Announcement PDF Invion Limited Appendix 4D Half-year report 1. Company details Name of entity: ABN: Reporting period: Previous period: Invion Limited 76 094 730 417 For the half-year ended 31 December 2020 For the half-year ended 31 December 2019 2. Results for announcement to the market $ Revenues from ordinary activities down 32.9% to 1,244,321 Loss from ordinary activities after tax attributable to the owners of Invion Limited down 27.8% to (851,618) Loss for the half-year attributable to the owners of Invion Limited 27.8% to (851,618) 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 $851,618 (31 December 2019: $1,180,129). 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. 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. 0.01 Previous period Cents 0.01 Invion Limited Appendix 4D Half-year report 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 Half year ended. 11. Attachments Details of attachments (if any): The Half year ended of Invion Limited for the half-year ended 31 December 2020 is attached. 12. Signed Signed ___________________________ Thian Chew Chairman Date: 24 February 2021 Invion Limited ABN 76 094 730 417 Half year ended - 31 December 2020 Invion Limited Contents 31 December 2020 Corporate directory Directors' report Auditor's independence declaration Consolidated statement of profit or loss and other comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements Directors' declaration Independent auditor's review report to the members of Invion Limited 1 2 3 5 6 7 8 9 10 17 18 Invion Limited Corporate directory 31 December 2020 Directors Mr Thian Chew, Chairman (appointed Executive Chairman and CEO effective 31 October 2020) Mr Craig Newton, Managing Director & CEO (resigned effective 31 October 2020) Mr Alan Yamashita, Non-executive Director Ms Melanie Farris, Non-executive Director (resigned effective 31 August 2020) Mr Rob Merriel, Non-executive Director (appointed effective 31 August 2020) Mr Alistair Bennallack, Non-executive Director (appointed effective 22 October 2020) Company secretary Ms Melanie Leydin Australia Business Number 76 094 730 417 Registered office Level 4, 100 Albert Road, South Melbourne Vic 3205 Australia P: (03) 8618 6843 E: investor@inviongroup.com W: www.inviongroup.com Share register Link Market Service Limited Locked Bag A14, Sydney South NSW 1235 Australia P: 1300 554 474 F: (02) 9287 0303 W: www.linkmarketservices.com.au Auditor Grant Thornton, Melbourne, Australia Stock exchange listing Invion Limited shares are listed on the Australian Securities Exchange (ASX code: IVX) 2 Invion Limited Directors' report 31 December 2020 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Invion 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 2020. Directors The following persons were directors of Invion Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated: Mr Thian Chew, Chairman (appointed Executive Chairman and CEO effective 31 October 2020) Mr Craig Newton, Managing Director & CEO (resigned effective 31 October 2020) Mr Alan Yamashita, Non-executive Director Ms Melanie Farris, Non-executive Director (resigned effective 31 August 2020) Mr Rob Merriel, Non-executive Director (appointed effective 31 August 2020) Mr Alistair Bennallack, Non-executive Director (appointed effective 22 October 2020) Review of operations The loss for the consolidated entity after providing for income tax amounted to $851,618 (31 December 2019: $1,180,129). Invion is a life science company that is leading the global research and development of PhotosoftTM technology for the treatment of a range of cancers. In the first half of the FY2021 financial year, the Company and its research partners have made significant strides in improving and optimising the Active Pharmaceutical Ingredients (APIs), which are based on the original PhotosoftTM technology. The ongoing efforts are expected to result in a selection of one or more new APIs that aim to have greater anti-cancer activity and better cancer-targeting characteristics than earlier versions developed by Invion. Invion’s research partners include world-leading research organisations like the Hudson Institute of Medical Research and the Peter MacCallum Cancer Centre. The development of the new promising APIs was achieved against the backdrop of a very challenging environment that was brought on by the COVID-19 global pandemic. The ongoing disruption caused by the pandemic, particularly in the state of Victoria where Invion and its research partners are based, and the potential availability of improved APIs for use in future clinical studies, prompted Invion to temporarily defer the commencement of human trials using the PhotosoftTM technology on a range of cancers. Invion