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1、 2024AML3D Limited/ASX:AL3/ABN 55 602 857 983Annual Report AML3D Limited/ASX:AL3/ABN 55 602 857 9831ContentsChairmans and Managing Directors Report 3Board 6Directors Report 8Remuneration Report 12Auditor Independence Declaration 23Audit Report 24Financial Statements 29Consolidated Entity Disclosure
2、Statement 51Directors Declaration 51Additional Shareholder Information 53Corporate Directory 54AML3D Limited/ASX:AL3/ABN 55 602 857 9832AML3D Limited/ASX:AL3/ABN 55 602 857 9833Chairmans&Managing Directors ReportDear Shareholders,It is our pleasure to present to you AML3D Limiteds(AML3D or the Compa
3、ny)Annual Report for the year ended 30 June 2024.AML3Ds primary focus during the year was continued delivery of the Companys successful“US Scale-up”strategy.The“US Scale-up”strategy is focused on supplying the AML3Ds proprietary ARCEMY metal 3D printing systems and contract manufacturing services to
4、 industrial manufacturers in and supporting the US Defence,marine and aerospace industries.The“US Scale-up”strategy underpinned a more than ten-fold increase in AML3Ds revenues during the financial year,when compared to the prior year.Some significant achievements during the year include:The appoint
5、ment of Peter Goumas as President AML3D USA Inc.Establishing a US headquarters and manufacturing hub to reduce lead and delivery times and support access to US Defence contracts.An order for a large scale,ARCEMY X Edition 6700 system for use at the US Navys Centre of Excellence in Danville,Virginia.
6、The lease of an ARCEMY system to US Navy submarine component partner,Laser Welding Solutions,was subsequently converted into a sale.An order for a large scale,ARCEMY X Edition 6700 system to allow US Defence contractor Cogitic Corporation to supply metal 3D printed components to the US Navy Submarin
7、e program.An order for the largest,custom built ARCEMY system ever built for Austal USAs Advanced manufacturing centre in Charlottesville Virginia.A contract manufacturing order to solve a US Navy supply chain challenge by developing and 3D metal printing a high demand,non-safety critical,replacemen
8、t component no longer available from the OEM.A Nickle-Aluminium-Bronze component order to supply a 1 tonne prototype part to support the US Navys Submarine program.An extension of an alloy testing contract to demonstrate AML3Ds ability to metal 3D print Nickel-Aluminium-Bronze alloys that meet the s
9、tandards needed to support the US Navys Submarine Industrial Base.A Copper-Nickel alloy testing contract for US Department of Defence applications and a subsequent expanded Copper Nickel alloy testing program for the US Navys submarine qualification program.A part manufacturing and testing contract
10、to supply BAE Systems Maritime Australia with a prototype component in support of the Royal Australian Navys new Hunter class frigate program.Contracts to support Aerospace and Marine applications of advanced metal 3D printing for the Australian Government Defence Science and Technology Group.Throug
11、h the“US Scale-up”strategy AML3D is realising significant value from the Companys proven,proprietary,metal 3D-printing technology and delivered its most successful year on record in FY24.95%of AML3Ds revenues in the year were derived from US sales.The Company is expanding its sales of ARCEMY industr
12、ial scale,advanced Wire-arc Additive Manufacturing(WAM)systems,with a total of 4 systems commissioned in FY24.A further 4 systems have been constructed,including 2 additional systems that have been leased with an option to buy by US Navy supplier Laser Welding Solutions.Post year end,the option to p
13、urchase the initial ARCEMY system leased to Laser Welding Solutions was exercised,which includes a one-year service and maintenance contract.Alongside ARCEMY system sales to the US Defence sector,AML3D continues to win contract manufacturing orders that demonstrate how the Companys technology advant
14、age can solve supply change challenges.AML3D used its proprietary software to reverse engineer and 3D metal print a high demand,non-safety critical US Navy Submarine component that was no longer being supplied by the original equipment manufacturer.AML3D also demonstrated additional applications for
15、 its advanced manufacturing technology within the US Defence sector through alloy testing and prototyping contracts.During the year,AML3D announced the establishment of a US headquarters and manufacturing hub.This US hub is expected to be fully operational in the first half of the 2025 Financial Yea
16、r and allow AML3D to significantly reduce production lead and delivery times and to be better positioned to compete for lucrative US Defence contracts restricted to US based manufacturers and access opportunities in the wider US Defence,Aerospace,Marine and Oil&Gas sectors.AML3D also made significan
17、t progress in its strategy to access significant global Defence,Aerospace,Marine and Oil&Gas markets outside of the US.The Company signed contracts to supply BAE Systems Maritime Australia with a prototype part to support the Royal Australian Navys Hunter class frigate program,and to supply a comple
18、x rocket nose cone assembly and marine test parts to the Australian Government Defence Science and Technology Group.AML3D is also in the early stages of building a sales pipeline to meet demand for the Companys advanced manufacturing technology from the UK Defence sector.AML3D believes our technolog
19、y advantage will transform metal manufacturing and help to rebuild sovereign manufacturing capabilities in the markets we serve.AML3Ds ARCEMY systems can be deployed at the point of need to deliver large-scale,custom-built components with significantly shorter lead times.Our technology has met some
20、of the most rigorous civil and military accreditation standards,including the award,in FY24,of the AS9100D:2016 Aerospace Quality Systems Accreditation.The ability to manufacture high quality metal components faster than traditional casting and forging processes,with lower waste,reduced emissions an
21、d lower electricity consumption means AML3D can also be price competitive and address customers sustainability requirements.AML3D Limited/ASX:AL3/ABN 55 602 857 9834Financial ResultsRevenue for the 2024 financial year was$7.32 million,compared to$0.60 million in the prior year,which represents a 1,0
22、55%increase.At$4.44 million,more than half,61%,of AML3Ds FY24 revenues were derived from ARCEMY system sales in the US.A further 36%,or$2.66 million,of revenue was generated from component manufacturing and alloy characterization and testing contracts with the remaining 3%of revenue from recurring l
23、icense and lease fees.The EBITDA loss for FY24 of$3.31 million is 31%lower than in the prior comparable period.The net loss after tax for FY24 of$4.17 million,down 23%on the prior comparable period.AML3Ds position at the leading edge of advanced manufacturing technology is a key competitive advantag
24、e and one the Company has invested in FY24 with an expansion of its software development team and capabilities.AML3D is also investing to establish a manufacturing hub in the US to maximise the growth opportunities in that market.Overhead expenses of$8.09 million were$2.81 million higher than in FY2
25、3,largely attributable to the investment in the“US Scale-up”strategy and software development team.Immediate term value drivers US Market The US market remains AML3Ds most important growth market,with the US Defence sector a primary driver of demand for ARCEMY system sales and contract manufacturing
26、 orders.The Company signed a 64-month lease,in May 2024,on a modern,purpose-built US manufacturing facility.This ready to use facility is in Stow,Ohio,the manufacturing heartland of the US,is expected to be fully operational in the first half of Financial Year 2025 and act as AML3Ds US corporate,sal
27、es and manufacturing hub.AML3Ds US operations are led by President,Pete Goumas,who is actively building AML3Ds US teams.The US manufacturing hub will allow AML3D to be more responsive to US customers needs and also support access to lucrative International Traffic in Arms Regulated(ITAR)Defence cont
28、racts that are limited to US based manufacturers.During the year,AML3D received orders for ARCEMY metal 3D printing systems to be deployed to the US Navys Centre of Excellence in Danville,Virginia;US Navy supplier,Laser Welding Solutions,manufacturing base in Houston Texas;US Defence contractor Cogi
29、tic Corporations Colorado Springs facility and Austal USAs Advanced Technologies facility in Charlottesville Virginia.Commissioning of the large scale ARCEMY X 6700 system at US Navys Centre of Excellence was completed in April 2024,and commissioning of the Cogitic ARCEMY X 6700 system was completed
30、 in August 2024.An operational,small industrial scale ARCEMY 2600 system was air freighted to Laser Welding Solutions from AML3Ds Adelaide,Australia base,in September 2023.The Laser Welding Solutions ARCEMY 2600 system was operating under a lease agreement that was converted to sale in July 2024.Two
31、 additional ARCEMY 2600 systems have,subsequently,been leased with an option to buy for use by Laser Welding Solutions.Commissioning of the largest ever custom ARCEMY system ordered by Austal USA for its purpose-built Advanced Technologies facility is expected in the first half of FY25.Austals inves
32、tment in future manufacturing capabilities and AML3Ds ARCEMY system is to allow Austal to support shipbuilding maintenance and the US Navy,The acceleration of ARCEMY system sales to support the US Defence sector and in particular the US Navys Submarine industrial base was complemented by several con
33、tract manufacturing orders.In August 2023,AML3D received an order to 3D metal print a complex,non-safety critical,replacement component used in US Navy submarines.The replacement component was no longer being produced by the original manufacturer and could not be sourced from traditional manufacture
34、rs.AML3D solved this supply chain issue by using its proprietary software to reverse engineer the components design and then ARCEMY 3D metal print the part.This was followed,In September 2023,by an order to produce a 1 tonne prototype part for the US submarine program.In addition to fulfilling US Na
35、vy component orders,AML3D continued to progress its US Navy alloy testing programs.In August 2023 the contract to test AML3Ds Nickel-Aluminium-Bronze alloys and demonstrate they meet US Defence Additive Manufacturing qualification thresholds was expanded to include additional applications.This contr
36、act was followed in September 2023 by a US submarine program Copper-Nickel alloy testing program that was expanded in May 2024 with the signing of an additional purchased order to increase the funding and scope of Copper-Nickel testing.The US market is the largest additive manufacturing market in th
37、e world.AML3D deployed 7 ARCEMY systems to the US in FY24,continues to experience strong demand for its technology and is confident ARCEMY sales momentum will continue.Medium term value drivers additional significant global markets.While AML3Ds primary focus is on maximizing growth opportunities in
38、the US market the Companys growth strategy includes accessing additional significant global Defence,Marine,Aerospace and Oil&Gas markets.In December 2023,a prototype part manufacture and testing contract was signed with BAE Systems Maritime Australia in support for the Royal Australian Navys Hunter
