Half Year Financial Report
August 29 2008 - 4:23AM
UK Regulatory
RNS Number : 2880C
Anzon Energy Limited
29 August 2008
29 August 2008
ANZON ENERGY LIMITED (CODE: AEL)
Half Year Financial Report for the six months ended 30 June 2008
The Board of Anzon Energy Limited ("the Company") is pleased to release the Half Year Financial Report of the Company for the six months
ended 30 June 2008.
A full copy of the Company's Half Year Financial Report is available at the Company's website at: www.anzonenergy.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Anzon Energy Limited: Mr Tony Strasser +61 2 9024 3555
Grant Thornton UK LLP: Fiona Owen +44 20 7383 5100
Condensed Balance Sheet
As at 30 June 2008 Note Consolidated
Jun 2008 Dec 2007
$'000 $'000
ASSETS
Current Assets
Cash and cash equivalents 113,173 130,872
Trade and other receivables 6,944 18,414
Inventories 9,574 8,322
Total Current Assets 129,691 157,608
Non-current Assets
Plant and equipment 1,966 1,959
Intangible assets 15,590 18,859
Investments 109,721 120,222
Exploration and evaluation expenditure 1,784 1,218
Oil and gas assets 241,551 219,952
Other non-current assets 804 1,996
Deferred tax assets 3,084 10,139
Total Non-current Assets 374,500 374,345
TOTAL ASSETS 504,191 531,953
LIABILITIES
Current Liabilities
Trade and other payables 29,726 27,880
Provisions 38,481 24,750
Interest bearing loans and borrowings 27,001 38,838
Other financial liabilities - 12,169
Total Current Liabilities 95,208 103,637
Non-current Liabilities
Interest bearing loans and borrowings 39,786 51,147
Provisions 24,373 31,083
Other financial liabilities 37,974 41,787
Deferred tax liabilities 39,940 45,328
Total Non-current Liabilities 142,073 169,345
TOTAL LIABILITIES 237,281 272,982
NET ASSETS 266,910 258,971
EQUITY
Contributed equity 120,628 109,933
Retained earnings 4 (17,990) (14,077)
Reserves 29,927 31,321
Parent entity interest 132,565 127,177
Minority interest 134,345 131,794
TOTAL EQUITY 266,910 258,971
Condensed Income Statement
For the half-year ended 30 June 2008 Note Consolidated
Jun 2008 Jun 2007
$'000 $'000
Continuing operations
Revenue 2(a) 70,066 63,701
Cost of sales 3(b) (33,309) (34,555)
Gross profit 36,757 29,146
Other income 2(b) 10,328 8,008
Expenses, excluding finance costs 3 (21,079) (37,316)
Finance costs 3(a) (5,865) (7,861)
Profit / (loss) from continuing operations before 20,141 (8,023)
tax
Income tax (expense) / benefit (18,313) 16,192
Profit from continuing operations after tax 1,828 8,169
Discontinued operations
Loss from discontinued operations after tax - (1,331)
Profit for the period 1,828 6,838
(Profit) attributable to minority interest (4,096) (11,610)
Loss attributable to members of the parent entity (2,268) (4,772)
Loss per share for profit from continuing
operations attributable to the ordinary equity
holders of the Company:
Basic (cents per share) (2.28) (3.59)
Diluted (cents per share) (2.28) (3.59)
Loss per share for profit attributable to the
ordinary equity holders of the Company:
Basic (cents per share) (2.28) (4.98)
Diluted (cents per share) (2.28) (4.98)
Condensed Cash Flow Statement
For the half-year ended 30 June 2008 Consolidated
Jun 2008 Jun 2007
$'000 $'000
Cash flows from operating activities
Receipts from oil and gas production 68,504 64,333
Insurance claim receipts 20,543 -
Payments to suppliers and employees (46,267) (36,591)
Borrowing costs (1,371) (3,896)
Interest received 2,345 514
Net cash flows provided by operating activities 43,754 24,360
Cash flows from investing activities
Purchase of plant and equipment (360) (389)
Payments for exploration expenditure (1,411) -
Payments for available-for-sale financial assets - 5
Payments for development expenditure (34,166) (20,851)
Net cash flows (used in) investing activities (35,937) (21,235)
Cash flows from financing activities
Proceeds from exercise of options 225 574
Proceeds from borrowings (net of costs) - 12,490
Repayment of borrowings (16,234) -
Payment for financial instruments - (9,345)
Net cash flows (used in) / provided by financing (16,009) 3,719
activities
Cash and cash equivalents at beginning of period 130,872 102,790
Net (decrease) / increase in cash and cash equivalents (8,192) 6,844
Effects of exchange rate changes on cash (9,507) (6,303)
Cash and cash equivalents at end of period 113,173 103,331
This information is provided by RNS
The company news service from the London Stock Exchange
END
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