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MEEKA METALS LIMITED Interim / Quarterly Report 2004

Feb 26, 2004

65312_rns_2004-02-26_d8868303-4ff4-47a4-a2b1-bd0a6e6798f6.pdf

Interim / Quarterly Report

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Half Yearly Report

Introduced 01/01/2003

Name of entity

ABN

Half-year ended

INTEGRATED INVESTMENT GROUP LIMITED

23 080 939 135

31 December 2003

For announcement to the market

SA'000
Revenues from ordinary activities (item 1.1) Down 36% to 776
Loss from ordinary activities after tax attributable to members (item
1.22)
Down 81% to (636)
Loss from extraordinary items after tax attributable to members (item
$ 2.5(d)\rangle$
gain (loss) of
Loss for the period attributable to members (item 1.11) Down 85% to (514)
Dividends (distributions) Amount per
security
lFranked amountl
per security
Final dividend (Preliminary final report only - item 15.4) NIL e NIL c
Interim dividend (Half yearly report only - item 15.6) NIL ¢ NIL ¢
Previous corresponding period (Preliminary final report - item 15.5; half
yearly report - item 15.7)
NIL e NIL c
+Record date for determining entitlements to the dividend,
(in the case of a trust, distribution) (see item 15.2)
N/A

This half yearly report is to be read in conjunction with the most recent annual financial report.

7

Condensed consolidated statement of financial performance

Current period -
\$A'000
Previous
corresponding
period - \$A'000
1.1 Revenues from ordinary activities (see items 1.23 -1.25) 776 1,217
1.2 Expenses from ordinary activities (see items 1.26 & 1.27)
1.3 Borrowing costs
1.4 Share of net profits (losses) of associates and joint venture entities
(see item 16.7)
(1, 342)
(70)
(4, 497)
(75)
(75)
1.5 Loss from ordinary activities before tax (636) (3,430)
1.6 Income tax on ordinary activities (see note 4)
1.7 Loss from ordinary activities after tax (636) (3, 430)
1.8 Profit (loss) from extraordinary items after tax (see item 2.5)
1.9 Net loss (636) (3,430)
1.10 Net (profit) / loss attributable to outside +equity interests 122
1.11 Net loss for the period attributable to members (514) (3, 430)
Non-owner transaction changes in equity
1.12 Increase (decrease) in revaluation reserves
1.13 Net exchange differences recognised in equity
1.14 Other revenue, expense and initial adjustments recognised directly
in equity (attach details)
1.15 Initial adjustments from UIG transitional provisions
1.16 Total transactions and adjustments recognised directly in equity
(items 1.12 to 1.15)
1.17 Total changes in equity not resulting from transactions with
owners as owners
(514) (3, 430)
Earnings/(Loss) per security (EPS) Current period ¢ Previous
corresponding
period ¢
1.18 Basic EPS (0.35) (2.71)
1.19 Diluted EPS (0.35) (2.71)

Notes to the condensed consolidated statement of financial performance

Profit (loss) from ordinary activities attributable to
members
Current period
\$A'000
Previous
corresponding
period A\$'000
1.20 Loss from ordinary activities after tax (item 1.7) (636) (3,430)
1.21 Less (plus) outside +equity interests
1.22 Profit (loss) from ordinary activities after tax, attributable to
members
(636) (3,430)
Revenue and expenses from ordinary activities (see note
15)
Current period
\$A'000
Previous
corresponding
period A\$'000
1.23 Revenue from sales or services 219 1,161
1.24 interest revenue 6 ŧ
1.25 Other relevant revenue 550 (20)
1.26 Details of relevant expenses
Cost of goods sold
Distribution costs
(180) (3)
(319)
Marketing costs (55) (13)
Occupancy costs
Administration expenses
(6)
(661)
(72)
(1,079)
Borrowing costs (70) (75)
Other expenses from ordinary activities (250) (96)
Goodwill written off
Written down value of distribution business sold
(188) (2,498)
(411)
1.27 Depreciation and amortisation excluding amortisation of intangibles
(see item 2.3)
(2) (6)
(637) (3, 430)
Capitalised outlays
1.28 Interest costs capitalised in asset values
1.29 Outlays capitalised in intangibles (unless arising from an
+acquisition of a business)
Consolidated retained profits Current period
\$A'000
Previous
corresponding
period A\$'000
1.30 Accumulated losses at the beginning of the financial period (18,785) (15,697)
1.31 Loss attributable to members (item 1.11) (514) (3, 430)
1.32 Net transfers from (to) reserves (details if material)
1.33 Net effect of changes in accounting policies
1.34 Dividends and other equity distributions paid or payable
1.35 Accumulated losses at end of financial period (19, 299) (19,127)

