HiTech Group Australia Limited A.B.N. 41 062 067 878

Financial Report For the Financial Year Ended 30 June 2008

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

CONTENTS

Corporate Directory Chairman’s Report to Shareholders Corporate Governance Statement Directors’ Report Auditor’s Independence declaration Independent Audit Report Directors’ Declaration Income Statement Consolidated Balance Sheet Statement of Changes in Equity Cash Flow Statement Notes to the Financial Statements Stock Exchange Information Top 20 Shareholders Notice of Annual General Meeting Proxy Form

1 2 3-6 7-13 14 15-16 17 18 19 20 21 22-39 40 41 Enclosed Enclosed

ANNUAL GENERAL MEETING The Annual General Meeting is to be held at Level 7, 9 Young Street, Sydney on Friday 7 November 2008 at 4 pm. The notice of meeting is enclosed together with a proxy form.

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

CORPORATE DIRECTORY HiTech Group Australia Limited’s (“the Company’s”) shares are quoted on the official list of the Australian Stock Exchange Limited. The ASX code for the Company’s ordinary fully paid shares is “HIT”.

Directors Ray Hazouri – Chairman and chief executive officer Sam Hazouri – Executive director George Shad – Non-executive director Elias Hazouri – Alternate director for Ray Hazouri

Company secretary Barry F Neal

Registered office and principal place of business Level 7 9 Young Street Sydney NSW 2000 Telephone: (02) 9241 1919 Facsimile: (02) 9241 1731 Internet: www.hitechaust.com E-mail:[email protected]

Share registry Computershare Investor Services Pty Ltd Level 3, 60 Carrington Street, Sydney NSW 2000 Telephone: (02) 8234 5000

Auditors Hall Chadwick Level 29, St Martins Tower 31 Market Street, Sydney NSW 2000

Bankers St George Bank Limited 4-16 Montgomery Street Kogarah NSW 2217

Page 1 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

CHAIRMAN’S REPORT TO SHAREHOLDERS 2008 Dear Shareholder, It is with pleasure that the directors present this ninth annual report of HiTech Group Australia Limited and its controlled entities (‘the consolidated entity”) since the listing of the company on the Australian Stock Exchange (“ASX”) on 17 April, 2000. For the financial year ended 30 June, 2008, the consolidated entity’s operating revenue for the financial year is $5,109,796 (FY07: $5,073,848). Net profit after taxation (NPAT) is $217,897 (FY07: $260,713). HiTech remains fully prepared to take advantage of any improvement in the ICT recruitment sector. We are working towards winning new business, diversifying and ensuring that operating costs are kept to a minimum. We continue to explore participation in the rationalisation of the recruitment and ICT industries. We have looked and are still looking at potential acquisitions that are EPS positive and suit our criteria. We are now more active in seeking acquisitions. We have retained our preferred supplier status with our valued clients and are working towards further developing these relationships. We are constantly evolving and improving our systems and productivity to assist and provide a better service to our clients and candidates. HiTech has tendered for private and government recruitment business and has been successful. We expect to secure further contracts in the future and win more business as the economy improves. HiTech remains a resilient and strong company. We are committed to improve our revenues and profitability and have shown that we can remain profitable in the last 4 financial years despite the challenges in recent times. We remain debt free, and have increased our cash reserves and productivity. Our major revenue is still generated from our core ICT recruitment business and we are active in non-ICT areas of recruitment as well. HiTech has a proven business model that has evolved over the past 15 years. I am certain that our commitment to growth both organic and through appropriate acquisitions will enhance value for all our shareholders in the future. The directors extend their appreciation to all our team members for their efforts during the year, our shareholders and valued clients. Yours sincerely,

Raymond Hazouri Chairman and Chief Executive Officer 15 September 2008

Page 2 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

CORPORATE GOVERNANCE STATEMENT HiTech is committed to good corporate governance and disclosure. The Company has substantially adopted the ASX Corporate Governance Council’s “Principles of Good Corporate Governance and Best Practice Recommendations” (First edition March 2003) for the entire FY08 financial year. Where the ASX Corporate Governance Council’s recommendations have not been adopted by the Company, this has been identified and explained below.

1.

Lay solid foundations for management and oversight

1.1

Formalise and disclose the functions of the board and management The directors of the Company are accountable to shareholders for the proper management of the business and affairs of the Company. The managing director and CEO is a member of the board and is also the chairman. The key responsibilities of the board are:• the oversight of the company, including its control and accountability systems; • establishing, monitoring and modifying corporate strategies and performance objectives; • ensuring that appropriate risk management systems, internal compliance and control, reporting systems, codes of conduct, and legal compliance measures are in place; • monitoring the performance of management and implementation of strategy, and ensuring appropriate resources are available; • approving and monitoring of financial and other reporting; • approving dividends, major capital expenditure, acquisitions and capital raising/restructures; • appointment and removal of CEO, Company Secretary and senior management.

2.

Structure the board to add value

2.1

Board composition The constitution of the Company provides that the number of directors (not including alternate directors) should be not less than three nor more than nine. There are presently three directors. The executive directors are the Chairman and CEO Mr. R. Hazouri and COO Mr S. Hazouri. Mr. G. Shad is a non-executive and an independent director. The skills, experience and expertise relevant to the position of each director who was in office at the date of the FY2008 Annual Report (and are still in office) and their term of office are detailed in the Director’s Report. While a majority of the board members are not independent directors, the board believes that the people on the board can and do make independent judgements in the best interests of the company at all times. Directors have the right to seek independent professional advice in the furtherance of their duties as directors at the company’s expense. Written approval must be obtained from the chairman prior to incurring any expenses on behalf of the company. When determining whether a non-executive director is independent the director must not fail any of the following materiality thresholds: • • • • • •

Must not be a substantial shareholder or ‘associated directly with’ a substantial shareholder of the company (a substantial shareholder is a shareholder holding 5% or more of the company). Must not have been employed as an executive by the company or a group member within the previous three years after ceasing to hold such employment. Must not be a principal of a ‘material professional adviser’ or a ‘material consultant’ to the company or a group member. Must not be a material supplier or customer of the company (or a group Member) or an officer of or otherwise associated directly or indirectly with a material supplier or customers. Must not have served on the board for a period which could be perceived to materially interfere with the director’s ability to act in the best interests of the company. Must be free from any interest and any business or other relationship which could reasonably be perceived to materially interfere with the director’s ability to act in the best interests of the company. Page 3 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

CORPORATE GOVERNANCE STATEMENT 2.2

(continued)

Chairman of the board The chairman is an executive director. The board believes that the chairperson is able to make quality and independent judgement on all relevant issues falling within the scope of the role of a chairman. The roles of CEO and chairman are exercised by the same individual. The board believes that the CEO/chairman is able to objectively separate the two roles when making decisions. The board has delegated day-to-day responsibility for the management of the Company to the CEO/Chairman. The CEO/Chairman must consult the board on all matters that are sensitive, extraordinary or of a strategic nature.

2.3

Nomination committee The company does not have a nomination committee as the size of the company and the board does not warrant such a committee. All board nomination matters are considered by the whole board.

3.

Promote ethical and responsible decision-making

3.1

Code of conduct The consolidated entity recognises the need for directors and employees to observe the highest standards of behaviour and business ethics. All directors and employees are expected to act in accordance with the law and with the highest standard of propriety. A code of contact has been developed and approved by the board a copy of which can be found on the HiTech website(http://www:hitechaust.com).

3.2

Share trading policy The company’s policy regarding directors and employees trading in its securities is set by the Board. The policy restricts directors and employees from acting on material information until it has been released to the market and adequate time has been given for this to be reflected in the security’s prices.

3.3

Guide to Reporting on Principle 3 HiTech complies with best practice recommendations 3.1, 3.2 and 3.3. HiTech’s policy ‘Code of Conduct’ including HiTech’s policy on trading in the company’s shares can be viewed on the company’s website.

4.

Safeguard integrity in financial reporting

4.1

Statement to the board by the managing director and chief financial officer The board requires the managing director and the chef financial officer (CFO) to state in writing to the board that the financial reports of the Company present a true and fair view, in all material respects, of the company’s financial condition and operational results of the Company and are in accordance with relevant accounting standards.

4.2

Audit and risk management committee The board has established an Audit and Risk Management Committee which provides assistance to the board in fulfilling the corporate governance and oversight responsibilities of the board to verify and safeguard the integrity of the financial reporting of the Company.

4.3

Structure of the Audit and risk management committee The audit and risk management committee consists of two members and is chaired by George Shad, non-executive director. The other member is an executive director. The Directors’ Report details members of the committee and meetings held during the financial year. Due to the numbers of HiTech directors it is not possible for HiTech to have a committee of three people and for a majority of the members of the committee to be independent directors.

4.4

Formal charter of the Audit and risk management committee The board has confirmed the role and responsibilities of the audit and risk management committee in a written charter which may be viewed on the company’s web site. Page 4 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

CORPORATE GOVERNANCE STATEMENT

(continued)

5.

Make timely and balanced disclosure

5.1

Establish written policies and procedures HiTech has established procedures designed to ensure compliance with the ASX Listing Rules so that company announcements are made in a timely manner, are factual, do not omit material information and are expressed in a clear and objective manner that allows investors to assess the impact of the information when making investment decisions. Established policies which can be viewed on the company’s website also ensure accountability at a senior management level for ASX compliance. The board approves all disclosures necessary to ensure compliance with ASX Listing Rule disclosure requirements.

6.

Respect the right of shareholders

6.1

Design and disclose a communications strategy to ensure effective communication with shareholders HiTech has a communications strategy and an established policy on stakeholder communication and continuous disclosure to promote effective communication with shareholders, subject to privacy laws and the need to act in the best interests of the Company by protecting commercial information. HiTech’s policy on communication with shareholders is set out in the company’s ‘Policy on stakeholder communication and continuous disclosure’ which can be viewed on the HiTech website.

6.2

Auditor attendance at annual general meeting The company complies with Section 249K of the Corporations Act 2001 in providing the auditor with notices of general meetings and related communications that a member of the company is entitled to receive. As required by Section 250T of the Corporations Act 2001 the company's auditor attends annual general meetings of the company and the chairperson of those meetings allows a reasonable opportunity for members to ask questions of the auditor concerning the conduct of the audit and the preparation and content of the auditor's report. The auditor when attending general meetings is entitled to be heard on any business item that concerns him in his capacity as auditor.

7.

