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Resource Generation Limited - Consolidated Financial Statements For The Year Ended 30 June 2014

Release Date: 12/08/2014 09:35:00      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?)

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014

Resgen today released its consolidated financial statements for the year
ended 30 June 2014.

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 the Company?s
website: www.resgen.com.au

Extracts from the financial statements for the year ended 30 June 2014
may be found below.

Contacts
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

Sydney
12 August 2014

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.
Consolidated statement of comprehensive income
For the year ended 30 June 2014
                                                 Consolidated
                                                    2014        2013
                                                   $'000    $'000


Revenue from continuing operations                 2,294    1,860
Other                                              2,501          -
                                                   4,795    1,860


Administration, rent and corporate               (1,209)   (1,740)
Depreciation of property plant and equipment       (261)    (148)
Employees benefits expense                       (1,411)   (1,255)
Finance expenses                                 (1,182)   (1,455)
Land management                                    (132)    (165)
Marketing expenses                                    -    (3,000)

Share based compensation                         (1,635)    3,112


Loss before income tax                           (1,035)   (2,791)


Income tax expense                                   (7)        (22)


Loss from continuing operations                  (1,042)   (2,813)


Loss for the year                                (1,042)   (2,813)



Other comprehensive income, net of income tax

Items that may be reclassified subsequently to
profit and loss when specific conditions are
met

Exchange differences on translation of foreign
operations                                       (2,238)    (471)
Total comprehensive income                       (3,280)   (3,284)


Loss is attributable to:
Owners of Resource Generation Limited            (1,042)   (2,813)
Total comprehensive income for the year is
attributable to:


Owners of Resource Generation Limited         (3,280)       (3,284)

Headline earnings                              (1,042)              (2,813)
Earnings per share (EPS) (cents)                 (0.2)                (1.0)
Headline earnings per Share (HEPS) (cents)       (0.2)                (1.0)


Consolidated statement of financial position
As at 30 June 2014
                                                     Consolidated
                                                          2014        2013
                                                         $'000       $'000


Current assets
Cash and cash equivalents                          54,337          21,428
Trade and other receivables                              414          569
Deposits and prepayments                                 140          298
                                                   54,891          22,295


Non-current assets
Property, plant and equipment                        45,269         43,632
Mining tenements and exploration                    114,913         88,780
Deposits and loan receivables                        16,923         12,804
                                                    177,105        145,216
TOTAL ASSETS                                        231,996        167,511


Current liabilities
Trade and other payables                                 8,377        8,017
Provisions                                                 826          713
Borrowings                                                     -     20,500
                                                         9,203       29,230


Non-current liabilities
Borrowings                                           21,231                  -
Royalties payable                                        2,553        2,764
                                                     23,784           2,764
TOTAL LIABILITIES                                    32,987          31,994
NET ASSETS                                              199,009     135,517


Equity
Contributed equity                                      221,305     157,253
Reserves                                                 15,512      15,030
Accumulated losses                                     (37,808)     (36,766)


TOTAL EQUITY                                            199,009     135,517

Consolidated statement of changes in equity
For the year ended 30 June 2014


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


Balance at 1 July 2012            148,615     18,613     (33,953)   133,275
Profit for the year                    -          -      ( 2,813)    ( 2,813)


Other comprehensive income for
the year - exchange differences
on translation of foreign
operations                             -      ( 471)          -        ( 471)

Total comprehensive income for
the year                               -      ( 471)     ( 2,813)    ( 3,284)

Transactions with owners in
their capacity as owners:


Contributions of equity, net of
transaction costs                  8,638          -           -       8,638

Employee share options - value
of employee services                   -    ( 3,112)          -      ( 3,112)
                                   8,638    ( 3,112)          -       5,526


Balance at 30 June 2013           157,253     15,030     (36,766)     135,517


Loss for the year                      -          -      ( 1,042)    ( 1,042)
Other comprehensive income for
the year - exchange differences
on translation of foreign
operations                               -   ( 2,238)           -    ( 2,238)

Total comprehensive income for
the year                                 -   ( 2,238)    ( 1,042)    ( 3,280)


Transactions with owners in
their capacity as owners:
Contributions of equity, net of
transaction costs                  64,052          -            -    64,052
Other Contributed Equity                 -      1,085           -     1,085

