1、AnnualReport 20212SCIDEV LIMITEDANNUAL REPORT 2021Making water work harder1000 mega litres of water treated generating 80%of our staffare tertiary educated as scientists,engineers and chemists12 new solutionsdeveloped and commercialised by SciDev since 2019 to specifically address a clients unique e
2、nvironmental problem150 hoursof research per client to develop a bespoke chemistry solution to meet our clients specific requirements20%operationalefficiency generated10m tonnes of dry tailings treated preventing 200 million litres of water passing into tailings damsContentsChairmans Letter 4Managin
3、g Director&CEOs Letter 5Review of Operations 9Sustainability 14Directors Report 17Remuneration Report 20Auditors Independence Declaration 32Statement of Profit and Loss 33Statement of Financial Position 34Statement of Changes in Equity 35Statement of Cash Flow 36Notes to the Financial Statements 37D
4、irectors Declaration 76Independent Auditors Report 77Additional ASX Information 82Corporate Directory 844SCIDEV LIMITEDANNUAL REPORT 2021Letter from the ChairpersonWorking closely with my fellow Board members and the SciDev team,I am confident that our environmentally sustainable technologies and so
5、lutions will continue to play an important role in solving water problems on a global scale.Dear Shareholder,FY21 has been a pivotal year for the company with revenues more than doubling to$42.5m and the company posting an after-tax profit of$3.4m.Credit for this excellent result must go to Lewis an
6、d the management team as well as the outgoing Chairman,Trevor Jones who retired at the end of FY21 after 13 years in the role.Trevor has played a crucial role in the Companys development and Id like to take this opportunity,on behalf of the Board,to thank him for his hard work.It is an honour to joi
7、n your Board as Chairman at an exciting time in the Companys development.Over the last 12 months,SciDev has had impressive growth securing major new contracts,expanding its sales pipeline and strengthening its market position through strategic acquisitions.The Company is well positioned as an emergi
8、ng leader in the environmental solutions market servicing water intensive industries.SciDevs environmental solutions allow our clients to recycle and reuse water,reduce waste footprints,minimise costs and improve operational efficiencies to position the company for sustainable and rapid global growt
9、h.Lewis Utting,our very capable CEO,has surrounded himself with some exceptionally skilled senior executives.When you combine this expertise and energy,the potential market size and increasing environmental issues associated with water,I believe we have a great opportunity to build a global environm
10、ental services company.With considerable scope to expand our current operational footprint across our four key verticals,I look forward to being a part of the future sustainable growth of the Company.Yours sincerely,Vaughan BusbyVAUGHAN BUSBY5SCIDEV LIMITEDANNUAL REPORT 2021Letter from the Managing
11、Director&Chief Executive OfficerThe 2021 financial year was another extremely successful period for SciDev as we executed on our strategy to establish our position as an emerging leader in the environmental solutions market focused on water intensive industries.SciDev brings together world-class tec
12、hnology,chemistry and application expertise to solve pressing operational and environmental issues for our clients.Our core work for clients when dealing with liquid wastes,is to develop bespoke solutions that challenge the status quo and deliver cost savings and operational efficiency improvements.
13、SciDevs approach to tackling the global Per-and poly-fluoralkyl substances(PFAS)problem delivers greater than 99.9999%removal in a commercial application,which is over 100 times greater than the industry standard.Our approach to dewatering tunnel boring waste in construction delivers improved enviro
14、nmental outcomes through the replacement of dangerous materials with a SciDev chemistry,reducing waste disposal costs and carbon footprint,while improving productivity.Our solutions are designed not only to provide a commercial cost reduction but to provide alternatives to petrochemical based chemic
15、al solutions.In FY21,our business continued to make progress across all our verticals of Mining&Mineral processing,Oil&Gas,Infrastructure&Construction,and Water Treatment.Our client base grew to over 70,we drove a 135%uplift in revenue for the year,improved our gross profit margin to 24%and pleasing
16、ly,delivered a net profit after tax of$3.4m.Reflecting on the year,I am proud that SciDev progressed several Environmental,Social and Governance(ESG)projects that were high on our agenda.Most notably:The successful commercialisation of our plant-based chemistries in the mining,oil&gas and infrastruc
17、ture sectors Our contribution to the Schools Plus program which delivers science learning outcomes to over 200 Indigenous students in the Great Victorian Desert Appointing a new Auditor and executing on board rejuvenation initiatives to provide a strong platform for further growthI would like to tha
18、nk all our employees for their immense efforts over the year,especially given the past and current challenges being felt across the world due to the COVID-19 pandemic.I would also like to take this opportunity to thank Trevor Jones for his time as Chair of SciDev.Trevor announced his retirement this
19、 year as part of the rejuvenation of SciDevs board.Trevor has helped lay strong foundations for the Company to realise the benefits of new commercial relationships and expand its global reach across our global client base.6SCIDEV LIMITEDANNUAL REPORT 2021Following Trevors departure,we recently annou
20、nced the appointment of Vaughan Busby as independent Chair.Vaughan is a trained chemist and has extensive experience as a company director.We are delighted to have someone of Vaughans calibre join the SciDev Board.OUR PEOPLE AND CULTUREOur people are the key to our business and we remain committed t
21、o attracting and retaining the best talent at all levels.The health and safety of our people remains the core priority for myself and the Company.Pleasingly,we delivered another year in FY21 of zero lost time injuries within our workforce,with continued improvement in safety-based led indicator repo
22、rting.Our comprehensive Covid-19 Safe Workplace Policy remained in place throughout the year,ensuring updates were communicated regularly to all employees.Our team expanded during FY21 via the acquisition of Haldon Industries.Haldons attitude and style of doing business is strongly aligned with SciD
23、evs approach and culture which has made the integration of the business an extremely positive experience for both parties.I would like to welcome all the Haldon team and thank them for their commitment to our ongoing success.The Haldon Principals,Sean Halpin,and Jake Reardon have joined our expanded
24、 executive team and will play a pivotal role in our future success.As I touched on earlier,SciDev had the opportunity to reinvest and reconnect with the community during the year.As a company we recognise the importance of supporting different community groups and have done so through partnerships,s
25、haring knowledge and skills,and financial support.An important part of our community engagement is to ensure all our employees drive a culture of support and diversity through our organistaion.During the year,we started an initiative to support disadvantaged students through the Schools Plus program
26、.SciDev has currently pledged$60,000 in support of the cause which will underpin the Schools Plus Two Ways Science project.The project helps support remote Indigenous schools and communities develop and implement an integrated learning program.The program connects cultural knowledge of the local com
27、munity with Western science and the Australian education curriculum.We are looking forward to assisting the Schools Plus program further in FY22 and will hopefully have the opportunity to visit the schools in person to see the benefits SciDev has provided.As part of our focus on diversity and inclus
28、ion,our team came together in May to recognise the LGBTI community as we celebrated International Day Against Homophobia,Biphobia,and Transphobia,as part of our efforts to combat discrimination and embrace diversity.18%119%209%0102030405060708020202021Revenue($m)CustomersEmployeesOrganic Growth Reve
29、nue($m)202020212020202120202021135%7SCIDEV LIMITEDANNUAL REPORT 2021MiningOil&GasConstruction16%12%35%36%WaterNorth AmericaAustraliaOther8%42%50%OUR COMPETITIVE ADVANTAGEOur unique combination of world-class technology,chemistry and application expertise enables us to deliver site-specific solutions
30、 to deliver better outcomes for our clients.Over 80%of our employees are tertiary educated as scientists,engineers,and chemists-greatly aiding our business development process.Our highly skilled team has the expertise to specifically design site specific solutions to solve the unique problems of our
31、 end clients.On average,we invest over 150 hours of research per client to develop a bespoke solution to meet their specific requirements.SciDev is results driven.Through on-site trials and ongoing contract work we have established a large database of quantitative results that demonstrates our produ
32、ct drives 20%operational plant process efficiency,reduces plant down time and drives cost savings for our clients.Our competitive advantage delivers environmentally better outcomes for our clients which will continue to position our company for future growth.STRONG ORGANIC GROWTHOver the course of F
33、Y21 we continued to expand our businesses by securing key wins across our four key verticals.We are well positioned to continue to drive growth by offering our bespoke chemistry and engineering solutions to our global client base,helping deliver sustainable outcomes for themselves and the environmen
34、t.I am proud of what the team at SciDev have achieved in this period and look forward to the year ahead with confidence.Yours sincerely,Lewis UttingLEWIS UTTINGFY21 REVENUE BY VERTICALFY 21 REVENUE BY REGION8SCIDEV LIMITEDANNUAL REPORT 2021SciDev brings together world-class technology,chemistry and
35、application expertise to solve pressing operational and environmental issues for the water,oil and gas,mining and construction markets9SCIDEV LIMITEDANNUAL REPORT 2021Review of OperationsSciDevs bespoke solutions focus on reducing the production of wastewater from industrial processes across a range
36、 of industries.We deliver sustainable chemistry,application and dosage optimisation that reduce processing costs,eliminate poor performance and reduce wastewater production.Our services can be utilised in a range of industries including Mining&Mineral processing,Oil&Gas,Infrastructure&Construction,a
37、nd Wastewater.FY21 FINANCIAL HIGHLIGHTS Revenue from clients increased in FY21 by 135%to$42.5m(FY20:$18m)Cash receipts for FY21 elevated to$41.8m (FY20:$20m)Net cash position at 30 June of$7m with$3.7m of inventory at handFY21 OPERATIONAL HIGHLIGHTS Strategic acquisition of Haldon Industries Pty Ltd
38、(Haldon),an Australian based environmental engineering and solutions company focussed on the water and persistent organic pollutant sectors Agreement with Socit Le Nickel(a subsidiary of Eramet)to provide MaxiFlox chemistry for SLNs New Caledonian nickel operations Field qualifications announced at
39、Fortescue Metal Groups Solomon Hub Extension of the relationship with ExxonMobil via purchase order for approximately US$0.5 million of product and associated professional services The commencement of the BHP Olympic Dam field validation project with a smooth transition to SciDevs MaxiFlox technolog
40、y Contract award to design,construct and commission a Sequencing Batch Reactor Leachate Treatment Plant for the$2.6 billion Sydney Gateway ProjectFINANCIAL REVIEWThe consolidated entity reported revenue of$42.5m for the period,representing a 135%increase on the prior year results of A$18m.SciDevs re
