9
MURCHISON UNITED NL
ABN 59 009 087 852
HALF-YEAR FINANCIAL REPORT
31 DECEMBER 2006
Murchison United NL
36 Outram Street
WEST PERTH WA 6005
Australia
MURCHISON UNITED NL
(ABN 59 009 087 852)
CONTENTS
Directors' Report 2
Condensed Income Statement 4
Condensed Balance Sheet 5
Condensed Cash Flow Statement 6
Condensed Statement of Changes in Equity 7
Notes to the Half-Year Financial Report 8
Directors' Declaration 20
Independent Review Report to the Members of Murchison United NL 21
Auditor's Independence Declaration 23
MURCHISON UNITED NL
(ABN 59 009 087 852)
DIRECTORS' REPORT
Your directors submit their report for the half-year ended 31 December 2006.
Directors
The names of the Company's Directors in office during the half-year and until the date of this report are as
below. Directors were in office for this entire period unless otherwise stated.
Glenn Robert Featherby
Mark David Reilly
Christopher David Grannell
Bosse Gustafsson (Appointed on 3 October 2006)
Review and Results of Operations
The Company reported a loss for the half-year of $427,805 (2005: $1,356,988).
The principal activity of the Company during the reporting period was the exploration for mineral resources.
Murchison continues to progress its uranium exploration projects in Guinea and Mauritania, evaluate new energy-
related asset opportunities and pursue programmes to add value to its Australian copper project interests in
Cloncurry, Queensland and Maroochydore, Western Australia. Activities during the reporting period included:
* Exploration permits in Guinea and Mauritania increased to 12,000 km�
* 6 permits now held in Guinea and 5 permits in Mauritania with a further 3 permit applications being
processed in Mauritania
* Firawa anomaly in Guinea extended from five to twelve kilometres
* Initial reconnaissance sampling returned grades of up to 9500 ppm U3O8 in Mauritania
* Detailed radiometric surveys completed on five uranium anomalies and further ground reconnaissance
conducted in Mauritania
* Field trip completed in Guinea to finalise planning and locations for 6,500m drill programme expected
to commence in early 2007 to test key uranium targets
* Drilling programme prepared for Millenium copper leases in Cloncurry region in Queensland, Australia
* Agreement reached with creditors of Renison Bell Ltd (Subject to Deed of Company Arrangement) for
Murchison to resume control of Renison's 50% Joint Venture interest in the Maroochydore copper project in
Western Australia
* Further discussions held with JV partner Aditya Birla Minerals in relation to work programme to
progress the Maroochydore copper project
MURCHISON UNITED NL
(ABN 59 009 087 852)
DIRECTORS' REPORT (Continued)
Events subsequent to balance date
Apart from other events to the extent to which are described elsewhere in this Director's Report, there has not
arisen in the interval between the end of the financial year and the date of this report any item, transaction
or event of a material or unusual nature likely, in the opinion of the Directors of the Company, to effect:
i. the Company's operations in future financial years; or
ii. the results of those operations in future financial years; or
iii. the Company's state of affairs in future financial years.
Dividends
No dividend has been paid during the period (2005: $ nil).
AUDITOR'S INDEPENDENCE DECLARATION
A copy of the Auditor's Independence Declaration as required under section 307C of the Corporations Act is set
out on page 23 and forms part of this report.
Signed in accordance with a resolution of the directors.
