TIDMATC
RNS Number : 4443P
Atlantic Coal PLC
08 June 2015
Atlantic Coal plc ("Atlantic" or the "Company")
Index: AIM / Epic: ATC / Sector: Mining
Final results and notice of AGM
Atlantic Coal plc, the AIM listed anthracite coal production and
processing company with activities in Stockton, Pennsylvania, USA
("Stockton") is pleased to announce its final results for the year
ended 31 December 2014.
Highlights
-- The loss of the Group for the year ended 31 December 2014
before taxation amounts to $3,539,560 (year ended 31 December 2013
- $1,478,707)
-- Cash at bank at the year end $725,517 (2013: $877,003)
-- Sales of $18,397,465 (2013: $19,661,639)
-- Gross profit $409,718 (2013: $3,618,233)
-- Record production of over 165,000 tons in 2014
-- Average sales price for Stockton anthracite (all grades)
increased by 2.3% from $117.89 in 2013 to $120.79 in 2014
-- Commenced mining a cut of almost solid coal in the Mammoth
seam ranging from 29 to 32 feet thick
-- Wardell Armstrong (international mining consultants)
re-assessed the reserve at Stockton from 1.65 million to 2.22
million tons, which at circa 165,00 tons produced in 2014, equates
to a 37% increase in reserves and a 3 years mine life
-- First quarter production in 2015 a new record, an increase of
over 40% from 2014
-- Agreement with Komatsu for a US$20m of new fleet which was
ordered in 2014 and started to arrive in first half 2014 and was
fully operational by June 2015
-- Run of mine and clean coal inventory as at date of this
report at a record $8.9 million value
The annual report and financial statement for the year ended 31
December 2014 (the "Report and Accounts") has been posted to
shareholders together with a notice of its annual general meeting
("AGM").
The Company will be holding its AGM at the offices of Allenby
Capital, 3 St Helen's Place, London, EC3A 6AB on 30 June 2015 at
4:00pm.
Copies of the Reports and Accounts and the AGM notice will be
made available shortly from the Company's website,
www.atlanticcoal.com, in accordance with AIM Rule 20.
For further information on the Company, visit:
www.atlanticcoal.com or contact:
Steve Best Atlantic Coal plc Tel: 0191 386 6392
Nick Naylor Allenby Capital Limited Tel: 020 3328 5656
Alex Price Allenby Capital Limited Tel: 020 3328 5656
CHAIRMAN'S REPORT
2014 has seen a lot of exciting and positive developments at
Stockton Mine which are feeding through into our performance for
2015 and provide us with a sound basis for optimism going forward.
That said, despite record production it was disappointing not to
make a profit which was primarily caused by lower sales volumes and
low prices towards the end of the year.
The worst winter for twenty years in Pennsylvania severely
curtailed production in the first quarter of 2014 with particular
problems of washing anthracite at consistently low temperatures. We
did, however, make a strong recovery throughout the rest of the
year to achieve record production at Stockton of 165,046 tons in
2014.
In December 2014 we started to mine a cut of almost solid coal
in the Mammoth seam ranging from 29 to 32 feet thick. While we
reached this highly productive area of the mine too late in the
year to affect the 2014 results, the Directors anticipate that this
will have a positive effect on operational costs in that the
working ratio (cubic yards of overburden excavated per ton of clean
coal) will be reduced.
Following confirmation of solid coal in the new cut, Wardell
Armstrong, international mining consultants, have re-assessed the
Stockton reserve which is now estimated at 2.220 million tons as at
31 December 2014 compared with the John T. Boyd estimate of 1.626
million tons at 31 December 2013. Bearing in mind that over 165,000
tons were produced in 2014 this equates to a 37% increase in the
reserve base and has a positive effect on the mining ratio, the
primary determinant of mining costs at Stockton.
