REG - Jubilee Platinum PLC - Interim Results <Origin Href="QuoteRef">JLP.L</Origin> - Part 2
30/03/2017 12:20
- Part 2: For the preceding part double click ID:nRSd0424Ba
contain a statement under section
498(2)-(3) of the Companies Act 2006.
2. Financial review
Earnings per share for the six months ended 31 December 2016 are presented as
follows:
Group Group Group
Unaudited Unaudited Audited
6 months 6 months 12 months
to 31 December to 31 December to 30 June
2016 2015 2016
GBP '000 GBP '000 GBP '000
Basic loss for the period - continuing operations (527) (1 681) (3 412)
Basic loss for the period - discontinued operations - (345) (283)
Total loss for the period (527) (2 025) (3 695)
Weighted average number of shares in issue ('000) - continued operations 994 765 688 633 906 241
Diluted weighted average number of shares in issue ('000) - continued operations 994 765 688 633 906 241
Weighted average number of shares in issue ('000) - discontinued operations 994 765 686 246 906 241
Diluted weighted average number of shares in issue ('000) - discontinued operations 994 765 686 246 906 241
Loss and diluted loss per share - continuing operations (pence) (0.05) (0.24) (0.38)
Loss and diluted loss per share - discontinued operations (pence) - (0.05) (0.03)
(0.05) (0.29) (0.41)
Loss and diluted loss per share - continuing operations (ZAR cents) (0.95) (5.09) (8.07)
Loss and diluted loss per share - discontinued operations (ZAR cents) - (1.04) (0.67)
(0.95) (6.13) (8.74)
The Group reported a net asset value of 6.07 (2015: 5.33) pence per share (ZAR
103.30 (2015: ZAR 96.23)) cents per share and a net negative tangible asset
value per share of 0.49 (2015: 0.74) pence per share (ZAR 8.32 (2015: ZAR
15.95)) cents per share.
The total shares in issue as at 31 December 2016 were 1 017 935 million (2015:
896 176 million). Other comprehensive income comprises foreign currency
translation differences which can be reclassified to profit and loss in
future.
Management continued to manage operating costs for the Group. Total operating
costs for the period (excluding depreciation and amortisation) reduced by 37%
to GBP 1.13 million compared to the comparative reporting period. The table
below sets out the major categories of operating costs for the period under
review.
Unaudited Unaudited
Group Group
6 months 6 months
to 31 December to 31 December
2016 2015
GBP '000 GBP '000
Admin, corporate and operational costs 209 473
Consulting and professional fees 575 489
Human resources 271 412
Repairs and Maintenance 6 298
Travelling 6 23
Corporate listing costs 60 73
Loss on exchange differences 12 27
Loss on disposal of fixed asset - 1
Total 1 138 1 797
3. Discontinued operations
The remaining purchase consideration of the Middelburg Disposal was calculated
at approximately GBP 0.39 million (ZAR 8.90 million*) net of closing
adjustments including stock and supplier adjustments. The final settlement
amount of GBP 0.46 million (ZAR 7.40 million) was received by Jubilee post the
period under review.
*=Conversion at time of announcement
Results of discontinued operations:
Unaudited Unaudited Audited
Group Group Group
6 months 6 months 12 months
to 31 December to 31 December to 30 June
2016 2015 2016
GBP '000 GBP '000 GBP '000
Revenue - 2 759 1 420
Expenses - (2 945) (1 697)
Results from operating activities - (186) (277)
Income tax - 6 -
Results from operating activities net of tax - (180) (277)
Non-controlling interest - (193) (7)
Loss attributable to owners of the parent - (374) (284)
Cash flows from (used in) discontinued operations
Cash flows from operating activities - 51 (45)
Cash flows from investing activities - - -
Cash flows from financing activities - - -
Net cash flows from discontinued operations - 51 (45)
Opening cash balance on discontinued operations - 139 163
Closing cash balance on discontinued operations - 190 118
Effect of disposal on the financial position of the Group
Property, plant and equipment - 5 265 -
Taxation - 4 -
Trade and other receivables - 2 041 -
Intangible assets - 1 358 -
Cash and cash equivalents - 190 -
Total assets - 8 858 -
Trade and other payables - 2 715 -
Deferred tax - 748 -
Total liabilities - 3 463 -
Net assets and liabilities - 5 395 -
4. Unaudited results
These interim results have not been reviewed or audited by the Group's
auditors.
5. Commitments and contingencies
There are no material contingent assets or liabilities as at 31 December
2016.
6. Dividends
No dividends were declared during the period under review (2015: nil).
7. Board
There were no changes to the board during the period under review.
