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SCIDEV LTD — Regulatory Filings 2007
Aug 22, 2007
65761_rns_2007-08-22_a551dae1-75cb-40ba-ab76-60ee22e73845.pdf
Regulatory Filings
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Intec Ltd
ASX Code: INL ABN 25 001 150 849
Superior and Sustainable Metals Production
Gordon Chiu Building J01 Department of Chemical Engineering Maze Crescent University of Sydney NSW 2006 Australia
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Telephone: +612-9351-6741 Facsimile: +612-9351-7180 Email: [email protected] Website: www.intec.com.au
Companies Announcement Office Australian Securities Exchange Limited 23 August 2007
Intec Ltd results for year ended 30 June 2007
Intec Ltd (ASX code: INL) is in the process of completing its financial statements for the year ended 30 June 2007 and is expecting to release these results on or before 31 August 2007.
Under the terms of the Hellyer Zinc Concentrate Joint Venture (HZCJV) agreement, Intec provides use of its fixed assets at Hellyer to the HZCJV. Intec retains at all times full ownership of all of the fixed assets that are employed in the operation of the HZCJV. During the year ended 30 June 2007, Intec received a non-refundable payment from the HZCJV for the HZCJV’s use of certain of these assets for the duration of the HZCJV agreement.
Under Accounting Standards and other mandatory financial reporting requirements in Australia, and in accordance with the accounting policies adopted by the HZCJV, Intec is required to recognise this income received for use of these assets over the anticipated four year life of the HZCJV.
The effect of adopting this accounting policy is the deferral of approximately $1.5 million of revenue already received and is expected to result in an overall after-tax loss for Intec of approximately $1.1 million being recorded for the year ended 30 June 2007, which is inconsistent with the verbal guidance given by me during an earlier Macquarie Digital interview (as reiterated in the Investor Q&A Forum on Intec’s website) of a ‘marginal maiden profit’.
Yours faithfully Intec Ltd
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Philip R. Wood Managing Director and Chief Executive Officer