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Record earnings margin and strong organic growth
Financial Highlights – Q3/2020 vs Q3/2019
- 134,817 Gold Equivalent Ounces1 ("GEOs") sold (+1%)
$279.8 million in revenue – a new record (+19%)$153.9 million of Net Income, or$0.81 per share – a new record (+51%)$39.1 million in Cash Costs3, or$290 per GEO sold$235.1 million of Adjusted EBITDA4, or$1.23 per share – a new record (+22%)- Debt free
Revenue and GEO Sales by Asset Categories | ||||||
Q3/2020 | Q3/2019 | |||||
GEO Sales | Revenue | GEO Sales | Revenue | |||
# | (in millions) | # | (in millions) | |||
Gold | 108,709 | $ | 206.1 | 101,781 | $ | 151.1 |
Silver | 13,691 | 26.1 | 15,903 | 23.8 | ||
PGMs | 10,630 | 21.3 | 11,373 | 17.2 | ||
Other Mining Assets | 1,787 | 3.5 | 4,162 | 6.1 | ||
Mining | 134,817 | $ | 257.0 | 133,219 | $ | 198.2 |
Energy | — | 22.8 | — | 37.5 | ||
134,817 | $ | 279.8 | 133,219 | $ | 235.7 |
For Q3/2020, revenue was sourced 91.9% from gold and gold equivalents (73.7% gold, 9.3% silver, 7.6% PGM and 1.3% other Mining assets) and 8.1% from energy (oil, gas and NGLs). The focus of the portfolio is on precious metals (gold, silver and PGM) with a target of no more than 20% in revenue from energy. Geographically, revenue was sourced 85.3% from the
Corporate Updates
- Amendment of Sabodala Gold Stream Agreement: On
September 25, 2020 ,Franco-Nevada amended its existing Sabodala gold purchase and sale agreement with Teranga Gold to compensate the Company for displacement from the processing of Massawa ore through the Sabodala processing facilities and to provide for certain protocols for the commingling of Sabodala and Massawa ores. - Alpala Royalty Interest: On
September 11, 2020 , the Company completed its previously announced transaction to acquire a 1% NSR with reference to all minerals produced from the Alpala copper-gold-silver project in northernEcuador for$100.0 million . - Freeport Royalty Portfolio Interests: On
September 1, 2020 , the Company acquired a portfolio of 24 royalties from Freeport-McMoRan for$30.6 million in cash. The portfolio includes prospective royalties over Wallbridge Mining's Fenelon (1% royalty), Martiniere (2% royalty) and Northway-Noyon (1% royalty) projects. It also includes producing royalties on Peñoles' Milpillas copper mine inSonora , Mexico ($0.04 /lb copper), and on Ormat Technologies'Neal Hot Springs geothermal operation inOregon (2-3% royalty). Rio Baker (Salares Norte) Royalty Interest: OnSeptember 23, 2020 , the Company acquired a 2% NSR on all mineral production from Gold Fields'Rio Baker concessions inChile for$5.0 million cash with contingent payments of up to$8.0 million . The Rio Baker claims cover the North-West extension of the Salares Norte deposit and the royalty acquisition now providesFranco-Nevada with exposure to 100% of the Salares Norte project.- At-the-Market Equity Program ("ATM Program"): In Q3/2020, the Company issued 144,900 shares under its ATM Program for net proceeds of
$21.4 million .
2020 Guidance
COVID-19 Updates
Q3/2020 Portfolio Updates
Gold Equivalent Ounces Sold: GEOs sold for the quarter were 134,817 an increase of 1.2% from the 133,219 sold in Q3/2019. Higher contributions from
- Cobre Panama (gold and silver stream) – On
October 28, 2020 , First Quantum Minerals Ltd. ("First Quantum") reported that Cobre Panama was back into full production well ahead of schedule. Production guidance for 2020 has been updated by First Quantum. Copper production guidance for 2020 has been increased to 190,000 – 205,000 tonnes. Gold production guidance for 2020 has been increased to 75,000 – 85,000 ounces.Franco-Nevada sold 16,350 GEOs from the asset in Q3/2020. - Candelaria (gold and silver stream) –
Franco-Nevada sold 20,204 GEOs from the asset in Q3/2020. OnOctober 28, 2020 , Lundin Mining reported the temporary suspension of operations at Candelaria due to labour strikes by theCandelaria AOS Union and theCandelaria Mine Workers Union are currently on strike. Candelaria guidance was withdrawn by Lundin Mining onOctober 18, 2020 . - Antapaccay (gold and silver stream) – GEOs delivered and sold were lower quarter-over-quarter due to anticipated lower grades based on the life of mine plan.
