1、Building Strength.Delivering Growth.ANNUAL REPORT 2022 FY2022 Highlights$55.6mGROSS REVENUEA$2.1m EBITDA58 FTES28%GROSS PROFIT MARGINWATER TREATMENT TECHNOLOGY Ongoing market acceptance of our PFAS treatment technology with 12 PFAS treatment plants delivered in FY22.Continued growth in all services
2、across the domestic market.Delivery of the leachate treatment plant for the$2.6b Sydney Gateway Project.CHEMICAL SERVICES Record revenues.Commercialised our new CatChek technology.High active suspension technology field trialled in Mining.CONTENTSAbout SciDevWHO WE AREA leader in environmental solut
3、ions focused on water-intensive industries.WHAT WE DOOur solutions allow clients to recycle and reuse water,improve operational efficiencies and reduce their environmental footprints.We deliver world-leading chemistry and water treatment technology with end-to-end support from our specialist scienti
4、sts and engineers.OUR MISSION To improve the operational and environmental outcomes for our clients.Our Business at a Glance 02Chairs Letter 04CEOs Letter 06Project Profiles 10Operations Review 14Environmental,Social and Governance 22Financial Report 28Corporate Directory IBC01SciDev Limited/Annual
5、Report 2022Our Business at a GlanceCORE BUSINESS DIVISIONSWATER TREATMENT TECHNOLOGYSciDev specialises in the delivery of innovative water treatment technology across a wide range of applications.Our treatment technologies remove harmful contaminants from groundwater,surface water and industrial liq
6、uid waste allowing water to be reused or safely discharged to the environment.We operate through both Build,Own Operate(BOO)and Design&Construct(D&C)commercial models and deliver our solutions to a range of end markets.CHEMICAL SERVICESOur chemistry business focuses on the development,manufacturing
7、and supply of a range of chemistries that help our clients improve their operational efficiency and minimise wastewater generation.We also provide a range of supporting services from“last mile delivery”to process optimisation ensuring maximum value for our clients.02INDUSTRIES WE OPERATE INAsia Paci
8、fic North America South America UK and Europe Middle East SCIDEV AREAS OF OPERATIONSciDev is an industry leader in solid liquid separation in the mineral processing sector.Our chemistries and professional services maximise the operational performance of mineral processing systems and ensure minimal
9、water is passed as waste into the tailings circuit.SciDev helps companies to comply with environmental regulations,limit the usage of freshwater,reduce costs and improve their operational performance.We provide equipment,chemistry,and professional services to deliver solutions that focus on increasi
10、ng the reuse and recycling of water in onshore oil/gas production.SciDev has developed bespoke solutions to reduce the cost and operational downtime associated with water&slurry management within the construction and infrastructure sectors.SciDev provide chemicals into the wastewater treatment marke
11、t to increase efficiencies in clarification and sludge dewatering processes.Through our Water Treatment Technology business we remove harmful contaminants from groundwater,surface water and industrial liquid waste allowing water to be reused or safely discharged to the environment.Oil and GasConstru
12、ction and InfrastructureWater and Wastewater TreatmentMining and Mineral Processing03SciDev Limited/Annual Report 2022Chairs LetterDear Shareholders,On behalf of the Board,I am pleased to present the SciDev Ltd Annual Report for the financial year ending 30 June 2022(FY22).It has been a busy 12 mont
13、hs for the company,challenged by supply chain constraints,lingering impacts from the COVID-19 pandemic,several severe flooding events in Eastern Australia and key changes to the Executive Leadership Team.Despite these challenges,SciDev has continued to deliver strong financial and operational perfor
14、mance with record revenues and positive EBITDA.I want to acknowledge the volatility in share price over the last year.We are focused on building resilience in the business.In any high-growth business such as SciDev,its important that our systems,processes and governance keep up with the growth to en
15、sure we build a long-term sustainable business.As mentioned,in FY22,we delivered record top-line growth,a noteworthy achievement considering our pipeline was heavily impacted by border restrictions in 2021.As restrictions eased in 2022,we have had considerable success in building and expanding our p
16、ipeline of opportunities and contracts with particularly strong results in both the North American Energy Services business and the Australian Water Treatment business.The Energy Services business has been the benefactor of higher exploration rates in North America,supported by the elevated oil pric
17、e.Drilling a well using our Slik Friction Reducer products reduces the amount of contaminated water produced by about half,which is important given the water scarcity in the US due to ongoing droughts.While the US is experiencing droughts,in Australia,the water business had a very strong year amplif
18、ied by the record rainfalls on the East Coast,which increased the need for water decontamination.In November 2021,SciDev completed an institutional placement raising$18M.The funds from the placement were directed towards funding an acquisition payment for the Water Services business,funding new sust
19、ainable chemistry initiatives in the North American Energy Services business and consolidating SciDevs Australian production facilities.We also took the opportunity to increase inventory levels,given the supply chain constraints being experienced at the time.There were several changes to the Executi
20、ve Team in FY22.In April 2022,the CEO,Lewis Utting,resigned and I would like to take this opportunity to recognise the tenure and achievements of Lewis,who led the early formation and growth of the company.The Board sincerely thank him for all his efforts.I also want to acknowledge and thank 04Sen H
21、alpin,our current Interim CEO,whose commitment,leadership and hard work,together with his deep understanding of the SciDev business from his previous role as Director of Water Services,have been invaluable.We look forward to completing the search for a new CEO in the coming months.In December 2021,A
22、nna Hooper joined SciDev as our new Chief Financial Officer.Annas deep financial expertise and experience in a listed environment have already proven valuable.We have an extremely skilled leadership team in Australia and North America who will continue to drive SciDevs growth and profitability.The s
23、ubstantial progress achieved over the last year would not have been possible without our employees strong support and commitment.We thank them for their enormous contribution.Being an innovative environmental solutions provider at a time when the world is accelerating towards a greener,more environm
24、entally friendly economy provides SciDev with a great opportunity.We are seeing increasing demand for our innovative and bespoke solutions,with clients seeking new ways to recycle,reuse and treat water waste.This is especially so when it comes to treating per-and poly-fluoroalkyl substances (PFAS),w
25、ith many companies,governments and environmental regulators just starting to realise the scale of the environmental issue.Once again,I would like to thank our employees,shareholders,investors and all stakeholders for their ongoing support throughout the year.Yours sincerely,Vaughan Busby Non-Executi
26、ve Chairman$55.6mGROSS REVENUE$2.1mEBITDAWe are seeing increasing demand for our innovative solutions with clients seeking new ways to recycle,reuse and manage water.SciDev Limited/Annual Report 202205CEOs LetterDear Shareholders,As interim CEO,it is with great pride that I share SciDevs achievement
27、s for the 2022 financial year(FY22).Whilst the past financial year has not been without its challenges,the resilience and strength of the SciDev team has led to growth across our key verticals as we continued to emerge as a leading global provider of environmental solutions.Our growth over the year
28、was reflected in a 30%increase in revenues to A$55.6m,and importantly,positive EBITDA.Our innovative chemistries,utilised across a range of industries,continue to improve production efficiencies,reduce waste,and minimise the environmental footprints of our clients.Our water treatment technologies,fo
29、cusing on the Design and Construction(D&C)and Build,Own,Operate(BOO)commercial models continue to remove harmful contaminants from our natural environments through the treatment and remediation of contaminated groundwater,surface water and liquid waste.With growing environmental regulations across t
30、he globe,we are seeing increasing demand for our technologies and chemistries.Alongside a strong pipeline of projects,a highly skilled and motivated team and a robust balance sheet,SciDev is well positioned to continue to drive both operational and financial growth into FY23 and beyond.EXPANDING OUR
31、 OPERATIONAL FOOTPRINTSciDev operates across a range of end verticals with a common thread of reducing the amount of wastewater generated by our clients.Whilst we engage across a wide and diversified range of industries,our business can essentially be separated into two distinct areas of operation:c
32、hemical services and water treatment technologies.Our chemical services business focuses on the development,manufacturing and supply of a range of chemistries that help our clients improve their operational efficiency and minimise wastewater generation.We also provide a range of supporting services
33、from“last mile delivery”to process optimisation ensuring maximum value for our clients.06Revenue is generated by direct sales to clients and as such fluctuates with activity in our key end markets of energy,mining and construction and our profitability and cashflow is a result of both headline reven
34、ue,cost of sales and our working capital cycle.Our Water Treatment business revolves around the delivery of innovative water treatment technology across a wide range of applications.Our treatment technologies remove harmful contaminants from groundwater,surface water and industrial liquid waste allo
35、wing water to be reused or safely discharged to the environment.We operate through both Build,Own Operate(BOO)and Design and Construct(D&C)commercial models and deliver our solutions to a range of end markets.Water treatment is more capital intensive than the chemicals but is a very scaleable busine
36、ss and provides higher returns.The ability to have two unique end markets,both circling water,provides both a diversified revenue stream and an ability to cross-sell and drive up the number of SciDev products utilised on our clients sites.Additionally,as we continue to embed our recent acquisitions
37、and drive a more strategic focus on our growth initiatives,the breadth of our product offering and end sectors we engage provides for a significant growth ability.The momentum and opportunity we see for growth were reflected in the record June quarter we delivered with revenue exceeding A$18 million
38、 and several new projects secured.CHEMICAL SERVICESOver the year,SciDev delivered significant growth in our chemistry business in terms of financial performance,new customer engagement and product development.In the mining sector,easing travel restrictions throughout the financial year allowed us to
39、 reconnect with our client base,successfully renew existing contracts,and deliver technical trials of our speciality chemistry for blue chip clients across the industry.Although international and interstate border closures caused us to miss out on some key contracts,we are now in a solid position to
40、 capitalise on these opportunities as these contracts come up for renewal.Commercialising our suspension technology is also an exciting,market-disrupting development for the mining industry.We look forward to taking it to full-scale production and distribution in the 2023 financial year.Similarly,in
41、ternational travel restrictions impacted our ability to effectively develop our pipeline within our Construction and Infrastructure vertical.In the second half of FY22 we were able to resume these efforts and reengage both locally and internationally,and we are excited to see growth in this vertical
42、 resume.+30%REVENUE58 FTESOur business can essentially be separated into two distinct areas of operation:chemical services and water treatment technologies.07SciDev Limited/Annual Report 2022CEOs Letter continuedFY22 also saw a return to profitability for our Energy Services vertical.Our Energy Serv
43、ices business benefited from a steady increase in activity in the US Oil&Gas market driven by elevated oil prices and renewed investment in this space.The successful turnaround was achieved through the continued commercialisation of proprietary technology,such as our CatChek and SmartVIS chemistry,t
44、hat increase well lifecycles,reduce waste water production and minimise reliance on our natural water resources.WATER TREATMENTThe 2022 financial year marked the first full year of operations for our Water Treatment business following the Haldon acquisition in FY21.Our Water Services team increased
