Wrap Text
Financial results - interims
Jubilee Platinum Plc
("Jubilee" or "the Company")
("Registration number 4459850")
Altx share code: JBL
AIM share code: JLP
ISIN: GB0031852162
Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so
would constitute a violation of the relevant laws or regulations of such jurisdiction.
26 March 2014
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2013
The Directors of Altx-listed and AIM-quoted Jubilee, the Mine-to-Metals specialist, are pleased to announce the
unaudited interim results of the Group for the six months ended 31 December 2013.
The results achieved over the period under review support Jubilee's stated focus of establishing a fully integrated
platinum mining company as it continues to make progress in bringing its platinum projects to fruition. In the interim
period the Company focused on utilising its smelter processing infrastructure to drive short term revenues and
earnings through the processing of Ferro Alloy material. Jubilee also continued to provide power to the national
energy grid of South Africa through its private power plant in Middelburg.
FINANCIAL HIGHLIGHTS
- Loss per share for the period reduced by 66% to a loss of 0.46 pence per share (2012: loss of 1.40). In
ZAR terms losses reduced by 61% to a loss of 7.41 cents per share (2012: loss of 18.96)
- Revenue increased by 6.5% to GBP2.3 million (2012: GBP2.1 million). In ZAR terms revenue increased
by 25.87% to ZAR 36.11 million (2012:28.69 million)
- Gross profit increased by 29.6% to GBP0.97 million (2012: GBP0.75 million) - reflecting the increased
Smelter throughput achieved at the operations during the period under review. In ZAR terms gross profit
increased by 53% to ZAR 15.5 million (2012: ZAR 10.13 million)
- Operating costs reduced by 45% to GBP2.6 million (2012: GBP4.7 million)
- Loss per share for the period reduced by 66% to a loss of 0.46 pence per share (2012: loss of 1.40).
In ZAR terms losses reduced by 61% to a loss of 7.41 cents per share (2012: loss of 18.96)
OPERATIONAL HIGHLIGHTS
- Mining Right Application of subsidiary Tjate Platinum Corporation ("Tjate") for the targeted 70 million ounce
platinum group metals ("PGM") project, accepted by the Department of Mineral Resources ("DMR"). Tjate has
post the period under review, formally engaged environmental consultants for the conclusion of a Scoping Report,
undertake an Environmental Impact Assessment ("EIA") and prepare an Environmental Management Program
("EMP"). The Scoping Report is due for submission to the DMR on 14 April 2014.
- The DMR acknowledged the executed sale agreement of the non-core Quartzhill property, which lies outside
of the targeted Tjate mining area for a cash consideration of GBP4.2 million (ZAR 75 million). Implementation
of the sale agreement is linked by the DMR to the award of a mining right to Tjate.
- The Company’s subsidiary Pollux Investment Holdings (Pty) Ltd (“Pollux”), agreed final terms with the holder of the PGM
rights to the estimated 800,000 tonnes of Dilokong Chrome Mine (“DCM”) surface tailings to allow Jubilee to proceed
with processing of the DCM tailings.
- Jubilee secured a new ferroalloy-smelting contract for ferrosilicon (FeSi) on the back of the successful phase
3 upgrade of the Smelter and FeSi production commenced 5 August 2013. The current smelter infrastructure
is being utilised to drive short term revenue and earnings through ferroalloy-smelting while PGM operations
are being established. The new FeSi contract has facilitated the commencement of the final phase 4 of the
smelter renewal programme being the commissioning of the 3rd ARC furnace.
- The increased smelting capacity is further backed by the newly secured ferronickel ("FeNi") toll smelting
contract. This new contract secured an increase in the revenue per tonne of metal produced of 17% at the
targeted metal production of 9,600 tonnes of FeNi per annum compared to current production level of 6,240
tonnes of FeNi per annum under the existing FeNi toll contract. The Smelter's capacity remains fully
contracted at a current operational capacity of 10,000 tonnes of metal per annum.