Mark Reilly
Managing Director
Perth 15 March 2007
MURCHISON UNITED NL
(ABN 59 009 087 852)
CONDENSED INCOME STATEMENT
FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
2006 2005
Note $ $
Continuing operations
Revenue 4 23,133 43,044
Other expenses 4 (450,938) (1,400,032)
Loss from continuing operations before income tax
(427,805) (1,356,988)
Income tax expense - -
Loss from continuing operations after tax (427,805) (1,356,988)
Net loss attributable to members (427,805) (1,356,988)
Earnings per share (cents per share)
- basic for loss for the half year (0.0014) (0.0050)
- diluted for loss for the half year (0.0014) (0.0050)
MURCHISON UNITED NL
(ABN 59 009 087 852)
CONDENSED BALANCE SHEET
AS AT 31 DECEMBER 2006
As at As at
31 December 30 June
Notes 2006 2006
$ $
ASSETS
Current Assets
Cash and cash equivalents 5 1,089,266 395,672
Trade and other receivables 7,950 7,950
Prepayments 12,697 18,592
Total Current Assets 1,109,913 422,214
Non-current assets
Available for sale financial assets 23,480 23,480
Exploration and evaluation expenditure 8 1,748,439 325,334
Property, plant and equipment 7 26,875 28,638
Total Non-Current Assets 1,798,794 377,452
TOTAL ASSETS 2,908,707 799,666
LIABILITIES
Current Liabilities
Trade and other payables 232,210 78,860
Provisions 9 34,156 339,612
Total Current Liabilities 266,366 418,472
TOTAL LIABILITIES 266,366 418,472
NET ASSETS 2,642,341 381,194
EQUITY
Issued capital 11 44,069,857 41,380,905
Reserves 767,550 767,550
Accumulated losses (42,195,066) (41,767,261)
TOTAL EQUITY 2,642,341 381,194
MURCHISON UNITED NL
(ABN 59 009 087 852)
CONDENSED CASH FLOW STATEMENT
FOR THE HALF -YEAR ENDED 31 DECEMBER 2006
2006 2005
$ $
Cash flows from operating activities
Payments to suppliers and employees (482,009) (818,842)
Net cash flows used in operating activities (482,009) (818,842)
Cash flows from investing activities
Interest received 23,133 43,044
Additions:
Exploration and evaluation expenditure (253,105) -
Purchase of equipment (3,897) (1,585)
Net cash flows used in investing activities (233,869) 41,459
Cash flows from financing activities
Proceeds from issue of shares 1,500,000 -
Transaction costs relating to issue of shares (90,528) -
Net cash flows from investing activities 1,409,472 -
Net increase/(decrease) in cash and cash equivalents 693,594 (777,383)
Cash and cash equivalents at the beginning of the financial
period 395,672 1,988,141
Cash and cash equivalents at end of the financial period 1,089,266 1,210,758
MURCHISON UNITED NL
(ABN 59 009 087 852)
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF -YEAR ENDED 31 DECEMBER 2006
Issued Accumulated Employee
capital losses equity
benefits
reserve Total
$ $ $ $
At 1 July 2006 41,380,905 (41,767,261) 767,550 381,194
Total income and expense for the period
recognised directly in equity - - - -
Loss for the period - (427,805) (427,805)
Total income/(expense) for the period - (427,805) - (427,805)
Issue of ordinary shares 2,779,480 2,779,480
Transaction costs (90,528) - - (90,528)
At 31 December 2006 44,069,857 (42,195,066) 767,550 2,642,341
Issued Accumulated Employee
capital losses equity
benefits
reserve Total
$ $ $ $
At 1 July 2005 41,380,905 (39,766,588) 101,861 1,716,178
Total income and expense for the period
recognised directly in equity - - - -
Loss for the period - (1,356,988) (1,356,988)
Total income/(expense) for the period - (1,356,988) - (1,356,988)
Cost of share-based payment - - 344,389 344,389
At 31 December 2005 41,380,905 (41,123,576) 446,250 703,579
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
1. CORPORATE INFORMATION
The financial report of Murchison United NL (the Company) for the half-year ended 31 December 2006 was
authorised for issue in accordance with a resolution of the directors on 15 March 2007.
Murchison United NL is a company limited by shares incorporated in Australia whose shares are publicly
traded on the Australian Stock Exchange, and the AIM Board of the London Stock Exchange.
The nature of the operations and principal activities of the Company are described in Note 3.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The half-year financial report does not include all notes of the type normally included within the annual
financial report and therefore cannot be expected to provide as full an understanding of the financial
performance, financial position and financing and investing activities of the entity as the full
financial report.
The half-year financial report should be read in conjunction with the Annual Financial Report of
Murchison United NL as at 30 June 2006, which was prepared based on the Corporations Act 2001 and
Australian Accounting Standards.
It is also recommended that the half-year financial report be considered together with any public
announcements made by Murchison United NL during the half-year ended 31 December 2006 in accordance with
the continuous disclosure obligations arising under the Corporations Act 2001.
(a) Basis of Preparation
The half-year financial report is a general-purpose financial report, which has been prepared in
accordance with the requirements of the Corporations Act 2001 and AASB 134 "Interim Financial Reporting".
