TIDMATH
RNS Number : 5687T
ATH Resources plc
09 June 2009
+----------------------------------------+----------------------------------------+
| Press Release | 9 June 2009 |
+----------------------------------------+----------------------------------------+
ATH Resources plc
("ATH" or "the Group")
Interim Results
ATH Resources plc, one of the UK's largest coal producers, reports its Interim
Results for the six months ended 29 March 2009.
Highlights
+-----+----------------------------------------------------------------------------------------------+
| · | Turnover increased by over 27% to GBP35.7 million (2008: GBP28.1 million) on sales of |
| | 845,000 tonnes of coal (2008: 787,000 tonnes) |
+-----+----------------------------------------------------------------------------------------------+
| · | Average selling price increased by 19% to GBP42 per tonne |
+-----+----------------------------------------------------------------------------------------------+
| · | Strong improvement from the Surface Mining business with operating profit more than doubling |
| | to GBP3.5 million (2008: GBP1.2 million) |
+-----+----------------------------------------------------------------------------------------------+
| · | Profit before tax of GBP0.1 million (2008 : GBP0.4 million) |
+-----+----------------------------------------------------------------------------------------------+
| · | Earnings per share of 0.15 pence (2008 : 0.8 pence) |
+-----+----------------------------------------------------------------------------------------------+
| · | Proposed interim dividend deferred until payment of final dividend (2008: 3.36 pence per |
| | share) following recent inflow of water at the Muir Dean mine |
+-----+----------------------------------------------------------------------------------------------+
| · | Water management plan on track at Muir Dean to restore the mine to full production later in |
| | the summer |
+-----+----------------------------------------------------------------------------------------------+
| · | Proven Reserves increased by 9% to 4.9 million tonnes |
+-----+----------------------------------------------------------------------------------------------+
Commenting on the Interim Results, Tom Allchurch, Chief Executive of ATH, said:
"I am pleased to announce a strong improvement in the results of our Surface
Mining business with proven coal reserves also moving ahead. The profitability
of the Group was held back by the lack of production from the ATH Regeneration
business. However, with the start of deliveries this April by Surface Mining
under a new, long term coal contract I am confident that trading for the full
year should be in line with market expectations."
- Ends -
For further information:
+------------------------------------------+--------------------------------+
| ATH Resources plc | |
+------------------------------------------+--------------------------------+
| Tom Allchurch, Chief Executive | Tel: +44 (0) 1302 760 462 |
+------------------------------------------+--------------------------------+
| tom.allchurch@ath.co.uk | www.ath.co.uk |
+------------------------------------------+--------------------------------+
+------------------------------------------+--------------------------------+
| Evolution Securities Limited | |
+------------------------------------------+--------------------------------+
| Joanne Lake / Peter Steel | Tel: +44 (0)113 243 1619 |
+------------------------------------------+--------------------------------+
| joanne.lake@evosecurities.com | www.evosecurities.com |
+------------------------------------------+--------------------------------+
+------------------------------------------+--------------------------------+
| Media enquiries: | |
| Abchurch | |
+------------------------------------------+--------------------------------+
| Sarah Hollins / George Parker / Mark | Tel: +44 (0) 20 7398 7729 |
| Dixon | |
| | |
+------------------------------------------+--------------------------------+
| mark.dixon@abchurch-group.com | www.abchurch-group.com |
| | |
+------------------------------------------+--------------------------------+
CHAIRMAN'S STATEMENT
Trading results
Revenue in the six months to 29 March 2009 was GBP35.7 million (2008: GBP28.1
million) on sales of 845,000 tonnes of coal (2008: 787,000 tonnes). Profit
before tax was GBP0.1 million (2008: GBP0.4 million) and net cash generated from
operations was GBP6.5 million (2008: GBP6.4 million). Earnings per share were
0.15 pence per share (2008: 0.8 pence per share).
Average selling prices increased by 19% reflecting the continuing strength of
the coal market and the Group's marketing and contracting strategy. The Group
entered into a long-term sales contract in January with a new customer,
ScottishPower, to supply its power station at Longannet. Deliveries under this
new contract commenced, as planned, in April 2009.
Production costs increased reflecting the mix and configuration of mines and
higher levels of depreciation following the Group's major investment programme
over the last two years together with the loss of lower cost ATH Regeneration
production and higher fuel prices. The price of gas oil represents a key
production cost which is closely monitored and the Group hedges against price
fluctuations, with half of the forecast remaining usage for the year fixed at
around current market prices.
