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Interim Results for the six months ended June 30, 2013 - Anglo Pacific Group

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 £4.8 million (2012 Interim: £5.1 million)– Royalty income for the period of £6.3 million (2012 Interim: £6.9  million)– Loss of £30.0 million after impairment charge below (2012 Interim profit: £5.1 million)– Impairment charge of £34.3 million relating to equity investments, of which £26.7 million was already reflected on the balance sheet at December 31, 2012 (in line with current Accounting Standards)– Total assets of £304 million at June 30, 2013 (£360 million at December 31, 2012 (restated))– Further surplus of Directors’ valuation of non Kestrel royalties over book value of £65 million– Cash and receivables at June 30, 2013 of £21.4 million (£26.0 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).
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