Half Yearly Report

Intangible and extraordinary items Consolidated - current period \$A'000
Before tax (a) Related tax (b) Related outside
+equity interests
${C}$
Amount (after
tax) attributable
to members (d)
2.1 Amortisation of goodwill 188 188
2.2 Amortisation of other intangibles
2.3 Total amortisation of intangibles 188 ٠ 188
2.4 Extraordinary items (details)
2.5 Total extraordinary items ٠
Comparison of half year profits (Preliminary final report only) Current period
\$A'000
Previous
corresponding
period A\$'000
3.1 Consolidated loss from ordinary activities after tax attributable to
members reported for the 1st half year (item 1.22 in the half yearly
report)
(636) (3,430)
3.2 Consolidated loss from ordinary activities after tax attributable to
members for the 2nd half year

Half Yearly Report

÷,

Condensed consolidated statement of financial position

At end of As shown in last As in last half
current period annual report yearly report
\$A'000 \$A'000 \$A'000
Current assets
4.1 Cash 89 163 247
4.2 Receivables 120 26
4.3 Investments 525 250 $\sim$
4.4 Inventories 9
4.5 Tax assets
4.6 Other 5 11 58
4.7 Total current assets 748 424 331
Non-current assets
4.8 Receivables 8 18
4.9 Investments (equity accounted)
4.10 Other investments
2,268 250 559
167
4.11 Inventories ÷, $\overline{\phantom{m}}$
4.12 Exploration and evaluation expenditure capitalised (see para .71 of
AASB 1022) ٠ ٠
4.13 Development properties (+mining entities)
4.14 Other property, plant and equipment (net) 465 51
4.15 Intangibles (net) $\overline{\phantom{m}}$ $\blacksquare$
4.16 Tax assets
4.17 Other (provide details if material) 8
4.18 Total non-current assets 2,741 258 795
4.19 Total assets 3,489 682 1,126
Current liabilities
4.20 Payables 327 271 897
4.21 Interest bearing liabilities 1,588 283 151
4.22 Tax liabilities $\overline{\phantom{a}}$
4.23 Provisions exc. tax liabilities 91 11 60
4.24 Other (provide details if material) 62
4.25 Total current liabilities 2,068 565 1,108
Non-current liabilities
4.26 Payables
1,783
4.27 Interest bearing liabilities 291 1,500 58
2,463
4.28 Tax liabilities
4.29 Provisions exc. tax liabilities
4.30 Other (provide details if material)
4.31 Total non-current liabilities 2,074 1,500 2,521

Condensed consolidated statement of financial position continued

At end of
current period
\$A'000
As shown in last
annual report
\$A'000
As in last half
yearly report
\$A'000
4.32 Total liabilities 4,142 2,065 3,629
4.33 Net assets (653) (1, 383) (2,503)
Equity
4.34 Capital/contributed equity
4.35 Reserves
18,729 17,402 16,624
4.36 Accumulated losses (19, 301) (18, 785) (19, 127)
4.37 Equity attributable to members of the parent entity
4.38 Outside +equity interests in controlled entities
(572)
(80)
(1, 383) (2,503)
4.39 Total equity (652) (1, 383) (2,503)
4.40 Preference capital included as part of 4.37

Half Yearly Report

Notes to the condensed consolidated statement of financial position

Exploration and evaluation expenditure capitalised
(To be completed only by entities with mining interests if amounts are material. Include all expenditure incurred.)