The results reflect a strong improvement in the performance of the Surface
Mining business, with operating profit more than doubling to GBP3.5 million
(2008: GBP1.2 million) and sales volumes increasing by 25% during the period.
Compared to the prior period, production benefitted from a full period of
operations at the Grievehill mine in Ayrshire and the Muir Dean mine in Fife.
Operations continued successfully at the Group's three other mines in Ayrshire
and Dumfries and Galloway. Production will come to an end, as planned, at the
Laigh Glenmuir and Grievehill mines before the year end with production being
replaced by extensions at Skares Road and Glenmuckloch.
As previously announced, production at the Muir Dean mine in Fife is currently
being temporarily reduced by an unexpected increase in water levels at part of
the mine. Following the implementation of a comprehensive water reduction plan,
water levels in the mine are currently returning to previous expectations which
will allow full scale production to recommence later in the summer.
Plans are in place to maximise production from other sites and, at this stage,
the Directors do not expect that the temporary reduction in output should have a
significant impact on the Group's ability to achieve its market expectations for
the full year or have any adverse impact on banking facilities or associated
covenants.
ATH Regeneration was affected by the closure of the Grimethorpe site last year
and, with no operational sites, the business generated no income during the
period. This resulted in an operating loss of GBP1.5 million (2008: operating
profit GBP0.9 million) reflecting the overhead of the business and restructuring
and other costs related to the ending of production at Grimethorpe. The future,
ongoing cost base, has been reduced significantly consistent with the
expectation that no income will be generated by the business until 2010.
Reserves
Proven Reserves in the Group increased by 9% to 4.9 million tonnes with
additional planning consents received in the Surface Mining business of 1.8
million tonnes.
Proven and Probable Reserves at the period end were 7.1 million tonnes.
Development - Surface Mining
The business has been successful in developing Surface Mining coal reserves.
Final planning consent at a new site at Rigg in Dumfries and Galloway added 1.1
million tonnes with extensions to the existing Glenmuckloch mine adding a
further 0.7 million tonnes to Proven Reserves.
Approval for a 0.6 million tonne extension to the Group's existing site at
Skares Road was received after the period end.
In addition, an extension of 0.3 million tonnes has been identified at the Muir
Dean mine adding to Probable Reserves and plans are in place for the submission
for a planning consent later in the year for a new 2 to 3 million tonne site in
Ayrshire.
Development - ATH Regeneration
As previously notified, the Directors were disappointed that planning for the
proposed ATH Regeneration plant at Langton in Derbyshire was refused by
Derbyshire County Council when approval had already been received from
Nottinghamshire County Council.The Group has submitted an appeal against the
decision with the result expected before the end of 2009 which, if successful,
will allow production to commence in 2010.
The Group continues to pursue other opportunities in the UK with several
potential developments identified for commencement in 2011 and beyond, and will
update the market accordingly.
Progress continues on the acquisition of the first contract in Queensland,
Australia with commercial negotiations to build, own and operate a plant nearing
completion prior to final approval by the potential client. Discussions continue
with other mining companies in Australia for the implementation of the unique
coal washing technology at other sites.
Funding
During the six month period to March 2009, bank loans and hire purchase
liabilities reduced by GBP7.3 million to GBP39.2 million (September 2008:
GBP46.5 million). In November 2008, a new working capital facility was put in
place with amounts drawn during the six month period of GBP5.6 million resulting
in total debt at the period end of GBP44.8 million (September 2008: GBP46.5
million). Cash balances were GBP0.2 million (September 2008: GBP1.2 million). A
major investment programme in plant and equipment and mine development has
recently been completed and, with the rate of investment set to fall
significantly in the UK, the Group is targeting to accelerate debt reduction
over the next two to three years.
Dividends
The unexpected inflow of water encountered recently at Muir Dean is currently
temporarily reducing production from part of the site and consequently, as a
precautionary and prudent measure, the Directors propose that the interim
dividend is deferred and incorporated into the final dividend expected to be
paid in January 2010.
Directors
During the period, Mrs Ivana Ridler resigned as a Non-executive Director of the
Group and the Board would like to thank Ivana for her contribution to the
business over the last eight years, five of them as a Non-executive Director.
Following the period end, Mr Tim Stokeld was appointed to the Board as a
Non-executive Director.
Outlook
Prices for coal remain strong, despite the recent economic downturn, with future
market indices indicating that market prices will increase well ahead of
inflation over the next two to three years. Focussing on the strategic
development of reserves will allow the Group to take advantage of the continuing
demand for coal, which will in turn be supported by recent announcements on
clean coal projects and policy.