39、class frigate program.This contract follows feasibility and commercial validation testing programs that demonstrated the AML3Ds Advanced Wire-arc Manufacturing(“WAM”)meets the Royal Australian Navys standards.The Company also signed a contract in April 2024 to provide Nickel-Aluminium-Bronze and hig
40、h strength duplex steel components to the Australian Government Defence Science and Technology Group for testing in marine applications.A second contract in support of the Australian Government Defence Science and Technology Group was signed with Toolcraft Australia in May 2024.This contract involve
41、d 3D metal printing a multi-stage nozzle assembly for an aerospace Defence project.The multi-stage nozzle assembly contract followed the success of a previous contract to 3D print a 4-stage nozzle assembly in November 2021,that delivered superior operational performance during testing.AML3D has also
42、 identified demand for large-scale,Advanced Wire-arc Manufacturing technology from the UK Defence sector and has already begun the process of developing and early-stage sales pipeline in the UK.The establishment by AML3D of the US manufacturing hub,once operational,is expected to free up capacity at
43、 AML3Ds Adelaide manufacturing facility to support an ongoing expansion into the Australian and UK Defence,Marine,Aerospace and Oil&Gas markets.Medium and longer-term value drivers Technology LeadershipAML3Ds success in securing ARCEMY system sales and contract manufacturing orders are predicated on
44、 the Companys technology leadership.Maintaining this technology advantage is essential to driving AML3Ds continued growth over the medium to longer term.To ensure AML3D remains at the leading edge of advanced AML3D Limited/ASX:AL3/ABN 55 602 857 9835manufacturing technology the Company has invested
45、in expanding its software development capabilities and the next generation of its metal 3D printing technology.In June 2024,the Company announced a$2.24 million investment to accelerate its next generation ARCEMY Increase Deposition Rates project.This new investment will be funded by a$1.12 million
46、grant from South Australias Economic Recovery Fund,matched by contributions totalling the same value by AML3D.In March 2024,AML3D announced it received the Aerospace Quality Management System,AS9100D:2016 Accreditation for its technology.This accreditation demonstrates the Company operates to highes
47、t levels of quality,safety and reliability,as set out by the Aerospace industry.AML3D is now one of only two wire additive manufacturing companies in the world to have the competitive advantage of AS9100D accreditation.This accreditation is expected to strengthen AML3Ds existing relationship with ex
48、isting,Tier 1,global aerospace customers such as Boeing and the Companys ability to access new Aerospace markets and opportunities.In addition to building AML3Ds technology leadership,the Company continues to take steps to protect its technology.Early in FY2024,AML3D secured a European patent for it
49、s WAM process,that is aligned with the Australian patent granted in June 2021 and provides coverage over AML3Ds method and apparatus for manufacturing 3D metal parts.European patent protection for AML3Ds WAM process strengthens the Companys competitive advantage as it begins to develop its presence
50、in key European Defence markets such as the UK.Capital ManagementThe Companys balance sheet remains strong following a successful$6.9 million(before costs)capital raise in May 2024.As at 30 June 2024,the Company had$7.79 million in cash and cash equivalents on hand.Proceeds from the capital raise ar
51、e being used to:Establish AML3Ds US manufacturing hub and build the US corporate,sales,and maintenance teams;Invest in research and development to maintain AML3Ds technology advantage;Increase its strategic position in the US Defence sector.Events subsequent to FY24The momentum within AML3Ds Us“Scal
52、e-up”strategy continued post year end with the sale of an ARCEMY 2600 Edition system for$1.1 million to Laser Welding Solutions.Laser Welding Solutions had been operating the ARCEMY system under a lease agreement since September 2023.AML3D also advanced its broader growth strategy to access addition
53、al significant global markets with an order to upgrade a robotic,point to point,welding system to ARCEMY specification for Century Engineering based in Adelaide Australia.Century Engineering manufactures equipment&components for the Australian Defence,Mining,Power and Water industries.Board and Gove
54、rnanceIn September 2023,the Board announced the appointment of Mr.Sean Ebert to the role of Managing Director and CEO.Mr.Ebert joined the Board of AML3D in 2019 and filled the role of interim CEO from June 2023.In January 2024,the Board announced the appointment of Mr.Peter Siebels as a Non-Executiv
55、e Director and Chair of the Audit and Risk Committee.Mr.Siebels is a chartered accountant and former partner at KPMG with extensive local and international experience across property and construction,mergers and acquisitions and as a director of specialist advisory firm 4D Advisory Pty Ltd.The appoi
56、ntments of Mr.Ebert and Mr.Siebels ensure the composition of AML3Ds Board has the appropriate mix and depth of skills and experience to achieve its strategy and growth ambitions.OutlookThrough AML3Ds US“Scale-up”strategy the Company is well positioned as a supplier of ARCEMY industrial scale,advance
57、d Wire-arc Additive Manufacturing(WAM)metal 3D printing systems in the US,the worlds largest additive manufacturing market.As a result of this strategy,AML3D has achieved its most successful year on record.The US“Scale-up”strategy is designed to underpin a sustainable business with reliable,predicta
58、ble and expanding revenue,and can rapidly grow to meet the strong demand in the US market and enter additional globally significant markets,such as Australia and the UK.AML3D also plans to generate additional revenues by accessing aligned R&D and contract manufacturing opportunities.The establishmen
59、t of a US manufacturing hub is expected to support strong growth in the US and create additional capacity across AML3Ds manufacturing footprint to support access to additional global markets.AML3D is confident the demand from the US Defence market will remain strong and convert into continued US ARC
60、EMY sales and contract manufacturing orders during FY25 and are pleased to have already recorded the sale of an ARCEMY 2600 Edition system to US Defence supplier Laser Welding Solutions in July 2024.The Company is also continuing to invest in its advanced Wire-arc Additive Manufacturing technology t
61、o maintain its competitive advantage in the Defence sector and across the Oil&Gas,Marine and Aerospace industries.AML3Ds contract wins in support of Australian Government Defence Science and Technology Group in the fourth quarter of FY24 demonstrate momentum in the Australian market,which the Compan
62、y expects to carry into the FY25.The Company is also in the early stage of building a UK sales pipeline and is looking forward to converting these sales leads into orders over the course of FY25.AML3Ds contract manufacturing facility continues to deliver on the Companys current order book and retain
63、s the capacity to support additional contract manufacturing orders.The Board would like to thank the capable AML3D team that has delivered the success the Company has enjoyed to date and we also welcome new team members at our new US manufacturing hub who have the opportunity to contribute greatly t
64、o the next phase in AML3Ds growth and success.At AML3D we operate as one team,dedicated to an overarching goal of becoming a leading diversified large-scale metal fabrication company globally.Finally,to our shareholders,thank you for your continuing support.Your Board and management team are committ
65、ed to building a profitable and sustainable company for the benefit of all stakeholders.AML3D is entering a significant phase of growth in the US,balanced by opportunities to leverage your established Australian operations across additional and significant global markets.Noel Cornish AM ChairmanSean
66、 Ebert Managing Director&CEOAML3D Limited/ASX:AL3/ABN 55 602 857 9836BoardNoel Cornish AM/B.Sc,M.Eng.Sc.,FAICD,FUOWChairman Chairman of the Remuneration Committee Member of the Audit&Risk Committee Appointed as Chairman 5 October 2022Noel Cornish joined the Board of AML3D as a Non-executive Director
67、 and Chairman in October 2022.His former roles include Chief Executive of BlueScope Limiteds Australian and New Zealand steel manufacturing businesses,Deputy Chancellor University of Wollongong,President Northstar BHP LLC in Ohio USA,Chairman of Snowy Hydro Limited and IMB Bank,as well as past Natio
68、nal President Ai Group.Noel is currently Chairman of the Hunter Valley Coal Chain and a member of the University of Newcastle Council.Noel was appointed a Member of the Order of Australia in 2017 for his business leadership and community service.The Board considers that Mr Cornish is an independent
69、director.Sean Ebert/B.Eng Hons(Electrical),MAICD Executive Director Appointed as Director 30 August 2019 Appointed as Managing Director and CEO 18 September 2023Sean has over 25 years of executive experience in both public and private sectors across high growth companies within the engineering,techn
70、ology and consumer goods sectors in Australia,US,China and Europe.Sean is currently a Non-Executive Director of FCT International,as well as Non-Executive Director on a range of other privately owned Australian growth companies.Sean was previously the Chief Executive Officer(CEO)of Beston Asset Mana
71、gement,Global Director M&A of Worley,CEO of Camms Pty Ltd and CEO of Profit Impact Pty Ltd.Sean is a former director of Mighty Craft(ASX:MCL,resigned 20 July 2024).Sean brings listed company and international experience to AML3D,is a Member of the Institute of Company Directors and holds a Bachelor
72、Degree in Engineering with honours.The Board considers that Mr Ebert is not an independent Director.AML3D Limited/ASX:AL3/ABN 55 602 857 9837Andrew Sales/M.Eng,M.Sc,C.Eng,CMatPExecutive Director Member of the Remuneration Committee Appointed as Director 14 November 2014 Appointed as CTO 26 September
73、 2022Andrew is a Chartered Engineer with a Master of Engineering and Master of Science and is a renowned expert in welding technology with over 28 years of global experience(Australia,Europe,South America,Africa and Asia).Andrew has held varying roles across upper management and senior leadership wi
74、thin the oil and gas,resources and mining sectors as well as advanced manufacturing,heavy engineering and fabrication.He is also the author of numerous technical papers in the field of welding high strength corrosion resistant alloys.In addition to Science and Engineering qualifications at Masters l
75、evel,he also holds a Diploma in Quality Management and Auditing.He is a Chartered Engineer through ECUK and TWI(UK),a professional member of Materials Australia holding a CMatP,and also sits on two Standards Australia committees including the newly established committee for Additive Manufacturing.An
76、drew founded AML Technologies,now known as AML3D,in 2014.The Board considers that Mr Sales is not an independent Director.Peter Siebels/B.Ec,FCA,FAICDNon-Executive Director Chairman of the Audit&Risk Committee Member of the Remuneration Committee Appointed as Director 15 January 2024Following a thir
