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JBL
JUJLP
JBL - Jubilee Platinum Plc - Posting of Annual Report and accounts,notice of
Annual General Meeting ("AGM") and statement change for the year ended 30 June
2011
Jubilee Platinum Plc
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN GB0031852162
JUBILEE PLATINUM PLC
("Jubilee" or "the Company")
POSTING OF ANNUAL REPORT AND ACCOUNTS,NOTICE OF ANNUAL GENERAL MEETING ("AGM")
AND STATEMENT CHANGE FOR THE YEAR ENDED 30 JUNE 2011
NOTICE OF AGM
Notice is hereby given, under the Companies Act 2006 of the United Kingdom, that
the Annual General Meeting ("AGM") of Jubilee Platinum ("the Company") will be
held at the offices of finnCap at 60 New Broad Street, London, EC2M IJJ on
Wednesday, 28 December 2011 at 11.00(GMT).
Shareholders are advised that the Annual Financial Statements for the year ended
30 June 2011 have been posted today and will be available on the Company`s
website: www.jubileeplatinum.com.
The AGM is taking place later than in previous years as a result of the
additional work required to produce the final audited accounts following the
acquisitions of the private power plant and the smelter operations.
CHANGE STATEMENT
As noted in the Reviewed Abridged results which were published on SENS and RNS
on 30 September 2011, the identifiable net assets of the acquired Thos Begbie
Holdings(Pty) Ltd and Power Alt (Pty) Ltd had been determined on a provisional
basis and as a result of the finalisation of the purchase price of these assets
and their reallocations, in compliance with the listing rules of the JSE, a
statement of changes to the reviewed abridged results are as follows:
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the year ended 30 June 2011
Group Differenc Reviewed Reason for
(Audited) e (Unaudited) Difference
2011 2011
GBP`000 GBP,000 GBP`000
Revenue 5,503 - 5,503
Cost of Sales (5,241) (2,477) (2,764) Reallocatio
n of
expenses
out of
Admin
262 (2,477) 2,739
Negative - -
goodwill
Other (6,772) 2,790 (9,562) Reallocatio
administrative n - See COS
expenses
Total (6,772) 2,790 (9,562)
administrative
expenses
Operating loss (6,510) 313 (6,823)
Finance income 149 - 149
Finance cost (648) - (648)
Loss before (7,009) 313 (7,322)
tax expense
Tax (580) (580) - Final
purchase
price
allocation
Loss for the (7,322)
year
OTHER COMPREHENSIVE
INCOME
Exchange gain 4,116 2,476 1,640 Alloacation
on translation of exchange
of foreign diffences
subsidiaries on prior
year
business
combination
s
Total (3,473) 2,209 (5,682) Majority
comprehensive relates to
loss for the forex
year
Loss
attributable
to:
Equity (6,821) (2,211) (4,610)
Shareholders
Non-controlling (768) 304 (1,072) Final PPA *
interest
(7,589) (1,907) (5,682)
Total
comprehensive
income
attributable
to:
Equity (2,705) 3,545 (6,250)
shareholders
Non-controlling (768) 304 (1,072)
interest
(3,473) 3,849 (7,322)
Earnings per
share
Basic and (2.67) 1.10 (3.77)
diluted loss
per share
(pence)
Headline
earnings (loss)
per share (2.67) 1.10 (3.77)
(pence)
PPA purchase price and allocation
CONSOLIDATED AND COMPANY STATEMENTS OF FINANCIAL POSITION
As at 30 June 2011
Notes Group Difference Reviewed Reason for
(Audited) (Unaudited) Difference
2011 2011
GBP,000
GBP`000 GBP`000
ASSETS
Non-current
assets
Intangible 11 88,222 5,841 82,381 Reallocation of
assets goodwill, final
PPA and Forex on
prior year
business
combinations
Property, 12 15,360 797 14,563 Final PPA
Plant and
equipment
Investments 13 - -
in
subsidiaries
Goodwill (1,199) 1,199 Reallocated to
Intangibles
Deferred tax 8 519 519 - Final PPA
Total non- 104,101 5,958 98,143
current
assets
Current
assets
Trade and 16 3,121 (3,857) 6,978 Inter company
other elimination
receivables
Inventory 17 830 - 830
Cash and cash 2,007 - 2,007
equivalents
Other (17) 17 Allocated to
Receivables trade and other
receivables
Total current 5,958 (3,874) 9,832
assets
TOTAL ASSETS 110,059 2,084 107,975
LIABILITIES
Non-current
liabilities
Loans to and 1,280 (1,280) Reallocated to
from related current
parties
Long-term 21 (2,504) 878 (3,382) Short term
liabilities portion
reallocated to
current
Deferred tax 8 (18,240) (18,240) Reallocated from
current and final
PPA
Total non- (20,744) (16,082) (4,662)
current
liabilities
Current
liabilities
Deferred tax 16,575 (16,575) Reallocated to
non-current and
final PPA
Loans from 23 (1,280) (1,280) - Reallocated from
related non-current
parties
Contingent/ 18 - - -
deferred
consideration
Trade and 18 (2,575) 1,317 (3,892) Inter- company
other elimination and
payables final PPA
Short term 21 (981) (879) (102) Short term
Liabilities portion from non-
current
- Final PPA
Tax (625) (625)
