TIDMATH
RNS Number : 5540X
ATH Resources plc
08 December 2010
+----------------------------------+----------------------------------+
| Press Release | 8 December 2010 |
+----------------------------------+----------------------------------+
ATH Resources plc
("ATH" or the "Group")
Preliminary Results
ATH Resources plc (AIM:ATH), one of the UK's largest coal producers, reports its
Preliminary Results for the year ended 3 October 2010.
Highlights
+------+-------------------------------------------------------------+
| · | Sale of ATH Regeneration assets in July 2010 generating |
| | initial proceeds of some GBP6.5 million |
+------+-------------------------------------------------------------+
| · | New executive team in place with the appointments of |
| | Alistair Black as Chief Executive and Andrew Weatherstone |
| | as Group Finance Director |
+------+-------------------------------------------------------------+
| · | Important planning consents during the year for Netherton |
| | and Duncanziemere adding 4.0 million tonnes to Reserves, |
| | taking Total Reserves to 8.6 million tonnes |
+------+-------------------------------------------------------------+
| · | Record level of Proved Reserves at 6.1 million tonnes, an |
| | increase of 1.4 million tonnes (30%) |
+------+-------------------------------------------------------------+
| · | Average selling price increased by 2.8% to GBP43.70 per |
| | tonne |
+------+-------------------------------------------------------------+
| · | A new Generator sales contract is being finalised which |
| | will further increase average prices |
+------+-------------------------------------------------------------+
| · | Net borrowings reduced by GBP4.9 million to GBP34.5 million |
+------+-------------------------------------------------------------+
| · | Sales increased to GBP78.3 million (2009: GBP77.5 million) |
+------+-------------------------------------------------------------+
| · | Operating profits from continuing operations of GBP7.0 |
| | million (2009: restated GBP9.0 million) |
+------+-------------------------------------------------------------+
| · | Profit before tax from continuing operations of GBP4.0 |
| | million / GBP2.4 million pre change in accounting policy |
| | (2009: GBP6.1 million / GBP8.1 million pre change in |
| | accounting policy) |
+------+-------------------------------------------------------------+
Commenting on the Preliminary Results, Alistair Black, Chief Executive of ATH,
said:
"During a difficult year, the Group disposed of the Regeneration business,
significantly reducing debt and enabling the management team to focus on its
core activities. The Group also increased its proved reserve base by 30% to
record levels. 2011 will see production commencing at two new mines at
Netherton and Duncanziemere which will form the cornerstone of the Group's
production for the next few years. Debt is expected to continue to reduce and,
over the medium to long term, reserves should increase further. The Group is
well positioned to deliver increasing returns to shareholders as the impact of
its legacy contracts reduces significantly during 2012."
- Ends -
For further information:
+------------------------------------+--------------------------+
| ATH Resources plc | |
+------------------------------------+--------------------------+
| David Port, Executive Chairman | Tel: +44 (0) 7836 693798 |
| Alistair Black, Chief Executive | Tel: +44 (0) 1302 760 |
| | 462 |
+------------------------------------+--------------------------+
| | www.ath.co.uk |
+------------------------------------+--------------------------+
+------------------------------------+--------------------------+
| Seymour Pierce Ltd | |
+------------------------------------+--------------------------+
| Sarah Jacobs / John Cowie | Tel: +44 (0) 207 107 |
| (Nominated Adviser) | 8000 |
+------------------------------------+--------------------------+
| Richard Redmayne / Katie Ratner | |
| (Broker) | |
+------------------------------------+--------------------------+
| | www.seymourpierce.com |
+------------------------------------+--------------------------+
Media enquiries:
+------------------------------------+--------------------------+
| Abchurch | |
+------------------------------------+--------------------------+
| Sarah Hollins / Mark Dixon | Tel: +44 (0) 207 398 |
| | 7729 |
+------------------------------------+--------------------------+
| mark.dixon@abchurch-group.com | www.abchurch-group.com |
+------------------------------------+--------------------------+
CHAIRMAN'S STATEMENT
Introduction
The financial year ended 3 October 2010 has been one of the most challenging in
the Group's history. The winter of 2009/10 began with significant levels of
rainfall which flooded parts of Cumbria and severely restricted production from
the Ayrshire mines. This was followed by some of the heaviest snowfall and
coldest winter temperatures of the past century which slowed production and
halted the Group's 12 kilometre conveyor, preventing the delivery of coal to
customers. These factors combined to produce a first half loss which the Group
did well to recover from during the summer months. Sales for the year as a
whole at 1.79 million tonnes were close to expectations, however the costs
associated with recovering the production lost in the first half of the year
were higher than expected.
Results summary
On sales of GBP78.3 million (2009: GBP77.5 million) operating profit of the
continuing activities totalled GBP7.0 million (2009: restated GBP9.0 million)
reflecting the difficult conditions outlined above. Following the publication
of a draft IFRIC Interpretation "Stripping Costs in the Production Phase of a
Surface Mine", the Board has reviewed its own accounting policies and has
decided that it would be appropriate to change the way it accounts for work in
progress particularly when opening up a new mine. The adoption of the new
policy has been dealt with as a prior year adjustment and resulted in a
cumulative write-off of work in progress of GBP5.3 million. Operating profits
have been reduced in 2009 by GBP2.0 million and increased in 2010 by GBP1.6
million. Further details of this change in accounting policy can be found in the
Financial Review.
Profit before tax for the continuing operations for the year was GBP4.0 million
(GBP2.4 million pre-change in accounting policy) compared with GBP6.1 million
for the prior year (GBP8.1 million pre-change in accounting policy). After
accounting for a loss on the disposal of the Group's Regeneration business, the
Group recorded a post tax loss for the year of GBP1.8 million, which compared
with a profit of GBP2.6 million for the previous year.
Net borrowings fell by GBP4.9 million to GBP34.5 million.
Disposal of ATH Regeneration
During the year, the Board reviewed the strategy of continuing to own and
operate the Group's Regeneration business. This business had not generated any
income since the completion of its Grimethorpe contract in 2008 and although ATH
Regeneration had recently been successful in securing planning for a new
contract at Langton, there was no certainty that there would be any further
contracts once this work had been completed.
Significant effort had also been made to secure business in Australia, Europe
and North America and whilst encouraging signals had been made by prospective
customers, no firm commitment or timetable had been forthcoming. It also became
apparent that the significant capital commitment necessary to develop this
business and the resultant cash flows would be unattractive to the Group and its
shareholders with no prospect of being able to maintain any meaningful dividend
policy during the development years. It was against this backdrop that the
Board decided that an offer from a European based private equity fund fronted by
Tom Allchurch, the Group's then Chief Executive and Steven Beaumont, the Group's
then Finance Director, to acquire the assets of the Regeneration business would
be in the best interests of the Group and its shareholders.
