CSM Group unaudited interim report for 1H 2017

CSM Group Limited

Unaudited Interim Report

For the six month period ended 31 December 2016

CSM Group Limited Page 2 of 16
CSM Group Limited
Unaudited Interim Report
For the six month period ended 31 December 2016

Contents

Contents 2
Directors’ Report 3
Statement of Comprehensive Income 4
Statement of Changes in Equity 5
Statement of Financial Position 6
Statement of Cash Flows 7
Notes to the Financial Statements 8 – 15
Company Directory 16

CSM Group Limited Page 3 of 16
CSM Group Limited
Directors’ Report
For the six month period ended 31 December 2016

Dear Shareholders,

The Company (CSM Group) has continued to carefully build its business, where competitive prices can be paid, through its operating subsidiary
China Scrap Metals Resources Pty Limited (CSM Pty).
The prolonged weakness in demand for scrap metals in global markets, and particularly ferrous scrap (iron and steel) imported in to China has
meant the Company has continued to hold its inventory in the expectation of lifting demand increasing sales prices.
CSM Group through CSM Pty is invested in this business on the basis of long term underlying demand for ferrous scrap in China as the steel making
industry increases its share of steel manufactured from scrap compared to that made from pig iron. The increased share of steel made from ferrous
scrap is an initiative supported by the Chinese Government for a number of reasons – including the substantial environmental benefits from making
steel from ferrous scrap in electric arc furnaces.
However, the switch to recycled steel instead of making steel from pig-iron is proceeding much slower than anticipated; exacerbated by continued
production from loss making installed steelmaking capacity that was long signalled to close, by the Chinese government.
The Company will continue to proceed cautiously and continues to evaluate profitable trade opportunities.
Result
The financial result for the Group for the interim six month period ended 31 December 2016 is a loss of USD $544,000. The total comprehensive
loss is USD $559,000 which includes exchange losses of USD $15,000 that arose through the weakening of the Australian Dollar against the US
dollar. The company holds its cash reserves in Australian dollars as that is the currency where its major expenditure occurs but it reports in US
Dollars as the functional currency.




Dated: 16
th
March 2017






_______________________________ _________________________________
Director Director

CSM Group Limited Page 4 of 16
CSM Group Limited
Statement of Comprehensive Income
For the six month period ended 31 December 2016

31.12.2016 31.12.2015 30.6.2016
6 months 6 months 12 months
unaudited unaudited audited
Note US$’000 US$’000 US$’000
Revenue 30 12 162
Cost of goods sold (3) (2) (92)
Gross Profit 27 10 70
Other income 2 2 7
Administrative expenses 8 (519) (562) (1,114)
Operating loss (490) (550) (1,037)
Finance income 11 21 38
Exchange loss (65) (148) (94)
Loss before income tax (544) (677) (1,093)
Income tax expense - - -
Net loss for the period attributable to shareholders (544) (677) (1,093)

Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of overseas subsidiaries (15) (104) (78)
Other comprehensive income for the period, net of tax (15) (104) (78)

Total comprehensive loss for the period attributable to shareholders (559) (781) (1,171)

Earnings per share for loss attributable to shareholders:

- Basic loss per share (cents) 3 (0.1312) (0.1633) (0.2637)
- Diluted loss per share (cents) 3 (0.1312) (0.1633) (0.2637)



























The above statement of comprehensive income should be read in conjunction with the accompanying notes

CSM Group Limited Page 5 of 16
CSM Group Limited
Statement of Changes in Equity
For the six month period ended 31 December 2016

Share Capital Foreign
Currency
Translation
Reserve
Accumulated
Losses
Total equity
US$’000 US$’000 US$’000 US$’000

Balance as at 1 July 2016 32,355 (491) (28,207) 3,657

Net loss attributable to shareholders - - (544) (544)
Other comprehensive income - (15) - (15)
Total comprehensive loss - (15) (544) (559)

Balance as at 31 December 2016 32,355 (506) (28,751) 3,098


Balance as at 1 July 2015 32,355 (413) (27,114) 4,828

Net loss attributable to shareholders - - (677) (677)
Other comprehensive income - (104) - (104)
Total comprehensive loss - (104) (677) (781)

