For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230331:nRSe9416Ua&default-theme=true
RNS Number : 9416U Star Phoenix Group Ltd 31 March 2023
Star Phoenix Group Ltd
("Star Phoenix" or "the Company")
31 March 2023
HALF-YEAR REPORT
Star Phoenix (AIM: STA), an international company with an oilfield services
business in Trinidad and an oil and gas interest in Indonesia, today releases
its half-year report (unaudited) for the 6 months ending 31 December 2022.
This announcement has been approved by Chairman Lubing Liu on behalf of the
Company.
Contact Details
WH Ireland Limited (Nominated Adviser and Broker)
Star Phoenix Group Ltd James Joyce / Enzo Aliaj
Mu Luo (Company Secretary) t. +44 (0)20 7220 1666
e. admin@starphoenixgroup.com
t. +61 8 6205 3012
Star Phoenix Group Ltd
Half-Year Results
For the period ended
31 December 2022
ABN: 88 002 522 009
An electronic version of this report is available on the Company's website
www.starphoenixgroup.com
Contents
About this Report (#_Toc68687396)
Directors' Report (#_Toc68687397)
Operational and Corporate Review (#_Toc68687398)
Auditor's Independence Declaration (#_Toc68687399)
Consolidated Statement of Profit or Loss and Other Comprehensive Income
(#_Toc68687400)
Consolidated Statement of Financial Position (#_Toc68687401)
Consolidated Statement of Changes in Equity (#_Toc68687402)
Consolidated Statement of Cash Flows (#_Toc68687403)
Notes to Consolidated Financial Statements (#_Toc68687404)
Director's Declaration (#_Toc68687405)
Independent Auditor's Review Report to the Members of Star Phoenix Group Ltd
(#_Toc68687406) . (#_Toc68687406)
Corporate Directory (#_Toc68687409)
About this Report
This half-year report (unaudited) is a summary of Star Phoenix Group Ltd
("Star Phoenix") operations, activities and financial position for the
half-year ended 31 December 2022. It complies with Australian reporting
requirements. Star Phoenix (ABN 88 002 522 009) is a company limited by shares
and is incorporated and domiciled in Australia.
Unless otherwise stated in this report, all references to Star Phoenix, the
Group, the Company, we, us and our, refer to its controlled entities as a
whole. References to the half-year or period are to the half-year ended 31
December 2022. All dollar figures are expressed in United States currency
unless otherwise stated.
Directors' Report
The Directors of Star Phoenix and the entities it controls (together, the
"Group") present the financial report for the half-year ended 31 December
2022.
Directors
The persons who were Directors at any time during or since the end of the
half-year are:
Name Position
Mr Lubing Liu Executive Chairman
Dr Mu (Robin) Luo Executive Director
Mr Zhiwei Gu Non-Executive Director
The Directors were in office for the entire period unless otherwise stated.
Principal activities
During the half-year, the Company's main focus was on securing new attractive
acquisition and investment opportunities to provide future growth and value
for the Company and its shareholders. In addition, the Company's efforts were
aimed at resolving matters in relation to its legacy assets and transactions.
Dividends
No dividends have been declared, provided for or paid in respect of the
half-year ended 31 December 2022 (half-year ended 31 December 2021: Nil).
Financial position
The loss for the financial half-year ended 31 December 2022 amounted to
US$53,190 (loss for half-year ended 31 December 2021: US$124,732).
At 31 December 2022, the Group had net assets of -US$6,494,111 (30 June 2022:
net assets of -US$5,962,442) and cash of US$535,703 (30 June 2022:
US$758,346).
Operational and Corporate Review
New acquisition opportunities
The Company's key focus remains on securing new attractive acquisition
opportunities to provide future growth and value for the Company and its
shareholders. During the previous 12 months, the Company had reviewed a few
new projects and investment opportunities.
Currently, discussions are ongoing with several parties in relation to new
projects in the energy sector. The directors are confident that these
discussions will eventuate in securing a new project for the Company on
attractive terms.
Oilfield services business
During the half-year, the Company took necessary steps to further cut the
ongoing costs of its oilfield services business in Trinidad ("Range Resources
Drilling Services Limited" or "RRDSL").
