Forte Energy NL
LSE : FTE

October 01, 2010 02:00 ET

Full Year Statutory Accounts

                                                                                                        
                                                                                         FORTE ENERGY NL
                                                                                         ACN 009 087 852
                                                                         ASX CODE:  FTE,  AIM CODE: FTE,
                                                          Telephone: +618 9322 4071, Fax: +618 9322 4073
                                                                                                        
                                                                                                        
                                                                                               AIM Release
                                                                                         30 September 2010
                                                                                                            
ANNUAL FINANCIAL REPORT 2010
______________________________________________________________________________

Forte  Energy NL ("Forte Energy" or "The Company") (ASX:FTE, AIM:FTE) wishes to advise that it has released
its Annual Financial Report for 2010. 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 N.L.                       Tel: +44 (0) 203 300 0187

Alastair Stratton/Tim Graham
Matrix Corporate Capital LLP            Tel: +44 (0) 203 206 7000

Jos Simson/Emily Fenton
Conduit PR                              Tel: +44 (0) 207 429 6603

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

                                              FORTE ENERGY NL
                                           (ABN 59 009 087 852)
                                                     
                                     STATEMENT OF COMPREHENSIVE INCOME
                                      FOR THE YEAR ENDED 30 JUNE 2010
                                                     
                                                     
                                                                               Consolidated Company
                                                                               2010                    2009
                                                          Notes                 $                       $
                                                                                                                               
 Continuing operations                                                                                       
 Revenue                                                     6                 290,053                257,079
 Administrative expenses                                     7             (3,111,598)            (2,475,376)
 Settlement of Renison Bell Ltd creditors                   18                       -                 38,475
 Loss from continuing operations                                                                             
 before income tax                                                         (2,821,545)            (2,179,822)
 Income tax expense                                          8                (10,942)                      -
                                                                                                             
 Loss from continuing operations                                           (2,832,487)            (2,179,822)
 after income tax
                                                                                                             
 Discontinued operations                                                                                     
 Profit from discontinued operations after tax               9                 494,375                      -
                                                                                                             
 Net loss for the year                                                     (2,338,112)            (2,179,822)
                                                                                                             
 Other comprehensive income
 Net gain/(loss) on available-for-sale financial assets                       (10,359)                (3,463)
 Foreign currency translation                                                  (1,763)                      -
 Other comprehensive income for the year net of tax                           (12,122)                (3,463)
                                                                                                             
 TOTAL  COMPREHENSIVE INCOME FOR THE YEAR  ATTRIBUTABLE                    (2,350,234)            (2,183,285)
 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                  (0.50)                 (0.51)
 - diluted loss for the year                                10                  (0.50)                 (0.51)
                                                                                                             
                                                                                                             
 Loss  per  share  (cents  per share)  attributable  to
 ordinary equity holders of the Company
 - basic loss for the year                                  10                  (0.41)                 (0.51)
 - diluted loss for the year                                10                  (0.41)                 (0.51)
                                                                                                             
                                                     
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 2010
                                                     


                                                                                  Consolidated Company
                                                           Notes                 As at                   As at
                                                                               30 June                 30 June
                                                                                  2010                    2009
                                                                                    $                       $
ASSETS                                                                                                        
Current Assets                                                                                                
Cash and cash equivalents                                    11              4,091,528               6,628,394
Trade and other receivables                                  12                234,867                   9,226
Prepayments                                                                    129,175                  55,712
                                                                             4,455,570               6,693,332
Non-current assets classified as held for sale               13                 50,795               1,657,041
Total Current Assets                                                         4,506,365               8,350,373
                                                                                                              
Non-current assets                                                                                            
Available-for-sale investments                               14                 13,938                  24,297
Exploration and evaluation expenditure                       15             16,388,381               9,564,296
Plant and equipment                                          16                131,851                 107,228
Total Non-Current Assets                                                    16,534,170               9,695,821
                                                                                                              
TOTAL ASSETS                                                                21,040,535              18,046,194
                                                                                                              
LIABILITIES                                                                                                   
Current Liabilities                                                                                           
Trade and other payables                                     17                849,349               1,258,548
Income tax payable                                            8                 11,088                        
Provisions                                                   18                 46,536                  13,446
                                                                               906,973               1,271,994
Liabilities associated with assets held for sale             13                      -                 527,000
Total Current Liabilities                                                      906,973               1,798,994
                                                                                                              
TOTAL LIABILITIES                                                              906,973               1,798,994
                                                                                                              
NET ASSETS                                                                  20,133,562              16,247,200
                                                                                                              
EQUITY                                                                                                        
Issued capital                                               19             67,486,567              61,741,570
Reserves                                                     20              2,292,217               1,812,740
Accumulated losses                                           20            (49,645,222)            (47,307,110)
                                                                                                              
TOTAL EQUITY                                                                20,133,562              16,247,200
                                                     
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 2010

      
                            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
                                                                                                     
      
      
                            Contributed    Accumulated    AFS financial     Equity        Foreign        Total
                               Equity        losses          assets        benefits      currency       equity
                                                             reserve        reserve     translation        
                                 $              $               $              $             $             $
 Company                                                                                             
 At 1 July 2008               50,871,819   (45,127,288)            4,280    1,605,672             -      7,354,483
                                       -    (2,179,822)                -            -             -    (2,179,822)
 (Loss) for the period
 Other comprehensive                   -              -          (3,463)            -             -        (3,463)
 income
 Total comprehensive                   -    (2,179,822)          (3,463)            -             -    (2,183,285)
 income for the year net
 of tax
                                                                                                                  
 Equity transactions:
 Share-based payment                   -              -                -      206,251             -        206,251
 Issue of ordinary shares     11,591,022              -                -            -             -     11,591,022
 Transaction costs             (721,271)              -                -            -             -      (721,271)
 Balance at                   61,741,570   (47,307,110)              817    1,811,923             -     16,247,200
 30 June 2009
                                                                                                     
      
                                                     
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 2010


                                                                        Consolidated Company
                                                           Notes            2010                    2009
                                                                             $                        $
                                                                                                             
Cash flows from operating activities                                                                             
                                                                                                             
Payments to suppliers and employees                                        (2,559,175)             (2,132,726)
Interest received                                                             190,701                 246,784
                                                                                                               
Net cash flows used in operating activities                  21            (2,368,474)             (1,885,942)
                                                                                                             
Cash flows from investing activities                                                                         

Proceeds from sale of equipment                                                      -                   1,091
Payments for purchase of equipment                                            (76,322)                 (8,213)
Payment for exploration and evaluation expenditure                         (7,026,452)             (4,588,729)
Proceeds on disposal of exploration asset                                    2,000,000                       -
                                                                                                              
Net cash flows used in investing activities                                (5,102,774)             (4,595,851)
                                                                                                             
Cash flows from financing activities                                                                            

Proceeds from issue of shares                                                6,191,000               9,367,732
Cash received pending share issue                                                    -                 328,900
Refund of share oversubscriptions                                            (188,900)                       -
Transaction costs relating to issue of shares                              (1,067,349)               (239,925)
                                                                                                              
Net cash from financing activities                                           4,934,751               9,456,707
                                                                                                                
Net (decrease)/increase in cash and cash equivalents                       (2,536,497)               2,974,914
Cash  and  cash  equivalents at  the  beginning  of  the                                                      
financial year                                                               6,628,394               3,653,480
Effects  of  exchange  rate changes  on  cash  and  cash                                                      
equivalents                                                                      (369)                       -

Cash and cash equivalents at the end of financial year       11              4,091,528               6,628,394

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





Contact Information

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