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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| European Metals Holdings Limited | LSE:EMH | London | Ordinary Share | VGG3191T1021 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.75 | -8.24% | 19.50 | 19.00 | 20.00 | 21.25 | 18.75 | 20.75 | 842,385 | 11:00:26 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 1.12M | -5.93M | -0.0286 | -6.82 | 40.43M |
From Apr 2019 to Apr 2024
TIDMEMH
RNS Number : 6220Z
European Metals Holdings Limited
16 March 2017
16 March 2017 For immediate release
EUROPEAN METALS HOLDINGS LIMITED
Unaudited Interim Financial Report
For the six months ended 31 December 2016
The Directors of European Metals Holdings Limited ("European Metals" or "the Company") (ASX & AIM: EMH), the specialty lithium exploration and development company with assets in the Czech Republic, are pleased to release its interim unaudited financial report for the half year ended 31 December 2016.
A copy of the European Metals Half Year Report is also available on the Company's website at www.europeanmet.com.
ENQUIRIES:
Hot Features
Premium
European Metals Holdings
Limited Tel: +61 (0) 419 996
Keith Coughlan, Chief 333
Executive Officer Email: keith@europeanmet.com
Tel: +44 (0) 20 7440
Kiran Morzaria, Non-Executive 0647
Director
Tel: +61 (0) 6141 3504
Julia Beckett, Company Email: julia@europeanmet.com
Secretary
Beaumont Cornish (Nomad Tel: +44 (0) 20 7628
& Broker) 3396
Michael Cornish Email: corpfin@b-cornish.co.uk
Roland Cornish
The information contained within this announcement is considered to be inside information, for the purposes of Article 7 of EU Regulation 596/2014, prior to its release.
DIRECTORS' REPORT
Your Directors submit the financial report of the consolidated group for the half year ended 31 December 2016.
Directors
The names of the directors who held office during or since the end of the half-year.
Mr Keith Managing Director, Appointed 6 September Coughlan CEO 2013 Mr David Non-Executive Appointed 6 March 2014 Reeves Chairman Dr Pavel Non-Executive Appointed 6 March 2014 Reichl Director Mr Kiran Non-Executive Appointed 10 December Morzaria Director 2015
Results of Operations
The consolidated loss for the half year ended 31 December 2016 amounted to $3,164,185 (2015: $1,310,889 loss).
Review of Operations
During the period the Company focused on advancing the Cinovec project in Czech Republic.
Highlights in the period include:
Project Development
* Project development for the period was centered
around a significant drilling programme embarked on
by the Company. There were numerous updates to this
programme released to the market during the period.
Overall, results from the programme either confirmed
or exceeding expectations with respect of both
lithium content and width of mineralisation.
* This drilling programme provided important data to
the Company's Preliminary Feasibility Study which was
ongoing throughout the period. The Company has
released updates with regards to this study and is
anticipating its completion at the end of March 2017.
* The Company appointed Ausenco Limited, and Hatch Ltd
as the Lead Engineers to the Pre-Feasibility Study.
* During the half year, the Company announced a
significant reduction of pre-production capital costs
based on a review of scoping study and outstanding
recoveries from test work completed.
* The Company announced a new exploration license,
Cinovec III was granted. The license not only covers
a small area above the Cinovec deposit itself along
the Czech-German border, but also gives the Company
exclusive rights to explore for potential deep seated
lithium ore East of the Cinovec deposit.
* On 22 November 2016, the Company announced a
significant increase in the indicated resource at
Cinovec. This upgrade was a result of the drilling
programme to that point and increased the indicated
resource by approximately 420%.
* On 13 December 2016, the Company announced the
successful manufacture of >99.5% pure lithium
carbonate using an industry proven, sodium sulphate
roast-based flow-sheet from mica-concentrate from the
Cinovec Project.
Significant change in state of affairs
* On 7 October 2016, 500,000 warrants were exercised at
the price of $0.14 per CDI to raise $70,000.
* On 17 October 2016, 2,000,000 listed options were
exercised and the Company received a total of
$400,000.
