1、 1 2019 ANNUAL REPORT 2 Scidev ltd ABN 25 001 150 849 Financial Report for the year ended 30 june 2019 3 ANNUAL REPORT 2019 SciDev Ltd TABLE OF CONTENTS TABLE OF CONTENTS PageChairmans Le?er 4 Auditors independence declara?on 23 Statement of profit or loss and other comprehensive income 24 Statement
2、 of financial posi?on 25 Statement of changes in equity 26 Statement of cash flows 27 Notes to the financial statements 28 Directors declara?on 61 Independent auditors report 62 Addi?onal ASX Informa?on 66 Managing Director&CEOs Le?er 5 Directors Report 11 Review of Opera?ons 7 Remunera?on Report 14
3、 Corporate directory 68 4 ChairmansLe?er Dear fellow SciDev shareholder The 2019 financial year has seen a significant step-change for your company.Managing Director and CEO Lewis U?ng delivers a comprehensive update on the businesss performance in the following pages and I wont speak to that in det
4、ail here.However,I would like to highlight the major ini?a?ves undertaken by SciDev this year.Our People the success of SciDev is based on our excep?onally skilled people and I extend my sincere thanks to them.SciDev took the ini?a?ve of improving our people with the appointment of Lewis U?ng in Mar
5、ch 2018.Lewis was appointed as Managing Director and CEO of the company in April 2019 and has driven a significant period of momentum for the company.Lewis is well supported by a team of highly capable engineers led by Jamiel Muhor and Jeffrey Zhang-who joined the team via our strategic alignment wi
6、th Nuoer Group.With Simone Wa?joining the Board in October 2018 followed by Jon Gourlay in mid-2019 and support from our Company Secretary Heath Roberts,we have a first class team that can con?nue to build on the successes delivered to date.Our Technology SciDevs innova?ve Op?Flox process control sy
7、stem improves the mineral processing systems at our customers opera?ons,delivering addi?onal processing?me and reduced consumable spend for end users.Our in house exper?se,coupled with our strategic partnership with Nuoer Group is providing a leading supply of high-quality chemical product and techn
8、ology sales.Our Shareholders we have recognised that in order to do jus?ce to our ambi?ous growth plans the Company has required addi?onal capital.A$2.5million capital raising was undertaken in February 2019 at$0.06 per share;by way of placement and rights issue,followed by a second capital raising
9、of$4.16 million in September 2019 at$0.26 per share,by way of ins?tu?onal placement.We recognise and thank both our long term shareholders and our new ins?tu?onal shareholders for your support.I pass my thanks to my fellow Board Members,and look forward to sharing SciDevs ongoing success as the fort
10、hcoming year unfolds.Yours sincerely Trevor Jones Chairman 5 ANNUAL REPORT 2019 SciDev Ltd ManagingDirector&CEODear Shareholders,It is a privilege to write my first le?er to you as CEO and Managing Director of SciDev.The past year has seen significant progress from the Company across several areas.R
11、ecent contract wins reflect the commercial viability of our technology,posi?oning SciDev as an emerging leader in solid-liquid separa?on across a range of industries.We will con?nue to work with our exis?ng founda?on customers in Peabody and Iluka,delivering bespoke solu?ons to meet their processing
12、 needs.SciDev will con?nue to push into new markets where our people,chemistries and technology can add value.We are pleased to have announced our first major order from the US shale industry in July 2019.The oil and gas and construc?on markets offer an exci?ng area for growth and the company will c
13、on?nue to focus on those industries in several regions.Our strategic rela?onship with Nuoer Group in Oceania reflects our evolu?on as a company.The rela?onship assists in the ability for SciDev to execute on our growth ambi?ons quickly.Our joint ability to scale solu?ons from Research and Developmen
14、t into commercial applica?ons is key to our mutual success.OurpeopleOur business is based on our people,just as much as on our technology.SciDev technology is backed up with expert support from our workforce of highly skilled engineers and chemists who have decades of relevant global industry experi
15、ence.Our people engage directly with our customers,on site,to build bespoke solu?ons to their processing requirements.We believe that the presence of our dedicated and highly trained staff on site,driving bespoke solu?ons to exceed our customers requirements,is a unique differen?ator that our larger
16、 global compe?tors simply cannot match.The Company has expanded our staff over FY19 with several key addi?ons allowing us to broaden our technology por?olio to ensure we can con?nue to provide complete solu?ons to our end users.We will con?nue to invest in developing our people to ensure that the co
17、mpany has the right people to match our technologies and drive growth for SciDev.I would like to thank all the SciDev staff for their significant efforts this year.As we enter into FY2020 I believe the company is well placed from an opera?onal and financial perspec?ve,our commitment to our customers
18、 and recent momentum will con?nue to deliver growth throughout the current year and beyond.Developingourstrategicrela?onshipsDuring the year SciDev announced a binding agreement to acquire the exclusive distribu?on and marke?ng rights in Australia and other Oceanic countries for polymer products pro
19、duced by the Chinese based Nuoer Group.Securing the exclusive distribu?on and marke?ng rights with Nuoer delivers SciDev an expanded market opportunity for the MaxiFlox technology,supply chain security and a world class partner that can manufacture products to SciDev specifica?ons.The broadening coo
20、pera?on between the two groups is expected to deliver unparalleled industry reach and significant growth opportuni?es for SciDev as evidenced through our growth during the year FY19.Our rela?onship with the Sinoz Group con?nues to strengthen.The Sinoz Group are a globally significant manufacturer an
21、d supplier of chemicals and reagents to the mining and agribusiness sectors.Our technologies are highly complementary to Sinozs product offering across the mineral processing reagent value chain.SciDev will con?nue to benefit from our rela?onship with Sinoz,primarily in accelerated business developm
22、ent opportuni?es in the base metals mineral processing industry.6 ManagingDirector&CEOcon?nued BusinessreviewThe past financial year saw SciDev take considerable strides in the development and commercializa?on of our technologies and chemistries.Key customer developments during the year include:Anno
23、uncement of the delivery of our first full container load(FCL)into the con?nental United States through our subsidiary SciDev(US)LLC(ref ASX 23 May 2019).The order was to SciDev MOU partner Phoenix Process Equipment Company and is the result of marke?ng efforts over the prior periods.Con?nued evalua
24、?ons conducted across several coal projects in both the Bowen Basin and NSW coal fields with?er-one producers.SciDev is confident that some of these projects will further develop into commercial opportuni?es for both chemical solu?ons and the Op?Flox system.Our first sales into the US oil and gas ma
25、rket were announced post the end of the financial year.The order for fric?on reducers was des?ned for the US Permian basin.The total orders to date for SciDevs proprietary MaxiFlox technology are AUD$1.08m.Post the end of the financial year the Company announced that it has signed a three(3)year agr
26、eement for the supply and service of its MaxiFlox chemistry to Iluka Resources.The annual value of the contract over the term is likely to be between AUD$2.6M AUD$4.0M.KeyareasoffocusforSciDevin2020As we enter FY20 we are seeing the hard work from the SciDev team over the last few quarters convert i
27、n to sales contracts with recurring revenue streams.Our goal of increasing our revenues with a view to becoming cashflow posi?ve is now within reach.Considering this achievement and the recent mul?-year contract agreement with Iluka,SciDev is off to an excellent start in FY 2020.The focus for SciDev
28、 and the management team through the FY20 financial year will be to:Drive our revenue line through the execu?on of a well-structured business development pipeline in the Oil&Gas and mineral processing sectors.Develop large customer opportuni?es across several con?nents where the synergies for the Op
29、?Flox&MaxiFlox combina?on can deliver the greatest value to our customers and subsequent value to shareholders.Build upon the Companys momentum in the Australian coal industry,transi?oning across applica?on,mineral types and key industry players with our Op?Flox technology.Further develop the opport
30、uni?es presented through SciDev(US)LLC into the US oil and gas sector focussing on transi?oning R&D chemistries into bespoke produc?on solu?ons.Extend our technology into the precious metal and base metal sectors throughout Australia and Asia,while looking for other opportuni?es in currently unreali
31、sed sec?ons of the mineral processing value chain.Renew our effort in the Australian water and wastewater sector with strategic partnerships and licensing opportuni?es with global operators and key end users.Deliver upon our recent agreement with Iluka in the mineral sands sector delivering value an
32、d further developing this rela?onship Con?nue to strengthen and leverage our rela?onship with Nuoer through joint marke?ng and R&D efforts in key market areas while also refining the geographic manufacturing footprint.On behalf of the SciDev team I would like to thank the board,our highly talented&m
33、o?vated team and our shareholders for another year of progression.I look forward to delivering another successful year in FY20.Yours sincerely Lewis U?ng ManagingDirector&CEO 7 ANNUAL REPORT 2019 SciDev Ltd ReviewofOpera?ons SciDev is a solu?on provider to the water,mining,oil&gas and construc?on in
34、dustries focussing on solid-liquid separa?on.The Companys solu?ons are built on the supply of bespoke chemistry to solve environmental and processing challenges in the industries we serve.Our chemistry is manufactured using our novel inhouse manufacturing methods.Where we dont have the infrastructur
35、e to manufacture in house,we partner with key industry partners.During the year we partnered with Nuoer China to supply bespoke chemistry exclusively for the Oceanic region and with key customers globally.This partnership allows SciDev to penetrate a USD$8B market with a complete chemistry por?olio.
