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JBL
JUJLP
JBL - Jubilee Platinum Plc - Audited abridged results for the 12 months ended
30 June 2010 and notice of annual general meeting
JUBILEE PLATINUM PLC
Incorporated in England and Wales
(Registration number: 4459850
Linked unit code: JBL
ISIN: GB0031852162
("Jubilee" or "the Company" or "the Group")
AUDITED ABRIDGED RESULTS FOR THE 12 MONTHS ENDED 30 JUNE 2010 AND NOTICE OF
ANNUAL GENERAL MEETING
Commentary
The year under review has been the most significant since the founding of the
Company.
Highlights include: -
- The completion of the Braemore acquisition
- Commercialisation of ConRoast
- Successful six months operational trial of the Mintek ConRoast smelter
under commercial conditions
- Commencement of Tjate feasibility study
- Negotiations to purchase Thos Begbie smelting site at Middleburg
- Decision to drill in northwest Madagascar
- Positive evaluation of the Leinster Nickel dump in Western Australia
The absorption of Braemore into Jubilee was carried out successfully and the
enlarged company will soon be accepted as an exploration to metals entity.
This total capability provides Jubilee with a unique position in the emerging
platinum company sector. No other mining sector company in our peer group can
claim total capability and Jubilee`s development efforts have continually
highlighted the benefits of the enlarged Group.
The six month smelter trial for Northam utilising the Mintek ConRoast smelter
was a resounding success resulting in the signing of a Memorandum of
Understanding dated June 2010 to build a 5 megavolt ampere ("MVA") furnace in
partnership with Northam.
Jubilee is in the process of acquiring the Thos Begbie smelter complex. The
agreement was announced on 4 May 2010 and finalised on 20 September 2010.
This acquisition will enable the Company to site its first two furnaces and
gives it the benefit of an environmental permit, precious metal trading
license and 10 MVA of independent gas fired power generation. An additional
benefit is the existing smelting business utilising the furnaces that will
bring us into early cash flow from diverse businesses including chrome,
stainless steel and manganese treatment.
Subsequent to the year end the Company purchased a 51% stake in the power
generation company Power Alt (Pty) Ltd. The net result of this was power
independence, an off-set against our power cost and the opportunity to expand
and develop a stand-alone gas fired power generation business.
The Tjate project, having proved a major resource, moved on to the next stage
of feasibility study. Snowden, the international mining industry consultant
has been awarded a contract to complete an independent technical and
financial study. This study is progressing favourably and the Company is
drilling further boreholes to tighten up the statistical reliability of a key
development area.
The joint venture with BHP Billiton is advancing and Bateman Engineering
Projects of South Africa has been awarded a contract to complete the
financial and technical study for submission and discussion with our joint
venture Partners.
The Company has elected to drill up to a further 5 holes in the Ambodilafa
project in southern Madagascar. This decision was based on very promising
geochemical data.
The loss for the year after taxation was GBP2.2 million (2009: GBP6.8
million). The loss per share has decreased from 3.68 pence in 2009 to 1.35
pence in 2010.
Administrative expenses amounted to GBP4.5 million (2009: GBP2.4 million) and
include overheads and corporate costs attributable to the business. A share-
based payment charge of GBP1.3 million is included in the Group Statement of
Comprehensive Income in line with the requirements of IFRS2.
The platinum price has been very resilient during the period and we expect to
see a marked increase in prices as car production gets back to normal levels.
Purchasing managers are beginning to restock and this will put upward
pressure on prices as the supply side of the industry addresses its
challenges of mining, smelting and cost management. The Board are of the
opinion that the commercialisation of ConRoast will enable the producers to
address UG2 smelting issues. This belief is now shared by the majority of the
industry technical `insiders`.
Since the year end the Company has begun making significant headway into all
aspects of Con Roast smelting to include possible acquisition of own feed,
toll smelting for majors, dump retreatment, own and third party applications
and provision of smelters for potential new platinum mines. The Company
anticipates positive cash flow towards year end with ConRoast roll out
continuing aggressively into next year.
The Board is confident that technical issues with all the Group`s projects
are defined, and understood. This puts Jubilee in an envious position to
enjoy all of the advantages that global growth is likely to bring.
