KORVEST LTD — Interim / Quarterly Report 2012

Jan 24, 2012

Appendix 4D

Korvest Ltd ABN 20 007 698 106

Half-Year Financial Report 31 December 2011

Results for announcement to the market:

$A’000

Results for announcement to the market: $A’000	Results for announcement to the market: $A’000	Results for announcement to the market: $A’000
Revenues Net profit after tax for the period attributable to members	Up 23.7% to 38,494 Up 98.6% to 3,718
Dividends	Amount per security	Franked amount per security
Special dividend (#) Interim dividend (##) - current reporting period - previous corresponding period 5.0¢ 18.0¢ 11.0¢ 5.0¢ 18.0¢ 11.0¢ # The financial effect of this dividend will be recognised in the next reporting period. ## Interim dividend proposed in respect of the current reporting period. The financial effect of this dividend will be recognised in the next reporting period.	5.0¢ 18.0¢ 11.0¢	5.0¢ 18.0¢ 11.0¢
Record date for determining entitlements to the dividend	24 February 2012
Brief explanation of any of the figures reported above and short details of any bonus or cash issue or other item(s) of importance not previously released to the market: Refer Directors’ report on pages 2 to 4 of this financial report.

This financial report is all the half-year information provided to the Australian Stock Exchange under listing rule 4.2A. The report also satisfies the half-year reporting requirements of the Corporations Act 2001.

This half-year financial report should be read in conjunction with the 2011 annual financial report.

Page 1

Korvest Ltd Directors’ Report

The Directors present their report together with the financial report of Korvest Ltd (“the Company”) for the half-year ended 31 December 2011 and the auditor’s review report thereon.

Directors

The Directors of the Company at any time during or since the end of the half-year are:

Peter William Stancliffe BE(Civil) FAICD

Age 63 Chairman appointed 1 January 2009 Non-Executive Director Appointed Director in January 2009 Director Hills Holdings Limited Director Automotive Holdings Group Limited

Graham Lloyd Twartz B.A. (Adel), Dip Acc (Flinders)

Age 54 A Director since November 1999. Chairman of Audit Committee. Managing Director, Hills Holdings Limited.

Peter Brodribb F.I.E (Aust)

Age 67 Non-Executive Director A Director since 1984. Appointed Non-Executive Director in January 2005.

Alexander Henrik Wilhelm Kachellek C.Eng, Bsc. MIEE

Age 58 Managing Director A Director since June 2007.

Steven John William McGregor BA (Acc), CA

Age 40 Finance Director Appointed 1 January 2009. Company Secretary since April 2008

Result

The profit for the half-year attributable to the members of the Company was:

In thousands of AUD Profit after income tax expense Net profit attributable to members of the Company	31 Dec 11 31 Dec 10 3,718 1,872
	3,718 1,872

Page 2

Korvest Ltd Directors’ Report

Other Ratios

r Ratios
	31 Dec 11	31 Dec 10
Net tangible asset (NTA) backing
Net tangible assets per ordinary share	$4.07	$3.58
Profit before tax / revenue	13.5%	8.8%
Profit after tax / equity interests	10.4%	6.1%

Review of Operations

Revenue from trading operations for the half-year increased by 23.7% to $38.494m whilst profit after tax for the period increased by 98.6% to $3.718m, a company record. As foreshadowed in earlier guidance the first half result was substantially improved on the prior year due to the impact of a number of projects.

Within the Industrial Products segment, the EzyStrut business achieved improved revenue and margins resulting in a higher EBIT. Significant projects in the Eastern States and Western Australia contributed to the much improved result. In almost all markets in which EzyStrut operates it achieved improved results compared to the same period last year. EzyStrut’s success can be attributed to its position as national market leader in the cable support market. The ability to utilise Korvest’s in-house engineering resources to support customers on large projects along with being first to market with specialised products were factors that influenced the first half success with project work. Whilst the first half result benefited significantly from these projects most of them are now largely completed and will contribute little to the second half results. The pipeline of known projects is not currently as significant as it was six months ago, however, EzyStrut’s supply chain, national distribution network and Australian manufacturing facility ensures that it is well placed to secure projects as they become available.