36、Our solu?on-based approach has been bolstered with the inclusion of a Professional Services offering which allows key SciDev personnel to solve bespoke customer problems and iden?fy addi?onal opportuni?es for our products and services.Our innova?ve Op?Flox process control system improves the mineral
37、 processing path for our customers,delivering addi?onal processing?me and reduced consumable spend for end users.FY19HighlightsRevenues from customers increased by 31.9%to$2.92m Net cash posi?on at end of period of$1.76m supported by successful placement to Nuoer Group and a$2.5m fund raising Entere
38、d into a binding agreement to acquire the exclusive distribu?on and marke?ng rights in Australia and other Oceanic countries for polymer products produced by Chinese base Nuoer Group Lewis U?ng commenced as CEO&Managing Director in April 2019 Established North American presence with SciDev(US)LLC wi
39、th first product sales to SciDev MOU partner Phoenix Process Equipment Company with Nuoer manufactured product Con?nued evalua?on across several coal projects in the Bowen Basin and NSW coal fields with?er-one producers.The Op?flox system trial con?nues at a major coking coal opera?on with further c
40、ommercial discussions an?cipated in the coming quarters Strengthening of the board with the addi?on of Newcrest mining professional Jon Gourlay and Simone Wa?from our strategic investor Sinoz as Non Execu?ve Directors Post the end of the financial year,the company announced:Receipt of its first majo
41、r order for fric?on reducers from the oil&gas companies in the US Permian Basin.The A$1.08m order validates SciDevs strong US push.Awarded a long term MaxiFlox sales contract with Iluka Resources which is expected to be AUS$8m AUD$12m over the course of the contract.Comple?on of a$4.16m capital rais
42、ing to fund future growth.The past year has seen significant progress from the consolidated en?ty that establishes SciDev as a leader in process control and chemistry products for solids-liquids separa?on.SciDev has expanded with several key addi?ons to people and broadening of its product por?olio
43、to ensure it can provide complete solu?ons to its end users.8 ReviewofOpera?onscon?nued FinancialReviewThe consolidated en?ty delivered record revenue for the period$2.92m,a 32%increase on the previous year.The record revenue can be a?ributed to organic growth in the water sector and sales pull thro
44、ugh from the Nuoer transac?on announced in February 2019.Net cash ou?lows from opera?ons during the year ended 30 June 2019 were$1.548m(a significant increase from the prior years net ou?lows of$0.892m).Despite the ou?low increasing on a full year basis,the consolidated en?ty was close to cash break
45、-even in Q4 where the loss from opera?ng ac?vi?es was$0.28m.The increase in net cash ou?lows from opera?ons was principally a result of increases in raw materials and consumables(inventory required to grow),employee benefits expense(people required to execute growth)and professional fees.At the end
46、of the period the consolidated en?ty had a net cash posi?on of$1.76m.The balance sheet strength reflects the inflow of funds from the Nuoer Groups strategic investment in thecompany($0.57m announced on 11 February)and the successful comple?on of a$2.5m capital raising undertaken in February 2019.The
47、 consolidated en?tys robust financial posi?on will allow SciDev to accelerate the rollout of our technologies and con?nue to strengthen and execute on our growing business development.Opera?onalReview Coal Ini?a?ves North America During FY19 SciDev announced the delivery of our first full container
48、load(FCL)into the con?nental United States through our subsidiary SciDev(US)LLC(refer ASX 23 May 2019).The order was to SciDev MOU partner Phoenix Process Equipment Company and is the result of marke?ng efforts over the prior periods.The chemistry,manufactured to SciDev specifica?on by Nuoer China,i
49、s set to be used in solids-liquid separa?on projects in key mineral processing applica?ons.The arrangement builds on SciDevs exis?ng sales in North America and illustrates the value of the Companys partnerships with both Nuoer China and Phoenix.As previously announced,North America represents a pote
50、n?al$1.4 billion-dollar market for SciDev.Coal Ini?a?ves Australia Addi?onal evalua?ons were conducted across several coal projects in both the Bowen Basin and NSW coal fields with?er-one producers.SciDev is confident that some of these projects will further develop into commercial opportuni?es for
51、both chemical solu?ons and the Op?Flox system.Oil and Gas ini?a?ves North America Post the end of the financial year(22 July 2019)SciDev announced its first sales into the US oil and gas market.The order for fric?on reducers was des?ned for the US Permian basin.The total orders to date for SciDevs p
52、roprietary Op?Flox technology are AUD$1.08m.Order volumes are expected to con?nue to grow,with further commercial field evalua?ons to be undertaken in FY20 to determine the poten?al financial returns to SciDev from this very large market.Mineral Sands Australia Post the end of the financial year(30
53、August)SciDev announced that it has signed a three(3)year agreement for the supply and service of its MaxiFlox chemistry to Iluka Resources.The annual value of the contract over the term is likely to be between AUD$2.6m AUD$4.0m.During an extensive evalua?on period on site,SciDev was able to build a
54、 knowledge base allowing for the design of bespoke chemistry specific to the Jacinth Ambrosia opera?on.Addi?onal discussions are underway to integrate the SciDev Op?Flox system into the Jacinth-Ambrosia opera?on.The program of work started in March 2018 and the successful conclusion validates the co
55、mmercial u?lity of SciDevs MaxiFlox chemistry in the mine tailings space.Importantly,it highlights the calibre of the SciDev team in execu?ng the technical and commercial evalua?ons over an extended period with a?er one Australian mining company.9 ANNUAL REPORT 2019 SciDev Ltd Nuoer&SciDev Rela?onsh
56、ip During the year(ref ASX 11 February 2019)SciDev announced a binding agreement to acquire the exclusive distribu?on and marke?ng rights in Australia and other Oceanic countries for polymer products produced by Chinese base Nuoer Group.Securing the exclusive distribu?on and marke?ng rights with Nuo
57、er delivers SciDev an expanded market opportunity for the MaxiFlox technology,supply chain security and a world class partner that can manufacture products to SciDev specifica?ons.Through the framework agreement,SciDev and Nuoer Group are undertaking an in-depth analysis of market opportuni?es both
58、within the Oceania region and in other jurisdic?ons.The broadening coopera?on between the two groups is expected to deliver unparalleled industry reach and significant growth opportuni?es for SciDev evidenced through our growth during the year.SignificantchangesinthestateofaffairsOn 4 December 2018
59、the company completed a 10 to 1 consolida?on of its issued shares and op?ons.The number of ordinary shares on issue at the date of the consolida?on decreased from 638,152,007 to 63,815,201.On 11 February 2019,SciDev announced it had entered into a binding Heads of Agreement(HOA)to acquire the exclus
60、ive distribu?on and marke?ng rights in Australia and other Oceanic countries for polymer products produced by the China-based Nuoer Group(Nuoer Group).Under the terms of the HOA,SciDevs wholly owned subsidiary,Science Developments Pty Ltd(SDPL),has been granted the exclusive distribu?on and marke?ng
61、 rights from the Nuoer Groups Australian opera?ng en?ty,Nuoer Chemical Australia Pty Ltd(NCA)for a 10-year period.On 12 February 2019,1,666,667 shares were issued to the Nuoer Group at a price of 6 cents per share to acquire the distribu?on and marke?ng rights for Nuoer Group products in Australia a
62、nd other Oceanic countries.On the same day,5,000,000 shares were issued to directors/employees of Nuoer Chemical Australia Pty Ltd at a price of 6 cents per share for contribu?on of working capital.On 13 March 2019,the company issued 22,614,624 shares at a price of 6 cents per share in terms of a 2
63、for 7 non-renounceable en?tlements issue.The funds raised from the issue of shares will be used to accelerate the companys business growth.There were no other significant changes in the state of affairs of the consolidated en?ty during the financial year.Ma?erssubsequenttotheendofthefinancialyearOn
64、22 July 2019 the company reported its first major sales into the US oil and gas market.The companys shareholders approved the issue of the following op?ons at a General Mee?ng held on 23 July 2019:2,000,000 op?ons to Mr Lewis E U?ng-Managing Director and Chief Execu?ve Officer 650,000 op?ons to Mr J
65、on Gourlay-Non-execu?ve Director 250,000 op?ons Mr Trevor A Jones-Non-execu?ve Chairman 250,000 op?ons to Ms Simone Wa?-Non-execu?ve Director The op?ons issued to Mr Lewis U?ng have an exercise price of 10 cents and the op?ons issued to the other Directors have an exercise price of 12 cents.The op?o
66、ns granted to Mr Lewis U?ng are subject to ves?ng condi?ons.The op?ons granted to the non-execu?ve Directors do not have any ves?ng condi?ons.The op?ons expire on 23 July 2022.These op?ons form part of a broader op?on issue to the Board and senior execu?ves totalling 5,350,000 op?ons in total;refer
67、to ASX announcement dated 16 August 2019.On 30 August 2019 the company announced a major chemical supply and equipment leasing contract with Iluka Resources.On the 13 September 2019,the company announced the placement of 16m new ordinary shares with local ins?tu?onal and sophis?cated investors at an
68、 issue price of$0.26 per share to raise total proceeds of$4.16 million.The 16m new shares represented 15%of the companys exis?ng shares on issue,which is the maximum number of ordinary shares that were able to be issued under ASX lis?ng rules.The funds from the placement will predominantly be used t
69、o increase inventory,con?nue development of the consolidated en?tys Op?Flox and MaxiFlox technology,and increase working capital.The capital raising was completed on 20 September 2019.10 ReviewofOpera?onscon?nued FY20OutlookNo other ma?er or circumstance has arisen since 30 June 2019 that has signif
70、icantly affected,or may significantly affect the consolidated en?tys opera?ons,the results of those opera?ons,or the consolidated en?tys state of affairs in future financial years.Likely developments and expected results of opera?ons:The focus for SciDev and the management team through the FY20 fina
71、ncial year is:Drive SciDevs revenue line through the execu?on of a well structured business development pipeline in the Oil&Gas and mineral processing sectors.Key large customer opportuni?es across several con?nents where the synergies for the Op?Flox&MaxiFlox combina?on can deliver the greatest val
72、ue to SciDevs customers and subsequent value to shareholders.Build upon the SciDevs momentum in the Australian coal industry,transi?oning across applica?on,mineral types and key industry players with our Op?Flox technology.Further develop the opportuni?es presented through SciDev(US)LLC into the US
73、oil&gas sector.Extend SciDevs technology into the precious metal and base metal sectors throughout Australia and Asia,while looking for other opportuni?es in currently unrealised sec?ons of the mineral processing value chain.Renew SciDevs effort in the Australian water and wastewater sector with str
74、ategic partnerships and licensing opportuni?es with global operators and key end users.Deliver upon recent agreement with Iluka in the mineral sands sector delivering value and further developing this rela?onship.Con?nue to strengthen and leverage SciDevs rela?onship with Nuoer through joint marke?n
75、g and R&D efforts in key market areas while also refining the geographic manufacturing footprint.11 ANNUAL REPORT 2019 SciDev Ltd DirectorsReportThe directors present their report,together with the financial statements,on the consolidated en?ty(referred to herea?er as the consolidated en?ty)consis?n
76、g of SciDev Limited(referred to herea?er as the company or parent en?ty)and the en?es it controlled at the end of,or during,the year ended 30 June 2019.DirectorsThe following persons were directors of SciDev Limited during the whole of the financial year and up to the date of this report,unless othe
77、rwise stated:Trevor A Jones Lewis E U?ng(appointed 29 October 2018)Simone Wa?(appointed 29 October 2018)Jon Gourlay(appointed 28 May 2019)Kieran G Rodgers(resigned 19 March 2019)Daniel(Don)Joseph Cronin(resigned 31 December 2018)Principalac?vi?esThe principal ac?vity of the consolidated en?ty is del
