Energy World Corporation's Financial Disclosure

Energy World Corporation (ASX:EWC) has addressed a query from the Australian Securities Exchange about notable financial adjustments in their 2024 Annual Report. These include a $744.3 million impairment expense for key projects and additional financial revisions made known on 19 September 2024.

Overview of Financial Adjustments and Future Outlook

Energy World Corporation has provided clarity on significant financial adjustments disclosed in their 2024 Annual Report. The adjustments, including a $744.3 million impairment expense and other financial changes, were predominantly related to the Sengkang Gas Field and Gilmore LNG Project. These decisions were influenced by revised asset valuation assumptions and external factors like project delays. The company confirmed that these disclosures were made in compliance with ASX Listing Rules and reiterated their commitment to transparency. The completion of the projects depends on securing adequate funding, indicating a cautious outlook as they work towards financial and operational stability.

Executive Commentary on Financial Adjustments

Energy World Corporation has detailed the timing and rationale behind its recent financial disclosures. The Board and management became aware of the substantial impairment expense and other financial adjustments during the Audit Committee and Board meeting on 19 September 2024. It was deemed necessary to include these in the Annual Report issued on 30 September 2024 to ensure accuracy and avoid misleading the market.