Business
Franco-Nevada Announces 2013 Year-End Results, Increases Dividend and Provides Outlook
TORONTO , March 19, 2014 /CNW/ - Franco-Nevada Corporation (TSX: FNV); (NYSE: FNV) today...
About this update from Franco-nevada Corporation
[{"type":"text","content":"\n\n\nTORONTO, March 19, 2014 /CNW/ - Franco-Nevada Corporation (TSX: FNV);\n (NYSE: FNV) today reported 2013 year end results realizing 241,402 Gold\n Equivalent Ounces(3) and $67.0 million in revenue for its oil & gas assets. Net income was\n $11.7 million, or $0.08 per share, which included after-tax impairment\n charges of $114.0 million. Adjusted Net Income(1) was $138.3 million, or $0.94 per share, and Adjusted EBITDA(2) was $322.5 million, or $2.20 per share. For the fourth quarter of 2013,\n Franco-Nevada realized a net loss of $80.6 million, or $0.55 per share,\n which included after-tax impairment charges of $108.1 million. Adjusted\n Net Income(1) for the quarter was $30.5 million, or $0.21 per share, and Adjusted\n EBITDA(2) was $77.3 million, or $0.53 per share.\n\n\nAn impairment charge of $107.9 million was recorded on our McCreedy\n precious metal stream located in Sudbury as KGHM International Ltd.\n announced that it would cease production of contact nickel ores as its\n off-take contract has been cancelled. In addition, an impairment of\n $24.2 million was recorded on our interest in Falcondo, a ferronickel\n operation located in the Dominican Republic, as Glencore Xstrata has\n put the operation on care and maintenance. Neither of these impairments\n impacted guidance, revenue or Adjusted EBITDA.\n\n\n\"In 2013, Franco-Nevada's portfolio performed very well despite lower\n gold prices,\" said David Harquail, President and CEO of\n Franco-Nevada. \"We exceeded guidance for both our projected GEOs and\n oil & gas revenues. We expect our existing portfolio will continue to\n generate a growing number of ounces over the next five years.\n Franco-Nevada remains financially strong and debt-free and we expect to\n continue to grow with further investments.\"\n\n\n\"This is our sixth year of financial results since Franco-Nevada was\n reborn as a public company in late 2007. Over those six years, our\n business model has created real shareholder value with our share price\n outperforming both gold and gold equity benchmarks. In 2013,\n Franco-Nevada paid over $100 million in dividends to shareholders.\n We're pleased to continue the tradition of increasing dividends with an\n 11% increase to our dividend starting in the second quarter of 2014. We\n are proud to continue to differentiate Franco-Nevad...