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
Stefan Olivier Cornhill Capital Ltd Tel: 020 7710 9618
Elisabeth Cowell St Brides Media & Finance Tel: 020 7236 1177
Ltd
Condensed Consolidated Income Statement Note 6 months to 6 months
30 June 2012 to
Unaudited 30 June 2011
$ Unaudited
$
Turnover 8,866,364 7,481,880
Cost of sales (7,355,642) (6,638,774)
Gross profit 1,510,722 843,106
Administration expenses (1,678,769) (1,153,312)
Exceptional expenses (821,500) -
Other income 114,011 -
Other (losses) - net (235,982) (550,637)
Loss from operations 4 (1,111,518) (860,843)
Finance income 237 7,175
Finance costs (255,642) (198,856)
Loss from ordinary activities before
tax (1,366,923) (1,052,524)
Corporation tax expense - -
__ ___ ___ _ ____ ___
Retained loss for the period attributable
to shareholders (1,366,923) (1,052,524)
Loss per share - basic and diluted 6 (0.04) cents (0.03) cents
All activities are classified as continuing.
Condensed Consolidated Statement of Comprehensive 6 months to 6 months
Income 30 June 2012 to
Unaudited 30 June 2011
$ Unaudited
$
Loss for the period (1,366,923) (1,052,524)
Other comprehensive income:
Exchange differences on translating foreign
operations 289,896 194,942
Total comprehensive income for the period (1,077,027) (857,582)
Condensed Consolidated Balance Sheet 30 June 2012 31 December
Unaudited 2011
$ Audited
Note $
ASSETS
Non-current assets
Property, plant & equipment 7 10,019,618 10,037,008
Land, coal rights and restoration 8,543,325 7,980,327
Trade and other receivables - 9,441
Other assets 49,953 43,752
18,612,896 18,070,528
Current assets
Inventories 2,933,158 1,471,210
Trade and other receivables 3,520,359 1,833,404
Other assets 197,539 197,971
Bank balances and cash 2,158,171 6,027,771
8,809,227 9,530,356
Total assets 27,422,123 27,600,884
EQUITY & LIABILITIES
Equity
Called up share capital 8 4,595,188 4,595,188
Share premium account 8 38,661,407 38,661,407
Merger reserve 15,326,850 15,326,850
Reverse acquisition reserve (12,999,288) (12,999,288)
Other reserves 9 131,837 131,837
Foreign currency translation reserve (3,231,906) (3,521,802)
Retained losses (30,574,583) (29,207,660)
11,909,505 12,986,532
Non-current liabilities
Borrowings 10 1,725,735 1,770,338
Accrued restoration costs 4,256,821 4,054,350
5,982,556 5,824,688
Current liabilities
Trade and other payables 4,330,167 3,119,637
Borrowings 10 4,657,787 3,828,776
Accrued restoration costs 542,108 1,841,251
9,530,062 8,789,664
Total equity and liabilities 27,422,123 27,600,884
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
2011 2,394,507 19,415,088 15,326,850 352,518 (12,999,288) (2,672,814) (26,244,957) (4,428,096)
Comprehensive
income
Loss for the
period - - - - - - (1,052,524) (1,052,524)
Other
comprehensive
income
Currency
translation
differences - - - - - 194,942 - 194,942
--------------- ---------- ----------- ----------- ---------- ------------- ------------ ------------- ------------
Total
comprehensive
income - - - - - 194,942 (1,052,524) (857,582)
--------------- ---------- ----------- ----------- ---------- ------------- ------------ ------------- ------------
Transactions
with owners
Share capital
issued 1,904,473 17,065,778 - - - - - 18,970,251
Exercise of
share options
& warrants 176,785 1,458,057 - (137,208) - - 52,862 1,550,496
Expiration of
options - 34,784 - (47,812) - - 13,028 -
Share based
payments - (1,005) - 1,005 - - - -
Conversion of
loan notes 119,423 688,705 - (9,574) - - 9,574 808,128
Total
transactions
with owners 2,200,681 19,246,319 - (193,589) - - 75,464 21,328,875
--------------- ---------- ----------- ----------- ---------- ------------- ------------ ------------- ------------
As at 30 June
2011 4,595,188 38,661,407 15,326,850 158,929 (12,999,288) (2,477,872) (27,222,017) 16,043,197
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
Comprehensive
income
Loss for the
period - - - - - - (1,366,923) (1,366,923)
Other
comprehensive
income
Currency
translation
differences - - - - - 289,896 - 289,896
--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
Total
comprehensive
income - - - - - 289,896 (1,366,923) (1,077,027)
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