Idea Transcript
22 February 2012 Append dix 4D (Rule 4.2A.3) Financia al Report For the half -year p period ended 31 Decem mber 2011 Results ffor announc cement to th he market (All com mparisons are to the half-ye ear ended 31 1 December 2010)
Revenue e Net profit after incom me tax (NPAT))
$’000
Up/Down
% mov vement
118,950
Up
6%
5,786
Down
(31%)
Audit This repo ort is based on the consolidated half-year financial report which h has been re eviewed.
Acquisitions and diisposals There we ere no acquisitions or disp posals in the period. p
entary on re esults for the e period Comme Revenue e was up $7.0 092 million on n the previou us correspond ding period d due to a high her average gold price ($1,652 per p ounce) which w was p partially offset by lower gold shipments (down 10,,090 ounces). Net cash flow from m operating a and investing g activities att $9.985 millio on was an improvement o of $13.864 million on the previouss correspondiing period an nd as a resultt cash and ca ash equivalents have incrreased to $44 4.351million as at 31 December 2 2011. The grosss profit of $17.242 million was down $9 9.381 million o on the corressponding half year period d. This was largely d due to the ac ccounting tre eatment of $5 5.000 million of o pre-strippin ng costs at th he Blue Gums open cut mine. Th he Company also incurred d higher mining expenses due to hard der ore being mined in the e open cut mines, lo ower capitalisation of min ning expense es and increa ased amortisa ation of the c capitalised m mining costs reflecting the increassed extractio on of ore from m the Navajo Chief open c cut mine. The profit after inco ome tax of the Group (NPAT) for the half-yea ar is $5.786 million (2010 0: profit of $8.402 million). m The decrease refle ects the higher operating costs recognised at the half year, as described above. Comme entary on the results is also provided in the ASX relea ase accompa anying this statement.
nds Dividen The Direc ctors do not recommend payment of a dividend. No N dividend was paid during the half y year or the correspo onding period d. Consequently there is no n record date.
Norton Gold Fiellds Limited d 79 Hop pe Street, South Brisba ane, Queen nsland 4101Australia ACN 112 287 797 Tel +61 (7) 3 3846 9200 Fax +61 (7) 3846 9232 www.norto ongoldfields.com.au
Net tangible assetss per share ((fully diluted d) The net tangible t asse ets per share were 18.14 cents for 31 De ecember 201 11 and 15.88 cents for 30 June J 2011.
nal 4D disclosures Addition Addition nal disclosure requirementts can be fou und in the Dire ectors’ Repo ort and conso olidated finan ncial report attached to this repo ort.
Pa age 2 of 2
NOR RTON GOLD G FIELDS LLIMITED D ACN 11 12 287 797
ancial Reporrt Interrim Fina for the e half-ye ear ende ed 31 De ecemberr 2011
Table o of Conten nts Directorrs’ report Auditor’’s independ dence decla aration Consolid dated state ement of co omprehensiv ve income Consolid dated state ement of financial posittion Consolid dated state ement of ch hanges in eq quity Consolid dated state ement of ca ash flows Notes to o the financ cial stateme ents Directorrs’ declaration Indepen ndent audittor’s review report to th he memberrs
1 2 3 4 5 6 7 12 13
This interim m financial rep port does not include all the notes of the type normally included in an n annual financ cial report. According gly, this report is to be read in conjunction n with the annu ual report for the t year ende ed 30 June 2011 and any public an nnouncementss made by Norton Gold Field ds Limited duriing the interim m reporting perriod in accord dance with the contin nuous disclosure requirements of the Corpo orations Act 20 001.
