For personal use only. Ezeatm Limited (Formerly Oakajee Investments Limited) ABN

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1 Half-Year Report and Appendix 4D for the period ended 31 December 2011

2 Results for Announcement to the Market for the Half-year ended 31 December 2011 Current Reporting Period : Half-year ended 31 December 2011 Previous Reporting Period : Not applicable as the Company was admitted to the official list of the ASX on 5 October Revenue and Net Profit (Loss) Percentage change % Amount Revenue - 799,315 EBITDA - 253,855 Net Profit (Loss) - (53,748) 2.Brief Explanation of Revenue and Net Profit (Loss) The net loss of the Company for the financial period after providing for income tax amounted to 53,748. The net earnings before income tax, depreciation and abnormal expenses amounted to 251,855. The Company completed its initial public offering and was admitted to the official list of the ASX on 5 October 2011 and the official quotation on the ASX on 7 October Under its prospectus, a total of 17,500,000 shares were issued at an issue price of 20 cents each to raise 3,500,000 before expenses of the offer. Additionally, the Company has acquired the ATM business and contract of Ezeatm Pty Ltd which involved the deployment of ATMs in small to medium size businesses at 86 sites across Australia generating approximately 650,000 transactions per annum. As at 31 December 2011 the Company had 126 active sites on its ATM network and generating approximately 1,100,000 transactions per annum. As announced to the ASX on 14 October 2011 the Company has significantly increased its number of active ATMs and annualised transactions during the period. Further, on 1 December 2011 the Company announced that it had acquired the Australian ATM operations of icash Payment Systems Limited (ASX : ICP) for 16,000,000 and this would increase the number of active ATMs on the network to over 1,800 ATMs and annualised transactions of more than 10,000,000. During the period a non-refundable deposit of 1,000,000 was paid to icash Payment Systems Limited and business combination expenses of 80,243 were incurred in relation to the acquisition. At the end of the half-year period ending 31 December 2010 the Company had 3,948,603 in cash and cash equivalents. Within cash is 2,070,000 of restricted funds received from sophisticated investors as at 31 December These funds were received in relation to the subsequent acquisition of ATM One Pty Limited and would be returned should this transaction not go through. Page 2

3 3.Dividends Paid and Declared No dividends were paid during the half-year and the directors recommend that no dividends be paid or declared for the half-year ended 31 December Net Tangible Asset per Security NTA Backing 31 December December 2010 Net Assets as per Balance Sheet 7,272,387 - Securities on Issue 40,000,000 - Net Tangible Asset Backing per Security (cents/security) 5.Details of Entities Over Which Control Has Been Gained or Lost Not applicable 6.Information on Audit or Review The Half-year accounts of have been subject to review. Description of dispute or qualification if the accounts have been audited or subjected to review. None. Page 3

4 Interim Financial Report for the half-year ended 31 December 2011

5 CONTENTS Page Company Details 3 Directors Report 4 Auditor s Independence Declaration 7 Condensed Statement of Comprehensive Income 8 Condensed Statement of Financial Position 9 Condensed Statement of Changes in Equity 10 Condensed Statement of Cash Flows 11 Notes to the Financial Statements 12 Directors Declaration 21 Independent Auditor s Review Report 22 Page 2

6 COMPANY DETAILS Directors Company Secretary Registered Office Mark Wesley Jones (Chairman) Todd Zani (Chief Executive Officer & Executive Director) Chad Zani (Director : Sales & Marketing & Executive Director) Zaffer Soemya (Non-Executive Director) Graham Douglas Anderson 14 Emerald Terrace West Perth, Western Australia, 6005 Head Office Unit 1 25 Montgomery Way Malaga, Western Australia, 6090 Telephone (08) Facsimile (08) Postal Address PO Box 3344 Malaga DC, Western Australia, 6945 Auditors Lawyers HLB Mann Judd Level 4, 130 Stirling Street Perth, Western Australia, 6000 Kings Park Corporate Lawyers Suite 8, 8 Clive Street West Perth, Western Australia, 6005 Page 3

