RNS Number:4241J
AuIron Energy Ld
4 September 2001
PART 3
Notes to the financial statements
CONSOLIDATED THE COMPANY
2001 2000 2001 2000
$ $ $ $
26. REMUNERATION OF DIRECTORS AND EXECUTIVES
(a) Directors' Remuneration
Total income paid or payable, or otherwise made
available, to all directors of the Company and
controlled entities from the Company or any
related party. 2,376,340 862,766 2,376,340 862,766
Number of directors of AuIron Energy Limited Number of
whose income was within the following bands: Directors
$10,000 - $19,999 - 1
$50,000 - $59,999 - 1
$60,000 - $69,999 - 1
$120,000 - $129,999 1 -
$170,000 - $179,999 - 1
$190,000 - $199,999 - 1
$220,000 - $229,999 2 -
$330,000 - $339,999 1 -
$360,000 - $369,999 - 1
$380,000 - $389,999 1 -
$1,070,000 - $1,079,999 1 -
The names of the Company's directors who have held office during the financial
year are:
N F Arthur W J Higgs
A L Paton M J Andrews
L A Clinton R H Chambers
(b) Executive Officers' Remuneration
The number of executive officers whose income was Number of Officers
within the following bands:
$120,000 - $129,999 1 - 1 -
$170,000 - $179,999 - 1 - 1
$190,000 - $199,999 - 1 - -
$200,000 - $209,999 2 - 2 -
$210,000 - $219,999 - 1 - 1
$360,000 - $369,999 - 1 - 1
$380,000 - $389,999 1 - 1 -
$560,000 - $569,999 1 - 1 -
$1,070,000 - $1,079,999 1 - 1 -
Two executive officers (2000: three) are also directors and included in the
above bands.
Total income received, or due and receivable, from the
Company, entities in the consolidated entity or related
parties by executive officers of the Company and of
controlled entities whose income is $100,000 or more.
2,560,073 943,148 2,560,073 943,148
Notes to the financial statements
27. SUPERANNUATION
The consolidated entity participates in superannuation plans in respect of
employees and company contributions are made in accordance with service
contracts and the Superannuation Guarantee Legislation.
Entity contributions are legally enforceable in Australia to the extent
required by the Superannuation Guarantee Legislation.
28. SEGMENT INFORMATION
(a) Geographic Segments
Australia Indonesia United Eliminations Consolidated
Kingdom
2001 2000 2001 2000 2001 2000 2001 2000 2001 2000
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Intersegment - 990 - - - - - (990) - -
sales
Total revenue 807 409 - - - - - - 807 409
Segment (8,253) (2,082) - (10,338) (286) (239) - (990)(8,539)(13,649)
result
Consolidated
loss
before income (8,539)(13,649)
tax
Segment 87,756 52,247 - 176 13,891 11,655 (35,219)(17,461)66,428 46,617
assets
(b) Industrial Segments
The consolidated entity operates in one industrial segment, being exploration
for base metals and hydrocarbons.
Notes to the financial statements
29. FINANCIAL INSTRUMENTS
(a) Interest Rate Risk
The consolidated entity's exposure to interest rate risk and the effective
weighted average interest rate for each class of financial assets and
liabilities is set out below. Exposure arises predominantly from assets and
liabilities bearing variable interest rates.