Compliance with AASB 134 ensures compliance with International Financial Reporting Standards IAS 34
"Interim Financial Reporting".
The half-year financial report has been prepared on a historical cost basis, except for available for
sale financial assets, which have been measured at fair value. The financial report is presented in
Australian dollars.
For the purpose of preparing the half-year financial report, the half-year has been treated as a discrete
reporting period.
The financial report has been prepared on the going concern basis. In arriving at this position the
directors have had regard to the fact that the Company has sufficient cash to fund administration and
other committed expenditure for a period of not less than twelve months from the date of this report.
The directors note that the Company would require additional funds to finance the cash calls relating to
the Maroochydore Copper and other exploration projects. The directors are confident that these cash calls
can be funded by way of additional equity placements and/or funding. If the Company is unable to raise
money to fund the Maroochydore and other exploration projects, the Company's interest may be diluted.
Having regard to these factors, the directors are of the opinion that the basis upon which the accounts
are presented is appropriate in the circumstances.
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
(b) Significant accounting policies
The half-year consolidated financial statements have been prepared using the same accounting policies as
used in the annual financial statements for the year ended 30 June 2006, except for the adoption of
amending standards mandatory for annual periods beginning after 1 January 2006, as described in Note
2(c).
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(c) Changes in accounting policies
AASB Title Summary Application date of Impact
Application date
Reference standard
for Company
2004-3 Amendments to Australian Consequential amendments made to AASB 1, 1 January 2006 No change to accounting
policy required. 1 July 2006
Accounting Standards AASB 101 and AASB 124 as a result of the Therefore no impact.
revised AASB 119
2005-1 Amendments to Australian Amendment to AASB 139 to allow the foreign 1 January 2006 No change to accounting
policy required. 1 July 2006
Accounting Standards currency risk of a highly probable intra- Therefore no impact.
group forecast transaction to qualify as the
hedged item in certain circumstances
2005-3 Amendments to Amendment relates to the treatment of future 1 January 2006 No change to accounting
policy required. 1 July 2006
Australian Accounting taxes of defined benefit plans Therefore no impact.
Standard (AASB 119)
2005-4 Amendments to Australian Amendments relate to the restriction on 1 January 2006 No change to accounting
policy required. 1 July 2006
Accounting Standard (AASB 139, designating financial instruments through Therefore no impact.
AASB 132, AASB 1, AASB 1023 & AASB profit and loss.
1038)
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS (Continued)
FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(c) Changes in accounting policies (Continued)
AASB Title Summary Application date Impact
Application date
Reference of standard
for Company
2005-5 Amendments to Australian Accounting Consequential amendments made to AASB 1 due 1 January 2006 No change to accounting
policy required. 1 July 2006
Standards to the issue of UIG interpretations 4 Therefore no impact.
(AASB 1 & AASB 139) "Determining whether an Arrangement
contains a lease'.
Consequential amendments also made to AASB
139 due to the issue of UIG Interpretations
5 'Rights to Interests arising from
Decommissioning, Restoration and
Environmental Rehabilitation Funds'.
2005-6 Amendments to Australian Accounting The definition of 'contribution by owners' 1 January 2006 No change to accounting
policy required. 1 July 2006
Standards (AASB 3) is removed and the AASB 3 scope exclusion Therefore no impact.
for business combinations involving entities
or businesses under common control is
adopted.
2005-9 Amendments to Australian Accounting The amendment to all four standards provide 1 January 2006 No change to accounting
policy required. 1 July 2006
Standards (AASB 4, AASB 1023, AASB guidance as to which standard applies to Therefore no impact.
139 & financial guarantee contracts under certain
AASB 132) circumstances.
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS (Continued)
FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(c) Changes in accounting policies (Continued)
AASB Title Summary Application date Impact
Application
Reference of standard
date for
Company
2006-1 Amendments to Australian The amendment clarifies the requirements Accounting periods No change to accounting
policy required. 1 July 2006
Accounting Standards relating to an entity's investment in ending on or after Therefore no impact.
(AASB 121) foreign operations and assists the financial 31 December 2006
reporting of entities with investments in
operations that have a different functional
currency.
