Anglo Pacific Group Interim Results 2009
(Thomson Reuters ONE) - Anglo Pacific Group PLC, the natural resources royalties company,today announces an increased interim dividend with its results forthe six months ended 30th June 2009. In the half year under reviewthe Group received increased coking coal royalties compared to thecorresponding period of last year and made considerable progress indeveloping its other royalty interests. Following the worst collapsein the equity markets for many years the value of the Group's quotedinterests has more than doubled since 31st December 2008.Financial Highlights * Total assets increased to a record £231 million (31st December 2008: £176 million) * Australian coal royalty independent valuation of £113 million (31st December 2008: £93.3 million) * Coal royalty income for the half year increased to £11.7 million (2008: £3.7 million) * Interim dividend increased by 7.25% to 3.70p per share (2008: 3.45p) * Realised profits from non-core mining interests for the half year of £2.1 million (2008: £13.5 million) * Earnings per share of 8.28p (2008: 14.14p) * Profit before tax of £12,258,000 (2008: £16,445,000) * Profit after tax of £8,793,000 (2008: £15,011,000) * Cash and royalty receivables of £20.5 million (2008: £26.3 million)Operational Highlights * Increased coking coal royalties * New gold, platinum and uranium royalty rights acquired * Substantial progress at Trefi coal project in British Columbia * Increased exposure to coal energy and uranium projects * Significant recovery in value of strategic quoted interests since year end * Strong cash reserves and no debtCommenting on the interim results, Peter Boycott, Chairman of AngloPacific, said:"I am pleased to report an increased interim dividend, an increase inroyalties received and a sharp recovery in the value of our strategicinvestments over the last six months. We have acquired several newroyalties since the end of last year and made considerable progressin developing our coal assets in British Columbia. With strongercoking coal prices and recovering metal markets, the Board isconfident it can continue with its strategy of acquiring newroyalties to generate cashflows and dividends for shareholders."For further information and enquiries:Anglo Pacific Group +44 (0) 20 7318 6360plcPeter Boycott, ChairmanMatthew Tack, Finance DirectorLiberum Capital +44 (0) 20 3100 2000Chris BowmanSimon StilwellScott Harris +44 (0) 20 7653 0030Stephen ScottJames O'ShaughnessyWebsite: www.anglopacificgroup.comReview and Results for six months ended 30th June 2009Compared to the turbulent closing months of 2008, the first half of2009 has seen an improving economic outlook and tighter commoditymarkets. Nevertheless, metal prices and stock markets still remainsubstantially lower than during the comparable first six months of2008. This has been reflected in these results.More recently, the rising price of copper and firmer than expectedcoal prices have produced a steady recovery in the general miningsector. The junior quoted mining markets have also shown signs ofrecovery with indications of investment returning to the sector. Thishas produced a substantial improvement in the value of the Group'stotal assets since 31st December 2008, although not yet fully back tothe levels of June 2008.Raising equity funds for smaller mining developments has neverthelessremained challenging. With firmer energy prices and a buoyant goldprice there has been a more compelling argument for raising miningfinance through granting royalties rather than issuing cheap equity.In this environment the Group has benefitted by acquiring three newroyalty projects so far this year.The Group's coal royalty revenues were £11.7 million (A$24.6 million)for the first half compared to £3.7 million in the same period lastyear which was affected by supply disruptions and logisticalconstraints at Queensland ports early in 2008. More recently, pricesof both thermal and metallurgical coal from Australia have benefittedfrom increased demand from China and India. The new contractedcoking coal prices for both Kestrel and Crinum were agreed in April2009 at circa US$127 per ton. The Group's coal royalty interestswere independently valued at 30th June 2009 at £113 million comparedto £93.3 million at 31st December 2008 and £96.8 million at 30th June2008.The