Forte Energy NL
AIM : FTE

December 21, 2015 06:38 ET

Annual Report

                                                     
                                                                                          Forte Energy NL
                                                                                                           
                                                                                          ACN 009 087 852
                                                                                                         
                                                                                                         
                                                                                              AIM Release
                                                                                         21 December 2015

                                             ANNUAL REPORT



Forte  Energy NL ("Forte Energy" or "The Company") (ASX/AIM: FTE) advises that it has released  its  Annual
Report  for  2015.  The report is available electronically in pdf format for downloading at  the  Company's
website (www.forteenergy.com.au).




..........
Murray Wylie
Company Secretary



For further information contact:

Mark Reilly, Managing Director
Forte Energy NL                   Tel: +61 (0) 8 9322 4071

Oliver Morse
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
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                     SUMMARY FINANCIAL STATEMENTS
                                                   
                                                   
                                                   
                                                   
                                                   
                                             30 JUNE 2015
                                                   
                                                   
                                                   
                                                   
                                                   
                                                   
                                            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 2015
                                                   
                                                   
                                                                                      Consolidated              Consolidated
                                                                                   2015                      2014
                                                                Notes                $                        $
                                                                                                                     
Revenue                                                           7                     940                     1,987
Other income                                                      8                       -                   145,091
Exploration expenses                                                                      -                  (51,394)
Impairment of exploration and evaluation expenditure                                                                 
                                                                                (31,088,966)              (1,239,572)
Impairment of equity accounted for investments                   15              (1,006,204)                        -
Impairment of held-for-trading investments                       14                (459,029)                (607,516)
Administrative and other expenses                                 9              (2,108,197)              (2,520,524)
                                                                                                                     
 Loss before income tax                                                         (34,661,456)              (4,271,928)
Income tax expense                                               10                        -                 (18,153)
                                                                                                                     
 Net loss for the year                                                          (34,661,456)              (4,290,081)
                                                                                                                               
                                                                                                                               
 Other comprehensive income
Items that may be reclassified subsequently to profit or loss                                                        
Exchange differences on  translation of foreign operations                           37,628                 (224,645)
Other comprehensive profit/(loss) for the year net of tax                            37,628                 (224,645)
                                                                                (34,623,828)              (4,514,726)  
 TOTAL COMPREHENSIVE LOSS FOR THE YEAR
                                                                                                                     
                                                                                                                     
Loss per share  (cents per share) attributable  to  ordinary                                                                   
 equity holders of the Company
- basic loss for the year                                        11                   (1.51)                   (0.36)
- diluted loss for the year                                      11                   (1.51)                   (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 2015
                                                   
                                                                                   Consolidated           Consolidated
                                                                Notes             As at 30 June          As at 30 June
                                                                                       2015                   2014
                                                                                         $                      $
ASSETS                                                                                                                
Current Assets                                                                                                        
Cash and cash equivalents                                         12                    215,095                 92,467
Trade and other receivables                                       13                    261,736                286,155
Prepayments                                                                              23,615                 52,296
Held for trading                                                  14                    106,578                707,671
Total Current Assets                                                                    607,024              1,138,589
                                                                                                                      
Non-Current Assets                                                                                                    
Available-for-sale investments                                    14                     12,892                 40,139
Equity accounted investment                                       15                          -                      -
Exploration and evaluation expenditure                            16                    444,383             31,060,057
Plant and equipment                                               17                     29,036                 63,256
Total Non-Current Assets                                                                486,311             31,163,452
                                                                                                                      
TOTAL ASSETS                                                                          1,093,335             32,302,041
                                                                                                                      
LIABILITIES                                                                                                           
Current Liabilities                                                                                                   
Trade and other payables                                          18                    630,284              1,968,074
Income tax payable                                                                       37,218                 47,298
Provisions                                                        19                     45,976                 46,264
Loan to related party                                           26(f)                    23,839                      -
Derivative financial liability                                    20                    620,886                      -
Total Current Liabilities                                                             1,358,203              2,061,636
                                                                                                                      
Non-Current Liabilities                                                                                               
Loan to related party                                                                         -                291,485
Convertible loan notes                                            20                    743,565                783,520
Derivative financial instruments                                  21                    132,085                      -
Provisions                                                        19                     24,119                 26,139
Total Non-Current Liabilities                                                           899,769              1,101,144
                                                                                                                      