Included in the Industrial Products segment is the Indax handrail and walkway system business. Indax’s performance improved when compared to recent reporting periods however further improvements are still to be made. Operational changes were made to the Kilburn facility over the Christmas period and these are expected to result in improved efficiency and output from this site in the second half. Pricing has remained competitive during the first half although there are now signs that the surplus capacity within the market is diminishing and pricing may respond accordingly. The work generated by Indax in the Western Australian market increased during the first half.

Within the Production segment the Galvanising business experienced improved trading conditions during the first half. This reverses the trend of recent reporting periods. During the first half, overall plant volumes were up when compared to the same period last year and strong project driven trading conditions in the Industrial Products segment meant that internal volumes provided to the Galvanising business were significantly increased. Volumes through the spin plant were substantially improved on recent years and this contributed positively to an overall improved result for the business. There are a number of projects that are expected to flow through during the second half and accordingly the improved performance for the Galvanising business is likely to continue into the second half.

Dividends

The Directors announced a fully franked interim dividend of 18.0 cents per share. The Directors also announced a fully franked special dividend of 5.0 cents per share. This reflects the impact of significant projects referred to earlier that were completed in the first half.

These dividends can be taken as cash only as the Dividend Investment and Share Investment Plans have been suspended. The dividends will be paid on 9 March 2012 and the record date is 24 February 2012.

Events Subsequent to Reporting Date

Events subsequent to the reporting date are included in Note14 of the Condensed Notes to the Interim Financial Report.

Page 3

Appendix 4D Half-Year Financial Report

2012 Guidance

As a result of the completion of the major projects that contributed to the excellent first half result it is expected that the second half will return to levels more consistent with prior reporting periods. In particular the second half result is expected to be in line with that achieved for the second half of FY 2011.

Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 The lead auditor’s independence declaration is set out on page 5 and forms part of the Directors’ report for the half-year ended 31 December 2011.

Rounding Off

The Company is of a kind referred to in ASIC Class Order 98/100 dated 10 July 1998 and, in accordance with that Class Order, amounts in the financial report and Directors’ report have been rounded off to the nearest thousand dollars, unless otherwise stated.

Dated at Kilburn this 25[th] day of January 2012.

Signed in accordance with a resolution of the Directors:

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PW Stancliffe Director

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AHW Kachellek Director

Page 4

ABCD

Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

To: the Directors of Korvest Ltd

I declare that, to the best of my knowledge and belief, in relation to the review for the half-year ended 31 December 2011 there have been:

• (i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and

• (ii) no contraventions of any applicable code of professional conduct in relation to the review.

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KPMG

N T Faulkner Partner

Adelaide

25 January 2012

KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative.

Page 5

Korvest Ltd

Interim Statement of Comprehensive Income for the Half-Year Ended 31 December 2011

In thousands of AUD Note Revenue 6(a) Expenses excluding net financing costs 6(b) Results from operating activities excluding net financing costs Financial income Financial expenses Net financing costs Profit before income tax expense Income tax expense Net profit for the period Attributable to: Shareholders of the Company Profit for the period Total comprehensive income for the period Basic earnings per share Diluted earnings per share	31 Dec 11 31 Dec 10 38,494 31,121 (33,366) (28,382)
	5,128 2,739
	52 21 - (11)
	52 10
	5,180 2,749 (1,462) (877)
	3,718 1,872
	3,718 1,872
	3,718 1,872
	3,718 1,872
	43.0¢ 21.7¢ 42.3¢ 21.6¢

The Interim Statement of Comprehensive Income is to be read in conjunction with the condensed notes to the interim financial report set out on pages 10 to 15.