Group realised capital gains of £2.1 million during the periodfrom the sale of non-core mining interests. The lower gains comparedwith the corresponding half of 2008 largely reflected the fall inmining equity markets. Including royalty revenues, the Groupachieved earnings of 8.28p per share for the half year.The value of the Group's private mining interests and quoted stakesin mining projects recovered to £82.0 million at 30th June 2009compared to £45.8 million at 31st December 2008 and £101.5 million ayear ago.At 30th June 2009 the Group had no borrowings and nearly £14.4million of cash in the bank.These earnings and balance sheet valuations represent a satisfactoryresult during what has been a period of great uncertainty in worldmarkets. This progress is in no small part due to the Group'ssensible management of its balance sheet and its conservativeapproach to mining project evaluation. The Board has decided toincrease the interim dividend by 7.25% to 3.70p per share.Strategy and ProgressThe Group's strategy remains focused on securing new royalties byacquisition and through investment in its mining interests in orderto generate strong cashflows and continue to pay dividends to itsshareholders. The Group remains committed to a progressivedividend policy and to further expanding its other mining interestsand royalty flows in pursuit of this objective.In the period under review the Group's cash, receivables andstrategic investments increased in value to £103 million. Togetherwith the recent valuations of the Group's coal and other royalties at£127 million, the Group's total assets at 30th June 2009 were inexcess of £230 million compared to £176 million at 31st December2008. Furthermore, this did not include any increase in value overcost that may be attributable to the Group's expanding private coalinterests in Canada. The Group remains debt free.The Group's private and other royalty interests increased to £26.6million at 30th June 2009 from £19.3 million at 31st December 2008.During the period the Group drilled five holes on its licensed groundat Trefi in British Columbia and will make an announcement on thiscoal resource shortly. A scoping study will be undertaken in theautumn to progress the project towards the Group's objective ofretaining a carried interest and a royalty entitlement. TheGroundhog and Trefi coalfields in British Columbia remain on thebalance sheet at cost.Since the beginning of the year, the Group has continued to expandits royalty interests through three new acquisitions:- * In March 2009 the Group acquired for A$6 million a 1% net smelter royalty (NSR) on the Beverley Four Mile uranium project in South Australia. This project has recently received environmental approval from the Federal Government and is expected to go into production in the first half of 2010. * In May 2009 the Group purchased options to acquire a 1% royalty on each of Northern Shield Resources's Highbank Lake and Eastbank properties in Western Ontario, Canada. Northern Shield has a joint venture agreement with Impala Platinum Holdings of South Africa for Impala to fund and explore for platinum group metals on the Highbank Lake property. * In July 2009 the Group agreed, subject to contract and due diligence, to purchase for C$8 million a 2.5% NSR on Northern Star Mining Corporation's Midway and McKenzie Break projects in Quebec, Canada. Production is expected to commence at the Midway gold project in the next few months.The acquisition of these new royalty interests further demonstratesthe Group's progress in delivering its strategy to broaden anddiversify its portfolio of royalties.The Group's quoted equity interests disclosed on the LSE, ASX andTSX, where initial equity stake disclosure levels are 3%, 5% and 10%respectively, amount to £61 million in twenty four differentholdings. The balance of quoted holdings of £9 million is made up ofa further eighteen incubator investments. The split of the Group'sstrategic interests by commodity is now on the Group's website atwww.anglopacificgroup.com where links to all the equity disclosurescan be accessed.During the period the Group made a cash bid for Royalco ResourcesLtd, an Australian mining company that owns a number of royaltyinterests in Australasia. The bid closed on 10th July 2009 resultingin the Group increasing its shareholding from