SCIDEV LTD — Interim / Quarterly Report 2025

Feb 26, 2025

ASX Announcement

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27 February 2025

1H FY25 Results - Solid 1H financials & first strategic wins in Europe

1H FY25 Highlights[1]

• Revenue of $49.9m in line with pcp ($50.3m: 1H FY24)

• Underlying EBITDA of $3.4m up 6% on pcp ($3.2m: 1H FY24)

• Positive operating cash flow of $2.2m

• Cash of $11.0m as at 31 December 2024 ($5.8m: 1H FY24)

• Growth of European Water Technologies business with first contracts secured in Sweden and UK for PFAS treatment

• Secured multiple water technology contracts in Australia and continued delivery of major projects, including two water treatment plants for a large infrastructure project in Sydney

• Secured multiple field trials in the Permian basin, Texas, with blue-chip customers for use of specialty chemistry to improve performance and reduce environmental impact of wells

• Expanded footprint in international mining market with initial revenues secured by Nuoer SciDev JV in the US and continued supply into Turkey

SciDev Ltd (ASX: SDV) (' SciDev ' or 'the Company ') provides an update on its financial[1] and operational performance for the six months ended 31 December 2024 (1H FY25).

SciDev CEO Seán Halpin said:

“We’ve achieved solid results this half-year, with revenue reflecting forecasted seasonality in the US Oil & Gas sector. Despite a slower second quarter, profitability remained strong, driven by highmargin chemistry and growth in water technologies. Over the last six months we have started to reap the benefits of strategic investments, and we are seeing growth across all business units and expansion into new markets, such as our entry into US mining through the Nuoer SciDev JV.

“We’ve achieved early success in Europe with contracts for PFAS remediation in Sweden and the UK, countries we have targeted as first entry points into the broader PFAS market. No other company rivals our depth of knowledge and practical, on-the-ground experience in PFAS remediation. With

1 All $ are A$ unless otherwise stated

Unit 1, 8 Turbo Rd Kings Park NSW 2148 AUSTRALIA

SciDev Limited

ABN: 25 001 150 849 e: info@scidevltd.com

w: scidevltd.com

p: +61 2 9622 5185

Page 1 of 5 1H FY25 Results

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over 7 billion litres treated, our expertise gives us a competitive edge in the $15.37 billion European water treatment market.

“We continue to strengthen our position in US Oil & Gas with several high-value trials with blue chip companies for our speciality chemistry CatCheck[TM] and new product FerriSlik ™ that significantly improve operational efficiencies and environmental impact of wells. Our innovations ensure we remain at the cutting edge of solutions that drive market expansion.”

Financial Performance

SciDev delivered first-half revenue of $49.9m, consistent with pcp despite an extended seasonal slowdown in market activity across the US Oil & Gas sector. Following several successful trials, the Mining and Construction business is poised to benefit from higher revenue in 2HFY25.

Table 1: Revenue from Operations by vertical (unaudited)

Sector	1H FY24 (A$m)	1H FY25 (A$m) % Change (vs PCP)
Water Technologies	9.2	9.8 7
Chemical Services	40.9	40.0 -2
- Mining & Construction	12.5	12.5 0
- Energy Services	28.2	27.5 -2
Total	50.1	49.8 -1

Half yearly positive cash flow from operations of $2.2m with cash and cash equivalents at 31 December 2024 of $11.0m ($5.8m: 1H FY24) with $8.5m in inventory.

Operational Performance

Water Technologies

• Secured an 18-month, $2.2m extension for the operation and maintenance of a PFAS water treatment facility with a blue-chip mining client in Western Australia.

• Successfully mobilised a water treatment plant to support the construction of a large infrastructure project in Sydney. Installation and commissioning will be completed in Q3, with a total contract value of $5.6m.

• Operated six PFAS treatment projects through Q1 FY25 generating $2m in revenue.

• Secured a $1.9m design contract to support a large mine rehabilitation project in Australia.

• Awarded a contract for the preliminary design of a third water treatment plant with a mining client in Western Australia.

