VOLT RESOURCES LIMITED — Interim / Quarterly Report 2013

Mar 13, 2013

Mozambi Coal Limited

A B N 2 8 1 0 6 3 5 3 2 5 3

Interim Financial Report for the half-year ended 3 1 D e c e m b e r 2 0 1 2

MOZAMBI COAL LIMITED

A B N 2 8 1 0 6 3 5 3 2 5 3

	Page
Corporate directory	1
Directors’ report	2
Auditor’s independence declaration	4
Independent auditor’s review report	5
Directors’ declaration	7
Condensed consolidated statement of comprehensive	8
income
Condensed consolidated statement of financial position	9
Condensed consolidated statement of changes in equity	10
Condensed consolidated statement of cash flows	11
Notes to the financial statements	12

MOZAMBI COAL LIMITED

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Corporate Directory

Directors

Mr Michael Griffiths – Non-executive Chairman Mr Shiv Madan – Managing Director Mr Alex Neuling – Executive Director

Auditors

HLB Mann Judd Level 4, 130 Stirling Street Perth WA 6000

Mr Robert Hemphill –Non-executive Director

Company Secretary

Mr Alex Neuling Mr Ryan Broom

Registered and Principal Administration Office

Level 2, 640 Murray Street West Perth WA 6005

Share Registry

Advanced Share Registry Services 150 Stirling Highway Nedlands, WA 6009 Tel: (+618) 9389 8033

PO Box 1156 Nedlands WA 6909

PO Box 1571 West Perth WA 6872

Solicitors

Steinepreis Paganin Level 4, 16 Milligan Street Perth WA 6000

Website

www.mozambicoal.com

Bankers

National Australia Bank Limited Level 1, 1238 Hay Street West Perth WA 6005

Securities Exchange Listing

Australian Securities Exchange Home Exchange: Perth, Western Australia Code: MOZ

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MOZAMBI COAL LIMITED A B N 2 8 1 0 6 3 5 3 2 5 3

Directors’ Report

The Directors of Mozambi Coal Limited present their report on the Consolidated Entity consisting of Mozambi Coal Limited (“the Company” or “MOZ”) and the entities it controlled during the half-year ended 31 December 2012 (“Consolidated Entity” or “Group”).

Directors

The names of the Directors of MOZ in office during the half-year and until the date of this report are:

Mr Michael Griffiths – Non-executive Chairman

Mr Shiv Madan – Managing Director

Mr Alex Neuling – Executive Director

Mr Robert Hemphill – Non-Executive Director

Principal Activities

During the period the principal activities of the Consolidated Entity were related to coal exploration in Mozambique.

Review of Operations & Changes in State of Affairs

During the 6 months to 31 December 2012, the Group completed the following activities:

• Engaged external consultants Salva Resources to complete interpretation of airborne magnetic and radiometric geophysical survey over 2738L (“Songo”) and 3246L (“Muturara”). This work identified new targets to the north east of Songo as well as the existence of significant “block faulting” in the northern part of Muturara indicating that the Productive Series – Lower Karoo (that has potential to host target coal seams) may have been uplifted providing an improved near surface target.

• Engaged external consultants Exploration Geophysics Pty Ltd to conduct a ground based geophysics programme in the north east of Songo to follow up newly identified target areas. The survey indicated that any potential coal is likely covered by significant overburden as well as a deepening of basement in a westerly and southerly direction.

• Based on the cumulative exploration results achieved on Songo over 2011 and 2012 the Company concluded that its objective of discovering near surface (<500m) coal was unlikely to be met and subsequently exercised its right to withdraw from its agreement to acquire the license.

• Agreed a placement of new fully paid ordinary shares at an issue price of $0.08 per share to Khalid Saleh Al Rashid Co (KAR) for general working capital. $400,000 of placement funds were received prior to periodend and a placement of 5,000,000 new shares was subsequently completed on 17 January 2013.

• In addition, the Company continued to review and evaluate potential acquisition opportunities.

Results

The Consolidated Entity recorded a loss after tax for the half-year ended 31 December 2012 of $2,013,004 (2012: $997,221).

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MOZAMBI COAL LIMITED A B N 2 8 1 0 6 3 5 3 2 5 3

Directors’ Report

Subsequent Events

On 17 January 2013 KAR and the Company agreed to revise the terms of their original subscription agreement announced on 4 September 2012 to allow the issue of 5,000,000 ordinary shares at $0.08 to raise $400,000, and the placement was then completed.