TOTAL LIABILITIES                                                                     2,257,972              3,162,780
                                                                                                                      
NET (LIABILITIES) / ASSETS                                                          (1,164,637)             29,139,261
                                                                                                                      
SHAREHOLDERS' (DEFICIT) / EQUITY                                                                                      
Issued capital                                                    22                 93,480,722             89,160,792
Reserves                                                          23                  2,204,019              2,166,391
Accumulated losses                                                23                (96,849,378)           (62,187,922)
                                                                                                                      
 TOTAL SHAREHOLDERS' (DEFICIT) / EQUITY                                              (1,164,637)             29,139,261
                                                   
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 2015
 
      
                                     Contributed       Accumulated      Equity         Foreign          Total
                                     equity            losses           benefits       currency         equity
                                                                        reserve        translation      
                                           $               $                 $              $                $
Consolidated                                                                                                    
At 1 July 2014                          89,160,792      (62,187,922)      2,521,606        (355,215)     29,139,261
                                                 -      (34,661,456)              -               -    (34,661,456)
   Loss for the period
Other comprehensive income                       -                 -              -          37,628          37,628
Total comprehensive income for                   -      (34,661,456)              -          37,628    (34,623,828)
 the year net of tax
                                                                                                                   
   Equity transactions:
Issue of ordinary shares                 4,364,439                -               -               -       4,364,439
Transaction costs                          (44,509)               -               -               -        (44,509)
Balance at                              93,480,722      (96,849,378)      2,521,606        (317,587)    (1,164,637)
 30 June 2015                                                                                              
                                                                                                              
      
      
                                     Contributed       Accumulated      Equity         Foreign          Total
                                     equity            losses           benefits       currency         equity
                                                                        reserve        translation      
                                            $                $               $              $                $
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 income                        -                -              -        (224,645)      (224,645)
Total comprehensive income for                    -      (4,290,081)              -        (224,645)    (4,514,726)
 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                               89,160,792     (62,187,922)      2,521,606        (355,215)     29,139,261
 30 June 2014
                                                                                                                
      
      
  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 2015


                                                                                     Consolidated            Consolidated
                                                                  Notes              2015                    2014
                                                                                       $                       $
                                                                                                                         
Cash flows from operating activities                                                                                      
                                                                                                                         
Payments to suppliers and employees                                                 (1,394,382)             (1,409,014)
Income tax paid                                                                          14,339                 (1,773)
Interest and other income received                                                          940                 157,010
                                                                                                                        
Net cash flows used in operating activities                         24               (1,379,102)            (1,253,777)
                                                                                                                         
Cash flows from investing activities                                                                                     

Payments for purchase of equipment                                                            -                       -
Payment for 75% equity investment in Copper Range                                     (300,000)                         -
Payment for 50% equity investment in Slovak entities                                  (980,780)                         -
Payment for exploration and evaluation expenditure                                    (198,618)             (1,287,652)
Proceeds from sale of held-for-trading investment                                       169,311                       -
Payment for property, plant and equipment                                                 (774)                         -
Purchase of equity investment                                                                 -                (98,350)
Proceeds from sale of prospect                                                                -                 100,000
                                                                                                                       
Net cash flows used in investing activities                                           (1,310,961)            (1,286,002)
                                                                                                                         
Cash flows from financing activities                                                                                     

Proceeds from issue of shares                                                           320,000               1,507,647
Transaction costs relating to issue of shares                                                 -               (107,141)
Proceeds from borrowings                                                              2,895,714               1,079,592
Repayment of related party loans                                                      (267,646)                       -
                                                                                                                       
Net cash from financing activities                                                     2,948,068              2,480,098
                                                                                                                         
Net decrease in cash and cash equivalents                                               245,256                (59,681)
Cash and cash equivalents at the beginning of the financial year                                                       
                                                                                         92,467                146,013
Effects of exchange rate changes on cash and cash equivalents                                                          
                                                                                      (135,377)                  6,135
Cash and cash equivalents at the end of financial year                                                                  
                                                                    12                 215,095                  92,467

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






Please note that the complete Annual Report is available at the Company's website: www.forteenergy.com.au

Contact Information

  • Forte Energy NL