78、ivery of process control and chemistry products for solids-liquids separa?on.DividendsThere were no dividends paid,recommended or declared during the current or previous financial year.ReviewofOpera?onsThe review of opera?ons can be found on pages 8 to 10 of this Annual Report.Environmentalregula?on
79、The consolidated en?ty is not subject to any significant environmental regula?on under Australian Commonwealth or State law.Informa?onondirectors Name,independencesta-tusandqualifica?onsExperience,interestsinshares,specialresponsibili?esandotherdirectorshipsTrevorJonesChairman B.Comm(Melb)Mr.Jones h
80、as spent over 30 years working in the finance industry in Australia,United Kingdom and the USA.During this?me,he has held senior execu?ve posi?ons in investment funds management,stockbrok-ing and corporate finance,and gained a broad experience of capital structuring and capital raising,par?cu-larly
81、in the mining sector.Mr.Jones was manager of equity por?olios for Shell Australia and Na?onal Employers Mutual in the Unit-ed Kingdom.He was a Director of County NatWest Securi?es Australia Limited in London and then Director of Corporate Finance with Westpac Ins?tu?onal Bank in Sydney.More recently
82、 Mr.Jones was the Sydney Chief Execu?ve for Melbourne-based Austock Group and was Chairman of both its Corporate Finance and Investment Management divisions.He was appointed as a Non-execu?ve Director of SciDev on 28 Febru-ary 2007.Chairman of the Corporate Governance Commi?ee and a member of the Au
83、dit and Risk Commi?ee and the Nomina?on and Remunera?on Commi?ee.Holds a relevant interest in 738,303 shares and 350,000 op?ons No other listed company directorships 12 DirectorsReportcon?nuedInforma?onondirectors Name,independencestatusandqualifica?onsExperience,interestsinshares,specialresponsibil
84、i?esandotherdirectorshipsLewisU?ngDirector(appointed 29 October 2018)Managing Director&CEO(appointed Managing Director and CEO on 30 April 2019)BASc Mr U?ng has over 15 years experience in the water treatment,mining and chemical industries.Lewis began his career in 2001 with Buckman Laboratories,mov
85、ing to Hercules Chemicals,then in 2005 to Ciba,specifically to work in the water treatment and mining sector.Ciba was acquired by BASF in 2008,Lewis was Global Project Manager and Global Business Development man-ager for the BASF mining solu?ons business.Lewis has successfully nego?ated licence agre
86、ements,take or pay arrangements,technology divestment,and commissioned research with both consul?ng firms and academia in support of new technology development.He has authored and co-authored several technical papers and also holds a patent applica?on in the area of tailings(mining waste)disposal.Ho
87、lds a relevant interest in 4,830,221 shares and 2,500,000 op?ons No other listed company directorships SimoneWa?NonExecu?ve Director BASc Ms Wa?is the Managing Director of Sinoz Chemical and Commodi?es(Sinoz),which is a global company supplying reagents and technology-based improvements to the minin
88、g and agribusiness industries.Ms Wa?s is also a Director of Kemtec Mineral Processing and Kanins Interna?onal,which are both part of the Sinoz Group of companies.She has extensive experience in the areas of strategic sourcing and supplier management,business development and sales and marke?ng.Member
89、 of the Audit and Risk Commi?ee and the Nomina?on and Remunera?on Commi?ee Holds a relevant interest in 5,000,780 shares and 250,000 op?ons No other listed company directorships JonGourlayNonExecu?ve Director(appointed 28 May 2019)BCom,C.A Mr Jon Gourlay is a chartered accountant with extensive expe
90、rience in finance and project management,risk management,business improvement and investor rela?onships,with a focus on the resources and technology sectors.Mr Gourlay is currently Commercialisa?on Manager,Technology and Innova?on for New-crest Mining,with prior roles in investor rela?ons,analysis a
91、nd improvement of Newcrests opera?ons at the Lihir Island Gold Mine in Papua New Guinea.Member of the Audit and Risk Commi?ee and the Nomina?on and Remunera?on Commi?ee Holds a relevant interest in 206,349 shares and 650,000 op?ons No other listed company directorships 13 ANNUAL REPORT 2019 SciDev L
92、td Other current directorships quoted above are current directorships for listed en?es only and excludes directorships of all other types of en?es,unless otherwise stated.Former directorships(last 3 years)quoted above are directorships held in the last 3 years for listed en?es only and excludes dire
93、ctorships of all other types of en?es,unless otherwise stated.*Interests in the shares and op?ons of the company as at the date of resigna?on as a director.CompanySecretaryMr Heath L Roberts(Dip Law(S.A.B.)and Grad Dip Legal Prac?ce(UTS)was appointed to the posi?on of Company Secretary of SciDev Lim
94、ited on 1 March 2017.Mr Roberts is a commercial solicitor with over 20 years of listed company experience.He has acted for SciDev in various capaci?es over the years and brings strong transac?onal,compliance and capital raising experience to the role.Mee?ngsofdirectorsThe number of mee?ngs of the co
95、mpanys Board of Directors(the Board)and of each Board commi?ee held during the year ended 30 June 2019,and the number of mee?ngs a?ended by each director were:Held:represents the number of mee?ngs held during the?me the director held office or was a member of the relevant commi?ee.Name,independences
96、tatusandqualifica?onsExperience,interestsinshares,specialresponsibili?esandotherdirectorshipsKieranGRodgers Managing Director(resigned 19 March 2019)B.E.(Hons.)Min.(UNSW),M.B.A.(IMD)Mr.Rodgers joined SciDev in March 2001 a?er 13 years of experience in merchant banking and financial consul?ng,princip
97、ally at Resource Finance Corpora?on Ltd,which specifically focused on the Australian and interna?onal resources industry.He was appointed as an Execu?ve Director of SciDev on 28 February 2007.Mr.Rodgers was appointed Managing Director on 6 February 2012.Holds a relevant interest in 5,065,944*shares
98、and 200,000*op?ons No other listed company directorships DanielJCroninNonExecu?ve Director(resigned 31 December 2018)B.E.(Uni.College,Cork)M.Sc.(Southampton),MBA(LBS)Mr.Cronin was appointed to the Board of SciDev on 26 November 2013.Mr.Cronin began his career as an Engineer with the Bri?sh consul?ng
99、 firm Halcrow,working for 6 years in the UK and South America.This was followed by 5 years working in project management with the construc?on Company Gammon in Hong Kong and Singapore.Following comple?on of an MBA degree,he was employed in the chemical industry for 23 years,ini?ally with Sandoz and
100、later with Degussa and BASF.He has worked in senior general management roles in Zurich,Sydney and Singapore.His most recent posi?on was Senior Vice President Construc?on Chemicals for BASF with responsibility for Europe,Middle East and Africa.Chairman of the Audit and Risk Commi?ee and a member of t
101、he Corporate Governance Commi?ee and the Nomina?on and Remunera?on Commi?ee Holds a relevant interest in 465,955*shares and 200,000*op?ons No other listed company directorships Full Board Nomina?on and Remunera?on Commi?ee Audit and Risk Commi?ee Audit and Risk Commi?ee A?ended Held A?ended Held A?e
102、nded Held Trevor A Jones 7 9 3 3 3 3 Lewis E U?ng (appointed 29 October 2018)7 7 -Simone Wa?(appointed 29 October 2018)7 7 2 2 2 2 Jon Gourlay (appointed 28 May 2019)1 1 -Kieran G Rodgers (resigned 19 March 2019)6 7 -Daniel J Cronin (resigned 31 December 2018)2 2 1 1 2 2 14 Remunera?onreport The rem
103、unera?on report details the key management personnel remunera?on arrangements for the consolidated en?ty,in accordance with the requirements of the Corpora?ons Act 2001 and its Regula?ons.Key management personnel are those persons having authority and responsibility for planning,direc?ng and control
104、ling the ac?vi?es of the en?ty,directly or indirectly,including all directors.The remunera?on report is set out under the following main headings:Principles used to determine the nature and amount of remunera?on Details of remunera?on Service agreements Share-based compensa?on Addi?onal informa?on A
105、ddi?onal disclosures rela?ng to key management personnel Principles used to determine the nature and amount ofremunera?onThe objec?ve of the consolidated en?tys execu?ve reward framework is to ensure reward for performance is compe?ve and appropriate for the results delivered.The framework aligns ex
106、ecu?ve reward with the achievement of strategic objec?ves and the crea?on of value for shareholders,and it is considered to conform to the market best prac?ce for the delivery of reward.The Board of Directors(the Board)ensures that execu?ve reward sa?sfies the following key criteria for good reward
107、governance prac?ces:compe?veness and reasonableness;acceptability to shareholders;performance linkage/alignment of execu?ve compensa?on;transparency;and capital management.The Group has structured an execu?ve remunera?on framework that is market compe?ve.The framework provides for a mix of fixed pay
108、 and also variable pay and includes long term incen?ves,when appropriate.A rela?onship between Company performance and remunera?on is now being developed and implemented,with a modest component of future cash remunera?on to be performance linked and equity(op?on)issues to execu?ves having performanc
109、e based milestones.The Board has established a nomina?on and remunera?on commi?ee which provides advice on remunera?on and incen?ve policies and prac?ces and makes specific recommenda?ons on remunera?on packages and other terms of employment for the Managing Director,other senior execu?ves and Non-E
110、xecu?ve Directors.The Corporate Governance Statement provides further informa?on on the role of this Commi?ee.Nonexecu?ve directors remunera?on Fees and payments to the Non-Execu?ve Directors reflect the demands which are made on,and the responsibili?es of,the NonExecu?ve Directors.The Board underta
111、kes a review of Non-Execu?ve Directors fees and payments annually.Non-Execu?ve Directors fees are determined within an aggregate Non-Execu?ve Directors cash remunera?on limit,which is periodically recommended for approval by shareholders.The current limit of$400,000 was approved by shareholders at t
112、he 2007 Annual General Mee?ng held on 14 November 2007.The amount paid to non-execu?ve directors of the parent en?ty(SciDev Limited)during the year to 30 June 2019 was$122,937(2018:$125,316).In addi?on,Non-Execu?ve Directors are able to par?cipate in issues of op?ons pursuant to the SciDev Employee
113、Share Scheme.The value of any op?ons granted to Non-Execu?ve Directors are not included in the aggregate cash remunera?on limit as they are not cash based payments.In the cased where Directors seek equity based(op?on)remunera?on over cash based remunera?on,considera?on will be given to such request
114、and,in any case,shareholder approval would be required for any such equity based remunera?on for Directors.Execu?ve remunera?on The execu?ve pay and reward framework has two components,which together comprise the execu?ves total remunera?on:base pay,superannua?on and non-monetary benefits;and long t
115、erm incen?ves through par?cipa?on in the SciDev Employee Share Scheme.The combina?on of these comprises the execu?ves total remunera?on.15 ANNUAL REPORT 2019 SciDev Ltd Base pay Base pay is structured as a total employment cost package,which may be delivered as a combina?on of cash and prescribed no
116、n-financial benefits as nego?ated between the Company and the execu?ve.Execu?ves are offered a compe?ve base pay that comprises a fixed component of cash salary and superannua?on.Base pay for each senior execu?ve is reviewed annually to ensure the execu?ves pay is compe?ve with the market.There is n
117、o guaranteed base pay increase included in any execu?ves contract.In some cases cash performance based bonuses will be offered to execu?ves.SciDev Employee Share Scheme Informa?on on the SciDev Employee Share Scheme is set out in note 34.Par?cipa?on in the SciDev Employee Share Scheme is at the disc
118、re?on of the Board and there is no guarantee of annual par?cipa?on by any execu?ve.Use of remunera?on consultants During the financial year ended 30 June 2019,the consolidated en?ty,through the Nomina?on and Remunera?on Commi?ee,engaged Lucan Group,remunera?on consultants,to review the CEO and Manag
119、ing Directors remunera?on package.Lucan Group was paid$750 for these services.Vo?ng and comments made at the companys 29 November 2018 Annual General Mee?ng(AGM)At the 29 November 2018 AGM,99%of the votes received supported the adop?on of the remunera?on report for the year ended 30 June 2018.The co
