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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Murchison Utd | LSE:MUU | London | Ordinary Share | AU000000FTE4 | NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:5574I
Murchison United NL
11 March 2003
Rules 4.1, 4.3
Appendix 4B
Half yearly/preliminary final report
Introduced 30/6/2002.
Name of entity
MURCHISON UNITED NL
ABN or equivalent company Half yearly Preliminary Half year/financial year ended ('current
reference final (tick) period')
59 009 087 852 (X) .
For announcement to the market
Extracts from this report for announcement to the market (see note 1).
$A'000
Revenues from ordinary activities (item 1.1) down 4% to 19,080
Profit (loss) from ordinary activities after tax down 132% to (28,037)
attributable to members (item 1.22)
Profit (loss) from extraordinary items after tax gain (loss) -
attributable to members (item 2.5(d)) of
Net profit (loss) for the period attributable to down 132% to (28,037)
members (item 1.11)
Dividends (distributions) Amount per security Franked amount per
security
Final dividend (Preliminary final report only - item
15.4) c c
Interim dividend (Half yearly report only - item 15.6)
Previous corresponding period (Preliminary final report -
item 15.5; half yearly report - item 15.7) c c
+Record date for determining entitlements to the
dividend,
(in the case of a trust, distribution) (see item
15.2)
Brief explanation of any of the figures reported above (see Note 1) and short details of any bonus or
cash issue or other item(s) of importance not previously released to the market:
If this is a half yearly report it is to be read in conjunction with the most
recent annual financial report.
Condensed consolidated statement of financial performance
Current period - $A'000 Previous corresponding period - $A'000
1.1 Revenues from ordinary activities (see 19,080 19,930
items 1.23 -1.25)
1.2 Expenses from ordinary activities (see (46,996) (31,867)
items 1.26 & 1.27)
1.3 Borrowing costs (121) (163)
1.4 Share of net profits (losses) of - -
associates and joint venture entities
(see item 16.7)
1.5 Profit (loss) from ordinary activities (28,037) (12,100)
before tax
1.6 Income tax on ordinary activities (see - -
note 4)
1.7 Profit (loss) from ordinary activities (28,037) (12,100)
after tax
1.8 Profit (loss) from extraordinary items - -
after tax (see item 2.5)
1.9 Net profit (loss) (28,037) (12,100)
1.10 Net profit (loss) attributable to - -
outside +equity interests
1.11 Net profit (loss) for the period (28,037) (12,100)
attributable to members
Non-owner transaction changes in equity
1.12 Increase (decrease) in revaluation reserves
1.13 Net exchange differences recognised in equity
1.14 Other revenue, expense and initial adjustments recognised directly in equity
(attach details)
1.15 Initial adjustments from UIG transitional provisions
1.16 Total transactions and adjustments recognised directly in equity (items 1.12 to - -
1.15)
1.17 Total changes in equity not resulting from transactions with owners as owners (28,037) (12,100)
Earnings per security (EPS) Current period Previous corresponding
period
1.18 Basic EPS (21.70) (12.24)
1.19 Diluted EPS (21.70) (11.24)
Notes to the condensed consolidated statement of financial performance
Profit (loss) from ordinary activities attributable to members
Current period - $A'000 Previous corresponding period - $A'000
1.20 Profit (loss) from ordinary activities (28,037) (12,100)
after tax (item 1.7)
1.21 Less (plus) outside +equity interests - -
1.22 Profit (loss) from ordinary activities (28,037) (12,100)
after tax, attributable to members
Revenue and expenses from ordinary activities
(see note 15)
Current period - $A'000 Previous corresponding period -
$A'000
1.23 Revenue from sales or services 18,772 19,292
1.24 Interest revenue 303 365
1.25 Other relevant revenue 5 273
1.26 Details of relevant expenses (270)
Change in inventories of 1,136 13,206
finished goods and work in 10,086 5,748
progress 4,928 4,612
Contractors 2,896 216
Consumables 326 3,307
Selling and realisation expenses 4,173 163
Insurance costs 121 255
Employee expenses 253 1,679
Borrowing costs 6,691 1,002
Royalties - -
Hedging losses 14,356 1,296
Writedown of inventories 1,461