David Port
Non-executive Chairman
9 June 2009
* The information in this report relating to exploration results, mineral
resources or mineral reserves is based on information compiled by Mr Peter
Morgan, a full-time employee of the company, who is a fellow of the Institute of
Materials, Minerals and Mining. Mr Morgan has sufficient experience which is
relevant to the style of mineralisation and type of deposit under consideration.
He has reviewed and consents to the inclusion in the report of the matters based
on his information in the form and context in which it appears. A glossary of
terms is available on our website - www.ath.co.uk.
Condensed consolidated income statement
for the six months ended 29 March 2009
+-----------------------------------------+------------+------------+--------------+--------------+
| | Unaudited | Unaudited | Audited |
+-----------------------------------------+------------+------------+--------------+
| | six months | six months | year |
| | | | |
+------------------------------------------------------+------------+--------------+--------------+
| | ended | ended | ended |
+------------------------------------------------------+------------+--------------+--------------+
| | 29 March | 30 March | 28 September |
+------------------------------------------------------+------------+--------------+--------------+
| | 2009 | 2008 | 2008 |
+------------------------------------------------------+------------+--------------+--------------+
| | GBP000 | GBP000 | GBP000 |
+------------------------------------------------------+------------+--------------+--------------+
| Revenue | 35,672 | 28,062 | 76,851 |
+------------------------------------------------------+------------+--------------+--------------+
| Cost of sales | (28,810) | (21,886) | (55,429) |
+------------------------------------------------------+------------+--------------+--------------+
| Gross profit | 6,862 | 6,176 | 21,422 |
+------------------------------------------------------+------------+--------------+--------------+
| Other operating income | 97 | 125 | 353 |
+------------------------------------------------------+------------+--------------+--------------+
| Administrative expenses | (5,320) | (4,658) | (9,872) |
+------------------------------------------------------+------------+--------------+--------------+
| Operating profit | 1,639 | 1,643 | 11,903 |
+------------------------------------------------------+------------+--------------+--------------+
| Finance costs | (1,549) | (1,199) | (2,895) |
+------------------------------------------------------+------------+--------------+--------------+
| Profit before taxation | 90 | 444 | 9,008 |
+------------------------------------------------------+------------+--------------+--------------+
| Taxation | (28) | (122) | (2,878) |
+------------------------------------------------------+------------+--------------+--------------+
| Profit for the period | 62 | 322 | 6,130 |
+------------------------------------------------------+------------+--------------+--------------+
| Basic earnings per share | 0.15p | 0.80p | 15.30p |
+------------------------------------------------------+------------+--------------+--------------+
| Diluted earnings per share | 0.15p | 0.78p | 14.90p |
+-----------------------------------------+------------+------------+--------------+--------------+
There are no recognised gains and losses other than as stated in the income
statement.
Condensed consolidated balance sheet
as at 29 March 2009
+--------------------------------+-------------+--------------+-------------+
| | Unaudited | Audited | Unaudited |
+--------------------------------+-------------+--------------+-------------+
| | 29 March | 28 September | 30 March |
+--------------------------------+-------------+--------------+-------------+
| | 2009 | 2008 | 2008 |
+--------------------------------+-------------+--------------+-------------+
| | GBP000 | GBP000 | GBP000 |
+--------------------------------+-------------+--------------+-------------+
| ASSETS | | | |
+--------------------------------+-------------+--------------+-------------+
| Non current assets | | | |
+--------------------------------+-------------+--------------+-------------+
| Goodwill | 7,657 | 7,657 | 7,169 |
+--------------------------------+-------------+--------------+-------------+
| Property, plant and equipment | 79,820 | 83,458 | 68,689 |
+--------------------------------+-------------+--------------+-------------+
| | 87,477 | 91,115 | 75,858 |
+--------------------------------+-------------+--------------+-------------+
| Current assets | | | |
+--------------------------------+-------------+--------------+-------------+
| Inventories | 20,088 | 14,967 | 11,346 |
+--------------------------------+-------------+--------------+-------------+
| Trade and other receivables | 8,877 | 11,133 | 6,995 |
+--------------------------------+-------------+--------------+-------------+
| Cash and cash equivalents | 162 | 1,207 | - |
+--------------------------------+-------------+--------------+-------------+
| | 29,127 | 27,307 | 18,341 |
+--------------------------------+-------------+--------------+-------------+
| Total assets | 116,604 | 118,422 | 94,199 |
+--------------------------------+-------------+--------------+-------------+
| LIABILITIES | | | |
+--------------------------------+-------------+--------------+-------------+
