Forte Energy NL Annual Report
December 21 2015 - 6:38AM
UK Regulatory
TIDMFTE
Annual Report
Forte Energy NL
ACN 009 087 852
AIM Release
21 December 2015
ANNUAL REPORT
Forte Energy NL ("Forte Energy" or "The Company") (ASX/AIM: FTE) advises that it has released its Annual
Report for 2015. The report is available electronically in pdf format for downloading at the Company's
website (www.forteenergy.com.au).
..........
Murray Wylie
Company Secretary
For further information contact:
Mark Reilly, Managing Director
Forte Energy NL Tel: +61 (0) 8 9322 4071
Oliver Morse
RFC Ambrian Ltd Tel: +61 (0) 8 9480 2500
(AIM Nominated Adviser to the Company)
Forte Energy NL
Suite 3, Level 3
1292 Hay Street
West Perth WA 6005
Ph: +61 (0)8 9322 4071
Fax: +61 (0)8 9322 4073
Email: info@forteenergy.com.au
Web: www.forteenergy.com.au
Forte Energy NL
ABN 59 009 087 852
SUMMARY FINANCIAL STATEMENTS
30 JUNE 2015
Forte Energy NL
Suite 3, Level 3
1292 Hay Street
West Perth WA 6005
FORTE ENERGY NL
(ABN 59 009 087 852)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2015
Consolidated Consolidated
2015 2014
Notes $ $
Revenue 7 940 1,987
Other income 8 - 145,091
Exploration expenses - (51,394)
Impairment of exploration and evaluation expenditure
(31,088,966) (1,239,572)
Impairment of equity accounted for investments 15 (1,006,204) -
Impairment of held-for-trading investments 14 (459,029) (607,516)
Administrative and other expenses 9 (2,108,197) (2,520,524)
Loss before income tax (34,661,456) (4,271,928)
Income tax expense 10 - (18,153)
Net loss for the year (34,661,456) (4,290,081)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations 37,628 (224,645)
Other comprehensive profit/(loss) for the year net of tax 37,628 (224,645)
(34,623,828) (4,514,726)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
Loss per share (cents per share) attributable to ordinary
equity holders of the Company
- basic loss for the year 11 (1.51) (0.36)
- diluted loss for the year 11 (1.51) (0.36)
The above statement of comprehensive income should be read in conjunction with the accompanying notes.
FORTE ENERGY NL
(ABN 59 009 087 852)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2015
Consolidated Consolidated
Notes As at 30 June As at 30 June
2015 2014
$ $
ASSETS
Current Assets
Cash and cash equivalents 12 215,095 92,467
Trade and other receivables 13 261,736 286,155
Prepayments 23,615 52,296
Held for trading 14 106,578 707,671
Total Current Assets 607,024 1,138,589
Non-Current Assets
Available-for-sale investments 14 12,892 40,139
Equity accounted investment 15 - -
Exploration and evaluation expenditure 16 444,383 31,060,057
Plant and equipment 17 29,036 63,256
Total Non-Current Assets 486,311 31,163,452
TOTAL ASSETS 1,093,335 32,302,041
LIABILITIES
Current Liabilities
Trade and other payables 18 630,284 1,968,074
Income tax payable 37,218 47,298
Provisions 19 45,976 46,264
Loan to related party 26(f) 23,839 -
Derivative financial liability 20 620,886 -
Total Current Liabilities 1,358,203 2,061,636
Non-Current Liabilities
Loan to related party - 291,485
Convertible loan notes 20 743,565 783,520
Derivative financial instruments 21 132,085 -
Provisions 19 24,119 26,139
Total Non-Current Liabilities 899,769 1,101,144
TOTAL LIABILITIES 2,257,972 3,162,780
NET (LIABILITIES) / ASSETS (1,164,637) 29,139,261
SHAREHOLDERS' (DEFICIT) / EQUITY
Issued capital 22 93,480,722 89,160,792
Reserves 23 2,204,019 2,166,391
Accumulated losses 23 (96,849,378) (62,187,922)
TOTAL SHAREHOLDERS' (DEFICIT) / EQUITY (1,164,637) 29,139,261
The above statement of financial position should be read in conjunction with the accompanying notes
FORTE ENERGY NL
(ABN 59 009 087 852)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2015
Contributed Accumulated Equity Foreign Total
equity losses benefits currency equity
reserve translation
$ $ $ $ $
Consolidated
At 1 July 2014 89,160,792 (62,187,922) 2,521,606 (355,215) 29,139,261
- (34,661,456) - - (34,661,456)
Loss for the period
Other comprehensive income - - - 37,628 37,628
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