BLUGLASS LIMITED

Appendix 4D

Interim Report

ACN Six Months Ended 116825793 31 DECEMBER 2014 Corresponding period was the six months ended 31 December 2013

Results for announcement to the market

RESULTS
		$A	%		$A
Revenues from ordinary activities	Up	37,058	2	to	2,008,896
Loss from ordinary activities after tax	Down	(83,876)	5	to	(1,551,130)
attributable to members
Loss for the period attributable to members	Down	(83,876)	5	to	(1,551,130)

EPS	EPS	EPS
Earnings per Security (cents per share)	31 Dec 2014	31 Dec 2013
Basic loss per share (cents per share) Diluted lossper share(centsper share)	(0.54) cents (0.54)cents	(0.56) cents (0.56)cents
Net Tangible Asset Backing 31 Dec 2014 31 Dec 2013
Per OrdinarySecurity (centsper share)	1.69 cents	2.51 cents

Dividend Payable

No dividends have been paid or declared during the period.

Dividend Re-investment Plan

There is no dividend re-investment plan in operation.

Control gained over entities having material effect

Control gained over entities having material effect
	NIL
Loss of control of entities having material effect
Name of entity (orgroupof entities)	NIL
Details of associates and joint venture entities
Name of entity (orgroupof entities)	NIL

This report is based on the Half Year Financial Report which has been subject to review by the Auditors. All the documents comprise the information required by Listing Rule 4.2A. This information should be read in conjunction with the Interim Financial Report for the Half Year Ended 31 December 2014 and the 30 June 2014Annual Financial Report.

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INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2014 BLUGLASS LIMITED and CONTROLLED ENTITIES ABN 20 116 825 793

BluGlass Limited

Page 1 of 15

Half Yearly Results 31 December 2009

BLUGLASS LIMITED and Controlled Entities ABN 20 116 825 793

CONTENTS	Page
Directors’ Report	3
Auditor’s Independence Declaration	6
Consolidated Statement of Profit or Loss and Other Comprehensive Income	7
Consolidated Statement of Financial Position	8
Consolidated Statement of Changes In Equity	9
Consolidated Statement of Cash Flows	10
Notes to the Financial Statements	11
Directors’ Declaration	13
Independent Auditor’s Review Report	14

BluGlass Limited

Page 2 of 15

Half Yearly Results 31 December 2014

BLUGLASS LIMITED and Controlled Entities ABN 20 116 825 793

DIRECTORS’ REPORT

Your directors present their report on the company and its controlled entities for the half year ended 31 December 2014.

Directors

The names of directors in office at any time during or since the end of the half year are:

Mr George Venardos

Mr Greg Cornelsen

Mr Chandra Kantamneni

Dr William Johnson

Mr Giles Bourne

Principal Activities

The principal activity of the consolidated entity during the half year was the further development and commercialisation of novel technology for the manufacture of epitaxially grown gallium nitride at low temperature. BluGlass is also engaged in research activities in developing other high efficiency nitride devices.

All research and development activites are conducted in BluGlass Limited. There were no other significant changes in the nature of the consolidated entity’s principal activities during the half year.

Operating Results

Revenue has increased by $37,058 up 1.9% to $2,008,896 due to the following factors:

Accrual of $1,000,000 for the Research and Development Tax Rebate, applicable for the six month period. Accrued on the same basis as the prior year
Receipt of the operational foundry revenue $194,300, up 217% from prior year.
Receipt of $833,895 from the Commonwealth Clean Technology Grant. Up 40% on last year.

Gross expenditure has decreased by $46,818, down 1.3% due to the following factors:

Employee benefits expense down 4.9% to $1,390,122 (2013: $1,461,387), and no staff bonus was paid during the period.
Depreciation expense is increasing due to amortisation of the new facilities fit out completed during the prior year, $388,796 (2013: $250,673).

The consolidated loss for the period amounted to $1,551,130 down 5.1% (2013: $1,635,006 )

The company’s has net assets of $13,549,793, (30 June 2014: $14,799,655)

The Statement of Financial Position does not include a value for the increasing number of patents granted during the period since listing on the ASX in 2006 as all research and development costs are expensed as incurred and not capitalised.

