Final Results - Year Ended 31 December 1999

Anglo Pacific Group PLC 28 April 2000 ANGLO PACIFIC GROUP PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 1999 CHAIRMAN'S STATEMENT RESULTS Group profits before tax were £300,000 compared to £895,000 for the previous year after excluding accelerated depreciation, mineral asset write down and provision reversals. Group turnover increased by 3.4% from £4,362,000 to £4,512,000. We will be paying a dividend on 4th August 2000 of 0.05p net per share to shareholders on the register on 7th July 2000. The lower results were mainly caused by a substantial drop in coal royalty receipts. OPERATIONAL REVIEW In Australia the Kestrel mine restarted later than expected and, at the Crinum mine, an unusual roof fall held back production. The extent and quality of the mineral assets at Fife Silica Sands, Ledmore Marble and Shetland Talc have all improved over the year with new planning permissions and the renegotiation of more favourable leases. In the accounts we have written down the book values of these mineral assets by £4M to more accurately reflect the short-term cashflows. We have stepped up measures to cut costs in both wet and dry production at Fife Silica Sands in order to lower overall production costs and remain competitive. Interest in our new dried sand products remains positive. At Ledmore Marble we have launched a number of new products. Recent sales are encouraging. We propose to sell or jointly develop the Shetland Talc deposit. Our investment in Brancote Holdings PLC has been particularly successful. We are still a sizeable investor after selling part of our holding at a substantial profit. I would like to thank our staff and my fellow Directors for their dedication and efforts in what has been a difficult year for the Group. I also welcome Rex Wood-Ward to the Board as a non-executive Director. He brings to the Board a wide range of experience in numerous different businesses both quoted and unquoted. Mike Rushbrooke resigned in December last year for health reasons and I wish to thank him for all his hard work and advice over the years he has been associated with the Group. OUTLOOK Both coal mines are now working at full capacity and from 1st April 2000 the royalty rate has increased by 75% to a rate of 7%. Coal prices have generally been lower than last year but volumes are expected to increase this year in line with improving demand in the Asian economy. Indicated receipts from royalties for the first quarter of 2000 are circa A$1M. The independent valuation of our coal royalty interests at the year end was A$68 Million or 32p per share. Your Board has recently formed a new subsidiary called Anglo Digital Limited to which new Directors have been appointed. Henry Hyde-Thomson who is leading the Anglo Digital team is currently Chairman of Speech Machines PLC, the leading speech to text application service provider. He has worked with DERA for the last ten years and has had considerable experience both here and in North America in a number of software, internet and hi-tech businesses. Anglo Digital's strategy is to develop and licence new technologies in the software, internet, medical and other hi-tech fields from Government Agencies and the Scottish Universities, As soon as market conditions are appropriate, we propose to list Anglo Digital on AIM and offer Anglo Pacific shareholders and Institutions the opportunity to participate directly in this project. With the expected sharp improvement in our royalty income this year and the addition of the growth opportunities made possible by Anglo Digital, the Board is confident that 2000 will be a successful year for the Group. Peter Boycott CHAIRMAN Enquiries: Gavin Barry, Cardew & Co 020 7930 0777 ANGLO PACIFIC GROUP PLC UNAUDITED PRO FORMA CONSOLIDATED PROFIT AND LOSS ACCOUNT - YEAR ENDED 31 DECEMBER 1999 Excluding accelerated depreciation credit, mineral asset write down and release of the restructuring provision. 1999 1998 £000 £000 Operating profit 688 1,226 Profit on ordinary activities before tax 300 895 The above pro forma is presented to assist comparisons with prior year figures. ANGLO PACIFIC GROUP PLC UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET AT 31st DECEMBER 1999 Incorporating an external valuation of the Australian royalty interests into the financial statements as at 31st December 1999 gives the position set out below:- Statutory Pro Forma adjustments Total accounts proforma £000's £000's £000's Fixed Assets Tangible Assets 9,273 - 9,273 Investments 2,720 24,918 27,638 11,993 24,918 36,911 Net current liabilities (1,519) - (1,519) Total assets less current liabilities 10,474 24,918 35,392 Long term liabilities (4,206) - (4,206) Net assets 6,268 24,918 31,186 Capital and reserves Called up share capital 8,696 - 8,696 Share premium account 2,581 - 2,581 Capital redemption 122 - 122 reserve Revaluation reserve 1,606 24,918 26,524 Foreign currency translation reserve 117 - 117 Profit and loss account - deficit (6,854) - (6,854) Equity shareholders' 6,268 24,918 31,186 funds Explanation of pro forma consolidated balance sheet adjustments The £24.9 million adjustment to investments represents the difference between the carrying value of the Kestrel and Crinum coal royalty and an external valuation undertaken by independent professional valuers during December 1999. Equity shareholders' funds of £31,186,000 represents a value of 35.9p per share. ANGLO PACIFIC GROUP PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT YEAR ENDED 31 DECEMBER 1999 1999 1998 £000 £000 Turnover 4,512 4,362 Cost of sales (4,065) (3,840) Gross profit 447 522 Administrative expenses (837) (696) Profit on disposal of investments 243 - Accelerated depreciation credit - 1,029 Royalty income 710 1,350 Other income 125 50 Operating profit 688 2,255 Release of provision for fundamental restructuring 135 405 Interest (388) (372) Gain on foreign exchange - 41 Write down of mineral assets (4,000) - (Loss)/Profit on ordinary activities before tax (3,565) 2,329 Taxation on ordinary activities (219) (444) (Loss)/Profit for the financial year (3,784) 1,885 Dividends (43) (84) Retained (Loss)/Profit for the financial year (3,827) 1,801 (Loss)/Earnings per ordinary share (4.39)p 2.21p Diluted(Loss)/Earnings per ordinary share (4.13)p 2.14p STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 1999 1998 £000 £000 (Loss)/Profit for the financial year (3,784) 1,885 Increase in revaluation reserve - 1,606 Currency translation (losses) on foreign currency investments (19) (25) Total recognised gains and losses relating to the year (3,803) 3,466 ANGLO PACIFIC GROUP PLC CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 1999 1999 1998 £000 £000 £000 £000 Fixed assets Tangible assets 9,273 12,110 Investments 2,720 2,905 11,993 15,015 Current assets Stocks 232 267 Debtors 1,014 1,329 Cash at bank and in hand 14 19 1,260 1,615 Creditors - amounts falling due within one year (2,779) (2,129) Net current liabilities (1,519) (514) Total assets less current liabilities 10,474 14,501 Long term liabilities Creditors - amounts falling due after more than one year (4,118) (4,676) Provisions for liabilities and charges (88) (111) 6,268 9,714 Capital and reserves Called up share capital 8,696 8,446 Share premium account 2,581 2,431 Capital redemption reserve 122 122 Revaluation reserve 1,606 1,606 Foreign currency translation reserve 117 136 Profit and loss account - (deficit) (6,854) (3,027) 6,268 9,714 ANGLO PACIFIC GROUP PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 1999 1999 1998 £000 £000 £000 £000 Net cash inflow from operating 906 2,063 activities Returns on investments and servicing of finance Interest received 2 2 Interest paid (310) (311) Interest paid on finance leases (84) (34) Net cash outflow from returns on investments and servicing of (392) (343) finance Tax paid (396) (337) Capital expenditure and financial investment Payments to acquire tangible fixed (1,269) (877) assets Receipts from sales of tangible fixed assets 16 207 Sale of equity investments 514 - Purchase of equity investments (86) - Net cash outflow from capital expenditure and financial (825) (670) investment Equity dividends paid (84) - Net cash (outflow)/inflow before management of liquid resources and (791) 713 financing Management of liquid resources - - Financing Receipts from issue of share 400 - capital Payments to acquire own shares - (168) Capital element of finance lease (363) (230) repayments Proceeds from borrowings - 3,750 Repayments of borrowings - (3,029) Net cash inflow from financing 37 323 (Decrease)/increase in cash (754) 1,036 Notes 1. The loss per ordinary share is calculated on the Group's loss after tax of £3,784,000 (1998 - profit of £1,885,000) and the weighted average number of shares in issue during the year of 86,129,622 (1998 - 85,279,622). Diluted loss per ordinary share is calculated on a Group loss after tax of £3,471,000 (1998 - profit of £1,921,000) and a weighted average number of shares of 90,585,004 (1998 - 89,813,372). 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 1998 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. 3. The full report and accounts for the year ended 31 December 1999 is available for viewing at the company announcements office at the London Stock Exchange and will be posted to shareholders in due course.

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