Stock Name: FNV
Amount: CAD 0.04
Announcement Date: 08/11/2011
Record Date: 10/01/2012
Dividend Detail:
Q3 2011 Highlights (US dollars)
Record quarterly revenue of $113.3 million, a 106% increase
year-over-year;
Record quarterly net income of $44.1 million;
Completed or announced $100 million in new royalty transactions;
NYSE trading began September 8th, 2011.
TORONTO, Nov. 8, 2011 /CNW/ - Franco-Nevada Corporation (TSX: FNV, NYSE:
FNV) today reported its financial results for the three and nine months
ended September 30, 2011. Effective January 1, 2011, Franco-Nevada
adopted International Financial Reporting Standards ("IFRS") with all
financial information presented in accordance with IFRS. All figures
are in US dollars unless otherwise noted. The complete interim
Financial Statements and Management's Discussion and Analysis can be
found on Franco-Nevada's website at www.franco-nevada.com.
Selected Financial Information:
(Millions of US dollars, except per share amounts) | | Three months ended September 30, | Nine months ended September 30, | ||||||
| | | | ||||||
| | | 2011 | 2010 | | 2011 | | 2010 | |
Revenue | | $ | 113.3 | $ | 55.0 | $ | 292.7 | $ | 152.3 |
Operating income | | $ | 57.5 | $ | 23.3 | $ | 135.7 | $ | 57.0 |
Net income | | $ | 44.1 | $ | 8.1 | $ | 98.6 | $ | 45.4 |
Basic earnings per share | | $ | 0.35 | $ | 0.07 | $ | 0.80 | $ | 0.40 |
| | | | | | | | | |
Adjusted Net Income(1) | | $ | 39.8 | $ | 13.8 | $ | 94.3 | $ | 28.7 |
Adjusted Net Income(1) per share | | $ | 0.31 | $ | 0.12 | $ | 0.76 | $ | 0.25 |
Adjusted EBITDA(2) | | $ | 92.2 | $ | 43.0 | $ | 233.1 | $ | 118.6 |
Adjusted EBITDA(2) per share | | $ | 0.73 | $ | 0.38 | $ | 1.89 | $ | 1.04 |
| | | | | | As at Sept. 30, 2011 | As at Dec. 30, 2010 | ||
| | | | | | ||||
Working capital | | | | | $ | 420.3 | $ | 572.7 | |
Total assets | | | | | $ | 2,559.9 | $ | 2,007.0 | |
Total shareholders' equity | | | | | $ | 2,488.5 | $ | 1,980.6 | |
(1) | Adjusted Net Income is defined by the Company as net income excluding foreign exchange gains/losses, gains/losses on the sale of investments, impairment charges related to royalties, streams, working interests and investments, unusual non-recurring items, and the impact of taxes on all these items. |
(2) | Adjusted EBITDA is defined by the Company as net income excluding income tax expense, finance income and costs, foreign exchange gains/losses, gains/losses on sale of investments, income/losses from equity investees, depletion and depreciation and impairment charges related to royalties, streams, working interests and investments. |
This press release may contain certain information that may constitute
"forward-looking information" and "forward-looking statements" within
the meaning of applicable Canadian securities laws and United States
Private Securities Litigation Reform Act 1995, respectively. Reference
should be made to the Cautionary Statement on Forward-Looking
Information at the end of this press release.
CEO Commentary
David Harquail, President and CEO, made the following comments in
relation to the third quarter 2011 results:
"Franco-Nevada's royalty and stream business model continues to prove
itself. Third quarter results were another record as Franco-Nevada
benefitted from higher average precious metal prices and contributions
from both organic growth and new acquisitions. Our revenues are now
91% from precious metals and 77% from North American assets. Despite
likely weaker commodity prices in the fourth quarter and challenges
facing some of our streams, on balance the outlook is promising across
the broader portfolio. We are maintaining our previous guidance for
2011 revenues in the range of $375 to $400 million compared to $227
million on the same basis in 2010."
