Final Results

Anglo Pacific Group PLC
29 March 2001


                           ANGLO PACIFIC GROUP PLC                            
                                                                                
                            PRELIMINARY STATEMENT                             
                                                                              
                     FOR THE YEAR ENDED 31 DECEMBER 2000                      
                                                                              
                                             
                                  HIGHLIGHTS                                  
 
 
* Operating Profit up from £688,000 to £2.97 million 
 
* Coal Royalty income increased by 332% to £3,069,000 
 
* Successful disposal of Fife Silica Sands Ltd and Fife Resources Limited 
 
* Now completely debt free 
 
 
 
Commenting on the results Anglo Pacific's Chairman, Peter Boycott, said: 
 
'Both coal mines in Australia are performing as expected with royalty
receipts up by 332%. The Group, which now has ungeared assets valued at £28
million, has, since the year end, repaid all its borrowings and now has cash
on deposit. Your board continues to look for appropriate strategic
acquisitions'. 
 
 
 
 
Enquiries: 
 
Jonathan Rooper     Cardew & Co          020 7930 0777 
 


CHAIRMAN'S STATEMENT
 
RESULTS 
 
Group profits before tax were £2,653,000 compared to £300,000 for the
previous year after excluding mineral asset write down, provision reversals
and loss on disposal of subsidiaries. Group turnover, including royalties as
well as discontinued operations, was £5,124,000 compared to £5,222,000. The
retained loss after tax, interest payable and write down of mineral assets
and loss on disposal of subsidiaries for the period was reduced to £1,775,000
(1999:£3,827,000 loss). 
 
There will be no dividend this year due to the Group having insufficient
distributable reserves. 
 
OPERATIONAL REVIEW 
 
In Australia, coal royalty receipts from the Kestrel and Crinum mines,
operated by Rio Tinto and BHP respectively, increased by 332% to £3,069,000
(1999:£710,000). 
 
The independent valuation of these interests at the year end was A$72M,
equivalent to about 31p per share, based on a net present value of the
pre-tax cashflow discounted at a rate of 7%. Your board has resolved to
change the Group's basis of accounting to reflect this in the Group's balance
sheet. These coal royalty interests are now the main continuing business of
the Group. At present the net royalty income is taxed in Australia at a rate
of 30%. The excess of this valuation over the previous book value has been
credited to revaluation reserve. Valuations will take place at each year end
with adjustments being made annually to revaluation reserve. 
 
During the year we realised further profits of £724,000 from our investment
in Brancote Holdings PLC. At the year end we had a small residual holding
which has since been sold. Profits overall from this investment have been in
excess of £1 million. 
 
At Ledmore, efforts continue to find a joint venture partner to expand
production and augment our marketing effort. 
 
At Shetland Talc, your Board has recently commissioned a report on the
deposit and is now actively looking to either sell or joint venture this
project. 
 
Anglo Digital continues to receive an increasing number of quality investment
propositions through its relationships with Government Agencies and
Universities and via its website.  
 
As previously reported to shareholders we sold Fife Silica Sands in September
2000 in order to eliminate trading losses and the need for any further
capital expenditure. This resulted in a write down over and above the
provisions made last year and in the interim results to 30th June 2000. 
 
Finally, I wish to thank all our staff and my fellow Directors for their
continued hard work in a challenging year for the Group. 
 
OUTLOOK 
 
Both coal mines in Australia are performing as expected with coal production
and coal prices increasing. For the current year, our independent advisers
expect the coal royalties, without disruptions, to be in excess of A$11
million. The Group, which now has ungeared assets valued at £28 million, has,
since the year end, repaid all its borrowings and now has cash on deposit. 
 
Whilst it has not been possible to pay a dividend for the year ended 31st
December 2000, shareholders will soon be asked to approve a capital
reconstruction so that, inter alia, dividends could be resumed. 
 
Your Board continues to look for appropriate strategic acquisitions to
exploit the Group's increasing coal revenues as well as exploring ways of
further strengthening the Group's management. 

Peter Boycott
CHAIRMAN 
 
 
ANGLO PACIFIC GROUP PLC  
CONSOLIDATED PROFIT AND LOSS ACCOUNT 
YEAR ENDED 31 DECEMBER 2000 
 
                                                                              
                                                             2000        1999 
                                                             £000        £000 
  Turnover                                                                    
  Continuing operations                                     3,215         766 
  Discontinued operations                                   1,909       4,456 
                                                            5,124       5,222 

  Cost of sales                                                               
  Continuing operations                                     (236)       (117) 
  Discontinued operations                                 (1,875)     (3,948) 
                                                          (2,111)     (4,065) 

  Gross profit                                              3,013       1,157 

  Continuing operations                                                       
  Administrative expenses                                   (746)       (704) 
  Profit on disposal of investments                           724         243 
  Other operating income                                      123         125 
  Operating profit from continuing operations               3,080         313 

  Discontinued operations                                                     
  Administrative expenses                                   (139)       (133) 
  Operating profit from discontinued operations             (105)         375 