just under 20% to over31%. The Group has been invited to consider the appointment of one ofits directors to the Royalco board and now intends to assistRoyalco's management in expanding its royalty interests in Australia.On 3rd July 2009 a final dividend of 4.35p per share for the yearended 31st December 2008 was paid. Shareholders representing 21.0%of the issued share capital elected to take scrip instead of cash.The interim dividend announced today of 3.70p per share for the yearending 31st December 2009 will be paid on 6th January 2010. A scripdividend alternative will again be available to shareholders subjectto market conditions.On 22nd June 2009 Mr Chris Orchard and Mr John Theobald wereappointed to the Board. Both new executive directors bringconsiderable mining investment and engineering expertise to theGroup. Their skills will greatly assist in the evaluation of newroyalty propositions and the management of the Group's strategicinterests.OutlookWhilst contracted coking coal prices for Kestrel and Crinum will belower for the year to April 2010 compared to the previous period,spot coking coal prices have recently increased to over US$150 perton. Moreover, output at the Kestrel mine is expected to remainsimilar to the first half due to productivity gains.The Group continues to receive a steady flow of enquiries that couldlead to future royalty deals. Through its active, merchant bankingapproach to mining projects, the Group continues to createopportunities for better returns at reduced risk on both new royaltypropositions and public and private equity raisings.P. M. BoycottChairman26th August 2009DISCLOSURE UNDER DISCLOSURE AND TRANSPARENCY RULESIn accordance with Disclosure and Transparency Rules (DTRs), PeriodicFinancial Reporting DTR 4.2.7R, the Group confirms that the principalrisks and uncertainties that could affect the Group's performancehave not changed. These are: a prolonged, world-wide economicrecession; sustained low commodity prices; a fall in precious metalprices; further deterioration in the banking system; and currencyvolatility. For more information regarding these risks anduncertainties please refer to page 10 of the 2008 Annual Report.No related party transactions occurred in the first six months of theyear that would require disclosure in accordance with DTR 4.2.8R.We confirm to the best of our knowledge:i The condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' and give a true and fair view of assets and liabilities, financial position and profit and loss;ii the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); andiii the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties transactions and changes therein).By order of the BoardM. J. TackFinance Director26th August 2009 Six months Six months Year ended ended 30th ended 30th 31st December June 2009 June 2008 2008 £'000 £'000 £'000Royalty income 11,713 3,726 22,072Other operating income 2 13 50Finance income 313 411 957 12,028 4,150 23,079Profit on sale of miningand exploration interests 2,113 13,532 14,016Total income 14,141 17,682 37,095Net operating expenses (1,883) (1,237) (1,840)Profit before tax 12,258 16,445 35,255Tax (3,465) (1,434) (5,994)Profit attributable toequity holders 8,793 15,011 29,261Basic earnings per share 8.28p 14.14p 27.56pFully diluted earnings pershare 8.28p 14.13p 27.56p 31st December 30th June 2009 30th June 2008 2008 £'000 £'000 £'000 £'000 £'000 £'000Non-currentassetsPropertyplant andequipment 827 842 829Coalroyalties 113,023 96,828 93,347Royaltyinstruments(note 2b) 11,319 - 7,783Intangibles- royaltyinterests 3,030 - -Mining andexplorationinterests 81,963 101,512 45,755 210,162 199,182 147,714CurrentassetsTrade andotherreceivables 6,214 3,804 11,575Cash atbank 14,364 23,417 17,136 20,578 27,221 28,711Totalassets 230,740 226,403 176,425CurrentliabilitiesTaxation 1,970 3,014 877Trade andotherpayables 309 213 849Dividendspayable 1,947 4,618 - 4,226 7,845 1,726Non-currentliabilitiesDeferredtax 35,925 30,932 28,857 35,925 30,932 28,857Totalliabilities 40,151 38,777 30,583Net assets 190,589 187,626 145,842EquitySharecapital 2,123 2,123 2,123Sharepremium 18,604 18,604 18,604Coalroyaltyrevaluationreserve 71,549 61,901 58,430Investmentrevaluationreserve 7,642 30,081 (22,149)Share basedpaymentreserve 78 78 78Foreigncurrencytranslationreserve 8,557 7,563 7,230Specialreserve 