Forte Energy NL
LSE : FTE

October 01, 2014 02:00 ET

Annual Financial Report

                                                                                            Forte Energy NL
                                                                                                           
                                                                                            ACN 009 087 852
                                                                                                        
                                                                                                        
                                                                                               AIM Release
                                                                                            1 October 2014
                                                                                                            
ANNUAL FINANCIAL REPORT 2014
______________________________________________________________________________

Forte  Energy NL ("Forte Energy" or "the Company") (ASX:FTE, AIM:FTE) wishes to advise that it has released
its Annual Financial Report for 2014. 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: +61 (0) 8 9322 4071

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

Oliver Morse / Trinity McIntyre
RFC Ambrian Ltd                                   Tel: +61 (0) 8 9480 2500
(AIM Nominated Adviser to the Company)

Forte Energy NL

Suite 3, Level 3
1292 Hay Street
West Perth WA 6005
Ph: +61 (0)8 9322 4071
Fax: +61 (0)8 9322 4073
Email: info@forteenergy.com.au
Web: www.forteenergy.com.au
                                                     

                                                                                                                 
                                             Forte Energy NL
                                            ABN 59 009 087 852
                                                     
                                                     
                                                     
                                                     
                                          ANNUAL FINANCIAL REPORT
                                                     
                                                     
                                                     
                                               30 JUNE 2014
                                                     
                                                     
                                                     
                                                     
                                                     
                                                     
                                              Forte Energy NL
                                             Suite 3, Level 3
                                              1292 Hay Street
                                            West Perth WA 6005
                                                     
                                                     
                                                     
                                                     
                                                     
                                                     
                                              FORTE ENERGY NL
                                           (ABN 59 009 087 852)
                                                     
                              CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                      FOR THE YEAR ENDED 30 JUNE 2014
                                                     
                                                     
                                                                              Consolidated             Consolidated
                                                                                  2014                     2013
                                                                 Notes             A$                       A$
                                                                                                                                
                                                                                                                     
Revenue                                                             6                    1,987                  5,590
Other income                                                        7                  145,091                312,268
Exploration expenses                                                                  (51,394)               (68,114)
Impairment expenses                                                                (1,239,572)                      -
Administrative expenses                                             8              (3,128,040)            (3,405,792)
                                                                                                                     
Loss before income tax                                                             (4,271,928)            (3,156,048)
Income tax expense                                                  9                 (18,153)               (27,574)
                                                                                                                     
Loss after income tax                                                              (4,290,081)            (3,183,622)
                                                                                                                     
                                                                                                                     
Net loss for the year                                                              (4,290,081)            (3,183,622)
                                                                                                                     
Other comprehensive income
Items that may be reclassified subsequently to profit or loss                                                        
Exchange differences on  translation of foreign operations                           (224,645)               (60,309)
                                                                                                                     
Other comprehensive loss for the year net of tax                                     (224,645)               (60,309)
 
TOTAL COMPREHENSIVE LOSS FOR THE YEAR ATTRIBUTABLE TO                              (4,514,726)            (3,243,931)
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                   (0.35)                 (0.36)
- diluted loss for the year                                        10                   (0.35)                 (0.36)
                                                                                                                     
                                                     
The above statement of comprehensive income should be read in conjunction with the accompanying notes.


                                                     
                                                     
                                              FORTE ENERGY NL
                                           (ABN 59 009 087 852)
                                                     
                               CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                                            AS AT 30 JUNE 2014
                                                     
                                                                                   Consolidated           Consolidated
                                                                 Notes                    As at                  As at
                                                                                        30 June                30 June
                                                                                           2014                   2013
                                                                                             A$                     A$
ASSETS                                                                                                                
Current Assets                                                                                                        
Cash and cash equivalents                                          11                    92,467                146,013
Trade and other receivables                                        12                   286,155                406,475
Prepayments                                                                              52,296                 57,684
Held for trading                                                   13                   707,671                      -
                                                                                      1,138,589                610,172
Non-current assets classified as held for sale                                                -                126,081
Total Current Assets                                                                  1,138,589                736,253
                                                                                                                      
Non-Current Assets                                                                                                    
Available-for-sale investments                                     13                    40,139                  1,697
Exploration and evaluation expenditure                             14                31,060,057             30,748,247
Plant and equipment                                                15                    63,256                175,264
Total Non-Current Assets                                                             31,163,452             30,925,208
                                                                                                                      
TOTAL ASSETS                                                                         32,302,041             31,661,461
                                                                                                                      
LIABILITIES                                                                                                           
Current Liabilities                                                                                                   
Trade and other payables                                           16                 1,968,074                550,745
Income tax payable                                                                       47,298                 28,495
Provisions                                                         17                    46,264                 46,853
                                                                                      2,061,636                626,093
Liabilities associated with assets held for sale                                              -                  2,760
Total Current Liabilities                                                             2,061,636                628,853
                                                                                                                      