  Total operating profit                                    2,975         688 

  Loss on disposal of subsidiaries                        (3,113)           - 
  Release of provision for fundamental restructuring            -         135 
  Interest                                                  (322)       (388) 
  Write down of mineral assets                              (388)     (4,000) 

  (Loss) on ordinary activities before tax                  (848)     (3,565) 
  Taxation on ordinary activities                           (927)       (219) 

  (Loss) for the financial year                           (1,775)     (3,784) 

  Dividends                                                     -        (43) 

  Retained (Loss) for the financial year                  (1,775)     (3,827) 

  (Loss) per ordinary share                               (2.04)p     (4.39)p 
  Diluted (Loss) per ordinary share                       (2.04)p     (4.39)p 
 
 
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES               2000        1999 
                                                             £000        £000 
  (Loss) for the financial year                           (1,775)     (3,784) 
  Movement in revaluation reserve                          23,512           - 
  Currency translation (losses) on foreign currency             
  investments                                                 (6)        (19) 

  Total recognised gains and losses for the year           21,731     (3,803) 
 

 
ANGLO PACIFIC GROUP PLC 
CONSOLIDATED BALANCE SHEET 
AT 31 DECEMBER 2000

                                                                              
                                                   2000                  1999 
                                    £000           £000       £000       £000 
  Fixed assets                                                                
  Tangible assets                                 1,141                 9,273 
  Investments                                    26,840                 2,720 
                                                 27,981                11,993 

  Current assets                                                              
  Stocks                              60                       232            
  Debtors                          1,672                     1,014            
  Investments                         14                         -            
  Cash at bank and in hand           196                        14            
                                   1,942                     1,260            

  Creditors - amounts falling 
  due within one year            (1,469)                   (2,779)            
  Net current assets/(liabilities)                  473               (1,519) 
  Total assets less current liabilities          28,454                10,474 

  Long term liabilities                                                       
  Creditors - amounts falling due                      
  after more than one year                            -               (4,118) 
  Provisions for liabilities and charges          (455)                  (88) 
                                                 27,999                 6,268 
                                                                              
  Capital and reserves                                                        
  Called up share capital                         8,696                 8,696 
  Share premium account                           2,581                 2,581 
  Capital redemption reserve                        122                   122 
  Revaluation reserve                            25,118                 1,606 
  Foreign currency translation reserve              111                   117 
  Profit and loss account - (deficit)           (8,629)               (6,854) 
                                                 27,999                 6,268 


 
ANGLO PACIFIC GROUP PLC 
CONSOLIDATED CASH FLOW STATEMENT 
FOR THE YEAR ENDED 31 DECEMBER 2000 
 
                                                                              
                                                     2000                1999 
                                          £000       £000       £000     £000 
  Net cash inflow from operating                    
  activities                                        1,022                 906 

  Returns on investments and                                                  
  servicing of finance                                                        
  Interest received                          1                     2          
  Interest paid                          (289)                 (310)          
  Interest paid on finance leases         (56)                  (84)          

  Net cash outflow from returns on                                            
  investments and servicing of finance              (344)               (392) 

  Tax paid                                          (416)               (396) 

  Capital expenditure and financial 
  investment                                                           
  Payments to acquire tangible                     
  fixed assets                           (222)               (1,269)          
  Receipts from sales of tangible                                             
  fixed assets                               3                    16          
  Sale of equity investments               918                   514          
  Purchase of equity investments          (10)                  (86)          

  Net cash inflow/(outflow) from capital                                      
  expenditure and financial investment                689               (825) 

  Acquisitions and disposals                                                  
  Disposal of subsidiaries (net of expenses)        3,955                   - 

  Equity dividend paid                               (43)                (84) 

  Net cash inflow/(outflow) before                                            
  management of liquid resources                     
  and financing                                     4,863               (791) 

  Management of liquid resources                        -                   - 

  Financing                                                                   
  Receipts from issue of
   share capital                             -                   400 
  Capital element of finance lease          
  repayments                            (1,002)                (363)          
  Repayment of borrowings               (2,900)                    -          
  Net cash (outflow)/inflow from                 
  financing                                       (3,902)                  37 

  Increase/(decrease) in cash                         961               (754) 
 
 

Notes
 
1.  The loss per ordinary share is calculated on the Group's loss after
    tax of £1,775,000 (1999 - loss of £3,784,000) and the weighted average
    number of shares in issue during the year of 86,962,955 
    (1999 - 86,129,622). Diluted loss per ordinary share is shown at the same
    amount as loss per ordinary share because the exercise of any of the
    Group's share options are not dilutive under the terms of FRS 14. 
 
2.  The above figures do not constitute full accounts within the meaning
    of Section 240 of the Companies Act 1985. The figures for the year ended
    31 December 1999 constitute abridged accounts extracted from the published
    accounts for the year which have been filed with the Registrar of
    Companies and on which the auditors' report was unqualified.