1、 1 ANNUAL REPORT 2018 For personal use only 2 TABLE OFTABLE OF CONTENTSCONTENTS SciDev Ltd ABN 25 001 150 849 Consolidated Financial Report for the Financial Year End 30 June 2018 Contents Page Directors report 3 Auditors independence declaration 17 Statement of profit or loss and other comprehensiv
2、e income 18 Statement of financial position 19 Statement of changes in equity 20 Statement of cash flows 21 Notes to the financial statements 22 Directors declaration 56 Independent auditors report to the members of SciDev Ltd 57 Shareholder Information 61 Corporate directory 63 For personal use onl
3、y 3 Letter from the Chairman and Managing Director 26 October 2018 Dear SciDev Shareholder,This is SciDev Ltds(SciDev or the Company)seventeenth Annual Report since listing on the Australian Securities Exchange(ASX)and includes the audited financial statements for the financial year ending 30 June 2
4、018.During the 2017/18 year,the Company recorded a 15%increase in revenue to$2.213 million due to higher chemical sales and OptiFlox System leasing fees.The Company recorded a profit after tax of$1.001 million,which compares with the loss after tax of$0.597 million for the previous corresponding per
5、iod.The profit was principally a result of the sale of Intec Zeehan Residues Pty Ltd,whose principal asset is the mining lease on which is located the Zeehan slag dump.The consideration received for the sale was principally in the form of shares in Tartana Resources Limited(Tartana).The value of the
6、se shares will be dependent upon the future market price of Tartana shares,movements in which will be recorded in the Statement of profit or loss for the Company.The key achievements during the year and to the date of this letter are as follows:Significant strengthening of the Companys management th
7、rough the addition of Lewis Uttiing,Jamiel Muhor and Steve Ward.Successful completion of a$860,000 capital raising that was strongly supported by senior management and the Sinoz Group,which is a globally significant supplier of chemicals and reagents to the mining and agribusiness industries.Progres
8、s on North American market entry through execution of MOUs with the Phoenix Process Equipment Co.,and the SeyDel Companies Inc.,and the receipt of purchase orders for chemical product from a Peabody Energy mine in the United States.Validation of the cost and productivity benefits of the OptiFlox Sys
9、tem from its extensive period of operation at the Wilpinjong coal mine.Agreements for commercial trials of OptIFlox Systems at two coking coal operations in the Bowen Basin,Queensland and at an Iluka Resources mineral sands operation.Divestment of subsidiary Intec Zeehan Residues Pty Ltd for an agre
10、ed consideration of$500,000 and the staged issue of 15 million shares in Tartana Resources Ltd at a deemed issue price of$0.10 per share.The key objectives for the current financial year are as follows:Successful OptiFlox trials leading to significantly increased chemical sales;Establishment of Nort
11、h American manufacturing operations;and Completion of the divestment of Intec Zeehan Residues Pty Ltd.We would like to thank shareholders for their ongoing support and commitment.We look forward to updating you on our endeavours and achievements throughout this financial year.Yours sincerely,Trevor
12、Jones Kieran Rodgers Chairman Managing Director For personal use only 4 Directors Report The following persons were directors of the Company during the whole of the financial year and up to the date of this report,unless otherwise stated:Trevor A Jones Kieran G Rodgers Daniel(Don)J Cronin Principal
13、activities The principal activity of the Consolidated Entity is the manufacture and supply of chemicals for industrial wastewater treatment.Dividends There were no dividends paid,recommended or declared during the current or previous financial year.Review of operations The profit for the Consolidate
14、d Entity after providing for income tax and non-controlling interest amounted to$1,001,869(30 June 2017:loss of$682,151).The profit for the Consolidated Entity was principally a result of the sale of Intec Zeehan Residues Pty Ltd.This sale resulted in a net gain on disposal of$1,989,200(refer to Not
15、e 6 of the financial statements).Net cash outflows from operating activities during the year were$892,345(30 June 2017:$225,298).Excluding the sale of Intec Zeehan Residues Pty Ltd,revenue from sales to customers during the year was$2,186,643(30 June 2017:$1,911,846),representing an increase of 14.4
16、%.Operational progress During the year and subsequent to year-end,the Company achieved further industry acceptance of the OptiFlox System.At the date of this report,the Company has five systems either installed or shortly to commence commercial trials.Wilpinjong thermal coal mine(Peabody Energy)Opti
17、Flox System is installed at the tailings thickener and over its period of operation has successfully demonstrated to the customer material savings in operating costs and significant improvements in productivity.Dairy manufacturing plant(Lion Dairy&Drinks)OptiFlox System is installed in the dissolved
18、 air flotation unit in the wastewater treatment plant.Installation complements existing and ongoing chemical sales at the facility.Major coking coal operation in Bowen Basin,Queensland In June 2018,the Company secured a six-month commercial trial with a global leader in coking coal production in the
19、 Bowen Basin of Queensland.The approval of the trial follows extensive on-site technical evaluations by Company personnel.The OptiFlox System will be trialed on one of the multiple Phoenix Process Equipment Co.belt press filters in the coal handling&preparation plant for a trial period of six months
20、.Dependent upon the success of the trial,there are future opportunities for multiple units to be deployed at the trial site.At the date of this report,the OptiFlox System has been deployed to the trial site and is currently in the process of being installed and commissioned.SciDev Ltd Directors Repo
21、rt 30 June 2018 For personal use only 5 Directors Report(continued)North Goonyella coking coal mine(Peabody Energy)Subsequent to year-end,the Company received a purchase order for an OptiFlox System,to be used in a six-month trial at Peabody Energys North Goonyella coking coal mine,in the Bowen Basi
22、n,Queensland.The system will be installed during the December quarter of 2018.Mineral sands operation(Iluka Resources Limited)Subsequent to year-end,the Company received a purchase order for a commercial trail of an OptiFlox System at an Iluka Resource Limited mineral sands operation.The approval of
23、 the trial follows extensive on-site technical evaluations by Company personnel.The OptiFlox System will be installed at the tailings thickener with installation to take place during the December quarter.By the end of this calendar year,the Company will have five OptiFlox Systems installed in Austra
24、lia across four industries;thermal coal extraction,dairy manufacturing,coking coal extraction and mineral sands production.These installations enhance the Companys ability to materially increase revenue from chemical sales.North American market entry Phoenix Process Equipment Co.On 2 January 2018,th
25、e Company announced that it had executed an MOU with Phoenix Process Equipment Co.(Phoenix),the worlds largest integrated supplier of chemicals and dewatering equipment,to investigate joint business opportunities.Under the MOU,SciDev and Phoenix will evaluate the opportunity for the incorporation of
26、 the Companys proprietary OptiFlox technology into Phoenixs equipment offering,as well as assess the feasibility of a partnership to manufacture certain chemicals for de-watering operations in selected locations throughout North America using SciDev manufacturing technology.The following specific ma
27、tters have either progressed in relation to the MOU or represent other areas of collaboration:The imminent trial of an OptiFlox System on one of the multiple Phoenix belt press filters at a major coking coal operation in the Bowen Basin,Queensland;The recent purchase order received for chemical prod
28、ucts from a Peabody Energy coal mine in the United States.The Seydel Companies Inc.On 10 January 2018,the Company announced that it had executed an MOU with The Seydel Companies,Inc.(Seydel)headquartered in Pendergrass,Georgia.Seydel is a leading producer of chemicals essential in the textile&appare
29、l,paper&packaging,personal care,agriculture and metalworking industries.Under the terms of the MOU,SciDev and Seydel will collaborate on a business plan to evaluate and potentially establish a facility to manufacture chemicals for wastewater treatment at Seydels facilities in the US utilising SciDev
30、s manufacturing technology,currently the subject of a pilot plant trial in SciDevs Australian facilities.SciDev Ltd Directors Report 30 June 2018 For personal use only 6 Directors Report(continued)Additions to Management During the year the Company made significant additions to its management person
31、nel:Lewis Utting Project Director Lewis has over 15 years experience in the water treatment,mining and chemical industries,principally with BASF,the worlds largest chemical producer by chemical sales.Lewis progressed through BASF starting as an Account Manager and finally becoming the Global Project
32、 Manager and Global Business Development Manager for the Mining Solutions business.Following twelve years with BASF,Lewis role with the Company will be primarily focused on driving growth in revenue through the Companys existing client base,as well as seeking new business throughout the Australian m
33、ining,dairy,paper and water treatment industries.Jamiel Muhor Business Development Manager Jamiel has over 15 years experience in the water treatment,mining and chemical industries.He began his career with Ciba,who were subsequently acquired by BASF,the worlds largest chemical producer by chemical s
34、ales.Jamiels most recent role at BASF was Head of Mining Technology Asia Pacific.Previous roles at BASF included Global Account Manager for BHP Billiton,Global Account Manager for Alcoa and Key Account Manager in the Canadian Oil Sands industry.Jamiel will be working closely with Project Director,Le
35、wis Utting,and will be focused on driving growth in revenue through the Companys existing client base,as well as seeking new business throughout the Australian mining,dairy,paper and water treatment industries.Steve Ward-Technical Account Manager Steve Ward has been contracted to support the Company
36、s operational activities in the dairy and food sector.Steve has over 30 years of sales,marketing,project management and customer service experience with specialty chemicals and process control systems.He began his career with Taubmans as a laboratory chemist before moving into the water treatment se
37、ctor where he spent 20 years in technical sales and marketing roles with Nalco,one of the worlds leading water treatment chemical companies.Steves most recent role was with Concept Controls where he managed a specialty water treatment chemical production facility as well as supporting technical sale
38、s,marketing and customer service activities.Sale of Intec Zeehan Residues Pty Ltd During the year the Company agreed the sale of Intec Zeehan Residues Pty Ltd,whose principal asset is a Mining Lease that holds the Zeehan Slag Dump.The proposed sale to Tartana Resources Limited(Tartana)was approved b
39、y shareholders at the Companys Annual General Meeting on 30 November 2017.The terms on which the Company agreed to divest its subsidiary to Tartana were as follows:Issue of 15 million Tartana shares to the Company at a deemed issue price of$0.10 per share;Payment to SciDev of$250,000(this occurred i
40、n late December 2017);and Payment to SciDev of an additional$250,000,of which$50,000 has been received with the remaining$200,000 plus accrued interest due by 30 September 2018.At the date of this report,7,760,000 Tartana shares,representing 19.9%of the issued capital of Tartana have been issued to