Termination of Conditional fee agreement
The Company reached a conditional fee agreement (the "CFA") with Dentons UK
and Middle East LLP ("Dentons") in the 2021 financial year based on a no-win
no-fee business model to recover the outstanding sums due from LandOcean
through arbitration proceedings in the London Court of International
Arbitration ("LCIA").
The Company further announced on 22 August and 18 October 2022 that LCIA
issued a consent award in relation to two of the four Stage 1 Claims in which
LandOcean is required to make payment of US$301,265 to Star Phoenix, and a
partial payment of US$130,000 has been received in a trust account set up by
Dentons. Regrettably, on 2 December 2022, the Company received a notice
letter written by Dentons to terminate the CFA with immediate effect, citing
mainly a broken-down relationship of trust between the two parties.
The Company does not agree with the assertions in relation to the termination
of CFA. The Company will endeavour to minimize the cost impact by sourcing a
new legal representative based on a cost effective basis. The Company takes
the matter very seriously and will review possible remedies for any damage
on company reputation and /or financial loss from inaction of CFA.
Result of special general meeting
On 19 December 2022, the Board announced that the Company would not be in a
position to appoint its new intended auditor because the resolutions (Removal
of Auditor and Appointment of Auditor) were not passed in the General Meeting
held on 19 December 2022.
As a result of the new auditor not being appointed, the Company was not able
to publish its audited results for the year ended 30 June 2022 by 31
December 2022 as required under Aim rule 19 of the Aim rules for Companies.
Consequently the shares of the Company was suspended from trading 7.30am on 3
January 2023.
The Company planed another vote of shareholders in early 2023 to have the
necessary resolutions passed.
Events subsequent to reporting date
Result of general meeting
On 31 January 2023, the company announced that the Company appointed its new
intended auditor as the resolution of appointment of auditor was passed in
General Meeting held on 31 January 2023. The company published its audited
results for the year ended 30 June 2022 on 21 February 2023
As a result of the publication of the Company's Annual Results, the trading in
the Company's shares was restored from 7.30am on 22 February 2023.
Resignation of non-executive director
On 2 March 2023, the Company announces that Mr. Zhiwei Gu has resigned as a
non-executive director of the Company with immediate effect.
Lubing Liu
Chairman
Dated this 31 day of March 2023
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Note Consolidated
31 December 31 December 2021 (US$)
2022 (US$)
Revenue from continuing operations - -
Operating expenses - -
Depreciation, depletion and amortisation - -
Cost of sales - -
Gross profit/(loss) - -
Other income and expenses from continuing operations
Other income 3 - -
Net finance income/(costs) 4b - 1,541
Foreign exchange gain 3 (9,767) (7,372)
General and administration expenses 4c (233,149) (585,637)
Impairment of current assets 4d - -
Loss before income tax expense from continuing operations (242,916) (591,468)
Income tax (expense)/credit - -
Loss after income tax from continuing operations (242,916) (591,468)
Gain from discontinued operations, net of tax 6 189,726 466,736
Loss for the period attributable to equity holders of Star Phoenix Group Ltd (53,190) (124,732)
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations (478,479) (332,878)
Other comprehensive (loss)/income for period, net of tax (478,479) (332,878)
Total comprehensive loss attributable to equity holders of Star Phoenix Group (531,669) (457,610)
Ltd
Loss per share from continuing operations attributable to the ordinary equity
holders of the Company
Basic loss per share (cents per share) (0.002) (0.004)
Diluted loss per share (cents per share) N/A N/A
Loss per share from discontinued operations attributable to the ordinary
equity holders of the Company
Basic gain/(loss) per share (cents per share) 0.001 0.003
Diluted loss per share (cents per share) N/A N/A
The above consolidated statement of profit or loss and other comprehensive
income should be read in conjunction with the accompanying notes.
