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Anglo Pacific Group PLC: Interim results

LONDON, UNITED KINGDOM -- (Marketwired) -- 08/28/14 -- Anglo Pacific Group PLC (TSX: APY) (LSE: APF)

Anglo Pacific Group PLC
Interim results for the six months ended June 30, 2014

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, 2014 which are available on both the Group's website at and on SEDAR at


  • Interim dividend maintained at 4.45p (2013 interim dividend: 4.45p)
  • Acquisition of Maracás royalty in June 2014 and concurrent £ 10m equity placing
  • Cash balances at June 30, 2014 of £ 14.4m (December 31, 2013: £ 15.7m) with no borrowings and undrawn facilities of US$15m
  • £ 7.0m in cash realised from non-core mining and exploration equity portfolio in the first half of 2014; £ 14.9m residual portfolio market value at June 30, 2014 (December 31, 2013: £ 20.1m)
  • Royalty income for the period of £ 2.6m (H1 2013: £ 6.3m, excluding £ 2.0m EVBC conversion payment (restated))
  • Loss per share of 20.84p for the six months ended June 30, 2014 (June 30, 2013: loss per share of 25.29p (restated)) largely due to valuation adjustments and the derecognition of deferred tax assets1
  • Adjusted loss per share1 of 0.77p (June 30, 2013: adjusted earnings per share of 5.56p (restated))
  • Net assets of £ 191.9m at June 30, 2014 (December 31, 2013: £ 216.9m)

Post period end:

  • Sale of the Group's Panorama coal licences with the retention of a royalty
  • Negotiation of information rights in relation to the Group's Kestrel royalty

1 - Refer to note 7 of the financial statements for the calculation of EPS measures

Julian Treger, Chief Executive Officer, commented:

"Commodity prices of our core commodities endured a difficult year to date, which has impacted on both reported royalty income and asset valuations. Despite this, your Board is pleased to announce a maintained interim dividend of 4.45p per share. This reflects our confidence in a long-term, albeit slower, global recovery in demand for raw materials coupled with the anticipated return of mining at Kestrel to the Group's land in the second half of 2015 and the continuing expansion and diversification of our royalty portfolio as evidenced by the recent acquisition of the Maracás royalty.

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