Interim Results for the period ended 30 June 2010
July 26 2010 - 3:37AM
UK Regulatory
TIDMBRM
RNS Number : 9037P
Brinkley Mining PLC
26 July 2010
For immediate release
26 July 2010
Brinkley Mining Plc
("Brinkley Mining" or the "Company")
INTERIM RESULTS
FOR THE PERIOD ENDED 30 JUNE 2010
Brinkley Mining Plc announces its un-audited interim results for the period
ended 30 June 2010. A copy of the interims is available from the Company's
website, www.brinkley-mining.com.
Chairman's statement
Corporate Summary
During the last 12 months, the Company has acquired a 12.69% holding in ASX
Listed Dragon Mining Limited ("Dragon"). This acquisition is in accordance with
the Company's stated strategy of acquiring holdings in natural resource
companies, a strategy approved by its shareholders in December 2008.
Dragon produces annualised Gold Production of approximately 70,000oz from mines
in Sweden and Finland. In its Quarterly Activities report to the ASX dated 16
July 2010, Dragon announced:
· Production of 20,792 oz at an average cost of US$565/oz for the quarter
ending 30 June 2010
· Gross cash inflow of AUD$10.0 million for the quarter
As at 30 June 2010 Dragon held AUD$16 million in cash, AUD$2.2 million in Gold
Bullion, AUD$12.7 million in net gold concentrate and AUD$3.8 million cash
lodged with the Swedish authorities for mine rehabilitation. Dragon also
reported a number of encouraging exploration results designed to increase mine
life in both Finland and Sweden. Following the release of the Quarterly
Activities report, Dragon shares on 16 July 2010 traded at 11.5 cents per share.
In addition to its Dragon shareholding, the Company has a cash balance of
GBP867,000 as at 30 June 2010.
Over the last 12 months Eurogold Limited (ASX Code EUG) has increased its
Shareholding in Brinkley to approximately 42%. Eurogold also has a direct
shareholding in Dragon of approximately 4%.
Projects
The Board believes that the South African and Southern Sudan assets have a nil
carrying value as at 30 June 2010, but continue to seek opportunities to
establish value from these investments.
Results Summary
The Group loss for the period ended 30 June 2010 was approximately GBP0.134
million which is mainly attributable to administrative expenses.
Outlook
The Board is considering how best to provide value to shareholders from the
Company's existing investments and hopes to be in a position to make a further
announcement in due course.
Peter Gunzburg
Executive Chairman
22 July 2010
+----------------------------------+----------------+
| For further information, please | |
| contact: | |
+----------------------------------+----------------+
| Brinkley Mining Plc | |
+----------------------------------+----------------+
| Peter Gunzburg, Executive | Tel: +61 (0) 8 |
| Chairman | 9481 0572 |
+----------------------------------+----------------+
| | |
+----------------------------------+----------------+
| Beaumont Cornish Limited | |
+----------------------------------+----------------+
| Michael Cornish/Roland Cornish | Tel: +44 (0) |
| | 20 7628 3396 |
+----------------------------------+----------------+
| | |
+----------------------------------+----------------+
BRINKLEY MINING PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2010
+-----------------------------+-------+-------------+-------------+-------------+
| |Notes | 6 months | 6 months to | Year ended |
| | | to | | 31 December |
| | | 30 June | 30 June | 2009 |
| | | 2010 | 2009 | (audited) |
| | | (unaudited) | (unaudited) | |
+-----------------------------+-------+-------------+-------------+-------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+-------+-------------+-------------+-------------+
| Revenue | | - | - | - |
+-----------------------------+-------+-------------+-------------+-------------+
| Other Income | | - | 12 | 22 |
+-----------------------------+-------+-------------+-------------+-------------+
| Administrative expenses | | (136) | (351) | (1,094) |
+-----------------------------+-------+-------------+-------------+-------------+
| Loss on disposals | | - | (1) | (1,356) |
+-----------------------------+-------+-------------+-------------+-------------+
| Impairment charge | 5 | - | (383) | (368) |
+-----------------------------+-------+-------------+-------------+-------------+
| Share options | | - | - | 2,428 |
| reversed/(expensed) | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Group operating (loss) | | (136) | (723) | (368) |
+-----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Finance revenue | | 2 | 55 | 73 |
+-----------------------------+-------+-------------+-------------+-------------+
| (Loss) before taxation | | (134) | (668) | (295) |
+-----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Income tax expense | | - | - | - |
+-----------------------------+-------+-------------+-------------+-------------+
| (Loss) for the period after | | (134) | (668) | (295) |
| taxation | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Other comprehensive income | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Gain/(loss) on revaluation | | (569) | - | 300 |
| of available for sale | | | | |
