2013 Apr 15 Annual Report 2012 - Phosphagenics
2013 Apr 15 Annual Report 2012 - Phosphagenics
2013 Apr 15 Annual Report 2012 - Phosphagenics
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Directors’ <strong>Report</strong><br />
Your directors submit their report for the year ended 31 December <strong>2012</strong>.<br />
DIRECTORS<br />
The names and details of the Company’s directors in offi ce during the fi nancial year and until the date<br />
of this report are as follows. Directors were in offi ce for this entire period unless otherwise stated.<br />
Currently in Office<br />
DR SANDRA WEBB<br />
DIRECTORSHIPS OF OTHER LISTED COMPANIES<br />
Directorships of other listed companies held by Directors in the three years immediately before the end<br />
of the fi nancial year are as follows:<br />
Name Company Period of Directorship<br />
Jonathan Addison Global Masters Fund Limited Since 19 <strong>Apr</strong>il 2005<br />
Don Clarke<br />
Stuart James<br />
Circadian Technologies Limited<br />
Webjet Limited<br />
Wolters Kluwer NV<br />
Pulse Health Limited<br />
Prime Financial Group Limited<br />
Progen Limited<br />
Greencross Limited<br />
Since 1 September 2005<br />
Since 10 January 2008<br />
Since 26 <strong>Apr</strong>il 2006<br />
Since 7 November 2007<br />
Since 16 May 2006<br />
Since 1 July 2009<br />
Since 30 October 2009<br />
31<br />
COMPANY SECRETARY<br />
Mourice Garbutt FCIS, FCAS<br />
Mr Garbutt, through his professional corporate secretarial and compliance service company, provides<br />
secretarial, clerical and corporate governance support to client companies in Australia many of which<br />
are listed on the ASX Limited. Fees are charged on normal commercial terms.<br />
PRINCIPAL ACTIVITIES<br />
The principle activities of the Company are the production, sale and licensing of products for the<br />
cosmeceutical, nutraceutical and pharmaceutical, and animal health industries.<br />
OPERATING AND FINANCIAL REVIEW<br />
At the end of December <strong>2012</strong>, the company held $16.9 million in cash and cash equivalents. Closing<br />
cash was lower than the amount held at December 2011 of $27.2 million. Funds were primarily used<br />
to advance the clinical development and manufacturing of the Company’s core development products<br />
– the world’s fi rst oxycodone and oxymorphone pain patches, and to fund the continued product rollout<br />
of its personal care range.<br />
Revenues for the year of $2.7 million decreased by 16% from $3.2 million in 2011, due mainly to a decrease in<br />
ELIXIA ® sales caused by the current challenging conditions of the Australian and international retail environment.<br />
Product sales decreased year on year by 48%, to 1.3 million, again mainly due to the decrease of ELIXIA ® sales.<br />
DIRECTOR’S REPORT
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