SCIDEV LTD — Annual Report 2015

Aug 30, 2015

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Level 3 100 Mount Street North Sydney NSW 2060 Australia PO Box 1507 North Sydney NSW 2059 Australia

Phone: 02-9954-7888 Email: mail@intec.com.au Website: www.intec.com.au ASX code: INL

Companies Announcements Office Australian Securities Exchange

31 August 2015

Preliminary 2015 Financial Report (Appendix 4E)

Intec Ltd provides its Preliminary Final Report in accordance with Appendix 4E for the financial year ended 30 June 2015.

Yours faithfully

Intec Ltd

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Kieran Rodgers Managing Director

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P.O. Box 1507 North Sydney NSW 2059 Level 3, 100 Mount Street North Sydney NSW 2060 Australia

Phone: (+61 2) 9954 7888 Email: mail@intec.com.au Website: www.intec.com.au ASX code: INL

Preliminary Final Report in accordance with Appendix 4E Financial year ended 30 June 2015

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-3-

RESULTS FOR ANNOUCEMENT TO THE MARKET

			Year ended	Year ended	Year ended
Particulars			30 June 2015		30 June 2014
			$		$
Revenues and other income from continuing operations	Up 19.9%	to	1,536,962	from	1,281,439
(Loss) profit for year attributable to members	Up 32.1%	to	(856,446)	from	(1,261,134)
			Amount per		Franked amount
Dividends			security		per security
Final dividend			Nil cents		Nil cents
Previous corresponding period			Nil cents		Nil cents
Record date for determining entitlement to dividend			Not applicable		Not applicable

Brief Explanation of any of the figures reported above

The Company and controlled entities (the Group) generated an operating loss after income tax of $856,446 and net cash outflows from operations of $1,081,085 in the year ended 30 June 2015. At 30 June 2015 the Group had net assets of $2,243,129 and cash balances of $926,394.

This Appendix 4E should be read in conjunction with the Half-Year Financial Report of the Group as at 31 December 2014 and the Annual Financial Report of Intec, due to be released in September 2015, for the year ended 30 June 2015. It is also recommended that the Appendix 4E be considered together with any public announcements made by the Group since commencement of the 2014/15 financial year on 1 July 2014 in accordance with the continuous disclosure obligations arising under the Corporations Act, 2001.

Events Occurring after Balance Date

No matter or circumstance has arisen since 30 June 2015 that has significantly affected or may significantly affect the consolidated entities operations, the results of these operations, or the consolidated entities state of affairs in future financial years. .

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Intec Ltd

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Consolidated Statement of Profit or Loss and other Comprehensive Income For the year ended 30 June 2015

Revenue Administration expense Burnie Research Facility expenses Depreciation and amortisation expense Engineering and other consultants expenses Employment costs Finance costs Impairment expense Occupancy expense Treatment expense Other expenses (Loss)/Profit before income tax from continuing operations Income tax benefit/(expense) (Loss)/Profit after tax for the year from continuing operations Profit/(loss) after tax for the year from discontinued operations (Loss)/Profit after tax for the year Other comprehensive income/(loss) Items that will not be reclassified subsequently to profit or loss Gain on revaluation of other financial assets Income tax relating to components of other comprehensive income Other comprehensive income for the year, net of income tax Other comprehensive income for the year net of tax (Loss)/Profit attributable to: Owners of Intec Ltd Non-controlling interests Basic (loss)/profit per share Diluted (loss)/profit per share	Year ended 30 June 2015 30 June 2014 $ $ 1,536,962 1,281,439 (435,765) (437,929) (100,592) (52,363) (64,071) (380,168) (166,032) (93,969) (848,614) (781,809) (23,616) (8,716) (13,100) (162,900) (117,981) (135,471) (669,031) (557,207) (11,680) (2,316)
	(913,520) (1,331,409) 8,883 70,401
	(904,637) (1,261,008) 48,191 (126)
	(856,446) (1,261,134) 18,100 - - -
	18,100 -
	(838,346) (1,261,134)
	(816,121) (1,177,945) (40,325) (83,189)
	(856,446) (1,261,134)
	Cents Cents (0.27) (0.42) (0.27) (0.42)

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Intec Ltd

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Consolidated Statement of Financial Position As at 30 June 2015

