Slide 1: Annual Results Presentation
Annual Results Presentation For the year ended 31 December 2022 PUBLISHED 24 MARCH 2023 ALL FIGURES UNAUDITED A Story in Every Gemstone | Discover more about Gemfields and Fabergé at gemfieldsgroup.com
Slide 2: Legal Disclaimer
Legal Disclaimer INVESTOR AND ANALYST CONFERENCE CALL – 8AM UK TIME – 24 MARCH 2023 This document, which has been compiled by Gemfields Group Limited (the Certain statements in this presentation, or given in response to questions, may “Company”), comprises written materials and information regarding
Slide 3: Welcome / Agenda
Welcome / Agenda INVESTOR AND ANALYST CONFERENCE CALL – 8AM UK TIME – 24 MARCH 2023 1. Introduction - Sean Gilbertson, CEO 2. 2022 Financial Performance - David Lovett, CFO 3. 2022 Operational Review - Sean Gilbertson, CEO 4. Q&A If you would like to ask a question, please type it into the webcast p
Slide 4: Introduction
Introduction INVESTOR AND ANALYST CONFERENCE CALL – 8AM UK TIME – 24 MARCH 2023 − Outstanding year for Gemfields Strong operational − Challenging working environment in Mozambique performance − Considerable work with luxury brands auditing our business − Record revenues across the Group Financial st
Slide 5: 2022 Financial Performance - Unaudited
2022 Financial Performance - Unaudited DAVID LOVETT, CFO A Story in Every Gemstone | Discover more about Gemfields and Fabergé at gemfieldsgroup.com
Slide 6: Summary
Summary 2022 FINANCIAL REVIEW − Record revenues across the Group Financial strength − Heightened rough gemstones prices received at auction − Focus on costs in an inflationary market − Record dividend of USD 35 million approved by board Broad approach to − USD 10 million share buy-back approved in N
Slide 7: Financial Highlights
Financial Highlights STRONG 2022 PERFORMANCE Revenues - USD Operating expenses - USD EBITDA1 - USD 341 million 175 million 166 million 32% 41% 25% 2021: 258 million 2021: 125 million 2021: 133 million Earnings Per Share Free Cash Flow2 - USD Net Cash3 - USD USDc 4.8 99 million 16% 105 million 10% 66
Slide 8: Record Revenues in 2022
Record Revenues in 2022 2022 FINANCIAL REVIEW KAGEM & MRM AUCTION REVENUE + FABERGÉ REVENUE USD MILLION, ANNUAL USD million 350 Fabergé revenue March 2020 - April 2021 USD 18 million, up 28% 300 COVID-19 suspension of mining operations 250 MRM revenue 200 USD 167 million, up 13% 150 100 Kagem revenu
Slide 9: Strong Auction Revenue Growth Since Acquisition
Strong Auction Revenue Growth Since Acquisition KAGEM KAGEM PRODUCTION TOTAL EMERALD AUCTION REVENUE PREMIUM EMERALDS + EMERALDS (CARATS PRODUCED) USD MILLION Carats USD million 12,000,000 160 140 10,000,000 Up x3.4 120 8,000,000 Up x13 100 6,000,000 80 60 4,000,000 40 2,000,000 20 - - 2009 2022 200
Slide 10: Strong Auction Revenue Growth Since Inception
Strong Auction Revenue Growth Since Inception MRM MRM PRODUCTION TOTAL RUBY AUCTION REVENUE PREMIUM RUBY + TUMBLE RUBY + RUBY (CARATS PRODUCED) USD MILLION Carats USD million 1,000,000 180 160 800,000 Up x1.1 140 Up x2.2 120 600,000 100 80 400,000 60 200,000 40 20 - - 2014 2022 2014 2022 28-Apr-23 g
Slide 11: Cost and Margin
Cost and Margin 2022 FINANCIAL REVIEW Kagem 2022 Costs MRM 2022 Costs USD 57 million (up 88%) USD 67 million (up 25%) Key Drivers Key Drivers 12 months of operation vs 8 months in 2021 12 months of operation vs 8 months in 2021 Record revenues driving royalties and taxes Record revenues driving roya
Slide 12: Capital Expenditure to 2022
Capital Expenditure to 2022 2022 FINANCIAL REVIEW KAGEM - CAPITAL EXPENDITURE USD million USD MILLION, ACTUAL CASH COST BASIS, LAST 12 MONTHS 16 14 12 Low investment in 10 2020/2021 requires catch-up in 2023 8 6 4 2 - MRM - CAPITAL EXPENDITURE USD million USD MILLION, ACTUAL CASH COST BASIS, LAST 12
