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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Atlantic Coal | LSE:ATC | London | Ordinary Share | GB00B142G994 | ORD 0.07P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.09 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------ 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 Condensed Consolidated Cash Flow Statement 6 months to 6 months 30 June 12 to Unaudited 30 June 11 $ Unaudited $ Cash flows from operating activities Loss from operations (1,111,518) (860,843) Depreciation 680,062 408,066 Amortisation 407,455 254,296 Gain on debt settlement - (78,388) Accretion, accrued restoration costs 202,470 178,399 Reclamation work performed (1,299,143) (842,283) Loss on disposal of assets 57,989 - Foreign exchange loss 217,627 548,641 Increase in trade and other receivables (1,290,451) (729,604) Increase in inventories (1,461,948) (66,642) Increase/(decrease) in trade and other payables 1,208,070 (595,437) Net cash used in operating activities (2,389,387) (1,783,795) Cash flows from investing activities Purchase of property, plant and equipment (1,276,482) (1,629,741) (Increase) in deposits & escrow (392,164) (5,469) Interest paid (139,282) (193,351) Interest received 237 7,175 Net cash used in investing activities (1,807,691) (1,821,386) Cash flows from financing activities Proceeds from issue of share capital - 21,548,315 Transaction costs of share issue - (1,027,569) Refinancing of equipment through finance 1,327,896 - lease Repayments of borrowings (325,058) (964,535) Finance lease payments (751,907) (309,704) Net cash from financing activities 250,931 19,246,507 Net (decrease)/increase in cash and cash equivalents (3,946,147) 15,641,326 Effect of foreign exchange rate changes 76,547 (226,090) Cash and cash equivalents at the beginning of the period 6,027,771 292,433 Cash and cash equivalents at the end of the period 2,158,171 15,707,669
Significant non-cash transactions
During the period ended 30 June 2012 the Group purchased various items of plant and equipment with an aggregate value of $342,611 through finance lease.
During the period ended 30 June 2011 the Company issued 107,264,476 ordinary shares to convertible loan note holders upon the exercise of their option to convert. The aggregate loan note principal and accrued interest settled through the issue of shares during the period was $808,128.
During the period ended 30 June 2011 the Group renegotiated the debt due to Mayford LLC (refer note 10). The renegotiation of amounts due resulted in a reduction in the debt principal of $78,388 and accrued interest of $259,622. The aggregate non-cash gain in the income statement was therefore $338,010.
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 Alternative Investment 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 2011, 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 2011 were approved by the Board of Directors on 17 May 2012 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.
The 2012 interim financial report of the Company has not been audited but has been reviewed by the Company's auditor, 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 2012.
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 2011 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 2011 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 2011, except for the impact of the adoption of the Standards and interpretations described below.
3.1 Changes in accounting policy and disclosures
(a) There are no new and amended standards, and interpretations mandatory for the first time for the financial year beginning 1 January 2012 and relevant to the Group.
New and amended standards, and interpretations mandatory for the first time for the financial year beginning 1 January 2012 but not currently relevant to the Group:
Amendments to IAS 12 "Income Taxes" introduce a presumption that recovery of the carrying amount of an asset measured using the fair value model in IAS 40 "Investment Property" will normally be through sale. This standard is effective for annual periods beginning on or after 1 January 2012, subject to EU endorsement.
(b) New standards, amendments and interpretations issued but not effective for the financial year beginning 1 January 2012 and not early adopted are as follows.
The Group's assessment of the impact of these new standards and interpretations is set out below.
IFRS 13 "Fair Value Measurement" improves consistency and reduces complexity by providing, for the first time, a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. It does not extend the use of fair value accounting, but provides guidance on how it should be applied where its use is already required or permitted by other standards. This standard is effective for periods beginning on or after 1 January 2013, subject to EU endorsement. The Directors are assessing the possible impact of this standard on the Group's Financial Statements.
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