WAM ACTIVE LIMITED — Interim / Quarterly Report 2017

Feb 14, 2017

WAM ACTIVE LIMITED

ABN 49 126 420 719

Appendix 4D Half Year Report

for the half year ended 31 December 2016

Results for Announcement to the Market

All comparisons to the half year ended 31 December 2015

		$	up/down	% mvmt
Revenue from ordinary activities	2,828,366		down	(43.5%)
Profit from ordinary activities before income tax expense		1,775,071	down	(50.2%)
Net profit from ordinary activities after income tax expense	1,332,878		down	(48.9%)
		Franked amount		Tax rate for
Dividend information	Cents per share	per share		franking
2017 Interim dividend cents per share	2.75c	2.75c		30%
2016 Final dividend cents per share	2.5c		2.5c	30%
Interim dividend dates
Ex dividend date				16 May 2017
Record date				17 May 2017
Last election date for the DRP				19 May 2017
Payment date				26 May 2017

Dividend Reinvestment Plan

The Dividend Reinvestment Plan (‘DRP’) is in operation and the recommended fully franked interim dividend of 2.75 cents per share qualifies. Participating shareholders will be entitled to be allotted the number of shares (rounded to the nearest whole number) which the cash dividend would purchase at the relevant issue price. The relevant issue price will be at a 2.5% discount to the price, calculated as the VWAP (volume weighted average market price) of shares sold on the ASX on the ex date for the relevant dividend and the 3 trading days following that date.

	31 Dec 16	31 Dec 15
Net tangible asset backing (after tax) per share	$1.05*	$1.05

*The NTA figures are not diluted for the options on issue with an exercise price of $1.14.

This report is based on the Half Year Financial Report which has been subject to independent review by the Auditors, Pitcher Partners. All the documents comprise the information required by Listing Rule 4.2A.This information should be read in conjunction with the 30 June 2016 Annual Financial Report.

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Financial Report For the half year ended 31 December 2016

WAM Active Limited

WAM Active Limited (WAM Active or the Company) is a Listed Investment Company and is a reporting entity. It is primarily an investor in equities listed on the Australian Securities Exchange.

Auditor

Directors

Geoff Wilson (Chairman) Pitcher Partners Matthew Kidman John Abernethy Kate Thorley Australia Chris Stott

Country of Incorporation Australia

Registered Office

Company Secretary

Level 11, 139 Macquarie Street Sydney NSW 2000

Linda Vo

Investment Manager

Contact Details

MAM Pty Limited Postal Address: GPO Box 4658 Level 11, 139 Macquarie Street Sydney NSW 2001 Sydney NSW 2000 T: (02) 9247 6755 F: (02) 9247 6855 E: info@wilsonassetmanagement.com.au

W: wilsonassetmanagement.com.au

Share Registry

Boardroom Pty Limited Level 12, 225 George Street Sydney NSW 2000 T: (02) 9290 9600 F: (02) 9279 0664

For enquiries relating to shareholdings, dividends (including participation in the dividend reinvestment plan) and related matters, please contact the share registry.

Australian Securities

Exchange

WAM Active Limited Ordinary Shares (WAA) WAM Active Limited Options (WAAO)

Contents

Directors’ Report to shareholders	4
Auditor’s Independence Declaration	6
Statement of comprehensive income	7
Statement of financial position	8
Statement of changes in equity	9
Statement of cash flows	10
Notes to the financial statements	11
Directors’ Declaration	15
Independent Auditor’s Review Report	16

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WAM Active Limited Half Year Report Dec 16

wilsonassetmanagement.com.au ABN 49 126 420 719

Directors’ Report to shareholders for the half year ended 31 December 2016

The Directors present their report together with the financial report of WAM Active Limited for the half year ended 31 December 2016.

Directors

The following persons were Directors of the Company during the financial period and up to the date of this report:

• Geoff Wilson (Chairman – Non-independent)

• Matthew Kidman (Director – Independent)

• John Abernethy (Director – Independent)

• Chris Stott (Director – Non-independent)

• Kate Thorley (Director – Non-independent)

Principal activity

The principal activity of the Company is investing in listed companies. The Company’s investment objectives are to deliver a regular income stream of fully franked dividends, to provide a positive return with low volatility and to preserve capital. No change in this activity took place during the period or is likely in the future.