Balance as at 31 December 2015 32,355 (517) (27,791) 4,047


Balance as at 1 July 2015 32,355 (413) (27,114) 4,828

Net loss attributable to shareholders - - (1,093) (1,093)
Other comprehensive income - (78) - (78)
Total comprehensive loss - (78) (1,093) (1,171)

Balance as at 30 June 2016 32,355 (491) (28,207) 3,657






















The above statement of changes in equity should be read in conjunction with the accompanying notes

CSM Group Limited Page 6 of 16
CSM Group Limited
Statement of Financial Position
As at 31 December 2016

31.12.2016 31.12.2015 30.6.2016
unaudited unaudited audited
Note US$’000 US$’000 US$’000
ASSETS
Non-Current Assets
Property, plant and equipment 4 742 906 834
Intangible assets 5 8 5 3
Total non-current assets 750 911 837

Current Assets
Cash and cash equivalents 1,740 2,455 2,231
Trade and other receivables 81 57 86
Inventories 491 545 481
Taxation receivable 164 156 165
Total current assets 2,476 3,213 2,963
TOTAL ASSETS 3,226 4,124 3,800

LIABILITIES
Current Liabilities
Trade and other payables 128 77 143
Total current liabilities 128 77 143
TOTAL LIABILITIES 128 77 143

EQUITY
Share capital 2 32,355 32,355 32,355
Reserves (29,257) (28,308) (28,698)
Total Equity 3,098 4,047 3,657
TOTAL EQUITY AND LIABILITIES 3,226 4,124 3,800

For and on behalf of the Board:






Director Director

Dated: 16
th
March 2017













The above statement of financial position should be read in conjunction with the accompanying notes

CSM Group Limited Page 7 of 16
CSM Group Limited
Statement of Cash Flows
For the six month period ended 31 December 2016

31.12.2016 31.12.2015 30.6.2016
6 months 6 months 12 months
unaudited unaudited audited
Note US$’000 US$’000 US$’000
OPERATING ACTIVITIES
Receipts from customers 47 105 243
Interest received 11 22 38
Payments to suppliers and employees (534) (592) (999)
Income tax paid (2) (5) (8)
Net cash outflows from operating activities 6 (478) (470) (726)

INVESTING ACTIVITIES
Disposal of property, plant and equipment 2 87 4
Purchase of property, plant and equipment (6) (114) (27)
Purchase of intangible assets (5) - -)
Net cash outflows from investing activities (9) (27) (23)

Net decrease in cash and cash equivalents (487) (497) (749)
Cash and cash equivalents at beginning of the period 2,231 3,123 3,123
Effect of exchange rate changes (5) (171) (143)
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 1,739 2,455 2,231

































The above statement of financial position should be read in conjunction with the accompanying notes

CSM Group Limited Page 8 of 16
CSM Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2016