77、ty year career with KPMG including roles on the Australian National Board and National Executive Committee,Peter has pursued a career in Governance and Advisory,since 2015.Governance positions include Chair roles with the RAA,RAA Insurance,Electricity Industry Superannuation Scheme,Hood Sweeney,Robe
78、rn Menz and also non-executive director roles with ECH,Adelaide University and GCF Investments Pty Ltd.Through these roles,Peter has Chaired many Board Committees,including Investment,Finance and Audit,Governance and Nominations and Risk.The Board considers that Mr Siebels is an independent director
79、.Kaitlin Smith/B.Com(Acc),CA,FGIACompany Secretary Appointed 30 November 2022Kaitlin Smith was appointed to the position of Company Secretary on 30 November 2022.Kaitlin provides company secretarial and accounting services to various public and proprietary companies.She is a Chartered Accountant,a f
80、ellow member of the Governance Institute of Australia and holds a Bachelor of Commerce(Accounting).The Company Secretary is accountable to the Board,through the Chair,on all matters to do with the effective functioning of the Board.All directors have direct access to the Company Secretary.AML3D Limi
81、ted/ASX:AL3/ABN 55 602 857 9838Directors ReportThe Directors of AML3D Limited(AML3D or the Company)present their report,together with the financial statements of the Company and its controlled entities(the Group)for the financial year ended 30 June 2024.DirectorsThe following persons were Directors
82、of the Company during the financial year and to the date of this report:Noel CornishNon-executive ChairmanSean EbertExecutive DirectorAndrew SalesExecutive DirectorPeter SiebelsNon-executive Director Appointed 15 January 2024Directors have been in office since the start of the financial period to th
83、e date of this report unless otherwise stated.Information Relating to Directors and Company SecretaryDetails of each Directors experience,qualifications and responsibilities are set out on pages 6 to 7.This includes information on other listed company directorships in the last three years.The Compan
84、y Secretary is Kaitlin Smith.Details of her experience and qualifications are set out on page 7.Company OverviewAML3D is an Australian public company incorporated on 14 November 2014.The Company was admitted to the Official List of ASX on 16 April 2020 and commenced trading on ASX on 20 April 2020.A
85、ML3D is a welding,robotics,metallurgy and software business which uses automated wire-fed 3D printing in a large free-form environment to produce metal components and structures for commercial use.AML3D has commercialised its wire arc additive manufacturing technology(under the trademark WAM),an inn
86、ovative metal additive manufacturing technology for the cost-effective production of large,high performance metal components and structures.AML3Ds proprietary WAM process is part of the spectrum of 3D metal printing that focuses on larger industrial applications with flexibility across multiple clas
87、ses of metals including titanium alloys,nickel alloys and steel alloys.AML3Ds WAM technology combines electric arc as a heat source with wire as a feedstock and welds sequential layers of metal to produce near-net shape metal components.WAM technology provides an alternative manufacturing and fabric
88、ation method for the production of components in industry sectors such as aerospace,marine,defence,oil and gas,mining and general manufacturing which vary from high-end aerospace parts to general engineering,with the value proposition being significant in the case of larger scale industrial grade an
89、d complex parts.In conjunction with its WAM technology,AML3D has developed its own proprietary software,WAMSoft,which combines metallurgical science and engineering design to automate the 3D printing process utilising advanced robotics technology.The WAMSoft software enables a highly tailored approa
90、ch to the needs of each client by enabling different pathways and welding operations for different products and materials.Depending on material type,thickness of part,geometry and final size,the software identifies optimal path models using an extensive library of weld bead geometries.Principal Acti
91、vitiesThe principal activities of AML3D during the financial year were to:a.Design and construct ARCEMY 3D printing modules for sale or lease with an option to buy;b.Design and construct 3D parts using Wire-arc Additive Manufacturing technology and to develop that technology;c.Research and developme
92、nt into the refinement of the companies products,including alternative applications.No significant changes in the nature of the Companys activity occurred during the financial year.Operating and Financial ReviewReview of OperationsThe Companys revenue is derived from:a.ARCEMY sales with customers ac
93、quiring the ARCEMY 3D printing modules for their own fabrication needs or research and learning purposes;orb.Contract manufacturing,which is fulfilling manufacturing orders for customers using our ARCEMY 3D printing module;andc.Licensing,service and technical support for customers using our ARCEMY 3
94、D printing module.AML3D has maintained its focus on executing the US“Scale-up”strategy and developing the Companys position as supplier of ARCEMY industrial scale,advanced Wire-arc Additive Manufacturing(WAM)metal 3D printing systems.The US“Scale-up”strategy is designed to create a sustainable busin
95、ess with a reliable,predictable and expanding revenue base that can also generate additional earnings by accessing aligned R&D and contract manufacturing opportunities.Through this strategy,AML3D has achieved its most successful year on record with revenue of$7,324,869,95%of which was obtained throu
96、gh key target markets in the United States of America.Four ARCEMY units were commissioned during the year,including one leased unit converted to a sales after year end.A further four units have been constructed,including two additional leased units for Laser Welding Solutions,with installation and f
97、inal commissioning of these units expected during the first half of FY25.AML3D Limited/ASX:AL3/ABN 55 602 857 9839The Company has continued to develop its technology including the printing of a range of metal pieces for use in a variety of industries such as defence,oil and gas,marine and aerospace.
98、The establishment of the US facility is well underway.Once complete it will provide capacity similar to that of the Australian operations,focused on servicing the US markets with the construction of ARCEMY units and printing of qualification parts.The Ohio facility will significantly reduce producti
99、on lead and delivery times,and alleviate issues with the handling of sensitive US defence related information.Financial Results and PositionRevenue for the year was$7,324,869,up$6,690,447 on the prior corresponding period(PCP).61%of revenue was generated through the sale of ARCEMY units,36%from prin
100、t revenue,and the remainder from recurring licence and lease fees.Gross profit margin improved to 63%(PCP:52%)assisted by the stronger US dollar.EBITDA was a loss of$3,309,606(PCP:$4,793,053)for the full year,with a small loss of$246,690 for H2FY24.Overhead expenses of$8,091,958 were$2,810,158 highe
101、r on PCP,$2,356,988 in director and employee benefits largely attributable to the“US Scale-up”and expansion of the dedicated software development team.The net loss after tax for the year was$4,169,846(PCP:$5,436,253)with potential carried forward tax benefits not brought to account of$5,354,603.Havi
102、ng completed a further capital raise in May 2024,at the end of the financial year the Company had$7,790,323 in cash and cash equivalents on hand.During the year$1,750,089 of cash was used in operating activities,down$1,892,796 on cash consumed during the PCP.Business Strategies and ProspectsThe Comp
103、any plans to build on the successes achieved in FY24 with a continued focus on:Pursuing global business opportunities,focusing initially on creating customer and industry partnerships in high margin sectors such as defence,oil and gas,and marine;Building ARCEMY modules for customers looking to estab
104、lish in-house 3D printing capability;Growing recurring revenue through annual software licensing,service and maintenance agreements;Continuing with our research and development activities to refine and broaden our range of products and processes,further developing our environmental sustainability cr
105、edentials by reviewing options for use of renewable energy and lowering energy inputs with the aim of reducing the carbon footprint of the WAM process;and Building the global profile of AML3D and its products through collaborations with universities and key industry players.AML3D currently has the o
106、nly diversified large-scale WAM metal fabrication facility in the Southern Hemisphere that can produce finished parts and components to a certified standard under an accredited Quality Management System.With the granting of patents in Australian,Europe,India,Japan,New Zealand,Republic of Korea and S
107、ingapore this protection validates the Companys market leadership in advanced 3D printing solutions and opens up new markets for our technology.These are the advantage that the Company will look to leverage.Material Business RisksThere are a number of material business risks which could affect the C
108、ompanys ability to achieve its business strategies as follows.Market Acceptance of New TechnologyAML3D has commercialised its WAM technology and has established a number of important relationships and research collaborations.However,there can be no assurances that the market will accept the WAM tech
109、nology,given that it is challenging traditional and well-tried processes such as machining,casting and forging.WAM is a disruptive technology in traditional manufacturing industries where many potential users of WAM have existing sunk investments in existing processes.Wire arc additive manufacturing
110、 is a new technology in a relatively young industry of 3D metal printing.Widespread awareness-raising of the advantages and value proposition associated with the Companys WAM technology will be required to lift the profile of the technology and educate the marketCustomer ConversionAlthough the Compa
111、nys client base is expected to diversify as a result of the expansion of the Companys revenue streams,the Company is substantially reliant on a select number of clients.The loss of any of these clients may have a negative impact on the Companys revenues and profits unless they can be replaced with n
112、ew clients.The Companys future activities are specifically designed around further business development activities in order to grow the client base in Australia,US,and other markets.Reliance on Key PersonnelThe responsibility of overseeing the day-to-day operations and the strategic management of th
113、e Company depends substantially on its senior management,technical experts and its Directors.The Company has reduced this risk by the appointment of additional technical staff.Access to Raw MaterialsThe Company requires access to markets for its raw materials including titanium alloys,nickel alloys,
114、stainless steel,aluminium alloys and bronze alloys in order to manufacture components.If the Company is unable to secure these materials,this would likely have a material adverse effect on the business and financial performance of the Company.AccreditationThe reputation of AML3Ds products and servic
