The Anglo Pacific Group Board have recommended that the final dividend be announced at 1.75p. Should this be approved at the 2022 AGM, the total dividends for 2021 will be 7p (2020: 9p). Whilst their dividend cover is high by historical comparison, it reflects the recycling of elevated earnings from Kestrel, in particular into reduction in leverage levels to prepare for further acquisitions in future facing commodities that will replace coking coal as Kestrel winds down over the next few years.
Other financial highlights:
Record annual portfolio contribution of $85.6m (2020: $47.5m) with 45% of this generated in the final quarter
Portfolio contribution comprises $77.3m of royalty and stream income, $8.0m of other royalty related revenue, $4.3m of other portfolio contribution less $4.0m of stream cost of sales
Record results driven by strong performances at Kestrel and Voisey's Bay - with the former producing $26m in Q4 2021 - over 50% of total contributions in FY 2020
Profit after tax, of $37.5m (2020: Loss after tax $23.9m), which includes valuation and impairment charges and reflects a $30.5m valuation increase, primarily for Kestrel and EVBC, and a loss on disposal of the Narrabri royalty of $19.0m
Basic earnings per share of 18.03c (2020: loss of 13.23c)
