LONDON, UNITED KINGDOM–(Marketwired – Mar 30, 2017) – Anglo Pacific Group PLC (TSX: APY) (LSE: APF)
March 30, 2017
Anglo Pacific Group PLC
Publication of 2016 Annual Report and Accounts
Anglo Pacific Group PLC (‘Anglo Pacific’, the ‘Company’ or the ‘Group’) (LSE: APF) (TSX: APY) is pleased to announce the publication of its 2016 Annual Report and Accounts, which are available on both the Group’s website at www.anglopacificgroup.com and on SEDAR at www.SEDAR.com. The following is a summary of the highlights for the period along with an extract of certain commentary and financial information from the audited financial statements. This announcement should be read in conjunction with the full audited 2016 Annual Report and Accounts.
Royalty Income Highlights
| Figures in £m | CY 2016 | CY2015 | CY2014 | |||
| Kestrel | 13.1 | 3.6 | 1.7 | |||
| Narrabri North | 4.2 | 3.2 | n/a | |||
| EVBC | 1.3 | 1.3 | 1.6 | |||
| Maracás Menchen | 0.8 | 0.6 | n/a | |||
| Royalty income (like-for-like) | 19.4 | 8.7 | 3.3 | |||
| Four Mile | 0.3 | — | — | |||
| Amapá | — | — | 0.2 | |||
| Total royalty income | 19.7 | 8.7 | 3.5 |
Financial Highlights
- 127% increase in royalty income to £19.7m (2015: £8.7m), mainly due to a significant increase in overall saleable tonnes from Kestrel
- Earnings also benefitted from upward revisions to coal prices and the weakening of the pound post the EU Referendum vote – with to a significant increase in profit after tax to £26.4m (2015: loss of £22.6m) resulting in basic earnings per share of 15.60p (2015: loss of 14.06p)
- 316% increase in adjusted earnings1 to £16.5m (2015: £4.0m) resulting in adjusted earnings per share of 9.76p (2015: 2.47p)
- 30% increase in net assets to £210.1m (December 31, 2015: £162.0m) resulting in net assets per share of 124.00p (December 31, 2015: 95.00p)
- Improved earnings translated into free cash flow2 generated in 2016 of £13.2m (2015: £4.7m) and net debt reduced to £1.0m at December 31, 2016
- Recommended final dividend of 3.00p per share resulting in a total dividend for 2016 of 6.00p (2015: 7.00p).
- Significant increase in dividend cover, based on adjusted earnings, of 1.6x (2015: 0.4x) – dividend levels will be reviewed by the Board as part of the 2017 interim reporting in August 2017
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