Olympia Resources - Annual Report 2007 - Consolidated Financials

Annual Report 2007 > Consolidated Financials

INCOME STATEMENT
for the year ended 30 June 2007

		Consolidated	Parent
	Notes	2007 $	2007 $	2006 $
Revenue	2	1,011,014	90,190	82,694
Other revenue	2	199,237	254,601	44,323
Total revenue		1,210,251	344,791	127,017
Cost of goods sold	2	(932,280)	(86,546)	(76,888)
Borrowing costs	2	(4,408)	(4,408)	(20,147)
Depreciation and amortisation expenses	2	(43,837)	(43,837)	(36,816)
Employee expenses	2	(862,187)	(827,382)	(723,394)
Impairment of loans to subsidiaries	2	-	(1,324,695)	-
Other expenses	2	(1,566,479)	(132,628)	(802,036)
Loss before income tax		(2,198,940)	(2,074,705)	(1,532,264)

Income tax benefit	3	222,475	222,475	166,780
Net loss for the period		(1,976,465)	(1,852,230)	(1,365,484)
Loss attributable to minority interest		185,797	-	-
Net loss attributable to members of parent		(1,790,668)	(1,852,230)	(1,365,484)


Basic earnings per share (cents)	29	(1.72)	(1.78)	(1.99)
Diluted earnings per share (cents)	29	(1.72)	(1.78)	(1.99)

The above income statement should be read in conjunction with the accompanying notes.

		Consolidated	Parent
	Notes	2007 $	2007 $	2006 $
Current Assets
Cash assets	4	2,465,754	2,440,847	2,338,102
Receivables	5	447,226	300,592	106,152
Inventories	6	70,385	-	-
Loan receivables	7	59,400	1,483,744	-
Other	8	71,220	67,134	25,662
Total Current Assets		3,113,985	4,292,317	2,469,916

Non-Current Assets
Available for sale assets	9	-	-	5,500
Property, plant and equipment	10	9,149,547	7,986,069	3,839,241
Deferred exploration	11	2,022,316	1,922,316	3,412,724
Financial assets	12	-	126,005	-
Other	8	30,814	-	-
Total Non-Current Assets		11,202,677	10,034,390	7,257,465

Total Assets		14,316,662	14,326,707	9,727,381

Current Liabilities
Payables	13	712,170	596,211	421,222
Provisions	14	27,710	27,710	23,396
Financial liabilities	15	11,450	11,450	12,525
Total Current Liabilities		751,330	635,371	457,143

Non-Current Liabilities
Financial liabilities	15	34,885	34,885	46,352
Total Non-Current Liabilities		34,885	34,885	46,352

Total Liabilities		786,215	670,256	503,495

Net Assets		13,530,447	13,656,451	9,223,886

Equity
Contributed equity	16	20,044,412	20,044,412	13,808,155
Reserves	18	769,266	785,038	736,500
Accumulated losses		(7,111,437)	(7,172,999)	(5,320,769)
Parent Equity Interest		13,702,241	13,656,451	9,223,886
Minority Interest		(171,794)	-	-
Total Equity		13,530,447	13,656,451	9,223,886

The above income statement should be read in conjunction with the accompanying notes.

		Consolidated	Parent
	Notes	2007 $	2007 $	2006 $
Cash Flows From Operating Activities
Receipts from customers		958,583	-	-
Interest received		82,412	81,861	42,816
Finance costs		(4,408)	(4,408)	(20,147)
Payment to suppliers and employees		(2,422,860)	(532,187)	(1,194,718)
Income tax benefit		-	-	166,780
Net Cash Used In Operating Activities	19(a)	(1,386,273)	(454,734)	(1,005,269)

Cash Flows From Investing Activities
Proceeds from sale of property, plant and equipment		-	-	693
Payments for exploration, evaluation and development expenditure		(4,695,472)	(3,174,633)	(3,584,933)
Purchase of property, plant and equipment		(66,171)	(23,652)	(129,471)
Proceeds from sale of investments		12,121	12,121	-
Shares purchased in subsidiaries		-	(126,005)	-
Other		14,003	-	-
Net Cash Used In Investing Activities		(4,735,519)	(3,312,169)	(3,713,711)

Cash Flows From Financing Activities
Proceeds from the issue of shares		6,721,966	6,721,966	6,278,975
Payments for share issue costs		(459,980)	(459,980)	(357,601)
Proceeds from borrowings		-	-	34,781
Loans made to subsidiaries		-	(2,379,796)	-
Repayment of borrowings		(12,542)	(12,542)	(6,758)
Net Cash Inflows From Financing Activities		6,249,444	3,869,648	5,949,397

Net Increase In Cash Held		127,652	102,745	1,230,417
Cash at the beginning of the financial year		2,338,102	2,338,102	1,107,685
Cash at the end of the financial year	19(b)	2,465,754	2,440,847	2,338,102

The above cash flow statement should be read in conjunction with the accompanying notes.

CONSOLIDATED	Issued Capital $	Accumulated Losses $	Foreign Currency Translation Reserve $	Minority Interest $	Options Interest $	Total Equity $
Balance at 1 July 2006	13,808,155	(5,320,769)	-	-	736,500	9,223,886
Shares issued during the period	6,721,966	-	-	-	-	6,721,966
Loss attributable to members of the parent entity	-	(1,790,668)	-	-	-	(1,790,668)
Loss attributable to minority shareholders	-	-	-	(185,797)	-	(185,797)
Shares issued to minority shareholders	-	-	-	14,003	-	14,003
Cost of issue of share capital	(485,709)	-	-	-	-	(485,709)
Adjustment for translation of foreign controlled entities	-	-	(15,772)	-	-	(15,772)
Cost of share based payments	-	-	-	-	48,538	48,538
Balance at 30 June 2007	20,044,412	(7,111,437)	(15,772)	(171,794)	785,038	13,530,447

PARENT	Issued Capital $	Accumulated Losses $	Options Reserves $	Total Equity $
Balance at 1 July 2005	7,763,031	(3,955,285)	511,328	4,319,074
Shares issued during the period	6,402,725	-	-	6,402,725
Loss attributable to members	-	(1,365,484)	-	(1,365,484)
Cost of issue of share capital	(357,601)	-	-	(357,601)
Cost of share based payments	-	-	225,172	225,172
Balance at 30 June 2006	13,808,155	(5,320,769)	736,500	9,223,886

Balance at 1 July 2006	13,808,155	(5,320,769)	736,500	9,223,886
Shares issued during the period	6,721,966	-	-	6,721,966
Loss attributable to members	-	(1,852,230)	-	(1,852,230)
Cost of issue of share capital	(485,709)	-	-	(485,709)
Cost of share based payments	-	-	48,538	48,538
Balance at 30 June 2007	20,044,412	(7,172,999)	785,038	13,656,451

The above statement of changes in equity should be read in conjunction with the accompanying notes