2013 Apr 15 Annual Report 2012 - Phosphagenics

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Notes to the consolidated fi nancial statements 10. INTANGIBLE ASSETS (CONTINUED) Intangible assets with an indefi nite life or not available for use are tested for impairment at least annually at 31 December, or earlier where an indicator of impairment arises. The recoverable amount has been determined by calculation of the value in use being the present value of future cash fl ows expected to be derived from intangible assets, excluding expansionary activities, fi nance costs and income tax. Asset recoverable amounts (value in use) are calculated using discounted cash fl ow methodology, and applying sensitivity analysis to various input assumptions. Key assumptions of these valuations include: • management opinion on future cash fl ows on a product by product basis • different residual lifetime of acquired patents • allocation of products’ value to underlying patents • probability adjustments (ranging from 0.4275 to 1.00) to individual cash fl ows, refl ecting various types of risks • no terminal value The pre-tax discount rate used was 20%, based on: • the required rates of return on listed companies in a similar business 94 • the indicative rates of return required by suppliers of venture capital • the Groups current level of fi nancial gearing Recoverable amounts were assessed from an individual patent asset perspective. Based on the recoverable amounts, no impairment exists for intangible assets with an indefi nite useful life for the year ended 31 December 2012 (2011: NIL). Development costs Development expenditure on an internal project is recognised as an intangible asset only when Phosphagenics can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefi ts, the availability of resources to complete the development and the ability to measure reliably the expenditure attributable to the intangible asset during its development. Capitalised development costs relating to patents are amortised from the date signifi cant revenues are carried over the remaining patent life. Development expenditure is tested for impairment annually, when the asset is not yet available for use, or more frequently when an indication of impairment arises during the reporting period. At 31 December 2012 zero development costs were impaired and recognised as an expense (2011: Nil). 11. CURRENT TRADE AND OTHER PAYABLES 2012 $’000 2011 $’000 Trade payables 512 1,997 Accrued expenses 569 1,123 Goods and services tax (GST) payable 20 29 Other - 209 Total 1,101 3,358 Due to the short-term nature of these payables, their carrying value is assumed to approximate their fair value. Trade payables are non-interest bearing and are generally settled on 30 day terms. Other payables are non-trade payables and non-interest bearing. PHOSPHAGENICS ANNUAL REPORT 2012
Notes to the consolidated fi nancial statements 12. PROVISIONS CURRENT 2012 $’000 2011 $’000 Annual leave benefi ts 247 166 Long service leave benefi ts 105 78 Total 352 244 2012 2011 NON CURRENT $’000 $’000 Long service leave benefi ts 56 29 13. ISSUED CAPITAL Fully paid ordinary shares 2012 No. ‘000’s 2012 $’000 2011 No. ‘000’s 2011 $’000 Balance at beginning of year 1,017,565 209,546 739,696 176,905 Issue of shares - - 277,869 34,707 Exercise of options 2,650 356 - - Capital raising costs - (41) - (2,066) Balance at end of year 1,020,215 209,861 1,017,565 209,546 Fully paid ordinary shares carry one vote per share and carry the right to dividends. Share options As at close of business on 31 December 2012 there were a total of 9,400,000 unexercised unquoted options issued as share based payments, of which 9,400,000 options are fully vested and can be exercised at any time up to the date of expiry. 95 As at close of business on 31 December 2012 there were a total of 18,100,000 unexercised unquoted rights issued as share based payments, of which nil are fully vested, and therefore cannot yet be exercised. Share options and share rights carry no rights to dividends and no voting rights. For further details of share based payments refer to note 5. 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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Directors’ Report continued Commi
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Directors’ Report continued REMUN
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Directors’ Report continued REMUN
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Directors’ Report continued Share
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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
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Page 71 and 72: Notes to the consolidated fi nancia
Page 73 and 74: Application date of standard Impact
Page 95: 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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