Forte Energy NL
LSE : FTE

September 30, 2011 02:00 ET

Annual Financial Report

                                                                                         FORTE ENERGY NL
                                                                                         ACN 009 087 852
                                                                         ASX CODE:  FTE,  AIM CODE: FTE,
                                                                                                        
                                                                                                        
                                                                                               AIM Release
                                                                                         30 September 2011
                                                                                                            
ANNUAL FINANCIAL REPORT 2011
______________________________________________________________________________

Forte  Energy NL ("Forte Energy" or "The Company") (ASX:FTE, AIM:FTE) wishes to advise that it has released
its Annual Financial Report for 2011. 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.forteenergy.com.au).


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





Mark Reilly
MANAGING DIRECTOR

For further information contact:

Mark Reilly, Managing Director
Forte Energy NL                                   Tel: +44 (0) 203 300 0187

Mark Williams/Tarica Mpinga
Canaccord Genuity Limited                         Tel: +44 (0) 207 050 6500

Bobby Morse/Louise Hadcocks
Buchanan                                          Tel: +44 (0) 207 466 5000

Nicholas Read/Paul Armstrong
Read Corporate                                    Tel: +61 (0) 8 9388 1474

Stuart Laing
RFC Corporate Finance Ltd                         Tel: +61 (0) 8 9480 2506
(AIM Nominated Adviser to the Company)

Forte Energy NL

Australia                                         United Kingdom
Suite 3, Level 3                                  Chesterfield House
1292 Hay Street                                   1 Chesterfield Street
West Perth WA 6005                                London W1J 5JF
Ph: +61 (0(8 9322 4071                            Ph: +44 (0)203 300 0188
Fax: +61 (0)8 9322 4073                           Fax: +44 (0)207 409 2857
Email: info@forteenergy.com.au                    Email: info@forteenergy.co.uk
Web: www.forteenergy.com.au



                                              FORTE ENERGY NL
                                           (ABN 59 009 087 852)
                                                     
                                     STATEMENT OF COMPREHENSIVE INCOME
                                      FOR THE YEAR ENDED 30 JUNE 2011
                                                     
                                                     
                                                                               Consolidated            Consolidated
                                                                                   2011                    2010
                                                                    Notes             $                       $
                                                                                                                               
Continuing operations                                                                                                
Revenue                                                              6                 379,571                290,053
Administrative expenses                                              7             (2,767,105)            (3,111,598)
Loss from continuing operations                                                                                      
 before income tax                                                                 (2,387,534)            (2,821,545)
Income tax expense                                                   8                (25,447)               (10,942)
                                                                                                                     
 Loss from continuing operations                                                   (2,412,981)            (2,832,487)
 after income tax
                                                                                                                     
Discontinued operations                                                                                              
Profit from discontinued operations after tax                        9                       -                494,375
                                                                                                                     
 Net loss for the year                                                             (2,412,981)            (2,338,112)
                                                                                                                               
 Other comprehensive income
Net gain/(loss) on available-for-sale financial assets                                   7,585               (10,359)
Foreign currency translation                                                          (10,006)                (1,763)
                                                                                                                     
 Other comprehensive income for the year net of tax                                    (2,421)               (12,122)
                                                                                                                     
 TOTAL  COMPREHENSIVE INCOME FOR THE YEAR  ATTRIBUTABLE                            (2,415,402)            (2,350,234)
 TO MEMBERS OF FORTE ENERGY NL
                                                                                                                     
                                                                                                                     
 Loss  per  share  (cents  per share)  from  continuing
 operations attributable to ordinary equity holders  of
 the Company
- basic loss for the year                                           10                  (0.39)                 (0.50)
- diluted loss for the year                                         10                  (0.39)                 (0.50)
                                                                                                                     
                                                                                                                     
 Loss  per  share  (cents  per share)  attributable  to
 ordinary equity holders of the Company
- basic loss for the year                                           10                  (0.39)                 (0.41)
- diluted loss for the year                                         10                  (0.39)                 (0.41)
                                                                                                                     
                                                     
The above statement of comprehensive income should be read in conjunction with the accompanying notes.


                                                     
                                              FORTE ENERGY NL
                                           (ABN 59 009 087 852)
                                                     
                                      STATEMENT OF FINANCIAL POSITION
                                            AS AT 30 JUNE 2011
                                                     


                                                                                  Consolidated            Consolidated
                                                                   Notes                 As at                   As at
                                                                                       30 June                 30 June
                                                                                          2011                    2010
                                                                                             $                       $
ASSETS                                                                                                                
Current Assets                                                                                                        
Cash and cash equivalents                                            11              8,716,949               4,091,528
Trade and other receivables                                          12                486,848                 234,867
Prepayments                                                                             56,926                 129,175
                                                                                     9,260,723               4,455,570
Non-current assets classified as held for sale                       13                132,776                  50,795
Total Current Assets                                                                 9,393,499               4,506,365
                                                                                                                      
Non-current assets                                                                                                    
Available-for-sale investments                                       14                 21,523                  13,938
Exploration and evaluation expenditure                               15             22,758,353              16,388,381
Plant and equipment                                                  16                212,496                 131,851
Total Non-Current Assets                                                            22,992,372              16,534,170
                                                                                                                      
