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Resource Generation Limited - Resource Generation Limited Today Released Its Consolidated Financial Statements For The Year Ended 30 June 2012.

Release Date: 01/08/2012 07:30:00      Code(s): RSG     
Resource Generation Limited
Registration number ACN 059 950 337
(Incorporated and registered in Australia)
ISIN: AU000000RES1
Share Code on the ASX: RES
Share Code on the JSE: RSG
("Resgen" or the ?Company?)

ASX/JSE Release
Resource Generation Limited today released its consolidated financial
statements for the year ended 30 June 2012.

The financial statements were approved by the Board of Directors and
signed by Paul Jury (Managing Director). The financial statements have
been audited by Deloitte Touche Tohmatsu.

The full set of financial statements are available on Resource
Generations Limited?s website. www.resgen.com.au

Extracts from the financial statements for the year ended 30 June 2012
may be found below.

Paul Jury, Managing Director on +61 2 9376 9000 or
Steve Matthews, Company Secretary on + 61 2 9376 9000

Media enquiries
Anthony Tregoning + 61 2 8264 1000

1 August 2012

JSE Sponsor: Macquarie First South Capital (Pty) Limited

Resource Generation is developing its Boikarabelo coal mine in the
Waterberg region of South Africa, which has one of the country?s largest
remaining coal deposits. The Boikarabelo mine has probable reserves of
744.8 million tonnes of coal on 35% of the tenements under the company?s
control. Stage 1 of the mine development targets saleable coal
production of 6 million tonnes per annum.

Preliminary Final Report
Year Ended 30 June 2012
                                                        30 Jun 12     30 Jun 11
                                                            $000         $000
Revenue from continuing operations                         2,099       1,235

Loss from continuing operations                            (874)      (4,418)
Profit/(Loss)from discontinued
Operations                                                 1,447       (654)
Profit/(Loss) for the year                                   573     (5,072)

Adjustment for investment diminution                           53       654
Adjustment for sale of subsidiary                          (1,500)       -
Headline earnings                                            (874)    4,418
Earnings per share (EPS) (cents)                             0.2       (2.3)
Headline earnings per Share (HEPS) (cents)                  (0.3)      (2.3)


The operations of the Company showed a profit for the period of $0.6

The operating profit comprises the following:
Revenue                                       2.1
Expenses not capitalised                     (2.5)
Profit on sale of subsidiaries                1.5
Non-cash accounting adjustments:
   Share based compensation                  (0.5)

Operating Profit                              0.6

Additional Information
Net tangible assets per share: 52 cents (30 June 2011: 51 cents).

No dividends were paid or proposed to be paid to members during the
financial year.
Consolidated statement of comprehensive income
For the year ended 30 June 2012
                                                2012           2011
                                             $'000            $'000

Revenue from continuing operations           2,099            1,235

Administration, rent and corporate           (897)           (1,263)
Depreciation of property plant and
equipment                                    (108)            (111)
Employees benefits expense                   (871)            (762)
Land management                              (561)            (359)
Share based compensation                     (531)          (3,144)

Loss before income tax                       (869)          (4,404)

Income tax expense                             (5)             (14)

Loss from continuing operations              (874)          (4,418)
Profit/(loss) from discontinued
                                             1,447             (654)

Profit/(Loss) for the year                     573           (5,072)

Other comprehensive income
Exchange differences on translation
of foreign operations (net of tax)         (1,981)             (264)
Total comprehensive income                 (1,408)           (5,336)

Profit/(Loss) is attributable to:
Owners of Resource Generation
Limited                                        573            (5,072)

Total comprehensive income for the
year is attributable to:
Owners of Resource Generation
Limited                                   (1,408)             (5,336)

Earnings per share

Earnings per share for
profit/(loss) from continuing
operations and discontinued
operations                                      cents           cents
Basic earnings per share                         0.2             (2.3)
Diluted earnings per share                       0.2             (2.3)

Earnings per share for loss from
continuing operations
                                            cents                cents
Basic earnings per share                    (0.3)                (2.0)
Diluted earnings per share                  (0.3)                (2.0)

