REG - Jubilee Metals Group - Audited results for the year ended 30 June 2021
02/12/2021 07:00
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RNS Number : 2975U Jubilee Metals Group PLC 02 December 2021
Jubilee Metals Group Plc
Registration number (4459850)
Altx share code: JBL
AIM share code: JLP
ISIN: GB0031852162
2 December 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Jubilee Metals Group Plc
("Jubilee" or the "Company" or the "Group")
Audited results for the year ended 30 June 2021
Notice of Annual General Meeting and availability of Annual Financial
Statements
Jubilee, the AIM and Altx traded metals processing company is pleased to
announce its audited results for the year ended 30 June 2021.
Financial Highlights
o Total revenue for the year increased by a strong 143% to £ 133 million
(ZAR 2.8 billion)(1) (2020: £ 54.8 million (ZAR 1.1 billion))
o Attributable operational earnings(2) growth of 183% to £ 71 million (ZAR
1.5 billion) (2020: £ 25 million (ZAR 494.5 million)) and a return on equity
of 35.4%, compared with 21.2% in the previous year
o Adjusted(3) profit before tax up 324% to £ 52 million (ZAR 1.1 billion)
(2020: £ 12.3 million (ZAR: 242 million))
o Profit after tax adjusted for non-cash expenses including impairments,
gain on bargain purchase and share based payments up 194% to £ 49 million
(ZAR 1 billion) (2020: £ 17 million (ZAR: 331 million))
o Adjusted earnings per share up 163% to 2.25 pence (ZAR 46.66 cents) (2020:
0.86 pence (ZAR 16.9 cents))
o Revenue and earnings growth was achieved during a period of substantial
infrastructure investment, integration and planned operational downtime and
has provided a tremendous platform for further future growth
o Jubilee delivered strong cash flows from operating activities of £ 23.8
million (ZAR 108 million) (2020: positive cash flow of £ 19.4 million (ZAR
415.4 million))
o During the year under review, a total of £ 19.8 million (ZAR 391.9
million) was invested in acquisitions and purchases of property, plant and
equipment compared with the previous year's total investment of £ 26.1
million (ZAR 558 million) while a further £ 1.8 million (ZAR 35.5 million)
(2020: £ 4.2 million (ZAR 89 million)) of external debt obligations were
repaid
o Earnings per share up 93%, to 1.81 pence (ZAR 37.50 cents) (2020: 0.94
pence (ZAR 18.47 cents))
o The Group boosted its operating profit by a strong 189%, to £ 45.9
million (ZAR 949 million) (2020: profit of £ 15.9 million (ZAR 313.2
million)), with an operating margin of 35% (2020: 29%)
o The Group's balance sheet strengthened substantially, with total assets
increasing by 49 %, to £ 195 million (ZAR 3.9 billion) (2020: £ 130.6
million (ZAR 2.8 billion))
o Total equity increased to £ 136.5 million (ZAR 2.7 billion), from £ 94.2
million (ZAR 2 billion) the year earlier, maintaining a strong equity ratio of
70% (2020: 72%)
o The Group's gearing remains low, with the net cash position and current
assets(4) covering 147% (2020: 92.7%) of total liabilities
1.
For income statement purposes conversions are at the average £:ZAR rates for
the period under review and for balance sheet purposes at the spot
rate as at year end. All other conversions are at rates at the time announced
2.
Attributable operational earnings represent Jubilee's net share of operational
earnings after distributions to JV partners and before development
costs
3.
Adjusted for non-cash expenses including impairments, gain on bargain purchase
and share based payments
4.
Current assets include inventory, trade and other receivables and cash and
cash equivalents
Operational Highlights
o Achieved stated target of 50 162 PGM(5) ounces for FY2021 (up 23% compared
with 40 743 ounces for FY2020); this was achieved during a period which
included the construction and commissioning of two new chrome beneficiation
facilities and the commencement of the construction of the expanded and
refocused Inyoni PGM operation
o Chrome Operations delivered 751 223 tonnes of chrome concentrate (2020:
377 883 tonnes), generating chrome revenue of £ 34.5 million (ZAR 714
million) (2020: £ 17.2 million (ZAR 339.1 million)) on the back of increased
operational capacities; this is set to increase further with the commencement
of commissioning of the new Chrome Beneficiation circuit completed during Q2
CY2021
o Secured the rights to a further approximately 150 million tonnes of copper
containing surface tailings, targeted to be upgraded at site before
refining at Jubilee's targeted Northern Refinery in Zambia. This will be done
through a joint operation with the mining rights' holder. Project Elephant
alone holds the potential to produce copper concentrates in excess of the
total Sable Refinery capacity of 14 000 tonnes per annum of copper
cathode
o Copper production reached 2 026 tonnes since commissioning as part of
enabling operational readiness to accept first copper concentrate
production from Project Roan. Project Roan's integrated copper concentrator is
on track for commissioning by January 2022
o Sable Refinery achieved positive earnings as part of its operational
readiness activities with attributable operating earnings of £ 3.7 million
for FY2021 compared with £ 1.2 million for FY2020
5.
6 Element Platinum Group Metals (platinum, palladium, rhodium, ruthenium,
iridium + gold)
Operational Highlights Post the Period Under Review
o On 24 August 2021, Jubilee executed a binding Memorandum of Understanding
with Mopani Copper Mines Plc, a subsidiary of ZCCM Investment Holdings
Plc in Zambia, ("Mopani", "ZCCM" and collectively the "Parties") for the
implementation of additional copper and cobalt refining capacity as part of
the implementation of Jubilee's Northern Copper and Cobalt Refining Strategy
(the "Agreement")
o The Northern Refining Strategy targets to establish an initial 17 000
tonnes of copper refining capacity in addition to the Sable Refinery's 14 000
tonnes per annum. In addition, a cobalt refining capacity is being targeted as
part of the Northern Refining Strategy
o The Northern Refining Strategy targets the processing of the Kitwe and
Luanshya copper and cobalt tailings project to fast track the implementation
of the Project which has access to more than 275 million tonnes of tailings
o The Northern Refining Strategy offers the opportunity for accelerated
investment into the region
o Jubilee is committed to prioritising local employment for the accelerated
Project implementation
o Project Roan successfully navigated the challenges posed by Covid-19
restrictions and is set to commence commissioning targeting to reach
commercial production by Q1 CY2022
o The expansion project of Inyoni PGM operations including an extended
recovery circuit to target a variety of feed materials, was completed during
October 2021
o On 15 September 2021, Jubilee successfully concluded the buy-out of the JV
partner in Project Roan while also increasing its JV position at Project
Elephant.
