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IMPEDIMED LIMITED — Interim / Quarterly Report 2017
Feb 23, 2017
65135_rns_2017-02-23_ce88006f-27b8-4939-9650-faaf9bab4d78.pdf
Interim / Quarterly Report
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Appendix 4D
Half Year Ended
31-Dec-16
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ImpediMed Limited
ABN 65 089 705 144
Appendix 4D
1 for the half-year ended 31 December 2016
(previous corresponding period : half-year ended 31 December 2015)
The information contained in this document should be read in conjunction with the financial statements
for the year ended 30 June 2016 and any public announcements made by ImpediMed Limited and its
controlled entities during the interim reporting period in accordance with continuous disclosure obligations
arising under the Corporations Act 2001.
2 Results for announcement to the market
Previous
Current
corresponding
period
period
$000 $000 $000
2.1 Revenue from ordinary activities 3,053 2,735
Increase in revenue: 318
Percentage increase: 12%
2.2 Loss from ordinary activities after tax
attributable to members (13,793) (11,215)
Increase in loss from ordinary:
activities after tax attributable to members (2,578)
Percentage change: (23%)
2.3 Net loss for the period attributable to members (13,793) (11,215)
Increase in net loss for the period
attributable to members: (2,578)
Percentage change: (23%)
2.4 Dividends NIL NIL
There were no dividends declared and paid during the half year on ordinary shares.
There were no dividends proposed and not yet recognised as a liability during the half year.
2.5 Dividend Record Date Not applicable
2.6 Explanation of operating performance
Refer to the operating and financial review in the Directors' Report of the Financial Report for the
current reporting period.
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3 Net tangible assets per ordinary security
| Net tangible assets per ordinary security | ||||
|---|---|---|---|---|
| Current period |
Previous corresponding period |
|||
| Net tangible assets ($000) | $ | 72,432 |
$ | 24,122 |
| Issued share capital at reporting date ($000) | $ | 219,335 |
$ | 147,583 |
| Number of shares on issue at reporting date | 375,092,752 | 293,752,367 | ||
| Net tangible assets per ordinary security | $ | 0.19 |
$ | 0.08 |
4 Acquisitions and divestments
- 4.1 There were no entities over which control has been gained or lost during the current reporting period.
4.2 Not applicable
4.3 Not applicable 5 Details of dividends
There were no dividends paid during the period, or payable at 31 December 2016.
6 Dividend Reinvestment Plans
The Company has no dividend reinvestment plan.
7 Associates and joint ventures
There are no equity accounted associates and joint venture entities.
8 Accounting standards
The financial report for the group has been prepared in accordance with Australian Equivalents to International Financial Reporting Standards.
9 Auditors' review report
The review report prepared by the independent auditor Ernst & Young is not subject to any dispute or qualification, and is provided with the half-year financial statements.
Half - Year Report
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IMPEDIMED LIMITED
FINANCIAL REPORT ABN 65 089 705 144
For the half-year ended 31 December 2016
Half - Year Report
Corporate Information
ABN: 65 089 705 144
This financial report covers the consolidated entity comprising ImpediMed Limited (the “Parent” or “Company”) with its wholly owned subsidiaries (the “Group”). The Parent’s functional and presentation currency and the Group’s presentation
currency is the Australian dollar (AUD or $). A description of the Group’s operations and of its principal activities is included in the operating and financial review in the Directors’ Report. The Directors’ Report is not part of the financial report.
Directors
Non-Executive Directors
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Cherrell Hirst AO Chairman Non-executive Director
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Gary Goetzke Non-executive Director
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Scott R. Ward Non-executive Director
Managing Director
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Richard Carreon Managing Director and Chief Executive Officer
Company Secretary
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Leanne Ralph Company Secretary
Impedimed Limited[2]
Half - Year Report
ABN: 65 089 705 144
Corporate Information
Registered Office
Unit 1, 50 Parker Court Pinkenba QLD 4008
Principal Places of Business
US HEADQUARTERS
5900 Pasteur Court, Suite 125 Carlsbad CA 92008 USA T.: +1 760 585 2100
AU HEADQUARTERS
Unit 1, 50 Parker Court Pinkenba QLD 4008 T.: +61 7 3860 7000
Share Register
Link Market Services Level 15, 324 Queen Street Brisbane QLD 4000 T.: +61 7 3320 2200
ImpediMed Limited shares are listed on the Australian Securities Exchange (ASX): ASX code “IPD”.
Solicitors
Johnson Winter & Slattery Level 25, 20 Bond Street Sydney QLD 2000
Sheppard Mullin Richter & Hampton LLP 12275 El Camino Real, Suite 200 San Diego CA 92130-2006 USA
Auditors
Ernst & Young Level 51, 111 Eagle Street Brisbane QLD 4000
Remuneration Advisors to the Board of Directors
KPMG
147 Collins Street Melbourne VIC 3000
Willis Towers Watson 300 S. Grand Avenue Los Angeles CA 90071
US REGIONAL OFFICE
2901 Metro Drive Bloomington MN 55425 USA T.: +1 760 585 2011
Bankers
Commonwealth Bank of Australia 240 Queen Street Brisbane QLD 4000
Bank of America 450 B Street, Suite 1500 San Diego CA 92101-8001 USA
SOCIAL MEDIA
WEBSITE
Follow us
www.impedimed.com www.hellosozo.com
Impedimed Limited[3]
Half - Year Report
Directors’ Report
Your Directors submit their report together with the consolidated interim financial report for ImpediMed Limited for the half-year ended 31 December 2016.
Directors
The names and details of the Parent’s Directors (the “Board”) in office during the half-year and until the date of this report are outlined below. Directors were in office for this entire period unless otherwise stated.