Dividends Paid or Recommended

No dividends were paid or declared during the period.

BluGlass Limited

Page 3 of 15

Half Yearly Results 31 December 2014

BLUGLASS LIMITED and Controlled Entities ABN 20 116 825 793

REVIEW OF OPERATIONS

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Figure 1: Recent demonstrations of green and blue light emission from RPCVD p-GaN layers grown on MOCVD partial structures

POST AGM ACTIVITY & PROGRESS

Since the AGM, BluGlass has made significant improvements in the blue LED efficiency using RPCVD p-GaN and has commenced work on green LEDs with promising first results (see Figure 1 ).

The most recent measurements ( see Table 1) have shown that blue LEDs grown by incorporating BluGlass’ low temperature RPCVD p-GaN on top of

MOCVD grown multi-quantum wells (MQWs) are closing the gap towards that of entirely MOCVD grown LEDs made in-house on BluGlass’ MOCVD system. The general device structure tested is shown on the right side in Figure 2.

This jump in improvement was achieved on both of the RPCVD systems, with the single best result occurring on the newly commissioned BLG-300 system. This demonstrates that the RPCVD technology can be successfully transferred from one vendor platform and operating system (Veeco) to another (Aixtron). This will help provide confidence in the scalability and commercialisation potential of the technology.

Table 1. RPCVD results from wafer level LED Quick Test setup at BluGlass using indium contacts	Measured at 20mA	Measured at 50mA
Light Output (mW)	1.9	4.3
Vf (V)	4.4	5.8
Peak Wavelegnth (nm)	462	461
Full Width Half Maximum (nm)	21	23

Figure 2: BluGlass is aiming to demonstrate to the industry that an RPCVD top layer (the p- GaN layer) can improve the light output of an LED.

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As discussed at the AGM, additional effort has been placed on exploring other RPCVD opportunities, in particular GaN on silicon and aluminium nitride (AlN) templates. The BLG-300, the larger of the two RPCVD systems, has been used to explore AlN deposition, which is a key material in applications that use GaN on silicon such as in power electronics. Initial efforts have shown promise and have demonstrated the benefit of having two RPCVD systems working on multiple aspects of the nitride technology and their applications.

BluGlass Limited

Page 4 of 15

Half Yearly Results 31 December 2014

BLUGLASS LIMITED and Controlled Entities ABN 20 116 825 793

Following our July 2014 announcement (improvement in efficiency of RPCVD p-GaN), a number of the industry’s leading chip and equipment manufacturers contacted BluGlass to discuss the RPCVD technology and our current progress. As a result of this, the CTO and MD met with some of these companies in Asia and the US. These discussions were very productive and reaffirmed the Company’s roadmaps and value proposition.

BluGlass has taken a gold sponsorship of the upcoming Compound Semiconductor (CS) International Conference in Frankfurt, Germany (March 11-12). This activity has been supported (and partially funded) by the NSW Government. BluGlass will have a stand at the two day conference to showcase to the industry the recent progress on the development of the RPCVD platform and will also be marketing the growing custom epitaxy (foundry) business alongside our agent, xVI Technologies. This is a positive step forward for the company to be holding its first trade stand and beginning the process of marketing the RPCVD technology. More information can be found at: http://www.cs-international.net/sponsors.

The BluGlass Chief Technology Officer, Dr. Ian Mann has also been invited to speak at the Semicon China conference in Shanghai in March 17-19 and will be delivering a talk to the semiconductor community on the benefits of low temperature RPCVD. This is a fantastic opportunity to discuss the progress that the BluGlass technology team is making towards commercialising RPCVD.

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Since the AGM in November, a further two patents have been allowed, bringing the total BluGlass granted patent portfolio to 33 international patents in key semiconductor markets.

THE HALF YEAR AHEAD

With the company now having multiple deposition systems in place, the technology team were recently able to increase the activity on some of the other roadmaps, namely the GaN on silicon and InGaN programmes. There are many potential advantages of the low temperature RPCVD in these markets.