120、mpany did not receive any specific feedback at the AGM regarding its remunera?on prac?ces.An agreed set of protocols were put in place to ensure that the remunera?on recommenda?ons would be free from undue influence from the Managing Director and CEO.These protocols include requiring that the consul
121、tant not communicate with or provide any informa?on rela?ng to the outcome of the engagement with the Managing Director and CEO whilst the process was underway.The Board is also required to make inquiries of the consultants processes at the conclusion of the engagement to ensure that they are sa?sfi
122、ed that any recommenda?ons made have been free from undue influence.The Board is sa?sfied that these protocols were followed and as such there was no undue influence.Detailsofremunera?on Amounts of remunera?on Details of the remunera?on of key management personnel of the consolidated en?ty are set o
123、ut in the following tables.The key management personnel of the consolidated en?ty consisted of the following directors of SciDev Limited:Trevor A Jones-Non-execu?ve Chairman Lewis E U?ng-Managing Director and Chief Execu?ve Officer(appointed a Director on 29 October 2018,and Managing Director and CE
124、O on 30 April 2019)Simone Wa?-Non-execu?ve Director(appointed 29 October 2018)Jon Gourlay-Non-execu?ve Director(appointed 28 May 2019)Kieran G Rodgers-Managing Director(resigned 19 March 2019)Daniel J Cronin-Non-execu?ve Director(resigned 31 December 2018)And the following person:Jianfeng Zhang-Mark
125、e?ng and Strategy Director of Science Developments Pty Limited(from 10 April 2019)16 Remunera?onreportcon?nued (a)Ms Simone Wa?and Mr Jon Gourlay were appointed Non-execu?ve Directors on 29 October 2018 and 28 May 2019 respec?vely.Mr Gourlay did not receive any remunera?on from the company during th
126、e 2019 financial year.(b)Mr Daniel J Cronin and Mr Kieran G Rodgers resigned on 31 December 2018 and 19 March 2019 respec?vely.Mr Rodgers remunera?on for the year included termina?on payments set out in his employment contract.(c)Mr Lewis U?ng was appointed Project Director on 1 March 2018,appointed
127、 to the SciDev Board of Directors on 29 October 2018 and became Managing Director and Chief Execu?ve Officer on 30 April 2019.(d)Mr Jianfeng Zhang was appointed Marke?ng and Strategy Director of Science Developments Pty Limited on 10 April 2019.Short-termbenefitsPost-employmentbenefitsLong-termbenef
128、itsCashsalaryAnnualleaveNon-Super-LongserviceTermina-?onandfeesaccrualmonetaryannua?onleavebenefitsTotal2019 NonExecu?ve Directors:Trevor A Jones(Chairman)64,431 -6,121 -70,552 Simone Wa?(a)25,340 -2,407 -27,747 Jon Gourlay(a)-Daniel J Cronin(b)22,500 -2,138 -24,638 Execu?ve Directors:Lewis E U?ng(c
129、)260,000 14,964 -24,700 749 -300,413 Kieran G Rodgers(b)260,000 18,056 -24,700 4,333 130,000 437,089 Jianfeng Zhang(d)31,666 2,805 -3,048 83 -37,602 663,93735,825-63,1145,165130,000898,041Other Key Management Personnel:17 ANNUAL REPORT 2019 SciDev Ltd (a)Lewis U?ng was appointed Project Director on
130、1 March 2018 The propor?on of remunera?on linked to performance and the fixed propor?on are as follows:Short-termbenefitsPost-employmentbenefitsLong-termbenefitsCashsalaryConsultancyNon-Super-Longserviceandfeesfeemonetaryannua?onleaveTotal2018NonExecu?ve Directors:Trevor A Jones(Chairman)69,444 -6,5
131、97 -76,041 Daniel J Cronin 45,000 -4,275 -49,275 Execu?ve Directors:Kieran G Rodgers 268,424 -2,259 20,900 31,007 322,590 Lewis E U?ng(a)72,917 -6,927 -79,844 455,785-2,25938,69931,007527,750Other Key Management Personnel:Fixedremunera?onAtrisk-STIAtrisk-LTIName201920182019201820192018NonExecu?ve Di
132、rectors:Trevor A Jones(Chairman)100%100%-Simone Wa?100%-Daniel J Cronin 100%100%-Execu?ve Directors:Lewis E U?ng 100%100%-Kieran G Rodgers 100%100%-Jianfeng Zhang 100%-Other Key Management Personnel:18 Remunera?onreportcon?nued ServiceagreementsRemunera?on and other terms of employment for key manag
133、ement personnel are formalised in service agreements.Details of these agreements are as follows:Key management personnel have no en?tlement to termina?on payments in the event of removal for misconduct.Share-basedcompensa?on Issue of shares There were no shares issued to directors and other key mana
134、gement personnel as part of compensa?on during the year ended 30 June 2019.Op?ons There were no op?ons over ordinary shares granted to or vested by directors and other key management personnel as part of compensa?on during the year ended 30 June 2019.There were no op?ons for directors and other key
135、management personnel that lapsed during the year ended 30 June 2019.Addi?onal informa?on The earnings of the consolidated en?ty for the five years to 30 June 2019 are summarised below:Name:Lewis E U?ng Title:Managing Director and CEO Agreement commenced:30 April 2019 Term of agreement:Ongoing Detail
136、s:Mr U?ng was employed as a Project Director un?l 29 April 2019 and Managing Director and CEO therea?er.Mr U?ng had a base salary of$260,000 plus superannua?on un?l 29 April 2019 which subsequently increased to$280,000 plus superannua?on following his appointment as Managing Director and CEO.He is a
137、lso en?tled to a bonus of$100,000 and holds 2,500,000 op?ons.Mr U?ngs salary,allowances and performance bonus will be reviewed annually by the Nomina?on and Remunera?on Commi?ee.The contract may be terminated by 6 months no?ce from either party.Name:Kieran G Rodgers Title:Managing Director Agreement
138、 commenced:1 March 2018 Term of agreement:Ongoing-resigned 19 March 2019 Details:Base salary for the year ended 30 June 2019 of$260,000 plus superannua?on,that was reviewed annually by the Nomina?on and Remunera?on Commi?ee.The contract could be terminated by 6 months no?ce from either party.2019201
139、8201720162015$Sales revenue 2,655,799 2,029,373 1,846,985 1,352,346 1,316,493(Loss)/profit a?er income tax (2,032,527)1,001,869 (597,340)(458,130)(856,446)19 ANNUAL REPORT 2019 SciDev Ltd Addi?onaldisclosuresrela?ngtokeymanagementpersonnel Shareholding The number of shares in the company held during
140、 the financial year by each director and other members of key management personnel of the consolidated en?ty,including their personally related par?es,is set out below:(a)Includes the shares held by Directors,including their personally related par?es,at the date of their appointment.(b)Includes the
141、effect of the 10:1 share consolida?on that was completed on 4 December 2018.(c)Includes the removal from the table of the shareholdings for key management personnel who have resigned during the period.Op?on holding The number of op?ons over ordinary shares in the company held during the financial ye
142、ar by each director and other members of key management personnel of the consolidated en?ty,including their personally related par?es,is set out below:(a)Includes the effect of the 10:1 share/op?on consolida?on that was completed on 4 December 2018.(b)Includes the removal from the table of the op?on
143、s held by key management personnel who have resigned during the period.Balance at Received Balance at the start of as part of Addi?ons/Disposals/the end of the year remunera?on other(a)other(b)(c)the year Ordinary shares Trevor A Jones 5,742,331 -164,068 (5,168,096)738,303 Lewis E U?ng 35,512,267 -3
144、,129,492 (33,811,538)4,830,221 Simone Wa?-5,000,780 -5,000,780 Jon Gourlay -206,349 -206,349 Kieran G Rodgers 23,516,578 -17,714,287 (41,230,865)-Daniel J Cronin 4,659,554 -(4,659,554)-Jianfeng Zhang -6,666,667 -6,666,667 69,430,730-32,881,643(84,870,053)17,442,320 Balance at Balance at the start of
145、 the end of the year Granted Exercised (a)(b)the year Op?ons over ordinary shares Trevor A Jones 1,000,000 -(900,000)100,000 Lewis E U?ng 5,000,000 -(4,500,000)500,000 Kieran G Rodgers 2,000,000 -(2,000,000)-Daniel J Cronin 2,000,000 -(2,000,000)-10,000,000 -(9,400,000)600,000 Expired/Forfeited/othe
146、r 20 Remunera?onreportcon?nued Loans to key management personnel and their related par?es There were no loans owing by key management personnel of the group,including their close family members and en?es related to them,during the financial year ended 30 June 2019.Other transac?ons with key manageme
147、nt personnel and their related par?es A director,Simone Wa?,is a director of Kanins Interna?onal Pty Ltd and has the capacity to significantly influence decision making of that company.Kanins Interna?onal Pty Ltd provided SciDev Limited with a US$350,000 working capital facility for an ini?al 12-mon
148、th term during the 2019 financial year.The facility was secured against the consolidated en?tys inventory and incurred interest at 15%per annum.$73,007 was drawn down on this facility and fully repaid during the 2019 financial year.A director,Simone Wa?,is a director of Kemtec Mineral Processing Pty
149、 Ltd and has the capacity to significantly influence decision making of that company.The consolidated en?ty has leased equipment to Kemtec Mineral Processing Pty Ltd during the 2019 financial year.The lease contracts were based on normal commercial terms and condi?ons.Amounts recognised as revenue T
150、reatment fees and product sales:$91,080(2018:nil)Amounts recognised as expenses Finance costs:$3,539(2018:nil)The Managing Director,Lewis U?ng,is a director and majority shareholder of U?ng and Muhor Environmental Pty Ltd(UAME Pty Ltd).The consolidated en?ty purchased consultancy services from UAME
151、Pty Ltd during the 2019 financial year for the provision of administra?ve,business development and engineering services.These services were provided by Mr Jamiel Muhor and Task Me Away Pty Ltd,prior to Mr Muhor and Task Me Away Pty Ltd contrac?ng directly to the consolidated en?ty.The contract was b
152、ased on normal commercial terms and condi?ons and it was entered into prior to Lewis U?ng being employed by the consolidated en?ty.Amounts recognised as expenses Professional fees:$278,767(2018:nil)Bonus:$11,856(2018:nil)Expense claim reimbursement:$70,228(2018:nil)Mr Jainfeng Zhang,a director of Sc
153、ience Developments Pty Ltd and KMP,is also a director and shareholder of Nuoer Australia Pty Ltd.The consolidated en?ty sold to and purchased from Nuoer Australia Pty Ltd goods and services during the 2019 financial year,in par?cular chemicals.The contracts were based on normal commercial terms and
154、condi?ons.Amounts recognised as revenueProduct sales:$584,366(2018:nil)Amounts recognised as expenses Raw materials and consumables:$118,050(2018:nil)Amounts recognised as assets and liabili?es Current assets-trade receivables:$252,307(2018:nil)There were no other transac?ons with key management per
155、sonnel of the group,including their close family members and en?es related to them,during the financial year ended 30 June 2019.This concludes the remunera?on report,which has been audited.21 ANNUAL REPORT 2019 SciDev Ltd Sharesunderop?onUnissued ordinary shares of SciDev Limited under op?on at the
156、date of this report are as follows:*Op?ons granted under the SciDev Employee Share Scheme*Op?ons granted to the Lead Manager and Underwriter for services rendered in connec?on with the placement of shares and a share purchase plan*Op?ons granted to a key service provider(non-Director)for services re
157、ndered.No person en?tled to exercise the op?ons had or has any right by virtue of the op?on to par?cipate in any share issue of the company or of any other body corporate.Sharesissuedontheexerciseofop?onsThere were no ordinary shares of SciDev Limited issued on the exercise of op?ons during the year
158、 ended 30 June 2019 and up to the date of this report.IndemnityandinsuranceofofficersThe company has indemnified the directors and execu?ves of the company for costs incurred,in their capacity as a director or execu?ve,for which they may be held personally liable,except where there is a lack of good
159、 faith.During the financial year,the company paid a premium in respect of a contract to insure the directors and execu?ves of the company against a liability to the extent permi?ed by the Corpora?ons Act 2001.The contract of insurance prohibits disclosure of the nature of the liability and the amoun
160、t of the premium.IndemnityandinsuranceofauditorThe company has not,during or since the end of the financial year,indemnified or agreed to indemnify the auditor of the company or any related en?ty against a liability incurred by the auditor.During the financial year,the company has not paid a premium
161、 in respect of a contract to insure the auditor of the company or any related en?ty.ProceedingsonbehalfofthecompanyNo person has applied to the Court under sec?on 237 of the Corpora?ons Act 2001 for leave to bring proceedings on behalf of the company,or to intervene in any proceedings to which the c
162、ompany is a party for the purpose of taking responsibility on behalf of the company for all or part of those proceedings.Exercise Number Grant date Expiry date price under op?on 10 December 2014*28 November 2019$0.25 550,000 2 February 2017*28 November 2019$0.25 2,250,000 14 August 2017*28 November