| investments | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Currency translation | | (13) | (180) | 72 |
| differences | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Other comprehensive income | | (582) | (180) | 372 |
| for the period net of | | | | |
| taxation | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Total comprehensive income | | (716) | (848) | 77 |
| for the period | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Retained (loss) for the | | | | |
| period attributable to: | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Equity holders of the | | (134) | (733) | (295) |
| parent | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Minority interests | | - | 65 | - |
+-----------------------------+-------+-------------+-------------+-------------+
| | | (134) | (668) | (295) |
+-----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Total comprehensive income | | | | |
| for the period attributable | | | | |
| to: | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Equity holders of the | | (716) | (913) | 77 |
| parent | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Minority interests | | - | 65 | - |
+-----------------------------+-------+-------------+-------------+-------------+
| | | (716) | (848) | 77 |
+-----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Loss per share (Pence) | 3 | | | |
| | | | | |
+-----------------------------+-------+-------------+-------------+-------------+
| Basic | | (0.04) | (0.19) | (0.08) |
+-----------------------------+-------+-------------+-------------+-------------+
| Diluted | | (0.04) | (0.19) | (0.08) |
+-----------------------------+-------+-------------+-------------+-------------+
BRINKLEY MINING PLC
GROUP BALANCE SHEET
AS AT 30 JUNE 2010
+----------------------------+-------+-------------+-------------+-------------+
| | | As at | As at | As at |
| | | 30 June | 30 June | 31 December |
| |Notes | 2010 | 2009 | 2009 |
| | | (unaudited) | (unaudited) | (audited) |
+----------------------------+-------+-------------+-------------+-------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+-------+-------------+-------------+-------------+
| Assets | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Non-current assets | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Intangible assets | | - | - | - |
+----------------------------+-------+-------------+-------------+-------------+
| Tangible assets | 5 | 141 | 284 | 141 |
+----------------------------+-------+-------------+-------------+-------------+
| Available for sale | | 4,869 | - | 3,364 |
| investment | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| | | 5,010 | 284 | 3,505 |
+----------------------------+-------+-------------+-------------+-------------+
| Current assets | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Trade and other | | 11 | 84 | 47 |
| receivables | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Cash and cash equivalents | | 867 | 6,814 | 3,080 |
+----------------------------+-------+-------------+-------------+-------------+
| Total current assets | | 878 | 6,898 | 3,127 |
+----------------------------+-------+-------------+-------------+-------------+
| TOTAL ASSETS | | 5,888 | 7,182 | 6,632 |
+----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Current Liabilities | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Trade and other payables | | (5) | (142) | (33) |
+----------------------------+-------+-------------+-------------+-------------+
| Total Liabilities | | (5) | (142) | (33) |
+----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Net Assets | | 5,883 | 7,040 | 6,599 |
+----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Shareholders' equity | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Called up share capital | 4 | 535 | 535 | 535 |
+----------------------------+-------+-------------+-------------+-------------+
| Share premium account | | 27,774 | 27,774 | 27,774 |
+----------------------------+-------+-------------+-------------+-------------+
| Available for sale | | (269) | - | 300 |
| investment reserve | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Retained earnings | | (22,957) | (23,799) | (22,823) |
+----------------------------+-------+-------------+-------------+-------------+
| Foreign exchange reserve | | (211) | (450) | (198) |
+----------------------------+-------+-------------+-------------+-------------+
| Share based payment | | 1,011 | 3,439 | 1,011 |
| reserve | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Total Equity attributable | | 5,883 | 7,499 | 6,599 |
| to equity holders of the | | | | |
| parent | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Minority interests | | - | (459) | - |
+----------------------------+-------+-------------+-------------+-------------+
| | | | | |
+----------------------------+-------+-------------+-------------+-------------+
| Total Equity | | 5,883 | 7,040 | 6,599 |
+----------------------------+-------+-------------+-------------+-------------+
BRINKLEY MINING PLC
GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2010
+-----------------------------------+-------+-------------+-------------+------------+
| | | 6 | 6 months | Year ended |
