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RENT.COM.AU LIMITED — Interim / Quarterly Report 2021
Feb 24, 2021
65722_rns_2021-02-24_7ad65146-80d6-499d-9412-7109912d28aa.pdf
Interim / Quarterly Report
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| Director’s Report | 3 |
|---|---|
| Auditor's Independence Declaration | 6 |
| General Information | 7 |
| Statement of Profit or Loss and Other Comprehensive Income | 8 |
| Statement of Financial Position | 9 |
| Statement of Changes in Equity | 10 |
| Statement of Cash Flows | 11 |
| Notes to The Financial Statements | 12 |
| Directors’ Declaration | 15 |
| Independent Auditor’s Review Report to The Members of Rent.com.au Limited | 16 |
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The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'the Group') consisting of Rent.com.au 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 2020.
Directors
The following persons were directors of Rent.com.au Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:
Dr. Garry Garside (Non-Executive Chairman) Mr. John Wood (Non-Executive Director) Mr. Sam McDonagh (Non-Executive Director) Mr. Philip Warren (Non-Executive Director)
Principal Activities
The Group operates real estate websites focusing on the rental property market. The primary website operated by the Group is www.rent.com.au.
Review of Operations
The Consolidated Statement of Profit or Loss and Other Comprehensive Income shows a net operating loss after tax of $389,306 (31 December 2019: $931,289). The net operating loss for the half-year ended 31 December 2020 included non-cash share-based payments expenses of $203,417 (31 December 2019: share-based payments write-back of expenses of $42,796) associated with performance based convertible securities issued to staff. Earnings Before Interest, Tax, Depreciation, and Amortisation (and excluding non-cash share-based payments or sundry income such as JobKeeper payments) (“EBITDA”) for the half-year ended 31 December 2020 was a loss of $ 284,284 (31 December 2019: $671,011).
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$1,488k
$1,254k
$1,199k
$1,108k
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The Group’s revenue increased by 24% compared to the prior comparative period (the half-year ended 31 December 2019) driven mainly by renter products sales which increased 43% compared to the prior comparative period. The Group’s advertising revenue also increased compared to the prior comparative period, up 7%.
Ongoing growth in organic traffic volumes as a result of search engine optimisation and growing readership of the rent.com.au advice pages (blog) have allowed the Group to continue scaling back general marketing spend, focusing only on immediately profitable marketing spend. As a result, overall marketing spend was 34% lower than in the prior comparative period and both revenue and site traffic have increased. The Group continued to be disciplined in its approach to overhead and labour costs with these reducing by 11% compared to the half year ended 31 December 2019, however labour costs did increase towards the end of the half as investment in the new RentPay system increased. The combination of revenue growth and cost reduction allowed the Group to improve its EBITDA result by 58% relative to the half-year ended 31 December 2019.
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($284k)
($463k)
($671k)
($1,003k)
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Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Group during the financial halfyear.
Events since the end of the financial reporting period
On 5 February 2021, the Company issued 55 million new fully paid ordinary shares (“Placement Shares”) at an issue price of $0.05 per Share (“the Placement”) to sophisticated, professional and other exempt investors pursuant to section 708 of the Corporations Act 2001 (Cth) to raise $2,750,000 (before costs). The funds will be applied towards the upcoming RentPay launch and to provide additional working capital for marketing and product development.
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Auditor's independence declaration
A copy of the auditor's independence declaration 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
Dr. Garry Garside Non-executive Chairman Perth, 25 February 2021
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AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the review of the financial report of Rent.com.au Limited for the half-year ended 31 December 2020, I declare that, to the best of my knowledge and belief, there have been no contraventions of:
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(i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
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(ii) any applicable code of professional conduct in relation to the review.
RSM AUSTRALIA PARTNERS
Perth, WA Dated: 25 February 2021
ALASDAIR WHYTE Partner
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General information
The financial statements cover Rent.com.au Limited as a Group, consisting of Rent.com.au 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 Rent.com.au Limited's functional and presentation currency.
Rent.com.au Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are:
Registered office Principal place of business 945 Wellington Street 3 Craig Street West Perth Burswood WA 6005 WA 6100
A description of the nature of the Group's operations and its principal activities are included in the director’s report, which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 25 February 2021.