| Current liabilities | | | |
+--------------------------------+-------------+--------------+-------------+
| Trade and other payables | (16,006) | (14,899) | (8,470) |
+--------------------------------+-------------+--------------+-------------+
| Tax liabilities | (1,470) | (1,443) | (193) |
+--------------------------------+-------------+--------------+-------------+
| Financial liabilities - | (19,111) | (14,649) | (13,519) |
| borrowings | | | |
+--------------------------------+-------------+--------------+-------------+
| Final void provision | (2,224) | (1,811) | - |
+--------------------------------+-------------+--------------+-------------+
| | (38,811) | (32,802) | (22,182) |
+--------------------------------+-------------+--------------+-------------+
| Non-current liabilities | | | |
+--------------------------------+-------------+--------------+-------------+
| Trade and other payables | - | - | (50) |
+--------------------------------+-------------+--------------+-------------+
| Financial liabilities - | (25,657) | (31,810) | (25,707) |
| borrowings | | | |
+--------------------------------+-------------+--------------+-------------+
| Final void provision | (14,413) | (15,018) | (13,046) |
+--------------------------------+-------------+--------------+-------------+
| Deferred tax liabilities | (4,208) | (4,208) | (3,603) |
+--------------------------------+-------------+--------------+-------------+
| Other provisions | (338) | (338) | - |
+--------------------------------+-------------+--------------+-------------+
| | (44,616) | (51,374) | (42,406) |
+--------------------------------+-------------+--------------+-------------+
| Total liabilities | (83,427) | (84,176) | (64,588) |
+--------------------------------+-------------+--------------+-------------+
| Net assets | 33,177 | 34,246 | 29,611 |
+--------------------------------+-------------+--------------+-------------+
| EQUITY | | | |
+--------------------------------+-------------+--------------+-------------+
| Share capital | 200 | 200 | 200 |
+--------------------------------+-------------+--------------+-------------+
| Share premium | 27,855 | 27,855 | 27,855 |
+--------------------------------+-------------+--------------+-------------+
| Share-based payment reserve | 1,609 | 1,682 | 1,508 |
+--------------------------------+-------------+--------------+-------------+
| Retained earnings | 3,513 | 4,509 | 48 |
+--------------------------------+-------------+--------------+-------------+
| Total equity | 33,177 | 34,246 | 29,611 |
+--------------------------------+-------------+--------------+-------------+
Condensed consolidated statement of changes in equity
for the six months ended 29 March 2009
+------------------------+----------+----------+-------------+----------+---------------+
| | Called | Share | Share-based | Retained | Total |
| | up share | premium | payment | earnings | equity |
| | capital | account | reserve | GBP000 | shareholders' |
| | GBP000 | GBP000 | GBP000 | | funds |
| | | | | | GBP000 |
+------------------------+----------+----------+-------------+----------+---------------+
| | | | | | |
+------------------------+----------+----------+-------------+----------+---------------+
| At 30 September 2007 | 199 | 27,563 | 1,313 | 3,028 | 32,103 |
+------------------------+----------+----------+-------------+----------+---------------+
| Issue of ordinary | 1 | 292 | - | - | 293 |
| shares | | | | | |
+------------------------+----------+----------+-------------+----------+---------------+
| Profit for the year | - | - | - | 6,130 | 6,130 |
+------------------------+----------+----------+-------------+----------+---------------+
| Dividends paid | - | - | - | (4,649) | (4,649) |
+------------------------+----------+----------+-------------+----------+---------------+
| Addition to | - | - | 369 | - | 369 |
| share-based payment | | | | | |
| reserve | | | | | |
+------------------------+----------+----------+-------------+----------+---------------+
| At 28 September 2008 | 200 | 27,855 | 1,682 | 4,509 | 34,246 |
+------------------------+----------+----------+-------------+----------+---------------+
| | | | | | |
+------------------------+----------+----------+-------------+----------+---------------+
| At 30 September 2007 | 199 | 27,563 | 1,313 | 3,028 | 32,103 |
+------------------------+----------+----------+-------------+----------+---------------+
| Issue of ordinary | 1 | 292 | - | - | 293 |
| shares | | | | | |
+------------------------+----------+----------+-------------+----------+---------------+
| Profit for the period | - | - | - | 322 | 322 |
+------------------------+----------+----------+-------------+----------+---------------+
| Dividends paid | - | - | - | (3,302) | (3,302) |
+------------------------+----------+----------+-------------+----------+---------------+
| Addition to | - | - | 195 | - | 195 |
| share-based payment | | | | | |
| reserve | | | | | |
+------------------------+----------+----------+-------------+----------+---------------+
| At 30 March 2008 | 200 | 27,855 | 1,508 | 48 | 29,611 |
+------------------------+----------+----------+-------------+----------+---------------+
| | | | | | |
+------------------------+----------+----------+-------------+----------+---------------+
| At 28 September 2008 | 200 | 27,855 | 1,682 | 4,509 | 34,246 |