41、cord revenue generation was achieved through organic growth via contract wins across several verticals.Contribution from the Haldon acquisition was recognised from 12 May 2021 to the end of the quarter.Net profit of$3.4m was reported for the year with net operating cash outflow of$1.3m.The company m
42、aintained a strong gross profit margin of 24%(FY20 17%)in line with the prior year.The company has continued to invest for growth and anticipates revenue growth to outpace expenditure,driving improving margins in coming years.At the end of the period,the consolidated entity had a net cash position o
43、f$7m,with$3.7m in inventory at hand.201920202021521%135%01020304050$m10SCIDEV LIMITEDANNUAL REPORT 2021During FY21,SciDev continued to successfully execute on its strategy of solving operational and environmental issues relating to water across multiple global industrial markets.Its unique combinati
44、on of proprietary research and specialised manufacturing enabled it to deliver site-specific products delivering better outcomes for its clients.MINING&MINERAL PROCESSINGSciDev continued to execute supply and services into all major clients such as Iluka,Yancoal,Glencore and Peabody.Business develop
45、ment activities continue across several operations and commodities such as coal,nickel,copper,gold and iron ore.Several producers have confirmed acceptance of our MaxiFlox technology,proceeding to field validation which we anticipate will take place during FY22,with other projects now in commercial
46、discussion.Post the end of the financial year,SciDev ceased providing chemistry to BHPs Olympic Dam Operation.The initial six-month trial order was successful and delivered improved operating performance to the site.However,SciDevs inability to access the site due to travel restrictions resulted in
47、the team being unable to use its technical expertise to differentiate the benefits of its technology.Without this differentiation the ongoing supply was essentially commoditised.While SciDev received a request for proposal from BHP,the pricing terms did not meet SciDevs internal value requirements s
48、o as a result Olympic Dam remained with their incumbent supplier.During the year,SciDev announced a trial order from Fortescue Metals Group Limited(Fortescue),one of the worlds leading producers of iron ore.The trial was conducted at the Fortescue Solomon Hub.SciDev progressed through a competitive
49、tender process with the field qualification focussed on the performance of MaxiFlox chemistry under plant operating conditions.The trial was run successfully and at the end of FY21 the Company remains in ongoing discussions with Fortescue to progress to commercial considerations.In March 2021,SciDev
50、 signed a contract with SLN for supply of its MaxiFlox chemistry.SLN is a subsidiary of Eramet,which is the worlds number one producer of ferronickel,a key raw material input to the stainless steel market.The project has passed through laboratory and field qualifications and the Companys MaxiFlox ch
51、emistry and OptiFlox technology will be used onsite to improve operational efficiency and water use.SciDev delivers bespoke professional services,engineering,and chemistry solutionsReview of Operations11SCIDEV LIMITEDANNUAL REPORT 2021OIL&GAS SciDev is continuing to see activity levels recover withi
52、n the US Oil&Gas sector,driving increased demand for our subsidiary Highland Fluid Technologys(HFT)chemistry and professional services.A purchase order from a major South Texas E&P company for completion fluids has been extended and HFT is seeing additional purchase orders being placed from other ex
53、isting clients.HFTs largest dry-polymer client has committed to shift from commodity chemistry to SciDev bespoke chemistry offerings,with increased sales projections aligned with significantly increased business in H1 CY2021.A major European oil company has seconded HFT staff to provide product deve
54、lopment and application support for new environmentally friendly oilfield performance chemistry.Several patent applications have been lodged with commercial activities now under consideration.Chemistry development initiatives with a major American multinational oil&gas corporation continue,with seve
55、ral HFT employees now engaged with commercial discussions expected to advance in early CY2021.During the year HFT received a purchase order from ExxonMobil for the provision of chemical and professional services,further extending the relationship between the companies.The purchase order is an extens
56、ion of work conducted by HFT with ExxonMobil in 2020 and will see HFT facilities and professional services contracted to formulate a lightweight drilling fluid.The HFT patented technology will be part of the infield application at one of ExxonMobils international projects.HFTs CatCheck chemistry con
57、tinued to be utilised in commercial applications with a major European exploration and production(E&P)client.HFT are assessing the ability of CatCheck to enhance oil recovery from wells in the Eagle Ford Shale Province.Initial trials have demonstrated favourable results in different South Texan shal
58、e formations and further testing is underway.Activities in the Canadian oils ands industry are on track with progress outcomes to be reported in CY 2021.12SCIDEV LIMITEDANNUAL REPORT 2021INFRASTRUCTURE&CONSTRUCTIONSciDev completed its work with the CYP Design and Construction Joint Venture(CYP D&C)i
59、n the June quarter as planned.SciDev had been providing chemistry and professional services to the Tunnel Boring Machines(TBMs)on the Melbourne Metro Tunnel Projects twin nine-kilometre rail tunnels.SciDev has been delivering MaxiDry chemistry on site since May 2020,with exceptional performance and
60、results for the operator.The successful project delivery from the SciDev team opens opportunities within the tunnel boring section of the infrastructure sector on a global basis.Several new project opportunities have been progressed following the employment of an expert in North America.Project disc
61、ussions are advancing with projects in California,Virginia and British Columbia all focus areas for the Company.Additional opportunities are also being actively pursued in Europe and Asia.WASTEWATERThe acquisition of Haldon provides SciDev scope in the water treatment vertical and will deliver strat
62、egic opportunities such as:Providing access to the growing per-and poly-fluoroalkyl substance(PFAS)market in Australia and the ability for SciDev to deliver a full treatment solution to major infrastructure and construction project water treatment and PFAS remediation requirements Leveraging the com
63、plementary engineering,technology and professional services skills of both businesses to drive further business development opportunities Diversification of SciDevs revenue streams in terms of geography,client base,supply chain and end commodity exposure and the opportunity to provide direct chemica
64、l sales to Haldon clients Additional skilled personnel to provide a larger talent pool and the ability to drive further tailored solutions for end clients Haldons revenue is generated through a combination of lump sum,ongoing work and specific bespoke projects.Haldons top ten clients currently accou
65、nt for over 90%of revenue and represent a mix of state and local government bodies,both local and international mining and construction companies.Key clients include Alcoa of Australia,Ward Civil and Environmental,Ventia,TestSafe NSW,John Holland,CPB,Remondis,Narromine Shire Council,Samsung and Drag
66、ados.The Company announced that it had been awarded the contract to design,construct and commission a Sequencing Batch Reactor(SBR)Leachate Treatment Plant(LTP)for the$2.6 billion Sydney Gateway Project.The project will be delivered on behalf of the John Holland Seymour Whyte Joint Venture,the NSW G
67、overnments delivery partner for the project.The SBR is an activated sludge system focused on removing pollutants from wastewater,allowing the safe discharge and reuse of water.SciDev continues to drive organic growth and development activities in the Water sector,with several previously disclosed op
68、portunities currently progressing at a reduced momentum because of Covid-19 sewerage testing.Review of Operations13SCIDEV LIMITEDANNUAL REPORT 2021Our People are the key to our business and we are committed to attracting and retaining the best talent14SCIDEV LIMITEDANNUAL REPORT 2021SustainabilitySc
69、iDev drives efficiencies that deliver sustainable outcomes for our clients,our investors and our environment.We create world-leading,customised solutions that minimise water usage and help clients across the water,oil and gas,mining and construction markets improve their environmental impact.In 2015
70、 the United Nations created 17 Sustainable Development Goals(SDGs),also known as the Global Goals,as a universal call to action for the world to end poverty,protect the planet,and ensure that by 2030 all people enjoy peace and prosperity.The 17 SDGs are integrated and recognise that action in one of
71、 the areas will affect outcomes in others,they include including poverty,inequality,climate change,environmental degradation,peace and justice.At SciDev we are adapting sustainability business practices through our business.As a company we are;Helping solve growing PFAS issues Reducing wastewater in
72、 the US Oilfields Supporting the communities in which we and our customers operate Striving to build a culture where we respect and embrace diversity in the workplace,which extends out to the wider community 15SCIDEV LIMITEDANNUAL REPORT 2021HELPING SOLVE THE GROWING PFAS ISSUEPer-and poly-fluoralky
73、l substances(PFAS)are a group of man-made chemicals that have been used in a variety of industries since the 1940s.PFAS chemicals are very persistent in the environment and concentration levels increase over time,causing environmental and health risks across a range of industrial sites.SciDev Water
74、Services has designed,developed,executed and commercialised a robust PFAS treatment strategy that considers several variables and outcomes in its application allowing PFAS removal to levels that are below those that can be achieved using conventional techniques.The strategy is centered around the Co
75、mpany having a mobile licence to treat PFAS using the utilisation of various ion exchange and absorptive techniques in a sequence tailored to each projects unique characteristics and treatment objectives.Our plants received the first EPA licenses for mobile PFAS treatment in NSW&WA providing the opp
76、ortunity to roll out their solutions in those regions.Our PFAS technology works better with water with low solid levels and the utilisation of SDVs Maxiflox Chemistry separates the solid matter and provides a clean feed liquid to the Haldon process.Our technology can reduce waste water by over 100 t
77、imes more than competitor technology,providing a low cost,more environmentally friendly solution to PFAS treatment.REDUCING WASTEWATER IN THE US OILFIELDSSciDevs R&D program is focused on reducing the amount of wastewater generated across the key verticals we operate in.Recycling water is at the cor
78、e of our R&D efforts,minimising the consumption of fresh water in industrial applications.SciDevs US subsidiary Highland Fluid Technologies(HFT)continues to actively work with global leaders in the oilfields services sector focused on developing new drilling chemistries.The oil and gas sector produc
79、es over 5 barrels of wastewater for every barrel of oil produced.Developing a range of drilling technologies that perform efficiently in saline water will increase the amount of water that can be recycled,reducing water waste and minimising the freshwater footprint of our clients.Reducing friction m
80、inimises the energy needed to move fluids,cutting the amount of fuel used and reducing emissions to lower the environmental impact.Our DrySlik Dry Friction Reducers allow oil and gas companies to recycle oilfield water turning a waste disposal problem into a beneficial use.Recycling oilfield waters
