Rinehart's Hancock files overdue financial reports

Gina Rinehart's company Hancock Prospecting has filed two overdue financial reports, one of which was more than two years late.

Hancock Prospecting and Hope Downs Iron Ore filed their financial reports for the 2010 and 2011 financial years on December 24.

The directors and auditors did not sign off on the reports until August 17, 2012 for the 2010 financial year report and August 23 for the 2011 report.

Under the Corporations Act, annual financial reports are due within four months of the end of the relevant financial year, making the 2010 reports 785 days late when submitted.

Hancock and Hope Downs had been disputing the need to file their financial reports with the Australian Securities and Investments Commission (ASIC) in the Administrative Appeals Tribunal (AAT).

ASIC says Hancock and its related entities withdrew their applications from the AAT on December 24, and the proceedings are therefore over.

However one of those related entities, Hancock Minerals, still has not lodged recent annual financial reports, and the Hancock Prospecting and Hope Downs reports for 2012 are already overdue and should have been filed by October 31.

ASIC currently had no comment on whether the companies would be fined for filing their reports late, as is generally the case under the Corporations Act, or on whether it was taking any action to obtain the remaining overdue financial reports.

Profit results The reports reveal that Hancock Prospecting made an after-tax operating profit of $688 million in 2010 and $1.2 billion in the 2011 financial year.

Those profits were based on $1.41 billion of revenues in 2010 and $2.37 billion in 2011.

However, the business only paid out $12.5 million in dividends in 2011 and under $6.2 million in 2010.

Hope Downs Iron Ore made a profit of $588 million in the 2010 financial year and $1.08 billion in 2011.

It paid dividends of $22.2 million in 2010 and $494.4 million in 2011.

The Hope Downs financial report for 2011 says a $1.16 billion deferred tax asset will be recognised in the 2012 financial year in relation to the Federal Government's Minerals Resource Rent Tax.

BHP Billiton booked a $US637 million tax credit related to the MRRT and Petroleum Resource Rent Tax in its 2012 report, while Rio Tinto recognised a deferred tax asset of $US1.04 billion in its latest half-year results.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9276+0.0014+0.15%
    AUDUSD=X
    0.5517+0.0004+0.07%
    AUDGBP=X
    0.6703+0.0007+0.10%
    AUDEUR=X
  • Commodities
    Commodities
    NamePriceChange% Chg