+------------------------+----------+----------+-------------+----------+---------------+
| Profit for the period | - | - | - | 62 | 62 |
+------------------------+----------+----------+-------------+----------+---------------+
| Dividends paid | - | - | - | (1,058) | (1,058) |
+------------------------+----------+----------+-------------+----------+---------------+
| Reduction in | - | - | (73) | - | (73) |
| share-based payment | | | | | |
| reserve | | | | | |
+------------------------+----------+----------+-------------+----------+---------------+
| At 29 March 2009 | 200 | 27,855 | 1,609 | 3,513 | 33,177 |
+------------------------+----------+----------+-------------+----------+---------------+
Condensed consolidated cash flow statement
for the six months ended 29 March 2009
+-----------------------------------+-------+------------+------------+-------------+
| | | Unaudited | Unaudited | Audited |
+-----------------------------------+-------+------------+------------+-------------+
| | | six months | six months | year |
| | | | | |
+-----------------------------------+-------+------------+------------+-------------+
| | | ended | ended | ended |
+-----------------------------------+-------+------------+------------+-------------+
| | | 29 March | 30 March | 28 |
| | | | | September |
+-----------------------------------+-------+------------+------------+-------------+
| | | 2009 | 2008 | 2008 |
+-----------------------------------+-------+------------+------------+-------------+
| | Notes | GBP000 | GBP000 | GBP000 |
+-----------------------------------+-------+------------+------------+-------------+
| Cash flows from operating | | | | |
| activities | | | | |
+-----------------------------------+-------+------------+------------+-------------+
| Cash generated from operations | 6 | 6,540 | 6,436 | 22,588 |
+-----------------------------------+-------+------------+------------+-------------+
| Interest paid | | (1,234) | (1,414) | (2,558) |
+-----------------------------------+-------+------------+------------+-------------+
| Tax paid | | - | (642) | (1,542) |
+-----------------------------------+-------+------------+------------+-------------+
| Net cash from operating | | 5,306 | 4,380 | 18,488 |
| activities | | | | |
+-----------------------------------+-------+------------+------------+-------------+
| Cash flows from investing | | | | |
| activities | | | | |
+-----------------------------------+-------+------------+------------+-------------+
| Proceeds from sale of property, | | 30 | 3 | 197 |
| plant and equipment | | | | |
+-----------------------------------+-------+------------+------------+-------------+
| Interest received | | 3 | 55 | 64 |
+-----------------------------------+-------+------------+------------+-------------+
| Government grant received | | - | - | 204 |
+-----------------------------------+-------+------------+------------+-------------+
| Purchases of property, plant and | | (3,407) | (5,415) | (13,624) |
| equipment | | | | |
+-----------------------------------+-------+------------+------------+-------------+
| Acquisition of subsidiary | | - | - | (150) |
+-----------------------------------+-------+------------+------------+-------------+
| Net cash used in investing | | (3,374) | (5,357) | (13,309) |
| activities | | | | |
+-----------------------------------+-------+------------+------------+-------------+
| Cash flow from financing | | | | |
| activities | | | | |
+-----------------------------------+-------+------------+------------+-------------+
| Dividends paid | | (1,058) | (3,302) | (4,649) |
+-----------------------------------+-------+------------+------------+-------------+
| Repayment of borrowings | | (2,669) | (3,664) | (6,323) |
+-----------------------------------+-------+------------+------------+-------------+
| Payment of hire purchase | | (5,436) | (4,048) | (7,899) |
| liabilities | | | | |
+-----------------------------------+-------+------------+------------+-------------+
| Proceeds from the issue of share | | - | 293 | 293 |
| capital | | | | |
+-----------------------------------+-------+------------+------------+-------------+
| New bank loans raised | | 596 | 18,282 | 22,700 |
+-----------------------------------+-------+------------+------------+-------------+
| Net cash (used in)/from financing | | (8,567) | 7,561 | 4,122 |
| activities | | | | |
+-----------------------------------+-------+------------+------------+-------------+
| Net (decrease)/increase in cash | | (6,635) | 6,584 | 9,301 |
| and cash equivalents | | | | |
+-----------------------------------+-------+------------+------------+-------------+
| Cash and cash equivalents at | | 1,207 | (8,094) | (8,094) |
| beginning of period | | | | |
+-----------------------------------+-------+------------+------------+-------------+
| Cash and cash equivalents at end | | (5,428) | (1,510) | 1,207 |
| of period | | | | |
+-----------------------------------+-------+------------+------------+-------------+
Notes to the interim report
for the six months ended 29 March 2009
1 Basis of preparation
The Group has drawn up its interim report for the 26 week period ended 29 March
2009 (2008: 26 weeks to 30 March 2008). The interim report is unaudited and does
not constitute statutory financial statements within the meaning of Section 240
of the Companies Act 1985.
