PLAYSIDE STUDIOS LIMITED — Interim / Quarterly Report 2023

Feb 26, 2023

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Appendix 4D

For the half-year ended 31 December 2022

PlaySide Studios Limited

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PlaySide Studios Limited Appendix 4D Half-year report

1. Company details

Name of entity: PlaySide Studios Limited ABN: 73 154 789 554 Reporting period: For the half-year ended 31 December 2022 Previous period: For the half-year ended 31 December 2021

2. Results for announcement to the market

2. Results for announcement to the market
				$'000
Revenues from ordinary activities for the half-year	up	76%	to	16,509
Loss from ordinary activities after tax for the half-year attributable
to the owners of PlaySide Studios Limited	up	1,136%	to	(5,489)
Loss for the half-year attributable to the owners of PlaySide Studios
Limited	up	1,135%	to	(5,483)

3. Dividend Information

PlaySide Studios Limited has not paid, and does not propose to pay dividends, for the half-year ended 31 December 2022 (1HFY21: $nil).

4. Net tangible assets

4. Net tangible assets
Net tangible assets per ordinary security (i) (i) Net tangible asset backing per ordinary share (including right-of-use assets).	Reporting period $ 0.081	Previous period $ 0.094

The commentary on the results for the period is contained in this PlaySide Studios market disclosure announcing halfyear financial results and the review of operations and financial results in the Directors’ Report accompanying the attached half-year Financial Report for the half-year ended 31 December 2022.

Information should be read in conjunction with PlaySide Studios 30 June 2022 Audited Accounts and the attached halfyear Financial Report. This report is based on the consolidated half-year financial report for the half-year ended 31 December 2022 which has been reviewed by BDO Audit Pty Ltd with the Independent Auditor’s Report included in the half-year Financial Report.

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PlaySide Studios Limited Appendix 4D Half-year report

5. Details of associates and joint venture entities

	Reporting entity's	Reporting entity's
	percentage holding		Contribution to loss
	Reporting	Previous	Reporting	Previous
	period	period	period	period
Name of associate / joint venture	%	%	$'000	$'000
Digital Business Holdings Pty Ltd 26.66% 26.66% (93) (Loss)/profit from ordinary activities after income tax (93) PlaySide Studios acquired a 26.66% share in Digital Business Holdings PtyLtd on 30 June 2020.			(93)	21
			(93)	21

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PlaySide Studios Limited ABN 73 154 789 554

Interim Report – Half-Year ended 31 December 2022

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PlaySide Studios Limited Contents 31 December 2022

Directors’ report 6 Auditor’s independence declaration 9 Consolidated statement of profit or loss and other comprehensive income 10 Consolidated statement of financial position 11 Consolidated statement of changes in equity 12 Consolidated statement of cash flows 13 Notes to the consolidated financial statements 14 Directors' declaration 19 Independent auditor's report to the members of PlaySide Studios Limited 20

General information

The financial statements cover PlaySide Studios Limited as a consolidated entity consisting of PlaySide Studios Limited and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is PlaySide Studios Limited’s functional and presentation currency.

PlaySide Studios Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

75 Crockford Street PORT MELBOURNE VIC 3207

A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 27 February 2023.

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PlaySide Studios Limited Directors’ Report 31 December 2022

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of PlaySide Studios Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2022.

Director Details

The following persons were directors of PlaySide Studios Limited during the whole of the half-year and up to the date of this report, unless otherwise stated:

Cristiano Nicolli – Independent Non-Executive Chairman Hans ten Cate – Independent Non-Executive Director (resigned 5 October 2022) Gerry Sakkas – Managing Director & Chief Executive Officer Aaron Pasias – Non-Executive Director

Mark Goulopoulos – Non-Executive Director

Principal activities

During the financial half-year the principal continuing activities of the consolidated entity consisted of:

• Development of games on a Work-for-Hire basis for external IP Owners; and

• ● Development and monetisation of PlaySide original games.