Initial sale proceeds of some GBP6.5 million together with an option to take a
further GBP2 million in respect of royalty payments in January 2011, plus the
prospect of realising GBP2.5 million from the disposal of land and buildings in
2014 and further royalties between 2014 and 2017 of a further maximum of GBP3
million made the greater certainty of this cash flow against the uncertainty of
continued ownership attractive. The Board has subsequently decided to exercise
this option.
Dividend
Two new sites at Netherton and Duncanziemere are scheduled to open in the
current financial year in order to replace production at the Samsiston site,
which ceased production in September 2010 and the Skares Road mine which is
anticipated to end in spring 2011. The cost of opening up these mines is
expected to be approximately GBP14 million and whilst the Group can manage this
cash requirement within its existing facilities, it was felt necessary to
maintain a margin of headroom to allow for any additional cash expenditure that
might follow any unexpected delays to its planned production. In the current
banking environment the Group felt it prudent to reduce the cash call from
paying its normal level of dividend in order to give the Group the maximum
amount of flexibility whilst these new mines are brought to full production.
The Board is therefore recommending a final dividend of 2.0 pence per share
(2009: 6.15 pence per share - this figure incorporated the deferred 2009 interim
dividend), payable on 28 January 2011, subject to approval by the members at the
Annual General Meeting to be held on 18 January 2011, to members on the share
register at 14 January 2011.
The Board
Following the sale of the Regeneration business, Tom Allchurch stepped down as
Chief Executive of the Group but remains a Non-Executive Director. After
ensuring a smooth transition, Tom Allchurch will stand down as a Director at the
forthcoming Annual General Meeting in January. Steven Beaumont left his role as
Group Finance Director at the end of the financial year. The Board would like
to thank them both for their considerable contribution to the development of the
Group and wish them every success with RecyCoal Limited in the future.
As part of the Board changes following the sale of the Regeneration assets, I
have taken on an Executive role for a transitional period and Alistair Black,
previously Group Operations Director, and who has been with the Group since
1998, has been promoted to the role of Chief Executive. In addition, on 4
October 2010 Andrew Weatherstone was appointed as Group Finance Director.
Andrew joins the Group from Chapelthorpe plc and brings with him a wealth of
experience in strategic, operational and corporate finance projects which will
be of great value to the Group going forward.
Ongoing Strategy
The business is now well positioned to concentrate its energies on maintaining
and developing its surface mining business as one of the leading producers of
coal in the UK.
Ongoing strategy will focus on:
· The replacement of below market legacy contracts with new sales contracts
at current market prices
· Increasing the Group's Proved and Probable Reserves
· Debt reduction
· Delivery of a progressive dividend policy
By selling the Group's Regeneration business, the Board has reduced the
volatility of the Group's earnings, removed the potential for a substantial cash
call that would have been necessary had the business expanded overseas, and
remains focused on ensuring it retains its position as one of the lowest cost
coal producers in the UK.
The investment in new mines and record levels of reserves give the Group the
ability to fulfil existing fixed price contracts in a controlled and effective
manner. There is now a sound platform on which to build growth, increase margins
and deliver shareholder value.
David Port
Executive Chairman
CHIEF EXECUTIVE'S STATEMENT
Review of the Period
The mining business continued to perform profitably for the period under review
in the face of very challenging conditions. However, the Group reported a loss
after tax of GBP1.8 million after allowing for a loss on disposal of the
Regeneration business. Cash generation was good with debt reduced by a further
GBP4.9 million in the period. Proved Reserves at the end of the year were at a
record level of 6.1 million tonnes, a 30% increase over the previous year.
Operational Review (continuing operations)
Revenue for the period was GBP78.3 million (2009: GBP77.5 million). This was in
spite of sales of 1.79 million tonnes from 1.82 million tonnes the previous
year. Average selling prices per tonne were up 2.8% at GBP43.70 per tonne
(2009: GBP42.50). Operating profits of GBP7.0 million were GBP2.0 million
(restated) lower than the previous year.
The year's performance was affected by a number of factors which led to lower
production levels and increased costs: in particular a very wet autumn followed
by heavy winter snows in East Ayrshire and disruption caused by delays in
obtaining the necessary permissions to divert a burn and electricity supply at
Muir Dean in Fife. In addition, unexpected geological conditions at
Glenmuckloch in East Ayrshire, which is approaching the end of its productive
life, resulted in a lowering of the estimate of remaining reserves by
approximately 50,000 tonnes and an accelerated write down of work in progress of
GBP0.7 million.
The second half of the year was marked by the deployment of additional manpower
and equipment necessary to recover production lost over the winter period. The
resultant increase in cost enabled contract commitments to be met and the
delivery of the year's sales of 1.79 million tonnes, given the half year
position, was a significant achievement. The Group's workforce endured some
very difficult and at times unpleasant conditions but displayed high levels of
skill and motivation to overcome the various challenges that arose during an
exceptional year.
Legacy Contracts
The Group's earnings remain suppressed by the continuing impact of supplying in
excess of 40% of total sales to the Electricity Supply Industry at contract
prices significantly below those available in the current market. The Group is
working hard to complete these contracts as quickly as possible but the first of
these legacy contracts will not be fulfilled until March 2012 with the second
finishing around September of the same year. Supply to legacy contracts
thereafter is anticipated to amount to no more than 15% of sales volumes in
2013.
However, the Group is in the process of finalising a new market price related
contract with a major Generator that will be supplied alongside an existing
fixed price contract. This will further increase the average sales price for
the Group.
Coal Reserves and Mine Development
2010 proved to be a very successful year for the Group's Development team marked
by a significant increase in the Group's Proved Reserves base. Planning
consents at Netherton, a site adjacent to our existing Skares Road site and
Duncanziemere, close to our previously mined site at Laigh Glenmuir, added a
total of 3.1 million tonnes to Proved Reserves, taking the total to in excess of
6 million tonnes. Both of these sites are planned to be developed during the
current financial year and will become the cornerstone of the Group's production
over the next four years. Investment in these two mines will be around GBP14
million with both sites commencing operations in 2011. This exceptional level of
capital expenditure will not be repeated in 2012.