Board Changes
On 1 August 2010 the following changes were made to the board:
- Colin Bird stepped down as Chief Executive Officer and was appointed Non-
Executive Chairman
- Malcolm Burne stepped down as Non-Executive Chairman
- Leon Coetzer was appointed Chief Executive officer and relinquished his
role as MD Smelting and Refining
- Eduard Victor was appointed Finance Director
- Andrew Sarosi relinquished his role as Finance Director and continued as an
Executive Director
Dividend
No dividend declared for the period under review.
Posting of the Annual Report and Notice of Annual General Meeting
The annual report will be posted to shareholders on 5 October 2010 and will
be available to view on the Company`s website: www.jubileeplatinum.com
The Annual General Meeting will be held at the Pelham Hotel, 15 Chromwell
Place, London SW7 2LA on Friday, 26 November 2010 at 10h00 am.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited Year Audited Year
ended 30 June ended
2010 30 June
2009
GBP`000 Restated
GBP`000
ASSETS
Non-current assets
Intangible assets 80,706 40,014
Property, Plant and equipment 112 78
Total non-current assets 80,818 40,092
Current assets
Trade and other receivables 8,359 474
Inventory 682 -
Cash and cash equivalents 12,997 7,641
Total current assets 22,038 8,115
TOTAL ASSETS 102,856 48,207
LIABILITIES
Non-current liabilities
Deferred tax (16,575) (9,000)
Current liabilities
Contingent / deferred consideration (1,400) (915)
Trade and other payables (1,731) (549)
Total current liabilities (3,131) (1,464)
TOTAL LIABILITIES (19,706) (10,464)
NET ASSETS 83,150 37,743
EQUITY
Share capital 2,545 1,184
Share premium 56,977 33,855
Merger reserve 23,184 4,970
Share based payments reserve 3,005 1,678
Currency translation reserve 10,387 6,776
Retained earnings (12,948) (10,720)
Equity interests of minorities - -
TOTAL EQUITY 83,150 37,743
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited Year Audited Year
ended 30 ended 30
June 2010 June
Restated
GBP`000 2009
GBP`000
Revenue 950 -
Cost of Sales (458) -
492 -
Impairment loss on intangibles - (2,909)
Negative goodwill 1,615 -
Other administrative expenses (4,503) (2,410)
Total administrative expenses (2,888) (5,319)
Operating loss (2,396) (5,319)
Finance income 168 542
Loss before tax expense (2,228) (4,777)
Tax - -
Total loss for the year (2,228) (4,777)
Attributable to Equity holders of the (2,228) (4,201)
parent
Non-Controlling interest - (576)
OTHER COMPREHENSIVE INCOME
Exchange gain on translation of foreign 3,611 6,868
subsidiaries
Total comprehensive income for the year 1,383 2,091
Attributable to Equity holders of the 1,383 2,667
parent
Non-Controlling interest - (576)
Headline Earnings per share
Basic and diluted loss per share (pence) (1.35) (3.68)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Audited Audited Year
Year ended 30
ended 30 June 2009
June 2010 Restated
GBP`000
GBP`000
Cash flows from operating activities
Loss for the year (2,228) (4,777)
Finance income 168 542
Depreciation 74 34
Share based payment 1,327 499
Impairment of intangibles - 2,909
Amortisation of intangibles 327 -
Profit on sale of property, plant and (11) (5)
equipment
Decrease in inventory 241 -
Decrease / (Increase) in receivables 1,128 3,465
(Decrease) / Increase in payables (10,454) 1,182
Net cash used in operating activities (9,428) 3,849
Cash flows from investing activities
Acquisition of subsidiary, net of cash 223 (790)
acquired
Proceeds from sale of property, plant and 47 -
equipment
Deposit account for business combination (7,652) -
Purchase of exploration assets - (4,692)
Purchase of intangible fixed assets (888) -
Purchase of property, plant and equipment (25) (10)
Net cash used in investing activities (8,295) (5,492)
Cash flows from financing activities
Issue of shares and warrants 23,992 2
Issue costs (1,074) -
Net cash generated from financing 22,918 2
activities
Net increase/(decrease) in cash and cash 5,195 (1,641)
equivalents
Cash and cash Equivalents at beginning of 7,641 9,234
the year
Effects of foreign exchange on cash and 161 48
cash equivalents
Cash and cash equivalents at the end of 12,997 7,641
the year
NOTES TO THE FINANCIAL RESULTS
BASIS OF PREPARATION
The financial statements are presented in pounds sterling, rounded to the
nearest thousand.