Key financial and operational indicators
12 months to 12 months to
Unit 30 June 30 June
2021 2020
Group
Revenue £'000 132 845 54 775
Attributable earnings(1) £'000 71 112 25 088
Attributable earnings margin % 54 46
EBITDA £'000 50 335 22 210
Adjusted EBITDA(2) £'000 52 153 22 643
Adjusted EBITDA margin % 39 41
PGM
PGM revenue £'000 88 754 34 590
PGM revenue $'000 112 779 43 594
Attributable PGM earnings £'000 62 847 21 486
Attributable PGM earnings $'000 84 632 27 079
Attributable PGM earnings margin % 75 62
Attributable PGM ounces produced oz 50 162 40 743
PGM revenue per ounce $/oz 2 248 1 070
PGM attributable earnings per ounce $/oz 1 687 665
Adjusted PGM production unit cost(3) $/oz 537 541
Chrome
Chrome revenue £'000 34 506 17 158
Chrome revenue(4) $'000 47 004 21 624
Attributable chrome earnings £'000 3 082 803
Attributable chrome earnings $'000 4 150 1 013
Attributable chrome earnings margin % 9 5
Attributable chrome tonnes produced tonnes 751 223 377 883
Chrome revenue per tonne $/t 63 57
Chrome attributable earnings per tonne $/t 6 3
1. Attributable earnings refer to
earnings allocated to the group based on the group's contractual rights in
each project and excludes Group overheads and non-cash expenses including
impairments, gain on bargain purchase, share based payments and foreign
exchange differences.
2. Adjusted EBITDA refers to EBITDA
adjusted for non-cash expenses including impairments, gain on bargain
purchase, share based payments and foreign exchange differences on
transactions.
3. The adjusted PGM production unit cost
includes all direct and indirect costs attributable to the project including
allocated corporate charges. The costs for the period under review includes
all the operating costs for the Windsor PGM JV allocated to the Jubilee
attributable PGM ounces.
4. The chrome revenue is recognised on
an ex-works basis after costs of export logistics including freight, shipping
and marketing.
Chief Executive Officer's Review
The Jubilee team delivered an exceptional performance during this financial
year, achieving growth in all of our core business units; PGMs and Chrome and
also generating maiden earnings from our new Zambian Copper portfolio. During
this period, Jubilee in addition executed a number of targeted transactions
and investments valuing £ 20 million, to not only underpin our growth but
which also offer the opportunity for further growth. A brief summary of the
transactions and investments included:
Chrome and PGM
o On 13 August 2020, Jubilee entered into a third party Run-Of-Mine ("ROM")
chrome ore offtake agreement that fully commits its 70 000 tonnes per month
Windsor chrome beneficiation plant for the next three years, with an option
for this to be extended further;
o On 24 August 2020, Jubilee executed a processing agreement whereby it was
appointed as operator to design, operate and capitalise the expansion of a ROM
chrome beneficiation plant to reach 80 000 tonnes per month for a minimum
period of 3 years;
o During February 2021, Jubilee commenced with the capitalisation and
expansion of the 50 000 tonnes per month Inyoni PGM plant to a 75 000 tonnes
per month processing facility. This formed part of the refocusing of the
Inyoni Operation to a third-party processing facility for a variety of
clients;
o On 3 June 2021, Jubilee has entered into a further long-term, 10+ years of
mine life, PGM feed supply agreement, with a chrome mining customer, offering
Jubilee the opportunity to expand its PGM Operations into the Eastern Limb of
the PGM-rich Bushveld Complex. In addition, Jubilee has acquired the rights to
the processing of 255 000 tonnes of PGM containing chrome tailings in the
Eastern Limb, further increasing Jubilee's existing surface PGM tailings;
o On 4 June 2021, Jubilee announced that it had in addition secured the
right to process a further 944 000 tonnes of PGM containing tailings in the
Eastern Limb of the PGM-rich Bushveld Complex
Copper and Cobalt
o On 6 August 2020, Jubilee established Project Roan by signing a joint
venture agreement with a private Zambian company, to secure the rights to
process 2 million tonnes of copper ROM material containing in excess of 2%
copper, with the potential to increase the ROM material to 4 million tonnes in
addition to a further approximate 6 million tonnes of copper tailings. The
construction of the new copper concentrator is underway targeting to commence
commissioning activities by January 2022;
o On 5 November 2020, Jubilee established Project Elephant by concluding a
further JV copper tailings transaction to secure the rights to an additional
approximately 115 million tonnes of copper and cobalt containing surface
tailings in Zambia. This transaction combined with the 150 million tonnes
secured at Luanshya established the Northern Copper and Cobalt
Refinery strategy;
o Jubilee completed the capitalisation of the ROM ore processing circuit to
enhance the Sable Refinery's processing capabilities.
Post the period under review
o On 24 August 2021, Jubilee executed a binding Memorandum of Understanding
with Mopani Copper Mines Plc as part of its Northern Copper and Cobalt
Refining Strategy;
o On 15 September 2021, Jubilee successfully concluded the buy-out of the JV
partner in Project Roan while also increasing
its JV position at Project Elephant.
While all of this work understandably has put significant pressure on
day-to-day operations, I am thrilled to still be reporting further
production and earnings progress. Crucially, the investment, time and effort
spent in building and integrating these facilities has set a platform for
tremendous potential growth opportunities. The significant upgrade undertaken
at the Inyoni PGM Operations which was completed post the period under review
in October 2021, has enabled Inyoni to pursue a variety of PGM feed materials
ensuring a long-term sustainable operation. The disruption to production
caused by this significant upgrade during the current H2 CY2021 period is
expected to be recovered during H1 CY2022.
We have seen further growth in South Africa during the period under review,
with a number of new, long term PGM supply agreements, each of significant
strategic value given their locations on the Eastern Limb of the mineral-rich
Bushveld Complex. As well as demonstrating our ability to win and form
partnerships with key chrome mining clients, these new supply agreements
provide us with the opportunity to replicate the success of our Inyoni
Operation in the Western Limb region, which is of significant value to us in
supplying a continued and sustained chrome and PGM feed.
With the support of our long-term stakeholders, along with some very welcome
blue-chip institutional investors to the share register during the period, our
maturing Company continues on a very exciting growth trajectory, both
operationally and financially, as our strategy continues to be implemented.
Operationally, the Company has achieved its stated target of 50 000 PGM ounces
for FY 2021 at 50 162 ounces (an increase of 23% compared with 40 743 ounces
for FY2020). This target was achieved during a period which included the
construction and commissioning of two new chrome beneficiation
facilities and the commencement of the construction of the expanded Inyoni PGM
operation which is expected to be completed during Q4 of CY2021. The expansion
and upgrade of the Inyoni operations is in-line with the re-focusing of the
Inyoni operations from previously only processing historical tails stockpiled
and generated by Hernic Ferrochrome Proprietary Limited, prior to it being
placed in Business Rescue and the assets ultimately being sold to Samancor, to
focusing Inyoni on the processing of feed material supplied by a variety of
clients secured under medium- and long-term feed supply agreements. During the
period under review, the Company also expanded its operational footprint in
the Eastern Limb of the Bushveld Complex in South Africa - a strategic
development which demonstrates Jubilee's ability to continue to grow its
business by re-investing its earnings into high growth projects.
Chrome operations achieved 751 223 chrome concentrate tonnes for FY2021 (377
883 tonnes during FY2020) on the back of increased operational capacities.
This is set to increase further with the commissioning of the new Chrome
Beneficiation circuit, which was completed at the end of Q2 CY2021.
In Zambia, early earnings from copper production were achieved. Copper
production increased to 1 387 tonnes of copper for FY2021 as part of the
process of securing operational readiness to accept first copper concentrate
production from Project Roan. Project Roan's integrated copper concentrator is
set for commissioning and targeting to commence commercial operations during
Q1 CY2022, which will result in the first significant increase in copper
production by the Sable Refinery targeting 10 000 tonnes of copper units
annually. The fully operational Sable Refinery achieved positive earnings as
part of its operational readiness activities with attributable operational
earnings of £ 3.7 million for FY2021 compared to £ 1.2 million for FY2020.
Achieving first delivery, on time, of partially upgraded copper concentrate
from Project Roan to the fully operational Sable Refinery was the first major
step in Jubilee's commitment to achieving its targeted production of 25 000
tonnes per annum of copper within the next four years. The commissioning of
the integrated copper concentrator is on track and scheduled to reach
commercial production in Q1 CY2022, while Jubilee's second copper project,
located in the Luanshya area, has completed the development programme and is
concluding the detail design phase to commence the implementation programme in
the next few months.
On 24 August 2021, Jubilee executed a binding Memorandum of Understanding with
Mopani Copper Mines Plc, a subsidiary of ZCCM Investment Holdings Plc in
Zambia, ("Mopani", "ZCCM" and "Parties") for the implementation of additional
copper and cobalt refining capacity through the re-capitalisation of existing
refining capacity placed under care and maintenance by Mopani (the
"Agreement"). The Agreement forms a key part of Jubilee's Northern Refining
strategy which offers the potential to establish an accelerated refining
presence at both its Sable Refinery in the South as well as at Kitwe in the
North to better serve all of its secured copper and cobalt tailings projects
- offering the potential of a combined refining capacity of 31 000 tonnes of
copper units per annum. Jubilee is now able to accelerate the implementation
of its Zambian copper strategy at significantly reduced capital and project
risk.
Chairman's Statement
As we have done over recent years, our company has experienced another year of
significant progress across all aspects of the business. Jubilee has
delivered a strong financial performance with growth in all aspects of the
business, both in South Africa and in Zambia, during a phase of new build,
extension to existing facilities and feed and new project acquisitions.
As a rapidly developing company, the Board has exercised considerable
attention to ESG matters to ensure that there is no disconnect between
operational and financial performance, against our environmental, social and
governance obligations. ESG has always been at the heart of what Jubilee
does and is captured in The Jubilee Way of doing business. I am pleased to say
that the word "obligations", whilst being a modern requirement, has always
been at the forefront of the Board's mind and as such further formalisation of
our protocols has not been unduly onerous. We continue to progress
formalisation to ensure that all aspects of our business remain synchronised,
with a common mission of responsible, efficient and strongly commercial
growth.
The effects and uncertainty of the COVID-19 pandemic remains to be felt by the
world. Jubilee continues to navigate these effects with our operations being
able to, in the most part, avoid any direct impact. While our construction
projects in Zambia were impacted for a time by the disruptions in supply
chains and freight logistics, I am pleased that, despite these impacts, we
will shortly commence with the commissioning of our new copper concentrator at
Project Roan in Zambia with delivery of copper concentrates to our Sable
Refinery on track for Q1 CY2022 next year. At the outset of the pandemic, we
put in stringent testing and reporting measures to protect our staff. I do
thank everyone involved in the Company for the responsible approach to this
pandemic, which we remain incredibly vigilant of.
The year under review was about successfully extending and consolidating our
chrome and PGM operations in South Africa as we aimed to serve a wider client
base to de-risk the business from any one source, especially following the
financial collapse of Hernic Ferrochrome, while also establishing and
expanding our copper presence in Zambia. We successfully completed a major
upgrade programme at Inyoni which has significantly enhanced our processing
capabilities with us now able to process a wide variety of third-party
materials leaving us in a unique position to further capitalise on the
materials in the market.
In terms of our Zambian operations, we announced during the year the
acquisition of several tailings projects in Luanshya and Kitwe, which amounted
to gaining the rights to some 300 million tonnes of tailings of varying grades
of copper, and in some cases cobalt. The period saw the ramping up of
production at the Sable Refinery as they prepare for the commissioning of
Project Roan which targets an annual 10 000 tonnes of copper, which may
increase to 14 000 tonnes per annum.
Post the period under review, we announced a binding MOU for the Mopani
Refining Facility and peripheral hardware which will significantly accelerate
our production plans for the Luanshya and Kitwe tailings as part of our
Northern Copper and Cobalt refining strategy. The acquisition of these
redundant facilities and refurbishing, together with localised tailings dams,
will greatly reduce our capital requirements and bring forward processing
availability timing by at least 2 years. In general, our achievements in the
Zambian copper arena are advancing to plan and we fully expect to attain our
target of 25 000 tonnes of annualised copper production to be achieved. The
copper potential of Zambia remains and as such we maintain an aggressive
programme to advance our position and annual production in country.
