Wolf Minerals Limited Interim Financial Report -8-
27 February 2015 - 6:03PM
UK Regulatory
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 2014 and its performance for the half-year ended on that
date; and complying with Accounting Standard AASB 134 Interim
Financial Reporting and the Corporation Regulations 2001. As the
auditor of Wolf Minerals Limited and the entities it controlled
during the half year, 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.
Independence
In conducting our review, we have complied with the independence
requirements of the Corporations Act 2001. In accordance with the
Corporations Act 2001, we have given the Directors' of the company
a written Auditor's Independence Declaration.
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 Wolf Minerals 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 2014 and of its performance
for the half-year ended on that date; and
(b) complying with Accounting Standard AASB 134 Interim
Financial Reporting and the Corporations Regulations 2001.
Emphasis of Matters
Without modifying our opinion, we draw attention to Note 1 in
the financial report. The Consolidated Entity incurred a net loss
after tax of $3,719,177 and had a net operating cash outflow of
$4,356,712 during the half-year ended 31 December 2014. These
conditions, along with other matters as set out in Note 1,
indicates the existence of a material uncertainty that may cast
significant doubt about the Company and Consolidated Entity's
ability to continue as a going concern and therefore, the Company
and Consolidated Entity may be unable to realise its assets and
discharge its liabilities in the normal course of business.
The financial report of the Consolidated Entity and the Company
does not include any adjustments in relation to the recoverability
and classification of recorded asset amounts or to the amounts and
classification of liabilities that might be necessary should the
Company and/or the Consolidated Entity not continue as going
concerns.
PKF Mack
Simon Fermanis
Partner
26 February 2015
West Perth,
Western Australia
This information is provided by RNS
The company news service from the London Stock Exchange
END
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