Operating and financial review

Investment operations over the half year resulted in an operating profit before tax of $1,775,071 (2015: $3,564,968) and an operating profit after tax of $1,332,878 (2015: $2,606,469). The change in profit is a reflection of the change in value of the investment portfolio. The investment portfolio rose 7.4% in the six months to December 2016 while the portfolio increased 14.4% in the previous corresponding period. This reduction in absolute performance negatively impacted the half year profit.

Under Accounting Standards, realised gains and losses on the investment portfolio and dividend income are added to or reduced by changes in the market value of the Company’s investments. This can lead to large variations in reported profits. We believe a more appropriate measure of the results is the change in Net Tangible Assets (NTA) per share. WAM Active’s after tax NTA, adjusted for dividends, increased 3.6% for the 6 months to 31 December 2016.

The NTA after tax for each share as at 31 December 2016 amounted to $1.05 per share (2015: $1.05). The NTA before tax was $1.06 per share (2015: $1.05). These figures are after 2.5 cents of fully franked dividends paid to shareholders during the period (2015: 2.5 cents).

The total shareholder return for the Company for the period to 31 December 2016 was 17.2%, adjusted for dividends reinvested and options issued during the period.

On 11 August 2016, the Company announced a one-for-one bonus option issue to all shareholders at no cost. A total of 34,992,362 options were allotted to shareholders on the 19 September 2016. The options have an exercise price of $1.14 per share and can be exercised at any time on or before 17 September 2018. The options are currently trading on the Australian Securities Exchange under the code WAAO.

As at 31 December 2016, a total of 411,027 options had been exercised for a total consideration of $468,571, with the remaining balance of outstanding options being 34,581,335.

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WAM Active Limited Half Year Report Dec 16

wilsonassetmanagement.com.au ABN 49 126 420 719

Director’s Report to shareholders for the half year ended 31 December 2016

A fully franked dividend of 2.5 cents per share was paid in the 6 month period to 31 December 2016 and an interim dividend of 2.75 cents per share fully franked has been declared by the Board and will be paid on 26 May 2017.

Rounding of amounts to nearest dollar

In accordance with ASIC Corporations (rounding in Directors’ Reports) Instrument 2016/191, the amounts in the Directors’ Report have been rounded to the nearest dollar.

Auditor’s Independence Declaration

A copy of the Auditor’s Independence Declaration as required under Section 307C of the Corporations Act 2001 in relation to the review for the half-year is set out on page 6 of this financial report.

Signed in accordance with a resolution of the Board of Directors.

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Geoff Wilson

Chairman

Dated in Sydney this 15[th] day of February 2017

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WAM Active Limited Half Year Report Dec 16

wilsonassetmanagement.com.au ABN 49 126 420 719

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AUDITOR’S INDEPENDENCE DECLARATION TO THE DIRECTORS OF WAM ACTIVE LIMITED ABN 49 126 420 719

In relation to the independent auditor’s review for the half-year ended 31 December 2016, to the best of my knowledge and belief there have been:

• (i) no contraventions of the auditor independence requirements of the Corporations Act 2001; and

• (ii) no contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of WAM Active Limited during the period.

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CHRIS CHANDRAN Partner

PITCHER PARTNERS Sydney

15 February 2017

6

Pitcher Partners is an association of independent firms Melbourne | Sydney | Perth | Adelaide | Brisbane| Newcastle An independent member of Baker Tilly International

An independent New South Wales Partnership. ABN 17 795 780 962. Level 22 MLC Centre, 19 Martin Place, Sydney NSW 2000 Liability limited by a scheme approved under Professional Standards Legislation

Statement of comprehensive income for the half year ended 31 December 2016

Net realised and unrealised gains on financial assets Investment revenue Performance fees Management fees Directors fees Custody fees ASX listing and chess fees Share registry fees Brokerage expense on share purchases Expenses paid on borrowed stock Payroll tax Other expenses from ordinary activities Profit before income tax Income tax expense Profit attributable to members of the Company Other comprehensive income Other comprehensive income for the period, net of tax Total comprehensive income for the period Basic earnings per share Diluted earnings per share	Note December 2016 $ December 2015 $
	1,712,811 4,230,288
	2 1,115,555 772,878
	(457,102) (912,056)
	(197,745) (186,478)
	(45,000) (45,000)
	(1,534) (25,969)
	(44,413) (39,442)
	(22,762) (21,705)
	(141,527) (122,888)
	(25,468) (14,695)
	(2,453) -
	(115,291) (69,965)
	1,775,071 3,564,968
	(442,193) (958,499)
	6 1,332,878 2,606,469
	- -
	1,332,878 2,606,469
	3.8 cents 7.5 cents
	3.8 cents 7.5 cents

The accompanying notes form part of these financial statements.