At the beginning of May 2021, we announced our option with Caerus Mineral
Resources Plc to research and test dumps in Cyprus left by many mining
operations over many years. The dumps are likely to be copper and gold
containing, and a number of cases could be quite sizable. We are currently
carrying out test work on a number of samples derived from various sites, with
a view to assessing likely processing results. The dumps are thought to be
high grade, both in copper and gold. This option represents our first venture
out of Africa and commences the role out of our brand, which we call The
Jubilee Way, since the way of doing business in the tailings space is unique
to our company.
In terms of PGM and chrome production, we increased our financial performance
throughout the period despite a planned significant upgrading of our Inyoni
Operations, which was disruptive to the current operation and completed post
the period under review in October 2021. The new expanded Inyoni Operations
are now able to process a variety of feed sources which was previously limited
to the treatment of historical material provided by the then Hernic.
Towards year end we announced a substantial acquisition for the rights to 944
000 tonnes of PGM containing tailings in the Eastern Limb, which marks our
entry into gaining position in the Eastern Limb of the South African Bushveld
Complex. The move to PGM supply agreements in the Eastern Limb was a key
strategic decision too, giving access to this area offering a platform to
pursue further growth opportunities.
During the year we have seen with the pandemic biting into everyone's lives in
various ways, showing no respite and reproducing itself in new forms and the
uncertainty of pandemic management still exists. Against this uncertain
environment stock markets have advanced to all-time highs and commodity prices
have seen unprecedented growth. Any and all metals which will be required for
future clean energy generation or storage have seen significant price
increases. The outlook for copper in particular remains buoyant, with many
predictions that the year CY2030 will see a doubling in demand for copper. I
for one, see the supply side being severely challenged, with Chile as a major
contributor to the copper supply, being challenged technically and socially.
The large copper systems that are now in favour are few and far between and
have a gestation period of some twelve years. The lack of big projects being
developed will, to me, facilitate smaller copper production from both surface
and underground mines. The reason being simply that the period to bring into
production is much less. The inability of supply to keep up the demand should
keep the price of copper above US$ 8 500 per tonne. We do, however, anticipate
that prices may exceed US$ 11 000 per tonne during CY2023 and beyond. The
possession of copper secondaries, mined and on surface, gives Jubilee a very
good position in tomorrow's copper production and promises superior returns to
its shareholders.
Likewise, in the PGM space, we see the emergence of the fuel cell,
particularly in China, which will underpin the PGM price and increase the
price as demand for fuel cell energy increases over the coming years. Your
company is well positioned in the new energy space and has a style of doing
business which is both unique and transferable, The Jubilee Way.
We look forward to continuing to deliver to our shareholders with our further
growth and development in the exciting space of waste retreatment. We most
definitely have a first mover advantage.
Finally, I would like to thank everyone in our team for the tireless efforts
in producing splendid results in challenging times. Upwards and onwards, and
long may it continue.
Colin Bird
Non-executive Chairman
2 December 2021
Group statements of financial position at 30 June 2021
Figures in Sterling 2021 2020
Assets
Non-current assets
Property, plant, and equipment 33 011 518 20 076 448
Intangible assets 58 831 075 72 901 175
Investments in subsidiaries - -
Investments in associates 426 505 450 598
Loans to Group companies - -
Other financial assets 7 234 002 3 406 644
Deferred tax 9 463 653 3 223 254
108 966 753 100 058 119
Current assets
Other financial assets 544 195 -
Inventories 17 765 937 2 140 239
Current tax assets 466 176 -
Trade and other receivables 38 126 369 13 083 307
Contract assets 9 154 250 5 408 622
Cash and cash equivalents 19 643 047 9 947 822
85 699 974 30 579 990
Total assets 194 666 727 130 638 109
Equity and liabilities
Equity attributable to equity holders of parent
Share capital and share premium 120 013 187 114 585 392
Reserves 6 612 905 10 317 560
Accumulated profit/(loss) 6 753 964 (33 201 211)
133 380 056 91 701 741
Non-controlling interest 3 162 527 2 479 277
136 542 583 94 181 018
Liabilities
Non-current liabilities
Other financial liabilities 2 803 434 10 428 719
Lease liabilities 164 088 -
Deferred tax liability 14 997 333 10 944 698
Provisions 720 759 694 358
18 685 614 22 067 775
Current liabilities
Other financial liabilities 5 337 310 1 460 968
Trade and other payables 29 338 988 12 422 880
Contract liabilities - 505 468
Revolving credit facility 3 839 225 -
Current tax liabilities 923 007 -
39 438 530 14 389 316
Total liabilities 58 124 144 36 457 091
Total equity and liabilities 194 666 727 130 638 109
The financial statements were authorised for issue and approved by the Board
on 2 December 2021 and signed on its behalf by:
Leon Coetzer
Chief Executive Officer
Company number: 04459850
Group statements of comprehensive income for the year ended 30 June 2021
Figures in Sterling 2021 2020
Revenue 132 845 252 54 774 818
Cost of sales (61 733 675) (29 687 220)
Gross profit 71 111 577 25 087 598
Other income - 1 470 631
Operating expenses (25 728 382) (10 670 041)
Operating profit 45 383 195 15 888 188
Investment revenue 500 173 125 264
Fair value adjustments (1 161 418) (5 021 585)
Gain on bargain purchase through business
combinations
- 6 606 755
Finance costs (1 673 787) (2 420 875)
Share of loss from associates (24 093) (1 444 879)
Profit before taxation(1) 43 024 070 13 732 868
Taxation (2 792 867) 4 495 716
Profit for the year 40 231 203 18 228 584
Earnings for the year
Attributable to:
Owners of the parent 39 599 917 18 320 392
Non-controlling interest (631 287) (91 808)
40 231 203 18 228 584
Earnings per share (pence) 1.81 0.94
Diluted earnings per share (pence) 1.78 0.93
Reconciliation of other comprehensive income:
Profit for the year 40 231 203 18 228 584
Other comprehensive income:
Exchange differences on translation foreign operations
(3 863 624) (12 388 588)
Total comprehensive profit 36 367 579 5 839 996
Total comprehensive profit attributable to:
Owners of the parent 35 707 874 6 317 824
Non-controlling interest 659 705 (477 828)
36 367 579 5 839 996
Group statements of changes in equity for the year ended 30 June 2021
Total attributable to equity holders of the Group/ Company
Share capital and share premium Foreign currency Translation Share- based payment reserve
reserve Convertible Non-
Merger reserve notes reserve Total reserves Accumulated controlling interest Total equity
Figures in Sterling loss
Group
Balance at 30 June 2019
105 820 411 (3 587 451) 23 184 000 2 519 435 203 040 22 319 024 (51 842 700) 76 296 733 2 393 082 78 689 814
Changes in equity
Profit for the year - - - - - - 18 320 392 18 320 392 (477 828) 17 842 564
Other comprehensive income
- (12 002 568) - - - (12 002 568) - (12 002 568) - (12 002 568)
Total comprehensive income for the year
- (12 002 568) - - - (12 002 568) 18 320 392 6 317 824 (477 828) 5 839 996
Issue of share capital net of costs
8 764 981 - - - - - - 8 764 981 - 8 764 981
Share warrants issued - - - 205 903 - 205 903 - 205 903 - 205 903
hare options exercised/lapsed
- - - (324 597) - (324 597) 321 097 (3 500) - (3 500)
Share options issued - - - 119 800 - 119 800 - 119 800 - 119 800
Business combinations - - - - - - - - 564 024 564 024
Total changes 8 764 981 (12 002 568) - 1 106 - (12 001 462) 18 641 489 15 405 008 86 196 15 491 204
Balance at 30 June 2020 114 585 392 (15 590 019) 23 184 000 2 520 541 203 040 10 317 562 (33 201 211) 91 701 741 2 479 278 94 181 020
Changes in equity
Profit for the year - - - - - - 39 599 917 39 599 917 659 705 40 259 622
Other comprehensive income
- (3 892 044) - - - (3 892 044) - (3 892 044) (3 892 044)
Total comprehensive income for the year
- (3 892 044) - - - (3 892 044) 39 599 917 35 707 873 659 705 36 367 578
Issue of share capital net of costs
5 427 796 - - - - - - 5 427 796 - 5 427 796
Share warrants exercised
- - - (232 812) - (232 812) 232 812 - - -
Share warrants issued - - - 161 974 - 161 974 - 161 974 - 161 974
Share options exercised/lapsed
- - - (156 821) - (156 821) 145 990 (10 830) - (10 830)
Share options issued - - - 415 046 - 415 046 - 415 046 - 415 046
Changes in ownership no control lost
- - - - - - (23 544) (23 544) 23 544 -
Total changes 5 427 796 (3 892 044) - 187 387 - (3 704 657) 39 955 175 41 678 315 683 249 42 361 563
Balance at 30 June 2021 120 013 187 (19 482 063) 23 184 000 2 707 928 203 040 6 612 905 6 753 964 133 380 056 3 162 527 136 542 583
Group statements of cash flow for the year ended 30 June 2021
Figures in Sterling 2021 2020
Cash flows from operating activities
Cash generated from operations 33 002 604 21 734 031
Interest income 500 173 125 264
Finance costs (1 673 787) (2 420 875)
Taxation paid (8 034 521) -
Net cash from operating activities 23 794 469 19 438 420
Cash flows from investing activities
Purchase of property, plant, and equipment (17 865 679) (1 389 730)
Sale of property, plant, and equipment (8 427) 246 783
Purchase of intangible assets (1 942 019) (16 713 185)
Business combinations - (7 732 100)
Net cash from investing activities (19 816 125) (25 588 232)
Cash flows from financing activities
Net proceeds on share issues 1 144 436 5 696 278
Proceeds from revolving credit facilities 3 839 225 -
Proceeds from trade financing arrangements 2 525 914 -
Increase in loans to joint ventures (4 371 552) (276 235)
Decrease in other financial liabilities (1 795 310) (4 168 297)
Lease payments (219 847) -
Net cash from financing activities 1 122 866 1 251 746
Total cash movement for the year 5 101 210 (4 898 066)
Total cash at the beginning of the year 9 947 822 18 865 288
Effect of exchange rate movement on cash balances 4 594 015 (4 019 400)
Total cash at end of the year 19 643 047 9 947 822
Notes to the Group financial statements for the year ended 30 June 2021
1. Statement of accounting policies
Jubilee Metals Group PLC is a public company listed on AIM of the LSE and Altx
of the JSE, incorporated and existing under the laws of England and Wales,
having its registered office at 1st Floor, 7/8 Kendrick Mews, London, SW7 3HG,
United Kingdom.
The Group and Company results for the year ended 30 June 2021 have been
prepared using the accounting policies applied by the Company in its 30 June
2021 annual report, which are in accordance with International Financial
Reporting Standards ("IFRS") and IFRC interpretations, as issued by the
International Accounting Standards Board ("IASB") and adopted for use in the
EU (IFRS), including the SAICA financial reporting guides as issued by the
Accounting Practices Committee and the Companies Act 2006 (UK).
The financial statements are presented in Pound Sterling. For income statement
purposes conversions are at average exchange rates and for balance sheet
purposes at the closing rate as at the period end. All other conversions are
at rates as at the time announced.
2. Earnings per share
Figures in
Sterling
2021 2020
Earnings attributable to ordinary equity holders of the parent (£) 39 599 917 18 320 392
Weighted average number of shares for basic earnings per share 2 185 345 903 1 955 965 289
Effect of dilutive potential ordinary shares
- Share options and warrants 40 742 711 19 299 151
Diluted weighted average number of shares for diluted earnings per share 2 226 088 614 1 975 264 440
Basic earnings per share (pence) 1.81 0.94
Diluted basic earnings per share (pence) 1.78 0.93
The Group reported a net asset value of 6.09 pence (ZAR 120.43 cents) (2020:
4.46 pence (ZAR 95.26 cents)) per ordinary share. Tangible net asset value for
the period under review was 1.99 pence (ZAR 39.42 cents) (2020: 1.01 pence
(ZAR 21.52 cents)). The total number of ordinary shares in issue at 30 June
2021 was 2 242 509 468 (2020: 2 112 509 573) shares.
There have been no other transactions involving ordinary shares or potential
ordinary shares between the reporting date and the date of authorisation of
these financial statements. There were no share transactions post year end to
the date of this report that could have impacted earnings per share had it
occurred before year end.
3. Share Capital, Share Premium and Warrants
Figures in pound
sterling
2021
2020
Authorised
The share capital of the Company is divided into an unlimited number of
ordinary shares of £ 0.01 each.