Norton n Gold Fie elds Limite ed 79 Hop pe Street, So outh Brisbane e, Queensla and 4101 Australia A ACN 112 287 797 Tel 61 (7) 3846 3 9200 FFax 61 (7) 32 255 0344 www.norton w ngoldfields.c com.au
Directo ors’ report The direc ctors present their reportt on the Norrton Gold Fie elds Limited Consolidated d Group (the Group) consisting of Norton Gold Fields Limited (the Company) and the entiities it contro olled at the end e of or he half-year ended e 31 De ecember 201 1. during th
Directorss The follow wing personss were directtors of Norton n Gold Fieldss Limited during the half-yyear period and a up to the date e of this reporrt: hy Prowse (Non-Executive e Chairman) A. Timoth W. Andrè è Labuschag gne (Managin ng Director) Anne Bi (Non-Executiive Director) u (Non-Execu utive Director) Allen Wu Xianhul ZZeng (Non-Exxecutive Director) appoin nted on 16 Se eptember 2011 Mark Wh heatley (Non--Executive Chairman) ressigned on 20 July 2011
Review o of operation ns Revenue e was up $7.092 million on o the previo ous correspo onding period due to a higher avera age gold price ($1,652 per oun nce) which was w partially offset by low wer gold shipments (down n 10,090 oun nces). Net w from opera ating and inv vesting activitties at $9.958 8 million was an a improvem ment of $13.8 864 million cash flow on the p previous corrresponding period p and a as a result cash and cassh equivalen nts have incrreased to $44.351 m million as at 31 3 Decembe er 2011. months ended 31 Decem mber 2011 wa as $9.381 million lower The gross profit of $17.242 million for the six m ed to the sam me period in the previouss financial ye ear ($26.623 million). m This w was largely due d to the compare accountting treatment of $5.000 million of p pre-stripping costs at the e Blue Gums open cut mine. m The Compan ny also incurrred higher mining m expensses due to ha arder ore be eing mined in n the open cut c mines, lower ca apitalization of o mining exp penses at the e Navajo Chief open cut mined comp pared to the e previous period, a and increase ed amortisatio on of the cap pitalised mining costs refle ecting the in ncreased extrraction of ore from m the Navajo o Chief open n cut mine. TThe Septemb ber and Dec cember Quarrterly Reports provide details of the key ope erational driv vers during th he period. mpany contin nued to reco ognise the H Hedging loss with $5.309 million expen nsed in the half h year. The Com The Hedg ging Reserve e shown in the e consolidate nt of changes in equity on n page 5 of this t report ed statemen will be fu ully allocated d as at 30 Ju une 2012. Thiis is an acco ounting treatment of a g gold hedge previously p closed o out. Norton is currently unh hedged. o the Group p (NPAT) forr the half-yea ar is $5.786 m million (2010: profit of The net profit after income tax of million). $8.402 m ber 2011 ha alf-year the Company raised $27.6 619 million tthrough the issue of During tthe Decemb 138,350,0 000 ordinary shares, at $0 0.20 per sha re, to Zijin Mining Group Co., Ltd. Th he proceeds from this share pla acement we ere used in a voluntary, pe enalty free, repayment of $30.000 milllion principal from the Compan ny’s $80.272 million m debt facility now a at $51.479 milllion (Senior Secured Note e).
Roundin ng of amounts estments Co The grou up has applied the relie ef available tto it in Austrralian Securities and Inve ommission (ASIC) C Class Order 98/100 and accordingly a c certain amounts in the financial repo ort and the Directors’ Report have been ro ounded off to o the nearest $1,000.
Auditor’ss independe ence declaration The audiitor’s independence dec claration as re equired unde er section 307C of the Co orporations Act A 2001 is set out o on page 2. ort is made in accordance e with a reso lution of the directors. This repo
abuschagne Andrè La Managin ng Director Brisbane 22 February 2012 1
Tel: +61 7 3237 5999 Fax: +61 7 3221 9227ww ww.bdo.com.au
Level 18, 300 Queen Q St BBrisbane QLD 40 000 G GPO Box 457, Brisbane QLD 400 01 AAustralia
DECLAR RATION OF INDEPENDEN I NCE BY A J WHYTE TO THE DIRECTTORS OF NO ORTON GOLLD FIELDS LIMITED As lead a auditor of No orton Gold Fields Limited for the half year y ended 31 3 Decembe er 2011, I dec clare that, to the be est of my kno owledge and d belief, there e have been no contrave entions of: quirements o of the Corporations Act 20 001 in • the auditor independence req and applicable co ode of professional cond uct in relatio on to the revie ew. • any a
relattion to the e review;
This declaration is in respect r of No orton Gold Fie elds Limited and a the entitties it controllled during th he period.
