Murchison United N.L
LSE : MUU

September 29, 2008 02:00 ET

Annual Financial Report

                                                                                                        
                                                                                     MURCHISON UNITED NL
                                                                                         ACN 009 087 852
                                                                          ASX CODE:  MUR,  AIM CODE: MUU
                                                          Telephone: +618 9322 4071, Fax: +618 9322 4073
                                                                                                         
                                                                                              AIM Release
                                                                                        29 September 2008

                                        Annual Financial Report





Murchison United NL (ASX: MUR, AIM: MUU) wishes to advise that it has released its Annual Financial  Report
for 2008. The financial statements are presented following this announcement.

Should  you  require further information, the full report is available electronically  in  pdf  format  for
downloading from the Company's website (www.murchisonunited.com.au).


For further information regarding this announcement, please call Mark Reilly.



..........
Mark Reilly
Managing Director


Murchison's Nominated Advisor for the AIM market is RFC Corporate Finance Ltd.
Contact: Stuart Laing, Ph: +618 9480 2506

                                          MURCHISON UNITED NL
                                         (ABN 59 009 087 852)
                                                   
                                             BALANCE SHEET
                                          AS AT 30 JUNE 2008
                                                   


                                                                   Notes                 As at                   As at
                                                                                       30 June                 30 June
                                                                                          2008                    2007
                                                                                             $                       $
ASSETS                                                                                                                
Current Assets                                                                                                        
Cash and cash equivalents                                            10              3,653,480               4,067,176
Security deposits                                                    11                  7,950                   7,950
Prepayments                                                                             38,227                   8,846
Total Current Assets                                                                 3,699,657               4,083,972
                                                                                                                      
Non-current assets                                                                                                    
Available-for-sale investments                                       12                 27,760                  52,832
Exploration and evaluation expenditure                               13              4,361,305               2,106,294
Plant and equipment                                                  14                144,498                  39,723
Total Non-Current Assets                                                             4,533,563               2,198,849
                                                                                                                      
TOTAL ASSETS                                                                         8,233,220               6,282,821
                                                                                                                      
LIABILITIES                                                                                                           
Current Liabilities                                                                                                   
Trade and other payables                                             15                816,503                 361,624
Provisions                                                           16                 62,234                  52,309
Total Current Liabilities                                                              878,737                 413,933
                                                                                                                      
TOTAL LIABILITIES                                                                      878,737                 413,933
                                                                                                                      
NET ASSETS                                                                           7,354,483               5,868,888
                                                                                                                      
EQUITY                                                                                                                
Issued capital                                                       17             50,871,819              48,104,178
Reserves                                                             18              1,609,952               1,401,393
Accumulated losses                                                   18            (45,127,288)            (43,636,683)
                                                                                                                      
 TOTAL EQUITY                                                                        7,354,483               5,868,888
                                                   
                                          MURCHISON UNITED NL
                                         (ABN 59 009 087 852)
                                                   
                                           INCOME STATEMENT
                                    FOR THE YEAR ENDED 30 JUNE 2008
                                                   
                                                   
                                                                                 2008                    2007
                                                            Notes                   $                       $
                                                                                                                     
                                                                                                                     
Other revenue                                                 6                 363,768                 60,975
Administrative expenses                                       7             (1,855,798)            (1,929,299)
Settlement of Renison Bell Ltd creditors                     16                   1,425                (1,098)
                                                                                                                     
Net loss before income tax                                                  (1,490,605)            (1,869,422)
Income tax expense                                            8                       -                      -
                                                                                                                               
Net loss                                                                    (1,490,605)            (1,869,422)
                                                                                                                     
                                                                                                                     
Net loss attributable to members of the Company                             (1,490,605)            (1,869,422)
                                                                                                                     
Loss per share (cents per share)                                                                                     
 - basic loss for the year attributable to ordinary                                                          
   equity holders of the Company                              9                 (0.004)                (0.006)
 - diluted loss for the year attributable to  ordinary                                                      
   equity holders of the Company                              9                 (0.004)                (0.006)
                                                                                                                               