Coal reserves at the end of the 2010 financial year:
+----------------+---------------+----------------+---------------+
| SITE | PROVED | PROBABLE | TOTAL |
| | Tonnes '000' | Tonnes '000' | Tonnes '000' |
+----------------+---------------+----------------+---------------+
| Skares Road | 200 | - | 200 |
+----------------+---------------+----------------+---------------+
| Netherton | 2300 | 900 | 3200 |
+----------------+---------------+----------------+---------------+
| Duncanziemere | 800 | - | 800 |
+----------------+---------------+----------------+---------------+
| Glenmuckloch | 430 | 500 | 930 |
+----------------+---------------+----------------+---------------+
| Muir Dean | 1270 | 1100 | 2370 |
+----------------+---------------+----------------+---------------+
| Rigg | 1100 | - | 1100 |
+----------------+---------------+----------------+---------------+
| | 6100 | 2500 | 8600 |
+----------------+---------------+----------------+---------------+
The information above, relating to exploration results, mineral resources or
mineral reserves is based upon information compiled by Mr Peter Morgan, a full
time employee of the Group, who is a Fellow of the Institute of Materials,
Minerals and Mining. Mr Morgan has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration. He has
reviewed and consents to the inclusion in this report of the matters based on
his information in the form and context in which they appear. A Glossary of
terms is available on our website - www.ath.co.uk.
Coal Prices
International coal prices rose steadily during the year and at the end of
November 2010 stood at around $110 per tonne (GBP70 per tonne). The Group's
selling price in 2010 averaged GBP43.70 per tonne, largely reflecting the impact
of the Group's legacy contracts. Forward market price indices indicate pricing
will continue to rise year on year.
Discontinued Operations
ATH Regeneration
The Group disposed of the assets and business of ATH Regeneration on 29 July
2010 for GBP6.5 million plus the opportunity to receive further additional
royalty payments until 2017. It also retained ownership of certain properties
at Pinxton in Derbyshire which the Group will be able to sell in 2014 for a
value expected to be around GBP2.5 million. During the financial year the
business had incurred losses of GBP1.6 million. The loss on sale of the business
including a write down in the value of goodwill amounted to GBP3.4 million.
The Group has decided to exercise its right to receive GBP2 million in royalties
in January 2011 in exchange for a reduction of GBP3 million in the total value
of royalties it may have otherwise received over the next seven years
Health and Safety
The Board understands the potentially hazardous nature of the work undertaken in
the Group's operations and takes very seriously its responsibilities for health
and safety.
The Group has a dedicated Health and Safety Manager and all operational sites
have a mine manager who has the necessary qualifications and competence to
manage operations safely. Employees are regularly trained in the Group's
processes with 85% of our workforce attaining grade NVQ Level 2, delivered by
our own accredited training centre.
This commitment to competence throughout the Group was a key factor in gaining
both a RoSPA Gold Award and OHSAS accreditation from BSI for health and safety
standards in 2010 - a truly excellent achievement.
Staff
The Group also recognises the critical importance of its employees in the
continual growth and success of the business. The Group employs over 330
skilled, innovative and highly motivated people and continuous development is
delivered through structured and targeted training programmes.
The Board would like to join me in thanking our people for all of the efforts
they have made during a very challenging year and for the commitment that they
continue to demonstrate.
Summary
During a difficult year, the Group disposed of the Regeneration business,
significantly reducing debt and enabling the management team to focus on its
core activities. The Group also increased its proved reserve base by 30% to
record levels. 2011 will see production commencing at two new mines at
Netherton and Duncanziemere which will form the cornerstone of the Group's
production for the next few years. Debt is expected to continue to reduce and,
over the medium to long term, reserves should increase further. The Group is
well positioned to deliver increasing returns to shareholders as the impact of
its legacy contracts reduces significantly during 2012.
Alistair Black
Chief Executive
Financial Review
Results
The consolidated financial statements for the Group which are prepared in
accordance with International Financial Reporting Standards ('IFRS') are
presented for the 52 week period ended 3 October 2010 compared to the 53 week
period to 4 October 2009.
The Group was required to adopt IFRS8 'Segmental Reporting' for this accounting
period. IFRS8 requires operating segments to be identified on the basis of
internal reports concerning the components of the Group that are regularly
reviewed by the Board of Directors of the Group. There is no substantial change
for the Group and the Group's reportable segment will continue to be that of
Surface Mining.
The Group disposed of the assets of its Regeneration business on 29 July 2010.
Consequently, the Financial Statements identify the results of this business as
a discontinued operation in the current and comparative year.
During the period, the Group has also reviewed its accounting policy in respect
of work in progress and the recognition of costs of production and has adopted a
more appropriate policy. This change in policy has been dealt with as a prior
year adjustment and accordingly the results for the period ended 4 October 2009
have been restated.
Performance (Continuing Operations)
The Group's sales for the year increased by GBP0.8 million to GBP78.3 million
(2009: GBP77.5 million) on volumes of 1.79 million tonnes (2009: 1.82 million
tonnes).
The average coal price per tonne rose by 2.8% to GBP43.70 per tonne (2009:
GBP42.50 per tonne) despite the market price of coal rising by 30% to GBP59 per
tonne at the end of September 2010. This highlights the continuing impact of
the Group's below market price legacy contracts.
Operating profits for the period fell by GBP2.0 million to GBP7.0 million (2009
restated: GBP9.0 million), principally as a result of the unprecedented weather
conditions over the autumn and winter months. In addition, the cost of gas oil,
a major part of the operational cost base was on average two pence per litre
higher in 2010.
Prior Year Adjustment
Following the publication of a draft IFRIC Interpretation "Stripping Costs in
the Production Phases of a Surface Mine", the Board undertook a review of its
own accounting policies and decided to implement a change in the way it accounts
for work in progress (deferred stripping costs).
These costs are charged to the income statement at a constant rate where the
ratio of overburden to coal is expected to be constant throughout the estimated
life of the mine. However, when the ratio of overburden to coal is not expected
to be constant, stripping costs are deferred.
The previous policy compared the actual ratio for the current year with the
expected average ratio over the mine in accordance with the mine plan. Higher
than average stripping costs were then deferred and included in inventories.
When a new phase or extension to the existing mine was identified, the average
ratio for the whole site would be adjusted for the impact of this new phase.
Where the expected ratio of the new extension was lower than the mine's existing
average ratio, this policy increased the level of costs being deferred.
The new policy adopted by the Board is still based upon the methodology
described above with the exception that each phase or extension to the mine is
now evaluated individually. The Board considers this basis to provide a more
accurate method of recognising costs of production.
The effect of the change in policy on the financial year's ended 2009 and 2010
is summarised below.
