AI assistant
HANSEN TECHNOLOGIES LIMITED — Interim / Quarterly Report 2008
Feb 21, 2008
65073_rns_2008-02-21_93344dd6-8737-4323-a4c4-35be2e1afe04.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
22 February 2008
ASX GPO Box 1784 MELBOURNE 3001
RE: Amended - Half Yearly Report (Appendix 4D), 31 December 2007
Further to the half-yearly report which was released to market today, 22 February 2008, a number of amendments have been issued. They are as follows;
==> picture [127 x 143] intentionally omitted <==
� Note 2 - page 2
-
$A ‘000 added to denote thousands of dollars
-
Note 2 – page 2
-
Record date for determining entitlements to the additional 1 cent dividend yet to be paid has been changed to 4 March 2008
-
- Included in the description at the end of Note 2
The Record Date for the additional 1 cent per share interim dividend will be 4 March 2008 and payment will be despatched to shareholders on 19 March 2008
-
Note 5 – page 4
-
Payment date has been changed to 19 March 2008
-
Note 6 – page 4
-
The last date(s) for receipt of election notices for participation in the dividend or distribution reinvestment plan has been changed to 4 March 2008
-
Page 8 – Review of Operations
-
Record date for the additional 1 cent per share interim dividend has been changed to 4 March 2008 and the payment date is now 19 March 2008
Regards
==> picture [82 x 47] intentionally omitted <==
Mr Grant Lister Company Secretary Hansen Technologies Limited
HANSEN TECHNOLOGIES LTD ABN 90 090 996 455 AND CONTROLLED ENTITIES
HALF-YEAR INFORMATION FOR THE SIX MONTHS ENDED 31 DECEMBER 2007 PROVIDED TO THE ASX UNDER LISTING RULE 4.2A
This half-year financial report is to be read in conjunction with the financial report for the year ended 30 June 2007.
-1-
Rule 4.2A.3
Appendix 4D Half Year Report for the six months to 31 December 2007
Name of entity
Hansen Technologies Ltd and its Controlled Entities
ABN or equivalent company ABN: 90 090 996 455 reference:
1. Reporting period
Report for the half year ended[ 31 December 2007 ] The previous corresponding periods are the financial year ended 30 June 2007 and the half year ended 31 December 2006.
2. Results for announcement to the market
| Revenues from ordinary activities Net profit after tax for the period attributable to members |
$A‘000 | $A‘000 |
|---|---|---|
| Down 9% to 22,084 Up 1436% to 12,167 |
||
| Dividends | Amount per security | Franked amount per security |
| Final dividend for the year ended 30 June 2007 | 1¢ | 0¢ |
| Previous corresponding period – Final Dividend | 0¢ | 0¢ |
| Payment date for the final dividend for the year ended 30 June 2007 |
8 October 2007 | |
| Interim dividend for the current fiscal year | 4¢ | 0¢ |
| Previous corresponding period – Interim Dividend | 0¢ | 0¢ |
| Payment date of the first3cents of the interim dividend | 18December 2007 | |
| Record date for determining entitlements to the additional 1 cent dividendyet to bepaid |
4 March 2008 |
-2-
Highlights of the financial results for the 6 months to December 2007 include:
-
Revenue from operations of $22.1 million
-
Earnings before interest, tax, depreciation and amortisation (EBITDA) of $14.9 million, being;
-
$6.1 million from operations, representing a 117% increase on the previous year, plus
-
$8.8 million profit on sale of the NSW based outsourcing business after allowing for all costs associated with the sale and related sale adjustments. (Note: this is a reduction from the $9.4 million profit previously projected)
-
After tax profit of $12.2 million or 8.1 cents per share, being a $11.4 million increase on the $0.8 million in the previous year,
-
Considerable strengthening of the companies financial position since June 2007;
-
Net equity increased to $42.8 million, or 28 cents per share
-
Net tangible assets increased to 15.2 cents per share
-
Cash on hand $20.2 million (after payment in December 2007 of the initial interim dividend of 3 cents per share or $4.5 million approximately)
-
Zero third party debt
The Directors of Hansen have declared an unfranked interim dividend of 4 cents per share for the first half of this fiscal year. Three cents was paid to shareholders in December 2007, leaving an additional 1 cent per share or $1.5 million approximately to be distributed in March 2008. The Record Date for the additional 1 cent per share interim dividend will be 4 March 2008 and payment will be despatched to shareholders on 19 March 2008.
