CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
T H I R D Q U A R T E R E N D E D S E P T E M B E R 3 0 , 2 0 2 1
(unaudited) (In U.S. dollars, tabular amounts in millions, except where indicated)
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 | Nine months ended | |||||
September 30 | September 30 | |||||
Note | 2021 | 2020 | 2021 | 2020 | ||
Sales revenues | 13 | 1,802 | 1,402 | 5,327 | 3,598 | |
Cost of sales | 14 | (1,189) | (1,056) | (3,549) | (2,964) | |
Gross profit | 613 | 346 | 1,778 | 634 | ||
Exploration | (6) | (3) | (13) | (9) | ||
General and administrative | (31) | (24) | (89) | (70) | ||
Other income (expense) | 17 | 199 | (62) | 200 | (217) | |
Operating profit | 775 | 257 | 1,876 | 338 | ||
Finance income | 17 | 19 | 49 | 52 | ||
Finance costs | 15 | (171) | (198) | (544) | (601) | |
Adjustment for expected phasing of Zambian VAT | 3c | (4) | 16 | (18) | 75 | |
Loss on redemption of senior notes | 8 | - | - | - | (2) | |
Earnings (loss) before income taxes | 617 | 94 | 1,363 | (138) | ||
Income tax expense | 16 | (235) | (62) | (573) | (109) | |
Net earnings (loss) | 382 | 32 | 790 | (247) | ||
Net earnings (loss) attributable to: | ||||||
Non-controlling interests | 79 | 3 | 205 | (58) | ||
Shareholders of the Company | 12 | 303 | 29 | 585 | (189) | |
Earnings (loss) per share attributable to | ||||||
the shareholders of the Company | ||||||
Net earnings (loss) ($ per share) | ||||||
Basic | 12 | 0.44 | 0.04 | 0.85 | (0.27) | |
Diluted | 12 | 0.44 | 0.04 | 0.85 | (0.27) | |
Weighted average shares outstanding (000's) | ||||||
Basic | 12 | 688,852 | 688,806 | 688,700 | 688,342 | |
Diluted | 12 | 692,069 | 689,407 | 691,925 | 688,342 | |
Total shares issued and outstanding (000's) | 11a | 691,039 | 689,411 | 691,039 | 689,411 | |
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
First Quantum Minerals Ltd. | Q3 2021 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 1
Interim Consolidated Statements of Comprehensive
Income (Loss)
(unaudited)
(expressed in millions of U.S. dollars)
Three months ended | Nine months ended | ||||
September 30 | September 30 | ||||
Note | 2021 | 2020 | 2021 | 2020 | |
Net earnings (loss) for the period | 382 | 32 | 790 | (247) | |
Other comprehensive income (loss) | |||||
Items that have been/may subsequently be | |||||
reclassified to net earnings (loss): | |||||
Cash flow hedges reclassified to net earnings | (78) | (2) | (379) | (4) | |
Movements on unrealized cash flow hedge | 316 | (134) | 710 | (149) | |
positions | |||||
Items that will not subsequently be reclassified to | |||||
net earnings (loss): | |||||
Unrealized gain (loss) on investments | - | 1 | (9) | (1) | |
Total comprehensive income (loss) for | 620 | (103) | 1,112 | (401) | |
the period | |||||
Total comprehensive income (loss) for the | |||||
period attributable to: | |||||
Non-controlling interests | 79 | 3 | 205 | (58) | |
Shareholders of the Company | 541 | (106) | 907 | (343) | |
Total comprehensive income (loss) for the | 620 | (103) | 1,112 | (401) | |
period | |||||
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
First Quantum Minerals Ltd. | Q3 2021 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2
Interim Consolidated Statements of Cash Flows
(unaudited)
(expressed in millions of U.S. dollars)
Three months ended | Nine months ended | ||||
September 30 | September 30 | ||||
Note | 2021 | 2020 | 2021 | 2020 | |
Cash flows from operating activities | |||||
Net earnings (loss) | 382 | 32 | 790 | (247) | |
Adjustments for | |||||
Depreciation | 14 | 288 | 323 | 860 | 891 |
Income tax expense | 16 | 235 | 62 | 573 | 109 |
Net finance expense | 154 | 179 | 495 | 549 | |
Adjustment for expected phasing of Zambian VAT | 4 | (16) | 18 | (75) | |
Unrealized foreign exchange loss (gain) | (207) | 47 | (196) | 175 | |
Loss on redemption of senior notes | - | - | - | 2 | |
Deferred revenue amortization | 10 | (24) | (15) | (74) | (41) |
Share of loss (profit) in joint venture | 17 | (19) | 5 | (58) | 41 |
Other | 16 | 12 | 32 | 17 | |
829 | 629 | 2,440 | 1,421 | ||
Taxes paid | (124) | (46) | (364) | (217) | |
Movements in non-cash operating working capital | 8 | (131) | 120 | (124) | |
Long-term incentive plans | (10) | - | (71) | - | |
Net cash from operating activities | 703 | 452 | 2,125 | 1,080 | |
Cash flows from (used by) investing activities | |||||
Purchase and deposits on property, plant and | |||||
equipment | 5,18 | (274) | (138) | (718) | (438) |
Other | (3) | 6 | (1) | 10 | |
Net cash used by investing activities | (277) | (132) | (719) | (428) | |
Cash flows from (used by) financing activities | |||||
Net movement in trading facility | 8 | 38 | 16 | (273) | (71) |
Movement in restricted cash | (3) | (2) | (9) | (8) | |
Proceeds from debt | 8 | - | - | 1,054 | 1,813 |
Repayments of debt | 8 | (365) | (100) | (897) | (1,496) |
Net proceeds from (payments to) joint venture (KPMC) | 6,7,9b | (15) | - | (49) | 14 |
Transaction with non-controlling interests | 9c | 240 | - | 240 | - |
Dividends paid to shareholders of the Company | (2) | (2) | (5) | (5) | |
Dividends paid to non-controlling interests | - | - | (6) | - | |
Interest paid | (189) | (197) | (450) | (489) | |
Other | (4) | (3) | (7) | (10) | |
Net cash used by financing activities | (300) | (288) | (402) | (252) | |
Increase in cash and cash equivalents and bank | |||||
overdrafts | 126 | 32 | 1,004 | 400 | |
Cash and cash equivalents and bank overdrafts - | |||||
beginning of period | 1,792 | 882 | 914 | 523 | |
Exchange gain (losses) on cash and cash equivalents | - | 1 | (8) | ||
Cash and cash equivalents and bank overdrafts - | |||||
end of period | 1,918 | 915 | 1,918 | 915 | |
Cash and cash equivalents and bank overdrafts | |||||
comprising: | |||||
Cash and cash equivalents | 1,918 | 942 | 1,918 | 942 | |
Bank overdrafts | - | (27) | - | (27) | |
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
First Quantum Minerals Ltd. | Q3 2021 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 3
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First Quantum Minerals Ltd. published this content on 26 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2021 20:15:12 UTC.