45、market share within the Australian domestic market,delivering projects for new and existing clients and further developed SciDevs presence within Western Australia and Queensland.We continued our establishment as the market leader in per-and poly-fluoroalkyl substances(PFAS)treatment,with our Water
46、Services team delivering 12 PFAS treatment projects throughout the year.This year also saw further development of our D&C capabilities and project wins across a wide range of industries and applications.With growing PFAS regulation and an increasing array of clients,the Water Treatment business is s
47、et for another exciting year of growth in FY23.FINANCIAL REVIEWSciDev reported revenue of$55.6m for the period,representing a 30%increase on the prior years results.SciDevs record revenue generation was achieved through organic growth via contract wins across several verticals.SciDev reported a net
48、loss of$1.4m,with net cash used in operating activities of$1.3m.With a strong balance sheet with$14m in net cash,we are well positioned to continue to drive growth and maximise profitability in FY23 and beyond.OUR PEOPLEI want to acknowledge the efforts of the entire SciDev team over the past year a
49、nd thank our employees for their ongoing contribution and commitment to the business.Our talented team and positive culture continue to be the engine room that drives our company towards success.As interim CEO,it is exciting to see the breadth of talent across the SciDev team.It is also pleasing to
50、witness the ongoing increase in gender diversity within our team,especially in executive and non-traditional STEM roles.I would like to extend a sincere thank you to our outgoing CEO,Lewis Utting,for his contribution to the SciDev business.His leadership and vision were key to SciDevs early developm
51、ent,and he has left the company well positioned for continued growth.I am also extremely grateful for the leadership and guidance of our Chairman,Vaughan Busby,and the SciDev board throughout this transition period and I thank them for their ongoing support.08ENVIRONMENTAL,SOCIAL AND GOVERNANCEOutsi
52、de of our core business activities,we remain committed to giving back to the communities where we live and work.In the financial year 2022,SciDev pledged a further$60,000 in support of the Schools Plus Two-Way Science project that helps to support eight remote Indigenous schools and communities to d
53、evelop and implement an integrated learning program.In addition,I am pleased to report that our staff raised over$20,000 for the Black Dog Institute to help fund crucial mental health research,support and prevention initiatives.A fantastic effort towards a very important cause.We also remain committ
54、ed to the ongoing development and management of our governance processes.As a high-growth business,it is essential to ensure effective management and risk protocols are in place to deliver sustainable growth.Therefore,we will continue to develop and expand our policies and procedures and ensure we p
55、rovide the highest level of governance and oversight.OUTLOOKLooking to the future,I am incredibly optimistic about SciDevs ability to continue to deliver value for our clients,shareholders,employees and the environment.A key component of our growth strategy is to broaden our client base across our k
56、ey verticals whilst increasing our ratio of solutions per client.Focusing on our existing client base,we will continue capitalising on cross-selling opportunities to drive growth.We will also seek to enter new geographical regions as regulatory pressure creates new markets for our technologies while
57、 ensuring we provide our full service offering to regions where we are already established.The combination of cross-selling and new business growth,coupled with our existing pipeline and the strong momentum we delivered in the second half of FY22,positions the company to continue to deliver operatio
58、nal and financial growth in FY23 and beyond.There remains a significant amount of upside for SciDev to capture,and I look forward to driving our business to execute on the opportunities we see.Finally,I would like to thank our shareholders for your continued support.Yours Sincerely,Sen Halpin Interi
59、m Chief Executive OfficerOur talented team and positive culture continue to be the engine room that drives our company towards success.09SciDev Limited/Annual Report 2022Project ProfilesA blue-chip Australian mining client had per-and poly-fluoroalkyl substances(PFAS)contaminated water on-site gener
60、ated from stormwater run-off.Due to the sites location being within a sensitive environment,a highly risk-adverse approach was used when determining the required environmental discharge criteria.SciDev designed,commissioned and is operating a water treatment plant capable of treating PFAS-impacted w
61、ater under the most stringent controls used nationally in the treatment of PFAS,which requires the water treatment plant to treat to the 99th percentile level of ecological protection under the Australian and New Zealand Environment and Conservation Council(ANZECC)guidelines.This plant was the first
62、 PFAS treatment plant to treat to these levels at full scale under the governance of the Department of Water,Environment and Regulation.Our approach involved the bespoke design of a multi-stage water treatment plant that utilises various active adsorptive and ion exchange media.Effective design impl
63、ementation has ensured the successful treatment of 560ML of PFAS-impacted water to date.This project was unique for a multitude of reasons:The discharge criteria for the system required Total PFAS removal down to 0.0002 g/L.The systems flow rate was designed to achieve 21L/s,and was subsequently upg
64、raded to treat 38L/s.The water treatment plant was required to treat from multiple sources with varying contamination levels for PFAS and other co-contaminants.Construction and commissioning of the water treatment plant was completed in less than 40-days from the contract award due to on-site operat
65、ional requirements.After the first year of operation,the treatment plant was upgraded to treat elevated total suspended solids as the client required an additional feed source to be treated.PROTECTING THE CITYS DRINKING WATER10The$2.6 billion Sydney Gateway project will provide a high-capacity link
66、from the airport precinct,Port Botany and the surrounding road network to the newly opened St Peters Interchange and is one of the missing pieces of Sydneys motorway network.John Holland Seymour Whyte(JHSW)engaged SciDev to design and construct the permanent leachate treatment plant(LTP)designed to
67、accept and treat leachate generated and extracted from the closed Tempe Landfill both during and post construction of the Sydney Gateway Project.The successful construction and commissioning of the permanent LTP ensured that the client was able to achieve their three-year bulk earthworks and civil c
68、onstruction objectives with the confidence of a reliable and consistent site-wide dewatering strategy.This significantly reduced the broader Sydney Gateway projects environmental,commercial,and operational risk profile.The leachate treatment system was designed to manage variable influent quality,fl
69、ows and site conditions both during the construction phase and post completion of the project.REDUCING THE ENVIRONMENTAL,COMMERCIAL AND OPERATIONAL RISK PROFILE OF THE SYDNEY GATEWAY PROJECT11SciDev Limited/Annual Report 2022Project Profiles continuedThe presence of iron from source water and oil we
70、ll bore formation is an ongoing issue in oil well completion and production.The oxidised iron can form a scaleant reducing well lifecycle.Iron also causes agglomeration of partially hydrated polyacrylamide during the flow back process of oil well stimulation,which can lead to costly delays and downt
71、ime for exploration and production companies.Another common issue in oil well completion is the presence of fines,which can inhibit proppant delivery.In response to these industry challenges,SciDevs research and development team have developed,CatChek 12.This cationic additive to traditional oil wel
72、l production chemistry inhibits iron oxidation while minimising fines and fine migration.This allows for peak performance of polyacrylamide-based friction reducers to carry proppant to perforations during the completion phase of the oil well cycle.In addition,the management of fines also allows for
73、more accurate proppant placement,improving the oil wells decline curve and life cycle.CatChek 12 was developed in-house by SciDev and has since been extensively trialled in both the laboratory and in the field and is now fully commercialised.As a result,it is gaining increasing acceptance across the
74、 Oil&Gas industry,generating AUD$8.8m throughout FY22.CATCHEK 12,IMPROVING WELL PERFORMANCE THROUGH CATION CONTROL12SciDev were engaged to undertake a full-scale plant trial of our MaxiFlox technology at a large Nickel operation.A key component of MaxiFlox is the ability to tailor our chemistry to m
75、aximise effectiveness in each individual application.The SciDev team have a detailed understanding of the complexities of thickening and tailings processes and the identification of opportunities for the optimisation of chemistry and process control.Before the trial,our team first conducted a detail
76、ed review of the multiple processes at the mine,identifying key areas for process improvement and optimisation.This stage was then followed by extensive laboratory evaluation of process samples and bench-scale trials to determine the most effective and efficient chemistry for each process.This metho
77、d provided us with a range of chemistry to take to full-scale production trial,with targets set for operational effectiveness,usage rates and cost for each application.To compliment our chemistry,our OptiFlox technology will be implemented as part of the trial to optimise the process further and min
78、imise operator interface.SciDevs MaxiFlox chemistry combined with our OptiFlox technology have resulted in a reduction in chemical usage rates across each process while increasing mineral recoveries and reducing OPEX costs for our client.EXTENSIVE LABORATORY PROGRAM SECURES MAXIFLOX PLANT TRIAL AT L
79、ARGE NICKEL OPERATION13SciDev Limited/Annual Report 2022Operations ReviewSciDevs innovative chemistries and water treatment technologies,utilised across a variety of industries,continue to improve production efficiencies,reduce waste,and minimise the environmental footprint of our clients.Our servic
80、es can be utilised in a range of industries including Mining&Mineral processing,Oil&Gas,Construction&Infrastructure,and Wastewater.+30%FY22 REVENUE$14.1mCASH AND CASH EQUIVALENTS$2.1mFY22 ADJUSTED EBITDAFY22 Financial Highlightsat 30 June 202214FY22 Operational Highlights The Water Treatment vertica
81、l continued to expand its operations in Australia,with growing revenue and client engagement amplified by the significant levels of rainfall throughout the Eastern Seaboard in the second half of the year.SciDev delivered 12 per-and poly-fluoroalkyl substances(PFAS)treatment projects across Australia
82、,generating over$9.5m in revenue in FY22.The Company continues to engage with a range of clients to deliver commercial solutions for their PFAS treatment requirements.SciDev continued to execute supply and services to all major mining clients,with business development activities continuing across se
83、veral operations with a FY23 focus on the commercialisation of SciDevs suspension technology.Energy Services delivered an exceptionally strong performance in FY22,benefiting from a steady increase in activity in the US Oil&Gas market driven by elevated oil prices and renewed operational activity.Ong
84、oing focus on the health and safety of all our employees,embedding a positive safety culture and continuous improvement of safety performance.15SciDev Limited/Annual Report 2022Operations Review continuedFINANCIAL REVIEWThe consolidated entity reported revenue of$55.6m for the period,representing a
85、30%increase on the prior years results.SciDevs record revenue generation was achieved through organic growth via contract wins across several verticals.SciDev reported a net loss of$1.4m,with net cash used in operating activities of$1.3m.SciDev maintained a strong gross profit margin of 28%(FY21:24%
86、),in line with the prior year.The continued transition of the business towards speciality chemistry and a growing proportion of revenue from the Water Treatment business is expected to drive margin improvement in coming years.At the end of the period,the consolidated entity had a net cash position o
87、f$14.1m,with$7.3m in inventory on hand.On 15 September 2021,SciDev Limited issued 513,000 new ordinary shares at$0.60 to the vendors of ProSol Australia Pty Ltd to meet the contingent consideration settled via the issue of SciDev Limited shares.On 9 November 2021,SciDev Limited announced the placeme
88、nt and issued 27,692,308 new ordinary shares with institutional investors at an issue price of$0.65 per share.On 29 November 2021,SciDev Limited issued 527,671 new ordinary shares at$0.65 per share pursuant to a Share Purchase Plan(SPP).During the year,the consolidated entity paid contingent conside