* On 1 November 2016, pursuant to the terms and
conditions, 5,000,000 Class B Performance Shares in
the Company have been automatically redeemed by the
Company for a sum of $0.000001 per Class B
Performance Share. These performance shares were
issued by the Company on 12 March 2014 as part of the
consideration for the acquisition of European Metals
(UK) Ltd as approved by Shareholders at the General
Meeting held on 20 February 2014. These performance
shares are automatically redeemed due to the required
milestone not being achieved.
* On 22 November 2016, 500,000 were exercised at the
price of $0.14 per CDI to raise $70,000.
* On 24 November 2016, the Company issued 5,000,000
CDIs to Rare Earth Minerals Plc at an issue price of
$0.52 per CDI to raise $2,600,000 and 5,000,000 Class
B performance shares were issued to the original
vendors of the Cinovec Project in replacement of the
Class B performance shares issued to them in 2014 as
approved by Shareholders at Annual General Meeting
held 18 November 2016.
Significant events after the reporting date
* On 5 January 2017, Geomet entered into an agreement
to purchase a land in Czech for an amount of $267,916
(CZK 5,184,734).
* The Company announced the completion of the drilling
programme and the appointment of Mr Richard Pavlik as
the Country Manager.
* The Cinovec South Resource was added to the Czech
State resource register in early January 2017. This
is the first step in the process for the granting of
a mining permit.
* The Company announced a further significant upgrade
in the Cinovec resource.
Auditor's Independence Declaration
The auditor's independence declaration for the half year ended 31 December 2016 has been received and can be found on page 5 of the financial report.
This report of the Directors is signed in accordance with a resolution of the Board of Directors.
Keith Coughlan
MANAGING DIRECTOR
16 March 2017
AUDITOR'S INDEPENCE DECLARATION
16 March 2017
Board of Directors
European Metals Holdings Limited
Suite 12, Level 1
11 Ventnor Avenue
WEST PERTH WA 6005
Dear Sirs
RE: European Metals HOLDINGS LIMITED
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the directors of European Metals Holdings Limited.
As Audit Director for the review of the financial statements of European Metals Holdings Limited for the six months ended 31 December 2016, I declare that to the best of my knowledge and belief, there have been no contraventions of:
(i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
(ii) any applicable code of professional conduct in relation to the review.
Yours faithfully
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(Trading as Stantons International)
(An Authorised Audit Company)
Samir R Tirodkar
Director
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE HALF YEARED 31 DECEMBER 2016
Note 31 December 31 December
2016 2015
$ $
Revenue - Interest
income 8,484 6,645
Other Income 852 23,291
Professional fees (98,704) (255,832)
Audit and compliance
fees (15,066) (15,086)
Advertising and promotion (84,146) -
Share based payment
expense 5 (2,671,444) (557,246)
Depreciation (594) (959)
Employee benefits (142,285) (109,500)
Travel and accommodation (36,380) (12,175)
Share registry fees (60,317) (278,023)
Insurance (7,737) (11,546)
Rent and utilities (41,457) (22,797)
Other administration
expenses (15,391) (77,661)
------------ ------------
Loss before income
tax (3,164,185) (1,310,889)
Income tax expense - -
------------ ------------
Loss for the period (3,164,185) (1,310,889)
Other comprehensive
income
Items that will not - -
be reclassified to
profit or loss
Items that may be reclassified
subsequently to profit
or loss - exchange
differences on translating
foreign operations (82,527) 738
------------ ------------
Other comprehensive
(loss) / income for
the period, net of
tax (82,527) 738
Total comprehensive
loss for the period (3,246,712) (1,310,151)
============ ============
Net Loss attributable
to:
* members of the parent entity (3,164,185) (1,310,889)
(3,164,185) (1,310,889)
============ ============
Total Comprehensive
loss attributable to:
* members of the parent entity (3,246,712) (1,310,151)
(3,246,712) (1,310,151)
============ ============
Basic and diluted loss
per CDI 3 (0.03) (0.02)
The above statement should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2016
Note 31 December 30 June
2016 2016
$ $
CURRENT ASSETS
Cash and cash equivalents 3,372,270 3,134,661
Trade and other
receivables 84,140 94,591
Other assets 32,399 79,915
