Forte Energy NL
LSE : FTE

October 01, 2013 02:00 ET

Annual Financial Report

                                                                                            Forte Energy NL
                                                                                                           
                                                                                            ACN 009 087 852
                                                                                                        
                                                                                                        
                                                                                               AIM Release
                                                                                         30 September 2013
                                                                                                            
ANNUAL FINANCIAL REPORT 2013
______________________________________________________________________________

Forte  Energy NL ("Forte Energy" or "The Company") (ASX:FTE, AIM:FTE) wishes to advise that it has released
its Annual Financial Report for 2013. 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) 203 384 7474

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

Geoff Nash/Ben Thompson                                     Tel: +44 (0)207 220 0500
Elizabeth Johnson (broking)
finnCap

Bobby Morse/Cornelia Browne
Buchanan                                                    Tel: +44 (0) 207 466 5000


Forte Energy NL

Australia                                                   United Kingdom

Suite 3, Level 3                                            3C Princes House
1292 Hay Street                                             38 Jermyn Street
West Perth WA 6005                                          London SW1Y6DN
Ph: +61 (0)8 9322 4071                                      Ph: +44 (0)203 3847474
Fax: +61 (0)8 9322 4073                                     Fax: +44 (0)207 2878387
Email: info@forteenergy.com.au                              Email: info@forteenergy.co.uk
Web: www.forteenergy.com.au
                                                     

                                                                                                                 
                                              Forte Energy NL
                                            ABN 59 009 087 852
                                                     
                                                     
                                                     
                                                     
                                          ANNUAL FINANCIAL REPORT
                                                     
                                                     
                                                     
                                               30 JUNE 2013
                                                     
                                                     
                                                     
                                                     
                                                     
                                                     
                                              Forte Energy NL
                                             Suite 3, Level 3
                                              1292 Hay Street
                                            West Perth WA 6005
                                                     
                                                     
                                                     
                                                     
                                     STATEMENT OF COMPREHENSIVE INCOME
                                      FOR THE YEAR ENDED 30 JUNE 2013
                                                     
                                                     
                                                                               Consolidated            Consolidated
                                                                                   2013                    2012
                                                          Notes             $                       $
                                                                                                                               
                                                                                                                     
Revenue                                                              6                 190,198                342,734
Other income                                                         7                 127,660                      -
Exploration expenses                                                                  (68,114)               (79,912)
Administrative expenses                                              8             (3,405,792)            (2,890,129)
                                                                                                                     
Loss before income tax                                                             (3,156,048)            (2,627,307)
Income tax expense                                                   9                (27,574)               (28,709)
                                                                                                                     
Loss after income tax                                                              (3,183,622)            (2,656,016)
                                                                                                                     
                                                                                                                     
Net loss for the year                                                              (3,183,622)            (2,656,016)
                                                                                                                     
Other comprehensive income
Items  that may be reclassified subsequently to  profit                                                      
 or loss
Net gain/(loss) on available-for-sale financial assets                                       -                  1,957
Exchange   differences  on   translation   of   foreign                               (60,309)               (58,492)
operations
                                                                                                                     
Other comprehensive income for the year net of tax                                    (60,309)               (56,535)
                                                                                                                     
TOTAL  COMPREHENSIVE INCOME FOR THE YEAR  ATTRIBUTABLE                             (3,243,931)            (2,712,551)
TO MEMBERS OF FORTE ENERGY NL
                                                                                                                     
                                                                                                                     
                                                                                                                     
 Loss  per  share  (cents  per share)  attributable  to
 ordinary equity holders of the Company
- basic loss for the year                                           10                  (0.36)                 (0.38)
- diluted loss for the year                                         10                  (0.36)                 (0.38)
                                                                                                                     
                                                     
The above statement of comprehensive income should be read in conjunction with the accompanying notes.
                                                     
                                                     
                                      STATEMENT OF FINANCIAL POSITION
                                            AS AT 30 JUNE 2013
                                                     

                                                                                  Consolidated            Consolidated
                                                                   Notes                 As at                   As at
                                                                                       30 June                 30 June
                                                                                          2013                    2012
                                                                                             $                       $
ASSETS                                                                                                                
Current Assets                                                                                                        
Cash and cash equivalents                                            11                146,013               1,763,431
Trade and other receivables                                          12                406,475                 528,667
Prepayments                                                                             57,684                  90,885
                                                                                       610,172               2,382,983
Non-current assets classified as held for sale                       13                126,081                 151,661
Total Current Assets                                                                   736,253               2,534,644
                                                                                                                      
Non-Current Assets                                                                                                    
Available-for-sale investments                                       14                  1,697                   1,725
Exploration and evaluation expenditure                               15             30,748,247              28,463,555
Plant and equipment                                                  16                175,264                 240,058
Total Non-Current Assets                                                            30,925,208              28,705,338
                                                                                                                      
TOTAL ASSETS                                                                        31,661,461              31,239,982
                                                                                                                      
LIABILITIES                                                                                                           
Current Liabilities                                                                                                   
Trade and other payables                                             17                550,745                 382,384
Income tax payable                                                                      28,495                   6,166
Provisions                                                           18                 85,269                  99,817
Derivative financial instruments                                     19                      -                       -
                                                                                       664,509                 488,367
Liabilities associated with assets held for sale                     13                  2,760                   2,847
Total Current Liabilities                                                              667,269                 491,214
                                                                                                                      