The improved mining conditions and prospects at Stockton have
given the Board of Directors the confidence to enter into an
agreement with the Reading Blue Mountain & Northern Railway to
construct a rail loading facility at Stockton this summer,
providing us with commercial advantage in the region. Earlier this
year, Komatsu, the world's second largest manufacturer of heavy
mining plant has shared that confidence in Atlantic Coal such that
their wholly owned US subsidiary, Midlantic, entered a partnership
with Atlantic Coal to provide new mining plant costing US$20m
funded through an asset backed lease purchase agreement.
On 7 April we were delighted to report an excellent first
quarter performance in 2015, and with the additional 2015 tranche
of new plant, production rates continue to be extremely positive. I
would like to thank all our employees for making 2014 a year of
consolidation in what has, at times been difficult working and
trading conditions but most importantly in laying down the
foundations for a sound future for your company going forward and
which is already bearing fruit as we progress through the first
part of 2015.
Adam R Wilson
Chairman
STRATEGIC REPORT
The Directors of the Company and its subsidiary undertaking
(which together comprise the Group) present their Strategic Report
on the Group for the year ended 31 December 2014.
The Strategic Report is a statutory requirement under section
414a of the Companies Act 2006 (Strategic Report and Directors'
Report) Regulations 2013 and is intended to provide fair and
balanced information that enables the Directors to be satisfied
that they have complied with section 172 of the Companies Act,
which sets out the Directors duty to promote the success of the
Company.
Business Review
Mining at Stockton
The producing Stockton Mine is located in the Pennsylvania
Anthracite Coalfield and includes an anthracite preparation plant
capable of washing 450,000 tons of ROM coal per annum. The site is
operated by Coal Contractors (1991) Inc., a 100% owned subsidiary
of Atlantic Coal.
In December 2014 we started to mine a cut of almost solid coal
in the Mammoth seam; old underground mine plans indicated this area
as being largely unworked but it was only when we actually reached
this area that we could confirm this. The Directors anticipate that
the Company will be working these favourable conditions in the
Mammoth seam with higher levels of coal remaining through the
remainder of the Stockton reserve area. While we reached this
highly productive area of the mine too late in the year to affect
the 2014 results, the Directors anticipate that this will have a
positive effect on operational costs in that the working ratio
(cubic yards of overburden excavated per ton of clean coal) will be
reduced.
Wardell Armstrong, international mining consultants, have been
able to re-assess the Stockton reserve following the confirmation
of this area of solid coal, and have estimated a 37% increase in
the reserve base. Whilst previous reserve assessments by John T.
Boyd had estimated 1.626 million tons remaining at 31 December
2013, our current figure, taking into account the 165,000 tons
produced in 2014, now stands at 2.220 million tons at 31 December
2014. This is primarily attributable to the increased reserves in
the Mammoth seam but also to a higher proportion of coal remaining
from previous underground mining in the Primrose, Orchard and
Diamond seams than previously estimated.
While more detailed survey work and assessment has identified a
higher overburden excavation figure the higher coal reserve has
still resulted in a substantial decrease in the mining ratio to
13.99 cubic yards of overburden to 1 ton of clean coal (John T.
Boyd figure from 2013 was 19.40 to 1). As mining ratio is the
primary determinant of mining cost the Company considers that this
28% decrease in the ratio bodes well for our mining costs as we go
forward. The Directors consider that these additional reserves will
potentially extend Stockton's life by approximately three
years.
The reduction in the amount of old underground mine workings
which we are now encountering also means we have less rock dilution
in the run of mine (ROM) coal which also has the effect of reducing
haulage and washing costs as we are transporting and washing
proportionately less rock and more coal. The wash recovery rate in
2014 was just under 40% but with the increased coal content in the
ROM is now around 52-54% with the additional potential to recover a
further 25% from the discard giving a total wash recovery rate of
approximately 64%.
Mining at sites such as Stockton in synclinal basins over 400
feet deep is by its very nature a cyclical operation with peaks of
production when the bottom of the basin is reached, particularly
now that this is almost solid 29 to 32 feet thick Mammoth seam, and
also with lower production and higher cost phases, for instance as
we now excavate down through the basin working the thinner upper
seams and the Mammoth seam in the "limbs" of the syncline which
tend to have been quite heavily worked underground.
