TIDMPDZ
RNS Number : 5310F
Prairie Mining Limited
10 March 2020
PRAIRIE MINING LIMITED
Interim Financial Report for the Half-Year Ended 31 December
2019
________________________________________________________________________________
ródroczny raport finansowy za drugie pó rocze zakończone
31 grudnia 2019
ABN 23 008 677 852
COR PORATE DIRECTORY | ZBIÓR DANYCH KORPORACYJNYCH
DIRECTORS: AUDITOR:
Mr Ian Middlemas Chairman Poland:
Mr Benjamin Stoikovich Director Ernst & Young Audyt Polska sp.
and CEO z. o.o.
Ms Carmel Daniele Non-Executive Australia:
Director Ernst & Young - Perth
Mr Thomas Todd Non-Executive
Director BANKERS:
Mr Mark Pearce Non-Executive Poland:
Director Bank Zachodni WBK S.A. - Santander
Mr Todd Hannigan Alternate Director Group
Australia :
Mr Dylan Browne Company Secretary Australia and New Zealand Banking
Group Ltd
PRINCIPAL OFFICES:
PD Co sp. z. o.o. (Warsaw): SHARE REGISTRIES:
Wiejska 17/11 Poland:
00-480 Warszawa Komisja Nadzoru Finansowego (KNF)
Plac Powstańców Warszawy
Karbonia S.A. (Czerwionka - Leszczyny): 1, skr. poczt. 419
Ul. 3 Maja 44, 00-950 Warszawa
44-230 Czerwionka - Leszczyny Tel: +48 22 262 50 00
United Kingdom:
London: Computershare Investor Services
Unit 3C, 38 Jermyn Street PLC
London SW1Y 6DN The Pavilions, Bridgewater Road
United Kingdom Bristol BS99 6ZZ
Tel: +44 207 487 3900 Tel: +44 370 702 0000
Australia:
Australia (Registered Office): Computershare Investor Services
Level 9, 28 The Esplanade Pty Ltd
Perth WA 6000 Level 11, 172 St Georges Terrace
Tel: +61 8 9322 6322 Perth WA 6000
Fax: +61 8 9322 6558 Tel: +61 8 9323 2000
SOLICITORS: STOCK EXCHANGE LISTINGS:
Poland: Poland:
Linklaters Warszawa . Warsaw Stock Exchange - GPW Code:
United Kingdom: PDZ
DLA Piper UK LLP United Kingdom:
Australia: London Stock Exchange (Main Board)
DLA Piper Australia - LSE Code: PDZ
Australia:
Australian Securities Exchange
- ASX Code: PDZ
CONTENTS | ZAWARTO
Directors' Report
Directors' Declaration
Consolidated Statement of Profit or Loss and other
Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
The following sections are available in the full version
of the Interim Financial Report on our website at www.pdz.com.au
:
Auditor's Independence Declaration
Independent Auditor's Review Report
The Directors of Prairie Mining Limited present their report on
the Consolidated Entity consisting of Prairie Mining Limited
("Company" or "Prairie") and the entities it controlled during the
half-year ended 31 December 2019 ("Consolidated Entity" or
"Group").
DIRECTORS
The names and details of the Company's Directors in office at
any time during the half-year and until the date of this report
are:
Directors:
Mr Ian Middlemas Chairman
Mr Benjamin Stoikovich Director and CEO
Ms Carmel Daniele Non-Executive Director
Mr Thomas Todd Non-Executive Director
Mr Mark Pearce Non-Executive Director
Mr Todd Hannigan Alternate Director
Unless otherwise shown, all Directors were in office from the
beginning of the half-year until the date of this report.
OPERATING AND FINANCIAL REVIEW
Operations
Highlights during, and subsequent to, the half-year include:
-- Prairie continued to:
Assess its options in relation to the investment dispute between
Prairie and the Polish Government that has arisen out of certain
measures taken by Poland in breach of the Energy Charter Treaty,
and the Australia-Poland Bilateral Investment Treaty
Work with its lawyers (including international arbitration legal
experts) to finalise arrangements for commencing international
arbitration claim(s) against Poland
Strongly defend its position and take relevant actions to pursue
its legal rights regarding both the Debiensko and Jan Karski
projects
Identify and assess other suitable business opportunities in the
resources sector
-- On 31 December 2019, Bogdanka announced that the Polish
Government had awarded Bogdanka a mining concession for the K6-7
coal deposit in Lublin. The K6-7 deposit forms an integral part of
Prairie's Lublin concession at the Jan Karski project
-- Subsequent to the end of the half-year, Prairie received a
favorable judgement from the Polish Administrative Court that found
the Ministry of Environment had violated provisions of law in
refusing to grant Prairie the Debiensko concession amendment. The
court judgement formally revokes the Ministry of Environment's
April 2018 decision denying the Debiensko concession amendment, and
requires the body to reconsider Prairie's application
-- There have been no material discussions between the Company
and JSW with respect to potential co-operation or transactions
regarding Prairie's Polish coal projects during and subsequent to
the December 2019 half-year. The Company will continue to comply
with its continuous disclosure obligations regarding any potential
co-operation or transactions with JSW and make announcements as
required
Debiensko Mine
The Debiensko Mine ("Debiensko"), is a hard coking coal project
located in the Upper Silesian Coal Basin in the south west of the
Republic of Poland. It is approximately 40 km from the city of
Katowice and 40 km from the Czech Republic.
Debiensko is bordered by the Knurow-Szczyglowice Mine in the
north west and the Budryk Mine in the north east, both owned and
operated by Jastrz bska Spó ka W glowa SA ("JSW"), Europe's leading
producer of hard coking coal.
The Debiensko mine was historically operated by various Polish
mining companies until 2000 when mining operations were terminated
due to a major government led restructuring of the coal sector
caused by a downturn in global coal prices. In early 2006 New World
Resources Plc ("NWR") acquired Debiensko and commenced planning for
Debiensko to comply with Polish mining standards, with the aim of
accessing and mining hard coking coal seams. In 2008, the Polish
Ministry of Environment ("MoE") granted a 50-year mine license for
Debiensko.
In October 2016, Prairie Mining Limited ("Prairie") acquired
Debiensko with a view that a revised development approach would
potentially allow for the early mining of profitable premium hard
coking coal seams, whilst minimising upfront capital costs.
