REG - Berkeley Resources - Annual Financial Report <Origin Href="QuoteRef">BKY.AX</Origin> - Part 2
29/10/2014 14:26
- Part 2: For the preceding part double click ID:nRSY5816Sa
dividends paid and returns of
capital by the Company during the current and previous four financial years.
The Board does not directly base remuneration levels on the Company's share
price or movement in the share price over the financial year and the previous
four financial years. Discretionary annual cash bonuses are based upon
achieving various non-financial KPI as detailed under 'Performance Based
Remuneration - Short Term Incentive' and are not based on share price or
earnings. As noted above, a number of Key Management Personnel have also been
granted Performance Rights and options, which generally will be of greater
value should the value of the Company's shares increase (subject to vesting
conditions being met), and in the case of options, increase sufficiently to
warrant exercising the incentive options granted.
Impact of Earnings on Key Management Personnel Remuneration
As discussed above, the Group is currently undertaking exploration and
development activities, and does not expect to be undertaking profitable
operations until sometime after the successful commercialisation, production
and sales of commodities from one or more of its current projects.
Accordingly the Board does not consider earnings during the current and
previous four financial years when determining, and in relation to, the nature
and amount of remuneration of KMP.
Remuneration Policy for Non-Executive Directors
The Board policy is to remunerate Non-Executive Directors at market rates for
comparable companies for time, commitment and responsibilities. Given the
current size, nature and risks of the Company, incentive options have been
used to attract and retain Non-Executive Directors. The Board determines
payments to the Non-Executive Directors and reviews their remuneration
annually, based on market practice, duties and accountability. Independent
external advice is sought when required.
The maximum aggregate amount of fees that can be paid to Non-Executive
Directors is subject to approval by shareholders at a General Meeting. Fees
for Non-Executive Directors are not linked to the performance of the economic
entity. However, to align Directors' interests with shareholder interests,
the Directors are encouraged to hold shares in the Company and Non-Executive
Directors have received Performance Rights and incentive options in order to
secure their services and as a key component of their remuneration.
General
Where required, KMP receive superannuation contributions (or foreign
equivalent), currently equal to 9.25% of their salary (increased to 9.5% from
1 July 2014), and do not receive any other retirement benefit. From time to
time, some individuals have chosen to sacrifice part of their salary to
increase payments towards superannuation.
All remuneration paid to KMP is valued at cost to the company and expensed.
Incentive options are valued using the Binomial option valuation methodology
and validated by the Black Scholes option pricing model. The value of these
incentive options is expensed over the vesting period. The fair value of the
Performance Rights granted is estimated as at the date of grant using the
seven day volume weighted average share price prior to issuance. The value of
the Performance Right is expensed over the vesting period.
Key Management Personnel Remuneration
Details of the nature and amount of each element of the remuneration of each
Director and other KMP of the Company or Group for the financial year are as
follows:
Short-term Benefits
2014 Salary & Fees Post Employ-ment Benefits Cash Bonus Share-Based Payments Other Non-Cash Benefits(3)$ Total Percentage Percent-age Performance Related
$ $ $ $ $ of Total Remunerat-ion that Consists of Options/ Rights %
%
Directors
Ian Middlemas 50,000 - - - - 50,000 - -
James Ross 50,000 - - 59,235 - 109,235 54.23 54.23
Robert Behets(1) 253,400 - - 142,163 - 395,563 35.94 35.94
Other KMP
Francisco Bellón del Rosal 280,774 19,710 36,944 113,383 47,776 498,587 22.74 30.15
Javier Colilla Peletero 280,768 17,520 36,944 152,902 17,028 505,162 30.27 37.58
Clint McGhie(2) - - - 106,623 - 106,623 100.00 100.00
Total 914,942 37,230 73,888 574,306 64,804 1,665,170
Notes
(1) Mr Behets received Directors fees of $50,000 and consulting
fees of $203,400 for additional services provided to the company;
(2) Mr McGhie provides services as the Company Secretary and Chief
Financial Officer through a services agreement between Berkeley and Apollo
Group Pty Ltd. Under the agreement, Apollo Group Pty Ltd provides
administrative, company secretarial and accounting services, and the provision
of a fully serviced office to the Company for a monthly retainer of $24,000
(2013: $24,000); and
(3) Other Non-Cash Benefits includes payments made for housing and
car benefits.
