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Aviva Corporation Limited HY 2013 results

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Aviva Corporation Limited HY 2013 results

Aviva Corporation Limited HY 2013 results

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  • 1. ABN 31 009 235 956 FINANCIAL REPORT HALF YEAR ENDED 31 DECEMBER 2012
  • 2. 1 CONTENTS PAGE Corporate Directory 2 Directors’ Report 3 Consolidated Statement of Comprehensive Income 5 Consolidated Statement of Financial Position 6 Consolidated Statement of Changes in Equity 7 Consolidated Statement of Cash Flows 8 Notes to and forming part of the Financial Report 9-16 Directors’ Declaration 17 Auditor’s Independence Declaration 18 Independent Review Report 19-20
  • 3. 2 CORPORATE DIRECTORY Directors GD Loftus-Hills RE Kirtlan LG Reed PJ Britz Company Secretary SS Weber Registered Office and Business Address Unit 1, 245 Churchill Avenue Subiaco Western Australia 6008 PO Box 2025 Subiaco, Western Australia 6904 Telephone: +61 8 9363 7100 Facsimile: +61 8 9388 2355 Email: info@avivacorp.com.au Website: www.avivacorp.com.au Auditor Ernst & Young 11 Mounts Bay Road Perth Western Australia 6000 Solicitor Corrs Chambers Westgarth 240 St Georges, Terrace Perth Western Australia 6000 Banker National Australia Bank Limited Level 1, 88 High Street Fremantle Western Australia 6160 Share Registry Computershare Investor Services Pty Limited Level 2, Reserve Bank Building 45 St George's Terrace Perth Western Australia 6000 Corpserve Botswana Transfer Services 1st Floor Kwena House Plot 117, GIFP Gaborone Botswana Stock Exchanges Australia – ASX code: AVA Botswana – BSE code: AVIVA
  • 4. 3 DIRECTORS’ REPORT The Board of Directors presents their report on Aviva Corporation Limited (‘the Company”) and controlled entities (“the Group” or “the Consolidated Entity”) for the half-year ended 31 December 2012. Directors The names of the Company’s Directors in office during the half-year and until the date of this report are set out below. Directors were in office for this entire period. GD Loftus-Hills Chairman RE Kirtlan Non-Executive Director LG Reed Executive Director PJ Britz Non-Executive Director Results of Operations The result for the half-year ended 31 December 2012 for the Consolidated Entity was a net profit after income tax of $10,757,010 (31 December 2011: net loss of $1,216,469). Review of Operations Aviva sold its gold and base metal projects in West Kenya during the period under review and has been reviewing several potential projects and investments to add to its current portfolio. In addition Aviva is continuing to pursue alternatives to maximize value for its coal and power station projects respectively in Botswana. The following significant activities took place during the period under review: West Kenya Gold and Base Metals Projects On 23 July 2012 Aviva announced that it has entered into a binding sale and purchase agreement (“SPA”) with African Barrick Gold plc. (“ABG”) to sell all of its Kenyan gold and base metal assets for an initial cash payment of A$20 million. Among the key terms of the SPA were: • ABG will acquire all the shares in Aviva Mining Kenya Limited (“AMK”), the owner of Aviva’s Kenyan assets, for A$20 million; • Aviva will receive a further A$10 million if a National Instrument 43-101-compliant Indicated resource of 3 million ounces or more is declared over the project areas; • ABG will fund all costs that Aviva incurs on the Kenyan assets, based on an agreed work program retrospectively from 1 June 2012, until completion of the agreement. • ABG will provide A$0.1 million for AMK to exercise its preliminary option in its JV with Advance Gold. Following this payment, Advance Gold will grant Aviva Kenya the right to acquire a 51% ownership interest in the mineral rights owned by Advance Gold which are subject to the JV agreement in consideration for Aviva Kenya incurring further exploration expenditure of US$0.5 million in relation to those rights in a 24- month period;
  • 5. 4 The conditions precedent on the SPA was completed on 26 October 2012 and the A$ 20 million received. In addition the proceeds of the working capital settlement of A$ 109,779 were received in December 2012. Aviva had spent about A$8 million on the Kenyan assets since initial acquisition two years ago, and has thus generated an excellent return on the investment. Botswana-Mmamantswe Coal Project The Botswana Department of Environmental Affairs issued the Environmental Impact Statement (“EIS”) for Mmamantswe in early October 2012 following the completion of an Environmental and Archaeological Impact Assessment (“Assessment”). This Assessment included extensive public consultations in all communities that could be affected and did not identify any major impediments to the project’s development. The issuing of the EIS is another important milestone for the Mmamantswe Coal Project. Aviva has received third party interest in the Mmamantswe power