Centamin plc Interim 2018 Results
Perth, Australia (FSCwire) - Financial Highlights(1,2,3,4)
Six Months ("H1"), ended 30 June 2018
- Revenue of US$296.4 million, a 2% increase compared to H1 2017 ("YoY"); Gold sales of 228,672 ounces, a 3% decrease YoY. Average realised gold price of US$1,316 per ounce approximately 7% increase YoY;
- EBITDA(1,2,4) of US$129.7 million, a 16% increase YoY;
- The Group has changed its accounting policy on the treatment of exploration costs, operating costs now include greenfield exploration expenses of US$11.8 million (2017 figures have been restated to include US$9.8 million of exploration expenditure) which was previously capitalised:
- Profit before tax(4) of US$80.4 million, a 34% increase YoY;
- Basic earnings per share after profit share(2,4) ("EPS") of 3.88 US cents, a 136% increase YoY;
- Operational cash flow of US$122.7 million, a 2% decrease YoY;
- Free cash flow(1) of US$36.1 million, a 29% decrease YoY;
- Royalties(1) of US$9.0 million payable to Arab Republic of Egypt ("ARE") and profit share(1) of US$39.3 million paid to Egyptian Minerals Resources Authority ("EMRA"), our state partners;
- Gross capital expenditure of US$53.9 million, a 56% increase YoY, in line with the US$113 million(4) budgeted for the full year;
- Cash and liquid assets(1,3) of US$303.3 million at 30 June 2018, the Company remains debt-free and unhedged; and
- Consistent with the dividend policy, the Board declares an interim dividend of 2.5 US cents per share ("Interim Dividend"), US$28.9 million, and equivalent to returning 80% of free cash flow generated in H1.
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Source: Centamin Plc (TSX:CEE, LSE:CEY)
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