TIDMATC
RNS Number : 9079O
Atlantic Coal PLC
26 September 2013
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
26 September 2013
Atlantic Coal plc ("Atlantic" or the "Company")
Interim Results
Atlantic Coal, the AIM listed anthracite coal production and
processing company with primary activities in Pennsylvania, USA,
announces its results for the six months ended 30 June 2013.
Overview
-- Increased profitability. A net profit of US$2,488,465
compared with a loss in H1 2012 of US$1,366,923
-- Bolstered anthracite portfolio through the exercise of a
lease option over the Pott and Bannon project which is estimated by
the directors to hold extensive reserves and benefits from its
close proximity to the Company's Stockton project
-- Independent audit confirmed a 29% increase in clean coal
reserves achieved at Stockton to 1.77 Mt, further detail of which
is contained in our announcement dated 11 June 2013
-- Cost savings achieved at Stockton through a new blasting programme
-- 37.4% increase in clean coal production compared with H1 2012
(H1 2012 - 59,642 tons, H2 2013 - 81,965 tons) but with production
scaled back in Q2 2013 in response to depressed prices and
reductions in demand from industry
Post-period end
-- Stockton mine currently working double shift in order to
increase production to cater for anticipated increase in demand for
the autumn/winter period
Atlantic Coal Managing Director Steve Best said, "This has been
an exciting period with the Pott and Bannon site being brought into
our Pennsylvania anthracite portfolio and having achieved
substantially increased production compared with H1 2012. This has
been against a background of falling prices and demand compared
with last year but our flexible approach to operations at the
Stockton Mine and continuing rigorous review of operations has
enabled us to produce a healthy net profit. This has been
particularly pleasing given the difficult market conditions. We
remain very positive about the prospects for the Pennsylvania
anthracite industry and are actively developing the Pott and Bannon
mine plan with a view to commencing operations on site in the
latter part of 2014. We also continue to look for new opportunities
to acquire high quality, low ratio mining sites in the Pennsylvania
anthracite belt that are either in, or can quickly be brought into,
production as part of our strategy to become a major producer in
Pennsylvania."
Chairman's statement
This has been a period of development for Atlantic Coal which
has seen us add to our Pennsylvanian anthracite coal portfolio in
line with our strategy to become a regional consolidator in this
prime anthracite region. Production increased substantially (37.4%)
on H1 2012 but this was against a background of depressed prices
and reductions in demand from industry. We have, however,
demonstrated the flexibility of our productive Stockton Colliery
operation by reducing production and increasing sales from
stockpile and also continue to rigorously review operations to
maximise efficient working. Against this background, we are
delighted to have delivered a substantial profit in the period and
we are confident that we are well placed to build our revenues
again during the coming months, when we anticipate strengthened
demand to create a more positive pricing environment.
We started the period with the exercise of our lease option over
the 410 acre Pott and Bannon mine in Pennsylvania and this lease
has now been completed. The region in which we operate is
anthracite rich, politically stable and has a solid customer base,
making acquisition opportunities attractive. We believe the Pott
and Bannon site to have extensive reserves and, being located only
25 miles from the Company's Stockton Mine, which has established
infrastructure and an experienced management team in place, we see
this has an important transaction for Atlantic Coal. Further
details on the Pott and Bannon site are contained in the
announcement made on 21 January 2013.
The option to acquire additional anthracite mining assets in
Pennsylvania, originally announced on 15 February 2012, expired in
October 2012. This option was subsequently extended however during
this time, and as announced on 13 May 2013, we were unable to reach
an agreement acceptable to the Board. With this in mind, the Board
made the decision not to pursue the transaction although, as stated
above, we continue to look for new opportunities to acquire high
quality, low ratio mining sites in the Pennsylvania anthracite belt
that are either in, or can quickly be brought into, production.
Operations review
Stockton Colliery
The producing Stockton Colliery is located in the Pennsylvanian
Anthracite Coal Field and includes a wash plant.
Having optimised the mining operations at Stockton through the
successful diversion of the railroad previously running through the
tenure, the first quarter of 2013 started positively with increased
production in comparison with the corresponding period in the 2012.
In Q2 2013, in response to a combination of the usual fall off in
demand in the spring and also to softening prices and reduced
demand from industry, we reduced our costs by scaling back mining
operations and sold instead from stockpiles on site. However, I am
pleased to report that we are now running the mine with double
shifts in anticipation of higher sales volumes and prices as we
approach the winter season.
