1、Solving Problems That MatterAnnuAl RepoRt 2023AS A CoMpAnY,We ARe:1 Working to solve the growing global perand polyfluoroalkyl substance(pFAS)issue.2 Reducing industrys consumption of freshwater and generation of wastewater.3 Supporting the communities in which we live and work.4 Building a culture
2、where we respect and embrace diversity in the workplace and wider community.ContentSWho We AreA leader in environmental solutions focused on waterintensive industries,our solutions allow clients to reuse water,improve operational efficiencies and reduce their environmental footprints.We deliver worl
3、dleading chemistry and water treatment technology with endtoend support from our specialist scientists and engineers.Working with clients across a range of industries,including Mining and Mineral processing,oil and Gas,Construction and Infrastructure,Wastewater treatment and Remediation,we deliver p
4、ractical solutions to recycle,reuse and manage water.We are committed to delivering value through sustainable development.our actions ensure that we achieve economic,social and environmental sustainability in a balanced and valueenhancing manner for all stakeholders.FY2023 Highlights 02our Business
5、at a Glance 04Chairs letter 06Ceos letter 08operations Review 12outlook 17environmental,Social and Governance 18Board&leadership team 23Financial Report 24Additional ASX Information 93Corporate Directory IBCChallenge BoundariesWe discover more possibilities when we challenge whats possible.Protect t
6、he Environment We are dedicated to reducing harm and protecting our environment for future generations.Achieve More TogetherWe achieve better outcomes when we work together.Go the Last Mile We deliver more by exceeding client benchmarks and adding value to everything we do.Our Values We live by thes
7、e values to strengthen our relationships with our clients and within the communities in which we operate.they define who we are:Everyone Safe Everydaypeople are the heart of our business and nothing is more important than ensuring everyone goes home safely every day.01SciDev Limited Annual Report 20
8、23FY2023 HighlightsRecord organic growth in net revenue,EBITDA and new contract wins.A$89.9mReCoRD ReVenue A$4.1mADJuSteD eBItDA 62%ReVenue GRoWtH YeAR on YeAR 79FteS02SciDev Limited Annual Report 2023 Secured two PFAS treatment contracts with Cleanaway Waste Management with a combined value of A$5.
9、3m;Secured a trademark for our proprietary PFAS treatment technology FluororfIX;Delivered ten PFAS treatment Projects throughout 2023;and Appointed Vice President Europe for Water Technologies.Awarded contracts with Iluka Resources with a total contract value of over A$28m;100%growth in sales,in Nor
10、th America,driven by increased adoption of our of our proprietary CatChek technology;Awarded a threeyear contract agreement with First Quantum Minerals at the Ravensthorpe Nickel Operations;and$50M in new contracts with blue chip clients.Water TechnologiesChemical Services03SciDev Limited Annual Rep
11、ort 2023Chemical Services Improving operational and environmental outcomes with worldleading chemistrySpecialising in water chemistry,our solutions are designed to suit a wide variety of applications,helping our clients improve their operational efficiency and minimise wastewater generation.our inno
12、vative technical capability and proprietary technologies deliver real value to our clients.We also provide a range of tailored services from“last mile delivery”to process optimisation supporting our clients every step of the way.Water TechnologiesInnovative water treatment solutions solving complex
13、contamination issuesSciDev designs and delivers specialised water treatment solutions to remove harmful contaminants from groundwater,surface water and industrial liquid waste,allowing water to be reused or safely discharged back to the environment.Our Business at a GlanceDelivering Innovative Envir
14、onmental SolutionsSciDev areas of operation Asia Pacific North America South America UK and Europe Middle East 04SciDev Limited Annual Report 2023What We DoMining and Mineral processingProviding endtoend solutions in mining and mineral processingSciDev provides our clients a wide range of mining and
15、 mineral processing solutions.our chemistries and professional services maximise the operational performance of mineral processing systems and ensure minimal water is passed as waste into the tailings circuit.our water treatment technologies provide clean water for processing,remediate historical co
16、ntamination and treat and recycle a wide range of contaminated waste streams.Developing solutions for water recycling and processingSciDev is a leading supplier of products for water and wastewater treatment in the industrial,food and beverage,government and municipal sectors.We develop and deliver
17、bespoke water solutions for a diverse range of applications.Onsite management of water is critical for the successful delivery of any large construction and infrastructure projectSciDev provides endtoend water management solutions for the construction and infrastructure sectors.From groundwater dewa
18、tering to water treatment and sludge dewatering our services and bespoke chemistry reduce cost and operational downtime for our clients ensuring their projects are fully compliant with environmental regulations and are delivered on time and within budget.Reducing environmental impact of onshore oil
19、and gas operationour innovative solutions improve operational outcomes while reducing the wastewater footprint of onshore oil and gas operations.SciDev chemistries and treatment technologies increase oil production rates,minimise decline curves and prolong well lifecycles while minimising freshwater
20、 usage and the production of contaminated wastewater.our products provide superior friction reduction capabilities,even when using saltwater or high brine water.By increasing the utilisation of recycled water in onshore oil and gas production,SciDev helps companies meet their environmental regulatio
21、ns,limit usage of fresh water,reduce costs and improve their operational performance.Repairing our natural environments through the sustainable remediation of contaminated waterSciDevs water treatment technologies remove harmful contamination from groundwater,surface water and liquid waste for a wid
22、e range of industries.We specialise in the provision of permanent,mobile and temporary treatment solutions that mitigate our clients risk profile and provide“whole of life”value.our projects are delivered focusing on innovation,pragmatism and sustainability and each approach is tailored to our clien
23、ts individual treatment objectives and site constraints.oil and GasConstruction and InfrastructureRemediationWater treatment05SciDev Limited Annual Report 2023DeAR SHAReHolDeR,On behalf of the Board,I am pleased to present the SciDev Ltd Annual Report for the financial year ending 30 June 2023(FY23)
24、.Chairs Letter06SciDev Limited Annual Report 2023over the last twelve months,SciDev has continued to deliver strong financial and operational performance with record revenues and positive eBItDA.Importantly,the last twelve months have seen solid progress in building a resilient and sustainable busin
25、ess that is now generating consistent free cash flow from its operations.this has been achieved,in large,by managements careful focus on working capital throughout the year.While I want to acknowledge the flat share price over the last year,it is important to note that our business has experienced m
26、aterial growth in terms of revenue and profitability.In addition,we have strengthened our systems,processes and governance to ensure we have a sustainable business for the future.our Chemical Services business had a successful FY23,and we see potential for significant growth in the future.on the oth
27、er hand,our Water technologies business didnt perform as wed hoped.However,weve been working hard throughout the year to invest in the team and equipment to support future growth.Weve made capital investments in several projects that will start generating revenue in FY24.I would like to take this op
28、portunity to further detail the varying capital requirements of our businesses.Whilst,the Chemical Services business is a lowermargin business with higher working capital requirements,the Water technologies business is a highermargin,more CApeX intensive business.the management team have been workin
29、g diligently to manage the capital requirements of both businesses to ensure the highestvalue projects receive the necessary funding.this is now starting to pay dividends,as evidenced by the positive cash flows from operations.Many investors new to SciDev ask me what the company does.In short,SciDev
30、 cleans contaminated water(Water technologies)or reduces the amount of contaminated water thats created from an industrial process such as mining,tunnel boring or drilling for gas(Chemical Services).Water is a critical component in many industrial processes,and with clean water becoming increasingly
31、 scarce in many geographies,SciDev helps its clients reduce costs and improve environmental outcomes.there is also growing global awareness about per and polyfluoroalkyl(pFAS)contamination,with many companies,governments and environmental regulators only just beginning to realise the scale of the en
32、vironmental issue.SciDev is wellpositioned to provide worldleading decontamination solutions.SciDev has a great opportunity to make a significant contribution as an innovative environmental solutions provider as the world is accelerating towards a greener,more environmentally friendly economy.We are
33、 seeing increasing demand for our innovative and tailored solutions,with clients seeking new ways to recycle,reuse and treat water.the substantial progress achieved over the last year would not have been possible without our employees strong support and commitment.We thank them for their enormous co
34、ntribution.I would also like to thank our shareholders,investors,and all stakeholders for their ongoing support throughout the year.Yours sincerely,Vaughan Busby nonexecutive Chairman“over the last twelve months,SciDev has continued to deliver strong financial and operational performance with record
35、 revenues and positive eBIDtA.”07SciDev Limited Annual Report 2023DeAR SHAReHolDeR,I am excited to share the considerable progress we have made throughout the 2023 financial year(FY23)as we continued to improve our financial performance,grow our operational footprint and increase market share across
36、 each of our key verticals.CEOs Letter08SciDev Limited Annual Report 2023FY23 also saw the ongoing development of our environmental,Social and Governance commitments,developing a refreshed purpose statement and set of values,onboarding an impressive number of professionals,and elevating our employee
37、 and client experience.our success throughout FY23 has primarily been achieved by striving to push through boundaries and ceilings and by consistently challenging ourselves to go the last mile.SciDev in ActionGrowing Our Financial and Operational FootprintSciDev operates across a range of markets wi
38、th a single common thread,we solve our clients water problems.our innovative chemistries,utilised across a range of industries,continue to improve production efficiencies,reduce waste and minimise the environmental footprints of our clients.our water treatment technologies,continue to remove harmful
39、 contaminants from our natural environment through treatment and remediation of contaminated groundwater,surface water and liquid waste.During FY23,the company experienced significant growth delivering A$89.9m in revenue,representing growth of 62%on FY22.Additionally,the company maintained positive
40、operational cash flow throughout the year.our improved cash flow,working capital cycles and stable cash position have provided a strong platform for sustainable growth.our client footprint continued to grow through FY23 as more companies turned to SciDev to utilise our industryleading solutions,this
