789 : Audited Annual Report 30 June 2021 - 789 Holdings Limited

789 HOLDINGS LIMITED ANNUAL REPORT | 30 JUNE 2021 CORPORATE DIRECTORY

ANNUAL REPORT	PAGE
Corporate directory	2
Directors' report	3
Auditor's independence declaration	12
Consolidated statement of profit or loss and other comprehensive income	13
Consolidated statement of financial position	14
Consolidated statement of changes in equity	15
Consolidated statement of cash flows	16
Notes to the financial statements	17
Directors' declaration	49
Independent auditor's report to the members of 789 Holdings Limited	50
Shareholder information	54

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789 HOLDINGS LIMITED ANNUAL REPORT | 30 JUNE 2021

CORPORATE DIRECTORY

Directors	Mr Kai Zhu
	Mr John Huntley Knox
	Mr John Nakhoul
	Ms Carolyn Susan Chudleigh
Company secretary	Mr Chen Chik Ong

Notice of annual general meeting The details of the annual general meeting of 789 Holdings Limited are:

	Suite 405
	161 Redfern Street
	Redfern NSW 2016
	3pm 24 November 2020
Registered office	Suite 405
	161 Redfern Street
	Redfern NSW 2016
	Phone: [phone]
Principal place of business	Suite 405
	161 Redfern Street
	Redfern NSW 2016
	Phone: [phone]
Share register	Registry Direct Limited
	Level 6
	2 Russell Street
	Melbourne VIC 3000
	Phone: [phone]
Auditor	RSM Australia Partners
	Level 13
	60 Castlereagh Street
	Sydney NSW 2000
	Phone: [phone]
Solicitors	Atkinson Corporate Lawyers
	Level 8
	99 St. Georges Terrace
	Perth WA 6000
	Phone: [phone]
Stock exchange listing	789 Holdings Limited shares are listed on the National Stock Exchange of Australia
	(NSX code: 789)
Website	www.home789.com.au

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789 HOLDINGS LIMITED ANNUAL REPORT | 30 JUNE 2021

DIRECTOR'S REPORT

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of 789 Holdings Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2021.

Directors

The following persons were directors of 789 Holdings Limited during the whole of the financial year and up to the date of this report, unless otherwise stated:

Mr Kai Zhu

Mr John Huntley Knox

Mr John Nakhoul

Ms Carolyn Susan Chudleigh (appointed 11 November 2020)

Principal activities

During the financial year the principal continuing activities of the consolidated entity consisted of:

• Sale of residential and commercial properties in Australia
• Property Management

Dividends

There were no dividends paid, recommended or declared during the current or previous financial year.

Review of operations

The loss for the consolidated entity after providing for income tax amounted to $125,088 (30 June 2020: $226,542).

Significant changes in the state of affairs

On 20 August 2020, HOME789 (Dural) Pty Ltd was registered as a new subsidiary of 789 Holdings Limited with real estate as its core business focussing on second-hand property sales.

On 2 October 2020, the company appointed Mr Chen Chik Ong as the Company Secretary.

On 11 November 2020, the company appointed Ms Carolyn Susan Chudleigh as a non-executive director.

On 5 January 2021, Teamlink (Hurstville) Pty Ltd was registered as a new subsidiary of 789 Holdings Limited.

On 22 January 2021, the company acquired 100% of the ordinary shares of Teamlink Platform Pty Ltd, which is a Proptech business, at no cost. Teamlink Platform Pty Ltd had no asset and liability at the date of acquisition as it was a dormant company since established in January 2020.

There were no other significant changes in the state of affairs of the consolidated entity during the financial year.

Matters subsequent to the end of the financial year

The impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has been financially negative for the consolidated entity up to 30 June 2021, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is frequently changing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.

Other than the above no circumstance has arisen since 30 June 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.

Likely developments and expected results of operations

The company will continue in developing a strong and effective sales team to support the company's objectives to expand the current developer clients base.

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789 HOLDINGS LIMITED ANNUAL REPORT | 30 JUNE 2021

DIRECTOR'S REPORT

Environmental regulation

The consolidated entity is not subject to any significant environmental regulation under Australian Commonwealth or State law.

Information on directors Name:

Title:

Qualifications: Experience and expertise:

Other current directorships: Former directorships (last 3 years):

Special responsibilities: Interests in shares:

Interests in options: Contractual rights to shares:

Name:

Title:

Qualifications: Experience and expertise:

Other current directorships: Former directorships (last 3 years):

Special responsibilities: Interests in shares: Interests in options: Contractual rights to shares:

Name:

Title:

Qualifications: Experience and expertise:

Other current directorships: Former directorships (last 3 years):

Special responsibilities: Interests in shares: Interests in options: Contractual rights to shares:

Mr Kai Zhu

Executive Chairman

MB, MIPH

Mr Zhu previously worked as a medical doctor before he set up GFI and entered into real estate business. Mr Zhu has been managing GFI since 2007 and HOME789 since 2012. Mr Zhu is the founder of GFI and HOME789.

None

None

None

30,000,000 ordinary shares (see initial Director's notice released on NSX on 28 February 2019)

None

None

Mr John Huntley Knox

Non-executive Director

Fellow of the Institute of Chartered Accountants

Mr Knox previously worked with R A Forge & Co for 15 years and he is specialised in management services, insolvency and tax consultancy.

None

None

None

None

None

None

Mr John Nakhoul

Non-executive Director

B.Ec, Fellow CPA, Justice of Peace

Mr Nakhoul has approximately 30 years' experience at a senior corporate level in finance, business development and management and accounting.

None

None

None

None

None

None

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