Debiensko Concession
In December 2016, following the acquisition of Debiensko,
Prairie applied to the MoE to amend the 50-year Debiensko mining
concession.
The purpose of the concession amendment was to extend the time
stipulated in the mining concession for first production of coal
from 2018 to 2025. In April 2018, Prairie received a final "second
instance" decision from the MoE that has denied the Company's
amendment application. Prairie appealed this MoE decision to
Poland's Administrative Court and during November 2019 the
Administrative court ruled in Prairie's favour confirming that the
MoE's denial of Prairie's concession amendment application violated
provisions of Polish law, and that the MoE's decision was
defective. The Court indicated that the MoE had not established
legal grounds justifying rejection of Prairie's amendment
application. The court verdict formally revokes the MoE's April
2018 decision denying the concession amendment, and requires the
MoE to reassess the concession amendment application in light of
the various defects in the MoE's original decisions as indicated by
the Court. The MoE now has the right to appeal this decision to
Poland's Supreme Administrative Court. Despite Prairie holding a
valid environmental consent decision enabling mine construction,
the actions of the Polish Government have effectively blocked any
pathway to production for Prairie at Debiensko therefore making it
impossible for the Company to continue with development at
Debiensko .
Jan Karski Mine
The Jan Karski Mine ("Jan Karski") is a large scale semi-soft
coking coal project located in the Lublin Coal Basin in south east
Poland. The Lublin Coal Basin is an established coal producing
province which is well serviced by modern and highly efficient
infrastructure, offering the potential for low capital intensity
mine development. Jan Karski is situated adjacent to the Bogdanka
coal mine which has been in commercial production since 1982 and is
the lowest cost hard coal producer in Europe.
Key benefits for the local community and the Lublin and Chelm
regions associated with the development, construction and operation
of Jan Karski have been recognised as the following:
-- creation of 2,000 direct employment positions and 10,000
indirect jobs for the region once operational;
-- increasing skills of the workforce through the implementation
of International Standard training programmes;
-- stimulating the development of education, health services and
communications within the region; and
-- building a mine that creates new employment for generations
to come and career paths for families to remain in the region.
K6-7 Concession Awarded to Bogdanka
In April 2018, Prairie filed a civil law claim against the MoE
due to its failure to grant Prairie a mining usufruct agreement
over the Jan Karski concessions (which included the K6-7 deposit)
in order to protect the Company's security of tenure over the
project.
The Company had been awarded the Priority Right to apply for a
mining concession at Jan Karski in 2015 following its full
compliance with Poland's Geological and Mining Law ("GML").
Subsequent to Prairie's filing of the civil law claim discussed
above, the Polish District Court granted Prairie an injunction
preventing the MoE from granting prospecting, exploration or mining
concessions and concluding usufruct agreements with any other party
until full court proceedings were concluded.
In April 2019, an Appeal Court in Warsaw overturned the District
Court's decision and lifted the injunction. Prairie believes that
the Appeal Court's decision is fundamentally flawed. On 31 December
2019, Lubelski W giel BOGDANKA S.A ("Bogdanka") announced that the
MoE had granted Bogdanka a mining concession over the disputed K6-7
deposit which has been confirmed following receipt of official
communication from the MoE. This Polish government decision is
effectively an expropriation of the Jan Karski project from
Prairie.
The MoE's decision to grant a mining concession over the K6-7
deposit to Bogdanka is further evidence of the unfair and
inequitable treatment faced by Prairie as a foreign investor in
Poland and these and other measures directed against Prairie by the
Polish Government, with respect to the Company's permitting process
and licenses, have entirely blocked Prairie's pathway to any future
production from Jan Karski. As a result of this latest action by
the Polish government, the Company has taken the decision to
discontinue the ongoing environmental permitting procedure for the
Jan Karski mine which has been formally communicated to the RDOS in
Lublin, the regional government body responsible for the
Environmental Consent decision for the Jan Karski mine. The Company
continues to take all actions necessary to pursue its legal rights
regarding Jan Karski.
CORPORATE
Possible Co-Operation between Prairie and JSW
The Non-Disclosure Agreement ("NDA") between the Company and JSW
expired at the end of September 2019. As a consequence, there have
been no material discussions between the Company and JSW with
respect to potential co-operation or transactions regarding
Prairie's Polish coal projects since the end of September 2019. The
Company will continue to comply with its continuous disclosure
obligations regarding any potential co-operation or transactions
with JSW and make announcements as required.
Dispute with the Polish Government
In February 2019, Prairie formally notified the Polish
Government that there exists an investment dispute between Prairie
and the Polish Government.
Prairie's notification calls for prompt negotiations with the
Government to amicably resolve the dispute and indicates Prairie's
right to submit the dispute to international arbitration in the
event the dispute is not resolved amicably. The dispute arises out
of certain measures taken by Poland in breach of the Energy Charter
Treaty and Australia-Poland Bilateral Investment Treaty. The
Company remains open to resolving the dispute with the Polish
Government amicably. As of the date of this report, no amicable
resolution of the dispute has occurred, since the Polish Government
has declined to participate in discussions related to the
dispute.
The decision by the Polish Government to grant Bogdanka a mining
concession over the K6-7 deposit to Bogdanka provides the Company
with further evidence of the unfair and inequitable treatment it
has faced as a foreign investor in Poland.
Accordingly, Prairie is currently working with its lawyers
(including international arbitration legal experts) to finalise
arrangements for commencement of international arbitration claim(s)
against Poland.
Prairie can confirm that it is taking all necessary actions to
pursue its legal rights regarding its investments in Poland.
Prairie will continue to update the market in relation to this
matter as required.
