South Port NZ Ltd – Interim Report to 31 December 2016

SOUTH PORT NEW ZEALAND LIMITED

NZX & Media Statement

SOUTH PORT INTERIM PROFIT ANNOUNCEMENT

9 February 2017


South Port interim tracks prior guidance

With the overall cargo volume at the port of Bluff maintaining the solid pattern of the
previous year, South Port New Zealand’s net profit for the first six months of 2017
was better than expected at $4.10 million.

Although, the result is below the prior period in 2016 of $5.06 million, several
anticipated factors impacted on this lower interim result including:

 The interim profit contribution reported in FY2016 was inflated due largely to
R&M scheduling (NPAT half year $5.06 million versus full year $8.71 million);

 An increased number of significant R&M projects being undertaken in the
current period, as signalled in the FY16 profit release and Annual Meeting
comments; and

 Notably lower cold storage income being generated in first six months of
FY17.

The result was foreshadowed by the closing comments of the FY16 Review of
Operations which outlined the following:

“Based on all known factors at the date of compiling this Report,
South Port estimates that earnings in the next financial year are likely to
reduce by approximately 15%.”

“Total cargo activity registered at 1,517,000 tonnes, which aligns closely with the
1,512,000 tonnes throughput of the prior year interim period,” said the Chief
Executive, Mr Mark O’Connor.

“Some variances were evident within individual cargo categories. Specifically
petroleum (-23,000T) and stock food (-30,000T) showed declines, whilst logs
(+39,000T) and woodchips (+30,000T) continued to show strength.

Containerised cargo provided an encouraging lift of around 8% despite negative
pressure being evident for agri imports such as specialised fertiliser, stock food and
minerals.

While there have been some recent reductions in the Global Dairy Trade (GDT)
auction results, international dairy commodity prices, on a trend basis, lifted
consistently over the second half of 2016.

2

This is encouraging news for the sector with farmers having sustained two difficult
seasons where some balance sheets would have been stretched to breaking point.

While commentators are not predicting the same highs of earlier cycles, the current
forecast pay-out levels will offer greater confidence to operators in the dairy industry.
A close watch on possible volume increases in Europe and USA will continue as
these two global producers have the ability to dramatically influence the dairy supply
side.”

The Intermodal Freight Centre (IFC) commenced operations in mid-July 2016 and
has provided a varied range of services to freight forwarders, transport operators and
a mix of import and exports parties. Focusing predominantly on import cargoes,
containerised volumes have met expectations which was particularly pleasing
considering the reduced consumables spend in the dairy sector. Increased regional
container related service competition has also benefited import and export
businesses operating in Southland.

Further consolidation of container shipping lines and the creation of new alliances
occurred during 2016. Although no noticeable international rate improvement is
evident to date, it is highly likely that this will be necessary for container lines to
achieve sustainable profitability.

This consolidation caused a number of the larger land based container terminals to
consider forming alliances and operating as a bloc when negotiating agreements
with container lines.

Cold storage activity was particularly subdued in the first half of FY17 due to a
limited carry-over of product from the previous export season, less total volume
requiring cold storage in the current season to date and the rapid movement of
product to market. A serious fire at the Bluff based plant of pet food processor
Wilbur Ellis in April 2016, removed their seasonal storage requirement until early
2017, when the plant became operational again.

OUTLOOK

“A reasonably stable economic picture should enable South Port’s customers to
generate consistent cargo flows in the second half of 2017”, said Mr Chapman.
“South Port’s main product flows (logs/fertiliser/NZAS cargo/dairy/petroleum) are
expected to track budget expectations in the six month period to 30 June 2017.”

As previously reported, a number of significant infrastructural assets require a much
greater level of R&M expenditure and this has been programmed to extend their
effective lives.

“The reported FY17 interim profit is ahead of our earlier forecast and therefore some
upside potential exists for the full year result” [albeit that it is still expected to be less
than the FY16 NPAT], said the Chairman of South Port, Mr Rex Chapman.

3

South Port estimates that its full year earnings should fall in the range of
$7.75 million to $8.0 million (FY16 - $8.7 million).

