Advertisement
Anglo Pacific Group PLC
Preliminary Results 2012
NOTES
1. Prior period adjustment
As mentioned in the royalty review, an audit conducted by the Queensland Office of State Revenue identified a misallocation of royalty revenue attributable to the Group. As a result, the Group received GBP 4.6million (A$7.1 million) more than it was entitled to over a six year period ended December 31, 2011. An associated interest charge of GBP 1.4million (A$2.2million) was also incurred on the overpayments. In accordance with IAS 8, the prior periods financial statements are restated to reflect what the position would have been, taking into account this information. The following tables reconcile the restated position to that previously reported:
Consolidated Income Statement Year ended December 31, 2011 Restated Original Adjustment GBP '000 GBP '000 GBP '000Consolidated Income StatementRoyalty income 34,679 35,103 (424)Finance income 1,507 1,507 -Operating expenses (3,393) (3,262) (131)Operating profit 31,775 32,330 (555)Other income 634 634 -Profit before tax 48,451 49,006 (555)Income tax expense (12,171) (12,337) 166 -----------------------------------Profit attributable to equity holders 36,280 36,669 (389) -----------------------------------Total and continuing earnings per shareBasic earnings per share 33.51p 33.87p (0.36p)Diluted earnings per share 33.51p 33.87p (0.36p)Consolidated Statement of Comprehensive Income Year ended December 31, 2011 Restated Original Adjustment GBP '000 GBP '000 GBP '000Consolidated Statement of Comprehensive IncomeProfit for the financial period 36,280 36,669 (389)Other comprehensive incomeNet loss on revaluation of coal royalties (4,139) (2,844) (1,295)Net exchange gain on translation of foreign operations 2,150 2,188 (38)Deferred tax 5,933 5,532 401Net expense recognised directly in equity (11,445) (10,124) (1,321) -----------------------------------Total comprehensive expense for the financial period (21,535) (20,214) (1,321) -----------------------------------Consolidated Balance Sheet December 31, 2011 December 31, 2010 Restated Original Adjustment Restated Original Adjustment GBP '000 GBP '000 GBP '000 GBP '000 GBP '000 GBP '000Consolidated Balance SheetCoal royalties 165,967 175,124 (9,157) 169,304 177,130 (7,826)Total assets 371,039 380,196 (9,157) 407,800 415,626 (7,826)Deferred tax 54,240 58,822 (4,582) 59,824 63,838 (4,014)Trade and other payables 6,896 781 6,115 6,470 913 5,557Total liabilities 64,867 63,334 1,533 71,281 69,738 1,543Total equity and liabilities 371,039 380,196 (9,157) 407,800 415,626 (7,826)Consolidated Statement of Cash Flows Year ended December 31, 2011 Restated Original Adjustment GBP '000 GBP '000 GBP '000Consolidated Statement of Cash FlowsCash flows from operating activitiesProfit before taxation 48,451 49,006 (555)Decrease in trade and other payables 423 (132) 555