+-----------------------------------------+--+------------+----------+---------+
| Profit and loss account | | 2010 | | 2009 |
| | | GBP000 | | GBP000 |
+-----------------------------------------+--+------------+----------+---------+
| Profit before tax - continuing | | 2,424 | | 8,135 |
| operations | | | | |
+-----------------------------------------+--+------------+----------+---------+
| Impact of change of Accounting policy | | 1,564 | | (1,997) |
+-----------------------------------------+--+------------+----------+---------+
| | | | | |
+-----------------------------------------+--+------------+----------+---------+
| Profit before tax-continuing operations | | 3,988 | | 6,138 |
| as reported | | | | |
+-----------------------------------------+--+------------+----------+---------+
| Tax | | (1,022) | | (2,549) |
+-----------------------------------------+--+------------+----------+---------+
| Tax impact of change of Accounting | | (439) | | 558 |
| policy | | | | |
+-----------------------------------------+--+------------+----------+---------+
| Profit after taxation - continuing | | 2,527 | | 4,147 |
| operations | | | | |
+-----------------------------------------+--+------------+----------+---------+
+-----------------------------------------+--+------------+----------+---------+
| | | 2010 | | 2009 |
| | | GBP000 | | GBP000 |
+-----------------------------------------+--+------------+----------+---------+
| Net assets | | 31,496 | | 37,181 |
+-----------------------------------------+--+------------+----------+---------+
| Cumulative impact of change of policy | | (5,271) | | (6,835) |
+-----------------------------------------+--+------------+----------+---------+
| Tax thereon | | 1,475 | | 1,914 |
+-----------------------------------------+--+------------+----------+---------+
| Net assets as reported | | 27,700 | | 32,260 |
+-----------------------------------------+--+------------+----------+---------+
Discontinued Operations
The Group sold the assets of its Regeneration business to RecyCoal Limited on 29
July 2010 for a cash consideration of GBP6.5 million. This resulted in a loss on
disposal of GBP1.1 million and a write down of GBP2.3 million in the value of
goodwill. This business had generated a loss up to the date of disposal of
GBP1.6 million (2009: GBP2.4 million).
The Group has entered into a technology licence arrangement with RecyCoal which
entitles the Group to future royalties. The Group is continuing to recognise
GBP4 million of goodwill, based upon the expectation of receiving these
royalties.
Earnings and Dividends per share
Earnings per share in respect of continuing operations were 6.3p (2009:10.3p).
After accounting for the loss on the sale of the Regeneration business the Group
recorded a loss per share of 4.4p (2009: earnings 6.5p). The Board is
recommending a final dividend of 2p per share which together with the interim
dividend of 1p per share will total 3p per share and will be covered 2.1 times
by earnings from continuing operations. Based on the year end price of 59.5p
per share, the total dividend represents a yield of 5.0%.
Taxation
The rate of tax on continuing operations is 31.3%. However, an adjustment in
respect of the prior year has increased the effective rate to 36.6%.
Cash flow and borrowings
Overall net borrowings reduced by GBP4.9 million to GBP34.5 million. This is
GBP10 million lower than its peak three years ago.
Capital expenditure amounted to GBP7.3 million in the year, representing just
over 0.5 times depreciation. Financing costs of GBP3.0 million included net
bank interest payable of GBP1.0 million which equated to an effective interest
rate of 5%.
The Group is committed to a hedge against rises in future interest rates in
respect of GBP17.5 million of its borrowings and at the end of the period there
was an unrealised loss in respect of this hedge amounting to GBP0.36 million.
Hire purchase interest of GBP1.0 million represents an effective rate of 6%.
The Group entered into a new three year GBP30 million revolving credit facility
in November 2009, which was reduced to GBP23.5 million following the sale of the
Group's Regeneration business assets in July 2010. Under the terms of the
facility, the amount available increases to GBP24.5 million for the period from
January 2011 to July 2011 and then reduces back to GBP23.5 million. A further
reduction is scheduled to GBP18.5 million on the second anniversary of the
facility in November 2011.
Andrew Weatherstone
Group Finance Director
Consolidated Income Statement
For the year ended 3 October 2010
+------------------------------------------------+--------+----------+----------+
| | | | Restated |
| | | 2010 | 2009 |
+------------------------------------------------+--------+----------+----------+
| | Notes | GBP000 | GBP000 |
+------------------------------------------------+--------+----------+----------+
| Continuing Operations | | 78,307 | 77,465 |
| Revenue | | | |
+------------------------------------------------+--------+----------+----------+
| Cost of sales | | (62,520) | (59,474) |
+------------------------------------------------+--------+----------+----------+
| Gross profit | | 15,787 | 17,991 |
+------------------------------------------------+--------+----------+----------+
| Other operating income | | 73 | 21 |
+------------------------------------------------+--------+----------+----------+
| Administrative expenses | | (8,906) | (9,007) |
+------------------------------------------------+--------+----------+----------+
| Operating profit | | 6,954 | 9,005 |
+------------------------------------------------+--------+----------+----------+
| Finance costs | | (2,966) | (2,867) |
+------------------------------------------------+--------+----------+----------+
| Profit before taxation | | 3,988 | 6,138 |
+------------------------------------------------+--------+----------+----------+
| Tax expense | | (1,461) | (1,991) |
+------------------------------------------------+--------+----------+----------+
| Profit for the year from continuing operations | | 2,527 | 4,147 |
+------------------------------------------------+--------+----------+----------+
| Discontinued operations | | | |
+------------------------------------------------+--------+----------+----------+
| Loss for the year from discontinued operations | 4 | (4,294) | (1,558) |
+------------------------------------------------+--------+----------+----------+
| (Loss)/profit for the year attributable to | | (1,767) | 2,589 |
| ordinary shareholders | | | |
+------------------------------------------------+--------+----------+----------+
| (Loss)/earnings per share | | | |
+------------------------------------------------+--------+----------+----------+
| From continuing and discontinued operations | | | |
+------------------------------------------------+--------+----------+----------+
| Basic | 5 | (4.4)p | 6.5p |
+------------------------------------------------+--------+----------+----------+
| Diluted | 5 | (4.4)p | 6.5p |
+------------------------------------------------+--------+----------+----------+
| From continuing operations | | | |
+------------------------------------------------+--------+----------+----------+
| Basic | 5 | 6.3p | 10.3p |
+------------------------------------------------+--------+----------+----------+
| Diluted | 5 | 6.2p | 10.3p |
+------------------------------------------------+--------+----------+----------+
There is no income or expense other than as stated in the consolidated income
statement.