While we did achieve record production in 2014, the cyclical
nature of the mining operation meant that we only worked one cut in
the lucrative bottom of the basin Mammoth seam and our mining ratio
for the year at 19 to 1 was therefore higher than the overall ratio
for the mine at 13.99 to 1. Consequently, our mining costs per ton
were higher than they might otherwise have been. This year,
however, with the increased mining capacity the new plant gives we
anticipate working two full basin cuts in 2015. We completed coal
extraction in the first cut in May of this year but will reach the
bottom of the basin in the next cut before the end of the year.
This will be particularly positive not only in terms of production
but also in terms of lower costs since, unlike 2014, we will be
working at the overall mine ratio and we anticipate that this
should continue to be the case as we progressively mine westwards
through the basin.
On 7 April we were delighted to report an excellent first
quarter performance in 2015. Despite another desperately cold
winter in Pennsylvania we surpassed our Q1 2014 performance by some
considerable margin and broke a number of production records with
record quarterly ROM production (136,981 tons) and overburden
removal (1,082,028 cubic yards) and, had it not been for persistent
sub-zero temperatures and the adverse effect on coal washing
operations, we anticipate that we would also have achieved record
clean coal production albeit this was still 32% up on Q1 2014 (Q1
2015 - 45,669 tons, Q1 2014 - 34,451 tons).
Production rates continue to be extremely positive. We have
built up a healthy inventory of clean coal (17,840 tons at end of
Q1 2015 compared with 1,396 tons at the end of Q1 2014) which has
risen to over 30,000 tons by mid-May (1 June 2014 - 6,779 tons) to
enable us to both compete effectively in the market and also to
benefit from the higher prices which traditionally materialise as
we move into July and onwards. We have also built up a healthy
inventory of ROM (over 94,000 as at 30 May 2016 (1 June 2014:
94,000 tons)) to keep our washing plant fully utilised and maintain
clean coal production. This has enabled us to generate further
sales of over 25,000 tons of ROM to date to other processors and
has started to contribute to our revenues. The value of our coal
inventory at the date of this report is around US$ 8.9 million.
We continue to seek new anthracite mining properties in
Pennsylvania to add to our Stockton Mine with a view to giving us
the productive capacity to compete more effectively in both the US
and export markets. For example, export contracts often now look
for between 40,000 and 50,000 ton shipments which are equivalent to
over 25% of our current production and it would be challenging to
supply such contracts at the present time whilst maintaining our
current sales commitments.
We continue to undertake geological and engineering design work
on our Pott and Bannon property which we see as a strategic reserve
to ultimately replace the Stockton Mine at the end of its mine
life. As stated previously, our main focus on new anthracite mining
properties is to acquire operational mines with a good reserve base
which would enable us to quickly increase production without the
need for substantial mine development costs. To this end we are
evaluating a number of mining properties and further announcements
will be made at the current time.
New rail loading facility
In June 2015 we entered into an agreement with the Reading Blue
Mountain & Northern Railway to construct a rail loading
facility at Stockton. Construction will begin this summer,
initially allowing for a minimum of four railcar spots directly
adjacent to the mine, with the option to expand the facility if
needed at a later date. This will provide significant cost savings
and commercial advantage in supplying customers that require rail
delivery.
Major new mining equipment acquisition
In February 2015, the purchase of new equipment in partnership
with Komatsu was announced. The full complement of new equipment is
to be funded through an asset backed lease purchase agreement at a
total cost of $20 million over six years, and consisted of the
following pieces of equipment:
-- PC3000 hydraulic excavator;
-- Four Komatsu Model HD785-7 100 ton haul trucks;
-- Two Komatsu Model HM400-3 articulated haul trucks;
-- One Komatsu Model PC490LC-10 hydraulic excavator;
-- Two Komatsu Model D275AX-SEO dozers;
-- One Komatsu Model WA500-7 wheel loader.