The market opportunities for low temperature RPCVD continues to grow and expand as demonstrated by our recent discussions with the industry, and as highlighted at the recent 2014 AGM. These market opportuntities include the High Brightness LED , power electronics and solar industries where BluGlass has been focusing most of its technical effort. Additionally there are a number of emerging markets where a low temperature technology could become a critical enabler for market growth, for applications such as UV LEDs, green and yellow LEDs , and laser diodes .

Low temperature p-GaN grown by RPCVD may assist across several of these applications, RPCVD can also potentially enable high quality aluminium rich AlGaN which is also a challenge with standard MOCVD today. Improved AlGaN quality would be beneficial in power electronics and LEDs. Low temperature RPCVD also has the potential to reduce the bowing and cracking of GaN films when grown on large silicon wafers and could be used simplify the process of that used by MOCVD to date.

The focus for the coming half year for the Company will be to progress the technology roadmaps and increasingly place more emphasis on the commercialisation and marketing efforts. We look forward to a productive remaining half year and keeping our shareholders updated on the progress that we make. We thank our shareholders for their continued support as we prepare your company for industry acceptance and commercialisation.

A copy of the auditor’s independence declaration is required under s307 of the Corporations Act 2001 and is included on page 5 of this report.

George Venardos Chairman

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Dated this 27[th] day of February 2015

Giles Bourne Managing Director

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BluGlass Limited

Page 5 of 15

Half Yearly Results 31 December 2014

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Level 17, 383 Kent Street Sydney NSW 2000

Correspondence to: Locked Bag Q800 QVB Post Office Sydney NSW 1230

T +61 2 8297 2400 F +61 2 9299 4445 E [email protected] W www.grantthornton.com.au

Auditor’s Independence Declaration To The Directors of BluGlass Limited

In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of BluGlass Limited for the half-year ended 31 December 2014, I declare that, to the best of my knowledge and belief, there have been:

a No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
b No contraventions of any applicable code of professional conduct in relation to the review.

GRANT THORNTON AUDIT PTY LTD Chartered Accountants

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G S Layland Director - Audit & Assurance

Sydney, 27 February 2015

Grant Thornton Audit Pty Ltd ACN 130 913 594

a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389

‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.

Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.

Page 6 of 15

BLUGLASS LIMITED and Controlled Entities ABN 20 116 825 793

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 31 DECEMBER 2014

Note Revenue 3 Employee benefits expense Professional fees Board and secretarial fees Corporate compliance & legal expenses Consultant fees Rent expense Travel and accommodation expense Engineering, consumable & repairs expense Depreciation expense Share based payment Other expenses Loss before income tax Income tax expense Loss for the period Other comprehensive income Total comprehensive income attributable to members of the parent entity Profits attributable to: --members of the parent entity Total Comprehensive income attributable -- members of the parent entity Earnings per share Basic earnings per share (cents per share) Diluted earnings per share (cents per share)	Consolidated Group 31.12.2014 31.12.2013 $ $ 2,008,896 1,971,838 (1,390,122) (1,461,387) (116,942) (121,426) (140,377) (154,073) (34,532) (50,704) (183,487) (363,805) (125,000) (121,000) (36,914) (37,277) (544,574) (362,103) (388,796) (250,673) (301,272) (367,223) (298,010) (317,173)
	(1,551,130) (1,635,006) - -
	(1,551,130) (1,635,006)
	- -
	(1,551,130) (1,635,006)
	(1,551,130) (1,635,006)
	(1,551,130) (1,635,006)
	(1,551,130) (1,635,006)
	(1,551,130) (1,635,006)
	(0.54) (0.56) (0.54) (0.56)

These financial statements should be read in conjunction with the accompanying notes.

