Announcement PDF Biome Australia Limited Appendix 4D Half-year report 1. Company details Name of entity: ABN: Reporting period: Previous period: Biome Australia Limited 51 627 364 014 For the half-year ended 31 December 2022 For the half-year ended 31 December 2021 2. Results for announcement to the market $ Revenues from ordinary activities up 87.5% to 3,380,746 Loss from ordinary activities after tax attributable to the owners of Biome Australia Limited down 29.9% to (1,738,930) Loss for the half-year attributable to the owners of Biome Australia Limited 29.9% to (1,738,930) down Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The loss for the consolidated entity after providing for income tax amounted to $1,738,930 (31 December 2021: $2,479,914). Financial Performance During the half year period, the Company experienced strong sales growth with revenue increasing by 87.5% to $3,380,746 compared to the previous corresponding period (1H22 $1,802,611). The sales growth has been driven primarily by Biome’s Activated Probiotics, live biotherapeutics (probiotics). The Activated Probiotics range accounts for over 96% of sales for the period. Company (quarterly) sales continue its strong growth momentum as depicted in Figure 1 below. Fig. 1. Biome Quarterly Sales (Sep Qtr 20 to Dec Qtr 22) Biome Australia Limited Appendix 4D Half-year report Gross margin on sales for the half year period improved to 59% compared to 57.7% (1H22) in the previous corresponding period. The loss for the consolidated entity after providing for income tax amounted to $1,738,930 (31 December 2021: $2,479,914). Sales and marketing costs increased by $540,833 to $2,420,501 as a result of increased expenditure on promoting the Company's products. Despite this increase in sales and marketing costs, total operating expenses remained unchanged at $3.78 million. Retail pharmacy partner Terry White Chemmart and pharmacy wholesaler Symbion have both reported that Biome’s Activated Probiotics has remained the number one growth brand in their professional vitamin categories over the 12 months to December 2022. The sales trajectory has also benefited from the Company achieving scale in distribution. The onboarding of Priceline Pharmacy stores at the end of August 2022 took the Company’s distribution footprint to over 3,000 distribution points across both pharmacy and independent health practitioner channels. Priceline Pharmacy also reported Biome’s Activated Probiotics was their number one growth brand as of 31 December 2022. Biome’s largest distribution channel continues to be community pharmacy. The pharmacy channel reported same store sales growth of 59% for the half year period to December 2022 compared to the previous corresponding period. With the mid-2021 launch into the health food and practitioner channels, securing distribution with Oborne Health, Rener Health, Ariya and vital.ly has supported consistent growth in this new channel with over 150% channel growth year-on-year. The independent health practitioner channel in Australia and overseas now represents more than 33% of Biome’s total sales revenue. New product development has been a key focus in 1H23. The result has led to three new product launches planned for 2H23 and more to follow in FY24. Biome will launch Biome Dental Probiotic, Biome Lax Probiotic and Biome Recovery Probiotic into the Activated Probiotics brand. All new products planned for launch in FY23 have passed Biome’s rigorous criteria for new product development; they have human clinical data supporting their efficacy, have little or no direct competition, aim to improve the quality of life of the patients who take them and support maintaining our average gross margin. Biome launched its new investor hub in December in partnership with Fresh Amplify. The hub allows shareholders to access Company ASX announcements, view webinars and engage directly with the Company. Biome is planning an investor webinar for March and a broker roadshow in early Q423. Financial Position The Company has $3,734,952 in cash as at 31 December 2022. At 31 December 2022, the Company has net current assets of $4,295,940 and net assets of $4,772,273. The Company incurred a cash outflow from operations in the half year of $1,408,439. 3. Net tangible assets Reporting period Cents Net tangible assets per ordinary security 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 2.41 Previous period Cents 3.28 Biome Australia Limited Appendix 4D Half-year report 6. Dividends Current period There were no dividends paid, recommended or declared during the current financial period. Previous period There were no dividends paid, recommended or declared during the previous financial period. 7. Dividend reinvestment plans Not applicable. 