Based on achieving a result in this range, the Directors have declared a fully imputed
interim dividend of 7.50 cents per share (2016 – 7.50 cents) payable on
7 March 2017 and expect that the full year dividend payment will be consistent with
the previous year.



FOR FURTHER INFORMATION PLEASE CONTACT:

Mr Mark O’Connor Mr Warren Head
Chief Executive Managing Director
South Port New Zealand Ltd Head Consultants Ltd
Tel (03) 212 8159 Tel (03) 365 0344
Mobile 021 340 650

---

SOUTH PORT NEW ZEALAND LIMITED
Results for announcement to the market

Reporting Period 6 months to 31 December 2016
Previous Reporting
Period
12 months to 30 June 2016

Amount (000s) Percentage change
Revenue from ordinary
activities
$NZ17,410 -3.2%
Profit (loss) from
ordinary activities after
tax attributable to
security holder
$NZ4,108 -18.8%
Net profit (loss)
attributable to security
holders
$NZ4,108 -18.8%

Interim Dividend Amount per security Imputed amount per
security
$NZ0.075 $0.029167

Record Date 28 February 2017
Dividend Payment Date 7 March 2017

Comments: A brief

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
x
whether:
Interim
x
YearSpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
28 February, 2017
$$0.005208$0.029167
Nil
NZD$0.013235
$1,967,617.35
Date Payable
7 March, 2017
Enter N/A if not
applicable
NZSPNE0001S8
In dollars and cents
$0.075
(03) 212 8159(03) 212 868509022017
Fully paid shares
EMAIL: announce@nzx.com
Notice of event affecting securities
South Port New Zealand Limited
Lara StevensApproved by Directors' Resolution

---

Reprinted May 2004 1 of 12

APPENDIX I (Rule 10.4)
PRELIMINARY *HALF YEAR/FULL YEAR REPORT ANNOUNCEMENT

SOUTH PORT NEW ZEALAND LIMITED
(Name of Listing Issuer)
For Half Year/Full Year Ended 31 December 2016

(referred to in this report as the "current half year/full year")
Preliminary *Half year/full year report on consolidated results (including the results for the previous corresponding *half year/full year) in accordance with Listing Rule
10.4.2.
This report has been prepared in a manner which complies with generally accepted accounting practice and gives a true and fair view of the matters to which the report
relates [see Note (X) attached] and is based on *audited/unaudited financial statements. If the report is based on audited financial statements, any qualification made by
the auditor is to be attached.
The Listed Issuer *has/does not have a formally constituted Audit Committee of the Board of Directors.


[PLEASE REFER TO ATTACHED NOTES WHEN COMPLETING THIS FORM]
*CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE


1. CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE

Current
*half year/full year
$NZ'000
*Up/
Down
%
Previous
corresponding
*half year/full year
$NZ'000

1.1 OPERATING REVENUE









(a) Trading revenue

17,410

-3.2%

17,979

(b) Other revenue

107

72

(c) Total operating revenue

17,517

-3.0%

18,051

1.2 OPERATING *SURPLUS (DEFICIT) BEFORE TAXATION

5,742

-17.9%

6,997

(a) Less taxation on operating result

(1,634)

(1,935)

1.3 OPERATING *SURPLUS (DEFICIT) AFTER TAX

4,108

-18.8%

5,062


(a) Extraordinary Items after tax [detail in Item 3]


-

-

(b) Unrealised net change in value of investment properties


-

-

1.4 NET *SURPLUS (DEFICIT) FOR THE PERIOD

4,108


-18.8%

5,062


(a) Net Surplus (Deficit) attributable to minority interests


-

-

1.5 NET SURPLUS (DEFICIT) ATTRIBUTABLE TO MEMBERS OF
THE LISTED ISSUER

4,108

-18.8%

5,062


*Delete as required

2 of 12 Reprinted May 2004


*CONSOLIDATED STATEMENT OF FINANCIAL
PERFORMANCE

2. DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUES/EXPENSES FOR *HALF
YEAR/FULL YEAR
Current
*half year/full year
$NZ'000

Previous
corresponding
*half year/full year
$NZ'000

2.1 INCLUDED IN CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE






(a) Interest revenue included in Item 1.1(b)

