GFM GRIFFIN MINING LIMITED ORD $0.01

GRIFFIN MINING Currency GBX

Income Statement (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
Revenue	47.28	50.87	26.22	15.69	21.99
Operating Profit/(Loss)	19.18	23.70	8.39	3.41	2.13
Net Interest	2.10	0.00	0.00	0.00	0.06
Profit Before Tax	16.76	25.71	7.18	4.48	4.77
Profit After Tax	12.12	17.82	5.66	3.86	4.34
Discontinued Operations
Profit After Tax	0.00	0.00	0.00	0.00	0.00
PROFIT FOR THE PERIOD	12.12	17.82	5.66	3.86	4.34
Attributable to:
Minority Interests	-3.00	-7.65	-3.91	-1.62	0.00
Equity Holders of Parent Company	9.13	10.18	1.75	2.23	4.34

Continuing EPS
Earnings per Share - Basic	5.21p	5.77p	0.96p	1.23p	1.97p
Earnings per Share - Diluted	5.14p	5.64p	0.95p	1.22p	1.94p
Earnings per Share - Adjusted	5.21p	5.77p	0.96p	1.23p	1.97p
Continuing and Discontinued EPS
Earnings per Share - Basic	5.21p	5.77p	0.96p	1.23p	1.97p
Earnings per Share - Diluted	5.14p	5.64p	0.95p	1.22p	1.94p
Earnings per Share - Adjusted	5.21p	5.77p	0.96p	1.23p	1.97p

Dividend per Share	0.00p	0.00p	0.00p	0.00p	1.49p

Balance Sheet (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Assets
Non-Current Assets
Property, Plant & Equipment	109.18	54.88	12.77	9.88	10.08
Intangible Assets	1.05	1.01	0.95	0.88	0.90
Investment Properties	0.00	0.00	0.00	0.00	0.00
Investments	2.21	2.42	2.48	2.47	3.09
Other Financial Assets	0.00	0.00	0.00	0.00	0.00
Other Non-Current Assets	0.00	0.00	36.89	29.22	28.93
	112.44	58.31	53.08	42.44	43.00
Current Assets
Inventories	3.83	2.97	2.00	1.72	2.21
Trade & Other Receivables	2.56	1.61	2.19	3.27	3.82
Cash at Bank & in Hand	10.31	58.61	42.44	41.83	46.08
Current Asset Investments	0.00	0.00	0.00	0.00	0.00
Other Current Assets	0.00	0.00	0.00	0.00	0.00
	16.71	63.19	46.63	46.81	52.11

Total Assets	129.15	121.50	99.71	89.25	95.11

Liabilities
Current Liabilities
Borrowings	-28.98	0.00	0.00	0.00	0.00
Other Current Liabilities	-10.11	-14.47	-5.83	-3.86	-5.56
	-39.09	-14.47	-5.83	-3.86	-5.56

Net Current Assets	-22.38	48.72	40.80	42.95	46.55

Non-Current Liabilities
Borrowings	0.00	0.00	0.00	0.00	0.00
Provisions	-1.56	-0.52	-0.49	-0.46	-0.07
Other Non-Current Liabilities	0.00	0.00	0.00	0.00	0.00
	-1.56	-0.52	-0.49	-0.46	-0.07

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-40.65	-14.99	-6.32	-4.32	-5.63

Net Assets	88.50	106.51	93.39	84.93	89.48

Capital & Reserves
Share Capital	1.08	1.13	1.15	1.12	1.25
Share Premium Account	43.09	45.08	47.87	46.99	52.09
Other Reserves	-8.92	9.25	9.98	10.19	11.91
Retained Earnings	50.23	43.00	30.42	25.01	24.24
Shareholders Funds	85.48	98.45	89.42	83.32	89.48

Minority Interests/Other Equity	3.02	8.06	3.97	1.62	0.00
Total Equity	88.50	106.51	93.39	84.93	89.48

Ratios - based on IFRS	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
PE Ratio - Adjusted	5.61	6.76	71.61	30.28	9.01
PEG - Adjusted	-0.58	0.01	-3.30	-0.81	-0.13
Earnings per Share Growth - Adjusted	-9.71%	498.03%	-21.69%	-37.45%	-67.29%
Dividend Cover	n/a	n/a	n/a	n/a	1.32
Revenue Per Share	26.95p	28.82p	14.44p	8.64p	9.97p
Pre-Tax Profit per Share	9.55p	14.57p	3.95p	2.47p	2.16p
Operating Margin	39.44%	49.90%	26.78%	29.61%	7.54%
Return on Capital Employed	15.98%	24.25%	7.72%	5.30%	5.45%

Continuing & Discontinued Operations
Dividend Yield	0.00%	0.00%	0.00%	0.00%	8.42%
Dividend per Share Growth	n/a	n/a	n/a	-100.00%	-2.35%
Net Asset Value per Share (exc. Intangibles)	48.12p	55.52p	49.04p	45.37p	48.78p
Net Gearing	21.84%	-59.53%	-47.46%	-50.20%	-51.50%

Data is provided by Morningstar

GRIFFIN MINING - Fundamentals