RNS Number:3745Q
Reefton Mining N.L.
30 September 2003
Reefton Mining N.L.
Final Results for the Year Ended 30 June 2003
Directors' Report
Your directors present their report on the company and its controlled entities
for the financial year ended 30 June 2003.
Directors
The names of directors in office at any time during or since the end of the year
are:
Mr Bradley Steven Moore
Mr Vladimir Nikolaenko
Mr Garry Robert Hemming
Mr Anthony Ogilvie Thompson (appointed 8th April 2003)
Directors have been in office since the start of the financial year to the date
of this report unless otherwise stated.
Principal Activities
The principal activities of the Economic Entity during the financial year were
mining purpose activities including acquisition, exploration and evaluation of
opportunities in gold, base metals, tantalite, heavy minerals and diamonds.
There were no significant changes in the nature of the Economic Entity's
principal activities during the financial year.
Operating Results
The consolidated loss of the Economic Entity after providing for income tax
amounted to $1,459,952 (2002: loss $1,291,852).
Divends Paid or Recommended
No dividend have been paid by the Economic Entity during the year ended 30 June
2003, nor have the Directors recommended any dividend to be paid.
Review of Operations
The activites of the company focused on exploration in Namibia and Western
Australia and are futher disclosed in a separate Review of Operations.
Significant Changes in State of Affairs
There have been no significant changes in the state of affairs of the Parent
Entity during the financial year.
Changes in controlled entities and divisions:
On 22 April 2003 the company received confirmation that the dormant Namibian
subsidiary company Reefton Exploration (Pty) Ltd would be deregistered in
accordance with Namibian company legislation.
After Balance Date Events
On 28th July 2003 a placement of 9,595,454 fully paid ordinary shares and
9,595,454 contributing shares pursuant to a prospectus dated 30 June 2003 was
completed. The placement raised $527,750 before deducting the costs of the
issue.
On the 29th August 2003 the Company surrendered the Star of Fremantle (P16/
1410-1412, P15/3037 and M16/265 (application)) and Bonnievale (E15/248 and M15/
1324-5 (applications)) tenements.
Except for the above there have been no other matters or circumstances which
have arisen since 30 June 2003 that have significantly affected or may
significantly affect:-
a. the operationg, in financial years subsequent to 30 June 2003, of the
Economic Entity constituted by Reefton Mining N.L. and the entities it
controls from time to time;
b. the results of those operations; or
c. the state of affairs, in financial years subsequent to 30 June 2003 of the
Economic Entity.
Future Developments
The likely developments in the operations of the Economic Entity and the
expected results of those operations in future financial years are as follows:
* The further expansion of exploration activity in Namibia on which
preliminary exploration has been undertaken to date.
Environmental Issues
The Company recognises the importance of adherence to the environmental
guidelines in relation to its exploration and mining activites.
In order to meet the prescribed guidelines, the Company through its dealings
with the Department of Mineral and Petroleum Resources and the Directorate of
Environmental Affairs of Namibia, has regular checks so to ensure that it has
complied with the guidelines.
In addition, it should be recognised that the Company is a junior explorer and
the potential impact of its activities on the environment is minimal.
Corporate Governance
In recognising the need for the highest standards of corporate behaviour and
accountability, the Directors of Reefton Mining NL support and have adhered to
the principles of corporate governance. The Company's corporate governance
statement is contained in the Annual Report.
BRADLEY MOORE
Chairman
30 September 2003
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE YEAR ENDED 30 JUNE 2003
Economic Entity Parent Entity
--------- --------- --------- ---------
2003 2002 2003 2002
$ $ $ $
--------- --------- --------- ---------
Revenue from ordinary 58,335 120,685 163,728 120,355
ordinary activities
Administrative (1,035,676) (1,081,054) (979,528) (1,034,714)
expenses
Interest expense (5,404) - (5,404) -
Provisions (29,189) (24,000) (29,215) (24,000)
Depreciation (3,276) (425) (107,824) (425)
expense
Exploration and (582,729) (99,021) (582,729) (99,021)
development
written off
Other 137,798 (208,037) (47,756) (149,216)
--------- --------- --------- ---------
Loss from (1,459,952) (1,291,852) (1,588,728) (1,187,021)
ordinary
activities
before income
tax expense
Income tax - - - -
expense relating --------- --------- --------- ---------
to ordinary
activities
Net loss from (1,459,952) (1,291,852) (1,588,728) (1,187,021)
ordinary --------- --------- --------- ---------
activities after
related income
tax expense
Increase in 6,588,996 - - -
asset --------- --------- --------- ---------
revaluation
reserve