Recognise and manage risk

7.1

Board policies on risk oversight and management The Board has established policies on risk oversight and management. To carry out this function the audit committee: • • • •

reviews the financial reporting process of the Company and reports on their findings to the board; discusses with management and the external auditors, the adequacy and effectiveness of the accounting and financial controls, including the policies and procedures of the Company to assess, monitor and manage business risk; reviews with the external auditor any audit problems and the Company’s critical policies and practices; reviews and assesses the independence of the external auditor.

The Board continually monitors areas of significant business risk. Once particular risks are identified it is the responsibility of the board to ensure that management takes such action as is required to manage the risk. Systems of internal financial control have been put in place by the management of the Company and are designed to provide reasonable, but not absolute protection against fraud and material misstatement. These controls are intended to identify, in a timely manner, control issues that require attention by the board or audit committee.

Page 5 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

CORPORATE GOVERNANCE STATEMENT 7.2

7.3

8.

(continued)

Statements by managing director and the chief financial officer The managing director and the chief financial officer state to the board in writing that the statement given to the board that the accounts are true and fair and comply with accounting standards, is founded on a sound system of risk management and internal compliance and control which implements the policies adopted by the board; and the company’s risk management and internal compliance and control system is operating efficiently. Information on guide to reporting The board has established polices on risk oversight and management which can be viewed on the HiTech website. As set out in 4.2 the board has established an Audit and Risk Management Committee which provides assistance to the board in this area.

Encourage enhanced performance While no performance evaluation of the board or management was carried out for the financial year ended 30 June 2008 this is continually monitored by the chairman and the board. The chairman also speaks to each director individually regarding their role as a director.

9.

Remunerate fairly and responsibly

9.1

HiTech remuneration policies The remuneration policy, which sets the terms and conditions for the chief executive officer and other senior executive has been approved by the board. Due to the size of the board the company does not have a remuneration committee. All executives receive a base salary, superannuation and performance incentives in the form of options. The board reviews executive packages annually by reference to company performance, executive performance, comparable information from industry sectors and other listed companies. Executives are entitled to participate in the employees share option arrangements within the maximum total number of options as set by shareholders at the 2005 Annual General Meeting. The criteria used in determining the issue of options to management include achievement of revenue and profit targets, new business generated, loyalty and years of service. The amount of remuneration of all directors and executives, including all monetary and nonmonetary components, is detailed in the Director’s Report. All remuneration paid and options issued to executives are valued at a cost to the company and expensed. Options are valued using the Black-Scholes methodology.

9.2

9.3

9.4

The board expects that the remuneration structure implemented will result in the company being able to attract and retain the best executives to run the economic entity. It will also provide executives with the necessary incentives to work to grow long-term shareholder value. Board should establish a remuneration committee Due to the size of the board HiTech has not established a remuneration committee with the functions of the remuneration committee being assumed by the whole board. Structure of non-executive directors remuneration and other executives Executive directors and other executives receive salary and performance bonuses in cash or options under the Employee Option Plan. Non-executive directors on the other hand received a fixed remuneration and options as approved by shareholders at annual general meetings. Threshold for issue of equity-based executive remuneration The shareholders at the 2007 annual general meeting approved a limit on the total number of options which can issued at 50% of the company’s issued share capital.

10. Recognise the legitimate interest of stakeholders 10.1 Establish and disclose a code of conduct The Company has adopted a code of conduct to guide compliance with legal and other obligations to stakeholders of the Company which may be accessed on the HiTech web site. This code provides guidance to directors and management on practices necessary to maintain confidence in the integrity of the Company.

Page 6 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

DIRECTORS’ REPORT The directors of HiTech Group Australia Limited present their report on the company and its controlled entities for the financial year ended 30 June 2008.

Directors The names of directors in office at any time during or since the end of the year are:Mr Raymond Hazouri

Mr George Shad

Mr Sam Hazouri

Mr Elias Hazouri (alternate for Mr Raymond Hazouri)

Information on directors Raymond Hazouri Chairman and CEO. Qualifications: BA (Sydney University), DipEd. Experience: Founded HiTech in 1993 and has over 20 years experience in the IT industry. Prior to establishing HiTech, Ray worked in a number of capacities in the information technology industry ranging from management positions, technical IT consulting roles including systems analysis/programming, project management and sales roles. Ray worked and consulted for a broad range of employers in the private, multinational, SME, and public sectors. Interest in shares and options: 18,460,000 ordinary shares in HiTech Group Australia Limited. George Shad Non-executive Director. Qualifications: Solicitor Experience: Appointed to the Board on 30 July 2003. Principal of Shad Partners Solicitors with thirty years experience as a lawyer specialising in commercial and conveyancing work. George is a panel solicitor for a number of major banks and his expertise and contacts in the corporate sector will assist HiTech in furthering its client base. Interest in options: Options to acquire 1,200,000 ordinary shares Sam Hazouri Executive Director Qualifications: BSc (Sydney University) Experience: Appointed to the Board on 30 July, 2003. Over twenty years professional experience in IT and recruitment. Sam completed his degree in 1986 graduating with a double major in Mathematics and Computer Science from the University of Sydney. Sam started his career in IT working for large corporate firms including AMP and Westpac, initially working as an analyst programmer and progressing through to management. Sam is the Chief Operating Officer (COO) of HiTech and has been in this role for seven and a half years. Interest in shares and options: 45,000 ordinary shares in HiTech Group Australia Limited beneficially owned by him and options to acquire a further 3,900,000 ordinary shares. Elias Hazouri Alternate Director representing Ray Hazouri. Qualifications: B Sc, MBA Experience: Appointed to the Board on 30 July, 2003. Over 14 years experience in IT and banking. Elias was previously a director of HiTech from 1993-March 2000. Elias’s knowledge of HiTech’s business is extensive. Throughout his career, Elias has been integral to the development of many IT systems and IT support departments. He has held roles ranging from programmer to technology support head. Elias is a key resource and knowledge base to the HiTech account managers and is jointly responsible for generating new business. Elias has advised on business strategy, both from a financial and operational perspective, since the inception of HiTech in 1993. Elias is employed in the capacity of General Manager/Chief Information Officer(GM/CIO). Interest in shares and options: 26,202 ordinary shares in HiTech Group Australia Limited beneficially owned by him and options to acquire a further 3,900,000 ordinary shares.

Page 7 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

DIRECTORS’ REPORT

(continued)

Chief Financial Officer/Company Secretary Barry F. Neal Qualifications: B Econ with majors in Accounting and Economics Experience: Appointed as Secretary on 27 February, 2001. Barry completed his degree at Queensland University in 1962 and started his career as a lecturer in accounting at the Queensland Institute of Technology. Barry has had extensive experience in accounting and company secretarial work with listed public companies in a range of industries. Interest in options: Options to acquire 500,000 ordinary shares

Dividends No dividends have been declared in the 2008 financial year (2007: no dividend declared).

Earnings per share

cents 0.70 0.68

Basic earnings per share Diluted earnings per share

Corporate structure HiTech Group Australia Limited is a listed public company, limited by shares, that is incorporated and domiciled in Australia. HiTech has prepared a consolidated financial report incorporating the entities that it controlled during the financial year.

Nature of operations and principal activities The consolidated entity’s principal activity during the financial year was the supply of recruitment services for permanent and contract staff to the ICT sector. During the financial year, there were no significant changes in the nature of these operations.

Employees The consolidated entity employed 54 employees including contractors as at 30 June, 2008 (2007:54 employees)

Group overview HiTech currently supplies permanent and contract staff from its large personalised database of over 45,000 specialised ICT professionals which has been developed through a strategy of concentrating on the use of the internet to expand its recruitment business. The HiTech client base of over 400 corporate clients is well established, with strong representation by high technology companies, banking/financial services companies plus State and Federal Government departments and agencies. HiTech has also entered into preferred supplier agreements for the supply of staff in both the public and private sectors.

Investment activities The group maintains an investment portfolio comprised of traded shares in Australian listed entities.

Operating and financial review Operating results The net profit attributable to members of the consolidated entity after income tax is $217,897 (2007 $260,713). Operating revenue for the financial year is $5,109,796 (2007: $5,073,848). Permanent recruitment comprises the search and selection of candidates for full time employment and is characterised by high profit margins. ICT contracting, comprising the provision of ICT professionals for temporary and other non-permanent staffing needs of clients for specific projects has continued to supply HiTech with cash flow. Permanent placement were 14.26% higher in 2008 compared with 2007. ICT contracting is a relatively higher volume business with lower margins with the 2008 level of business being slightly lower than in 2007. HiTech has a good mix of contracting and permanent placement revenue. Recruitment in the ICT sector has changed due to changing global market conditions. HiTech’s recruitment business is broadly based in this sector and operates across the full range of ICT services, including system development, infrastructure support and networking, operation and other skill sets. As the cycle turns, there is a growing need for skilled ICT professionals. HiTech is addressing this candidate shortage and making use of its database and comprehensive contacts internationally. Page 8 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

DIRECTORS’ REPORT

(continued) Operating and financial review (continued) HiTech has diversified into non-ICT areas of recruitment such as office support, sales, accounting, legal and healthcare. Whilst this diversification remains minor in comparison to ICT recruitment, it marks a start for all these other areas of business with a potential to grow further. HiTech’s reputation for top quality service and the selection of suitable candidates for client job requirements have resulted in HiTech establishing a small but successful niche market position. The recruitment sector has changed with more jobs and less candidates. HiTech’s market share of the total Australian recruitment market is relatively small. This represents a huge growth potential. HiTech is focused on servicing existing clients by providing a complete recruitment solution in addition to contracting. As HiTech’s core competency is in recruitment, our strategy is to build on our existing client base and maximize revenue from existing clients by effectively providing personnel to not only the ICT market but also to other markets such as administration and office support, sales and marketing, finance and legal. There is also a possibility of broadening the consolidated entity’s operations into geographical markets in which HiTech operates depending on potential acquisitions. We are working towards winning new business and ensuring that operating costs are kept to a minimum. We continue to explore participation in the rationalisation of the recruitment and ICT industries. We are looking at potential opportunities as they arise and have over the past year examined in detail a number of potential acquisitions. While no acquisitions were concluded, we are still actively seeking acquisitions that are EPS positive. HiTech has tendered for private and government recruitment business and has been successful. We expect to secure more contracts in the near future and win more business with renewed vigour and competitiveness.

