MURCHISON UNITED NL
ABN 59 009 087 852
HALF-YEAR FINANCIAL REPORT
31 DECEMBER 2007
Murchison United NL
36 Outram Street
WEST PERTH WA 6005
Australia
MURCHISON UNITED NL
(ABN 59 009 087 852)
CONTENTS
Directors' Report 2
Balance Sheet 4
Income Statement 5
Statement of Changes in Equity 6
Cash Flow Statement 7
Notes to the Half-Year Financial Report 8
Directors' Declaration 14
Auditor's Independence Declaration 15
Independent Review Report to the Members of Murchison United NL 16
MURCHISON UNITED NL
(ABN 59 009 087 852)
DIRECTORS' REPORT
Your directors submit their report for the half-year ended 31 December 2007.
Directors
The names of the Company's Directors in office during the half-year and until the date of this report are as
below. Directors were in office for this entire period unless otherwise stated.
Glenn Robert Featherby
Mark David Reilly
Christopher David Grannell
Bosse Gustafsson
Review and Results of Operations
The Company reported a loss for the half-year of $628,928 (2006: $427,805).
The principal activity of the Company during the reporting period was the exploration for mineral resources.
Murchison continues to aggressively progress its uranium exploration projects in Guinea and Mauritania,
evaluate new energy-related asset opportunities and pursue programmes to add value to its Australian copper
project interests in Cloncurry, Queensland and Maroochydore, Western Australia. Activities during the reporting
period included:
Uranium Exploration - Mauritania
* Anomalous radioactivity observed in 35 out of 41 holes drilled at Bir En Nar uranium prospect (Zednes
Region) following completion of 4,006m RC drilling program.
* Downhole radiometric logging completed, with results imminent.
* Assay results awaited with samples currently being analysed in Canada - Previous grab samples of up to
9,500ppm U.
* Counts per second (c/s) measured on one-metre drill chips were up to 30,000 on scintillometer GF
instrument SGR.
Uranium Exploration - Guinea
* Promising results received from first West African uranium drilling program completed at the Firawa
Prospect, Guinea, including:
o 10m @ 652ppm U3O8 (including 1m @ 1,325ppm U3O8)
o 5m @ 749ppm U3O8 (including 1m @ 1,020ppm U3O8)
o 12m @ 771ppm U3O8 (including 1m @ 995ppm U3O8)
* Results confirm uranium mineralisation over a 2km strike length within a previously identified 5km
uranium anomaly at Firawa.
* Planning completed for drilling at the Bohoduo Prospect and reconnaissance exploration at the Sesse
uranium prospect during Q2 2008.
MURCHISON UNITED NL
(ABN 59 009 087 852)
DIRECTORS' REPORT (Continued)
* Expanded 5,000m diamond drilling program scheduled to commence following the wet season, in September
2008 targeting a JORC compliant resource estimate for Firawa uranium prospect.
Copper Exploration - Australia
* First seven holes of 1,500m RC in-fill drilling at Maroochydore Copper Project, Western Australia (JV
with Aditya Birla Minerals, who are the project operator).
* Drilling results in line with expectations with good copper intercepts from all 7 holes, including 7m
@ 2.45% Cu and 26m @ 1.44% Cu.
* Drilling at Maroochydore expected to recommence in early Q2 2008 depending on drill rig availability.
Corporate
* Completion of a A$7.4M share placement to sophisticated investor clients of Hartleys Limited and DJ
Carmichael Ltd. This share placement was composed of two tranches, and the Company received A$4.6M prior to 30
June 2007 and A$2.8M during the half year ended 31 December 2007.
Events subsequent to balance date
Apart from other events to the extent to which are described elsewhere in this Director's Report, there has not
arisen in the interval between the end of the financial year and the date of this report any item, transaction
or event of a material or unusual nature likely, in the opinion of the Directors of the Company, to effect:
i. the Company's operations in future financial years; or
ii. the results of those operations in future financial years; or
iii. the Company's state of affairs in future financial years.