Consolidated Statement of Financial Position
Note Consolidated
31 December 30
Ju
2022 (US$) ne
20
22
(U
S$
)
Assets
Current assets
Cash and cash equivalents 535,703 758,346
Trade and other receivables 8 142,322 229,292
Assets of disposal group classified as held for sale 7a 4,068,712 4,043,011
Total current assets 4,746,738 5,030,649
Non-current assets
Right of use asset - -
Property, plant and equipment 9 - -
Total non-current assets - -
Total assets 4,746,738 5,030,649
Liabilities
Current liabilities
Trade and other payables 10 4,752,826 4,505,946
Liabilities directly associated with assets classified as held for sale 7b 691,974 691,097
Provisions 5,796,048 5,796,048
Total current liabilities 11,240,848 10,993,091
Non-current liabilities
Trade and other payables - -
Total non-current liabilities - -
Total liabilities 11,240,848 10,993,091
Net assets (6,494,111) (5,962,442)
Equity
Contributed equity 12 388,570,504 388,570,504
Reserves 22,981,811 23,460,290
Accumulated losses (418,046,426) (417,993,236)
Total equity (6,494,111) (5,962,442)
The above consolidated statement of financial position should be read in
conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
Contributed equity (US$) Accumulated losses (US$) Foreign currency translation reserve (US$) Share-based payment reserve (US$) Option premium reserve (US$) Total equity (US$)
Balance at 1 July 2021 388,570,504 (416,656,550) 3,026,544 8,316,464 12,057,362 (4,685,676)
Exchange difference on translation of foreign operations - - (332,878) - - (332,878)
Loss attributable to the members of the company - (591,468) - - - (591,468)
Profit from discontinued operations - 466,736 - - - 466,736
Transfer reserves to accumulated loss - 20,373,826 (8,316,464) (12,057,362) -
Total comprehensive loss 388,570,504 (396,407,456) 2,693,666 - - (5,143,286)
Transactions with owners in their capacity as owners
Issue of share capital - - - - - -
Balance at 31 December 2021 388,570,504 (396,407,456) 2,693,666 - - (5,143,286)
Balance at 1 July 2021 388,570,504 (397,619,412) 3,086,464 - - (5,962,444)
Exchange difference on translation of foreign operations - - (478,479) - - (478,479)
Loss from contiuing operations - (242,916) - - - (242,916)
Profit from discontinued operations - 189,726 - - - 189,726
Transactions with owners in their capacity as owners
Issue of share capital - -
Balance at 31 December 2022 388,570,504 (397,672,602) 2,607,985 - - (6,494,111)
The above consolidated statement of changes in equity should be read in
conjunction with the accompanying notes.
Consolidated Statement of Cash Flows
Consolidated
31 December 31 December 2021 (US$)
2022 (US$)
Receipts from customers - 130,524
Payments to suppliers and employees (250,528) (869,743)
Income taxes (paid)/received - (22,889)
Payments to related companies - (17,893)
Other receipts - 32
Net cash outflow from operating activities (250,528) (779,969)
Proceeds from disposal of property, plant and equipment - 211,517
Receipts from related companies - -
Net cash inflow/(outflow) from investing activities - 211,517
Receipts from share issue - -
Interest (paid)/received and other finance costs received/(paid) (429) (1,584)
Net cash inflow from financing activities (429) (1,584)
Net decrease in cash and cash equivalents (250,956) (570,036)
Net foreign exchange differences 28,314 176,545
Cash and cash equivalents at beginning of period 758,346 1,911,072
Cash and cash equivalents at end of period 535,703 1,517,581
The above consolidated statement of cash flows should be read in conjunction
with the accompanying notes.
Notes to Consolidated Financial Statements
Note 1: Significant accounting policies
These general purpose financial statements for the interim half-year reporting
period ended 31 December 2022 have been prepared in accordance with Australian
Accounting Standard AASB 134 'Interim Financial Reporting' and the
Corporations Act 2001, as appropriate for for-profit oriented entities.
Compliance with AASB 134 ensures compliance with International Financial
Reporting Standard IAS 34 'Interim Financial Reporting'.
These general purpose financial statements do not include all the notes of the
type normally included in annual financial statements. Accordingly, these
financial statements are to be read in conjunction with the annual report for
the year ended 30 June 2022 and any public announcements made by the company
during the interim reporting period in accordance with the continuous
disclosure requirements of the Corporations Act 2001.