8. Business segments
In the opinion of the Directors, the continued operations of the Group
companies comprise four reporting segments, being:
• the evaluation and development of PGM smelters utilising exclusive
commercialisation rights of the ConRoast smelting process, located in South
Africa ("PGM processing");
• 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");
• the exploration and development of Platinum Group Elements ("PGEs") and
associated metals ("PGE development") in South Africa ("Exploration and
development");
• The parent company operates a head office based in the United
Kingdom which incurred certain administration and corporate costs ("Other
operations").
The discontinued operations of the Group companies comprise:
• Base Metal Smelting in South Africa; and
• Electricity Generation in South Africa.
The Group's operations span five 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 applied in
the Group financial statements. Mauritius and Madagascar do not meet the
qualitative threshold under IFRS 8, consequently no separate reporting is
provided.
Segment report for the 6 months ended 31 December 2016
PGM processing Nickel Tailings Exploration and development Other operations Total Continuing operations
GBP '000
Total revenues (4 851) - - - (4 851)
Cost of sales 3 945 - - - 3 945
Forex losses/(profits) 4 - - (82) (78)
Loss before taxation 168 8 25 326 527
Taxation - - - - -
Loss after taxation 168 8 25 326 1 025
Interest received - - - (4) (4)
Finance cost - - - 42 42
Depreciation and Amortisation 400 - - - 400
Total assets 21 867 33 473 26 471 3 964 85 776
Total liabilities (6 506) (10 109) (4 130) (2 692) (23 436)
Segment report for the 6 months ended 31 December 2015
PGM processing Nickel Tailings Exploration and development Other operations Total Continuing operations Total Discontinuedoperations
GBP '000
Total revenues (7) - - (55) (62) (2 759)
Cost of sales - - - 1 1 1 422
Forex losses - - 3 24 27 -
Loss before taxation 692 7 (58) (2 322) (1 681) (277)
Taxation - - - - - -
Loss after taxation 692 7 (58) (2 322) (1 681) (277)
Interest received (39) - - (19) (58) 1
Interest paid - - - - - -
Depreciation and Amortisation 297 - - - - 348
Total assets 10 265 28 106 20 997 3 419 62 787 8 859
Total liabilities (663) (6) (17) (821) (1 506) (3 463)
Segment report for the year ended 30 June 2016
PGM processing Nickel Tailings Exploration and development Other operations Total Continued operations Total Discontinuedoperations
GBP '000
Total revenues (1 127) - - (346) (1 473) (1 420)
Cost of sales 589 - - 19 608 682
Forex (profits)/losses (8) - - 78 70 -
Loss before taxation 788 11 16 2 785 3 599 1 015
Taxation (202) - - - (202) -
Loss after taxation 586 11 16 2 785 3 397 1 015
Interest received (120) - - (24) (144) -
Interest paid - - - 13 13 -
Depreciation and Amortisation 598 - 1 - 598 -
Total assets 13 761 31 666 23 626 3 798 72 851 6 883
Total liabilities (2 879) (9 656) (3 886) (479) (16 899) (1 717)
9. Share issues
The Company issued 26 848 167 shares during the period under review which commenced on 1 July 2016 as follows:
Date Numberof shares Issue price (Pence) Nature ofthe issue
Opening balance 991 087 194
11 November 2016 312 872 1.3500 Director dealing
11 November 2016 263 833 1.5900 Director dealing
11 November 2016 361 740 1.8500 Director dealing
11 November 2016 212 362 3.3600 Director dealing
11 November 2016 187 768 3.5300 Director dealing
11 November 2016 205 843 3.2200 Director dealing
11 November 2016 222 508 3.1300 Director dealing
11 November 2016 81 241 3.3217 Director dealing
11 November 2016 25 000 000 3.5500 Warrants exercised
Closing balance at 31 December 2016 1 017 935 361
Shares issued after 31 December 2016
17 January 2017 2 300 000 3,1598 Warrants exercised
24 January 2017 2 500 000 3,1598 Warrants exercised
25 January 2017 10 550 581 3.2300 Warrants exercised
2 February 2017 2 500 000 3,1598 Warrants exercised
7 February 2017 2 000 000 3,1598 Warrants exercised
9 February 2017 1 000 000 3,1598 Warrants exercised
10 February 2017 1 000 000 3,1598 Warrants exercised
14 February 2017 1 450 000 3,1598 Warrants exercised
20 February 2017 500 000 2.5000 Warrants exercised
20 February 2017 625 000 2.0000 Warrants exercised
2 March 2017 10 000 000 4.7250 Warrants exercised
Balance as at last practicable date 1 052 360 942 (i)
(i) As announced on 17 March 2017 the Company issued 66 million ordinary shares through an equity placing. The expected date of admission of these shares is 31 March 2017 and entry into the Company's share register will follow after 31 March 2017. These shares are therefore not disclosed as issued as at 31 March 2017.
