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Possibilities possibilities Annual Report and Accounts 2019 Infinite possibilities Our platform technology can be customised for almost any application, from sensing to display, and from horticultural lighting to medical applications. That’s what we mean by infinite possibilities. Strong foundations in our technology platform Nanoco is the market leader in the research, development, licensing and large scale manufacture of novel nanomaterials for use in various commercial applications. Platform technology IP portfolio Volume production Experienced team We can design and Our IP portfolio protects our Our unique production Our R&D team has create nanomaterials unique production process process allows many years of specialist for a host of different and materials, with significant controllable manufacture experience creating novel applications process know-how on a large scale nanomaterials more on p5 more on p20 more on p23 more on p39 C Nanoco Group plc – Annual Report and Accounts 2019 Strategic report Our year in brief We have successfully delivered a number of critical objectives this year Completed Runcorn facility expansion for infra-red nanomaterials Delivered all technical milestones for US Customer Major improvements in CFQD® quantum dot performance on FWHM and EQE Added a further 91 patents and patents pending US Customer decision not to extend contract not connected with our performance Revenue Loss after tax Billings Cash £7.1m £4.4m £9.6m £7.0m +115% -27% +48% -35% Highest revenue in the Best result since listing Significant billings in Strong cash position Group’s history, more than on AIM in 2009. the year, with £3.5 million at the period end. double FY18. of FY19 revenues Strong gross margins from Operating broadly already contracted. Underpinned by service R&D services, with close cash breakeven income from US Customer. control of our cost base. New Runcorn production to December 2019. facility fully funded by customer. For more on Nanoco, visit our new website: www.nanocotechnologies.com Contents Strategic report Corporate governance Financial statements Our year in brief 001 Board of Directors 046 Independent auditors’ report 093 Nanoco at a glance 002 Corporate governance statement 048 Consolidated statement of comprehensive income 099 About our CFQD® platform 005 Nominations Committee report 058 Consolidated statement Chairman’s statement 007 Audit Committee report 061 of changes in equity 100 Chief Executive Officer’s statement 010 Remuneration Committee report 068 Company statement Revenue streams 014 Directors’ remuneration report 071 of changes in equity 100 Focus on R&D 017 Directors’ report 088 Group and Company statements of financial position 101 Focus on the future 019 Statement of Directors’ responsibilities 091 Group and Company Our business model 020 cash flow statements 102 Our strategy 022 Notes to the financial statements 103 Our key performance indicators 024 Investor information 129 Financial review 026 Principal risks and uncertainties 029 Viability statement 032 Sustainability 035 Nanoco Group plc – Annual Report and Accounts 2019 001 Strategic report Nanoco at a glance We design, develop, scale up and manufacture novel nanomaterials for use in a huge range of potential applications Our core competencies World-class talent Respected globally We can custom design new Our IP protected processes 76 employees R&D and HQ functions nanomaterials to exploit allow close quality control in Manchester, UK 30 staff with PhDs their emissive, absorption of manufacturing on a Twin production facilities and other properties large scale 10 nationalities of staff: in Runcorn, UK American, British, German, Our materials can be used Significant amount Irish, Indian, Italian, Polish, Business development in a variety of commercial of know-how and Portuguese, Syrian in Boston, USA, and Seoul, applications business secrets and Ukrainian South Korea Why invest in Nanoco? Platform technology gives access to a wide range of large and rapidly growing Large and end markets such as sensing (Internet defensible IP Market opportunity of Things), display, specialist lighting portfolio for QD materials and medical 745 $25bn* patents granted by 2022 or pending Diverse channel Highly innovative partners employees Pioneer in cadmium-free quantum dot 19 technology listed inventors Continuing Significant investment manufacturing scale in R&D £4.4m £75m revenue capacity invested in 2019 CEO Report p10 * Source – management estimate based on multiple independent market reports. 