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
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)
Jubilee Metals (LSE:JLP)
Historical Stock Chart
From Apr 2024 to May 2024
Jubilee Metals (LSE:JLP)
Historical Stock Chart
From May 2023 to May 2024