TIDMGFM
RNS Number : 4064R
Griffin Mining Ld
30 April 2009
?
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
30th APRIL 2009
PRELIMINARY RESULTS
Griffin Mining Limited ("Griffin" or "the Company") has today published its
preliminary results for the year ended 31 December 2008.
Highlights:
* Profit before tax of $7.0 million on a declining zinc price, compared with
$26.8m in 2007.
* 22,922 tonnes of zinc in concentrate produced in 2008, compared to 21,781 tonnes
in 2007.
* 2,421 ounces of gold in concentrate produced in 2008, compared to 15 ounces in
2007.
* 171,888 ounces of silver in concentrate produced in 2008, compared to 6,470
ounces in 2007.
* 1,127 tonnes of lead in concentrate produced in 2008, compared to 13 tonnes in
2007.
* 433,274 tonnes ore mined in 2008, compared to 430,891 tonnes in 2007
* 491,848 tonnes of ore processed in 2008, compared with 409,193 tonnes in 2007
Overview
Griffin Mining Limited and its subsidiaries (together the "Group") recorded a
profit before tax for the year of $6,959,000 (2007: $26,762,000).
All mining companies faced serious challenges during 2008, however, the Group
was positioned better than the vast majority of its fellow industry participants
in maintaining a low cost, long life mine and retaining substantial cash
balances. The Group has benefited from receiving 100% of the profits of the
Caijiaying Zinc-Gold Mine (the "Mine") over the three years to July 2008 and
obtaining a net gain of over $30 million, recognised through reserves and not in
the profit for the year, by repurchasing $121.5 million of its own shares for
cancellation in May 2008 from Citadel Equity Fund Ltd ("Citadel") having issued
those same shares for $151.7 million in August 2007.
With the Group's primary income generated by the Mine, profitability was
severely impacted by the fall in the price of zinc. During 2008, the zinc price
quoted on the London Metals Exchange fell from $2,500 per tonne to $1,100 per
tonne. Due to this price decline and the Group remaining unhedged to both metals
and currency, a decision was taken to suspend operations in the first quarter of
2009 to allow much needed maintenance and capital work to be undertaken with
relatively little economic loss being incurred by the Group.
Griffin benefited from interest receipts of $4,670,000 during 2008 (2007:
$5,607,000), however, this income has decreased during 2009 with declining
interest rates world-wide. Griffin also benefited from a C$2.5 million break
free on the Company's aborted acquisition of Yukon Zinc Corporation.
Foreign exchange losses of $3,220,000 were recorded in 2008 (2007: gains of
$1,012,000) primarily on sterling deposits held to cover sterling commitments.
The losses follow the fall in the value of sterling in the year.
On 27th November 2008, Griffin acquired 16,666,667 ordinary shares at GBP0.15
per share for a total cost of GBP2,500,000 ($4,542,000) in Spitfire Oil Limited
("Spitfire"). This represents 39.2% of the issued share capital of
Spitfire. Spitfire's principal asset is the Salmon Gums Lignite deposits in
Western Australia from which Spitfire is intending to produce fuel oil,
distillates and other by-productsThis relatively modest investment provides
Griffin with an entrée into a long term, large scale project that spreads the
Company's political and commodity risk.
Chairman's Statement:
2008 will go down as one of the most catastrophic years for all involved in the
mining, financial and industrial markets. Almost every institution, company and
individual was affected, some irrevocably, and your company, Griffin Mining
Limited ("Griffin" or the "Company") was no exception. Even in this difficult
environment, the Company was still able to produce a profit before tax of almost
$7 million, a truly remarkable result considering the zinc price fell 46% in
2007 and a further 50% in 2008. This is a testament to the quality of the
Caijiaying mine, its people and the management of the Company.
2008 was unique, not in that it produced the beginning of a severe and prolonged
recession. It is the task of any competent management to foresee such
likelihood. Rather it was the complete breakdown of the financial system,
including the banking, equity and debt markets, that produced a scenario that
none of us had ever seen before and brought the world to the edge of financial
calamity. The ensuing ricochet effects caused the current recessionary
environment and, for mining companies, the unfortunate end to booming commodity
prices. In a fixed cost business such as mining, the resulting dramatic fall in
revenues caused by declining commodity prices was reflected directly in a
corresponding fall in the profitability of the Company.
