Forte Energy NL
AIM : FTE

June 10, 2016 09:23 ET

Half-year Report

                                                     
                                                                                          Forte Energy NL
                                                                                                           
                                                                                          ACN 009 087 852
                                                                                                         
                                                                                                         
                                                                                              AIM Release
                                                                                             10 June 2016

                                           HALF-YEAR  REPORT



Forte Energy NL ("Forte Energy" or "The Company") (ASX/AIM: FTE) advises that it has released its Half-Year
Financial  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
                                                   
                                                   
                                                   
                                                   
                                      HALF-YEAR FINANCIAL REPORT
                                                   
                                                   
                                           31 DECEMBER 2015
                                                   
                                                   
                                                   
                                                   
                                            Forte Energy NL
                                            Suite 3 Level 3
                                            1292 Hay Street
                                          West Perth WA 6005
                                               AUSTRALIA
                                                   
                                                   
                                                   
                                                   
                                                   
                                            FORTE ENERGY NL
                                         (ABN 59 009 087 852)
                                                   
                                                   
                            CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                               FOR THE HALF-YEAR ENDED 31 DECEMBER 2015
                                                   
                                                   
                                                                    Notes          2015                  2014
                                                                                    $                     $
                                                                                                                  
                                                                                                                  
Revenue                                                                4                 808                   504
Other income                                                           5                   -                   144
Expenses                                                               6         (1,777,415)           (2,627,152)
                                                                                                                  
 Loss before income tax                                                          (1,776,607)           (2,626,504)
Income tax expense                                                                         -                     -
                                                                                                                  
 Loss after income tax                                                           (1,776,607)           (2,626,504)
                                                                                                                  
                                                                                                                            
 Net loss for the period                                                         (1,776,607)           (2,626,504)
                                                                                                                  
 Other comprehensive profit/(loss)
Items that may be reclassified subsequently to profit and loss:                                                   
Foreign currency translation                                                           4,037               (8,371)
Other comprehensive profit/(loss) for the period net of tax                            4,037               (8,371)
                                                                                 (1,772,570)           (2,634,875)
 TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE  TO
           MEMBERS OF FORTE ENERGY NL
                                                                                                                  
                                                                                                                  
 Loss per share   attributable  to  the  ordinary  equity
           holders of the Company (cents per share)
- basic loss per share                                                                (0.04)                (0.15)
- diluted loss per share                                                              (0.04)                (0.15)
                                                                                                                  


This 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 31 DECEMBER 2015
                                                   


                                                            Notes      31 December 2015            30 June 2015
                                                                               $                        $
ASSETS                                                                                                           
Current Assets                                                                                                   
Cash and cash equivalents                                     7                    80,650                 215,095
Trade and other receivables                                   9                    67,280                 261,736
Prepayments                                                                         6,972                  23,615
Held for trading                                              16                   46,291                 106,578
Total Current Assets                                                              201,193                 607,024
                                                                                                                 
Non-current assets                                                                                               
Available-for-sale financial assets                           16                   11,644                  12,892
Exploration and evaluation expenditure                        10                        -                 444,383
Plant and equipment                                           11                    8,624                  29,036
Total Non-Current Assets                                                           20,268                 486,311
                                                                                                                 
TOTAL ASSETS                                                                      221,461               1,093,335
                                                                                                                 
LIABILITIES                                                                                                      
Current Liabilities                                                                                              
Trade and other payables                                                          224,401                 630,284
Income tax payable                                                                 36,768                  37,218
Provisions                                                                         45,576                  45,976
Loan from related party                                       18                   45,962                  23,839
Derivative financial liability                                13                  217,694                 620,886
Total Current Liabilities                                                         570,401               1,358,203
                                                                                                                 
Non-Current Liabilities                                                                                          
Convertible loan notes                                        13                  490,134                 743,565
Derivative financial instruments - Warrants                   17                    4,799                 132,085
Provisions                                                                         25,920                  24,119
Total Non-Current Liabilities                                                     520,853                 899,769
                                                                                                                 