There has not been any matter or circumstance, other than as referred to above or matters disclosed elsewhere in this report, the financial statements or notes thereto, that has arisen since the end of the financial period, that has significantly affected, or may significantly affect, the operations of the Consolidated Entity, the results of those operations, or the state of affairs of the Consolidated Entity in future financial years.

Future Developments

Other than as disclosed herein, the Directors believe that disclosure of further information regarding likely developments in the operations of the Consolidated Entity in future financial years and the expected results of those operations is likely to result in unreasonable prejudice to the Consolidated Entity. Accordingly, such information has not been disclosed in this report.

Auditor’s Independence Declaration

The Auditor’s independence declaration is included on page 4 of the half-year financial report.

Signed in accordance with a resolution of the Directors made pursuant to s.306 (3) of the Corporations Act 2001 .

On behalf of the Directors

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MICHAEL GRIFFITHS Director

Perth, Western Australia 14 March 2013

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MOZAMBI COAL LIMITED A B N 2 8 1 0 6 3 5 3 2 5 3

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AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the review of the financial report of Mozambi Coal Limited for the half‐year ended 31 December 2012, I declare that to the best of my knowledge and belief, there have been no contraventions of:

• a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• b) any applicable code of professional conduct in relation to the review.

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Perth, Western Australia 14 March 2013

N G NEILL Partner, HLB Mann Judd

HLB Mann Judd (WA Partnership) ABN 22 193 232 714 Level 4 130 Stirling Street Perth 6000 PO Box 8124 Perth BC 6849 Western Australia. Telephone +61 (08) 9227 7500. Fax +61 (08) 9227 7533. Email: hlb@hlbwa.com.au. Website: http://www.hlb.com.au Liability limited by a scheme approved under Professional Standards Legislation

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HLB Mann Judd (WA Partnership) is a member of

International, a world-wide organisation of accounting firms and business advisers

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MOZAMBI COAL LIMITED

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of Mozambi Coal Limited

Report on the Condensed Half‐Year Financial Report

We have reviewed the accompanying half‐year financial report of Mozambi Coal Limited (“the company”) which comprises the condensed statement of financial position as at 31 December 2012, the condensed statement of comprehensive income, condensed statement of changes in equity and condensed statement of cash flows for the half‐year ended on that date, notes comprising a summary of significant accounting policies and other explanatory notes and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half‐year end or from time to time during the half‐year.

Directors’ responsibility for the half‐year financial report

The directors of the company are responsible for the preparation of the half‐year financial report that gives a true and fair view in accordance with Australian Accounting Standards 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 2012 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 the company, 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 .

HLB Mann Judd (WA Partnership) ABN 22 193 232 714 Level 4, 130 Stirling Street Perth WA 6000. PO Box 8124 Perth BC 6849 Telephone +61 (08) 9227 7500. Fax +61 (08) 9227 7533. Email: hlb@hlbwa.com.au. Website: http://www.hlb.com.au Liability limited by a scheme approved under Professional Standards Legislation

HLB Mann Judd (WA Partnership) is a member of International, a worldwide organisation of accounting firms and business advisers.

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MOZAMBI COAL LIMITED A B N 2 8 1 0 6 3 5 3 2 5 3

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Matters relating to the electronic presentation of the reviewed half‐year financial report

This review report relates to the half‐year financial report of the consolidated entity for the half‐year ended 31 December 2012 included on the company’s website. The company’s directors are responsible for the integrity of the company’s website. We have not been engaged to report on the integrity of this website. The review report refers only to the half‐year financial report identified above. It does not provide an opinion on any other information which may have been hyperlinked to/from the half‐year financial report. If users of the half‐year financial report are concerned with the inherent risks arising from publication on a website they are advised to refer to the hard copy of the reviewed half‐year financial report to confirm the information contained in this website version of the half‐year financial report.

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 Mozambi Coal 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 2012 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 .

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HLB MANN JUDD Chartered Accountants

Perth, Western Australia 14 March 2013

N G NEILL Partner

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MOZAMBI COAL LIMITED A B N 2 8 1 0 6 3 5 3 2 5 3

Directors’ Declaration

The Directors of Mozambi Coal Limited declare that:

• (a) The financial statements of the Consolidated Entity and notes thereto are in accordance with the Corporations Act 2001, and

• i. give a true and fair view of the Consolidated Entity’s financial position as at 31 December 2012 and of its performance for the half-year ended on that date; and

• ii. comply with Accounting Standard AASB 134 “Interim Financial Reporting”, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

• (b) in the Directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts as when they become due and payable.