81、lowers cost,reduces truck traffic,and improves HSE with less environmental impact.and()made chemicals that have been used in a variety of PFAS chemicals are very persistent in the environment and concentration levels increase over time,causing environmental and health risks across a range Reducing w
82、astewater in the US Oilfields 16SCIDEV LIMITEDANNUAL REPORT 2021SustainabilitySCHOOLS PLUS“TWO WAY SCIENCE”PROJECTSciDev partner with Schools Plus in the delivery of funding to assist disadvantaged communities improve learning outcomes for their students.Since inception,Schools Plus has added more t
83、han$17.8 million into Australias school system,supporting over 758 schools,over 620 projects and benefiting 183,000 students.SciDev has provided financial support to underpin the Two Ways Science Programme at the Oak Valley Cluster of Schools(Amata Anangu,Amata,Tjuntjuntjara,Great Victorian Desert,Y
84、alata Anangu and Yalata).It is estimated that the project will directly benefit 204 students,67 teachers and 84 community members as the program aims to support the community in building cultural identity,teach science,reinforce literacy and numeracy skills and incorporate technology throughout the
85、2021 school year.RESPECTING&EMBRACING DIVERSITYDiversity in the workplace mirrors the diversity of the broader community,encompassing age,gender,ethnicity,cultural and other personal factors.SciDev respects the diversity of all employees,consultants and contractors and cultivates an environment of f
86、airness,respect and equal opportunity.SciDev believes that the pursuit of diversity in the workplace increases the pool of talent available,enhances individual work-life balance,encourages personal achievement,improves co-operation and assists in the optimisation of organisational performance.During
87、 the year we supported the International Day Against Homophobia,Biphobia and Transphobia(IDAHOBIT).IDAHOBIT Day was started in 2004 to raise awareness of LBGT violations and stimulate interest in LGBT rights work worldwide.17SCIDEV LIMITEDANNUAL REPORT 2021Directors ReportThe directors present their
88、 report,together with the financial statements,on the consolidated entity(referred to hereafter as the consolidated entity)consisting of SciDev Limited(referred to hereafter as the company or parent entity)and the entities it controlled at the end of,or during,the year ended 30 June 2021.DIRECTORSTh
89、e following persons were directors of SciDev Limited during the whole of the financial year,except where noted below,and up to the date of this report:Vaughan Busby (appointed a Director and Non-executive Chairman on 9 August 2021)Lewis E Utting Simone Watt Jon Gourlay Dan OToole (appointed a Direct
90、or on 3 February 2021 and Acting Chairman from 30 June 2021 to 9 August 2021)Trevor A Jones (former Chairman-resigned 30 June 2021)PRINCIPAL ACTIVITIESThe principal activity of the consolidated entity is delivery of process control,professional services,equipment design and construction(including bu
91、ild,own operate services)and chemistry in the Mining and Mineral Processing,Infrastructure and Construction,Water Treatment and Oil&Gas markets.DIVIDENDSThere were no dividends paid,recommended or declared during the current or previous financial year.REVIEW OF OPERATIONSThe Review of Operations can
92、 be found on pages 912 of this report.INFORMATION ON DIRECTORSVaughan Busby(B.Pharm,MBA)Non-executive Chairman(appointed 9 August 2021)Mr Busby trained as a chemist and has extensive experience as a company director,having sat on a number of private and ASX listed boards over the last 15 years.He cu
93、rrently serves as a non-executive director for Energy Queensland Limited,a government-owned corporation and the largest energy company in Australia.He is also a non-executive director for EnergyOne(ASX:EOL),a company providing specialist software to the energy industry and Netlogix Group Holdings Li
94、mited,a New Zealand based company specialising in supply chain logistics.Other current directorships:Non-executive Director of Energy One Limited(from listing on ASX on 12 January 2007 to present)Former directorships(last 3 years):NoneSpecial responsibilities:ChairmanInterests in shares:NilInterests
95、 in options:NilLewis Utting(BASc)Managing Director and Chief Executive OfficerMr Utting joined SciDev in March 2018 then the Board in October 2018 as Executive Director and was later appointed Managing Director and Chief Executive Officer in early 2019.In this time he has driven the transformation o
96、f SciDev growing revenues and profits with a focus on common industry challenges across several sectors and leveraging adjacent supply chain synergies.Mr Utting has over 20 years experience in Asia,North America,South America,Middle east and Africa across the water treatment and specialty chemicals
97、sectors.Mr Utting has authored and co-authored numerous technical papers and holds several patent applications.He holds a degree in Applied Science and is a member of the Australian Institute of Company Directors.Other current directorships:NoneFormer directorships(last 3 years):NoneSpecial responsi
98、bilities:Managing DirectorInterests in shares:5,448,129Interests in options:800,00018SCIDEV LIMITEDANNUAL REPORT 2021Simone Watt(BASc)Non-executive DirectorMs Watt is the Managing Director of Sinoz Chemical and Commodities(Sinoz),which is a global company supplying reagents and technology-based impr
99、ovements to the mining and agribusiness industries.Ms Watts is also a Director of Kemtec Mineral Processing and Kanins International,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 sa
100、les and marketing.Other current directorships:NoneFormer directorships(last 3 years):NoneSpecial responsibilities:Member of the Audit and Risk Committee and the Nomination and Remuneration CommitteeInterests in shares:5,063,280Interests in options:250,000Jon Gourlay(BCom,C.A,GAICD)Non-executive Dire
101、ctorMr Gourlay is a chartered accountant with extensive experience in finance and project management,risk management,business improvement and investor relations,with a focus on the resources and technology sectors.Mr Gourlay has held senior management roles including most recently,Commercialisation
102、Manager,Technology and Innovation for Newcrest Mining,with prior roles in investor relations,analysis and improvement of Newcrests operations at the Lihir Island Gold Mine in Papua New Guinea.Other current directorships:NoneFormer directorships(last 3 years):NoneSpecial responsibilities:Chairman of
103、the Audit and Risk Committee and member of the Nomination and Remuneration CommitteeInterests in shares:954,628Interests in options:NilDan OToole(BEng(Hons),EngExec,FlEAust,MAusIMM,MAICD)Non-executive Director(appointed 3 February 2021)Mr OToole brings over 35 years of experience across the engineer
104、ing and consulting sectors including over 18 years in executive leadership roles within Coffey International Limited and pitt&sherry.Mr OToole is currently the Chairman of Viotel Limited,a private company focussed on empowering mining,transport and infrastructure businesses to better mitigate risks
105、using world-class monitoring technology.Prior to his current position,Mr OToole was the Chief Executive Officer of pitt&sherry,one of Australias most dynamic consulting engineering companies with a team of high-calibre professional consultants servicing the Transport Infrastructure,Mining,Energy,Ind
106、ustrial,and Tourism&Recreation market sectors.Other current directorships:NoneFormer directorships(last 3 years):NoneSpecial responsibilities:Member of the Audit and Risk Committee and the Nomination and Remuneration Committee and Acting Chairman from 30 June 2021 to 9 August 2021Interests in shares
107、:NilInterests in options:NilTrevor A Jones(B.Comm(Melb)Chairman(resigned 30 June 2021)Mr Jones has spent over 30 years working in the finance industry in Australia,United Kingdom and the USA.During this time,he has held senior executive positions in investment funds management,stockbroking and corpo
108、rate finance,and gained a broad experience of capital structuring and capital raising,particularly in the mining sector.He was appointed as a Non-executive Director of SciDev on 28 February 2007.Other current directorships:NoneFormer directorships(last 3 years):NoneSpecial responsibilities:Chairman
109、of the Corporate Governance Committee,a member of the Audit and Risk Committee,and Chairman of the Nomination and Remuneration CommitteeInterests in shares:1,202,500*Interests in options:NilDirectors Report19SCIDEV LIMITEDANNUAL REPORT 2021Other current directorships quoted above are current directo
110、rships for listed entities only and excludes directorships of all other types of entities,unless otherwise stated.Former directorships(last 3 years)quoted above are directorships held in the last 3 years for listed entities only and excludes directorships of all other types of entities,unless otherw
111、ise stated.*Interests in the shares and options of the company as at the date of resignation as a director.COMPANY SECRETARYMr Heath L Roberts(Dip Law(S.A.B.)and Grad Dip Legal Practice(UTS)Mr Roberts is a commercial solicitor with over 20 years of listed company experience.He has acted for SciDev i
112、n various capacities over the years and brings strong transactional,compliance and capital raising experience to the role.MEETING OF DIRECTORSThe number of meetings of the companys Board of Directors(the Board)and of each Board committee held during the year ended 30 June 2021,and the number of meet
113、ings attended by each director shown in Table 1 belowHeld represents the number of meetings held during the time the director held office or was a member of the relevant committee.*Trevor Jones resigned on 30 June 2021.*Dan OToole was appointed on 3 February 2021.In addition to the Board and Committ
114、ee meetings outlined above,during the year an additional 6 Board circular resolutions were passed.Figure 1MEETINGS OF DIRECTORSFull BoardNomination&Rumuneration CommitteeAudit&Risk CommitteeAttendedHeldAttendedHeldAttendedHeldTrevor A Jones*996655Lewis Utting99-Simone Watt996655Jon Gourlay996655Dan
115、OToole*77333320SCIDEV LIMITEDANNUAL REPORT 2021Remuneration Report(audited)The remuneration report details the key management personnel remuneration arrangements for the consolidated entity,in accordance with the requirements of the Corporations Act 2001 and its Regulations.Key management personnel
116、are those persons having authority and responsibility for planning,directing and controlling the activities of the entity,directly or indirectly,including all directors.This includes key leaders of the Companys operating subsidiaries in Australia and overseas.The remuneration report is set out under
117、 the following main headings:Principles used to determine the nature and amount of remuneration Details of remuneration Service agreements Share-based compensation Additional information Additional disclosures relating to key management personnelPrinciples used to determine the nature and amount of
118、remuneration.The objective of the consolidated entitys executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered.The framework aligns executive reward with the achievement of strategic objectives of the consolidated entity and the creatio
119、n of value for shareholders,and it is considered to conform to the market best practice for the delivery of reward.The Board of Directors(the Board)ensures that executive reward satisfies the following key criteria for good reward governance practices:competitiveness and reasonableness;acceptability
120、 to shareholders;performance linkage/alignment of executive compensation to business success;transparency;and alignment with proper capital management.The Group has structured an executive remuneration framework that is market competitive.The framework provides for a mix of fixed base pay and also v
