AI assistant
Metals X Limited — Earnings Release 2019
Feb 27, 2019
10401_rns_2019-02-27_9bff3eff-0420-4a65-b3c9-132bd20b9562.pdf
Earnings Release
Open in viewerOpens in your device viewer
CLARIFICATION ON METALS X HALF YEAR EBITDA
ASX RELEASE
28 February 2019
Metals X Limited (the Company ) released its results for the half year ended 31 December 2018 on 26 February 2019. Additional explanatory comment on reported EBITDA is provided below.
Half year EBITDA was impacted by the following:
-
Renison stock adjustments of ($10.5M), and
-
Nifty copper concentrate NRV adjustment of ($9.7M).
Key financial details and comparison to the corresponding period in the previous year:
| Summary ($M) |
Half year to 31-Dec-18 |
Half year to 31-Dec-17 |
|---|---|---|
| Net revenue | 92.5 | 82.0 |
| EBITDA1 | (15.3) | 9.9 |
| Depreciation and amortisation | (14.7) | (13.0) |
| Net profit after tax | (36.1) | (18.4) |
| Cashflow from operating activities | (24.1) | 7.5 |
| Capital re-investment | (18.9) | (21.5) |
| Cash flows from financing activities | 44.8 | (5.1) |
| Cash balance | 33.1 | 31.2 |
| Cash and working capital | 74.7 | 67.6 |
| Net assets | 182.1 | 170.5 |
EBITDA for the Renison Tin Operations ( Renison ) was $0.7M (2017: $17.6M), which included a one off noncash adjustment of $7.5M relating to a re-estimation of tin concentrate stock values and $3M for utilisation of the large low grade stockpile (mined in the previous year and reflected on the balance sheet in that period) now being included in crusher feed to the ore sorter. Excluding these adjustments, the EBITDA at Renison would have been $11.2M.
EBITDA for the Nifty Copper Operations ( Nifty ) was ($12.4M) (2017: ($6.3M)), which included an expense of $9.7M relating to copper concentrate inventory being revalued to net realisable value from cost of production. Excluding this adjustment, the EBITDA at Nifty would have been ($3.4M).
EBITDA for corporate activities was ($3.6M) (2017: ($1.4M)), which was higher than the previous period due to additional costs associated with a re-organisation of the Company’s executive management team.
1 EBITDA stands for Earnings Before Interest, Tax, Depreciation and Amortisation and is non-IFRS financial information and is not subject to audit. This is a widely used “industry standard” term that certain investors use to evaluate company performance.
CORPORATE DIRECTORY
ENQUIRIES Damien Marantelli [email protected] Rod Corps [email protected]
Level 5, 197 St Georges Terrace Perth WA 6000 Australia PO Box 7248 Cloisters Square PO WA 6850 +61 8 9220 5700 [email protected] www.metalsx.com.au ASX Code: MLX