Review of operations and financial results

A summary of the Company’s statutory financial results from operations for H1 FY22 and the prior corresponding sixmonth period is set out below:

	Half-year ended Half-year ended Increase
	31 Dec 2022 31 Dec 2021 (Decrease)
	$'000 $'000 $'000
1. Statutory Results Revenue - Sales Revenue - Other Revenue - Total EBITDA NPAT 2. Underlying Results EBITDA	16,509 9,404 7,105 682 7 675
	17,191 9,411 7,780
	(4,407) (147) (4,260) (5,483) (444) (5,039) (2,686) (147) (2,539)

Revenue Growth

Total Revenue grew 83% to $17.19m in the period, up from $9.41m in the prior corresponding period (“PCP”). This increase was the combination of:

• Revenue – Sales, up $7.10m (76%) on PCP.

Work for Hire Revenue at $10.95m was $7.54m up on the PCP, which reflects the impact of several material contracts signed both in the prior year and the current half with customers such as Meta, 2K Games, Shiba and Activision Blizzard.

Original IP Revenue at $5.55m was $0.44m down on the PCP.

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PlaySide Studios Limited Directors’ Report 31 December 2022

• Revenue – Other, up $675k to $682k.

Main increases relate to net foreign exchange gains which were $409k (PCP: Nil), mainly reflecting the mark to market restatement of our $5.4m USD (sell) hedge book as at 31[st] December, and Interest Revenue earnings of $233k (PCP: $7k), which reflects interest earned on excess cash balances invested in term deposits during the half.

EBITDA

	Half-year ended Half-year ended
	31 Dec 2022 31 Dec 2021
	$'000 $'000
	Statutory Reported EBITDA (4,407) (147) Add back: Non-Recurring Expenses Impairment of capitalised development costs 1,721 -
	UnderlyingEBITDA (2,686) (147)

Reported Earnings before interest, tax, depreciation and amortisation amounted to a Loss of $4.41m for the half.

However, when the impact of non-recurring expenses is removed from the current half, namely:

• Impairment of Capitalised Development Costs ($1.72m; PCP: Nil) – these write-downs were deemed necessary after a number of titles were critically assessed at balance date for characteristics of impairment,

the underlying EBITDA Loss is $2.69m, compared to an EBITDA Loss of just $0.15m in the PCP.

The underlying EBITDA loss of $2.69m was mainly the net effect of:

• Total Revenue increase of $7.1m or 76% to $16.5m;

• Increased Employee Benefits Expenses of $6.81m, which primarily reflects the significant growth in the number of employees, mainly in operational areas such as engineering, art, production and design, as well other supporting functions such as marketing and people and culture; and

• Increased General & Administrative Expenses of $2.87m, where the two main components relate to outsourced consulting costs which have contributed to both the completion and monetization of games and increased software licensing costs.

Significant changes in the state of affairs

The major change during the half year was that there was a significant decline in both the cryptocurrency and nonfungible tokens (NFTs) markets, and, as a consequence the business has for the foreseeable future put on hold any plans to launch any NFT offerings on the blockchain.

The business does intend to remain active with other Web 3.0 related initiatives, which is seen as important to ensure the Company keeps up to date with ongoing developments and associated opportunities to earn revenue into the future.

There were no other significant changes in the state of affairs of the consolidated entity during the financial half-year.

Matters subsequent to the end of the half-year

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PlaySide Studios Limited Directors’ Report 31 December 2022

There has been no matter or circumstance that has arisen since 31 December 2022 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 periods.

Rounding of amounts

The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to ‘rounding-off’. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.

Auditor’s independence declaration

A copy of the auditor’s independence as required under section 307C of the Corporations Act 2001 is set out immediately after this directors’ report.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001 .

On behalf of the directors.

---

Cristiano Nicolli

Chairman

27 February 2023 Melbourne, Australia

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Tel: +61 3 9603 1700 Collins Square, Tower Four Fax: +61 3 9602 3870 Level 18, 727 Collins Street www.bdo.com.au Melbourne VIC 3008 GPO Box 5099 Melbourne VIC 3001 Australia

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DECLARATION OF INDEPENDENCE BY SALIM BISKRI TO THE DIRECTORS OF PLAYSIDE STUDIOS LIMITED

As lead auditor for the review of PlaySide Studios Limited for the half-year ended 31 December 2022, I declare that, to the best of my knowledge and belief, there have been:

1. No contraventions of the auditor independence requirements of the Corporations Act 2001 relation to the review; and

2. No contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of Playside Studios Limited and the entities it controlled during the period.

