appendix 4d for personal use only - asx sandra hook executive director mr ross fielding the ... net...

ENGAGE COLLECTIVE DEVELOP

INSIGHT OPTIMISE OPERATE

Appendix 4DFinancial Report for the Half-Year ended31 December 2016

RXP Services LimitedABN: 30 146 959 917

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RXPSERVICESLIMITEDABN:30146959917

Half-YearEnded31December2016

TABLEOFCONTENTS

Page

ASXAppendix4D

Detailsofthereportingperiodandthepreviouscorrespondingperiod3

ResultsforAnnouncementtotheMarket

OtherInformation

Directors’Report 4

Auditor’sIndependenceDeclaration 6

FinancialReportforthehalfyearended31December2016

CondensedConsolidatedStatementofProfitorLossandOtherComprehensiveIncome 7

CondensedConsolidatedStatementofFinancialPosition 8

CondensedConsolidatedStatementofChangesinEquity 9

CondensedConsolidatedStatementofCashFlows 10

NotestotheCondensedConsolidatedFinancialStatements 11

Directors’Declaration 17

IndependentAuditor’sReviewReport 18

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DetailsofthereportingperiodandthepreviouscorrespondingperiodReportingperiod: Halfyearended31December2016Previouscorrespondingperiod/s: Halfyearended31December2015

Yearended30June2016

Resultsforannouncementtothemarket Dec2016

($’000)Dec2015($’000)

Change($’000)

Change(%)

Revenuefromordinaryactivities 70,602 55,813 14,789 26%

ProfitaftertaxattributabletomembersofRXP

UnderlyingEBITDA

5,878

9,229

4,347

7,772

1,531

1,457

35%

19%Dividends(Distributions) Amountper

SecurityFrankedAmount

perSecurityRecorddatefor

dividendentitlement

Dividendpaidduringthehalffinancialyear

2.00cents 100% 16thSeptember2016

Dividenddeclaredsubsequenttohalffinancialyearend

1.50cents 100% 16thMarch2017

Explanationofresults

Pleaserefertothe‘Directors’Report’foranexplanationoftheresults.

ThisinformationshouldbereadinconjunctionwiththeConsolidatedAnnualFinancialReportoftheRXPGroupfortheyearended30June2016.

ThisreportshouldalsobereadinconjunctionwithanypublicannouncementsmadebyRXPinaccordancewiththecontinuousdisclosurerequirementsarisingundertheCorporationsAct2001andASXListingRules.

TheinformationprovidedinthisreportcontainsalltheinformationrequiredbyASXListingRule4.2A.

Nettangibleassets CurrentPeriod PreviousCorrespondingPeriod

Nettangibleassetsperordinarysecurity 7.3cents 4.3centsDetailsofentitiesoverwhichcontrolhasbeengainedorlostduringtheperiod

Nochangesinentitiesduringthehalfyearended31December2016.DetailsofdividendreinvestmentplanNotapplicable.

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Directors’ReportThedirectorspresenttheirreporttogetherwiththecondensedfinancialreportoftheconsolidatedentityconsistingofRXPServicesLimitedandtheentitiesitcontrolledforthehalf-yearended31December2016andindependentreviewreportthereon.DirectorsThenamesofthedirectorsinofficeatanytimeduringorsincetheendofthehalf-yearare: Non-ExecutiveDirectors MrJohnPittard(Chairperson) MrKennethStoutMsSandraHook ExecutiveDirectorMrRossFielding

Thedirectorshavebeeninofficesincethestartofthefinancialperiodtothedateofthisreport.

ReviewofoperationsTheconsolidatedresultforthehalf-yearending31December2016included:

• Revenuefromordinaryactivitiesof$70.6million(2015:$55.8m)• Profitbeforetax(PBT)of$8.60million(2015:$6.67m)• Netprofitaftertaxof$5.88million(2015:$4.35m)

Staffnumbersslightlyreducedto742people(downfrom779at30June2016).