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Page 2 of 5 1H FY25 Results

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• Secured first commercial order in Europe for PFAS treatment. The contract, valued at $0.5m, is with Swedish Hydro Solutions AB for a containerised PFAS treatment system to remediate a contaminated landfill site in Northeast Sweden. Construction and installation of the plant were completed during the quarter.

• Began the design, procurement, and early-stage construction of a water treatment plant under a $4.75m contract, supporting a major infrastructure project in Sydney.

• Successfully completed a $2m contract with Ventia Utility Services for the supply of a Build-OwnOperate water treatment plant to treat PFAS-contaminated surface water in Victoria.

• Delivered 30 water quality monitoring stations for use across multiple mine sites in Western Australia with an additional 18 units commissioned.

• Post-period, secured a contract with a UK blue-chip Oil & Gas customer for a containerised PFAS treatment system.

Chemical Services

• Participated in multiple successful trials evaluating friction reducer performance with two bluechip E&P companies in the Permian Basin.

• Successfully executed a one-year supply agreement with a BlueChip E&P client to provide a completed chemistry package, including SciDev’s CatChek™ technology, to support operations in the Mid-Con oilfield.

• Commercial launch of new Iron Tolerant Friction Reducer line FerriSlik™ developed to solve issues faced by operators in the Midland Basin of West Texas operating in iron rich environments. The product will be available for field trials in Q3 FY25.

• Secured a field trial with a current blue-chip client, BPX, in a second region for the use of CatChek™.

• Received a new purchase order for MaxiFlox® flocculant to support a trial with a major mineral sands producer in South Australia, resulting in a successful trial and continued supply into the March 2025 quarter.

• Completed a successful six-week trial of MaxiFlox® chemistry with a Tier 1 gold producer in WA, with the opportunity for ongoing supply into 2025.

• First supply of MaxiFlox® super absorbent polymer to a major tunnel project in Victoria to assist with the ongoing management and treatment of tunnel spoil.

• First supply of MaxiDry® chemistry to a tunnel project in NSW. Supply will continue for the project's duration, expected to be completed by the December quarter of FY26.

• The Nuoer SciDev Joint Venture continued supply into Turkey and successfully secured its first sales in the US mining market.

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Page 3 of 5 1H FY25 Results

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Outlook

SciDev CEO Seán Halpin said:

“Market conditions in the US Oil & Gas sector will continue to improve over coming months, supporting a stronger second half in line with the same period last year. The new US administration’s pro-infrastructure stance is driving positive momentum across Oil & Gas and mining operations, creating additional growth opportunities for our business.

“In the global mining market, we will continue leverage our Nuoer SciDev JV to expand our customer base for high-margin speciality chemistry products. We remain committed to using our proprietary technology solutions to maintain our critical advantage in solving complex water challenges for blue-chip clients.

“In Europe, our focus is on scaling operations, expanding our asset base to support growth, and raising brand awareness. Initial wins will come from smaller, rapidly deployable projects, positioning us for larger opportunities as regulatory frameworks evolve and enforcement strengthens across the region. These developments will drive new opportunities for our water technology services, accelerating our expansion in key European markets.

“We are also accelerating expansion into the North American water technology sector with a particular focus on PFAS remediation, driven by stringent regulations introduced under the first Trump administration. Our strong balance sheet and continuing positive operating cash flow provides us the flexibility to pursue these strategic growth initiatives and deliver sustained growth in the months ahead.”

Investor webinar

Date and time: 3 March at 2pm AEST .

CEO Seán Halpin will provide an update on the Company’s progress during 1H FY25. Shareholders will have an opportunity to participate in a Q&A session at the end of the briefing.

To pre-register for this webinar, please use the following link:

https://us06web.zoom.us/j/86406589185

The Board of SciDev Limited authorises this announcement.

For Further Information

Corporate

Seán Halpin – Chief Executive Officer

Anna Hooper – Chief Financial Officer

+61 2 9622 5185

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Page 4 of 5 1H FY25 Results

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About SciDev

SciDev is a leader innovative solutions that solve industries most complex water problems. . 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, Oil & Gas, Construction & Infrastructure and Water Treatment.

