SCIDEV LTD — Interim / Quarterly Report 2024

Feb 25, 2024

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ASX Announcement

26 February 2024

1H 2024 Results - Growing Scale Driving Improved Profitability

SciDev Ltd (ASX: SDV) (' SciDev ' or 'the Company ') is pleased to provide an update on its financial[1] and operational performance for the six months ended 31 December 2023 (1H FY24).

1H FY24 Financial Highlights

• Revenue of $50.3m, up 1.5% on 1H FY23 (previous corresponding period or “PCP”)

• Underlying EBITDA of $3.2m up 29.4% on PCP (1H FY23 $2.5m)

• Net profit after tax of $57k (1H FY23 profit of $27k)

• Net positive operating cashflow of $0.5m, the Company deployed more working capital to support ongoing growth

• Cash and cash equivalents at 31 December 2023 of $5.8m with $8.1m in inventory.

1H FY24 Operational Highlights

• Awarded $4.6m D&C contract with Acciona Construction Australia Pty Ltd to Design and Construct two Water Treatment Plants in Sydney, NSW, to support the construction of the Western Harbour Tunnel

• Secured a $4.7m, two-year extension to a PFAS contract with a blue-chip Australian mining client

• Secured a two-year contract at the Thunderbird Minerals Sands Project, which is expected to generate approximately $7.0m in sales

• Expanded international exposure through sales of MaxiFlox® chemistry via resellers in Turkey and Mexico

• A major E&P producer has commenced a field trial of our proprietary CatChek 12S technology, evaluating performance benefits when using wet sand applications in the Permian Basin in West Texas

• Renewed a contract for R&D support through December 2026 with Qatar Shell GTL Ltd., a division of Royal Dutch Shell Group Inc

1 All $ are A$ unless otherwise stated

SciDev Limited

Unit 1, 8 Turbo Rd ABN: 25 001 150 849 Kings Park e: info@scidevltd.com NSW 2418 AUSTRALIA

w: scidevltd.com

p: +61 2 9622 5185

Page 1 of 4 IH 2024 Results

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• FluorofIX™, SciDev's PFAS treatment technology, has achieved a significant milestone, treating over one billion litres of PFAS-contaminated water and removing PFAS contamination to below detectable levels for a blue-chip Australian mining client

• Commencement of commercial operations on several new PFAS projects across Queensland and Victoria that had been previously delayed

• Appointed a Vice-President – North America for Water Technologies. This role is responsible for implementing strategic initiatives to drive the growth of our Water Technologies vertical in the North American market.

SciDev CEO Seán Halpin, addressing performance for 1H FY24, said, "We continue to experience growing global demand for our Chemical Services and Water Technologies, which underpins our financial growth. Importantly, we are seeing strong demand for our chemistry solutions in the North American and European markets, opening up further avenues of growth for our Company. As PFAS regulation continues to advance in these regions, we anticipate growing Water Technologies revenue. We have deployed senior sales and technical staff in the USA and Europe to fast-track our presence in these markets. The improving profitability of our business through the 1H FY24 reflects the leverage we have in our business, and with a strong pipeline, we anticipate to continue delivering improved financial performance in coming periods."

Financial Performance

SciDev delivered revenue of $50.3m for 1H FY24 (1H FY23 $49.5m). Whilst revenue was broadly in line with the previous corresponding period, the Company secured several major new contracts and expanded its client base, which positions SciDev well for further growth in 2H FY24 and beyond.

The Company delivered a record EBITDA of $3.2m reflecting the business's growing scale and operational leverage. Margins increased versus the previous period, reflecting the continued growth of specialty chemical sales.

Whilst operating cashflows for the first half were positive at $0.5m, the Company deployed more working capital in the period to support ongoing growth, particularly in the Chemical Services segment.

SciDev reported a net profit after tax of $57k.