Results of Operations
The net loss of the Consolidated Entity for the half-year ended
31 December 2019 was $2,333,168 (31 December 2018: $2,274,344).
Significant items contributing to the current half-year loss and
the substantial differences from the previous half-year include to
the following:
(i) Exploration and evaluation expenses of $1,813,627 (31
December 2018: $1,820,738), which is attributable to the Group's
accounting policy of expensing exploration and evaluation
expenditure incurred by the Group subsequent to the acquisition of
rights to explore and up to the commencement of a bankable
feasibility study for each separate area of interest;
(ii) Business development expenses of $105,477 (31 December
2018: $228,795) which includes expenses relating to the Group's
investor relations activities during the six months to 31 December
2019 including public relations, digital marketing, travel costs,
attendances at conferences and business development consultant
costs;
(iii) Non-cash share-based payment reversal of $60,189 (31
December 2018: $162,766) due to incentive securities issued to key
management personnel and other key employees and consultants of the
Group as part of the long-term incentive plan to reward key
management personnel and other key employees and consultants for
the long-term performance of the Group. The expense results from
the Group's accounting policy of expensing the fair value
(determined using an appropriate pricing model) of incentive
securities granted on a straight-line basis over the vesting period
of the options and rights. At 31 December 2019, 3.2 million
unvested performance rights lapsed with $286,450 being reversed
from the reserve to profit and loss; and
(iv) Revenue of $243,563 (31 December 2018: $290,957) consisting
of interest revenue of $43,283 (31 December 2018: $115,747) and the
receipt of $191,280 (31 December 2018: $175,210) of gas and
property lease income derived at Debiensko.
Financial Position
At 31 December 2019, the Group had cash reserves of $4,327,787
(30 June 2019: $6,628,371).
At 31 December 2019, the Company had net assets of $4,826,071
(30 June 2019: $7,308,588) a decrease of approximately 33% compared
with 30 June 2019. This is largely attributable to the decrease in
cash reserves following operating expenditure.
Business Strategies and Prospects for Future Financial Years
Prairie's strategy is to create long-term shareholder value.
This is likely to now include pursuing various claims against
Poland through international arbitration.
As discussed throughout this half-year report, various measures
directed against Prairie by the Polish government in breach of
Polish and international law with respect to the Company's
permitting process and licenses, have blocked Prairie's pathway to
any future production from its Polish projects.
To achieve its objective, the Group currently has the following
business strategies and prospects:
-- Continue to assess its options for international arbitration
in relation to the investment dispute between Prairie and the
Polish Government that has arisen out of certain measures taken by
Poland in breach of the Energy Charter Treaty, and the
Australia-Poland Bilateral Investment Treaty;
-- To continue to work with Prairie's lawyers (including
international arbitration legal experts) to prepare submissions and
finalise funding arrangements for the international arbitration
claim(s);
-- Continue to assess corporate options for Prairie's investments in Poland; and
-- Identify and assess other suitable business opportunities in the resources sector.
All of these activities are inherently risky and the Board is
unable to provide certainty of the expected results of these
activities, or that any or all of these likely activities will be
achieved. Furthermore, Prairie will continue to take all necessary
actions to preserve the Company's rights and protect its
investments in Poland, if and as required. The material business
risks faced by the Group that could have an effect on the Group's
future prospects, and how the Group manages these risks, include
the following:
-- Litigation risk - All industries, including the mining
industry, are subject to legal and arbitration claims.
Specifically, in February 2019, the Company formally notified the
Polish Government that there exists an investment dispute between
Prairie and the Government that has arisen out of certain measures
taken by Poland in breach of the Energy Charter Treaty and the
Australia-Poland Bilateral Investment Treaty. Prairie will strongly
defend its position and continue to take relevant actions to pursue
its legal rights regarding both the Debiensko and Jan Karski
projects, including pursuing claims against Poland under the
relevant international treaties. There is no certainty that any
claim, should it be made in the future, will be successful.
Furthermore, the Company's potential litigation activities will
require further substantial additional financing, Failure to obtain
sufficient financing may result in delaying, or the indefinite
postponement of the litigation activities, here can be no assurance
that additional capital or other types of financing will be
available if needed or that, if available, the terms of such
financing will be favourable to the Company.
-- Co-operation or transaction between Prairie and JSW may not
occur - The Company and JSW have previously been in discussions
however no material discussions have occurred since the end of
September 2019. Any transaction(s), should it/they occur, may be
subject to a number of conditions including, but not limited to,
obtaining positive evaluations and expert opinions, necessary
corporate approvals, consents and approvals related to funding,
consents from Poland's Office of Competition and Consumer
Protection (UOKiK) if required, and any other requirements that may
relate to the strategy, objectives and regulatory regimes
applicable to the respective issuers, and which could also prevent
a transaction from occurring or even completing.
-- The Company may be adversely affected by fluctuations in
foreign exchange - Current and planned activities are predominantly
denominated in Sterling and/or Euros and the Company's ability to
fund these activates may be adversely affected if the Australian
dollar continues to fall against these currencies. The Company
currently does not engage in any hedging or derivative transactions
to manage foreign exchange risk. As the Company's operations
change, this policy will be reviewed periodically going
forward.
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
There were no significant events occurring after balance date
requiring disclosure.
AUDITOR'S INDEPENCE DECLARATION
Section 307C of the Corporations Act 2001 requires our auditors,
Ernst and Young, to provide the Directors of Prairie Mining Limited
with an Independence Declaration in relation to the review of the
half-year financial report. This Independence Declaration is on
page 19 and forms part of this Directors' Report.
Signed in accordance with a resolution of the Directors.
BEN STOIKOVICH
Director
9 March 2020
Forward Looking Statements
This report may include forward-looking statements. These
forward-looking statements are based on Prairie's expectations and
beliefs concerning future events. Forward looking statements are
necessarily subject to risks, uncertainties and other factors, many
of which are outside the control of Prairie, which could cause
actual results to differ materially from such statements. Prairie
makes no undertaking to subsequently update or revise the
forward-looking statements made in this release, to reflect the
circumstances or events after the date of that release.
DIRECTORS' DECLARATION
In accordance with a resolution of the Directors of Prairie
Mining Limited, I state that:
In the reasonable opinion of the Directors and to the best of
their knowledge:
(a) the attached financial statements and notes thereto for the
period ended 31 December 2019 are in accordance with the
Corporations Act 2001, including:
(i) complying with Accounting Standard AASB 134 Interim
Financial Reporting and the Corporations Regulations 2001; and
(ii) giving a true and fair view of the financial position of
the Group as at 31 December 2019 and of its performance for the
half-year ended on that date; and
(b) The Directors Report, which includes the Operating and
Financial Review, includes a fair review of the information
required by:
(i) DTR4.2.7R of the Disclosure and Transparency Rules in the
United Kingdom, being an indication of important events during the
first six months of the current financial year and their impact on
the half-year financial statements, and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
(ii) DTR4.2.8R of the Disclosure and Transparency Rules in the
United Kingdom, being related party transactions that have taken
place in the first six months of the current financial year and
that have materially affected the financial position or performance
of the Group during that period, and any changes in the related
party transactions described in the last annual report that could
have such a material effect; and
(c) there are reasonable grounds to believe that the Company
will be able to pay its debts as and when they become due and
payable.
