Intec Ltd

ABN 25 001 150 849

Preliminary Final Report in accordance with Appendix 4E

Financial year ended 30 June 2003

Results for announcement to the market

SA'000

Revenues from ordinary activities	up	52.2%	to	271
Loss from ordinary activities after tax attributable to members	up	3.4%	to	(3,202)
Net loss for the period attributable to members	üp	3.4%	to	(3,202)
Dividends		Amount per security	Franked amount per security
Final dividend		Nil ¢	Nil $\phi$
Previous corresponding period		Nil ¢	Nil $\epsilon$
Record date for determining entitlements to the dividend			Not applicable
Brief explanation of any of the figures reported above and short details of any bonus or cash issue or other item(s) of importance not previously released to the market:
During the year to 30 June 2003, the Company continued the development and commercialisation of the Intec Process as applied to copper, gold, zinc, nickel and

polymetallic concentrates. Major expenditure emphasis was on the successful design and operation of the Intec Copper Process electrowinning cell and on development of the Intec Gold Process for refractory gold ores.

Consolidated statement of financial performance

	Year ended	Year ended
	30 June 2003	30 June 2002
	\$A'000	\$A'000

Revenues from ordinary activities	271	178
Expenses from ordinary activities	(3, 473)	(3,262)
Borrowing costs		(13)
Profit (loss) from ordinary activities before tax	(3,202)	(3,097)
Income tax on ordinary activities	u.
Profit (loss) from ordinary activities after tax	(3,202)	(3,097)
Profit (loss) from extraordinary items after tax
Net profit (loss)	(3,202)	(3,097)
Net profit (loss) attributable to outside equity interests
Net profit (loss) for the period attributable to members	(3,202)	(3,097)

Notes to the consolidated statement of financial performance Revenue and expenses from ordinary activities

	Year ended	Year ended
	30 June 2003	30 June 2002
	\$A'000	\$A'000

Revenue from sales or services	125	103
Interest revenue	133	61
Other relevant revenue	13	14
Details of relevant expenses
Administration Expenses	(314)	(327)
Employee benefits expense	(1,890)	(1,150)
Rental expense	(181)	(121)
Engineering and other consultants	(154)	(237)
Research and development expenses	(589)	(43)
Wtite-off goodwill on consolidation		(1,102)
Other expenses from ordinary activities	(295)	(241)
Depreciation	(50)	(41)

Consolidated statement of financial position

	30 June 2003	30 June 2002
	\$A'000	\$A'000
Current assets
Cash	734	3,748
Receivables	23	22
Tax assets	22	10
Prepayments	3
Total current assets	782	3,780
Non-current assets
Property, plant and equipment (net)	101	87
Total non-current assets	101	87
Total assets	883	3,867
Current liabilities
Payables	342	197
Provisions	89	46
Total current liabilities	431	243
Non-current liabilities
Provisions	43	12
Total non-current liabilities	43	12
Total liabilities	474	255
Net assets	409	3,612
Equity
Capital/contributed equity	29,751	29,752
Retained profits (accumulated losses)	(29, 342)	(26, 140)
Equity attributable to members of the parent entity	409	3,612
Outside equity interests in controlled entities
Total equity	409	3,612

$\overline{\phantom{0}}$

Consolidated statement of cash flows

	Year ended	Year ended
	30 June 2003	30 June 2002
	\$A'000	\$A'000
Cash flows related to operating activities
Receipts from customers	123	113
Payments for administration expenses	(3,209)	(2,002)
Interest and other items of similar nature received	133	61
Interest and other costs of finance paid		(13)
Net operating cash flows	(2,953)	(1, 841)

Cash flows related to investing activities
Payment for purchases of property, plant and equipment	(74)	(63)
Proceeds from sale of property, plant and equipment	13	14
Net investing cash flows	(61)	(49)

Cash flows related to financing activities
Proceeds from issues of securities		5,177
Repayment of borrowings		(348)
Equity raising expenses		(339)
Net financing cash flows		4,490
Net increase (decrease) in cash held	(3, 014)	2,600

Cash at the beginning of the financial year	3,748	1,148

Cash at the end of the financial year	734	3,748

Non-cash financing and investing activities

Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows are as follows.

30 June 2003	30 June 2002
\$A'000	\$A'000

	w

Acquisition of shares in INVL Gold Pty Ltd. (\$2)

Reconciliation of cash

Reconciliation of cash at the end of the year (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.