Future developments, prospects and business strategies The directors foresee that the FY2009 growth will depend on the prevailing economic conditions at the time and on what acquisitions, if any, take place in addition to the organic growth of HiTech. The most significant areas for change will be in the candidate short market and there is a possibility of less job vacancies. We cannot at this point forecast with any certainty the results of next year. The directors’ main objective will be organic growth in the consolidated entity’s core business and will consider any potential acquisition opportunities according to our strict criteria. The directors consider that the permanent recruitment and contracting industry is still highly segmented. It is expected that, over time, significant industry rationalisation will occur. This rationalisation will present HiTech with potential acquisition opportunities.

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

After balance date events Between the reporting date and the date of this report, the market value of the consolidated entity’s investment in listed shares declined in value by $153,880. No other matters of substance have arisen since the end of the financial 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 future financial years.

Environmental regulations The consolidated entity’s operations are not subject to any significant environmental regulation under a law of the Commonwealth or of a State or Territory.

Indemnifying officers or auditor During or since the end of the financial year, the company has given an indemnity or entered into an agreement to indemnify, or paid or agreed to pay insurance premiums as follows: The company has paid premiums to insure all of the directors of the company as named above, the company secretary, Mr Barry F. Neal, and all executive officers of the company against any liability incurred as such by a director, secretary or executive officer to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. Page 9 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

DIRECTORS’ REPORT

(continued)

The company has not otherwise, during or since the financial year, indemnified or agreed to indemnify an officer or auditor of the company or any related body corporate against a liability incurred as such by an officer or auditor.

Remuneration report This report outlines the remuneration arrangements in place for directors and executives of HiTech Group Australia Limited. Remuneration philosophy The performance of HiTech depends upon the quality of its directors and executives. To prosper, the company must attract, motivate and retain highly skilled directors and executives. To this end, HiTech embodies the following principles in its remuneration framework; • Provide competitive rewards to attract high calibre executives; • Link executive rewards to shareholder value; and • Establish appropriate, demanding performance hurdles in relation to variable executive remuneration. While HiTech does not have a remuneration committee, the board of directors is responsible for determining and reviewing compensation arrangements for the directors, the chief executive officer and the senior management team. Remuneration structure In accordance with best practice corporate governance, the structure of non-executive director and senior management remuneration is separate and distinct. Non-executive director remuneration The board sets aggregate remuneration at a level which provides the company with the ability to attract and retain directors of a high calibre, whilst incurring a cost which is acceptable to shareholders. Nonexecutive directors are paid a fixed annual fee and share options as approved by shareholders. The remuneration of non-executive directors for the year ending 30 June 2008 is detailed in ‘Table 1’ on page 12. The only non-executive director is Mr. G Shad. Senior executives and executive director remuneration Objective HiTech aims to reward executives with a level and mix of remuneration which is commensurate with their position and responsibilities within the company and so as to:• • •

reward executives for company and individual performance against targets set by reference to appropriate benchmarks; align the interests of executives with those of shareholders; link reward with the strategic goals and performance of the company; and



ensure total remuneration is competitive by market standards.

Structure Details of these contracts are provided under “Employment Contracts’ on page 11 of the Directors’ Report. Remuneration for senior managers and executive directors other than the CEO consists of the following key elements:• fixed remuneration • variable remuneration being long term incentives. Table 2 on page 12 of the Directors’ Report details the variable component (%) of the most highly remunerated senior managers and executive directors. Fixed Remuneration Fixed remuneration is reviewed annually by the Board. Senior managers are given the opportunity to receive their fixed (primary) remuneration in a variety of forms including cash and fringe benefits such as motor vehicle leases. The fixed remuneration component of the most highly remunerated executive directors and senior managers is detailed in Table 1 on page 12.

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HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

DIRECTORS’ REPORT

(continued)

Variable Remuneration The objectives of the long term incentive plan are:•

to link the achievement of the company’s operational targets with the remuneration received by the executives charged with meeting those targets; and • to reward directors and senior executives in a manner which aligns this element of remuneration with the creation of shareholder wealth. Long term incentives are delivered in the form of options. Details of options granted to directors and senior managers are set out in Table 2 on page 12. Group performance in relation to key management personnel compensation The following table shows the performance of the Consolidated Group over the past six financial years:-

FY 2003 2004 2005 2006 2007 2008

Sales Revenue $ 4,084,599 4,900,269 4,434,084 4,803,967 5,024,865 5,030,342

NPAT/(NLAT) $ (1,314,634) 144,723 (26,796) 24,427 260,713 217,897

Basic EPS Cents (4.24) 0.47 (0.09) 0.08 0.84 0.70

Diluted EPS Cents (4.24) 0.46 (0.08 ) 0.08 0.84 0.68

Net Equity $ 1,846,109 1,990,832 1,991,066 2,046,946 2,329,418 2,612,265

NTA per share cents 5.96 6.42 6.39 6.58 7.50 8.42

Dividends $ -

Average Share Price Cents 18.77 7.71 7.37 6.27 5.27 4.72

Revenue has increased over the past six years. The company has been profitable over the past three years. However, since 2003 where we experienced our first loss ever (mainly due to accounting asset write downs), HiTech has managed to regain profitability but is still far from reaching its potential. In FY08, there was an improvement in our net tangible assets (NTA) from FY07. We have not been able to issue dividends since 2002. We are actively looking for EPS positive acquisitions to grow the business and increase shareholder wealth. Employment contracts The CEO, Mr Ray Hazouri is employed under contract while the COO, Mr Sam Hazouri, and GM/CIO, Mr Elias Hazouri are retained under service contracts. Their current contracts commenced on 1 January, 2005 and expire on 30 June, 2008, at which time the company may choose to commence negotiations to enter into new contracts with these executives. Under the terms of the present contracts: The executives may resign from their positions and thus terminate their contract by giving one year’s written notice. The company may terminate these employment agreements by providing twelve months written notice or by payment in lieu of the notice period based on the executives’ fixed component of remuneration. The Company Secretary, Mr Barry Neal is employed as a contractor and has no formal contract with the company.

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HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

DIRECTORS’ REPORT (continued) Table 1

Remuneration of key management personnel for the year ended 30 June 2008 Primary Benefits Salary/Fees

Post Employment Benefits Superannuation

$ R. Hazouri S. Hazouri E. Hazouri *

G. Shad B.F. Neal

Long term benefits

Share-based payments

Total

Long service leave

$

$

$

2008

250,000

22,500

-

-

2007

250,000

47,500

-

-

272,500 297,500

2008

130,020

-

14,827

24,509

169,356

2007

211,009

18,991

-

9,175

239,175

2008

130,020

-

13,835

24,509

168,364

2007

211,009

18,991

-

9,175

239,175

2008

10,000

900

-

10,901

21,801

2007

10,000

900

-

1,464

12,364

2008

63,663

-

-

3,106

66,769

2007

65,520

-

-

1,814

67,334

* Alternate director to Mr R Hazouri

Table 2

Options granted as part of remuneration for the year ended 30 June 2008 Grant Date

G. Shad

Grant No.

Vest

Value per Option at Grant date @

Exercised Number

Value per option at exercise date

Value at date option lapsed

% of Remuneration

500,000

25/11/07

$0.05

N/A

N/A

N/A

50.%

25/11/07

@ Options granted as part of directors and senior managers remuneration have been valued using the Black-Scholes option pricing model, which takes account of factors including the option exercise price, the current level and volatility of the underlaying share price, the risk free interest rate, expected dividends on the underlying share, current market price of the underlying share and expected life of the option. All options issued are unquoted. During the year no options were exercised.

Shares under option Unissued ordinary shares of HiTech Group Australia Limited under option at the date of this report are as follows:Grant Date

Expiry date

Exercise Price $

Number under option.

1/11/2004 28/11/2005 1/12/2006 5/06/2007 25/11/2007

1/11/2009 28/11/2008 1/11/2009 5/6/2012 26/11/2012

0.06 0.08 0.04 0.04 0.05

2,200,000 200,000 500,000 6,400,000 500,000 9,800,000

During the financial year no options were exercised and no options lapsed. No option holder has any right under the options to participate in any other share issue of the company or any other entity. Further details of the employee share based payments are detailed in Note 31 to the financial statements.

Directors’ meetings The following table sets out the number of directors’ meetings (including meeting of committees of directors) held during the financial year and the number of meetings attended by each director (while they were a director or a committee member). During the financial year 2 board meetings and 2 audit committee meetings were held. Page 12 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

DIRECTORS’ REPORT (continued) Board of Directors

Audit Committee

No eligible to Attend

Attended

2 2

2 2

2* 2

2* 2

2

2

2

2

Mr R Hazouri (*by invitation) Mr S Hazouri Mr G Shad

No eligible to Attend

Attended

Committee membership As at the date of this report, HiTech had an Audit and Compliance Committee. The committee members are G. Shad (Chairman) and S. Hazouri.

Directors’ shareholdings The following table sets out each director’s relevant interest in shares and options in shares of the company as at the date of this report. Fully paid Ordinary Shares

Directors

Share Options

R Hazouri

18,460,000

-

S Hazouri

45,000

3,900,000

E Hazouri

26,202

3,900,000

-

1,200,000

G Shad

Auditor Independence declaration The lead auditor’s independence declaration for the year ended 30 June 2008 as required under section 307C of the Corporations Act 2001 has been received and is set out on page 14 of the financial report. Non-audit services The board of directors, in accordance with advice received from the audit committee, is satisfied that the provision of non-audit services during the year is compatible with the general standard of independence for auditor imposed by the Corporations Act 2001. The directors are satisfied that the services disclosed below did not compromise the external auditor’s independence for the following reasons: • all non-audit services are reviewed and approved by the audit committee prior to commencement to ensure they do not adversely affect the integrity and objectivity of the auditor; and •

the nature of the services provided do not compromise the general principles relating to auditor independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board. The following fees for non-audit services were paid/payable to the external auditor for the year ended 30 June, 2008: Taxation services $1,000

Proceedings on behalf of the Company No person has applied for leave of Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party, for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings. No proceedings have been brought or intervened in on behalf of the company with leave of the Court under section 23 of the Corporations Act 2001. Signed in accordance with a resolution of the board of directors.

Raymond Hazouri Director Sydney, 15 September 2008 Page 13 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

Page 14 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

Page 15 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

Page 16 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

DIRECTORS’ DECLARATION The directors of the company declare that: 1. the financial statements and notes, as set out on pages 18-39, are in accordance with the Corporations Act 2001 and: a) comply with Accounting Standards and the Corporations Regulations 2001; and b) give a true and fair view of the financial position as at 30 June 2008 and of the performance for the year ended on that date of the company and consolidated group; 2. the Chief Executive Officer and Chief Finance Officer have given declarations required by section 295A of the ’Corporations Act 2001’ that: a) the financial records of the company for the financial year have been properly maintained in accordance with section 286 of the Corporations Act 2001; b) the financial statements and notes for the financial year comply with the Accounting Standards; and c) the financial statements and notes for the financial year give a true and fair view. 3. the remuneration disclosures set out on pages 10-12 of the directors’ report comply with Accounting Standards AASB ‘Related Party Disclosures’ and the ‘Corporations Regulations 2001’; and 4. in the directors’ opinion there are reasonable grounds to believe that the Group identified in Note 27 will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of the directors.