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Page 2 of 4 IH 2024 Results

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Table 1: Financial Performance Summary

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Sector 1H FY22 1H FY23 1H FY24 % Change
($m) ($m) ($m) (vs PCP)
24.1 49.5 50.3 1%
Operating Revenue
5.4 11.6 14.3 23%
Gross Profit
5.8 9.1 11.6 27%
Operating Expenses
EBITDA (0.4) 2.5 3.2 28%
1.0 1.5 2.0 33%
Depreciation and Amortisation
0.3 1.0 1.1 10%
Interest & Tax
(1.8) 0.0 0.1
Net Profit (loss) after income tax
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Outlook

With a growing portfolio of major new contracts and strong demand across our end markets, SciDev is well-positioned to continue to grow our operational and financial footprint across FY24. Key areas of focus for the Company include:

• Ongoing focus on the health and safety of all our employees

• Growth and expansion of market share in the global mining sector by delivering MaxiFlox® direct to new clients via direct sales, local licencing and partnership agreements & leveraging our Joint venture with Nuoer Chemicals

• Continuing to diversify our Oil and Gas industry client base as our proprietary CatChek and XSlik product line gain increasing market acceptance

• Delivering the Water Technologies' current order book while developing our business systems and processes to enable sustainable growth

• Utilising our proven technologies, FluorofIX™ and RegenIX™, to generate revenue from our developing North American PFAS pipeline, spanning the US Department of Defence and private industry

• Exploring opportunities to accelerate growth in Europe as PFAS regulations build in the region, while also exploring leachate and industrial wastewater treatment opportunities to secure initial revenue

• Continued execution of business development opportunities in the domestic and overseas construction sector.

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Page 3 of 4 IH 2024 Results

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Investor Webinar

Date and Time: 28 February at 2.00pm AEST

Please note that SciDev will use the Zoom video webinar facility for the call. Participants will need to register their participation to join the call.

Please Register in advance to participate: https://us02web.zoom.us/webinar/register/WN_tAS87xJUTOSg3RFFZukk2Q

For Further Information

Corporate Investors Seán Halpin – Chief Executive Officer Craig Sainsbury – Atomic Markets Anna Hooper – Chief Financial Officer Craig.sainsbury@automic group.com.au +61 2 9622 5185 +61 428 550 499

This announcement is authorised by the Board of SciDev Limited.

About SciDev

SciDev is a leader in environmental solutions focused on water-intensive industries. Our solutions allow clients to reuse water, improve operational efficiencies and reduce their environmental footprints. We deliver world-leading chemistry and water treatment technology with end-to-end support from our specialist scientists and engineers.

SciDev works with clients across a range of industries, including Mining and Mineral Processing, Oil and Gas, Construction and Infrastructure, and Water Treatment.

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Page 4 of 4 IH 2024 Results

SciDev Limited Appendix 4D Half-year report

1. Company details

Name of entity: SciDev Limited ABN: 25 001 150 849 Reporting period: For the half-year ended 31 December 2023 Previous period: For the half-year ended 31 December 2022

2. Results for announcement to the market

				$'000
Revenues from ordinary activities	up	1% to		50,261
Profit from ordinary activities after tax attributable to the owners of
SciDev Limited	up	111% to			57
Profit for the half-year attributable to the owners of SciDev Limited	up	111% to			57
		31 Dec	**2023 **	31 Dec	2022
		Cents		Cents
Basic earnings per share			0.03		0.01
Diluted earnings per share			0.03		0.01

Dividends

There were no dividends paid, recommended or declared during the current financial period.

Comments

The profit for the consolidated entity after providing for income tax amounted to $57,000 (31 December 2022: $27,000).

Reference is made to the Review of Operations in the Directors' Report contained in the attached Interim Financial Report for SciDev Limited for the half-year ended 31 December 2023.

3. Net tangible assets

Net tangible assets per ordinary security	31 Dec 2023 Cents 11.95	30 Jun 2023 Cents 11.80

4. Other

Not applicable.

