4cf89938-fa61-4d32-9657-1d7f6015ac1b.pdf
Appendix 4E
Preliminary Final Report Wollongong Coal Limited (ABN 28 111 244 896)
Rule 4.3A
REPORTING PERIOD
The Financial information contained in this report is for the year ended 31 March 2016. Comparative amounts, unless otherwise indicated are for the year ended 31 March 2015.
RESULTS FOR ANNOUNCEMENT TO THE MARKET
|
Change
|
%
Change
|
$'000
|
|
Revenues from ordinary activities and other income
|
Down
|
35.4%
|
to
|
12,369
|
|
Loss from ordinary activities after tax attributable to members
|
Down
|
7%
|
to
|
181,934
|
|
Loss attributable to members
|
Down
|
7%
|
to
|
181,934
|
|
Dividends (distributions)
|
No change
|
-
|
to
|
-
|
COMMENTARY ON RESULTS FOR THE YEAR
During the financial year the consolidated entity's total production of ROM coal was 256,000 tonnes as compared to 180,000 tonnes in previous financial year ending on 31 March 2015, from the Russel Vale colliery. Production was mainly from partial extraction of longwall 6 for which approval was received. Approval for the remaining portion of longwall 6 and other longwall block 7, 9, 10 and 11 (around 4.7 million tonnes) remains under consideration.
Due to continuing delay in obtaining approvals to commence production, the consolidated entity was forced to put its Russell Vale colliery under care and maintenance from 1 September 2015. Wongawilli Colliery remained in care and maintenance for entire financial year.
The result for the year includes a net foreign exchange gain of $2,825,000 (2015: loss of
$86,070,000) and an impairment charge of $125,469,000 (2015: $44,524,000).
AUDIT
This report is based on accounts which are in the process of being audited.
NET TANGIBLE ASSET BACKING PER SHARE
|
2016
$
|
2015
$
|
|
Net tangible asset backing per ordinary share
|
(0.11)
|
2.42
|
Wollongong Coal Limited
ABN 28 111 244 896
Unaudited Financial Statements - 31 March 2016
Wollongong Coal Limited
Statement of profit or loss and other comprehensive income For the year ended 31 March 2016
Consolidated
Note 2016 2015*
$'000 $'000
|
Other income
|
8
|
4,286
|
10,640
|
|
Expenses
|
|
Mine operating expenses
|
(40,018)
|
(35,953)
|
|
Royalties and transportation expenses
|
(2,813)
|
(4,382)
|
|
Corporate and general expenses
|
(8,904)
|
(14,631)
|
|
Environmental expenses
|
(1,301)
|
(8,513)
|
|
Net impairment of assets
|
9
|
(125,469)
|
(44,524)
|
|
Net foreign exchange loss
|
9
|
-
|
(86,070)
|
|
Finance costs
|
9
|
(15,798)
|
(20,634)
|
|
Loss before income tax expense
|
(181,934)
|
(195,567)
|
|
Income tax expense
|
10
|
-
|
-
|
|
Loss after income tax expense for the year attributable to the owners of Wollongong Coal Limited
|
26
|
(181,934)
|
(195,567)
|
|
Other comprehensive income
|
|
Items that may be reclassified subsequently to profit or loss
|
|
Loss on revaluation of available-for-sale financial assets, net of tax
|
(180)
|
(1,800)
|
|
Other comprehensive income for the year, net of tax
|
(180)
|
(1,800)
|
|
Total comprehensive income for the year attributable to the owners of Wollongong Coal Limited
|
(182,114)
|
(197,367)
|
|
Cents
|
Cents
|
|
Basic earnings per share
|
39
|
(2.58)
|
(3.99)
|
|
Diluted earnings per share
|
39
|
(2.58)
|
(3.99)
|
*See note 5 for details in relation to restatement
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
Wollongong Coal Limited Statement of financial position As at 31 March 2016
Consolidated
Note 2016 2015*
$'000 $'000
|
Assets
|
|
Current assets
|
|
Cash and cash equivalents
|
11
|
6,505
|
9,810
|
|
Trade and other receivables
|
12
|
1,864
|
3,965
|
|
Inventories
|
13
|
7,431
|
8,710
|
|
Deposits
|
14
|
3,842
|
601
|
|
Total current assets
|
19,642
|
23,086
|
|
Non-current assets
|
|
Available-for-sale financial assets
|
15
|
390
|
570
|
|
Property, plant and equipment
|
16
|
736,372
|
859,820
|
|
Deposits
|
17
|
393
|
393
|
|
Total non-current assets
|
737,155
|
860,783
|
|
Total assets
|
756,797
|
883,869
|
|
Liabilities
|
|
Current liabilities
|
|
Trade and other payables
|
18
|
29,885
|
76,300
|
|
Borrowings
|
19
|
698,292
|
587,824
|
|
Provisions
|
20
|
5,570
|
9,396
|
|
Convertible bonds
|
21
|
7,594
|
2,984
|
|
Total current liabilities
|
741,341
|
676,504
|
|
Non-current liabilities
|
|
Provisions
|
22
|
24,306
|
28,189
|
|
Convertible bonds
|
23
|
-
|
12,195
|
|
Total non-current liabilities
|
24,306
|
40,384
|
|
Total liabilities
|
765,647
|
716,888
|
|
Net (liabilities)/assets
|
(8,850)
|
166,981
|
|
Equity
|
|
Issued capital
|
24
|
905,107
|
899,080
|
|
Reserves
|
25
|
2,243
|
16,910
|
|
Accumulated losses
|
26
|
(916,200)
|
(749,009)
|
|
Total equity
|
(8,850)
|
166,981
|
* See note 5 for details in relation to the restatement.
The above statement of financial position should be read in conjunction with the accompanying notes