Issued share capital fully paid
Ordinary shares of 1 pence each 22 425 093 21 125 096
Share premium 97 588 094 93 460 296
Total issued capital 120 013 187 114 585 392
The Company issued the following shares during the period:
Number of Issue price
Date issued shares (pence) Purpose
Opening balance at 1 July 2020 2 112 509 573
07-Dec-20 694 445 6.120 Warrants
12-Jan-21 19 417 476 3.375 Warrants
13-Jan-21 610 445 4.000 Warrants
13-Jan-21 1 473 055 3.380 Warrants
21-Jan-21 80 728 619 2.810 Debt settlement
21-Jan-21 4 393 736 13.000 Director dealing
21-Jan-21 14 760 730 13.000 Director dealing
03-Feb-21 4 000 000 3.400 Warrants
08-Feb-21 3 000 000 6.000 Options exercised
18-Feb-21 80 000 6.120 Warrants
09-Mar-21 200 000 6.120 Warrants
11-Mar-21 502 500 6.120 Warrants
14-May-21 138 889 6.120 Warrants
Closing balance at 30 June 2021 2 242 509 468
During the year share transaction costs accounted for as a deduction from the
share premium account amounted to £ 314 842 (2020: £ 747 412). On 21
September 2021, post the period under review, the Company issued 187 149 096
new ordinary shares at a price of 16.03 pence to raise £ 30 million before
expenses, bringing the total shares in issue at the date of this report to 2
429 658 564 shares.
The company recognised a share-based payment expense in the share premium
account in an amount of £ 161 974 (2020: £ 205 903) in accordance with
section 610 (2) of the United Kingdom Companies Act 2006. The charge relates
to the issue of new Jubilee shares in lieu of warrants exercised and the
amount was accounted for as a deduction from the share premium account.
Warrants
At year-end and at the last practicable date the Company had the following
warrants outstanding:
Subscription Share price at issue date
Issue Date Number of Price Expiry (pence)
warrants pence date
19 Jan 2018 63 661 944 6.12 19 Jan 2023 3.55
28 Dec 2018 10 000 000 3.38 28 Dec 2023 2.40
19 Nov 2019 7 818 750 4.00 19 Nov 2022 4.13
22 Jun 2020 750 000 3.40 22 Jun 2023 3.90
21 Jan 2021 4 036 431 13.00 21 Jan 2024 13.20
86 267 125
Reconciliation of the number of warrants in issue
2021 2020
Opening balance 112 292 488 99 113 293
Issued during the year 4 036 431 13 179 195
Expired/exercised during the year (30 061 794) -
Closing balance 86 267 125 112 292 488
4. Segmental analysis
In the opinion of the Directors, the operations of the Group companies
comprise of four reporting segments being:
o the processing of PGM, chrome and copper containing materials ("Metals
Processing");
o a combination of targeted process consulting and developing, focussed on
the development and implementation of process solutions, specifically
targeting both liquid and solid waste streams from mine processes. This
includes existing pilot operations as part of the process development cycle to
provide mature solutions which includes extractive-metallurgy, pyro-metallurgy
and hydro-metallurgy ("Business Development");
o the exploration (Exploration); and
o the parent company operates a head office based in the United Kingdom,
which incurs certain administration and corporate costs. ("Corporate").
The Group's operations span five countries, South Africa, Australia,
Mauritius, Zambia and the United Kingdom. There is no difference between the
accounting policies applied in the segment reporting and those applied in the
Group financial statements. Madagascar does not meet the qualitative threshold
under IFRS 8, consequently no separate reporting is provided.
Segment report for the year ended 30 June 2021
Metals Processing Business development
Figures in Sterling Exploration Corporate Total
Total revenues 132 845 176 - - - 132 845 176
Cost of sales (62 398 524) 664 849 - - (61 733 675)
Profit/(loss) before taxation 47 254 824 565 611 (3 707) (4 792 657) 43 024 070
Taxation (2 792 867) - - - (2 792 867)
Profit/(loss) after taxation 44 461 957 565 611 (3 707) (4 792 657) 40 231 204
Interest received 480 418 - 71 19 685 500 175
Interest paid (1 673 786) - - - (1 673 786)
Depreciation and amortisation (5 111 143) - - - (5 111 143)
Total assets (154 959 693) (3 629 684) (34 626 843) 145 210 (193 071 011)
Total liabilities 50 721 441 (11 808 622) 16 253 772 1 361 839 56 528 430
Segment report for the year ended 30 June 2020
Metals Processing Business development
Figures in Sterling Exploration Corporate Total
Total revenue 54 774 818 - - - 54 774 818
Cost of sales (29 683 413) (3 807) - - (29 687 220)
Forex profits/(losses) 723 787 - - (65 433) 658 354
Profit/(loss) before taxation 20 107 447 (10 093) (956) (6 363 527) 13 732 871
Taxation 3 541 615 - - 954 101 4 495 716
Profit/(loss) after taxation 23 649 062 (10 093) (956) (5 409 427) 18 228 586
Interest received 101 214 - 167 23 883 125 264
Interest paid (2 245 776) - 35 (175 134) (2 420 875)
Depreciation and amortisation (6 501 760) - - - (6 501 760)
Total assets (90 719 255) (3 159 299) (33 507 643) (3 251 913) (130 638 110)
Total liabilities 31 175 924 11 130 297 15 958 164 453 299 36 457 091
6. Going Concern
Jubilee operates several chrome-Platinum Group Metal (PGM) operations in South
Africa and has commissioned a copper and cobalt circuit (the 'Sable' refinery)
in Zambia. The Company has a growth pipeline identified and significant
opportunities to find new projects in Africa (or globally); more specifically
it is looking to increase its copper (cobalt) production in Zambia to make
full use of its Sable Refinery. The company model is to treat its own waste
materials and to supplement these with third party ores and wastes where
possible.
Following conclusion of a number of transactions Jubilee now has increased PGM
production capacity built on the back of secured feed availability and
sustainability. Strong cash flows were generated from the established and
still growing PGM production now bolstered by additional copper cash flows and
profit provide for both liquidity and funding of further investments,
including now demonstrated ability to raise funding short and long term at
very competitive rates.
Jubilee has also secured increased chrome production capacity ensuring
sustainability through ROM supply contracts and continuous processing of
chrome with fixed margins (no market exposure and locked in profit), which now
secures ongoing current arisings PGM feed in addition to the secured
historical PGM tails. This gives optimal feed and further increases Jubilee's
resource. The transactions have also brought further opportunity for growth
and expansion in for example the Eastern Limb of the bushveld.