41、the Company and the balance of the Tartana shares to be issued to the Company,totalling in aggregate 15,000,000,are expected to be issued in a tranched manner in coming months.However,the final cash payment has not yet been received and the Company has reserved its right to take security over Intec
42、Zeehan Residues Pty Ltd.Tartana expects to lodge a replacement prospectus shortly thus re-commence capital raising for its Initial Public Offer.SciDev Ltd Directors Report 30 June 2018 For personal use only 7 Directors Report(continued)Corporate Activities On 25 June 2018,the Company announced a cap
43、ital raising of$860,000 via a two-tranche share placement process at a placement price of$0.006 per share.The share was completed in early August and resulted in the introduction of both Lewis Utting(Project Director)and Kanins Australia Pty Ltd(Kanins Australia)as substantial shareholders.Kanins Au
44、stralia and its associated companies,Sinoz Chemicals and Commodities Pty Ltd(Sinoz),Kemtec Mineral Processing Pty Ltd(Kemtec)and Kanins International Pty Ltd(Kanins International)are globally significant manufacturers and suppliers of chemicals and reagents to the mining industry and the agribusines
45、s sector.Both the SciDev and Sinoz/Kanins/Kemtec(the Sinoz Group)technology portfolios are highly complementary and cover the entirety of the mineral processing reagent value chain from grinding,beneficiation through to tailings and water treatment.SciDev will benefit from existing Sinoz Group custo
46、mer relationships,which management believes will accelerate business development activities.The Sinoz Group will benefit from SciDevs leading chemical and OptiFlox technology and mineral processing expertise allowing them to offer end users a complete solution.Significant changes in the state of aff
47、airs There were no significant changes in the state of affairs of the Consolidated Entity during the financial year.Matters subsequent to the end of the financial year On 9 July 2018,the Company received a further payment of$50,000 from Tartana Resources Ltd(Tartana)in relation to the sale to Tartan
48、a of Intec Zeehan Residues Pty Ltd.The remaining payment from Tartana of$210,000,including accrued interest,is due by 30 September 2018.On 10 August 2018,the Company completed Tranche 2 of the share placement previously announced on 25 June 2018.Tranche 2 comprised the placement of 69,110,534 shares
49、 at an issue price of 0.6 cents per share to raise$414,663 before costs.After year-end,a further 800,000 Tartana shares have been issued to the Company.The balance of the Tartana shares to be issued to the Company,totalling 7,240,000 shares,are expected to be issued in a tranched manner over the com
50、ing months.On 16 July 2018,the Company announced that it had received a purchase order from Peabody Energy for a six-month commercial trial of an OptiFlox System at the North Goonyella coking mine in Queensland.On 2 September 2018,the Company announced that it had received a purchase order from Iluk
51、a Resources Limited for a multi-month commercial trial of an OptiFlox System at a mineral sands operation.On 19 September 2018,the Company announced that it had received a purchase order for chemical products from a Peabody Energy coal mine in the United States.On 26 September 2018,the Company annou
52、nced that it had received a purchase order from Iluka Resources Limited for a trial of the Companys chemical products at an Australian mineral sands operation.On 3 October 2018,the Company announced that it had not received the final payment amount,from Tartana Resources Pty Ltd being$200,000 plus a
53、ccrued interest,which was due on 30 September 2018.The Company also announced that it had agreed the terms of a US$350,000 working capital facility with Kanins International Pty Ltd.On 25 October 2018,the Company announced that it had received a cash refund of approximately$333,000 under the Federal
54、 Governments R&D Tax Incentive Program.No other matter or circumstance has arisen since 30 June 2018 that has significantly affected,or may significantly affect the Consolidated Entitys operations,the results of those operations,or the Consolidated Entitys state of affairs in future financial years.
55、SciDev Ltd Directors Report 30 June 2018 For personal use only 8 Directors Report(continued)Likely developments and expected results of operations Information on likely developments in the operations of the Consolidated Entity and the expected results of operations have not been included in this rep
56、ort because the directors believe it would be likely to result in unreasonable prejudice to the Consolidated Entity.Going concern For the year ended 30 June 2018 the Consolidated Entity generated an operating loss after income tax of$987,331(2017:$597,340)before taking into account the net gain from
57、 the sale of Intec Zeehan Residues Pty Ltd.Net cash outflows from operations were$892,345(2017:$225,298)for the year ended 30 June 2018.At 30 June 2018 the Consolidated Entity had net assets of$3,950,386(2017:$2,461,700)and cash balances of$568,187(2017:$938,714).These matters give rise to a materia
58、l uncertainty that may cast doubt whether the Consolidated Entity can continue as a going concern and realise its assets and extinguish its liabilities in the ordinary course of business and at amounts stated in the financial statements.The continuing viability of the Consolidated Entity and its abi
59、lity to continue as a going concern and meet its debts and commitments as and when they fall due are dependent upon the Consolidated Entity being successful in the following:New customer acquisition;Commercialisation of the Optiflox System with resultant increased product sales and technology leasin
60、g fees;and The raising of sufficient capital by way of either additional debt and/or equity capital.The Directors are of the opinion that sufficient additional funding will be secured and are themselves likely to participate in any future equity capital raising.The financial report has therefore bee
61、n prepared on the basis of a going concern.This basis presumes that funds from the above sources will be available to finance future operations,and to repay liabilities and that the realisation of assets and settlement of liabilities will occur in the normal course of business.However,the Directors
62、note that if sufficient funds are not raised through the above-mentioned sources,the going concern basis may not be appropriate with the result that the group may have to realise its assets and extinguish its liabilities other than in the ordinary course of business and in amounts different from tho
63、se stated in the financial report.The companys auditor has,without qualifying their audit opinion,included an emphasis of matter paragraph in their audit report which draws attention to the aforementioned uncertainty regarding going concern.Environmental regulation The Consolidated Entity is not sub
64、ject to any significant environmental regulation under Australian Commonwealth or State law.SciDev Ltd Directors Report 30 June 2018 For personal use only 9 Directors Report(continued)Information on Directors SciDev Ltd Directors Report 30 June 2018 Name:Title:Qualifications:Experience and expertise
65、:Trevor A Jones Chairman B.Comm.(Melb)Mr.Jones has spent over 30 years working in the finance industry in Australia,United Kingdom and the USA.During this time,he has held senior executive positions in investment funds management,stockbroking and corporate finance,and gained a broad experience of ca
66、pital structuring and capital raising,particularly in the mining sector.Mr.Jones was manager of equity portfolios for Shell Australia and National Employers Mutual in the United Kingdom.He was a Director of County NatWest Securities Australia Ltd in London and then Director of Corporate Finance with
67、 Westpac Institutional Bank in Sydney.More recently Mr.Jones was the Sydney Chief Executive for Melbourne-based Austock Group and was Chairman of both its Corporate Finance and Investment Management divisions.He was appointed as a Non-executive Director of SciDev on 28 February 2007.Other current di
68、rectorships:Former directorships(last 3 years):Special responsibilities:Interests in shares:Interests in options:None None Chairman of the Corporate Governance Committee and a member of the Audit Committee and the Nomination and Remuneration Committee 5,742,331 1,000,000 Name:Title:Qualifications:Ex
69、perience and expertise:Kieran G Rodgers Managing Director B.E.(Hons.)Min.(UNSW),M.B.A.(IMD)Mr.Rodgers joined SciDev in March 2001 after 13 years of experience in merchant banking and financial consulting,principally at Resource Finance Corporation Ltd,which specifically focused on the Australian and
70、 international resources industry.He was appointed as an Executive Director of SciDev on 28 February 2007.Mr.Rodgers was appointed Managing Director on 6 February 2012.Other current directorships:Former directorships(last 3 years):Special responsibilities:Interests in shares:Interests in options:Non
71、e None Managing Director and member of the Corporate Governance Committee 40,183,245 2,000,000 Name:Title:Qualifications:Experience and expertise:Daniel J Cronin Non-executive Director B.E.(Uni.College,Cork)M.Sc.(Southampton),MBA(LBS)Mr.Cronin was appointed to the Board of SciDev on 26 November 2013
72、.Mr.Cronin began his career as an Engineer with the British consulting firm Halcrow,working for 6 years in the UK and South America.This was followed by 5 years working in project management with the construction Company Gammon in Hong Kong and Singapore.Following completion of an MBA degree,he was
73、employed in the chemical industry for 23 years,initially with Sandoz and later with Degussa and BASF.He has worked in senior general management roles in Zurich,Sydney and Singapore.His most recent position was Senior Vice President Construction Chemicals for BASF with responsibility for Europe,Middl
74、e East and Africa.Other current directorships:Former directorships(last 3 years):Special responsibilities:Interests in shares:Interests in options:None None Chairman of the Audit Committee and a member of the Corporate Governance Committee and the Nomination and Remuneration Committee 4,659,554 2,00
75、0,000 For personal use only 10 Directors Report(continued)Other current directorships quoted above are current directorships for listed entities only and excludes directorships of all other types of entities,unless otherwise stated.Former directorships(last 3 years)quoted above are directorships hel
76、d in the last 3 years for listed entities only and excludes directorships of all other types of entities,unless otherwise stated.Company secretary Mr Heath L Roberts(Dip Law(S.A.B.)and Grad Dip Legal Practice(UTS)was appointed to the position of Company Secretary of SciDev Ltd on 1 March 2017.Mr Rob
77、erts is a commercial solicitor with over 20 years of listed company experience.He has acted for SciDev in various capacities over the years and brings strong transactional,compliance and capital raising experience to the role.Meetings of directors The number of meetings of the companys Board of Dire
78、ctors(the Board)held during the year ended 30 June 2018,and the number of meetings attended by each director were:Held:represents the number of meetings held during the time the director held office.*The Nomination and Remuneration Committee did not meet during the financial year.Remuneration report
79、(audited)The remuneration report details the key management personnel remuneration arrangements for the Consolidated Entity,in accordance with the requirements of the Corporations Act 2001 and its Regulations.Key management personnel are those persons having authority and responsibility for planning
80、,directing and controlling the activities of the entity,directly or indirectly,including all directors.The remuneration report is set out under the following main headings:Principles used to determine the nature and amount of remuneration Details of remuneration Service agreements Share-based compen
