LONDON, UNITED KINGDOM--(Marketwired - Mar 25, 2015) - Anglo Pacific Group PLC (
March 25, 2015
LSE: APF; TSX: APY
Anglo Pacific Group PLC
Results for the year ended December 31, 2014
Anglo Pacific Group PLC ('Anglo Pacific', the 'Company' or the 'Group') (
Highlights
Six producing royalties in the portfolio, including Narrabri, compared to three producing royalties at the start of 2014
Agreement reached with Kestrel Coal Pty Ltd, a subsidiary of Rio Tinto, to receive quarterly forecast information from August 2014; this provides greater visibility on the expected growth in royalty income from Kestrel
Portfolio diversification achieved through the acquisition of Maracás, a producing royalty in Brazil in June 2014
Royalty income of £3.5 million (2013: £14.7 million); impacted by majority of mining at Kestrel occurring outside of Anglo Pacific owned land
Loss for the year of £47.6 million (2013: £42.5 million) following impairment charges of £31.5 million (2013: £34.6 million)
Adjusted loss of £2.8 million (2013: profit of £9.2 million) which excludes non-cash valuation and impairment items
Net cash of £8.7 million generated from non-core asset disposals in 2014, lessening the impact of lower royalty income
Cash balance of £8.8 million as at December 31, 2014 (£15.7 million as at December 31, 2013)
Recommended final dividend of 4p per share, total dividend for 2014 of 8.45p (2013: 10.2p). Longer term progressive dividend policy of at least 65% of adjusted earnings. Expectation in the medium term is a minimum total of 8p per share dividend per annum
Additional mining and financial expertise added to the Board throughout 2014
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