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Page 5 of 5 1H FY25 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 2024 Previous period: For the half-year ended 31 December 2023

2. Results for announcement to the market

2. Results for announcement to the market
				$'000
Revenues from ordinary activities	down	1%	to	49,927
Loss from ordinary activities after tax attributable to the owners of
SciDev Limited	down	219%	to		(68)
Loss for the half-year attributable to the owners of SciDev Limited	down	219%	to		(68)
		31	Dec 2024	31 Dec	2023
			Cents	Cents
Basic (loss)/earnings per share			(0.04)		0.03
Diluted (loss)/earnings per share			(0.04)		0.03

Dividends

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

Comments

The loss for the consolidated entity after providing for income tax amounted to $68,000 (31 December 2023: profit of $57,000).

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 2024.

3. Net tangible assets

Net tangible assets per ordinary security	31 Dec 2024 Cents 13.84	30 Jun 2024 Cents 13.27

4. Other

Not applicable.

SciDev Limited

ABN 25 001 150 849

Interim Financial Report - 31 December 2024

SciDev Limited Contents 31 December 2024

SciDev Limited Contents 31 December 2024
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	19
Independent auditor's review report to the members of SciDev Limited	20
Corporate directory	22

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:

and principal place of business are:
Registered office	Principal place of business
Level 8	Unit 1
210 George Street	8 Turbo Road
Sydney	Kings Park
NSW 2000	NSW 2148

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 27 February 2025.

1

SciDev Limited Directors' report 31 December 2024

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group' or 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 2024 (1H FY25).

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 Jon Gourlay Dan O'Toole Michael Utsler Simone Watt (resigned 21 November 2024)

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.

Operating and financial review

1H FY25 unaudited revenue of $49.9m (1H FY24 $50.3m), delivering an underlying EBITDA of $3.4m (1H FY24 $3.2m).

Cashflow from operations of $2.2m. During the period, SciDev made a final payment of $2.3m associated with the acquisition of Haldon Industries (ref ASX release 29 March 2021). To fund this payment, $3.0m was drawn down under a non-revolving amortising facility with Westpac Bank.

SciDev maintained a robust balance sheet with cash and cash equivalents at 31 December 2024 of $10.9m with $8.5m in inventory.

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

Profit before income tax Depreciation and amortisation Finance costs EBITDA	31 Dec 2024 $'000 955 2,075 323	31 Dec 2023 $'000 886 2,041 301
	3,353	3,228

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 FY25, 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 customer base across the mining, construction and energy services 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 2024

Water Technologies

SciDev’s Water Technologies segment is centered around 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. A initial contract in Sweden was delivered in the period. 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 2024 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

_________ Vaughan Busby Chairman

27 February 2025 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 2024

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 Employee related expenses Insurance Professional fees Travel and accommodation Other expenses Finance costs Profit before income tax expense Income tax expense (Loss)/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 Gain 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 (loss)/earnings per share 15 Diluted (loss)/earnings per share 15	31 Dec 2024 $'000 49,927 17 (32,997) (779) (2,075) (8,847) (442) (487) (526) (805) (1,708) (323)	31 Dec 2023 $'000 50,261 19 (35,215) (697) (2,041) (7,564) (615) (309) (423) (778) (1,451) (301)
	955 (1,023)	886 (829)
	(68) 149 1,160	57 108 (334)
	1,309	(226)
	1,241	(169)
	Cents (0.04) (0.04)	Cents 0.03 0.03