This is in addition to the six Komatsu Model HD785-7 100 ton
haul trucks delivered to Stockton in March and April 2014. We will
shortly be installing a new larger barrel in our washing plant,
partly as a replacement for the original barrel which is now worn
out, but also to process the additional quantity and quality of ROM
we are now producing and to maximise efficient coal recovery. While
most of this new equipment arrived beyond the time frame to impact
on the 2014 results we are now fully re-equipped to exploit the
Stockton reserves.
Market Review
Sales Prices and Trends in 2014
2013 saw a marked slowdown in demand throughout the Pennsylvania
anthracite sector due to overcapacity on the international market,
as countries such as Russia, the Ukraine, Vietnam and North Korea
increased their anthracite exports. This was partly relieved in
2014, as the Ukraine crisis saw disruption to the country's
anthracite production, and cessation of its anthracite exports will
have had a positive effect on prices internationally.
On the other hand, falling US steel production and rising steel
imports have dampened US anthracite demand and prices. Whilst the
average sales price* for Stockton anthracite (all grades) increased
by 2.3% from $117.89 in 2013 to $120.79 in 2014, sales at 153,698
tons were down 8% on the 2013 figure of 166,780 tons.
In Pennsylvania, the market was very competitive towards the end
of the year which has had a negative effect on prices but there are
now signs that this situation is easing and I am pleased to report
that the average sale price in Q1 increased to $124, a 2.6%
increase on the overall 2014 figure. Anthracite sales to the home
heating sector remained strong in 2014, thanks in part to the low
temperatures seen in Q1 2014.
We also note that anthracite prices have also been much less
volatile than other types of coal. Metallurgical (coking) coal
prices have recently fallen to a six year low with Australian
prices down over 60% on four years ago. Thermal coal prices have
also fallen substantially caused by competition from cheap shale
gas with prices down over 40% on four years ago. Over the same
period our anthracite prices have fallen by only 20%.
This is partly down to the high quality of the product but also
the fact that anthracite has a wide variety of uses based on its
high heat value, high carbon content and purity which renders it
less susceptible to fluctuations in single market areas which is
the situation with metallurgical and thermal coal. This gives us
the confidence to continue to invest in the anthracite mining
industry.
Outlook
The Directors believe anthracite is the most versatile and high
quality metallurgical coal, with a range of applications in the
steel industry; it is also used as a component in the sugar
industry, as a process carbon in the manufacture of bricks, wire,
silicon and glass, and in water purification and filtration. The
home and industrial heating market which continues to be a large
part of our sales (47% of our total sales in 2015) has remained
stable as many homes throughout North East USA are still
unconnected to the mains gas supply, and this is expected to
continue throughout 2015 and beyond. This of Stockton's anthracites
products supports demand for our products remaining strong, if not
increasing.
Only 1% of the world's coal reserves is made up of anthracite,
and even then few of the reserves are of as high a quality as the
North East Pennsylvania Coalfield, or benefit from the same level
political stability, established infrastructure and an
industry-friendly jurisdiction. This suggests a future supply
imbalance, supporting future price increases.
Atlantic Coal is confident that demand for its products will
continue across key domestic markets. The Group is now well
positioned to take advantage of these opportunities in that the
almost solid coal in the Mammoth seam that was reached in in late
2014, has allowed for an increase in both ROM and Clean Coal
inventory levels in comparison to June 2014 as demonstrated
below;
1 June 2015 1 June 2014
ROM Coal (tons) 91,627 63,471
Clean Coal (tons) 33,471 6,774
Sales prices for ROM Coal have averaged $53.5 per ton and clean
coal $120 per ton in 2015.
Results and Financial Review
The loss of the Group for the year ended 31 December 2014 before
taxation amounts to $3,539,560 (year ended 31 December 2013:
$1,478,707).
Key financial highlights for the year to 31 December 2014
are:
2014 2013
Cash at bank at the year end $725,517 $877,003
Sales $18,397,465 $19,661,639
Gross profit $409,718 $3,618,233
Gross margin 2.23% 18.40%
Debt at the year end $14,045,106 $4,773,339
Restoration obligations at the year end $4,074,796 $4,365,255
-- The Group's cash position during 2014 continued to decrease
as we used existing cash balances to repay debt and finance leases.