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WAM Active Limited Half Year Report Dec 16

wilsonassetmanagement.com.au ABN 49 126 420 719

Statement of financial position as at 31 December 2016

Current assets Cash and cash equivalents Trade and other receivables Financial assets Total current assets Non-current assets Deferred tax assets Total non-current assets Total assets Current liabilities Financial liabilities Trade and other payables Current tax liabilities Total current liabilities Non-current liabilities Deferred tax liabilities Total non-current liabilities Total liabilities Net assets Equity Issued capital Reserves Accumulated losses Total equity	Note December 2016 $ June 2016 $
	6,881,697 15,974,380
	544,339 3,139,528
	31,441,301 20,720,803
	38,867,337 39,834,711
	27,627 9,156
	27,627 9,156
	38,894,964 39,843,867
	- 938,859
	833,406 2,181,895
	443,907 162,155
	1,277,313 3,282,909
	- 5,231
	- 5,231
	1,277,313 3,288,140
	37,617,651 36,555,727
	4 35,879,906 35,263,028
	5 3,055,504 2,610,458
	6 (1,317,759) (1,317,759)
	37,617,651 36,555,727

The accompanying notes form part of these financial statements.

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WAM Active Limited wilsonassetmanagement.com.au Half Year Report Dec 16 ABN 49 126 420 719

Statement of changes in equity for the half year ended 31 December 2016

Balance at 1 July 2015 Profit for the half year Transfer to profits reserve Other comprehensive income for the half year Transaction with owners: Shares issued via dividend reinvestment plan Dividends paid Balance at 31 December 2015 Balance at 1 July 2016 Profit for the half year Transfer to profits reserve Other comprehensive income for the half year Transaction with owners: Shares issued via dividend reinvestment plan Shares issued via exercise of options Capitalised option issue costs Dividends paid Balance at 31 December 2016		Note Issued capital $ Accumulated losses $ Profits reserve $ Total equity $
		34,849,177 (1,250,500) 1,143,942 34,742,619
		- 2,606,469 - 2,606,469
		- (2,606,469) 2,606,469 -
		- - - -
		4(b) 208,389 - - 208,389
		3(a) - - (867,345) (867,345)
		35,057,566 (1,250,500) 2,883,066 36,690,132
		35,263,028 (1,317,759) 2,610,458 36,555,727
		- 1,332,878 - 1,332,878
		(1,332,878) 1,332,878 -
		- - - -
		4(b) 197,299 - - 197,299
		4(b) 468,571 - - 468,571
		4(b) (48,992) - - (48,992)
		3(a) - - (887,832) (887,832)
		35,879,906 (1,317,759) 3,055,504 37,617,651

The accompanying notes form part of these financial statements.

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WAM Active Limited Half Year Report Dec 16

wilsonassetmanagement.com.au ABN 49 126 420 719

Statement of cash flows for the half year ended 31 December 2016

Cash flows from operating activities Proceeds from sale of investments Payments for purchase of investments Dividends received Interest received Trust distributions received Underwriting fees received Management fees (inclusive of GST) Performance fees (inclusive of GST) Brokerage expense on share purchases (inclusive of GST) Payments for administration expenses (inclusive of GST) GST on brokerage expense on share sales Net GST received from the ATO Income tax paid Net cash used in operating activities Cash flows from financing activities Dividends paid – net of reinvestment Proceeds from issue of shares Payments for issue of options Net cash used in financing activities Net decrease in cash and cash equivalents held Cash and cash equivalents at the beginning of the half year Cash and cash equivalents at end of the half year	Note December 2016 $ December 2015 $
	74,703,099 58,756,453
	(82,720,274) (60,230,274)
	524,779 458,948
	126,073 106,147
	391,174 220,995
	5,709 52,356
	(211,568) (230,480)
	(1,139,721) (267,314)
	(151,777) (131,695)
	(269,125) (235,889)
	(8,573) (8,405)
	112,618 -
	(163,147) (860,347)
	(8,800,733) (2,369,505)
	(690,533) (658,958)
	468,571 -
	(69,988) -
	(291,950) (658,958)
	(9,092,683) (3,028,463)
	15,974,380 10,691,455
	6,881,697 7,662,992

The accompanying notes form part of these financial statements.

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WAM Active Limited Half Year Report Dec 16

wilsonassetmanagement.com.au ABN 49 126 420 719

Notes to the financial statements for the half year ended 31 December 2016

1. Summary of significant accounting policies

These condensed interim financial statements and notes for the half year represent those of WAM Active Limited.