Slide 13: Heightened Capital Expenditure Expected in 2023
Heightened Capital Expenditure Expected in 2023 2022 FINANCIAL REVIEW Kagem 2022 Capex MRM 2022 Capex USD 14 million USD 11 million Mining fleet replacements and Heightened capex in 2023 and 2024 Outlook capital repairs in 2023, alongside reflecting the lower investment 2023/4 additional equipment,
Slide 14: Record Year for Fabergé
Record Year for Fabergé 2022 FINANCIAL REVIEW FUNDING REQUIRED BY FABERGÉ USD MILLION, ANNUAL USD million 25 2022 Revenues The focus remains on USD 18 million, up 28% 20 reducing Fabergé’s dependency on funding from Gemfields via organic growth and careful cost 2022 Costs 15 control in the USD 9 mil
Slide 15: Strong Free Cash Flow
Strong Free Cash Flow 2022 FINANCIAL REVIEW Development 1 January 2022 to 31 December Kagem MRM Assets Fabergé Corporate Other Total 2022 USD’000 USD’000 USD’000 USD’000 USD’000 USD’000 USD’000 Revenue 148,638 166,688 - 17,552 234 7,994 341,106 Operating costs and cost of sales1 (56,613) (67,164) (1
Slide 16: Record Net Cash Position for Gemfields
Record Net Cash Position for Gemfields 2022 FINANCIAL REVIEW USD million 180 160 140 At 31 December 2022: Gross cash: USD 118.5 million 120 Gross debt: USD 14.0 million 100 Net cash: USD 104.5 million 80 Outstanding receivables: USD 60 54.9 million 40 Net cash with receivables: 20 USD 159.4 million
Slide 17: Capital Allocation Priorities
Capital Allocation Priorities 2022 FINANCIAL REVIEW Capital Returns Managing Debt Capital Allocation Priorities Organic / Inorganic Investments Gemfields aims to provide regular returns of capital when Dividend Approach the business’ performance and market conditions allow, at Dividends assessed thr
Slide 18: Guidance for 2023
Guidance for 2023 2022 FINANCIAL PERFORMANCE a) Normal schedule of auctions expected across 2023 i. 2 higher-quality and 2 commercial-quality for emeralds ii. 2 mixed-quality for rubies Guidance for 2023 b) Focused on controlling costs in an inflationary environment c) Expect a similar Group tax rat
Slide 19: Outlook and Summary
Outlook and Summary 2022 FINANCIAL PERFORMANCE a) Continued careful management of cash. Costs expected to continue at a heightened rate. Outlook and b) Difficult to repeat the 2022 financial performance. summary c) Gemfields is in its strongest financial position to date - a confident footing for 20
Slide 20: Operational Review
Operational Review 2022 REVIEW A Story in Every Gemstone | Discover more about Gemfields and Fabergé at gemfieldsgroup.com
Slide 21: Exploration and Mining
Exploration and Mining KAGEM & MRM Kagem, Zambia MRM, Mozambique Deep open-pit mining, higher stripping ratio Shallow open-pit mining, lower stripping ratio Challenging conditions with ongoing insurgency Chama and Chibolele pits continues producing, Kamakanga sampling commenced in 2022 2nd processin
Slide 22: Exploration and Mining
Exploration and Mining KAGEM & MRM TOTAL ROCK HANDLING TOTAL ROCK HANDLING KAGEM, TONNES, 2022 MRM., TONNES, 2022 13.2 million tonnes 13.0 million tonnes 52kg drives 16kg drives +30% of ~70% of revenue revenue (0.00394 PPM) (0.00229 PPM) 7.0 million tonnes 5.8 million tonnes 1.2 million tones 23,000
Slide 23: Exploration and Mining: What drives gemstone prices
Exploration and Mining KAGEM & MRM What drives the price of coloured gemstones? a. Colour e. Certification The country of Unlike the diamond b. Clarity f. Confidence origin of a business, there is no g emstone also has standard grading c. Cut g. Character a significant effect system for emeralds d.