41、 includes bluechip domestic and international companies such as Iluka,First Quantum Minerals,Cleanaway Waste Management,Acciona Australia,and BHp.Delivering For Our ClientsClients are the lifeblood of our company.Forging strong relationships and interacting with our clients are two major contributor
42、s to SciDevs ongoing success.providing our client base with insightful advice,cuttingedge technologies and pragmatic solutions to solve some of their most complex water problems has allowed us to establish key relationships and expand our client base.the continued growth of our business was reflecte
43、d in over A$50m in new contracts secured during FY23.Importantly,we continue to build longterm relationships with our clients providing us with both industry validation and the ability to expand our profile through our clients operations.We have commenced FY24 with considerable momentum with a stron
44、g order book and an established pipeline of contracted works.“our client footprint continued to grow through FY23 as more companies turned to SciDev to utilise our industryleading solutions,this includes bluechip domestic and international companies such as Iluka,First Quantum Minerals,Cleanaway Was
45、te Management,Acciona Australia,and BHp.”09SciDev Limited Annual Report 2023CEOs Letter(continued)Solving Problems That MatterDuring the year we solidified our position as the market leader in the treatment of water and waste impacted by per and polyfluoroalkyl substances(pFAS).pFAS are a group of m
46、anmade forever chemicals known for their bioaccumulation,resistance to degradation and mobility in the environment.they have been linked to a wide range of negative impacts on human health and stem from a number of industrial sources.SciDevs industryleading treatment solutions can remove all detecti
47、ble pFAS compounds to below the limits of reporting.our FluorofIX technology effectively treats highlevel pFAS contamination allowing treated water to be recycled,reused or discharged directly to the environment all while minimising the generation of byproduct wastes.the result is the most commercia
48、lly viable pFAS treatment solution available on the market.SciDev has remediated over 30 pFASimpacted sites,treating in excess of three billion litres of pFAScontaminated water.Australia currently leads the world regarding the regulation and remediation of pFAS contamination.Both Federal and State G
49、overnments continue to advance legislation to reduce the amount of pFAS our families and communities are exposed to.this has led to ever growing interest in SciDevs FluorofIX technology and has led to in an increased level of client engagement,including Cleanaway Waste Management limited,Australias
50、largest waste management company.Furthermore,pFAS continues to be a hot topic internationally.this year,the uS epA announced the proposed national primary Drinking Water Regulation(npDWR)for pFAS which will see a national standard by the end of 2023 to protect communities from pFASimpacted drinking
51、water.We are also seeing increased regulation across europe including a proposed european ban on over 10,000 pFAS.the growing global focus on pFAS provides a large growth market for SciDev.to capture this opportunity,we have bolstered our capability in those regions and have appointed a Vice preside
52、nt north America and a Vice president europe for Water technologies.these roles will be responsible for implementing strategic initiatives to drive the growth of our Water technologies business in those regions.With industryleading technology and a growing global focus both domestically and internat
53、ionally,we have an incredibly positive outlook for growth in this vertical in FY24.Our Peopleour people drive everything we do,and we are committed to making extraordinary efforts to provide our workforce with a bestinclass,inclusive work environment to deliver on their full potential.to be able to
54、keep our commitments to our clients we also recognise that talent recruitment and retention are essential to our success.to build an even stronger workforce and create an optimal employee experience,we will continue to emphasise professional development,internal promotions,and succession planning to
55、 ensure leadership continuity and a strong legacy.As we continue to build on SciDevs strong foundations,we will focus on integrating,developing,and caring for our people;leveraging our collective expertise;optimising our ways of working;and enhancing our working environment.In so doing,we will prese
56、rve the entrepreneurial spirit that has underpinned our culture,growth,and success.Meanwhile,our“nonnegotiables”of health and safety,inclusion,ethics and compliance will remain top priorities.10SciDev Limited Annual Report 2023I am particularly proud of the diverse and inclusive culture we have buil
57、t at SciDev.With our people being at the core of all of our technology and environmental solutions,we must provide an environment that can retain and attract the best talent.We continued to expand our workforce over FY23,both in sales and technical fields to ensure we have the right people in the ri
58、ght places to continue to meet our clients requirements and grow our business.I would like to take this opportunity to thank all of the SciDev team for their ongoing contribution and commitment to our organisation.our highly skilled team continue to engage with our clients,developing and refining ou
59、r solutions and ensuring that can meet the most complex and pressing of challenges.Importantly,our team ensure that we continue to evolve as a Company,delivering operational success and ultimately value for shareholders.Pursuing Purposeful GrowthDuring 2023,we worked hard on our next strategic cycle
60、 while tracking important market trends and engaging with stakeholders,from employees and clients to investors.We enter this new strategic cycle with good momentum.Fuelled by our successful achievements and our clear longterm vision,we will keep building on our solid foundation.our longterm vision s
61、ets an ambitious destination while capitalising on transformational market trends.I would like to thank everyone who supported us throughout this eventful year.I wish to express my appreciation to our team,who delivered successful outcomes across the business.I am also grateful to our clients for en
62、trusting us with their business,our Board for providing invaluable guidance,and our shareholders for subscribing to our vision.I look forward to the year ahead and am excited about what we can achieve together.Yours sincerely,Sen Halpin Chief executive officer“I would like to take this opportunity t
63、o thank all of the SciDev team for their ongoing contribution and commitment to our organisation.”11SciDev Limited Annual Report 2023Effective water use is part of all business,industry and community life.Faced with climate change,water scarcity,environmental requirements and tightening operating bu
64、dgets,our clients deserve the best solutions to deliver a sustainable future.We bring innovation,technical expertise and experience to help our clients address their most pressing water challenges.Operations Review A$4.1mFY23 ADJuSteD eBItDA 111%ADJuSteD eBItDACASH AnD CASH eQuIVAlentSA$7.7mWItH A F
65、uRtHeR A$6.9M In InVentoRY At 30 June 2023.4QpoSItIVe opeRAtInG CASHFloW12SciDev Limited Annual Report 2023FY23 Operational Highlights Appointed Sen Halpin as Ceo;Awarded a threeyear contract agreement with First Quantum Minerals at the Ravensthorpe nickel operations,expected to generate A$9.5m in s
66、ales;Awarded contracts with Iluka Resources with a total contract value of over A$28m;Continued supply of SciDevs proprietary suspension polymer technology,Xslik 620,to major uS e&p companies;Secured two pFAS treatment contracts with Cleanaway Waste Management with a combined value of A$5.3m;Awarded
67、 an operation and Maintenance contract for 98 remote water quality monitoring units across multiple mines in WA;operated on ten pFAS treatment projects throughout 2023,generating A$7.8m in revenue;Secured a trademark for our proprietary pFAS treatment technology FluorofIX;Consolidated and relocated
68、multiple offices and operational sites into new headquarters in Seven Hills,nSW;and Appointed Vice president europe for Water technologies.this role will be responsible for implementing strategic initiatives to drive the growth of our Water technologies vertical in the european market.13SciDev Limit
69、ed Annual Report 2023Operations Review(continued)Financial ReviewIn Financial Year 2023,the company delivered record revenue of$89.9m,representing a 62%increase on the FY2022,results reflecting significant growth.SciDevs record revenue growth was achieved organically as more clients turned to SciDev
70、 to utilise our industryleading solutions.Highlights in FY23 include:SciDev delivering positive operational cash flow of$4.8m and underlying adjusted eBItDA of$4.1m.SciDev maintained a robust balance sheet with cash and cash equivalents of$7.7m on 30 June 2023 and a further$6.9m in inventory.During
71、the year SciDev paid$3.6m for deferred consideration in relation to the acquisition of Haldon Industries.Operational ReviewSciDevs innovative chemistries and water treatment technologies,utilised across various industries,continue to improve production efficiencies,reduce waste,and minimise our clie
72、nts environmental footprint.our services can be utilised in a range of industries,including Mining&Construction,energy Services and Water technologies.over the FY23 Year SciDev continued to expand its client presence,securing numerous new contracts,the growing scale of our business was reflected in
73、over A$50m in new contracts secured during FY23.In FY23 we consolidated and relocated multiple offices and operational sites into new headquarters in Seven Hills,nSW.14SciDev Limited Annual Report 2023Chemical ServicesAsiaPacificIn Asiapacific,SciDev continued to establish ourselves as an industry l
74、eader in solid liquid separation chemistry for the mining and mineral processing industry.SciDevs chemistries and professional services maximise the operational performance of mineral processing systems and ensure minimal water is passed as waste into the tailings circuit.Financial performance durin
75、g the year was positively impacted by a range of new contracts with bluechip clients.Key activity during the year includes Awarded a twoyear contract extension with Socit le nickel(Sln)to continue the supply of our MaxiFlox to two operational mines in new Caledonia;Awarded a threeyear contract agree
76、ment with First Quantum Minerals at the Ravensthorpe nickel operations,which is anticipated to deliver over A$9.5m in sales over the contract term;Awarded contracts with Iluka with a total contract value of over A$28m;Secured a twoyear contract(with the option for a twoyear extensions)at the thunder
77、bird Mineral Sands operation for the supply of MaxiFlox(insert registered symbol)chemistry,optiFlox equipment an technical services;Awarded threeyear contract agreement at a large coking coal mine in southern Bowen Basin after successful extended trials in qualifying the MaxiFlox chemistry in late 2
78、023;Supply and purchase order agreements awarded for MaxiFlox chemistry and technical services for two tunnelling projects in Australia supporting the reuse of water and environmentally friendly handling and disposal of waste spoil.The Americastraditionally,SciDevs main focus in the Americas was on
79、supplying innovative chemistry to the uS oil and gas market.However,in FY23,the company expanded its reach and diversified its client base in the region.this included securing its first significant mining contract in the uS and establishing a licensing agreement to provide its chemistry to the Mexic