1) General Information
The Group is engaged in a business operation in Australia processing scrap metal for export sale to Chinese markets.
The Company, CSM Group Limited, is a limited liability company incorporated and domiciled in New Zealand. The address of its registered office is 44a Orakei
Road, Remuera, Auckland 1050.
These interim financial statements have been approved for issue by the Board of Directors on 16
th
March 2017.
2) Summary of Significant Accounting Policies
These general purpose financial statements for the interim six month reporting period ended 31 December 2016 have been prepared in accordance with New
Zealand generally accepted accounting practice (NZ GAAP), International Accounting Standard 34 and NZ IAS 34 Interim Financial Reporting.
Basis of preparation
The accounting policies have been applied on a basis consistent with those used in the audited financial statements for the year ended 30 June 2016. Those
accounting policies are set out in the 2016 Annual Report.
These interim financial statements do not include all of the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in
conjunction with the annual report for the year ended 30 June 2016.
The financial statements for the six month periods ending 31 December 2016 and 31 December 2015 are unaudited. The comparative information for the year
ending 30 June 2016 is audited.
The reporting currency used in the preparation of these consolidated financial statements is United States dollars, rounded where necessary to the nearest
thousand dollars.
Entities reporting
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Group as at 31 December 2016 and the results of all
subsidiaries for the six month period then ended.
The Parent company and the Group are designated as a profit oriented entities for financial reporting purposes.
Statutory base
CSM Group Limited is a company registered under Companies Act 1993 and is an FMC reporting entity under part 7 of the Financial Markets Conduct Act 2013.
The company is also listed on the New Zealand Alternative Market (“NZAX”).
Going concern
These financial statements have been prepared on a going concern basis of accounting. The basis contemplates the realisation of assets and the settlement of
liabilities in the normal course of business.
Measurement basis
These financial statements have been prepared under the historical cost convention.
Critical accounting estimates and judgements
The preparation of these financial statements in conformity with generally accepted accounting principles requires that management makes estimates and
assumptions that affect the reported amounts of assets and liabilities as well as the disclosures of contingent assets and liabilities as at the date of the financial
statements, and the profit and loss amounts during the period. The actual results could differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates
are revised and in any future periods affected.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year and the judgements applied are discussed below.
Income Taxes
Judgement is exercised in determining the timing and extent of recognition of the benefit of tax losses. The benefit of tax losses can be recognised as an asset if
its recovery is ‘probable’ (more likely than not). In the absence of any track record of profitability, convincing evidence is needed of how the losses will be
recovered in the future, before any deferred tax asset is recognised. The Group has not recognised any benefit at 31 December 2016 in respect of the tax losses
generated to 31 December 2016, given the history of losses and the expectation that it will be at least two years before taxable profits are available against which
these tax losses will be utilised.
Functional Currency
Judgement has been exercised in determining the Parent’s and its subsidiary, China Scrap Metals Resources Pty Limited (CSM) functional currencies. It has
been determined that the United States dollar (USD) is the Parent’s functional currency and the Australian dollar (AUD) is CSM’s functional currency. This has
been determined taking into account the currency in which the entities makes sales or provide services, incur expenses and receive funds from financing activities.
Carrying Value of Fixed Assets
The Group periodically evaluates the carrying value of assets for impairment. The Group’s subsidiary, China Scrap Metals Resources Pty Limited (CSM), incurred
a loss in the current period. As a result significant judgement has been applied in determining the recoverable amount of CSM’s property, plant and equipment.
The Group has determined the recoverable amount of the assets as the value in use of these assets and no impairment has been recognised in the current period.

CSM Group Limited Page 9 of 16
CSM Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2016

Carrying Value of Inventory
Due to the current manner of processing scrap metal, physical verification of the quantity of inventory is not possible. The scrap metal is not processed and
organised in a uniform manner for a physical quantification of inventory to be made at period-end. As a result, significant judgement has been applied to arrive at a
reliable estimate of the quantity of stock on hand as at 31 December 2016.

3) New Standards
International Financial Reporting Standards adopted during the period
The accounting policies applied are consistent with those of the previous Annual Report. There are no standards, amendments and interpretations to existing
standards adopted by the Group during the period that have had a material impact on the financial statements.
New International Financial Reporting Standards
The following standards have been issued but have not yet been adopted:
NZ IRFS 9 Financial Instruments.
NZ IFRS 9 was issued by the International Standards Board in July 2014 as a complete version of the standard. This standard contains the requirements for the
classification and measurement of financial assets and financial liabilities, impairment methodology and general hedge accounting. The standard is effective for
periods commencing on or after 1 January 2018. The Group is yet to assess the impact of this standard and does not expect to adopt it before its effective date.
NZ IFRS 15 Revenue from Contracts with Customers.
NZ IFRS 15 is effective for periods commencing on or after 1 January 2018. The standard addresses recognition of revenue from contracts with customers. It
replaces the current revenue recognition guidance in IAS 18 Revenue and IAS 11 Construction Contracts and is applicable to all entities with revenue. It sets out a
five step model for revenue recognition to depict the transfer of promised goods or services to customers in a way that reflects the consideration to which the entity
expects to be entitled in exchange for those goods or services. The Group has yet to assess NZ IFRS 15’s full impact. The Group will apply this standard from 1 July
2018.
NZ IFRS 16 Leases
IFRS 16 replaces the current guidance in NZ IAS 17 Leases. The existing lease accounting rules require lessees and lessors to classify their leases as either finance
or operating leases. A lessee is not required to recognise lease assets or liabilities for operating leases. NZ IFRS 16 will require a lessee to recognise a lease liability
reflecting future lease payments and a “right-of-use” for most lease contracts. Under NZ IFRS 16, the accounting treatment for lessors is almost the same as under
the current guidance NZ IAS 17. The Group intends to adopt NZ IFRS 16 effective from 1 July 2019 for any relevant leases.

