Half-yearly report on website
02 September 2010 - 9:59AM
UK Regulatory
TIDMFND
FINDERS RESOURCES LIMITED (ASX & AIM Code: FND)
30 June 2010 Half Year Report on website
Finders Resources Limited ("Finders") has released its Half Year Report for the
six months ended 30 June 2010.
A consolidated statement of comprehensive income, consolidated balance sheet and
consolidated cash flow from these half yearly accounts are as set out below.
A full formatted version of the accounts, together with accompanying notes, is
available on the Finders website www.findersresources.com.
For further information please contact
Finders Resources Ltd:
Russell Fountain Non-Executive Chairman +61 2 9211 8299
Chris Farmer Managing Director info@findersresources.com
Financial PR / Investor Relations:
Andrew Stokes FD Third Person (in Sydney) +61 2 8298 6100
Nick Elwes College Hill (in the UK) +44 20 7457 2020
RFC Corporate Finance Ltd - Nomad:
Rob Adamson Managing Director +61 2 9250 0000
Stuart Laing Executive Director +61 8 9480 2500
finnCap - Finders' Broker for the AIM market:
Matthew Robinson Corporate Finance Director +44 20 7600 1658
Joe Lunn Analyst +44 20 7600 1658
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 30 JUNE 2010
Six months ended Six months ended
30 June 2010 30 June 2009
$'000 $'000
Sales revenue 7,316 3,082
Interest income 93 5
Profit on sale of investments 496 -
Other income 31 7
Raw materials and consumables used (5,651) (5,077)
Change in inventories of finished goods and (928) 1,262
work in progress
Personnel costs (1,205) (1,097)
Depreciation and amortisation (834) (468)
Exchange loss (70) (1,646)
Exploration expenditure written off (663) (4)
Financing costs (263) (1,019)
Pre-production costs written off - (253)
Provision for impairment - (600)
Royalty expense (285) (115)
Other expenses (910) (49)
----------------------------------
Loss before income tax (2,876) (5,972)
Income tax expense - -
----------------------------------
Loss for the period (2,876) (5,972)
Other comprehensive income
Changes in fair value of available for sale 5 (118)
financial asset
Adjustments from translation of foreign 782 1,482
controlled entities
----------------------------------
Other comprehensive income, net of tax 787 1,364
----------------------------------
Total comprehensive income for the period (2,089) (4,608)
----------------------------------
Loss for the period attributable to:
Members of the parent entity (2,681) (4,379)
Non controlling interest (195) (1,593)
----------------------------------
(2,876) (5,972)
----------------------------------
Total comprehensive income for the period
attributable to:
Members of the parent entity (1,942) (3,428)
Non controlling interest (147) (1,180)
----------------------------------
(2,089) (4,608)
----------------------------------
Earnings per share cents cents
Basic loss per share (1.5) (6.3)
Diluted loss per share (1.5) (6.3)
CONSOLIDATED BALANCE SHEET
AS AT 30 june 2010
30 Jun 2010 31 Dec 2009
$'000 $'000
CURRENT ASSETS
Cash and cash equivalents 3,328 7,606
Receivables 313 609
Financial assets - 324
Inventories 1,677 2,511
Other assets 140 120
----------------------------
Total Current Assets 5,458 11,170
----------------------------
NON-CURRENT ASSETS
Receivables 3,314 2,032
Financial assets 58 120
Plant and equipment 15,203 13,580
Development expenditure 11,799 3,857
Exploration expenditure - 6,700
----------------------------
Total Non-Current Assets 30,374 26,289
----------------------------
Total Assets 35,832 37,459
----------------------------
CURRENT LIABILITIES
Trade and other payables 2,471 1,507
Provisions 9 10
Other liabilities - 921
----------------------------
Total Current Liabilities 2,480 2,438
----------------------------
NON-CURRENT LIABILITIES
Borrowings 1,690 1,591
Provision 1,093 1,006
----------------------------
Total Non-Current Liabilities 2,783 2,597
----------------------------
Total Liabilities 5,263 5,035
----------------------------
NET ASSETS 30,569 32,424
----------------------------
EQUITY
Issued capital 65,826 65,727
Reserves 2,249 1,375
Accumulated losses (37,139) (34,458)
----------------------------
Capital and reserves attributable to owners of 30,936 32,644
Finders Resources Limited
Non-controlling interest (367) (220)
----------------------------
TOTAL EQUITY 30,569 32,424
----------------------------
CONSOLIDATED CASH FLOW STATEMENT
FOR THE HALF YEAR ENDED 30 JUNE 2010
Six months ended Six months ended
30 Jun 2010 30 Jun 2009
$'000 $'000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 6,004 3,014
Payments to suppliers and employees (6,966) (4,146)
Interest received 89 5
Interest paid (1) -
Taxes and value added tax paid (138) (397)
----------------------------------
Net cash used in operating activities (1,012) (1,524)
----------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for plant and equipment (2,812) (599)
Payment for development expenditure (1,229) (4,626)
Payment for exploration expenditure (506) (827)
Proceeds from sale of fixed assets 408 -
Proceeds from sale of investment 822 -
Refund of security deposits 62 -
----------------------------------
Net cash used in investing activities (3,255) (6,052)
----------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares - 5,551
Payment for share issue expenses - (189)
Proceeds from borrowings - 4,463
Repayment of borrowings - (955)
----------------------------------
Net cash provided by (used in) financing - 8,870
activities
----------------------------------
Net increase/(decrease) in cash held (4,267) 1,294
Cash and cash equivalents at beginning of 7,606 412
period
Exchange rate effect (11) -
----------------------------------
Cash and cash equivalents at end of period 3,328 1,706
[HUG#1442258]
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Finders Resources Limited via Thomson Reuters ONE
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