Final Results

Anglo Pacific Group PLC
23 April 2002


FOR IMMEDIATE RELEASE                                                                       23 APRIL 2002








                                   ANGLO PACIFIC GROUP PLC



                         PRELIMINARY RESULTS FOR THE YEAR ENDED



                                     31 DECEMBER 2001



                                        HIGHLIGHTS




•      Group profit before tax £3,545,000 (loss for 2000 £848,000)


•      Australian coal royalty receipts increased by 28% to £3,942,000


•      Earnings per share 2.83p ( loss for 2000 (2.04p))


•      Current cash in excess of £2.5M






Commenting on the results Anglo Pacific's Chairman, Peter Boycott, said:



'I am pleased to report a robust set of results for the Group. With no
borrowings or long term debt the Group has a strong balance sheet. With our
Australian coal mines performing as expected and our recently acquired
substantial coal interests in Canada the Board looks to the future with
confidence and continues to evaluate potential acquisitions in the mining and
energy sectors'.







For further information please call:


Jonathan Rooper                    Cardew & Co                        Tel: [phone]
Gavin Barry





                              CHAIRMAN'S STATEMENT



RESULTS



Group profits before tax were £3,545,000 compared to a loss of £848,000 for the
previous year. Group turnover on continuing businesses increased by 28% to
£4,120,000 (2000: £3,215,000). The profit after tax and minority interests was
£2,459,000 compared to a loss of £1,775,000.



It was not possible to pay a dividend for the year ended 31st December 2001 due
to the relevant Special Resolutions not being passed at the Company's Annual
General Meeting in June 2001. At the appropriate time, it is the Board's
intention to again ask shareholders to approve a capital reconstruction so that,
inter alia, dividends can be resumed.



OPERATIONAL REVIEW



In Australia, coal royalty receipts from the Kestrel and Crinum mines, operated
by Rio Tinto and BHP respectively, increased by 28% to £3,942,000 (2000:
£3,069,000).



The independent valuation of these interests at the year end was A$88M,
equivalent to about 36p per share, based on the net present value of the pre-tax
cashflow discounted at a rate of 7%. The net royalty income is taxed in
Australia at a rate of 30%. Your Board resolved last year to incorporate the
revaluation each year in the Group's balance sheet. The excess of this valuation
over last year's value has been credited to revaluation reserve.



As reported in our quarterly cashflow reports, the Queensland Government on 1st
January 2002 changed the basis of calculation for the coal royalties to 7% on
gross sales less port and related charges without deduction of railage. This
resulted in a further uplift in the royalty receipts after the increase from 4%
to 7% in April 2000, which contributed to the increased valuation



During the year the Group sold the final tranche of Brancote Holdings PLC shares
realising a profit of £92,000.



In November 2001 the Group sold its 50.1% interest in Anglo Digital to
management realising a profit on sale of £229,000.



During the year the Group acquired in Canada, at little cost, substantial
additional coal interests. Your Company now has a 50% interest in the Groundhog
and Peace River coal deposits in British Columbia. The cost of holding these
interests is minimal. There has been a change in the political climate in
British Columbia due to the recent election of a Liberal Government pledged to
re-invigorate the Provincial resource sector. It is the Board's intention to
develop these resources by negotiating a carried interest with a major joint
venture partner at the appropriate time.



At Ledmore, output is now concentrated on high value products whilst efforts
continue to either find a joint venture partner or sell the business.



The Board continues to look to either sell or joint venture the Shetland Talc
project.



I want to thank all our staff and my fellow Directors for their continued hard
work and support.



OUTLOOK



Coking coal prices are ahead of 2001 levels whilst thermal coal prices are off
the higher levels reached in 2001. The Group's two coal mines in Australia are
performing as expected with the production ratio of coking to thermal coal being
approximately four to one.



With currently over £2.5M in the bank and with no borrowings or long term debt,
the Group has a strong balance sheet and continues to enjoy a substantial coal
royalty cashflow.



As a focus for the Group's future development, your Board continues to evaluate
potential acquisitions in the mining and energy sectors, particularly in
Australia and North America.