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Salim Biskri Director

BDO Audit Pty Ltd

Melbourne, 27 February 2023

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.

PlaySide Studios Limited Consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2022

	Consolidated	Consolidated	Consolidated
Note	Dec-22		Dec-21
	$ '000		$ '000
Revenue 2 Other income 4 Expenses Employee benefits expense 5 General and administrative expenses Selling expenses 5 Impairment of capitalised development costs 5 Share of (losses)/profits of associates accounted for using the equity method Finance costs 5 Depreciation and amortisation expense 5 Loss before income tax expense Income tax benefit Loss after income tax expense for the half-year attributable to the owners of PlaySide Studios Limited Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year attributable to the owners of PlaySide Studios Limited Basic losses per share 8 Diluted losses per share 8	16,509 682 (10,249) (4,583) (4,719) (1,721) (93) (47) (1,373) (5,594) 105 (5,489) 6 (5,483) Cents (1.35) (1.35)		9,404 7 (3,436) (1,713) (4,423) - 21 (28) (430)
			(598) 154
			(444) -
			(444)
			Cents (0.12) (0.12)

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

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PlaySide Studios Limited Consolidated statement of financial position As at 31 December 2022

	Consolidated	Consolidated	Consolidated
Note	Dec-22		Jun-22
	$ '000		$ '000
Assets Current assets Cash and cash equivalents Trade and other receivables Other financial assets Other current assets Total current assets Non-current assets Investments accounted for using the equity method Property, plant and equipment Right-of-use assets Intangibles 6 Deferred tax asset Total non-current assets Total assets Liabilities Current liabilities Trade and other payables Lease liabilities Current tax liability Employee benefits Total current liabilities Non-current liabilities Lease liabilities Employee benefits Total non-current liabilities Total liabilities Net assets Equity Issued capital 7 Reserves Accumulated losses Total equity	29,846 6,638 144 484 37,112 - 1,473 1,736 7,032 611 10,852 47,964 4,281 445 13 1,894 6,633 1,449 85 1,534 8,167 39,797 45,429 643 (6,275) 39,797		37,908 5,027 144 482
			43,561
			93 1,310 1,962 7,040 635
			11,040
			54,601
			6,111 429 10 1,305
			7,855
			1,676 101
			1,777
			9,632
			44,969
			45,084 671 (786)
			44,969

The above consolidated statement of financial position should be read in conjunction with the accompanying notes

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PlaySide Studios Limited Consolidated statement of changes in equity For the half-year ended 31 December 2022

			Retained
	Issued capital	Reserves	profits	Total equity
Consolidated	$ '000	$ '000	$ '000	$ '000
Balance at 1 July 2021 Loss after income tax Other comprehensive income, net of tax Total comprehensive income Transactions with owners in their capacity as owners: Private Placement Share Purchase Plan Capital raising costs Tax credit associated with capital raising costs Other transactions: Share-based payments (note 5) - Expense incurred during the year - Transfer to Issued Capital on Exercise of Employee Share Options Balance at 31 December 2021	17,995 - -	337 - -	(5,636) (444) -	12,696 (444) -
	- 25,000 3,000 (1,299) 182 - 206	- - - - - 176 (206)	(444) - - - - - -	(444) 25,000 3,000 (1,299) 182 176 -
	45,084	307	(6,080)	39,311
			Retained
	Issued capital	Reserves	profits	Total equity
Consolidated	$ '000	$ '000	$ '000	$ '000
Balance at 1 July 2022 Loss after income tax expense for the half year Other comprehensive income for the half year, net of tax Total comprehensive income for the half year Transactions with owners in their capacity as owners: Tax debit associated with capital raising costs Other transactions: Share-based payments (note 5) - Expense incurred during the year - Transfer to Issued Capital on Exercise of Employee Share Options - Transfer to Issued Capital on issue of shares under Employee Share Scheme Balance at 31 December 2022	45,084 - -	671 - 6	(786) (5,489) -	44,969 (5,490) 7
	- (132) - 342 135	6 - 443 (342) (135)	(5,489) - - - -	(5,483) (132) 443 - -
	45,429	643	(6,275)	39,797