Slide 24: Fabergé, Exploration Assets and Sedibelo
Fabergé, Exploration Assets and Sedibelo OTHER KEY ASSETS Fabergé Exploration assets Sedibelo Resources Mining platinum group metals in South Africa One of the world’s most Assets in Madagascar Gemfields owns a 6.54% recognisable luxury brands (sapphires), Mozambique equity holding – FOR SALE (gold)
Slide 25: Our Strategy
Our Strategy GEMFIELDS GROUP LIMITED 1 2 3 4 Responsible Mining Consistent Supply African Partner of Choice Mine and Market Approach to ESG Scale of mines G-Factor for Natural Marketing of coloured Listed company Proprietary grading Resources gemstones accountability system Partnership with Owner of
Slide 26: Responsible Mining
1 Responsible Mining NEW CORPORATE RESPONSIBILITY STRATEGY Gemfields’ Mission Gemfields strives to be the global leader in African emeralds, rubies and sapphires, promoting transparency, trust and responsible mining, while creating a positive impact for our host communities and countries. Strategic
Slide 27: Consistent Supply
2 Consistent Supply PREMIUM PRODUCTION AT KAGEM & MRM CUMULATIVE PREMIUM EMERALD PRODUCTION CUMULATIVE PREMIUM RUBY PRODUCTION CARAT, BY CALENDAR YEAR CARAT, BY CALENDAR YEAR 300,000 300,000 2022 259,501 250,000 2021 250,000 230,545 2018 225,690 2018 200,000 200,000 92,178 2019 208,535 2021 83,990 1
Slide 28: African Partner of Choice
3 African Partner of Choice G-FACTOR FOR NATURAL RESOURCES - UPDATED FIGURES A Gemfields-developed measure to promote greater transparency regarding the level of natural resource wealth shared with the governments of host countries, recognising the royalties, tax and dividends paid during the period
Slide 29: Mine and Market
4 Mine and Market MARKETING AND COMMUNICATIONS IN 2022 March – ‘How to Style’ digital campaign May – Sandy Leong’s Serenity Collection July – Margery Hirschey’s Barcelona Collection September – Shanghai emerald masterclass October – ‘How to Buy’ digital campagin November – Shenzhen emerald mastercla
Slide 30: Summary
Summary SEAN GILBERTSON, CEO A Story in Every Gemstone | Discover more about Gemfields and Fabergé at gemfieldsgroup.com
Slide 31: Summary
Summary INVESTOR AND ANALYST CONFERENCE CALL – 8AM UK TIME – 24 MARCH 2023 − Outstanding year for Gemfields Strong operational − Challenging working environment in Mozambique performance − Considerable work with luxury brands auditing our business − Record revenues across the Group Financial strengt
Slide 32: Q&A
Q&A INVESTOR AND ANALYST CONFERENCE CALL – 8AM UK TIME – 24 MARCH 2023 A Story in Every Gemstone | Discover more about Gemfields and Fabergé at gemfieldsgroup.com
Slide 33: Group Strategy
Group Strategy APPENDIX A Story in Every Gemstone | Discover more about Gemfields and Fabergé at gemfieldsgroup.com
Slide 34: Who We Are
Who We Are GEMFIELDS GROUP LIMITED Gemfields is a world-leading responsible miner and marketer of coloured gemstones We implement industry-leading policies and practices across Responsible operations, with a transparent auction process, aiming to create a mining positive impact for the communities a
Slide 35: Our Mission and Strategic Objective
Our Mission and Strategic Objective GEMFIELDS GROUP LIMITED Our Mission Gemfields strives to be the global leader in African emeralds, rubies and sapphires, promoting transparency, trust and responsible mining, while creating a positive impact for our host communities and countries. Our Strategic Ob
