ATH Resources plc Annual report and financial statements 2005
Annual report and financial statements 2005
Aardvark House
Sidings Court 
Doncaster DN4 5NU
Tel: +44 (0)1302 760462
Fax: +44 (0)1302 760463
Web: www.ath.co.uk
_0_ATHarc05.qxd  15/12/2005  12:21  Page 1 IFC GROUP OPERATIONS: SCOTLAND
1 CORPORATE STATEMENT AND HIGHLIGHTS
2 CHAIRMAN’S STATEMENT
3 CHIEF EXECUTIVE’S STATEMENT
6 FINANCIAL REVIEW
9 BOARD OF DIRECTORS
10 DIRECTORS’ REPORT
12 CORPORATE GOVERNANCE REPORT
13 REMUNERATION COMMITTEE REPORT
15 INDEPENDENT AUDITORS’ REPORT
16 CONSOLIDATED PROFIT AND LOSS ACCOUNT
17 CONSOLIDATED BALANCE SHEET
18 COMPANY BALANCE SHEET
19 CONSOLIDATED CASH FLOW STATEMENT
20 ACCOUNTING POLICIES
22 NOTES TO THE FINANCIAL STATEMENTS
31 NOTICE OF ANNUAL GENERAL MEETING
IBC CORPORATE INFORMATION AND COMPANY DIARY
 Skares Road 
Location: Cumnock, East Ayrshire
The Skares Road site was the Group’s first opencast
coal site and was acquired as a project buyout
by the current management team in 1998.
Covering some 600ha the site has produced over
4.5 million tonnes and is anticipated to continue
in production until 2009.
The site has been worked in a number of areas and
has been progressively restored to mixed grazing
and woodlands. To date some 25,000 trees have
been planted.
 Garleffan 
Location: New Cumnock, East Ayrshire 
Garleffan was acquired as an operational site in
November 2003 and required a turnaround in the site
design and plant fleet. This was achieved during 2004
and the site is planned to continue in production until
early 2006 when it will be returned to the land owners
following the completion of restoration.
 Grievehill 
Location: Adjacent to Garleffan 
The Grievehill site was acquired, together with
Glenmuckloch, from Scottish Coal as a fully permitted
site. The site lies adjacent to the Garleffan site and
will utilise the infrastructure already established for
processing and transporting coal to market via the
Group’s railhead at Crowbandsgate, New Cumnock.
The site entered production in September 2005
and will produce some 1.3 million tonnes of coal.
 Glenmuckloch 
Location: 5 miles east of New Cumnock, East Ayrshire
Glenmuckloch was acquired in June 2004, along with the
Grievehill site, from Scottish Coal. This is a fully permitted
site and is due to enter production in mid 2006 with
a four and a half year production life. There are some
2.8 million tonnes of coal reserves at Glenmuckloch.
 Laigh Glenmuir 
Location: 1 mile north of Garleffan
This site, which is subject to the granting of planning
consent, contains some 0.5 million tonnes of coal which
will be transported to market via the Garleffan site.
It is planned to enter production in 2006 for two years.
 Muir Dean 
Location: Crossgates, Fife
The Muir Dean site, which is subject to the granting
of planning consent, lies in some 180ha of mixed
farming and woodland. The proposed site will produce
some 2.0 million tonnes of coal over four and a
half years with production due to commence in 2007.
Group operations: Scotland
      Muir Dean
Garleffan
Laigh Glenmuir
Grievehill
Glenmuckloch
Skares Road
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9 January 2006 Annual General Meeting
13 January 2006 Final dividend paid
2 April 2006 Half year end
13 June 2006 Interim results and dividend declared 
28 June 2006 Ordinary shares go ex-dividend
21 July 2006 Interim dividend paid
1 October 2006 Financial year end
6 December 2006 Preliminary results and dividend declared
20 December 2006 Ordinary shares go ex-dividend
Corporate information
Company diary 2006
_0_ATHarc05.qxd  15/12/2005  12:21  Page 2 ATH Resources plc Annual report and financial statements 2005 01
ATH Resources plc (“ATH”) is an operator of opencast coal mines
and is currently the third largest producer of coal in the UK.
Through its operational sites situated in East Ayrshire in Scotland,
ATH provides coal principally to the electricity supply industry
and also the industrial and house coal markets.
Throughout the development and mining process, ATH focuses
on the restoration and rehabilitation of the sites and land is returned
to various uses including agriculture, forestry, nature conservation
and other forms of development.
ATH Resources plc became a public company in June 2004
when the Company was listed on AIM. The Company intends
to grow organically, particularly in Scotland where the Company’s
UK operations are presently concentrated. It will also pursue
suitable complementary acquisitions which meet strict,
pre determined criteria.
Highlights
 November 2004: Acquisition of the Bertholene coal
concession in France
 February 2005: Planning application submitted for a new
500,000 tonne site at Laigh Glenmuir 
 April 2005: Planning application, and subsequently
determined, to permit a 350,000 tonne extension to the
Skares Road site
 May 2005: Acquisition of the Grievehill and Glenmuckloch
opencast coal sites agreed
 June 2005: 1 for 3 open offer successfully raised £16.8m
to fund the acquisition of Grievehill and Glenmuckloch
 August 2005: £25.3m order placed for the supply of new
Caterpillar equipment to work the newly acquired sites
_0_ATHarf05.qxd  15/12/2005  12:28  Page 01 Business progress
A year on from listing on AIM a successful
1 for 3 open offer was completed in order
to fund the purchase of two new sites.
This effectively increased the Group’s
reserve base by a further 4.1 million tonnes.
One of these sites, Grievehill, has already
been opened up with the first coal lifted
and dispatched in September.
This, together with the ongoing development
of the Group through both the two existing
operational sites and further organic
development of new sites, has positioned
the Group to deliver a continuing strong trading
performance and improving dividend cover.
Board of Directors
There have been no changes to the Board
of Directors during the year. The Executive
Board members have all been in office since
the business was founded in 1998 reinforcing
the team spirit, strength and depth of experience
built up over the last seven years.
Strategy
The Group continues to pursue the strategy
laid out at the time of the IPO of maintaining
a relatively small but stable share of the coal
market, supplying some 2.5% of the coal
consumed in the UK. The Group also
continues to focus on the higher margin
domestic or house coal sector. Although
this sector has declined over recent years
it remains a sizeable market and one in which
ATH is well known and respected for the
quality of product supplied.
The recent announcement by Drax Power,
one of our key customers, to seek a listing
on the London Stock Exchange suggests
an appetite for coal generation remains
within the business and financial communities. 
In the context of the supply of electricity the
Group and the power industry at large believe
that the Government must amend the view
of meeting its commitments to Kyoto by relying
solely on renewables and gas. This view
ignores the geopolitical risk of sourcing the
country’s gas from the former Soviet Union
states, the Middle East, South America and
North Africa and the misconception that it is
possible to supply electricity to the National Grid,
on a reliable basis and to meet peak winter
demands, through wind farms. Coal still supplies
a third of the UK’s electricity and it is difficult
to see how this situation can be changed
materially without a more radical review
of this country’s energy strategy.
The Group continues individually and through
trade associations to press the Government
on the subject of Energy Policy. The UK will
only ever have secure, reliable and competitive
energy supplies when it achieves a balanced
portfolio of generating capacity from numerous
sources. This requires significant quantities
of electricity generation from coal, gas, nuclear
and renewables. Letting the market decide
the strategy and mix will lead to an over priced
and vulnerable electricity supply industry.
If carbon is the main cause of global warming
then the UK must renew its nuclear generating
capability and the already available technology
for carbon capture and storage must be
utilised for a new generation of clean coal
power stations generating electricity with
near zero emissions.
Although the coal industry faces a number
of challenges ATH is ideally placed to take
advantage of the many opportunities that
will present themselves over the coming years.
The Group has made good progress since
its listing and believes that its strategy will
deliver good and consistent returns to
its shareholders.
David Port
Non-executive Chairman
Chairman’s statement
02 ATH Resources plc Annual report and financial statements 2005
“The year to 2 October 2005 demonstrated
continued significant progress in growing
the reserve base of the business and
improving trading results, thus reinforcing
the Board’s strategy outlined at the time
of the open offer.”
_0_ATHarf05.qxd  15/12/2005  12:28  Page 02 Chief executive’s statement
Operational review
The Skares Road mine continued to perform
well throughout the year and came to the
end of what was originally the final phase of
production for the site in September. However,
with the rise in coal prices, two areas of the site
which had originally not been economical to
work due to the high stripping ratio are now
commercially viable. With a successful
planning application being submitted and
determined during the year for 350,000 tonnes
of coal, Skares Road is now planned to
continue in production until Spring 2009. 
The Garleffan site is now in the final phase
of production and will cease coaling in
spring 2006 with restoration being undertaken
to return the site to nature conservation and
mixed agricultural use thereafter. However,
the site infrastructure; access road, plant repair
yard and processing area will continue to
be used for some years to come by both
the Grievehill and Laigh Glenmuir sites.
Grievehill, which was acquired in June,
was successfully started prior to the winter
and dispatched its first coal in September. Early
indications are that this geologically complex site
is meeting the Directors’ expectations.
ATH Resources plc Annual report and financial statements 2005 03
“Following the purchase of Grievehill and
Glenmuckloch sites the Group now has
the coal reserves sufficient for the next
five years. This provides the Group with
the necessary platform to develop its reserve
base organically over the coming years.”
