2008 Annual Report & Notice of AGM
AIM Release
29 October 2008
DiamonEx Limited
2008 Annual Report
DiamonEx Limited is pleased to announce that its Annual Report for
2008 is now available for download from its website: 2008 Annual
Report
It is with great pleasure that the Company presents the 2008 Report
with our first diamond sale in progress and the Company joining the
ranks of the world's diamond producers.
Our transition into a producer took longer than anticipated with
construction of the plant slowed by a very prolonged wet season at
the beginning of this year. This transition is by no means a small
achievement as the following statistics demonstrate.
In total there are less than twenty diamond mines in the world with
four major companies Rio, BHP, Alrosa and De beers accounting for 90%
of production. The remaining 10% of production is accounted for by
fifteen companies. In terms of number of carats produced at full
production,Diamonex will rank number three out of these fifteen, a
statistic we can all be proud of.
Diamond production at Lerala started in August this year with a few
small teething problems becoming evident during the initial phases of
commissioning. This is normal for a new plant and problems are
gradually being rectified as the plant heads towards its full
operational capability of 200tonnes per hour, or more importantly,
30,000carats of diamonds per month.
As is to be expected with the Company's expansion our staff numbers
in Australia, America and Botswana have grown significantly. The
biggest expansion of staff has been on the mine site where we now
have 240 employees with 96% of this workforce being Batswana.
Financial institutions and shareholders in Botswana also continue to
lend great support the company with 76% of all Diamonex shareholders
now resident in Botswana.
Notice of Annual General Meeting
DiamonEx Limited is also pleased to give notice that the Annual
General Meeting of members of DiamonEx Limited ABN 26 091 951 978
will be held at their registered office, Level 1, 349 Coronation
Drive, Milton Qld Australia, on Friday 28th November at 4pm Brisbane
time.
A full copy of the Notice of Meeting and items of business are
available from the Company's website: Notice of Annual General
Meeting
Financial Statements
The Company's Financial Statement are attached. The notes to these
statements can be found in the Annual Report which is available for
download from the Company's website at: 2008 Financial Statements
Paul Crawford
Company Secretary
29 October 2008
For further information contact:
Dan O'Neill
Managing Director
Tel: +61 7 3720 8944
Mob: +61 407 596 942
Email: diamonex@diamonex.com.au
Mark Gray
Corporate Development
Tel: +61 7 3720 8944
Mob: +61 412 899 979
Email: diamonex@diamonex.com.au
Will Souter or Rob Adamson
RFC Corporate Finance Ltd (Nomad)
Tel: +61 2 9250 0050
+61 2 9250 0041
Email: will.souter@rfc.com.au
rob.adamson@rfc.com.au
Richard Hail
Fox-Davies Capital Ltd (AIM Broker)
Tel: +44 20 7936 5200
Email: Richard.Hail@fdcap.com
Jos Simson or Leesa Peters
Conduit PR - Investor Relations
Tel: +44 20 7429 6603
+44 78 9987 0450
Email: jos@conduitpr.com
About DiamonEx:
DiamonEx is an emerging diamond producer having developed a 330,000
carat per year diamond mine at Lerala, in eastern Botswana. The mine
is 100% owned and is located in an area that produces up to 30% of
the worlds diamonds by value. The company also owns 15,000 sq km of
mineral rights in Botswana which it is actively exploring for
diamonds, as well as a 9.3 hectare diamondiferous kimberlitic pipe in
northern Colorado, USA, which it is currently evaluating for grade
and value. DiamonEx is listed on the Australian Stock Exchange
(ASX), the Alternative Investment Market in London (AIM), and the
Botswana Stock Exchange (BSE).