Slide 36: Key Assets – Kagem and MRM
Key Assets – Kagem and MRM MAJORITY OWNED IN PARTNERSHIP WITH LOCAL GOVERNMENTS OR BUSINESS ES World’s single-largest producing emerald and ruby mines Kagem emerald mine Montepuez ruby mine Zambia Mozambique 75% owned 75% owned USD 899 million USD 898 million Cumulative auction sales revenue since 2
Slide 37: Coloured Gemstone Market
Coloured Gemstone Market HOW GEMFIELDS OPERATES Emeralds Rubies Sapphires Gemfields Assets Madagascar Exploration Zambia Mozambique and other locations Mining Kagem MRM None currently There is NO industry standard Grading Propriety grading system to grade coloured gemstones Auction Innovative auctio
Slide 38: Appendix
Appendix A Story in Every Gemstone | Discover more about Gemfields and Fabergé at gemfieldsgroup.com
Slide 39: 2022 production summary
2022 production summary KAGEM AND MRM 2022 PRODUCTION AND MINING KPIs UNITS KAGEM MRM Premium Emerald / Premium Ruby Production carat’000 260 78 Total Gemstone Production carat’000 37,241 2,640 Ore Production tonnes’000 232 1,207 Waste Mined tonnes’000 13,002 5,819 Total Rock Handling tonnes’000 13,
Slide 40: Competent Persons Reports
Competent Persons Reports SRK CONSULTING - 2019 KAGEM MRM Effective Date 1 July 2019 1 July 2019 Competent Person SRK Consulting SRK Consulting Reporting code - mineral resources and mineral reserves JORC Code (2012 edition) JORC Code (2012 edition) Net Present Value (post-tax -10% Discount Rate) US
Slide 41: Operational Market Update
Operational Market Update For the year ended 31 December 2022 PUBLISHED 31 JANUARY 2023 ALL FIGURES UNAUDITED A Story in Every Gemstone | Discover more about Gemfields and Fabergé at gemfieldsgroup.com
Slide 42: Gemfields Group Limited
Gemfields Group Limited KEY REVENUE DRIVERS (12 MONTH ROLLING BASI S) KAGEM & MRM AUCTION REVENUE + FABERGE REVENUE USD m USD MILLION, LAST 12 MONTHS, UNAUDITED 450 400 March 2021 Mining operations 350 resumed 300 March 2020 COVID-19 – suspension 250 of mining operations 200 150 100 50 - Kagem aucti
Slide 43: Gemfields Group Limited
Gemfields Group Limited KEY REVENUE DRIVERS (CUMULATIVE ANNUAL) CUMULATIVE AUCTION REVENUE BY YEAR USD m USD MILLION 350 2022 USD 316m 300 250 2021 USD 240m 2019 200 USD 201m 2018 USD 188m 150 100 50 2020 USD 22m - 2022 2021 2020 2019 2018 43
Slide 44: Gemfields Group Limited
Gemfields Group Limited GROUP CASH AND DEBT POSI TION USD m At 31 December 2022: Gross cash: USD 118.4 million 180 Gross debt: USD 14.0 million Net cash: USD 104.4 million 160 Outstanding receivables: USD 54.9 million 140 Net cash with receivables: USD 159.3 million 120 100 80 60 40 20 - (20) (40) (
Slide 45: Kagem Mining Limited, Zambia
Kagem Mining Limited, Zambia EMERALDS A Story in Every Gemstone | Discover more about Gemfields and Fabergé at gemfieldsgroup.com
Slide 46: Kagem Emerald Mining – Auctions to Date
Kagem Emerald Mining – Auctions to Date ZAMBI A TOTAL EMERALD AUCTION SALES USD m USD MILLION, CUMULATIVE REVENUE IS USD 899 MILLION FROM 43 AUCTIONS 50 45 40 35 30 25 20 15 10 5 - Higher Quality Commercial Quality Gemfields’ mini emerald auctions held during the periods 2 November – 11 December 202
Slide 47: Kagem Emerald Mine Performance