This declaration is signed in accordance with a resolution of the Directors made pursuant to s.303(5) of the Corporations Act 2001.

On behalf of the Directors

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MICHAEL GRIFFITHS Director

Perth, Western Australia 14 March 2013

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MOZAMBI COAL LIMITED

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Condensed Consolidated Statement of Comprehensive Income

For the half-year ended 31 December 2012

	31 Dec 2012 $	31 Dec 2011 $
CONTINUING OPERATIONS Revenue Office costs Corporate management costs Corporate compliance costs Evaluation expenses Write off of exploration expenditure Share based payments Foreign exchange gain/(loss) Other expenses from ordinary activities Loss before income tax Income tax expense Loss for the half-year from continuing operations Loss for the half-year from discontinued operations Net loss for the half-year Other comprehensive income Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations Total comprehensive loss for the half-year Loss attributable to: Owners of the parent Non-controlling interests Total comprehensive loss attributable to: Owners of the parent Non-controlling interests Lossper share(centsper share)	39,508 (79,069) (231,381) (125,823) (211,321) (1,053,864) (38,689) (13,972) (298,393) (2,013,004) - (2,013,004) - (2,013,004) 7,640 (2,005,364) (1,915,783) (97,221) (2,013,004) (1,908,143) (97,221) (2,005,364)	96,250 (54,173) (365,990) (221,279) (232,028) (7,308) (33,026) 141,574 (320,216)
		(996,196) -
		(996,196) (1,025)
		(997,221)
		(12,625)
		(1,009,846)
		(985,818) (11,403)
		(997,221)
		(998,443) (11,403)
		(1,009,846)
Basic loss per share Basic loss per share from continuing operations Basic loss per share from discontinued operations	(1.75) (1.75) 0.00	(0.88) (0.88) 0.00

The above condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

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MOZAMBI COAL LIMITED

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Condensed Consolidated Statement of Financial Position

As at 31 December 2012

Assets Note	31 Dec 2012 $	30 Jun 2012 $
Current assets Cash and cash equivalents Trade and other receivables Total current assets Non-current assets Property, plant and equipment Deferred exploration expenditure 3 Total non-current assets Total assets Liabilities	1,452,970 49,288 1,502,258 30,259 9,051,807 9,082,066 10,584,324	2,144,477 58,182
		2,202,659
		30,564 9,951,803
		9,982,367
		12,185,026
Current liabilities Trade and other payables Share subscriptions received Total current liabilities Non-Current Liabilities Amounts due under contract 4 Total Non-Current Liabilities Total Liabilities Net assets Equity	(43,824) (400,000) (443,824) (1,861,353) (1,861,353) (2,305,177) 8,279,147	(77,851) -
		(77,851)
		(1,861,353)
		(1,861,353)
		(1,939,204)
		10,245,822
Issued capital 5 Reserves Accumulated losses Parent entity interest Non-controlling interest Total equity	30,482,928 2,668,690 (24,658,758) 8,492,860 (213,713) 8,279,147	30,482,928 2,624,639 (22,742,975)
		10,364,592 (118,770)
		10,245,822

The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes.

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MOZAMBI COAL LIMITED

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Condensed Consolidated Statement of Changes in Equity

For the half-year ended 31 December 2012

Note Share Capital	31 Dec 2012 $	31 Dec 2011 $
At the beginning of period Shares issued Issue costs At the end of the period 5 Reserves	30,482,928 - - 30,482,928	28,607,928 1,875,000 -
		30,482,928
At the beginning of period Share based payments expense Exchange differences arising on translation of foreign operations At the end of the period Accumulated losses	2,624,639 38,689 5,362 2,668,690	2,586,267 33,026 (8,840)
		2,610,453
At the beginning of period Loss for the half-year At the end of the period Non-controlling interests At the beginning of period Loss for the half-year Exchange differences arising on translation of foreign operations Shares issued to non-controlling interests At the end of the period Total Equity	(22,742,975) (1,915,783) (24,658,758) (118,770) (97,221) 2,278 - (213,713)	(20,963,435) (985,818)
		(21,949,253)
		(92,711) (11,403) (3,785) 181
		(107,718)
At the beginning of the period At the end of the period	10,245,822 8,279,147	10,138,049 11,036,410

The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

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MOZAMBI COAL LIMITED

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Condensed Consolidated Statement of Cash Flows

