1、 2021AML3D Limited/ASX:AL3/ABN 55 602 857 983Annual Report AML3D Limited/ASX:AL3/ABN 55 602 857 9831ContentsChairmans and Managing Directors Report 2Board 6Directors Report 8Renumeration Report 12Auditor Independence Declaration 23Audit Report 24Financial Statements 27Directors Declaration 50Additio
2、nal Shareholder Information 51Corporate Directory 52AML3D Limited/ASX:AL3/ABN 55 602 857 9832Managing Director Andy Sales at the AML3D Technology Centre Launch AML3D Limited/ASX:AL3/ABN 55 602 857 9833It is with great pleasure that we present to you AML3D Limiteds(AML3D or the Company)Annual Report
3、for the year ended 30 June 2021(FY21).FY21 was a very challenging year,however,we have delivered on a number of fronts and continue to build the AML3D team,with some key appointments throughout the year geared toward taking AML3D to the next stage of its evolution in FY22.Some of the key milestones
4、achieved during the year include:Completion of the Adelaide facility,which now provides capacity to print over 30 tonnes per annum.Awarding of our Australian Patent 2019251514,and subsequent international patents in South Korea and New Zealand,validating the unique and market leading position of our
5、 technology.Sale and installation of an ARCEMY unit at Rowlands Metalworks.Custom print jobs completed for key customers including ASC Shipbuilding,Lightforce,3D Printing Corporation,AdditiveNow,Thyssenkrupp and ST Engineering.Continued product validation from both customer testing and independent c
6、ertifications obtained for our own artifact manufacture.We are proud of these achievements and we continue to be at the forefront of the emerging large-scale 3D metal printing industry,which is rapidly expanding and expected to have a market size of US$63 billion by 20261.Our technology combines wel
7、ding science,robotics,metallurgy and software to produce automated wire fed 3D printing in a large free-form environment.We firmly believe our technology will transform the metal manufacturing and fabrication landscape forever.Our disruptive technology is the key to future manufacturing.With the glo
8、bal drive to(net)zero-emissions,our process minimises material waste and significantly lowers emissions and electricity consumption when compared with traditional casting and forging.Whilst COVID-19 continues to be a disrupting force in all of our lives,it has further highlighted the need for supply
9、 chain security.Our offering provides the ability to promptly deliver an array of high-quality,large-scale,custom built components to customers at competitive prices.All of this can be done with significantly shorter lead times,less raw material input and waste,and greater end product strength.In fa
10、ct,when compared with traditional fabrication processes,Wire Additive Manufacturing(WAM)delivers cost savings of up to 70%,while the manufacturing process is 75%faster and reduces waste by up to 80%.Traditional fabrication has served industry well for hundreds of years,however,today society is right
11、fully demanding businesses operate sustainably and with a smaller environmental footprint.As with most new technologies,the acceptance time can be lengthy,and no more so given the current travel restrictions.Customers continue to undertake significant testing to validate our products and process,man
12、y of which have been in review for over 18 months.An example of this was the recently DNV verified Panama Chock which was manufactured for Keppel.These approvals are extremely positive with test results validating what we already knew;whilst being more environmentally friendly than traditional metho
13、ds,we are able to deliver stronger products with longer useful lives.AML3D intend to build further on this competitive advantage with a push into increased energy efficiency on future ARCEMY systems.Financial ResultsAML3Ds financial result for the year reflects the necessary upfront investment neede
14、d to establish the foundation for future success.These investments include the establishment of our Adelaide facility,the building of ARCEMY units for customer manufacture purposes and ARCEMY unit sales,production of one-off prototypes that go through extensive testing and certification,and research
15、 and development(R&D).We are now in the process of realigning the operations of the business in accordance with expected ongoing customer demand,whilst continuing to invest in innovation to ensure AML3D maintains its market leading position.When compared with our peers,receipts from customers for th
16、e year were a healthy$1.2 million,driven by the building of strong customer relations,excellent business collaborations and successful prototype testing results with new customers.As with many companies,revenue was negatively impacted by the ongoing COVID-19 pandemic preventing both potential and cu
17、rrent customers from product inspection.However,our sales and marketing teams are building strong momentum which bodes well in terms of revenue generation for the future.Ongoing Investment in TechnologyR&D continues to be a key focus of AML3D,with a strong level of investment in the development of t
18、he Companys patented technology which drives process optimisation capability.Significant efficiency milestones were achieved regarding software enhancements and programmable logic controllers,leading to remote access“plug and play”solutions for our ARCEMY units.Chairmans&Managing Directors ReportBoa
19、rd Chairman,Stephen Gerlach AM1.As per Mordor Intelligence Report:3D Printing Market Growth,Trends,COVID-19 Impact and Forecast(2019-2026)”Released November 2020AML3D Limited/ASX:AL3/ABN 55 602 857 9834Managing Director Andy Sales,Hon.Minister David Pisoni and Board Chairman Stephen Gerlach AM at th
20、e AML3D Technology Centre Launch Adrian Shore,Sales Manager for Robotics Manufacturing Industries at ABB Australia,with Andy Sales,Managing Director of AML3D at the official presentation ceremony.AML3D Limited/ASX:AL3/ABN 55 602 857 9835These hybrid,or alternative use,application enhancements for ou
21、r ARCEMY units have been driven by customer inquiries,showing our desire to work with,and listen to,our customers to continually improve our offering.Recent work undertaken and ongoing includes:Completion of a robotically automated ARCEMY system for large-scale additive manufacturing and joining of
22、piping and structures.Successful trials of 3D scanning technology,including the development of proprietary software,for the repair of large-scale metal objects.AML3Ds industry scale welding trials are using innovative new alloy compositions for our WAM technology,which is enabling access to new indu
23、stry segments and exciting opportunities in terms of product diversification and improvement.Off the back of Deakin University research investigating the effect of Scandium as a strengthening element for existing aluminium welding wire,trials at AML3D are targeting the creation of high strength comm
24、ercially viable aluminium-scandium compounds,which remove the need for age hardening heat treatment.The new alloy composition delivers high strength,corrosion resistant wire arc additive manufacturing structures,bespoke to AML3Ds WAM technology.As the project enters its final six months,we anticipat
25、e many new applications for WAM already being shown by the automotive,resources(mining,oil and gas)and broader transport industries(such as shipbuilding).The company views the success of this project as presenting new target industries for AML3Ds current target markets of Asia Pacific(inc.Japan,Sout
26、h Korea),Europe(Germany,France&UK),and North America,with identified industry applications for the technology in these regions.OutlookWe remain buoyed by the ongoing customer interaction and positive feedback that continues to flow.The timing of our commercial realisation is heavily dependent on the
27、 testing regimes of our customers and the ability to physically demonstrate our capabilities,however we remain focused on building the pipeline of sustainable revenue through:Targeted unit sales in the upcoming financial year,and Repeatable contract manufacturing for new and existing customers.Overs
28、eas expansion remains a key focus,however,COVID-19 has effectively eliminated,for the time being,face to face customer interaction due to travel restrictions.In addition to the completion of the Singapore hub,we have identified the US and Europe as key markets that have already shown strong interest
29、 in our 3D printing capability due to these markets being relatively mature in terms of understanding the advantages of additive manufacturing.We will shortly be installing an ARCEMY unit in the state-of-the-art Factory of the Future,currently under development by Flinders University and BAE Systems
30、 Maritime Australia(BAE)at the Tonsley Innovation District in Adelaide.Installation of the unit will be used to demonstrate its capability to industry,as well as introduce the next generation of free thinkers to our technology.The trials and research projects to be undertaken at the Factory of the F
31、uture,in conjunction with BAE and Flinders University,will enable AML3D to further develop its large-scale metal additive manufacturing capabilities through adding features,such as process measurement,monitoring and adjustments,to improve quality.ClosingWe would like to thank our very capable team t
32、hat continues to work tirelessly through these challenging times to ensure AML3D remains on its path to success.They have demonstrated resilience and dedication in what is a very challenging time.We operate as one team,keeping safe from COVID-19,and have not wavered from our overarching goal of beco
33、ming a leading diversified large-scale metal fabrication company in the Southern HemisphereFinally,to our shareholders,thank you for choosing to invest in AML3D.Your Board and management team are committed to pursuing profitable and sustainable growth for the benefit of all stakeholders,as we build
34、upon the foundation created from our initial public offering in April 2020.Stephen Gerlach AM ChairmanAndy Sales Managing DirectorAML3Ds industry scale welding trials are using innovative new alloy compositions for our WAM technology,which is enabling access to new industry segments and exciting opp
