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Reviewed interim financial statements for the six months ended 31 December 2012
Bauba Platinum Limited
Incorporated in the Republic of South Africa
(Registration number 1986/004649/06)
Share code: BAU
ISIN: ZAE000145686
(Bauba or the Company or the Group)
www.bauba.co.za
Reviewed interim financial statements for the six months ended
31 December 2012
Commentary
Results
The main focus of the Group during the period under
review has been the ongoing exploration of its platinum assets
and the Group therefore did not generate any revenue and in line
with the Groups dividend policy no dividend was declared.
R6,5 million was spent on exploration activities which was
capitalised in line with the Groups accounting policies and
R5,5 million on general and administration costs of which
R0,2 million was spent on legal fees to address legacy matters
during the same period.
Exploration
Exploration on the Northern and Central Clusters of the Groups
Platinum Group Metals prospects on the Eastern Limb of the
Bushveld Complex has progressed with the drilling of 4 570 metres
during the period under review and an additional 2 257 metres
during January and February 2013.
The first borehole (BAU-040) on the Northern Cluster has
been completed with pleasing assay results indicating
3PGE+Au grades of 6,15g/t over a width of 3,90 metres on the
Merensky reef and 6,25g/t over a width of 1,20 metres
on the UG2 reef. The mother hole of the second borehole (BAU-041)
has been completed and the drilling of the deflections has
commenced. The drilling of this hole is expected to be complete
by the end of March 2013 with the results being available by
the end of April 2013.
Drilling on the third borehole (BAU-042) commenced in
January 2013 with the results expected by June 2013.
Three holes have been completed, after substantial delays due to
drilling inefficiencies, on the Central Cluster. The Merensky
reef was intersected in two of the three boreholes and was
poorly developed in the first hole. The UG2 reef was intersected
in the first borehole; but due to the elevation of the reef being
deeper than expected in the other two boreholes, the UG2 reef was
not pursued.
The assay results of the completed drilling will be available
during the second quarter of 2013. Due to the poorer than expected
results on the Central Cluster the drilling focus has moved to the
Northern Cluster whilst the exploration strategy of the Central
Cluster is being reassessed.
Interim consolidated statement of financial position
Reviewed Audited
As at As at
31 December 30 June
2012 2011 2012
R000 R000 R000
Assets
Non-current assets 24 803 13 209 17 753
Intangible assets 24 420 12 702 17 306
Property, plant and
equipment 383 507 447
Current assets 15 996 35 719 28 712
Trade and other
receivables 799 1 124 670
Cash and cash
equivalents 15 197 34 595 28 042
Assets classified as
held for sale 24 264
Total assets 40 799 73 192 46 465
Equity and liabilities
Capital and reserves 39 577 46 006 45 134
Share capital 123 274 123 274 123 274
Share premium 276 320 276 376 276 320
Reverse asset
acquisition reserve (282 988) (282 988) (282 988)
Retained loss (75 629) (69 789) (70 484)
Non-controlling interest (1 400) (867) (988)
Current liabilities 1 222 2 922 1 331
Trade and other payables 1 222 2 922 1 331
Liabilities associated with
assets classified as held
for sale 24 264
Total equity and
liabilities 40 799 73 192 46 465
Net asset value per 32,1 37,3 37,7
share (cents)
Interim consolidated statement of comprehensive income
Reviewed Audited
Six months Year
ended Ended
31 December 30 June
2012 2011 2012
R000 R000 R000
Operating expenditure (327)
General and
administrative expenses (6 171) (4 574) (8 369)
Finance charges (7) (7)
Interest received 614 951 1 811
Loss before taxation (5 557) (3 957) (6 565)
Taxation
Loss for the period from
continuing operations (5 557) (3 957) (6 565)
Discontinued operations
(Loss)/profit for the period
from discontinued operations (253) 1 539
Loss for the period (5 557) (4 210) (5 026)
Other comprehensive loss
Comprehensive loss for
the period (5 557) (4 210) (5 026)
Loss for the period
attributable to: (5 557) (4 210) (5 026)
Equity holders of the
Company (5 145) (4 075) (4 770)
Non-controlling
interest (412) (135) (256)
Headline loss reconciliation
Loss for the period (5 145) (4 075) (4 770)
Fair value gain on
assets held for sale _ (440) (3 820)
Impairment of financial
assets held for sale 83
Headline loss for the
period (5 145) (4 515) (8 507)
Undiluted and diluted
earnings per share
Loss per share (cents) (4,2) (3,4) (3,9)
Loss per share
continued operations
(cents) (4,2) (3,2) (5,2)
(Loss)/profit per share
discontinued
operations (cents) (0,2) 1,3
Undiluted and diluted
headline earnings per share
Headline loss per share
(cents) (4,2) (3,8) (7,0)
Headline loss per share
continued operations
(cents) (4,2) (3,2) (5,2)
Headline loss per share
discontinued
operations (cents) (0,6) (1,8)
Weighted average number
of shares in issue
(000s) 123 274 118 936 121 093
Total number of shares in
issue at the end of the
period (000s) 123 274 123 274 123 274
Interim consolidated statement of cash flows
Reviewed Audited
Six months Year
ended Ended
31 December 30 June
2012 2011 2012
R000 R000 R000
Net cash outflow from
operating activities (6 366) (14 144) (19 347)
Net cash outflow from
investing activities (6 479) (5 363) (6 657)
Net cash inflow from
financing activities 49 932 49 876
Net (decrease)/increase in
cash and cash equivalents (12 485) 30 425 23 872
Cash and cash equivalents
at beginning of period 28 042 4 170 4 170
Cash and cash equivalents
at end of period 15 197 34 595 28 042
Interim consolidated statement of changes in equity
Share Share Retained
capital premium loss
R000 R000 R000
Balance at 31 December
2011 123 274 276 376 (69 789)
Cost for the period (56)
Comprehensive loss for
the period (695)
Balance at 30 June 2012 123 274 276 320 (70 484)
Comprehensive loss for
the period (5 145)
Balance at 31 December
2012 123 274 276 320 (75 629)
Non- Reverse
Control- Acqui-
ling sition
interest reserve Total
R000 R000 R000
Balance at 31 December
2011 (867) (282 988) 46 006
Cost for the period (56)
Comprehensive loss for
the period (121) (816)
Balance at 30 June 2012 (988) (282 988) 45 134
Comprehensive loss for
the period (412) (5 557)
Balance at 31 December
2012 (1 400) (282 988) 39 577
Segmental information
The Company has classified three segments namely:
(1) Exploration, being activities associated with the
Bauba Project and platinum exploration;
(2) Corporate expenses, being overhead and corporate expenses
incurred; and
(3) Assets held for sale, being all the non-core, non- platinum
assets that were held for sale and successfully disposed of in
the financial year ended 30 June 2012.