Consolidated statement of financial position
As at 30 June 2012
                                                2012              2011
                                               $'000             $'000
Current assets
Cash and cash equivalents                      12,116            25,326
Trade and other receivables                       804               950
Deposits and prepayments                          360                15
                                               13,280            26,291
Non-current assets  
Property, plant and equipment                  38,227            33,888
Mining tenements and exploration               77,388            68,302
Deposits and loan receivables                  11,581            11,046
                                              127,196           113,236
TOTAL ASSETS                                  140,476           139,527
Current liabilities
Trade and other payables                        2,875               818
Provisions                                        464               179
Borrowings                                        763                 -
                                                4,102               997
Non-current liabilities
Royalties payable                               3,099             3,452
Borrowings                                          -               926
                                                3,099             4,378
TOTAL LIABILITIES                               7,201             5,375

NET ASSETS                                    133,275           134,152
Contributed equity                            148,615           148,615
Reserves                                       18,613            20,063
Accumulated losses                            (33,953)          (34,526)

TOTAL EQUITY                                  133,275            134,152

Consolidated statement of changes in equity
For the year ended 30 June 2012

                             buted                        Retained          Total
                            equity       Reserves         earnings         equity
                            $'000         $'000            $'000           $'000

Balance at 1 July 2010          95,945      20,025         (29,454)         86,516
Loss for the year                 -           -             (5,072)         (5,072)
Other comprehensive
income for the year -
exchange differences
on translation of
foreign operations
(net of tax)                      -          (264)            -               (264)
Total comprehensive
income for the year               -          (264)          (5,072)         (5,336)
Transactions with
owners in their
capacity as owners:
Contributions of
equity, net of
transaction costs               52,670        -               -              52,670
Employee share options
- value of employee
services                          -           302             -                 302
                                52,670        302             -              52,972

Balance at 30 June
2011                           148,615     20,063          (34,526)         134,152

Profit for the year               -          -                 573              573
Other comprehensive  
income for the year -
exchange differences
on translation of
foreign operations
(net of tax)                      -       ( 1,981)             -            ( 1,981)

Total comprehensive
income for the year               -       ( 1,981)            573           ( 1,408)

Transactions with
owners in their
capacity as owners:
Contributions of
equity, net of
transaction costs                  -         -                 -                -
Employee share options
- value of employee
services                           -         531               -                531
                                   -         531               -                531

Balance at 30 June
2012                          148,615     18,613            (33,953)        133,275

Consolidated statement of cash flows
For the year ended 30 June 2012
                                                   2012              2011
                                                  $'000             $'000
Cash flows from operating activities
Receipts from customers                               -                   -
Payments   to suppliers and employees            (1,665)            (2,176)
Payments   for land management                     (539)              (369)
Interest   received                                1,029              1,023
Interest   paid                                     (10)               (16)
Taxation   payments                                  (5)               (14)

Payments for Tasmanian mineral tenements
and exploration                                     (47)              (610)
Net cash outflow from operating
activities                                       (1,237)            (2,162)

Cash flows from investing activities

Payments for land, property, plant and
equipment                                        (4,437)           (10,122)

Refunds of government charges associated
with land acquisition                               490                667
Proceeds from sale of business                    1,500                  -
Payments for mining right deposit                     -             (2,553)
Payments for mineral tenements and
exploration                                      (7,405)            (6,823)
Loan to BEE partner                              (1,283)            (8,330)

Payments for investment in subsidiary                 -               (726)
Net cash outflow from investing
activities                                      (11,135)           (27,887)

Cash flows from financing activities
Proceeds from issue of shares                         -             51,614
Equity raising costs                                  -             (1,743)

Net cash inflow from financing activities             -             49,871

Net increase in cash and cash equivalents       (12,372)             19,822

Cash and cash equivalents at the
beginning of the year                             25,326              6,088

Effects of exchange rate movements on
cash and cash equivalents                          (838)               (584)

Cash and cash equivalents at the end of
the year                                          12,116              25,326
1. Summary of Significant Accounting Policies

The principal accounting policies adopted in the presentation of the
consolidated financial statements are as set out below. These policies
have been consistently applied to all the years presented, unless
otherwise stated. The financial statements are for the consolidated
entity consisting of Resource Generation Limited and its subsidiaries.

a) Basis of preparation

This general purpose financial report has been prepared in accordance
with   the   Australian   Accounting   Standards, other  authoritative
pronouncements of the Australian Accounting Standards Board including
Interpretations and the Corporations Act 2001.