Consolidated Balance Sheet
As at 3 October 2010
Company number: 4928463
+-------------------------------------+--------+--------------+----------+----------+
| | | | Restated | Restated |
+-------------------------------------+--------+--------------+----------+----------+
| | | 2010 | 2009 | 2008 |
+-------------------------------------+--------+--------------+----------+----------+
| | Notes | GBP000 | GBP000 | GBP000 |
+-------------------------------------+--------+--------------+----------+----------+
| ASSETS | | | | |
+-------------------------------------+--------+--------------+----------+----------+
| Non-current assets | | | | |
+-------------------------------------+--------+--------------+----------+----------+
| Intangible assets | | 5,413 | 7,657 | 7,657 |
+-------------------------------------+--------+--------------+----------+----------+
| Property, plant and equipment | | 67,097 | 78,661 | 83,458 |
+-------------------------------------+--------+--------------+----------+----------+
| | | 72,510 | 86,318 | 91,115 |
+-------------------------------------+--------+--------------+----------+----------+
| Current assets | | | | |
+-------------------------------------+--------+--------------+----------+----------+
| Inventories | | 11,925 | 12,790 | 10,129 |
+-------------------------------------+--------+--------------+----------+----------+
| Trade and other receivables | | 11,257 | 9,621 | 11,133 |
+-------------------------------------+--------+--------------+----------+----------+
| Cash and cash equivalents | | 2,353 | 370 | 1,207 |
+-------------------------------------+--------+--------------+----------+----------+
| | | 25,535 | 22,781 | 22,469 |
+-------------------------------------+--------+--------------+----------+----------+
| Total assets | | 98,045 | 109,099 | 113,584 |
+-------------------------------------+--------+--------------+----------+----------+
| LIABILITIES | | | | |
+-------------------------------------+--------+--------------+----------+----------+
| Current liabilities | | | | |
+-------------------------------------+--------+--------------+----------+----------+
| Trade and other payables | | (11,227) | (13,668) | (14,899) |
+-------------------------------------+--------+--------------+----------+----------+
| Tax liabilities | | (407) | (319) | (87) |
+-------------------------------------+--------+--------------+----------+----------+
| Financial liabilities | 7 | (6,335) | (19,374) | (14,649) |
+-------------------------------------+--------+--------------+----------+----------+
| Final void provision | | (2,315) | (3,337) | (1,811) |
+-------------------------------------+--------+--------------+----------+----------+
| | | (20,284) | (36,698) | (31,446) |
+-------------------------------------+--------+--------------+----------+----------+
| Non-current liabilities | | | | |
+-------------------------------------+--------+--------------+----------+----------+
| Financial liabilities | 7 | (30,309) | (20,346) | (31,810) |
+-------------------------------------+--------+--------------+----------+----------+
| Final void provision | | (16,498) | (15,123) | (15,018) |
+-------------------------------------+--------+--------------+----------+----------+
| Deferred tax liabilities | | (3,254) | (4,334) | (4,208) |
+-------------------------------------+--------+--------------+----------+----------+
| Other provisions | | - | (338) | (338) |
+-------------------------------------+--------+--------------+----------+----------+
| | | (50,061) | (40,141) | (51,374) |
+-------------------------------------+--------+--------------+----------+----------+
| Total liabilities | | (70,345) | (76,839) | (82,820) |
+-------------------------------------+--------+--------------+----------+----------+
| Net assets | | 27,700 | 32,260 | 30,764 |
+-------------------------------------+--------+--------------+----------+----------+
| EQUITY | | | | |
+-------------------------------------+--------+--------------+----------+----------+
| Share capital | | 200 | 200 | 200 |
+-------------------------------------+--------+--------------+----------+----------+
| Share premium | | 27,855 | 27,855 | 27,855 |
+-------------------------------------+--------+--------------+----------+----------+
| Retained earnings | | (355) | 4,205 | 2,709 |
+-------------------------------------+--------+--------------+----------+----------+
| Total equity | | 27,700 | 32,260 | 30,764 |
+-------------------------------------+--------+--------------+----------+----------+
The financial statements were approved by the Board of Directors and authorised
for issue on 7 December 2010 and are signed on its behalf by:
AP Weatherstone
Group Finance Director and Company Secretary
Consolidated Cash Flow Statement
For the year ended 3 October 2010
+------------------------------------------------+--------+----------+----------+
| | | | Restated |
+------------------------------------------------+--------+----------+----------+
| | | 2010 | 2009 |
+------------------------------------------------+--------+----------+----------+
| | Notes | GBP000 | GBP000 |
+------------------------------------------------+--------+----------+----------+
| Cash flows from operating activities | | | |
+------------------------------------------------+--------+----------+----------+
| Cash generated from operations | 6 | 12,736 | 17,777 |
+------------------------------------------------+--------+----------+----------+
| Interest paid | | (2,058) | (2,546) |
+------------------------------------------------+--------+----------+----------+
| Tax paid | | (1,806) | (813) |
+------------------------------------------------+--------+----------+----------+
| Net cash from operating activities | | 8,872 | 14,418 |
+------------------------------------------------+--------+----------+----------+
| Cash flows from investing activities | | | |
+------------------------------------------------+--------+----------+----------+
| Proceeds from sale of property, plant and | | 438 | 20 |
| equipment | | | |
+------------------------------------------------+--------+----------+----------+
| Net proceeds from sale of ATH Regeneration | | 6,258 | - |
| assets | | | |
+------------------------------------------------+--------+----------+----------+
| Interest received | | - | 3 |
+------------------------------------------------+--------+----------+----------+
| Purchases of property, plant and equipment | | (7,288) | (7,252) |
+------------------------------------------------+--------+----------+----------+
| Net cash used in investing activities | | (592) | (7,229) |
+------------------------------------------------+--------+----------+----------+
| Cash flows from financing activities | | | |
+------------------------------------------------+--------+----------+----------+
| Dividends paid | | (2,865) | (1,058) |
+------------------------------------------------+--------+----------+----------+
| Repayment of borrowings | | (14,335) | (5,344) |
+------------------------------------------------+--------+----------+----------+
| Payment of finance lease liabilities | | (11,247) | (9,938) |
+------------------------------------------------+--------+----------+----------+
| New asset-backed finance raised | | 8,501 | 2,725 |
+------------------------------------------------+--------+----------+----------+
| Drawings from new revolving credit facility | | 19,238 | - |
+------------------------------------------------+--------+----------+----------+
| Net cash used in financing activities | | (708) | (13,615) |
+------------------------------------------------+--------+----------+----------+
| Net increase/(decrease) in cash and cash | | 7,572 | (6,426) |
| equivalents | | | |
+------------------------------------------------+--------+----------+----------+
| Cash and cash equivalents at beginning of | | (5,219) | 1,207 |
| period | | | |
+------------------------------------------------+--------+----------+----------+
| Cash and cash equivalents at end of period | 6 | 2,353 | (5,219) |
+------------------------------------------------+--------+----------+----------+
1. Basis of accounting
The financial statements have been prepared in accordance with IFRS. The
financial statements have also been prepared in accordance with IFRS adopted by
the EU and therefore these financial statements comply with Article 4 of the EU
IAS Regulation.
The financial statements have been prepared on the historical cost basis, except
for the revaluation of certain financial instruments which are carried at fair
value.
2. Accounting period
The Company has drawn up its accounts for the 52 week period to 3 October 2010
(53 week period to 4 October 2009).
3. Change in accounting policy
During the year, the Group changed its policy in respect of work in progress. As
described in the Financial Review, the Board adopted a policy that evaluates the
amount of work in progress on an individual site or site extension basis rather
than treating a mine and all its extensions as a single entity.