2006-3 Amendments to The Standard alters the expiry date of the Accounting periods No change to accounting
policy required. 1 July 2006
Australian Accounting land under roads transitional provisions in ending on or after Therefore no impact.
Standards (AASB 1045) AASB 1045 from 31 December 2006 to 31 31 December 2006
December 2007.
AASB 119 Employee Benefits (revised December The revised AASB 119 incorporates the 1 January 2006 No change to accounting
policy required. 1 July 2006
(revised 2004) "corridor" approach and the direct-to- Therefore no impact.
) retained earnings approach as further
options for the recognition of actuarial
gains and losses related to a defined
benefit superannuation plan.
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS (Continued)
FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(c) Changes in accounting policies (Continued)
UIG Title Summary Application date Impact
Application
Interpretation of standard
date for
Reference
Company
4 Determining whether an Specifies criteria for determining whether 1 January 2006 No change to accounting
policy required. 1 July 2006
Arrangement contains a Lease an arrangement is, or contains, a lease. Therefore no impact.
5 Rights to Interests arising Provides guidance on how a contributor 1 January 2006 No change to accounting
policy required. 1 July 2006
from Decommissioning, should account for its interest in a Therefore no impact.
Restoration and Environmental decommissioning fund.
Rehabilitation Funds
6 Liabilities arising from Clarifies when a liability arises under the 1 December 2005 No change to accounting
policy required. 1 July 2006
participating in a Specific European Union's Directive on Waste Therefore no impact.
Market - Waste Electrical and Electrical and Electronic Equipment in
Electronic Equipment relation to the cost of waste management
for decommissioning of electrical and
electronic equipment that had been sold to
private households up to 13 August 2005.
7 Applying the Restatement Specifies that when hyperinflation is first 1 March 2006 No change to accounting
policy required. 1 July 2006
Approach under AASB 129 identified, AASB 129 applies as if the Therefore no impact.
Financial Reporting in economy had always been hyperinflationary
Hyperinflationary Economies and provides guidance as to how to apply
AASB 129, in particular in relation to
deferred tax items.
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS (Continued)
FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(c) Changes in accounting policies (Continued)
UIG Title Summary Application Impact Application
Interpretation date date for
Reference of standard Company
8 Scope of AASB 2 Provides clarification 1 May 2006 No change to 1 July 2006
on the scope of AASB 2, accounting policy
such that it includes required.
transactions in which Therefore no impact.
the entity cannot
identify specifically
some or all of the
goods or services
received as
consideration for
equity instruments of
the entity or other
share-based payments.
9 Reassessment of Clarifies when an 1 June 2006 No change to 1 July 2006
Embedded entity should assess accounting policy
Derivatives whether an embedded required.
derivative is required Therefore no impact.
to be separated from
the host contract.
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
3. SEGMENT INFORMATION
The principal activity of the Company during the course of the half-year period ended 31 December 2006
was the exploration of minerals.
The Company's primary segment reporting format is reported geographically in relation to the location
of the Company's exploration permits.
Geographical segments
The following tables present revenue and profit information regarding geographic segments for the half-
year periods ended 31 December 2006 and 31 December 2005.
Continuing Operations
Australia Republic of Islamic Republic Total
Guinea of
Mauritania
$ $ $ $
Half-year ended 31 December 2006
Revenue
Sales to external customers - - - -
Result
Segment result (450,938) - - (450,938)
Continuing Operations
Australia Republic of Islamic Republic Total
Guinea of
Mauritania
$ $ $ $
Half-year ended 31 December 2005
Revenue
Sales to external customers - - - -
Result
Segment result (1,356,988) - - (1,356,988)
Business segments
The Company has one business segment being the exploration for economic mineral ore assets.
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
4 REVENUE AND EXPENSES
(a) Specific Items
Loss before income tax expense includes the following revenues and expenses whose disclosure is
relevant in explaining the performance of the entity:
2006 2005
$ $
(i) Revenue
Interest revenue 23,133 43,044
23,133 43,044
(ii) Expenses
Depreciation 5,661 2,163
Employee benefits 318,306 262,486
Expense of share-based payments - 344,389
Evaluation and review costs - 596,291
Operating lease expenses 17,500 35,114
Settlement of Renison Bell creditors (20,502) 37,727
5. CASH AND CASH EQUIVALENTS
For the purposes of the Condensed Cash Flow Statement, cash and cash equivalents comprise the
following:
31 December 2006 30 June
2006
Cash at bank and in hand 1,089,266 395,672
6. DIVIDENDS
No dividend has been paid or proposed during the period.
