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Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this press release only and the Group undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Anglo Pacific Group PLC Preliminary Results 2012 CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2012 Restated 2012 2011 GBP '000 GBP '000Royalty income 13,267 34,679Finance income 676 1,507Amortisation of royalties (1,018) (1,018)Operating expenses (3,633) (3,393) ----------- -----------Operating profit 9,292 31,775Gain on sale of mining and exploration interests 7,347 20,303Other income 1,746 634Other losses (4,165) (4,261) ----------- -----------Profit before tax 14,220 48,451Income tax expense (4,163) (12,171) ----------- -----------Profit attributable to equity holders 10,057 36,280 ----------- ----------- ----------- -----------Total and continuing earnings per shareBasic earnings per share 9.27p 33.51pDiluted earnings per share 9.27p 33.51p Anglo Pacific Group PLC Preliminary Results 2012 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2012 Restated 2012 2011 GBP '000 GBP '000Profit for the year 10,057 36,280Other comprehensive incomeNet gain/(loss) on revaluation of coal royalties 9,339 (4,139)Net (loss) on revaluation of available for sale investments (10,308) (51,669)Net exchange (loss)/gain on translation of foreign operations (4,482) 2,150Deferred tax 3,927 5,933 ----------- -----------Net income/(expense) recognised directly in equity 8,533 (11,445) ----------- -----------Transferred from income statement: disposal of available for sale investments (4,666) (10,090) ----------- -----------Total transferred from equity (4,666) (10,090) ----------- -----------Total comprehensive income/(expense) for the year 3,867 (21,535) ----------- ----------- ----------- ----------- Anglo Pacific Group PLC Preliminary Results 2012 CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 2012 Group Restated Restated 2012 2011 2010 GBP '000 GBP '000 GBP '000Non-current assetsProperty, plant and equipment 2,105 2,152 2,144Coal royalties 170,995 165,967 169,304Royalty instruments 24,032 24,736 28,061Intangibles 71,408 69,138 42,741Mining and exploration interests 55,793 64,551 128,479Other receivables 3,141 - - ----------- ----------- ----------- 327,474 326,544 370,729Current assetsTrade and other receivables 1,958 12,298 8,813Cash and cash equivalents 24,036 32,197 28,258 ----------- ----------- ----------- 25,994 44,495 37,071 ----------- ----------- -----------Total assets 353,468 371,039 407,800 ----------- ----------- ----------- ----------- ----------- -----------Non-current liabilitiesDeferred tax 48,532 54,240 59,824 ----------- ----------- ----------- 48,532 54,240 59,824Current liabilitiesIncome tax liabilities 1,801 3,731 4,987Trade and other payables 2,171 6,896 6,470 ----------- ----------- ----------- 3,972 10,627 11,457 ----------- ----------- -----------Total liabilities 52,504 64,867 71,281 ----------- ----------- -----------Capital and reserves attributable to shareholdersShare capital 2,192 2,184 2,175Share premium 26,853 25,539 24,207Coal royalty revaluation reserve 86,721 80,285 83,405Investment revaluation reserve (14,204) (4,843) 51,780Share based payment reserve 354 177 65Foreign currency translation reserve 38,349 41,614 39,686Special reserve 632 632 632Investment in own shares (2,601) (2,601) (1,295)Retained earnings 162,668 163,185 135,864 ----------- ----------- -----------Total equity 300,964 306,172 336,519 ----------- ----------- -----------Total equity and liabilities 353,468 371,039 407,800 ----------- ----------- ----------- ----------- ----------- ----------- Anglo Pacific Group PLC Preliminary Results 2012 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE TWO YEARS ENDED DECEMBER 31, 2012 Coal Share Share royalty Investment capital premium revaluation revaluation GBP GBP reserve reserve '000 '000 GBP '000 GBP '000----------------------------------------------------------------------------Balance at January 1, 2011 (as previously reported - note 1) 2,175 24,207 88,883 51,780Impact of restatement - - (5,478) - -----------------------------------------Balance at January 1, 2011 (as restated - note 1) 2,175 24,207 83,405 51,780Profit for the year (restated) - - - -Other comprehensive income:Coal royalties: Royalties valuation movement taken to equity (restated) - - (4,139) - Deferred tax on valuation (restated) - - 1,019 -Available-for-sale investments: Valuation movement taken to equity - - - (51,669) Deferred tax on valuation - - - 5,136 Transferred to income statement on disposal - - - (10,090)Foreign currency translation - - - - -----------------------------------------Total comprehensive expense - - (3,120) (56,623) -----------------------------------------Dividends - - - -Issue of share capital under share-based payment 9 1,332 - - -----------------------------------------Total transactions with owners of the company 9 1,332 - - -----------------------------------------Balance at December 31, 2011 (restated) 2,184 25,539 80,285 (4,843) ----------------------------------------- ----------------------------------------- Share based Foreign payment currency Investment reserve translation Special in GBP reserve reserve own shares '000 GBP '000 GBP '000 GBP '000----------------------------------------------------------------------------Balance at January 1, 2011 (as previously reported - note 1) 65 39,686 632 (1,295)Impact of restatement - - - - ------------------------------------------Balance at January 1, 2011 (as restated - note 1) 65 39,686 632 (1,295)Profit for the year (restated) - - - -Other comprehensive income:Coal royalties: Royalties valuation movement taken to equity (restated) - 802 - - Deferred tax on valuation (restated) - (235) - -Available-for-sale investments: Valuation movement taken to equity - (237) - - Deferred tax on valuation - 13 - - Transferred to income statement on disposal - - - -Foreign currency translation - 1,585 - - ------------------------------------------Total comprehensive expense - 1,928 - - ------------------------------------------Dividends - - - -Issue of share capital under share-based payment 112 - - (1,306) ------------------------------------------Total transactions with owners of the company 112 - - (1,306) ------------------------------------------Balance at December 31, 2011 (restated) 177 41,614 632 (2,601) ------------------------------------------ ------------------------------------------ Retained Total earnings equity GBP '000 GBP '000--------------------------------------------------------Balance at January 1, 2011 (as previously reported - note 1) 139,755 345,888Impact of restatement (3,891) (9,369) ----------------------Balance at January 1, 2011 (as restated - note 1) 135,864 336,519Profit for the year (restated) 36,280 36,280Other comprehensive income:Coal royalties: Royalties valuation movement taken to equity (restated) - (3,337) Deferred tax on valuation (restated) - 784Available-for-sale investments: Valuation movement taken to equity - (51,906) Deferred tax on valuation - 5,149 Transferred to income statement on disposal - (10,090)Foreign currency translation - 1,585 ----------------------Total comprehensive expense 36,280 (21,535) ----------------------Dividends (8,978) (8,978)Issue of share capital under share-based payment 19 166 ----------------------Total transactions with owners of the company (8,959) (8,812) ----------------------Balance at December 31, 2011 (restated) 163,185 306,172 ---------------------- ---------------------- Anglo Pacific Group PLC Preliminary Results 2012 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE TWO YEARS ENDED DECEMBER 31, 2012 Coal Share Share royalty Investment capital premium revaluation revaluation GBP GBP reserve reserve '000 '000 GBP '000 GBP '000----------------------------------------------------------------------------Balance at January 1, 2012 (restated) 2,184 25,539 80,285 (4,843)Profit for the year - - - -Other comprehensive income:Coal royalties: Royalties valuation movement taken to equity - - 9,339 - Deferred tax on valuation - - (2,903) -Available-for-sale investments: Valuation movement taken to equity - - - (10,308) Deferred tax on valuation - - - 5,613 Transferred to income statement on disposal - - - (4,666)Foreign currency translation - - - - -----------------------------------------Total comprehensive income - - 6,436 (9,361) -----------------------------------------Dividends - - - -Issue of ordinary shares 8 1,314 - -Value of employee services - - - - -----------------------------------------Total transactions