- Antamina (22.5% silver stream) – GEOs delivered and sold were lower quarter-over-quarter due to lower copper grades. On
October 27, 2020 , Teck reported that Antamina operations performed at full production rates during Q3/2020 following a temporary shutdown due to the COVID-19 pandemic. - Guadalupe-Palmarejo (50% gold stream) – Sales from Guadalupe-Palmarejo were higher quarter-over-quarter. On
October 28, 2020 , Coeur Mining reported strong quarterly production and improved operational performance at Palmarejo. Cerro Moro (2% royalty) – Operations at Cerro Moro are back to the standard throughput expectation of 1,000 tpd following a COVID-19 curtailment, with productivity trending higher. Increasing production from the Zoe underground higher-grade mine in the fourth quarter is expected to positionCerro Moro for its highest gold production quarter of the year.
Stillwater (5% royalty) –Stillwater benefited from strong palladium prices during the quarter. OnAugust 27, 2020 , Sibanye-Stillwater announced that theU.S. PGM operations continued to operate largely uninterrupted.- South Arturo (4-9% royalty) – Very positive drill results from expansion drilling at the El Nino underground mine were reported on
September 21, 2020 . Castle Mountain (2.65% royalty) – OnOctober 15, 2020 , Equinox reported that first gold was poured from theCastle Mountain mine. The Phase 1 operation is expected to produce on average 45,000 ounces of gold annually with a feasibility study for the Phase 2 expansion targeted for completion in Q4/2020. Annual average production of 200,000 ounces is expected for Phase 2.Mesquite (0.5-2% royalty) – OnOctober 8, 2020 , Equinox announced that it had increased mineral reserves by 28% and measured and indicated mineral resources by 94% at itsMesquite mine inCalifornia .- Stibnite (1.7% royalty) – In
August 2020 , theU.S. Forest Service released the Draft Environmental Impact Statement on theStibnite Gold Project for public comment. OnOctober 28, 2020 , Midas Gold reported that the comment period on the Draft Environmental Impact Statement had been completed.
Detour Lake (2% royalty) – Production from theDetour Lake mine totaled 140,067 ounces in Q3/2020, a 6% increase compared to the previous quarter due to an increase in mining rates as well as a higher average grade. During the quarterKirkland Lake announced additional high-grade intersections at theDetour Lake Saddle Zone . The new holes form part of the recently announced 250,000 metres exploration program.Kirkland Lake plans completion of the program by the end of 2021 to collect information for updated, and potentially expanded resource and reserve estimates.Kirkland Lake (1.5-5.5% royalty & 20% NPI) – Production at Macassa totaled 38,028 ounces in Q3/2020. Mine production was affected by limited operating development being completed during reduced operations due to COVID-19 and by unscheduled downtime in the mill. OnOctober 19, 2020 ,Kirkland Lake reported that it had intersected exceptional gold grades from underground exploration drilling at Macassa near the contact of theSouth Mine Complex and Amalgamated Break.Hemlo (3% royalty & 50% NPI) – Revenue fromHemlo increased significantly quarter-over-quarter as the 50% NPI on Interlake benefitted from higher gold prices and increased production. In addition, the Company recorded NPI royalties of$13 million related to prior periods during the quarter. Q3/2020 production fromHemlo totaled 55,000 ounces. Barrick reported that it plans to extend the life of theHemlo gold mine by transitioning it to a purely underground operation, as open pit mining at the mine starts winding down.Franco-Nevada's royalties relate only to the downdip of the orebody accessed through the underground mine.Golden Highway (Holt, Holloway and Taylor mines) (various royalty rates) –Golden Highway operations remain on suspension whileKirkland Lake continues to assess options for the future of the assets. OnAugust 17, 2020 ,Kirkland Lake announced it had entered into a strategic alliance with Newmont Canada with respect to exploration and development opportunities around theGolden Highway operations.- Canadian
Malartic (1.5% royalty) – Production at Canadian Malartic totaled 76,398 ounces in Q3/2020 and was above plan due to increased throughput. During the quarter Agnico Eagle announced 10 drill rigs are currently targeting theEast Gouldie Zone and the exploration budget for 2020 has been increased to 107,000 metres. A resource upate is expected by year-end. - Island Gold (0.62% royalty) – On
October 28, 2020 , Alamos Gold reported record quarterly production of 39,600 ounces from Island Gold. Positive results of its Phase III expansion study on Island Gold is expected to drive a 72% increase in average annual production to 236,000 ounces. During the quarter Alamos announced drill holes at Island East that extended high-grade gold mineralization up to 100 metres down-plunge from the nearest inferred resource block over significantly greater widths. Valentine Lake (2% royalty) – InSeptember 2020 , Marathon Gold filed its Environmental Impact Statement for theValentine Lake Project and onOctober 21, 2020 released further drill results for theBerry Zone . Marathon Gold is planning an initial mineral resource estimate at Berry by the first quarter of next year.The Berry Zone is located in the 6km long Sprite Corridor between the Marathon and Leprechaun deposits.Red Lake (Bateman ) (2% royalty) – OnOctober 21, 2020 , Battle North Gold announced the feasibility study results for theBateman Gold Project . The base case study outlines life of mine payable gold production of 602,987 ounces, averaging 73,835 ounces per year for 8.2 years from initial production.
