Last checked at 7 Dec 2011 08:00
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 (Audited) | Difference | Reviewed (Unaudited) | Reason for Difference |
| ||
| 2011
£'000
|
£,000 | 2011
£'000
| |||
| ||||||
Revenue | 5,503 | - | 5,503 |
| ||
Cost of Sales | (5,241) | (2,477) | (2,764) | Reallocation of expenses out of Admin |
| |
| ||||||
262 | (2,477) | 2,739 |
| |||
| ||||||
Negative goodwill | - | - |
| |||
Other administrative expenses | (6,772) | 2,790 | (9,562) | Reallocation - See COS |
| |
Total administrative expenses | (6,772) | 2,790 | (9,562) |
| ||
| ||||||
| ||||||
Operating loss | (6,510) | 313 | (6,823) |
| ||
| ||||||
Finance income | 149 | - | 149 |
| ||
Finance cost | (648) | - | (648) |
| ||
| ||||||
| ||||||
Loss before tax expense | (7,009) | 313 | (7,322) |
| ||
Tax | (580) | (580) | - | Final purchase price allocation |
| |
Loss for the year | (7,322) |
| ||||
| ||||||
OTHER COMPREHENSIVE INCOME |
| |||||
Exchange gain on translation of foreign subsidiaries | 4,116 | 2,476 | 1,640 | Alloacation of exchange diffences on prior year business combinations |
| |
Total comprehensive loss for the year | (3,473) | 2,209 | (5,682) | Majority relates to forex |
| |
| ||||||
Loss attributable to: |
| |||||
Equity Shareholders | (6,821) | (2,211) | (4,610) |
| ||
Non-controlling interest | (768) | 304 | (1,072) | Final PPA * |
| |
(7,589) | (1,907) | (5,682) |
| |||
| ||||||
Total comprehensive income attributable to: |
| |||||
Equity shareholders | (2,705) | 3,545 | (6,250) |
| ||
Non-controlling interest | (768) | 304 | (1,072) |
| ||
(3,473) | 3,849 | (7,322) |
| |||
Earnings per share |
| |||||
Basic and diluted loss per share (pence) Headline earnings (loss) per share (pence) | (2.67)
(2.67) | 1.10
1.10 | (3.77)
(3.77) |
| ||
·; PPA purchase price and allocation
CONSOLIDATED AND COMPANY STATEMENTS OF FINANCIAL POSITION
As at 30 June 2011
Notes | Group (Audited) 2011
£'000
| Difference
£,000 | Reviewed (Unaudited) 2011
£'000
| Reason for Difference | ||
ASSETS | ||||||
Non-current assets | ||||||
Intangible assets | 11 | 88,222 | 5,841 | 82,381 | Reallocation of goodwill, final PPA and Forex on prior year business combinations | |
Property, Plant and equipment | 12 |
15,360 |
797 |
14,563 | Final PPA | |
Investments in subsidiaries | 13 | - | - | |||
Goodwill | (1,199) | 1,199 | Reallocated to Intangibles | |||
Deferred tax | 8 | 519 | 519 | - | Final PPA | |
Total non-current assets | 104,101 | 5,958 | 98,143 | |||
Current assets | ||||||
Trade and other receivables | 16 | 3,121 |
(3,857) | 6,978 | Inter company elimination | |
Inventory | 17 | 830 | - | 830 | ||
Cash and cash equivalents | 2,007 |
- | 2,007 | |||
Other Receivables | (17) | 17 | Allocated to trade and other receivables | |||
Total current assets | 5,958 |
(3,874) | 9,832 | |||
TOTAL ASSETS | 110,059 | 2,084 | 107,975 | |||
LIABILITIES | ||||||
Non-current liabilities | ||||||
Loans to and from related parties | 1,280 | (1,280) | Reallocated to current | |||
Long-term liabilities | 21 | (2,504) | 878 | (3,382) | Short term portion reallocated to current | |
Deferred tax | 8 | (18,240) | (18,240) | Reallocated from current and final PPA | ||
Total non-current liabilities | (20,744) | (16,082) | (4,662) | |||
Current liabilities | ||||||
Deferred tax | 16,575 | (16,575) | Reallocated to non-current and final PPA | |||
Loans from related parties | 23 | (1,280) | (1,280) | - | Reallocated from non-current | |
Contingent/ deferred consideration | 18 | - | - | - | ||
Trade and other payables | 18 | (2,575) | 1,317 | (3,892) | Inter- company elimination and final PPA | |