Raymond Hazouri Director Sydney, 15 September 2008

Page 17 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

INCOME STATEMENT For the Financial Year Ended 30 June 2008 Note

Consolidated Group

Parent Entity

2008 $

2007 $

2008 $

2007 $

Revenue from continuing operations Sales of services

4(a)

5,030,342

5,024,865

5,030,342

5,024,865

Other revenue

4(b)

79,454

48,983

79,454

48,983

5,109,796

5,073,848

5,109,796

5,073,848

4(c)

292,065

199,062

292,065

199,062

5

(3,981,587)

(3,826,542)

(3,981,587)

(3,826,542)

(40,854)

(35,657)

(40,854)

(35,657)

(109,182)

(89,043)

(109,182)

(89,043)

Total revenue Other income Expenses Cost of providing services Marketing expenses Occupancy expenses

(15,569)

(34,372)

(15,569)

(34,372)

Administration expenses

Insurance and legal expenses

(888,328)

(1,078,446)

(888,328)

(1,078,446)

Impairment of current financial assets

(159,103)

-

(159,103)

-

(85,451)

(67,215)

(85,451)

(67,215)

121,787

141,635

121,787

141,635

96,110

119,078

96,110

119,078

217,897

260,713

217,897

260,713

Other expenses from ordinary activities Profit before Income Tax Income tax benefit

6

Profit attributable to Members of the parent entity Earnings per Share: Basic (cents per share)

30

0.70

0.84

Diluted (cents per share)

30

0.68

0.84

Notes to financial statements are included on pages 22-39

Page 18 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

BALANCE SHEET As at 30 June 2008 Note

Consolidated Group

Parent Entity

2008 $

2007 $

2008 $

536,545

1,259,668

536,543

2007 $

CURRENT ASSETS Cash and cash equivalents

7

Trade and other receivables

8

566,842

584,123

567,590

584,870

Financial assets at fair value through profit and loss

9

1,550,450

891,255

1,550,450

891,255

10

2,818

435

2,818

435

2,656,655

2,735,481

2,657,401

2,736,226

Other current assets TOTAL CURRENT ASSETS

1,259,666

NON-CURRENT ASSETS Available-for-sale financial assets

11

26,081

33,508

26,081

33,508

Other financial assets

12

-

-

2

2

Plant and equipment

13

44,742

37,575

44,742

37,575

Deferred tax assets

14

220,998

140,641

216,293

135,936

Intangible assets

15

4,224

4,785

4,224

4,785

296,045

216,509

291,342

211,806

2,952,700

2,951,990

2,948,743

2,948,032

333,309

584,794

333,309

584,794

333,309

584,794

333,309

584,794

TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables

16

TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Deferred tax liability

17

1,105

16,858

1,105

16,858

Provisions

18

6,021

20,920

6,021

20,920

7,126

37,778

7,126

37,778

340,435

622,572

340,435

622,572

2,612,265

2,329,418

2,608,308

2,325,460

2,869,213

2,869,213

2,869,213

2,869,213

TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Contributed equity

19

Reserves

20

159,189

94,239

159,189

94,239

Retained losses

(416,137)

(634,034)

(420,094)

(637,992)

TOTAL EQUITY

2,612,265

2,329,418

2,608,308

2,325,460

Notes to financial statements are included on pages 22-39

Page 19 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

STATEMENT OF CHANGES IN EQUITY For the Financial Year Ended 30 June 2008 Consolidated Group

Balance at 1/7/2006

Share Capital Ordinary

Retained Profits

Employee Equity-settled benefits Reserve

$

$

$

$

2,869,213

(894,747)

72,480

2,046,946

-

260,713

-

260,713

Profit attributable to members of parent entity Option reserve on recognition of bonus element of options

Total

-

-

21,759

21,759

Balance at 30/6/2007

2,869,213

(634,034)

94,239

2,329,418

Balance at 1/7/2007

2,869,213

(634,034)

94,239

2,329,418

-

217,897

-

217,897

Profit attributable to members of parent entity Option reserve on recognition of bonus element of options Balance at 30/6/2008

-

-

64,950

64,950

2,869,213

(416,137)

159,189

2,612,265

Share Capital Ordinary

Retained Profits

Employee Equity-settled benefits Reserve

Total

$

$

$

$

Parent Entity

Balance at 1/7/2006

2,869,213

(898,705)

72,480

2,042,988

Profit attributable to members of parent entity

-

260,713

-

260,713

Option reserve on recognition of bonus element of options

-

-

21,759

21,759

Balance at 30/6/2007

2,869,213

(637,992)

94,239

2,325,460

Balance at 1/7/2007

2,869,213

(637,992)

94,239

2,325,460

Profit attributable to members of parent entity

-

217,898

-

217,898

Option reserve on recognition of bonus element of options

-

-

64,950

64,950

2,869,213

(420,094)

159,189

2,608,308

Balance at 30/6/2008

Notes to financial statements are included on pages 22-39

Page 20 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

CASH FLOW STATEMENT For the Financial Year Ended 30 June, 2008 Note

Consolidated Group 2008 $

Parent Entity

2007 $

2008 $

2007 $

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees

5,546,819

5,636,267

5,546,819

5,636,267

(5,801,975)

(5,460,190)

(5,801,975)

(5,460,190)

32,060

37,354

32,060

37,354

Dividends received Interest received Net cash(used in)/ provided by operating activities

29

47,550

23,082

47,550

23,082

(175,546)

236,513

(175,546)

236,513

(3,278,197)

(290,140)

(3,278,197)

(290,140)

2,751,964

941,087

2,751,964

941,087

(28,771)

(2,329)

(28,771)

(2,329)

(555,004)

648,618

(555,004)

648,618

8,663

-

8,663

-

(1,236)

(783)

(1,236)

(783)

7,427

(783)

7,427

(783)

(723,123)

884,348

(723,123)

884,348

1,259,668

375,320

1,259,666

375,318

536,545

1,259,668

536,543

1,259,666

CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments Proceeds on sale of investments Purchase of property, plant and equipment Net cash ( used in)/ provided by investing activities CASH FLOWS FROM FINANCING ACTIVITIES Deposits recouped Deposits paid Net cash provided by/ (used in) financing activities Net (decrease)/ increase in cash held Cash at the beginning of the financial year Cash at the end of the financial year

7

Notes to financial statements are included on pages 22-39

Page 21 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of the financial report are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial report includes separate financial statements for HiTech Group Australia Limited as an individual entity and the consolidated entity consisting of HiTech Group Australia Limited and its subsidiaries (a)

Basis of preparation This general purpose financial report has been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, Urgent Issues Group Interpretations and the Corporations Act 2001. Compliance with IFRS Australian Accounting Standards include Australian equivalents to International Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report of HiTech Group Australia Limited complies with International Financial Reporting Standards (IFRS). Historical cost convention These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, financial assets and liabilities (including derivative instruments) at fair value through profit or loss, certain classes of property, plant and equipment and investment property. Critical accounting estimates The preparation of financial statements in conformity with AIFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 1(v).

(b)

Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of HiTech Group Australia Limited (“company” or “parent entity”) as at 30 June 2008 and the results of all subsidiaries for the year then ended. HiTech Group Australia Limited and its subsidiaries together are referred to in this financial report as the Group or the consolidated entity. Subsidiaries are all those entities over which the Group has the power to govern the financial and operating policies, generally accompanying a shareholding of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Investments in subsidiaries are accounted for at cost in the individual financial statements of HiTech Group Australia Limited .

(c)

Segment reporting A business segment is identified for a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different to those of other business segments. A geographical segment is identified when products or services are provided within a particular economic environment subject to risks and returns that are different from those of segments operating in other economic environments. The Group operates in one business and geographic sector (Refer Note 3).

(d)

Revenue recognition Revenue for the rendering of contracting and consulting services is recognised upon delivery of the service to the client while permanent placement fees are brought to account at the time of placement rather than the day of commencement of work. Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, allowances, rebates and amounts collected on behalf of third parties Revenue from the disposal of assets is recognised when the Consolidated Group has passed control of the asset to the buyer. Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets. Dividend revenue is recognised when the right to receive a dividend has been established.

(e)

Income tax The charge for current income tax expense is based on the profit for the year adjusted for any non-assessable or disallowed items. It is calculated using the tax rates that have been enacted or are substantially enacted by the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred income tax will be recognized from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability is settled. Deferred tax is credited in the income statement except where it relates to items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity.

Page 22 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which deductible temporary difference can be utilised.

(f)

(g)

The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change will occur in income taxation legislation and the anticipation that the consolidated group will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by law. Operating leases Lease payments for operating leases, where substantially all the risks remain with the lessor, are charged as expenses in the periods in which they are incurred. Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Nonfinancial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.

(h)

Cash and cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of twelve months or less, and bank overdrafts. Bank overdrafts are shown with short-term borrowings in current liabilities on the balance sheet.

(i)

Trade receivables Trade receivables are recognised initially at fair value and less provision for impairment. Trade receivables are generally due for settlement within 30 days. Collectibility of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off by reducing the carrying amount directly. An allowance account (provision for impairment of trade receivables) is used when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments (more than 30 days overdue) are considered indicators that the trade receivable is impaired. The amount of the impairment allowance is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial. The amount of the impairment loss is recognised in the income statement within other expenses. When a trade receivable for which an impairment allowance had been recognised becomes uncollectible in a subsequent period, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against other expenses in the income statement.

(j)

Investments and other financial assets Recognition The Group classifies its financial assets in the following categories: financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments and available-for-sale financial assets. The classification depends on the purpose for which the investments were acquired. Management determines the classification of its investments at initial recognition and, in the case of assets classified as held-to-maturity, re-evaluates this designation at each reporting date Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below. Financial assets at fair value through profit and loss A financial asset is classified in this category if acquired principally for the purpose of selling in the short term or if so designated by management and within the requirements of AASB 139: Recognition and Measurement of Financial Instruments. Derivatives are also categorised as held for trading unless they are designated as hedges. Realised and unrealised gains and losses arising from changes in the fair value of these assets are included in the income statement in the period in which they arise. Assets in this category are classified as current assets. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the reporting date which are classified as non-current assets. Current loans and receivables are included in trade and other receivables (Note 8) in the balance sheet. Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Group’s management has the positive intention and ability to hold to maturity. If the Group were to sell other than an insignificant amount of held-to-maturity financial assets, the whole category would be tainted and reclassified as available-for-sale. Held-to-maturity financial assets are included in non-current assets, except for those with maturities less than 12 months from the reporting date, which are classified as current assets.