Current period
SA'000
Previous
corresponding
period A\$'000
5.1 Opening balance
5.2 Expenditure incurred during current period
5.3 Expenditure written off during current period
5.4 Acquisitions, disposals, revaluation increments, etc.
5.5 Expenditure transferred to Development Properties
5.6 Closing balance as shown in the consolidated balance sheet
(item $4.12$ ) $\ddot{\phantom{0}}$

Development properties

(To be completed only by entities with mining interests if amounts are material)

Current period
\$A'000
Previous
corresponding
period A\$'000
6.1 Opening balance
6.2 Expenditure incurred during current period
6.3 Expenditure transferred from exploration and evaluation
6.4 Expenditure written off during current period
6.5 Acquisitions, disposals, revaluation increments, etc.
6.6 Expenditure transferred to mine properties
6.7 Closing balance as shown in the consolidated balance sheet
$($ item 4.13 $)$

Condensed consolidated statement of cash flows

Current period
\$A'000
Previous
corresponding
period A\$'000
Cash flows related to operating activities
7.1 Receipts from customers 199 1,292
7.2 Payments to suppliers and employees (913) (1,781)
7.3 Dividends received from associates 22
7.4 Other dividends received
7.5 Interest and other items of similar nature received 6
7.6 Interest and other costs of finance paid (15) (65)
7.7 Income taxes paid
7.8 Other (provide details if material) 111
7.9 Net operating cash flows (612) (531)
Cash flows related to investing activities
7.10 Payment for purchases of property, plant and equipment (156) (6)
7.11 Proceeds from sale of property, plant and equipment 511
7.12 Payment for purchases of equity investments (775)
7.13 Proceeds from sale of equity investments 549
7.14 Loans to other entities (69)
7.15 Loans repaid by other entities 50
7.16 Other (Cash balances of controlled entities). (17)
7.17 Net investing cash flows (418) 505
Cash flows related to financing activities
7.18 Proceeds from issues of +securities (shares, options, etc.) 3
7.19 Proceeds from borrowings 958 58
7.20 Repayment of borrowings (2) (279)
7.21 Dividends paid
7.22 Other (provide details if material)
7.23 Net financing cash flows 956 (218)
7.24 Net increase (decrease) in cash held (74) (244)
7.25 Cash at beginning of period (see Reconciliation of cash) 163 491
7.26 Exchange rate adjustments to item 7.25.
7.27 Cash at end of period (see Reconciliation of cash) 89 247

Non-cash financing and investing activities

Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve
cash flows are as follows. (If an amount is quantified, show comparative amount.)

NIL

Reconciliation of cash

Reconciliation of cash at the end of the period (as shown in the consolidated
statement of cash flows) to the related items in the accounts is as follows.
Current period
\$A'000
Previous
corresponding
period A\$'000
8.1 Cash on hand and at bank 89 247
8.2 Deposits at call
8.3 Bank overdraft
8.4 Other (provide details)
8.5 Total cash at end of period (item 7.27) 89 247

Half Yearly Report

Other notes to the condensed financial statements

Ratios Current period Previous
corresponding
period
Profit before tax / revenue (%)
9.1 Consolidated profit (loss) from ordinary activities before tax (item 1.5) as a percentage
of revenue (item 1.1)
(82) (282)
Profit after tax / $\star$ equity interests (%) 90 137
9.2 Consolidated net profit (foss) from ordinary activities after (ax attributable to members
(item 1.11) as a percentage of equity (similarly attributable) at the end of the period (item
4.37
Earnings per security (EPS) (cents) (0.35) (2.71)
10 Details of basic and diluted EPS reported separately in accordance with paragraph 9 and 18 of AASB
1027: Earnings Per Share are as follows:
Earnings (A\$'000) (3.430)
Weighted average number of ordinary shares for the period 147.627.158 126.355.793
NTA backing (see note 7) Current period Previous
corresponding
period
11.1 Net tangible asset backing per +ordinary security (0.004) (0.020)

Discontinuing Operations

(Entities must report a description of any significant activities or events relating to discontinuing operations in accordance with paragraph
7.5 (g) of AASB 1029: Interim Financial Reporting, or, the details of discontinu

