Chairmans Letter
Dear Shareholder As you will be aware, the Company, previously known as Savcor Group Limited, was transformed during the year ended 31 December 2015. In July 2015, the Company entered into a binding term sheet to acquire 100% of Emefcy Limited Israel. In connection with the acquisition, the Company raised A$13.8 million through a public offer of shares at 20 cents each. The acquisition was completed on 18 December 2015 and the Company was re-admitted to ASX on 23 December 2015. Emefcy today offers a commercially-proven wastewater treatment solution potentially disrupting large existing markets and addressing the growing global need for clean water. Its initial technology, SABRE The Spiral Aerobic Biofilm Reactor is a modular decentralised wastewater treatment solution using 90% less energy than conventional technology. Future generation SABRE2 and SUBRE are higher capacity solutions being developed for broader markets. Emefcys future technology under development, EBR - The Electrogenic Bioreactor is designed to harvest electricity from highly-loaded industrial wastewater that is typically very costly to treat. The energys value has the potential to completely offset other treatment operating costs. The Board has been reinvigorated with the appointment of a blend of experienced technology venture capitalists, industry experts and capital market advisers. Management has also been strengthened with a number of significant appointments. On behalf of the Board, we are pleased to present the Annual Report for year ended 31 December 2015. The Directors Report, prepared under the Corporations Act requirements, reflects the activities of the parent entity for the full year and the activities of Emefcy Limited Israel for 13 days from 18 December 2015 which represents the period following completion of the transaction. The audited financial accounts, prepared in accordance with Australian Approved Accounting Standards, apply reverse takeover accounting principles and reflect the activities of the wholly owned subsidiary Emefcy Limited Israel for 2014 and 2015, plus the 13 days for Emefcy Group Limited. The consolidated loss for the company after income tax for the reporting period was US$ 9,088,500 (2014: loss of US$ 2,020,000). This figure includes the non-cash costs associated with the reverse takeover of Emefcy Group Limited of US$5,801,624 and cash costs of US$2 million, with US$1 million paid at 31 December 2015 and US$1 million recorded as a liability.
Importantly, the Company is on track or ahead of plan to achieve its 2016 goals. Richard Irving Executive Chairman Emefcy Group Limited.
Richard Irving
Executive Chairman
Emefcy Group Limited
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