Short-term Benefits
2013 Salary & Fees Post Employ-ment Benefits Cash Bonus Share-Based Payments Other Non-Cash Benefits(5)$ Total Percentage Percent-age Performance Related
$ $ $ $ $ of Total Remunerat-ion that Consists of Options/ Rights %
%
Directors
Ian Middlemas 100,000 - - - - 100,000 - -
James Ross 50,000 - - 17,423 - 67,423 25.84 25.84
Robert Behets(1) 206,600 - - 41,816 - 248,416 16.83 16.83
Jose Ramon Esteruelas(2) 24,726 - - - - 24,726 - -
Matthew Syme(3) 4,484 - - - - 4,484 - -
Other KMP
Francisco Bellón del Rosal 250,258 15,601 25,163 94,877 21,710 407,609 23.28 29.45
Javier Colilla Peletero 234,550 13,851 25,163 113,991 10,404 397,959 28.64 34.97
Clint McGhie(4) - - - 31,362 - 31,362 100.00 100.00
Total 870,618 29,452 50,326 299,469 32,114 1,281,979
Notes
(1) Mr Behets received Directors fees of $50,000 and consulting
fees of $156,600 for additional services provided to the company;
(2) Mr Esteruelas resigned as a Non-Executive Director of the
Company on 29 November 2012;
(3) Mr Syme resigned as a Non-Executive Director of the Company on
2 August 2012;
(4) Mr McGhie provides services as the Company Secretary and Chief
Financial Officer through a services agreement between Berkeley and Apollo
Group Pty Ltd. Under the agreement, Apollo Group Pty Ltd provides
administrative, company secretarial and accounting services, and the provision
of a fully serviced office to the Company for a monthly retainer of $24,000
(2012: $24,000); and
(5) Other Non-Cash Benefits includes payments made for housing and
car benefits.
Options and Performance Rights Granted to KMP
There were no Unlisted Options or Performance Rights granted to Key Management
Personnel during the year ended 30 June 2014.
Details of Unlisted Options and Performance Rights granted by the Company to
each Key Management Personnel of the Group during the year ended 30 June 2013
are as follows:
2013 Options/ Rights(1) Grant Expiry Exercise Price Grant Date Fair Value No. Granted Total Value of Options/ Rights Granted$ No. Vested at 30 June 2013 No. Vested at 30 June 2014
Date Date $ $
Directors
James Ross Rights 12-Apr-13 30-Jun-14 - 0.309 100,000 30,900 - 100,000
James Ross Rights 12-Apr-13 30-Jun-15 - 0.309 100,000 30,900 - -
James Ross Rights 12-Apr-13 31-Dec-16 - 0.309 100,000 30,900 - -
James Ross Rights 12-Apr-13 31-Dec-17 - 0.309 100,000 30,900 - -
Robert Behets Rights 12-Apr-13 30-Jun-14 - 0.309 240,000 74,160 - 240,000
Robert Behets Rights 12-Apr-13 30-Jun-15 - 0.309 240,000 74,160 -
Robert Behets Rights 12-Apr-13 31-Dec-16 - 0.309 240,000 74,160 -
Robert Behets Rights 12-Apr-13 31-Dec-17 - 0.309 240,000 74,160 -
Other KMP
Francisco Bellón Rights 12-Apr-13 30-Jun-14 - 0.309 100,000 30,900 - 100,000
del Rosal
Francisco Bellón Rights 12-Apr-13 30-Jun-15 - 0.309 100,000 30,900 - -
del Rosal
Francisco Bellón Rights 12-Apr-13 31-Dec-16 - 0.309 200,000 61,800 - -
del Rosal
Francisco Bellón Rights 12-Apr-13 31-Dec-17 - 0.309 250,000 77,250 - -
del Rosal
Javier Colilla Peletero Options 9-Nov-12 22-Dec-15 0.475 0.210 750,000 157,500 - 375,000
Javier Colilla Peletero Rights 12-Apr-13 30-Jun-14 - 0.309 100,000 30,900 - 100,000
Javier Colilla Peletero Rights 12-Apr-13 30-Jun-15 - 0.309 100,000 30,900 - -
Javier Colilla Peletero Rights 12-Apr-13 31-Dec-16 - 0.309 200,000 61,800 - -
Javier Colilla Peletero Rights 12-Apr-13 31-Dec-17 - 0.309 250,000 77,250 - -
Clint McGhie Rights 12-Apr-13 30-Jun-14 - 0.309 180,000 55,620 - 180,000
Clint McGhie Rights 12-Apr-13 30-Jun-15 - 0.309 180,000 55,620 - -
Clint McGhie Rights 12-Apr-13 31-Dec-16 - 0.309 180,000 55,620 - -
Clint McGhie Rights 12-Apr-13 31-Dec-17 - 0.309 180,000 55,620 - -
Notes
(1) For details on the valuation of the Unlisted Options and
Performance Rights, including models and assumptions used, please refer to
Note 17 to the financial statements.
