Anglo Pacific Group PLC: Q1 2018 Trading Update
15.05.2018 | FSCwire
London - Anglo Pacific Group PLC ("Anglo Pacific", the "Company" or the "Group") (LSE: APF, TSX: APY), the London and Toronto listed royalty company, issues the following trading update for the period 1 January 2018 to 15 May 2018. Unless otherwise stated, all unaudited financial information is for the quarter ended 31 March 2018. Highlights
- Total free cash flow generated in Q1 2018 of £13.3m, in line with the £13.4m generated in Q1 2017
- Cash at 31 March 2018 of £18.7m (31 December 2017: £8.1m), and full access to the US$40m undrawn revolving credit facility
- Well-publicised longwall changeouts and production shortfalls at both Kestrel and Narrabri led to a 6% reduction in income from the royalty portfolio compared to Q1 2017
- Volumes from Kestrel and Narrabri are expected to recover in the remaining three quarters, and neither Rio Tinto nor Whitehaven have altered their guidance for FY 2018
- Lower volumes partially offset by the continued strength of commodity prices, in particular the price of vanadium which has increased by 130% compared to Q1 2017
- Significant increase in revenue from Maracás Menchen in the period to £0.8m from £0.4m in Q1 2017 as a result of strong operational performance and significant increases in the vanadium price
- Total contribution from the royalty portfolio of £7.9m in Q1 2018 (Q1 2017: £8.2m + £1.8m related to H2 2016)
- Received US$2.5m (£1.7m) in April 2018 in final settlement of the Indo Mines debenture as part of its takeover by the Rajawali Group - the debenture was carried at £nil on the Group's balance sheet
- Rio Tinto announced the sale of Kestrel for US$2.25bn, significantly in excess of what commentators had expected the sale to achieve twelve months ago
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http://www.rns-pdf.londonstockexchange.com/rns/0359O_1-2018-5-14.pdf
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Source: Anglo Pacific Group PLC (LSE:APF, TSX:APY, OTC Bulletin Board:AGPIF, FWB:HGR)