station and is actively positioning Mmamantswe to be part of a scale up of resources in Botswana. The outcome of the Coal Road Map review in Botswana is considered to be very positive for the Botswana Coal Industry. Jindal Steel and Power of India completed the takeover of CIC Energy Ltd (“CIC”) for US$116 million in the second half of 2012. CIC’s assets predominantly consist of licenses in the Mmamabula coal field. Corporate Aviva’s Chief Executive Officer Lindsay Reed resigned on 10 December 2012. Mr Reed remains a Director of the Company. Aviva has commenced the process to search for a new Chief Executive Officer. The Board of the Company has also resolved not to return any of the cash received on completion of the sale of AMK to shareholders at this time, pending the review of opportunities Auditor’s Independence Declaration We have obtained an independence declaration from our auditors, Ernst & Young, which is presented on page 18 of this half-year financial report and forms part of this report. Signed in accordance with a resolution of the Directors. ………………………… LG Reed Director Perth, 7 March 2013
  • 6. 5 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 Note 31 December 2012 31 December 2011 $ $ Continuing operations Interest revenue 4 162,082 100,354 Other income 4 49,744 31,563 Profit on Sale of Assets 4 11,774,482 - Directors’ and employee benefits expenses 4 (528,474) (583,605) Business development expenses (3,575) (2,644) Occupancy expenses 4 (73,559) (85,121) Impairment of exploration, evaluation and development costs 4 (159,911) (91,506) Professional services expenses (236,035) (192,393) Promotions & public relations expense (54,643) (231,446) Depreciation expense (18,961) (19,910) Foreign exchange losses (4,327) (26,160) Interest on convertible note (29,881) - Other expenses (119,932) (115,601) Profit / (Loss) before income tax 10,757,010 (1,216,469) Income tax benefit / expense - - Profit / (Loss) for the period 10,757,010 (1,216,469) Other comprehensive income, net of tax - - Total comprehensive Profit / (Loss) for the period 10,757,010 (1,216,469) Profit / (Loss) for the period attributable to members 10,757,010 (1,216,469) Total comprehensive Profit /( Loss) for the period attributable to members 10,757,010 (1,216,469) Profit / (Loss) per share Basic Profit / (Loss) per share (cents) 6.47 (1.55) Diluted Profit / Loss per share (cents)* 6.20 (1.55) *Diluted Profit per share includes convertible notes as potential ordinary shares The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
  • 7. 6 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2012 Note 31 December 2012 30 June 2012 $ $ Assets Current assets Cash and cash equivalents 5 19,631,162 670,406 Term deposits at banks 5 - 400,000 Trade and other receivables 6 251,659 389,987 Prepayments 32,709 60,854 19,915,530 1,521,247 Exploration Assets held for Sale - 7,975,186 Total current assets 19,915,530 9,496,433 Non-current assets Plant and equipment 43,619 99,555 Deferred exploration and evaluation costs 7 - - Total non-current assets 43,619 99,555 Total assets 19,959,149 9,595,988 Liabilities Current liabilities Trade and other payables 124,467 438,314 Provisions 162,235 129,335 286,702 567,649 Liabilities associated with assets held for Sale - 77,041 Total current liabilities 286,702 644,690 Non-current liabilities Provisions - 39,459 Total non-current liabilities - 39,459 Total liabilities 286,702 684,149 Net assets 19,672,447 8,911,839 Equity Equity attributable to equity holders of Aviva Corporation Ltd Contributed equity 8 46,177,862 46,177,862 Reserves 1,390,054 1,386,456 Accumulated losses (27,895,469) (38,652,479) Total equity 19,672,447 8,911,839 The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
  • 8. 7 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 Contributed Equity Reserves Accumulated Losses Total Equity $ $ $ $ As at 1 July 2012 46,177,862 1,386,456 (38,652,479) 8,911,839 Profit for period - - 10,757,010 10,757,010 Other comprehensive income - - - - Total comprehensive profit for the period - - 10,757,010 10,757,010 Equity transactions: Share based payments - 3,598 - 3,598 Issue of ordinary shares - - Cost of share issue - - As at 31 December 2012 46,177,862 1,390,054 (27,895,469) 19,672,447 As at 1 July 2011 39,800,612 1,215,273 (36,329,198) 4,686,687 Loss for period - - (1,216,469) (1,216,469) Other comprehensive income - - - - Total comprehensive loss for the period - - (1,216,469) (1,216,469) Equity transactions: Share based payments Issue of ordinary shares Cost of share issue - 6,000,000 (377,265) 71,275 - - - - 71,275 6,000,000 (377,265) As at 31 December 2011 45,423,347 1,286,548 (37,545,667) 9,164,228 The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