Overburden is removed from above the coal seams by 265 tonne excavators which load 100 tonnes
of earth in four passes.
_0_ATHarf05.qxd  15/12/2005  12:28  Page 03 Chief executive’s statement continued
04 ATH Resources plc Annual report and financial statements 2005
Operational review continued
The Glenmuckloch site is due to enter
production in summer 2006 and internal
planning is proceeding to ensure that this
target is met. Although originally conceived
with its own railhead, due to Network Rail
issues, it is now intended to convey the
coal from this site to the Group’s existing
processing and dispatch point at Garleffan.
At the year end the Group had reserves
with planning consent amounting to
5.5 million tonnes (2004: 2.5 million tonnes).
As announced during the summer the Group
placed the largest ever order with Finning,
the UK distributor of Caterpillar equipment,
to replace some existing coal lifting and
processing equipment as well as to secure
delivery of the plant necessary to work the
Grievehill and Glenmuckloch sites. Due to
the worldwide boom in mining activities,
the lead time for large earthmoving equipment
has become a major issue for the extractive
industries. However, the Group has secured
delivery of all the plant which it requires
to maintain forecast production for at least
the next three years.
At the same time, worldwide tyre availability
has become critical due to the lack of
production capacity for large earthmoving
equipment. The Group has been working
closely with the major tyre suppliers to ensure
that it has commitment for the majority of its
tyre requirements whilst ensuring that the tyre
management regimes on site are as good
as possible to ensure that the maximum life
possible is obtained from the limited supply.
Development projects
Development of new sites continues to be
the main focus of the business. The Group
submitted an application to East Ayrshire Council
for a 500,000 tonne coal site at Laigh Glenmuir
and subsequent to the year end an application
was submitted for a 2.0 million tonne site
at Muir Dean in Fife.
At the same time, the development team
has been pursuing a number of other proposals
to ensure that the organic development of
the reserve base of the Group grows over
the coming years.
In France progress has been made in developing
the Group’s projects. An application for a new
mining concession from the French Government
has been processed and presently awaits
determination by the General Council of Mines.
At Bertholene, where the Group already has a
concession, the reserve is currently being drilled.
Applications for authorisation with full
environmental impact assessments
are planned for both projects next year.
Market
The world coal market has been extremely
bullish during the past year, with international
coal prices delivered into North West Europe
at high prices, in excess of $70/tonne. These
prices eased in the second half of the year
with reductions in freight costs and some over
supply. The key driver remains China. There
seems to have been a fundamental uplift
in commodity prices including coal. As a
consequence we look forward to a period of
better pricing and stability in the coal market
for some years to come.
The acquisition of Grievehill and Glenmuckloch,
combined with the uplift in world coal prices,
presented an opportunity to renegotiate some
of the Group’s coal supply agreements. This
has been achieved with three customers
and overall the Group anticipates a 20% uplift
in the income from sales to generators next year,
which is in line with our expectations at the time
of the Grievehill and Glenmuckloch acquisition.
As at the year end the Group had Electricity
Supply Industry (“ESI”) sales cover for five
million tonnes running out to 2008.
Staff
It is pleasing to note the longevity of service
of the Group’s senior management and staff.
The Group prizes its key employees highly
and ensures that they are suitably rewarded.
At the same time, with the decline in the size
of the coal industry, there is a shortage
of skilled operators developing. The Group
12.0m 
tonnes of coal were produced by the UK opencast coal industry
in 2004 which accounted for 48% of UK production.
_0_ATHarf05.qxd  15/12/2005  12:28  Page 04 ATH Resources plc Annual report and financial statements 2005 05
32.7% 
of the UK’s electricity was generated from coal in 2004
and amounted to a burn of 50.5 million tonnes.
is able to offer new employees a progression
from dump truck driver to excavator operator
and foreman, for those with the aptitude and
skills to develop, which ensures the Group
has the right skill sets to meet the operational
needs of the business. 
Health and safety is a critical issue for the
Group with it being reported upon at every
Board meeting. From the Group’s selection
and training procedures to the day to day
supervision of the operations, health and
safety of the workforce is placed above
any other consideration. 
During the year three accidents which required
more than three days off sick occurred. All
three employees have subsequently returned
to normal duties.
Without the hard work and dedication of
our employees, the Group would not be in
the position it is today to enable it to develop
the business over the coming years, for which
I am very grateful and offer my thanks to them.
Tom Allchurch
Chief Executive 
Plant maintenance is undertaken by a team of manufacturer supplied and our own in house fitters.
_0_ATHarf05.qxd  15/12/2005  12:28  Page 05 Financial review
06 ATH Resources plc Annual report and financial statements 2005
The results are presented for the 53 week
year to 2 October 2005 compared against
an effective 44 week trading period to
26 September 2004. The Group draws up
its financial statements on a 52 week annual
basis. However, with 2004 being a leap year
the financial year to 2 October 2005
has an additional week’s trading. 
Turnover
Turnover for the year was £39.1m on sales
of 1.5 million tonnes, with an average price
of £27 per tonne. Sales by product comprised:
t’m £’m
Electricity Supply Industry (“ESI”) 1.2 25.7
Domestic 0.1 7.0
Industrial 0.2 6.4
T To ot ta al l 1 1. .5 5 3 39 9. .1 1
ESI customers supplied in the year were E.On,
Drax Power, EDF Energy and British Energy.
With the increases in world coal prices the
Group has been able to conclude renegotiation
of three of the four ESI supply contracts at
prices which reflect the new long term average
for UK produced coal and which will underwrite
the earnings of the Group for the coming year.
Profit before interest and tax
Profit before interest and tax was £6.4m whilst
earnings before interest, tax, depreciation
and amortisation was £11.4m.
This is considered to be a satisfactory result
as, although slightly below expectations,
it reflects both the increase in world oil prices
which have caused gas oil prices to rise
by 34% during the year and the earlier than
planned entry into the Grievehill site in order
to ensure this site was established prior to
the onset of the winter which resulted in coal
production being slightly below expectation
for the year. 
The Directors are pleased to report that
Grievehill has been successfully opened
up, dispatched its first coal during September
and has so far proved to be as anticipated.
Interest
Interest charges of £0.7m were incurred
in the year. Of these charges £0.4m were
in respect of finance leases and hire purchase
agreements, £0.2m was in respect of the
unwinding of the discount of the final void
provision (which is not a cash flow item) and
the remaining £0.1m related to bank interest.
The Group manages its exposure to interest
rates by acquiring all plant on fixed rate hire
purchase contracts.
Tax
The effective rate of tax was 34% compared
with a standard rate of tax of 30%. The primary
cause for this difference in tax rates was due
to the capital expenditure incurred in the year
and the interaction between capital allowances
claimed for tax purposes and the depreciation
charged within the accounts.
Dividends and earnings per share
The Board is recommending a final dividend
of 7.56p per share, subject to members’
approval at the Annual General Meeting (“AGM”)
payable on 13 January 2006 to members
on the share register as at 23 December 2005.
As there was not an obligation to pay the
proposed dividend at 2 October 2005 it has
not been accrued for in the financial statements.
Earnings per share for the year were 11.49p.
Balance sheet
The Group continues to invest to ensure that
we operate a modern and cost effective plant
fleet. As previously announced the Group
placed a substantial order for new Caterpillar
equipment during the year which amounted to
some 83 units with a combined value of £25.3m.
As at the year end some £20.8m of this package
was left to be delivered over the next 18 months.
“A successful first full year of trading
subsequent to listing on AIM with earnings
per share sufficient to cover the total
dividend proposed at 105%. Set against
the rise in world oil prices this is considered
to be a good result for the Group.”
_0_ATHarf05.qxd  15/12/2005  12:28  Page 06 ATH Resources plc Annual report and financial statements 2005 07
In addition the Group traded in some older
excavators and dump trucks for new machines
as part of its ongoing plant renewal policy.
Consequently fixed asset additions amounted
to £9.8m in the year whilst profit on disposal
of plant was £1.0m.
Cash flow
Net cash inflow from operating activities was
£8.6m and the Group was overdrawn by £1.6m
as at 2 October 2005 as a result of the
difference between the purchase consideration
for Grievehill and Glenmuckloch of £18.0m
and the net proceeds of the open offer
of £15.9m, whilst net debt was £14.3m
represented by £11.7m of outstanding finance
lease and hire purchase contracts in respect
of the plant fleet with the remaining £1.0m
being commercial property mortgages.
The Board considers the gearing level of 9%
(excluding finance leases and hire purchase
contracts) to be low and provides the Group
with the ability to utilise the debt markets
should smaller acquisition opportunities arise.
Summary
 Turnover: £39.1m (2004: £31.4m)
 EBITDA: £11.4m (2004: £7.4m)
 PBT: £5.7m (2004: £0.3m)
 Final dividend: 7.56p (2004: 3.36p)
 Total dividend: 10.92p (2004: 3.36p)
 EPS: 11.49p (2004: 0.44p)
Coal for the domestic market is processed at Skares Road, where quality control is maintained
by careful supervision of the operation.
