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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ecora Resources Plc | LSE:ECOR | London | Ordinary Share | GB0006449366 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.90 | -1.05% | 84.70 | 84.20 | 84.90 | 86.70 | 84.40 | 85.60 | 864,501 | 16:35:02 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Coal,oth Minerals,ores-whsl | 141.87M | 94.64M | 0.3670 | 2.31 | 218.92M |
In the application of the Group's accounting policies, the Directors are required to make judgements and estimates that can have a significant impact on the financial statements. The most critical accounting judgement relates to the classification of royalty arrangements and the key sources of estimation uncertainty relate to the calculation of certain royalty arrangement's fair value and the key assumption used when assessing impairment of property, plant and equipment and intangible assets. The use of inaccurate assumptions in assessments made for any of these estimates could result in a significant impact on financial results. The critical accounting judgements and key sources of estimations uncertainty are substantially the same as those disclosed in the Group's consolidated financial statements for the year ended December 31, 2014, which were published on March 25, 2015.
3 Changes in accounting policies and disclosures
The Condensed financial statements have been prepared under the historical cost basis, as modified by the revaluation of coal royalties (investment property) and certain financial instruments.
The accounting policies applied are consistent with those adopted and disclosed in the Group financial statements for the year ended December 31, 2013, except for the adoption of amendments to IAS 1, 'Financial statement presentation' regarding other comprehensive income, IFRS 13, 'Fair Value Measurement' and IFRS 10 'Consolidated Financial Statements' and IAS 27 'Separate Financial Statements'. These amendments have not had a material impact on the accounting policies applied by the Group.
A number of other accounting pronouncements, principally amendments to existing standards, issued by the IASB became effective on January 1, 2014, and were adopted by the Group. These pronouncements have not had a material impact on the accounting policies applied by the Group.
The Group has not early adopted any other amendment, standard or interpretation that has been issued but is not yet effective. It is expected that where applicable, these standards and amendments will be adopted on each respective effective date.
4 (Loss)/Earnings per share
Loss per ordinary share is calculated on the Group's loss after tax of GBP47,589,000 (2013: GBP42,497,000) and the weighted average number of shares in issue during the year of 113,075,454 (2013: 108,932,340).
Loss per ordinary share excludes the issue of shares under the Group's JSOP, as the Employee Benefit Trust has waived its right to receive dividends on the 925,933 ordinary 2p shares it holds as at December 31, 2014 (December 31, 2013: 925,933).
2014 2013 GBP'000 GBP'000 Net profit attributable to shareholders Earnings - basic (47,589) (42,497) Earnings - diluted (47,589) (42,497) ========= ========= 2014 2013 Weighted average number of shares in issue Basic number of shares outstanding 113,075,454 108,932,340 Dilutive effect of Employee Share Option Scheme - - ------------ ------------ Diluted number of shares outstanding 113,075,454 108,932,340 ============ ============
As the Group is loss making in 2014 and 2013, the Employee Share Option Scheme is considered anti-dilutive because including it in the diluted number of shares outstanding would decrease the loss per share.
Due to the growing number of valuation and other non-cash movements being recognised in the income statement, the Group presents an adjusted earnings per share metric to better reflect the underlying performance of the Group during the year. In calculating the adjusted earnings per share, the weighted average number of shares in issue remains consistent with those used in the earnings per share calculation.
Diluted Earnings earnings Earnings per share per share GBP'000 p p Net profit attributable to shareholders Loss - basic and diluted for the year ended December 31, 2014 (47,589) (42.09p) (42.09p) Adjustment for: Amortisation of royalty intangible assets 759 Gain on sale of mining and exploration interests (1,350) Gain on disposal of coal tenures (1,409) Impairment of mining and exploration interests 4,873 Impairment of royalty and exploration intangible assets 10,033 Impairment of royalty financial instruments 15,288 Impairment of property, plant and equipment 1,352 Revaluation of coal royalties (Kestrel) 11,822 Effective interest income on royalty financial instruments (194) Tax effect of the adjustments above 3,577 --------- Adjusted loss - basic and diluted for the year ended December 31, 2014 (2,838) (2.51p) (2.51p) ========= ========== ========== Diluted Earnings earnings Earnings per share per share GBP'000 p p Net profit attributable to shareholders Loss - basic and diluted for the year ended December 31, 2013 (42,497) (39.01p) (39.01p) Adjustment for: Amortisation of royalty intangible assets 854 Loss on sale of mining and exploration interests 6,398 Impairment of mining and exploration interests 26,321 Impairment of royalty and exploration intangible assets 8,313 Revaluation of coal royalties (Kestrel) 13,568 Revaluation of royalty financial instruments 8,735 Effective interest income on royalty financial instruments (1,140) Tax effect of the adjustments above (11,371) --------- Adjusted earnings - basic and diluted for the year ended December 31, 2013 9,181 8.43p 8.43p ========= ========== ========== 5 Dividends
On February 4, 2014 an interim dividend of 4.45p per share was paid to shareholders in respect of the year ended December 31, 2013. On August 7, 2014 a final dividend of 5.75p per share was paid to shareholders to make a total dividend for the year of 10.20p per share. Total dividend, paid during the year were GBP11.54m (2013: GBP11.07m).
On February 4, 2015 an interim dividend of 4.45p per share was paid to shareholders in respect of the year ended December 31, 2014. This dividend has not been included as a liability in these financial statements. The Directors propose that a final dividend of 4.00p per share be paid to shareholders on August 7, 2015, to make a total dividend for the year of 8.45p per share. This dividend is subject to approval by shareholders at the AGM and has not been included as a liability in these financial statements.
The proposed final dividend for 2014 is subject to shareholder approval at the 2015 Annual General Meeting ('AGM'). The Board proposes to pay the final dividend on August 7, 2015 to shareholders on the Company's share register at the close of business on June 26, 2015. The shares will be quoted ex-dividend on the London Stock Exchange on June 25, 2015, and the Toronto Stock Exchange on June 24, 2015. At the present time the Board has resolved not to offer a scrip dividend alternative.
6 Coal royalties (Kestrel) GBP'000 At January 1, 2013 170,995 Foreign currency translation (25,993) Loss on revaluation of coal royalties (13,568) --------- At December 31, 2013 131,434 Foreign currency translation (2,515) Loss on revaluation of coal royalties (11,822) --------- At December 31, 2014 117,097 =========
The Group's coal royalty entitlements comprise the Kestrel and Crinum coal royalties, and derive from mining activity carried out within the Group's private land area in Queensland, Australia. Rather uniquely to this royalty, the sub-stratum land is the property of the freeholder, including the minerals contained within. The ownership of the land therefore entitles the Group to a royalty, equivalent to what the State receives on areas outside the Group's private land. This royalty is accounted for as Investment Property in accordance with IAS 40.
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