SciDev Limited

ABN 25 001 150 849

Interim Report - 31 December 2023

SciDev Limited Contents 31 December 2023

Directors' report	2
Auditor's independence declaration	4
Consolidated statement of profit or loss and other comprehensive income	5
Consolidated statement of financial position	6
Consolidated statement of changes in equity	7
Consolidated statement of cash flows	8
Notes to the consolidated financial statements	9
Directors' declaration	17
Independent auditor's review report to the members of SciDev Limited	18
Corporate directory	20

General information

The financial statements cover SciDev Limited as a consolidated entity consisting of SciDev Limited and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is SciDev Limited's functional and presentation currency.

SciDev Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are:

Registered office	Principal place of business
C/- Boardroom Pty Limited	Unit 1
Level 8	8 Turbo Road
210 George Street	Kings Park
Sydney	NSW 2148
NSW 2000

A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 26 February 2024.

1

SciDev Limited Directors' report 31 December 2023

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of SciDev Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2023 (1H FY24).

Directors

The following persons were directors of SciDev Limited during the whole of the financial half-year and up to the date of this report unless otherwise stated:

Vaughan Busby Simone Watt Jon Gourlay Dan O'Toole

Principal activities

SciDev is a leader in the environmental solutions market focused on water-intensive industries. SciDev brings together world-class technology, chemistry and application to solve pressing operational and environmental issues for the water, oil and gas, mining and construction markets.

Dividends

There were no dividends paid, recommended or declared during the current or previous financial half-year.

Review of operations

1H FY24 unaudited revenue of $50.3m (1H FY23 49.5m), delivering an underlying EBITDA of $3.2m (1H FY23 $2.5m).

Cashflow from operations of $0.5m. During the period, SciDev made a payment of $0.3m associated with the acquisition of Haldon Industries (ref ASX release 29 March 2021).

SciDev maintained a robust balance sheet with cash and cash equivalents at 31 December 2023 of $5.8m with $8.1m in inventory.

Reconciliation of profit before income tax to EBITDA (unaudited):

Profit before income tax Depreciation and amortisation Finance costs EBITDA	31 Dec 2023 $'000 886 2,041 301	31 Dec 2022 $'000 568 1,493 434
	3,228	2,495

EBITDA is a non-IFRS earnings measure which does not have any standardised meaning prescribed by IFRS and, therefore, may not be comparable to EBITDA presented by other companies. This measure, which is unaudited, is important to management as an additional way to evaluate the consolidated entity's performance.

During 1H FY24, SciDev continued to expand its client presence, securing numerous new contracts and expanding its operational footprint across the two segments of Chemical Services and Water Technologies.

Chemical Services

SciDev continues to innovate and deliver a range of chemistry solutions to its clients, that improve operational efficiency and reduce their wastewater footprint. During the period, SciDev delivered an improved financial performance and expanded the client base across the mining & mineral processing, construction & infrastructure, and oil & gas markets, with the award of a number of new contracts to blue-chip clients. The outlook for the Chemical Services segment remains positive, and SciDev anticipates growth and expansion of market share by delivering bespoke chemistry to new clients, through direct sales and by progressing the Joint Venture with Nuoer Chemicals.

2

SciDev Limited Directors' report 31 December 2023

Water Technologies

SciDev’s Water Technologies segment is focussed on the removal of harmful contaminants from groundwater, surface water and industrial liquid waste, allowing water to be reused or safely discharged to the environment. SciDev operates through both Build, Own & Operate (BOO) and Design & Construct (D&C) commercial models and delivers solutions to various markets. During the period, the segment continued expanding its Australian operations, executing several new contracts with clients requiring PFAS and broader water treatment solutions. The segment has a strong outlook as the demand for PFAS treatment solutions increases, driven by impending regulation in Europe and North America.

Significant changes in the state of affairs

There were no significant changes in the state of affairs of the consolidated entity during the financial half-year.

Matters subsequent to the end of the financial half-year

No matter or circumstance has arisen since 31 December 2023 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.

Rounding of amounts

The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.