Fortunately for Griffin, prudent management has ensured that a significant cash
balance has been maintained in the Company, no debt exists on the balance sheet
and the Caijiaying mine is managed as one of the world's lowest cost zinc
producers. With the continuing depressed commodity prices, the Company took the
opportunity to temporarily suspend operations at Caijiaying to undertake long
overdue heavy maintenance and complete construction associated with the
expansion of production facilities. The economic cost of suspending operations
was relatively small compared to suspending operations at a time of high
commodity prices. By the beginning of June, full operations should have resumed
at Caijiaying.
The current environment does, however, provide some unique acquisition
opportunities which the Company would like to pursue. In a booming commodity
market, mining companies and mining assets are given astronomical valuations.
Even the small number of assets the Company thought met the financial,
political, structural, metallurgical and geological parameters set by the
Company, were financially out of reach. The current economic crisis has savagely
slashed these companies' valuations and, in some cases, left them in a
precarious financial predicament with little or no cash and no hope of raising
further funding to survive. It is these companies that management has been
evaluating and attempting to acquire.
The Company made a number of acquisition attempts during the year. On the plus
side, in May 2008, the Company bought back its own shares from Citadel
Investment Group, realising a gain of over $30 million. From the same seller,
Griffin was able to acquire, for GBP2.5 million, over 39% of Spitfire Oil
Limited, a company listed on the AIM of the London Stock Exchange. This company
is attempting to economically extract fuel oils and other by-products from the
huge Salmon Gums lignite deposit in Western Australia. This is a long term, high
risk venture. But the economic rewards, should Spitfire Oil Limited be
successful, will be enormous and Company transforming.
Less successfully, in April 2008, the Company negotiated an agreed merger with
Yukon Zinc Corporation, which was subsequently frustrated by a higher takeover
bid by Northwest Non Ferrous International Investment Company Limited and
Jinduicheng Molybdenum Group Limited. Nevertheless, the Company was still able
to walk away from the transaction with a C$2.5 million break-up fee. Finally,
and probably most disappointingly, in March 2009, the Company made an
unsolicited bid for a Canadian company, Ivernia Inc, the owner of the suspended
Magellan Lead Mine in Western Australia. That company's management took the
unfathomable decision to deliver effective control, through massive dilution of
its share capital, to a related party without shareholder approval. That made
the acquisition of Ivernia uneconomic and unpalatable for Griffin.
None of this has dampened the Company's enthusiasm to make further acquisitions
in this recessionary environment where the Company's cash has inordinate value,
particularly before commodity prices start to rise again and the valuation of
mining assets become so high as to make any acquisition of these assets
prohibitively difficult and uneconomic.
Even without any further acquisition, the Company's future looks assured. The
industrialization of China and its spectacular growth rate, although temporarily
slowed, should return and re-ignite the "super cycle" in commodity prices. The
Company's balance sheet is very strong with a large cash balance and no debt.
The Company is beginning to increase throughput at Caijaying towards 750,000
tonnes per annum and Caijiaying continues to be a low cost mine with the
potential to become a world class mining region, particularly with further
exploration between Zones II and III at Caijiaying.
Dividend
In view of the fall in commodity prices resulting in the decline in
profitability, current suspension of operations at Caijiaying and the need to
preserve cash, a dividend is not being paid.