Details of the value of options and rights granted, exercised or lapsed for
each Key Management Person of the Company or Group during the financial year
are as follows:
2014 Value of options/ rights granted during the year(1)$ Value of options/ rights exercised during the year$ Value of options/ rights lapsed during the year$ Value of options/ rights included in remuneration for the year$ Percentage of remuneration that consists of options/ rights %
Directors
James Ross - 25,230(1) - 59,235 54.23
Robert Behets - 60,552(1) - 142,163 35.94
Other KMP
Francisco Bellón del Rosal - 25,230(1) - 113,383 22.74
Javier Colilla Peletero - 25,230(1) -(2) 152,902 30.27
Clint McGhie - 45,414(1) - 106,623 100.00
Notes
(1) On 31 December 2013, Performance Rights expiring 30 June 2014
were exercised. The value of the Performance Rights exercised is calculated
using the 5 day VWAP on 18 December 2013 ($0.2523), which was the date that
the performance milestone was considered to be satisfied; and
(2) 1,000,000 Unlisted Options with an exercise price of $1.35
expired on 18 June 2014.
2013 Value of options/ rights granted during the year(1)$ Value of options/ rights exercised during the year$ Value of options/ rights lapsed during the year$ Value of options/ rights included in remuneration for the year$ Percentage of remuneration that consists of options/ rights %
Directors
James Ross 123,600 - -(2) 17,423 25.84
Robert Behets 296,640 - - 41,816 16.83
Jose Ramon Esteruelas(3) - - -(2) - -
Matthew Syme(4) - - -(5) - -
Other KMP
Francisco Bellón del Rosal 200,850 - - 94,877 23.28
Javier Colilla Peletero 358,350 - - 113,991 28.64
Clint McGhie 222,480 - - 31,362 100.00
Notes
(1) For details on the valuation of the options and rights,
including models and assumptions used, please refer to Note 17 to the
financial statements;
(2) 250,000 Listed Options exercisable at $0.75 expired on 15 May
2013;
(3) Señor Esteruelas resigned as a Non-Executive Director of the
Company on 29 November 2012;
(4) Mr Syme resigned as a Non-Executive Director of the Company on 2
August 2012; and
(5) 1,000,000 Listed Options exercised at $0.75 expired on 15 May
2013.
Employment Contracts with Directors and Executive Officers
Current Directors
From the date of his appointment, Mr Ian Middlemas received a fixed
remuneration component of $100,000 per annum inclusive of superannuation which
is the amount previously set by the Board for the position of Chairman.
Effective from 1 July 2013, the fee for the Chairman has been reduced to
$50,000 per annum inclusive of superannuation.
Dr James Ross, Non-Executive Director, has a letter of engagement with
Berkeley Resources Limited that was last updated on 15 January 2011 when he
was appointed Chairman. Following the appointment of Mr Ian Middlemas as
Chairman on 27 April 2012, Dr Ross became the Deputy Chairman of the Company.
From 27 April 2012, Dr Ross receives a fixed remuneration component of $50,000
per annum inclusive of superannuation as previously set by the Board for
Non-Executive Directors. The letter of engagement also includes a consultancy
arrangement which provides for a consultancy fee at the rate of $1,200 per day
for technical geological work done. The consultancy arrangement has a rolling
term and may be terminated by the Company by giving 1 months' notice.
