We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jubilee Metals Group Plc | LSE:JLP | London | Ordinary Share | GB0031852162 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.10 | -1.49% | 6.60 | 6.50 | 6.80 | 6.65 | 6.65 | 6.65 | 5,580,354 | 16:35:13 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 141.93M | 12.91M | 0.0047 | 14.15 | 182.09M |
From Apr 2019 to Apr 2024
TIDMJLP
RNS Number : 6876H
Jubilee Metals Group PLC
26 March 2020
Jubilee Metals Group PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "the Company")
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR). 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.
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHSED 31 DECEMBER 2019
Our thoughts and best wishes go out to all during these unprecedented times.
Jubilee Metals Group ("Jubilee" or the "Company" or the "Group") , the AIM and Altx traded metals processing company is pleased to announce its unaudited interim results of the Group for the six months ended 31 December 2019.
HIGHLIGHTS
Financial highlights
-- Group earnings increased 778 % to GBP 6.67 million (ZAR 115.2 million) (2018: GBP 0.76 million (ZAR 13.2 million))
-- Cash generated from operations up 570 % to GBP 4.89 million (ZAR 84.7 million) (2018: GBP 0.73 million (ZAR 12.5 million))
-- Revenue increased 205 % to GBP 25.40 million (ZAR 439.4 million) (2018: GBP 8.32 million (ZAR 143.9 million))
-- Attributable group earnings increased 146 % to GBP 9.85 million (ZAR 170.4 million) (2018: GBP 4.0 million (ZAR 69.9 million))
-- The group balance sheet strengthened further on the back of the strong financial performance and large strategic investments, with total assets standing at GBP 118.8 million, up from GBP 102 million at the end of June 2019, total equity increasing by 12 % to GBP 88 million, for the same period, maintaining a high 74 % equity ratio (30 June, 2019: 77 %)
-- The group paid a substantial GBP 17.7 million in cash for investments made during the period under review, whilst at the same time reducing external debt by GBP 2.2 million, keeping the net gearing ratio at a low 0.3 %
-- Backed by a strong GBP 4.89 million cash generated from operating activities and proceeds of GBP 6.5 million from an oversubscribed capital raise, the cash and cash equivalents stood at GBP 10.2 million, with short term assets covering a healthy 166 % of short term liabilities
-- Basic earnings per share for the period 0.35 pence (ZAR 6.09 cents(i) ) (2018: 0.06 pence (ZAR 99 cents))
(i) Conversion rates used for revenue and earnings are at the average conversion rate for the period and for balance sheet at the spot rate at period end. Conversion rates used for capital expenditure and acquisitions are at current spot rates
Operational and projects highlights
-- PGM(ii) production up 72 % to 21 082 ounces (2018: 12 288 ounces)
-- PGM revenue up 130 % to GBP 16.28 million (ZAR 281.6 million) (2018: GBP 7.09 million (ZAR 130.6 million))
-- PGM attributable earnings up 137 % to GBP 9.70 million (ZAR 167.7 million) (2018: GBP 4.09 million (ZAR 75.60 million))
-- Chrome revenue up 707 % to GBP 9.12 million (ZAR 157.8 million) (2018: GBP 1.13 million (ZAR 19.5 million))
-- 186 249 tonnes (2018: 17 011 tonnes) of saleable coarse chromite concentrate produced
-- Completed the acquisition of the Sable Zinc Refinery in Zambia and produced first high grade copper metal in December 2019 while also commencing with the construction of the zinc refinery circuit
-- Inyoni Operations acquired 100 % of current PGM surface tailings (estimated at 3.33 million tonnes) as well as future PGM tails, further extending the project life and taking full control of all operational aspects and gaining 100 % economic rights
-- Inyoni Operations also secured rights to all chrome contained in estimated 3.33 million tonnes of surface tailings and produced first chrome concentrate for own sales in November 2019
-- Oversubscribed placing of GBP 6.5 million to support targeted growth
(ii) Platinum Group Metals (6E platinum, palladium, rhodium, iridium, osmium, and gold)
Leon Coetzer, CEO says: "It is a challenging time to express one's appreciation and satisfaction to a team for delivering an outstanding performance The Jubilee team has delivered yet another exceptional set of results during the period under review. We call it 'the Jubilee Way', which focusses on translating leading in-house technical excellence and innovation into industry leading operational efficiencies.
"We have made some very significant progress, including the completion of two strategic transactions, and the results as a whole, demonstrate the robustness of our business model generating significant cash flow for the Group. Despite volatile metal prices, including in particular the volatility we have seen in chrome prices, our diversity across commodities has meant we have delivered record earnings on the back of increased production.
"We have continued to invest significantly in our business having advanced in excess of GBP 17 million into our future growth with the acquisition of the Zambian based Sable Zinc Refinery, which completed in August 2019, and the acquisition in November 2019 of 100 % of the PGM and chrome surface rights at our Inyoni Operations. The Sable Zinc Refinery has further enhanced the Company's operational earnings capability, expanding Jubilee's operations to other geographical areas and metals. These strategic investments are quickly translating Group investments into cash generation.
"In addition, and to assist with the financing of these transactions, we were very grateful for the support from investors which raised GBP 6.5 million in an oversubscribed placing.
"In what has been an incredibly fast moving and evolving situation, as a group we are not immune to the current global COVID-19 pandemic. The safety of our team and employees is our highest priority at this time and we therefore applaud the pro-active decision taken by the South African government to enforce a 21-day nationwide lockdown. Whilst we are aware that the COVID-19 situation is evolving, we have a robust business model and are confident that the business will be able to withstand this disruption having, in anticipation, already taken proactive measures to minimise costs and maximise production leading up to this guidance. Furthermore, whilst work on the ground has been temporarily halted, we will continue to work remotely where possible, to progress operations and continue to advance our growth strategy.
"We would like to take this opportunity to send our thoughts and best wishes to all at this unprecedented and difficult time."