Total revenues, 6,588,996 - - -
expenses and --------- --------- --------- ---------
valuation
adjustments
attributable to
members of the
Parent Entity
and recognised
directly in
equity
Total changes in 5,129,044 (1,291,852) (1,588,728) (1,187,021)
equity other --------- --------- --------- ---------
than those
resulting from
transactions
with owners as
owners
Basic earnings (0.98) (0.95)
per share (cents
per share)
Diluted earnings (0.91) (0.74)
per share (cents
per share)
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2003
Economic Entity Parent Entity
---------- --------- ---------- ---------
2003 2002 2003 2002
$ $ $ $
---------- --------- ---------- ---------
CURRENT
ASSETS
Cash assets 31,680 1,576,249 19,959 1,556,531
Receivables 425,601 502,210 296,169 502,210
Other financial 28,936 54,125 28,936 54,125
assets
---------- --------- ---------- ---------
TOTAL CURRENT 486,217 2,132,584 345,064 2,112,866
ASSETS ---------- --------- ---------- ---------
NON-CURRENT
ASSETS
Receivables - - 1,876,850 875,368
Other financial 46,000 50,000 46,003 50,029
assets
Property, 729,026 407,648 674,726 407,648
plant and
equipment
Other 15,373,347 8,323,477 40,000 656,513
---------- --------- ---------- ---------
TOTAL 16,148,373 8,781,125 2,637,579 1,989,558
NON-CURRENT ---------- --------- ---------- ---------
ASSETS
TOTAL ASSETS 16,634,590 10,913,709 2,982,643 4,102,424
---------- --------- ---------- ---------
CURRENT
LIABILITIES
Payables Interest 569,709 137,273 442,932 133,386
bearing 159,401 - 159,401 -
liabilities ---------- --------- ---------- ---------
TOTAL CURRENT 729,110 137,273 602,333 133,386
LIABILITIES ---------- --------- ---------- ---------
TOTAL 729,110 137,273 602,333 133,386
LIABILITIES ---------- --------- ---------- ---------
NET ASSETS 15,905,480 10,776,436 2,380,310 3,969,038
---------- --------- ---------- ---------
EQUITY
Contributed 12,572,679 12,572,679 12,572,679 12,572,679
equity
Reserves 14,140,986 7,551,990 604,470 604,470
Accumulated (10,808,185) (9,348,233) (10,796,839) (9,208,111)
losses
---------- --------- ---------- ---------
TOTAL EQUITY 15,905,480 10,776,436 2,380,310 3,969,038
---------- --------- ---------- ---------
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2003
Economic Entity Parent Entity
--------- --------- --------- ---------
2003 2002 2003 2002
$ $ $ $
--------- --------- --------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to (599,108) (1,078,103) (565,470) (971,481)
suppliers and
consultants
Interest 50,335 103,918 49,728 103,588
received
Proceeds from 8,000 8,000
sale of
geological data
Payment for (976,775) (576,538) (8,323) (9,574)
exploration and --------- --------- --------- ---------
development
Net cash provided (1,517,548) (1,550,723) (516,065) (877,467)
by (used in) --------- --------- --------- ---------
operating
activities
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from - 1,445 - 1,445
sale of
investments
Purchase of - (35,192) - (35,192)
equity
investments
Purchase of (430,654) (404,330) (374,902) (404,330)
property, plant --------- --------- --------- ---------
and equipment
Net cash provided (430,654) (438,077) (374,902) (438,077)
by (used in) --------- --------- --------- ---------
investing
activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from - 2,978,601 - 2,978,601
issue of shares
Proceeds from - 125 - 125
issue of
options
Commission on - (168,809) - (168,809)
capital raising
Loans to related - - (1,049,238) (674,107)
corporations
Loans to other - (481,390) - (481,390)
entities
Loans from 154,000 - 154,000 -
related
entities
Repayment of - 46,390 - 46,390
loans from other
entities
Repayment of 249,633 - 249,633 -
loans from --------- --------- --------- ---------
related
entities
Net cash provided 403,633 2,374,917 (645,605) 1,700,810
by (used in) --------- --------- --------- ---------
financing
activities
Net increase/ (1,544,569) 386,117 (1,536,572) 385,266
(decrease) in
cash held
Cash at 1 July 1,576,249 1,190,132 1,556,531 1,171,265
2002 --------- --------- --------- ---------
Cash at 30 June 31,680 1,576,249 19,959 1,556,531
2003 --------- --------- --------- ---------
Notes
The financial report is a general purpose financial report that has been
prepared in accordance with Accounting Standards, Urgent Issues Group Consensus
Views and other authoritative pronouncements of the Australian Accounting
Standards Board and the Corporations Act 2001.
The financial report covers the Economic Entity of Reefton Mining N.L. and
controlled entities, and Reefton Mining N.L. as an individual Parent Entity.
Reefton Mining N.L. is a listed public company, incorporated and domiciled in
Australia.
The financial report has been prepared on an accruals basis
and is based on historical costs and does not take into account changing money
values or, except where stated, current valuations of non-current assets. Cost
is based on the fair values of the consideration given in exchange for assets.
This information is provided by RNS
The company news service from the London Stock Exchange
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