Short term Liabilities
Tax | 21
| (981)
(625) | (879)
(625) | (102)
- | Short term portion from non-current Final PPA | |
Total current liabilities | (5,461) | (15,108) | (20,569) | |||
TOTAL LIABILITIES | (26,205) |
(974) | (25,231) | |||
NET ASSETS | 83,854 | 1,110 | 82,744 | |||
EQUITY | ||||||
Share capital | 19 | 2,565 | - | 2,565 | ||
Share premium | 57,595 | - | 57,595 | |||
Merger reserve | 23,184 | - | 23,184 | |||
Share based payments reserve | 20 | 5,171 | - | 5,171 | ||
Currency translation reserve | 14,503 | 2,476 | 12,027 | See Intangibles | ||
Retained deficit | (21,057) | (1,859) | (19,198) | |||
TOTAL EQUITY | 81,962 | 618 | 81,344 | |||
Equity interest of non-controlling interests | 1,892 | 492 | 1,400 | Final PPA | ||
NET EQUITY | 83,854 | 1,110 | 82,744 | |||
CONSOLIDATED AND COMPANY STATEMENTS OF CASH FLOWS
For the year ended 30 June 2011
Group (Audited) 2011 £'000
| Difference
£,000 | Reviewed (Unaudited)2011
£'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 intangibles | 1,221 | n/a | - |
Profit on sale of property, plant and equipment | - | n/a | - |
(Increase) / Decrease in inventory | (148) | n/a | - |
Decrease / (Increase) in receivables | (2,191) | n/a | - |
(Decrease) / Increase in payables | (1,321) | n/a | - |
Net cash from operating activities | (6,905) | (3,475) | (3,430) |
Cash flows from investing activities | |||
Increase in loans and investments | - | n/a | - |
Acquisition of subsidiary, net of cash acquired | (6,578) | n/a | - |
Proceeds from sale of property, plant and equipment | - | n/a | - |
Funding of deposit account for business combination | 7,652 | n/a | - |
(Purchase) / disposal of intangible fixed assets | (2,284) | n/a | - |
Purchase of property, plant and equipment | (1,472) | n/a | - |
Net cash used in investing activities | (2,682) | 6,027 | (8,709) |
Cash flows from financing activities | |||
Issue of shares | - | n/a | - |
Issue costs | - | n/a | - |
Acquisition of non-controlling interest | (1,640) | n/a | - |
Net cash generated from financing activities | (1,640) | (2,258) | 618 |
Net (decrease) / increase in cash and cash equivalents | (11,227) | 294 | (11,521) |
Cash and cash equivalents at beginning of the year | 12,997 | - | 12,997 |
Effects of foreign exchange on cash and cash equivalents | 237 | (294) | 531 |
Cash and cash equivalents at the end of the year | 2,007 | - | 2,007 |
CONSOLIDATED AND COMPANY STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2011
Share capital |
Share premium | Merger reserve | Share based payment reserve | Currency translation reserve | Retained deficit |
Non- controlling interest | Total equity | ||
Group | £'000
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Balance at 30 June 2011 (Reviewed) | 2,565 | 57,595 | 23,184 | 5,171 | 12,027 | (19,198) | 1,400 | 82,744 | |
Balance at 30 June 2011 | 2,565 | 57,595 | 23,184 | 5,171 | 14,503 | (21,057) | 1,892 | 83,854 | |
Difference | - | - | - | - | 2,476 | (1,859) | 492 | 1,110 | |
Reason for Difference | - | - | - | - | |||||
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 £2.477 million from £2.764 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 £580,000 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 £4.11 million from £1.640 million and is now correctly reallocated to comprehensive income from capitalisation, which reduced the comprehensive loss to £3.473 million from £5.682 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 £83,854 million from £82,744 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)