| | | months | to | 31 |
| |Notes | to | 30 June | December |
| | | 30 June | 2009 | 2009 |
| | | 2010 | (unaudited) | (audited) |
| | | (unaudited) | | |
+-----------------------------------+-------+-------------+-------------+------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------+-------+-------------+-------------+------------+
| Cash outflow from operating | | | | |
| activities | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Operating Loss | | (136) | (723) | (368) |
+-----------------------------------+-------+-------------+-------------+------------+
| Decrease/(increase) in trade and | | 36 | 54 | 91 |
| other receivables | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| (Decrease) in trade and other | | (27) | (34) | (143) |
| payables | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Share options expensed | | - | - | (2,428) |
+-----------------------------------+-------+-------------+-------------+------------+
| Impairment charge | | - | 383 | 368 |
+-----------------------------------+-------+-------------+-------------+------------+
| Depreciation | 5 | - | 25 | 38 |
+-----------------------------------+-------+-------------+-------------+------------+
| Foreign exchange movements in | | - | - | - |
| Intangibles | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Foreign exchange movements in | | - | (7) | (55) |
| Tangibles | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Loss on disposal of subsidiary | | - | 1 | 1,436 |
| and plant & machinery | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Bad debts written-off | | - | - | 17 |
+-----------------------------------+-------+-------------+-------------+------------+
| Net cash outflow from operating | | (127) | (301) | (1,044) |
| activities | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Cash flows from investing | | | | |
| activities | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Interest received | | 2 | 55 | 73 |
+-----------------------------------+-------+-------------+-------------+------------+
| Payments to acquire intangible | | (2,075) | (84) | (3,064) |
| assets | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Payments to acquire tangible | | | - | - |
| assets | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Net cash outflow from investing | | (2,073) | (29) | (2,991) |
| activities | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Acquisitions and disposals | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Subsidiary disposed by change of | | - | - | (311) |
| status | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Sale proceeds received on | | - | 2 | 32 |
| disposing of plant & machinery | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Sale proceeds received on | | | - | - |
| disposing of subsidiary | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Net cash inflow/(outflow) from | | - | 2 | 279 |
| acquisitions and disposals | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Net (decrease) in cash and cash | | (2,200) | (328) | (4,314) |
| equivalents | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Cash and cash equivalents at | | 3,080 | 7,322 | 7,322 |
| beginning of period | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Foreign exchange movements in | | (13) | (180) | 72 |
| reserves | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
| Cash and cash equivalents at end | | 867 | 6,814 | 3,080 |
| of period | | | | |
+-----------------------------------+-------+-------------+-------------+------------+
BRINKLEY MINING PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2010
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| | Called | | Available | Foreign | Share | Retained | Total | | Total |
| | up | Share | for sale | exchange | based | earnings | equity | | equity |
| | share | premium | investment | reserve | payment | | attributable | | |
| | capital | reserve | reserve | | reserve | | to equity | Minority | |
| | | | | | | | holders of | Interest | |
| | | | | | | | the parent | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Group | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
| | 000's | 000's | 000's | 000's | 000's | 000's | 000's | 000's | 000's |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| As at | 535 | 27,774 | - | (270) | 3,439 | (23,066) | 8,412 | (524) | 7,888 |
| 1 | | | | | | | | | |
| January | | | | | | | | | |
| 2009 | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| | | | | | | | | - | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Currency | - | - | - | (180) | - | - | (180) | - | (180) |
| translation | | | | | | | | | |
| differences | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Impairment | - | - | - | - | - | - | - | - | - |
| charge | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Loss | - | - | - | - | - | (733) | (733) | 65 | (668) |
| for | | | | | | | | | |
| the | | | | | | | | | |
| period | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Total | - | - | - | (180) | - | (733) | (913) | 65 | (848) |
| comprehensive | | | | | | | | | |
| income | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Share | - | - | - | - | - | - | - | - | - |
| capital | | | | | | | | | |
