--------------- ---------- ----------- ----------- --------- ------------- ------------ ------------- ------------
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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