Page 6

Korvest Ltd

Interim Statement of Changes in Equity for the Half-Year Ended 31 December 2011

In thousands of AUD Balance at 1 July 2010 Total comprehensive income and expense Shares issued under the Share Plans Issue of Shares Dividends to shareholders Balance at 31 December 2011 Balance at 1 July 2010 Total comprehensive income and expense Shares issued under the Share Plans Dividends to shareholders Balance at 31 December 2010	Share capital Equity compens- ation reserve Asset revaluation reserve Retained earnings Total
	3,713 67 4,183 25,255 33,218
	- - - 3,718 3,718
	26 69 - - 95
	18 - - - 18
	- - - (1,300) (1,300)
	3,757 136 4,183 27,673 35,749
	3,662 56 3,275 23,278 30,271 - - - 1,872 1,872 24 6 - - 30 - - - (1,293) (1,293)
	3,686 62 3,275 23,857 30,880

The Interim Statement of Changes in Equity is to be read in conjunction with the condensed notes to the interim financial report set out on pages 10 to 15.

Page 7

Korvest Ltd Interim Statement of Financial Position as at 31 December 2011

In thousands of AUD Note Current Assets Cash and cash equivalents 12 Trade and other receivables Inventories Current tax receivables Total current assets Non-Current Assets Property, plant and equipment Total non-current assets Total assets Current Liabilities Bank overdraft 12 Trade and other payables Income tax payable Employee benefits Total current liabilities Non-Current Liabilities Deferred tax liabilities Employee benefits Provisions Total non-current liabilities Total liabilities Net assets Equity Issued capital 10 Reserves Retained earnings Total equity attributable to equity holders of the parent Total equity	31 Dec 11 30 June 11 3,283 1,577 15,646 16,025 9,686 9,176 - -
	28,615 26,778
	17,256 17,243
	17,256 17,243
	45,871 44,021
	- - 6,144 7,459 880 237 1,237 1,187
	8,261 8,883
	954 1,120 574 467 333 333
	1,861 1,920
	10,122 10,803
	35,749 33,218
	3,757 3,713 4,319 4,250 27,673 25,255
	35,749 33,218
	35,749 33,218

The Interim Statement of Financial Position is to be read in conjunction with the condensed notes to the interim financial report set out on pages 10 to 15.

Page 8

Korvest Ltd

Interim Statement of Cash Flows for the Half-Year Ended 31 December 2011

In thousands of AUD Note Cash flows from Operating Activities Cash receipts from customers Cash payments paid to suppliers and employees Interest received Interest paid Income taxes paid Net cash provided / (used in) by operating activities Cash flows from Investing Activities Proceeds from sale of property, plant and equipment Acquisition of property, plant and equipment Net cash (used in) investing activities Cash flows from Financing Activities Issue of shares Dividends paid to members of the parent entity 11 Net cash (used in) / provided by financing activities Net increase / (decrease) in cash held Cash at the beginning of the period Cash at the end of the period 12	31 Dec 11 31 Dec 10 42,708 32,585 (37,904) (32,555) 51 26 - (11) (985) (750)
	3,870 (705)
	16 20 (898) (1,053)
	(882) (1,033)
	18 - (1,300) (1,293)
	(1,282) (1,293)
	1,706 (3,031) 1,577 2,605
	3,283 (426)

The Interim Statement of Cash Flows is to be read in conjunction with the condensed notes to the interim financial report set out on pages 10 to 15.

Page 9

Korvest Ltd – 31 December 2011 Interim Financial Report Condensed Notes to the Interim Financial Report

1. Reporting entity

Korvest Ltd (the Company) is a company domiciled in Australia.

The annual financial report of the Company as at and for the year ended 30 June 2011 is available upon request from the Company’s registered office at 580 Prospect Road Kilburn SA 5084 or at www.korvest.com.au.

2. Statement of compliance

The interim financial report is a general purpose financial report which has been prepared in accordance with AASB 134: Interim Financial Reporting and the Corporations Act 2001 .