_0_ATHarf05.qxd  15/12/2005  12:28  Page 07 Financial review continued
08 ATH Resources plc Annual report and financial statements 2005
International Financial Reporting
Standards (“IFRS”)
Although the Group’s IFRS implementation
programme is at an early stage, as compliance
with IFRS is not required until the year ending
September 2008, with comparative information
for 2007, at this stage it is not possible
to say what the impact upon earnings will be.
However, the key areas of potential impact
identified so far are noted below:
IFRS 2 – Share based payments
Under this standard, which becomes applicable
in the UK for the year ending September 2007,
the Group is required to recognise a cost for
share based payments (share options) based
upon the fair value of the award at the time of
granting and this cost is recognised over the
vesting period of the awards. The fair value is
to be measured using an option pricing model.
IFRS 3 – Business combinations
This standard will require the goodwill arising
upon consolidation of the Group to cease
to be charged to profit. Instead the goodwill
balance will be subject to annual impairment test.
Richard Croston
Finance Director
Coal is loaded onto trains at our railhead. Each train can carry 1,400 tonnes of coal in 20 wagons
and upwards of 30 trains per week are dispatched.
1.5m 
tonnes of coal produced by the Group to 2 October 2005
represented 2.5% of the UK coal market.
_0_ATHarf05.qxd  15/12/2005  12:29  Page 08 ATH Resources plc Annual report and financial statements 2005 09
David Port 
Non-executive Chairman
David Port qualified as a chartered
management accountant whilst with
National Freight Company Limited
(now Exel plc) where he rose to
become Group Chief Accountant.
Following three years at Northern
Foods Plc as Finance Director of the
dairy division he joined British Fuels
Limited as Finance Director and rose
to Chief Executive and Chairman
leading the management buyout from
British Coal during the privatisation
process and disposing profitably of
the business in a trade sale in 1997.
From 1997 to 2001 David was Executive
Chairman of Sylvan International Limited,
a £200m turnover timber business with
operations in France. David is currently
Chairman of Petrol Express Limited,
Non-executive Director of Global Natural
Gas Limited and Non-executive Director
of Global Natural Energy Plc. David has
been Non-executive Chairman of the
Group since its establishment in 1998. 
Tom Allchurch
Chief Executive
Tom Allchurch is a graduate mining
engineer and has spent his entire career
in the development and operation of
opencast coal mines. Tom initially trained
as a Site Engineer with Shand Mining
Limited, a contractor to British Coal,
before joining Bayford Mining Limited,
a smaller private mining company,
in 1986. In 1991 Tom joined Rackwood
Colliery Company Limited as Projects
Manager and was responsible for
the development of a number of UK
and French projects including Skares
Road. Tom left Rackwood in 1998
leading the management team
in acquiring the rights to operate
(and subsequently acquire) the
Skares Road mine. Tom was Chairman
of the coal industry trade association,
the Confederation of UK Coal Producers,
in 2001 and 2002. Since 1998 Tom
was Managing Director of the Group
and became Chief Executive when
the Company listed on AIM. 
Mike Tod 
Development Director
Mike Tod is a chartered minerals
surveyor and commenced his career
gold mining with Gencor in South
Africa and subsequently moved to
uranium mining in Namibia with RTZ.
In 1990, Mike returned to the UK
to work as a consultant for Wardell
Armstrong, a leading UK mining and
minerals consultancy firm. Mike joined
Tom Allchurch’s project team in 1995
and was instrumental in the development
of and subsequent acquisition by the
management team of Skares Road
and its management buyout in 1998.
Mike has been the Development Director
of the Group since 1998.
John Hodgson
Marketing Director
John Hodgson commenced his career
with the National Coal Board in 1964 as
a chemist in the scientific department
from where he progressed to assistant
regional marketing and preparation
officer in 1975. In 1981 John joined
Burnett & Hallamshire Fuels plc as
Production Director responsible for the
production and marketing of coal from
twelve coal washing operations. In 1984
John transferred to Rushcliffe Fuels
Limited and was Managing Director
from 1989 to 1993. John joined British
Fuels in 1993 as General Manager of
the International and Sourcing Division,
responsible for sourcing the entire
company’s solid fuel requirements.
John joined the Group in 1998
as its Marketing Director. 
Richard Croston 
Finance Director
Richard Croston qualified as a
chartered accountant in 1992 with
Price Waterhouse and worked in their
audit department. Richard had periods
of secondment to clients including
British Gas Energy Centres Limited
and Debenhams plc as a Financial
Accountant and Beverley Building
Society as Financial Controller.
Richard joined the Group in 1998
as Financial Controller and has been
Finance Director of the Group
since 2000. 
Alistair Black 
Operations Director 
Alistair commenced his training as a
Site Engineer with Coal Contractors
Limited in 1986, progressing to Site
Manager of the Roughcastle North
site in 1994. In 1996 Alistair joined
Rackwood as Regional Production
Manager responsible for two opencast
and one underground mine in Scotland.
Alistair joined the Group in 1998 as
Operations Manager for the Skares
Road mine and became Operations
Director in 2000. Alistair gained his MBA
from Heriot Watt University in 1999.
He is also the Health and Safety
Director for the Group. 
Vaughan Williams
Non-executive Director
Vaughan Williams has a degree
in politics from Exeter University.
Vaughan spent four years at British Steel
from 1968 to 1972 before joining a
predecessor company of BHP Minerals
Europe Limited as Coal Sales Manager,
later promoted to Director responsible
for coal sales in Europe, CIS, the Middle
East and Africa. Vaughan then moved
to BHP Coal Australia Pty Limited in
1986 as manager of their marketing
operations. After returning from Australia,
Vaughan became Deputy Managing
Director at BHP Minerals Europe Limited
in 1988 and subsequently Managing
Director in 1990. Vaughan then became
Vice President Marketing at BHP Billiton
Diamonds Inc in 2000 where he remained
until 2003. He joined the Group in 2004.
Ivana Slade
Non-executive Director
Ivana Slade is the representative
of The Alchemy Plan on the Board.
Ivana has been an Investment
Executive at Alchemy Partners since
2001. Previously with Bear Stearns
in London and New York, Ivana worked
in the mergers and acquisitions team.
She holds a masters degree in Business
Administration and Economics from
the University of St Gallen, Switzerland.
The Alchemy Plan is entitled to appoint
a director to the Board for as long
as it retains an interest in 10% or more
of the Company’s issued share capital. 
Board of directors 
_0_ATHarf05.qxd  15/12/2005  12:29  Page 09 10 ATH Resources plc Annual report and financial statements 2005
The Directors submit their report and the audited financial statements of ATH Resources plc for the year ended 2 October 2005.
Principal activities
The principal activity of the Company is that of a holding company. The principal activity of the Group is the operation of opencast coal sites
and subsequent sale to UK electricity generators, industrial and domestic customers. The Group operates under the title of ATH Resources.
Review of developments and future prospects
On 3 June 2005 the Company issued 9,923,392 ordinary shares to the general public via a 1 for 3 open offer at 170p per share in order to fund
the purchase of the Grievehill and Glenmuckloch sites.
The Group’s trading performance for the year was in line with Directors’ expectations which was influenced by the early entry into the Grievehill
site prior to the onset of the winter and the recent rise in the cost of gas oil, this being offset by improved pricing achieved on both contracted
and non contracted sales.
The Directors are pleased with the progress made in opening up the Grievehill site and of the future trading prospects of the Group.
Statement of Directors’ responsibilities
Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs
of the Group and of the profit or loss of the Group for that period. In preparing those financial statements, the Directors are required to:
 select suitable accounting policies and then apply them consistently;
 make judgements and estimates that are reasonable and prudent;
 state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial
statements; and
 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the
Group and to enable them to ensure that the financial statements comply with the requirements of the Companies Act 1985. They are also responsible
for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors
The Directors in office during the period under review and their interests in the ordinary shares of the Company were:
2005 2004
Number Number
D C Port 338,076 334,400
T J Allchurch 2,112,296 2,089,600
M T W Tod 1,408,312 1,393,000
J K Hodgson 621,356 614,600
R A Croston 422,595 418,000
A Black 507,316 501,800
V M F Williams 1,866 1,400
I Slade — —
At 2 October 2005, I Slade had a beneficial interest in 7,546,059 (2004: 7,791,059) ordinary shares of the Company through the Alchemy Investment
Plan Co-investment Scheme.
Directors’ report
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Substantial shareholdings
The Company has been informed that on 1 December 2005 the following shareholders held substantial holdings in the issued ordinary shares
of the Company:
Number of Holding
ordinary shares %
Alchemy Partners Nominees Limited 7,546,059 19
Artemis Income Fund 3,649,050 9
Framlington Extra Income Fund 3,400,000 9
Rathbone Income Fund 2,544,999 6
T J Allchurch 2,112,296 5
ABN Amro High Income Fund 1,824,335 5
M T W Tod 1,408,312 4
Shires Income plc 1,250,000 3
Gartmore UK Equity Income Fund 1,225,014 3
Payment policy
It is the Group’s policy to pay suppliers in accordance with agreed terms, provided the supplier has also complied with agreed terms and conditions.
At 2 October 2005, the trade creditors of the Group represented 51 days (2004: 52 days) of purchases.
Auditors
A resolution to re-appoint Baker Tilly as auditors will be proposed at the Annual General Meeting (“AGM”).