121、ariable pay that includes both short and long term incentives,with an appropriate balance of at-risk remuneration.The Companys Annual Remuneration review was carried out in August 2020.This review establishing strata grades within the Company,and allocations for fixed remuneration,short-term incenti
122、ve(STI)and long term incentive(LTI)applicable to each strata grade.The percentage allocations between fixed remuneration,STI and LTI varies between the strata grades,with an emphasis on higher at-risk STI and LTI elements for more senior executives.A relationship between Company performance and remu
123、neration has been developed and implemented,with the STI or LTI component of remuneration delivered on a performance-linked basis,as either.Equity issues to executives,with performance conditions based on financial performance,share price performance and duration of employment milestones,and In some
124、 cases cash bonuses,which are also financial performance linked providing a clear structure for earning rewardsThis approach provides a clear structure for earning rewards.The Board has a Nomination and Remuneration Committee which provides advice on remuneration and incentive policies and practices
125、 and makes specific recommendations on remuneration packages and other terms of employment for the Managing Director and Chief Executive Officer,the Non-Executive Directors and other senior executives.During the year,the Company commenced an active Board rejuvenation program,recognising the need to
126、ensure that the Boards skillset and governance structure remains fit for purpose reflective of SciDevs growth aspirations.As part of the Board rejuvenation process,the Board appointed an independent,external governance advisory group to conduct a comprehensive review of the Companys Board and Commit
127、tee structures and memberships and performance of the Chairman and Directors.The Board and Governance Review process,conducted by Guerdon and Associates,has provided useful insight into the Companys Board and Governance mechanisms.Constructive initiatives have been identified that,over time,will 21S
128、CIDEV LIMITEDANNUAL REPORT 2021be implemented to ensure SciDevs governance structure remains fit for purpose relative to its growth aspirations.NON-EXECUTIVE DIRECTORS REMUNERATIONFees and payments to the Non-executive Directors reflect the demands which are made on,and the responsibilities of,the N
129、onexecutive Directors.The Board undertakes a review of Non-executive Directors fees and payments annually.The independent review process described above will guide Non-executive Director roles and responsibilities moving forward.Separate from the Board rejuvenation process outlined above,during H1FY
130、2021 the Board commissioned an independent,external review of Non-executive Directors remuneration levels by Guerdon Associates.The outcomes of the review process has validated that the fees paid to Non-executive Directors are below the median for peer companies.Non-executive Directors fees are dete
131、rmined within an aggregate Non-executive Directors cash remuneration limit,which is periodically recommended for approval by shareholders.The current limit of A$400,000 was approved by shareholders at the Companys 2007 Annual General Meeting held on 14 November 2007.The amount paid to Non-executive
132、Directors of the parent entity(SciDev Limited)during the year to 30 June 2021 was$231,032(2020:$204,562).In addition,Non-executive Directors are entitled to participate in issues of securities pursuant to the SciDev Employee Share Scheme(the SciDev ESS).The value of any securities granted to Non-exe
133、cutive Directors are not included in the aggregate cash remuneration limit as they are not cash-based payments.In the case where Directors seek equity-based remuneration over cash-based remuneration,consideration will be given to such request and,in any case,shareholder approval would be required fo
134、r any such equity-based remuneration for Directors.During the 2021 financial year the Company granted no securities to Non-executive Directors.EXECUTIVE REMUNERATIONSciDevs executive pay and reward framework has three primary components,which together comprise the executives total remuneration:base
135、pay,superannuation and standard non-monetary benefits such as sick leave,annual leave etc;short term incentives through individually negotiated,performance milestoned cash payments;and long term incentives through participation in the SciDev ESS.The combination of these comprises the executives tota
136、l remuneration.The three elements described above are tailored to reflect fair reward for the individual executives contribution and whilst some executives receive a component of all three elements,other executives do not.(I)BASE PAYBase pay is generally structured as a total employment cost package
137、,which may be delivered as a combination of cash and prescribed non-financial benefits as negotiated between the Company and the executive.Executives are offered a competitive base pay that comprises a fixed component of cash salary,superannuation and standard non-monetary benefits as described abov
138、e.Base pay for each senior executive is reviewed annually to ensure the executives pay is competitive with the market.There is no guaranteed base pay increase included in any executives contract.(II)SHORT-TERM INCENTIVESManaging Director&Chief Executive OfficerThe Managing Director was eligible for
139、a short-term incentive(STI)cash bonus payment of up to$200,000 based on the achievement of KPIs determined by the Nomination and Remuneration Committee for the calendar year ended 31 December 2020.The aim of the STI is to link the achievement of the companys annual and/or immediate financial and bro
140、ader operational targets with the remuneration received by the Managing Director&Chief Executive Officer.22SCIDEV LIMITEDANNUAL REPORT 2021The total potential STI was set at a level so as to provide sufficient incentive to achieve the operational targets and at a cost to the company that is reasonab
141、le in the circumstances.Actual STI payments awarded to the Managing Director&Chief Executive Officer depend on the extent to which specific targets prescribed in the performance agreement for are met.During the 2021 year,a cash bonus of$116,250 was paid in respect of the 31 December 2020 year on rec
142、ommendation of the Nomination&Remuneration Committee and resolution of the Board.This payment was included in the relevant quarterly disclosure(Appendix 4C dated 12 April 2021).Mr Utting remains eligible to earn part or all of the balance of this STI based on the relevant financial and operational t
143、argets to 30 June 2021.Thereafter,his STI and LTI assessment will align with each financial year.Senior ExecutivesSTIs paid to senior executives are made on a discretionary basis as determined by the Managing Director&Chief Executive Officer in consultation with the Nomination and Remuneration Commi
144、ttee.These incentives,while not guaranteed,are directly linked to the achievement of KPIs established around various performance targets including safety,finance,culture and customer satisfaction.No bonus is awarded where performance falls below the minimum acceptable KPI levels as determined by the
145、 Managing Director&Chief Executive Officer.Cash bonuses were paid to a number of executives in respect of the 30 June 2021 financial year.(III)LONG-TERM INCENTIVESLong-term performance incentives(LTI)are delivered through the grant of securities to executive directors and selected senior executives
146、from time to time as part of their remuneration.Performance rights with performance hurdles applicable to any performance period(including how they will be measured)are set out in any such invitation to the eligible executives.During the 2021 financial year the Company granted performance rights to
147、senior executives and staff under the terms of the SciDev ESS,however no performance rights were granted to any of the Board members or the Managing Director and Chief Executive OfficerUse of remuneration consultantsThe company utilised remuneration consultants through the year ended 30 June 2021 as
148、 set out above.Remuneration voting and comments at the companys 10 November 2020 Annual General Meeting(the 2020 AGM)At the 2020 AGM,99.7%of the votes received supported the adoption of the remuneration report for the year ended 30 June 2020.The company did not receive any specific feedback at the 2
149、020 AGM regarding its remuneration practices.DETAILS OF REMUNERATIONAmounts of remunerationDetails of the remuneration of key management personnel of the consolidated entity are set out in the following tables.The key management personnel of the consolidated entity during the financial year ended 30
150、 June 2021 consisted of the following directors of SciDev Limited:Trevor A Jones-Non-executive Chairman(resigned 30 June 2021)Lewis E Utting-Managing Director&Chief Executive Officer Simone Watt-Non-executive Director Jon Gourlay-Non-executive Director Dan OToole-Non-executive Director(appointed a D
151、irector on 3 February 2021 and Acting Chair on 30 June 2021)And the following persons:John Fehon-Chief Financial Officer Heath Roberts-Company Secretary and General CounselRemuneration Report(audited)23SCIDEV LIMITEDANNUAL REPORT 2021Short-term benefitsPostemployment benefitsLong-term benefitsShare-
152、based payments2021Cash salary&Fees$Bonus$Super annuation&Annual Leave$Long Service Leave$Option(b)$Rights(c)$Totale$Non-Executive Directors:Trevor A Jones(Chairman)82,236-6,976-89,212Simone Watt 52,500-4,458-56,958Jon Gourlay52,500-4,987-57,487Dan OToole(a)25,000-2,375-27,375Executive Directors:Lewi
153、s E Utting446,250 200,00054,18913,072369 70,113-783,993Other Key Management Personnel:John Fehon(c)255,666 -24,6998,6762233,618-322,681Heath Roberts(c)228,000-3,763-231,7631,142,152 200,00097,68421,748391107,494-1,569,469a)Dan OToole was appointed a Non-executive Director on 3 February 2021.The abov
154、e reported remuneration relates to the period from 3 February 2021 to 30 June 2021.b)The amounts included in the share-based remuneration represent the grant date fair value of options,amortised on a straight-line basis over the expected vesting period.Expenses are reversed where rights are forfeite
155、d due to a failure to satisfy the service conditions or there is a revision of share rights expected to vest.c)Performance rights were granted to John Fehon and Heath Roberts on 15 December 2020.The rights had a fair value of$0.49774 per right.An expense has not been recorded as the non-market condi
156、tions are not expected to be met.The following table has been restated as a result of a recalculation of FY2020 option valuations.Short-term benefitsPostemployment benefitsLong-term benefitsShare-based payments2020-(Restated)Cash salary&Fees$Bonus$Super annuation&Annual Leave$Long Service Leave$Opti
157、on(b)$Rights(c)$Totale$Non-Executive Directors:Trevor A Jones(Chairman)69,444-6,597-27,500-103,541Simone Watt 44,999-4,275-27,500-76,774Jon Gourlay4,107-390-71,500-75,997Executive Directors:Lewis E Utting368,666100,00034,83344,31134 169,887-717,731Other Key Management Personnel:John Fehon(c)108,333-
158、10,2918,230-59,382-186,236Heath Roberts(c)244,795-4,237-249,032840,344100,00056,38652,54134360,006-1,409,311a)John Fehon was appointed Chief Financial Officer on 3 February 2020.The above reported remuneration relates to the period from 3 February 2020 to 30 June 2020.b)The amounts included in the s
159、hare-based remuneration represent the grant date fair value of options,amortised on a straight-line basis over the expected vesting period.Expenses are reversed where rights are forfeited due to a failure to satisfy the service conditions or there is a revision of share rights expected to vest.c)The
160、 share-based payments(options)granted to Directors in July 2019 were subject to approval by shareholders,which was obtained on 23 July 2019.The option remuneration as presented in the 30 June 2020 Remuneration Report,was determined based on a May 2019 grant date valuation,rather than the date the op