The interim financial report does not include all of the information required for a full annual financial report, and should be read in conjunction with the annual financial report of the Company as at and for the year ended 30 June 2011.

This interim financial report was approved by the Board of Directors on 25 January 2012.

The Company is of a kind referred to in ASIC Class Order 98/100 dated 10 July 1998 and in accordance with the Class Order, amounts in the financial report have been rounded off to the nearest thousand dollars, unless otherwise stated.

3. Significant accounting policies

The accounting policies applied by the Company in this interim financial report are the same as those applied by the Company in its financial report as at and for the year ended 30 June 2011.

4. Estimates

The preparation of the interim financial report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing this interim financial report, the significant judgements made by management in applying the Company’s accounting policies and the key sources of estimation and uncertainty were the same as those that applied to the financial report as at and for the year ended 30 June 2011.

5. Financial risk management

The Company’s financial risk management objectives and policies are consistent with that disclosed in the financial report as at and for the year ended 30 June 2011.

Page 10

Korvest Ltd– 31 December 2011 Interim Financial Report Condensed Notes to the Interim Financial Report

6. Revenues and Expenses In thousands of AUD (a) Revenue Sales revenue Sales of goods Total revenue (b) Expenses Costs of goods and services sold Sales and marketing expenses Distribution expenses Administration expenses Other expenses (c) Depreciation Depreciation of buildings Depreciation of plant and equipment Total depreciation of property, plant and equipment	31 Dec 11 31 Dec 10 38,494 31,121
	38,494 31,121
	21,150 18,210 7,549 6,209 3,197 2,950 1,366 1,001 104 12
	33,366 28,382
	39 29 726 586
	765 615

Page 11

Korvest Ltd – 31 December 2011 Interim Financial Report Condensed Notes to the Interim Financial Report

7. Segment disclosures

The Company has two reportable segments. The business is organised based on products and services. The following summary describes the operations in each of the Company’s reportable segments.

• Industrial Products - includes the manufacture of electrical and cable support systems and steel fabrication. It includes the businesses trading under the EzyStrut and Indax names.

• Production – represents the Korvest Galvanising business, which provides hot dip galvanising services. The reportable segment also includes light to medium fabrication of components and machine guarding.

Both reportable segments consist of the aggregation of a number of operating segments in accordance with AASB 8 Operating Segments .

Information regarding the operations of each reportable segment is included below. Performance is measured based on segment earnings before interest and tax (EBIT). Inter-segment transactions are not recorded as revenue. Instead a cost allocation relating to the transactions is made based on negotiated rates.

Information about reportable segments

	Industrial Products	Industrial Products	Production	Production	Total	Total
$’000s	31 Dec 11	31 Dec 10	31 Dec 11	31 Dec 10	31 Dec 11	31 Dec 10
External Revenues	35,558	28,077	2,936	3,044	38,494	31,121
Reportable segment profit before tax	4,769	2,440	801	425	5,570	2,865
	31 Dec11	31 Dec10	31 Dec11	31 Dec10	31 Dec11	31 Dec10
Reportable segment assets	29,136	27,586	4,582	4,453	33,718	32,039

Reconciliation of reportable segment profit and assets

In thousands of AUD Profit Total profit or loss for reportable segments Unallocated amounts – other corporate expenses Profit before income tax Assets Total assets for reportable segments Other unallocated amounts Total assets	31 Dec 11 31 Dec 10 5,570 2,865 (390) (116) 5,180 2,749 31 Dec 11 31 Dec 10 33,718 32,039 12,153 7,731 45,871 39,770

Geographical segments The Company operates in Australia.

Page 12

8. Write-down of obsolete inventory

During the six months ended 31 December 2011 the Company increased its write-down provision for finished goods inventory by $80,000 (31 December 2010: $50,000).