Dividends
No dividend has been paid during the period (2006: $ nil).
AUDITOR'S INDEPENDENCE DECLARATION
A copy of the Auditor's Independence Declaration as required under section 307C of the Corporations Act is set
out on page 15 and forms part of this report.
Signed in accordance with a resolution of the directors.
Mark Reilly
Managing Director
Perth 7 March 2008
MURCHISON UNITED NL
(ABN 59 009 087 852)
BALANCE SHEET
AS AT 31 DECEMBER 2007
Notes 31 December 2007 30 June 2007
$ $
ASSETS
Current Assets
Cash and cash equivalents 6 4,953,033 4,067,176
Trade and other receivables 7,950 7,950
Prepayments 2,797 8,846
Total Current Assets 4,963,780 4,083,972
Non-current assets
Available-for-sale financial assets 38,463 52,832
Exploration and evaluation expenditure 9 3,068,366 2,106,294
Property, plant and equipment 8 61,728 39,723
Total Non-Current Assets 3,168,557 2,198,849
TOTAL ASSETS 8,132,337 6,282,821
LIABILITIES
Current Liabilities
Trade and other payables 67,198 361,624
Provisions 36,973 52,309
Total Current Liabilities 104,171 413,933
TOTAL LIABILITIES 104,171 413,933
NET ASSETS 8,028,166 5,868,888
EQUITY
Issued capital 11 50,871,819 48,104,178
Reserves 1,421,958 1,401,393
Accumulated losses (44,265,611) (43,636,683)
TOTAL EQUITY 8,028,166 5,868,888
MURCHISON UNITED NL
(ABN 59 009 087 852)
INCOME STATEMENT
FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
Note 2007 2006
$ $
Revenue 4 193,856 23,133
Administration expenses 5 (832,759) (471,440)
Settlement of Renison Bell Ltd creditors 9,975 20,502
Loss before income tax (628,928) (427,805)
Income tax expense - -
Loss after tax (628,928) (427,805)
Net loss attributable to members of the Company (628,928) (427,805)
Earnings per share for loss attributable to the ordinary
equity holders of the Company (cents per share)
- basic loss per share (0.17) (0.14)
- diluted loss per share (0.17) (0.14)
MURCHISON UNITED NL
(ABN 59 009 087 852)
STATEMENT OF CHANGES IN EQUITY
FOR THE HALF -YEAR ENDED 31 DECEMBER 2007
Attributable to equity holders of the Company Total equity
Issued Accumulated Net Equity
capital losses unrealised benefits
gains reserve reserve Total
$ $ $ $ $
At 1 July 2007 48,104,178 (43,636,683) 29,352 1,372,041 5,868,888
Net gain/(loss) on
available-for-sale
financial assets - - (14,370) - (14,370)
Total income/(expense)
for the period
recognised directly in
equity - - (14,370) - (14,370)
Loss for the period - (628,928) - - (628,928)
Total income/(expense)
for the period - (628,928) (14,370) - (643,298)
Cost of share-based
payment - - - 34,935 34,935
Issue of ordinary shares 2,953,760 - - - 2,953,760
Transaction Costs (186,119) - - - (186,119)
At 31 December 2007 50,871,819 (44,265,611) 14,982 1,406,976 8,028,166
Issued Accumulated Net Equity
capital losses unrealised benefits
gains reserve reserve Total
$ $ $ $ $
At 1 July 2006 41,380,905 (41,767,261) - 767,550 381,194
Loss for the period - (427,805) - - (427,805)
Total income/(expense)
for the period - (427,805) - - (427,805)
Issue of ordinary shares 2,779,480 - - - 2,779,480
Transaction costs (90,528) - - - (90,528)
At 31 December 2006 44,069,857 (42,195,066) - 767,550 2,642,341
MURCHISON UNITED NL
(ABN 59 009 087 852)
CASH FLOW STATEMENT
FOR THE HALF -YEAR ENDED 31 DECEMBER 2007
2007 2006
$ $
Cash flows from operating activities
Payments to suppliers and employees (808,228) (482,009)
Interest received 184,466 23,133
Net cash flows used in operating (623,762) (458,876)
activities
Cash flows from investing activities
Payment for purchase of equipment (36,155) (3,897)
Payment for exploration and (972,350) (253,105)
evaluation costs
Net cash flows used in investing (1,008,505) (257,002)
activities
Cash flows from financing activities
Proceeds from issue of shares 2,754,892 1,500,000
Transaction costs relating to issue (236,768) (90,528)
of shares
Net cash flows from investing 2,518,124 1,409,472
activities
Net increase in cash and cash 885,857 693,594
equivalents
Cash and cash equivalents at 4,067,176 395,672
beginning of period
Cash and cash equivalents at end of 4,953,033 1,089,266
the financial period
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
1. CORPORATE INFORMATION
The financial report of Murchison United NL ("the Company") for the half-year ended 31 December 2007 was
authorised for issue in accordance with a resolution of the directors on 7 March 2008.
Murchison United NL is a company limited by shares incorporated in Australia, whose shares are publicly
traded on the Australian Stock Exchange (ASX code "MUR"), and on the AIM Board of the London Stock
Exchange.
The nature of operations and principal activities during the half-year of the Company was the
exploration for minerals. There have been no significant changes in the nature of these activities
during the half-year.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The half-year financial report does not include all notes of the type normally included within the
annual financial report and therefore cannot be expected to provide as full an understanding of the
financial performance, financial position and financing and investing activities of the Company as the
full financial report.
The half-year financial report should be read in conjunction with the annual financial report of
Murchison United NL as at 30 June 2007.
It is also recommended that the half-year financial report be considered together with any public
announcements made by Murchison United NL during the half-year ended 31 December 2007 in accordance with
the continuous disclosure obligations arising under the Corporations Act 2001 and Australian Stock
Exchange Listing Rules.
(a) Basis of Preparation
The half-year financial report is a general-purpose condensed financial report, which has been prepared
in accordance with the requirements of the Corporations Act 2001 and AASB 134 "Interim Financial
Reporting".
The half-year financial report has been prepared on a historical cost basis, except for Stock Exchange
listed available-for-sale investments, which have been measured at fair value.
The financial report is presented in Australian dollars ($).
For the purpose of preparing the half-year financial report, the half-year has been treated as a
discrete reporting period.
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
(b) Significant accounting policies
The half year financial statements have been prepared using the same accounting policies as used in the
annual financial statement for the year ended 30 June 2007, except for the adoption of standards and
Interpretations effective for annual reporting periods beginning on or after 1 July 2007.
Since 1 July 2007, the Company has adopted the following Standards and Interpretations, mandatory for
annual periods beginning on or after 1 July 2007. Adoption of these Standards and Interpretations did
not have any effect on the financial position or performance of the Company:
* AASB 101 (revised October 2006) "Presentation of Financial Statements"
* AASB 7 "Financial Instruments: Disclosures"
* AASB 2005-10 "Amendments to Australian Accounting Standards (AASB 132, 101, 114, 117, 133, 139, 1, 4,
1023 and 1038)"
* AASB 2007-1 "Amendments to Australian Accounting Standards arising from Interpretation 11 (AASB 2)"
* AASB 2007-4 "Amendments to Australian Accounting Standards arising from ED 151 and other amendments"
* AASB 2007-7 "Amendments to Australian Accounting Standards (AASB 1, AASB 2, AASB 4, AASB 5, AASB 107
and AASB 128)"
* Interpretation 10 "Interim Financial Reporting and Impairment"
* Interpretation 11 AASB 2 - "Group and Treasury Share Transactions"
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
3. SEGMENT INFORMATION
The principal activity of the Company during the course of the half-year period ended 31 December 2007
was the exploration of minerals.
The Company's primary segment reporting format is reported geographically in relation to the location
of the Company's exploration permits.
Geographical segments
The following tables present revenue and profit information and certain asset and liability
information regarding geographic segments for the half-year periods ended 31 December 2007 and 31
December 2006.
Australia Republic of Islamic Republic Total
Guinea of
Mauritania
$ $ $ $
Half year ended 31 December 2007
Revenue
Segment revenue - - - -
Unallocated revenue 193,856
Consolidated revenue 193,856
Result
Segment results (822,784) - - (822,784)
Unallocated income and expenses 193,856
Net profit/(loss) for the period (628,928)
Australia Republic of Islamic Republic Total
Guinea of
Mauritania
$ $ $ $
Half year ended 31 December 2006
Revenue
Segment revenue - - - -
Unallocated revenue 23,133
Consolidated revenue 23,133
Result
Segment results (450,938) - - (450,938)
Unallocated income and expenses 23,133
Net profit/(loss) for the period (427,805)
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
4 REVENUE
2007 2006
$ $
Finance revenue 184,466 21,922
Dividends - 1,211
Other 9,390 -
Total revenue 193,856 23,133
5 ADMINISTRATION EXPENSES
2007 2006
$ $
Expenses:
Accounting & audit fees 15,390 17,550
Brokerage fees 53,586 66,945
Depreciation of property, plant & equipment 7,717 5,661
Employee expenses 258,219 235,027
Legal fees 4,402 448
Media & public relations 28,348 2,608
Promotions & conferences 77,072 -
Reporting & listing costs 122,001 69,425
Share based payments 34,935 -
Telecommunication & computing 32,351 18,937
Travel & accommodation 79,883 10,624
Minimum lease payments - operating lease 37,158 17,500
Other 81,697 26,715
Total 832,759 471,440
6. CASH AND CASH EQUIVALENTS
31 December 2007 30 June 2007
$ $
Cash at bank and in hand 4,953,033 4,067,176
Cash at bank earns interest at floating rates based on daily bank deposit rates. The carrying amounts
of cash and cash equivalents represents fair value.
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
7. DIVIDENDS
There were no dividends proposed or paid during the half-year ended 31 December 2007 (2006: nil).
8. EXPLORATION AND EVALUATION EXPENDITURE
Movements in carrying amounts
31 December 2007 30 June 2007
$ $
Carrying amount at 1 July net of impairment 2,106,294 325,334
Additions 962,072 1,780,960
Carrying amount at end of period net of impairment 3,068,366 2,106,294
Exploration and evaluation costs have been capitalised at cost. No impairment loss was recognised
during the half-year ended 31 December 2007 (2006: nil).
9. COMMITMENTS AND CONTINGENCIES
There have been no material changes to the commitments and contingencies disclosed in the most recent
annual financial report.
10. CONTRIBUTED EQUITY
31 December 2007 30 June 2007
$ $
Ordinary shares
380,182,617 (30 June 2007: 353,330,251)
ordinary shares, fully paid 50,849,319 48,081,678
2,250,000 (30 June 2007: 2,250,000) 25 cent
value ordinary shares, paid to 1 cent 22,500 22,500
50,871,819 48,104,178
(i) Ordinary shares
Movement in ordinary shares on issue Number $
At 1 July 2007 353,330,251 48,104,178
Share issues 26,852,366 2,953,760
Transaction costs - (186,119)
Balance at 31 December 2007 380,182,617 50,871,819
MURCHISON UNITED NL
(ABN 59 009 087 852)
NOTES TO THE HALF-YEAR FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
10. CONTRIBUTED EQUITY (Continued)
(ii) Partly paid shares
Movement in partly paid shares on issue Number $
At 1 July 2007 2,250,000 22,500
Share issues - -
Balance at 31 December 2007 2,250,000 22,500
(iii) Options
Options over ordinary shares:
During the financial period:
* 5,000,000 (2006:Nil) options were issued to the Company's Technical Director over
ordinary shares exercisable at $0.11. The options are exercisable on or before the 21
December 2012.
* 350,000 options issued under the Employee Share Option Plan expired on 1 July 2007.
At the end of the period, there were 23,000,000 (30 June 2007: 18,350,000) unissued ordinary
shares in respect of which options were outstanding. None of the options outstanding were
issued under the Employee Share Option Plan. The options include
* 12,000,000 options with an exercise price of $0.055 and a weighted average remaining
contractual life of 2.5 years,
* 6,000,000 options with an exercise price of $0.075 and a weighted average remaining
contractual life of 2.3 years, and
* 5,000,000 options with an exercise price of $0.11 and a weighted average remaining
contractual life of 5.0 years.
11. EVENTS AFTER THE BALANCE SHEET DATE
There have been no significant events that have occurred after Balance Sheet date.
MURCHISON UNITED NL
(ABN 59 009 087 852)
DIRECTORS' DECLARATION
In accordance with a resolution of the Directors of Murchison United NL, I state that:
In the opinion of the directors:
(a) the financial statements and notes of the Company are in accordance with the Corporations Act 2001,
including:
(i) giving a true and fair view of the financial position as at 31 December 2007 and the
performance for the half-year ended on that date of the Company; and
(ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations
Regulations 2001; and
(b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when
they become due and payable.
On behalf of the Board
Mark D Reilly
Managing Director
Dated at Perth this 7th day of March 2008
ERNST & YOUNG The Ernst & Young Building Tel 61 8 9429 2222
11Mounts Bay Road Fax 61 8 9429 2436
Perth WA 6000
Australia
GPO Box M939
Perth WA 6843
Auditor's Independence Declaration to the Directors of Murchison United NL
In relation to our review of the financial report of Murchison United NL for the half year ended 31 December
2007, to the best of my knowledge and belief, there have been no contraventions of the auditor independence
requirements of the Corporations Act 2001 or any applicable code of professional conduct.
Ernst & Young
P McIver
Partner
Perth
7 March 2008
Liability limited by a scheme approved under
Professional Standards Legislation.
ERNST & YOUNG The Ernst & Young Building Tel 61 8 9429 2222
11Mounts Bay Road Fax 61 8 9429 2436
Perth WA 6000
Australia
GPO Box M939
Perth WA 6843
To the members of Murchison United NL
Report on the Half-Year Condensed Financial Report
We have reviewed the accompanying half-year financial report of Murchison United NL (the "Company"), which
comprises the balance sheet as at 31 December 2007 and the income statement, statement of changes in equity and
cash flow statement for half-year ended on that date, other selected explanatory notes and the directors'
declaration of the Company.
Directors' Responsibility for the Half-year Financial Report
The directors of the company are responsible for the preparation and fair presentation of the half-year
financial report in accordance with Australian Accounting Standards (including the Australian Accounting
Interpretations) and the Corporations Act 2001. This responsibility includes establishing and maintaining
internal controls relevant to the preparation and fair presentation of the half-year financial report that is
free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances.
Auditor's Responsibility
Our responsibility is to express a conclusion on the half-year financial report based on our review. We
conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of an Interim
Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of
the procedures described, we have become aware of any matter that makes us believe that the financial report is
not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Company's
financial position as at 31 December 2007 and its performance for the half-year ended on that date; and
complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001
and other mandatory financial reporting requirements in Australia. As the auditor of Murchison United NL, ASRE
2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial
report.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and
consequently does not enable us to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit opinion.
Independence
In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. We
have given to the directors of the company a written Auditor's Independence Declaration, a copy of which is
included in the Directors' Report.
Liability limited by a scheme approved under
Professional Standards Legislation.
ERNST & YOUNG
Conclusion
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that
the half-year financial report of Murchison United NL is not in accordance with the Corporations Act 2001,
including:
(i) giving a true and fair view of the Company's financial position as at 31 December 2007 and of its
performance for the half-year ended on that date; and
(ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations
Regulations 2001.
Ernst & Young
P McIver
Partner
Perth
7 March 2008
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