A strong element of our strategy is to maintain the mine's
efficiency and, during the period, our newly appointed mine manager
and plant manager have undertaken a rigorous review. Of particular
note is their re-assessment and re-design of blasting operations
which has reduced blasting costs by 40%. We are currently blasting
and excavating circa 4 million cubic yards of overburden a year and
we estimate that, at this level, the new blasting programme would
give operational savings of approximately US$1.6 million in a full
year.
Another positive development during the period was that, as
announced on 11 June 2013, we increased our clean coal reserve base
by 29 per cent. to 1.777 million tons from 1.375 million tons. The
upgrade was part of the annual audit of Stockton by independent
consultant John T. Boyd Company. The re-assessment follows the 2012
record production of 161,659 tons and therefore, were that to be
taken into account, then it would represent an effective increase
of over 560,000 tons on the 31 December 2011 reserve base
(equivalent to a 41.0 per cent. increase). We estimate that this
increase will extend the life of Stockton by approximately four
years from 2020 to 2024 based on the 2012 production figure. The
revised estimate was subject to completion of drilling to confirm
the extent of prior by-passed coal on the south wall of the mine
and development of an updated mine plan for recovery of remaining
coal.
Pott and Bannon
Having exercised our lease option over the 410 acre Pott and
Bannon site in January 2013, we have been progressing the mine
planning and engineering process with a view to commencing mining
operations in the latter part of 2014.
On acquisition of the project, and as announced on 3 January
2012, at that time the Directors believed that the property could
contain up to 13.6 million tons run-of-mine ("ROM") coal, equating
to approximately 4.1 million tons of washed, saleable anthracite*
based on information provided to the Company in a report,
commissioned by the Reading Anthracite Company in January 1999 and
prepared by John T. Boyd Company. The average strip ratio was
estimated to be 3.9 ROM.*
* A qualified person is currently undertaking a reserve
re-assessment together with mine planning and further announcements
will be made at the appropriate time. There can be no guarantee
that these figures remain accurate as at the date of this
announcement or that the qualified person's report will reconfirm
these numbers.
Financial review
Revenue increased substantially to US$10,477,123 (H1 2012:
US$8,866,364) and we are reporting an increased gross profit of
US$3,431,997 for the period (H1 2012: US$1,510,722). The Company
made a profit for the period of US$2,488,465 compared with a loss
in H1 2012 of US$1,366,923.
On 25 July 2013, we announced that we had signed a loan
agreement with YA Global Master SPV Ltd under which Atlantic Coal
can borrow up to US$5,000,000. This will enable us to maintain our
development programme at Stockton and to commence operations at
Pott and Bannon. The loan, which is available in tranches, the
first two being for US$750,000 each and the balance subject to
agreement, is backed by a Standby Equity Distribution agreement
enabling Atlantic Coal to make repayments by the issue of shares
rather than cash, if preferred.
Outlook
Atlantic has made a significant profit in difficult trading
conditions and is now positioned to take maximum benefit from the
expected improvement in US prices and the opportunities offered by
export markets.
We continue to focus on increasing our regional presence through
the acquisition of prime assets in Pennsylvania, and having made
solid progress to date, we hope to make further developments in the
near to medium term.
I would like to take this opportunity to thank our team,
shareholders and associates for their support over recent months.
We look forward to providing further updates at the appropriate
time.
Adam Wilson
Chairman
For further information on the Company, visit
www.atlanticcoal.com or contact:
Steve Best Atlantic Coal plc Tel: 020 3328 5670
Nick Naylor Allenby Capital Limited Tel: 020 3328 5656
Mark Connelly Allenby Capital Limited Tel: 020 3328 5656
Alex Price Allenby Capital Limited Tel: 020 3328 5656
Elisabeth Cowell St Brides Media & Finance Tel: 020 7236 1177
Ltd
Condensed Consolidated Income Statement Note 6 months to 6 months
30 June 2013 to
Unaudited 30 June 2012
$ Unaudited
$
Turnover 10,477,123 8,866,364
Cost of sales (7,045,126) (7,355,642)
Gross profit 3,431,997 1,510,722
Administration expenses (1,653,989) (1,678,769)
Exceptional expenses (398,145) (821,500)
Other income - 114,011
Other gains/(losses) - net 1,589,811 (235,982)
Profit/(Loss) from operations 4 2,969,674 (1,111,518)
Finance income - 237
Finance costs (481,209) (255,642)
Profit/(Loss) from ordinary activities
before tax 2,488,465 (1,366,923)
Corporation tax expense - -
__ ___ _ __ ___ ___
Retained Profit/(loss) for the period
attributable to shareholders 2,488,465 (1,366,923)
Profit/(Loss) per share - basic and 6 0.06 cents (0.04) cents
diluted
All activities are classified as continuing.