Cherrell Hirst AO, David Adams, Juris Elizabeth Gaines FTSE, MBBS, BEdSt, Doctorate, BSc Non-executive Director DUniv, FAICD Non-executive Director (retired Feb 2017) Non-executive Chairman ( resigned Aug 2016) Michael Panaccio, PhD, Scott R. Ward, Richard Carreon MBA, BSc (Hons), FAICD MS, BSc Managing Director Non-executive Director Non-executive Director and CEO (retired Aug 2016)
Gary Goetzke, Juris Doctorate Non-executive Director (appointed Aug 2016)
Principal Activities
ImpediMed is a global provider of medical technology to measure, monitor and manage fluid status and body composition.
The principal activities of the Group during the year were the development, manufacture and sale of bioimpedance instruments and consumables and the sale of electronic test and measurement devices.
Operating and Financial Review
Group Overview
ImpediMed Limited was founded in Brisbane, Australia in October 1999, and was listed on the ASX on 24 October 2007.
The Group consists of four entities:
-
ImpediMed Limited, the Parent company operating in medical markets in regions outside North America; incorporated in 1999 and listed on the ASX on 24 October 2007.
-
ImpediMed Hellas, a Kalamaria, Greece corporation operating in a research & development and marketing capacity in Europe.
• ImpediMed Incorporated, a Delaware corporation operating in medical markets in North America.
- XiTRON Technologies, Incorporated, a California corporation operating in power test and measurement markets globally. XiTRON Technologies, Inc was acquired by ImpediMed Limited on 1 October 2007.
Directors’ Report[4]
Half - Year Report
Directors’ Report
Operating and Financial Review (Continued)
Revenue related to goods and services
(For the Half-Year ended 31 December)
2016 $ 2.9 Million
2015 $ 2.7 Million Oncology Revenue (For the Half-Year ended 31 December)
2016 $ 2.0 Million 2015 $ 1.4 Million
Operating Results for the Period
Total comprehensive loss for the period was $11.7 million (31 December 2015: $9.7 million). The loss from continuing operations after income tax for the period was $13.8 million (31 December 2015: $11.2 million). The increased loss, when compared with the prior year, is 2016 primarily attributed to an increase in research & development related expenses for the next generation device, SOZO™.
The Group reported revenue growth from the previous corresponding period in the Medical cash generating unit (CGU) of $0.7 million, or 41%. Within the Medical CGU, Oncology revenue increased by 43% and Wellness related revenue increased by 33%. In the Test & Measurement (T&M) CGU, revenue decreased by 50%.
Revenue related to goods and services for the current period were $2.9 million (31 December 2015: $2.7 million), an increase of $0.2 million, or 7%, over the previous corresponding
period. The change by operating segment was a $0.7 million increase in the Medical CGU and a $0.5 million decrease in T&M CGU, adjusted for rounding. The $0.7 million increase in the Medical segment was due to a $0.6 million increase in Oncology revenue and a $0.1 million increase in Wellness related revenue.
Cost of goods sold for the current period were $0.8 million (31 December 2015: $0.7 million). The increase in cost of goods sold is largely consistent with the increase in revenue during the period.
During the period, the Group sold its products through a mix of employed sales reps and independent distributors. In the U.S. lymphoedema market, the Group has an employed, direct sales force that focuses on the sale of the L-Dex[®] U400 and its associated patient assessments.
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Directors’ Report
Half - Year Report
Operating and Financial Review (Continued)
Directors’ Report
Activities effecting operating results
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Entered into a three-year joint development agreement with the Mayo Clinic to advance new solutions for ImpediMed’s fluid status and body composition monitoring technology
Partnered with Redox to expand the capabilities of electronic health record (EHR) integration for the SOZO device
Partnered with Vanderbilt University for a series of patient and clinician human factors testing using the SOZO device
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Scripps Health will use the SOZO device in a validation study for monitoring patients with heart failure who are currently being tracked using pulmonary artery pressure monitoring
Mayo Clinic, together with the Atlantic Health System, will use the SOZO device in a feasibility study for monitoring patients with heart failure, to provide real-world data necessary for the final design of the pivotal trial
Established European CHF Medical Advisory Board to advise the Company on the clinical utility for the use of BIS in fluid detection for chronic heart failure patients
Operating Results for the Period (continued)
Expenses for the period were $16.1 million (31 December 2015: $13.2 million). The major movements in expenses between the periods are noted below. A secondary component in the increase in expense related to the movement in the exchange rate. The average exchange rate for the reporting period was US dollar (USD) $0.75 to Australian dollar (AUD) $1.00. For the six-month period ending 31 December 2015 it was USD $0.72 to AUD $1.00. During the period, the Group incurred an unrealised mark-tomarket foreign currency translation gain of $39,000 (31 December 2015: $76,000 gain).
Salaries and benefits for the current period were $8.8 million (31 December 2015: $6.5 million), an increase of 35%. The employee headcount at the end of the period was 78 (31 December 2015: 49). Salaries and benefits increased during the period primarily due to headcount required for the continued work in research and development for the SOZO device, as well as due to the commercialisation of L-Dex in the US marketplace and the increased activity related to the management of clinical trials.
Consultants and professional fees decreased to $1.6 million (31 December 2015: $1.8 million), a decrease of 11%. The decrease in the current period was primarily due to one-time patent and license fees in the prior period related to the Group’s expansion of its Intellectual Property portfolio, slightly offset by additional legal and recruiting fees in the current period.
Clinical trial and Research and development expenses increased to $3.2 million (31 December 2015: $1.4 million), an increase of 129%. During the current financial year, the Group expanded its work on its next generation device, which included expenses for a pre-production run of SOZO devices, and continued its progress in the post-approval clinical trial for L-Dex. As of the end of the December 2016, the Group had over 800 patients enrolled in the randomised lymphoedema post-approval clinical trial, with over 200 of those patients having now surpassed their first year follow-up.
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Directors’ Report
Half - Year Report
Directors’ Report
Operating and Financial Review (Continued)
L-Dex[®] Commercial Launch in US
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Trained Accounts in Calendar Year 2016 (72)
17 16 22 17
Q1 Q2 Q3 Q4
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Targeted Accounts in Calendar Year 2016 (50)
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Operating Results for the Period (continued)
Advertising and promotion expenses increased to $0.6 million (31 December 2015: $0.4 million), an increase of 50%. The increase in the current period was primarily related to additional branding and marketing campaigns related to the Group’s product mix.