115、es is largely dependent on retaining Lloyds Register and ISO 9001 accreditation.The loss of these accreditations would significantly impact the demand for AML3Ds products and services.AML3D Limited/ASX:AL3/ABN 55 602 857 98310Climate Change RiskThe Board is not aware of any current material exposure
116、 to risks brought about,or likely to be brought about,by climate change.Research&Development and Technical RiskThe Companys products and technology are the subject of continuous research and development which will likely need to be developed further in order to enable the Company to remain competiti
117、ve,increase sales and improve the scalability of products and technology.There are no guarantees that the Company will be able to undertake such research and development successfully.Failure to successfully undertake such research and development,anticipate technical problems,or estimate research an
118、d development costs or time frames accurately will adversely affect the Companys results.Intellectual PropertyThe Company has been granted patent in Australian,Europe,India,Japan,New Zealand,Republic of Korea and Singapore,which provides coverage over the method and apparatus for manufacturing 3D me
119、tal parts.Despite the granting of the patent,it may not be of commercial benefit to the Company,or may not afford the Company adequate protection from competing products.Data Loss and Cyber SecurityThe Company is reliant on the security of its network environment,vendor environments and websites.Bre
120、aches of security including hacking,denial of service attacks,malicious software use,internal Intellectual Property theft,data theft or other external or internal security threats could put the integrity and privacy of customers data and business systems used by the Company at risk which could impac
121、t technology operations and ultimately customer satisfaction with the Companys products and services,leading to lost customers and revenue.The Company has implemented a Cyber Security system and will continue to monitor its effectiveness.Environmental and Sustainability RiskThe Board is not aware of
122、 any material exposure to economic,environmental or social sustainability risks to which the Company may be subject.Risk ManagementThe Board determines the Companys risk profile and is responsible for establishing,overseeing and approving the Companys risk management framework,strategy and policies,
123、internal compliance and internal control.The Board has delegated to the Audit and Risk Committee the responsibility for overseeing the risk management system.The Companys risk management policy sets out the requirements for the Companys risk management framework,the process for identification and ma
124、nagement of risks and regular reviews.SustainabilityAML3D is committed to developing and maintaining sustainable and environmentally conscious operations.One of the benefits of AML3Ds manufacturing process is that it generates considerably less waste material than traditional casting and machining p
125、rocesses.Additive Manufacturing,with wire feedstock,has also been shown to have a lower carbon foot-print and use less energy when compared to conventional manufacturing processes.Environmental RegulationThe Groups activities are subject to general environmental laws and regulations relating to manu
126、facturing operations,in particular for the disposal and storage of scrap and hazardous materials.No breaches of environmental regulation occurred during the financial year and to the date of this report.Significant Changes in the State of AffairsThe following significant changes in the state of affa
127、irs of the Company occurred during the financial year:i.The Company issued 33,767,789 shares on 16 May 2024 via a rights issue to existing shareholders at an issue price of$0.05 per share for a total consideration of$1,688,389.ii.44,749,084 shares were issued on 23 May 2024 via a private placement a
128、t an issue price of$0.05 for a total consideration of$2,237,454.iii.51,250,916 shares were issued on 23 May 2024 via a private placement at an issue price of$0.05 for a total consideration of$2,562,546.iv.7,000,000 shares were issued on 27 May 2024 via a private placement at an issue price of$0.05 f
129、or a total consideration of$350,000.v.4,777,530 shares were issued on 26 June 2024 to S3 Consortium Pty Ltd at an issue price of$0.06956 based on the 5 day VWAP prior to issue for a total valuation of$332,325.The shares were issue as consideration for investor relations services for the period June
130、2024 to June 2026,and are subject to a 24 months escrow.Significant Events after the Balance DateNo matters or circumstances 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 sta
131、te of affairs of the Group in future financial years,except for:i.On 2 July 2024,AML3D announced the sale of a 2600 Edition ARCEMY system for$1.1 million to Laser Welding Solutions(“LWS”).LWS had been operating the ARCEMY system under a lease agreement since September 2023.ii.On 18 July 2024,2,000,0
132、00 Director Options were issued to Mr Peter Siebels for nil consideration.The options have an exercise price of$0.16 and an expiry date of 18 July 2029.iii.On 18 July 2024,11,981,973 Advisor Options were issued to Joint Lead Managers of the May 2024 capital raise for nil consideration.The options ha
133、ve an exercise price of$0.10 and an expiry date of 30 June 2026.iv.On 26 July 2024,15,723,215 Advisor Options were issued for services provided for nil consideration.The options have an exercise price of$0.10 and an expiry date of 30 June 2026.v.On 6 August 2024,2,000,000 shares were issued to Mr Pe
134、ter Siebels at$0.05 per shares in accordance with the Director Placement Shares as approved at the Companys EGM on 17 July 2024.AML3D Limited/ASX:AL3/ABN 55 602 857 98311DividendsNo dividends were declared or paid during the year.Corporate GovernanceThe Board oversees the Companys business and is re
135、sponsible for the overall corporate governance of the Company.It monitors the operations,financial position and performance of the Company and oversees its business strategy,including approving the strategy and performance objectives of the Company.The Board is committed to maximising performance an
136、d generating value and financial returns for Shareholders.To further these objectives,the Board has created a framework for managing the Company,including the adoption of relevant internal controls,risk management processes and corporate governance policies and practices which the Board believes are
137、 appropriate for the business and which are designed to promote the responsible management and conduct of the Company.To the extent relevant and practical,the Company has adopted a corporate governance framework that is consistent with the ASX Corporate Governance Councils Corporate Governance Princ
138、iples and Recommendations(4th Edition).The Companys Corporate Governance Plan,including key policies,is available on the Companys website at Directors MeetingsDuring the financial year,15 meetings of Directors,including Committees of Directors,were held.Attendances by each Director during the year w
139、ere as follows:DirectorsBoard MeetingsAudit and Risk Committee MeetingsRemuneration&Nomination Committee MeetingsEligible to attendMeetings attendedEligible to attendMeetings attendedEligible to attendMeetings attendedNoel Cornish11113311Sean Ebert11113311Andrew Sales1111-11Peter Siebels442211Direct
140、ors ShareholdingsThe following table sets out each Directors relevant interest in shares,debentures,and rights or options in shares or debentures of the Company or a related body corporate,including securities held directly,indirectly or by related parties,as at the date of this report:DirectorFully
141、 paid ordinary sharesShare OptionsPerformance RightsNoel Cornish700,2804,000,000-Sean Ebert1,087,4994,000,0002,285,714Andrew Sales33,207,7072,000,000-Peter Siebels2,000,0002,000,000-Further details of Directors security holdings,including the numbers subject to escrow restrictions,are provided in th
142、e Remuneration Report commencing on page 12.Directors and Senior Executives RemunerationDetails of the Companys remuneration policies and the nature and amount of the remuneration for the Directors and senior management(including shares,options and rights granted during the financial year)are set ou
143、t in the Remuneration Report commencing on page 12 and in Notes 9 and 10 to the financial statements.The Directors of the Company present this Remuneration Report for the Group for the year ended 30 June 2024.The information provided in this Report has been audited as required by s308(3C)of the Corp
144、orations Act 2001(Cth)(Corporations Act)and forms part of the Directors Report.AML3D Limited/ASX:AL3/ABN 55 602 857 98312The Remuneration Report outlines the Companys key remuneration activities during the financial year ended 30 June 2024 and remuneration information pertaining to the Companys Dire
145、ctors and senior management personnel who are the Key Management Personnel(KMP)of the Group for the purpose of the Corporations Act and Accounting Standards.These are the personnel who have authority and responsibility for planning,directing and controlling the activities of the Company.The report i
146、s structured as follows:1.Remuneration Governance2.Directors and Key Management Personnel(KMP)3.Remuneration Policy4.Remuneration Components5.Relationship between Remuneration and Group Performance6.Details of Directors and KMP Remuneration7.Key Terms of Employment Contracts8.Terms and Conditions of
147、 Share-based Payment Arrangements9.Directors and KMP Equity Holdings10.Other Transactions with Directors and KMP1.Remuneration GovernanceConsistent with the Boards Charter,the Board has established a Remuneration and Nomination Committee.The functions of the Committee are described in the Committee
148、Charter.Where appropriate,these functions are undertaken by Non-executive Directors only,without the presence or participation of any Executive Director.FunctionsThe Committee reviews any matters of significance affecting the remuneration of the Board and employees of the Company.The primary remuner
149、ation purpose of the Committee is to fulfil its responsibilities to shareholders,including by:a.Ensuring that the approach to executive remuneration demonstrates a clear relationship between key executive performance and remuneration;b.Fairly and responsibly rewarding executives,having regard to the
150、 performance of the Company,the performance of the executive and the prevailing remuneration expectations in the market;c.Reviewing the Companys remuneration,recruitment,retention and termination policies and procedures for senior management;d.Reviewing and approving any equity-based plans and other
151、 incentive schemes;e.Clearly distinguishing the structure of Non-executive Director(NED)remuneration from that of executive directors and senior executives,and recommending NED remuneration to the Board;f.Arranging the performance evaluation of the Board,its Committees,individual Directors and senio
152、r executives on an annual basis;andg.Overseeing the annual remuneration and performance evaluation of the senior executive team.The Board has adopted protocols for engaging and seeking advice from independent remuneration consultants.Further information about remuneration structures and the relation
153、ship between remuneration policy and company performance is set out below.The Board Charter and the Remuneration and Nomination Committee Charter,which outline the terms of reference under which the Committee operates,are available in the Corporate Governance Plan at Report(audited)AML3D Limited/ASX
