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RESGEN
RSG
RSG - Resgen - Consolidated financial statements for the year ended 30 June
2010.
Resource Generation Limited
Registration number ACN 059 950 337
(Incorporated and registered in Australia)
Share code on the JSE Limited: RSG
Share code on the Australian Stock Exchange: RES
ISIN Code: AU000000RES1
("Resgen" or "the Company")
19 August 2010
ASX/JSE Release
Resource Generation Limited today released its consolidated financial statements
for the year ended 30 June 2010.
The financial statements were approved by the Board of Directors and signed by
Paul Jury (Managing Director) and Steve Matthews (Finance Director & Company
Secretary). The financial statements have been audited by PricewaterhouseCoopers
and their unmodified audit opinion is available for inspection at the Company`s
registered office.
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 2010 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
JSE Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited
Resource Generation has coal interests in South Africa and Tasmania. Its
current priority is to develop its resources in the Waterberg region of South
Africa.
Preliminary Final Report
Year Ended 30 June 2010
Appendix 4E
ASX Listing Rule 4.3A
30 June 30 June Change
10 09
$ `000 $ `000
Revenue from continuing operations 982 398 Up 147%
(3,280) (15,146)
Loss from continuing operations (-) (6) Down
78%
Loss from discontinued operations (3,280) (15,152) Down
100%
Loss attributable to members of
Resource Generation Limited Down
78%
Commentary
The operations of the Company showed a loss for the period of $3.3 million.
The operating loss comprises the following:
$m
Expenses not capitalised 0.4
Non-cash accounting
adjustments: 2.9
Share based compensation
Operating Loss 3.3
Additional Information
Net tangible assets per share: 54 cents (30 June 2009: 80 cents).
No dividends were paid or proposed to be paid to members during the financial
year.
Further information regarding Resource Generation and its business activities
can be obtained by visiting the Company`s website at www.resgen.com.au.
Statement of comprehensive income for the Year Ended 30 June 2010
Audited
Consolidated
2010 2009
$`000 $`000
Revenue from continuing operations 982 398
Administration, rent and corporate (847) (1,019)
Employees benefits expense (302) (638)
Depreciation of property plant and equipment (92) (69)
Share based compensation (2,965) (6,690)
Provision for investment diminution - (7,089)
Development expenditure (56) (39)
Loss before income tax (3,280) (15,146)
Income tax expense - -
Loss from continuing operations (3,280) (15,146)
Loss from discontinued operations - (6)
Loss for the year (3,280) (15,152)
Other comprehensive income
Exchange differences on translation of foreign (88) (28)
operations
Total comprehensive income (3,368) (15,180)
Loss is attributable to:
Owners of Resource Generation Limited (3,280) (15,152)
Total comprehensive income for the year is
attributable to:
Owners of Resource Generation Limited (3,368) (15,180)
Earnings per share (cents) (2.2) (21.2)
Diluted earnings per share (cents) (2.2) (21.2)
Balance sheets as at 30 June 2010
Audited Consolidated
2010 2009
$`000 $`000
Current assets
Cash and cash equivalents 6,088 5,090
Trade and other receivables 1,693 488
Deposits and prepayments 16 -
7,797 5,578
Non-current assets
Property, plant and equipment 22,951 305
Mining tenements and exploration 61,423 55,932
84,374 56,237
TOTAL ASSETS 92,171 61,815
Current liabilities
Trade and other payables 1,582 594
Provisions 147 111
1,729 705
Non-current liabilities
Royalties payable 3,926 3,896
3,926 3,896
TOTAL LIABILITIES 5,655 4,601
NET ASSETS 86,516 57,214
Equity
Contributed equity 95,945 65,376
Reserves 20,025 18,012
Accumulated losses (29,482) (26,202)
Total parent entity interest 86,488 57,186
Minority interest 28 28
TOTAL EQUITY 86,516 57,214
Net asset value per share (cents) 54
80
Consolidated statement of changes in equity
For the Year Ended 30 June 2010
Attributable to owners of Resource
Generation Limited
Contri- Reserves Retained Total Non- Total
buted earnings controlling equity
equity interests
$`000 $`000 $`000 $`000 $`000 $`000
Balance at 1 46,313 11,114 (11,050) 46,377 28 46,405
July 2008
Total comprehensive ( 28) ( ( - (
income for the year - 15,152) 15,180) 15,180)
as reported in the
2009 financial
statements
Transactions with
owners in their
capacity as owners:
Contributions of 19,063 - - 19,063 - 19,063
equity, net of
transaction costs
Share based - 6,569 - 6,569 - 6,569
payment reserve
Employee share - 357 - 357 - 357
options - value of
employee services
19,063 6,926 - 25,989 - 25,989
Balance at 30 65,376 18,012 (26,202) 57,186 28 57,214
June 2009
Total comprehensive - ( 88) ( 3,280) ( - (
income for the year 3,368) 3,368)
Transactions with
owners in their
capacity as owners:
Contributions of 30,569 - - 30,569 - 30,569
equity, net of
transaction costs
Employee share - 2,101 - 2,101 - 2,101
options - value of
employee services
30,569 2,101 - 32,670 - 32,670
Balance at 30 95,945 20,025 (29,482) 86,488 28 86,516
June 2010
Cash flow statements
For the Year Ended 30 June 2010
Audited
Consolidated
2010 2009
$`000 $`000
Cash flows from operating activities
Receipts from customers (inclusive of 44 75
GST)
Payments to suppliers and employees (1,175) (1,625)
(inclusive of GST)
Interest received 990 378
Interest paid (6) (6)
Net cash inflow/ (outflow) from (147) (1,178)
operating activities
Cash flows from investing activities
Payments for land, property, plant and (22,738) (374)
equipment
Payments for government charges (1,435) -
associated with land acquisition
(refundable)
Payment for mineral tenements and (4,292) (3,943)
exploration
Payments for acquisition of subsidiaries - (2,323)
Proceeds from disposal of property, - 13
plant and equipment
Net cash inflow/ (outflow) from (28,465) (6,627)
investing activities
Cash flows from financing activities
Net proceeds from issue 29,611 11,426
of shares
Net cash inflow from financing 29,611 11,426
activities
Net increase in cash and cash 999 3,621
equivalents
Cash and cash equivalents at the 5,090 1,402
beginning of the year
Effects of exchange rate movements on (1) 67
cash and cash equivalents
Cash and cash equivalents at the end of 6,088 5,090
the year
Review of operations
1. Information on the operations and financial
position of the Group and its business
strategies and prospects is set out in this annual
financial statements.