81、sation Additional information Additional disclosures relating to key management personnel Principles used to determine the nature and amount of remuneration The objective of the Consolidated Entitys executive reward framework is to ensure reward for performance is competitive and appropriate for the
82、 results delivered.The framework aligns executive reward with the achievement of strategic objectives and the creation of value for shareholders,and it is considered to conform to the market best practice for the delivery of reward.The Board of Directors(the Board)ensures that executive reward satis
83、fies the following key criteria for good reward governance practices:competitiveness and reasonableness;acceptability to shareholders;performance linkage/alignment of executive compensation;transparency;and capital management.SciDev Ltd Directors Report 30 June 2018 Full Board Nomination and Remuner
84、ation Committee*Audit Committee Attended Held Attended Held Attended Held Trevor A Jones 12 12 -3 3 Kieran G Rodgers 12 12 -Daniel J Cronin 12 12 -3 3 For personal use only 11 Directors Report(continued)The Group has structured an executive remuneration framework that is market competitive.The frame
85、work provides for a mix of fixed pay and also variable pay and includes long term incentives,when appropriate.There is no defined relationship between Company performance and remuneration at this point in time.However,the matter is under continual review.The fixed proportion of remuneration is curre
86、ntly 100%.The Board has established a nomination and remuneration committee which provides advice on remuneration and incentive policies and practices and makes specific recommendations on remuneration packages and other terms of employment for the Managing Director,other senior executives and Non-E
87、xecutive Directors.The Corporate Governance Statement provides further information on the role of this Committee.Non-executive directors remuneration Fees and payments to the Non-Executive Directors reflect the demands which are made on,and the responsibilities of,the NonExecutive Directors.The Boar
88、d undertakes a review of Non-Executive Directors fees and payments annually.Non-Executive Directors fees are determined within an aggregate Non-Executive Directors cash remuneration limit,which is periodically recommended for approval by shareholders.The current limit of$400,000 was approved by shar
89、eholders at the 2007 Annual General Meeting held on 14 November 2007.The amount paid to non-executive directors of the parent entity(SciDev Ltd)during the year to 30 June 2018 was$125,316(2017:$127,316).In addition,Non-Executive Directors are able to participate in issues of options pursuant to the
90、SciDev Employee Share Scheme.The value of any options granted to Non-Executive Directors are not included in the aggregate cash remuneration limit as they are not cash based payments.Executive remuneration The executive pay and reward framework has two components,which together comprise the executiv
91、es total remuneration:base pay,superannuation and non-monetary benefits;and long term incentives through participation in the SciDev Employee Share Scheme.The combination of these comprises the executives total remuneration.Base pay Base pay is structured as a total employment cost package,which may
92、 be delivered as a combination of cash and prescribed non-financial benefits at the executives discretion.Executives are offered a competitive base pay that comprises a fixed component of cash salary and superannuation.Base pay for each senior executive is reviewed annually to ensure the executives
93、pay is competitive with the market.There is no guaranteed base pay increase included in any executives contract.SciDev Employee Share Scheme Information on the Intec Employee Share Scheme is set out in note 35.Participation in the SciDev Employee Share Scheme is at the discretion of the Board and th
94、ere is no guarantee of annual participation by any executive.Use of remuneration consultants The company did not engage remuneration consultants during the financial year ended 30 June 2018.Voting and comments made at the companys 30 November 2017 Annual General Meeting(AGM)At the 30 November 2017 A
95、GM,84%of the votes received supported the adoption of the remuneration report for the year ended 30 June 2017.The company did not receive any specific feedback at the AGM regarding its remuneration practices.SciDev Ltd Directors Report 30 June 2018 For personal use only 12 Directors Report(continued
96、)Details of remuneration Amounts of remuneration Details of the remuneration of key management personnel of the Consolidated Entity are set out in the following tables.The key management personnel of the Consolidated Entity consisted of the following directors of SciDev Ltd:Trevor A Jones-Non-execut
97、ive Chairman Daniel J Cronin-Non-executive Director Kieran G Rodgers-Managing Director And the following person:Lewis E Utting-Project Director(1 appointed March 2018)1.Cash salary and fees includes$32,423 of accrued annual leave paid out.2.Lewis Utting was appointed Project Director on 1 March 2018
98、.SciDev Ltd Directors Report 30 June 2018 Short-term benefits Post-employment benefits Long-term benefits Cash salary Consulting Non-Super-Long service and fees fees monetary annuation leave Total 2017$Non-Executive Directors:Trevor A Jones(Chairman)69,444 -6,597 -76,041 Daniel J Cronin 45,000 2,000
99、 -4,275 -51,275 Executive Directors:Kieran G Rodgers 215,000 -27,128 20,425 9,137 271,690 329,444 2,000 27,128 31,297 9,137 399,006 Short-term benefits Post-employment benefits Long-term benefits Cash salary Consulting Non-Super-Long service and fees fees monetary annuation leave Total 2018$Non-Exec
100、utive Directors:Trevor A Jones(Chairman)69,444 -6,597 -76,041 Daniel J Cronin 45,000 -4,275 -49,275 Executive Directors:Kieran G Rodgers 1 268,424 -2,259 20,900 31,007 322,590 Other Key Management Personnel:Lewis E Utting 2 72,917 -6,927 -79,844 455,785 -2,259 38,699 31,007 527,750 For personal use
101、only 13 Directors Report(continued)Details of remuneration The proportion of remuneration linked to performance and the fixed proportion are as follows:Service agreements Remuneration and other terms of employment for key management personnel are formalised in service agreements.Details of these agr
102、eements are as follows:Key management personnel have no entitlement to termination payments in the event of removal for misconduct.Share-based compensation Issue of shares There were no shares issued to directors and other key management personnel as part of compensation during the year ended 30 Jun
103、e 2018.Options There were no options over ordinary shares granted to or vested by directors and other key management personnel as part of compensation during the year ended 30 June 2018.There were no options for directors and other key management personnel that lapsed during the year ended 30 June 2
104、018.SciDev Ltd Directors Report 30 June 2018 Fixed remuneration At risk-STI At risk-LTI Name 2018 2017 2018 2017 2018 2017 Non-Executive Directors:Trevor A Jones(Chairman)100%100%-Daniel J Cronin 100%100%-Executive Directors:Kieran G Rodgers 100%100%-Other Key Management Personnel:Lewis E Utting 100
105、%-Name:Kieran G Rodgers Title:Managing Director Agreement commenced:1 March 2018 Term of agreement:Ongoing Details:Base salary for the year ended 30 June 2018 of$260,000 plus superannuation,to be reviewed annually by the Nomination and Remuneration Committee.The contract may be terminated by 6 month
106、s notice from either party.Name:Lewis E Utting Title:Project Director Agreement commenced:1 March 2018 Term of agreement:Ongoing Details:Base salary for the year ended 30 June 2018 of$250,000 plus superannuation,to be reviewed annually by the Managing Director.The contract may be terminated by 6 mon
107、ths notice from either party.For personal use only 14 Directors Report(continued)Additional Information The earnings of the Consolidated Entity for the five years to 30 June 2018 are summarised below:Additional disclosures relating to key management personnel Shareholding The number of shares in the
108、 company held during the financial year by each director and other members of key management personnel of the Consolidated Entity,including their personally related parties,is set out below:Option holding The number of options over ordinary shares in the company held during the financial year by eac
109、h director and other members of key management personnel of the Consolidated Entity,including their personally related parties,is set out below:Loans to key management personnel and their related parties There were no loans owing by key management personnel of the group,including their close family
110、members and entities related to them,during the financial year ended 30 June 2018.Other transactions with key management personnel and their related parties There were no other transactions with key management personnel of the group,including their close family members and entities related to them,d
111、uring the financial year ended 30 June 2018.This concludes the remuneration report,which has been audited.SciDev Ltd Directors Report 30 June 2018 2018 2017 2016 2015 2014$Sales revenue 2,029,373 1,846,985 1,352,346 1,316,493 911,740 Loss after income tax 1,001,869 (597,340)(458,130)(856,446)(1,261,
112、134)Balance at Received Balance at the start of as part of Disposals/the end of the year remuneration Additions other the year Ordinary shares Trevor A Jones 5,742,331 -5,742,331 Kieran G Rodgers 23,516,577 -23,516,577 Daniel J Cronin 4,659,554 -4,659,554 Lewis E Utting -35,512,267 -35,512,267 33,91
113、8,462 -35,512,267 -69,430,729 Balance at Expired/Balance at the start of forfeited/the end of the year Granted Exercised other the year Options over ordinary shares Trevor A Jones 1,000,000 -1,000,000 Kieran G Rodgers 2,000,000 -2,000,000 Daniel J Cronin 2,000,000 -2,000,000 Lewis E Utting -5,000,00
114、0 -5,000,000 5,000,000 -10,000,000 For personal use only 15 Directors Report(continued)Shares under option Unissued ordinary shares of SciDev Ltd under option at the date of this report are as follows:*Options granted under the SciDev Employee Share Scheme*Options granted to the Lead Manager and Und
115、erwriter for services rendered in connection with the placement of shares and a share purchase plan*Options granted to a key service provider(non-Director)for services rendered.No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue o
116、f the company or of any other body corporate.No options were granted to the directors or any of the five highest remunerated officers of the company since the end of the financial year.Shares issued on the exercise of options There were no ordinary shares of SciDev Ltd issued on the exercise of opti
117、ons during the year ended 30 June 2018 and up to the date of this report.Indemnity and insurance of officers The company has indemnified the directors and executives of the company for costs incurred,in their capacity as a director or executive,for which they may be held personally liable,except whe
118、re there is a lack of good faith.During the financial year,the company paid a premium in respect of a contract to insure the directors and executives of the company against a liability to the extent permitted by the Corporations Act 2001.The contract of insurance prohibits disclosure of the nature o
119、f the liability and the amount of the premium.Indemnity and insurance of auditor The company has not,during or since the end of the financial year,indemnified or agreed to indemnify the auditor of the company or any related entity against a liability incurred by the auditor.During the financial year
120、,the company has not paid a premium in respect of a contract to insure the auditor of the company or any related entity.Proceedings on behalf of the company No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the company,or to
121、 intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or part of those proceedings.SciDev Ltd Directors Report 30 June 2018 Exercise Number Grant date Expiry date price under option 10 December 2014*28 November 2019$0.