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| Note Revenue 3 Other income 4 Administration charges Consulting costs Depreciation and amortisation expense Employee benefit expenses Finance costs Information technology costs Share based payment expenses Sales and marketing expenses Other cost of sales Loss before income tax expense Income tax expense Loss after income tax expense for the half-year Other comprehensive income Total comprehensive loss for the half-year Total comprehensive (loss) attributable to: Non-controlling interest Owners of Rent.com.au Limited Total comprehensive loss for the half-year Earnings Per Share Basic and diluted (loss) per share |
Consolidated 31 Dec 2020 31 Dec 2019 $ $ 1,487,773 1,198,826 567,348 194,814 2,055,121 1,393,640 (242,170) (204,739) (46,750) (3,000) (450,210) (491,911) (794,365) (991,100) (5,543) (5,976) (158,842) (202,192) (203,417) 42,796 (157,182) (238,670) (372,748) (230,137) (376,106) (931,289) (13,200) - (389,306) (931,289) - - (389,306) (931,289) (1,419) - (387,887) (931,289) (389,306) (931,289) Cents Cents (0.12) (0.33) |
Consolidated 31 Dec 2020 31 Dec 2019 $ $ 1,487,773 1,198,826 567,348 194,814 2,055,121 1,393,640 (242,170) (204,739) (46,750) (3,000) (450,210) (491,911) (794,365) (991,100) (5,543) (5,976) (158,842) (202,192) (203,417) 42,796 (157,182) (238,670) (372,748) (230,137) (376,106) (931,289) (13,200) - (389,306) (931,289) - - (389,306) (931,289) (1,419) - (387,887) (931,289) (389,306) (931,289) Cents Cents (0.12) (0.33) |
|---|---|---|
| 1,393,640 (204,739) (3,000) (491,911) (991,100) (5,976) (202,192) 42,796 (238,670) (230,137) |
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| (931,289) - |
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| (931,289) - |
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| (931,289) | ||
| - (931,289) |
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| (931,289) | ||
| Cents (0.33) |
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
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| Note Assets Current assets Cash and cash equivalents Trade and other receivables Total current assets Non-current assets Plant and equipment Right of use asset Intangible assets Total non-current assets Total assets Liabilities Current liabilities Trade and other payables Borrowings Lease liability Employee benefits Total current liabilities Non-current liabilities Borrowings Lease liability Total non-current liabilities Total liabilities Net Assets Equity Issued capital 5 Share based payments reserve Other reserve Accumulated losses Equity attributable to the owners Non-controlling interest Total equity |
Consolidated 31 Dec 2020 30 Jun 2020 $ $ 1,811,567 631,771 431,148 381,542 2,242,715 1,013,313 37,822 19,400 58,182 96,970 1,540,135 1,523,357 1,636,139 1,639,727 3,878,854 2,653,040 598,811 556,823 13,735 8,602 62,926 80,988 158,538 184,403 834,010 830,816 16,282 5,734 - 21,365 16,282 27,099 850,292 857,915 3,028,562 1,795,125 38,757,284 37,114,067 6,294,382 6,314,856 243,726 243,726 (42,271,421) (41,883,534) 3,023,971 1,789,115 4,591 6,010 3,028,562 1,795,125 |
Consolidated 31 Dec 2020 30 Jun 2020 $ $ 1,811,567 631,771 431,148 381,542 2,242,715 1,013,313 37,822 19,400 58,182 96,970 1,540,135 1,523,357 1,636,139 1,639,727 3,878,854 2,653,040 598,811 556,823 13,735 8,602 62,926 80,988 158,538 184,403 834,010 830,816 16,282 5,734 - 21,365 16,282 27,099 850,292 857,915 3,028,562 1,795,125 38,757,284 37,114,067 6,294,382 6,314,856 243,726 243,726 (42,271,421) (41,883,534) 3,023,971 1,789,115 4,591 6,010 3,028,562 1,795,125 |
|---|---|---|
| 1,013,313 | ||
| 19,400 96,970 1,523,357 |
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| 1,639,727 | ||
| 2,653,040 | ||
| 556,823 8,602 80,988 184,403 |
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| 830,816 | ||
| 5,734 21,365 |
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| 27,099 | ||
| 857,915 | ||
| 1,795,125 | ||
| 37,114,067 6,314,856 243,726 (41,883,534) |
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| 1,789,115 | ||
| 6,010 | ||
| 1,795,125 |
The above statement of financial position should be read in conjunction with the accompanying notes
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| Consolidated Balance at 1 July 2020 Loss after income tax expense or the year Total comprehensive loss for the half-year Transactions with owners in their capacity as owners: Share Issues Share issue costs Share based payments Balance at 31 December 2020 |
