PLAYSIDE STUDIOS LIMITED — Interim / Quarterly Report 2024

Feb 21, 2024

==> picture [459 x 95] intentionally omitted <==

Appendix 4D

For the half-year ended 31 December 2023

PlaySide Studios Limited

1

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 2023 Previous period: For the half-year ended 31 December 2022

2. Results for announcement to the market

2. Results for announcement to the market
				$'000
Revenues from ordinary activities for the half-year	up	119%	to	36,201
Profit from ordinary activities after tax for the half-year attributable
to the owners of PlaySide Studios Limited	up	263%	to	8,965
Profit for the half-year attributable to the owners of PlaySide Studios
Limited	up	264%	to	8,967

3. Dividend Information

PlaySide Studios Limited has not paid, and does not propose to pay dividends, for the half-year ended 31 December 2023 (half year ended 31 December 2022: $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 $ 0.098	Previous period $ 0.081

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 2023.

Information should be read in conjunction with PlaySide Studios 30 June 2023 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 2023 which has been reviewed by BDO Audit Pty Ltd with the Independent Auditor’s Report included in the half-year Financial Report.

2

PlaySide Studios Limited ABN 73 154 789 554

Interim Report – Half-Year ended 31 December 2023

3

PlaySide Studios Limited Contents 31 December 2023

Directors’ report 5 Auditor’s independence declaration 8 Consolidated statement of profit or loss and other comprehensive income 9 Consolidated statement of financial position 10 Consolidated statement of changes in equity 11 Consolidated statement of cash flows 12 Notes to the consolidated financial statements 13 Directors' declaration 18 Independent auditor's report to the members of PlaySide Studios Limited 19

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 22 February 2024.

4

PlaySide Studios Limited Directors’ Report 31 December 2023

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity' or the ‘Group’) 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 2023.

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 Gerry Sakkas – Managing Director & Chief Executive Officer Aaron Pasias – Non-Executive Director Mark Goulopoulos – Non-Executive Director

Sophie Karzis – Non-Executive Director (appointed 21 December 2023)

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;

• Development of games using PlaySide-owned IP, both for its own monetization and for third-parties under license; and

• Investment in titles being developed by other studios under a publishing contract structure.

Review of operations and financial results

A summary of the Group’s statutory financial results from operations for H1 FY24 and the prior corresponding six-month period is set out below:

	Half-year ended Half-year ended Increase
	31 Dec 2023 31 Dec 2022 (Decrease)
	$'000 $'000 $'000
Statutory Results Revenue - Sales Revenue - Other Revenue and Other Income EBITDA NPAT	36,201 16,509 19,692 610 682 (72)
	36,811 17,191 19,620
	12,179 (4,407) 16,586 8,965 (5,489) 14,454

Revenue Growth

Total Revenue and Other Income grew 114% to $36.81m in the period, up from $17.19m in the prior corresponding period (“PCP”).

This increase was the combination of:

• Revenue – Sales, up $19.69m (119%) on PCP.

Work for Hire Revenue at $18.54m was $7.59m up on the PCP, which reflects the impact of several material contracts either signed in the prior year or current half or extended in the current half with customers such as Meta, 2K Games and Skydance.

5

PlaySide Studios Limited Directors’ Report 31 December 2023

Original IP Revenue at $17.66m was $12.10m up on the PCP, which mainly reflects the performance of the Dumb Ways to Die franchise including revenue from titles being developed for Meta and Netflix.

• Revenue – Other, down $72k (-11%) to $610k.

Reduction of $72k represents net of net foreign exchange gains (down $409k), interest revenue (up $209k) and government grants revenue (up $132k).

EBITDA

Reported Earnings before interest, tax, depreciation and amortisation amounted to a Profit of $12.18m for the half, which was $16.59m up on the PCP.

This statutory reported EBITDA was mainly the net effect of:

• Total Revenue and Other Income increase of $19.62m or 119% to $36.81m;

• Increased Employee Benefits Expenses of $6.42m, which primarily reflects the significant growth in the number of employees, mainly in operational areas such as engineering, art, production and design, necessary to service the increasing volume of work-for-hire and original IP projects;

• Reduction in Selling Expenses of $1.87m, reflecting a reduced level of user acquisition advertising spend on mobile titles; and

• The absence of impairments to capitalized development costs (PCP: $1.72m).