2001 Note Floating Fixed interest Non-interest Total
Interest Rate* maturing in: bearing
1 year 1 year to
or less 5 years
$ $ $ $ $
Financial assets
Cash and deposits 6 464,221 5,643,179 - 73,144 6,180,544
Receivables 7 - - - 664,157 664,157
464,221 5,643,179 - 737,301 6,844,701
Weighted average 2.68% 4.85%
interest rate
Weighted average 30 days
term
Financial liabilities
Accounts payable - - - 5,011,501 5,011,501
Lease liabilities 14 - 31,068 208,495 - 239,563
Grant from Federal 15 - - - 6,205,713 6,205,713
Government
- 31,068 208,495 11,217,214 11,456,777
Weighted average 5.96% 5.96%
interest rate
Weighted average term 12 months 27 months
Net financial assets 464,221 5,612,111(208,495)(10,479,913)(4,612,076)
(liabilities)
2000 Note Floating Fixed interest Non-interest Total
Interest Rate* maturing in: bearing
1 year 1 year to
or less 5 years
$ $ $ $ $
Financial assets
Cash and deposits 6 145,359 12,489,528 - 112,872 12,747,759
Receivables 7 - - - 29,690 29,690
145,359 12,489,528 - 142,562 12,777,449
Weighted average 2.67% 6.00%
interest rate
Weighted average term 30 days
Financial
liabilities
Accounts payable - - - 5,251,641 5,251,641
Lease liabilities 14 - 30,465 239,149 - 269,614
Grant from Federal - - - 5,830,842 5,830,842
Government
- 30,465 239,149 11,082,483 11,352,097
Weighted average 5.96% 5.96%
interest rate
Weighted average term 12 months 39 months
Net financial assets 145,359 12,459,063(239,149)(10,939,921)1,425,352
(liabilities)
* Floating interest rates are at call rates and vary according to
market and the amount of funds held.
Notes to the financial statements
Reconciliation of net financial assets to net assets
Notes 2001 2000
$ $
Net financial assets as above
Non-financial assets and liabilities (4,612,076) 1,425,352
Other assets 8 113,441 19,265
Property, plant and equipment 11 538,841 573,038
Demonstration plant 11 26,472,111 8,943,331
Exploration expenditure 12 27,043,651 18,595,506
Goodwill 13 5,415,416 5,708,141
Provisions 16 (1,079,695) (131,338)
Net assets per balance sheet 53,891,689 35,133,295
(b) Foreign Exchange Risk
The consolidated entity at balance date was not party to any derivative
financial instrument in order to hedge exposures to fluctuations in foreign
exchange rates.
(c) Net Fair Value Of Financial Assets And Liabilities
(i) On-Balance Sheet
The net fair value of cash and cash equivalents and non-interest bearing
monetary financial assets and financial liabilities of the consolidated entity
approximate their carrying value.
(ii) Off -Balance Sheet
The consolidated entity has potential financial liabilities, which may arise
from certain contingencies disclosed in note 23. No material losses are
anticipated in respect of any of those contingencies and the net fair value
disclosed below is the directors' estimate of amounts which would be payable
by the consolidated entity as consideration for the assumption of those
contingencies by another party.
The carrying amounts and net fair values of financial assets and liabilities
at balance date are:
30 June 2001 30 June 2000
Carrying Net fair Carrying Net fair
amount value amount value
$ $ $ $
On-Balance Sheet Financial
Instruments
Financial assets
Cash 6,180,544 6,180,544 12,747,759 12,747,759
Receivables 664,157 664,157 29,690 29,690
6,844,701 6,844,701 12,777,449 12,777,449
Financial liabilities
Accounts payable 5,011,501 5,011,501 5,251,641 5,251,641
Lease liabilities 239,563 239,563 269,614 269,614
Loan from Federal Government 6,205,713 6,205,713 5,830,842 5,830,842
11,456,777 11,456,777 11,352,097 11,352,097
Off- Balance Sheet Financial
Instruments
Financial liabilities
Contingencies 300,000 300,000 51,000 51,000
Notes to the financial statements
30. CONTROLLED ENTITY ACQUIRED 2000
$
Cost of Acquisition 14,500,628
Purchase Consideration
Cash 7,700,000
Shares issued 6,000,000
Prior Joint Venture contributions 800,628
14,500,628
% Voting Shares Acquired 42.5%
On 16 December 1999 SASE Pty Ltd became a subsidiary of AuIron Energy Limited
and has been included in the consolidated accounts of AuIron Energy Limited
from that date.
Prior to SASE Pty Ltd becoming a controlled entity, during the financial year
ended 30 June 2000, the consolidated entity had expended $804,315, which was
capitalised into the group's investment in SASE Pty Ltd.
Notes to the financial statements
31. EVENTS SUBSEQUENT TO BALANCE DATE
On 1 June 2001, AuIron announced a Rights Offer to Shareholders of one (1) new
share for every four (4) existing shares at an issue price of 85 cents
Australian or 31.25 pence sterling per new share.