KEY STATISTICS
Hot Features
Premium
GROUP Unit 6m to 6m to 12m to
Dec-19 Dec-18 Jun-19
Revenue GBP'000 25 403 8 327 23 586
--------- -------------------- -------------- -------------------
Adjusted attributable earnings
(1) GBP'000 9 849 4 040 10 055
--------- -------------------- -------------- -------------------
Adjusted attributable earnings
margin % 39 49 43
--------- -------------------- -------------- -------------------
EBITDA GBP'000 10 269 2 419 12 546
--------- -------------------- -------------- -------------------
Adjusted EBITDA (2) GBP'000 8 679 2 809 8 952
--------- -------------------- -------------- -------------------
Adjusted EBITDA margin % 34 34 38
--------- -------------------- -------------- -------------------
PGM
--------- -------------------- -------------- -------------------
PGM GBP revenue GBP'000 16 280 7 093 14 855
--------- -------------------- -------------- -------------------
PGM $ revenue $'000 20 516 9 290 18 866
--------- -------------------- -------------- -------------------
Attributable PGM GBP earnings GBP'000 9 695 4 093 8 158
--------- -------------------- -------------- -------------------
Attributable PGM $ earnings $'000 12 218 5 361 10 361
--------- -------------------- -------------- -------------------
Attributable PGM earnings margin % 60 58 55
--------- -------------------- -------------- -------------------
Attributable PGM ounces produced oz 21 082 12 288 23 847
--------- -------------------- -------------- -------------------
PGM $ revenue per ounce $/oz 973 756 791
--------- -------------------- -------------- -------------------
PGM attributable $ earnings per
ounce $/oz 580 436 434
--------- -------------------- -------------- -------------------
Adjusted PGM production $ unit
cost (3) $/oz 519 422 470
--------- -------------------- -------------- -------------------
CHROME
--------- -------------------- -------------- -------------------
Chrome GBP revenue GBP'000 9 123 1 126 7 725
--------- -------------------- -------------- -------------------
Chrome $ revenue (4) $'000 11 497 1 475 9 811
--------- -------------------- -------------- -------------------
Attributable chrome GBP earnings GBP'000 271 (267) 1 309
--------- -------------------- -------------- -------------------
Attributable chrome $ earnings $'000 341 (350) 1 662
--------- -------------------- -------------- -------------------
Attributable chrome earnings
margin % 3 (24) 17
--------- -------------------- -------------- -------------------
Attributable chrome tonnes produced tonnes 186 249 17 011 181 947
--------- -------------------- -------------- -------------------
Chrome $ revenue per tonne $/t 62 87 54
--------- -------------------- -------------- -------------------
Chrome attributable $ earnings
per tonne $/t 2 (21) 9
--------- -------------------- -------------- -------------------
1= Attributable earnings refers to earnings attributable to the group based on its contractual rights in each project.
2= Adjusted EBITDA refers to EBITDA adjusted for non-cash expenses including impairments, gain on bargain purchase
and foreign exchange differences on transactions.
3= The adjusted PGM production unit cost includes all direct and indirect costs attributable to the project including allocated corporate charges. The Dec 19 period includes all operating costs for the Windsor PGM Joint Venture allocated to the Jubilee attributable PGM ounces.
4= The chrome revenue is recognised on an ex-works basis after costs of export logistics including freight, shipping and marketing.
TRANSACTIONS 6m to 6m to 12m to
Dec-19 Dec-18 Jun-19
GBP '000 GBP '000 GBP '000
--------- ------------- ------------------
Acquisition of chrome plant (South
Africa)
--------- ------------- ------------------
Fair value of the assets acquired 8 289
--------- ------------- ------------------
Fair value of purchase consideration (8 289)
--------- ------------- ------------------
Acquisition of Sable Zinc Limited
(Zambia)
--------- ------------- ------------------
Fair value of the assets acquired 12 253
--------- ------------- ------------------
Fair value of the purchase consideration (9 944)
--------- ------------- ------------------
Gain on bargain purchase 2 309
--------- ------------- ------------------
Purchase consideration outstanding
at period end 2 275
--------- ------------- ------------------
Acquisition of PGM and chrome
rights (Mauritius)
--------- ------------- ------------------
Fair value of the assets acquired 14 472
--------- ------------- ------------------
Fair value of the purchase consideration (14 472)
--------- ------------- ------------------
Purchase consideration outstanding
at period end (1) 4 531
--------- ------------- ------------------
Total purchase consideration of
acquisitions 26 726 - 8 289
--------- ------------- ------------------
Funded from external loans (10 303) - -
--------- ------------- ------------------
Funded from share placings (9 209) - (1 463)
--------- ------------- ------------------
Funded from own cash (7 214) - (6 826)
--------- ------------- ------------------
GROUP CASH
--------- ------------- ------------------
Opening balance 18 865 6 376 6 376
--------- ------------- ------------------
Cash from operations 4 895 726 4 757
--------- ------------- ------------------
Acquisition of chrome plant (South
Africa) - - (6 826)
--------- ------------- ------------------
Acquisition of PGM and chrome (11 129) - -
rights (Mauritius)
--------- ------------- ------------------
Acquisition of Sable Zinc Limited (5 295) - -
(Zambia)
--------- ------------- ------------------
Purchase of intangible assets - (636) (2 182)
--------- ------------- ------------------
Purchase of property plant and
equipment (1 101) (2 379) (4 496)
--------- ------------- ------------------
Issue of Jubilee ordinary shares 5 902 - 10 672
--------- ------------- ------------------
Net proceeds/(repayment) of loan
funding (2 154) 1 595 10 303
--------- ------------- ------------------
Other 263 86 262
--------- ------------- ------------------
Closing balance 10 247 5 768 18 865
--------- ------------- ------------------
1= Post the period under review a further payment of GBP 3.3 million was made towards the PGM and chrome rights acquisition as announced on 4 November 2019. The final payment on the transaction was made on 19 March 2020. In terms of the acquisition agreement the final payment was adjusted for certain PGM and chrome variables which, resulted in a downward adjustment to the total purchase consideration of GBP 2.2 million. The total foreign exchange conversion difference for the transaction amounted to a gain of GBP 0.004 million. At current conversion rates the foreign exchange gain on the transaction would have been GBP 0.77 million.