with owners of the company 8 1,314 - - -----------------------------------------Balance at December 31, 2012 2,192 26,853 86,721 (14,204) ----------------------------------------- ----------------------------------------- Share based Foreign payment currency Investment reserve translation Special in GBP reserve reserve own shares '000 GBP '000 GBP '000 GBP '000----------------------------------------------------------------------------Balance at January 1, 2012 (restated) 177 41,614 632 (2,601)Profit for the year - - - -Other comprehensive income:Coal royalties: Royalties valuation movement taken to equity - (4,311) - - Deferred tax on valuation - 1,274 - -Available-for-sale investments: Valuation movement taken to equity - (375) - - Deferred tax on valuation - (57) - - Transferred to income statement on disposal - - - -Foreign currency translation - 204 - - ------------------------------------------Total comprehensive income - (3,265) - - ------------------------------------------Dividends - - - -Issue of ordinary shares - - - -Value of employee services 177 - - - ------------------------------------------Total transactions with owners of the company 177 - - - ------------------------------------------Balance at December 31, 2012 354 38,349 632 (2,601) ------------------------------------------ ------------------------------------------ Retained Total earnings equity GBP '000 GBP '000--------------------------------------------------------Balance at January 1, 2012 (restated) 163,185 306,172Profit for the year 10,057 10,057Other comprehensive income:Coal royalties: Royalties valuation movement taken to equity - 5,028 Deferred tax on valuation - (1,629)Available-for-sale investments: Valuation movement taken to equity - (10,683) Deferred tax on valuation - 5,556 Transferred to income statement on disposal - (4,666)Foreign currency translation - 204 ----------------------Total comprehensive income 10,057 3,867 ----------------------Dividends (10,579) (10,579)Issue of ordinary shares - 1,322Value of employee services 5 182 ----------------------Total transactions with owners of the company (10,574) (9,075) ----------------------Balance at December 31, 2012 162,668 300,964 ---------------------- ---------------------- Anglo Pacific Group PLC Preliminary Results 2012 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2012 Group Restated 2012 2011 GBP '000 GBP '000Cash flows from operating activitiesProfit before taxation 14,220 48,451Adjustments for:Interest received (1,723) (1,507)Unrealised foreign currency (gain)/loss (431) 1,712Depreciation of property, plant and equipment 21 21Amortisation of intangibles - royalties 1,018 1,018Gain on disposal of mining and exploration interests (7,347) (20,303)Provision for non-recovery of interest receivable - 709Royalty instrument (recovery)/provision (806) 1,563Loss on impairment of royalty intangible - 1,088Loss on write down of mining and exploration interests 4,013 42Share based payment 183 130 ----------- ----------- 9,148 32,924Decrease/(Increase) in trade and other receivables 7,199 (3,483)(Decrease)/Increase in trade and other payables (4,725) 423Receipts from royalty instruments 2,898 742 ----------- -----------Cash generated from operations 14,520 30,606Income taxes paid (6,186) (13,083) ----------- -----------Net cash generated from operating activities 8,334 17,523 ----------- -----------Cash flows from investing activitiesProceeds on disposal of mining and exploration interests 19,280 51,491Purchases of mining and exploration interests (23,781) (28,101)Purchases of royalty interests (2,398) (28,395)Purchases of property, plant and equipment - (29)Exploration and evaluation expenditure (127) (108)Interest received 1,110 536Investments in subsidiaries - - ----------- -----------Net cash used in from investing activities (5,916) (4,606) ----------- -----------Cash flows from financing activitiesDividends paid (10,579) (8,978) ----------- -----------Net cash used in from financing activities (10,579) (8,978) ----------- -----------Net (decrease)/increase in cash and cash equivalents (8,161) 3,939Cash and cash equivalents at beginning of period 32,197 28,258 ----------- -----------Cash and cash equivalents at end of period 24,036 32,197 ----------- ----------- ----------- -----------