The Rights Offer was fully underwritten, however, it was conditional on a
number of events, which occurred post 30 June 2001.
Set out below is the proforma statement of net assets of the consolidated
entity as adjusted to reflect the issue of 65,157,846 ordinary shares. This
statement has been prepared for illustrative purposes. It has been prepared
to illustrate the effect on the net assets of the application of the proceeds
from the Rights Offer as if it had taken place on 30 June 2001.
CONSOLIDATED
30 June Adjustments Proforma Statement
2001
(ii) of Net Assets
(i) (iii)
$ $ $
CURRENT ASSETS
Cash 6,180,544 52,279,924 58,460,468
Receivables 664,157 - 664,157
Other 113,441 - 113,441
TOTAL CURRENT ASSETS 6,958,142 52,279,924 59,238,066
NON-CURRENT ASSETS
Property, plant and equipment 538,841 - 538,841
Exploration and evaluation 27,043,651 - 27,043,651
expenditure
Demonstration plant 26,472,111 - 26,472,111
Intangible assets 5,415,416 - 5,415,416
TOTAL NON-CURRENT ASSETS 59,470,019 - 59,470,019
TOTAL ASSETS 66,428,161 52,279,924 118,708,085
CURRENT LIABILITIES
Payables 5,011,501 - 5,011,501
Interest bearing liabilities 31,068 - 31,068
Provisions 1,002,448 - 1,002,448
TOTAL CURRENT LIABILITIES 6,045,017 - 6,045,017
NON-CURRENT LIABILITIES
Government grant 6,205,713 - 6,205,713
Interest bearing liabilities 208,495 - 208,495
Provisions 77,247 - 77,247
TOTAL NON-CURRENT LIABILITIES 6,491,455 - 6,491,455
TOTAL LIABILITIES 12,536,472 - 12,536,472
NET ASSETS 53,891,689 52,279,924 106,171,613
(i) The net assets of the consolidated entity have been extracted from the
Statement of Financial Position at 30 June 2001.
(ii) An adjustment has been made to reflect the net proceeds of the Rights
Offer of $52,279,924 received post 30 June 2001. Net proceeds of the issue were
$51,653,693 of which $52,279,924 was received post 30 June 2001 as issue costs
of $626,230 were recognised prior to 30 June 2001.
(iii) No other adjustments have been made to reflect the trading results of the
consolidated entity since 30 June 2001.
Notes to the financial statements
32. NATIVE TITLE
Native title describes the rights and interests in Australia of Aboriginal and
Torres Strait Islander peoples in land and waters, according to their
traditional laws and customs. Native Title claims exist over the areas
covered by the consolidated entity's exploration licences in South Australia.
Under the Native Title Act these areas are protected for all current and
future mining operations on existing mining leases. Any applications for new
mining leases may require agreement with any Native Title applicant, regarding
compensation before the mining lease would be granted by the Government.
33. AUSTRALIAN AND UNITED KINGDOM ACCOUNTING STANDARDS
With the exception of the additional disclosures required under United Kingdom
Accounting Standards set out below, there are no differences between the
accounting policies adopted and disclosures made by the consolidated entity
under the Australian and United Kingdom Accounting Standards.
Financial Reporting Standard No. 3 'Reporting Financial Performance' would
require the Consolidated Statements of Financial Performance to provide an
analysis of continuing and discontinued operations. The following disclosure
would be made:
Continuing 2001 Total Continuing 2000 Total
Discontinued Discontinued
$ $ $ $ $ $
Revenue from 806,891 - 806,891 409,157 - 409,157
ordinary activities
Occupancy expenses (123,947) - (123,947) (96,000) - (96,000)
Administration (6,410,945) - (6,410,945)(2,838,123) - (2,838,123)
expenses
Borrowing costs (15,215) - (15,215) (35,576) - (35,576)
expense
Other expenses from
ordinary activities - (2,795,889) (10,338,647)
(2,795,889) (750,000) (11,088,647)
Loss from ordinary (5,743,216) (8,539,105) (10,338,647)
activities before (2,795,889) (3,310,542) (13,649,189)
income tax
Financial Reporting Standard No. 3 'Reporting Financial Performance' would
require a statement of unrecognised gains and losses. An amount of $3,661,397
has been credited directly to the reserves in recognition of foreign currency
translation gains.