  • 9. 8 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 31 December 2012 31 December 2011 $ $ Cash flows from operating activities Payments to suppliers and employees (846,883) (1,061,656) Other receipts 32,295 31,563 Receipt of research & development tax rebate 41,382 12,177 Interest received 18,853 95,836 Net cash flows used in operating activities (754,353) (922,080) Cash flows from investing activities Receipts from term deposit maturity 400,000 - Receipts from sale of assets 20,111,102 - Payments for plant and equipment (5,673) (64,174) Payments for exploration and evaluation (785,993) (2,974,213) Net cash flows used in investing activities 19,719,436 (3,038,387) Cash flows from financing activities Receipts from share issues - 6,000,000 Cost of share issues - (377,265) Net cash flows from financing activities 5,622,735 Net increase in cash & cash equivalents 18,965,083 1,662,268 Cash at the beginning of the half year 670,406 2,041,910 Net foreign exchange differences (4,327) (35,037) Cash at the end of the half year 19,631,162 3,669,141 The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
  • 10. 9 NOTES TO AND FORMING PART OF THE FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 1. Corporate Information The financial report of Aviva Corporation Limited (‘the Company’ or ‘the Consolidated Entity’) for the half-year ended 31 December 2012 was authorized for issue in accordance with a resolution of the Directors on 8 March 2013. Aviva Corporation Limited is a company limited by shares, incorporated in Australia, and whose shares are publicly traded on the Australian Stock Exchange. The nature of the operations and principal activities of the Consolidated Entity are described in the Directors’ Report. 2. Basis of Preparation and Changes in Accounting Policy (a) Basis of Preparation This condensed general purpose financial report for the half-year ended 31 December 2012 has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001. The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full 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 2012 and considered together with any public announcements made by the company during the half-year ended 31 December 2012 in accordance with the continuous disclosure obligations of the ASX Listing Rules. The half year financial report has been prepared on a historical cost basis. Apart from the changes in accounting policy noted below, the accounting policies and methods of computation are the same as those adopted in the most recent annual financial report. (b) Changes in accounting policies From 1 July 2012, the Company has adopted the Standards and Interpretations, mandatory for annual periods beginning on or after 1 July 2012. Adoption of these standards and interpretations did not have any effect on the financial position or performance of the Consolidated Entity. The Consolidated Entity has not elected to early adopt any new standards or amendments.
  • 11. 10 3. Operating Segments Identification of Reportable Segments The Company has identified its operating segments based on the internal reports that are reviewed and used by the executive management team (the chief operating decision makers) in assessing performance and in determining the allocation of resources. The Company operates throughout the world and prepares reports internally by geographical segments. The following are the current geographical segments; Australia - Administration and business development of potential power and mineral resources. Africa - Exploration and evaluation for coal, gold and base metals. Other prospective opportunities outside of these geographical segments are also considered from time to time, and if they are secured, will then be attributed to the geographical segment where they are located. The following items and associated assets and liabilities are not allocated to operating segments as they are not considered part of the core operations of any segment: • Cash on hand and interest revenue • Corporate compliance expenses • Share based payments • Account receivable • Prepaid expenses
  • 12. 11 NOTES TO AND FORMING PART OF THE FINANCIAL REPORT (continued) FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 3. Operating Segments (Continued) The following table presents the revenue, expenditure and certain information regarding the geographical locations for the half-years ended 31 December 2012 and 31 December 2011. Consolidated Australia Africa Unallocated Total $ $ $ Half-year ended 31 December 2012 Segment Revenue - 11,774,482 211,826 11,986,308 Segment Expenses (916,957) (68,301) (84,129) (1,069,387) Segment Profit / Loss (before income tax) (916,957) 11,706,181 127,697 10,916,921 Impairment of exploration expenditure (617) (159,294) - (159,911) Segment Result (before income tax) (917,574) 11,546,887 127,697 10,757,010 Income tax benefit / (expense) - - - - Segment Result (net of tax) (917,574) 11,546,887 127,697 10,757,010 At 31 December 2012 Segment assets 38,939 4,680 19,915,530 19,959,149 Segment liabilities 260,145 557 26,000 286,702 Half-year ended 31 December 2011 Segment Revenue - - 131,916 131,916 Segment Expenses (1,068,266) (35,600) (153,013) (1,256,879) Segment Profit / Loss (before income tax) (1,068,266) (35,600) (21,097) (1,124,963) Impairment of exploration expenditure - (91,506) - (91,506) Segment Result (before income tax) (1,068,266) (127,106) (21,097) (1,216,469) Income tax benefit / expense - - - - Segment Result (net of tax) (1,068,266) (127,106) (21,097) (1,216,469) At 30 June 2012 Segment assets 1,574,017 6,500,724 1,521,247 9,595,988 Segment liabilities 490,475 167,674 26,000 684,149