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 2024

Note Assets Current assets Cash and cash equivalents 4 Trade and other receivables 5 Contract assets Inventories 6 Income tax refund due Other 7 Total current assets Non-current assets Contract assets Financial assets at fair value through other comprehensive income Property, plant and equipment 8 Intangibles 9 Deferred tax Other 7 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 10 Contract liabilities Interest bearing liabilities 11 Lease liabilities Income tax payable Employee benefits Total current liabilities Non-current liabilities Interest bearing liabilities 11 Lease liabilities Total non-current liabilities Total liabilities Net assets Equity Issued capital 12 Reserves 13 Accumulated losses Total equity	31 Dec 2024 $'000 10,950 10,820 2,552 8,543 3 1,390	30 Jun 2024 $'000 9,425 7,355 4,930 7,529 3 798
	34,258	30,040
	133 601 10,212 25,393 4,179 828	157 452 11,514 25,047 4,113 691
	41,346	41,974
	75,604	72,014
	16,347 281 527 1,116 1,773 645	15,031 395 2,320 1,166 570 656
	20,689	20,138
	2,077 1,169	- 1,639
	3,246	1,639
	23,935	21,777
	51,669	50,237
	119,630 602 (68,563)	119,489 (757) (68,495)
	51,669	50,237

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 2024

SciDev Limited Consolidated statement of changes in equity For the half-year ended 31 December 2024
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 Balance at 1 July 2024 Loss 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 (note 12) Share-based payments Balance at 31 December 2024	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
	Issued capital $'000 119,489 - -	Reserves $'000 (757) - 1,309	Accumulated losses $'000 (68,495) (68) -	Total equity $'000 50,237 (68) 1,309
	- 141 -	1,309 - 50	(68) - -	1,241 141 50
	119,630	602	(68,563)	51,669

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 2024

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 business acquisitions completed in prior periods 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 bank loans Principal elements of lease payments Repayment of bank loans Transaction costs related to bank loans Net cash from/(used in) financing activities Net increase/(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 2024 $'000 51,143 (48,712)	31 Dec 2023 $'000 45,241 (44,172)
	2,431 (242) -	1,069 (199) (410)
	2,189	460
	(2,379) (446) (19) (256)	(402) (1,144) (30) (213)
	(3,100)	(1,789)
	3,000 (599) (200) (218)	- (507) - -
	1,983	(507)
	1,072 9,425 453	(1,836) 7,732 (90)
	10,950	5,806

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 2024

Note 1. Material accounting policy information

These general-purpose financial statements for the interim half-year reporting period ended 31 December 2024 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 2024 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

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 2024

Note 2. Operating segments (continued)

Operating segment information for the six months ended:

31 Dec 2024 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 Loss after income tax expense 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 Note 3. Revenue Revenue from contracts with customers Treatment fees and product sales Other revenue Rent Revenue	Chemical Services $'000 40,101 3	Water Technologies $'000 9,748 -	Corporate $'000 - -	Eliminations and adjustments $'000 - (3)	Total $'000 49,849 -
	40,104 -	9,748 -	- 78	(3) -	49,849 78
	40,104	9,748	78	(3)	49,927
	6,111	(924)	(1,832)	(2)	3,353 (2,075) (323)
	Chemical Services $'000 40,943 13	Water Technologies $'000 9,246 -	Corporate $'000 - -	Eliminations and adjustments $'000 - (13)
					955 (1,023)
					(68)
					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)
				31 Dec 2024 $'000 49,849
					886 (829)
					57
					31 Dec 2023 $'000 50,189
				78	72
				49,927	50,261

10

SciDev Limited Notes to the consolidated financial statements 31 December 2024

Note 3. Revenue (continued)

Disaggregation of revenue

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

Geographical regions Australia North America Europe 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 Note 6. Inventories Current assets Stock in transit - at cost Stock on hand - at cost	31 Dec 2024 $'000 21,677 27,627 300 245	31 Dec 2023 $'000 20,791 28,305 - 1,093
	49,849	50,189
	39,510 10,339	40,014 10,175
	49,849	50,189
	31 Dec 2024 $'000 10,900 50	30 Jun 2024 $'000 9,375 50
	10,950	9,425
	31 Dec 2024 $'000 10,820	30 Jun 2024 $'000 7,355
	31 Dec 2024 $'000 1,304 7,239	30 Jun 2024 $'000 916 6,613
	8,543	7,529