Financial Reporting Standard 1 (Revised 1996) 'Cash Flow Statements' specifies
a different format for the Statement of Cash Flows to that under Australian
Accounting Standards. In the Directors' opinion, the adoption of the United
Kingdom Accounting Standard would not provide any additional material
information to the reader of the financial statements.
Notes to the financial statements
34. COMPANY DETAILS
AuIron Energy Limited, incorporated and domiciled in Australia, is a publicly
listed company limited by shares. The registered office is located at:
3rd Floor
134 William Street
Sydney NSW 2011
Australia
Telephone (61-2) 9357 2044
Facsimile (61-2) 9363 1313
Email auiron@auironenergy.com.au
Website www.auironenergy.com.au
ACN 000 754 174
Declaration By Directors
In the opinion of the directors of AuIron Energy Limited:
(a) the financial statements and notes, set out on pages 22 to 49,
are in accordance with the Corporations Act, including:
(i) giving a true and fair view of the financial position of the Company
and consolidated entity as at 30 June 2001 and of their performance, as
represented by the results of their operations and their cash flows, for the
year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations
Regulations; and
(b) there are reasonable grounds to believe that the Company will beable to pay
its debts as and when they become due and payable.
Dated at Sydney this third day of September 2001.
Signed in accordance with a resolution of the directors.
______________________________
N F Arthur
Managing Director & Chief Executive Officer
Auditor's Report
INDEPENDENT AUDIT REPORT TO THE MEMBERS OF AUIRON ENERGY LIMITED
Scope
We have audited the financial report of AuIron Energy Limited and controlled
entities comprising the Directors' Declaration, Statements of Financial
Performance and Statements of Financial Position, Statements of Cash Flows and
notes to and forming part of the financial statements for the financial year
ended 30 June 2001. The financial report includes the consolidated financial
report of the consolidated entity comprising the Company and the entities it
controlled at the year's end or from time to time during the financial year.
The Company's directors are responsible for the financial report. We have
conducted an independent audit of this financial report in order to express an
opinion on it to the members of the Company.
Our audit has been conducted in accordance with Australian Auditing Standards
to provide reasonable assurance whether the financial report is free of
material misstatement. Our procedures included examination, on a test basis,
of evidence supporting the amounts and other disclosures in the financial
report and the evaluation of accounting policies and significant accounting
estimates. These procedures have been undertaken to form an opinion whether,
in all material respects, the financial report is presented fairly in
accordance with Australian Accounting Standards, other mandatory professional
reporting requirements and statutory requirements so as to present a view
which is consistent with our understanding of the Company's and the
consolidated entity's financial position and performance as represented by the
results of their operations and their cash flow.
The audit opinion expressed in this report has been formed on the above basis.
Audit Opinion
In our opinion, the financial report of AuIron Energy Limited and controlled
entities is in accordance with:
a) the Corporations Act 2001, including:
(i) giving a true and fair view of the Company's and consolidated entity's
financial position as at 30 June 2001 and of their performance for the year
ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations
Regulations; and
b) other mandatory professional reporting requirements.
BDO International
Chartered Accountants
K R Reid
Partner
Signed at Sydney on the third day of September 2001
Shareholder Information
Additional information required by the Australian Stock Exchange Limited
Listing Rules.
STATEMENT OF SECURITY HOLDERS AS AT 27 AUGUST 2001
Total Issued Capital: 326,539,232 shares.
Voting Rights
The issued capital is 326,539,232 fully paid shares with voting rights of one
vote per share.
DISTRIBUTION SCHEDULE OF SHAREHOLDERS AS AT 27 AUGUST 2001
Number of Shares Number of Shareholders
1 - 1,000 1,233
1,001 - 5,000 3,826
5,001 - 10,000 1,318
10,001 - 100,000 1,887
100,001 - And over 262
TOTAL NUMBER OF HOLDERS 8,526
There were 547 holders of less than a marketable parcel (650 shares).