154、:AL3/ABN 55 602 857 983132.Directors and Key Management Personnel(KMP)The directors and KMP of the Group during the year were:Period of Responsibility in FY24PositionNon-executivesNoel CornishFull yearIndependent Non-executive ChairmanPeter SiebelsFrom 15 January 2024Independent Non-executive Direct
155、orExecutivesSean EbertFull yearManaging Director,Chief Executive Officer(CEO)Andrew SalesFull yearChief Technology Officer(CTO)Hamish McEwinFull yearChief Financial Officer(CFO)Pete GoumasFrom 18 September 2023President AML3D USA Inc.3.Remuneration PolicyThe Companys remuneration framework for Direc
156、tors and senior executives has been designed to remunerate fairly and responsibly,balancing the need to attract and retain key personnel with a prudent approach to management of costs.The Boards policy for determining the nature and amount of remuneration for Board members and senior executives of t
157、he Company is as follows:Non-Executive Director RemunerationThe Board aims to remunerate each Non-executive Director(NED)for their time,commitment and responsibilities at market rates for comparable companies.The Board determines and reviews the level of fees payable to Non-executive Directors annua
158、lly,based on market practice,duties and accountability and subject to the maximum aggregate amount per annum as approved by shareholders.Fees for Non-executive Directors are not linked to the performance of the Group,other than participation in share options(refer to section 8 for share option plans
159、).The Board approves a letter of appointment setting out the key terms and conditions of appointment for each Non-executive Director.Non-executive Directors receive statutory superannuation guarantee payments and do not receive any other retirement benefits.Executive RemunerationThe Board reviews th
160、e executive structure and framework on an annual basis to ensure that the remuneration framework remains aligned to business needs.The Board aims to ensure that remuneration practices are:Competitive and reasonable,enabling the Company to attract and retain key talent;and Aligned to the Companys str
161、ategic and business objectives and the creation of shareholder value.4.Remuneration ComponentsNon-Executive DirectorsNon-executive Directors receive a fixed fee for their participation on the Board.No additional fee is paid for service on Board sub-committees.Directors do not receive performance-bas
162、ed incentives but they are eligible,subject to shareholder approval,for the grant of options that do not include performance-based vesting criteria.Non-Executive Director fees are determined by the Board within an aggregate fee pool limit as approved by shareholders.The current aggregate fee pool,as
163、 set out in the Constitution in Rule 14.8 detailing initial fees to Directors,is$400,000.In addition,Directors are eligible to participate in the Concessional Incentive Option Plan and the Performance Rights and Option Plan,subject to approval by shareholders.ExecutivesExecutive remuneration compris
164、es fixed remuneration(salary)and may include short-term and long-term incentive plan components.These are set with reference to the Companys performance and the market.Fixed remuneration,which reflects the individuals role and responsibility as well as their experience and skills,includes base pay a
165、nd statutory superannuation.Remuneration at risk may be provided through short-term and long-term incentive plan components,linked to performance measured against operational and financial targets set by the Company,designed to achieve operational and strategic targets for the sustainable growth of
166、the Company and long-term shareholder value.Short-term or long-term incentive elements for KMPs are detailed in section 7 of this report.The Board will continue to review the remuneration framework during the coming year.AML3D Limited/ASX:AL3/ABN 55 602 857 983145.Relationship between Remuneration a
167、nd Group PerformanceThe Board aims to align executive remuneration to the Companys strategic and business objectives and the creation of shareholder wealth.The table below sets out key metrics in respect of the Groups performance over the past five years.The remuneration framework is designed to tak
168、e account of a suitable level for the fixed remuneration in the context of balancing the requirements of a rapidly growing and newly ASX-listed company and focussing on strategic and business objectives to ensure shareholder value.There are currently no short-term or long-term incentives on foot.202
169、4$2023$2022$2021$2020$Cash and cash equivalents7,790,3234,533,9572,933,4827,200,7078,227,986Net assets/equity9,993,0086,925,1586,631,12011,528,1489,712,920Revenue7,324,869634,4222,014,828644,486288,516EBITDA(3,309,607)(4,793,053)(4,158,702)(5,108,666)(3,008,192)Loss from ordinary activities after in
170、come tax expense(4,169,846)(5,436,253)(4,897,029)(5,515,272)(3,094,021)No of issued shares377,099,032235,553,713150,458,386150,458,386132,366,163Basic earnings per share(cents)2(1.7)(2.7)(3.3)(3.8)(3.8)Diluted earnings per share(cents)2(1.7)(2.7)(3.3)(3.8)(3.8)Share price at start of year(cents)10.0
171、480.0520.2050.1550.20Share price at end of year(cents)0.0950.0480.0520.2050.155Market capitalisation(Undiluted)35,824,40811,306,5787,823,83630,843,96920,516,755Interim and final dividend(cents)N/AN/AN/AN/AN/A1.The Company was incorporated in 2014 as a proprietary company and was changed to an unlist
172、ed public company on 5 December 2019.Share price at start of FY20 is shown as at commencement of ASX quotation on 20 April 2020 following admission to the official list of ASX on 16 April 2020,based on the value of shares taken up pursuant to the prospectus.2.Basic earnings per share and diluted ear
173、nings per share have been retrospectively restated to account for a capital restructure of shares.A capital reconstruction was undertaken on 29 July 2019 and 4.2348 shares were issued for every 1 share.The number of shares issued in the previous financial periods have been multiplied by 4.2348 for t
174、he purpose of EPS calculation.AML3D Limited/ASX:AL3/ABN 55 602 857 983156.Directors and KMP RemunerationRemuneration for the financial year ended 30 June 2024Short-term employee benefitsPost-employmentShare-based paymentsSalary&FeesShort-term incentiveAnnual LeaveLong Service LeaveSuper-annuation /4
175、01(k)PlanSharesOptions or RightsTotal share-based paymentsTerminationOther long-term benefitsTotalTotal at risk$%Non-executive DirectorsNoel Cornish100,000-11,000-100,000100,000-211,000-Peter Siebels130,000-3,300-33,300-Subtotal130,000-14,300-100,000100,000-244,300ExecutivesSean Ebert385,692120,0003
176、22,168-42,427-130,755130,755-701,04222%Andrew Sales242,539-14,6632,96131,341-100,000100,000-391,504-Hamish McEwin249,583-12,595-27,454-26,13426,134-315,7665%Pete Goumas2289,853-13,730-183,241183,241-486,8247%Subtotal1,167,667120,00049,4262,961114,952-440,130440,130-1,895,136TOTAL1,297,667120,00049,4
177、262,961129,252-540,130540,130-2,139,4361.Appointed as Director 15 January 2024.2.Appointed as President AML3D USA Inc.18 September 2023.3.Short-term Incentive granted in full 18 July 2024 on successful delivery of KPIs including budgeted EBITDA,cashflow,sales,and establishment of US facility.AML3D L
178、imited/ASX:AL3/ABN 55 602 857 98316Remuneration for the financial year ended 30 June 2023Short-term employee benefitsPost-employmentShare-based paymentsSalary&FeesShort-term incentiveAnnual leaveLong Service LeaveSuper-annuation SharesOptions or RightsTotal share-based paymentsTerminationOther long-
179、term benefitsTotalTotal at risk$%Non-executive DirectorsNoel Cornish175,000-7,875-58,00058,000-140,875-Leonard Piro220,000-2,100-22,100-Subtotal95,000-9,975-58,00058,000-162,975-ExecutivesSean Ebert377,000-8,085-85,085-Andrew Sales236,154-14,94214,30024,796-290,192-Ryan Millar4339,48425,500-31,31414
180、,4337,65822,09179,290-497,678-Hamish McEwin228,311-7,441-23,973-259,724-Subtotal880,94825,50022,38314,30088,16714,4337,65822,09179,290-1,132,679-TOTAL975,94825,50022,38314,30098,14214,43365,65880,09179,290-1,295,654-1.Appointed as Chairman 5 October 2022.2.Resigned 23 November 2022.3.Appointed as In
181、terim CEO 15 June 20234.Appointed as CEO 26 September 2022.Resigned 15 June 2023.Prior to his appointment as CEO,Mr Millar received$99,000 for consulting services during the months of July,August and September 2022AML3D Limited/ASX:AL3/ABN 55 602 857 983177.Key Terms of Employment ContractsNon-Execu
182、tive DirectorsThe Company has entered into Non-Executive Director letters of appointment with each of Noel Cornish,Leonard Piro and Sean Ebert(Letters of Appointment).Each of the Letters of Appointment provide that amongst other things,in consideration for their services,the Company will pay the fol
183、lowing fees,exclusive of statutory superannuation:Chairman:$100,000 per annumNon-Executive Directors:$60,000 per annumEach Non-Executive Director is also entitled to be reimbursed reasonable expenses incurred in performing their duties.The appointment of the Non-Executive Directors is subject to the
184、 provisions of the Constitution and the ASX Listing Rules relating to retirement by rotation and re-election of directors.The appointment of a Non-Executive Director will automatically cease at the end of any meeting at which the relevant Director is not re-elected as a Director by shareholders.A Di
185、rector may terminate their directorship at any time by advising the Board in writing.The Letters of Appointment otherwise contain terms and conditions that are considered standard for agreements of this nature and are in accordance with the ASX Corporate Governance Councils Corporate Governance Prin
186、ciples and Recommendations(4th Ed).ExecutivesChief Executive OfficerThe Company entered into an executive services agreement with Sean Ebert effective 18 September 2023,whereby he was engaged as the Chief Executive Officer(CEO)of the Company.Mr Ebert receives a base salary of$410,000 per annum(exclu
187、sive of superannuation)for services rendered under the executive services agreement.The Company will also,subject to certain conditions,reimburse Mr Ebert for all reasonable travelling intra/interstate or overseas,accommodation and general expenses incurred in the performance of all duties in connec
188、tion with the business of the Company.Mr Eberts remuneration includes“at risk”components in the form of short-term and long-term incentive:STI-up to 30%of base salary payable annually in cash on achievement of agreed KPIs.LTI-up to 40%of base salary payable in performance rights on achievement of a
189、Total Shareholder Return(TSR)Compound Annual Growth Rate(CAGR)of 45%over a vesting period of three years.The executive service agreement has a maximum term of three years which may be extended by written agreement between Mr Ebert and the Company.The termination provisions in the executive services
190、agreement are on standard commercial terms and generally require a minimum period of notice prior to termination.In the event that the Company elects to terminate the executive services agreement without reason,it must pay the Mr Ebert the salary payable over a three-month period.Chief Technology Of
191、ficerThe Company has entered into an executive services agreement with Andrew Sales,whereby he was engaged as the Chief Technology Officer(CTO)of the Company.Mr Sales receives a base salary of$252,000 per annum(exclusive of superannuation)for services rendered under the executive services agreement.