7 DIRECTORS REPORT Your directors submit the financial report of the company for the half-year ended 31 December The Company was formerly called Oakajee Investments Limited and was renamed on 4 October The Company was registered on 27 May In order to comply with the provisions of the Corporations Act 2001, the directors report as follows: Directors The names of the directors who held office during or since the end of the interim period and until the date of this report are noted below. Directors were in office for the entire period unless otherwise stated: Mr Mark Wesley Jones Mr Todd Zani : (Appointed 4 October 2011) Mr Chad Zani : (Appointed 4 October 2011) Mr Zaffer Soemya Mr Graham Douglas Anderson : (Resigned as a Director on 4 October 2011 and appointed as Company Secretary on the same day) Principal Activities The principal activities of the Company are the placement of ATMs in small to medium size businesses in both urban and remote locations. Review of Operations The Company completed its initial public offering and was admitted to the official list of the ASX on 5 October 2011 with official quotation on the ASX on 7 October Under its prospectus, a total of 17,500,000 shares were issued at an issue price of 20 cents each to raise 3,500,000 before expenses of the offer. Additionally, the Company has acquired the ATM business of Ezeatm Pty Ltd which involved the deployment of ATMs in small to medium size businesses at 86 sites across Australia generating approximately 650,000 transactions per annum. As at 31 December 2011 the Company had 126 active sites on its ATM network and is generating approximately 1,100,000 transactions per annum. As announced to the ASX on 14 October 2011 the Company has significantly increased its number of active ATMs and annualised transactions during the period. Furthermore, on 1 December 2011 the Company announced that it had acquired the Australian ATM operations of icash Payment Systems Limited (ASX : ICP) for 16,000,000 subject to shareholder approval and this will increase the number of active ATMs on the network to over 1,800 ATMs and annualised transactions of more than 10,000,000. During the period a non-refundable deposit of 1,000,000 was paid to icash Payment Systems Limited and business combination expenses of 80,243 were incurred in relation to the acquisition. Page 4

8 The net loss of the Company for the financial period after providing for income tax amounted to 53,748. Events Subsequent to the End of the Reporting Period The acquisition of the Australian ATM operations of icash Payment Systems Limited via the acquisition of icash s subsidiary ATM One Pty Ltd ( ATM One ) was approved by the shareholders on 13 January Ezeatm funded the acquisition through the issue of 25,000,000 shares at 0.40 to raise 10,000,000 under a placement, cash of 2,000,000 and a finance facility of 4,000,000 from the National Australia Bank Limited. The material terms of the Share Sale Agreement were as follows: a) Ezeatm acquired 100% of the share capital in icash s wholly owned subsidiary ATM One, which operates icash s Australian ATM network. b) ATM One was acquired for 16,000,000. To achieve this: i) icash was paid a 1,000,000 non-refundable deposit (which has been paid) and 12,230,727 in cash at completion; ii) iii) Ezeatm paid certain creditors of ATM One 1,800,768 at completion; Ezeatm has assumed in effect adjusted net current liabilities of approximately 968,505. c) Ezeatm has not assumed any employee or lease obligations from icash, and appropriate warranties are given in this regard. On 18 January 2012, the Company signed a heads of agreement to enter into a joint venture agreement with Australia s leading drive-thru coffee business Muzz Buzz Franchising Ltd ( Muzz Buzz ). The heads of agreement will see both parties form a joint venture to install Muzz Buzz Money Machine branded ATMs at selected Muzz Buzz drive-thru locations across Australia. The first branded ATMs will be installed in April 2012 before being progressively rolled out across the 45+ Muzz Buzz franchise network which operates throughout Queensland, Victoria, South Australia and Western Australia. No other matters or events have arisen since the end of the half-year which significantly affected 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 years. Auditor s Independence Declaration Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann Judd, to provide the directors of the Company with an independence declaration in relation to the review of the interim financial report. This Independence Declaration is set out on page 7 and forms part of the directors report for the half-year ended 31 December Page 5

9 This report is signed in accordance with a resolution of the Board of Directors made pursuant to Section 306(3) of the Corporations Act Mr Todd Zani Chief Executive Officer Dated this 29 th February 2012 Perth, Western Australia Page 6

10 AUDITOR S INDEPENDENCE DECLARATION As lead auditor for the review of the financial report of for the half-year ended 31 December 2011, I declare that to the best of my knowledge and belief, there have been no contraventions of: a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b) any applicable code of professional conduct in relation to the review. Perth, Western Australia M R W OHM 29 February 2012 Partner, HLB Mann Judd HLB Mann Judd (WA Partnership) ABN Level Stirling Street Perth 6000 PO Box 8124 Perth BC 6849 Western Australia. Telephone +61 (08) Fax +61 (08) hlb@hlbwa.com.au. Website: Liability limited by a scheme approved under Professional Standards Legislation HLB Mann Judd (WA Partnership) is a member of International, a world-wide organisation of accounting firms and business advisers Page 7

