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First Graphene Ltd. — Earnings Release 2019
Sep 1, 2019
35640_rns_2019-09-01_f4d39904-f4e7-4d1e-8ec1-7642920274ea.pdf
Earnings Release
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APPENDIX 4E PRELIMINARY FINAL REPORT
1. Company Details
First Graphene Limited
ABN 50 007 870 760
Current reporting period: 30 June 2019 Previous corresponding reporting period: 30 June 2018 Functional Currency: Australian dollars
2. Results for announcement to the market
| 30 June 2019 | 30 June 2018 | ||
|---|---|---|---|
| A$ | A$ | % change | |
| Revenue from continuing operations | 22,771 | 7,180 | 217% |
| Loss from continuing operations after tax | (7,048,220) | (6,941,664) | (2%) |
| Loss for the period attributable to members | (6,986,738) | (7,024,612) | 1% |
| Cents per | Cents per | ||
| share | share | ||
| Basic and diluted loss per share | (1.78) | (1.65) |
3. Review of operations and financial results
Refer to the accompanying 2019 Annual Report (which includes the 2019 Financial Report) for the Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows, and accompanying Notes. Also refer to the Review of Operations and Directors’ Report in the accompanying Annual Report for further details and commentary on the results.
4. Dividends
No dividends have been paid or are proposed to be paid by First Graphene Limited and there is no dividend reinvestment plan in operation for the year ended 30 June 2019 (2018: Nil).
5. Net Tangible Assets per share
| .Net Tangible Assets per share | ||
|---|---|---|
| Cents per | Cents per | |
| share | share | |
| Net tangible asset per share | 1.31 | 1.20 |
6. Control Gained or Lost over Entities
On 21 January 2019 First Graphene Limited deconsolidated it’s controlled entity, Graphene Solutions Pty Ltd (“GSPL”) due to a loss of control over the financial and operating policies under AASB 10 of GSPL.
7. Details of Associates and Joint Venture Entities
First Graphene Limited’s 30% interest in Graphene Solutions Pty Ltd was reclassified to an investment in an associate effective 21 January 2019, with no contribution to profit or loss since that date.
8. Accounting Standards
The annual Financial Report has been prepared using Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (“AASB”).
9. Audit Status
The annual Financial Report for the year ended 30 June 2019 has been subject to an audit by our external auditor, BDO Audit (WA) Pty Ltd. A copy of the independent audit report to the members of First Graphene Limited is included in the accompanying Annual Report.