VICY OFFI Victory Offices Limited
Appendix 4D
Half-year report
1. Company details
Name of entity: | Victory Offices Limited | ||||||||
ABN: | 76 616 150 022 | ||||||||
Reporting period: | For the half-year ended 31 December 2021 | ||||||||
Previous period: | For the half-year ended 31 December 2020 | ||||||||
2. Results for announcement to the market | |||||||||
only | $ | ||||||||
up | 6.2% | to | 7,020,974 | ||||||
Revenues from ordinary activities | |||||||||
Loss from ordinary activities after tax attributable to the owners of Victory | |||||||||
Offices Limited | up | 46.2% | to | (25,854,152) | |||||
Lo | for the half-year attributable to the owners of Victory Offices Limited up | 46.2% | to | (25,854,152) | |||||
Dividends | |||||||||
There were no dividends paid, recommended or declared during the current financial period. | |||||||||
use | |||||||||
Comments | |||||||||
The | loss for the consolidated entity after providing for income tax amounted | to $25,854,152 (31 December 2020: | |||||||
$17,682,342). | |||||||||
3. Net tangible assets | |||||||||
Reporting | Previous | ||||||||
period | period | ||||||||
Cents | Cents | ||||||||
Net tangible assets per ordinary security | 32.48 | 53.62 | |||||||
4. Control gained over entities | |||||||||
Not applicable. | |||||||||
personal | |||||||||
5. Loss of control over entities | |||||||||
Not applicable. | |||||||||
For |
6. Dividends
Current period
There were no dividends paid, recommended or declared during the current financial period.
Previous period
There were no dividends paid, recommended or declared during the previous financial period.
7. Dividend reinvestment plans
Not applicable.
Victory Offices Limited
Appendix 4D
Half-year report
8. Details of associates and joint venture entities Not applicable.
only9. Foreign entities
Details of origin of accounting standards used in compiling the report:
Not applicable.
10. Audit qualification or review
use11. Attachments
D tails of audit/review dispute or qualification (if any):
The Appendix 4D is based on the Half-year report which has been reviewed. An unmodified auditor's review report is attached with a material uncertainty paragraph around going concern.
Details of attachments (if any):
The Half-year financial report of Victory Offices Limited for the half-year ended 31 December 2021 is attached.
12. Signed
Signed: | Date: 28 February 2022 |
personalFor | Hon Steve Bracks AC |
Chairman |
onlyVictory Offices Limited
ABN 76 616 150 022
useHalf-year financial report - 31 December 2021 personalFor
Victory Offices Limited Corporate directory
For the half-year ended 31 December 2021
Directors
onlyCompany secretary
Registered office and principal place of business
useShare register
A ditor
personalSolicitors Ba kers
Stock exchange listing
W bsite
Corporate Governance Statement
For
Hon Steve Bracks AC (Non-Executive Chairman)
Mr Dan Baxter (Managing Director and Co-Chief Executive Officer) Mr Alan Jones (Non-Executive Director)
Mr Ted Chwasta (Non-Executive Director)
Ms Manisha Angirish (Executive Director and Co-Chief Executive Officer) Ms Kelly Humphreys (Non-Executive Director) - appointed 1 December 2021
Mark Licciardo (appointed 3 September 2021)
Claire Newstead-Sinclair (resigned 3 September 2021)
Level 2, 416-420 Collins Street
Melbourne VIC 3000
Link Market Services Limited
Level 12, 680 George Street
Sydney NSW 2000
www.linkmarketservices.com.au
RSM Australia Partners
Level 21
55 Collins Street
Melbourne VIC 3000
Hall & Wilcox
Level 11
525 Collins Street
Melbourne VIC 3000
National Australia Bank
Ground Level
330 Collins Street
Melbourne, VIC 3000
Victory Offices Limited shares are listed on the Australian Securities Exchange (ASX code: VOL)
www.victoryoffices.com.au
www.victoryofficeslimited.com/corporate-governance
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Victory Offices Limited
Directors' report
For the half-year ended 31 December 2021
The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Victory Offices 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.
onlyDirectors
The following persons were directors of Victory Offices Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:
Hon Steve Bracks AC (Non-Executive Chairman)
Mr Dan Baxter (Managing Director and Co-Chief Executive Officer)
Mr Alan Jones (Non-Executive Director)
Mr Ted Chwasta (Non-Executive Director)
Ms Manisha Angirish (Executive Director and Co-Chief Executive Officer)
Ms Kelly Humphreys (Non-Executive Director) - appointed 1 December 2021
usePrincipal activities
The principal activities of the consolidated entity are providing flexible office solutions. Its associated revenue is driven from providing comprehensive serviced office packages and other services to its clients.
Review of operations
The loss for the consolidated entity after providing for income tax amounted to $25,854,152 (31 December 2020: $17,682,342).
personalRevenue from suite services was $7.0 million in the December 2021 half year (2020: $6.6 million). The impact of COVID-19 h d a significant impact on revenues on both the first and second quarter of the 2022 financial year.
Net loss after tax for the period was $25.9 million (2020: $17.7 million loss). Underlying net loss after tax for the 2021 financial
year was $18.6 million (2020: $14.1 million loss). Underlying net loss after tax excludes the impact of impairment of receivables, impairment of assets, gains on termination of leases and surrender of bank guarantees as well as adjusting for JobKeeper subsidy and rent concession income.
A provision for impairment of assets has been identified for $17.7 million across the portfolio after performing value-in-use calculations. The impairment provision is non-cash and will result in a reduced depreciation charge going forward. The impairment provision was required, in part, due to having reflected a significant right of use asset pursuant to the requirements of AASB 16 Leases and AASB 136 Impairment.
All locations are providing a positive value-in-use however a very small number of locations have a value not in excess of the carrying value of the cash generating unit due to, in part, the current and forecast short-term trading conditions. A reversal of impairment of assets of $3.2 million from the previous assessment at 30 June 2021 has also occurred relating to surrendered leases.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the consolidated entity during the financial half-year.
ForMatters subsequent to the end of the financial half-year
The impact of the Coronavirus (COVID-19) pandemic is ongoing and it has been financially negative for the consolidated entity up to 31 December 2021.
As a result of recent announcements by both the Commonwealth and State governments (particularly in Victoria and NSW) regarding the full return to the office this is expected to have a positive impact on the occupancy levels in those related offices.
No other matter or circumstance has arisen since 31 December 2021 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.
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.
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Victory Offices Ltd. published this content on 27 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2022 22:01:09 UTC.
