rule 4.2a for personal use onlypanorama synergy limited, a global company in the mems sensor...

_______________________________________________________________________________________________ Rule 4.2A

Appendix 4D

Half-year Report for the period ended 31 December 2015 Name of entity

PANORAMA SYNERGY LIMITED

ABN Reporting Period Previous Corresponding Period

84 060 369 048 Half year ended

31 December 2015 Half year ended

31 December 2014

Results for Announcement to the Market Financial Results $A

Revenues from ordinary activities (item 2.1)

Down 13% to 67,088

Loss from ordinary activities after tax attributable to members (item 2.2)

Up 50% to (2,278,658)

Net (loss) for the period attributable to members (item 2.3)

Up 50% to (2,278,658)

Final and interim dividends (item 2.4) It is not proposed that either a final or interim dividend be paid.

Record date for determining entitlements to the dividend (item 2.5)

N/A

Brief explanation of any of the figures reported above (item 2.6):

Refer attached Interim Financial Report.

Current Period Previous

Corresponding Period

Net tangible assets per ordinary share (Item 3) 0.94 cents 1.3 cents

Details of entities over which control has been gained or lost (item 4)

‐ N/A

Details of dividends or distribution payments (item 5)

‐ No dividends or distributions are payable.

Details of dividend or distribution reinvestment plans (item6) ‐ There is no dividend reinvestment program in operation for Panorama Synergy Limited

Details of associates and joint venture entities (item 7) ‐ Panorama Synergy Limited does not have any investments in associate entities or joint venture interests.

Panorama Synergy Limited Interim Half-year Report for period ended 31 December 2015

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Foreign entities to disclose which accounting standards are used in compiling the report (item 8) ‐ International Accounting Standards Details of any audit dispute or qualification (item 9) – Refer to the Independent Review Report on page 18 and page 19 of the attached Financial Report for the half‐year ended 31 December 2015. This half‐yearly reporting information should be read in conjunction with the most recent annual financial report of the Company.

Sign here: Date: 29th February 2016 Print name: Phillip Wingate Company Secretary

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ABN: 84 060 369 048

Financial Report For The Half-Year Ended 31 December 2015

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PANORAMA SYNERGY LIMITED ACN: 060 369 048

1

CONTENTS

CORPORATE INFORMATION................................................................................................................. .2

DIRECTORS’ REPORT ............................................................................................................................ .3

AUDITOR’S INDEPENDENCE DECLARATION ...................................................................................... .6

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME................................................................................................................... .7

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ......................................... .8

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ......................................... .9

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS .................................. 10

NOTES TO THE FINANCIAL STATEMENTS .......................................................................................... 11

DIRECTORS’ DECLARATION ................................................................................................................. 17

INDEPENDENT AUDITOR’S REPORT ................................................................................................... 18

This financial report covers Panorama Synergy Limited ("Panorama" or the "Company") and its subsidiaries. The financial report is presented in Australian dollars. Panorama Synergy Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Panorama Synergy Limited Ground Floor 30 Richardson Street West Perth WA 6005

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CORPORATE INFORMATION

Directors Mr Aidan Montague Executive Chairman Mr Terry Walsh Managing Director Mr Glenn Ross Executive Director Company Secretary Mr Phillip Wingate Home Securities Exchange Australian Securities Exchange Limited Level 40, Central Park 152 – 158 St George’s Terrace PERTH WA 6000 ASX Code: PSY Share Registry Advanced Share Registry Services 110 Stirling Highway Nedlands WA 6009 Telephone: (08) 9389 8033

Registered Office Ground Floor, 30 Richardson Street WEST PERTH WA 6005 Telephone: (08) 9482 0590 Facsimile: (08) 9482 0505 Email: [email protected] Website: www.panoramasynergy.com Postal Address P.O. Box 902 WEST PERTH WA 6872 Legal Advisors Fisher Adams Kelly Level 6, 6 Eagle Street Brisbane QLD 4000 Auditor Deloitte Touche Tohmatsu Tower 2, Brookfield Place 123 St Georges Terrace Perth WA 6000