Rest of World:
- MWS (gold stream) –
Harmony Gold completed its acquisition of MWS from AngloGold Ashanti onSeptember 30, 2020 . - Sabodala (gold stream) – Teranga Gold announced on
August 21, 2020 the results of the pre-feasibility study for its Sabodala-Massawa gold complex. The pre-feasibility study supports the combined mineral reserve estimates and mine plan of Sabodala and theMassawa Project and includes a mine plan for the combined assets with average production for the first five years of 384,000 ounces of gold per year. - Duketon (2% royalty) – Production at Duketon totaled 81,567 ounces in its most recent quarter. On
October 23, 2020 Regis Resources announced that theRosemont underground continued to increase its production levels and that the drilling completed at theGarden Well Underground Project confirmed a wide, robust high-grade mineralised zone beneath the pit. Work on the Garden Well PFS is expected to be completed in the December quarter.
Energy: Revenue from the Energy assets decreased to
- Marcellus (1% royalty) – The royalty contributed
$4.8 million to revenue in Q3/2020 reflecting consistent production volume and a NYMEX gas price of$2.14 /mcf. - SCOOP/STACK (various royalty rates) – Royalties from SCOOP/STACK decreased quarter-over-quarter due to lower realized commodity prices and lower volumes due to reduced drilling by the operators within the play and on royalty lands. These factors offset contributions from additional royalties acquired under the Royalty Acquisition Venture with Continental, where the pace of acquisition has slowed in 2020.
Permian Basin (various royalty rates) – Revenue fromFranco-Nevada's interests in thePermian Basin decreased quarter-over-quarter due to lower realized prices.
Weyburn (NRI, ORR, WI) – Revenue fromWeyburn contributed$7.2 million in Q3/2020 compared to$7.9 million in Q3/2019 due mostly to lower contribution from the Working Interest as a result of lower realized prices.- Orion (4% GORR) – Revenue from Orion decreased quarter-over-quarter due to lower realized prices. Production levels at the asset are now consistently ~20,000 bbls/day after a drop in the spring owing to low commodity prices.
Dividend Declaration
The Company has a Dividend Reinvestment Plan (the "DRIP"). Participation in the DRIP is optional. The Company will issue additional common shares through treasury at a 3% discount to the Average Market Price, as defined in the DRIP. However, the Company may, from time to time, in its discretion, change or eliminate the discount applicable to treasury acquisitions or direct that such common shares be purchased in market acquisitions at the prevailing market price, any of which would be publicly announced. The DRIP and enrollment forms are available on the Company's website at www.franco-nevada.com. Canadian and
This press release is not an offer to sell or a solicitation of an offer of securities. A registration statement relating to the DRIP has been filed with the
Shareholder Information
The complete Consolidated Interim Financial Statements and Management's Discussion and Analysis can be found today on
Management will host a conference call tomorrow,
- Via Conference Call: Toll-Free: (888) 390-0546; International: (416) 764-8688
- Conference Call Replay until
November 12, 2020 : Toll-Free (888) 390-0541; International (416) 764-8677; Code 064744 # - Webcast: A live audio webcast will be accessible at www.franco-nevada.com
Corporate Summary
Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding
For additional information with respect to risks, uncertainties and assumptions, please refer to
NON-IFRS MEASURES: Cash Costs, Adjusted EBITDA, and Adjusted Net Income are intended to provide additional information only and do not have any standardized meaning prescribed under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. For a reconciliation of these measures to various IFRS measures, please see below or the Company's current MD&A disclosure found on the Company's website, on SEDAR and on EDGAR. Comparative information has been recalculated to conform to current presentation.