89、ration of$2,922,000 to the vendors of Haldon Industries.The consolidated entity also paid contingent consideration of$313,000 to the vendor of ProSol Australia Pty Ltd.OPERATIONAL REVIEWOver FY22 SciDev continued to expand its client presence,securing numerous new contracts and increasing the number
90、 of services per client.Key developments in FY22 included:Awarded a contract for the design,construct,and operation of a permanent PFAS treatment plant for a major mining client in Western Australia with a total contract value of over$2.0m;A$1.1m purchase order by a Tier 1 mining company in Western
91、Australia for the design,fabrication and installation of 27 custom water quality monitoring units;PFAS treatment plants were mobilised to customers across New South Wales and Queensland to treat PFAS contaminated surface water;Awarded supply of SciDevs proprietary suspension polymer technology,Xslik
92、 620,for a series of wells for a major exploration and production(E&P)company.Supply will continue through to December 2022;16 Sales of CatChek technology,which improves oil well efficiency,continued to attract new customers across the US shale industry;SciDev has secured a field trial with an exist
93、ing CatChek customer to test our High-VIS friction reducer,which can reduce water usage required for well completion by up to 50%.The trial will commence in Q1FY23;SciDev developed a new cationic emulsion friction reducer for application in a recycled water completion fluid system.The product was su
94、ccessfully field trailed with a Tier 1 E&P company resulting in an initial purchase order for the product;Trial order to the value of US$1.4m received from major Nickel producer in Australia;and SciDev continues to receive significant customer interest in suspension chemistry in Australia with field
95、 trials beginning in Q1FY23.Over FY22 SciDev continued to expand its client presence,securing numerous new contracts and increasing the number of services per client.SciDev Limited/Annual Report 202217Operations Review continuedMINING&MINERAL PROCESSINGSciDev is an industry leader in solid-liquid se
96、paration in the mineral processing sector.SciDevs chemistries and professional services maximise the operational performance of mineral processing systems and ensure minimal water is passed as waste into the tailings circuit.During the year,the Company continued to execute supply and services into a
97、ll major clients such as Iluka,Yancoal,Idemitsu,Socit Le Nickel and Peabody.Business development activities continued across a range of operations and commodities,both domestically and overseas.During the year,the Company secured a trial order of US$1.4m from a major nickel producer in Australia,whe
98、re SciDevs MaxiFlox chemistry and OptiFlox technology will be used on site to improve operational efficiency and water use.SciDev also extended the contract with Iluka,extending the supply of SciDevs chemistry until August 2023.The Company secured a contract to supply chemistry to a large mining ser
99、vices company in the US with supply to continue throughout FY23.This new contract is the first delivered following a cross-business unit initiative to diversify the revenue base in North America.With a large mining market in North America,SciDev sees significant opportunity to grow our regional pres
100、ence.Cross-sell initiatives in the Australian mining market is another significant opportunity with a range of mining clients that independently use either SciDevs water treatment solutions or chemistry.The ability to grow the number of products per client will drive revenue and secure SciDev as an
101、integrated solutions provider on-site.The commercialisation of SciDevs suspension technology delivers an exciting,market-disrupting development for the mining industry,and we look forward to taking it to full-scale production and distribution in FY23.ENERGY SERVICESSciDev provides drillers,producers
102、,and service companies with chemistry,equipment,and professional services to help reuse and recycle oilfield water to reduce waste.Oil production worldwide generates about five barrels of wastewater for every barrel of oil produced.SciDev focuses on increasing the use of recycled water in onshore oi
103、l and gas production,helping companies meet their environmental regulations,limit freshwater usage,reduce costs and improve the customers operational performance.18The increase in the oil price and subsequent acceleration in onshore US oil and gas activity levels generated strong performance from Sc
104、iDevs energy services business in FY22,with elevated activity from existing clients and the conversion of a range of new clients to SciDevs speciality chemistry solutions.SciDevs chemistry continued to be utilised in commercial applications with increasing industry interest from multiple E&P clients
105、 driven by CatChecks ability to enhance oil recovery from wells.The Companys ability to develop and commercialise new bespoke chemistries for the US shale industry was reflected in the supply of SciDevs proprietary suspension polymer technology,Xslik 620,for a series of wells for a blue chip E&P com
106、pany.SciDev can develop and supply multiple bespoke emulsions to large E&P companies with an average time to market for newly developed products of less than 30 days,far quicker than our peers.With a focus on value add through product optimisation and last-mile delivery efforts,SciDev is gaining mar
107、ket share in the US oil&gas sector,which strongly positions the Company for future growth.CONSTRUCTION&INFRASTRUCTURESciDev has developed bespoke solutions to reduce the cost and operational downtime associated with water management within the construction and infrastructure sectors.International tr
108、avel restrictions impacted SciDevs ability to effectively develop the pipeline within the construction&infrastructure vertical.However,as these travel restrictions eased in the second half of FY22,SciDev was able to resume these efforts and re-engage both locally and internationally.SciDev is curren
109、tly progressing opportunities in North America,Europe,the Middle East&Asia.19SciDev Limited/Annual Report 2022Operations Review continuedWATER TREATMENTSciDevs water treatment business is centred around the removal of harmful contaminants from groundwater,surface water and industrial liquid waste al
110、lowing water to be reused or safely discharged to the environment.We operate through both Build,Own Operate(BOO)and Design&Construct(D&C)commercial models and deliver our solutions to a range of end markets.The water business continued to expand its operations in Australia,with growth in the underly
111、ing core services amplified by the significant levels of rainfall throughout the Eastern Seaboard in the second half of the financial year.SciDev has developed and commercialised technologies that are actively being utilised to treat PFAS.PFAS are a group of man-made chemicals used in various indust
112、ries since the 1940s.PFAS chemicals are very persistent in the environment and cause environmental and health risks across a range of industrial sites.SciDevs water treatment plants can remove all detectible PFAS compounds to below the lowest possible commercially available testing limits,and signif
113、icantly ahead of competitors.In 2022 SciDev was active on 12 PFAS treatment and remediation projects across Australia,generating over$9.5M in revenue.The growing demand for SciDevs PFAS solutions included the award of a contract for the design,construction and operation of a permanent PFAS treatment
114、 plant for a major mining client in Western Australia with a total contract value of over$2.0m.The global mining sector is a large addressable market for SciDevs PFAS technology.It represents a substantial opportunity for cross-selling,increasing the number of solutions and revenue per site for our
115、existing Maxiflox mining clients.20The Company has received interest from parties in Europe and North America for utilising SciDevs PFAS treatment technology which the Company will continue to explore.During the year,SciDev delivered the successful construction and commissioning of the permanent lea
116、chate treatment plant(LTP)for the Sydney Gateway project.This piece of critical infrastructure ensured that the client could achieve their three-year bulk earthworks and civil construction objectives with the confidence of a reliable and consistent site-wide dewatering strategy.In addition,it signif
117、icantly reduced the broader Sydney Gateway projects environmental,commercial,and operational risk profile.SciDev continued to expand its water treatment into the mining sector with a$1.1m purchase order from a Tier 1 mining company in Western Australia for the design,fabrication and installation of
118、27 custom water quality monitoring units.The Company continues to focus on ongoing research and development,including continued development and refinement of PFAS treatment technology and the development of technology to lower total dissolved solids(TDS)in water without the use of conventional rever
119、se osmosis and membrane technology which generate high volumes of waste(reject brine).With growing PFAS regulation and an increasing array of clients,the Water Treatment business is set for another year of growth in FY23.OUTLOOKSciDevs focus for FY23 will include:Ongoing focus on the health and safe
120、ty of all our employees;Leveraging the extensive business development pipeline in the water treatment sector and converting opportunities into contracts;Establish a presence across Europe and North America with an aim to deliver full-scale PFAS treatment technology within FY23;Continue to increase s
121、ales of speciality chemistry in the US oil and gas industry,growing not only the number of sites but also the number of solutions per site;Target key mining clients within the existing SciDev client base to further develop SciDevs water treatment presence and deliver an end-to-end service within the
122、 industry;Optimise the inventory position to ensure the reliability of supply to clients whilst maintaining focus on effective working capital management;and Drive a positive culture across the organisation and increase the level of integration within the business to take advantage of the strong cro
123、ss-sell opportunities across the client base.21SciDev Limited/Annual Report 2022Environmental,Social and GovernanceSciDev is committed to delivering value through sustainable development.Our actions ensure that we achieve economic,social and environmental sustainability in a balanced and valueenhanc
124、ing manner for all stakeholders.Helping to solve the growing per and polyfluoroalkyl substance (PFAS)issue.Reducing the consumption of water and the level of wastewater produced across a range of industries.Supporting the communities in which we live and work.Building a culture where we respect and
125、embrace diversity in the workplace and wider community.SciDev creates innovative,customised solutions to minimise water usage and deliver efficiency gains for our clients across a range of sectors.As a company,we are:22As an emerging company,we continue to build and formalise our commitment to susta
126、inability and remain dedicated to improving our Environmental,Social and Governance reporting in the coming years.ENVIRONMENTSciDevs sustainable chemistry and water treatment solutions focus on reducing freshwater consumption and the level of wastewater produced across a range of industries.Our tech
127、nologies embrace a range of unique operating environments and challenges,including per-and poly-fluoroalkyl substances(PFAS)treatment,wastewater disposal from industrial sites and tailings slurry in the mining sector.By utilising our people,services,and solutions,our clients can reduce their environ
128、mental impact and achieve improved operational performance and efficiencies.One of the global environmental challenges is the emergence of PFAS,a group of man-made chemicals used in various industries since the 1940s.PFAS chemicals are very persistent in the environment and cause environmental and h
129、ealth risks across a range of industrial sites.Our water treatment plants can remove all detectible PFAS compounds to below the lowest possible commercially available laboratory limits of reporting,significantly ahead of our competitors.In FY22 SciDev was active on twelve PFAS water treatment projec
130、ts.We actively work with global oilfield service leaders in the onshore US oil and gas sector to develop new drilling chemistries.The oil and gas sector produces over five barrels of wastewater for every barrel of oil produced.The increased awareness of the environmental impact of such high levels o
131、f water discharge drives our clients to embrace new chemistry and solutions that can reduce the impact of their operations on the environment.Among other projects,SciDev has developed a range of drilling technologies that perform efficiently in saline water,whilst reducing water waste by 50%and mini