These financial statements have been prepared in accordance with IFRS as
adopted for use in the European Union (EU) ("IFRS") IAS 34, Interim Financial
Reporting, AC 500, the JSE Listings Requirements, and with those parts of the
Companies Act 2006 applicable to companies reporting under IFRS.
The accounting policies have, unless otherwise stated, been applied
consistently to all periods presented in these consolidated financial
statements. The impact of the prior period restatements is disclosed in
detail in note 24 to the full audited financial statements.
Audit Report
The audited results for the year ended 30 June 2010 have been audited by BDO
LLP and BDO South Africa Incorporated Chartered Accountants and Registered
Auditors and a copy of their unqualified audit report is available for
inspection at the Company`s registered office: 4th Floor, 2 Cromwell Place,
London SW7 2JE.
FINANCIAL INSTRUMENTS Loans and Other Total
receivabl financial
es liabilitie
s
GBP`000 GBP`000 GBP`00
0
30 June 2010
Assets as per statement of
financial position
Trade and other receivables 8,359 - 8,359
Cash and cash equivalents 12,997 - 12,997
21,356 - 21,356
Liabilities as per statement of
financial position
Trade and other payables - 1,260 1,260
- 1,260 1,260
Loans and Other Total
receivable financial
s liabilities
GBP`000 GBP`000 GBP`00
0
30 June 2009
Assets as per balance sheet
Trade and other receivables 474 - 474
Cash and cash equivalents 7,641 - 7,641
8,115 - 8,115
Liabilities as per balance sheet
Trade and other payables - 504 504
- 504 504
Business segments
In the opinion of the Directors, the operations of the Group companies
comprise three business segments, being
- the evaluation and development of PGM smelters utilising exclusive
commercialisation rights of the ConRoast smelting process, located in South
Africa ("Evaluation and Development");
- the evaluation of the reclamation and processing of sulphide nickel
tailings at BHP Billiton`s Leinster, Kambalda and Mount Keith properties in
Australia ("Nickel tailings"); and
- development of Platinum Group Elements (PGE`s) and associated metals ("PGE
development").
The Parent Company operates a head office based in the United Kingdom which
incurred certain administration and corporate costs. The Group`s operations
span 5 countries, South Africa, Australia, Madagascar, Mauritius and the
United Kingdom. There is no difference between the accounting policies
applied in the segment reporting and those in the Group financial statements.
Mauritius and Madagascar do not meet the qualitative thresholds under IFRS 8
consequently no separate reporting is provided.
South Africa Australia South Africa
Evaluation Nickel PGE Corporate Total
and tailings development (Unallocated)
development
Year ended Year Year ended Year ended Year
ended ended
30 June 30 June 30 June 30 June 30 June
2010 2010 2010 2010 2010
GBP`000 GBP`000 GBP`000 GBP`000 GBP`000
Total 950 - - - 950
revenues
Loss before (301) 1,370 (129) (3,168) (2,228)
and after
taxation
Total assets 61,412 24,892 11,419 5,133 102,856
Total (11,554) (6,496) - (1,656) (19,706)
liabilities
South Australia South Africa
Africa
Evaluation Nickel PGE Corporate Total
and tailings development (Unallocated)
development
Year ended Year Year ended Year ended Year
ended ended
30 June 30 June 30 June 30 June 30 June
2009 2009 2009 2009 2009
GBP`000 GBP`000 GBP`000 GBP`000 GBP`000
Total - - - - -
revenues
Loss before - - (270) (4,507) (4,777)
and after
taxation
Total assets 46,800 - 1,334 73 48,207
Total (9,000) - (467) (997) (10,464)
liabilities
Audited Audited
Year Year
ended ended 30
30 June June
2010 2009
Restated
GBP`000 GBP`000
This has been arrived at
after
charging/(crediting):
Auditor`s remuneration
(current auditor)
Statutory audit service - 44 -
group
Auditor`s remuneration
(previous auditor)
Statutory audit service - - 45
group
Tax compliance fee - 4
Other fees - 5
Rentals under operating - 15
leases - land and
buildings
Depreciation 74 34
Amortisation 327 -
Directors emoluments 342 168
Share based payments 1,328 499
Impairment of intangible - 2,909
assets
LOSS PER SHARE AND HEADLINE LOSS PER SHARE
The loss for the year attributed to shareholders is GBP2.3 million (2009:
loss GBP4.2 million). This is divided by the weighted average number of
ordinary shares in issue calculated to be 162,951,035 (2009: 113,277,650)
The fully diluted loss per share is based on the loss for the financial year
divided by the weighted average number of shares and potential shares being
164,916,000 (2009: 113,921,000) in issue during the year. As the options are
non-dilutive, no diluted loss per share has been calculated.