"This is proving to be a record year for growing the portfolio. In the
first half, we added five streams from the acquisition of Gold Wheaton
and new gold royalties at Perseus' Edikan project and Osisko's Canadian
Malartic project. In the third quarter, we closed a gold royalty
acquisition on Rubicon's Phoenix project and announced the proposed
acquisition of Lumina Royalty Corp. which will add four new copper
royalties to the portfolio. When the Lumina transaction closes later
in the fourth quarter, Franco-Nevada expects to count 212 mineral
assets of which 41 are classified as producing. Franco-Nevada has a
solid pipeline of opportunities and at the end of the third quarter had
over $420 million in working capital, another $175 million available in
credit and no debt."
"Franco-Nevada began trading on the New York Stock Exchange on September
8th. We are very pleased with the reception the shares are receiving in
the US as a growth and dividend paying alternative to the gold ETF.
Our overall trading liquidity has increased by approximately 25% since
the listing."
Portfolio Highlights
Details of the individual revenue contributions by asset and commodity
can be found in our Management's Discussion and Analysis available on
our website. Asset details are also available on our website and in
our Annual Information Form and Form 40-F.
New Royalty Transactions
Phoenix is a 2.0% gross royalty payable on that part of Rubicon Minerals
Corporation's Phoenix gold project lying primarily beneath the waters
of Red Lake, Ontario. Rubicon has an option to repurchase a 0.5% gross
royalty from the Company. Franco-Nevada's acquisition cost was
approximately $23.7 million payable by the issuance of 550,000 common
shares of the Company. Rubicon has announced a C$55 million
development and exploration program for shaft deepening, underground
development, drilling and long lead item orders and is targeting
potential production in Q4 2013.
Lumina Royalty Corp is an unlisted company that owns royalties on four development stage
copper projects in Chile and Argentina. On September 22nd, Franco-Nevada announced it had entered into an arrangement agreement
to acquire Lumina Royalty Corp. for $60 million in Franco-Nevada common
shares and $6 million in listed Franco-Nevada warrants. Lumina's assets
include:
1.5% net smelter return ("NSR") royalty on the Relincho project in
Chile. Teck Resources has disclosed a pre-feasibility study which
indicates a possible production start in 2017 with 195,000 tonnes and
180,000 tonnes of contained copper in concentrates produced on average
for the first five years and over the 22 year life of mine,
respectively.
1.08% NSR royalty on the Taca Taca project in Salta Province, Argentina
operated by Lumina Copper Corp.
A fixed rate copper royalty and a 1.5% NSR gold royalty on Coro Mining
Corp.'s San Jorge project located in Mendoza Province, Argentina.
There are advance payments associated with this royalty.
2% NSR royalty on open pit mining and a 1% NSR royalty on underground
mining on a portion of Los Andes Copper Limited's Vizcachitas project
located in Chile.
Producing Assets
Palmarejo, operated by Coeur d'Alene Mines Corporation ("Coeur"), generated $26.1
million in revenue in the third quarter. Coeur has reported that it
continues to drill at the Guadalupe deposit to expand the current
resource and has commenced a surface trenching program to define the
known vein structures at La Patria.
Sudbury Basin includes streams on the precious metals from the Levack, McCreedy and
Podolsky mines operated by Quadra FNX Mining Ltd. ("Quadra FNX"). In
the third quarter, the three mines generated $15.2 million in revenues,
split $10.3 million from PGMs and $4.9 million from gold. On October
14th, Quadra FNX announced that terms had been reached to utilize Xstrata
Nickel's neighbouring Craig shaft to access the Morrison deposit at the
Levack mine which Quadra FNX expects will improve operational
flexibility and allow the potential for higher production going
forward. Offsetting this, Quadra FNX is currently focusing mining on
nickel ores at McCreedy which will defer the mining of precious metal
ores.
Goldstrike revenue of $14.4 million in the third quarter was split between the net
profits interest ("NPI") of $8.8 million and the NSR royalty of $5.6
million. Barrick reported that during the quarter the Goldstrike
operation produced a total of 0.26 million ounces of gold with total
cash costs of $516 per ounce as it transitioned to a higher waste
stripping phase in the second half of 2011.