A J Why yte Directorr
BDO Au udit (QLD) Ptty Ltd
e Brisbane 22 Febru uary 2012
Austtralian company limited by guarantee. BDO Audit A (QLD) Pty Ltd and BDO (Australia) Lttd are members of BDO O International Ltd, a UK U company limited byy guarantee, and form part of th he international BDO nnetwork of independentt member firm. Liabilitty limited by a scheme approved under Professsional Standards Legislation (other than for tthe acts or omissions of o finan ncial services licenseess) in each State or Terriitory other than Tasmaania.
2
Conso olidated statement of o compre ehensive income for the half-yearr ended 31 3 Decem ber 2011
Notes Rev enue e Cost of sa ales
3
Gross pro ofit / (loss) Other inc come Administrativ e expense es Hedging loss
4
Profit / (lo oss) before fina ance costs Finance income Finance expenses e Profit / (lo oss) before tax x I ncome tax t (expense) benefit b Net profitt / (loss) for the e half year attributable to the e owners of the e parent en ntity
5
Half-ye ear 31 Decemb ber 20 011 $'0 000
Half-year 31 December 2010 $'000
118,95 50 (101,70 08)
111,858 (85,235)
17,24 42
26,623
3 31 (3,02 29) (5,30 09)
3 (5,012) (5,309)
8,93 35
16,305
61 2,16 (5,13 36)
1,914 (5,650)
5,96 60
12,569
74) (17
(4,167)
5,78 86
8,402
09 5,30 (1,59 93)
5,309 (1,593)
Other comprehensive income i for the e half year, ne et of tax
3,71 16
3,716
Total com mprehensive in ncome / (loss)) for the half ye ear attributable e to owners of the parent en ntity
02 9,50
12,118
Earnings / (loss) per sha are
Cen nts
Cents
0.7 0 0 0.7
1.3 1.3
Other comprehensive income i ment for the de eferred hedgin ng loss include ed in Reclassification adjustm profit and d loss I ncome tax t on items off other compre ehensiv e incom me
Basic earrnings / (loss) per p share Diluted earnings / (loss)) per share
The conso olidated statem ment of comprehensive inco ome should be e read in conju unction with the e accompany ying notes. 3
Conso olidated statement of o financia al position n As at 3 31 Decem mber 2011
Notes Assets Current Assets A Cash and d cash equiv alents Trade and d other receiv ables I nv entories Other asssets
31 Decembe er 2011 1 $'000 0
30 June 2011 $'000
44,351 10,413 3 27,759 9 4,933 3 87,456 6
36,775 5,712 18,549 4,707 65,743
11,750 0
11,750
Total Currrent Assets
99,206 6
77,493
Non-curre ent Assets Deferred tax assets Exploratio on and ev alua ation assets Capitalise ed mining costs Property, plant and equ uipment Other asssets
16,179 9 72,265 5 25,500 0 23,340 0 28,588 8
15,461 68,172 37,590 24,570 27,269
Total Non-current Assetss
165,872 2
173,062
Total Asse ets
265,078 8
250,555
Liabilitiess Current Liiabilities Trade and d other payables Prov isionss Financial liabilities
8 31,668 1,463 3 -
28,285 1,604 30,000
Total Currrent Liabilities
33,131
59,889
47,998 8 24,422 2 5,589 9
50,272 24,421 3,105
78,009 9
77,798
Total Liab bilities
111,140 0
137,687
Net Assetts
8 153,938
112,868
174,252 2 6,456 6 (26,770 0)
142,633 2,791 (32,556)
153,938 8
112,868
Assets cla assified as held d for sale
Non-curre ent Liabilities Financial liabilities Prov isionss Deferred tax liabilities
6
7
Total Non-current Liabilities
Equity Contributted equity Reserv es Accumula ated losses Total Equiity
