FY2021
Exploration base
Mineral-exploration assets formed the recorded segment base, with a small cash buffer.
ASX: FHE · Five-year financial review
(ASX: FHE) Frontier Energy Financial Review - FY2021~25
Frontier Energy’s calendar-year FY2021-FY2025 record shifts from mineral exploration toward renewable-energy assets. The most useful comparison separates the expanding asset base from cash availability, deconsolidation gains and exploration impairments.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 cash
A$5.588m
31 December balance.
Total assets
A$90.435m
Mainly renewable energy.
Net investing use
A$17.491m
Includes deposits and PPE purchases.
Net loss
A$5.168m
Includes A$1.355m impairment.
Five years in context
The 2021 segment record was mineral exploration. Renewable-energy assets were already the larger segment in 2022 and represented A$90.266m in 2025. This is a portfolio transition, not a continuous mining production series.
The five-year profit pattern is strongly affected by accounting events. Waroona deconsolidation generated a FY2023 gain; later exploration write-downs reduced reported earnings without an equivalent current cash outflow.
Events behind the numbers
FY2022
Renewable assets emerge
Renewable energy became the larger asset segment, alongside substantial financing inflow.
FY2023
Waroona accounting gain
A deconsolidation gain helped produce an accounting profit while operating cash remained negative.
FY2024
Exploration write-down
Large mineral-exploration impairment dominated the loss; renewable impairment was much smaller.
FY2025
Investment and deposits
PPE purchases and deposits exceeded net financing inflow; closing exploration carrying value was nil.
FINANCIAL REVIEW / 01
Asset growth is not available cash
Property, plant and equipment dominates the balance sheet, while cash is much smaller. Other financial assets of A$8.015m are shown as non-current and are not added to the cash card.
The retained subsidiary table identifies Bristol Springs Solar and Waroona entities as wholly owned at the FY2025 reporting date. The FY2023 deconsolidation gain remains a historical transaction event, not proof of current non-control.
Cash and total assets
A$ million
Cash at banks / equivalentsTotal assets
AI-generated presentation · values from Cash, assets and consolidated equity; no missing values plotted as zero.
Asset composition changes
A$ million
Property, plant and equipmentExploration and evaluation assets
AI-generated presentation · values from The change in asset composition; no missing values plotted as zero.
Cash, assets and consolidated equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash at banks / equivalents | 0.541 | 13.455 | 11.574 | 14.335 | 5.588 |
| Total assets | 3.163 | 31.935 | 89.080 | 83.408 | 90.435 |
| Total equity including NCI | 2.147 | 26.582 | 83.441 | 81.272 | 84.796 |
December year ends, not June. Group composition changed; asset growth is not a same-project investment return.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The change in asset composition
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Property, plant and equipment | 0.005 | 15.732 | 60.677 | 66.120 | 76.468 |
| Exploration and evaluation assets | 2.108 | 2.109 | 16.103 | 1.367 | 0.000 |
FY2025 exploration assets were fully impaired. Property, plant and equipment is a carrying value, not revenue or a project valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Cash demand sits mainly in investing
Operating cash use was smaller than investing use in the later years. FY2025 financing includes A$4m received in advance for a placement, so total financing must not be labelled solely as already-issued equity.
Accounting result and operating cash
A$ million
Net profit / (loss) for the yearNet operating cash flow
AI-generated presentation · values from Group result and operating cash; no missing values plotted as zero.
Investment and financing cash
A$ million
Net investing cash flowNet financing cash flow
AI-generated presentation · values from Investing and financing cash; no missing values plotted as zero.
Group result and operating cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net profit / (loss) for the year | (3.148) | (6.149) | 2.073 | (18.123) | (5.168) |
| Net operating cash flow | (2.138) | (4.867) | (2.556) | (2.766) | (2.212) |
FY2023 includes a A$7.052m Waroona deconsolidation gain. It is not operating cash generation.
FY2024 includes A$15.280m impairment; FY2025 includes A$1.355m impairment. Group result includes non-controlling interests.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Investing and financing cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net investing cash flow | (0.145) | (3.692) | (9.325) | (10.072) | (17.491) |
| Net financing cash flow | 2.105 | 21.486 | 10.169 | 15.588 | 10.951 |
FY2025 investing includes A$7.941m deposits paid. Financing includes loan drawdowns and repayments, share proceeds and share-placement advances.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 cash funding and investment components
A$ million
| Metric | FY2025 |
|---|---|
| Purchases of property, plant and equipment | (9.769) |
| Deposits paid | (7.941) |
| Loan proceeds | 14.000 |
| Loan repayments | (14.058) |
| Share-placement proceeds paid in advance | 4.000 |
| Share issue proceeds | 7.500 |
| Capital raising costs | (0.491) |
Signed cash movements; these components sit within the net category totals above and must not be added to those totals.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Impairment and funding are separate questions
FY2024 impairment comprised A$14.899m in mineral exploration and A$0.381m in renewable energy. FY2025 completed the exploration write-down. Neither charge demonstrates an equal cash payment in those years.
The cash-flow statement records both A$14m loan proceeds and A$14.058m repayments in FY2025, while the year-end loan payable is nil. Looking only at gross borrowings would misstate year-end leverage.
Reading the figures
- The supplied records contain financial table detail but no usable extracted annual narrative for project schedules or future funding forecasts; these are not invented.
- Consolidation changes and impairment events limit like-for-like operating interpretation. FY labels here refer to December calendar years.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. Primary-author review, not an independent original-document audit; published.
Annual-report source registry
- Frontier Energy - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Frontier Energy - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Frontier Energy - Annual Report & Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Frontier Energy - Annual Report and Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Frontier Energy - Annual ReportExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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AI-led method
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