132、mising the clients freshwater footprint.SciDev will continue to innovate to ensure we can continue to meet our clients objectives centred on reduction in water discharge.Pivotal to SciDevs ongoing success is our people.Our leadership team are passionate about creating inclusive and highperforming te
133、ams that respect and embrace diversity and individuality.23SciDev Limited/Annual Report 2022Environmental,Social and Governance continuedSOCIALSciDev puts our workforces health,safety and wellbeing at the forefront of our operations and we strive to deliver a safe and inclusive culture.SafetySciDev
134、places the highest priority on the health and safety of our people.We are committed to embedding a safety-first culture in everything that we do.A key strategic action is to embed a proactive safety culture to support a continuous improvement in safety performance.This approach is led from the top a
135、nd cascades throughout the organisation to result in a risk management philosophy that enables each member of staff to take accountability for their actions.At a practical level,this includes daily activities for risk management in the field including risk assessments,Safe Work Method Statements,pro
136、ject planning,consultation mechanisms,competence and contractor management and maintenance excellence).Our strategic HSE activities are reviewed and driven by our management team in consultation with data harnessed from our frontline workers,operations and client interactions.SciDev is working to en
137、sure that our systems are not only in compliance with regulation,but also fit for purpose so that our workforce has a clear,unhindered opportunity to manage risk and opportunities.The Water Services and Mining and Construction business units currently run two separate triple certificate management s
138、ystems in tandem.A project has been initiated that will consolidate the two systems into one set of core mechanisms that will encompass all SciDevs activities 24whilst maintaining the retention of any individual elements that specifically speak to each business unit.Diversity and inclusionPivotal to
139、 SciDevs ongoing success is our people.Our leadership team are passionate about creating inclusive and high-performing teams that respect and embrace diversity and individuality.The Company respects the diversity of all employees,consultants and contractors and cultivates an environment of fairness,
140、respect and equal opportunity.The Company believes that the pursuit of diversity in the workplace increases the pool of talent available,enhances individual work-life balance,encourages personal achievement,improves cooperation and assists in optimising organisational performance.SciDev is committed
141、 to providing a fair and equitable workplace,free from discrimination related to age,gender,ethnicity,cultural or other personal factors,in which diversity enhances Company performance and Shareholder value.The Company encourages diversity at all levels of the organisation to facilitate an appropria
142、te mix of skills and talent to conduct its business.Active management of diversity in the workplace involves recognising and valuing the unique contribution people can make because of their individual backgrounds,different skills,experiences and perspectives.Pleasingly,we have made positive progress
143、 in gender diversity,with 25%of our workforce now female.25SciDev Limited/Annual Report 2022Environmental,Social and Governance continuedCommunitiesGiven the broad nature of the geographies in which SciDev operate we interact with a range of communities across the globe.Recognising this and wanting
144、to establish and leave a lasting imprint on local communities via our actions,SciDev has partnered with Schools Plus in the delivery of funding to assist disadvantaged communities to improve learning outcomes for their students.SciDev has provided financial support to underpin the Two-Way Science Pr
145、ogramme at a cluster of Anangu schools(Oak Valley Anangu,Amata Anangu,Fregan Anangu,Indulkana Anangu,Kenmore Park Ananagu,Yalata Anangu,Pipalyatjara Anangu and Ernabella Anangu).The project had directly benefited over 200 students,100 teachers and a further 100 community members to build cultural id
146、entity,teach science,reinforce literacy and numeracy skills and incorporate technology.This teaching and learning approach provides a way to construct meaningful engagement with the Anangu community.Our team also raised more than$20,000 for the Black Dog Institute to help fund crucial mental health
147、research,support and prevention initiatives.GOVERNANCESciDev are committed to a high level of governance and value,and reward ethical standards,personal and corporate integrity and respect for others.SciDevs governing documents include a Corporate Governance Statement,Board Charter and Code of Condu
148、ct Policy which provide the overlying framework of governing principles.The SciDev Board of Directors is cognisant of the importance of the Companys corporate governance framework in establishing accountabilities and managing risk.Our policies and procedures are detailed in our Corporate Governance
149、Statement and Board Matrix which can be viewed on the SciDev website.Ethics and whistleblowingSciDev has a culture which foster open and honest dialogue amongst our staff.Our staff have access to senior management and the Board and are encouraged to report any unethical behaviour or breaches of poli
150、cies and procedures.In FY22 all staff have completed training on Fraud and Corruption and Anti-Bullying,Discrimination and Harassment.These training modules form part of the on-barding training for all new employees.26Ethical Sourcing and Modern SlaveryWe are committed to an ethical and transparent
151、approach to business,ensuring effective systems and controls are in place to safeguard against any form of modern slavery within our business operations or our supply chain.SciDev is aware of its responsibilities to respect and protect the rights of our people and individuals and communities affecte
152、d by our activities and the Company is committed to following the UN Guiding Principles on Business and Human Rights.The Company is working through the framework to set an Ethical Sourcing and Modern Slavery Policy.SciDev Limited/Annual Report 202227Directors Report 29Auditors Independence Declarati
153、on 49Consolidated Statement of Profit or Loss and Other Comprehensive Income 50Consolidated Statement of Financial Position 51Consolidated Statement of Changes in Equity 52Consolidated Statement of Cash Flows 53Notes to the Consolidated Financial Statements 54Directors Declaration 100Independent Aud
154、itors Report 101Additional ASX Information 106Corporate Directory IBCFinancial Report28DIRECTORS REPORTThe directors present their report,together with the financial statements,on the consolidated entity(referred to hereafter as the consolidated entity)consisting of SciDev Limited(referred to hereaf
155、ter as the company or parent entity)and the entities it controlled at the end of,or during,the year ended 30 June 2022.DIRECTORSThe following persons were directors of SciDev Limited during the whole of the financial year,except where noted below,and up to the date of this report:Vaughan Busby(appoi
156、nted a Director and NonExecutive Chairman on 9 August 2021)Simone Watt Jon Gourlay Dan OToole(appointed a Director on 3 February 2021 and Acting Chairman from 30 June 2021 to 9 August 2021)Lewis E Utting(resigned 29 April 2022)PRINCIPAL ACTIVITIESThe principal activity of the consolidated entity is
157、delivery of process control,professional services,equipment design and construction(including build,own operate services)and chemistry in the Mining and Mineral Processing,Infrastructure and Construction,Water Treatment and Oil and Gas markets.DIVIDENDSThere were no dividends paid,recommended or dec
158、lared during the current or previous financial year.REVIEW OF FINANCIAL PERFORMANCERevenue from clients in 2022 is$55,597,000(30 June 2021:$42,525,000)and the loss for the consolidated entity after providing for income tax amounted to$616,000(30 June 2021:profit of$3,453,000).Reconciliation of profi
159、t before income tax to EBITDA and Adjusted EBITDA(unaudited):2022$0002021$000Profit/(loss)before income tax(1,441)806Depreciation and amortisation2,082930Finance costs708148EBITDA1,3491,884Professional fees in connection with business combinations206Acquisition expense Haldon contingent consideratio
160、n504Nonrecurring Haldon integration costs245Adjusted EBITDA2,0982,090EBITDA and adjusted EBITDA are nonIFRS earnings measures which do not have any standardised meaning prescribed by IFRS and therefore may not be comparable to EBITDA presented by other companies.These measures,which are unaudited,ar
161、e important to management as an additional way to evaluate the consolidated entitys performance.Adjusted EBITDA excludes the effects of significant items of income and expenditure which may have an impact on the quality of earnings because of isolated or nonrecurring events.SciDev Limited/Annual Rep
162、ort 202229Directors report continuedREVIEW OF OPERATIONSSciDevs innovative chemistries and water treatment technologies,utilised across various end industries,continue to improve production efficiencies,reduce waste,and minimise the environmental footprints of our clients.Key developments in FY22 in
163、cluded:Awarded a contract for the design,construct,and operation of a permanent per and polyfluoroalkyl(PFAS)treatment plant for a major mining client in Western Australia with a total contract value of over A$2.0m.An A$1.1m purchase order by a Tier 1 mining company in Western Australia for the desi
164、gn,fabrication and installation of 27 custom water quality monitoring units.PFAS treatment plants were mobilised to clients across New South Wales and Queensland to treat PFAS contaminated surface water.Awarded supply of SciDevs proprietary suspension polymer technology,Xslik 620,for a series of wel
165、ls for a major exploration and production(E&P)company.Supply will continue through to December 2022.Sales of CatChek technology,which improves well efficiency,continued to attract new clients across the US shale industry.SciDev has secured a field trial with an existing CatChek client to trial our H
166、ighVIS friction reducer which can reduce water usage required for well completion by up to 50%.The trial will commence in Q1FY23.SciDev developed a new cationic emulsion friction reducer for application in a recycled water completion fluid system.The product was successfully field trailed with a Tie
167、r 1 E&P company,and an initial purchase order for the product is expected to generate up to US$1.4m in Q1 FY23.Trial order to the value of US$1.4m received from major Nickel producer in Australia.SciDev continues to receive significant client interest in our suspension chemistry in Australia with fi
168、eld trials beginning in Q1FY23.Our services are utilised in a range of industries,including Mining and Mineral processing,Oil and Gas Construction and Infrastructure,and Water Treatment.Mining and Mineral ProcessingThe easing of travel restrictions throughout FY22 allowed the Company to reconnect wi
169、th our client base,successfully renew existing contracts and deliver technical trials of our speciality chemistry for blue chip clients across the industry.Although international and interstate border closures caused the Company to miss out on some key contracts,SciDev is now in a strong position to
170、 capitalise on these opportunities as these contracts come up for renewal.The commercialisation of our suspension technology is also an exciting,marketdisrupting development for the mining industry.We look forward to taking it to fullscale production and distribution in FY23.Construction&Infrastruct
171、ureInternational travel restrictions impacted SciDevs ability to effectively develop our pipeline within the construction and infrastructure vertical.However,as these travel restrictions eased in the second half of FY22 we were able to resume these efforts and reengage both locally and international
172、ly.We are excited to see growth in this vertical return.Oil and GasFY22 saw a return to profitability for our Energy Services business as it benefited from a steady increase in activity in the US Oil&Gas market driven by elevated oil prices and renewed operational activity.The growth in revenue and
173、profitability was achieved through the continued commercialisation of proprietary technology,such as our CatChek and SmartVIS chemistry,that increase well lifecycles,reduce waste water production and minimise reliance on our natural water resources.With continued elevated oil prices,we continue to s
174、ee strong demand in the vertical.30Directors report continuedWater TreatmentThe 2022 year marked the first full year of operations for our Water Treatment business following the Haldon acquisition in FY21.Our water services team increased market share within the Australian domestic market,delivering
175、 projects for new and existing clients and further developing SciDevs presence within Western Australia and Queensland.We continued our establishment as the market leader in per and polyfluoroalkyl(PFAS)treatment,with our water services team delivering 12 PFAS treatment projects throughout the year.