MWS' gold stream payments amounted to $11.7 million to Franco-Nevada in the third quarter. It also
successfully concluded the technical completion test required under the
gold stream agreement. In September, First Uranium announced that it
had received a letter from the South African Minister of Mineral
Resources purporting to "withdraw" the new order mining right for the
MWS operations. First Uranium continues to operate MWS while working
with the Minister to rectify the issue.
Ezulwini provided $8.1 million in revenues to Franco-Nevada in the third quarter
delivering the quarterly instalment of the minimum royalty provision
under the gold stream agreement.
Stillwater benefited from strong PGM prices in the quarter and generated $6.1
million in revenue. Realized PGM prices are expected to be weaker in
the fourth quarter based on current commodity price levels.
Oil & Gas assets delivered $8.5 million of revenue in the quarter. Production
volumes in southeast Saskatchewan have been hampered by the impact of
spring floods which has also delayed planned development.
New and Future Revenues
Tasiast cumulative gold production surpassed the 600,000 ounce threshold during
third quarter triggering the first partial quarterly payment of $1.5
million to Franco-Nevada. This royalty is expected to become an
important contributor to the Company's revenues as Kinross Gold has
announced expansion plans for the operation based on a 16 year mine
life and envisions increasing production to 1.5 million gold equivalent
ounces per annum. Kinross has stated that start up of the expansion is
targeted for mid 2014. This would represent approximately 30,000 ounces
of gold annually to Franco-Nevada from its 2% revenue royalty.
Detour Gold announced that it has raised additional capital funding during the
quarter so that the C$1.3 billion construction of its large gold
project is now fully financed with completion expected by early 2013.
In addition, Detour Gold announced an agreement to acquire the
neighbouring Trade Winds Ventures Block A project which is contiguous
to the west of the Detour Lake open pit. Franco-Nevada has a 2%
revenue royalty on both projects and expects that the combination
increases the likelihood for further reserve additions and an expansion
of the project. Detour has stated that when fully ramped up, gold
production is expected to average 649,000 ounces per year with
potential to increase throughput.
Edikan (formerly the Central Ashanti Gold Project) is a new royalty that was
acquired in the second quarter of 2011. Perseus Mining Limited
announced the pouring of its first gold in August and reported progress
on both the mine commissioning and on additional exploration potential
on the property. Franco-Nevada expects to receive initial revenues from
this asset in the fourth quarter of 2011. Perseus recently completed
an updated life of mine plan which anticipates average annual gold
production of 265,000 ounces per year from Edikan.
Canadian Malartic is a new royalty that was acquired early in the third quarter of 2011
consisting of a 1.5% gross overriding metal royalty on seven mining
claims encompassing a portion of Osisko's Canadian Malartic project.
Osisko announced that it has recently commenced production at the
project with some mining occurring on the royalty claims that cover a
portion of the planned pit. Franco-Nevada expects to report revenue
from this asset in the fourth quarter of 2011 with more significant
revenues occurring in 2012. At full production, Osisko estimates that
Canadian Malartic will average 574,000 ounces per year.
The Ity royalty is an approximate 1% NSR on a mine operated by La Mancha
Resources in the Cote d'Ivoire which began its first royalty payments
to Franco-Nevada during the third quarter. La Mancha expects that the
Ity mine will produce approximately 37,000 ounces per year.
South Kalgoolie is operated by Alacer Gold and Franco-Nevada has a 1.75% NSR on the
portion of the project within Location 50. On October 24th, Alacer announced the first stage of the potential doubling of
production to 2.5Mtpa from 1.2Mtpa through a combination of a new
processing facility, an expanded open pit and underground mining.
NPIs - With the continued strong gold price environment and increased
margins from our operating partners, several of our NPIs are reaching
payout of their historical capital costs. Franco-Nevada expects
Musselwhite (operated by Goldcorp) and Macassa (operated by Kirkland
Lake Gold) to provide revenue to Franco-Nevada in the fourth quarter.