12.1 Discontinuing Operations

None

Half Yearly Report

Control gained over entities having material effect
13.1 Name of entity (or group of entities) All Australian Adventures Pty Ltd and Controlled
entities
13.2 Consolidated profit (loss) from ordinary activities and extraordinary
items after tax of the controlled entity (or group of entities) since the date
in the current period on which control was +acquired
(304)
13.3 Date from which such profit has been calculated 7 July 2003
13.4 Profit (loss) from ordinary activities and extraordinary items after
tax of the controlled entity (or group of entities) for the whole of the
previous corresponding period
NIL
Loss of control of entities having material effect
14.1 Name of entity (or group of entities) NONE
14.2 Profit (loss) from ordinary activities and extraordinary items after
tax of the controlled entity (or group of entities) for the current period to
the date of loss of control
N/A
14.3 Date to which the profit (loss) in item 14.2 has been calculated N/A
14.4 Profit (loss) from ordinary activities and extraordinary items after
tax of the controlled entity (or group of entities) while controlled during
the whole of the previous corresponding period
N/A
14.5 Contribution to consolidated profit (loss) from ordinary activities and
extraordinary items from sale of interest leading to loss of control
NIL

Half Yearly Report

$N/A$

N/A

$N/A$

Dividends (in the case of a trust, distributions)

15.1 Date the dividend (distribution) is payable

15.2 +Record date to determine entitlements to the dividend (distribution) (ie, on the basis of proper instruments of transfer received by 5.00 pm if +securities are not +CHESS approved, or security holding balances established by 5.00 pm or such later time permitted by SCH Business Rules if +securities are +CHESS approved)

15.3 If it is a final dividend, has it been declared? (Preliminary final report $only$

Amount per security

Amount per
security
Franked amount
per security at %
tax (see note 4)
Amount per
security of
foreign source
dividend
(Preliminary final report only)
15.4 Final dividend: Current year NIL ¢ NIL ¢ $NIL$ $\phi$
15.5
Previous year
NIL ¢ NIL ¢ NIL ¢
(Half yearly and preliminary final reports)
15.6 Interim dividend: Current year NIL ¢ NIL ¢ NIL ¢
15.7
Previous year
NIL ¢ NIL ¢ NIL ¢

Total dividend (distribution) per security (interim plus final)

(Preliminary final report only)

Current year Previous year
15.8 Ordinary +securities NIL ¢ NIL ¢I
15.9 Preference +securities NIL ¢ NIL el

Half yearly report - interim dividend (distribution) on all securities or Preliminary final report - final dividend (distribution) on all securities

Current period
\$A'000
Previous
corresponding
period A\$'000
15.10 +Ordinary securities (each class separately) NIL NIL
15.11 Preference +securities (each class separately) NIL NIL
15.12 Other equity instruments (each class separately) NIL NIL
15.13 Total NIL NIL.

The +dividend or distribution plans shown below are in operation.

NIL
The last date(s) for receipt of election notices for the +dividend or distribution plans N/A

Any other disclosures in relation to dividends (distributions). (For half yearly reports, provide details in accordance with paragraph 7.5(d) of AASB 1029 Interim Financial Reporting)

APPENDIX 4D Half Yearly Report

Details of aggregate share of profits (losses) of associates and joint venture entities

Group's share of associates' and joint venture entities': Current period
\$A'000
Previous
corresponding
period A\$'000
16.1 Profit (loss) from ordinary activities before tax
16.2 Income tax on ordinary activities
16.3 Profit (loss) from ordinary activities after tax
16.4 Extraordinary items net of tax
16.5 Net profit (loss)
16.6 Adjustments
16.7 Share of net profit (loss) of associates and joint venture entities

Material interests in entities which are not controlled entities

The economic entity has an interest (that is material to it) in the following entities. (If the interest was acquired or disposed of during either the current or previous corresponding period, indicate date of acquisition

Name of entity Percentage of ownership interest
held at end of period or date of
disposal
Contribution to net profit (loss)
$($ item $1.9)$
17.1 Equity accounted associates and joint venture entities Current period Previous
corresponding
period
Current period -
SA'000
Previous
corresponding
period - \$A'000
17.2 Total NIL NIL NIL NIL.
17.3 Other material interests
17.4 Total NIL NIL NIL NIL

Issued and quoted securities at end of current period

(Description must include rate of interest and any redemption or conversion rights fogether with prices and dates)