176、The year also saw further development of our design and construct(D&C)capabilities and numerous new project wins across a wide range of industries and applications.With growing PFAS regulation and an increasing array of clients,the Water Treatment business is set for another year of growth in FY23.O
177、UTLOOKSciDevs focus for FY23 will include:Ongoing focus on the health and safety of all our employees.Leveraging the extensive business development pipeline in the water treatment sector and converting opportunities into contracts.Establish a presence across Europe and North America with an aim to d
178、eliver full scale PFAS treatment technology within FY23.Continue to increase sales of our speciality chemistry in the US oil and gas industry increasing not only the number of sites we are present on but also the number of solutions per site.Target key mining clients within the existing SciDev clien
179、t base to further develop our water treatment presence and deliver an endtoend service within the industry.Optimise the inventory position to ensure reliability of supply to clients whilst maintaining focus on effective working capital management.Drive a positive culture across the organisation and
180、increase the level of integration within our business to take advantage of the strong cross sell opportunities across our client base.SIGNIFICANT CHANGES IN THE STATE OF AFFAIRSOn 15 September 2021,SciDev Limited issued 513,000 new ordinary shares at$0.60 to the vendors of ProSol Australia Pty Ltd(r
181、efer note 22).This met the contingent consideration to be settled by the issue of SciDev Limited shares.On 9 November 2021,SciDev Limited announced the placement and issued 27,692,308 new ordinary shares with institutional investors at an issue price of$0.65 per share(refer note 22).On 29 November 2
182、021,SciDev Limited issued 527,671 new ordinary shares at$0.65 per share pursuant to a Share Purchase Plan(SPP)(refer note 22).During the year,the consolidated entity paid contingent consideration of$2,922,000(refer note 21)to the vendors of Haldon Industries.The consolidated entity also paid conting
183、ent consideration of$313,000 to the vendor of ProSol Australia Pty Ltd(refer note 21).There were no other significant changes in the state of affairs of the consolidated entity during the financial year.MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEARNo matter or circumstance has arisen since 30
184、June 2022 that has significantly affected,or may significantly affect the consolidated entitys operations,the results of those operations,or the consolidated entitys state of affairs in future financial years.SciDev Limited/Annual Report 202231Directors report continuedENVIRONMENTAL REGULATIONThe co
185、nsolidated entity is subject to a range of environmental regulations and licences under Australian Commonwealth or State laws.The Company is responsible for monitoring its compliance with these laws and is not aware of any breaches during the year.A key area of regulation are specific process licenc
186、es:Group companies are holders of NSW Environmental Protection Agency(EPA)mobile waste processing PFAS licences 20878 and 21114.INFORMATION ON DIRECTORSName:Vaughan Busby(appointed 9 August 2021)Title:NonExecutive ChairmanQualifications:B.Pharm,MBA(IMD Business School Switzerland)Experience and expe
187、rtise: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 currently serves as a NonExecutive Director for Energy Queensland Limited,a governmentowned corporation and the largest energy comp
188、any in Australia.He is also a NonExecutive Director for EnergyOne(ASX:EOL),a company providing specialist software to the energy industry and Netlogix Group Holdings Limited,a New Zealand based company specialising in supply chain logistics.Other current directorships:NonExecutive Director of Energy
189、 One Limited(from listing on ASX on 12 January 2007 to present)Former directorships(last 3 years):NoneSpecial responsibilities:Company Chairman and Chairman of the Nomination and Remuneration CommitteeInterests in shares:NilInterests in options:NilName:Lewis Utting(resigned 29 April 2022)Title:Manag
190、ing Director and Chief Executive OfficerQualifications:BAScExperience and expertise:Mr 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 transforma
191、tion of SciDev,growing revenues and profits with a focus on common industry challenges across several sectors and leveraging adjacent supply chain synergies.Other current directorships:NoneFormer directorships(last 3 years):NoneSpecial responsibilities:Managing Director and Chief Executive OfficerIn
192、terests in shares:5,968,892*Interests in options:800,000*Interests in rights:nil*32Directors report continuedName:Simone WattTitle:NonExecutive DirectorQualifications:BAScExperience and expertise:Ms Watt is the Managing Director of Sinoz Chemical and Commodities(Sinoz),which is a global company supp
193、lying reagents and technologybased improvements to the mining and agribusiness industries.Ms Watt is also a Director of Kemtec Mineral Processing and Kanins International,both parts of the Sinoz Group of companies.She has extensive experience in strategic sourcing and supplier management,business de
194、velopment and sales 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:250,000Name:Jon GourlayTitle:NonExec
195、utive DirectorQualifications:BCom,C.AExperience and expertise:Mr Gourlay is a chartered accountant with extensive experience in finance and project management,risk management,business improvement and investor relationships,with a focus on the resources and technology sectors.Mr Gourlay has held seni
196、or management roles including most recently,Commercialisation 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 directo
197、rships(last 3 years):NoneSpecial responsibilities:Chairman of the Audit and Risk Committee and member of the Nomination and Remuneration CommitteeInterests in shares:1,046,934Interests in options:NilSciDev Limited/Annual Report 202233Directors report continuedName:Dan OTooleTitle:NonExecutive Direct
198、orQualifications:BEng(Hons),EngExec,FlEAust,MAusIMM,MAICDExperience and expertise:Mr OToole brings over 35 years of experience across the engineering and consulting sectors including over 18 years in executive leadership roles within Coffey International Limited and Pitt&Sherry.Mr OToole is currentl
199、y the Chairman of Viotel Limited,a private company focused on empowering mining,transport and infrastructure businesses to better mitigate risks using worldclass monitoring technology.Prior to his current position,Mr OToole was the Chief Executive Officer of Pitt&Sherry,one of Australias most dynami
200、c consulting engineering companies with a team of highcalibre professional consultants servicing the Transport Infrastructure,Mining,Energy,Industrial,and Tourism&Recreation market sectors.Other current directorships:NoneFormer directorships(last 3 years):NoneSpecial responsibilities:Member of the A
201、udit and Risk Committee and the Nomination and Remuneration Committee and Acting Chairman from 30 June 2021 to 9 August 2021Interests in shares:NilInterests in options:NilOther current directorships quoted above are current directorships for listed entities only and excludes directorships of all oth
202、er types of entities,unless otherwise stated.Former directorships(last 3 years)quoted above are directorships held in the last three(3)years for listed entities only and exclude directorships of all other types of entities unless otherwise stated.*Interests in the shares and options of the company a
203、s at the date of resignation as a director.COMPANY SECRETARYMr Heath L Roberts(Dip Law(S.A.B.)and Grad Dip Legal Practice(UTS)is a commercial solicitor with over 20 years of listed company experience.He has acted for SciDev in various capacities over the years and brings strong transactional,complia
204、nce and capital raising experience to the role.MEETINGS 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 2022,and the number of meetings attended by each director were:Full BoardNomination and Remuneration
205、CommitteeAudit and Risk CommitteeAttendedHeldAttendedHeldAttendedHeldVaughan Busby*992211Lewis E Utting*910Simone Watt10112222Jon Gourlay11112222Dan OToole11112222Held:represents the number of meetings held during the time the director held office or was a member of the relevant committee.*Vaughan B
206、usby was appointed as Chair on 9 August 2021.*Lewis Utting resigned on 29 April 2022.34REMUNERATION 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 i
207、ts Regulations.Key management personnel are those persons having authority and responsibility for planning,directing and controlling the activities of the entity,directly or indirectly,including all directors.This includes key leaders of the Companys operating subsidiaries in Australia and overseas.
