For the year ended 30 June 2016
Full Year Report Incorporating Appendix 4E Beach Energy Limited ABN 20 007 617 969 Preliminary Final Report under ASX Listing Rule 4.3A for the year ended 30 June 2016. This report is based on financial statements which have been audited.CONTENTS
2 Appendix 4E
5 Directors' Report
Auditor's Independence Statement
Remuneration Report
59 Full year Financial Report
64 Notes to the Financial Statements
100 Independent Auditor's Report
ABOUT BEACH
Beach Energy Limited is an innovative oil and gas company where people and safety come first.
Beach has been growing its portfolio of assets steadily through its 50 year history and is now recognised as the largest net oil producer in the Cooper Basin.
Beach holds interests in more than 300 exploration and production tenements in Australia, Tanzania and New Zealand. Beach continues to seek additional opportunities in Australia and nearby.
For the year ended 30 June 2016
APPENDIX 4E
Preliminary Final Annual Report for the year ended 30 June 2016 (Rule 4.3A)
Results for announcement to the market Previous corresponding period - 30 June 2015
Change % | Amount $ million | |||
Revenues from ordinary activities | DOWN | 23% | to | 564.6 |
Net loss from ordinary activities after tax attributable to members | UP | 15% | to | (588.8) |
Net loss after tax for the period attributable to members | UP | 15% | to | (588.8) |
Underlying Net profit after tax * | DOWN | 61% | to | 35.7 |
*Underlying results in this report are categorised as non-IFRS financial information provided to assist readers to better understand the financial performance of the underlying operating business. They have not been subject to audit or review by Beach's external auditors. Please refer to the table on page 14 for a reconciliation of this information to the financial report.
Net asset backing
Current Period | Previous Corresponding Period | |
Net asset backing per ordinary security | $0.58 | $1.04 |
Change in ownership of controlled entities
Control gained over entities having material effect | Drillsearch Energy Limited group of companies |
Loss of control of entities having material effect | Not applicable |
Competent Persons Statement
The reserves and resources information in this report is based on, and fairly represents, information and supporting documentation prepared by, or under the supervision of, Mr Tony Lake (Manager Cooper Gas). Mr Lake is an employee of Beach Energy Limited and has a BE (Mech) degree from the University of Adelaide and is a member of the Society of Petroleum Engineers (SPE). The reserves and resources information in this report has been issued with the prior written consent of Mr Lake in the form and context in which it appears.
For the year ended 30 June 2016
Dividends
$ million | Current Period | Previous Corresponding Period |
Ordinary Securities | $6.5 | $38.9 |
Dividends | Amount per security | Franked amount per security at 30% tax |
Interim dividend (fully franked) | - | - |
Final dividend (fully franked) | 0.50 cents | 0.50 cents |
Record date for determining entitlements to the final dividend | 9 September 2016 | - |
Payment date for final dividend | 30 September 2016 | - |
None of these dividends are foreign sourced. The final dividend will be paid from the profit distribution reserve.
Dividend Reinvestment Plan
Beach has established a Dividend Reinvestment Plan, details of which are available on Beach's website at www.beachenergy.com.au
Discount Rate for Dividend Reinvestment Plan (DRP) | 2.50% |
Last election date for participation in the DRP | 12 September 2016 |
Record date | 9 September 2016 |
Period over which share price for DRP will be determined | 5 trading day period will commence on 14 September 2016 and end after 20 September 2016 |
Date of payment | 30 September 2016 |
Beach Energy Limited published this content on 29 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 August 2016 23:16:01 UTC.
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