122、025 5,500,000 2 February 2017*28 November 2019$0.025 22,500,000 14 August 2017*28 November 2019$0.025 6,500,000 28 December 2017*28 November 2019$0.025 5,000,000 39,500,000 For personal use only 16 Directors Report(continued)Non-audit services Details of the amounts paid or payable to the auditor fo
123、r non-audit services provided during the financial year by the auditor are outlined in note 25 to the financial statements.The directors are of the opinion that the services as disclosed in note 25 to the financial statements do not compromise the external auditors independence requirements of the C
124、orporations Act 2001 for the following reasons:all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor;and none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code
125、of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board,including reviewing or auditing the auditors own work,acting in a management or decision-making capacity for the company,acting as advocate for the company or jointly sharing economic risks and r
126、ewards.Officers of the company who are former partners of Rothsay Chartered Accountants There are no officers of the company who are former partners of Rothsay Chartered Accountants.Auditors independence declaration A copy of the auditors independence declaration as required under section 307C of th
127、e Corporations Act 2001 is set out immediately after this directors report.Auditor Rothsay Chartered Accountants continues in office in accordance with section 327 of the Corporations Act 2001.This report is made in accordance with a resolution of directors,pursuant to section 298(2)(a)of the Corpor
128、ations Act 2001.On behalf of the directors Kieran G Rodgers Managing Director 26 October 2018 Sydney SciDev Ltd Directors Report 30 June 2018 For personal use only 14 AUDITORS INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 As lead auditor of SciDev Limited for the year ende
129、d 30 June 2018,I declare that,to the best of my knowledge and belief,there have been:no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;and no contraventions of any applicable code of professional conduct in relation to the audit.Rothsay
130、Chartered Accountants Frank Vrachas Partner Sydney,27 September 2018 For personal use only 18 Statement of profit or loss and other comprehensive income SciDev Ltd Statement of profit or loss and other comprehensive income For the year ended 30 June 2018 Note 2018 2017$Revenue 5 2,213,767 1,925,233
131、Other income 6 2,336,187 243,802 Expenses Changes in inventories (4,345)(46,673)Raw materials and consumables used (1,251,282)(955,068)Employee benefits expense (1,006,057)(741,253)Depreciation and amortisation expense (194,171)(152,193)Engineering and other consultants expenses (2,896)(157,684)Insu
132、rance (46,067)(44,081)Listing and share registry expenses (35,075)(38,635)Professional fees (557,902)(153,016)Rent and related expenses (151,050)(124,467)Travel,accommodation and conference (143,211)(90,162)Other expenses (158,060)(112,970)Finance costs (6,111)(26,628)Profit/(loss)before income tax
133、benefit/(expense)993,727 (473,795)Income tax benefit/(expense)8 8,142 (123,545)Profit/(loss)after income tax benefit/(expense)for the year 1,001,869 (597,340)Other comprehensive income for the year,net of tax -Total comprehensive income for the year 1,001,869 (597,340)Profit/(loss)for the year is at
134、tributable to:Non-controlling interest -84,811 Owners of SciDev Ltd 1,001,869 (682,151)1,001,869 (597,340)Total comprehensive income for the year is attributable to:Non-controlling interest -84,811 Owners of SciDev Ltd 1,001,869 (682,151)1,001,869 (597,340)Cents Cents Basic earnings per share 34 0.2
135、0 (0.23)Diluted earnings per share 34 0.20 (0.23)For personal use only 19 Statement of financial position SciDev Ltd Statement of financial position As at 30 June 2018 Note 2018 2017$Assets Current assets Cash and cash equivalents 9 568,187 938,714 Trade and other receivables 10 727,946 334,017 Inve
136、ntories 11 236,184 231,839 Other 1,754 1,754 Total current assets 1,534,071 1,506,324 Non-current assets Available-for-sale financial assets 12 1,502,900 2,900 Property,plant and equipment 13 260,954 291,201 Intangibles 14 1,266,033 1,279,803 Total non-current assets 3,029,887 1,573,904 Total assets
137、 4,563,958 3,080,228 Liabilities Current liabilities Trade and other payables 15 370,279 358,410 Borrowings 16 31,938 11,957 Employee benefits 17 167,247 163,365 Total current liabilities 569,464 533,732 Non-current liabilities Borrowings 18 -32,546 Deferred tax 8 44,108 52,250 Total non-current lia
138、bilities 44,108 84,796 Total liabilities 613,572 618,528 Net assets 3,950,386 2,461,700 Equity Issued capital 19 74,118,627 73,673,290 Reserves 20 2,210,703 2,169,223 Accumulated losses (72,378,944)(73,380,813)Total equity 3,950,386 2,461,700 For personal use only 20 Statement of changes in equity S
139、ciDev Ltd Statement of changes in equity For the year ended 30 June 2018 Issued Accumulated Non-controlling Total equity capital Reserves losses interest$Balance at 1 July 2016 71,641,977 2,653,594 (72,698,662)169,990 1,766,899 Profit/(loss)after income tax expense for the year -(682,151)84,811 (597
140、,340)Other comprehensive income for the year,net of tax -Total comprehensive income for the year -(682,151)84,811 (597,340)Transactions with owners in their capacity as owners:Contributions of equity,net of transaction costs(note 19)2,031,313 -2,031,313 Share-based payments(note 35)-160,828 -160,828
141、 Transactions with non-controlling interests -(645,199)-(254,801)(900,000)Balance at 30 June 2017 73,673,290 2,169,223 (73,380,813)-2,461,700 Issued Accumulated Non-controlling Total equity capital Reserves losses interest Total equity$Balance at 1 July 2017 73,673,290 2,169,223 (73,380,813)-2,461,7
142、00 Profit after income tax benefit for the year -1,001,869 -1,001,869 Other comprehensive income for the year,net of tax -Total comprehensive income for the year -1,001,869 -1,001,869 Transactions with owners in their capacity as owners:Contributions of equity,net of transaction costs(note 19)445,33
143、7 -445,337 Share-based payments(note 35)-41,480 -41,480 Balance at 30 June 2018 74,118,627 2,210,703 (72,378,944)-3,950,386 For personal use only 21 Statement of cash flows SciDev Ltd Statement of cash flows For the year ended 30 June 2018 Note 2018 2017$Cash flows from operating activities Receipts
144、 from customers(inclusive of GST)2,311,575 1,999,539 Payments to suppliers and employees(inclusive of GST)(3,507,670)(2,304,164)(1,196,095)(304,625)Interest received 6,749 13,387 R&D tax offset received 303,112 218,492 Interest and other finance costs paid (6,111)(26,628)Income taxes paid -(125,924)
145、Net cash used in operating activities 32 (892,345)(225,298)Cash flows from investing activities Payments for non-controlling interest in subsidiary -(660,000)Payments for property,plant and equipment 13 (97,045)(190,764)Payments for intangibles 14 (53,109)(52,143)Payments for security deposits (10,8
146、00)-Proceeds from disposal of Zeehan Project 250,000 -Net cash from/(used in)investing activities 89,046 (902,907)Cash flows from financing activities Proceeds from issue of shares 19 445,337 2,100,000 Share issue transaction costs -(147,859)Repayment of borrowings (12,565)(363,311)Net cash from fin
147、ancing activities 432,772 1,588,830 Net increase/(decrease)in cash and cash equivalents (370,527)460,625 Cash and cash equivalents at the beginning of the financial year 938,714 478,089 Cash and cash equivalents at the end of the financial year 9 568,187 938,714 For personal use only 22 Notes to the
148、 financial statements Note 1.General information The financial statements cover SciDev Ltd as a Consolidated Entity consisting of SciDev Ltd and the entities it controlled at the end of,or during,the year.The financial statements are presented in Australian dollars,which is SciDev Ltds functional an
149、d presentation currency.SciDev Ltd is a listed public company limited by shares,incorporated and domiciled in Australia.Its registered office and principal place of business is:Suite 105 48 Atchison Street St Leonards NSW 2065 A description of the nature of the Consolidated Entitys operations and it
150、s principal activities are included in the directors report,which is not part of the financial statements.The financial statements were authorised for issue,in accordance with a resolution of directors,on 27 September 2018.The directors have the power to amend and reissue the financial statements.No
151、te 2.Significant accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out either in the respective notes or below.These policies have been consistently applied to all the years presented,unless otherwise stated.New or amended Accounting
152、 Standards and Interpretations adopted The Consolidated Entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)that are mandatory for the current reporting period.None of the new standards and amendments to stand
153、ards affected any of the amounts recognised in the current period or any prior period.Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.Going concern For the year ended 30 June 2018 the Consolidated Entity generated an operating loss af
154、ter income tax of$987,331(2017:$597,340)before taking into account the net gain from the sale of Intec Zeehan Residues Pty Ltd.Net cash outflows from operations were$892,345(2017:$225,298)for the year ended 30 June 2018.At 30 June 2018 the Consolidated Entity had net assets of$3,950,386(2017:$2,461,
155、700)and cash balances of$568,187(2017:$938,714).These matters give rise to a material uncertainty that may cast doubt whether the Consolidated Entity can continue as a going concern and realise its assets and extinguish its liabilities in the ordinary course of business and at amounts stated in the
156、financial statements.The continuing viability of the Consolidated Entity and its ability to continue as a going concern and meet its debts and commitments as and when they fall due are dependent upon the Consolidated Entity being successful in the following:New customer acquisition;Commercialisation
157、 of the Optiflox System with resultant increased product sales and technology leasing fees;and The raising sufficient capital by way of either additional debt and/or equity capital.SciDev Ltd Notes to the financial statements 30 June 2018 For personal use only 23 Note 2.Significant accounting polici
158、es(continued)The Directors are of the opinion that sufficient additional funding will be secured and are themselves likely to participate in any future equity capital raising.The financial report has therefore been prepared on the basis of a going concern.This basis presumes that funds from the abov
159、e sources will be available to finance future operations,and to repay liabilities and that the realisation of assets and settlement of liabilities will occur in the normal course of business.However,the Directors note that if sufficient funds are not raised through the above-mentioned sources,the go
160、ing concern basis may not be appropriate with the result that the group may have to realise its assets and extinguish its liabilities other than in the ordinary course of business and in amounts different from those stated in the financial report.Basis of preparation These general-purpose financial
161、statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)and the Corporations Act 2001,as appropriate for for-profit oriented entities.These financial statements also comply with International Financ
162、ial Reporting Standards as issued by the International Accounting Standards Board(IASB).Historical cost convention The financial statements have been prepared under the historical cost convention,except for,where applicable,financial assets and liabilities at fair value through profit or loss.Critic