BluGlass Limited

Page 7 of 15

Half Yearly Results 31 December 2014

BLUGLASS LIMITED and Controlled Entities ABN 20 116 825 793

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2014

ASSETS
Current Assets
Cash and cash equivalents
Trade and other receivables
Consumables
Other current assets
TOTAL CURRENT ASSETS
Non-Current Assets
Property, plant and equipment
Intangible assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
Current Liabilities
Trade and other payables
Short-term provisions
TOTAL CURRENT LIABILITIES
Non-current Liabilities
Long-term provisions
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated Losses
TOTAL EQUITY

Consolidated Group
31.12.2014
30.06.2014
$
$
2,595,211
2,445,235
1,004,400
2,269,950
88,158
94,083
103,831
81,167
3,791,600
4,890,435
1,756,766
2,116,117
8,695,000
8,695,000
10,451,766
10,811,117
14,243,366
15,701,552
83,460
430,086
266,335
141,298
349,795
571,384
343,778
330,513
343,778
330,513
693,573
901,897
13,549,793
14,799,655
42,673,992
42,673,992
259,335
(41,939)
(29,383,534)
(27,832,398)
13,549,793
14,799,655

These financial statements should be read in conjunction with the accompanying notes.

BluGlass Limited

Page 8 of 15

Half Yearly Results 31 December 2014

BLUGLASS LIMITED and Controlled Entities ABN 20 116 825 793

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2014

Balance at 1 July 2013 Total comprehensive income for the period Transactions with owners in their capacity as owners: Stock options issued Transfer of retained earnings Dividends paid or provided for Balance at 31 December 2013 Balance at 1 July 2014 Total comprehensive income for the period Transactions with owners in their capacity as owners: Stock options issued Dividends paid or provided for Balance at 31 December 2014	Issued Capital Share based payments Reserve Other Reserve Accumulated Losses Total $ $ $ $ $
	42,673,992 409,914 (982,452) (24,975,030) 17,126,424 - - - (1,635,006) (1,635,006) - 367,223 - - 367,223 - (41,067) - 41,067 - - - - - -
	42,673,992 736,070 (982,452) (26,568,969) 15,858,641
	42,673,992 940,513 (982,452) (27,832,404) 14,799,655 - - - (1,551,130) (1,551,130) - 301,274 - - 301,274 - - - - -
	42,673,992 1,241,787 (982,452) (29,383,534) 13,549,793

BluGlass Limited

Page 9 of 15

Half Yearly Results 31 December 2014

BLUGLASS LIMITED and Controlled Entities ABN 20 116 825 793

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 31 DECEMBER 2014

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from grants Interest & other income received Payments to suppliers and employees Net cash provided (used)\by in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment Net cash (used) in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares Net cash provided by financing activities Net (decrease)/increase in cash held Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period	Consolidated Group 31.12.2014 31.12.2013 $ $ 833,895 595,332 1,175,001 1,326,159 (1,829,476) (2,170,084)
	179,420 (248,593)
	(29,444) (816,126)
	(29,444) (816,126)
	- -
	- -
	149,976 (1,064,719) 2,445,235 5,589,870
	2,595,211 4,525,151

These financial statements should be read in conjunction with the accompanying notes.

BluGlass Limited

Page 10 of 15

Half Yearly Results 31 December 2014

BLUGLASS LIMITED and Controlled Entities ABN 20 116 825 793

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2014

Note 1: Nature of Operation

Note 2: Basis of Preparation

These general purpose financial statements for the half-year reporting period ended 31 December 2014 have been prepared in accordance with requirements of the Corporations Act 2001 and AASB 134: Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial reporting standard IAS34 Interim Financial Reporting. The group is a for profit entity for financial reporting purposes under Australian Accounting standards.

This interim financial report is intended to provide users with an update on the latest annual financial statements of BluGlass Limited and its controlled entities (the Group). As such, it does not contain information that represents relatively insignificant changes occurring during the half year within the Group. It is therefore recommended that this financial report be read in conjunction with the annual financial report of the Group for the year ended 30 June 2014, together with any public announcements made during the half-year.

The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent annual financial statements. except in relation to the matters discussed below.

Significant Accounting Policies

The interim financial statements have been prepared in accordance with the accounting policies adopted in the Group’s last annual financial statements for the year ended 30 June 2014.

The financial statements of BluGlass Limited for the half year ended 31 December 2014 were authorised for issue in accordance with a resolution of the directors on 24 February 2015.

Going Concern

Notwithstanding the accumulated losses for the company and the consolidated entity, the directors have performed a review of the cash flow forecasts and have considered the cash flow needs of the company and consolidated entity. The directors have prepared the financial statements on a going concern basis, as the directors have a number of strategies in progress to generate revenues from operations and maintain the company in a cashflow positive position.