- The national energy provider of South Africa has, with effect 20 February 2014, reinstated the Private Power
Purchase Agreement ("PPPA") entered into with the Company's 70% owned subsidiary Power Alt Pty Ltd
("Power Alt") in December 2012.
Chief Executive Leon Coetzer commented: “We have an excellent combination of assets and have a strategy in place to
ensure that revenues and earnings growth underpin our development plans. We continue to work towards the processing
of the DCM tailings and are exploring a number of options which will enable us to exploit the growing surface platinum stocks.
"Furthermore, we are looking forward to the imminent commissioning of the 3rd ARC furnace at Middelburg, which is already fully
contracted to smelt Ferro-Alloy material and will further boost our earnings capabilities in the near term. Our long-term focus
remains on establishing Jubilee as a fully integrated platinum focused company through the integration of our exploration, and
surface projects with our smelting and processing capability. We look forward to continued strong progress towards achieving this goal."
OPERATIONAL DEVELOPMENTS
MINING AND EXPLORATION
The Company’s subsidiary Tjate received a letter of acceptance of Tjate’s Mining Right Application from the DMR for its targeted 70 million
PGM ounces project. The Company and Tjate entered into discussions with the DMR on the timing for the Scoping Report, EIA and EMP.
Tjate has since engaged environmental consultants and work on the Scoping Report and the EMP have commenced. The Scoping Report is
due for submission to the DMR on 14 April 2014.
As previously announced on 5 December 2013, Tjate concluded a sale of rights agreement, pursuant to a £4.2 million
(approximately ZAR75 million at current exchange rate) cash offer from Rustenburg Platinum Mines Limited a wholly
owned subsidiary of Anglo American Platinum Limited (“the Buyer”) for its non-core Quartzhill farm portion of the
Tjate Platinum project. The sale is subject only to the approval of the DMR.
In this regard, Tjate engaged with the DMR Director of Legal Services and with the DMR's Limpopo Regional office
(previously announced on 5 December 2013) for guidance on the process to effect the transfer of the rights to the
Buyer, and agreed on procedural guidelines, for fast tracking the review of the Quartzhill sale and Tjate's mining right
application.
Tjate, the DMR's office and the Buyer are working jointly to expedite this process. The Quartzhill farm is considered
non-core and has no impact on the Tjate mining plan.
SURFACE OPERATIONS
Pollux secured the processing rights to recover the PGM contained in the estimated 800,000 tonnes (September
2012) of DCM surface tailings. It concluded the PGM processing agreement with PhokaThaba Platinum Pty Ltd
("PhokaThaba" or "Smokey Hills") a subsidiary of Platinum Australia Limited ("PLA") for the beneficiation of the PGM
and chrome contained in the DCM tailings in November 2012. As announced previously, Jubilee has been frustrated
by PLA's inability to commit to a commencement date for the toll processing of the DCM tailings.
DCM continues to deposit further tailings onto the surface tailings dam at an estimated rate of 8,000 to 12,000 tonnes
per month. Jubilee remains focused on the processing of the DCM tailings in the short term and as such, it is actively
exploring an alternative strategy to the PLA processing plant and to this end, has engaged in discussions with other parties to
provide both plant and infrastructure with a view to commencing processing should the discussions with PLA not be
concluded shortly.
The strategy also includes the possibility of processing the DCM tailings in a fit-for-purpose processing plant to be
located adjacent to the DCM surface tailings thereby avoiding the significant costs associated with the transport of the
material to a toll processor.
Jubilee has secured indicative terms for the provision of power, water and surface infrastructure for such a processing
plant and initial investigations have indicated that key processing equipment required for such a plant is readily
available within the current market. Jubilee will keep shareholders updated on the outcome of these discussions as
we remain committed to bringing the beneficiation of the platinum containing surface material into operation.
MIDDELBURG SMELTING ("SMELTER")
Sustained increased gross profits together with securing additional toll smelting contracts allowed Jubilee to commence
with the final phase 4 of the Smelter renewal programme which includes the commissioning of a 3rd ARC furnace.