208、The remuneration report is set out under the following main headings:Principles used to determine the nature and amount of remuneration;Details of remuneration;Service agreements;Sharebased compensation;Additional information;and Additional disclosures relating to key management personnel.PRINCIPLES
209、 USED TO DETERMINE THE NATURE AND AMOUNT OF REMUNERATIONThe objective of the consolidated entitys executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered.The framework aligns executive reward with the achievement of strategic objectives
210、 of the consolidated entity and the creation of value for shareholders.The Board of Directors(the Board)ensures that executive reward satisfies the following key criteria for good reward governance practices:competitiveness and reasonableness;acceptability to shareholders;alignment of executive comp
211、ensation to business success;transparency;and alignment with proper capital management.The Group has structured an executive remuneration framework that is market competitive.The framework provides a mix of fixed base pay and variable pay that includes both short and longterm incentives,with an appr
212、opriate balance of atrisk remuneration.The Company applies remuneration strata grades,with allocations for fixed remuneration,shortterm incentive(STI)and longterm incentive(LTI)applicable to each strata grade.The percentage allocations between fixed remuneration,STI and LTI vary between the strata g
213、rades,with an emphasis on higher atrisk STI and LTI elements for more senior executives.A relationship between Company performance and remuneration has been developed and implemented,with the STI or LTI component of remuneration delivered on a performancelinked basis,as either:Equity issues to execu
214、tives,with performance conditions based on financial performance,share price performance and duration of employment milestones,and In some cases cash bonuses,which are also financial performance linked.The Board has a Nomination and Remuneration Committee which provides advice on remuneration and in
215、centive policies and practices and makes specific recommendations on remuneration packages and other terms of employment for the Managing Director and Chief Executive Officer,the NonExecutive Directors and other senior executives.Several changes to the Board structure,including the appointment of Ch
216、airman Vaughan Busby in August 2021 followed by a review conducted in Financial Year 2021.An independent,external governance advisory group Guerdon and Associates,conducted a comprehensive review of the companys Board and Committee structures and memberships and performance of the Chairman and Direc
217、tors.The FY21 review resulted in the company undertaking a Board rejuvenation program,recognising the need to ensure that the Boards skillset and governance structure remained fit for purpose and reflective of SciDevs growth aspirations.SciDev Limited/Annual Report 202235Directors report continuedNo
218、nExecutive directors remunerationFees and payments to the NonExecutive Directors reflect the demands which are made on,and the responsibilities of,the NonExecutive Directors.The Board undertakes a review of NonExecutive Directors fees and payments annually.Separate from the Board rejuvenation proces
219、s outlined above,during H1 FY21 the Board commissioned an independent,external review of NonExecutive Directors remuneration levels by Guerdon Associates.The outcomes of the review process have validated that the fees paid to NonExecutive Directors are below the median for peer companies.The company
220、 did not utilise remuneration consultants in the year ended 30 June 2022.NonExecutive Directors fees are determined within an aggregate NonExecutive Directors cash remuneration limit,which is periodically recommended for approval by shareholders.The current limit of$400,000 was approved by sharehold
221、ers at the Companys 2007 Annual General Meeting.The amount paid to NonExecutive Directors of the parent entity(SciDev Limited)during the year to 30 June 2022 was$295,750(2021:$231,032).In addition,NonExecutive Directors are entitled to participate in issues of securities pursuant to the SciDev Emplo
222、yee Share Scheme(the SciDev ESS).The value of any securities granted to NonExecutive Directors is not included in the aggregate cash remuneration limit as they are not cashbased payments.In the case where Directors seek equitybased remuneration over cashbased remuneration,consideration will be given
223、 to such request and,in any case,shareholder approval would be required for any such equitybased remuneration for Directors.During the 2022 financial year the Company granted no securities to NonExecutive Directors,however an STI/LTI payment to the Managing Director&CEO Lewis Utting was settled thro
224、ugh the issue of shares in December 2021,after requisite shareholder approval was obtained.Executive remunerationSciDevs executive pay and reward framework has three primary components,which together comprise the executives total remuneration:base pay,superannuation and standard nonmonetary benefits
225、 such as sick leave,annual leave etc;shortterm incentives through individually negotiated,performance milestoned cash payments;and longterm incentives through participation in the SciDev ESS.The combination of these comprises the executives total remuneration.The three elements described above are t
226、ailored to reflect fair reward for the individual executives contribution and whilst some executives receive a component of all three elements,other executives do not.(i)Base payBase pay is generally structured as a total employment cost package,which may be delivered as a combination of cash and pr
227、escribed nonfinancial benefits as negotiated between the Company and the executive.Executives are offered a competitive base pay that comprises a fixed component of cash salary,superannuation and standard nonmonetary benefits as described above.(ii)Shortterm incentivesFormer Managing Director&Chief
228、Executive OfficerThe former Managing Director was eligible for a shortterm incentive(STI)cash bonus payment of up to$200,000 in relation to the Financial Year 2021,and was based on the achievement of key performance indicators(KPIs)determined by the Nomination and Remuneration Committee for the cale
229、ndar year ended 31 December 2020.$116,250 of this STI was paid during Financial Year 2021 and the balance of this STI was settled through an issue of shares in December 2021,after requisite shareholder approval was obtained.No STI bonus or LTI bonus has been paid or is payable to the key management
230、personnel(KMP)in relation to Financial Year 2022 performance.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 Committee.These incentives,while not guar
231、anteed,are directly linked to the achievement of KPIs established around various performance targets including safety,finance,culture and client satisfaction.Cash bonuses were paid to a number of executives in respect of the 30 June 2022 financial year.36Directors report continuedOn 2 July 2021,the
232、company undertook an issue of performance rights,that had been granted during Financial Year 2021 to the executives and staff of the recently acquired Haldon Industries business.On 5 April 2022,a A$1,000 taxeffective issue of shares was made to eligible staff.(iii)Longterm incentivesLongterm perform
233、ance incentives(LTI)are delivered through the grant of securities to executive directors and selected senior executives from time to time as part of their remuneration.Performance rights with performance hurdles applicable to any performance period(including how they will be measured)are set out in
234、any such invitation to the eligible executives.During the 2021 financial year,the Company granted performance rights to 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 Of
235、ficer.Remuneration voting and comments at the companys 25 November 2021 Annual General MeetingAt the 2021 AGM,98.95%of the votes received supported adopting the remuneration report for the year ended 30 June 2021.The company did not receive any specific feedback at the 2021 AGM regarding its remuner
236、ation 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 June 2022 consisted of the f
237、ollowing directors of SciDev Limited:Vaughan Busby NonExecutive Chairman(appointed on 9 August 2021)Lewis E Utting Managing Director&Chief Executive Officer(resigned 29 April 2022)Simone Watt NonExecutive Director Jon Gourlay NonExecutive Director Dan OToole NonExecutive Director(acting Chairman fro
238、m 1 July 2021 to 9 August 2021)And the following persons:Sen Halpin Interim Chief Executive Officer(appointed 29 April 2022)Anna Hooper Chief Financial Officer(appointed 6 December 2021)Heath Roberts Company Secretary and General Counsel John Fehon Chief Financial Officer(resigned 16 September 2021)
239、SciDev Limited/Annual Report 202237Directors report continuedShortterm benefitsPostemployment benefitsLongterm benefitsSharebased payments2022Cash salary and fees$Annual leave$Super annuation$Termination Benefits$Long service leave$Options and performance rights(e)$Share rights$Total$NonExecutive Di
240、rectors:Vaughan Busby(a)85,2848,52893,812Simone Watt60,0006,00066,000Jon Gourlay60,0006,00066,000Dan OToole(a)63,5806,35869,938Executive Directors:Lewis E Utting(b)349,88830,76940,000264,000146,514831,171Other Key Manage ment Personnel:Sen Halpin(c)258,33319,87224,00048,274350,479John Fehon(d)54,167
241、4,1675,00086,500149,834Heath Roberts166,000166,000Anna Hooper(d)175,21615,37911,784202,3791,272,46870,187107,670350,50048,274146,5141,995,613(a)Vaughan Busby was appointed as director and NonExecutive Chairman on 9th August 2021.Dan OToole was acting Chair from 1 July 2021 until 9 August 2021.(b)Lew
242、is Utting resigned on 29 April 2022.(c)Sen Halpin was appointed Interim Chief Executive Officer on 29 April 2022.Before his appointment,he was the Commercial Director of the Water Services Division.The amounts shown above include all of Sen Halpins remuneration during the reporting period,whether as
243、 Interim Chief Executive Officer or as Commercial Director of Water Services.Amounts received in his position as Interim Chief Executive Officer amounted to$62,333,made up of a cash salary of$58,333,superannuation of$4,000,annual and long service leave of$4,635 and performance rights of$8,332.(d)Joh
244、n Fehon resigned as Chief Financial Officer on 16 September 2021 and Anna Hooper was appointed Chief Financial Officer on 6 December 2021.(e)The amounts included in the options and performance rights represent the grant date fair value of options,amortised on a straightline basis over the expected v
245、esting period.Expenses are reversed where rights are forfeited due to a failure to satisfy the nonmarket hurdles only.No amounts will be received as remuneration as the marketbased hurdle has not been met upon expiry.38Directors report continuedShortterm benefitsPostemployment benefitsLongterm benef
246、itsSharebased payments2021Cash salary and fees$Annual leave$Super annuation$Termination Benefits$Long service leave$Options and performance rights(e)$Share rights$Total$NonExecutive Directors:Trevor A Jones(Chairman)82,2366,97689,212Simone Watt52,5004,45856,958Jon Gourlay52,5004,98757,487Dan OToole(
247、a)25,0002,37527,375Executive Directors:Lewis E Utting446,250200,00013,07254,18936970,113783,993Other Key Manage ment Personnel:John Fehon(c)255,6668,67624,6992233,618322,681Heath Roberts(c)228,0003,763231,7631,142,152200,00021,74897,684391107,4941,569,469(a)Dan OToole was appointed a NonExecutive Di
248、rector on 3 February 2021.The above reported remuneration relates to the period from 3 February 2021 to 30 June 2021.(b)The amounts included in the sharebased remuneration represent the grant date fair value of options,amortised on a straightline basis over the expected vesting period.Expenses are r