Kagem Emerald Mine Performance ZAMBI A GEMSTONE PRODUCTION – EMERALD & BERYL MILLION CARATS, LAST 12 MONTHS 50m March 2020 COVID-19 – suspension 45m of mining operations 40m 35m 30m 25m December 2007 Gemfields agreed to 20m acquire 75% of Kagem 15m 10m March 2021 Mining operations 5m resumed - Beryl
Slide 48: Kagem Emerald Mine Performance
Kagem Emerald Mine Performance ZAMBI A PREMIUM EMERALD PRODUCTION MILLIONS, CARATS, LAST 12 MONTHS 1.4m Conclusion of a series of material changes to the 1.2m grading system 1.0m 0.8m March 2020 COVID-19 – suspension of 0.6m mining operations March 2021 0.4m Mining operations resumed 0.2m - 48
Slide 49: Kagem Emerald Mine Performance
Kagem Emerald Mine Performance ZAMBI A CUMULATIVE PREMIUM EMERALD PRODUCTION CARATS, BY CALENDAR YEAR 280,000 2022 259,501 260,000 2021 240,000 230,545 220,000 2018 225,690 200,000 2019 180,000 208,535 160,000 140,000 2020 133,862 120,000 100,000 80,000 60,000 40,000 20,000 - 2022 2021 2020 2019 201
Slide 50: Kagem Emerald Mine Performance
Kagem Emerald Mine Performance ZAMBI A CUMULATIVE EMERALD PRODUCTION MILLIONS, CARATS, BY CALENDAR YEAR 14m 2019 12.47m 2018 12m 11.82m 2022 10.77m 10m 2021 8.75m 8m 6m 4m 2020 3.00m 2m - 2022 2021 2020 2019 2018 50
Slide 51: Kagem Emerald Mine Performance
Kagem Emerald Mine Performance ZAMBI A TOTAL OPERATING COSTS USD m USD MILLION, ACTUAL CASH COST BASIS, LAST 12 MONTHS, UNAUDITED 60 50 40 30 20 10 - TOTAL ROCK HANDLING MILLIONS, TONNES, LAST 12 MONTHS 20m Waste TMS Reaction Zone - Ore 15m 10m 5m - 51
Slide 52: Kagem Emerald Mine Performance
Kagem Emerald Mine Performance ZAMBI A UNIT ROCK HANDLING COSTS USD USD PER TONNE OF ROCK MINED, LAST 12 MONTHS, UNAUDITED 25 March 2021 Mining operations resumed 20 15 10 March 2020 COVID-19 – suspension of mining operations 5 - 52
Slide 53: Kagem Emerald Mine Performance
Kagem Emerald Mine Performance ZAMBI A UNIT COST PER PREMIUM CARAT USD USD PER CARAT, ACTUAL CASH COST BASIS, LAST 12 MONTHS, UNAUDITED 1,000 800 600 400 200 - UNIT COST PER TOTAL CARAT USD USD PER CARAT, ACTUAL CASH COST BASIS, LAST 12 MONTHS, UNAUDITED 6 5 4 3 2 1 - 53
Slide 54: Kagem Emerald Mine Performance
Kagem Emerald Mine Performance ZAMBI A TOTAL MONTHLY OPERATING COSTS USD m USD MILLION, ACTUAL CASH COST BASIS, UNAUDITED 6 5 4 3 2 1 - 54
Slide 55: Kagem Emerald Mine Performance
Kagem Emerald Mine Performance ZAMBI A CAPITAL EXPENDITURE USD m USD MILLION, ACTUAL CASH COST BASIS, LAST 12 MONTHS, UNAUDITED 16 14 12 10 8 6 4 2 - 55
Slide 56: Montepuez Ruby Mining Limitada, Mozambique
Montepuez Ruby Mining Limitada, Mozambique RUBIES A Story in Every Gemstone | Discover more about Gemfields and Fabergé at gemfieldsgroup.com
Slide 57: Montepuez Ruby Mining – Auctions to Date
Montepuez Ruby Mining – Auctions to Date MOZAMBIQUE TOTAL RUBY AUCTION SALES USD m USD MILLION, CUMULATIVE REVENUE IS USD 898 MILLION FROM 18 AUCTIONS 120 100 80 60 40 20 - Commercial Quality Mixed Quality Higher Quality 57
Slide 58: Montepuez Ruby Mining Performance
Montepuez Ruby Mining Performance MOZAMBIQUE GEMSTONE PRODUCTION MILLION CARATS, LAST 12 MONTHS 12m 10m 8m 6m April 2020 March 2021 COVID-19 – suspension Mining operations of mining operations resumed 4m 2m - Low Sapphire Sapphire Corundum Low Ruby Ruby Tumble Ruby Premium ruby 58
Slide 59: Montepuez Ruby Mining Performance
Montepuez Ruby Mining Performance MOZAMBIQUE PREMIUM RUBY PRODUCTION CARATS, LAST 12 MONTHS 140,000 120,000 April 2020 COVID-19 – suspension of mining operations 100,000 80,000 60,000 40,000 20,000 March 2021 Mining operations resumed - 59
