TURQUOISE HILL RESOURCES LTD.
Second Quarter Report
June 30, 2022
Financial Statements and MD&A
Turquoise Hill Resources Ltd.
Condensed Interim Consolidated Financial Statements
June 30, 2022
(Unaudited)
TURQUOISE HILL
TURQUOISE HILL RESOURCES LTD.
Consolidated Statements of Income
(Stated in thousands of U.S. dollars, except share and per share amounts) (Unaudited)
Three Months Ended | Six Months Ended | ||||||||||||
Note | June 30, | 2021 | June 30, | 2021 | |||||||||
2022 | 2022 | ||||||||||||
Restated - | Restated - | ||||||||||||
Note 2 (c)(i) | Note 2 (c)(i) | ||||||||||||
Revenue | 4 | $ | 402,037 | $ | 329,800 | $ | 804,688 | $ | 856,346 | ||||
Cost of sales | 5 | (219,416) | (85,511) | (394,427) | (241,155) | ||||||||
Gross margin | 182,621 | 244,289 | 410,261 | 615,191 | |||||||||
Operating expenses | 6 | (58,407) | (73,276) | (123,413) | (129,764) | ||||||||
Corporate administration expenses | (13,376) | (8,525) | (28,996) | (21,568) | |||||||||
Other expenses | 19 | (24,445) | (14,610) | (22,769) | (27,787) | ||||||||
Income before finance items and taxes | 86,393 | 147,878 | 235,083 | 436,072 | |||||||||
Finance items | |||||||||||||
Finance income | 7 | 1,165 | 607 | 1,887 | 1,897 | ||||||||
Finance costs | 7 | (4,017) | (1,596) | (6,748) | (3,231) | ||||||||
(2,852) | (989) | (4,861) | (1,334) | ||||||||||
Income from operations before taxes | 83,541 | 146,889 | 230,222 | 434,738 | |||||||||
Income and other taxes | 13 | 9,801 | (19,047) | 257,420 | 25,253 | ||||||||
Income for the period | $ | 93,342 | $ | 127,842 | $ | 487,642 | $ | 459,991 | |||||
Attributable to owners of Turquoise Hill Resources Ltd. | $ | 82,646 | $ | 102,859 | $ | 357,864 | $ | 339,574 | |||||
Attributable to owner of non-controlling interest | 10,696 | 24,983 | 129,778 | 120,417 | |||||||||
Income for the period | $ | 93,342 | $ | 127,842 | $ | 487,642 | $ | 459,991 | |||||
Basic and diluted earnings per share attributable | $ | 0.51 | $ | 1.69 | |||||||||
to owners of Turquoise Hill Resources Ltd. | $ | 0.41 | $ | 1.78 | |||||||||
Basic weighted average number of shares outstanding (000's) | 201,231 | 201,231 | 201,231 | 201,231 |
The accompanying notes are an integral part of these consolidated financial statements.
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TURQUOISE HILL RESOURCES LTD.
Consolidated Statements of Comprehensive Income
(Stated in thousands of U.S. dollars) (Unaudited)
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||
Restated - | Restated - | ||||||||||
Note 2 (c)(i) | Note 2 (c)(i) | ||||||||||
Income for the period | $ | 93,342 | $ | 127,842 | $ | 487,642 | $ | 459,991 | |||
Other comprehensive income: | |||||||||||
Items that will not be reclassified to income: | (3,595) | 162 | |||||||||
Changes in the fair value of marketable securities at FVOCI | 2,631 | 4,887 | |||||||||
Other comprehensive income for the period (a) | $ | (3,595) | $ | 2,631 | $ | 162 | $ | 4,887 | |||
Total comprehensive income for the period | $ | 89,747 | $ | 130,473 | $ | 487,804 | $ | 464,878 | |||
Attributable to owners of Turquoise Hill | 79,051 | 105,490 | 358,026 | 344,461 | |||||||
Attributable to owner of non-controlling interest | 10,696 | 24,983 | 129,778 | 120,417 | |||||||
Total comprehensive income for the period | $ | 89,747 | $ | 130,473 | $ | 487,804 | $ | 464,878 |
- No tax charges and no credits arose on items recognized as other comprehensive income or loss in 2022 (2021: nil). The accompanying notes are an integral part of these consolidated financial statements.
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TURQUOISE HILL RESOURCES LTD.
Consolidated Statements of Cash Flows
(Stated in thousands of U.S. dollars) (Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||
Note | June 30, | 2021 | June 30, | 2021 | ||||||||||
2022 | 2022 | |||||||||||||
Restated - | Restated - | |||||||||||||
Cash generated from operating activities | Note 2 (c)(i) | Note 2 (c)(i) | ||||||||||||
16 | $ | 304,767 | $ | 553,003 | ||||||||||
before interest and tax | $ | 315,376 | $ | 438,010 | ||||||||||
Interest received | 920 | 678 | 1,469 | 1,853 | ||||||||||
Interest paid | (84,771) | (84,511) | (85,580) | (111,022) | ||||||||||
Income and other taxes paid | 18 | (2,461) | (2,525) | (2,477) | (358,648) | |||||||||
Net cash generated from operating activities | $ | 229,064 | $ | 218,409 | $ | 351,422 | $ | 85,186 | ||||||
Cash flows from investing activities | ||||||||||||||
Expenditures on property, plant and equipment | $ | (260,941) | $ | (227,356) | $ | (490,807) | $ | (477,643) | ||||||
Purchase of commodity put options | - | - | - | (29,907) | ||||||||||
Proceeds from pre-production revenues | - | - | - | - | ||||||||||
Other investing cash flows | (1) | 62 | (1) | 62 | ||||||||||
Cash used in investing activities | $ | (260,942) | $ | (227,294) | $ | (490,808) | $ | (507,488) | ||||||
Cash flows from financing activities | ||||||||||||||
Repayment of project finance facility | $ | (41,826) | $ | (21,744) | $ | (41,826) | $ | (21,744) | ||||||
Proceeds from bank overdraft facility | - | - | - | 8,500 | ||||||||||
Repayment of bank overdraft facility | - | (8,500) | - | (8,500) | ||||||||||
Payment of lease liability | (2,740) | (166) | (5,152) | (295) | ||||||||||
Cash used in financing activities | $ | (44,566) | $ | (30,410) | $ | (46,978) | $ | (22,039) | ||||||
Effects of exchange rates on cash and cash equivalents | (116) | (165) | 470 | (207) | ||||||||||
Net decrease in cash and cash equivalents | $ | (76,560) | $ | (39,460) | $ | (185,894) | $ | (444,548) | ||||||
Cash and cash equivalents - beginning of period | $ | 584,962 | $ | 718,533 | $ | 694,296 | $ | 1,123,621 | ||||||
Cash and cash equivalents - end of period | $ | 508,402 | $ | 679,073 | $ | 508,402 | $ | 679,073 |
The accompanying notes are an integral part of these consolidated financial statements.
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Turquoise Hill Resources Ltd. published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 22:27:17 UTC.