Non-Current Liabilities                                                                                               
Loan to related party                                            24(d)                  291,485                      -
Convertible loan note                                              18                   783,520                      -
Convertible loan                                                   19                         -              1,172,992
Provisions                                                         17                    26,139                 38,416
Total Non-Current Liabilities                                                         1,101,144              1,211,408
                                                                                                                      
TOTAL LIABILITIES                                                                     3,162,780              1,840,261
                                                                                                                      
NET ASSETS                                                                           29,139,261             29,821,200
                                                                                                                      
EQUITY                                                                                                                
Issued capital                                                     20                89,160,792             85,329,846
Reserves                                                           21                 2,166,391              2,389,195
Accumulated losses                                                 21              (62,187,922)            (57,897,841)
                                                                                                                      
TOTAL EQUITY                                                                         29,139,261             29,821,200
                                                     
The  above  statement  of  financial position should be read in conjunction with  the  accompanying  notes.




                                                     
                                              FORTE ENERGY NL
                                           (ABN 59 009 087 852)
                                                     
                                CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                      FOR THE YEAR ENDED 30 JUNE 2014

      
                            Contributed    Accumulated    Equity         Foreign               Total
                            equity         losses         benefits       currency             equity
                                                          reserve        translation     
                               A$             A$             A$             A$                   A$
 Consolidated                                                                            
 At 1 July 2013               85,329,846    (57,897,841)      2,519,765      (130,570)         29,821,200
                                       -     (4,290,081)              -              -        (4,290,081)
 Loss for the period
 Other comprehensive                   -               -              -      (224,645)          (224,645)
 income
 Total comprehensive                   -     (4,290,081)              -      (224,645)        (4,514,726)
 income for the year net
 of tax
                                                                                                         
 Equity transactions:
 Share-based payment                   -               -          1,841              -              1,841
 Issue of ordinary shares      3,965,035               -              -              -          3,965,035
 Transaction costs             (134,089)               -              -              -          (134,089)
 Balance at 30 June 2014      89,160,792    (62,187,922)      2,521,606      (355,215)         29,139,261
 
                                                                                         
      
      
                            Contributed    Accumulated    Equity         Foreign                 Total
                            equity         losses         benefits       currency                equity
                                                          reserve        translation     
                                 A$             A$             A$             A$                   A$
 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 30 June 2013      85,329,846    (57,897,841)      2,519,765      (130,570)         29,821,200
 
The above statement of changes in equity should be read in conjunction with the accompanying notes.


                                                     
                                                     
                                              FORTE ENERGY NL
                                           (ABN 59 009 087 852)
                                                     
                                   CONSOLIDATED STATEMENT OF CASH FLOWS
                                      FOR THE YEAR ENDED 30 JUNE 2014


                                                                                  Consolidated            Consolidated
                                                           Notes                    2014                    2013
                                                                                     A$                      A$
                                                                                                                 
Cash flows from operating activities                                                                                     
                                                                                                                         
Payments to suppliers and employees                                                 (1,409,014)             (2,815,058)
Income tax paid                                                                         (1,773)                 (5,245)
Interest and other income received                                                      157,010                 199,972
                                                                                                                        
Net cash flows used in operating activities                  22                     (1,253,777)            (2,620,331)
                                                                                                                         
Cash flows from investing activities                                                                                     

Payments for purchase of equipment                                                            -                (27,494)
Payment for exploration and evaluation expenditure                                  (1,287,652)             (1,744,094)
Purchase of equity investment                                                          (98,350)                       -
Proceeds from sale of prospect                                                          100,000                       -
                                                                                                                       
Net cash flows used in investing activities                                         (1,286,002)            (1,771,588)
                                                                                                                         
Cash flows from financing activities                                                                                     

Proceeds from issue of shares                                                         1,507,647               2,303,254
Transaction costs relating to issue of shares                                         (107,141)               (151,996)
Proceeds from borrowings                                                              1,079,592                 620,820
                                                                                                                       
Net cash from financing activities                                                    2,480,098              2,772,078
                                                                                                                         
Net decrease in cash and cash equivalents                                              (59,681)             (1,619,841)
Cash and cash equivalents at the beginning of the financial year                                                       
                                                                                        146,013              1,763,431
Effects of exchange rate changes on cash and cash equivalents                                                          
                                                                                          6,135                  2,423
Cash and cash equivalents at the end of financial year                                                                  
                                                             11                          92,467                146,013

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

                                                     

Contact Information

  • Forte Energy NL