Chairman's Statement
Dear Shareholder,
This interim period has, again, produced exceptional results arising from maturing operations, strategic acquisitions, productivity improvements and an austere approach to our business activities. At the time of writing this statement we, like every other company and individual, are facing the challenges of the COVID-19 pandemic. We remain very optimistic for the long-term outlook but are mindful of short-term risk. On 24 March 2020 we provided an update to our shareholders relating to the announcement by the South African government of a 21-day nationwide lockdown and its potential immediate impact on our operations. The measures that have implemented by the Group are focussed on preserving the Company's liquidity and ensuring that we are able to rapidly restart operations following the enforced stoppage. At the time of writing this statement, our operations in Zambia remain unaffected by the COVID-19 virus. However, the guidance being given in respect of the COVID-19 outbreak is evolving and the Company will continue to monitor the situation closely.
Our longer-term vision for the Company remains and has been clearly demonstrated with the expansion of the business during the period under review, having grown and diversified our earnings base. On 23 August 2019, we announced the completion of the acquisition of the Sable Zinc Refinery in Kabwe (the 'Refinery'). This acquisition presents Jubilee with a very well-placed platform from which to enjoy the various base metal opportunities presented by Zambia. The Refinery expands our commodity basket to include copper, vanadium, zinc and lead. Having a diversified commodity basket, such as we now have, provides us with considerable resilience in the face of fluctuating metals prices, some of which we have seen of late - both very strong, and much weaker. In addition we have acquired a facility that was brought in part into operation within 4 months of the acquisition therefore reducing our lead time to production. The copper circuits are advanced with a capacity of some 15 000 tonnes of contained copper per annum so we are accelerating our copper endeavours, whilst updating the zinc facility.
In July 2019, our Windsor PGM project in South Africa commenced operations and by the end of August 2019 all circuits were functional with productivity initiatives being implemented, during this interim period to date.
On 4 November 2019, we announced that we had acquired 100 % of the earnings of the Inyoni Operation in South Africa (previously named Hernic). The objective of this acquisition was to transform Jubilee from a contracting joint venture partner to a full owner of 100 % of the economic rights, without additional risk. In acquiring full control, Jubilee has increased its flexibility and now has the opportunity to increase throughput, respond to market conditions and optimise certain aspects of the operation to its ultimate benefit.
To support these acquisitions and to assist in financing targeted expansion plans both in Zambia and South Africa, we completed an oversubscribed placing of some GBP 6.5 million in mid-November 2019.
Looking forward, the Board is convinced that the long-term fundamentals for copper are exceptional and as such have put focus on the Kabwe copper project to ensure that maximum production capability is achieved. Our presence in Zambia has demonstrated and re-asserted that many opportunities exist to expand our business model into all aspects of copper production in the country. We are currently exploring and prioritising these opportunities and will continue to advance due diligence on potential acquisition or partnership opportunities with a view to expand future earnings in a sustainable manner.
With our sustainable business model, Jubilee and our brand is now well recognised globally. With the ever increasing requirement across all continents for legacy environmental clean-up and a cleaner planet, we are known as being a company able to deliver on this need. We are unique with in-house technical excellence, high technological capabilities, and vast knowledge in the field of reprocessing mine waste and metals recovery across a broad basket of metals.
With so much opportunity for growth from our current business activities alone, the Company will be focussing on maximising this benefit from current operations in the medium term, where we know the risks and where we believe incremental benefit can be substantial. We will of course, however, continue to assess strategic business and acquisition opportunities for the long-term benefit of Jubilee and all shareholders. Despite the current volatile economic climate globally, we continue developing our business activities, consistent with our mission, and remain positive that our unique position in the industry will be exploited for the benefit of all our shareholders.
Colin Bird
Non-Executive Chairman
INTERIM PERIOD OVERVIEW
The continued growth of Jubilee's operations and overall business is testament to 'the Jubilee Way' which is built on technical excellence and innovation translating into operational and metallurgical efficiencies.
During the 6 month period under review ending 31 December 2019, Jubilee acquired the multi metal refinery Sable Zinc Refinery in Zambia, commenced operations at its Windsor PGM project and completed the acquisition of the PGM and chrome rights of more than 3 million tonnes of surface material. These activities boosted the PGM operations delivering an increase of 72 % in produced PGM ounces while diversifying Jubilee's metal portfolio across geographical areas and into base metals such as copper, zinc, vanadium and lead.
Since acquiring the Refinery, the Company has commenced with the construction of the zinc refinery circuit and has brought the copper refinery circuit into operation producing its first high grade copper metal in November 2019.
Beyond growth in revenue and earnings Jubilee has also strengthened its asset base by significantly increasing its access to chrome and PGM surface material with acquisition of all historical and future PGM tailings and all historical chrome rights at the Inyoni Operations. The acquisition transformed the operation from a co-operation processing agreement to full ownership of the economic rights, without additional risk to the Company.
Platinum Group Metals (PGM) Operations update - South Africa
Jubilee's PGM operations consist of the Inyoni and Windsor PGM operations.
The PGM operations showed a significant growth in output delivering 21 082 ounces of PGM concentrate for H2 2019, up 72 % from H2 2018. The majority of the growth in output came from the Group's Windsor PGM project coming into operation during August 2019 and reaching stable production for the month of November 2019. The Windsor PGM operations ("Windsor") is a Joint Venture Project ("JV") with Eland Platinum ("Eland") under which the platinum processing plant at Eland is used for the processing of Windsor PGMs material. Under the terms of the JV the PGM earnings generated from the project are shared between the JV partners with the majority of the earnings returned to Windsor. The Jubilee attributable PGM ounces reported for the Windsor PGM project account for approximately 60 % of total ounces produced under the JV. Jubilee's unit cost to produce a PGM ounce remained below US$ 520 per ounce. The unit cost accounts for 100 % of the operating cost for the JV allocated to only the PGM ounces attributed to Jubilee.
As announced on 24 October 2019, Jubilee acquired 100 % of the rights to PGM earnings from the current and future tailings produced at the Inyoni Operations. In addition to the current unprocessed 1.70 million tonnes of historical tailings at the Inyoni Operations and the 630 000 tonnes of previously processed tailings, Jubilee has acquired the rights to a further circa one million tonnes of PGM rich material. As reported under Inyoni Chrome, at the time of reporting the Company had completed the recapitalisation of the Inyoni feed systems to reach the targeted 50 000 tonnes per month feed rate. The new feed system will be ramped up during Q1 2020.
