TURQUOISE HILL RESOURCES LTD. TURQUOISE HILL RESOURCES LTD.
Third Quarter Report
September 30, 2021
Financial Statements and MD&A
Turquoise Hill Resources Ltd.
Condensed Interim Consolidated Financial Statements (Unaudited)
September 30, 2021
TURQUOISE HILL
TURQUOISE HILL RESOURCES LTD.
Consolidated Statements of Income
(Stated in thousands of U.S. dollars) (Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||
Note | September 30, | 2020 | September 30, | 2020 | |||||||||
2021 | 2021 | ||||||||||||
Revenue | 4 | $ | 622,786 | $ | 264,520 | $ | 1,467,131 | $ | 673,146 | ||||
Cost of sales | 5 | (202,690) | (167,991) | (440,918) | (495,871) | ||||||||
Gross margin | 420,096 | 96,529 | 1,026,213 | 177,275 | |||||||||
Operating expenses | 6 | (77,542) | (49,909) | (207,306) | (144,713) | ||||||||
Corporate administration expenses | (5,255) | (6,496) | (26,823) | (21,068) | |||||||||
Other income (expenses) | 20 | (3,676) | (250) | (31,463) | 1,550 | ||||||||
Income before finance items and taxes | 333,623 | 39,874 | 760,621 | 13,044 | |||||||||
Finance items | |||||||||||||
Finance income | 7 | 446 | 1,590 | 2,343 | 16,214 | ||||||||
Finance costs | 7 | (2,590) | (1,503) | (5,821) | (4,828) | ||||||||
(2,144) | 87 | (3,478) | 11,386 | ||||||||||
Income from operations before taxes | $ | 331,479 | $ | 39,961 | $ | 757,143 | $ | 24,430 | |||||
Income and other taxes | (308,541) | 121,803 | (283,288) | 228,608 | |||||||||
Income for the period | $ | 22,938 | $ | 161,764 | $ | 473,855 | $ | 253,038 | |||||
Attributable to owners of Turquoise Hill Resources Ltd. | 34,943 | 128,612 | 368,528 | 246,380 | |||||||||
Attributable to owner of non-controlling interest | (12,005) | 33,152 | 105,327 | 6,658 | |||||||||
Income for the period | $ | 22,938 | $ | 161,764 | $ | 473,855 | $ | 253,038 | |||||
Basic and diluted earnings (loss) per share attributable | |||||||||||||
to Turquoise Hill Resources Ltd. | 17 | $ | 0.17 | $ | 0.64 | $ | 1.83 | $ | 1.22 | ||||
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 | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
Income for the period | $ | 22,938 | $ | 161,764 | $ | 473,855 | $ | 253,038 | |||
Other comprehensive income: | |||||||||||
Items that will not be reclassified to income: | 141 | 5,028 | |||||||||
Changes in the fair value of marketable securities at FVOCI | 283 | 410 | |||||||||
Other comprehensive income for the period (a) | $ | 141 | $ | 283 | $ | 5,028 | $ | 410 | |||
Total comprehensive income for the period | $ | 23,079 | $ | 162,047 | $ | 478,883 | $ | 253,448 | |||
Attributable to owners of Turquoise Hill | 35,084 | 128,895 | 373,556 | 246,790 | |||||||
Attributable to owner of non-controlling interest | (12,005) | 33,152 | 105,327 | 6,658 | |||||||
Total comprehensive income for the period | $ | 23,079 | $ | 162,047 | $ | 478,883 | $ | 253,448 |
- No tax charges and credits arose on items recognized as other comprehensive income or loss in 2021 (2020: 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 | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
Note | 2021 | 2020 | 2021 | 2020 | ||||||||||
Cash generated from operating activities | 16 | $ | 89,252 | $ | 125,445 | |||||||||
before interest and tax | $ | 351,064 | $ | 894,993 | ||||||||||
Interest received | 466 | 2,393 | 2,319 | 19,591 | ||||||||||
Interest paid | (903) | (658) | (111,925) | (146,176) | ||||||||||
Income and other taxes paid | 19 | (38) | (13,277) | (358,686) | (27,426) | |||||||||
Net cash generated from (used in) operating activities | $ | 350,589 | $ | 77,710 | $ | 426,701 | $ | (28,566) | ||||||
Cash flows from investing activities | ||||||||||||||
Receivable from related party: amounts withdrawn | 18 | - | - | - | 511,284 | |||||||||
Expenditures on property, plant and equipment | (216,873) | (254,510) | (697,443) | (817,540) | ||||||||||
Purchase of commodity put options | - | - | (29,907) | - | ||||||||||
Purchase of other financial assets | (132) | (383) | (132) | (383) | ||||||||||
Proceeds from pre-production sales | 39,345 | 18,498 | 51,346 | 26,091 | ||||||||||
Other investing cash flows | 1 | 859 | 63 | 1,106 | ||||||||||
Cash used in investing activities | $ | (177,659) | $ | (235,536) | $ | (676,073) | $ | (279,442) | ||||||
Cash flows from financing activities | ||||||||||||||
Repayment of project finance facility | - | - | (21,744) | (1,545) | ||||||||||
Payment of lease liability | (1,848) | (341) | (2,143) | (4,240) | ||||||||||
Cash used in financing activities | $ | (1,848) | $ | (341) | $ | (23,887) | $ | (5,785) | ||||||
Effects of exchange rates on cash and cash equivalents | (283) | 544 | (490) | 980 | ||||||||||
Net (decrease) increase in cash and cash equivalents | $ | 170,799 | $ | (157,623) | $ | (273,749) | $ | (312,813) | ||||||
Cash and cash equivalents - beginning of period | $ | 679,073 | $ | 1,496,795 | $ | 1,123,621 | $ | 1,651,985 | ||||||
Cash and cash equivalents - end of period | 849,872 | 1,339,172 | 849,872 | 1,339,172 | ||||||||||
Cash and cash equivalents as presented on the balance sheets | $ | 849,872 | $ | 1,339,172 | $ | 849,872 | $ | 1,339,172 |
The accompanying notes are an integral part of these consolidated financial statements.
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Turquoise Hill Resources Ltd. published this content on 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 01:11:00 UTC.