161、tions were approved by shareholders(23 July 2019).Accordingly,the prior year comparatives for all of the Directors and KMP have been adjusted to update for this valuation change.The previous total of$143,029 has been restated to$360,006.The impact of this change has been updated(as applicable)throug
162、hout the Remuneration Report.24SCIDEV LIMITEDANNUAL REPORT 2021The proportion of remuneration linked to performance and the fixed proportion are as follows.The 2020 figures have been restated as a result of a recalculation of FY2020 option valuations.Fixed remunerationAt risk-STIAt risk-LTI202120202
163、021202020212020Non-Executive Directors:Trevor A Jones(Chairman)100%73%-27%Simone Watt 100%64%-36%Jon Gourlay100%6%-94%Dan OToole100%-Executive Directors:Lewis E Utting66%62%25%14%9%24%Other Key Management Personnel:John Fehon)90%68%-10%32%Heath Roberts98%98%-2%2%The proportion of remuneration linked
164、 to performance and the fixed proportion are as follows.The 2020 figures have beenrestated as a result of a recalculation of FY2020 option valuations.Cash bonus paid/payableCash bonus forfeitedName2021202020212020Executive Directors:Lewis E Utting100%50%-50%SERVICE AGREEMENTSRemuneration and other t
165、erms of employment for key management personnel are formalised in service agreements.Details of these agreements at the date of this report are as follows:Name:Lewis E UttingTitle:Managing Director and Chief Executive OfficerAgreement commenced:30 April 2019,revised March 2020Term of agreement:Ongoi
166、ngDetails:Base salary of$450,000 plus superannuation.Mr Utting is also entitled to an STI bonus of$200,000 per 12 month period subject to meeting certain performance based milestones and an LTI of$250,000 in performance based equity(options or shares)under the terms of the Companys ESS.The terms of
167、the LTI grant have not been finalised and issued to Mr Utting for CY2020 because of the COVID-19 pandemic.Mr Uttings salary,allowances and performance bonus is reviewed annually by the Nomination and Remuneration Committee.The contract may be terminated by 6 months notice from either party.25SCIDEV
168、LIMITEDANNUAL REPORT 2021Name:John FehonTitle:Chief Financial OfficerAgreement commenced:3 February 2020Term of agreement:OngoingDetails:Base salary of$260,000 plus superannuation and performance-based$60,000 bonus.The contract may be terminated by 3 months notice from either party.Name:Heath Robert
169、sTitle:Company Secretary&General CounselAgreement commenced:1 March 2017Term of agreement:OngoingDetails:Consulting per diem rate equal to that of$240,000 for full-time employment and services.The agreement may be terminated by 1 months notice from either party.Key management personnel have no entit
170、lement to termination payments in the event of removal for misconduct.Voluntary Remuneration Reductions Commencing 1 July 2020-30 September 2020Recognising the uncertainty on world financial markets as a result of COVID-19,certain members of the KMP volunteered base pay reductions during the period
171、from 1 July 2020 to 30 September 2020.These voluntary reductions did not accrue and are not to be repaid to the member of KMP at a future point in time.The KMP that have volunteered reductions of between 20%-30%are Managing Director&Chief Executive Officer Lewis Utting,Chief Financial Officer John F
172、ehon and Company Secretary&General Counsel Heath Roberts.SHARE-BASED COMPENSATIONIssue of sharesThere were no shares issued to directors and other key management personnel as part of compensation during the year ended 30 June 2021.Options The terms and conditions of the prior year grants of options
173、over ordinary shares are as follows:NameNumber of options grantedGrant dateVested dateExpiry dateExercise priceFair value per option at grant date(a)Vested%Trevor Jones250,00023/07/201923/07/201923/07/2022$0.12$0.11100%Lewis E Utting800,00023/07/201923/07/201923/07/2022$0.10$0.13100%Lewis E Utting80
174、0,00023/07/201930/06/202123/07/2022$0.10$0.17100%Simone Watt250,00023/07/201923/07/201923/07/2022$0.12$0.11100%Jon Gourlay650,00023/07/201923/07/201923/07/2022$0.12$0.11100%John Fehon75,00003/02/202003/02/202023/07/2022$0.12$0.61100%John Fehon75,00003/02/202030/06/202123/07/2022$0.12$0.63100%Heath R
175、oberts200,00016/05/201916/05/201923/07/2022$0.10$0.00100%Heath Roberts200,00016/05/201930/06/202123/07/2022$0.10$0.04100%(a)The fair value per option has been restated to reflect changes to the grant date as outlined above.26SCIDEV LIMITEDANNUAL REPORT 2021With the exception of the options granted t
176、o Lewis Utting(Managing Director and Chief Executive Officer),which had performance conditions which were required to be met in order to earn the grant,all the other options granted had no performance conditions.The options granted to Mr Utting consist of 2 tranches.The options formed part of Mr Utt
177、ings contracted remuneration package which was disclosed when he was appointed Managing Director and Chief Executive Officer of the Company(ref:ASX announcement 30 April 2019).The issue of these options were subsequently approved by shareholders on 23 July 2019.Mr Utting voluntarily redistributed so
178、me of his options to other members of the executive team.The first tranche vested on grant date and the second tranche was subject to a service vesting condition and a performance condition related to achieving break-even less Directors costs.The options issued to the Directors were premium priced o
179、ptions and reported as remuneration over the vesting period.The options granted to John Fehon(CFO)consists of 2 tranches.The first tranche were not premium priced options and are subject to reporting as remuneration in the year of grant.The second tranche is subject to a service vesting condition an
180、d is reported as remuneration over the vesting period.The options granted to Heath Roberts(Company Secretary&General Counsel)consists of 2 tranches.The first tranche were not premium priced options and are subject to reporting as remuneration in the year of grant.The second tranche is subject to a s
181、ervice vesting condition and is reported as remuneration over the vesting period.These options were issued under the Companys ESS,the options expire on the earlier of their expiry date or termination of the employees employment.The Board has discretion under the ESS to apply good leaver provisions i
182、n certain cases.Options issued to Directors of the company were first approved by the companys shareholders,as required by ASX Listing Rules.The options do not entitle the holders to participate in any share issue,bonus or distribution by the Company unless first exercised in accordance with the opt
183、ion terms.Options granted carry no dividend or voting rights.There has been no alteration of the terms and conditions of the above sharebased payment arrangements since the grant date.Values of options over ordinary shares granted,exercised and lapsed for directors and other key management personnel
184、 as part of compensation during the year ended 30 June 2021 are set out below:20212020NameValue of options granted during the year$Value of options exercised during the year$Value of options granted during the year$Value of options exercised during the year$Trevor Jones-27,50027,500Lewis E Utting-10
185、4,000240,000-Simone Watt-27,500-Jon Gourlay-71,50071,500John Fehon-93,00045,750Heath Roberts-8,000-There were no options for directors and other key management personnel that lapsed during the year ended 30 June 2021.27SCIDEV LIMITEDANNUAL REPORT 2021Performance rightsDuring the year,the Company iss
186、ued 2,133,399 performance rights,in two tranches of 1,408,399 and 725,000 respectively,under the terms of the Companys ESS.In order for the performance rights to vest(convert to fully paid ordinary shares)the holder must meet:A test related to SciDev share price performance($2.00),and A test related
187、 to relevant segment cashflow performance break-even,and A continued employment or good leaver testThe terms and conditions of each grant of performance rights over ordinary shares affecting remuneration of directors and other key management personnel in this financial year or future reporting years
188、 are as follows:NameNumber of rights grantedGrant dateVesting date and exercisable dateExpiry dateShare price hurdle for vestingFair value per right at grant dateJohn Fehon130,00015/12/202031/10/202231/10/2022$2.000$0.49740Heath Roberts120,00015/12/202031/10/202231/10/2022$2.000$0.49740The Performan
189、ce Rights carry none of the rights of ordinary shares and,in particular,no right to vote,receive dividends or participate in bonus or rights issues.No Directors of the company participated in the grant of performance rights.The vesting conditions of these performance rights are forecast not to be me
190、t,and therefore no expense has been recognised in remuneration in respect of these rights in the period.None of the rights granted during the year vested.Additional informationThe earnings of the consolidated entity for the five years to 30 June 2021 are summarised below:2021$2020$2019$2018$2017$Sal
191、es revenue42,524,90817,906,5512,655,7992,029,3731,846,985Profit/(loss)after income tax3,452,968(875,238)(2,032,527)1,001,869(597,340)The factors that are considered to affect total shareholders return(TSR)are summarised below:2021$2020$2019$2018$2017$Share price at financial year end($)0.850.580.090
192、.070.12Basic earnings per share(cents per share)*2.26(0.69)(2.69)2.02(2.30)*The earnings per share for 2018 and 2017 have been adjusted for the effect of the share consolidation completed in December 2018.28SCIDEV LIMITEDANNUAL REPORT 2021ADDITIONAL DISCLOSURES RELATING TO KEY MANAGEMENT PERSONNELSh
193、areholdingThe number of shares in the company held during the financial year by each director and other members of key management personnel of the consolidated entity,including their personally related parties,is set out below:Balance at the start of the yearReceived during the year on the exercise
194、of optionsAdditions/othersDisposals/othersBalance at the end of the yearOrdinary sharesVaughan Busby-Trevor A Jones 1,088,303-114,247-1,202,550Lewis E Utting5,367,421800,00030,707(749,999)5,448,129Simone Watt5,063,280-5,063,280Jon Gourlay856,349-98,279-954,628Dan OToole-John Fehon288,333-21,326-309,
195、659Heath Roberts100,000-6,093-106,09312,763,686800,000270,652(749,999)13,084,339Option holdingThe number of options over ordinary shares in the company held during the financial year by each director and other members of key management personnel of the consolidated entity,including their personally
196、related parties,is set out below:Balance at the start of the yearGrantedExercisedExpired/forfeited/othersBalance at the end of the yearOptions over ordinary sharesLewis E Utting1,600,000-(800,000)-800,000Simone Watt250,000-250,000John Fehon75,000-75,000Heath Roberts400,000-400,0002,325,000-(800,000)
197、-1,525,000Loans to key management personnel and their related partiesThere were no loans owing by key management personnel of the group,including their close family members and entities related to them,during the financial year ended 30 June 2021.Other transactions with key management personnel and
198、their related partiesA director,Simone Watt,is a director of Kanins International Pty Ltd and has the capacity to significantly influence decision making of that company.Kanins International Pty Ltd provided SciDev Limited with a US$350,000 working capital facility that matures on 1 October 2021.The
199、 facility is secured against the consolidated entitys inventory and incurs interest at 15%per annum.$nil(2020:$nil)was drawn down on this facility and$nil(2020:$nil)repaid during the 2021 financial year.The loan balance at 30 June 2021 was$nil(2020:$nil).29SCIDEV LIMITEDANNUAL REPORT 2021A director,