Rights Issue
On 23 June 2009, the Company announced a fully
underwritten 1:1 non renounceable rights issue.
The rights issue raised $30.828 million cash before
costs. The rights issue was successfully completed
in July 2009.
Boikarabelo Project
The Company completed extensive drilling and analysis
which resulted in resource upgrades for its coal
tenements at Waterberg and Ledjadja in South Africa.
The combined tenements, known as the Boikarabelo
Project, include 603.3 million tonnes of probable
reserves, 569.5 million tonnes of
indicated resource and an inferred resource of 1.735
billion tonnes.
A pre-feasibility study completed in November 2009
confirmed the significant potential of the Boikarabelo
Project. The mining rights application was lodged in
February 2010, with a target of
mid 2011 for the granting of the right.
Land acquisition
The Company has successfully acquired significant land
holdings in the Boikarabelo Project region. The
acquisitions provide key land for the site of the
major mine and infrastructure. The Company acquired 7
parcels of land, totalling 9,670 hectares for
approximately $22.710million.
Tasmania
In June 2010 the Company commenced exploration
drilling for thermal coal on its Woodbury tenement in
Tasmania. Coal intersections have been made but
results have yet to be correlated.
Cameroon
There has been no activity on the Company`s uranium
tenements in Cameroon.
2. 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, Urgent Issues
Group 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.The financial
report of Resource Generation Limited also complies
with International Financial Reporting Standards
("IFRS") as issued by the International Accounting
Standards Board ("IASB").
3. New Accounting Standards
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.
4. Segment Information
Mining tenements Corporate Total Consolidate
and exploration continuing d
operations
South Tasmania Australia
Africa
2010 $`000 $`000 $`000 $`000 $`000
Segment and 562 - 420 982 982
consolidated
revenue
Interest income 564 - 394 958 958
Segment result 386 (45) (3,621) (3,280) (3,280)
Profit/(loss) 386 (45) (3,621) (3,280) (3,280)
before income
tax
Income tax - - - - -
expense
Profit/(Loss) 386 (45) (3,621) (3,280) (3,280)
for the year
Segment assets
and liabilities
Segment assets 88,149 41 3,981 92,171 92,171
Segment 5,328 - 327 5,655 5,655
liabilities
Other segment
information
Acquisitions of 22,731 - 7 22,738 22,738
plant and
equipment and
other non-
current segment
assets
Depreciation 21 - 71 92 92
expense
Cash flow
information
Net cash outflow 465 - (612) (147) (147)
from operating
activities
Net cash (27,988) (86) (477) (28,551) (28,551)
outflows used in
investing
activities
Net cash inflow - - 29,611 29,611 29,611
from financing
activities
Mining tenements Corp Total Consolidated
and exploration continuing
operations
South Tas. Australia
Africa
2009 $`000 $`000 $`000 $`000 $`000
Segment and - - 20 20 57
consolidated
revenue
Interest income 37 - 341 378 378
Segment result 192 (6,925) (8,413) (15,146) (15,152)
Profit/(Loss) 192 (6,925) (8,413) (15,146) (15,152)
before income tax
Income tax - - - - -
expense
Profit/(Loss) for 192 (6,925) (8,413) (15,146) (15,152)
the year
Segment assets
and liabilities
Segment assets 52,508 - 9,307 61,815 61,815
Segment 4,294 - 307 4,601 4,601
liabilities
Other segment
information
Acquisitions of 10,999 - 282 11,281 11,281
plant and
equipment and
other non-current
segment assets
Depreciation 12 - 57 69 69
expense
Cash flow
information
Net cash outflow 33 - (1,224) (1,191) (1,178)
from operating
activities
Net cash outflows (4,035) - (2,592) (6,627) (6,627)
used in investing
activities
Net cash inflow - 11,426 11,426 11,426
from financing -
activities
5. Subsequent events
The company completed its secondary listing on the
Johannesburg Stock Exchange on 14 July 2010.
Date: 19/08/2010 07:05:02 Produced by the JSE SENS Department.
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