The impact of the change in accounting policy on the consolidated financial
statements is set out below. At the end of the 2010 financial year, the
cumulative net impact is to reduce the carrying value of work in progress by
GBP5,271,000. This adjustment arises due to the impact of the treatment of
significant extensions at the Group's surface mines as separate phases rather
than averaging the ratio of overburden to coal over the whole site including
extensions. The change in accounting policy has no impact on the results or the
loss on disposal of the discontinued operations.
As a result of the above change in accounting policy, comparative figures have
been re-stated:
+-----------------+------------+-------------+----------+------------+-------------+----------+
| | 2010 | 2009 |
+-----------------+-------------------------------------+-------------------------------------+
| | Pre-policy | Application | Restated | Previously | Application | Restated |
| | change | of | now | reported | of | now |
| | | new policy | reported | | new policy | reported |
+-----------------+------------+-------------+----------+------------+-------------+----------+
| Income | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
| statement | | | | | | |
+-----------------+------------+-------------+----------+------------+-------------+----------+
| Cost of sales | (64,084) | 1,564 | (62,520) | (57,477) | (1,997) | (59,474) |
+-----------------+------------+-------------+----------+------------+-------------+----------+
| Taxation - | (1,022) | (439) | (1,461) | (2,549) | 558 | (1,991) |
| current tax | | | | | | |
+-----------------+------------+-------------+----------+------------+-------------+----------+
| Profit for the | 1,402 | 1,125 | 2,527 | 5,586 | (1,439) | 4,147 |
| year from | | | | | | |
| continuing | | | | | | |
| operations | | | | | | |
+-----------------+------------+-------------+----------+------------+-------------+----------+
The impact on the balance sheet and cash flows for 2009 and 2008 are set out
below:
+--------------------+------------+-------------+----------+-------------+-------------+----------+
| | 2009 | 2008 |
+--------------------+-------------------------------------+--------------------------------------+
| | Previously | Application | Restated | Previously | Application | Restated |
| | reported | of new | now | reported | of new | now |
| | | policy | reported | | policy | reported |
+--------------------+------------+-------------+----------+-------------+-------------+----------+
| Balance sheet | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+--------------------+------------+-------------+----------+-------------+-------------+----------+
| Current assets | | | | | | |
+--------------------+------------+-------------+----------+-------------+-------------+----------+
| Inventories | 19,626 | (6,836) | 12,790 | 14,967 | (4,838) | 10,129 |
+--------------------+------------+-------------+----------+-------------+-------------+----------+
| Current | | | | | | |
| Liabilities | | | | | | |
+--------------------+------------+-------------+----------+-------------+-------------+----------+
| Tax liabilities | (2,234) | 1,915 | (319) | (1,443) | 1,356 | (87) |
+--------------------+------------+-------------+----------+-------------+-------------+----------+
| Shareholders | | | | | | |
| equity | | | | | | |
+--------------------+------------+-------------+----------+-------------+-------------+----------+
| Retained earnings | | | | | | |
+--------------------+------------+-------------+----------+-------------+-------------+----------+
| Brought forward | 4,509 | (1,800) | 2,709 | 4,341 | - | 4,341 |
+--------------------+------------+-------------+----------+-------------+-------------+----------+
| Profit for the | 4,028 | (1,439) | 2,589 | 6,130 | (3,482) | 2,648 |
| year | | | | | | |
+--------------------+------------+-------------+----------+-------------+-------------+----------+
| Carried forward | 7,479 | (3,274) | 4,205 | 6,191 | (3,482) | 2,709 |
+--------------------+------------+-------------+----------+-------------+-------------+----------+
+---------------------+------------+-------------+----------+------------+-------------+----------+
| | 2009 | 2008 |
+---------------------+-------------------------------------+-------------------------------------+
| | Previously | Application | Restated | Previously | Application | Restated |
| | reported | of new | now | reported | of new | now |
| | | policy | reported | | policy | reported |
+---------------------+------------+-------------+----------+------------+-------------+----------+
| Cash flow | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
| statement | | | | | | |
+---------------------+------------+-------------+----------+------------+-------------+----------+
| Cash generated | | | | | | |
| from operations | | | | | | |
+---------------------+------------+-------------+----------+------------+-------------+----------+
| Profit before tax | 5,759 | (1,997) | 3,762 | 9,008 | (4,838) | 4,170 |
+---------------------+------------+-------------+----------+------------+-------------+----------+
| Decrease(/increase) | (4,659) | 1,997 | (2,662) | (7,174) | 4,838 | (2,336) |
| in inventories | | | | | | |
+---------------------+------------+-------------+----------+------------+-------------+----------+
Reported profit before tax is for continuing and discontinued operations.
4. Discontinued operations
On 29 July 2010, the Group disposed of the business assets of ATH Regeneration
Limited which specialised in the recovery of coal through the washing of
redundant coal tips and its subsequent sale to UK electricity generators.
The disposal was to a newly formed company, RecyCoal Limited, which is funded by
a European based private equity fund.
The consideration received for the assets is GBP6.5 million, resulting in a loss
on disposal of GBP1.1 million together with an associated write off of goodwill
of GBP2.3 million.
The Group has entered into a license agreement with RecyCoal Limited to
exclusively licence the intellectual property of the unique coal processing
technology, ownership of which is retained within the Group.