163、2019$0.25 650,000 28 December 2017*28 November 2019$0.25 500,000 23 July 2019*23 July 2022$0.100 2,000,000 23 July 2019*23 July 2022$0.120 3,350,000 9,300,000 22 Remunera?onreportcon?nued Non-auditservicesDetails of the amounts paid or payable to the auditor for non-audit services provided during th
164、e financial year by the auditor are outlined in note 25 to the financial statements.The directors are sa?sfied that the provision of non-audit services during the financial year,by the auditor(or by another person or firm on the auditors behalf),is compa?ble with the general standard of independence
165、 for auditors imposed by the Corpora?ons Act 2001.The directors are of the opinion that the services as disclosed in note 25 to the financial statements do not compromise the external auditors independence requirements of the Corpora?ons Act 2001 for the following reasons:all non-audit services have
166、 been reviewed and approved to ensure that they do not impact the integrity and objec?vity of the auditor;and none of the services undermine the general principles rela?ng to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants issued by the Accoun?ng Professional
167、and Ethical Standards Board,including reviewing or audi?ng the auditors own work,ac?ng in a management or decision-making capacity for the company,ac?ng as advocate for the company or jointly sharing economic risks and rewards.OfficersofthecompanywhoareformerpartnersofRothsayCharteredAccountantsTher
168、e are no officers of the company who are former partners of Rothsay Chartered Accountants.Auditorsindependencedeclara?onA copy of the auditors independence declara?on as required under sec?on 307C of the Corpora?ons Act 2001 is set out immediately a?er this directors report.AuditorRothsay Chartered
169、Accountants con?nues in office in accordance with sec?on 327 of the Corpora?ons Act 2001.This report is made in accordance with a resolu?on of directors,pursuant to sec?on 298(2)(a)of the Corpora?ons Act 2001.On behalf of the directors _ Lewis E U?ng Managing Director 27 September 2019 Sydney 23 ANN
170、UAL REPORT 2019 SciDev Ltd Auditorsindependencedeclara?on 24 StatementofprofitorlossandothercomprehensiveincomeFor the year ended 30 June 2019 Revenue 5 2,921,060 2,200,768 Other income 6 336,645 2,336,187 Interest revenue -12,999 Expenses Changes in inventories 28,141 (4,345)Raw materials and consu
171、mables used (2,033,901)(1,251,282)Employee benefits expense (1,330,076)(1,006,057)Deprecia?on and amor?sa?on expense (212,767)(194,171)Engineering and other consultants expenses (31,068)(2,896)Loss on disposal of assets (27,621)-Insurance (56,532)(46,067)Lis?ng and share registry expenses (84,464)(3
172、5,075)Professional fees (757,080)(557,902)Rent and related expenses (189,851)(151,050)Travel,accommoda?on and conference (278,329)(143,211)Other expenses (285,980)(158,060)Finance costs (6,627)(6,111)Profit/(loss)beforeincometaxbenefit/(expense)(2,008,450)993,727 Income tax benefit/(expense)8 (24,07
173、7)8,142 Profit/(loss)a?erincometaxbenefit/(expense)fortheyeara?ributabletotheownersofSciDevLimited (2,032,527)1,001,869 Other comprehensive income for the year,net of tax -Totalcomprehensiveincomefortheyeara?ributabletotheownersofSciDevLimited (2,032,527)1,001,869 Cents CentsBasic earnings per share
174、 33 (2.69)2.02 Diluted earnings per share 33 (2.69)2.02 Note20192018$25 ANNUAL REPORT 2019 SciDev Ltd Statementoffinancialposi?onFor the year ended 30 June 2019 Refer to note 2 for detailed informa?on on restatement of compara?ves-adop?on of AASB 9 Financial instruments Note 20192018$Assets Currenta
175、ssets Cash and cash equivalents 9 1,756,209 568,187 Trade and other receivables 10 806,099 727,946 Inventories 11 264,325 236,184 Other 22,679 1,754 Total current assets 2,849,312 1,534,071 Non-currentassets Financial assets at fair value through other comprehensive income 12 1,502,900 1,502,900 Pro
176、perty,plant and equipment 13 303,454 260,954 Intangibles 14 1,246,299 1,266,033 Total non-current assets 3,052,653 3,029,887 Totalassets 5,901,965 4,563,958 Liabili?es Currentliabili?es Trade and other payables 15 1,009,529 370,279 Borrowings 16 -31,938 Employee benefits 17 155,276 167,247 Total cur
177、rent liabili?es 1,164,805 569,464 Non-currentliabili?es Deferred tax 8 35,986 44,108 Employee benefits 18 2,153 -Total non-current liabili?es 38,139 44,108 Totalliabili?es 1,202,944 613,572 Netassets 4,699,021 3,950,386 Equity Issued capital 19 76,899,789 74,118,627 Reserves 20 2,210,703 2,210,703 A
178、ccumulated losses (74,411,471)(72,378,944)Totalequity 4,699,021 3,950,386 26 StatementofchangesinequityFor the year ended 30 June 2019 Issued Accumulated Totalequity capital Reserves losses$Balance at 1 July 2017 73,673,290 2,169,223 (73,380,813)2,461,700 Profit a?er income tax benefit for the year
179、-1,001,869 1,001,869 Other comprehensive income for the year,net of tax -Total comprehensive income for the year -1,001,869 1,001,869 Transac?ons with owners in their capacity as owners:Contribu?ons of equity,net of transac?on costs(note 19)445,337 -445,337 Share-based payments(note 34)-41,480 -41,4
180、80 Balance at 30 June 2018 74,118,627 2,210,703 (72,378,944)3,950,386 Issued Accumulated Totalequity capital Reserves losses$Balance at 1 July 2018 74,118,627 2,210,703 (72,378,944)3,950,386 Loss a?er income tax expense for the year -(2,032,527)(2,032,527)Other comprehensive income for the year,net
181、of tax -Total comprehensive income for the year -(2,032,527)(2,032,527)Transac?ons with owners in their capacity as owners:Contribu?ons of equity,net of transac?on costs(note 19)2,781,162 -2,781,162 Balance at 30 June 2019 76,899,789 2,210,703 (74,411,471)4,699,021 27 ANNUAL REPORT 2019 SciDev Ltd S
182、tatementofcashflowsFor the year ended 30 June 2019 Note20192018$Cashflowsfromopera?ngac?vi?es Receipts from customers(inclusive of GST)2,774,656 2,311,575 Payments to suppliers and employees(inclusive of GST)(4,616,859)(3,507,670)(1,842,203)(1,196,095)Interest received -6,749 R&D tax offset received
183、 332,981 303,112 Interest and other finance costs paid (6,627)(6,111)Income taxes paid (32,199)-Net cash used in opera?ng ac?vi?es 31 (1,548,048)(892,345)Cashflowsfrominves?ngac?vi?es Repayment of cash received for disposal of Zeehan Project (300,000)-Payments for property,plant and equipment 13 (22
184、5,225)(97,045)Payments for intangibles 14 (37,929)(53,109)Payments for security deposits -(10,800)Proceeds from disposal of Zeehan Project 50,000 250,000 Proceeds from disposal of financial assets at fair value through other comprehensive income 500,000 -Net cash from/(used in)inves?ng ac?vi?es (13,
185、154)89,046 Cashflowsfromfinancingac?vi?es Proceeds from issue of shares-net of transac?on costs 2,781,162 445,337 Proceeds from borrowings 73,007 -Repayment of borrowings (104,945)(12,565)Net cash from financing ac?vi?es 2,749,224 432,772 Net increase/(decrease)in cash and cash equivalents 1,188,022
186、 (370,527)Cash and cash equivalents at the beginning of the financial year 568,187 938,714 Cash and cash equivalents at the end of the financial year 9 1,756,209 568,187 28 NotestothefinancialstatementsFor the year ended 30 June 2019 Note1.Generalinforma?on The financial statements cover SciDev Limi
187、ted as a consolidated en?ty consis?ng of SciDev Limited and the en?es it controlled at the end of,or during,the year.The financial statements are presented in Australian dollars,which is SciDev Limiteds func?onal and presenta?on currency.SciDev Limited is a listed public company limited by shares,in
188、corporated and domiciled in Australia.Its registered office and principal place of business are:Registered office C/-Boardroom Pty Limited Level 12,Grosvenor Place 225 George Street,Sydney NSW 2000 Principal place of business Unit 1 8 Turbo Road,Kings Park NSW 2148 A descrip?on of the nature of the
189、consolidated en?tys opera?ons and its principal ac?vi?es are included in the directors report,which is not part of the financial statements.The financial statements were authorised for issue,in accordance with a resolu?on of directors,on 26 September 2019.The directors have the power to amend and re
190、issue the financial statements.Note2.Significantaccoun?ngpolicies The principal accoun?ng policies adopted in the prepara?on of the financial statements are set out either in the respec?ve notes or below.These policies have been consistently applied to all the years presented,unless otherwise stated
191、.New or amended Accoun?ng Standards and Interpreta?onsadoptedThe consolidated en?ty has adopted all of the new or amended Accoun?ng Standards and Interpreta?ons issued by the Australian Accoun?ng Standards Board(AASB)that are mandatory for the current repor?ng period.Any new or amended Accoun?ng Sta
192、ndards or Interpreta?ons that are not yet mandatory have not been early adopted.The adop?on of these Accoun?ng Standards and Interpreta?ons did not have any significant impact on the financial performance or posi?on of the consolidated en?ty.The following Accoun?ng Standards and Interpreta?ons are m
193、ost relevant to the consolidated en?ty:AASB 9 Financial Instruments The consolidated en?ty has adopted AASB 9 from 1 July 2018.The standard introduced new classifica?on and measurement models for financial assets.A financial asset shall be measured at amor?sed cost if it is held within a business mo
194、del whose objec?ve is to hold assets in order to collect contractual cash flows which arise on specified dates and that are solely principal and interest.A debt investment shall be measured at fair value through other comprehensive income if it is held within a business model whose objec?ve is to bo
195、th hold assets in order to collect contractual cash flows which arise on specified dates that are solely principal and interest as well as selling the asset on the basis of its fair value.All other financial assets are classified and measured at fair value through profit or loss unless the en?ty mak
196、es an irrevocable elec?on on ini?al recogni?on to present gains and losses on equity instruments(that are not held-for-trading or con?ngent considera?on recognised in a business combina?on)in other comprehensive income(OCI).Despite these requirements,a financial asset may be irrevocably designated a
197、s measured at fair value through profit or loss to reduce the effect of,or eliminate,an accoun?ng mismatch.For financial liabili?es designated at fair value through profit or loss,the standard requires the por?on of the change in fair value that relates to the en?tys own credit risk to be presented
198、in OCI(unless it would create an accoun?ng mismatch).New simpler hedge accoun?ng requirements are intended to more closely align the accoun?ng treatment with the risk management ac?vi?es of the en?ty.New impairment requirements use an expected credit loss(ECL)model to recognise an allowance.Impairme
199、nt is measured using a 12-month ECL method unless the credit risk on a financial instrument has increased significantly since ini?al recogni?on in which case the life?me ECL method is adopted.For receivables,a simplified approach to measuring expected credit losses using a life?me expected loss allo
200、wance is available.29 ANNUAL REPORT 2019 SciDev Ltd Note2.Significantaccoun?ngpolicies(cont.)AASB 9 Financial Instruments(cont.)At the date of ini?al applica?on(1 July 2018)the consolidated en?ty assessed that there were no classifica?on,measurement and impairment adjustments required to any of its
201、financial assets and liabili?es except for,financial assets in the sum of$1,502,900 classified as available-for-sale at 30 June 2018 and now reclassified as financial assets at fair value other comprehensive income.Interest revenue is no longer included in the Revenue note and is now shown separatel
202、y on the face of the statement of profit or loss and other comprehensive income,resul?ng in a reclassifica?on of$12,999 for the year ended 30 June 2018.AASB 15 Revenue from Contracts with Customers The consolidated en?ty has adopted AASB 15 from 1 July 2018.The standard provides a single comprehensi
203、ve model for revenue recogni?on.The core principle of the standard is that an en?ty shall recognise revenue to depict the transfer of promised goods or services to customers at an amount that reflects the considera?on to which the en?ty expects to be en?tled in exchange for those goods or services.T
204、he standard introduced a new contract-based revenue recogni?on model with a measurement approach that is based on an alloca?on of the transac?on price.This is described further in the accoun?ng policies below.Credit risk is presented separately as an expense rather than adjusted against revenue.Cont