There is no current on market buy-back.
DISTRIBUTION SCHEDULE OF OPTION HOLDERS AS AT 27 AUGUST 2001
Exercisable on or before Number of Options Number of Holders
30/11/2003 500,000 1
31/12/2004 7,500,000 1
18/10/2005 1,060,000 9
08/09/2005 5,650,000 10
TOTAL NUMBER OF HOLDERS 21
STATEMENT OF SUBSTANTIAL SHAREHOLDERS/OPTION HOLDERS AS AT 27 AUGUST 2001
Ausmelt Limited (ordinary Shares) 24,781,667
Artemis Investment Management Ltd (ordinary Shares) 20,608,000
Ausmelt Limited (options 31/12/2004) 7,500,000
STOCK EXCHANGE LISTING
The Company's 326,539,232 ordinary fully paid Shares on issue are listed and
quoted on:
The Australian Stock Exchange
The Alternative Investment Market of the London Stock Exchange
Deutsche Borse - Frankfurt, Berlin, Stuttgart
TWENTY LARGEST REGISTERED SHAREHOLDERS AS AT 27 AUGUST 2001
Number of % of Total
Name Shares Shares Issued
Ausmelt Limited 24,781,667 7.59
Willbro Nominees Limited 15,487,916 4.74
RBSTB Nominees Limited - One Canada Square 15,295,400 4.68
National Nominees Limited 13,739,385 4.21
Chase Manhattan Nominees Limited 11,690,196 3.58
Chase Nominees Limited 11,444,000 3.50
HSBC Custody Nominees (Australia) Limited 11,263,926 3.45
Bank of New York (Nominees) Limited 10,701,200 3.28
Holmesdale Nominees Limited 8,787,210 2.69
Westpac Custodian Nominees Limited 5,731,499 1.76
Fitel Nominees Limited 5,435,311 1.66
Bank of New York (Nominees) Limited 5,250,828 1.61
Brewin Nominees Limited 4,831,746 1.48
ANZ Nominees Limited 4,220,638 1.29
Mr Robert Broun Andrews 4,093,239 1.25
William De Broe PLC 3,222,438 0.99
MLC Limited 3,176,184 0.97
Commonwealth Custodial Services Limited 3,125,000 0.96
Clydesdale Bank (London) Nominees Limited 2,649,600 0.81
RBSTB Nominees Limited 2,228,000 0.68
TOTAL TOP TWENTY HOLDINGS 167,155,383 51.19
The proportion of fully paid ordinary Shares held by the 20 largest
Shareholders is 51.19 %.
Directory
Directors Registered Office
Alfred L Paton 3rd Floor
Louis A Clinton 134 William Street
Neill F Arthur Sydney NSW 2011
Michael J Andrews Australia
Robin H Chambers Telephone: +61 2 9357 2044
Warwick J Higgs Facsimile: + 61 2 9368 1313
Email auiron@auironenergy.com.au
Chief Financial Officer and Company Secretary
Joseph A Fontana
UK Operations Office
Ballymoney Power Limited
Auditors Citigate House
BDO 157 - 159 High Street
Chartered Accountants Holywood, Co Down BT18 9HU
2 Market Street Northern Ireland
Sydney NSW 2000 Telephone: + 44 2890 421085
Facsimile: +44 2890 421088
Email:
wmcclay@auironenergy.com.au
Share Registry - Australia Website:
www.ballymoneypower.com
Computershare Investor Services Pty Limited
Level 3 Stock Exchanges
60 Carrington Street Australian Stock Exchange
Sydney NSW 2000 Deutsche Borse Group
- Frankfurt
Telephone: +61-2-8234-5000 - Berlin
Facsimile: +61-2-8234-5050 - Stuttgart
Investor Enquires: +61-2-8234-5222 London Stock Exchange
- Rule 2.1 (a) AIM
Share Registry - United Kingdom
Capita IRG Plc
Balfour House
390-398 High Road
Ilford, Essex IG1 1NQ
Telephone: +44-(0) 870-162-3100
Facsimile: +44-(0) 208-478-2876
Website for AuIron Energy
www.auironenergy.com.au
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