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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Conti.Coal | LSE:COOL | London | Ordinary Share | AU000000CCC1 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
1 October 2014 Continental Coal Limited ("Continental Coal" or "the Company") ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2014 Please find attached extracts from the Company's Annual Report for the year ended 30 June 2014, being the: - Statement of Income; - Statement of Other Comprehensive Income; - Statement of Financial Position; - Statement of Changes in Equity; - Statement of Cashflow; and - Reserve and Resource Statement. A copy of the full Annual Report is available on the Company's website at www.conticoal.com and also at the Australian Securities Exchange website, ww.asx.com.au. Yours faithfully Peter Landau Executive Director CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2014 Note Consolidated 2014 2013 A$'000 A$'000 Operating sales revenue 2 68,706 62,230 Operating expenses (59,537) (55,181) Depreciation & amortisation (6,862) (4,190) Cost of sales 3 (66,399) (59,371) Gross profit 2,307 2,859 Other income 2 4,180 4,130 Administration expenses 3 (11,595) (11,533) Finance expenses 3 (26,939) (13,888) Impairment expenses 3 (2,208) (28,126) Marketing expenses (225) (266) Other expenses 3 (1,384) (2,618) Loss before income tax (35,864) (49,442) Income tax benefit 4 1,338 1,101 Loss after income tax from continuing operations (34,526) (48,341) Loss from discontinued operation 10 - (1,147) Loss for the year (34,526) (49,488) Net profit/(loss) is attributable to: Owners of Continental Coal Limited (30,295) (35,720) Non-controlling interests (4,231) (13,768) (34,526) (49,488) Loss per share for loss from continuing operations attributable to the ordinary equity holders of the Company: Basic loss per share (cents per share) 6 (4.30) (6.56) Diluted loss per share (cents per share) 6 (4.30) (6.56) The above Consolidated Income Statement should be read in conjunction with the Notes to the Financial Statements. CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2014 Note Consolidated 2014 2013 A$'000 A$'000 Loss for the year (34,526) (49,488) Other Comprehensive Income/(Loss) Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations (3,140) (6,052) Changes in the fair value of cashflow hedges, net of tax 2,679 3,087 Other comprehensive loss for the year, net of tax (461) (2,965) Total comprehensive loss for the year (34,987) (52,453) Total comprehensive income/(loss) is attributable to: Owners of Continental Coal Limited (32,695) (38,177) Non-controlling interests (2,292) (14,276) (34,987) (52,453) Total comprehensive loss for the period attributable to owners of Continental Coal Limited arises from: Continuing operations (32,695) (37,030) Discontinued operations - (1,147) (32,695) (38,177) The above Consolidated Statement of Other Comprehensive Income should be read in conjunction with the Notes to the Financial Statements. CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014 Note Consolidated 2014 2013 A$'000 A$'000 ASSETS CURRENT ASSETS Cash and cash equivalents 7 3,619 4,496 Trade and other receivables 8 4,527 7,744 Inventories 9 1,166 4,862 9,312 17,102 Non-current assets classified as held 10 for sale - - TOTAL CURRENT ASSETS 9,312 17,102 NON-CURRENT ASSETS Trade and other receivables 8 3,936 2,981 Other assets 11 2,411 1,658 Derivative financial instruments 12 7,047 2,400 Exploration expenditure 15 47,306 54,139 Development expenditure 16 63,988 75,040 Property, plant and equipment 17 13,792 13,462 Deferred tax assets 18 2,107 3,022 TOTAL NON-CURRENT ASSETS 140,587 152,701 TOTAL ASSETS 149,899 169,803 CURRENT LIABILITIES Trade and other payables 19 10,713 12,459 Deferred revenue 20 53 5,859 Income tax payable 4 501 1,115 Provisions 24a 7,610 296 Borrowings 21 69,531 18,531 Derivative financial instruments 12 80 228 Other financial liabilities 22 4,594 3,633 Provision for rehabilitation 24b 3,480 3,759 TOTAL CURRENT LIABILITIES 96,562 45,880 NON-CURRENT LIABILITIES Deferred revenue 20 - 5,467 Provisions 24a 3,688 - Borrowings 21 22,792 52,141 Other financial liabilities 22 6,094 6,984 Deferred tax liability 23 19,503 23,009 Provision for rehabilitation 24b 8,364 9,594 TOTAL NON-CURRENT LIABILITIES 60,441 97,195 TOTAL LIABILITIES 157,003 143,075 NET ASSETS (7,104) 26,728 EQUITY Issued capital 25 236,733 236,032 Reserves 26 (3,776) (2,838) Accumulated losses (229,282) (198,987) Capital and reserves attributable to owners of Continental Coal Limited 3,675 34,207 Amounts attributable to non-controlling interests (10,779) (7,479) TOTAL EQUITY (7,104) 26,728 The above Consolidated Statement of Financial Position should be read in conjunction with the notes to the Financial Statements. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2014 Share Accumulated Foreign Other Hedging Option Share Shares Total Non- Total Capital losses Currency Reserve Reserve Reserve Based and Controlling Ordinary Translation Payment Options Interest Reserve Reserve to be Issued A$'000 A$'000 A$'000 A$'000 A$'000 A$'000 A$'000 A$'000 A$'000 A$'000 A$'000 Balance at 1 220,015 (164,739) (19,190) (9,944) (508) - 30,798 - 56,433 8,089 64,522 July 2012 Loss for the - (35,720) - - - - - - (35,720) (13,768) (49,488) year Exchange - - (4,741) - - - - - (4,741) (1,311) (6,052) differences on translation of foreign operations Cashflow hedges, - - - - 2,284 - - - 2,284 803 3,087 net of tax Total - (35,720) (4,741) - 2,284 - - - (38,177) (14,276) (52,453) comprehensive loss for the year Transactions with owners in their capacity as owners: Shares issued 16,117 - - - - - - - 16,117 - 16,117 during the year Transaction (100) - - - - - - - (100) - (100) costs Options issued - - - - - - 701 - 701 - 701 Transfers - 1,472 - (1,472) - - - - - - - Transactions - - - (766) - - - - (766) (1,026) (1,792) with non-controlling interests Dividends paid - - - - - - - - - (266) (266) Balance at 30 236,032 (198,987) (23,931) (12,182) 1,776 - 31,499 - 34,207 (7,479) 26,728 June 2013 Loss for the - (30,295) - - - - - - (30,295) (4,231) (34,526) year Exchange - - (4,285) - - - - - (4,285) 1,145 (3,140) differences on translation of foreign operations Cashflow hedges, - - - - 1,885 - - - 1,885 794 2,679 net of tax Total - (30,295) (4,285) - 1,885 - - - (32,695) (2,292) (34,987) comprehensive loss for the year Transactions with owners in their capacity as owners: Shares issued 701 - - - - - - - 701 - 701 during the year Transaction - - - - - - - - - - - costs Options issued - - - - - - - - - - - Transfers - - - - - - - - - - - Transactions - - - 1,462 - - - - 1,462 - 1,462 with non-controlling interests Dividends paid - - - - - - - - - (1,008) (1,008) Balance at 30 236,733 (229,282) (28,216) (10,720) 3,661 - 31,499 - 3,675 (10,779) (7,104) June 2014 The above Consolidated Statement of Changes in Equity should be read in conjunction with the notes to the Financial Statements. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2014 Note Consolidated 2014 2013 A$'000 A$'000 CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 72,942 58,505 Payments to suppliers and employees (70,782) (70,488) Interest received 358 249 Other income 196 2,196 Proceeds on settlement of commodity hedges 12a 1,026 336 Income tax paid (1,978) (1,080) Net cash (used in)/provided by operating 30 activities 1,762 (10,282) CASH FLOWS FROM INVESTING ACTIVITIES Payment for additional ownership interest in 13 subsidiary - (8,839) Exploration expenditure 15 (474) (660) Development costs 16 (3,346) (20,393) Purchase of property, plant and equipment 17 (2,810) (6,675) Proceeds on disposal of property, plant and equipment 96 1,092 Payments in relation to SIOC transaction - (331) Proceeds from sale of Vanmag 10 - 8,696 Proceeds from release of restricted cash 1,937 - Payments for purchase of other assets (957) (642) Net cash (used in) investing activities (5,554) (27,752) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares, net of transaction costs - 8,597 Interest and borrowing costs (380) (1,227) Payment of finance leases (63) - Proceeds from borrowings 6,028 26,890 Repayment of borrowings (975) (3,537) Payment to fund Penumbra standby facility - (1,930) Payment of finance related royalty (56) (533) Dividends paid to non-controlling interest (1,008) (266) Net cash provided by financing activities 3,546 27,994 Net (decrease)/increase in cash held (246) (10,040) Effect of the exchange rate changes on the balance of cash held in foreign currencies at the beginning of the financial year (336) (1,042) Cash at beginning of financial year 3,513 14,595 Cash at end of financial year 7 2,931 3,513 The above Consolidated Statement of Cash Flows should be read in conjunction with the Notes to the Financial Statements. Reserve and Resource Statement The Group's Coal Resource and Reserve Statements are as follows:- (i) Group Resources Statement as at 31 July 2014:- PROJECT RESOURCE PROJECT GROSS TOTAL PROJECT