ASSETS Current assets Cash and cash equivalents Trade and other receivables Inventories Total current assets Non current assets Trade and other receivables Other financial assets Plant and equipment Intangible assets Total non current assets Total assets LIABILITIES Current liabilities Trade and other payables Loans and borrowings Provisions Total current liabilities Non-current liabilities Trade and other payables Loans and borrowings Deferred tax liability Total non-current liabilities Total liabilities Net assets EQUITY Contributed equity Reserves Accumulated losses Total equity attributable to equity holders of the Company Outside equity interest Total equity	Year ended 30 June 2015 30 June 2014 $ $ 926,394 1,747,861 326,531 189,518 255,777 194,520
	1,508,702 2,131,899
	- - 57,200 42,200 221,323 294,587 1,288,905 1,318,845
	1,567,428 1,655,632
	3,076,130 3,787,531
	311,646 336,867 255,466 137,593 77,406 112,732
	644,518 587,192
	- - 113,718 64,774 74,765 83,647
	188,483 148,421
	833,001 735,613
	2,243,129 3,051,918
	71,641,977 71,641,977 2,671,694 2,624,037 (72,218,074) (71,401,953)
	2,095,597 2,864,061 147,532 187,857
	2,243,129 3,051,918

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Intec Ltd

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Consolidated Statement of Changes in Equity For the year ended 30 June 2015

Consolidated Balance at 1 July 2013 Comprehensive income Loss after income tax expense for the year Other comprehensive income for the year Total comprehensive income for the year Changes in ownership interests Acquisition of subsidiary with non- controlling interest Balance at 30 June 2014 Balance at 1 July 2014 Comprehensive income Loss after income tax expense for the year Asset revaluation reserve Options reserve Total comprehensive income for the year Balance at 30 June 2015	Share Capital Reserves Accumulated Losses Non Controlling Interest Total $ $ $ $ $ 71,641,977 2,624,037 (70,224,008) 962 4,042,968 - - (1,177,945) (83,189) (1,261,134) - - - - -
	- - (1,177,945) (83,189) (1,261,134)
	- - - 270,084 270,084
	71,641,977 2,624,037 (71,401,953) 187,857 3,051,918
	71,641,977 2,624,037 (71,401,953) 187,857 3,051,918 - - (816,121) (40,325) (856,446) - 18,100 - - 18,100 - 29,557 - - 29,557
	- 47,657 (816,121) (40,325) (808,789)
	71,641,977 2,671,694 (72,218,074) 147,532 2,243,129

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Intec Ltd

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Consolidated Statement of Cash Flows For the year ended 30 June 2015

Cash flows from operating activities Receipts from customers Payments to suppliers and employees Interest paid Interest received R&D tax offset received Other receipts Income tax refund Net cash (outflows)/inflows from operating activities Cash flows from investing activities Payment for acquisition of business Payments for plant and equipment Proceeds from security deposits refunded Proceeds from sale or disposal of property, plant & equipment Proceeds from disposal of investments Payment for intangibles Net cash (outflows)/inflows from investing activities Cash flows from financing activities Proceeds from borrowings Repayment of borrowing Net cash inflows from financing activities Net (decrease)/increase in cash and cash equivalents Net cash acquired Cash and cash equivalents at the beginning of the financial year Cash and cash equivalents at end of year	Year ended 30 June 2015 30 June 2014 $ $ 1,208,566 913,875 (2,330,079) (1,813,794) (23,616) (8,716) 43,900 84,042 - 129,478 - 60,505 20,144 -
	(1,081,085) (634,610)
	- (1,300,100) (115,342) (83,324) - 79,539 207,583 138,520 50,000 - (11,832) -
	130,409 (1,165,365)
	164,438 183,325 (35,229) (41,494)
	129,209 141,831
	(821,467) (1,658,144) - 3,184 1,747,861 3,402,821
	926,394 1,747,861

