24 Feb 2021

Half Yearly Report and Accounts

1 SUNVEST CORPORATION LIMITED A.B.N. 77 008 132 036 APPENDIX 4D Half - Year ended 31 December 2020 This Appendix 4D is provided to ASX in accordance with Listing Rule 4.2A Results for announcement to the market December 2020 $ December 2019 $ Revenue from ordinary activities 5,934 83,472 Profit/(loss)from ordinary activities before tax attributable to members 4,644,382 (181,724 ) Profit/(l oss ) after tax attributable to members 3,502,092 (181,724 ) Dividends – no dividend has been paid and it is not proposed to pay or decla re a dividend at this time (2019 – nil) Net tangible a sset backing per share is $ 0.85 after tax (June 2020 – $0.55, Dec 2019 - $0.37) Earnings per share after income tax is $0. 29 profit per sh are (December 2019 – ( $ 0.015 ) loss per share) Commentary on results: Dollar figures in this Appendix 4D are in whole dollars – i.e. not rounded to $’000. There were 5 purchases of shares during the half - year totalling $ 260,144 (December 201 9 – 15 of $ 428,389 ) There were 6 sales of shares during the hal f - yea r with proceeds of $985,819 (December 2019 – 5 of $238,023 ) . Major revenue and expense items during the half year were Dividends received Interest received Realised gains (net) on sale of financial assets December 202 0 $ 508 5,426 443,722 December 2019 $ 10,675 7,807 64,990 Unrealised gains/(l osses ) on financial assets 4, 478,860 (147,424 ) Fees paid to directors (233,900 ) ( 119,622 ) Further details of the Company’s ope rations during the December 2020 half - year and the stat e of affairs at 31 December 2020 are contained in the accompanying reports and financial statements which form part of this Appendix 4D. This Appendix 4D and the accompanying reports and f inancial statements are based on accounts which have been reviewed by the auditor. Attached are the auditor’s independence declaration and the audit review report. For and on behalf of the directors of Sunvest Corporation Limited Bruce David Burrell Chair man Dated at Sydney this 23 rd day of February 2021 2 SUNVEST CORPORATION LIMITED A.B.N. 77 008 132 036 Interim financial report 6 months ended 31 December 20 20 Contents Page Directors’ Report 3 Auditor’s Independence Declaration 4 Statement of Profit or Loss and Other Comprehensive Income 5 Statement of Financial Position 6 Statement of Changes in Equity 7 Statement of Cash Flows 8 Notes to the Financial Statements 9 - 12 Directors’ Declaration Independent Auditor’s Review Report 13 14 - 15 3 SUNVEST CORPORATION LIMITED DIRECTORS’ REPORT Your directors present their report on the Company for the half - year ended 31 December 2020 . Directors The following persons were directors of Sunvest Corporation Limited during the half - year and up to the date of this report: Bruce Burrell Carole Rowan Callum Baxter Mark Rowan - Hull Review and results of operations The Company’s profit before tax was $4,644,382 for the December 2020 ha l f - year compared to a loss before tax of $181,724 for the December 2019 half - year. The Company’s profit after tax for the December 2020 half - year is $3,502,092 (December 2019 – loss of $181,724). The Company has provided a total of $1,142,290 for income tax comprising $45,457 for current estimated tax liability plus $1,096,833 for future estimated tax liability on unrealised gains on financial assets. Major revenue and expense items during the half - year were as follows: December 2020 $ December 2019 $ Dividend received 508 10,675 Interest received 5,426 7,807 Realised gains (net) on sale of shares 443,722 64,990 Unrealised gains/(lo sses ) on financial assets 4,478,860 (147,424 ) Fees paid to directors ( 233,900 ) ( 119,622 ) The directors reviewed the Group’s investment portfolio at 31 December 2020 and at the date of this report and concluded that no impairment write downs were required at balance date. (December 2019 - nil) The fair value of the Group sha re portf olio at 31 December 2020 was $8,926,832 which compares to the June 2020 fair value of $ 4,729,924 and the Decemb er 2019 fair value of $2,966,148 . Movements in the Group share portfolio are set out in note 5. There were 5 purchases of shares d uring the December 2020 half - y ear totalling $260,144 (Dec 2019 – 15 of $428,389 ). There were 6 sales of shares during the December 2020 half - year with proceeds of $ 985,819. ( Dec 2019 – 5 of $238,023 ). The directors believe that the Gro up’s investment portfolio is satisfactory with an appropriate spread of investments in companies operating in different industries and in different geographical locations. The existing portfolio has a focus on natural resource companies. Auditor’s independ ence declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 accompanies this report. Signed in accordance with a resolution of the directors. Bruce David Burrell Chairman Dated at Sydney this 23rd day of February 2021 4 Dated this xxxx day of February 2021 Auditor’s Independence Declaration 5 SUNVEST CORPORATION LIMITED Statement of Profit or Loss and Other Comprehensive Income for the half - year ended 31 December 2020 Hal f Year 31 December 2020 $ 31 D ecember 2019 $ Realised gains (net) on sale of financial assets 443,722 64,990 Unrealised gains/( l osses ) on financial assets 4,478,860 (147,424 ) Debt forgiveness - 36,681 Interest received 5,426 7,807 Dividend received 508 10,675 Accounting fee (26,400) (26,400 ) Audit fees (11,939 ) (10,139 ) Fees paid to directors ( 207,500 ) ( 75 ,622 ) Office rent (7,265 ) (8,139 ) Stock exchange fees (8,473 ) (15,691 ) Other expenses (22,557 ) (18,462 ) Profit/(l oss ) before income tax 4,644,382 (181,724 ) Income tax expense ( 1,142,290 ) - Profit/(l oss ) after income tax 3,502,092 (181,724 ) Other comprehensive income/ (loss) Other comprehensive income net of tax - - Total comprehensive income /( loss ) 3,502,092 (181,724 ) Cents Cents Basic earnings/(loss) per share 29.0 profit (0.015 ) loss Diluted earnings/(loss) per share 29.0 profit (0.015 ) loss The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. 6 SUNVEST CORPORATION LIMITED Statement of Financial Position as at 31 Dec ember 2020 NOTE 31 December 2020 $ 30 June 2020 $ Current assets Cash and cash equivalents 2,575,363 1,964,276 Other receivables 4 24,162 23,275 Total current assets 2,599,525 1,987,551 Non - current assets Financial assets 5 8,926,832 4,729,924 Total non - current assets 8,926,832 4,729,924 Total assets 11,526,357 6,717,475 Current liabilities Trade and other payables Provision for income tax 6 187,439 45,457 22,939 - Total current liabilities 232,896 22,939 Non - Current liabilities D eferred tax liabilities 1,096,833 - Total non - current liabilities 1,096,833 - Total liabilities 1,329,729 22,939 Net assets 10,196,628 6,694,536 EQUITY Contributed equity 7 8,854,966 8,854,966 Accumulated profits/( losses ) 1,341,662 (2,160,430 ) Total equity 10,196,628 6,694,536 The above statement of financial position should be read in conjunction with the accompanying notes 7 SUNVEST CORPORATION LIMITED Statement of Changes in Equity for the half - year ended 31 Decemb er 2020 Issued capital $ Accumulated Profits $ Total $ Balance as at 1 July 2020 8,854,966 (2,160,430 ) 6,694,536 Profit for the period - 3,502,092 3,502,092 Balance as at 31 December 2020 8,854,966 1,341,662 10,196,628 Balance as at 1 July 2019 8,854,966 (4,119,909 ) 4,735,057 Loss for the period - (181,724 ) (181,724 ) Balance as at 31 December 2019 8,854,966 (4,301,633 ) 4,553,333 The above statement of changes in equity should be read in conjunction with the accompanying notes . 8 SUNVEST CORPORATION LIMITED Statement of Cash Flows for the half - year ended 31 December 2020 31 D ec ember 2020 $ 31 Dec ember 2019 $ Cash flows from operating activities Dividend received 508 10,675 Interest received 5,426 7,807 Payments to suppliers and employees ( 120,522 ) ( 175,191 ) Net cash outflow from operating activities (114,588 ) (156,709 ) Cash flows from investing activities Purchase of financial assets (260,144 ) (428,389 ) Proceeds from r eturn of capital - 55,030 Proceeds from sale of financial assets 985,819 238,023 Net cash inflow/( outflow ) from investing activities 725,675 (135,336 ) Net increase/( decrease ) in cash and cash equivalents 611,087 (292,045 ) Cash and cash equivalents at the beginning of the half - year 1,964,276 1,896,286 Cash and cash equivalents at end of the half - year 2,575,363 1,604,241 The above statement of cash flows should be read in conjunction with the accompanying notes. 9 SUNVEST CORPORATION LIMITED Notes to the Financial Statements for the half - year ended 31 December 2020 1 Basis of preparation of half - year report These general purpose interim financial statements for the half - year reporti ng period ended 31 December 2020 have been prepared in accordance with the Corporations Act 2001 and Accounting Standard AASB 134: Interim Financial Reporting. The Company is a for - profit entity for financial reporting purposes under Australian Accounting Standards. This interim financial report is intended to provide users with an update on the last financial statements of Sunvest Corporation Limited. As such it does not contain information tha t represents relatively insignificant changes occurring during the half - year. It is therefore recommended that this report is to be read in conjunction with the annual