It is recommended that this financial report is read in conjunction with
any public announcements made by Resource Generation Limited during the
year, in accordance with continuous disclosure requirements arising
under the Corporations Act 2001.

Compliance with IFRS

The financial report of Resource Generation Limited also complies with
International Financial Reporting Standards ("IFRS") as issued by the
International Accounting Standards Board ("IASB").

Financial statement presentation

The Group applied AASB 101 Presentation of Financial Statements which
became effective on 1 January 2009. The revised standard requires the
separate presentation of a statement of comprehensive income and a
statement of changes in equity. All non-owner changes in equity must now
be presented in the statement of comprehensive income. As a consequence,
the group had to change the presentation of its financial statements.
Comparative information has been re-presented so that it is also in
conformity with the revised standard.

Historical cost convention

These financial statements have been prepared under the historical cost
convention, except for certain non-current assets and financial
instruments that are measured at revalued amounts or fair value, as
explained in the accounting policies below.

Critical accounting estimates

The preparation of financial statements in conformity with AIFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of applying
the Group's accounting policies. The areas involvin g a higher degree of
judgement or complexity, or areas where assumptions and estimates are
significant to the financial statements, are disclosed separately.
4. Segment information

4.1      Description of segments
Management has determined the segments based upon reports reviewed by the
Board that are used to make strategic decisions. The Board considers the
business from both a business and geographic perspective, with the Board
being the central decision maker.

Business segments

The Company has coal interests in South Africa and uranium tenements in
Cameroon. The main priority is to develop its coal resources in the
Waterberg region of South Africa. Management has determined mining
tenements and exploration and corporate to be the critical reportable
segments. Corporate includes equity raisings and administration costs.

The Tasmanian coal assets which were sold during the year were included
in mining tenements and exploration. There were no transactions in
relation to Cameroon for the current year and no assets or liabilities
are held in relation to Cameroon.

4.2                 Segment revenues and results
                          Segment Revenue            Segment Profit
                       Year ended    Year ended    Year ended   Year ended
                          30/6/12       30/6/11       30/6/12      30/6/11

2012                        $'000          $'000        $'000         $'000

tenements and
exploration                 1,324           606          615           (77)

Corporate                     775           629       (1,489)       (4,341)

Total for
operations                  2,099          1,235        (874)       (4,418)

The accounting policies of the reportable segments are the same as the
Group's accounting policies described in Note 1. The mining tenements
and exploration segment profit represents the profit earned by that
segment   without  allocation   of central   administration   costs  and
directors' salaries, share of profits of associates, investment income,
gains and losses, finance costs and income tax expense, all of which are
included in the corporate segment. This is the measure reported to the
chief operating decision maker for the purposes of resource allocation
and assessment of segment performance.

 4.3   Segment asset and liabilities
                                                            2012                   2011
                                                           $'000                  $'000
Segment assets

Mining tenements and exploration                         132,499                 117,932
Corporate                                                  7,977                  21,595

                                                         140,476                 139,527

Segment liabilities

Mining tenements and exploration                           6,539                  4,890

Corporate                                                    662                    485

                                                           7,201                  5,375

4.4                            Other segment information
                               Depreciation and         Additions to land,
                               amortisation             property, plant and
                               Year ended Year ended Year ended Year ended
                                 30/6/12     30/6/11      30/6/12     30/6/11

                                 $'000            $'000            $'000         $'000

Mining tenements and
exploration                          40              28             4,272        11,033

Corporate                            68              83               175            15

Total                               108             111             4,447        11,048

4.5              Geographical information
                    Revenue from external                    Non-current assets
                  Year ended         Year ended           Year ended         Year ended
                    30/6/12            30/6/11              30/6/12            30/6/11

                       $'000              $'000             $'000              $'000

Australia                 775                629              196                86
South Africa            1,324                606          127,000           113,150

Total                   2,099              1,235          127,196           113,236

Events occurring after the reporting period
There were no events occurring after balance date that have not been
reflected in the financial statements.

Date: 01/08/2012 07:30:00 Supplied by www.sharenet.co.za                     
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