Interim Results
07 September 2004 - 10:29AM
UK Regulatory
RNS Number:6766C
Griffin Mining Ld
07 September 2004
GRIFFIN MINING LIMITED
7th September 2004
INTERIM STATEMENT FOR THE 6 MONTHS TO 30 JUNE 2004
Griffin Mining Limited ("Griffin"or the "Company") has today published its
interim results for the 6 months ended 30th June 2004.
The Company achieved a profit for the 6 months ended 30th June 2004 of $138,000
compared with a loss of $247,000 in the same period in 2003.
Exchange gains on foreign currency deposits of $408,000 (2003 $13,000) were
recorded in the 6 months to 30th June 2004 and interest of $283,000 (2003
$19,000) was received.
Operating costs in the 6 months to 30th June 2004 increased to $553,000 (2003
$280,000) as a result of increased activity with the development of the
Caijiaying zinc gold mine in China.
Shareholder funds increased from $13,365,000 at 31 December 2003 to $29,022,000
at 30th June 2004, with the benefit of the profit for the period, a placing of
35,000,000 new ordinary shares and options over 6,600,000 new ordinary shares
being exercised, to raise a total of $16,255,000 before expenses. Following
completion of this capital raising which fully funds construction of a mine at
Caijiaying to produce 200,000 tonnes of ore per annum, exploration and
development costs incurred to date of $9,533,000 have been reclassified as
tangible fixed assets.
Mladen Ninkov, Chairman, commented as follows:
"I am delighted by the financial results achieved. The Company continues to
out-perform financially even in light of the expenditure being undertaken during
this major construction phase at the Caijiaying mine site. We continue to have
all our expectations and projections fulfilled with the expected commissioning
of Caijiaying on time and on budget in early 2005"
Further information
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Griffin Mining Limited
Philip Davies Telephone: +44(0)20 7953 2000
Charles Stanley & Company Limited
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 SUMMARISED PROFIT AND LOSS ACCOUNT
(expressed in thousands US dollars)
6 months to 6 months to Year to 31/
30/06/2004 30/06/2003 12/2003
Unaudited Unaudited Audited
$000 $000 $000
Turnover - - -
Cost of sales - - -
Gross profit - - -
Net operating expenses (553) (279) (586)
Operating (Loss) (553) (279) (586)
Foreign exchange profits 408 13 476
Interest receivable and similar income 283 19 90
Profit / (Loss) on ordinary activities
before taxation 138 (247) (20)
Taxation on profit / (loss) on ordinary - - -
activities
Profit / (Loss) for the financial period 138 (247) (20)
Earnings / (Loss) per share (cents) 0.1 (0.2) (0.2)
GRIFFIN MINING LIMITED
CONSOLIDATED SUMMARISED BALANCE SHEET
(expressed in thousands US dollars)
30/6/2004 30/6/2003 31/12/2003
Unaudited Unaudited Audited
$000 $000 $000
Fixed Assets
Intangible assets - exploration interests 37 5,903 6,285
Tangible assets - mining properties 9,533 - 171
Tangible assets - other 15 2 3
9,585 5,905 6,459
Current Assets
Portfolio investments 38 28 62
Accounts receivable 42 2 33
Prepaid expenses 169 30 66
Cash and deposits 19,908 1,178 6,831
20,157 1,238 6,992
Current liabilities
Creditors and accrued expenses (720) (141) (86)
Net current assets 19,437 1,097 6,906
Total net assets 29,022 7,002 13,365
Capital and reserves
Share capital 1,768 1,036 1,352
Share premium 36,472 15,537 21,385
Contributing surplus 3,690 3,690 3,690
Investment revaluation reserve (836) (846) (811)
Foreign exchange reserve (80) (58) (121)
Profit & loss account (11,992) (12,357) (12,130)
Shareholders' equity interests 29,022 7,002 13,365
Attributable net assets per share (cents) 16 7 10
Number of shares in issue 176,827,731 103,557,248 135,227,731
GRIFFIN MINING LIMITED
CONSOLIDATED SUMMARISED CASH FLOW STATEMENT
(expressed in thousands US dollars)
6 months to 6 months to Year to 31/
30/06/2004 30/06/2003 12/2003
Unaudited Unaudited Audited
$000 $000 $000
Net cash inflow / (outflow) from
operating activities 373 (236) (227)
Investing activities
Interest received 283 19 90
Payments to acquire intangible fixed - (341) (760)
assets
Payments to acquire tangible mining (3,067) (1) (173)
fixed assets
Payments to acquire other tangible fixed (15) - -
assets
Net cash (outflow) from investing (2,799) (323) (843)
activities
Net cash (outflow) before financing (2,426) (559) (1,070)
Financing
Issue of ordinary share capital 16,255 - 6,452
Expenses paid in connection with share (752) - (288)
issue
15,503 - 6,164
Increase / (decrease) in cash and cash 13,077 (559) 5,094
equivalents
Reconciliation of operating (loss) to
net cash inflow / (outflow) from
operating activities
Operating loss (553) (279) (586)
Depreciation 2 1 1
(Increase) in debtors and prepayments (112) (9) (76)
(Decrease) / increase in creditors 635 54 (1)
Other non-cash income, including
exchange differences 401 (3) 435
373 (236) (227)
GRIFFIN MINING LIMITED
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
(expressed in thousands US dollars)
6 months to 6 months to Year to
30/06/2004 30/06/2003 31/12/2003
Unaudited Unaudited Audited
$000 $000 $000
Profit / (Loss) for the period 138 (247) (20)
Unrealised (losses) / gains on investments (25) (1) 33
Currency translation differences in foreign currency
net investments 41 (71) (133)
Total gains / (losses) recognised in the period 154 (319) (120)
Losses and profits for the financial year are the same as those on an historical
cost basis.
GRIFFIN MINING LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENT
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. 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. Earnings / (losses) per share have been calculated on the basis of the
net profit / (loss) after taxation of $138,000 and the weighted average number
of shares in issue in the period ended 30 June 2004 of 164,023,885. There is no
dilutive effect of outstanding share purchase options.
4. 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 balance sheet at 31 December 2003 and the
summarised profit and loss account, summarised cash flow statement and
summarised statement of total recognised gains and losses for the year then
ended have been extracted from the Group's 2003 statutory financial statements
upon which the auditors' opinion is unqualified.
5. Reconciliation of shareholders' funds.
6 months to 6 months to 30/ Year to
30/06/2004 06/2003 31/12/2003
Unaudited Unaudited Audited
$000 $000 $000
Total gains / (losses) recognised in the period 154 (319) (120)
Issue of Ordinary Shares in the period 15,503 - 6,164
Net additions to / (reduction in) shareholders'
funds
15,657 (319) 6,044
Opening shareholders' funds 13,365 7,321 7,321
Closing shareholders' funds 29,022 7,002 13,365
This information is provided by RNS
The company news service from the London Stock Exchange
END
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