11

SciDev Limited Notes to the consolidated financial statements 31 December 2024

Note 7. Other

Current assets Prepayments Security deposits Other current assets Non-current assets Security deposits 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 2024 $'000 1,125 236 29	30 Jun 2024 $'000 539 116 143
	1,390	798
	828	691
	2,218	1,489
	31 Dec 2024 $'000 3,025 (1,699)	30 Jun 2024 $'000 2,970 (1,285)
	1,326	1,685
	15,918 (8,219)	15,368 (6,942)
	7,699	8,426
	1,922 (958)	1,879 (748)
	964	1,131
	469 (246)	456 (184)
	223	272
	10,212	11,514

12

SciDev Limited Notes to the consolidated financial statements 31 December 2024

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 2024 Additions Recovered from contracts Exchange differences Recognition of right-of-use assets Depreciation expense Balance at 31 December 2024	Office buildings and warehouses $'000 1,685 - - 32 - (391)	Plant and equipment $'000 8,426 436 (38) 24 21 (1,170)	Motor vehicles $'000 1,131 - - 27 - (194)	Office equipment $'000 272 10 - 2 - (61)	Total $'000 11,514 446 (38) 85 21 (1,816)
	1,326	7,699	964	223	10,212
Included in the above line items are right-of-use assets over the following:
Balance at 1 July 2024 Recognition of right-of-use assets Exchange differences Depreciation expense Balance at 31 December 2024		Office buildings and warehouses $'000 1,685 - 32 (391)	Plant and equipment $'000 121 21 4 (83)	Motor vehicles $'000 840 - 27 (132)	Total $'000 2,646 21 63 (606)
		1,326	63	735	2,124

Note 9. Intangibles

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 2024 $'000 21,404	30 Jun 2024 $'000 20,833
	3,761 (1,181)	3,729 (1,087)
	2,580	2,642
	2,600 (1,191)	2,600 (1,028)
	1,409	1,572
	25,393	25,047

13

SciDev Limited Notes to the consolidated financial statements 31 December 2024

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 2024 Additions Exchange differences Amortisation expense Balance at 31 December 2024	Goodwill $'000 20,833 - 571 -	Trademarks and intellectual property $'000 2,642 19 15 (96)	Customer contracts $'000 1,572 - - (163)	Total $'000 25,047 19 586 (259)
	21,404	2,580	1,409	25,393

Note 10. Trade and other payables

Current liabilities Trade payables Other payables Note 11. Interest bearing liabilities Current liabilities Secured: Bank loans (a) Unsecured: Payable to vendors of Haldon Industries (b) Non-current liabilities Secured: Bank loans (a)	31 Dec 2024 $'000 14,460 1,887	30 Jun 2024 $'000 15,031 -
	16,347	15,031
	31 Dec 2024 $'000 527 -	30 Jun 2024 $'000 - 2,320
	527	2,320
	2,077	-
	2,604	2,320

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SciDev Limited Notes to the consolidated financial statements 31 December 2024

Note 11. Interest bearing liabilities (continued)

(a) Bank loans

On 23 August 2024, SciDev Limited executed a finance facility for $10m with Westpac Limited which comprises: - Facility A - an amortising non-revolving variable rate bank bill business loan facility for $3m

• Facility B - a non-amortising revolving variable rate bank bill business loan facility for $5m

• Facility C - a revolving equipment finance facility for $2m

On 29 August 2024, $3m was drawn down under Facility A. This loan is repayable by $50k monthly instalments from the draw date, maturing on 23 August 2027.

The facilities are secured by a general security deed over the assets of the consolidated entity.

The interest rate on the facility used at 31 December 2024 was 6.36%.

Under the terms of the facility agreement, the Group is required to comply with the following financial covenants:

• (i) Leverage Ratio - the Leverage Ratio must be equal to or less than 2.00 times at all times;

• (ii) Debt Service Cover Ratio - the Debt Service Cover Ratio must be equal to or greater than 1.50 times at all times;

(iii) Equity Ratio - the Equity Ratio must be equal to or greater than 45% at all times;

• (iv) Facility B Draw Ratio - the Facility B Draw Ratio must be equal to or less than 60% at all times.

The Group is in compliance with all of its debt covenants.

(b) Payable to the vendors of Haldon Industries

The payable to Haldon Industries represented the balance of consideration owed to Haldon Industries, a related party, and was fully paid in the half-year ended 31 December 2024. The payable accrued interest at 12% per annum.