Issued Capital Share Based payments Reserves Other Reserve Accumulated losses Non- Controlling Interest Total equity $ $ $ $ $ $ 37,114,067 6,314,856 243,726 (41,883,534) 6,010 1,795,125 - - - (387,887) (1,419) (389,306) |
|---|---|
| - - - (387,887) (1,419) (389,306) |
|
| 1,753,054 - - - - 1,753,054 (109,837) - - - - (109,837) - (20,474) - - - (20,474) |
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| 38,757,284 6,294,382 243,726 (42,271,421) 4,591 3,028,562 |
| Consolidated Balance at 1 July 2019 Adjustment for Impact of AASB 16 |
Issued Capital Share Based payments Reserves Other Reserve Accumulated losses Non- Controlling Interest Total equity $ $ $ $ $ $ 35,313,752 6,319,226 - (40,217,335) - 1,415,643 - - - (1,214) - (1,214) |
|---|---|
| Restated Balance Loss after income tax expense or the year Total comprehensive loss for the half-year Transactions with owners in their capacity as owners: Share Issues Share issue costs Share based payments Balance at 31 December 2019 |
35,313,752 6,319,226 - (40,218,549) - 1,414,429 - - - (931,289) - (931,289) |
| - - - (931,289) - (931,289) |
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| 1,496,984 - - - - 1,496,984 (118,677) - - - - (118,677) - (42,796) - - - (42,796) |
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| 36,692,059 6,276,430 - (41,149,838) - 1,818,651 |
The above statement of changes in equity should be read in conjunction with the accompanying notes
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| Note Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Other income Interest received Interest and other finance costs paid Income tax paid Net cash from/(used in) operating activities Cash flows from investing activities Payments for plant and equipment Payments for intangible assets Net cash used in investing activities Cash flows from financing activities Proceeds from issue of share capital (net) Proceeds from borrowings Repayment of borrowings Net cash provided by financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year Cash and cash equivalents at the end of the financial half-year |
Consolidated 31 Dec 2020 31 Dec 2019 $ $ 1,611,911 1,328,373 (1,921,615) (2,147,289) (309,704) (818,916) 567,052 193,437 296 1,377 (5,543) (5,976) (13,200) - 238,901 (630,078) (29,649) (3,354) (371,473) (111,616) (401,122) (114,970) 1,390,163 1,378,304 26,510 2,850 (74,656) (40,535) 1,342,017 1,340,619 1,179,796 595,571 631,771 151,534 1,811,567 747,105 |
Consolidated 31 Dec 2020 31 Dec 2019 $ $ 1,611,911 1,328,373 (1,921,615) (2,147,289) (309,704) (818,916) 567,052 193,437 296 1,377 (5,543) (5,976) (13,200) - 238,901 (630,078) (29,649) (3,354) (371,473) (111,616) (401,122) (114,970) 1,390,163 1,378,304 26,510 2,850 (74,656) (40,535) 1,342,017 1,340,619 1,179,796 595,571 631,771 151,534 1,811,567 747,105 |
|---|---|---|
| (818,916) 193,437 1,377 (5,976) - |
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| (630,078) | ||
| (3,354) (111,616) |
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| (114,970) | ||
| 1,378,304 2,850 (40,535) |
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| 1,340,619 | ||
| 595,571 151,534 |
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| 747,105 |
The above statement of cash flows should be read in conjunction with the accompanying notes
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Note 1. Significant Accounting Policies
These general-purpose financial statements for the interim half-year reporting period ended 31 December 2020 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 2020 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.
New or amended Accounting Standards and Interpretations adopted
The Group 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. Operating Segments
Identification of reportable operating segments
The Group operates as a single operating segment with different revenue streams. The Board (the Chief Operating Decision Makers ('CODM') of the business) reviews performance of the Group as a whole.
The Board evaluates Group performance by reference to revenue and profit and loss which are measured consistently with these consolidated financial statements. In addition, the Board evaluates EBITDA (earnings before interest, tax, depreciation and amortisation). The accounting policies adopted for internal reporting to the Board are consistent with those adopted in the financial statements. The information is reported to the Board monthly.