The increased smelting capacity is backed by both the newly secured FeSi and FeNi toll smelting contracts.
The new FeNi contract offered an increase in the revenue per tonne of metal produced of 17% at the targeted metal production
of 9,600 tonnes of FeNi per annum compared to current production level of 6,240 tonnes of FeNi per annum under the existing FeNi toll contract.
The targeted time-line for completion and commissioning of the 3rd ARC furnace of March 2014 has been marginally
impacted by severe weather conditions experienced in the central and north South African regions resulting in record
rainfalls being recorded in the Middelburg area. The Company has largely mitigated the impact of the potential delays
by increasing the engineering project crew and extending working hours. At the time of this report the expected delay
in commissioning of the 3rd ARC furnace is anticipated to be approximately two weeks.
With the increased, fully contracted smelter capacity of an estimated 13,800 tonnes of metal per annum, the Smelter
operation is expected to sustain revenue growth supported by an increase in gross profit margins to a targeted 38%,
which would deliver positive Smelter earnings targeting a net margin of 12%.
Engineering work commenced mid December 2013 on upgrading of Middelburg's 3rd ARC furnace as part of the final
Phase 4 of the renewable programme (previously announced on 5 December 2013). Key work streams included the
installation and commissioning of the new furnace off-gas capturing and cleaning system, the upgrade of both the
cranage in the hot metal aisle and the main building support structure as well as the refurbishment and commissioning
of the furnace bowl, roof and all auxiliary electrical and control equipment.
The Company expects that at the conclusion of Phase 4 the Smelter operation will have established itself as a premier
smelter of waste and ferro alloy material to produce ferrometals based on its patented ConRoast and reductive smelter
technologies with the capability of being rapidly migrated onto the processing of platinum containing concentrates.
POWER PLANT OPERATIONS
The national energy provider of South Africa has, with effect 20 February 2014, reinstated the PPPA entered into with
Power Alt in December 2012. The Company expects to deliver approximately 5MW of power to the national grid of South
Africa which equates to an estimated revenue of GBP 195,000 (ZAR3.5 million) per month. The reinstatement of the
contract is driven by the continued pressure on the supply of power to the national grid.
CHAIRMAN'S OVERVIEW
Dear Shareholder,
In the period since my last annual report, conditions in global markets have improved marginally with sustained
demand for platinum group metals. The South African platinum industry is again dogged by a labour strike affecting
all the major producers and putting further pressure on the supply of PGM metals. Two of the major producers have
already indicated that meeting supply commitments will be difficult should the strike continue beyond the end of
March.
Our Mine-to-Metals strategy continues unabated and we continue to pursue all of our goals against a predicted rise in
the price of platinum group metals. During the period under review we continued with our smelter upgrade and
modifications to bring a 3rd ARC furnace into operation at Middelburg, progressed the mining right application of Tjate
and the sales of Quartzhill and continued selling power into South Africa's National Grid. The period saw the DCM
project structurally consolidated ready for production on completion of a suitable processing arrangement.
GRE's proposed acquisition of 65% of our Smelter and 70% acquisition of the power plant did not advance with GRE
not making certain contractual working cost payments in exchange for a payment time extension. The Board of
Jubilee does not expect this transaction to be completed and will seek the necessary remedies during the coming
months.
Significant events have occurred during the interim review period which include several financing and refinancing transactions to
advance the upgrade of the third ARC furnace, procure electricity sale agreements, complete the third party
acquisition of Quartzhill and advance our Mine-to-Metals strategy.
Whilst this mission is intact and active, our ability to source capital, like other small companies in the resource sector
demands that we are projects selective, matching financing requirements and revenue generating capability.
Increased production as a result of completion of the third ARC furnace is expected to contribute positively to the Smelter's
cash flow to the point of full cost coverage and future projects in the Group will be financed on a project-by-project basis.
