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JBL
JUJLP
JBL - Jubilee - PRELIMINARY Audited results FOR THE YEAR ENDED 30 June 2009,
posting of the annual report and notice of annual general meeting
JUBILEE PLATINUM PLC
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN: GB0031852162
("Jubilee" or "the Company")
PRELIMINARY Audited results FOR THE YEAR ENDED 30 June 2009, posting of the
annual report and notice of annual general meeting
HIGHLIGHTS
- Tjate project Mineral Resource Statement released showing 22 million oz
(attributable 14 million oz) 3PGE (platinum, palladium, rhodium) +Au (gold)
for first mine and targeting 62 million oz (attributable 39 million oz)
3PGE+Au (before geological losses) for the whole licence area
- Feasibility study commenced
- Western Bushveld JV entered into with Benhaus Mining
CHAIRMAN`S NOTE
Dear Shareholder
During the year, the Company completed a 42-borehole drilling programme at its
flagship Tjate project. The programme was successful and resulted in the
production of a SAMREC Code-compliant mineral resource statement detailed in
the operation`s report included in the audited financial statements.
The resource was to expectation in terms of tonnes and grade with an
encouraging occurrence of two localized sub areas of coherent and widely
mineralised thickening of the Merensky Reef. During the period under review,
issues affecting mine design were addressed and general technical and permit
related matters were progressed.
The Company`s South African subsidiary, Maude Mining and Exploration, entered
into a joint venture with Benhaus Mining resulting in a 54.5 % ownership in
various tailings dump and primary mining projects in the Western Bushveld.
Preliminary results from sampling (61 samples) surface dump showed an overall
assay of 2.5g/t (2E) platinum and palladium. Shortly after the year-end,
Maude`s BEE joint venture partners exchanged their shares in Maude Mining for
shares in Jubilee.
The year under review was very testing, with the economic crisis causing major
brand names to collapse in the financial sector, resulting in the junior
mining sector being ignored and company valuations being destroyed. Jubilee
was disappointed to see the issue of Tjate`s mineral resource statement, a
major milestone for the Company, attracting little interest and an
insignificant share price movement.
The platinum price has shown resilience during the year despite the global
economic problems. We believe that supply pressure should result in higher
platinum prices early next year and thereafter rising demand from industry
should sustain these higher prices.
The Company`s strategy for the year was to achieve maximum progress with
minimum expenditure. To this end our treasury was reasonably preserved and at
year-end we had some GBP7.6 million in cash. The strong possibility of the
economic recovery being protracted led management to curtail operations in
Madagascar; our decision also being based on the speculative nature of these
projects, which are high consumers of cash.
This cash conservation enabled Jubilee to make an offer for Braemore Resources
plc, totalling GBP26.8 million by way of a scheme of arrangement, exchanging 1
Jubilee share for every 15.818 Braemore shares. This transaction was agreed
on 3 July 2009 and is awaiting shareholder approval at meetings of Jubilee and
Braemore shareholders scheduled for 7 October 2009. The enlarged company will
have multi-platinum opportunities with capability from exploration to smelting
and access to a major nickel tailings project in Australia.
The loss for the year after taxation was GBP4,079,171 (2008 GBP4,076,390).
The loss per ordinary share increased to 3.5 pence in the current year
compared to 3.45 pence per ordinary share in 2008. The Group`s current year`s
loss includes a write-off of GBP3,807,303 (2008 - GBP78,603) relating to
impairment of some of its Madagascan intangible assets following a review of
the Group`s intangible asset base in accordance with accounting policies. A
share-based payment charge of GBP498,961 has been charged to the Income
Statement in line with the requirements of IFRS2.
Finally, I would like to thank my fellow Directors and staff for their efforts
in a year full of negativity and disappointments outside their control. Their
diligence and commitment has resulted in a strong company able to outperform
in better times, which we believe are imminent.
MALCOLM BURNE
CHAIRMAN
JUBILEE PLATINUM PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2009
Year ended Year ended
30 June 2009 30 June 2008
GBP GBP
Administrative expenses (2,292,904) (4,717,992)
Loss from operations (2,292,904) (4,717,992)
Finance income 541,799 839,750
Finance costs - (1,330)
Profit on exchange rate 1,461,404 -
Impairment loss on intangibles (3,807,303) (78,603)
Gain on a bargain purchase 17,833 -
Share of operating loss in - (118,215)
associate
Loss before income tax expense (4,079,171) (4,076,390)
Income tax expense - -
Loss for the period after income (4,079,171) (4,076,390)
tax expense
Minority interests:
Equity 118,448 744,740
Loss attributable to members of (3,960,723) (3,331,650)
Jubilee Platinum plc
Basic and diluted loss per share (3.50) (3.45)
(pence)
Headline and diluted headline loss (0.13) (3.37)
per share (pence)
ALL OF THE GROUP`S ACTIVITIES ARE CLASSED AS CONTINUING.