The Group also used cash to complete the Gowen mine reclamation and
to pursue opportunities to acquire additional anthracite mining
assets. We have again improved the production capacity at our
Stockton Mine and increased coal reserves.
-- Total debt increased by over $9 million in 2014, used to fund
equipment assets previously mentioned.
-- Restoration obligations decreased with the final completion of seeding work at Gowen.
Working Capital
In order to provide working capital the Company entered into a
loan backed by a standby equity distribution agreement with YA
Global Masters SPV Limited ("Yorkville"). Subsequently the Company
entered into an equity swap agreement with Yorkville. The details
of all the transactions with Yorkville are set out in Note 28.
The total funds available under these arrangements are
US$5,000,000 and to date the Company has utilised $4,000,000,
repaid $4,000,000, utilised a further $1,000,000, meaning that at
the year end the Company has access to $4,000,000 under this
arrangement.
During the year the Company changed its bankers to the Community
Bank and as a result obtained access to a $200,000 overdraft
facility which is open to extension in the near term.
STATEMENT OF FINANCIAL POSITION
As at 31 December 2014
Company number: 05315929 Group Company
---------------------------- --- -------------
Note As at 31 As at 31 As at 31
December December December
2014 2013 2014
$ $ $
Non-Current Assets
Property, plant and equipment 4 16,744,999 9,123,661 123,179
Land, coal rights and restoration
costs 5 11,796,159 12,805,313 6,000,000
Investment in subsidiaries 6 - - -
Trade and other receivables 7 - - 11,900,000
Other assets 9 199,644 62,421 -
----------------------------------- ----- ------------- ------------- -------------
28,740,802 21,991,395 18,023,179
----------------------------------- ----- ------------- ------------- --- -------------
Current Assets
Inventories 8 1,614,485 2,804,216 -
Trade and other receivables 7 2,679,438 2,171,775 145,349
Other assets 9 58,046 195,589 -
Derivative financial instruments 10 - 974,209 -
Cash and cash equivalents 11 725,517 877,003 520,932
----------------------------------- ----- ------------- ------------- --- -------------
5,077,486 7,022,792 666,281
----------------------------------- ----- ------------- ------------- --- -------------
Total Assets 33,818,288 29,014,187 18,689,460
----------------------------------- ----- ------------- ------------- --- -------------
Equity Attributable to Owners
of the Parent and Shareholders
Share capital 12 5,510,300 5,510,300 5,510,300
Share premium 12 40,359,710 40,359,710 40,359,710
Merger reserve 13,898,706 13,898,706 2,374,080
Reverse acquisition reserve (12,999,288) (12,999,288) -
Other reserves 13 101,077 94,666 101,077
Translation reserve (3,853,590) (2,364,293) (7,252,707)
Retained losses (35,389,440) (31,857,428) (28,014,990)
----------------------------------- ----- ------------- ------------- --- -------------
Total Equity 7,627,475 12,642,373 13,077,470
----------------------------------- ----- ------------- ------------- --- -------------
Current Liabilities
Trade and other payables 14 8,070,911 7,233,220 4,611,990
Borrowings 15 3,833,297 2,962,856 1,000,000
Provision for restoration costs 16 158,100 175,000 -
----------------------------------- ----- ------------- ------------- --- -------------
12,062,308 10,371,076 5,611,990
----------------------------------- ----- ------------- ------------- --- -------------
Non-Current Liabilities
Borrowings 15 10,211,809 1,810,483 -
Provision for restoration costs 16 3,916,696 4,190,255 -
----------------------------------- ----- ------------- ------------- --- -------------
14,128,505 6,000,738 -
----------------------------------- ----- ------------- ------------- --- -------------
Total Liabilities 26,190,813 16,371,814 5,611,990
----------------------------------- ----- ------------- ------------- --- -------------
Total Equity and Liabilities 33,818,288 29,014,187 18,689,460
----------------------------------- ----- ------------- ------------- --- -------------
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2014
Group
----------------------------
For the year For the year
ended 31 ended 31
December December
2014 2013
Continuing operations Note $ $