The Company moved its listing on the main board of the JSE Limited ("JSE") listing to the Alternative Exchange
("Altx") of the JSE, a result of which, the AIM exchange, on which the Company's shares are quoted, became the
primary listing for exchange regulatory purposes and more accurately reflects our shareholder base.
Colin Bird
Chairman
26 March 2014
UNAUDITED CONDENSED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013
Unaudited Reviewed Audited
Group Group Group
6 months 6 months 12 months
to 31 December to 31 December to 30 June
2013 2012 2013
GBP'000 GBP'000 GBP'000
Consolidated Statement of Comprehensive Income
Revenue 2 264 2 126 4 752
Cost of sales (1 292) (1 376) (2 896)
Gross profit 972 750 1 856
Operating costs (2 557) (4 658) (9 056)
Loss from operations (1 585) (3 908) (7 200)
Other income 133 78 117
Operating loss (1 452) (3 830) (7 083)
Investment income 5 3 26
Finance costs (91) (145) (269)
Loss before taxation (1 538) (3 972) (7 326)
Taxation 7 - (146)
Loss for the period (1 531) (3 972) (7 472)
Other comprehensive income
- Loss on translation of foreign subsidiaries (6 777) (2 679) (8 002)
Total comprehensive loss for the 6 months (8 308) (6 651) (15 474)
Loss attributable to:
Owners of the parent (1 680) (4 127) (7 761)
Non-controlling interest 148 155 289
(1 531) (3 972) (7 472)
Total comprehensive loss attributable to:
Owners of the parent (8 456) (6 806) (15 763)
Non-controlling interest 148 155 289
(8 308 (6 651) (15 474)
Reconciliation of headline loss
Loss for the 6 months (1 680) (4 127) (7 761)
Headline loss (1 680) (4 127) (7 761)
Weighted average number of shares 361 502 293 785 322 217
Diluted weighted average number of shares 361 502 293 785 322 217
Basic loss per share (pence) (0.46) (1.40) (2.41)
Diluted loss per share (pence) (0.46) (1.40) (2.41)
Headline loss per share (pence) (0.46) (1.40) (2.41)
Diluted headline loss per share (pence) (0.46) (1.40) (2.41)
Basic loss per share (cents) (7.41) (18.96) (36.17)
Diluted loss per share (cents) (7.41) (18.96) (36.17
Headline loss per share (cents) (7.41) (18.96) (36.17)
Diluted headline loss per share (cents) (7.41) (18.96) (36.17)
Consolidated Statement of Financial Position
Reviewed Reviewed Audited
Group Group Group
6 months 6 months 12 months
to 31 December to 31 December to 30 June
2013 2012 2013
GBP'000 GBP'000 GBP'000
Assets
Non-Current Assets
Property, plant and equipment 7 038 10 338 8 539
Intangible assets 66 433 78 872 73 242
Deferred tax 170 270 -
73 641 89 480 81 781
Current Assets
Current tax receivable 20 22 21
Trade and other receivables 1 448 1 024 1 231
Cash and cash equivalents 1 881 1 046 726
3 349 2 092 1 978
Total Assets 76 990 91 572 83 759
Equity and Liabilities
Equity Attributable to Equity Holders of Parent
Share capital 3 852 3 211 3 543
Share premium 67 250 63 940 66 144
Merger reserve 23 184 23 184 23 184
Share based payment reserve 4 918 4 918 4 918
Currency translation reserve (7 120) 4 980 (343)
Accumulated loss (36 743) (31 686) (35 063)
55 342 68 547 62 383
Non-controlling interest 574 377 427
55 916 68 924 62 810
Liabilities
Non-Current Liabilities
Other financial liabilities - 803 -
Deferred tax liability 15 513 17 484 16 580
15 513 18 287 16 580
Current Liabilities
Loans from related parties 325 971 373
Other financial liabilities 2 971 1 216 1 736
Trade and other payables 1 933 1 999 2 006
Deferred income 332 175 254
5 560 4 361 4 369
Total Liabilities 21 073 22 648 20 949
Total Equity and Liabilities 76 990 91 572 83 759
Number of shares in issue 385 265 321 134 354 340
Net asset value per share (pence) 14.51 21.46 17.73
Net tangible asset value per share (pence) (2.73) (3.10) (2.94)
Net asset value per share (cents) 250.94 293.82 266.59
