CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
S E C O N D Q U A R T E R E N D E D J U N E 3 0 , 2 0 2 2
(unaudited) (In U.S. dollars, tabular amounts in millions, except where indicated)
Interim Consolidated Statements of Earnings
(unaudited)
(expressed in millions of U.S. dollars, except where indicated and share and per share amounts)
Three months ended | Six months ended | ||||||
June 30 | June 30 | ||||||
Note | 2022 | 2021(revised- | 2022 | 2021(revised- | |||
Note 10) | Note 10) | ||||||
Sales revenues | 13 | 1,904 | 1,782 | 4,067 | 3,404 | ||
Cost of sales | 14 | (1,275) | (1,157) | (2,530) | (2,239) | ||
Gross profit | 629 | 625 | 1,537 | 1,165 | |||
Exploration | (4) | (4) | (8) | (7) | |||
General and administrative | (29) | (31) | (61) | (58) | |||
Other income (expense) | 17 | 260 | (2) | 170 | 1 | ||
Operating profit | 856 | 588 | 1,638 | 1,101 | |||
Finance income | 16 | 16 | 32 | 32 | |||
Finance costs | 15 | (161) | (186) | (330) | (373) | ||
Adjustment for expected phasing of Zambian VAT | 3c | (106) | (22) | (128) | (14) | ||
Earnings before income taxes | 605 | 396 | 1,212 | 746 | |||
Income tax expense | 16 | (137) | (182) | (292) | (338) | ||
Net earnings | 468 | 214 | 920 | 408 | |||
Net earnings attributable to: | |||||||
Non-controlling interests | 49 | 74 | 116 | 126 | |||
Shareholders of the Company | 12 | 419 | 140 | 804 | 282 | ||
Earnings per share attributable to | |||||||
the shareholders of the Company | |||||||
Net earnings $ per share | |||||||
Basic | 12 | 0.61 | 0.20 | 1.16 | 0.41 | ||
Diluted | 12 | 0.60 | 0.20 | 1.16 | 0.41 | ||
Weighted average shares outstanding (000's) | |||||||
Basic | 12 | 690,237 | 688,457 | 690,136 | 688,622 | ||
Diluted | 12 | 692,783 | 692,025 | 692,708 | 691,851 | ||
Total shares issued and outstanding (000's) | 11a | 691,788 | 690,987 | 691,788 | 690,987 | ||
The accompanying notes are an integral part of these consolidated financial statements.
First Quantum Minerals Ltd. | Q2 2022 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 1
Interim Consolidated Statements of Comprehensive
Income
(unaudited)
(expressed in millions of U.S. dollars)
Three months ended | Six months ended | ||||
June 30 | June 30 | ||||
Note | 2022 | 2021 | 2022 | 2021 | |
Net earnings | 468 | 214 | 920 | 408 | |
Other comprehensive income | |||||
Items that have been/may subsequently be | |||||
reclassified to net earnings: | |||||
Cash flow hedges reclassified to net earnings | 6 | (137) | 11 | (301) | |
Movements on unrealized cash flow hedge | 6 | 292 | - | 394 | |
positions | |||||
Items that will not subsequently be reclassified to | |||||
net earnings: | |||||
Fair value gain (loss) on investments | (2) | - | 5 | (9) | |
Total comprehensive income for | 478 | 369 | 936 | 492 | |
the period | |||||
Total comprehensive income for the period | |||||
attributable to: | |||||
Non-controlling interests | 49 | 74 | 116 | 126 | |
Shareholders of the Company | 429 | 295 | 820 | 366 | |
Total comprehensive income for the period | 478 | 369 | 936 | 492 | |
The accompanying notes are an integral part of these consolidated financial statements.
First Quantum Minerals Ltd. | Q2 2022 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2
Interim Consolidated Statements of Cash Flows
(unaudited)
(expressed in millions of U.S. dollars)
Three months ended | Six months ended | ||||||
June 30 | June 30 | ||||||
Note | 2022 | 2021 | 2022 | 2021 | |||
Cash flows from operating activities | |||||||
Net earnings | 468 | 214 | 920 | 408 | |||
Adjustments for | |||||||
Depreciation | 14 | 288 | 286 | 583 | 572 | ||
Income tax expense | 16 | 137 | 182 | 292 | 338 | ||
Share-based compensation expense | 8 | 8 | 21 | 16 | |||
Net finance expense | 145 | 170 | 298 | 341 | |||
Adjustment for expected phasing of Zambian | 106 | 128 | |||||
VAT | 22 | 14 | |||||
Foreign exchange | (233) | 2 | (179) | 11 | |||
Deferred revenue amortization | 10 | (27) | (27) | (49) | (50) | ||
Share of profit in joint venture | 17 | (20) | (25) | (34) | (39) | ||
Other | 6 | 13 | 49 | - | |||
878 | 845 | 2,029 | 1,611 | ||||
Taxes paid | (224) | (165) | (432) | (240) | |||
Movements in non-cash operating working capital | 281 | 20 | 29 | 112 | |||
Long-term incentive plans | (31) | (21) | (56) | (61) | |||
Net cash from operating activities | 904 | 679 | 1,570 | 1,422 | |||
Cash flows used by investing activities | |||||||
Purchase and deposits on property, plant and | (275) | (554) | |||||
equipment | 5,18 | (264) | (444) | ||||
Interest paid and capitalized to property, plant and | (5) | (9) | |||||
equipment | 5 | - | - | ||||
Other | (2) | 1 | (2) | 2 | |||
Net cash used by investing activities | (282) | (263) | (565) | (442) | |||
Cash flows from (used by) financing activities | |||||||
Net movement in trading facility | 8 | (61) | (164) | 116 | (311) | ||
Movement in restricted cash | 5 | (3) | 41 | (6) | |||
Proceeds from debt | 8 | 650 | 964 | 650 | 1,054 | ||
Repayments of debt | 8 | (1,193) | (312) | (1,523) | (532) | ||
Net payments to joint venture (KPMC) | 7, 9b | (16) | (19) | (27) | (34) | ||
Transactions with non-controlling interests | 9c | - | - | 4 | - | ||
Dividends paid to shareholders of the Company | (3) | (3) | (3) | (3) | |||
Dividends paid to non-controlling interests | (44) | (6) | (60) | (6) | |||
Interest paid | (79) | (68) | (232) | (261) | |||
Other | (2) | (1) | (3) | (3) | |||
Net cash from (used by) financing activities | (743) | 388 | (1,037) | (102) | |||
Increase (decrease) in cash and cash | (121) | (32) | |||||
equivalents | 804 | 878 | |||||
Cash and cash equivalents - beginning of | 1,948 | 1,859 | |||||
period | 988 | 914 | |||||
Exchange losses on cash and cash equivalents | (2) | - | (2) | - | |||
Cash and cash equivalents - end of period | 1,825 | 1,792 | 1,825 | 1,792 | |||
The accompanying notes are an integral part of these consolidated financial statements.
First Quantum Minerals Ltd. | Q2 2022 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 3
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
First Quantum Minerals Ltd. published this content on 26 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2022 20:19:46 UTC.