35、ortunities in terms of product diversification and improvement.Managing Director,Andy SalesAML3D Limited/ASX:AL3/ABN 55 602 857 9836BoardStephen Gerlach AM/LLB,FAICDChairman Member of Audit&Risk Committee Appointed 30 August 2019Stephen is a company director and corporate advisor.He is Chancellor of
36、 Flinders University.He is also the Chairman of Adelaide Capital Partners Pty Ltd,Gerlach Asset Development Pty Ltd and a Director of Beston Global Food Company Ltd and Beston Pacific Asset Management Pty Ltd.He was formerly the Chairman of Santos Limited,Futuris Corporation Ltd(subsequently known a
37、s Elders Ltd),Equatorial Mining Ltd,Elders Australia Ltd,Challenger Listed Investments Limited,Amdel Ltd,Penrice Ltd and Ebony Energy Ltd.He was also a Director of a number of other public companies including Southcorp Ltd,AMP Australia Ltd,Brunner Mond Holdings Ltd(UK)and Elders Rural Bank and a me
38、mber of other public companies including companies located in the United Kingdom,United States of America and Chile.Stephen was a partner of the Adelaide legal firm Finlaysons for 23 years and its Managing Partner from 1985 to 1991.He has also been actively involved in a number of community and prof
39、essional associations and is currently a Trustee of the Australian Cancer Research Foundation,a Director of The General Sir John Monash Scholarship Foundation,Chairman of the South Australian Cricket Association Nomination Committee and Chairman of The Psychosis Australia Trust.He was the inaugural
40、Chairman of Foodbank South Australia Inc from 1999 to 2014,and a Director of Foodbank Australia Ltd.The Board considers that Mr Gerlach is an independent Director.Andrew Sales/MEng,MSc,CEng,CMatPManaging Director Appointed 14 November 2014Andrew is a Chartered Engineer with a Master of Engineering a
41、nd 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 within the oil and gas,resources and mining sectors as well as advan
42、ced 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 level,he also holds a Diploma in Quality Management and Auditing.He
43、 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.Andrew founded AML Technologies in 2014 and has been Managing Direct
44、or since that time.The Board considers that Mr Sales is not an independent Director.Sean Ebert/BEng Hons(Electrical),MAICDNon-Executive Director Appointed 30 August 2019Sean has 25 years of executive experience in both public and private sectors across high growth companies within the engineering,FM
45、CG and emerging technologies sectors in Australia,China,US and Europe.Sean is currently a Non-Executive Director of listed company Mighty Craft(ASX:MCL,appointed 19 July 2021),as well as Non-Executive Director on a range of privately owned Australian growth companies and Executive Director of Ventur
46、e Corporate Advisory.Sean was previously the Chief Executive Officer(CEO)of Beston Global Food(ASX:BFC),Global Director M&A of Worley,CEO of Camms Pty Ltd and CEO of Profit Impact Pty Ltd.Sean brings listed company and international experience to AML3D,is a Member of the Institute of Company Directo
47、rs and holds a Bachelor Degree in Engineering with honours.The Board considers that Mr Ebert is an independent Director.AML3D Limited/ASX:AL3/ABN 55 602 857 9837Leonard Piro/BEc,DipCorpMgmtNon-Executive Director Member of Audit&Risk Committee Appointed 30 August 2019Len has extensive experience with
48、 major manufacturing projects in Australia,including the establishment of the Tonsley site as a leading national and international Innovation Precinct.He is the former Deputy Chief Executive of the SA Department of Trade and Economic Development,Executive Director Manufacturing and Chief Executive A
49、utomotive Industry Transformation Taskforce and Group Executive Director and Chairman of the Tonsley Re-development.As Director of Len Piro Advisory,Len has consulted widely to an extensive range of companies and organisations in SA,from start-ups to global companies,particularly around business str
50、ategies and business planning and has had extensive exposure to global manufacturing trends.He is also a member of the Advisory Board of Supashock and Flinders University Institute for NanoScale Science and Technology.The Board considers that Mr Piro is an independent Director.Kevin Reid/FCA GAICDNo
51、n-Executive Director Chairman of Audit&Risk Committee Appointed 3 December 2019Kevin is a Chartered Accountant with 25 years experience as a partner with PwC and BDO practicing as an assurance and translation service specialist.He has experience with a wide range of listed companies.He has been an i
52、ndependent accountant for initial public offers,capital raisings and acquisitions and has extensive commercial and corporate experience as a company director and professional practice board member.Kevin is an advisor to MPH Architects and deputy chair of Can:Do Group.Kevin is also a director of ACH
53、Group Inc,Meals on Wheels(South Australia)and the Maggie Beer Foundation.He is a member of the Audit&Risk committee for the Office of the National Rail Safety Regulator.The Board considers that Mr Reid is an independent Director.Christine Manuel/BMus,GradDipACG,DipCD,DipInvRel,FGIA,FCG(CS,CGP),MAICD
54、,MAITD,AAIPMCompany Secretary Appointed 17 April 2019Christine is an experienced Company Secretary and corporate governance professional and has held Company Secretary and executive roles in a range of listed and unlisted entities over more than 20 years.She was formerly Company Secretary of Santos
55、Group companies and Peoples Choice Credit Union and is currently Company Secretary of ASX listed Angel Seafood Holdings Ltd.Christine holds postgraduate qualifications in Applied Corporate Governance and is a Chartered Secretary and Chartered Governance Professional.She is Vice-President of the Boar
56、d and past SA/NT State Council Chair of the Governance Institute of Australia.She regularly facilitates Governance Institute training courses.AML3D Limited/ASX:AL3/ABN 55 602 857 9838Directors ReportThe Directors of AML3D Limited(AML3D or the Company)present their report,together with the financial
57、statements of the Company and its controlled entities(the Group)for the financial year ended 30 June 2021.DirectorsThe following persons were Directors of the Company during the financial year and to the date of this report:Stephen GerlachNon-executive ChairmanAndrew SalesManaging DirectorSean Ebert
58、*Non-executive DirectorLeonard PiroNon-executive DirectorKevin ReidNon-executive DirectorDirectors have been in office since the start of the financial period to the date of this report unless otherwise stated.*Mr Ebert was an executive director to 1 April 2021 and is considered a non-executive dire
59、ctor as at the date of this report.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 Company Secretary
60、 is Christine Manuel.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.AML3D is
61、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 innovative
62、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 classes of m
63、etals 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 fabrication me
64、thod 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 and comple
65、x 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 approach to th
66、e 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 ActivitiesTh
67、e principal activities of AML3D during the financial year were to:a.Design and construct ARCEMY 3D printing modules for sale or right to use with an option to buy;b.Design and construct 3D parts using Wire Additive Manufacturing technology and to develop that technology;c.Research and development in
68、to 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 was derived from:a.ARCEMY sales with customers acquir
69、ing the ARCEMY 3D printing module for their own fabrication needs;andb.Contract manufacturing,which is fulfilling manufacturing orders for customers using our ARCEMY 3D printing module.During the year the Company delivered its first locally sold ARCEMY 3D printing module to Rowland Metalworks(Rowlan
70、ds).The unit is now fully functional and AML3D continues to work closely with Rowlands to enhance the units capabilities in line with Rowlands customer requirements.Preparation of a highly specialised ARCEMY module for iKAD Engineering commenced during the second half of FY21.At year end,further wor
71、k was required to complete the unit with a commissioning date expected during the first half of FY22.The ARCEMY module delivered to ST Engineering in June 2020 remains under a right-to-use with an option to buy arrangement.The Company continues to retain the right to utilise 50%of the modules printi
72、ng capacity to manufacture products for AML3Ds customers in the Asian region and beyond.ST Engineering has,however,confirmed their intention to exercise their right to buy the unit outright during the 2022 financial year.The Company has continued to develop its technology AML3D Limited/ASX:AL3/ABN 5
73、5 602 857 9839including the printing of a range of metal pieces for use in a variety of industries such as marine and defence.Approximately 60%of revenue from contract manufacture was obtained through local customers,with the remainder generated through the South East Asia region.Throughout the year
74、,the Company has sought out new customers and markets and developed a pipeline of opportunities which will be built on in FY22.Financial Results and PositionRevenue for the year was$644,000,up 123%on the Prior Corresponding Period(PCP).Total revenue for the year,inclusive of R&D tax offset and grant
75、s,was$1.2 million.EBITDA was a loss of$5.1 million(PCP:$3.0 million).Overhead expenses of$6.0 million were$2.3 million higher on PCP with the Company continuing to invest in activities in accordance with its business plan.Director and employee benefits were up$2.1 million on PCP through the bolsteri
76、ng of staff headcount,and research and development up$677,000 contributing to the enhancement of existing and new technologies.Having established the Adelaide facility during the year,depreciation and amortisation was$409,000,up$323,000 on PCP.The resulting net loss after tax was$5.5 million(PCP:$3.
