2013 Apr 15 Annual Report 2012 - Phosphagenics

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Notes to the consolidated fi nancial statements 3. OTHER REVENUE AND EXPENSES 2012 $’000’s 2011 $’000’s (a) Licences Licences – Other 246 228 Total 246 228 (b) Government Grants Export markets development grant 1 27 105 R&D tax incentive credit 2 3,328 1,131 Total 3,355 1,236 1 The Export markets development grant relates to monies received as a partial offset for expenses incurred by Phosphagenics in developing its overseas markets. 2 The R&D tax incentive credit is the estimated cash payment anticipated to be received as a 45% offset of eligible expenditure incurred in developing the Company’s products through research and development activities undertaken from 1 January 2012 to 31 December 2012. 86 (c) Other Expenses Net foreign exchange gains 21 72 Depreciation (229) (261) Loss on sale of available-for-sale investments - (163) Travel (149) (326) Provision for doubtful debts (96) - Other (46) (93) Total (499) (771) PHOSPHAGENICS ANNUAL REPORT 2012
Notes to the consolidated fi nancial statements 4. INCOME TAXES Major components of income tax expense are: 2012 $’000’s 2011 $’000’s Current income tax - - Deferred income tax Relating to origination and reversal of temporary differences - (13,830) Income tax expense recorded in the statement of comprehensive income - (13,830) The prima facie income tax expense/(benefi t) on pre-tax accounting profi t from operations reconciles to the income tax expense in the fi nancial statements as follows: Accounting (loss) before income tax (11,055) (12,724) Income tax expense calculated at 30% (2010: 30%) (3,317) (3,817) Non-deductible expenses 149 270 Derecognition of deferred tax liability from formation of tax consolidated group - (13,830) Unused tax losses and tax offsets not recognised as deferred tax assets 3,168 3,547 Income tax benefi t reported in income statement - (13,830) Deferred tax liabilities comprise: Intellectual property - - Unrecognised deferred tax balances The following items have not been brought to account as deferred tax assets: Tax losses not recognised 21,384 20,435 Temporary differences not recognised - - Total 21,384 20,435 87 Tax Losses Deferred tax assets have not been recognised in respect of carried forward tax losses. Tax consolidation (i) Members of the tax consolidated group and the tax sharing arrangement Phosphagenics Limited and its 100% owned Australian resident subsidiaries formed a tax consolidated group with effect from 1 July 2009. Phosphagenics Limited is the head entity of the tax consolidated group. As a result the tax base of intangible assets was reset such that the deferred tax liability of $13,830,498 was reversed during 2011. (ii) Tax effect accounting by members of the tax consolidated group Measurement method adopted under AASB Interpretation 1052 Tax Consolidation Accounting The head entity and the controlled entities in the tax consolidated group continue to account for their own current and deferred tax amounts. The Group has applied the Group allocation approach in determining the appropriate amount of current taxes and deferred taxes to allocate to members of the tax consolidated group. The current and deferred tax amounts are measured in a systematic manner that is consistent with the broad principles in AASB 112 Income Taxes. 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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Directors’ Report continued Looki
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Page 47 and 48: Exercise Price Expiry Date Net othe
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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 87: Notes to the consolidated fi nancia
Page 113 and 114: Independent Auditor’s Report 111
Page 115 and 116: 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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