80、an mining sector.SciDev continues to innovate and deliver a range of chemistry solutions to our clients that improve operational efficiency and reduce their wastewater footprint.During the period SciDev operated across five oil and Gas basins in the uS,supporting multiple wellcompletion fleets.Reven
81、ue in the second half of FY23 was impacted due to lower activity levels driven by lower domestic uSA natural gas prices.However,SciDev continued to expand our operational footprint in the uSA.Key activity and contract awards during the year include:Continued to expand customer footprint in energy Se
82、rvices including an increased number of speciality chemistry products per well;Continued supply of SciDevs proprietary suspension polymer technology,Xslik 620,to a major uS e&p company;Blue Chip operator in the eagleFord Shale in South texas has approved and is utilising AmberSlik lubricant technolo
83、gy;Successful field trials conducted with a major e&p client,SmartVis the permian Basin in West texas.SmartVis helps decrease wastewater volumes during the recompletion phase of welldevelopment;Secured contract with bluechip exploration and production company to the eagleford Shale for the utilisati
84、on of SciDevs proprietary CatChek 15 technology;Developed and commercialised a cement fluid loss additive for use in the cementing phase of well completion.executed a oneyear exclusive distribution agreement with Sonora naturals S.A de C.V for the sale of SciDevs MaxiFlox MaxiSperse and MaxiDry chem
85、istry into the Mexican market;A A$2.7m contract for the supply MaxiFlox chemistry to a major Mining Services company in the uSA.15SciDev Limited Annual Report 2023Operations Review(continued)Water TechnologiesAsiaPacificSciDevs water treatment business is centred around the removal of harmful contam
86、inants from groundwater,surface water and industrial liquid waste,allowing water to be reused or safely discharged to the environment.the Company operates through both Build,own operate(Boo)and Design&Construct(D&C)commercial models and delivers our solutions to various markets.the financial perform
87、ance of the water technology business was impacted by the delays in the commencement and commissioning of a number of new projects across Queensland and Victoria.these delays were driven by major scope changes requiring additional design and plant upgrade works.All projects are successfully progress
88、ing and associated revenue will be recognised in FY24.Key activity and contract awards during the year include:Delivered ten pFAS treatment projects throughout 2023;A an operation and Maintenance contract for 98 remote water quality monitoring units across multiple mines in WA;two pFAS treatment con
89、tracts with Cleanaway Waste Management with a combined value of A$5.3m;A major works contract for a tier 1 construction company to manage and treat contaminated groundwater at a residential development site in Sydney,nSW;A contract to provide a Boo Wtp to treat nutrient and pFASimpacted wastewater o
90、n the Sydney Metro West Central tunnelling Works for the Acciona Ferrovial Joint Venture(AFJV)on the Sydney olympic park project.the contract has a total value of A$1.7m;A 12month extension for the operations and maintenance of an existing pFAS Wtp with a major tierone mining client.to date,this tre
91、atment plant has treated one billion litres to trace levels of detection of 0.0002ug/l;and Delivered two Design and Construct(D&C)packaged drinking water plants for the Queensland Government Qbuild public Works Division with a total contract value in excess of A$500k.Europe Appointment of Vice presi
92、dent europe for Water technologies.this role will be responsible for implementing strategic initiatives to drive the growth of our Water technologies vertical in the european market.16SciDev Limited Annual Report 2023OutlookWith a growing portfolio of major new clients and strong demand across our m
93、arkets,SciDev is wellpositioned to continue to grow our operational and financial footprint across FY24.Our key areas of focus in FY24 include:Ongoing focus on the health and safety of all our employees;Delivery of the Water Technologies pipeline of contracted works with a focus on the delivery of r
94、evenue from contracts secured in FY23;Ongoing development and diversification of our technology portfolio across both our Water Technologies and Chemical Services businesses;Continue our establishment as the market leader in PFAS treatment;Actively pursuing strategic opportunities to accelerate grow
95、th in the global PFAS sector with a focus on the European and North American markets;Diversification of North America business by entering new markets and broadening our service offerings where we have an established presence;Continued execution of business development opportunities in the Construct
96、ion sector both domestically and overseas.17SciDev Limited Annual Report 2023Environmental,Social and GovernanceSciDev is committed to reducing our impact and delivering value through sustainable operations and services.Our actions ensure that we achieve positive economic,social and environmental su
97、stainability outcomes,in a balanced and valueenhancing manner for all stakeholders.SciDev creates innovative,customised solutions to help our clients minimise wastewater and enhance their operations whilst protecting the environment.We provide efficiency gains for our clients across a range of secto
98、rs.As a company,we are:Helping to solve the growing emerging contaminant problem,including the treatment of per and polyfluoroalkyl substances(pFAS);Reducing the consumption of freshwater and wastewater outputs across a range of industries;Supporting the communities in which we live and work;Buildin
99、g a culture where we respect and embrace diversity in the workplace and wider community;As an emerging company,we continue to build and formalise our commitment to sustainability.We integrate sustainable practices and considerations into all our business decisions;and We remain committed to continua
100、lly improving our eSG performance.18SciDev Limited Annual Report 2023Environment SciDevs sustainable chemistry and water treatment solutions focus on reducing freshwater consumption and the level of wastewater produced across industry.our technologies embrace a range of unique operating environments
101、 and challenges,including perand polyfluoroalkyl substances(pFAS)treatment,wastewater disposal from industrial sites and tailings slurry in the mining sector.By utilising our people,services,and solutions,our clients can reduce their environmental impact and achieve improved operational performance
102、and efficiencies.one of the global environmental challenges is the emergence of pFAS,a group of manmade chemicals used in various industries since the 1940s.pFAS chemicals are very persistent in the environment and cause environmental and health risks across various industrial sites.our water treatm
103、ent plants can remove all detectible pFAS compounds to below the lowest possible commercially available laboratory limits of reporting,significantly ahead of our competitors in FY23 SciDev remediated on ten pFASimpacted sites.We actively work with global oilfield service leaders in the onshore uS oi
104、l and gas sector to develop new drilling chemistries.the oil and gas sector produces over five barrels of wastewater for every barrel of oil produced.the increased awareness of the environmental impact of such high levels of water discharge drives our clients to embrace new chemistry and solutions t
105、hat can reduce the impact of their operations on the environment.Among other projects,SciDev has developed a range of drilling technologies that perform efficiently in saline water,reducing water waste by 50%and minimising the clients freshwater footprint.SciDev will continue to innovate to ensure w
106、e can meet our clients objectives centred on reducing water discharge.19SciDev Limited Annual Report 2023Environmental,Social and Governance(continued)Social SciDev puts our workforces health,safety and wellbeing at the forefront of our operations,and we strive to deliver a safe and inclusive cultur
107、e.Safety At SciDev,we prioritise Health and Safety above all else.We believe people are the heart of our business,and there is nothing more important than ensuring everyone goes home safely every day.one of our core values is“everyone Safe,everyday”,and we are committed to creating a culture that re
108、flects this value.We encourage all employees to lead by example,promote safety and work together to continuously improve health and safety.We take a consultative and collaborative approach with everyone and encourage constant feedback.As a business,we are committed to prioritising safety in all role
109、s and environments.to build a strong safety culture,we have developed a strategic plan that includes improving business performance,accountability,consistency,communication,and knowledge sharing.We also promote skills development and training at all levels to ensure that everyone has the necessary c
110、ompetencies to maintain a safe working environment.Additionally,we are optimising our processes and resources.We took the first step towards growing our culture by integrating our Quality,Health,Safety,and environmental management systems in november 2022.this triple recertification process combined
111、 the Water technologies and Chemical Services Businesses in Australia.our new integrated management system simplifies our operations and allows us to manage our business more efficiently.Diversity and Inclusion pivotal to SciDevs ongoing success is our people.our leadership team are passionate about
112、 creating inclusive and highperforming teams that respect and embrace diversity and individuality.the Company respects the diversity of all employees,consultants and contractors and cultivates an environment of fairness,respect,and equal opportunity.the Company believes that the pursuit of diversity
113、 in the workplace increases the pool of talent available,enhances individual worklife balance,encourages personal achievement,improves cooperation,and assists in optimising organisational performance.SciDev is committed to providing a fair and equitable workplace,free from discrimination related to
114、age,gender,ethnicity,cultural or other personal factors,in which diversity enhances Company performance and Shareholder value.the Company encourages diversity at all levels of the organisation to facilitate an appropriate mix of skills and talent to conduct its business.Active management of diversit
115、y in the workplace involves recognising and valuing the unique contribution people can make because of their individual backgrounds,different skills,experiences and perspectives.pleasingly,we have made positive progress in gender diversity,with 25%of our workforce now female.20SciDev Limited Annual
116、Report 2023Communities We recognise the importance of the local communities in which our operations occur.We strive to lessen the impact and maximise engagement of the community,promoting positive outcomes and economic development.We focus on ensuring our operations create a positive longterm legacy
117、,providing for future opportunity.Given the broad nature of the geographies in which SciDev operate,we interact differently with a range of communities.Recognising the importance of local engagement,SciDev strive to leave a lasting imprint on local communities via our actions,SciDev has partnered wi
118、th Schools plus in the delivery of funding to assist disadvantaged communities in improving learning outcomes for their students.SciDev has provided financial support to underpin the twoWay Science programme at a cluster of Anangu schools(oak Valley Anangu,Amata Anangu,Fregan Anangu,Indulkana Anangu
119、,Kenmore park Ananagu,Yalata Anangu,pipalyatjara Anangu and ernabella Anangu).the project had directly benefited over 200 students,100 teachers and a further 100 community members in building cultural identity,teaching science,reinforcing literacy and numeracy skills and incorporating technology.thi