8
The conso olidated statem ment of financ cial position sho ould be read in conjunction with the acco ompanying notes. 4
Conso olidated statement of o change es in equitty for the half-yearr ended 31 3 Decem ber 2011
Contribute ed equity $'0 000 At 1 July y 2010 Comprehensiv e incom me ofit after tax - Net pro - Allocattion of hedge reserv r e Total com mprehensive income i for the e half year ers in their Transacttions with owne capacity y as owners Contribu utions of equity y, net of transactiion costs and deferred d tax Conv erssion of conv errtible notes Non-cassh share based d payments At 31 December 2010 me Comprehensiv e incom ofit after tax - Net pro - Allocattion of hedge reserv r e Total com mprehensive income i for the e half year Transacttions with owne ers in their capacity y as owners Non-cassh share based d payments At 30 Jun ne 2011 Comprehensiv e incom me ofit after tax - Net pro - Allocattion of hedge reserv r e Total com mprehensive income i for the e half year ers in their Transacttions with owne capacity y as owners Contribu utions of equity y, net of transactiion costs and deferred d tax Non-cassh share based d payments At 31 December 2011
129,45 54
He edge resserve $'000 (14 4,865)
Share-based umulated payments Accu reserve r losses $'000 $'000 9,015
Total equity $'000
(45,698)
77,906
-
3,716 3
-
8,402 -
8,402 3,716
-
3 3,716
-
8,402
12,118
1,25 55 24 11,92 -
-
728
-
1,255 11,924 728
142,63 33
(11,149)
9,743
(37,296)
103,931
-
3,717 3
-
4,740 -
4,740 3,717
-
3 3,717
-
4,740
8,457
-
-
480
-
480
142,63 33
(7 7,432)
10,223
(32,556)
112,868
-
3,716 3
-
5,786 -
5,786 3,716
-
3 3,716
-
5,786
9,502
31,61 19 -
-
174,25 52
(3 3,716)
(51) 10,172
(26,770)
31,619 (51) 153,938
The conso olidated statem ment of chang ges in equity sh hould be read in conjunction n with the acc ompanying no otes.
5
Conso olidated statement of o cash flo ows for the half-yearr ended 31 3 Decem ber 2011 Half-yea ar 31 Decembe er 2011 1 $'000 0
Half-year 31 December D 2010 $'000
123,314 4 (102,628 8) 1,414 4 (2,202 2) -
121,758 (91,548) 2,264 (1,169) -
Net cash provided by operating o activ vities
19,898 8
31,305
Cash flow ws from investin ng activities Paymentss for plant and equipment Exploratio on and mine de ev elopment costs Payment for security de eposits
(528 8) (8,512 2) (900 0)
(8,223) (26,988) -
Net cash used in investiing activiities
(9,940 0)
(35,211)
Cash flow ws from financing activities Proceedss from issue of shares Repayme ent of borrowin ngs
27,618 8 (30,000 0)
1,256 (34,990)
Net cash used in financ cing activities
(2,382 2)
(33,734)
Net incre ase (decrease e) in cash and cash equivale ents Cash and d cash equiv alents at the beginning of the period
7,576 6 36,775 5
(37,640) 68,517
Cash and d cash equivalents at the end d of the reporting period
44,351
30,877
Cash flow ws from operatiing activities Receipts in the course of o operations Paymentss in the course of operations I nterest re eceiv ed I nterest and a borrowing costs paid Taxes paid d
The conso olidated statem ment of cash flows should be e read in conju unction with th he accompanyying notes.
6
Notes to the fina ancial stattements for the half-yearr ended 31 3 Decem ber 2011 Note 1.