3. Net tangible assets per security
| . Net tangible assets per security |
||
|---|---|---|
| Net tangible asset backing per ordinary security |
Current period | Previous corresponding period |
| 15.2 cents | 6.0 cents |
4. Details of entities over which control has been gained or lost during the period:
Effective 31 August 2007 the company sold its wholly owned subsidiary, Hansen Professional Services Pty Ltd (HPS), incorporating the Hansen Group’s NSW based IT outsourcing business, for a cash consideration of $10.5 million. After allowing for previously unrecognised capital tax losses, all costs associated with the sale and related sale adjustments plus the tax cost base of HPS within Hansen’s consolidated tax group, the sale of HPS generated an after tax profit for the Hansen Group of $8.8 million. (Note: this is a reduction from the $9.4 million profit previously projected) The sale of HPS completed the rationalisation of the Group’s business structure started in the previous year.
-3-
5. Dividends
| Final dividend – year ended 30 June 2007 Initial 3 cent Interim dividend – half- year ended 31 Dec 2007 Additional 1 cent interim dividend - half-year ended 31 Dec 2007 |
Date of payment | Total amount of dividend |
|---|---|---|
| 8 October 2007 | $1,504,515 | |
| 18 December 2007 | $4,523,695 | |
| 19 March 2008 | $1,513,008 |
Amount per security
| Amount per security |
Franked amount per security at % tax |
Amount per security of foreign sourced dividend |
|
|---|---|---|---|
| Total dividend: Current year Previous year |
4¢ | 0¢ | 0¢ |
| 0¢ | 0¢ | 0¢ |
Total dividend on all securities
| Ordinary securities_(each class separately) Preference securities(each class separately) Other equity instruments(each class separately)_ Total |
December 2007 $A'000 |
December 2006 $A'000 |
|---|---|---|
| 6,037 - - |
- - - |
|
| 6,037 | - |
6. Details of dividend or distribution reinvestment plans in operation are described below:
A Dividend Reinvestment Plan has been established to provide shareholders with the opportunity to reinvest dividends in new shares rather than receiving cash. The directors may alter, suspend or terminate the terms of the Dividend Reinvestment Plan at any time.
The last date(s) for receipt of election notices for participation in the dividend or distribution reinvestment plan 4 March 2008
-4-
7. The financial information provided in the Appendix 4D is based on the half year condensed financial report (attached), which has been prepared in accordance with Australian equivalent to International Financial Reporting Standards (AIFRS).
8. Independent review of the financial report
The financial report has been independently reviewed. The financial report is not subject to a qualified independent review statement.
-5-
Hansen Technologies Ltd and Controlled Entities ABN 90 090 996 455
HANSEN TECHNOLOGIES LTD
ABN 90 090 996 455 AND CONTROLLED ENTITIES FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
This half-year financial report is to be read in conjunction with the financial report for the year ended 30 June 2007.
-6-
Hansen Technologies Ltd and Controlled Entities ABN 90 090 996 455
HANSEN TECHNOLOGIES LTD AND CONTROLLED ENTITIES FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
Table of Contents
TABLE OF CONTENTS
Page 8 Directors' Report 10 Auditor’s Independence Declaration Financial Report for the half year ended 31 December 2007 11 Condensed Consolidated Income Statement 12 Condensed Consolidated Balance Sheet 13 Condensed Consolidated Statement of Changes in Equity 14 Condensed Consolidated Statement of Cash Flows 15 Notes to the Financial Statements 18 Directors' Declaration 19 Independent Auditor's Review Report
-7-
Hansen Technologies Ltd and Controlled Entities ABN 90 090 996 455
Directors Report
The directors present their report together with the condensed financial report of the consolidated entity consisting of Hansen Technologies Ltd and the entities it controlled, for the half-year ended 31 December 2007 and independent review report thereon.
Directors Names
The names of the directors in office at any time during or since the end of the half-year are:
| Name Period of Directorship |
|
|---|---|
Mr Kenneth Hansen Chairman since 2000 Mr Andrew Hansen Managing Director since 2000 Mr Bruce Adams Director since 2000 Mr David Osborne Director since 2006 |
Review of Operations
The consolidated profit of the group for the half-year after providing for income tax amounted to $12,166,663
Highlights of the financial results for the 6 months to December 2007 include:
-
Revenue from operations of $22.1 million
-
Earnings before interest, tax, depreciation and amortisation (EBITDA) of $14.9 million, being;
-
$6.1 million from operations, representing a 117% increase on the previous year, plus
-
$8.8 million profit on sale of the NSW based outsourcing business.