Net tangible asset value per share (cents) (47.20) (42.41) (44.10)
Consolidated Statement of Changes in Equity
Share Share Merger Share Currency Total Accumulated Total Non- Total equity
capital premium reserve based translation reserves loss attributable to controlling
payment reserve parent of interest
reserve equity holders
Balance at 30 June 2012 2 881 61 543 23 184 4 896 7 659 35 739 (27 840) 72 323 795 73 118
Changes in equity
Loss for the period - - - - - - (7 761) (7 761) 289 (7 472)
Other comprehensive income for the period - - - - (8 002) (8 002) - (8 002) - (8 002)
Total comprehensive income for the period - - - - (8 002) (8 002) (7 761) (15 763) 289 (15 474)
Issue of shares 662 4 696 - - - - 5 358 5 358
Share issue expenses (94) - - (94) (94)
Share based payment charge 22 22 22 22
Surplus on minority buy outs - 538 538 - 538
Acquisition of non-controlling interest - - (657) (657)
Total changes 662 4 601 - 22 (8 002) (7 980) (7 223) (9 940) (368) (10 308)
Balance at 30 June 2013 3 543 66 144 23 184 4 918 (343) 27 759 35 063 62 383 427 62 810
Changes in equity
Loss for the period - - - - - - (1 680) (1 680) 148 (1 531)
Other comprehensive income for the period - - - - (6 777) (6 777) - (6 777) - (6 777)
Total comprehensive income for the period - - - - (6 777) (6 777) (1 680) (8 456) 148 (8 308)
Issue of shares 309 1 263 - - - - 1 573 1 573
Share issue expenses written off against share (158) (158) (158)
premium
Share based payment charge - - -
-
Total changes 309 1 106 - - (6 777) (6 777) (1 680) (7 041) 148 (6 893)
Balance at 31 December 2013 3 852 67 250 23 184 4 918 (7 120) 20 982 (36 743) 55 342 575 55 917
Unaudited Reviewed Audited
Group Group Group
6 months 6 months 12 months
to 31 December to 31 December to 30 June
2013 2012 2013
GBP'000 GBP'000 GBP'000
Consolidated Statement of Cash flows
Cash flows from operating activities
Loss for the year before taxation (1 618) (3 972) (7324)
Adjustments for: -
Interest received 75 (3) (26)
Interest paid 91 145 268
Depreciation and amortisation 387 1 384 2688
Deferred income (14) 0
(Profit)/loss on Sale of Property, plant and equipment (7) 142
Credit loan adjustments - (163)
Share-based payment charges 23 377
Operating loss before working capital changes (1 066) (2 445) (4 038)
Working capital changes (138) 1 119 1446
Decrease/(Increase) in inventory - 255 256
Decrease/(Increase) in receivables (142) 389 398
(Decrease) in payables 5 474 792
Cash generated by operations (1 203) (1 326) (2 592)
Interest received (75) 3 26
Interest paid (91) (145) (268)
Net cash from operating activities (1 370) (1 468) (2 834)
Cash flows from investing activities
Disposal of property, plant and equipment - 20
Purchase of intangible assets - (169) (19)
Net cash used in investing activities 0 (169) 1
Cash flows from financing activities -
Issue of shares 637 2 354 2 643
Issue costs (158) - -
Loans advanced from shareholders (49) (1 193) (758)
Repayment of other financial liabilities 1583 84 404
Net cash generated from financing activities 2 014 1 245 2289
Net (decrease)/increase in cash and cash equivalents 644 (392) (544)
Cash and cash equivalents at beginning of the year 726 1 063 1063
Effects of foreign exchange on cash and cash equivalents 510 374 207
Cash and cash equivalents at the end of the year 1 880 1 045 726
NOTES TO THE UNAUDITED CONDENSED INTERIM RESULTS
1. Basis of preparation
The Group unaudited condensed interim results for the 6 months ended 31 December 2013 have been
prepared using the accounting policies applied by the company in its 30 June 2013 annual report which are in
accordance with International Financial Reporting Standards (IFRS and IFRC interpretations) issued by the
