RENT.COM.AU LIMITED For personal use only
For personal use only
Director's Report | 3 |
Auditor's Independence Declaration | 5 |
General Information | 6 |
Statement of Profit or Loss and Other Comprehensive Income | 7 |
Statement of Financial Position | 8 |
Statement of Changes in Equity | 9 |
Statement of Cash Flows | 10 |
Notes to The Financial Statements | 11 |
Directors' Declaration | 15 |
Independent Auditor's Review Report to The Members of Rent.com.au Limited | 16 |
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The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'the Group') consisting of Rent.com.au Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2021.
Directors
The following persons were directors of Rent.com.au Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:
Dr. Garry Garside | (Non-Executive Chairman) |
Mr. John Wood | (Non-Executive Director) |
Mr. Sam McDonagh | (Non-Executive Director) |
Mr. Philip Warren | (Non-Executive Director) |
Principal Activities
The Group operates real estate websites focusing on the rental property market. The primary website operated by the Group is www.rent.com.au.
Review of Operations
The Consolidated Statement of Profit or Loss and Other Comprehensive Income shows a net operating loss after tax of $1,341,612 (31 December 2020: $389,306). The net operating loss for the half-year ended 31 December 2021 included non-cashshare-based payments expenses of $69,479 (31 December 2020: share-based payments expenses of $203,417) associated with performance based convertible securities issued to staff. Earnings Before Interest, Tax, Depreciation, and Amortisation (and excluding non-cashshare-based payments or sundry income such as JobKeeper payments) ("EBITDA") for the half-year ended 31 December 2021 was a loss of $819,260 (31 December 2020: $284,284).
$1,607k $1,638k
$1,488k
$1,254k
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The Group's revenue increased by 10% compared to the prior comparative period (the half-year ended 31 December 2020) driven mainly by advertising sales which increased 51% compared to the prior comparative period.
The Group released an early version of its new RentPay rental payments platform in May 2021. During the half-year ended 31 December 2021, the Group incurred $744,591 of capitalised development costs (31 December 2020: $471,671) and a net operating loss (Earnings Before Interest, Tax, Depreciation, and Amortisation) of $956,553 (31 December 2020: $304,844) in developing and market testing this new platform including developing additional security measures and making improvements to the customer onboarding workflows. It is expected that further development costs will be incurred during the half-year to 30 June 2022 in completing these improvements to the platform.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Group during the financial half- year.
Events since the end of the financial reporting period
On 19 January 2022 the Company issued 42 million new fully paid ordinary shares ("Placement Shares") at an issue price of $0.06 per Share ("the Placement") to sophisticated, professional and other exempt investors pursuant to section 708 of the Corporations Act 2001 (Cth) to raise $2,500,000 (before costs). The funds will be applied towards increasing RentPay and Rent.com.au business marketing and developing new features and functionality to RentPay.
Other than the above, there has been no other matter or circumstance which has 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 subsequent financial periods.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.
This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.
On behalf of the directors
_________________________
Dr. Garry Garside
Non-executive Chairman
Perth, 24 February 2022
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AUDITOR'S INDEPENDENCE DECLARATION
As lead auditor for the review of the financial report of Rent.com.au Limited for the half-year ended 31 December 2021, I declare that, to the best of my knowledge and belief, there have been no contraventions of:
- the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
- any applicable code of professional conduct in relation to the review.
RSM AUSTRALIA PARTNERS
Perth, WA | AIK KONG TING |
Dated: 24 February 2022 | Partner |
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Rent.com.au Ltd. published this content on 24 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2022 09:11:06 UTC.
