translation - - - - - - (2,993) - - - (2,993)
Total comprehensive
loss - - - - (4,083) - (2,710) - - (47,589) (54,382)
-------- -------- -------- -------- ------------ --------- ------------ -------- ----------- --------- ---------
Dividends - - - - - - - - - (11,535) (11,535)
Issue of ordinary
shares 111 - 9,453 143 - - - - - - 9,707
Value of employee
services - - - - - 520 - - - 89 609
Total transactions
with owners of the
company 111 - 9,453 143 - 520 - - - (11,446) (1,219)
-------- -------- -------- -------- ------------ --------- ------------ -------- ----------- --------- ---------
December 31, 2014 2,329 29,328 9,453 143 1,487 678 6,040 632 (2,601) 113,761 161,250
======== ======== ======== ======== ============ ========= ============ ======== =========== ========= =========
Condensed Consolidated Financial Statements
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED DECEMBER 31, 2014
2014 2013
GBP'000 GBP'000
Cash flows from operating activities
Loss before taxation (42,399) (52,896)
Adjustments for:
Finance income (439) (789)
Finance costs - excluding foreign exchange gains/losses 1,042 129
Other income (1,981) (2,012)
(Gain)/Loss on disposal of mining and exploration interests (1,350) 6,398
Gain on disposal of coal tenures (1,409) -
Impairment of mining and exploration interests 4,873 26,321
Impairment of royalty and exploration intangible assets 10,033 8,313
Impairment of royalty financial instruments 15,288 -
Impairment of property, plant and equipment 1,352 -
Revaluation of coal royalties (Kestrel) 11,822 13,568
Revaluation of royalty financial instruments - 8,735
Depreciation of property, plant and equipment 23 22
Amortisation of royalty intangible assets 759 854
Share-based payment 609 72
--------- ---------
(1,777) 8,715
Decrease/(Increase) in trade and other receivables 2,588 (1,082)
Increase/(Decrease) in trade and other payables 2,175 (1,409)
--------- ---------
Cash generated from operations 2,986 6,224
Income taxes paid (27) (3,817)
Net cash generated from operating activities 2,959 2,407
--------- ---------
Cash flows from investing activities
Proceeds on disposal of mining and exploration interests 9,549 5,258
Purchases of mining and exploration interests (1,161) (3,118)
Purchases of royalty and exploration intangible assets (13,213) (101)
Proceeds from royalty financial instruments 826 -
Other royalty related advances (3,002) (5,634)
Prepaid acquisition costs (359) -
Proceeds on disposal of coal tenures 302 -
Purchases of property, plant and equipment (188) (14)
Dividends and fixed income received from mining and exploration interests 169 708
Sundry income 475 164
Finance income 439 789
Net cash used in investing activities (6,163) (1,948)
--------- ---------
Cash flows from financing activities
Proceeds from issue of share capital 9,980 2,501
Transaction costs of share issue (416) -
Dividends paid (11,535) (11,065)
Prepaid fundraising costs (320) -
Finance costs - excluding foreign exchange gains/losses (1,042) (129)
Net cash used in financing activities (3,333) (8,693)
--------- ---------
Net decrease in cash and cash equivalents (6,537) (8,234)
Cash and cash equivalents at beginning of period 15,706 24,036
--------- ---------
Unrealised foreign currency gain/(loss) (400) (96)
Cash and cash equivalents at end of period 8,769 15,706
========= =========
Condensed Consolidated Financial Statements
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2014
1 Basis of preparation
The financial information for the year ended December 31, 2014,
does not constitute statutory accounts as defined in section 435
(1) and (2) of the Companies Act 2006. Statutory accounts for the
year ended December 31, 2013 have been delivered to the Registrar
of Companies and those for 2014 will be delivered following the
Company's Annual General Meeting convened for April 30, 2015. The
auditors have reported on these accounts; their reports were
unqualified, did not include a reference to any matter to which the
auditors drew attention by way of emphasis of matter and did not
contain a statement under section 498 (2) or (3) of the Companies
Act 2006.
Whilst the preliminary announcement (the Condensed financial
statements) has been prepared in accordance with International
Financial Reporting Standards (IFRS) and IFRS Interpretations
Committee (IFRIC) interpretations adopted for use by the European
Union, with those parts of the Companies Act 2006 applicable to
companies reporting under IFRS and with the requirements of the
United Kingdom Listing Authority (UKLA) Listing Rules, these
Condensed financial statements do not contain sufficient
information to comply with IFRS. The Group has published full
financial statements that comply with IFRS on March 25, 2015, and
this set of Condensed financial statements should be read in
conjunction with these.
Going concern
As at December 31, 2014, the Group had no borrowings and an
undrawn US$15.0m unsecured revolving credit facility. As discussed
in note 11, on February 27, 2015, the Group has announced the
completion of a firm placing and placing and open offer raising
GBP39.5m, together with securing a new US$30.0m three-year secured
revolving credit facility. The combined financing package was
largely used to finance the acquisition of a US$65.0m royalty along
with providing additional working capital to the Group.
The Directors have considered the Group's cash flow forecasts
for the period to the end of March 2016. The Board is satisfied
that the Group's forecasts and projections, taking into account
reasonably possible changes in trading performance and other
uncertainties, the proceeds received from the new share issue and
the undrawn facilities, show that the Group will be able to operate
within the level of its current facilities for the foreseeable
future. For this reason the Group continues to adopt the going
concern basis in preparing its financial statements.
2 Critical accounting judgements and key sources of estimation uncertainty
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