Note 3: Loss for the Period

Note 3: Loss for the Period
	Consolidated	Group
	31.12.2014	31.12.2013
The following revenue and expense items are relevant in explaining the financial
performance for the interim period:
Grant revenue	833,895	595,332
R&D Tax rebate	1,000,000	1,232,372

Note 4: Dividends

There were no dividends paid or declared during the period.

Note 5: Operating Segments

The consolidated group operates and reports in one business and geographic segment.

BluGlass Limited

Page 11 of 15

Half Yearly Results 31 December 2014

BLUGLASS LIMITED and Controlled Entities ABN 20 116 825 793

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2014

Note 6: Losses Per Share

Both the basic and diluted losses per share have been calculated using the losses attributable to shareholders of the Parent Company (BluGlass Limited) as the numerator, i.e. no adjustments to losses were necessary during the six (6) month period to 31 December 2014 and 2013.

The weighted average number of shares for the purposes of the calculation of diluted losses per share can be reconciled to the weighted average number of ordinary shares used in the calculation of basic losses per share as follows:

follows:
	6 months to	6 months to
	31-Dec-2014	31-Dec-2013
	$‘000s	$‘000s
Weighted average number of shares used in basic earnings per share	287,748,721	285,220,150
Weighted average number of shares used in diluted earnings per share	287,748,721	285,220,150

Note 7: Contingent liabilities

There has been no change in contingent liabilities since the last annual reporting date.

Note 8: Events subsequent to reporting date

There were no events subsequent to reporting date.

BluGlass Limited

Page 12 of 15

Half Yearly Results 31 December 2014

BLUGLASS LIMITED and Controlled Entities ABN 20 116 825 793

DIRECTORS’ DECLARATION

The directors of the company declare that:

the financial statements and notes as set out on pages 7 to 12 are in accordance with the Corporations Act 2001 and:
(a) comply with Accounting Standards AASB 134 Interim Financial Reporting; and
(b) give a true and fair view of the financial position as at 31 December 2014 and of the performance for the half year ended on that date.
in the directors’ opinion there are reasonable grounds to believe that the group will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

George Venardos Giles Bourne Chairman Managing Director

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Dated this 27[th] day of February 2015

BluGlass Limited

Page 13 of 15

Half Yearly Results 31 December 2014

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Level 17, 383 Kent Street Sydney NSW 2000

Correspondence to: Locked Bag Q800 QVB Post Office Sydney NSW 1230

T +61 2 8297 2400 F +61 2 9299 4445 E [email protected] W www.grantthornton.com.au

Independent Auditor’s Review Report To the Members of BluGlass Limited

We have reviewed the accompanying half-year financial report of BluGlass Limited (“Company”), which comprises the consolidated financial statements being the statement of financial position as at 31 December 2014, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a statement or description of accounting policies, other explanatory information and the directors’ declaration of the consolidated entity, comprising both the Company and the entities it controlled at the half-year’s end or from time to time during the half-year.

Directors’ responsibility for the half-year financial report

The directors of BluGlass Limited are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such controls as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express a conclusion on the consolidated half-year financial report based on our review. We conducted our review in accordance with the Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the BluGlass Limited consolidated entity’s financial position as at 31 December 2014 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations

Grant Thornton Audit Pty Ltd ACN 130 913 594

a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389

Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.

Page 14 of 15

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Regulations 2001. As the auditor of BluGlass Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we complied with the independence requirements of the Corporations Act 2001.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of BluGlass Limited is not in accordance with the Corporations Act 2001, including:

a giving a true and fair view of the consolidated entity’s financial position as at 31 December 2014 and of its performance for the half-year ended on that date; and
b complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001.

GRANT THORNTON AUDIT PTY LTD Chartered Accountants

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G S Layland Director - Audit & Assurance

Sydney, 27 February 2015

Page 15 of 15

AI assistant

BLUGLASS LIMITED Interim / Quarterly Report 2015

64532_rns_2015-02-26_d9191c0c-4f64-4c64-bd35-1b03293f9d92.pdf

Appendix 4D

Interim Report