Condensed Consolidated Statement of Comprehensive 6 months to 6 months
Income 30 June 2013 to
Unaudited 30 June 2012
$ Unaudited
$
Profit/(Loss) for the period 2,488,465 (1,366,923)
Other comprehensive income:
Items that may be reclassified subsequently
to profit or loss
Exchange differences on translating foreign
operations (1,618,620) 289,896
Total comprehensive income for the period
attributable to equity holders of the Company 869,845 (1,077,027)
Condensed Consolidated Balance Sheet 30 June 2013 31 December
Unaudited 2012 Audited
Note $ $
ASSETS
Non-current assets
Property, plant & equipment 7 9,824,273 10,039,151
Land, coal rights and restoration 8 13,845,465 8,283,967
Other assets 50,050 50,050
23,719,788 18,373,168
Current assets
Inventories 4,455,848 3,733,963
Trade and other receivables 2,039,346 3,108,737
Other assets 326,413 320,979
Bank balances and cash 306,223 1,902,348
7,127,830 9,066,027
Total assets 30,847,618 27,439,195
EQUITY & LIABILITIES
Equity
Called up share capital 9 4,595,188 4,595,188
Share premium account 9 38,670,457 38,670,457
Merger reserve 15,326,850 15,326,850
Reverse acquisition reserve (12,999,288) (12,999,288)
Other reserves 10 88,510 88,510
Foreign currency translation reserve (4,010,243) (2,391,623)
Retained losses (29,346,475) (31,834,940)
12,324,999 11,455,154
Non-current liabilities
Borrowings 10 2,431,976 988,576
Accrued restoration costs 4,675,189 4,459,291
7,107,165 5,447,867
Current liabilities
Trade and other payables 8,532,597 4,338,233
Borrowings 9 2,614,009 5,806,892
Accrued restoration costs 268,848 391,049
11,415,454 10,536,174
Total equity and liabilities 30,847,618 27,439,195
Condensed Consolidated Statement of
Changes in Equity
Attributable to the owners of the parent
---------------------------------------------------------------------------------------------------------
Share Share Merger Other Reverse Translation Retained Total
capital Premium reserve reserves acquisition reserve losses equity
reserve
$ $ $ $ $ $ $ $
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
As at 1
January
2012 4,595,188 38,661,407 15,326,850 131,837 (12,999,288) (3,521,802) (29,207,660) 12,986,532
Loss for the
period - - - - - - (1,366,923) (1,366,923)
Other
comprehensive
income
Exchange
differences
on
translating
foreign
operations - - - - - 289,896 - 289,896
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
Total
comprehensive
income - - - - - 289,896 (1,366,923) (1,077,027)
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
Total
transactions
with owners - - - - - - - -
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
As at 30 June
2012 4,595,188 38,661,407 15,326,850 131,837 (12,999,288) (3,231,906) (30,574,583) 11,909,505
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
Attributable to the owners of the parent
---------------------------------------------------------------------------------------------------------
Share Share Merger Other Reverse Translation Retained Total
capital Premium reserve reserves acquisition reserve losses equity
reserve
$ $ $ $ $ $ $ $
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
As at 1
January
2013 4,595,188 38,670,457 15,326,850 88,510 (12,999,288) (2,391,623) (31,834,940) 11,455,154
Profit for the
period - - - - - - 2,488,465 2,488,465
Other
comprehensive
income
Exchange
differences
on
translating
foreign
operations - - - - - (1,618,620) - (1,618,620)
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
Total
comprehensive
income - - - - - (1,618,620) 2,488,465 869,845
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
Total
transactions
with owners - - - - - - - -
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
As at 30 June
2013 4,595,188 38,670,457 15,326,850 88,510 (12,999,288) (4,010,243) (29,346,475) 12,324,999
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
Condensed Consolidated Cash Flow Statement 6 months to 6 months
30 June 12 to
Unaudited 30 June 12
$ Unaudited
$
Cash flows from operating activities
Profit /(Loss) from operations 2,969,674 (1,111,518)
Depreciation 849,133 680,062
Amortisation 438,502 407,455
Accretion, accrued restoration costs 190,547 202,470
Reclamation work performed (96,850) (1,299,143)
Loss on disposal of assets - 57,989
Foreign exchange loss (1,559,161) 217,627
Increase in trade and other receivables (749,721) (1,290,451)
Increase in inventories (721,885) (1,461,948)
Increase in trade and other payables 13,475 1,208,070
Net cash generated from /(used in) operating
activities 1,333,714 (2,389,387)
Cash flows from investing activities
Purchase of property, plant and equipment (223,558) (1,276,482)