PGM revenue for H2 2019 increased by 107 % to GBP 16 million (ZAR 298 million) compared to H1 2019.
The table below presents the combined operational revenue and earnings performance for PGMs for the period under review. The figures represent the final results based on reconciled production inputs and the allocation of costs have been standardised to fully account for all in sustainable costs:
PGMs Tailings PGM ounces Project Project Jubilee Jubilee Unit
processed delivered revenue revenue attributable attributable cost/
tonnes (GBP (ZAR'000) earnings earnings PGM
'000) (GBP '000) (ZAR'000) oz
(US$)
(1)
6m to 31 Dec
2018 267 183 12 288 7.093 130.592 4.093 75.601 422
----------- ----------- --------- ----------- -------------- -------------- -------
6m to 31 Dec
2019 553 672 21 082 16.280 297.530 9.695 167.718 519
----------- ----------- --------- ----------- -------------- -------------- -------
12m to 30 Jun
2019 504 218 23 847 14 855 273.278 8.158 150.407 470
----------- ----------- --------- ----------- -------------- -------------- -------
1= The unit cost per PGM ounce produced excludes any inter-company charges for the production of the PGM containing tailings material. In the case of the Windsor JV all operating cost is allocated to the Jubilee attributable ounces.
2= Attributable earnings refers to project earnings allocated to the group based on the group's contractual rights in each project.
The PGM basket price has appreciated during the period driven by the shortfall in the supply of PGMs to meet industry demand and with no new significant supplies of PGMs targeted in the short term. Post the period under review the PGM basket price saw a sharp reduction in price linking to the uncertainty caused by the COVID-19 epidemic.
Chrome Operations update - South Africa
Jubilee's chrome operations include the DCM Chrome, Windsor Chrome and Inyoni Chrome (following the acquisition by Inyoni of the chrome rights in November 2019). The DCM Chrome operation includes the leading Jubilee Fine Chrome facility, successfully extracting fine chrome from previously discarded chrome wastes.
Jubilee now holds a total chrome ore processing capacity of 145 000 tonnes per month of feed material, which delivered 186 249 tonnes of chrome concentrate during H2 2019. This new production record reflects only two months' worth of chrome production at Inyoni, the impact of which will be better reflected during H1 2020.
Since the acquisition of the Windsor Operation in January 2019, Jubilee has invested into improved processing technology and significantly improved operational efficiencies, which strengthened the operations ability to react to weakening metal prices. The chrome operations are well positioned to capitalise on any recovery in the chrome market and to deliver PGM rich tails to the PGM operations.
As announced on 5 November 2019, Jubilee acquired 100 % of all further chrome rights to the chrome contained in all the historical tailings at Inyoni. In addition, Jubilee has increased the scope of its Inyoni Operations to take control of the re-mining of tailings to control the feed supply, targeting to increase feed rate to 50 000 tonnes per month.
The table below presents the combined operational revenue and earnings performance for chrome for the period under review. The figures represent the final results based on reconciled production inputs and the allocation of costs have been standardised to fully account for all in sustainable costs:
CHROME Chromite Project Project Jubilee Jubilee
concentrate revenue revenue attributable attributable
produced (GBP '000) (ZAR'000) earnings earnings
Tonnes (GBP '000) (ZAR'000)
6m to 31 Dec
2018 17 011 1.126 20.664 (267) (4.906)
------------- ------------ ----------- -------------- --------------
6m to 31 Dec
2019 186 249 9.123 157.821 271 4.686
------------- ------------ ----------- -------------- --------------
12m to 30 Jun
2019 181 947 7.725 141.852 1.309 24.001
------------- ------------ ----------- -------------- --------------
Integrated Kabwe Operations, Zambia - Copper, zinc, lead and vanadium update
The Company's Kabwe Project combined with its multi-metal Sable Zinc Refinery, establishes Jubilee's fully integrated multi-metal recovery and refining operational footprint in Zambia. The Sable Zinc Refinery, which acts as a central processing facility for third party material in the region, gives access to a current resource comprising of an estimated 6.4 million tonnes of surface waste assets containing 356 843 tonnes of zinc, 351 386 tonnes of lead and 1.26 % equivalent vanadium pentoxide.
During the period under review, the copper refinery circuit was brought on-line to process historical copper tailings as well as third party sourced run-of-mine material. The first high grade copper metal commenced production in December 2019, with the completion of the solvent extraction circuit. The accelerated ramp-up of the copper circuit remains a strong focus and at present has not been impacted by the COVID-19 epidemic.