77、1 million)with carried forward tax losses not brought to account.The Company raised$7,000,000 before costs on 12 October 2020 through the private placement of 15,555,557 new shares at$0.45 per share.A further$761,000 was raised during the year on the exercising of 2,536,666 options at$0.30 per share
78、.Funds raised continue to be deployed in the implementation of the Companys business plan and to take advantage of the opportunities that exist for additive manufacturing in Australia,South East Asia and other markets.At the end of the financial year,the Company had$7.2 million in cash and cash equi
79、valents on hand having spent$2.0 million on plant and equipment to establish the Adelaide facility and$1.9 million on additional inventory in anticipation of future customer orders.Use of IPO fundsIn the period from admission to ASX on 16 April 2020 and commencement of quotation of securities on ASX
80、 on 20 April 2020 until 30 June 2021,the Company has used the cash and assets in a form readily convertible to cash that it had at the time of admission in a way consistent with the Companys business objectives,as outlined in the prospectus dated 10 February 2020.Business Strategies and ProspectsThe
81、 Company plans to build on the successes achieved in FY21,summarised above in the Review of Operations.The main areas of focus in FY22 will be to:Build ARCEMY modules for customers looking to establish in-house 3D printing capability;Grow recurring revenue through annual software licencing,service a
82、nd maintenance agreements and sale of wire feedstock;Grow the Contract Manufacturing Centres operations in Singapore,as we have done in Adelaide;Pursue global business opportunities,focusing initially on creating customer and industry partnerships in high margin sectors such as marine and defence;Co
83、ntinue with our research and development activities to refine and broaden our range of products and processes,further developing our environmental sustainability credentials by reviewing options for use of renewable energy and lowering energy inputs with the aim of reducing the carbon footprint of t
84、he WAM process;and Build the global profile of AML3D and its products through collaborations with learning institutions and key industry players.The company will establish a Technology Advisory Group with participation from leading technical institutions,reviewing and advising on current,future tren
85、ds and developments in 3D metal printing globally.AML3D currently has the only 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 A
86、ustralian Patent 2019251514,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.The achievement of our strategies and prospects may be impacted by the COV
87、ID19 pandemic,the effects of which cannot be foreseen.Material Business RisksThere are a number of material business risks which could affect the Companys ability to achieve its business strategies as follows.Market Acceptance of New TechnologyAML3D has commercialised its WAM technology and has esta
88、blished a number of important relationships and research collaborations.However,there can be no assurances that the market will accept the WAM technology,given that it is challenging traditional and well-tried technologies such as machining,casting and forging.WAM is a disruptive technology in tradi
89、tional manufacturing industries where many potential users of WAM have sunk investment in existing technologies.Wire arc additive manufacturing is a new technology in a relatively young industry of 3D metal printing.Widespread awareness-raising of the advantages and value proposition associated with
90、 the Companys WAM technology will be required to lift the profile of the technology and educate the market.AML3D Limited/ASX:AL3/ABN 55 602 857 98310Customer ConversionAt present,the Company is at a paid trial stage with a number of potential contract manufacturing clients.There can be no guarantee
91、that any of these paid trial customers will convert into regular customer contracts.Although the Companys client base is expected to diversify as a result of the expansion of the Companys revenue streams,the Company will initially be substantially reliant on a select number of clients.The loss of an
92、y of these clients may have a negative impact on the Companys revenues and profits unless they can be replaced with new clients.The Companys future activities are specifically designed around further business development activities in order to grow the client base in Australia,Singapore,and other ma
93、rkets.Reliance on Key PersonnelThe responsibility of overseeing the day-to-day operations and the strategic management of the Company depends substantially on its senior management,technical experts and its Directors.In particular,the technology and the development of the ARCEMY 3D printing modules
94、is largely due to the experience of the Managing Director.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,stainless steel,aluminium alloys an
95、d 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 growth of AML3D contract manufacturing services is dependent on retaining L
96、loyds Register and ISO 9001 accreditation for the certification of parts produced for its customers.The loss of these accreditations would significantly impact the demand for AML3Ds contract manufacturing services.Climate Change RiskThe Board is not aware of any current material exposure to risks br
97、ought 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 competitive,increase
98、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 and developmen
99、t costs or time frames accurately will adversely affect the Companys results.International OperationsAML3D is applying some of the funds raised from the IPO to develop its international operations in Singapore including through the establishment of the Singapore Contract Manufacturing Centre.This wi
100、ll represent the Companys first international operation in a separately regulated environment.This exposes the Company to a risk that its execution may not result in the intended outcome from the investment.Intellectual PropertyThe Company has been granted Australian Patent 2019251514 which provides
101、 coverage over the method and apparatus for manufacturing 3D metal 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
102、of its network environment,vendor environments and websites.Breaches 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
103、 business systems used by the Company at risk which could impact technology operations and ultimately customer satisfaction with the Companys products and services,leading to lost customers and revenue.The Company is currently participating in a review of its Cyber Security systems.PandemicTo the da
104、te of this report,the Companys operations have been directly adversely impacted by COVID-19.Due to the restrictions imposed,the Company has been unable to fully progress its overseas expansion plans.Furthermore,revenue has been impacted by the inability of potential and current customers to undertak
105、e physical product inspections.Uncertainty remains as to the scope and length of the pandemic has,and the impact of restrictions that will be imposed to combat the pandemic.The pandemic may result in the loss of or further delay in sales to customers and potential customers.It may also impact access
106、 to equipment and supplies,delaying the delivery of products to customers.The Company is actively monitoring risks associated with COVID-19 and implementing risk management measures to mitigate against potential impacts.Environmental and Sustainability RiskThe Board is not aware of any material expo
107、sure 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,internal complianc
108、e and internal control.The Board has delegated to the Audit and Risk Committee the responsibility for implementing the risk management system.The Companys risk management policy sets out the requirements for the Companys risk management framework,the process for identification and management of risk
109、s 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 processes.Additiv
110、e 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.AML3D Limited/ASX:AL3/ABN 55 602 857 98311Environmental RegulationThe Groups activities are subject to general environmental laws and re
111、gulations relating to manufacturing 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 ch
112、anges in the state of affairs of the Parent Entity occurred during the financial year:i.On 12 October 2020,the Company issued 15,555,557 ordinary shares at$0.45 per share via a private placement to provide additional working capital.ii.On 28 October 2020,1,666,666 ordinary shares were issued at$0.30
113、 per share on the exercise of options.iii.On 26 February 2021,370,000 ordinary shares were issued at$0.30 per share on the exercise of options.iv.On 1 April 2021,333,333 ordinary shares were issued at$0.30 per share on the exercise of options.v.On 11 June 2021,116,667 ordinary shares were issued on
114、exercise of options at$0.30 per share to directors of the Company.vi.On 18 June 2021,16,667 ordinary shares were issued on exercise of options at$0.30 per share to a director of the Company.vii.On 30 June 2021,33,333 ordinary shares were issued on exercise of options at$0.30 per share to a director
115、of the Company.There were no other significant changes in the state of affairs of the company,other than as referred to in this report.Significant Events after the Balance DateNo matters or circumstances have arisen since the end of the financial year which significantly affected or may significantl
116、y affect the operations of the Group,the results of those operations,or the state of affairs of the Group in future financial years,other than:i.To the date of signing this report,the Companys operations have been directly adversely impacted by COVID-19.Uncertainty remains as to the scope and length