The Hemlo NPI (operated by Barrick) is expected to contribute in late
2012.
Rosemont's Environmental Impact Statement has entered the public review process in
which Franco-Nevada has a 1.5% revenue royalty on all metals. At the
same time, Augusta Resource Corporation reports that an air permit has
been denied which it expects to challenge. Augusta expects average
annual production over its 21 year life to be 220 Mlbs of copper, 4.7
Mlbs of molybdenum and 2.4 Moz of silver.
Taseko's New Prosperity revised project description has been formally accepted by the Canadian
Environment Assessment Agency ("CEAA"). On November 7, the CEAA
announced that the project is to undergo an environmental assessment by
the Federal review panel with a final report submitted to the Federal
Ministry of the Environment within one year. New Prosperity is the
largest undeveloped copper-gold deposit in Canada. Under the terms of
a stream agreement, Franco-Nevada will purchase a 22% gold stream
interest by funding $350M in capital costs once the project is fully
permitted and financed. Gold production has been estimated by Taseko
to be an average of 300,000 ounces per year for the first five years.
Agi Dagi is being advanced by Alamos Gold in Turkey. Franco-Nevada has a 2%
revenue royalty on Agi Dagi which also covers most of the new Camyurt
discovery nearby. An updated mineral resource was completed in the
third quarter and EIA approval process has commenced. Alamos expects
to complete a pre-feasibility study in Q2 2012 incorporating additional
resources.
Financial Results Discussion
Revenues
Revenue was $113.3 million in the third quarter of 2011 compared with
$55.0 million for the third quarter of 2010. The increase in revenue
was mostly attributable to assets acquired in the Gold Wheaton
transaction which contributed $35.0 million to the Company's third
quarter revenue. In addition, revenue from Palmarejo and Stillwater was
higher due to increases in average commodity prices and production
levels at these mines. Revenue from Gold Quarry was also higher in the
quarter compared to the third quarter of 2010 as the Company now
recognizes a portion of the minimum ounce true-up in each quarter in
2011 whereas the minimum ounce true-up was recognized in the fourth
quarter in previous years.
Revenue for the third quarter of 2011 was earned 91% from precious metal
assets (77% gold and 14% PGMs), 8% from oil and gas (5% oil and 3% gas)
and 1% from other minerals. Geographically, 77% of revenue came from
North America (27% US, 25% Canada and 25% Mexico), Africa (19%),
Australia (3%) and Other (1%). The components of revenue were earned as
follows: 35% revenue-based, 54% streams, 8% profit-based, 2% working
interests and 1% other.
Revenue for the nine months ended September 30, 2011 was $292.7 million,
an increase of 92%, over $152.3 million in revenue for the nine months
ended September 30, 2010. Increases were driven by assets acquired in
the Gold Wheaton transaction, higher average commodity prices and
organic growth within the portfolio.
Costs and expenses
Costs of sales include the costs of gold equivalent ounces purchased
under stream agreements, oil & gas production taxes, operating costs on
oil & gas working interests and net proceeds taxes on mineral
interests. Costs of sales for the third quarter of 2011 were $16.2
million which included $13.7 million for the cost of stream ounces.
Depletion and depreciation were $34.7 million, an increase of 76%, over
$19.7 million recorded in the third quarter of 2010. Depletion was
higher due to the addition of the Gold Wheaton assets, higher
production at Gold Quarry, Palmarejo and Stillwater partially offset by
lower depletion on Goldstrike due to lower production levels.
For the nine months ended September 30, 2011, costs of sales were $45.9
million compared to $21.3 million for the nine months ended September
30, 2010. Depletion and depreciation of $97.4 million and $61.8 million
were recorded for the nine months ended September 30, 2011 and 2010,
respectively. The increase was attributable in part to the streams
acquired in the Gold Wheaton acquisition and Palmarejo, Gold Quarry and
Stillwater, due to higher production levels. The increase was partially
offset by lower depletion on Goldstrike and oil & gas assets due to
lower production.