9. Property, plant and equipment

Acquisitions and disposals

During the six months ended 31 December 2011, the Company acquired assets with a cost of $898,000 (six months ended 31 December 2010: $1,053,000). No assets were acquired through business combinations. Assets with a net book value of $120,000 were disposed of during the six months ended 31 December 2011 (six months ended 31 December 2010: $32,000), resulting in a $104,000 loss on disposal (six months ended 31 December 2010: $12,000 loss).

Capital commitments

The Company has $294,000 in capital commitments at 31 December 2011 (31 December 2010: $95,000).

10.

Share Capital In thousands of AUD Issued and paid-up capital 8,663,557 (30 June 2011: 8,640,617) ordinary shares fully paid	31 Dec 11 30 June 11 3,757 3,713

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

Employee Share Bonus Plan

The Company made one issue of ordinary shares under the Employee Share Bonus Plan during the period. During the comparative period to 31 December 2010 one issue was made under the Employee Share Bonus Plan. All employees meeting the service criteria were eligible to participate in the issue. The shares are issued at market value for no consideration. Details of the issue are as follows:

				Number of
			Shares issued	participating
Date of	Total number of	Market value of	per participating	executive
issue	shares issued	shares issued	employee	directors
31 December 2011
10 October 2011	17,940	68,890	130	-
31 December 2010
22 October 2010	13,952	63,761	109	-

Shares issued to employees under the Employee Share Bonus Plan are recognised in equity at the fair value of the shares issued being $25,902 (2010: $23,974). The fair value has been measured consistently with the previous annual report and takes into account that the shares issued are unable to be sold by employees for a period of 7 years after issue.

Page 13

Appendix 4D Half-Year Financial Report

Share-based payment – Executive Share Plan

In August 2011 the Company established the Korvest Performance Rights Plan. The Plan is designed to provide long term incentives to eligible senior employees in the Company and entitles them to acquire shares in the Company, subject to the successful achievement of performance hurdles related to earning per share (EPS).

Under the plan, eligible employees are offered Performance Rights which enables the employee to acquire one fully paid ordinary share in the Company for no monetary consideration once the Performance Rights vest. The conditions attached to the Performance Rights are measured over the three year period commencing at the beginning of the financial year in which the performance rights are granted. If the performance conditions at the end of the three year period are met, in whole or in part, all or the relevant percentage of the Performance Rights will vest.

A total of 120,000 Performance Rights were issued in November 2011.

The previous share plan, the Korvest Ltd Executive Share Plan is still operational for employees granted options under that plan. The share option plan entitled selected senior managers to acquire shares in the Company subject to successful achievement of performance targets related to improvements in total shareholder returns.

The shares issued pursuant to these options are financed by an interest free loan from the Company repayable within twenty years from the proceeds of dividends declared by the Company. These loans are of a non-recourse nature. For accounting purposes these 20 year loans are treated as part of the options to purchase shares until the loan is extinguished at which point the shares are recognised.

Fair value of Performance Rights granted

The fair value assessed in accordance with AASB 2 Share Based Payment at grant date of Performance Rights granted during the period ended 31 December 2011 was $3.1314 per Performance Right. The fair value at grant date is determined using a Black Scholes valuation methodology that takes into account a number of factors. Those factors have been set out below including details of the model inputs used for the purposes of valuing the Performance Rights in accordance with AASB 2 Share based Payment for the period ended 31 December 2011.

• a) Exercise price: $0.00 b) Vesting period: 3 years c) Grant date (for Accounting Standards): 21 November 2011 d) Expiry date: 30 June 2014 e) Share price at grant date: $4.15 f) Expected price volatility of the Company’s shares: 50% g) Expected dividend yield: 6.27% h) Risk-free interest rate: 4.01% i) Cost of borrowing: 10.99% j) Restricted period: 2 years

Total expenses arising from share-based transactions recognised during the period as part of employee benefit expense were as follows:

benefit expense were as follows:
In thousands of AUD Performance rights issued under executive long term incentive plan Options issued under the share option plan Shares issued under employee share scheme	31 Dec 11 31 Dec 10 63 - 6 6 26 24
	95 30

Dividend and Share Investment Plans

The Dividend Investment Plan and Share Investment Plan remain suspended.