holds the Australia and New Zealand license rights to the PhotosoftTM technology. Research and clinical trials are funded by the technology licensor, RMW Cho Group, via an R&D services agreement with the Company. Both Invion and RMW Cho remain fully committed to developing and commercialising the PhotosoftTM technology. During the reported period, Invion made a number of changes to its Board and Executive Team. On 31 October 2020, Invion’s Chairman Thian Chew was appointed as Chief Executive Officer (CEO) and Executive Chairman following the retirement of Craig Newton, who was the Managing Director and CEO of Invion. Meanwhile, Melanie Leydin was appointed Invion’s Chief Financial Officer and Company Secretary in July 2020 to replace Melanie Farris, who had been with Invion since 2007, while Rob Merriel and Alistair Bennallack were appointed as NonExecutive Directors in August and October, respectively. Mr Merriel, who replaced Melanie Farris, brings deep healthcare sector experience and strong commercial expertise to the Board of Invion. He is a Certified Practicing Accountant (CPA) with over 35 years of experience working in medical research (Hudson Institute of Medical Research and Baker Institute), large public healthcare services (Melbourne Health and Southern Health) and commercial organisations (Pacific Dunlop and Deloitte Consulting). The appointment of Mr Bennallack further strengthened Invion’s Board with his more than three decades of experience in business management and finance, strategic development, risk and compliance, international business, leadership and relationship management. Mr Bennallack is currently the Chief Executive Officer of Village Roadshow Theme Parks Asia and Head of Risk at Village Roadshow Ltd. His previous roles included Chief Financial Officer of Village Roadshow Ltd and General Manager Business Affairs of Village Roadshow Corporation Pty Ltd (controlling shareholder of Village Roadshow Ltd). 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. 3 Invion Limited Directors' report 31 December 2020 Matters subsequent to the end of the financial half-year No matter or circumstance has arisen since 31 December 2020 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. 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 ___________________________ Thian Chew Chairman 24 February 2021 4 Collins Square, Tower 5 727 Collins Street Melbourne Victoria 3008 Correspondence to: GPO Box 4736 Melbourne Victoria 3001 T +61 3 8320 2222 F +61 3 8320 2200 E info.vic@au.gt.com W www.grantthornton.com.au Auditor’s Independence Declaration To the Directors of Invion Limited In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Invion Limited for the half-year ended 31 December 2020, I declare that, to the best of my knowledge and belief, there have been: a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b no contraventions of any applicable code of professional conduct in relation to the review. Grant Thornton Audit Pty Ltd Chartered Accountants M A Cunningham Partner – Audit & Assurance Melbourne, 24 February 2021 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation. www.grantthornton.com.au Invion Limited Consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2020 Consolidated 31 December 31 December Note 2020 2019 $ $ Revenue 5 1,244,321 1,854,832 Other income 6 89,368 3,666 (9,142) (566,517) (139,121) (451,996) (22,828) (209,547) (785,436) (720) - (402,863) (138,788) (474,855) (52,606) (899,002) (1,038,655) (3,766) (28,092) (851,618) (1,180,129) - - (851,618) (1,180,129) - - (851,618) (1,180,129) Cents Cents Expenses Cost of sales Employee benefits expense Depreciation and amortisation expenses Administration & corporate expenses Rent and occupancy expense Share-based payment expense Research & development costs Patent costs Business development 7 8 Loss before income tax expense Income tax expense 9 Loss after income tax expense for the half-year attributable to the owners of Invion Limited Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year attributable to the owners of Invion Limited Basic earnings per share Diluted earnings per share 23 23 (0.02) (0.02) (0.02) (0.02) The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 6 Invion Limited Consolidated statement of financial position As at 31 December 2020 Consolidated 31 December Note 2020 30 June 2020 $ $ Assets Current assets Cash and cash equivalents Trade and other receivables Other current assets Total current assets 10 11 12 Non-current assets Property, plant and equipment Intangibles Total non-current assets 13 Total assets 521,075 215,983 115,152 852,210 618,843 271,845 26,173 916,861 2,270 4,702,500 4,704,770 3,891 4,840,000 4,843,891 5,556,980 5,760,752 