Writedown in carrying value
Other expenses
1.27 Depreciation and amortisation 690 816
excluding amortisation of
intangibles (see item 2.3)
Capitalised outlays
1.28 Interest costs capitalised in - -
asset values
1.29 Outlays capitalised in - -
intangibles (unless arising from
an +acquisition of a business)
Consolidated retained profits
Current period - $A'000 Previous corresponding period - $A'000
1.30 Retained profits (accumulated losses) at (38,624) (12,341)
the beginning of the financial period
(28,037) (12,100)
1.31 Net profit (loss) attributable to
members (item 1.11)
- -
1.32 Net transfers from (to) reserves
(details if material)
- -
1.33 Net effect of changes in accounting
policies
- -
1.34 Dividends and other equity distributions
paid or payable
1.35 Retained profits (accumulated losses) at (66,661) (24,441)
end of financial period
Intangible and extraordinary items
Consolidated - current period
Before tax Related tax Related outside Amount (after tax)
$A'000 $A'000 +equity interests attributable to
$A'000 members
(a) (b) (c) $A'000
(d)
2.1 Amortisation of goodwill
2.2 Amortisation of other
intangibles
2.3 Total amortisation of
intangibles
2.4 Extraordinary items
(details)
2.5 Total extraordinary
items
Comparison of half year profits Current year - $A'000 Previous year - $A'000
(Preliminary final report only)
3.1 Consolidated profit (loss) from
ordinary activities after tax
attributable to members
reported for the 1st half year
(item 1.22 in the half yearly
report)
3.2 Consolidated profit (loss) from
ordinary activities after tax
attributable to members for the
2nd half year
Condensed consolidated statement At end of current As shown in last As in last half
of financial position period $A'000 annual report $A'000 yearly report $A'000
Current assets
4.1 Cash 747 342 675
4.2 Receivables 13,608 1,966 2,201
4.3 Investments - - -
4.4 Inventories 1,633 5,269 8,643
4.5 Tax assets - - -
4.6 Other (provide 981 242 718
details if material)
4.7 Total current assets 16,969 7,819 12,237
Non-current assets
4.8 Receivables 22 11,982 12,210
4.9 Investments (equity - - -
accounted)
4.10 Other investments 25 51 51
4.11 Inventories - - -
4.12 Exploration and - - -
evaluation
expenditure
capitalised (see para
.71 of AASB 1022)
4.13 Development - - -
properties (+mining
entities)
4.14 Other property, plant 2,051 14,195 15,190
and equipment (net)
4.15 Intangibles (net) - - -
4.16 Tax assets - - -
4.17 Other (provide - - -
details if material)
4.18 Total non-current 2,098 26,228 27,451
assets
4.19 Total assets 19,067 34,047 39,688
Current liabilities
4.20 Payables 15,776 12,785 13,361
4.21 Interest bearing 1,927 1,700 2,167
liabilities
4.22 Tax liabilities - - -
4.23 Provisions exc. tax 532 3,079 2,434
liabilities
4.24 Other (provide - 1,679
details if material) 23,469 1,349 1,708
Deferred Hedging Loss 1,274
Customer Advance
4.25 Total current 42,978 18,913 21,349
liabilities
Non-current
liabilities
4.26 Payables - - -
4.27 Interest bearing - 346 1,037
liabilities
4.28 Tax liabilities - - -
4.29 Provisions exc. tax 5,058 4,973 5,764
liabilities
4.30 Other (provide 637 1,011 1,566
details if material) - 13,675 5,392
Deferred Income
Customer Advance
4.31 Total non-current 5,695 20,005 13,759
liabilities
4.32 Total liabilities 48,673 38,918 35,108
4.33 Net assets (29,606) (4,871) 4,580
Condensed consolidated statement of financial position continued
Equity
4.34 Capital/contributed equity 37,055 33,753 29,021
4.35 Reserves - - -
4.36 Retained profits (accumulated losses) (66,661) (38,624) (24,441)
4.37 Equity attributable to members of the parent entity
(29,606) (4,871) 4,580
4.38 Outside +equity interests in controlled entities - - -
4.39 Total equity (29,606) (4,871) 4,580
4.40 Preference capital included as part of 4.37
- - -
Notes to the condensed consolidated statement of financial position
Exploration and evaluation expenditure capitalised N/A
(To be completed only by entities with mining interests if amounts are material. Include all expenditure incurred.)
Current period $A'000 Previous corresponding period - $A'000
5.1 Opening balance
5.2 Expenditure incurred during current period
5.3 Expenditure written off during current
period
5.4 Acquisitions, disposals, revaluation
increments, etc.
