Genera Biosystems Limited |
ABN 69 098 663 837 |
Financial Report - 30 June 2016 |
Directors |
Mr Lou Panaccio (Non-Executive Chairman) |
Mr Richard Hannebery (Chief Executive Officer and Executive Director) |
Dr Karl Poetter (Executive Director) |
Mr David Symons (Non-Executive Director) |
Mr Jim Kalokerinos (Non-Executive Director) |
Company secretary | Ms Melanie Leydin |
Registered office | Small Technologies Cluster |
1 Dalmore Drive, Scoresby | |
Victoria, 3179 | |
Ph: 03 9763-1287 | |
Fax: 03 9763-2817 |
Share register | Computershare Investor Services Pty Limited |
452 Johnston Street | |
Abbotsford VIC 3067 | |
Ph: 1300 309 739 |
Auditor | Grant Thornton Audit Pty Ltd |
Level 30, 525 Collins Street | |
MELBOURNE VIC 3000 |
Stock exchange listing | Genera Biosystems Limited shares are listed on the Australian Securities Exchange (ASX code: GBI) |
Website | www.generabiosystems.com |
Patent Attorneys | Davies Collison Cave |
1 Nicholson Street | |
MELBOURNE VIC 3000 |
Directors' report 3
Auditor's independence declaration 21
Statement of profit or loss and other comprehensive income 22
Statement of financial position 23
Statement of changes in equity 24
Statement of cash flows 25
Notes to the financial statements 26
Directors' declaration 50
Independent auditor's report to the members of Genera Biosystems Limited 51
Shareholder information 54
The Company's 2016 Corporate Governance Statement has been released to ASX on 30 September 2016 and is available on the Company's website.
Directors' Report 30 June 2016The Directors present their report, together with the financial statements, on the Company for the year ended 30 June 2016.
DirectorsThe following persons were Directors of the Company during the whole of the financial year and up to the date of this report, unless otherwise stated:
Mr Lou Panaccio (Non-Executive Chairman) |
Mr Richard Hannebery (Chief Executive Officer and Executive Director) |
Dr Karl Poetter (Executive Director) |
Mr David Symons (Non-Executive Director) |
Mr Jim Kalokerinos (Non-Executive Director) |
The Company's strategic focus is to utilise its platform DNA analysis technologies to exploit the lucrative molecular diagnostics market. Genera is developing a suite of competitive and differentiated molecular diagnostic testing products focussed on high-growth and strategically important areas.
DividendsThere were no dividends paid, recommended or declared during the current or previous financial year.
Review of operationsYour Directors are pleased to provide this report on what was undoubtedly once more the most productive year in your company's history. We first acknowledge the efforts of our staff. For a number of years your company has operated in a manner designed to minimize the level of cash burn prior to the generation of meaningful revenues. As a consequence we have been disciplined in our management of headcount and, all of our people, Directors included, have undertaken extra tasks and duties and it is appropriate to formally acknowledge this.
The loss for the Company after providing for income tax amounted to $3,084,077 (30 June 2015: $2,789,474).
The Company's loss for the year ended 30 June 2016 was greater than the previous corresponding period for the following reasons:
Revenue
Revenue for the 12 months to 30 June 2016 from product sales increased to $611,033 (2015: $344,738) predominantly due to increased demand for RTIplex. Revenue from the R&D tax incentive decreased to $734,170 (2015: $967,204). Subsequent to 30 June 2016, and to the date of this report a further $255,200 of product sales were made.
Expenses
Total expenses were $4,433,997 ($4,127,212 in 2015). These expenses included finance costs of $909,488 (2015:
$898,510) of which $752,052 related to notional interest accrued on outstanding Series B convertible notes. These finance expenses were non-cash items and like the Series A convertible notes will be largely written into equity upon conversion into fully paid ordinary shares. Other increased expenses were laboratory expenses of $817,946 (2015: $264,992), which is an increase of $552,954 over the 2016 financial year due to an increase in research and development activity, and depreciation and amortisation costs of $700,229 (2015: $600,672) due to an increase in office and laboratory equipment. Travel and accommodation expenses for the financial year were $54,139 (2015: $27,076), an increase of $27,063.
This was due to increased travel, largely due to the increase in research and development work undertaken.
Genera Biosystems Limited published this content on 03 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 07 October 2016 14:33:06 UTC.
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