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 31 DECEMBER 2019
Consolidated Statement of Comprehensive Income for the six months ended 31 December 2019
Unaudited Unaudited Audited
Group Group Group
---------------- ---------------- ---------------
6 months 6 months 12 months
---------------- ---------------- ---------------
ended 31 ended 31 ended 30
December December June
---------------- ---------------- ---------------
2019 2018 2019
---------------- ---------------- ---------------
GBP '000 GBP '000 GBP '000
---------------- ---------------- ---------------
Sales revenue 25 403 8 327 23 586
---------------- ---------------- ---------------
Cost of sales (15 554) (4 286) (10 709)
---------------- ---------------- ---------------
9 849 4 041 12 876
---------------- ---------------- ---------------
Operating costs (4 260) (2 662) (8 338)
----------------------------------------- ---------------- ---------------- ---------------
Operating profit 5 589 1 379 4 538
---------------- ---------------- ---------------
Other income 60 - 385
---------------- ---------------- ---------------
Gain on bargain purchase 2 309 - -
---------------- ---------------- ---------------
Investment income 50 14 30
---------------- ---------------- ---------------
Finance costs (1 324) (463) (1 113)
---------------- ---------------- ---------------
Share of loss from associates (121) (168) (865)
---------------- ---------------- ---------------
Impairment of intangible assets - - 5 022
---------------- ---------------- ---------------
Profit before taxation 6 563 762 7 946
---------------- ---------------- ---------------
Taxation - - (970)
----------------------------------------- ---------------- ---------------- ---------------
Profit for the period 6 563 762 6 976
----------------------------------------- ---------------- ---------------- ---------------
Other comprehensive income
---------------- ---------------- ---------------
- (Loss)/profit on translation
of foreign subsidiaries (3 112) (460) 680
---------------- ---------------- ---------------
Total comprehensive profit 3 451 302 7 656
----------------------------------------- ---------------- ---------------- ---------------
Attributable to:
---------------- ---------------- ---------------
Owners of the parent:
---------------- ---------------- ---------------
Profit for the period attributable
to owners of the parent 6 660 756 6 994
---------------- ---------------- ---------------
Non-controlling interest
---------------- ---------------- ---------------
(Loss)/profit for the period -
non controlling interest (97) 6 (17)
---------------- ---------------- ---------------
Profit for the period 6 563 762 6 976
----------------------------------------- ---------------- ---------------- ---------------
Total comprehensive income attributable
to:
---------------- ---------------- ---------------
Owners of the parent 3 634 321 7 627
---------------- ---------------- ---------------
Non-controlling interest (183) (19) 29
----------------------------------------- ---------------- ---------------- ---------------
3 451 302 7 656
----------------------------------------- ---------------- ---------------- ---------------
Weighted average number of shares
('000) 1 891 445 1 314 013 1 466 128
----------------------------------------- ---------------- ---------------- ---------------
Diluted weighted average number
of shares ('000) 1 909 126 1 314 013 1 475 698
---------------- ---------------- ---------------
Earnings per share (pence) 0.35 0.06 0.48
---------------- ---------------- ---------------
Diluted earnings per share (pence) 0.35 0.06 0.47
---------------- ---------------- ---------------
Consolidated Statement of Financial Position as at 31 December 2019
Unaudited Unaudited Audited
Group Group Group
---------------- ---------------- ---------------
6 months 6 months 12 months
---------------- ---------------- ---------------
ended 31 ended 31 ended 30
December December June
---------------- ---------------- ---------------
2019 2018 2019
---------------- ---------------- ---------------
GBP '000 GBP '000 GBP '000
---------------- ---------------- ---------------
Assets
---------------- ---------------- ---------------
Non-current assets
---------------- ---------------- ---------------
Property, plant and equipment 26 946 11 578 17 902
---------------- ---------------- ---------------
Intangible assets 60 431 44 304 46 938
---------------- ---------------- ---------------
Investments in associates 1 774 2 593 1 895
---------------- ---------------- ---------------
Other financial assets 5 848 834 5 709
---------------- ---------------- ---------------
Total non-current assets 95 000 59 309 72 445
---------------- ---------------- ---------------
Current assets
---------------- ---------------- ---------------
Inventories 1 605 1 432 1 661
---------------- ---------------- ---------------
Trade and other receivables 11 948 4 069 9 072
---------------- ---------------- ---------------
Current tax receivable - 16 -
---------------- ---------------- ---------------
Other financial assets - 172 -
---------------- ---------------- ---------------
Cash and cash equivalents 10 247 5 768 18 865
---------------- ---------------- ---------------
Total current assets 23 800 11 457 29 598
---------------- ---------------- ---------------
Total assets 118 800 70 766 102 042
---------------- ---------------- ---------------
Equity and liabilities
---------------- ---------------- ---------------
Share capital 111 723 93 844 105 820
---------------- ---------------- ---------------
Reserves 19 293 21 218 22 319
---------------- ---------------- ---------------
Accumulated loss (45 183) (58 302) (51 843)
---------------- ---------------- ---------------
Total equity before non-controlling
interest 85 833 56 760 76 297
---------------- ---------------- ---------------
Non-controlling interest 2 211 2 345 2 393
---------------- ---------------- ---------------
Total equity 88 044 59 105 78 690
---------------- ---------------- ---------------
Non-current liabilities
---------------- ---------------- ---------------
Other financial liabilities 7 197 2 036 10 397
---------------- ---------------- ---------------
Long term provisions 531 - -
---------------- ---------------- ---------------
Deferred tax liability 8 700 5 011 6 019
---------------- ---------------- ---------------
Total non-current liabilities 16 428 7 047 16 415
---------------- ---------------- ---------------
Current liabilities
---------------- ---------------- ---------------
Other financial liabilities 12 327 2 630 2 272
---------------- ---------------- ---------------
Trade and other payables 2 001 1 984 4 665
---------------- ---------------- ---------------
Total current liabilities 14 328 4 614 6 937
---------------- ---------------- ---------------
Total liabilities 30 756 11 661 23 352
---------------- ---------------- ---------------
Total equity and liabilities 118 800 70 766 102 042
---------------- ---------------- ---------------
Consolidated
Statement of
Changes in
Equity as at
31
December 2019
--------------- --------- ------------------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Figures in Share Merger Share Convertible Currency Total Accumulated Total Non-controlling Total
pound sterling capital reserve based instrument translation reserves loss attributable interest equity
(GBP '000) payment reserve reserve to parent
reserve of equity
holders
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Balance at 30
June 2018 94 065 23 184 2 469 - (4 221) 21 432 (59 058) 56 439 2 363 58 802
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Total
comprehensive
income
for the
period 633 633 6 994 7 627 29 7 656
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Issue of share
capital net
of costs 11 765 11 765 - 11 765
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Share warrants
