Tanfield Regulatory News (TAN)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDING 30 JUNE 2015

Six months to

30 Jun 15 (unaudited)

Six months to

30 Jun 14 (unaudited)

Year to

 31 Dec 14

 (audited)

£000's

£000's

£000's

Revenue

-

-

-

Staff costs

(90)

(56)

(111)

Other operating income

15

9

18

Other operating expenses

(100)

(82)

(296)

Loss from operations

(175)

(129)

(389)

Finance expense

(34)

(139)

(91)

Finance income

-

7

624

Net finance (expense) income

(34)

(132)

533

Profit/(loss) from operations before tax

(209)

(261)

144

Taxation

-

-

-

(Loss)/profit & total comprehensive income for the period attributable to equity shareholders

(209)

(261)

144

(Loss)/earnings per share

Earnings/(loss) per share from operations

Basic (p)

(0.15)

(0.18)

0.1

Diluted (p)

(0.15)

(0.18)

0.1

BALANCE SHEET

AS AT 30 JUNE 2015

30 Jun 15

(unaudited)

30 Jun 14

(unaudited)

31 Dec 13

(audited)

£000's

£000's

£000's

Non current assets

Non current Investments

41,053

37,563

41,053

41,053

37,563

41,053

Current assets

Trade and other receivables

154

2,574

131

Deferred consideration

-

341

-

Cash and cash equivalents

157

257

369

311

3,172

500

Total assets

41,364

40,735

41,553

Current liabilities

Trade and other payables

119

1,581

135

119

1,581

135

Non-current liabilities

Other payables

1,601

-

1,565

1,601

-

1,565

Total liabilities

1,720

1,581

1,700

Equity

Share capital

7,187

7,086

7,187

Share premium

16,455

16,262

16,455

Share option reserve

845

862

845

Special reserve

66,837

66,837

66,837

Merger reserve

1,534

1,534

1,534

Retained earnings

(53,214)

(53,427)

(53,005)

Total equity

39,644

39,154

39,853

Total equity and total liabilities

41,364

40,735

41,553

STATEMENT OF CHANGES IN EQUITY

CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDING 30 JUNE 2015

Six months to 30 Jun 15 (unaudited)

Six months to 30 Jun 14 (unaudited)

Year to

 31 Dec 14

 (audited)

£000's

£000's

£000's

Loss before interest and taxation

(175)

(129)

(389)

(Loss)/profit on current asset currency fluctuations

-

(95)

55

Operating cash flows before movements in working capital

(175)

(224)

(334)

(Increase)/decrease in receivables

(28)

337

109

Increase/(decrease) in payables

25

(305)

(186)

Net cash used in operations

(178)

(192)

(411)

Interest paid

(34)

(44)

-

Net cash used in operating activities

(212)

(236)

(411)

Cash flow from Investing Activities

Interest received

-

7

-

Net cash from investing activities

-

7

-

Cash flow from financing activities

Proceeds from issuance of ordinary shares net of costs

-

111

405

Net cash from financing activities

-

111

405

Net decrease in cash and cash equivalents

(212)

(118)

(6)

Cash and cash equivalents at the start of period

369

375

375

Cash and cash equivalents at the end of the period

157

257

369

1 Basis of preparation

The Interim Report of the Company for the six months ended 30 June 2015 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 2014 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 2014, as described in those financial statements. In particular, the accounts have been prepared on a going concern basis, and as set out on page 17 of those financial statements.

3 Earnings/(loss) per share

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

Number of shares

Six months

Six months

Year to

to 30 Jun 15

to 30 Jun 14

31 Dec 14

000's

000's

000's

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

143,741

141,427

141,755

Effect of dilutive potential ordinary shares from share options

635

720

584

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

144,376

142,147

142,339

Earnings

Six months

Six months

Year to

to 30 Jun 15

to 30 Jun 14

31 Dec 14

From operations

£000's

£000's

£000's

Earnings/(loss) for the purposes of basic earnings per share being net profit attributable to owners of the parent

(209)

(261)

144

Potential dilutive ordinary shares from share options

-

-

-

Earnings/(loss) for the purposes of diluted earnings per share

(209)

(261)

144

Earnings/(loss) per share from operations

Basic (p)

(0.15)

(0.18)

0.10

Diluted (p) a

(0.15)

(0.18)

0.10

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 2014 and June 2015.