-
After tax profit of $12.2 million or 8.1 cents per share, being a $11.4 million increase on the $0.8 million in the
-
previous year,
-
Considerable strengthening of the company's financial position since June 2007;
-
Net equity increased to $42.8 million, or 28 cents per share
-
Net tangible assets increased to 15.2 cents per share
-
Cash on hand $20.2 million (after payment in December 2007 of the initial interim dividend of 3 cents per
-
share or $4.5 million approximately)
-
Zero third party debt
We have declared an unfranked interim dividend of 4 cents per share for the first half of this fiscal year. Three cents was paid to shareholders in December 2007, leaving an additional 1 cent per share or $1.5 million approximately to be distributed in March 2008. The Record Date for the additional 1 cent per share interim dividend will be 4 March 2008 and payment will be despatched to shareholders on 19 March 2008.
The first 6 months of this fiscal year has been a very satisfying period for our Company. We have continued to build upon the strong progress achieved last year.
Effective 31 August 2007 the company sold its wholly owned subsidiary, Hansen Professional Services Pty Ltd (HPS), incorporating the Hansen Group’s NSW based IT outsourcing business, for a cash consideration of $10.5 million. After allowing for previously unrecognised capital tax losses, all costs associated with the sale and related sale adjustments plus the tax cost base of HPS within Hansen’s consolidated tax group, the sale of HPS generated an after tax profit for the Hansen Group of $8.8 million. (Note: this is a reduction from the $9.4 million profit previously projected).The sale of HPS completes the rationalisation of the Group’s business structure started in the previous year.
It is extremely pleasing to note that in spite of the sale of our NSW outsourcing business, and the natural reduction in revenue as a result, we have been able to deliver an absolute year on year increase in all other operating results.
Last year's second half performance was very strong and it will be a challenge to match that result in the second half of this fiscal year. Our performance in the second half will, as usual, depend upon the timing of key projects. Never the less we are confident of a full year result which will continue to be an absolute increase on last year, even taking into account the full year impact of the sale of our NSW outsourcing subsidiary. A conservative outlook for this fiscal year would project an EBITDA exceeding $17.5 million.
Auditor's Independence Declaration
A copy of the auditor’s independence declaration in relation to the review for the half-year is provided with this report.
-8-
Hansen Technologies Ltd and Controlled Entities ABN 90 090 996 455
Rounding of amounts to the nearest thousand dollars
The amounts contained in the report and in the financial report have been rounded to the nearest thousand dollars (where rounding is applicable) under the option available to the company under ASIC Class Order 98/0100. The company is an entity to which the Class Order applies.
Signed in accordance with a resolution of the directors:
==> picture [141 x 37] intentionally omitted <==
Kenneth Hansen
Director
==> picture [86 x 51] intentionally omitted <==
Andrew Hansen Director
Dated at Melbourne this 22[nd] day of February 2008.
-9-
Hansen Technologies Ltd and Controlled Entities ABN 90 090 996 455
Auditor's Independence Declaration
To the Directors of Hansen Technologies Ltd.