187,872 92,388 280,260 281,731 34,091 11,000 326,822 280,260 326,822 5,276,720 5,433,930 Liabilities Current liabilities Trade and other payables Insurance premium funding Provisions Unearned income Total current liabilities 14 Total liabilities Net assets Equity Issued capital Reserves Accumulated losses 15 16 Total equity 130,939,698 130,555,435 2,300,351 1,990,206 (127,963,329) (127,111,711) 5,276,720 5,433,930 The above consolidated statement of financial position should be read in conjunction with the accompanying notes 7 Invion Limited Consolidated statement of changes in equity For the half-year ended 31 December 2020 Convertible note Accumulated reserves losses Total equity $ $ $ Issued capital $ Options reserves $ 130,555,435 20,633,125 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - - (1,180,129) (1,180,129) - - - - - Total comprehensive income for the half-year - - - (1,180,129) (1,180,129) Transactions with owners in their capacity as owners: Share option expense Reserve reclassification - 899,002 - (2,486,714) 2,486,714 899,002 - 130,555,435 21,532,127 - (146,911,424) 5,176,138 Issued capital $ Options reserves $ Convertible note Accumulated reserve losses Total equity $ $ $ 130,555,435 1,990,206 - (127,111,711) 5,433,930 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - - (851,618) (851,618) - - - - - Total comprehensive income for the half-year - - - (851,618) (851,618) Shares issued in lieu of employee compensation Shares issued on exercise of options Options granted to Directors and employees Forfeiture of unvested options 375,867 8,396 - (8,396) 601,471 (282,930) - - 375,867 601,471 (282,930) 130,939,698 2,300,351 - (127,963,329) 5,276,720 Consolidated Balance at 1 July 2019 Balance at 31 December 2019 Consolidated Balance at 1 July 2020 Balance at 31 December 2020 2,486,714 (148,218,009) 5,457,265 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 8 Invion Limited Consolidated statement of cash flows For the half-year ended 31 December 2020 Consolidated 31 December 31 December 2020 2019 $ $ Cash flows from operating activities Receipts from customers Payments to suppliers and employees Research and development tax incentive COVID-19 incentives 1,320,000 (1,507,136) 89,300 1,645,010 (2,355,276) 57,826 - Interest received (97,836) 68 (652,440) 155 Net cash used in operating activities (97,768) (652,285) Net cash from investing activities - - Net cash from financing activities - - Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year (97,768) 618,843 (652,285) 771,313 Cash and cash equivalents at the end of the financial half-year 521,075 119,028 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 9 Invion Limited Notes to the consolidated financial statements 31 December 2020 Note 1. General information The financial statements cover Invion Limited as a consolidated entity consisting of Invion 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 Invion Limited's functional and presentation currency. Invion 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 Level 4, 100 Albert Road, South Melbourne, VIC 3205 Australia 692 High Street, East Kew, VIC 3102 Australia 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 24 February 2021. Note 2. Corporate information Invion Limited is a Company limited by shares incorporated in Australia whose shares have been publicly traded on the Australian Securities Exchange since its listing on 15 February 2011 (ASX:IVX). Invion is a clinical-stage life-sciences company that is leading the global clinical development of the Photosoft™ technology for the treatment of cancers. Invion has been appointed exclusive licensee in Australia and New Zealand of Photosoft™. The appointment has been made by technology licensor, The Cho Group, a Hong Kong based group that has funded and successfully commercialised a number of unique and advanced technologies. Via an R&D services agreement between the two entities, the research and clinical trials of Photosoft™ are funded by The Cho Group. Note 3. Significant accounting policies These general purpose financial statements for the interim half-year reporting period ended 31 December 2020 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 2020 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. Going concern This financial report for the six months ended 31 December 2020 has been prepared on a going concern basis. The Group incurred an operating loss after income tax of $ 851,618 (2019: $1,180,129) for the half-year. At 31 December 2020 the Company had net assets of $5,276,720 (30 June 2020: $5,433,930) and a net current asset position of $571,950 (30 June 2020: $590,039). In common with other companies in the biotechnology sector, the Group’s operations are subject to risks and uncertainty due primarily to the nature of the drug development and commercialisation. 