1 Oct 2010 07:00
30 September 2010
Australian Securities ExchangeLevel 4, 20 Bridge StreetSYDNEY NSW 2000Via e-lodgementANNUAL REPORT
Set out below is a summary of the Company's full year annual accounts for the year ended 30 June 2010 as extracted from the annual report, being:
* Statement of Comprehensive Income;
* Statement of Financial Position;
* Statement of Changes in Equity; and
* Statement of Cashflow.
A copy of the full Annual Report is available on the company's website www.rangeresources.com.au and also the Australian Securities Exchange website www.asx.com.au .
For and on behalf of the Board
Yours faithfullyPeter LandauExecutive Director STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2010 Note Consolidated 2010 2009 $ $ Revenue from continuing operations Revenue from continuing operations 3 581,102 155,016 Other income 3 138,332 27,147 Expenses from continuing operations Operating costs 4 (237,643) - Finance costs 4 (75,769) (8,441) Depreciation expense 4 (49,407) (40,964) Directors fees 6 (409,996) (494,868) Directors remuneration 6 - (324,869) Directors share based payment 6 & 26 (1,380,000) (50,000) Corporate management services (700,000) (388,000) Consultants (3,542,487) (1,612,772) Foreign exchange loss (337,600) - Marketing and public relations (550,431) (124,477) Costs associated with AIM listing (181,775) (152,422) Travel expenditure (397,377) (293,447) Write down of available for sale assets (1,097,624) (2,552,750) Other expenses 4 (597,911) (1,522,219) Loss before income tax expense from continuing (8,838,586) (7,383,066)operations Income tax expense 5 - - Loss after tax from continuing operations (8,838,586) (7,383,066) Loss from discontinued operations 8 - (1,140,132)
Loss for the year attributable to equity holders (8,838,586) (8,523,198) of Range Resources Limited
Other comprehensive income Revaluation of available for sale assets 12,250 835,439 Other comprehensive income for the year, net of 12,250 835,439tax
Total comprehensive loss attributable to equity (8,826,336) (7,687,759) holders of Range Resources Limited
Overall operations EPS from continuing operations: Basic loss per share (cents per share) 9 (1.4) (3.2) Diluted loss per share (cents per share) n/a n/a EPS from discontinued operations: Basic loss per share (cents per share) 9 - (0.5) Diluted loss per share (cents per share) - n/a The Company's potential ordinary shares were not considered dilutive (refer Note 9). STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2010 Note Consolidated 2010 2009 $ $ ASSETS CURRENT ASSETS Cash and cash equivalents 10 7,398,470 416,417 Trade and other receivables 11 2,038,997 42,451 Other current assets 12 200,000 52,225 TOTAL CURRENT ASSETS 9,637,467 511,093 NON-CURRENT ASSETS Financial assets available for sale 13 420,147 1,191,689 Property, plant and equipment 15 24,837 49,779 Exploration & Evaluation Expenditure 16 83,848,855 79,888,841 Development Assets 17 3,359,401 - Prepayments for Investments 18 13,811,660 - TOTAL NON-CURRENT ASSETS 101,464,900 81,130,309 TOTAL ASSETS 111,102,367 81,641,402 CURRENT LIABILITIES Trade and other payables 19 1,587,397 770,027 Provision 6,211 - TOTAL LIABILITIES 1,593,608 770,027 NET ASSETS 109,508,759 80,871,375 EQUITY Contributed equity 20 137,327,825 104,063,285 Reserves 21 16,490,760 12,279,180 Accumulated losses (44,309,826) (35,471,090) TOTAL EQUITY 109,508,759 80,871,375 STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2010 Consolidated Note Contributed Share-based Option Available Accumulated Total Equity Payment Premium for Sale Losses Equity Reserve Reserve Investment Revaluation Reserve $ $ $ $ $ $ Balance at 30 101,619,057 931,939 10,918,214 (835,439) (28,347,985) 84,285,786June 2008 Revaluation in - - - 835,439 - 835,439investments Transferred to 21 - (762,854) (637,239) - 1,400,093 -accumulated losses Loss attributable - - - - (8,523,198) (8,523,198)to members of the company Total - (762,854) (637,239) 835,439 (7,123,105) (7,687,759)comprehensive income and expense for the year Transactions with owners in their capacity as owners: Issue of share 20 955,000 - - - - 955,000capital (a) Exercise of 20 1,585,237 - - - - 1,585,237options (a) Issue costs 21 (96,009) - (39,351) - - (135,360) (b) Issue of options 21 - - 1,569,787 - - 1,569,787 (b) Cost of - 298,684 - - - 298,684share-based payment Balance at 30 104,063,285 467,769 11,811,411 - (35,471,090) 80,871,225June 2009 Revaluation in - - - 12,250 - 12,250investments Loss attributable - - - - (8,838,586) (8,838,586)to members of the company Total - - - 12,250 (8,838,586) (8,826,336)comprehensive income and expense for the year Transactions with owners in their capacity as owners: Issue of share 20 34,904,421 - - - - 34,904,421capital (a) Exercise of 20 380,032 - - - - 380,032options (a) Issue costs 20 (2,019,913) - - - - (2,019,913) Cost of - 4,199,330 - - - 4,199,330share-based payment Balance at 30 137,327,825 4,667,099 11,811,411 12,250 (44,309,826) 109,508,759June 2010 STATEMENT OF CASH FLOWS FOR YEAR ENDED 30 JUNE 2010 Note Consolidated 2010 2009 $ $ CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 513,678 - Payments to suppliers and employees (4,227,015) (2,411,819) Interest received 18,407 56,484 Interest & other finance costs (72,943) (2,860)
Net cash outflow from operating activities 25 (3,767,873) (2,358,195)
CASH FLOWS FROM INVESTING ACTIVITIES Payment for property, plant & equipment (5,842) (168,420) Payment for development assets (3,371,814) - Payment for investments (10,282,357) - Payments for exploration and evaluation (3,718,227) (3,974,922)assets Loans to external parties (193,185) - Net cash outflow from investing activities (17,571,425) (4,143,342) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of equity 28,264,974 2,915,955 Payment of equity issue costs (1,543,625) (135,361) Proceeds from borrowings 1,600,000 - Net cash inflow from financing activities 28,321,350 2,780,594 Net increase / (decrease) in cash and cash 6,982,053 (3,720,943)equivalents Cash and cash equivalents at beginning of 416,417 4,137,360financial year Cash and cash equivalents at end of 10 7,398,470 416,417financial year 9ABN 88 002 522 009Ground Floor, 1 Havelock StreetWEST PERTH WA 6005Ph: +61 8 9488 5220Fax: +61 8 9324 2400admin@rangeresources.com.au
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