On behalf of the Board
BEN STOIKOVICH
Director
9 March 2020
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE HALF-YEARED 31 DECEMBER 2019
Note Half-Year Half-Year
Ended Ended
31 December 31 December
2019 2018
$ $
--------------------------------------------- ------ -------------- --------------
Revenue and other income 4 (a) 234,563 290,957
Exploration and evaluation expenses (1,813,627) (1,820,738)
Employment expenses (192,985) (216,730)
Administration and corporate expenses (137,227) (138,566)
Occupancy expenses (283,195) (293,288)
Share-based payment reversal 60,189 162,766
Business development expenses (105,477) (228,795)
Other expenses (95,409) (29,950)
Loss before income tax (2,333,168) (2,274,344)
Income tax expense - -
--------------------------------------------- ------ -------------- --------------
Net loss for the period (2,333,168) (2,274,344)
============================================= ====== ============== ==============
Net loss attributable to members of
Prairie Mining Limited (2,333,168) (2,274,344)
============================================= ====== ============== ==============
Other comprehensive income
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translation
of foreign operations 5,977 68,214
--------------------------------------------- ------ -------------- --------------
Total other comprehensive income for
the period 5,977 68,214
--------------------------------------------- ------ -------------- --------------
Total comprehensive loss for the period (2,327,191) (2,206,130)
============================================= ====== ============== ==============
Total comprehensive loss attributable
to members of Prairie Mining Limited (2,327,191) (2,206,130)
============================================= ====== ============== ==============
Basic and diluted loss per share (cents
per share) (1.07) (1.04)
The above Consolidated Statement of Profit or Loss and other
Comprehensive Income should be read in conjunction with the
accompanying notes.
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
AS AT 31 DECEMBER 2019
31 December 30 June
2019
$ 2019
Note $
----------------------------------- ------ ------------- -------------
ASSETS
Current Assets
Cash and cash equivalents 4,327,787 6,628,371
Trade and other receivables 5 841,677 827,478
Total Current Assets 5,169,464 7,455,849
----------------------------------- ------ ------------- -------------
Non-Current Assets
Property, plant and equipment 6 2,732,360 2,371,028
Exploration and evaluation assets 7 - -
Total Non-Current Assets 2,732,360 2,371,028
----------------------------------- ------ ------------- -------------
TOTAL ASSETS 7,901,824 9,826,877
----------------------------------- ------ ------------- -------------
LIABILITIES
Current Liabilities
Trade and other payables 758,291 1,050,862
Other financial liabilities 8 (a) 274,728 -
Provisions 9 (a) 429,785 286,006
Total Current Liabilities 1,462,804 1,336,868
----------------------------------- ------ ------------- -------------
Non-Current Liabilities
Other financial liabilities 8 (b) 319,828 -
Provisions 9 (b) 1,293,121 1,181,421
----------------------------------- ------ ------------- -------------
Total Non-Current Liabilities 1,612,949 1,181,421
----------------------------------- ------ ------------- -------------
TOTAL LIABILITIES 3,075,753 2,518,289
----------------------------------- ------ ------------- -------------
NET ASSETS 4,826,071 7,308,588
=================================== ====== ============= =============
EQUITY
Contributed equity 10 75,491,413 75,491,413
Reserves 11 1,977,211 2,031,423
Accumulated losses (72,642,553) (70,214,248)
----------------------------------- ------ ------------- -------------
TOTAL EQUITY 4,826,071 7,308,588
=================================== ====== ============= =============
The above Consolidated Statement of Financial Position should be
read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEARED 31 DECEMBER 2019
Contributed Share-based Foreign Accumulated Total
Equity Payments Currency Losses Equity
Reserve Translation
Reserve
$ $ $ $ $
----------------------------------- ------------ ------------ ------------- ------------- ------------
Balance at 1 July 2019 75,491,413 887,600 1,143,823 (70,214,248) 7,308,588
Effect of adoption of
AASB 16 - - - (95,137) (95,137)
------------ ------------ ------------- ------------- ------------
Balance at 1 July 2019
- restated 75,491,413 887,600 1,143,823 (70,309,385) 7,213,451
Net loss for the period - - - (2,333,168) (2,333,168)
Other comprehensive income
for the half-year
Exchange differences
on translation of foreign
operations - - 5,977 - 5,977
----------------------------------- ------------ ------------ ------------- ------------- ------------
Total comprehensive income/(loss)
for the period - - 5,977 (2,333,168) (2,327,191)
Lapse of performance
rights - (286,450) - - (286,450)
Recognition of share-based
payments - 226,261 - - 226,261
----------------------------------- ------------ ------------ ------------- ------------- ------------
Balance at 31 December
2019 75,491,413 827,411 1,149,800 (72,642,553) 4,826,071
=================================== ============ ============ ============= ============= ============
Balance at 1 July 2018 75,525,800 2,486,718 1,096,756 (66,663,576) 12,445,698
Net loss for the period - - - (2,274,344) (2,274,344)
Other comprehensive income
for the half-year
Exchange differences
on translation of foreign
operations - - 68,214 - 68,214
----------------------------------- ------------ ------------ ------------- ------------- ------------
Total comprehensive income/(loss)
for the period 68,214 (2,274,344) (2,206,130)
Share issue costs (38,885) - - - (38,885)
Forfeiture of performance
rights - (1,266,880) - - (1,266,880)
Recognition of share-based
payments - 1,104,114 - - 1,104,114
----------------------------------- ------------ ------------ ------------- ------------- ------------
Balance at 31 December
2018 75,486,915 2,323,952 1,164,970 (68,937,920) 10,037,917
=================================== ============ ============ ============= ============= ============
The above Consolidated Statement of Changes in Equity should be
read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF-YEARED 31 DECEMBER 2019
Half-Year Half-Year
Ended Ended
31 December 31 December
2019 2018
$ $
-------------------------------------- ---- -------------- --------------
Cash flows from operating activities
Payments to suppliers and employees (2,548,674) (2,675,465)
Proceeds from property and gas
sales 191,280 122,475
Interest revenue from third parties 56,810 179,715
Net cash outflow from operating
activities (2,300,584) (2,373,275)
-------------------------------------------- -------------- --------------
Cash flows from financing activities
Payments for share issue costs - (66,934)
Net cash inflow/(outflow) from
financing activities - (66,934)
-------------------------------------------- -------------- --------------
Net decrease in cash and cash
equivalents (2,300,584) (2,440,209)
Cash and cash equivalents at the
beginning of the period 6,628,371 11,022,333
Cash and cash equivalents at the
end of the period 4,327,787 8,582,124
============================================ ============== ==============
The above Consolidated Statement of Cash Flows should be read in
conjunction with the accompanying notes.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE HALF-YEARED 31 DECEMBER 2019
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Statement of Compliance
The interim consolidated financial statements of the Group for
the half-year ended 31 December 2019 were authorised for issue in
accordance with the resolution of the Directors.