205、racts with customers are presented in an en?tys statement of financial posi?on as a contract liability,a contract asset,or a receivable,depending on the rela?onship between the en?tys performance and the customers payment.Customer acquisi?on costs and costs to fulfil a contract can,subject to certai
206、n criteria,be capitalised as an asset and amor?sed over the contract period.The adop?on of this standard has no impact on the financial performance and posi?on of the consolidated en?ty.GoingconcernFor the year ended 30 June 2019 the consolidated en?ty generated an opera?ng loss a?er income tax of$2
207、,032,527(2018:$987,331 loss before taking into account the net gain from the sale of Intec Zeehan Residues Pty Ltd).Net cash ou?lows from opera?ons were$1,548,048(2018:$892,345)for the year ended 30 June 2019.The Directors have considered and concluded that the going concern basis of prepara?on of t
208、he financial statements is appropriate and any poten?al uncertainty regarding going concern is mi?gated by the following:On 11 February 2019,SciDev Ltd(SDV)announced it had entered into a binding Heads of Agreement(HOA)to acquire the exclusive distribu?on and marke?ng rights in Australia and other O
209、ceanic countries for polymer products produced by the China-based Nuoer Group(Nuoer Group).Under the terms of the HOA,SDVs wholly owned subsidiary,Science Developments Pty Ltd(SDPL),has been granted the exclusive distribu?on and marke?ng rights from the Nuoer Groups Australian opera?ng en?ty,Nuoer C
210、hemical Australia Pty Ltd(NCA)for a 10-year period.The exclusive distribu?on and marke?ng rights to Nuoer Groups water-soluble polymers is expected to delivering demonstrably expanded market opportuni?es for the SDV patent Op?Flox technology and other benefits for SDV.At 30 June 2019 the consolidate
211、d en?ty had net current assets of$1,684,507(2018:$964,607)and cash balances of$1,756,209(2018:$568,187)and an undrawn A$500,000 credit facility.On the 13 September 2019,the company announced the placement of 16,000,0000 new ordinary shares with local ins?tu?onal and sophis?cated investors at an issu
212、e price of$0.26 per share to raise total proceeds of$4.16 million.The funds from the placement will predominantly be used to increase inventory,con?nue development of the consolidated en?tys Op?Flox and MaxiFlox technology,and increase working capital.Based on the above,the Directors are of the opin
213、ion that at the date of signature of the financial report there are reasonable and supportable grounds to believe that the consolidated en?ty will be able to meet its liabili?es from its assets in the ordinary course of business,for a period of not less than twelve months from the date of signature
214、of the audit report on this financial report to the date of signature of the audit report on the financial report for the year ending 30 June 2020,and has accordingly prepared the financial report on a going concern basis.30 NotestothefinancialstatementsFor the year ended 30 June 2019 Note2.Signific
215、antaccoun?ngpolicies(cont.)Basisofprepara?onThese general purpose financial statements have been prepared in accordance with Australian Accoun?ng Standards and Interpreta?ons issued by the Australian Accoun?ng Standards Board(AASB)and the Corpora?ons Act 2001,as appropriate for for-profit oriented e
216、n?es.These financial statements also comply with Interna?onal Financial Repor?ng Standards as issued by the Interna?onal Accoun?ng Standards Board(IASB).Historical cost conven?on The financial statements have been prepared under the historical cost conven?on,except for,where applicable,financial ass
217、ets and liabili?es at fair value through profit or loss.Cri?cal accoun?ng es?mates The prepara?on of the financial statements requires the use of certain cri?cal accoun?ng es?mates.It also requires management to exercise its judgement in the process of applying the consolidated en?tys accoun?ng poli
218、cies.The areas involving a higher degree of judgement or complexity,or areas where assump?ons and es?mates are significant to the financial statements,are disclosed in note 3.Parenten?tyinforma?onIn accordance with the Corpora?ons Act 2001,these financial statements present the results of the consol
219、idated en?ty only.Supplementary informa?on about the parent en?ty is disclosed in note 28.Principlesofconsolida?onThe consolidated financial statements incorporate the assets and liabili?es of all subsidiaries of SciDev Limited(company or parent en?ty)as at 30 June 2019 and the results of all subsid
220、iaries for the year then ended.SciDev Limited and its subsidiaries together are referred to in these financial statements as the consolidated en?ty.Subsidiaries are all those en?es over which the consolidated en?ty has control.The consolidated en?ty controls an en?ty when the consolidated en?ty is e
221、xposed to,or has rights to,variable returns from its involvement with the en?ty and has the ability to affect those returns through its power to direct the ac?vi?es of the en?ty.Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated en?ty.They are de-co
222、nsolidated from the date that control ceases.Intercompany transac?ons,balances and unrealised gains on transac?ons between en?es in the consolidated en?ty are eliminated.Unrealised losses are also eliminated unless the transac?on provides evidence of the impairment of the asset transferred.Accoun?ng
223、 policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated en?ty.The acquisi?on of subsidiaries is accounted for using the acquisi?on method of accoun?ng.A change in ownership interest,without the loss of control,is accounted for a
224、s an equity transac?on,where the difference between the considera?on transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity a?ributable to the parent.Where the consolidated en?ty loses control over a subsidiary,it derecognises the assets
225、 including goodwill,liabili?es and non-controlling interest in the subsidiary together with any cumula?ve transla?on differences recognised in equity.The consolidated en?ty recognises the fair value of the considera?on received and the fair value of any investment retained together with any gain or
226、loss in profit or loss.Foreigncurrencytransla?onThe financial statements are presented in Australian dollars,which is SciDev Limiteds func?onal and presenta?on currency.Foreign currency transac?ons Foreign currency transac?ons are translated into Australian dollars using the exchange rates prevailin
227、g at the dates of the transac?ons.Foreign exchange gains and losses resul?ng from the se?lement of such transac?ons and from the transla?on at financial year-end exchange rates of monetary assets and liabili?es denominated in foreign currencies are recognised in profit or loss.Foreign opera?ons The
228、assets and liabili?es of foreign opera?ons are translated into Australian dollars using the exchange rates at the repor?ng date.The revenues and expenses of foreign opera?ons are translated into Australian dollars using the average exchange rates,which approximate the rates at the dates of the trans
229、ac?ons,for the period.All resul?ng 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 opera?on or net investment is disposed of.31 ANNUAL REPORT 2019 Sc
230、iDev Ltd Note2.Significantaccoun?ngpolicies(cont.)Currentandnon-currentclassifica?onAssets and liabili?es are presented in the statement of financial posi?on based on current and non-current classifica?on.An asset is classified as current when:it is either expected to be realised or intended to be s
231、old or consumed in the consolidated en?tys normal opera?ng cycle;it is held primarily for the purpose of trading;it is expected to be realised within 12 months a?er the repor?ng period;or the asset is cash or cash equivalent unless restricted from being exchanged or used to se?le a liability for at
232、least 12 months a?er the repor?ng period.All other assets are classified as non-current.A liability is classified as current when:it is either expected to be se?led in the consolidated en?tys normal opera?ng cycle;it is held primarily for the purpose of trading;it is due to be se?led within 12 month
233、s a?er the repor?ng period;or there is no uncondi?onal right to defer the se?lement of the liability for at least 12 months a?er the repor?ng period.All other liabili?es are classified as non-current.Deferred tax assets and liabili?es are always classified as non-current.Investmentsandotherfinancial
234、assetsInvestments and other financial assets are ini?ally measured at fair value.Transac?on costs are included as part of the ini?al measurement,except for financial assets at fair value through profit or loss.Such assets are subsequently measured at either amor?sed cost or fair value depending on t
235、heir classifica?on.Classifica?on is determined based on both the business model within which such assets are held and the contractual cash flow characteris?cs of the financial asset unless,an accoun?ng mismatch is being avoided.Financial assets are derecognised when the rights to receive cash flows
236、have expired or have been transferred and the consolidated en?ty has transferred substan?ally all the risks and rewards of ownership.When there is no reasonable expecta?on of recovering part or all of a financial asset,its carrying value is wri?en off.Loans and receivables Loans and receivables are
237、non-deriva?ve financial assets with fixed or determinable payments that are not quoted in an ac?ve market.They are carried at amor?sed cost using the effec?ve interest rate method.Gains and losses are recognised in profit or loss when the asset is derecognised or impaired.Financial assets at fair va
238、lue through other comprehensive income Financial assets at fair value through other comprehensive income include equity investments which the consolidated en?ty intends to hold for the foreseeable future and has irrevocably elected to classify them as such upon ini?al recogni?on.Impairment of financ
239、ial assets The consolidated en?ty recognises a loss allowance for expected credit losses on financial assets which are either measured at amor?sed cost or fair value through other comprehensive income.The measurement of the loss allowance depends upon the consolidated en?tys assessment at the end of
240、 each repor?ng period as to whether the financial instruments credit risk has increased significantly since ini?al recogni?on,based on reasonable and supportable informa?on that is available,without undue cost or effort to obtain.Where there has not been a significant increase in exposure to credit
241、risk since ini?al recogni?on,a 12-month expected credit loss allowance is es?mated.This represents a por?on of the assets life?me expected credit losses that is a?ributable to a default event that is possible within the next 12 months.Where a financial asset has become credit impaired or where it is
242、 determined that credit risk has increased significantly,the loss allowance is based on the assets life?me expected credit losses.The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of an?cipated cash shor?alls over the life of the instrum
243、ent discounted at the original effec?ve interest rate.For financial assets measured at fair value through other comprehensive income,the loss allowance is recognised within other comprehensive income.In all other cases,the loss allowance is recognised in profit or loss.32 Notestothefinancialstatemen
244、tsFor the year ended 30 June 2019 Note2.Significantaccoun?ngpolicies(cont.)LeasesThe determina?on of whether an arrangement is or contains a lease is based on the substance of the arrangement and requires an assessment of whether the fulfilment of the arrangement is dependent on the use of a specifi
245、c asset or assets and the arrangement conveys a right to use the asset.A dis?nc?on is made between finance leases,which effec?vely transfer from the lessor to the lessee substan?ally all the risks and benefits incidental to the ownership of leased assets,and opera?ng leases,under which the lessor ef
246、fec?vely retains substan?ally all such risks and benefits.Finance leases are capitalised.A lease asset and liability are established at the fair value of the leased assets,or if lower,the present value of minimum lease payments.Lease payments are allocated between the principal component of the leas
247、e liability and the finance costs,so as to achieve a constant rate of interest on the remaining balance of the liability.Leased assets acquired under a finance lease are depreciated over the assets useful life or over the shorter of the assets useful life and the lease term if there is no reasonable
