Condensed Interim Consolidated Financial Statements
First Quarter - March 31, 2021
(unaudited)
(In U.S. dollars, tabular amounts in millions, except where indicated)
First Quantum Minerals Ltd.
Interim Consolidated Statements of Earnings (Loss)
(unaudited)
(expressed in millions of U.S. dollars, except where indicated and share and per share amounts)
Three months ended March 31 | |||
Note | 2021 | 2020 | |
Sales revenues | 13 | 1,678 | 1,182 |
Cost of sales | 14 | (1,138) | (1,035) |
Gross profit | 540 | 147 | |
Exploration | (3) | (3) | |
General and administrative | (27) | (22) | |
Other income (expense) | 17 | 3 | (118) |
Operating profit | 513 | 4 | |
Finance income | 16 | 17 | |
Finance costs | 15 | (187) | (201) |
Adjustment for expected phasing of Zambian VAT | 3c | 8 | 37 |
Loss on redemption of senior notes | 8 | - | (2) |
Earnings (loss) before income taxes | 350 | (145) | |
Income tax credit (expense) | 16 | (156) | 50 |
Net earnings (loss) | 194 | (95) | |
Net earnings (loss) attributable to: | |||
Non-controlling interests | 52 | (33) | |
Shareholders of the Company | 12 | 142 | (62) |
Earnings (loss) per share attributable to | |||
the shareholders of the Company | |||
Net earnings (loss) ($ per share) | |||
Basic | 12 | 0.21 | (0.09) |
Diluted | 12 | 0.21 | (0.09) |
Weighted average shares outstanding (000's) | |||
Basic | 12 | 688,771 | 688,093 |
Diluted | 12 | 691,812 | 688,093 |
Total shares issued and outstanding (000's) | 11a | 690,415 | 689,401 |
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
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First Quantum Minerals Ltd.
Interim Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
(expressed in millions of U.S. dollars)
Three months ended March 31 | |||
Note | 2021 | 2020 | |
Net earnings (loss) for the period | 194 | (95) | |
Other comprehensive income (loss) | |||
Items that have been/may subsequently be reclassified to net earnings (loss): | |||
Cash flow hedges reclassified to net earnings (loss) | (164) | 1 | |
Movements on unrealized cash flow hedge positions | 102 | 294 | |
Deferred tax on unrealized gain on cash flow hedge | 16 | - | (67) |
Items that will not subsequently be reclassified to net earnings (loss): | |||
Unrealized loss on investments | (9) | (3) | |
Total comprehensive income for the period | 123 | 130 | |
Total comprehensive income (loss) for the period attributable to: | |||
Non-controlling interests | 52 | (33) | |
Shareholders of the Company | 71 | 163 | |
Total comprehensive income for the period | 123 | 130 | |
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
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First Quantum Minerals Ltd.
Condensed Interim Consolidated Statements of Cash Flows
(unaudited)
(expressed in millions of U.S. dollars)
Three months ended March 31 | ||||
Not | 2021 | 2020 | ||
Cash flows from operating activities | ||||
Net earnings (loss) | 194 | (95) | ||
Adjustments for | ||||
Depreciation | 14 | 286 | 311 | |
Income tax expense (credit) | 16 | 156 | (50) | |
Net finance expense | 171 | 184 | ||
Adjustment for expected phasing of Zambian VAT | (8) | (37) | ||
Unrealized foreign exchange loss | 9 | 127 | ||
Loss on redemption of senior notes | - | 2 | ||
Deferred revenue amortization | 10 | (23) | (18) | |
Share of loss (profit) in joint venture | 17 | (14) | 16 | |
Other | (5) | (10) | ||
766 | 430 | |||
Taxes paid | (75) | (61) | ||
Movements in non-cash operating working capital | 92 | 104 | ||
Long-term incentive plans | (40) | - | ||
Net cash from operating activities | 743 | 473 | ||
Cash flows used by investing activities | ||||
Purchase and deposits on property, plant and equipment | 5,18 | (180) | (170) | |
Other | 17 | 2 | ||
Net cash used by investing activities | (163) | (168) | ||
Cash flows from (used by) financing activities | ||||
Net movement in trading facility | 8 | (147) | (143) | |
Movement in restricted cash | (3) | (6) | ||
Proceeds from debt | 8 | 90 | 1,813 | |
Repayments of debt | 8 | (220) | (1,111) | |
Payments to joint venture (KPMC) | 9b | (31) | - | |
Interest paid | (193) | (226) | ||
Other | (2) | (5) | ||
Net cash from (used by) financing activities | (506) | 322 | ||
Increase in cash and cash equivalents and bank overdrafts | 74 | 627 | ||
Cash and cash equivalents and bank overdrafts - beginning of period | 914 | 523 | ||
Exchange losses on cash and cash equivalents | - | (5) | ||
Cash and cash equivalents and bank overdrafts - end of period | 988 | 1,145 | ||
Cash and cash equivalents and bank overdrafts comprising: | ||||
Cash and cash equivalents | 1,058 | 1,515 | ||
Bank overdrafts | (70) | (370) | ||
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
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First Quantum Minerals Ltd.
Interim Consolidated Balance Sheets
(unaudited)
(expressed in millions of U.S. dollars)
March 31, | December 31, | ||
Note | 2021 | 2020 | |
Assets | (audited) | ||
Current assets | |||
Cash and cash equivalents | 1,058 | 950 | |
Trade and other receivables | 3 | 714 | 737 |
Inventories | 4 | 1,331 | 1,333 |
Current portion of other assets | 6 | 89 | 88 |
3,192 | 3,108 | ||
Non-current assets | |||
Cash and cash equivalents - restricted cash | 42 | 40 | |
Non-current VAT receivable | 3b | 373 | 349 |
Property, plant and equipment | 5 | 19,373 | 19,468 |
Goodwill | 237 | 237 | |
Investment in joint venture | 7 | 558 | 544 |
Deferred income tax assets | 161 | 152 | |
Other assets | 6 | 329 | 338 |
Total assets | 24,265 | 24,236 | |
Liabilities | |||
Current liabilities | |||
Bank overdrafts | 70 | 36 | |
Trade and other payables | 802 | 762 | |
Current taxes payable | 234 | 164 | |
Current debt | 8 | 724 | 871 |
Current portion of provisions and other liabilities | 9 | 695 | 602 |
2,525 | 2,435 | ||
Non-current liabilities | |||
Debt | 8 | 7,326 | 7,452 |
Provisions and other liabilities | 9 | 2,258 | 2,286 |
Deferred revenue | 10 | 1,424 | 1,433 |
Deferred income tax liabilities | 615 | 595 | |
Total liabilities | 14,148 | 14,201 | |
Equity | |||
Share capital | 11 | 5,597 | 5,629 |
Retained earnings | 3,834 | 3,695 | |
Accumulated other comprehensive income (loss) | (526) | (455) | |
Total equity attributable to shareholders of the Company | 8,905 | 8,869 | |
Non-controlling interests | 1,212 | 1,166 | |
Total equity | 10,117 | 10,035 | |
Total liabilities and equity | 24,265 | 24,236 | |
Commitments & contingencies | 20 | ||
The accompanying notes are an integral part of these consolidated financial statements.
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First Quantum Minerals Ltd. published this content on 27 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2021 20:30:06 UTC.