Employee share options - value
of employee services                     -     1,635            -     1,635
                                  64,052       2,720            -    66,772


Balance at 30 June 2014           221,305      15,512    (37,808)     199,009

Consolidated statement of cash flows
For the year ended 30 June 2014
                                                           Consolidated
                                                            2014         2013
                                                           $'000        $'000

Cash flows from operating activities


Payments to suppliers and employees                      (5,669)      (2,173)
Payments for land management                                (76)        (171)
Interest received                                       1,713             578
Finance costs                                            (1,008)        (964)
Taxation payments                                             (7)        (20)

Net cash outflow from operating activities               (5,047)      (2,750)



Cash flows from investing activities

Payments for land, property, plant and
equipment                                                (1,861)      (5,553)


Refunds of government charges associated with
land acquisition                                          330           1,949
Payments for acquisition of non-controlling
interest                                              (287)            -

Net receipts for mining related licence
deposits                                               -             523


Payments for mineral tenements and exploration     (22,926)     (12,143)

Loan to BEE partner                                 (2,026)      (1,376)


Net cash outflow from investing activities         (26,770)     (16,600)



Cash flows from financing activities

Proceeds from issue of shares                     63,963           8,653
Equity raising costs                                (1,538)         (16)
Repayment of borrowings                            (20,000)            -
Forfeited share deposit                            2,500               -
Proceeds from borrowings                          22,046          20,000

Net cash inflow from financing activities         66,971          28,637



Net increase in cash and cash equivalents         35,154           9,287

Cash and cash equivalents at the beginning of
the year                                          21,428          12,116


Effects of exchange rate movements on cash and
cash equivalents                                    (2,245)           25

Cash and cash equivalents at the end of the
year                                              54,337          21,428



Extracts from the Financial Statements

Development expenditure

Development expenditure incurred by or on behalf of the consolidated
entity is accumulated separately for each area of interest in which
economically   recoverable  reserves   have  been   identified  to   the
satisfaction of the directors. Such expenditure comprises direct costs
plus overhead expenditure incurred which can be directly attributable to
the development process, in accordance with AASB6 'Exploration for and
Evaluation of Mineral Resources'.
All expenditure incurred prior to the commencement of commercial levels
of production from each area of interest is carried forward to the
extent which recoupment out of revenue to be derived from the sale of
production from the area of interest or, by its sale, is reasonably
assured. Once commercial levels of production commence, the development
expenditure in respect of that area of interest will be amortised on a
straight line basis, based upon an estimate of the life of the area of
interest.

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 Group has coal interests in South Africa. 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 investment in Uranex SA, which held three uranium tenements in
Cameroon, was fully impaired during the financial year ended 30 June
2008. There has been no activity in relation to Cameroon since that time
and the exploration rights have expired.

4.2    Segment revenues and results

                              Segment Revenue
                   Year ended     Year ended    Year ended    Year ended
                      30/6/14        30/6/13       30/6/14       30/6/13
2014                    $'000          $'000         $'000         $'000
Mining
tenements and
exploration              1,262         1,395         (470)       (2,835)
Corporate                3,533           465         (572)            22
Total for
continuing
operations               4,795         1,860      (1,042)        (2,813)

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, 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
                                                          2014             2013
                                                         $'000            $'000
Segment assets
Mining tenements and exploration                       195,533          150,650
Corporate                                               36,463           16,861
                                                       231,996          167,511
Segment liabilities
Mining tenements and exploration                        32,084           10,760
Corporate                                                  903           21,234
                                                        32,987           31,994

4.4   Other segment information

                             Depreciation and            Additions to land,
                               amortisation             property, plant and
                                                              equipment
                          Year ended      Year ended   Year ended Year ended
                             30/6/14         30/6/13      30/6/14      30/6/13


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


Mining tenements and
exploration                         180           70        1,880         5,553


Corporate                            81           78             18           -


Total                               261          148        1,898         5,553

4.5   Geographical information

                          Revenue from external          Non-current assets
                                customers
                          Year ended      Year ended   Year ended     Year ended
                             30/6/14         30/6/13      30/6/14        30/6/13


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


Australia                         3,533          465             54         115


South Africa                      1,262        1,395      177,051       145,101


Total                             4,795        1,860      177,105       145,216

Date: 12/08/2014 09:35:00 Supplied by www.sharenet.co.za                     
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