Audited Audited
Year Year
ended ended 30
30 June June
2010 2009
GBP`000 GBP`000
Ordinary shares (weighted average) 162,951 113,278
Effect of options issued at fair value 1,965 644
(weighted average)
164,916 113,922
RECONCILIATION OF HEADLINE LOSS 2010 2009
Restated
GBP`000
GBP`000
Loss attributable to Jubilee Platinum Plc (2,228) (4,201)
shareholders
Impairment of assets - 2,909
Loss on disposal of foreign subsidiary - 14
Loss on disposal of plant and equipment - 6
Headline loss (2,228) (1,272)
Headline loss per share (pence) (1.35) (1.12)
Diluted loss earnings per share (pence) (1.35) (3.70)
SHARE CAPITAL
Authorised
Audited Audited
Year Year
ended 30 ended 30
June 2010 June 2009
GBP`000 GBP`000
500,000,000 Ordinary 5,000 5,000
shares of 1p each
Allotted, called up and fully paid
Audited Audited
Year Year
ended 30 ended 30
June 2010 June 2009
GBP`000 GBP`000
254,463,290 Ordinary 2,545 1,184
shares of 1p each
(2009: 118,374,269)
During the period the Company issued the following Ordinary 1 pence shares:
Date Issue Price Number of Nominal
Shares Value
GBP`000
1 July Opening balance 118,374,269 1,184
2009
16 July Placing at 36p per share 1,775,985 18
2009
7 August Purchase of Tjate Hurdle 2 interest at 4,960,978 50
2009 10.59p per share
7 August Purchase of KPlats interest 3,896,205 39
2009
21 Placing at 32.5p per share 6,000,000 60
September
2009
9 November Placing at 30p per share 44,166,666 442
2009
9 November Purchase of Braemore interest at 49.33p 49,900,908 499
2009 per share
8 December Settlement of fees at 31.52p per share 475,911 5
2009
19 January Settlement of fees at 35p per share 137,330 1
2010
7 February Exercise of options at 15.81p per share 87,615 1
2010
19 May Exercise of options at 20p per share 45,000 -
2010
19 May Exercise of options at 28p per share 400,000 4
2010
17 June Placing at 33p per share 24,242,423 242
2010
254,463,290 2,544
The following described the nature and purpose of each reserve within owners`
equity:
Reserve Description and Purpose
Share premium Amount subscribed for share capital in excess of
nominal value.
Merger reserve Reserve created on issue of shares on acquisition
of subsidiaries in prior years.
Share based Reserve created for equity settled share based
payments reserve payments to employees and consultants.
Foreign exchange Cumulative translation differences of foreign
reserve currency non monetary assets and liabilities.
Retained losses Cumulative net gains and losses recognised in the
consolidated income statement.
For and on behalf of the board
Chief Executive Officer Finance Director
04 October 2010
Johannesburg
DIRECTORS
Malcolm Burne (Non-executive Director)
Dr M Phosa (Non-executive Director)
Colin Bird (Chief Executive Officer)
Leon Coetzer (Executive Director)
Andrew Sarosi (Executive Director)
Chris Molefe (Non-Executive Director)
Eduard Victor (Appointed as Financial Director with effect of 1 August 2010
Johannesburg
4 October
Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 04/10/2010 11:00:01 Produced by the JSE SENS Department.
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