DIAMONEX LIMITED
AND CONTROLLED ENTITIES
ABN 26 091 951 978
INCOME STATEMENT
for the year ended 30 June 2008
Economic Entity Parent Entity
Note 2008 2007 2008 2007
$ $ $ $
Revenue and
other income 2 315,309 123,170 1,896,565 434,957
Exploration &
evaluation
expenditure (1,374,337) (621,492) (317,868) (621,492)
Administrative
expenses (1,424,639) (1,190,276) (2,063,946) (1,026,890)
Employee
benefit
expense (570,218) (277,506) (495,363) (277,506)
Occupancy
expenses (129,784) (109,216) (110,884) (92,542)
Finance costs (1,076,216) (7) (924,519) (7)
Loss before
income tax
expense 3 (4,259,885) (2,075,327) (2,016,015) (1,583,480)
Income tax
expense 4 (118,784) (54,554) (118,784) (54,554)
Loss for the
year (4,378,669) (2,129,881) (2,134,799) (1,638,034)
Loss
attributable
to members of
the parent
entity (4,378,669) (2,129,881) (2,134,799) (1,638,034)
Earnings per
Share
Basic earnings
per share
(cents per
share) 7 (3.18) (2.41)
Diluted
earnings per
share (cents
per share) 7 (3.18) (2.41)
Dividends per
share (cents
per share) - -
The accompanying
notes form part of
these financial
statements.
DIAMONEX LIMITED
AND CONTROLLED ENTITIES
ABN 26 091 951 978
BALANCE SHEET
As at 30 June 2008
Economic Entity Parent Entity
Note 2008 2007 2008 2007
$ $ $ $
CURRENT
ASSETS
Cash and
cash
equivalents 8 1,673,696 880,890 306,783 689,367
Trade and
other
receivables 9 998,786 355,026 - 45,053
Work in
progress 10 593,312 - - -
Other 11 27,279 34,637 12,807 10,651
Total
Current
Assets 3,293,073 1,270,553 319,590 745,071
NON-CURRENT
ASSETS
Trade and
other
receivables 9 - - 23,110,769 8,464,735
Property,
plant and
equipment 12 848,652 962,080 95,487 118,147
Financial
assets 13 - - 10,825,338 3,277,478
Exploration
and
evaluation
asset 14 1,538,135 608,494 569,371 337,211
Mine
development
asset 15 29,307,101 10,748,145 - 2,790,414
Total
Non-Current
Assets 31,693,888 12,318,719 34,600,965 14,987,985
TOTAL
ASSETS 34,986,961 13,589,272 34,920,555 15,733,056
CURRENT
LIABILITIES
Trade and
other
payables 16 2,326,883 948,854 868,498 493,684
Interest
bearing
liabilities 17 850,900 - 334,387 -
Total
Current
Liabilities 3,177,783 948,854 1,202,885 493,684
NON CURRENT
LIABILITIES
Interest
bearing
liabilities 17 15,628,739 - 7,676,938 -
Total Non
Current
Liabilities 15,628,739 - 7,676,938 -
TOTAL
LIABILITIES 18,806,522 948,854 8,879,823 493,684
NET ASSETS 16,180,439 12,640,418 26,040,732 15,239,372
EQUITY
Issued
capital 18 32,173,103 19,411,030 32,173,103 19,411,030
Reserves 20 (6,362,406) (1,519,023) 185,944 11,858
Accumulated
losses (9,630,258) (5,251,589) (6,318,315) (4,183,516)
TOTAL
EQUITY 16,180,439 12,640,418 26,040,732 15,239,372
The accompanying notes form part of
these financial statements.
