Tanfield Regulatory News (TAN)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDING 30 JUNE 2016

Six months to

30 Jun 16 (unaudited)

Six months to

30 Jun 15 (unaudited)

Year to

 31 Dec 15

 (audited)

£000's

£000's

£000's

Revenue

-

-

-

Staff costs

(44)

(90)

618

Other operating income

14

15

27

Other operating expenses

(79)

(100)

(268)

(Loss)/profit from operations before impairments

(109)

(175)

377

Impairment of investments

-

-

(4,770)

Loss from operations after impairments

(109)

(175)

(4,393)

Finance expense

(8)

(34)

(54)

Finance income

-

-

1

Net finance expense

(8)

(34)

(53)

Loss from operations before tax

(117)

(209)

(4,446)

Taxation

-

-

-

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

(117)

(209)

(4,446)

Loss per share

Earnings/(loss) per share from operations

Basic and diluted (p)

(0.09)

(0.15)

(3.1)

BALANCE SHEET

AS AT 30 JUNE 2016

30 Jun 16

(unaudited)

30 Jun 15

(unaudited)

31 Dec 15

(audited)

£000's

£000's

£000's

Non current assets

Non current Investments

36,283

41,053

36,283

36,283

41,053

36,283

Current assets

Trade and other receivables

102

154

98

Cash and cash equivalents

364

157

94

466

311

192

Total assets

36,749

41,364

36,475

Current liabilities

Trade and other payables

100

119

110

100

119

110

Non-current liabilities

Other payables

262

1,601

254

262

1,601

254

Total liabilities

362

1,720

364

Equity

Share capital

7,686

7,187

7,546

Share premium

17,053

16,455

16,800

Share option reserve

461

845

461

Special reserve

66,837

66,837

66,837

Merger reserve

1,534

1,534

1,534

Retained earnings

(57,184)

(53,214)

(57,067)

Total equity

36,387

39,644

36,111

Total equity and total liabilities

36,749

41,364

36,475

STATEMENT OF CHANGES IN EQUITY

CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDING 30 JUNE 2016

Six months to 30 Jun 16 (unaudited)

Six months to 30 Jun 15 (unaudited)

Year to

 31 Dec 15

 (audited)

£000's

£000's

£000's

Loss before interest and taxation

(109)

(175)

(4,393)

Loss on impairment of investments

-

-

4,770

Operating cash flows before movements in working capital

(109)

(175)

(377)

(Increase)/decrease in receivables

(12)

(28)

(25)

Increase/(decrease) in payables

(1)

25

(1,331)

Net cash used in operations

(122)

(178)

(979)

Interest paid

-

(34)

-

Net cash used in operating activities

(122)

(212)

(979)

Cash flow from Investing Activities

Interest received

-

-

-

Net cash from investing activities

-

-

-

Cash flow from financing activities

Proceeds from issuance of ordinary shares net of costs

392

-

704

Net cash from financing activities

-

-

704

Net increase/(decrease) in cash and cash equivalents

270

(212)

(275)

Cash and cash equivalents at the start of period

94

369

369

Cash and cash equivalents at the end of the period

364

157

94

1 Basis of preparation

The Interim Report of the Company for the six months ended 30 June 2016 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 2015 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 2015, 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 16

to 30 Jun 15

31 Dec 15

000's

000's

000's

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

152,464

143,741

144,823

Effect of dilutive potential ordinary shares from share options

149

635

171

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

12,613

144,376

144,994

Loss

Six months

Six months

Year to

to 30 Jun 16

to 30 Jun 15

31 Dec 15

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

(139)

(209)

(4,446)

Potential dilutive ordinary shares from share options

-

-

-

Loss for the purposes of diluted earnings per share

(139)

(209)

(4,446)

Loss per share from operations

Basic (p)

(0.09)

(0.15)

(3.1)

Diluted (p) a

(0.09)

(0.15)

(3.1)

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.