117、 of the pandemic and the impact of restrictions that will be imposed to combat the pandemic.The pandemic may result in the loss of or further delay in sales to customers and potential customers.It may also impact access to equipment and supplies,delaying the delivery of products to customers.The Com
118、pany is actively monitoring risks associated with COVID-19 and implementing risk management measures to mitigate against potential impacts.DividendsNo dividends were declared or paid during the year.Corporate GovernanceThe Board oversees the Companys business and is responsible for the overall corpo
119、rate 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 and generating value and financia
120、l 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 appropriate for the business a
121、nd 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 Principles and Recommendations(4th E
122、dition).The Companys Corporate Governance Plan,including key policies,is available on the Companys website at Directors MeetingsDuring the financial year,18 meetings of Directors,including Committees of Directors,were held.Attendances by each Director during the year were as follows:DirectorsBoard M
123、eetingsAudit and Risk Committee MeetingsEligible to attendMeetings attendedEligible to attendMeetings attendedStephen Gerlach121266Andrew Sales1212-Sean Ebert1212-Leonard Piro121266Kevin Reid121266Directors ShareholdingsThe following table sets out each Directors relevant interest in shares,debentur
124、es,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 paid ordinary sharesShare OptionsStephen Gerlach300,0012,500,000Andrew Sales40,311,250-Sean Eber
125、t1,024,9992,000,000Leonard Piro850,0002,000,000Kevin Reid75,001500,000Further details of Directors security holdings,including the numbers subject to escrow restrictions,are provided in the Remuneration Report commencing on page 12.Directors and Senior Executives RemunerationDetails of the Companys
126、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 out in the Remuneration Report commencing on page 12 and in Notes 9 and 10 to the financial statements.AML3D Limit
127、ed/ASX:AL3/ABN 55 602 857 98312The Directors of the Company present this Remuneration Report for the Group for the year ended 30 June 2021.The information provided in this Report has been audited as required by s308(3C)of the Corporations Act 2001(Cth)(Corporations Act)and forms part of the Director
128、s Report.The Remuneration Report outlines the Companys key remuneration activities during the financial year ended 30 June 2021 and remuneration information pertaining to the Companys Directors and senior management personnel who are the Key Management Personnel(KMP)of the Group for the purpose of t
129、he 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 is structured as follows:1.Remuneration Governance2.Directors and Key Management Personnel(KMP)3.Remuneration Pol
130、icy4.Remuneration Components5.Relationship between Remuneration and Group Performance6.Details of Directors and KMP Remuneration7.Key Terms of Employment Contracts8.Terms and Conditions of Share-based Payment Arrangements9.Directors and KMP Equity Holdings10.Other Transactions with Directors and KMP
131、1.Remuneration GovernanceConsistent with the Boards Charter,the Board has taken the decision that at this early stage of the Companys growth a separate Remuneration and Nomination Committee is not warranted.Accordingly,the Board as a whole carries out the functions of the Remuneration and Nomination
132、 Committee,as described in the Committee Charter.Where appropriate,this is undertaken by Non-executive Directors only,without the presence or participation of any Executive Director.FunctionsThe Board reviews any matters of significance affecting the remuneration of the Board and employees of the Co
133、mpany.The primary remuneration purpose of the Board 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
134、,having regard to the 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-
135、based plans and other 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,individua
136、l Directors and senior 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 struct
137、ures and the relationship 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(audi
138、ted)AML3D Limited/ASX: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 FY21PositionNon-executivesStephen GerlachFull year Independent non-executive chairmanSean Ebert*Full year Independent non-exe
139、cutive directorLeonard PiroFull year Independent non-executive directorKevin ReidFull year Independent non-executive directorExecutivesAndrew SalesFull yearManaging Director,Chief Executive Officer(CEO)Hamish McEwinFrom 1 March 2021Chief Financial Officer(CFO)Benjamin HodgsonTo 1 March 2021Chief Fin
140、ancial Officer(CFO)Karsten BartnickiFrom 18 January 2021 to 26 May 2021Chief Operating Officer(COO)*Mr Ebert was an executive director to 1 April 2021 and is considered a non-executive director as at the date of this report.3.Remuneration PolicyThe Companys remuneration framework for Directors and s
141、enior 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 the Company
142、 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 annually,based
143、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).The Boar
144、d 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 the executiv
145、e 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 strategic and
146、 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-based incenti
147、ves 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 set out i
148、n the Constitution in Rule 14.8 detailing initial fees to Directors,is$400,000.In addition,Directors are eligible to participate in the Concessional Option Plan and the Share Rights and Option Plan,subject to approval by shareholders.ExecutivesExecutive remuneration comprises fixed remuneration(sala
149、ry)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 and statutory superannuatio
150、n.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 the Company and long-term
151、shareholder value.No short-term or long-term incentive elements were implemented for KMP in the financial year ended 30 June 2021 or to the date of this report.The Board will review the remuneration framework during the coming year.AML3D Limited/ASX:AL3/ABN 55 602 857 983145.Relationship between Rem
152、uneration and 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 desi
153、gned to take 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
154、on foot.2021$0002020$0002019$0002018$0002017$000Cash and cash equivalents7,2018,2281,15840425Net assets/equity11,5289,7113(114)480(136)Revenue644289364-EBITDA(5,108)(3,015)(596)(26)(315)Loss from ordinary activities after income tax expense(5,515)(3,094)(681)(50)(352)No of issued shares150,458,38613
155、2,366,16312,320,25011,782,75010,050,000Basic earnings per share(cents)2(3.8)(3.8)(1.3)(0)(1)Diluted earnings per share(cents)2(3.8)(3.8)(1.3)(0)(1)Share price at start of year(cents)10.1550.20N/AN/AN/AShare price at end of year(cents)0.2050.155N/AN/AN/AMarket capitalisation(Undiluted)30,84420,517N/A
156、N/AN/AInterim and final dividend(cents)N/AN/AN/AN/AN/A1.The Company was incorporated in 2014 as a proprietary company and was changed to an unlisted public company on 5 December 2019.Share price at start of FY20 is shown as at commencement of ASX quotation on 20 April 2020 following admission to the
157、 official list of ASX on 16 April 2020,based on the value of shares taken up pursuant to the prospectus.2.Basic earnings per share and diluted earnings per share have been retrospectively restated to account for a capital restructure of shares.A capital reconstruction was undertaken on 29 July 2019
158、and 4.2348 shares were issued for every 1 share.The number of shares issued in the previous financial periods have been multiplied by 4.2348 for the purpose of EPS calculation.AML3D Limited/ASX:AL3/ABN 55 602 857 983156.Directors and KMP RemunerationRemuneration for the financial year ended 30 June
159、2021Short-term employee benefitsPost-employmentShare-based paymentsSalary&FeesShort-term incentiveAnnual leaveOtherSuper-annuation SharesOptionsTotal share-based paymentsTerminationOther long-term benefitsTotalTotal at risk$%Non-executive DirectorsStephen Gerlach60,000-5,700-65,700-Sean Ebert1178,33
160、5-3,800-182,135-Leonard Piro40,000-3,800-43,800-Kevin Reid40,000-3,800-43,800-Subtotal318,335-17,100-335,435-ExecutivesAndrew Sales219,278-19,766-20,831-259,875-Hamish McEwin275,518-1,418-7,174-84,110-Benjamin Hodgson3164,626-164,626-Karsten Bartnicki4118,385-11,035-129,420-Subtotal577,807-21,184-39
161、,040-638,031-TOTAL896,142-21,184-56,140-973,466-1.Salary and fee remuneration for Sean Ebert comprised Non-executive Director fees of$40,000 as well as$138,335(ex GST)paid to his controlled entity,Ebert Industries Pty Ltd,for consultancy services and his services as an Executive Director.See details
162、 in section 7 of this report.2.Appointed 1 March 2021.3.Services were provided by Benjamin Hodgson through his controlled entity,Philhodge Business Services Pty Ltd.See details in section 7 of this report.This agreement was terminated 1 March 20214.Appointed 18 January 2021.Resigned 26 May 2021.AML3
163、D Limited/ASX:AL3/ABN 55 602 857 98316Remuneration for the financial year ended 30 June 2020Short-term employee benefitsPost-employmentShare-based paymentsSalary&FeesShort-term incentiveAnnual leaveOtherSuper-annuation SharesOptions1Total share-based paymentsTerminationOther long-term benefitsTotalT
164、otal at risk$%Non-executive Directors1Stephen Gerlach240,000-3,800-150,470150,470-194,270-Leonard Piro2,326,666-2,533105,000120,376225,376-254,575-Kevin Reid426,666-2,533-30,09430,094-59,293-Subtotal93,332-8,866105,000300,940405,940-508,138-Executives1Andrew Sales220,066-5,502-20,906-246,474-Sean Eb
