Preliminary Audited Results a

RNS Number : 8664Z

Jubilee Platinum PLC

29 September 2009

 



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 [phone]                        Tel [phone] 

Andrew Sarosi                                    Brian Christie/Leonard Eiser

Jubilee Platinum plc                              Sasfin Capital

Tel [phone]                        Tel [phone]

Matthew Robinson/Ed Frisby

FinnCap

Tel [phone]

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)

 

END

 

 

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