RNS Number:2738I
Griffin Mining Ld
31 August 2006
Griffin Mining Limited
60 St James's Street, London SW1A 1LE, United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773
E mail: griffin@griffinmining.com
31st August 2006
INTERIM STATEMENT FOR THE SIX MONTHS TO 30th JUNE 2006
RECORD SIX MONTHLY PROFIT
Griffin Mining Limited ("Griffin"or the "Company") has today published its
interim results for the six months ended 30th June 2006.
Highlights:
* Profit before tax of US$9,006,000
* Caijiaying mine commissioning phase successfully completed
* Increased mine, processing and concentrate production
* Improving profitability with throughput and price increases
Financial and Trading:
Results for the six months ended 30th June 2006 show pre-tax profits of
US$9,006,000 (2005 loss restated US$966,000).
Comparative figures for the six months ended 30th June 2005 cover the period up
to the commencement of production at Caijiaying, prior to this no mining
revenues were generated.
Turnover amounted to US$15,672,000 (2005 nil) up from US$6,120,000 in the
previous six months to 31st December 2005 with increased production and zinc
concentrate prices.
Operating profit US$8,563,000 (2005 loss restated US$858,000), up from
US$1,283,000 in the previous six months to 31st December 2005.
The financial results reflect the increase in production and sales at the
Caijiaying mine. 146,557 tonnes of ore were mined in the period compared with
107,879 in the previous six months to 31st December 2005. 129,939 tonnes of ore
were processed in the period compared with 92,096 in the previous six months.
8,679 tonnes of zinc metal in concentrate were sold in the period compared with
6,676 in the previous six months.
Ongoing improvements in profitability continue to be achieved. The Cajiaying
plant continues to operate above design specifications, without any detrimental
effects to zinc metal production, even as the Company continues to increase the
hourly tonnages through the mill. With the continued buoyancy in the world zinc
price and the increasing production, even more significant profit results are
expected for the full calendar year.
Chairman's statement
"The first six month results, reflecting the ramp up in operations at the
Caijiaying mine after wet commissioning, is a wonderful result that vindicates
the faith and patience the shareholders have shown in Caijiaying and the
Company. I look forward to an even more impressive result for the full 2006
year."
Further information
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Griffin Mining Limited
Adrian Hadden / Christopher Rollason Telephone: +44(0)20 7523 8350
Collins Stewart Limited
Hugo de Salis / Isabel Crossley Telephone: +44(0) 20 7242 4477
St Brides Media & Finance Ltd
Griffin Mining Limited's shares are quoted on the Alternative Investment Market
(AIM) of the London Stock Exchange (symbol GFM).
The Company's news releases are available on the Company's web site:
www.griffinmining.com
Griffin Mining Limited
Consolidated Income Statement
(expressed in thousands US dollars)
6 months to 6 months to Year to
30/06/2006 30/06/2005 31/12/2005
Unaudited Unaudited Audited
Restated
$000 $000 $000
Revenue 15,672 - 6,120
Cost of sales 4,416 - (2,440)
Gross Profit 11,256 - 3,680
Net operating expenses (2,693) (858) (3,254)
Profit / (loss) from operations 8,563 (858) 426
Foreign exchange gains / (losses) 289 (272) (411)
Finance income 154 164 296
Profit / (loss) before tax 9,006 (966) 311
Income tax expense (55) - -
Profit / (loss) after tax attributable to equity share owners
for the financial year 8,951 (966) 311
Basic earnings / (loss) per share (cents) 4.87 (0.5) 0.17
Diluted earnings / (loss) per share (cents) 4.71 (0.5) 0.17
Griffin Mining Limited
Consolidated Balance Sheet
(expressed in thousands US dollars)
30/06/2006 30/06/2005 31/12/2005
Unaudited Unaudited Audited
Restated
$000 $000 $000
ASSETS
Non-current assets
Property, plant and equipment 27,952 21,451 27,070
Intangible assets - Exploration interests 803 39 419
28,755 21,490 27,489
Current assets
Inventories 1,501 39 1,620
Other current assets 1,450 521 947
Available-for-sale financial assets 66 35 63
Cash and cash equivalents 14,024 7,489 6,663
17,041 8,084 9,293
Total assets 45,796 29,574 36,782
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Share capital 1,839 1,783 1,838
Share premium 39,057 36,968 39,040
Contributing surplus 3,690 3,690 3,690
Share based payments 1,398 790 842
Foreign exchange reserve 340 (118) 215
Profit and loss reserve (3,786) (14,044) (12,740)
Total equity 42,538 29,069 32,885
Non-current liabilities
Long-term provisions 375 - 372
Current liabilities
Trade and other payables 2,883 505 3,525
Total liabilities 3,258 505 3,897
Total equities and liabilities 45,796 29,574 36,782
Number of shares in issue 183,861,064 178,327,731 183,827,731