CONTINENTAL'S CATEGORY TONNES IN SITU TONNES IN SITU ATTRIBUTABLE (GTIS) (t) (TTIS) (t) INTEREST Vlakvarkfontein 8,703,480 6,803,316 44% Penumbra 8,421,911 7,134,875 74% De Wittekrans Measured 52,330,387 47,097,100 74% Wesselton II 4,201,199 3,570,800 74% Leiden 4,309,133 3,862,500 74% Total Measured 77,966,110 68,468,591 Vlakplaats 38,176,346 34,258,000 37% Project X 2,969,951 2,672,000 56% Penumbra 6,725,373 6,052,000 74% De Wittekrans Indicated 73,733,941 66,358,000 74% Vaalbank 8,809,511 7,928,000 52% Wesselton II 5,112,340 4,344,000 74% Leiden 1,996,754 179, 500 74% Total Indicated 137,524,217 121,791,500 Vlakplaats 16,276,680 12,190,000 37% Wolvenfontein 36,725,119 31,200,000 74% Project X 11,687,034 10,517,000 56% De Wittekrans 66,618,671 59,940,000 74% Knapdaar Inferred 42,064,528 35,750,000 74% Vaalbank 13,937,555 12,540,000 52% Wesselton II 8,648,522 7,330,000 74% Mooifontein 3,092,970 2,620,000 74% Leiden 12,057,828 10,851,400 74% Kweneng (1) 2,159,000 2,051,050 100% Total Inferred 213,267,906 184,989,450 GRAND TOTAL RESOURCES 428,758,233 375,249,541 Notes: (1) JORC compliant. (ii) Group Reserves Statement as at 31 July 2014:- PROJECT RESERVE MINEABLE ROM TONNAGE PRIMARY SECONDARY CONTINENTAL'S CATEGORY TONNES IN (t) MARKETABLE MARKETABLE ATTRIBUTABLE SITU RESERVE (t) RESERVE (t) INTEREST (MTIS) (t) Vlakvarkfontein Proven 6,770,000 6,310,000 6,310,000 - 44% Penumbra 7,252,000 3,354,000 1,625,000 943,000 74% De Wittekrans* 47,097,100 - - - 74% Total Proved 61,119,100 9,664,000 7,935,000 943,000 Penumbra Probable 5,399,400 4,828,000 2,637,000 939,000 74% De Wittekrans* 66,358,000 70,865,000 19,052,000 19,395,000 74% Total Probable 71,757,400 75,693,000 21,689,000 20,334,000 GRAND TOTAL RESERVES 132,876,500 85,357,000 29,624,000 21,277,000 Notes: * The primary and secondary marketable coal reserves are subject to change in line with results from the coal revenue optimisation exercise that is currently being undertaken. These coal resources and coal reserves (excluding Kweneng) have been defined in accordance with the 2007 South African Code for Reporting of Mineral Resources and Mineral Reserves Code (SAMREC Code). The SAMREC Code requires the use of the South African National Standard : South African Guide to the Systematic Evaluation of Coal Resources and Coal Reserves (SANS10320:2004) when classifying and reporting coal resources and reserves. SANS10320:2004 uses the principle of relative distances from boreholes with quality data for the classification of coal resources. This standard was utilised by the Company's consultants in calculating the project resources. The above coal resource and coal reserve estimates are also in compliance with and to the extent required by the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves published by the Joint Ore Reserves Committee of The Australasian Institute of Mining, Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC Code). Similarly to the SAMREC Code, the JORC Code uses the principle of relative distances from boreholes with quality data for the classification of coal resources. The SAMREC Code distances are narrower than those required by the JORC Code, and hence, by reporting to SAMREC, the requirements of the JORC Code have also been met. Yours faithfully Peter Landau Executive Director For further information please contact: Peter Landau Media (Australia) Continental Coal Limited David Tasker T:+ 61 8 9488 5220 Professional Public Relations T: +61 8 9388 0944 Nominated Advisor Brokers Oliver Morse/Trinity McIntyre Jonathan Williams RFC Ambrian Limited RFC Ambrian Ltd T: +61 8 9480 2500 T: +44 203 440 6817 About Continental Coal Limited Continental Coal Limited (ASX:CCC/AIM: COOL) is a South African thermal coal producer with a portfolio of projects located in South Africa's major coal fields including two operating mines, the Vlakvarkfontein and Penumbra Coal Mines, producing approx. 