Significant changes in the state of affairs

There were no 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

On 2[nd] February 2024, the Group announced that its publishing division had signed Fumi Games’ forthcoming PC/Console title MOUSE.

The Group will provide Fumi Games with development advances in accordance with agreed milestones as well as provide marketing services in return for a revenue sharing arrangement post the launch of the title, which is expected to occur in calendar 2025.

There has been no other matter or circumstance that has arisen since 31 December 2023 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.

6

PlaySide Studios Limited Directors’ Report 31 December 2023

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

22 February 2024 Melbourne, Australia

7

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

==> picture [78 x 31] intentionally omitted <==

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 2023, 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.

==> picture [135 x 63] intentionally omitted <==

Salim Biskri Director

BDO Audit Pty Ltd

Melbourne, 22 February 2024

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 2023

	Consolidated	Consolidated	Consolidated
Note	Dec-23		Dec-22
	$ '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 of associates accounted for using the equity method Finance costs 5 Depreciation and amortisation expense 5 Profit/(Loss) before income tax expense Income tax (expense)/benefit Profit/(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 / (loss) for the half-year attributable to the owners of PlaySide Studios Limited Basic earnings (losses) per share 8 Diluted earnings/(losses) per share 8	36,201 610 (16,665) (4,676) (2,849) - - (47) (2,552) 10,022 (1,057) 8,965 2 8,967 Cents 2.20 2.16		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)

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

9

PlaySide Studios Limited Consolidated statement of financial position As at 31 December 2023

Note	Consolidated	Consolidated	Consolidated
	Dec-23		Jun-23
	$ '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 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 Retained profits / (Accumulated losses) Total equity	38,297 7,737 331 829 47,194 1,932 2,229 8,615 1,666 14,442 61,636 5,960 830 1,910 2,654 11,354 1,585 166 1,751 13,105 48,531 46,192 1,130 1,209 48,531		32,200 6,008 144 689
			39,041
			1,695 1,510 5,029 944
			9,178
			48,219
			5,593 462 39 1,888
			7,982
			1,215 213
			1,428
			9,410
			38,809
			45,429 1,136 (7,756)
			38,809

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

10

PlaySide Studios Limited Consolidated statement of changes in equity For the half-year ended 31 December 2023

			Retained	Total equity $ '000 44,969 (5,490) 7 (5,483) (132) 443 - - 39,797 Total equity $ '000 38,809 8,965 2 8,967 (93) 848 - - 48,531
			profits/
			(Accumulated
	Issued capital	Reserves	losses)
Consolidated	$ '000	$ '000	$ '000
Balance at 1 July 2022 Loss after income tax Other comprehensive income, net of tax Total comprehensive income 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) -
	- (132) - 342 135	6 - 443 (342) (135)	(5,489) - - - -
	45,429	643	(6,275)
			Retained
			profits /
			(Accumulated
	Issued capital	Reserves	losses)
Consolidated	$ '000	$ '000	$ '000
Balance at 1 July 2023 Profit 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 2023	45,429 - -	1,136 - 2	(7,756) 8,965 -
	- (93) - 624 232	2 - 848 (624) (232)	8,965 - - - -
	46,192	1,130	1,209

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

11

PlaySide Studios Limited Consolidated statement of cash flows For the half year ended 31 December 2023

Note	Consolidated	Consolidated	Consolidated
	Dec-23 $ '000		Dec-22
			$ '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 Net cash from/(used in) operating activities Cash flows from investing activities Payments for security deposits 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 Repayment of lease liabilities Net cash used in financing activities Net increase/(decrease) 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	35,286 (22,902) 36 442 - (47) 12,815 (188) (527) - (5,468) (6,183) (358) (358) 6,274 32,200 (177) 38,297		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

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

12

PlaySide Studios Limited Notes to the consolidated financial statements 31 December 2023

Note 1. Significant accounting policies

These general purpose financial statements for the interim half-year reporting period ended 31 December 2023 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 2023 and any public announcements made by the Group 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-23		Dec-22
	$ '000		$ '000
Revenue from contracts with customers Work for hire services Revenue from original intellectual property Revenue	18,543 17,658 36,201		10,953 5,556
			16,509

Note 3. Segment Information

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

The Group generated $36,201k (1H 2022: $16,509k) 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-23	Dec-22
	$ '000	$ '000
Net foreign exchange gain Government grants Interest received Other Other income	- 168 442 - 610	409 36 233 4
		682