In relation to the half-year independent auditor's review for the six months to 31 December 2007, to the best of my knowledge and belief there have been:
-
(i) No contraventions of the auditor independence requirements of the Corporations Act 2001
-
(ii) No contraventions of any applicable code of professional conduct
==> picture [119 x 55] intentionally omitted <==
D B RANKIN 22 February 2008 PITCHER PARTNERS Melbourne
-10-
Hansen Technologies Ltd and Controlled Entities ABN 90 090 996 455
Hansen Technologies Ltd and Controlled Entities
Condensed Consolidated Income Statement
For the Half Year Ended 31 December 2007
| Note Revenue from rendering of services Other revenues Total revenue Employee expenses Depreciation and amortisation expenses Impairment of non-current assets Finance costs Operating lease rental expenses Contractor and consultant expenses Software licence expenses Hardware and software expenses Transportation expenses Travel expenses Data communication expenses Legal, settlement and liquidation costs Other expenses Profit before income tax Income tax (expense) benefit Profit after income tax Comprising: Profit from continuing operations Profit from discontinued operations 3 Profit for the half-year attributable to members of the parent Basic earnings - cents per share Diluted earnings - cents per share |
Half-year to Dec | Half-year to Dec |
|---|---|---|
| **2007 ** | 2006 | |
| $'000 | $'000 | |
| 22,084 9,817 |
24,361 825 |
|
| **31,901 ** | 25,186 | |
| (10,229) (2,034) (38) (12) (1,207) (863) (100) (1,374) (55) (411) (441) (109) (1,458) |
(13,080) (2,645) - 255 (1,663) (657) (131) (2,440) (87) (728) (1,611) (112) (1,669) |
|
| (18,331) | (24,568) | |
| 13,570 (1,403) |
618 174 |
|
| 12,167 | 792 | |
| 12,003 164 |
550 242 |
|
| 12,167 | 792 | |
| 8.1 | 0.5 | |
| 8.1 | 0.5 |
-11-
Hansen Technologies Ltd and Controlled Entities ABN 90 090 996 455
Hansen Technologies Ltd and Controlled Entities
Condensed Consolidated Balance Sheet As at 31 December 2007
| Current Assets Cash and cash equivalents Trade receivables Other current assets Total Current Assets Non-Current Assets Receivables Plant and equipment Intangible assets Deferred tax assets Total Non-Current Assets Total Assets Current Liabilities Trade and other payables Short-term borrowings Current tax payable Short-term provisions Other current liabilities Total Current Liabilities Non-Current Liabilities Long-term borrowings Deferred tax liabilities Long-term provisions Total Non-Current Liabilities Total Liabilities Net Assets Equity Share capital Foreign currency translation reserve Options granted reserve Retained earnings (accumulated losses) Total Equity |
Consolidated as at | Consolidated as at |
|---|---|---|
| **Dec-07 ** | **Jun-07 ** | |
| $'000 | $'000 | |
| 20,183 6,621 1,492 |
11,958 8,422 1,441 |
|
| 28,296 | 21,821 | |
| 91 2,795 20,405 - |
153 4,182 21,224 1,597 |
|
| **23,291 ** | 27,156 | |
| **51,587 ** | 48,977 | |
| 2,862 - 993 3,022 1,077 |
4,866 320 6 3,879 3,115 |
|
| **7,954 ** | 12,186 | |
| - 627 188 |
61 - 504 |
|
| 815 | 565 | |
| 8,769 | **12,751 ** | |
| 42,818 | 36,226 | |
| 50,507 (462) 127 (7,354) |
50,048 (448) 117 (13,491) |
|
| 42,818 | 36,226 |
-12-
Hansen Technologies Ltd and Controlled Entities ABN 90 090 996 455
Hansen Technologies Ltd and Controlled Entities
Condensed Consolidated Statement of Changes in Equity For the Half Year Ended 31 December 2007
| Total Equity at the Beginning of the Half-Year Exchange differences on translation of foreign operations Net income (loss) recognised directly in equity Profit for the half-year Total recognised income and expense for the period Transactions with equity holders in their capacity as equity holders: Options exercised Options granted Capital issued under dividend reinvestment plan Dividends paid Total Equity at the End of the Half-Year Attributable to: Members of the parent |
Half-year to Dec | Half-year to Dec |
|---|---|---|
| **2007 ** | 2006 | |
| $'000 | $'000 | |
| 36,226 | 32,826 | |
| (14) | 11 | |
| (14) **12,167 ** |
11 **792 ** |
|
| 12,153 | 803 | |
| 130 10 327 (6,028) |
- 22 - - |
|
| (5,561) | 22 | |
| 42,818 | 33,651 | |
| 42,818 | 33,651 |
-13-
Hansen Technologies Ltd and Controlled Entities ABN 90 090 996 455
Hansen Technologies Ltd and Controlled Entities Condensed Consolidated Statement of Cash Flows
For the Half Year Ended 31 December 2007
| Note Cash flows from operating activities Receipts from customers Payments to suppliers and employees Interest received Borrowing costs Income tax paid Net cash provided by operating activities Cash flows from investing activities Proceeds from sale of plant and equipment Proceeds from sale of intellectual property Net proceeds from sale of subsidiary 1 (e) Payment for plant and equipment Payment for capitalised research and development Net cash provided by (used in) investing activities Cash flows from financing activities Proceeds from options exercised Dividends paid net of dividend re-investment Finance and hire purchase lease payments Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of half-year Cash and cash equivalents at end of the half-year |
Half-year to Dec | Half-year to Dec |
|---|---|---|
| **2007 ** | 2006 | |
| $'000 | $'000 | |
| 22,035 (16,302) 668 (12) - |
25,006 (24,943) 176 256 - |
|
| 6,389 | 495 | |
| - - 9,942 (1,212) (944) |
3 1,333 - (862) (1,009) |
|
| 7,786 | (535) | |
| 132 (5,700) (382) |
- - (437) |
|
| (5,950) | (437) | |
| 8,225 11,958 |
(477) 6,895 |
|
| 20,183 | 6,418 |
-14-
Hansen Technologies Ltd and Controlled Entities ABN 90 090 996 455
Hansen Technologies Ltd and Controlled Entities Notes to the Half-Year Financial Statements 31 December 2007
1 Basis of Preparation of the Half-Year Financial Report
This half-year financial report does not include all the notes of the type usually included in an annual financial report.