Page 23 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Available-for-sale financial assets Available-for-sale financial assets, comprising principally marketable equity securities, are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the reporting date. Investments are designated as available-for-sale if they do not have fixed maturities and fixed or determinable payments and management intends to hold them for the medium to long term. Recognition and derecognition Regular purchases and sales of financial assets are recognised on trade-date - the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. When securities classified as available-for-sale are sold, the accumulated fair value adjustments recognised in equity are included in the income statement as gains and losses from investment securities. Subsequent measurement Loans and receivables and held-to-maturity investments are carried at amortised cost using the effective interest method. Available-for-sale financial assets and financial assets at fair value through profit and loss are subsequently carried at fair value. Gains or losses arising from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category are presented in the income statement within other income or other expenses in the period in which they arise. Dividend income from financial assets at fair value through profit and loss is recognised in the income statement as part of revenue from continuing operations when the Group’s right to receive payments is established. Impairment At each reporting date, the group assesses whether there is objective evidence that a financial instrument has been impaired, in the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen. Impairment losses are recognises in the income statement. Fair value Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm’s length transactions, reference to similar instruments and option pricing models. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the items will flow to the group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. (k)

Plant and equipment Each class of plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses. The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the assets employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts. At each reporting date, the group reviews the carrying values of its tangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the assets, being the higher of the asset’s fair value less costs to sell and value is use is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement. These tests have resulted in no impairment losses being recognised in FY08 under AASB 136. Depreciation Depreciation is provided on plant and equipment and leasehold improvements. Depreciation is calculated on a diminishing value or straight line basis over the useful lives to the consolidated entity commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the expired period of the lease or the estimated useful lives of the improvements. The following estimated useful lives are used in the calculation of depreciation: 3-5 years 5 years 2-3 years

Plant and equipment Motor vehicles Leasehold improvements

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amounts. These gains and losses are included in the income statement. When re-valued assets are sold, amounts included in the revaluation reserve relating to those assets are transferred to retained earnings. (l)

Intangible assets Costs incurred in developing products or systems and costs incurred in acquiring software and licenses that will contribute to future period financial benefits through revenue generation and/or cost reduction are capitalised to software and systems. Costs capitalised include external direct costs of materials and service, direct payroll and payroll related costs of employees’ time spent on the project. Amortisation is calculated on a diminishing balance basis over a four year period.

Page 24 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (m) Trade and other payable Trade payables and other accounts payable are recognised when the consolidated entity becomes obliged to make future payments resulting from the purchase of goods and services. (n)

(o)

Provisions Provisions are recognised when the group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured at management’s best estimate of the expenditure required to settle the present obligation at the reporting date. Employee benefits Wages and salaries and annual leave Liabilities for wages and salaries, including non-monetary benefits, and accumulating annual leave expected to be settled within 12 months of the reporting date are recognised in other payables in respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled, plus related on-costs. Long-service leave The liability for long service leave is recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Share-based payments The group operates an Employee Share Option Plan. Information relating to this scheme is set out in Note 31. The fair value of options granted under the Option Plan is recognised as an employee benefit expense with a corresponding increase in equity. The fair value is measured at grant date and recognised over the period during which the employees become unconditionally entitled to the options. The fair value at grant date is independently determined using a Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option. The fair value of the options granted is adjusted to reflect market vesting conditions, but excludes the impact of any nonmarket vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. At each reporting date, the entity revises its estimate of the number of options that are expected to become exercisable.

(p)

Contributed equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options for the acquisition of a business are not included in the cost of the acquisition as part of the purchase consideration.

(q)

Earnings for share (i)

Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year.

(ii) Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. (r)

Goods and services tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except, where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of expense. Receivables and payables in the balance sheet, are shown inclusive of GST. The net amount of GST recovrable from, or payable to, the taxation authority is included with other receivables or payables in the blance sheet. Cash flows are included in the statement of cash flows on a gross basis except for the GST component of cash flows arising from investing and financing activities which are disclosed as operating cash flows.

(s)

Capital gains tax No provision has been made for capital gains tax which may arise in the event of sale of assets.

(t)

Cost of providing services The cost of providing services includes direct costs associated with the placement of permanent employees and the rendering of contracting services.

Page 25 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (u)

Comparative figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

(v)

Critical accounting estimates and judgements The directors evaluate estimates and judgements incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the group. Key estimates - Impairment

)

The group assesses impairment at each reporting date by evaluating conditions specific to the group that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is determined. Value-in-use calculations performed in assessing recoverable amounts incorporate a number of key estimates. No impairment has been recognised in respect of plant and equipment and intangible assets for the financial year ended 30 June 2008. Key judgements – impairment of trade receivables The directors have reviewed outstanding debtors as at 30 June 2008 and have formed the opinion that all debtors outstanding are collectible and have therefore decided that no provision for impairment of trade receivables should be made in the accounts. (w)

New accounting standards and interpretations Certain new accounting standards and interpretations have been published that are not mandatory for 30 June, 2008 reporting periods. The Group’s and the parent entity’s assessment of the impact of these new standards and interpretations is set out below. (i) AASB 8 Operating Segments and AASB 2007-3 Amendments to Australian Accounting Standards arising from AASB 8 AASB 8 and AASB 2007-3 are effective for annual reporting periods commencing on or after 1 January 2009. AASB 8 will result in a significant change in the approach to segment reporting, as it requires adoption of a ‘management approach’ to reporting on financial performance. The information being reported will be based on what the key decision makers use internally for evaluating segment performance and deciding how to allocate resources to operating segments. Since the group only operates in one business and geographic segment it is not expected to affect any of the amounts recognised in the financial statements. (ii) Revised AASB 123 Borrowing Costs and AASB 2007-6 Amendments to Australian Accounting Standards arising from AASB 123 [ 1,AASB 101,AASB 107,AASB 111,AASB 116&AASB 138 and Interpretations 1 & 12] The revised AASB 123 is applicable to annual reporting periods commencing on or after 1 January, 2009. It has removed the option to expense all borrowing costs and - when adopted - will require the capitalisation of all borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset. There will be no impact on the financial report of the Group as it has no borrowings and this is not expected to change in the next financial year. (iii) AASB-l 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction AASB-l 14 will be effective for annual reporting periods commencing on or after 1 January, 2008. It provides guidance on the maximum amount that may be recognised as an asset in relation to a defined benefit plan and the impact of minimum funding requirements on such an asset. None of the Group’s defined benefit plans are subject to minimum funding requirements and none of them is in a surplus position. This will have no impact on the Group which does not have a defined benefit fund. (iv) Revised AASB 101 Presentation of Financial Statements and AASB 2007-8 Amendments to Australian Accounting Standards arising from AASB 101 A revised AASB 101 was issued in September 2007 and is applicable for annual reporting periods beginning on or after 1 January 2009. It requires the presentation of a statement of comprehensive income and makes changes to the statement of changes in equity, but will not affect any of the amounts recognised in the financial statements. If an entity has made a prior period adjustment or has reclassified items in the financial statements, it will need to disclose a third balance sheet (statement of financial position), this one being as at the beginning of the comparative period. The Group intends to apply the revised standard.

NOTE 2: FINANCIAL RISK MANAGEMENT The Groups activities expose it to a variety of financial risks: market risk (including interest rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Group. The Group uses different methods to measure different types of risk to which it is exposed. These methods include analysing the effect of interest rate rises, and other price risks, aging analysis for credit risk and comparison of the investment portfolios against the ASX All Ordinaries Index to determine market risk. Risk management is carried out by management under policies approved by the Board of Directors. The Board provides written principles for overall risk management, as well as policies covering specific areas including interest rate risk, credit risk, ,and investment of excess liquidity. The groups functional and presentation currency is the Australian dollars and the Group has no foreign exchange dealings and therefore does not use derivative financial instruments. While the Group includes two subsidiary companies neither of these is currently trading so that the sensitivity analysis set out below for the various types of risk are the same for the Group and the parent entity.

Page 26 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 2: FINANCIAL RISK MANAGEMENT (continued) The following tables reflect the undiscounted contractual settlement terms for financial instruments of a fixed period of maturity, as well as management’s expectations of the settlement period for all other financial instruments. Fixed Interest Rate Maturing

30 June, 2008

Average Variable Less than 1 Interest Rate Interest Rate Year % $ $

More than 5 Years $

1 to 5 Years $

Non-interest Bearing $

Total $

Financial Assets Cash Deposits at call Trade and other receivables

4.35% 5.06% -

-

153,928 382,315 -

-

-

302 566,842

154,230 382,315 566,842

Prepayments

-

-

-

-

-

2,818

2,818

Financial assets at fair value through profit or loss

-

-

-

-

-

1,550,450

1,550,450

-

536,243

-

-

2,120,412

2,656,655 333,309

Total financial assets Financial liabilities Trade and other payables

-

-

-

-

-

333,309

Other financial liabilities

-

-

-

-

-

6,021

6,021

-

-

-

-

339,330

339,330

Total financial liabilities

Fixed Interest Rate Maturing

30 June, 2007

Average Variable Less than 1 Interest Rate Interest Rate Year % $ $

More than 5 Years $

1 to 5 Years $

Non-interest Bearing $

Total $

Financial Assets Cash Deposits at call Trade and other receivables

2.5% 5.0% -

-

504,114 755,352 -

-

-

202 584,123

504,316 755,352 584,123

Prepayments Financial assets at fair value through profit and loss

-

-

-

-

-

435

435

-

-

-

-

891,255

891,255

-

1,259,466

-

-

1,476,015

2,735,481

-

-

-

-

584,794 20,920

584,794 20,920

-

-

-

-

605,714

605,714

Total financial assets Financial liabilities Trade and other payables Other financial liabilities

-

Total financial liabilities (a) Market risk (I) Price risk

The Group and the parent entity are exposed to equity securities price risk. This arises from investments held by the Group and classified on the balance sheet either as available-for-sale or at fair value through profit or loss. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group. All of the Group’s and the parent entity’s equity investments are in companies listed on the ASX. Group and parent sensitivity analysis The table below summarises the impact of increases/decreases in the ASX All Ordinaries Index on the Group’s and the parent entity’s post-tax profit for the year and on equity. The analysis is based on the assumption that the index has increased by 3% with all other variables held constant and all the Group’s equity instruments moved according to the historical correlation with the index. Impact on post-tax profits 2008 $ ASX All Ordinaries Index

2007 $ 7,601

40,966

Impact on equity 2008 $ 7,601

2007 $ 40,966

As the Group and the parent entity are only selling services they are not exposed to commodity price risk but are exposed to service price risk in relation to labour hire and permanent placement income. If the price of these services were to increase/decrease by 5% and costs remain unchanged, the group and the parent entity’s post tax profit would have increased/decreased by $176,062 (2007:$175,870).

