Business
Half-year Report
Half-year Report.
About this update from Ecora Royalties Plc
[{"type":"text","content":"\n \nRNS Number : 7162O Anglo Pacific Group PLC 23 August 2017 \n\nAugust 23, 2017\n \nAnglo Pacific Group PLC\nInterim results for the six months ended June 30, 2017\n \nAnglo Pacific Group PLC (\"Anglo Pacific\", the \"Company\", the \"Group\") (LSE: APF) (TSX: APY) is pleased to announce interim results for the six months ended June 30, 2017 which are available on both the Group's website at www.anglopacificgroup.com and on SEDAR at www.SEDAR.com. \n \nHighlights:\n \nResults for the half year\n· Free cash flow* generated in H1 2017 of £18.9m, a 300% increase on the £4.7m in H1 2016 and comfortably in excess of £13.4m generated in FY 2016\n· This includes £3.3m from the Denison financing arrangement, of which £1.7m relates to FY 2016 - this arrangement has generated cash returns of C$0.5m per month on average\n· Royalty income in H1 2017 of £16.1m, a 295% increase from £4.1m in H1 2016 and at 82% of the £19.7m earned for 2016 as a whole\n· Increase attributable mainly to higher commodity prices, favourable exchange rate and increased mining within our private royalty land at Kestrel (88% in H1 2017 and 95% in Q2 2017 vs 38% in H1 2016)\n· Record royalty income from Maracás Menchen reflecting strong production and a significant improvement in vanadium prices - H1 2017 average of US$5.46/lbs compared to US$3.15/lbs in H1 2016, and currently in excess of US$9.50/lbs\n· Increase in overheads to £3.0m in H1 2017 from £1.8m in the corresponding period, reflecting higher staff costs, including share based payments, and increased investment costs associated with sourcing and appraising royalty transactions\n· Adjusted earnings* of £12.9m for the first six months of 2017, a 438% increase on the £2.4m equivalent in 2016 translating into adjusted earnings per share* of 7.44p (H1 2016: 1.43p)\n· Non-cash fair value charges of £14.9m, mainly related to resource depletion and pricing assumptions led to a loss after tax of £2.5m and loss per share of 1.46p (H1 2016: £10.2m, £5.4m and 3.18p respectively) \n· Interim dividend of 3p per share, to be paid on November 15, 2017 - which, in line with our recently announced payment policy change is ~ 85 days...