RNS Number:1696E
Finders Resources Limited
20 September 2007
AIM Release
ASX Release
Finders Resources Ltd
Annual Report
Finders Resources Ltd is pleased to announce that its Annual Report for 2007 is
now available for download from its website (http://www.findersresources.com/
pdfs/FND-AR-2007.PDF). This Annual Report details a year of major progress
towards our Company's goal of becoming a low cost producer of copper, gold and
silver, capped off by successful completion of a dual listing on the ASX in
early June 2007.
Issue of shares through the ASX and private placements in Europe raised a gross
amount of $6.9 million to support intensive work programs on our key Wetar
Copper and Ojolali Gold-Silver projects, for which milestones achieved include:
Wetar Copper Project
O Selection of heap leaching with on site production of cathode copper by
SX-EW as the process route, on the basis of high copper recoveries in test work
and lower capital and operating costs compared with other processing options
O Project resource upgrade, to 90% JORC Measured and Indicated status
O Planning and preparation for on-site test heaps and pilot SX-EW plant.
O Operations Manager appointed to execute project development strategy
Ojolali Gold-Silver Project
O Successful metallurgy test work of Jambi oxide gold samples with
indicative gold recoveries of around 90%.
O Integrated modelling of resistivity and newly acquired magnetics data
which provides basis for a revised exploration model and better targeting of new
prospects to expand the known resource base.
Notice of Annual General Meeting
Finders Resources Ltd is also pleased to give notice that the Annual General
Meeting of members of Finders Resources Limited ABN 82 108 547 will be held at
the Royal Automobile Club of Australia, Level 2, Elizabeth Room, 89 Macquarie
Street, Sydeny NSW Australia, on Wednesday, 24 October, commencing at 11.30 am
Sydney time.
A full copy of the Notice of Meeting and items of business are available from
the Company's website at www.findersresources.com/pdfs/FND-AR-2007-NOM.PDF
Financial Statements
The Company's Financial Statements are attached. The notes to these statements
can be found in the Annual Report which is available for download from the
Company's website at
www.findersresources.com/pdfs/FND-AR-2007.PDF
Ian Morgan
Company Secretary
September 20, 2007
Enquiries:
Finders Resources Ltd
Russell Fountain, Chairman +61 (0) 2 9211 8299
Chris Farmer, MD +61 (0) 2 9211 8299
RFC Corporate Finance
Rob Adamson +61 (0) 2 9250 0000
Stuart Laing +61 (0) 8 9480 2500
College Hill
Nick Elwes 020 7457 2020
Paddy Blewer 020 7457 2020
Capital Group
Doug Macdonald +61 (0) 4 2425 5959
INCOME STATEMENT FOR YEAR ENDED 30 JUNE 2007
Note Consolidated Group Parent Entity
2007 2006 2007 2006
$ $ $ $
Revenue 2 206,683 80,284 290,048 78,122
Employee benefits expense (1,012,061) (391,086) (612,270) (201,499)
Depreciation expense (16,800) (685) (1,375) -
Exploration expenditure written off (5,286,703) (984,152) - (24,904)
Operating expenses (1,935,278) (609,502) (946,208) (406,228)
Loss before income tax (8,044,259) (1,905,141) (1,269,805) (554,509)
Income tax expense 4 - - - -
Loss for the year (8,044,259) (1,905,141) (1,269,805) (554,509)
Loss less attributable to minority equity (1,891,454) (526,229) - -
interest
Loss attributable to members of the parent (6,152,805) (1,378,912) (1,269,803) (554,509)
entity
Overall Operations
Basic earnings per share
(cents per share) 7 (11.37) (3.77)
Diluted earnings per share
(cents per share) 7 (10.49) (3.60)
The accompanying notes form part of these financial statements.
BALANCE SHEET AS AT 30 JUNE 2007
Note Consolidated Group Parent Entity
2007 2006 2007 2006
$ $ $ $
ASSETS
CURRENT ASSETS
Cash and cash equivalents 8 5,157,533 5,809,230 4,810,249 5,678,568
Trade and other receivables 9 412,310 397,714 241,379 79,293
TOTAL CURRENT ASSETS 5,569,843 6,206,944 5,051,628 5,757,861
NON-CURRENT ASSETS
Trade and other receivables 9 - - 5,731,684 2,206,846
Financial assets 10 2,301,000 796,500 7,379,886 3,365,337
Plant and equipment 12 111,761 4,021 7,843 -
Exploration Expenditure - 175,746 - -
TOTAL NON-CURRENT ASSETS 2,412,761 976,267 13,119,413 5,572,183
TOTAL ASSETS 7,982,604 7,183,211 18,171,041 11,330,044
CURRENT LIABILITIES
Trade and other payables 13 493,385 76,332 160,472 63,698
TOTAL CURRENT LIABILITIES 493,385 76,332 160,472 63,698
TOTAL LIABILITIES 493,385 76,332 160,472 63,698
NET ASSETS 7,489,219 7,106,879 18,010,569 11,266,346
EQUITY
Issued capital 14 18,061,344 11,551,816 18,061,344 11,551,816
Reserves 2,670,980 576,914 1,971,000 466,500
Accumulated losses (13,243,105) (5,021,851) (2,021,775) (751,970)
Parent interest 7,489,212 7,106,876 18,010,569 11,266,346
Minority equity interest 7 3 - -
TOTAL EQUITY 7,489,219 7,106,879 18,010,569 11,266,346
The accompanying notes for part of these financial statements.
STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED 30 JUNE 2007
Consolidated Group
Share Accumulated Financial Foreign Minority Total
Capital losses Asset Currency Equity
Ordinary Reserve Translation Interests
Reserve
$ $ $ $ $ $
Balance at 30 June 2005 1,603,757 (411,367) (136,539) 1,055,851
Adjustment on application at 466,500 466,500
AAS8 139 for fair value on
shares in listed entities
Shares issued during the year 10,487,069 10,487,069
Transaction costs (539,010) (539,010)
Loss attributable to members of (1,378,912) (1,378,912)
parent entity
Loss attributable to minority (526,229) (526,229)
shareholders
Adjustments from translation at 110,414 110,414
foreign controlled entities
Adjustments for additional (2,568,804) (2,568,804)
investments in controlled
entities
Balance at 30 June 2006 11,551,816 (4,359,083) 466,500 110,414 (662,768) 7,106,879
Adjustment to controlled (80,706) (51,507) (132,213)
entity's audited accounts at 30
June 2006
Adjustment on application of 1,504,500 1,504,500
AAS8 139 for fair value on
shares in listed entities
Shares issued during the year 6,983,898 6,983,898
Transaction costs (474,370) (474,370)
Loss attributable to minority (1,891,454) (1,891,454)
shareholders
Adjustments from translation at 589,566 589,566
foreign controlled entities
Adjustments for additional (44,789) (44,789)
investments in controlled
entities
Outside Equity Interests 7 7
Balance at 30 June 2007 18,061,344 (10,637,383) 1,971,000 699,980 (2,605,722) 7,489,219
The accompanying notes form part of these financial statements.
STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED 30 JUNE 2007
Parent Entity
Share Capital Retained Financial Assets Total
Ordinary Earnings Reserve
Balance at 30 June 2006 1,603,757 (197,461) - 1,406,296
Adjustment on application of AAS8 139 for 466,500 466,500
fair value on shares in listed entities
Shares issued during the year 10,487,069 10,487,069
Transaction costs (539,010) (539,010)
Loss attributable to members of parent entity (554,509) (554,509)
Balance at 30 June 2006 11,551,816 (751,970) 466,500 (11,266,346)
Adjustment on application of AAS8 139 for 1,504,500 1,504,500
fair value on shares in listed entities
Shares issued during the year 6,983,898 6,983,898
Transaction costs (474,370) (474,370)
Loss attributable to members of parent entity (1,269,805) (1,269,805)
Balance at 30 June 2007 18,061,344 (2,021,775) 1,971,000 18,010,569
The accompanying notes form part of these financial statements.
Cash Flow Statement for year ended 30 June 2007
Note Consolidated Group Parent Entity
2007 2006 2007 2006
$ $ $ $
Cash flows from operating activities
Payments to suppliers and employees (7,212,509) (2,162,960) (1,457,283) (650,074)
Interest received 123,541 78,122 123,541 78,122
Net cash provided by (used in) operating 15 (7,088,968) (2,084,838) (1,333,742) (571,952)
activities
CASH FLOWS FROM INVESTING ACTIVITES
Purchase of property, plant and equipment (124,540) (4,705) (9,218) -
Purchase of investments - (506,181) (44,789) (506,181)
Exploration expenditure capitalised - (175,746) - -
Net cash provided by (used in) investing (124,540) (686,682) (54,007) (506,181)
activities
CASH FLOW FROM FINANCING ACTIVITES
Proceeds from issue of shares 6,983,898 7,969,996 6,983,898 7,969,996
Share issurance cost (474,370) (474,370)
Loans to controlled entities - - (5,988,763) (1,893,438)
Loan - convertible notes - (70,000) - (70,000)
Net cash provided by (used in) financing 6,509,528 7,899,996 520,765 6,006,558
activites
Net (decrease) / increase in cash held (703,980) 5,128,526 (866,984) 4,928,425
Cash and cash equivalents at beginning of 5,809,230 617,494 5,678,568 575,189
financial year
Effect of exchange rates on cash holdings in 52,283 63,210 (1,335) 174,954
foreign currentcies
Cash and cash equivalents at end of financial 8 5,157,533 5,809,230 4,810,249 5,678,568
year
The accompaning notes form part of these financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
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