The interim report has been prepared using policies that are consistent with
International Financial Reporting Standards ("IFRS") as adopted by the European
Union. As permitted, this report has not been prepared in accordance with IAS 34
"Interim Financial Reporting".
The financial information relating to the year ended 28 September 2008 is an
extract from the latest published financial statements on which the auditors
gave an unqualified report that did not contain statements under section 237 (2)
or (3) of the Companies Act 1985 and which have been filed with the Registrar of
Companies.
The interim report was approved by the Board of Directors on 8 June 2009.
2 Earnings per share
Basic earnings per share is calculated by reference to the weighted average
number of ordinary shares in issue during the period of 40,075,158 (30 March
2008: 40,049,557; 28 September 2008: 40,062,310) and the profit for the period.
The diluted earnings per share takes account of share options outstanding to
employees as set out below:
+------------------------------------+--------------+---------------+--------------+
| | Unaudited | Unaudited | Audited |
+------------------------------------+--------------+---------------+--------------+
| | six months | six months | year |
+------------------------------------+--------------+---------------+--------------+
| | ended | ended | ended |
+------------------------------------+--------------+---------------+--------------+
| | 29 March | 30 March | 28 September |
+------------------------------------+--------------+---------------+--------------+
| | 2009 | 2008 | 2008 |
+------------------------------------+--------------+---------------+--------------+
| Weighted average number of shares | 40,075,158 | 40,049,557 | 40,062,310 |
| in issue | | | |
+------------------------------------+--------------+---------------+--------------+
| Weighted average number of | - | 1,269,671 | 1,087,910 |
| dilutive share options | | | |
+------------------------------------+--------------+---------------+--------------+
| Total number of shares for | 40,075,158 | 41,319,228 | 41,150,220 |
| calculating diluted earnings per | | | |
| share | | | |
+------------------------------------+--------------+---------------+--------------+
3 Taxation
Taxation for the six months ended 29 March 2009 has been provided at the
effective rate estimated to be applicable for the full year.
4 Segmental Reporting
+-----------+---------------------------------+---+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| | | Unaudited | Unaudited | Audited |
| | | six months ended | six months ended | year ended |
| | | 29 March 2009 | 30 March 2008 | 28 September 2008 |
+-----------+-------------------------------------+--------------------------------------------+--------------------------------------------+--------------------------------------------+
| | | Surface | ATH Regeneration | Consolidated | Surface | ATH Regeneration | Consolidated | Surface | ATH Regeneration | Consolidated |
| | | Mining | | | Mining | | | Mining | | |
+-----------+-------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Income statement | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+-------------------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| | | | | | | | | | | |
+-----------+-------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Revenue | | | | | | | | | | |
+-----------+-------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Total revenue | 35,672 | - | 35,672 | 23,637 | 4,425 | 28,062 | 65,673 | 11,178 | 76,851 |
+-------------------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| | | | | | | | | | | |
+-----------+-------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Result | | | | | | | | | | |
+-----------+-------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Segment result | 3,479 | (1,520) | 1,959 | 1,242 | 928 | 2,170 | 9,843 | 3,214 | 13,057 |
+-------------------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Unallocated corporate expenses | | | (320) | | | (527) | | | (1,154) |
+-------------------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Operating profit | | | 1,639 | | | 1,643 | | | 11,903 |
+-------------------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| | | | | | | | | | | |
+-----------+-------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Balance sheet | | | | | | | | | |
+-------------------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| | | | | | | | | | | |
+-----------+-------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Assets | | | | | | | | | | |
+-----------+-------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Segment assets | 100,726 | 14,223 | 114,949 | 78,385 | 14,515 | 92,900 | 102,535 | 13,497 | 116,032 |
+-------------------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Unallocated corporate assets | | | 1,655 | | | 1,299 | | | 2,390 |
+-------------------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Consolidated total assets | | | 116,604 | | | 94,199 | | | 118,422 |