The half year financial report was authorised for issue on 15 February 2017 by the Board of Directors.

Basis of preparation

The half year financial statements are general purpose financial statements that have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards AASB 134: Interim Financial Reporting, Australian Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board.

The half year report does not include full disclosures of the type normally included in an annual financial report. It is recommended that the half year financial report be read in conjunction with the Annual Financial Report for the year ended 30 June 2016 and any public announcements made by the Company during the half year in accordance with continuous disclosure requirements arising under the Corporations Act 2001.

Except for cash flow information, the financial statements have been prepared on an accruals basis and are based on historical cost with the exception of certain financial assets and liabilities that have been measured at fair value.

In accordance with ASIC Corporations (rounding in financial reports) Instrument 2016/191, the amounts in the financial report have been rounded to the nearest dollar.

There are no new and revised accounting requirements significantly affecting the half year financial statements. The accounting policies have been consistently applied by the Company throughout the period and are consistent with those applied in the 30 June 2016 Annual Financial Report.

2. Investment revenue

Australian sourced dividends Interest Trust distributions Foreign sourced dividends Underwriting fees	December 2016 $ December 2015 $
	356,332 452,258
	113,200 105,109
	622,120 205,792
	19,570 -
	4,333 9,719
	1,115,555 772,878

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WAM Active Limited Half Year Report Dec 16

wilsonassetmanagement.com.au ABN 49 126 420 719

Notes to the financial statements for the half year ended 31 December 2016

3. Dividends

a) Ordinary dividends paid during the period

Final Dividend FY2016: 2.5 cents per share fully franked at 30% tax rate paid 28 October 2016 (Final dividend FY2015: 2.5 cents per share fully franked) b) Dividends not recognised during the period Interim Dividend FY2017: Since the end of the period the Directors have declared a 2.75 cents per share dividend fully franked at 30% tax rate payable on 26 May 2017 (Interim dividend FY2016: 2.5 cents per share fully franked). 4. Issued capital a) Paid-up capital 35,696,621 ordinary shares fully paid (June 2016: 35,109,715) b) Ordinary shares Balance at the beginning of the period 175,879 ordinary shares issued on 28 October 2016 under a dividend reinvestment plan 411,027 ordinary shares issued from the exercise of options exercise price $1.14 Share issue costs (net of tax) 215,968 ordinary shares issued on 30 October 2015 under a dividend reinvestment plan 199,987 ordinary shares issued on 29 April 2016 under a dividend reinvestment plan At reporting date	December 2016 $ December 2015 $
	887,832 867,346
	December 2016 $ December 2015 $
	981,657 872,745
	December 2016 $ June 2016 $
	35,879,906 35,263,028
	December 2016 $ June 2016 $
	35,263,028 34,849,177
	197,299 -
	468,571 -
	(48,992) -
	- 208,389
	- 205,462
	35,879,906 35,263,028

c) Options

On 11 August 2016, the Company announced a one-for-one bonus option issue to all shareholders at no cost. A total of 34,992,362 options were allotted to shareholders on the 19 September 2016. The options have an exercise price of $1.14 per share and can be exercised at any time on or before 17 September 2018. The options are currently trading on the Australian Securities Exchange under the code WAAO. As at 31 December 2016, a total of 411,027 options had been exercised for a total consideration of $468,571, with a remaining balance of outstanding options being 34,581,335.

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WAM Active Limited Half Year Report Dec 16

wilsonassetmanagement.com.au ABN 49 126 420 719

Notes to the financial statements for the half year ended 31 December 2016

5. Reserves

5. Reserves
Profits reserve	December 2016 $ June 2016 $
	3,055,504 2,610,458

The profit reserve is made up of amounts transferred from current period profits and are preserved for future dividend payments.

Movement in profits reserve Balance at the beginning of the period Transfer of profits during the period Final dividend paid (refer to note 3a) Interim dividend paid (refer to note 3b) At reporting date	December 2016 $ June 2016 $
	2,610,458 1,143,942
	1,332,878 3,206,607
	(887,832) (867,346)
	- (872,745)
	3,055,504 2,610,458

6. Accumulated losses

Balance at the beginning of the period Transfer to profits reserve Profit for the period attributable to members of the Company At reporting date	December 2016 $ June 2016 $
	(1,317,759) (1,250,500)
	(1,332,878) (3,206,607)
	1,332,878 3,139,348
	(1,317,759) (1,317,759)

7. Financial instruments measured at fair value

AASB 13: Fair Value Measurement requires the disclosure of fair value information using a fair value hierarchy reflecting the significance of the inputs in making the measurements. The fair value hierarchy consists of the following levels:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (as prices) or indirectly (derived from prices).