Administrative and governance fees increased to $1.1 million (31 December 2015: $0.7 million), an increase of 43%. The increase in the current period was primarily related to a provision of $0.2 million taken on excess inventory. The Group holds a large quantity of certain end-of-life parts necessary in the build of current devices. A provision was taken on all parts held in excess of current build forecasts. The increase was also due to additional insurance fees of $0.1 million, as
the Group expanded its insurance portfolio in response to changing factors such as the Group’s increased market capitalisation over the prior period.
In addition, the non-cash expense of sharebased payments decreased to $0.9 million (31 December 2015: $1.3 million), a decrease of 31%. A portion of the decrease related to prior years’ grants being fully amortised, including the initial new hire grant for the Chief Executive Officer. This decrease was partially offset by additional option and performance right grants to executives and employees in the current financial year.
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Directors’ Report
Half - Year Report
Directors’ Report
Operating and Financial Review (Continued)
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Cash and Cash Equivalents
31 December 2016 $ 73.2 Million 30 June 2016 $ 82.3 Million
Net Cash used in operating activities
(For the Half-Year ended 31 December)
$ 11.4 Million 2016 $ 9.1 Million 2015
Review of Financial Condition - Liquidity and Capital Resources
Cash and cash equivalents were $73.2 million at 31 December 2016 (30 June 2016: $82.3 million). Net cash used in operating activities for the period was $11.4 million compared to $9.1 million for the six months ending 31 December 2015. The increase in spend primarily related to research & development expenses as the Group continued to accelerate development of the next generation device, SOZO, and as the Group continued the commercialisation of L-Dex in the US market. This increased spend was slightly offset by the receipt of R&D Tax Incentive credits during the period, covering the 2015 and 2016 financial years.
The Group maintains a significant portion of available funds in U.S. dollars to match U.S. dollar expenditure needs. The loss from continuing operations for the period before income tax includes a realised foreign exchange loss arising from the operating expenses in the U.S. The spot exchange rate for the beginning and end of the reporting period was AUD $1.00 to USD $0.74 and USD $0.72, respectively. The spot exchange rate for the beginning and end of the comparative period ending 31 December 2015 was AUD $1.00 to USD $0.77 and USD $0.72, respectively.
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Directors’ Report
Half - Year Report
Directors’ Report
Lymphoedema in the News
The Centers for Medicare and Medicaid Services (CMS) published the proposed outpatient payment rates for calendar year 2017, which include an increased payment rate for code 93702 when billed by a hospital outpatient facility to an average of USD $127.42, an increase of 13.1%
Study on efficacy of L-Dex in routine clinical practice published, which demonstrates the impact L-Dex can have on patients at-risk for breast cancer related lymphoedema
Other News
The US Food and Drug Administration (FDA) issued new guidance surrounding digital health, which allows manufacturers of medical devices to use Real-World Evidence to support their application for submission to FDA for clearance and/or approval
The FDA released their guidance document “General Wellness: Policy for Low Risk Devices”, which states that the agency does not intend to examine low risk, general wellness products. Devices and apps marketed to promote healthy behaviors have been exempted by the FDA
Significant events after the balance sheet date
On 17 January 2017, ImpediMed announced the retirement of Elizabeth Gaines from the Board. Ms Gaines’ retirement followed the announcement of her appointment to the role of Chief Financial Officer of Fortescue Metals Group Limited, effective 6 February 2017.
Directors’ Report[9]
Half - Year Report
Directors’ Report
Corporate Governance
On 27 March 2014, the ASX Corporate Governance Council (CGC) released the third edition of their corporate governance principles and recommendations, including ASX listing rule 4.10.3.
Details of ImpediMed’s corporate governance policies and procedures, including information about Board Committees and Corporate Charters, can be found on the Group’s website under the Investors section:
Rounding of Amounts
The amounts contained in this report and in the financial report have been rounded to the nearest $1,000 (where rounding is applicable and where noted ($000)) under the option available to ASIC Corporations (Rounding in Financial/Directors’ Reports) Instruments 2016/191. The Group is an entity to which the Class Order applies.
- http://investors.impedimed.com/about/corpo rate-governance/
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Directors’ Report
Half - Year Report
Directors’ Report
Auditors’ independence declaration and non-audit services
The Directors append to the Directors’ Report the following declaration from our auditors, Ernst & Young.
Signed in accordance with a resolution of the Directors.
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Cherrell Hirst AO Chairman
Brisbane, 24 February 2017
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Directors’ Report
Ernst & Young 111 Eagle Street Brisbane QLD 4000 Australia GPO Box 7878 Brisbane QLD 4001
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Tel: +61 7 3011 3333 Fax: +61 7 3011 3100 ey.com/au
Auditor’s Independence Declaration to the Directors of ImpediMed Limited
As lead auditor for the review of ImpediMed Limited for the half-year ended 31 December 2016, I declare to the best of my knowledge and belief, there have been:
-
a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review ; and
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b) no contraventions of any applicable code of professional conduct in relation to the review.
This declaration is in respect of ImpediMed Limited and the entities it controlled during the financial period.