120、s teaching and learning approach provides a way to construct meaningful engagement with the Anangu community.In 2022,SciDev supported the Krait Foundation,which is an arm of the Wandering Warriors charitable enterprise.the Krait Foundation takes groups of retiring SoCoMe(Defence special operations)p
121、ersonnel and provides postservice vocational training and support,with the aim of supporting our special forces veterans transitioning back to civilian life and creating fulfilling career opportunities for them our team also partnered with Cleanup Australia to support World environment Day and parti
122、cipated in Water Aids Walk for Water raising,which helps raise funds and awareness so people worldwide can access clean water.21SciDev Limited Annual Report 2023Environmental,Social and Governance(continued)SciDev is committed to a high level of governance and value and reward ethical standards,pers
123、onal and corporate integrity and respect for others.SciDevs governing documents include a Corporate Governance Statement,Board Charter and Code of Conduct policy,which provide the overlying framework of governing principles.the SciDev Board of Directors is cognisant of the importance of the Companys
124、 corporate governance framework in establishing accountabilities and managing risk.our policies and procedures are detailed in our Corporate Governance Statement and Board Matrix,which can be viewed on the SciDev website.Ethics and Whistleblowing At SciDev,we value open and honest communication amon
125、g our staff.our employees are encouraged to report any unethical behaviour or policy violations to senior management or the Board.We are committed to promoting and supporting a culture of honesty,ethical practices,corporate compliance,and governance.We also encourage the reporting of any instances o
126、f suspected illegal,fraudulent,or undesirable conduct involving our business.to ensure that our employees feel confident about raising concerns internally,we offer a reporting and investigation mechanism that is objective,confidential,and independent.this mechanism protects employees from any fear o
127、f intimidation,reprisals,or disadvantage.Ethical Sourcing and Modern Slavery We are committed to ethical and transparent business practices,and have implemented effective systems and controls to prevent any form of modern slavery in both our business operations and supply chain.We strongly believe i
128、n respecting human rights and are committed to tackling modern slavery as a vital aspect of our culture and values.Reconciliation Action PlanSciDev commits to promoting reconciliation and contributing to Australias effort to recognise,understand and repair the relationship between Aboriginal and/or
129、torres Strait Islander peoples and the wider Australian community.the company is working through the framework set by Reconciliation Australia to deepen our understanding of our sphere of influence and the unique contribution we can make across the five dimensions of reconciliation:race relations,eq
130、uality and equity,institutional integrity,unity and historical acceptance.Governance22SciDev Limited Annual Report 2023Board&Leadership TeamBoardVaughan BusbyNonExecutive ChairmanSimone WattNonExecutive DirectorJon GourlayNonExecutive DirectorDan OTooleNonExecutive DirectorHeath RobertsCompany Secre
131、tarySen HalpinChief Executive OfficerAnna HooperChief Financial OfficerSarah StewartHead of Client Experience and MarketingOllie KellyHead of People and CultureJamiel MuhorHead of Chemical Services,APACChris DartezPresident Chemical Services,AmericasTodd PlacekHead of Water Technologies,APACJohn Wil
132、sonVice President Water Technologies,EuropeQuinn Smith Vice President Water Technologies,North AmericaLeadership Team23SciDev Limited Annual Report 2023Financial Report24SciDev Limited Annual Report 2023Financial ReportDirectors Report 26Auditors Independence Declaration 42Consolidated Statement of
133、Profit or Loss and Other Comprehensive Income 43Consolidated Statement of Financial Position 44Consolidated Statement of Changes in Equity 45Consolidated Statement of Cash Flows 46Notes to the Consolidated Financial Statements 47Directors Declaration 88Independent Auditors Report 89Additional ASX In
134、formation 93Corporate Directory IBC25SciDev Limited Annual Report 2023Directors Report30 June 2023The directors present their report,together with the financial statements,on the consolidated entity(referred to hereafter as the consolidated entity)consisting of SciDev Limited(referred to hereafter a
135、s the company or parent entity)and the entities it controlled at the end of,or during,the year ended 30 June 2023.DirectorsThe following persons were directors of SciDev Limited during the whole of the financial year,except where noted below,and up to the date of this report:Vaughan Busby;Simone Wat
136、t;Jon Gourlay;and Dan OToole.Principal activitiesSciDev is a leader in the environmental solutions market focused on water intensive industries.SciDev brings together worldclass technology,chemistry and application to solve pressing operational and environmental issues for the water,oil and gas,mini
137、ng and construction markets.DividendsThere were no dividends paid,recommended or declared during the current or previous financial year.Review of financial performanceRevenue from clients in 2023 is$89,841,000(30 June 2022:$55,597,000)and the loss for the consolidated entity after providing for inco
138、me tax amounted to$339,000(30 June 2022:loss of$616,000).Reconciliation of loss before income tax to EBITDA and Adjusted EBITDA(unaudited):2023$0002022$000Loss before income tax(222)(1,441)Depreciation and amortisation3,508 2,082 Finance costs630 708 EBITDA3,916 1,349 Acquisition expense Haldon cont
139、ingent consideration 504 Nonrecurring Haldon integration costs 245 Net fair value loss/(gain)on options held in R3D Resources Limited164(164)Adjusted EBITDA4,080 1,934 EBITDA and adjusted EBITDA are nonIFRS earnings measures which do not have any standardised meaning prescribed by IFRS and therefore
140、 may not be comparable to EBITDA presented by other companies.These measures,which are unaudited,are important to management as an additional way to evaluate the consolidated entitys performance.Adjusted EBITDA excludes the effects of significant items of income and expenditure which may have an imp
141、act on the quality of earnings because of isolated or nonrecurring events.26SciDev Limited Annual Report 2023Directors Report(continued)Review of operationsSciDevs innovative chemistries and water treatment technologies,utilised across various end industries,continue to improve production efficienci
142、es,reduce waste,and minimise the environmental footprints of our clients.Our services are utilised in a range of industries,including Mining&Mineral processing,Energy Services,Construction&Infrastructure,and Water Treatment.Key developments in FY23 included:Awarded two threeyear contracts with Iluka
143、 Resources with a total contract value of over A$28 million.Awarded a threeyear contract agreement with First Quantum Minerals at the Ravensthorpe Nickel Operations,expected to generate A$9.5 million in sales.Continued supply of SciDevs proprietary suspension polymer technology,Xslik 620,to major US
144、 E&P companies.Awarded contract with Cleanaway Waste Management Limited in Victoria for the construction of a water treatment plant to treat PFASimpacted wastewater with a contract value of A$3.15 million.Contract with a minimum value of$2.15 million secured with Cleanaway Waste Management to deploy
145、 a BOO Water Treatment Plant in Queensland to treat PFASimpacted leachate.Awarded an operate and maintain contract for 98 remote water quality monitoring units across multiple mines in WA.Operated on ten PFAS treatment projects throughout 2023,generating A$7.8 million in revenue.Secured a trademark
146、for our proprietary PFAS treatment technology.Mining and ConstructionFY23 saw a return to profitability for our Mining and Construction business as it continued to expand the delivery of chemistry and technology to a range of Australian and international companies.The growth in revenue and profitabi
147、lity was achieved by securing A$44 million in new contracts and delivering technical trials of our specialty chemistry for blue chip clients across the industry.Business development activities expanded across several operations and commodities in both mining and construction,expanding to the US,Mexi
148、co,Canada and the Caribbean.Energy ServicesSciDev continues to innovate and deliver chemistry solutions that increase recycled water use in onshore oil and gas production,helping companies meet environmental regulations,limit freshwater usage,reduce costs,and improve our clients operational performa
149、nce.During the period,SciDev operated in five US Oil&Gas basins and supported multiple wellcompletion fleets.The second half of FY23 revenue was impacted by lower domestic USA natural gas prices,however SciDev continued to expand its operational footprint in the USA.Water TechnologiesIn FY23,the fin
150、ancial performance of the Water Technologies business was impacted by delays to the commencement of new projects due to changes in scope,requiring more design and plant upgrades.The water technologies team secured contracts in new regions in the Australian domestic market,delivering projects for new
151、 clients and further developing SciDevs presence within Victoria and Queensland.The team continued its establishment as a market leader in per and polyfluoroalkyl(PFAS)treatment,delivering ten PFAS treatment projects throughout the year.The year also saw the appointment of a VicePresident Europe for
152、 Water Technologies.This role is responsible for implementing strategic initiatives to drive the growth of our Water Technologies vertical in the European market.With growing PFAS regulation and an increased global footprint,the water technologies business is set for an exciting period of growth.27S
153、ciDev Limited Annual Report 2023Directors Report(continued)OutlookSciDev is well positioned for continued growth in FY24 and beyond,with a strong project pipeline,skilled team,and robust balance sheet.Key areas of focus include:Ongoing focus on the health and safety of all our employees.Delivery of
154、Water Technologies pipeline of works,with the focus on the delivery of revenue from contracts secured in FY23.Ongoing development and diversification of our technology portfolio across both our Water Technologies and Chemical Services businesses.Actively pursuing strategic opportunities to accelerat
155、e growth in the global PFAS sector with a focus on the European and North American markets.Leveraging strategic partnerships and licencing agreements to increase market share in the global mining and resources sector.Diversification of North American business by entering new markets and broadening o
156、ur service offerings where we have an established presence.Continued execution of business development opportunities in the Construction sector,both domestically and overseas.Significant changes in the state of affairsDuring the year,the consolidated entity paid contingent consideration of$3,620,000
157、(refer note 20)to the vendors of Haldon Industries.There were no other significant changes in the state of affairs of the consolidated entity during the financial year.Matters subsequent to the end of the financial yearNo matter or circumstance has arisen since 30 June 2023 that has significantly af
158、fected,or may significantly affect the consolidated entitys operations,the results of those operations,or the consolidated entitys state of affairs in future financial years.Environmental regulationThe consolidated entity is subject to a range of environmental regulations and licences under Australi