+-------------------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| | | | | | | | | | | |
+---------------------------------------------+---+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Liabilities | | | | | | | | | | |
+---------------------------------------------+---+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Segment liabilities | (68,436) | (3,184) | (71,620) | (46,983) | (4,219) | (51,202) | (66,565) | (4,495) | (71,060) |
+-------------------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Unallocated segment liabilities | | | (11,807) | | | (13,386) | | | (13,116) |
+-------------------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Consolidated total liabilities | | | (83,427) | | | (64,588) | | | (84,176) |
+-------------------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| | | | | | | | | | | |
+-----------+-------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Other information | | | | | | | | | |
+-------------------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Capital additions | 2,916 | 719 | 3,635 | 9,078 | 976 | 10,054 | 26,574 | 1,369 | 27,943 |
+-------------------------------------------------+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
| Depreciation | 7,135 | 120 | 7,255 | 5,522 | 197 | 5,719 | 13,075 | 391 | 13,466 |
+-----------+---------------------------------+---+----------+------------------+--------------+----------+------------------+--------------+----------+------------------+--------------+
5 Dividends
+------------------------------------+--------------+---------------+--------------+
| | Unaudited | Unaudited | Audited |
+------------------------------------+--------------+---------------+--------------+
| | six months | six months | year |
+------------------------------------+--------------+---------------+--------------+
| | ended | ended | ended |
+------------------------------------+--------------+---------------+--------------+
| | 29 March | 30 March | 28 September |
+------------------------------------+--------------+---------------+--------------+
| | 2009 | 2008 | 2008 |
+------------------------------------+--------------+---------------+--------------+
| | GBP000 | GBP000 | GBP000 |
+------------------------------------+--------------+---------------+--------------+
| Declared and paid during the | | | |
| financial period | | | |
+------------------------------------+--------------+---------------+--------------+
| Final dividend for the year ended | - | 3,302 | 3,302 |
| 1 October 2007: 8.24 pence per | | | |
| share | | | |
+------------------------------------+--------------+---------------+--------------+
| Interim dividend for the year | - | - | 1,347 |
| ended 28 September 2008: 3.36 | | | |
| pence per share | | | |
+------------------------------------+--------------+---------------+--------------+
| Final dividend for the year ended | 1,058 | - | - |
| 28 September 2008: 2.64 pence per | | | |
| share | | | |
+------------------------------------+--------------+---------------+--------------+
| | 1,058 | 3,302 | 4,649 |
+------------------------------------+--------------+---------------+--------------+
| Proposed after the balance sheet | | | |
| date and not recognised as a | | | |
| liability | | | |
+------------------------------------+--------------+---------------+--------------+
| Final dividend for the year ended | - | - | 1,058 |
| 28 September 2008 : 2.64 pence per | | | |
| share | | | |
+------------------------------------+--------------+---------------+--------------+
| Interim dividend for the year | - | 1,347 | - |
| ended 28 September 2008: 3.36 | | | |
| pence per share | | | |
+------------------------------------+--------------+---------------+--------------+
| | - | 1,347 | 1,058 |
+------------------------------------+--------------+---------------+--------------+
6 Reconciliation of operating profit to net cash generated from operations
+------------------------------------+--------------+---------------+--------------+
| | Unaudited | Unaudited | Audited |
+------------------------------------+--------------+---------------+--------------+
| | six months | six months | year |
+------------------------------------+--------------+---------------+--------------+
| | ended | ended | ended |
+------------------------------------+--------------+---------------+--------------+
| | 29 March | 30 March | 28 September |
+------------------------------------+--------------+---------------+--------------+
| | 2009 | 2008 | 2008 |
+------------------------------------+--------------+---------------+--------------+
| | GBP000 | GBP000 | GBP000 |
+------------------------------------+--------------+---------------+--------------+
| Operating profit | 1,639 | 1,643 | 11,903 |
+------------------------------------+--------------+---------------+--------------+
| Depreciation of property, plant | 7,255 | 5,719 | 13,466 |
| and equipment | | | |
+------------------------------------+--------------+---------------+--------------+
| (Profit)/loss on disposal of fixed | (12) | 1 | (24) |
| assets | | | |