Total current (5,461) (15,108) (20,569)
liabilities
TOTAL (26,205) (974) (25,231)
LIABILITIES
NET ASSETS 83,854 1,110 82,744
EQUITY
Share capital 19 2,565 - 2,565
Share premium 57,595 - 57,595
Merger 23,184 - 23,184
reserve
Share based 20 5,171 - 5,171
payments
reserve
Currency 14,503 2,476 12,027 See Intangibles
translation
reserve
Retained (21,057) (1,859) (19,198)
deficit
TOTAL EQUITY 81,962 618 81,344
Equity 1,892 492 1,400 Final PPA
interest of
non-
controlling
interests
NET EQUITY 83,854 1,110 82,744
CONSOLIDATED AND COMPANY STATEMENTS OF CASH FLOWS
For the year ended 30 June 2011
Group Difference Reviewed
(Audited) (Unaudited)2011
2011 GBP,000
GBP`000 GBP`000
Cash flows from
operating activities
Loss for the year (7,009) n/a -
Finance income (149) n/a -
Finance expense 648 n/a -
Depreciation 1,278 n/a -
Share based payment 766 n/a -
Impairment of - -
intangibles
Amortisation of 1,221 n/a -
intangibles
Profit on sale of - n/a -
property, plant and
equipment
(Increase) / Decrease (148) n/a -
in inventory
Decrease / (Increase) (2,191) n/a -
in receivables
(Decrease) / Increase (1,321) N/A -
in payables
Net cash from (6,905) (3,475) (3,430)
operating activities
Cash flows from
investing activities
Increase in loans and - n/a -
investments
Acquisition of (6,578) n/a -
subsidiary, net of
cash acquired
Proceeds from sale of - n/a -
property, plant and
equipment
Funding of deposit 7,652 n/a -
account for business
combination
(Purchase) / disposal (2,284) n/a -
of intangible fixed
assets
Purchase of property, (1,472) n/a -
plant and equipment
Net cash used in (2,682) 6,027 (8,709)
investing activities
Cash flows from
financing activities
Issue of shares - n/a -
Issue costs - n/a -
Acquisition of non- (1,640) n/a -
controlling interest
Net cash generated (1,640) (2,258) 618
from financing
activities
Net (decrease) / (11,227) 294 (11,521)
increase in cash and
cash equivalents
Cash and cash 12,997 - 12,997
equivalents at
beginning of the year
Effects of foreign 237 (294) 531
exchange on cash and
cash equivalents
Cash and cash 2,007 - 2,007
equivalents at the
end of the year
CONSOLIDATED AND COMPANY STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2011
Share Merger Share Currency Retained Non- Total
capit Share reserv based translat deficit control equity
al premiu e payment ion ling
m reserve reserve interes
t
Group GBP`0 GBP`00 GBP`00 GBP`000 GBP`000 GBP`000 GBP`000 GBP`000
00 0 0
Balance 2,565 57,595 23,184 5,171 12,027 (19,198) 1,400 82,744
at 30
June
2011
(Review
ed)
Balance 2,565 57,595 23,184 5,171 14,503 (21,057) 1,892 83,854
at 30
June
2011
Differe - - - - 2,476 (1,859) 492 1,110
nce
Reason - - - -
for
Differe
nce
Cash flow statement changes all related to changes in the Statement of Financial
Position
Statement of changes in equity changes related to Statement of comprehensive
income changes and final PPA detailed disclosures
COMMENTARY
1. Cost of Sales has increased by GBP2.477 million from GBP2.764 million to
5.241 million due mainly to including in the cost of sales (reallocating
from other administrative expenses)the depreciation associated with RST
Special Metals (Pty) Ltd as well as all the costs for unused power (to
secure future power) of electricity from Power Alt (Pty)Ltd.
2. A tax provison of GBP580,000 tax (previously zero in the Reviewed Abridged
results) has been made due to the final purchase price and reallocation.
3. Exchange gain on translation of foreign subsidiaries has increased to
GBP4.11 million from GBP1.640 million and is now correctly reallocated to
comprehensive income from capitalisation, which reduced the comprehensive
loss to GBP3.473 million from GBP5.682 million and as a result has had a
positive material impact on the earnings (loss) per share which has
decreased to 2.67 pence from 3.77 pence.
4. Net assets have increased to GBP83,854 million from GBP82,744 million due
mainly to the final purchase price of the Thos Begbie and its reallocation.
Johannesburg
7 December 2011
For further information please contact:
Colin Bird/Leon Coetzer
Jubilee Platinum plc
Tel +44 (0) 20 7584 2155 / Tel +27 (0)11 465 1913
Matthew Robinson/Ben Thompson - Corporate Finance
Joanna Weaving - Corporate Broking
finnCap Ltd
Tel +44 (0) 20 7220 0500
Jerry Keen/Edward Mansfield
Shore Capital Stockbrokers Limited (Joint Broker)
Tel +44 (0) 20 7408 4090
Nick Rome/Shabnam Bashir
Bishopsgate Communications Ltd
Tel +44 (0) 20 7562 3350
Leonard Eiser/Sharon Owens
Sasfin Capital
Tel +27 (0) 11 809 7500
Sponsor
SASFIN CAPITAL
(a division of Sasfin Bank Limited
Date: 07/12/2011 10:17:30 Produced by the JSE SENS Department.
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