| issued | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| As at | 535 | 27,774 | - | (450) | 3,439 | (23,799) | 7,499 | (459) | 7,040 |
| 30 | | | | | | | | | |
| June | | | | | | | | | |
| 2009 | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| As at | 535 | 27,774 | - | (270) | 3,439 | (23,066) | 8,412 | (524) | 7,888 |
| 1 | | | | | | | | | |
| January | | | | | | | | | |
| 2009 | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Gain/(loss) | - | - | 300 | - | - | - | 300 | - | 300 |
| on | | | | | | | | | |
| revaluation | | | | | | | | | |
| of | | | | | | | | | |
| available | | | | | | | | | |
| for sale | | | | | | | | | |
| investments | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Currency | - | - | - | 72 | - | - | 72 | - | 72 |
| translation | | | | | | | | | |
| differences | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Loss | - | - | - | - | - | (295) | (295) | - | (295) |
| for | | | | | | | | | |
| the | | | | | | | | | |
| period | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Total | - | - | 300 | 72 | - | (295) | 77 | - | 77 |
| comprehensive | | | | | | | | | |
| income | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Share | - | - | - | - | - | - | - | - | - |
| capital | | | | | | | | | |
| issued | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| De-consolidation | - | - | - | - | - | 538 | 538 | 524 | 1,062 |
| of subsidiary | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Share | - | - | - | - | (2,428) | - | (2,428) | - | (2,428) |
| based | | | | | | | | | |
| payments | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| As at | 535 | 27,774 | 300 | (198) | 1,011 | (22,823) | 6,599 | - | 6,599 |
| 31 | | | | | | | | | |
| December | | | | | | | | | |
| 2009 | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| As at | 535 | 27,774 | 300 | (198) | 1,011 | (22,823) | 6,599 | - | 6,599 |
| 1 | | | | | | | | | |
| January | | | | | | | | | |
| 2010 | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Gain/(loss) | - | - | (569) | - | - | - | (569) | - | (569) |
| on | | | | | | | | | |
| revaluation | | | | | | | | | |
| of | | | | | | | | | |
| available | | | | | | | | | |
| for sale | | | | | | | | | |
| investments | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Currency | - | - | - | (13) | - | - | (13) | - | (13) |
| translation | | | | | | | | | |
| differences | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Loss | - | - | - | - | - | (134) | (134) | - | (134) |
| for | | | | | | | | | |
| the | | | | | | | | | |
| period | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Total | - | - | (569) | (13) | - | (134) | (716) | - | (716) |
| comprehensive | | | | | | | | | |
| income | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Impairment | - | - | - | - | - | - | - | - | - |
| charge | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Share | - | - | - | - | - | - | - | - | - |
| capital | | | | | | | | | |
| issued | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| Share | - | - | - | - | - | - | - | - | - |
| based | | | | | | | | | |
| payments | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| As at | 535 | 27,774 | (269) | (211) | 1,011 | (22,957) | 5,883 | - | 5,883 |
| 30 | | | | | | | | | |
| June | | | | | | | | | |
| 2010 | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
| | | | | | | | | | |
+------------------+---------+---------+------------+----------+---------+----------+--------------+----------+---------+
BRINKLEY MINING PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2010
1. Basis of preparation
The financial information has been prepared under the historical cost basis and
on a going concern basis and in accordance with International Financial
Reporting Standards and IFRIC interpretations adopted for use in the European
Union ("IFRS") and those parts of the Companies Act 2006 applicable to companies
reporting under IFRS.
The financial information for the period ended 30 June 2010 has not been audited
or reviewed in accordance with the International Standard on Review Engagements
2410 issued by the Auditing Practices Board. The figures were prepared using
applicable accounting policies and practices consistent with those adopted in
the statutory accounts for the period ended 31 December 2009. The figures for
the period ended 31 December 2009 have been extracted from these accounts, which
have been delivered to the Registrar of Companies, and contained an unqualified
audit report.
The interim consolidated financial statements for the six months ended 30 June
2010 have been prepared in accordance with IAS 34 'Interim Financial Reporting'.
Accordingly the interim financial statements do not include all of the
information or disclosures required in the annual financial statements and
should be read in conjunction with the Group's 2009 annual financial statements.
The financial information contained in this document does not constitute
statutory accounts as defined by Section 240 of the Companies Act 1985. In the
opinion of the Directors the financial information for this period fairly
presents the financial position, result of operations and cash flows for this
period.