There are no other standards, amendments, or interpretations to existing standards that have been issued and yet to be adopted by the Group that are likely to have
a material impact on the financial statements.

CSM Group Limited Page 10 of 16
CSM Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2016
1 Segment Information
The Group has identified its operating segments based on the internal reports reviewed and used by the Board of Directors in assessing performance and in
determining the allocation of resources.
The Group is organised into the following main operating segments:
 China Scrap Metals Resources Pty Limited (CSM Ltd Australia) includes the business operation in Australia involved in the processing of scrap metal for
export sale to Chinese markets.
 Holding company New Zealand includes holding company costs and head office charges.
Revenue is allocated based on the country where the sale is generated. Expenses are allocated based on the country where the expense is incurred.
Total assets and liabilities are allocated based on where those assets and liabilities are located.

Six month period ended 31 December 2016 Six month period ended 31 December 2015

CSM Ltd
Australia
Holding
Company New
Zealand
Total CSM Ltd
Australia
Holding
Company New
Zealand
Total

unaudited unaudited unaudited unaudited unaudited unaudited

US$’000 US$’000 US$’000 US$’000 US$’000 US$’000

Total inter-segment revenue
- -
-
- -
-
Total external sales revenue 12 - 12 12 - 12







Total EBITDA (218) (197) (469) (310) (159) (469)
Amortisation - - - - - -
Depreciation (75) - (75) (81) - (81)
Finance income 3 8 11 4 17 21
Exchange loss (10) (55) (65) (10) (138) (148)
Net loss for the period (300) (244) (544) (397) (280) (677)


Allocated non-current segment assets 750 - 750 911 - 911
Additions to non-current assets 11 - 11 27 - 27
Allocated segment liabilities 106 22 128 65 12 77

Year ended 30 June 2016



CSM Ltd
Australia
Holding
Company New
Zealand
Total
audited audited audited
US$’000 US$’000 US$’000

Total inter-segment revenue - 53 53
Total external sales revenue 162 - 162



Total EBITDA (506) (357) (863)
Amortisation (2) - (2)
Depreciation (171) (1) (172)
Finance income 10 28 38
Exchange gain / (loss) (34) (60) (94)
Net loss for the period (703) (390) (1,093)

Allocated non-current segment assets 837 - 837
Additions to non-current assets 27 - 27
Allocated segment liabilities 79 64 143
The “Total EBITDA” measure above excludes foreign exchange gains / losses as well as net finance income and depreciation.
CSM Group Limited

CSM Group Limited Page 11 of 16
CSM Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2016
2 Share Capital
31.12.2016 31.12.2015 30.6.2016 31.12.2016 31.12.2015 30.6.2016
unaudited unaudited audited unaudited unaudited audited
Number Number Number US$’000 US$’000 US$’000
Ordinary shares
Balance at beginning of the period 414,550,000 414,550,000 414,550,000 32,355 32,355 32,355
Shares issued - - - - - -
Balance at end of the period 414,550,000 414,550,000 414,550,000 32,355 32,355 32,355

Ordinary shares
As at 31 December 2016 there were 414,550,000 shares issued. All ordinary shares on issue are fully paid. All ordinary shares rank equally with one vote attached
to each share.
3 Earnings per share
Basic earnings per share is calculated by dividing the (loss) / profit by the weighted average number of ordinary shares on issue during the period.
31.12.2016 31.12.2015 30.6.2016
6 months 6 months 12 months
unaudited unaudited audited
000 000 000
Basic loss per share
Net loss attributable to shareholders (544) (677) (1,093)
Number of ordinary shares on issue (thousands) 414,550 414,550 414,550
Weighted average number of ordinary shares on issue (thousands) 414,550 414,550 414,550

Basic loss per share attributable to shareholders (cents) (0.1312) (0.16) (0.2637)

Diluted loss per share
Weighted average number of diluted shares on issue (thousands) 414,550 414,550 414,550

Diluted loss per share attributable to shareholders (cents) (0.1312) (0.1633) (0.2637)