165、ert 2,5,696,666-2,53350,000120,376170,376-269,575-Benjamin Hodgson7121,200-121,200-Subtotal437,932-5,502-23,43950,000120,376170,376-637,249-TOTAL531,264-5,502-32,305155,000421,316576,316-1,145,387-1.Options:In accordance with the requirements of the Accounting Standards,remuneration includes the tot
166、al value of equity-based compensation as determined as at the grant date,as this compensation is not performance-related and there is no residual vesting period.The amount allocated as remuneration is not relative to or indicative of the actual benefit(if any)that the KMP may ultimately realise.The
167、fair value of$0.060188 per option was determined in accordance with AASB2 Share-based Payments,applying the Black Scholes method.Details of the assumptions underlying the valuation are set out in Note 10 to the financial statements.2.Appointed 30 August 2019.3.Shares were issued to Leonard Piro on 7
168、 February 2020 as consideration in lieu of cash for consulting services provided to the Company.Details are provided at section 8 of this report.4.Appointed 3 December 2019.5.Salary and fee remuneration for Sean Ebert comprised Non-executive Director fees of$26,666 as well as$70,000+GST paid to his
169、controlled entity,Ebert Industries Pty Ltd,for consultancy services and his services as an Executive Director.See details in section 7 of this report.6.Shares were issued to Sean Ebert on 7 February 2020 as consideration in lieu of cash for consulting services provided to the Company.Details are pro
170、vided at section 8 of this report.Appointed 4 November 2019.7.Services were provided by Benjamin Hodgson through his controlled entity,Philhodge Business Services Pty Ltd.See details in section 7 of this report.AML3D Limited/ASX:AL3/ABN 55 602 857 983177.Key Terms of Employment ContractsNon-Executiv
171、e DirectorsThe Company has entered into Non-Executive Director letters of appointment with each of Stephen Gerlach,Leonard Piro,Kevin Reid and Sean Ebert(Letters of Appointment).Under temporary arrangements,Sean Ebert has acted as an Executive Director(see below).Each of the Letters of Appointment p
172、rovide that amongst other things,in consideration for their services,the Company will pay the following fees,exclusive of statutory superannuation:Chairman:$60,000 per annumNon-Executive Directors:$40,000 per annum*Additional consulting fees were payable to Sean Eberts consulting company under the a
173、greement for services as an Executive Director described below.Each 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 provisions of the Constitution and the ASX Listing Rul
174、es 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 Director may terminate their directorship at any time by
175、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 Principles and Recommendations(4th Ed).ExecutivesManaging D
176、irectorThe Company has entered into an executive services agreement with Andrew Sales,whereby he was engaged as the Managing Director and Chief Executive Officer(Managing Director)of the Company.Andrew Sales receives a base salary of$220,000 per annum(exclusive of superannuation)for services rendere
177、d under the executive services agreement.The Company will also,subject to certain conditions,reimburse the Managing Director 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
178、Company.There is no short-term or long-term incentive 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
179、the executive services agreement without reason,it must pay the Managing Director 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
180、.Hamish McEwin receives a base salary of$250,000 per annum(inclusive of superannuation)for services rendered under the executive services agreement.The Company will also,subject to certain conditions,reimburse the CFO for all reasonable travelling intra/interstate or overseas,accommodation and gener
181、al 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 component to his remuneration.The termination provisions in the executive services agreement are on standard commercial terms and generally require a min
182、imum 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 CFO the salary payable over a three-month period.AML3D Limited/ASX:AL3/ABN 55 602 857 98318Former Chief Financial OfficerBenjamin Hodgsons serv
183、ices as Chief Financial Officer(CFO)were undertaken in accordance with a contractor agreement between the Company and Philhodge Business Services Pty Ltd,an entity controlled by Benjamin Hodgson(CFO Agreement).Under the CFO Agreement,Philhodge Business Services Pty Ltd provided the services of Benja
184、min Hodgson in the position of CFO at an all-inclusive hourly rate of$100 plus GST for such number of hours per month as may be directed by the Company.The contract was subject to termination by either party with a notice period of 1 day.No short-term or long-term incentives were included in the rem
185、uneration arrangements.A review of the initial contractual arrangements was undertaken in July 2020 and the remuneration under the CFO Agreement was amended to a rate of$158,000 plus GST per annum,invoiced in equal monthly payments effective from July 2020.The CFO Agreement otherwise includes standa
186、rd commercial terms and was terminated on 1 March 2021.Executive DirectorSean Ebert was appointed as a Non-Executive Director of the Company,however in order to assist the Company in preparation for the lodgement of the prospectus and immediate post-IPO tasks,the Company entered into an Executive Se
187、rvices Agreement with Ebert Industries Pty Ltd(an entity controlled by Sean Ebert)for the provision of executive services to the Company(Ebert Agreement)from 4 November 2019 until a month following the IPO.Sean Ebert,as the person nominated by the contracted party is appointed as an Executive Direct
188、or of the Company by virtue of the Ebert Agreement.This agreement was subsequently extended from May 2020 for executive services provided to the Company in the post-IPO establishment and growth phase and terminated 28 February 2021.The services included representing AML3D as an Executive Director,in
189、cluding for investor presentations,as well provision of support in establishing the Companys post-IPO operations inclusive of support to the Managing Director.In addition to Sean Eberts Non-Executive Directors fee of$40,000 per annum(exclusive of statutory superannuation),the Company paid a fee of$5
190、,000 per month(inclusive of superannuation and leave entitlements,if any)for the provision of executive services to the Company for the period until one month after IPO.This was amended to$10,000 per month effective from May 2020 to October 2020,and further amended to$24,584 per month,from November
191、2020 to February 2021.Sean Ebert was entitled to reasonable expenses properly incurred whilst undertaking his respective duties.There is no short-term or long-term incentive component to this remuneration.In accordance with Rule 14.9 of the Companys Constitution,the remuneration under the Ebert Agre
192、ement was considered to be for extra services in addition to his standard remuneration as part of the aggregate director fee pool,for his role as a Non-Executive Director.Under a separate arrangement for provision of additional consulting services prior to IPO,Sean Ebert was remunerated by the allot
193、ment of shares to Ebert Industries Pty Ltd the value of$50,000.Further details are provided in section 8 of this Remuneration Report.AML3D Limited/ASX:AL3/ABN 55 602 857 983198.Terms and Conditions of Share-based Payment ArrangementsNo share-based payments were made during the current financial year
194、.In the previous financial year,shares were issued to Directors Leonard Piro and Sean Ebert on 7 February 2020 as consideration in lieu of cash for consulting services provided to the Company.700,000 fully paid ordinary shares were issued to Leonard Piro at a share price of$0.15 each in settlement o
195、f an amount of$105,000 for consulting services in the period 13 April 2017 to 29 October 2019.250,000 fully paid ordinary shares were issued to Sean Ebert at a share price of$0.20 each in settlement of an amount of$50,000 for consulting services in FY20.The key terms and conditions of the grant of s
196、hare options affecting the remuneration of Directors and KMP in the prior and future reporting periods are as follows.These options are subject to ASX-imposed escrow restrictions for a period of 24 months from the date of IPO and subject to further restrictions for a period of three years from the d
197、ate of issue in accordance with the terms of the Concessional Incentive Option Plan under which these options were issued.Grant Date4 Dec 2019Vesting Date4 Dec 2019Expiry Date4 Dec 2024Exercise Price$0.30Number Granted7,000,000Fair Value per option at grant$0.06Concessional Incentive Option PlanThe
198、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 Incentive Option Plan a
199、nd 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,unless the Board i
200、n 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 that have not been
201、 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 Concessional Incentive Optio
202、n 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 Rights and Option PlanA Performance Rights and Option Plan is also in
203、 place to accommodate future long-term remuneration incentives but as at the date of this report no grants of performance rights or options have been made pursuant to this plan.Details of the Performance Rights and Option Plan were included in the Companys Prospectus and a copy of the Plan was relea
204、sed to the ASX market announcements platform on 16 April 2020.A copy of the Performance Rights and Option Plan is available on the Companys website at Limited/ASX:AL3/ABN 55 602 857 983209.Directors and KMP Equity HoldingsDetails of the number of ordinary shares held by Directors and KMP in the Comp