159、an Commonwealth or State laws.The Company is responsible for monitoring its compliance with these laws and is not aware of any breaches during the year.A key area of regulation are specific process licences:Group companies are holders of NSW Environmental Protection Agency(EPA)mobile waste processin
160、g PFAS licences 20878 and 21114.28SciDev Limited Annual Report 2023Directors Report(continued)Information on directorsName:Vaughan BusbyTitle:Nonexecutive Chairman Qualifications:B.Pharm,MBA(IMD Business School Switzerland)Experience and expertise:Mr Busby trained as a chemist and has extensive expe
161、rience as a company director,having sat on a number of private and ASX listed boards over the last 15 years.He currently serves as a nonexecutive director for Energy Queensland Limited,a governmentowned corporation and the largest energy company in Australia.He is also a nonexecutive director for En
162、ergyOne(ASX:EOL),a company providing specialist software to the energy industry and Netlogix Group Holdings Limited,a New Zealand based company specialising in supply chain logistics.Other current directorships:Nonexecutive Director of Energy One Limited (from listing on ASX on 12 January 2007 to pr
163、esent)Former directorships (last 3 years):NoneSpecial responsibilities:Company ChairmanDate of appointment to the Board:9 August 2021Interests in shares:NilInterests in options:NilName:Simone WattTitle:Nonexecutive DirectorQualifications:BAScExperience and expertise:Ms Watt is the Managing Director
164、of Sinoz Chemical and Commodities(Sinoz),which is a global company supplying reagents and technologybased improvements to the mining and agribusiness industries.Ms Watt is also a Director of Kemtec Mineral Processing and Kanins International,both parts of the Sinoz Group of companies.She has extensi
165、ve experience in strategic sourcing and supplier management,business development and sales and marketing.Other current directorships:NoneFormer directorships (last 3 years):NoneSpecial responsibilities:Member of the Audit and Risk Committee and Chair of the Nomination and Remuneration CommitteeDate
166、of appointment to the Board:29 October 2018Interests in shares:5,313,280Interests in options:Nil29SciDev Limited Annual Report 2023Directors Report(continued)Name:Jon GourlayTitle:Nonexecutive DirectorQualifications:BCom,C.AExperience and expertise:Mr Gourlay is a chartered accountant with extensive
167、 experience in finance and project management,risk management,business improvement and investor relationships,with a focus on the resources and technology sectors.Mr Gourlay has held senior management roles including most recently,Commercialisation Manager,Technology and Innovation for Newcrest Mini
168、ng,with prior roles in investor relations,analysis and improvement of Newcrests operations at the Lihir Island Gold Mine in Papua New Guinea.Other current directorships:NoneFormer directorships (last 3 years):NoneSpecial responsibilities:Chairman of the Audit and Risk Committee and member of the Nom
169、ination and Remuneration CommitteeDate of appointment to the Board:28 May 2019Interests in shares:1,067,774Interests in options:NilName:Dan OTooleTitle:Nonexecutive DirectorQualifications:BEng(Hons),EngExec,FlEAust,MAusIMM,MAICDExperience and expertise:Mr OToole brings over 35 years of experience ac
170、ross the engineering and consulting sectors including over 18 years in executive leadership roles within Coffey International Limited and Pitt&Sherry.Mr OToole is currently the Chairman of Viotel Limited,a private company focused on empowering mining,transport and infrastructure businesses to better
171、 mitigate risks using worldclass monitoring technology.Prior to his current position,Mr OToole was the Chief Executive Officer of Pitt&Sherry,one of Australias most dynamic consulting engineering companies with a team of highcalibre professional consultants servicing the Transport Infrastructure,Min
172、ing,Energy,Industrial,and Tourism&Recreation market sectors.Other current directorships:NoneFormer directorships (last 3 years):NoneSpecial responsibilities:Member of the Audit and Risk Committee and the Nomination and Remuneration CommitteeDate of appointment to the Board:3 February 2021Interests i
173、n shares:266,000Interests in options:NilOther 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 held in the last thre
174、e(3)years for listed entities only and exclude directorships of all other types of entities unless otherwise stated.30SciDev Limited Annual Report 2023Directors Report(continued)Company secretaryMr Heath L Roberts(Dip Law(S.A.B.)and Grad Dip Legal Practice(UTS)is a commercial solicitor with over 20
175、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 directorsThe number of meetings of the companys Board of Directors(the Board)held during the year ended 30
176、 June 2023,and the number of meetings attended by each director were:Full BoardNomination and Remuneration CommitteeAudit and Risk CommitteeAttendedHeldAttendedHeldAttendedHeldVaughan Busby910Simone Watt 101044Jon Gourlay 101044Dan OToole101034Held:represents the number of meetings held during the t
177、ime the director held office.31SciDev Limited Annual Report 2023Directors Report(continued)Remuneration report(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 a
178、nd its Regulations.Key management personnel are those persons having authority and responsibility for planning,directing and controlling the activities of the entity,directly or indirectly,including all directors.This includes key leaders of the Companys operating subsidiaries in Australia and overs
179、eas.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;Sharebased compensation;Additional information;and Additional disclosures relating to key management personnel.Princi
180、ples used to determine the nature and amount of remunerationThe objective of the consolidated entitys executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered.The framework aligns executive reward with the achievement of strategic object
181、ives of the consolidated entity and the creation of value for shareholders.The Board of Directors(the Board)ensures that executive reward satisfies the following key criteria for good reward governance practices:competitiveness and reasonableness;acceptability to shareholders;alignment of executive
182、compensation to business success;transparency;and alignment with proper capital management.The Group has structured an executive remuneration framework that is market competitive.The framework provides a mix of fixed base pay and variable pay that includes both short and longterm incentives,with an
183、appropriate balance of atrisk remuneration.The Company applies remuneration strata grades,with allocations for fixed remuneration,shortterm incentive(STI)and longterm incentive(LTI)applicable to each strata grade.The percentage allocations between fixed remuneration,STI and LTI vary between the stra
184、ta grades,with an emphasis on higher atrisk STI and LTI elements for more senior executives.A relationship between Company performance and remuneration has been developed and implemented,with the STI or LTI component of remuneration delivered on a performancelinked basis,as either:Equity issues to e
185、xecutives,with performance conditions based on financial performance,share price performance and duration of employment milestones,and In some cases cash bonuses,which are also financial performance linked.The Board has a Nomination and Remuneration Committee which provides advice on remuneration an
186、d incentive policies and practices and makes specific recommendations on remuneration packages and other terms of employment for the Chief Executive Officer,the NonExecutive Directors and other senior executives.32SciDev Limited Annual Report 2023Directors Report(continued)Nonexecutive directors rem
187、unerationFees and payments to the Nonexecutive Directors reflect the demands which are made on,and the responsibilities of,the Nonexecutive Directors.The Board undertakes a review of Nonexecutive Directors fees and payments annually.Nonexecutive Directors fees are determined within an aggregate None
188、xecutive Directors cash remuneration limit,which is periodically recommended for approval by shareholders.The current limit of$400,000 was approved by shareholders at the Companys 2007 Annual General Meeting.The amount paid to Nonexecutive Directors of the parent entity(SciDev Limited)during the yea
189、r to 30 June 2023 was$303,875(2022:$295,750).In addition,Nonexecutive Directors are entitled to participate in issues of securities pursuant to the SciDev Employee Share Scheme(the SciDev ESS).The value of any securities granted to Nonexecutive Directors is not included in the aggregate cash remuner
190、ation limit as they are not cashbased payments.In the case where Directors seek equitybased remuneration over cashbased remuneration,consideration will be given to such request and,in any case,shareholder approval would be required for any such equitybased remuneration for Directors.During the 2023
191、financial year the Company granted no securities to Nonexecutive Directors.Executive remunerationSciDevs executive pay and reward framework has three primary components,which together comprise the executives total remuneration:base pay,superannuation and standard nonmonetary benefits such as sick le
192、ave,annual leave etc.;shortterm incentives through individually negotiated,performance milestoned cash payments;and longterm incentives including through participation in the SciDev ESS.The combination of these comprises the executives total remuneration.The three elements described above are tailor
193、ed to reflect fair reward for the individual executives contribution and whilst some executives receive a component of all three elements,other executives do not.(i)Base payBase pay is generally structured as a total employment cost package,which may be delivered as a combination of cash and prescri
194、bed nonfinancial benefits as negotiated between the Company and the executive.Executives are offered a competitive base pay that comprises a fixed component of cash salary,superannuation and standard nonmonetary benefits as described above.(ii)Shortterm incentivesSenior ExecutivesSTIs paid to senior
195、 executives are made on a discretionary basis as determined by the Chief Executive Officer in consultation with the Nomination and Remuneration Committee.These incentives,while not guaranteed,are directly linked to the achievement of KPIs established around various performance targets including safe
196、ty,finance,culture and client satisfaction.(iii)Longterm incentivesLongterm performance incentives(LTI)are delivered through the grant of securities to executive directors and selected senior executives from time to time as part of their remuneration.Performance rights with performance hurdles appli
197、cable to any performance period(including how they will be measured)are set out in any such invitation to the eligible executives.Remuneration voting and comments at the companys 15 November 2022 Annual General MeetingAt the 2022 AGM,99.78%of the votes received supported adopting the remuneration re
198、port for the year ended 30 June 2022.The company did not receive any specific feedback at the 2022 AGM regarding its remuneration practices.33SciDev Limited Annual Report 2023Directors Report(continued)Details of remunerationAmounts of remunerationThe key management personnel of the consolidated ent
199、ity during the financial year ended 30 June 2023 consisted of the following directors of SciDev Limited:Vaughan Busby Nonexecutive Chairman;Simone Watt Nonexecutive Director;Jon Gourlay Nonexecutive Director;and Dan OToole Nonexecutive Director.And the following persons:Sen Halpin Chief Executive Of
200、ficer;Anna Hooper Chief Financial Officer;and Heath Roberts Company Secretary and General Counsel.ShorttermPost employment benefitsSharebased payments2023Salary&fees$Bonus$Superannuation$Termination benefits$Shares&units$Options&rights$Total$Proportion of remuneration performance related%Vaughan Bus