Auditor's independence declaration

A copy of the auditor's independence declaration, as required under section 307C of the Corporations Act 2001, is set out immediately after this directors' report.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the directors

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_________ Vaughan Busby Chairman

26 February 2024 Sydney

3

SciDev Limited Auditor's independence declaration

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4

SciDev Limited Consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2023

Note Revenue 3 Other income Expenses Changes in inventories, and raw materials and consumables used Contractors and consultants Depreciation and amortisation expense Employee benefits expense Foreign exchange losses Insurance Motor vehicle expenses Professional fees Travel and accommodation Other expenses Finance costs Profit before income tax expense Income tax expense Profit after income tax expense for the half-year attributable to the owners of SciDev Limited Other comprehensive income Items that will not be reclassified subsequently to profit or loss Loss on the revaluation of equity instruments at fair value through other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year attributable to the owners of SciDev Limited Basic earnings per share 15 Diluted earnings per share 15	31 Dec 2023 $'000 50,261 19 (35,215) (697) (2,041) (7,564) - (309) (237) (423) (778) (1,829) (301)	31 Dec 2022 $'000 49,528 25 (37,130) (728) (1,493) (6,034) (115) (236) (194) (447) (399) (1,775) (434)
	886 (829)	568 (541)
	57 108 (334)	27 (523) 55
	(226)	(468)
	(169)	(441)
	Cents 0.03 0.03	Cents 0.01 0.01

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

5

SciDev Limited Consolidated statement of financial position As at 31 December 2023

Note Assets Current assets Cash and cash equivalents 4 Trade and other receivables 5 Contract assets Inventories 6 Income tax refund due Other Total current assets Non-current assets Financial assets at fair value through other comprehensive income 7 Property, plant and equipment 8 Intangibles 9 Deferred tax Other Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 10 Contract liabilities Lease liabilities 11 Income tax payable Employee benefits Total current liabilities Non-current liabilities Lease liabilities 11 Total non-current liabilities Total liabilities Net assets Equity Issued capital Reserves 12 Accumulated losses Total equity	31 Dec 2023 $'000 5,806 12,645 2,764 8,076 - 682	30 Jun 2023 $'000 7,732 7,778 601 6,930 178 633
	29,973	23,852
	519 12,411 25,174 4,147 724	411 12,727 25,622 4,135 627
	42,975	43,522
	72,948	67,374
	20,412 745 1,165 178 529	14,770 648 1,064 - 452
	23,029	16,934
	2,063	2,415
	2,063	2,415
	25,092	19,349
	47,856	48,025
	119,489 (1,020) (70,613)	119,489 (794) (70,670)
	47,856	48,025

The above consolidated statement of financial position should be read in conjunction with the accompanying notes

6

SciDev Limited Consolidated statement of changes in equity For the half-year ended 31 December 2023

Balance at 1 July 2022 Profit after income tax expense for the half-year Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year Transactions with owners in their capacity as owners: Contributions of equity Balance at 31 December 2022 Balance at 1 July 2023 Profit after income tax expense for the half-year Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year Balance at 31 December 2023	Issued capital $'000 119,237 - -	Reserves $'000 (69) - (468)	Accumulated losses $'000 (70,331) 27 -	Total equity $'000 48,837 27 (468)
	- 252	(468) -	27 -	(441) 252
	119,489	(537)	(70,304)	48,648
	Issued capital $'000 119,489 - -	Reserves $'000 (794) - (226)	Accumulated losses $'000 (70,670) 57 -	Total equity $'000 48,025 57 (226)
	-	(226)	57	(169)
	119,489	(1,020)	(70,613)	47,856

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes

7

SciDev Limited Consolidated statement of cash flows For the half-year ended 31 December 2023

Note Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Interest and other finance costs paid Income taxes paid Net cash from operating activities Cash flows from investing activities Payments for contingent consideration Payments for property, plant and equipment Payments for intangibles Payments for security deposits Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares Repayment of leases Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial half-year 4	31 Dec 2023 $'000 45,241 (44,172)	31 Dec 2022 $'000 48,716 (46,287)
	1,069 (199) (410)	2,429 (158) -
	460	2,271
	(402) (1,144) (30) (213)	(3,620) (1,997) (59) (397)
	(1,789)	(6,073)
	- (507)	187 (1,440)
	(507)	(1,253)
	(1,836) 7,732 (90)	(5,055) 14,064 22
	5,806	9,031

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes

8

SciDev Limited Notes to the consolidated financial statements 31 December 2023

Note 1. Material accounting policy information

These general-purpose financial statements for the interim half-year reporting period ended 31 December 2023 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.