Basis of preparation of the half-y year report
erim half-yea ar reporting period ended 31 Dece ember 2011 has been This financial report for the inte d in accord dance with Accounting Standard AASB A 134 Intterim Financ cial Reporting g and the prepared Corporations Act 20 001. Complia ance with A AASB 134 en nsures compliance with Internationa al Financial AS 34 Interim m Financial Re eporting. Reporting Standard IA orical cost basis b has be een used, exxcept for certain financ cial instrume ents which have h been The histo measure ed at fair valu ue. r does not n include a all the disclossures of the ty ype normallyy included in an annual This interiim financial report financiall report and therefore ca annot be exp pected to provide as full an understa he financial anding of th performa ance, financial position and a financing g and investin ng activities of o the conso lidated entity y as the full financiall report. Acc cordingly, this interim fina ancial reportt is to be read in conjun nction with the t annual financiall report for th he year ende ed 30 June 2 2011 and any y public anno ouncementss made by Norton Gold Fields Limited during the interim reporting g period in accordance with the continuous disclosure ments of the Corporations C Act 2001. requirem ethods of co omputation adopted a are e consistent w with those of o the most The accounting policies and me annual financ cial report. recent a up has adoptted all of the e new and re evised Standa ards and Inte erpretations iissued by the e Australian The grou Accountting Standard ds Board (the e AASB) thatt are relevan nt to its opera ations and e effective for the t current annual rreporting perriod. The ado option of the ese new and d revised Sta andards and Interpretatio ons did not have an ny material fin nancial impa act on the a mounts reco ognised in the e financial sttatements off the group or periods. for the current or prio
Note 2
Segment reporting
ation of repo ortable segme ents Identifica The grou up has identiffied its opera ating segmen nts based on n the internal reports thatt are reviewe ed by the chief op perating deciision makers (the board o of directors) in assessing performance e and in dettermining the alloc cation of reso ources. up operates in the gold mining m industtry and deriv ves virtually all a revenue frrom the sale e of gold. The grou The ope erating segments identifie ed by mana gement are Paddington n Operationss and Mountt Morgan Project. ents Descriptiion of segme The conssolidated entity has identified its repo ortable operrating segme ents based o on the interna al reports that are reviewed an nd used by th he board of directors in assessing a performance an nd in determ mining the allocatio on of resource es. Its reportin ng is on an o operational basis. b ortable segm ments broadly y align with tw wo geographical locations in Australi a as this is th he source The repo of the co onsolidated entity’s e majo or assets and operating activities a whic ch has the m most effect on n rates of return. Th he reportable e segments are a identified d as follows: Padd dington Operrations: this segment s invo olves the Pad ddington and Bellamel ttenements in n Western Austra alia engaged d in exploration, gold min ning, processing of ore, an nd selling of g gold bullion. Moun nt Morgan Project: Moun nt Morgan iss engaged in n the evalua ation, develo opment, con nstruction and e eventual ope eration of a gold g mine an nd mill in Que eensland.
7
Notes to the fina ancial stattements (c continued d) for the half-yearr ended 31 3 Decem ber 2011 Note 2
Segment reporting (c cont)
n Segmentt information The follo owing table presents p information for rreportable se egments for the half-yea ar ended 31 December d 31 Decemb ber 2010. 2011 and
Pad ddington Op perations $'000
Mount Morgan Project $'000
Total $'000
Half-yearr ended 31 De ecember 2011 Total segment rev enue e from externa al customers Segment EBI TDA
118,950 35,570
(144)
118,950 35,426
Half-yearr ended 31 De ecember 2010 Total segment rev enue e from externa al customers Segment EBI TDA
111,858 36,403
(177)
111,858 36,226
