Tamawood : Half Year Accounts

For personal use only

ABN 56 010 954 499

ASX Code: TWD

Tamawood Limited

ABN 56 010 954 499

Interim Financial Statements

For the Half Year Ended 31 December 2021

Tamawood Limited

ABN 56 010 954 499

Contents

For the Half Year Ended 31 December 2021

onlyuseChairman's Letter Directors' Report

Auditor's Independence Declaration personalFor

Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to the Financial Statements

Directors' Declaration

Independent Auditor's Review Report

Tamawood Limited

Page

1

2

4

5

6

8

9

10

16

17

Interim Financial Statements 31 December 2021

For personal use only

Chairman's Letter

As expected, the Group recorded a profit of $3.4 million pre-tax, with an after-tax result of $2.4 million for the first half FY22, which is 25% less than the same corresponding period. A majority of the works affected by inclement weather and rapid cost increases, have now been completed.

The interim fully franked dividend for the first half FY22 is 11 cents. In line with the new dividend payment plan the dividend will be paid on Friday, March 11, 2022.

As announced on December 10, 2021, the Board remains positive for the outlook for FY22, similar to FY21. The reasons are as follows:

• Current contract prices are at levels that meet the current cost of materials and subcontractors and include provision for further increases.
• Tamawood remains debt free with cash reserves of $4.557 million at December 31, 2021.
• Enquiry levels are in excess of what is needed to maintain our expected earnings into the foreseeable future.

Robert Lynch

Non-executive Chairman

Dated 8 February 2022

Tamawood Limited

Interim Financial Statements 31 December 2021

1

Tamawood Limited

ABN 56 010 954 499

Directors' Report

For the Half Year Ended 31 December 2021

For personal use only

1.

•

•

2.

Your Directors present their report on Tamawood Limited ("Tamawood") and its controlled entities ("the Group") for the half year ended 31 December 2021.

General information

Directors

The names of the directors in office at any time during, or since the end of, the half year are:

Names	Position
Mr Robert Lynch	Non-executive Chairman
Mr Lev Mizikovsky	Non-executive Director
Mrs Laurie Lefcourt	Non-executive Director / Chairperson of the Audit Committee
Mrs Linda Horgan	Non-executive Director
Mr Tim Bartholomaeus	Managing Director

Directors have been in office since the start of the half year to the date of this report unless otherwise stated.

Company secretaries

• Geoff Acton (B.Com, CA, GAICD)
• Narelle Lynch (Cert Gov Prac)

Principal activities and significant changes in nature of activities

During the half year the principal continuing activities of the Group consisted of:

Contract home construction, home design and other associated activities in Australia.

franchising and licensing operations.

There were no significant changes in the nature of the Group's principal activities during the half year.

Operating results and review of operations for the year

1. The Result
   Tamawood recorded a net profit after tax of $2.367 million for the half year ended December 2021 (December 2020: $3.159 million) representing a decrease of 25%.
   The results are addressed in the Chairman's Letter

Tamawood Limited

Interim Financial Statements 31 December 2021

2

Tamawood Limited

ABN 56 010 954 499

Directors' Report

For the Half Year Ended 31 December 2021

For personal use only

3. Other items

Significant changes in state of affairs

There have been no significant changes in the state of affairs of entities in the Group during the half year.

Events after the reporting date

There are no matters or circumstances that have arisen since the end of the half year which significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years.

ASIC Corporations Instrument 2016/191 rounding of amounts

The Group has applied the relief available to it in ASIC Corporations Instrument 2016/191 and accordingly, amounts in the financial statements and directors' report have been rounded to the nearest thousand dollars, unless otherwise stated.

Auditor's independence declaration

The auditor's independence declaration in accordance with section 307C of the Corporations Act 2001 for the half year ended 31 December 2021 has been received and can be found on page 4 of the financial report.

This report is signed in accordance with a resolution of the Board of Directors.

Robert Lynch

Non-executive Chairman

Dated 8 February 2022

Tamawood Limited

Interim Financial Statements 31 December 2021

3