This general purpose condensed financial report for the interim
half-year reporting period ended 31 December 2019 has been prepared
in accordance with Accounting Standard AASB 134 Interim Financial
Reporting and the Corporations Act 2001.
This 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
annual report of Prairie Mining Limited for the year ended 30 June
2019 and any public announcements made by the Group and its
controlled entities during the interim reporting period in
accordance with the continuous disclosure requirements of the
Corporations Act 2001.
2. BASIS OF PREPARATION AND CHANGES TO THE GROUP'S ACCOUNTING POLICIES
(a) Basis of Preparation of Half-Year Financial Report
The consolidated financial statements have been prepared on the
basis of historical cost. Cost is based on the fair values of the
consideration given in exchange for assets. All amounts are
presented in Australian dollars.
The Group has updated the classification of expenses to make the
Statement of Profit or Loss and other Comprehensive Income more
relevant to users of the financial report. This has resulted in the
reclassification of some items in the prior year, however, has not
impacted the reported loss for the year or earnings per share.
(b) New Standards, interpretations and amendments thereof, adopted by the Group
The accounting policies and methods of computation adopted in
the preparation of the consolidated half-year financial report are
consistent with those adopted and disclosed in the company's annual
financial report for the year ended 30 June 2019, other than as
detailed below.
In the current period, the Group has adopted all of the new and
revised Standards and Interpretations issued by the Australian
Accounting Standards Board (the "AASB") that are relevant to its
operations and effective for annual reporting periods beginning on
or after 1 July 2019.
New and revised Standards and amendments thereof and
Interpretations effective for the current half-year that are
relevant to the Group include:
-- AASB 16 Leases
-- Interpretation 23 Uncertainty over Income Tax Treatments
-- AASB 2017-7 Amendments - Long-term Interests in Associates
and Joint Venture Amendments to IAS 28 and Illustrative Example -
Long-term Interests in Associates and Joint Ventures
-- AASB 2018-1 Amendments - Annual Improvements 2015-2017 Cycle
-- AASB 2018-2 Amendments - Plan Amendment, Curtailment or Settlement (AASB 119)
The Group has not early adopted any other standard,
interpretation or amendment that has been issued but is not yet
effective. Other than AASB 16, the other new standards do not have
a material effect. A discussion on the adoption of AASB 16 is
included in note 2(c).
(c) Changes in Accounting Policies
The accounting policies adopted in the preparation of the
half-year financial report are consistent with those applied in the
preparation of the Group's annual financial report for the year
ended 30 June 2019, except for new standards, amendments to
standards and interpretations effective 1 July 2019 as set out in
note 2(b). The Company has set out below the main changes due to
the adoption of AASB 16.
AASB 16 Leases
The Group applied AASB 16 using the modified retrospective
approach, under which the cumulative effect of initial application
is recognised in retained earnings at 1 July 2019. Accordingly, the
comparative information presented for 2018 and 2019 is not restated
- i.e. it is presented, as previously reported, under AASB 117 and
related interpretations. The details of the changes in accounting
policies are disclosed below. Additionally, the disclosure
requirements in AASB 16 have not generally been applied to
comparative information.
Definition of a lease
Previously, the Group determined at contract inception whether
an arrangement was or contained a lease under IFRIC 4 Determining
whether an Arrangement contains a Lease. At inception of a
contract, the Group assesses whether a contract is, or contains, a
lease. A contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a period of
time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the
Group uses the definition of a lease in AASB 16.
On transition to AASB 16, the Group elected to apply the
practical expedient to grandfather the assessment of which
transactions are leases. The Group applied AASB 16 only to
contracts that were previously identified as leases. Contracts that
were not identified as leases under AASB 117 and IFRIC 4 were not
reassessed for whether there is a lease under AASB 16.
As a lessee
As a lessee, the Group leases primarily property assets. The
Group previously classified leases as operating or finance leases
based on its assessment of whether the lease transferred
significantly all of the risks and rewards incidental to ownership
of the underlying asset to the Group. Under AASB 16, the Group
recognises right-of-use assets and lease liabilities for most of
these leases - i.e. these leases are now on-balance sheet.
At commencement or on modification of a contract that contains a
lease component, the Group allocates the consideration in the
contract to each lease component on the basis of its relative
stand-alone price. However, for leases of property the Group has
elected not to separate non-lease components and account for the
lease and associated non-lease components as a single lease
component.
Leases classified as operating leases under AASB 117
Previously, the Group classified property leases as operating
leases under AASB 117. On transition, for these leases, lease
liabilities were measured at the present value of the remaining
lease payments, discounted at the Group's incremental borrowing
rate as at 1 July 2019. Right-of-use assets are measured at:
-- their carrying amount as if AASB 16 had been applied since
the commencement date, discounted using the Group's incremental
borrowing rate at the date of initial application: the Group
applied this approach to its property leases.
The Group used a number of practical expedients when applying
AASB 16 to leases previously classified as operating leases under
AASB 117. In particular, the Group:
-- did not recognise right-of-use assets and liabilities for
leases for which the lease term ends within 12 months of the date
of initial application;
-- did not recognise right-of-use assets and liabilities for
leases of low value assets (e.g. IT equipment);
-- excluded initial direct costs from the measurement of the
right-of-use asset at the date of initial application;
-- used hindsight when determining the lease term.
Leases classified as finance leases under AASB 117
The Group did not have any leases that were previously
classified as finance leases under AASB 117.
Impact on transition
On transition to AASB 16, the Group recognised additional
right-of-use assets and additional lease liabilities, recognising
the difference in accumulated losses. The impact on transition is
summarised below.