us is both the revenue and d operating c costs of the operations. o Hence, H the b board monito ors segment The focu performa ance based on EBITDA (which exclu udes certain n profit or lo oss items as well as reclassification adjustme ents from oth her comprehe ensive incom me). Reconciliation of segm ment EBI TDA to profit before income tax is as follows: Half-year Half-year 31 De ecember 31 December 2010 2011 $'000 $'000 Segment EBI TDA Hedging loss Deprecia ation and Amo ortisation Finance income i Finance costs c Corporatte office activ v ities Other Profit beffore income ta ax
35,426 (5,309) (18,267) 2,161 (5,014) (2,961) (76)
36,226 (5,309) (10,254) 1,914 (5,650) (3,950) (408)
5,960
12,569
8
Notes to the fina ancial stattements (c continued d) for the half-yearr ended 31 3 Decem ber 2011 Note 2
Segment reporting (c cont)
a based on the o operations of the segment and which segment enjjoys the risk Segmentt assets are allocated and ben nefits of owne ership (as opp posed to leg al ownership p). Pad ddington Op perations $'000
Mount Morgan Project $'000
Total $'000
Total segment assets At 31 Dec cember 2011
177,835
12,495
190,330
At 30 June 2011
172,610
12,395
185,005
Reconcilia ation of segmen nt assets to the group's g assets is as follows:
31 December D 2011 $'000 Group allocated assets ated: Unalloca Trade and d other receiv v ables Cash and d cash equiv alents a Deferred d tax assets Exploratio on and ev alua ation assets Property plant and equ uipment Deferred d settlement re eceiv able Other asssets Other
190,330
Total asse ets
265,078
Note 3
657 43,837 16,179 652 61 13,906 (544)
30 June 2011 $'000 185,005 597 35,950 15,461 652 71 13,206 55 (442) 250,555
Cost of Sa ales Half-year Half-year 31 December D 31 December 2011 2010 $'000 $'000
Mining Exxpenses Milling Co osts Maintena ance Haulage Royalties General site costs Change in inv entories ation and amo ortisation Deprecia
47,836 16,526 9,315 9,779 2,887 5,729 (8,606) 18,242 101,708
30,002 16,839 9,252 11,285 2,791 5,102 (265) 10,229 85,235
The costt of sales was w influence ed by highe er mining co osts expense ed and incrreased amortisation of capitalised mining costs. These were w partiallyy offset by increased stoc ckpiles of low wer grade orre from the Chief open cut c mine. These stockpiless will be processed as opp portunities ariise. Navajo C her mining co osts relate to o harder ore being mined d in the open cut mines, lower capitalization of The high mining c costs at the Navajo N Chieff open cut m mine compare ed to the pre evious period d and the ex xpensing of all pre-sttripping costts associated d with the Bl ue Gums op pen cut mine ($4.966 miillion). The pre-stripping costs at tthe Blue Gum ms open cut mine were e expensed bec cause opera ations within tthis open cutt is planned to comm mence and cease within the curre ent financial year and therefore t in accordance e with the accountting standard ds all costs asssociated witth this open cut c have bee en expensed .
9
Notes to the fina ancial stattements (c continued d) for the half-yearr ended 31 3 Decem ber 2011 eased amorttisation of the capitalised d mining cossts reflects th he increased extraction of o ore from The incre the Nava ajo Chief ope en cut mine and a the cha nge in statuss from pre-strip to full scale e operations.
Note 4
Administra ative expen nses Half-ye ear 31 Decemb ber 20 011 $'0 000
Office exxpenditure Deprecia ation Rental exxpense I nsurance e Directors fees Profession nal and consu ulting fees
Note 5
1,58 86 2 26 6 68 4 48 14 11 87 1,18
3,239 25 65 61 271 1,351
3,02 29
5,012
Income ta ax (expense e) / benefit
Deferred tax expense relating r to the origination an nd rev ersal of temporarry differences
Note 6
Half-year 31 December 2010 $'000
Half-ye ear 31 Decemb ber 20 011 $'0 000
Half-year 31 December 2010 $'000
(17 74)
(4,167)
Assets cla assified as held h for sale e
In May 2 2011, the dire ectors of Norton Gold Fie elds Limited re esolved for managemen m nt to investiga ate options to sell itss Mount Morgan Project assets (inclu ding teneme ent assets an nd a parcel of property, plant and equipme ent). Manage ement of No orton no long ger consider the t Mount Morgan M Projec ct assets as core c to the group and with the endorsemen nt of the bo oard are currrently active ely pursuing the sale of the Mount ets. There arre several in terested parrties regardin ng the sale of the Mount Morgan Morgan Project asse assets with a sale expecte ed to occur in the next 12 months. Th hese assets a re presented d within the Project a Mount M Morgan segm ment in note 2. 2