TheCompanycontinues toextendexistingclientengagementsaswellaswinnewworkwithexistingclients,andthiswasreflectedinthetoplinegrowthachievedinfirst-halfFY17–with26%growthinrevenueonpreviouscorrespondingperiod.

UnderlyingEBITDAhasgrownto$9.2m,anincreaseof19%whichconfirmsRXP’soverallbusinesscontinuestoremainingoodshapewithsolidunderlyingoperationalmetrics.TheCompanyhasatalentedandcommittedteam,averyhealthybalancesheet,andcontinuestowinnewclientwork.

Significantchangesinthestateofaffairs

NosignificantchangesinthestateofaffairsoftheCompany.

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Auditor’sindependencedeclaration

A copy of the auditor’s independence declaration as required under section 307C of theCorporationAct2001inrelationtothereviewforthehalf-yearisprovidedwiththisreport.

Roundingofamountstonearestthousanddollars

In accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument2016/191,theamountsinthedirectors’reportandinthefinancialreporthavebeenroundedtothenearestonethousanddollars,orincertaincases,tothenearestdollar(whereindicated).

Signedinaccordancewitharesolutionofthedirectors:

RossFieldingCEO&ManagingDirector Date:16February2016

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AUDITOR’S INDEPENDENCE DECLARATION

To the Directors of RXP Services Limited.

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

i) no contraventions of the auditor independence requirements of the Corporations Act2001; and

ii) no contraventions of APES 110 Code of Ethics for Professional Accountants.

This declaration is in respect of RXP Services Limited and the entities it controlled during the period.

F V RUSSO PITCHER PARTNERS Partner Melbourne

16 February 2017

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Half-Yearended31December2016

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CONDENSEDCONSOLIDATEDSTATEMENTOFPROFITORLOSSANDOTHERCOMPREHENSIVEINCOME

FORTHEHALF-YEARENDED31DECEMBER2016 HALF-YEAR 31Dec2016

$’000 31Dec2015

$’000 Restated

Revenueandotherincome

Servicesrevenue 70,602 55,813

70,602 55,813

Less:Expenses

Costofsales (2,258) (2,353)

Employeebenefits (57,079) (43,651)

Occupancyexpense (817) (693)

Depreciationandamortisation (215) (196)

Badanddoubtfuldebtprovisions (108) (32)

Acquisitionvendordeferredpayments - (719)

Otherexpenses (1,111) (1,312)

(61,588) (48,956)

Resultsfromoperatingactivities 9,014 6,857

Financeincome 59 71

Financecosts (478) (261)

Netfinance(expense) (419) (190)

Profitbeforeincometax 8,595 6,667

Incometaxexpense (2,717) (2,320)

Profitforthehalf-year 5,878 4,347

Profitattributabletomembersoftheparent 5,878 4,347

Othercomprehensiveincome

Itemsthatmaybereclassifiedsubsequentlytoprofitandloss

Foreigncurrencytranslation 35 60

Totalcomprehensiveincomefortheperiod 5,913 4,407

Totalcomprehensiveincomeattributabletomembersoftheparent

5,913 4,407

Earningspershareforprofitfromcontinuingoperationsattributabletoequityholdersoftheparententity:

Basicearningspershare(cents) 4.20 3.14

Dilutedearningspershare(cents) 4.20 3.14

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CONDENSEDCONSOLIDATEDSTATEMENTOFFINANCIALPOSITION

ASAT31DECEMBER2016

Notes

31Dec2016$’000

30June2016$’000

CURRENTASSETS Cashandcashequivalents 13,076 13,582Tradeandotherreceivables4 27,441 34,876Othercurrentassets5 1,480 1,713

TOTALCURRENTASSETS 41,997 50,171 NON-CURRENTASSETS

Intangibleassets 87,372 87,409Property,plantandequipment 1,341 897Deferredtaxassets 1,917 2,949

TOTALNON-CURRENTASSETS 90,630 91,255 TOTALASSETS 132,627 141,426 CURRENTLIABILITIES

Tradeandotherpayables 13,924 23,331Currenttaxpayable - 1,402Borrowings9 1,850 1,625Provisions 2,363 2,550Deferredconsideration - 2,309

