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STATEMENT OF PROFIT AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2020

Consolidated Entity
Note
2020
2019
$
$
Total revenues
2(a)
32,565,423
31,047,776
Interest income
2(b)
562,928
564,657
Other income
2(c)
781,319
886,037
Total expenses
2(d)
(20,773,199)
(14,383,643)
Profit before income tax benefit
13,136,471
18,114,827
Income tax benefit
3(a)
3,510,388
19,333
Profit after income tax benefit
16,646,859
18,134,160
Net profit for the year
16,646,859
18,134,160
~
Other comprehensive income
Items that may be re-classified subsequently to profit or loss
Exchange differences of foreign exchange translation of foreign operations
592,857
(80,077)
Other comprehensive income/(loss) for the period, net of income tax
592,857
(80,077)
Total comprehensive income/(loss) for the period
17,239,716
18,054,083
~
Basic earnings per share - cents per share
16
33.8
37.6
Diluted earnings per share - cents per share
16
33.0
36.6
The accompanying notes form part of these financial statements.

SHARES PROVIDED UPON EXERCISE OF RIGHTS

DETAILS OF SHARES ISSUED DURING THE FINANCIAL YEAR AS A RESULT OF EXERCISE OF RIGHTS

Entity Number of shares issued 1 Issue Price for Shares Class
CLINUVEL PHARMACEUTICALS LTD
449,705
Nil$
Ordinary
1These shares were issued by the Group during the year after performance conditions attached to the rights were considered met. Those shares issued by the Group to Directors and Employees are held for retention by the Trustee for the 2009 Scheme and the 2014 Plan Trust. Shares issued by the Group to eligible participants were issued directly to the Trustee.

DETAILSOF SHARES ISSUED DURING THE YEAR TO EMPLOYEES FROM THE 2009 SCHEME TRUST AND THE 2014 PLAN TRUST

Entity Number of shares issued 1 Issue Price for Shares Class
CLINUVEL PHARMACEUTICALS LTD
359,938
Nil$
Ordinary
1These shares were issued by the Trustee to the 2009 Scheme and the 2014 Plan to departing employees who resigned from the Group during the year or to existing employees who had their transfer restrictions waived by the Board in their discretion.
Consolidated Entity
Note
2020
2019
$
$
Total revenues
2(a)
32,565,423
31,047,776
Interest income
2(b)
562,928
564,657
Other income
2(c)
781,319
886,037
Total expenses
2(d)
(20,773,199)
(14,383,643)
Profit before income tax benefit
13,136,471
18,114,827
Income tax benefit
3(a)
3,510,388
19,333
Profit after income tax benefit
16,646,859
18,134,160
Net profit for the year
16,646,859
18,134,160
~
Other comprehensive income
Items that may be re-classified subsequently to profit or loss
Exchange differences of foreign exchange translation of foreign operations
592,857
(80,077)
Other comprehensive income/(loss) for the period, net of income tax
592,857
(80,077)
Total comprehensive income/(loss) for the period
17,239,716
18,054,083
~
Basic earnings per share - cents per share
16
33.8
37.6
Diluted earnings per share - cents per share
16
33.0
36.6
The accompanying notes form part of these financial statements.

REMUNERATION DETAILS OF CASH INCENTIVES

Name Max Potential Opportunity (%) STI Awarded (%) STI Forfeited (%) Total Granted ($)
DR. P.J. Wolgen
100%
0%
100%
-
Dr. D.J. Wright
9%
95%
5%
21,982
Mr. D.M. Keamy
17%
89%
11%
42,634

ADDITIONAL INFORMATION – REMUNERATION

REMUNERATION DETAILS OF EQUITY INCENTIVES (PERFORMANCE RIGHTS)