200、Simone Watt,is a director of Sinoz Chemicals and Commodities Pty Ltd(Sinoz)and has the capacity to significantly influence the decision-making of the company.The consolidated entity has leased premises from Sinoz during the 2021 financial year.The lease contract was based on normal commercial terms
201、and conditions.Amounts recognised as expenses Rent and related expenses:$6,030(2020:$nil)Finance costs:$nil(2020:$nil)There were no other transactions with key management personnel of the group,including their close family members and entities related to them,during the financial year ended 30 June
202、2021.This concludes the remuneration report,which has been audited.Values of options over ordinary shares granted,exercised and lapsed for directors and other key management personnel as part of compensation during the year ended 30 June 2021 are set out below:20212020Value of options granted during
203、 the yearValue of options exercised during the yearValue of options granted during the yearValue of options exercised during the yerarTrevor Jones-27,50027,500Lewis E Utting-104,000240,000-Simone Watt-27,500-Jon Gourlay-71,50071,500John Fehon-93,00045,750Heath Roberts-8,000-There were no options for
204、 directors and other key management personnel that lapsed during the year ended 30 June 2021.Performance rightsDuring the year,the Company issued 2,133,399 performance rights,in two tranches of 1,408,399 and 725,000 respectively,under the terms of the Companys ESS.In order for the performance rights
205、 to vest(convert to fully paid ordinary shares)the holder must meet:A test related to SciDev share price performance($2.00),and A test related to relevant segment cashflow performance break-even,and A continued employment or good leaver testThe terms and conditions of each grant of performance right
206、s over ordinary shares affecting remuneration of directors and other key management personnel in this financial year or future reporting years are as follows:Number of rights grantedGrant dateVesting date and exercisable dateExpiry dateShare price hurdle for vestingFair value per right at grant date
207、John Fehon130,00015/12/202031/10/202231/10/2022$2.000$0.49740Heath Roberts120,00015/12/202031/10/202231/10/2022$2.000$0.49740The Performance Rights carry none of the rights of ordinary shares and,in particular,no right to vote,receive dividends or participate in bonus or rights issues.No Directors o
208、f the company participated in the grant of performance rights.The vesting conditions of these performance rights are forecast not to be met,and therefore no expense has been recognised in remuneration in respect of these rights in the period.None of the rights granted during the year vested.30SCIDEV
209、 LIMITEDANNUAL REPORT 2021ADDITIONAL INFORMATIONThe earnings of the consolidated entity for the five years to 30 June 2021 are summarised below:2021$2020$2019$2018%2017$Sales revenue42,524,90817,906,5512,655,7992,029,3731,846,985Profit/(loss)after income tax3,452,968(875,238)(2,032,527)1,001,869(597
210、,340)The factors that are considered to affect total shareholders return(TSR)are summarised below:2021$2020$2019$2018%2017$Share price at financial year end($)0.850.580.090.070.12Basic earnings per share(cents per share)*2.26(0.69)(2.69)2.02(2.30)*The earnings per share for 2018 and 2017 have been a
211、djusted for the effect of the share consolidation completed in December 2018.SHARES UNDER OPTIONUnissued ordinary shares of SciDev Limited under option at the date of this report are as follows:Grant dateExpiry dateExercise priceNumber under option23 July 201923 July 2022$0.100800,00023 July 201923
212、July 2022$0.120250,00016 May 201923 July 2022$0.100400,00016 May 201923 July 2022$0.120850,0002,300,000All of the unexercised options were granted under the SciDev Employee Share Scheme(see note 40).No person entitled to exercise the options had or has any right by virtue of the option to participat
213、e in any share issue of the company or of any other body corporate.No options were granted to the directors or any of the five highest remunerated officers of the company since the end of the financial year.SHARES UNDER PERFORMANCE RIGHTSUnissued ordinary shares of SciDev Limited under performance r
214、ights at the date of this report are as followsGrant dateExpiry dateExercise priceNumber under option15 December 202031 October 2022$0.0001,408,39926 May 202130 June 2022$0.000725,0002,133,399No person entitled to exercise the performance rights had or has any right by virtue of the performance righ
215、t to participate in any share issue of the company or of any other body corporate.SHARES ISSUED ON THE EXERCISE OF OPTIONSThere were 1,425,000 ordinary shares of SciDev Limited issued on the exercise of options during the year ended 30 June 2021 and up to the date of this report.SHARES ISSUED ON THE
216、 EXERCISE OF PERFORMANCE RIGHTSThere were no ordinary shares of SciDev Limited issued on the exercise of performance rights during the year ended 30 June 2021 and up to the date of this report.31SCIDEV LIMITEDANNUAL REPORT 2021INDEMNITY AND INSURANCE OF OFFICERSThe company has indemnified the direct
217、ors and executives of the company for costs incurred,in their capacity as a director or executive,for which they may be held personally liable,except where there is a lack of good faith.During the financial year,the company paid a premium in respect of a contract to insure the directors and executiv
218、es of the company against a liability to the extent permitted by the Corporations Act 2001.The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.INDEMNITY AND INSURANCE OF AUDITORThe company has not,during or since the end of the financial year,i
219、ndemnified or agreed to indemnify the auditor of the company or any related entity against a liability incurred by the auditor.During the financial year,the company has not paid a premium in respect of a contract to insure the auditor of the company or any related entity.PROCEEDINGS ON BEHALF OF THE
220、 COMPANYNo person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the company,or to intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or part of th
221、ose proceedings.NON-AUDIT SERVICESDetails of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor are outlined in note 30 to the financial statements.The directors are satisfied that the provision of non-audit services during the financi
222、al year,by the auditor(or by another person or firm on the auditors behalf),is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.The directors are of the opinion that the services as disclosed in note 30 to the financial statements do not compromi
223、se the external auditors independence requirements of the Corporations Act 2001 for the following reasons:all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor;and None of the services undermine the general principles re
224、lating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board,including reviewing or auditing the auditors own work,acting in a management or decision-making capacity for the company,acting as advoc
225、ate for the company or jointly sharing economic risks and rewards.OFFICERS OF THE COMPANY WHO ARE FORMER PARTNERS OF ERNST&YOUNGThere are no officers of the company who are former partners of Ernst&Young.AUDITORS INDEPENDENCE DECLARATIONA copy of the auditors independence declaration as required und
226、er section 307C of the Corporations Act 2001 is set out immediately after this directors report.AUDITORErnst&Young was appointed auditor on 10 June 2021.They serve in office in accordance with section 327 of the Corporations Act 2001.This report is made in accordance with a resolution of directors,p
227、ursuant to section 298(2)(a)of the Corporations Act 2001.On behalf of the directorsLewis E UttingLEWIS E UTTINGManaging Director&Chief Executive Officer30 August 2021Sydney32SCIDEV LIMITEDANNUAL REPORT 2021 33SCIDEV LTD 2021ANNUAL REPORTFor the year ended 30 June 2021 Statement of Profit and Loss an
228、d other comprehensive income Note 2021 2020$Revenue 5 42,524,908 18,061,342 Other income 6 1,711,761 587,855 Interest revenue 923 2,784 Expenses Changes in inventories,and raw materials and consumables used (32,366,160)(14,954,716)Contractors (629,918)(97,582)Depreciation and amortisation expense (9
229、29,771)(377,760)Employee benefits expense (6,253,852)(2,845,448)Engineering and other consultants expenses (978,648)(535,834)Insurance (275,161)(165,406)Loss on disposal of assets -(6,902)Listing and share registry expenses (121,761)(150,999)Professional fees (381,870)(706,810)Short-term facility ex
230、penses and outgoings (167,657)(199,136)Travel,accommodation and conference (312,854)(294,832)Write-off of assets (39,671)-Other expenses (827,078)(556,454)Finance costs 7 (147,532)(35,688)Profit/(loss)before income tax benefit 805,659 (2,275,586)Income tax benefit 8 2,647,309 1,400,348 Profit/(loss)
231、after income tax benefit for the year attributable to the owners of SciDev Limited 3,452,968 (875,238)Other comprehensive income/(loss)Items that will not be reclassified subsequently to profit or loss Gain on the revaluation of equity instruments at fair value through other comprehensive income,net
232、 of tax 810,289 -Items that may be reclassified subsequently to profit or loss Foreign currency translation (1,080,723)(36,310)Other comprehensive income/(loss)for the year,net of tax (270,434)(36,310)Total comprehensive income/(loss)for the year attributable to the owners of SciDev Limited 3,182,53
233、4 (911,548)Cents Cents Basic earnings/(loss)per share 39 2.26 (0.69)Diluted earnings/(loss)per share 39 2.23 (0.69)The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 34SCIDEV LTD 2021ANNUAL REPORTFor the year en
234、ded 30 June 2021 Statement of Financial Position Note 2021 2020$Assets Current assets Cash and cash equivalents 9 7,010,025 4,481,783 Trade and other receivables 10 7,682,728 2,170,036 Contract assets 11 441,551 -Inventories 12 3,792,740 4,805,023 Income tax refund due 3,049 32,623 Other 336,718 153
235、,254 Total current assets 19,266,811 11,642,719 Non-current assets Financial assets at fair value through other comprehensive income 13 2,720,887 1,502,900 Property,plant and equipment 14 6,383,862 1,196,808 Intangibles 15 24,129,773 11,402,074 Deferred tax 16 3,603,973 1,364,362 Other 45,282 64,053
236、 Total non-current assets 36,883,777 15,530,197 Total assets 56,150,588 27,172,916 Liabilities Current liabilities Trade and other payables 17 9,528,707 8,500,186 Contract liabilities 18 262,646 -Lease liabilities 20 2,465,441 182,780 Employee benefits 21 400,391 126,448 Provisions 22 3,538,664 285,
237、258 Total current liabilities 16,195,849 9,094,672 Non-current liabilities Borrowings 19 279,883 284,918 Lease liabilities 20 2,384,957 70,655 Provisions 22 5,675,342 313,500 Total non-current liabilities 8,340,182 669,073 Total liabilities 24,536,031 9,763,745 Net assets 31,614,557 17,409,171 The a
238、bove consolidated statement of financial position should be read in conjunction with the accompanying notes 35SCIDEV LTD 2021ANNUAL REPORTFor the year ended 30 June 2021 Consolidated statement of changes in equity The above consolidated statement of changes in equity should be read in conjunction wi
239、th the accompanying notes Issued Other Accumulated Total equity capital equity Reserves losses$Balance at 1 July 2019 76,899,789 -2,210,703 (74,411,471)4,699,021 Loss after income tax benefit for the year -(875,238)(875,238)Other comprehensive income/(loss)for the year,net of tax -(36,310)-(36,310)T
240、otal comprehensive income/(loss)for the year -(36,310)(875,238)(911,548)Transactions with owners in their capacity as owners:Contributions of equity(note 23)13,152,292 -13,152,292 Transaction costs net of tax(note 23)(299,598)-(299,598)Share-based payments(note 40)-199,029 -199,029 Options exercised
241、 and lapsed(note 23)122,050 -(2,885,944)2,763,894 -Contingent consideration(note 24)-569,975 -569,975 Transfer from reserves to accumulated losses -645,199 (645,199)-Balance at 30 June 2020 89,874,533 569,975 132,677 (73,168,014)17,409,171 Issued Other Accumulated Total equity capital equity Reserve