TOTAL ASSETS                                                                        32,385,871              21,040,535
                                                                                                                      
LIABILITIES                                                                                                           
Current Liabilities                                                                                                   
Trade and other payables                                             17                739,290                 849,349
Income tax payable                                                                      33,388                  11,088
Provisions                                                           18                 66,079                  46,536
                                                                                       838,757                 906,973
Liabilities associated with assets held for sale                     9                     484                       -
Total Current Liabilities                                                              839,241                 906,973
                                                                                                                      
TOTAL LIABILITIES                                                                      839,241                 906,973
                                                                                                                      
NET ASSETS                                                                          31,546,630              20,133,562
                                                                                                                      
EQUITY                                                                                                                
Issued capital                                                       19             81,287,225              67,486,567
Reserves                                                             20              2,317,608               2,292,217
Accumulated losses                                                   20            (52,058,203)            (49,645,222)
                                                                                                                      
TOTAL EQUITY                                                                        31,546,630              20,133,562
                                                     
The above statement of financial position should be read in conjunction with the accompanying notes.


                                                     
                                              FORTE ENERGY NL
                                           (ABN 59 009 087 852)
                                                     
                                       STATEMENT OF CHANGES IN EQUITY
                                      FOR THE YEAR ENDED 30 JUNE 2011

      
                            Contributed   Accumulated    AFS financial    Equity        Foreign      Total
                            equity        losses         assets           benefits      currency     equity
                                                         reserve          reserve       translation  
                                $             $              $                $             $            $
 Consolidated                                                                                        
 At 1 July 2010               67,486,567   (49,645,222)          (9,542)    2,303,522       (1,763)     20,133,562
                                       -    (2,412,981)                -            -             -    (2,412,981)
 (Loss) for the period
 Other comprehensive                   -              -            7,585            -      (10,006)        (2,421)
 income
 Total comprehensive                   -    (2,412,981)            7,585            -      (10,006)    (2,415,402)
 income for the year net
 of tax
                                                                                                                  
 Equity transactions:
 Share-based payment                   -              -                -       27,812             -         27,812
 Exercise of options             110,000              -                -            -             -        110,000
 Issue of ordinary shares     14,116,410              -                -            -             -     14,116,410
 Transaction costs             (425,752)              -                -            -             -      (425,752)
 Balance at                   81,287,225   (52,058,203)          (1,957)    2,331,334      (11,769)     31,546,630
 30 June 2011
                                                                                                     
      
      
                            Contributed   Accumulated    AFS financial    Equity        Foreign      Total
                            Equity        losses         assets           benefits      currency     equity
                                                         reserve          reserve       translation  
                                $             $              $                $             $            $
 Consolidated                                                                                        
 At 1 July 2009               61,741,570   (47,307,110)              817    1,811,923             -     16,247,200
                                       -    (2,338,112)                -            -             -    (2,338,112)
 (Loss) for the period
 Other comprehensive                   -              -         (10,359)            -       (1,763)       (12,122)
 income
 Total comprehensive                   -    (2,338,112)         (10,359)            -       (1,763)    (2,350,234)
 income for the year net
 of tax
                                                                                                                  
 Equity transactions:
 Share-based payment                   -              -                -      491,599             -        491,599
 Exercise of options           1,000,000              -                -            -             -      1,000,000
 Issue of ordinary shares      5,331,000              -                -            -             -      5,331,000
 Transaction costs             (586,003)              -                -            -             -      (586,003)
 Balance at                   67,486,567   (49,645,222)          (9,542)    2,303,522       (1,763)     20,133,562
 30 June 2010
                                                                                                     
      
                                                     
The above statement of changes in equity should be read in conjunction with the accompanying notes.

                                              FORTE ENERGY NL
                                           (ABN 59 009 087 852)
                                                     
                                            CASH FLOW STATEMENT
                                      FOR THE YEAR ENDED 30 JUNE 2011


                                                                        Consolidated            Consolidated
                                                           Notes            2011                    2010
                                                                             $                        $
                                                                                                                 
Cash flows from operating activities                                                                                  
                                                                                                                      
Payments to suppliers and employees                                       (2,593,278)             (2,559,175)
Interest received                                                             218,722                 190,701
                                                                                                                        
Net cash flows used in operating activities                  21            (2,374,556)            (2,368,474)
                                                                                                                      
Cash flows from investing activities                                                                         

Payments for purchase of equipment                                           (142,926)               (76,322)
Payment for exploration and evaluation expenditure                         (6,652,576)            (7,026,452)
Proceeds on disposal of exploration asset                                           -               2,000,000
                                                                                                                       
Net cash flows used in investing activities                                (6,795,502)            (5,102,774)
                                                                                                                      
Cash flows from financing activities                                                                                     

Proceeds from issue of shares                                              14,226,410              6,191,000
Cash received pending share issue                                                   -                      -
Refund of share oversubscriptions                                                   -              (188,900)
Transaction costs relating to issue of shares                               (425,752)            (1,067,349)
                                                                                                                       
Net cash from financing activities                                         13,800,658              4,934,751
                                                                                                                         
Net (decrease)/increase in cash and cash equivalents                        4,630,600             (2,536,497)
Cash  and  cash  equivalents at  the  beginning  of  the                                                      
financial year                                                              4,091,528              6,628,394
Effects  of  exchange  rate changes  on  cash  and  cash                                                      
equivalents                                                                   (5,179)                  (369)
Cash and cash equivalents at the end of financial year                                                         
                                                             11             8,716,949              4,091,528

The above cash flow statement should be read in conjunction with the accompanying notes.
                                                     

Contact Information

  • Forte Energy NL