Investor Presentaiton
Armour Energy and controlled entities
armourenergy.com.au
Financial report continued
Notes to the consolidated financial statements
NOTE 1. GENERAL INFORMATION
Armour Energy Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office
and principal place of business is Level 27, 111 Eagle Street, Brisbane QLD 4000.
The financial statements cover Armour Energy Limited as a Group consisting of Armour Energy Limited and the entities it
controlled at the end of, or during, the reporting period. The financial statements are presented in Australian dollars, which is
Armour Energy Limited's functional and presentation currency.
The Group is principally engaged in the exploration, development and production of oil and gas resources in Australia.
The financial statements were authorised for issue, in accordance with a resolution of Directors, on 30 September 2020. The
Directors have the power to amend and reissue the financial statements.
NOTE 2. STATEMENT OF COMPLIANCE
The Group's Financial Statements as at and for the year ended 30 June 2020:
personal use only
is a general-purpose financial report.
is prepared on a going concern basis (discussed further in Note 4).
has been prepared in accordance with the Corporations Act 2001.
4. has been prepared in accordance with accounting standards and interpretations in this report, which encompass the:
a) Australian Accounting Standards ("AASBS") and other authoritative pronouncements of the Australian Accounting
Standards Board; and International Financial Reporting Standards and Interpretations ("IFRS") as issued by the
International Accounting Standards Board ("IASB").
b) has been prepared under the historical cost convention, except for, the revaluation of financial assets at fair value
through other comprehensive income. The methods used to measure fair values are discussed further in note 25.
c) is presented in Australian Dollars ("AUD"), which is both the Company's and the Group's presentation currency.
d) includes significant accounting policies in the notes to the Financial Statements that summarise the recognition and
measurement basis used and are relevant to the understanding of the Financial Statements.
e) presents reclassified comparative information where required for consistency with the current year's presentation.
f) adopts all new and amended standards and interpretations issued by the relevant bodies (listed above), that are
mandatory for application beginning on or after 1 July 2019. None had a significant impact on the Financial Statements.
g) has not early adopted any standards and interpretations that have been issued or amended but are not yet effective.
NOTE 3. SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial statements are set out either in the respective notes or
below. These policies have been consistently applied to all the years presented, unless otherwise stated.
CRITICAL ACCOUNTING ESTIMATES
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement
or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in the relevant
notes.
In accordance with the Corporations Act 2001, these financial statements present the results of the Group only. Supplementary
information about the parent entity is disclosed in note 31.
ROUNDING OF AMOUNTS
The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments
Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Corporations
Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Armour Energy Limited ('Company'
or 'parent entity') as at 30 June 2020 and the results of all subsidiaries for the year then ended. Armour Energy Limited and its
subsidiaries together are referred to in these financial statements as the 'Group'.
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to
direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They
are de-consolidated from the date that control ceases.
Intercompany transactions, balances, and unrealised gains on transactions between entities in the Group are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the
Group.
CURRENT AND NON-CURRENT CLASSIFICATION
Assets and liabilities are presented in the statement of financial position based on current and non-current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Group's normal
operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting
period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12
months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the Group's normal operating cycle; it is held primarily
for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to
defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
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