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  • Wentworth Resources Limited Interim Condensed Consolidated Financial

    Statements June 30, 2011

  • WENTWORTHRESOURCESLIMITEDUnauditedInterimCondensedConsolidatedStatementofFinancialPositionAsat

    1

    US $000s, unless otherwise stated June 30, 2011December

    31, 2010 January 1,

    2010 Note $ $ $ (note 18) (note 18)ASSETS Current assets Cash and cash equivalents 5 13,932 4,587 2,144Cash held in trust 5 - - 3,340Trade and other receivables 4,853 6,043 4,113Prepaid expenses and deposits 852 875 814Inventories 572 366 697 20,209 11,871 11,108Non-current assets Long-term receivable 6 18,711 17,399 19,556Evaluation and exploration assets 7 17,389 17,418 18,524Property and equipment 8 37,301 37,135 36,138 73,401 71,952 74,218Total assets 93,610 83,823 85,326 LIABILITIES Current liabilities Trade and other payables 5,734 8,353 6,289Current portion of long-term debt 9 586 - -Convertible bonds - - 3,240 6,320 8,353 9,529Non-current liabilities Long-term loan 9 6,134 7,427 1,273Derivative financial liability 4,551 5,008 -Provisions 3,347 3,679 93 14,032 16,114 1,366EQUITY Share capital 10b 360,250 344,246 335,421Contributed surplus 10d 16,533 15,958 9,037Warrants - - 7,522Deficit (310,293) (307,232) (284,803)Equity Attributable to Shareholders 66,490 52,972 67,177Non-controlling interest 6,768 6,384 7,254Total Equity 73,258 59,356 74,431Total Liabilities and Equity 93,610 83,823 85,326 The accompanying notes are an integral part of these interim condensed consolidated financial statements. The interim condensed consolidated financial statements were approved by the Board on August 17, 2011 and were signed on its behalf by: (Signed) Cameron Barton (Signed) Neil Kelly Director Director

  • WENTWORTHRESOURCESLIMITEDUnauditedInterimCondensedConsolidatedStatementofComprehensiveIncome(Loss)FortheperiodendedJune30

    2

    3 months ended June 30, 6 months ended June 30, US $000s, unless otherwise stated

    2011 2010 2011 2010

    Note $ $ $ $ Total revenue 12 1,934 1,301 3,805 2,382 Operating expenses

    Production and operating (1,300) (1,392) (2,409) (2,177)Depreciation and depletion (505) (1,010) (1,111) (2,079)Gain (loss) on disposal of

    property and equipment

    7,8 (1) 2 (1) (41)General and administrative (1,951) (2,757) (4,617) (10,885)Other income 423 169 969 807Total operating expenses (3,334) (4,988) (7,169) (14,375) Total other income (expenses) Financing costs (145) (21) (302) (21)Gain on derivative financial liability

    2,347 - 457 -

    Redemption of bonds - - - 162 Net foreign exchange gain 274 28 532 11Total other income 2,476 7 687 152 Income (loss) and comprehensive income (loss)

    1,076 (3,680) (2,677) (11,841)

    Income (loss) and comprehensive income (loss) attributable to:

    Owners of the Company 760 (3,531) (3,061) (11,642)Non-controlling interest 316 (149) 384 (199)Income (loss) and comprehensive income (loss)

    1,076 (3,680) (2,677) (11,841)

    Earnings (loss) per share 16 Basic 0.01 (0.11) (0.04) (0.35)Diluted 0.01 (0.11) (0.04) (0.35) The accompanying notes are an integral part of these interim condensed consolidated financial statements.

  • WENTWORTHRESOURCESLIMITEDUnauditedInterimCondensedConsolidatedStatementofChangesinEquity

    3

    US $000s, unless otherwise stated

    Note Share

    Capital Contributed

    surplus Warrants Deficit

    Total

    Non-controlling

    interest Total Equity $ $ $ $ $ $ $ As at January 1, 2010 335,421 9,037 7,522 (284,803) 67,177 7,254 74,431 Loss and comprehensive loss - - - (11,642) (11,642) (199) (11,841)Share-based compensation - (776) - - (776) - (776)Share issuance 764 - - - 764 - 764 As at June 30, 2010 336,185 8,261 7,522 (296,445) 55,523 7,055 62,578 As at December 31, 2010 344,246 15,958 - (307,232) 52,972 6,384 59,356 Loss and comprehensive loss - - - (3,061) (3,061) 384 (2,677)Share-based compensation expense 11 - 575 - - 575 - 575 Share issuance 17,081 - - - 17,081 - 17,081 Share issue costs (1,077) - - - (1,077) - (1,077)As at June 30, 2011 360,250 16,533 - (310,293) 66,490 6,768 73,258

  • WENTWORTHRESOURCESLIMITEDUnauditedInterimCondensedConsolidatedStatementofCashflowsFortheperiodendedJune30