Note 7
Financial Liabilities 31 Decemb ber 20 011 $'0 000
30 June 2011 $'000
Current Senior Secured Note Non-current Senior Secured Note cription fee Net subsc
51,47 79 (3,48 81)
50,272 -
Total finan ncial liabilities
47,99 98
50,272
-
30,000
The Senio or Secured Note N is a sec cured debt fa acility provided by Merrill Lynch. The Company exercised its option to o make a pe enalty free early e repaym ent of $30.00 00 million in September S 22011, which it i made by utilizing ffunds raised from f the placement of 1 38,350,000 ordinary share es, at $0.20 p per share, to Zijin Mining Group C Co., Ltd. In Ju uly 2011, the Company is sued 25,000,000 shares to o Merrill Lync ch as a subsc cription fee under the refinancing g announced d 18 April 201 cription fee is being unwo ound over the e life of the 11. The subsc ecured Note.. Senior Se 10
Notes to the fina ancial stattements (c continued d) for the half-yearr ended 31 3 Decem ber 2011 nior Secured Note: Paymentt terms of Sen The rema aining princip pal will be paid p in four in nstalments, with w $5.000 million m to be p paid in each h of March 2013 and d Septembe er 2013 and the balance e to be paid d in two equ ual instalmen nts in March 2014 and Septemb ber 2014. Inte erest will be paid half ye early on all outstanding principal p amo ounts at an annualised a rate of 11%. Additio onal interest is payable in kind (PIK)) and will be e compound ded half yearly on all ding amountss at an annua alised interesst of 4%. outstand
Note 8
Contribute ed equity Half-yearr 31 Decemberr 2011 Sharess
(a)
30 Jun ne 201 11 Share es
Half-year 31 De ecember 2011 $'000
30 June 2011 $'000
Share Capital
Fully paid d ordinary sharres
(b) Mov vements in ordiinary share cap pital Fully paid ordinary shares Conv ersio on of Conv ertib ble note equity y component 1
Opening balance at 1 Ju uly Issues of ordinary o sharess during the half year Conv ersio on of conv ertib ble notes
849,580,265
685,880,26 65
174,252
142,633
Half-yearr 31 Decemberr 2011 Sharess
Half-yea ar 31 Decembe er 201 10 Share es
Half-year 31 De ecember 2011 $'000
Half-year 31 1 December 2010 $'000
-
-
-
128,345
-
-
-
685,880,265
619,221,15 58
142,633
1,109 129,454
-
56,800,00 00
-
11,923
Shares issu ued to Merrill Ly ynch as a subsc cription fee
25,000,000
-
4,000
-
Shares issu ued to Zijin for cash c - tranche 1 Shares issu ued to Zijin for cash c - tranche 2 Employee e employment contract c performance share issues Options exercised e
72,100,000 66,250,000
-
14,405 13,214
-
350,000 -
1,330,00 00 7,479,10 07 684,830,26 65
-
1,256
1
849,580,265
174,252
142,633
Upon conversion of o the convertible notes th he convertible note equity y componentt was transferred to fully paid o ordinary share es.
Note 9
Contingencies
The group p had no con ntingent liabilities at 31 Dec cember 2011.
Note 10 0 Events oc ccurring afte er the balan nce sheet da ate There are e no subseque ent events.
Note 11 Rounding of amountss up satisfies the requirem ments of Cla ass Order 98 8/100 issued by the Au ustralian Securities and The grou Investme ents Commisssion relating g to “roundin ng off” of amounts a in the financial report to the nearest thousand d dollars. Am mounts have been b rounde ed off in acco ordance with h that Class O Order. 11
Directo ors’ decla aration The direc ctors of the Company C declare that: (a)
(b)
The attach hed financia al statementss and notes are in acco ordance with h the Corporations Act 2001 and: Standard AASB omply with Accounting A A 134 Interim Financiial Reporting g and the (i) co Co orporations Regulations R 2 2001; and (ii) giv ve a true and a fair view w of the co onsolidated entity’s e finan ncial position n as at 31 De ecember 2011 and of its p performance e for the half--year ended on that date e. In the dire ectors’ opinio on, there are e reasonable e grounds to believe thatt the Compa any will be able to pa ay its debts ass and when tthey become e due and pa ayable.