-

5

(b) # Unusual items for separate disclosure (detail – Item 3)

-

-


(c) Equity earnings [detail – Item 16]

-

-

(d) Interest expense included in Item 1.2 (include all forms of interest, etc)

298


298

(e) Leasing and renting expenses


183

215

(f) Depreciation


1,633

1,455
(g) Diminution in the value of assets (other than depreciation)
-

-
(h) Amortisation of goodwill
-

-
(i) Amortisation of other intangible assets
-

-

(j) Impairment of goodwill

-

-

(k) Impairment of other intangible assets

-

-

2.2 SUPPLEMENTARY ITEMS



(a) # Interest costs excluded from Item 2.1(d) and capitalised

-

-

(b) # Outlays (other than those arising from the acquisition of an existing business) capitalised in
intangibles

-

-

(c) Unrecognised differences between the carrying value and market value of publicly traded
investments

-

-

# Items marked in this way need be shown only where their inclusion as revenue or
exclusion from expenses has had a material effect on reported *surplus (deficit)

Reprinted May 2004 3 of 12


GROUP – CURRENT *HALF YEAR/FULL YEAR
3. DISCONTINUED, UNUSUAL (INCLUDING NON RECURRING), AND EXTRAORDINARY
ITEMS OF THE GROUP

DETAILS AND COMMENTS

Operating Revenue
$NZ'000

Operating Surplus
$NZ'000

Discontinued Activities:






(Disclose Operating Revenue and Operating Surplus)



-


-

















TOTAL DISCONTINUED ACTIVITIES

-

-

Material Unusual (including Non Recurring) Items (included in 1.2)

-

-

Description:









TOTAL MATERIAL NON RECURRING ITEMS

-

-


GROUP – CURRENT *HALF YEAR/FULL YEAR


DETAILS AND COMMENTS

Operating Revenue
$NZ'000


Operating Surplus
$NZ'000

Extraordinary Items (Ref. Item 1..3(a))


-

-

Description:

-

-








TOTAL EXTRAORDINARY ITEMS

-

-

* Delete as required

4 of 12 Reprinted May 2004


STATEMENT OF MOVEMENTS IN EQUITY


4. STATEMENT OF MOVEMENTS IN EQUITY

Current *half year/full year
$NZ'000

Previous corresponding
*half year/full year
$NZ'000

4.1 *NET SURPLUS (DEFICIT) ATTRIBUTABLE TO MEMBERS OF LISTED ISSUER


4,108

5,062

(a) *Net Surplus (Deficit) attributable to minority interest


-

-

4.2 OTHER RECOGNISED REVENUE AND EXPENSES



(a) * Increases (decreases) in revaluation reserves


-

-

(b) Change in fair value of cash flow hedges

-

-

(c) Minority interest in other recognized revenue and expenses

-

-

4.3 TOTAL RECOGNISED REVENUES AND EXPENSES


4,108

5,062

4.4 OTHER MOVEMENTS



(a) Contributions by Owners


-

-

(b) Distributions to Owners

(4,853)

(4,460)

(c) Other

-

-

4.5 EQUITY AT BEGINNING OF HALF YEAR/FULL YEAR*


35,596

33,314

4.6 EQUITY AT END OF HALF YEAR/FULL YEAR


34,851

33,916


EARNINGS PER SECURITY

5. EARNINGS PER SECURITY
Calculation of basic and fully diluted, EPS in accordance with IAS33: Earnings Per Share
Current *half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

(a) Basic EPS


$0.157

$0.193

(b) Diluted EPS (if materially different from (a))


-

-



6. MATERIAL ACQUISITIONS OF SUBSIDIARIES [see Note (VII) attached]:


(a) Name of subsidiary or group of subsidiaries


-

-

(b) Percentage of ownership acquired

-


-

(c) Contribution to consolidated net *Surplus (Deficit) (item 1.4)

$ -


-

(d) Date from which such contribution has been calculated

-


-


$ -


-

Reprinted May 2004 5 of 12


7. MATERIAL DISPOSALS OF SUBSIDIARIES [see Note (VII) attached]:


(a) Name of subsidiary or group of subsidiaries


-

-

(b) Contribution of subsidiaries to consolidated net *Surplus (Deficit) (item 1.4)