192、The Company will also,subject to certain conditions,reimburse Mr Sales for all reasonable travelling intra/interstate or overseas,accommodation and general expenses incurred in the performance of all duties in connection with the business of the Company.There is no short-term or long-term incentive
193、component to his remuneration.The termination provisions in the executive services agreement are on standard commercial terms and generally require a minimum period of notice prior to termination.In the event that the Company elects to terminate the executive services agreement without reason,it mus
194、t pay Mr Sales the salary payable over a six-month period.Chief Financial OfficerThe Company has entered into an executive services agreement with Hamish McEwin,whereby he was engaged as the Chief Financial Officer(CFO)of the Company.Mr McEwin receives a base salary of$300,000 per annum(exclusive of
195、 superannuation)for services rendered under the executive services agreement.The Company will also,subject to certain conditions,reimburse Mr McEwin for all reasonable travelling intra/interstate or overseas,accommodation and general expenses incurred in the performance of all duties in connection w
196、ith the business of the Company.Mr McEwins remuneration includes“at risk”components in the form of short-term and long-term incentive:STI-up to 30%of base salary payable annually in cash on achievement of agreed KPIs.LTI-up to 40%of base salary payable in performance rights on achievement of a Total
197、 Shareholder Return(TSR)Compound Annual Growth Rate(CAGR)of 45%over a vesting period of three years.The termination provisions in the executive services agreement are on standard commercial terms and generally require a minimum period of notice prior to termination.In the event that the Company elec
198、ts to terminate the executive services agreement without reason,it must pay Mr McEwin the salary payable over a three-month period.President AML3D USA Inc.The Company has entered into an executive services agreement with Pete Goumas,whereby he was engaged as the President of the wholly owned subsidi
199、ary AML3D USA Inc.Mr Goumas receives a base salary of US$300,000 per annum(exclusive of superannuation)for services rendered under the executive services agreement.The Company will also,subject to certain conditions,reimburse Mr Goumas for all reasonable travelling intra/interstate or overseas,accom
200、modation and general expenses incurred in the performance of all duties in connection with the business of the Company.Mr Goumas remuneration includes“at risk”components in the form of short-term and long-term incentive:AML3D Limited/ASX:AL3/ABN 55 602 857 98318AML3D Limited/ASX:AL3/ABN 55 602 857 9
201、8319STI-up to 40%of base salary payable annually in cash on achievement of agreed KPIs.LTI-up to 40%of base salary payable in performance rights on achievement of a Total Shareholder Return(TSR)Compound Annual Growth Rate(CAGR)of 45%over a vesting period of three years.The termination provisions in
202、the executive services agreement are on standard commercial terms and generally require a minimum period of notice prior to termination.In the event that the Company elects to terminate the executive services agreement without reason,it must pay Mr Goumas the salary payable over a three-month period
203、.8.Terms and Conditions of Share-based Payment ArrangementsThe following share-based payments were made during the current financial year(2023:$80,091):i.On 13 September 2023 the Company issued 1,664,285 unvested performance rights to key members of staff under an employee incentive scheme,including
204、 1,428,571 to the Chief Financial Officer,Mr Hamish McEwin.The Trinomial Barrier Option valuation method has been applied to determine a fair value of$114,669 which is being expensed as a share-based payment proportionally from grant date to expected vesting date.The performance rights have an endin
205、g date of 13 September 2026 with vesting conditions as follows:Achievement of a Total Shareholder Return(TSR)Compound Annual Growth Rate(CAGR)of 45%.Continuity of employment during the vesting performance.ii.On 8 November 2023 the Company issued 8,942,165 fully vested options to the following Direct
206、ors and Key Management Personnel:Non-executive Chairman,Mr Noel Cornish;2,000,000.Executive Director,Mr Sean Ebert;2,000,000.Executive Director,Mr Andrew Sales;2,000,000.President US Operation,Mr Pete Goumas;2,942,165.The options are exercisable at$0.16 each on or before five years from the date of
207、issue.The Black-Scholes valuation method determined a fair value of$447,108 which has been immediately expensed as a share-based payment.iii.On 8 November 2023 the Company issued 2,285,714 unvested performance rights to the Chief Executive Officer,Mr Sean Ebert.The number of performance rights grant
208、ed to Mr Ebert was determined using the face value methodology,that is,by dividing an amount equivalent to 40%of Mr Eberts total fixed remuneration at that date of$400,000 by a share price of$0.07 for the base Long-term Incentive award.The Trinomial Barrier Option valuation method has been applied t
209、o determine a fair value of$162,057 which is being expensed as a share-based payment proportionally from grant date to expected vesting date.The performance rights have an ending date of 8 November 2026 with vesting conditions as follows:Achievement of a Total Shareholder Return(TSR)Compound Annual
210、Growth Rate(CAGR)of 45%.Continuity of employment during the vesting performance.At the Boards discretion vesting may occur at the time of achievement of each performance condition within the performance period.iv.On 8 November 2023 the Company issued 2,685,394 unvested performance rights to the Pres
211、ident of US Operations,Mr Pete Goumas.The number of performance rights granted to Mr Goumas was determined using the face value methodology,that is,by dividing an amount equivalent to 40%of Mr Goumas current total fixed remuneration of US$300,000 by a share price of$0.07 for the base Long-term Incen
212、tive award.The Trinomial Barrier Option valuation method has been applied to determine a fair value of$190,394 which is being expensed as a share-based payment proportionally from grant date to expected vesting date.The performance rights have an ending date of 8 November 2026 with vesting condition
213、s as follows:Achievement of a Total Shareholder Return(TSR)Compound Annual Growth Rate(CAGR)of 45%.Continuity of employment during the vesting period.At the Boards discretion vesting may occur at the time of achievement of each performance condition within the performance period.Concessional Incenti
214、ve Option PlanThe key terms of the Concessional Incentive Option Plan are as follows:EligibilityEmployees,contractors or directors(Participants)OffersThe Board may in its absolute discretion make a written offer to any Participant to apply for options upon the terms set out in the Concessional Incen
215、tive Option Plan and upon such additional terms and conditions as the Board determines.Vesting Conditions Options may be made subject to vesting conditions.Options will only vest while the Participant remains employed,engaged or is an officer of the Company.Where a Participant becomes a:Good Leaver,
216、unless the Board in its sole and absolute discretion determines otherwise,unvested options will lapse and vested options that have not been exercised will remain exercisable for a period of three months;Bad Leaver,unvested options will lapse and subject to the discretion of the Board,vested options
217、that have not been exercised will lapse on the date of cessation of employment,engagement or office of the Participant.DisposalDisposal restrictions apply,including either three years after the date of issue of the option or when the option holder ceases to be a Participant.Details of the Concession
218、al Incentive Option Plan were included in the Companys Prospectus and a copy of the Plan was released to the ASX market announcements platform on 16 April 2020.A copy of the Concessional Incentive Option Plan is available on the Companys website at Limited/ASX:AL3/ABN 55 602 857 98320AML3D attended
219、Sea Air Space 2024,Washington DC with Australian Industries Team Defence Australia.AML3Ds Adelaide Technology Facility.AML3D Limited/ASX:AL3/ABN 55 602 857 98321Performance Rights and Option PlanA Performance Rights and Option Plan is also in place to accommodate future long-term remuneration incent
220、ives.Details of the grants of performance rights or options are included in Note 10 of Notes to the Financial Statements.Details of the Performance Rights and Option Plan were included in the Companys Prospectus and a copy of the Plan was released to the ASX market announcements platform on 16 April
221、 2020.A copy of the Performance Rights and Option Plan is available on the Companys website at and KMP Equity HoldingsDetails of the number of ordinary shares held by Directors and KMP in the Company are set out below.This includes shares held directly,indirectly or beneficially by Directors and KMP
222、,including related party holdings.Balance at 1 July 2023PurchasedSoldOther ChangesBalance at 30 June 2024Non-executive DirectorsNoel Cornish700,280-700,280ExecutivesSean Ebert1,087,499-1,087,499Andrew Sales35,559,850707,857(3,000,000)(60,000)33,207,707Pete Goumas1-3,000,000-3,000,000TOTAL37,347,6293
223、,707,857(3,000,000)(60,000)37,995,4861.Appointed 18 September 2023.Details of the number of options held by Directors and KMP in the Company are set out below.This includes options held directly,indirectly or beneficially by Directors and KMP,including their related parties.Balance at 1 July 2023Gra
224、ntedPurchasedOptions ExercisedExpired/LapsedOther ChangesBalance at 30 June 2024VestedUnvestedNon-executive DirectorsNoel Cornish2,000,0002,000,000-4,000,0004,000,000-ExecutivesSean Ebert2,000,0002,000,000-4,000,0004,000,000-Andrew Sales-2,000,000-2,000,0002,000,000-Pete Goumas-2,942,165-2,942,1652,
225、942,165-TOTAL4,000,0008,942,165-12,942,16512,942,165-Terms of the options granted to Directors are provided in section 8 of this report,above.Details of the number of performance rights held by Directors and KMP in the Company are set out below.This includes performance rights held directly,indirect
226、ly or beneficially by Directors and KMP,including their related parties.Balance at 1 July 2023GrantedPurchasedRights ExercisedExpired/LapsedOther ChangesBalance at 30 June 2024VestedUnvestedExecutivesSean Ebert-2,285,714-2,285,714-2,285,714Hamish McEwin-1,428,571-1,428,571-1,428,571Pete Goumas-2,685
227、,394-2,685,394-2,685,394TOTAL-6,399,679-6,399,679-6,399,6799.Other Transactions with Directors and KMPThere have been no transactions with Directors and KMP other than those described in this Remuneration Report.Related Party TransactionsDetails of transactions with related parties including KMP are
228、 provided at Note 26 to the financial statements.-End of Remuneration Report-AML3D Limited/ASX:AL3/ABN 55 602 857 98322Options and Performance RightsHolders of options and performance rights do not have any rights to participate in any issue of shares or other interests of the Company or any other e
229、ntity.During the financial year ended 30 June 2024,8,942,165 options were issued(2023:2,000,000).Subsequent to year end a further 13,981,973 options were issued.No shares were issued on the exercise of options during the financial year ended 30 June 2024(2023:Nil)or to the date of this report.As at
230、the date of this report,the unissued ordinary shares of the Company under option are as follows.Grant dateExpiry DateExercise PriceNumber of Options4 December 20194 December 2024$0.307,500,000*22 December 202222 December 2027$0.302,000,0008 November 20238 November 2028$0.168,942,16517 July 202417 Ju
231、ly 2029$0.162,000,00017 July 202430 June 2026$0.1011,981,97326 July 202430 June 2026$0.1015,723,215Total48,147,353*Comprises 2,000,000 options issued to Directors,5,000,000 options issued to former Directors and 500,000 options issued to the former Company Secretary.6,635,393 performance rights were
232、 issued during the financial year ended 30 June 2024(2023:1,700,000).No shares were issued on the exercise of performance rights during the financial year ended 30 June 2024(2023:268,067).Proceedings on behalf of the CompanyNo person has applied for leave of Court to bring proceedings on behalf of t
233、he Company or intervene in any proceedings to which the Company is party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings.The Company was not a party to any such proceedings during the financial year.Indemnification and Insurance of Officers
234、or AuditorDuring the financial year,in accordance with the provisions of the Companys Constitution,the Company paid a premium in respect of a contract insuring the Directors of the Company,the Company Secretary and all Executive Officers of the Company against a liability incurred as such a director
235、,secretary or executive officer to the extent permitted by the Corporations Act 2001(Cth).The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.In accordance with the Constitution,the Company has entered into Deeds of Indemnity in favour of each
236、of the current Directors and Company Secretary.The indemnities operate to the full extent permitted by law.The Company is not aware of any liability having arisen,and no claims have been made during or since the financial year ending 30 June 2024 under the Deeds of Indemnity.The Companys subsidiarie