8. Details of associates and joint venture entities Not applicable. 9. Foreign entities Details of origin of accounting standards used in compiling the report: Not applicable. 10. 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 Report. 11. Attachments Details of attachments (if any): The Interim Report of Biome Australia Limited for the half-year ended 31 December 2022 is attached. 12. Signed Signed ___________________________ Mr Ilario Faenza Chairman Date: 27 February 2023 Biome Australia Limited ABN 51 627 364 014 Interim Report - 31 December 2022 Biome Australia Limited Corporate directory 31 December 2022 Directors Blair William Brabin Vega Norfolk (Managing Director) Ilario Thomas Faenza (Non-Executive Director) Dominique Gayle Fisher AM (Independent Non-Executive Director) Company secretary George Lazarou Chief financial officer Douglas Chee Yong Loh Registered office 192-194 Johnston Street Collingwood Victoria 3066 Phone: +61 3 9017 5800 Principal place of business 192-194 Johnston Street Collingwood Victoria 3066 Share register Automic Pty Ltd 477 Collins Street Melbourne Victoria 3000 Phone: 1300 288 664 Auditor JTP Assurance Level 10, 446 Collins Street Melbourne VIC 3000 Stock exchange listing Biome Australia Limited shares are listed on the Australian Securities Exchange (ASX code: BIO) Website www.biomeaustralia.com 1 Biome Australia Limited Contents 31 December 2022 Directors' report Auditor's independence declaration Statement of profit or loss and other comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial statements Directors' declaration Independent auditor's review report to the members of Biome Australia Limited 2 3 5 6 7 8 9 10 14 15 Biome Australia Limited Directors' report 31 December 2022 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Biome 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 2022. Directors The following persons were directors of Biome Australia Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated: Mr Ilario Thomas Faenza - Non-executive Director Mr Blair William Brabin Vega Norfolk - Managing Director Ms Dominique Gayle Fisher AM - Independent Non-executive Director Principal activities The principal continuing activities of the Group during the financial half-year were developing, manufacturing and distributing innovative evidence-based products linking the gut and human health through the Group owned brands: ● Activated Nutrients, a range of completely organic, plant-based, all-in-one nutritional products; ● Activated Probiotics, a first-of-its-kind range of clinically-backed precision probiotics; and ● AXP, a certified range of performance products for athletes. Review of operations Financial Performance During the half year period, the Company experienced strong sales growth with revenue increasing by 87.5% to $3,380,746 compared to the previous corresponding period (1H22 $1,802,611). The sales growth has been driven primarily by Biome’s Activated Probiotics, live biotherapeutics (probiotics). The Activated Probiotics range accounts for over 96% of sales for the period. Company (quarterly) sales continue its strong growth momentum as depicted in Figure 1 below. Fig. 1. Biome Quarterly Sales (Sep Qtr 20 to Dec Qtr 22) 3 Biome Australia Limited Directors' report 31 December 2022 Gross margin on sales for the half year period improved to 59% compared to 57.7% (1H22) in the previous corresponding period. The loss for the consolidated entity after providing for income tax amounted to $1,738,930 (31 December 2021: $2,479,914). Sales and marketing costs increased by $540,833 to $2,420,501 as a result of increased expenditure on promoting the Company's products. Despite this increase in sales and marketing costs, total operating expenses remained unchanged at $3.78 million. Retail pharmacy partner Terry White Chemmart and pharmacy wholesaler Symbion have both reported that Biome’s Activated Probiotics has remained the number one growth brand in their professional vitamin categories over the 12 months to December 2022. The sales trajectory has also benefited from the Company achieving scale in distribution. The onboarding of Priceline Pharmacy stores at the end of August 2022 took the Company’s distribution footprint to over 3,000 distribution points across both pharmacy and independent health practitioner channels. Priceline Pharmacy also reported Biome’s Activated Probiotics was their number one growth brand as of 31 December 2022. Biome’s largest distribution channel continues to be community pharmacy. The pharmacy channel reported same store sales growth of 59% for the half year period to December 2022 compared to the previous corresponding period. With the mid-2021 launch into the health food and practitioner channels, securing distribution