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes

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PlaySide Studios Limited Consolidated statement of cash flows For the half year ended 31 December 2022

Note	Consolidated	Consolidated	Consolidated
	Dec-22 $ '000		Dec-21
			$ '000
Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Government grants received Interest received Interest paid Interest paid on lease liabilities Income taxes paid Net cash used in operating activities Cash flows from investing activities Payments for property, plant and equipment Proceeds on disposal of property, plant and equipment Payments for intellectual property Net cash used in investing activities Cash flows from financing activities Proceeds from issues of equity securities (excluding convertible debt securities) Transaction costs related to issues of equity securities or convertible debt securities Repayment of lease liabilities Net cash (used in)/provided by financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the half-year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the half-year	13,825 (19,313) 36 233 (8) (39) - (5,266) (366) 4 (2,410) (2,772) - - (211) (211) (8,249) 37,908 187 29,846		8,507 (8,947) - 7 - (28) -
			(461)
			(461) - (3,796)
			(4,257)
			28,000 (1,299) (99)
			26,602
			21,884 11,235 (108)
			33,011

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes

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PlaySide Studios Limited Notes to the consolidated financial statements 31 December 2022

Note 1. Significant accounting policies

These general purpose financial statements for the interim half-year reporting period ended 31 December 2022 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.

These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2022 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Note 2. Revenue

	Consolidated	Consolidated	Consolidated
	Dec-22		Dec-21
	$ '000		$ '000
Revenue from contracts with customers Work for hire services Revenue from original intellectual property Revenue	10,953 5,556 16,509		3,413 5,991
			9,404

Note 3. Segment Information

PlaySide Studios Limited operates within the one reportable segment (development and monetization of mobile, PC and console video games).

The Company generated $16,509k (1H 2021: $9,404k) in Operating Revenue from its only reportable segment and is not reliant on any one single customer or contract.

Note 4. Other Income

	Consolidated	Consolidated
	Dec-22	Dec-21
	$ '000	$ '000
Net foreign exchange gain Government grants Interest received Other Other income	409 36 233 4 682	- - 7 -
		7

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PlaySide Studios Pty Ltd Notes to the consolidated financial statements 31 December 2022

Note 5. Expenses

		Consolidated	Consolidated
		Dec-22	Dec-21
		$ '000	$ '000
Profit before income tax includes the following specific expenses: Depreciation Leasehold improvements Fixtures and fittings Buildings right-of-use assets Computer equipment Total depreciation Amortisation Computer software Games Total amortisation Total depreciation and amortisation Selling expenses User acquisition advertising costs Other selling expenses Total selling expenses Finance costs Interest and finance charges paid/payable on lease liabilities Other interest paid/payable Finance cost expensed Net Foreign Exchange Gain/(loss) Impairment of capitalised development costs Employee benefits expense Defined contribution superannuation expense Share-based payments expense Employee benefits expense excluding superannuation Total employee benefits		39 20 226 144 429 2	21 12 138 52
			223
			1
		942	206
		944	207
		1,373 4,239 480 4,719 39 8 47 188 1,721 927 443 8,879 10,249
			430
			4,275 148
			4,423
			28 -
			28
			(108)
			-
			355 176 2,905
			3,436

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PlaySide Studios Pty Ltd Notes to the consolidated financial statements 31 December 2022

Note 6. Intangibles

	Consolidated	Consolidated
	Dec-22	Jun-22
	$ '000	$ '000
Non-current assets Brand names, patents, licences and trademarks – finite life Software – finite life Original IP Work in Progress – finite life (i) Original IP Post Launch – finite life (ii)	2,058 9 598 4,367 7,032	2,054 10 3,683 1,293
		7,040

(i) Not ready for use (ii) Costs ceased to be capitalised post launch. Amortisation period ranges from one to four years.