Further information
Griffin Mining Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Investec Investment Banking:
Gerard Kisbey-Green Telephone: +44 (0)20 7597 5167
Stephen Cooper+44 (0)20 7597 5104
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
Summarised Consolidated Income Statement
For the year ended 31 December 2008
(expressed in thousands US dollars)
+----------------------------------------------------+------+-----------+--+----------+
| | | 2008 | | 2007 |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| | | $000 | | $000 |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| Revenue | | 32,061 | | 37,989 |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| Cost of sales | | (18,438) | | (7,768) |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| Gross Profit | | 13,623 | | 30,221 |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| Net operating expenses | | (10,517) | | (10,078) |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| Profit from operations | | 3,106 | | 20,143 |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| Share of losses of associated company | | (39) | | - |
+----------------------------------------------------+------+-----------+--+----------+
| Foreign exchange (losses) / gains | | (3,221) | | 1,012 |
+----------------------------------------------------+------+-----------+--+----------+
| Finance income | | 4,670 | | 5,607 |
+----------------------------------------------------+------+-----------+--+----------+
| Other income | | 2,533 | | - |
+----------------------------------------------------+------+-----------+--+----------+
| Interest payable | | (90) | | - |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| Profit before tax | | 6,959 | | 26,762 |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| Income tax expense | | (637) | | - |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| Profit after tax attributable to equity share | | 6,322 | | 26,762 |
| owners for the financial year | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| Basic earnings per share (cents) from continuing | | 2.87 | | 12.08 |
| operations | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| | | | | |
+----------------------------------------------------+------+-----------+--+----------+
| Diluted earnings per share (cents) from continuing | | 2.83 | | 11.97 |
| operations | | | | |
+----------------------------------------------------+------+-----------+--+----------+
Griffin Mining Limited
Summarised Consolidated Balance Sheet
As at 31 December 2008
(expressed in thousands US dollars)
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| | | 2008 | | 2007 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| | | $000 | | $000 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| ASSETS | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Non-current assets | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Property, plant and equipment | | 56,885 | | 44,381 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Intangible assets - exploration interests | | 1,313 | | 751 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Investment in associated company | | 4,503 | | - |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| | | 62,701 | | 45,132 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Current assets | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Inventories | | 3,227 | | 4,639 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Other current assets | | 5,564 | | 4,155 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Cash and cash equivalents | | 67,193 | | 199,949 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| | | 75,984 | | 208,743 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Total assets | | 138,685 | | 253,875 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| EQUITY AND LIABILITIES | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Equity attributable to equity holders of the parent | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Share capital | | 1,816 | | 2,615 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Share premium | | 75,950 | | 196,637 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Contributing surplus | | 3,690 | | 3,690 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Share based payments | | 5,826 | | 4,426 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Other reserves | | 711 | | 579 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Foreign exchange reserve | | 7,142 | | 3,109 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Profit and loss reserve | | 35,345 | | 37,106 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Total equity | | 130,480 | | 248,162 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Non-current liabilities | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Long-term provisions | | 98 | | - |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Current liabilities | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Trade and other payables | | 8,107 | | 5,047 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Short term bank overdrafts | | - | | 666 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Total liabilities | | 8,107 | | 5,713 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Total equities and liabilities | | 138,685 | | 253,875 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Number of shares in issue | | 181,589,731 | | 261,509,549 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| | | | | |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
| Attributable net asset value / total equity per share | | $0.72 | | $0.95 |
+-----------------------------------------------------------------------+--------+--------------+--+--------------+
Griffin Mining Limited
Summarised Consolidated Statement of Changes in Equity
For the year ended 31 December 2008
(expressed in thousands US dollars)