$ -


-

(c) Date to which such contribution has been calculated

-


-

(d) Contribution to consolidated net *Surplus (Deficit) (item 1.4) for the previous corresponding
half year/full year

$ -

-

(e) Contribution to consolidated net *Surplus (Deficit) (item 1.4) from sale of subsidiary

$ -


-


8. REPORTS FOR INDUSTRY AND GEOGRAPHICAL SEGMENTS

Information on the industry and geographical segments of the Listed Issuer to be reported for the *half year/full year in accordance with the provisions of SSAP:23:
Financial Reporting for Segments. Because of the differing nature and extent of segments among Listed Issuers, no complete proforma is provided, and the segment
information should be completed separately and attached to this report. However, the following shows a suitable list of items for presentation and indicates which
amounts should agree with items included elsewhere in the *half year/full year report:

SEGMENTS

Industry
- Operating revenue:
 Sales to customer outside the group
 Intersegment sales
 Unallocated revenue
- Total revenue [consolidated total equal to Item 1.1(c)]
- Segment result
- Unallocated expenses
- Operating Surplus (Deficit) after tax [Item 1.3]
- Segment assets
- Unallocated assets
- Total assets [Equal to Item 9.3]
Geographical
- Operating revenue:
 Sales to customer outside the group
 Intersegment sales
 Unallocated revenue
- Total revenue [consolidated total equal to Item 1.1(c)]
- Segment result
- Unallocated expenses
- Operating Surplus (Deficit) after tax [Item 1.3]
- Segment assets
- Unallocated assets
- Total assets [Equal to Item 9.3]

6 of 12 Reprinted May 2004

[Note (VIII) attached has particular relevance for the preparation of this statement] CONSOLIDATED STATEMENT OF FINANCIAL POSITION

9. CURRENT ASSETS



At end of current
*half year/full year
$NZ'000

As shown in last
Annual Report
$NZ'000
If half yearly
as shown in last
Half Yearly Report
$NZ'000

(a) Cash

1,037

908

1,545

(b) Trade receivables

5,905

4,743

5,211

(c) Investments

-

-

-

(d) Inventories

-

-

-

(e) Other assets, current

-

-

-

TOTAL CURRENT ASSETS

6,942

5,651

6,756

9.1 NON-CURRENT ASSETS

(a) Trade receivables

-

-

-

(b) Investments

-

-

-

(c) Inventories

-

-

-

(d) Property, plant and equipment

47,436

47,368

43,051

(e) Goodwill

-

-

-

(f) Deferred Taxation Assets

-

-

-

(g) Other Intangible Assets

-

-

-

(h) Other assets, non current

-

-

-

9.2 TOTAL NON- CURRENT ASSETS

47,436

47,368

43,051

9.3 TOTAL ASSETS

54,378

53,019

49,807

9.4 CURRENT LIABILITIES

(a) Trade Creditors
2,718

3,723

2,387
(b) Income in advance, current

80

80

79
(c) Secured loans
-

6,700

-
(d) Unsecured loans

-

-

-
(e) Provisions, current
771

1,047

788
(f) Other liabilities, current

517

1,087

885
TOTAL CURRENT LIABILITIES

4,086

12,637

4,139

9.5 NON- CURRENT LIABILITIES


(a) Accounts payable, non-current

-

-

-

(b) Secured loans

14,700

4,000

11,100

(c) Unsecured loans

-

-

-

(d) Provisions, non-current

53

37

40

(e) Deferred Taxation Liability, non-current

425

379

357

(f) Other liabilities, non-current

263

370

255
9.6 TOTAL NON-CURRENT LIABILITIES

15,441

4,786

11,752
9.7 TOTAL LIABILITIES

19,527

17,423

15,891

Reprinted May 2004 7 of 12
9.8 NET ASSETS

34,851

35,596

33,916
9.9 SHAREHOLDERS’ EQUITY


(a) Share capital (optional)

9,418

9,418

9,418

(b) Reserves (optional) (i) Revaluation reserve

22

21

22

(ii) Other reserves

-

-

-

(c) Retained Surplus (accumulated Deficit) (optional)

