INTERRA RESOURCES LIMITED INTERRA RESOURCES LIMITED
Company Registration No. 197300166Z
SGX ANNOUNCEMENT
Counter Name: Interra Res (Code: 5GI)
25 February 2022
Dear Shareholders,
UNAUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 ("FY 2021")
Highlights in FY 2021
- Revenue for financial year 2021 was US$11.96 million, 11% higher than the previous financial year. The increase was due mainly to higher weighted average transacted oil prices of US$70.72 per barrel for current financial year as compared to previous financial year of US$41.73 per barrel despite lower sales of shareable oil of 214,184 barrels for FY 2021 (FY 2020: 327,708 barrels).
- Net profit for the financial year was US$2.49 million, as compared to net loss for previous financial year of US$1.25 million.
- Earnings before divestment gain, interest income, exchange difference, finance cost, tax, depreciation, amortisation, allowance and impairment (EBITDA) for the financial year was US$5.81 million.
- Net cash inflow for the financial year was US$1.27 million, due mainly to net cash provided by operating activities of US$3.41 million offset by net cash used for total capital expenditure of US$2.39 million and financing activities of US$0.25 million.
- Cash and cash equivalents were US$5.49 million as at 31 December 2021.
Yours sincerely,
The Board of Directors
Interra Resources Limited
About Interra
Interra Resources Limited, a Singapore-incorporated company listed on SGX Mainboard, is engaged in the business of petroleum exploration and production (E&P). Our E&P activities include petroleum production, field development and exploration. We are positioning ourselves to become a leading regional independent producer of petroleum.
Interra Resources Limited 1 Grange Road #05-04 Orchard Building Singapore 239693 Tel (65) 6732 1711 Fax (65) 6738 1170 www.interraresources.com
INTERRA RESOURCES LIMITED
(Incorporated in the Republic of Singapore)
(Company Registration No. 197300166Z)
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SECOND HALF-YEAR
AND FULL YEAR ENDED 31 DECEMBER 2021
TABLE OF CONTENTS | ||||
Item No. | Description | Page No. | ||
A | Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive | 2 - 3 | ||
Income | ||||
B | Condensed Interim Statement of Financial Position | 4 | ||
C | Condensed Interim Statement of Changes in Equity | 5 | ||
D | Condensed Interim Statement of Cash Flows | 6 | ||
E | Notes to the Condensed Interim Consolidated Financial Statements | 7 - 20 | ||
F | Other Information Required by Listing Rule Appendix 7.2 | 21 - 24 | ||
G | Abbreviations | 25 | ||
Appendix A | Production, Development & Exploration Activities Report | |||
Page 1 of 25
- CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
2H 2021 | 2H 2020 | Change | an | FY 2021 | FY 2020 | Change | ||||||||
Group | Note | US$'000 | US$'000 | % | US$'000 | US$'000 | % | |||||||
Revenue | 4 | 8,844 | 5,369 | ↑ 65 | 11,958 | 10,796 | ↑ 11 | |||||||
Cost of production | (4,959) | (4,501) | ↑ 10 | (7,537) | (9,307) | ↓ 19 | ||||||||
Gross profit | 3,885 | 868 | ↑ 348 | 4,421 | 1,489 | ↑ 197 | ||||||||
Other income, net | 437 | 299 | ↑ 46 | 1,076 | 673 | ↑ 60 | ||||||||
Administrative expenses | (1,240) | (1,314) | ↓ 6 | (2,431) | (2,657) | ↓ 9 | ||||||||
Finance expenses | (59) | (62) | ↓ 5 | (116) | (127) | ↓ 9 | ||||||||
Other expenses | (76) | (93) | ↓ 18 | (159) | (193) | ↓ 18 | ||||||||
Profit/(Loss) before income tax | 2,947 | (302) | ↑ 1,076 | 2,791 | (815) | ↑ 442 | ||||||||
Income tax expense | 7 | (130) | (129) | ↓ 1 | (304) | (434) | ↓ 30 | |||||||
Profit/(Loss) for the financial period/year | 2,817 | (431) | ↑ 754 | 2,487 | (1,249) | ↑ 299 | ||||||||
Attributable to: | ||||||||||||||
Equity holders of the Company | 2,850 | (382) | 2,549 | (1,165) | ||||||||||
Non-controlling interests | (33) | (49) | (62) | (84) | ||||||||||
2,817 | (431) | 2,487 | (1,249) | |||||||||||
Earnings/(Losses) per share attributable to | ||||||||||||||
equity holders of the Company | ||||||||||||||
Basic earnings/(losses) per share (US cents) | 0.435 | (0.058) | 0.389 | (0.186) | ||||||||||