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Ernst & Young
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Kellie McKenzie Partner 24 February 2017
A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation
Half - Year Report
Consolidated Statement of Comprehensive Income
For the Half-Year Ended 31 December 2016
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Notes 31 Dec 2016 31 Dec 2015
$000 $000
CONTINUING OPERATIONS
Sale of goods 4 2,746 2,580
Rendering of services 128 131
Finance income 4 179 24
Revenue 3,053 2,735
Cost of goods sold (761) (712)
GROSS PROFIT 2,292 2,023
Other income / (expense) 5 1,481 (1)
Salaries and benefits 6 (8,766) (6,510)
Consultants and professional fees 6 (1,568) (1,756)
Advertising and promotion expenses 6 (588) (365)
Clinical trials and Research & development 6 (3,191) (1,365)
Travel expenses (785) (769)
Rent and property expenses (241) (151)
IT and other expenses (305) (211)
Administrative and governance fees (1,075) (722)
Depreciation and amortisation 6 (122) (85)
Share-based payments 11 (925) (1,303)
Loss from continuing Operations
before income tax (13,793) (11,215)
Income tax - -
Loss from continuing Operations
after income tax (13,793) (11,215)
NET LOSS FOR THE PERIOD (13,793) (11,215)
Other Comprehensive Income (loss)
Items that may be reclassified to profit or loss:
Foreign currency translations 2,072 1,487
Other Comprehensive gain for the period,
net of tax 2,072 1,487
TOTAL COMPREHENSIVE LOSS
FOR THE PERIOD (11,721) (9,728)
Notes 2016 2015
$ $
Basic and diluted loss per share 1 (0.04) (0.04)
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The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
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Consolidated Statement of Comprehensive Income
Half - Year Report
Consolidated Balance Sheet
As at 31 December 2016
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Notes as at as at
31 Dec 2016 30 June 2016
$000 $000
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| Notes as at 30 June 2016 $000 as at 31 Dec 2016 $000 |
|
|---|---|
| ASSETS Current Assets Cash and cash equivalents Trade and other receivables Inventories Other current assets Total Current Assets Non Current Assets Other fnancial assets Property and equipment Intangible assets Goodwill Total Non-Current Assets TOTAL ASSETS LIABILITIES Current Liabilities Trade and other payables Provisions Total Current Liabilities Non-Current Liabilities Provisions Total Non-Current Liabilities TOTAL LIABILITIES |
7 8 9 9 73,236 1,949 1,558 402 77,145 124 559 36 2,518 3,237 80,382 3,422 1,781 5,203 193 193 5,396 82,254 3,507 1,378 510 87,649 48 396 41 2,436 2,921 90,570 2,599 2,602 5,201 115 115 5,316 |
| NET ASSETS | 74,986 85,254 |
| EQUITY Issued capital Reserves Accumulated losses |
10 219,335 19,095 (163,444) 218,807 16,098 (149,651) |
| TOTAL EQUITY | 74,986 85,254 |
The above Consolidated Balance Sheet should be read in conjunction with the accompanying notes.
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Consolidated Balance Sheet
Half - Year Report
Consolidated Cash Flow Statement
For the Half-Year Ended 31 December 2016
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Notes 31 Dec 2016 31 Dec 2015
$000 $000
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| Notes 31 Dec 2015 $000 31 Dec 2016 $000 |
|
|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers (inclusive of GST and US sales tax) Payments to suppliers and employees (inclusive of GST and US sales tax) Interest received Other receipts |
3,001 (17,385) 179 2,803 2,863 (12,026) 28 - |
| NET CASH FLOWS USED IN OPERATING ACTIVITIES |
(11,402) (9,135) |
| CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment Proceeds from the sale of property and equipment Purchase of intangible assets |
(220) - - (32) - - |
| NET CASH FLOWS USED IN INVESTING ACTIVITIES |
(220) (32) |
| CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of ordinary shares Transaction costs from capital raising Other proceeds from fnancing activities |
585 (21) - 259 (9) - |
| NET CASH FLOWS USED IN FINANCING ACTIVITIES |
564 250 |
| Net increase (decrease) in cash and cash equivalents Net foreign exchange differences Cash and cash equivalents at beginning of period |
(11,058) 2,040 82,254 (8,917) 1,487 32,582 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD |
7 73,236 25,152 |
The above Consolidated Cash Flow Statement should be read in conjunction with the accompanying notes.
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Consolidated Cash Flow Statement
Half - Year Report
Consolidated Statement of Changes in Equity
For the Half-Year Ended 31 December 2016
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Notes Issued Share Foreign Total Accumulate Total
Capital Reserves Currency Reserves Losses $000
$000 $000 Translation $000 $000
Reserve
$000
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| Notes | Issued Capital $000 |
Share Reserves $000 |
Foreign Currency Translation Reserve $000 |
Total Reserves $000 |
Accumulate Losses $000 |
Total $000 |
|
|---|---|---|---|---|---|---|---|
| At 1 July 2015 | 147,349 | 7,665 | 3,494 | 11,159 | (123,671) | 34,837 | |
| Loss for the period | (11,215) | (11,215) | |||||
| Other comprehensive income |
1,487 | 1,487 | 1,487 | ||||
| Total comprehensive loss for the period |
- | - | 1,487 | 1,487 | (11,215) | (9,728) | |
| Equity Transactions: • Share-based payment • Allotment of ordinary shares • Costs of capital raising |
245 (11) |
1,303 | 1,303 | 1,303 245 (11) |
|||
| At 31 December 2015 | 147,583 | 8,968 | 4,981 | 13,949 | (134,886) | 26,646 | |
| At 1 July 2016 | 218,807 | 10,182 | 5,916 | 16,098 | (149,651) | 85,254 | |
| Loss for the period | (13,793) | (13,793) | |||||
| Other comprehensive loss |
2,072 | 2,072 | 2,072 | ||||
| Total comprehensive loss for the period Equity Transactions: • Share-based payment • Allotment of ordinary shares • Costs of capital raising |
_ 547 (19) |
_ 925 |
2,072 | 2,072 925 |
(13,793) | (11,721) 925 547 (19) |
|
| At 31 December 2016 | 219,335 | 11,107 | 7,988 | 19,095 | (163,444) | 74,986 |
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
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Consolidated Statement of Changes in Equity
Half - Year Report
Notes to the Financial Statements
For the Half-Year Ended 31 December 2016
CONTENT
- Earnings per share. ...............................................................................................................18 2. Dividends paid and proposed .............................................................................................18 3. Segment reporting ................................................................................................................19 4. Revenue ..................................................................................................................................21 5. Other income .........................................................................................................................21 6. Expenses ................................................................................................................................21 7. Cash and cash equivalents .................................................................................................23 8. Non-current assets - property and equipment ................................................................23 9 Intangible assets and goodwill............................................................................................24 10. Issued capital ......................................................................................................................24 11. Share-based payment plans .............................................................................................25 12. Related party disclosure ...................................................................................................26 13. Commitments and contingencies ...................................................................................26 14. Events after the balance sheet date ...............................................................................26 15. Basis of preparation and changes to the Group’s accounting policies ...................27
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Content
Half - Year Report
For the Half-Year Ended 31 December 2016
Notes to the Financial Statements
1. Earnings per share (EPS)
The following reflects the net loss attributable to ordinary equity holders and the weighted average number of ordinary shares used in the calculations of basic earnings per share (in thousands except for share data):
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31 Dec 2016 31 Dec 2015
$000 $000
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| Net loss used in calculating basic and diluted | ||
|---|---|---|
| earnings per share | (13,793) | (11,215) |
| No. | No. | |
| Weighted average number of ordinary shares used in | ||
| calculating basic and diluted earnings per share | 374,281,958 | 293,396,210 |
| $ | $ | |
| Basic and diluted loss per share | (0.04) | (0.04) |
During the current period, all issuances of new shares related to the exercise of options by employees and consultants.