It is recommended that this financial report be read in conjunction with the financial report for the year ended 30 June 2007 and any public announcements made by Hansen Technologies Limited during the half-year in accordance with any continuous disclosure obligations arising under the Corporations Act 2001.
(a) Basis of preparation of the half-year financial report
This general purpose half year financial report has been prepared in accordance with Accounting Standard AASB 134 ‘Interim Financial Reporting’ and the Corporations Act 2001 .
(b) Summary of significant accounting policies
The half-year consolidated financial report has been prepared using the same accounting policies as used in the annual financial report for the year ended 30 June 2007.
(c) Principles of consolidation
The consolidated financial statements are those of the consolidated entity, comprising the financial statements of the parent entity and of all entities, which Hansen Technologies Ltd controlled from time to time during the year and at balance date.
The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies. Adjustments are made to bring into line any dissimilar accounting policies, which may exist. All inter-company balances and transactions, including any unrealised profits or losses have been eliminated on consolidation.
(d) Rounding amounts
The company is of a kind referred to in ASIC Class Order CO 98/0100 and in accordance with that Class Order, amounts in the financial statements have been rounded off to the nearest thousand dollars, or in certain cases, to the nearest dollar.
(e) Discontinued operations
On 31 August 2007 the Company sold its NSW facilities management subsidiary Hansen Professional Services Pty Ltd (HPS). The income statement for the current period reflects this sale by disclosing the 2 months trading results of HPS as a separate line under the description profit/(loss) from discontinued operations. Note 3 details the breakdown of HPS's trading results and its impact on cash flows for the current period.
2 Subsequent Events
The Directors have declared an unfranked interim dividend for the current fiscal year of 4 cents per share, 3 cents of which was paid in December 2007. The remaining 1 cent per share will be paid in March 2008.
There were no other material events subsequent to the period ending 31 December 2007 that have significantly affected or may significantly affect the consolidated entity.
-15-
Hansen Technologies Ltd and Controlled Entities ABN 90 090 996 455
3 Changes in the Composition of the Entity
On 30 August 2007 the Company announced the sale of its NSW facilities management subsidiary Hansen Professional Services Pty Ltd. The subsidiary was sold effective 31 August 2007 and is reported in this financial report as a discontinued operation. Accordingly the results to 31 December 2007 only include 2 months of trading for HPS. Also note the sale of HPS has utilised capital tax losses not previously taken to account.
Financial information relating to the discontinued operation for the period to the date of the disposal is set out below. Further information is set out in Note 6 - Segment Reporting.
| Financial Performance and Cash Flow Information Revenue Expenses Profit before income tax Income tax expense Profit after income tax of discontinued operations |
Half-year to Dec | Half-year to Dec |
|---|---|---|
| **2007 ** | 2006 | |
| $'000 | $'000 | |
| 2,809 2,574 |
9,501 9,152 |
|
| 235 (71) |
349 (107) |
|
| 164 | 242 | |
| - 8,786 |
1,333 - |
|
| 4 Significant Items |
||
| Profit for the period has been determined after the following significant items: Profit on sale of intellectual property Profit on sale of business Total significant items |
||
| 8,786 | 1,333 | |
| 1,505 4,524 |
- - |
|
| 5 Dividends |
||
| Dividends provided for or paid during the half-year - 1 cent final dividend paid 8 October 2007 - 3 cent interim dividend paid 17 December 2007 Number of ordinary shares on issue |
||
| 6,028 | - | |
| 151,300,826 | 149,421,445 |
-16-
Hansen Technologies Ltd and Controlled Entities ABN 90 090 996 455
6 Segment Reporting
Inter-segment pricing is determined on an arm's length basis.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items mainly comprise income-earning assets and revenue, interest-bearing loans, borrowings and expenses, and corporate assets and expenses.
