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View Annual Report NANOCO GROUP PLC NANOCO GROUP Annual Report & Accounts 2012 & Accounts Annual Report From strength www.nanocotechnologies.com to strength. www.nanocogroup.com Annual Report & Accounts 2012 Other Information Investor Information Directors Auditor Dr Peter Rowley Ernst & Young LLP (Non-executive Chairman) 100 Barbirolli Square Dr Michael Edelman Manchester M2 3EY Nanoco Group PLC designs, (Chief Executive Officer) Legal Adviser Dr Nigel Pickett Schofield Sweeney (Chief Technology Officer) 76 Wellington Street develops and manufactures Mr Colin White Leeds LS1 2AY (Chief Financial Officer) Mr Michael Bretherton Investor Relations and PR Consultants quantum dots, solar inks (Non-executive Director) Buchanan Mr Gordon Hall 107 Cheapside (Non-executive Director) London EC2V 6DN and other nanomaterials St Gabrielle LLP Registrar (Non-executive Director) Neville Registrars represented by Mr Anthony Clinch 18 Laurel House in commercial quantities Halesowen B63 3DA Secretary Mr Colin White Registered Office 46 Grafton Street for major end-use markets. Nominated Advisor and Joint Broker Manchester M13 9NT Canaccord Genuity United Kingdom 8th Floor 88 Wood Street Website London EC2V 7QR www.nanocotechnologies.com www.nanocogroup.com Joint Broker Bank of America Merrill Lynch 2 King Edward Street London EC1A JHQ Review of the Year Corporate Governance Financial Statements Other Information Highlights 2012 Lighting New Japanese New Asian market opened customer customer Joint development agreement New solar joint development Joint development agreement signed with one of the world’s agreement signed with a Japanese signed in Asia in February 2012 largest lighting companies in corporation worth US$1.2 million with a world leading electronics August 2011 for use of quantum over seven months to establish corporation for the backlighting dots in general lighting. proof of principle. of LCD displays. Green dots attract Production US$3 million scale-up on track Final two milestones achieved for Production scale-up plans on track green quantum dots for a major with the design of the Kilo Lab Japanese corporation, including facility increased to 400kg a year, a US$2 million milestone for reflecting a greater projected delivery of a 1kg batch. demand for quantum dots. Significant Strong steps in solar balance sheet Further joint development Cash, cash equivalents, deposits agreement signed with Tokyo and short-term investments of Electron in thin film solar with £15.47 million (2011: £17.10 million). significant technical progress achieved during the year. Review of the Year Financial Statements 02 About Nanoco 30 Consolidated Statement 04 Chairman’s and Chief Executive Officer’s of Comprehensive Income Joint Review 31 Consolidated Statement 08 Financial Review of Changes on Equity 10 2011-2012 Looking Back 32 Company Statement of Changes in Equity 12 Key Markets 33 Statement of Financial Position 14 Strategy 34 Cash Flow Statements 15 Intellectual Property 35 Notes to the Financial Statements 16 Board of Directors Other Information Corporate Governance 55 Notice of Annual General Meeting 18 Directors’ Report IBC Investor Information 22 Directors’ Remuneration Report 25 Corporate Governance Statement 29 Independent Auditor’s Report Nanoco Group PLC | Annual Report & Accounts 2012 01 About Nanoco Focused on continued technical development. Our business model: Partnership Development Revenue Nanoco works in close Revenue bearing joint Material supply and collaboration with companies development agreements (JDA) license contract. developing quantum dot based signed where customers contribute products and applications. to Nanoco’s development costs. Nanoco supplies material for an agreed sum and additionally These are typically large global JDA focus is to get Nanoco’s receives a % of the royalty electronics corporations. materials to work in the for each product sold customer’s product. by the customer. Nanoco development chain: Nanoco JDA Manufacturer Cadmium Free Quantum Dots (CFQD™) Nanoco’s core business: CFQD™ / Resin Developing and manufacturing heavy metal free quantum Nanoco’s core business: CFQD™ / Resin in Device dots fit for purpose. Ensuring Nanoco’s CQFD™ work in customers’ The CQFD™ are incorporated CFQD™ Product resin systems. into a form factor which is then integrated into a final product. Final CFQD™ product. Nanoco focus This form factor could be a film, is on backlighting for LCD display, lens, capillary, LED or other. LED lighting, solar cell. Nanoco Nanoco partners with end use partners with end use customer. customer or device producer such as film company. 