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DIRECTORS’ REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2015 The Directors of Panorama Synergy Limited present the following report for the half-year ended 31 December 2015. DIRECTORS The names of the Company's directors who held office during or since the end of the period and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated. Mr Aidan Montague Executive Chairman Mr Terrence Walsh Managing Director Mr Glenn Ross Non-Executive Director (Appointed 18 October 2015) Mr Jeff Braysich Executive Director (Resigned 18 October 2015) Dr Jason Chaffey Executive Director (Resigned 2 July 2015) PRINCIPAL ACTIVITIES The activities of the consolidated entity constituted by Panorama Synergy and the entities it controlled during the half-year ended was principally that of developing commercial applications to various technologies and concepts in the MEMS sensor industry There were no significant changes in the nature of the consolidated group's principal activities during the half-year ended 31 December 2015. REVIEW OF OPERATIONS Panorama Synergy Limited, a global company in the MEMS sensor industry with a portfolio of advanced MEMS technologies, provides a review for the period ended 31 December 2015. The Company’s significant areas of focus are the research, development and commercialisation of its LumiMEMS™ Reader optical readout system for Micro Electro Mechanical Systems as well as the addition during the period of the second category of Sensor technology in the well-established field of spectroscopy. This increases the range of types of sensors categories that the Company, together with the University of Western Australia, are developing, dramatically increasing the market opportunity and decreasing the time to market. The common thread in both technologies, is taking well proven technologies, that are expensive, delicate and typically are installed in laboratory environments, and using MEMS techniques, create small, robust, highly accurate components and devices, priced and packed in a format to make them accessible to consumers. It can be thought of as a similar evolution from when the world was served only by mainframe computers, owned by the few, expensive, delicate and cumbersome, run by experts, to today’s world where the average smart phone has more computational power than an old time mainframe. This transition is no less significant in terms of its scale, volume and is the enabling technology for the Internet of Things.

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REVIEW OF OPERATIONS (CONTINUED) LumiMEMSTM

The Company has continued to make solid progress towards the development of our LumiMEMSTM Reader, a MEMS sensor technology. Considerable focus has been invested in selecting the optimal partners to bring together the best market opportunities and distribution strategies, together with the optimal licencing and manufacturing arrangements. With the growing global demand for sensors in every industry due to the explosive growth in the Internet of Things (IoT), the Company is confident that it's technology is a potential market leader. Also, the Company has assembled a growing team of experts, with strong, relevant global experience both at University of Western Australia (UWA) and increasingly inside the Company. Spectroscopy The agreement granting Panorama Synergy an exclusive global licensing agreement from UWA for its micro spectroscopy technology gives the Company additional technology linked to the LumiMEMSTM sensor technology, Optical, including Near Infrared, Spectroscopy examines the colour (wavelength) content of light to assess the composition of a sample that the light has interacted with. Like the LumiMEMSTM Reader technology, the core optical microspectrometer technology is a subsector of the sensor market. The microspectrometer is analogous to the LumiMEMSTM Reader because both are based on MEMS technology, resulting in significant competitive advantages over existing technologies including:

• Substantially smaller • Lower power needs • More robust • More cost efficient • Potential for much greater scale deployment in the field • Multi-patented technology

It is helpful to think of the LumiMEMSTM Reader as a sensor that is optimized for situations where it interacts directly with what it is trying to sense (e.g. Gases, Biological agents, Movement, Pressure etc) and the microspectrometer as being a sensor that is best suited for more remote sensing such as a hand held device pointed at a crop, or mounted in a drone, a plane or a vehicle etc, where interaction is not required, light frequencies are read instead Research and development activities will enable the manufacturing of devices whose size, weight, power consumption and cost make them available to the mass consumer markets. Key initial target markets include food and drug production, agriculture, security and defence, healthcare and medical, on platforms such as unmanned aerial vehicles, driverless cars, smart Phones, patient point of care devices for doctors and wearable devices for consumers. The development of both the Company’s LumiMEMSTM Reader technology as well as the micro-spectrometer remains the key activity of Panorama. Key Appointments Over the half-year ended, the senior leadership team was strengthened with four key appointments. Sanchitha Fernando, PhD, Senior MEMS Engineer, is a leading MEMS engineer and has a track record of successful R&D project management. Mr Ben Cheah was appointed as Microfluidics Development Engineer. Mr Cheah is a PhD graduate in microfluidics (the application of MEMS sensors in liquid environments). His expertise will open additional opportunities in medical industry applications and other liquid environment application for Panorama’s technology. Glenn Ross was appointed as a Non-Executive Director after consulting to the company on it’s Advisory Board. Mr Ross has worked with multinational companies in both a technical and sales capacity and has extensive investment experience in both private and public companies. Phillip Wingate was appointed as CFO and Company Secretary. Mr Wingate brings corporate, financial and capital market experience to the Company. Mr Wingate has broad ASX experience and has advised on a number of merger and acquisition and capital market transactions. The Company continues to grow its team with the best, high calibre and experienced people globally.