CSM Group Limited Page 12 of 16
CSM Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2016
4 Property, Plant and Equipment
Leasehold
improvements
Plant &
equipment
Motor
vehicles
Office
furniture &
equipment
Total
US$’000 US$’000 US$’000 US$’000 US$’000
Cost
Balance as at 1 July 2015 119 1,048 13 18 1,198
Additions - 27 - - 27
Disposals - (2) - - (2)
Exchange differences (6) (59) (1) (1) (67)
Balance as at 31 December 2015 113 1,014 12 17 1,156
Additions - - - - -
Disposals - (2) - - (2)
Exchange differences 2 24 - 1 27
Balance as at 30 June 2016 115 1,036 12 18 1,181
Additions - 6 - - 6
Disposals - (2) - - (2)
Exchange differences (3) (28) - (1) (32)
Balance as at 31 December 2016 112 1,012 12 17 1,153

Accumulated depreciation
Balance as at 1 July 2015 17 152 2 7 178
Depreciation charge for the period 5 74 1 1 81
Disposals - - - - -
Exchange differences (1) (8) - - (9)
Balance as at 31 December 2015 21 218 3 8 250
Depreciation charge for the period 5 84 1 1 91
Disposals - (1) - - (1)
Exchange differences 1 6 - - 7
Balance as at 30 June 2016 27 307 4 9 347
Depreciation charge for the period 5 70 1 - 76
Disposals - - - - -
Exchange differences (1) (11) - - (12)
Balance as at 31 December 2016 31 366 5 9 411

Carrying amounts
At 31 December 2015 92 796 9 9 906
At 30 June 2016 88 729 8 9 834
At 31 December 2016 81 646 7 8 742

CSM Group Limited Page 13 of 16
CSM Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2016
5 Intangible Assets
Permits Total
US$’000 US$’000
Cost
Balance as at 1 July 2015 8 8
Exchange differences - -
Balance as at 31 December 2015 8 8
Exchange differences - -
Balance as at 30 June 2016 8 8
Additions 5 -
Exchange differences - -
Balance as at 31 December 2016 13 8

Accumulated amortisation
Balance as at 1 July 2015 3 3
Amortisation charge for the period - -
Exchange differences - -
Balance as at 31 December 2015 3 3
Amortisation charge for the period 2 2
Exchange differences - -
Balance as at 30 June 2016 5 5
Amortisation charge for the period - -
Exchange differences - -
Balance as at 31 December 2016 5 3

Carrying amounts
At 31 December 2015 5 5
At 30 June 2016 3 3
At 31 December 2016 8 3
6 Reconciliation of Loss after Taxation with Cash Flow from Operating Activities
31.12.2016 31.12.2015 30.6.2016
6 months 6 months 12 months
unaudited unaudited audited
Reconciliation with Net Reported Loss US$’000 US$’000 US$’000

Reported net loss after taxation (544) (677) (1,093)

Items not involving cash flows:
Amortisation expense - - 2
Depreciation expense 76 81 172
Loss on disposal of fixed assets - 2 -
Exchange loss on net cash 30 154 94

Changes in working capital items (excluding the effects of
exchange differences on consolidation):

Decrease / (increase) in trade and other receivables 3 118 97
Increase in inventories (23) (122) (35)
(Increase) / decrease in taxation receivable 1 (7) (8)
Increase / (decrease) in trade and other payables (21) (19) 45
Net cash outflows from operating activities (478) (470) (726)

CSM Group Limited Page 14 of 16
CSM Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2016
7 Related Party Information
Parent Entity
The ultimate parent entity within the Group is CSM Group Limited.
Subsidiaries
China Scrap Metals Resources Pty Limited is involved in the export of scrap metal.
Transactions with Subsidiaries
During the period no management fees were charged by CSM Group Limited to China Scrap Metals Resources Pty Limited (year ended 30 June 2016: USD
$53,250; six months ended 31 December 2015: USD NIL).
During the period, CSM Group Limited advanced USD $NIL to China Scrap Metals Resources Pty Limited (year ended 30 June 2016: USD $712,157; six months
ended 31 December 2015: USD $712,000).
Directors
The names of persons who were directors of the company at any time during the current and previous financial periods are as follows: Roger Gower, Sean Joyce,
Ping Li, Zhmin Shi and Yanyi Shi.
Key Management and Personnel Compensation
Key management personnel compensation is set out below. The key management personnel are all the directors of the Company. Directors’ remuneration is paid by
way of bank transfer.
31.12.2016 31.12.2015 30.6.2016
6 months 6 months 12 months
unaudited unaudited audited
Payments made to key personnel are as follows and includes: US$’000 US$’000 US$’000