These general-purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2023 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the consolidated entity.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Note 2. Operating segments

Identification of reportable operating segments

The reportable operating segments were previously presented on a geographic basis. Over the past 6 months, the business has transitioned from geographic-based reporting to reporting results in two operating segments, each focused on different service offerings: Chemical Services and Water Technology. These are presented along with a corporate segment. The 31 December 2022 comparatives have been restated to reflect the changes made for the 31 December 2023 half-year.

Operating and business segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the Board of Directors.

Types of products and services

The principal products and services of each of these operating segments are as follows:

Chemical Services	Develop, manufacture and supply a range of chemistries and performance
	solutions that improve operational efficiencies, reduce waste and minimise water
	consumption across industry.
Water Technologies	Specialised water treatment and remediation technologies that remove harmful
	contaminants from groundwater, surface water and industrial liquid waste allowing
	water to be recycled or safely discharged to the environment.
Corporate	Includes Head Office and group services

Intersegment transactions

Intersegment transactions were made at market rates. Intersegment transactions are eliminated on consolidation.

9

SciDev Limited Notes to the consolidated financial statements 31 December 2023

Note 2. Operating segments (continued)

Operating segment information for the six months ended:

31 Dec 2023 Revenue Sales to external customers Intersegment sales Total sales revenue Other revenue Total revenue EBITDA Depreciation and amortisation Finance costs Profit before income tax expense Income tax expense Profit after income tax expense 31 Dec 2022 Revenue Sales to external customers Intersegment sales Total sales revenue Other revenue Total revenue EBITDA Depreciation and amortisation Finance costs Profit before income tax expense Income tax expense Profit after income tax expense Note 3. Revenue Revenue from contracts with customers Treatment fees and product sales Other revenue Rent Revenue	Chemical Services $'000 40,943 13	Water Technologies $'000 9,246 -	Corporate $'000 - -	Eliminations and adjustments $'000 - (13)	Total $'000 50,189 -
	40,956 -	9,246 -	- 72	(13) -	50,189 72
	40,956	9,246	72	(13)	50,261
	5,200	(584)	(1,428)	40	3,228 (2,041) (301)
	Chemical Services $'000 43,591 20	Water Technologies $'000 5,881 -	Corporate $'000 - -	Eliminations and adjustments $'000 - (20)
					886 (829) 57 Total $'000 49,472 -
	43,611 -	5,881 -	- 56	(20) -	49,472 56
	43,611	5,881	56	(20)	49,528
	3,592	821	(2,007)	89	2,495 (1,493) (434)
				31 Dec 2023 $'000 50,189
					568 (541) 27 31 Dec 2022 $'000 49,472
				72	56
				50,261	49,528

10

SciDev Limited Notes to the consolidated financial statements 31 December 2023

Note 3. Revenue (continued)

Disaggregation of revenue

The disaggregation of revenue from contracts with customers is as follows:

Geographical regions Australia North America Asia Other Timing of revenue recognition Goods transferred at a point in time Services transferred over time Note 4. Cash and cash equivalents Current assets Cash at bank Cash on deposit Note 5. Trade and other receivables Current assets Trade receivables Other receivables Note 6. Inventories Current assets Stock in transit - at cost Stock on hand - at cost	31 Dec 2023 $'000 20,791 28,305 221 872	31 Dec 2022 $'000 15,094 32,936 872 570
	50,189	49,472
	40,014 10,175	42,853 6,619
	50,189	49,472
	31 Dec 2023 $'000 5,756 50	30 Jun 2023 $'000 7,682 50
	5,806	7,732
	31 Dec 2023 $'000 12,467 178	30 Jun 2023 $'000 7,593 185
	12,645	7,778
	31 Dec 2023 $'000 2,077 5,999	30 Jun 2023 $'000 1,076 5,854
	8,076	6,930