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OUTLOOK The Company is experiencing a continually growing pipeline of opportunities in both potential customers and partnerships across both technology platforms. The diversity of possible applications of both technologies creates the need to engage with many industries, while reinforcing the need to prioritise and focus the opportunities. EVENTS AFTER THE REPORTING PERIOD There has not arisen in the interval between the end of the reporting period and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the company to affect significantly the operations of the company, the results of its operations, or the state of affairs of the company in the future financial year. RESULTS OF OPERATIONS For the six months to 31 December 2015 the revenue of the consolidated entity was $67,088 (2014: $77,299). The loss after providing for income tax amounted to $2,278,658 (2014: $1,514,844) AUDITOR’S INDEPENDENCE DECLARATION The lead auditor's independence declaration under section 307C of the Corporations Act 2001 for the half-year ended 31 December 2015 has been received and can be found on page 6 of the Financial Report. This declaration forms part of the director’s report. This Director’s Report is signed in accordance with a resolution of the Board of Directors.

Aidan Montague Executive Chairman Perth 29 February 2016

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Liability limited by a scheme approved under Professional Standards Legislation.

Member of Deloitte Touche Tohmatsu Limited

6

Deloitte Touche Tohmatsu

ABN 74 490 121 060

Tower 2, Brookfield Place

123 St Georges Terrace

Perth WA 6000

GPO Box A46

Perth WA 6837 Australia

Tel: +61 8 9365 7000

Fax: +61 8 9365 7001

www.deloitte.com.au

29 February 2016

The Board of Directors

Panorama Synergy Limited

Ground Floor, 30 Richardson Street

West Perth WA 6005

Dear Board Members

Panorama Synergy Limited

In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration

of independence to the directors of Panorama Synergy Limited.

As lead audit partner for the review of the financial statements of Panorama Synergy Limited for the financial

half-year ended 31 December 2015, I declare that to the best of my knowledge and belief, there have been no

contraventions of:

(i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

(ii) any applicable code of professional conduct in relation to the review.

Yours sincerely

DELOITTE TOUCHE TOHMATSU

Neil Smith

Partner Chartered Accountants

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CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the half-year ended 31 December 2015

Note Consolidated

31 December 31 December

2015 2014

$ $

Revenue 2 67,088 77,299

Employee benefits expense (598,226) (740,408)

Share based payment expenses 5(b) (600,746) (259,168)

Research and development expenses (878,969) (132,080)

Depreciation and amortisation (2,600) (382)

Administration expenses (522,384) (507,230)

Loss before income tax (2,535,837) (1,561,969)

Income tax benefit 257,178 47,125

Loss for the period (2,278,658) (1,514,844)

Other comprehensive income: - -

Total comprehensive loss for the period (2,278,658) (1,514,844)

Loss attributable to: (2,278,658) (1,514,844)

Members of the parent entity (2,278,658) (1,514,844)

Total comprehensive loss attributable to: Members of the parent entity

(2,278,658)

(2,278,658)

(1,514,844)

(1,514,844)

Earnings per share:

Basic loss per share (cents) (0.45) (0.31) Diluted loss per share (cents) (0.45) (0.31)

The accompanying notes form part of these financial statements.