As part of the Gold Wheaton acquisition, the Company recorded a $13.5
million mark-to-market gain offset by $7.8 million in transaction costs
in the nine months ended September 30, 2011. Under IFRS, transaction
costs associated with business combinations are expensed rather than
capitalized as was done under Canadian GAAP. In addition, the Company
recorded $6.2 million in gains on the sale of certain investments
during the three months ended September 30, 2011.
Income tax expense was $19.5 million and $41.4 million for the three and
nine months ended September 30, 2011, respectively.
Net Income
Net income for the third quarter of 2011 was $44.1 million, or $0.35 per
share, and Adjusted Net Income(1) for the third quarter was $39.8 million, or $0.31 per share.
EBITDA and Adjusted EBITDA were $97.2 million, or $0.76 per share, and
$92.2 million, or $0.73 per share, respectively, for the three months
ended September 30, 2011. Our definitions of these non-IFRS financial
measures and the reconciliations to IFRS measures can be found in the
Company's Management's Discussion and Analysis for Q3 2011 and at the
end of this press release.
Balance Sheet and Capital Structure
As at September 30, 2011, Franco-Nevada had a strong financial position
with no debt or hedges, working capital of $420.3 million, and
investments valued at $62.8 million, of which $33.0 million are held in
publicly traded equity investments. In addition, the Company has an
undrawn $175 million unsecured revolving term credit facility
available.
As at November 8, 2011, the Company had outstanding 127.7 million
shares, 17.6 million warrants (including 6.1 million assumed from the
acquisition of Gold Wheaton), 2.5 million stock options, 0.4 million
other and a special warrant exerciseable into 2 million warrants.
Dividend Declaration
In July 2011, the Company began the payment of an increased monthly
dividend of $0.04 per share compared to C$0.025 per share in the prior
months. Today, the Board of Directors of Franco-Nevada declared the
monthly dividends for January, February and March 2012. The January
dividend will be paid on January 26, 2012 to shareholders of record on
January 12, 2012, the February dividend will be paid on February 23,
2012 to shareholders of record on February 9, 2012 and the March
dividend will be paid on March 29, 2012 to shareholders of record on
March 15, 2012.
Shareholder Information
The complete Financial Statements and Management's Discussion and
Analysis can be found today on Franco-Nevada's website at www.franco-nevada.com and by tomorrow on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Management will host a conference call on
November 9th, 2011 at 10:00 am Eastern Standard Time to review the results.
Interested investors are invited to participate as follows:
Conference Call: Local: 647-427-7450; Toll-Free: 1-888-231-8191; Title:
Franco-Nevada Q3 Results.
Conference Call Replay: A recording will be available until November 16,
2011 at the following numbers:
Local: 416-849-0833; Toll-Free: 1-855-859-2056; Pass code: 24518775.
Webcast: A live audio webcast will be accessible at
www.franco-nevada.com.
Slides: A presentation to accompany the conference call will be
available on the Company's website prior to the call.
Corporate Summary
Franco-Nevada Corporation (TSX: FNV, NYSE: FNV) is a gold-focused
royalty and stream company with additional interests in platinum group
metals, oil & gas and other assets. The Company has a diversified
portfolio of high margin assets along with a growing pipeline of
development assets with exposure to some of the largest gold
discoveries in the world. Its business model benefits from rising
commodity prices and new discoveries while limiting operating and
capital cost inflation. Franco-Nevada is generating growing free cash
flow with historical increasing dividends and is the gold investment
that works.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This press release may contain certain information that may constitute
"forward-looking information" and "forward-looking statements" within
the meaning of applicable Canadian securities laws and United States
Private Securities Litigation Reform Act 1995, respectively.