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Note 3. Revenue
| Fees from agents and landlords Renter Products Revenue Advertising Sales Total |
Consolidated 31 Dec 2020 Consolidated 31 Dec 2019 Timing of revenue recognition Total Timing of revenue recognition Total Goods transferred at a point in time Services transferred over a period of time Goods transferred at a point in time Services transferred over a period of time $ $ $ $ $ $ 10,897 56,999 67,896 13,696 63,632 77,328 794,929 76,893 871,822 500,792 108,038 608,830 121,819 426,236 548,055 146,556 366,112 512,668 |
|---|---|
| 927,645 560,128 1,487,773 661,044 537,782 1,198,826 |
Note 4. Other Income
| Interest Revenue R&D Incentive recognised in income Government Grants Total Other Income |
Consolidated 31 Dec 2020 $ 31 Dec 2019 $ 296 1,377 263,052 193,437 304,000 - 567,348 194,814 |
|---|---|
Note 5. Issued Capital
| Note 5. Issued Capital | ||
|---|---|---|
| Ordinary shares fully paid Ordinary shares fully paid |
Consolidated 31 Dec 2020 30 Jun 2020 $ $ 38,757,284 37,114,067 Shares Shares 342,654,226 302,635,759 |
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| Shares 302,635,759 |
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Note 5. Issued Capital (continued)
Movements in ordinary share capital:
| Ordinary Shares | 31 Dec | 2020 | 30 Jun 2020 | 30 Jun 2020 |
|---|---|---|---|---|
| Shares | $ | Shares | $ | |
| At the beginning of the reporting period: |
302,635,759 | 37,114,067 | 249,497,272 | 35,313,752 |
| Capital raising | 33,333,333 | 1,500,000 | 53,138,418 | 2,016,983 |
| Cancel performance shares on 31 Jan 2019 |
- | - | 69 | 3 |
| Conversion of performance shares on 22 Oct 2020 |
3,768,467 | 113,054 | - | - |
| Conversion of performance shares on 3 Dec 2020 |
2,916,667 | 140,000 | - | - |
| Transaction costs relating to share issues |
- | (109,837) | - | (216,670) |
| At the end of the reporting period | 342,654,226 | 38,757,284 | 302,635,759 | 37,114,067 |
Note 6. Contingent assets and liabilities
There were no material changes to contingent liabilities or assets since 30 June 2020.
Note 7. Commitments
There are no changes to operating lease commitments since 30 June 2020.
Note 8. Events after the reporting period
On 5 February 2021 the Company issued 55 million new fully paid ordinary shares (“Placement Shares”) at an issue price of $0.05 per Share (“the Placement”) to sophisticated, professional and other exempt investors pursuant to section 708 of the Corporations Act 2001 (Cth) to raise $2,750,000 (before costs). The funds will be applied towards the upcoming RentPay launch and to provide additional working capital for marketing and product development.
Apart from share issue noted above, no other matter or circumstance has been arisen since 31 December 2020 that has significantly affected, or maybe significantly affect the Group’s operations, the results of those operations or the Group’s state of affairs in future financial years.
Note 9. Dividends
The directors do not recommend the payment of a dividend in respect of the half-year ended 31 December 2020.
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In the directors' opinion:
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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;
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the attached financial statements and notes give a true and fair view of the Group's financial position as at 31 December 2020 and of its performance for the half-year ended on that date; and
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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
Dr. Garry Garside Non-executive Chairman Perth, 25 February 2021
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INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF RENT.COM.AU LIMITED
Report on the Half-Year Financial Report
We have reviewed the accompanying half-year financial report of Rent.com.au Limited which comprises the statement of financial position as at 31 December 2020, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year.
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 internal 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 consolidated entity’s financial position as at 31 December 2020 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of Rent.com.au Limited, 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.
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Independence
In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of Rent.com.au Limited, would be in the same terms if given to the directors as at the time of this auditor's review report .
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 Rent.com.au Limited is not in accordance with the Corporations Act 2001 including:
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(a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2020 and of its performance for the half-year ended on that date; and
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(b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001 .
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RSM AUSTRALIA PARTNERS
Perth, WA Dated: 25 February 2021
ALASDAIR WHYTE Partner