Assets
Explo- Corpo- held
ration rate for sale Total
R000 R000 R000 R000
31 December 2012
External interest
received 614 614
General and
administrative expenses (1 016) (5 112) (6 128)
Depreciation and
amortisation (19) (24) (43)
Comprehensive loss for
the period (1 035) (4 522) (5 557)
Total segment assets 24 928 15 871 40 799
Total segment liabilities (795) (427) (1 222)
31 December 2011
External interest received 951 951
External finance expense (7) (7)
Depreciation and
amortisation (71) (23) (94)
Results from operating
activities (256) (4 551) (253) (5 060)
Comprehensive loss for
the period (327) (3 630) (253) (4 210)
Total segment assets 13 992 34 936 24 264 73 192
Total segment
liabilities (1 084) (1 838) (24 264)(27 186)
Notes to the interim financial statements
Basis of preparation
The directors present the reviewed interim results for the six
months ended 31 December 2012 in accordance with IAS 34 Interim
Financial Reporting, the requirements of the South African
Companies Act, 71 of 2008, as amended, the AC 500 standards and
in compliance with the Listings Requirements of JSE Limited.
The report has been prepared using accounting policies, which are
based on reasonable estimates and judgements that comply with IFRS
and are consistent with those applied in the financial statements
for the financial year ended 30 June 2012.
The interim financial results for the six months ended
31 December 2012 have been reviewed by the Companys auditors,
BDO South Africa Incorporated. A copy of their review opinion is
available for inspection at the registered office of the Company.
These interim financial results have been prepared under the
supervision of Mr Willem Moolman, Financial Director. No dividend
was declared by the Company during this reporting period.
Legal tenure
The Companys two prospecting rights were renewed in July 2012
for a further period of three years.
Legal
There is currently a review application pending in the North
Gauteng High Court of South Africa, Pretoria brought by Rustenburg
Platinum Mines Limited and ARM Mining Consortium Limited
(the Applicants) against a decision of the Department of Mineral
Resources to grant the prospecting rights in respect of two farms,
namely Genokakop 285KT and Groot Vygenboom 284KT. The Company,
cited as a party against whom relief is sought, has taken legal
advice on the matter and is confident of a positive outcome. Should
the matter not be prosecuted in due
course by the Applicants, the Company will progress the
determination of the application by setting the application down.
Going concern
The interim financial statements 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 as and when required. Future
work on the development of these projects may be adversely affected
by factors outside of the control of the Group.
Subsequent events
The directors are not aware of any other subsequent events that
occurred between 31 December 2012 and the date of authorisation
of these reviewed interim financial statements that require any
adjustments or additional disclosure to the reviewed interim
financial statements other than the change in directorship
reported below.
Directorate
Mr GJ Pitt resigned from the Board and as Chief Executive
Officer with effect from 31 January 2013 and Mr SJM Caddy was
appointed to the Board and as Chief Executive Officer with
effect from 13 February 2013.
On behalf of the Board
JG Best SJM Caddy
Chairman Chief Executive Officer
14 March 2013
Board of Directors: Non-executive
Mr JG Best* (Chairman), Mr KV Dicks*, Mr SM Dolamo*,
Ms KW Mzondeki*, Dr NM Phosa, Mr D Smith,
King TV Thulare (Alt to Dr NM Phosa)
(*Independent)
Executive
Mr SJM Caddy (CEO), Mr WA Moolman (FD)
Sponsor
Merchantec Proprietary Limited
Registered Office
2nd Floor, Longpoint Office Park
Cnr Montecasino Boulevard and Witkoppen Road
Magaliessig, Johannesburg, Gauteng, South Africa
Company Secretary
Merchantec Proprietary Limited
2nd Floor, North Block, Hyde Park Office Tower
Cnr 6th Road and Jan Smuts Avenue
Hyde Park, 2196
(PO Box 41480, Craighall, 2024)
Auditor
BDO South Africa Incorporated
Date: 14/03/2013 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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