+------------------------------------+--------------+---------------+--------------+
| Loss on disposal of investments | - | - | 1 |
+------------------------------------+--------------+---------------+--------------+
| Share-based payment | (73) | 195 | 369 |
| (credit)/expense | | | |
+------------------------------------+--------------+---------------+--------------+
| Increase in inventories | (5,121) | (3,553) | (7,174) |
+------------------------------------+--------------+---------------+--------------+
| Decrease in receivables | 2,255 | 4,234 | 96 |
+------------------------------------+--------------+---------------+--------------+
| Increase/(decrease) in payables | 597 | (1,803) | 3,951 |
| and provisions | | | |
+------------------------------------+--------------+---------------+--------------+
| Net cash generated from operations | 6,540 | 6,436 | 22,588 |
+------------------------------------+--------------+---------------+--------------+
7 Analysis of net debt
+------------------------------------+--------------+---------------+--------------+
| | Unaudited | Unaudited | Audited |
+------------------------------------+--------------+---------------+--------------+
| | six months | six months | year |
+------------------------------------+--------------+---------------+--------------+
| | Ended | ended | ended |
+------------------------------------+--------------+---------------+--------------+
| | 29 March | 30 March | 28 September |
+------------------------------------+--------------+---------------+--------------+
| | 2009 | 2008 | 2008 |
+------------------------------------+--------------+---------------+--------------+
| | GBP000 | GBP000 | GBP000 |
+------------------------------------+--------------+---------------+--------------+
| Debt due within one year | (5,733) | (4,409) | (5,317) |
+------------------------------------+--------------+---------------+--------------+
| Debt due beyond one year | (12,056) | (13,709) | (14,560) |
+------------------------------------+--------------+---------------+--------------+
| Hire purchase contracts | (21,389) | (19,598) | (26,582) |
+------------------------------------+--------------+---------------+--------------+
| | (39,178) | (37,716) | (46,459) |
+------------------------------------+--------------+---------------+--------------+
| Cash and cash equivalents and bank | (5,428) | (1,510) | 1,207 |
| overdraft | | | |
+------------------------------------+--------------+---------------+--------------+
| | (44,606) | (39,226) | (45,252) |
+------------------------------------+--------------+---------------+--------------+
8 Reconciliation of net cash flow to movement in net debt
+-----------------------------------+--------------+---------------+--------------+
| Unaudited | Unaudited | Audited |
+--------------------------------------------------+---------------+--------------+
| | six months | six months | year |
+-----------------------------------+--------------+---------------+--------------+
| | ended | ended | ended |
+-----------------------------------+--------------+---------------+--------------+
| | 29 March | 30 March | 28 September |
+-----------------------------------+--------------+---------------+--------------+
| | 2009 | 2008 | 2008 |
+-----------------------------------+--------------+---------------+--------------+
| | GBP000 | GBP000 | GBP000 |
+-----------------------------------+--------------+---------------+--------------+
| (Decrease)/increase in cash in | (6,635) | 6,584 | 9,301 |
| the period | | | |
+-----------------------------------+--------------+---------------+--------------+
| Cash outflow from reduction in | 8,105 | 7,712 | 14,222 |
| debt and hire purchase financing | | | |
+-----------------------------------+--------------+---------------+--------------+
| Change in net debt resulting from | 1,470 | 14,296 | 23,523 |
| cash flow | | | |
+-----------------------------------+--------------+---------------+--------------+
| New hire purchase contracts | (228) | (3,689) | (14,524) |
+-----------------------------------+--------------+---------------+--------------+
| New loans | (596) | (18,282) | (22,700) |
+-----------------------------------+--------------+---------------+--------------+
| Movement in net debt in the | 646 | (7,675) | (13,701) |
| period | | | |
+-----------------------------------+--------------+---------------+--------------+
| Net debt brought forward | (45,252) | (31,551) | (31,551) |
+-----------------------------------+--------------+---------------+--------------+
| Net debt carried forward | (44,606) | (39,226) | (45,252) |
+-----------------------------------+--------------+---------------+--------------+
9 Copies of the interim report
Copies of the interim report will be posted to shareholders in due course and
are available from the Company's Head Office at: Aardvark House, Sidings
Court, Doncaster DN4 5NU or by visiting the Company's website www.ath.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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