163、al accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates.It also requires management to exercise its judgement in the process of applying the Consolidated Entitys accounting policies.The areas involving a higher degree of judgement
164、 or complexity,or areas where assumptions and estimates are significant to the financial statements,are disclosed in note 3.Parent entity information In accordance with the Corporations Act 2001,these financial statements present the results of the Consolidated Entity only.Supplementary information
165、about the parent entity is disclosed in note 28.Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of SciDev Ltd(company or parent entity)as at 30 June 2018 and the results of all subsidiaries for the year then ended.SciDev Lt
166、d and its subsidiaries together are referred to in these financial statements as the Consolidated Entity.Subsidiaries are all those entities over which the Consolidated Entity has control.The Consolidated Entity controls an entity when the Consolidated Entity is exposed to,or has rights to,variable
167、returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.Subsidiaries are fully consolidated from the date on which control is transferred to the Consolidated Entity.They are de-consolidated from the date that c
168、ontrol ceases.Intercompany transactions,balances and unrealised gains on transactions between entities in the Consolidated Entity are eliminated.Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred.Accounting policies of subsidiari
169、es have been changed where necessary to ensure consistency with the policies adopted by the Consolidated Entity.The acquisition of subsidiaries is accounted for using the acquisition method of accounting.A change in ownership interest,without the loss of control,is accounted for as an equity transac
170、tion,where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.SciDev Ltd Notes to the financial statements 30 June 2018 For personal use only 24 Note 2.Significant a
171、ccounting policies(continued)Where the Consolidated Entity loses control over a subsidiary,it derecognises the assets including goodwill,liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity.The Consolidated Entity recogn
172、ises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.Foreign currency translation The financial statements are presented in Australian dollars,which is SciDev Ltds functional and presentation currency.Foreign
173、 currency transactions Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions.Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchang
174、e rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.Foreign operations The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date.The revenues and expenses of foreign
175、 operations are translated into Australian dollars using the average exchange rates,which approximate the rates at the dates of the transactions,for the period.All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity.The f
176、oreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification.An asset is classifie
177、d as current when:it is either expected to be realised or intended to be sold or consumed in the Consolidated Entitys normal operating cycle;it is held primarily for the purpose of trading;it is expected to be realised within 12 months after the reporting period;or the asset is cash or cash equivale
178、nt unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.All other assets are classified as non-current.A liability is classified as current when:it is either expected to be settled in the Consolidated Entitys normal operating cycle;it
179、 is held primarily for the purpose of trading;it is due to be settled within 12 months after the reporting period;or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.All other liabilities are classified as non-current.Deferred
180、 tax assets and liabilities are always classified as non-current.Investments and other financial assets Investments and other financial assets are initially measured at fair value.Transaction costs are included as part of the initial measurement,except for financial assets at fair value through prof
181、it or loss.They are subsequently measured at either amortised cost or fair value depending on their classification.Classification is determined based on the purpose of the acquisition and subsequent reclassification to other categories is restricted.Financial assets are derecognised when the rights
182、to receive cash flows from the financial assets have expired or have been transferred and the Consolidated Entity has transferred substantially all the risks and rewards of ownership.Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments t
183、hat are not quoted in an active market.They are carried at amortised cost using the effective interest rate method.Gains and losses are recognised in profit or loss when the asset is derecognised or impaired.SciDev Ltd Notes to the financial statements 30 June 2018 For personal use only 25 Note 2.Si
184、gnificant accounting policies(continued)Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets,principally equity securities,that are either designated as available-for-sale or not classified as any other category.After initial recognition,fair va
185、lue movements are recognised in other comprehensive income through the available-for-sale reserve in equity.Cumulative gain or loss previously reported in the available-for-sale reserve is recognised in profit or loss when the asset is derecognised or impaired.Impairment of financial assets The Cons
186、olidated Entity assesses at the end of each reporting period whether there is any objective evidence that a financial asset or group of financial assets is impaired.Objective evidence includes significant financial difficulty of the issuer or obligor;a breach of contract such as default or delinquen
187、cy in payments;the lender granting to a borrower concessions due to economic or legal reasons that the lender would not otherwise do;it becomes probable that the borrower will enter bankruptcy or other financial reorganisation;the disappearance of an active market for the financial asset;or observab
188、le data indicating that there is a measurable decrease in estimated future cash flows.The amount of the impairment allowance for loans and receivables carried at amortised cost is the difference between the assets carrying amount and the present value of estimated future cash flows,discounted at the
189、 original effective interest rate.If there is a reversal of impairment,the reversal cannot exceed the amortised cost that would have been recognised had the impairment not been made and is reversed to profit or loss.Available-for-sale financial assets are considered impaired when there has been a si
190、gnificant or prolonged decline in value below initial cost.Subsequent increments in value are recognised in other comprehensive income through the available-for-sale reserve.Leases The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement and req
191、uires an assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset.A distinction is made between finance leases,which effectively transfer from the lessor to the lessee substantially all the risk
192、s and benefits incidental to the ownership of leased assets,and operating leases,under which the lessor effectively retains substantially all such risks and benefits.Finance leases are capitalised.A lease asset and liability are established at the fair value of the leased assets,or if lower,the pres
193、ent value of minimum lease payments.Lease payments are allocated between the principal component of the lease liability and the finance costs,so as to achieve a constant rate of interest on the remaining balance of the liability.Leased assets acquired under a finance lease are depreciated over the a
194、ssets useful life or over the shorter of the assets useful life and the lease term if there is no reasonable certainty that the Consolidated Entity will obtain ownership at the end of the lease term.Operating lease payments,net of any incentives received from the lessor,are charged to profit or loss
195、 on a straight-line basis over the term of the lease.Impairment of non-financial assets Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment,or more frequently if events or changes in circumstances indicate th
196、at they might be impaired.Other non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount.Sci
197、Dev Ltd Notes to the financial statements 30 June 2018 For personal use only 26 Note 2.Significant accounting policies(continued)Impairment of non-financial assets(continued)Recoverable amount is the higher of an assets fair value less costs of disposal and value-in-use.The value-in-use is the prese
198、nt value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs.Assets that do not have independent cash flows are grouped together to form a cash-generating unit.Finance costs Finance costs attr
199、ibutable to qualifying assets are capitalised as part of the asset.All other finance costs are expensed in the period in which they are incurred.Goods and Services Tax(GST)and other similar taxes Revenues,expenses and assets are recognised net of the amount of associated GST,unless the GST incurred
200、is not recoverable from the tax authority.In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.Receivables and payables are stated inclusive of the amount of GST receivable or payable.The net amount of GST recoverable from,or payable to,the tax
201、authority is included in other receivables or other payables in the statement of financial position.Cash flows are presented on a gross basis.The GST components of cash flows arising from investing or financing activities which are recoverable from,or payable to the tax authority,are presented as op
202、erating cash flows.Commitments and contingencies are disclosed net of the amount of GST recoverable from,or payable to,the tax authority.New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued
203、or amended but are not yet mandatory,have not been early adopted by the Consolidated Entity for the annual reporting period ended 30 June 2018.The Consolidated Entitys assessment of the impact of these new or amended Accounting Standards and Interpretations,most relevant to the Consolidated Entity,a
204、re set out below.AASB 9 Financial Instruments This standard is applicable to annual reporting periods beginning on or after 1 January 2018.The standard replaces all previous versions of AASB 9 and completes the project to replace IAS 39 Financial Instruments:Recognition and Measurement.AASB 9 introd
205、uces new classification and measurement models for financial assets.A financial asset shall be measured at amortised cost,if it is held within a business model whose objective is to hold assets in order to collect contractual cash flows,which arise on specified dates and solely principal and interes
206、t.All other financial instrument assets are to be classified and measured at fair value through profit or loss unless the entity makes an irrevocable election on initial recognition to present gains and losses on equity instruments(that are not held-for-trading)in other comprehensive income(OCI).New
207、 impairment requirements will use an expected credit loss(ECL)model to recognise an allowance.Impairment will be measured under a 12-month ECL method unless the credit risk on a financial instrument has increased significantly since initial recognition in which case the lifetime ECL method is adopte
208、d.The standard introduces additional new disclosures.The Consolidated Entity has reviewed its financial assets and liabilities and expects the following impact from the adoption of the new standard from 1 July 2018:(a)The assets currently classified as available-for-sale will satisfy the conditions