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| | Share | Share | Contributing | Share | Other | Foreign | Profit | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| | Capital | premium | surplus | based | Reserves | Exchange | and | Total |
| | | | | | | | loss | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| | | | | payments | | Reserve | Reserve | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| | $000 | $000 | $000 | $000 | $000 | $000 | $000 | $000 |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| At 31 December | 1,841 | 39,166 | 3,690 | 2,553 | 297 | 479 | 16,432 | 64,458 |
| 2006 | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Exchange | - | - | - | - | 20 | 2,630 | - | 2,650 |
| differences on | | | | | | | | |
| translating | | | | | | | | |
| foreign operations | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Net income | - | - | - | - | 20 | 2,630 | - | 2,650 |
| recognised | | | | | | | | |
| directly to equity | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Profit for the | - | - | - | - | - | - | 26,760 | 26,760 |
| year | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Total recognised | - | - | - | - | 20 | 2,630 | 26,762 | 29,412 |
| income and | | | | | | | | |
| expenses in the | | | | | | | | |
| year | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Dividend paid | - | - | - | - | - | - | (5,826) | (5,826) |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Regulatory | - | - | - | - | 262 | - | (262) | - |
| transfer for | | | | | | | | |
| future investment | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Exercise of | - | 1,042 | - | (1,042) | - | - | - | - |
| options | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Issue of share | 774 | 156,429 | - | - | - | - | - | 157,203 |
| capital | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Cost of share | - | - | - | 2,915 | - | - | - | 2,915 |
| based payments | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| At 31 December | 2,615 | 196,637 | 3,690 | 4,426 | 579 | 3,109 | 37,106 | 248,162 |
| 2007 | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Exchange | - | - | - | - | 57 | 4,033 | - | 4,090 |
| differences on | | | | | | | | |
| translating | | | | | | | | |
| foreign operations | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Net income | - | - | - | - | 57 | 4,033 | - | 4,090 |
| recognised | | | | | | | | |
| directly to equity | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Profit for the | - | - | - | - | - | - | 6,322 | 6,322 |
| year | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Total recognised | - | - | - | - | 57 | 4,033 | 6,322 | 10,412 |
| income and | | | | | | | | |
| expenses in the | | | | | | | | |
| year | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Dividend paid | - | - | - | - | - | - | (8,008) | (8,008) |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Regulatory | - | - | - | - | 75 | - | (75) | - |
| transfer for | | | | | | | | |
| future investment | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Purchase of shares | (799) | (120,687) | - | - | - | - | - | (121,486) |
| for cancellation | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| Cost of share | - | - | - | 1,400 | - | - | - | 1,400 |
| based payments | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
| At 31 December | 1,816 | 75,950 | 3,690 | 5,826 | 711 | 7,142 | 35,345 | 130,480 |
| 2008 | | | | | | | | |
+--------------------+---------+-----------+--------------+----------+----------+----------+---------+-----------+
Griffin Mining Limited
Summarised Consolidated Cash Flow Statement
For the year ended 31 December 2008
(expressed in thousands US dollars)
+-----------------------------------------------------+-------+-----------+---+---------+
| | | 2008 | | 2007 |
+-----------------------------------------------------+-------+-----------+---+---------+
| | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| | | $000 | | $000 |
+-----------------------------------------------------+-------+-----------+---+---------+
| | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Net cash flows from operating activities | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Profit before taxation | | 6,959 | | 26,762 |
+-----------------------------------------------------+-------+-----------+---+---------+
| Share of associated company losses | | 39 | | - |
+-----------------------------------------------------+-------+-----------+---+---------+
| Foreign exchange losses / (gains) | | 3,221 | | (1,012) |
+-----------------------------------------------------+-------+-----------+---+---------+
| Taxation paid | | (637) | | - |
+-----------------------------------------------------+-------+-----------+---+---------+
| Finance income | | (4,670) | | (5,607) |
+-----------------------------------------------------+-------+-----------+---+---------+
| Adjustment in respect of share based payments | | 1,400 | | 2,915 |
+-----------------------------------------------------+-------+-----------+---+---------+
| Depreciation, depletion and amortisation | | 2,844 | | 1,351 |
+-----------------------------------------------------+-------+-----------+---+---------+
| Provisions | | 98 | | - |
+-----------------------------------------------------+-------+-----------+---+---------+
| Decrease / (increase) in inventories | | 1,412 | | (3,535) |
+-----------------------------------------------------+-------+-----------+---+---------+
| (Increase) in other current assets | | (1,101) | | (3,091) |
+-----------------------------------------------------+-------+-----------+---+---------+
| Increase in trade and other payables | | 3,059 | | 711 |
+-----------------------------------------------------+-------+-----------+---+---------+
| | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Net cash inflow from operating activities | | 12,624 | | 18,494 |
+-----------------------------------------------------+-------+-----------+---+---------+
| | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Cash flows from investing activities | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Interest received | | 4,670 | | 5,607 |
+-----------------------------------------------------+-------+-----------+---+---------+
| Payments to acquire intangible fixed assets - | | (388) | | (126) |
| exploration interests | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Payments to acquire plant and equipment - mineral | | (9,393) | | (9,056) |
| interests | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Payments to acquire plant and equipment - plant and | | (1,681) | | (1,854) |
| equipment | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Payments to acquire interest in associated company | | (4,542) | | - |
+-----------------------------------------------------+-------+-----------+---+---------+
| Net cash (outflow) from investing activities | | (11,334) | | (5,429) |
+-----------------------------------------------------+-------+-----------+---+---------+
| | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Cash flows from financing activities | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Issue of ordinary share capital | | - | | 157,211 |
+-----------------------------------------------------+-------+-----------+---+---------+
| Expenses paid in connection with share issue | | - | | (7) |
+-----------------------------------------------------+-------+-----------+---+---------+
| Purchase of shares for cancellation | | (121,486) | | - |
+-----------------------------------------------------+-------+-----------+---+---------+
| | | (121,486) | | 157,204 |
+-----------------------------------------------------+-------+-----------+---+---------+
| | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Dividends paid | | (8,008) | | (5,826) |
+-----------------------------------------------------+-------+-----------+---+---------+
| | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Increase in cash and cash equivalents | | (128,204) | | 164,443 |
+-----------------------------------------------------+-------+-----------+---+---------+
| | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Cash and cash equivalents at the beginning of the | | 199,283 | | 34,081 |
| year | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Effects of exchange rates | | (3,886) | | 759 |
+-----------------------------------------------------+-------+-----------+---+---------+
| Cash and cash equivalents at the end of the year | | 67,193 | | 199,283 |
+-----------------------------------------------------+-------+-----------+---+---------+
| | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Cash and cash equivalents comprise: | | | | |
+-----------------------------------------------------+-------+-----------+---+---------+
| Bank deposits | | 67,193 | | 199,949 |
+-----------------------------------------------------+-------+-----------+---+---------+
| Short term bank overdrafts | | - | | (666) |
+-----------------------------------------------------+-------+-----------+---+---------+
| Total | | 67,193 | | 199,283 |
+-----------------------------------------------------+-------+-----------+---+---------+
Notes:
1. This statement has been prepared using accounting policies and presentation
consistent with those applied in the preparation of the statutory accounts of
the Company.
2. 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 2008 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 2008 statutory financial statements upon
which the
auditors' opinion is unqualified. The results for the year
ended 31 December 2007 have been extracted
from the statutory
accounts for that period, which contain an unqualified auditors' report.
3. The annual report and accounts for 2008 together with the notice of the
Annual General Meeting to be
held on 12 June 2009 are being sent by
post to all registered shareholders. Additional copies of the annual
report and accounts are available from the Company's London office, 6th Floor,
60 St James's Street,
London, SW1A 1LE.
4. The calculation of the basic earnings 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.
Reconciliation of the earnings and weighted average number of shares used in the
calculations are set out below:
+------------------+----------+--+-------------+--+---------+--+----------+--+-------------+--+---------+
| | | | 2008 | | | | | | 2007 | | |
+------------------+----------+--+-------------+--+---------+--+----------+--+-------------+--+---------+
| | Earnings | | Weighted | | Per | | Earnings | | Weighted | | Per |
| | $000 | | Average | | share | | $000 | | Average | | share |
| | | | number of | | amount | | | | number of | | amount |
| | | | shares | | (cents) | | | | shares | | (cents) |
+------------------+----------+--+-------------+--+---------+--+----------+--+-------------+--+---------+
| Basic earnings per share | | | | | | | | | | |
+-----------------------------+--+-------------+--+---------+--+----------+--+-------------+--+---------+
| Earnings | 6,322 | | 220,587,242 | | 2.87 | | 26,762 | | 221,441,986 | | 12.08 |
| attributable to | | | | | | | | | | | |
| ordinary | | | | | | | | | | | |
| shareholders | | | | | | | | | | | |
+------------------+----------+--+-------------+--+---------+--+----------+--+-------------+--+---------+
| Dilutive effect of | | | | | | | | | | |
| securities | | | | | | | | | | |
+-----------------------------+--+-------------+--+---------+--+----------+--+-------------+--+---------+
| Options | | | 3,090,342 | | | | | | 2,153,244 | | |
+------------------+----------+--+-------------+--+---------+--+----------+--+-------------+--+---------+
| Diluted earnings | 6,322 | | 223,677,584 | | 2.83 | | 26,762 | | 223,595,230 | | 11.97 |
| per share | | | | | | | | | | | |
+------------------+----------+--+-------------+--+---------+--+----------+--+-------------+--+---------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR ILMATMMITBIL
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