ade in accord dance with a resolution of o the directo ors. This declaration is ma
abuschagne Andrè La Managin ng Director Brisbane 22 February 2012
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Tel: +61 7 3239 5999 Fax: +61 7 3221 9227 www.bd do.com.au
LLevel 18, 300 Queen Q St BBrisbane QLD 40 000 G GPO Box 457, Brisbane QLD 400 01 AAustralia
INDEPE ENDENT AUDITOR’S REVIEW REEPORT TO THE E MEMBERS S OF NORTON GOLD D FIELDS LIMITED L Report on the Half-Ye ear Financial Report e reviewed the t accomp panying half-yyear financia al report of Norton N Gold Fields Limite ed, which We have comprise es the conssolidated sta atement of financial po osition as at a 31 Decem mber 2011, and the consolidated statem ment of comp prehensive in ncome, conssolidated statement of ch quity and hanges in eq ment of cash h flows for tthe half-yea ar ended on n that date,, notes com mprising a consolidated statem nt of signific cant accoun nting policiess and other explanatory y information n, and the directors’ statemen declarattion of the consolidated entity comp prising the dissclosing entitty and the e entities it con ntrolled at the half-y year’s end or from time to o time during g the half-yea ar. Directorss’ Responsibillity for the Ha alf-Year Finan ncial Report ctors of the disclosing d entity are respo onsible for the preparatio on of the halff-year financ cial report The direc that giv ves a true and a fair view in accorrdance with Australian Accounting Standards and the 01 and for su uch internal control as th he directors determine is necessary to enable Corporations Act 200 paration of th he half-year financial f repo ort that is free from mate erial misstatem ment, whether due to the prep fraud or error. Auditor’ss Responsibiliity Our resp ponsibility is to o express a conclusion o on the half-year financial report base ed on our review. We conductted our revie ew in accorrdance with Auditing Standard on Review Enga agements ASRE A 2410 Review o of a Financial Report Pe erformed by the Independent Auditor of the En ntity, in orderr to state whether,, on the basis of the proc cedures desc cribed, we ha ave become e aware of a ny matter that makes us believ ve that the half-year fin nancial repo ort is not in accordance a Corporations Act 2001 with the C including g: giving a trrue and fair view v of the c consolidated d entity’s fina ancial positio n as at 31 December 2011 and its perform mance for th he half-yearr ended on that date; and complyying with Ac ccounting d AASB 134 In nterim Financ cial Reporting g and the Co orporations Regulations R 22001. As the auditor a of Standard Norton G Gold Fields Lim mited, ASRE 2410 requiress that we comply with the ethical req quirements re elevant to the audit of the annu ual financial report. r w of a half-ye ear financial report consissts of making g enquiries, primarily p of p persons respo onsible for A review financiall and accou unting matters, and appllying analytic cal and othe er review pro ocedures. A review is substantially less in sc cope than an audit cond ducted in ac ccordance with w Australia an Auditing Standards S nsequently does d not enable us to o obtain assurrance that we w would b become awa are of all and con significan nt matters that might be identified i in a an audit. Acc cordingly, we e do not exp press an auditt opinion. Independence ucting our rev view, we hav ve complied d with the ind dependence requirementts of the Corrporations In condu Act 2001. We confirm m that the ind dependence e declaration n required by the Corpora ations Act 2001, which n given to the directors of o Norton Golld Fields Limitted, would be in the same ven to the has been e terms if giv directorss as at the tim me of this aud ditor’s report..
BDO Audit (QL LD) Pty Ltd ABN 33 134 1 022 870 is a member of a national associaation of independent en ntities which are all me embers of BDO Austral alia Ltd ABN 77 050 11 10 275, an Australlian company limited by b guarantee. BDO Aud dit (QLD) Pty Ltd and BDO Australia Ltd aree members of BDO International Ltd, a UK co company limited by guarantee, and form part of the internaational BDO network of o independent membeer firms. Liability limiteed by a scheme approved under Professional Standards Legislation (other than for tthe acts or omissions of o financial services liceensees) in each State or Territory other than Tasmania. T
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INDEPE ENDENT AUDITOR’S REVIEW REEPORT TO THE E MEMBERS S OF NORTON GOLD L (C CONTINUED D) D FIELDS LIMITED Conclusiion n our review w, which is no ot an audit, w we have not become aw ware of any matter that makes us Based on believe tthat the halff-year financ cial report of Norton Gold d Fields Limited is not in a e with the accordance Corporations Act 200 01 including: (a) giv ving a true and a fair view of the conso olidated entity’s financial position as a at 31 Decem mber 2011 an nd of its perfo ormance for the half-yea r ended on that t date; an nd (b) co omplying witth Accountin ng Standard AASB 134 Interim Finan ncial Reportin ng and Corrporations Re egulations 20 001.
dit (QLD) Pty Ltd BDO Aud
A J Whytte Director Brisbane 22 February 2012
BDO Audit (QL LD) Pty Ltd ABN 33 134 1 022 870 is a member of a national associaation of independent en ntities which are all me embers of BDO Austral alia Ltd ABN 77 050 11 10 275, an Australlian company limited by b guarantee. BDO Aud dit (QLD) Pty Ltd and BDO Australia Ltd aree members of BDO International Ltd, a UK co company limited by guarantee, and form part of the internaational BDO network of o independent membeer firms. Liability limiteed by a scheme approved under Professional Standards Legislation (other than for tthe acts or omissions of o financial services liceensees) in each State or Territory other than Tasmania. T
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