Business
Franco-Nevada Reports 2023 Results; Business Remains Robust Despite Production Halt at Cobre Panama
Business Remains Robust Despite Production Halt at Cobre Panama (in U.S. dollars unless otherwise noted) TORONTO, March 5, 2024 /CNW/ - "In late 2023, we were
About this update from Franco-nevada Corporation
[{"type":"text","content":" Business Remains Robust Despite Production Halt at Cobre Panama (in U.S. dollars unless otherwise noted) TORONTO, March 5, 2024 /CNW/ - \"In late 2023, we were challenged by the unprecedented production halt at Cobre Panama. We are hopeful that the issues can be resolved, although we have taken a prudent approach for the carrying value of the asset\", stated Paul Brink, CEO. \"Despite the issue at Cobre Panama, our business remains robust and we continue to benefit from a long-duration, diversified portfolio. We finished the year with no debt and $1.4 billion in cash and cash equivalents. The balance of our business performed well in 2023 and is expected to grow in 2024 with contributions from the completion of the Tocantinzinho, Greenstone and Salares Norte gold mines. Our growth outlook through 2028 is driven by numerous new mines and mine expansions. $2.4 billion of available capital positions us well for attractive acquisitions in an environment where many project developers are capital constrained.\" Q4 2023 2023 Q4 results vs 2023 vs Q4 2022 2022 Total GEOs1 sold 152,351 GEOs -17 % 627,045 GEOs -14 % Precious Metal GEOs1 sold 119,581 GEOs -8 % 488,189 GEOs -4 % Revenue $303.3 million -5 % $1,219.0 million -7 % Impairment losses -$1,173.3 million - -$1,173.3 million - Net loss -$982.5 million (-$5.11/share) - -$466.4 million (-$2.43/share) - Adjusted Net Income2 $172.9 million ($0.90/share) +5 % $683.1 million ($3.56/share) -2 % Adjusted Net Income Margin2 57.0 % +11 % 56.0 % +6 % Adjusted EBITDA2 $254.6 million ($1.33/share) -3 % $1,014.7 million ($5.28/share) -8 % Adjusted EBITDA Margin2 83.9 % +2.4 % 83.2 % -1.1 % Strong Financial Position No debt and $2.4 billion in available capital as at December 31, 2023 Generated close to $1 billion in operating cash flow in 2023 Quarterly dividend increased 5.88% to $0.36/share effective Q1 2024 Sector-Leading ESG Rated #1 precious metals company and #1 gold company by Sustainalytics, AA by MSCI and Prime by ISS ESG Committed to the World Gold Council's Responsible Gold Mining Principles Partnering with our operators on community and ESG initiatives Goal of 40% diverse representation at the Board and top leadership levels as a group by 20...