5.5 Expenditure transferred to Development
Properties
5.6 Closing balance as shown in the
consolidated balance sheet (item 4.12)
Development properties N/A
(To be completed only by entities with mining interests if amounts are material)
Current period $A'000 Previous corresponding
period - $A'000
6.1 Opening balance
6.2 Expenditure incurred during current period
6.3 Expenditure transferred from exploration and evaluation
6.4 Expenditure written off during current period
6.5 Acquisitions, disposals, revaluation increments, etc.
6.6 Expenditure transferred to mine properties
6.7 Closing balance as shown in the consolidated balance sheet (item 4.13)
Condensed consolidated statement of cash flows
Current period $A'000 Previous corresponding period - $A'000
Cash flows related to operating activities
7.1 Receipts from customers 18,697 21,922
7.2 Payments to suppliers and employees (20,724) (25,461)
7.3 Dividends received from associates - -
7.4 Other dividends received - -
7.5 Interest and other items of similar nature 137 412
received
7.6 Interest and other costs of finance paid (59) (134)
7.7 Income taxes paid - -
7.8 Other (provide details if material) - -
7.9 Net operating cash flows (1,949) (3,261)
Cash flows related to investing activities
7.10 Payment for purchases of property, plant (65) (39)
and equipment
7.11 Proceeds from sale of property, plant and - 97
equipment
7.12 Payment for purchases of equity investments - -
7.13 Proceeds from sale of equity investments - -
7.14 Loans to other entities - -
7.15 Loans repaid by other entities - -
7.16 Other (provide details if material) (55) (278)
Mine development (326) (638)
Project evaluation 438 -
Refund of security deposits
7.17 Net investing cash flows (8) (858)
Cash flows related to financing activities
7.18 Proceeds from issues of +securities (3,302) -
(shares, options, etc.)
7.19 Proceeds from borrowings - 2,765
7.20 Repayment of borrowings (750) (3,345)
7.21 Dividends paid - -
7.22 Other (provide details if material) (65) (131)
7.23 Net financing cash flows 2,487 (711)
7.24 Net increase (decrease) in cash held 530 (4,830)
7.25 Cash at beginning of period 342 17,413
(see Reconciliation of cash)
7.26 Exchange rate adjustments to item 7.25 (117) (13)
7.261 Transfer to retention account - (11,500)
7.27 Cash at end of period 755 1,070
(see Reconciliation of cash)
Non-cash financing and investing activities
Details of financing and investing transactions which have had a material effect on consolidated assets and
liabilities but did not involve cash flows are as follows. ( If an amount is quantified, show comparative amount.)
Nil
Reconciliation of cash
Reconciliation of cash at the end of the period (as shown in the Current period $A'000 Previous corresponding
consolidated statement of cash flows) to the related items in the period - $A'000
accounts is as follows.
8.1 Cash on hand and at bank 747 675
8.2 Deposits at call 8 395
8.3 Bank overdraft - -
8.4 Other (provide details) -
-
8.5 Total cash at end of period 755 1,070
(item 7.27)
Other notes to the condensed financial statements
Ratios Current period Previous corresponding
period
9.1 Profit before tax / revenue (147%) (61%)
Consolidated profit (loss) from ordinary activities before tax
(item 1.5) as a percentage of revenue (item 1.1)
9.2 Profit after tax / +equity interests (95%) (248%)
Consolidated net profit (loss) from ordinary activities after
tax attributable to members (item 1.11) as a percentage of
equity (similarly attributable) at the end of the period (item
4.37)
Earnings per security (EPS)
10. Details of basic and diluted EPS reported separately in accordance with paragraph 9 and 18 of AASB 1027:
Earnings Per Share are as follows.
Basic Earnings Per Share (21.7) cents
Weighted average number of ordinary shares used in the calculation of the Basic EPS 129.2million shares
NTA backing Current period Previous corresponding
(see note 7) period
11.1 Net tangible asset backing per +ordinary security
Discontinuing Operations N/A
(Entities must report a description of any significant activities or events relating to discontinuing operations in
accordance with paragraph 7.5 (g) of AASB 1029: Interim Financial Reporting, or, the details of discontinuing
operations they have disclosed in their accounts in accordance with AASB 1042: Discontinuing Operations (see note
17).)