For the half-year ended 31 December 2012

	31 Dec 2012 $	31 Dec 2011 $
Cash flows from operating activities
Payments to suppliers and employees	(974,467) (974,467)	(1,129,982)
Net cash outflow from operating activities		(1,129,982)
Cash flows from investing activities
Payments for property, plant & equipment	(2,680) (153,868) 39,508 (117,040)	(29,512) (556,690) 96,250
Payments for exploration expenditure
Interest received
Net cash outflow from investing activities		(489,952)
Cash flows from financing activities
Proceeds from issue of shares	- 400,000 400,000 (691,507) 2,144,477 - 1,452,970	1,875,000 -
Proceeds from share applications – shares not issued at balance date
Net cash inflow from financing activities		1,875,000
		255,066 3,235,888 -
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Effects of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the end of the period		3,490,954

The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes.

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MOZAMBI COAL LIMITED A B N 2 8 1 0 6 3 5 3 2 5 3

Notes to the Condensed Consolidated Financial Statements

For the half-year ended 31 December 2012

1. Statement of compliance

This general purpose financial report for the interim half-year reporting period ended 31 December 2012 has been prepared in accordance with Australian Accounting Standard 134 Interim Financial Reporting and the Corporations Act 2001 , Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board. Compliance with AASB 134 ensures compliance with IAS 34 Interim Financial Reporting .

This interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this interim financial report is to be read in conjunction with the annual report for the year ended 30 June 2012 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 accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

(a) Basis of preparation

This interim report has been prepared on a historical cost basis. Cost is based on the fair value of the consideration given in exchange for assets. The company is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise stated.

For the purpose of the interim report, the half-year has been treated as a discrete reporting period.

(b) Adoption of new and revised Accounting Standards

In the half-year ended 31 December 2012, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Group’s operations and effective for annual reporting periods beginning on or after 1 July 2012.

It has been determined by the Directors that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on the Group’s business and, therefore, no change is necessary to Group accounting policies.

The Directors have also reviewed all new Standards and Interpretations that have been issued but are not yet effective for the half-year ended 31 December 2012. As a result of this review the Directors have determined that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on the Group’s business and, therefore, no change is necessary to Group accounting policies.

(c) Critical accounting judgements and key sources of estimation uncertainty

The application of accounting policies requires the use of judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognised in the period in which the estimate is revised if it affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

2. Dividends

No dividend has been paid or is proposed in respect of the half-year ended 31 December 2012 (2011: None).

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MOZAMBI COAL LIMITED

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Notes to the Condensed Consolidated Financial Statements

For the half-year ended 31 December 2012

3. Deferred Exploration Expenditure

	3. Deferred Exploration Expenditure
		31 Dec 2012 30 June 2012
		$ $
	Openingbalance	9,951,803 8,985,246
	Additions as a result of acquisition of 2738L	- 143,489
	Expenditure duringtheperiod	153,868 830,376
	Write off of exploration expenditure*	(1,053,864) (7,308)
	Closingbalance	9,051,807 9,951,803

Capitalised exploration and evaluation expenditure represents the accumulated cost of acquisition and subsequent cost of exploration and evaluation of the properties.

Ultimate recoupment of these costs is dependent on the successful development and commercial exploitation, or alternatively sale, of the respective areas of interest.

• On 14 July 2011 Mozambi entered into a Memorandum of Understanding (“MOU”) with Xiluva Minerals Resources Limitada for the purchase of exploration license 2738L (“License”). Under the terms of the MOU, Mozambi had the right to complete a legal and technical due diligence on the License. On 13 December 2012, Mozambi announced it had completed its due diligence and on 17 December 2012 announced that it had exercised its right to withdraw from its agreement to acquire the License. As a result, Mozambi no longer retains the right to explore the License and has written off all expenditure incurred on the License.

4. Amounts Due Under Contract

	31 Dec 2012	30 June 2012
	$	$
Current
Openingbalance	-	(843,312)
Reclassified as non-current^	-	843,312
Closingbalance	-	-
Non-Current
Openingbalance	(1,861,353)	(1,115,123)
Revaluation of amounts due under contract due to currencyfluctuations	-	97,082
Reclassified as non-current^	-	(843,312)
Closingbalance	(1,861,353)	(1,861,353)

• Balances represent amounts payable under contract to the vendors of exploration licences 3245L and 3246L upon satisfaction of the conditions of the contract. Under the agreement, the Group will be required to pay US$500,000 for every 50,000,000 tonnes of commercially exploitable mineral resource identified on the areas covered by the exploration licences up to a maximum of US$3,000,000. As the Directors are confident that these amounts will be payable in the future, they have been recognised in full as liabilities. ^ Based on the current forward exploration program it is not expected that these payments will be triggered during the next twelve months, accordingly the amounts have been reclassified as non-current.