TOTALCURRENTLIABILITIES 18,137 31,217

NON-CURRENTLIABILITIES Borrowings9 14,500 13,344Provisions 454 440

TOTALNON-CURRENTLIABILITIES 14,954 13,784 TOTALLIABILITIES 33,091 45,001 NETASSETS 99,536 96,425

EQUITY

Contributedcapital6 77,406 77,406

Reserves 244 209

Retainedearnings 21,886 18,810

TOTALEQUITY 99,536 96,425

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CONDENSEDCONSOLIDATEDSTATEMENTOFCHANGESINEQUITY

FORTHEHALF-YEARENDED31DECEMBER2016

Contributedequity$’000

RetainedEarnings

$’000

ShareBasedPaymentReserve

Reserves

$’000

Totalequity$’000

$’000 Balanceasat1July2015 75,604 17,359 - 175 93,138

RestatementperNote1(c) (118) (6,051) 1,361 - (4,808)

Balanceasat1July2015(restated) 75,486 11,308 1,361 175 88,330

Profitforthehalfyear - 4,347 - - 4,347

Exchangedifferencesontranslationofforeignoperations,netoftax

- - - 60 60

Totalcomprehensiveincomeforthehalf-year - 4,347 - 60 4,407

Transactionswithownersintheircapacityasowners:

Sharebasedpaymentexpense - - 69 - 69

SharesIssuedDuringPeriod 1,930 - (1,430) - 500

DividendsPaid - (1,718) - - (1,718)

ShareIssueExpenses (10) - - - (10)

1,920 (1,718) (1,361) - (1,159)

Balanceasat31December2015(restated) 77,406 13,937 - 235 91,578

Balanceasat1July2016 77,406 18,810 - 209 96,425

Profitforthehalfyear - 5,878 - - 5,878

Exchangedifferencesontranslationofforeignoperations,netoftax

- - - 35 35

Totalcomprehensiveincomeforthehalf-year - 5,878 - 35 5,913

Transactionswithownersintheircapacityasowners:

DividendsPaid - (2,802) - - (2,802)

- (2,802) - - (2,802)

Balanceasat31December2016 77,406 21,886 - 244 99,536

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CONDENSEDCONSOLIDATEDSTATEMENTOFCASHFLOWS

FORTHEHALF-YEARENDED31DECEMBER2016

31Dec2016$’000

31Dec2015$’000

Restated CASHFLOWFROMOPERATINGACTIVITIES

Receiptsfromcustomers 84,273 55,201

Paymentstosuppliersandemployees (76,621) (49,249)

Paymentstovendors (298) (650)

Netcashprovidedbytradingactivities 7,354 5,302

Incometaxespaid (3,088) (2,945)

Interestreceived 59 71

Financecosts (478) (261)

Netcashprovidedbyoperatingactivities 3,847 2,167

CASHFLOWFROMINVESTINGACTIVITIES

Paymentforproperty,plantandequipment (528) (528)

Paymentsforbusinessacquisitions (2,309) (14,450)

Paymentsforintangibles (95) (300)

Netcashusedininvestingactivities (2,932) (15,278)

CASHFLOWFROMFINANCINGACTIVITIES

Proceedsfromborrowings 2,250 12,488

Repaymentofborrowings (869) -

Paymentsofdividends (2,802) (1,718)

Shareissueexpenses - (5)

Netcashprovidedby/(usedin)financingactivities (1,421) 10,765

NET(DECREASE)INCASHANDCASHEQUIVALENTS (506) (2,346)

Cashandcashequivalentsatbeginningofhalf-year 13,582 12,083

CASHANDCASHEQUIVALENTSATENDOFHALF-YEAR 13,076 9,737

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NOTE1: BASISOFPREPARATIONOFTHEHALF-YEARFINANCIALREPORTThiscondenseconsolidatedhalf-yearfinancialreportdoesnotincludeallthenotesofthetypeusuallyincludedinanannualfinancialreport.