Equity Incentives (Performance Rights)
Name
Year Granted
Latest Year of Vesting
Vested in Year
Forfeited in Year
Max Value of Right at Grant Date Yet to Vest
Mr. S.R. McLiesh
2011/12
no limitation
-
100%
-
Dr. P.J. Wolgen
2010/11
no limitation
100%
-
-
2019/20*
2023/24
0%
0%
8,226,311
Mrs. B.M. Shanahan
2011/12
no limitations
-
-
16,682
Mr. W.A. Blijdorp
-
-
-
-
-
Dr. K.A. Agersborg
-
-
-
-
-
Mrs. S.E. Smith
-
-
-
-
-
Prof. J.V. Rosenfeld
-
-
-
-
-
Other KMP
Dr. D.J. Wright
2011/12
no limitation
55%
-
12,853
2014/15
2021/22
100%
-
-
Mr. D.M. Keamy
2011/12
no limitations
51%
-
23,126
2014/15
2021/22
100%
-
-
The maximum value of outstanding Performance Rights is unable to be estimated. On excercise, each Performance Right entitles the KMP to one fully paid ordinary share in the Company. The share price of the Company at the time of exercise is not known. The minimum value of unvested performance rights is nil. The exercise price for those rights granted between 2010/11 and 2014/15 was $Nil.

* At the 2019 Annual General Meeting, shareholders approved the grant of 1,513,750 performance rights to the managing Director and these performance rights were used on 26 August 2020

SHARES HELD BY KMP

Year Ended 30 June 2020
Personnel
Balance at Start of Year
Granted as Remuneration
Received on Exercise
Other Changes
Held at the End of Reporting Period
Mr. S.R. McLiesh
187,774
-
-
-
187,774
Mrs. B.M. Shanahan
258,969
-
-
-
258,969
Dr. P.J. Wolgen
3,296,364
-
208,332
-
3,504,696
Mr. W.A. Blijdorp
1,743,118
-
-
-
1,743,118
Dr. K.A. Agersborg
4,100
-
-
1,400
5,500
Mrs. S.E. Smith
-
-
-
-
-
Prof. J.V. Rosenfeld
-
-
-
1,693
1,693
Other KMP
Dr. D.J. Wright
314,374
-
32,500
(45,000)
301,874
Mr. D.M. Keamy
306,720
-
66,080
(41,457)
331,343

TERMS AND CONDITIONS OF EACH GRANT OF RIGHTS AFFECTING REMUNERATION IN THE CURRENT OR FUTURE REPORTING PERIODS

Entity Number of rights Value per Right on Grant Date Class Grant Date Vesting Date for Retention in Scheme Trust Lapsing Date
CLINUVEL
91,667
$1.04
Ordinary
25/11/2010
09/10/2019
-
CLINUVEL
116,667
$1.04
Ordinary
25/11/2010
09/10/2019
-
CLINUVEL
105,875
$2.16
Ordinary
17/03/2015
09/10/2019
-

