2013 Apr 15 Annual Report 2012 - Phosphagenics

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Contents Directors’ Report 31 Auditor’s Independence Declaration 53 Corporate Governance Statement 54 Consolidated Statement of Comprehensive Income 64 Consolidated Statement of Financial Position 65 Consolidated Statement of Cash Flow 66 Consolidated Statement of Changes in Equity 67 Notes to the Consolidated Financial Statements 68 Directors’ Declaration 110 Independent Auditor’s Report 111 Additional Shareholder’s Information 113 Corporate Directory 117 30 PHOSPHAGENICS ANNUAL REPORT 2012
Directors’ Report Your directors submit their report for the year ended 31 December 2012. DIRECTORS The names and details of the Company’s directors in offi ce during the fi nancial year and until the date of this report are as follows. Directors were in offi ce for this entire period unless otherwise stated. Currently in Office DR SANDRA WEBB DIRECTORSHIPS OF OTHER LISTED COMPANIES Directorships of other listed companies held by Directors in the three years immediately before the end of the fi nancial year are as follows: Name Company Period of Directorship Jonathan Addison Global Masters Fund Limited Since 19 April 2005 Don Clarke Stuart James Circadian Technologies Limited Webjet Limited Wolters Kluwer NV Pulse Health Limited Prime Financial Group Limited Progen Limited Greencross Limited Since 1 September 2005 Since 10 January 2008 Since 26 April 2006 Since 7 November 2007 Since 16 May 2006 Since 1 July 2009 Since 30 October 2009 31 COMPANY SECRETARY Mourice Garbutt FCIS, FCAS Mr Garbutt, through his professional corporate secretarial and compliance service company, provides secretarial, clerical and corporate governance support to client companies in Australia many of which are listed on the ASX Limited. Fees are charged on normal commercial terms. PRINCIPAL ACTIVITIES The principle activities of the Company are the production, sale and licensing of products for the cosmeceutical, nutraceutical and pharmaceutical, and animal health industries. OPERATING AND FINANCIAL REVIEW At the end of December 2012, the company held $16.9 million in cash and cash equivalents. Closing cash was lower than the amount held at December 2011 of $27.2 million. Funds were primarily used to advance the clinical development and manufacturing of the Company’s core development products – the world’s fi rst oxycodone and oxymorphone pain patches, and to fund the continued product rollout of its personal care range. Revenues for the year of $2.7 million decreased by 16% from $3.2 million in 2011, due mainly to a decrease in ELIXIA ® sales caused by the current challenging conditions of the Australian and international retail environment. Product sales decreased year on year by 48%, to 1.3 million, again mainly due to the decrease of ELIXIA ® sales. DIRECTOR’S REPORT
Page 1 and 2: 20 12 Annual Report PHOSPHAGENICS P
Page 3 and 4: highlights March... April... May...
Page 5 and 6: 03 Jonathan Addison Chairman & Inde
Page 7 and 8: COLLABORATIONS Strategic Collaborat
Page 9 and 10: The Phosphagenics Evolution THE STO
Page 11 and 12: “ We also reached agreement with
Page 13 and 14: Overview of our opioid development
Page 15 and 16: 13 is branded as Butrans or Norspan
Page 17 and 18: Personal Care ASHLAND INC (FORMERLY
Page 19 and 20: BEAUTY IS MORE THAN SKIN DEEP 17 EL
Page 21 and 22: cellulite contour crème BioElixia
Page 23 and 24: Intellectual Property Title Countri
Page 25 and 26: 2009 2008 2007 2006 6.8 7.8 22.2 23
Page 27 and 28: DR ESRA OGRU (AGED 37 YEARS) BSC (H
Page 29 and 30: Senior Management DR PAUL GAVIN Chi
Page 31: Phosphagenics Limited ABN 32 056 48
Page 35 and 36: Directors’ Report continued Looki
Page 37 and 38: Directors’ Report continued Commi
Page 39 and 40: Directors’ Report continued REMUN
Page 43 and 44: Directors’ Report continued Share
Page 45 and 46: Directors’ Report continued Share
Page 47 and 48: Exercise Price Expiry Date Net othe
Page 49 and 50: Exercise Price Expiry Date Net othe
Page 51 and 52: Fair value per performance right at
Page 55 and 56: Auditors Independence Declaration 5
Page 57 and 58: Corporate Governance Statement cont
Page 67 and 68: Consolidated statement of fi nancia
Page 69 and 70: Consolidated statement of changes i
Page 71 and 72: Notes to the consolidated fi nancia
Page 73 and 74: Application date of standard Impact
Page 81 and 82: Notes to the consolidated fi nancia
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Notes to the consolidated fi nancia
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Independent Auditor’s Report 111
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Additional Shareholder Information
Page 117 and 118:
Additional Shareholder Information
Page 119:
corporate directory Phosphagenics L
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2013 Apr 15 Annual Report 2012 - Phosphagenics

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