Itisrecommendedthatthishalf-yearfinancialreportbereadinconjunctionwiththefinancialreportfortheyearended30June2016andanypublicannouncementsmadebyRXPServicesLimitedduringthehalf-yearinaccordancewithanycontinuousdisclosureobligationsarisingundertheCorporationsAct2001.

Thiscondensedhalf-yearfinancialreportcoversRXPServicesLimitedandcontrolledentitiesasaconsolidatedentity.RXPServicesLimitedisacompanylimitedbyshares,incorporatedanddomiciledinAustralia.TheaddressofRXPServicesLimited’sregisteredofficeandprincipalplaceofbusinessisLevel15,31QueenStreet,Melbourne.RXPServicesLimitedisafor-profitentityforthepurposeofpreparingthefinancialstatements.

Thecondensedhalf-yearfinancialreportwasauthorisedforissuebythedirectorsasatthedateofthedirectors’report.

Thefollowingisasummaryoftheaccountingpoliciesappliedinthishalfyearfinancialreport:

(a) BasisofpreparationoftheFinancialInformation

Thiscondensedconsolidatedhalf-yearfinancialreporthasbeenpreparedinaccordancewithAustralianAccountingStandardAASB134InterimFinancialReporting,asappropriateforfor-profitentities,andtheCorporationsAct2001.CompliancewithAASB134,asappropriateforfor-profitentities,ensurescompliancewithInternationalFinancialReportingStandardIAS34InterimFinancialReporting.

Thehalf-yearfinancialreporthasbeenpreparedunderthehistoricalcostconvention,asmodifiedbyrevaluationstofairvalueforcertainclassesofassetsasdescribedintheaccountingpolicies.

Theaccountingpoliciesappliedinthishalf-yearfinancialreportareconsistentwiththoseoftheannualfinancialreportfortheyearended30June2016andthecorrespondinghalf-year.

(b) Roundingamounts

TheparententityandtheconsolidatedentityhaveappliedthereliefavailableunderASICCorporations(RoundinginFinancial/Directors’Reports)Instrument2016/191andaccordingly,theamountsintheconsolidatedfinancialreportandinthedirectors’reporthavebeenroundedtothenearestthousanddollars,orincertaincases,tothenearestdollar(whereindicated).

(c) ChangesinaccountingpoliciesadoptedbytheGroup

Note1(t)ofthe30June2016financialstatementsdetailedthechangeinaccountingtreatmentofdeferredconsiderationpayableinrelationtobusinessacquisitions.Thisnotealsoquantifiedchangestothecomparativeinformation.

Theabovechangehasalsoresultedinachangeincomparativeinformationforthehalf-yearfinancialreport,theeffectofwhichisoutlinedasfollows:

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NOTE1: BASISOFPREPARATIONOFTHEHALF-YEARFINANCIALREPORT(continued)Impactontheincomestatementforthehalf-yearended31December2015

31Dec2015AsReported

$’000Restatements

$’000

31Dec2015Restated

$’000

Deferredconsiderationrevaluationgain 524 (524) -Acquisitionvendordeferredpayments - (719) (719)Resultsfromoperatingactivities 8,100 (1,243) 6,857Profitbeforeincometax 7,910 (1,243) 6,857Netprofitfortheyear 5,590 (1,243) 4,347Totalcomprehensiveincomefortheyear 5,650 (1,243) 4,407

Basicanddilutedearningspershare 4.04 (0.9) 3.14

Impactonthestatementofchangesinequityforthehalf-yearended31December2015

RestatementofcomparativeopeningbalancesarethesameasthosereportedinNote1(t)ofthe30June2016financialstatements.