11

SciDev Limited Notes to the consolidated financial statements 31 December 2023

Note 7. Financial assets at fair value through other comprehensive income

Non-current assets Unlisted equity securities Listed equity securities Reconciliation Reconciliation of the fair values at the beginning and end of the current and previous financial half-year are set out below: Opening fair value Revaluation decrements through profit or loss Revaluation increments/(decrements) through other comprehensive income Closing fair value Refer to note 13 for further information on fair value measurement. Note 8. Property, plant and equipment Non-current assets Office buildings and warehouses - at cost Less: Accumulated depreciation Plant and equipment - at cost Less: Accumulated depreciation Motor vehicles - at cost Less: Accumulated depreciation Office equipment - at cost Less: Accumulated depreciation	31 Dec 2023 $'000 3 516	30 Jun 2023 $'000 3 408
	519	411
	411 - 108	1,730 (164) (1,155)
	519	411
	31 Dec 2023 $'000 2,949 (892)	30 Jun 2023 $'000 2,819 (518)
	2,057	2,301
	14,629 (5,734)	13,661 (4,679)
	8,895	8,982
	1,698 (569)	1,553 (426)
	1,129	1,127
	455 (125)	390 (73)
	330	317
	12,411	12,727

12

SciDev Limited Notes to the consolidated financial statements 31 December 2023

Note 8. Property, plant and equipment (continued)

Reconciliations

Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below:

Balance at 1 July 2023 Additions Exchange differences Lease termination Rent adjustments Recognition of right-of-use assets Depreciation expense Balance at 31 December 2023	Office buildings and warehouses $'000 2,301 - (12) - 147 - (379)	Plant and equipment $'000 8,982 1,066 (12) - 7 - (1,148)	Motor vehicles $'000 1,127 13 (7) (61) 11 222 (176)	Office equipment $'000 317 65 - - - - (52)	Total $'000 12,727 1,144 (31) (61) 165 222 (1,755)
	2,057	8,895	1,129	330	12,411

Included in the above line items are right-of-use assets over the following:

Balance at 1 July 2023 Recognition of right-of-use assets Lease termination Exchange differences Transfer Rent adjustments Depreciation expense Balance at 31 December 2023	Office buildings and warehouses $'000 2,301 - - (12) - 147 (379)	Plant and equipment $'000 309 - - (4) - 7 (106)	Motor vehicles $'000 795 222 (61) (7) (21) 11 (119)	Total $'000 3,405 222 (61) (23) (21) 165 (604)
	2,057	206	820	3,083

Note 9. Intangibles

Non-current assets Goodwill - at cost Trademarks and intellectual property - at cost Less: Accumulated amortisation Customer contracts - at cost Less: Accumulated amortisation	31 Dec 2023 $'000 20,675	30 Jun 2023 $'000 20,861
	3,752 (987)	3,729 (865)
	2,765	2,864
	2,600 (866)	2,600 (703)
	1,734	1,897
	25,174	25,622

13

SciDev Limited Notes to the consolidated financial statements 31 December 2023

Note 9. Intangibles (continued)

Reconciliations

Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below:

Balance at 1 July 2023 Additions Exchange differences Amortisation expense Balance at 31 December 2023 Note 10. Trade and other payables Current liabilities Trade payables Payable to the vendors of Haldon Industries* Other payables	Goodwill $'000 20,861 - (186) -	Trademarks and intellectual property $'000 2,864 30 (6) (123)	Client contracts $'000 1,897 - - (163)	Total $'000 25,622 30 (192) (286)
	20,675	2,765	1,734	25,174
			31 Dec 2023 $'000 15,417 3,320 1,675	30 Jun 2023 $'000 9,662 3,620 1,488
			20,412	14,770

• The balance of consideration owed to Haldon Industries, a related party, is due on 15 April 2024, accruing interest at 12% per annum.

