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AuIron Energy Ld (AUY)

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Tuesday 04 September, 2001

AuIron Energy Ld

Final Rslts&Annual Report-Pt3

AuIron Energy Ld
4 September 2001


Notes to the financial statements

                                            CONSOLIDATED        THE COMPANY
                                        2001          2000   2001        2000
                                           $             $      $           $

(a)   Directors' Remuneration

Total income paid or payable, or otherwise made 
available, to all directors of the Company and
controlled entities from the Company or any
related party.                     2,376,340      862,766 2,376,340   862,766

Number of directors of AuIron Energy Limited                          Number of
whose income was within the following bands:                          Directors

    $10,000    -      $19,999                                          -      1
    $50,000    -      $59,999                                          -      1
    $60,000    -      $69,999                                          -      1
   $120,000    -     $129,999                                          1      -
   $170,000    -     $179,999                                          -      1
   $190,000    -     $199,999                                          -      1
   $220,000    -     $229,999                                          2      -
   $330,000    -     $339,999                                          1      -
   $360,000    -     $369,999                                          -      1
   $380,000    -     $389,999                                          1      -
 $1,070,000    -   $1,079,999                                          1      -

The names of the Company's directors who have held office during the financial
year are:

N F Arthur                            W J Higgs
A L Paton                             M J Andrews
L A Clinton                           R H Chambers

(b)   Executive Officers' Remuneration

The number of executive officers whose income was         Number of Officers
within the following bands:

   $120,000    -     $129,999                               1     -     1     -
   $170,000    -     $179,999                               -     1     -     1
   $190,000    -     $199,999                               -     1     -     -
   $200,000    -     $209,999                               2     -     2     -
   $210,000    -     $219,999                               -     1     -     1
   $360,000    -     $369,999                               -     1     -     1
   $380,000    -     $389,999                               1     -     1     -
   $560,000    -     $569,999                               1     -     1     -
 $1,070,000    -   $1,079,999                               1     -     1     -

Two executive officers (2000: three) are also directors and included in the
above bands.

Total income received, or due and receivable, from the      
Company, entities in the consolidated entity or related
parties by executive officers of the Company and of
controlled entities whose income is  $100,000 or more.
                                            2,560,073 943,148  2,560,073 943,148

Notes to the financial statements


The consolidated entity participates in superannuation plans in respect of
employees and company contributions are made in accordance with service
contracts and the Superannuation Guarantee Legislation.

Entity contributions are legally enforceable in Australia to the extent
required by the Superannuation Guarantee Legislation.


(a)  Geographic Segments
               Australia   Indonesia     United    Eliminations  Consolidated
               2001  2000  2001   2000  2001  2000   2001   2000  2001   2000
               $000  $000  $000   $000  $000  $000   $000   $000  $000   $000

Intersegment      -   990     -      -     -     -       -  (990)     -      -

Total revenue   807   409     -      -     -     -       -      -   807     409

Segment      (8,253) (2,082)  - (10,338) (286) (239)     -  (990)(8,539)(13,649)

before income                                                    (8,539)(13,649)

Segment      87,756  52,247  -   176 13,891 11,655 (35,219)(17,461)66,428 46,617

(b)  Industrial Segments

The consolidated entity operates in one industrial segment, being exploration
for base metals and hydrocarbons.

Notes to the financial statements


(a)  Interest Rate Risk

The consolidated entity's exposure to interest rate risk and the effective
weighted average interest rate for each class of financial assets and
liabilities is set out below.  Exposure arises predominantly from assets and
liabilities bearing variable interest rates.