The following warrants were issued but not exercised at 31 December 2016:
Number of warrants Issue date Subscriptionprice (pence) Expiry date
12 750 000 21/02/2016 3,1598 21/02/2017
3 591 742 12/08/2016 4,7500 12/08/2018
18 244 825 23/03/2016 4,7250 23/03/2019
34 586 567
Warrants issued but not exercised as at the last practicable date are set out
below:
Number of warrants Issue date Subscriptionprice (pence) Expiry date
3 591 742 12/08/2016 4,7500 12/08/2018
8 244 825 23/03/2016 4,7250 23/03/2019
11 836 567
10. Going concern
The directors have adopted the going-concern basis in preparing the financial
statements.
11. Events subsequent to reporting date
Other than events disclosed in these results there were no other events
subsequent to the reporting period that requires disclosure.
12. Interim report
Printed copies of the interim report are available to the public free of
charge from the Company at 1st Floor 7/8 Kendrick Mews London SW7 3HG, United
Kingdom Tel: +44 (0) 20 7584 2155 Fax: +44 (0) 20 7589 7806 and from Jigsaw
Office Park, Ground Floor, Support Services Place, 7 Einstein Street, Highveld
Techno Park, Centurion, 0157, Gauteng during normal office hours for 30 days
from the date of this report and are also available for download from
www.jubileeplatinum.com.
Andrew Sarosi, Technical Director of Jubilee, who holds a B.Sc. Metallurgy and
M.Sc. Engineering, the University of the Witwatersrand and is a member of The
Institute of Materials, Minerals and Mining, is a "qualified person" as
defined under the AIM Rules for Companies. The technical parts of this
announcement have been prepared under Andrew Sarosi's supervision and he has
approved the release of this announcement.
Contacts
Jubilee Platinum plc
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Andrew Sarosi
Tel +44 (0)1752 221937
JSE Sponsor
Sasfin Capital, a division of Sasfin Bank Limited
Sharon Owens
Tel +27 (0)11 809 7500
Nominated Adviser
SPARK Advisory Partners Limited
Sean Wyndham-Quin/Mark Brady
Tel: +44 (0) 203 368 3555
Broker
Beaufort Securities Limited
Jon Belliss
Tel: +44 (0) 20 7382 8300
Registered offices:
United Kingdom
1st Floor 7/8 Kendrick Mews,
London SW7 3HG, United Kingdom
Tel: +44 (0) 20 7584 2155
Fax: +44 (0) 20 7589 7806
South Africa
Jigsaw Office Park,
Ground Floor,
Support Services Place
7 Einstein Street, Highveld Techno Park,
Centurion, 0157
Tel: +27 (0) 11 465 0913
Fax: +27 (0) 11 465 1895
Transfer secretaries:
Computershare Investor Services Proprietary Limited
70 Marshall Street, Johannesburg 2001
PO Box 61051, Marshalltown 2107
Company Secretary:
Capita Company Secretarial Services
40 Dukes Place
London, EC3A 7NH
Annexure 1
Reconciliation of Headline earnings per share Group Group Group
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31 December 2016 31 December 2015 30 June 2016
Headline loss per share comprises the following:
Continuing operations
Loss from continuing operations for the period attributable to ordinary shareholders (527) (1,681) (3,412)
Impairment of other financial assets - - 856
Loss on sale of property plant and equipment (1) (1) 1
Loss on exchange differences - - 81
Headline loss from continuing operations (528) (1,682) (2,474)
Weighted average number of shares in issue 994,765 688,633 906,241
Diluted weighted average number of shares in issue 994,765 688,633 906,241
Headline and diluted headline loss per share from continuing operations (pence) (0.05) (0.24) (0.27)
Headline and diluted headline loss per share from continuing operations (cents) (0.95) (5.09) (5.85)
Discontinued operations
Loss and headline loss from discontinued operations for the period attributable to ordinary shareholders - (277) (283)
Weighted average number of shares in issue - 688,633 906,241
Diluted weighted average number of shares in issue - 688,633 906,241
Headline loss per share from discontinued operations (pence) - (0.04) (0.03)
Diluted headline loss per share from discontinued operations (pence) - (0.04) (0.03)
Headline loss per share from discontinued operations (cents) - (0.84) (0.67)
Diluted headline loss per share from discontinued operations (cents) - (0.84) (0.67)
Average conversion rate used for the period under review GBP:ZAR 0.0559 0.0480 0.0467
This information is provided by RNS
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