7. PROPERTY, PLANT AND EQUIPMENT
Acquisitions and disposals
During the half-year ended 31 December 2006, the Company acquired assets with a cost of $3,896 (2005:
$1,585).
Impairment Losses
No impairment loss was recognised for continuing operations during the half-year ended 31 December
2006.
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
8. EXPLORATION AND EVALUATION EXPENDITURE
(i) Movements in carrying amounts
2006 2005
$ $
Balance at 1 July 325,534 -
Additions
Maroochydore Copper project (ii) 1,196,521 -
Others 226,584 -
1,748,439 -
(ii) The cost of acquisition consists of a purchase price of $1,170,000 and other directly attributable
costs of $26,521 relating to the acquisition of 50% working interest in the Maroochydore Copper
project. The purchase price will be settled by way of issue of 12,500,000 fully paid ordinary shares of
the Company and a cash consideration of $170,000 (Note 11).
9. PROVISIONS
Employee DOCA Total
Benefits
At 1 July 2006 16,830 322,782 339,612
Movements (5,474) (299,982) (305,456)
At 31 December 2006 - Current 11,356 22,800 34,156
DOCA
In 2002 Murchison appointed an external Administrator over its subsidiary Renison Bell Limited. In
2003 Renison entered into a Deed of Company arrangement ("DOCA") with its creditors.
Under the terms of the DOCA, which was approved at a creditors meeting held on 13 November 2003,
Murchison United NL agreed to issue one fully paid ordinary share for each dollar of a creditor's
admitted claim. A minimum of a marketable parcel of shares ($500 share value) is to be issued to each
creditor. On 3 February 2005 the Directors allotted 15,301,667 shares to those creditors admitted by
the Deed Administrator at that time. On 8 December 2006 the Directors allotted a further 3,828,494
shares to additional creditors admitted by the Deed Administrator.
At 31 December 2006 a liability has been recognised for 300,000 shares at 7.6 cents per share based on
one share per dollar of the estimated outstanding claims as advised by the Administrator. Subsequently
49,998 shares were issued to approved Renison creditors on 2 February 2007.
10. CONTINGENT ASSETS AND LIABILITIES
There are no contingent assets or contingent liabilities.
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
11. CONTRIBUTED EQUITY
Dec-06 Jun-06
$ $
Ordinary shares
312,461,088(2005: 271,132,594)
ordinary shares, fully paid 44,047,357 41,358,405
2,250,000 (2005: 2,250,000) 25 cent
value ordinary shares, paid to 1 cent 22,500 22,500
44,069,857 41,380,905
2006 2005
$ $
(a) Movement in Ordinary shares on issue
Balance at 1 July 41,380,905 41,380,905
Shares issued:
- 25,000,000 shares issued from placement 1,500,000 -
- transaction costs arising from issue of shares (90,528) -
- 3,828,494 shares issued to Renison Bell Ltd 279,480 -
creditors for DoCA
Shares to be issued:
- 12,500,000 shares issued to Renison Bell Ltd 1,000,000
creditors for Maroochydore Copper project (c)
Balance at 31 December 44,069,857 41,380,905
(b) Options
7,500,000 options exercisable at $0.055 on or before the 19 May 2010.
These options were vested on 19 November 2005.
350,000 options exercisable at $0.46 on or before the 1 July 2007.
These options were vested on 5 July 2002.
There were no movements in options during the period.
(c) Shares to be issued
At a meeting of creditors of Renison Bell Limited (Subject to Deed of Company Arrangement)
held 29 September 2006 a resolution was passed to approve amending the DOCA such that the
interest in the Maroochydore Copper Project in Western Australia is excluded from the DOCA.
This enabled Renison Bell to assign the interest in the Maroochydore Copper Project to
Murchison. Prior to the appointment of Administrators, Renison owned the Renison Bell tin mine
in Tasmania and a 50% share in the Maroochydore Copper Project. During Administration the tin
mine operations were sold to a third party. To complete the DOCA and the return of the 50%
share in the Maroochydore Copper Project to Murchison, creditors (excluding Murchison)
received from Murchison, an amount of A$170,000 cash and 12,500,000 fully paid ordinary shares
in Murchison on 2 February 2007.