TOTAL CURRENT ASSETS 3,488,809 3,309,167
----------- -----------
NON-CURRENT ASSETS
Exploration and
evaluation expenditure 7,596,098 4,940,613
Property, plant
and equipment 47,982 -
Intangible assets 1,952 2,599
----------- -----------
TOTAL NON-CURRENT
ASSETS 7,646,032 4,943,212
----------- -----------
TOTAL ASSETS 11,134,841 8,252,379
----------- -----------
CURRENT LIABILITIES
Trade and other
payables 621,270 293,890
TOTAL CURRENT LIABILITIES 621,270 293,890
----------- -----------
TOTAL LIABILITIES 621,270 293,890
----------- -----------
NET ASSETS 10,513,571 7,958,489
=========== ===========
EQUITY
Issued capital 4 14,804,491 11,674,141
Reserves 3,233,464 644,547
Accumulated losses (7,524,384) (4,360,199)
----------- -----------
TOTAL EQUITY 10,513,571 7,958,489
=========== ===========
The above statement should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF changes in equity
FOR THE HALF YEARED 31 DECEMBER 2016
Issued Option Foreign Accumulated
Capital and performance Currency Losses Total
shares Translation
Reserves Reserve
$ $ $ $ $
Balance at 1
July 2015 6,788,183 97,560 125,201 (2,866,122) 4,144,822
Loss attributable
to members of
the Company - - - (1,310,889) (1,310,889)
Other comprehensive
income - - 738 - 738
---------- ---------------- ------------ ----------- -----------
Total comprehensive
loss for the
period - - 738 (1,310,889) (1,310,151)
---------- ---------------- ------------ ----------- -----------
Transactions
with owners,
recognised directly
in equity
CDIs issued
during the period,
net of costs 1,073,164 - - - 1,073,164
Expired options - (97,560) - 97,560 -
Share based
payments - 557,246 - - 557,246
Balance at 31
December 2015 7,861,347 557,246 125,939 (4,079,451) 4,465,081
========== ================ ============ =========== ===========
Balance at 1
July 2016 11,674,141 557,246 87,301 (4,360,199) 7,958,489
Loss attributable
to members of
the Company - - - (3,164,185) (3,164,185)
Other comprehensive
loss - - (82,527) - (82,527)
---------- ---------------- ------------ ----------- -----------
Total comprehensive
loss for the
period - - (82,527) (3,164,185) (3,246,712)
---------- ---------------- ------------ ----------- -----------
Transactions
with owners,
ecognized directly
in equity
CDIs issued
during the period,
net of costs 2,590,350 - - - 2,590,350
Share based
payments - 2,671,444 - - 2,671,444
Exercise of
options 400,000 - - - 400,000
Exercise of
warrants 140,000 - - - 140,000
Balance at 31
December 2016 14,804,491 3,228,690 4,774 (7,524,384) 10,513,571
========== ================ ============ =========== ===========
The above statement should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF YEARED 31 DECEMBER 2016
31 December 31 December
Note 2016 2015
$ $
CASH FLOWS FROM OPERATING
ACTIVITIES
Payments to suppliers and
employees (623,519) (512,797)
Interest received 8,484 6,645
Interest paid (15) -
Receipts for services - 23,291
Net cash used in operating
activities (615,050) (482,861)
----------- -----------
CASH FLOWS FROM INVESTING
ACTIVITIES
Payment for exploration and
evaluation expenditure (2,261,991) (690,393)
Payments for property, plant
and equipment (15,700) -
----------- -----------
Net cash used in investing
activities (2,277,691) (690,393)
----------- -----------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issue of CDI's 3,140,000 1,112,846
Capital raising cost (9,650) (69,682)
Net cash from financing activities 3,130,350 1,043,164
----------- -----------
Net increase /(decrease) in
cash and cash equivalents 237,609 (130,090)
Cash and cash equivalents
at the beginning of the financial
year 3,134,661 889,208
----------- -----------
Cash and cash equivalents
at the end of financial period 3,372,270 759,118
=========== ===========
The above statement should be read in conjunction with the accompanying notes.
CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEARED 31 DECEMBER 2016
NOTE 1: BASIS OF PREPARATION
Statement of compliance
The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 'Interim Financial Reporting'. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'. The half-year report does not include notes of the type normally included in an annual financial report and shall be read in conjunction with the most recent annual financial report.
Basis of preparation
The consolidated financial statements have been prepared on the basis of historical cost, except where applicable for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted.
