2013 Apr 15 Annual Report 2012 - Phosphagenics

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Notes to the consolidated fi nancial statements 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (q) Inventories Inventories including raw materials, work in progress and fi nished goods are valued at the lower of cost and net realisable value. Costs incurred in bringing each product to its present location and conditions are accounted for as follows: Raw materials Purchase cost on a fi rst-in, fi rst-out basis. The cost of purchase comprises the purchase price including, import duties and other taxes (other than those subsequently recoverable by the entity from the taxing authorities), transport, handling and other costs directly attributable to the acquisition of raw materials. Volume discounts and rebates are included in determining the cost of purchase. Finished goods and work-in-progress Cost of direct materials, labour and a proportion of variable and fi xed manufacturing overheads based on normal operating capacity. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. (r) Trade and other receivables 84 Trade receivables, which generally have thirty to sixty day terms, are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for impairment. Collectability of trade receivables is reviewed on an ongoing basis. Individual debts that are known to be uncollectible are written off when identifi ed. An impairment provision is recognised when there is objective evidence that the Group will not be able to collect the receivable. Financial diffi culties of the debtor, default payments or debts more than ninety days overdue are considered objective evidence of impairment. The amount of the impairment loss is the receivable carrying amount compared to the present value of estimated future cash fl ows, discounted at the original effective interest rate. (s) Plant and Equipment Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated on a diminishing value basis as follows: Computer Equipment – 33% p.a. Plant and equipment – 20% p.a. Offi ce Equipment - 20% p.a. The assets’ residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each reporting period. When no future economic benefi ts are expected to arise from the continued use of an item of property, plant and equipment, it is derecognised. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the statement of comprehensive income in the year the item is derecognised. PHOSPHAGENICS ANNUAL REPORT <strong>2012</strong>
Notes to the consolidated fi nancial statements 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (t) Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefi ts will fl ow to the Group and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable taking into account contractually defi ned terms of payment and excluding taxes or duty. The following specifi c recognition criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when the Group has transferred to the buyer the signifi cant risks and rewards of ownership of the goods and the costs in respect of the transaction can be reliably measured. Risks and rewards are considered passed to the buyer at the time of delivery of the goods to the customer. Royalties Royalty revenue is recognised on an accrual basis in accordance with the substance of the relevant agreement. Interest income Revenue is recognised as the interest accrues (using the effective interest method, which is the rate that exactly discounts estimated future cash receipts through the expected life of the fi nancial asset) to the net carrying amount of the fi nancial asset. (u) Issued capital Ordinary shares are classifi ed as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. 85 (v) Foreign currency translation Functional and presentation currency Both the functional and presentation currency of <strong>Phosphagenics</strong> Limited and its Australian subsidiaries is Australian dollars ($). The United States subsidiaries functional currency is United States Dollars which is translated to the presentation currency. Transactions and balances Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation of Group Companies functional currency to presentation currency The results of the United States subsidiary are translated into Australian Dollars as at the date of each transaction. Assets and liabilities are translated at exchange rates prevailing at reporting date. Exchange variations resulting from the translation are recognised in the foreign currency translation reserve in equity. On consolidation, exchange differences arising from the translation of the net investment in the United States subsidiary are taken to the foreign currency translation reserve. If the United States subsidiary were sold, the proportionate share of exchange differences would be transferred out of equity and recognised in the profi t and loss. (w) Earnings per share Basic earnings per share is calculated as net profi t or loss attributable to members of the parent divided by the weighted average number of ordinary shares. Where the Group generates a loss attributable to members of the parent, basic and diluted earnings per share are the same as a loss attributable to members of the parent cannot be further diluted. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
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20 12 Annual Report PHOSPHAGENICS P
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highlights March... April... May...
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03 Jonathan Addison Chairman & Inde
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COLLABORATIONS Strategic Collaborat
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The Phosphagenics Evolution THE STO
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“ We also reached agreement with
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Overview of our opioid development
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13 is branded as Butrans or Norspan
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Personal Care ASHLAND INC (FORMERLY
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BEAUTY IS MORE THAN SKIN DEEP 17 EL
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cellulite contour crème BioElixia
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Intellectual Property Title Countri
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2009 2008 2007 2006 6.8 7.8 22.2 23
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DR ESRA OGRU (AGED 37 YEARS) BSC (H
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Senior Management DR PAUL GAVIN Chi
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Phosphagenics Limited ABN 32 056 48
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Directors’ Report Your directors
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Page 115 and 116: Additional Shareholder Information
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Page 119: corporate directory Phosphagenics L
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2013 Apr 15 Annual Report 2012 - Phosphagenics

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