International Accounting Standards Board ("IASB") as adopted for use in the EU("IFRS, including the SAICA
financial reporting guides as issued by the Accounting Practices Committee, IAS 34 – Interim Financial
Reporting, the Listings Requirements of the JSE Limited, the AIM rules of the London Stock Exchange and the
Companies Act 2006 (UK). This condensed consolidated interim financial report does not include all notes of
the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction
with the annual report for the year ended 30 June 2013 and any public announcements by Jubilee Platinum
Plc. All monetary information is presented in the presentation currency of the Company being Great British
Pound. The Group's principal accounting policies and assumptions have been applied consistently over the
current and prior comparative financial period. The financial information for the year ended 30 June 2012
contained in this interim report does not constitute statutory accounts as defined by section 435 of the
Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of
Companies. The auditor's report on those accounts was unqualified and did not contain a statement under
section 498(2)-(3) of the Companies Act 2006.
2. Financial review
The Group reported a loss and headline loss for the six months ended 31 December 2013 of GBP1.68 million
(2012: loss and headline loss of GBP4.127 million). This is divided by the weighted average number of
ordinary shares in issue of 361 502 million (2012: 293 785 million) resulting in a basic loss and headline loss
per share of 0.46 pence (2012: basic loss and headline loss of 1.40 pence) [(2013: 7.41 ZAR cents ("cents")
(2012: 18.96 cents)]. As no options were granted during the period under review (2012: nil) there is no dilution
effect on the loss for the period. The Group reported a net asset value of 14.51 pence per share (2012: 21.46)
[(250.95 cents (2012: 293.82 cents)] and a net negative tangible asset value per share of 2.73 pence per
share (2012: 3.10) [47.20 cents (2012: 42.41 cents)]. The total shares in issue as at 31 December 2013 were
385 265 million (2012: 321 134 million). Other comprehensive income comprises foreign currency translation
differences which can be reclassified to profit and loss in future.
3. Unaudited condensed results
These condensed interim results have not been reviewed or audited by the Group's auditors.
4. Commitments and contingencies
There are no material contingent assets or liabilities as at 31 December 2013.
Total operating lease commitments at 31 December 2013:
6 months ended 6 months ended Year ended
31 December 31 December 30 June
2013 2012 2013
GBP'000 GBP'000 GBP'000
Less than one year 15 102 102
Longer than one year 20 - 22
Total 35 70 124
5. Dividends
No dividends were declared during the period under review (2012: nil).
6. Board
On 8 November 2013 Mr. Eduard Victor resigned from the board of directors.
7. Reconciliation of heading earnings
There are no reconciling items between earnings and headline earnings.
8. Business segments
In the opinion of the Directors, the operations of the Group companies comprise six reporting segments, being:
- the evaluation and development of PGM smelters utilising exclusive commercialisation rights of the
ConRoast smelting process, located in South Africa ("Evaluation and Development");
- 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 development of Platinum Group Elements ("PGEs") and associated metals ("PGE development") in
South Africa;
- Base Metal Smelting in South Africa; and
- Electricity Generation in South Africa.
- The Parent Company operates a head office based in the United Kingdom which incurred certain
administration and corporate costs.