As previously reported AASB 16 adjustment As restated at 1 July 2019
$ $ $
------------------------------- ----------------------- ------------------- ---------------------------
Property, plant and equipment 2,371,028 601,164 2,972,192
Other financial liabilities - (696,302) (696,302)
Accumulated losses (70,214,248) ( 95,137 ) (70,309,385)
------------------------------- ----------------------- ------------------- ---------------------------
When measuring liabilities for leases that were classified as
operating leases, the Group discounted lease payments using its
incremental borrowing rate at July 1, 2019. The weighted average
rate applied is 7%.
(d) Issued standards and interpretations not early adopted
Australian Accounting Standards and Interpretations that have
recently been issued or amended but are not yet effective have not
been adopted by the Company for the reporting period ended 31
December 2019. Those which may be relevant to the Company are set
out in the table below, but these are not expected to have any
significant impact on the Company's financial statements:
Standard/Interpretation Application Application
Date of Standard Date for
Company
AASB 2018-6 Amendments to Australian Accounting 1 January 1 July
Standards - Definition of a Business 2020 2020
------------------ ------------
AASB 2018-7 Amendments to Australian Accounting 1 January 1 July
Standards - Definition of Material 2020 2020
------------------ ------------
Conceptual Framework 1 January 1 July
2020 2020
------------------ ------------
2019-1 Amendments to Australian Accounting 1 January 1 July
Standards - References to the Conceptual Framework 2020 2020
------------------ ------------
3. SEGMENT INFORMATION
AASB 8 requires operating segments to be identified on the basis
of internal reports about components of the Consolidated Entity
that are regularly reviewed by the chief operating decision maker
in order to allocate resources to the segment and to assess its
performance.
The Consolidated Entity operates in one segment, being mineral
exploration. This is the basis on which internal reports are
provided to the Chief Executive Officer for assessing performance
and determining the allocation of resources within the Consolidated
Entity.
Half-Year Half-Year
ended 31 Ended
December
2019
$ 31 December
2018
$
-------------------------------- ---- ---------- --------------
4. REVENUE AND OTHER INCOME
(a) Revenue
Interest Income 43,283 115,747
Gas and property lease revenue 191,280 175,210
-------------------------------------- ---------- --------------
234,563 290,957
===================================== ========== ==============
30 June
31 December 2019
2019
$ $
--------------------------------- ---- ------------ --------
5. TRADE AND OTHER RECEIVABLES
Trade receivables 259,296 198,609
Accrued interest 9,164 22,691
Deposits/prepayments 364,333 445,541
GST and other receivables 208,884 160,637
--------------------------------------- ------------ --------
841,677 827,478
====================================== ============ ========
30 June
31 December 2019
2019
$ $
------------------------------------------- ---- ------------ ----------
6. PROPERTY, PLANT AND EQUIPMENT
(a) Property, Plant and Equipment
Gross carrying amount at cost 3,124,912 2,660,382
Accumulated depreciation, impairment
and amortisation (392,552) (289,354)
------------------------------------------------- ------------ ----------
Carrying amount at end of the period 2,732,360 2,371,028
================================================= ============ ==========
(b) Reconciliation
Carrying amount at beginning of the
period, net of accumulated depreciation 2,371,028 2,363,151
Additions (1) 601,164 -
Disposals/write-offs (59,448) (15,285)
Depreciation, impairment and amortisation
charge (154,644) (97,241)
Exchange differences on translation
of foreign operations (25,740) 120,403
------------------------------------------------- ------------ ----------
Carrying amount at end of the period 2,732,360 2,371,028
================================================= ============ ==========
Notes:
(1) The additions for the half-year period to 31 December 2019
includes $601,164 in relation to right-of-use assets (office
buildings) as a result of the adoption of AASB 16. For further
information refer to note 2(c).
30 June
31 December 2019
2019
$ $
--------------------------------------- ---- ------------- ------------
7. EXPLORATION AND EVALUATION ASSETS
(a) Areas of Interest
Jan Karski Mine(1) - -
Debiensko Mine(2) - -
--------------------------------------- ---- ------------- ------------
Carrying amount at end of the period - -
======================================= ==== ============= ============
(b) Reconciliation
Carrying amount at beginning of the
period - 2,656,968
Impairment of exploration expenditure - (2,721,198)
Exchange differences on translation
of foreign operations - 64,230
--------------------------------------------- ------------ ------------
Carrying amount at end of the period - -
============================================= ============ ============
Notes:
(1) In July 2015, Prairie announced that it had secured the
Exclusive Right to apply for a Mining Concession for Jan Karski as
a result of its Geological Documentation for the Jan Karski deposit
being approved by Poland's MoE. The approved Geological
Documentation covers areas of all four original Exploration
Concessions granted to Prairie (K-4-5, K6-7, K-8 and K-9) and
includes the full extent of the targeted resources within the mine
plan for Jan Karski. The K-4-5, K-8 and K-9 Exploration Concessions
expired in November 2018 but these were separate to and had no
bearing on the Company's access to land and the Exclusive Right
(tenure) to apply for a mining concession at Jan Karski, however as
noted below, this position is the subject of Prairie's Mining
Usufruct Agreement proceedings in front of the Civil Court and the
award of a mining concession of K6-7 to Bogdanka. As a result of
the Exclusive Right, Prairie was the only entity with a legal right
to lodge a Mining Concession application over Jan Karski for the
period up and until 2 April 2018.