248、 certainty that the consolidated en?ty will obtain ownership at the end of the lease term.Opera?ng lease payments,net of any incen?ves received from the lessor,are charged to profit or loss on a straight-line basis over the term of the lease.Impairmentofnon-financialassetsGoodwill and other intangib
249、le assets that have an indefinite useful life are not subject to amor?sa?on and are tested annually for impairment,or more frequently if events or changes in circumstances indicate that they might be impaired.Other non-financial assets are reviewed for impairment whenever events or changes in circum
250、stances indicate that the carrying amount may not be recoverable.An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount.Recoverable amount is the higher of an assets fair value less costs of disposal and value-in-use.The value-in-use is the
251、 present value of the es?mated future cash flows rela?ng to the asset using a pre-tax discount rate specific to the asset or cash-genera?ng unit to which the asset belongs.Assets that do not have independent cash flows are grouped together to form a cash-genera?ng unit.FinancecostsFinance costs a?ri
252、butable to qualifying assets are capitalised as part of the asset.All other finance costs are expensed in the period in which they are incurred.GoodsandServicesTax(GST)andothersimilartaxesRevenues,expenses and assets are recognised net of the amount of associated GST,unless the GST incurred is not r
253、ecoverable from the tax authority.In this case it is recognised as part of the cost of the acquisi?on 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
254、 is included in other receivables or other payables in the statement of financial posi?on.Cash flows are presented on a gross basis.The GST components of cash flows arising from inves?ng or financing ac?vi?es which are recoverable from,or payable to the tax authority,are presented as opera?ng cash f
255、lows.Commitments and con?ngencies are disclosed net of the amount of GST recoverable from,or payable to,the tax authority.NewAccoun?ngStandardsandInterpreta?onsnotyetmandatoryorearlyadoptedAustralian Accoun?ng Standards and Interpreta?ons that have recently been issued or amended but are not yet man
256、datory,have not been early adopted by the consolidated en?ty for the annual repor?ng period ended 30 June 2019.33 ANNUAL REPORT 2019 SciDev Ltd Note2.Significantaccoun?ngpolicies(cont.)The consolidated en?tys assessment of the impact of these new or amended Accoun?ng Standards and Interpreta?ons,mos
257、t relevant to the consolidated en?ty,are set out below.AASB 16 Leases This standard is applicable to annual repor?ng periods beginning on or a?er 1 January 2019.The standard replaces AASB 117 Leases and for lessees will eliminate the classifica?ons of opera?ng leases and finance leases.Subject to ex
258、cep?ons,a right-of-use asset will be capitalised in the statement of financial posi?on,measured at the present value of the unavoidable future lease payments to be made over the lease term.The excep?ons relate to short-term leases of 12 months or less and leases of low-value assets(such as personal
259、computers and small office furniture)where an accoun?ng policy choice exists whereby either a right-of-use asset is recognised or lease payments are expensed to profit or loss as incurred.A liability corresponding to the capitalised lease will also be recognised,adjusted for lease prepayments,lease
260、incen?ves received,ini?al direct costs incurred and an es?mate of any future restora?on,removal or dismantling costs.Straight-line opera?ng lease expense recogni?on will be replaced with a deprecia?on charge for the leased asset(included in opera?ng costs)and an interest expense on the recognised le
261、ase liability(included in finance costs).In the earlier periods of the lease,the expenses associated with the lease under AASB 16 will be higher when compared to lease expenses under AASB 117.However EBITDA(Earnings Before Interest,Tax,Deprecia?on and Amor?sa?on)results will be improved as the opera
262、?ng expense is replaced by interest expense and deprecia?on in profit or loss under AASB 16.For classifica?on within the statement of cash flows,the lease payments will be separated into both a principal(financing ac?vi?es)and interest(either opera?ng or financing ac?vi?es)component.For lessor accou
263、n?ng,the standard does not substan?ally change how a lessor accounts for leases.The consolidated en?ty will adopt this standard from 1 July 2019 but the impact of its adop?on is yet to be assessed by the consolidated en?ty.Note3.Cri?calaccoun?ngjudgements,es?matesandassump?ons The prepara?on of the
264、financial statements requires management to make judgements,es?mates and assump?ons that affect the reported amounts in the financial statements.Management con?nually evaluates its judgements and es?mates in rela?on to assets,liabili?es,con?ngent liabili?es,revenue and expenses.Management bases its
265、judgements,es?mates and assump?ons on historical experience and on other various factors,including expecta?ons of future events,management believes to be reasonable under the circumstances.The resul?ng accoun?ng judgements and es?mates will seldom equal the related actual results.The judgements,es?m
266、ates and assump?ons that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabili?es(refer to the respec?ve notes)within the next financial year are discussed below.Goodwill The consolidated en?ty tests annually,or more frequently if events or changes in
267、 circumstances indicate impairment,whether goodwill has suffered any impairment,in accordance with the accoun?ng policy stated in note 2.The recoverable amounts of cash-genera?ng units have been determined based on value-in-use calcula?ons.These calcula?ons require the use of assump?ons,including es
268、?mated discount rates based on the current cost of capital and growth rates of the es?mated future cash flows.For informa?on rela?ng to the value-in-use calcula?ons refer to note 14.Note4.Opera?ngsegments Iden?fica?on of reportable opera?ng segments The consolidated en?ty operates in primarily one g
269、eographical segment,namely Australia.The primary business segment is the treatment of industrial waste including the manufacture and supply of chemicals for the treatment of waste water.Opera?ng and business segments are reported in a manner consistent with the internal repor?ng provided to the chie
270、f opera?ng decision makers.The chief opera?ng decision maker,who is responsible for alloca?ng resources and assessing performance of the opera?ng segments,has been iden?fied as the Board of Directors.34 NotestothefinancialstatementsFor the year ended 30 June 2019 Note4.Opera?ngsegments(cont)Major cu
271、stomers During the year ended 30 June 2019 approximately 57%of the consolidated en?tys external revenue was derived from sales to the consolidated en?tys 3 largest customers(2018:52%of consolidated external revenue was a?ributable to one customer).No other customer contributed 10%or more to the cons
272、olidated en?tys revenue for both 2019 and 2018.Revenue by geographical area The consolidated en?ty operates primarily in one geographical segment being Australia.Revenue a?ributable to overseas subsidiaries is not material to the consolidated en?ty.Accoun?ng policy for opera?ng segments Opera?ng seg
273、ments are presented using the management approach,where the informa?on presented is on the same basis as the internal reports provided to the Chief Opera?ng Decision Makers(CODM).The CODM is responsible for the alloca?on of resources to opera?ng segments and assessing their performance.Note5.Revenue
274、Accoun?ng policy for revenue recogni?on The consolidated en?ty recognises revenue as follows:Revenue from contracts with customers Revenue is recognised at an amount that reflects the considera?on to which the consolidated en?ty is expected to be en?tled in exchange for transferring goods or service
275、s to a customer.For each contract with a customer,the consolidated en?ty:iden?fies the contract with a customer;iden?fies the performance obliga?ons in the contract;determines the transac?on price which takes into account es?mates of variable considera?on and the?me value of money;allocates the tran
276、sac?on price to the separate performance obliga?ons on the basis of the rela?ve stand-alone selling price of each dis?nct good or service to be delivered;and recognises revenue when or as each performance obliga?on is sa?sfied in a manner that depicts the transfer to the customer of the goods or ser
277、vices promised.2019 2018$Sales revenue Treatment fees and product sales 2,655,799 2,029,373 Other revenue Royalty -14,125 Other revenue 265,261 157,270 265,261 171,395 Revenue 2,921,060 2,200,768 35 ANNUAL REPORT 2019 SciDev Ltd Note5.Revenue(cont.)Variable considera?on within the transac?on price,i
278、f any,reflects concessions provided to the customer such as discounts,rebates and refunds,any poten?al bonuses receivable from the customer and any other con?ngent events.Such es?mates are determined using either the expected value or most likely amount method.The measurement of variable considera?o
279、n is subject to a constraining principle whereby revenue will only be recognised to the extent that it is highly probable that a significant reversal in the amount of cumula?ve revenue recognised will not occur.The measurement constraint con?nues un?l the uncertainty associated with the variable con
280、sidera?on is subsequently resolved.Amounts received that are subject to the constraining principle are recognised as a refund liability.Sale of goods Revenue from the sale of goods is recognised at the point in?me when the customer obtains control of the goods,which is generally at the?me of deliver
281、y.Consul?ng services and treatment fees Consul?ng services and treatment fees are recognised using the percentage-of-comple?on method for fixed-fee arrangements or as the services are provided for?me-and-materials arrangements.Interest Interest revenue is recognised as interest accrues using the eff
282、ec?ve interest method.This is a method of calcula?ng the amor?sed cost of a financial asset and alloca?ng the interest income over the relevant period using the effec?ve interest rate,which is the rate that exactly discounts es?mated future cash receipts through the expected life of the financial as
283、set to the net carrying amount of the financial asset.Other revenue Other revenue is recognised when it is received or when the right to receive payment is established.36 NotestothefinancialstatementsFor the year ended 30 June 2019 Note6.OtherincomeNote7.Expenses Note8.Incometax 2019 2018$Net foreig
284、n exchange gain -20,181 Net gain on disposal of Intec Zeehan Residues Pty Ltd -1,989,200 Subsidies and grants 332,981 303,112 Reimbursement of expenses 3,664 23,694 Other income 336,645 2,336,187 2019 2018$Profit/(loss)before income tax includes the following specific expenses:Rental expense rela?ng
285、 to opera?ng leases Minimum lease payments 156,169 106,519 Superannua?on expense Defined contribu?on superannua?on expense 96,666 74,951 2019 2018$Income tax expense/(benefit)Deferred tax-origina?on and reversal of temporary differences (8,122)(8,142)Adjustment recognised for prior periods 32,199 -A
286、ggregate income tax expense/(benefit)24,077 (8,142)Deferred tax included in income tax expense/(benefit)comprises:Decrease in deferred tax liabili?es (8,122)(8,142)Numerical reconcilia?on of income tax expense/(benefit)and tax at the statutory rate Profit/(loss)before income tax benefit/(expense)(2,
287、008,450)993,727 Tax at the statutory tax rate of 27.5%(552,324)273,275 Tax effect amounts which are not deduc?ble/(taxable)in calcula?ng taxable income:Non-deduc?ble expenses 8,121 43,105 Non-assessable income (91,570)(630,386)(635,773)(314,006)Adjustment recognised for prior periods 32,199 -Current
288、 year tax losses not recognised 649,194 340,933 Current year temporary differences not recognised (21,543)(30,715)Adjustment to deferred tax balances -(4,354)Income tax expense/(benefit)24,077 (8,142)37 ANNUAL REPORT 2019 SciDev Ltd Note8.incometax(cont.)The above poten?al tax benefit for tax losses
289、 has not been recognised in the statement of financial posi?on.These tax losses can only be u?lised in the future if the con?nuity of ownership test is passed,or failing that,the same business test is passed.Accoun?ng policy for income tax The income tax expense or benefit for the period is the tax
290、payable on that periods taxable income based on the applicable income tax rate for each jurisdic?on,adjusted by the changes in deferred tax assets and liabili?es a?ributable to temporary differences,unused tax losses and the adjustment recognised for prior periods,where applicable.Deferred tax asset