201、by95,0009,975104,975Simone Watt60,0006,30066,300Jon Gourlay60,0006,30066,300Dan OToole60,0006,30066,300Sean Halpin(a)368,28928,652396,941Heath Roberts144,000144,000Anna Hooper342,82457,75025,292425,866141,130,11357,75082,8191,270,682(a)Sen Halpin was appointed Interim Chief Executive Officer on 29 A
202、pril 2022 and Chief Executive Officer on 11 November 2022.34SciDev Limited Annual Report 2023Directors Report(continued)ShorttermPost employment benefitsSharebased payments2022Salary&fees$Bonus$Superannuation$Termination benefits$Shares&units$Options&rights(e)$Total$Proportion of remuneration perfor
203、mance related%Vaughan Busby(a)85,2848,52893,812Simone Watt60,0006,00066,000Jon Gourlay60,0006,00066,000Dan OToole(a)63,5806,35869,938Lewis Utting(b)380,65740,000264,000146,514831,17118Sean Halpin(c)278,20524,00048,274350,47913John Fehon(d)58,3345,00086,500149,834Heath Roberts166,000166,000Anna Hoope
204、r(d)190,59511,784202,3791,342,655107,670350,500146,51448,2741,995,613(a)Vaughan Busby was appointed as director and Nonexecutive Chairman on 9th August 2021.Dan OToole was acting Chair from 1 July 2021 until 9 August 2021.(b)Lewis Utting resigned on 29 April 2022.(c)Sen Halpin was appointed Interim
205、Chief Executive Officer on 29 April 2022.Before his appointment,he was the Commercial Director of the Water Services Division.The amounts shown above include all of Sen Halpins remuneration during the reporting period,whether as Interim Chief Executive Officer or as Commercial Director of Water Serv
206、ices.Amounts received in his position as Interim Chief Executive Officer amounted to$62,333,made up of a cash salary of$58,333,superannuation of$4,000,annual and long service leave of$4,635 and performance rights of$8,332.(d)John Fehon resigned as Chief Financial Officer on 16 September 2021 and Ann
207、a Hooper was appointed Chief Financial Officer on 6 December 2021.(e)The amounts included in the options and performance rights represent the grant date fair value of options,amortised on a straightline basis over the expected vesting period.Expenses are reversed where rights are forfeited due to a
208、failure to satisfy the nonmarket hurdles only.No amounts will be received as remuneration as the marketbased hurdle has not been met upon expiry.35SciDev Limited Annual Report 2023Directors Report(continued)Service agreementsRemuneration and other terms of employment for key management personnel are
209、 formalised in service agreements.Details of these agreements at the date of this report are as follows:Name:Sen HalpinTitle:Chief Executive OfficerAgreement commenced:11 November 2022Term of agreement:OngoingDetails:Base salary of$350,000 plus superannuation and STI performancebased bonus up to$100
210、,000 and LTI bonus up to$175,000 in performance based equity under the terms of the Companys ESS.In addition,Mr Halpin is eligible for an equity settled Outperformance bonus of up to$400,000.The contract may be terminated by six(6)months notice from either party.Name:Heath RobertsTitle:Company Secre
211、tary&General CounselAgreement commenced:1 March 2017Term of agreement:OngoingDetails:Consulting per diem rate equal to that of$240,000 for fulltime employment and services.The agreement may be terminated by one(1)months notice from either party.Name:Anna HooperTitle:Chief Financial OfficerAgreement
212、commenced:6 December 2021Term of agreement:OngoingDetails:Base salary of$350,000 including superannuation and STI performancebased bonus of up to$70,000 and an LTI bonus up to$162,690 in performancebased equity under the terms of the Companys ESS.The contract may be terminated by three(3)months noti
213、ce from either party.Key management personnel(KMP)have no entitlement to termination payments in the event of removal for misconduct.36SciDev Limited Annual Report 2023Directors Report(continued)Sharebased compensationIssue of sharesThere were no shares issued to directors or other key management pe
214、rsonnel as part of compensation during the year ended 30 June 2023.OptionsThe terms and conditions of the prior year grants of options over ordinary shares are as follows:NameNumber of options grantedGrant dateVesting dateExpiry dateExercise priceFair value per option at grant date Vested%Lewis Utti
215、ng800,00023/07/201923/07/201923/07/2022$0.10$0.13 100%Lewis Utting800,00023/07/201930/06/202123/07/2022$0.10$0.17 100%Simone Watt250,00023/07/201923/07/201923/07/2022$0.12$0.11 100%Jon Gourlay650,00023/07/201923/07/201923/07/2022$0.12$0.11 100%John Fehon75,00003/02/202003/02/202023/07/2022$0.12$0.61
216、 100%John Fehon75,00003/02/202030/06/202123/07/2022$0.12$0.63 100%Heath Roberts200,00016/05/201916/05/201923/07/2022$0.10$0.00100%Heath Roberts200,00016/05/201930/06/202123/07/2022$0.10$0.04 100%With the exception of the options granted to Lewis Utting(former Managing Director and Chief Executive Of
217、ficer),which had performance conditions required to be met to earn the grant,all other options granted had no performance conditions.The options issued to the Directors were premiumpriced options and reported as remuneration over the vesting period.These options were issued under the Companys ESS.Th
218、e options expire on the earlier of their expiry date or termination of the employees employment.The Board has discretion under the ESS to apply good leaver provisions in certain cases.Options issued to Directors of the company were first approved by the companys shareholders,as required by ASX Listi
219、ng Rules.The options did not entitle the holders to participate in any share issue,bonus or distribution by the Company unless first exercised in accordance with the option terms.Options granted carried no dividend or voting rights.There has been no alteration of the terms and conditions of the abov
220、e sharebased payment arrangements since the grant date.Values of options over ordinary shares granted,exercised and lapsed for directors and other key management personnel as part of compensation during the year ended 30 June 2023 are set out below:Value of options granted during the yearValue of op
221、tions exercised during the year*Value of options lapsed during the year*Value of options granted during the yearValue of options exercised during the year*Value of options lapsed during the year2023$2023$2023$2022$2022$2022$Simone Watt36,250John Fehon63,750Heath Roberts33,00033,000*The value exercis
222、ed/lapsed represents the intrinsic value at the exercise date/date options lapsed.37SciDev Limited Annual Report 2023Directors Report(continued)Performance rightsDuring the year ended 30 June 2021,the Company issued 2,133,399 performance rights,which have expired unexercised on 31 October 2022.Addit
223、ional informationThe earnings of the consolidated entity for the five years to 30 June 2023 are summarised below:2023$0002022$0002021$0002020$0002019$000Sales revenue89,84155,59742,52517,9072,656Profit/(loss)after income tax(339)(616)3,453(875)(2,033)The factors that are considered to affect total s
224、hareholders return(TSR)are summarised below:20232022202120202019Share price at financial year end($)0.330.180.850.580.09Basic earnings per share(cents per share)(0.18)(0.35)2.26(0.69)(2.69)Additional disclosures relating to key management personnelShareholdingThe number of shares in the company held
225、 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:Balance at the start of the yearReceived during the year on the exercise of optionsAdditions/otherDisposals/otherBalance at
226、 the end of the yearOrdinary sharesVaughan BusbySimone Watt5,063,280250,0005,313,280Jon Gourlay1,046,93420,8401,067,774Dan OToole266,000266,000Sen Halpin(1)5,100,0001,000,0006,100,000Heath Roberts106,093200,000(306,093)Anna Hooper11,316,307450,0001,286,840(306,093)12,747,054(1)Mr Halpin is a directo
227、r and partowner of Haldon Industries Pty Ltd,which is the holder of 5,100,000 shares.These are subject to escrow until 15 September 2024.Mr Halpin also has acquired interests in a further 1,000,000 shares which are not subject to escrow.38SciDev Limited Annual Report 2023Directors Report(continued)O
228、ption holdingThe number of options over ordinary shares in the 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:Balance at the start of the yearGrantedExercised
229、Expired/forfeited/otherBalance at the end of the yearOptions over ordinary sharesSimone Watt250,000(250,000)Heath Roberts400,000(200,000)(200,000)650,000(450,000)(200,000)Performance rights holdingThe number of performance rights over ordinary shares in the company held during the financial year by
230、each director and other members of key management personnel of the consolidated entity,including their personally related parties,is set out below:Balance at the start of the yearGrantedVestedExpired/forfeited/otherBalance at the end of the yearPerformance rights over ordinary sharesHeath Roberts120
231、,000(120,000)120,000(120,000)Loans to key management personnel and their related partiesThere were no loans owing by key management personnel of the group,including their close family members and entities related to them,during the financial year ended 30 June 2023.Other transactions with key manage
232、ment personnel and their related partiesSen Halpin,CEO is also a director of Haldon Industries Pty Limited(HIPL).On 12 May 2021,SciDev Limited acquired the assets and business of Haldon Industries Limited.In relation to that transaction,during the financial year 2023,SciDev Limited paid a contingent
233、 consideration of$3,620,000 and lease payments of$2,308,000.In 2022,SciDev Limited paid a contingent consideration of$2,922,039,lease payments of$2,308,000 and cash on settlement of$879,685 to HIPL.Also in FY22,SciDev received cash from clients via HIPL of$3,882,745 and incurred costs in the year vi
234、a HIPL of$540,838.Amounts exclude GST.As at 30 June 2023,SciDev has a payable balance of$3,620,000 to HIPL(2022:contingent consideration of$7,240,000 to HIPL and a liability for the asset lease from HIPL of$2,308,000).There is also a trading balance owing by SciDev to HIPL of$355,940 at 30 June 2023
235、(2022:$319,599).A director,Simone Watt,is a director of Sinoz Chemicals and Commodities Pty Ltd(Sinoz).The consolidated entity had leased premises from Sinoz during July 2021 only and rent of$502.This arrangement ended in July 2021.There were no other transactions with key management personnel of th
236、e group,including their close family members and entities related to them,during the financial year ended 30 June 2023.This concludes the remuneration report,which has been audited.39SciDev Limited Annual Report 2023Directors Report(continued)Shares under optionThere were no unissued ordinary shares
237、 of SciDev Limited under option outstanding at the date of this report.Shares under performance rightsThere were no unissued ordinary shares of SciDev Limited under performance rights outstanding at the date of this report.Shares issued on the exercise of optionsThere were 1,725,000 ordinary shares
238、of SciDev Limited issued on the exercise of options during the year ended 30 June 2023(2022:425,000 ordinary shares).At the date of the report,there were no shares under option.Shares issued on the exercise of performance rightsThere were no ordinary shares of SciDev Limited issued on the exercise o
239、f performance rights during the year ended 30 June 2023 and up to the date of this report.At the date of this report there are no shares under performance rights.Indemnity and insurance of officersThe company has indemnified the directors and executives of the company for costs incurred in their cap
240、acity as a director or executive,for which they may be held personally liable,except where 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
241、the Corporations Act 2001.The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.Indemnity and insurance of auditorThe company has not,during or since the end of the financial year,indemnified or agreed to indemnify the auditor of the company or a
