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African Energy Resources Limited
AUSTRALIA AFR.AX 0,03 AU$ 10,00%
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2016 Annual Financial Report

Publié le 23 septembre 2016

African Energy Resources Limited

ARBN 123 316 781

Financial Report 30 June 2016

African Energy Resources Limited

Financial Report 30 June 2016

Table of Contents

Corporate Directory

3

Directors' Report

4

Directors' Declaration

13

Independent Audit Report

14

Independence Declaration

16

Consolidated Statement of Profit or Loss and Other Comprehensive Income

17

Consolidated Statement of Financial Position

18

Consolidated Statement of Changes in Equity

19

Consolidated Statement of Cash Flows

20

Notes to the Consolidated Financial Statements

21

  1. Basis of Preparation 21

  2. Statement of Compliance 21

  3. Basis of measurement 21

  4. Functional and presentation currency 21

  5. Going concern 21

  6. Reporting entity 21

  7. Use of estimates and judgments 21

  8. Capital Expenditure 22

  9. Exploration and evaluation expenditure 22

  10. Investments in Associates 22

  11. Financial Performance 24

  12. Segment information 24

  13. Revenue 25

  14. Expenses 26

  15. Income Taxes 26

  16. Earnings per share 27

  17. Working Capital Management 28

  18. Cash and Cash Equivalents 28

  19. Reconciliation of loss after income tax to net cash inflow from operating activities 28

  20. Trade and other receivables 28

  21. Trade and other payables 28

  22. Impairment 29

  23. Funding and Risk Management 29

  24. Contributed equity 29

  25. Financial risk management 29

  26. Group Structure 31

  27. Basis of consolidation 31

  28. Foreign currency 31

  29. Parent Entity Disclosures 32

  30. Subsidiaries 32

  31. Related parties 33

  32. Key Management Personnel 33

  33. Other related party transactions 33

  34. Assets and liabilities at 30 June arising from transactions with related parties 33

  35. Share based payments 33

  36. Other 35

  37. Events occurring after the reporting period 35

  38. Contingencies and Commitments 35

  39. Remuneration of Auditors 35

  40. New standards and interpretations not yet adopted 35

  41. African Energy Resources Limited Financial Report 30 June 2016 Corporate Directory

    Directors Mr Alasdair Cooke

    Executive Chairman

    Dr Charles (Frazer) Tabeart Managing Director

    Mr Gregory (Bill) Fry Executive Director

    Mr Valentine Chitalu Non‐Executive Director

    Mr Philip Clark Non‐Executive Director

    Mr Vincent (Ian) Masterton‐Hume Non‐Executive Director

    Mr Yan Zhao

    Alternate Director to Mr Hume

    Mr Wayne Richard Trumble Non‐Executive Director

    Mr John Dean Non‐Executive Director

    Company Secretary Mr Daniel Davis

    Registered Office Granite House, La Grande Rue St Martin, Guernsey GY1 3RS

    Representative Office in Australia Suite 1, 245 Churchill Avenue Subiaco, Western Australia, 6008

    Share Register Link Market Services Limited

    Level 4 Central Park 152 St Georges Terrace Perth, Western Australia, 6000

    Stock Exchange Listings Australian Securities Exchange (ASX: AFR) Botswana Stock Exchange (BSE: AFR)

    Auditor BDO Audit (WA) Pty Limited

    38 Station Street

    Subiaco, Western Australia, 6008

    Solicitors Fairweather Corporate Lawyers

    595 Stirling Highway

    Cottesloe, Western Australia, 6011

    Bankers HSBC Bank Australia Limited

    188‐190 St Georges Terrace

    Perth, Western Australia, 6000

    Website www.africanenergyresources.com

    African Energy Resources Limited Financial Report 30 June 2016 Directors' Report

    Your Directors present their report on the Consolidated Entity consisting of African Energy Resources Limited (Company) and its controlled entities for the financial year ended 30 June 2016.

    1. Directors and Company Secretary

    The Directors and the Company Secretary of the Company at any time during or since the end of the financial year are as follows.

    Mr Alasdair Cooke BSc (Hons), MAIG - Executive Chairman

    Mr Cooke has served as Chairman of the Board of the Company since its incorporation. Mr Cooke is a geologist with over 25 years' experience in the resource exploration industry throughout Australia and internationally. For the past 15 years Mr Cooke has been involved in mine development through various private and public resource companies, prior to which he held senior positions in BHP Billiton plc's international new business and reconnaissance group.

    Mr Cooke is a founding director of Mitchell River Group, which over the past ten years has established a number of successful ASX listed resources companies, including Panoramic Resources Limited, operating the Savannah and Lanfranchi nickel projects in Australia; Albidon Limited, operating the Munali Nickel Mine in Zambia, Mirabela Nickel Limited, operating the Santa Rita nickel project in Brazil; Exco Resources Limited, developing copper and gold resources in Australia; and Energy Ventures Limited.

    Other current directorships Special responsibilities

    EVE Investments Anova Metals Limited

    Executive Chairman

    Member of the remuneration committee

    Former directorships in the last three years Interests in shares and options

    none 50,003,682 shares

    933,333 performance rights

    Dr Charles (Frazer) Tabeart PhD, BSc (Hons) ARSM, MAIG - Managing Director

    Dr Tabeart is a graduate of the Royal School of Mines with a PhD and Honours in Mining Geology. He has over 25 years' experience in international exploration and mining projects, including 16 years with WMC Resources. Whilst at WMC, Dr Tabeart managed exploration portfolios in the Philippines, Mongolia and Africa, gaining considerable experience in a wide variety of commodities and operating with staff from diverse cultural backgrounds.

    Dr Tabeart was appointed Managing Director of the Company in November 2007 after serving two years as General Manager. Under his stewardship the Company discovered and delineated the coal resource at the Sese Coal & Power Project and has since managed the strategic direction of company to focus upon the delivery of multiple coal‐fired power stations, captive coal‐mines and an export coal mine. He has overseen the acquisition of Mmamantswe and Mmamabula West Coal Projects that has grown the resource inventory of the Company to 8.7Bt of thermal coal.

    Other current directorships Special responsibilities

    Segue Resources Limited Managing Director

    Former directorships in the last three years Interests in shares and options

    none 4,774,100 shares

    1,933,333 performance rights

    Mr Gregory (Bill) Fry - Executive Director

    Mr Fry has more than 25 years corporate experience in the mining and resources industry, specialising in accounting, management, business development and general corporate activities. He has vast experience in project evaluation and development, project funding, management, finance and operations.

    Over the past 15 years, Mr Fry has been a Director of several private and public companies with activities ranging from funds management, minerals exploration, mining and quarrying. He has been an Executive Director of African Energy Resources since listing and is responsible for the Company's commercial and financial business programs.

    Other current directorships Special responsibilities

    EVE Investments Anova Metals Limited

    Member of the Audit committee

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