Page 27 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 2: FINANCIAL RISK MANAGEMENT (continued) (ii) Cash flow and fair value interest rate risk The Group and the parent entity have no borrowings and therefore is not exposed to interest rate risk in this area. Group and parent sensitivity analysis The Group parent and parent entity’s main interest rate risk arises from cash equivalents and other receivables with variable interest rates. At 30 June 2008, if interest rates had changed by -/+ 80 basis points from the year-end rates with all other variables held constant, post-tax profit would have been $3,149 lower/higher (2007 - change of 60 bps: $7,192 lower/higher) as a result of lower/higher interest income from these financial assets. (b) Credit risk Credit risk arises from cash and cash equivalents, and deposits with banks and financial institutions, as well as credit exposure to customers as outstanding receivables. For banks and financial institutions, only independently rated parties with a minimum rating of ‘A’ are accepted. If customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, risk control assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the Group. The compliance with credit limits by customers is regularly monitored by line management. Sales to customers are required to be settled in cash, mitigating credit risk. The maximum exposure to credit risk at the reporting date is the carrying amount of the financial assets as summarised in Note 2 on page 27. The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates: Consolidated 2008 2007 $ $ Trade receivables Counterparts with external credit rating (Moody’s) A Federal and state government departments and instrumentalities

Parent entity 2008 2007 $ $

289,299

254,142

289,299

254,142

97,290 27,159 133,332

6,086 321,830

97,290 27,159 133,332

6,086 321,830

547,080

582,058

547,080

582,058

536,545

1,259,668

536,543

1,266,666

Counterparts without external credit rating* Group 1 Group 2 Group 3 Total trade receivables Cash at bank and short-term bank deposits AAA *

Group 1 — new customers (less than 6 months) Group 2 — existing customers (more than 6 months) with no defaults in the past Group 3 — existing customers (more than 6 months) with some defaults in the past. All defaults were fully recovered with the exception of a debt of $4,360 in the 2007 year which was written off,

(d) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Surplus funds are generally only invested in instruments that are tradeable in highly liquid markets. (e) Fair value estimation The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes. The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and availablefor-sale securities) is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the Group is the closing price at balance date. The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due to their short-term nature.

Page 28 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 3: SEGMENT INFORMATION The Consolidated Group operates primarily in one geographical and in one business segment, namely the IT recruitment industry in Australia.

NOTE 4: REVENUE Note

Consolidated Group 2008 2007 $ $

Parent Entity 2008 $

2007 $

Revenue from continuing operations (a) Services - Contracting and permanent placement revenue (i)

5,030,342

5,024,865

5,030,342

5,024,865

(b) Other revenue - Interest received – other entities

47,394

23,479

47,394

- Dividends – other entities

32,060

25,504

32,060

25,504

5,109,796

5,073,848

5,109,796

5,073,848

Total revenue

23,479

(i) Contracting revenue includes permanent placement fees and contract services provided. (c) Other income Fair value gains on financial assets at fair value through profit and loss

-

135,808

-

135,808

Gain on disposal of financial assets at fair value through profit and loss

292,065

63,254

292,065

63,254

292,065

199,062

292,065

199,062

(i)

Contracting revenue includes permanent placement fees and contract services provided.

NOTE 5: EXPENSES Cost of providing services Impairment losses financial assets - Trade receivables Rental expense on operating leases - Minimum lease payments Depreciation and amortisation of noncurrent assets - Plant and equipment - Office fitout - Intangible assets Net loss on disposal of plant and equipment Fair value losses on financial assets at fair value through profit and loss

3,981,587

3,826,542

3,981,587

3,826,542

-

7,617

-

7,617

80,587

69,295

80,587

69,295

9,007 10,818 1,521

10,491 10,817 2,075

9,007 10,818 1,521

10,491 10,817 2,075

819

-

819

-

159,103

-

159,103

-

NOTE 6: INCOME TAX (a) Income tax expense Current tax Deferred tax Under provision for income tax in prior year

58,466

50,911

58,466

50,911

4,075

-

4,075

-

(158,651)

(169,989)

(158,651)

(169,989)

(96,110) (119,078) (b) Numerical reconciliation of income tax expense to prima facie tax payable

(96,110)

(119,078)

36,536

42,491

Recoupment of prior year tax losses

Profit from continuing operations before income tax expense at 30% (2007:30%) Add tax effect of: Non deductible depreciation and amortisation and other non allowable items Share options expensed Less tax effect of: Non-assessable income &imputation credit Under provision for income tax in prior year Recoupment of DTA previously not recognised Income tax (benefit)

36,536

42,491

8,463

7,744

8,463

7,744

19,485

6,527

19,485

6,527

(6,018)

(5,851)

(6,018)

(5,851)

4,075 (158,651)

(169,989)

(153,946)

(169,989)

(96,110)

(119,078)

(96,110)

(119,078)

Page 29 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 7: CASH AND CASH EQUIVALENTS

Cash at bank and in hand Bank deposits at call

Consolidated 2008 2007 $ $ 154,230 504,316

Parent 2008 $ 154,228

2007 $ 504,314

382,315

755,352

382,315

755,352

536,545

1,259,668

536,543

1,259,666

536,545

1,259,668

536,543

1,259,666

536,545

1,259,668

536,543

1,259,666

The effective interest rate on bank deposits at call 6% (2007:5%) Reconciliation of cash Cash at the end of the financial year as shown in the cash flow statement is reconciled to items in the balance sheet as follows: Cash and cash equivalents Interest rate exposure The Group and the parent entitiy’s expousre to interest rate risk is discussed in Note 2.

NOTE 8: CURRENT ASSETS - TRADE AND OTHER RECEIVABLES Trade receivables Provision for impairment of receivables

547,080 -

582,058 (4,360)

547,080 -

582,058 (4,360)

Other receivables

547,080 19,762

577,698 6,425

547,080 19,763

577,698 6,425

-

-

747

747

566,842

584,123

567,590

584,870

Amounts recoverable from controlled entities

(a) Impaired trade receivables As at 30 June, 2008 none of the trade receivables of the group or the parent entity were impaired (2007:$4,796) The ageing of thee receivables is as follows: 30-60 days

-

-

-

Over 60 days

-

4,796

-

4,796

-

4,796

-

4,796

(b) Past due but not impaired As at 30 June, 2008, trade receivable of $69,761 (2007:$172,096) were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default. The ageing analysis of these trade receivables is as follows:30-60 days

63,286

172,096

63,286

61-90 days

6,475

-

6,475

-

-

4,796

-

4,796

69,761

176,892

69,761

176,892

Over 90 days

172,096

(c) Interest rate risk Information about the Group’s and the parent entity’s exposure to interest rate risk in relation to trade and other receivables is provided in Note 2. (d) Credit terms Credit terms which apply to trade customers are payment within 30 days from date of invoice. (e) Fair value and credit risk Due to the short-term nature of these receivables, their carrying amount is assumed to approximate their fair value. The maximum exposure to credit risk at the reporting date is the carrying amount of each class of receivables mentioned above. Refer to Note 2 for further information on the risk management policy of the Group and the credit quality of the entity’s trade receivables.

Page 30 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 9: CURRENT ASSETS – FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS 2008 $

Consolidated 2007 $

Parent 2008 $

2007 $

Financial assets at fair value through profit and loss are all held for trading and include the following:Australian listed equity securities

1,550,450

891,255

1,550,450

891,255

Changes in fair valaue of financial assets at fair value through profit and loss are recorded in other income or other expenses in the income statement (Notes 4(c) and 5.) Information about the Group and the parent entity’s exposure to credt and price risk is provided in Note 2.

NOTE 10: CURRENT ASSETS – OTHER Prepayments

2,818

435

2,818

435

NOTE 11: NON-CURRENT ASSETS – AVAILABLE FOR SALE FINANCIAL ASSETS Available-for-sale financial assets include the following classes of financial assets: - SecuritydDeposits for leased premises

26,081

33,508

26,081

33,508

(a) Investments in related parties Refer to Note 12 for information on the carrying amount of investments in subsidiaries. (b) Impairment and risk exposure None of the finnancial assets are either past due or impaired. All available-for-sale financial assets are denominated in Australian currency. For an analysis of the sensitity of availablefor-sale-financial assets to price and interest rate risk refer to Note 2.

NOTE 12: NON-CURRENT ASSETS – OTHER FINANCIAL ASSETS Shares in subsidiaries

-

-

2

2

These financial assets are carried at cost

NOTE 13: NON-CURRENT ASSETS – PLANT AND EQUIPMENT Consolidated and Parent Entity at cost

Leasehold Improvements at cost

Motor vehicles at cost

TOTAL

$

$

$

$

Balance at 30 June, 2007 at cost or fair value Additions Disposals

218,405 8,084 (28,399)

32,453 -

19,727 -

250,858 27,811 (28,399)

Balance at 30 June, 2008 Accumulated depreciation/amortisation

198,090

32,453

19,727

250,270

Depreciation/amortisation expense Write back on disposals

(197,057) (8,468) 27,580

(16,226) (10,818) -

(539) -

(213,283) (19,825) 27,580

Balance at 30 June, 2008

(177,945)

(27,044)

(539)

(205,528)

As at 30 June, 2007

21,348

16,227

-

37,575

As at 30 June, 2008

20,145

5,409

19,188

44,742

Plant & Equipment

Gross carrying amount

Balance at 30 June, 2007 at cost or fair value

Net Book Value

Plant and equipment has been tested for impairment at 30 June, 2008 resulting in no impairment loss.