Decrease/(increase) in deposits & escrow 5,434 (392,164)
Interest paid (356,070) (139,282)
Interest received - 237
Net cash used in investing activities (574,194) (1,807,691)
Cash flows from financing activities
Refinancing of equipment through finance
lease 419,249 1,327,896
Repayments of borrowings (385,615) (325,058)
Finance lease payments (2,336,331) (751,907)
Net cash (absorbed by)/generated from
financing
Activities (2,302,697) 250,931
Net (decrease) in cash and cash equivalents (1,543,177) (3,946,147)
Effect of foreign exchange rate changes (52,948) 76,547
Cash and cash equivalents at the beginning
of the period 1,902,348 6,027,771
Cash and cash equivalents at the end
of the period 306,223 2,158,171
Significant non-cash transactions
During the period ended 30 June 2013, the Group purchase various
items of plant and equipment with an aggregate value of $428,077
(30 June 2012: $342,611) through finance leases.
On 21 January 2013, the Group announce that it had exercised its
lease option over the fully permitted 410 acre Pott & Bannon
anthracite property in New Castle Township, Schuylkill County,
Pennsylvania. The acquisition price of US$6 million has been partly
paid (US$500,000 in cash and US$1.8 million worth of coal delivered
from Stockton). The balance will be paid partly in shares and
partly by further coal deliveries in proportions to be agreed. In
addition US$3.0 million of warrants in Atlantic Coal at 0.75 pence
per share, exercisable within five years, will be issued.
Notes to the unaudited interim results
1. General information
The principal activity of Atlantic Coal plc ('the Company') and
its subsidiary (together 'the Group') is the development and
operation of the Stockton Colliery which comprises the Stockton
Mine and an anthracite washing plant in Pennsylvania. There is no
significant seasonality or cyclicality of the Group's operations
between interim periods.
The Company's shares are listed on the AIM Market of the London
Stock Exchange (AIM). The Company is incorporated and domiciled in
the United Kingdom. The address of its registered office is 200
Strand, London WC2R 1DJ.
2. Basis of preparation
The condensed consolidated interim financial statements have
been prepared in accordance with the requirements of the AIM Rules
for Companies. As permitted, the Company has chosen not to adopt
IAS 34 "Interim Financial Statements" in preparing this interim
financial information. The condensed interim financial statements
should be read in conjunction with the annual financial statements
for the year ended 31 December 2012, which have been prepared in
accordance with International Financial Reporting Standards (IFRS)
as adopted by the European Union.
The interim financial information set out above does not
constitute statutory accounts within the meaning of the Companies
Act 2006. It has been prepared on a going concern basis in
accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRS) as adopted by
the European Union. Statutory financial statements for the year
ended 31 December 2012 were approved by the Board of Directors on 3
June 2013 and delivered to the Registrar of Companies. The report
of the auditors on those financial statements was unqualified.
The 2013 interim financial report of the Company has not been
audited but has been reviewed by the Company's auditor, PKF
Littlejohn LLP, whose independent review report is included in this
Interim Report.
Going concern
The Directors, having made appropriate enquiries, consider that
adequate resources exist for the Group to continue in operational
existence for the foreseeable future and that, therefore, it is
appropriate to adopt the going concern basis in preparing the
condensed interim financial statements for the period ended 30 June
2013.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of
the business. The key risks that could affect the Group's medium
term performance and the factors that mitigate those risks have not
substantially changed from those set out in the Group's 2012 Annual
Report and Financial Statements, a copy of which is available on
the Group's website: www.atlanticcoal.com. The key financial risks
are liquidity risk, foreign exchange risk, credit risk, price risk
and interest rate risk.
Critical accounting estimates
The preparation of condensed interim financial statements
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the end of the reporting
period. Significant items subject to such estimates are set out in
note 2 of the Group's 2012 Annual Report and Financial Statements.
The nature and amounts of such estimates have not changed
significantly during the interim period.