The principal accounting policies adopted are consistent with those of the
previous financial year and corresponding interim reporting period, unless
otherwise stated.
New and amended accounting standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting
Standards and Interpretations issued by the Australian Accounting Standards
Board ('AASB') that are mandatory for the current reporting period. Any new or
amended Accounting Standards or Interpretations that are not yet mandatory
have not been early adopted.
Going concern
This report has been prepared on the going concern basis, which contemplates
the continuity of normal business activity and the realisation of assets and
settlement of liabilities in the normal course of business.
For the period ended 31 December 2022 the Group recorded a loss of US$53,190
(loss for half- year ended 31 December 2021: US$124,732).
As at the reporting date (31 March 2023), the company had a cash balance of
approximately US$450,000. Management believes there are sufficient funds to
meet the Group's working capital requirements for the next 5 months. The
ability of the Group to continue as a going concern beyond that timeframe is
dependent on securing additional funding through the issue of shares and/or
debt to fund its activities. The Company is currently seeking other
opportunities to further expand its operations in other geographic locations.
These conditions indicate a material uncertainty that may cast a significant
doubt about the Group's ability to continue as a going concern and, therefore,
it may be unable to realise its assets and discharge its liabilities in the
normal course of business.
The Company is currently seeking other opportunities to expand its operations
in other geographic locations and a successful investment in a new project may
be used to raise additional capital and subsequently generate positive cash
flows. The Company is also focusing on managing its existing cash reserves.
.
Should the Company not be able to continue as a going concern, it may be
required to realise its assets and discharge its liabilities other than in the
ordinary course of business, and at amounts that differ from those stated in
the financial statements. The financial report does not include any
adjustments relating to the recoverability and classification of recorded
asset amounts or liabilities that might be necessary should the Company not
continue as a going concern.
The Directors have prepared the financial statements on a going concern basis,
which contemplates continuity of normal business activities and the
realisation of assets and discharge of liabilities in the normal course of
business.
Should the Company not be able to continue as a going concern, it may be
required to realise its assets and discharge its liabilities other than in the
ordinary course of business and at amounts that differ from those stated in
the financial statements. The financial report does not include any
adjustments relating to the amounts or classification of recorded assets or
liabilities that might be necessary if the Group does not continue as a going
concern.
Non-current assets classified as held for sale
Non-current assets are classified as held for sale if their carrying amount
will be recovered principally through a sale transaction rather than through
continuing use. They are measured at the lower of their carrying amount and
fair value less costs to sell. For non-current assets to be classified as
held for sale, they must be available for immediate sale in their present
condition and their sale must be highly probable.
An impairment loss is recognised for any initial or subsequent write down of
the non-current assets to fair value less costs to sell. A gain is
recognised for any subsequent increases in fair value less costs to sell of a
non-current asset, but not in excess of any cumulative impairment loss
previously recognised.
Non-current assets are not depreciated or amortised while they are classified
as held for sale. Interest and other expenses attributable to the
liabilities of assets held for sale continue to be recognised.
Non-current assets classified as held for sale are presented separately on the
face of the consolidated statement of financial position, in current assets.
The liabilities of disposal groups classified as held for sale are presented
separately on the face of the statement of financial position, in current
liabilities.
Discontinued operations
A discontinued operation is a component of the Group's business, the
operations and cash flows of which can be clearly distinguished from the rest
of the Group and which:
· represents a separate major line of business or geographical area
of operations;
· is part of a single co-ordinated plan to dispose of a separate
major line of business or geographical area of operations; and
· is a subsidiary acquired exclusively with a view to re-sale.
Classification as a discontinued operation occurs at the earlier of disposal
or when the operation meets the criteria to be classified as held-for-sale.
When an operation is classified as a discontinued operation, the comparative
consolidated statement of profit or loss and other comprehensive income is
re-presented as if the operation had been discontinued from the start of the
comparative year.
Note 2: Significant estimates and judgements
Impairment of rigs and related inventory
The Directors did not deem necessary to undertake an impairment assessment
during the reporting period as per AASB 136. The basis of the recoverable
value remains the same and the Company continues the sale process of the
remaining three production and five drilling rigs.
