RNS Number:6364E
Gippsland Limited
27 September 2007
27 September 2007
Gippsland Limited ("Gippsland" or the "Company")
Financial Reports
The Directors of Gippsland (ASX & AIM: "GIP") advise that the Company's
Financial Reports for the year ended 30 June 2007 have today been released to
the Australian Securities Exchange and are available on the Company's website.
www.gippslandltd.com
For further information please contact:
Jack Telford Gippsland Limited T: +61 (0)8 9340 6000
Luke Cairns Hoodless Brennan Plc T: +44 (0)20 7538 1166
Les Polden Hoodless Brennan Plc T: +44 (0)20 7538 1166
Jane Stacey Conduit PR T: +44 (0)20 7429 6605
Ed Portman Conduit PR T: +44 (0)20 7429 6607
Fiona Owen Grant Thornton Corporate Finance T: +44 (0)20 7383 5100
Warrick Hazeldine Purple Communications T: +61 (0)8 9485 1254
M: +61 (0)417 944 616
INCOME STATEMENT
FOR YEAR ENDED 30 JUNE 2007
Consolidated Group Parent Entity
2007 2006 2007 2006
Note $ $ $ $
Revenue 2 135,430 30,345 127,161 30,345
Foreign exchange
gains (losses) (53,429) 43,441 (38,262) 43,441
Management and
employee expenses (671,932) (469,752) (579,374) (469,752)
Exploration
expenses (287,516) (15,407) (34,061) (15,407)
Project development
expenses (35,526) - - -
Corporate office
expenses (85,459) (88,045) (85,287) (88,045)
Depreciation
expense (41,119) (20,496) (23,536) (20,496)
Impairment of
non-current
investments (2,236,564) (2,082,011) (2,768,260) (2,571,632)
Travel and
accommodation
expenses (306,016) (215,149) (298,854) (215,149)
AIM administration
expenses (209,387) (163,527) (209,387) (163,527)
Administration
expenses (399,700) (668,128) (361,948) (178,507)
--------- --------- --------- ---------
Loss before income
tax 3 (4,191,218) (3,648,729) (4,271,808) (3,648,729)
Income tax expense 4 - - - -
--------- --------- --------- ---------
Net loss
attributable to
members of the
parent entity (4,191,218) (3,648,729) (4,271,808) (3,648,729)
========= ========= ========= =========
Adjustments
recognised directly
in equity. 17 (144,788) (69,444) (144,788) (69,444)
========= ========= ========= =========
Total Equity
changes (4,336,006) (3,718,173) (4,416,596) (3,718,173)
========= ========= ========= =========
Basic and diluted
loss per share
(cents per share) 7 (1.77) (1.98)
========= ========= === ===
BALANCE SHEET AS AT 30 JUNE 2007
Consolidated Group Parent Entity
2007 2006 2007 2006
Note $ $ $ $
CURRENT ASSETS
Cash and cash
equivalents 8 2,611,219 3,937,943 2,315,359 3,934,620
Trade and other
receivables 9 119,925 49,212 118,374 49,212
Other current
assets 13 22,411 914 22,411 915
--------- --------- --------- ---------
TOTAL CURRENT
ASSETS 2,753,555 3,988,069 2,456,144 3,984,747
--------- --------- --------- ---------
NON-CURRENT ASSETS
Property, plant
and equipment 12 154,908 35,685 88,136 35,685
Other
non-current
assets 13 - - 305 3,522
--------- --------- --------- ---------
TOTAL NON
CURRENT ASSETS 154,908 35,685 88,441 39,207
--------- --------- --------- ---------
TOTAL ASSETS 2,908,463 4,023,754 2,544,585 4,023,954
--------- --------- --------- ---------
CURRENT
LIABILITIES
Trade and other
payables 14 458,177 208,109 201,514 208,109
Short-term
provisions 16 38,301 9,923 11,476 9,923
--------- --------- --------- ---------
TOTAL CURRENT
LIABILITIES 496,478 218,032 212,990 218,032
--------- --------- --------- ---------
NON CURRENT
LIABILITIES
Other long-term
provisions 16 - 15,000 - 15,000
--------- --------- --------- ---------
TOTAL
NON-CURRENT
LIABILITIES - 15,000 - 15,000
--------- --------- --------- ---------
TOTAL