632 632 632Retainedearnings 81,404 66,644 80,894Totalequity 190,589 187,626 145,842 Six months Six months Year ended ended 30th ended 30th 31st December June 2009 June 2008 2008 £'000 £'000 £'000Profit for the financialperiod 8,793 15,011 29,261Net gain on revaluation tocoal royalties 18,567 30,033 25,943Net gain/(loss) onrevaluation of availablefor sale investments 31,833 7,423 (40,881)Net exchange gain ontranslation of foreignoperations 1,636 7,003 7,175Deferred tax (8,879) (11,252) (6,295)Net income recogniseddirectly in equity 51,950 48,218 15,203Transferred to/(from)income statement disposalof available for saleinvestments 1,080 (9,889) (18,658)Total transferred fromequity 1,080 (9,889) (18,658)Total comprehensive incomefor the financial period 53,030 38,329 (3,455) Share Share Share Coal Investment based Foreign Special Retained Total capital premium royalty revaluation payment currency reserve earnings equity revaluation reserve reserve translation reserve reserve £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000Balance at 1stJanuary 2008 2,113 17,742 40,899 33,104 48 2,224 632 59,420 156,182Profit for theperiod - - - - - - - 15,011 15,011Othercomprehensiveincome:Coal royalties: Royaltiesvaluation movementtaken to equity - - 30,033 - - 5,921 - - 35,954 Deferred taxon valuation - - (9,031) - - (1,671) - - (10,702)Available-for-saleinvestments: Valuationmovement taken toequity - - - 7,423 - 1,008 - - 8,431 Deferred taxon valuation - - - (557) - 7 - - (550) Transferredto incomestatement ondisposal - - - (9,889) - - - - (9,889)Foreign currencytranslation - - - - - 74 - - 74Totalcomprehensiveincome - - 21,002 (3,023) - 5,339 - 15,011 38,329Dividends paid - - - - - - - (7,787) (7,787)Scrip dividend 10 862 - - - - - - 872Equity shareoptions issued - - - - 30 - - - 30Transactions withowners 10 862 - - 30 - - (7,787) (6,885)Balance at 30thJune 2008 2,123 18,604 61,901 30,081 78 7,563 632 66,644 187,626Profit for theperiod - - - - - - - 14,250 14,250Othercomprehensiveincome:Coal royalties: Royaltiesvaluation movementtaken to equity - - (4,090) - - 609 - - (3,481) Deferred taxon valuation - - 619 - - (173) - - 446Available-for-saleinvestments: - Valuationmovement taken toequity - - - (48,304) - (1,119) - - (49,423) Deferred taxon valuation - - - 4,843 - (332) - - 4,511 Transferredto incomestatement ondisposal - - - (8,769) - - - - (8,769)Foreign currencytranslation - - - - - 682 - - 682Totalcomprehensiveincome - - (3,471) (52,230) - (333) - 14,250 (41,784)Dividends paid - - - - - - - - -Scrip dividend - - - - - - - - -Issue of sharecapital - - - - - - - - -Equity shareoptions issued - - - - - - - - -Transactions withowners - - - - - - - - -Balance at 31stDecember 2008 2,123 18,604 58,430 (22,149) 78 7,230 632 80,894 145,842 Share Share Share Coal Investment based Foreign Special Retained Total capital premium royalty revaluation payment currency reserve earnings equity revaluation reserve reserve translation reserve reserve £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000Balance at 1stJanuary 2009 2,123 18,604 58,430 (22,149) 78 7,230 632 80,894 145,842Profit for theperiod - - - - - - - 8,793 8,793Othercomprehensiveincome:Coal royalties: Royaltiesvaluation movementtaken to equity - - 18,567 - - 1,108 - - 19,675 Deferred taxon valuation - - (5,448) - - (326) - - (5,774)Available-for-saleinvestments: Valuationmovement taken toequity - - - 31,833 - 22 - - 31,855 Deferred taxon valuation - - - (3,122) - 17 - - (3,105) Transferredto incomestatement ondisposal - - - 1,080 - - - - 1,080Foreign currencytranslation - - - - - 506 - - 506Totalcomprehensiveincome - - 13,119 29,791 - 1,327 - 8,793 53,030Dividends paid - - - - - - - (8,283) (8,283)Scrip dividend - - - - - - - - -Equity shareoptions issued - - - - - - - - -Transactions withowners - - - - - - - (8,283) (8,283)Balance at 30thJune 2009 2,123 18,604 71,549 7,642 78 8,557 632 81,404 190,589 Six months Six months Year ended ended 30th ended 30th 31st December June 2009 June 2008 2008 £'000 £'000 £'000Cashflows from operatingactivitiesProfit before taxation 12,258 16,445 35,255Adjustments for:Interest received (313) (411) (957)Unrealised foreign currencyloss 509 54 756Depreciation of property,plant and equipment 2 7 9(Gain) on disposal ofmining and explorationinterests (2,113) (13,532) (14,016)(Gain) on revaluation