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2015

Note Consolidated

31 December 30 June

2015 2015

$ $

ASSETS

Current Assets

Cash & cash equivalents 5,137,863 6,684,306

Trade and other receivables 115,443 96,458

Current tax asset 626,826 369,648

Prepayments 18,518 20,431

Total Current Assets 5,898,650 7,170,843

Non-Current Assets

Plant and equipment 11,935 14,535

Other financial assets – available for sale 50,000 50,000

Total Non-Current Assets 61,935 64,535

Total Assets 5,960,585 7,235,378

LIABILITIES

Current Liabilities

Trade and other payables 544,824 138,936

Provisions 11,907 14,676

Total Current Liabilities 556,731 153,612

Total Liabilities 556,731 153,612

Net Assets 5,403,854 7,081,766

EQUITY

Issued capital 5 70,208,830 70,208,830

Reserves 2,194,264 4,537,117

Accumulated losses (66,999,240) (67,664,181)Total Equity 5,403,854 7,081,766

The accompanying notes form part of these financial statements.

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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the half-year ended 31 December 2015

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

Consolidated Issued Capital Share based

payment reserve

Foreign currency translation

reserve

Accumulated Losses

Total

$ $ $ $ $

Balance at 1 July 2014 61,723,829 2,943,600 1,485 (63,643,775) 1,025,139 Comprehensive income

Loss for the half-year - - - (1,514,844) (1,514,844)

Other comprehensive loss for the half-year - - - - -

Total comprehensive loss for the half-year - - - (1,514,844) (1,514,844) Transactions with owners in their capacity as owners,

d

other transfers

Shared issued during the half-year (net of costs) 6,694,822 - - - 6,694,822

Share based payments - 259,168 - - 259,168

Balance at 31 December 2014 68,418,651 3,202,768 1,485 (65,158,619) 6,464,285

Balance at 1 July 2015 70,208,830 4,535,632 1,485 (67,664,181) 7,081,766 Comprehensive income

Loss for the half-year - - - (2,278,658) (2,278,658)

Other comprehensive loss for the half-year - - - - -

Total comprehensive loss for the half-year - - - (2,278,658) (2,278,658)

Transactions with owners, in their capacity as owners,

and other transfers

Shares issued during the half-year (net of costs) - - - - -

Share based payments - 600,746 - - 600,746

Expired options - (2,943,599) - 2,943,599 -

Balance at 31 December 2015 70,208,830 2,192,779 1,485 (66,999,240) 5,403,854 For

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the half-year ended 31 December 2015 Note Consolidated

31 December 31 December

2015 2014

$ $

CASHFLOWS FROM OPERATING ACTIVITIES Interest received 48,453 15,075

Payments to suppliers & employees (1,594,896) (1,136,463)

Finance costs - (37,330)

Net cash used in operating activities (1,546,443) (1,158,718)

CASHFLOWS FROM INVESTING ACTIVITIES

Purchase of plant and equipment - (8,848)

Net cash used in investing activities - (8,848)

CASHFLOWS FROM FINANCING ACTIVITIES

Proceeds from issue of shares - 7,043,400

Repayments of borrowings - -

Share issue costs - (348,578)

Net cash provided in financing activities - 6,694,822

Net increase/(decrease) in cash held (1,546,443) 5,527,256

Cash and cash equivalents at beginning of period 6,684,306 1,235,307

Cash and cash equivalents at end of period 5,137,863 6,762,563 The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

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NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months ended 31 December 2015 NOTE 1: SIGNIFICANT ACCOUNTING POLICIES (a) Statement of Compliance The interim consolidated financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001, applicable accounting standards including AASB 134:'Interim Financial Reporting'. Compliance with AASB 134 ensures compliance with lAS 34 'Interim Financial Reporting'. Accounting standards applicable to 'for profit' entities have been applied. This half-year financial report does not include full disclosures of the type normally in an annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the company as in the full financial report. It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2015 and any public announcements made by Panorama Synergy Limited and its subsidiaries during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 and the ASX Listing Rules. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except as detailed below. (b) Basis of Preparation The half-year report has been prepared on a historical cost basis, except for the revaluation of certain non-current assets, financial assets and financial liabilities. Cost is based on the fair value of the consideration given in exchange for assets. The company is domiciled in Australia and all amounts are presented in Australian dollars. For the purposes of preparing the half-year report, the half-year has been treated as a discrete reporting period. (c) Adoption of new and revised Accounting Standards The company has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board that are relevant to their operations and are effective for the current financial reporting period, beginning 1 July 2015. New and revised Standards and amendments thereof and Interpretations effective for the current half-year that are relevant to the company include: AASB 2015-3 ‘Amendments to Australian Accounting Standards arising from the Withdrawal of AASB 1031 Materiality’ Impact of the application of AASB 2015-3 ‘Amendments to Australian Accounting Standards arising from the Withdrawal of AASB 1031 Materiality’ Completes the withdrawal of references to AASB 1031 in all Australian Accounting Standards and Interpretations The adoption of these standards and interpretations did not have a material impact on the company. F