Forward-looking statements may include, but are not limited to,
statements with respect to future events or future performance,
management's expectations regarding Franco-Nevada's growth, results of
operations, estimated future revenues, requirements for additional
capital, future demand for and prices of commodities, expected mining
sequences, business prospects and opportunities. Such forward-looking
statements reflect management's current beliefs and are based on
information currently available to management. Often, but not always,
forward-looking statements can be identified by the use of words such
as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "predicts", "projects", "intends", "targets",
"aims", "anticipates" or "believes" or variations (including negative
variations) of such words and phrases or may be identified by
statements to the effect that certain actions "may", "could", "should",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual results,
performance or achievements of Franco-Nevada to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. A number of factors could
cause actual events or results to differ materially from any
forward-looking statement, including, without limitation: fluctuations
in the prices of the primary commodities that drive the Franco-Nevada's
royalty and stream revenue (gold, platinum group metals, copper,
nickel, uranium, silver and oil and gas); fluctuations in the value of
the Canadian and Australian dollar, Mexican peso, and any other
currency in which Franco-Nevada generates revenue, relative to the U.S.
dollar; changes in national and local government legislation, including
permitting and licensing regimes and taxation policies; regulations and
political or economic developments in any of the countries where
properties in which Franco-Nevada holds a royalty, stream or other
interest are located; influence of macro-economic developments;
business opportunities that become available to, or are pursued by
Franco-Nevada; reduced access to debt and equity capital; litigation;
title, permit or license disputes related to Franco-Nevada's interests
or any of the properties in which Franco-Nevada holds a royalty, stream
or other interest; excessive cost escalation as well as development,
permitting, infrastructure, operating or technical difficulties on any
of the properties in which Franco-Nevada holds a royalty, stream or
other interest; rate and timing of production differences from resource
estimates; risks and hazards associated with the business of
development and mining on any of the properties in which Franco-Nevada
holds a royalty, stream or other interest, including, but not limited
to unusual or unexpected geological and metallurgical conditions, slope
failures or cave-ins, flooding and other natural disasters or civil
unrest; and the integration of acquired assets. The forward-looking
statements contained in this press release are based upon assumptions
management believes to be reasonable, including, without limitation:
the ongoing operation of the properties in which Franco-Nevada holds a
royalty, stream or other interest by the owners or operators of such
properties in a manner consistent with past practice; the accuracy of
public statements and disclosures made by the owners or operators of
such underlying properties; no material adverse change in the market
price of the commodities that underlie the asset portfolio; no adverse
development in respect of any significant property in which
Franco-Nevada holds a royalty, stream or other interest; the accuracy
of publicly disclosed expectations for the development of the
underlying properties that are not yet in production; integration of
acquired assets; and the absence of any other factors that could cause
actions, events or results to differ from those anticipated, estimated
or intended. However, there can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Readers are cautioned that forward-looking statements are
not guarantees of future performance. Franco-Nevada cannot assure
readers that actual results will be consistent with these
forward-looking statements. Accordingly, readers should not place undue
reliance on forward-looking statements due to the inherent uncertainty
therein. For additional information with respect to risks,
uncertainties and assumptions, please also refer to the "Risk Factors"
section of our most recent Annual Information Form filed with the
Canadian securities regulatory authorities on SEDAR at www.sedar.com, our most recent Form 40-F filed with the Securities and Exchange
Commission on EDGAR at www.sec.gov, as well as our most recent annual and interim MD&As. The
forward-looking statements herein are made as of the date of this press
release only and Franco-Nevada does not assume any obligation to update
or revise them to reflect new information, estimates or opinions,
future events or results orotherwise, except as required by applicable
law.
Non-IFRS Measures: Adjusted Net Income, EBITDA and Adjusted EBITDA are intended to provide
additional information only and do not have any standardized meaning
prescribed by International Financial Reporting Standards ("IFRS") and
should not be considered in isolation or as a substitute for measures
of performance prepared in accordance with IFRS. These measures are
not necessarily indicative of operating profit or cash flow from
operations as determined under IFRS. Other companies may calculate
these measures differently. For a reconciliation of these measures to
various IFRS measures, please see the end of this press release or the
Company's current MD&A disclosure found on the Company's website and on
SEDAR at www.sedar.com and with the Securities and Exchange Commission on EDGAR at www.sec.gov.