ofassets held as fair valuethrough profit or loss (221) - (126)Share based payments - 30 30 10,122 2,593 20,951Decrease / (Increase) intrade and other receivables 5,361 (1,930) (9,701)(Decrease) / Increase intrade and other payables (540) (49) 588Cash generated fromoperations 14,943 614 11,838Income taxes paid (4,182) (622) (4,342)Net cash from / (used in)operating activities 10,761 (8) 7,496Cash flows from investingactivitiesProceeds on disposal ofmining and explorationinterests 7,856 20,336 31,117Purchase of mining andexploration interests (15,367) (13,930) (34,423)Interest received 313 411 957Net cash (used in) / frominvesting activities (7,198) 6,817 (2,349)Cash flows from financingactivitiesDividends paid (6,335) (2,296) (6,915)Net cash used in financingactivities (6,335) (2,296) (6,915)Net (decrease) / increasein cash and cashequivalents (2,772) 4,513 (1,768)Cash and cash equivalentsat beginning of period 17,136 18,904 18,904Cash and cash equivalentsat end of period 14,364 23,417 17,136 NOTES TO THE ACCOUNTS1. Basis of preparationThese interim, condensed consolidated financial statements of AngloPacific Group PLC are for the six months ended 30 June 2009. Theyhave been prepared in accordance with IAS 34 'Interim FinancialReporting'. They do not include all of the information required forfull annual financial statements, and should be read in conjunctionwith the consolidated financial statements of the Group for the yearended 31 December 2008.These condensed consolidated interim financial statements have beenprepared in accordance with the accounting policies adopted in thelast annual financial statements for the year to 31 December 2008except for the adoption of IAS 1 'Presentation of FinancialStatements' (Revised 2007) and IFRS 8 'Operating Segments'.The adoption of IAS 1 (Revised 2007), requires 'non-owner changes inequity' to be presented separately from owner changes in equity. All'non-owner changes in equity' are required to be shown in aperformance statement.Entities can choose whether to present one performance statement (thestatement of comprehensive income) or two statements (the incomestatement and statement of comprehensive income). The Group haselected to present two statements: an income statement and astatement of comprehensive income. The interim financial statementshave been prepared under the revised disclosure requirements.IFRS 8 replaces IAS 14, 'Segment reporting'. It requires a'management approach' under which segment information is presented onthe same basis as that used for internal reporting purposes. Theadoption of IFRS 8 has not resulted in any changes to the segmentsthat are disclosed in the interim financial statements, as thesegments are consistent with the internal management reportinginformation that is regularly reviewed by the chief operatingdecision maker.The interim financial statements do not constitute statutory accountswithin the meaning of Section 435 of the Companies Act 2006. Thefinancial statements have been reviewed by the Company's auditors.The comparative figures for the year ended 31 December 2008 werederived from the statutory accounts for that year which have beendelivered to the Registrar of Companies. Those accounts received anunqualified audit report which did not contain statements undersection 237(2) or (3) of the Companies Act 1985. The interim reviewreport is set out on page 15.2. Non-current assets(a) Coal Royalty InvestmentsThe Group's coal royalty investments comprise the Kestrel and Crinumcoal royalties in Queensland, Australia. The Group commissioned avaluation of the coal royalties as at 30 June 2009, based on a netpresent value of the pre-tax cashflow discounted at a rate of 7%,which produced a valuation of A$230.3 million (£113 million). Atpresent the net royalty income is taxed in Australia at a rate of30%. Were the coal royalties to be realised at the revalued amountthere are £2.3 million (A$4.7 million) of capital losses potentiallyavailable to offset against taxable gains. These losses have beenincluded in the deferred tax computation. There is currently novalue attributed in the valuation to the Crinum coal royalty rightsas mining depletes the reserves on the Group's private ground.2. Non-current assets (continued)(b) Royalty InstrumentsRoyalty instruments represent the Group's interests in three mineralproperties which through the issue of convertible debentures, theGroup has acquired net smelter royalties. These are the Engenhoproperty in Brazil, the El Valle property in Spain and the Indo Minesproperty in Indonesia. In the Group's latest annual financialstatements for the year ended 31 December 2008, these interests weredescribed as "Other royalties". No change has been made to theaccounting treatment of these interests.