with Oborne Health, Rener Health, Ariya and vital.ly has supported consistent growth in this new channel with over 150% channel growth year-on-year. The independent health practitioner channel in Australia and overseas now represents more than 33% of Biome’s total sales revenue. New product development has been a key focus in 1H23. The result has led to three new product launches planned for 2H23 and more to follow in FY24. Biome will launch Biome Dental Probiotic, Biome Lax Probiotic and Biome Recovery Probiotic into the Activated Probiotics brand. All new products planned for launch in FY23 have passed Biome’s rigorous criteria for new product development; they have human clinical data supporting their efficacy, have little or no direct competition, aim to improve the quality of life of the patients who take them and support maintaining our average gross margin. Biome launched its new investor hub in December in partnership with Fresh Amplify. The hub allows shareholders to access Company ASX announcements, view webinars and engage directly with the Company. Biome is planning an investor webinar for March and a broker roadshow in early Q423. Financial Position The Company has $3,734,952 in cash as at 31 December 2022. At 31 December 2022, the Company has net current assets of $4,295,940 and net assets of $4,772,273. The Company incurred a cash outflow from operations in the half year of $1,408,439. Significant changes in the state of affairs There were no significant changes in the state of affairs of the consolidated entity during the financial half-year. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Mr Ilario Faenza Chairman 27 February 2023 4 10th Floor, 446 Collins Street Melbourne, VIC 3000 P.O. Box 627, Collins Street West VIC 8007 T: +61 3 9602 1494 F: +61 3 9602 3606 E: enquiries@jtpassurance.com.au www.jtpassurance.com.au AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF BIOME AUSTRALIA LIMITED I declare that, to the best of my knowledge and belief, during the half-year ended 31 December 2022 there have been: (i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and (ii) No contraventions of any applicable code of professional conduct in relation to the review. JTP ASSURANCE Chartered Accountants WAYNE TARRANT Partner Signed at Melbourne this 27th day of February 2023 5 ABN: 13 488 640 554. Liability limited by a scheme approved under Professional Standards Legislation Biome Australia Limited Statement of profit or loss and other comprehensive income For the half-year ended 31 December 2022 Consolidated 31 December 31 December Note 2022 2021 $ $ Revenue Sales revenue Cost of goods sold 5 3,380,746 (1,387,335) 1,802,611 (762,087) 1,993,411 1,040,524 43,832 256,626 Expenses Sales and marketing expenses Corporate and administrative expenses Occupancy costs Finance expenses Depreciation and amortisation expense Other expenses (2,420,501) (1,000,547) (46,191) (14,899) (99,382) (194,653) (1,879,668) (1,496,456) (57,159) (26,642) (21,370) (295,769) Loss before income tax expense (1,738,930) (2,479,914) - - (1,738,930) (2,479,914) - - (1,738,930) (2,479,914) Cents Cents Gross profit Other income 6 Income tax expense Loss after income tax expense for the half-year attributable to the owners of Biome Australia Limited Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year attributable to the owners of Biome Australia Limited Basic earnings per share Diluted earnings per share 13 13 (0.87) (0.87) The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 6 (1.61) (1.61) Biome Australia Limited Statement of financial position As at 31 December 2022 Consolidated 31 December Note 2022 30 June 2022 $ $ Assets Current assets Cash and cash equivalents Trade and other receivables Inventories Other assets Total current assets 7 3,734,952 1,109,776 2,030,999 66,306 6,942,033 5,493,394 794,148 1,300,075 55,939 7,643,556 8 469,965 383,981 853,946 174,695 433,000 607,695 7,795,979 8,251,251 Current liabilities Trade and other payables Lease liabilities Employee benefits Total current liabilities 2,269,059 95,575 281,459 2,646,093 1,125,558 91,700 133,598 1,350,856 Non-current liabilities Lease liabilities Employee benefits Total non-current liabilities 326,855 50,758 377,613 375,348 375,348 Total liabilities 3,023,706 1,726,204 Net assets 4,772,273 6,525,047 Non-current assets Property, plant and equipment Right-of-use assets Total non-current assets Total assets Liabilities Equity Issued capital Share options reserve Accumulated losses 9 Total equity 20,625,991 20,639,835 415,442 415,442 (16,269,160) (14,530,230) 4,772,273 6,525,047 The above statement of financial position should be read in conjunction with the accompanying notes 7 Biome Australia Limited Statement of changes in equity For the