Level 3: Inputs for the asset or liability are not based on observable market data (unobservable inputs).

Included within Level 1 of the hierarchy are listed investments. The fair values of these financial assets and liabilities have been based on the closing quoted last prices at the end of the reporting period, excluding transaction costs.

In valuing unlisted investments, included in Level 2 of the hierarchy, valuation techniques such as those using comparisons to similar investments for which market observable prices are available or the last sale price have been adopted to determine the fair value of these investments.

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WAM Active Limited wilsonassetmanagement.com.au Half Year Report Dec 16 ABN 49 126 420 719

Notes to the financial statements for the half year ended 31 December 2016

7. Financial instruments measured at fair value (cont’d)

The following table presents the Company’s financial assets and liabilities measured and recognised at fair value at 31 December 2016:

31 December 2016 Financial assets Financial liabilities Total 30 June 2016 Financial assets Financial liabilities Total	Level 1 $ Level 2 $ Level 3 $ Total $
	30,867,766 573,535 - 31,441,301
	- - - -
	30,867,766 573,535 - 31,441,301
	Level 1 $ Level 2 $ Level 3 $ Total $
	20,253,481 467,322 - 20,720,803
	(938,859) - - (938,859)
	19,314,622 467,322 - 19,781,944

8. Segment reporting

The Company currently engages in investing activities, including cash, term deposits and equity investments. It has no reportable business or geographic segments.

9. Capital commitments

There were no capital commitments entered into by the Company before period end which settle after period end (June 2016: nil).

10. Contingent liabilities

There are no contingent liabilities for the company as at 31 December 2016 (June 2016: $nil).

11. Events subsequent to reporting date

Since the end of the half year, the Board has declared a final dividend of 2.75 cents per share fully franked to be paid on 26 May 2017.

No other matter or circumstance has arisen since the end of the period which significantly affect or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in subsequent financial periods.

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WAM Active Limited wilsonassetmanagement.com.au Half Year Report Dec 16 ABN 49 126 420 719

Directors’ Declaration

The Directors of WAM Active Limited declare that:

1. The financial statements and notes, as set out on pages 7 to 14, are in accordance with the Corporations Act 2001, including:

2. a) Complying with Australian Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

3. b) Giving a true and fair view of the financial position of the Company as at 31 December 2016 and of its performance for the half year ended on that date.

4. In the Directors’ opinion 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 the Board of Directors.

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Geoff Wilson

Chairman

Dated in Sydney this 15[th] day of February 2017

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WAM Active Limited Half Year Report Dec 16

wilsonassetmanagement.com.au ABN 49 126 420 719

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Independent Auditor’s Review Report to the Members of WAM Active Limited ABN: 49 126 420 719

Report on the period of Half Year Financial Report

We have reviewed the accompanying half-year financial report of WAM Active Limited (“the company”) , which comprises the statement of financial position as at 31 December 2016, statement of comprehensive income, statement of changes in equity and statement of cash flows for the halfyear ended on that date, a summary of significant accounting policies, other selected explanatory notes and the directors’ declaration of the company.

Directors’ Responsibility for the period of 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 gives a true and fair view and 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 company’s financial position as at 31 December 2016 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 WAM Active Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of the half-year financial report consists of making enquiries, primarily of persons responsible for the 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.

16

Pitcher Partners is an association of independent firms Melbourne | Sydney | Perth | Adelaide | Brisbane| Newcastle An independent member of Baker Tilly International

An independent New South Wales Partnership. ABN 17 795 780 962. Level 22 MLC Centre, 19 Martin Place, Sydney NSW 2000 Liability limited by a scheme approved under Professional Standards Legislation

INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF WAM ACTIVE LIMITED ABN 49 126 420 719

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Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 .

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 WAM Active Limited is not in accordance with the Corporations Act 2001 , including:

• (i) giving a true and fair view of the company’s financial position as at 31 December 2016 and of its performance for the half-year ended on that date; and

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

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CHRIS CHANDRAN Partner

PITCHER PARTNERS Sydney

15 February 2017

17

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wilsonassetmanagement.com.au info@wilsonassetmanagement.com.au Telephone. + 61 2 9247 6755 Level 11, 139 Macquarie Street Fax. +61 2 9247 6855 Sydney NSW 2000 Australia