Category of +securities Total number Number quoted Issue price per
security (see
note 14)
(cents)
Amount paid up
per security (see
note 14)
(cents)
18.1 Preference +securities (description) NIL NIL NIL NIL
18.2 Changes during current period
(a) Increases through issues
(b) Decreases through returns of capital, buybacks, redemptions
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
18.3 Ordinary securities 261,644,806 261,644,806
18.4 Changes during current period
(a) Increases through issues
(b) Decreases through returns of capital, buybacks
132,748,400
NIL
132,748,400
NIL
Fully Paid
NIL
Fully Paid
NIL
18.5 +Convertible debt securities (description and conversion factor) 1,500,000 NIL 10 Cents NIL
18.6 Changes during current period
(a) Increases through issues
(b) Decreases through securities matured, converted
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
18.7 Options (description and conversion factor) NIL NIL Exercise price Expiry date (if
any)
NIL
NIL
NIL
NIL
NIL
NIL
NIL
18.8 Issued during current period NIL NIL NIL NIL
18.9 Exercised during current period NIL NIL NIL NIL
18.10 Expired during current period NIL NIL NIL NIL
18.11 Debentures (description)
18.12 Changes during current period
(a) Increases through issues
(b) Decreases through securities matured, converted
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
18.13 Unsecured notes (description)
18.14 Changes during current period
(a) Increases through issues
(b) Decreases through securities matured, converted
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL

Segment reporting

(Information on the business and geographical segments of the entity must be reported for the current period in accordance with AASB 1005: Segment Reporting and for half year reports, AASB 1029: Interim Financial Reporting. Because entities employ different structures a pro forma cannot be provided. Segment information in the layout employed in the entity's +accounts should be reported separately and attached to this report.) See annexed segmental report.

Comments by directors

NONE

Basis of financial report preparation

19.1 This report is a half yearly report and is a general purpose financial report prepared in accordance with the listing rules and AASB 1029: Interim Financial Reporting. It should be read in conjunction with the last annual report and any announcements to the market made by the entity during the period. The financial statements in this report are "condensed financial statements" as defined in AASB 1029: Interim Financial Reporting. This report does not include all the notes of the type normally included in an annual financial report.

19.2 Material factors affecting the revenues and expenses of the economic entity for the current period. In a half yearly report, provide explanatory comments about any seasonal or irregular factors affecting operations.

NONE

19.3 A description of each event since the end of the current period which has had a material effect and which is not already reported elsewhere in this Appendix or in attachments, with financial effect quantified (if possible).

-IIG is proposing to issue a maximum of 261,644,806 shares by way of prospectus and partly underwritten by Synergene Technologies Limited, in order to increase its share in Photolibrary and fund other strategic investment initiatives. The time limit for this issue being 9 March 2004.

'-On 7 February 2004, IIG acquired an additional 20% in the issued share capital of All Australian Adventures Pty Ltd following a restructuring of AAA equity holders and a change in the management team. This brings the total investment in AAA to 80%.

19.4 Franking credits available and prospects for paying fully or partly franked dividends for at least the next year.

NONE

APPENDIX 4D Half Yearly Report

Appendix 4D Half yearly report Under Listing Rule 4.2A.3

19.5 Unless disclosed below, the accounting policies, estimation methods and measurement bases used in this report are the same as those used in the last annual report. Any changes in accounting policies, estimation methods and measurement bases since the last annual report are disclosed as follows. (Disclose changes and differences in the half yearly report in accordance with AASB 1029: Interim Financial Reporting. Disclose changes in accounting policies in the preliminary final report in accordance with AASB 1001: Accounting Policies-Disclosure).

No changes

19.6 Revisions in estimates of amounts reported in previous interim periods. For half yearly reports the nature and amount of revisions in estimates of amounts reported in previous +annual reports if those revisions have a material effect in this half year.

NONE
19.7 Changes in contingent liabilities or assets. For half yearly reports, changes in contingent liabilities and contingent assets

since the last $\epsilon$ annual report.

No changes

Additional disclosure for trusts

20.1 Number of units held by the management company or responsible entity or their related parties.

20.2 A statement of the fees and commissions payable to the management company or responsible entity.

Identify: *initial service charges *management fees *other fees

Annual meeting

(Preliminary final report only)

The annual meeting will be held as follows:
Place
Date

Date Time

Approximate date the +annual report will be available

N/A
N/A
N/A
N/A

N/A

NONE

Compliance statement

1 This report has been prepared in accordance with AASB Standards, other AASB authoritative pronouncements and Urgent Issues Group Consensus Views or other standards acceptable to ASX (see note 12).

