Business
Trevali Reports 2018 Annual Financial Results
Trevali Reports 2018 Annual Financial Results.
About this update from Trevali Mining Corp.
[{"type":"text","content":"\nAll financial figures are in U.S. dollars.\n VANCOUVER, British Columbia, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Trevali Mining Corporation (“Trevali” or the “Company”) (TSX: TV; BVL: TV; OTCQX: TREVF; Frankfurt: 4TI) has released its audited annual financial results for the year ending December 31, 2018, with a net loss of $231 million, or ($0.27) per share, following non-cash impairment charges before tax of $312 million. The Company posted EBITDA1 of ($177 million) and adjusted EBITDA1 (before impairments) of $137.0 million on total revenues of $403 million. Summary: Total 2018 zinc production of 406.9 million payable pounds, in line with initial guidance of 400 – 427 million payable pounds set at the start of 2018. Total lead production of 41.7 million payable pounds and silver production of 1.3 million payable ounces.Consolidated cash costs of $0.77 per pound of payable Zn produced5 or $68 per tonne milled and all-in-sustaining costs5 of $0.96 per pound of payable Zn produced.Concentrate sales revenue of $402.6 million, up approximately 22% versus $330.5 million in 2017.Annual EBITDA1 of negative $177 million and annual net loss of $231 million or $0.27 per share. Annual Adjusted EBITDA1 of $137 million and Adjusted Earnings per Share of $0.04.Fourth quarter Adjusted EBITDA1 of $41 million and Adjusted Earnings per Share of $0.01.Maintained strong liquidity with cash of $65.5 million, Adjusted working capital position of $149 million, and net debt1 and total debt of $67.0 million and $132.4 million, respectively (as of December 31, 2018). In addition, $129 million remains available and undrawn on the revolving credit facility. The negative EBITDA for year ended December 31, 2018 is due to the recognition of a non-cash impairment charge. The Company completed an impairment analysis which considered the indicators of impairment in accordance with IAS 36: Impairment of Assets; and reduced the carrying value of its mine operations by a net $263 million (comprised of $311.8 million impairment of property, plant and equipment and exploration and evaluation assets, goodwill and deferred tax recovery of $48.8 million). The Company is fully compliant with its debt covenants following the impairment. Dr. Mark Cruise, Trevali's President and Chief Executive Officer stated, “Over the past few ...