10 Invion Limited Notes to the consolidated financial statements 31 December 2020 Note 3. Significant accounting policies (continued) The ability of the Group to continue as a going concern and meet its strategic objectives is principally dependent upon funds continuing to be available for research and development expenditure and other principal activities. The Directors have identified funding risk as an area of uncertainty and material risk impacting the Group due to the dependency on the R&D Services Agreement with the Cho Group, and as similar to other companies in the biotechnology sector, recognise that further capital may be required to fund the Group’s activities. The Directors are satisfied that notwithstanding the material uncertainty, on the basis the Cho Group funding continues to be made available, there is a reasonable basis to conclude that adequate cash is available to meet the liabilities and commitments of the Group for a period of at least twelve months from the date of this report, and on that basis, are satisfied that the going concern basis of preparation is appropriate. No adjustment has been made to recorded assets and liability amounts and classifications should the group not continue as a going concern. Note 4. Operating segments Identification of reportable operating segments The Invion Group has identified its operating segments 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. The Invion Group operates as a clinical-stage life sciences (drug development) group. At 31 December 2020, the Group had operations in Australia only with its wholly owned subsidiary EpiTech Dermal Science Pty Ltd (previously IVX Cosmetics Pty Ltd). The Group does not consider that the risks and returns of the Group have been or are affected by differences in either the products or services it provides. The Group operates as one segment and as such in one geographical area. Group performance is evaluated based on operating profit or loss and is measured consistently with profit or loss in the consolidated financial statements. Group financing (including finance costs and finance income) and income taxes are managed on a Group basis. The information reported to the CODM is on a monthly basis. Note 5. Revenue Consolidated 31 December 31 December 2020 2019 $ $ R&D services fee Sale of Chlorine mixture 1,222,321 22,000 1,854,832 - Revenue 1,244,321 1,854,832 Note 6. Other income Consolidated 31 December 31 December 2020 2019 $ $ COVID-19 incentives Foreign exchange gains Interest income 89,300 68 3,511 155 Other income 89,368 3,666 11 Invion Limited Notes to the consolidated financial statements 31 December 2020 Note 7. Administration & corporate expenses Consolidated 31 December 31 December 2020 2019 $ $ Legal fees Compliance costs Consulting fees incl. accounting, business development Insurance Other administration and corporate expenses 35,287 77,622 134,312 82,046 122,729 6,808 109,949 133,880 85,107 139,111 451,996 474,855 Note 8. Research & development costs Consolidated 31 December 31 December 2020 2019 $ $ Clinical trial costs Drug production and supply Other research and development 342,913 442,523 497,153 43,017 498,485 785,436 1,038,655 Note 9. Income tax benefit The Company has recorded nil tax benefit for the period ended 31 December 2020 (2019: $nil). Note 10. Current assets - cash and cash equivalents Consolidated 31 December 2020 30 June 2020 $ $ Cash at bank and in hand 521,075 618,843 Note 11. Current assets - trade and other receivables Consolidated 31 December 2020 30 June 2020 $ $ Trade receivables GST refundable 215,983 - 247,326 24,519 215,983 271,845 Trade receivables at 31 December 2020 contain a contract asset of $204,983 which represents the right to consideration in exchange for services performed under the R&D Service Agreement with RMW Cho Group. 12 Invion Limited Notes to the consolidated financial statements 31 December 2020 Note 12. Current assets - Other current assets Consolidated 31 December 2020 30 June 2020 $ $ Prepayments 115,152 26,173 Note 13. Non-current assets - intangibles Consolidated 31 December 2020 30 June 2020 $ $ Intellectual property - at cost Less: Accumulated amortisation 5,500,000 (797,500) 5,500,000 (660,000) 4,702,500 4,840,000 Reconciliations Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below: Consolidated Photosoft $ Total $ Balance at 1 July 2020 Amortisation expense 4,840,000 (137,500) 4,840,000 (137,500) Balance at 31 December 2020 4,702,500 4,702,500 Invion is developing PhotosoftTM technology as an improved next generation Photodynamic Therapy. The PhotosoftTM commercialisation