209、for classification as at fair value through other comprehensive income(FVOCI)and hence there will be no change to the accounting for these assets.Accordingly,the Consolidated Entity does not expect the new guidance to affect the classification and measurement of these financial assets.However,gains
210、or losses realised on the sale of financial assets at FVOCI will no longer be transferred to profit or loss on sale,but instead reclassified below the line from the FVOCI reserve to retained earnings.If the irrevocable election is not made,all changes in fair value will no longer be reflected in equ
211、ity,but rather through profit or loss.(b)Based on the assessments undertaken to date,the Consolidated Entity does not expect any material change in the impairment provision for trade receivables.SciDev Ltd Notes to the financial statements 30 June 2018 For personal use only 27 Note 2.Significant acc
212、ounting policies(continued)The Consolidated Entity will adopt this standard from 1 July 2018 and will apply the new rules retrospectively from 1 July 2018,with the practical expedients permitted under the standard.Comparatives for 2018 will not be restated.AASB 15 Revenue from Contracts with Custome
213、rs This standard is applicable to annual reporting periods beginning on or after 1 January 2018.The standard provides a single standard for revenue recognition.The core principle of the standard is that an entity will recognise revenue to depict the transfer of promised goods or services to customer
214、s in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.The standard will require:contracts(either written,verbal or implied)to be identified,together with the separate performance obligations within the contract;determine the
215、 transaction price,adjusted for the time value of money excluding credit risk;allocation of the transaction price to the separate performance obligations on a basis of relative stand-alone selling price of each distinct good or service,or estimation approach if no distinct observable prices exist;an
216、d recognition of revenue when each performance obligation is satisfied.Credit risk will be presented separately as an expense rather than adjusted to revenue.For goods,the performance obligation would be satisfied when the customer obtains control of the goods.For services,the performance obligation
217、 is satisfied when the service has been provided,typically for promises to transfer services to customers.For performance obligations satisfied over time,an entity would select an appropriate measure of progress to determine how much revenue should be recognised as the performance obligation is sati
218、sfied.Contracts with customers will be presented in an entitys statement of financial position as a contract liability,a contract asset,or a receivable,depending on the relationship between the entitys performance and the customers payment.Sufficient quantitative and qualitative disclosure is requir
219、ed to enable users to understand the contracts with customers;the significant judgements made in applying the guidance to those contracts;and any assets recognised from the costs to obtain or fulfil a contract with a customer.The Consolidated Entity has conducted a initial review of its contracts wi
220、th customers and does not currently anticipate any significant changes to the timing of recognition of revenue.The Consolidated Entity will adopt this standard from 1 July 2018 and intends to adopt the standard using the modified retrospective approach which means that the cumulative impact of the a
221、doption will be recognised in retained earnings as of 1 July 2018 and that comparatives will not be restated.AASB 16 Leases This standard is applicable to annual reporting periods beginning on or after 1 January 2019.The standard replaces AASB 117 Leases and for lessees will eliminate the classifica
222、tions of operating leases and finance leases.Subject to exceptions,a right-of-use asset will be capitalised in the statement of financial position,measured at the present value of the unavoidable future lease payments to be made over the lease term.The exceptions relate to short-term leases of 12 mo
223、nths or less and leases of low-value assets(such as personal computers and small office furniture)where an accounting policy choice exists whereby either a right-of-use asset is recognised or lease payments are expensed to profit or loss as incurred.A liability corresponding to the capitalised lease
224、 will also be recognised,adjusted for lease prepayments,lease incentives received,initial direct costs incurred and an estimate of any future restoration,removal or dismantling costs.Straight-line operating lease expense recognition will be replaced with a depreciation charge for the leased asset(in
225、cluded in operating costs)and an interest expense on the recognised lease liability(included in finance costs).In the earlier periods of the lease,the expenses associated with the lease under AASB 16 will be higher when compared to lease expenses under AASB 117.However,EBITDA(Earnings Before Interes
226、t,Tax,Depreciation and Amortisation)results will be improved as the operating expense is replaced by interest expense and depreciation in profit or loss under AASB 16.For classification within the statement of cash flows,the lease payments will be separated into both a principal(financing activities
227、)and interest(either operating or financing activities)component.For lessor accounting,the standard does not substantially change how a lessor accounts for leases.The Consolidated Entity will adopt this standard from 1 July 2019,but the impact of its adoption is yet to be assessed by the Consolidate
228、d Entity.SciDev Ltd Notes to the financial statements 30 June 2018 For personal use only 28 Note 3.Critical accounting judgements estimates and assumptions The preparation of the financial statements requires management to make judgements,estimates and assumptions that affect the reported amounts in
229、 the financial statements.Management continually evaluates its judgements and estimates in relation to assets,liabilities,contingent liabilities,revenue and expenses.Management bases its judgements,estimates and assumptions on historical experience and on other various factors,including expectations
230、 of future events,management believes to be reasonable under the circumstances.The resulting accounting judgements and estimates will seldom equal the related actual results.The judgements,estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts
231、 of assets and liabilities(refer to the respective notes)within the next financial year are discussed below.Goodwill The Consolidated Entity tests annually,or more frequently if events or changes in circumstances indicate impairment,whether goodwill has suffered any impairment,in accordance with the
232、 accounting policy stated in note 2.The recoverable amounts of cash-generating units have been determined based on value-in-use calculations.These calculations require the use of assumptions,including estimated discount rates based on the current cost of capital and growth rates of the estimated fut
233、ure cash flows.For information relating to the value-in-use calculations refer to note 14.Note 4.Operating Segments Identification of reportable operating segments The Consolidated Entity operates in primarily one geographical segment,namely Australia.The primary business segment is the treatment of
234、 industrial waste including the manufacture and supply of chemicals for the treatment of waste water.Operating and business segments are reported in a manner consistent with the internal reporting provided to the chief operating decision makers.The chief operating decision maker,who is responsible f
235、or allocating resources and assessing performance of the operating segments,has been identified as the Board of Directors.Major customers During the year ended 30 June 2018 approximately 52%(2017:41%)of the Consolidated Entitys external revenue was derived from sales to the Consolidated Entitys larg
236、est customer.No other customer contributed 10%or more to the Consolidated Entitys revenue for both 2018 and 2017.Revenue by geographical area The Consolidated Entity operates in one geographical segment being Australia.Revenue from overseas customers is not material to the Consolidated Entity.Accoun
237、ting policy for operating segments Operating segments are presented using the management approach,where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers(CODM).The CODM is responsible for the allocation of resources to operating se
238、gments and assessing their performance.SciDev Ltd Notes to the financial statements 30 June 2018 For personal use only 29 Note 5.Revenue Accounting policy for revenue recognition Revenue is recognised when it is probable that the economic benefit will flow to the Consolidated Entity and the revenue
239、can be reliably measured.Revenue is measured at the fair value of the consideration received or receivable.Sale of goods Sale of goods revenue is recognised at the point of sale,which is where the customer has taken delivery of the goods,the risks and rewards are transferred to the customer and ther
240、e is a valid sales contract.Amounts disclosed as revenue are net of sales returns and trade discounts.Consulting services and treatment fees Consulting services and treatment fees are recognised using the percentage-of-completion method for fixed-fee arrangements or as the services are provided for
241、time-and-materials arrangements.Interest Interest revenue is recognised as interest accrues using the effective interest method.This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate,which
242、is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.Other revenue Other revenue is recognised when it is received or when the right to receive payment is established.Note 6.Other income S
243、ciDev Ltd Notes to the financial statements 30 June 2018 2018 2017$Sales revenue Treatment fees and product sales 2,029,373 1,846,985 Other revenue Interest 12,999 13,387 Royalty 14,125 -Other revenue 157,270 64,861 184,394 78,248 Revenue 2,213,767 1,925,233 2018 2017$Net foreign exchange gain 20,18
244、1 -Net gain on disposal of Intec Zeehan Residues Pty Ltd(refer note 12)1,989,200 -Subsidies and grants 303,112 218,492 Reimbursement of expenses 23,694 25,310 Other income 2,336,187 243,802 For personal use only 30 Note 7.Expenses Note 8.Income tax The above potential tax benefit for tax losses has
245、not been recognised in the statement of financial position.These tax losses can only be utilised in the future if the continuity of ownership test is passed,or failing that,the same business test is passed.SciDev Ltd Notes to the financial statements 30 June 2018 2018 2017$Profit/(loss)before income
246、 tax includes the following specific expenses:Rental expense relating to operating leases Minimum lease payments 106,519 110,331 Superannuation expense Defined contribution superannuation expense 74,951 59,663 2018 2017$Income tax expense/(benefit)Current tax -137,177 Deferred tax-origination and re
247、versal of temporary differences (8,142)(13,632)Aggregate income tax expense/(benefit)(8,142)123,545 Deferred tax included in income tax expense/(benefit)comprises:Decrease in deferred tax liabilities (8,142)(13,632)Numerical reconciliation of income tax expense/(benefit)and tax at the statutory rate
248、 Profit/(loss)before income tax benefit/(expense)993,727 (473,795)Tax at the statutory tax rate of 27.5%273,275 (130,294)Tax effect amounts which are not deductible/(taxable)in calculating taxable income:Non-deductible expenses 43,105 3,328 Non-assessable income (630,386)-(314,006)(126,966)Current y