JUBILEE PLATINUM PLC
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2009
At 30 June At 30 June
2009 2008
GBP GBP
Assets
Non-current assets
Intangible assets 29,436,593 6,473,781
Property, plant and equipment 77,633 95,762
Investments in associates - 7,882,758
Other receivables - 1,310,742
Total non-current assets 29,514,226
15,763,043
Current assets
Trade and other receivables 473,656 5,314,524
Cash and cash equivalents 7,641,288 9,234,217
Other receivables - 1,310,741
Total current assets 8,114,944 15,859,482
Total assets 37,629,170 31,622,525
Current liabilities
Trade and other payables (548,957) (377,925)
Total current liabilities (548,957) (377,925)
Total liabilities (548,957) (377,925)
Net current assets 7,565,987 15,481,557
Net assets 37,080,213 31,244,600
Equity
Called up share capital 1,183,742 1,049,966
Share premium account 33,855,392 33,337,634
Share based payment reserve 1,677,797 1,178,836
Currency translation reserve 437,400 (812,540)
Other reserves - 1,034,752
Merger reserve 4,970,335 -
Retained Earnings (8,859,731) (6,373,314)
Equity attributable to equity 33,264,935 29,415,334
holders of the parent
Equity interests of minorities 3,815,278 1,829,266
Total equity 37,080,213 31,244,600
JUBILEE PLATINUM PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2009
Share Share Share based Other
Capital Premium payment reserves
GBP GBP reserve GBP
GBP
Balance at 30 June 2007 858,174 18,343,249 702,453 1,761,448
Issue of share capital 191,792 - - -
Premium on issue of share - 15,711,441 - -
capital
Cost on issue of shares - (717,056) - -
Share-based payment - - 476,383 -
charge
Other reserves - - - (726,696)
Net loss for the year - - - -
Currency translation - - - -
adjustments
Balance at 30 June 2008 1,049,966 33,337,634 1,178,836 1,034,752
Issue of share capital 133,776 - - -
Premium on issue of share - 517,758 - -
capital
Share-based payment - - 498,961 -
charge
Other reserves - - - (1,034,752)
Goodwill Translation - - - -
Negative goodwill (note - - - -
9)
Net loss for the year - - - -
Translation of overseas - - - -
subsidiaries on
consolidation
1,183,742 33,855,392 1,677,797 -
Balance at 30 June 2009
Merger Retained Currency Total
reserve earnings translation GBP
GBP GBP reserve
GBP
Balance at 30 June 2007 - (3,768,360) (818,954) 17,078,010
Issue of share capital - - - 191,792
Premium on issue of share - - 15,711,441
capital -
Cost on issue of shares - - - (717,056)
Share-based payment charge - - - 476,383
Other reserves - 726,696 - -
Net loss for the year - (3,331,650) - (3,331,650)
Currency translation - - 6,414 6,414
adjustments
Balance at 30 June 2008 - (6,373,314) (812,540) 29,415,334
Issue of share capital - - - 133,776
Premium on issue of share 4,970,335 - 5,488,093
capital -
Share-based payment charge - - 498,961
-
Other reserves - 1,034,752 - -
Goodwill Translation - - 1,060,323 1,060,323
Negative goodwill (note 9) - 439,554 - 439,554
Net loss for the year - (3,960,723) - (3,960,723)
Translation of overseas - - 189,617 189,617
subsidiaries on
consolidation
Balance at 30 June 2009 4,970,335 (8,859,731) 437,400 33,264,935
Retained Total
Earnings GBP
GBP Merger
Reserve
GBP
(2,829,328) - 17,074,548
Balance at 30 June 2007
- - 191,792
Issue of share capital
- - 15,711,441
Premium on issue of share
capital
Expenses related to issue of - - (717,056)
shares
- - 476,383
Share-based payment charge
(2,028,900) - (2,028,900)
Net loss for the year
(4,858,228) - 30,708,208
Balance at 30 June 2008
- 133,776
Issue of share capital -
-
Premium on issue of share 5,488,093
capital 4,970,335
- 498,961
Share-based payment charge -
(2,081,872) (2,081,872)
Net loss for the year -
Balance at 30 June 2009 (6,940,100) 4,970,335 34,747,166
JUBILEE PLATINUM PLC
CONSOLIDATED CASH FLOW STATEMENT
YEAR ENDED 30 JUNE 2009
Year ended Year ended
30 June 30 June 2008
2009
GBP GBP
Cash flows from operations
Loss for the year (4,620,970 (4,796,595)
)
Depreciation 33,541 31,879
Other non-cash movements 6,202,971 -
Net cash outflows of subsidiaries previously (14,850,67 -
treated as associates 3)
Gain on a bargain purchase (17,833) -
(Profit)/loss on sale of property, plant and (4,898) 1,484
equipment