Page 14

Korvest Ltd – 31 December 2011 Interim Financial Report Condensed Notes to the Interim Financial Report

11. Dividends

Dividends paid or provided for by the Company in the current period and the previous corresponding period are:

Cents per share	Total amount $’000 Franked / unfranked Date of payment
31 December 2011
Final – ordinary 15.0	1,300 Franked 8 September 2011
31 December 2010 Final – ordinary 15.0 1,293 Franked 7 September 2010 Subsequent events Since the end of the half-year, the Directors declared the following dividends: Special 5.0 439 Franked 9 March 2012 Interim – ordinary 18.0 1,580 Franked 9 March 2012

The financial effect of these dividends has not been brought to account in this financial report. It will be recognised in the next reporting period.

All dividends paid or declared are fully franked at the tax rate of 30%. The Directors expect that dividends will be fully franked for the foreseeable future.

12. Reconciliation of Cash and Cash Equivalents

For the purposes of the Interim Statement of Cash Flows, cash and cash equivalents includes cash on hand and at bank and short term deposits at call, net of outstanding bank overdrafts. Cash at the end of the period as shown in the Interim Statement of Cash Flows is reconciled to the related items in the Interim Statement of Financial Position as follows:

In thousands of AUD Bank overdraft Cash Cash and cash equivalents	31 Dec 11 31 Dec 10 - (446) 3,283 20
	3,283 (426)

13. Contingent Liabilities and Contingent Assets

There have been no material changes in contingent liabilities or contingent assets since 30 June 2011.

14. Events Subsequent to Reporting Date

No matter or circumstance has occurred subsequent to 31 December 2011 that has significantly affected, or may significantly affect, the operations of the Company, the results of those operations or the state of affairs of the Company in subsequent years.

Dividends

For dividends declared after 31 December 2011 refer to Note 11.

15. Related Parties

Arrangements with related party transactions continue to be in place. For details on these arrangements, refer to the 30 June 2011 Annual Financial Report.

Page 15

Korvest Ltd Directors’ Declaration

In the opinion of the Directors of Korvest Ltd (“the Company”):

• 1 the financial statements and notes set out on pages 6 to 15, are in accordance with the Corporations Act 2001 , including:

• (a) giving a true and fair view of the financial position of the Company as at 31 December 2011 and of its performance, for the half-year ended on that date; and

• (b) complying with Australian Accounting Standard AASB 134 “ Interim Financial Reporting ” and the Corporations Regulations 2001; and

• 2 there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Dated at Kilburn this 25[th] day of January 2012.

Signed in accordance with a resolution of the Directors:

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PW Stancliffe Director

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AHW Kachellek Director

Page 16

ABCD

Independent auditor’s review report to the members of Korvest Ltd

Report on the financial report

We have reviewed the accompanying half-year financial report of Korvest Ltd (the “Company”), which comprises the interim statement of financial position as at 31 December 2011, interim statement of comprehensive income, interim statement of changes in equity and interim statement of cash flows for the half-year ended on that date, notes 1 to 15 comprising a summary of significant accounting policies and other explanatory information and the Directors’ declaration of the Company.

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 control as the Directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

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 Company’s financial position as at 31 December 2011 and its performance for the half-year ended on that date; and complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As auditor of Korvest 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 .

KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative.

Page 17

ABCD

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 Korvest Ltd is not in accordance with the Corporations Act 2001 , including:

• (a) giving a true and fair view of the Company’s financial position as at 31 December 2011 and of its performance for the half-year ended on that date; and

• (b) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

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KPMG

N T Faulkner Partner

Adelaide

25 January 2012

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