249、ear tax losses not recognised 340,933 239,128 Current year temporary differences not recognised (30,715)11,383 Adjustment to deferred tax balances (4,354)-Income tax expense/(benefit)(8,142)123,545 2018 2017$Tax losses not recognised Unused tax losses for which no deferred tax asset has been recogni
250、sed 66,114,631 64,874,876 Potential tax benefit 27.5%18,181,524 17,840,591 For personal use only 31 Note 8.Income tax(continued)Accounting policy for income tax The income tax expense or benefit for the period is the tax payable on that periods taxable income based on the applicable income tax rate
251、for each jurisdiction,adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences,unused tax losses and the adjustment recognised for prior periods,where applicable.Deferred tax assets and liabilities are recognised for temporary differences at the tax rates
252、expected to be applied when the assets are recovered,or liabilities are settled,based on those tax rates that are enacted or substantively enacted,except for:When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that
253、 is not a business combination and that,at the time of the transaction,affects neither the accounting nor taxable profits;or When the taxable temporary difference is associated with interests in subsidiaries,associates or joint ventures,and the timing of the reversal can be controlled,and it is prob
254、able that the temporary difference will not reverse in the foreseeable future.Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.The carry
255、ing amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered.Previously unrecognised defer
256、red tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferre
257、d tax assets against deferred tax liabilities;and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.SciDev Ltd(the head entity)and its wholly-owned Australian subsidiaries have formed an income tax consolid
258、ated group under the tax consolidation regime.The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts.The tax consolidated group has applied the separate taxpayer within group approach in determining the appropriate amount
259、of taxes to allocate to members of the tax consolidated group.SciDev Ltd Notes to the financial statements 30 June 2018 2018 2017$Deferred tax liability Deferred tax liability comprises temporary differences attributable to:Amounts recognised in profit or loss:Brand name 44,108 52,250 Deferred tax l
260、iability 44,108 52,250 Movements:Opening balance 52,250 65,882 Credited to profit or loss (8,142)(13,632)Closing balance 44,108 52,250 For personal use only 32 Note 8.Income tax(continued)In addition to its own current and deferred tax amounts,the head entity also recognises the current tax liabilit
261、ies(or assets)and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax consolidated group.Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from or payabl
262、e to other entities in the tax consolidated group.The tax funding arrangement ensures that the intercompany charge equals the current tax liability or benefit of each tax consolidated group member,resulting in neither a contribution by the head entity to the subsidiaries nor a distribution by the su
263、bsidiaries to the head entity.Note 9.Current assetscash and cash equivalents Accounting policy for cash and cash equivalents Cash and cash equivalents include cash on hand,deposits held at call with financial institutions,other short-term,highly liquid investments with original maturities of three m
264、onths or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.Note 10.Current assetstrade and other receivables Past due but not impaired Customers with balances past due but without provision for impairment of receivables amou
265、nt to$198,648 as at 30 June 2018($127,650 as at 30 June 2017).The Consolidated Entity did not consider a credit risk on the aggregate balances after reviewing the credit terms of customers based on recent collection practices.SciDev Ltd Notes to the financial statements 30 June 2018 2018 2017$Cash o
266、n hand 150 150 Cash at bank 568,037 438,564 Cash on deposit -500,000 568,187 938,714 2018 2017$Trade receivables 457,430 303,480 Other receivables 14,266 30,537 Amount due by Tartana Resources Ltd 256,250 -727,946 334,017 For personal use only 33 Note 10.Current assetstrade and other receivables(con
267、tinued)The ageing of the past due but not impaired receivables are as follows:Accounting policy for trade and other receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method,less any provision for impairment.T
268、rade receivables are generally due for settlement within 30 days.Collectability of trade receivables is reviewed on an ongoing basis.Debts which are known to be uncollectable are written off by reducing the carrying amount directly.A provision for impairment of trade receivables is raised when there
269、 is objective evidence that the Consolidated Entity will not be able to collect all amounts due according to the original terms of the receivables.Significant financial difficulties of the debtor,probability that the debtor will enter bankruptcy or financial reorganisation and default or delinquency
270、 in payments(more than 60 days overdue)are considered indicators that the trade receivable may be impaired.The amount of the impairment allowance is the difference between the assets carrying amount and the present value of estimated future cash flows,discounted at the original effective interest ra
271、te.Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial.Other receivables are recognised at amortised cost,less any provision for impairment.Note 11.Current assetsinventories Accounting policy for inventories Stock on hand is stated at the lower
272、 of cost and net realisable value.Cost comprises of purchase and delivery costs,net of rebates and discounts received or receivable.Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make
273、the sale.Note 12.Non-current assetsavailable for sale financial assets SciDev Ltd Notes to the financial statements 30 June 2018 2018 2017$Stock on hand-at cost 236,184 231,839 2018 2017$Past due 1-30 days 105,675 105,718 Past due 31-60 days 31,713 21,932 Past due 61+days 61,260 -198,648 127,650 201
274、8 2017$Unlisted equity securities 698,900 2,900 Consideration from disposal of Intec Zeehan Residues Pty Ltd*804,000 -1,502,900 2,900 For personal use only 34 Note 12.Non-current assetsavailable for sale financial assets The ageing of the past due but not impaired receivables are as follows:Refer to
275、 note 23 for further information on fair value measurement.*On 25 October 2017,SciDev Ltd(SDV)entered into a conditional sale agreement to dispose of Intec Zeehan Residues Pty Ltd(IZR),whose principal asset was the Zeehan Zinc Project.The disposal was in order to generate cash flow for the expansion
276、 of the Consolidated Entitys core businesses.The disposal was completed on 22 January 2018,on which date control of IZR passed to the acquirer,Tartana Resources Ltd(Tartana).The total consideration was$2,000,000 in cash and shares in Tartana.The first payment of$250,000 was received in December 2017
277、.A further payment of$50,000 was received on 9 July 2018.The remaining payment of$210,000,including accrued interest,is due by 30 September 2018.Prior to year-end,SciDev had been allotted 6,960,000 ordinary shares in Tartana at a deemed issue price of 10 cents per share.Subsequent to year-end a furt
278、her 800,000 Tartana shares have been issued to SciDev.The balance of the Tartana shares to be issued to SciDev,totalling 7,240,000 shares,are expected to be issued in a tranched manner over the coming months.Note 13.Non-current assetsproperty,plant and equipment SciDev Ltd Notes to the financial sta
279、tements 30 June 2018 2018 2017$Plant and equipment-at cost 619,949 522,904 Less:Accumulated depreciation (358,995)(232,781)260,954 290,123 Office equipment-at cost 31,028 31,028 Less:Accumulated depreciation (31,028)(29,950)-1,078 260,954 291,201 2018 2017$Unlisted equity securities 698,900 2,900 Co
280、nsideration from disposal of Intec Zeehan Residues Pty Ltd*804,000 -1,502,900 2,900 For personal use only 35 Note 13.Non-current assetsproperty,plant and equipment(continued)Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year
281、 are set out below:Property,plant and equipment secured under finance leases Refer to note 26 for further information on property,plant and equipment secured under finance leases.Accounting policy for property,plant and equipment Plant and equipment is stated at historical cost less accumulated depr
282、eciation and impairment.Historical cost includes expenditure that is directly attributable to the acquisition of the items.Depreciation is calculated on a straight-line basis to write off the net cost of each item of property,plant and equipment over their expected useful lives as follows:Plant and
283、equipment 4-7 years Office equipment 2-8 years The residual values,useful lives and depreciation methods are reviewed,and adjusted if appropriate,at each reporting date.Plant and equipment under lease are depreciated over the unexpired period of the lease or the estimated useful life of the assets,w
284、hichever is shorter.An item of property,plant and equipment is derecognised upon disposal or when there is no future economic benefit to the Consolidated Entity.Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.Note 14.Non-current assetsintangibles Sc
285、iDev Ltd Notes to the financial statements 30 June 2018 2018 2017$Goodwill-at cost 1,030,018 1,030,018 Trade marks and intellectual property-at cost 427,942 374,833 Less:Accumulated amortisation (191,927)(125,048)236,015 249,785 1,266,033 1,279,803 Plant and Office equipment equipment Total$Balance
286、at 1 July 2016 225,872 2,673 228,545 Additions 190,764 -190,764 Disposals (17,345)-(17,345)Depreciation expense (109,168)(1,595)(110,763)Balance at 30 June 2017 290,123 1,078 291,201 Additions 97,045 -97,045 Depreciation expense (126,214)(1,078)(127,292)Balance at 30 June 2018 260,954 -260,954 For p
287、ersonal use only 36 Note 14.Non-current assetsintangibles(continued)Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:Impairment testing Goodwill which was acquired through a business combination,has been
288、allocated to the Science Development Pty Ltd cash-generating unit(CGU).The recoverable amount of the Consolidated Entitys goodwill has been determined by a value-in-use calculation using a discounted cash flow model,based on a 1-year projection period approved by management and extrapolated for a fu
289、rther 4 years using variable rates,together with a terminal value.Key assumptions are those to which the recoverable amount of an asset or cash-generating units is most sensitive.Key assumptions in the discounted cashflow model include:(a)Post-tax discount rate of 15%(2017:12.5%)per annum;(b)Average
290、 revenue growth over the five-year period of 46%(2017:25%);(c)Average growth in gross margin over the five-year period of 39%(2017:26%);and(d)Average per annum increase in operating expenses of 16%(2017:5%).The discount rate of 15%post-tax reflects managements estimate of the time value of money and
291、 the Consolidated Entitys weighted average cost of capital,the risk-free rate and the volatility of the share price relative to market movements.Management believes the projected revenue growth rate is prudent and justified,based on managements expectations of the companys business development pipel
292、ine.The budgeted gross margin is based on past performance and managements expectations for the future.Management has budgeted for operating costs based on the current structure of the business,adjusting for inflationary increases but not reflecting any future restructurings or cost saving measures.