Dr Ross was granted the following Performance Rights following Shareholder
approval on 12 April 2013:
• 100,000 Performance Rights exercisable for Nil consideration each on or
before 30 June 2014 (exercised on 31 December 2013);
• 100,000 Performance Rights exercisable for Nil consideration each on or
before 30 June 2015;
• 100,000 Performance Rights exercisable for Nil consideration each on or
before 31 December 2016; and
• 10,000 Performance Rights exercisable for Nil consideration each on or
before 31 December 2017.
Mr Robert Behets has a services agreement with the Company dated 18 June 2012,
which provides for a consultancy fee at the rate of $1,200 per day for
management and technical services provided by Mr Behets. Either party may
terminate the agreement without penalty or payment by giving 2 months' notice.
In addition, Mr Behets also receives the fixed remuneration component of
$50,000 per annum inclusive of superannuation as previously set by the Board
for Non-Executive Directors.
Mr Behets was granted the following Performance Rights following Shareholder
approval on 12 April 2013:
• 240,000 Performance Rights exercisable for Nil consideration each on or
before 30 June 2014 (exercised on 31 December 2013);
• 240,000 Performance Rights exercisable for Nil consideration each on or
before 30 June 2015;
• 240,000 Performance Rights exercisable for Nil consideration each on or
before 31 December 2016; and
• 240,000 Performance Rights exercisable for Nil consideration each on or
before 31 December 2017.
Current other KMP
Mr Francisco Bellón, has a contract of employment dated 14 April 2011 and
amended on 1 July 2011. The contract specifies the duties and obligations to
be fulfilled by the General Manager Operations. The contract has a rolling
term and may be terminated by the Company giving 6 months notice, or 12 months
in the event of a change of control of the Company. No amount is payable in
the event of termination for neglect of duty or gross misconduct. Mr Bellón
receives a fixed remuneration component of E190,000 per annum plus compulsory
social security contributions regulated by Spanish law, as well as the
provision of accommodation in Salamanca and a motor vehicle.
The Board granted Mr Bellón 1,000,000 Unlisted Options exercisable at $0.41
each on or before 21 September 2015 under the employee share option scheme.
These Options vest in three equal tranches on 21 September 2012, 21 September
2013 and 21 September 2014.
Mr Bellón was also granted the following Performance Rights:
• 100,000 Performance Rights exercisable for Nil consideration each on or
before 30 June 2014 (exercised on 31 December 2013);
• 100,000 Performance Rights exercisable for Nil consideration each on or
before 30 June 2015;
• 200,000 Performance Rights exercisable for Nil consideration each on or
before 31 December 2016; and
• 250,000 Performance Rights exercisable for Nil consideration each on or
before 31 December 2017.
All performance rights vest after the achievement of various milestones as
approved in the Berkeley Resources Limited Employee Performance Rights Plan.
Mr Javier Colilla Peletero, has a contract of employment dated 1 July 2010.
The contract specifies the duties and obligations to be fulfilled by the
Senior Vice President Corporate. The contract has a rolling term and may be
terminated by the Company giving 3 months notice, or 12 months in the event of
a change of control of the Company or if the appointment becomes redundant.
No amount is payable in the event of termination for neglect of duty or gross
misconduct. Mr Colilla receives a fixed remuneration component of E190,000
per annum plus compulsory social security contributions regulated by Spanish
law, as well as an allowance for the use of his private motor vehicle.
The Board has granted Mr Colilla 750,000 Incentive Options exercisable at
$0.475 each. These Options vest in two equal tranches on 12 December 2013 and
12 December 2014 and expire on 22 December 2015.
Mr Colilla was also granted the following Performance Rights:
• 100,000 Performance Rights exercisable for Nil consideration each on or
before 30 June 2014 (exercised on 31 December 2013);
• 100,000 Performance Rights exercisable for Nil consideration each on or
before 30 June 2015;
• 200,000 Performance Rights exercisable for Nil consideration each on or
before 31 December 2016; and
• 250,000 Performance Rights exercisable for Nil consideration each on or
before 31 December 2017.