291、s and liabili?es are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabili?es are se?led,based on those tax rates that are enacted or substan?vely enacted,except for:When the deferred income tax asset or liability arises from the ini?al
292、 recogni?on of goodwill or an asset or liability in a transac?on that is not a business combina?on and that,at the?me of the transac?on,affects neither the accoun?ng nor taxable profits;or When the taxable temporary difference is associated with interests in subsidiaries,associates or joint ventures
293、,and the?ming of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax assets are recognised for deduc?ble temporary differences and unused tax losses only if it is probable that future taxable amounts will be availabl
294、e to u?lise those temporary differences and losses.2019 2018$Tax losses not recognised Unused tax losses for which no deferred tax asset has been recognised 67,709,864 66,114,631 Poten?al tax benefit 27.5%18,620,213 18,181,524 2019 2018$Deferred tax liability Deferred tax liability comprises tempora
295、ry differences a?ributable to:Amounts recognised in profit or loss:Brand name 35,986 44,108 Deferred tax liability 35,986 44,108 Movements:Opening balance 44,108 52,250 Credited to profit or loss (8,122)(8,142)Closing balance 35,986 44,108 38 NotestothefinancialstatementsFor the year ended 30 June 2
296、019 Note8.Incometax(cont.)The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each repor?ng date.Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recov
297、ered.Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.Deferred tax assets and liabili?es are offset only where there is a legally enforceable right to offset current tax assets against cu
298、rrent tax liabili?es and deferred tax assets against deferred tax liabili?es;and they relate to the same taxable authority on either the same taxable en?ty or different taxable en?es which intend to se?le simultaneously.SciDev Limited(the head en?ty)and its wholly-owned Australian subsidiaries have
299、formed an income tax consolidated group under the tax consolida?on regime.The head en?ty and each subsidiary in the tax consolidated group con?nue to account for their own current and deferred tax amounts.The tax consolidated group has applied the separate taxpayer within group approach in determini
300、ng the appropriate amount of taxes to allocate to members of the tax consolidated group.In addi?on to its own current and deferred tax amounts,the head en?ty also recognises the current tax liabili?es(or assets)and the deferred tax assets arising from unused tax losses and unused tax credits assumed
301、 from each subsidiary in the tax consolidated group.Assets or liabili?es arising under tax funding agreements with the tax consolidated en?es are recognised as amounts receivable from or payable to other en?es in the tax consolidated group.The tax funding arrangement ensures that the intercompany ch
302、arge equals the current tax liability or benefit of each tax consolidated group member,resul?ng in neither a contribu?on by the head en?ty to the subsidiaries nor a distribu?on by the subsidiaries to the head en?ty.Note9.Currentassets-cashandcashequivalentsAccoun?ng policy for cash and cash equivale
303、nts Cash and cash equivalents includes cash on hand,deposits held at call with financial ins?tu?ons,other short-term,highly liquid investments with original maturi?es of three months or less that are readily conver?ble to known amounts of cash and which are subject to an insignificant risk of change
304、s in value.2019 2018$Cash on hand 150 150 Cash at bank 1,756,059 568,037 1,756,209 568,187 39 ANNUAL REPORT 2019 SciDev Ltd Note10.Currentassets-tradeandotherreceivables Allowance for expected credit losses On adop?on of AASB 9 Financial instruments,the consolidated en?ty has changed the accoun?ng f
305、or impairment losses for receivables by replacing the previous incurred loss approach with a forward-looking expected credit loss(ECL)approach and has calculated its ECL based on the consolidated en?tys historical credit loss experience,adjusted for forward-looking factors specific to its receivable
306、s and the economic environment.The consolidated en?ty does not have any history of impairment of its trade receivables.The consolidated en?ty transacts with a limited number of established customers and operates under strict credit policies approved by the Board of Directors.No impairment loss has b
307、e been recognised for trade receivables.Accoun?ng policy for trade and other receivables Trade receivables are ini?ally recognised at fair value and subsequently measured at amor?sed cost using the effec?ve interest method,less any allowance for expected credit losses.Trade receivables are generally
308、 due for se?lement within 30 days.The consolidated en?ty has applied the simplified approach to measuring expected credit losses,which uses a life?me expected loss allowance.To measure the expected credit losses,trade receivables have been grouped based on days overdue.Other receivables are recognis
309、ed at amor?sed cost,less any allowance for expected credit losses.Note11.Currentassets-inventories Accoun?ng policy for inventories Stock on hand is stated at the lower of cost and net realisable value.Cost comprises of purchase and delivery costs,net of rebates and discounts received or receivable.
310、Net realisable value is the es?mated selling price in the ordinary course of business less the es?mated costs of comple?on and the es?mated costs necessary to make the sale.2019 2018$Trade receivables 779,210 457,430 Other receivables 26,889 14,266 Amount due by Tartana Resources Limited -256,250 80
311、6,099 727,946 2019 2018$Stock on hand-at cost 264,325 236,184 40 NotestothefinancialstatementsFor the year ended 30 June 2019 12.Non-currentassets-financialassetsatfairvaluethroughothercomprehensiveincome Refer to note 23 for further informa?on on fair value measurement.*On 25 October 2017,SciDev Li
312、mited(SciDev)entered into a condi?onal sale agreement to dispose of Intec Zeehan Residues Pty Ltd(IZR),whose principal asset was the Zeehan Zinc Project.The disposal was in order to generate cash flow for the expansion of the consolidated en?tys core businesses.The disposal was completed on 22 Janua
313、ry 2018,on which date control of IZR passed to the acquirer,Tartana Resources Ltd(Tartana).The total considera?on was 15,000,000 ordinary shares in Tartana at a deemed price of 10 cents per share and$500,000 in cash.SciDev received$300,000 of the cash component and 7,760,000 ordinary shares in Tarta
314、na.SciDev and Tartana subsequently agreed to vary the terms of the sale agreement resul?ng in an addi?onal 5,000,000 Tartana shares to be issued to SciDev and the dele?on of the$500,000 cash component of the transac?on.SciDev agreed to repay the$300,000 it received from Tartana and used the proceeds
315、 from the sale of 6,410,256 Tartana shares to fund the repayment.The total considera?on for the transac?on of$2,000,000 remained unchanged.2019 2018$Unlisted equity securi?es 1,502,900 698,900 Considera?on from disposal of Intec Zeehan Residues Pty Ltd -804,000 1,502,900 1,502,900 Reconcilia?on Reco
316、ncilia?on of the fair values at the beginning and end of the current and previous financial year are set out below:Opening fair value 1,502,900 2,900 Addi?ons*500,000 1,500,000 Disposals*(641,026)-Revalua?on increments 141,026 -Closing fair value 1,502,900 1,502,900 41 ANNUAL REPORT 2019 SciDev Ltd
317、Note13.Non-currentassets-property,plantandequipmentReconcilia?ons Reconcilia?ons of the wri?en down values at the beginning and end of the current and previous financial year are set out below:Property,plant and equipment secured under finance leases Refer to note 26 for further informa?on on proper
318、ty,plant and equipment secured under finance leases.Accoun?ng policy for property,plant and equipment Plant and equipment is stated at historical cost less accumulated deprecia?on and impairment.Historical cost includes expenditure that is directly a?ributable to the acquisi?on of the items.Deprecia
319、?on is calculated on a straight-line basis to write off the net cost of each item of property,plant and equipment over their expected useful lives as follows:Plant and equipment 4-7 years Office equipment 2-8 years The residual values,useful lives and deprecia?on methods are reviewed,and adjusted if
320、 appropriate,at each repor?ng date.Plant and equipment under lease are depreciated over the unexpired period of the lease or the es?mated useful life of the assets,whichever is shorter.An item of property,plant and equipment is derecognised upon disposal or when there is no future economic benefit t
321、o the consolidated en?ty.Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.2019 2018$Plant and equipment-at cost 748,552 619,949 Less:Accumulated deprecia?on (462,286)(358,995)286,266 260,954 Office equipment-at cost 50,954 31,028 Less:Accumulated dep
322、recia?on (33,766)(31,028)17,188 -303,454 260,954 Plantand Office Equipment EquipmentTotal$Balance at 1 July 2017 290,123 1,078 291,201 Addi?ons 97,045 -97,045 Deprecia?on expense (126,214)(1,078)(127,292)Balance at 30 June 2018 260,954 -260,954 Addi?ons 205,299 19,926 225,225 Disposals (27,621)-(27,
323、621)Deprecia?on expense (152,366)(2,738)(155,104)Balance at 30 June 2019 286,266 17,188 303,454 42 NotestothefinancialstatementsFor the year ended 30 June 2019 Note14.Non-currentassets-intangiblesReconcilia?ons Reconcilia?ons of the wri?en down values at the beginning and end of the current and prev
324、ious financial year are set out below:Impairment tes?ng Goodwill which was acquired through a business combina?on,has been allocated to the Science Development Pty Ltd cash-genera?ng unit(CGU).The recoverable amount of the consolidated en?tys goodwill has been determined by a value-in-use calcula?on
325、 using a discounted cash flow model,based on a 1 year projec?on period approved by management and extrapolated for a further 4 years using variable rates,together with a terminal value.Key assump?ons are those to which the recoverable amount of an asset or cash-genera?ng units is most sensi?ve.Key a
326、ssump?ons in the discounted cashflow model include:(a)Post-tax discount rate of 15%(2018:15%)per annum;(b)Average revenue growth over the five-year period of 1,243%(2018:46%);(c)Average growth in gross margin over the five-year period of 1,433%(2018:39%);and(d)Average per annum increase in opera?ng
327、expenses of 5%(2018:16%).2019 2018$Goodwill-at cost 1,030,018 1,030,018 Trade marks and intellectual property-at cost 465,871 427,942 Less:Accumulated amor?sa?on (249,590)(191,927)216,281 236,015 1,246,299 1,266,033 Trademarksand Goodwill IntellectualpropertyTotal$Balance at 1 July 2017 1,030,018 24
328、9,785 1,279,803 Addi?ons -53,109 53,109 Amor?sa?on expense -(66,879)(66,879)Balance at 30 June 2018 1,030,018 236,015 1,266,033 Addi?ons -37,929 37,929 Amor?sa?on expense -(57,663)(57,663)Balance at 30 June 2019 1,030,018 216,281 1,246,299 43 ANNUAL REPORT 2019 SciDev Ltd Note14.Non-currentassets-in
329、tangibles(cont.)The discount rate of 15%post-tax reflects managements es?mate of the?me value of money and the consolidated en?tys weighted average cost of capital,the risk free rate and the vola?lity of the share price rela?ve to market movements.Management believes the projected revenue growth rat
330、e is prudent and jus?fied,based on managements expecta?ons of the companys business development pipeline.The budgeted gross margin is based on past performance and managements expecta?ons for the future.Management has budgeted for opera?ng costs based on the current structure of the business,adjus?n
331、g for infla?onary increases but not reflec?ng any future restructurings or cost saving measures.Sensi?vity to change of assump?ons If the next years financial budget used in the value-in-use calcula?on had been 10%(2018:10%)lower than managements es?mates at 30 June 2019,the consolidated en?ty would
332、 have a recoverable amount in excess of$5 million(2018:$3.17 million)against the carrying amount of the cash genera?ng unit to which the goodwill relates.If the post-tax discount rate applied to the cash flow projec?ons of this CGU had been 30%(2018:30%)higher than managements es?mates(20%instead of
333、 15%)(2018:20%instead of 15%),the consolidated en?ty would have a recoverable amount in excess of$4.6 million(2018:$2.91 million)against the carrying amount of intangible assets and property,plant and equipment.Accoun?ng policy for intangible assets Intangible assets acquired as part of a business combina?on,other than goodwill,are ini?ally measured at their fair value at the date of the acquisi?o
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