Cash on hand and at bank Deposits at call Bank overdraft Other - bank accepted bills of exchange

Total cash at end of year

Year ended	Year ended
30 June 2003	30 June 2002
\$A'000	\$A'000

174	248
560
u
$\blacksquare$	3,500

734	3,748

Intec Ltd Preliminary Final Report 30 June 2003

Dividends

Date the dividend is payable

Record date to determine entitlements to the dividend

No final dividend has been declared.

Dividend Reinvestment Plans

There are no dividend reinvestment plans in operation.

Consolidated retained earnings (accumulated losses)

	Year ended 30 June 2003	Year ended 30 June 2002
	\$A'000	SA'000
Retained profits (accumulated losses) at the beginning of
the financial year	(26,140)	(23, 043)
Net profit (loss) attributable to members	(3,202)	(3,097)
Retained profits (accumulated losses) at end of financial year	(29, 342)	(26, 140)

Control gained or loss of control over entities having material effect

Control gained over entities having material effect

Name of entity (or group of entities)	IVNL Gold Pty Ltd
Consolidated profit (loss) from ordinary activities and extraordinary items after tax of the controlled entity (or group of entities) since the date in the current period on which control was acquired	Nil
Date from which such profit has been calculated	17 June 2003
Profit (loss) from ordinary activities and extraordinary items after tax of the controlled entity (or group of entities) for the whole of the previous corresponding period	Nil

Loss of control of entities having material effect

Name of entity (or group of entities)

Consolidated profit (loss) from ordinary activities and extraordinary items after tax of the controlled entity (or group of entities) to the date of loss of control.

Date to which such profit (loss) has been calculated

Consolidated profit (loss) from ordinary activities and extraordinary items after tax of the controlled entity (or group of entities) while controlled during the whole of the previous corresponding period

Contribution to consolidated profit (loss) from ordinary activities and extraordinary items from sale of interest leading to loss of control

Not applicable

Details of associates and joint venture entities

The Company does not have any interests in associated companies or in joint ventures.

Other notes to the condensed financial statements

Ratios Profit before tax / revenue	Year ended 30 June 2003 SA'000	Year ended 30 June 2002 SA'000
Consolidated profit (loss) from ordinary activities before tax as a percentage of revenue	(1.181.55)	(1,739.89)
Profit after tax / equity interests Consolidated net profit (loss) from ordinary activities after tax attributable to members as a percentage of equity (similarly attributable) at the end of the period	(782.89)	(85.74)

NTA Backing

Net tangible assets per ordinary share

Earnings per security (EPS)

Details of basic and diluted EPS reported separately in accordance with paragraph 9 and 18 of AASB 1027: Earnings Per Share are as follows.

	Year ended 30 June 2003 SA'000	Year ended 30 June 2002 \$A'000

Basic earnings per share (cents)	(2.19)	(2.56)
Diluted earnings per share (cents)	(2.19)	(2.56)
Weighted average number of ordinary shares outstanding during the period used in calculating the basic and diluted
EPS.	146,039,142	121.036,186

Basis of financial report preparation

This financial report has been prepared on the basis of a going concern. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities will occur in the normal course of business.

Material factors affecting the revenues and expenses of the economic entity for the current year.

Nil

A description of each event since the end of the current period which has had a material effect and which is not already reported elsewhere in this Appendix or in attachments, with financial effect quantified (if possible).

The consolidated entity is in the process of finalising a three for five underwritten Entitlements Issue at 3 cents per share to raise \$2.6 million.

A discussion of trends in performance

The two principal operational developments during the past year have been:

(a) the successful design and operation of the new Intec Copper Process electrowinning cell: and

(b) the development of the Intec Gold Process (IGP).

Intec intends to construct its IGP pilot plant in the period from September 2003 and the plant will be commissioned in early 2004. The plant will operate on a campaign basis and, after first successfully demonstrating the IGP, it is anticipated that the operating costs of the pilot plant will be covered by testwork fees. Funding of the construction and commissioning of the IGP pilot plant is being provided by Orian Holding Corp. (the Company's largest shareholder) in consideration of the Company licencing Orian Holding Corp. to use the IGP.

Franking credits available and prospects for paying fully or partly franked dividends for at least the next year.

There are no franking credits available.

The company is not expected to declare a dividend in the short term.

Compliance statement

This report has been prepared in accordance with AASB Standards, other AASB authoritative pronouncements and Urgent Issues Group Consensus Views or other standards acceptable to ASX and the accounts upon which the report is based. This report gives a true and fair view of the matters disclosed. This report is based on accounts which are in the process of being audited.

The entity has a formally constituted audit committee.

Sign here: Robert J Waring Company Secretary

Date: 12 September 2003

Print name: Robert J Waring

AI assistant

SCIDEV LTD Annual Report 2003