The approval of Prairie's Geological Documentation in 2015 also
conferred upon Prairie the legal right to apply for a Mining
Usufruct Agreement over Jan Karski for an additional 12-month
period beyond April 2018, which should have precluded any other
parties being granted any licence/concession over all or part of
the Jan Karski concessions. Under Polish law, the MoE is strictly
obligated, within three months of Prairie making an application for
a Mining Usufruct Agreement, to grant the agreement. It should be
noted that the MoE confirmed Prairie's priority right in two
written statements (i.e. in a final administrative decision dated
11 February 2016 and in a formal letter dated 13 April 2016).
Prairie applied to the MoE for a Mining Usufruct Agreement over Jan
Karski in late December 2017. As of the date of this report the MoE
has still not made available to Prairie a Mining Usufruct Agreement
for Jan Karski, therefore breaching the three-month obligatory
period for the agreement to be concluded. Advice provided to
Prairie concludes that failure of the MoE to grant Prairie the
Mining Usufruct Agreement is a breach of Polish law. Accordingly,
the Company commenced legal proceedings, which remain ongoing,
against the MoE through the Polish courts in order to protect the
Company's security of tenure over the Jan Karski concessions. Since
the MoE has not provided a decision within three months regarding
Prairie's Mining Usufruct Agreement application, the Polish civil
court has the power to enforce conclusion of a Usufruct Agreement
in place of the MoE. In the event that a Mining Usufruct Agreement
is not made available to the Company on acceptable terms or the
Company does not enter into a Mining Usufruct Agreement for any
other reason, other parties may be able to apply for exploration or
mining rights for all or part of the Jan Karski concession area. In
April 2018, the Civil Court approved Prairie's motion for an
injunction against the MoE, which prevented them from entering into
a usufruct agreement or a concession with any other party besides
Prairie. A decision by an Appeal Court in Warsaw has since
overturned the injunction in place against the MoE. Prairie
believes that the Appeal Court's decision is fundamentally flawed.
Prairie has now received official notification from the Polish
government that the K6-7 deposit, which forms an integral part of
Prairie's Jan Karski project, has been granted to Bogdanka. Despite
multiple applications by Prairie to the MoE to be admitted as a
party of interest to Bogdanka's K6-7 mining concession proceedings,
the MoE has denied Prairie the status of party of interest which
effectively prevents Prairie from appealing the award of the K6-7
mining concession to Bogdanka. These events provide further
evidence of the unfair and inequitable treatment faced by Prairie
as a foreign investor in Poland and these and other measures
directed against Prairie by the Polish government, with respect to
the Company's permitting process and licenses, have entirely
blocked Prairie's pathway to any future production from Jan Karski.
Prairie has formally notified the Polish government that there
exists an investment dispute between Prairie and the Polish
Government. The dispute arises out of certain measures taken by
Poland in breach of the Energy Charter Treaty and the
Australia-Poland Bilateral Investment Treaty as discussed above.
Prairie's notification calls for prompt negotiations with the
government to amicably resolve the dispute, and indicates Prairie's
right to submit the dispute and lodge a claim to international
arbitration in the event the dispute is not resolved amicably.
Prairie will continue to take relevant actions to pursue its legal
rights regarding Jan Karski. Prairie is currently working with its
lawyers (including international arbitration legal experts) to
prepare submissions and finalise funding arrangements for
international arbitration claim(s) against Poland .
(2) Under the terms of the Debiensko Mining Concession issued in
2008 by the MoE (which is valid for 50 years from grant date),
commencement of production was to occur by 1 January 2018. In
December 2016, following the acquisition of Debiensko, Prairie
applied to the MoE to amend the 50 year Debiensko Mining
Concession. The purpose of the concession amendment was to extend
the time stipulated in the Mining Concession for first production
of coal from 2018 to 2025. In 2018 Prairie received a final "second
instance" decision from the MoE that denied the Company's amendment
application. Prairie appealed this MoE decision to Poland's
Administrative Court and in November 2019 the Administrative court
ruled in Prairie's favour confirming that Prairie's concession
amendment application fulfilled all formal requirements under
Polish law and that the MoE was obliged to grant Prairie the
requested concession amendment. The court verdict indicated that
the MoE had not established legal grounds justifying rejection of
Prairie's amendment application. The MoE now has the right to
appeal this decision to Poland's Supreme Administrative Court.
Nevertheless, Prairie also holds a valid environmental consent
decision enabling mine construction and continues to have valid
tenure and ownership of land at Debiensko. Not meeting the
production timeframe stipulated in the concession does not
automatically infringe on the validity and expiry date of the
Debiensko mining concession, which is June 2058. However, the
concession authority now has the right to request the concession
holder to remove any infringements related to non-compliance with
the conditions of the mining concession and determine a reasonable
date for removal of the infringements. Nevertheless, the actions of
the Polish government have effectively blocked any pathway to
production for Prairie at Debiensko therefore making it impossible
for the Company to continue with development at Debiensko. The
Company will consider any actions necessary to pursue its legal
rights regarding Debiensko. For this and other reasons, Prairie has
formally notified the Polish government that there exists an
investment dispute between Prairie and the Polish Government. The
dispute arises out of certain measures taken by Poland in breach of
the Energy Charter Treaty and the Australia-Poland Bilateral
Investment Treaty. Prairie's notification calls for prompt
negotiations with the government to amicably resolve the dispute,
and indicates Prairie's right to submit the dispute and lodge a
claim to international arbitration in the event the dispute is not
resolved amicably .
30 June
31 December 2019
2019
$ $
-------------------------------- --- ------------ --------
8. OTHER FINANCIAL LIABILITIES
(a) Current:
Lease liability 274,728 -
274,728 -
================================ === ============ ========
(b) Non-Current:
Lease liability 319,828 -
319,828 -
================================ === ============ ========
30 June
31 December 2019
2019
$ $
--------------------------------------- ---- ------------ ----------
9. PROVISIONS
(a) Current Provisions:
Provisions for the protection against
mining damage at Debiensko (1) 405,822 259,990
Annual leave provision 23,963 26,016
429,785 286,006
============================================ ============ ==========
(b) Non-Current Provisions:
Provisions for the protection against
mining damage at Debiensko (1) 1,293,121 1,181,421
1,293,121 1,181,421
============================================ ============ ==========
Notes:
(1) As Debiensko was previously an operating mine, Karbonia is
required to pay out mining land damages to any surrounding land
owner who makes a legitimate claim under Polish law.
31 December 30 June
2019
$ 2019
Note $
------------------------------------------- ----- ------------ -----------
10. CONTRIBUTED EQUITY
(a) Issued and Unissued Capital
212,275,089 (30 June 2019: 212,275,089) 10
fully paid ordinary shares (b) 66,683,908 66,683,908
Loan Note 2 exchangeable into fully
paid ordinary shares at $0.46 per share,
net of transaction costs (1) 2,600,012 2,600,012
Issue of CD Options (2) 6,207,493 6,207,493
------------------------------------------- ----- ------------ -----------
Total Contributed Equity 75,491,413 75,491,413
=========================================== ===== ============ ===========
Notes:
(1) On 2 July 2017, Prairie and CD Capital completed an
investment of US$2.0 million (A$2.6 million) in the form of the
non-redeemable, non-interest-bearing convertible Loan Note 2. The
Loan Note 2 is convertible into ordinary shares of Prairie at an
issue price of A$0.46 per share.