The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the company's 2016 annual financial report for the financial year ended 30 June 2016, except for the impact of the Standards and Interpretations described below. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards.
Changes in accounting policies, accounting standards and interpretations
The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 30 June 2016. All applicable new standards and interpretations issued since 1 July 2016 have been adopted. There was no significant impact on the Group except:
Property
Freehold land and buildings are carried at their fair value (being the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction), based on periodic, but at least triennial, valuations by external independent valuers, less accumulated depreciation for buildings.
Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation surplus in equity; all other decreases are recognised in profit or loss.
Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset.
New and Revised Accounting Requirements Applicable to the Current Half-Year Reporting Period
The Company has adopted all of the new and revised Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective for the current reporting period.
The application of the new and revised Accounting Standards and Interpretations does not have a material impact on the Group.
CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEARED 31 DECEMBER 2016
NOTE 2: OPERATING SEGMENTS
The accounting policies used by the Group in reporting segments are in accordance with the measurement principles of Australian Accounting Standards.
The Group has identified its operating segments based on the internal reports that are provided to the Board of Directors, according to AASB 8 Operating Segments.
The Group currently has one project which takes into account each of the above mentioned aspects. The principal activities for the project are exploration of lithium, tin, tungsten and other commodities, and the development of the existing resources. The project is likely to use the same resources in future and the nature of the regulatory environment is the Czech Republic. This is expected to be the same for future projects. Accordingly, management has identified one operating segment based on the location of the projects, that being the Czech Republic.
NOTE 3: LOSS PER CDI 31 December 31 December
2016 2015
Basic and diluted loss per CDI ($0.03) ($0.02)
Loss attributable to members of European
Metals Holdings Limited ($3,164,185) ($1,310,889)
Weighted average number of CDI outstanding
during the period 123,574,735 83,465,304
NOTE 4: ISSUED CAPITAL AND $
RESERVES Number
(a) Issued and paid up capital
129,417,126 (30 June 2016:
121,417,126 CDIs) 129,417,126 14,804,491
Total issued capital 14,804,491
==================
(b) Movements in CDIs
Date Number $
Balance at the beginning
of the period 1 July 2015 75,144,459 6,788,183
13 August
CDI capital raising 2015 9,410,578 752,846
Issued in lieu of director 17 August
fees 2015 496,725 30,000
19 October
CDI capital raising 2015 2,000,000 360,000
18 March
CDI capital raising 2016 13,000,000 1,755,000
20 April
CDI - exercised of options 2016 3,525 353
CDI - exercised of options 9 May 2016 300,000 30,000
CDI - exercised of options 19 May 2016 688,514 68,851
CDI - exercised of options 1 June 2016 1,279,372 127,937
CDI - exercised of options 8 June 2016 1,223,446 122,345
CDI - exercised of options 16 June 2016 6,045,366 604,537
CDI - exercised of options 30 June 2016 11,825,141 1,182,514
Capital raising cost - (148,425)
Balance at the end of the
year 30 June 2016 121,417,126 11,674,141
--------------------- ------------------
CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEARED 31 DECEMBER 2016
NOTE 4: ISSUED CAPITAL AND RESERVES
(continued)
Date Number $
Balance at the beginning
of the period 1 July 2016 122,417,126 11,674,141
7 October
CDI - exercise of warrants 2016 500,000 70,000
17 October
CDI - exercise of options 2016 2,000,000 400,000
22 November
CDI - exercise of warrants 2016 500,000 70,000
24 November
CDI placement 2016 5,000,000 2,600,000
Capital raising cost - (9,650)
----------- ----------
Balance at the end of the 31 December
period 2016 129,417,126 14,804,491
----------- ----------
(c) Movements B Class Performance
Shares
Date Number $
Balance at the beginning
of the year 1 July 2015 5,000,000 -
20 February
Performance Shares lapsed 2016 (5,000,000) -
Balance at the end of the 30 June 2016 - -
year period
----------- ---------
Balance at the beginning 1 July 2016 - -
of the year
24 November
Performance Shares issued 2016 5,000,000 2,671,444
Balance at the end of the 31 December
year period 2016 5,000,000 2,671,444
----------- ---------
CDIs and Depositary Interests ('DIs') entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of shares held. On a show of hands every holder of a CDI and/or DI present at a meeting in person or by proxy, is entitled to one vote, and in a poll each share is entitled to one vote.