Non-Current Liabilities                                                                                               
Convertible loan                                                     20              1,172,992                       -
Total Non-Current Liabilities                                                        1,172,992                       -
                                                                                                                      
TOTAL LIABILITIES                                                                    1,840,261                 491,214
                                                                                                                      
NET ASSETS                                                                          29,821,200              30,748,768
                                                                                                                      
EQUITY                                                                                                                
Issued capital                                                       21             85,329,846              83,076,849
Reserves                                                             22              2,389,195               2,386,138
Accumulated losses                                                   22            (57,897,841)            (54,714,219)
                                                                                                                      
TOTAL EQUITY                                                                        29,821,200              30,748,768
                                                     
The above statement of financial position should be read in conjunction with the accompanying notes.
                                                     
                                                     
                                       STATEMENT OF CHANGES IN EQUITY
                                      FOR THE YEAR ENDED 30 JUNE 2013

      
                            Contributed   Accumulated    AFS financial    Equity        Foreign      Total
                            equity        losses         assets           benefits      currency     equity
                                                         reserve          reserve       translation  
                                 $             $              $                $             $            $
 Consolidated                                                                                        
 At 1 July 2012               83,076,849   (54,714,219)                -    2,456,399      (70,261)     30,748,768
                                       -    (3,183,622)                -            -             -    (3,183,622)
 (Loss) for the period
 Other comprehensive                   -              -                -            -      (60,309)       (60,309)
 income
 Total comprehensive                   -    (3,183,622)                -            -      (60,309)    (3,243,931)
 income for the year net
 of tax
                                                                                                                  
 Equity transactions:
 Share-based payment                   -              -                -       63,366             -         63,366
 Issue of ordinary shares      2,410,386              -                -            -             -      2,410,386
 Transaction costs             (157,389)              -                -            -             -      (157,389)
 Balance at                   85,329,846   (57,897,841)                -    2,519,765     (130,570)     29,821,200
 30 June 2013
                                                                                                     
      
      
                            Contributed   Accumulated    AFS financial    Equity        Foreign      Total
                            equity        losses         assets           benefits      currency     equity
                                                         reserve          reserve       translation  
                                 $             $              $                $             $            $
 Consolidated                                                                                        
 At 1 July 2011               81,287,225   (52,058,203)          (1,957)    2,331,334      (11,769)     31,546,630
                                       -    (2,656,016)                -            -             -    (2,656,016)
 (Loss) for the period
 Other comprehensive                   -              -            1,957            -      (58,492)       (56,535)
 income
 Total comprehensive                   -    (2,656,016)            1,957            -      (58,492)    (2,712,551)
 income for the year net
 of tax
                                                                                                                  
 Equity transactions:
 Share-based payment                   -              -                -      125,065             -        125,065
 Issue of ordinary shares      1,918,750              -                -            -             -      1,918,750
 Transaction costs             (129,126)              -                -            -             -      (129,126)
 Balance at                   83,076,849   (54,714,219)                -    2,456,399      (70,261)     30,748,768
 30 June 2012
                                                                                                     
      
      
                                                     
The above statement of changes in equity should be read in conjunction with the accompanying notes.
                                                     
                                                     
                                            CASH FLOW STATEMENT
                                      FOR THE YEAR ENDED 30 JUNE 2013


                                                                            Consolidated            Consolidated
                                                           Notes                 2013                    2012
                                                                                  $                        $
                                                                                                             
Cash flows from operating activities                                                                                      
                                                                                                                      
Payments to suppliers and employees                                                 (2,815,058)             (2,911,903)
Income tax paid                                                                         (5,245)               (55,931)
Interest and other income received                                                      199,972                 543,224
                                                                                                                        
Net cash flows used in operating activities                  23                     (2,620,331)            (2,424,610)
                                                                                                                      
Cash flows from investing activities                                                                                  

Payments for purchase of equipment                                                     (27,494)               (123,943)
Payment for exploration and evaluation expenditure                                  (1,744,094)             (6,214,644)
                                                                                                                       
Net cash flows used in investing activities                                         (1,771,588)            (6,338,587)
                                                                                                                      
Cash flows from financing activities                                                                                     

Proceeds from issue of shares                                                         2,303,254               1,918,750
Transaction costs relating to issue of shares                                         (151,996)               (109,993)
Proceeds from borrowings                                                                620,820                       -
                                                                                                                       
Net cash from financing activities                                                    2,772,078              1,808,757
                                                                                                                         
Net (decrease)/increase in cash and cash equivalents                                (1,619,841)             (6,954,440)
Cash  and  cash  equivalents at  the  beginning  of  the                                                      
financial year                                                                        1,763,431              8,716,949
Effects  of  exchange  rate changes  on  cash  and  cash                                                      
equivalents                                                                               2,423                    922
Cash and cash equivalents at the end of financial year                                                         
                                                             11                         146,013              1,763,431

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

Contact Information

  • Forte Energy NL