Slide 60: Montepuez Ruby Mining Performance
Montepuez Ruby Mining Performance MOZAMBIQUE CUMULATIVE PREMIUM RUBY PRODUCTION CARATS, BY CALENDAR YEAR 100,000 2018 92,178 2021 83,990 80,000 2019 81,275 2022 60,000 78,427 40,000 2020 28,653 20,000 - 2022 2021 2020 2019 2018 60
Slide 61: Montepuez Ruby Mining Performance
Montepuez Ruby Mining Performance MOZAMBIQUE CUMULATIVE RUBY AND TUMBLE RUBY PRODUCTION CARATS, BY CALENDAR YEAR 600,000 2022 575,648 2019 550,208 500,000 2021 466,876 2018 400,000 408,542 300,000 200,000 2020 146,369 100,000 - 2022 2021 2020 2019 2018 61
Slide 62: Montepuez Ruby Mining Performance
Montepuez Ruby Mining Performance MOZAMBIQUE TOTAL OPERATING COSTS USD m USD MILLION, ACTUAL CASH COST BASIS, LAST 12 MONTHS, UNAUDITED 50 December 2018 40 Includes settlement costs relating to claim brought by law firm Leigh Day 30 20 10 - TOTAL ROCK HANDLING MILLIONS, TONNES, LAST 12 MONTHS 8m 7m
Slide 63: Montepuez Ruby Mining Performance
Montepuez Ruby Mining Performance MOZAMBIQUE UNIT ROCK HANDLING COSTS USD USD PER TONNE OF ROCK MINED, LAST 12 MONTHS, UNAUDITED 16 March 2021 Mining operations resumed 14 12 December 2018 April 2020 10 Includes settlement costs relating to COVID-19 - suspension claim brought by law firm Leigh Day o
Slide 64: Montepuez Ruby Mining Performance
Montepuez Ruby Mining Performance MOZAMBIQUE UNIT COST PER PREMIUM CARAT USD USD PER CARAT, ACTUAL CASH COST BASIS, LAST 12 MONTHS, UNAUDITED 1,000 800 600 400 200 - UNIT COST PER TOTAL CARAT USD USD PER CARAT, ACTUAL CASH COST BASIS, LAST 12 MONTHS, UNAUDITED 45 40 35 30 25 20 15 10 5 - 64
Slide 65: Montepuez Ruby Mining Performance
Montepuez Ruby Mining Performance MOZAMBIQUE TOTAL MONTHLY OPERATING COSTS USD m USD MILLION, ACTUAL CASH COST BASIS, UNAUDITED 7 6 December 2018 Includes settlement costs 5 relating to claim brought by law firm Leigh Day 4 3 2 1 - 65
Slide 66: Montepuez Ruby Mining Performance
Montepuez Ruby Mining Performance MOZAMBIQUE CAPITAL EXPENDITURE USD m USD MILLION, ACTUAL CASH COST BASIS, LAST 12 MONTHS, UNAUDITED 25 20 15 10 5 - 66
Slide 67: Fabergé
Fabergé PERFORMANCE A Story in Every Gemstone | Discover more about Gemfields and Fabergé at gemfieldsgroup.com
Slide 68: Gemfields Group Limited
Gemfields Group Limited FABERGÉ PERFORMANCE SALES ORDERS AGREED OPERATING COSTS USD m USD MILLION, LAST 12 MONTHS, POST DISCOUNTS, ALL CHANNELS USD m USD MILLION, LAST 12 MONTHS 20 20 18 18 16 16 14 14 12 12 10 10 8 8 6 6 4 4 2 2 - - 68
Slide 69: Gemfields Group Limited
Gemfields Group Limited FABERGÉ PERFORMANCE NUMBER OF PIECES SOLD NUMBER OF SALES TRANSACTIONS LAST 12 MONTHS, ALL CHANNELS LAST 12 MONTHS, ALL CHANNELS 4,250 1,800 4,000 3,750 1,600 3,500 3,250 1,400 3,000 1,200 2,750 2,500 1,000 2,250 2,000 800 1,750 1,500 600 1,250 1,000 400 750 500 200 250 0 0 R
Slide 70: Gemfields Group Limited
Gemfields Group Limited FABERGÉ FUNDING REQUIREMENT FUNDING REQUIRED BY FABERGE USD MILLION, LAST 12 MONTHS USD m At acquisition by Gemfields in Jan 2013, Fabergé had USD 11.6 million in cash. Gemfields first provided funding to Fabergé in November 2013 25 2015 USD 23.65m The focus at Fabergé remain
Slide 71: Cathedral Piazza, London
1 CATHEDRAL PI AZZA LONDON SW1E 5BP UNITED KINGDOM T +44 20 7518 3419