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Name | Symbol | Market | Type |
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Invesco S&P 500 Equal Weight Materials ETF | AMEX:RTM | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 156.8576 | 0 | 01:00:00 |
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 END FR NKKKQABKDCCN
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