Business
Altius Minerals Reports Annual Attributable Royalty Revenue of $67.5M And Adjusted Operating Cash Flow of $1.14 Per Share
ST. JOHN’S, Newfoundland and Labrador / Mar 10, 2021 / 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 10, 2021 / Business Wire / Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports attributable royalty revenue(1) of $67.5 million ($1.62 per share(1)) for the year ended December 31, 2020 which was down 14% from royalty revenue of $78.1 million ($1.83 per share) reported in 2019. Q4 2020 attributable royalty revenue was $21.9 million, up 26% from its year ago comparable period and a new quarterly record. Adjusted EBITDA(1) for the year was $53.0 million or $1.27 per share, down 15% from Adjusted EBITDA of $62.6 million ($1.46 per share(1)) in 2019. The adjusted EBITDA margin for the year was 78%, down slightly from 80% in 2019, consistent with lower total royalty revenue. Quarterly adjusted EBITDA of $17.6 million was up 29% from its year ago comparable period of $13.6 million. Adjusted operating cash flow of $47.5 million or $1.14 per share increased by 8% over 2019 despite the lower annual revenue, reflecting reduced general and administrative expenses, lower Chapada stream cost of sales and the timing of corporate tax instalment payments. Q4 adjusted operating cash flow of $13.5 million was up 43% from the $9.4 million generated in Q4 2019. Adjusted net earnings of $14.6 million or $0.35 per share(1) compare to $23.4 million or $0.55 per share in 2019, with the main adjusting items for 2020 being non-cash based carrying value adjustments. Adjusted earnings of $7.4 million in Q4 2020 or $0.18 per share compares to $5.0 million or $0.12 per share in Q4 2019. The full table reconciling adjusted net earnings per share to net earnings per share is included below. The project generation business contributed $6.7 million during the year from the sale of equity positions (net of cash reinvestments). These net proceeds are not included in the adjusted operating cash flow amount reported above as these are classified under “Investing Activities” within the Corporation’s consolidated statement of cash flows. Capital Allocation Summary The Corporation’s capital allocation priorities are linked to its strategy of creating per share value growth through a portfolio of assets that relate to long life, high margin operations while providing growing shareholder capital returns. The strategy is further defined by an investment focus towards several major sustain...