ABN: 67 072 595 576
AMENDED AND RESTATED UNAUDITED CONSOLIDATED INTERIM FINANCIAL
REPORT
FOR THE THREE & SIX MONTH PERIODS ENDED 30 JUNE 2016
This unaudited consolidated interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the audited annual financial report of Mawson West Limited for the year ended 31 December 2015, the Company's management's discussion and analysis for the quarter ended 30 June 2016, the Company's Annual Information Forms and any public announcements made by Mawson West Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Australia) and applicable securities laws. This unaudited consolidated interim financial report has been prepared by management in accordance with International Financial Reporting Standards. These financial statements are unaudited and have not been reviewed by the Company's auditors.
All amounts in this report are stated in US dollars unless noted otherwise
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 30 JUNE 2016
Consolidated three months ended 30 June
Consolidated six months ended 30 June
Note
2016
$'000
2015
$'000
2016
$'000
2015
$'000
Revenue 6,423 (954) 16,0991,101
Cost of sales (11,488) - (23,396) (2,171)
Gross loss (5,065) (954) (7,297)(1,070)
|
General administrative and marketing expenses
Depreciation expense
|
(813)
-
|
(2,744)
-
|
|
Care and maintenance expenses
|
(3,572)
|
(877)
|
|
Exploration expenses
|
-
|
(15)
|
|
Other expenses
|
-
|
(1,202)
|
|
Other income
|
12
|
1,398
|
-
|
|
Foreign exchange gains/(losses)
|
(17)
|
(12)
|
|
Share-based payments gains
|
-
|
763
|
|
Impairment of mine development assets
|
-
|
(24,735)
|
|
Impairment of other receivables
|
-
|
(2,943)
|
|
Gain on loan revision
|
4,677
|
-
|
|
(2,248)
|
(5,480)
|
|
-
|
(120)
|
|
(3,609)
|
(7,272)
|
|
-
|
(407)
|
|
-
|
(1,202)
|
|
4,694
|
1
|
|
(90)
|
16
|
|
-
|
695
|
|
-
|
(24,735)
|
|
-
|
(2,943)
|
|
4,677
|
-
|
|
Operating Loss
|
(3,392)
|
(32,011)
|
|
Finance income
|
1
|
2
|
Profit/(loss) on derivative instruments - 708 25 589
(3,848) (41,928)
1 4
|
Loss before income tax
|
(6,865)
|
(32,010)
|
|
Income tax benefit/(expense)
|
-
|
10
|
|
Loss after income tax
|
(6,865)
|
(32,000)
|
Finance expense (3,474) (1) (4,895) -
(8,742) (41,924)
- (11)
(8,742) (41,935)
|
Other comprehensive income Total comprehensive loss for the
|
(3)
|
-
|
-
|
-
|
|
period
|
(6,868)
|
(32,000)
|
(8,742)
|
(41,935)
|
|
Net loss after income tax attributable to:
Owners of the parent
|
(6,293)
|
(28,695)
|
(7,862)
|
(37,715)
|
|
Non-controlling interests
|
(572)
|
(3,305)
|
(880)
|
(4,220)
|
|
(6,865)
|
(32,000)
|
(8,742)
|
(41,935)
|
|
Total comprehensive loss attributable to:
|
|
Owners of the parent
|
(6,296)
|
(28,695)
|
(7,862)
|
(37,715)
|
|
Non-controlling interests
|
(572)
|
(3,305)
|
(880)
|
(4,220)
|
(6,868) (32,000) (8,742) (41,935)
|
(0.6) cents
|
(7.1) cents
|
(0.8) cents
|
(11.0) cents
|
|
(0.6) cents
|
(7.1) cents
|
(0.8) cents
|
(11.0) cents
|
Basic (loss)/earnings per share Diluted (loss)/earnings per share
The above Unaudited Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
Page 2
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
Consolidated
|
Note
|
30 Jun 2016
$'000
|
31 Dec 2015
$'000
|
|
Current Assets
Cash and short term deposits
|
3
|
964
|
1,493
|
|
Trade and other receivables
|
4
|
4,878
|
6,082
|
|
Inventories
|
5
|
6,559
|
13,085
|
|
Advance tax receivable
|
6
|
-
|
168
|
|
Other assets
|
7
|
1,085
|
1,081
|
|
Total Current Assets
|
13,486
|
21,909
|
|
Non-Current Assets
Other assets
|
7
|
4,627
|
2,696
|
|
Property, plant and equipment
|
8
|
11,832
|
13,292
|
|
Mine properties
|
9
|
14,980
|
16,312
|
|
Advance tax receivable
|
992
|
916
|
|
Total Non-Current Assets
|
32,431
|
33,216
|
|
Total Assets
|
45,917
|
55,125
|
|
Current Liabilities
Trade and other payables
|
8,108
|
15,509
|
|
Derivative liabilities
|
79
|
105
|
|
Loans and borrowings
|
10
|
3,107
|
16,562
|
|
Provisions
|
294
|
473
|
|
Total Current Liabilities
|
11,588
|
32,649
|
|
Non-Current Liabilities
Loans and borrowings
|
10
|
58,971
|
51,120
|
|
Provisions
|
6,205
|
6,036
|
|
Total Non-Current Liabilities
|
65,176
|
57,156
|
|
Total Liabilities
|
76,764
|
89,805
|
|
Net Liabilities
|
(30,847)
|
(34,680)
|
|
Equity
Issued capital
|
11
|
228,085
|
215,516
|
|
Reserves
|
8,824
|
8,818
|
|
Accumulated losses
|
(249,674)
|
(241,812)
|
|
Parent entity interest
|
(12,765)
|
(17,478)
|
|
Non-controlling interest
|
(18,082)
|
(17,202)
|
|
Total Equity
|
(30,847)
|
(34,680)
|
The above Unaudited Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Page 3
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 30 JUNE 2016
Accumulated
Consolidated $'000
Non-controlling
Issued capital losses Reserves Interests Total equity
For the six months ended 30 June 2016
|
Balance at 1 January 2016
|
215,516 (241,812) 8,818 (17,202) (34,680)
|
|
Loss for the period
|
- (7,862) - (880) (8,742)
|
|
Other comprehensive income
|
- - - - -
|
|
Total comprehensive loss for the period
|
- (7,862) - (880) (8,742)
|
|
Shares issued during the period
|
12,569 - - - 12,569
|
|
Share based payments
|
- - 6 - 6
|
|
Balance at 30 June 2016
|
228,085 (249,674) 8,824 (18,082) (30,847)
|
For the six months ended 30 June 2015
|
Balance at 1 January 2015
|
184,232 (150,568) 9,579 (6,753) 36,490
|
|
Loss for the period
|
- (37,715) - (4,220) (41,935)
|
|
Other comprehensive income
|
- - - - -
|
|
Total comprehensive loss for the period
|
- (37,715) - (4,220) (5,445)
|
|
Shares issued during the period
|
17,387 - - - 17,387
|
|
Share based payments
|
- - (694) - (694)
|
|
Balance at 30 June 2015
|
201,619 (188,282) 8,885 (10,974) 11,248
|
The above Unaudited Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes
Page 4