Wrap Text
Unaudited condensed consolidated interim financial results for the six months ended 31 August 2012
PLATFIELDS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/005851/06)
Share code: PLL ISIN: ZAE000151825
("Platfields" or "the Company" or "the Group")
Unaudited condensed consolidated interim financial results for the six months ended 31 August 2012
Condensed consolidated statements of financial position
31 August 2012 31 August 2011 29 February 2012
Figures in Rand (Unaudited) (Unaudited) (Audited)
ASSETS
Non-current assets
Exploration assets 55 190 146 56 690 146 56 690 146
Current assets
Other receivables 357 644 98 646 431 007
Cash and cash equivalents 2 655 542 12 562 392 7 026 254
3 013 186 12 661 038 7 457 261
TOTAL ASSETS 58 203 332 69 351 184 64 147 407
EQUITY AND LIABILITIES
Equity 21 346 507 34 017 289 28 539 439
Non-current liability
Long-term liability 36 431 193 33 423 113 34 862 386
Current liabilities
Trade and other payables 425 632 1 910 782 745 582
TOTAL EQUITY AND LIABILITIES 58 203 332 69 351 184 64 147 407
Net asset value per share (cents) 3 4 4
Net tangible asset value per share (cents) (4) (3) (4)
Condensed consolidated statements of comprehensive income
Six months ended Six months ended Year ended
31 August 2012 31 August 2011 29 February 2012
Figures in Rand (Unaudited) (Unaudited) (Audited)
Exploration expenditure (349 055) (392 107) (521 977)
General and administration expenditure (3 904 088) (4 636 073) (8 765 119)
Operating loss (4 253 143) (5 028 180) (9 287 096)
Interest and investment income received 129 018 605 177 825 516
Loss from operations (4 124 125) (4 423 003) (8 461 580)
Impairment (1 500 000)
Notional interest (1 568 807) (1 439 273) (2 878 546)
Loss for the period/Total comprehensive loss
for the period (7 192 932) (5 862 276) (11 340 126)
Loss per share (cents) 0,91 0,74 1,44
Headline loss per share (cents) 0,72 0,74 1,44
Diluted loss per share (cents) 0,91 0,74 1,44
Diluted headline loss per share (cents) 0,72 0,74 1,44
Condensed consolidated statements of cash flows
Six months ended Six months ended Year ended
31 August 2012 31 August 2011 29 February 2012
Figures in Rand (Unaudited) (Unaudited) (Audited)
Operating activities (4 370 712) (5 012 283) (10 548 421)
Financing activities (2 000 000) (2 000 000)
Total movement (4 370 712) (7 012 283) (12 548 421)
Cash at the beginning of the period 7 026 254 19 574 675 19 574 675
Total cash at the end of the period 2 655 542 12 562 392 7 026 254
Condensed consolidated statements of changes in equity
Share-based Total
Total share payments Accumulated attributable to
Figures in Rand capital reserve loss equity holders
Balance at 1 March 2011 235 760 525 65 605 904 (261 486 864) 39 879 565
Total comprehensive loss for the period (5 862 276) (5 862 276)
Balance at 31 August 2011 235 760 525 65 605 904 (267 349 140) 34 017 289
Total comprehensive loss for the period (5 477 850) (5 477 850)
Balance at 29 February 2012 235 760 525 65 605 904 (272 826 990) 28 539 439
Total comprehensive loss for the period (7 192 932) (7 192 932)
Balance at 31 August 2012 235 760 525 65 605 904 (280 019 922) 21 346 507
NOTES
1. Basis for preparation and accounting policies
This report has been prepared in compliance with International Accounting Standards (IAS 34: Interim Financial Reporting),
the AC 500 Series of Interpretation, the Companies Act, 2008 (71 of 2008) and the Listings Requirements of JSE Limited.
The accounting policies applied in preparing this report, which are based on reasonable judgements and estimates, are in
accordance with International Financial Reporting Standards ("IFRS") and are consistent with those applied in the previous audited
annual financial statements for the year ended 29 February 2012. The condensed consolidated financial statements have been
prepared on the historical cost basis, unless otherwise stated.
These interim financial statements have been prepared by Annelise Cilliers, CA(SA). The interim results have not been reviewed
by the Company's auditors.
31 August 2012 31 August 2011 29 February 2012
Figures in Rand (Unaudited) (Unaudited) (Audited)
2. Exploration assets
The Leeuwkop Project (at cost) 42 359 891 42 359 891 42 359 891
The Berg Project (at cost) 12 830 255 12 830 255 12 830 255
The Marula Project (at cost) 1 500 000 1 500 000 1 500 000
56 690 146 56 690 146 56 690 146
Impairments The Marula Project (1 500 000)
55 190 146 56 690 146 56 690 146
Projects
2.1 The Leeuwkop Project
The Leeuwkop Project consists of a single new order prospecting right over the farm Leeuwkop 425 KS which is situated in the
Sekhukhune Magisterial District in the Limpopo Province, South Africa. The prospecting right is for Platinum Group Metals
("PGM") at the north-western end of the Eastern Limb of the Bushveld Complex. The current value of the Leeuwkop Project
is estimated at R44 million. The Group is in the process of restructuring its intercompany rights and will make the appropriate
applications for that purpose to the DMR (Department of Mineral Resources).