Cautionary Note to U.S. Readers Regarding Estimates of Measured,
Indicated and Inferred Resources This press release uses the terms "indicated resources" and "inferred
resources". We advise U.S. investors that while these terms are
recognized and required by Canadian regulations, they are not
recognized by the SEC. "Inferred resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or any
part of an "inferred" or "indicated resource" will ever be upgraded to
a higher category. Under Canadian rules, estimates of "inferred
resources" may not form the basis of a feasibility study or
prefeasibility studies, except in rare cases. The SEC normally only
permits issuers to report mineralization that does not constitute
"reserves" as in-place tonnage and grade without reference to unit
measures. U.S. investors are cautioned not to assume that any part or all of an
indicated or inferred resource exists or is economically or legally
mineable.
|
Non-IFRS Financial Measures Reconciliation
| Three months ended September 30, | Nine months ended September 30, | |||||||
(Expressed in millions except per share amounts) | | 2011 | | 2010 | | | 2011 | | 2010 |
Net Income | $ | 44.1 | $ | 8.1 | | $ | 98.6 | $ | 45.4 |
Income tax expense | | 19.5 | | 8.7 | | | 41.4 | | 31.3 |
Finance costs | | 0.2 | | 0.6 | | | 2.1 | | 1.6 |
Finance income | | (1.3) | | (0.7) | | | (2.9) | | (2.9) |
Depletion and depreciation | | 34.7 | | 19.7 | | | 97.4 | | 61.8 |
EBITDA | $ | 97.2 | $ | 36.4 | | $ | 236.6 | $ | 137.2 |
Basic Weighted Average Shares Outstanding | | 127.1 | | 114.1 | | | 123.4 | | 114.0 |
EBITDA per share | $ | 0.76 | $ | 0.32 | | $ | 1.92 | $ | 1.20 |
| | | | | | | | | |
Net Income | $ | 44.1 | $ | 8.1 | | $ | 98.6 | $ | 45.4 |
Income tax expense | | 19.5 | | 8.7 | | | 41.4 | | 31.3 |
Finance costs | | 0.2 | | 0.6 | | | 2.1 | | 1.6 |
Finance income | | (1.3) | | (0.7) | | | (2.9) | | (2.9) |
Depletion and depreciation | | 34.7 | | 19.7 | | | 97.4 | | 61.8 |
Foreign exchange gains/losses and other expenses | | 1.2 | | 9.0 | | | 6.7 | | 6.0 |
Loss from equity investee | | - | | - | | | 1.7 | | - |
Gain on investments | | (6.2) | | (2.4) | | | (11.9) | | (24.6) |
Adjusted EBITDA | $ | 92.2 | $ | 43.0 | | $ | 233.1 | $ | 118.6 |
Adjusted EBITDA per share | $ | 0.73 | $ | 0.38 | | $ | 1.89 | $ | 1.04 |
| | | | | | | | | |
Net income | $ | 44.1 | $ | 8.1 | | $ | 98.6 | $ | 45.4 |
Foreign exchange (gain) loss and other expenses, net of income tax | | (0.6) | | 7.7 | | | 3.2 | | 4.4 |
Gain on acquisition of Gold Wheaton/sale of investments, net of income tax | | (5.4) | | (2.0) | | | (17.0) | | (21.1) |
Mark-to-market changes on derivative instrument | | 1.7 | | - | | | 2.1 | | - |
Loss from equity investee, net of income tax | | - | | - | | | 1.2 | | - |
Transaction costs of Gold Wheaton, net of income tax | | - | | - | | | 5.6 | | - |
Credit facility costs written off, net of income tax | | - | | - | | | 0.6 | | - |
Adjusted Net Income | $ | 39.8 | $ | 13.8 | | $ | 94.3 | $ | 28.7 |
Adjusted Net Income per share | $ | 0.31 | $ | 0.12 | | $ | 0.76 | $ | 0.25 |
For further information:
| Please go to our website atwww.franco-nevada.com or contact: | |
| Sandip Rana Chief Financial Officer 416-306-6303 | Stefan Axell Manager, Investor Relations 416-306-6328 |
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