LONDON -- (Marketwired - Aug 29, 2013) -
Anglo Pacific Group PLC ('Anglo Pacific', the 'Company', the 'Group') (LSE: APF) (TSX: APY) is pleased to announce interim results for the six months ended June 30, 2013 which are available on both the Group's website at
www.anglopacificgroup.com and on SEDAR at
www.SEDAR.com.
Headlines:
- Interim dividend maintained at 4.45p per share (2012 Interim: 4.45p)
- Operating profit of GBP4.8 million (2012 Interim: GBP5.1 million)
- Royalty income for the period of GBP6.3 million (2012 Interim: GBP6.9 million)
- Loss of GBP30.0 million after impairment charge below (2012 Interim profit: GBP5.1 million)
- Impairment charge of GBP34.3 million relating to equity investments,
of which GBP26.7 million was already reflected on the balance sheet at
December 31, 2012 (in line with current Accounting Standards)
- Total assets of GBP304 million at June 30, 2013 (GBP360 million at December 31, 2012 (restated)
- Further surplus of Directors' valuation of non Kestrel royalties over book value of GBP65 million
- Cash and receivables at June 30, 2013 of GBP21.4 million (GBP26.0 million at December 31, 2012)
- No borrowings or hedging
- Kestrel South commenced production after $2 billion investment which
will benefit the Group's future private land royalties
Chairman's comment"The last six months have been a difficult period for world mining markets and coking coal prices. Despite this, your Board is pleased to announce a maintained interim dividend of 4.45p per share reflecting its confidence in a return to better commodity prices in the near future.
Rio Tinto's production startup of its $2 billion mining extension (Kestrel South) will benefit our private land royalty in future years.
The Group's balance sheet remains strong, the asset value resilient with no borrowings or hedging.
The Group remains committed to generating cashflows and dividends for shareholders whilst maintaining a strict control of its cost base."
Interim Results Webcast:
There will be an audio webcast for analysts on August 29, 2013 at 9:30am (BST). The webcast will be accessible via www.anglopacificgroup.com , following which there will be a replay facility available. There is a conference call available at 9:30am (BST) for those unable to join the webcast, which can be accessed at +44 (0)20 8515 2313 (code: 4637397).
Click on, or paste the following link into your web browser, to view the associated PDF document:
http://www.rns-pdf.londonstockexchange.com/rns/6956M_1-2013-8-28.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
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