2001                 Note    Floating      Fixed interest   Non-interest  Total
                           Interest Rate*    maturing in:     bearing

                                          1 year  1 year to
                                         or less   5 years

                                 $           $           $        $         $

Financial assets

Cash and deposits        6       464,221 5,643,179       -      73,144 6,180,544
Receivables              7             -        -        -     664,157   664,157

                                 464,221 5,643,179       -     737,301 6,844,701

Weighted average                   2.68%     4.85%
interest rate
Weighted average                          30 days

Financial liabilities
Accounts payable                       -        -        -   5,011,501 5,011,501
Lease liabilities       14             -   31,068   208,495          -   239,563
Grant from Federal      15             -        -        -   6,205,713 6,205,713
                                       -   31,068  208,495 11,217,214 11,456,777

Weighted average                            5.96%     5.96%
interest rate
Weighted average term                    12 months 27 months

Net financial assets           464,221 5,612,111(208,495)(10,479,913)(4,612,076)

2000                 Note    Floating      Fixed interest    Non-interest Total
                           Interest Rate*    maturing in:    bearing
                                          1 year  1 year to
                                         or less   5 years
                                   $           $          $        $        $
Financial assets

Cash and deposits        6       145,359 12,489,528      -    112,872 12,747,759
Receivables              7             -        -        -     29,690     29,690
                                 145,359 12,489,528      -    142,562 12,777,449
Weighted average                   2.67%    6.00%
interest rate
Weighted average term                     30 days

Accounts payable                       -        -        -   5,251,641 5,251,641
Lease liabilities       14             -   30,465    239,149         -   269,614
Grant from Federal                     -        -        -   5,830,842 5,830,842
                                       -   30,465  239,149 11,082,483 11,352,097

Weighted average                            5.96%      5.96%
interest rate
Weighted average term                    12 months  39 months

Net financial assets            145,359 12,459,063(239,149)(10,939,921)1,425,352

*   Floating interest rates are at call rates and vary according to
market and the amount of funds held.

Notes to the financial statements

Reconciliation of net financial assets to net assets

                                        Notes              2001            2000
                                                              $               $

Net financial assets as above
Non-financial assets and liabilities                (4,612,076)       1,425,352
Other assets                              8             113,441          19,265
Property, plant and equipment            11             538,841         573,038
Demonstration plant                      11          26,472,111       8,943,331
Exploration expenditure                  12          27,043,651      18,595,506
Goodwill                                 13           5,415,416       5,708,141
Provisions                               16         (1,079,695)       (131,338)
Net assets per balance sheet                         53,891,689      35,133,295

(b)  Foreign Exchange Risk

The consolidated entity at balance date was not party to any derivative
financial instrument in order to hedge exposures to fluctuations in foreign
exchange rates.

(c) Net Fair Value Of Financial Assets And Liabilities

            (i)        On-Balance Sheet

The net fair value of cash and cash equivalents and non-interest bearing
monetary financial assets and financial liabilities of the consolidated entity
approximate their carrying value.

          (ii)       Off -Balance Sheet

The consolidated entity has potential financial liabilities, which may arise
from certain contingencies disclosed in note 23.  No material losses are
anticipated in respect of any of those contingencies and the net fair value
disclosed below is the directors' estimate of amounts which would be payable
by the consolidated entity as consideration for the assumption of those
contingencies by another party.

The carrying amounts and net fair values of financial assets and liabilities
at balance date are:

                                     30 June 2001            30 June 2000
                                   Carrying    Net fair    Carrying    Net fair
                                     amount       value      amount       value

                                          $           $           $           $
On-Balance Sheet Financial

Financial assets
Cash                              6,180,544   6,180,544  12,747,759  12,747,759
Receivables                         664,157     664,157      29,690      29,690
                                  6,844,701   6,844,701  12,777,449  12,777,449

Financial liabilities

Accounts payable                  5,011,501   5,011,501   5,251,641   5,251,641
Lease liabilities                   239,563     239,563     269,614     269,614
Loan from Federal Government      6,205,713   6,205,713   5,830,842   5,830,842
                                 11,456,777  11,456,777  11,352,097  11,352,097

Off- Balance Sheet Financial

Financial liabilities
Contingencies                       300,000     300,000      51,000      51,000

Notes to the financial statements

30.   CONTROLLED ENTITY ACQUIRED                                           2000

      Cost of Acquisition                                            14,500,628

      Purchase Consideration
      Cash                                                            7,700,000
      Shares issued                                                   6,000,000
      Prior Joint Venture contributions                                 800,628

      % Voting Shares Acquired                                            42.5%

On 16 December 1999 SASE Pty Ltd became a subsidiary of AuIron Energy Limited
and has been included in the consolidated accounts of AuIron Energy Limited
from that date.

