FY2021
Large development investment
Financing supported more than A$11m net investing cash outflow.
ASX: GAS · Five-year financial review
(ASX: GAS) State Gas Financial Review - FY2021~25
State Gas’ FY2021-FY2025 review covers sustained investment in Queensland gas assets and the emergence of HDNG sales. The business remained cash-consuming: grants, equity and short-term financing supported development, while year-end liquidity and access to project land remained important constraints.
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$2.160m
30 June balance.
HDNG gas sales
A$0.111m
FY2025 revenue.
Operating outflow
A$2.554m
FY2025.
Exploration assets
A$39.265m
Accounting carrying value.
Five years in context
Development focused on Reid’s Dome and Rolleston West. The HDNG model provided a non-pipeline route to customers, but early sales were small relative to the development asset base.
FY2022 accounting profit did not represent cash-generating gas operations: reversal of earlier share-based payment expense produced a substantial credit.
Events behind the numbers
FY2022
Award reversal changes earnings
Reassessment of vesting conditions reversed earlier share-based expense.
FY2023
Liquidity tightens
Investing continued while closing cash fell below A$0.5m.
FY2024
Plant and initial sales
Plant assets and extracted HDNG sales appear alongside very low closing cash.
FY2025
Grant-backed wells and customer deliveries
Government funding supported exploration wells and HDNG deliveries continued, but land access became a constraint.
FINANCIAL REVIEW / 01
How development was funded
Repeated financing inflows supported investment. FY2025 grants reduced net investing outflow; they must not be interpreted as evidence that the underlying project programme stopped.
Loan-to-share conversion also differs from new cash: A$1.549m of director-loan balances was settled through shares.
Closing cash
A$ million
Cash and equivalents
AI-generated presentation · values from Liquidity and development assets; no missing values plotted as zero.
Exploration assets and equity
A$ million
Exploration and evaluation assetsTotal equity
AI-generated presentation · values from Liquidity and development assets; no missing values plotted as zero.
Funding versus cash use
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Operating, investing and financing cash; no missing values plotted as zero.
Liquidity and development assets
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 3.160 | 3.225 | 0.453 | 0.032 | 2.160 |
| Total assets | 29.543 | 33.882 | 40.914 | 48.321 | 51.212 |
| Total equity | 25.181 | 31.298 | 36.608 | 40.316 | 42.660 |
| Exploration and evaluation assets | 24.829 | 29.386 | 36.093 | 37.289 | 39.265 |
Gas-development assets, not mineral-resource valuations; cash is a small portion of the asset base.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Operating, investing and financing cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (1.103) | (1.198) | (1.331) | (2.131) | (2.554) |
| Net investing cash flow | (11.031) | (6.237) | (8.307) | (7.405) | (0.189) |
| Net financing cash flow | 14.419 | 7.500 | 6.866 | 9.115 | 4.872 |
Net investing cash in FY2025 is affected by grant funding; it is not gross development expenditure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Sales remain distinct from accounting credits
FY2022’s net share-based payment credit of A$2.726m reflects a larger gross reversal partly offset by other award costs. It is not sales revenue or cash received.
The retained sales table contains FY2024 and FY2025 HDNG amounts. Consequently, the FY2025 narrative’s first-customer language is not used to claim that all sales began only in FY2025.
Profit / loss after tax
A$ million
Profit / (loss) after tax
AI-generated presentation · values from Profit / loss after tax; no missing values plotted as zero.
HDNG sales
A$ million
HDNG gas sales
AI-generated presentation · values from HDNG sales and near-term borrowings; no missing values plotted as zero.
Profit / loss after tax
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Profit / (loss) after tax | (2.947) | 1.342 | (1.188) | (3.631) | (3.284) |
FY2022 net share-based payment credit helped produce accounting profit despite operating cash outflow.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
HDNG sales and near-term borrowings
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| HDNG gas sales | 0.017 | 0.111 |
| Borrowings reported in current liabilities | 2.137 | 1.787 |
Gas sales are revenue, not reserves or future contracted revenue. Borrowings are a balance, not annual funding proceeds.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Liquidity and operating access
Short-term loans carried significant interest costs. The retained going-concern conditions also depend on further finance, tax-incentive receipts, new contracts and development progress.
A landowner dispute restricted access to part of Rolleston West, affecting production, sales and drilling. The disclosure did not provide an estimable amount or timing for a potential outflow.
The auditor’s opinion was unmodified, with a material-uncertainty disclosure regarding going concern. An unmodified opinion does not remove that funding risk.
Reading the figures
- The frozen cohort includes State Gas, an energy-development company; mining production/reserve metrics are not forced onto its financial tables.
- FY2025 first-customer narrative and FY2024 sales comparative require careful timing interpretation; both retained.
- 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
- State Gas - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- State Gas - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- State Gas - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- State Gas - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- State Gas - Annual Report to shareholdersExisting 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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