237、s,AML Technologies(Asia)Pte Limited and AML3D USA Inc.has provided letters of indemnity to its Company Secretary.The Company has not otherwise,during or since the end of the financial year,except to the extent permitted by law,indemnified or agreed to indemnity an officer or auditor of the Company o
238、r of any related body corporate against a liability incurred as such an officer or auditor.Non-Audit ServicesThe directors are of the opinion that the services as disclosed in note 11 to the financial statements do not compromise the external auditors independence requirements of the Corporations Ac
239、t 2001 for the following reasons:all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor;and none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for
240、Professional Accountants issued by the Accounting Professional and Ethical Standards Board,including reviewing or auditing the auditors own work,acting in a management or decision-making capacity for the company,acting as advocate for the company or jointly sharing economic risks and rewards.Auditor
241、s Independence DeclarationThe Auditors Independence Declaration is included on page 23,of this annual report.This Directors Report is signed in accordance with a resolution of Directors made pursuant to s298(2)of the Corporations Act 2001.On behalf of the Directors Noel Cornish Chairman26 August 202
242、4AML3D Limited/ASX:AL3/ABN 55 602 857 983 AUDITORS INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF AML3D LIMITED I declare that,to the best of my knowledge and belief,the only contravention during the year ended 30 June 2024:of the auditor independence re
243、quirements as set out in the Corporations Act 2001 in relation to the audit;and of any applicable code of professional conduct in relation to the audit,is the contravention set out below.A breach of the auditor rotation obligations contained in sections 324DA(1)and 324DB of the Corporations Act 2001
244、(Cth)and rule 540 of the APES 110 Code of Ethics for Professional Accountants(including Independence Standards)due to the previous lead engagement partner proceeding on the understanding that time served before AML3D Limited was listed on the ASX did not count in determining the timing of rotation.T
245、his matter was rectified by appointing another eligible engagement partner on 18 July 2024 to complete the full year audit for the financial year ending 30 June 2024.William Buck(SA)ABN:38 280 203 274 Grant Martinella Partner Dated this 26th day of August,2024 in Adelaide,South Australia.Auditor Ind
246、ependence Declaration23AML3D Limited/ASX:AL3/ABN 55 602 857 983 AML3D Limited Independent auditors report to members Report on the Audit of the Financial Report Opinion We have audited the financial report of AML3D Limited(the Company)and its subsidiary(together,the Group),which comprises the consol
247、idated statement of financial position as at 30 June 2024,the consolidated statement of loss and other comprehensive income,the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended,and notes to the financial statements,including a summary o
248、f significant accounting policies and other explanatory information,and the directors declaration.In our opinion,the accompanying financial report of the Group,is in accordance with the Corporations Act 2001,including:(i)giving a true and fair view of the Groups financial position as at 30 June 2024
249、 and of its financial performance for the year ended on that date;and (ii)complying with Australian Accounting Standards and the Corporations Regulations 2001.Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards.Our responsibilities under those standards are furt
250、her described in the Auditors Responsibilities for the Audit of the Financial Report section of our report.We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Sta
251、ndards Boards APES 110 Code of Ethics for Professional Accountants(including Independence Standards)(the Code)that are relevant to our audit of the financial report in Australia.We have also fulfilled our other ethical responsibilities in accordance with the Code.We believe that the audit evidence w
252、e have obtained is sufficient and appropriate to provide a basis for our opinion.Key Audit Matters Key audit matters are those matters that,in our professional judgement,were of most significance in our audit of the financial report of the current period.These matters were addressed in the context o
253、f our audit of the financial report as a whole,and in forming our opinion thereon,and we do not provide a separate opinion on these matters.24AML3D Limited/ASX:AL3/ABN 55 602 857 983 KEY AUDIT MATTER Research and development expenditure-existence and valuation.Refer also to notes 3(i)and 12.How our
254、audit addressed it The Group incurs significant amounts of research and development costs each year.In 2024 these costs amounted to$578,943.Each year the Group makes an assessment as to the amount it expects to claim from the Australian Government by the way of a Research&Development Tax Offset Refu
255、nd.At 30 June 2024 the amount disclosed as a current trade and other receivable in relation to the refund is$354,907.Overall due to the high level of judgement involved,and the significant carrying amount involved,we have determined that this is a key audit matter area that our audit concentrated on
256、.Our audit procedures included:A detailed evaluation of the Groups research and development strategy;Testing the costs incurred;Engaging our own taxation specialists to consider the appropriateness of the Groups substantiation for the claim;Reviewing the historical accuracy by comparing actual Tax o
257、ffset refunds with the original estimations.We assessed the adequacy of the Groups disclosures in respect of the transactions.KEY AUDIT MATTER Revenue recognition.Refer also to notes 2(j)and 6.How our audit addressed it The Group derives income from the following:-Sale of the ARCEMY 3D printing modu
258、le-Contract manufacturing for customers using owned ARCEMY 3D printing modules-Contract service or technical support for customers using owned ARCEMY 3D printing modules Each revenue stream requires a bespoke revenue recognition model to ensure that The performance obligations for each revenue contr
259、act are identified;The correct determination of whether performance obligations are satisfied over time or at a point in time;and Revenue is only recognised when a performance obligation is satisfied.The application of AASB 15 Revenue from Contracts with Customers can require judgement,thus we consi
260、dered this area to be a key audit matter.Our audit procedures included:determining whether revenue recognised is in accordance with the Groups accounting policies;Identifying and verifying the achievement of performance milestones and recognition of revenue relative to that achievement;Examining the
261、 existence of revenue by testing both the contract and subsequent receipt of invoicing of the revenue to the customer;Substantively testing revenue cut-off and the income in advance balance to ensure revenue has been recognised in the correct period.We also assessed the appropriateness of disclosure
262、s attached to revenues as required by Accounting Standard AASB 15 Revenue from Contracts with Customers.25AML3D Limited/ASX:AL3/ABN 55 602 857 983 Other Information The directors are responsible for the other information.The other information comprises the information in the Groups annual report for
263、 the year ended 30 June 2024,but does not include the financial report and the auditors report thereon.Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial report,our resp
264、onsibility is to read the other information and,in doing so,consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.If,based on the work we have performed,we conclude that there
265、 is a material misstatement of this other information,we are required to report that fact.We have nothing to report in this regard.KEY AUDIT MATTER Liquidity and capital management Refer also to note 2(r).How our audit addressed it To support the basis of preparation of the financial statements,the
266、Group has prepared a forecast of its cash flows,which includes a number of significant assumptions about sales,production and estimates of cash outflows.The Group has incurred significant losses in the current and prior financial year.As a result,our assessment of liquidity and capital management as
267、 it relates to the basis of preparation of the financial statements is considered a key audit matter.We assessed the main assumptions in the Groups cash flow forecast for at least 12 months from the date of signing the auditors report,by performing the following procedures,amongst others:Evaluating
268、the assumptions used in managements cash flow forecasts including an analysis of committed customer orders;Compared actual revenue and cost outcomes for the prior period and the current year to date to Group forecasts;Ensuring that all committed capital purchases and future capital raising initiativ
269、es are taken into consideration.Evaluating managements ability to reduce expenditure if necessary.We also considered the appropriateness of the liquidity risk disclosures included within the financial statements.26AML3D Limited/ASX:AL3/ABN 55 602 857 98327 Responsibilities of the Directors for the F
270、inancial Report The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable th
271、e preparation of the financial report that gives a true and fair view and is free from material misstatement,whether due to fraud or error.In preparing the financial report,the directors are responsible for assessing the ability of the Group to continue as a going concern,disclosing,as applicable,ma
272、tters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations,or has no realistic alternative but to do so.Auditors Responsibilities for the Audit of the Financial Report Our objectives are to obtain re
273、asonable assurance about whether the financial report as a whole is free from material misstatement,whether due to fraud or error,and to issue an auditors report that includes our opinion.Reasonable assurance is a high level of assurance,but is not a guarantee that an audit conducted in accordance w
274、ith the Australian Auditing Standards will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if,individually or in the aggregate,they could reasonably be expected to influence the economic decisions of users taken on the basi
275、s of this financial report.A further description of our responsibilities for the audit of these financial statements is located at the Auditing and Assurance Standards Board website at:https:/www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf This description forms part of our independent audito
276、rs report.Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 12 to 22 of the directors report for the year ended 30 June 2024.In our opinion,the Remuneration Report of AML3D Limited,for the year ended 30 June 2024,complies w
277、ith section 300A of the Corporations Act 2001.AML3D Limited/ASX:AL3/ABN 55 602 857 98328 Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001.Our responsibility is to
278、 express an opinion on the Remuneration Report,based on our audit conducted in accordance with Australian Auditing Standards.William Buck(SA)ABN:38 280 203 274 Grant Martinella Partner Dated this 26th day of August,2024 in Adelaide,South Australia.AML3D Limited/ASX:AL3/ABN 55 602 857 98329Consolidat
279、ed Statement of Loss and Other Comprehensive Income 30Consolidated Statement of Financial Position 31Consolidated Statement of Changes in Equity 32Consolidated Statement of Cashflows 32Notes to Financial Statements 33Consolidated Entity Disclosure Statement 51Directors Declaration 51Financial Statem
280、entsAML3D Limited/ASX:AL3/ABN 55 602 857 98330Consolidated Statement of Loss and Other Comprehensive IncomeFor the year ended 30 June 2024Note2024$2023$Revenue 67,324,869 634,422 Cost of goods sold(2,736,462)(329,686)Gross profit 4,588,407 304,736 R&D Tax Offset 183,703 178,422 Gain on disposal of p
281、roperty,plant and equipment10,2035,589Interest received 49,501 64,902 Depreciation and amortisation 7(822,951)(688,594)Director and employee benefits (4,729,864)(2,372,876)Interest expense(86,789)(19,508)Insurance expense(212,971)(230,097)Occupancy costs(144,731)(113,808)Professional fees expense(1,
282、182,628)(953,818)Research and development(578,943)(729,518)Workshop expenses(73,391)(273,525)Equity settled share based payments 10(544,443)(80,091)Other expenses(624,949)(528,067)Loss before income tax expense 7(4,169,846)(5,436,253)Income tax 8-Loss after tax attributable to the owners of the Comp
283、any(4,169,846)(5,436,253)Other comprehensive(loss)net of tax-Total comprehensive loss for the year attributable to the owners of the Company(4,169,846)(5,436,253)Basic and diluted loss per share(cents)25(1.7)(2.7)The Consolidated Statement of Loss and Other Comprehensive Income should be read in con
284、junction with the accompanying notes,which form an integral part of the financial report.AML3D Limited/ASX:AL3/ABN 55 602 857 98331Consolidated Statement of Financial Position As at 30 June 2024Note2024$2023$ASSETS CURRENT ASSETS Cash and cash equivalents 30(a)7,790,3234,533,957Trade and other recei
285、vables 122,795,197580,829Inventory 131,667,5111,031,404Other financial assets 1479,84056,000Other assets 15625,816222,550TOTAL CURRENT ASSETS 12,958,6876,424,740NON-CURRENT ASSETS Property,plant and equipment 162,493,0052,221,916Right of use assets 171,847,729158,116Intangible assets 1850,431 32,113
