Annual Report 2012 - Syrah Resources Ltd

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Syrah Resources Limited Corporate Governance Statement 30 June 2012 Principles and Recommendations declaration provided in accordance with section 295A of the Corporations Act is founded on a sound system of risk management and internal control and that the system is operating efficiently and effectively in all material respects in relation to the financial reporting risks. 7.4 Provide the information indicated in Guide to reporting on Principle 7. Compliance management and internal control and that the system is operating efficiently and effectively in all material respects in relation to the financial reporting risks. The Company has established policies for the oversight and management of material business risks which is available at the corporate governance statement on the Company’s website at www.syrahresources.com.au under the “Corporate” tag which has the appropriate sub heading. Comply Complies. Principle 8 – Remunerate fairly and responsibly 8.1 The Board should establish a remuneration committee. 8.2 Clearly distinguish the structure of non-executive directors’ remuneration from that of executive directors and senior executives. 8.3 Provide the information indicated in the Guide to reporting on Principle 8. The Board has not established a Nomination and Remuneration Committee and has not adopted a remuneration charter. The company complies with the guidelines for executive remuneration packages and nonexecutive director remuneration. No senior executive is involved directly in deciding their own remuneration. The information has been disclosed in the Annual Report. It is not a Company policy to have a nomination committee, given the size and scale of Syrah Resources Limited. The role of a nomination committee is carried out by the full Board. The full board considers the appointment of new Directors, on an informal basis. The Board’s policy for the appointment of new Directors to the Board can be accessed at www.syrahresources.com.au. Complies. Complies. Syrah Resources Limited’s corporate governance practices were in place for the financial year ended 30 June 2012 and to the date of signing the directors’ report. Various corporate governance practices are discussed within this statement. For further information on corporate governance policies adopted by Syrah Resources Limited, refer to our website: www.syrahresources.com.au 32
Syrah Resources Limited Statement of comprehensive income For the year ended 30 June 2012 Consolidated Note 2012 2011 $ $ Revenue from continuing operations Expenses Legal and consulting expense Administration expense Exploration costs written off Employee benefits expense Depreciation and amortisation expense Loss before income tax expense from continuing operations Income tax expense Loss after income tax expense from continuing operations Loss after income tax benefit from discontinued operations Loss after income tax expense for the year attributable to the owners of Syrah Resources Limited Other comprehensive income Foreign currency translation Other comprehensive income for the year, net of tax Total comprehensive income for the year attributable to the owners of Syrah Resources Limited 5 133,381 48,201 (472,362) (197,393) (794,184) (161,404) (45,652) (87,528) (633,241) (367,777) 6 (25,611) (5,537) (1,837,669) (771,438) 7 - - (1,837,669) (771,438) 8 (223,896) (214,306) (2,061,565) (985,744) 183,102 (16,578) 183,102 (16,578) (1,878,463) (1,002,322) Cents Cents Earnings per share from continuing operations attributable to the owners of Syrah Resources Limited Basic earnings per share Diluted earnings per share Earnings per share from discontinued operations attributable to the owners of Syrah Resources Limited Basic earnings per share Diluted earnings per share Earnings per share for loss attributable to the owners of Syrah Resources Limited Basic earnings per share Diluted earnings per share 35 (2.24) (2.16) 35 (2.24) (2.16) 35 (0.27) (0.60) 35 (0.27) (0.60) 35 (2.51) (2.76) 35 (2.51) (2.76) The above statement of comprehensive income should be read in conjunction with the accompanying notes 33
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Annual Report 2012 - Syrah Resources Ltd

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