By order of the Board
R A Croston
Secretary
6 December 2005
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Introduction
Although the rules of AIM do not require the Company to comply with the Combined Code on Corporate Governance (“the Code”), the Company fully
supports the principles set out in the Code and will attempt to comply wherever possible, given both the size and resources available to the Company.
Details are provided below of how the Company applies the Code.
The Board
The Board of Directors comprises five Executive Directors, two independent Non-executive Directors, one of whom is the Chairman, and an
Alchemy Plan nominated Non-executive Director.
The Board generally meets each month and receives a Board pack comprising individual reports from each of the Executive Directors together with
any other material deemed necessary for the Board to discharge its duties. It is the Board’s responsibility for formulating, reviewing and approving
the Group’s strategy, budgets, major items of expenditure and acquisitions.
During the year to 2 October 2005 the Board met a total of eleven times.
Board Committees
The Board has established three committees; Audit, Remuneration and Nominations, all having written terms of delegated responsibilities.
Audit Committee
The Audit Committee comprises the three Non-executive Directors and is scheduled to meet twice a year. It is the Audit Committee’s role to provide
formal and transparent arrangements for considering how to apply the financial reporting and internal control requirements of the Code, whilst
maintaining an appropriate relationship with the independent auditors of the Group. In order to comply with the requirement of the Code that
at least one member has relevant financial experience, the Chairman of the Board sits on the Audit Committee. 
During the year to 2 October 2005 the Audit Committee met on two occasions.
Remuneration Committee
The Remuneration Committee comprises the three Non-executive Directors and the Chief Executive, and meets at least once a year, normally in June.
It is the Remuneration Committee’s role to establish a formal and transparent policy on Executive remuneration and to set remuneration packages
for individual Directors.
During the year to 2 October 2005 the Remuneration Committee met on three occasions.
Nominations Committee
The Nominations Committee comprises the three Non-executive Directors and the Chief Executive, and meets as required to consider and make
recommendations on the appointment of Directors to the Board.
Shareholder relations
The Company meets with its institutional shareholders and analysts as appropriate and encourages communication with private shareholders via the AGM.
In addition, the Company uses the annual report and accounts, interim statement and web site (www.ath.co.uk) to provide further information to shareholders.
The Board considers Vaughan Williams to be the Senior Independent Director.
Internal control and risk management
The Board is responsible for the system of internal control and for reviewing its effectiveness. Such systems are designed to manage rather than
eliminate risks and can provide only reasonable and not absolute assurance against material misstatement or loss. Each year, on behalf of the Board,
the Audit Committee reviews the effectiveness of these systems. This is achieved primarily by considering the risks potentially affecting the Group
and discussions with the external auditors. 
The Group does not currently have an internal audit function due to the small size of the administrative function, which amounts to six people,
and the high level of Director review and authorisation of transactions.
A comprehensive budgeting process is completed once a year and is reviewed and approved by the Board. The Group’s results, as compared
against budget, are reported to the Board on a monthly basis and discussed in detail at each meeting of the Board.
The Group maintains appropriate insurance cover in respect of legal actions against the Directors as well as against material loss or claims against
the Group and reviews the adequacy of the cover regularly.
Corporate governance report
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Introduction
Companies trading on AIM are not required to provide a formal remuneration report. However, in line with current best practice this report provides
information to enable a greater level of understanding as to how Directors’ remuneration is determined.
The Remuneration Committee of the Board is responsible for considering Directors’ remuneration packages and makes its recommendations
to the Board. The Committee comprises the three Non-executive Directors and meets at least once a year, normally in June.
Remuneration policy
Remuneration packages are designed to be competitive and to reward above average performance. Executive Directors receive salary, fully financed
Company car, death in service benefit, critical illness and medical cover, pension contribution, annual bonuses and share options.
Service contracts
The Executive Directors have service agreements with the Company dated 28 November 2003 for an initial twelve months, thereafter subject
to termination upon twelve months’ notice being given by either party.
Pensions
The Group does not have a pension scheme, instead makes contributions to Executive Directors’ personal pension schemes of 12.5% of annual salary.
Non-executive Directors
The Non-executive Directors entered into Letters of Appointment dated 12 May 2004. Both D C Port and V M F Williams were appointed for an initial
three year term, which can be terminated upon six months’ notice being given by either party. They receive a fee of £50,000 and £20,000 respectively.
I Slade is The Alchemy Plan nominated Non-executive Director. The Group pays an annual fee of £20,000 to Alchemy Partners in respect of this
appointment. Fees and expenses of £23,077 (2004: £55,180) were paid to Alchemy Partners in the year. If the Alchemy Plan’s shareholding
in the Company falls below 10% of the issued share capital the right to appoint ceases.
Directors’ remuneration
Details of Directors’ remuneration are set out below:
Sub-total 2005 2004 
Salary Benefits Bonus emoluments Pension Total Total
£££££ £ £
Executive Directors
T J Allchurch 151,125 13,250 19,000 183,375 18,891 202,266 157,334
M T W Tod 100,750 7,087 14,600 122,437 12,594 135,031 105,451
J K Hodgson 70,525 9,596 15,000 95,121 8,816 103,937 83,651
R A Croston 70,525 11,674 9,800 91,999 8,816 100,815 155,799
A Black 70,525 8,594 13,250 92,369 8,816 101,185 137,697
Non-executive Directors
D C Port 50,375 — — 50,375 — 50,375 134,208
V M F Williams 20,150 — — 20,150 — 20,150 7,500
I Slade ————— — —
Total 533,975 50,201 71,650 655,826 57,933 713,759 781,640
Performance incentives
The Group operates an annual cash bonus scheme and grants share options.
The annual bonus scheme provides for a maximum bonus of 30% of salary to be paid by reference to: achievement of a Group earnings target (10%);
surpassing the earnings target (10%) and individual personal targets (10%).
The Company has the following share incentive arrangements:
 an Inland Revenue Approved Executive Share Option Scheme (“Approved Scheme”);
 an Unapproved Executive Share Option Scheme (“Unapproved Scheme”); and
 a Long Term Incentive Plan (“LTIP”) (together “the Schemes”).
None of the option shares or LTIP require payment to be made by participants to receive the benefit of an option.
Remuneration committee report 
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Directors’ interests in share options
The options and awards have been granted pursuant to the Schemes to the following Directors:
Number of share options Performance period Exercisable
Exercise 26 September 2 October Performance
price 2004 Granted 2005 from to target from to
T J Allchurch
Approved £1.49 20,134 — 20,134 1 Oct 03 30 Sep 06 38.68 2 Nov 07 31 Oct 14
Unapproved £1.36 335,000 — 335,000 1 Oct 03 30 Sep 06 38.68 12 Jun 07 10 Jun 14
Unapproved £1.85 — 88,003 88,003 1 Oct 04 30 Sep 07 44.20 12 Jun 07 10 Jun 14
LTIP £0.00 335,000 — 335,000 1 Oct 03 30 Sep 07 64.42 12 Jun 09 10 Jun 14
LTIP £1.70 — 88,003 88,003 1 Oct 04 30 Sep 08 59.80 30 Sep 10 28 Sep 15
Total 690,134 176,006 866,140
M T W Tod
Approved £1.49 20,134 — 20,134 1 Oct 03 30 Sep 06 38.68 2 Nov 07 31 Oct 14
Unapproved £1.36 220,000 — 220,000 1 Oct 03 30 Sep 06 38.68 12 Jun 07 10 Jun 14
Unapproved £1.85 — 58,669 58,669 1 Oct 04 30 Sep 07 44.20 12 Jun 07 10 Jun 14
LTIP £0.00 240,000 — 240,000 1 Oct 03 30 Sep 07 64.42 12 Jun 09 10 Jun 14
LTIP £1.70 — 58,669 58,669 1 Oct 04 30 Sep 08 59.80 30 Sep 10 28 Sep 15
Total 480,134 117,338 597,472
J K Hodgson
Approved £1.49 20,134 — 20,134 1 Oct 03 30 Sep 06 38.68 2 Nov 07 31 Oct 14
Unapproved £1.36 150,000 — 150,000 1 Oct 03 30 Sep 06 38.68 12 Jun 07 10 Jun 14
Unapproved £1.85 — 41,068 41,068 1 Oct 04 30 Sep 07 44.20 12 Jun 07 10 Jun 14
LTIP £0.00 170,000 — 170,000 1 Oct 03 30 Sep 07 64.42 12 Jun 09 10 Jun 14
LTIP £1.70 — 41,068 41,068 1 Oct 04 30 Sep 08 59.80 30 Sep 10 28 Sep 15
Total 340,134 82,136 422,270
R A Croston
Approved £1.49 20,134 — 20,134 1 Oct 03 30 Sep 06 38.68 2 Nov 07 31 Oct 14
Unapproved £1.36 150,000 — 150,000 1 Oct 03 30 Sep 06 38.68 12 Jun 07 10 Jun 14
Unapproved £1.85 — 41,068 41,068 1 Oct 04 30 Sep 07 44.20 12 Jun 07 10 Jun 14
LTIP £0.00 170,000 — 170,000 1 Oct 03 30 Sep 07 64.42 12 Jun 09 10 Jun 14
LTIP £1.70 — 41,068 41,068 1 Oct 04 30 Sep 08 59.80 30 Sep 10 28 Sep 15
Total 340,134 82,136 422,270
A Black
Approved £1.49 20,134 — 20,134 1 Oct 03 30 Sep 06 38.68 2 Nov 07 31 Oct 14
Unapproved £1.36 150,000 — 150,000 1 Oct 03 30 Sep 06 38.68 12 Jun 07 10 Jun 14
Unapproved £1.85 — 41,068 41,068 1 Oct 04 30 Sep 07 44.20 12 Jun 07 10 Jun 14
LTIP £0.00 170,000 — 170,000 1 Oct 03 30 Sep 07 64.42 12 Jun 09 10 Jun 14
LTIP £1.70 — 41,068 41,068 1 Oct 04 30 Sep 08 59.80 30 Sep 10 28 Sep 15
Total 340,134 82,136 422,270
The performance target is cumulative pre tax earnings per share. 