286、 TOTAL NON-CURRENT ASSETS 4,391,1652,412,145TOTAL ASSETS 17,349,8528,836,885LIABILITIES CURRENT LIABILITIES Trade and other payables 191,252,748469,901Contract liabilities203,585,265867,700Borrowings35219,003178,608Derivative financial instrument 3616,366-Lease liabilities 21165,122169,507Employee b
287、enefits 22267,289167,409TOTAL CURRENT LIABILITIES 5,505,7931,853,125NON-CURRENT LIABILITIES Lease Liabilities 211,789,485-Employee benefits2261,56658,602TOTAL NON-CURRENT LIABILITIES 1,851,051 58,602 TOTAL LIABILITIES 7,356,8441,911,727NET ASSETS9,993,0086,925,158EQUITY Issued capital 23(a)32,999,15
288、826,305,905Accumulated losses 24(24,289,216)(20,119,370)Reserves 23(d)1,283,066 738,623 TOTAL EQUITY 9,993,0086,925,158The Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes,which form an integral part of the financial report.AML3D Limited/ASX:AL3/
289、ABN 55 602 857 98332Consolidated Statement of Changes in Equity For the year ended 30 June 2024Issued Capital$Share Options Reserve$Accumulated Losses$Total Equity$Balance at 1 July 2022 20,641,272672,965(14,683,117)6,631,120 Loss after income tax expense for the year-(5,436,253)(5,436,253)Shares is
290、sued during the year,net of transaction costs 5,664,633-5,664,633Options and performance rights issued during the year-65,658-65,658Balance at 30 June 2023 26,305,905 738,623(20,119,370)6,925,158 Balance at 1 July 2023 26,305,905 738,623(20,119,370)6,925,158 Loss after income tax expense for the yea
291、r-(4,169,846)(4,169,846)Shares issued during the year,net of transaction costs 6,693,253-6,693,253Options and performance rights issued during the year-544,443-544,443Balance at 30 June 2024 32,999,158 1,283,066(24,289,216)9,993,008 The Consolidated Statement of Changes in Equity should be read in c
292、onjunction with the accompanying notes,which form an integral part of the financial report.Consolidated Statement of Cash Flows For the year ended 30 June 2024Note2024$2023$CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 8,303,459 1,409,143 Receipts from R&D tax incentive-469,592 Paymen
293、ts to suppliers and employees(10,032,505)(5,563,286)Interest received 46,698 61,173 Finance costs(67,740)(19,508)Net cash(used in)operating activities 30(b)(1,750,089)(3,642,885)CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from the sale of property,plant and equipment12,350102,399Proceeds from inve
294、stments36,000-Payments for investments(59,840)-Payments for intangible assets(30,114)(10,605)Purchase of plant and equipment(857,730)(70,935)Net cash provided by(used in)investing activities(899,334)20,859CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from the issues of shares,net of costs6,360,9275,
295、650,201Repayment of borrowings(233,344)(236,364)Repayment of lease liabilities(221,794)(191,336)Net cash provided by(used in)financing activities 5,905,789 5,222,501 Net increase(decrease)in cash and cash equivalents held 3,256,3661,600.475Cash and cash equivalents at the beginning of year 4,533,957
296、 2,933,482 Cash and cash equivalents at end of financial year 30(a)7,790,323 4,533,957 The Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes,which form an integral part of the financial report.AML3D Limited/ASX:AL3/ABN 55 602 857 98333Notes to the Financi
297、al Statements For the year ended 30 June 20241.General InformationAML3D Limited(AML3D or the Company)is a limited liability company incorporated in Australia,whose shares are listed on the ASX.The financial statements were authorised for issue by the directors on 26 August 2024.The Directors have th
298、e power to amend and reissue the financial statements.The financial statements comprise the consolidated financial statements of the Company and its controlled entity(the Group).The principle accounting policies adopted in the preparation of these consolidated financial statements are set out below
299、or included in the accompanying notes.Unless otherwise stated,these policies have been consistently applied to all the years presented.2.Material Accounting Policy Information a.Basis of PreparationThese general purpose financial statements have been prepared in accordance with Australian Accounting
300、 Standards and Interpretations of the Australian Accounting Standards Board and the Corporations Act 2001(Cth).The Company is a for profit entity for the purpose of preparing the financial statements.The consolidated financial statements of AML3D comply with International Financial Reporting Standar
301、ds issued by the International Accounting Standards Board(IASB).The consolidated financial statements have been prepared on an accruals basis,except for cashflow information and are based on historical costs,except for the circumstances where the fair value method has been applied as detailed in the
302、se accounting policies.The financial statements have been prepared on a going concern basis which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business.Comparatives are consistent with prior years,un
303、less otherwise stated.b.Principles of ConsolidationAs at reporting date,the assets and liabilities of all controlled entities have been incorporated into the consolidated financial statements as well as their results for the year then ended.Where controlled entities have entered(left)the Consolidate
304、d Group during the year,their operating results have been included(excluded)from the date control was obtained(ceased).i.SubsidiariesSubsidiaries are entities controlled by the Group.A list of subsidiaries is provided in Note 5.ii.Transactions eliminated on consolidationAll intra-group balances and
305、transactions,and any unrealised income and expenses arising from intra-group transactions,are eliminated in preparing the consolidated financial statements.c.Taxation i.Income Tax The income tax expense/(income)of the year comprises current income tax expense/(income)and deferred tax expense/(income
306、).Current income tax expense/(income)charged to the profit or loss is the tax payable on taxable income calculated using applicable income tax rates enacted,or substantially enacted,as at reporting date.Current tax liabilities(assets)are therefore measured at the amounts expected to be paid to(recov
307、ered from)the relevant taxation authority.Deferred income tax expense reflects movements in deferred tax assets and deferred tax liabilities during the year as well as unused tax losses.Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases o
308、f assets and liabilities and their carrying amounts in the financial statements.Deferred tax assets also result where amounts have been fully expensed but future tax deductions are available.No deferred income tax will be recognised from the initial recognition of an asset or liability,excluding a b
309、usiness combination,where there is no effect on accounting or taxable profit and loss.Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled,based on tax rates enacted or substantially enacte
310、d at reporting date.Their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability.Where temporary differences exist in relation to investments in subsidiaries,branches,associates,and joint ventures,deferred tax asset
311、s and liabilities are not recognised where the timing of the reversal of the temporary difference can be controlled and it is not probable that the reversal will occur in the foreseeable future.Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it i
312、s probable that future tax amounts will be available to utilise those temporary differences and losses.Current tax assets and liabilities are offset where a legally enforceable right of offset exists and it is intended that net settlement or simultaneous realisation and settlement of the respective
313、asset and liability will occur.Deferred tax assets and liabilities are offset where a legally enforceable right of set-off exists,the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where
314、 it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.ii.Goods and Services Tax(GST)Revenues,expenses
315、,and assets are recognised net of the amount of GST,except where the amount of GST incurred AML3D Limited/ASX:AL3/ABN 55 602 857 98334is not recoverable from the taxation authority.In these circumstances,the GST is recognised as part of the cost of acquisition of the asset or as part of an item of e
316、xpense.Receivables and payables in the Statement of Financial Position are shown inclusive of GST.The net amount of GST recoverable from,or payable to,the Australian Taxation Office is included as a current asset or liability in the Statement of Financial Position.Cash flows are presented in the sta
317、tement of cash flows on a gross basis,except for the GST component of investing and financing activities,which are disclosed as operating cash flows included in cash inflows from operations or payments to suppliers and employees.d.Plant and Equipment i.Recognition and Measurement Items of plant and
318、equipment are measured on the cost basis and carried at cost less accumulated depreciation and impairment losses.In the event the carrying amount of plant and equipment is greater than the estimated recoverable amount,the carrying amount is written down immediately to the estimated recoverable amoun
319、t and impairment losses are recognised either in profit or loss or as a revaluation decrease if the impairment losses relate to a revalued asset.A formal assessment of recoverable amount is made when impairment indicators are present.Cost includes expenditure that is directly attributable to the acq
320、uisition of the asset.The carrying amount of plant and equipment is reviewed annually by Directors to ensure it is not more than the recoverable amount from these assets.The recoverable amount is assessed based on the expected net cash flows that will be received from the assets employment and subse
321、quent disposal.The expected net cash flows have not been discounted to their present values in determining recoverable amounts.Where parts of an item of plant and equipment have different useful lives,they are accounted for as separate items of plant and equipment.ii.Subsequent Costs The cost of rep
322、lacing part of an item of plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably.Any costs of the day-to-day servicing of plant and equipment are re
323、cognised in the Statement of Profit or Loss and Other Comprehensive Income as an expense as incurred.iii.Depreciation Depreciation is charged to the Statement of Profit or Loss and Other Comprehensive Income on a straight-line basis over the assets useful life to the Group commencing from the time t
324、he asset is held ready for use.Depreciation rates and methods are reviewed annually for appropriateness.The straight-line depreciation rates used for the current period are as follows:Class of fixed asset Depreciation rate(%)Office and Computer equipment 20-33Plant and Equipment 10-20Motor Vehicles
325、22.5Leasehold improvements Over the term of the leaseThe assets residual values and useful lives are reviewed,and adjusted if appropriate,at the end of each reporting period.An assets carrying amount is written down immediately to its recoverable amount if the assets carrying amount is greater than
326、its estimated recoverable amount.Gains and losses on disposal of an item of plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of plant and equipment and are recognised net within “other income”in the Statement of Profit or Loss and Other Comprehensiv
327、e Income.e.Impairment of Non-Financial Assets The carrying amounts of the Groups non-financial assets,other than deferred tax assets(see accounting policy 2(c)are reviewed at each reporting date to determine whether there is any indication of impairment.If any such indication exists,then the assets
328、recoverable amount is estimated.An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount.A cash-generating unit is the smallest identifiable asset group that generates cash flows that largely are independent from other assets and
329、asset groups.Impairment losses are recognised in the Statement of Profit or Loss and Other Comprehensive Income,unless the asset has previously been revalued,in which case the impairment loss is recognised as a reversal to the extent of that previous revaluation with any excess recognised through th
330、e Statement of Profit or Loss and Other Comprehensive Income.Impairment losses recognised in respect of cash-generating units are allocated to the other assets in the unit on a prorata basis.The recoverable amount of an asset or cash generating unit is the greater of its fair value less costs to sel
331、l and value in use.In assessing value in use,the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.For an asset that does not generate largely indepen
332、dent cash flows,the recoverable amount is determined for the cash-generating unit to which the asset belongs.Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists.An impairment loss is reversed if there h
333、as been a change in the estimates used to determine the recoverable amount.An impairment loss is reversed only to the extent that the assets carrying amount does not exceed the carrying amount that would have been determined,net of depreciation and amortisation,if no impairment loss had been recognised.AML3D Limited/ASX:AL3/ABN 55 602 857 98335f.Financial Instruments i.Initial Recognition and Meas
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