    4

    3 months ended June 30, 6 months ended June 30,US $000s, unless otherwise stated 2011 2010 2011 2010 Note $ $ $ $ Cash provided by (used for) the following activities Operating activities Loss for the period 1,076 (3,680) (2,677) (11,841)Add (deduct) non-cash items:

    Depreciation and depletion 7,8 505 1,010 1,111 2,079Loss (gain) on sale of property and equipment 1 (2) 1 41Share-based compensation expense 11 351 (13) 575 (12)Accretion and provision (753) (503) (2,059) 2,903Interest accrued 297 - 297 -Gain on derivative financial liability (2,347) - (457) -Unrealized foreign exchange loss (gain) (1,387) 215 (524) 675

    (2,257) (2,973) (3,733) (6,155)Changes in working capital:

    Change in inventories (100) (168) (206) 333Change in trade and other receivables 408 638 1,630 344Change in prepaid expenses and deposits (179) 147 23 (163)Change in trade and other payables (514) 586 (3,200) (454)

    Cash used in operations (2,642) (1,770) (5,486) (6,095) Investment activities Purchase of property and equipment and evaluation and exploration assets

    7,8 (293) (1,897) (1,259) (2,570)

    Proceeds from sale of property and equipment - 25 17 35Cash used in investing activities (293) (1,872) (1,242) (2,535) Financing activities Issuance of common shares 10b 3,554 - 17,081 -Share issue costs 10b (231) - (1,077) -(Repayments) proceeds of long term loan 9 54 622 - 5,888Other long term liabilities 69 - 69 -Proceeds from convertible loan - 1,500 - 1,500Repayment of convertible bonds - - - (2,340)Proceeds from redemption of convertible bonds - - - 2,340Cash held in trust release for general use - 60 - 60Finance expense - - - 121Cash provided by financing activities 3,446 2,182 16,073 7,569 Increase (decrease) in cash and cash equivalents 511 (1,460) 9,345 (1,061)Cash and cash equivalents, beginning of the period 13,421 2,543 4,587 2,144Cash and cash equivalents, end of the period 13,932 1,083 13,932 1,083

  • WENTWORTHRESOURCESLIMITEDNotestotheUnauditedInterimCondensedConsolidatedFinancialStatementsFortheperiodendedJune30,2011,US $000s, unless otherwise stated

    5

    1. Reporting Entity Wentworth Resources Limited (Wentworth or the Company) is an East African-focused oil and natural gas producer and explorer. Wentworth is actively involved in developing commercial opportunities for identified hydrocarbon resources, including Methanol, Ammonia, Urea, and electricity generation. The electricity generation and transmission and distribution activities are governed by the Electricity Act of the United Republic of Tanzania.

    2. Basis of preparation Statement of compliance International Financial Reporting Standards (IFRS) require entities that adopt IFRS to make an explicit and unreserved statement in their first annual IFRS financial statements of compliance with IFRS. The Company will make this statement when it issues its financial statements for the year ending December 31, 2011. These financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting (IAS 34) as issued by the International Accounting Standards Board (IASB) and using the accounting policies the Company expects to adopt in its consolidated financial statements for the year ending December 31, 2011. The Company adopted IFRS in accordance with IFRS 1 First-time Adoption of International Financial Reporting Standards (IFRS 1) with a transition date to IFRS of January 1, 2010. Consequently the comparative figures for 2010 and the Companys statement of financial position as at January 1, 2010 have been restated from accounting principles generally accepted in Canada (Canadian GAAP) to comply with IFRS. The preparation of these interim consolidated financial statements resulted in changes to the Companys accounting policies as presented in the consolidated financial statements for the year ended December 31, 2010 prepared under Canadian GAAP. The Companys accounting policies have been applied consistently to all years presented in these interim consolidated financial statements with the exception of certain IFRS 1 exemptions the Company applied in its transition from Canadian GAAP to IFRS as discussed in Note 18. These interim consolidated financial statements included all necessary disclosures required for interim financial statements but do not include all of the necessary disclosures required for annual financial statements. Therefore, these interim consolidated financial statements should be ready in conjunction with the annual audited consolidated financial statements and notes thereto for the year ended December 31, 2010 and the annual disclosures and accounting policies included in the interim consolidated financial statements as at and for the three months ended March 31, 2011. The standards that will be effective or available for voluntary early adoption in the consolidated financial statements for the year ending December 31, 2011 are subject to change and may be affected by additional interpretations. Accordingly the accounting policies will be finalized when the first annual IFRS consolidated financial statements are prepared for the year ending December 31, 2011. The accounting policies the Company expects to adopt in its consolidated financial statements as at and the year ending December 31, 2011 are disclosed in Note 3 of the Companys condensed interim consolidated financial statements as at and for the three months ended March 31, 2011. Basis of measurement These interim consolidated financial stat

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