Remuneration committee report continued
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We have audited the financial statements on pages 16 to 30.
This report is made solely to the Company’s members, as a body, in accordance with section 235 of the Companies Act 1985. Our audit work has been
undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditors’ report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s
members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom
Accounting Standards are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the
Companies Act 1985. We also report to you if, in our opinion, the Directors’ Report is not consistent with the financial statements, if the Company
has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information
specified by law regarding Directors’ remuneration and transactions with the Company is not disclosed.
We read other information contained in the annual report, and consider whether it is consistent with the audited financial statements. This other
information comprises the Chairman’s Statement, the Chief Executive’s Statement, the Financial Review, the Corporate Governance Report,
the Remuneration Committee Report and the Directors’ Report. We consider the implications for our report if we become aware of any apparent
misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.
Basis of opinion
We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test
basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates
and judgements made by the Directors in the preparation of the financial statements, and of whether the accounting policies are appropriate
to the Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of the Company and Group’s affairs at 2 October 2005 and of the Group
profit for the year then ended and have been properly prepared in accordance with the Companies Act 1985.
Baker Tilly
Registered Auditor
Chartered Accountants
2 Whitehall Quay
Leeds LS1 4HG
6 December 2005
Independent auditors’ report
To the members of ATH Resources plc
_01_ATHARB05.qxd  15/12/2005  12:23  Page 15 16 ATH Resources plc Annual report and financial statements 2005
2005 2004
Notes £ £ ££ 
Turnover 1 39,102,920 31,390,930
Cost of sales (30,076,981) (27,267,466)
Gross profit 9,025,939 4,123,464
Administrative expenses (3,575,507) (2,976,607)
Exceptional legal and professional costs — (358,464)
Other operating income 7,018 65,055
(3,568,489) (3,270,016)
Operating profit 2 5,457,450 853,448
Profit on disposal of fixed assets 968,327 513,570
Profit on ordinary activities before interest 6,425,777 1,367,018
Interest receivable 3 14,445 13,535
Interest payable and similar charges 4 (712,927) (1,115,920)
(698,482) (1,102,385)
Profit on ordinary activities before taxation 5,727,295 264,633
Tax on profit on ordinary activities 6 (1,930,222) (174,432)
Profit on ordinary activities after taxation 3,797,073 90,201
Dividends paid (2,333,997) —
Retained profit for the year 19 1,463,076 90,201
Basic and diluted earnings per share 7 11.49p 0.44p
The profit on ordinary activities before taxation arises from the Group’s continuing operations.
There are no recognised gains or losses other than as stated in the profit and loss account. 
Consolidated profit and loss account
For the year ended 2 October 2005
_01_ATHARB05.qxd  15/12/2005  12:23  Page 16 ATH Resources plc Annual report and financial statements 2005 17
2005 2004
Notes £ £ ££ 
Fixed assets
Goodwill 8 1,610,576 6,148,116
Tangible fixed assets 9 44,341,421 13,974,389
Investments 10 1 2
45,951,998 20,122,507
Current assets
Stocks 11 5,271,594 5,007,841
Debtors 12 8,171,118 5,337,937
Cash at bank — 2,525,196
13,442,712 12,870,974
Creditors: amounts falling due within one year 13 (12,524,624) (11,080,880)
Net current assets 918,088 1,790,094
Total assets less current liabilities 46,870,086 21,912,601
Creditors: amounts falling due after more than one year 14 (8,339,464) (4,010,044)
Provisions for liabilities and charges 16 (9,437,793) (6,262,090)
Net assets 29,092,829 11,640,467
Capital and reserves
Called up share capital 17 198,468 148,851
Share premium account 18 27,341,084 11,401,415
Profit and loss account 19 1,553,277 90,201
Equity shareholders’ funds 20 29,092,829 11,640,467
Approved by the Board on 6 December 2005
T J Allchurch
Director
Consolidated balance sheet
As at 2 October 2005
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2005 2004
Notes £ £ ££ 
Fixed assets
Investments 10 5,907,002 5,907,001
Current assets
Debtors 12 20,718,650 5,170,492
Cash at bank 914,030 92,734
Net current assets 21,632,680 5,263,226
Total assets less current liabilities 27,539,682 11,170,227
Net assets 27,539,682 11,170,227
Capital and reserves
Called up share capital 17 198,468 148,851
Share premium account 18 27,341,084 11,401,415
Profit and loss account 19 130 (380,039)
Equity shareholders’ funds 20 27,539,682 11,170,227
Approved by the Board on 6 December 2005
T J Allchurch
Director 
Company balance sheet
As at 2 October 2005
_01_ATHARB05.qxd  15/12/2005  12:23  Page 18 ATH Resources plc Annual report and financial statements 2005 19
2005 2004
Notes £ £ ££ 
Net cash flow from operating activities 23a 8,611,996 8,252,466
Returns on investment and servicing of finance
Interest received 14,445 13,535
Interest paid (389,385) (655,513)
Interest element of finance leases (323,542) (274,182)
(698,482) (916,160)
Taxation paid (665,460) (668,796)
Capital expenditure
Payments to acquire tangible fixed assets (21,220,773) (514,712)
Receipts from sales of tangible fixed assets 2,119,550 1,000,813
Acquisitions
Net overdrafts acquired with subsidiary — (1,626,037)
Purchase of business (3,125,000) (5,835,000)
(22,226,223) (6,974,936)
Equity dividends paid (2,333,997) —
Cash flow before financing (17,312,166) (307,426)
Financing
Issue of ordinary shares 15,989,286 11,494,016
New secured loan 625,724 3,000,000
Repayment of secured loan (44,500) (3,050,000)
Issue of loan notes — 1,480,530
Repayment of loan notes — (7,331,280)
Capital element of finance lease payments (3,424,770) (2,760,644)
13,145,740 2,832,622
(Decrease)/increase in cash 23c (4,166,426) 2,525,196
Consolidated cash flow statement
For the year ended 2 October 2005
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Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. 
Fixed assets have been reclassified such that all mining related assets are now disclosed within tangible fixed assets. There have been no changes
to the accounting policies of the Group and therefore the results for the previous periods have not been altered by this reclassification.
Accounting period
The Company has drawn up its accounts for the 53 week year to 2 October 2005 (2004: from incorporation on 10 October 2003 to 26 September 2004). 
Consolidation
The accounts consolidate the accounts of the Company and all of its subsidiary undertakings other than as stated below. 
The accounts do not consolidate the results of the French subsidiary, Société des Ressources Minières du Massif Central (“SRMMC”), as it is not
material for the purposes of giving a true and fair view (note 10).
Aardvark TMC Limited (“Aardvark”) has 20,000 ‘B’ ordinary shares, subscribed at nominal value of 1p each, in addition to the ordinary shares wholly
owned by ATH Resources plc.
The ‘B’ ordinary shares only carry the rights to receive a one off dividend in the event that Aardvark TFC Limited or SRMMC (Aardvark’s subsidiary
and sub-subsidiary) are awarded damages in respect of existing and future litigation against the French State. The ‘B’ ordinary shares carry no voting
rights or rights to receive any other dividend. As a result the ‘B’ ordinary shares are not accounted for as a minority interest as it is not material
for the purposes of giving a true and fair view.
The Company has not presented its own profit and loss account, as permitted by Section 230(4) of the Companies Act 1985.
Mine development costs
The costs of prospecting and identifying new sites are expensed until such time that a prospective site is considered by the Board to be economically
viable and that there is a high degree of probability and commitment that the site will be worked. Costs then incurred in preparing and developing
sites are capitalised up to the start of production. Upon commencement of production, depreciation is charged on a tonnage basis. 
Goodwill
Consolidated goodwill, being the excess consideration over the fair values of the assets acquired on the purchase of subsidiary undertakings,
is capitalised and charged to profit over ten years. 
Tangible fixed assets
Depreciation is provided on cost in annual instalments over the estimated useful life of assets which are reviewed annually. The rates of depreciation
are as follows:
Freehold land Not depreciated
Freehold buildings Depreciated to their estimated residual value over their estimated remaining economic lives
Mine purchase and development Tonnage basis over the estimated total recoverable reserve
Plant and machinery 20 – 50%
Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value. 
Accounting policies
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Finance leases and hire purchase contracts
Tangible assets acquired under finance leases and hire purchase contracts are capitalised at the estimated fair value at the date of inception of each
lease or contract. The total finance charges are allocated over the period of the lease in such a way as to give a reasonably constant charge on the
outstanding liability.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits
on a straight line basis over the period of the lease.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions
or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.
