Philex Mining Corp. · PSE:PX
Philex Mining — Q1 2017 Earnings Presentation
17 slides from Philex Mining's earnings presentation, Apr 27, 2017
Slide 1: Joint Analyst Briefing: 1Q2017 Financial and Operating Results
Joint Analyst Briefing 1Q2017 Financial and Operating Results April 27, 2017
Slide 2: Highlights
Highlights 1Q2017 Core Net Income up 18% to P458 million Net Income 3% higher at P432 million US$4.0 million short-term bank debt repaid Contributed P473 million in taxes, fees, SDMP and EPEP vs P432 million Net Income Silangan DFS on track for completion within the year; ISO 14001 Certification mai
Slide 3: Operating Highlights
Operating Highlights Inc 1Q2017 1Q2016 (Dec) Tonnes Milled ('000) 1,998 2,325 -14% Operating Days 88 90 -2% Production Tonnes milled: lower due to less operating days and Gold ozs 22,451 24,200 -7% Copper - lbs ('000) 7,752 8,425 -8% equipment availability issues Metal Recovery (%) Gold 83.1 80.0 4%
Slide 4: Financial Highlights
Financial Highlights (in PHP million, 1Q2017 1Q2016 Inc/(dec) unless indicated) Gross Revenue 2,542 2,390 6% Revenue: boosted by Smelting Charges 207 211 -2% improved metal prices Cost & Expenses 1,668 1,641 2% Income from Operations 668 538 24% Smelting charges: lower Other Inc / (charges) (55) 89
Slide 5: Revenue Breakdown
Revenue Breakdown Revenue Performance 1% 1% Revenue per Product Inc (PhP million) 1Q2017 1Q2016 (Dec) 43% 39% Gold 1,426 1,427 - Copper 1,094 946 16% Silver 22 17 30% TOTAL 2,542 2,390 6% 56% 60% 1Q2017 1Q2016 Gold Copper Silver 5
Slide 6: Costs and Expenses
Costs and Expenses Inc (in PHP million) 1Q2017 1Q2016 (Dec) Power: down due to lower Production cost consumption and reduced Materials & Supplies 457 383 20% renegotiated rate Power 324 401 -19% Labor 224 227 -2% Contracts: reduced due to Contracts 47 64 -27% lower ore rehandling costs Others 59 53
Slide 7: Breakeven Analysis
Breakeven Analysis COST STRUCTURE (excluding G&A) 1Q2017 1Q2016 Variance Cost per Tonne Cash Production Cost 556 485 15% Depreciation 176 133 32% Total 732 619 18% Operating cost* 891 755 18% Operating Cost per Metal Co-production method Gold ($/oz) 898 947 -5% Copper ($/lb) 1.96 1.72 14% By-product
Slide 8: Capital Expenditures
Capital Expenditures Capital Expenditure Breakdown Capital Expenditure Performance (PhP million) 1Q2017 1Q2016 Inc (Dec) Other mine exploration Padcal & Head Office 321 289 11% Silangan & Kalayaan P617M Silangan & Kalayaan 173 298 -42% Padcal & Head Office Other mine 19 30 -37% P513M exploration TOT
Slide 9: Financial Position
Financial Position ASSETS (in PHP million) As of As of Inc (Dec) Mar 31, 2017 Dec 31, 2016 Cash & cash equivalents 840 458 83% Receivables & others 5,982 6,437 -7% Current assets 6,822 6,895 -1% Property, plant & equipment 6,656 6,736 -1% Deferred exploration costs 23,466 23,158 1% Others 1,861 1,87
Slide 10: Contribution to government, community, and environment vs net income
Contribution to government, community, and environment vs net income 1Q2017 EPEP SDMP Fees and others Net income Taxes P473M P432M 10
Slide 11: Silangan Project Update
Silangan Project Update Definitive Feasibility Study (DFS) on track for completion within the year Passed ISO 14001 Annual Audit; Environmental Management System Certification maintained 11
Slide 12: PXP Energy Corporation Financial Highlights and Operational Updates
PXP Energy Corporation Financial Highlights and Operational Updates
Slide 13: Financial Highlights – Profit and Loss
Financial Highlights – Profit and Loss (in PhP millions) Q12017 Q12016 % Inc (Dec) Gross revenue ₱ 26 ₱ 23 12% Cost and expenses 37 33 14% Income (loss) from operations (11) (9) 18% Other income (charges) 3 (6) -147% Reported net income (loss) ₱ (8) ₱ (15) -43% • 12% increase in petroleum revenues d
Slide 14: Financial Highlights – Financial Position
Financial Highlights – Financial Position ASSETS (in PHP millions) As of Dec As of Dec % Inc 31, 2016 31, 2015 (Dec) Cash & cash equivalents ₱ 494 ₱ 573 -14% Receivables and other CA 100 96 4% Current assets 595 669 -11% Deferred exploration costs & other NCA 6,727 6,663 1% Total assets ₱ 7,322 ₱ 7,
Slide 15: Operational Updates
Operational Updates SC 72 Recto Bank (Forum 70%) Under Force Majeure (FM) since 15 December 2014 Forum will have 20 months upon lifting of the FM to drill the two (2) commitment wells SC 75 NW Palawan (PXP 50%) Under FM since 27 December 2015 Sub-Phase 2 will have a term of 18 months upon li
Slide 16: Operational Updates
Operational Updates SC 14C1 Galoc (Forum 2.27%) Galoc-7 appraisal well was spudded on 31 March 2017 and reached total depth on 13 April 2017 Commerciality of the Mid-Galoc prospect cannot be concluded from preliminary results Further studies using data from drilling are underway GPC is curre
Slide 17: Operational Updates
Operational Updates SC 53 Mindoro (Pitkin 70%) Transfer of Pitkin’s 70% participating interest to Mindoro-Palawan Oil and Gas, Inc. (MPOGI) was approved by the Department of Energy on 24 October 2016. SC 40 (Forum 66.67%) Libertad Field plug and abandonment (P&A) program is currently being prepa