The Company has also published its audited 2021 Annual Report and Accounts, which are available on the Group's website at www.anglopacificgroup.com and on SEDAR at www.SEDAR.com. The following statement should be read in conjunction with the audited financial statements.
Financial Highlights
Record annual portfolio contribution of
Portfolio contribution comprises
Record results driven by strong performances at Kestrel and Voisey's Bay - with the former producing
Profit after tax, of
Basic earnings per share of 18.03c (2020: loss of 13.23c)
60% increase in Adjusted earnings1 per share to 25.18c (2020: 15.69c)
New longwall panel added to 500 series mine plan at Kestrel, increasing expected volumes within the Group's private royalty lands by 10% and smoothing expected volume stepdown over the remaining life of the royalty
21st century commodities now represent 75% of the Group's royalty assets on the balance sheet (2020: 32%)
Net debt at year-end of
Pro-forma net debt at
Final dividend proposed of 1.75p per share which will take the total dividend for FY 2021 to 7p per share in line with the Company's guidance during the year
Our model means that we are fully exposed to commodity prices but do not have direct exposure to operating cost inflationary pressures - a highly attractive position to be in given current commodity and inflationary dynamics
The record Q4 2021 portfolio contribution was based on an average coking coal price of
Year-to-date commodity prices are substantially higher than the levels driving our record Q4 2021 results. We expect similar levels of production from the assets in our portfolio, and with a more than doubling of coking coal prices as well as resilient performances in cobalt and copper prices, the near-term outlook for the business is very strong. We intend to use this higher cash flow to reduce our borrowings in the first instance and then recycle into growth opportunities. We will continue to develop our portfolio in line with our strategy, with a focus on commodities which will support and benefit from the move towards a low carbon future. This will create an even better, diverse and growing asset base for the benefit of all stakeholders.
Contact:
Tel: +44 (0)20 3435 7400
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