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 2013
South Africa
Evaluation Australia South Africa South Africa South Africa
and Nickel PGE Corporate Base Metal Electricity
GBP'000 Development Tailings Development (Unallocated) Smelting Generation Total
Revenue from external - - - - 1 090 1 174 2 264
customers
Loss before taxation (176) (18) (29) (529) (69) (717) (1 538)
Taxation - - - - - 7 7
Loss after taxation (176) (18) (29) (529) (69) (710) (1 531)
Interest received - - - (2) - (3) (5)
Interest paid - - - 37 - 54 91
Depreciation and amortisation - - - - 207 156 362
Total assets 8 849 30 651 26 954 2 414 5 219 2 904 76 991
Total liabilities (72) (19) (68) (17 437) (1 736) (1 741) (21 073)
Segment report for the 6 months ended 31 December 2012
South Africa
Evaluation Australia South Africa South Africa South Africa
and Nickel PGE Corporate Base Metal Electricity
GBP'000 Development Tailings Development (Unallocated) Smelting Generation Total
Revenue from external 324 – – 40 1 707 55 2 126
customers
Loss before taxation (1 939) (95) (1 410) (865) (2 623) (303) (7 235)
Taxation – – – – – – –
Loss after taxation (1 939) (95) (1 410) (865) (2 623) (303) (7 235)
Interest received 1 – – 2 – – 3
Interest paid – – – (26) (1) (118) (145)
Depreciation and amortisation (519) – (4) – (675) (186) (1 384)
Total assets 15 847 8 696 39 871 2 574 17 501 7 083 91 572
Total liabilities (864) – (56) (3 053) (14 603) (4 072) (22 648)
Segment report for the year ended 30 June 2013
South Africa South South
Evaluation Australia South Africa Africa Africa
and Nickel PGE Other Base Electricity
GBP'000 development Tailings Development operations Metal Generation Total
Smelting
Revenue from external
customers 331 - - 3 3 139 1 279 4 751
Loss before taxation (4 299) (80) (32) (7 289) (1 782) (1 845) (15 328)
Taxation - - - 15 70 (231) (146)
Loss after taxation (4 299) (80) (32) (7 273) (1 782) (2 132) (15 614)
Interest received 1 - - 25 - - 26
Interest paid - - - (49) (18) (202) (269)
Depreciation and (924) - - (8) (1 337) (419) (2 688)
Amortisation
Total assets 6 154 23 320 43 455 931 6 315 3 584 83 759
Total liabilities (199) (7) (1) (17 198) (1 345) (2 199) (20 949)
9. Shares issued
The Company issued 30 925 284 shares during the period and up to the date of this announcement as
follows:
2 July 2013 803 495
17 July 2013 1 192 191
20 August 2013 1 396 258
2 October 2013 1 597 034
2 October 2013 11 031 440
5 November 2013 14 204 544
5 November 2013 700 322
10. Going concern
The directors have adopted the going-concern basis in preparing the financial statements.
11. Events subsequent to reporting date
There were no significant events subsequent to the reporting date other than included in this interim report.
12. Interim report
Printed copies of the interim report are available to the public free of charge from the Company at 4th Floor, Cromwell
Place, London, SW7 2JE and from 2 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.
Jubilee Platinum Plc
Colin Bird Tel +44 (0) 20 7584 2155
Leon Coetzer Tel +27 (0)11 465 1913
Andrew Sarosi Tel +44 (0) 1752 221937
finnCap Ltd (Nomad)
Matthew Robinson/Ben Thompson – Corporate Finance
Joanna Weaving – Corporate Broking Tel +44 (0) 20 7220 0500
Sasfin Capital (JSE sponsor)
Megan Young/Sharon Owens Tel +27 (0) 11 809 7500
Bishopsgate Communications Ltd
Nick Rome/Anna Michniewicz Tel +44 (0) 20 7107 1890
Registered offices:
United Kingdom
4th Floor, 2 Cromwell Place, London, SW7 2JE
South Africa
2 Einstein Street, Highveld Techno Park, Centurion, 0157
Transfer secretaries:
Computershare Investor Services Pty Limited 70 Marshall Street, Johannesburg 2001
PO Box 61051, Marshalltown 2107
Company Secretary (United Kingdom):
Capita Company Secretarial Services
Ground Floor, 17 – 19 Rochester Row, London SW1P 1QT 3350
26 March 2014
Johannesburg
Date: 26/03/2014 12:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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