- GEOs include production from our Mining assets and do not include Energy assets. GEOs are estimated on a gross basis for NSR royalties and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Silver, platinum, palladium and other mining commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The price used in the computation of GEOs earned from a particular asset varies depending on the royalty or stream agreement, which may make reference to the market price realized by the operator, or the average price for the month, quarter, or year in which the mining commodity was produced or sold. For Q3/2020, the average commodity prices were as follows:
$1,911 gold (Q3/2019 -$1,474 ),$24.39 silver (Q3/2019 -$17.02 ),$903 platinum (Q3/2019 -$883 ) and$2,170 palladium (Q3/2019 -$1,533 ). - Adjusted Net Income and Adjusted Net Income per share are non-IFRS financial measures, which exclude the following from net income and earnings per share ("EPS"): impairment charges related to royalty, stream and working interests and investments; gains/losses on the sale of royalty, stream and working interests and investments; foreign exchange gains/losses and other income/expenses; unusual non-recurring items; and the impact of income taxes on these items.
- Cash Costs attributable to GEOs sold and Cash Costs per GEO sold are non-IFRS financial measures. Cash Costs attributable to GEOs sold is calculated by starting with total costs of sales and excluding depletion and depreciation, and costs not attributable to GEO sales such as our Energy operating costs. Cash Costs is then divided by GEOs sold, excluding prepaid ounces, to arrive at Cash Costs per GEO sold.
- Adjusted EBITDA and Adjusted EBITDA per share are non-IFRS financial measures, which exclude the following from net income and EPS: income tax expense/recovery; finance expenses and finance income; depletion and depreciation; non-cash costs of sales; impairment charges related to royalty, stream and working interests and investments; gains/losses on the sale of royalty, stream and working interests and investments; foreign exchange gains/losses and other income/expenses; and unusual non-recurring items.
Reconciliation to IFRS measures:
For the three months ended | For the nine months ended | |||||||
(expressed in millions, except per GEO amounts) | 2020 | 2019 | 2020 | 2019 | ||||
Total costs of sales | $ | 97.3 | $ | 109.4 | $ | 285.6 | $ | 289.0 |
Depletion and depreciation | (56.8) | (70.7) | (173.5) | (190.5) | ||||
Energy operating costs | (1.4) | (1.9) | (4.5) | (5.1) | ||||
Cash Costs attributable to GEOs sold | $ | 39.1 | $ | 36.8 | $ | 107.6 | $ | 93.4 |
GEOs | 134,817 | 133,219 | 374,088 | 363,042 | ||||
Cash Costs per GEO sold | $ | 290 | $ | 276 | $ | 288 | $ | 257 |
For the three months ended | For the nine months ended | |||||||
(expressed in millions, except per share amounts) | 2020 | 2019 | 2020 | 2019 | ||||
Net Income | $ | 153.9 | $ | 101.6 | $ | 149.5 | $ | 230.8 |
Income tax expense (recovery) | 25.2 | 17.9 | (8.2) | 44.6 | ||||
Finance expenses | 0.8 | 3.5 | 2.7 | 8.5 | ||||
Finance income | (1.1) | (0.8) | (3.0) | (2.7) | ||||
Depletion and depreciation | 56.8 | 70.7 | 173.5 | 190.5 | ||||
Impairment of royalty, stream and working interests | — | — | 271.7 | — | ||||
Foreign exchange (gains)/losses and other (income)/expenses | (0.5) | — | (0.3) | — | ||||
Adjusted EBITDA | $ | 235.1 | $ | 192.9 | $ | 585.9 | $ | 471.7 |
Basic weighted average shares outstanding | 190.3 | 187.7 | 189.9 | 187.3 | ||||
Adjusted EBITDA per share | $ | 1.23 | $ | 1.03 | $ | 3.09 | $ | 2.52 |
For the three months ended | For the nine months ended | |||||||
