PO VALLEY ENERGY LIMITED ABN 33 087 741 571
Suite 8, 7 The Esplanade, Mt. Pleasant WA 6153, Australia
Phone: +61 8 9316 9100 Fax: +61 8 9615 5475
ASX Announcement
31 March 2021
EXTENSION OF REPORTING AND LODGMENT DATE -
ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020.
Po Valley Energy Limited (ASX: PVE) (Po Valley or the Company) advises that it will be relying on ASX Class Waiver Decision - Extended Reporting and Lodgement Deadlines dated 29 December 2020 ("ASX Class Waiver") and ASIC Corporations (Extended Reporting and Lodgment Deadlines - Listed Entities) Instrument 2020/451 as extended by ASIC Corporations (Amended) Instrument 2020/1080 dated 25 November 2020 (the "Amended ASIC Relief"), to extend the lodgement date for its audited annual accounts which are required to be lodged with ASX and ASIC under Listing Rule 4.5.1 and section 319 or the Corporations Act 2001 (Cth) respectively.
The Company advises the attached information provided for the year ended 31 December 2020 is unaudited.
Under the ASX Class Waiver, the Company is required to release its audited annual accounts for the year ended 31 December 2020 at the earlier of: (i) when they are ready to be given to ASX; or (ii) when they must be given to ASIC under the Amended ASIC Relief.
The Company confirms that it will immediately make further announcement to ASX if it becomes aware that there will be a material difference between its unaudited and its audited annual accounts.
This Announcement was authorised for release by the Board of Po Valley Energy Limited
Media Contacts:
Michael Masterman, Po Valley CEO, 0418 9517 92
PO VALLEY ENERGY LIMITED
A.B.N. 33 087 741 571
UNAUDITED CONSOLIDATED FINANCIAL REPORT FOR THE
YEAR ENDED 31 DECEMBER 2020
PO VALLEY ENERGY LIMITED
UNAUDITED ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
CONTENTS
OPERATING RESULTS AND FINANCIAL REVIEW............................................................................................................ | 1 |
STATEMENT OF FINANCIAL POSITION ......................................................................................................................... | 2 |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ................................................................. | 3 |
STATEMENT OF CHANGES IN EQUITY .......................................................................................................................... | 4 |
STATEMENT OF CASH FLOWS ...................................................................................................................................... | 5 |
NOTES TO THE FINANCIAL STATEMENTS...................................................................................................................... | 6 |
OPERATING RESULTS
The loss of the Group for the year ended 31 December 2020 after income tax was €1,048,318 (2019: €1,504,741).
FINANCIAL PERFORMANCE | 31 December 2020 | 31 December 2019 | |
Unaudited | Audited | Change | |
Profit & loss | € | € | % |
Other income | 79,122 | 35,144 | 125 |
Gain on agreement settlement | 110,940 | - | 100 |
Expenses | (1,238,523) | (1,743,026) | (29) |
Loss for the period | (1,048,318) | (1,504,741) | (30) |
Basic loss per share | (0.16) | (0.24) | (33) |
Financial position | |||
Net assets | 4,196,137 | 5,244,455 | (20) |
Cash balance | 44,107 | 42,165 | 4 |
Cash flows | |||
Operating cash flow | (524,665) | (1,127,291) | (53) |
Investing cash flow | (83,343) | (271,225) | (69) |
Financing cash flow | 609,950 | 925,077 | (34) |
Financial result
The Group reported a loss for the year ended 31 December 2020 of €1,048,318 (2019: €1,504,741).
Since the beginning of 2020 Italy has faced a very challenging operating environment as a result of COVID-19 virus impacts and the resulting State of Emergency and associated lockdowns. The Company's priority remains keeping our operations team safe. The team continues to working safely in accordance with COVID 19 health and safety rules and directives and with minimal field operations. The Company has implemented initiatives to safeguard its staff and contractors and to reduce its costs and overheads during this difficult economic climate whilst continuing to advance projects through the approval process.
Financial position
Po Valley remains a northern Italy-focused energy development and exploration company with a streamlined focus on five assets:
- The onshore gas development at Selva Malvezzi;
- Offshore Adriatic gas development at Teodorico;
- The large-scale gas/oil condensate exploration licence at Torre del Moro, and
- The expanded Ravizza (Grattasasso Permit) and Bagnolo (Cadelbosco Permit) oil reservoirs and extensions.
Po Valley's priority is very focused on bringing the low cost Selva and Teodorico fields into gas production. The size and scale of Torre del Moro and Ravizza / Bagnolo in Piano, warrant initiatives to de-risk and prioritise the projects and design drilling programs. During the year, field and exploration costs were reduced to minimal expenditure whilst the two projects, Selva and Teodorico continued to progress through the normal approval procedures. Both projects have received preliminary technical environmental approval and are awaiting final sign off by the Environment Minister of the Final Decree. The Group had ongoing support of directors and major shareholders through additional loans of €609,950 during the year. Cash and cash equivalents for the Group at 31 December 2020 amounted to €44,107 (2019: €42,165).
Dividends
No dividends have been paid or declared by the Company during the year ended 31 December 2020.
Subsequent events
Refer to Note 27 of the accompanying notes to the unaudited financial statements.
Audit
This report is based on financial statements which are in the process of being audited.
1
PO VALLEY ENERGY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
CONSOLIDATED | |||
NOTES | 2020 | 2019 | |
Unaudited | Audited | ||
€ | € | ||
Current Assets | 10 | ||
Cash and cash equivalents | 44,107 | 42,165 | |
Trade and other receivables | 11 | 86,617 | 283,853 |
Total Current Assets | 130,724 | 326,018 | |
Non-Current Assets | |||
Other assets | 14 | 78 | 17,578 |
Deferred tax assets | 947,181 | 947,181 | |
Property, plant & equipment | 12 | 11,199 | 105,145 |
Resource property costs | 13 | 7,990,040 | 7,876,926 |
Total Non-Current Assets | 8,948,498 | 8,946,830 | |
Total Assets | 9,079,222 | 9,272,848 | |
Liability and equity | |||
Current Liabilities | 15 | ||
Trade and other payables | 1,238,952 | 1,090,159 | |
Lease liabilities | 17 | 3,091 | 41,066 |
Provisions | 16 | 2,797 | 2,797 |
Interest bearing loans | 18 | 2,067,175 | 1,272,676 |
Convertible notes | 19 | 1,571,070 | - |
Total Current Liabilities | 4,883,085 | 2,406,698 | |
Non-Current Liabilities | 17 | ||
Lease liabilities | - | 58,512 | |
Convertible notes | 19 | - | 1,563,183 |
Total Non-Current Liabilities | |||
- | 1,621,695 | ||
Total Liabilities | 4,883,085 | 4,028,393 | |
Equity | |||
Issued capital | 20 | 46,641,745 | 46,461,745 |
Reserve | 20 | 1,192,269 | 1,192,269 |
Accumulated losses | (43,637,877) | (42,589,559) | |
Total Equity | 4,196,137 | 5,244,455 | |
Total Equity and Liabilities | 9,079,222 | 9,272,848 |
The above statement of financial position should be read in conjunction with the accompanying notes to the financial statements.
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Po Valley Energy Limited published this content on 31 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2021 16:53:03 UTC.