Analysis of the loss for the year from discontinued operations
+-----------------------------------------------------+---------+---------+
| | 2010 | 2009 |
+-----------------------------------------------------+---------+---------+
| | GBP000 | GBP000 |
+-----------------------------------------------------+---------+---------+
| Revenue | - | - |
+-----------------------------------------------------+---------+---------+
| Other operating income | 11 | 88 |
+-----------------------------------------------------+---------+---------+
| Expenses | (1,573) | (2,464) |
+-----------------------------------------------------+---------+---------+
| Loss on sale of business assets | (1,136) | - |
+-----------------------------------------------------+---------+---------+
| Goodwill amortisation associated with the disposal | (2,244) | - |
+-----------------------------------------------------+---------+---------+
| Loss before tax | (4,942) | (2,376) |
+-----------------------------------------------------+---------+---------+
| Attributable tax expense | 648 | 818 |
+-----------------------------------------------------+---------+---------+
| Loss for the year attributable to discontinued | (4,294) | (1,558) |
| operations | | |
+-----------------------------------------------------+---------+---------+
+-----------------------------------------------------+---------+---------+
| | 2010 | 2009 |
+-----------------------------------------------------+---------+---------+
| | GBP000 | GBP000 |
+-----------------------------------------------------+---------+---------+
| Cash flows from discontinued operations | | |
+-----------------------------------------------------+---------+---------+
| Net cash outflows from operating activities | (5,455) | (2,779) |
+-----------------------------------------------------+---------+---------+
| Net cash flows from investing activities | 3,015 | (1,020) |
+-----------------------------------------------------+---------+---------+
| Net cash flows from financing activities | (426) | (293) |
+-----------------------------------------------------+---------+---------+
| Net cash flows | (2,866) | (4,092) |
+-----------------------------------------------------+---------+---------+
The net proceeds and the loss on disposal of the business assets were:
+-----------------------------------------------------+---------+---------+
| | | 2010 |
+-----------------------------------------------------+---------+---------+
| | | GBP000 |
+-----------------------------------------------------+---------+---------+
| Consideration | | |
+-----------------------------------------------------+---------+---------+
| Cash consideration received | | 6,518 |
+-----------------------------------------------------+---------+---------+
| Net assets and liabilities disposed | | |
+-----------------------------------------------------+---------+---------+
| Assets | | |
+-----------------------------------------------------+---------+---------+
| Property, plant and equipment | | 6,975 |
+-----------------------------------------------------+---------+---------+
| Inventories | | 662 |
+-----------------------------------------------------+---------+---------+
| Net assets disposed | | 7,637 |
+-----------------------------------------------------+---------+---------+
+-----------------------------------------------------+---------+---------+
| | | 2010 |
+-----------------------------------------------------+---------+---------+
| Loss on disposal of assets | | GBP000 |
+-----------------------------------------------------+---------+---------+
| Consideration received | | 6,518 |
+-----------------------------------------------------+---------+---------+
| Net assets disposed | | (7,637) |
+-----------------------------------------------------+---------+---------+
| Release of deferred consideration provision | | 338 |
+-----------------------------------------------------+---------+---------+
| Costs associated with the disposal | | (355) |
+-----------------------------------------------------+---------+---------+
| | | (1,136) |
+-----------------------------------------------------+---------+---------+
| Goodwill amortisation associated with the disposal | | (2,244) |
+-----------------------------------------------------+---------+---------+
| Loss on disposal of business assets | | (3,380) |
+-----------------------------------------------------+---------+---------+
5. Earnings per share
Basic and diluted earnings per share.
The earnings and weighted average number of ordinary shares used in the
calculation of basic and diluted earnings per share are as follows:
+-----------------------------------------------------+---------+---------+
| | 2010 | 2009 |
+-----------------------------------------------------+---------+---------+
| | GBP000 | GBP000 |
+-----------------------------------------------------+---------+---------+
| (Loss)/profit for the year used in the calculation | (1,767) | 2,589 |
| of basic and diluted earnings per share | | |
+-----------------------------------------------------+---------+---------+
| Loss for the year from discontinued operations | 4,294 | 1,558 |
+-----------------------------------------------------+---------+---------+
| Earnings used in the calculation of basic and | 2,527 | 4,147 |
| diluted earnings per share from continuing | | |
| operations | | |
+-----------------------------------------------------+---------+---------+
The weighted number of ordinary shares used in the calculation of basic and
diluted earnings per share on continuing operations only are as follows:
+-----------------------------------------------------+---------+---------+
| | Number | Number |
+-----------------------------------------------------+---------+---------+
| | 000 | 000 |
+-----------------------------------------------------+---------+---------+
| Weighted number of ordinary shares for the purpose | 40,075 | 40,075 |
| of basic earnings per share | | |
+-----------------------------------------------------+---------+---------+
| Effect of dilutive potential ordinary shares from | 875 | - |
| share options | | |
+-----------------------------------------------------+---------+---------+
| Weighted number of ordinary shares for the purpose | 40,950 | 40,075 |
| of diluted earnings per share | | |
+-----------------------------------------------------+---------+---------+
There are no potential dilutive ordinary shares on continuing and discontinued
operations.
Impact of changes in accounting policies
The changes in the Group accounting policy in respect of Work in Progress has
had an impact on the reported results and reported earnings per share in 2009
and 2010. The impact on reported basic and diluted earnings per share is as
follows:
+-------------------------------+--------+---------+-------+-------+-------+-------+
| | Effect on | Effect on | Effect on |
| | profit for the | basic | diluted |
| | year | earnings per | earnings per |
| | | share | share |
+-------------------------------+------------------+---------------+---------------+
| | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 |
+-------------------------------+--------+---------+-------+-------+-------+-------+
| | GBP000 | GBP000 | pence | pence | pence | pence |
| | | | per | per | per | per |
| | | | share | share | share | share |
+-------------------------------+--------+---------+-------+-------+-------+-------+
| Change in Work in Progress | | | | | | |
| accounting policy | | | | | | |
+-------------------------------+--------+---------+-------+-------+-------+-------+
| On profit for the year on | 1,125 | (1,439) | 2.8 | (3.6) | 2.7 | (3.6) |
| continuing operations | | | | | | |
+-------------------------------+--------+---------+-------+-------+-------+-------+
| On profit for the year on | 1,125 | (1,439) | 2.8 | (3.6) | 2.7 | (3.6) |
| continuing and discontinued | | | | | | |
| operations | | | | | | |
+-------------------------------+--------+---------+-------+-------+-------+-------+
6. Cash generated from operations
+-----------------------------------------------------+-----------+----------+
| | | Restated |
+-----------------------------------------------------+-----------+----------+
| | 2010 | 2009 |
+-----------------------------------------------------+-----------+----------+
| | GBP000 | GBP000 |
+-----------------------------------------------------+-----------+----------+
| Profit before tax for continuing operations | 3,988 | 6,138 |
+-----------------------------------------------------+-----------+----------+
| Profit before tax for discontinued operation | (4,942) | (2,376) |