All Performance Rights vest after the achievement of various milestones as
approved in the Berkeley Resources Limited Employee Performance Rights Plan.
Equity instruments held by Key Management Personnel
Option and Performance Right holdings of Key Management Personnel
2014 Held at Granted as Compen-sation Options exercised/ Rights Converted Net Other Changes Held at Vested and exercise-able at 30 June 2014
1 July 2013 30 June 2014
Directors
Ian Middlemas 4,000,000 - - - 4,000,000 4,000,000
James Ross 400,000 - (100,000) - 300,000 -
Robert Behets 1,960,000 - (240,000) - 1,720,000 1,000,000
Executives
Francisco Bellón del Rosal 1,650,000 - (100,000) - 1,550,000 666,666
Javier Colilla Peletero 2,400,000 - (100,000) (1,000,000)(1) 1,300,000 375,000
Clint McGhie 720,000 - (180,000) - 540,000 -
Notes
(1) 1,000,000 Unlisted Options granted to Mr Colilla expired on 18 June
2014.
Shareholdings of Key Management Personnel
2014 Held at Granted as Compen-sation Options exercised / Rights converted Net Other Changes Held at
1 July 2013 30 June 2014
Directors
Ian Middlemas 5,300,000 - - - 5,300,000
James Ross 315,000 - 100,000 - 415,000
Robert Behets 1,000,000 - 240,000 - 1,240,000
Executives
Francisco Bellón del Rosal 103,200 - 100,000 - 203,200
Javier Colilla Peletero 350,000 - 100,000 - 450,000
Clint McGhie - - 180,000 - 180,000
Loans from Key Management Personnel
No loans were provided to or received from KMP during the year ended 30 June
2014 (2013: Nil).
End of Remuneration Report.
AUDITOR'S AND OFFICERS' INDEMNITIES AND INSURANCE
Under the Constitution the Company is obliged, to the extent permitted by law,
to indemnify an officer (including Directors) of the Company against
liabilities incurred by the officer in that capacity, against costs and
expenses incurred by the officer in successfully defending civil or criminal
proceedings, and against any liability which arises out of conduct not
involving a lack of good faith.
During the financial year, the Company has paid an insurance premium to insure
Directors and officers of the Company against certain liabilities arising out
of their conduct while acting as a Director or Officer of the Company. The
net premium paid was $17,472 (2013: $18,098). Under the terms and conditions
of the insurance contract, the nature of liabilities insured against cannot be
disclosed.
The Company has not, during or since the end of the financial year,
indemnified or agreed to indemnify an auditor of the Company or of any related
body corporate against any liability incurred.
NON-AUDIT SERVICES
There were no non-audit services provided by the auditor (or by another person
or firm on the auditor's behalf) during the financial year.
AUDITOR'S INDEPENDENCE DECLARATION
The auditor's independence declaration is on page 65 of the Annual Financial
Report.
This report is made in accordance with a resolution of the Directors made
pursuant to section 298(2) of the Corporations Act 2001.
For and on behalf of the Directors
ROBERT BEHETS
Non-Executive Director
25 September 2014
Competent Persons Statement
The information in this announcement that relates to 2014 Exploration Results
is extracted from Berkeley's ASX announcement dated 18 August 2014 which is
available to view on www.berkeleyresources.com.au. The information in the
original ASX Announcement was based on information compiled by Robert Behets,
who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr.
Behets is a holder of shares, options and performance rights in, and is a
director of Berkeley Resources Limited. Mr. Behets has sufficient experience
which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves'. The
Company confirms that it is not aware of any new information or data that
materially affects the information included in the original market
announcement. The Company confirms that the form and context in which the
Competent Person's findings are presented have not been materially modified
from the original market announcement.
The information in this announcement that relates to earlier Exploration
Results and Mineral Resources is extracted from Berkeley's ASX announcements
dated 31 July 2012 (June 2012 Quarterly Report), 31 October 2012 (September
2012 Quarterly Report), 7 August 2013 and 26 September 2013 which are
available to view on Berkeley's website at www.berkeleyresources.com.au. The
information in the original ASX announcements was based on information
compiled by Craig Gwatkin, who is a Member of The Australian Institute of
Mining and Metallurgy and was an employee of Berkeley Resources Limited. Mr.