3. Accounting policies
The same accounting policies, presentation and methods of
computation have been followed in these condensed interim financial
statements as were applied in the preparation of the Group's
financial statements for the year ended 31 December 2012, except
for the impact of the adoption of the Standards and interpretations
described below.
3.1 Changes in accounting policy and disclosures
New and amended standards adopted by the Group:
IAS 1 (Amended), "Presentation of Items of Other Comprehensive
Income" became effective during the period. Items in the
consolidated statement of comprehensive income that may be
reclassified to profit or loss in subsequent periods are now
presented separately from items that will not be reclassified to
profit or loss in subsequent periods.
IFRS 13, "Fair value measurement" became effective during the
period. The standard requires specific disclosures on fair values,
some of which replace existing disclosure requirements in IFRS 7,
"Financial instruments: Disclosures". The fair values of cash and
cash equivalents, trade and other receivables and trade and other
payables approximate to their book values due to the short maturity
periods of these financial instruments.
4. Loss for the period
Loss for the period includes the following items which are
unusual because of their nature, size or incidence:
6 months to 6 months
30 June 12 to
Unaudited 30 June
$ 12
Unaudited
$
Foreign exchange gains/(losses) 1,589,811 (235,982)
5. Dividends
No dividend is proposed for the period.
6. Loss per share
The calculation of profit per share of 0.06 cents (30 June 2012:
0.04 cents) is based on a retained profit of $2,488,465 for the
period ended 30 June 2013 (30 June 2012: $1,366,923 loss) and the
weighted average number of shares in issue in the period ended 30
June 2013 of 3,868,772,016 (30 June 2012: 3,868,772,016). The
diluted earnings per share is the same as the basic earnings per
share as they would have the same weighted average number of shares
in issue.
Details of share options that could potentially dilute earnings
per share in future periods are disclosed in note 8 to these
condensed interim financial statements.
7. Property plant and equipment
During the period the Group acquired various items of mining
equipment with an aggregate value of $428,077 (30 June 2012:
$342,611). Assets with a net book value of $nil (30 June 2012:
$57,989) were disposed of during the period.
8. Land, Coal Rights and Restoration Costs
Railway Land, surface Exploration
Stockton relocation and mineral licence
mine costs costs costs costs Total
$ $ $ $ $
Cost
As at 1 January 2012 6,884,926 2,228,474 3,550,000 - 12,663,400
Additions - 970,253 - - 970,253
Increase in retirement
obligation estimate 125,051 - - - 125,051
------------------------ -------------- ---------------- -------------- ------------ ---------------
As at 31 December 2012 7,009,977 3,198,727 3,550,000 - 13,758,704
------------------------ -------------- ---------------- -------------- ------------ ---------------
Additions - - - 6,000,000 6,000,000
As at 30 June 2013 7,009,977 3,198,727 3,550,000 6,000,000 19,758,704
------------------------ -------------- ---------------- -------------- ------------ ---------------
Mine depletion and mineral
depreciation
As at 1 January 2012 3,011,443 - 1,671,630 - 4,683,073
Charge for the year 445,372 243,678 102,614 - 791,664
As at 31 December 2012 3,456,815 243,678 1,774,244 - 5,474,737
------------------------ -------------- ---------------- -------------- ------------ ---------------
Charge for the year 259,392 91,900 87,210 - 438,502
As at 30 June 2013 3,716,207 335,578 1,861,454 - 5,913,239
------------------------ -------------- ---------------- -------------- ------------ ---------------
Net book value
As at 1 January 2012 3,873,483 2,228,474 1,878,370 - 7,980,327
------------------------ -------------- ---------------- -------------- ------------ ---------------
As at 31 December 2012 3,553,162 2,955,049 1,775,756 - 8,283,967
------------------------ -------------- ---------------- -------------- ------------ ---------------
As at 30 June 2013 3,293,770 2,863,149 1,688,546 6,000,000 13,845,465
------------------------ -------------- ---------------- -------------- ------------ ---------------
The retirement and depreciation provision for the Stockton mine
property is calculated using current cost estimates provided by an
independent third party consultant. The current cost estimates are
applied to the required reclamation activities up to the date of
closure of the mine.
On 21 January 2013 the Company announced that it had exercised
its lease option over the fully permitted 410 acre Pott &
Bannon anthracite property in New Castle Township, Schuylkill
County, Pennsylvania in consideration for a total sum payable of $6
million plus $3 million in warrants over Atlantic Coal new ordinary
shares at 0.75 pence per share.
