Tanfield Regulatory News (TAN)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDING 30 JUNE 2017

Six months to

30 Jun 17 (unaudited)

Six months to

30 Jun 16 (unaudited)

Year to

 31 Dec 16

 (audited)

£000's

£000's

£000's

Revenue

-

-

-

Staff costs

(44)

(44)

(85)

Other operating income

16

14

30

Other operating expenses

(81)

(79)

(182)

(Loss)/profit from operations before impairments

(109)

(109)

(237)

Finance expense

-

(8)

(13)

Finance income

-

-

1

Net finance expense

-

(8)

(12)

Loss from operations before tax

(109)

(117)

(249)

Taxation

-

-

-

Loss & total comprehensive income for the period attributable to equity shareholders

(109)

(117)

(249)

Loss per share

Earnings/(loss) per share from operations

Basic and diluted (p)

(0.1)

(0.1)

(0.2)

BALANCE SHEET

AS AT 30 JUNE 2017

30 Jun 17

(unaudited)

30 Jun 16

(unaudited)

31 Dec 16

(audited)

£000's

£000's

£000's

Non current assets

Non current Investments

36,283

36,283

36,283

36,283

36,283

36,283

Current assets

Trade and other receivables

65

102

61

Cash and cash equivalents

166

364

269

231

466

330

Total assets

36,514

36,749

36,613

Current liabilities

Trade and other payables

101

100

91

101

100

91

Non-current liabilities

Other payables

-

262

-

-

262

-

Total liabilities

101

362

91

Equity

Share capital

7,816

7,686

7,816

Share premium

17,190

17,053

17,190

Share option reserve

459

461

459

Special reserve

66,837

66,837

66,837

Merger reserve

1,534

1,534

1,534

Retained earnings

(57,423)

(57,184)

(57,314)

Total equity

36,413

36,387

36,522

Total equity and total liabilities

36,514

36,749

36,613

STATEMENT OF CHANGES IN EQUITY

CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDING 30 JUNE 2017

Six months to 30 Jun 17 (unaudited)

Six months to 30 Jun 16 (unaudited)

Year to

 31 Dec 16

 (audited)

£000's

£000's

£000's

Loss before interest and taxation

(109)

(109)

(237)

Operating cash flows before movements in working capital

(109)

(109)

(237)

Decrease/(increase) in receivables

5

(12)

25

Increase/(decrease) in payables

1

(1)

(273)

Net cash used in operating activities

(103)

(122)

(485)

Cash flow from financing activities

Proceeds from issuance of ordinary shares net of costs

-

392

660

Net cash from financing activities

-

-

660

Net (decrease)/increase in cash and cash equivalents

(103)

270

175

Cash and cash equivalents at the start of period

269

94

94

Cash and cash equivalents at the end of the period

166

364

269

1 Basis of preparation

The Interim Report of the Company for the six months ended 30 June 2017 has been prepared in accordance with AIM Rule 18 and not in accordance with IAS34 "Interim Financial Reporting" therefore is not fully in compliance with IFRS.

The half year report does not constitute financial statements as defined in Section 434 of the Companies Act 2006 and does not include all of the information and disclosures required for full annual statements. It should be read in conjunction with the annual report and financial statements for the year ended 31 December 2016 which is available on request from the Company's registered office, Sandgate House, 102 Quayside, Newcastle upon Tyne NE1 3DX or can be downloaded from the corporate website www.tanfieldgroup.com.

2 Accounting Policies

The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 December 2016, as described in those financial statements. In particular, the accounts have been prepared on a going concern basis, and as set out on page 16 of those financial statements.

3 Loss per share

The calculation of the basic and diluted loss per share is based on the following data:

Number of shares

Six months

Six months

Year to

to 30 Jun 17

to 30 Jun 16

31 Dec 16

000's

000's

000's

Weighted average number of ordinary shares for the purposes of basic earnings per share

156,324

152,464

153,677

Effect of dilutive potential ordinary shares from share options

129

149

122

Weighted average number of ordinary shares for the purposes of diluted earnings per share

156,453

152,613

153,799

Loss

Six months

Six months

Year to

to 30 Jun 17

to 30 Jun 16

31 Dec 16

From operations

000's

000's

000's

Loss for the purposes of basic earnings per share being net profit attributable to owners of the parent

(109)

(139)

(249)

Potential dilutive ordinary shares from share options

-

-

-

Loss for the purposes of diluted earnings per share

(109)

(139)

(249)

Loss per share from operations

Basic (p)

(0.1)

(0.1)

(0.2)

Diluted (p) a

(0.1)

(0.1)

(0.2)

aIAS33 defines dilution as a reduction in earnings per share or an increase in loss per share resulting from the assumption that options are exercised. As the potential dilutive ordinary shares from share options reduce the loss per share these shares are omitted from the dilutive loss per share calculation in June 2016 and June 2017.