issued (10) 232 232 222 - 222
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Share warrants
expired (181) (181) 181 - - -
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Equity
component of
convertible
loan note 203 203 203 - 203
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Changes in
fair value -
control
not lost 41 41 - 41
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Changes in
ownership-
control
not lost 1 1
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Total changes 11 755 51 203 633 887 7 215 19 857 30 19 888
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Balance at 30 105
June 2019 820 23 184 2 520 203 (3 587) 22 319 (51 843) 76 297 2 393 78 690
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Total
comprehensive
income
for the
period (3 025) (3 025) 6 660 3 634 (183) 3 452
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Issue of share
capital net
of costs 5 902 5 902 - 5 902
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Total changes 5 902 (3 025) (3 025) 6 660 9 536 (183) 9 354
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Balance at 31 111
December 2019 723 23 184 2 520 203 (6 613) 19 293 (45 183) 85 833 2 211 88 044
--------- -------- --------- ------------ ------------- ---------- ------------ -------------- ----------------- --------
Consolidated Statement of Cash flow for the six months ended 31 December 2019
Unaudited Unaudited Audited
-------------------------------------------
Group Group Group
------------------------------------------- ---------------- ----------------- ---------------
6 months 6 months 12 months
------------------------------------------- ---------------- ----------------- ---------------
ended 31 ended 31 ended
December December 30
June
------------------------------------------- ---------------- ----------------- ---------------
2019 2018 2019
------------------------------------------- ---------------- ----------------- ---------------
GBP '000 GBP '000 GBP '000
------------------------------------------- ---------------- ----------------- ---------------
Cash flows from operating activities
---------------- ----------------- ---------------
Profit before taxation 6 564 762 7 946
---------------- ----------------- ---------------
Adjustments for:
---------------- ----------------- ---------------
Depreciation and amortisation 2 382 1 381 3 487
---------------- ----------------- ---------------
Impairment of intangible assets - - 232
---------------- ----------------- ---------------
Fair value adjustments - - (5 022)
---------------- ----------------- ---------------
Gain on bargain purchase (2 309) - -
---------------- ----------------- ---------------
Provisions - (172) -
---------------- ----------------- ---------------
Share based payments - - 222
---------------- ----------------- ---------------
Results of equity accounted investments 121 168 865
---------------- ----------------- ---------------
Investment income (50) (14) (30)
---------------- ----------------- ---------------
Finance
cost 1 173 204 787
-------------------------------------------- ---------------- ----------------- ---------------
Working capital changes
---------------- ----------------- ---------------
Increase in inventories 440 (126) 637
---------------- ----------------- ---------------
Increase in receivables 811 (845) (5 777)
-------------------------------------------- ---------------- ----------------- ---------------
Decrease in payables (3 113) (948) 2 167
-------------------------------------------- ---------------- ----------------- ---------------
Cash generated from operations 6 018 1 175 5 514
---------------- ----------------- ---------------
Investment income 50 14 30
---------------- ----------------- ---------------
Finance
cost (1 173) (204) (787)
-------------------------------------------- ---------------- ----------------- ---------------
Net cash from operating activities 4 895 726 4 757
---------------- ----------------- ---------------
Cash flows from investing activities
---------------- ----------------- ---------------
Purchase of intangible assets (11 129) (636) (2 182)
---------------- ----------------- ---------------
Business combinations (5 295) - (6 826)
---------------- ----------------- ---------------
Purchase of property, plant and
equipment (1 101) (2 379) (4 496)
---------------- ----------------- ---------------
Investment in associate (173) - -
---------------- ----------------- ---------------
Sale of property, plant and equipment - - 17
---------------- ----------------- ---------------
Loans repaid - - 49
---------------- ----------------- ---------------
Loans received - 100 -
---------------- ----------------- ---------------
Net cash used in investing activities (17 698) (2 916) (13 438)
---------------- ----------------- ---------------
Cash flows from financing activities
---------------- ----------------- ---------------
Proceeds from share issues net
of costs 5 902 - 10 672
---------------- ----------------- ---------------
Proceeds from other financial liabilities - 1 595 10 934
---------------- ----------------- ---------------
Repayment of other financial liabilities (2 154) - (631)
---------------- ----------------- ---------------
Net cash generated from financing
activities 3 749 1 595 20 975
---------------- ----------------- ---------------
Net (decrease)/increase in cash
and cash equivalents (9 054) (595) 12 293
---------------- ----------------- ---------------
Cash and cash equivalents at beginning
of the period 18 865 6 376 6 376
---------------- ----------------- ---------------
Effects of foreign exchange 436 (13) 195
---------------- ----------------- ---------------
Cash and cash equivalents at the
end of the period 10 247 5 768 18 865
---------------- ----------------- ---------------
NOTES TO THE UNAUDITED INTERIM RESULTS
1. Basis of preparation
The Group unaudited interim results for the 6 months ended 31 December 2019 have been prepared using the accounting policies applied by the company in its 30 June 2019 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 2019 and any public announcements by Jubilee Metals Group 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 2019 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
Earnings per share for the six months ended 31 December 2019 are presented as follows:
Unaudited Unaudited Audited
Group Group Group
---------------- ------------------- ---------------
6 months 6 months 12 months
---------------- ------------------- ---------------
ended 31 ended 31 ended 30
December December June
---------------- ------------------- ---------------
2019 2018 2019
---------------- ------------------- ---------------
GBP '000 GBP '000 GBP '000
---------------- ------------------- ---------------
Earnings for the period 6 660 756 6 993
---------------- ------------------- ---------------
Weighted average number of shares
in issue ('000) 1 891 445 1 314 013 1 466 128
---------------- ------------------- ---------------
Diluted weighted average number
of shares in issue ('000) 1 891 445 1 314 013 1 475 698
---------------- ------------------- ---------------
Earnings per share (pence) 0.35 0.06 0.48
---------------- ------------------- ---------------
Diluted earnings per share (pence) 0.35 0.06 0.47
---------------- ------------------- ---------------
Earnings per share (ZAR cents) 6.09 0.99 8.75
---------------- ------------------- ---------------
Diluted earnings per share (ZAR
cents) 6.03 0.99 8.69
---------------- ------------------- ---------------
The Group reported a net asset value of 4.36 pence (2018: 4.33) per share (ZAR 80.69 (2018: ZAR 74.92) cents per share)) and a net tangible asset value per share of 1.37 (2018: 1.09) pence per share (ZAR 25.31 (2018: ZAR 19.92 cents per share)). The total shares in issue as at 31 December 2019 were 2 017 510 million (2018: 1 363 486 million).