Copper is already generating cash prior to Project Roan coming on stream.
Jubilee is expecting a significant ramp up in copper activities in Zambia from
Q1 CY2022, making Zambia capable of being self-sufficient in terms of funding
for both current operations and future projects.
Jubilee's business strategy is based on three core business pillars:
Process research and development (R&D)
o Consists of a combination of targeted process consulting and R&D,
focussed on the development and implementation of process solutions,
specifically targeting both liquid and solid waste streams from
mine processes.
o Our R&D includes existing pilot operations as part of the process
development cycle to provide mature solutions which includes
extractive-metallurgy, pyro-metallurgy and hydro-metallurgy.
o This process has led to many previously non-viable environmental and
metals recovery projects becoming commercially viable. With the growing demand
for solutions to mining wastes and the growing requirement for 'Environmental,
Social & Corporate Governance' (ESG) in mining investments the pedigree,
experience and ability of Jubilee will be of increasing importance.
o Following a very strong demand in Africa, Jubilee has concluded two
acquisitions in Zambia to advance its footprint in other jurisdictions.
Operations
o Jubilee owns and operates recovery plants for the recovery of metals and
minerals, currently recovering precious metals including PGMs and Chrome and
targeting base metals including lead, zinc, vanadium and copper.
o Jubilee has a low-cost, high-margin business that capitalises on Jubilee's
experienced, technical management team which has developed innovative
processing techniques to generate cash from (mainly) the
waste material produced as part of the mining cycle; "the Jubilee Way".
Project Funding
o We are able to provide funding to support our partners within smaller or
larger companies to implement the waste recovery projects. Such funding would
be aimed at especially assisting in instances where the company holding the
mineral right prefers to be a passive investment partner.
o Our successful R&D work has set the pace for the Company to partner
with strategic owners of rights and waste material to form joint
operations where Jubilee plays the important role of operator and in some
instances funder.
The Group meets its day-to-day working capital requirements through cash
generated from operations. The Group's current operational projects are all
fully funded and self-sustaining.
The current global economic climate creates to some extent uncertainty
particularly over:
o the trading price of metals; and
o the exchange rate fluctuation between the US$ and the ZAR and thus the
consequence for the cost of the company's raw materials as well as the price
at which product can be sold.
The Group's forecasts and projections, taking account of reasonably possible
changes in trading performance, commodity prices and currency fluctuations,
indicates that the Group should be able to operate within the level of its
current cash flow earnings forecasted for the next twelve months.
The Group is adequately funded and has access to further equity placings,
which together with contracts with several high-profile customers strengthens
the Group's ability to meet its day-to-day working capital requirements,
including its capital expenditure requirements. Therefore, the directors
believe that the Group is suitably funded and placed to manage its business
risks successfully despite identified economic uncertainties.
The directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future,
thus continuing to adopt the going concern basis of accounting in preparing
the annual financial statements.
7. Events after the reporting period
7.1 Jubilee and Mopani Copper Mines Plc enter into binding MOU for Refining Facility for Copper
On 24 August 2021 Jubilee executed a binding Memorandum of Understanding with
Mopani Copper Mines Plc, a subsidiary of ZCCM Investment Holdings Plc in
Zambia, ("Mopani", "ZCCM" and collectively the "Parties") for the
implementation of additional copper and cobalt refining capacity through the
recapitalisation of existing refining capacity placed under care and
maintenance by Mopani (the "Agreement"). This additional refining capacity
targets to increase Jubilee's existing copper refining capacity by a further
17 000 tonnes of copper per annum (the "Project") and, together with the Sable
Refinery, increases the Group's total potential refining capacity to in excess
of 31 000 tonnes per annum. The Project will establish Jubilee's Northern
Zambian refining footprint for the refining of the copper and cobalt
concentrates produced at Jubilee's Kitwe and the Luanshya copper and cobalt
tailings. Jubilee's Sable Refinery will be dedicated to the refining of
concentrates produced by its Project Roan currently under construction and set
to commence commissioning by January 2022 as well as its copper tailings at
Kabwe and contracted third party ore suppliers.
As previously announced, during 2020 Jubilee entered into joint venture
agreements to secure rights to process over 300 million tonnes of copper and
cobalt containing tailings in Zambia. The copper and cobalt tailings are
located in three central locations in Zambia. With the addition of the
refinery at Mopani the project naming convention has been updated for clarity
as follows:
o Southern Refinery Strategy (14 000 tpa capacity) which incorporates the
Sable Refinery together with Project Roan located in the Ndola area; and
o Northern Refinery Strategy (17 000 tpa capacity) which incorporates the
newly targeted refinery at Mopani, called Leopard together with the copper
tailings project in the Luanshya area, called Project Lechwe (previously
Elephant 1), as well as the copper and cobalt tailings in the Kitwe area
called Project Elephant (previously called Elephant 2). Jubilee has secured
additional copper and cobalt tailings at Mufulira which is currently being
sampled to confirm the quantity and quality and will form part of the Project
Elephant resource.
Jubilee is planning to construct a processing facility at each of the three
locations. The first of the processing facilities is under construction at
Project Roan, which targets a ramp-up over three phase to reach full
production to a rate of approximate 10 000 tonnes of equivalent copper units
per annum with commissioning scheduled to commence by January 2022 and
reaching full production by end of Q2 2022. Roan commenced with the delivery
of early concentrate as part of its phase 1 commissioning to Sable Refinery in
April of this year.
The completion of the design work for the Company's second copper processing
facility, Project Lechwe, whereby Jubilee has secured the rights to
approximately 160 million tonnes of copper containing surface tailings, is
progressing well and remains on track. Project Lechwe targets to commence
production during Q4 2022 targeting a production rate of 7 500 copper units
per annum as part of the Northern Refinery Strategy.
7.2 Agreements to acquire ownership in Zambia Copper and Cobalt Tailings Projects and Placing
Jubilee announced significant further progress at its Copper and Cobalt
tailings projects in Zambia with the successful execution of three strategic
transactions (the "Transactions") which significantly increases its beneficial
interest across the Group's copper and cobalt tailings projects in Zambia. The
Transactions include Project Elephant (Kitwe Tailings Project), Project Roan
(Ndola Tailings Project) and the Mufulira Project (collectively, the
"Projects"). Completion of the Transactions is subject to fulfilment of
certain conditions precedent that are normal for transactions of this nature
including regulatory approvals and consent.