Deferred tax liability
The carrying value of the deferred tax liability is US$691,974 at 31 December
2022. In the event that the manner by which the carrying value of these assets
is recovered differs from that which is assumed for the purpose of this
estimation, the associated tax charges may be significantly less than this
amount.
Recoverability of deferred tax assets
Deferred tax assets are recognised only if it is probable that future taxable
amounts will be
available to utilise those temporary differences and losses. Management
considers that it
is probable that future taxable profits will be available to utilise those
temporary differences. Judgement is required to determine the amount of
deferred tax assets that can be recognised, based upon the likely timing and
the level of future profits.
IFRIC 23 Uncertain tax position and tax-related contingency
The group has estimated that following the disposal of Range Resources
Trinidad Limited and the settlement of liabilities in multiple jurisdictions
which formed part of the consideration for the disposal, may give rise to the
possible payment of withholding tax. The group considers it possible that a
withholding tax liability of US$1,341,649 may be payable in Australia and
withholding tax liability of US$3,087,883 payable in Trinidad. As at 31
December 2022, both amounts have been provided for in full.
The group is intending to apply for private rulings in both Australia and
Trinidad to confirm its interpretation. If both rulings are favourable, this
would decrease the group's current withholding tax payable and expense by
US$3,107,646 respectively. The group expects to get a response, and therefore
certainty about the tax position, before the next reporting date.
Contingent liabilities
The Directors are of the opinion that no provision is required to be raised in
respect to any
of the matters disclosed in note 5 as the likely outcome of any outflow is
considered to
be remote.
Non-current assets classified as held for sale and discontinued operations
2022 and 2021: Rigs and related inventory
The Group has been marketing the rigs and equipment in the financial year,
therefore all rigs and related equipment were classified as held for sale
assets as it is highly probable that these assets will be sold within 12
months.
Note 3: Revenue
Note Consolidated
31 December 2022 (US$) 31 December 2021 (US$)
From discontinued operations
Revenue from services to third parties recognised over time - 125,336
Total revenue from discontinued operations - 125,336
Other income from continuing operations
Foreign exchange gain (loss) (9,767) (7,372)
Other income - -
Other income from discontinued operations
Finance income 6 - 1,541
Total revenue from discontinued operations (9,767) (5,831)
Revenue from third party services and sale of oil is solely generated in the
Republic of Trinidad and Tobago.
Note 4: Expenses
Note Consolidated
31 December 2022 (US$) 31 December 2021 (US$)
a: Cost of sales - continuing operations
Costs of operations - -
Depreciation and amortisation - -
Total cost of sales from continuing operations - -
a: Cost of sales - discontinued operations
Costs of production (50,468) (163,323)
Royalties - -
Staff costs - -
Depreciation and amortisation - -
Total cost of sales from discontinued operations (50,468) (163,323)
b: Finance costs/(income) - continuing operations
Fair value movement of derivative liability - -
Interest (income)/expense - (1,541)
Interest on convertible note - -
Total finance (income)/costs from continuing operations - (1,541
b: Finance costs/(income) - discontinued operations
Other expenses - -
Foreign exchange (gain)/loss (478,479) (332,878)
Total finance costs from discontinued operations (478,479) (332,878)
c: General and administration expenses - continuing operations
Directors' and officers' fees and benefits - 123,145
Legal fees 180,259 91,885
Business development, financial and other consulting fees 11,571 277,267
Listing fees 33,528 27,136
Other expenses 7,791 66,204
Total general and administration expenses from continuing operations 233,149 585,637
d: Asset values written down - continuing operations
Impairment of assets - -
Total assets written down - -
Note 5: Contingent liabilities
There are no contingent liabilities as at 31 December 2022.