Business Segments
The consolidated entity comprises the following main business segments, based on the consolidated entity's management reporting system:
Billing : Represents the sale of billing applications and the provision of consulting services in regard to billing systems.
IT Outsourcing : Represents the provision of various IT outsourced services covering facilities management, systems and operations support, network services, call centre services, telehousing and business continuity support.
Other : Represents software and service provision in the areas of call centre productivity software, superannuation administration and asset management.
Discontinued Operations : Represents the fact that effective 31 August 2007 the Company sold its NSW facilities management subsidiary Hansen Professional Services Pty Ltd.
| Segment revenue Billing IT Outsourcing Other Discontinued operations Net revenue on sale of subsidiary Unallocated revenue Total revenue Segment results Billing IT Outsourcing Other Discontinued operations Net profit on sale of subsidiary Unallocated revenue less unallocated expenses Profit before income tax |
Half-year to Dec | Half-year to Dec |
|---|---|---|
| **2007 ** | 2006 | |
| $'000 | $'000 | |
| 14,345 2,751 2,179 2,809 |
10,378 1,362 3,120 9,501 |
|
| 22,084 9,140 677 |
24,361 - 825 |
|
| 31,901 | 25,186 | |
| 4,222 1,201 898 235 8,786 (1,772) |
(363) 388 1,420 349 - (1,176) |
|
| 13,570 | 618 |
7 Contingent Liabilities
There have been no changes in the contingent liability position since 30 June 2007.
-17-
Hansen Technologies Ltd and Controlled Entities ABN 90 090 996 455
Hansen Technologies Ltd Directors Declaration
The directors declare that the financial statements and notes set out on pages 5 to 11 in accordance with the Corporations Act 2001 :
(a) Comply with Accounting Standard AASB 134 “Interim Financial Reporting” and the Corporations Regulations 2001 , and
(b) Give a true and fair view of the financial position of the consolidated entity as at 31 December 2007 and of its performance as represented by the results of its operations and its cash flows, for the half-year ended on that date.
In the directors’ opinion there are reasonable grounds to believe that Hansen Technologies Ltd 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 directors.
Dated at Melbourne this 22[nd] day of February 2008.
Signed in accordance with a resolution of the Directors:
==> picture [157 x 40] intentionally omitted <==
==> picture [122 x 71] intentionally omitted <==
Kenneth Hansen Director
Andrew Hansen Director
-18-
Hansen Technologies Ltd and Controlled Entities ABN 90 090 996 455
INDEPENDENT AUDITOR'S REVIEW REPORT
TO THE MEMBERS OF HANSEN TECHNOLOGIES LTD
Report on the Half-Year Financial Report
We have reviewed the accompanying half-year financial report of Hansen Technologies Ltd. The half-year financial report comprises the condensed consolidated balance sheet as at 31 December 2007, and the condensed consolidated income statement, condensed consolidated statement of changes in equity and condensed consolidated cash flow statement for the half-year ended on that date, for the company and the entities it controlled at the half-year or from time to time during the period, together with a statement of accounting policies, other selected explanatory notes and the directors' declaration.
Directors’ Responsibility for the Half-Year Financial Report
The directors of Hansen Technologies Ltd are responsible for the preparation and fair presentation of the half-year financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001 . This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the half-year financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
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 an Interim 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 financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity's financial position as at 31 December 2007 and its performance for the half-year ended on that date; and complying with Accounting Standard 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Hansen Technologies Ltd, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.
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.
Independence
In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 .
Conclusion
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Hansen Technologies Ltd is not in accordance with the Corporations Act 2001 including:
-
(a) giving a true and fair view of the consolidated entity's financial position as at 31 December 2007
-
and of its performance for the half-year ended on that date; and
-
(b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations
-
Regulations 2001.
==> picture [114 x 52] intentionally omitted <==
D B RANKIN 22 February 2008 PITCHER PARTNERS Melbourne
-19-