02 Nanoco Group PLC | Annual Report & Accounts 2012 Review of the Year Corporate Governance Financial Statements Other Information Manchester, UK Runcorn, UK Korea USA Japan Taiwan Head office and R&D Manufacturing Business development Nanoco is a global business with its A world leader in the headquarters in Manchester, where the Company’s R&D activities are based. development, manufacture Nanoco’s team grew to nearly 70 people at the year-end, most of whom are highly qualified scientists recruited to Manchester and supply of quantum dots from countries all around the world. Nanoco’s manufacturing activities are based in and other semiconductor nearby Runcorn, where its laboratories hold world firsts in the production of commercial nanomaterials. quantities of red and green quantum dots. Outside of the UK, Nanoco is focused primarily on business development and on serving existing customers. Asia is the epicentre of the global optoelectronics industry and Nanoco has a team of dedicated personnel in the region covering the key markets of Japan, Korea, China and Taiwan. Nanoco also has business development activities in the USA, where the Company is working with one of the world’s largest lighting companies on the next generation of LEDs for general lighting. Nanoco Group PLC | Annual Report & Accounts 2012 03 Chairman’s and Chief Executive Officer’s Joint Review Making substantial progress in developing our business. The year to 31 July 2012 was a period of rapid progress at Nanoco in which our transition from a research-based company to a high-tech manufacturing business continued apace. We made significant progress in all of the key areas of our business, broadening our commercial relationships and achieving key technical and commercial milestones. A particular highlight of the year was signing our first agreement for the use of our quantum dots in general lighting. This agreement was signed with one of the world’s largest lighting companies. In addition to being our first agreement in general lighting, it was significant because it marked our first agreement to be signed in the USA. We currently have commercial development relationships in Japan, Korea and the USA, and discussions ongoing in other territories. In the second half of the year we were pleased to deliver our first 1kg batch of green heavy metal free quantum dots to a major Japanese corporation, triggering a US$2 million payment to Nanoco. This was a major technical achievement because green quantum dots are extremely small and hence potentially challenging to produce. During the year, our commercial focus has remained on our three key applications: LED backlighting for LCD displays, LED general lighting and solar power. We continue to evaluate other applications, and our early stage work with University College London in cancer imaging is progressing well. 04 Nanoco Group PLC | Annual Report & Accounts 2012 Review of the Year Corporate Governance Financial Statements Other Information “We made significant progress in all key areas of our business, broadening our commercial relationships and achieving key technical and commercial milestones.” There was an acceleration in our business As we now anticipate that we may We made significant progress during the development discussions, reflecting the be required to produce a substantially year with our supply and licence agreement rapidly growing and worldwide interest in increased quantity of quantum dots, we with a major Japanese LED corporation. our cadmium free quantum dot (CFQD™) have doubled the capacity of the design of In January 2012 we received a US$1 million technology. We recently appointed a the Kilo Lab stage of our production scale up payment from the corporation for achieving business development executive in China facility. The Kilo Lab design, which has been the specified performance criteria for green whose remit is to progress discussions in increased to a capacity of 400kg a year, is quantum dots and in May 2012 we received mainland China and Taiwan. now close to completion with anticipated a US$2 million payment for the delivery costs broadly in line with the original 200kg of 1kg of the green quantum dots. These We gained greater visibility during the year per annum design. The start of construction payments follow similar payments achieved on our commercial partners’ preferred of the Kilo Lab plant, on the same site as our for the successful development and delivery technical approach to integrating our red Semi-Tech lines in Runcorn, will be timed of red quantum dots. This Japanese and green quantum dots with blue LEDs to reflect our order book. corporation is now working to incorporate for the next generation of LCD displays. the Company’s CFQD™ directly onto LEDs There are a number of ways that this can be The two cornerstones of our business are for small size LCD displays. achieved and initial work has been focused our people and
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