Prior to SASE Pty Ltd becoming a controlled entity, during the financial year
ended 30 June 2000, the consolidated entity had expended $804,315, which was
capitalised into the group's investment in SASE Pty Ltd.

Notes to the financial statements


On 1 June 2001, AuIron announced a Rights Offer to Shareholders of one (1) new
share for every four (4) existing shares at an issue price of 85 cents
Australian or 31.25 pence sterling per new share.

The Rights Offer was fully underwritten, however, it was conditional on a
number of events, which occurred post 30 June 2001.

Set out below is the proforma statement of net assets of the consolidated
entity as adjusted to reflect the issue of 65,157,846 ordinary shares.  This
statement has been prepared for illustrative purposes.  It has been prepared
to illustrate the effect on the net assets of the application of the proceeds
from the Rights Offer as if it had taken place on 30 June 2001.

                                       30 June   Adjustments Proforma Statement
                                                    (ii)       of Net Assets
                                         (i)                       (iii)
                                          $           $           $

Cash                                   6,180,544  52,279,924   58,460,468
Receivables                              664,157           -      664,157
Other                                    113,441           -      113,441
TOTAL CURRENT ASSETS                   6,958,142  52,279,924   59,238,066

Property, plant and equipment            538,841           -      538,841
Exploration and evaluation            27,043,651           -   27,043,651
Demonstration plant                   26,472,111           -   26,472,111
Intangible assets                      5,415,416           -    5,415,416
TOTAL NON-CURRENT ASSETS              59,470,019           -   59,470,019

TOTAL ASSETS                          66,428,161  52,279,924  118,708,085

Payables                               5,011,501           -    5,011,501
Interest bearing liabilities              31,068           -       31,068
Provisions                             1,002,448           -    1,002,448
TOTAL CURRENT LIABILITIES              6,045,017           -    6,045,017

Government grant                       6,205,713           -    6,205,713
Interest bearing liabilities             208,495           -      208,495
Provisions                                77,247           -       77,247

TOTAL NON-CURRENT LIABILITIES          6,491,455           -    6,491,455

TOTAL LIABILITIES                     12,536,472           -   12,536,472
NET ASSETS                            53,891,689  52,279,924  106,171,613

(i)    The net assets of the consolidated entity have been extracted from the 
Statement of Financial Position at 30 June 2001.

(ii)   An adjustment has been made to reflect the net proceeds of the Rights 
Offer of $52,279,924 received post 30 June 2001.  Net proceeds of the issue were
$51,653,693 of which $52,279,924 was received post 30 June 2001 as issue costs 
of $626,230 were recognised prior to 30 June 2001.

(iii)  No other adjustments have been made to reflect the trading results of the
consolidated entity since 30 June 2001.

Notes to the financial statements


Native title describes the rights and interests in Australia of Aboriginal and
Torres Strait Islander peoples in land and waters, according to their
traditional laws and customs.  Native Title claims exist over the areas
covered by the consolidated entity's exploration licences in South Australia.
Under the Native Title Act these areas are protected for all current and
future mining operations on existing mining leases.  Any applications for new
mining leases may require agreement with any Native Title applicant, regarding
compensation before the mining lease would be granted by the Government.


With the exception of the additional disclosures required under United Kingdom
Accounting Standards set out below, there are no differences between the
accounting policies adopted and disclosures made by the consolidated entity
under the Australian and United Kingdom Accounting Standards.

Financial Reporting Standard No. 3 'Reporting Financial Performance' would
require the Consolidated Statements of Financial Performance to provide an
analysis of continuing and discontinued operations.  The following disclosure
would be made:

                    Continuing     2001     Total Continuing     2000     Total
                               Discontinued                  Discontinued
                        $           $         $       $           $         $
Revenue from           806,891      -     806,891   409,157       -      409,157
ordinary activities
Occupancy expenses   (123,947)      -   (123,947)   (96,000)      -     (96,000)
Administration     (6,410,945)      - (6,410,945)(2,838,123)      -  (2,838,123)
Borrowing costs       (15,215)      -    (15,215)   (35,576)      -     (35,576)
Other expenses from    
ordinary activities    -               (2,795,889)          (10,338,647)

                             (2,795,889)          (750,000)         (11,088,647)

Loss from ordinary (5,743,216)         (8,539,105)          (10,338,647) 
activities before            (2,795,889)         (3,310,542)        (13,649,189)
income tax

Financial Reporting Standard No. 3 'Reporting Financial Performance' would
require a statement of unrecognised gains and losses.  An amount of $3,661,397
has been credited directly to the reserves in recognition of foreign currency
translation gains.