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

	Brand		Original IP Work in	Original IP Post
	names, patents, licences and
	trademarks	Software	Progress	Launch	Total
Consolidated	$'000	$'000	$'000	$'000	$'000
Balance at 1 July 2021 Additions – internally generated Additions – brand names (i) Additions – licences purchased Transfer from WIP to Production Reclassification of licences Amortisation Impairment Balance at 30 June 2022 Additions – internally generated Additions – licenses purchased Additions - trademarks Transfer from WIP to Production Amortisation Impairment Balance at 31 December 2022	661 - 2,048 - - (655) - - 2,054 - - 4 - - - 2,058	4 - - 8 - - (2) - 10 - 2 - - (3) - 9	1,472 3,897 - - (1,501) 655 - (840) 3,683 2,376 - - (3,988) - (1,473) 598	- - 234 - 1,501 - (442) - 1,293 28 - - 3,988 (942) - 4,367	2,137 3,897 2,282 8 - - (444) (840)
					7,040 2,404 2 4 - (945) (1,473)
					7,032

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PlaySide Studios Pty Ltd Notes to the consolidated financial statements 31 December 2022

Note 7. Issued Capital

			Consolidated	Consolidated	Consolidated	Consolidated
	Dec-22		Jun-22		Dec-22		Jun-22
	Shares		Shares		$ '000		$ '000
Shares issued and fully paid for: Beginning of the year Exercise of performance options Issued under employee share plan Private Placement – 33.33m shares @ 75cps Share Purchase Plan – 4m shares @ 75cps Total Contributed equity at the end of the reporting period, pre listing costs. IPO Listing/capital raising Costs Tax (debit)/credit associated with IPO listing costs Total Contributed equity at the end of the reporting period	406,806,727 404,889,741 1,713,676 203,310 - - 406,806,727 - - 406,806,727		404,889,741 366,528,201 1,028,206 - 33,333,334 4,000,000 404,889,741 - - 404,889,741		45,429 45,084 342 135 - - 45,561 - (132) 45,429		45,084
							17,995 206 - 25,000 3,000
							46,201 (1,299) 182
							45,084

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PlaySide Studios Limited Notes to the consolidated financial statements 31 December 2022

Note 8. Earnings per share

	Consolidated Dec-22 Dec-21 $ '000 $ '000 (5,489) (444)	Consolidated Dec-22 Dec-21 $ '000 $ '000 (5,489) (444)
	Dec-22
	$ '000
Loss after income tax attributable to the owners of PlaySide Studios Limited Weighted average number of ordinary shares used in calculating basic earnings per share Adjustments for calculation of diluted earnings per share: Adjustment for Employee Options & Performance Rights Weighted average number of ordinary shares used in calculating diluted earnings per share Basic earnings per share Diluted earnings per share	(5,489)
	Number 405,989,337 5,471,887	Number 374,378,503 3,665,071
	411,461,225	378,043,574
	Cents (1.35) (1.35)	Cents (0.12) (0.12)

Note 9. Contingent assets and liabilities

The Company has no contingent assets or liabilities as at 31 December 2022 or 31 December 2021.

Note 10. Commitments

The Company had no commitments for capital expenditure as at 31 December 2022 or 31 December 2021.

Note 11. Events after the reporting period

No matter or circumstance has arisen since 31 December 2022 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 periods.

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PlaySide Studios Limited Directors’ declaration 31 December 2022

In the directors’ opinion

• the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;

• the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 31 December 2022 and of its performance for the financial half-year ended on that date; and

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

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.

On behalf of the directors

_________ Cristiano Nicolli Director

27 February 2022 Melbourne, Australia

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Tel: +61 3 9603 1700 Collins Square, Tower Four Fax: +61 3 9602 3870 Level 18, 727 Collins Street www.bdo.com.au Melbourne VIC 3008 GPO Box 5099 Melbourne VIC 3001 Australia

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of PlaySide Studios Limited

Report on the Half-Year Financial Report

Conclusion

We have reviewed the half-year financial report of PlaySide Studios Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 December 2022, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the halfyear ended on that date, a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of the Group does not comply with the Corporations Act 2001 including:

• (i) Giving a true and fair view of the Group’s financial position as at 31 December 2022 and of its financial performance for the half-year ended on that date; and

• (ii) Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

Basis for conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to the audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 which has been given to the directors of the Company, would be the same terms if given to the directors as at the time of this auditor’s review report.

Responsibility of the directors for the financial report

The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.

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Auditor’s responsibility for the review of the financial report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2022 and its financial performance for the half-year ended on that date and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

BDO Audit Pty Ltd

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Salim Biskri Director

Melbourne, 27 February 2023