Diluted EPS is calculated by taking the net loss attributable to ordinary equity holders and dividing it by the sum of the weighted average number of ordinary shares and the weighted average number of convertible instruments. For the current period ended 31 December 2016,
diluted EPS is equal to basic EPS as the Group is currently in a loss position and any conversion of instruments to ordinary shares would have an antidilutive effect on earnings per share.
As of the end of current period there were 30,129,387 (30 June 2016: 28,709,232) options and 3,999,000 (30 June 2016: 2,760,000) performance rights on issue.
2. Dividends paid and proposed
There were no dividends paid or proposed during the current reporting period or in the prior corresponding period.
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Notes to the Financial Statements
Notes to the Financial Statements For the Half-Year Ended 31 December 2016
Half - Year Report
3. Segment reporting
The following table presents revenue and profit information for reportable segments for the halfyears ended 31 December 2016 and 31 December 2015.
information categorised by the Group’s three product lines: Oncology and Wellness in the medical segment and the Test & Measurement (“T&M”) segment.
During the half-year, the Chief Executive Officer, who is the Chief Operating Decision Maker, continued reviewing the business revenue
This reporting is consistent with the prior half-year financial report.
Medical
The medical segment is a supplier of noninvasive medical devices to two under-served markets: (1) aiding in the subclinical assessment of individuals at risk of secondary lymphoedema (Oncology or ONC) and (2) the monitoring of body composition and hydration (Wellness or WLN). The Medical cash generating unit is the core business of the Group and is the main strategic operating segment.
Test & Measurement
The Test & Measurement segment is a supplier of power precision testing and measuring equipment.
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T&M Total
Half-Year Ended 31 December 2016 Medical
$000 $000
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| T&M $000 Half-Year Ended 31 December 2016 Medical |
T&M $000 Half-Year Ended 31 December 2016 Medical |
T&M $000 Half-Year Ended 31 December 2016 Medical |
T&M $000 Half-Year Ended 31 December 2016 Medical |
T&M $000 Half-Year Ended 31 December 2016 Medical |
Total $000 |
|---|---|---|---|---|---|
| ONC $000 |
WLN $000 |
Total Medical $000 |
|||
| Revenue Consumable and operating lease revenue Device revenue Rendering of services |
1,324 645 17 |
88 322 17 |
1,412 967 34 |
7 360 94 |
1,419 1,327 128 |
| Total Segment Revenue | 1,986 | 427 | 2,413 | 461 | 2,874 |
| Unallocated revenue - fnance income | 179 | ||||
| Total Consolidated Revenue | 3,053 |
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T&M Total
Half-Year Ended 31 December 2015 Medical
$000 $000
----- End of picture text -----
| Half-Year Ended 31 December 2015 Medical T&M $000 |
Half-Year Ended 31 December 2015 Medical T&M $000 |
Half-Year Ended 31 December 2015 Medical T&M $000 |
Half-Year Ended 31 December 2015 Medical T&M $000 |
Half-Year Ended 31 December 2015 Medical T&M $000 |
Total $000 |
|---|---|---|---|---|---|
| ONC $000 |
WLN $000 |
Total Medical $000 |
|||
| Revenue Consumable and operating lease revenue Device revenue Rendering of services |
1,029 324 8 |
67 250 14 |
1,096 574 22 |
12 898 109 |
1,108 1,472 131 |
| Total Segment Revenue | 1,361 | 331 | 1,692 | 1,019 | 2,711 |
| Unallocated revenue - fnance income | 24 | ||||
| Total Consolidated Revenue | 2,735 |
19
Notes to the Financial Statements
Half - Year Report
For the Half-Year Ended 31 December 2016
Notes to the Financial Statements
3. Segment reporting (continued)
Segment assets
The following table presents segment assets of the Group’s operating segments as at 31 December 2016 and 30 June 2016.