3. Business Combinations
3.1 Acquisition of Sable Zinc Limited (Zambia)
As announced on 21 March 2019, Jubilee executed the acquisition of 100% of the issued capital of Sable Zinc Kabwe Limited in Zambia from two subsidiaries of Glencore plc "Glencore" for a consideration of GBP 9.16 million (US$ 12 million) (ZAR 175.97 million) (the "Acquisition"). The Acquisition was funded through a combination of debt and equity. Jubilee secured a convertible loan note for GBP 6.11 million (US$ 8 million) (ZAR 117.31 million) with ACAM LP and successfully completed a placing of 491 814 444 new Jubilee shares at an issue price of 2.25 pence per share to raise GBP 11.07 million (US$ 14.50 million) (ZAR 212.57 million) before expenses. On 23 August 2019 the Acquisition became unconditional ("Closing Date"), Jubilee obtained control and commenced with the implementation of a fully integrated multi-metal refinery in Zambia.
The fair value of the purchase consideration, net assets acquired and gain on bargain purchase are as follows:
Acquisition of Sable Zinc Limited (Zambia)
Fair value of the assets acquired 12 253
--------
Fair value of the purchase consideration (9 944)
--------
Gain on bargain purchase 2 309
--------
Assets acquired
Land and Buildings 1 087
--------
Property, Plant and Equipment 11 395
--------
Long term liabilities (3 339)
--------
Trade Receivables 183
--------
Inventories 385
--------
Other current assets 3 505
--------
Cash and Cash Equivalents 135
--------
Trade payables (167)
--------
Other current liabilities (930)
--------
Fair value of assets acquired 12 253
--------
Fair value of consideration (9 944)
--------
Gain on bargain purchase 2 309
--------
There were no acquisitions made by Sable Zinc Limited in the previous period.
The acquired assets did not contribute to revenue or profit for the period under review.
3.2 Acquisition of PGM and chrome rights
Jubilee owns and operates a chrome and PGM processing facility at Inyoni with a processing capacity of 55 000 tonnes per month. Previously, Jubilee had a Co-Operation Agreement ("Hernic Agreement") with Hernic Ferrochrome (Pty) Ltd ("Hernic Ferrochrome"), whereby Jubilee had the rights to all PGM earnings from the tailings at Hernic until it secured a 30 % return on investment, where after Hernic secured the majority of earnings. Under the Hernic Agreement, all of the chrome concentrate produced is returned to Hernic Ferrochrome for its own use or sale to the market. As announced on 24 October 2019, Jubilee has entered into a Framework and Tailings Purchase Agreement ("Tailings Agreement") with K2018239983 (SOUTH AFRICA) (PTY) LTD ("NewCo"), a subsidiary of one of the world's largest ferrochrome producers to acquire 100 % of the rights to PGM earnings from the current and future tailings produced at Jubilee's Inyoni Operations (previously Hernic) located in the Bushveld Complex, South Africa. In addition to the current unprocessed 1.70 million tonnes of historical tailings at the Hernic Operations and the 630 000 tonnes of previously processed tailings, Jubilee has acquired the rights to a further c. 1 million
tonnes of PGM rich material.
As announced on 5 November 2019, NewCo has exercised its rights in terms of the Exclusive Agreement announced on 24 October 2019, to sell all further chrome rights to the chrome contained in all of the historical tailings at Inyoni to Jubilee. Under the Exclusive Agreement, Jubilee has acquired 100 % of all further chrome rights to the chrome contained in all of the historical tailings at Inyoni.
Acquisition of PGM and chrome rights to earnings GBP '000
(Mauritius)
Fair value of the rights acquired 14 472
-----------------
Fair value of the purchase consideration (14 472)
-----------------
The purchase consideration was paid in tranches the last of which were made on 19 March 2020. In terms of the acquisition agreement the final payment was adjusted for certain PGM and chrome variables which, resulted in a downward adjustment to the total purchase consideration of GBP 2.2 million. The total foreign exchange difference for the transaction resulted in a gain of GBP 0.004 million. At current conversion rates the foreign exchange gain on the transaction would have been GBP 0.77 million.
4. Dividends
No dividends were declared during the period under review (2018: nil).
5. Business segments
In the opinion of the Directors, the operations of the Group companies comprise four reporting segments for the period under review, being:
-- the recovery of metals from surface mine waste and tailings ("Operations");
-- the evaluation of various mine waste opportunities and the development of suitable metal recovery processes to d iversify across multiple commodities and in different countries including platinum, chrome, cobalt, copper, zinc, lead, vanadium and gold to hedge income risk and to align with global trends. ("Business Development");
-- the parent company operates a head office based in the United Kingdom which incurs administration and corporate overhead costs ("Corporate").
Segment report for the 6 months ended 31 December 2019
Figures in pound sterling Operations Business Corporate Total Group
( GBP '000 ) Development
Total revenues 25 403 - - 25 403
----------- ------------- ---------- ------------
Cost of sales (15 554) - - (15 554)
----------- ------------- ---------- ------------
Forex losses (417) - (181) (598)
----------- ------------- ---------- ------------
Share of loss from
associates - - (121) (121)
----------- ------------- ---------- ------------
Profit/(loss) before
taxation 7 339 - (776) 6 564
----------- ------------- ---------- ------------
Taxation - - - -
----------- ------------- ---------- ------------
Profit/(loss) after
taxation 7 339 - (776) 6 564
----------- ------------- ---------- ------------
Interest received 39 - 11 50
----------- ------------- ---------- ------------
Interest paid (1 245) - (79) (1 324)
----------- ------------- ---------- ------------
Depreciation and amortisation (2 382) - - (2 382)
----------- ------------- ---------- ------------
Total assets 73 098 37 349 8 354 118 800
----------- ------------- ---------- ------------
Total liabilities (23 675) (3 328) (2 290) (30 756)
----------- ------------- ---------- ------------
Segment report for the 6 months ended 31 December 2018
Figures in pound sterling Base metals Business Corporate Total Group
( GBP '000 ) beneficiation Development
Total revenues 8 324 3 - 8 327
------------------ ---------------- ----------------- ------------------------
Cost of sales (4 226) - - (4 226)
------------------ ---------------- ----------------- ------------------------
Forex losses (167) - (31) (198)
------------------ ---------------- ----------------- ------------------------
Share of loss from
associates - - (169) (169)
------------------ ---------------- ----------------- ------------------------
Profit/(loss) before
taxation 1 691 (116) (813) 762