12.1 Discontinuing Operations
Control gained over entities having material effect N/A
13.1 Name of entity (or group of entities)
13.2 Consolidated profit (loss) from ordinary activities and extraordinary items after tax of the controlled $
entity (or group of entities) since the date in the current period on which control was +acquired
13.3 Date from which such profit has been calculated
13.4 Profit (loss) from ordinary activities and extraordinary items after tax of the controlled entity (or $
group of entities) for the whole of the previous corresponding period
Loss of control of entities having material effect N/A
14.1 Name of entity (or group of entities)
14.2 Consolidated profit (loss) from ordinary activities and extraordinary items after tax of the controlled $
entity (or group of entities) for the current period to the date of loss of control
14.3 Date to which the profit (loss) in item 14.2 has been calculated
14.4 Consolidated profit (loss) from ordinary activities and extraordinary items after tax of the controlled $
entity (or group of entities) while controlled during the whole of the previous corresponding period
14.5 Contribution to consolidated profit (loss) from ordinary activities and extraordinary items from sale of $
interest leading to loss of control
Dividends (in the case of a trust, distributions) N/A
15.1 Date the dividend (distribution) is payable
15.2 +Record date to determine entitlements to the dividend (distribution) (ie, on the basis of proper
instruments of transfer received by 5.00 pm if +securities are not +CHESS approved, or security holding
balances established by 5.00 pm or such later time permitted by SCH Business Rules if +securities are +CHESS
approved)
15.3 If it is a final dividend, has it been declared?
(Preliminary final report only)
Amount per security N/A
Amount per security Franked amount per Amount per security of
security at % tax (see foreign source dividend
note 4)
15.4 (Preliminary final report only) c c c
Final dividend: Current year
15.5 Previous year c c c
15.6 (Half yearly and preliminary final c c c
reports)
Interim dividend: Current year
15.7 Previous year c c c
Total dividend (distribution) per security (interim plus final) N/A
(Preliminary final report only)
Current year Previous year
15.8 +Ordinary securities
c c
15.9 Preference +securities
c c
Half yearly report - interim dividend (distribution) on all securities or
Preliminary final report - final dividend (distribution) on all securities N/A
Current period $A'000 Previous corresponding
period - $A'000
15.10 +Ordinary securities (each class separately)
15.11 Preference +securities (each class separately)
15.12 Other equity instruments (each class separately)
15.13 Total
The +dividend or distribution plans shown below are in operation.
The last date(s) for receipt of election notices for the +dividend or distribution plans
Any other disclosures in relation to dividends (distributions). (For half yearly reports, provide details in
accordance with paragraph 7.5(d) of AASB 1029 Interim Financial Reporting)
Details of aggregate share of profits (losses) of associates and joint venture entities N/A
Current period $A'000 Previous corresponding period
Group's share of associates' and joint venture entities': - $A'000
16.1 Profit (loss) from ordinary
activities before tax
16.2 Income tax on ordinary
activities
16.3 Profit (loss) from ordinary
activities after tax
16.4 Extraordinary items net of tax
16.5 Net profit (loss)
16.6 Adjustments
16.7 Share of net profit (loss) of
associates and joint venture
entities
Material interests in entities which are not controlled entities N/A
The economic entity has an interest (that is material to it) in the following entities. (If the interest was acquired
or disposed of during either the current or previous corresponding period, indicate date of acquisition ("from
dd/mm/yy") or disposal ("to dd/mm/yy").)
Name of entity Percentage of ownership interest held at Contribution to net profit (loss) (item 1.9)
end of period or date of disposal
17.1 Equity Current Previous Current period Previous
accounted associates period corresponding period $A'000 corresponding period
and joint venture - $A'000
entities
17.2 Total
17.3 Other material
interests
17.4 Total
Issued and quoted securities at end of current period
(Description must include rate of interest and any redemption or conversion rights together with prices and dates)
Total number Number quoted Issue price per Amount paid up
Category of +securities security (see per security
note 14) (see note 14)
(cents) (cents)
18.1 Preference
+securities
(description)
18.2 Changes during
current period
(a) Increases
through issues
(b) Decreases
through returns of
capital, buybacks,
redemptions
18.3 +Ordinary securities 173,053,150 173,053,150 25 1
2,250,000 -
18.4 Changes during 67,134,069 67,134,069 5 5
current period
(a) Increases
through issues
(b) Decreases
through returns of
capital, buybacks
18.5 +Convertible debt
securities
(description and
conversion factor)
18.6 Changes during
current period
(a) Increases
through issues
(b) Decreases
through securities
matured, converted
18.7 Options (description Exercise Expiry
and conversion price date (if any)
factor)
600,000 - 40 1/1/04
875,000 - 50 31/12/04
875,000 - 70 31/12/04
875,000 - 90 31/12/04
875,000 - 110 31/12/04
200,000 - 114 8/8/05
350,000 - 46 1/7/07
18.8 Issued during 350,000 - 46 1/7/07
current period
18.9 Exercised during
current period
18.10 Expired during
current period
18.11 Debentures
18.12 (description)
Changes during
current period
(a) Increases
through issues
(b) Decreases
through securities
matured, converted
18.13 Unsecured notes
(description)
18.14 Changes during
current period
(a) Increases
through issues
(b) Decreases
through securities
matured, converted
Segment reporting
(Information on the business and geographical segments of the entity must be reported for the current period in
accordance with AASB 1005: Segment Reporting and for half year reports, AASB 1029: Interim Financial Reporting.