Financial Reporting Standard 1 (Revised 1996) 'Cash Flow Statements' specifies
a different format for the Statement of Cash Flows to that under Australian
Accounting Standards.  In the Directors' opinion, the adoption of the United
Kingdom Accounting Standard would not provide any additional material
information to the reader of the financial statements.

Notes to the financial statements


AuIron Energy Limited, incorporated and domiciled in Australia, is a publicly
listed company limited by shares.  The registered office is located at:

3rd Floor
134 William Street
Sydney   NSW   2011
Telephone   (61-2) 9357 2044
Facsimile   (61-2) 9363 1313
Email       [email protected]
ACN         000 754 174

Declaration By Directors

In the opinion of the directors of AuIron Energy Limited:

(a)  the financial statements and notes, set out on pages 22 to 49,
are in accordance with the Corporations Act, including:

(i)  giving a true and fair view of the financial position of the Company
and consolidated entity as at 30 June 2001 and of their performance, as
represented by the results of their operations and their cash flows, for the
year ended on that date; and

(ii) complying with Australian Accounting Standards and the Corporations
Regulations; and

(b)  there are reasonable grounds to believe that the Company will beable to pay
its debts as and when they become due and payable.

Dated at Sydney this third day of September 2001.

Signed in accordance with a resolution of the directors.


N F Arthur

Managing Director & Chief Executive Officer

Auditor's Report



We have audited the financial report of AuIron Energy Limited and controlled
entities comprising the Directors' Declaration, Statements of Financial
Performance and Statements of Financial Position, Statements of Cash Flows and
notes to and forming part of the financial statements for the financial year
ended 30 June 2001.  The financial report includes the consolidated financial
report of the consolidated entity comprising the Company and the entities it
controlled at the year's end or from time to time during the financial year.
The Company's directors are responsible for the financial report.  We have
conducted an independent audit of this financial report in order to express an
opinion on it to the members of the Company.

Our audit has been conducted in accordance with Australian Auditing Standards
to provide reasonable assurance whether the financial report is free of
material misstatement.  Our procedures included examination, on a test basis,
of evidence supporting the amounts and other disclosures in the financial
report and the evaluation of accounting policies and significant accounting
estimates.  These procedures have been undertaken to form an opinion whether,
in all material respects, the financial report is presented fairly in
accordance with Australian Accounting Standards, other mandatory professional
reporting requirements and statutory requirements so as to present a view
which is consistent with our understanding of the Company's and the
consolidated entity's financial position and performance as represented by the
results of their operations and their cash flow.

The audit opinion expressed in this report has been formed on the above basis.

Audit Opinion

In our opinion, the financial report of AuIron Energy Limited and controlled
entities is in accordance with:

a)   the Corporations Act 2001, including:

(i)  giving a true and fair view of the Company's and consolidated entity's
financial position as at 30 June 2001 and of their performance for the year
ended on that date; and

(ii) complying with Australian Accounting Standards and the Corporations
Regulations; and

b)   other mandatory professional reporting requirements.

BDO International
Chartered Accountants

K R Reid

Signed at Sydney on the third day of September 2001

Shareholder Information

Additional information required by the Australian Stock Exchange Limited
Listing Rules.


Total Issued Capital:              326,539,232 shares.

Voting Rights

The issued capital is 326,539,232 fully paid shares with voting rights of one
vote per share.


