Po Valley Energy : Extend Lodgement Annual Financial Report Unaudited

About this update from 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 A SIC 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 . 2 This is an excerpt of the original content. 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