2Mtpa of thermal coal for the export and domestic markets. A Feasibility Study was also completed on a proposed third mine, the De Wittekrans Coal Project with a mining right granted in September 2013. Competent Persons Statement The information in this report that relates to the Coal Resources and Reserves has been prepared in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves as published by the Joint Ore Reserves Committee (JORC Code). The Australasian Joint Ore Reserves Committee (JORC) and the JORC Code requires that Competent Persons must belong to the Australasian Institute of Mining and Metallurgy (AusIMM), or the Australian Institute of Geoscientists (AIG), or a Recognized Overseas Professional Organisation (ROPO). ROPOs are professional organisations that the ASX, acting on advice from JORC and its parent organisations, accepts as bodies to which Competent Persons may belong to for the purpose of preparing documentation on Exploration Results and Mineral Resources, on which reports to the ASX are based. The South African Council for Natural Scientific Professions (SACNASP) as well as the Geological Society of South Africa are considered as ROPOs by JORC. The information in this report that relates to Coal Resources on Vlakvarkfontein and Vlakplaats is based on resource estimates completed by Dr. Philip John Hancox. Dr. Hancox is a member in good standing of the South African Council for Natural Scientific Professions (SACNASP No. 400224/04) as well as a Member and Fellow of the Geological Society of South Africa. He is also a member of the Fossil Fuel Foundation, the Geostatistical Association of South Africa, the Society of Economic Geologists, and a Core Member of the Prospectors and Developer Association of Canada. Dr. Hancox has more than 12 years' experience in the South African Coal and Minerals industries, holds a Ph.D from the University of the Witwatersrand (South Africa), and has authored a number of published and unpublished academic articles on the Karoo Basin and its contained coal, as well as over 50 peer reviewed scientific papers on various aspects of sedimentary geology and palaeontology. Dr. Hancox 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 by the 2004 Edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and the Ore reserves. Within the constraints mentioned above, all work undertaken by Dr. Hancox and related to the resource estimate was carried out following industry best practice standards using the South African Code for Reporting of Mineral Resources and Mineral Reserves (the SAMREC Code, 2007) in conjunction with the South African guide to the systematic evaluation of coal resources and coal reserves (SANS 10320:2004) as a basis. As such the resource statements contained in this report may be considered compliant with the JORC Code. Dr. Hancox consents to the inclusion in the ASX release of the matters based on his information in the form and context in which it appears. The information in this report that relates to Coal Resources and Reserves on Penumbra, Ferreira, De Wittekrans, Knapdaar, Project X, Vaalbank, Leiden and Wesselton II is based on coal resource estimates completed by Mr. Nico Denner, a full time employee of Gemecs (Pty) Ltd. Mr. Denner is a member in good standing of the South African Council for Natural Scientific Professions (SACNASP No. 400060/98) as well as a Member and Fellow of the Geological Society of South Africa. He has more than 15 years' experience in the South African Coal and Minerals industries. Mr. Denner 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 by the 2004 Edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and the Ore reserves. Within the constraints mentioned above, all work undertaken by Mr. Denner and related to the resource estimate was carried out following industry best practice standards using the South African Code for Reporting of Mineral Resources and Mineral Reserves (the SAMREC Code, 2007) in conjunction with the South African guide to the systematic evaluation of coal resources and coal reserves (SANS 10320:2004) as a basis. As such the resource statements contained in this report may be considered compliant with the JORC Code. Mr. Denner consents to the inclusion in the ASX release of the matters based on his information in the form and context in which it appears. Forward Looking Statement This communication includes certain statements that may be deemed "forward-looking statements" and information. All statements in this communication, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to take place in the future are forward-looking statements and information. Although the Company believes the expectations expressed in such forward-looking statements and information are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements and information. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, drilling and development results, production rates and operating costs, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those stated.
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