205、any are set out below.This includes shares held directly,indirectly or beneficially by Directors and KMP,including related party holdings.Balance at 1 Jul 2020PurchasedSoldOther changesBalance at 30 Jun 2021Non-executive DirectorsStephen Gerlach1233,33466,667-300,001Sean Ebert2991,66633,333-1,024,99
206、9Leonard Piro3800,00050,000-850,000Kevin Reid458,33416,667-75,001ExecutivesAndrew Sales540,251,25080,000-40,311,250Benjamin Hodgson83,334-83,334TOTAL42,417,918246,667-42,664,5851.Stephen Gerlach:33,334 shares are subject to escrow for 24 months from IPO.2.Sean Ebert:416,667 shares are subject to esc
207、row for 24 months from IPO.3.Leonard Piro:725,000 shares are subject to escrow for 24 months from IPO.4.Kevin Reid:8,334 shares are subject to escrow for 24 months from IPO.5.Andrew Sales:39,751,233 shares are subject to escrow for 24 months from IPO.6.Options held by related party.Details of the nu
208、mber 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 2020GrantedPurchasedOptions ExercisedExpired/LapsedBalance at 30 June 2021VestedUnvestedNon
209、-executive DirectorsStephen Gerlach2,566,667-66,667-2,500,0002,500,000-Sean Ebert2,333,333-33,333300,0002,000,0002,000,000-Leonard Piro2,050,000-50,000-2,000,0002,000,000-Kevin Reid516,667-16,667-500,000500,000-ExecutivesAndrew Sales6100,000-100,000-Benjamin Hodgson16,667-16,66716,667-TOTAL7,583,334
210、-166,667400,0007,016,6677,016,667-All options held by Directors are subject to escrow restrictions for 24 months following the date of IPO.Options may be exercised during the restriction period but shares issued as a result of exercise will remain subject to the restriction period applicable to the
211、options.Terms of the options granted to Directors are provided in section 8 of this report,above.AML3D Limited/ASX:AL3/ABN 55 602 857 9832110.Other Transactions with Directors and KMPNo loans were made to or from Directors or KMP and the Company during the year ended 30 June 2021.A loan from the Man
212、aging Director to the Company was repaid during the year ended 30 June 2020.In FY19 a related party payable existed between the Company and the Managing Director,to the value of$33,931,as at 30 June 2019.No formal agreement was in place and no interest was payable in respect of this related party pa
213、yable between the Company and the Managing Director.The Managing Director provided a letter of support that his Director Loans owing would not be called on in full within 12 months of the date of signing of the financial report for the year ended 30 June 2019(which was signed on 23 December 2019);th
214、e amount was in any case settled in full by the Company during the financial year ended 30 June 2020.There 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
215、provided at Note 26 to the financial statements.-End of Remuneration Report-AML3D Limited/ASX:AL3/ABN 55 602 857 98322Options and Share RightsHolders of options and share rights do not have any rights to participate in any issue of shares or other interests of the Company or any other entity.During
216、the financial year ended 30 June 2021,no options were issued(2020:17,166,179).2,536,666 shares were issued on the exercise of options during the financial year ended 30 June 2021(2020:nil).No share rights were issued during the financial year ended 30 June 2021(2020:nil).As at the date of this repor
217、t,the unissued ordinary shares of the Company under option are as follows.Grant dateExpiry DateExercise PriceNumber of Options30 July 201930 July 2023$0.302,000,0004 December 20194 December 2024$0.307,500,000*Total9,500,000*Comprises 7,000,000 options issued to Directors and500,000 options issued to
218、 the Company SecretaryDetails of options issued to Directors are provided in the Remuneration Report commencing on page 12.There have been no options or share rights granted over unissued shares or interests of the controlled entity within the Group during or since the reporting period.Converting Lo
219、an AgreementsDuring the financial year ended 30 June 2019,the Company entered into Converting Loan Agreements(CLAs)to a total value of$1,726,000,convertible to shares at IPO on the basis of 50%of the IPO price of$0.20,ie$0.10 each.During the financial year ended 30 June 2020,all CLAs converted to sh
220、ares prior to IPO,resulting in the issue of a total of 17,260,000 shares.No such arrangements were in place for the current financial year.Proceedings on behalf of the CompanyNo person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to whi
221、ch 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 or AuditorDuring the financial year,in accordance
222、 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,secretary or executive officer to the extent per
223、mitted 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 of the current Directors and Company Secretary.Th
224、e 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 2021 under the Deeds of Indemnity.The Companys subsidiary,AML Technologies(Asia)Pte Limited has provided a
225、letter 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 or of any related body corporate against a liability incurred as such
226、 an officer or auditor.Non-Audit ServicesThe Board is satisfied that the provision of non-audit services by its auditor,William Buck,during the year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.The Directors are satisfied that the non-audi
227、t services provided by the auditors during the year did not compromise the external auditors independence.The fees paid or payable to William Buck for non-audit services are set out in Note 11 of the financial report.The non-audit services provided were tax compliance services.Auditors Independence
228、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 Stephen Gerlach AM Chairman29 September 2021Audit
229、ors 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 during the year ended 30 June 2021 there have been:no contraventions of the auditor independence requirements as set out in the Corpora
230、tions Act 2001 in relation tothe audit;and no contraventions of any applicable code of professional conduct in relation to the audit.William Buck(SA)ABN:38 280 203 274 M.D.King Partner Dated this 29thday of September,2021 in Adelaide,South Australia.AML3D Limited/ASX:AL3/ABN 55 602 857 983Auditor In
231、dependence Declaration 23 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 during the year ended 30 June 2021 there have been:no contraventions of the auditor independence require
232、ments as set out in the Corporations Act 2001 in relation to the audit;and no contraventions of any applicable code of professional conduct in relation to the audit.William Buck(SA)ABN:38 280 203 274 M.D.King Partner Dated this 29th day of September,2021 in Adelaide,South Australia.AML3D Limited/ASX
233、:AL3/ABN 55 602 857 98324 Report on the Audit of the Financial Report Opinion We have audited the financial report of AML3D Limited(the Company and its subsidiary(the Group),which comprises the consolidated statement of financial position as at 30 June 2021,the consolidated statement of profit or lo
234、ss 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 of significant accounting policies and other explanatory information,and the directors decl
235、aration.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 2021 and of its financial performance for the year ended on that date;and (ii)complying with A
236、ustralian 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 further described in the Auditors Responsibilities for the Audit of the Financial Report secti
237、on 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 Standards Boards APES 110 Code of Ethics for Professional Accountants(including Independence
238、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 we have obtained is sufficient and appropriate to provide a basis for our opinion.Key Audit
239、 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 of our audit of the financial report as a whole,and in forming our opinion thereon,and we d
240、o not provide a separate opinion on these matters.KEY AUDIT MATTER Research and development expenditure-existence and valuation.Refer also to notes 3(i)and 12.How our audit addressed it The Group incurs significant amounts of research and development costs each year.In 2021 these costs amounted to$7
241、28,000.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 Refund.At 30 June 2021 the amount disclosed as a current trade and other receivable in relation to the refund is$410,000.Our audit proced
242、ures 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;AML3D Limited Independent auditors report to members AML3D Limited/ASX:AL3/A
243、BN 55 602 857 983 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.Reviewing the historical accuracy by comparing actual Tax offset refunds with the original estimat
244、ions.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 module-Contract manufacturing for customers
245、 using owned ARCEMY 3D printing modules Each revenue stream requires a bespoke revenue recognition model to ensure that revenue is only recognised When a performance milestone is achieved;and It can reliably be measured;The application of AASB 15 Revenue from Contracts with Customers can require jud
246、gement,thus we considered 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 achie
247、vement;Examining the 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 appropria
248、teness of disclosures attached to revenues as required by Accounting Standard AASB 15 Revenue from Contracts with Customers.Other Information The directors are responsible for the other information.The other information comprises the information in the Groups annual report for the year ended 30 June
249、 2021,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 responsibility is to read t
250、he 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 is a material misstate