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Intec Ltd

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Reconciliation of cash

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 Total cash at end of financial year Operating profit/(loss) after income tax Non cash items and non operating cash flows included in statement of comprehensive income Administration expenses Depreciation and amortisation Impairments expense Share based payments Sale of non-current assets Fair value movement on inventory Deferred tax liability on acquisition Changes in assets and liabilities Decrease/(increase) in receivables Decrease/(increase) in prepayments Decrease/(increase) in inventories Increase/(decrease) in trade creditors Increase/(decrease) in provisions Increase/(decrease) in deferred tax liability Net cash (outflows)/inflows from operating activities	Year ended 30 June 2015 30 June 2014 $ $ 926,394 1,747,861
	926,394 1,747,861
	(856,446) (1,261,134) - 38,119 64,071 380,168 13,100 162,900 29,557 - (164,642) (89,561) - 145,000 - (132,330) (152,127) 66,001 15,114 - (61,257) (9,650) 77,480 (14,798) (37,052) (2,973) (8,883) 83,648
	(1,081,085) (634,610)

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Intec Ltd

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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) 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: Date from which such profit (loss) has been calculated: 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: 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 the sale of the interest leading to the loss of control: Dividends Date the dividend is payable Record date to determine entitlements to the dividend No final dividend has been declared Consolidated accumulated losses Accumulated losses at the beginning of the financial year Net profit (loss) attributable to members Accumulated losses at the end of the financial year

Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable 30 June 2015 30 June 2014 $ $ (71,401,953) (70,224,008) (816,121) (1,177,945)

(72,218,074) (71,401,953)

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-10- Intec Ltd

Other notes to the condensed financial statements

Other notes to the condensed financial statements
	30 June 2015	30 June 2014
Ratios
Profit/(loss) before tax/revenue and other income
Consolidated profit/(loss) before tax from continuing operations as a
percentage of revenue and other income	(59.4)%	(103.9)%
Profit/(loss) after tax/equity interests
Consolidated net profit/(loss) after tax attributable to members as a
percentage of equity (similarly attributable) at the end of the year	(38.9)%	(41.1)%
NTA Backing
Net tangible assets per ordinary share (cents per share)	0.32c	0.58c
Earnings per security (EPS)
Profit/(loss) per share from continuing operations attributable to
ordinary equity holders of the company:
Basic earnings (loss) per share (cents per share)	(0.30)	(0.42)
Diluted earnings (loss) per share (cents per share)	(0.30)	(0.42)
Profit (loss) per share
attributable to ordinary equity holders of the company:
Basic earnings (loss) per share (cents per share)	(0.27)	(0.42)
Diluted earnings (loss) per share (cents per share)	(0.27)	(0.42)
Weighted average number of ordinary shares outstanding during the
period used in calculating the basic earnings (loss) per share	299,818,669	299,818,669
Weighted average number of ordinary shares and un-exercised options
over shares outstanding during the period used in calculating the basic
earnings (loss) per share.	304,218,669	303,118,669

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NOTES TO THE FINANCIAL STATEMENTS

Note 1: Basis of Preparation

The financial report has been prepared in accordance with Australian Accounting Standards and interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001.

The financial report has been prepared on an accruals basis and is based on historical costs except as modified by revaluation of certain non-current assets and, except where stated, does not take into account either changing money values or current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets.

Note 2: Going Concern Basis

The financial report has been prepared on a going concern basis notwithstanding the operating loss incurred by the Group. The Directors consider the Group has adequate funding and therefore, no adjustments have been made to the financial report that might be necessary should the Group not continue as a going concern. Accordingly, the Directors have prepared the financial report on a going concern basis.

Note 3: Accounting Policies

The Appendix 4E does not include 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 the financing and investing activities of the Group as the full financial report. The Appendix 4E should be read in conjunction with the Half-Year Financial Report of the Group as at 31 December 2014 and the Annual Financial Report of Intec, due to be released in September 2015, for the year ended 30 June 2015. It is also recommended that the Appendix 4E be considered together with any public announcements made by the Group since commencement of the 2014/15 financial year on 1 July 2014 in accordance with the continuous disclosure obligations arising under the Corporations Act, 2001.

Note 4: Material Factors Affecting the Revenues and Expenses of the Economic Entity for the Current Year No other matters or circumstances have arisen since 30 June 2015 that have significantly affected or may significantly affect the Group’s operations in future financial years, or the results of those operations in future financial years, or the Group’s state of affairs in future financial years.

There are no franking credits available. The Company is not expected to declare a dividend in the short term.

Compliance Statement

The financial report is based on accounts which are in the process of being audited.

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Kieran Rodgers Managing Director

31 August 2015

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ASX code: INL