(expressed in millions, except per share amounts) | 2020 | 2019 | 2020 | 2019 | ||||
Net Income | $ | 153.9 | $ | 101.6 | $ | 149.5 | $ | 230.8 |
Impairment of royalty, stream and working interests | — | — | 271.7 | — | ||||
Foreign exchange (gains)/losses and other (income)/expenses | (0.5) | — | (0.3) | — | ||||
Tax effect of adjustments | (1.1) | — | (67.6) | — | ||||
Adjusted Net Income | $ | 152.3 | $ | 101.6 | $ | 353.3 | $ | 230.8 |
Basic weighted average shares outstanding | 190.3 | 187.7 | 189.9 | 187.3 | ||||
Adjusted Net Income per share | $ | 0.80 | $ | 0.54 | $ | 1.86 | $ | 1.23 |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(unaudited, in millions of
At | At | |||
2020 | 2019 | |||
ASSETS | ||||
Cash and cash equivalents (Note 4) | $ | 466.8 | $ | 132.1 |
Receivables | 93.5 | 97.8 | ||
Prepaid expenses and other (Note 6) | 40.7 | 48.8 | ||
Current assets | $ | 601.0 | $ | 278.7 |
Royalty, stream and working interests, net (Note 7) | $ | 4,512.4 | $ | 4,797.8 |
Investments and loan receivable (Note 5) | 189.6 | 183.2 | ||
Deferred income tax assets | 45.8 | 6.8 | ||
Other assets (Note 8) | 8.7 | 14.1 | ||
Total assets | $ | 5,357.5 | $ | 5,280.6 |
LIABILITIES | ||||
Accounts payable and accrued liabilities | $ | 37.0 | $ | 41.8 |
Current income tax liabilities | 4.8 | 11.6 | ||
Current liabilities | $ | 41.8 | $ | 53.4 |
Debt (Note 9) | $ | — | $ | 80.0 |
Deferred income tax liabilities | 80.9 | 82.4 | ||
Other liabilities | 4.3 | 2.6 | ||
Total liabilities | $ | 127.0 | $ | 218.4 |
SHAREHOLDERS' EQUITY (Note 15) | ||||
Share capital | $ | 5,565.4 | $ | 5,390.7 |
Contributed surplus | 16.2 | 14.2 | ||
Deficit | (160.5) | (164.4) | ||
Accumulated other comprehensive loss | (190.6) | (178.3) | ||
Total shareholders' equity | $ | 5,230.5 | $ | 5,062.2 |
Total liabilities and shareholders' equity | $ | 5,357.5 | $ | 5,280.6 |
Contingencies (Note 19) |
The accompanying notes are an integral part of these consolidated financial statements and can be found in our Q3/2020 Report available on our website
CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME
(unaudited, in millions of
For the three months ended | For the nine months ended | |||||||
2020 | 2019 | 2020 | 2019 | |||||
Revenue (Note 10) | $ | 279.8 | $ | 235.7 | $ | 715.7 | $ | 586.0 |
Costs of sales | ||||||||
Costs of sales (Note 11) | $ | 40.5 | $ | 38.7 | $ | 112.1 | $ | 98.5 |
Depletion and depreciation | 56.8 | 70.7 | 173.5 | 190.5 | ||||
Total costs of sales | $ | 97.3 | $ | 109.4 | $ | 285.6 | $ | 289.0 |
Gross profit | $ | 182.5 | $ | 126.3 | $ | 430.1 | $ | 297.0 |
Other operating expenses (income) | ||||||||
Impairment of royalty, stream and working interests (Note 7) | $ | — | $ | — | $ | 271.7 | $ | — |
General and administrative expenses | 6.3 | 5.6 | 24.2 | 18.1 | ||||
Gain on sale of gold bullion | (2.1) | (1.5) | (6.5) | (2.3) | ||||
Total other operating expenses | $ | 4.2 | $ | 4.1 | $ | 289.4 | $ | 15.8 |
Operating income | $ | 178.3 | $ | 122.2 | $ | 140.7 | $ | 281.2 |
Foreign exchange gain (loss) and other income (expenses) | $ | 0.5 | $ | — | $ | 0.3 | $ | — |
Income before finance items and income taxes | $ | 178.8 | $ | 122.2 | $ | 141.0 | $ | 281.2 |
Finance items (Note 13) | ||||||||
Finance income | $ | 1.1 | $ | 0.8 | $ | 3.0 | $ | 2.7 |
Finance expenses | (0.8) | (3.5) | (2.7) | (8.5) | ||||
Net income before income taxes | $ | 179.1 | $ | 119.5 | $ | 141.3 | $ | 275.4 |
Income tax expense (recovery) (Note 14) | 25.2 | 17.9 | (8.2) | 44.6 | ||||
Net income | $ | 153.9 | $ | 101.6 | $ | 149.5 | $ | 230.8 |
Other comprehensive income (loss) | ||||||||