Because entities employ different structures a pro forma cannot be provided. Segment information in the layout
employed in the entity's +accounts should be reported separately and attached to this report.)
Comments by directors
(Comments on the following matters are required by ASX or, in relation to the half yearly report, by AASB 1029:
Interim Financial Reporting. The comments do not take the place of the directors' report and statement (as required
by the Corporations Act) and may be incorporated into the directors' report and statement. For both half yearly and
preliminary final reports, if there are no comments in a section, state NIL. If there is insufficient space to
comment, attach notes to this report.)
Basis of financial report preparation
19.1 If this report is a half yearly report, it is a general purpose financial report prepared in accordance
with the listing rules and AASB 1029: Interim Financial Reporting. It should be read in conjunction with the last
+annual report and any announcements to the market made by the entity during the period. The financial statements in
this report are "condensed financial statements" as defined in AASB 1029: Interim Financial Reporting. This report
does not include all the notes of the type normally included in an annual financial report. (Delete if preliminary
final report.)
Note 1(c) Financial Position and Financing Arrangements
For the half year ended 31 December 2002, the consolidated entity recorded an operating loss of $28,037,000 (2001:
$12,100,000) and had a working capital deficiency of $26,009,000. At balance date, the net fair value of financial
instruments recognised in the Condensed Statement of Financial Position was a liability of $23.4 million which is
classified as Current Liabilities - Other. The consolidated entity holds $12.3 million in support of these
financial instruments, which is classified as a Current Receivable in the Condensed Statement of Financial
Position. Both of these amounts are included in the working capital position referred to above.
As described in note 6 (set out at item 19.3 of this report), subsequent to the end of the financial period the
Australian dollar appreciated against the US dollar which resulted in the net fair value of financial instruments
reducing from $23.4 million to $12.3m. This reduction in the liability enabled the close out of the foreign
exchange hedge contracts with Westpac Banking Corporation, which if it had occurred at 31 December 2002 would have
resulted in a $11.1 million improvement in the working capital position of the consolidated entity. The monies held
on deposit by the consolidated entity with Westpac, and disclosed as a Current Receivable in the Statement of
Financial Position as at 31 December 2002, were applied in settlement of the transaction. The half-year
consolidated financial report has been prepared on the going concern basis, which contemplates continuity of
business activities and realisation of assets and settlement of liabilities in the ordinary course of business. The
directors believe this to be appropriate for the following reasons:
* Subsequent to 31 December 2002, the foreign exchange contracts with Westpac Banking Corporation were
closed out.
* The consolidated entity has adopted a mine operating plan based on the current Australian dollar tin price
for the Renison Bell operation that seeks to maximise the operating cash flows over the next 18 months and which
the Directors believe will meet all present obligations and commitments associated with the ongoing conduct of the
business operations of the consolidated entity. The consolidated entity continues to receive the support of all
major stakeholders in the implementation of this plan.
* In the event that the Directors consider it necessary to raise additional capital, the Directors reasonably
believe that the consolidated entity has the capacity to attract such funding having regard for its demonstrated
history of raising equity funds and arranging debt finance. The Directors have commenced preliminary discussions in
this regard.
However, should there be a material adverse change in certain of these factors, including the Australian dollar tin
price and the support from major stakeholders, the Company may be in a position such that it is not be able to
continue as a going concern and may be required to realise assets and extinguish liabilities other than in the
normal course of business and at amounts different to those stated in the financial report.
