Wrap Text
Consolidated Financial Statements for the year ended 30 June 2014
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 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