242、ny related entity against a liability incurred by the auditor.During the financial year,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 companyNo person has applied to the Court under section 237 of t
243、he Corporations Act 2001 for leave to bring proceedings on behalf of the company,or to intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or part of those proceedings.Nonaudit servicesDetails of the amounts paid or p
244、ayable to the auditor for nonaudit services provided during the financial year by the auditor are outlined in note 27 to the financial statements.The directors are satisfied that the provision of nonaudit services during the financial year,by the auditor (or by another person or firm on the auditors
245、 behalf),is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.40SciDev Limited Annual Report 2023Directors Report(continued)The directors are of the opinion that the services as disclosed in note 27 to the financial statements do not compromise th
246、e external auditors independence requirements of the Corporations Act 2001 for the following reasons:all nonaudit 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 undermines the general principles relatin
247、g to auditor independence as set out in APES 110 Code 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 decisionmaking capacity for the company,acting as an advocate
248、 for the company or jointly sharing economic risks and rewards.Officers of the company who are former partners of Ernst&YoungThere are no officers of the company who are former partners of Ernst&Young.Rounding of amountsThe company is of a kind referred to in Corporations Instrument 2016/191,issued
249、by the Australian Securities and Investments Commission,relating to roundingoff.Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars,or in certain cases,the nearest dollar.Auditors independence declarationA copy of the auditors
250、independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors report.AuditorErnst&Young continues in office in accordance with section 327 of the Corporations Act 2001.This report is made in accordance with a resolution of directors,
251、pursuant to section 298(2)(a)of the Corporations Act 2001.On behalf of the directorsVaughan Busby Chairman29 August 2023 Sydney41SciDev Limited Annual Report 2023A member firm of Ernst&Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst&Young 20
252、0 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel:+61 2 9248 5555 Fax:+61 2 9248 5959 .au Auditors independence declaration to the directors of SciDev Limited As lead auditor for the audit of the financial report of SciDev Limited for the financial year ended 30 June 2023,I
253、declare to the best of my knowledge and belief,there have been:a.No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;b.No contraventions of any applicable code of professional conduct in relation to the audit;and c.No non-audit services pr
254、ovided that contravene any applicable code of professional conduct in relation to the audit.This declaration is in respect of SciDev Limited and the entities it controlled during the financial year.Ernst&Young Siobhan Hughes Partner 29 August 2023 Auditors Independence Declaration42SciDev Limited An
255、nual Report 2023Consolidated Statement of Profit or Loss and Other Comprehensive IncomeFor the year ended 30 June 2023 Note2023$0002022$000Revenue589,841 55,597 Other income631 631 ExpensesChanges in inventories,and raw materials and consumables used(65,542)(38,182)Contractors and consultants(1,244)
256、(1,758)Depreciation and amortisation expense(3,508)(2,082)Employee benefits expense(12,597)(9,888)Insurance(508)(340)Foreign exchange losses(194)(381)Acquisition expense Haldon contingent consideration20(504)Professional fees(953)(579)Travel and accommodation(960)(582)Other expenses(3,958)(2,665)Fin
257、ance costs7(630)(708)Loss before income tax(expense)/benefit(222)(1,441)Income tax(expense)/benefit8(117)825 Loss after income tax(expense)/benefit for the year attributable to the owners of SciDev Limited(339)(616)Other comprehensive lossItems that will not be reclassified subsequently to profit or
258、 lossLoss on the revaluation of equity instruments at fair value through other comprehensive income,net of tax(1,094)(808)Items that may be reclassified subsequently to profit or lossForeign currency translation369 631 Other comprehensive loss for the year,net of tax(725)(177)Total comprehensive los
259、s for the year attributable to the owners of SciDev Limited(1,064)(793)CentsCentsBasic loss per share35(0.18)(0.35)Diluted loss per share35(0.18)(0.35)The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.43SciDev
260、Limited Annual Report 2023Consolidated Statement of Financial PositionAs at 30 June 2023Note2023$0002022$000AssetsCurrent assetsCash and cash equivalents97,732 14,064 Trade and other receivables107,778 10,268 Contract assets11601 Inventories126,930 7,346 Income tax refund due178 3 Other633 439 Total
261、 current assets23,852 32,120 Noncurrent assetsFinancial assets at fair value13411 1,730 Property,plant and equipment1412,727 7,772 Intangibles1525,622 25,874 Deferred tax84,135 3,505 Other627 156 Total noncurrent assets43,522 39,037 Total assets67,374 71,157 LiabilitiesCurrent liabilitiesTrade and o
262、ther payables1614,770 11,787 Contract liabilities17648 242 Lease liabilities181,064 2,551 Employee benefits19452 432 Provisions20 3,620 Total current liabilities16,934 18,632 Noncurrent liabilitiesLease liabilities182,415 344 Provisions20 3,344 Total noncurrent liabilities2,415 3,688 Total liabiliti
263、es19,349 22,320 Net assets48,025 48,837 EquityIssued capital21119,489 119,237 Reserves22(794)(69)Accumulated losses(70,670)(70,331)Total equity48,025 48,837The above consolidated statement of financial position should be read in conjunction with the accompanying notes.44SciDev Limited Annual Report
264、2023Consolidated Statement of Changes in EquityFor the year ended 30 June 2023Issued capital$000Other equity$000Reserves$000Accumulated losses$000Total equity$000Balance at 1 July 2021100,99730825(69,715)31,615Loss after income tax benefit for the year(616)(616)Other comprehensive loss for the year,
265、net of tax(177)(177)Total comprehensive loss for the year(177)(616)(793)Transactions with owners in their capacity as owners:Contributions of equity(note 21)18,55018,550Transaction costs net of tax(note 21)(669)(669)Sharebased payments(note 36)8383Options exercised(note 21)5151Contingent considerati
266、on308(308)Balance at 30 June 2022119,237(69)(70,331)48,837Issued capital$000Other equity$000Reserves$000Accumulated losses$000Total equity$000Balance at 1 July 2022119,237(69)(70,331)48,837Loss after income tax expense for the year(339)(339)Other comprehensive loss for the year,net of tax(725)(725)T
267、otal comprehensive loss for the year(725)(339)(1,064)Transactions with owners in their capacity as owners:Share based payments(note 21)6565Options exercised(note 21)187187Balance at 30 June 2023119,489(794)(70,670)48,025The above consolidated statement of changes in equity should be read in conjunct
268、ion with the accompanying notes.45SciDev Limited Annual Report 2023Consolidated Statement of Cash FlowsFor the year ended 30 June 2023Note2023$0002022$000Cash flows from operating activitiesReceipts from customers(inclusive of GST)95,201 54,972 Payments to suppliers and employees(inclusive of GST)(8
269、9,173)(57,214)6,028(2,242)Government grants and subsidies 119 R&D tax incentive received 1,044 Interest and other finance costs paid(353)(227)Income taxes paid(861)Net cash from/(used in)operating activities344,814(1,306)Cash flows from investing activitiesPayments for deferred consideration(880)Pay
270、ments for property,plant and equipment(4,113)(2,382)Payments for intangibles15(179)(141)Payments for security deposits(482)(110)Payments for contingent consideration(3,620)(3,235)Proceeds from disposal of property,plant and equipment 98 Net cash used in investing activities(8,394)(6,650)Cash flows f
271、rom financing activitiesProceeds from issue of shares 18,369 Repayment of leases(3,012)(2,476)Proceeds from exercise of share options187 51 Share issue transaction costs(955)Net cash from/(used in)financing activities(2,825)14,989 Net increase/(decrease)in cash and cash equivalents(6,405)7,033 Cash
272、and cash equivalents at the beginning of the financial year14,064 7,010 Effects of exchange rate changes on cash and cash equivalents73 21 Cash and cash equivalents at the end of the financial year97,732 14,064The above consolidated statement of cash flows should be read in conjunction with the acco
273、mpanying notes.46SciDev Limited Annual Report 2023Notes to the Consolidated Financial Statements30 June 2023Note 1.General informationThe financial statements cover SciDev Limited as a consolidated entity consisting of SciDev Limited and the entities it controlled at the end of,or during,the year.Th
274、e financial statements are presented in Australian dollars,which is SciDev Limiteds functional and presentation currency.SciDev Limited is a listed public company limited by shares,incorporated and domiciled in Australia.Its registered office and principal place of business are:Registered officePrin
275、cipal place of businessC/Boardroom Pty Limited Level 12 225 George Street Sydney NSW 2000Unit 1 8 Turbo Road Kings Park NSW 2148A description of the nature of the consolidated entitys operations and its principal activities are included in the directors report,which is not part of the financial stat
276、ements.The financial statements were authorised for issue,in accordance with a resolution of directors,on 29 August 2023.The directors have the power to amend and reissue the financial statements.Note 2.Significant accounting policiesThe principal accounting policies adopted in the preparation of th
277、e 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 Standards and Interpretations adoptedThe consolidated entity has adopted all of the new or amended Acc
278、ounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)that are mandatory for the current reporting period.Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.The adoption of these Accounting Standa
279、rds and Interpretations did not have any significant impact on the financial performance or position of the consolidated entity.Basis of preparationThese general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Austr
280、alian Accounting Standards Board(AASB)and the Corporations Act 2001,as appropriate for forprofit oriented entities.These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board(IASB).Historical cost conventionThe fin
281、ancial statements have been prepared under the historical cost convention,except for,where applicable,financial assets and liabilities at fair value through other comprehensive income.Critical accounting estimatesThe preparation of the financial statements requires the use of certain critical accoun
282、ting 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 or complexity,or areas where assumptions and estimates are significant to the financial statements,are disclos
283、ed in note 3.47SciDev Limited Annual Report 2023Notes to the Consolidated Financial Statements(continued)Parent entity informationIn accordance with the Corporations Act 2001,these financial statements present the results of the consolidated entity only.Supplementary information about the parent ent
284、ity is disclosed in note 31.Principles of consolidationThe consolidated financial statements incorporate the assets and liabilities of all subsidiaries of SciDev Limited(company or parent entity)as at 30 June 2023 and the results of all subsidiaries for the year then ended.SciDev Limited and its sub
285、sidiaries 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 returns from
286、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 deconsolidated from the date that control ceases.