002 Nanoco Group plc – Annual Report and Accounts 2019 World firsts at our manufacturing centre Based at Runcorn, UK. An area with extensive chemical industry expertise and supply chains Doubled production footprint in the year to 22,000ft2 Dedicated facilities for CFQD® quantum dots used in display, lighting and life sciences New separate facility for nanomaterials for use in electronic applications (sensing, IoT, automotive) Large and growing addressable markets Internet Security 4 major industries served of Things and detection 3 major licensees 1 major supply agreement Infra-red Electronics A number of commercial research sensing Autonomous and development opportunities vehicles under discussion $8.0bn* addressable market c.2022 CFQD® film Biomedical QD on Imaging Display microLED $1.0bn* CFQD® $7.5bn* addressable market technology addressable market c.2022 platform c.2022 Diagnostics Electro- Lighting luminescence Biomedical devices $8.5bn* addressable market c.2022 Solar farm Business model p20 combinations Horticultural lighting * Source – management estimate based on multiple independent market reports. Nanoco Group plc – Annual Report and Accounts 2019 003 Infinite possibilities What are nanomaterials and what is a quantum dot? Nanomaterials are any material that has a dimension or structure measured at the nanoscale, typically 10,000 to 100,000 times narrower than human hair (1–100 nm). Nanomaterials have unique optical, electrical and mechanical properties often not accessible in the bulk material. This can enhance properties such as light absorption, emission, strength, reactivity and conductivity. Quantum dots are a subclass of nanomaterials whose optical and electronic properties depend on their size, shape and composition. 10nm 5nm 2nm What this all means… The Group’s platform technology means that we can design and manufacture a bespoke material for a customer’s requirements across a wide range of applications and industry sectors. For example, highly absorptive dots can be used in infra-red sensing or solar energy applications. Efficient emission dots can be used in high end displays to create fantastic colour clarity and a brilliant range of colours. In addition Nanoco’s CFQD® quantum dots are free of cadmium and other toxic heavy metals; therefore they can be used in medical imaging applications. 004 Nanoco Group plc – Annual Report and Accounts 2019 Strategic report About our CFQD® platform Our technology has a vast range of applications and we have the expertise and knowledge to exploit them Emit light in precisely Improved energy Nanosecond lifetime Reduces production controlled wavelengths efficiency enables increased cost and complexity Emission wavelength of CFQD® quantum dots’ modulation Wide excitation absorbance CFQD® quantum dots can be nanometre precision and Emission lifetimes 1,000 times band and flexibility in product tuned to nanometre resolution narrow width of emission faster than conventional form factors allow CFQD® simply by adjusting the size improve efficiency over phosphors open up quantum dots to be easily of the particle, thereby conventional phosphors. applications requiring high integrated into applications. improving efficiency light modulation speeds. Less light lost to subpixel Less stringent binning and effectiveness. colour filters in high colour Improved screen refresh required on blue excitation Increases colour gamut gamut displays rates on displays for gaming LEDs for display applications of displays by allowing and virtual reality reducing component No emission loss to high specificity of LCD cost and improving non-visible near infra-red Opportunities to integrate pixel emission supplier availability wavelengths in high colour LiFi into conventional light Allows for precise rendering general fittings for secure data Sheet form factor allows for optical barcoding lighting fixtures connections simple drop in integration based on wavelength to current electronics, Lower loss of output for security markers eliminating retooling costs gives the ability to reduce Enables tuning of lighting energy input Ink jet and spin coat fixtures to increase the processing allow for low range of visible colours cost manufacture of next illuminated underneath generation µLED and OLED/QD hybrid devices Enhances plant growth with improved tuning of horticulture lighting to target specific molecules in different plant species Nanoco Group plc – Annual Report and Accounts 2019 005 Infinite possibilities A unique technology for high volume production Cadmium-containing QDs, such as CdSe, can be readily produced by a process known as “high temperature dual injection”. For cadmium-free QDs based on III-V semiconductors, it is more difficult to achieve high quality QDs on a large scale using this process. Nanoco developed its patented “molecular seeding” process as a reproducible route to the production of high quality QDs. The inherent control in the molecular seeding process offers ease
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