11 CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2011 Note 31 Dec 2011 Revenue 3 799,315 Raw materials and consumables used (229,684) Accountancy expenses (25,404) Advertising expenses (17,570) Depreciation and amortisation expenses (225,360) Employee benefits expenses (183,848) Freight and cartage (3,748) Other expenses (167,449) Loss before income tax (53,748) Income tax benefit - Loss after tax (53,748) Other comprehensive income - Total comprehensive loss for the period (53,748) Basic earnings per share (cents per share) (0.25) The accompanying notes form part of these financial statements. Page 8

12 CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2011 Notes 31 Dec June 2011 ASSETS CURRENT ASSETS Cash and cash equivalents 2 3,948,603 - Trade and other receivables 124, Other current assets 5 23,412 22,338 TOTAL CURRENT ASSETS 4,096,530 22,438 NON-CURRENT ASSETS Property, plant and equipment 8 4,897,074 - Intangible assets 9 462,025 - Other non-current assets 5 1,000,000 - TOTAL NON-CURRENT ASSETS 6,359,099 - TOTAL ASSETS 10,455,629 22,438 LIABILITIES CURRENT LIABILITIES Trade and other payables 7 2,768,142 - Financial liabilities 6 85,560 22,338 Employee benefits liability 30,507 - TOTAL CURRENT LIABILITIES 2,884,209 22,338 NON-CURRENT LIABILITIES Financial liabilities 6 299,033 - TOTAL NON-CURRENT LIABILITIES 299,033 - TOTAL LIABILITIES 3,183,242 22,338 NET ASSETS 7,272, EQUITY Issued capital 4 7,326, Accumulated losses (53,748) - TOTAL EQUITY 7,272, The accompanying notes form part of these financial statements. Page 9

13 CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2011 Note Issued Capital Accumulated losses Total Balance at 1 July Loss for the period - (53,748) (53,748) Total comprehensive loss for the - (53,748) (53,748) half-year Share issued during the half-year 4 7,999,900-7,999,900 Share issue costs (673,865) - (673,865) Balance at 31 December ,326,135 (53,748) 7,272,387 The accompanying notes form part of these financial statements. Page 10

14 CONDENSED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2011 Note 31 Dec 2011 Cash flows from operating activities Receipts from customers 385,883 Interest received 75,580 Payments to suppliers and employees (457,097) Interest paid (9,964) Net cash outflow from operating activities (5,598) Cash flows from investing activities Payments for property, plant and equipment (397,913) Deposit paid on icash acquisition (1,000,000) Net cash outflow from investing activities (1,397,913) Cash flows from financing activities Proceeds from related party borrowings - Proceeds from issue of shares 3,500,000 Repayment of borrowings (43,920) Share subscriptions received in advance 2,070,000 Payment for capital raising costs (173,966) Net cash inflow from financing activities 5,352,114 Net increase in cash held 3,948,603 Cash and cash equivalents at the start of the period - Cash and cash equivalents at the end of the period 2 3,948,603 The accompanying notes form part of these financial statements. Page 11

15 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2011 NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (a) Statement of Compliance These interim financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001, applicable accounting standards including AASB 134 Interim Financial Reporting, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board ( AASB ). Compliance with AASB 134 ensures compliance with IAS 34 Interim Financial Reporting. The Company was registered on 27 May Therefore, no comparative financial information is presented for the statement of comprehensive income, statement of changes in equity and statement of cash flows. This condensed half-year report does not include full disclosures of the type normally included in an annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of Ezeatm Limited as in the full financial report. It is recommended that this financial report be read in conjunction with the annual financial report for the period ended 30 June 2011 and any public announcements made by Ezeatm Limited during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 and the ASX Listing Rules. The accounting policies adopted are consistent with those of the previous financial period. (b) Basis of Preparation The interim report has been prepared on a historical cost basis. There has been no revaluation of any assets or financial instruments to fair value for this half-year. Cost is based on the fair value of the consideration given in exchange for assets. The company is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise noted. For the purpose of preparing the interim report, the half-year has been treated as a discrete reporting period. (c) Significant accounting judgements and key estimates The preparation of interim financial reports requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. Except as described below, in preparing this interim report, the significant judgments made by management in applying the company s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial report for the period ended 30 June Page 12