Diluted earnings/(losses) per share | ||||||||||||||
(US cents) | 0.435 | (0.058) | 0.389 | (0.186) | ||||||||||
Page 2 of 25
- CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONT'D)
2H 2021 | 2H 2020 | Change | an | FY 2021 | FY 2020 | Change | ||||||||
Group | Note | US$'000 | US$'000 | % | US$'000 | US$'000 | % | |||||||
Total profit/(loss) for the financial period/ | ||||||||||||||
year | 2,817 | (431) | ↑ 754 | 2,487 | (1,249) | ↑ 299 | ||||||||
Other comprehensive income/(loss), | ||||||||||||||
net of tax | ||||||||||||||
Items that may be reclassified subsequently | ||||||||||||||
to profit or loss: | ||||||||||||||
Currency translation differences arising | ||||||||||||||
from consolidation | 23 | 37 | ↓ 38 | (25) | (3) | ↑ 733 | ||||||||
Currency translation differences reclassified on | ||||||||||||||
disposal of foreign operation | (68) | - | NM | (68) | - | NM | ||||||||
Total comprehensive income/(loss) | ||||||||||||||
for the financial period/year | 2,772 | (394) | ↑ 804 | 2,394 | (1,252) | ↑ 291 | ||||||||
Attributable to: | ||||||||||||||
Equity holders of the Company | 2,805 | (345) | 2,456 | (1,168) | ||||||||||
Non-controlling interests | (33) | (49) | (62) | (84) | ||||||||||
2,772 | (394) | 2,394 | (1,252) | |||||||||||
- denotes increase
- denotes decrease
NM | denotes not meaningful |
NA | denotes not applicable |
Page 3 of 25
- CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
Group | Company | |||||||||||
31-Dec-21 | 31-Dec-20 | 31-Dec-21 | 31-Dec-20 | |||||||||
Note | US$'000 | US$'000 | US$'000 | US$'000 | ||||||||
Assets | ||||||||||||
Non-current assets | ||||||||||||
Property, plant and equipment | 11 | 56 | 1 | 56 | 1 | |||||||
Right-of-use assets | 12 | 196 | 260 | 138 | 72 | |||||||
Producing oil and gas properties | 13 | 10,757 | 10,037 | - | - | |||||||
Exploration and evaluation assets | 14 | 13,777 | 13,734 | - | - | |||||||
Intangible assets | 15 | 2,105 | 2,447 | - | - | |||||||
Investments in subsidiary corporations | - | - | 19,062 | 19,062 | ||||||||
Investments in associated companies | 16 | - | - | - | - | |||||||
Other receivables | 5 | 4,785 | 4,511 | 12,009 | 11,657 | |||||||
31,676 | 30,990 | 31,265 | 30,792 | |||||||||
Current assets | ||||||||||||
Inventories | 3,387 | 3,413 | - | - | ||||||||
Financial assets at fair value through | ||||||||||||
profit or loss ("FVPL") | 10 | - | - | - | - | |||||||
Trade and other receivables | 5 | 4,232 | 2,446 | 7 | 46 | |||||||
Other current assets | 140 | 138 | 50 | 47 | ||||||||
Cash and cash equivalents | 5 | 5,488 | 4,218 | 467 | 1,422 | |||||||
13,247 | 10,215 | 524 | 1,515 | |||||||||
Total assets | ||||||||||||
44,923 | 41,205 | 31,789 | 32,307 | |||||||||
Liabilities | ||||||||||||
Non-current liabilities | ||||||||||||
Other payables | 5 | 1,419 | 1,294 | - | - | |||||||
Lease liabilities | 5 | 79 | 66 | 45 | 6 | |||||||
1,498 | 1,360 | 45 | 6 | |||||||||
Current liabilities | ||||||||||||
Trade and other payables | 5 | 5,323 | 3,704 | 11,261 | 11,310 | |||||||
Lease liabilities | 5 | 179 | 241 | 86 | 73 | |||||||
Borrowings | 5 | 1,000 | 1,000 | 1,000 | 1,000 | |||||||
Current income tax liabilities | 3,666 | 4,084 | 30 | 25 | ||||||||
10,168 | 9,029 | 12,377 | 12,408 | |||||||||
Total liabilities | ||||||||||||
11,666 | 10,389 | 12,422 | 12,414 | |||||||||
Net assets | ||||||||||||
33,257 | 30,816 | 19,367 | 19,893 | |||||||||
Equity | ||||||||||||
Share capital | 19 | 75,157 | 75,157 | 75,157 | 75,157 | |||||||
Accumulated losses | (28,595) | (31,144) | (56,003) | (55,477) | ||||||||
Other reserves | (16,318) | (16,225) | 213 | 213 | ||||||||
Equity attributable to equity | ||||||||||||
holders of the Company | 30,244 | 27,788 | 19,367 | 19,893 | ||||||||
Non-controlling interests | 3,013 | 3,028 | - | - | ||||||||
Total equity | 33,257 | 30,816 | 19,367 | 19,893 | ||||||||
Page 4 of 25
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Interra Resources Limited published this content on 25 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2022 09:51:07 UTC.