19.2 Material factors affecting the revenues and expenses of the economic entity for the current period. In a
half yearly report, provide explanatory comments about any seasonal or irregular factors affecting operations.
19.3 A description of each event since the end of the current period which has had a material effect and which is
not already reported elsewhere in this Appendix or in attachments, with financial effect quantified (if possible).
At the end of the financial period, the consolidated entity had outstanding foreign currency hedging facilities
with Westpac Banking Corporation for US$82.5 million at a rate of A$/US$ 0.6705. As disclosed in Note 4, the out of
the money position of these contracts has been brought to account at 31 December 2002 based on the spot rate at
that date. This has resulted in the consolidated entity providing for the loss of $23.4 million, being the out of
the money position.
Subsequent to balance date, the consolidated entity has closed out its foreign currency hedging facilities with
Westpac. The effective rate received upon closing out these facilities was A$/US$ 0.6176. As this rates reflects an
appreciation of the A$/US$ since the end of the financial period, the out of the money mark to market value of the
hedge contracts at close out was A$12.4 million reflecting an accounting gain of $11.1 million based on the
provision at 31 December 2002. The out of the money position at close out was satisfied by the funds held in
support of the hedging facilities by Westpac ($12.3 million at 31 December 2002 included in Current Assets -
Receivables in the condensed statement of financial position).
The financial effect of this transaction, had it occurred at the end of the financial period, is as follows:
i) a reduction in the operating loss for the period by $11.1 million reflecting the appreciation in the A$/US$
rate at the time that the hedging facilities were closed out;
ii) a reduction in Current Assets - Receivables of $12.3 million being the deposit held by Westpac in support
of the hedging facilities which was used to fund the mark to market position at close out;
iii) a reduction in Current Liabilities - Other of $23.4 million being the provision for the out of the money
position at the end of the financial period; and
iv) a reduction in Net Liabilities of $11.1 million from $29.6 million to $18.5 million..
19.4 Franking credits available and prospects for paying fully or partly franked dividends for at least the next
year.
19.5 Unless disclosed below, the accounting policies, estimation methods and measurement bases used in this
report are the same as those used in the last annual report. Any changes in accounting policies, estimation methods
and measurement bases since the last annual report are disclosed as follows. (Disclose changes and differences in the
half yearly report in accordance with AASB 1029: Interim Financial Reporting. Disclose changes in accounting policies
in the preliminary final report in accordance with AASB 1001: Accounting Policies-Disclosure).
19.6 Revisions in estimates of amounts reported in previous interim periods. For half yearly reports the nature
and amount of revisions in estimates of amounts reported in previous +annual reports if those revisions have a
material effect in this half year.
19.7 Changes in contingent liabilities or assets. For half yearly reports, changes in contingent liabilities and
contingent assets since the last + annual report.
Additional disclosure for trusts
20.1 Number of units held by the management company or responsible entity or their related parties.
20.2 A statement of the fees and commissions payable to the management company or responsible entity.
Identify:
initial service charges
management fees
other fees
Annual meeting
(Preliminary final report only)
The annual meeting will be held as follows:
Place
Date
Time
Approximate date the +annual report will be available
Compliance statement
1 This report has been prepared in accordance with AASB Standards, other AASB authoritative pronouncements and
Urgent Issues Group Consensus Views or other standards acceptable to ASX (see note 12).
Identify other standards used
2 This report, and the +accounts upon which the report is based (if separate), use the same accounting policies.
3 This report does/does not* (delete one) give a true and fair view of the matters disclosed (see note 2).
4 This report is based on +accounts to which one of the following applies.
(Tick one)
The +accounts have been audited. X The +accounts have been subject to review.
The +accounts are in the process of being audited or The +accounts have not yet been audited or reviewed.
subject to review.
5 If the audit report or review by the auditor is not attached, details of any qualifications are attached/will
follow immediately they are available* (delete one). (Half yearly report only - the audit report or review by the
auditor must be attached to this report if this report is to satisfy the requirements of the Corporations Act.)
6 The entity has/does not have* (delete one) a formally constituted audit committee.
Sign here: ............................................................ Date 11 March 2003
(Director)
Print name: Paul Atherley.
