ABN: 67 072 595 576
UNAUDITED CONSOLIDATED INTERIM FINANCIAL REPORT
FOR THE THREE & NINE MONTH PERIODS ENDED 30 SEPTEMBER 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 September 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.
All amounts in this report are stated in US dollars unless noted otherwise
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEP 2016
Consolidated three months ended 30 Sep
Consolidated nine months ended 30 Sep
Note
2016
$'000
2015
$'000
2016
$'000
2015
$'000
Revenue - 11,554 16,09912,655
Cost of sales - (11,275) (23,396) (13,446)
Gross profit/(loss) - 279 (7,297)(791)
|
General administrative and marketing expenses
Depreciation expense
|
(648)
-
|
(2,033)
-
|
|
Care and maintenance expenses
|
(2,120)
|
(708)
|
|
Exploration expenses
|
-
|
(13)
|
|
Other income
|
195
|
1
|
|
Foreign exchange gains/(losses)
|
(463)
|
10
|
|
Share-based payments gains/(losses)
|
-
|
(150)
|
|
Impairment of mine development assets
|
-
|
-
|
|
Impairment of other receivables
|
-
|
-
|
|
Gain on loan revision
|
-
|
-
|
|
(2,896)
|
(7,515)
|
|
-
|
(120)
|
|
(5,729)
|
(7,978)
|
|
-
|
(420)
|
|
4,889
|
2
|
|
(553)
|
26
|
|
-
|
545
|
|
-
|
(24,735)
|
|
-
|
(2,943)
|
|
4,677
|
-
|
Profit/(loss) on derivative instruments - 407 25 996
Operating Loss (3,036) (2,207) (6,884) (42,933)
Finance income - 1 15
Finance expense (1,403) (2,066) (6,298) (3,268)
|
Income tax benefit/(expense)
|
-
|
11
|
|
Loss after income tax
|
(4,439)
|
(4,261)
|
Loss before income tax (4,439) (4,272) (13,181)(46,196)
- -
(13,181) (46,196)
|
Other comprehensive income Total comprehensive loss for the
|
-
|
-
|
-
|
-
|
|
period
|
(4,439)
|
(4,261)
|
(13,181)
|
(46,196)
|
|
Net loss after income tax attributable to:
Owners of the parent
|
(3,998)
|
(3,777)
|
(11,860)
|
(41,493)
|
|
Non-controlling interests
|
(441)
|
(484)
|
(1,321)
|
(4,703)
|
|
(4,439)
|
(4,261)
|
(13,181)
|
(46,196)
|
|
Total comprehensive loss attributable to:
|
|
Owners of the parent
|
(3,998)
|
(3,777)
|
(11,860)
|
(41,493)
|
|
Non-controlling interests
|
(441)
|
(484)
|
(1,321)
|
(4,703)
|
(4,439) (4,261) (13,181) (46,196)
|
(0.2) cents
|
(0.9) cents
|
(0.8) cents
|
(11.5) cents
|
|
(0.2) cents
|
(0.9) cents
|
(0.8) cents
|
(11.5) 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 SEP 2016
Consolidated
|
Note
|
30 Sep 2016
$'000
|
31 Dec 2015
$'000
|
|
Current Assets
Cash and short term deposits
|
3
|
729
|
1,493
|
|
Trade and other receivables
|
4
|
5,123
|
6,082
|
|
Inventories
|
5
|
6,523
|
13,085
|
|
Advance tax receivable
|
6
|
60
|
168
|
|
Other assets
|
7
|
1,219
|
1,081
|
|
Total Current Assets
|
13,654
|
21,909
|
|
Non-Current Assets
Other assets
|
7
|
4,910
|
2,696
|
|
Property, plant and equipment
|
8
|
11,328
|
13,292
|
|
Mine properties
|
9
|
15,307
|
16,312
|
|
Advance tax receivable
|
6
|
972
|
916
|
|
Total Non-Current Assets
|
32,517
|
33,216
|
|
Total Assets
|
46,171
|
55,125
|
|
Current Liabilities
Trade and other payables
|
5,223
|
15,509
|
|
Derivative liabilities
|
79
|
105
|
|
Loans and borrowings
|
10
|
2,989
|
16,562
|
|
Provisions
|
277
|
473
|
|
Total Current Liabilities
|
8,568
|
32,649
|
|
Non-Current Liabilities
Loans and borrowings
|
10
|
66,651
|
51,120
|
|
Provisions
|
6,235
|
6,036
|
|
Total Non-Current Liabilities
|
72,886
|
57,156
|
|
Total Liabilities
|
81,454
|
89,805
|
|
Net Liabilities
|
(35,283)
|
(34,680)
|
|
Equity
Issued capital
|
11
|
228,085
|
215,516
|
|
Reserves
|
8,827
|
8,818
|
|
Accumulated losses
|
(253,672)
|
(241,812)
|
|
Parent entity interest
|
(16,760)
|
(17,478)
|
|
Non-controlling interest
|
(18,523)
|
(17,202)
|
|
Total Equity
|
(35,283)
|
(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 SEP 2016
Accumulated
Consolidated $'000
Non-controlling
Issued capital losses Reserves Interests Total equity
For the nine months ended 30 Sep 2016
|
Balance at 1 Jan 2016
|
215,516 (241,812) 8,818 (17,202) (34,680)
|
|
Loss for the period
|
- (11,860) - (1,321) (13,181)
|
|
Other comprehensive income
|
- - - - -
|
|
Total comprehensive loss for the period
|
- (11,860) - (1,321) (13,181)
|
|
Shares issued during the period
|
12,569 - - - 12,569
|
|
Share based payments
|
- - 9 - 9
|
|
Balance at 30 Sep 2016
|
228,085 (253,672) 8,827 (18,523) (35,283)
|
For the nine months ended 30 Sep 2015
|
Balance at 1 Jan 2015
|
184,232 (150,568) 9,579 (6,753) 36,490
|
|
Loss for the period
|
- (41,493) - (4,704) (46,197)
|
|
Other comprehensive income
|
- - - - -
|
|
Total comprehensive loss for the period
|
- (41,493) - (4,704) (46,197)
|
|
Shares issued during the period
|
17,387 - - - 17,387
|
|
Share based payments
|
- - (545) - (545)
|
|
Balance at 30 Sep 2015
|
201,619 (192,061) 9,034 (11,457) 7,135
|
The above Unaudited Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes
Page 4