European Metals Holding is a company limited by shares incorporated in the British Virgin Islands with an authorised share capital, 200,000,000 no par value shares of a single class. Pursuant to the prospectus dated 26 April 2012, the company issued CDIs in July 2012. The holder of the CDIs has beneficial ownership in the underlying shares instead of legal title. In respect of CDIs, legal title and the underlying shares is held by Chess Depository Nominees Pty Ltd. Immediately prior to admission to AIM in December 2015, the Company created the DIs. In respect of DIs, legal title and the underlying shares is held by the UK Depositary, Computershare Investor Services PLC.
Holders of CDIs and/or DIs have the same entitlement benefits of holding the underlying shares. Each Share in the Company confers upon the Shareholder:
(a) the right to one vote at a meeting of the Shareholders of the Company or on any Resolution of Shareholders;
(b) the right to an equal share in any dividend paid by the Company; and
(c) the right to an equal share in the distribution of the surplus assets of the Company on its liquidation.
CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEARED 31 DECEMBER 2016
NOTE 4: ISSUED CAPITAL AND RESERVES (continued)
The terms of the performance shares are as follows:
The 5,000,000 B Class Performance Shares will convert in accordance with the below:
(i) 1,000,000 B Class Performance Shares will convert into Shares and an equivalent number of CDIs upon the Company's Mineral Resource at Cinovec South and Cinovec Main being entered in the State Balance. The B Class Performance Shares shall convert into the number of Shares and equivalent number of CDIs equal to 1,000,000 multiplied by 0.5 and divided by the greater of: (A) $0.50 per CDI; and (B) the volume weighted average price of CDIs (expressed as a decimal of $1.00) as calculated over the 5 ASX trading days prior to the date the Mineral Resource is entered. (Explanatory Note: Under Czech law a mineral resource must be registered and henceforth treated as a resource by the Czech Government before mining licenses can be granted. A mineral resource has to be calculated according to the Czech regulations, and defended in front of a committee of state certified experts);
(ii) 1,000,000 B Class Performance Shares will convert into Shares and an equivalent number of CDIs upon the issuance of the preliminary mining licenses relating to the Cinovec Project. The B Class Performance Shares shall convert into the number of Shares and equivalent number of CDIs equal to 1,000,000 multiplied by 0.5 and divided by the greater of: (A) $0.50 per CDI; and (B) the volume weighted average price of CDIs (expressed as a decimal of $1.00) as calculated over the 5 ASX trading days prior to the date the final preliminary mining license is issued; and
(iii) 3,000,000 B Class Performance Shares will convert into Shares and an equivalent number of CDIs upon the completing of a definitive feasibility study (DFS). For clarity, the DFS must be: (i) of a standard suitable to be submitted to a financial institution as the basis for lending of funds for the development and operation of mining activities contemplated in the study; (ii) capable of supporting a decision to mine on the Permits; and (iii) completed to an accuracy of +/- 15% with respect to operating and capital costs and display a pre-tax net present value of not less than US$250,000,000. The B Class Performance Shares shall convert into the number of Shares and equivalent number of CDIs equal to 3,000,000 multiplied by 0.5 and divided by the greater of: (A) $0.50 per CDI; and (B) the volume weighted average price of CDIs (expressed as a decimal of $1.00) as calculated over the 5 ASX trading days prior to date of receipt of the completed DFS,
(together the Milestones and each a Milestone). For the avoidance of doubt, the number of Shares and equivalent number of CDIs which will be issued on conversion of the B Class Performance Shares will not exceed a ratio of 1 for 1.
(iv) If the Milestone is not achieved or the Change of Control Event does not occur by the required date, then each B Class Performance Share held by a Holder will be automatically redeemed by the Company for the sum of $0.000001 within 10 ASX trading days of non-satisfaction of the Milestone.
$2,671,444 has been attributed to the Performance Shares.
NOTE 5: SHARE BASED PAYMENT EXPENSE
The following share-based payment arrangements existed as at 31 December 2015:
On 31 July 2015, 3,750,000 options with an exercise price 16.6 cents on or before the 17 August 2020 were granted to Directors. The issue was approved by shareholders at a General Meeting held on the 31 July 2015. The options were valued under Black and Scholes and a fair value adjustment of $386,798 and was recognised as a share based payment in the profit and loss.
CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEARED 31 DECEMBER 2016
NOTE 5: SHARE BASED PAYMENT EXPENSE (CONTINUED)
The following share-based payment arrangements existed as at 31 December 2016:
Instruments granted are as follow:
Grant Date Number
18 November 2016 - Class B Performance
i. Shares (related parties) 1,336,557
18 November 2016 - Class B Performance
ii. Shares (non-related parties) 3,663,443
-----------
Total 5,000,000
-----------
$2,671,444 has been attributed to the Performance Shares.
NOTE 6: RELATED PARTY TRANSACTIONS
The related party transactions of the half-year financial report are consistent with those adopted and disclosed in the Company's 2016 annual financial report for the financial year ended 30 June 2016 except the following.
During the half year, 5,000,000 CDI were issued to Rare Minerals Plc ("REM") to raise $2.6 million via a placement at an issue price of $0.52 per CDI. REM is the Company's largest shareholder and a substantial holder with a 17.64% holding in the Company. Mr Kiran Morzaria is REM's Chief Executive Officer and is one of four directors on the Board of REM. He is also a Non-Executive Director of the Company.
1,336,557 Class B Performance shares were issued to KMP during the period, of which Mr Pavel Reichl entitled for 793,906 and Mr David Reeves entitled for 542,651 respectively. $714,107 has been attributed to the Performance Shares.
NOTE 7: CONTINGENT LIABILITIES
There has been no change in contingent liabilities since the last annual reporting date.
NOTE 8: EVENTS SUBSEQUENT TO REPORTING DATE
On 5 January 2017, Geomet entered into an agreement to purchase a land in Czech for an amount of AUD 267,916 (CZK 5,184,734).
There have been no other significant events after the reporting date.
DIRECTORS' DECLARATION
The Directors of the Company declare that:
1. The financial statements and notes set out
on pages 6 to 14:
(a) comply with Accounting Standard AASB 134:
Interim Financial Reporting and the Corporations
Act 2001, and
(b) give a true and fair view of the Consolidated
entity's financial position as at 31 December
2016 and of its performance for the half-year
ended on that date.
2. In the Directors' opinion, there are reasonable
grounds to believe that the Company will be able
to pay its debts as and when they become due
and payable.
This declaration is made in accordance with a
resolution of the Board of Directors made pursuant
to section 303(5) of the Corporations Act 2001
and is signed for and on behalf of the Directors
by:
Keith Coughlan
MANAGING DIRECTOR
16 March 2017
INDEPENT AUDITOR'S REVIEW REPORT
TO THE MEMBERS OF
EUROPEAN METALS HOLDINGS LIMITED
Report on the Half-Year Financial Report
We have reviewed the accompanying half-year financial report of European Metals Holdings Limited, which comprises the consolidated statement of financial position as at 31 December 2016, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows for the half-year ended on that date, condensed notes comprising a summary of significant accounting policies and other explanatory information, and the directors' declaration for European Metals Holdings Limited (the consolidated entity). The consolidated entity comprises both European Metals Holdings Limited (the Company) and the entities it controlled during the half year.
Directors' Responsibility for the Half-Year Financial Report
The directors of European Metals Holdings Limited are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity's financial position as at 31 December 2016 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of European Metals Holdings Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Whilst we considered the effectiveness of management's internal controls over financial reporting when determining the nature and extent of our procedures, our review was not designed to provide assurance on internal controls.
Our review did not involve an analysis of the prudence of business decisions made by the directors or management.
Independence
In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, has been provided to the directors of European Metals Holdings Limited on 16 March 2017.
Conclusion
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of European Metals Holdings Limited is not in accordance with the Corporations Act 2001 including:
(a) giving a true and fair view of the consolidated entity's financial position as at 31 December 2016 and of its performance for the half-year ended on that date; and
(b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(Trading as Stantons International)
(An Authorised Audit Company)
Samir R Tirodkar
Director
West Perth, Western Australia
16 March 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GLGDXCDBBGRL
(END) Dow Jones Newswires
March 16, 2017 03:00 ET (07:00 GMT)
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