For personal use only

Level 34, MLC Centre

NAOS EMERGING

19

Martin Place

OPPORTUNITIES

Sydney NSW 2000

COMPANY LIMITED

(ASX: NCC)

T

(02) 9002 1576

ABN 58 161 106 510

F

(02) 8215 0037

E

enquiries@naos.com.au

www.naos.com.au

NAOS Emerging Opportunities Company Limited

ASX Code: NCC

ACN: 161 106 510

Appendix 4D | Results for Announcement to the Market

Results Announcement for the half year ended 31 December 2021

All comparisons are to the half year ended 31 December 2020

$

up/down

% change

Revenue from ordinary activities

5,161,769

down

-64%

Profit / (Loss) from ordinary activities before tax

attributable to shareholders

3,581,439

down

-74%

Profit / (Loss) from ordinary activities after tax

attributable to shareholders

3,492,862

down

-65%

Franked

Cents per

amount per

Tax rate for

Dividend Information

share

share

franking

2022 Interim dividend

3.75c

3.75c

25%

2021 Final dividend

3.75c

3.75c

25%

Interim Dividend Dates

Ex-dividend date

28 March 2022

Record date

29 March 2022

Last date for DRP election

30 March 2022

Payment date

21 April 2022

Dividend Reinvestment Plan

The Dividend Reinvestment Plan is in operation and the recommended fully franked interim dividend of 3.75 cents per share qualifies. The plan will be in effect per the latest dividend reinvestment rules.

31 Dec 2021

31 Dec 2020

$

$

(Post Tax) Net tangible asset backing per share

1.19

1.08

This report is based on the half-year financial report which has been subject to independent review by the auditors, Deloitte Touche Tohmatsu Australia. All the documents comprise the information required by the Listing Rule 4.2A. This information should be read in conjunction with the 30 June 2021 Annual Financial Report.

For personal use only

NAOS Emerging Opportunities Company Limited

ACN 161 106 510

Financial report for the half-year ended 31 December 2021

Table of Contents

Page

Directors' Report...............................................................................................................................................................................

1

Auditor's Independence Declaration ................................................................................................................................................

3

only

Independent Auditor's Report ..........................................................................................................................................................

4

Condensed Statement of Profit or Loss and Other Comprehensive Income for the half-year ended 31 December 2021 ..............

6

Condensed Statement of Financial Position as at 31 December 2021 .............................................................................................

7

Condensed Statement of Changes in Equity for the half-year ended 31 December 2021 ...............................................................

8

Condensed Statement of Cash Flows for the half-year ended 31 December 2021 ..........................................................................

9

Notes to the Condensed Financial Statements ...............................................................................................................................

10

Directors' Declaration .....................................................................................................................................................................

16

Corporate Information ....................................................................................................................................................................

17

For personaluse

NAOS Emerging Opportunities Company Limited

Directors' Report

The directors of NAOS Emerging Opportunities Company Limited ACN 161 106 510 (the "Company"), submit their half-year report for the Company for the half-year ended 31 December 2021.

onlyCompany Information

The Company is a listed investment company ("LIC") and its shares are listed on the Australian Securities Exchange (ASX: NCC). The Company has outsourced its investment management function to NAOS Asset Management Limited (ACN 107 624 126) (Australian Financial Services Licence No. 273529) (the "Investment Manager").

Principal Activities

The Company was constituted on 6 November 2012 to invest primarily in a concentrated portfolio of listed entities that are not included in the S&P/ASX 100 Accumulation Index with the objective of providing investors with genuine exposure to emerging companies, with a long term value focus. No change in this activity took place during the period or is likely in the future.

use

Directors

The following persons held office as Directors of the Company at the date of this report:

Name

Title

Mr David Rickards

Independent Chairman

Ms Sarah Williams

Independent Director

Mr Warwick Evans

Director

personal+8.03% for the 6 months to 31 December 2021. This increase is reflective of both the increase in the investment portfolio and

Mr Sebastian Evans

Director

Results and Review of Operations

The Company's operating profit before tax for the half-year was $3,581,439 (31 December 2020: operating profit before tax of

$13,704,203), and operating profit after tax was $3,492,862 (31 December 2020: operating profit after tax of $9,962,432). The investment portfolio produced a return of +4.42% for the 6 month period ended 31 December 2021, while the benchmark S&P / ASX Small Ordinaries Accumulation Index returned +5.54% over the same period as domestic equity markets were affected by gr wing inflation concerns and continuing COVID-19 related volatility.

The post-tax Net Tangible Assets ("NTA") per share of the Company was $1.19 at 31 December 2021, which represented a +0.85% inc ease to the 30 June 2021 post-tax NTA. Over the 6 months to 31 December 2021 the fully franked final FY21 dividend of 3.75 c nts per share was paid, along with corporate tax payments of $151,711, or 0.21 cents per share. The franking credits attached to corporate tax payments are available for distribution to shareholders through fully franked dividends.

Total shareholder return (TSR), which measures the change in share price and dividends paid during the period, increased by

the narrowing of the share price discount to NTA over the period. This measure does not include the benefit of franking credits

eceived by shareholders. For

1

NAOS Emerging Opportunities Company Limited

Directors' Report (continued)

Subsequent Events

Since the end of the half-year, the Directors have declared an interim fully franked dividend of 3.75 cents per share, to be paid on 21 April 2022.

onlyThere has been no other matter or circumstances occurring subsequent to the end of the half-year that has significantly affected, or may significantly affect, the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years.

R unding

In accordance with ASIC Corporations (rounding in Financials/Directors' Report) Instrument 2016/191, the amounts in the Directors' Report and in the financial statements have been rounded to the nearest dollar, unless otherwise indicated.

useAuditor's Independence Declaration

A copy of the Auditor's Independence Declaration as required under Section 307C of the Corporations Act 2001 is set out on page 3.

This directors' report is signed in accordance with a resolution of directors of the Company made pursuant to Section 306 (3) of the Corporations Act 2001.

personalSebastian Evans Director

17 February 2022 For

2

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Naos Emerging Opportunities Company Limited published this content on 16 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2022 22:06:05 UTC.