Financing arrangements

Financing arrangements
Used at the reporting date (net of repayments) Bank loan - amortising and non-revolving facility Bank loan - non-amortising revolving business loan facility Bank loan - equipment finance facility Payable to the vendors of Haldon Industries Unused at the reporting date Bank loan - amortising and non-revolving facility Bank loan - non-amortising revolving business loan facility Bank loan - equipment finance facility Payable to the vendors of Haldon Industries	31 Dec 2024 $'000 2,800 - - -	30 Jun 2024 $'000 - - - 2,320
	2,800	2,320
	- 5,000 2,000 -	- - - -
	7,000	-

• The used bank loan facility excludes borrowing costs capitalised.

Accounting policy for Interest bearing liabilities

Interest bearing liabilities are recognised initially at fair value net of directly attributable transaction costs. After initial recognition, Interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate ("EIR") method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss.

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SciDev Limited

Notes to the consolidated financial statements 31 December 2024

Note 12. Issued capital

Note 12. Issued capital
31 Dec 2024 Shares Ordinary shares - fully paid 190,137,753 Movements in ordinary share capital Details Date Balance 1 July 2024 Shares issued to Directors in lieu of fees 13 December 2024 Balance 31 December 2024	31 Dec 2024 Shares 190,137,753	30 Jun 2024 Shares 189,853,077	31 Dec 2024 $'000 119,630	30 Jun 2024 $'000 119,489
		Shares 189,853,077 284,676 190,137,753	Issue price $0.495	$'000 119,489 141 119,630

Note 13. Reserves

Note 13. Reserves
Financial assets at fair value through other comprehensive income reserve Foreign currency reserve Share-based payments reserve	31 Dec 2024 $'000 (902) 939 565	30 Jun 2024 $'000 (1,051) (221) 515
	602	(757)

Movements in reserves

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

Balance at 1 July 2024 Revaluation - gross () Foreign currency translation Share-based payments Balance at 31 December 2024	Financial assets at FVOCI reserve $'000 (1,051) 149 - -	Foreign currency reserve $'000 (221) - 1,160 -	Share-based payments reserve $'000 515 - - 50	Total $'000 (757) 149 1,160 50
	(902)	939	565	602

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SciDev Limited Notes to the consolidated financial statements 31 December 2024

Note 14. 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 2024 Assets Equity securities - listed Equity securities - unlisted Total assets 30 Jun 2024 Assets Equity securities - listed Equity securities - unlisted Total assets	Level 1 $'000 598 -	Level 2 $'000 - 3	Level 3 $'000 - -	Total $'000 598 3
	598	3	-	601
	Level 1 $'000 449 -	Level 2 $'000 - 3	Level 3 $'000 - -	Total $'000 449 3
	449	3	-	452

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 15. Earnings per share

(Loss)/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 (loss)/earnings per share Diluted (loss)/earnings per share		31 Dec 2024 $'000 (68)	31 Dec 2024 $'000 (68)	31 Dec 2023 $'000 57
		Number 189,919,281		Number 189,853,077
		189,919,281		189,853,077
		Cents (0.04) (0.04)		Cents 0.03 0.03

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SciDev Limited Notes to the consolidated financial statements 31 December 2024

Note 16. Events after the reporting period

No matter or circumstance has arisen since 31 December 2024 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.

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SciDev Limited Directors' declaration 31 December 2024

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 2024 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

_________ Vaughan Busby Chairman

27 February 2025 Sydney

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

==> picture [506 x 712] intentionally omitted <==

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

==> picture [505 x 711] intentionally omitted <==

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SciDev Limited Corporate directory 31 December 2024

SciDev Limited Corporate directory 31 December 2024
Directors	Vaughan Busby - Non-executive Chairman
	Jon Gourlay - Non-executive Director
	Dan O'Toole - Non-executive Director
	Michael Utsler - Non-executive Director
Company secretary	Heath L Roberts
Registered office	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 statement	www.scidevltd.com/governance

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