Qualitas : Appendix 4D and 1H FY 22 Interim Report

For personal use only

Qualitas Limited

ACN 655 057 588

Interim report

For the period 4 November to 31 December 2021

Incorporating the requirements of Appendix 4D

Qualitas Limited Appendix 4D

For the interim period 4 November 2021 to 31 December 2021

For personal use only

Details of Reporting Period
Current:	For the period 4 November to 31 December 2021
Previous corresponding:	There is no previous corresponding period. The Company was incorporated on 4 November 2021.

The Directors of Qualitas Limited announce the consolidated results of Qualitas Limited and its controlled entities ("the Group") for the period 4 November to 31 December 2021 as follows:

Results for announcement to the market

Extracted from Condensed Interim Financial Statements for the period 4 November to 31 December 2021, incorporating actual trading from 21 December to 31 December 2021:

	2021
	$'000
Revenue from ordinary activities	2,323
Profit/(loss) from the period	(1,846)
Total comprehensive income/(loss) for the period	(1,846)

Details of dividends

There were no dividends declared or paid during or since the end of the period.

Details of Dividend Reinvestment Plan

The Group does not have a Dividend Reinvestment Plan ("DRP").

Net tangible assets per security

The net tangible assets per security is $1.16.

Control gained or lost over entities during the period

The Company was incorporated on 4 November 2021. On 21 December 2021 the Company acquired all the shares in Qualitas Property Partners Pty Ltd and all the units in Qualitas Investments Unit Trust (and the shares in Qualitas Investments Pty Ltd, being the trustee of the Qualitas Investments Unit Trust).

The transaction occurred over entities under common control and all assets and liabilities were transferred at their book values in the accounts of the acquirer.

Details of associates and joint venture entities

The Group entered into a joint venture arrangement during the current reporting period, with control over two initial assets achieved as at 31 December 2021. The joint venture is a strategic partnership to establish a build-to-rent platform, targeting $5 billion over the next 5-7 years.

Other information

The Group is not a foreign Group.

Independent review report

This report is based on the condensed interim financial statements which has been subject to an independent review by the Group's Auditors, KPMG. All the documents comprise the information required by Listing Rule 4.2A.

For personal use only

Qualitas Limited

ACN 655 057 588

Condensed interim financial statements

For the period 4 November to 31 December 2021

Qualitas Limited

For personal use only

ACN 655 057 588

Condensed interim financial statements

For the period 4 November to 31 December 2021

Contents	Page
Directors' report	2
Lead auditor's independence declaration	5
Condensed interim statement of comprehensive income	6
Condensed interim statement of financial position	7
Condensed interim statement of changes in equity	8
Condensed interim statement of cash flows	9
Notes to the condensed interim financial statements	10
Directors' declaration	28
Independent auditor's review report to the shareholders of Qualitas Limited	29

The condensed interim financial statements cover Qualitas Limited (the "Company") and its controlled entities (together referred to as the "Group").

The Group's registered office is:

Level 38, 120 Collins Street

Melbourne, VIC 3000

The Group's principal place of business is:

Level 38, 120 Collins Street

Melbourne, VIC 3000

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Qualitas Limited

Directors' report

For the period 4 November to 31 December 2021

For personal use only

Directors' report

The directors of the Company present their report together with the condensed interim financial statements of the Group for the period 4 November to 31 December 2021 and the auditor's review report thereon.

Directors

The following persons were Directors of Qualitas Limited (ASX: QAL) during the period 4 November and up to the date of this report unless otherwise stated:

Andrew Fairley AM	Appointed 4 November 2021
Andrew Schwartz	Appointed 4 November 2021
Mary Ploughman	Appointed 4 November 2021
Michael Schoenfeld	Appointed 4 November 2021
Jo-Anne Stephenson	Appointed 4 November 2021
Brian Delaney	Appointed 4 November 2021

Company Secretary

The Company Secretary of the Company is:

Daniel Mote

Appointed 4 November 2021

Operating result

The net loss after tax of the Company for the period 4 November to 31 December 2021 amounted to ($1,845,908).

Review of operations

A review of the Company's operations during the period, and the results of those operations, is as follows:

• The Company was incorporated on 4 November 2021.
• The Company listed on the Australian Securities Exchange (ASX) on 16 December 2021 on a conditional and deferred basis and commenced trading on an unconditional basis on 21 December 2021 with 134 million new shares on issue at a total raise of $335 million. In addition to this, 160 million of existing shares were also listed at a total value of $400m.
• Listing costs of $16.2 million were incurred with $11.6 million reflected through equity (net of tax effect) and the balance of $3.8 million recorded in the profit and loss statement.
• The Company acquired Qualitas Property Partners Pty Ltd and Qualitas Investments Unit Trust on 21 December 2021.
• The Company formally commenced trading and operations on 21 December 2021. The results presented represent the period 21 December 2021 to 31 December 2021.

Summary and outlook

The Company acts as an investment manager with access to diversified investment opportunities across commercial real estate markets, capital structures, fund types and real estate sub-asset classes. The Company will continue to focus on funds growth and performance by taking advantage of significant commercial real estate private credit opportunities and its diverse investor base of wholesale and retail investors.

The Company's operations during the period performed as expected in the opinion of the directors.

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