287、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 subsidiaries have been c
288、hanged 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 transaction,where the
289、 difference between the consideration transferred and the book value of the share of the noncontrolling interest acquired is recognised directly in equity attributable to the parent.Where the consolidated entity loses control over a subsidiary,it derecognises the assets,including goodwill,liabilitie
290、s and noncontrolling interest in the subsidiary together with any cumulative translation differences recognised in equity.The consolidated entity recognises 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.For
291、eign currency translationThe financial statements are presented in Australian dollars,which is SciDev Limiteds functional and presentation currency.Foreign currency transactionsForeign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of th
292、e transactions.Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial yearend exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.Foreign operationsThe assets and liab
293、ilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date.The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates,which approximate the rates at the dates of the transactions,for
294、 the period.All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity.The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.48SciDev Limited Annual Report 2
295、023Notes to the Consolidated Financial Statements(continued)Current and noncurrent classificationAssets and liabilities are presented in the statement of financial position based on current and noncurrent classification.An asset is classified as current when:it is either expected to be realised or i
296、ntended 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 equivalent unless restricted from being exchanged or used to settle
297、 a liability for at least 12 months after the reporting period.All other assets are classified as noncurrent.A liability is classified as current when:it is either expected to be settled in the consolidated entitys normal operating cycle;it is held primarily for the purpose of trading;it is due to b
298、e 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 noncurrent.Deferred tax assets and liabilities are always classified as noncurre
299、nt.Investments and other financial assetsInvestments 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 profit or loss.Such assets are subsequently measured at either amor
300、tised cost or fair value depending on their classification.Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided.Financial assets are derecogn
301、ised when the rights to receive cash flows have expired or have been transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership.When there is no reasonable expectation of recovering part or all of a financial asset,its carrying value is written off.F
302、inancial assets at fair value through other comprehensive incomeUpon initial recognition,the consolidated entity can elect to classify irrevocably its equity investments as equity instruments designated at fair value through Other Comprehensive Income(OCI)when they meet the definition of equity unde
303、r AASB 132 Financial Instruments:Presentation and are not held for trading.The classification is determined on an instrumentbyinstrument basis.Gains and losses on these financial assets are never recycled to profit or loss.Dividends are recognised as other income in the statement of profit or loss w
304、hen the right of payment has been established,except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset,in which case,such gains are recorded in OCI.Equity instruments designated at fair value through OCI are not subject to impairment assessment.The c
305、onsolidated entity elected to classify irrevocably its nonlisted equity investments under this category.Impairment of financial assetsThe consolidated entity recognises a loss allowance for expected credit losses on financial assets which are measured at amortised cost.The measurement of the loss al
306、lowance depends upon the consolidated entitys assessment at the end of each reporting period as to whether the financial instruments credit risk has increased significantly since initial recognition,based on reasonable and supportable information that is available,without undue cost or effort to obt
307、ain.Where there has not been a significant increase in exposure to credit risk since initial recognition,a 12month expected credit loss allowance is estimated.This represents a portion of the assets lifetime expected credit losses that is attributable to a default event that is possible within the n
308、ext 12 months.Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly,the loss allowance is based on the assets lifetime expected credit losses.The amount of expected credit loss recognised is measured on the basis of the probability
309、weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.49SciDev Limited Annual Report 2023Notes to the Consolidated Financial Statements(continued)Impairment of nonfinancial assetsGoodwill and other intangible assets t
310、hat have an indefinite useful life are not subject to amortisation and are tested annually for impairment,or more frequently if events or changes in circumstances indicate that they might be impaired.Other nonfinancial assets are reviewed for impairment whenever events or changes in circumstances in
311、dicate 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.Recoverable amount is the higher of an assets fair value less costs of disposal and valueinuse.The valueinuse is the present value
312、 of the estimated future cash flows relating to the asset using a pretax discount rate specific to the asset or cashgenerating unit to which the asset belongs.Assets that do not have independent cash flows are grouped together to form a cashgenerating unit.Finance costsFinance costs attributable to
313、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 taxesRevenues,expenses and assets are recognised net of the amount of associated GST,unless the GST incurred is not recove
314、rable 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 authority is
315、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 operating cash
316、flows.Commitments and contingencies are disclosed net of the amount of GST recoverable from,or payable to,the tax authority.Rounding of amountsThe company is of a kind referred to in Corporations Instrument 2016/191,issued by the Australian Securities and Investments Commission,relating to roundingo
317、ff.Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars,or in certain cases,the nearest dollar.New Accounting Standards and Interpretations not yet mandatory or early adoptedThe following Australian Accounting Standards and Inte
318、rpretations that have recently been issued or amended but are not yet mandatory,have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2023.The consolidated entity has not yet completed a detailed review of these,however does not expect any of them to ha
319、ve a material impact on the financial results upon adoption.Amendment to AAS Classification of Liabilities as Current or NonCurrentAmendments to AASB 108 Definition of Accounting EstimatesAmendments to AASB 1 and AASB Practice Statement 2 Disclosure of Accounting PoliciesAmendments to AASB 112,Defer
320、red Tax related to Assets and Liabilities from a Single TransactionAASB 20225 Amendments to AASs Lease Liability in a Sale and Leaseback with effective date 1 January 202450SciDev Limited Annual Report 2023Notes to the Consolidated Financial Statements(continued)Note 3.Critical accounting judgements
321、,estimates and assumptionsThe preparation of the financial statements requires management to make judgements,estimates and assumptions that affect the reported amounts in the financial statements.Management continually evaluates its judgements and estimates in relation to assets,liabilities,continge
322、nt liabilities,revenue and expenses.Management bases its judgements,estimates and assumptions on historical experience and on other various factors,including expectations of future events,management believes to be reasonable under the circumstances.The resulting accounting judgements and estimates w
323、ill 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 of assets and liabilities(refer to the respective notes)within the next financial year are discussed below.Carrying value of good
324、will and nonfinancial assetsImpairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount,which is the higher of its fair value less costs of disposal and its value in use.The fair value less costs of disposal calculation is based on available data from
325、 binding sales transactions,conducted at arms length,for similar assets or observable market prices less incremental costs of disposing of the asset.The value in use calculation is based on a DCF model.The cash flows are derived from the budget for the next five years and do not include restructurin
326、g activities that the consolidated entity is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested.The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cashinflows and t
327、he growth rate used for extrapolation purposes.These estimates are most relevant to goodwill recognised by the consolidated entity.The key assumptions used to determine the recoverable amount for the different CGUs,including a sensitivity analysis,are disclosed and further explained in note 15.Recov
328、ery of deferred tax assetsDeferred tax assets are recognised for deductible temporary differences only if the consolidated entity considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses.Judgement is required to determine the amount of
329、deferred tax assets that can be recognised,based upon the likely timing and the level of future profits and the availability of past losses for use.Note 4.Operating segmentsIdentification of reportable operating segmentsThe consolidated entity operates in primarily two geographical segments:Australi
330、a and the United States.The primary business segment is the treatment of industrial waste.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 for allocati
331、ng resources and assessing performance of the operating segments,has been identified as the Board of Directors.Intersegment transactionsIntersegment transactions were made at market rates.Intersegment transactions are eliminated on consolidation.Intersegment receivables,payables and loansIntersegmen
332、t loans are initially recognised at the consideration received.Intersegment loans receivable and loans payable that earn or incur nonmarket interest are not adjusted to fair value based on market interest rates.Intersegment loans are eliminated on consolidation.51SciDev Limited Annual Report 2023Not
333、es to the Consolidated Financial Statements(continued)Major clientsDuring the year ended 30 June 2023,revenue from 1 client amounted to$5,273,000 arising from sales in the Australia segment,and revenue from 1 client amounted to$30,778,000 arising from sales in the United States segment.During the year ended 30 June 2022,revenue from 1 client amounted to$4,378,215 arising from sales in the Australi
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