Page 31 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 13: NON-CURRENT ASSETS – PLANT AND EQUIPMENT (continued) Consolidated

Parent Entity

2008 $

2007 $

2008 $

2007 $

8,468

10,491

8,468

10,491

539

-

539

-

10,818

10,817

10,818

10,817

19,825

21,308

19,825

21,308

54,004

24,371

54,004

24,371

9,479

8,025

9,479

8,025

Aggregate depreciation allocated, whether recognised as an expense or capitalised as part of the carrying mount of other assets during the year: Plant & equipment Motor Vehicles Leasehold Improvements

NOTE 14: NON-CURRENT ASSETS – DEFERRED TAX ASSETS The balance comprises temporary differences attributable to : Provisions Plant & Equipment - tax allowance Accounts receivable - impairment

-

1,308

-

1,308

Prior year tax losses brought to account

157,515

106,937

152,810

102,232

Total deferred tax assets

220,998

140,641

216,293

135,936

(1,105)

(16,858)

(1,105)

(16,858)

219,893

123,783

215,188

119,078

Set-off of deferred tax liabilities pursuant to set-off provisions (Note 17) Net deferred tax assets

The directors of HiTech have decided to bring to account all past deferred tax assets on the basis that the benefit will be realised as per the conditions set out in Statement of Accounting Polices Note 1 (e). - tax losses not brought to account in 2007:$158,651.

NOTE 15: NON-CURRENT ASSETS - INTANGIBLE ASSETS Consolidated and Parent Entity Intangibles at cost

$ Gross carrying amount Balance at 30 June, 2007 at cost or fair value Additions

1,077,909 960

Balance at 30 June, 2008 Accumulated depreciation/amortisation

1,078,869

Balance at 30 June, 2007 Depreciation/amortisation expense

(1,073,124) (1,521)

Balance at 30 June, 2008

(1,074,645)

Net Book Value As at 30 June, 2007

4,785

As at 30 June, 2008

4,224

Intangible assets have been tested for impairment at 30 June, 2008 resulting in no impairment loss.

Page 32 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 16: CURRENT LIABILITIES - TRADE AND OTHER PAYABLES Consolidated

Parent Entity

2008 $

2007 $

2008 $

2007 $

Unsecured liabilities Trade payables

161,603

159,424

161,603

159,424

Sundry payables and accrued expenses (a)

171,706

425,370

171,706

425,370

333,309

584,794

333,309

584,794

(a)

Other payments include accruals for annual leave. The entire obligation is presented as current since the Group does not have an unconditional right to defer settlement. However, based on past experience the Group expects all employees to take the full amount of accrued leave within the next twelve months.

NOTE 17: NON-CURRENT LIABILITIES – DEFERRED TAX LIABILITIES The balance comprises temporary differences attributable to: Plant & Equipment – tax allowance Financial asset at fair value through profit or loss Other

985

1,392

985

1,392

-

15,299

-

15,299

120

167

120

167

1,105

16,858

1,105

16,858

6,021

20,920

NOTE 18: NON-CURRENT LIABILITIES – PROVISIONS Employee benefits

6,021

20,920

Reconciliation of movment in the liability is recognized in the balance sheet as follows:Balance at 1/7/2007 (Decrease)/increase in provision Balance at 30/6/2008

20,920

17,525

20,920

17,525

(14,899)

3,395

(14,899)

3,395

6,021

20,920

6,021

20,920

2,869,213

2,869,213

NOTE 19: CONTRIBUTED EQUITY 31,000,000 fully paid ordinary shares (2007: 31,000,000)

2,869,213

2,869,213

Fully paid ordinary shares carry one vote per share and carry the right to dividends. No shares were issued during the financial year Share Options Information relating to HiTech’s employee share option plan, including details of options issued, exercised and lapsed during the financial year and options outstanding at the end of the financial year, is set out Note 31. Capital risk management The Group and the parent entity’s objective when managing capital is to safeguard their ability to continue as a going concern, so that they can continue to provide returns to shareholders and benefits to other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The group and the parent entity monitor capital on the basis of the gearing ratio. The groups gearing ratio in the current and past financial year was negative as a result of the group having no debt, apart from payables, and sufficient cash reserves to service working capital.

NOTE 20: RESERVES The share option reserve records items recognised as expenses on valuaiton of employee and director share options.

Page 33 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 21: DIVIDENDS No dividends have been declared or paid with respect to the current financial year (2007:Nil). Consolidated Group 2007 2007 $ $ Franking credits available for subsequent financial years based on a tax rate of 30% (2007:30%)

272,357

Parent Entity 2007 $0

272,357

2007 $

263,956

263,956

NOTE 22: KEY MANAGEMENT PERSONNEL DISCLOSURES (a)

Key management personnel :Names and positions held of economic and parent entity key management personnel in office at any time during the financial year are:Mr Raymond Hazouri

Chairman and CEO

Mr Sam Hazouri

Director and Chief Operating Officer (COO)

Mr George Shad

Director – Non-Executive

Mr Elias Hazouri

Alternate Director (for Mr Raymond Hazouri) and General Manager/Chief Information Officer (GM/CIO)

Mr Barry F Neal

Chief Financial Officer/Parent Entity Secretary

(b) Key management personnel compensation:Primary Benefits Salary/Fees

Post employment benefit s Superannuation

$

Long term benefits

Share-based payments

Long service leave

Total

Options

$

$

$

Total

2008

583,703

23,400

28,662

63,025

698,790

$

Total

2007

747,538

86,382

-

21,628

855,548

The company has taken advantage of the relief provided by ASIC and has transferred the detailed remuneration disclosures to the directors’ report. The relevant information can be found in the remuneration report on page 12. (c)

Equity instrument disclosures relating to key management personnel (i) Options provided as remuneration and shares issued on exercise of such options Details of options provided as remuneration and shares issued on the exercise of such options, together with terms and conditions of the options can be found in the Remuneration Report on page 12. (ii) Options holdings

2008

S. Hazouri G Shad E. Hazouri B. F. Neal

Balance 1.7.07

Granted as Remuneration

Total Vested and Exercisable 30.6.08

Total unexercisable 30.6.08

-

--

-

-

3,900,000

3,900,000

500,000

-

-

1,200,000

1,200,000

-

3,900,000

-

-

-

3,900,000

3,900,000

-

500,000

-

-

-

500,000

500,000

-

9,000,000

500,000

-

-

9,500,000

9,500,000

-

2,000,000 200,000

E. Hazouri B. F. Neal

G Shad

Balance 30.6.08

700,000

Granted as Remuneration

S. Hazouri

Options Cancelled/ lapsed

3,900,000

Balance 1.7.06

2007

Options Exercised

Options Exercised

Options Cancelled/ lapsed

Balance 30.6.08

Total Vested and Exercisable 30.6.07

Total unexercisa ble 30.6.07

2,900,000

-

(1,000,000)

3,900,000

3,900,000

-

500,000

-

-

700,000

700,000

-

2,000,000

2,900,000

-

(1,000,000)

3,900,000

3,900,000

-

350,000

300,000

-

(150,000)

500,000

500,000

-

4,550,000

6,600,000

-

(2,150,000)

9,000,000

9,000,000

-

Page 34 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 22: KEY MANAGEMENT PERSONNEL DISCLOSURES (continued) (iii) Shareholdings Balance 1.7.07

2008

Received as Remuneration

Options Exercised

Balance 30.6.08

18,460,000

No of shares held by Key Management Personnel R. Hazouri

18,460,000

-

-

S. Hazouri

45,000

-

-

45,000

E. Hazouri

26,202

-

-

26,202

18,531,202

-

-

18,531,202

2007

The shareholding of key management personnel in 2008 was unchanged from 2007

No specified executives or non-executive directors hold shares in the Parent Entity.

NOTE 23: REMUNERATION OF AUDITORS Consolidated Group 2008 $ Auditor to the parent company Auditing or reviewing the financial report

2007 $

Parent Entity 2008 $

2007 $

21,660

21,000

21,660

21,000

1,000

1,000

1,000

1,000

22,660

22,000

22,660

22,000

Other services: - preparation of tax return and ad hoc advice

NOTE 24: CONTINGENT LIABILITIES There were no contingent liabilities at balance date.

NOTE 25: COMMITMENTS Non-cancellable operating leases The office lease relates to the Group’s Head Office and is a non-cancellable lease with rent payable monthly in advance. Contingent rental provisions within the lease agreement require that the minimum lease payments shall be increased by the lower of CPI or 4% per annum. No option exists to renew the lease expiring on 31/12/2008. Non-cancellable operating leases contracted but not capitalised in the financial statements - Payable not later than one year - Longer than 1 year and not longer than 5 years

44,911

87,430

44,911

87,430

-

44,911

-

44,911

44,911

132,341

44,911

132,341

Page 35 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 26: RELATED PARTY DISCLOSURES (a)

Equity interests in related parties Equity interests in controlled entities Details of the percentage of ordinary shares held in controlled entities are disclosed in Note 27 to the financial statements.

(b)

Key management personnel Details of directors’ remuneration are disclosed in the Remuneration report on page 12 of the Directors’ Report.

(c)

Directors’ equity holdings Ordinary shares

Fully Paid

IIssued during the financial year to directors and their director-related entities of HiTech Group Australia Limited Held as at the reporting date by directors and their director-related entities of HiTech Group Australia Limited

2008

2007

-

-

18,531,202

18,531,202

Other equity instruments Options issued to directors in previous year

(d)

Options expired during the current year Issued during the financial year to directors and their director-related entities by HiTech Group Australia Limited Held as at the reporting date by directors and their director-related entities by HiTech Group Australia Limited Transactions within the wholly-owned group

8,500,000

4,200,000

-

(2,000,000)

500,000

6,300,000

9,000,000

8,500,000

The wholly-owned group includes the ultimate parent entity in the wholly-owned group and its wholly owned entities. The ultimate parent entity in the wholly-owned group is HiTech Group Australia Limited. Amounts receivable from entities in the wholly-owned group are disclosed in note 8 to the financial statements.

NOTE 27: SUBSIDIARIES The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in Note 1(B) Name of entity

Country of Incorporation

Class of Shares

Ownership Interest 2007

2007

Parent entity HiTech Group Australia Limited

Australia

Ordinary

HiTech Contracting Pty Ltd

Australia

Ordinary

100%

100%

eConsulting Australia Pty Ltd

Australia

Ordinary

100%

100%

Controlled entities

These subsidiaries have been granted relief from the necessity to prepare financial reports in accordance with Class Order 98/1418 issued by the Australian Security and Investments Commission.

NOTE 28: SUBSEQUENT EVENTS A significant decline of $153,880 occurred in the market value of the consolidated entity’s investments in listed companies between the reporting date and the date of this report Part from the above there are no matters or circumstances that have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in future financial years.