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----- Start of picture text -----
Medical T&M Total
As at 31 December 2016
$000 $000 $000
Segment assets 79,053 1,329 80,382
Medical T&M Total
As at 30 June 2016
$000 $000 $000
Segment assets 89,092 1,478 90,570
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Adjustments and eliminations
Finance income and finance costs are not allocated to individual segments as the underlying instruments are managed on an overall Group basis. These are included in adjustments and eliminations in the segment disclosures:
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----- Start of picture text -----
Half-Year Ended 31 December 2016 Medical T&M Total
$000 $000 $000
----- End of picture text -----
| Half-Year Ended 31 December 2016 | Medical $000 |
T&M $000 |
Total $000 |
|---|---|---|---|
| Results Segment result |
(13,394) | (456) | (13,850) |
| Income tax expense | - | - | - |
| Net Allocated Loss For the Period | (13,394) | (456) | (13,850) |
| Unallocated results (fnance income less costs) | 179 | ||
| Depreciation and amortisation | (122) | ||
| Net Loss For the Period | (13,793) |
| Half-Year Ended 31 December 2015 | Medical $000 |
T&M $000 |
Total $000 |
|---|---|---|---|
| Results Segment result |
(11,099) | (55) | (11,154) |
| Income tax expense | - | - | - |
| Net Allocated Loss For the Period | (11,099) | (55) | (11,154) |
| Unallocated results (fnance income less costs) | 24 | ||
| Depreciation and amortisation | (85) | ||
| Net Loss For the Period | (11,215) |
20
Notes to the Financial Statements
Half - Year Report
Notes to the Financial Statements
For the Half-Year Ended 31 December 2016
4. Revenue
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----- Start of picture text -----
2016 2015
$000 $000
----- End of picture text -----
| Sale of Goods | ||
|---|---|---|
| Consumable and lease revenue | 1,419 | 1,108 |
| Device revenue | 1,327 | 1,472 |
| 2,746 | 2,580 | |
| Finance income | ||
| Interest income - bank deposits | 6 | 24 |
| Interest income - term deposits and moneymarket funds | 173 | - |
| 179 | 24 |
5. Other income
| 2016 $000 |
2015 $000 |
|
|---|---|---|
| R&D tax incentive (i) | 1,478 | - |
| Gain /(Loss)on asset disposals | 3 | (1) |
| 1,481 | (1) |
(i) The Group receives payments for research & development (R&D) tax credits under the AusIndustry R&D Tax Incentive program. This program is a broad-based entitlement program that aims to promote innovation within Australia for eligible R&D activities. The income in the current year relates to an accrual of $1.1 million related to the expected refund for eligible activities conducted in the first half of the current financial year, as well as $0.4 million related to an additional refund for the 2016 financial year in excess of what was accrued at 30 June 2016.
6. Expenses
Salaries and benefits
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2016 2015
$000 $000
----- End of picture text -----
| Wages and salaries | 6,191 | 4,152 |
|---|---|---|
| Performance & sales incentives | 1,711 | 1,938 |
| Superannuation | 213 | 142 |
| Annual leave & long service leave | 237 | 75 |
| Other employee benefts | 414 | 203 |
| Sub-Total Salaries and benefts | 8,766 | 6,510 |
| Share-basedpayments to employees | 920 | 1,292 |
| Total Salaries and benefts | 9,686 | 7,802 |
21
Notes to the Financial Statements
Half - Year Report
Notes to the Financial Statements
For the Half-Year Ended 31 December 2016
6. Expenses (continued)
Consulting and professional fees
| 2016 | 2015 | |
|---|---|---|
| $000 | $000 | |
| Professional fees | 340 | 146 |
| Consulting fees | 671 | 706 |
| Patent and trademark fees(i) | 557 | 904 |
| Total Consulting and professional fees | 1,568 | 1,756 |
(i) A portion of the expense during the prior period related to the purchase of intellectual property, which included all rights, title, and interest in bioimpedance spectroscopy and other associated technology related to the field of chronic heart failure. This purchase did not meet the asset recognition criteria and was therefore expensed to patent fees during the prior period.
Advertising and promotion expenses
| 2016 | 2015 | |
|---|---|---|
| $000 | $000 | |
| Tradeshows, sponsorships and donations | 211 | 225 |
| Branding and marketing campaigns | 315 | 97 |
| Other advertising and promotion expenses | 62 | 43 |
| Total Advertising and promotion expenses | 588 | 365 |
Clinical trials and Research & development
| 2016 | 2015 | |
|---|---|---|
| $000 | $000 | |
| R&D design, documentation and validation | 2,007 | 599 |
| R&D preproduction run | 578 | 2 |
| Clinical trials and registries | 606 | 764 |
| Total Clinical trials and Research & development | 3,191 | 1,365 |
Administrative and governance fees
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----- Start of picture text -----
2016 2015
$000 $000
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| Directors’ fees | 234 | 282 |
|---|---|---|
| Governance and regulatory fees | 376 | 244 |
| Insurance | 164 | 88 |
| Administrative expenses(i) | 301 | 108 |
| Total Administrative and governance fees | 1,075 | 722 |
(i) During the period, the Group took a provision of $0.2 million on excess inventory. The Group holds a large quantity of certain end-of-life parts necessary in the build of current devices. A provision was taken on all parts held in excess of current build forecasts.
22
Notes to the Financial Statements
Half - Year Report
Notes to the Financial Statements
For the Half-Year Ended 31 December 2016
6. Expenses (continued)
Depreciation and amortisation included in Consolidated Statement of Comprehensive Income
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----- Start of picture text -----
2016 2015
$000 $000
----- End of picture text -----
| Depreciation of property and equipment | 72 | 39 |
|---|---|---|
| Depreciation of demo and loan devices | 34 | 30 |
| Amortisation of leasehold improvements | 9 | 11 |
| Amortisation of patents and licenses | 1 | 1 |
| Amortisation of software | 6 | 4 |
| 122 | 85 | |
| Depreciation of operatinglease and PSA devices(i) | 8 | 12 |
| Total Depreciation and amortisation | 130 | 97 |
(i) This depreciation relates to devices on operating lease or PSA and has been included in cost of goods sold.
7. Cash and cash equivalents
| As at 31 Dec 2016 $000 |
As at 30 Jun 2016 $000 |
|
|---|---|---|
| Cash at bank and in hand | 73,236 | 82,254 |
| Cash and cash equivalents | 73,236 | 82,254 |
8. Non-current assets -- property and equipment
During the six months ended 31 December 2016, the Group acquired assets with a cost of $129,000 (six months ended 31 December 2015: $32,000) in relation to computer equipment. In addition, the Group acquired assets with a cost of $99,000 (six months ended 31 December 2015: nil) in relation to leasehold improvements and additional equipment and fixtures.
23
Notes to the Financial Statements
Notes to the Financial Statements For the Half-Year Ended 31 December 2016
Half - Year Report
9. Intangible assets and goodwill
Intangible assets decreased in the current period due to the normal amortisation of computer software and licences. This decrease was partially offset by foreign currency exchange movements.
Goodwill increased in the current period due to foreign currency exchange movements.