half-year ended 31 December 2022 Consolidated Ordinary shares $ Option reserve $ Performance Accumulated rights losses Total equity $ $ $ Balance at 1 July 2021 9,830,488 83,205 1,559,970 (9,893,535) 1,580,128 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - - (2,479,914) (2,479,914) - - - - - Total comprehensive income for the half-year - - - (2,479,914) (2,479,914) Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs Share-based payments Exercise of performance rights Issue of performance rights Cancellation of options Transfer to accumulated losses 8,508,210 2,301,137 - 405,734 (14,060) - (2,301,137) 585,615 155,552 (155,552) 8,508,210 405,734 585,615 (14,060) - Balance at 31 December 2021 20,639,835 474,879 - (12,529,001) 8,585,713 Consolidated Ordinary shares $ Balance at 1 July 2022 20,639,835 415,442 (14,530,230) 6,525,047 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - (1,738,930) - (1,738,930) - Total comprehensive income for the half-year - - (1,738,930) (1,738,930) (13,844) - - (13,844) 20,625,991 415,442 (16,269,160) 4,772,273 Transactions with owners in their capacity as owners: Cost of capital raising (note 9) Balance at 31 December 2022 Option reserve $ Accumulated losses Total equity $ $ The above statement of changes in equity should be read in conjunction with the accompanying notes 8 Biome Australia Limited Statement of cash flows For the half-year ended 31 December 2022 Consolidated 31 December 31 December Note 2022 2021 $ $ Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) R&D tax refund Other government grants received Interest received Interest paid on operating leases 3,054,168 (4,495,783) 36,600 7,232 (10,656) 1,998,471 (3,962,803) 223,275 33,000 351 - Net cash used in operating activities (1,408,439) (1,707,706) Cash flows from investing activities Payments for leasehold improvements Proceeds from disposal of property, plant and equipment (260,556) - 24,519 Net cash from/(used in) investing activities (260,556) 24,519 (44,619) - 9,678,651 (764,707) (96,767) (44,619) 8,817,177 Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year Effects of exchange rate changes on cash and cash equivalents (1,713,614) 5,493,394 (44,828) 7,133,990 609,978 - Cash and cash equivalents at the end of the financial half-year 3,734,952 7,743,968 Cash flows from financing activities Proceeds from issue of shares Payments for lease liabilities Share issue transaction costs Repayment of borrowings 9 Net cash from/(used in) financing activities The above statement of cash flows should be read in conjunction with the accompanying notes 9 Biome Australia Limited Notes to the financial statements 31 December 2022 Note 1. General information The financial statements cover Biome Australia Limited as a consolidated entity consisting of Biome Australia Limited and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Biome Australia Limited's functional and presentation currency. Biome Australia Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are: Registered office Principal place of business 192-194 Johnston Street Collingwood Victoria 3066 192-194 Johnston Street Collingwood Victoria 3066 A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 27 February 2023. Note 2. Significant accounting policies These general purpose financial statements for the interim half-year reporting period ended 31 December 2022 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'. These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2022 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Note 3. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. Share-based payment transactions The consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or BlackScholes model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity. 10 Biome Australia Limited Notes to the financial statements 31 December 2022 Note 3. Critical accounting judgements, estimates and assumptions (continued) Allowance for expected credit losses The allowance for expected credit losses assessment requires a degree of estimation and judgement. It is based on the lifetime expected credit loss, grouped based on days overdue, and makes assumptions to allocate an overall expected credit loss rate for each group. These assumptions include recent sales experience and historical collection rates. Provision for impairment of inventories The provision for impairment of inventories assessment requires a degree of estimation and judgement. The level of the provision is assessed by taking into account the recent sales experience, the ageing of inventories and other factors that affect inventory obsolescence. Note 4. Operating segments Identification of reportable operating segments The company is organised into one operating segments: researching, developing, manufacturing and distributing innovative evidence-based products linking the gut and human health. This operating segment is based on the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources. There is no aggregation of operating segments. Note 5. Sales revenue Consolidated 31 December 31 December 2022 2021 $ $ Sales - Domestic Sales - International 3,205,510 175,236 1,667,901 134,710 3,380,746 1,802,611 Note 6. Other income Consolidated 31 December 31 December 2022 2021 $ $ Government grants Interest R & D rebate 36,600 7,232 - 33,000 351 223,275 Other income 43,832 256,626 Note 7. Current assets - inventories Consolidated 31 December 2022 30 June 2022 $ $ Raw materials - at cost Finished goods - at cost Provision for slow moving and obsolete stock (and samples: June 2022) 11 43,690 - 2,113,872 (126,563) 1,987,309 1,555,941 (255,866) 1,300,075 2,030,999 1,300,075 Biome Australia Limited Notes to the financial statements 31 December 2022 Note 8. Non-current assets - right-of-use assets Consolidated 31 December 2022 30 June 2022 $ $ Land and buildings - right-of-use Less: Accumulated depreciation 490,189 (106,208) 490,189 (57,189) 383,981 433,000 Note 9. Equity - issued capital Consolidated 31 December 31 December 2022 30 June 2022 2022 30 June 2022 Shares Shares $ $ Ordinary shares - fully paid 199,909,857 199,909,857 20,625,991 20,639,835 Shares Issue price $ Movements in ordinary share capital Details Date Balance Capital raising costs 1 July 2022 Balance 31 December 2022 199,909,857 - $0.00 199,909,857 20,639,835 (13,844) 20,625,991 Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. Share buy-back There is no current on-market share buy-back. Note 10. Equity - dividends There were no dividends paid, recommended or declared during the current or previous financial half-year. Note 11. Contingent liabilities Included in the prospectus dated 19 October 2021 the Managing Director is entitled to a long term incentive (LTI) should specified consolidated revenue targets be delivered over a three year period. The maximum liability under this plan is $1,000,000 to be earned over a three-year period up to and including the year ending 30 June 2024. The Company intends to start accruing this liability in its accounts once the minimum 80% LTI target of $16.8m cumulative sales is met prior to 30 June 2024. The group has no other known contingent liabilities as at 31 December 2022. 12 Biome Australia Limited Notes to the financial statements 31 December 2022 Note 12. Events after the reporting period On 18 January 2023, the Company issued 1,902,689 fully paid ordinary shares under the Company’s Employee Incentive Plan for nil cash consideration. The value of the fully paid ordinary shares issued is $137,564. No other matter or circumstance has arisen since 31 December 2022 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. Note 13. Earnings per share Consolidated 31 December 31 December 2022 2021 $ $ Loss after income tax attributable to the owners of Biome Australia Limited (1,738,930) (2,479,914) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 199,909,857 153,836,005 Weighted average number of ordinary shares used in calculating diluted earnings per share 199,909,857 153,836,005 Cents Cents Basic earnings per share Diluted earnings per share (0.87) (0.87) 13 (1.61) (1.61) Biome Australia Limited Directors' declaration 31 December 2022 In the directors' opinion: ● the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements; ● the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 31 December 2022 and of its performance for the financial half-year ended on that date; and ● there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Mr Ilario Faenza Chairman 27 February 2023 14 10th Floor, 446 Collins Street Melbourne, VIC 3000 P.O. Box 627, Collins Street West VIC 8007 T: +61 3 9602 1494 F: +61 3 9602 3606 E: enquiries@jtpassurance.com.au www.jtpassurance.com.au INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF BIOME AUSTRALIA LIMITED ABN 51 627 364 014 Report on the Half-year Financial Report We have reviewed the accompanying half-year financial report of Biome Australia Limited, which comprises the consolidated condensed statement of financial position as at 31 December 2022, the consolidated condensed statement of profit or loss, the consolidated condensed statement of comprehensive income, the consolidated condensed statement of changes in equity and the consolidated condensed statement of cash flows for the halfyear ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration. Directors’ Responsibility for the Half-year Financial Report The directors of Biome Australia Limited are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards (including Australian Accounti