BOD Australia Limited
Appendix 4D
Half-year report
1. Company details | |||||
Name of entity: | BOD Australia Limited | ||||
ABN: | 89 601 225 441 | ||||
only | For the half-year ended 31 December 2021 | ||||
Reporting period: | |||||
Previous period: | For the half-year ended 31 December 2020 | ||||
2. Results for announcement to the market | |||||
$ | |||||
Revenues from ordinary activities | up | 4.0% | to | 3,443,634 | |
use | |||||
Loss from ordinary activities after tax attributable to the owners of BOD | |||||
Australia Limited | up | 68.2% | to | (2,169,856) | |
Lo for the half-year attributable to the owners of BOD Australia Limited up | 68.2% | to | (2,169,856) | ||
Dividends | |||||
There were no dividends paid, recommended or declared during the current financial period. | |||||
Comments | |||||
personal |
The oss for the consolidated entity after providing for income tax amounted to $2,169,856 (31 December 2020: $1,290,230).
Refer to the 'Review of operations' section of the Directors' report for further commentary on the results of the consolidated entity.
3. Net tangible assets
31 Dec 2021 | 30 Jun 21 | ||
$ | $ | ||
Net assets | 6,584,258 | 8,660,524 | |
Less: Intangibles | (414,737) | (337,906) | |
N t tangible assets | 6,169,521 | 8,322,618 | |
Number | Number | ||||
Total shares issued | 105,914,920 | 105,914,920 | |||
Reporting | Previous | ||||
period | period | ||||
Cents | Cents | ||||
Net tangible assets per ordinary security | 5.82 | 7.86 | |||
For | |||||
4. Loss of control over entities | |||||
Not applicable. | |||||
BOD Australia Limited
Appendix 4D
Half-year report
5. Dividends
Current period | ||
There were no dividends paid, recommended or declared during the current financial period. | ||
only | ||
Previous period | ||
There were no dividends paid, recommended or declared during the previous financial period. | ||
6. | Dividend reinvestment plans | |
N | t applicable. | |
use | ||
7. | Details of associates and joint venture entities | |
Not applicable. | ||
8. | Foreign entity | |
Details of origin of accounting standards used in compiling the report: | ||
personal |
The foreign entities are presented in compliance with International Financial Reporting Standards (IFRS).
9. Audit qualification or review
Details of audit/review dispute or qualification (if any):
The financial statements were subject to a review by the auditors and the review report is attached as part of the Interim rep rt.
10. Attachments
D tails of attachments (if any):
The Interim report of BOD Australia Limited for the half-year ended 31 December 2021 is attached.
11. Signed
For | Date: 25 February 2022 |
Signed ___________________________ | |
Joanne Patterson | |
Director and Chief Executive Officer | |
Sydney |
onlyBOD Australia Limited
ABN 89 601 225 441
useInterim report - 31 December 2021 personalFor
BOD Australia Limited Corporate directory 31 December 2021
Directors
onlyCompany secretary Registered office
Principal place of business
useShare register
A ditor
Stock exchange listing
personalWebsite For
Mark Masterson
George Livery
Joanne Patterson
Simon O'Loughlin
Akash Bedi
Hanno Cappon
Stephen Kelly
Suite 2, Level 10, 70 Phillip Street
Sydney NSW 2000
Level 1, 377 New South Head Road
Double Bay NSW 2028
Link Market Services Limited
Level 12, 680 George Street
Sydney NSW 2000
Nexia Sydney Audit Pty Ltd
Level 16, 1 Market Street
Sydney NSW 2000
BOD Australia Limited shares are listed on the Australian Securities Exchange (ASX code: BOD)
www.bodscience.com
1
BOD Australia Limited Directors' report
31 December 2021
The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of BOD Australia Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2021.
onlyDirectors
The following persons were directors of BOD Australia Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:
Mark Masterson (Non-Executive Chairman) George Livery
J anne Patterson Simon O'Loughlin Akash Bedi
Hanno Cappon (appointed on 21 July 2021) usePatrice Malard (resigned on 21 July 2021)
Principal activities
The principal activities of the consolidated entity during the half-year were the development of premium cannabidiol ('CBD') and hemp products for consumer markets in Australia, the United Kingdom, Europe and United States, as well as the development and distribution of therapeutic medicinal cannabis products based on Good Manufacturing Practice ('GMP') certified cannabis extracts for medical markets in Australia and the United Kingdom.
Review of operations
personalTotal revenue for the half-year was $3,443,634, a 4% increase on the previous corresponding period ('PCP') (H1 FY2021: $3,309,639).
Growth in revenue was attributed to the ongoing sale of medicinal cannabis products in the UK and Australia. During the half-year, revenue from sales of MediCabilis® contributed $817,589, a 20% uplift on the PCP (H1 FY2021: $679,894). The co solidated entity expects sales to increase in the coming half-year and has shipped 5,787 product units to customers, a 47% increase on the PCP (H1 FY2021: 3,941 product units), to satisfy increased market demand.
Sales of CBD and hemp products to global partner Health and Happiness Group Limited ("H&H", HKSE: 1112) contributed
$687,667 in revenue. This is a decrease on the PCP (H1 FY2021: $1,262,671) and was primarily due to issues associated with product manufacturing referred to below. Further, both market entries and reoccurring sales have been slower than expected. The consolidated entity continues to work with H&H on international expansion opportunities and sales growth initiatives.
The consolidated entity's non-CBD,over-the-counter, legacy health and beauty products generated $325,201 in sales, which is a reduction of the PCP (H1 FY2021: $415,122) and reflects the consolidated entity's ongoing focus on growing both its medicinal cannabis and CBD and wellness divisions. Sales decreased due to the impact of COVID-19 on our retail customers for the product ranges, as well as some products being sold at a discount due to shelf life restrictions. The division was also im acted by stock availability, which has been rectified subsequent to the end of the half-year.
Total revenue generated for the half-year also included $1,337,583 in R&D tax incentives (H1 FY2021: $764,106), reflecting Forthe increasing level of R&D activities.
The consolidated entity's loss from ordinary activities was $2,169,856 (H1 FY2021: $1,290,230). The increased loss is attributed to additional research and development costs of $496,829, mainly relating to the planned Schedule 3 clinical trial, and higher employee costs due to the annualisation impact of roles added during FY2021. In addition, raw materials and consumables used includes a one-off cost of $519,000 due to manufacturing issues associated with the consolidated entity's CBD wellness products, which were for sale in Italy. The consolidated entity has commenced steps to resolve this issue with its contract manufacturer and customer and expects to recover these costs in the coming months.
The consolidated entity held $4,886,766 in cash and cash equivalents at the end of the half-year. This, alongside the pending receipt in the third quarter of the current R&D tax incentive receivable of $1,152,520, provides the consolidated entity with significant financial flexibility to progress its clinical trial initiatives and international expansion opportunities across its medicinal cannabis and CBD and wellness product suite.
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BOD Australia Ltd. published this content on 25 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2022 05:11:05 UTC.