2.2 The Berg Project
Prospecting rights for PGM in the Eastern Limb of the Bushveld Complex in Mpumalanga, South Africa. The Berg Project
comprises portions of the farms Kliprivier and Draaikraal. The current value of the Berg Project as a whole is estimated at
R32 million.
2.3 The Marula Project (formerly the Grootfonteinberg Project)
The Marula Project is a gold target in the Sabie Pilgrim's Rest Goldfield. The Marula Project consists of a new order prospecting
right over four farms in the Magisterial District of Pilgrims Rest in Mpumalanga Province, South Africa. The four properties
are Lisbon 531 JT, Ceylon 197 JT, Little Joker 157 JT and Grootfonteinberg 561 KT. There is an overlapping right over the
Grootfonteinberg 561 KT portion of the prospecting area and a provision for impairment has been made accordingly.
Six months Six months Year
ended ended ended
31 August 31 August 29 February
2012 2011 2012
(Unaudited) (Unaudited) (Audited)
3. Loss per share
The reconciliation of headline loss and loss:
The calculation of headline loss per share is based on a loss of :
Attributable loss after tax 7 192 932 5 862 276 11 340 126
Impairment of exploration asset (1 500 000)
Headline loss 5 692 932 5 862 276 11 340 126
The calculation of loss per share is based on:
Weighted number of ordinary shares in issue 789 597 005 789 519 813 789 597 005
The diluted loss and diluted headline loss per share is based on:
Weighted number of ordinary shares in issue 789 597 005 790 279 443 789 597 005
4. Contingent liability
Salaries (excluding performance bonuses) due to directors in terms of current employment contracts, payment of which are
deferred and subject upon adequate working capital by the Company, amounts to R2 510 069.
Commentary by Bongani Mbindwane, CEO
Platfields operational review
Platfields exploration activity has largely been on care and maintenance during the current period. The turbulence
in the South African mining industry, particularly in the platinum sector, has had a negative effect on attracting
investments in junior miners. Platfields is continuing to investigate various potential business arrangements.
Financial commentary
As Platfields is still in the exploration phase of its development it does not yet generate any cash from its activities.
The Group made a net loss for the current period of R7,2 million compared to a net loss of R5,9 million for the
previous period. The decrease is mainly due to an impairment on one of its projects.
No dividends were declared or paid to shareholders during the interim period.
Mineral assets
The Platfields Mineral Resource Statement prepared by the Independent Competent Person, Minxcon Proprietary
Limited, has been updated during the current period due to non-renewal of certain prospecting areas.
Funding and going concern
The interim results have been prepared on the basis of accounting policies, applicable to a going concern. This basis
presumes that funds will be available to finance future operations and that the realisation of assets and settlement
of liabilities, contingent obligations and commitments will occur in the ordinary course of business. As is common
with many junior mining companies, the Group raises capital for exploration and other projects. There can be no
assurance that the Group's projects will be fully developed in accordance with current plans or completed on time
or within budget. As the Group is not yet in a cash-generating position, its exploration programme is still funded
by equity. The Group is currently raising capital in order to complete its exploration programme on the Leeuwkop
Project. The directors draw your attention to the fact that the Company's future prospects and stability relies on its
ability to raise capital for the ensuing financial year.
Future work on the development of the Group's projects and the sustainability of the Company may be adversely
affected by factors outside the control of the Group such as the Marikana mine disaster as well as the continued
woes of the European economies.
Share capital
The Company currently has 789 597 005 shares in issue. No shares were issued during the current period.
Subsequent events
The Company has entered negotiations for the raising of capital and has issued a cautionary announcement on
1 November 2012. Shareholders are advised to exercise caution when dealing in the Company's securities until a
further announcement is made.
Prospects
Platfields currently offers a highly discounted entry into the platinum sector with a shallow prospect targeting some
5m/oz 4PGE (Platinum Group of Elements) and other prospects in South Africa. Platfields remains hopeful that it will
raise sufficient cash to progress the next phase of its exploration programme, albeit with caution under prevailing
market conditions. Platfields' primary focus in the immediate future is on raising capital and conducting additional
exploration in relation to the Leeuwkop Project. It intends to continue conducting mining studies over Leeuwkop,
a shallow portion of the Liger Project, with the goal of proceeding to a mining right application in the short- to
medium-term.
Signed on behalf of the Board in Cape Town on 12 November 2012:
JT Motlatsi DB Mbindwane
Chairman Chief Executive Officer
Directors: The directors in office during the period under review were: James Thokoana Motlatsi, Derrick Bongani
Mbindwane, Annelise Cilliers, Seth Malefetsane Radebe, Nonhlanhla Deborah Ntombela (appointed 12 April 2012),
Zuko Ntsele Kubukeli (appointed 12 April 2012), Heinrich Casper Jansen van Rensburg (appointed 12 April 2012)
and Roy Stavely Traviss (resigned 8 February 2012).
Registered office: 7th Floor, SA Reserve Bank Building, 60 St Georges Mall, Cape Town, 8001 (PO Box 51949,
Waterfront, 8002).
Transfer secretaries: Computershare Investor Services Proprietary Limited, 70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107).
Sponsor: Merchantec Capital Company secretary: Merchantec Proprietary Limited
Date: 29/11/2012 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