293、Sensitivity to change of assumptions If the next years financial budget used in the value-in-use calculation had been 10%(2017:10%)lower than managements estimates at 30 June 2018,the Consolidated Entity would have a recoverable amount in excess of$3.17 million(2017:$2.02 million)against the carryin
294、g amount of the cash generating unit to which the goodwill relates.If the post-tax discount rate applied to the cash flow projections of this CGU had been 30%(2017:20%)higher than managements estimates(20%instead of 15%)(2017:15%instead of 12.5%),the Consolidated Entity would have a recoverable amou
295、nt in excess of$2.91 million(2017:$2.14 million)against the carrying amount of intangible assets and property,plant and equipment.SciDev Ltd Notes to the financial statements 30 June 2018 Trademarks and intellectual Goodwill property Total$Balance at 1 July 2016 1,030,018 239,072 1,269,090 Additions
296、 -52,143 52,143 Amortisation expense -(41,430)(41,430)Balance at 30 June 2017 1,030,018 249,785 1,279,803 Additions -53,109 53,109 Amortisation expense -(66,879)(66,879)Balance at 30 June 2018 1,030,018 236,015 1,266,033 For personal use only 37 Note 14.Non-current assetsintangibles(continued)Accoun
297、ting policy for intangible assets Intangible assets acquired as part of a business combination,other than goodwill,are initially measured at their fair value at the date of the acquisition.Intangible assets acquired separately are initially recognised at cost.Indefinite life intangible assets are no
298、t amortised and are subsequently measured at cost less any impairment.Finite life intangible assets are subsequently measured at cost less amortisation and any impairment.The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the differen
299、ce between net disposal proceeds and the carrying amount of the intangible asset.The method and useful lives of finite life intangible assets are reviewed annually.Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or per
300、iod.Goodwill Goodwill arises on the acquisition of a business.Goodwill is not amortised.Instead,goodwill is tested annually for impairment,or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses.Impairment
301、losses on goodwill are taken to profit or loss and are not subsequently reversed.Trademarks and intellectual property Significant costs associated with trademarks and intellectual property are deferred and amortised on a straight-line basis over the period of their expected benefit,being their finit
302、e life of 10 years.Note 15.Non-current assetstrade and other payables Refer to note 22 for further information on financial instruments.Accounting policy for trade and other payables These amounts represent liabilities for goods and services provided to the Consolidated Entity prior to the end of th
303、e financial year and which are unpaid.Due to their short-term nature they are measured at amortised cost and are not discounted.The amounts are unsecured and are usually paid within 30 days of recognition.Note 16.Current liabilitiesborrowings Refer to note 22 for further information on financial ins
304、truments.SciDev Ltd Notes to the financial statements 30 June 2018 2018 2017$Trade payables 260,079 287,455 BAS payable 67,376 16,851 Other payables 42,824 54,104 370,279 358,410 2018 2017$Lease liability 31,938 11,957 For personal use only 38 Note 17.Current liabilitiesemployee benefits Accounting
305、policy for employee benefits Short-term employee benefits Liabilities for wages and salaries,including non-monetary benefits,annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities a
306、re settled.Defined contribution superannuation expense Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.Note 18.Non-current liabilitiesborrowings Refer to note 22 for further information on financial instruments.The total secured liabil
307、ities(current and non-current)are as follows:Assets pledged as security The leases relate to a motor vehicle provided to the Managing Director.The motor vehicle lease liability is effectively secured over the motor vehicle.Accounting policy for borrowings Loans and borrowings are initially recognise
308、d at the fair value of the consideration received,net of transaction costs.They are subsequently measured at amortised cost using the effective interest method.Note 19.EquityIssued capital SciDev Ltd Notes to the financial statements 30 June 2018 2018 2017$Annual leave 40,534 67,659 Long service lea
309、ve 126,713 95,706 167,247 163,365 2018 2017 2018 2017 Shares Shares$Ordinary shares-fully paid 569,041,473 494,818,673 74,118,627 73,673,290 2018 2017$Lease liability -32,546 2018 2017$Lease liability 31,938 44,503 For personal use only 39 Note 19.EquityIssued capital(continued)Movements in ordinary
310、 share capital Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held.The fully paid ordinary shares have no par value and the company does not have a Ltd amou
311、nt of authorised capital.On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.Share placement 30 June 2017-The company issued 44,972,800 and 80,027,200 ordinary shares on 19 December 2016 and 2 February 2017 res
312、pectively,in terms of a conditional placement to sophisticated and professional investors at an issue price of 1.2 cents per share.30 June 2018-The company issued 74,222,800 ordinary shares on 29 June 2018 in terms of a placement to sophisticated and professional investors at an issue price of 0.6 c
313、ents per share.Share purchase plan 30 June 2017-On 12 January 2017 the company issued 50,000,004 ordinary shares under a Share Purchase Plan at an issue price of 1.2 cents per share.The plan was fully subscribed.Acquisition of Science Developments Pty Ltd 30 June 2017-The company exercised its optio
314、n to acquire the remaining 50%of Science Developments Pty Ltd.The consideration paid for the exercise of the option amounted to$900,000 and was comprised of$660,000 in cash and the issue of 20,000,000 ordinary shares at an issue price of 1.2 cents per share.Capital risk management The Consolidated E
315、ntitys objectives when managing capital is to safeguard its ability to continue as a going concern,so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital.Capital is regarded as total equity,as rec
316、ognised in the statement of financial position,plus net debt.Net debt is calculated as total borrowings less cash and cash equivalents.In order to maintain or adjust the capital structure,the Consolidated Entity may adjust the amount of dividends paid to shareholders,return capital to shareholders,i
317、ssue new shares or sell assets to reduce debt.SciDev Ltd Notes to the financial statements 30 June 2018 Details Date Shares Issue price$Balance 1 July 2016 299,818,669 71,641,977 Share placement 44,972,800$0.012 539,674 19 December 2016 Share purchase plan 12 January 2017 50,000,004$0.012 600,000 Sh
318、are placement 2 February 2017 80,027,200$0.012 960,326 Acquisition of shares in Science Developments Pty Ltd 27 February 2017 20,000,000$0.012 240,000 Share issue transaction costs -$0.000 (308,687)Balance 30 June 2017 494,818,673 73,673,290 Share placement 29 June 2018 74,222,800$0.006 445,337 Bala
319、nce 30 June 2018 569,041,473 74,118,627 For personal use only 40 Note 19.EquityIssued capital(continued)In order to maintain or adjust the capital structure,the Consolidated Entity may adjust the amount of dividends paid to shareholders,return capital to shareholders,issue new shares or sell assets
320、to reduce debt.The Consolidated Entity would look to raise capital when an opportunity to invest in a business or company was seen as value adding relative to the current companys share price at the time of the investment.The Consolidated Entity is not actively pursuing additional investments in the
321、 short term as it continues to integrate and grow its existing businesses in order to maximise synergies.There are no externally imposed capital requirements.The capital risk management policy remains unchanged from the 2017 Annual Report.The Consolidated Entity monitors capital on the basis of its
322、working capital position(i.e.liquidity risk).The net working capital of the Consolidated Entity at 30 June 2018 was$964,607(2017:$972,592).Accounting policy for issued capital Ordinary shares are classified as equity.Incremental costs directly attributable to the issue of new shares or options are s
323、hown in equity as a deduction,net of tax,from the proceeds.Note 20.EquityReserves Share-based payments reserve The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration,and other parties as part of their compensation for services.
324、Transactions with non-controlling interests A change in ownership interest,without the loss of control,is accounted for as an equity transaction,where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly
325、in equity attributable to the parent.SciDev Ltd Notes to the financial statements 30 June 2018 2018 2017$Share-based payments reserve 2,855,902 2,814,422 Transactions with non-controlling interests (645,199)(645,199)2,210,703 2,169,223 For personal use only 41 Note 20.EquityReserves Movements in res
326、erves Movements in each class of reserve during the current and previous financial year are set out below:Note 21.EquityDividends Dividends There were no dividends paid,recommended or declared during the current or previous financial year.Franking credits The above amounts represent the balance of t
327、he franking account as at the end of the financial year,adjusted for:franking credits that will arise from the payment of the amount of the provision for income tax at the reporting date franking debits that will arise from the payment of dividends recognised as a liability at the reporting date fra
328、nking credits that will arise from the receipt of dividends recognised as receivables at the reporting date Note 22.Financial instruments Financial risk management objectives The Consolidated Entitys activities expose it to a variety of financial risks:market risk(including foreign currency risk,pri
329、ce risk and interest rate risk),credit risk and liquidity risk.The Consolidated Entitys overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Consolidated Entity.The Consolidated Entity
330、 does not enter into or trade financial instruments,including derivative financial instruments,for speculative purposes.Risk management is carried out by Company management and the Board of Directors.Financial risks are identified and evaluated and,where considered necessary,strategies are put in pl
331、ace to investigate and/or minimise such risks.SciDev Ltd Notes to the financial statements 30 June 2018 Share-based payments Transactions with non-controlling reserve interests Total$Balance at 1 July 2016 2,653,594 -2,653,594 Share-based payments 160,828 -160,828 Acquisition of non-controlling inte
332、rest in Science Developments Pty Ltd -(645,199)(645,199)Balance at 30 June 2017 2,814,422 (645,199)2,169,223 Share-based payments 41,480 -41,480 Balance at 30 June 2018 2,855,902 (645,199)2,210,703 2018 2017$Franking credits available for subsequent financial years based on a tax rate of 30%82,824 8
333、2,824 For personal use only 42 Note 22.Financial instruments(continued)Financial risk management objectives The Consolidated Entitys activities expose it to a variety of financial risks:market risk(including foreign currency risk,price risk and interest rate risk),credit risk and liquidity risk.The Consolidated Entitys overall risk management program focuses on the unpredictability of financial ma
0731-84720580
sgpjbg002
工作日 9:30 - 18:00
研報
新質生產力
DeepSeek?
低空經濟
大模型
AI Agent
AI Infra
具身智能
自動駕駛
寵物
銀發經濟
人形機器人
企業出海
算力
微短劇
薪酬
白皮書
創新藥
人工智能
AI產業
信息科技
互聯網
消費經濟
汽車交通
電商零售
傳媒娛樂
醫藥健康
投資金融
能源環境
地產建筑
傳統產業
英文報告
其它
最新報告
中英對照
全文搜索
報告精選
PDF上傳翻譯
多格式文檔互轉
入駐&報告售賣
會員權益
機構報告
券商研報
財報庫
專題合集
英文報告
數據圖表
會議報告
其他資源
行業聚焦
芯片產業
熱點概念
全球咨詢智庫
人工智能
500強
新質生產力
會議峰會
新能源汽車
企業年報
互聯網
公司研究
行業綜觀
消費教育
科技通信
醫藥健康
人力資源
投資金融
汽車產業
物流地產
電子商務
傳統產業
傳媒營銷
其它
2025低空經濟/低空產業報告合集（共49套打包）
2025年智算中心/AIDC/AI數據中心研究報告合集（共37套打包）
AI、科技與通信
廣告、傳媒與營銷
消費、零售與支付
HR、文化與旅游
金融、保險與投資
能源、環境與工業
醫療制藥與大健康
物流、地產與建筑
其他行業
AI ? 科技 ? 通信
數字化
金融財經
智能制造
電商傳媒
地產建筑
醫療醫學
能源化工
其他行業
收藏
下載
2025-05-20
AI查數
行業數據
政策法規
商業模式
產業鏈
競爭格局
市場規模
產業概述
其它
2025年
AI讀財報
年報
一季報
半年報
三季報
IPO招股書
社會責任報告
A股
IPO申報
港股
美股&全球
新三板
掃碼登錄
手機快捷登錄
賬號登錄