Timing differences are differences between the Group’s taxable profits and its results as stated in the financial statements that arise from the inclusion
of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based
on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
Pension contributions
The Group does not operate a pension scheme for the benefit of its employees but instead makes contributions to their personal pension policies.
The contributions due for the period are charged to the profit and loss account.
Capital instruments
Capital instruments are accounted for and classified as equity or non-equity share capital according to their form.
Final void provisions
Following the conclusion of coal extraction the final working void of an opencast coal site must be back filled. The total cost of this operation is
recognised as a provision on site commissioning when the obligation arises. The amount provided represents the present value of the expected costs.
Costs are charged to the provision as incurred and the unwinding of the discount, being the difference between the present value and the total cost
of the provision, is included in the interest charge for the period. An asset is created for an amount equivalent to the initial provision. This is charged
to the profit and loss account on a tonnage basis over the estimated life of the recoverable reserves.
Turnover
Turnover represents the invoiced value, net of Value Added Tax, of goods sold to customers. 
Employee share schemes
The Company operates a number of share based incentives as outlined in the Remuneration Committee’s Report. The cost of awards to employees,
being the difference between the market price at the date of award and the amount of consideration due, is recognised over the period of the
employee’s related performance where there is a reasonable expectation that the performance criteria will be met.
Financial instruments
Income and expenditure arising on financial instruments are recognised on an accruals basis and credited or charged to the profit and loss account
in the financial period to which they relate.
_01_ATHARB05.qxd  15/12/2005  12:23  Page 21 22 ATH Resources plc Annual report and financial statements 2005
1 Turnover and segmental reporting
The Group’s turnover was derived from its principal activity undertaken wholly within the UK. 
2 Operating profit
2005 2004
£ £ 
Operating profit is stated after charging:
Depreciation of tangible assets
Owned assets 2,651,746 2,551,360
Leased assets 2,091,908 1,584,631
Amortisation of goodwill arising on consolidation 197,208 164,344
Amortisation of goodwill arising on purchase of Garleffan — 1,708,462
(2005: included in depreciation of tangible owned assets)
Rentals under operating leases
Plant and machinery 625,720 909,756
Land and buildings 17,600 16,084
Auditors’ remuneration – audit 20,000 20,000
– tax 10,000 8,425
– corporate finance 17,800 62,375
2005 – Open offer (£41,857 debited to share premium)
2004 – AIM listing (£91,743 debited to share premium)
3 Interest receivable
2005 2004
£ £ 
Other interest receivable 14,445 13,535
4 Interest payable and similar charges
2005 2004
£ £ 
Loan stock interest — 488,526
Bank overdraft and loan interest 129,745 166,987
Finance leases and hire purchase contracts interest 363,517 274,182
Final void provision discount 219,665 186,225
712,927 1,115,920
5 Employees
2005 2004
Staff costs during the year (including Directors) £ £ 
Wages and salaries 6,631,630 4,914,979
Redundancy costs — 74,885
Social security costs 694,710 515,034
Pension costs 87,059 37,248
7,413,399 5,542,146
Notes to the financial statements
For the year ended 2 October 2005
_01_ATHARB05.qxd  15/12/2005  12:23  Page 22 ATH Resources plc Annual report and financial statements 2005 23
5 Employees continued
2005 2004
Average number of employees No. No.
Office and management 24 22
Production 173 152
197 174
2005 2004
Directors’ emoluments £ £
Directors’ emoluments 655,826 742,908
Pension contributions 57,933 38,732
713,759 781,640
2005 2004
Highest paid Director £ £
Emoluments 183,375 145,433
Pension contributions 18,891 11,901
202,266 157,334
During the year, fees and expenses of £23,077 (2004: £55,108) were paid to Alchemy Partners LLP for the services of I Slade.
6 Taxation 
2005 2004
Group £ £ 
Corporation tax:
Current year 641,060 407,894
Prior year (91,309) —
Deferred taxation 1,380,471 (233,462)
1,930,222 174,432
The tax assessed for the year is lower than the standard rate of corporation tax as explained below:
2005 2004
Group £ £
Profit on ordinary activities before taxation 5,727,295 264,633
Profit on ordinary activities multiplied by standard rate of tax for the period of 30% 1,718,189 79,390
Effect of expenses not allowable for tax purposes 117,220 76,883
Effect of depreciation in excess of capital allowances (1,182,208) 218,195
Effect of short term timing differences (12,141) 33,426
Total current tax 641,060 407,894
7 Earnings per share
Basic and diluted earnings per share is calculated on profit after tax of £3,797,073 (2004: £90,201) and a weighted average number of shares
of 33,033,394 (2004: 20,302,635). The diluted earnings per share takes account of share options outstanding. However, as the performance criteria
for the share options had not been met, there is no adjustment to the weighted average number of shares.
_01_ATHARB05.qxd  15/12/2005  12:23  Page 23 24 ATH Resources plc Annual report and financial statements 2005
8 Goodwill
Group £ 
26 September 2004 8,020,922
Reclassified to tangible fixed assets (6,048,794)
2 October 2005 1,972,128 
Amortisation
26 September 2004 1,872,806
Reclassified to tangible fixed assets (1,708,462)
Charge in the year 197,208
2 October 2005 361,552
Net book value
2 October 2005 1,610,576
26 September 2004 6,148,116
9 Tangible fixed assets
Freehold Mine 
land and purchase and Plant and 
buildings development machinery Total
Group ££££ 
Cost
26 September 2004 1,232,300 6,741,289 10,437,063 18,410,652
Reclassified from goodwill — 6,048,794 — 6,048,794
Additions 1,050,259 22,371,719 9,849,600 33,271,578
Reduction in deferred consideration — (1,350,000) — (1,350,000)
Disposals — — (3,263,669) (3,263,669)
2 October 2005 2,282,559 33,811,802 17,022,994 53,117,355
Depreciation
26 September 2004 — 2,452,637 1,983,626 4,436,263
Reclassified from goodwill — 1,708,462 — 1,708,462
Charge in the year — 2,164,686 2,578,968 4,743,654
Disposals — — (2,112,445) (2,112,445)
2 October 2005 — 6,325,785 2,450,149 8,775,934
Net book value 
2 October 2005 2,282,559 27,486,017 14,572,845 44,341,421
26 September 2004 1,232,300 4,288,652 8,453,437 13,974,389
Finance leases and hire purchase contracts
Depreciation charge — — 2,091,908 2,091,908
Net book value — — 13,640,746 13,640,746
Notes to the financial statements continued
For the year ended 2 October 2005
_01_ATHARB05.qxd  15/12/2005  12:23  Page 24 ATH Resources plc Annual report and financial statements 2005 25
10 Investments
Group Company
Investments in subsidiary undertakings ££
Cost
26 September 2004 2 5,907,001
Additions —1
Disposals (1) —
2 October 2005 1 5,907,002
Proportion
Country of Type of of voting Proportion of Nature of
registration shares rights held shareholding business
Name of company directly owned
Aardvark TMC Limited England Ordinary 100% 100% Opencast coal mining
ATH Garleffan Limited England Ordinary 100% 100% Opencast coal mining
ATH Facilities Limited England Ordinary 100% 100% Dormant
Held by subsidiary
Aardvark TFC Limited England Ordinary 100% 100% Intermediate holding 
company
Société des Ressources Minières 
du Massif Central (“SRMMC”) France Ordinary 100% 100% Coal prospecting
Aardvark TMC Limited has 20,000 ‘B’ ordinary shares, subscribed at nominal value of 1p each, in addition to the ordinary shares wholly owned
by ATH Resources Limited.
The ‘B’ ordinary shares carry the rights only to receive a one off dividend in the event that its subsidiary, Aardvark TFC Limited or its subsidiary,
is awarded damages in respect of the existing and future litigation against the French State. The ‘B’ ordinary shares carry no voting rights or rights
to receive any other dividend. As a result the ‘B’ ordinary shares are not accounted for as a minority interest.
Aardvark TFC Limited had share capital and reserves at 2 October 2005 of £1 (2004: £1).
SRMMC share capital and reserves at 31 December 2004 were £16,495 and the Company incurred a loss of £48,839 during that year. The Group
provided funding to the Company of £122,646 (2004: £24,000) during the year to 2 October 2005, which has been charged to profit. There were
no balances owing at the balance sheet date.
Aardvark TFC Limited and SRMMC are not consolidated in the accounts as they are not considered material for the purposes of giving a true and fair view.
11 Stocks
2005 2004
Group Company Group Company
££ ££
Coal stocks 1,737,945 — 838,246 —
Work in progress 3,447,969 — 4,123,347 —
Other stocks 85,680 — 46,248 —
5,271,594 — 5,007,841 —
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12 Debtors
2005 2004
Group Company Group Company
££ ££
Amounts due from subsidiary undertakings — 20,718,650 — 5,170,492
Trade debtors 7,864,483 — 4,483,175 —
Prepayments and accrued income 296,872 — 174,254 —
Other debtors 9,763 — 9,200 —
Deferred taxation asset —— 671,308 —
8,171,118 20,718,650 5,337,937 5,170,492
13 Creditors: amounts falling due within one year
2005 2004
Group Company Group Company
££ ££
Bank loan (note 14) 122,000 — 50,000 —
Bank overdraft 1,641,230 — ——
Finance leases and hire purchase contracts (note 14) 4,197,924 — 2,963,960 —
Trade creditors 4,635,343 — 3,032,136 —
Corporation tax 219,435 — 335,144 —
Other taxation and social security 564,168 — 860,558 —
Other creditors 121,354 — 143,277 —
Deferred consideration —— 3,150,000 —
Accruals and deferred income 1,023,170 — 545,805 —
12,524,624 — 11,080,880 —
The outstanding deferred consideration was settled during the year.