This interim financial report was approved by the Board of Directors on
22 July 2010.
2. Turnover and segmental analysis
The Group has not commenced production and therefore recorded no turnover.
The analysis of the operating loss before taxation and the net assets employed
by geographical segment of operations is shown below;
+--------------+--------+--------+--------+--------+--------+
| 30 June | UK | South | Sudan | Cyprus | Total |
| 2010 | | Africa | | | |
+--------------+--------+--------+--------+--------+--------+
| | GBP | GBP | GBP | GBP | GBP |
| | 000's | 000's | 000's | 000's | 000's |
+--------------+--------+--------+--------+--------+--------+
| Result | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Operating | (151) | 11 | - | 4 | (136) |
| loss | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Investment | 2 | - | - | - | 2 |
| revenue | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Loss before | (149) | 11 | - | 4 | (134) |
| & after tax | | | | | |
+--------------+--------+--------+--------+--------+--------+
| | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Other | | | | | |
| information | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Depreciation | - | - | - | - | - |
| and | | | | | |
| impairment | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Capital | - | - | - | - | - |
| additions | | | | | |
+--------------+--------+--------+--------+--------+--------+
| | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Assets | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Segment | - | 141 | - | - | 141 |
| assets | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Financial | 11 | - | - | - | 11 |
| assets | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Cash | 863 | 4 | - | - | 867 |
+--------------+--------+--------+--------+--------+--------+
| Consolidated | 874 | 145 | - | - | 1019 |
| total assets | | | | | |
+--------------+--------+--------+--------+--------+--------+
| | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Liabilities | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Segment | - | - | - | - | - |
| liabilities | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Financial | 5 | - | - | - | 5 |
| liabilities | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Consolidated | 5 | - | - | - | 5 |
| total | | | | | |
| liabilities | | | | | |
+--------------+--------+--------+--------+--------+--------+
BRINKLEY MINING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED 30 JUNE 2010
2. Turnover and segmental analysis (continued)
+--------------+--------+--------+--------+--------+--------+
| 31 December | UK | South | Sudan | Cyprus | Total |
| 2009 | | Africa | | | |
+--------------+--------+--------+--------+--------+--------+
| | GBP | GBP | GBP | GBP | GBP |
| | 000's | 000's | 000's | 000's | 000's |
+--------------+--------+--------+--------+--------+--------+
| Result | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Operating | (588) | 578 | (286) | (72) | (368) |
| loss | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Investment | 73 | - | - | - | 73 |
| revenue | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Loss before | (515) | 578 | (286) | (72) | (295) |
| & after tax | | | | | |
+--------------+--------+--------+--------+--------+--------+
| | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Other | | | | | |
| information | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Depreciation | - | 207 | 199 | - | 406 |
| and | | | | | |
| impairment | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Capital | - | - | - | - | - |
| additions | | | | | |
+--------------+--------+--------+--------+--------+--------+
| | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Assets | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Segment | - | 141 | - | - | 141 |
| assets | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Financial | 3,411 | - | - | - | 3,411 |
| assets | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Cash | 3,079 | 1 | - | - | 3,080 |
+--------------+--------+--------+--------+--------+--------+
| Consolidated | 6,490 | 142 | - | - | 6,632 |
| total assets | | | | | |
+--------------+--------+--------+--------+--------+--------+
| | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Liabilities | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Segment | - | - | - | - | - |
| liabilities | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Financial | 23 | 4 | 1 | 5 | 33 |
| liabilities | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Consolidated | 23 | 4 | 1 | 5 | 33 |
| total | | | | | |
| liabilities | | | | | |
+--------------+--------+--------+--------+--------+--------+
+--------------+--------+--------+--------+--------+--------+
| 30 June | UK | South | Sudan | Cyprus | Total |
| 2009 | | Africa | | | |