Notes
1. For announcement to the market The percentage changes referred to in this section are the percentage changes
calculated by comparing the current period's figures with those for the previous corresponding period. Do not show
percentage changes if the change is from profit to loss or loss to profit, but still show whether the change was up
or down. If changes in accounting policies or procedures have had a material effect on reported figures, do not show
either directional or percentage changes in profits. Explain the reason for the omissions in the note at the end of
the announcement section. Entities are encouraged to attach notes or fuller explanations of any significant changes
to any of the items in page 1. The area at the end of the announcement section can be used to provide a cross
reference to any such attachment.
2. True and fair view If this report does not give a true and fair view of a matter (for example, because
compliance with an Accounting Standard is required) the entity must attach a note providing additional information
and explanations to give a true and fair view.
3. Condensed consolidated statement of financial performance
Item 1.1 The definition of "revenue" and an explanation of "ordinary activities" are set out in AASB 1004:
Revenue, and AASB 1018: Statement of Financial Performance.
Item 1.6 This item refers to the total tax attributable to the amount shown in item 1.5. Tax includes income tax
and capital gains tax (if any) but excludes taxes treated as expenses from ordinary activities (eg, fringe benefits
tax).
4. Income tax If the amount provided for income tax in this report differs (or would differ but for compensatory
items) by more than 15% from the amount of income tax prima facie payable on the profit before tax, the entity must
explain in a note the major items responsible for the difference and their amounts. The rate of tax applicable to the
franking amount per dividend should be inserted in the heading for the column "Franked amount per security at % tax"
for items 15.4 to 15.7.
5. Condensed consolidated statement of financial position
Format The format of the consolidated statement of financial position should be followed as closely as possible.
However, additional items may be added if greater clarity of exposition will be achieved, provided the disclosure
still meets the requirements of AASB 1029: Interim Financial Reporting, and AASB 1040: Statement of Financial
Position. Also, banking institutions, trusts and financial institutions may substitute a clear liquidity ranking for
the Current/Non-Current classification.
Basis of revaluation If there has been a material revaluation of non-current assets (including investments)
since the last +annual report, the entity must describe the basis of revaluation adopted. The description must meet
the requirements of AASB 1010: Accounting for the Revaluation of Non-Current Assets. If the entity has adopted a
procedure of regular revaluation, the basis for which has been disclosed and has not changed, no additional
disclosure is required.
6. Condensed consolidated statement of cash flows For definitions of "cash" and other terms used in this report
see AASB 1026: Statement of Cash Flows. Entities should follow the form as closely as possible, but variations are
permitted if the directors (in the case of a trust, the management company) believe that this presentation is
inappropriate. However, the presentation adopted must meet the requirements of AASB 1026. +Mining exploration
entities may use the form of cash flow statement in Appendix 5B.
7. Net tangible asset backing Net tangible assets are determined by deducting from total tangible assets all
claims on those assets ranking ahead of the +ordinary securities (ie, all liabilities, preference shares, outside
+equity interests etc). +Mining entities are not required to state a net tangible asset backing per +ordinary
security.
8. Gain and loss of control over entities The gain or loss must be disclosed if it has a material effect on the
+accounts. Details must include the contribution for each gain or loss that increased or decreased the entity's
consolidated profit (loss) from ordinary activities and extraordinary items after tax by more than 5% compared to the
previous corresponding period.
9. Rounding of figures This report anticipates that the information required is given to the nearest $1,000. If
an entity reports exact figures, the $A'000 headings must be amended. If an entity qualifies under ASIC Class Order
98/0100 dated 10 July 1998, it may report to the nearest million dollars, or to the nearest $100,000, and the $A'000
headings must be amended.
10. Comparative figures Comparative figures are to be presented in accordance with AASB 1018 or AASB 1029
Interim Financial Reporting as appropriate and are the unadjusted figures from the latest annual or half year report
as appropriate. However, if an adjustment has been made in accordance with an accounting standard or other reason or
if there is a lack of comparability, a note explaining the position should be attached. For the statement of
financial performance, AASB 1029 Interim Financial Reporting requires information on a year to date basis in addition
to the current interim period. Normally an Appendix 4B to which AASB 1029 Interim Financial Reporting applies would
be for the half year and consequently the information in the current period is also the year to date. If an Appendix
4B Half yearly version is produced for an additional interim period (eg because of a change of reporting period), the
entity must provide the year to date information and comparatives required by AASB 1029 Interim Financial Reporting.
This should be in the form of a multi-column version of the consolidated statement of financial performance as an
attachment to the additional Appendix 4B.