Impactonthecashflowstatementforthehalf-yearended31December2015

31Dec2015AsReported

$’000Restatements

$’000

31Dec2015Restated

$’000

Paymentstovendors - (650) (650)Netcashprovidedbyoperatingactivities 2,817 (650) 2,167Paymentsforbusinessacquisitions (15,100) 650 (14,450)Netcashusedininvestingactivities (15,928) 650 (15,278)

NOTE2:DIVIDENDS

(a) Dividendspaidordeclared

Centspershare Totalamount Franked/unfranked

Dateofpayment

$’000

Halfyearended31December2016

Final2016ordinary 2.00 2,802 Franked 7October2016

Halfyearended31December2015

Final2015ordinary 1.25 1,718 Franked 9October2015For

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NOTE2:DIVIDENDS(continued)

31Dec2016

30June2016

$’000 $’000

(b) DividendsdeclaredafterthereportingperiodandnotrecognisedSincetheendofthereportingperiodthedirectorshavedeclaredadividendof1.50centspershare(June2016:2.00centspershare)100%franked(June2016:100%franked)attheAustraliantaxrateof30% 2,101 2,802

NOTE3:SEGMENTINFORMATIONOperatingsegmentsTheconsolidatedentityhasonereportablesegmentasdescribedbelow:RXPServicesLtdanditscontrolledentitiesdevelop,manageandimplementinformationandcommunicationtechnologysolutions.ThereisonlyonereportablesegmentbasedontheaggregationcriteriainAASB8OperatingSegments.

31Dec2016

30June2016

$’000 $’000

NOTE4:TRADEANDOTHERRECEIVABLES

Accruedincome 8,026 10,291

Tradereceivables 19,604 24,822

Lessimpairmentloss (189) (237)

27,441 34,876

NOTE5:OTHERCURRENTASSETS

Prepayments 1,268 1,450

Depositsheld 147 110

Otherreceivables 65 153

1,480 1,713

NOTE6:SHARECAPITAL

Movementsinordinarysharecapital

Numberofshares

$’000

Balanceasat31December2016and30June2016 140,097,185 77,406

Noshareshavebeenissuedduringthehalfyearended31December2016.

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NOTE7:BUSINESSCOMBINATIONS

Priorperiod

Thefollowingacquisitionswerecompletedinthecorrespondingpriorperiod:

1. EngageViidacom(acquiredon5August2015)

2. 10CollectivePtyLtd(acquiredon13October2015)

Detailsofthebusinesscombinationweredisclosedinnote20oftheconsolidatedentity’sannualfinancialstatementsfortheyearended30June2016.

NOTE8:FAIRVALUEMEASUREMENTS

(a) Fairvaluehierarchy

Asset and liabilitiesmeasured and recognised at fair value have been determined by the following fair valuemeasurementhierarchy:

Level1: Quotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities

Level2: InputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly

Level3: Inputsfortheassetorliabilitythatarenotbasedonobservablemarketdata

Thefairvalueof financialassetsandfinancial liabilitiesapproximatetheircarryingamountsasdisclosed inthecondensedconsolidatedstatementoffinancialpositionandnotestothecondensedfinancialstatements.

DeferredconsiderationliabilitiesmeasuredandrecognisedatfairvaluehavebeendeterminedtobeLevel3.

Half-yearended31December2016 Level1 Level2Level3 Total$’000 $’000 $’000 $’000

Financialliabilities

Deferredcashconsideration - - - -

Total - - - -

Full-yearended30June2016 Level1 Level2 Level3 Total$’000 $’000 $’000 $’000

Financialliabilities

Deferredcashconsideration - - 2,309 2,309

Total - - 2,309 2,309

(b) ValuationtechniqueandsignificantunobservableinputsThedeferredconsiderationisbasedonmanagement’sbestandmostprobableestimateofthebusiness’sperformanceearningstargets.F

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NOTE8:FAIRVALUEMEARSURMENTS(CONTINUED)

(c) Reconciliationofrecurringlevel3fairvaluemovements31Dec2016

30June2016

$'000 $'000DeferredconsiderationOpeningbalance 2,309 4,999Additionaldeferredconsiderationfrombusinessacquisition - 6,000Payments/shareissues (2,309) (8,690)

Closingbalance - 2,309

NOTE9:BORROWINGS31Dec2016

30June2016

$’000 $’000

CURRENT

Secured

Bankloans 1,850 1,625

1,850 1,625

NON-CURRENT

Secured

Bankloans 14,500 13,344

14,500 13,344

(a) Termsandconditionsandassetspledgingassecurityrelatingtotheabovefinancialinstruments

TheGroupenteredintoa$26.0millionsecuredbankloanfacilityinJuly2015forthepurposeofsupportingtheGroupinexecutingitsacquisitionstrategy.Thefacilityhasathreeyeartermandinstalmentsarepayableonaquarterlybasis.

