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Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
RENERGEN LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2014/195093/06)
JSE Share code: REN
A2X Share code: REN
ISIN: ZAE000202610
Australian Business Number (ABN): 93 998 352 675
ASX Share code: RLT
(“Renergen” or “the Company”)
MINING EXPLORATION ENTITY OR OIL AND GAS EXPLORATION ENTITY QUARTERLY CASH FLOW REPORT
Appendix 5B
Name of entity
Renergen Limited
ABN Quarter ended (“current quarter”)
93998352675 28 February 2021
Consolidated statement of cash flows Cu Year to date (12 months)
rre ZAR’000
nt
qu
art
er
ZA
R’0
00
1. Cash flows from operating activities
1.1 Receipts from customers 600 1 879
1.2 Payments for
(a) exploration & evaluation (550) (1 432)
(b) development - -
(c) production (644) (1 502)
(d) staff costs - the current quarter is a 343 (13 213)
cash inflow as the current quarter
includes a catch-up adjustment for
capitalisation of salary expenses
included in 2.1 (c)
(e) administration and corporate costs (3 426) (25 254)
1.3 Dividends received (see note 3) - -
1.4 Interest received 31 672
1.5 Interest and other costs of finance paid (148) (575)
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other (provide details if material) – foreign 8 916 8 916
exchange
Loss before tax (2 998) (48 967)
Adjustments to (1.1-1.7) 3 795 39 425
Imputed interest 1 262 4 113
IFRS 16 (263) -
Depreciation 787 4 745
Hedging movement - -
Share based payment 410 1 815
Provision’s adjustments and accounting
607 369
adjustments
Exchange rates
(7 017)
Changes in working capital
Restricted cash allocation (17 984) 8 260
2 702 (320)
-
Net cash from / (used in) operating (6 560) (28 086)
activities
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements (187) (592)
(c) property, plant and equipment (27 711) (136 225)
(d) exploration & evaluation (4 842) (22 369)
(e) investments - -
(f) other non-current assets hedge option 2 486 246
2.2 Proceeds from the disposal of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing (30 254) (158 940)
activities
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities) - -
3.2 Proceeds from issue of convertible debt - -
securities
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity - -
securities or convertible debt securities
3.5 Proceeds from borrowings - 216 282
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and (22 903) (36 205)
borrowings
3.8 Dividends paid - -
3.9 Other (lease repayments) (877) (2 524)
Lease
- -
Transfer to DSR account
- -
3.10 Net cash from / (used in) financing (23 780) 177 553
activities
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of 181 037 140 972
period
4.2 Net cash from / (used in) operating (6 560) (28 086)
activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities (30 253) (158 940)
(item 2.6 above)
4.4 Net cash from / (used in) financing activities (23 780) 177 553
(item 3.10 above)
4.5 Effect of movement in exchange rates on 10 435 (620)
cash held
4.6 Cash and cash equivalents at end of 130 879 130 879
period
5. Reconciliation of cash and cash Current quarter Previous quarter
equivalents ZAR’000 ZAR’000
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
5.1 Bank balances 19 302 20 265
5.2 Call deposits 111 574 160 772
5.3 Bank overdrafts - -
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of 130 876 181 037
quarter (should equal item 4.6 above)
6. Payments to related parties of the entity and their Current quarter
associates ZAR'000
6.1 Aggregate amount of payments to related parties and their 2 681
associates included in item 1
6.2 Aggregate amount of payments to related parties and their
associates included in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an
explanation for, such payments.
7. Financing facilities Total facility Amount drawn at
Note: the term “facility’ includes all forms of financing amount at quarter quarter end
arrangements available to the entity.
end ZAR’000
Add notes as necessary for an understanding of the
sources of finance available to the entity. ZAR’000
7.1 Loan facilities 604 604 491 241
Total of USD40million is available debt facility. USD32
500 000 was drawn by quarter end 30 November
2020. No funds withdrawn on facility the current
quarter. The balances have been translated at
1USD:ZAR15.1151 at 28 February 2021
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities 604 604 491 241
7.5 Unused financing facilities available at quarter end 113 363
7.6 Include in the box below a description of each facility above, including the lender, interest
rate, maturity date and whether it is secured or unsecured. If any additional financing
facilities have been entered into or are proposed to be entered into after quarter end,
include a note providing details of those facilities as well.
Loan received from OPIC (Overseas Private Investment Corporation) for USD40 million (R604.6 million). A coupon
rate of 2.11% is charged on the amount drawn down (USD20 million) and a 4% and 0.5% guarantee fee and
commitment fees respectively. A second draw down took place in June 2020 of USD12.5 million which carries a
coupon rate of 1.49%. USD7.5 million is still available on the facility.
As part of the finance agreement signed on 20 August 2019, Tetra4 (Pty) Ltd has ceded in securitatem debiti to
OPIC certain property and rights.
The balances have been translated at 1USD:ZAR15.1151 at 28 February 2021
8. Estimated cash available for future operating activities ZAR’000
8.1 Net cash from / (used in) operating activities (item 1.9) (28 086)
8.2 (Payments for exploration & evaluation classified as investing
activities) (item 2.1(d)) (22 369)
8.3 Total relevant outgoings (item 8.1 + item 8.2) (50 455)
8.4 Cash and cash equivalents at quarter end (item 4.6) 130 879
8.5 Unused finance facilities available at quarter end (item 7.5) 113 363
8.6 Total available funding (item 8.4 + item 8.5) 244 242
8.7 Estimated quarters of funding available (item 8.6 divided by
item 8.3)
14,52
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”.
Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions:
8.8.1 Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer: N/A
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it
believe that they will be successful?
Answer: N/A
8.8.3 Does the entity expect to be able to continue its operations and to meet its business
objectives and, if so, on what basis?
Answer:
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting standards and
policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 28 February 2021
Authorised by: By the Board
(Name of body or officer authorising release – see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity report provide a basis for
informing the market about the entity’s activities for the past quarter, how they have
been financed and the effect this has had on its cash position. An entity that wishes to
disclose additional information over and above the minimum required under the Listing
Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian
Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for
and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply
to this report. If this quarterly cash flow report has been prepared in accordance with
other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the
corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or
cash flows from investing activities, depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors,
you can insert here: “By the board”. If it has been authorised for release to the market
by a committee of your board of directors, you can insert here: “By the [name of board
committee – eg Audit and Risk Committee]”. If it has been authorised for release to the
market by a disclosure committee, you can insert here: “By the Disclosure Committee”.
5. If this report has been authorised for release to the market by your board of directors
and you wish to hold yourself out as complying with recommendation 4.2 of the ASX
Corporate Governance Council’s Corporate Governance Principles and
Recommendations, the board should have received a declaration from its CEO and
CFO that, in their opinion, the financial records of the entity have been properly
maintained, that this report complies with the appropriate accounting standards and
gives a true and fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control which
is operating effectively.
Johannesburg
31 March 2021
Authorised by the Board
Designated Adviser: PSG Capital
Date: 31-03-2021 08:30:00
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