VERBREC LIMITED — Earnings Release 2019

Aug 29, 2019

Preliminary Final Report of LogiCamms Limited For the Financial Year Ended 30 June 2019 ABN 90 127 897 689

This Preliminary Final Report is provided to the Australian Stock Exchange (ASX) under ASX Listing Rule 4.3A Current Reporting Period: Financial Year ending 30 June 2019 Previous Corresponding Period: Financial Year ending 30 June 2018

Results for announcement to the market

The merger between LogiCamms Limited and OSD Pty Ltd which completed on 28 June 2019 is treated for accounting purposes as a reverse acquisition. Accordingly, the consolidated financial statements of LogiCamms Limited (including its controlled entities) ( “LogiCamms” ) have been prepared as a continuation of the consolidated financial statement of OSD Pty Ltd (including its controlled entities) ( “OSD” ). Therefore, the reported results are those of OSD for the period from 1 July 2018 to 30 June 2019 together with the results of LogiCamms for the period 28 June 2019 to 30 June 2019. The results for OSD also include the costs associated with the merger between LogiCamms Limited and OSD Pty Ltd, which has had a substantial impact on the results reported below. Reference should be had to the Financial Statements for additional information.

	30 June 2019 $’000	30 June 2018 $’000	Change
Revenue from ordinary activities	35,030	41,972	(16.54%)
Profit from ordinary activities after tax attributable to members	181	4,706	(96.15%)
Net profit for the year attributable to members	292	4,637	(93.70%)
Earnings per share:
Basic earnings per share (AUD cents per share)	0.0	4.0	(100%)
Diluted earnings per share (AUD cents per share)	0.0	4.0	(100%)

Dividends

No dividend for the year ended 30 June 2019 has been declared for LogiCamms, however as set out below OSD paid the setout dividends in respect to the financial year prior to completion of the merger.

Total dividend per security

	Current year	Previous year
Interim dividend – ordinary securities	1 cent	7 cents
Final dividend - ordinary securities	-	2 cents

Total dividends paid or payable on all securities with respect to the financial year

	30 June 2019 $’000	30 June 2018 $’000
Ordinary securities	2,184	1,003
Total	2,184	1,003

Net tangible assets per security
	30 June 2019	30 June 2018
Net tangible assets per security	5 cents	94 cents

Entities over which control has been gained or lost during the period

On 28 June 2019 LogiCamms Limited gained control of the following entities:

Company Name	ACN
OSD Pty Ltd	ACN 058 047 046
OSD Asset Services Pty Ltd	ACN 117 904 042
PIPEd Pty Ltd	ACN 117 496 741
OSD Projects Pty Ltd	ACN 153 827 279
OSD Velocity Pty Ltd	ACN 611 464 996
GWB Engineering Pty Ltd	ACN 058 405 762

Other than the above listed entities, there were no other changes to entities controlled by the Group during the year.

Details of associates and joint venture entities

The Group does not have any associates or joint venture entities.

Other information

Except for the matters noted above, all the disclosure requirements pursuant to ASX Listing Rule 4.3A are contained within LogiCamms Limited’s Annual Financial Report for the year ended 30 June 2019 (which is set out in the 2019 Annual Report and released to market on 30 August 2019). This report is based on the Annual Financial Report which has been audited.

This report should be read in conjunction with the 2019 Annual Report released to market on 30 August 2019.

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_______ Charles Rottier Chairperson 30 August 2019