DETAILS OF REMUNERATION

KMP REMUNERATION OF THE COMPANY FOR THE YEARS ENDED 30 JUNE 2020 AND 30 JUNE 2019

Post-employment benefits Share-based payments (accounting charge only)2
Year
Gross Salary4
Short-Term Incentive
Business Generation Incentive
Other1
Super-annuation/Pension Fund
total (Excluding Share-Based Payments)
Performance rights
Total (Including Share-Based Payments)
$
$
$
$
$
$
$
$
Dr. P.J. Wolgen 3
2020
1,577,235
-
-
152,299
-
1,729,534
1,645,205
3,374,739
2019
893,660
422,747
-
30,373
-
1,346,780
68,346
1,415,126
Mr. S.R. Mcliesh
2020
41,857
-
-
-
3,976
45,833
-
45,833
2019
100,457
-
-
-
9,543
110,000
2,520
112,520
Mrs. B.M. Shanahan
2020
73,059
-
-
-
6,941
80,000
-
80,000
2019
99,167
-
-
-
6,941
80,000
2,520
82,520
Mr. W.A. Blijdorp
2020
99,167
-
-
-
-
99,167
-
99,167
20019
80,000
-
-
-
-
80,000
-
80,000
Dr. K.A. Agersborg
2020
67,917
-
-
-
-
67,917
-
67,917
2019
65,000
-
-
-
-
65,000
-
65,000
Mrs. S. E. Smith
2020
52,667
-
-
-
-
52,667
-
52,667
2019
-
-
-
-
-
-
-
-
Prof. J. V. Rosenfeld
2020
38,204
-
-
-
3,629
41,833
-
41,833
2019
-
-
-
-
-
-
-
-
Other KMP
Dr. D.J. Wright
2020
257,105
17,355
-
-
21,003
295,463
1,284
296,747
2019
252,064
18,149
-
-
20,531
290,744
5,608
296,747
Mr. D.M. Keamy
2020
278,713
42,364
30,000
-
21,003
372,080
4,174
376,254
2019
265,441
32,384
-
-
20,531
318,356
18,141
336,497
Total
2020
2,485,924
59,719
30,000
152,299
56,552
2,784,494
1,650,663
4,435,157
2019
1,729,681
473,280
-
30,373
57,546
2,290,880
97,135
2,388,015
1 Other' includes health insurance, housing and other allowances that may be subject to fringe benefits tax.
3 In 2019/20 Dr Wolgen's salary is paid in Singapore dollars (SGD) and in Euro currency.
2 As these values represent accounting values the KMP may or may not actually receive any benefit from these amounts, either in the current or future reporting periods. Any benefit obtained by the KMP is contingent upon the Company achieving certain performance conditions. The value of all Performance Rights and share options granted, exercised and lapsed during the financial year is detailed in the following tables within the Remuneration Report. Performance Rights were priced using either the Monte Carol simulation pricing model or a binomial pricing model. The amount expensed each reporting period includes adjustments to the life-to-dale expense of the grants based on the reassessed estimate of achieving non-market performance criteria.
4 Does not include movement in annual leave and long service leave provisions. Upon the renewal of Dr Wolgen's service agreement in 2019/20 and the increase to his base salary, the value of his unused annual leave and long service leave entitlements were reset, resulting in a $365,923 increase to annual leave and long service leave entitlements avaialble to Dr Wolgen. The natural accretion to his annual leave and long service leave entitlements for 2019/20 was $172,950 (year ending 30 June 2019: $64,483). For Mr Kearny and Dr Wright, the accretive movement to their annual leave and long service leave entitlements was S24,000 and $3,277 respectively (year ending 30 June 2019: $7,429 increase for Mr Keamy and $11,603 decrease for Dr Wright)

REMUNERATION PERFORMANCE RIGHTS HOLDINGS OF KMP - 2020

Balance at Start
of Year		 Issued as
Compensation		 Exercised Lapsed and Expired Balance at End
of Year		 Issued as
Compensation after
30 June 2020*
Directors
Mr. S.R. McLiesh
40,000
-
-
(40,000)
-
-
Mrs. B.M. Shanahan
25,000
-
-
-
25,000
-
Dr. P.J. Wolgen
208,332
-
(208,332)
-
-
1,513,750
Mr. W.A. Blijdorp
-
-
-
-
-
-
Dr. K.A. Agersborg
-
-
-
-
-
-
Mrs. S. E. Smith
-
-
-
-
-
-
Prof. J. V. Rosenfeld
-
-
-
-
-
-
Other KMP
Dr. D.J. Wright
50,625
-
(32,500)
-
18,125
-
Mr. D.M. Keamy
98,440
-
(66,080)
-
32,360
-
All performance rights held at the end of the year ae unvested.
* Relates to the approval by shareholders to grant performance rights to the Managing Director at the 2019 AGM

E. SERVICE AGREEMENTS 2019/20

Name Dr Philippe
Wolgen2		 Dr Dennis
Wright		 Mr Darren
Keamy3
Duration of contract
3 years
No fixed term
3 years
Notice Period (from Company)
12 months
3 months
12 months
Notice Period (from Managing Director)
12 months
-
-
Notice Period (from Executive KMP)
-
3 months
12 months
Termination Payment without Cause
12 months
3 months
12 months
Termination Payment with Cause
None
None
None
2, 3 Expiry Date 30 June 2022

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