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NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months ended 31 December 2015 (d) Changes in accounting policies From 1 July 2015, the Company has adopted the Standards and Interpretations mandatory from annual periods beginning on or after 1 July 2015. Adoption of these Standards and Interpretations did not have any effect on the financial position or performance of the Company. The Company has not elected to early adopt any new standards or amendments. (e) Significant accounting judgements and key estimates The preparation of interim financial reports requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. In preparing this half-year report, the significant judgements made by management in applying the Company's accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial report for the year ended 30 June 2015.

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months ended 31 December 2015 NOTE 2: REVENUE AND OTHER INCOME

Consolidated Group 31 December

2015 $

31 December 2014

$ Revenue Interest received

67,088 77,299

Total revenue 67,088 77,299 NOTE 3: EARNINGS PER SHARE Consolidated Group 31 December 2015

$ 31 December

2014 $

(a) Reconciliation of earnings to profit or loss Loss (2,278,658) (1,514,844)Loss attributable to non-controlling equity interest Earnings used to calculate basic EPS (2,278,658) (1,514,844)Earnings used in the calculation of dilutive EPS (2,278,658) (1,514,844)

No. No.

(b) Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS

506,190,788

485,109,939

Weighted average number of dilutive options outstanding

- -

Weighted average number of ordinary shares outstanding during the year used in calculating dilutive EPS

506,190,788

485,109,939

NOTE 4: CONTROLLED ENTITIES Controlled Entities Consolidated Country of

Incorporation Percentage Owned (%)*

31 December

2015

30 June 2015

Digital Nervous Systems Pty Limited Australia 100% 100%Panorama Synergy (Europe) Limited United Kingdom 100% 100% *Percentage of voting power is in proportion to ownership

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months ended 31 December 2015 NOTE 5: ISSUED CAPITAL Consolidated Group 31 December

2015 $

30 June 2015

$ Issued Capital Ordinary shares issued and fully paid (a) 70,208,830 70,208,830Issued capital 70,208,830 70,208,830 Consolidated Group Number $ (a) Ordinary Shares At 1 July 2015 506,190,788 70,208,830At 31 December 2015 506,190,788 70,208,830

Consolidated Group (b) Options Number $ At 1 July 2015 33,000,000 4,535,632-Expired options write back (1) - (2,943,599)-Options cancelled on failure to vest (2) (11,400,000) (517,248)-Share based payment expense on vesting option - 1,117,994At 31 December 2015 21,600,000 2,192,779

(1) $2,943,599 relates to options lapsed in previous years and the amount has been transferred from the Share based payment reserve to Accumulated losses in the current period. (2) 11,400,0000 Options have been forfeited in the current period due to failure to vest as the relevant option holders have resigned and are no longer employed with the company.

Unissued ordinary shares under options Exercise price Expiry date Grant date 31 December

2015 30 June

2015 14 cents options 15 December 2016 27 November 2014 10,000,000 11,000,00070 cents options 30 September 2017 27 November 2014 7,200,000 11,000,000120 cents options 30 September 2018 27 November 2014 4,400,000 11,000,000

21,600,000 33,000,000

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months ended 31 December 2015 NOTE 5: ISSUED CAPITAL (CONTINUED) (c) Capital Management Management control the capital of the Group in order to maintain a reasonable equity, provide the shareholders with adequate returns and ensure that the Group can fund its operations and continue as a going concern. The Group's debt and capital includes ordinary share capital and financial liabilities, supported by financial assets. There are no externally imposed capital requirements. Management effectively manages the Group's capital by assessing the Group's financial risks and adjusting its capital structure in response to changes in these risks and in the market. These responses include the management of debt levels, distributions to shareholders and share issues. There have been no changes in the strategy adopted by management to control the capital of the Group since the prior year. NOTE 6: CONTINGENT LIABILITIES AND CONTINGENT ASSETS Contingent Assets There are no contingent assets at reporting date. Contingent Liabilities The Company has royalty commitments in regards to its technology agreements with the University of Western Australia which are contingent on various future commercialisation outcomes of the technologies. NOTE 7: OPERATING SEGMENTS Segment Information The directors have considered the requirements of AASB 8 Operating Segments and the internal reports that are reviewed by the chief operating decision maker (the Board) in allocating resources and have concluded that two separately identifiable segments exist. During the half year ended 31 December 2015 the consolidated entity operated in the Mems/Micro photonic technology sectors in Australia (the group is in research phase). The group is domiciled in Australia and the United Kingdom. All revenue from external customers is generated from Australia only. Segment revenues are allocated based on the country in which the customer is located. Operating revenue derived during the period totalled $NIL (2014: $NIL). F