Gwatkin has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined in the
2004 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Mr. Gwatkin consents to the inclusion in
the report of the matters based on his information in the form and context in
which it appears. This information was prepared and first disclosed under the
JORC Code 2004. It has not been updated since to comply with the JORC Code
2012 on the basis that the information has not materially changed since it was
last reported.
The information in this Report that relates to the Pre-Feasibility Study is
extracted from Berkeley's ASX announcement dated 26 September 2013 which is
available to view on Berkeley's website at www.berkeleyresources.com.au. The
information in the original ASX announcement was based on information compiled
by Neil Senior of SENET (Pty) Ltd. Mr. Senior is a Fellow of The South African
Institute of Mining and Metallurgy and has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr.
Senior consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears. This information was
prepared and first disclosed under the JORC Code 2004. It has not been updated
since to comply with the JORC Code 2012 on the basis that the information has
not materially changed since it was last reported.
Production Target
The Production Target stated in this Report is based on the Company's
Pre-Feasibility Study ('PFS') for the Salamanca Project as released to the ASX
on 26 September 2013. The information in relation to the Production Target
that the Company is required to include in a public report in accordance with
ASX Listing Rule 5.16 was included in the Company's June 2014 Quarterly Report
released to the ASX on 24 July 2014.
The Company confirms that the material assumptions underpinning the PFS and
Production Target referenced in the 26 September 2013 and 24 July 2014
releases continue to apply and have not materially changed.
Forward Looking Statement
Statements regarding plans with respect to the Company's mineral properties
are forward-looking statements. There can be no assurance that the Company's
plans for development of its mineral properties will proceed as currently
expected. There can also be no assurance that the Company will be able to
confirm the presence of additional mineral deposits, that any mineralisation
will prove to be economic or that a mine will successfully be developed on any
of the Company's mineral properties.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2014
Note 2014 2013
$ $
Revenue from continuing operations 2 1,163,371 2,246,911
Corporate and administration expenses (996,652) (975,298)
Exploration and evaluation expenses (6,935,123) (11,999,142)
Share-based payments 3(b) (809,174) (417,918)
Loss before income tax benefit/ (expense) (7,577,578) (11,145,447)
Income tax benefit/ (expense) 4 43,630 (43,630)
Loss after income tax benefit/ (expense) (7,533,948) (11,189,077)
Other Comprehensive Income, net of income tax
Items that will not be reclassified subsequently to profit or loss - -
Items that may be classified subsequently to profit or loss
Exchange differences arising on translation of foreign operations 172,516 1,185,200
Other Comprehensive Income, net of income tax 172,516 1,185,200
Total Comprehensive Loss for the year (7,361,432) (10,003,877)
Loss attributable to Members of Berkeley Resources Limited (7,533,948) (11,189,077)
Total comprehensive loss attributable to Members of Berkeley Resources Limited (7,361,432) (10,003,877)
Earnings per share
Basic loss per share from continuing operations (cents per share) 21(a) (4.19) (6.24)
Diluted loss per share from continuing operations (cents per share) 21(b) (4.19) (6.24)
The above Consolidated Statement of Profit or Loss and Other Comprehensive
Income should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
AS AT 30 JUNE 2014
Note 2014 2013
$ $
ASSETS
Current Assets
Cash and cash equivalents 22(b) 20,245,401 27,736,790
Trade and other receivables 5 549,183 796,168
Total Current Assets 20,794,584 28,532,958
Non-current Assets
Exploration expenditure 6 14,268,990 14,173,930
Property, plant and equipment 7 1,785,251 1,881,538
Other financial assets 8 132,003 70,450
Total Non-current Assets 16,186,244 16,125,918
