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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
Annual Report 2016 115
Notes to the consolidated financial statements
30 June 2016
(continued)
29 Deed of cross guarantee (continued)
(a)
Consolidated income statement, statement of comprehensive income and summary of movements in consolidated
retained earnings (continued)
Consolidated statement of profit or loss and other comprehensive income
2016
$'000
2015
$'000
Revenue from continuing operations
413,159
495,298
Other income
2,342
3,327
Mining, development and processing costs
(139,931)
(135,352)
Employee benefits expense
(66,975)
(63,841)
Share-based payments expense
(819)
(2,949)
Fair value movement of financial investments
2,396
1,467
Depreciation and amortisation expense
(105,872)
(95,959)
Rehabilitation and restoration borrowing costs
(474)
(271)
Exploration costs expensed
(17,875)
(21,184)
Royalty expense
(12,557)
(15,647)
Ore tolling expense
(10,092)
(12,297)
Shipping and wharfage expense
(16,143)
(19,539)
Borrowing and finance costs
(76)
(1,566)
Impairment of exploration and evaluation expenditure
(2,985)
(3,461)
Impairment of loans to and investments in subsidiaries
(1,960)
(4,278)
Acquisition and other integration costs
(65,137)
-
Other expenses
(11,121)
(11,004)
(Loss) profit before income tax
(34,120)
112,744
Income tax expense
(6,999)
(35,142)
(Loss) profit for the period
(41,119)
77,602
Other comprehensive income
Items that may be reclassified to profit or loss
Effective portion of changes in fair value of cash flow hedges, net of tax
404
2,038
Other comprehensive income for the period, net of tax
404
2,038
Total comprehensive (loss) income for the period
(40,715)
79,640
Summary of movements in consolidated retained earnings (accumulated
losses)
2016
$'000
2015
$'000
Retained earnings (accumulated losses) at the beginning of the financial year
35,552
(16,282)
Adjustment on adoption of AASB 9, net of tax
1,036
-
Restated retained earnings (accumulated losses) at the beginning of the
financial year
36,588
(16,282)
(Loss) profit for the year
(41,119)
77,602
Dividends paid
(12,786)
(25,768)
(Accumulated losses) retained earnings at the end of the financial year
(17,317)
35,552
(b) Consolidated balance sheet
Set out below is a consolidated balance sheet as at 30 June 2016 of the closed group consisting of Independence
Group NL, Independence Long Pty Ltd, Independence Jaguar Pty Ltd, Independence Nova Holdings Pty Ltd and
Independence Nova Pty Ltd.
Independence Group NL
87