licence is reflected as an intangible asset and is being amortised over a 20 year period. The PhotosoftTM commercialisation licence is being carried at the value of the licence and distribution agreement less accumulated amortisation. The Directors are of the view that there have been no indicators of impairment to this carrying value due to both the short period since the transaction when an independent expert valued the licence, and the progress in the R&D development asset since that time. Note 14. Current liabilities - trade and other payables Consolidated 31 December 2020 30 June 2020 $ $ Trade payables Accrued expenses Director related accruals Other payables 13 55,220 70,075 40,904 21,673 105,670 117,375 58,686 - 187,872 281,731 Invion Limited Notes to the consolidated financial statements 31 December 2020 Note 15. Equity - issued capital Consolidated 31 December 31 December 2020 30 June 2020 2020 30 June 2020 Shares Shares $ $ Ordinary shares - fully paid 5,537,792,295 5,500,606,300 130,939,698 130,555,435 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 16. Equity - reserves Consolidated 31 December 2020 30 June 2020 $ $ Options reserve 2,300,351 1,990,206 Option reserve Items recognised as an expense with respect to share-based consideration. Note 17. Equity - dividends There were no dividends paid, recommended or declared during the current or previous financial half-year. Note 18. Contingent liabilities The consolidated entity has no material contingent liabilities as at the date of this report. Note 19. Commitments Corporate commitments: The Company rents premises at East Kew in Victoria on a month-to-month basis. The agreement has no terms nor is there a make-good requirement upon termination of the agreement. The Company does not have lease agreements for telephone, copier or similar corporate overhead items. No corporate commitment is therefore recognised. R&D commitments: At the Balance Date, the Company had $nil contractual commitments relating to R&D development activities (30 June 2020: $0.13 million). Note 20. Related party transactions Parent entity Invion Limited is the parent entity. Subsidiaries Interests in subsidiaries are set out in note 21. 14 Invion Limited Notes to the consolidated financial statements 31 December 2020 Note 20. Related party transactions (continued) Transactions with related parties Mr Thian Chew, Executive Chairman and CEO of Invion Limited, is Managing Partner of Polar Ventures Limited. Polar Ventures Limited and The Cho Group are associates in accordance with section 12(2) of the Corporations Act. The Cho Group has entered into a consultancy agreement with Polar Ventures, pursuant to the terms of which Polar Ventures has agreed to provide general advice and support for The Cho Group’s interests in its investment in Invion. During the half year ended 31 December 2020, payments to Mr Chew consisted of director’s fees of $7,500 and $60,000 of share options granted in lieu of the director's fee. The Group was engaged to conduct the clinical development of Photosoft™ globally. The Cho Group agreed to provide funding for the clinical trials and related development, in a clinical development program designed and managed by a joint steering committee between the two companies. Current revenue during the period was $1,244,321 (2019:$1,854,832). As at 31 December 2020 $204,983 (30 June 2020: $159,566) was included in trade receivables as contract asset. Mr Rob Merriel, Non-Executive Director of Invion Limited effective from 31 August 2020, is Chief Financial Officer, Chief Commercialisation Officer and Company Secretary of the Hudson Institute of Medical Research ('Hudson'). Invion Ltd has an R&D Alliance agreement with Hudson. During the half year ended 31 December 2020, since the appointment of Mr Rob Merriel as the Non-Executive Director of Invion Ltd, $169,316 has been invoiced by Hudson under the R&D Alliance agreement. All transactions were made on normal commercial terms and conditions and at market rates. Note 21. Interests in subsidiaries The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiary in accordance with the accounting policy described in note 3: Name Principal place of business / Country of incorporation EpiTech Dermal Science Pty Ltd (previously IVX Cosmetics Pty Ltd) Australia Ownership interest 31 December 2020 30 June 2020 % % 100.00% 100.00% Note 22. Events after the reporting period No matter or circumstance has arisen since 31 December 2020 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. 15 Invion Limited Notes to the consolidated financial statements 31 December 2020 Note 23. Earnings per share Consolidated 31 December 31 December 2020 2019 $ $ Loss after income tax attri