Peter Boycott

CHAIRMAN





ANGLO PACIFIC GROUP PLC

CONSOLIDATED PROFIT AND LOSS ACCOUNT

YEAR ENDED 31 DECEMBER 2001


                                                                             2001                      2000

                                                                             £000                      £000
Turnover

Continuing operations                                                       4,120                     3,215
Discontinued operations                                                         5                     1,909
                                                                            4,125                     5,124
Cost of sales

Continuing operations                                                        (210)                     (236)
Discontinued operations                                                         -                    (1,875)
                                                                             (210)                   (2,111)

Gross profit                                                                3,915                     3,013

Continuing operations

Administrative expenses                                                      (612)                     (746)
Profit on disposal of investments                                              92                       724
Other operating income                                                        100                       123
Operating profit from continuing operations                                 3,490                     3,080

Discontinued operations

Administrative expenses                                                      (118)                     (139)
Operating (loss) from discontinued operations                                (113)                     (105)

Total operating profit                                                      3,377                     2,975


Profit/(loss) on disposal of subsidiaries                                     229                    (3,113)
Interest received/(paid)                                                       38                      (322)
Write down of assets                                                          (99)                     (388)

Profit/(loss) on ordinary activities before tax                             3,545                      (848)

Taxation on ordinary activities                                            (1,118)                     (927)

Profit/(loss) for the financial year                                        2,427                    (1,775)


Minority Interests                                                             32                         -

Retained profit/(loss) for the financial year                               2,459                    (1,775)


Earnings per share                                                          2.83p                    (2.04)p
Diluted earnings per share                                                  2.76p                    (2.04)p




STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES                               2001                      2000

                                                                             £000                      £000

Profit/(loss) for the financial year                                        2,459                    (1,775)
Movement in revaluation reserve                                             4,156                    23,512
Currency translation (losses) on foreign currency investments

                                                                              (54)                       (6)

Total recognised gains and losses for the year                              6,561                    21,731



ANGLO PACIFIC GROUP PLC

CONSOLIDATED BALANCE SHEET

AT 31 DECEMBER 2001


                                                                        2001                            2000

                                                         £000           £000             £000           £000
Fixed assets
Tangible assets                                                        1,009                           1,141
Investments                                                           30,990                          26,840
                                                                      31,999                          27,981
Current assets
Stocks                                                    121                              60
Debtors                                                   980                           1,672
Investments                                                 -                              14
Cash at bank and in hand                                2,212                             196
                                                        3,313                           1,942
Current liabilities
Creditors - amounts falling due within one year

                                                         (535)                         (1,469)
Net current assets                                                     2,778                             473

Total assets less current liabilities                                 34,777                          28,454
Long term liabilities
Provisions for liabilities and charges                                  (217)                           (455)
                                                                      34,560                          27,999
Capital and reserves
Called up share capital                                                8,696                           8,696
Share premium account                                                  2,581                           2,581
Capital redemption reserve                                               122                             122
Revaluation reserve                                                   29,274                          25,118
Foreign currency translation reserve                                      57                             111
Profit and loss account - (deficit)                                   (6,170)                         (8,629)
Equity shareholders' funds                                            34,560                          27,999




ANGLO PACIFIC GROUP PLC

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2001


                                                                    2001                         2000

                                                      £000          £000           £000          £000
Net cash inflow from operating activities                           3,865                       1,022

Returns on investments and servicing of finance
Interest received                                       49                            1
Interest paid                                          (10)                        (289)
Interest paid on finance leases                         (1)                         (56)

Net cash inflow/(outflow) from returns on                              38                        (344)
investments and servicing of finance
                                                                                                 

Tax paid                                                           (1,199)                       (416)

Capital expenditure and financial investment
Payments to acquire tangible fixed assets              (32)                        (222)

Receipts from sales of tangible fixed assets            37                            3
Sale of equity investments                             106                          918
Purchase of equity investments                          (2)                         (10)

Net cash inflow from capital expenditure and                          109                         689
financial investment
                                                                                                  

Acquisitions and disposals
Disposal of subsidiaries (net of expenses)                             56                       3,955

Equity dividend paid                                                    -                         (43)

Net cash inflow before management of liquid                         2,869                         4,863
resources and financing
                                                                                                


Management of liquid resources                                          -                           -


Financing


Capital element of finance lease repayments             (2)                      (1,002)
Repayment of borrowings                               (850)                      (2,900)

Net cash (outflow) from financing                                    (852)                     (3,902)

Increase in cash                                                    2,017                         961



Notes


1.        Earnings per share is calculated on the Group's profit after tax of £2,459,000 (2000 - loss
          of £1,775,000) and the weighted average number of shares in issue during the year of
          86,962,955 (2000 - 86,962,955).

          The diluted earnings per share is calculated on a profit after tax of £2,496,000 and
          90,455,973 shares.
2.        The above figures do not constitute full accounts within the meaning of Section 240 of the
          Companies Act 1985.  The figures for the year ended 31st December 2000 constitute abridged
          accounts extracted from the published accounts for the year which have been filed with the
          Registrar of Companies and on which the auditors' report was unqualified.







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