------------------ ---------------- ----------------- ------------------------
Taxation - - - -
------------------ ---------------- ----------------- ------------------------
Profit/(loss) after
taxation 1 691 (116) (813) 762
------------------ ---------------- ----------------- ------------------------
Interest received 11 - 3 14
------------------ ---------------- ----------------- ------------------------
Interest paid (326) - (137) (463)
------------------ ---------------- ----------------- ------------------------
Depreciation and amortisation (1 210) - - (1 210)
------------------ ---------------- ----------------- ------------------------
25 720
Total assets (25,720) 39 938 5 108 70 766 (70,766)
------------------ ---------------- ----------------- ------------------------
(4 392
Total liabilities ) (4 639) ( 2 630) (11 661)
------------------ ---------------- ----------------- ------------------------
Segment report for the year ended 30 June 2019
Figures in pound sterling Base metals Business Exploration Corporate Total Group
( GBP '000 ) beneficiation development and mining
Total revenues 23 585 - - - 23 585
-------------- ------------ ----------- --------- -----------
Cost of sales (10 709) - - - (10 709)
-------------- ------------ ----------- --------- -----------
Forex losses (8) (7) - 246 231
-------------- ------------ ----------- --------- -----------
Share of loss from associate - - - (865) (865)
-------------- ------------ ----------- --------- -----------
Interest received 22 - - 8 30
-------------- ------------ ----------- --------- -----------
Interest paid (933) - - (180) (1 113)
-------------- ------------ ----------- --------- -----------
Profit before taxation 4 358 (229) (232) 4 050 7 946
-------------- ------------ ----------- --------- -----------
Taxation ( 16) - - (954) (970)
-------------- ------------ ----------- --------- -----------
Profit after taxation 4 342 (229) (232) 3 096 6 976
-------------- ------------ ----------- --------- -----------
Depreciation, amortisation
and impairments (3 400) (70) (232) - (3 702)
-------------- ------------ ----------- --------- -----------
Total assets 43 390 15 872 25 886 16 895 102 042
-------------- ------------ ----------- --------- -----------
Total liabilities (15 603) (3 344) (1 399) (3 007) (23 352)
-------------- ------------ ----------- --------- -----------
6. Share Capital and warrants
Share Capital
During the period under review the Company issued 162 208 900 new Jubilee shares at a price of 4 pence share to raise GBP 6.5 million before expenses. Following the issue the Company's total issued share capital comprises 2 017 509 573 ordinary shares.
Warrants
At the period end and at the time of publishing these results the Company had the following warrants outstanding:
Spot at
Subscription Volatility Issue date
Number of warrants Issue date price (pence) Expiry date % pence
1 473 055 2019-03-21 3.38 2021-03-21 58.17 2.25
---------- ----------------- --------------- ------------- -----------
8 429 195 2019-11-14 4.00 2022-11-14 57.55 4.12
---------- ----------------- --------------- ------------- -----------
32 362 460 2018-12-28 3.86 2023-12-28 58.17 2.40
---------- ----------------- --------------- ------------- -----------
65 277 778 2018-01-19 6.12 2023-01-19 83.90 3.83
---------- ----------------- --------------- ------------- -----------
107 542 488
---------- ----------------- --------------- ------------- -----------
7. Going concern
The directors have adopted the going-concern basis in preparing the interim financial statements.
8. Unaudited results
These interim results have not been reviewed or audited by the Group's auditors.
9. Interim report
Printed copies of the interim report are available to the public free of charge from the Company at 1(st) 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.jubileemetalsgroup.com .
The financial information in this announcement is unaudited.
United Kingdom
26 March 2020
**ENDS**
For further information visit www.jubileemetalsgroup.com or contact:
Jubilee Metals Group PLC
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
Broker - Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7186 9900
Joint Broker - WHIreland
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Sasfin Capital (a member of the Sasfin group)
Sharon Owens
Tel +27 (0) 11 809 7500
PR & IR Adviser - St Brides Partners Limited
Catherine Leftley/Juliet Earl
Tel +44 (0) 20 7236 1177
Annexure 1
Headline earnings per share ("HEPS") is calculated using the weighted average number of shares in issue during the period under review and is based on earnings attributable to ordinary shareholders, after excluding
those items as required by Circular 1/2019 issued by the South African Institute of Chartered Accountants (SAICA).
In compliance with paragraph 18.19 (c) of the JSE Listings Requirements the table below represents the Group's Headline
earnings and a reconciliation of the Group's loss reported and headline earnings used in the calculation of headline
earnings per share:
Reconciliation of headline earnings per
share Unaudited Unaudited Audited
Dec-19 Dec-18 Jun-19
----------------- ----------------- -----------------
GBP '000 GBP '000 GBP '000
----------------- ----------------- -----------------
Profit attributable to ordinary equity
holders of the parent 6 660 756 6 994
----------------- ----------------- -----------------
Less gain on bargain purchase (2 309) - -
----------------- ----------------- -----------------
Less fair value adjustment of other financial
assets - - (5 022)
----------------- ----------------- -----------------
Plus impairment of intangible assets - - 231
----------------- ----------------- -----------------
Plus share of impairment loss of equity
accounted associate - - 783
----------------- ----------------- -----------------
Total tax effects of adjustments - - 1 122
----------------- ----------------- -----------------
Headline earnings 4 350 756 4 108
----------------- ----------------- -----------------
Weighted average number of shares in 1 891 1 314 1 466
issue ('000) 445 013 128
----------------- ----------------- -----------------
Diluted weighted average number of shares 1 909 1 314 1 475
in issue ('000) 126 013 698
----------------- ----------------- -----------------
Headline earnings per share (pence) 0.23 0.06 0.28
----------------- ----------------- -----------------
Headline earnings per share (ZAR cents) 3.98 0.99 5.14
----------------- ----------------- -----------------
Diluted headline earnings per share (pence) 0.23 0.06 0.28
----------------- ----------------- -----------------
Diluted headline earnings per share (ZAR
cents) 3.98 0.99 5.11
----------------- ----------------- -----------------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR VQLBLBXLLBBX
(END) Dow Jones Newswires
March 26, 2020 06:10 ET (10:10 GMT)
1 Year Jubilee Metals Chart |
1 Month Jubilee Metals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
