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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
154 Independence Group NL
Notes to the consolidated financial statements
30 June 2015
36 Deed of cross guarantee
Independence Group NL, Independence Long Pty Ltd and Independence Jaguar Limited are parties to a deed of cross
guarantee under which each company guarantees the debts of the others. By entering into the deed, the wholly-owned
entities have been relieved from the requirement to prepare a financial report and directors' report under Class Order
98/1418 (as amended) issued by the Australian Securities and Investments Commission.
(a) Consolidated statement of profit or loss and other comprehensive income and summary of movements in
consolidated retained earnings
The above companies represent a 'closed group' for the purposes of the Class Order, and as there are no other parties
to the deed of cross guarantee that are controlled by Independence Group NL, they also represent the 'extended closed
group'.
Set out below is a consolidated statement of profit or loss and other comprehensive income and a summary of
movements in consolidated retained earnings for the year ended 30 June 2015 of the closed group consisting of
Independence Group NL, Independence Long Pty Ltd and Independence Jaguar Limited.
Consolidated statement of profit or loss and other comprehensive income
2015
$'000
Restated*
2014
$'000
Revenue from continuing operations
495,298
399,004
Other income
3,327
-
Mining, development and processing costs
(135,352)
(100,494)
Employee benefits expense
(63,841)
(61,196)
Share-based payments expense
(2,949)
(4,632)
Fair value movement of financial investments
1,467
(2)
Depreciation and amortisation expense
(95,959)
(66,521)
Rehabilitation and restoration borrowing costs
(271)
(269)
Exploration costs expensed
(21,184)
(22,930)
Royalty expense
(15,647)
(14,309)
Ore tolling expense
(12,297)
(11,973)
Shipping and wharfage expense
(19,539)
(17,551)
Borrowing and finance costs
(1,566)
(5,138)
Impairment of exploration and evaluation expenditure
(3,461)
(3,057)
Impairment of loans to subsidiaries
(4,278)
(12,518)
Other expenses
(11,004)
(9,362)
Profit before income tax
112,744
69,052
Income tax expense
(35,142)
(25,382)
Profit for the year
77,602
43,670
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
2,038
(4,435)
Other comprehensive income for the year, net of tax
2,038
(4,435)
Total comprehensive income for the year
79,640
39,235
Summary of movements in consolidated retained earnings (accumulated
losses)
2015
$'000
Restated*
2014
$'000
Accumulated losses at the beginning of the financial year
(16,282)
(50,619)
Profit for the year
77,602
43,670
Dividends paid
(25,768)
(9,333)
Retained earnings (accumulated losses) at the end of the financial year
35,552
(16,282)
Independence Group NL
90