(c) Intangibles - Royalty InterestsRoyalty interests represent the acquired net smelter royalty on theFour Mile Project in South Australia, which is a feasibility stageproperty. The royalty interest is recorded at cost.Acquisition costs of royalty interests on feasibility stage mineralproperties are not amortised. At such time as the associated mineralinterests are placed into production, the cost basis is amortisedover the expected life of mine. Amortisation rates are adjusted on aprospective basis for all changes to estimates of the life of mine.(d) Mining and Exploration InterestsThe investments in securities included above represent investments inlisted and unlisted equity securities which are acquired as part ofthe Group strategy to acquire new royalties. Gains may be realisedwhere it is deemed appropriate by the Investment Committee. The fairvalues of these securities are based on quoted market prices forlisted securities and cost for unlisted securities based on thevariability of cashflows being so significant that an alternativevaluation technique would not provide a useful value. The fairvalues are reviewed for impairment at least annually. In thestatement of changes in equity these interests are classified as"available- for- sale investments". During the period to 30th June2009 a number of opportunities arose which allowed the Group toexpand its mining interests, particularly in listed securities. Fora full explanation of the Group's accounting policies in relation tothe Mining and Exploration interests please see the 2008 AnnualReport.The market value of the quoted Mining and Exploration Interests at 30June 2009 was £69,636,000 (2008: £92,776,000). The directors'valuation of the unquoted Mining and Exploration Interests was£12,327,000 (2008: £8,736,000).3. Earnings per ordinary shareThe earnings per ordinary share is calculated on the Company's profitafter tax of £8,793,000 and 106,172,139 shares. Fully dilutedearnings per shares is calculated on a profit after tax of £8,793,000and 106,164,516 shares.4. Segment information Six months ended 30th June 2009 Mining Royalty Interests Unallocated Total £'000 £'000 £'000 £'000Revenue 11,713 - 2 11,715Operating profit 11,713 - (1,879) 9,834Profit on sale ofmining and explorationinterests - 2,113 - 2,113Interest received - - 313 313Depreciation - - (2) (2)Tax - - (3,465) (3,465)Segment Result 11,713 2,113 (5,033) 8,793Segment Assets 127,372 81,963 21,405 230,740Segment Liabilities (34,745) (1,180) (4,226) (40,151)Net Segment Assets 92,627 80,783 17,179 190,589Capital Expenditure - - - -Intangible - royalty(Australia) 3,030 - - 3,030 Six months ended 30th June 2008 Mining Royalty Interests Unallocated Total £'000 £'000 £'000 £'000Revenue 3,726 - 13 3,739Operating profit 3,726 - (1,217) 2,509Profit on sale ofmining and explorationinterests - 13,532 - 13,532Interest received - - 411 411Depreciation - - (7) (7)Tax - - (1,434) (1,434)Segment Result 3,726 13,532 (2,247) 15,011Segment Assets 96,828 101,512 28,063 226,403Segment Liabilities (28,253) (2,679) (7,845) (38,777)Net Segment Assets 68,575 98,833 20,218 187,626Capital Expenditure - - 6 6Intangible - royalty(Australia) - - - -4. Segment information (continued) Year ended 31st December 2008 Mining Royalty Interests Unallocated Total £'000 £'000 £'000 £'000Revenue 22,072 - 50 22,122Operating profit 22,072 - (1,781) 20,291Profit on sale ofmining and explorationinterests - 14,016 - 14,016Interest received - - 957 957Depreciation - - (9) (9)Tax - - (5,994) (5,994)Segment Result 22,072 14,016 (6,827) 29,261Segment Assets 101,130 45,755 29,540 176,425Segment Liabilities (30,781) 1,924 (1,726) (30,583)Net Segment Assets 70,349 47,679 27,814 145,842Capital Expenditure - - 6 6Intangible - royalty(Australia) - - - -Revenue consists of Royalty income and other operating income.Royalty income is currently generated in Australia.5. Events occurring after the period