9. Called up share capital
There has been no movement in the authorised share capital
during the period. The movements in issued share capital are as
follows:
Issued Ordinary
Number of shares Share premium Total
shares $ $ $
At 1 January 2013 3,868,772,016 4,595,188 38,670,457 43,265,645
At 30 June 2013 3,868,772,016 4,595,188 38,670,457 43,265,645
Share options and warrants
A reconciliation of the movements in the number of options and
warrants outstanding and exercisable during the period is as
follows:
Number
Outstanding as at 1 January 2012
and 30 June 2012 560,283,449
---------------------------------- -------------
Outstanding as at 1 January 2013 206,793,449
Expired (75,000,000)
---------------------------------- -------------
Outstanding as at 30 June 2013 131,793,449
---------------------------------- -------------
Exercisable at 30 June 2013 131,793,449
On 21 January 2013 the Company announced that it had exercised
its lease option over the fully permitted 410 acre Pott &
Bannon anthracite property in New Castle Township, Schuylkill
County, Pennsylvania. In addition US$3.0 million of warrants in
Atlantic Coal at 0.75 pence per share, exercisable within five
years, will be issued.
10. Borrowings
On 2 January 2013 Coal Contractors 1991, Inc. secured an
extension and variation to existing loans from Mrs MC Best and
Willoughby (465) Limited. Under the terms of the extension and
variation the loans were extended until 30 April 2013 and the
interest rate on both loans increased to 15%.
Subsequently, the existing loans from Mrs MC Best and Willoughby
(465) Limited, were further extended 48 months commencing 15 May
2013, with a reduction in interest to 10% per annum from 1 May
2013. The loan is also now denominated in US dollars (previously
sterling).
11. Events after balance sheet date
On 23 July 2013, the Group secured a loan of GBP750,000 with YA
Global Master SPV Ltd, an investment fund managed by Yorkville
Advisors Global LP under which YA Global Master SPV Ltd will
provide an up to US$5 million loan facility backed by a standby
equity distribution agreement ("SEDA") and subject to the issue of
warrants. Please see the announcement made to the market on the 25
July 2013 for more details.
12. Approval of interim financial statements
The Condensed interim financial statements were approved by the
Board of Directors on 20 September 2013.
13. Copies of report:
Copies of these Interim results will be sent to shareholders
upon request. Otherwise, shareholders will be able to download a
copy of the interim results from the Company's website
www.atlanticcoal.com. Further copies will be available from the
Company Secretary, Atlantic Coal Plc, 1, Mayford House, Old Elvet,
Durham DH1 3HN
Independent Review Report to Atlantic Coal Plc
Introduction
We have been engaged by Atlantic Coal Plc to review the
condensed set of Financial Statements in the half-yearly financial
report for the six months ended 30 June 2013 which comprise the
condensed consolidated income statement, condensed consolidated
statement of comprehensive income, condensed consolidated balance
sheet, consolidated statement of changes in equity, condensed
consolidated cash flow statement and related notes. We have read
the other information contained in the half-yearly financial report
and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set
of Financial Statements.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the Directors. The Directors are responsible
for preparing the half-yearly financial report in accordance with
the AIM Rules for Companies.
The annual Financial Statements of the Group are prepared in
accordance with IFRSs as adopted by the European Union. The
condensed set of Financial Statements included in this half-yearly
financial report has been prepared in accordance with the
requirements of the AIM Rules for Companies.
Our Responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of Financial Statements in the half-yearly
financial report based on our review. This report, including the
conclusion, has been prepared for and only for the Company for the
purpose of the AIM Rules for Companies and for no other purpose. We
do not, in producing this report, accept or assume responsibility
for any other purpose or to any other person to whom this report is
shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.
Scope of review
We conducted our review in accordance with the International
Standard on Review Engagements 2410 "Review of Interim Financial
Information Performed by the Independent Auditor of the Entity"
issued by the Auditing Practices Board for use in the United
Kingdom. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
(UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of Financial Statements
in the half-yearly financial report for the six months ended 30
June 2013 is not prepared, in all material respects, in accordance
with the AIM Rules for Companies.
PKF Littlejohn LLP
Chartered Accountants and Registered Auditors
1 Westferry Circus
Canary Wharf
London
E14 4HD
20 September 2013
This information is provided by RNS
The company news service from the London Stock Exchange
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Atlantic Coal (LSE:ATC)
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From Jun 2024 to Jul 2024
Atlantic Coal (LSE:ATC)
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From Jul 2023 to Jul 2024