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months ended 31 December 2015 NOTE 7: OPERATING SEGMENTS All the assets are located in Australia only. BUSINESS Mems/Micro Photonic

Technology Total Operations

31 December 2015

31 December 2014

31 December 2015 31 December 2014

REVENUE External sales Inter-segment sales Interest revenue - - 67,088 77,299 Total segment revenue - - 67,088 77,299 Results Segment results (878,969) (132,080) (878,969) (132,080) Unallocated expenditure: Share based payment - - (600,746) (259,168) Other unallocated expenses - - (1,123,209) (1,248,020) Loss before income tax - - (2,535,836) (1,561,969) Income tax benefit 257,178 - 257,178 47,125 Net loss for the year (621,791) (132,080) (2,278,658) (1,514,844) ASSETS Segment Assets 626,826 151,205 626,826 151,205 Assets Unallocated - - 5,333,759 6,937,979 Assets Total assets 626,826 151,205 5,960,585 7,089,184 LIABILITIES Segment liabilities (432,599) (19,354) (432,599) (19,354) Unallocated liabilities - - (124,132) (605,545) Total Liabilities (432,599) (19,354) (556,731) (624,899) Other Segment Information Capital expenditure - - - 8,848 Depreciation and amortisation - - 2,600 382 NOTE 8: EVENTS AFTER THE REPORTING PERIOD There has not arisen in the interval between the end of the reporting period and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the company to affect significantly the operations of the company, the results of the operation, or the state of affairs of the company in the future financial year. F

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DIRECTORS' DECLARATION

In the opinion of the Directors of Panorama Synergy Limited (‘the Company’):

1. The attached financial statements and notes thereto are in accordance with the Corporations Act 2001 including:

a. complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

b. giving a true and fair view of the Group’s financial position as at 31 December 2015

and of its performance for the half year then ended.

2. There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is signed in accordance with a resolution of the Board of Directors made pursuant to s.303 (5) of the Corporations Act 2001. On behalf of the board

Aidan Montague Executive Chairman Perth 29 February 2016

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Liability limited by a scheme approved under Professional Standards Legislation.

Member of Deloitte Touche Tohmatsu Limited

18

Deloitte Touche Tohmatsu

ABN 74 490 121 060

Tower 2, Brookfield Place

123 St Georges Terrace

Perth WA 6000

GPO Box A46

Perth WA 6837 Australia

Tel: +61 8 9365 7000

Fax: +61 8 9365 7001

www.deloitte.com.au

Independent Auditor’s Review Report to

the Members of Panorama Synergy

Limited

We have reviewed the accompanying half-year financial report of Panorama Synergy Limited, which comprises the condensed statement of financial position as at 31 December 2015, and the condensed

statement of profit or loss and other comprehensive income, the condensed statement of cash flows and the

condensed statement of changes in equity for the half-year ended on that date, selected explanatory notes and, the directors’ declaration of the consolidated entity comprising the company and the entities it

controlled at the end of the half-year or from time to time during the half-year as set out on pages 7 to 17.

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 2015 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 Panorama Synergy Limited, 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.

Auditor’s Independence Declaration

In conducting our review, we have complied with the independence requirements of the Corporations Act

2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been

given to the directors of Panorama Synergy Limited, would be in the same terms if given to the directors as at the time of this auditor’s review report.

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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 Panorama Synergy Limited 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 2015 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.

DELOITTE TOUCHE TOHMATSU

Neil Smith Partner

Chartered Accountants

Perth, 29 February 2016

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