TOTAL ASSETS 36,980,828 44,658,876
LIABILITIES
Current Liabilities
Trade and other payables 9 1,130,791 2,215,203
Income tax payable - 43,630
Other financial liabilities 10 268,029 263,443
Total Current Liabilities 1,398,820 2,522,276
TOTAL LIABILITIES 1,398,820 2,522,276
NET ASSETS 35,582,008 42,136,600
EQUITY
Equity attributable to equity holders of the Company
Issued capital 11 119,358,591 119,061,813
Reserves 12 (1,180,339) 30,673
Accumulated losses 13 (82,596,244) (76,955,886)
TOTAL EQUITY 35,582,008 42,136,600
The above Statement of Financial Position should be read in conjunction with
the accompanying Notes
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2014
Note 2014 2013
$ $
Cash flows from operating activities
Payments to suppliers and employees (8,368,242) (11,492,269)
Interest received 721,588 1,476,989
Rebates received 338,074 737,198
Net cash outflow from operating activities 22 (7,308,580) (9,278,083)
Cash flows from investing activities
Exploration acquisition costs (108,118) (36,489)
Payments for property, plant and equipment (74,177) (798,644)
Net cash outflow from investing activities (182,295) (835,133)
Cash flows from financing activities
Proceeds from issue of shares and options - 71,786
Transaction costs from issue of securities (2,334) -
Net cash inflow/(outflow) from financing activities (2,334) 71,786
Net decrease in cash and cash equivalents held (7,493,209) (10,041,430)
Cash and cash equivalents at the beginning of the financial year 27,736,790 37,716,585
Effects of exchange rate changes on cash and cash equivalents 1,820 61,635
Cash and cash equivalents at the end of the financial year 22(b) 20,245,401 27,736,790
The above Statement of Cash Flows should be read in conjunction with the
accompanying Notes
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITYFOR THE YEAR ENDED 30 JUNE 2014
Issued Capital Share Based Payments Reserve Foreign Currency Translation Reserve AccumulatedLosses Total Equity
$ $
$
$ $
As at 1 July 2013 119,061,813 2,623,721 (2,593,048) (76,955,886) 42,136,600
Net loss for the year - - - (7,533,948) (7,533,948)
Other Comprehensive Income:Exchange differences arising on translation of foreign operations - - 172,516 - 172,516
Total comprehensive loss - - 172,516 (7,533,948) (7,361,432)
Transactions with owners, recorded directly in equity:
Conversion of Performance Rights 299,112 (299,112) - - -
Adjustment for expired options - (1,893,590) - 1,893,590 -
Cost of share based payments - 809,174 - - 809,174
Share Issue costs (2,334) - - - (2,334)
As at 30 June 2014 119,358,591 1,240,193 (2,420,532) (82,596,244) 35,582,008
Issued Capital Share Based Payments Reserve Foreign Currency Translation Reserve AccumulatedLosses Total Equity
$ $
$
$ $
As at 1 July 2012 118,930,526 4,363,630 (3,778,248) (67,925,136) 51,590,772
Net loss for the year (11,189,077) (11,189,007)
Other Comprehensive Income:Exchange differences arising on translation of foreign operations - - 1,185,200 - 1,185,200
Total comprehensive loss - - 1,185,200 (11,189,077) (10,003,877)
Transactions with owners, recorded directly in equity:
Exercise of listed options 71,287 - - - 71,287
Reversal of share issue costs 60,000 - - - 60,000
Issue of options - 500 - - 500
Adjustment for expired options - (2,158,327) - 2,158,327 -
Cost of share based payments - 417,918 - - 417,918
As at 30 June 2013 119,061,813 2,623,721 (2,593,048) (76,955,886) 42,136,600
The above Statement of Changes in Equity should be read in conjunction with
the accompanying Notes
The following sections are available in the full version of the Annual Financial Report on Berkeley Resources Limited's website: www.berkeleyresources.com.au
Notes to and forming part of the Financial Statements
Directors' Declaration
Auditor's Independence Declaration
Independent Auditor's Report
This information is provided by RNS
The company news service from the London Stock ExchangeRecent news on Berkeley Energia
See all newsREG - Berkeley Energia - Quarterly Report March 2025
AnnouncementREG - Berkeley Energia - Change in Substantial Holder
AnnouncementREG - Official List - Official List Notice
AnnouncementREG - Stock Exch Notice - Admission to Trading - 26/10/2022
AnnouncementREG - Berkeley Energia - Admission of shares to trading
Announcement