Attributable net asset value / total equity per share $0.23 $0.16 $0.18
Griffin Mining Limited
Consolidated Statement of Changes in Equity
(expressed in thousands US dollars)
Share Share Contributing Share Foreign Profit Total
capital Premium surplus based Exchange and
payments Reserve loss
$000 $000 $000 $000 $000 $000 $000
At 31 December 2004 1,773 36,594 3,690 509 (143) (13,087) 29,336
Restated
Exchange differences - - - - 25 - 25
on translating
foreign operations
Loss for the 6 months - - - - - (966) (966)
Movement in fair 9 9
value of financial
assets
Issue of share 10 374 - - - - 384
capital
Cost of share based - - - 281 - - 281
payments
At 30 June 2005 1,783 36,968 3,690 790 (118) (14,044) 29,069
Exchange differences - - - - 333 - 333
on translating
foreign operations
Profit for the 6 - - - - - 1,276 1,276
months
Movement in fair 28 28
value of financial
assets
Issue of share 55 2,072 - - - - 2,127
capital
Cost of share based - - - 52 - - 52
payments
At 31 December 2005 1,838 39,040 3,690 842 215 (12,740) 32,885
Exchange differences - - - - 125 - 125
on translating
foreign operations
Profit for the 6 - - - - - 8,951 8,951
months
Movement in fair - - - - - 3 3
value of financial
assets
Issue of share 1 17 - - - - 18
capital
Cost of share based - - - 556 - - 556
payments
At 30 June 2006 1,839 39,057 3,690 1,398 340 (3,786) 42,538
Griffin Mining Limited
Consolidated Cash Flow Statement
(expressed in thousands US dollars)
6 months to 6 months to Year to
30/06/2006 30/06/2005 31/12/2005
Unaudited Unaudited Audited
Restated
$000 $000 $000
Net cash flows from operating activities
Profit/(loss) before taxation 9,006 (966) 311
Foreign exchange losses (21) (7) 360
Finance income (154) (164) (296)
Taxation paid (55) - -
Adjustment in respect of share options 556 281 333
Depreciation, depletion and amortisation 1,022 2 557
Decrease / (increase) in inventories 119 (38) (1,620)
(Increase) in other current assets (503) (245) (671)
(Decrease) / increase in trade and other payables (642) (380) 2,640
Net cash inflow / (outflow) from operating activities 9,328 (1,517) 1,614
Cash flows from investing activities
Interest received 154 164 296
Payments to acquire intangible fixed assets (382) - (376)
Payments to acquire tangible fixed assets - mineral (689) (3,007) (6,949)
interests
Payments to acquire tangible fixed assets - plant and (1,065) (1,518) (3,409)
equipment
Payments to acquire tangible fixed assets - other (3) (2) (9)
Net cash (outflow) from investing activities (1,985) (4,363) (10,447)
Cash flows from financing activities
Issue of ordinary share capital 18 384 2,511
Expenses paid in connection with share issue - - -
18 384 2,511
Increase/(decrease) in cash and cash equivalents 7,361 (5,496) (6,322)
Griffin Mining Limited
Notes to the Interim Statement
1. This statement has been prepared using accounting policies and
presentation consistent with those applied in the preparation of the accounts of
the Company for the year ended 31 December 2005.
2. Copies of this interim report are being sent to all registered
shareholders. Additional copies are available from the Company's London office,
60 St James's Street, London, SW1A 1LE.
3. The summary accounts set out above do not constitute statutory
accounts as defined by Section 84 of the Bermuda Companies Act 1981 or Section
240 of the UK Companies Act 1985. The summarised consolidated balance sheet at
31 December 2005 and the summarised consolidated income statement, consolidated
statement of changes in equity and the summarised consolidated cash flow
statement for the year then ended have been extracted from the Group's 2005
statutory financial statements upon which the auditors' opinion is unqualified.
4. The calculation of the basic earnings/(loss) per share is based on
the earnings attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the year. The calculation of diluted
earnings per share is based on the basic earnings per share on the assumed
conversion of all dilutive options and other dilutive potential ordinary shares.
Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out below:
6 months to 6 months to Year to
30/06/2006 30/06/2005 31/12/2005
Unaudited Unaudited Audited
Restated
Weighted Per Weighted Per Weighted Per
average share average share average share
Earnings number of amount Loss number of amount Earnings number of amount
$000 shares (cents) $000 shares (cents) $000 shares (cents)
Basic earnings/(loss)
per share
Earnings
attributable
to ordinary
shareholders 8,951 183,829,204 4.87 (966) 178,135,423 (0.5) 311 180,639,032 0.17
Dilutive
effect of
securities
Options 6,259,847 3,677,894
Diluted
earnings/
(loss) per
share 8,951 190,089,051 4.71 (966) 178,135,423 (0.5) 311 184,316,926 0.17
This information is provided by RNS
The company news service from the London Stock Exchange
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