Last checked at 29 Sep 2009 13:49
Date: 29 September 2009
AIM: JLP
JSE:JBL
Registration number: 4459850
ISIN: GB0031852169
JUBILEE PLATINUM PLC
("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
For further information please contact:
Colin Bird Suzanne Johnson-Walsh
/Michael Kinirons
Jubilee Platinum plc Bishopsgate Communications Ltd
Tel +44 (0) 20 7584 2155 Tel +44 (0) 20 7562 3350
Andrew Sarosi Brian Christie/Leonard Eiser
Jubilee Platinum plc Sasfin Capital
Tel +44 (0) 1752 221937 Tel +27 (0) 11 809 7500
Matthew Robinson/Ed Frisby
FinnCap
Tel +44 (0) 20 7600 1658
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 £7.6 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 £26.8 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 £4,079,171 (2008 £4,076,390). 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 £3,807,303 (2008 - £78,603) 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 £498,961 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 30 June 2009 | Year ended 30 June 2008 | |||
| £ | £ | |||
| 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 associate | - | (118,215) | ||
| Loss before income tax expense | (4,079,171) | (4,076,390) | ||
| Income tax expense | - | - | ||
| Loss for the period after income tax expense | (4,079,171) | (4,076,390) | ||
| Minority interests: | ||||
| Equity | 118,448 | 744,740 | ||
| Loss attributable to members of Jubilee Platinum plc | (3,960,723) | (3,331,650) | ||
| Basic and diluted loss per share (pence) | (3.50) | (3.45) | ||
| Headline and diluted headline loss per share (pence) |
(0.13) | (3.37) | ||
All of the Group's activities are classed as continuing.
JUBILEE PLATINUM PLC
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2009
| At 30 June 2009 | At 30 June 2008 | ||
| £ | £ | ||
| 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 holders of the parent | 33,264,935 | 29,415,334 | |
| 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 Capital £ | Share Premium £ | Share based payment reserve £ | Other reserves £ | |
| 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 capital | - | 15,711,441 | - | - |
| Cost on issue of shares | - | (717,056) | - | - |
| Share-based payment charge | - | - | 476,383 | - |
| 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 capital | - | 517,758 | - | - |
| Share-based payment charge | - | - | 498,961 | - |
| Other reserves | - | - | - | (1,034,752) |
| Goodwill Translation | - | - | - | - |
| Negative goodwill (note 9) | - | - | - | - |
| Net loss for the year | - | - | - | - |
| Translation of overseas subsidiaries on consolidation | - | - | - | - |
| Balance at 30 June 2009 | 1,183,742 | 33,855,392 | 1,677,797 | - |
| Merger reserve £ | Retained earnings £ | Currency translation reserve £ | Total £ | |||||
| Balance at 30 June 2007 | - | (3,768,360) | (818,954) | 17,078,010 | ||||
| Issue of share capital | - | - | - | 191,792 | ||||
| Premium on issue of share capital | - | - | - | 15,711,441 | ||||
| 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 adjustments | - | - | 6,414 | 6,414 | ||||
| Balance at 30 June 2008 | - | (6,373,314) | (812,540) | 29,415,334 | ||||
| Issue of share capital | - | - | - | 133,776 | ||||
| Premium on issue of share capital | 4,970,335 | - | - | 5,488,093 | ||||
| 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 subsidiaries on consolidation | - | - | 189,617 | 189,617 | ||||
| Balance at 30 June 2009 | 4,970,335 | (8,859,731) | 437,400 | 33,264,935 | ||||
|
| Retained Earnings £ | Merger Reserve £ | Total £ | |||||
| Balance at 30 June 2007 | (2,829,328) | - | 17,074,548 | |||||
| Issue of share capital | - | - | 191,792 | |||||
| Premium on issue of share capital | - | - | 15,711,441 | |||||
| Expenses related to issue of shares | - | - | (717,056) | |||||
| Share-based payment charge | - | - | 476,383 | |||||
| Net loss for the year | (2,028,900) | - | (2,028,900) | |||||
| Balance at 30 June 2008 | (4,858,228) | - | 30,708,208 | |||||
| Issue of share capital | - | - | 133,776 | |||||
| Premium on issue of share capital | - | 4,970,335 | 5,488,093 | |||||
| Share-based payment charge | - | - | 498,961 | |||||
| Net loss for the year | (2,081,872) | - | (2,081,872) | |||||
| 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 30 June 2009 | Year ended 30 June 2008 | |
| £ | £ | |
| 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 treated as associates | (14,850,673) | - |
| Gain on a bargain purchase | (17,833) | - |
| (Profit)/loss on sale of property, plant and equipment | (4,898) | 1,484 |
| 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 subsidiaries | 2,005,894 | (181,984) |
| 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 acquired | (790,061) | - |
| Proceeds from sale of property, plant and equipment | - | 11,553 |
| 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 equivalents | 1,461,405 | 105,640 |
| Net increase in cash and cash equivalents | (1,592,929) | |
| Cash and cash equivalents at the beginning of the year | 9,234,217 | 7,495,213 |
| Cash and cash equivalents at the end of the year | 7,641,288 | 9,234,217 |
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 | |
| £ | £ | |
| Authorised | ||
| 500,000,000 ordinary shares of 1p each | 5,000,000 | 5,000,000 |
| Allotted, called up and fully paid 118,374,269 (2008: 104,996,622) ordinary shares of 1p each | 1,183,742 | 1,049,966 |
The Company allotted 13,377,647 of ordinary 1p shares with an aggregate nominal value of 133,776 during the year as follows:
| Date of issue | Price per share | Number of shares | Aggregate consideration |
| £ | |||
| 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 (weighted average) | 644,165 | 2,412,895 |
| 113,921,815 | 98,934,900 |
| RECONCILIATION OF HEADLINE LOSS | 2009 | 2008 |
| Loss attributable to Jubilee Platinum Plc shareholders | (3,960,723) | (3,331,650) |
| 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 | - |
| Headline loss | (151,199) | (3,253,047) |
| 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)