249、eversed 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)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 bee
250、n recorded as the nonmarket conditions are not expected to be met.SciDev Limited/Annual Report 202239Directors report continuedThe proportion of remuneration linked to performance and the fixed proportion are as follows:Fixed remunerationAt risk STIAt risk LTIName202220212022202120222021NonExecutive
251、 Directors:Vaughan Busby100%Simone Watt100%100%Jon Gourlay100%100%Dan OToole100%100%Trevor A Jones100%Executive Directors:Lewis E Utting82%66%25%18%9%Other Key Management Personnel:Sen Halpin87%13%Anna Hooper100%Heath Roberts100%98%2%John Fehon100%90%10%40Directors report continuedSERVICE AGREEMENTS
252、Remuneration and other terms 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 various d
253、atesTerm of agreement:Resigned 29 April 2022Details:Base salary including car allowance of$480,000 plus superannuation.Mr Utting was also entitled to an STI bonus of$200,000 per 12month period subject to meeting certain performancebased milestones and an LTI of$250,000 in performancebased equity(opt
254、ions or shares)under the terms of the Companys ESS.Mr Uttings salary,allowances and performance bonus was reviewed annually by the Nomination and Remuneration Committee.The contract could be terminated by six(6)months notice from either party.Name:Sen HalpinTitle:Interim Chief Executive OfficerAgree
255、ment commenced:29 April 2022Term of agreement:OngoingDetails:Base salary of$350,000 plus superannuation and performancebased$60,000 bonus.Mr Halpin is entitled to participate in the Companys ESS.The contract may be terminated by three(3)months notice from either party.Name:Heath RobertsTitle:Company
256、 Secretary&General CounselAgreement commenced:1 March 2017Term of agreement:OngoingDetails:Consulting per diem rate equal to that of$240,000 for fulltime employment and services.The agreement may be terminated by one(1)months notice from either party.Name:Anna HooperTitle:Chief Financial OfficerAgre
257、ement commenced:6 December 2021Term of agreement:OngoingDetails:Base salary of$313,250 plus superannuation and STI performancebased bonus of$70,000 and an LTI of$162,690 in performancebased equity under the terms of the Companys ESS.The contract may be terminated by three(3)months notice from either
258、 party.SciDev Limited/Annual Report 202241Directors report continuedName:John FehonTitle:Chief Financial OfficerAgreement commenced:3 February 2020Term of agreement:Resigned 16 September 2021Details:Base salary of$260,000 plus superannuation and performancebased$60,000 bonus.The contract could be te
259、rminated by three(3)months notice from either party.Key management personnel(KMP)have no entitlement to termination payments in the event of removal for misconduct.With the exception of LTI related to 2021 performance paid in shares to Lewis Utting,no STI bonus or LTI bonus has been paid or is payab
260、le to the KMP in relation to Financial Year 2022 performance.SHAREBASED COMPENSATIONIssue of sharesLewis Utting elected to receive shares as compensation for his LTI bonus and the unpaid portion of the 2021 STI bonus.He received 328,457 shares approved at the AGM on 25 November 2021.The total expens
261、e was$180,652 split between STI accrued in Financial Year 2021 of$34,138 and LTI of$146,514.There were no other shares issued to directors or other key management personnel as part of compensation during the year ended 30 June 2022.OptionsThe terms and conditions of the prior year grants of options
262、over ordinary shares are as follows:NameNumber of options grantedGrant dateVesting dateExpiry dateExercise priceFair value per option at grant dateVested%Lewis Utting800,00023/07/201923/07/201923/07/2022$0.10$0.13100%Lewis Utting800,00023/07/201930/06/202123/07/2022$0.10$0.17100%Simone Watt250,00023
263、/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 Roberts200,00016/05/201916/05/201923/07/2022$0.10$0.00100%Heath Robert
264、s200,00016/05/201930/06/202123/07/2022$0.10$0.04100%With the exception of the options granted to Lewis Utting(Managing Director and Chief Executive Officer),which had performance conditions required to be met to earn the grant,all the other options granted had no performance conditions.The options i
265、ssued to the Directors were premiumpriced options and reported as remuneration over the vesting period.These options were issued under the Companys ESS.The options expire on the earlier of their expiry date or termination of the employees employment.The Board has discretion under the ESS to apply go
266、od leaver provisions in certain cases.Options issued to Directors of the company were first approved by the companys shareholders,as required by ASX Listing Rules.The options do not entitle the holders to participate in any share issue,bonus or distribution by the Company unless first exercised in a
267、ccordance with the option terms.42Directors report continuedOptions granted carry no dividend or voting rights.There has been no alteration of the terms and conditions of the above sharebased payment arrangements since the grant date.Values of options over ordinary shares granted,exercised and lapse
268、d for directors and other key management personnel as part of compensation during the year ended 30 June 2022 are set out below:Value of options granted during the year 2022$Value of options exercised during the year 2022$Value of options granted during the year 2021$Value of options exercised durin
269、g the year 2021$Trevor JonesLewis Utting104,000Simone WattJon GourlayJohn Fehon*63,750Heath Roberts*The value exercised represents the intrinsic value at exercise date.There were no options for directors and other key management personnel that lapsed during the year ended 30 June 2022.Performance ri
270、ghtsDuring the year ended 30 June 2021,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 to vest(convert to fully paid ordinary shares)the holder must meet:A test related to Sc
271、iDev share price performance($2.00),and A test related to relevant segment cashflow performance breakeven,and A continued employment or good leaver test.The terms and conditions of each grant of performance rights over ordinary shares affecting the remuneration of directors and other key management
272、personnel in this financial year or future reporting years 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 Roberts120,00
273、015/12/202031/10/202231/10/2022$2.000$0.49740Sen Halpin312,50026/05/202130/06/202230/06/2022$2.000$0.24190The 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 of the company parti
274、cipated in the grant of performance rights.The nonmarket 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.The nonmarket vesting conditions include the achievement of positiv
275、e operating group cash flow over the year subsequent to the grant date.SciDev Limited/Annual Report 202243Directors report continuedADDITIONAL INFORMATIONThe earnings of the consolidated entity for the five years to 30 June 2022 are summarised below:2022$0002021$0002020$0002019$0002018$000Sales reve
276、nue55,59742,52517,9072,6562,029Profit/(loss)after income tax(616)3,453(875)(2,033)1,002The factors that are considered to affect total shareholders return(TSR)are summarised below:20222021202020192018Share price at financial year end($)0.180.850.580.090.07Basic earnings per share(cents per share)*(0
277、.35)2.26(0.69)(2.69)2.02*The earnings per share for 2018 have been adjusted for the effect of the share consolidation completed in December 2018.Additional disclosures relating to key management personnelShareholdingThe number of shares in the company held during the financial year by each director
278、and other members of key management personnel of the consolidated entity,including their personally related parties,is set out below:Balance at the start of the yearReceived during the year on the exercise of optionsAdditions/other*Disposals/other*Balance at the end of the yearOrdinary sharesVaughan
279、 BusbyLewis E Utting5,448,129520,763(5,968,892)Simone Watt5,063,2805,063,280Jon Gourlay954,62892,3061,046,934Dan OTooleSen Halpin(1)5,100,0005,100,000John Fehon309,65975,000(384,659)Heath Roberts106,093106,093Anna Hooper11,881,78975,0005,713,069(6,353,551)11,316,307*Included in additions are the sha
280、reholdings held by Directors at the date of their appointment.*Included in disposals/other is the removal from the table of the shareholdings for key management personnel who have resigned during the period or are no longer considered to be a key management person.(1)Mr Halpin is a director and part
281、owner of Haldon Industries Pty Ltd,which is the holder of 5,100,000 shares.These shares are subject to a 24month escrow as described in the companys ASX announcement of 29 March 2021.44Directors report continuedOption holdingThe number of options over ordinary shares in the company held during the f
282、inancial 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 yearGrantedExercisedExpired/forfeited/other*Balance at the end of the yearOptions over ordinary sharesLewis
283、E Utting800,000(800,000)Simone Watt250,000250,000John Fehon75,000(75,000)Heath Roberts400,000400,0001,525,000(75,000)(800,000)650,000*Included in expired/forfeited/other is the removal from the table of the option holdings for key management personnel who have resigned during the period or are no lo
284、nger considered to be a key management person.Performance rights holdingThe number of performance rights over ordinary shares in the company held during the financial year by each director and other members of key management personnel of the consolidated entity,including their personally related par
285、ties,is set out below:Balance at the start of the yearGrantedVestedExpired/forfeited/other*Balance at the end of the yearPerformance rights over ordinary sharesJohn Fehon130,000(130,000)Heath Roberts120,000120,000Sen Halpin312,500(312,500)562,500(442,500)120,000*Included in expired/forfeited/other i
286、s the removal from the table of the performance right holdings for key management personnel who have resigned during the period or are no longer considered to be a key management person.Loans to key management personnel and their related partiesThere were no loans owing by key management personnel o
287、f the group,including their close family members and entities related to them,during the financial year ended 30 June 2022.SciDev Limited/Annual Report 202245Directors report continuedOther transactions with key management personnel and their related partiesA director,Simone Watt,is a director of Si
288、noz Chemicals and Commodities Pty Ltd(Sinoz)and has the capacity to significantly influence the decisionmaking of the company.The consolidated entity has leased premises from Sinoz during July 2021 only.Amounts paid for rent in 2022:$502(2021:$6,030).Sen Halpin,Interim CEO is also a director of Hald
289、on Industries Pty Limited(HIPL).On 12 May 2021,SciDev Limited acquired the assets and business of Haldon Industries Limited.In relation to that transaction,during the financial year 2022,SciDev Limited paid a contingent consideration of$2,922,039,lease payments of$2,308,000 and cash on settlement of
290、$879,685 to HIPL.In addition,a number of clients have continued to remit payments via HIPL.SciDev received cash from clients via HIPL of$3,882,745 and incurred costs in the year via HIPL of$540,838.Amounts reimbursed to HIPL for suppliers for the period from 15 May 2021 to 30 June 2021 was$281,911.A
291、mounts exclude GST.As at 30 June 2022 SciDev recognised a contingent consideration of$7,240,000 to HIPL and a liability for the asset lease from HIPL of$2,307,000.There is a trading balance owing by SciDev to HIPL of$319,599 at 30 June 2022.There were no other transactions with key management person
292、nel of the group,including their close family members and entities related to them,during the financial year ended 30 June 2022.This concludes the remuneration report,which has been audited.46Directors report continuedSHARES UNDER OPTIONThere were no unissued ordinary shares of SciDev Limited under
