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05.03.2024 17:16
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Franco-Nevada Reports 2023 Results
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PR Newswire
TORONTO, March 5, 2024
Business Remains Robust Despite Production Halt at Cobre Panama
(in U.S. dollars unless otherwise noted)
TORONTO, March 5, 2024 /PRNewswire/ - "In late 2023, we were challenged by the unprecedented production halt at Cobre Panama. We are hopeful that the issues can be resolved, although we have taken a prudent approach for the carrying value of the asset", stated Paul Brink, CEO. "Despite the issue at Cobre Panama, our business remains robust and we continue to benefit from a long-duration, diversified portfolio. We finished the year with no debt and $1.4 billion in cash and cash equivalents. The balance of our business performed well in 2023 and is expected to grow in 2024 with contributions from the completion of the Tocantinzinho, Greenstone and Salares Norte gold mines. Our growth outlook through 2028 is driven by numerous new mines and mine expansions. $2.4 billion of available capital positions us well for attractive acquisitions in an environment where many project developers are capital constrained."
| | | Q4 2023 | | 2023 |
| | Q4 results | vs | 2023 | vs |
| | | Q4 2022 | | 2022 |
| Total GEOs1 sold | 152,351 GEOs | -17 % | 627,045 GEOs | -14 % |
| Precious Metal GEOs1 sold | 119,581 GEOs | -8 % | 488,189 GEOs | -4 % |
| Revenue | $303.3 million | -5 % | $1,219.0 million | -7 % |
| Impairment losses | -$1,173.3 million | - | -$1,173.3 million | - |
| Net loss | -$982.5 million (-$5.11/share) | - | -$466.4 million (-$2.43/share) | - |
| Adjusted Net Income2 | $172.9 million ($0.90/share) | +5 % | $683.1 million ($3.56/share) | -2 % |
| Adjusted Net Income Margin2 | 57.0 % | +11 % | 56.0 % | +6 % |
| Adjusted EBITDA2 | $254.6 million ($1.33/share) | -3 % | $1,014.7 million ($5.28/share) | -8 % |
| Adjusted EBITDA Margin2 | 83.9 % | +2.4 % | 83.2 % | -1.1 % |
Strong Financial Position
- No debt and $2.4 billion in available capital as at December 31, 2023
- Generated close to $1 billion in operating cash flow in 2023
- Quarterly dividend increased 5.88% to $0.36/share effective Q1 2024
Sector-Leading ESG
- Rated #1 precious metals company and #1 gold company by Sustainalytics, AA by MSCI and Prime by ISS ESG
- Committed to the World Gold Council's Responsible Gold Mining Principles
- Partnering with our operators on community and ESG initiatives
- Goal of 40% diverse representation at the Board and top leadership levels as a group by 2025
Diverse, Long-Life Portfolio
- Most diverse royalty and streaming portfolio by asset, operator and country
- Core precious metal streams on world-class copper assets outperforming acquisition expectations
- Long-life reserves and resources
Growth and Optionality
- Mine expansions and new mines driving 5-year growth profile
- Long-term optionality in gold, copper and nickel and exposure to some of the world's great mineral endowments
- Strong pipeline of precious metal and diversified opportunities
| Quarterly revenue and GEOs sold by commodity | | | | ||||||||
| | | Q4 2023 | | Q4 2022 | | ||||||
| | | GEOs Sold | | Revenue | | GEOs Sold | | Revenue | | ||
| | | # | | (in millions) | | # | | (in millions) | | ||
| PRECIOUS METALS | | | | | | | | | | | |
| Gold | | 99,998 | | $ | 198.7 | | 102,583 | | $ | 178.2 | |
| Silver | | 15,492 | | | 31.2 | | 18,493 | | | 32.7 | |
| PGM | | 4,091 | | | 8.8 | | 8,566 | | | 15.5 | |
| | | 119,581 | | $ | 238.7 | | 129,642 | | $ | 226.4 | |
| DIVERSIFIED | | | | | | | | | | | |
| Iron ore | | 5,620 Werbung Mehr Nachrichten zur Franco-Nevada Aktie kostenlos abonnieren
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