                                                   
                                          MURCHISON UNITED NL
                                         (ABN 59 009 087 852)
                                                   
                                     STATEMENT OF CHANGES IN EQUITY
                                    FOR THE YEAR ENDED 30 JUNE 2008
 
                                 Issued          Accumulated          Net unrealised    Equity         Total
                                 capital         losses               gains/(loss)      benefits       Equity     
                                                                                        reserve
                                      $              $                  $                 $               $
                                                                                                                      
At 1 July 2007                   48,104,178       (43,636,683)             29,352      1,372,041     5,868,888
Net gain/(loss) on available-                                                                                   
for-sale investments                      -                  -            (25,072)             -       (25,072)
Total income/(expense) for                                                                                      
the period recognised                                                                                           
directly in equity                        -                  -            (25,072)             -       (25,072)
Loss for the period                       -        (1,490,605)                  -              -    (1,490,605)     
                                                                                                      
Total income/(expense) 
for the period                            -        (1,490,605)            (25,072)             -    (1,515,677)
Equity transactions:                                                                                                
Share-based payment                       -                  -                  -        233,631       233,631
Issue of ordinary shares          2,953,760                  -                  -              -     2,953,760
Transaction costs                  (186,119)                 -                  -              -      (186,119)
At 30 June 2008                  50,871,819        (45,127,288)             4,280      1,605,672     7,354,483
                                                   
                                                   
                                 Issued          Accumulated          Net unrealised    Equity         Total
                                 capital         losses               gains/(loss)      benefits       Equity     
                                                                                        reserve
                                      $              $                  $                 $               $
                                                                                                                                                                                                                                     
At 1 July 2006                   41,380,905        (41,767,261)                 -        767,550       381,194
Net gain/(loss) on available-                                                                                      
for-sale investments                    -                 -                29,352              -        29,352
Total income/(expense) for the                                                                                     
period recognised directly in                                                                                      
equity                                  -                 -                29,352              -        29,352
Loss for the period                     -           (1,869,422)                 -              -    (1,869,422)
Total income/(expense) for 
the period                              -           (1,869,422)            29,352              -    (1,840,070)
Equity transactions:                                                                                                    
                                                                                                                           
Share-based payment                     -                 -                     -         604,491       604,491
Issue of ordinary shares        7,024,088                 -                     -               -     7,024,088
Transaction costs                (300,815)                -                     -               -      (300,815)
At 30 June 2007                48,104,178       (43,636,683)               29,352       1,372,041     5,868,888
                                                   
                                          MURCHISON UNITED NL
                                         (ABN 59 009 087 852)
                                                   
                                          CASH FLOW STATEMENT
                                   FOR THE YEAR ENDED 30 JUNE 2008


                                                              Notes               2008                     2007
                                                                                    $                        $
                                                                                                                          
Cash flows from operating activities                                                                                          
                                                                                                                           
Payments to suppliers and employees                                           (1,501,702)             (1,292,936)
Interest received                                                                340,253                  57,935
                                                                                                                            
Net cash flows used in operating activities                     19            (1,161,449)             (1,235,001)
                                                                                                                           
Cash flows from investing activities                                                                                       

Dividend received                                                                   -                      1,211
Payments for purchase of equipment                                              (133,755)                (23,146)
Payment for exploration and evaluation expenditure                            (1,636,616)             (1,010,371)
                                                                                                                           
Net cash flows used in investing activities                                   (1,770,371)             (1,032,306)
                                                                                                                              
Cash flows from financing activities                                                                                       

Proceeds from issue of shares                                                   2,749,392              5,990,033
Cash received pending share issue                                                       -                204,358
Transaction costs relating to issue of shares                                    (231,268)              (255,580)
                                                                                                                           
Net cash from financing activities                                              2,518,124              5,938,811
                                                                                                                              
Net (decrease)/increase in cash and cash equivalents                             (413,696)             3,671,504
                                                                                                                
Cash and cash equivalents at the beginning of the financial year                4,067,176                395,672
                                                                                                                            
Cash and cash equivalents at the end of financial year          10              3,653,480              4,067,176




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