Identify other standards used

NONE

2 This report, and the +accounts upon which the report is based (if separate), use the same accounting policies.

3 This report does/deee net* (delete one) give a true and fair view of the matters disclosed (see note 2).

4 This report is based on +accounts to which one of the following applies.

(Tick one) The +accounts have been audited. The +accounts have been subject to review. $\overline{\mathbf{x}}$ The +accounts are in the process of being audited or subject to review. The +accounts have not yet been audited or reviewed.

5 If the audit report or review by the auditor is not attached, details of any qualifications are attached / will follow immediately they are available* (delete one). (Half yearly report only - the audit report or review by the auditor must be attached to this report if this report is to satisfy the requirements of the Corporations Act.)

6 The entity has / does not have* (delete one) a formally constituted audit committee.

Date:

27 February 2004

Sign here: ................................... (Director / Company Secretary)

Print name: Mr Lyall Gorman

Integrated Investment Group Limited and Controlled Entities
ABN 23 080 939 135

SEGMENT REPORTING (Attachment to Appendix 4D Half-year report 31 December 2003)

Primary reporting - Business segments

2003
Licensing and
Distribution
Advisory Travel Other Total
Revenue from sales to external customers 42 176 218
Revenue from sales to other segments
Total segment revenue 42 176 $\sim$ 218
Unallocated revenue 557 557
Total revenue 775
Depreciation and amortisation expense (190) (190)
Other expenses (21) (297) (654) (972)
Unallocated expenses net of unallocated revenue (250) (250)
Segment result 21 (311) (404) (637)
Loss from ordinary activities before income tax expense (637)
2002
Licensing and
Distribution
Advisory Travel Other Total
Revenue from sales to external customers 511 650 (19) 1,142
Revenue from sales to other segments
Total segment revenue 511 650 ٠ (19) 1,142
Depreciation and amortisation expense (2,504) ٠ (2, 504)
Other expenses (335) (1,733) (2,068)
Segment result 176 (3.587) $\overline{\phantom{a}}$ (19) (3,430)
Loss from ordinary activities before income tax expense (3,430)

Independent review report to the members of Integrated Investment Group Limited and Controlled Entities

Scope

We have reviewed the financial report of Integrated Investment Group Limited and Controlled Entities for the half-year ended 31 December 2003 as set out on pages 1 to 11. The financial report includes the consolidated financial statements of the consolidated entity comprising the company and the entities it controlled at the end of the half-year or from time to time during the half-year. The company's directors are responsible for the financial report. We have performed an independent review of the financial report in order to state whether, on the basis of the procedures described, anything has come to our attention that would indicate that the financial report is not presented fairly in accordance with Accounting Standard AASB 1029: Interim Financial Reporting and other mandatory professional reporting requirements and statutory requirements, so as to present a view which is consistent with our understanding of the company's financial position, and performance as represented by the results of its operations and its cash flows, and in order for the company to lodge the financial report with the Australian Securities and Investments Commission/Australian Stock Exchange Limited.

Our review has been conducted in accordance with Australian Auditing Standards applicable to review engagements. A review is limited primarily to inquiries of company personnel and analytical procedures applied to the financial data. These procedures do not provide all the evidence that would be required in an audit, thus the level of assurance provided is less than given in an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

Statement

We draw your attention to note 1 which states that the accounts have been prepared on a going concern basis which contemplates the realisation of assets in the ordinary course of business and as stated in note 1 the company is dependent upon continued financial support from members and financiers.

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 Integrated Investment Group Limited and Controlled Entities is not in accordance with:

  • the Corporations Act 2001, including: $\ddot{a}$ .
  • ì. giving a true and fair view of the company's financial position at 31December 2003 and of its performance for the half-year ended on that date; and
  • complying with Accounting Standard AASB 1029: Interim Financial Reporting and the ii. Corporations Regulations 2001; and
  • other mandatory professional reporting requirements in Australia. h.

. . . . . . . . . . . . . . . . . . . .

BCS Advantage Pty Ltd

Jund M

David Lamb, CA- Partner Level 6, 68 Alfred Street Milsons Point, GPO Box 3789 Sydney NSW 2001

Date 27 February 2004