financial statement s for the year ended 30 June 2020 together with any public announceme nts made during the following half - year. The interim financial statements were authorised for issue on 23rd February 2021 2 Accounting Policies The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent annual financial statements . The Company has considered the implications of new and amended Accounting Standards and determined that their application to the financial statements is either not relevant or not material 10 SUNVEST CORPORATION LIMITED Notes to the Financial Statements for the half - year ended 31 December 2020 3 Segment information The Company predominantly operates in one business segment. Its principal activities comprise investing in listed equities and other securities in Australia, United Kingdom and Canada. The geographic segment distribution is set out below: Half year ended December 2020 Australia $ United Kingdom $ Canada $ Consolidated $ Total segment income 5,934 - - 5,934 Segment result (58,135 ) 4,685,088 17,429 4,644,382 Profit before income tax 4,644,382 Current assets 2,599,525 - - 2,599,525 Non - current assets 758,466 8,118,335 50,031 8,926,832 Total liabilities 1,329,729 - - 1,329,729 Half year ended D ecember 2019 Total segment revenue 55,163 - - 55,163 Segment result (203,321 ) 45,436 (23,839 ) (181,724 ) Loss before income tax (181,724 ) Current assets 1,610,993 - - 1,610,993 Non - current assets 607,357 2,328,703 30,088 2,966,148 Total liabilities 23,808 - - 23,808 4 Other receivable s 31 December 2020 $ 30 June 2020 $ Other debtors 24,162 23,275 24,162 23,275 11 SUNVEST CORPORATION LIMITED Notes to the Financial Statements for the half - yea r ended 31 December 2020 5 Financial assets 31 December 2020 $ 30 June 2020 $ At the beginning of the period Proceeds on sale of financial assets Realised gain on sale of investments 4,729,924 (985,818) 443,722 2,913,246 (1,076,433) 497,488 Purchases of financial assets 260,144 800,835 Proceeds on return of capital - (55,030) Unrealised gains on financial assets 4,478,860 1,649,818 At the end of the period 8,926,832 4,729,924 6 Trade and other payables 31 December 2020 $ 30 June 2020 $ Trade payables 11,439 22, 9 39 Other payables and accruals 176,000 - 187,439 22, 9 39 7 Contributed equity 31 December 2020 $ 30 June 2020 $ Share capital 12,159,024 ordinary shares fully paid (June 2020 : 12,159,024) 8,854,966 8,854,966 There was no movement in contributed equity during the half - year 12 SUNVEST CORPORATION LIMITED Notes to the Financial Statements for the half - year ended 31 December 2020 8 Contingent liabilities The directors are not aware of any contingent liabilities which have arisen during the half - year or of any contingent liabilities outstanding at the end of the half - year. 9 Subsequent events The directors are not aware of any matter or circumstance which ha s arisen since 31 December 2020 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. 10 Related party transactions Bruce Burrell, a director, incurs certain operating expenses on behalf of the Company and seeks reimbursement thereof. Depending on the timing of incurring the expe nses and reimbursement, certain amounts may be payable to or receivable from, Bruce Burrell. During the half - year an amount of $5,000 was payable to Bruce Burrell for providing the principal administrative office and functions of telephones, fax, postage and internet. The payment is made on normal commercial terms and conditions. During the December 2020 half - year bonuses were paid to the directors as set out below: Bruce Burrell $60,000 (December 2019 - $44,000) Carole Rowan $6,500 (December 2019 – nil) Callum Baxter $13,000 (December 2019 – nil) Mark Rowan - Hull $6,500 (December 2019 – nil) Other related party transactio ns are consistent in nature to thos e disclosed in the 30 June 2020 annual report . 13 SUNVEST CORPORATION LIMITED Directors’ Declaration for the half - year ended 31 December 2020 In accordance with a resolution of the directors of Sunvest Corporation Limited, the directors of the Company declare that: a. The financial statements and notes, as set out on pages 5 to 12 are in accordance with the Corporations Act 2001 , including: i. Comply ing with Accounting Standard AASB 134: Interim Financial Reporting ; and ii. Give a true and fair view of the Company’s financial position as at 31 December 2020 and of its performance for the half - year ended on that date. b. In the directors’ opinion there are r easonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. Bruce David Burrell Chairman Dated at Sydney this 23rd day of February 2021 14 15

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