Note 11. Lease liabilities

Current liabilities Lease liability - land and buildings Lease liability - motor vehicles Lease liability - equipment Non-current liabilities Lease liability - land and buildings Lease liability - motor vehicles Lease liability - equipment	31 Dec 2023 $'000 761 240 164	30 Jun 2023 $'000 684 200 180
	1,165	1,064
	1,442 573 48	1,714 578 123
	2,063	2,415
	3,228	3,479

14

SciDev Limited Notes to the consolidated financial statements 31 December 2023

Note 12. Reserves

Financial assets at fair value through other comprehensive income reserve Foreign currency reserve Share-based payments reserve	31 Dec 2023 $'000 (984) (451) 415	30 Jun 2023 $'000 (1,092) (117) 415
	(1,020)	(794)

Movements in reserves

Movements in each class of reserve during the current financial half-year are set out below:

Balance at 1 July 2023 Revaluation - gross (note 7) Foreign currency translation Balance at 31 December 2023	Financial assets at FVOCI reserve $'000 (1,092) 108 -	Foreign currency reserve $'000 (117) - (334)	Share-based payments reserve $'000 415 - -	Total $'000 (794) 108 (334)
	(984)	(451)	415	(1,020)

Note 13. Fair value measurement

Fair value hierarchy

The following tables detail the consolidated entity's assets and liabilities, measured or disclosed at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

Level 3: Unobservable inputs for the asset or liability

31 Dec 2023 Assets Equity securities - listed Equity securities - unlisted Total assets 30 Jun 2023 Assets Equity securities - listed Equity securities - unlisted Total assets	Level 1 $'000 516 - 516 Level 1 $'000 408 - 408	Level 2 $'000 - 3 3 Level 2 $'000 - 3 3	Level 3 $'000 - - - Level 3 $'000 - - -	Total $'000 516 3 519 Total $'000 408 3 411

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SciDev Limited Notes to the consolidated financial statements 31 December 2023

Note 13. Fair value measurement (continued)

Valuation techniques for fair value measurements categorised within level 2 and level 3 Level 2: Equity securities

The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Note 14. Events after the reporting period

No matter or circumstance has arisen since 31 December 2023 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.

Note 15. Earnings per share

Profit after income tax attributable to the owners of SciDev Limited Weighted average number of ordinary shares used in calculating basic earnings per share Weighted average number of ordinary shares used in calculating diluted earnings per share Basic earnings per share Diluted earnings per share	31 Dec 2023 $'000 57 Number 189,853,077	31 Dec 2023 $'000 57	31 Dec 2023 $'000 57	31 Dec 2022 $'000 27
				Number 189,519,289
	189,853,077			189,519,289
	Cents 0.03 0.03			Cents 0.01 0.01

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SciDev Limited Directors' declaration 31 December 2023

In the directors' opinion:

• the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;

• the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 31 December 2023 and of its performance for the financial half-year ended on that date; and

• there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.

On behalf of the directors

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_________ Vaughan Busby Chairman

26 February 2024 Sydney

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SciDev Limited Independent auditor's review report to the members of SciDev Limited

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SciDev Limited Independent auditor's review report to the members of SciDev Limited

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SciDev Limited Corporate directory 31 December 2023

Directors	Vaughan Busby - Non-executive Chairman
	Simone Watt - Non-executive Director
	Jon Gourlay - Non-executive Director
	Dan O'Toole - Non-executive Director
Company secretary	Heath L Roberts
Registered office	C/-Boardroom Pty Limited
	Level 8
	210 George Street, Sydney
	NSW 2000
	Phone: 1300 737 760
Principal place of business	Unit 1
	8 Turbo Road
	Kings Park
	NSW 2148
	Phone: (02) 9622 5185
Share register	Boardroom Pty Limited
	Level 8
	210 George Street, Sydney
	NSW 2000
	Phone: 1300 737 760
Auditor	Ernst & Young
	200 George Street
	Sydney
	NSW 2000
Stock exchange listing	SciDev Limited shares are listed on the Australian Securities Exchange (ASX
	code: SDV)
Website	www.scidevltd.com
Corporate governance	www.scidevltd.com/governance
statement

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