Anglo Pacific Group PLC Announces Interim Results for 6 Months Ended 30 June 2021
LONDON, August 25, 2021 - Anglo Pacific Group PLC ('Anglo Pacific', the 'Company', the 'Group') (LSE:APF)(TSX:APY) is pleased to announce interim results for the six months ended 30 June 2021 which are available on both the Group's website at www.anglopacificgroup.com and on SEDAR at www.SEDAR.com.
Following the transformational $205m Voisey's Bay cobalt stream acquisition in March 2021 and the associated financing, the Company has determined that it is now appropriate to commence reporting results in US dollars rather than in British pounds. With four of the Group's nine royalties being received in US dollars, the majority of Anglo Pacific's revenue, and the remaining ones largely being based on US dollar prices but then converted to local currency, the Company feels now is the right time to transition its presentation currency to one that more appropriately reflects the underlying performance of the business and is in line with its peers.
The change in presentation currency does not impact the underlying business nor dividends, in particular the previously announced interim dividends of 1.75p per share to be paid in November 2021, December 2021 and February 2022.
Results
| HY1 2021 | HY1 2020 | HY1 2021 | HY1 2020 | ||||
| $m | YoY% | $m | £m | YoY% | £m | ||
| Kestrel | 9.55 | (37%) | 15.10 | 6.88 | (43%) | 11.97 | |
| Voisey's Bay | 3.12 | - | - | 2.25 | - | - | |
| Narrabri | 1.15 | (43%) | 2.00 | 0.83 | (48%) | 1.59 | |
| Mantos Blancos | 2.75 | 82% | 1.51 | 1.98 | 65% | 1.20 | |
| Maracás Menchen | 1.46 | 484% | (0.38) | 1.05 | 439% | (0.31) | |
| Four Mile | 0.10 | (41%) | 0.17 | 0.07 | (46%) | 0.13 | |
| Royalty and stream income | 18.13 | (1%) | 18.40 | 13.06 | (10%) | 14.58 | |
| Dividends - LIORC & Flowstream | 2.86 | (1%) | 2.89 | 2.06 | (10%) | 2.30 | |
| Interest - McClean Lake | 1.23 | 10% | 1.12 | 0.89 | 0% | 0.89 | |
| Royalty and stream related revenue | 22.22 | (1%) | 22.41 | 16.01 | (10%) | 17.77 | |
| EVBC* | 1.59 | 34% | 1.19 | 1.15 | 19% | 0.97 | |
| Principal repayment - McClean Lake | - | (100%) | 0.50 | - | (100%) | 0.40 | |
| Less: | |||||||
| Metal streams cost of sales | (0.77) | - | (0.55) | - | |||
| Total portfolio contribution | 23.04 | (4%) | 24.10 | 16.61 | (13%) | 19.14 |
* Following the application of IFRS 9, the royalties received from EVBC are reflected in the fair value movement of the underlying royalty rather than recorded as royalty income.
Click on, or paste the following link into your web browser, to view the full announcement.
http://www.rns-pdf.londonstockexchange.com/rns/6832J_1-2021-8-25.pdf
For further information:
| +44 (0) 20 3435 7400 | |
| Julian Treger - Chief Executive Officer Kevin Flynn - Chief Financial Officer Marc Bishop Lafleche - Chief Investment Officer | |
| Website: | www.anglopacificgroup.com |
| Berenberg | +44 (0) 20 3207 7800 |
| Matthew Armitt / Jennifer Wyllie / Varun Talwar / Detlir Elezi | |
| Peel Hunt LLP | +44 (0) 20 7418 8900 |
| Ross Allister / Alexander Allen / David McKeown | |
| RBC Capital Markets Farid Dadashev / Marcus Jackson / Jamil Miah | +44 (0) 20 7653 4000 |
| Camarco | +44 (0) 20 3757 4997 |
| Gordon Poole / Owen Roberts / James Crothers | |
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SOURCE: Anglo Pacific Group PLC
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https://www.accesswire.com/661262/Anglo-Pacific-Group-PLC-Announces-Interim-Results-for-6-Months-Ended-30-June-2021