+--------------+--------+--------+--------+--------+--------+
| | GBP | GBP | GBP | GBP | GBP |
| | 000's | 000's | 000's | 000's | 000's |
+--------------+--------+--------+--------+--------+--------+
| Result | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Operating | (795) | 74 | - | (2) | (723) |
| loss | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Investment | 55 | - | - | - | 55 |
| revenue | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Loss before | (740) | 74 | - | (2) | (668) |
| & after tax | | | | | |
+--------------+--------+--------+--------+--------+--------+
| | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Other | | | | | |
| information | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Depreciation | - | 125 | 283 | - | 408 |
| and | | | | | |
| impairment | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Capital | - | - | 84 | - | 84 |
| additions | | | | | |
+--------------+--------+--------+--------+--------+--------+
| | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Assets | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Segment | - | 284 | - | - | 284 |
| assets | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Financial | 68 | 16 | - | - | 84 |
| assets | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Cash | 6,803 | 11 | - | - | 6,814 |
+--------------+--------+--------+--------+--------+--------+
| Consolidated | 6,871 | 27 | | | 6,898 |
| total assets | | | | | |
+--------------+--------+--------+--------+--------+--------+
| | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Liabilities | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Segment | - | - | - | - | - |
| liabilities | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Financial | 27 | 3 | 112 | - | 142 |
| liabilities | | | | | |
+--------------+--------+--------+--------+--------+--------+
| Consolidated | | | | | 142 |
| total | | | | | |
| liabilities | | | | | |
+--------------+--------+--------+--------+--------+--------+
BRINKLEY MINING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED 30 JUNE 2010
3. Loss per share
The calculation of earnings per share is based on the loss after taxation
divided by the weighted average number of shares in issue during the period:
+---------------------+-------------+--------------+--------------+
| | 6 months to | 6 months to | Year ended |
| | 30 June | 30 June 2009 | 31 December |
| | 2010 | (unaudited) | 2009 |
| | (unaudited) | | (audited) |
+---------------------+-------------+--------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------+-------------+--------------+--------------+
| | | | |
+---------------------+-------------+--------------+--------------+
| Net loss after | (134) | (668) | (295) |
| taxation | | | |
+---------------------+-------------+--------------+--------------+
| | | | |
+---------------------+-------------+--------------+--------------+
| Weighted average | 356.3m | 356.3m | 356.3m |
| number of ordinary | | | |
| shares used in | | | |
| calculating basic | | | |
| earnings per share | | | |
+---------------------+-------------+--------------+--------------+
| | | | |
+---------------------+-------------+--------------+--------------+
| Basic loss per | (0.04)p | (0.19)p | (0.08)p |
| share (expressed in | | | |
| pence) | | | |
+---------------------+-------------+--------------+--------------+
As the inclusion of the potential ordinary shares would result in a decrease in
the loss per share they are considered to be anti-dilutive and, as such, a
diluted loss per share is not included.
4. Called up share capital
The authorised share capital of the Company and the called up and fully paid
amounts at 30 June 2010 were as follows:
GBP'000
Authorised
1,500,000,000 ordinary shares of 0.15p each
2,250
+--------------------------------------------+-------------+----------+
| Called up, allotted, issued and fully paid | Number | Nominal |
| | of | value |
| | shares | GBP000's |
+--------------------------------------------+-------------+----------+
| As at 31 December 2009 and 30 June 2010 | 356,336,248 | 535 |
+--------------------------------------------+-------------+----------+
| No shares have been issued in the current | | |
| period. | | |
+--------------------------------------------+-------------+----------+
Total share options in issue
During the 6 months ended 30 June 2010, no options were issued.
No options lapsed or were cancelled and no options were exercised during the 6
months to 30 June 2010.
Total warrants in issue
No warrants were issued during the period (2009: nil). The outstanding number of
warrants at the end of the period was 1,523,756 (2009: 1,523,756). The exercise
price is 50p and the expiry date is 5 June 2011.
No warrants lapsed, or were cancelled and no warrants were exercised during the
6 months ended 30 June 2010.