Salaries and other short term employee benefits - - -

Directors’ remuneration
R Gower, Director – Roger Gower & Associates 34 31 63
S Joyce, Director 27 25 50
P Li, Director 27 25 50
Y Shi, Director 13 12 24
Z Shi, Director 27 25 50
Total directors’ remuneration 128 118 237

Balances outstanding
Roger Gower – Roger Gower & Associates – trade payable 3 2 3
Sean Joyce – Corporate Counsel – trade payable 1 1 1
Y Shi – accrued director fees 2 2 2
Z Shi, – accrued expenses - - 2

TRANSACTIONS BETWEEN GROUP COMPANIES



Owing to Parent Company

China Scrap Metals Resources Pty Limited 1,016 1,016 1,180
The terms and conditions of the transactions with key management personnel and their related parties were no more favourable than those available, or which might
reasonably be expected to be available, on similar transactions to non-key management personnel and their related entities on an arm’s length basis.
The amount owing to the parent company by the subsidiary is denominated in New Zealand dollars, is interest free, for no fixed term and repayable on demand.

CSM Group Limited Page 15 of 16
CSM Group Limited
Notes to the Financial Statements
For the six month period ended 31 December 2016
8 Administrative Expenses

31.12.2016 31.12.2015 30.6.2016

unaudited Unaudited audited

US$’000 US$’000 US$’000

Electricity (see below)
12 90 -
Other administrative expenses
507 472 1,102
Total administrative expenses
519 562 1,102
Explanation 31 December 2015 period
On 11 October 2015, after the 2015 Annual Report has been released, the subsidiary China Scrap Metals Resources Pty Limited received an invoice from its
electricity supplier for the period from January 2014 to September 2015. This was the first invoice received since commencing operations at the Broderick Road site.
The invoice traverses the 2014, 2015 and 2016 years.
The invoice was for a total of AUD $90,000 exclusive of GST. The relevant amounts per year are AUD $25,700 (for the period from January 2014 to 30 June 2014),
AUD $51,500 (for the period July 2014 to 30 June 2015), and AUD $12,800 (for the period July 2015 to September 2015).
The Directors have considered this matter and are of the opinion that the effect of the late receipt of the invoice and recognition is not material for the results in the
2014 and 2015 years and have expensed the total in the six month period to 31 December 2015.
9 Contingent Liabilities
There are no contingent liabilities as at 31 December 2016 (30 June 2016: nil; 31 December 2015: nil).
10 Commitments
(a) Capital commitments
The Group had no commitments for future capital expenditure as at 31 December 2016 (30 June 2016: nil; 31 December 2015: nil).
(b) Operating lease commitments
Commitments for minimum lease payments in relation to non-cancellable operating leases are payable as follows:

31.12.2016 31.12.2015 30.6.2016

unaudited unaudited audited

US$’000 US$’000 US$’000

Within one year
107 155 157
Later than one year but not later than five years
- 78 -
Later than five years
- - -
Commitments not recognised in the financial statements
107 233 157
China Scrap Metals Resources Pty Limited has leased an industrial site under a non-cancellable operating lease agreement. The lease reflects normal commercial
arrangements with escalation clauses based on the CPI index and renewal rights.
11 Events Subsequent to Interim Balance Date
There have been no other events subsequent to 31 December 2016 which are considered to have a material effect on these financial statements.

CSM Group Limited Page 16 of 16
CSM Group Limited
Company Directory
For the six month period ended 31 December 2016

Directors

R H Gower
S R Joyce
P Li
Y Shi
Z Shi

Registered Office

c/- Roger Gower & Associates
44A Orakei Road, Remuera 1050
New Zealand

Postal Address

c/- Roger Gower & Associates
44A Orakei Road, Remuera 1050
New Zealand

Bankers

ASB Bank Limited
PO Box 35
Shortland Street
Auckland 1140

Auditors

PricewaterhouseCoopers
188 Quay Street
Auckland
New Zealand

Share Registry

Link Market Services
Level 16, Brookfield House
19 Victoria Street West
Auckland 1010

PO Box 91976
Auckland 1142
New Zealand