ROC's 2004 Financial Results
2005年2月28日 - 4:03PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:0918J
Roc Oil Company Limited
28 February 2005
28 February 2005
ROC OIL COMPANY LIMITED
STOCK EXCHANGE RELEASE
SUMMARY OF ROC'S 2004 FINANCIAL RESULTS
--------------------------------------------------------------------------------
KEY POINT:
* ROC's 2004 results should be viewed in conjunction with two key
transactions that were initiated in late 2004 and completed by the Company
in January 2005, both of which further strengthened ROC's financial
position: the very profitable sale of the Saltfleetby Gas Field and the
placement of almost 10 million shares at a premium to market. Together
these transactions increased ROC's net cash position by approximately
A$130 million to over A$200 million, as at the beginning of 2005.
--------------------------------------------------------------------------------
Today, ROC released its ASX Preliminary Final Report (Appendix 4E) and its
Directors' Report and Annual Financial Report for the Financial Year ended 31
December 2004, the key elements of which are summarised below and in Attachment
1.
* $38.8 million net loss after tax, a $41.8 million reversal compared to a
$3.0 million net profit after tax for the 2003 financial year. The net loss
equates to 23.8 cents per share.
* $17.2 million trading profit, down $13.8 million (45%) on 2003.
* $38.3 million sales revenue, down $19.0 million (33%) on 2003, due to a 40%
lower production.
* $14.5 million cash flow from operating activities, down $17.9 million (55%)
on 2003, equates to $0.09/share.
* Year-end cash assets, $76.0 million, up $34.4 million (83%) compared to
end-2003, which increased by an additional $109 million after the completion
of the sale of the Saltfleetby Gas Field.
* The Company has no borrowings at year end compared to $18.1 million in 2003.
* $39.7 million exploration expenditure, $6.6 million (14%) less than the
prior Financial Year.
* $14.0 million EBITDAX*, down $17.5 million (56%) on 2003.
An analysis of the 2004 financial results, together with a comparison with the
prior financial year, is provided in the attached table.
Commenting on the 2004 financial results, ROC's Chief Executive, Dr John Doran
stated that:
"For all practical purposes, ROC began 2005 with over A$200 million in cash and
no debt. As such, ROC's Financial Results for 2004 are over-arched by its
greatly enhanced 2005 Balance Sheet. Applying the strength of this Balance Sheet
in an optimal manner in a buoyant industry and market will be one of ROC's main
challenges for 2005."
Dr John Doran
Chief Executive Officer
*EBITDAX is calculated as EBITDA before asset write downs and exploration
expenditure written off and expensed.
For copies of the complete 2004 financial statements, please see ROC's website:
http://www.rocoil.com.au/Pages/ASX_Releases/2005_Releases/February-2005.html
For further information please contact:
Dr John Doran on
Tel: +61-2-8356-2000
Fax: +61-2-9380-2635
Email: jdoran@rocoil.com.au
Or visit ROC's website: www.rocoil.com.au
Dr Kevin Hird
General Manager Business Development
Tel: +44 (0)207 586 7935
Fax: +44 (0)207 722 3919
Email: khird@rocoil.com.au
Nick Lambert
Bell Pottinger Corporate & Financial
Tel: +44 (0)207 861 3232
ATTACHMENT 1
ANALYSIS OF FINANCIAL RESULTS
A summary of the key items contributing to the result is provided as follows:
+-------------------------------------------------+------------+------------+
| | 2004| 2003|
| | $million| $million|
+-------------------------------------------------+------------+------------+
|Sales revenue | 38.3| 57.3|
+-------------------------------------------------+------------+------------+
|Trading profit | 17.2| 31.0|
+-------------------------------------------------+------------+------------+
|Net interest income | 2.5| 1.1|
+-------------------------------------------------+------------+------------+
|Net foreign currency losses | (2.0)| (5.8)|
+-------------------------------------------------+------------+------------+
|Exploration expenditure expensed and written off | (46.9)| (8.5)|
+-------------------------------------------------+------------+------------+
|Profit on sale of non-core UK assets(1) | -| 2.6|
+-------------------------------------------------+------------+------------+
|Profit on sale of non-current assets | 0.1| 0.8|
+-------------------------------------------------+------------+------------+
|Other (including administration costs and other | (12.6)| (10.1)|
|provisions) | | |
+-------------------------------------------------+------------+------------+
|(Loss)/Profit before Income Tax Expense | (41.7)| 11.1|
+-------------------------------------------------+------------+------------+
|Income tax expense - current period | (2.5)| (9.4)|
+-------------------------------------------------+------------+------------+
| - prior period | (0.1)| 2.8|
+-------------------------------------------------+------------+------------+
|Deferred income tax - current period | 5.5| (1.5)|
+-------------------------------------------------+------------+------------+
|Total Income Tax Benefit/(Expense) | 2.9| (8.1)|
+-------------------------------------------------+------------+------------+
|Net (Loss)/Profit after Income Tax Expense | (38.8)| 3.0|
+-------------------------------------------------+------------+------------+
(1) Does not include the sale of Saltfleetby Gas Field
This information is provided by RNS
The company news service from the London Stock Exchange
END
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