Aventus : Appendix 4D

For personal use only

Appendix 4D

Interim Report

APPENDIX 4D

Interim Report

For the half year ended 31 December 2021

Name of entity	Aventus Group

Aventus Group

The Aventus Group is a stapled entity comprising the Aventus Retail Property Fund (ARPF) (ARSN 608 000 764) and its controlled entities and Aventus Holdings Limited (AHL) (ACN 627 640 180) and its controlled entities.

For financial reporting purposes ARPF has been deemed the parent entity of the Aventus Group.

This Appendix 4D should be read in conjunction with the Aventus Group interim consolidated financial report for the half year ended 31 December 2021.

Explanation of reporting periods

The interim report of the Aventus Group is for the period 1 July 2021 to 31 December 2021. The previous corresponding interim period is 1 July 2020 to 31 December 2020.

Results for announcement to the market

		Change	Change		31 Dec 2021
		$m	%		$m
Revenue from ordinary activities	Up	4.6	5.3%	to	91.6
Net profit after tax attributable to securityholders	Up	178.8	172.9%	to	282.2
Funds from operations attributable to
securityholders	Up	5.7	10.2%	to	61.6

Refer to the directors' report in the attached interim consolidated financial report for an overview of the financial performance for the half year ended 31 December 2021.

Distributions

	Distribution	Total	Ex-
	per security	distribution	distribution	Record	Payment
Quarter ended	(cents)	$m	date	date	date
September 2021	4.50	25.7	29/09/2021	30/09/2021	18/11/2021
December 2021	5.00	28.6	30/12/2021	31/12/2021	4/02/2022
Total	9.50	54.3
September 2020	4.00	22.3	29/09/2020	30/09/2020	30/10/2020
December 2020	4.20	23.9	30/12/2020	31/12/2020	24/02/2021
Total	8.20	46.2

For personal use only

Appendix 4D

Interim Report

Distribution reinvestment plan (DRP)

For the period 1 July 2021 to 30 September 2021 the Aventus Group operated a DRP under which securityholders may elect to reinvest all or part of their distributions or dividends in new stapled securities rather than being paid in cash. The last date for the receipt of an election notice for participation in the DRP is the next business day after the record date for the respective distribution or dividend. The DRP price is determined as the average of the daily volume weighted average price of the stapled securities sold on the Australian Securities Exchange during a ten-day trading period prior to the payment date for the distribution or dividend, less a discount (if any). The DRP unit price for the quarter ended 30 September 2021 did not included a discount.

The DRP was suspended during the period 1 October 2021 to 31 December 2021.

Net tangible assets

	31 Dec 2021	30 June 2021
Net tangible assets ($m)	1,767.0	1,535.0
Net tangible assets per security ($)	3.09	2.69

Entities over which control has been gained or lost during the period

Not applicable.

Details of associates and joint venture entities

Refer to note 8 Investments in associates in the attached interim consolidated financial report.

Accounting standards used by foreign entities

Not applicable.

Audit

This report is based on the attached interim consolidated financial statements which have been reviewed by Ernst & Young.

onlyuseAVENTUS RETAIL PROPERTY FUND &

CONTROLLED ENTITIES (AVENTUS GROUP)

ARSN 608 000 764

personalInterim consolidated financial report

for the half year ended 31 December 2021 For

For personal use only

CONTENTS

Directors' report

Auditor's independence declaration

Interim consolidated financial report

Consolidated statement of comprehensive income

Consolidated balance sheet

Consolidated statement of changes in equity

Consolidated statement of cash flows

Notes to the consolidated financial statements

Directors' declaration

Independent auditor's review report

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For personal use only

DIRECTORS' REPORT

The directors of Aventus Capital Limited (ACL) (ACN 606 555 480), the Responsible Entity of the Aventus Retail Property Fund (ARPF or Fund) (ARSN 608 000 764), and the directors of Aventus Holdings Limited (AHL) (ACN 627 640 180) present their report together with the interim consolidated financial statements of the Aventus Group and AHL Group for the half year ended 31 December 2021.

The Aventus Group is a stapled entity comprising ARPF and its controlled entities (the ARPF Group) and AHL and its controlled entities (the AHL Group). For financial reporting purposes ARPF has been deemed the parent entity of the Aventus Group. The interim consolidated financial statements of the Aventus Group comprise ARPF and its controlled entities which includes AHL.

Directors

The following persons held office as directors of ACL and AHL during the period and up to the date of this report, unless otherwise stated:

>	Bruce Carter	Independent Non-Executive Chairman
>	Darren Holland	Executive Director
>	Kieran Pryke	Independent Non-Executive Director
>	Robyn Stubbs	Independent Non-Executive Director
>	Ray Itaoui	Independent Non-Executive Director

The company secretaries of ACL and AHL are Mary Weaver AGIA and Lawrence Wong.

Review of operations and results

Principal activity

The principal activity of the Aventus Group during the period was investment, management and development of large format retail property assets.

Update on the Merger of Aventus Group with HomeCo Daily Needs REIT (HDN) and Home Consortium Ltd (HMC)

On 18 October 2021 the Aventus Group announced it had entered into a Scheme Implementation Deed (SID) to implement a merger with HDN and HMC (the Merger). The Merger was subsequently approved by HDN and Aventus securityholders on 24 January 2022 and 25 January 2022 respectively.

Key events expected to occur as part of the implementation of the Merger include:

• Aventus securities, comprising units in ARPF and shares in AHL will be unstapled.
• HDN will acquire 100% of units in ARPF and HMC will acquire 100% of shares in AHL.
• As consideration Aventus security holders will receive 2.20 HDN units and either $0.285 in cash or 0.038 HMC securities for each Aventus security.
• The Aventus Group will be delisted from the Australian Securities Exchange (ASX).
• All secured ARPF debt facilities will be repaid by HDN and all ARPF debt facilities will be terminated.
• The intra-staple loan and payables between ARPF and AHL will be forgiven.
• All interest rate swaps will either be terminated or novated to HDN.
• Darren Holland and Lawrence Wong will both be offered positions as Chief Executive Officer and Chief Financial Officer of HDN respectively.
• Darren Holland, Robyn Stubbs, and Bruce Carter are expected to be offered positions on the board of HMC Funds Management Pty Limited (HDN Trustee). It is intended Bruce Carter will remain on the HDN Trustee board until December 2022 to facilitate a smooth transition.

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