------------------------------------ --- --- ----- ------------- -------------
Revenue 3 18,397,465 19,661,639
Cost of sales 18 (17,987,747) (16,043,406)
Gross profit 409,718 3,618,233
Administration expenses 18 (3,374,770) (3,411,866)
Exceptional expenses 19 (359,088) (497,623)
Other gains/(losses) 20 398,212 (421,960)
Other income 23 205,673 12,114
---------------------------------------------- ----- ------------- -------------
Operating Loss (2,720,255) (701,102)
Finance costs 24 (819,305) (777,605)
Loss Before Taxation (3,539,560) (1,478,707)
Income tax expense 25 - -
------------------------------------ --- --- ----- ------------- -------------
Loss for the Year (3,539,560) (1,478,707)
---------------------------------------------- ----- ------------- -------------
Loss attributable to the owners
of the Parent (3,539,560) (1,478,707)
---------------------------------------------- ----- ------------- -------------
Earnings per share attributable to the
owners of the Parent during the year,
expressed as cents per share:
Basic and diluted (cents) 26 (0.09) (0.03)
---------------------------------------------- ----- ------------- -------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2014
Group
---------------------------
For the
year For the year
ended 31 ended 31
December December
2014 2013
Note $ $
------------------------------------------------------------------- --- ----- ------------ -------------
Cash flows from operating activities
Loss before taxation (3,539,560) (1,478,707)
Adjustments for:
* Finance costs 819,305 777,605
* Depreciation 4 2,699,591 1,761,371
* Mine depletion and mineral depreciation 5 368,908 777,822
* Share option and warrants expense 13,959 34,231
* Fair value loss on derivative financial instruments 951,440 96,698
205,673 -
* Loss on disposal of property, plant and equipment
* Accretion and accrued restoration costs 366,687 431,796
* Reclamation work performed (16,900) (216,049)
* Foreign exchange gains (1,425,566) 35,181
Changes in working capital
* Increase in trade and other receivables (718,138) (1,173,004)
* Financial assets at fair value through profit or loss - (1,070,907)
* Decrease in inventories 1,189,731 929,747
* Increase/(decrease) in trade and other payables 966,999 (925,530)
------------------------------------------------------------------------ ----- ------------ -------------
Net cash generated from/(used) in operating
activities 1,882,129 (19,746)
------------------------------------------------------------------------ ----- ------------ -------------
Cash flows from investing activities
Purchase of property, plant and equipment (422,757) (376,305)
Increase in deposits 320 113,019
Net cash used in investing activities (422,437) (263,286)
------------------------------------------------------------------------ ----- ------------ -------------
Cash flows from financing activities
Proceeds from issue of share capital - 2,472,492
Proceeds from borrowings 3,284,617 1,063,360
Repayments of borrowings (1,963,986) (1,702,053)
Interest paid (560,613) (738,693)
Finance lease payments (2,338,230) (1,828,584)
------------------------------------------------------------------------ ----- ------------ -------------
Net cash used in financing activities (1,578,212) (733,478)
Net decrease in cash and cash equivalents (118,520) (1,061,510)
Exchange (losses)/gains on cash and
cash equivalents (32,966) (8,835)
Cash and cash equivalents at beginning
of year 877,003 1,902,348
------------------------------------------------------------------------ ----- ------------ -------------
Cash and cash equivalents at end of
year 11 725,517 877,003
------------------------------------------------------------------------ ----- ------------ -------------
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2014
Basis of Preparation of Financial Statements
The Financial Statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) and IFRS
Interpretations Committee (IFRS IC) interpretations as adopted by
the European Union and the Companies Act 2006 applicable to
companies reporting under IFRS. The Financial Statements have also
been prepared under the historical cost convention as modified by
the revaluation of certain financial assets to fair value through
the profit or loss.