25,411

26,157

24,476

9.10 SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO MEMBERS OF THE
LISTED ISSUER

34,851

35,596

33,916

(a) Minority equity interests in subsidiaries

-

-

-

9.11 TOTAL SHAREHOLDERS’ EQUITY


34,851

35,596

33,916

(a) Returns on Assets (%) (EBIT divided by Total Assets)

11.1%

25.4%

14.7%

(b) Return on Equity (%) (Net Income divided by Shareholders’
Equity)

11.8%

25.3%

14.9%

(c) Debt to Equity Ratio (%) (Total Liabilities divided by Shareholders’)
Equity)


56.0%

48.9%

46.9%
(d) Net Tangible Assets per Security ($)
$1.33 $1.36 $1.29

[See Note (IX) attached] CONSOLIDATED STATEMENT OF CASH FLOWS FOR *HALF YEAR/FULL YEAR

10. CASH FLOWS RELATING TO OPERATING ACTIVITIES

Current
*half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

(a) Receipts from customers

16,249

17,142

(b) Interest received

-

5

(c) Dividends received

-

-

(d) Payment to suppliers and employees

(10,716)

(9,823)

(e) Interest paid

(289)

(288)

(f) Income taxes paid

(2,157)

(2,063)

(g) Other cash flows relating to operating activities

392

210

NET OPERATING FLOWS

3,479


5,183

[See Note (IX) attached]
11. CASH FLOWS RELATED TO INVESTING ACTIVITIES

Current
*half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

(a) Cash proceeds from sale of property, plant and equipment

-

90

(b) Cash proceeds from sale of equity investments

-

-

(c) Loans repaid by other entities

-

-

(d) Cash paid for purchases of property, plant and equipment

(2,496)

(4,321)

(e) Interest paid - capitalised

-

-

(f) Cash paid for purchases of equity investments

-

-

(g) Loans to other entitles

-

-

(h) Other cash flows relating to investing activities

-

-
NET INVESTING CASH FLOWS

(2,496)

(4,231)

8 of 12 Reprinted May 2004

[See Note (IX) attached]
12. CASH FLOWS RELATED TO FINANCING ACTIVITIES


Current
*half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

(a) Cash proceeds from issue of shares, options, etc

-

-

(b) Borrowings

4,000

2,900

(c) Repayment of borrowings

-

-

(d) Dividend paid

(4,854)

(4,460)

(e) Other cash flows relating to financing activities

-

-

NET FINANCING CASH FLOWS


(854)

(1,560)

[See Note (IX) attached]
13. NET INCREASE (DECREASE IN CASH HELD)


Current
*half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

(a) Cash at beginning of *half year/full year

908

2,153

(b) Exchange rate adjustments to Item 12.3(a) above

-

-

(c) CASH AT END OF *HALF YEAR/FULL YEAR

1,037

1,545



14. NON-CASH FINANCING AND INVESTING ACTIVITIES

Provide details of financing and investing transactions which have had a material effect on group assets and liabilities but did not involve cash flows.


15. RECONCILIATION OF CASH


For the purposes of the above statement of cash flows, cash includes .............................................................................................................




Cash at the end of the *half year/full year as shown in the statement of cash flows
is reconciled to the related items in the financial statements as follows:

Current
*half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

Cash on hand and at bank

1,033

1,520

Deposits at call

4

25

Bank overdraft

-

-

Other (provide details eg. Term Deposits)


-

-

TOTAL = CASH AT END OF *HALF YEAR/FULL YEAR [Item 13(c)]


1,037

1,545


* Delete as required

Reprinted May 2004 9 of 12


EQUITY ACCOUNTED EARNIGS FROM ASSOCIATES
16. EQUITY ACCOUNTED INVESTMENTS IN ASSOCIATES

Information attributable to the reporting group’s share of investments in
associates and other material interests to be disclosed by way of separate
note below (refer FRS-38 Accounting for Investments in Associates).