Note 6: Discontinued operations
The discontinued operations relate to Range Resources Drilling Services Ltd
Note 31 December 2022 31 December 2021
Revenue from third party services 3 - 125,336
Revenue from sale of oil - -
Operating expenses 4a (50,468) (163,323)
Royalties - -
Oil and gas properties depreciation, depletion and amortisation - -
Administrative expenses (18,786) -
Foreign exchange gain 233,060 318,708
Gain from disposal of assets 25,920 240,890
Taxation benefit - (54,875)
Gain from discontinued operations 189,726 466,736
Note 7a: Assets of disposal group classified as held for sale
Note Consolidated
31 December 2022 (US$) 30 June 2022 (US$)
Non-current assets
Rigs and related inventory 3,562,447 3,537,387
Property, plant and equipment 506,265 505,624
Total non-current assets 4,068,712 4,043,011
Total held for sale assets 4,068,712 4,043,011
Note 7b: Liabilities directly associated with assets classified as held for
sale
Note Consolidated
31 December 2022 (US$) 30 June 2022(US$)
Current liabilities
Net deferred tax liabilities 691,974 691,097
Total current liabilities 691,974 691,097
Total held for sale liabilities 691,974 691,097
Note 8: Trade and other receivables
Note Consolidated
31 December 2022 (US$) 30 June
2022 (US$)
Current
Trade receivables (i) 29,224 20
Taxes receivable 40,279 40,228
Other receivables 32,910 138,763
Prepayments - 19,833
Other taxes receivable 9,421 30,448
Other assets (ii) 30,488 -
Total trade and other receivables 142,322 229,292
(i) Trade receivables are generally due for settlement within 30 days. They
are presented as current assets unless collection is not expected for more
than 12 months after the reporting date.
Fair value approximates the carrying value of trade and other receivables at
31 December 2022.
Note 9: Property, plant & equipment
Consolidated Motor vehicle, furniture, fixtures & fittings (US$) Total (US$)
At 31 December 2022
Cost 323,402 323,402
Accumulated depreciation (323,402) (323,402)
Net book amount - -
At 30 June 2022
Cost 323,402 323,402
Accumulated depreciation (323,402) (323,402)
Net book amount - -
Note 10: Trade and other payables
Consolidated
31 December 2022 (US$) 30 June
2022 (US$)
a: Current
Trade payables 243,226 244,136
Sundry payables and accrued expenses 54,870 55,212
Other tax payables (i) 4,454,730 4,206,598
Total current trade and other payables 4,752,826 4,505,946
b: Non-current
Trade payables - -
Total non-current trade and other payables - -
(i) Amount relates to withholding taxes payable as a
result of debt eliminations.
Note 11: Provisions
Consolidated
31 December 2022 (US$) 30 June
2022 (US$)
Provision (i) 5,796,048 5,796,048
Total non-current trade and other payables 5,796,048 5,896,048
(i) Provision relates to an estimate of the potential land taxes that may be
payable by the Company on expired exploration licences in Trinidad.
Note 12: Contributed equity
Consolidated
31 December 2022 (US$) 30 June
2022 (US$)
150,876,970 fully paid ordinary shares (30 June 2022: 150,876,970) 409,614,908 409,614,906
Share issue costs (21,044,404) (21,044,402)
Total contributed equity 388,570,504 388,570,504
Consolidated
31 December 2022 30 June
Number 2022
Number
Fully Paid Ordinary Shares
At the beginning of reporting period 150,870,970 150,876,970
Shares issued during the period -
Consolidation - -
Shares issued during the period - -
Total contributed equity 150,870,970 150,870,970
Note 13: Segmental reporting
31 December 2022 Trinidad - Oil & Gas Produciton (US$) discontinued Trinidad - Oilfield Services (US$) Indonesia (US$) Unallocated (US$) Total (US$)
Segment revenue
Total revenue - - - -
Intersegment revenue - - - -
Revenue from external customers - - - -
Segment result
Profits/(loss) before income tax 189,726 - (125,415) 64,311
Income tax - - - -
Profit/(loss) after income tax 189,726 - (125,415) 64,311
Segment assets
Total assets 4,379,699 - 484,539 4,864,239
Segment liabilities
Total liabilities 9,881,688 - 1,359,160 11,240,848
31 December 2021 Trinidad - Oil & Gas Production (US$) Trinidad - Oilfield Services discontinued(US$) Indonesia (US$) Unallocated (US$) Total (US$)
Segment revenue
Total revenue 684,934 - 1,541 686,475