DIAMONEX LIMITED
AND CONTROLLED ENTITIES
ABN 26 091 951 978
CASH FLOW STATEMENT
for the year ended 30 June 2008
Economic Entity Parent Entity
Note 2008 2007 2008 2007
$ $ $ $
CASH FLOWS
FROM
OPERATING
ACTIVITIES
Payments to
suppliers
and
employees (3,861,996) (2,254,178) (2,820,761) (1,749,501)
Interest
received 312,901 123,170 1,894,157 434,957
Finance
costs (700,955) (7) (590,132) (7)
Foreign
taxes paid (118,784) (54,554) (118,784) (54,554)
Net cash
provided by
(used in)
operating
activities 21 (4,368,834) (2,185,569) (1,635,520) (1,369,105)
CASH FLOWS
FROM
INVESTING
ACTIVITIES
Purchase of
property,
plant and
equipment (335,956) (997,851) (28,912) (36,390)
Exploration
& evaluation
expenditure (1,439,012) (546,076) (491,736) (274,793)
Development
expenditure (22,533,235) (6,230,017) - (452,908)
Proceeds
from sale of
property,
plant and
equipment 2,408 - 2,408 -
Investment
in
controlled
entities - - (7,547,860) (3,277,465)
Advances to
controlled
entities - - (11,596,042) (4,640,319)
Net cash
provided by
(used in)
investing
activities (24,305,795) (7,773,944) (19,662,142) (8,681,875)
CASH FLOWS
FROM
FINANCING
ACTIVITIES
Proceeds
from issue
of shares 13,710,598 7,971,317 13,710,598 7,971,317
Proceeds
from share
applications 328,234 - 328,234 -
Proceeds
from issue
of
convertible
notes 7,676,938 - 7,676,938 -
Costs
associated
with share
issue (800,692) (216,231) (800,692) (216,231)
Proceeds
from
borrowings 8,631,419 - - -
Net cash
provided by
(used in)
financing
activities 29,546,497 7,755,086 20,915,078 7,755,086
Net increase
in cash held 871,868 (2,204,427) (382,584) (2,295,894)
Cash at
beginning of
financial
year 880,890 3,081,816 689,367 2,985,261
Effect of
exchange
rates on
cash
holdings in
foreign
currencies (79,062) 3,501 - -
Cash at end
of financial
year 8 1,673,696 880,890 306,783 689,367
The accompanying
notes form part
of these
financial
statements.
DIAMONEX LIMITED
AND CONTROLLED ENTITIES
ABN 26 091 951 978
STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2008
Accumulated Foreign Currency Option
Share Capital Losses Translation Reserve Total
Reserve
$ $ $ $ $
Economic
Entity
Balance at 1
July 2006 9,340,389 (3,121,708) (540,075) - 5,678,606
Shares
issued
during the
period 10,070,641 - - - 10,070,641
Loss
attributable
to members
of entity - (2,129,881) - - (2,129,881)
Translation
of foreign
controlled
entities - - (990,806) - (990,806)
Share based
payment -
employee
share
options
expense - - - 11,858 11,858
Balance at
30 June 2007 19,411,030 (5,251,589) (1,530,881) 11,858 12,640,418
Shares
issued
during the
period 12,762,073 - - - 12,762,073
Loss
attributable
to members
of entity - (4,378,669) - - (4,378,669)
Translation
of foreign
controlled
entities - - (5,017,469) - (5,017,469)
Share based
payment -
share
options
expense - - - 174,086 174,086
Balance at
30 June 2008 32,173,103 (9,630,258) (6,548,350) 185,944 16,180,439
Parent
Entity
Balance at 1
July 2006 9,340,389 (2,545,482) - - 6,794,907
Shares
issued
during the
period 10,070,641 - - - 10,070,641
Loss
attributable
to members
of entity - (1,638,034) - - (1,638,034)
Translation
of foreign
controlled
entities - - - - -
Share based
payment -
share
options
expense - - - 11,858 11,858
Balance at
30 June 2007 19,411,030 (4,183,516) - 11,858 15,239,372
Shares
issued
during the
period 12,762,073 - - - 12,762,073
Loss
attributable
to members
of entity - (2,134,799) - - (2,134,799)
Translation
of foreign
controlled
entities - - - - -
Share based
payment -
share
options
expense - - - 174,086 174,086
Balance at
30 June 2008 32,173,103 (6,318,315) - 185,944 26,040,732
The accompanying notes form part of these
financial statements.
---END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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