Number of Shares                       Number of Shareholders

1         -       1,000                                1,233
1,001     -       5,000                                3,826
5,001     -      10,000                                1,318
10,001    -     100,000                                1,887
100,001   -     And over                                 262

TOTAL NUMBER OF HOLDERS                                8,526

There were 547 holders of less than a marketable parcel (650 shares).

There is no current on market buy-back.


Exercisable on or before            Number of Options         Number of Holders

30/11/2003                                    500,000                         1
31/12/2004                                  7,500,000                         1
18/10/2005                                  1,060,000                         9
08/09/2005                                  5,650,000                        10

TOTAL NUMBER OF HOLDERS                                                      21


Ausmelt Limited (ordinary Shares)                                    24,781,667
Artemis Investment Management Ltd (ordinary Shares)                  20,608,000
Ausmelt Limited (options 31/12/2004)                                  7,500,000


The Company's 326,539,232 ordinary fully paid Shares on issue are listed and
quoted on:

The Australian Stock Exchange

The Alternative Investment Market of the London Stock Exchange

Deutsche Borse - Frankfurt, Berlin, Stuttgart


                                               Number of             % of Total
Name                                              Shares          Shares Issued

Ausmelt Limited                               24,781,667                   7.59
Willbro Nominees Limited                      15,487,916                   4.74
RBSTB Nominees Limited - One Canada Square    15,295,400                   4.68
National Nominees Limited                     13,739,385                   4.21
Chase Manhattan Nominees Limited              11,690,196                   3.58
Chase Nominees Limited                        11,444,000                   3.50
HSBC Custody Nominees (Australia) Limited     11,263,926                   3.45
Bank of New York (Nominees) Limited           10,701,200                   3.28
Holmesdale Nominees Limited                    8,787,210                   2.69
Westpac Custodian Nominees Limited             5,731,499                   1.76
Fitel Nominees Limited                         5,435,311                   1.66
Bank of New York (Nominees) Limited            5,250,828                   1.61
Brewin Nominees Limited                        4,831,746                   1.48
ANZ Nominees Limited                           4,220,638                   1.29
Mr Robert Broun Andrews                        4,093,239                   1.25
William De Broe PLC                            3,222,438                   0.99
MLC Limited                                    3,176,184                   0.97
Commonwealth Custodial Services Limited        3,125,000                   0.96
Clydesdale Bank (London) Nominees Limited      2,649,600                   0.81
RBSTB Nominees Limited                         2,228,000                   0.68

TOTAL TOP TWENTY HOLDINGS                    167,155,383                  51.19

The proportion of fully paid ordinary Shares held by the 20 largest
Shareholders is 51.19 %.


Directors                            Registered Office

Alfred L Paton                       3rd Floor
Louis A Clinton                      134 William Street
Neill F Arthur                       Sydney NSW 2011
Michael J Andrews                    Australia
Robin H Chambers                     Telephone:  +61 2 9357 2044
Warwick J Higgs                      Facsimile:  + 61 2 9368 1313
                                     Email       [email protected]

Chief Financial Officer and Company Secretary
Joseph A Fontana
                                     UK Operations Office
                                     Ballymoney Power Limited
Auditors                             Citigate House
BDO                                  157 - 159 High Street
Chartered Accountants                Holywood, Co Down BT18 9HU
2 Market Street                      Northern Ireland
Sydney NSW 2000                      Telephone:  + 44 2890 421085
                                     Facsimile:  +44 2890 421088
                                     [email protected]
Share Registry - Australia           Website:
Computershare Investor Services Pty Limited

Level 3                              Stock Exchanges

60 Carrington Street                 Australian Stock Exchange
Sydney NSW 2000                      Deutsche Borse Group
                                     - Frankfurt
Telephone:         +61-2-8234-5000   - Berlin
Facsimile:         +61-2-8234-5050   - Stuttgart
Investor Enquires: +61-2-8234-5222   London Stock Exchange
                                     - Rule 2.1 (a) AIM

Share Registry - United Kingdom
Capita IRG Plc
Balfour House
390-398 High Road
Ilford, Essex IG1 1NQ
Telephone:    +44-(0) 870-162-3100
Facsimile:    +44-(0) 208-478-2876

Website for AuIron Energy


a d v e r t i s e m e n t