BRINKLEY MINING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED 30 JUNE 2010
5. Tangible assets
+-------------------------------+-----------+-----------+-----------+
| Group | Land | Property, | Total |
| | | plant & | |
| | | equipment | |
+-------------------------------+-----------+-----------+-----------+
| | GBP 000's | GBP 000's | GBP 000's |
+-------------------------------+-----------+-----------+-----------+
| Cost | | | |
+-------------------------------+-----------+-----------+-----------+
| As at 1 January 2010 | 141 | - | 141 |
+-------------------------------+-----------+-----------+-----------+
| Additions | - | - | - |
+-------------------------------+-----------+-----------+-----------+
| Disposals | - | - | - |
+-------------------------------+-----------+-----------+-----------+
| As at 30 June 2010 | 141 | - | 141 |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| Depreciation and Impairment | | | |
+-------------------------------+-----------+-----------+-----------+
| As at 1 January 2010 | - | - | - |
+-------------------------------+-----------+-----------+-----------+
| Depreciation charge for the | - | - | - |
| year | | | |
+-------------------------------+-----------+-----------+-----------+
| Disposals | - | - | - |
+-------------------------------+-----------+-----------+-----------+
| FX adjustment | - | - | - |
+-------------------------------+-----------+-----------+-----------+
| As at 30 June 2010 | - | - | - |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| | | | |
+-------------------------------+-----------+-----------+-----------+
| Net Book Value | | | |
+-------------------------------+-----------+-----------+-----------+
| As at 30 June 2009 | 159 | 125 | 284 |
+-------------------------------+-----------+-----------+-----------+
| As at 31 December 2009 | 141 | - | 141 |
+-------------------------------+-----------+-----------+-----------+
| As at 30 June 2010 | 141 | - | 141 |
+-------------------------------+-----------+-----------+-----------+
6. Post balance sheet events
There are no post balance sheet events.
7. Other
A copy of this announcement is available at the Company's website
www.brinkley-mining.com
Corporate Information
+-------------------+--------------------+----------+---------------------+
| Registered number | 5533856 |
+-------------------+-----------------------------------------------------+
| | |
+-------------------+-----------------------------------------------------+
| Directors | Peter Gunzburg - Executive Chairman |
| | Neil MacLachlan - Non Executive Director |
| | Grant Paterson - Non Executive Director |
+-------------------+-----------------------------------------------------+
| | |
+-------------------+-----------------------------------------------------+
| Company Secretary | Pauline Collinson |
+-------------------+-----------------------------------------------------+
| | |
+-------------------+-----------------------------------------------------+
| Registered Office | 33 St. James's Street |
| | 5th Floor |
| | London SW1A 1HD |
| | United Kingdom |
+-------------------+-----------------------------------------------------+
| | |
+-------------------+-----------------------------------------------------+
| | Tel: +44 (0)20 7839 8840 |
| | Fax: +44 (0)20 7004 0959 |
| | Email: info@brinkley-mining.com |
| | Website: www.brinkley-mining.com |
+-------------------+-----------------------------------------------------+
| | |
+-------------------+-----------------------------------------------------+
| Auditors | Chapman Davis LLP |
| | 2 Chapel Court |
| | London SE1 1HH |
| | United Kingdom |
+-------------------+-----------------------------------------------------+
| | | |
+-------------------+--------------------+--------------------------------+
| Solicitors | Watson, Farley & | Edward Nathan Sonnenbergs |
| | Williams LLP | 150 West Street |
| | 15 Appold Street | Sandton, Johannesburg |
| | London EC2A 2HB | 2146 |
| | United Kingdon | South Africa |
+-------------------+--------------------+--------------------------------+
| | |
+-------------------+-----------------------------------------------------+
| Broker and | Beaumont Cornish Limited |
| Nominated Advisor | 2nd Floor, Bowman House |
| | 29 Wilson Street, |
| | London EC2M 2SJ |
+-------------------+-----------------------------------------------------+
| | |
+-------------------+-----------------------------------------------------+
| Registrars | Share Registrars Limited |
| | Suite E |
| | First Floor |
| | 9 Lion & Lamb Yard |
| | Farnham |
| | Surrey |
| | GU9 7LL |
+-------------------+-----------------------------------------------------+
| | | |
+-------------------+-------------------------------+---------------------+
| Principal Bankers | Bank of Scotland | Royal Bank of |
| | 38 Threadneedle Street | Scotland |
| | London EC2P 2EH | UK Operating Centre |
| | United Kingdom | |
| | | PO Box 352 |
| | | Brampton Road |
| | | Newcastle - Under - |
| | | Lyme |
| | | Staffordshire |
| | | ST5 0QX |
+-------------------+-------------------------------+---------------------+
| | | | |
+-------------------+--------------------+----------+---------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUWWMUPUUMQ
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