Cue Energy Resources Limited Directors' report 30 June 2024 11 Financial performance Production revenue FY 2024 Production revenue FY 2023 Gross margin FY 2024 Gross margin FY 2023 $'000 $'000 % % Maari 10,123 9,510 55% 37% Mahato 19,721 18,714 74% 69% Sampang 8,531 11,492 48% 59% Amadeus 11,284 11,889 47% 45% 49,659 51,605 EBITDAX FY 2024 FY 2023 $'000 $'000 Profit before tax 25,322 19,881 Depreciation and amortisation 6,400 6,099 Finance costs 684 1,703 EBITDA* 32,406 27,683 Business development expenses 66 13 Share based payments 112 96 Exploration and evaluation expenses 228 3,073 EBITDAX** 32,812 30,865 * EBITDA is a financial measure which is not prescribed by Australian Accounting Standards (‘AAS’) and represents the profit under AAS adjusted for depreciation, amortisation, finance costs and tax. **EBITDAX is EBITDA adjusted to exclude business development costs, exploration and evaluation expenses, share based payments and one-off expenses. EBITDAX is used as a measure of financial performance as it is a commonly used indicator of performance of the Consolidated Entity's peers and therefore facilitates relative comparison of performance. Financial position The net assets of the Consolidated Entity increased in FY 2024 by $0.72 million to $64.91 million (FY 2023: $64.19 million). Working capital, being current assets less current liabilities, was $20.51 million (FY 2023: $19.12 million). The consolidated cash and cash equivalents increased in FY 2024 by $1.02 million to $16.26 million (FY 2023: $15.24 million). FY 2024 FY 2023 $'000 $'000 Net cashflows from operating activities 26,943 12,653 Net cashflows used in investing activities (7,735) (17,630) Net cashflows used in financing activities (18,051) (3,081) Net cashflows for the year ended 30 June 1,157 (8,058) Higher operating cash inflow was due to higher receipts from customers. Lower investing cash outflow was due to lower exploration expenditure. Higher financing cash outflows largely driven by repayment of loans and dividends paid for the first time during the year. Business Risks The Consolidated Entity is subject to risks that are specific to the Consolidated Entity and its business activities, as well as general risks. 25 Cue Energy Resources Limited Annual Report 2024
RkJQdWJsaXNoZXIy MjE2NDg3