Business
FY23 Preliminary Results
FY23 Preliminary Results.
About this update from Fresnillo Plc
[{"type":"text","content":"\n\nFresnillo plc\n\nFinancial results for the year ended 31 December 2023\n\nFresnillo plc today announced its financial results for the full year ended 31 December 2023.\nOctavio Alvídrez, CEO said:\n\"Fresnillo delivered a sound operating performance in 2023 despite a number of headwinds, a testament to the strength and efforts of our teams. We achieved our guidance of 105.1 million silver equivalent ounces with gold, lead and zinc production within our guided range. Silver production benefitted from the ramp up at Juanicipio and higher ore grade at San Julián (veins) but was slightly below expectations.\n\"At the same time, we focused on increasing productivity and raising development rates while advancing our pipeline of future projects. We continued to identify and implement cost reduction measures, as well as improve efficiency across all of our mines. However, the impact of the revaluation of the Mexican peso against the US dollar and inflation were headwinds that affected costs across the business. Nonetheless, we are pleased to announce a final dividend payment of 4.2 US cents per share to shareholders, in line with our policy.\n\"Looking ahead, our priorities for 2024 are clear. Safety is of critical importance, and we continue to work to enhance our performance and instil a safety-first culture across all our operations. The next two to three years ahead are about ensuring stable production and managing our costs while ensuring we develop projects that will deliver our future growth.\n\"Fresnillo is the world's largest silver producer. We have a strong balance sheet, a proven track record of delivering on value enhancing growth projects, a talented and experienced team and a consistent strategy that we are confident will continue to achieve results.\"\nFinancial Highlights - 12 months to 31 December 2023\n \n\n\n\n\n$ million unless stated\n\n\n2023\n\n\n2022\n\n\n% change\n\n\n\n\nSilver Production1 (kOz)\n\n\n56,282\n\n\n53,740\n\n\n4.7\n\n\n\n\nGold Production1 (Oz)\n\n\n610,646\n\n\n635,926\n\n\n(4.0)\n\n\n\n\nTotal Revenue\n\n\n2,705.1\n\n\n2,433.0\n\n\n11.2\n\n\n\n\nAdjusted Revenue2\n\n\n2,869.1\n\n\n2,593.5\n\n\n10.6\n\n\n\n\nGross Profit\n\n\n503.2\n\n\n536.0\n\n\n(6.1)\n\n\n\n\nEBITDA3\n\n\n655.7\n\n\n751.1\n\n\n(12.7)\n\n\n\n\nProfit Before Income Tax\n\n\n114.0\n\n\n248.6\n\n\n(54.1)\n\n\n\n\nProfit ...