BASE RESOURCES LIMITED
ABN 88 125 546 910
Interim Financial Report For the six-month period ended
31 December 2020
TABLE OF CONTENTS
Results for Announcement to Market
Directors' Report
Lead Auditor's Independence Declaration
Consolidated Condensed Statement of Profit or Loss and Other Comprehensive Income
Consolidated Condensed Statement of Financial Position
Consolidated Condensed Statement of Changes in Equity
Consolidated Condensed Statement of Cash Flows
Notes to the Financial Statements
Directors' Declaration
Independent Auditor's Review Report
Corporate Directory
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2
RESULTS FOR ANNOUNCEMENT TO THE MARKET
Provided below are the Results for Announcement to the Market in accordance with ASX Listing Rule 4.2A.3 and Appendix 4D for Base Resources Limited (Base Resources or the Company) and its controlled entities (together with Base Resources, the Group) for the half-year ended 31 December 2020 (the reporting period or half-year) compared with the half-year ended 31 December 2019 (the comparative period).
Consolidated results
Movement (US$000s) US$000s
Sales revenue from ordinary activities
down $10,700 (by 13%) to $72,763
Loss from ordinary activities after tax attributable to members of Base Resources
down $15,481 (by 170%) to $6,338
Net loss after tax attributable to members of Base Resources
down $15,481 (by 170%) to $6,338
Asset backing | Unit | 31 December 2020 | 31 December 2019 |
Shares on issue | number | 1,178,011,850 | 1,171,609,774 |
Net tangible assets | US$000s | $181,576 | $199,638 |
Net tangible assets per share | US$/share | $0.15 | $0.17 |
Net assets | US$000s | $332,286 | $330,968 |
Net assets per share | US$/share | $0.28 | $0.28 |
In accordance with Chapter 19 of the ASX Listing Rules, net tangible assets per share represent total assets less intangible assets less liabilities ranking ahead of, or equally with, ordinary share capital, divided by the number of ordinary shares on issue at the end of the half-year. Capitalised exploration and evaluation assets have been treated as intangible assets and have therefore been excluded from the calculation of net tangible assets.
Dividends
In October 2020, Base Resources paid a maiden dividend of AUD 3.5 cents per share, unfranked. After the reporting period, the Base Resources Board determined to pay a half-year dividend of AUD 3 cents per share, unfranked, with a record date of 15 March 2021 and payment date of 31 March 2021. The financial impact of the half-year dividend, estimated to be approximately US$27.5 million (based on the prevailing AUD:USD exchange rate), has not been recognised in the Consolidated Interim Financial Statements for the reporting period.
Details of entities over which control was gained or lost during the period
None.
Independent auditor's review report
The Consolidated Financial Statements upon which the above information is based have been reviewed and the Independent Auditor's Review Report to the members of Base Resources is included in the accompanying Interim Financial Report.
Commentary
Commentary on the results for the reporting period is contained within the accompanying Interim Financial Report. It is recommended that the Interim Financial Report is read in conjunction with Base Resources' Annual Financial Report for the year ended 30 June 2020 and any public announcements made by Base Resources during and after the half-year year ended 31 December 2020 in accordance with Base Resources' continuous disclosure obligations under the Corporations Act 2001 (Cth) and ASX Listing Rules.
DIRECTORS' REPORT
Your directors present the Interim Financial Report of the Group, being Base Resources Limited and its controlled entities, for the half-year ended 31 December 2020 (the reporting period or half-year) compared with the six-month period ended 31 December 2019 (the comparative period).
Directors
The names of the directors in office at any time during or since the end of the half-year are:
Mr Keith Spence
Mr Tim Carstens Mr Colin Bwye
Mr Samuel Willis (retired 20 November 2020)
Mr Malcolm Macpherson
Mr Michael Stirzaker Ms Diane Radley
Ms Janine Herzig (appointed 12 October 2020)
Other than as noted above, the directors have been in office since the start of the financial year to the date of this report.
Company Secretary
Mr Chadwick Poletti held the position of company secretary during the half-year.
Principal Activities and Significant Changes in Nature of Activities
The principal activity of Base Resources is the operation of the Kwale Mineral Sands Operations (Kwale Operations) in Kenya and progressing the Toliara Project in Madagascar toward development.
Operating Results
The loss for the Group for the half-year after providing for income tax amounted to US$6,338,000 (2019: US$9,143,000 profit).
Dividends Paid or Recommended
In October 2020, Base Resources paid a maiden dividend of AUD 3.5 cents per share, unfranked. This dividend was not paid from Conduit Foreign Income. After the reporting period, the Board determined to pay a half-year dividend of AUD 3 cents per share, unfranked, with a record date of 15 March 2021 and payment date of 31 March 2021 and which will be paid wholly from Conduit Foreign Income. The financial impact of the half-year dividend, estimated to be approximately US$27.5 million (based on the prevailing AUD:USD exchange rate), has not been recognised in the Consolidated Interim Financial Statements for the reporting period.
Review of Operations
Base Resources operates the 100% owned Kwale Operations in Kenya, which commenced production in late 2013. Kwale Operations is located 50 kilometres south of Mombasa, the principal port facility for East Africa. Mining operations continued according to plan on the South Dune orebody with approximately 8.5 million tonnes mined, lower than the comparative period due to lower face heights requiring more frequent relocation of mining units and a planned eight-day stoppage in July to move the mining collection hopper further south.
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Base Resources Limited published this content on 22 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2021 03:53:04 UTC.