All assumptions used in the calculation are based on budgets and forecasts and consider the size of markets available to the Group. Management believes that no reasonably possible change in any of the key inputs or assumptions would cause the carrying value of the unit to materially exceed its recoverable amount.
Goodwill tests for impairment bi-annually (as at 31 December and 30 June) and when circumstances indicate the carrying value may be impaired. The key inputs used in impairment testing were disclosed in the annual consolidated financial statements for the year ended 30 June 2016.
The Group found no evidence of impairment of goodwill or other assets, and as a result, no impairment loss has been recognised at the reporting date.
10. Issued capital
Ordinary shares
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----- Start of picture text -----
Number of $000
Shares
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| At 31 December 2015 | 293,752,367 | 147,583 |
|---|---|---|
| Issued during the period as a result of: | ||
| Issue of ordinary shares | 79,025,398 | 75,074 |
| Employee exercise of options | 806,706 | 115 |
| Transactions costs | (3,965) | |
| At 30 June 2016 | 373, 584, 471 | 218,807 |
| Issued during the period as a result of: | ||
| Issue of ordinary shares | ||
| Employee exercise of options | 1,508,281 | 547 |
| Transactions costs | (19) | |
| At 31 December 2016 | 375,092,752 | 219,335 |
24
Notes to the Financial Statements
Notes to the Financial Statements For the Half-Year Ended 31 December 2016
Half - Year Report
11. Share-based payment plans
For the six months ended 31 December 2016, the Group had $0.9 million (31 December 2015: $1.3 million) of share-based payment transactions expense in the Consolidated Statement of Comprehensive Income
During the period, the Group granted awards under the Employee Incentive Plan (“EIP”). The EIP was approved at the Group’s Annual General Meeting held on 30 October 2014.
The weighted average fair value of the options granted during the six-month period was $0.89 (31 December 2015: $0.56).
During the current period, 4,025,500 share options (31 December 2015: 3,772,000) and 1,419,000 performance rights (31 December 2015: 500,000) were granted under the EIP. The award grants included 2,575,000 share options (31 December 2015: 2,075,000) and 1,187,000 performance rights (31 December 2015: 500,000) granted to key management personnel (“KMP”) during the period. The exercise price of the options was valued at the share price on the date of issue using the five-day weighted average share price.
The fair value of awards granted, as mentioned above, were estimated on the date of grant using the following assumptions:
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----- Start of picture text -----
Options Performance
Rights
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| Options | Performance Rights |
|
|---|---|---|
| Expected volatility (%) | 75.90 | 75.90 |
Risk-free rate of return(%) |
1.93 | 1.93 |
| Dividendyield(%) | - | - |
| Average expected life(years) | 4.24 | 3.00 |
| Strike price ($) | 1.53 - 1.66 | - |
Share options
For options granted during the period, one-fourth of the options vest one year from the respective dates of grant. The remaining options vest evenly on an annual basis over the next three years if the participant is still employed on such dates. All outstanding unvested options shall fully vest on an accelerated basis immediately before a Change of Control Event. The fair value of the options granted is estimated at the date of grant using the Black Scholes model, taking into account the terms and conditions upon which the options were granted.
The Remuneration Committee may determine that a performance condition has been satisfied at or between “minimum” and “maximum”, in which case the percentage of performance rights that vest will be determined by the Remuneration Committee. If any performance rights do not vest (as determined by the Remuneration Committee), those performance rights will lapse. The Board may declare that some, none or all outstanding unvested performance rights are free of performance conditions and may vest on an accelerated basis immediately before a Change of Control Event.
Performance rights
For performance rights granted during the period, the rights were granted for nil consideration and fully vest on the third anniversary of the respective dates of grant, subject to the participant’s continuous employment with the Company or other Group entity and to the extent that performance hurdles are satisfied, if applicable. The extent to which a performance condition is satisfied will be determined by the Remuneration Committee, whose decision is final and binding on the participant.
If the participant ceases employment with the Group where such cessation of employment is due to the participant’s death, permanent illness or permanent physical or permanent mental incapacity (as certified by a medical practitioner who is approved in writing by the Board), the Board may, in its discretion, determine the performance rights will fully vest [on the third anniversary of the Date of Grant] on the same basis as if the Participant was still employed by the Group.
25
Notes to the Financial Statements
Notes to the Financial Statements For the Half-Year Ended 31 December 2016
Half - Year Report
12. Related party disclosure
For the current period, no new transactions with Directors occurred that would be considered related party transactions. Directors’ fees accrued and not paid were nil at 31 December 2016 (30 June 2016: $35,000).
Transactions with all related parties are made at arm’s length both at normal market prices and on normal commercial terms.
13. Commitments and contingencies
Operating commitments
Expenditure commitments
At 31 December 2016, the Group had operating commitments of $1.1 million (30 June 2016: $1.0 million) primarily relating to the office leases for one Australian facility, three US-based facilities, and one Greek facility, with a range of one year to five years remaining on the leases.
At 31 December 2016, the Group had expenditure commitments of $2.6 million (30 June 2016: $1.9 million) relating to the funding of clinical trials, research & development endeavours, future product builds, advertising and promotional activities, and other activities. The expenditure commitments primarily relate to the continued focus on the commercialisation of L-Dex in the US marketplace, as well as the Group’s acceleration of research and development and clinical trials for the SOZO device. A further breakdown of the Group’s expenditure commitments is detailed below:
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----- Start of picture text -----
As at 31 Dec 2016 As at 30 Jun 2016
$000 $000
----- End of picture text -----
| As at 31 Dec 2016 $000 |
As at 30 Jun 2016 $000 |
|
|---|---|---|
| Clinical trials and Research & development | 1,349 | 991 |
| Manufacturing (future product builds) | 1,155 | 669 |
| Sales and marketingactivities | 28 | 10 |
| Other activities | 117 | 203 |
| 2,649 | 1,873 |
Litigation
At 31 December 2016, the Group had no known open formal claims or lawsuits against it.
14. Events after the balance sheet date
On 17 January 2017, ImpediMed announced the retirement of Elizabeth Gaines from the Board. Ms Gaines’ retirement followed the announcement of her appointment to the role of Chief Financial Officer of Fortescue Metals Group Limited, effective 6 February 2017.
