Business
Altius Minerals Reports 2021 Attributable Royalty Revenue of $83.9M and Adjusted Earnings (1,2) of $32.0M
ST. JOHN’S, Newfoundland and Labrador / Mar 09, 2022 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) repo
About this update from Altius Minerals Corporation
[{"type":"text","content":"ST. JOHN’S, Newfoundland and Labrador / Mar 09, 2022 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports full year revenue of $81.7 million compared to $60.0 million for 2020, and $22.6 million for the fourth quarter compared to $21.5 million for the same period in 2020. Full year 2021 attributable royalty revenue(1,2), adjusted for joint venture revenue, of $83.9 million ($2.03 per share(1,2)) was 24% higher than the $67.5 million ($1.62 per share) reported for 2020. Fourth quarter 2021 attributable royalty revenue(1,2) of $23.5 million ($0.57 per share) compares to $22 million ($0.53 per share) during Q4, 2020. These figures represent annual and quarterly revenue records for the Corporation, mainly based upon higher realized commodity prices. Adjusted EBITDA(1,2) of $67 million or $1.62 per share(1,2) during 2021 increased by 27% as compared to $52.8 million or $1.27 per share during the prior year. Adjusted EBITDA for the fourth quarter was $17.7 million or $0.43 per share, which compares to adjusted EBITDA of $17.6 million in Q4 2020. The adjusted EBITDA margin in 2021 was 80% versus 78% last year. The increase in adjusted EBITDA for the year ended December 31, 2021 follows the increase in attributable revenue but was partially offset by an increase in expenses within the Renewable Royalties segment primarily due to public company related costs. The Mineral Royalties segment had an EBITDA margin of 87% for the current year compared to 86% in the prior year. On a full year basis, adjusted operating cash flow(1,2) of $49.4 million or $1.19 per share(1,2) compares to $47.5 million or $1.14 per share last year. Adjusted operating cash flow during 2020 benefitted from lower cash income taxes paid due to flexibility in payment terms granted by tax authorities due to Covid-19 related economic concerns. Adjusted operating cash flow for the quarter was $15.9 million or $0.38 per share, which compares to adjusted operating cash flow of $13.5 million in Q4 2020. Adjusted operating cash flow does not include net cash proceeds (sales minus new investments) of $16.1 million during 2021 ($6.7 million during 2020) related to the Corporation’s Project Generation junior mining equities portfolio, with these recorded as other comprehensive earnings in the Corporation’s financial statem...