LIABILITIES 496,478 233,032 212,990 233,032
--------- --------- --------- ---------
NET ASSETS 2,411,985 3,790,722 2,331,595 3,790,922
========= ========= ========= =========
EQUITY
Issued capital 17 25,409,780 22,658,274 25,409,780 22,658,274
Reserves 18 138,802 77,827 138,802 77,827
Retained
earnings (23,136,597) (18,945,379) (23,216,987) (18,945,179)
--------- --------- --------- ---------
Parent interest 2,411,985 3,790,722 2,331,595 3,790,922
Minority equity - - - -
interest --------- --------- --------- ---------
TOTAL EQUITY 2,411,985 3,790,722 2,331,595 3,790,922
========= ========= ========= =========
STATEMENT OF CHANGES IN EQUITY
FOR YEAR ENDED 30 JUNE 2007
Consolidated Group
Share Capital
Ordinary Retained Option Total
Earnings Reserve
Balance at 1 July 2005 15,868,236 (15,296,650) - 571,586
Loss attributable to
members (3,648,729) (3,648,729)
of parent entity
Shares issued during the
year 6,859,482 6,859,482
Transaction costs (69,444) (69,444)
-------- --------- --------- ---------
Option reserve on
recognition of bonus 77,827 77,827
element of options
-------- --------- --------- ---------
Sub-total 22,658,274 (18,945,379) 77,827 3,790,722
-------- --------- --------- ---------
Balance at 30 June 2006 22,658,274 (18,945,379) 77,827 3,790,722
-------- --------- --------- ---------
Loss attributable to
members (4,191,218) (4,191,218)
of parent entity
Shares issued during the
year 2,896,294 2,896,294
Transaction costs (144,788) (144,788)
-------- --------- --------- ---------
Option reserve on
recognition of bonus 60,975 60,975
element of options
-------- --------- --------- ---------
Sub-total 25,409,780 (23,136,597) 138,802 2,411,985
-------- --------- --------- ---------
Balance at 30 June 2007 25,409,780 (23,136,597) 138,802 2,411,985
-------- --------- --------- ---------
CASH FLOW STATEMENT FOR YEAR ENDED 30 JUNE 2007
Consolidated Group Parent Entity
2007 2006 2007 2006
Note $ $ $ $
CASH FLOWS FROM
OPERATING
ACTIVITIES
Interest 132,549 30,345 124,280 30,345
received
Payments to
suppliers
and (1,559,832) (1,419,153) (1,615,754) (929,532)
employees -------- -------- -------- --------
Net cash
provided
by (used in)
operating 21 (1,427,283) (1,388,808) (1,491,474) (899,187)
activities ======== ======== ======== ========
CASH FLOWS FROM
INVESTING
ACTIVITIES
Loans to
subsidiaries - - (2,773,570) (2,566,322)
Payment for
investment in
subsidiary - - - (8,528)
Purchase of
property, plant
and (160,342) (14,239) (67,459) (14,239)
equipment
Purchase of other
assets (2,437,175) (2,082,011) - -
-------- -------- -------- --------
Net cash
provided
by (used in)
investing (2,597,517) (2,096,250) (2,841,029) (2,589,089)
activities ======== ======== ======== ========
CASH FLOWS FROM
FINANCING
ACTIVITIES
Proceeds
from issue 2,751,505 6,790,038 2,751,505 6,790,038
of shares -------- -------- -------- --------
Net cash provided
by (used in)
financing
activities 2,751,505 6,790,038 2,751,505 6,790,038
-------- -------- -------- --------
Net
increase/
(decrease) (1,273,295) 3,304,980 (1,580,998) 3,301,762
in cash held
Cash at
beginning
of the 3,937,943 589,522 3,934,620 589,417
financial
year
Effects of
exchange
rate changes
on cash
holdings in
foreign (53,429) 43,441 (38,263) 43,441
currencies
-------- -------- -------- --------
Cash at end
of the 8 2,611,219 3,937,943 2,315,359 3,934,620
financial ======== ======== ======== ========
year
This information is provided by RNS
The company news service from the London Stock Exchange
END
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