251、ment of this other information,we are required to report that fact.We have nothing to report in this regard.Responsibilities of the Directors for the Financial Report The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordanc
252、e with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the 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 prepari
253、ng the financial report,the directors are responsible for assessing the ability of the Group to continue as a going concern,disclosing,as applicable,matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
254、operations,or has no realistic alternative but to do so.Report on the Audit of the Financial Report Opinion We have audited the financial report of AML3D Limited(the Company and its subsidiary(the Group),which comprises the consolidated statement of financial position as at 30 June 2021,the consolid
255、ated statement of profit or 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 of significant accounting policies and other explanatory info
256、rmation,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 2021 and of its financial performance for the year ended on that
257、 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 further described in the Auditors Responsibilities for the Audit
258、 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 Standards Boards APES 110 Code of Ethics for Professional Accou
259、ntants(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 we have obtained is sufficient and appropriate to provide a b
260、asis 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 of our audit of the financial report as a whole,and in formin
261、g our opinion thereon,and we do not provide a separate opinion on these matters.KEY AUDIT MATTER Research and development expenditure-existence and valuation.Refer also to notes 3(i)and 12.How our audit addressed it The Group incurs significant amounts of research and development costs each year.In
262、2021 these costs amounted to$728,000.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 Refund.At 30 June 2021 the amount disclosed as a current trade and other receivable in relation to the refu
263、nd is$410,000.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;AML3D Limited Independent auditors report to m
264、embers 25 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 during the year ended 30 June 2021 there have been:no contraventions of the auditor independence requirements as set out
265、 in the Corporations Act 2001 in relation to the audit;and no contraventions of any applicable code of professional conduct in relation to the audit.William Buck(SA)ABN:38 280 203 274 M.D.King Partner Dated this 29th day of September,2021 in Adelaide,South Australia.AML3D Limited/ASX:AL3/ABN 55 602
266、857 98326 Auditors Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable 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.Reasona
267、ble assurance is a high level of assurance,but is not a guarantee that an audit conducted in accordance with 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 a
268、ggregate,they could reasonably be expected to influence the economic decisions of users taken on the basis 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
269、.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf This description forms part of our independent auditors report.Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 12 to 21 of the directors report for the year ended 30 Jun
270、e 2021.In our opinion,the Remuneration Report of AML3D Limited,for the year ended 30 June 2021,complies with section 300A of the Corporations Act 2001.Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with sect
271、ion 300A of the Corporations Act 2001.Our responsibility is to 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 M.D.King Partner Dated this 29th day of September,2021 in Adelaide,South Austr
272、alia.AML3D Limited/ASX:AL3/ABN 55 602 857 98327Consolidated Statement of Profit or Loss and Other Comprehensive Income 28Consolidated Statement of Financial Position 29Consolidated Statement of Changes in Equity 30Consolidated Statement of Cashflows 30Notes to Financial Statement 31Directors Declara
273、tion 50Financial Statements 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 during the year ended 30 June 2021 there have been:no contraventions of the auditor independence requi
274、rements as set out in the Corporations Act 2001 in relation to the audit;and no contraventions of any applicable code of professional conduct in relation to the audit.William Buck(SA)ABN:38 280 203 274 M.D.King Partner Dated this 29th day of September,2021 in Adelaide,South Australia.AML3D Limited/A
275、SX:AL3/ABN 55 602 857 98328Consolidated Statement of Loss and Other Comprehensive IncomeFor the year ended 30 June 2021Note2021$0002020$000Revenue 6644 289 Cost of goods sold(357)(69)Gross profit 287 220 R&D Tax Offset 417 309 Government grants 183 126 Interest received 20 12 Depreciation and amorti
276、sation 7(409)(86)Director and employee benefits (3,116)(1,017)Interest expense(18)(5)Marketing expenses(163)(14)Occupancy costs(197)(13)Professional fees expense(838)(1,275)Research and development(728)(51)Workshop expenses(344)(93)Equity settled share based payments 10-(967)Other expenses(609)(240)
277、Loss before income tax expense 7(5,515)(3,094)Income tax 8-Loss after tax attributable to the owners of the Company(5,515)(3,094)Other comprehensive(loss)net of tax-Total comprehensive loss for the year attributable to the owners of the Company(5,515)(3,094)(Loss)per share(cents)25(3.8)(3.8)Basic an
278、d diluted loss per share(cents)25(3.8)(3.8)The Consolidated Statement of Loss and Other Comprehensive Income 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 98329Consolidated Statement of Financial Pos
279、ition As at 30 June 2021Note2021$0002020$000ASSETS CURRENT ASSETS Cash and cash equivalents 307,201 8,228 Trade and other receivables 12523 707 Inventory 132,031 112 Other financial assets 1456-Other assets 15224 235 TOTAL CURRENT ASSETS 10,035 9,282 NON-CURRENT ASSETS Other financial assets 14-36 P
280、roperty,plant and equipment 162,771 1,122 Right of use assets 17538 411 Intangible assets 1862 41 TOTAL NON-CURRENT ASSETS 3,371 1,610 TOTAL ASSETS 13,406 10,892 LIABILITIES CURRENT LIABILITIES Trade and other payables 19777 738 Contract liabilities20451-Lease liabilities 21179 125 Employee benefits
281、 22110 28 TOTAL CURRENT LIABILITIES 1,517 891 NON-CURRENT LIABILITIES Lease Liabilities 21361 288 TOTAL NON-CURRENT LIABILITIES 361 288 TOTAL LIABILITIES 1,878 1,179 NET ASSETS11,528 9,713 EQUITY Issued capital 2320,641 13,311 Accumulated losses 24(9,786)(4,271)Reserves 23673 673 TOTAL EQUITY 11,528
282、 9,713 The 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/ABN 55 602 857 98330Consolidated Statement of Changes in Equity For the year ended 30 June 2021Issued Capital$00
283、0Share Options Reserve$000Accumulated Losses$000Total Equity$000Balance at 1 July 2019 1,063-(1,177)(114)Loss after income tax expense for the year-(3,094)(3,094)Shares issued during the year,net of transaction costs 12,248-12,248 Share options issued-673-673 Balance at 30 June 202013,311 673(4,271)
284、9,713 Balance at 1 July 2020 13,311 673(4,271)9,713 Loss after income tax expense for the year-(5,515)(5,515)Shares issued during the year,net of transaction costs 6,569-6,569Options exercised during the year761-761Balance at 30 June 2021 20,641 673(9,786)11,528 The Consolidated Statement of Changes
285、 in Equity should be read in conjunction with the accompanying notes,which form an integral part of the financial report.Consolidated Statement of Cash Flows For the year ended 30 June 2021Note2021$0002020$000CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 1,248 130 Receipts from Govern
286、ment grants 547 119 Receipts from R&D tax incentive 565 250 Payments to suppliers and employees(8,519)(2,692)Interest received 23 8 Finance costs(18)-Net cash(used in)operating activities 30(6,154)(2,185)CASH FLOWS FROM INVESTING ACTIVITIES Payments for intangible assets(32)(27)Payment for financial
287、 assets(20)(36)Purchase of plant and equipment(1,981)(826)Net cash(used in)investing activities(2,033)(889)CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from the issues of shares,net of costs7,289 10,228 Repayment of borrowings-(84)Repayment of lease liabilities(129)-Net cash provided by financing a
288、ctivities 7,160 10,144 Net(decrease)increase in cash and cash equivalents held(1,027)7,070 Cash and cash equivalents at the beginning of year 8,228 1,158 Cash and cash equivalents at end of financial year 307,201 8,228 The Consolidated Statement of Cash Flows should be read in conjunction with the a
289、ccompanying notes,which form an integral part of the financial report.AML3D Limited/ASX:AL3/ABN 55 602 857 98331Notes to the Financial Statements For the year ended 30 June 20211.General InformationAML3D Limited(AML3D or the Company)is a limited liability company incorporated in Australia,whose shar
290、es are listed on the ASX.The financial statements were authorised for issue by the directors on 29 September 2021.The Directors have the power to amend and reissue the financial statements.The financial statements comprise the consolidated financial statements of the Company and its controlled entit
291、y(the Group).The principle accounting policies adopted in the preparation of these consolidated financial statements are set out below or included in the accompanying notes.Unless otherwise stated,these policies have been consistently applied to all the years presented.2.Statement of Significant Acc
292、ounting Policies a.Basis of PreparationThese general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations of the Australian Accounting Standards Board and the Corporations Act 2001(Cth).The Company is a for profit entity for the purpo