Items that may be reclassified subsequently to profit and loss: | ||||||||
Currency translation adjustment | $ | 13.6 | $ | (10.5) | $ | (20.6) | $ | 17.6 |
Items that will not be reclassified subsequently to profit and loss: | ||||||||
Gain on changes in the fair value of equity investments at fair | ||||||||
value through other comprehensive income (loss) ("FVTOCI"), | ||||||||
net of income tax (Note 5) | 7.5 | (43.4) | 9.2 | 4.3 | ||||
Other comprehensive income (loss) | $ | 21.1 | $ | (53.9) | $ | (11.4) | $ | 21.9 |
Comprehensive income | $ | 175.0 | $ | 47.7 | $ | 138.1 | $ | 252.7 |
Earnings per share (Note 16) | ||||||||
Basic | $ | 0.81 | $ | 0.54 | $ | 0.79 | $ | 1.23 |
Diluted | $ | 0.81 | $ | 0.54 | $ | 0.79 | $ | 1.23 |
Weighted average number of shares outstanding (Note 16) | ||||||||
Basic | 190.3 | 187.7 | 189.9 | 187.3 | ||||
Diluted | 190.7 | 188.1 | 190.3 | 187.6 |
The accompanying notes are an integral part of these consolidated financial statements and can be found in our Q3/2020 Report available on our website
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions of
For the nine months ended | ||||
2020 | 2019 | |||
Cash flows from operating activities | ||||
Net income | $ | 149.5 | $ | 230.8 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depletion and depreciation | 173.5 | 190.5 | ||
Share-based payments | 3.8 | 3.9 | ||
Impairment of royalty, stream and working interests | 271.7 | — | ||
Unrealized foreign exchange loss | 0.5 | — | ||
Deferred income tax (recovery) expense | (39.6) | 19.4 | ||
Other non-cash items | (9.2) | (4.0) | ||
Acquisition of gold bullion | (27.4) | (23.6) | ||
Proceeds from sale of gold bullion | 42.3 | 28.2 | ||
Operating cash flows before changes in non-cash working capital | $ | 565.1 | $ | 445.2 |
Changes in non-cash working capital: | ||||
Decrease (increase) in receivables | $ | 4.3 | $ | (10.1) |
Increase in prepaid expenses and other | (1.0) | (16.2) | ||
(Decrease) increase in current liabilities | (10.8) | 14.2 | ||
Net cash provided by operating activities | $ | 557.6 | $ | 433.1 |
Cash flows from investing activities | ||||
Acquisition of royalty, stream and working interests | $ | (174.0) | $ | (436.3) |
Acquisition of energy well equipment | (0.5) | (0.9) | ||
Proceeds from sale of investments | 3.4 | 6.8 | ||
Acquisition of investments | — | (3.9) | ||
Net cash used in investing activities | $ | (171.1) | $ | (434.3) |
Cash flows from financing activities | ||||
Repayment of revolving credit facilities | $ | — | $ | (400.0) |
Proceeds from draw of credit facilities | — | 275.0 | ||
(Repayment) proceeds from draw of term loan | (80.0) | 160.0 | ||
Proceeds from at-the-market equity offerings | 135.7 | 83.0 | ||
Credit facility amendment costs | — | (0.8) | ||
Payment of dividends | (115.1) | (102.9) | ||
Proceeds from exercise of stock options | 7.3 | 8.5 | ||
Net cash (used in) provided by financing activities | $ | (52.1) | $ | 22.8 |
Effect of exchange rate changes on cash and cash equivalents | $ | 0.3 | $ | 0.4 |
Net change in cash and cash equivalents | $ | 334.7 | $ | 22.0 |
Cash and cash equivalents at beginning of period | $ | 132.1 | $ | 69.7 |
Cash and cash equivalents at end of period | $ | 466.8 | $ | 91.7 |
Supplemental cash flow information: | ||||
Cash paid for interest expense and loan standby fees | $ | 1.8 | $ | 7.7 |
Income taxes paid | $ | 46.0 | $ | 33.1 |
The accompanying notes are an integral part of these consolidated financial statements and can be found in our Q3/2020 Report available on our website
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