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Resource Generation Limited today released its consolidated financial statements for the year ended 30 June 2012.
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.
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
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)
Commentary
The operations of the Company showed a profit for the period of $0.6
million.
The operating profit comprises the following:
$m
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
Consolidated
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
operations
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
Consolidated
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
Equity
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
Contri-
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
Consolidated
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
Mining
tenements and
exploration 1,324 606 615 (77)
Corporate 775 629 (1,489) (4,341)
Total for
continuing
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
equipment
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
customers
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 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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