Page 36 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 29: RECONCILIATION OF PROFIT AFTER INCOME TAX TO NET CASH INFLOW FROM OPERATING ACTIVITIES Consolidated Group 2008 2007 $ $

Parent Entity 2008 $

2007 $

Profit from ordinary activities after related income tax

217,897

260,713

217,897

Depreciation and amortisation of non-current assets

21,346

23,383

21,346

23,383

(292,065)

(63,254)

(292,065)

(63,254)

Net gain on sale of financial assets Net loss on disposal of non-current assets Equity settled share based payments Unrealized (gain)/ loss on financial assets

260,713

819

-

819

-

64,950

21,759

64,950

21,759

159,103

(135,808)

159,103

(135,808)

Decrease / (Increase) in assets Current receivables Other current assets

17,281

132,164

17,281

132,164

(2,383)

-

(2,383)

-

Deferred tax assets

(80,357)

(135,936)

(80,357)

(135,936)

Provisions Trade payables Deferred tax liability

(14,899) (251,485) (15,753)

7,967 108,666 16,858

(14,899) (251,485) (15,753)

7,967 108,666 16,858

Net cash from operating activities

(175,546)

236,512

(175,546)

236,512

Increase/(decrease) in liabilities

NOTE 30: EARNINGS PER SHARE Consolidated Group 2008 Cents per Share

2007 Cents per Share

Basic earnings per share

0.70

0.84

Diluted earnings per share

0.68

0.84

Basic earnings per share The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:-

Earnings (i)

Weighted average number of ordinary shares (ii)

2008 $

2007 $

217,897

260,713

No.

No

31,000,000

31,000,000

(i)

Earnings used in the calculation of basic earnings per share are net profit after tax as per the income statement.

(ii)

The options outstanding are considered to be potential ordinary shares and therefore have not been included in the determination of basic earnings per share. Where dilutive, these potential ordinary shares are included in the determination of diluted earnings per share on the basis that each option will convert to one ordinary share (refer below).

Diluted earnings per share (a) Earnings used in the calculation of diluted earnings per share reconciles to net profit in the income statement as follows:

Net profit (b)

2007 $

217,897

260,713

Weighted average number of ordinary shares and potential ordinary shares used in the calculation of diluted earnings per share reconciles to the weighted average number of ordinary shares used in the calculation of basic earnings per share as follows: Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS Weighted average number of options outstanding Weighted average number of ordinary shares outstadning during the year used in calculating diluted EPS

(c)

2008 $

2008 No

2007 No

31,000,000

31,000,000

1,027,660

188,498

32,027,660

31,188,498

The following potential ordinary shares are not dilutive and are therefore excluded from the weighted average number of ordinary shares and potential ordinary shares used in the calculation of diluted earnings per share Options

8,772,340

Page 37 of 41

9,111,502

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 31: SHARE-BASED PAYMENTS Employee option plan The Company has established an employee share option plan in respect of which shares may be issued to participating employees and executive directors. Option issued to non-executive directors are approved by shareholders at annual general meetings. The directors consider that the option plan provides employees and executive directors invited to take part in the plan, with an opportunity and an incentive to participate in the company’s future growth and success. The allocation of options to an employee or directors under the option plan is based on his or her potential future contributions to the growth and profitability of the company. Options generally lapse on the employees resignation or termination. When issued the shares carry full dividend and voting rights. No options have been exercised in current and past years, leaving 5,700,000 share options still available for issue as approved by shareholders at the 2007 annual general meeting.. The closing share price of an ordinary share of HiTech Group Australia Limited on the Australian Stock Exchange at 30 June 2008 was 3.8 cents. 2008 No

Balance at beginning of financial year (i)

2007 Weighted Average Exercise Price

No

Weighted Average Exercise Price

9,300,000

$0.05

4,670,000

$0.06

500,000

$0.05

6,900,000

$0.04

Granted during the financial year (ii) Exercised during the financial year

-

-

-

Lapsed/cancelled during the financial year (iii)

-

(2,270,000)

$0.05

Outstanding at end of financial year (iv)

9,800,000

$0.05

9,300,000

$0.05

Exercisable at end of financial year (iv)

9,800,000

$0.05

9,300,000

$0.05

The weighted average fair value of the options granted during the year was $0.05. The options outstanding at 30 June, 2008 had a weighted average exercise price of $0.05 and a Weighted average remaining contractual life of 4.1 years. Exercise prices range from $0.4 to $0.6 in respect of options outstanding at 30 June, 2008 This price was calculated by using a Black Scholes option pricing model applying the following inputs: Weighted average exercise price

$0.05

Weighted average life of the option

4.1 years

Underlying share price

$0.05-0.07

Expected share price volatility

0.01

Lack of liquidity discount

30%

Risk free interest rate

5.15-6.40%

Historical volatility has been the basis for determining expected share price volatility as It is assumed that it is indicative of future tender, which may not eventuate. The life of the options is based on the historical exercise patterns, which may not eventuate in the future. Included under employee benefits expense in the income statement is $64,950 (2007: $21,759) and relates, in full, to equitysettled share-based payment transactions. (i)

Balance at beginning of financial year Option series Issued 11/2004 Issued 11/2005 Issued 11/2006 Issued 06/2007

No.

Grant Date

Exercise Date

Expiry date

Exercise Price $

2,200,000 200,000 500,000 6,400,000

1/11/2004 28/11/2005 1/11/2006 5/06/2007

1/11/204 28/11/2005 1/11/2006 5/6/2007

1/11/2009 28/11/2008 1/11/2009 5/6/2012

0.06 0.08 0.04 0.04

9,300,000

Page 38 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

NOTES TO THE FINANCIAL STATEMENTS NOTE 31: SHARE-BASED PAYMENTS (continued) (ii)

Issued during the financial year The following equity-based instruments were issued during the reporting period: 2008 No Issued 11/2006

(iii)

2007 No -

500,000

Issued 06/2007

-

6,400,000

Issued 11/2007

500,000

-

500,000

6,900,000

Lapsed during the financial year No equity-based instruments issued to employees have been cancelled or have lapsed during the reporting period:

( iv)

Balance at end of the financial year Option series Issued 11/2004 Issued 11/2005 Issued 11/2006 Issued 06/2007 Issued 11/2007

No.

Grant Date

Exercise Date

Expiry date

Exercise Price $

2,200,000 200,000 500,000 6,400,000 500,000

1/11/2004 28/11/2005 1/11/2006 5/06/2007 25/11/2007

1/11/204 28/11/2005 1/11/2006 5/6/2007 25/11/2007

1/11/2009 28/11/2008 1/11/2009 5/6/2012 26/11/2012

0.06 0.08 0.04 0.04 0.05

9,800,000

Page 39 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

STOCK EXCHANGE INFORMATION Statement of quoted securities as at 8 September 2008 •

There are 391 shareholders holding a total of 31,000,000 ordinary fully paid shares on issue by the Company.



The twenty largest shareholders between them hold 87.27% of the total issued shares on issue.



Voting rights for ordinary shares are that on a show of hands each member present in person or by proxy or attorney or representative shall have one vote and upon a poll every member so present shall have one vote for every fully paid share held and for each partly paid share held shall have a fraction of a vote pro-rata to the amount paid up on each partly paid share relative to its issue price.



There are 7 option holders holding a total of 9,800,000 unexpired and unquoted options on issue by the company. There are no voting rights attached to these options.

Distribution of quoted securities as at 8 September 2008 Ordinary fully paid shares

Range of holding

Number of holders

1 -

1,000

23

1,001 -

5,000

210 57

5,001 -

10,000

10,001 -

100,000

76

100,001 -

and over

25

Total holders

391

There are 334 shareholders holding less than a marketable parcel.

Substantial shareholdings as at 8 September 2008 of Fully Paid Ordinary Shares Ordinary shareholder

% of total voting rights

Total relevant interest notified

Rayhazouri Nominees Pty Limited and Raymond Hazouri Salem Hazouri

18,460,000 ordinary shares

59.55%

1,980,000 ordinary shares

6.39%

Directors' share and option holdings As at 8 September 2008 directors of the Company held a relevant interest in the following shares and options issued by the Company.

Director

Shares

Options

R Hazouri

18,460,000

-

S Hazouri

45,000

3,900,000

G. Shad E Hazouri

-

1,200,000

26,202

3,900,000

On-market buy-backs There is no on-market buy back currently in place in relation to the securities of the company.

Material differences to Appendix 4E There are no material differences to the financial statements set out in this report when compared to the information set out in the Company’s Appendix 4E preliminary final statement released to the ASX on 25 August 2008.

Restricted securities There are no restricted securities on issue by the Company.

Page 40 of 41

HiTech Group Australia Limited and Controlled Entities A.B.N. 41 062 067 878

STOCK EXCHANGE INFORMATION TOP TWENTY SHAREHOLDERS Rank

Shareholder name

Number of ordinary fully paid shares held

% of total ordinary shares on issue

15,450,000

49.84%

1

Rayhazouri Nominees Pty Limited

2

Raymond Hazouri

3,010,000

9.71%

3

Salem Hazouri

1,980,000

6.39%

4

Wallbay Pty Ltd (Abell Unit Account)

1,322,560

4.27%

5

Dorrran Pty Ltd

553,000

1.78%

6

Mr John Charles Plummer

509,495

1.64%

7

Mrs Therese Guy & Mr David Guy

500,000

1.61%

8

Mr Robert Leigh McDonagh

480,000

1.55%

9

Outreach Mobility Pty Ltd

464,167

1.50%

10

Development Capital Corporation Pty Ltd

392,000

1.26%

11

G.A & A.M. Leaver Investments Pty Ltd

382,988

1.24%

12

Quevy Holdings Pty Ltd

339,000

1.09%

13

Mrs Selina Dally

300,000

0.97%

14

Mr John Richard Snell

296,000

0.95%

15

Belchar Investments Pty Ltd

214,285

0.69%

16

Milton Yannnis

200,000

0.65%

17

Mr James Donald Macaree

186,800

0.60%

18

Mr Timothy Phillip Coleman and Miss Maria Marciniak

180,000

0.58%

19

Malolo Pty Ltd

150,000

0.48%

20

Unified Construction Pty Ltd

142,000

0.46%

27,052,295

87.27%

Total held by top twenty shareholders

Page 41 of 41

HiTech Group Australia Limited Financial Report ... - HiTech Personnel

Sep 15, 2008 - Sam completed his degree in 1986 graduating with a double major in Mathematics and. Computer Science from the University of Sydney. ..... Table 1 Remuneration of key management personnel for the year ended 30 June ...

796KB Sizes 0 Downloads 166 Views

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