293、se of preparing the financial statements.The consolidated financial statements of AML3D comply with International Financial Reporting Standards issued by the International Accounting Standards Board(IASB).The consolidated financial statements have been prepared on an accruals basis,except for cashfl
294、ow information and are based on historical costs,except for the circumstances where the fair value method has been applied as detailed in these accounting policies.The financial statements have been prepared on a going concern basis which contemplates the continuity of normal business activity and t
295、he realisation of assets and the settlement of liabilities in the ordinary course of business.Comparatives are consistent with prior years,unless otherwise stated.b.Principles of ConsolidationAs at reporting date,the assets and liabilities of all controlled entities have been incorporated into the c
296、onsolidated financial statements as well as their results for the year then ended.Where controlled entities have entered(left)the Consolidated Group during the year,their operating results have been included(excluded)from the date control was obtained(ceased).i.SubsidiariesSubsidiaries are entities
297、controlled by the Group.A list of subsidiaries is provided in Note 5.ii.Transactions eliminated on consolidationAll intra-group balances and transactions,and any unrealised income and expenses arising from intra-group transactions,are eliminated in preparing the consolidated financial statements.c.T
298、axation i.Income Tax The income tax expense/(income)of the year comprises current income tax expense/(income)and deferred tax expense/(income).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
299、 substantially enacted,as at reporting date.Current tax liabilities(assets)are therefore measured at the amounts expected to be paid to(recovered from)the relevant taxation authority.Deferred income tax expense reflects movements in deferred tax assets and deferred tax liabilities during the year as
300、 well as unused tax losses.Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.Deferred tax assets also result where amounts have been fully expensed but futu
301、re tax deductions are available.No deferred income tax will be recognised from the initial recognition of an asset or liability,excluding a business 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
302、are expected to apply to the period when the asset is realised or the liability is settled,based on tax rates enacted or substantially enacted 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 lia
303、bility.Where temporary differences exist in relation to investments in subsidiaries,branches,associates,and joint ventures,deferred tax assets 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 wi
304、ll occur in the foreseeable future.Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future tax amounts will be available to utilise those temporary differences and losses.Current tax assets and liabilities are offset where a le
305、gally enforceable right of offset exists and it is intended that net settlement or simultaneous realisation and settlement of the respective 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 l
306、iabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur in future periods in which sign
307、ificant amounts of deferred tax assets or liabilities are expected to be recovered or settled.ii.Goods and Services Tax(GST)Revenues,expenses,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 98332is not recoverable from t
308、he 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 expense.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 Aust
309、ralian Taxation Office is included as a current asset or liability in the Statement of Financial Position.Cash flows are presented in the statement 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 i
310、n cash inflows from operations or payments to suppliers and employees.d.Plant and Equipment i.Recognition and Measurement Items of plant and 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
311、equipment is greater than the estimated recoverable amount,the carrying amount is written down immediately to the estimated recoverable amount 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 asses
312、sment of recoverable amount is made when impairment indicators are present.Cost includes expenditure that is directly attributable to the acquisition 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 th
313、ese assets.The recoverable amount is assessed based on the expected net cash flows that will be received from the assets employment and subsequent 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
314、and equipment have different useful lives,they are accounted for as separate items of plant and equipment.ii.Subsequent Costs The cost of replacing 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 wit
315、hin 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 recognised in the Statement of Profit or Loss and Other Comprehensive Income as an expense as incurred.iii.Depreciation Depreciation is charged to the Statement
316、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 the asset is held ready for use.Depreciation rates and methods are reviewed annually for appropriateness.The straight-line depreciation rates used for the curre
317、nt period are as follows:Class of fixed asset Depreciation rate(%)Office and Computer equipment 20-33Plant and Equipment 10-20Motor Vehicles 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 re
318、porting period.An assets carrying amount is written down immediately to its recoverable amount if the assets carrying amount is greater than 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
319、 carrying amount of plant and equipment and are recognised net within “other income”in the Statement of Profit or Loss and Other Comprehensive 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)
320、are reviewed at each reporting date to determine whether there is any indication of impairment.If any such indication exists,then the assets 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.
321、A cash-generating unit is the smallest identifiable asset group that generates cash flows that largely are independent from other assets and asset groups.Impairment losses are recognised in the Statement of Profit or Loss and Other Comprehensive Income,unless the asset has previously been revalued,i
322、n which case the impairment loss is recognised as a reversal to the extent of that previous revaluation with any excess recognised through the Statement of Profit or Loss and Other Comprehensive Income.Impairment losses recognised in respect of cash-generating units are allocated to the other assets
323、 in the unit on a pro rata basis.The recoverable amount of an asset or cash generating unit is the greater of its fair value less costs to sell 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
324、 current market assessments of the time value of money and the risks specific to the asset.For an asset that does not generate largely independent cash flows,the recoverable amount is determined for the cash-generating unit to which the asset belongs.Impairment losses recognised in prior periods are
325、 assessed at each reporting date for any indications that the loss has decreased or no longer exists.An impairment loss is reversed if there has 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 d
326、oes not exceed the carrying amount that would have been determined,net of depreciation and amortisation,if no impairment loss had been recognised.f.Financial Instruments i.Initial Recognition and Measurement Financial assets and financial liabilities are recognised when the entity becomes a party to
327、 the contractual AML3D Limited/ASX:AL3/ABN 55 602 857 98333provisions to the instrument.For financial assets,this is equivalent to the date that the entity commits itself to either the purchase or sale of the asset(i.e.trade date accounting is adopted).Financial instruments are initially measured at
328、 fair value plus transaction costs,except where the instrument is classified“at fair value through profit or loss”,in which case transaction costs are expensed to profit or loss immediately.Where available,quoted prices in an active market are used to determine fair value.In other circumstances,valu
329、ation techniques are adopted.Trade receivables are initially measured at the transaction price if the trade receivables do not contain a significant financing component or if the practical expedient was applied.ii.Classification and Subsequent Measurement Financial LiabilitiesA financial liability i
330、s measured at fair value through profit and loss if the financial liability is:A contingent consideration of an acquirer in a business combination to which AASB 3:Business Combinations applies;Held for trading;or Initially designated as“at fair value through profit or loss”.All other financial liabi
331、lities are subsequently measured at amortised cost using the effective interest rate method.The effective interest rate method is a method of calculating the amortised cost of a debt instrument and of allocating interest expense in profit or loss over the relevant period.The effective interest rate
332、is the internal rate of return of the financial asset or liability.That is,it is the rate that discounts the estimated future cash flows through the expected life of the instrument to the net carrying amount at initial recognition.Any gains or losses arising on changes in fair value are recognised i
333、n profit or loss to the extent they are not part of a designated hedging relationship are recognised in profit or loss.The change in fair value of the financial liability attributable to changes in the issuers credit risk is taken to other comprehensive income and are not subsequently reclassified to profit or loss.Instead,they are transferred to retained earnings upon derecognition of the financi
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