Notes to the financial statements continued
For the year ended 2 October 2005
_01_ATHARB05.qxd  15/12/2005  12:23  Page 26 ATH Resources plc Annual report and financial statements 2005 27
14 Creditors: amounts falling due after more than one year 
2005 2004
Group Company Group Company
££ ££
Bank loan 853,724 — 344,500 —
Finance leases and hire purchase contracts 7,485,740 — 2,340,544 —
Deferred consideration —— 1,325,000 —
8,339,464 — 4,010,044 —
Amounts included above are repayable over varying periods by monthly instalments as follows:
Finance leases and 
Bank loan hire purchase contracts
2005 2004 2005 2004
£ £ £ £
Within one year 122,000 50,000 4,197,924 2,963,960
More than one year but not more than two years 122,000 50,000 2,568,024 1,460,132
More than two years but not more than five years 366,000 150,000 4,917,716 880,412
Five years or more 365,724 144,500 — —
975,724 394,500 11,683,664 5,304,504
The bank loan is secured by a fixed charge over certain assets of the Group. The Company is party to a cross guarantee with its subsidiary
undertakings in respect of bank loans and overdrafts held by Group companies which are secured by debentures over the assets of the Group.
Obligations under finance leases and hire purchase contracts are secured on the related assets.
15 Financial instruments
The Group’s financial instruments comprise bank loans, cash and finance leases and hire purchase contracts. The purpose of these financial instruments
is to finance the Group’s operations. All are considered to be stated at fair value. Short term debtors and creditors have been omitted from all disclosures.
It is, and has been throughout the period under review, the Group’s policy that no trading in financial instruments shall be undertaken. The main risk
arising from the Group’s financial instruments is interest rate risk. 
The bank loan is secured by a fixed charge over certain assets of the Group. The bank loan is repayable over eight years and bears interest based
on the bank’s base rate plus 1%. 
Finance leases and hire purchase contracts are secured on the specific asset to which the agreement relates and are on fund rate terms.
The weighted average interest rate is 5%.
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16 Provisions for liabilities and charges
Group
Final void Deferred
provision tax Total Company
££££
26 September 2004 6,262,090 — 6,262,090 —
– asset — (671,308) (671,308) —
Created in the year 2,246,875 — 2,246,875 —
Charged to profit and loss 219,665 1,380,471 1,600,136 —
2 October 2005 8,728,630 709,163 9,437,793 —
Deferred tax comprises: 2005 2004
£ £
Capital allowances in excess of depreciation 691,384 (637,882)
Other timing differences 17,779 (33,426)
709,163 (671,308)
17 Called up share capital
2005 2004
Ordinary shares of 0.5p each Number £ Number £
Authorised 200,000,000 1,000,000 200,000,000 1,000,000
Called up and fully paid 39,693,568 198,468 29,770,176 148,851
On 3 June 2005 the Company issued 9,923,392 ordinary shares to the general public via a 1:3 open offer at 170p per share in order to fund the
purchase of the Grievehill and Glenmuckloch sites.
18 Share premium account
Group Company
££
26 September 2004 11,401,415 11,401,415
Issue of ordinary shares 16,820,149 16,820,149
Expenses of issue (880,480) (880,480)
2 October 2005 27,341,084 27,341,084
19 Profit and loss account
Group Company
££
26 September 2004 90,201 (380,039)
Retained profit for the year 1,463,076 380,169
2 October 2005 1,553,277 130
Notes to the financial statements continued
For the year ended 2 October 2005
_01_ATHARB05.qxd  15/12/2005  12:23  Page 28 ATH Resources plc Annual report and financial statements 2005 29
20 Reconciliation of movement in shareholders’ funds
2005 2004
Group Company Group Company
££ ££
Issue of ordinary shares 15,989,286 15,989,286 11,550,266 11,550,266
Profit/(loss) for the year 3,797,073 2,714,166 90,201 (380,039)
Dividends paid (2,333,997) (2,333,997) ——
Net increase in shareholders’ funds 17,452,362 16,369,455 11,640,467 11,170,227 
Opening shareholders’ funds 11,640,467 11,170,227 ——
Closing shareholders’ funds 29,092,829 27,539,682 11,640,467 11,170,227 
21 Operating lease commitments
At 2 October 2005 the Group was committed to making the following payments during the next year in respect of operating leases:
2005 2004
£ £ 
Plant and machinery:
Leases which expire within one year 34,232 261,422 
Leases which expire between two and five years 72,283 339,960 
Land and buildings:
Leases which expire between two and five years — 20,500 
22 Capital commitments
At 2 October 2005 the Group was committed to acquiring plant and machinery: 
2005 2004
£ £ 
Contracted but not provided 20,816,658 2,529,000
23 Cash flows
2005 2004
a Reconciliation of operating profit to net cash inflow from operating activities £ £
Operating profit 5,457,450 853,448 
Depreciation and amortisation 4,940,862 6,008,797
Other movements in fixed assets (2,246,874) (3,111,402)
(Increase)/decrease in stocks (263,753) 1,708,593
Increase in debtors (3,504,489) (1,746,560)
Increase in creditors and provisions 4,228,800 4,539,590 
Net cash flow from operating activities 8,611,996 8,252,466 
_01_ATHARB05.qxd  15/12/2005  12:23  Page 29 30 ATH Resources plc Annual report and financial statements 2005
23 Cash flows continued
26 September Cash Other 2 October
2004 flow movements 2005
b Analysis of net debt £££ £
Cash at bank 2,525,196 (4,166,426) — (1,641,230)
Debt due within one year (50,000) 50,000 (122,000) (122,000)
Debt due beyond one year (344,500) (631,224) 122,000 (853,724)
Finance leases and hire purchase contracts (5,304,504) 3,424,770 (9,803,930) (11,683,664)
2,843,546
(3,173,808) (1,322,880) (9,803,930) (14,300,618)
2005 2004 
c Reconciliation of net cash inflow to movement in net debt £ £
(Decrease)/increase in cash (4,166,426) 2,525,196
Cash flow from changes in debt 2,843,546 8,661,394
Change in net debt resulting from cash flows (1,322,880) 11,186,590
Net debt acquired with subsidiary — (4,237,348)
New debt issued — (5,850,750)
New finance leases and hire purchase contracts (9,803,930) (4,272,300)
Movement in net debt in year (11,126,810) (3,173,808)
Net debt at 26 September 2004 (3,173,808) —
Net debt at 2 October 2005 (14,300,618) (3,173,808)
d Other movements in net debt
During the year the Group entered into finance leases and hire purchase contracts arrangements in respect of assets with a total capital value
at the inception of the agreements of £9,803,930 (2004: £4,272,300). 
24 Related party transactions
During the year, the Group paid Alchemy Partners LLP £23,077 (2004: £55,180) for the services of I Slade, Non-executive Director of the Company.
No balances were owed to Alchemy Partners LLP at 2 October 2005.
Notes to the financial statements continued
For the year ended 2 October 2005
_01_ATHARB05.qxd  15/12/2005  12:23  Page 30 ATH Resources plc Annual report and financial statements 2005 31
Notice of annual general meeting
Notice is hereby given that the Annual General Meeting (“AGM”) of ATH Resources plc (the “Company”) will be held on Monday 9 January 2006,
at 11.00 am at the offices of Eversheds LLP Solicitors, Cloth Hall Court, Infirmary Street, Leeds LS1 2JB for the following purposes:
Ordinary business
To consider and, if thought fit, pass the following ordinary resolutions.
1. To receive and adopt the financial statements of the Company for the year ended 2 October 2005, together with the Directors’ Report.
2. To declare a final dividend for the year ended 2 October 2005 of 7.56p per ordinary share of 0.5p each in the capital of the Company to be paid
on 13 January 2006 to members whose names appear on the register of members at the close of business on 23 December 2005.
3. To re-elect M T W Tod as a Director who retires by rotation in accordance with Article 111 of the Company’s Articles of Association and, being
eligible, offers himself for re-election.
4. To re-elect R A Croston as a Director who retires by rotation in accordance with Article 111 of the Company’s Articles of Association and, being
eligible, offers himself for re-election.
5. To re-elect V M F Williams as a Director who retires by rotation in accordance with Article 111 of the Company’s Articles of Association and, being
eligible, offers himself for re-election.
6. To re-appoint Baker Tilly as auditors of the Company to hold office until the conclusion of the next AGM at which finance statements are laid before
the Company and to authorise the Directors to fix their remuneration.