Revenue from external customers 559,598 - 1,541 561,139
Other income 125,336 - - 125,336
Segment result
Other segment income/(expenses) (218,198) - (593,009) (811,207)
Profit/(loss) before income tax 466,736 - (591,468) (124,732)
Profit/(loss) after income tax 466,736 - (591,468) (124,732)
Segment assets
Total assets 4,673,744 - 1,231,892 5,905,636
Segment liabilities
Total liabilities 10,990,583 - 58,339 11,048,922
30 June 2022 Trinidad - Oil & Gas Produciton US$ Trinidad - Oilfield Services US$ Indonesia US$ Unallocated US$ Total US$
Segment assets
Total assets - 9,676,636 - 1,33,724 9,810,360
Segment liabilities
Total liabilities - 9,676,636 - 133,724 9,810,360
Segment revenues and expenses are those directly attributable to the segments
and include any joint revenue and expenses where a reasonable basis of
allocation exists. Segment assets include all assets used by a segment and
consist principally of cash, receivables, plant and equipment and exploration
and development expenditure. While most assets can be directly attributed to
individual segments, the carrying amount of certain assets used jointly by two
or more segments is allocated to the segments on a reasonable basis. Segment
liabilities consist principally of payables, employee benefits, accrued
expenses, provisions and borrowings.
(i) Unallocated assets
31 December 2022 30 June
(US$) 2022
(US$)
Cash 367,038 519,900
Other 126,923 125,607
Total unallocated assets 493,961 642,507
Intersegment transfers
Segment revenues, expenses and results do not include any transfers between
segments. Other unallocated assets relate to assets of Star Phoenix and Star
Phoenix Group UK Ltd.
Note 14: Events after the reporting date
Result of general meeting
On 31 January 2023, the company announced that the Company appointed its new
intended auditor as the resolution of appointment of auditor was passed in
General Meeting held on 31 January 2023. The company published its audited
results for the year ended 30 June 2022 on 21 February 2023
As a result of the publication of the Company's Annual Results, the trading in
the Company's shares was restored from 7.30am on 22 February 2023.
Resignation of non-executive director
On 2 March 2023, the Company announces that Mr. Zhiwei Gu has resigned as a
non-executive director of the Company with immediate effect.
Director's Declaration
The directors of the company declare that:
The financial statements, comprising the consolidated statement of profit or
loss and other comprehensive income, consolidated statement of financial
position, consolidated statement of cash flows, consolidated statement of
changes in equity, accompanying notes, are in accordance with the Corporations
Act 2001 and:
a) comply with Accounting Standard AASB 134 Interim Financial Reporting,
the Corporations Regulations 2001 and other mandatory professional reporting
requirements; and
b) give a true and fair view of the consolidated entity's financial
position as at 31 December 2022 and of its performance for the half-year ended
on that date.
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 and is signed for and on behalf of the directors by:
Lubing Liu
Chairman
31 March 2023
Corporate Directory
Directors Lubing Liu Executive Chairman
Mu Luo Executive Director
Zhiwei Gu Non-Executive Director
Company Secretary Mu Luo
Registered office & principal place of business c/o Edwards Mac Scovell, Level 1, 8 St Georges Terrace
Perth WA 6000, Australia
Telephone: +61 8 6205 3012
Share Registry (Australia) Computershare Investor Services Pty Ltd
Level 11, 172 St Georges Terrace, Perth WA 6000
Telephone: +61 3 9415 4000
Share Registry (United Kingdom) Computershare Investor Services plc
PO Box 82, The Pavilions, Bridgwater Road, Bristol, UK BS99 6ZZ
Telephone: +44 370 702 0000
Auditor Mitchell Wilson & Partners, 883 Toorak Road,
Camberwell VIC 3124, Australia
Stock Exchange Listing Star Phoenix Group Ltd shares are listed on the Alternative Investment Market
(AIM) of the London Stock Exchange (AIM code: STA)
Country of Incorporation Australia
Website www.starphoenixgroup.com
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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR FIFIAVAILVIV