26
Notes to the Financial Statements
Notes to the Financial Statements For the Half-Year Ended 31 December 2016
Half - Year Report
15. Basis of preparation and changes to the Group’s accounting policies
Corporate information
The consolidated financial statements of ImpediMed Limited for the six months ended 31 December 2016 were authorised for issue in accordance with a resolution of the Board of Directors on 24 February 2017.
ImpediMed Limited is a for profit company limited by shares incorporated in Australia whose shares are publicly traded on the
Australian Stock Exchange. The nature of the operations and principal activities of the Group are described in the Directors’ Report.
The financial report is presented in Australian dollars and all values are rounded to the nearest thousand dollars ($000) unless otherwise stated.
Basis of preparation
The interim consolidated financial statements (“financial report”) for the half-year ended 31 December 2016 have been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001.
The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full annual financial report.
It is recommended that the half-year financial report be read in conjunction with the annual report for the year ended 30 June 2016 and considered together with any public announcements made by the Group during the half-year ended 31 December 2016 in accordance with the continuous disclosure obligations of the ASX listing rules.
Apart from the changes in accounting policy noted below, the accounting policies and methods of computation are the same as those adopted in the most recent annual financial report.
27
Notes to the Financial Statements
Half - Year Report
Notes to the Financial Statements
For the Half-Year Ended 31 December 2016
15. Basis of preparation and changes to the Group’s
accounting policies (continued)
Changes in accounting policies, accounting standards and interpretations
The Group has not adopted any new or amended Australian Accounting Standards and AASB interpretations as of 1 July 2016.
Accounting standards and interpretations issued but not yet effective
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Group for the half year reporting period ended 31 December 2016. The Group is yet to assess the impact of IFRS 16, AASB 15 and AASB 9. These standards and interpretations are outlined in the table below:
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----- Start of picture text -----
Reference Title Application date Application
of standard date for Group
----- End of picture text -----
| Reference | Title | Application date | Application |
|---|---|---|---|
of standard* |
date for Group* |
||
| AASB 2016-2 | Amendments to Australian Accounting Standards - Disclosure Initiative: Amendments to AASB 107 |
1 January 2017 | 1 July 2017 |
| AASB 9 | Financial Instruments | 1 January2018 | 1 July2018 |
| AASB 15 | Revenue from Contracts with Customers | 1 January 2018 | 1 July 2018 |
| IFRS 16 | Leases | 1 January 2019 | 1 July 2019 |
* Designates the beginning of the applicable annual reporting period.
28
Notes to the Financial Statements
Notes to the Financial Statements
Half - Year Report
For the Half-Year Ended 31 December 2016
15. Basis of preparation and changes to the Group’s accounting policies (continued)
Going concern
The going concern basis of accounting contemplates the continuity of normal business activities and the realisation of assets and settlement of liabilities. This report adopts the going concern basis.
(ii) The Group had cash at its disposal of $73.2 million at 31 December 2016 (30 June 2016: $82.3 million) and had no borrowings from banks or other financial institutions at 31 December 2016 (30 June 2016: nil).
The Group has realised a loss after income tax of $13.8 million for the half-year ended 31 December 2016 (31 December 2015: $11.2 million) and net operating cash outflow of $11.4 million for the half-year ended 31 December 2016 (31 December 2015: $9.1 million).
The Directors believe that the Group continues to be a going concern and that it will be able to pay its debts as and when they fall due for a period in excess of 12 months from the date of signing this report due to the following:
(i) As at 31 December 2016, the Group had net assets of $75.0 million (30 June 2016: $85.3 million). At the same date, the market capitalisation of ImpediMed Limited was $386.3 million (30 June 2016: $353.0 million) and current assets of the Group exceeded current liabilities by a ratio of 15:1 (30 June 2016: 17:1).
(iii) The Group has the ability to vary certain expenditures; therefore cash outflows can be adjusted.
(iv) The operating plans have been set such that cash on hand at the date of signing is expected to last in excess of 12 months from the date of issue of the financial report.
On this basis the Directors believe that the going concern basis of presentation is appropriate. No adjustments have been made relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Group not continue as a going concern.
29
Notes to the Financial Statements
Notes to the Financial Statements For the Half-Year Ended 31 December 2016
Half - Year Report
In accordance with a resolution of the Directors of ImpediMed Limited, we state that:
In the opinion of the Directors:
-
(a) The financial statements and notes of the consolidated entity for the half-year ended 31 December 2016 are in accordance with the Corporations Act 2001 , including:
-
(b) There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
-
(i) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2016 and of its performance for the half-year ended on that date; and
-
(ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .
On behalf of the Board.
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Cherrell Hirst AO Chairman
Brisbane, 24 February 2017
30
Notes to the Financial Statements
Ernst & Young 111 Eagle Street Brisbane QLD 4000 Australia GPO Box 7878 Brisbane QLD 4001
Tel: +61 7 3011 3333 Fax: +61 7 3011 3100 ey.com/au
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To the members of ImpediMed Limited
Report on the Half-Year Financial Report
We have reviewed the accompanying half-year financial report of ImpediMed Limited which comprises the interim consolidated balance sheet as at 31 December 2016, the interim consolidated statement of comprehensive income, interim consolidated statement of changes in equity and interim consolidated cash flow statement for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year.
Directors’ Responsibility for the Half-Year Financial Report
The directors of the company 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 internal controls as the directors determine are 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 half-year financial report based on our review. We conducted our review in accordance with 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 financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2016 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of ImpediMed Limited and the entities it controlled during the half year, 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 have complied with the independence requirements of the Corporations Act 2001 . We have given to the directors of the company a written Auditor’s Independence Declaration, a copy of which is included in the Directors’ Report.
A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation
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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 ImpediMed 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 2016 and of its performance for the half-year ended on that date; and
-
(b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .
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Ernst & Young
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Kellie McKenzie Partner Brisbane 24 February 2017
A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation