Annual Report
30 September 2011
Australian Securities Exchange
Level 4, 20 Bridge Street
SYDNEY NSW 2000
Via e-lodgement
ANNUAL REPORT
Set out below is a summary of the Company's full year annual accounts for the
year ended 30 June 2011 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 (ASX code: RRS).
For and on behalf of the Board
Regards
Peter Landau
Executive Director
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED
30 JUNE 2011
Note Consolidated
2011 2010
$ $
Revenue from continuing operations
Revenue from continuing operations 3 3,074,492 581,102
Other income 3 400,017 138,332
Expenses from continuing operations
Operating costs 4 (1,439,653) (237,643)
Finance costs 4 (55,595) (75,769)
Depreciation expense 4 (195,839) (49,407)
Directors fees 6 (474,996) (409,996)
Directors share based payment 6 & 27 - (1,380,000)
Corporate management services (995,000) (700,000)
Consultants (5,020,998) (3,542,487)
Foreign exchange loss (752,057) (337,600)
Marketing and public relations (256,741) (550,431)
Costs associated with AIM listing (167,454) (181,775)
Travel expenditure (1,227,326) (397,377)
Loss on sale of available for sale assets (55,500) -
Impairment for available for sale assets - (1,097,624)
Acquisition option extension fees (7,217,387) -
Other expenses 4 (1,122,848) (597,911)
Loss before income tax expense from continuing (15,506,885) (8,838,586)
operations
Income tax expense 5 - -
Loss for the year attributable to equity (15,506,885) (8,838,586)
holders of Range Resources Limited
Other comprehensive income
Revaluation of available for sale assets 295 12,250
Other comprehensive income for the year, net of 295 12,250
tax
Total comprehensive loss attributable to equity (15,506,590) (8,826,336)
holders of Range Resources Limited
Overall operations
EPS from continuing operations:
Basic loss per share (cents per share) 8 (1.18) (1.4)
Diluted loss per share (cents per share) n/a n/a
The Company's potential ordinary shares were not considered dilutive (refer
Note 8).
The above consolidated statement of comprehensive income should be read in
conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2011
Note Consolidated
2011 2010
$ $
ASSETS
CURRENT ASSETS
Cash and cash equivalents 9 17,359,870 7,398,470
Trade and other receivables 10 3,002,395 2,038,997
Other current assets 11 309,013 200,000
TOTAL CURRENT ASSETS 20,671,278 9,637,467
NON-CURRENT ASSETS
Financial assets available for sale 12 912,342 420,147
Property, plant and equipment 14 19,883 24,837
Exploration & Evaluation Expenditure 15 87,809,879 83,848,855
Development Assets 16 6,140,208 3,359,401
Prepayments for Investments 17 54,426,730 13,811,660
Investments in Associates 18 5,891,595 -
Non-Current Receivable 19 12,122,177 -
TOTAL NON-CURRENT ASSETS 167,322,814 101,464,900
TOTAL ASSETS 187,994,092 111,102,367
CURRENT LIABILITIES
Trade and other payables 20 1,419,646 1,587,397
Provision 11,645 6,211
TOTAL LIABILITIES 1,431,291 1,593,608
NET ASSETS 186,562,801 109,508,759
EQUITY
Contributed equity 21 227,671,125 137,327,825
Reserves 22 18,708,387 16,490,760
Accumulated losses (59,816,711) (44,309,826)
TOTAL EQUITY 186,562,801 109,508,759
The above consolidated statement of financial position should be read in
conjunction with the accompanying notes.
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 JUNE 2011
Consolidated Note Contributed Share-based Option Available Accumulated Total
Equity Payment Premium for Sale Losses Equity
Reserve Reserve Investment
Revaluation
Reserve
$ $ $ $ $ $
Balance at 30 104,063,285 467,769 11,811,411 - (35,471,090) 80,871,225
June 2009
Revaluation in - - - 12,250 - 12,250
investments
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 21 34,904,421 - - - - 34,904,421
capital
Exercise of 21 380,032 - - - - 380,032
options
Issue costs 21 (2,019,913) - - - - (2,019,913)
Cost of - 4,199,330 - - - 4,199,330
share-based
payment
Balance at 30 137,327,825 4,667,099 11,811,411 12,250 (44,309,826) 109,508,759
June 2010
Revaluation in - - - 295 - 295
investments
Loss attributable - - - - (15,506,885) (15,506,885)
to members of the
company
Total - - - 295 (15,506,885) (15,506,590)
comprehensive
income and
expense for the
year
Transactions with
owners in their
capacity as
owners:
Issue of share 21 81,705,992 - - - - 81,705,992
capital
Exercise of 21 13,612,661 - - - - 13,612,661
options
Issue costs 21 (4,975,353) - - - - (4,975,353)
Cost of - 2,217,332 - - - 2,217,332
share-based
payment
Balance at 30 227,671,125 6,884,431 11,811,411 12,545 (59,816,711) 186,562,801
June 2011
The above consolidated statement of changes in equity should be read in
conjunction with the accompanying notes..
STATEMENT OF CASH FLOWS
FOR YEAR ENDED
30 JUNE 2011
Note Consolidated
2011 2010
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 2,098,870 513,678
Payments to suppliers and employees (7,445,160) (4,227,015)
Interest received 399,930 18,407
Interest & other finance costs (46,717) (72,943)
Net cash outflow from operating activities 26 (4,993,077) (3,767,873)
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for property, plant & equipment - (5,842)
Payment for available for sale financial (830,865) -
assets
Payment for development assets (1,162,644) (3,371,814)
Payment for investments (63,425,758) (10,282,357)
Payments for exploration and evaluation (6,714,573) (3,718,227)
assets
Loans to external parties - (193,185)
Net cash outflow from investing activities (72,133,840) (17,571,425)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of equity 90,534,113 28,264,974
Payment of equity issue costs (3,445,796) (1,543,625)
Proceeds from borrowings - 1,600,000
Net cash inflow from financing activities 87,088,317 28,321,350
Net increase / (decrease) in cash and cash 9,961,400 6,982,053
equivalents
Cash and cash equivalents at beginning of 7,398,470 416,417
financial year
Cash and cash equivalents at end of 9 17,359,870 7,398,470
financial year
The above consolidated statement of cash flows should be read in conjunction
with the accompanying notes.
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