At completion of the Transactions, Jubilee will hold a 100% interest across
its integrated Southern Refining Strategy which includes the Sable copper
and cobalt refinery (14 000 tonnes per annum copper capacity) together with
Project Roan (10 000 tonnes per annum copper concentrator). In addition,
Jubilee increases its beneficial interest across its Northern Refining
Strategy, with Project Elephant's TD52 portion to 80.75% (highest copper and
cobalt concentration of all tailings within Project elephant) which is
specifically targeted by the accelerated development of Jubilee's cobalt
extraction process, Jubilee's beneficial interest at the Mufulira Project
increasing to 97%.
Combined, the Transactions have an aggregate value of c. US$ 24.77 million (c.
£ 17.83 million) and offers Jubilee the flexibility to better schedule the
development of the various tailings projects. As such Jubilee will increase
its investment into the Southern Refining Strategy by expanding Sable Refinery
to increase the copper sulphide recovery circuit as well as expanding the
cobalt recovery circuit.
Accordingly, the Company successfully completed an equity placing to raise
gross proceeds of c. £ 30 million (c. US$ 41.8 million) by way of a placing
of new ordinary shares at a price of 16.03 pence per share, which will be
applied to satisfy the consideration in respect of the Transactions and
towards the expansion of Sable Refinery while accelerating the capitalisation
and progress of Project Lechwe and Project Elephant.
8. Audit Opinion
The auditor's report on the annual financial statements of the Group was
unqualified and did not contain any statements under section 498(2) or (3) of
the Companies Act 2006.
Notice of Annual General Meeting and availability of the Group's Annual
Financial Statements
The Company also hereby gives notice of its 2021 Annual General Meeting
(http://www.jubileeplatinum.com/investors-and-media/announcements/2014/download/jubilee-notice-of-agm_2014.pdf)
("AGM"), which will be held on 29 December 2021 at 11:00 am UK time at the
offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG, to
transact the business as stated in the notice of AGM. The Group's Annual
(http://www.jubileeplatinum.com/investors-and-media/announcements/2014/download/Jubilee_ar2014.pdf)
Report for the year ended 30 June 2021, along with the Notice of AGM, has been
posted to the website, www.jubileemetalsgroup.com
(http://www.jubileemetalsgroup.com) together with the notice of the Company's
2021 Annual General Meeting
(http://www.jubileeplatinum.com/investors-and-media/announcements/2014/download/jubilee-notice-of-agm_2014.pdf)
.
In light of current restrictions on public gatherings and to ensure
shareholders can comply with the government measures, the Company has
concluded that shareholders will not be permitted to attend in person. The
Company therefore requests that shareholders cast their votes by proxy to be
received 48 hours (excluding non-business days) in advance of the time of the
AGM. Instructions on how shareholder can cast their votes for the AGM are
included in the Notice of AGM.
Following the AGM formal business on 29 December 2021, the Company will be
hosting a presentation, live streamed to give the shareholders an opportunity
for a general Company update and discussion of the group annual audited
results. Please send any questions you may have to
info@jubileemetalsgroup.com (mailto:info@jubileemetalsgroup.com) by 27
December 2021 to be addressed during the live stream. The link to
participate will be published on the Company's website via separate RNS.
Salient Dates:
Shareholders on the register who are entitled to receive the notice of AGM
(SA)
26 November 2021
Notice of AGM posted to shareholders 2 December 2021
Last date to trade in order to be eligible to participate in and vote at the
AGM (SA)
21 December 2021
Record date for the purposes of determining which shareholders are entitled to
participate in and vote at the AGM (UK)
23 December 2021
Latest time and date for receipt of CREST Proxy Instruction and other
uncertificated instructions (UK) 11:00 a.m. (UK time) 23 December 2021
Record date for the purposes of determining which shareholders are
entitled to participate in and vote at the AGM (SA) 24 December 2021
Latest time and date for receipt of Dematerialised Holding Instruction
and other uncertified instructions (SA) 1 p.m. (SA time) 28 December 2021
Annual General Meeting 11:00 a.m. (UK time) 29 December 2021
Results of the Annual General Meeting released on RNS and SENS 29 December 2021
*Ends*
For further information visit www.jubileemetalsgroup.com
(http://www.jubileemetalsgroup.com) , follow Jubilee on Twitter
(@Jubilee_Metals) or contact:
Jubilee Metals Group PLC
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
Broker - Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7186 9900
Joint Broker - WHIreland
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Questco Corporate Adviser
Sharon Owens
Tel +27 (0) 11 809 7500
PR & IR Adviser - Tavistock
Jos Simson/ Gareth Tredway/Charles Vivian
Tel: +44 (0) 207 920 3150
PR & IR Adviser - St Brides Partners Limited
ANNEXURE 1 - Headline earnings per share
Accounting policy
Headline earnings per share ("HEPS") is calculated using the weighted average
number of shares in issue during the period under review and is based on
earnings attributable to ordinary shareholders, after excluding those items as
required by Circular 1/2021 issued by the South African Institute of Chartered
Accountants (SAICA).
In compliance with paragraph 18.19 (c) of the JSE Listings Requirements the
table below represents the Group's Headline earnings and a reconciliation of
the Group's loss reported and headline earnings used in the calculation of
headline earnings per share:
Reconciliation of headline earnings per share
June 2021 June 2020
Gross Net Gross Net
£'000 £'000 £'000 £'000
Earnings for the period attributable to ordinary shareholders
39 600 - 18 320
De-recognition of other financial assets through profit or loss
- 5 021 4 067
Gain on bargain purchase - (6 607) (6 607)
Share of impairment loss from equity accounted associate
31 24 1 964 1 375
Fair value adjustments 1 161 1 161 - -
Headline earnings from continuing operations 40 785 17 155
Weighted average number of shares in issue ('000) 2 185 346 1 955 965
Diluted weighted average number of shares in issue ('000)
2 226 089 1 975 264
Headline earnings per share from continuing operations (pence)
1.87 0.88
Headline earnings per share from continuing operations (ZAR cents)
38.62 17.30
Diluted headline earnings per share from continuing operations (pence)
1.83 0.87
Diluted headline earnings per share from continuing operations (ZAR cents)
37.92 17.13
Average conversion rate used for the period under review £:ZAR
0.048 0.051
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