16 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2011 NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) (c) Significant accounting judgements and key estimates (continued) Impairment of goodwill The Company determines whether goodwill is impaired at least on an annual basis unless there are other impairment indicators. Given the losses incurred during the period to 31 December 2011 the Company undertook an impairment assessment at reporting date. For the purpose of impairment testing, the recoverable amount of the cash generating unit has been determined on a value-in-use calculation using cash flow projections based on the forecast profit before tax for the 2012 financial year. The carrying amount of goodwill allocated to the cash generating unit amounts to 462,025 (30 June 2011: nil). Based upon this assessment, the Directors are satisfied that no impairment exists in relation to goodwill as at 31 December Share based payment transactions The Company measures the cost of equity-settled transactions with Directors and employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined using the Black Scholes option pricing model. The related assumptions are detailed in note 4. (d) Going concern The directors are of the opinion that the company is a going concern for the following reasons: As at balance date the Company had 3,948,603 in cash and cash equivalents. Within cash is 2,070,000 of restricted funds received from sophisticated investors as at 31 December These funds were received in relation to the subsequent acquisition of the Australia ATM operations of icash Payment System Limited through its wholly owned subsidiary, ATM One Pty Limited. Subsequent to balance date the Company raised a further 10,000,000 by way of issue of 25,000,000 shares at 0.40 to sophisticated investors as part of the funding of the acquisition of the Australian ATM operations of icash Payment Systems Limited. A finance facility of 4,000,000 was provided by National Australia Bank Limited and the balance of the 16,000,000 purchase price was paid by way of cash. The finance liability has a maturity date of 18 January As announced to the ASX on 1 December 2011 the combined business is estimated to achieve an annualized EBITDA of 5,000,000 and as at the date of this report the Company is well on track to achieve this. At this time, the directors are of the opinion that no asset is likely to be realised for an amount less than the amount at which it is recorded in the financial statements at 31 December Page 13

17 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2011 NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) (e) Adoption of new and revised accounting standards In the half-year ended 31 December 2011, the Directors of have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to its operations and effective for annual reporting periods beginning on or after 1 July It has been determined by the Directors that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change is necessary to its accounting policies. The Directors have also reviewed all new Standards and Interpretations that have been issued but are not yet effective for the half-year ended 31 December As a result of this review the Directors have determined that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change is necessary to its accounting policies. NOTE 2: CASH AND CASH EQUIVALENTS 31 Dec Jun 2011 Cash at bank and on hand 3,948,603 - Within cash and cash equivalents is 2,070,000 of restricted funds received from sophisticated investors as at 31 December These funds were received in relation to the subsequent acquisition of ATM One Pty Limited which occurred on 25 January 2012 following shareholder approval. The funds relate to the 10,000,000 share placement as part of the acquisition as detailed in Note 12. NOTE 3: REVENUE 31 Dec 2011 Transaction fees 504,084 Bank interest 75,580 Maintenance fees 6,314 Gain on reduction in debt (i) 213, ,315 (i) As part of the acquisition of ATM One Pty Ltd which occurred subsequent to yearend, a commercial reduction in the value of the HP liabilities owing to ATM One Pty was agreed during the negotiations with the vendor. As this reduction was agreed prior to period end the corresponding gain on extinguishment of this portion of the debt has been recorded in the current period. Page 14

18 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2011 NOTE 4: ISSUED CAPITAL (a) Fully Paid Ordinary Shares 31 Dec June ,000,000 Fully Paid Ordinary Shares (30 June 2011: 100) 8,000, Less: Share issue costs (673,865) - 7,326, Movements in ordinary shares on issue Date Description Number 1 Jul 2011 Opening balance Oct 2011 Shares issued upon initial public offering 17,500, ,500,000 5 Oct 2011 Shares issued to related parties in relation to facilitation of the initial public offering (Refer Note 11) 2,500, ,000 5 Oct 2011 Shares issued as consideration for acquisition of ATM assets (Refer Note 9) 19,999, ,999, Dec 2011 Closing balance 40,000,000 8,000,000 Less: Share issue costs - (673,865) 40,000,000 7,326,135 (b) Options Movements in options over ordinary shares on issue Number At start of period (1 July 2011) - Issue of options to key management personnel 4,000,000 At end of period (31 Dec 2011) 4,000,000 Page 15