7. To receive and approve the Remuneration Committee Report.
Special business
To consider and, if thought fit, pass the following resolutions which will be proposed as to Resolutions 8 and 11 as an Ordinary Resolution and as
to Resolutions 9 and 10 as Special Resolutions:
8. THAT, subject to and in accordance with Article 16 of the Articles of Association of the Company, the Directors be and they hereby are generally
and unconditionally authorised for the purposes of section 80 of the Companies Act 1985 (the “Act”) (in substitution for any existing authority to allot
relevant securities (within the meaning of section 80 of the Act)) to exercise all powers of the Company to allot, grant options over offer or otherwise
deal with or dispose of relevant securities up to an aggregate nominal value of £66,156, being approximately one third of the current issued share
capital of the Company, provided that this authority shall expire 15 months from the date of this resolution or at the conclusion of the next AGM
of the Company in 2007 whichever is earlier unless previously renewed, varied or revoked by the Company in General Meeting, except that the
Company may before such expiry make an offer or agreement which would or might require relevant securities of the Company to be allotted after
such expiry and the Directors may allot relevant securities in pursuance of that offer or agreement as if the authority conferred by this Resolution
had not expired.
9. THAT, subject to the passing of Resolution 8 as set out in this Notice of AGM and in accordance with Article 17 of the Articles of Association
of the Company the Directors be and hereby are generally empowered pursuant to section 95 of the Act to allot equity securities (in substitution
for any existing authority to allot equity securities (within the meaning of section 94 of the Act)) for cash, pursuant to the authority conferred by
Resolution 8 as set out in this Notice of AGM, as if section 89(1) of the Act did not apply to such allotment, provided that this power shall be limited
to the allotment of equity securities.
(a) in connection with or pursuant to an offer by way of a rights issue, open offer or other pre-emptive offer in favour of ordinary shareholders in
proportion as nearly as practicable (but subject to such exclusions or other arrangements as the Directors may deem necessary or desirable
to deal with fractional entitlements or legal or practical problems under the laws of, or the requirements of, any regulatory body or any stock
exchange in, any territory) to the respective number of ordinary shares held by them; and
(b) to the allotment (otherwise than pursuant to subparagraph (a) above) of equity securities up to an aggregate nominal value of £9,923
and such power shall expire 15 months from the date of this Resolution or at the conclusion of the AGM of the Company to be held in 2007, whichever is
earlier, save that the Company may before such expiry make an offer or agreement which would or might require equity securities to be allotted after such
expiry and the Directors may allot equity securities in pursuance of such an offer or agreement as if the power conferred hereby had not expired.
10. THAT, the Company be generally and unconditionally authorised pursuant to Article 9 of the Articles of Association of the Company and pursuant
to section 166 of the Act to make market purchases (as defined in Section 163 of the Act) of ordinary shares of 0.5p each in the capital of the
Company provided that:
10.1 the maximum number of shares hereby authorised to be purchased is 1,984,678 (being approximately 5% of the current issued ordinary
share capital of the Company);
10.2 the minimum price which may be paid for such shares is 0.5p per ordinary share being the nominal value thereof;
_01_ATHARB05.qxd  15/12/2005  12:23  Page 31 32 ATH Resources plc Annual report and financial statements 2005
Special business continued
10.3 the maximum price (exclusive of expenses) which may be paid for such shares shall not be more than 105% of the average of the middle
market quotation for ordinary shares of 0.5p each in the capital of the Company for these shares taken from the listing of AIM of the
London Stock Exchange plc over the five business days immediately preceding the day on which the contract for purchase is made; and
10.4 the authority shall expire 15 months from the date of this resolution or at the conclusion of the next AGM of the Company in 2007
whichever is earlier provided that the Company may before such expiry make a contract to purchase its own shares which would or might
be executed wholly or partly after such expiry and the Company may make a purchase of its own shares in pursuance of such contract
as if the authority conferred hereby had not expired.
11. THAT, the performance target for options granted on 11 June 2004 under the ATH Resources plc Unapproved Executive Share Option Scheme
and on 1 November 2004 in respect of options granted under the ATH Resources plc Approved Executive Share Option Scheme is that for the
three financial periods of the Company commencing 1 October 2003 and ending 30 September 2006 the aggregate profit before tax (as determined
from the audited accounts of the Company) for such period divided by the weighted average of ordinary shares in issue in this period must be
equal to or greater than 38.68p per ordinary share and that the performance target for awards granted under the ATH Resources plc Long Term
Incentive Plan on 11 June 2004 is that for the four financial periods of the Company commencing 1 October 2003 and ending 30 September 2008
the aggregate profit before tax (as determined by the audited accounts of the Company) for such period divided by the weighted average
of ordinary shares in issue in this period must be equal to or greater than 64.42p per ordinary share be and is hereby approved and that
the Directors are authorised to issue revised option and award documentation subject to the approval of HM Revenue and Customs in respect
of options granted under the ATH Resources plc Inland Revenue Approved Executive Share Option Scheme.
By order of the Board
R A Croston
Company Secretary
6 December 2005
Notes
1. Any member entitled to attend and vote at the AGM is entitled to appoint one or more proxies (who need not be a member of the Company) to attend
and, on a poll, vote instead of the member. Completion and return of a form of proxy will not preclude a member from attending and voting at the meeting
in person, should he subsequently decide to do so.
2. In order to be valid, any form of proxy, power of attorney or other authority under which it is signed, or a notarially certified or office copy of such power or
authority, must reach the Company’s Registrars, Capita Registrars, Proxy Department, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU,
not less than 48 hours before the time of the meeting or of any adjournment of the meeting.
3. As permitted by Regulation 41 of the Uncertificated Securities Regulations 2001, shareholders who hold shares in uncertificated form must be entered on
the Company’s share register at 11.00 am on 6 January 2006 in order to be entitled to attend and vote at the AGM. Such shareholders may only cast votes
in respect of shares held at such time. Changes to entries on the relevant register after that time shall be disregarded in determining the rights of any
person to attend or vote at the meeting.
4. Copies of the service contracts of each of the Directors, and the register of Directors’ interests in shares of the Company kept pursuant to section 325 of the Act
will be available for inspection at the registered office of the Company during usual business hours on any weekday (Saturdays and public holidays excluded)
from the date of this notice until the date of the AGM and at the place of the AGM from at least 15 minutes prior to and until the conclusion of the AGM.
5 CREST users should note that they can lodge their proxy vote for the meeting through the CREST Proxy Voting System. For further instructions, users
should refer to the CREST User Manual. Any CREST sponsored Member should contact their CREST Sponsor.
6. The Company is proposing Ordinary Resolution 11 to clarify the performance targets which apply to options and awards granted on 11 June 2004 under
the ATH Resources plc Unapproved Executive Share Option Scheme and the ATH Resources plc Long Term Incentive Plan on 1 November 2004 under
the ATH Resources plc Inland Revenue Approved Executive Share Option Scheme (together “the Schemes”). The clarification of performance targets
is to ensure the performance targets are consistent with the Company’s business plan and projections. The performance target for options granted
on 1 November 2004 under the ATH Resources plc Inland Revenue Approved Executive Share Option Scheme and granted on 11 June 2004 under
the ATH Resources plc Inland Revenue Unapproved Executive Share Option Scheme is for the three financial periods of the Company commencing on
1 October 2003 and ending on 30 September 2006 the aggregate profits before tax (as determined from the audited accounts of the Company) for such
period divided by the weighted average of all ordinary shares in issue in this period must be equal to or greater than 38.68p per ordinary share. The
performance target for options granted on 11 June 2004 under the ATH Resources plc Long Term Incentive Plan is up for the four financial periods of
the Company commencing on 1 October 2003 and ending 30 September 2008 the aggregate profits before tax (as determined by the audited accounts
of the Company) for such period divided by the weighted average of ordinary shares in issue in this period must be equal or greater than 64.42p per ordinary
share. The Company proposes to issue revised option and award documentation to reflect both the adjustment of options and awards under the Scheme
to take into account the Company’s rights issue on 3 June 2005 and also restating the performance targets as set out above. In the case of options granted
under the ATH Resources plc Inland Revenue Approved Executive Share Option Scheme approval of the HM Revenue and Customs will be required.
Notice of annual general meeting continued
_01_ATHARB05.qxd  15/12/2005  12:23  Page 32 T HE D ESIGN P ORTFOLIO
a member of the flathill communications group plc
www.flathillplc.com
designed & produced by
Registered office
Aardvark House
Sidings Court
Doncaster DN4 5NU
Company number
4928463
Bankers
Royal Bank of Scotland
2 Whitehall Quay
Leeds
LS1 4HR
Solicitors
Eversheds LLP
Cloth Hall Court
Infirmary Street
Leeds LS1 2JB
Auditors
Baker Tilly
2 Whitehall Quay
Leeds LS1 4HG
Nominated adviser and broker
Seymour Pierce Limited
Bucklersbury House
3 Queen Victoria Street
London EC4N 8EL
Financial PR advisors
Abchurch Communications Limited
100 Cannon Street
London EC4N 6EU
Registrar
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
9 January 2006 Annual General Meeting
13 January 2006 Final dividend paid
2 April 2006 Half year end
13 June 2006 Interim results and dividend declared 
28 June 2006 Ordinary shares go ex-dividend
21 July 2006 Interim dividend paid
1 October 2006 Financial year end
6 December 2006 Preliminary results and dividend declared
20 December 2006 Ordinary shares go ex-dividend
Corporate information
Company diary 2006
_0_ATHarc05.qxd  15/12/2005  12:21  Page 2 Aardvark House
Sidings Court 
Doncaster DN4 5NU
Tel: +44 (0)1302 760462
Fax: +44 (0)1302 760463
Web: www.ath.co.uk
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