  • 13. 12 NOTES TO AND FORMING PART OF THE FINANCIAL REPORT (continued) FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 4. Revenue and Expenses from continuing operations Consolidated 31 December 2012 31 December 2011 $ $ Total Income Interest revenue 162,082 100,354 Other income 49,744 31,563 211,826 131,917 Profit on sale of assets Aviva Mining Kenya Proceeds on sale. 20,000,000 - Working Capital payment 109,779 - Less Financial Assets held for sale (8,115,330) - Less Other costs allocated to the project (218,922) - Total Profit on sale of Aviva Mining Kenya 11,775,527 - Loss on disposals of plant and equipment (1,045) - Total Profit on Sale of Assets 11,774,482 - 11,986,308 131,917 Expenses Rental expense on operating lease 73,559 85,121 Impairment of exploration and evaluation costs (a) 159,911 91,506 Directors’ and employee benefits expenses Directors’ fees, salaries & wages 492,463 488,487 Superannuation expense 32,413 23,843 Share based payment expenses 3,598 71,275 528,474 583,605 (a) Refer to Note 7 for a full discussion of the impairment of exploration and evaluation costs.
  • 14. 13 NOTES TO AND FORMING PART OF THE FINANCIAL REPORT (continued) FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 5. Cash and cash equivalents Consolidated 31 December 2012 30 June 2012 $ $ Cash at bank and on hand 631,162 670,406 Short term deposits 19,000,000 - 19,631,162 670,406 Term deposits at bank - 400,000 6. Trade and other receivables Other receivables 251,659 389,987 7. Deferred exploration and evaluation costs Consolidated 31 December 2012 $ 30 June 2012 $ Deferred exploration and evaluation costs - - The movements of deferred exploration and evaluation costs for the half-year ended 31 December are as follows: Consolidated 31 December 2012 $ 30 June 2012 $ Explorations and evaluations phase – At cost At 1 July - 2,766,028 Expenditure incurred 159,911 248,412 Expenditure incurred during the year for assets held for sale 221,734 5,017,789 Expenditure classified as assets held for sale (a) (221,734) (7,783,817) Impairment (b) (159,911) (248,412) Balance at end of reporting period - -
  • 15. 14 NOTES TO AND FORMING PART OF THE FINANCIAL REPORT (continued) FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 7. Deferred exploration and evaluation costs (continued) During the half year ended 31 December 2012, the carrying value of each exploration and evaluation asset was reviewed for impairment. (a) Expenditure Incurred relating to the West Kenya Project In July 2010, Aviva acquired an interest in the West Kenya gold and base metals project, through a joint venture with AfriOre International, a wholly owned subsidiary of Lonmin Plc, for 2 special licences. In September 2010, the Commissioner of Mines and Geology in Kenya formally consented to the West Kenya Earn-in Joint Venture Agreement (“JVA”) between AfriOre International (Barbados) Limited and Aviva Corporation Limited. Under the terms of the JVA which was signed in July 2010, Aviva could earn up to 75% of the project, initially by spending US$3 million over three years and completing a Pre-feasibility Study. On 23 July 2012, Aviva Corporation Limited (Aviva or Company) announced that it had entered into a binding, conditional sale and purchase agreement with African Barrick Gold plc. to sell all of the issued shares in the Company’s indirect wholly-owned subsidiary, Aviva Mining (Kenya) Limited. This transaction was completed on 26 October 2012 and the A$ 20 million received. Expenditure incurred up to that date on the Kenyan project was therefore reclassified to Assets held for sale. In addition to the $A 20 million received, Aviva will receive a further A$10 million if a National Instrument 43-101-compliant Indicated resource of 3 million ounces or more is declared over the project areas. (b) Impairment of Mmamantswe Coal Project During June 2011 the Botswana Government initiated a Coal Road Map review to study the development of the country’s coal resources. The outcome of these studies was presented to key stakeholders on 31 January 2012 and was regarded to be very positive for the Botswana Coal Industry. In October 2012 the Botswana Department of Environmental Affairs issued the Environmental Impact Statement for Mmamantswe. Notwithstanding the positive outcome of the Botswana Government Coal Road Map Review and the Mmamantswe Coal Project the Company still considers it is appropriate to continue to hold this project at nil value. At 31 December 2012 impairment losses of $159,294(2011: $ 91,506) were recorded in the Statement of Comprehensive Income.
