains/(losses) 20 (77) Changes in assets and liabilities, net of the effects of purchase: (Increase)/decrease in trade and other receivables 3,367 (950) (Increase)/decrease in other current assets (608) 55 (Increase)/decrease in inventories (253) (453) Increase/(decrease) in trade and other payables (1,271) (1,623) Increase/(decrease) in income taxes payable (3,800) (2,158) Increase/(decrease) in deferred taxes payable (11,964) (2,957) Increase/(decrease) in provisions 199 982 Cash flows from operating activities 18,523 14,842		2019 2018 $000 $000 168,860 168,860
	168,860 168,860 555,811,840 555,811,840
		2019 2018 $000 $000 (48,257) 6,785 13,950 13,492 62,534 1,746 4,891 - (284) - 20 (77) 3,367 (950) (608) 55 (253) (453) (1,271) (1,623) (3,800) (2,158) (11,964) (2,957) 199 982
(Loss) / Profit after income tax
Non-cash flows in profit
Depreciation and amortisation
Impairment
One off items - Non Cash
Net gain on sale of assets
Unrealised foreign currency exchange gains/(losses)
Changes in assets and liabilities, net of the effects of purchase:
(Increase)/decrease in trade and other receivables
(Increase)/decrease in other current assets
(Increase)/decrease in inventories
Increase/(decrease) in trade and other payables
Increase/(decrease) in income taxes payable
Increase/(decrease) in deferred taxes payable
Increase/(decrease) in provisions Cash flows from operating activities
		18,523 14,842

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Note 19 Events After the Reporting Period

No matters or circumstances have arisen since 30 June 2019 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.

Note 20 Contingent Liabilities and Contingent Assets

The Group has no contingent assets or contingent liabilities at 30 June 2019.

Note 21 Company Details

The registered office and principal place of business of the company is: Experience Co Limited Level 1, 51 Montague Street, North Wollongong, NSW 2500

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Directors:

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Kerry (Bob) East

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John Diddams Colin Hughes Anthony Boucaut John O’Sullivan

Company Secretary:

Registered Office:

Principal Place of Business:

Lawyers:

Auditors:

Share Registry:

Bankers:

Fiona van Wyk

Level 1, 51 Montague Street North Wollongong NSW 2500

Level 1, 51 Montague Street North Wollongong NSW 2500

Bird & Bird Level 11, 68 Pitt Street Sydney NSW 2000

RSM Australia Partners Level 13, 60 Castlereagh Street Sydney NSW 2000

Boardroom Pty Ltd Level 12, 225 George Street Sydney NSW 2000

National Australia Bank Limited Level 22, 255 George Street Sydney NSW 2000

Westpac Banking Corporation Level 1, 25 Atchison Street, Wollongong NSW 2500

Stock Exchange Listing Code: Website:

EXP

www.experienceco.com

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