Remsense Technologies : Appendix 4D & Financial Report for HY 31 December 2021

For personal use only

REMSENSE TECHNOLOGIES LIMITED

ABN 50 648 834 771

APPENDIX 4D and

FINANCIAL REPORT

For the half-year ended 31 December 2021

Financial Report	RemSense Technologies Limited
For the half-year ended 31 December 2021
CONTENTS
APPENDIX 4D ....................................................................................................................................................	1
DIRECTORS' REPORT .....................................................................................................................................	2
onlyAUDITOR'S INDEPENDENCE DECLARATION.............................................................................................	6
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME .... 7
use
CONSOLIDATED STATEMENT OF FINANCIAL POSITION........................................................................	8
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ......................................................................	10
CONSOLIDATED STATEMENT OF CASH FLOWS....................................................................................	11
NOTES TO THE FINANCIAL REPORT.........................................................................................................	12
personalFor
DIRECTORS' DECLARATION .......................................................................................................................	22
INDEPENDENT AUDITOR'S REVIEW REPORT .........................................................................................	23
CORPORATE DIRECTORY............................................................................................................................	25

Previous corresponding period

Reporting period (current period)

Half-yearended 31 December 2020

Half-yearended 31 December 2021

Financial Report	RemSense Technologies Limited
For the half-year ended 31 December 2021

APPENDIX 4D

onlyResults for announcement to the market

useResults performance Revenue from ordinary activities

Loss after tax attributable to owners of the Company Net loss attributable to owners of the Company

6 months to	6 months to	Percentage
31 Dec 2021	31 Dec 2020	Increase /
$	$	(decrease)
2,054,067	1,062,135	93.39
(946,540)	(336,069)	(181.65)
(946,540)	(336,069)	(181.65)

Results for the previous corresponding period have been adjusted to only disclose revenue and loss from continuing operations.

Dividend information

	Amount per	Franked amount
	share	per share
	(cents)	(cents)
Final 2021 dividend per share	Nil	Nil
Interim 2022 dividend per share	Nil	Nil

Net tangible assets / (liabilities)

personal					31 Dec 2021		31 Dec 2020
	Net tangible assets / (liabilities) per ordinary share (cents)			4.922		(11.784)
	Review of Results
For

Additional information supporting the Appendix 4D disclosure requirements can be found in the Directors' Report and the consolidated financial statements for the half-year ended 31 December 2021. This Interim Financial Report should be read in conjunction with the most recent annual financial report.

Review Report

This Interim Financial Report has been subject to review by the Company's external auditor.

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Directors' Report	RemSense Technologies Limited
For the half-year ended 31 December 2021

DIRECTORS' REPORT

Your directors submit the Interim Report of the Group comprising RemSense Technologies Limited ("the Company", REM or "RemSense") and its controlled entity ("the Group") for the half-year ended 31 December 2021. To comply with the provisions of the Corporations Act 2001, the Directors report as follows:

DIRECTORS
The names of the directors who held office during the whole of the interim period and until the date of this report are
onlynoted below. Directors were in office for the entire period unless otherwise stated.
Steve Brown	Managing Director
use	Non-executive Chairman
Chris Sutherland
Ross Taylor	Non-executive Director
Nicole O'Connor	Non-executive Director
REVIEW OF OPERATIONS
personal
HIGHLIGHTS

Revenue for the six months totalled $2.054m an increase of 93% over the prior 6-month period.

The loss for the period was $947k which includes the costs of transitioning the company to a listed entity with the ramping up of staff and resources to execute the business plan. Included in this loss are once off expenses associated with preparing the company for IPO of $259k.

RemSense launched its prospectus on 10 September 2021 and commenced trading on the ASX on 2 November 2021 under the ticker code REM.

Commenced implementation of growth plan as outlined in the IPO Prospectus which was to fund:

• Expansion of the marketing and promotion of the Company's services, including the promotion of Virtual Plant;
• Improvement and ongoing development of Virtual Plant; and
• The Company's working capital requirements whilst it is implementing the above.

Data Capture and Insights

ForCompleted a number of inspection and geophysical survey operations for multiple clients predominantly in the resources sector.

Engineering and Innovation

Continued to provide technology development services predominantly to the oil and gas sector.

Virtual Plant

Successfully completed offshore scanning of the Wheatstone platform ahead of schedule.

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Directors' Report	RemSense Technologies Limited
For the half-year ended 31 December 2021

CORPORATE

RemSense Technologies Limited is listed on the Australian Securities Exchange (ASX: REM), classified as a West onlyAustralian technology development and systems engineering services company, and has approximately 79.6 million

shares on issue at the date of this report

The principal activities of the Group are to provide bespoke engineering and innovation, data capture and insights, and Virtual Plant digital twin solutions across industrial, infrastructure and resource market sectors.

The Group has not reached a stage in its development where it is generating an operating profit.

useREVIEW OF RESULTS AND FINANCIAL POSITION

The net loss after income tax for the half-year was $946,540 (31 December 2020: $336,069).

At the end of the reporting period the Group had cash on hand of $3,712,782 (30 June 2021: $533,304).

DIRECTORS' REMUNERATION personalNon-Executive Directors

The compensation for all non-executive directors, as approved by shareholders, is not to exceed $500,000 per annum in total, and is set based on a comparison of fees paid to other directors of comparable companies.

The Board resolved that non-executive director fees would be reduced by 50% up until the date of admission to trading on the ASX which was 2nd of November 2021. All fees are exclusive of superannuation and include membership of subcommittees.

• Chris Sutherland's remuneration as non-executive Chair was $50,000 for July 1 to November 1 when it increased back to $100,000.
• Ross Taylor's remuneration as non-executive director was $37,500 for July 1 to November 1 when it increased back to $75,000.
• Nicole O'Connor's remuneration as non-executive director was $37,500 for July 1 to November 1 when it increased back to $75,000.

Non-executive directors do not receive cash performance related compensation.

ForExecutive Director

Steve Brown's executive director fee was increased to $275,000 p.a. plus superannuation with effect from 1 November 2021.

Director's fees paid to Steve Brown are included as part of his service contract.

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