Amounts written off exploration expenditure 3,807,303 78,603
Decrease/(increase) in receivables 6,000,951 (2,091,547)
Decrease/(increase) in payables 171,030 (2,961,215)
Foreign exchange on retranslation of overseas 2,005,894 (181,984)
subsidiaries
Share based payments charge 498,961 476,383
Interest receivable 541,799 839,750
Interest payable - (1,330)
Net cash outflow from operating activities (231,924) (8,604,572)
Cash flows utilised by investing activities
Increase in loans and investments - (11,456)
Purchase of exploration assets (2,029,541 (835,114)
)
Purchase of property, plant and equipment (4,808) (80,741)
Acquisition of subsidiary, net of cash (790,061) -
acquired
Proceeds from sale of property, plant and - 11,553
equipment
Net cash outflow from investing activities (2,824,410 (915,758)
)
Cash flow from financing activities
Issue of shares and warrants 2,000 11,153,694
Net cash inflow from financing activities 2,000 11,153,694
Effects of foreign exchange on cash and cash 1,461,405 105,640
equivalents
Net increase in cash and cash equivalents (1,592,929 1,739,004
)
Cash and cash equivalents at the beginning of 9,234,217 7,495,213
the year
Cash and cash equivalents at the end of the 7,641,288 9,234,217
year
JUBILEE PLATINUM PLC
NOTES TO THE GROUP PROVISIONAL RESULTS
FOR THE YEAR ENDED 30 JUNE 2009
1. Capital and reserves
Share capital
Group and Company
2009 2008
GBP GBP
Authorised
500,000,000 ordinary shares of 1p each 5,000,000 5,000,000
Allotted, called up and fully paid 118,374,269 1,183,742 1,049,966
(2008: 104,996,622) ordinary shares of 1p each
The Company allotted 13,377,647 of ordinary 1p shares with an aggregate
nominal value of 133,776 during the year as follows:
Price Number of shares Aggregate
Date of issue per consideration
share
GBP
21 July 2008 63.00p 8,016,669 5,050,502
24 April 2009 10.59p 3,224,636 341,489
21 May 2009 1.00p 200,000 2,000
22 May 2009 22.00p 200,000 44,000
11 June 2009 10.59p 1,736,342 183,878
13,377,647 5,621,869
2. Basis of preparation and accounting policies.
These preliminary financial statements are extracts from the company`s
audited financial statements to 30 June 2009. The Audited financial
statements have been prepared in accordance with International Financial
Reporting Standards (IFRS), IAS 34, the JSE Listings Requirements and the
Companies Act applicable to companies reporting under IFRS.
The accounting policies have been applied consistently throughout the
Group and are consistent with those for the financial year ended 30 June
2008.
3. The Audit Report
The preliminary audited results for the year ended 30 June 2009 have been
audited by Saffery Champness Chartered Accountants and Registered
Auditors and a copy of their audit report is available for inspection at
the Company`s registered office: 4th Floor, 2 Cromwell Place, London SW7
2JE.
Posting of the Annual Report and Notice of Annual General Notice
The annual report will be posted to shareholders on Tuesday 29 September
2009.
The annual general meeting will be held at the Pelham Hotel, 15 Cromwell
Place, London SW7 2LA at 09:30 on 30 November 2009 to transact the
business as stated in the notice of annual general meeting forming part
of the annual financial statements.
4. Reconciliation of Headline Loss
2009 2008
Ordinary shares (weighted average) 113,277,650 96,522,005
Effect of options issued at fair value 644,165 2,412,895
(weighted average)
113,921,815 98,934,900
RECONCILIATION OF HEADLINE LOSS 2009 2008
Loss attributable to Jubilee Platinum Plc (3,960,723) (3,331,650)
shareholders
Impairment of assets 3,807,303 78,603
Discount on acquisition of subsidiaries (17,833) -
Loss on disposal of foreign subsidiary 14,083 -
Loss on disposal of plant and equipment 5,971 -
(151,199) (3,253,047)
Headline loss
Headline loss per share (pence) (0.13) (3.37)
Diluted loss earnings per share (pence) (0.13) (3.37)
5. Directorate
There have been no changes in the board of directors during the year
ended 30 June 2009.
6. Dividend
There were no dividends paid or declared.
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 29/09/2009 16:23:26 Produced by the JSE SENS Department.
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