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
12. EVENTS AFTER THE BALANCE SHEET DATE
No significant or material events have occurred since Balance Sheet date other than settlement of the
Maroochydore transaction occurred on 2 February 2007 (see Note 11), involving payment of $170,000 cash
and issue of 12,500,000 ordinary shares.
MURCHISON UNITED NL
(ABN 59 009 087 852)
DIRECTORS' DECLARATION
In accordance with a resolution of the Directors of Murchison United NL, I state that:
In the opinion of the directors:
1. the financial statements and notes of the Company:
(a) give a true and fair view of the financial position as at 31 December 2006 and the performance
for the half-year ended on that date of the Company; and
(b) comply with Accounting Standard AASB 134 "Interim Financial Reporting" and the Corporations
Regulations 2001; and
2. there are reasonable grounds to believe that the Company will be able to pay its debts as and when
they become due and payable.
On behalf of the Board
Mark D Reilly
Managing Director
Dated at Perth this 15th day of March 2007
ERNST & YOUNG The Ernst & Young Building Tel 61 8 9429 2222
11Mounts Bay Road Fax 61 8 9429 2436
Perth WA 6000
Australia
GPO Box M939
Perth WA 6843
To the members of Murchison United NL
Report on the Half-Year Financial Report
We have reviewed the accompanying half-year financial report of Murchison United NL which comprises the
condensed balance sheet as at 31 December 2006 and the condensed income statement, condensed statement of
changes in equity and condensed cash flow statement for the half-year ended on that date, other selected
explanatory notes and the directors' declaration.
Directors' Responsibility for the half-year Financial Report
The directors of the company are responsible for the preparation and fair presentation of the half-year
financial report in accordance with Australian Accounting Standards (including the Australian Accounting
Interpretations) and the Corporations Act 2001. This responsibility includes designing, implementing and
maintaining internal controls relevant to the preparation and fair presentation of the half-year financial
report that is free from material misstatement, whether due to fraud or error; selecting and applying
appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditor's Responsibility
Our responsibility is to express a conclusion on the half-year financial report based on our review. We
conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of an Interim
Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of
the procedures described, we have become aware of any matter that makes us believe that the financial report is
not in accordance with the Corporations Act 2001 including: giving a true and fair view of the company's
financial position as at 31 December 2006 and its performance for the half-year ended on that date; and
complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001
and other mandatory financial reporting requirements in Australia. As the auditor of Murchison United NL, ASRE
2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial
report.
A review of a half-year financial report consists of making enquires, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and
consequently does not enable us to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit opinion.
Independence
In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. We
have given to the directors of the company a written Auditor's Independence Declaration, a copy of which is
included in the Directors' Report.
Liability limited by a scheme approved under
Professional Standards Legislation.
ERNST & YOUNG
Conclusion
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that
the interim financial report of Murchison United NL is not in accordance with:
(a) the Corporations Act 2001, including:
(i) giving a true and fair view of the company's financial position as at 31 December 2006 and of its
performance for the half-year ended on that date; and
(ii)complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations
Regulations 2001; and
(b) other mandatory financial reporting requirements in Australia.
Ernst & Young
J P Dowling
Partner
Perth
15 March 2007
ERNST & YOUNG The Ernst & Young Building Tel 61 8 9429 2222
11Mounts Bay Road Fax 61 8 9429 2436
Perth WA 6000
Australia
GPO Box M939
Perth WA 6843
Auditor's Independence Declaration to the Directors of Murchison United NL
In relation to our review of the financial report of Murchison United NL for the half year ended 31 December
2006, to the best of my knowledge and belief, there have been no contraventions of the auditor independence
requirements of the Corporations Act 2001 or any applicable code of professional conduct.
Ernst & Young
J P Dowling
Partner
Perth
15 March 2007
Liability limited by a scheme approved under
Professional Standards Legislation.
Murchison United N.L
Murchison United Nl (LSE:MUU)
Historical Stock Chart
From Dec 2024 to Jan 2025
Murchison United Nl (LSE:MUU)
Historical Stock Chart
From Jan 2024 to Jan 2025