  • 16. 15 NOTES TO AND FORMING PART OF THE FINANCIAL REPORT (continued) FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 8. Contributed Equity Consolidated 31 December 2012 30 June 2012 $ $ Ordinary shares 45,427,862 45,427,862 Convertible Notes 750,000 750,000 46,177,862 46,177,862 31 December 2012 30 June 2012 Number of shares Number of shares Movements in ordinary shares on issue At 1 July 166,141,825 136,141,825 Share Issue - 30,000,000 Balance at end of reporting period 166,141,825 166,141,825 9. Dividends No dividends were declared or paid during the half-year (2011: nil). 10. Commitments or Contingencies There are no significant commitments or contingent assets or liabilities as at the reporting date.
  • 17. 16 11. Events after the Balance Sheet Date (a) Investment in Coppermoly Limited (“Coppermoly”) On 22 January 2013 Aviva advised that it has made an investment of A$125,000 in Coppermoly Ltd (Coppermoly) through a Convertible Note. Under the Convertible Note, Aviva will also be issued with 1 million unlisted options in Coppermoly with an exercise price of 5 cents per option. Coppermoly is a Queensland based ASX Listed company. It has large tonnage copper-gold– molybdenum projects in West New Britain in Papua New Guinea. Coppermoly holds a 28% interest in three Exploration Licenses Nakru, Simuku and Talelumas, which together make up the West New Britain Project. (b) Conversion of Sentient Executive GP IV Limited(“Sentient”)convertible notes into shares On 23 January 2013 Aviva announced that its major shareholder Sentient has provided Aviva with a conversion notice to convert their convertible notes into 7.8 million ordinary shares in Aviva. The resultant allotment of shares increased Aviva’s issued shares to 173.9 million and Sentient’s shareholding in Aviva to 14.57%. (c) Sale of Coolimba Project Aviva announced on 1 February 2013 that it has entered into a binding sales and purchase agreement to sell its 100% held subsidiary Coolimba Power Pty Ltd to Westgen. This subsidiary held the Coolimba project approvals and the coal intellectual property that were developed as part of the process to proceed with the Coolimba project. The sales transaction was completed on 8 February 2013. Aviva will receive a payment of A$1million if financial close is achieved to construct a coal or gas project under the Coolimba project approvals.
  • 18. 17 DIRECTORS’ DECLARATION In accordance with a resolution of the directors of Aviva Corporation Ltd, I state that: In the opinion of the directors: (a) The half-year financial statements and notes of the consolidated entity are in accordance with the Corporations Act 2001, including: i) giving a true and fair view of the financial position as at 31 December 2012 and the performance for the half-year ended on that date of the consolidated entity; and ii) comply with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001; and (b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. On behalf of the Board …………………………. LG Reed Director Perth, 7 March 2013
  • 19. Liability limited by a scheme approved under Professional Standards Legislation GB:DR:AVIVA:019 Auditor’s Independence Declaration to the Directors of Aviva Corporation Ltd In relation to our review of the consolidated financial report of Aviva Corporation Ltd and its controlled entities for the half year ended 31 December 2012, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct. Ernst & Young Gavin Buckingham Partner Perth 7 March 2013
  • 20. Liability limited by a scheme approved under Professional Standards Legislation GB:DR:AVIVA:018 Independent review report to the members of Aviva Corporation Ltd Report on the Half-Year Financial Report We have reviewed the accompanying half-year financial report of Aviva Corporation Ltd, which comprises the statement of financial position as at 31 December 2012, the statement of comprehensive income, statement of changes in equity and 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 of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year. 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 internal controls as the directors determine are 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 consolidated entity’s financial position as at 31 December 2012 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 Aviva Corporation Ltd and the entities it controlled during the half-year, 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 2001. We have given to the directors of the company a written Auditor’s Independence Declaration, a copy of which is included in the Directors’ Report.
  • 21. GB:DR:AVIVA:018 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 Aviva Corporation Ltd is not in accordance with the Corporations Act 2001, including: a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2012 and of its performance for the half-year ended on that date; and b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. Ernst & Young Gavin Buckingham Partner Perth 7 March 2013

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