13

PlaySide Studios Pty Ltd Notes to the consolidated financial statements

31 December 2023

Note 5. Expenses

		Consolidated	Consolidated
		Dec-23	Dec-22
		$ '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 Patents, licences & trademarks 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 (loss)/gain Impairment of capitalised development costs Employee benefits expense Defined contribution superannuation expense Share-based payments expense Employee benefits expense excluding superannuation Total employee benefits		31 22 378 239 670 2	39 20 226 144
			429
			2
		1,775	942
		105	-
		1,882	944
		2,552 2,255 594 2,849 47 - 47 (177) - 1,418 848 14,399 16,665
			1,373
			4,239 480
			4,719
			39 8
			47
			188
			1,721
			927 443 8,879
			10,249

14

PlaySide Studios Pty Ltd Notes to the consolidated financial statements 31 December 2023

Note 6. Intangibles

	Consolidated	Consolidated
	Dec-23	Jun-23
	$ '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)	3,460 4 3,886 1,265 8,615	2,082 6 156 2,785
		5,029

(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 2022 Additions – internally generated Additions – trade marks Transfer from WIP to Production Amortisation Impairment Balance at 30 June 2023 Additions – internally generated Additions – licenses purchased Additions – trademarks Transfer from WIP to Production Amortisation Impairment Balance at 31 December 2023	2,054 - 28 - - - 2,082 - 1,480 3 - (105) - 3,460	10 - - - (4) - 6 - - - - (2) - 4	3,683 2,881 - (4,935) - (1,473) 156 3,952 - - (222) - - 3,886	1,293 - - 4,935 (3,443) - 2,785 33 - - 222 (1,775) - 1,265	7,040 2,881 28 - (3,447) (1,473)
					5,029 3,985 1,480 3 - (1,882) -
					8,615

15

PlaySide Studios Pty Ltd Notes to the consolidated financial statements 31 December 2023

Note 7. Issued Capital

			Consolidated	Consolidated	Consolidated	Consolidated
	Dec-23		Jun-23		Dec-23		Jun-23
	Shares		Shares		$ '000		$ '000
Shares issued and fully paid for: Beginning of the year Exercise of performance options Issued under employee share plan Total Contributed equity at the end of the reporting period, pre listing costs. Tax (debit)/credit associated with capital raising costs Total Contributed equity at the end of the reporting period	408,651,861 406,806,727 1,434,494 410,640 408,651,861 - 408,651,861		406,806,727 404,889,741 1,713,676 203,310 406,806,727 - 406,806,727		45,429 45,429 624 232 46,285 (93) 46,192		45,429
							45,084 342 135
							45,561 (132)
							45,429

16

PlaySide Studios Limited Notes to the consolidated financial statements 31 December 2023

Note 8. Earnings per share

	Consolidated	Consolidated
	Dec-23	Dec-22
	$ '000	$ '000
Profit/(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/(losses) per share Diluted earnings/(losses) per share	8,965	(5,489)
	Number 407,427,297 8,211,747 415,639,044	Number 405,989,337 5,471,888
		411,461,225
	Cents 2.20 2.16	Cents (1.35) (1.35)

Note 9. Contingent assets and liabilities

The Group has no contingent assets or liabilities as at 31 December 2023.

Note 10. Commitments

The Group had capital commitments for games development (intangibles), property, plant and equipment as at 31 December 2023 of $2,219,335.

Note 11. Events after the reporting period

On 2[nd] February 2024, the Group announced that its publishing division had signed Fumi Games’ forthcoming PC/Console title MOUSE.

The Group will provide Fumi Games with development advances in accordance with agreed milestones as well as provide marketing services in return for a revenue sharing arrangement post the launch of the title, which is expected to occur in calendar 2025.

No other matter or circumstance has arisen since 31 December 2023 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.

17

PlaySide Studios Limited Directors’ declaration 31 December 2023

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 2023 and of its performance for the financial half-year ended on that date; and

• there are reasonable grounds to believe that the Group 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

22 February 2024 Melbourne, Australia

18

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

==> picture [78 x 31] intentionally omitted <==

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 2023, 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 2023 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.

==> picture [78 x 31] intentionally omitted <==

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 2023 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

==> picture [126 x 82] intentionally omitted <==

Salim Biskri Director

Melbourne, 22 February 2024