Page 61 - Bauxite Resources Annual Report 2013

Notes to the Financial Statements cont.
13. CONTRIBUTED EQUITY cont.
(d) Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to
the number of and amounts paid on the shares held.
On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon
a poll each share is entitled to one vote.
(e) Capital risk management
The Group’s and the parent entity’s objectives when managing capital are to safeguard their ability to continue as a going
concern, so that they may continue to provide returns for shareholders and benefits for other stakeholders.
Due to the nature of the Group’s activities, being mineral exploration, the Group does not have ready access to credit facilities,
with the primary source of funding being equity raisings. Therefore, the focus of the Group’s capital risk management is
the current working capital position against the requirements of the Group to meet exploration programmes and corporate
overheads. The Group’s strategy is to ensure appropriate liquidity is maintained to meet anticipated operating requirements,
with a view to initiating appropriate capital raisings as required. The working capital position of the Group at 30 June 2013
and 30 June 2012 are as follows:
Notes Consolidated Group
2013
$
2012
$
Cash and cash equivalents 43,881,153 48,031,090
Trade and other receivables 1,856,906 1,685,380
Trade and other payables (419,446) (622,034)
Working capital position 45,318,613 49,094,436
14. RESERVES AND ACCUMULATED LOSSES
(a) Reserves
Share-based payments reserve
Balance at beginning of year 983,691 2,757,392
Employees and contractors share options issued - 337,805
Employees and contractors share options lapsed/cancelled (514,472) (2,111,506)
Balance at end of year 469,219 983,691
(b) Retained earnings / (accumulated losses)
Balance at beginning of year (31,885,078) (27,159,987)
Net profit/(loss) for the year (5,302,983) (6,836,597)
Employees and contractors share options lapsed 514,472 2,111,506
Balance at end of year (36,673,589) (31,885,078)
15. DIVIDENDS
No dividends were paid during the financial year. No recommendation for payment of dividends has been made.
16. KEY MANAGEMENT PERSONNEL DISCLOSURES
Short-term benefits 1,227,955 1,487,811
Superannuation 81,737 121,054
Consulting Fees 439,830 180,000
Termination benefits - -
Share-based payments - 337,805
1,749,522 2,126,670
Annual Report 2013 Bauxite Resources 59