+-----------------------------------------------------+-----------+----------+
| Adjustments for: | | |
+-----------------------------------------------------+-----------+----------+
| Finance costs | 2,966 | 2,867 |
+-----------------------------------------------------+-----------+----------+
| Depreciation of property, plant and equipment | 13,758 | 15,464 |
+-----------------------------------------------------+-----------+----------+
| Loss on disposal of fixed assets | 3,380 | 22 |
+-----------------------------------------------------+-----------+----------+
| Share-based payment expense/(credit) | 72 | (35) |
+-----------------------------------------------------+-----------+----------+
| Operating cash flows before movements in working | 19,222 | 22,080 |
| capital | | |
+-----------------------------------------------------+-----------+----------+
| Decrease/(increase) in inventories | 203 | (2,661) |
+-----------------------------------------------------+-----------+----------+
| (Increase)/decrease in receivables | (1,636) | 1,512 |
+-----------------------------------------------------+-----------+----------+
| Decrease in payables and provisions | (5,053) | (3,154) |
+-----------------------------------------------------+-----------+----------+
| Cash generated from operations | 12,736 | 17,777 |
+-----------------------------------------------------+-----------+----------+
+-------------------------------------+--+-------------+----------+-------------+
| Analysis of net debt | | 4 | Net | 3 October |
| | | October | cash | 2010 |
| | | 2009 | flow | GBP000 |
| | | | GBP000 | |
| | | GBP000 | | |
+-------------------------------------+--+-------------+----------+-------------+
| Cash at bank and in hand | | 370 | 1,983 | 2,353 |
+-------------------------------------+--+-------------+----------+-------------+
| Overdrafts and short-term | | (5,589) | 5,589 | - |
| facilities | | | | |
+-------------------------------------+--+-------------+----------+-------------+
| | | (5,219) | 7,572 | 2,353 |
+-------------------------------------+--+-------------+----------+-------------+
| Debt due after one year | | (20,346) | (10,330) | (30,676) |
+-------------------------------------+--+-------------+----------+-------------+
| Debt due within one year | | (13,785) | 7,610 | (6,175) |
+-------------------------------------+--+-------------+----------+-------------+
| | | (34,131) | (2,720) | (36,851) |
+-------------------------------------+--+-------------+----------+-------------+
| Total | | (39,350) | 4,852 | (34,498) |
+-------------------------------------+--+-------------+----------+-------------+
7. Financial liabilities
+-----------------------------------------------+---------+---------+--------+
| | 2010 | 2009 | 2008 |
+-----------------------------------------------+---------+---------+--------+
| Current | GBP000 | GBP000 | GBP000 |
+-----------------------------------------------+---------+---------+--------+
| Bank overdraft | - | 5,589 | - |
+-----------------------------------------------+---------+---------+--------+
| Bank loans | - | 5,992 | 5,317 |
+-----------------------------------------------+---------+---------+--------+
| Obligations under finance leases and hire | 6,175 | 7,793 | 9,332 |
| purchase contracts | | | |
+-----------------------------------------------+---------+---------+--------+
| Derivative financial instruments | 160 | - | - |
+-----------------------------------------------+---------+---------+--------+
| | 6,335 | 19,374 | 14,649 |
+-----------------------------------------------+---------+---------+--------+
| | | | |
+-----------------------------------------------+---------+---------+--------+
+-----------------------------------------------+---------+---------+--------+
| | 2010 | 2009 | 2008 |
+-----------------------------------------------+---------+---------+--------+
| Non-current | GBP000 | GBP000 | GBP000 |
+-----------------------------------------------+---------+---------+--------+
| Bank loans | - | 8,542 | 14,560 |
+-----------------------------------------------+---------+---------+--------+
| Drawings under revolving credit facility | 20,000 | - | - |
+-----------------------------------------------+---------+---------+--------+
| Obligations under finance leases and hire | 10,676 | 11,804 | 17,250 |
| purchase contracts | | | |
+-----------------------------------------------+---------+---------+--------+
| Derivative financial instruments | 197 | - | - |
+-----------------------------------------------+---------+---------+--------+
| | 30,873 | 20,346 | 31,810 |
+-----------------------------------------------+---------+---------+--------+
| Unamortised costs of borrowings | (564) | - | - |
+-----------------------------------------------+---------+---------+--------+
| | 30,309 | 20,346 | 31,810 |
+-----------------------------------------------+---------+---------+--------+
8. Consolidated statement on the changes of equity
For the year ended 3 October 2010
+-------------------------+--------+---------+---------+----------+---------------+
| | | Called | Share | Retained | Total |
| | | up | premium | earnings | equity |
| | | share | account | | shareholders' |
| | | capital | | | funds |
+-------------------------+--------+---------+---------+----------+---------------+
| | | GBP000 | GBP000 | GBP000 | GBP000 |
+-------------------------+--------+---------+---------+----------+---------------+
| At 28 September 2008 | | 200 | 27,855 | 6,191 | 34,246 |
+-------------------------+--------+---------+---------+----------+---------------+
| Effect of change in | | - | - | (3,482) | |
| accounting policy for | | | | | (3,482) |
| work in progress | | | | | |
+-------------------------+--------+---------+---------+----------+---------------+
| At 28 September 2008 - | | 200 | 27,855 | 2,709 | 30,764 |
| restated | | | | | |
+-------------------------+--------+---------+---------+----------+---------------+
| Profit for the year | | - | - | 2,589 | 2,589 |
+-------------------------+--------+---------+---------+----------+---------------+
| Other comprehensive | | - | - | - | - |
| income for the year | | | | | |
+-------------------------+--------+---------+---------+----------+---------------+
| Total comprehensive | | - | - | 2,589 | 2,589 |
| income for the year | | | | | |
+-------------------------+--------+---------+---------+----------+---------------+
| Transactions with | | | | | |
| equity shareholders | | | | | |
+-------------------------+--------+---------+---------+----------+---------------+
| Adjustment in respect | | - | - | (35) | |
| of share-based payments | | | | | (35) |
+-------------------------+--------+---------+---------+----------+---------------+
| Dividends paid | | - | - | (1,058) | (1,058) |
+-------------------------+--------+---------+---------+----------+---------------+
| Total transactions with | | - | - | (1,093) | (1,093) |
| equity shareholders | | | | | |
+-------------------------+--------+---------+---------+----------+---------------+
| At 4 October 2009 - | | 200 | 27,855 | 4,205 | 32,260 |
| restated | | | | | |
+-------------------------+--------+---------+---------+----------+---------------+
| Loss for the year | | - | - | (1,767) | (1,767) |
+-------------------------+--------+---------+---------+----------+---------------+
| Other comprehensive | | - | - | - | - |
| income for the year | | | | | |
+-------------------------+--------+---------+---------+----------+---------------+
| Total comprehensive | | - | - | (1,767) | (1,767) |
| income for the year | | | | | |
+-------------------------+--------+---------+---------+----------+---------------+
| Transactions with | | | | | |
| equity shareholders | | | | | |
+-------------------------+--------+---------+---------+----------+---------------+
| Adjustment in respect | | - | - | 72 | 72 |
| of share-based payments | | | | | |
+-------------------------+--------+---------+---------+----------+---------------+
| Dividends paid | | - | - | (2,865) | (2,865) |
+-------------------------+--------+---------+---------+----------+---------------+
| Total transactions with | | - | - | (2,793) | (2,793) |
| equity shareholders | | | | | |
+-------------------------+--------+---------+---------+----------+---------------+
| At 3 October 2010 | | 200 | 27,855 | (355) | 27,700 |
+-------------------------+--------+---------+---------+----------+---------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR KKODPFBDDOBK
ATH Resources (LSE:ATH)
Historical Stock Chart
From Jun 2024 to Jul 2024
ATH Resources (LSE:ATH)
Historical Stock Chart
From Jul 2023 to Jul 2024