TOTAL LIABILITIES                                                               1,091,254               2,257,972
                                                                                                                 
NET LIABILITIES                                                                 (869,793)             (1,164,637)
                                                                                                                 
EQUITY                                                                                                           
Issued capital                                                14               95,548,136              93,480,722
Reserves                                                                        2,208,056               2,204,019
Accumulated losses                                                           (98,625,985)            (96,849,378)
                                                                                                                 
 TOTAL DEFICIENCY                                                       (869,793)             (1,164,637)
                                                   
 
This 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 HALF -YEAR ENDED 31 DECEMBER 2015
 
      
                                      Contributed    Accumulated              Equity          Foreign      Total
                                      equity         losses                   benefits        currency       equity
                                                                              reserve         translation    
                                      $              $                        $               $            $
                                                                                                             
At 1 July 2015                           93,480,722   (96,849,378)      2,521,606      (317,587)     (1,164,637)
                                                         
                                                  -    (1,776,607)              -              -     (1,776,607)
Loss for the period
Other comprehensive income                        -              -              -          4,037           4,037
Total comprehensive income for the                -     (1,776,607              -          4,037     (1,772,570)
 half-year net of tax                                     )
                                                                                                                
   Equity transactions:
Issue of ordinary shares                  2,075,503              -              -              -       2,075,503
Transaction costs                           (8,089)              -              -              -         (8,089)
Balance at                               95,548,136   (98,625,985)      2,521,606      (313,550)       (869,793)
 31 December 2015                                        
                                                                                                           
 
 
At 1 July 2014                           89,160,792   (62,187,922)      2,521,606      (355,215)      29,139,261
                                                  -    (2,626,504)              -              -     (2,626,504)
   Loss for the period
Other comprehensive income                        -              -              -        (8,371)         (8,371)
Total comprehensive income for the                -     (2,626,504              -        (8,371)     (2,634,875)
 half-year net of tax                                     )
                                                                                                                
   Equity transactions:
Issue of ordinary shares                  3,316,830              -              -              -       3,316,830
Transaction costs                          (37,753)                                                     (37,753)
Balance at                               92,439,869   (64,814,426)      2,521,606      (363,586)      29,783,463
 31 December 2014
                                                   

This 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 HALF-YEAR ENDED 31 DECEMBER 2015

                                                                                    2015                  2014
                                                                                     $                     $
                                                                                                                    
Cash flows from operating activities

Payments to suppliers and employees                                                   (307,792)             (417,735)
Interest and other income received                                                         808                   489
Interest and other costs of finance paid                                                     -               (73,169)
                                                                                                                     
Net cash flows used in operating activities                                           (306,984)             (490,415)
                                                                                                                    
Cash flows from investing activities                                                                                

Payment for 50% equity investment in Slovak entities                                          -             (639,630)
Payment for exploration and evaluation expenditure                                      (6,738)              (32,607)
Proceeds from sale of held for trading investments                                            -               397,577
                                                                                                                     
Net cash flows used in investing activities                                             (6,738)             (274,660)
                                                                                                                    
Cash flows from financing activities                                                                                

Proceeds from borrowings                                                               174,458             1,160,140
Repayment of borrowings                                                                      -               (2,213)
Proceeds from issue of shares                                                                -               320,000
Transaction costs on issue of shares                                                         -              (14,658)
                                                                                                                    
Net cash flows from financing activities                                               174,458             1,463,269
                                                                                                                    
Net increase in cash and cash equivalents                                            (139,264)               698,194
Effects of exchange rate changes on cash and cash equivalents                            4,819                 3,957
Cash and cash equivalents at beginning of the period                                   215,095                92,467
                                                                                                                    
Cash and cash equivalents at end of period                                              80,650               794,618
 

This statement of cash flow should be read in conjunction with the accompanying notes.

                                                   
                                                   



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

Contact Information

  • Forte Energy NL