endOn 12 May 2009, the Group made a cash bid for Royalco Resources Ltd,an Australian mining company that owns a number of royalty interestsin Australia. The bid closed on 10 July 2009, resulting in the Groupincreasing its shareholding form 20% to 31.1% for total considerationof £1,036,703.The Group has been invited to consider the appointment of one of itsdirectors to the Royalco Resources Ltd board and will assistRoyalco's management in expanding its royalty interests in Australia.In subsequent reporting periods, the Group's interest in RoyalcoResources Ltd, will be recorded as an investment in associates.6. Availability of financial statementsThis statement will be sent to shareholders and will be available atthe Company's registered office at 17 Hill Street, London, W1J 5NZ. INDEPENDENT REVIEW REPORT TO ANGLO PACIFIC GROUP PLCIntroductionWe have been engaged by the company to review the condensed set offinancial statements in the half-yearly financial report for the sixmonths ended 30 June 2009 which comprises the consolidated incomestatement , consolidated balance sheet, consolidated statement ofcomprehensive income, consolidated statement of changes in equity,consolidated statement of cash flow and notes 1 to 6. We have readthe other information contained in the half yearly financial reportwhich comprises only the Chairman's statement and considered whetherit contains any apparent misstatements or material inconsistencieswith the information in the condensed set of financial statements.This report is made solely to the company in accordance with guidancecontained in ISRE (UK and Ireland) 2410, 'Review of Interim FinancialInformation performed by the Independent Auditor of the Entity'. Ourreview work has been undertaken so that we might state to the companythose matters we are required to state to them in a review report andfor no other purpose. To the fullest extent permitted by law, we donot accept or assume responsibility to anyone other than the company,for our review work, for this report, or for the conclusion we haveformed.Directors' responsibilitiesThe half-yearly financial report is the responsibility of, and hasbeen approved by, the directors. The directors are responsible forpreparing the half-yearly financial report in accordance with theDisclosure and Transparency Rules of the United Kingdom's FinancialServices Authority.As disclosed in Note 1, the annual financial statements of the groupare prepared in accordance with IFRSs as adopted by the EuropeanUnion. The condensed set of financial statements included in thishalf-yearly financial report has been prepared in accordance withInternational Accounting Standard 34, 'Interim Financial Reporting,'as adopted by the European Union.Our responsibilityOur responsibility is to express to the Company a conclusion on thecondensed set of financial statements in the half-yearly financialreport based on our review.Scope of reviewWe conducted our review in accordance with International Standard onReview Engagements (UK and Ireland) 2410, 'Review of InterimFinancial Information Performed by the Independent Auditor of theEntity' issued by the Auditing Practices Board for use in the UnitedKingdom. A review of interim financial information consists of makingenquiries, primarily of persons responsible for financial andaccounting matters, and applying analytical and other reviewprocedures. A review is substantially less in scope than an auditconducted in accordance with International Standards on Auditing (UKand Ireland) and consequently does not enable us to obtain assurancethat we would become aware of all significant matters that might beidentified in an audit. Accordingly, we do not express an auditopinion.ConclusionBased on our review, nothing has come to our attention that causes usto believe that the condensed set of financial statements in thehalf-yearly financial report for the six months ended 30 June 2009 isnot prepared, in all material respects, in accordance withInternational Accounting Standard 34 as adopted by the European Unionand the Disclosure and Transparency Rules of the United Kingdom'sFinancial Services Authority.GRANT THORNTON UK LLPCHARTERED ACCOUNTANTSLondon26th August 2009This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 26.08.2009 - 12:34 Uhr
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