242、s losses$Balance at 1 July 2020 89,874,533 569,975 132,677 (73,168,014)17,409,171 Profit after income tax benefit for the year -3,452,968 3,452,968 Other comprehensive income/(loss)for the year,net of tax -(270,434)-(270,434)Total comprehensive income/(loss)for the year -(270,434)3,452,968 3,182,534
243、 Transactions with owners in their capacity as owners:Share-based payments(note 40)-162,827 -162,827 Contributions of equity(note 23)10,927,000 -10,927,000 Transaction costs net of tax(note 23)(191,975)-(191,975)Options exercised(note 23)125,000 -125,000 Contingent consideration(note 24)262,175 (262
244、,175)-Balance at 30 June 2021 100,996,733 307,800 25,070 (69,715,046)31,614,557 36SCIDEV LTD 2021ANNUAL REPORTFor the year ended 30 June 2021 Consolidated statement of cash flows The above consolidated statement of cash flows should be read in conjunction with the accompanying notes Note 2021 2020$C
245、ash flows from operating activities Receipts from customers(inclusive of GST)41,852,628 20,452,172 Payments to suppliers and employees(inclusive of GST)(43,370,670)(20,397,597)(1,518,042)54,575 Short term facility and outgoings (167,657)(199,136)Government grants and subsidies 105,501 -Interest rece
246、ived 923 2,784 R&D tax incentive received 380,361 -Interest and other finance costs paid (147,532)(35,688)Income taxes refunded 29,574 -Net cash used in operating activities 38 (1,316,872)(177,465)Cash flows from investing activities Payment for purchase of business,net of cash acquired 35 (1,700,00
247、0)(870,765)Payments for property,plant and equipment 14 (414,493)(752,768)Payments for intangibles 15 (186,551)(118,275)Payments for security deposits -(50,878)Payments for contingent consideration (267,031)-Proceeds from disposal of property,plant and equipment 64,900 -Proceeds from release of secu
248、rity deposits 17,706 -Net cash used in investing activities (2,485,469)(1,792,686)Cash flows from financing activities Proceeds from issue of shares 7,000,000 5,071,902 Proceeds from borrowings 1,093,139 284,918 Repayment of leases (870,760)-Proceeds from exercise of share options 125,000 -Share iss
249、ue transaction costs (191,975)-Repayment of borrowings (817,639)(661,095)Net cash from financing activities 6,337,765 4,695,725 37SCIDEV LTD 2021ANNUAL REPORTFor the year ended 30 June 2021 Notes to the consolidated financial statements 1.General Information The financial statements cover SciDev Lim
250、ited as a consolidated entity consisting of SciDev Limited and the entities it controlled at the end of,or during,the year.The financial statements are presented in Australian dollars,which is SciDev Limiteds functional and presentation currency.SciDev Limited is a listed public company limited by s
251、hares,incorporated and domiciled in Australia.Its registered office and principal place of business are:Registered office Principal place of business Unit 1 C/-Boardroom Pty Limited 8 Turbo Road Level 12,Grosvenor Place Kings Park 225 George Street,Sydney NSW 2148 NSW 2000 A description of the natur
252、e of the consolidated entitys operations and its principal activities are included in the directors report,which is not part of the financial statements.The financial statements were authorised for issue,in accordance with a resolution of directors,on 30 August 2021.The directors have the power to a
253、mend and reissue the financial statements.2.Significant accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out either in the respective notes or below.These policies have been consistently applied to all the years presented,unless oth
254、erwise stated.New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)that are mandatory for the current reporting period.Any new or
255、 amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the consolidated entity.The following Accounting Stan
256、dards and Interpretations are most relevant to the consolidated entity:Conceptual Framework for Financial Reporting(Conceptual Framework)Amendments to IFRS 3 Definition of a Business Amendments to IFRS 7,IFRS 9 and IAS 39 Interest Rate Benchmark Reform Amendments to IAS 1 and IAS 8 Definition of Mat
257、erial The consolidated entity has adopted the revised Accounting Standards and Interpretations from 1 July 2020 but they have not had a material impact on the consolidated entitys financial statements.Basis of preparation These general purpose financial statements have been prepared in accordance wi
258、th Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)and the Corporations Act 2001,as appropriate for for-profit oriented entities.These financial statements also comply with International Financial Reporting Standards as issued by the Inter
259、national Accounting Standards Board(IASB).Historical cost convention The financial statements have been prepared under the historical cost convention,except for,where applicable,financial assets and liabilities at fair value through other comprehensive income.38SCIDEV LTD 2021ANNUAL REPORTThe above
260、Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates.It also requires management to exercise its judgement in the process of applying the consolidated entitys accounting policies.The areas involving a higher degree of jud
261、gement or complexity,or areas where assumptions and estimates are significant to the financial statements,are disclosed in note 3.Comparative information Some comparative information has been reclassified for presentation purposes.Parent entity information In accordance with the Corporations Act 200
262、1,these financial statements present the results of the consolidated entity only.Supplementary information about the parent entity is disclosed in note 34.Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of SciDev Limited(co
263、mpany or parent entity)as at 30 June 2021 and the results of all subsidiaries for the year then ended.SciDev Limited and its subsidiaries together are referred to in these financial statements as the consolidated entity.Subsidiaries are all those entities over which the consolidated entity has contr
264、ol.The consolidated entity controls an entity when the consolidated entity is exposed to,or has rights to,variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.Subsidiaries are fully consolidated fro
265、m the date on which control is transferred to the consolidated entity.They are de-consolidated from the date that control ceases.Intercompany transactions,balances and unrealised gains on transactions between entities in the consolidated entity are eliminated.Unrealised losses are also eliminated un
266、less the transaction provides evidence of the impairment of the asset transferred.Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity.The acquisition of subsidiaries is accounted for using the acquisition me
267、thod of accounting.A change in ownership interest,without the loss of control,is accounted for as an equity transaction,where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to
268、 the parent.Where the consolidated entity loses control over a subsidiary,it derecognises the assets including goodwill,liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity.The consolidated entity recognises the fair val
269、ue of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.Foreign currency translation The financial statements are presented in Australian dollars,which is SciDev Limiteds functional and presentation currency.Foreign currency tra
270、nsactions Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions.Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of mo
271、netary assets and liabilities denominated in foreign currencies are recognised in profit or loss.Foreign operations The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date.The revenues and expenses of foreign operations a
272、re translated into Australian dollars using the average exchange rates,which approximate the rates at the dates of the transactions,for the period.All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity.The foreign curren
273、cy reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.Income tax The income tax expense or benefit for the period is the tax payable on that periods taxable income based on the applicable income tax rate for each jurisdiction,adjusted by the changes i
274、n deferred tax assets and liabilities attributable to temporary differences,unused tax losses and the adjustment recognised for prior periods,where applicable.39SCIDEV LTD 2021ANNUAL REPORT2.Significant accounting policies continued Deferred tax assets and liabilities are recognised for temporary di
275、fferences at the tax rates expected to be applied when the assets are recovered or liabilities are settled,based on those tax rates that are enacted or substantively enacted,except for:When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liab
276、ility in a transaction that is not a business combination and that,at the time of the transaction,affects neither the accounting nor taxable profits;or When the taxable temporary difference is associated with interests in subsidiaries,associates or joint ventures,and the timing of the reversal can b
277、e controlled and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary diffe
278、rences and losses.The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered.Pr
279、eviously 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 liabilities are offset only where there is a legally enforceable right to offset current tax assets against current
280、tax liabilities and deferred tax assets against deferred tax liabilities;and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.SciDev Limited(the head entity)and its wholly-owned Australian subsidiaries hav
281、e formed an income tax consolidated group under the tax consolidation regime.The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts.The tax consolidated group has applied the separate taxpayer within group approach in dete
282、rmining the appropriate amount of taxes to allocate to members of the tax consolidated group.In addition to its own current and deferred tax amounts,the head entity also recognises the current tax liabilities(or assets)and the deferred tax assets arising from unused tax losses and unused tax credits
283、 assumed from each subsidiary in the tax consolidated group.Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from or payable to other entities in the tax consolidated group.The tax funding arrangement ensures that the
284、intercompany charge equals the current tax liability or benefit of each tax consolidated group member,resulting in neither a contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity.Current and non-current classification Assets and liabilities are
285、 presented in the statement of financial position based on current and non-current classification.An asset is classified as current when:it is either expected to be realised or intended to be sold or consumed in the consolidated entitys normal operating cycle;it is held primarily for the purpose of
286、trading;it is expected to be realised within 12 months after the reporting period;or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.All other assets are classified as non-current.A liability
287、is classified as current when:it is either expected to be settled in the consolidated entitys normal operating cycle;it is held primarily for the purpose of trading;it is due to be settled within 12 months after the reporting period;or there is no unconditional right to defer the settlement of the l
288、iability for at least 12 months after the reporting period.All other liabilities are classified as non-current.Deferred tax assets and liabilities are always classified as non-current Notes to the consolidated financial statements For the year ended 30 June 2021 40SCIDEV LTD 2021ANNUAL REPORTInvestm
289、ents and other financial assets Investments and other financial assets are initially measured at fair value.Transaction costs are included as part of the initial measurement,except for financial assets at fair value through profit or loss.Such assets are subsequently measured at either amortised cos