The Financial Statements are presented in US Dollars rounded to
the nearest dollar.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the Group's Accounting Policies. The areas involving a
higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the Financial
Statements are disclosed in Note 2.
Segmental Information
Management has determined the operating segments based on
reports reviewed by the Board of Directors that are used to make
strategic decisions. During the year the Group had interests in two
geographical segments, the United Kingdom and the United States of
America ("USA"). Activities in the UK are mainly administrative in
nature whilst the activities in the USA relate to coal production
and sale of coal.
The reportable operating segments derive their revenue from the
sale of prepared coal to industrial and retail customers.
For the year ended 31 December 2014 For the year ended 31 December
2013
--------------- ------------------------------------------------------ -------------------------------------------------------
Intra-segment Intra-segment
balances balances
USA UK Total USA UK Total
$ $ $ $ $ $ $ $
--------------- ----------- ----------- -------------- ------------ ----------- ------------- -------------- -----------
Revenue
from external
customers 18,397,465 - - 18,397,465 19,661,639 - - 19,661,639
Gross profit 409,718 - - 409,718 3,618,233 - - 3,618,233
Operating
profit/(loss) (51,770) (294,405) (2,374,080) (2,720,255) 1,786,972 (15,907,084) 13,419,010 (701,102)
Impairment - 2,374,080 (2,374,080) - - (13,419,010) 13,419,010 -
Depreciation 2,630,309 69,282 - 2,699,591 1,693,350 68,021 - 1,761,371
Depletion
- Stockton
Mine 368,908 - - 368,908 777,822 - - 777,822
EBITDA 2,947,447 (225,123) (2,374,080) 348,244 4,257,987 (15,839,063) 13,419,010 1, 837,934
--------------- ----------- ----------- -------------- ------------ ----------- ------------- -------------- -----------
Capital
expenditure 10,367,367 - - 10,367,367 844,897 6,000,000 - 6,844,897
--------------- ----------- ----------- -------------- ------------ ----------- ------------- -------------- -----------
Total assets 27,028,824 18,689,460 (11,900,000) 33,818,288 21,103,444 19,385,744 (11,475,001) 29,014,187
--------------- ----------- ----------- -------------- ------------ ----------- ------------- -------------- -----------
Total
liabilities 43,093,891 5,611,990 (22,515,068) 26,190,813 36,330,811 5,292,235 (25,251,232) 16,371,814
--------------- ----------- ----------- -------------- ------------ ----------- ------------- -------------- -----------
Included in the UK segment for 2014 is the reversal of
impairment of investment in subsidiary described in Note 6.
A reconciliation of operating loss to loss before taxation is
provided as follows:
For the year ended For the year ended
31 December 2014 31 December 2013
$ $
---------------------------------------- ------------------- -------------------
Operating loss for reportable segments (2,720,255) (701,102)
Finance income - -
Finance costs (819,305) (777,605)
Loss before tax (3,539,560) (1,478,707)
---------------------------------------- ------------------- -------------------
Information about major customers
Revenues of approximately $3.598 million (2013: $2.197 million)
were derived from a single external customer. These revenues were
all generated in the USA.
Cash and Cash Equivalents
Group Company
---------------------- ----------------------
As at 31 As at 31 As at 31 As at 31
December December December December
2014 2013 2014 2013
$ $ $ $
-------------------------- ---------- ---------- ---------- ----------
Cash at bank and in hand 725,517 877,003 520,932 670,851
-------------------------- ---------- ---------- ---------- ----------
Earnings per Share
The calculation of the basic earnings per share of (0.09) cents
(31 December 2013 earnings per share: (0.03) cents) is based on the
loss attributable to ordinary shareholders of $3,717,274 (31
December 2013 loss: $1,478,707) and on the weighted average number
of ordinary shares of 3,944,272,016 (31 December 2013:
3,881,348,728) in issue during the year.
The basic and diluted earnings per share is the same, as the
effect of the exercise of share options and warrants would be to
decrease the loss per share.
Details of share options and warrants that could potentially
dilute earnings per share in future periods are set out in Note
12.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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