Duringthehalfyearended31December2016,theGroupmadetotalrepaymentsof$0.87millionwithrespecttothesecuredbankloanfacility.Borrowingsaresecuredovertheassetsofthecompany.

NOTE10:CONTINGENTLIABILITIES

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NOTE11:SUBSEQUENTEVENTS

SincetheendofthefinancialhalfyeartheDirectorsdeclaredthefollowingdividend

AmountperShare

FrankedAmountPerShare

ExpectedPaymentDate

Interim-Ordinary 1.5cents 1.5cents 16thMarch2017

AfterBalanceSheetdateadividendwasproposedbytheDirectors.Theinterimdividenddeclaredis1.5centsfullyfrankedat30%.Thefinancialeffectofthisdividendhasnotbeenbroughttoaccountinthecondensedconsolidatedfinancialstatements for thehalf-yearended31December2016andwillberecognised insubsequent financialreports.

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DIRECTORS’DECLARATION

Thedirectorsdeclarethat:1. In the directors’ opinion, the financial statements and notes thereto, as set out on pages 7 to 16, are in

accordancewiththeCorporationsAct2001,including:

(a) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and theCorporationsRegulations2001;and

(b) givingatrueandfairviewofthefinancialpositionoftheconsolidatedentityasat31December2016andofitsperformanceforthehalf-yearendedonthatdate.

2. Inthedirectors’opiniontherearereasonablegrounds,atthedateofthisdeclaration,tobelievethatRXPServicesLimitedwillbeabletopayitsdebtsasandwhentheybecomedueandpayable.

Thisdeclarationismadeinaccordancewitharesolutionofthedirectors.

………………………………………………… RossFieldingCEO&ManagingDirectorMelbourne

Date:16February2016

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An independent Victorian Partnership ABN 27 975 255 196 Pitcher Partners is an association of independent firms Level 19, 15 William Street, Melbourne VIC 3000 Melbourne | Sydney | Perth | Adelaide | Brisbane| NewcastleLiability limited by a scheme approved under Professional Standards Legislation An independent member of Baker Tilly International

RXP SERVICES LIMITED ABN 30 146 959 917

AND CONTROLLED ENTITIES

INDEPENDENT AUDITOR'S REVIEW REPORT TO THE MEMBERS OF RXP SERVICES LIMITED

We have reviewed the accompanying half‐year financial report of RXP Services Limited and controlled entities, which comprises the condensed consolidated statement of financial position as at 31 December 2016, the condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated 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 period’s 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 control as the directors determine is necessary to enable the preparation of the half‐year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express a conclusion on the half‐year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half‐year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity's financial position as at 31 December 2016 and its performance for the half‐year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of RXP Services Limited and controlled entities, 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.

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RXP SERVICES LIMITED ABN 30 146 959 917

AND CONTROLLED ENTITIES

INDEPENDENT AUDITOR'S REVIEW REPORT TO THE MEMBERS OF RXP SERVICES LIMITED

An independent Victorian Partnership ABN 27 975 255 196 Pitcher Partners is an association of independent firms Level 19, 15 William Street, Melbourne VIC 3000 Melbourne | Sydney | Perth | Adelaide | Brisbane| NewcastleLiability limited by a scheme approved under Professional Standards Legislation An independent member of Baker Tilly International

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 RXP Services Limited and controlled entities 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 2016 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.

F V RUSSO PITCHER PARTNERS Partner Melbourne

16 February 2017

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