Other key terms of the Loan Note 2 include the following:
-- Loan Note 2 is non-interest bearing;
-- Loan Note 2 is only repayable in an event of breach of the
terms of the Loan Note 2 agreements;
-- Loan Note 2 cannot be converted until after 1 April 2018 by either party;
-- Prairie has the right, whilst no Event of Default exists, to
convert all or part of the outstanding principal amount of Loan
Note 2 into shares at the conversion price of $0.46 per share:
o in the event of an unconditional takeover of the Company
(acquisition of a relevant interest in at least 50% of Prairie
shares pursuant to a takeover bid or by an Australian court
approving a merger by way of a scheme of arrangement); or
o at any time after 1 April 2018 provided that the 30 day VWAP
of Prairie's shares exceeds the conversion price of $0.46 per
share.
-- Loan Note 2 does not provide CD Capital with any right to
participate in any new issues of securities.
-- CD Capital has the right to convert all or part of the
outstanding principal amount of the Notes into shares at the
conversion price of $0.46 per share provided that:
o Loan Note 1 has been converted into Prairie shares; and
o The CD Options have been exercised into Prairie shares.
-- If the Company reorganises its capital structure, such as by
subdividing or consolidating the number of its shares, conducts a
pro-rata offer to existing shareholders or distributes assets or
securities to Shareholders, then the conversion price of $0.46 of
Loan Note 2 will be adjusted so that the number of Prairie shares
received by CD Capital on conversion of Loan Note 2 is the same as
if Loan Note 2 were converted prior to relevant event.
-- The occurrence of an Event of Default entitles CD Capital to
declare the principal amount of the Loan Note 2 immediately due and
payable and exercise any other rights or remedies (including
bringing proceedings) against the Company.
-- Each of the following events is an "Event of Default" in
relation to the Loan Note 2:
o If any representation or warranty made by Prairie is false or
misleading which is reasonably likely to be a Material Adverse
Effect, and if such breach is capable of remedy, it is not remedied
within 45 days;
o If the Company breaches a covenant or condition of the Notes
or associated agreements which is a Material Adverse Effect, and if
such breach is capable of remedy, it is not remedied within 45
days;
o An Insolvency Event occurs (i.e. winding up) in relation to the Group;
o If the Group ceases to carry on a business; or
o If the Group does not maintain the listing and trading of its
shares on at least one of the ASX, LSE or WSE.
-- CD Capital may assign, transfer or encumber in whole or in
part (in amounts of at least A$1 million) its rights under Loan
Note 2 to any third party by giving written notice to Prairie
provided the third party has provided a deed of assumption.
Assignment of Loan Note 2 will not result in the assignment of the
rights and obligations under the subscription agreement or
investment agreement from Loan Note 1.
-- A Material Adverse Effect means a material adverse effect on:
o the Company or PDZ Holding's ability to perform any of their
obligations under Loan Note 2, the and all other Transaction
Document;
o the validity or enforceability of a Transaction Document; or
o the assets, business, condition (financial or otherwise),
prospects or operations of the Group.
-- An Insolvency Event in relation to the Group means:
o An order being made, or the Group passing a resolution, for its winding up.
(2) On 25 May 2018, following conversion of Loan Note 1 the
company issued the CD Options, which are exercisable at $0.60 each
on or before 30 May 2021. The options are freely transferable
provided the transfer complies with the Corporations Act 2001.
(b) Movements in fully paid ordinary shares during the past six months
There was no movement in fully paid ordinary shares during the
past six months.
31 December 30 June
2019
$ 2019
Note $
-------------------------------------- ----- ------------ ----------
11. RESERVES
11
Share-based payments reserve (a) 827,411 887,600
Foreign currency translation reserve 1,149,800 1,143,823
1,977,211 2,031,423
====================================== ===== ============ ==========
(a) Movements in share-based payments reserve during the past six months
Number of Number of
Incentive Performance
Date Details Options Rights $
--------------- ---------------------- ----------- ------------- ----------
1 Jul 19 Opening Balance 1,800,000 9,425,000 887,600
Lapse of Performance
31 Dec 19 Rights - (3,200,000) (286,450)
Jul 19 to Dec Share-based payments
19 expense - - 226,261
31 Dec 19 Closing Balance 1,800,000 6,225,000 827,411
=============== ====================== =========== ============= ==========
The Incentive Options outstanding at the end of the half-year
have the following exercise prices and expiry dates:
-- 200,000 Incentive Options exercisable at $0.50 each on or before 31 March 2020;
-- 900,000 Incentive Options exercisable at $0.60 each on or before 31 March 2020; and
-- 700,000 Incentive Options exercisable at $0.80 each on or before 31 March 2020.
The Performance Rights outstanding at the end of the half-year
have the following expiry dates:
-- 1,825,000 Performance Rights expiring 30 September 2020; and
-- 4,400,000 Performance Rights expiring on 31 December 2020.
The Company also has a number of other unlisted securities (not
accounted for as share-based payments) on issue which includes the
following:
-- 22,388,060 CD Options exercisable at $0.60 each expiring 30 May 2021; and
-- A convertible loan note with a principal amount of
$2,627,430, convertible into 5,711,805 ordinary shares at a
conversion price of $0.46 per share with no expiry date (Loan Note
2).
12. CONTINGENT ASSETS AND LIABILITIES
There have been no changes to contingent assets or liabilities
since the date of the last annual report.
13. FINANCIAL INSTRUMENTS
The Group's financial assets and liabilities, which comprise of
cash and cash equivalents, trade and other receivables, trade and
other payables and other financial liabilities, may be impacted by
foreign exchange movements. At 31 December 2019 and 30 June 2019,
the carrying value of the Group's financial assets and liabilities
approximate their fair value.
14. DIVIDENDS PAID OR PROVIDED FOR
No dividend has been paid or provided for during the half-year
(31 December 2018: nil).
15. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
There were no significant events occurring after balance date
requiring disclosure.
The following sections in the full version of the Interim Financial
Report, along with all figures and illustrations, are available
on our website at www.pdz.com.au
Auditor's Independence Declaration
Independent Auditor's Review Report
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR FIFVVVIIILII
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