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MOZAMBI COAL LIMITED

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Notes to the Condensed Consolidated Financial Statements

For the half-year ended 31 December 2012

5. Contributed Equity

Movements in share capital during the current and prior periods were as follows:

Share Capital

Share Capital
	Number	$
Ordinary Shares
As at 1 July2011	106,707,732	28,607,928
Privateplacement	7,500,000	1,875,000
As at 31 December 2011	114,207,732	30,482,928
Exercise ofperformance rights	734,250	-
Balance as at 30 June 2012	114,941,982	30,482,928
Conversion ofperformance shares	5	-
Balance as at 31 December 2012	114,941,987	30,482,928

Options

The Company had the following classes of options on issue as at reporting date:

Number	Exercise Price	Expiry Date
20,000,000	25c	21/02/2014
250,000	35c	30/06/2014
250,000	45c	30/06/2014
250,000	55c	30/06/2014
2,500,000	30c	22/07/2013
475,000	25c	02/08/2016
2,200,000	25c	30/11/2016

The options are not listed and carry no dividend or voting rights. Upon exercise, each option is convertible into one ordinary share to rank pari passu in all respects with the Company’s existing fully paid ordinary shares.

Performance Rights

The Company had the following classes of performance rights on issue at reporting date:

			Vesting
			Hurdle
Tranche	Grant date	Number	price	Expiry date
2B	21/02/2011	204,000	$0.42	21/02/2013
2C	21/02/2011	198,000	$0.50	21/02/2013
3B	21/02/2011	204,000	$0.42	21/02/2014
3C	21/02/2011	198,000	$0.50	21/02/2014

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MOZAMBI COAL LIMITED A B N 2 8 1 0 6 3 5 3 2 5 3

Notes to the Condensed Consolidated Financial Statements

For the half-year ended 31 December 2012

6. Events occurring after the reporting date

The Company announced on 4 September 2012 that it had signed a subscription agreement with Khalid Saleh Al Rashid Co (KAR) for the issue of 17,000,000 ordinary shares at $0.08 per share to raise $1,360,000.

The Company subsequently received $400,000 prior to 31 December 2012. On 17 January 2013 KAR and the Company agreed to revise the terms of the original subscription agreement to allow the issue of 5,000,000 ordinary shares at $0.08 to raise $400,000.

There has not been any matter or circumstance, other than matters disclosed above, elsewhere in this report, the financial statements or notes thereto, that has arisen since the end of the financial period, that has significantly affected, or may significantly affect, the operations of the Consolidated Entity, the results of those operations, or the state of affairs of the Consolidated Entity in future financial years.

7. Segment Information

Description of segments

Management has determined the operating segments based on the reports reviewed by the Board. The Board considers the business based on activity and geographical location of each segment and has determined that there are two reportable segments being; coal exploration in Mozambique and discontinued mining services. Transactions of a non-core, one-off nature or as part of business combinations have been disclosed as corporate unallocated segments.

Segment information provided to the board

The segment information provided to the Board for the reportable segments for the half-year ended 31 December 2012 is as follows:

Half-year 2012	Mozambique	Discontinued	Corporate	Intersegment	Consolidated
	Coal	mining services	unallocated	eliminations
Segment revenue	-	-	39,508	-	39,508
Segment result	(981,332)	-	(1,420,502)	388,830	(2,013,004)
Segment assets	193,933	-	9,714,728	675,663	10,584,324
Segment liabilities	(982,794)	-	(2,739,508)	1,417,125	2,305,177
Half-year 2011	Mozambique	Discontinued	Corporate	Intersegment	Consolidated
	Coal	mining services	unallocated	eliminations
Segment revenue	-	-	96,250	-	96,250
Segment result	(45,482)	(1,025)	(950,714)	-	(997,221)
Segment assets	1,068,257	139,972	12,029,289	221,409	13,458,927
Segment liabilities	(1,188,051)	(1,409,776)	(1,298,626)	1,473,936	(2,422,517)

8. Commitments and contingencies

The Company has no material commitments at balance date.

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