19 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2011 NOTE 4: ISSUED CAPITAL (continued) The Company upon being admitted to the ASX granted Messrs Todd and Chad Zani 2,000,000 options each which will vest upon the occurrence of the following performance based milestones: i) 500,000 options will vest if the Company installs 500 ATMs which each generate at least 685 transactions per month and a net revenue (after site owner payments and switching costs) of at least 1 per transaction (Tranche 1); ii) iii) 750,000 options will vest if the Company installs 750 ATMs which each generate at least 685 transactions per month and a net revenue (after site owner payments and switching costs) of at least 1 per transaction (Tranche 2); and 750,000 options will vest if the Company installs 1,000 ATMs which each generate at least 685 transactions per month and a net revenue (after site owner payments and switching costs) of at least 1 per transaction (Tranche 3). The exercise price of the options is 0.20 each and the options have an expiry date 2 years from vesting. The following details are relevant to each tranche: Tranche Number Grant Date Expected Vesting Date Value Total Tranche 1 1,000,000 5 Oct Mar ,336 Tranche 2 1,500,000 5 Oct Dec ,536 Tranche 3 1,500,000 5 Oct Sep , ,962 The length of the above vesting periods are determined by the Director s best estimate of the expected achievement of the relevant milestone. These milestones are based upon new organic installations and are not impacted by the icash acquisition. The current period expense of 44,190 has not been recorded on the basis of materiality. The valuation of the options have been determined using the Black-Scholes option pricing model based on the above terms and the following assumptions: Risk free interest rate of 3.46% Volatility of 50% Page 16

20 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2011 Notes 31 Dec June 2011 NOTE 5: OTHER ASSETS Current Deposits Paid 4,454 - Prepaid Share Issue Costs - 22,338 Prepayments 18,958-23,412 22,338 Non-Current Non refundable deposit on acquisition of ATM One Pty Ltd 1,000,000 - NOTE 6: FINANCIAL LIABILITIES Current Loans from Related Parties - 22,338 Hire Purchase Liabilities 13 85,560-85,560 22,338 Non-Current Hire Purchase Liabilities , ,033 - NOTE 7: TRADE AND OTHER PAYABLES Subscription monies received in advance 1 (d) 2,070,000 - Trade creditors and other payables 698,142-2,768,142 - NOTE 8: PROPERTY, PLANT AND EQUIPMENT ATM Machines deployed and held for deployment at WDV Other property, plant and equipment - at WDV 4,799,332-97,742-4,897,074 - Page 17

21 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2011 NOTE 9: BUSINESS COMBINATION Acquisition of Ezeatm Pty Ltd On 5 October 2011, acquired the ATM business of Ezeatm Pty Ltd which is a wholly owned Company of Messrs Todd and Chad Zani. The total cost of the combination was 3,999,900 and comprised an issue of 19,999,900 ordinary shares with a fair value of 0.20 each based on the price at the date of the initial public offering. The fair value of the net identifiable assets is as follows: Fair value at acquisition date Property, plant and equipment 4,192,297 HP Liabilities assumed (641,850) Annual leave accrual (12,572) Provisional fair value of identifiable net assets 3,537,875 Goodwill arising on acquisition 462,025 3,999,900 Acquisition date fair value of consideration transferred: Shares issued, at fair value 3,999,900 Total consideration 3,999,900 NOTE 10: CONTINGENT LIABILITIES There has been no change in contingent liabilities since the last annual reporting date. NOTE 11: RELATED PARTY TRANSACTIONS During the period, a total of 96,456 was paid or payable to directors of the Company, associates of the directors and their related entities. All payments to directors of the Company and their associated are made on normal commercial terms. Pursuant to the Initial Public Offering Prospectus dated 14 July 2011, 1,000,000 shares have been issued to Mr Mark Jones and 500,000 shares have been issued to Mr Graham Anderson for services provided in relation to the offer under the Prospectus. In addition, 1,000,000 shares have been issued to Oakajee Corporation Limited for facilitating the offer. These share-based payments have been recorded at fair value at grant date. Page 18