293、option outstanding at the date of this report.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 rights at the date of
294、this report are as follows:Grant dateExpiry dateExercise priceNumber under rights15 December 202031 October 2022$0.0001,408,399SHARES ISSUED ON THE EXERCISE OF OPTIONSThere were 425,000 ordinary shares of SciDev Limited issued on the exercise of options during the year ended 30 June 2022 and a furth
295、er 1,725,000 up to the date of this report.At the date of the report,there were no shares under option.SHARES ISSUED ON THE EXERCISE OF PERFORMANCE RIGHTSThere were no ordinary shares of SciDev Limited issued on the exercise of performance rights during the year ended 30 June 2022 and up to the date
296、 of this report.INDEMNITY AND INSURANCE OF OFFICERSThe company has indemnified the directors and executives of the company for costs incurred in their capacity as a director or executive,for which they may be held personally liable,except where there is a lack of good faith.During the financial year
297、,the company paid a premium in respect of a contract to insure the directors and executives of the company against a liability to the extent permitted by the Corporations Act 2001.The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.INDEMNITY AN
298、D INSURANCE OF AUDITORThe company has not,during or since the end of the financial year,indemnified or agreed to indemnify the auditor of the company or 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 contrac
299、t to insure the auditor of the company or any related entity.PROCEEDINGS ON BEHALF OF THE COMPANYNo person has applied to the Court under section 237 of 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 part
300、y for the purpose of taking responsibility on behalf of the company for all or part of those proceedings.SciDev Limited/Annual Report 202247Directors report continuedNONAUDIT SERVICESDetails of the amounts paid or payable to the auditor for nonaudit services provided during the financial year by the
301、 auditor are outlined in note 29 to the financial statements.The directors are satisfied that the provision of nonaudit services during the financial year,by the auditor (or by another person or firm on the auditors behalf),is compatible with the general standard of independence for auditors imposed
302、 by the Corporations Act 2001.The directors are of the opinion that the services as disclosed in note 29 to the financial statements do not compromise the external auditors independence requirements of the Corporations Act 2001 for the following reasons:all nonaudit services have been reviewed and a
303、pproved to ensure that they do not impact the integrity and objectivity of the auditor;and none of the services undermines the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Stan
304、dards Board,including reviewing or auditing the auditors own work,acting in a management or decisionmaking capacity for the company,acting as an advocate for the company or jointly sharing economic risks and rewards.OFFICERS OF THE COMPANY WHO ARE FORMER PARTNERS OF ERNST&YOUNGThere are no officers
305、of the company who are former partners of Ernst&Young.ROUNDING OF AMOUNTSThe company is of a kind referred to in Corporations Instrument 2016/191,issued by the Australian Securities and Investments Commission,relating to roundingoff.Amounts in this report have been rounded off in accordance with tha
306、t Corporations Instrument to the nearest thousand dollars,or in certain cases,the nearest dollar.AUDITORS INDEPENDENCE DECLARATIONA copy of the auditors independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this Directors Report.AUDITORErns
307、t&Young continues in office in accordance with section 327 of the Corporations Act 2001.This report is made in accordance with a resolution of directors,pursuant to section 298(2)(a)of the Corporations Act 2001.On behalf of the directorsVaughan Busby Chairman31 August 2022 Sydney48Ernst&Young 200 Ge
308、orge Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel:+61 2 9248 5555 Fax:+61 2 9248 5959 Auditors independence declaration to the directors of SciDev Limited As lead auditor for the audit of the financial report of SciDev Limited for the financial year ended 30 June 2022,I declare
309、to the best of my knowledge and belief,there have been:a.No contraventions of the auditor independence requirements of the Corporations Act 2001 inrelation to the audit;b.No contraventions of any applicable code of professional conduct in relation to the audit;andc.No non-audit services provided tha
310、t contravene any applicable code of professional conduct inrelation to the audit.This declaration is in respect of SciDev Limited and the entities it controlled during the financial year.Ernst&Young Siobhan Hughes Partner 31 August 2022 A member firm of Ernst&Young Global Limited Liability limited b
311、y a scheme approved under Professional Standards Legislation AUDITORS INDEPENDENCE DECLARATIONSciDev Limited/Annual Report 202249CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the year ended 30 June 2022 Note2022$0002021$000Revenue555,59742,525Other income66311,712Expense
312、sChanges in inventories,and raw materials and consumables used(38,182)(32,366)Contractors and consultants(1,758)(1,609)Depreciation and amortisation expense(2,082)(930)Employee benefits expense(9,888)(6,254)Insurance(340)(275)Foreign exchange losses(381)Acquisition expense Haldon contingent consider
313、ation21(504)Professional fees(579)(382)Travel and accommodation(582)(313)Other expenses(2,665)(1,154)Finance costs7(708)(148)Profit/(loss)before income tax benefit(1,441)806Income tax benefit88252,647Profit/(loss)after income tax benefit for the year attributable to the owners of SciDev Limited(616)
314、3,453Other comprehensive income/(loss)Items that will not be reclassified subsequently to profit or loss(Loss)/Gain on the revaluation of equity instruments at fair value through other comprehensive income,net of tax(808)810Items that may be reclassified subsequently to profit or lossForeign currenc
315、y translation631(1,081)Other comprehensive income/(loss)for the year,net of tax(177)(271)Total comprehensive income/(loss)for the year attributable to the owners of SciDev Limited(793)3,182CentsCentsBasic earnings/(loss)per share38(0.35)2.26Diluted earnings/(loss)per share38(0.35)2.23The above conso
316、lidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes50CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAs at 30 June 2022Note2022$0002021$000*restatedAssetsCurrent assetsCash and cash equivalents914,0647,010Trade and other receivable
317、s1010,2687,683Contract assets11442Inventories127,3463,793Income tax refund due33Other439337Total current assets32,12019,268Noncurrent assetsFinancial assets at fair value131,7302,721Property,plant and equipment147,7726,384Intangibles1525,87425,686Deferred tax83,5052,047Other15645Total noncurrent ass
318、ets39,03736,883Total assets71,15756,151LiabilitiesCurrent liabilitiesTrade and other payables1611,7879,529Contract liabilities17242263Lease liabilities192,5512,465Employee benefits20432400Provisions213,6203,539Total current liabilities18,63216,196Noncurrent liabilitiesBorrowings18280Lease liabilitie
319、s193442,385Provisions213,3445,675Total noncurrent liabilities3,6888,340Total liabilities22,32024,536Net assets48,83731,615EquityIssued capital22119,237100,997Other equity23308Reserves24(69)25Accumulated losses(70,331)(69,715)Total equity48,83731,615*Consolidated Statement of Financial Position as at
320、 30 June 2021 has been restated to reflect the finalisation of the acquisition accounting for Haldon Industries Pty Limited,Refer note 34 for details.The above consolidated statement of financial position should be read in conjunction with the accompanying notesSciDev Limited/Annual Report 202251CON
321、SOLIDATED STATEMENT OF CHANGES IN EQUITYFor the year ended 30 June 2022Issued capital$000Other equity$000Reserves$000Accumulated losses$000Total equity$000Balance at 1 July 202089,875570133(73,168)17,410Profit after income tax benefit for the year3,4533,453Other comprehensive income/(loss)for the ye
322、ar,net of tax(271)(271)Total comprehensive income/(loss)for the year(271)3,4533,182Transactions with owners in their capacity as owners:Contributions of equity(note 22)10,92710,927Transaction costs net of tax(note 22)(192)(192)Sharebased payments(note 39)163163Options exercised(note 22)125125Conting
323、ent consideration(note 23)262(262)Balance at 30 June 2021100,99730825(69,715)31,615Issued capital$000Other equity$000Reserves$000Accumulated losses$000Total equity$000Balance at 1 July 2021100,99730825(69,715)31,615Loss after income tax benefit for the year(616)(616)Other comprehensive income/(loss)
324、for the year,net of tax(177)(177)Total comprehensive income/(loss)for the year(177)(616)(793)Transactions with owners in their capacity as owners:Sharebased payments(note 39)8383Contributions of equity(note 22)18,55018,550Transaction costs net of tax(note 22)(669)(669)Options exercised(note 22)5151C
325、ontingent consideration(note 23)308(308)Balance at 30 June 2022119,237(69)(70,331)48,837The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.52CONSOLIDATED STATEMENT OF CASH FLOWSFor the year ended 30 June 2022Note2022$0002021$000Cash flows
326、from operating activitiesReceipts from clients(inclusive of GST)54,97241,853Payments to suppliers and employees(inclusive of GST)(57,214)(43,539)(2,242)(1,686)Government grants and subsidies119106Interest received1R&D tax incentive received1,044380Interest and other finance costs paid(227)(148)Incom
327、e taxes refunded30Net cash used in operating activities37(1,306)(1,317)Cash flows from investing activitiesPayment for purchase of business,net of cash acquired(1,700)Payments for deferred consideration(880)Payments for property,plant and equipment(2,382)(414)Payments for intangibles15(141)(187)Paym
328、ents for security deposits(110)Payments for contingent considerations(3,235)(267)Proceeds from disposal of property,plant and equipment9865Proceeds from release of security deposits17Net cash used in investing activities(6,650)(2,486)Cash flows from financing activitiesProceeds from issue of shares1
329、8,3697,000Proceeds from borrowings1,093Repayment of leases(2,476)(871)Proceeds from exercise of share options51125Share issue transaction costs(955)(192)Repayment of borrowings(817)Net cash from financing activities14,9896,338Net increase in cash and cash equivalents7,0332,535Cash and cash equivalen
330、ts at the beginning of the financial year7,0104,482Effects of exchange rate changes on cash and cash equivalents21(7)Cash and cash equivalents at the end of the financial year914,0647,010The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.SciDev L
331、imited/Annual Report 202253NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS30 June 2022NOTE 1.GENERAL INFORMATIONThe financial statements cover SciDev Limited as a consolidated entity consisting of SciDev Limited and the entities it controlled at the end of,or during,the year.The financial statements
332、are presented in Australian dollars,which is SciDev Limiteds functional and presentation currency.SciDev Limited is a listed public company limited by shares,incorporated and domiciled in Australia.Its registered office and principal place of business are:Registered officePrincipal place of business
333、C/Boardroom Pty Limited Level 12 225 George Street Sydney NSW 2000Unit 1 8 Turbo Road Kings Park NSW 2148A description of the nature of the consolidated entitys operations and its principal activities are included in the directors report,which is not part of the financial statements.The financial statements were authorised for issue,in accordance with a resolution of directors,on 31 August 2022.Th
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