Current
*half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

16.1 GROUP SHARE OF RESULTS OF ASSOCIATES

-

-

(a) OPERATING *SURPLUS (DEFICIT) BEFORE TAX

-

-

(b) Less Tax

-

-

(c) OPERATING *SURPLUS (DEFICIT) AFTER TAX

-

-

(i) Extraordinary items

-

-

(d) NET *SURPLUS (DEFICIT) AND EXTRAORDINARY ITEMS AFTER TAX

-

-

16.2 MATERIAL INTERESTS IN CORPORATIONS NOT BEING SUBSIDIARIES

(a) THE GROUP HAS A MATERIAL (FROM GROUP'S VIEWPOINT) INTEREST IN THE FOLLOWING CORPORATIONS:



Name

Percentage of ordinary
shares held at end of
*half year/full year

Contribution to net
*surplus (deficit) (item 1.5)

EQUITY ACCOUNTED
ASSOCIATES


Current
*half year/
full year
Previous
corresponding
*half year/
full year

Current
*half year/full year
$NZ'000
Previous
corresponding
*half year/full year
$NZ'000

-

-

Equity Accounted in Current Year










-

-






OTHER MATERIAL INTERESTS







Not Equity Accounted in Current Year






*Delete as required
EQUITY ACCOUNTED INVESTMENT IN ASSOCIATES
Current
*half year/full year
$NZ'000
Previous corresponding
*half year/full year
$NZ'000

(b) INVESTMENT IN ASSOCIATES



Carrying value of investments in associates at beginning of half year/full
year

-


-

Share of changes in associates’ post acquisition surpluses/and reserves:




- Retained surplus

-

-

- Reserves

-

-

Net goodwill amortisation and impairment adjustments in the period

-

-

Less Dividends received in the period

-

-

Equity carrying value of investments at the end of half year/full year

-

-

10 of 12 Reprinted May 2004
17. ISSUED AND QUOTED SECURITIES AT END OF CURRENT *HALF YEAR/FULL YEAR

Category of Securities Issued Number Quoted Number Cents Paid-Up Value
(if not fully paid)


PREFERENCE SHARES:


# (Description)

Issued during current *half year/full year


ORDINARY SHARES


Issued during current *half year/full year 26,234,898 9,418,383




CONVERTIBLE NOTES


# (Description)

Issued during current *half year/full year



OPTIONS:

Exercise Price Expiry Date

Issued during current *half year/full year

DEBENTURES – Total only: $
UNSECURED NOTES – Totals only: $
OTHER SECURITIES $ $
# Description includes rate of dividend or interest and any redemption or conversion rights together with the prices and dates thereof.


18. COMMENTS BY DIRECTORS If no report in any section, state NIL. If insufficient space below, provide details in the pages attached to this report. Refer to
Press Release attached


(a) Material factors affecting the revenues and expenses of the group for the current *half year/full year..............................................................................

(b) Significant trends or events since end of current *half year/full year .................................................................................................................................................

(c) Changes in accounting policies since last Annual Report and/ or last Half Yearly Report to be disclosed
...................................................................................................................................................................................................................................................................

(d) Critical Accounting Policies – Management believes the following to be critical accounting policies. That is they are both important to the portrayal of the Issuer’s
financial condition and results, as they require management to make judgments and estimates about matters that they are inherently uncertain
....................................................................................................................................................................................................................................................................

(e) Management's discussion and analysis of financial condition, result, and/or operations (optional) – this section should contain forward looking statements that
should outline where these involved risk and uncertainty.
....................................................................................................................................................................................................................................................................

(f) Other Comments

....................................................................................................................................................................................................................................................................



19. DIVIDEND


(a) Dividend Yield as at balance date (%) (Annual dividend per share divided by price per share -

(b) Tax Adjusted Dividend Yield as at balance date (%) (Annual net dividend per share divided by price per share)

Reprinted May 2004 11 of 12


20. ANNUAL MEETING (If full year report)


(a) To be held at

(b) Date Time

(c) Approximate date of availability of Annual Report

If this *half year/full year report was approved by resolution of the Board of Directors, please indicate date of meeting: 9 February 2017




...........................................................................................................................
(Signed by) Authorised Officer of Listed Issuer
Lara Stevens, Finance Manager 9 February 2017