22 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2011 NOTE 12: EVENTS SUBSEQUENT TO BALANCE DATE The acquisition of the Australian ATM operations of icash Payment Systems Limited via the acquisition of icash s subsidiary ATM One Pty Ltd was approved by the shareholders on 13 January Ezeatm funded the acquisition through the issue of 25,000,000 shares at 0.40 to raise 10,000,000 under a placement, cash of 2,000,000 and a finance facility of 4,000,000 from the National Australia Bank Limited. The material terms of the Share Sale Agreement were as follows: a) Ezeatm acquired 100% of the share capital in icash s wholly owned subsidiary ATM One, which operates icash s Australian ATM network. b) ATM One was acquired for 16,000,000. To achieve this: i) icash was paid 1,000,000 non-refundable deposit (which has been paid) and 12,230,727 in cash at completion; ii) iii) Ezeatm paid certain creditors of ATM One 1,800,768 at completion; Ezeatm has assumed in effect adjusted net current liabilities of approximately 968,505. c) Ezeatm has not assumed any employee or lease obligations from icash, and appropriate warranties are given in this regard. On 18 January 2012, the Company signed a heads of agreement to enter into a joint venture agreement with Australia s leading drive-thru coffee business Muzz Buzz Franchising Ltd ( Muzz Buzz ). The heads of agreement will see both parties form a joint venture to install Muzz Buzz Money Machine branded ATMs at selected Muzz Buzz drive-thru locations across Australia. The first branded ATMs will be installed in April 2012 before being progressively rolled out across the 45+ Muzz Buzz franchise network which operates throughout Queensland, Victoria, South Australia and Western Australia. No other matters or events have arisen since the end of the half-year which significantly affected 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 years. 31 Dec June 2011 NOTE 13: COMMITMENTS Hire Purchase Liabilities payable: Less than one year 85,560 - Between one and five years 299, ,593 - Page 19

23 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2011 NOTE 14: SEGMENT REPORTING AASB 8 requires operating segments to be identified on the basis of internal reports about components of the company that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance. The Company s operating segments have been determined with reference to the monthly management accounts used by the chief operating decision maker to make decisions regarding the Company s operations and allocation of working capital. Due to the size and nature of the Company, the Board as a whole has been determined as the chief operating decision maker. The Company operates in one business segment and one geographical segment, namely the ATM industry in Australia. AASB 8 Operating Segments states that similar operating segments can be aggregated to form one reportable segment. Also, based on the quantitative thresholds included in AASB 8, there is only one reportable segment, namely the ATM business. However, none of the other operating segments currently meet any of the prescribed quantitative thresholds, and as such do not have to be reported separately. has therefore decided to aggregate all their segments into one reportable operating segment. The revenues and results of this segment are those of the Company as a whole and are set out in the statement of comprehensive income. The segment assets and liabilities of this segment are those of the Company and are set out in the statement of financial position. Page 20

24 DIRECTORS DECLARATION In the opinion of the directors of ( the company ): 1. The attached financial statements and notes thereto are in accordance with the Corporations Act 2001 including: (a) complying with Accounting Standards, the Corporations Regulations 2011 and other mandatory professional reporting requirements; and (b) giving a true and fair view of the company s financial position as at 31 December 2011 and of its performance for the half-year then ended; and 2. There are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. This declaration is signed in accordance with a resolution of the Board of Directors made pursuant to s.303 (5) of the Corporations Act Mr Todd Zani Director Dated this 29 th day of February 2012 Page 21

25 INDEPENDENT AUDITOR S REVIEW REPORT To the members of Report on the Condensed Half-Year Financial Report We have reviewed the accompanying half-year financial report of ( the company ), which comprises the condensed statement of financial position as at 31 December 2011, the condensed statement of comprehensive income, condensed statement of changes in equity and condensed 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. 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 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 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 2011 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 As the auditor of the company, 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. Independence In conducting our review, we have complied with the independence requirements of the Corporations Act HLB Mann Judd (WA Partnership) ABN Level 4, 130 Stirling Street Perth WA PO Box 8124 Perth BC 6849 Telephone +61 (08) Fax +61 (08) hlb@hlbwa.com.au. Website: Liability limited by a scheme approved under Professional Standards Legislation HLB Mann Judd (WA Partnership) is a member of International, a worldwide organisation of accounting firms and business advisers. Page 22

26 Matters relating to the electronic presentation of the reviewed half-year financial report This review report relates to the half-year financial report of the company for the half-year ended 31 December 2011 included on the company s website. The company s directors are responsible for the integrity of the company s website. We have not been engaged to report on the integrity of this website. The review report refers only to the half-year financial report identified above. It does not provide an opinion on any other information which may have been hyperlinked to/from the half-year financial report. If users of the half-year financial report are concerned with the inherent risks arising from publication on a website they are advised to refer to the hard copy of the reviewed half-year financial report to confirm the information contained in this website version of the half-year financial 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 is not in accordance with the Corporations Act 2001 including: (a) (b) giving a true and fair view of the company s financial position as at 31 December 2011 and of its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations HLB MANN JUDD Chartered Accountants Perth, Western Australia M R W OHM 29 February 2012 Partner Page 23

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