11. Additional information An entity may disclose additional information about any matter, and must do so if the
information is material to an understanding of the reports. The information may be an expansion of the material
contained in this report, or contained in a note attached to the report. The requirement under the listing rules for
an entity to complete this report does not prevent the entity issuing reports more frequently. Additional material
lodged with the +ASIC under the Corporations Act must also be given to ASX. For example, a director's report and
declaration, if lodged with the +ASIC, must be given to ASX.
12. Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign
entities. If the standards used do not address a topic, the Australian standard on that topic (if one exists) must be
complied with.
13. Corporations Act financial statements This report may be able to be used by an entity required to comply
with the Corporations Act as part of its half-year financial statements if prepared in accordance with Australian
Accounting Standards.
14. Issued and quoted securities The issue price and amount paid up is not required in items 18.1 and 18.3 for
fully paid securities.
15 Details of expenses AASB 1018 requires disclosure of expenses from ordinary activities according to either
their nature or function. For foreign entities, there are similar requirements in other accounting standards accepted
by ASX. AASB ED 105 clarifies that the disclosures required by AASB 1018 must be either all according to nature or
all according to function. Entities must disclose details of expenses using the layout (by nature or function)
employed in their +accounts.
The information in lines 1.23 to 1.27 may be provided in an attachment to Appendix 4B.
Relevant Items AASB 1018 requires the separate disclosure of specific revenues and expenses which are not
extraordinary but which are of a size, nature or incidence that disclosure is relevant in explaining the financial
performance of the reporting entity. The term "relevance" is defined in AASB 1018. There is an equivalent requirement
in AASB 1029: Interim Financial Reporting. For foreign entities, there are similar requirements in other accounting
standards accepted by ASX.
16 Dollars If reporting is not in A$, all references to $A must be changed to the reporting currency. If
reporting is not in thousands of dollars, all references to "000" must be changed to the reporting value.
17. Discontinuing operations
Half yearly report
All entities must provide the information required in paragraph 12 for half years beginning on or after 1 July 2001.
Preliminary final report
Entities must either provide a description of any significant activities or events relating to discontinuing
operations equivalent to that required by paragraph 7.5 (g) of AASB 1029: Interim Financial Reporting, or, the
details of discontinuing operations they are required to disclose in their +accounts in accordance with AASB 1042
Discontinuing Operations.
In any case the information may be provided as an attachment to this Appendix 4B.
18. Format
This form is a Word document but an entity can re-format the document into Excel or similar applications for
submission to the Companies Announcements Office in ASX.
INDEPENDENT REVIEW REPORT
To the members of Murchison United NL
Scope
We have reviewed the financial report of Murchison United NL for the half-year ended 31 December 2002, set out on
pages 5 to 12, including the Directors' Declaration. The financial report includes the consolidated financial
statements of the consolidated entity comprising Murchison United NL and the entities it controlled at the end of the
half-year or from time to time during the half-year. The company's directors are responsible for the financial
report. We have conducted an independent review of the financial report in order to state whether, on the basis of
the procedures described, anything has come to our attention that would indicate that the financial report is not
presented fairly in accordance with Accounting Standard AASB 1029 "Interim Financial Reporting" and other mandatory
professional reporting requirements in Australia and statutory requirements and in order for the company to lodge the
financial report with the Australian Securities and Investments Commission.
Our review has been conducted in accordance with Australian Auditing Standards applicable to review engagements. Our
review was limited primarily to inquiries of the consolidated entity's personnel and analytical review procedures
applied to financial data. These procedures do not provide all the evidence that would be required in an audit, thus
the level of assurance provided is less than that given in an audit. We have not performed an audit and, accordingly,
we do not express an audit opinion.
Review Statement
As a result of our review, we have not become aware of any matter that makes us believe that the half-year financial
report of Murchison United NL is not in accordance with:
(a) the Corporations Act 2001, including:
(i) giving a true and fair view of the consolidated entity's financial position as at 31 December 2002 and its
performance for the half-year ended on that date; and
(ii) complying with Accounting Standard AASB 1029 "Interim Financial Reporting", and the Corporations
Regulations 2001;
(b) other mandatory professional reporting requirements in Australia.
Inherent uncertainty regarding continuation as a going concern
Without qualification to the statement expressed above, attention is drawn to the following matter. As a result of
the matters described in note 1(c), there is significant uncertainty whether the entity will be able to continue as a
going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of
business and at the amounts stated in the financial report.
Ernst & Young
J P Dowling
Partner
Perth
Date: 11 March 2003
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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