290、t or fair value depending on their classification.Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided.Financial assets are derecognised when
291、 the rights to receive cash flows have expired or have been transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership.When there is no reasonable expectation of recovering part or all of a financial asset,its carrying value is written off.Financial
292、assets at fair value through other comprehensive income Upon initial recognition,the consolidated entity can elect to classify irrevocably its equity investments as equity instruments designated at fair value through Other Comprehensive Income(OCI)when they meet the definition of equity under AASB 1
293、32 Financial Instruments:Presentation and are not held for trading.The classification is determined on an instrument-by-instrument basis.Gains and losses on these financial assets are never recycled to profit or loss.Dividends are recognised as other income in the statement of profit or loss when th
294、e right of payment has been established,except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset,in which case,such gains are recorded in OCI.Equity instruments designated at fair value through OCI are not subject to impairment assessment.The consoli
295、dated entity elected to classify irrevocably its non-listed equity investments under this category.Impairment of financial assets The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other
296、 comprehensive income.The measurement of the loss allowance depends upon the consolidated entitys assessment at the end of each reporting period as to whether the financial instruments credit risk has increased significantly since initial recognition,based on reasonable and supportable information t
297、hat is available,without undue cost or effort to obtain.Where there has not been a significant increase in exposure to credit risk since initial recognition,a 12-month expected credit loss allowance is estimated.This represents a portion of the assets lifetime expected credit losses that is attribut
298、able to a default event that is possible within the next 12 months.Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly,the loss allowance is based on the assets lifetime expected credit losses.The amount of expected credit loss re
299、cognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.For financial assets mandatorily measured at fair value through other comprehensive income,the loss allowance
300、is recognised in other comprehensive income.Impairment of non-financial assets Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment,or more frequently if events or changes in circumstances indicate that they m
301、ight be impaired.Other non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount.Recoverable
302、amount is the higher of an assets fair value less costs of disposal and value-in-use.The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs.Assets that do no
303、t have independent cash flows are grouped together to form a cash-generating unit.Finance costs Finance costs attributable to qualifying assets are capitalised as part of the asset.All other finance costs are expensed in the period in which they are incurred.41SCIDEV LTD 2021ANNUAL REPORT2.Significa
304、nt accounting policies continued Goods and Services Tax(GST)and other similar taxes Revenues,expenses and assets are recognised net of the amount of associated GST,unless the GST incurred is not recoverable from the tax authority.In this case it is recognised as part of the cost of the acquisition o
305、f the asset or as part of the expense.Receivables and payables are stated inclusive of the amount of GST receivable or payable.The net amount of GST recoverable from,or payable to,the tax authority is included in other receivables or other payables in the statement of financial position.Cash flows a
306、re presented on a gross basis.The GST components of cash flows arising from investing or financing activities which are recoverable from,or payable to the tax authority,are presented as operating cash flows.Commitments and contingencies are disclosed net of the amount of GST recoverable from,or paya
307、ble to,the tax authority.New Accounting Standards and Interpretations not yet mandatory or early adopted The following Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory,have not been early adopted by the consolidated entity for th
308、e annual reporting period ended 30 June 2021.The consolidated entity has not yet completed a detailed review of these,however does not expect any of them to have a material impact on the financial results upon adoption.Amendments to AASB 3:Reference to Conceptual Framework Amendments to AASB 137:One
309、rous Contracts Costs of Fulfilling a Contract Amendments to AASB 116:Property,Plant and Equipment:Proceeds before Intended Use Amendments to AASB 137:Onerous Contracts Costs of Fulfilling a Contract Amendments to AASB 101:Classification of Liabilities as Current or Non-current Amendments to AASB 101
310、 and IFRS Practice Statement 2 Disclosure of Accounting Policies Amendments to AASB 108 Definition of Accounting Estimates Amendments to AASB 112 Deferred Tax related to Assets and Liabilities arising from a Single Transaction 3.Critical accounting judgements,estimates and assumptions The preparatio
311、n of the financial statements requires management to make judgements,estimates and assumptions that affect the reported amounts in the financial statements.Management continually evaluates its judgements and estimates in relation to assets,liabilities,contingent liabilities,revenue and expenses.Mana
312、gement bases its judgements,estimates and assumptions on historical experience and on other various factors,including expectations of future events,management believes to be reasonable under the circumstances.The resulting accounting judgements and estimates will seldom equal the related actual resu
313、lts.The judgements,estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities(refer to the respective notes)within the next financial year are discussed below.Coronavirus(COVID-19)pandemic Judgement has been exercised in
314、considering the impacts that the Coronavirus(COVID-19)pandemic has had,or may have,on the consolidated entity based on known information.This consideration extends to the nature of the products and services offered,customers,supply chain,staffing and geographic regions in which the consolidated enti
315、ty operates.Other than as addressed in specific notes,there does not currently appear to be either any significant impact upon the financial statements or any significant uncertainties with respect to events or conditions which may impact the consolidated entity unfavourably as at the reporting date
316、 or subsequently as a result of the Coronavirus(COVID-19)pandemic.Carrying value of goodwill and non-financial assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount,which is the higher of its fair value less costs of disposal and its valu
317、e in use.The fair value less costs of disposal calculation is based on available data from binding sales transactions,conducted at arms length,for similar assets or observable market prices less incremental costs of disposing of the asset.The value in use calculation is based on a DCF model.The cash
318、 flows are derived from the budget for the next five years and do not include restructuring activities that the consolidated entity is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested.Notes to the consolidated financial st
319、atements For the year ended 30 June 2021 42SCIDEV LTD 2021ANNUAL REPORTCarrying value of goodwill and non-financial assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount,which is the higher of its fair value less costs of disposal and its
320、 value in use.The fair value less costs of disposal calculation is based on available data from binding sales transactions,conducted at arms length,for similar assets or observable market prices less incremental costs of disposing of the asset.The value in use calculation is based on a DCF model.The
321、 cash flows are derived from the budget for the next five years and do not include restructuring activities that the consolidated entity is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested.The recoverable amount is sensiti
322、ve to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes.These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the consolidated entity.The key assumptions us
323、ed to determine the recoverable amount for the different CGUs,including a sensitivity analysis,are disclosed and further explained in note 15.Fair value of contingent consideration The consolidated entity has estimated the fair value of contingent consideration payable in connection with business co
324、mbinations by determining the present value of expected future payments,discounted using a risk-adjusted discount rate.The estimate of future payments is based on forecast EBITDA of the acquired business over a three-year period.The acquisition accounting is provisional at 30 June 2021.Recovery of d
325、eferred tax assets Deferred tax assets are recognised for deductible temporary differences only if the consolidated entity considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses.Judgement is required to determine the amount of deferre
326、d tax assets that can be recognised,based upon the likely timing and the level of future profits and the availability of past losses for use.4.Operating Segments Identification of reportable operating segments The consolidated entity operates in primarily two geographical segments:Australia and the
327、United States.The primary business segment is the treatment of industrial waste.Operating and business segments are reported in a manner consistent with the internal reporting provided to the chief operating decision makers.The chief operating decision maker,who is responsible for allocating resourc
328、es and assessing performance of the operating segments,has been identified as the Board of Directors.Intersegment transactions Intersegment transactions were made at market rates.Intersegment transactions are eliminated on consolidation.Intersegment receivables,payables and loans Intersegment loans
329、are initially recognised at the consideration received.Intersegment loans receivable and loans payable that earn or incur non-market interest are not adjusted to fair value based on market interest rates.Intersegment loans are eliminated on consolidation.Major customers During the year ended 30 June
330、 2021,revenue from 1 customer amounted to$6,936,531 arising from sales in the Australia segment,and revenue from 1 customer amounted to$4,760,454 arising from sales in the United States segment.During the year ended 30 June 2020,revenue from 2 customers amounted to$5,868,415 arising from sales in th
331、e Australia segment,and revenue from 1 customer amounted to$3,054,467 arising from sales in the United States segment.No other customer contributed 10%or more to the consolidated entitys revenue for both 2021 and 2020.43SCIDEV LTD 2021ANNUAL REPORT4.Operating Segments continued Operating segment inf
332、ormation Eliminations&Australia United States adjustments Total 2021$Revenue Sales to external customers 25,593,180 16,931,728 -42,524,908 Intersegment sales -99,923 (99,923)-Total sales revenue 25,593,180 17,031,651 (99,923)42,524,908 Interest revenue 923 -923 Total revenue 25,594,103 17,031,651 (9
333、9,923)42,525,831 Adjusted EBITDA*2,964,131 (671,026)(204,714)2,088,391 Depreciation and amortisation (929,771)Interest revenue 923 Finance costs (147,532)Professional fees in connection with business combinations (206,352)Profit before income tax benefit 805,659 Income tax benefit 2,647,309 Profit after income tax benefit 3,452,968 Assets Segment assets 64,954,166 12,224,296 (21,027,874)56,150,588
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